Timothy Plan Conservative Growth Fund

Class A (TCGAX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Timothy Plan Conservative Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$43	0.87%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$34,957,785
Number of Portfolio Holdings	10
Advisory Fee	$27,364
Portfolio Turnover	12%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan Fixed Income Fund - Class A	33.0%
Timothy Plan US Small Cap Core ETF	11.6%
Timothy Plan International Fund - Class A	11.5%
Timothy Plan US Large/Mid Cap Core Enhanced ETF	10.0%
Timothy Plan International ETF	9.2%
Timothy Plan High Yield Bond Fund - Class A	6.4%
Timothy Plan High Dividend Stock Enhanced ETF	6.2%
Timothy Plan Market Neutral ETF	5.2%
Timothy Plan US Large/Mid Cap Core ETF	4.0%

* Does not include cash/money market funds/equivalents. Based on percentage of net assets. Holdings can change at any time, are subject to risks discussed in the Fund’s prospectus, and should not be considered investment advice.

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	46.2%
Money Market Funds	2.7%
Open End Funds	51.1%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or that you receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

TSR-SAR 033125-TCGAX

Timothy Plan Conservative Growth Fund

Class C (TCVCX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$68	1.37%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$34,957,785
Number of Portfolio Holdings	10
Advisory Fee	$27,364
Portfolio Turnover	12%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan Fixed Income Fund - Class A	33.0%
Timothy Plan US Small Cap Core ETF	11.6%
Timothy Plan International Fund - Class A	11.5%
Timothy Plan US Large/Mid Cap Core Enhanced ETF	10.0%
Timothy Plan International ETF	9.2%
Timothy Plan High Yield Bond Fund - Class A	6.4%
Timothy Plan High Dividend Stock Enhanced ETF	6.2%
Timothy Plan Market Neutral ETF	5.2%
Timothy Plan US Large/Mid Cap Core ETF	4.0%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	46.2%
Money Market Funds	2.7%
Open End Funds	51.1%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TCVCX

Timothy Plan Conservative Growth Fund

Class I (TIICX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$31	0.62%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$34,957,785
Number of Portfolio Holdings	10
Advisory Fee	$27,364
Portfolio Turnover	12%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan Fixed Income Fund - Class A	33.0%
Timothy Plan US Small Cap Core ETF	11.6%
Timothy Plan International Fund - Class A	11.5%
Timothy Plan US Large/Mid Cap Core Enhanced ETF	10.0%
Timothy Plan International ETF	9.2%
Timothy Plan High Yield Bond Fund - Class A	6.4%
Timothy Plan High Dividend Stock Enhanced ETF	6.2%
Timothy Plan Market Neutral ETF	5.2%
Timothy Plan US Large/Mid Cap Core ETF	4.0%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	46.2%
Money Market Funds	2.7%
Open End Funds	51.1%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TIICX

Timothy Plan Defensive Strategies Fund

Class A (TPDAX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Timothy Plan Defensive Strategies Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$59	1.17%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$78,074,109
Number of Portfolio Holdings	199
Advisory Fee (net of waivers)	$169,379
Portfolio Turnover	10%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
GOLD BARS - XAU BGN CURNCY	24.6%
Timothy Plan Market Neutral ETF	17.0%
United States Treasury Inflation Indexed Bonds	2.8%
United States Treasury Inflation Indexed Bonds	2.6%
United States Treasury Inflation Indexed Bonds	2.3%
United States Treasury Inflation Indexed Bonds	2.3%
United States Treasury Inflation Indexed Bonds	1.8%
United States Treasury Inflation Indexed Bonds	1.7%
Equinix, Inc.	1.6%
Ventas, Inc.	1.4%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	39.2%
Exchange-Traded Funds	17.1%
Money Market Funds	2.6%
Precious Metals - Physical Holding	24.8%
U.S. Government & Agencies	16.3%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPDAX

Timothy Plan Defensive Strategies Fund

Class C (TPDCX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$97	1.92%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$78,074,109
Number of Portfolio Holdings	199
Advisory Fee (net of waivers)	$169,379
Portfolio Turnover	10%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
GOLD BARS - XAU BGN CURNCY	24.6%
Timothy Plan Market Neutral ETF	17.0%
United States Treasury Inflation Indexed Bonds	2.8%
United States Treasury Inflation Indexed Bonds	2.6%
United States Treasury Inflation Indexed Bonds	2.3%
United States Treasury Inflation Indexed Bonds	2.3%
United States Treasury Inflation Indexed Bonds	1.8%
United States Treasury Inflation Indexed Bonds	1.7%
Equinix, Inc.	1.6%
Ventas, Inc.	1.4%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	39.2%
Exchange-Traded Funds	17.1%
Money Market Funds	2.6%
Precious Metals - Physical Holding	24.8%
U.S. Government & Agencies	16.3%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPDCX

Timothy Plan Defensive Strategies Fund

Class I (TPDIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$47	0.92%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$78,074,109
Number of Portfolio Holdings	199
Advisory Fee (net of waivers)	$169,379
Portfolio Turnover	10%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
GOLD BARS - XAU BGN CURNCY	24.6%
Timothy Plan Market Neutral ETF	17.0%
United States Treasury Inflation Indexed Bonds	2.8%
United States Treasury Inflation Indexed Bonds	2.6%
United States Treasury Inflation Indexed Bonds	2.3%
United States Treasury Inflation Indexed Bonds	2.3%
United States Treasury Inflation Indexed Bonds	1.8%
United States Treasury Inflation Indexed Bonds	1.7%
Equinix, Inc.	1.6%
Ventas, Inc.	1.4%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	39.2%
Exchange-Traded Funds	17.1%
Money Market Funds	2.6%
Precious Metals - Physical Holding	24.8%
U.S. Government & Agencies	16.3%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPDIX

Timothy Plan Fixed Income Fund

Class A (TFIAX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Timothy Plan Fixed Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$53	1.07%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$111,718,817
Number of Portfolio Holdings	112
Advisory Fee (net of waivers)	$224,508
Portfolio Turnover	15%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note	8.1%
United States Treasury Note	7.1%
United States Treasury Note	3.5%
United States Treasury Note	3.0%
John Deere Owner Trust 2025 - A3 - Series A	2.1%
United States Treasury Note	2.0%
Province of Ontario Canada	2.0%
NiSource, Inc.	1.9%
CSX Corporation	1.9%
American Electric Power Company, Inc.	1.9%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	3.1%
Corporate Bonds	28.2%
Money Market Funds	0.9%
Non U.S. Government & Agencies	4.5%
U.S. Government & Agencies	63.3%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TFIAX

Timothy Plan Fixed Income Fund

Class C (TFICX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$90	1.82%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$111,718,817
Number of Portfolio Holdings	112
Advisory Fee (net of waivers)	$224,508
Portfolio Turnover	15%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note	8.1%
United States Treasury Note	7.1%
United States Treasury Note	3.5%
United States Treasury Note	3.0%
John Deere Owner Trust 2025 - A3 - Series A	2.1%
United States Treasury Note	2.0%
Province of Ontario Canada	2.0%
NiSource, Inc.	1.9%
CSX Corporation	1.9%
American Electric Power Company, Inc.	1.9%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	3.1%
Corporate Bonds	28.2%
Money Market Funds	0.9%
Non U.S. Government & Agencies	4.5%
U.S. Government & Agencies	63.3%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TFICX

Timothy Plan Fixed Income Fund

Class I (TPFIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$41	0.82%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$111,718,817
Number of Portfolio Holdings	112
Advisory Fee (net of waivers)	$224,508
Portfolio Turnover	15%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note	8.1%
United States Treasury Note	7.1%
United States Treasury Note	3.5%
United States Treasury Note	3.0%
John Deere Owner Trust 2025 - A3 - Series A	2.1%
United States Treasury Note	2.0%
Province of Ontario Canada	2.0%
NiSource, Inc.	1.9%
CSX Corporation	1.9%
American Electric Power Company, Inc.	1.9%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	3.1%
Corporate Bonds	28.2%
Money Market Funds	0.9%
Non U.S. Government & Agencies	4.5%
U.S. Government & Agencies	63.3%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPFIX

Timothy Plan Growth & Income Fund

Class A (TGIAX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Timothy Plan Growth & Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$77	1.54%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$18,423,551
Number of Portfolio Holdings	95
Advisory Fee (net of waivers)	$31,237
Portfolio Turnover	53%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan High Dividend Stock Enhanced ETF	51.8%
United States Treasury Note	3.8%
United States Treasury Note	3.7%
United States Treasury Note	3.5%
United States Treasury Note	1.9%
United States Treasury Note	1.8%
United States Treasury Note	1.7%
Israel Government International Bond	1.1%
John Deere Owner Trust 2025 - A3 - Series A	1.0%
Province of Ontario Canada	0.7%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	1.4%
Corporate Bonds	11.0%
Exchange-Traded Funds	51.9%
Money Market Funds	1.1%
Non U.S. Government & Agencies	1.8%
U.S. Government & Agencies	32.7%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TGIAX

Timothy Plan Growth & Income Fund

Class C (TGCIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$114	2.29%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$18,423,551
Number of Portfolio Holdings	95
Advisory Fee (net of waivers)	$31,237
Portfolio Turnover	53%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan High Dividend Stock Enhanced ETF	51.8%
United States Treasury Note	3.8%
United States Treasury Note	3.7%
United States Treasury Note	3.5%
United States Treasury Note	1.9%
United States Treasury Note	1.8%
United States Treasury Note	1.7%
Israel Government International Bond	1.1%
John Deere Owner Trust 2025 - A3 - Series A	1.0%
Province of Ontario Canada	0.7%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	1.4%
Corporate Bonds	11.0%
Exchange-Traded Funds	51.9%
Money Market Funds	1.1%
Non U.S. Government & Agencies	1.8%
U.S. Government & Agencies	32.7%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TGCIX

Timothy Plan Growth & Income Fund

Class I (TIGIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$64	1.29%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$18,423,551
Number of Portfolio Holdings	95
Advisory Fee (net of waivers)	$31,237
Portfolio Turnover	53%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan High Dividend Stock Enhanced ETF	51.8%
United States Treasury Note	3.8%
United States Treasury Note	3.7%
United States Treasury Note	3.5%
United States Treasury Note	1.9%
United States Treasury Note	1.8%
United States Treasury Note	1.7%
Israel Government International Bond	1.1%
John Deere Owner Trust 2025 - A3 - Series A	1.0%
Province of Ontario Canada	0.7%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	1.4%
Corporate Bonds	11.0%
Exchange-Traded Funds	51.9%
Money Market Funds	1.1%
Non U.S. Government & Agencies	1.8%
U.S. Government & Agencies	32.7%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TIGIX

Timothy Plan High Yield Bond Fund

Class A (TPHAX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Timothy Plan High Yield Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$56	1.13%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$206,329,972
Number of Portfolio Holdings	143
Advisory Fee (net of waivers)	$488,504
Portfolio Turnover	28%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Burford Capital Global Finance, LLC 144A	1.9%
Aptiv plc / Aptiv Global Financing DAC	1.7%
Mativ Holdings, Inc. 144A	1.7%
Ken Garff Automotive, LLC 144A	1.7%
Enviri Corporation 144A	1.7%
Adient Global Holdings Ltd. 144A	1.6%
Howard Hughes Corporation (The) 144A	1.5%
Interface, Inc. 144A	1.4%
Air Lease Corporation	1.4%
PROG Holdings, Inc. 144A	1.4%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	97.2%
Money Market Funds	2.8%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPHAX

