Timothy Plan US Large/Mid Cap Core ETF (TPLC) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:           811-08228

Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL            32751

(Address of principal executive offices)                         (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

Item 1. Reports to Stockholders.

(a)

Timothy Plan US Large/Mid Cap Core ETF 

Ticker: TPLC     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2024

The semi-annual shareholder report contains important information about Timothy Plan US Large/Mid Cap Core ETF (the "Fund") for the period of January 1, 2024 to June 30, 2024 ("reporting period").You can find additional information about the Fund at etf.timothyplan.com. You 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)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan US Large/Mid Cap Core ETF	$27	0.52%

FUND STATISTICS

Net Assets	$221,069,456
Number of Portfolio Holdings	285
Portfolio Turnover Rate	13%

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

Value	Value
Consumer Staples	4.7%
Materials	6.7%
Consumer Discretionary	8.0%
Utilities	8.3%
Energy	8.5%
Health Care	10.7%
Financials	12.8%
Information Technology	15.0%
Industrials	24.1%

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

Globe Life, Inc.	0.8%
Republic Services, Inc.	0.7%
Verisk Analytics, Inc.	0.6%
Kimberly Clark Corp.	0.6%
Roper Technologies, Inc.	0.6%
Amphenol Corp., Class A	0.6%
Kinder Morgan, Inc.	0.6%
Regeneron Pharmaceuticals, Inc.	0.6%
The Williams Cos., Inc.	0.6%
Waste Management, Inc.	0.6%

* Does not include futures contracts, money market instruments, and short-term investments.

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

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800.846.7526

TPLC — SAR (6/24)

Timothy Plan High Dividend Stock ETF 

Ticker: TPHD     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2024

The semi-annual shareholder report contains important information about Timothy Plan High Dividend Stock ETF (the "Fund") for the period of January 1, 2024 to June 30, 2024 ("reporting period").You can find additional information about the Fund at etf.timothyplan.com. You 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)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan High Dividend Stock ETF	$27	0.52%

FUND STATISTICS

Net Assets	$220,323,877
Number of Portfolio Holdings	101
Portfolio Turnover Rate	17%

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

Value	Value
Health Care	1.0%
Consumer Staples	5.9%
Consumer Discretionary	5.9%
Information Technology	7.3%
Materials	9.8%
Financials	12.9%
Energy	18.0%
Industrials	19.2%
Utilities	19.4%

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

Kimberly Clark Corp.	1.6%
Kinder Morgan, Inc.	1.5%
The Williams Cos., Inc.	1.4%
Waste Management, Inc.	1.4%
Otis Worldwide Corp.	1.4%
Atmos Energy Corp.	1.4%
The Southern Co.	1.4%
Intercontinental Exchange, Inc.	1.4%
Reinsurance Group of America, Inc.	1.3%
Avery Dennison Corp.	1.3%

* Does not include futures contracts, money market instruments, and short-term investments.

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

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800.846.7526

TPHD — SAR (6/24)

Timothy Plan US Small Cap Core ETF 

Ticker: TPSC     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2024

The semi-annual shareholder report contains important information about Timothy Plan US Small Cap Core ETF (the "Fund") for the period of January 1, 2024 to June 30, 2024 ("reporting period").You can find additional information about the Fund at etf.timothyplan.com. You 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)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan US Small Cap Core ETF	$26	0.52%

FUND STATISTICS

Net Assets	$124,362,036
Number of Portfolio Holdings	463
Portfolio Turnover Rate	23%

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

Value	Value
Communication Services	1.3%
Consumer Staples	5.0%
Materials	5.4%
Utilities	5.5%
Energy	5.9%
Health Care	6.4%
Information Technology	8.9%
Consumer Discretionary	13.9%
Industrials	22.2%
Financials	24.4%

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

Kirby Corp.	0.4%
MGIC Investment Corp.	0.4%
Ryan Specialty Holdings, Inc.	0.4%
American States Water Co.	0.4%
J & J Snack Foods Corp.	0.4%
Spire, Inc.	0.3%
Axis Capital Holdings Ltd.	0.3%
MDU Resources Group, Inc.	0.3%
NMI Holdings, Inc.	0.3%
Seaboard Corp.	0.3%

* Does not include futures contracts, money market instruments, and short-term investments.

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

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800.846.7526

TPSC — SAR (6/24)

Timothy Plan International ETF 

Ticker: TPIF     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2024

The semi-annual shareholder report contains important information about Timothy Plan International ETF (the "Fund") for the period of January 1, 2024 to June 30, 2024 ("reporting period").You can find additional information about the Fund at etf.timothyplan.com. You 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)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan International ETF	$31	0.62%

FUND STATISTICS

Net Assets	$105,262,557
Number of Portfolio Holdings	374
Portfolio Turnover Rate	18%

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

Value	Value
Real Estate	1.8%
Communication Services	3.7%
Energy	5.5%
Consumer Staples	5.8%
Health Care	5.9%
Utilities	6.3%
Consumer Discretionary	7.0%
Information Technology	7.6%
Materials	8.7%
Industrials	21.6%
Financials	25.1%

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

London Stock Exchange Group PLC	0.5%
DBS Group Holdings Ltd.	0.5%
United Overseas Bank Ltd.	0.5%
Oversea-Chinese Banking Corp. Ltd.	0.5%
Generali	0.5%
Pembina Pipeline Corp.	0.5%
RELX PLC	0.4%
Wolters Kluwer N.V.	0.4%
SoftBank Corp.	0.4%
Swisscom AG, Registered	0.4%

* Does not include futures contracts, money market instruments, and short-term investments.

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

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800.846.7526

TPIF — SAR (6/24)

Timothy Plan High Dividend Stock Enhanced ETF 

Ticker: TPHE     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2024

The semi-annual shareholder report contains important information about Timothy Plan High Dividend Stock Enhanced ETF (the "Fund") for the period of January 1, 2024 to June 30, 2024 ("reporting period").You can find additional information about the Fund at etf.timothyplan.com. You 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)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan High Dividend Stock Enhanced ETF	$27	0.52%

FUND STATISTICS

Net Assets	$65,587,743
Number of Portfolio Holdings	102
Portfolio Turnover Rate	22%

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

Value	Value
Health Care	1.0%
Consumer Staples	5.9%
Consumer Discretionary	5.9%
Information Technology	7.4%
Materials	9.8%
Financials	12.9%
Energy	18.0%
Industrials	19.2%
Utilities	19.4%

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

Kimberly Clark Corp.	1.6%
Kinder Morgan, Inc.	1.5%
The Williams Cos., Inc.	1.4%
Waste Management, Inc.	1.4%
Otis Worldwide Corp.	1.4%
Atmos Energy Corp.	1.4%
The Southern Co.	1.4%
Intercontinental Exchange, Inc.	1.4%
Reinsurance Group of America, Inc.	1.3%
Avery Dennison Corp.	1.3%

* Does not include futures contracts, money market instruments, and short-term investments.

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

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800.846.7526

TPHE — SAR (6/24)

Timothy Plan US Large/Mid Cap Core Enhanced ETF 

Ticker: TPLE     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2024

The semi-annual shareholder report contains important information about Timothy Plan US Large/Mid Cap Core Enhanced ETF (the "Fund") for the period of January 1, 2024 to June 30, 2024 ("reporting period").You can find additional information about the Fund at etf.timothyplan.com. You 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)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan US Large/Mid Cap Core Enhanced ETF	$27	0.52%

FUND STATISTICS

Net Assets	$69,002,195
Number of Portfolio Holdings	286
Portfolio Turnover Rate	18%

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

Value	Value
Consumer Staples	4.7%
Materials	6.7%
Consumer Discretionary	7.9%
Utilities	8.3%
Energy	8.5%
Health Care	10.7%
Financials	12.8%
Information Technology	15.1%
Industrials	24.1%

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

Globe Life, Inc.	0.8%
Republic Services, Inc.	0.7%
Verisk Analytics, Inc.	0.6%
Kimberly Clark Corp.	0.6%
Roper Technologies, Inc.	0.6%
Amphenol Corp., Class A	0.6%
Kinder Morgan, Inc.	0.6%
Regeneron Pharmaceuticals, Inc.	0.6%
The Williams Cos., Inc.	0.6%
Waste Management, Inc.	0.6%

* Does not include futures contracts, money market instruments, and short-term investments.

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

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800.846.7526

TPLE — SAR (6/24)

Timothy Plan Market Neutral ETF 

Ticker: TPMN     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2024

The semi-annual shareholder report contains important information about Timothy Plan Market Neutral ETF (the "Fund") for the period of January 1, 2024 to June 30, 2024 ("reporting period").You can find additional information about the Fund at etf.timothyplan.com. You 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)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan Market Neutral ETF	$32	0.65%

FUND STATISTICS

Net Assets	$40,719,576
Number of Portfolio Holdings	278
Portfolio Turnover Rate	10%

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

Value	Value
Health Care	0.8%
Communication Services	3.9%
Consumer Staples	3.9%
Consumer Discretionary	7.1%
Industrials	8.2%
Materials	8.4%
Energy	13.1%
Utilities	18.0%
Financials	24.0%

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

ACS Actividades de Construccion y Servicios SA	0.8%
Keyera Corp.	0.7%
Westpac Banking Corp.	0.7%
Pembina Pipeline Corp.	0.7%
ANZ Group Holdings Ltd.	0.7%
SFL Corp. Ltd.	0.6%
Redeia Corp. SA	0.6%
Mediobanca Banca di Credito Finanziario SpA	0.6%
SSE PLC	0.6%
Black Hills Corp.	0.6%

* Does not include futures contracts, money market instruments, and short-term investments.

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

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800.846.7526

TPMN — SAR (6/24)

(b)  Not applicable. 

Item 2. Code of Ethics.

                Not applicable ^__ only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable ^__ only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable ^__ only for annual reports.

Item 5.    Audit Committee of Listed Registrants.

Not applicable ^__ only for annual reports.

Item 6.   Investments.

(a)  The Schedule of Investments in Securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b)  Not applicable.

Item 7. Financial Statements and Other Information.

(a)

Semi-Annual

Report:

Full

Financials

June

30,

2024

Listed

and

traded

on:

The

New

York

Stock

Exchange

Ticker

Symbol

TIMOTHY

PLAN

US

SMALL

CAP

CORE

ETF

TPSC

TIMOTHY

PLAN

US

LARGE/MID

CAP

CORE

ETF

TPLC

TIMOTHY

PLAN

HIGH

DIVIDEND

STOCK

ETF

TPHD

TIMOTHY

PLAN

INTERNATIONAL

ETF

TPIF

TIMOTHY

PLAN

US

LARGE/MID

CAP

CORE

ENHANCED

ETF

TPLE

TIMOTHY

PLAN

HIGH

DIVIDEND

STOCK

ENHANCED

ETF

TPHE

TIMOTHY

PLAN

MARKET

NEUTRAL

ETF

TPMN

Table

of

Contents

•

NOT

FDIC

INSURED

•NO

BANK

GUARANTEE

•

MAY

LOSE

VALUE

•

INVESTMENTS

INVOLVE

RISK

•

PRINCIPAL

LOSS

IS

POSSIBLE

Schedule

of

Portfolio

Investments

3

Statements

of

Assets

and

Liabilities

33

Statements

of

Operations

37

Statements

of

Changes

in

Net

Assets

41

Financial

Highlights

45

Notes

to

Financial

Statements

52

Other

Information

62

Approval

of

Investment

Advisory

and

Sub-Advisory

Agreement

63

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

Timothy

Plan

US

Small

Cap

Core

ETF

See

notes

to

financial

statements.

3

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Common

Stocks

(99.4%)

Communication

Services

(

1

.3

%

):

Cable

One,

Inc.

560‌

198,240‌

Cargurus,

Inc.(a)

10,442‌

273,580‌

Cogent

Communications

Holdings,

Inc.

3,921‌

221,301‌

Integral

Ad

Science

Holding

Corp.(a)

12,755‌

123,979‌

Madison

Square

Garden

Entertainment

Corp.(a)

6,720‌

230,026‌

Madison

Square

Garden

Sports

Corp.

(a)

1,668‌

313,801‌

Sphere

Entertainment

Co.(a)

3,620‌

126,917‌

United

States

Cellular

Corp.(a)

1,912‌

106,728‌

1,594,572‌

Consumer

Discretionary

(

13

.9

%

):

Academy

Sports

&

Outdoors,

Inc.

3,544‌

188,718‌

Acushnet

Holdings

Corp.

4,599‌

291,944‌

Adient

PLC(a)

8,175‌

202,004‌

Adtalem

Global

Education,

Inc.(a)

4,638‌

316,358‌

American

Eagle

Outfitters,

Inc.

9,348‌

186,586‌

Arhaus,

Inc.

10,740‌

181,936‌

Asbury

Automotive

Group,

Inc.(a)

1,067‌

243,137‌

Atmus

Filtration

Technologies,

Inc.(a)

8,122‌

233,751‌

Bloomin'

Brands,

Inc.

9,982‌

191,954‌

Boot

Barn

Holdings,

Inc.(a)

1,996‌

257,344‌

Bowlero

Corp.

12,030‌

174,315‌

Brinker

International,

Inc.(a)

5,284‌

382,509‌

Camping

World

Holdings,

Inc.,

Class

A

7,999‌

142,862‌

Carter's,

Inc.

4,642‌

287,665‌

Carvana

Co.(a)

1,037‌

133,483‌

Cavco

Industries,

Inc.(a)

609‌

210,818‌

Century

Communities,

Inc.

2,743‌

223,993‌

Chewy,

Inc.,

Class

A(a)

8,920‌

242,981‌

Columbia

Sportswear

Co.

4,739‌

374,760‌

Cracker

Barrel

Old

Country

Store,

Inc.

3,645‌

153,673‌

Dana,

Inc.

19,296‌

233,868‌

Dave

&

Buster's

Entertainment,

Inc.

(a)

4,136‌

164,654‌

Dillard's,

Inc.,

Class

A

524‌

230,764‌

Dorman

Products,

Inc.(a)

2,452‌

224,309‌

Dream

Finders

Homes,

Inc.,

Class

A(a)

3,392‌

87,581‌

Dutch

Bros,

Inc.,

Class

A(a)

5,709‌

236,353‌

First

Watch

Restaurant

Group,

Inc.(a)

12,035‌

211,335‌

Foot

Locker,

Inc.

5,439‌

135,540‌

Fox

Factory

Holding

Corp.(a)

3,442‌

165,870‌

Frontdoor,

Inc.(a)

9,145‌

309,010‌

Gentherm,

Inc.(a)

3,376‌

166,504‌

Graham

Holdings

Co.,

Class

B

518‌

362,367‌

Grand

Canyon

Education,

Inc.(a)

2,572‌

359,849‌

Green

Brick

Partners,

Inc.(a)

3,992‌

228,502‌

Group

1

Automotive,

Inc.

946‌

281,227‌

H&R

Block,

Inc.

7,113‌

385,738‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Consumer

Discretionary

(13.9%):

(continued)

Helen

of

Troy

Ltd.(a)

2,526‌

234,261‌

Installed

Building

Products,

Inc.

933‌

191,899‌

Jack

in

the

Box,

Inc.

4,552‌

231,879‌

KB

Home

3,818‌

267,947‌

Kontoor

Brands,

Inc.

4,220‌

279,153‌

Laureate

Education,

Inc.

23,221‌

346,922‌

La-Z-Boy,

Inc.

8,068‌

300,775‌

LCI

Industries

2,018‌

208,621‌

Leslie's,

Inc.(a)

22,209‌

93,056‌

LGI

Homes,

Inc.(a)

1,968‌

176,116‌

Life

Time

Group

Holdings,

Inc.(a)

11,936‌

224,755‌

M/I

Homes,

Inc.(a)

1,932‌

235,974‌

Mister

Car

Wash,

Inc.(a)

23,867‌

169,933‌

Modine

Manufacturing

Co.(a)

1,919‌

192,265‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

3,887‌

381,587‌

Oxford

Industries,

Inc.

2,585‌

258,888‌

Papa

John's

International,

Inc.

4,424‌

207,840‌

Patrick

Industries,

Inc.

2,667‌

289,503‌

Phinia,

Inc.

5,798‌

228,209‌

Signet

Jewelers

Ltd.

2,051‌

183,729‌

Skyline

Champion

Corp.(a)

2,525‌

171,069‌

Sonic

Automotive,

Inc.,

Class

A

3,966‌

216,028‌

Steven

Madden

Ltd.

8,284‌

350,413‌

Strategic

Education,

Inc.

2,912‌

322,242‌

Stride,

Inc.(a)

4,716‌

332,478‌

The

Buckle,

Inc.

6,858‌

253,334‌

The

Cheesecake

Factory,

Inc.

8,414‌

330,586‌

The

Wendy's

Co.

20,851‌

353,633‌

Topgolf

Callaway

Brands

Corp.(a)

10,586‌

161,966‌

Tri

Pointe

Homes,

Inc.(a)

6,465‌

240,821‌

United

Parks

&

Resorts,

Inc.(a)

4,511‌

244,992‌

Visteon

Corp.(a)

2,417‌

257,894‌

Wingstop,

Inc.

681‌

287,831‌

Winnebago

Industries,

Inc.

4,136‌

224,171‌

Worthington

Enterprises,

Inc.

4,117‌

194,858‌

XPEL,

Inc.(a)

3,163‌

112,476‌

YETI

Holdings,

Inc.(a)

4,682‌

178,618‌

17,340,984‌

Consumer

Staples

(

5

.0

%

):

BellRing

Brands,

Inc.(a)

5,612‌

320,670‌

Cal-Maine

Foods,

Inc.

4,812‌

294,061‌

Central

Garden

&

Pet

Co.,

Class

A(a)

7,600‌

251,028‌

Edgewell

Personal

Care

Co.

9,861‌

396,314‌

Energizer

Holdings,

Inc.

9,671‌

285,681‌

Grocery

Outlet

Holding

Corp.(a)

11,849‌

262,100‌

Ingles

Markets,

Inc.,

Class

A

5,895‌

404,456‌

Inter

Parfums,

Inc.

1,968‌

228,347‌

J

&

J

Snack

Foods

Corp.

2,682‌

435,476‌

National

Beverage

Corp.

7,113‌

364,470‌

Seaboard

Corp.

134‌

423,539‌

Spectrum

Brands

Holdings,

Inc.

4,122‌

354,204‌

Sprouts

Farmers

Market,

Inc.(a)

4,937‌

413,029‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

US

Small

Cap

Core

ETF

See

notes

to

financial

statements.

4

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Consumer

Staples

(5.0%):

(continued)

The

Andersons,

Inc.

4,675‌

231,880‌

The

Chefs'

Warehouse,

Inc.(a)

5,609‌

219,368‌

The

Simply

Good

Foods

Co.(a)

8,818‌

318,594‌

The

Vita

Coco

Co.,

Inc.(a)

6,660‌

185,481‌

TreeHouse

Foods,

Inc.(a)

6,645‌

243,473‌

WD-40

Co.

1,288‌

282,896‌

Weis

Markets,

Inc.

4,893‌

307,134‌

6,222,201‌

Energy

(

5

.9

%

):

Archrock,

Inc.

13,822‌

279,481‌

Atlas

Energy

Solutions,

Inc.

9,338‌

186,106‌

Cactus,

Inc.,

Class

A

5,188‌

273,615‌

California

Resources

Corp.

4,492‌

239,064‌

CNX

Resources

Corp.(a)

13,250‌

321,975‌

Comstock

Resources,

Inc.

20,382‌

211,565‌

CONSOL

Energy,

Inc.(a)

2,319‌

236,608‌

Crescent

Energy

Co.,

Class

A

16,594‌

196,639‌

CVR

Energy,

Inc.

6,944‌

185,891‌

Delek

US

Holdings,

Inc.

7,418‌

183,670‌

Dorian

LPG,

Ltd.

4,613‌

193,561‌

Equitrans

Midstream

Corp.

20,912‌

271,438‌

Gulfport

Energy

Corp.(a)

1,848‌

279,048‌

Helmerich

Payne,

Inc.

5,633‌

203,577‌

Highpeak

Energy,

Inc.

9,318‌

131,011‌

International

Seaways,

Inc.

5,209‌

308,008‌

Kinetik

Holdings,

Inc.

8,137‌

337,197‌

Kosmos

Energy

Ltd.(a)

31,486‌

174,432‌

Liberty

Energy,

Inc.

10,500‌

219,345‌

Magnolia

Oil

&

Gas

Corp.,

Class

A

11,476‌

290,802‌

Northern

Oil

&

Gas,

Inc.

6,631‌

246,474‌

Oceaneering

International,

Inc.(a)

8,803‌

208,279‌

Par

Pacific

Holdings,

Inc.(a)

7,252‌

183,113‌

Patterson-UTI

Energy,

Inc.

18,472‌

191,370‌

Peabody

Energy

Corp.

11,136‌

246,328‌

Permian

Resources

Corp.

14,952‌

241,475‌

RPC,

Inc.

30,883‌

193,019‌

SM

Energy

Co.

4,991‌

215,761‌

Talos

Energy,

Inc.(a)

16,090‌

195,494‌

Tidewater,

Inc.(a)

1,982‌

188,706‌

Vital

Energy,

Inc.(a)

3,578‌

160,366‌

World

Kinect

Corp.

11,090‌

286,122‌

7,279,540‌

Financials

(

24

.4

%

):

Affiliated

Managers

Group,

Inc.

1,984‌

309,960‌

Ameris

Bancorp

5,787‌

291,375‌

Artisan

Partners

Asset

Management,

Inc.,

Class

A

6,766‌

279,233‌

Associated

Banc-Corp

13,175‌

278,651‌

Assured

Guaranty

Ltd.

4,630‌

357,204‌

Atlantic

Union

Bankshares

Corp.

7,903‌

259,614‌

Axis

Capital

Holdings

Ltd.

6,034‌

426,302‌

Axos

Financial,

Inc.(a)

3,686‌

210,655‌

BancFirst

Corp.