Timothy Plan High Yield Bond Fund

Class C (TPHCX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$94	1.88%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$206,329,972
Number of Portfolio Holdings	143
Advisory Fee (net of waivers)	$488,504
Portfolio Turnover	28%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Burford Capital Global Finance, LLC 144A	1.9%
Aptiv plc / Aptiv Global Financing DAC	1.7%
Mativ Holdings, Inc. 144A	1.7%
Ken Garff Automotive, LLC 144A	1.7%
Enviri Corporation 144A	1.7%
Adient Global Holdings Ltd. 144A	1.6%
Howard Hughes Corporation (The) 144A	1.5%
Interface, Inc. 144A	1.4%
Air Lease Corporation	1.4%
PROG Holdings, Inc. 144A	1.4%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	97.2%
Money Market Funds	2.8%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPHCX

Timothy Plan High Yield Bond Fund

Class I (TPHIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$44	0.88%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$206,329,972
Number of Portfolio Holdings	143
Advisory Fee (net of waivers)	$488,504
Portfolio Turnover	28%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Burford Capital Global Finance, LLC 144A	1.9%
Aptiv plc / Aptiv Global Financing DAC	1.7%
Mativ Holdings, Inc. 144A	1.7%
Ken Garff Automotive, LLC 144A	1.7%
Enviri Corporation 144A	1.7%
Adient Global Holdings Ltd. 144A	1.6%
Howard Hughes Corporation (The) 144A	1.5%
Interface, Inc. 144A	1.4%
Air Lease Corporation	1.4%
PROG Holdings, Inc. 144A	1.4%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	97.2%
Money Market Funds	2.8%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPHIX

Timothy Plan International Fund

Class A (TPIAX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Timothy Plan International Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$76	1.54%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$182,625,766
Number of Portfolio Holdings	54
Advisory Fee (net of waivers)	$807,289
Portfolio Turnover	9%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Alcon, Inc.	3.2%
London Stock Exchange Group plc - ADR	3.0%
Safran S.A. - ADR	3.0%
DBS Group Holdings Ltd. - ADR	2.9%
Amadeus IT Group S.A. - ADR	2.8%
CRH PLC	2.7%
Thales S.A. - ADR	2.7%
Sumitomo Mitsui Financial Group, Inc. - ADR	2.6%
Canadian Pacific Kansas City LTD.	2.6%
Vinci S.A. - ADR	2.6%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	96.2%
Money Market Funds	3.8%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPIAX

Timothy Plan International Fund

Class C (TPICX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$112	2.29%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$182,625,766
Number of Portfolio Holdings	54
Advisory Fee (net of waivers)	$807,289
Portfolio Turnover	9%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Alcon, Inc.	3.2%
London Stock Exchange Group plc - ADR	3.0%
Safran S.A. - ADR	3.0%
DBS Group Holdings Ltd. - ADR	2.9%
Amadeus IT Group S.A. - ADR	2.8%
CRH PLC	2.7%
Thales S.A. - ADR	2.7%
Sumitomo Mitsui Financial Group, Inc. - ADR	2.6%
Canadian Pacific Kansas City LTD.	2.6%
Vinci S.A. - ADR	2.6%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	96.2%
Money Market Funds	3.8%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPICX

Timothy Plan International Fund

Class I (TPIIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$63	1.29%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$182,625,766
Number of Portfolio Holdings	54
Advisory Fee (net of waivers)	$807,289
Portfolio Turnover	9%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Alcon, Inc.	3.2%
London Stock Exchange Group plc - ADR	3.0%
Safran S.A. - ADR	3.0%
DBS Group Holdings Ltd. - ADR	2.9%
Amadeus IT Group S.A. - ADR	2.8%
CRH PLC	2.7%
Thales S.A. - ADR	2.7%
Sumitomo Mitsui Financial Group, Inc. - ADR	2.6%
Canadian Pacific Kansas City LTD.	2.6%
Vinci S.A. - ADR	2.6%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	96.2%
Money Market Funds	3.8%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPIIX

Timothy Plan Israel Common Values Fund

Class A (TPAIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Timothy Plan Israel Common Values Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$91	1.72%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$110,174,571
Number of Portfolio Holdings	57
Advisory Fee	$555,454
Portfolio Turnover	3%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Elbit Systems Ltd.	6.0%
Bank Leumi Le-Israel BM	5.8%
Bank Hapoalim BM	5.3%
CyberArk Software Ltd.	4.1%
Tel Aviv Stock Exchange Ltd.	3.9%
Mizrahi Tefahot Bank Ltd.	3.9%
Nova Ltd.	3.5%
Phoenix Holdings Ltd. (The)	3.3%
Israel Discount Bank Ltd. - Class A	3.3%
Leonardo DRS, Inc.	2.9%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	95.8%
Money Market Funds	1.1%
Partnership Shares	3.1%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPAIX

Timothy Plan Israel Common Values Fund

Class C (TPCIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$131	2.47%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$110,174,571
Number of Portfolio Holdings	57
Advisory Fee	$555,454
Portfolio Turnover	3%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Elbit Systems Ltd.	6.0%
Bank Leumi Le-Israel BM	5.8%
Bank Hapoalim BM	5.3%
CyberArk Software Ltd.	4.1%
Tel Aviv Stock Exchange Ltd.	3.9%
Mizrahi Tefahot Bank Ltd.	3.9%
Nova Ltd.	3.5%
Phoenix Holdings Ltd. (The)	3.3%
Israel Discount Bank Ltd. - Class A	3.3%
Leonardo DRS, Inc.	2.9%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	95.8%
Money Market Funds	1.1%
Partnership Shares	3.1%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPCIX

Timothy Plan Israel Common Values Fund

Class I (TICIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$78	1.47%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$110,174,571
Number of Portfolio Holdings	57
Advisory Fee	$555,454
Portfolio Turnover	3%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Elbit Systems Ltd.	6.0%
Bank Leumi Le-Israel BM	5.8%
Bank Hapoalim BM	5.3%
CyberArk Software Ltd.	4.1%
Tel Aviv Stock Exchange Ltd.	3.9%
Mizrahi Tefahot Bank Ltd.	3.9%
Nova Ltd.	3.5%
Phoenix Holdings Ltd. (The)	3.3%
Israel Discount Bank Ltd. - Class A	3.3%
Leonardo DRS, Inc.	2.9%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	95.8%
Money Market Funds	1.1%
Partnership Shares	3.1%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TICIX

Timothy Plan Large/Mid Cap Growth Fund

Class A (TLGAX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Timothy Plan Large/Mid Cap Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$61	1.25%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$219,994,749
Number of Portfolio Holdings	56
Advisory Fee (net of waivers)	$816,404
Portfolio Turnover	9%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Large/Mid Cap Core Enhanced ETF	9.1%
NVIDIA Corporation	8.7%
Costco Wholesale Corporation	5.8%
Broadcom, Inc.	3.5%
O'Reilly Automotive, Inc.	2.7%
Linde PLC	2.6%
Roper Technologies, Inc.	2.5%
ServiceNow, Inc.	2.5%
Stryker Corporation	2.5%
Arthur J Gallagher & Company	2.4%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	83.6%
Exchange-Traded Funds	11.1%
Money Market Funds	5.3%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TLGAX

Timothy Plan Large/Mid Cap Growth Fund

Class C (TLGCX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$97	2.00%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$219,994,749
Number of Portfolio Holdings	56
Advisory Fee (net of waivers)	$816,404
Portfolio Turnover	9%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Large/Mid Cap Core Enhanced ETF	9.1%
NVIDIA Corporation	8.7%
Costco Wholesale Corporation	5.8%
Broadcom, Inc.	3.5%
O'Reilly Automotive, Inc.	2.7%
Linde PLC	2.6%
Roper Technologies, Inc.	2.5%
ServiceNow, Inc.	2.5%
Stryker Corporation	2.5%
Arthur J Gallagher & Company	2.4%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	83.6%
Exchange-Traded Funds	11.1%
Money Market Funds	5.3%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TLGCX

Timothy Plan Large/Mid Cap Growth Fund

Class I (TPLIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$49	1.00%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$219,994,749
Number of Portfolio Holdings	56
Advisory Fee (net of waivers)	$816,404
Portfolio Turnover	9%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Large/Mid Cap Core Enhanced ETF	9.1%
NVIDIA Corporation	8.7%
Costco Wholesale Corporation	5.8%
Broadcom, Inc.	3.5%
O'Reilly Automotive, Inc.	2.7%
Linde PLC	2.6%
Roper Technologies, Inc.	2.5%
ServiceNow, Inc.	2.5%
Stryker Corporation	2.5%
Arthur J Gallagher & Company	2.4%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	83.6%
Exchange-Traded Funds	11.1%
Money Market Funds	5.3%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPLIX

Timothy Plan Large/Mid Cap Value Fund

Class A (TLVAX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Timothy Plan Large/Mid Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$56	1.15%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$321,242,356
Number of Portfolio Holdings	44
Advisory Fee (net of waivers)	$1,029,960
Portfolio Turnover	2%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Large/Mid Cap Core Enhanced ETF	7.7%
Timothy Plan High Dividend Stock Enhanced ETF	6.9%
Fidelity Investments Money Market Government Portfolio, Class I	6.2%
McCormick & Company, Inc.	2.6%
Domino's Pizza, Inc.	2.4%
Intercontinental Exchange, Inc.	2.3%
Union Pacific Corporation	2.3%
Amdocs Ltd.	2.3%
Waste Connections, Inc.	2.2%
Timothy Plan High Dividend Stock ETF	2.1%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	75.5%
Exchange-Traded Funds	18.3%
Money Market Funds	6.2%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TLVAX

Timothy Plan Large/Mid Cap Value Fund

Class C (TLVCX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$92	1.90%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$321,242,356
Number of Portfolio Holdings	44
Advisory Fee (net of waivers)	$1,029,960
Portfolio Turnover	2%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Large/Mid Cap Core Enhanced ETF	7.7%
Timothy Plan High Dividend Stock Enhanced ETF	6.9%
Fidelity Investments Money Market Government Portfolio, Class I	6.2%
McCormick & Company, Inc.	2.6%
Domino's Pizza, Inc.	2.4%
Intercontinental Exchange, Inc.	2.3%
Union Pacific Corporation	2.3%
Amdocs Ltd.	2.3%
Waste Connections, Inc.	2.2%
Timothy Plan High Dividend Stock ETF	2.1%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	75.5%
Exchange-Traded Funds	18.3%
Money Market Funds	6.2%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TLVCX

Timothy Plan Large/Mid Cap Value Fund

Class I (TMVIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$44	0.90%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$321,242,356
Number of Portfolio Holdings	44
Advisory Fee (net of waivers)	$1,029,960
Portfolio Turnover	2%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Large/Mid Cap Core Enhanced ETF	7.7%
Timothy Plan High Dividend Stock Enhanced ETF	6.9%
Fidelity Investments Money Market Government Portfolio, Class I	6.2%
McCormick & Company, Inc.	2.6%
Domino's Pizza, Inc.	2.4%
Intercontinental Exchange, Inc.	2.3%
Union Pacific Corporation	2.3%
Amdocs Ltd.	2.3%
Waste Connections, Inc.	2.2%
Timothy Plan High Dividend Stock ETF	2.1%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	75.5%
Exchange-Traded Funds	18.3%
Money Market Funds	6.2%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TMVIX

Timothy Plan Small Cap Value Fund

Class A (TPLNX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Timothy Plan Small Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$62	1.31%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$172,192,187
Number of Portfolio Holdings	62
Advisory Fee (net of waivers)	$664,696
Portfolio Turnover	28%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Small Cap Core ETF	12.5%
Verra Mobility Corporation - Class A	2.0%
CONMED Corporation	1.9%
Everus Construction Group, Inc.	1.9%
Four Corners Property Trust, Inc.	1.8%
Baldwin Insurance Group, Inc. (The)	1.8%
City Holding Company	1.8%
TXNM Energy, Inc.	1.8%
Moog, Inc. - Class A	1.8%
Merit Medical Systems, Inc.	1.8%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	86.0%
Exchange-Traded Funds	12.4%
Money Market Funds	1.6%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPLNX

Timothy Plan Small Cap Value Fund

Class C (TSVCX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$98	2.06%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$172,192,187
Number of Portfolio Holdings	62
Advisory Fee (net of waivers)	$664,696
Portfolio Turnover	28%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Small Cap Core ETF	12.5%
Verra Mobility Corporation - Class A	2.0%
CONMED Corporation	1.9%
Everus Construction Group, Inc.	1.9%
Four Corners Property Trust, Inc.	1.8%
Baldwin Insurance Group, Inc. (The)	1.8%
City Holding Company	1.8%
TXNM Energy, Inc.	1.8%
Moog, Inc. - Class A	1.8%
Merit Medical Systems, Inc.	1.8%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	86.0%
Exchange-Traded Funds	12.4%
Money Market Funds	1.6%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TSVCX

Timothy Plan Small Cap Value Fund

Class I (TPVIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$50	1.06%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$172,192,187
Number of Portfolio Holdings	62
Advisory Fee (net of waivers)	$664,696
Portfolio Turnover	28%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Small Cap Core ETF	12.5%
Verra Mobility Corporation - Class A	2.0%
CONMED Corporation	1.9%
Everus Construction Group, Inc.	1.9%
Four Corners Property Trust, Inc.	1.8%
Baldwin Insurance Group, Inc. (The)	1.8%
City Holding Company	1.8%
TXNM Energy, Inc.	1.8%
Moog, Inc. - Class A	1.8%
Merit Medical Systems, Inc.	1.8%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	86.0%
Exchange-Traded Funds	12.4%
Money Market Funds	1.6%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TPVIX

Timothy Plan Small/Mid Cap Growth Fund

Class A (TAAGX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Timothy Plan Small/Mid Cap Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$66	1.42%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$70,570,328
Number of Portfolio Holdings	41
Advisory Fee (net of waivers)	$293,068
Portfolio Turnover	33%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Cencora, Inc.	4.3%
Cheniere Energy, Inc.	3.6%
Lantheus Holdings, Inc.	3.6%
Parker-Hannifin Corporation	3.6%
Domino's Pizza, Inc.	3.4%
Burlington Stores, Inc.	3.3%
Amphenol Corporation - Class A	3.2%
Natera, Inc.	3.2%
Vistra Corporation	3.2%
First Horizon Corporation	3.0%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	92.2%
Money Market Funds	7.8%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TAAGX

Timothy Plan Small/Mid Cap Growth Fund

Class C (TCAGX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$101	2.17%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$70,570,328
Number of Portfolio Holdings	41
Advisory Fee (net of waivers)	$293,068
Portfolio Turnover	33%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Cencora, Inc.	4.3%
Cheniere Energy, Inc.	3.6%
Lantheus Holdings, Inc.	3.6%
Parker-Hannifin Corporation	3.6%
Domino's Pizza, Inc.	3.4%
Burlington Stores, Inc.	3.3%
Amphenol Corporation - Class A	3.2%
Natera, Inc.	3.2%
Vistra Corporation	3.2%
First Horizon Corporation	3.0%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	92.2%
Money Market Funds	7.8%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TCAGX

Timothy Plan Small/Mid Cap Growth Fund

Class I (TIAGX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$54	1.17%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$70,570,328
Number of Portfolio Holdings	41
Advisory Fee (net of waivers)	$293,068
Portfolio Turnover	33%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Cencora, Inc.	4.3%
Cheniere Energy, Inc.	3.6%
Lantheus Holdings, Inc.	3.6%
Parker-Hannifin Corporation	3.6%
Domino's Pizza, Inc.	3.4%
Burlington Stores, Inc.	3.3%
Amphenol Corporation - Class A	3.2%
Natera, Inc.	3.2%
Vistra Corporation	3.2%
First Horizon Corporation	3.0%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	92.2%
Money Market Funds	7.8%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TIAGX

Timothy Plan Strategic Growth Fund

Class A (TSGAX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Timothy Plan Strategic Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$44	0.88%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$32,526,647
Number of Portfolio Holdings	10
Advisory Fee	$24,869
Portfolio Turnover	15%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan International ETF	17.6%
Timothy Plan Fixed Income Fund - Class A	15.4%
Timothy Plan International Fund - Class A	13.6%
Timothy Plan US Large/Mid Cap Core Enhanced ETF	12.8%
Timothy Plan US Small Cap Core ETF	11.5%
Timothy Plan US Large/Mid Cap Core ETF	8.9%
Timothy Plan High Dividend Stock Enhanced ETF	7.9%
Timothy Plan High Yield Bond Fund - Class A	6.0%
Timothy Plan Market Neutral ETF	5.1%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	64.0%
Money Market Funds	1.0%
Open End Funds	35.0%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TSGAX

Timothy Plan Strategic Growth Fund

Class C (TSGCX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$68	1.38%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$32,526,647
Number of Portfolio Holdings	10
Advisory Fee	$24,869
Portfolio Turnover	15%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan International ETF	17.6%
Timothy Plan Fixed Income Fund - Class A	15.4%
Timothy Plan International Fund - Class A	13.6%
Timothy Plan US Large/Mid Cap Core Enhanced ETF	12.8%
Timothy Plan US Small Cap Core ETF	11.5%
Timothy Plan US Large/Mid Cap Core ETF	8.9%
Timothy Plan High Dividend Stock Enhanced ETF	7.9%
Timothy Plan High Yield Bond Fund - Class A	6.0%
Timothy Plan Market Neutral ETF	5.1%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	64.0%
Money Market Funds	1.0%
Open End Funds	35.0%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TSGCX

Timothy Plan Strategic Growth Fund

Class I (TISGX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$31	0.63%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$32,526,647
Number of Portfolio Holdings	10
Advisory Fee	$24,869
Portfolio Turnover	15%

Top 10 Holdings* (% of net assets)

Holding Name	% of Net Assets
Timothy Plan International ETF	17.6%
Timothy Plan Fixed Income Fund - Class A	15.4%
Timothy Plan International Fund - Class A	13.6%
Timothy Plan US Large/Mid Cap Core Enhanced ETF	12.8%
Timothy Plan US Small Cap Core ETF	11.5%
Timothy Plan US Large/Mid Cap Core ETF	8.9%
Timothy Plan High Dividend Stock Enhanced ETF	7.9%
Timothy Plan High Yield Bond Fund - Class A	6.0%
Timothy Plan Market Neutral ETF	5.1%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	64.0%
Money Market Funds	1.0%
Open End Funds	35.0%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TISGX

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

(E) For periods of less than one full year, total return and turnover are not annualized.

The Timothy Plan (the “Trust”) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of March 31, 2025, the Trust consisted of nineteen series. These financial statements include the following twelve series: Timothy Plan Small/Mid Cap Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Israel Common Values Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund and Timothy Plan Growth & Income Fund (the “Funds”). The Funds are diversified funds except for the Timothy Plan Defensive Strategy Fund which is a non-diversified fund. The Timothy Plan Small/Mid Cap Growth Fund changed its name effective February 2, 2024.

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

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

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

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

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

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

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

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

The Timothy Plan Defensive Strategies Fund’s investment objective is to provide long-term capital growth. To achieve its investment objective, the Fund normally invests in Real Estate Investment Trusts (“REITs”), commodities based securities, various fixed-income securities and Treasury Inflation Protected Securities (“TIPS”), and currently holds gold bullion.

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

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

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

Operating Segments - The Funds have adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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

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

Security transactions are accounted for on the date the securities are purchased or sold (trade date). The costing method for the Timothy Plan Funds is specific identification. Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Small/Mid Cap Growth Fund, Large/Mid Cap Value Fund, Israel Common Values Fund, Small Cap Value Fund and Defensive Strategies Fund have made certain investments in REITs. Dividend income from REITs is recognized on the ex-dividend date. It is common for distributions from REITs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in REITS are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the calendar year. Estimates are based on the most recent REIT distribution information available. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective yield method. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.

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

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

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

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

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

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

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

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

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

Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended September 30, 2022 to September 30, 2024, or expected to be taken in the Funds’ September 30, 2025 year-end tax returns.

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

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

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

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

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

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

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

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

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

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

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

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

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

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

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

There were no options held at March 31, 2025, and there were no options transactions for the six months ended March 31, 2025.

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

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

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

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

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

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

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

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

The following is a summary of the inputs used to value each Fund’s investments as of March 31, 2025:

For the six months ended March 31, 2025, there were no changes into/out of Level 3. Additional disclosures surrounding Level 3 investments were not significant to the financial statements.

The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the six months ended March 31, 2025:

Timothy Partners, Ltd., (“TPL”) is the investment advisor for the Funds pursuant to an investment advisory agreement (the “Agreement”) that was renewed by the Board on November 22, 2024. TPL supervises the investment of the assets of each Fund in accordance with the objectives, policies and restrictions of the Trust. Under the terms of the Agreement, as amended, TPL is paid an annual fee equal to 0.85% on the Small Cap Value Fund, 0.85% on the Large/Mid Cap Value Fund, 0.85% on the Small/Mid Cap Growth Fund, 0.85% on the Large/Mid Cap Growth Fund, 1.00% on the International Fund, 0.60% on the Fixed Income Fund, 0.60% on the High Yield Bond Fund, 1.00% on the Israel Common Values Fund, 0.60% on the Defensive Strategies Fund, 0.85% on the Growth & Income Fund and 0.15% on both the Strategic Growth Fund and the Conservative Growth Fund. TPL has contractually agreed, through January 28, 2026, to reduce the fee it receives from the International Fund to 0.95%; from the Large/Mid Cap Growth Fund, the Small Cap Value Fund and the Large/Mid Cap Value Fund to 0.80%; from the Small/Mid Cap Growth Fund to 0.75%; from the Defensive Strategies Fund to 0.55%; from the High Yield Bond Fund to 0.50%; from the Growth & Income Fund to 0.70%; and from the Fixed Income Fund to 0.40%. Effective August 12, 2023, TPL voluntarily reduced the fee to 0.75% for the Large/Mid Cap Value Fund. Effective February 1, 2024, TPL voluntarily reduced the fee to 0.90% for the International Fund. Effective December 1, 2024, TPL voluntarily reduced the fee to 0.70% for the Large/Mid Cap Value Fund. Effective February 1, 2025, TPL increased the fee to 0.75% for the Large/Mid Cap Value Fund. An officer and trustee of the Funds is also an officer and owner of the advisor.

Timothy Partners, Ltd (“TPL”) has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets, except Strategic Growth Fund and Conservative Growth Fund, estimated to be attributable to investments in other equity and fixed income mutual funds and exchange-traded funds managed by TPL or its

affiliates that have a contractual management fee, through January 28, 2026. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. The waived advisory fees are not recoupable.

For the six months ended March 31, 2025, TPL waived advisory fees for the Funds as follows:

The Small Cap Value Fund, the Large/Mid Cap Growth Fund, the Large/Mid Cap Value Fund, the Fixed Income Fund, the Defensive Strategies Fund and the Growth & Income Fund invested a portion of assets in the Timothy Plan High Dividend Stock Enhanced ETF, the Timothy Plan High Dividend Stock ETF, the Timothy Plan US Large/Mid Cap Core Enhanced ETF, the Timothy Plan US Large/Mid Cap Core ETF, the Timothy Plan US Small Cap Core ETF and the Timothy Plan Market Neutral ETF. For the six months ended March 31, 2025, the Funds’ waived fees as follows pursuant to that arrangement.

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

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

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

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

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

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

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

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

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

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

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

For the six months ended March 31, 2025, the Funds paid TPL under the terms of the Plans as follows:

TPL also serves as the principal underwriter of the Funds’ shares. An officer and trustees of the Funds are also officers of the principal underwriter. For the six months ended March 31, 2025, TPL received sales charges deducted from the proceeds of sales of Class A capital shares and CDSC fees deducted from the redemption of Class C capital shares as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates the presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. At March 31, 2025, there were no shareholders with ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund.