3,463‌

303,705‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Financials

(24.4%):

(continued)

Bank

of

Hawaii

Corp.

3,707‌

212,077‌

Bank

OZK

5,308‌

217,628‌

BankUnited,

Inc.

7,831‌

229,213‌

Banner

Corp.

5,984‌

297,046‌

BGC

Group,

Inc.,

Class

A

29,288‌

243,090‌

Bread

Financial

Holdings,

Inc.

5,837‌

260,097‌

Cadence

Bank

8,171‌

231,076‌

Cathay

General

Bancorp

7,730‌

291,576‌

City

Holding

Co.

3,747‌

398,119‌

CNO

Financial

Group,

Inc.

14,931‌

413,887‌

Cohen

&

Steers,

Inc.

3,773‌

273,769‌

Columbia

Banking

System,

Inc.

10,230‌

203,475‌

Community

Bank

System,

Inc.

6,020‌

284,204‌

Customers

BanCorp,

Inc.(a)

3,655‌

175,367‌

CVB

Financial

Corp.

13,128‌

226,327‌

Donnelley

Financial

Solutions,

Inc.(a)

5,388‌

321,233‌

Enova

International,

Inc.(a)

3,665‌

228,146‌

Enstar

Group

Ltd.(a)

1,268‌

387,628‌

Enterprise

Financial

Services

Corp.

7,413‌

303,266‌

Euronet

Worldwide,

Inc.(a)

2,197‌

227,389‌

EVERTEC,

Inc.

8,682‌

288,676‌

FB

Financial

Corp.

6,611‌

258,027‌

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,597‌

288,770‌

Federated

Hermes,

Inc.

10,705‌

351,980‌

First

BanCorp

7,301‌

233,048‌

First

BanCorp

18,168‌

332,293‌

First

Financial

Bancorp

12,959‌

287,949‌

First

FINL

Bankshares,

Inc.

8,503‌

251,094‌

First

Hawaiian,

Inc.

13,606‌

282,461‌

First

Interstate

BancSystem,

Inc.,

Class

A

8,849‌

245,737‌

First

Merchants

Corp.

8,360‌

278,304‌

FirstCash

Holdings,

Inc.

2,783‌

291,881‌

FNB

Corp.

24,928‌

341,015‌

Fulton

Financial

Corp.

19,243‌

326,746‌

Genworth

Financial,

Inc.(a)

47,887‌

289,237‌

Glacier

Bancorp,

Inc.

5,553‌

207,238‌

Goosehead

Insurance,

Inc.,

Class

A(a)

3,150‌

180,936‌

Hamilton

Lane,

Inc.,

Class

A

2,993‌

369,875‌

Hancock

Whitney

Corp.

6,002‌

287,076‌

Hanover

Insurance

Group,

Inc.

3,347‌

419,848‌

Heartland

Financial

USA,

Inc.

7,073‌

314,395‌

Hilltop

Holdings,

Inc.

9,962‌

311,611‌

Home

Bancshares,

Inc.

13,512‌

323,747‌

Horace

Mann

Educators

Corp.

11,436‌

373,042‌

Houlihan

Lokey,

Inc.

2,977‌

401,478‌

Independent

Bank

Corp.

4,947‌

250,912‌

Independent

Bank

Group,

Inc.

5,454‌

248,266‌

International

Bancshares

Corp.

6,123‌

350,297‌

Jackson

Financial,

Inc.,

Class

A

3,802‌

282,336‌

Lakeland

Financial

Corp.

4,227‌

260,045‌

Live

Oak

Bancshares,

Inc.

4,750‌

166,535‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

US

Small

Cap

Core

ETF

See

notes

to

financial

statements.

5

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Financials

(24.4%):

(continued)

Merchants

BanCorp

6,603‌

267,686‌

Mercury

General

Corp.

4,186‌

222,444‌

MGIC

Investment

Corp.

20,923‌

450,891‌

Mr

Cooper

Group,

Inc.(a)

4,431‌

359,930‌

Navient

Corp.

19,348‌

281,707‌

NBT

Bancorp,

Inc.

8,135‌

314,011‌

NMI

Holdings,

Inc.(a)

12,458‌

424,070‌

Northwest

Bancshares,

Inc.

28,531‌

329,533‌

OFG

Bancorp

8,621‌

322,856‌

Pacific

Premier

Bancorp,

Inc.

9,904‌

227,495‌

Palomar

Holdings,

Inc.(a)

2,813‌

228,275‌

Park

National

Corp.

2,276‌

323,966‌

Payoneer

Global,

Inc.(a)

38,081‌

210,969‌

PennyMac

Financial

Services,

Inc.

2,933‌

277,462‌

Piper

Sandler

Cos.

1,629‌

374,947‌

PJT

Partners,

Inc.,

Class

A

3,338‌

360,204‌

Radian

Group,

Inc.

12,190‌

379,109‌

Renasant

Corp.

8,583‌

262,125‌

Ryan

Specialty

Holdings,

Inc.

7,700‌

445,907‌

Seacoast

Banking

Corp.

of

Florida

10,729‌

253,634‌

ServisFirst

Bancshares,

Inc.

3,041‌

192,161‌

Shift4

Payments,

Inc.,

Class

A(a)

2,862‌

209,928‌

SiriusPoint,

Ltd.(a)

23,723‌

289,421‌

SLM

Corp.

14,890‌

309,563‌

StepStone

Group,

Inc.,

Class

A

7,977‌

366,064‌

Stewart

Information

Services

Corp.

4,750‌

294,880‌

StoneX

Group,

Inc.(a)

4,510‌

339,648‌

Synovus

Financial

Corp.

6,256‌

251,429‌

Texas

Capital

Bancshares,

Inc.(a)

4,817‌

294,511‌

The

Bancorp,

Inc.(a)

7,084‌

267,492‌

The

Western

Union

Co.

25,346‌

309,728‌

Towne

Bank

10,958‌

298,825‌

Triumph

Financial,

Inc.(a)

3,451‌

282,119‌

Trustmark

Corp.

10,246‌

307,790‌

UMB

Financial

Corp.

3,290‌

274,452‌

United

Bankshares,

Inc.

8,065‌

261,629‌

United

Community

Banks,

Inc.

10,225‌

260,328‌

Virtu

Financial,

Inc.,

Class

A

14,278‌

320,541‌

Virtus

Investment

Partners,

Inc.

1,226‌

276,892‌

WaFd,

Inc.

9,025‌

257,934‌

Walker

&

Dunlop,

Inc.

2,514‌

246,875‌

WesBanco,

Inc.

9,409‌

262,605‌

White

Mountains

Insurance

Group

Ltd.

212‌

385,299‌

WSFS

Financial

Corp.

5,652‌

265,644‌

30,379,146‌

Health

Care

(

6

.4

%

):

Addus

HomeCare

Corp.(a)

3,055‌

354,716‌

Alkermes

PLC(a)

8,370‌

201,717‌

AMN

Healthcare

Services,

Inc.(a)

3,164‌

162,092‌

Astrana

Health,

Inc.(a)

4,447‌

180,370‌

Catalyst

Pharmaceuticals,

Inc.(a)

11,761‌

182,178‌

CONMED

Corp.

3,093‌

214,407‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Health

Care

(6.4%):

(continued)

Corcept

Therapeutics,

Inc.(a)

5,741‌

186,525‌

CorVel

Corp.(a)

1,257‌

319,617‌

Doximity,

Inc.,

Class

A(a)

6,736‌

188,406‌

Dynavax

Technologies

Corp.(a)

24,532‌

275,494‌

Fortrea

Holdings,

Inc.(a)

5,257‌

122,698‌

Globus

Medical,

Inc.(a)

5,771‌

395,256‌

Haemonetics

Corp.(a)

3,459‌

286,163‌

Harmony

Biosciences

Holdings,

Inc.

(a)

4,689‌

141,467‌

Integer

Holdings

Corp.(a)

2,327‌

269,443‌

Integra

LifeSciences

Holdings

Corp.(a)

7,811‌

227,613‌

Kiniksa

Pharmaceuticals

International

PLC(a)

8,610‌

160,749‌

Krystal

Biotech,

Inc.(a)

691‌

126,895‌

LeMaitre

Vascular,

Inc.

3,273‌

269,303‌

Ligand

Pharmaceuticals,

Inc.(a)

2,635‌

222,025‌

Merit

Medical

Systems,

Inc.(a)

3,566‌

306,498‌

National

HealthCare

Corp.

3,442‌

373,113‌

Neogen

Corp.(a)

16,585‌

259,224‌

Pacira

BioSciences,

Inc.(a)

8,697‌

248,821‌

Patterson

Cos.,

Inc.

10,232‌

246,796‌

Premier,

Inc.,

Class

A

16,103‌

300,643‌

Privia

Health

Group,

Inc.(a)

9,329‌

162,138‌

Progyny,

Inc.(a)

6,316‌

180,701‌

RadNet,

Inc.(a)

4,036‌

237,801‌

Schrodinger,

Inc.(a)

4,642‌

89,776‌

Select

Medical

Holdings

Corp.

9,540‌

334,472‌

STAAR

Surgical

Co.(a)

2,917‌

138,878‌

TG

Therapeutics,

Inc.(a)

5,836‌

103,823‌

U.S.

Physical

Therapy,

Inc.

2,969‌

274,395‌

UFP

Technologies,

Inc.(a)

797‌

210,304‌

7,954,517‌

Industrials

(

22

.2

%

):

AAR

Corp.(a)

4,834‌

351,432‌

ABM

Industries,

Inc.

5,308‌

268,426‌

Air

Lease

Corp.

6,557‌

311,654‌

Alamo

Group,

Inc.

1,356‌

234,588‌

Albany

International

Corp.

3,565‌

301,064‌

American

Woodmark

Corp.(a)

2,370‌

186,282‌

ArcBest

Corp.

1,274‌

136,420‌

Arcosa,

Inc.

4,058‌

338,478‌

Armstrong

World

Industries,

Inc.

2,698‌

305,521‌

Array

Technologies,

Inc.(a)

9,764‌

100,179‌

ASGN,

Inc.(a)

3,375‌

297,574‌

AZZ,

Inc.

4,231‌

326,845‌

Barnes

Group,

Inc.

4,940‌

204,565‌

Boise

Cascade

Co.

1,672‌

199,336‌

Brady

Corp.,

Class

A

6,402‌

422,660‌

Casella

Waste

Systems,

Inc.(a)

3,829‌

379,913‌

CBIZ,

Inc.(a)

4,989‌

369,685‌

Cimpress

PLC(a)

1,875‌

164,269‌

Concentrix

Corp.

3,375‌

213,570‌

Construction

Partners,

Inc.,

Class

A(a)

4,347‌

239,998‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

US

Small

Cap

Core

ETF

See

notes

to

financial

statements.

6

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Industrials

(22.2%):

(continued)

CoreCivic,

Inc.(a)

17,497‌

227,111‌

CSG

Systems

International,

Inc.

4,984‌

205,191‌

CSW

Industrials,

Inc.

1,434‌

380,454‌

DNOW,

Inc.(a)

14,382‌

197,465‌

Dycom

Industries,

Inc.(a)

1,689‌

285,036‌

Encore

Wire

Corp.

991‌

287,221‌

Enerpac

Tool

Group

Corp.

8,245‌

314,794‌

EnerSys

3,028‌

313,459‌

Enpro,

Inc.

1,617‌

235,387‌

Esab

Corp.

2,886‌

272,525‌

ESCO

Technologies,

Inc.

3,446‌

361,968‌

Exlservice

Holdings,

Inc.(a)

9,363‌

293,624‌

Exponent,

Inc.

3,078‌

292,779‌

Federal

Signal

Corp.

4,059‌

339,616‌

First

Advantage

Corp.

19,582‌

314,683‌

Flowserve

Corp.

7,982‌

383,934‌

Fluor

Corp.(a)

5,188‌

225,937‌

Franklin

Electric

Co.,

Inc.

4,075‌

392,504‌

FTAI

Aviation

Ltd.

3,945‌

407,242‌

GATX

Corp.

3,081‌

407,801‌

Gibraltar

Industries,

Inc.(a)

3,435‌

235,469‌

GMS,

Inc.(a)

3,287‌

264,965‌

Granite

Construction,

Inc.

4,558‌

282,459‌

Griffon

Corp.

3,824‌

244,201‌

H&E

Equipment

Services,

Inc.

3,795‌

167,625‌

Hayward

Holdings,

Inc.(a)

14,897‌

183,233‌

Helios

Technologies,

Inc.

4,461‌

213,013‌

Herc

Holdings,

Inc.

1,262‌

168,212‌

Hillenbrand,

Inc.

6,299‌

252,086‌

HNI

Corp.

7,370‌

331,797‌

Huron

Consulting

Group,

Inc.(a)

2,511‌

247,333‌

ICF

International,

Inc.

2,647‌

392,974‌

IES

Holdings,

Inc.(a)

1,693‌

235,886‌

Insperity,

Inc.

2,143‌

195,463‌

Janus

International

Group,

Inc.(a)

17,652‌

222,945‌

Jeld-Wen

Holding,

Inc.(a)

9,470‌

127,561‌

John

Bean

Technologies

Corp.

2,889‌

274,368‌

Kadant,

Inc.

1,059‌

311,113‌

Kennametal,

Inc.

12,864‌

302,819‌

Kirby

Corp.(a)

4,312‌

516,276‌

Korn

Ferry

5,977‌

401,296‌

Legalzoom.com,

Inc.(a)

14,348‌

120,380‌

ManpowerGroup,

Inc.

4,926‌

343,835‌

Marten

Transport

Ltd.

19,147‌

353,262‌

Masterbrand,

Inc.(a)

14,144‌

207,634‌

Matson,

Inc.

2,579‌

337,772‌

Maximus,

Inc.

4,356‌

373,309‌

MDU

Resources

Group,

Inc.

16,935‌

425,068‌

MillerKnoll,

Inc.

6,101‌

161,615‌

Moog,

Inc.,

Class

A

1,859‌

311,011‌

MSC

Industrial

Direct

Co.,

Inc.

4,597‌

364,588‌

Mueller

Industries,

Inc.

5,912‌

336,629‌

Mueller

Water

Products,

Inc.,

Class

A

19,178‌

343,670‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Industrials

(22.2%):

(continued)

MYR

Group,

Inc.(a)

1,524‌

206,822‌

NEXTracker,

Inc.(a)

3,056‌

143,265‌

NV5

Global,

Inc.(a)

3,118‌

289,880‌

Powell

Industries,

Inc.

781‌

111,995‌

Primoris

Services

Corp.

6,229‌

310,765‌

Resideo

Technologies,

Inc.(a)

9,144‌

178,857‌

Rush

Enterprises,

Inc.,

Class

A

5,877‌

246,070‌

RXO,

Inc.(a)

10,733‌

280,668‌

Ryder

System,

Inc.

2,885‌

357,394‌

Schneider

National,

Inc.,

Class

B

14,087‌

340,342‌

Shoals

Technologies

Group,

Inc.,

Class

A(a)

15,219‌

94,967‌

SkyWest,

Inc.(a)

3,351‌

275,017‌

SPX

Technologies,

Inc.(a)

2,747‌

390,459‌

Standex

International

Corp.

1,695‌

273,149‌

Sterling

Infrastructure,

Inc.(a)

1,531‌

181,179‌

Tennant

Co.

2,989‌

294,237‌

Terex

Corp.

3,383‌

185,524‌

The

AZEK

Co.,

Inc.(a)

4,955‌

208,754‌

The

Brink's

Co.

3,678‌

376,627‌

The

Greenbrier

Cos.,

Inc.

4,332‌

214,651‌

Trinity

Industries,

Inc.

9,147‌

273,678‌

UniFirst

Corp.

2,198‌

377,023‌

Upwork,

Inc.(a)

10,020‌

107,715‌

Verra

Mobility

Corp.(a)

13,996‌

380,691‌

Vicor

Corp.(a)

2,512‌

83,298‌

Watts

Water

Technologies,

Inc.,

Class

A

1,717‌

314,846‌

Werner

Enterprises,

Inc.

9,493‌

340,134‌

27,579,064‌

Information

Technology

(

8

.9

%

):

ACI

Worldwide,

Inc.(a)

7,853‌

310,900‌

ACM

Research,

Inc.,

Class

A(a)

3,297‌

76,029‌

Advanced

Energy

Industries,

Inc.

2,489‌

270,704‌

Agilysys,

Inc.(a)

2,299‌

239,418‌

Alarm.com

Holdings,

Inc.(a)

3,113‌

197,800‌

Appfolio,

Inc.(a)

767‌

187,585‌

Avnet,

Inc.

7,602‌

391,427‌

Badger

Meter,

Inc.

2,103‌

391,894‌

Belden,

Inc.

2,191‌

205,516‌

Blackbaud,

Inc.(a)

3,662‌

278,935‌

BlackLine,

Inc.(a)

3,211‌

155,573‌

Calix,

Inc.(a)

5,493‌

194,617‌

Cirrus

Logic,

Inc.(a)

2,854‌

364,342‌

Clear

Secure,

Inc.,

Class

A

10,369‌

194,004‌

Cohu,

Inc.(a)

8,269‌

273,704‌

Crane

NXT

Co.

4,710‌

289,288‌

DigitalOcean

Holdings,

Inc.(a)

3,956‌

137,471‌

Diodes,

Inc.(a)

3,421‌

246,072‌

ePlus,

Inc.(a)

2,901‌

213,746‌

Extreme

Networks,

Inc.(a)

16,845‌

226,565‌

FormFactor,

Inc.(a)

4,388‌

265,606‌

Harmonic,

Inc.(a)

15,997‌

188,285‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

US

Small

Cap

Core

ETF

See

notes

to

financial

statements.

7

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024.

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Information

Technology

(8.9%):

(continued)

Insight

Enterprises,

Inc.(a)

2,078‌

412,192‌

InterDigital,

Inc.

3,385‌

394,556‌

Itron,

Inc.(a)

2,214‌

219,097‌

Knowles

Corp.(a)

15,016‌

259,176‌

MACOM

Technology

Solutions

Holdings,

Inc.(a)

2,332‌

259,948‌

MicroStrategy,

Inc.(a)

62‌

85,404‌

N-able,

Inc.(a)

23,961‌

364,926‌

Napco

Security

Technologies

Inc.

2,962‌

153,876‌

OSI

Systems,

Inc.(a)

2,002‌

275,315‌

PC

Connection,

Inc.

5,171‌

331,978‌

Pegasystems,

Inc.

2,516‌

152,293‌

Perficient,

Inc.(a)

3,531‌

264,083‌

Photronics,

Inc.(a)

6,064‌

149,599‌

Plexus

Corp.(a)

3,382‌

348,955‌

Progress

Software

Corp.

7,599‌

412,322‌

Qualys,

Inc.(a)

1,667‌

237,714‌

Rogers

Corp.(a)

2,704‌

326,129‌

Sprinklr,

Inc.(a)

13,861‌

133,343‌

Verint

Systems,

Inc.(a)

5,938‌

191,204‌

Viavi

Solutions,

Inc.(a)

25,768‌

177,026‌

Vishay

Intertechnology,

Inc.

14,558‌

324,643‌

Vontier

Corp.

8,445‌

322,599‌

11,095,859‌

Materials

(

5

.4

%

):

Alpha

Metallurgical

Resources,

Inc.

496‌

139,143‌

Arch

Resources,

Inc.

1,479‌

225,148‌

Ashland,

Inc.

3,098‌

292,730‌

Avient

Corp.

6,922‌

302,145‌

Balchem

Corp.

2,435‌

374,868‌

Cabot

Corp.

3,355‌

308,291‌

Carpenter

Technology

Corp.

2,984‌

326,987‌

Element

Solutions,

Inc.

13,925‌

377,646‌

Greif,

Inc.,

Class

A

6,031‌

346,602‌

H.B.

Fuller

Co.

4,959‌

381,645‌

Hawkins,

Inc.

2,915‌

265,265‌

Innospec,

Inc.

3,067‌

379,050‌

Knife

River

Corp.(a)

3,105‌

217,785‌

Materion

Corp.

1,868‌

201,987‌

Minerals

Technologies,

Inc.

4,487‌

373,139‌

MP

Materials

Corp.(a)

9,495‌

120,871‌

NewMarket

Corp.

656‌

338,214‌

Quaker

Chemical

Corp.

1,430‌

242,671‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Materials

(5.4%):

(continued)

Sensient

Technologies

Corp.

4,348‌

322,578‌

Silgan

Holdings,

Inc.

6,511‌

275,611‌

Stepan

Co.

3,470‌

291,341‌

Summit

Materials,

Inc.,

Class

A(a)

6,130‌

224,419‌

Sylvamo

Corp.

3,171‌

217,531‌

Warrior

Met

Coal,

Inc.

3,417‌

214,485‌

6,760,152‌

Real

Estate

(

0

.5

%

):

Forestar

Group,

Inc.(a)

5,567‌

178,089‌

Newmark

Group,

Inc.,

Class

A

17,348‌

177,470‌

The

St.

Joe

Co.

4,116‌

225,145‌

580,704‌

Utilities

(

5

.5

%

):

ALLETE,

Inc.

6,450‌

402,157‌

American

States

Water

Co.

6,115‌

443,766‌

Avista

Corp.

10,460‌

362,021‌

Black

Hills

Corp.

6,519‌

354,503‌

California

Water

Service

Group

7,919‌

383,992‌

Chesapeake

Utilities

Corp.

3,216‌

341,539‌

Clearway

Energy,

Inc.,

Class

C

10,089‌

249,097‌

MGE

Energy,

Inc.

3,626‌

270,935‌

National

Fuel

Gas

Co.

7,089‌

384,153‌

New

Jersey

Resources

Corp.

9,635‌

411,800‌

Northwest

Natural

Holding

Co.

8,727‌

315,132‌

Northwestern

Energy

Group,

Inc.

8,127‌

407,000‌

ONE

Gas,

Inc.

5,856‌

373,906‌

Ormat

Technologies,

Inc.

4,434‌

317,918‌

Otter

Tail

Corp.

3,162‌

276,960‌

Portland

General

Electric

Co.

9,298‌

402,045‌

SJW

Group

7,151‌

387,727‌

Southwest

Gas

Holdings,

Inc.

4,521‌

318,188‌

Spire,

Inc.

7,032‌

427,053‌

6,829,892‌

Total

Common

Stocks

(Cost

$111,557,459)

123,616,631‌

Total

Investments

(Cost

$111,557,459)

—

99.4%

123,616,631‌

Other

assets

in

excess

of

liabilities

—

0.6%

745,405‌

NET

ASSETS

-

100.00%

$

124,362,036‌

(a)

Non-income

producing

security.

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

US

Small

Cap

Core

ETF

See

notes

to

financial

statements.

8

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

Value

and

Unrealized

Appreciation/

(Depreciation)

E-Mini

Russell

2000

Index

9/20/24

7

$

722,144‌

$

722,750‌

$

606‌

$

606‌

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

Timothy

Plan

US

Large/Mid

Cap

Core

ETF

See

notes

to

financial

statements.

9

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Common

Stocks

(99.6%)

Communication

Services

(

0

.5

%

):

Live

Nation

Entertainment,

Inc.(a)

7,320‌

686,177‌

The

Trade

Desk,

Inc.,

Class

A(a)

4,626‌

451,821‌

1,137,998‌

Consumer

Discretionary

(

8

.0

%

):

Aptiv

PLC(a)

7,803‌

549,487‌

Burlington

Stores,

Inc.(a)

2,391‌

573,840‌

CarMax,

Inc.(a)

7,354‌

539,342‌

Carvana

Co.(a)

2,447‌

314,978‌

Chipotle

Mexican

Grill,

Inc.(a)

14,050‌

880,233‌

Coupang,

Inc.(a)

24,537‌

514,050‌

Deckers

Outdoor

Corp.(a)

640‌

619,488‌

Domino's

Pizza,

Inc.

1,714‌

884,990‌

DR

Horton,

Inc.

4,259‌

600,221‌

Five

Below,

Inc.(a)

3,513‌

382,812‌

Floor

&

Decor

Holdings,

Inc.,

Class

A(a)

4,610‌

458,280‌

Garmin

Ltd.

6,252‌

1,018,576‌

Genuine

Parts

Co.

5,596‌

774,039‌

Lennar

Corp.,

Class

A

4,107‌

615,516‌

LKQ

Corp.

19,993‌

831,509‌

Lowe's

Cos.,

Inc.

3,895‌

858,692‌

NVR,

Inc.(a)

100‌

758,856‌

O'Reilly

Automotive,

Inc.(a)

916‌

967,351‌

Pool

Corp.

1,746‌

536,598‌

PulteGroup,

Inc.

5,632‌

620,083‌

Ross

Stores,

Inc.

7,424‌

1,078,856‌

Service

Corp.

International

10,639‌

756,752‌

Tesla,

Inc.(a)

2,405‌

475,901‌

Toll

Brothers,

Inc.

4,847‌

558,277‌

TopBuild

Corp.(a)

1,253‌

482,743‌

Tractor

Supply

Co.

3,484‌

940,680‌

17,592,150‌

Consumer

Staples

(

4

.7

%

):

Campbell

Soup

Co.

21,115‌

954,187‌

Casey's

General

Stores,

Inc.

2,610‌

995,871‌

Celsius

Holdings,

Inc.(a)

4,029‌

230,016‌

Costco

Wholesale

Corp.

1,409‌

1,197,636‌

Coty,

Inc.,

Class

A(a)

55,491‌

556,020‌

Dollar

General

Corp.

3,768‌

498,243‌

Dollar

Tree,

Inc.(a)

4,751‌

507,264‌

Hormel

Foods

Corp.

19,455‌

593,183‌

Kimberly

Clark

Corp.

10,061‌

1,390,430‌

Lamb

Weston

Holdings,

Inc.

9,207‌

774,124‌

McCormick

&

Co.,

Inc.

10,371‌

735,719‌

Sysco

Corp.

14,721‌

1,050,932‌

US

Foods

Holding

Corp.(a)

18,546‌

982,567‌

10,466,192‌

Energy

(

8

.5

%

):

Baker

Hughes

Co.

26,872‌

945,088‌

Cheniere

Energy,

Inc.

5,874‌

1,026,951‌

Chesapeake

Energy

Corp.

8,554‌

703,053‌

ConocoPhillips

6,623‌

757,539‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Energy

(8.5%):

(continued)

Coterra

Energy,

Inc.

30,683‌

818,316‌

Devon

Energy

Corp.

13,499‌

639,853‌

Diamondback

Energy,

Inc.

3,968‌

794,354‌

EOG

Resources,

Inc.

5,989‌

753,835‌

EQT

Corp.

15,832‌

585,467‌

Halliburton

Co.

19,327‌

652,866‌

HF

Sinclair

Corp.

11,147‌

594,581‌

Kinder

Morgan,

Inc.

65,867‌

1,308,777‌

Marathon

Oil

Corp.

23,740‌

680,626‌

Marathon

Petroleum

Corp.

3,671‌

636,845‌

Occidental

Petroleum

Corp.

11,844‌

746,527‌

ONEOK,

Inc.

12,736‌

1,038,621‌

Ovintiv,

Inc.

12,161‌

569,986‌

Permian

Resources

Corp.

34,766‌

561,471‌

Phillips

66

5,277‌

744,954‌

Schlumberger

N.V.

14,305‌

674,910‌

Targa

Resources

Corp.

7,610‌

980,016‌

Texas

Pacific

Land

Corp.

938‌

688,745‌

The

Williams

Cos.,

Inc.

29,915‌

1,271,388‌

Valero

Energy

Corp.

4,114‌

644,911‌

18,819,680‌

Financials

(

12

.8

%

):

Aflac,

Inc.

12,172‌

1,087,081‌

American

Financial

Group,

Inc.

7,388‌

908,872‌

Arch

Capital

Group

Ltd.(a)

9,389‌

947,256‌

Arthur

J

Gallagher

&

Co.

4,639‌

1,202,939‌

Block,

Inc.(a)

4,846‌

312,519‌

Brown

&

Brown,

Inc.

12,585‌

1,125,225‌

Cboe

Global

Markets,

Inc.

5,895‌

1,002,504‌

Cincinnati

Financial

Corp.

8,020‌

947,162‌

Coinbase

Global,

Inc.,

Class

A(a)

1,026‌

228,008‌

Corebridge

Financial,

Inc.

28,239‌

822,320‌

Equitable

Holdings,

Inc.

21,133‌

863,494‌

Erie

Indemnity

Co.,

Class

A

1,586‌

574,766‌

Everest

Group

Ltd.

2,237‌

852,342‌

FactSet

Research

Systems,

Inc.

2,394‌

977,398‌

First

Citizens

BancShares,

Inc.,

Class

A

442‌

744,156‌

Franklin

Resources,

Inc.

27,504‌

614,714‌

Globe

Life,

Inc.

20,932‌

1,722,285‌

Interactive

Brokers

Group,

Inc.

7,347‌

900,742‌

Intercontinental

Exchange,

Inc.

8,737‌

1,196,008‌

Jack

Henry

&

Associates,

Inc.

5,763‌

956,773‌

Kinsale

Capital

Group,

Inc.

1,100‌

423,808‌

LPL

Financial

Holdings,

Inc.

2,906‌

811,646‌

Markel

Group,

Inc.(a)

589‌

928,064‌

Morningstar,

Inc.

2,344‌

693,472‌

MSCI,

Inc.

1,449‌

698,056‌

Nasdaq,

Inc.

15,818‌

953,193‌

Principal

Financial

Group,

Inc.

12,373‌

970,662‌

Reinsurance

Group

of

America,

Inc.

5,730‌

1,176,197‌

RenaissanceRe

Holdings

Ltd.

3,224‌

720,596‌

Ryan

Specialty

Holdings,

Inc.

18,160‌

1,051,646‌

Tradeweb

Markets,

Inc.,

Class

A

8,425‌

893,050‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

US

Large/Mid

Cap

Core

ETF

See

notes

to

financial

statements.

10

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Financials

(12.8%):

(continued)

W

R

Berkley

Corp.

11,936‌

937,931‌

28,244,885‌

Health

Care

(

10

.7

%

):

Agilent

Technologies,

Inc.

5,190‌

672,780‌

Align

Technology,

Inc.(a)

1,242‌

299,856‌

Avantor,

Inc.(a)

25,154‌

533,265‌

BioMarin

Pharmaceutical,

Inc.(a)

7,656‌

630,318‌

Bruker

Corp.

6,827‌

435,631‌

Cardinal

Health,

Inc.

8,634‌

848,895‌

Cencora,

Inc.

5,348‌

1,204,904‌

Charles

River

Laboratories

International,

Inc.(a)

2,404‌

496,618‌

Danaher

Corp.

3,562‌

889,966‌

DaVita,

Inc.(a)

3,925‌

543,887‌

Dexcom,

Inc.(a)

3,367‌

381,750‌

Edwards

Lifesciences

Corp.(a)

7,113‌

657,028‌

GE

HealthCare

Technologies,

Inc.

8,066‌

628,503‌

HCA

Healthcare,

Inc.

2,757‌

885,769‌

Humana,

Inc.

2,127‌

794,754‌

IDEXX

Laboratories,

Inc.(a)

1,327‌

646,514‌

Incyte

Corp.(a)

14,156‌

858,137‌

Insulet

Corp.(a)

2,401‌

484,522‌

Intuitive

Surgical,

Inc.(a)

1,750‌

778,488‌

IQVIA

Holdings,

Inc.(a)

2,922‌

617,828‌

Medpace

Holdings,

Inc.(a)

1,251‌

515,224‌

Mettler-Toledo

International,

Inc.(a)

569‌

795,229‌

Neurocrine

Biosciences,

Inc.(a)

5,787‌

796,696‌

Regeneron

Pharmaceuticals,

Inc.(a)

1,224‌

1,286,461‌

Repligen

Corp.(a)

2,455‌

309,477‌

ResMed,

Inc.

2,777‌

531,573‌

Revvity,

Inc.

5,603‌

587,531‌

STERIS

PLC

4,764‌

1,045,889‌

Stryker

Corp.

2,649‌

901,322‌

United

Therapeutics

Corp.(a)

3,453‌

1,099,953‌

Veeva

Systems,

Inc.,

Class

A(a)

3,017‌

552,141‌

Waters

Corp.(a)

2,034‌

590,104‌

West

Pharmaceutical

Services,

Inc.

1,574‌

518,460‌

Zoetis,

Inc.

5,017‌

869,747‌

23,689,220‌

Industrials

(

24

.1

%

):

A.O.

Smith

Corp.

10,456‌

855,092‌

Advanced

Drainage

Systems,

Inc.

3,538‌

567,460‌

AECOM

10,021‌

883,251‌

Allegion

PLC

6,303‌

744,699‌

AMETEK,

Inc.

7,127‌

1,188,142‌

Axon

Enterprise,

Inc.(a)

1,816‌

534,340‌

Builders

FirstSource,

Inc.(a)

2,428‌

336,060‌

Carlisle

Cos.,

Inc.

1,854‌

751,259‌

Carrier

Global

Corp.

12,316‌

776,893‌

Caterpillar,

Inc.

2,042‌

680,190‌

Cintas

Corp.

1,494‌

1,046,188‌

Comfort

Systems

USA,

Inc.

1,760‌

535,251‌

Copart,

Inc.(a)

16,732‌

906,205‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Industrials

(24.1%):

(continued)

CSX

Corp.

30,910‌

1,033,940‌

Dayforce,

Inc.(a)

9,794‌

485,782‌

Deere

&

Co.

2,121‌

792,469‌

Dover

Corp.

5,872‌

1,059,602‌

EMCOR

Group,

Inc.

2,081‌

759,732‌

Equifax,

Inc.

2,694‌

653,187‌

Expeditors

International

of

Washington,

Inc.

8,299‌

1,035,632‌

Fastenal

Co.

13,729‌

862,730‌

Fortive

Corp.

11,499‌

852,076‌

General

Dynamics

Corp.

3,843‌

1,115,008‌

Graco,

Inc.

10,453‌

828,714‌

HEICO

Corp.

4,924‌

1,101,056‌

Howmet

Aerospace,

Inc.

13,985‌

1,085,656‌

Hubbell,

Inc.

1,913‌

699,163‌

Huntington

Ingalls

Industries,

Inc.

3,367‌

829,393‌

IDEX

Corp.

4,670‌

939,604‌

Illinois

Tool

Works,

Inc.

4,896‌

1,160,156‌

Ingersoll

Rand,

Inc.

10,289‌

934,653‌

J.B.

Hunt

Transport

Services,

Inc.

4,087‌

653,920‌

Leidos

Holdings,

Inc.

7,929‌

1,156,683‌

Lennox

International,

Inc.

1,543‌

825,474‌

Lincoln

Electric

Holdings,

Inc.

3,537‌

667,220‌

Masco

Corp.

10,590‌

706,035‌

Norfolk

Southern

Corp.

3,333‌

715,562‌

Old

Dominion

Freight

Line,

Inc.

3,107‌

548,696‌

Otis

Worldwide

Corp.

13,123‌

1,263,220‌

PACCAR,

Inc.

8,527‌

877,769‌

Parker-Hannifin

Corp.

1,454‌

735,448‌

Paychex,

Inc.

8,756‌

1,038,111‌

Quanta

Services,

Inc.

2,546‌

646,913‌

Republic

Services,

Inc.

8,034‌

1,561,328‌

Rockwell

Automation,

Inc.

2,096‌

576,987‌

Rollins,

Inc.

17,672‌

862,217‌

Saia,

Inc.(a)

888‌

421,170‌

Snap-on,

Inc.

3,121‌

815,798‌

SS&C

Technologies

Holdings,

Inc.

15,535‌

973,578‌

Textron,

Inc.

8,702‌

747,154‌

Trane

Technologies

PLC

2,533‌

833,180‌

TransDigm

Group,

Inc.

756‌

965,873‌

U-Haul

Holding

Co.

10,748‌

645,095‌

Union

Pacific

Corp.

4,120‌

932,191‌

United

Rentals,

Inc.

816‌

527,732‌

Veralto

Corp.

6,958‌

664,280‌

Verisk

Analytics,

Inc.

5,166‌

1,392,495‌

Vertiv

Holdings

Co.,

Class

A

4,278‌

370,346‌

Waste

Management,

Inc.

5,923‌

1,263,613‌

Watsco,

Inc.

1,715‌

794,457‌

Westinghouse

Air

Brake

Technologies

Corp.

7,667‌

1,211,769‌

WW

Grainger,

Inc.

990‌

893,218‌

Xylem,

Inc.

7,582‌

1,028,347‌

53,349,462‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

US

Large/Mid

Cap

Core

ETF

See

notes

to

financial

statements.

11

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Information

Technology

(

15

.0

%

):

Advanced

Micro

Devices,

Inc.(a)

2,584‌

419,151‌

Akamai

Technologies,

Inc.(a)

9,088‌

818,647‌

Amphenol

Corp.,

Class

A

20,110‌

1,354,811‌

Analog

Devices,

Inc.

4,207‌

960,290‌

AppLovin

Corp.,

Class

A(a)

4,120‌

342,866‌

Arista

Networks,

Inc.(a)

1,628‌

570,581‌

Bentley

Systems,

Inc.,

Class

B

13,616‌

672,086‌

Broadcom,

Inc.

419‌

672,717‌

Cadence

Design

Systems,

Inc.(a)

2,416‌

743,524‌

CDW

Corp.

4,415‌

988,254‌

Cognizant

Technology

Solutions

Corp.,

Class

A

13,593‌

924,324‌

Corpay,

Inc.(a)

2,599‌

692,400‌

Datadog,

Inc.,

Class

A(a)

2,895‌

375,453‌

Docusign,

Inc.(a)

8,502‌

454,857‌

Dynatrace,

Inc.(a)

13,657‌

611,014‌

Elastic

NV(a)

3,106‌

353,804‌

Enphase

Energy,

Inc.(a)

2,669‌

266,126‌

Entegris,

Inc.

4,164‌

563,806‌

EPAM

Systems,

Inc.(a)

2,268‌

426,633‌

F5,

Inc.(a)

5,546‌

955,188‌

Fair

Isaac

Corp.(a)

574‌

854,491‌

First

Solar,

Inc.(a)

2,365‌

533,213‌

Fortinet,

Inc.(a)

6,846‌

412,608‌

Gartner,

Inc.(a)

1,627‌

730,621‌

Jabil,

Inc.

3,298‌

358,789‌

Keysight

Technologies,

Inc.(a)

4,537‌

620,435‌

KLA

Corp.

891‌

734,638‌

Lattice

Semiconductor

Corp.(a)

5,505‌

319,235‌

Manhattan

Associates,

Inc.(a)

3,027‌

746,700‌

Microchip

Technology,

Inc.

7,153‌

654,499‌

MicroStrategy,

Inc.(a)

145‌

199,735‌

Monolithic

Power

Systems,

Inc.

677‌

556,277‌

NetApp,

Inc.

5,951‌

766,489‌

NVIDIA

Corp.

5,190‌

641,173‌

NXP

Semiconductors

N.V.

2,756‌

741,612‌

ON

Semiconductor

Corp.(a)

6,173‌

423,159‌

Palantir

Technologies,

Inc.(a)

12,160‌

308,013‌

Palo

Alto

Networks,

Inc.(a)

1,359‌

460,715‌

PTC,

Inc.(a)

5,356‌

973,024‌

Pure

Storage,

Inc.,

Class

A(a)

7,660‌

491,849‌

Roper

Technologies,

Inc.

2,461‌

1,387,167‌

ServiceNow,

Inc.(a)

929‌

730,816‌

Skyworks

Solutions,

Inc.

7,014‌

747,552‌

Super

Micro

Computer,

Inc.(a)

220‌

180,257‌

Synopsys,

Inc.(a)

1,221‌

726,568‌

TE

Connectivity

Ltd.

6,572‌

988,626‌

Teledyne

Technologies,

Inc.(a)

2,423‌

940,075‌

Teradyne,

Inc.

5,613‌

832,352‌

Trimble,

Inc.(a)

10,478‌

585,930‌

Tyler

Technologies,

Inc.(a)

1,929‌

969,863‌

Zebra

Technologies

Corp.(a)

1,551‌

479,150‌

33,262,163‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Materials

(

6

.7

%

):

Albemarle

Corp.

2,893‌

276,339‌

Avery

Dennison

Corp.

5,342‌

1,168,028‌

Ball

Corp.

10,676‌

640,774‌

Celanese

Corp.

4,870‌

656,914‌

CF

Industries

Holdings,

Inc.

9,238‌

684,721‌

Freeport-McMoRan,

Inc.

11,598‌

563,663‌

International

Paper

Co.

18,148‌

783,086‌

Linde

PLC

2,669‌

1,171,184‌

LyondellBasell

Industries

N.V.,

Class

A

10,180‌

973,819‌

Martin

Marietta

Materials,

Inc.

1,437‌

778,567‌

Nucor

Corp.

3,881‌

613,508‌

Packaging

Corp.

of

America

5,006‌

913,895‌

PPG

Industries,

Inc.

7,518‌

946,441‌

Reliance,

Inc.

2,369‌

676,586‌

RPM

International,

Inc.

7,614‌

819,876‌

Steel

Dynamics,

Inc.

4,866‌

630,147‌

The

Sherwin-Williams

Co.

3,137‌

936,175‌

Vulcan

Materials

Co.

3,469‌

862,671‌

Westlake

Corp.

4,750‌

687,895‌

14,784,289‌

Real

Estate

(

0

.3

%

):

CoStar

Group,

Inc.(a)

7,587‌

562,500‌

562,500‌

Utilities

(

8

.3

%

):

Alliant

Energy

Corp.

20,934‌

1,065,541‌

Ameren

Corp.

12,562‌

893,284‌

American

Electric

Power

Co.,

Inc.

11,243‌

986,461‌

American

Water

Works

Co.,

Inc.

7,532‌

972,833‌

Atmos

Energy

Corp.

10,312‌

1,202,895‌

CenterPoint

Energy,

Inc.

36,972‌

1,145,392‌

CMS

Energy

Corp.

17,338‌

1,032,131‌

Consolidated

Edison,

Inc.

12,114‌

1,083,234‌

Constellation

Energy

Corp.

2,800‌

560,756‌

DTE

Energy

Co.

9,127‌

1,013,188‌

Entergy

Corp.

10,123‌

1,083,161‌

Evergy,

Inc.

18,578‌

984,077‌

NextEra

Energy,

Inc.

10,039‌

710,862‌

NiSource,

Inc.

34,402‌

991,122‌

Public

Service

Enterprise

Group,

Inc.

15,542‌

1,145,445‌

The

AES

Corp.

30,417‌

534,427‌

The

Southern

Co.

15,489‌

1,201,482‌

Vistra

Corp.

10,028‌

862,207‌

WEC

Energy

Group,

Inc.

12,251‌

961,213‌

18,429,711‌

Total

Common

Stocks

(Cost

$189,365,593)

220,338,250‌

Total

Investments

(Cost

$189,365,593)

—

99.6%

220,338,250‌

Other

assets

in

excess

of

liabilities

—

0.4%

731,206‌

NET

ASSETS

-

100.00%

$

221,069,456‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

US

Large/Mid

Cap

Core

ETF

See

notes

to

financial

statements.

12

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024.

(a)

Non-income

producing

security.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-mini

9/20/24

3

$

828,213‌

$

828,225‌

$

12‌

$

12‌

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

Timothy

Plan

High

Dividend

Stock

ETF

See

notes

to

financial

statements.

13

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Common

Stocks

(99.4%)

Consumer

Discretionary

(

5

.9

%

):

Garmin

Ltd.

15,676‌

2,553,934‌

Genuine

Parts

Co.

14,029‌

1,940,491‌

LKQ

Corp.

50,134‌

2,085,073‌

Lowe's

Cos.,

Inc.