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

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

The performance of the Fund will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of March 31, 2025, 33.0% of the Conservative Growth Fund’s net assets were invested in the Timothy Plan Fixed Income Fund.

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

The performance of the Fund will be directly affected by the performance of the ETF. The annual report of the ETF, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of March 31, 2025, 51.8% of the Growth & Income Fund’s net assets were invested in the Timothy Plan High Dividend Stock Enhanced ETF.

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

The Timothy Plan Large/Mid Cap Growth Fund, Small Cap Value Fund, Large/Mid Cap Value Fund, Defensive Strategies Fund, Strategic Growth Fund, Conservative Growth Fund and Growth & Income Fund had the following transactions during the six months ended March 31, 2025, with affiliates:

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at March 31, 2025, were as follows:

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

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

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

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

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

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

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

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

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

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

There were no changes in or disagreements with accountants during the period covered by this report.

A Special Meeting of Shareholders (the “Meeting”) of each series (the “Funds”) of The Timothy Plan (the “Trust”) was called on Thursday, January 30, 2025, at 9:00 a.m. Eastern Time at the offices of the Trust, located at 1055 Maitland Center Commons, Maitland, FL 32751. At the Meeting, the shareholders of the Funds were asked to approve the election of twelve nominees to the Board of Trustees (the “Board”) of the Trust. The following shares of the Funds were present at the Meeting by proxy:

At an in-person meeting held February 20 and 21, 2025, the Trustees considered the Investment Advisory Agreement between the Trust and Timothy Partners, Ltd. (the “Adviser” or “TPL”), for the Funds. Fund counsel reviewed the duties and responsibilities of review required of Trustees with respect to the renewal of advisory and sub-advisory agreements.

The Trustees reviewed the 2025 Annual Investment Advisory Agreement Renewal Questionnaire responses provided by TPL and the materials provided by the Adviser in support of the continuance of the Investment Advisory Agreement, including, among other things, the Adviser’s financial statements, Form ADV, Compliance Policies and Procedures Manual, information regarding the Adviser’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 Adviser. 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 Adviser has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that the Adviser possesses adequate resources to manage the Funds. The Trustees also considered the Adviser’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 Adviser’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’ prospectuses. The Trustees noted that the Adviser 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’ various sub-advisers, and provided general management services to the Trust.

The Trustees next considered the investment performance of each Fund and the Adviser’s performance in monitoring the investment managers 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 considered how the performance of each Fund compared to each Fund’s respective benchmarks and peer groups while acknowledging that the BRI screening process employed by the Adviser disqualified a number of companies that constituted major components of the Funds’ underlying benchmark indices. After review of the Funds’ performance over time, the Trustees concluded that each Fund’s performance was satisfactory, and that the Adviser was performing its responsibilities in a professional manner.

The Trustees next reviewed the contractual investment advisory fee rates payable by the Funds. As a part of their review, the Trustees considered each Fund’s management fee and total expense ratio compared to similar funds. The Trustees considered the fees charged by the Adviser in light of the services provided to the Funds by the Adviser, the unique nature of the Funds and their BRI screening requirements, and the Adviser’s role as a manager of managers. The Trustees noted that the Adviser had contractually agreed to fee waivers for several Funds in order to lower the overall expenses of those Funds. After full and careful consideration of the materials presented to the Trustees, the Trustees made the following conclusions: The fees charged by the Adviser for each Fund were not as low as some of its competitors with similar screens, but the fees were not as high or higher than other competitors. The Trustees concluded that the fees were not so high as to fall outside the range of fees negotiated at arm’s length. Further, the Trustees noted with approval that the Adviser had contractually waived a portion of its fees for certain Funds. After review of the facts and circumstances applicable to the Funds, the Trustees agreed that the fees charged by the Adviser were fair and reasonable in light of the services provided to the Funds.

The Independent Trustees then considered the extent to which economies of scale are being realized as the Funds grow and noted that the Adviser intends to lower the advisory fees assessed as asset size increases. The Independent Trustees also considered any “fallout” benefits to the Adviser with respect to the Funds.

After full consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, 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 Investment Advisory Agreement renewal and the Investment Sub-Advisory Agreement renewals.

Westwood Management Corporation; Sub-Adviser to the Timothy Plan Large/Mid Cap Value Fund and the Timothy Plan Small Cap Value Fund.

The Trustees next considered the Investment Sub-Advisory Agreement between the Trust, TPL and Westwood Management Corporation (“Westwood”), on behalf of the Timothy Plan Small Cap Value Fund and Timothy Plan Large/Mid Cap Value Fund (each a “Fund” and collectively the “Funds”). The Trustees reviewed the 2025 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Westwood and reviewed in detail the materials provided by Westwood in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Westwood’s financial statements, Form ADV, the Compliance Policies and Procedures Manual, information regarding Westwood’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 Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Westwood Investment 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 the Funds by Westwood. 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 Westwood has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that Westwood possesses adequate resources to manage the Funds. The Trustees also considered Westwood’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 next considered the investment performance of each Fund and Westwood’s performance managing each of 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. After review of the Funds’ performance over time, the Trustees concluded that each Fund’s performance was satisfactory, and that Westwood was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Westwood were paid by the Adviser out of the advisory fees received. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Adviser by the subject Funds in light of the services provided by Westwood. After full and careful consideration, the Trustees agreed that the fees charged by Westwood and paid out of the fees received by the Adviser were fair and reasonable in light of the services provided by Westwood. The Independent Trustees considered that the economies of scale could not be quantified and noted that the tiered fee schedules had been designed to reflect potential future economies of scales as asset levels increase. The Independent Trustees also considered any “fallout” benefits to Westwood with respect to the Funds. After consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, concluded that approval of the continuance of the Investment Sub-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 Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.

Barrow, Hanley, Mewhinney & Strauss, LLC; Sub-Adviser for the Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, debt instrument allocation of the Timothy Plan Defensive Strategies Fund, and fixed income allocation of the Timothy Plan Growth & Income Fund.

The Trustees next considered the Investment Sub-Advisory Agreement between the Trust, TPL and Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”), on behalf of the Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Defensive Strategies Fund debt instrument allocation, and the Timothy Plan Growth & Income Fund fixed income allocation (each a “Fund” and collectively the “Funds”). The Trustees reviewed the 2025 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Barrow Hanley and reviewed the materials provided by Barrow Hanley in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Barrow Hanley’s financial statements, Form ADV, Compliance Policies and Procedures Manual, information regarding Barrow Hanley’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

Barrow Hanley Investment 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 the Funds by Barrow Hanley. 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 Barrow Hanley has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that Barrow Hanley possesses adequate resources to manage the Funds. The Trustees also considered Barrow Hanley’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 next considered the investment performance of each Fund and Barrow Hanley’s performance in managing each of 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. After review of the Funds’ performance over time, the Trustees concluded that each Fund’s performance was satisfactory, and that Barrow Hanley was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Barrow Hanley were paid by the Adviser out of the advisory fees received. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Adviser by the subject Funds in light of the services provided by Barrow Hanley. After full and careful consideration, the Trustees agreed that the fees charged by Barrow Hanley and paid out of the fees received by the Adviser were fair and reasonable in light of the services provided by Barrow Hanley. The Independent Trustees considered the economies of scale, noting that the fee schedule contained breakpoints. The Trustees decided that this particular factor was less relevant with respect to the Barrow Hanley Investment Sub-Advisory Agreement because Barrow Hanley was paid out of the fees paid to the Adviser. The Independent Trustees also considered any “fallout” benefits to Barrow Hanley with respect to the Funds. After full consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, concluded that approval of the continuance of the Investment Sub-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 Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.

Chartwell Investment Partners; Sub-Adviser to the Timothy Plan Small/Mid Cap Growth Fund and the Timothy Plan Large/Mid Cap Growth Fund.

The Trustees next considered the Investment Sub-Advisory Agreement between the Trust, TPL and Chartwell Investment Partners (“Chartwell”), on behalf of the Timothy Plan Small/Mid Cap Growth Fund and the Timothy Plan Large/Mid Cap Growth Fund (each a “Fund” and collectively the “Funds”). The Trustees reviewed the 2025 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Chartwell and reviewed the materials provided by Chartwell in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Chartwell’s financial statements, Form ADV, the Compliance Policies and Procedures Manual, information regarding Chartwell’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 Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Chartwell Investment 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 the Funds by Chartwell. 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 Chartwell has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that Chartwell possesses adequate resources to manage the Funds. The Trustees also considered Chartwell’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 next considered the investment performance of each Fund and Chartwell’s performance in managing each of 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. After review of the Funds’ performance over time, the Trustees concluded that each Fund’s performance was satisfactory, and that Chartwell was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Chartwell were paid by the Adviser out of the advisory fees received. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Adviser by the subject Funds in light of the services provided by Chartwell. After full and careful consideration, the Trustees agreed that the fees charged by Chartwell and paid out of the fees received by the Adviser were fair and reasonable in light of the services provided by Chartwell. The Independent Trustees considered the economies of scale, deciding that this particular factor was less relevant with respect to the Chartwell Investment Sub-Advisory Agreement because Chartwell was paid out of the fees paid to the Adviser. The Independent Trustees also considered any “fallout” benefits to Chartwell with respect to the Funds. After full consideration of the above factors as well as other factors, the Board, with the Independent

Trustees voting separately, concluded that approval of the continuance of the Investment Sub-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 Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.

Chilton Capital Management, LLC; Sub-Adviser to the Timothy Plan Defensive Strategies Fund REIT allocation.

The Trustees next considered the Investment Sub-Advisory Agreement between the Trust, TPL and Chilton Capital Management, LLC (“Chilton”), on behalf of the Timothy Plan Defensive Strategies Fund REIT allocation (the “Fund”). The Trustees reviewed the 2025 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Chilton and reviewed the materials provided by Chilton in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Chilton’s financial statements, Form ADV, the Compliance Policies and Procedures Manual, information regarding Chilton’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 Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the Chilton Investment 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 the Fund by Chilton. The Trustees reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Fund. The Trustees considered that Chilton has a staff of skilled investment professionals who provide research and trading services to the Fund and determined that Chilton possesses adequate resources to manage the Fund. The Trustees also considered Chilton’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 next considered the investment performance of the Fund and Chilton’s performance in managing the Fund. The Trustees noted that comprehensive performance information had been provided for the Fund at each Trustees Meeting, and the Trustees incorporated that information into their considerations. After reviewing the Fund’s performance over time, the Trustees concluded that the Fund’s performance was satisfactory, and that Chilton was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Chilton were paid by the Adviser out of the advisory fees received. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Adviser by the Fund in light of the services provided by Chilton. After full and careful consideration, the Trustees agreed that the fees charged by Chilton and paid out of the fees received by the Adviser were fair and reasonable in light of the services provided by Chilton. The Independent Trustees considered the economies of scale, noting that the fee schedule contained breakpoints. The Trustees decided that this particular factor was less relevant with respect to the Chilton Investment Sub-Advisory Agreement because Chilton was paid out of the fees paid to the Adviser. The Independent Trustees also considered any “fallout” benefits to Chilton 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, concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the 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 Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.

CoreCommodity Management, LLC; Sub-Adviser to the Timothy Plan Defensive Strategies Fund commodities allocation.