9,769‌

2,153,674‌

Service

Corp.

International

26,682‌

1,897,891‌

Tractor

Supply

Co.

8,737‌

2,358,990‌

12,990,053‌

Consumer

Staples

(

5

.9

%

):

Campbell

Soup

Co.

52,953‌

2,392,946‌

Dollar

General

Corp.

9,453‌

1,249,970‌

Hormel

Foods

Corp.

48,783‌

1,487,394‌

Kimberly

Clark

Corp.

25,228‌

3,486,509‌

McCormick

&

Co.,

Inc.

26,006‌

1,844,866‌

Sysco

Corp.

36,916‌

2,635,433‌

13,097,118‌

Energy

(

18

.0

%

):

Baker

Hughes

Co.

67,391‌

2,370,141‌

Chesapeake

Energy

Corp.

21,480‌

1,765,441‌

ConocoPhillips

16,638‌

1,903,054‌

Coterra

Energy,

Inc.

76,948‌

2,052,203‌

Devon

Energy

Corp.

33,852‌

1,604,585‌

Diamondback

Energy,

Inc.

9,995‌

2,000,899‌

EOG

Resources,

Inc.

15,019‌

1,890,442‌

EQT

Corp.

39,700‌

1,468,106‌

Halliburton

Co.

48,465‌

1,637,148‌

HF

Sinclair

Corp.

27,952‌

1,490,960‌

Kinder

Morgan,

Inc.

165,172‌

3,281,968‌

Marathon

Oil

Corp.

59,533‌

1,706,811‌

Marathon

Petroleum

Corp.

9,207‌

1,597,230‌

ONEOK,

Inc.

31,939‌

2,604,625‌

Ovintiv,

Inc.

30,498‌

1,429,441‌

Phillips

66

13,229‌

1,867,538‌

Schlumberger

N.V.

35,870‌

1,692,347‌

Targa

Resources

Corp.

19,085‌

2,457,766‌

The

Williams

Cos.,

Inc.

75,013‌

3,188,053‌

Valero

Energy

Corp.

10,320‌

1,617,763‌

39,626,521‌

Financials

(

12

.9

%

):

Aflac,

Inc.

30,526‌

2,726,277‌

American

Financial

Group,

Inc.

18,529‌

2,279,438‌

Cincinnati

Financial

Corp.

20,115‌

2,375,582‌

Corebridge

Financial,

Inc.

70,815‌

2,062,133‌

Equitable

Holdings,

Inc.

52,997‌

2,165,457‌

Everest

Group

Ltd.

5,614‌

2,139,046‌

Franklin

Resources,

Inc.

68,968‌

1,541,435‌

Intercontinental

Exchange,

Inc.

21,909‌

2,999,123‌

Jack

Henry

&

Associates,

Inc.

14,453‌

2,399,487‌

Nasdaq,

Inc.

39,665‌

2,390,213‌

Principal

Financial

Group,

Inc.

31,032‌

2,434,460‌

Reinsurance

Group

of

America,

Inc.

14,373‌

2,950,346‌

28,462,997‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Health

Care

(

1

.0

%

):

Cardinal

Health,

Inc.

21,650‌

2,128,628‌

2,128,628‌

Industrials

(

19

.2

%

):

A.O.

Smith

Corp.

26,221‌

2,144,353‌

Allegion

PLC

15,807‌

1,867,597‌

Carrier

Global

Corp.

30,884‌

1,948,163‌

Caterpillar,

Inc.

5,123‌

1,706,471‌

Deere

&

Co.

5,316‌

1,986,217‌

Fastenal

Co.

34,429‌

2,163,518‌

General

Dynamics

Corp.

9,635‌

2,795,499‌

Huntington

Ingalls

Industries,

Inc.

8,444‌

2,080,011‌

Illinois

Tool

Works,

Inc.

12,278‌

2,909,395‌

Masco

Corp.

26,556‌

1,770,489‌

Norfolk

Southern

Corp.

8,361‌

1,795,023‌

Otis

Worldwide

Corp.

32,904‌

3,167,339‌

Paychex,

Inc.

21,954‌

2,602,866‌

Rockwell

Automation,

Inc.

5,255‌

1,446,596‌

Snap-on,

Inc.

7,829‌

2,046,422‌

SS&C

Technologies

Holdings,

Inc.

38,959‌

2,441,561‌

Union

Pacific

Corp.

10,334‌

2,338,171‌

Waste

Management,

Inc.

14,851‌

3,168,312‌

Watsco,

Inc.

4,303‌

1,993,322‌

42,371,325‌

Information

Technology

(

7

.3

%

):

Analog

Devices,

Inc.

10,553‌

2,408,828‌

Broadcom,

Inc.

1,051‌

1,687,412‌

Cognizant

Technology

Solutions

Corp.,

Class

A

34,088‌

2,317,984‌

Microchip

Technology,

Inc.

17,939‌

1,641,418‌

NetApp,

Inc.

14,926‌

1,922,469‌

NXP

Semiconductors

N.V.

6,910‌

1,859,412‌

Skyworks

Solutions,

Inc.

17,588‌

1,874,529‌

TE

Connectivity

Ltd.

16,479‌

2,478,936‌

16,190,988‌

Materials

(

9

.8

%

):

Albemarle

Corp.

7,259‌

693,380‌

Avery

Dennison

Corp.

13,396‌

2,929,035‌

Celanese

Corp.

12,215‌

1,647,681‌

CF

Industries

Holdings,

Inc.

23,169‌

1,717,286‌

International

Paper

Co.

45,512‌

1,963,843‌

LyondellBasell

Industries

N.V.,

Class

A

25,525‌

2,441,722‌

Packaging

Corp.

of

America

12,555‌

2,292,041‌

PPG

Industries,

Inc.

18,854‌

2,373,530‌

Reliance,

Inc.

5,942‌

1,697,035‌

RPM

International,

Inc.

19,094‌

2,056,042‌

Westlake

Corp.

11,914‌

1,725,385‌

21,536,980‌

Utilities

(

19

.4

%

):

Alliant

Energy

Corp.

52,497‌

2,672,097‌

Ameren

Corp.

31,499‌

2,239,894‌

American

Electric

Power

Co.,

Inc.

28,192‌

2,473,566‌

American

Water

Works

Co.,

Inc.

18,887‌

2,439,445‌

Atmos

Energy

Corp.

25,863‌

3,016,919‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

High

Dividend

Stock

ETF

See

notes

to

financial

statements.

14

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024.

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Utilities

(19.4%):

(continued)

CenterPoint

Energy,

Inc.

92,713‌

2,872,249‌

CMS

Energy

Corp.

43,477‌

2,588,186‌

Consolidated

Edison,

Inc.

30,377‌

2,716,311‌

DTE

Energy

Co.

22,890‌

2,541,019‌

Entergy

Corp.

25,385‌

2,716,195‌

Evergy,

Inc.

46,585‌

2,467,607‌

NextEra

Energy,

Inc.

25,175‌

1,782,642‌

NiSource,

Inc.

86,273‌

2,485,525‌

Public

Service

Enterprise

Group,

Inc.

38,978‌

2,872,679‌

The

AES

Corp.

76,276‌

1,340,169‌

The

Southern

Co.

38,840‌

3,012,819‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Utilities

(19.4%):

(continued)

WEC

Energy

Group,

Inc.

30,719‌

2,410,213‌

42,647,535‌

Total

Common

Stocks

(Cost

$203,720,079)

219,052,145‌

Total

Investments

(Cost

$203,720,079)

—

99.4%

219,052,145‌

Other

assets

in

excess

of

liabilities

—

0.6%

1,271,732‌

NET

ASSETS

-

100.00%

$

220,323,877‌

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-mini

9/20/24

4

$

1,102,004‌

$

1,104,300‌

$

2,296‌

$

2,296‌

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

Timothy

Plan

International

ETF

See

notes

to

financial

statements.

15

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Common

Stocks

(99.0%)

Australia

(

7

.1

%

):

Communication

Services

(

0

.6

%

):

REA

Group

Ltd.

2,074‌

272,010‌

Telstra

Group

Ltd.

169,196‌

408,468‌

680,478‌

Consumer

Discretionary

(

0

.4

%

):

Wesfarmers

Ltd.

8,546‌

371,481‌

371,481‌

Consumer

Staples

(

0

.7

%

):

Coles

Group

Ltd.

33,125‌

376,209‌

Woolworths

Group

Ltd.

16,999‌

383,064‌

759,273‌

Energy

(

0

.5

%

):

Santos

Ltd.

54,508‌

278,451‌

Woodside

Energy

Group

Ltd.

15,098‌

284,041‌

562,492‌

Financials

(

2

.1

%

):

ANZ

Group

Holdings

Ltd.

(a)

19,161‌

360,863‌

Commonwealth

Bank

of

Australia

4,706‌

399,772‌

Insurance

Australia

Group

Ltd.

74,065‌

352,672‌

National

Australia

Bank

Ltd.

15,813‌

382,069‌

Suncorp

Group

Ltd.

(a)

29,251‌

339,624‌

Westpac

Banking

Corp.

18,548‌

336,825‌

2,171,825‌

Health

Care

(

0

.6

%

):

Cochlear

Ltd.

1,385‌

306,792‌

CSL

Ltd.

1,717‌

338,034‌

644,826‌

Industrials

(

0

.8

%

):

Brambles

Ltd.

31,408‌

304,344‌

Computershare

Ltd.

18,740‌

329,189‌

Reece,

Ltd.

12,063‌

202,487‌

836,020‌

Information

Technology

(

0

.2

%

):

WiseTech

Global

Ltd.

(a)

2,927‌

195,787‌

195,787‌

Materials

(

0

.9

%

):

BHP

Group

Ltd.

10,228‌

291,122‌

Fortescue

Ltd.

12,819‌

183,033‌

Northern

Star

Resources,

Ltd.

(a)

18,661‌

161,785‌

Rio

Tinto

Ltd.

3,648‌

289,508‌

925,448‌

Utilities

(

0

.3

%

):

Origin

Energy

Ltd.

48,267‌

349,574‌

349,574‌

7,497,204‌

Austria

(

0

.9

%

):

Energy

(

0

.3

%

):

OMV

AG

6,986‌

304,162‌

304,162‌

Financials

(

0

.4

%

):

Erste

Group

Bank

AG

7,922‌

375,283‌

375,283‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Austria

(0.9%):

(continued)

Utilities

(

0

.2

%

):

Verbund

AG

3,380‌

266,562‌

266,562‌

946,007‌

Belgium

(

1

.2

%

):

Consumer

Discretionary

(

0

.2

%

):

D'ieteren

Group

1,247‌

264,521‌

264,521‌

Financials

(

0

.7

%

):

Groupe

Bruxelles

Lambert

NV

5,806‌

414,368‌

KBC

Group

N.V.

3,966‌

279,864‌

694,232‌

Health

Care

(

0

.3

%

):

UCB

SA

2,003‌

297,486‌

297,486‌

1,256,239‌

Canada

(

10

.7

%

):

Consumer

Discretionary

(

0

.6

%

):

Dollarama,

Inc.

4,701‌

429,273‌

Magna

International,

Inc.

4,734‌

198,441‌

627,714‌

Consumer

Staples

(

0

.8

%

):

Alimentation

Couche-Tard,

Inc.

6,379‌

358,006‌

Metro,

Inc.

7,986‌

442,473‌

800,479‌

Energy

(

2

.4

%

):

ARC

Resources

Ltd.

14,081‌

251,274‌

Cameco

Corp.

3,892‌

191,513‌

Canadian

Natural

Resources

Ltd.

6,461‌

230,166‌

Cenovus

Energy,

Inc.

12,302‌

241,831‌

Imperial

Oil

Ltd.

4,045‌

275,837‌

Pembina

Pipeline

Corp.

13,212‌

490,270‌

Suncor

Energy,

Inc.

7,169‌

273,312‌

TC

Energy

Corp.

9,411‌

356,791‌

Tourmaline

Oil

Corp.

5,861‌

265,864‌

2,576,858‌

Financials

(

2

.0

%

):

Brookfield

Asset

Management

Ltd.,

Class

A

6,870‌

261,561‌

Fairfax

Financial

Holdings

Ltd.

240‌

273,060‌

Great-West

Lifeco,

Inc.

14,274‌

416,460‌

Intact

Financial

Corp.

2,349‌

391,546‌

National

Bank

of

Canada

4,444‌

352,525‌

Power

Corp.

of

Canada

13,871‌

385,536‌

2,080,688‌

Industrials

(

1

.6

%

):

Canadian

National

Railway

Co.

3,139‌

370,971‌

Canadian

Pacific

Kansas

City

Ltd.

4,349‌

342,541‌

TFI

International,

Inc.

1,628‌

236,410‌

Waste

Connections,

Inc.

2,341‌

410,783‌

WSP

Global,

Inc.

2,398‌

373,453‌

1,734,158‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

International

ETF

See

notes

to

financial

statements.

16

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Canada

(10.7%):

(continued)

Information

Technology

(

0

.7

%

):

Constellation

Software,

Inc.

124‌

357,331‌

Open

Text

Corp.

7,332‌

220,191‌

Shopify,

Inc.,

Class

A

(a)

1,941‌

128,288‌

705,810‌

Materials

(

1

.5

%

):

Agnico

Eagle

Mines

Ltd.

3,868‌

253,022‌

Barrick

Gold

Corp.

13,223‌

220,593‌

Franco-Nevada

Corp.

2,189‌

259,563‌

Ivanhoe

Mines

Ltd.

(a)

14,871‌

191,880‌

Nutrien

Ltd.

4,404‌

224,240‌

Teck

Resources

Ltd.,

Class

B

4,180‌

200,337‌

Wheaton

Precious

Metals

Corp.

4,600‌

241,215‌

1,590,850‌

Utilities

(

1

.1

%

):

Emera,

Inc.

9,546‌

318,572‌

Fortis,

Inc.

10,457‌

406,461‌

Hydro

One

Ltd.

13,305‌

387,605‌

1,112,638‌

11,229,195‌

Chile

(

0

.2

%

):

Materials

(

0

.2

%

):

Antofagasta

PLC

7,174‌

191,319‌

191,319‌

Denmark

(

2

.2

%

):

Consumer

Discretionary

(

0

.2

%

):

Pandora

A/S

1,565‌

236,232‌

236,232‌

Financials

(

0

.7

%

):

Danske

Bank

A/S

10,282‌

306,421‌

Tryg

A/S

19,976‌

436,662‌

743,083‌

Health

Care

(

0

.6

%

):

Coloplast

A/S,

Class

B

1,894‌

227,573‌

Demant

A/S

(a)

5,203‌

225,226‌

Genmab

A/S

(a)

666‌

166,914‌

619,713‌

Industrials

(

0

.4

%

):

AP

Moller

-

Maersk

A/S,

Class

B

121‌

210,365‌

DSV

A/S

1,584‌

242,740‌

453,105‌

Materials

(

0

.3

%

):

Novonesis

(Novozymes),

Class

B

4,971‌

304,213‌

304,213‌

2,356,346‌

Finland

(

1

.0

%

):

Energy

(

0

.1

%

):

Neste

Oyj

6,679‌

118,900‌

118,900‌

Financials

(

0

.4

%

):

Sampo

Oyj,

Class

A

Shares

9,720‌

417,369‌

417,369‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Finland

(1.0%):

(continued)

Information

Technology

(

0

.3

%

):

Nokia

Oyj

71,668‌

273,087‌

273,087‌

Materials

(

0

.2

%

):

UPM-Kymmene

Oyj

7,692‌

268,678‌

268,678‌

1,078,034‌

France

(

6

.5

%

):

Consumer

Discretionary

(

0

.6

%

):

Cie

Generale

des

Etablissements

Michelin

SCA

10,390‌

401,746‌

Hermes

International

SCA

113‌

258,941‌

660,687‌

Consumer

Staples

(

0

.3

%

):

Carrefour

SA

18,800‌

265,730‌

265,730‌

Energy

(

0

.3

%

):

TotalEnergies

SE

4,908‌

327,575‌

327,575‌

Financials

(

1

.0

%

):

Amundi

SA

4,395‌

283,547‌

Credit

Agricole

SA

23,634‌

322,415‌

Edenred

SE

5,027‌

212,141‌

Societe

Generale

SA

9,945‌

233,428‌

1,051,531‌

Health

Care

(

0

.7

%

):

BioMerieux

2,753‌

261,628‌

EssilorLuxottica

SA

(a)

1,764‌

380,045‌

Sartorius

Stedim

Biotech

570‌

93,568‌

735,241‌

Industrials

(

2

.4

%

):

Aeroports

de

Paris

SA

2,167‌

263,600‌

Bouygues

SA

8,892‌

285,361‌

Bureau

Veritas

SA

10,891‌

301,582‌

Eiffage

SA

3,287‌

301,852‌

Legrand

SA

3,602‌

357,315‌

Safran

SA

1,693‌

357,860‌

Thales

SA

1,770‌

283,350‌

Vinci

SA

3,496‌

368,288‌

2,519,208‌

Information

Technology

(

0

.2

%

):

Dassault

Systemes

SE

6,324‌

239,043‌

239,043‌

Materials

(

0

.3

%

):

Air

Liquide

SA

1,961‌

338,662‌

338,662‌

Utilities

(

0

.7

%

):

Engie

SA

24,851‌

354,851‌

Veolia

Environnement

SA

11,267‌

336,847‌

691,698‌

6,829,375‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

International

ETF

See

notes

to

financial

statements.

17

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Germany

(

5

.0

%

):

Consumer

Discretionary

(

0

.2

%

):

Continental

AG

3,702‌

209,701‌

209,701‌

Consumer

Staples

(

0

.4

%

):

Beiersdorf

AG

3,037‌

444,064‌

444,064‌

Financials

(

1

.4

%

):

Commerzbank

AG

16,520‌

250,927‌

Deutsche

Boerse

AG

2,150‌

439,955‌

Hannover

Rueck

SE

1,516‌

384,243‌

Talanx

AG

4,176‌

333,363‌

1,408,488‌

Health

Care

(

0

.3

%

):

Carl

Zeiss

Meditec

AG

1,907‌

134,058‌

Fresenius

Medical

Care

AG

4,905‌

187,822‌

321,880‌

Industrials

(

1

.2

%

):

Brenntag

SE

4,357‌

293,739‌

Daimler

Truck

Holding

AG

4,747‌

188,939‌

Deutsche

Post

AG

7,255‌

293,578‌

Knorr-Bremse

AG

3,511‌

268,058‌

Rheinmetall

AG

434‌

221,071‌

1,265,385‌

Information

Technology

(

0

.4

%

):

Infineon

Technologies

AG

5,606‌

205,930‌

Nemetschek

SE

2,573‌

253,063‌

458,993‌

Materials

(

0

.8

%

):

BASF

SE

5,231‌

253,097‌

Heidelberg

Materials

AG

2,761‌

286,247‌

Symrise

AG

2,656‌

325,075‌

864,419‌

Utilities

(

0

.3

%

):

RWE

AG

8,366‌

286,218‌

286,218‌

5,259,148‌

Hong

Kong

(

2

.6

%

):

Financials

(

0

.5

%

):

AIA

Group

Ltd.

39,169‌

265,848‌

Hang

Seng

Bank

Ltd.

20,891‌

268,602‌

534,450‌

Industrials

(

0

.4

%

):

CK

Hutchison

Holdings

Ltd.

71,935‌

344,531‌

Techtronic

Industries

Co.

Ltd.

11,598‌

132,484‌

477,015‌

Real

Estate

(

0

.7

%

):

Henderson

Land

Development

Co.

Ltd.

78,929‌

211,756‌

Sun

Hung

Kai

Properties

Ltd.

30,223‌

261,444‌

Swire

Pacific

Ltd.,

Class

A

24,609‌

217,450‌

690,650‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Hong

Kong

(2.6%):

(continued)

Utilities

(

1

.0

%

):

CLP

Holdings

Ltd.

45,037‌

363,927‌

Hong

Kong

&

China

Gas

Co.

Ltd.

401,623‌

305,507‌

Power

Assets

Holdings

Ltd.

65,506‌

354,424‌

1,023,858‌

2,725,973‌

Ireland

(

1

.2

%

):

Consumer

Staples

(

0

.3

%

):

Kerry

Group

PLC,

Class

A

3,746‌

303,449‌

303,449‌

Financials

(

0

.3

%

):

AIB

Group

PLC

49,795‌

263,190‌

263,190‌

Industrials

(

0

.4

%

):

Kingspan

Group

PLC

2,593‌

220,739‌

Ryanair

Holdings

PLC

12,179‌

212,964‌

433,703‌

Materials

(

0

.2

%

):

Smurfit

Kappa

Group

PLC

5,382‌

240,122‌

240,122‌

1,240,464‌

Israel

(

1

.0

%

):

Financials

(

0

.6

%

):

Bank

Hapoalim

BM

24,660‌

217,613‌

Bank

Leumi

Le-Israel

BM

26,829‌

218,203‌

Mizrahi

Tefahot

Bank

Ltd.

5,843‌

197,517‌

633,333‌

Industrials

(

0

.3

%

):

Elbit

Systems

Ltd.

1,401‌

244,443‌

244,443‌

Information

Technology

(

0

.1

%

):

Nice

Ltd.

(a)

819‌

133,675‌

133,675‌

1,011,451‌

Italy

(

4

.5

%

):

Communication

Services

(

0

.4

%

):

Infrastrutture

Wireless

Italiane

SpA

34,954‌

364,931‌

364,931‌

Consumer

Discretionary

(

0

.2

%

):

Moncler

SpA

3,328‌

203,341‌

203,341‌

Energy

(

0

.3

%

):

Eni

SpA

21,852‌

335,871‌

335,871‌

Financials

(

1

.7

%

):

Generali

19,753‌

492,619‌

Intesa

Sanpaolo

SpA

88,227‌

327,918‌

Mediobanca

Banca

di

Credito

Finanziario

SpA

23,069‌

338,175‌

Poste

Italiane

SpA

30,545‌

389,057‌

UniCredit

SpA

7,280‌

269,761‌

1,817,530‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

International

ETF

See

notes

to

financial

statements.