The Trustees next considered the Investment Sub-Advisory Agreement between the Trust, TPL and CoreCommodity Management, LLC (“CoreCommodity”), on behalf of the Timothy Plan Defensive Strategies Fund commodity allocation (the “Fund”). The Trustees reviewed the 2025 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for CoreCommodity and reviewed the materials provided by CoreCommodity in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, CoreCommodity’s financial statements, Form ADV, Compliance Policies and Procedures Manual, information regarding CoreCommodity’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 Sub-Advisory Agreement. The Trustees first noted that TPL recommended that the CoreCommodity Investment 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 the Fund by CoreCommodity. The Trustees reviewed the qualifications, backgrounds, and responsibilities of the key personnel who oversee the investment management and day-to-day operations of the Fund. The Trustees considered that CoreCommodity has a staff of skilled investment professionals who provide research and trading services to the Fund and determined that CoreCommodity possesses adequate resources to manage the Fund. The Trustees also considered CoreCommodity’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 next considered the investment performance of the

Fund and CoreCommodity’s performance in managing the Fund. The Trustees noted that comprehensive performance information had been provided for the Fund at each Trustees Meeting, and the Trustees incorporated that information into their considerations. After reviewing the Fund’s performance over time, the Trustees concluded that the Fund’s performance was satisfactory, and that CoreCommodity was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to CoreCommodity were paid by the Adviser out of the advisory fees received. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Adviser by the Fund in light of the services provided by CoreCommodity. After full and careful consideration, the Trustees agreed that the fees charged by CoreCommodity and paid out of the fees received by the Adviser were fair and reasonable in light of the services provided by CoreCommodity. The Independent Trustees considered the economies of scale, deciding that this particular factor was less relevant with respect to the CoreCommodity Investment Sub-Advisory Agreement because CoreCommodity was paid out of the fees paid to the Adviser. The Independent Trustees also considered any “fallout” benefits to CoreCommodity with respect to the Fund. After consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, concluded that approval of the continuance of the Investment Sub-Advisory Agreement was in the best interest of the 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 Investment Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.

Eagle Global Advisors, LLC; Sub-Adviser to the Timothy Plan International Fund and Timothy Plan Israel Common Values Fund.

The Trustees next considered the Investment Sub-Advisory Agreement between the Trust, TPL and Eagle Global Advisors, LLC (“Eagle”), on behalf of the Timothy Plan International Fund and Timothy Plan Israel Common Values Fund (each a “Fund” and collectively the “Funds”). The Trustees reviewed the 2025 Annual Investment Sub-Advisory Agreement Renewal Questionnaire for Eagle and reviewed the materials provided by Eagle in support of the continuance of the Investment Sub-Advisory Agreement, including, among other things, Eagle’s financial statements, Form ADV, Compliance Policies and Procedures Manual, information regarding Eagle’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 Eagle Investment 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 the Funds by Eagle. 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 Eagle has a staff of skilled investment professionals who provide research and trading services to the Funds and determined that Eagle possesses adequate resources to manage the Funds. The Trustees also considered Eagle’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 next considered the investment performance of each Fund and Eagle’s performance in managing each of 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. After review of the Funds’ performance over time, the Trustees concluded that each Fund’s performance was satisfactory, and that Eagle was performing its responsibilities in a professional manner. The Trustees noted that the fees payable to Eagle were paid by the Adviser out of the advisory fees received. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to the Adviser by the subject Funds in light of the services provided by Eagle. After full and careful consideration, the Trustees agreed that the fees charged by Eagle and paid out of the fees received by the Adviser were fair and reasonable in light of the services provided by Eagle. The Independent Trustees considered the economies of scale, noting that the fee schedule contained breakpoints. The Trustees decided that this particular factor was less relevant with respect to the Eagle Investment Sub-Advisory Agreement because Eagle was paid out of the fees paid to the Adviser. The Independent Trustees also considered any “fallout” benefits to Eagle with respect to the Funds. After consideration of the above factors as well as other factors, the Board, with the Independent Trustees voting separately, concluded that approval of the continuance of the Investment Sub-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 Sub-Advisory Agreement, and each Trustee weighed the factors independently in coming to his or her own conclusions.

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

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

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

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

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

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

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

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

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

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

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

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

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


Section 1 \| Schedule of Investments	2
Section 2 \| Statements of Assets and Liabilities	47
Section 3 \| Statements of Operations	52
Section 4 \| Statements of Changes in Net Assets	56
Section 5 \| Financial Highlights	62
Section 6 \| Notes to Financial Statements	98
Section 8 \| Additional Information	123
Section 9 \| Privacy Notice	127
Section 10 \| Disclosures	131

Shares			Fair Value
		COMMON STOCKS — 92.5%
		AEROSPACE & DEFENSE — 2.0%
	999	TransDigm Group, Inc.	$	1,381,907

		APPAREL & TEXTILE PRODUCTS — 0.7%
	4,730	Deckers Outdoor Corporation^(a)		528,861

		BANKING — 9.5%
	42,937	Columbia Banking System, Inc.		1,070,849
	110,819	First Horizon Corporation		2,152,105
	12,924	Pinnacle Financial Partners, Inc.		1,370,461
	18,974	Wintrust Financial Corporation		2,133,816
				6,727,231
		BIOTECH & PHARMA — 1.4%
	3,118	United Therapeutics Corporation^(a)		961,186

		DATA CENTER REIT — 2.0%
	9,963	Digital Realty Trust, Inc.		1,427,598

		ELECTRIC UTILITIES — 3.2%
	19,127	Vistra Corporation		2,246,275

		ELECTRICAL EQUIPMENT — 5.1%
	34,452	Amphenol Corporation, Class A		2,259,706
	18,543	Veritiv Holdings Company		1,338,805
				3,598,511
		ENGINEERING & CONSTRUCTION — 6.4%
	4,755	Comfort Systems USA, Inc.		1,532,679
	11,108	MasTec, Inc.^(a)		1,296,415
	6,800	Quanta Services, Inc.		1,728,423
				4,557,517
		ENTERTAINMENT CONTENT — 2.3%
	6,216	AppLovin Corporation, Class A^(a)		1,647,054

		HEALTH CARE FACILITIES & SERVICES — 5.6%
	10,964	Cencora, Inc.		3,048,979
	13,362	Henry Schein, Inc.^(a)		915,163
				3,964,142
		INDUSTRIAL SUPPORT SERVICES — 2.4%
	2,655	United Rentals, Inc.		1,663,889

Shares			Fair Value
		LEISURE FACILITIES & SERVICES — 3.4%
	5,146	Domino’s Pizza, Inc.	$	2,364,330

		MACHINERY — 3.6%
	4,156	Parker-Hannifin Corporation		2,526,225

		MEDICAL EQUIPMENT & DEVICES — 9.1%
	25,810	Avantor, Inc.^(a)		418,380
	25,931	Lantheus Holdings, Inc.^(a)		2,530,866
	7,274	Masimo Corporation^(a)		1,211,848
	15,930	Natera, Inc.^(a)		2,252,661
				6,413,755
		OIL & GAS PRODUCERS — 5.1%
	11,039	Cheniere Energy, Inc.		2,554,425
	6,698	Diamondback Energy, Inc.		1,070,876
				3,625,301
		RETAIL - DISCRETIONARY — 5.9%
	9,776	Burlington Stores, Inc.^(a)		2,329,914
	14,539	Ross Stores, Inc.		1,857,939
				4,187,853
		SEMICONDUCTORS — 5.3%
	31,973	Marvell Technology, Inc.		1,968,578
	3,031	Monolithic Power Systems, Inc.		1,757,919
				3,726,497
		SOFTWARE — 7.9%
	3,115	HubSpot, Inc.^(a)		1,779,569
	7,895	Manhattan Associates, Inc.^(a)		1,366,151
	7,436	MongoDB, Inc.^(a)		1,304,274
	5,208	Zscaler, Inc.^(a)		1,033,371
				5,483,365
		TECHNOLOGY HARDWARE — 5.3%
	15,724	Arista Networks, Inc.^(a)		1,218,296
	24,964	Pure Storage, Inc., Class A^(a)		1,105,156
	16,994	Seagate Technology Holdings plc		1,443,640
				3,767,092
		TECHNOLOGY SERVICES — 6.3%
	5,607	CACI International, Inc., Class A^(a)		2,057,320
	5,176	Coinbase Global, Inc., Class A^(a)		891,462
	2,619	MSCI, Inc.		1,481,045
				4,429,827

		TOTAL COMMON STOCKS (Cost $64,446,014)		65,228,416

Shares			Fair Value
		SHORT-TERM INVESTMENT — 7.8%
		MONEY MARKET FUND — 7.8%
	5,532,651	Fidelity Investments Money Market Government Portfolio, Class I, 4.20%^(b) (Cost $5,532,651)	$	5,532,651

		TOTAL INVESTMENTS — 100.3% (Cost $69,978,665)	$	70,761,067
		LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%		(190,739	)
		NET ASSETS — 100.0%	$	70,570,328

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

^(a)	Non-income producing security.
^(b)	Rate disclosed is the seven day effective yield as of March 31, 2025.

Shares			Fair Value
		COMMON STOCKS — 95.7%
		AEROSPACE & DEFENSE — 5.6%
	82,000	Safran S.A. - ADR	$	5,430,040
	92,200	Thales S.A. - ADR		4,921,175
				10,351,215
		APPAREL & TEXTILE PRODUCTS — 2.1%
	219,000	Cie Financiere Richemont S.A. - ADR		3,799,650

		AUTOMOTIVE — 0.5%
	28,800	Magna International, Inc.		978,912

		BANKING — 14.7%
	38,922	DBS Group Holdings Ltd. - ADR		5,349,634
	15,600	HDFC Bank Ltd. - ADR		1,036,464
	70,100	ICICI Bank Ltd. - ADR		2,209,552
	484,000	Itau Unibanco Holding S.A. - ADR		2,662,000
	96,700	KBC Group N.V. - ADR		4,422,091
	500,000	Lloyds Banking Group plc - ADR		1,910,000
	309,000	Sumitomo Mitsui Financial Group, Inc. - ADR		4,777,140
	155,000	UniCredit SpA - ADR		4,349,300
				26,716,181
		BIOTECH & PHARMA — 3.0%
	5,900	Argenx S.E. - ADR^(a)		3,492,004
	100,000	Genmab A/S - ADR^(a)		1,958,000
				5,450,004
		CHEMICALS — 2.2%
	109,362	Air Liquide S.A. - ADR		4,157,943

		CONSTRUCTION MATERIALS — 2.7%
	57,000	CRH plc		5,014,290

		DIVERSIFIED INDUSTRIALS — 1.7%
	133,000	Hitachi Ltd. - ADR		3,118,850

		ELECTRIC UTILITIES — 3.3%
	438,000	Enel - Societa per Azioni - ADR		3,530,280
	39,200	Iberdrola SA - ADR		2,528,008
				6,058,288
		ELECTRICAL EQUIPMENT — 2.4%
	84,000	ABB Ltd. - ADR		4,379,760

Shares			Fair Value
		ENGINEERING & CONSTRUCTION — 3.2%
	63,000	Cellnex Telecom S.A. - ADR	$	1,123,920
	149,000	Vinci S.A. - ADR		4,692,010
				5,815,930
		HEALTH CARE FACILITIES & SERVICES — 1.2%
	12,100	ICON plc^(a)		2,117,379

		HOUSEHOLD PRODUCTS — 2.3%
	248,000	Haleon plc - ADR		2,551,920
	408,000	Unicharm Corporation - ADR		1,619,760
				4,171,680
		INDUSTRIAL SUPPORT SERVICES — 1.1%
	9,500	Ashtead Group plc - ADR		2,061,500

		INSTITUTIONAL FINANCIAL SERVICES — 3.0%
	147,000	London Stock Exchange Group plc - ADR		5,544,840