18

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Italy

(4.5%):

(continued)

Health

Care

(

0

.3

%

):

Recordati

Industria

Chimica

e

Farmaceutica

SpA

6,125‌

319,407‌

319,407‌

Industrials

(

0

.5

%

):

Leonardo

SpA

10,989‌

255,109‌

Prysmian

SpA

5,052‌

312,788‌

567,897‌

Utilities

(

1

.1

%

):

Enel

SpA

58,134‌

404,251‌

Snam

SpA

81,307‌

359,660‌

Terna

-

Rete

Elettrica

Nazionale

46,113‌

356,410‌

1,120,321‌

4,729,298‌

Japan

(

19

.1

%

):

Communication

Services

(

0

.6

%

):

Nexon

Co.

Ltd.

9,200‌

170,138‌

SoftBank

Corp.

37,300‌

455,497‌

625,635‌

Consumer

Discretionary

(

2

.3

%

):

Bridgestone

Corp.

8,200‌

322,250‌

Denso

Corp.

13,100‌

203,418‌

Fast

Retailing

Co.

Ltd.

1,000‌

252,129‌

Nitori

Holdings

Co.

Ltd.

1,400‌

147,859‌

Oriental

Land

Co.

Ltd.

10,200‌

284,182‌

Pan

Pacific

International

Holdings

Corp.

9,200‌

215,260‌

Panasonic

Holdings

Corp.

24,600‌

201,394‌

Sekisui

House

Ltd.

15,500‌

343,299‌

Shimano,

Inc.

1,700‌

262,550‌

Suzuki

Motor

Corp.

20,900‌

240,479‌

2,472,820‌

Consumer

Staples

(

1

.2

%

):

Aeon

Co.

Ltd.

17,900‌

382,657‌

Ajinomoto

Co.,

Inc.

6,800‌

238,446‌

Kao

Corp.

8,400‌

340,658‌

Unicharm

Corp.

9,900‌

317,979‌

1,279,740‌

Energy

(

0

.4

%

):

ENEOS

Holdings,

Inc.

50,800‌

261,026‌

Inpex

Corp.

11,400‌

167,737‌

428,763‌

Financials

(

2

.9

%

):

Dai-ichi

Life

Holdings,

Inc.

10,100‌

269,844‌

Japan

Exchange

Group,

Inc.

10,900‌

254,223‌

Japan

Post

Holdings

Co.

Ltd.

32,700‌

324,215‌

MS&AD

Insurance

Group

Holdings,

Inc.

12,400‌

275,564‌

Nomura

Holdings,

Inc.

41,300‌

236,704‌

ORIX

Corp.

14,200‌

313,535‌

Resona

Holding,

Inc.

31,900‌

211,087‌

Sompo

Holdings,

Inc.

13,000‌

277,584‌

Sumitomo

Mitsui

Financial

Group,

Inc.

4,300‌

286,676‌

Sumitomo

Mitsui

Trust

Holdings,

Inc.

12,500‌

285,168‌

Tokio

Marine

Holdings,

Inc.

7,800‌

291,161‌

3,025,761‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Japan

(19.1%):

(continued)

Health

Care

(

1

.5

%

):

Chugai

Pharmaceutical

Co.

Ltd.

7,300‌

259,382‌

Daiichi

Sankyo

Co.

Ltd.

6,500‌

223,199‌

Hoya

Corp.

2,300‌

267,430‌

Olympus

Corp.

17,000‌

274,069‌

Shionogi

&

Co.

Ltd.

7,700‌

300,447‌

Terumo

Corp.

15,000‌

247,374‌

1,571,901‌

Industrials

(

4

.3

%

):

Central

Japan

Railway

Co.

14,900‌

321,674‌

Daikin

Industries

Ltd.

1,800‌

250,302‌

East

Japan

Railway

Co.

17,600‌

291,510‌

FANUC

Corp.

9,600‌

263,109‌

Hitachi

Ltd.

14,000‌

313,383‌

ITOCHU

Corp.

6,600‌

322,225‌

Komatsu

Ltd.

8,900‌

258,419‌

Kubota

Corp.

17,100‌

239,168‌

Marubeni

Corp.

16,000‌

295,941‌

Mitsubishi

Corp.

10,900‌

213,298‌

Mitsubishi

Electric

Corp.

13,100‌

209,077‌

Mitsubishi

Heavy

Industries

Ltd.

21,600‌

231,347‌

NIDEC

Corp.

5,500‌

245,649‌

Nippon

Yusen

KK

7,700‌

224,103‌

Secom

Co.

Ltd.

4,600‌

271,562‌

SMC

Corp.

400‌

189,818‌

Toyota

Industries

Corp.

2,200‌

185,510‌

Toyota

Tsusho

Corp.

10,200‌

198,585‌

4,524,680‌

Information

Technology

(

3

.7

%

):

Advantest

Corp.

3,700‌

147,774‌

Canon,

Inc.

11,100‌

300,425‌

Disco

Corp.

400‌

151,775‌

FUJIFILM

Holdings

Corp.

13,600‌

318,041‌

Fujitsu

Ltd.

15,100‌

236,257‌

Keyence

Corp.

600‌

263,132‌

Kyocera

Corp.

24,600‌

283,128‌

Lasertec

Corp.

600‌

134,605‌

Murata

Manufacturing

Co.

Ltd.

14,100‌

291,168‌

NEC

Corp.

3,100‌

255,234‌

Nomura

Research

Institute

Ltd.

9,600‌

269,793‌

NTT

Data

Group

Corp.

16,100‌

236,391‌

OBIC

Co.

Ltd.

2,200‌

283,633‌

Renesas

Electronics

Corp.

9,600‌

179,564‌

SCREEN

Holdings

Co.

Ltd.

1,300‌

117,175‌

TDK

Corp.

4,600‌

282,085‌

Tokyo

Electron

Ltd.

700‌

151,862‌

3,902,042‌

Materials

(

1

.1

%

):

Nippon

Paint

Holdings

Co.

Ltd.

36,700‌

239,085‌

Nippon

Steel

Corp.

11,800‌

249,467‌

Nitto

Denko

Corp.

3,100‌

244,925‌

Shin-Etsu

Chemical

Co.

Ltd.

5,900‌

228,782‌

Taiyo

Nippon

Sanso

Corp.

7,900‌

233,705‌

1,195,964‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

International

ETF

See

notes

to

financial

statements.

19

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Japan

(19.1%):

(continued)

Real

Estate

(

0

.8

%

):

Daiwa

House

Industry

Co.

Ltd.

11,300‌

286,381‌

Mitsubishi

Estate

Co.

Ltd.

12,900‌

202,076‌

Mitsui

Fudosan

Co.

Ltd.

22,600‌

206,304‌

Sumitomo

Realty

&

Development

Co.,

Ltd.

5,900‌

173,145‌

867,906‌

Utilities

(

0

.3

%

):

The

Kansai

Electric

Power

Co.,

Inc.

15,700‌

263,700‌

263,700‌

20,158,912‌

Korea,

Republic

Of

(

0

.5

%

):

Financials

(

0

.4

%

):

Meritz

Financial

Group,

Inc.

3,512‌

201,860‌

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

865‌

244,503‌

446,363‌

Materials

(

0

.1

%

):

Ecopro

Co.

Ltd.

(a)

1,083‌

70,904‌

70,904‌

517,267‌

Luxembourg

(

0

.6

%

):

Energy

(

0

.2

%

):

Tenaris

SA

13,476‌

207,072‌

207,072‌

Health

Care

(

0

.2

%

):

Eurofins

Scientific

SE

3,937‌

196,243‌

196,243‌

Materials

(

0

.2

%

):

ArcelorMittal

SA

9,395‌

214,986‌

214,986‌

618,301‌

Netherlands

(

3

.0

%

):

Consumer

Discretionary

(

0

.2

%

):

Prosus

N.V.

(a)

6,528‌

232,494‌

232,494‌

Financials

(

1

.4

%

):

ABN

AMRO

Bank

N.V.

14,856‌

244,185‌

Adyen

N.V.

(a)

59‌

70,329‌

ASR

Nederland

NV

4,953‌

236,067‌

Euronext

N.V.

3,838‌

355,492‌

ING

Groep

N.V.

19,977‌

341,449‌

NN

Group

N.V.

(a)

4,392‌

204,344‌

1,451,866‌

Industrials

(

0

.7

%

):

Randstad

N.V.

6,244‌

283,022‌

Wolters

Kluwer

N.V.

2,859‌

473,908‌

756,930‌

Information

Technology

(

0

.4

%

):

ASM

International

N.V.

306‌

233,232‌

BE

Semiconductor

Industries

NV

991‌

165,701‌

398,933‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Netherlands

(3.0%):

(continued)

Materials

(

0

.3

%

):

Akzo

Nobel

N.V.

4,728‌

287,463‌

287,463‌

3,127,686‌

Norway

(

1

.8

%

):

Communication

Services

(

0

.4

%

):

Telenor

ASA

32,645‌

372,238‌

372,238‌

Consumer

Staples

(

0

.2

%

):

Mowi

ASA

15,473‌

257,618‌

257,618‌

Energy

(

0

.4

%

):

Aker

BP

ASA

7,997‌

203,952‌

Equinor

ASA

7,986‌

227,429‌

431,381‌

Financials

(

0

.3

%

):

DNB

Bank

ASA

16,559‌

325,346‌

325,346‌

Industrials

(

0

.3

%

):

Kongsberg

Gruppen

ASA

3,438‌

280,245‌

280,245‌

Materials

(

0

.2

%

):

Norsk

Hydro

ASA

29,789‌

185,606‌

185,606‌

1,852,434‌

Portugal

(

0

.8

%

):

Consumer

Staples

(

0

.2

%

):

Jeronimo

Martins

SGPS

SA

12,669‌

247,579‌

247,579‌

Energy

(

0

.3

%

):

Galp

Energia

SGPS

SA

15,893‌

335,600‌

335,600‌

Utilities

(

0

.3

%

):

EDP

-

Energias

de

Portugal

SA

68,472‌

256,546‌

256,546‌

839,725‌

Russian

Federation

(

0

.0

%

):

Materials

(

0

.0

%

):

Evraz

PLC

(a)(b)(c)

38,723‌

11,878‌

11,878‌

Singapore

(

3

.0

%

):

Communication

Services

(

0

.4

%

):

Singapore

Telecommunications

Ltd.

199,600‌

404,883‌

404,883‌

Consumer

Staples

(

0

.2

%

):

Wilmar

International

Ltd.

126,000‌

288,117‌

288,117‌

Financials

(

1

.5

%

):

DBS

Group

Holdings

Ltd.

19,940‌

526,409‌

Oversea-Chinese

Banking

Corp.

Ltd.

48,600‌

517,296‌

United

Overseas

Bank

Ltd.

22,700‌

524,593‌

1,568,298‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

International

ETF

See

notes

to

financial

statements.

20

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Singapore

(3.0%):

(continued)

Industrials

(

0

.6

%

):

Keppel

Ltd.

64,800‌

309,254‌

Singapore

Airlines

Ltd.

69,900‌

355,765‌

665,019‌

Real

Estate

(

0

.3

%

):

CapitaLand

Investment

Ltd.

147,600‌

289,604‌

289,604‌

3,215,921‌

South

Korea

(

3

.0

%

):

Communication

Services

(

0

.2

%

):

NAVER

Corp.

1,318‌

159,842‌

159,842‌

Consumer

Discretionary

(

0

.7

%

):

Hyundai

Mobis

Co.

Ltd.

1,254‌

229,168‌

Kia

Corp.

2,374‌

223,047‌

LG

Electronics,

Inc.

3,476‌

280,111‌

732,326‌

Financials

(

0

.9

%

):

Hana

Financial

Group,

Inc.

5,070‌

223,622‌

KakaoBank

Corp.

7,295‌

107,607‌

KB

Financial

Group,

Inc.

3,763‌

214,646‌

Samsung

Life

Insurance

Co.

Ltd.

3,365‌

216,395‌

Shinhan

Financial

Group

Co.

Ltd.

6,840‌

239,315‌

1,001,585‌

Health

Care

(

0

.1

%

):

Celltrion,

Inc.

1,261‌

159,709‌

159,709‌

Industrials

(

0

.5

%

):

LG

Corp.

3,408‌

199,597‌

POSCO

Future

M

Co.

Ltd.

468‌

87,907‌

Samsung

C&T

Corp.

1,960‌

202,238‌

489,742‌

Information

Technology

(

0

.4

%

):

Samsung

Electronics

Co.

Ltd.

4,443‌

263,119‌

Samsung

SDI

Co.

Ltd.

468‌

120,384‌

383,503‌

Materials

(

0

.2

%

):

LG

Chem

Ltd.

564‌

141,594‌

POSCO

Holdings,

Inc.

424‌

111,839‌

253,433‌

3,180,140‌

Spain

(

2

.9

%

):

Consumer

Discretionary

(

0

.6

%

):

Amadeus

IT

Group

SA

4,844‌

322,318‌

Industria

de

Diseno

Textil

SA

6,793‌

337,220‌

659,538‌

Energy

(

0

.3

%

):

Repsol

SA

18,686‌

294,833‌

294,833‌

Financials

(

0

.3

%

):

CaixaBank

SA

58,432‌

309,279‌

309,279‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Spain

(2.9%):

(continued)

Industrials

(

1

.0

%

):

ACS

Actividades

de

Construccion

y

Servicios

SA

(a)

7,733‌

333,539‌

Aena

SME

SA

1,747‌

351,689‌

Ferrovial

SE

(a)

10,548‌

409,550‌

1,094,778‌

Utilities

(

0

.7

%

):

Endesa

SA

17,616‌

330,767‌

Iberdrola

SA

29,783‌

386,368‌

717,135‌

3,075,563‌

Sweden

(

5

.5

%

):

Consumer

Staples

(

0

.4

%

):

Essity

AB,

Class

B

15,085‌

386,430‌

386,430‌

Financials

(

1

.9

%

):

EQT

AB

5,526‌

163,361‌

Industrivarden

AB,

Class

C

10,111‌

341,277‌

Investor

AB,

Class

B

14,297‌

391,614‌

L

E

Lundbergforetagen

AB,

Class

B

6,528‌

322,869‌

Skandinaviska

Enskilda

Banken

AB,

Class

A

21,161‌

312,583‌

Svenska

Handelsbanken

AB,

Class

A

25,164‌

239,774‌

Swedbank

AB,

Class

A

12,542‌

258,189‌

2,029,667‌

Industrials

(

2

.8

%

):

Alfa

Laval

AB

7,516‌

329,241‌

Assa

Abloy

AB,

Class

B

10,241‌

289,601‌

Atlas

Copco

AB,

Class

A

16,460‌

309,481‌

Epiroc

AB,

Class

A

13,547‌

270,439‌

Indutrade

AB

8,915‌

228,542‌

Lifco

AB,

Class

B

10,598‌

291,093‌

Nibe

Industrier

AB,

Class

B

32,017‌

135,809‌

Saab

AB

(a)

10,934‌

263,169‌

Sandvik

AB

12,301‌

246,610‌

SKF

AB,

Class

B

Shares

12,546‌

251,995‌

Volvo

AB,

Class

B

11,051‌

282,779‌

2,898,759‌

Information

Technology

(

0

.2

%

):

Hexagon

AB,

Class

B

20,116‌

227,180‌

227,180‌

Materials

(

0

.2

%

):

Svenska

Cellulosa

AB

SCA,

Class

B

16,677‌

246,426‌

246,426‌

5,788,462‌

Switzerland

(

7

.7

%

):

Communication

Services

(

0

.4

%

):

Swisscom

AG,

Registered

793‌

446,244‌

446,244‌

Consumer

Discretionary

(

0

.5

%

):

Cie

Financiere

Richemont

SA,

Registered

1,594‌

248,869‌

The

Swatch

Group

AG

1,325‌

271,475‌

520,344‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

International

ETF

See

notes

to

financial

statements.

21

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Switzerland

(7.7%):

(continued)

Consumer

Staples

(

0

.4

%

):

Chocoladefabriken

Lindt

&

Spruengli

AG

33‌

385,361‌

385,361‌

Financials

(

1

.6

%

):

Banque

Cantonale

Vaudoise,

Registered

3,702‌

392,948‌

Julius

Baer

Group

Ltd.

4,090‌

228,563‌

Partners

Group

Holding

AG

205‌

263,353‌

Swiss

Life

Holding

AG

553‌

406,670‌

Swiss

Re

AG

3,492‌

433,439‌

1,724,973‌

Health

Care

(

1

.0

%

):

Alcon,

Inc.

4,051‌

361,762‌

Lonza

Group

AG,

Registered

280‌

152,858‌

Sonova

Holding

AG

1,017‌

314,282‌

Straumann

Holding

AG,

Class

R

1,400‌

173,461‌

1,002,363‌

Industrials

(

1

.8

%

):

ABB

Ltd.,

Registered

7,611‌

422,956‌

Geberit

AG,

Registered

482‌

284,811‌

Kuehne

+

Nagel

International

AG,

Class

R

923‌

265,505‌

Schindler

Holding

AG

1,453‌

365,231‌

SGS

SA,

Registered

(a)

3,447‌

306,980‌

VAT

Group

AG

409‌

231,932‌

1,877,415‌

Information

Technology

(

0

.4

%

):

Logitech

International

SA,

Class

R

2,662‌

257,577‌

STMicroelectronics

N.V.

5,271‌

208,073‌

465,650‌

Materials

(

1

.6

%

):

EMS-Chemie

Holding

AG

499‌

409,121‌

Givaudan

SA,

Registered

77‌

365,156‌

Glencore

PLC

40,089‌

228,566‌

Holcim

AG

4,452‌

394,599‌

Sika

AG,

Registered

909‌

260,264‌

1,657,706‌

8,080,056‌

United

Kingdom

(

6

.8

%

):

Communication

Services

(

0

.7

%

):

BT

Group

PLC

191,257‌

339,269‌

Informa

PLC

34,524‌

373,428‌

712,697‌

Consumer

Discretionary

(

0

.3

%

):

Next

PLC

2,691‌

307,329‌

307,329‌

Consumer

Staples

(

0

.7

%

):

Associated

British

Foods

PLC

11,565‌

361,626‌

Haleon

PLC

90,139‌

367,528‌

729,154‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

United

Kingdom

(6.8%):

(continued)

Financials

(

2

.1

%

):

3i

Group

PLC

8,636‌

334,656‌

Admiral

Group

PLC

9,242‌

305,458‌

Legal

&

General

Group

PLC

99,131‌

284,413‌

Lloyds

Banking

Group

PLC

462,192‌

319,772‌

London

Stock

Exchange

Group

PLC

4,545‌

539,977‌

Standard

Chartered

PLC

28,773‌

260,382‌

Wise

PLC,

Class

A

(a)

20,086‌

173,011‌

2,217,669‌

Health

Care

(

0

.3

%

):

Smith

&

Nephew

PLC

25,628‌

317,629‌

317,629‌

Industrials

(

1

.4

%

):

Ashtead

Group

PLC

2,866‌

191,332‌

Bunzl

PLC

11,011‌

418,897‌

RELX

PLC

10,331‌

475,158‌

Rentokil

Initial

PLC

30,134‌

175,655‌

Rolls-Royce

Holdings

PLC

(a)

33,916‌

195,814‌

1,456,856‌

Information

Technology

(

0

.6

%

):

Halma

PLC

10,840‌

370,741‌

The

Sage

Group

PLC

21,224‌

291,991‌

662,732‌

Materials

(

0

.4

%

):

Anglo

American

PLC

5,635‌

178,195‌

Rio

Tinto

PLC

4,220‌

277,404‌

455,599‌

Utilities

(

0

.3

%

):

SSE

PLC

(a)

15,056‌

340,530‌

340,530‌

7,200,195‌

United

States

(

0

.2

%

):

Industrials

(

0

.2

%

):

RB

Global,

Inc.

3,284‌

250,495‌

250,495‌

Total

Common

Stocks

(Cost

$93,956,720)

104,267,088‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Warrant

(0.0%)

Canada

(

0

.0

%

):

Information

Technology

(

0

.0

%

):

Constellation

Software,

Inc.

(a)(c)

141‌

—‌

—‌

Total

Warrant

(Cost

$–)

—‌

Total

Investments

(Cost

$93,956,720

)—

99.0%

104,267,088‌

Other

assets

in

excess

of

liabilities

—

1.0%

995,469‌

NET

ASSETS

-

100.00%

$

105,262,557‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

International

ETF

See

notes

to

financial

statements.

22

Security

Name

Acquisition

Date

Cost

Evraz

PLC

12/4/2019

$

247,473

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024

(a)

Non-income

producing

security.

(b)

The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

June

30,

2024.

(c)

Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.01%

of

the

Fund's

net

asset

as

of

June

30,

2024.

This

security

is

classified

as

Level

3

within

the

fair

value

hierarchy.  

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

Value

and

Unrealized

Appreciation/

(Depreciation)

Mini

MSCI

EAFE

Index

9/20/24

5

$

582,870‌

$

585,800‌

$

2,930‌

$

2,930‌

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

Timothy

Plan

US

Large/Mid

Cap

Core

Enhanced

ETF

See

notes

to

financial

statements.

23

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Common

Stocks

(99.6%)

Communication

Services

(

0.5%

):

Live

Nation

Entertainment,

Inc.(a)

2,284‌

214,102‌

The

Trade

Desk,

Inc.,

Class

A(a)

1,444‌

141,036‌

355,138‌

Consumer

Discretionary

(

7.9%

):

Aptiv

PLC(a)

2,435‌

171,473‌

Burlington

Stores,

Inc.(a)

746‌

179,040‌

CarMax,

Inc.(a)

2,295‌

168,315‌

Carvana

Co.(a)

764‌

98,342‌

Chipotle

Mexican

Grill,

Inc.(a)

4,350‌

272,527‌

Coupang,

Inc.(a)

7,658‌

160,435‌

Deckers

Outdoor

Corp.(a)

199‌

192,622‌

Domino's

Pizza,

Inc.