		INSURANCE — 6.0%
	84,000	AIA Group Ltd. - ADR		2,541,000
	297,000	Muenchener Rueckversicherungs-Gesellschaft A.G. in - ADR		3,757,050
	120,000	Tokio Marine Holdings, Inc. - ADR		4,664,400
				10,962,450
		INTERNET MEDIA & SERVICES — 3.7%
	100,500	Nebius Group N.V., Class A^(a)		2,121,555
	497,181	Prosus N.V. - ADR		4,603,896
				6,725,451
		MACHINERY — 4.1%
	244,000	Atlas Copco A.B. - ADR		3,435,520
	66,150	Techtronic Industries Company Ltd. - ADR		3,973,134
				7,408,654
		MEDICAL EQUIPMENT & DEVICES — 6.3%
	62,500	Alcon, Inc.		5,933,125
	35,000	Hoya Corporation - ADR		3,963,050
	60,400	Smith & Nephew plc - ADR		1,713,548
				11,609,723
		METALS & MINING — 0.9%
	26,300	Rio Tinto plc - ADR		1,580,104

		OIL & GAS PRODUCERS — 5.1%
	142,600	Canadian Natural Resources Ltd.		4,392,080
	143,000	Equinor ASA - ADR		3,782,350
	81,500	Petroleo Brasileiro S.A. - ADR		1,168,710
				9,343,140

Shares			Fair Value
		SEMICONDUCTORS — 6.5%
	7,500	ASM International N.V. - ADR	$	3,413,925
	9,300	NXP Semiconductors N.V.		1,767,558
	38,000	STMicroelectronics N.V. - ADR		834,480
	26,800	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		4,448,801
	19,292	Tokyo Electron Ltd. - ADR		1,320,537
				11,785,301
		SPECIALTY FINANCE — 2.4%
	210,000	ORIX Corporation - ADR		4,386,900

		TECHNOLOGY HARDWARE — 1.9%
	366,328	FUJIFILM Holdings Corporation - ADR		3,509,422

		TECHNOLOGY SERVICES — 3.7%
	67,500	Amadeus IT Group S.A. - ADR		5,160,375
	86,000	Infosys Ltd. - ADR		1,569,500
				6,729,875
		TRANSPORTATION & LOGISTICS — 4.2%
	67,000	Canadian Pacific Kansas City Ltd.		4,704,070
	68,000	Ryanair Holdings plc - ADR		2,881,160
				7,585,230
		WHOLESALE - CONSUMER STAPLES — 1.9%
	37,100	ITOCHU Corporation - ADR		3,450,671

		TOTAL COMMON STOCKS (Cost $128,700,597)		174,813,343

		SHORT-TERM INVESTMENT — 3.8%
		MONEY MARKET FUND — 3.8%
	6,925,327	Fidelity Investments Money Market Government Portfolio, Class I, 4.20%^(b) (Cost $6,925,327)		6,925,327

		TOTAL INVESTMENTS — 99.5% (Cost $135,625,924)	$	181,738,670
		OTHER ASSETS IN EXCESS OF LIABILITIES— 0.5%		887,096
		NET ASSETS — 100.0%	$	182,625,766

ADR	American Depositary Receipt
A/S	Anonim Sirketi
LTD	Limited Company
N.V.	Naamioze Vennootschap
PLC	Public Limited Company
S.A.	Société Anonyme

^(a)	Non-income producing security.
^(b)	Rate disclosed is the seven day effective yield as of March 31, 2025.

			DIVERSIFICATION OF ASSETS
% OF NET ASSETS			COUNTRY	% OF NET ASSETS			COUNTRY
	16.9	%	Japan		2.4	%	Taiwan Province Of China
	10.5	%	France		2.4	%	Belgium
	8.9	%	Netherlands		2.1	%	Brazil
	8.4	%	United Kingdom		2.1	%	Norway
	7.7	%	Switzerland		2.1	%	Germany
	5.5	%	Canada		1.9	%	Sweden
	5.5	%	Ireland		1.1	%	Denmark
	4.8	%	Spain		95.7	%	Total
	4.3	%	Italy		3.8	%	Money Market Fund
	3.6	%	Hong Kong		0.5	%	Other Assets in Excess of Liabilities
	2.9	%	Singapore		100.0	%	Grand Total
	2.6	%	India

Shares			Fair Value
		COMMON STOCKS — 84.6%
		AEROSPACE & DEFENSE — 1.6%
	2,537	TransDigm Group, Inc.	$	3,509,407

		APPAREL & TEXTILE PRODUCTS — 0.5%
	23,788	On Holding A.G.^(a)		1,044,769

		AUTOMOTIVE — 2.2%
	18,935	Tesla, Inc.^(a)		4,907,195

		BIOTECH & PHARMA — 1.5%
	20,188	Zoetis, Inc.		3,323,954

		CHEMICALS — 4.0%
	12,126	Linde plc		5,646,351
	8,871	Sherwin-Williams Company (The)		3,097,664
				8,744,015
		COMMERCIAL SUPPORT SERVICES — 3.8%
	16,607	Cintas Corporation		3,413,237
	21,893	Waste Management, Inc.		5,068,448
				8,481,685
		CONSTRUCTION MATERIALS — 0.9%
	4,297	Martin Marietta Materials, Inc.		2,054,525

		ELECTRICAL EQUIPMENT — 2.0%
	67,134	Amphenol Corporation, Class A		4,403,319

		HEALTH CARE FACILITIES & SERVICES — 0.8%
	6,010	Cencora, Inc.		1,671,321

		INDUSTRIAL REIT — 1.1%
	22,543	Prologis, Inc.		2,520,082

		INDUSTRIAL SUPPORT SERVICES — 1.8%
	27,700	Fastenal Company		2,148,135
	1,781	WW Grainger, Inc.		1,759,325
				3,907,460
		INFRASTRUCTURE REIT — 1.8%
	11,472	American Tower Corporation		2,496,307
	13,851	Crown Castle International Corp.		1,443,690
				3,939,997
		INSTITUTIONAL FINANCIAL SERVICES — 1.9%
	23,961	Intercontinental Exchange, Inc.		4,133,273

Shares			Fair Value
		INSURANCE — 3.2%
	15,079	Arthur J Gallagher & Company	$	5,205,874
	6,832	Progressive Corporation (The)		1,933,524
				7,139,398
		LEISURE FACILITIES & SERVICES — 1.4%
	60,919	Chipotle Mexican Grill, Inc.^(a)		3,058,743

		MACHINERY — 1.5%
	7,161	Caterpillar, Inc.		2,361,698
	11,901	Ingersoll Rand, Inc.		952,437
				3,314,135
		MEDICAL EQUIPMENT & DEVICES — 6.3%
	17,575	Danaher Corporation		3,602,875
	9,976	Intuitive Surgical, Inc.^(a)		4,940,814
	14,565	Stryker Corporation		5,421,821
				13,965,510
		RETAIL - CONSUMER STAPLES — 5.8%
	13,453	Costco Wholesale Corporation		12,723,578

		RETAIL - DISCRETIONARY — 3.9%
	7,233	Burlington Stores, Inc.^(a)		1,723,840
	4,175	O’Reilly Automotive, Inc.^(a)		5,981,021
	17,455	Tractor Supply Company		961,771
				8,666,632
		SEMICONDUCTORS — 17.7%
	18,481	Analog Devices, Inc.		3,727,063
	45,375	Broadcom, Inc.		7,597,136
	5,111	KLA Corporation		3,474,458
	10,295	Marvell Technology, Inc.		633,863
	176,055	NVIDIA Corporation		19,080,841
	7,879	NXP Semiconductors N.V.		1,497,483
	16,847	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		2,796,602
				38,807,446
		SOFTWARE — 17.3%
	16,004	Cadence Design Systems, Inc.^(a)		4,070,297
	6,535	Crowdstrike Holdings, Inc., Class A^(a)		2,304,110
	28,652	DocuSign, Inc.^(a)		2,332,273
	8,463	Guidewire Software, Inc.^(a)		1,585,628
	3,185	HubSpot, Inc.^(a)		1,819,559
	5,206	Manhattan Associates, Inc.^(a)		900,846
	26,439	Palo Alto Networks, Inc.^(a)		4,511,551
	9,221	Roper Technologies, Inc.		5,436,517
	6,813	ServiceNow, Inc.^(a)		5,424,102
	30,327	Shopify, Inc., Class A^(a)		2,895,622

Shares			Fair Value
		SOFTWARE — 17.3% (Continued)
	8,235	Synopsys, Inc.^(a)	$	3,531,580
	5,133	Tyler Technologies, Inc.^(a)		2,984,275
				37,796,360
		TECHNOLOGY HARDWARE — 1.4%
	25,226	Arista Networks, Inc.^(a)		1,954,510
	18,634	Ciena Corporation^(a)		1,126,053
				3,080,563
		TECHNOLOGY SERVICES — 0.4%
	28,436	Toast, Inc., Class A^(a)		943,222

		TRANSPORTATION & LOGISTICS — 1.8%
	39,152	Canadian Pacific Kansas City Ltd.		2,748,862
	7,449	Old Dominion Freight Line, Inc.		1,232,437
				3,981,299
		TOTAL COMMON STOCKS (Cost $146,854,789)		186,117,888

		EXCHANGE-TRADED FUNDS — 11.2%
		EQUITY — 11.2%
	791,000	Timothy Plan US Large/Mid Cap Core Enhanced ETF^(b)		20,067,116
	109,000	Timothy Plan US Large/Mid Cap Core ETF^(b)		4,625,960
				24,693,076
		TOTAL EXCHANGE-TRADED FUNDS (Cost $23,130,928)		24,693,076

		SHORT-TERM INVESTMENT — 5.4%
		MONEY MARKET FUND — 5.4%
	11,903,458	Fidelity Investments Money Market Government Portfolio, Class I, 4.20%^(c) (Cost $11,903,458)		11,903,458

		TOTAL INVESTMENTS — 101.2% (Cost $181,889,175)	$	222,714,422
		LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%		(2,719,673	)
		NET ASSETS — 100.0%	$	219,994,749

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

^(a)	Non-income producing security.
^(b)	Investment in affiliate.
^(c)	Rate disclosed is the seven day effective yield as of March 31, 2025.

Shares			Fair Value
		COMMON STOCKS — 86.3%
		AEROSPACE & DEFENSE — 4.6%
	55,021	AAR Corporation^(a)	$	3,080,626
	55,217	Kratos Defense & Security Solutions, Inc.^(a)		1,639,393
	17,909	Moog, Inc., Class A		3,104,524
				7,824,543
		BANKING — 14.1%
	84,211	Atlantic Union Bankshares Corporation		2,622,331
	40,208	Bank of NT Butterfield & Son Ltd. (The)		1,564,895
	45,116	Banner Corporation		2,877,047
	26,512	City Holding Company		3,114,364
	25,025	Coastal Financial Corporation^(a)		2,262,510
	73,240	First Bancorp		2,939,854
	75,277	National Bank Holdings Corporation, Class A		2,880,851
	86,645	Renasant Corporation		2,939,865
	118,982	Seacoast Banking Corporation of Florida		3,061,406
				24,263,123
		BIOTECH & PHARMA — 1.8%
	35,173	Prestige Consumer Healthcare, Inc.^(a)		3,023,823

		CHEMICALS — 4.7%
	40,801	Avient Corporation		1,516,165
	23,186	Hawkins, Inc.		2,455,861
	15,513	Innospec, Inc.		1,469,857
	50,425	Stepan Company		2,775,391
				8,217,274
		ELECTRIC UTILITIES — 4.5%
	53,056	Avista Corporation		2,221,455
	42,466	Northwestern Energy Group, Inc.		2,457,507
	58,135	TXNM Energy, Inc.		3,109,060
				7,788,022
		ENGINEERING & CONSTRUCTION — 1.9%
	86,152	Everus Construction Group, Inc.^(a)		3,195,378

		FOOD — 1.7%
	22,269	J & J Snack Foods Corporation		2,933,273

		FORESTRY, PAPER & WOOD PRODUCTS — 1.8%
	30,741	Boise Cascade Company		3,015,385

		HOME CONSTRUCTION — 1.7%
	44,266	Century Communities, Inc.		2,970,249

Shares			Fair Value
		HOUSEHOLD PRODUCTS — 1.8%
	48,757	Central Garden & Pet Company, Class A^(a)	$	1,595,816
	12,854	Interparfums, Inc.		1,463,685
				3,059,501
		INDUSTRIAL INTERMEDIATE PROD — 1.3%
	27,107	AZZ, Inc.		2,266,416

		INSTITUTIONAL FINANCIAL SERVICES — 1.7%
	11,633	Piper Sandler Companies		2,881,029

		INSURANCE — 2.8%
	31,434	AMERISAFE, Inc.		1,651,857
	70,656	Baldwin Insurance Group, Inc. (The)^(a)		3,157,616
				4,809,473
		LEISURE FACILITIES & SERVICES — 2.3%
	48,570	Cheesecake Factory, Inc. (The)		2,363,416
	39,832	Papa John’s International, Inc.		1,636,299
				3,999,715
		LEISURE PRODUCTS — 1.0%
	51,007	YETI Holdings, Inc.^(a)		1,688,332

		MACHINERY — 1.7%
	16,579	Alamo Group, Inc.		2,954,544

		MEDICAL EQUIPMENT & DEVICES — 3.7%
	53,662	CONMED Corporation		3,240,648
	29,259	Merit Medical Systems, Inc.^(a)		3,092,969
				6,333,617
		METALS & MINING — 1.4%
	234,395	Constellium S.E.^(a)		2,365,046

		OFFICE REIT — 1.8%
	113,248	COPT Defense Properties		3,088,273

		OIL & GAS PRODUCERS — 7.8%
	8,608	Gulfport Energy Corporation^(a)		1,585,077
	71,139	Infinity Natural Resources, Inc., Class A^(a)		1,333,856
	99,289	Northern Oil and Gas, Inc.		3,001,507
	79,662	Sitio Royalties Corporation, Class A		1,582,884
	97,911	SM Energy Company		2,932,434
	143,485	Vital Energy, Inc.^(a)		3,044,753
				13,480,511

Shares			Fair Value
		OIL & GAS SERVICES & EQUIPMENT — 0.8%
	50,696	Thermon Group Holdings, Inc.^(a)	$	1,411,884

		REAL ESTATE INVESTMENT TRUSTS — 5.2%
	173,908	Plymouth Industrial REIT, Inc.		2,834,700
	67,475	PotlatchDeltic Corporation		3,044,472
	158,971	Urban Edge Properties		3,020,449
				8,899,621
		RETAIL - DISCRETIONARY — 4.3%
	63,983	Academy Sports & Outdoors, Inc.		2,918,264
	39,737	GMS, Inc.^(a)		2,907,556
	27,226	Sonic Automotive, Inc., Class A		1,550,793
				7,376,613
		RETAIL REIT — 1.8%
	110,389	Four Corners Property Trust, Inc.		3,168,165

		SEMICONDUCTORS — 2.2%
	29,763	Rambus, Inc.^(a)		1,540,979
	108,044	Veeco Instruments, Inc.^(a)		2,169,524
				3,710,503
		SOFTWARE — 3.3%
	49,702	Blackline, Inc.^(a)		2,406,571
	149,462	Verra Mobility Corporation^(a)		3,364,390
				5,770,961
		TECHNOLOGY HARDWARE — 0.8%
	128,396	Viavi Solutions, Inc.^(a)		1,436,751

		TELECOMMUNICATIONS — 0.7%
	20,845	Cogent Communications Holdings, Inc.		1,278,007

		TRANSPORTATION & LOGISTICS — 1.4%
	35,338	ArcBest Corporation		2,494,156

		TRANSPORTATION EQUIPMENT — 1.7%
	90,116	Blue Bird Corporation^(a)		2,917,055

		TOTAL COMMON STOCKS (Cost $152,306,562)		148,621,243

Shares			Fair Value
		EXCHANGE-TRADED FUND — 12.5%
		EQUITY — 12.5%
	580,000	Timothy Plan US Small Cap Core ETF^(b)	$	21,476,878

		TOTAL EXCHANGE-TRADED FUND (Cost $14,834,080)		21,476,878

		SHORT-TERM INVESTMENT — 1.6%
		MONEY MARKET FUND — 1.6%
	2,729,372	Fidelity Investments Money Market Government Portfolio, Class I, 4.20%^(c) (Cost $2,729,372)		2,729,372

		TOTAL INVESTMENTS — 100.4% (Cost $169,870,014)	$	172,827,493
		LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%		(635,306	)
		NET ASSETS — 100.0%	$	172,192,187

Shares			Fair Value
		COMMON STOCKS — 75.5%
		AEROSPACE & DEFENSE — 2.0%
	23,452	General Dynamics Corporation	$	6,392,546

		BANKING — 3.8%
	52,269	Cullen/Frost Bankers, Inc.		6,544,080
	61,703	SouthState Corporation		5,727,272
				12,271,352
		CHEMICALS — 2.1%
	18,966	Sherwin-Williams Company (The)		6,622,737

		COMMERCIAL SUPPORT SERVICES — 2.3%
	37,479	Waste Connections, Inc.		7,315,526

		CONTAINERS & PACKAGING — 1.5%
	55,114	Crown Holdings, Inc.		4,919,476

		ELECTRIC UTILITIES — 6.1%
	85,892	CMS Energy Corporation		6,451,348
	94,157	NextEra Energy, Inc.		6,674,790
	58,443	WEC Energy Group, Inc.		6,369,118
				19,495,256
		ELECTRICAL EQUIPMENT — 3.7%
	19,100	Hubbell, Inc.		6,320,382
	29,706	Littelfuse, Inc.		5,844,358
				12,164,740
		FOOD — 6.7%
	56,816	J M Smucker Company (The)		6,727,583
	36,524	Lancaster Colony Corporation		6,391,700
	102,319	McCormick & Company, Inc.		8,421,877
				21,541,160
		HEALTH CARE FACILITIES & SERVICES — 1.9%
	17,544	HCA Healthcare, Inc.		6,062,329

		INSTITUTIONAL FINANCIAL SERVICES — 2.3%
	42,750	Intercontinental Exchange, Inc.		7,374,375

		INSURANCE — 2.1%
	19,176	Arthur J Gallagher & Company		6,620,322

		LEISURE FACILITIES & SERVICES — 2.4%
	16,537	Domino’s Pizza, Inc.		7,597,924

Shares			Fair Value
		MEDICAL EQUIPMENT & DEVICES — 5.3%
	28,024	Danaher Corporation	$	5,744,920
	57,927	Revvity, Inc.		6,128,677
	23,046	STERIS plc		5,223,376
				17,096,973
		OIL & GAS PRODUCERS — 3.8%
	57,825	ConocoPhillips		6,072,782
	48,266	EOG Resources, Inc.		6,189,631
				12,262,413
		REAL ESTATE INVESTMENT TRUSTS — 1.9%
	55,495	Prologis, Inc.		6,203,786

		RETAIL - CONSUMER STAPLES — 2.0%
	6,912	Costco Wholesale Corporation		6,537,231

		RETAIL - DISCRETIONARY — 2.1%
	4,701	O’Reilly Automotive, Inc.^(a)		6,734,559

		SEMICONDUCTORS — 7.9%
	32,339	Broadcom, Inc.		5,414,519
	73,911	Marvell Technology, Inc.		4,550,700
	88,646	Microchip Technology, Inc.		4,291,353
	10,218	Monolithic Power Systems, Inc.		5,926,235
	45,935	NVIDIA Corporation		4,978,435
				25,161,242
		SOFTWARE — 6.9%
	21,051	Cadence Design Systems, Inc.^(a)		5,353,901
	11,229	Synopsys, Inc.^(a)		4,815,557
	11,019	Tyler Technologies, Inc.^(a)		6,406,335
	252,214	Verra Mobility Corporation^(a)		5,677,337
				22,253,130
		TECHNOLOGY SERVICES — 4.3%
	80,159	Amdocs Ltd.		7,334,549
	17,562	CACI International, Inc., Class A^(a)		6,443,849
				13,778,398
		TIMBER REIT — 2.1%
	225,834	Weyerhaeuser Company		6,612,420

		TRANSPORTATION & LOGISTICS — 2.3%
	31,118	Union Pacific Corporation		7,351,316

		TOTAL COMMON STOCKS (Cost $185,577,447)		242,369,211

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 18.3%
		EQUITY — 18.3%
	868,000	Timothy Plan High Dividend Stock Enhanced ETF^(b)	$	22,271,231
	182,500	Timothy Plan High Dividend Stock ETF		6,865,650
	969,000	Timothy Plan US Large/Mid Cap Core Enhanced ETF^(b)		24,582,852
	118,000	Timothy Plan US Large/Mid Cap Core ETF^(b)		5,007,920
				58,727,653
		TOTAL EXCHANGE-TRADED FUNDS (Cost $54,059,654)		58,727,653

		SHORT-TERM INVESTMENT — 6.2%
		MONEY MARKET FUND — 6.2%
	20,062,163	Fidelity Investments Money Market Government Portfolio, Class I, 4.20%^(c) (Cost $20,062,163)		20,062,163

		TOTAL INVESTMENTS — 100.0% (Cost $259,699,264)	$	321,159,027
		OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%		83,329
		NET ASSETS — 100.0%	$	321,242,356

PRINCIPAL AMOUNT ($)			COUPON RATE (%)		MATURITY		FAIR VALUE
		ASSET BACKED SECURITIES — 3.1%
		OTHER ABS — 3.1%
	1,115,000	CNH Equipment Trust 2025-A Series A A3		4.3600		08/15/30	$	1,115,552
	2,320,000	John Deere Owner Trust 2025 Series A A3		4.2300		09/17/29		2,319,590
								3,435,142

		TOTAL ASSET BACKED SECURITIES (Cost $3,434,735)						3,435,142

		CORPORATE BONDS — 28.0%
		CHEMICALS — 2.1%
	1,570,000	Nutrien Ltd.		4.0000		12/15/26		1,557,414
	805,000	Nutrien Ltd.		2.9500		05/13/30		736,093
								2,293,507
		COMMERCIAL SUPPORT SERVICES — 0.8%
	450,000	Republic Services, Inc.		5.0000		04/01/34		448,035
	450,000	Waste Management, Inc.		4.6250		02/15/33		445,053
								893,088
		ELECTRIC UTILITIES — 3.6%
	2,205,000	American Electric Power Company, Inc.		3.2000		11/13/27		2,136,545
	1,000,000	Electricite de France S.A.^(a)		5.7000		05/23/28		1,026,232
	405,000	National Rural Utilities Cooperative Finance		5.0500		09/15/28		412,109
	442,000	WEC Energy Group, Inc.		3.5500		06/15/25		440,581
								4,015,467
		GAS & WATER UTILITIES — 1.9%
	2,185,000	NiSource, Inc.		3.4900		05/15/27		2,140,484

		INSTITUTIONAL FINANCIAL SERVICES — 0.9%
	1,000,000	Cboe Global Markets, Inc.		3.6500		01/12/27		989,225

		MACHINERY — 1.6%
	900,000	Caterpillar Financial Services Corporation		4.3500		05/15/26		901,478
	900,000	John Deere Capital Corporation		3.9000		06/07/32		853,318
								1,754,796
		METALS & MINING — 3.3%
	925,000	BHP Billiton Finance USA Ltd.		5.1250		02/21/32		934,040
	1,430,000	BHP Billiton Finance USA Ltd.		5.2500		09/08/33		1,444,884
	930,000	Rio Tinto Finance USA plc		5.0000		03/14/32		933,514
	450,000	Rio Tinto Finance USA plc		5.0000		03/09/33		451,906
								3,764,344

Shares			Fair Value
		SHORT-TERM INVESTMENT — 0.9%
		MONEY MARKET FUND — 0.9%
	1,002,141	Fidelity Investments Money Market Government Portfolio, Class I, 4.20%^(b) (Cost $1,002,141)	$	1,002,141

		TOTAL INVESTMENTS — 99.4% (Cost $114,974,942)	$	111,042,314
		OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%		676,503
		NET ASSETS — 100.0%	$	111,718,817

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

^(a)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2025 the total market value of 144A securities is $2,903,061 or 2.6% of net assets.
^(b)	Rate disclosed is the seven day effective yield as of March 31, 2025.