536‌

276,753‌

DR

Horton,

Inc.

1,330‌

187,437‌

Five

Below,

Inc.(a)

1,097‌

119,540‌

Floor

&

Decor

Holdings,

Inc.,

Class

A(a)

1,439‌

143,051‌

Garmin

Ltd.

1,951‌

317,857‌

Genuine

Parts

Co.

1,745‌

241,368‌

Lennar

Corp.,

Class

A

1,282‌

192,133‌

LKQ

Corp.

6,240‌

259,522‌

Lowe's

Cos.,

Inc.

1,216‌

268,079‌

NVR,

Inc.(a)

30‌

227,657‌

O'Reilly

Automotive,

Inc.(a)

285‌

300,977‌

Pool

Corp.

544‌

167,188‌

PulteGroup,

Inc.

1,758‌

193,556‌

Ross

Stores,

Inc.

2,316‌

336,561‌

Service

Corp.

International

3,321‌

236,223‌

Tesla,

Inc.(a)

751‌

148,608‌

Toll

Brothers,

Inc.

1,511‌

174,037‌

TopBuild

Corp.(a)

390‌

150,255‌

Tractor

Supply

Co.

1,088‌

293,760‌

5,477,316‌

Consumer

Staples

(

4.7%

):

Campbell

Soup

Co.

6,590‌

297,802‌

Casey's

General

Stores,

Inc.

815‌

310,971‌

Celsius

Holdings,

Inc.(a)

1,258‌

71,819‌

Costco

Wholesale

Corp.

439‌

373,146‌

Coty,

Inc.,

Class

A(a)

17,318‌

173,526‌

Dollar

General

Corp.

1,176‌

155,503‌

Dollar

Tree,

Inc.(a)

1,483‌

158,340‌

Hormel

Foods

Corp.

6,070‌

185,074‌

Kimberly

Clark

Corp.

3,140‌

433,948‌

Lamb

Weston

Holdings,

Inc.

2,874‌

241,646‌

McCormick

&

Co.,

Inc.

3,236‌

229,562‌

Sysco

Corp.

4,594‌

327,966‌

US

Foods

Holding

Corp.(a)

5,787‌

306,595‌

3,265,898‌

Energy

(

8.5%

):

Baker

Hughes

Co.

8,388‌

295,006‌

Cheniere

Energy,

Inc.

1,834‌

320,638‌

Chesapeake

Energy

Corp.

2,669‌

219,365‌

ConocoPhillips

2,068‌

236,538‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Energy

(8.5%):

(continued)

Coterra

Energy,

Inc.

9,577‌

255,419‌

Devon

Energy

Corp.

4,213‌

199,696‌

Diamondback

Energy,

Inc.

1,237‌

247,635‌

EOG

Resources,

Inc.

1,869‌

235,251‌

EQT

Corp.

4,940‌

182,681‌

Halliburton

Co.

6,031‌

203,727‌

HF

Sinclair

Corp.

3,479‌

185,570‌

Kinder

Morgan,

Inc.

20,556‌

408,448‌

Marathon

Oil

Corp.

7,409‌

212,416‌

Marathon

Petroleum

Corp.

1,146‌

198,808‌

Occidental

Petroleum

Corp.

3,696‌

232,959‌

ONEOK,

Inc.

3,975‌

324,161‌

Ovintiv,

Inc.

3,795‌

177,872‌

Permian

Resources

Corp.

10,851‌

175,244‌

Phillips

66

1,646‌

232,366‌

Schlumberger

N.V.

4,465‌

210,659‌

Targa

Resources

Corp.

2,375‌

305,852‌

Texas

Pacific

Land

Corp.

294‌

215,875‌

The

Williams

Cos.,

Inc.

9,335‌

396,737‌

Valero

Energy

Corp.

1,283‌

201,123‌

5,874,046‌

Financials

(

12.8%

):

Aflac,

Inc.

3,799‌

339,289‌

American

Financial

Group,

Inc.

2,307‌

283,807‌

Arch

Capital

Group

Ltd.(a)

2,931‌

295,709‌

Arthur

J

Gallagher

&

Co.

1,449‌

375,740‌

Block,

Inc.(a)

1,511‌

97,444‌

Brown

&

Brown,

Inc.

3,927‌

351,113‌

Cboe

Global

Markets,

Inc.

1,840‌

312,910‌

Cincinnati

Financial

Corp.

2,503‌

295,604‌

Coinbase

Global,

Inc.,

Class

A(a)

319‌

70,891‌

Corebridge

Financial,

Inc.

8,813‌

256,635‌

Equitable

Holdings,

Inc.

6,595‌

269,472‌

Erie

Indemnity

Co.,

Class

A

495‌

179,388‌

Everest

Group

Ltd.

699‌

266,333‌

FactSet

Research

Systems,

Inc.

747‌

304,978‌

First

Citizens

BancShares,

Inc.,

Class

A

139‌

234,022‌

Franklin

Resources,

Inc.

8,583‌

191,830‌

Globe

Life,

Inc.

6,532‌

537,453‌

Interactive

Brokers

Group,

Inc.

2,293‌

281,122‌

Intercontinental

Exchange,

Inc.

2,726‌

373,162‌

Jack

Henry

&

Associates,

Inc.

1,798‌

298,504‌

Kinsale

Capital

Group,

Inc.

343‌

132,151‌

LPL

Financial

Holdings,

Inc.

907‌

253,325‌

Markel

Group,

Inc.(a)

184‌

289,922‌

Morningstar,

Inc.

731‌

216,266‌

MSCI,

Inc.

452‌

217,751‌

Nasdaq,

Inc.

4,936‌

297,443‌

Principal

Financial

Group,

Inc.

3,862‌

302,974‌

Reinsurance

Group

of

America,

Inc.

1,790‌

367,433‌

RenaissanceRe

Holdings

Ltd.

1,006‌

224,851‌

Ryan

Specialty

Holdings,

Inc.

5,669‌

328,292‌

Tradeweb

Markets,

Inc.,

Class

A

2,629‌

278,674‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

US

Large/Mid

Cap

Core

Enhanced

ETF

See

notes

to

financial

statements.

24

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Financials

(12.8%):

(continued)

W

R

Berkley

Corp.

3,726‌

292,789‌

8,817,277‌

Health

Care

(

10.7%

):

Agilent

Technologies,

Inc.

1,621‌

210,130‌

Align

Technology,

Inc.(a)

387‌

93,434‌

Avantor,

Inc.(a)

7,850‌

166,420‌

BioMarin

Pharmaceutical,

Inc.(a)

2,389‌

196,686‌

Bruker

Corp.

2,132‌

136,043‌

Cardinal

Health,

Inc.

2,695‌

264,972‌

Cencora,

Inc.

1,670‌

376,251‌

Charles

River

Laboratories

International,

Inc.(a)

750‌

154,935‌

Danaher

Corp.

1,111‌

277,583‌

DaVita,

Inc.(a)

1,225‌

169,748‌

Dexcom,

Inc.(a)

1,052‌

119,276‌

Edwards

Lifesciences

Corp.(a)

2,220‌

205,061‌

GE

HealthCare

Technologies,

Inc.

2,518‌

196,203‌

HCA

Healthcare,

Inc.

860‌

276,301‌

Humana,

Inc.

664‌

248,104‌

IDEXX

Laboratories,

Inc.(a)

414‌

201,701‌

Incyte

Corp.(a)

4,417‌

267,759‌

Insulet

Corp.(a)

750‌

151,350‌

Intuitive

Surgical,

Inc.(a)

545‌

242,443‌

IQVIA

Holdings,

Inc.(a)

912‌

192,833‌

Medpace

Holdings,

Inc.(a)

390‌

160,622‌

Mettler-Toledo

International,

Inc.(a)

178‌

248,771‌

Neurocrine

Biosciences,

Inc.(a)

1,805‌

248,494‌

Regeneron

Pharmaceuticals,

Inc.(a)

381‌

400,443‌

Repligen

Corp.(a)

768‌

96,814‌

ResMed,

Inc.

867‌

165,961‌

Revvity,

Inc.

1,748‌

183,295‌

STERIS

PLC

1,487‌

326,456‌

Stryker

Corp.

826‌

281,047‌

United

Therapeutics

Corp.(a)

1,078‌

343,397‌

Veeva

Systems,

Inc.,

Class

A(a)

941‌

172,212‌

Waters

Corp.(a)

636‌

184,516‌

West

Pharmaceutical

Services,

Inc.

490‌

161,401‌

Zoetis,

Inc.

1,567‌

271,655‌

7,392,317‌

Industrials

(

24.1%

):

A.O.

Smith

Corp.

3,264‌

266,930‌

Advanced

Drainage

Systems,

Inc.

1,105‌

177,231‌

AECOM

3,127‌

275,614‌

Allegion

PLC

1,966‌

232,283‌

AMETEK,

Inc.

2,224‌

370,763‌

Axon

Enterprise,

Inc.(a)

567‌

166,834‌

Builders

FirstSource,

Inc.(a)

758‌

104,915‌

Carlisle

Cos.,

Inc.

579‌

234,617‌

Carrier

Global

Corp.

3,845‌

242,543‌

Caterpillar,

Inc.

638‌

212,518‌

Cintas

Corp.

467‌

327,021‌

Comfort

Systems

USA,

Inc.

549‌

166,962‌

Copart,

Inc.(a)

5,222‌

282,823‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Industrials

(24.1%):

(continued)

CSX

Corp.

9,648‌

322,726‌

Dayforce,

Inc.(a)

3,056‌

151,578‌

Deere

&

Co.

661‌

246,969‌

Dover

Corp.

1,833‌

330,765‌

EMCOR

Group,

Inc.

650‌

237,302‌

Equifax,

Inc.

841‌

203,909‌

Expeditors

International

of

Washington,

Inc.

2,591‌

323,331‌

Fastenal

Co.

4,285‌

269,269‌

Fortive

Corp.

3,589‌

265,945‌

General

Dynamics

Corp.

1,199‌

347,878‌

Graco,

Inc.

3,263‌

258,691‌

HEICO

Corp.

1,536‌

343,465‌

Howmet

Aerospace,

Inc.

4,363‌

338,700‌

Hubbell,

Inc.

598‌

218,557‌

Huntington

Ingalls

Industries,

Inc.

1,052‌

259,139‌

IDEX

Corp.

1,457‌

293,148‌

Illinois

Tool

Works,

Inc.

1,528‌

362,075‌

Ingersoll

Rand,

Inc.

3,211‌

291,687‌

J.B.

Hunt

Transport

Services,

Inc.

1,276‌

204,160‌

Leidos

Holdings,

Inc.

2,476‌

361,199‌

Lennox

International,

Inc.

482‌

257,860‌

Lincoln

Electric

Holdings,

Inc.

1,104‌

208,258‌

Masco

Corp.

3,305‌

220,344‌

Norfolk

Southern

Corp.

1,041‌

223,492‌

Old

Dominion

Freight

Line,

Inc.

970‌

171,302‌

Otis

Worldwide

Corp.

4,095‌

394,185‌

PACCAR,

Inc.

2,660‌

273,820‌

Parker-Hannifin

Corp.

453‌

229,132‌

Paychex,

Inc.

2,732‌

323,906‌

Quanta

Services,

Inc.

794‌

201,747‌

Republic

Services,

Inc.

2,508‌

487,405‌

Rockwell

Automation,

Inc.

655‌

180,308‌

Rollins,

Inc.

5,515‌

269,077‌

Saia,

Inc.(a)

277‌

131,378‌

Snap-on,

Inc.

975‌

254,855‌

SS&C

Technologies

Holdings,

Inc.

4,849‌

303,887‌

Textron,

Inc.

2,715‌

233,110‌

Trane

Technologies

PLC

790‌

259,855‌

TransDigm

Group,

Inc.

236‌

301,516‌

U-Haul

Holding

Co.

3,354‌

201,307‌

Union

Pacific

Corp.

1,285‌

290,744‌

United

Rentals,

Inc.

255‌

164,916‌

Veralto

Corp.

2,172‌

207,361‌

Verisk

Analytics,

Inc.

1,612‌

434,515‌

Vertiv

Holdings

Co.,

Class

A

1,336‌

115,657‌

Waste

Management,

Inc.

1,849‌

394,466‌

Watsco,

Inc.

536‌

248,297‌

Westinghouse

Air

Brake

Technologies

Corp.

2,393‌

378,214‌

WW

Grainger,

Inc.

310‌

279,694‌

Xylem,

Inc.

2,366‌

320,901‌

16,653,056‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

US

Large/Mid

Cap

Core

Enhanced

ETF

See

notes

to

financial

statements.

25

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Information

Technology

(

15.1%

):

Advanced

Micro

Devices,

Inc.(a)

807‌

130,903‌

Akamai

Technologies,

Inc.(a)

2,835‌

255,377‌

Amphenol

Corp.,

Class

A

6,276‌

422,814‌

Analog

Devices,

Inc.

1,314‌

299,934‌

AppLovin

Corp.,

Class

A(a)

1,285‌

106,938‌

Arista

Networks,

Inc.(a)

508‌

178,044‌

Bentley

Systems,

Inc.,

Class

B

4,249‌

209,731‌

Broadcom,

Inc.

131‌

210,324‌

Cadence

Design

Systems,

Inc.(a)

754‌

232,044‌

CDW

Corp.

1,379‌

308,675‌

Cognizant

Technology

Solutions

Corp.,

Class

A

4,243‌

288,524‌

Corpay,

Inc.(a)

812‌

216,325‌

Datadog,

Inc.,

Class

A(a)

904‌

117,240‌

Docusign,

Inc.(a)

2,653‌

141,935‌

Dynatrace,

Inc.(a)

4,262‌

190,682‌

Elastic

NV(a)

969‌

110,379‌

Enphase

Energy,

Inc.(a)

832‌

82,959‌

Entegris,

Inc.

1,299‌

175,885‌

EPAM

Systems,

Inc.(a)

709‌

133,370‌

F5,

Inc.(a)

1,732‌

298,302‌

Fair

Isaac

Corp.(a)

179‌

266,470‌

First

Solar,

Inc.(a)

738‌

166,389‌

Fortinet,

Inc.(a)

2,137‌

128,797‌

Gartner,

Inc.(a)

508‌

228,122‌

Jabil,

Inc.

1,029‌

111,945‌

Keysight

Technologies,

Inc.(a)

1,416‌

193,638‌

KLA

Corp.

278‌

229,214‌

Lattice

Semiconductor

Corp.(a)

1,719‌

99,685‌

Manhattan

Associates,

Inc.(a)

944‌

232,866‌

Microchip

Technology,

Inc.

2,233‌

204,320‌

MicroStrategy,

Inc.(a)

45‌

61,987‌

Monolithic

Power

Systems,

Inc.

211‌

173,374‌

NetApp,

Inc.

1,857‌

239,182‌

NVIDIA

Corp.

1,622‌

200,382‌

NXP

Semiconductors

N.V.

860‌

231,417‌

ON

Semiconductor

Corp.(a)

1,926‌

132,027‌

Palantir

Technologies,

Inc.(a)

3,795‌

96,127‌

Palo

Alto

Networks,

Inc.(a)

425‌

144,079‌

PTC,

Inc.(a)

1,672‌

303,752‌

Pure

Storage,

Inc.,

Class

A(a)

2,390‌

153,462‌

Roper

Technologies,

Inc.

769‌

433,455‌

ServiceNow,

Inc.(a)

291‌

228,921‌

Skyworks

Solutions,

Inc.

2,190‌

233,410‌

Super

Micro

Computer,

Inc.(a)

69‌

56,535‌

Synopsys,

Inc.(a)

380‌

226,123‌

TE

Connectivity

Ltd.

2,051‌

308,532‌

Teledyne

Technologies,

Inc.(a)

757‌

293,701‌

Teradyne,

Inc.

1,751‌

259,656‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Information

Technology

(15.1%):

(continued)

Trimble,

Inc.(a)

3,271‌

182,914‌

Tyler

Technologies,

Inc.(a)

601‌

302,171‌

Zebra

Technologies

Corp.(a)

484‌

149,522‌

10,382,560‌

Materials

(

6.7%

):

Albemarle

Corp.

903‌

86,255‌

Avery

Dennison

Corp.

1,668‌

364,708‌

Ball

Corp.

3,333‌

200,047‌

Celanese

Corp.

1,520‌

205,033‌

CF

Industries

Holdings,

Inc.

2,883‌

213,688‌

Freeport-McMoRan,

Inc.

3,619‌

175,883‌

International

Paper

Co.

5,665‌

244,445‌

Linde

PLC

832‌

365,090‌

LyondellBasell

Industries

N.V.,

Class

A

3,176‌

303,816‌

Martin

Marietta

Materials,

Inc.

448‌

242,726‌

Nucor

Corp.

1,212‌

191,593‌

Packaging

Corp.

of

America

1,563‌

285,341‌

PPG

Industries,

Inc.

2,347‌

295,464‌

Reliance,

Inc.

740‌

211,344‌

RPM

International,

Inc.

2,376‌

255,848‌

Steel

Dynamics,

Inc.

1,518‌

196,581‌

The

Sherwin-Williams

Co.

980‌

292,461‌

Vulcan

Materials

Co.

1,083‌

269,320‌

Westlake

Corp.

1,483‌

214,768‌

4,614,411‌

Real

Estate

(

0.3%

):

CoStar

Group,

Inc.(a)

2,367‌

175,489‌

175,489‌

Utilities

(

8.3%

):

Alliant

Energy

Corp.

6,533‌

332,530‌

Ameren

Corp.

3,920‌

278,751‌

American

Electric

Power

Co.,

Inc.

3,508‌

307,792‌

American

Water

Works

Co.,

Inc.

2,351‌

303,655‌

Atmos

Energy

Corp.

3,220‌

375,613‌

CenterPoint

Energy,

Inc.

11,540‌

357,509‌

CMS

Energy

Corp.

5,411‌

322,117‌

Consolidated

Edison,

Inc.

3,781‌

338,097‌

Constellation

Energy

Corp.

875‌

175,236‌

DTE

Energy

Co.

2,849‌

316,268‌

Entergy

Corp.

3,160‌

338,120‌

Evergy,

Inc.

5,797‌

307,067‌

NextEra

Energy,

Inc.

3,133‌

221,848‌

NiSource,

Inc.

10,738‌

309,362‌

Public

Service

Enterprise

Group,

Inc.

4,851‌

357,519‌

The

AES

Corp.

9,492‌

166,774‌

The

Southern

Co.

4,834‌

374,973‌

Vistra

Corp.

3,130‌

269,117‌

WEC

Energy

Group,

Inc.

3,823‌

299,953‌

5,752,301‌

Total

Common

Stocks

(Cost

$61,958,456)

68,759,809‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

US

Large/Mid

Cap

Core

Enhanced

ETF

See

notes

to

financial

statements.

26

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2023.

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Utilities

(8.3%):

(continued)

Investment

Company

(0.3%)

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

5.18%(b)

198,462‌

198,462‌

Total

Investment

Company

(Cost

$198,462)

198,462‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Utilities

(8.3%):

(continued)

Total

Investments

(Cost

$62,156,918)

—

99.9%

68,958,271‌

Other

assets

in

excess

of

liabilities

—

0.1%

43,924‌

NET

ASSETS

-

100.00%

$

69,002,195‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

7-Day

effective

yield

on

June

30,

2024.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-mini

9/20/24

1

$

275,129

$

276,075

$

946

$

946

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

See

notes

to

financial

statements.

27

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Common

Stocks

(99.5%)

Consumer

Discretionary

(

5

.9

%

):

Garmin

Ltd.

4,667‌

760,348‌

Genuine

Parts

Co.

4,176‌

577,624‌

LKQ

Corp.

14,924‌

620,689‌

Lowe's

Cos.,

Inc.

2,908‌

641,098‌

Service

Corp.

International

7,943‌

564,985‌

Tractor

Supply

Co.

2,601‌

702,270‌

3,867,014‌

Consumer

Staples

(

5

.9

%

):

Campbell

Soup

Co.

15,763‌

712,330‌

Dollar

General

Corp.

2,814‌

372,095‌

Hormel

Foods

Corp.

14,522‌

442,776‌

Kimberly

Clark

Corp.

7,510‌

1,037,882‌

McCormick

&

Co.,

Inc.

7,742‌

549,217‌

Sysco

Corp.

10,989‌

784,505‌

3,898,805‌

Energy

(

18

.0

%

):

Baker

Hughes

Co.

20,061‌

705,545‌

Chesapeake

Energy

Corp.

6,394‌

525,523‌

ConocoPhillips

4,953‌

566,524‌

Coterra

Energy,

Inc.

22,906‌

610,903‌

Devon

Energy

Corp.

10,077‌

477,650‌

Diamondback

Energy,

Inc.

2,968‌

594,164‌

EOG

Resources,

Inc.

4,471‌

562,765‌

EQT

Corp.

11,818‌

437,030‌

Halliburton

Co.

14,427‌

487,344‌

HF

Sinclair

Corp.

8,321‌

443,842‌

Kinder

Morgan,

Inc.

49,169‌

976,988‌

Marathon

Oil

Corp.

17,722‌

508,090‌

Marathon

Petroleum

Corp.

2,741‌

475,509‌

ONEOK,

Inc.

9,508‌

775,377‌

Ovintiv,

Inc.

9,079‌

425,533‌

Phillips

66

3,938‌

555,927‌

Schlumberger

N.V.

10,678‌

503,788‌

Targa

Resources

Corp.

5,681‌

731,599‌

The

Williams

Cos.,

Inc.

22,330‌

949,025‌

Valero

Energy

Corp.

3,072‌

481,567‌

11,794,693‌

Financials

(

12

.9

%

):

Aflac,

Inc.

9,087‌

811,560‌

American

Financial

Group,

Inc.

5,516‌

678,578‌

Cincinnati

Financial

Corp.

5,988‌

707,183‌

Corebridge

Financial,

Inc.

21,080‌

613,850‌

Equitable

Holdings,

Inc.

15,776‌

644,607‌

Everest

Group

Ltd.

1,671‌

636,685‌

Franklin

Resources,

Inc.

20,531‌

458,868‌

Intercontinental

Exchange,

Inc.

6,522‌

892,797‌

Jack

Henry

&

Associates,

Inc.

4,302‌

714,218‌

Nasdaq,

Inc.

11,808‌

711,550‌

Principal

Financial

Group,

Inc.

9,238‌

724,721‌

Reinsurance

Group

of

America,

Inc.

4,279‌

878,350‌

8,472,967‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Health

Care

(

1

.0

%

):

Cardinal

Health,

Inc.

6,445‌

633,672‌

633,672‌

Industrials

(

19

.2

%

):

A.O.

Smith

Corp.

7,805‌

638,293‌

Allegion

PLC

4,706‌

556,014‌

Carrier

Global

Corp.

9,194‌

579,957‌

Caterpillar,

Inc.

1,525‌

507,977‌

Deere

&

Co.

1,583‌

591,456‌

Fastenal

Co.

10,249‌

644,047‌

General

Dynamics

Corp.

2,868‌

832,122‌

Huntington

Ingalls

Industries,

Inc.

2,514‌

619,274‌

Illinois

Tool

Works,

Inc.

3,655‌

866,089‌

Masco

Corp.

7,905‌

527,026‌

Norfolk

Southern

Corp.

2,489‌

534,363‌

Otis

Worldwide

Corp.

9,795‌

942,867‌

Paychex,

Inc.

6,535‌

774,790‌

Rockwell

Automation,

Inc.

1,564‌

430,538‌

Snap-on,

Inc.

2,331‌

609,300‌

SS&C

Technologies

Holdings,

Inc.

11,598‌

726,847‌

Union

Pacific

Corp.

3,076‌

695,976‌

Waste

Management,

Inc.

4,421‌

943,176‌

Watsco,

Inc.

1,281‌

593,410‌

12,613,522‌

Information

Technology

(

7

.4

%

):

Analog

Devices,

Inc.

3,141‌

716,965‌

Broadcom,

Inc.

313‌

502,531‌

Cognizant

Technology

Solutions

Corp.,

Class

A

10,147‌

689,996‌

Microchip

Technology,

Inc.

5,340‌

488,610‌

NetApp,

Inc.

4,443‌

572,259‌

NXP

Semiconductors

N.V.

2,057‌

553,518‌

Skyworks

Solutions,

Inc.

5,235‌

557,946‌

TE

Connectivity

Ltd.

4,905‌

737,859‌

4,819,684‌

Materials

(

9

.8

%

):

Albemarle

Corp.

2,161‌

206,419‌

Avery

Dennison

Corp.

3,988‌

871,976‌

Celanese

Corp.

3,636‌

490,460‌

CF

Industries

Holdings,

Inc.

6,897‌

511,206‌

International

Paper

Co.

13,548‌

584,596‌

LyondellBasell

Industries

N.V.,

Class

A

7,598‌

726,825‌

Packaging

Corp.

of

America

3,737‌

682,227‌

PPG

Industries,

Inc.

5,612‌

706,495‌

Reliance,

Inc.

1,769‌

505,226‌

RPM

International,

Inc.

5,684‌

612,053‌

Westlake

Corp.

3,547‌

513,676‌

6,411,159‌

Utilities

(

19

.4

%

):

Alliant

Energy

Corp.

15,627‌

795,414‌

Ameren

Corp.

9,377‌

666,799‌

American

Electric

Power

Co.,

Inc.

8,392‌

736,314‌

American

Water

Works

Co.,

Inc.

5,622‌

726,138‌

Atmos

Energy

Corp.

7,699‌

898,088‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

See

notes

to

financial

statements.

28

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024.

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Utilities

(19.4%):

(continued)

CenterPoint

Energy,

Inc.

27,599‌

855,017‌

CMS

Energy

Corp.

12,942‌

770,437‌

Consolidated

Edison,

Inc.

9,043‌

808,625‌

DTE

Energy

Co.

6,814‌

756,422‌

Entergy

Corp.

7,557‌

808,599‌

Evergy,

Inc.

13,868‌

734,588‌

NextEra

Energy,

Inc.

7,494‌

530,650‌

NiSource,

Inc.

25,682‌

739,899‌

Public

Service

Enterprise

Group,

Inc.

11,603‌

855,141‌

The

AES

Corp.

22,706‌

398,945‌

The

Southern

Co.

11,562‌

896,864‌

WEC

Energy

Group,

Inc.

9,144‌

717,438‌

12,695,378‌

Total

Common

Stocks

(Cost

$61,468,549)

65,206,894‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Utilities

(19.4%):

(continued)

Investment

Company

(0.4%)

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

5.18%(a)

284,808‌

284,808‌

Total

Investment

Company

(Cost

$284,808)

284,808‌

Total

Investments

(Cost

$61,753,357)

—

99.9%

65,491,702‌

Other

assets

in

excess

of

liabilities

—

0.1%

96,041‌

NET

ASSETS

-

100.00%

$

65,587,743‌

(a)

Rate

disclosed

is

the

7-Day

effective

yield

on

June

30,

2024.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-mini

9/20/24

1

$

275,129‌

$

276,075‌

$

946‌

$

946‌

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

Timothy

Plan

Market

Neutral

ETF

See

notes

to

financial

statements.

29

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Common

Stocks

(87.8%)

Communication

Services

(

3

.9

%

):

BT

Group

PLC

105,628‌

187,372‌

Cable

One,

Inc.

100‌

35,400‌

Cogent

Communications

Holdings,

Inc.

2,972‌

167,740‌

Gray

Television,

Inc.

12,300‌

63,960‌

John

Wiley

&

Sons,

Inc.,

Class

A

3,156‌

128,449‌

LG

Uplus

Corp.

31,602‌

225,499‌

SK

Telecom

Co.

Ltd.

5,704‌

213,454‌

Spark

New

Zealand

Ltd.

5,425‌

13,742‌

Tele2

AB,

Class

B

Shares

22,066‌

222,230‌

Telefonica

Deutschland

Holding

AG

40,492‌

95,303‌

Telenor

ASA

22,021‌

251,097‌

1,604,246‌

Consumer

Discretionary

(

7

.1

%

):

Barratt

Developments

PLC

31,167‌

186,009‌

Camping

World

Holdings,

Inc.,

Class

A

2,846‌

50,830‌

Carter's,

Inc.

2,086‌

129,269‌

Cracker

Barrel

Old

Country

Store,

Inc.

1,951‌

82,254‌

Dine

Brands

Global,

Inc.

923‌

33,413‌

Ethan

Allen

Interiors,

Inc.

4,475‌

124,808‌

Garmin

Ltd.

586‌

95,471‌

Guess?,

Inc.

5,209‌

106,264‌

H&R

Block,

Inc.

2,088‌

113,232‌

Hanon

Systems

8,620‌

29,627‌

Haverty

Furniture

Cos.,

Inc.

1,235‌

31,233‌

Jack

in

the

Box,

Inc.

1,000‌

50,940‌

Kontoor

Brands,

Inc.

2,954‌

195,407‌

LCI

Industries

1,428‌

147,627‌

Leggett

&

Platt,

Inc.

3,010‌

34,495‌

Monro,

Inc.

4,112‌

98,112‌

Movado

Group,

Inc.

4,418‌

109,831‌

Newell

Brands,

Inc.

3,425‌

21,954‌

Papa

John's

International,

Inc.

900‌

42,282‌

Persimmon

PLC

4,946‌

84,517‌

Porsche

Automobil

Holding

SE,

Preference

763‌

34,486‌

Smith

&

Wesson

Brands,

Inc.

5,285‌

75,787‌

Stellantis

N.V.

10,744‌

212,492‌

Strategic

Education,

Inc.

1,924‌

212,910‌

Taylor

Wimpey

PLC

112,490‌

202,104‌

The

Cheesecake

Factory,

Inc.

185‌

7,269‌

Upbound

Group,

Inc.

4,056‌

124,519‌

Vail

Resorts,

Inc.

836‌

150,589‌

Wolverine

World

Wide,

Inc.

6,006‌

81,201‌

2,868,932‌

Consumer

Staples

(

3

.9

%

):

B&G

Foods,

Inc.

9,078‌

73,350‌

Campbell

Soup

Co.

4,574‌

206,699‌

Energizer

Holdings,

Inc.

5,925‌

175,024‌

Flowers

Foods,

Inc.

9,328‌

207,082‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Consumer

Staples

(3.9%):

(continued)

Fresh

Del

Monte

Produce,

Inc.

1,749‌

38,216‌

Hormel

Foods

Corp.

2,302‌

70,188‌

Ingredion,

Inc.

1,383‌

158,630‌

J

Sainsbury

PLC

38,663‌

124,609‌

Kesko

Oyj,

Class

B

2,311‌

40,559‌

Nu

Skin

Enterprises,

Inc.,

Class

A

3,810‌

40,157‌

Reynolds

Consumer

Products,

Inc.

8,611‌

240,936‌

SpartanNash

Co.

4,242‌

79,580‌

The

J.M.

Smucker

Co.

1,319‌

143,824‌

1,598,854‌

Energy

(

13

.1

%

):

Aker

BP

ASA

5,303‌

135,246‌

Ampol

Ltd.

9,235‌

199,176‌

Antero

Midstream

Corp.

13,141‌

193,698‌

Archrock,

Inc.

11,573‌

234,006‌

Ardmore

Shipping

Corp.

6,101‌

137,456‌

Berry

Corp.

15,005‌

96,932‌

Chesapeake

Energy

Corp.

477‌

39,205‌

Chord

Energy

Corp.

309‌

51,813‌

Civitas

Resources,

Inc.

709‌

48,921‌

Coterra

Energy,

Inc.

4,836‌

128,976‌

Crescent

Energy

Co.,

Class

A

10,325‌

122,351‌

CVR

Energy,

Inc.

2,985‌

79,908‌

DHT

Holdings,

Inc.

9,715‌

112,403‌

DT

Midstream,

Inc.

2,965‌

210,604‌

Eni

SpA

9,504‌

146,079‌

Evolution

Petroleum

Corp.

8,225‌

43,346‌

FLEX

LNG

Ltd.

5,531‌

149,558‌

FutureFuel

Corp.

13,900‌

71,307‌

Golar

LNG

Ltd.

3,010‌

94,364‌

Granite

Ridge

Resources,

Inc.

8,206‌

51,944‌

HD

Hyundai

Co.

Ltd.

2,371‌

128,353‌

HF

Sinclair

Corp.

1,660‌

88,544‌

Keyera

Corp.

10,093‌

279,570‌

Kinder

Morgan,

Inc.

7,613‌

151,270‌

Kinetik

Holdings,

Inc.

4,854‌

201,150‌

Nordic

American

Tankers

Ltd.

24,802‌

98,712‌

Northern

Oil

&

Gas,

Inc.

3,143‌

116,825‌

OMV

AG

2,798‌

121,822‌

ONEOK,

Inc.

1,737‌

141,652‌

Ovintiv,

Inc.

1,717‌

80,476‌

Patterson-UTI

Energy,

Inc.

1,749‌

18,120‌

Pembina

Pipeline

Corp.

7,356‌

272,966‌

Phillips

66

903‌

127,477‌

SFL

Corp.

Ltd.

18,407‌

255,489‌

Suncor

Energy,

Inc.

922‌

35,150‌

TC

Energy

Corp.

4,420‌

167,572‌

The

Williams

Cos.,

Inc.

5,715‌

242,888‌

VAALCO

Energy,

Inc.

22,338‌

140,059‌

Valero

Energy

Corp.

816‌

127,916‌

Vitesse

Energy,

Inc.

3,086‌

73,138‌

Woodside

Energy

Group

Ltd.

6,711‌

126,255‌

5,342,697‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

Market

Neutral

ETF

See

notes

to

financial

statements.

30

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Financials

(

24

.0

%

):

ABN

AMRO

Bank

N.V.

7,437‌

122,240‌

Ageas

SA

3,524‌

161,053‌

A-Mark

Precious

Metals,

Inc.

3,388‌

109,670‌

ANZ

Group

Holdings

Ltd.(a)

14,310‌

269,503‌

Artisan

Partners

Asset

Management,

Inc.,

Class

A

5,215‌

215,223‌

Axis

Capital

Holdings

Ltd.

2,064‌

145,822‌

Bank

of

Hawaii

Corp.

1,735‌

99,259‌

Bank

OZK

2,744‌

112,504‌

BankUnited,

Inc.

3,426‌

100,279‌

Blue

Owl

Capital,

Inc.

7,871‌

139,710‌

Brookline

Bancorp,

Inc.

12,658‌

105,694‌

Capitol

Federal

Financial,

Inc.

24,347‌

133,665‌

CNA

Financial

Corp.

3,579‌

164,885‌

Columbia

Banking

System,

Inc.

4,249‌

84,513‌

Credit

Agricole

SA

5,456‌

74,431‌

Dime

Community

Bancshares,

Inc.

2,057‌

41,963‌

First

American

Financial

Corp.

2,139‌

115,399‌

First

BanCorp

4,922‌

90,023‌

First

Busey

Corp.

2,563‌

62,050‌

First

Financial

Bancorp

5,139‌

114,189‌

First

Hawaiian,

Inc.

5,682‌

117,958‌

First

Interstate

BancSystem,

Inc.,

Class

A

5,227‌

145,154‌

FNB

Corp.

13,304‌

181,999‌

Franklin

Resources,

Inc.

5,872‌

131,239‌

Generali

7,559‌

188,514‌

Glacier

Bancorp,

Inc.

4,382‌

163,536‌

Great-West

Lifeco,

Inc.

4,939‌

144,101‌

Hana

Financial

Group,

Inc.

1,806‌

79,657‌

Hanmi

Financial

Corp.

7,637‌

127,691‌

Hope

Bancorp,

Inc.

13,722‌

147,374‌

Industrial

Bank

of

Korea

6,440‌

65,607‌

ING

Groep

N.V.

3,512‌

60,028‌

Intesa

Sanpaolo

SpA

66,447‌

246,967‌

Invesco

Ltd.

9,203‌

137,677‌

Janus

Henderson

Group

PLC

6,088‌

205,226‌

Jefferies

Financial

Group,

Inc.

2,963‌

147,439‌

KBC

Group

N.V.

2,167‌

152,916‌

Lazard,

Inc.

4,431‌

169,176‌

Legal

&

General

Group

PLC

60,744‌

174,278‌

Mediobanca

Banca

di

Credito

Finanziario

SpA

17,374‌

254,690‌

MGIC

Investment

Corp.

1,701‌

36,657‌

Navient

Corp.

2,800‌

40,768‌

NH

Investment

&

Securities

Co.

Ltd.

2,308‌

21,282‌

NN

Group

N.V.(a)

4,062‌

188,990‌

Northwest

Bancshares,

Inc.

16,433‌

189,801‌

OceanFirst

Financial

Corp.

6,814‌

108,274‌

Old

Republic

International

Corp.

6,590‌

203,631‌

OneMain

Holdings,

Inc.

2,951‌

143,094‌

Pacific

Premier

Bancorp,

Inc.

5,331‌

122,453‌

Patria

Investments

Ltd.,

Class

A

3,675‌

44,321‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Financials

(24.0%):

(continued)

Popular,

Inc.

1,526‌

134,944‌

Poste

Italiane

SpA

13,932‌

177,454‌

Power

Corp.

of

Canada

7,022‌

195,172‌

Principal

Financial

Group,

Inc.

1,095‌

85,903‌

Prosperity

Bancshares,

Inc.

2,549‌

155,846‌

Radian

Group,

Inc.

1,778‌

55,296‌

Safety

Insurance

Group,

Inc.

2,373‌

178,046‌

Sandy

Spring

Bancorp,

Inc.

5,320‌

129,595‌

Shinhan

Financial

Group

Co.

Ltd.

1,688‌

59,059‌

Societe

Generale

SA

4,637‌

108,840‌

Southside

Bancshares,

Inc.

4,908‌

135,510‌

Stewart

Information

Services

Corp.

117‌

7,263‌

Swedbank

AB,

Class

A

1,818‌

37,425‌

Swiss

Re

AG

1,776‌

220,443‌

Synovus

Financial

Corp.

3,879‌

155,897‌

TFS

Financial

Corp.

14,105‌

178,005‌

The

Bank

of

NT

Butterfield

&

Son

Ltd.

5,294‌

185,925‌

The

Western

Union

Co.

10,170‌

124,277‌

UWM

Holdings

Corp.

12,319‌

85,371‌

Valley

National

Bancorp

12,664‌

88,395‌

Virtu

Financial,

Inc.,

Class

A

7,146‌

160,428‌

WesBanco,

Inc.

4,661‌

130,089‌

Western

Alliance

Bancorp

620‌

38,948‌

Westpac

Banking

Corp.

15,272‌

277,334‌

Woori

Financial

Group,

Inc.

7,631‌

81,456‌

9,789,494‌

Health

Care

(

0

.8

%

):

Baxter

International,

Inc.

3,621‌

121,122‌

Embecta

Corp.

4,744‌

59,300‌

Patterson

Cos.,

Inc.

1,924‌

46,407‌

Premier,

Inc.,

Class

A

4,100‌

76,547‌

303,376‌

Industrials

(

8

.2

%

):

ACCO

Brands

Corp.

11,041‌

51,893‌

ACS

Actividades

de

Construccion

y

Servicios

SA(a)

7,879‌

339,836‌

Adecco

Group

AG

4,268‌

141,681‌

Allegiant

Travel

Co.

1,900‌

95,437‌

Aurizon

Holdings

Ltd.

38,560‌

93,862‌

Bouygues

SA

6,504‌

208,726‌

Costamare,

Inc.

14,761‌

242,523‌

Deluxe

Corp.

7,110‌

159,691‌

Deutsche

Post

AG

688‌

27,840‌

Ennis,

Inc.

3,618‌

79,198‌

Genco

Shipping

&

Trading

Ltd.

9,857‌

210,053‌

Golden

Ocean

Group

Ltd.

14,167‌

195,505‌

GS

Holdings

Corp.

4,946‌

168,556‌

HNI

Corp.

4,601‌

207,137‌

Kennametal,

Inc.

185‌

4,355‌

ManpowerGroup,

Inc.

2,092‌

146,022‌

MDU

Resources

Group,

Inc.

689‌

17,294‌

MillerKnoll,

Inc.

3,730‌

98,808‌

Mitsui

OSK

Lines

Ltd.

2,500‌

74,874‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

Market

Neutral

ETF

See

notes

to

financial

statements.

31

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Industrials

(8.2%):

(continued)

MSC

Industrial

Direct

Co.,

Inc.

2,181‌

172,975‌

Paychex,

Inc.

362‌

42,919‌

Pitney

Bowes,

Inc.

8,537‌

43,368‌

Randstad

N.V.

41‌

1,858‌

Resources

Connection,

Inc.

5,000‌

55,200‌

Ryder

System,

Inc.

598‌

74,080‌

Teleperformance

SE

382‌

40,225‌

Trinity

Industries,

Inc.

5,462‌

163,423‌

Watsco,

Inc.

368‌

170,472‌

3,327,811‌

Information

Technology

(

0

.4

%

):

NetApp,

Inc.

1,123‌

144,642‌

144,642‌

Materials

(

8

.4

%

):

Amcor

PLC

14,612‌

142,905‌

Anglo

American

PLC

1,965‌

62,139‌

Ardagh

Metal

Packaging

SA

18,891‌

64,229‌

BASF

SE

3,613‌

174,812‌

BHP

Group

Ltd.

6,075‌

172,914‌

CRH

PLC,

ADR

2,746‌

205,895‌

Eastman

Chemical

Co.

2,077‌

203,484‌

Element

Solutions,

Inc.

9,254‌

250,968‌

Evonik

Industries

AG

10,820‌

220,715‌

Fortescue

Ltd.

8,849‌

126,349‌

Huntsman

Corp.

5,010‌

114,078‌

ICL

Group

Ltd.

14,745‌

63,711‌

International

Paper

Co.

4,480‌

193,312‌

Johnson

Matthey

PLC

106‌

2,099‌

LyondellBasell

Industries

N.V.,

Class

A

1,846‌

176,588‌

Newmont

Corp.

2,096‌

87,759‌

Norsk

Hydro

ASA

17,313‌

107,872‌

Packaging

Corp.

of

America

1,018‌

185,846‌

Rio

Tinto

PLC

2,157‌

141,792‌

Ryerson

Holding

Corp.

2,900‌

56,550‌

Sonoco

Products

Co.

3,417‌

173,310‌

Southern

Copper

Corp.

1,107‌

119,268‌

SunCoke

Energy,

Inc.

16,657‌

163,239‌

The

Chemours

Co.

2,197‌

49,586‌

The

Scotts

Miracle-Gro

Co.

1,259‌

81,911‌

Wacker

Chemie

AG

764‌

83,282‌

3,424,613‌

Utilities

(

18

.0

%

):

Algonquin

Power

&

Utilities

Corp.

28,736‌

168,899‌

Alliant

Energy

Corp.

2,973‌

151,326‌

American

Electric

Power

Co.,

Inc.

1,302‌

114,237‌

APA

Group(a)

11,053‌

58,896‌

Avista

Corp.

7,150‌

247,462‌

SECURITY

DESCRIPTION

SHARES

VALUE

($)

Utilities

(18.0%):

(continued)

Black

Hills

Corp.

4,673‌

254,118‌

Canadian

Utilities

Ltd.,

Class

A(a)

1,914‌

41,347‌

Clearway

Energy,

Inc.,

Class

C

2,724‌

67,256‌

CMS

Energy

Corp.

3,062‌

182,281‌

Consolidated

Edison,

Inc.

2,387‌

213,446‌

DTE

Energy

Co.

1,974‌

219,134‌

Emera,

Inc.

6,408‌

213,850‌

Enagas

SA

14,169‌

210,742‌

Endesa

SA

9,760‌

183,259‌

Enel

SpA

35,522‌

247,012‌

Engie

SA

14,485‌

206,833‌

Entergy

Corp.