Principal Amount ($)			Spread		Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 95.7%
		AEROSPACE & DEFENSE — 1.4%
	1,165,000	Goat Holdco, LLC^(a)				6.7500		02/01/32	$	1,141,286
	500,000	TransDigm, Inc.^(a)				6.3750		03/01/29		505,657
	1,250,000	TransDigm, Inc.^(a)				6.8750		12/15/30		1,279,343
										2,926,286
		ASSET MANAGEMENT — 0.8%
	1,600,000	AG TTMT Escrow Issuer, LLC^(a)				8.6250		09/30/27		1,641,282

		AUTOMOTIVE — 5.7%
	3,500,000	Adient Global Holdings Ltd.^(a)				8.2500		04/15/31		3,394,838
	2,705,000	Adient Global Holdings Ltd.^(a)				7.5000		02/15/33		2,517,272
	3,620,000	Aptiv plc / Aptiv Global Financing DAC^(b)		H15T5Y + 3.385%		6.8750		12/15/54		3,552,754
	2,500,000	Goodyear Tire & Rubber Company (The)				5.6250		04/30/33		2,229,098
										11,693,962
		BIOTECH & PHARMA — 0.2%
	439,000	Bausch Health Americas, Inc.^(a)				8.5000		01/31/27		417,636

		CHEMICALS — 7.5%
	1,750,000	Avient Corporation^(a)				7.1250		08/01/30		1,786,432
	1,145,000	Avient Corporation^(a)				6.2500		11/01/31		1,135,747
	2,000,000	Axalta Coating Systems, LLC^(a)				3.3750		02/15/29		1,828,947
	2,500,000	Chemours Company (The)^(a)				4.6250		11/15/29		2,136,974
	2,565,000	Chemours Company (The)^(a)				8.0000		01/15/33		2,396,846
	1,860,000	INEOS Finance plc^(a)				7.5000		04/15/29		1,852,333
	4,065,000	Mativ Holdings, Inc.^(a)				8.0000		10/01/29		3,510,736
	1,000,000	WR Grace Holdings, LLC^(a)				7.3750		03/01/31		1,000,138
										15,648,153
		COMMERCIAL SUPPORT SERVICES — 7.8%
	2,310,000	Allied Universal Holdco, LLC^(a)				7.8750		02/15/31		2,341,294
	125,000	Allied Universal Holdco, LLC/Allied Universal Finance Corporation^(a)				4.6250		06/01/28		118,074
	1,625,000	Clean Harbors, Inc.^(a)				6.3750		02/01/31		1,643,302
	2,125,000	Covanta Holding Corporation^(a)				4.8750		12/01/29		1,979,147
	1,750,000	Covanta Holding Corporation				5.0000		09/01/30		1,625,607
	3,600,000	Enviri Corporation^(a)				5.7500		07/31/27		3,442,157
	500,000	GFL Environmental, Inc.^(a)				6.7500		01/15/31		516,126
	1,000,000	VT Topco, Inc.^(a)				8.5000		08/15/30		1,049,783
	2,225,000	Waste Pro USA, Inc.^(a)				7.0000		02/01/33		2,236,532
	1,000,000	Williams Scotsman, Inc.^(a)				6.6250		06/15/29		1,012,119
										15,964,141

Shares
		SHORT-TERM INVESTMENT — 2.8%
		MONEY MARKET FUND — 2.8%
	5,743,447	Fidelity Investments Money Market Government Portfolio, Class I, 4.20%^(c) (Cost $5,743,447)		5,743,447

		TOTAL INVESTMENTS — 98.5% (Cost $203,884,054)	$	203,291,926
		OTHER ASSETS IN EXCESS OF LIABILITIES — 1.5%		3,038,046
		NET ASSETS — 100.0%	$	206,329,972

SHARES			FAIR VALUE
		COMMON STOCKS — 98.9%
		AEROSPACE & DEFENSE — 8.9%
	17,101	Elbit Systems Ltd.	$	6,561,312
	97,000	Leonardo DRS, Inc.^(a)		3,189,360
				9,750,672
		APPAREL & TEXTILE PRODUCTS — 2.5%
	23,816	Delta Galil Ltd.		1,130,071
	20,000	Fox Wizel Ltd.		1,625,937
				2,756,008
		BANKING — 20.3%
	430,000	Bank Hapoalim BM		5,789,284
	478,000	Bank Leumi Le-Israel BM		6,402,118
	45,300	First International Bank Of Israel Ltd.		2,279,797
	527,000	Israel Discount Bank Ltd., Class A		3,643,961
	95,000	Mizrahi Tefahot Bank Ltd.		4,252,359
				22,367,519
		CHEMICALS — 1.3%
	247,902	ICL Group Ltd.		1,410,562

		ELECTRIC UTILITIES — 1.2%
	19,400	Ormat Technologies, Inc.		1,372,963

		ELECTRICAL EQUIPMENT — 1.7%
	31,400	Camtek Ltd.		1,840,982

		HEALTH CARE FACILITIES & SERVICES — 1.7%
	12,769	Danel Adir Yeoshua Ltd.		1,284,898
	1,575,013	Novolog Ltd.		674,516
				1,959,414
		INSTITUTIONAL FINANCIAL SERVICES — 3.9%
	365,194	Tel Aviv Stock Exchange Ltd.		4,284,503

		INSURANCE — 6.0%
	97,000	Harel Insurance Investments & Financial Services		1,540,912
	773,628	Migdal Insurance & Financial Holdings Ltd.		1,399,506
	199,400	Phoenix Holdings Ltd. (The)		3,688,661
				6,629,079
		LEISURE FACILITIES & SERVICES — 1.5%
	12,800	Fattal Holdings 1998 Ltd.^(a)		1,665,855

SHARES			FAIR VALUE
		MEDICAL EQUIPMENT & DEVICES — 0.9%
	62,326	Brainsway Ltd. - ADR^(a)	$	590,227
	23,000	Inmode Ltd.^(a)		408,020
				998,247
		OIL & GAS PRODUCERS — 8.1%
	104,968	Energean plc		1,187,224
	102,000	Energean plc		1,153,077
	5,600	Israel Corp Ltd. (The)		1,493,605
	1,100,000	Isramco Negev 2, L.P.		600,317
	350,000	Newmed Energy, L.P.		1,175,229
	2,350,000	Oil Refineries Ltd.		557,854
	8,000	Paz Oil Company Ltd.		1,059,010
	1,600,000	Ratio Energies Finance, L.P.		1,594,968
				8,821,284
		REAL ESTATE INVESTMENT TRUSTS — 3.2%
	12,000	Big Shopping Centers Ltd.^(a)		1,658,521
	399,000	Reit 1 Ltd.		1,912,566
				3,571,087
		REAL ESTATE OWNERS & DEVELOPERS — 9.8%
	237,000	Amot Investments Ltd.		1,144,318
	44,000	Azrieli Group Ltd.		2,947,765
	40,000	Elco Ltd.		1,486,141
	75,000	G City Ltd.		229,656
	160,000	Gav-Yam Lands Corp Ltd.		1,225,905
	24,380	Melisron Ltd.		1,896,775
	703,430	Mivne Real Estate KD Ltd.		1,876,154
				10,806,714
		RENEWABLE ENERGY — 0.7%
	296,360	Energix-Renewable Energies Ltd.		807,088

		RETAIL - CONSUMER STAPLES — 2.9%
	18,700	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		1,340,275
	195,000	Shufersal Ltd.		1,840,592
				3,180,867
		SEMICONDUCTORS — 5.5%
	21,000	Nova Ltd.^(a)		3,870,930
	60,323	Tower Semiconductor Ltd.^(a)		2,151,118
				6,022,048
		SOFTWARE — 16.0%
	13,400	CyberArk Software Ltd.^(a)		4,529,200
	29,935	Hilan Ltd.		1,830,045
	84,300	Mobileye Global, Inc., Class A^(a)		1,213,499
	8,000	Monday.com Ltd.^(a)		1,945,280
	19,100	Nice Ltd. - ADR^(a)		2,944,647

SHARES			FAIR VALUE
		SOFTWARE — 16.0% (Continued)
	26,000	Oddity Tech Ltd.^(a)	$	1,124,760
	41,000	One Software Technologies Ltd.		756,246
	50,300	Sapiens International Corp N.V.		1,362,627
	46,200	Varonis Systems, Inc.^(a)		1,868,790
				17,575,094
		TECHNOLOGY HARDWARE — 0.0%^(b)
	348	Next Vision Stabilized Systems Ltd.		7,932

		TECHNOLOGY SERVICES — 2.0%
	72,783	Magic Software Enterprises Ltd.		945,451
	56,210	Matrix IT Ltd.		1,305,326
				2,250,777
		WHOLESALE - DISCRETIONARY — 0.8%
	17,300	Tadiran Group Ltd.		883,673

		TOTAL COMMON STOCKS (Cost $53,740,460)		108,962,368

		SHORT-TERM INVESTMENT — 1.1%
		MONEY MARKET FUND — 1.1%
	1,265,446	Fidelity Investments Money Market Government Portfolio, Class I, 4.20%^(c) (Cost $1,265,446)		1,265,446

		TOTAL INVESTMENTS — 100.0% (Cost $55,005,906)	$	110,227,814
		LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%		(53,243	)
		NET ASSETS — 100.0%	$	110,174,571

SHARES			FAIR VALUE
		COMMON STOCKS — 38.8%
		CHEMICALS — 1.4%
	940	Albemarle Corporation	$	67,699
	2,049	CF Industries Holdings, Inc.		160,129
	1,853	FMC Corporation		78,178
	6,014	ICL Group Ltd.		34,220
	7,069	K+S A.G.		96,364
	5,479	Mosaic Company (The)		147,988
	4,976	Nutrien Ltd.		247,158
	3,601	OCI N.V.		41,686
	3,097	Sociedad Quimica y Minera de Chile S.A. - ADR		123,044
	1,773	Yara International ASA		53,245
				1,049,711
		DATA CENTER REIT — 0.8%
	4,400	Digital Realty Trust, Inc.		630,476

		ENGINEERING & CONSTRUCTION — 0.0%^(a)
	799	Technip Energies N.V.		26,054

		FOOD — 1.3%
	2,563	Adecoagro S.A.		28,629
	4,499	BRF S.A. - ADR		15,477
	853	Cal-Maine Foods, Inc.		77,538
	1,430	Darling Ingredients, Inc.^(b)		44,673
	1,353	Dole PLC		19,551
	564	Fresh Del Monte Produce, Inc.		17,388
	2,408	Hormel Foods Corporation		74,504
	1,385	Ingredion, Inc.		187,265
	5,900	MEIJI Holdings Company Ltd.		127,871
	2,600	Morinaga Milk Industry Company Ltd.		54,009
	5,082	Mowi ASA		94,015
	1,400	NH Foods Ltd.		46,792
	4,300	Nisshin Seifun Group, Inc.		49,622
	4,700	Nissui Corporation		28,293
	2,546	Pilgrim’s Pride Corporation^(b)		138,782
	841	Salmar ASA		40,295
				1,044,704
		FORESTRY, PAPER & WOOD PRODUCTS — 0.1%
	1,900	Sumitomo Forestry Company Ltd.		57,131

		GAS & WATER UTILITIES — 0.8%
	403	American States Water Company		31,708
	559	American Water Works Company, Inc.		82,464