1,300‌

139,100‌

Evergy,

Inc.

2,687‌

142,330‌

Eversource

Energy

1,204‌

68,279‌

Fortum

Oyj

9,304‌

135,991‌

IDACORP,

Inc.

1,462‌

136,185‌

National

Fuel

Gas

Co.

2,356‌

127,672‌

Naturgy

Energy

Group

SA

605‌

13,060‌

New

Jersey

Resources

Corp.

823‌

35,175‌

NextEra

Energy,

Inc.

1,810‌

128,166‌

NiSource,

Inc.

6,519‌

187,812‌

Northwest

Natural

Holding

Co.

5,729‌

206,874‌

Northwestern

Energy

Group,

Inc.

4,879‌

244,340‌

NRG

Energy,

Inc.

1,140‌

88,760‌

OGE

Energy

Corp.

3,171‌

113,205‌

ONE

Gas,

Inc.

2,724‌

173,927‌

Origin

Energy

Ltd.

8,873‌

64,263‌

Pinnacle

West

Capital

Corp.

2,343‌

178,958‌

PNM

Resources,

Inc.

6,544‌

241,866‌

Portland

General

Electric

Co.

5,742‌

248,284‌

Public

Service

Enterprise

Group,

Inc.

2,564‌

188,967‌

Redeia

Corp.

SA

14,587‌

254,915‌

Snam

SpA

44,241‌

195,699‌

Southwest

Gas

Holdings,

Inc.

2,302‌

162,015‌

Spire,

Inc.

3,793‌

230,349‌

SSE

PLC(a)

11,255‌

254,560‌

The

Southern

Co.

2,721‌

211,068‌

UGI

Corp.

3,554‌

81,387‌

United

Utilities

Group

PLC

6,298‌

78,216‌

Unitil

Corp.

942‌

48,786‌

WEC

Energy

Group,

Inc.

2,388‌

187,363‌

7,347,670‌

Total

Common

Stocks

(Cost

$34,339,752)

35,752,335‌

Total

Investments

(Cost

$34,339,752)

—

87.8%

35,752,335‌

Other

assets

in

excess

of

liabilities

—

12.2%

4,967,241‌

NET

ASSETS

-

100.00%

$

40,719,576‌

Schedule

of

Portfolio

Investments

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

Market

Neutral

ETF

See

notes

to

financial

statements.

32

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2024.

(a)

Non-income

producing

security.

Futures

Contracts

Short

Futures

Index

Futures

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

Value

and

Unrealized

Appreciation/

(Depreciation)

E-Mini

Russell

2000

Index

9/20/24

93

$

(

9,589,929‌

)

$

(

9,602,250‌

)

$

(

12,321‌

)

Mini

MSCI

EAFE

Index

9/20/24

94

(

10,933,457‌

)

(

11,013,040‌

)

(

79,583‌

)

S&P

500

Index

E-mini

9/20/24

169

(

46,495,090‌

)

(

46,656,675‌

)

(

161,585‌

)

$

(

253,489‌

)

Long

Futures

Index

Futures

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

Value

and

Unrealized

Appreciation/

(Depreciation)

NASDAQ

100

E

Mini

Future

Index

9/20/24

79

$

31,383,149‌

$

31,485,055‌

$

101,906‌

$

101,906‌

Total

Net

Futures

Contracts

$

(

151,583‌

)

Statements

of

Assets

and

Liabilities

June

30,

2024

(Unaudited)

Timothy

Plan

See

notes

to

financial

statements.

33

Timothy

Plan

US

Small

Cap

Core

ETF

Timothy

Plan

US

Large/Mid

Cap

Core

ETF

ASSETS:

Investments,

at

value

(Cost

$111,557,459

and

$189,365,593)

$

123,616,631‌

$

220,338,250‌

Cash

581,383‌

430,781‌

Deposits

with

broker

for

futures

contracts

107,924‌

309,770‌

Interest

and

dividends

receivable

108,014‌

89,414‌

Variation

margin

receivable

on

open

futures

contracts

1,321‌

—‌

Total

Assets

124,415,273‌

221,168,215‌

LIABILITIES:

Variation

margin

payable

on

open

futures

contracts

—‌

4,329‌

Accrued

expenses

and

other

payables:

—‌

—‌

Investment

advisory

fees

53,237‌

94,430‌

Total

Liabilities

53,237‌

98,759‌

Net

Assets

124,362,036‌

221,069,456‌

NET

ASSETS

CONSIST

OF:

Capital

$

123,865,668‌

$

196,840,702‌

Total

distributable

earnings/(loss)

496,368‌

24,228,754‌

Net

Assets

$

124,362,036‌

$

221,069,456‌

Shares

Outstanding

(unlimited

shares

authorized,

no

par

value):

3,500,000‌

5,450,000‌

Net

asset

value

per

share:

$

35.53‌

$

40.56‌

Statements

of

Assets

and

Liabilities

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

See

notes

to

financial

statements.

34

Timothy

Plan

High

Dividend

Stock

ETF

Timothy

Plan

International

ETF

ASSETS:

Investments,

at

value

(Cost

$203,720,079

and

$93,956,720)

$

219,052,145‌

$

104,267,088‌

Foreign

currency,

at

value

(Cost

$—

and

$69,560)

—‌

69,516‌

Cash

840,802‌

659,804‌

Deposits

with

broker

for

futures

contracts

358,725‌

119,968‌

Interest

and

dividends

receivable

171,192‌

103,816‌

Variation

margin

receivable

on

open

futures

contracts

—‌

800‌

Reclaims

receivable

—‌

355,472‌

Total

Assets

220,422,864‌

105,576,464‌

LIABILITIES:

Payable

for

investments

purchased

—‌

259,744‌

Variation

margin

payable

on

open

futures

contracts

4,900‌

—‌

Accrued

expenses

and

other

payables:

—‌

—‌

Investment

advisory

fees

94,087‌

54,163‌

Total

Liabilities

98,987‌

313,907‌

Net

Assets

220,323,877‌

105,262,557‌

NET

ASSETS

CONSIST

OF:

Capital

$

211,650,890‌

$

107,322,244‌

Total

distributable

earnings/(loss)

8,672,987‌

(

2,059,687‌

)

Net

Assets

$

220,323,877‌

$

105,262,557‌

Shares

Outstanding

(unlimited

shares

authorized,

no

par

value):

6,300,000‌

4,000,000‌

Net

asset

value

per

share:

$

34.97‌

$

26.32‌

Statements

of

Assets

and

Liabilities

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

See

notes

to

financial

statements.

35

Timothy

Plan

US

Large/Mid

Cap

Core

Enhanced

ETF

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

ASSETS:

Investments,

at

value

(Cost

$62,156,918

and

$61,753,357)

$

68,958,271‌

$

65,491,702‌

Deposits

with

broker

for

futures

contracts

46,016‌

73,401‌

Interest

and

dividends

receivable

29,021‌

51,911‌

Total

Assets

69,033,308‌

65,617,014‌

LIABILITIES:

Variation

margin

payable

on

open

futures

contracts

1,225‌

1,225‌

Accrued

expenses

and

other

payables:

—‌

—‌

Investment

advisory

fees

29,888‌

28,046‌

Total

Liabilities

31,113‌

29,271‌

Net

Assets

69,002,195‌

65,587,743‌

NET

ASSETS

CONSIST

OF:

Capital

$

75,443,488‌

$

73,955,823‌

Total

distributable

earnings/(loss)

(

6,441,293‌

)

(

8,368,080‌

)

Net

Assets

$

69,002,195‌

$

65,587,743‌

Shares

Outstanding

(unlimited

shares

authorized,

no

par

value):

2,850,000‌

2,750,000‌

Net

asset

value

per

share:

$

24.21‌

$

23.85‌

Statements

of

Assets

and

Liabilities

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

See

notes

to

financial

statements.

36

Timothy

Plan

Market

Neutral

ETF

ASSETS:

Investments,

at

value

(Cost

$34,339,752)

$

35,752,335‌

Foreign

currency,

at

value

(Cost

$7,995)

7,995‌

Cash

429,120‌

Deposits

with

broker

for

futures

contracts

4,424,060‌

Interest

and

dividends

receivable

83,406‌

Variation

margin

receivable

on

open

futures

contracts

207,025‌

Reclaims

receivable

52,488‌

Total

Assets

40,956,429‌

LIABILITIES:

Variation

margin

payable

on

open

futures

contracts

215,180‌

Accrued

expenses

and

other

payables:

—‌

Investment

advisory

fees

21,673‌

Total

Liabilities

236,853‌

Net

Assets

40,719,576‌

NET

ASSETS

CONSIST

OF:

Capital

$

44,829,822‌

Total

distributable

earnings/(loss)

(

4,110,246‌

)

Net

Assets

$

40,719,576‌

Shares

Outstanding

(unlimited

shares

authorized,

no

par

value):

1,730,000‌

Net

asset

value

per

share:

$

23.54‌

Statements

of

Operations

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Timothy

Plan

See

notes

to

financial

statements.

37

Timothy

Plan

US

Small

Cap

Core

ETF

Timothy

Plan

US

Large/Mid

Cap

Core

ETF

Investment

Income:

Dividend

income

$

973,185‌

$

1,540,574‌

Interest

income

2,500‌

6,116‌

Foreign

tax

withholding

(

1,381‌

)

(

1,604‌

)

Total

Income

974,304‌

1,545,086‌

Expenses:

Investment

advisory

fees

299,008‌

574,607‌

Total

Expenses

299,008‌

574,607‌

Net

Investment

Income

(Loss)

675,296‌

970,479‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investments

(

4,361,446‌

)

(

4,797,897‌

)

Net

realized

gains

(losses)

from

in-kind

transactions

5,680,680‌

18,082,863‌

Net

realized

gains

(losses)

from

futures

contracts

21,796‌

105,072‌

Net

change

in

unrealized

appreciation/depreciation

on

investments

(

614,149‌

)

(

813,939‌

)

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

21,184‌

)

(

24,439‌

)

Net

realized/unrealized

gains

on

investments

705,697‌

12,551,660‌

Change

in

net

assets

resulting

from

operations

$

1,380,993‌

$

13,522,139‌

Statements

of

Operations

-

continued

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Timothy

Plan

See

notes

to

financial

statements.

38

Timothy

Plan

High

Dividend

Stock

ETF

Timothy

Plan

International

ETF

Investment

Income:

Dividend

income

$

3,238,468‌

$

2,319,221‌

Interest

income

6,882‌

2,632‌

Foreign

tax

withholding

(

4,298‌

)

(

344,865‌

)

Total

Income

3,241,052‌

1,976,988‌

Expenses:

Investment

advisory

fees

596,835‌

313,909‌

Total

Expenses

596,835‌

313,909‌

Net

Investment

Income

(Loss)

2,644,217‌

1,663,079‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investments

and

foreign

currency

transactions

(

5,808,630‌

)

(

514,851‌

)

Net

realized

gains

(losses)

from

in-kind

transactions

18,825,701‌

—‌

Net

realized

gains

(losses)

from

futures

contracts

131,594‌

16,565‌

Net

change

in

unrealized

appreciation/depreciation

on

investments

and

foreign

currency

translations

(

505,656‌

)

594,696‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

21,405‌

)

(

10,519‌

)

Net

realized/unrealized

gains

on

investments

12,621,604‌

85,891‌

Change

in

net

assets

resulting

from

operations

$

15,265,821‌

$

1,748,970‌

Statements

of

Operations

-

continued

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Timothy

Plan

See

notes

to

financial

statements.

39

Timothy

Plan

US

Large/Mid

Cap

Core

Enhanced

ETF

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

Investment

Income:

Dividend

income

$

471,021‌

$

954,686‌

Interest

income

1,504‌

1,406‌

Foreign

tax

withholding

(

479‌

)

(

866‌

)

Total

Income

472,046‌

955,226‌

Expenses:

Investment

advisory

fees

172,924‌

174,697‌

Total

Expenses

172,924‌

174,697‌

Net

Investment

Income

(Loss)

299,122‌

780,529‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investments

415,128‌

1,203,419‌

Net

realized

gains

(losses)

from

in-kind

transactions

1,335,690‌

2,126,895‌

Net

realized

gains

(losses)

from

futures

contracts

30,466‌

19,171‌

Net

change

in

unrealized

appreciation/depreciation

on

investments

1,761,333‌

114,545‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

762‌

)

(

1,196‌

)

Net

realized/unrealized

gains

on

investments

3,541,855‌

3,462,834‌

Change

in

net

assets

resulting

from

operations

$

3,840,977‌

$

4,243,363‌

Statements

of

Operations

-

continued

For

the

Six

Months

Ended

June

30,

2024

(Unaudited)

Timothy

Plan

See

notes

to

financial

statements.

40

Timothy

Plan

Market

Neutral

ETF

Investment

Income:

Dividend

income

$

1,033,375‌

Interest

income

89,427‌

Foreign

tax

withholding

(

83,678‌

)

Total

Income

1,039,124‌

Expenses:

Investment

advisory

fees

125,575‌

Total

Expenses

125,575‌

Net

Investment

Income

(Loss)

913,549‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investments

and

foreign

currency

transactions

372,490‌

Net

realized

gains

(losses)

from

futures

contracts

(

2,228,518‌

)

Net

change

in

unrealized

appreciation/depreciation

on

investments

and

foreign

currency

translations

(

395,366‌

)

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

1,135,174‌

Net

realized/unrealized

losses

on

investments

(

1,116,220‌

)

Change

in

net

assets

resulting

from

operations

$

(

202,671‌

)

Statements

of

Changes

in

Net

Assets

Timothy

Plan

See

notes

to

financial

statements.

41

Timothy

Plan

US

Small

Cap

Core

ETF

Timothy

Plan

US

Large/Mid

Cap

Core

ETF

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

(Unaudited)

(Unaudited)

From

Investment

Activities:

Operations:

Net

investment

income

(loss)

$

675,296‌

$

941,090‌

$

970,479‌

$

2,121,169‌

Net

realized

gains

(losses)  

1,341,030‌

(

1,176,390‌

)

13,390,038‌

2,796,523‌

Net

change

in

unrealized

appreciation/depreciation  

(

635,333‌

)

12,553,275‌

(

838,378‌

)

23,954,965‌

Change

in

net

assets

resulting

from

operations

1,380,993‌

12,317,975‌

13,522,139‌

28,872,657‌

Distributions

to

Shareholders:

Distributions

(

563,019‌

)

(

1,014,568‌

)

(

974,636‌

)

(

2,035,463‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

563,019‌

)

(

1,014,568‌

)

(

974,636‌

)

(

2,035,463‌

)

Change

in

net

assets

resulting

from

capital

transactions

21,067,753‌

19,751,180‌

(

28,428,593‌

)

31,053,472‌

Change

in

net

assets

21,885,727‌

31,054,587‌

(

15,881,090‌

)

57,890,666‌

Net

Assets:

Beginning

of

period

102,476,309‌

71,421,722‌

236,950,546‌

179,059,880‌

End

of

period

$

124,362,036‌

$

102,476,309‌

$

221,069,456‌

$

236,950,546‌

Capital

Transactions:

Proceeds

from

shares

issued

$

43,384,065‌

$

52,216,218‌

$

36,080,670‌

$

75,986,933‌

Cost

of

shares

redeemed

(

22,316,312‌

)

(

32,465,038‌

)

(

64,509,263‌

)

(

44,933,461‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

21,067,753‌

$

19,751,180‌

$

(

28,428,593‌

)

$

31,053,472‌

Share

Transactions:

Issued

1,250,000‌

1,600,000‌

900,000‌

2,150,000‌

Redeemed

(

650,000‌

)

(

1,050,000‌

)

(

1,650,000‌

)

(

1,300,000‌

)

Change

in

Shares

600,000‌

550,000‌

(

750,000‌

)

850,000‌

Statements

of

Changes

in

Net

Assets

-

continued

Timothy

Plan

See

notes

to

financial

statements.

42

Timothy

Plan

High

Dividend

Stock

ETF

Timothy

Plan

International

ETF

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

(Unaudited)

(Unaudited)

From

Investment

Activities:

Operations:

Net

investment

income

(loss)

$

2,644,217‌

$

4,642,065‌

$

1,663,079‌

$

2,257,286‌

Net

realized

gains

(losses)  

13,148,665‌

857,330‌

(

498,286‌

)

(

2,510,198‌

)

Net

change

in

unrealized

appreciation/depreciation  

(

527,061‌

)

12,686,240‌

584,177‌

13,166,040‌

Change

in

net

assets

resulting

from

operations

15,265,821‌

18,185,635‌

1,748,970‌

12,913,128‌

Distributions

to

Shareholders:

Distributions

(

2,596,433‌

)

(

4,513,975‌

)

(

2,256,232‌

)

(

2,243,745‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

2,596,433‌

)

(

4,513,975‌

)

(

2,256,232‌

)

(

2,243,745‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

21,143,859‌

)

36,140,658‌

7,968,425‌

10,256,927‌

Change

in

net

assets

(

8,474,471‌

)

49,812,318‌

7,461,163‌

20,926,310‌

Net

Assets:

Beginning

of

period

228,798,348‌

178,986,030‌

97,801,394‌

76,875,084‌

End

of

period

$

220,323,877‌

$

228,798,348‌

$

105,262,557‌

$

97,801,394‌

Capital

Transactions:

Proceeds

from

shares

issued

$

72,351,062‌

$

92,478,496‌

$

7,968,425‌

$

16,109,565‌

Cost

of

shares

redeemed

(

93,494,921‌

)

(

56,337,838‌

)

—‌

(

5,852,638‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

(

21,143,859‌

)

$

36,140,658‌

$

7,968,425‌

$

10,256,927‌

Share

Transactions:

Issued

2,100,000‌

3,000,000‌

300,000‌

650,000‌

Redeemed

(

2,700,000‌

)

(

1,850,000‌

)

—‌

(

250,000‌

)

Change

in

Shares

(

600,000‌

)

1,150,000‌

300,000‌

400,000‌

Statements

of

Changes

in

Net

Assets

-

continued

Timothy

Plan

See

notes

to

financial

statements.

43

Timothy

Plan

US

Large/Mid

Cap

Core

Enhanced

ETF

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

(Unaudited)

(Unaudited)

From

Investment

Activities:

Operations:

Net

investment

income

(loss)

$

299,122‌

$

1,027,288‌

$

780,529‌

$

1,826,942‌

Net

realized

gains

(losses)  

1,781,284‌

(

7,677,050‌

)

3,349,485‌

(

6,820,555‌

)

Net

change

in

unrealized

appreciation/depreciation  

1,760,571‌

5,067,239‌

113,349‌

3,940,819‌

Change

in

net

assets

resulting

from

operations

3,840,977‌

(

1,582,523‌

)

4,243,363‌

(

1,052,794‌

)

Distributions

to

Shareholders:

Distributions

(

345,791‌

)

(

957,342‌

)

(

841,937‌

)

(

1,717,979‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

345,791‌

)

(

957,342‌

)

(

841,937‌

)

(

1,717,979‌

)

Change

in

net

assets

resulting

from

capital

transactions

7,329,837‌

(

9,342,524‌

)

(

4,577,745‌

)

1,480,043‌

Change

in

net

assets

10,825,023‌

(

11,882,389‌

)

(

1,176,319‌

)

(

1,290,730‌

)

Net

Assets:

Beginning

of

period

58,177,172‌

70,059,561‌

66,764,062‌

68,054,792‌

End

of

period

$

69,002,195‌

$

58,177,172‌

$

65,587,743‌

$

66,764,062‌

Capital

Transactions:

Proceeds

from

shares

issued

$

12,175,496‌

$

3,153,818‌

$

8,245,564‌

$

16,781,494‌

Cost

of

shares

redeemed

(

4,845,659‌

)

(

12,496,342‌

)

(

12,823,309‌

)

(

15,301,451‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

7,329,837‌

$

(

9,342,524‌

)

$

(

4,577,745‌

)

$

1,480,043‌

Share

Transactions:

Issued

500,000‌

150,000‌

350,000‌

750,000‌

Redeemed

(

200,000‌

)

(

550,000‌

)

(

550,000‌

)

(

700,000‌

)

Change

in

Shares

300,000‌

(

400,000‌

)

(

200,000‌

)

50,000‌

Statements

of

Changes

in

Net

Assets

-

continued

Timothy

Plan

See

notes

to

financial

statements.

44

Timothy

Plan

Market

Neutral

ETF

For

the

Six

Months

Ended

June

30,

2024

For

the

Period

January

24,

2023

(a)

through

December

31,

2023

(Unaudited)

From

Investment

Activities:

Operations:

Net

investment

income

(loss)

$

913,549‌

$

1,871,463‌

Net

realized

gains

(losses)  

(

1,856,028‌

)

(

346,591‌

)

Net

change

in

unrealized

appreciation/depreciation  

739,808‌

520,739‌

Change

in

net

assets

resulting

from

operations

(

202,671‌

)

2,045,611‌

Distributions

to

Shareholders:

Distributions

(

808,263‌

)

(

3,362,437‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

808,263‌

)

(

3,362,437‌

)

Change

in

net

assets

resulting

from

capital

transactions

7,323,645‌

35,723,691‌

Change

in

net

assets

6,312,711‌

34,406,865‌

Net

Assets:

Beginning

of

period

34,406,865‌

—‌

End

of

period

$

40,719,576‌

$

34,406,865‌

Capital

Transactions:

Proceeds

from

shares

issued

$

7,323,645‌

$

76,207,397‌

Cost

of

shares

redeemed

—‌

(

40,483,706‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

7,323,645‌

$

35,723,691‌

Share

Transactions:

Issued

310,000‌

3,050,000‌

Redeemed

—‌

(

1,630,000‌

)

Change

in

Shares

310,000‌

1,420,000‌

(a)

Commencement

of

operations.

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

to

financial

statements.

45

Timothy

Plan

US

Small

Cap

Core

ETF

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

Year

Ended

December

31,

2021

For

the

Year

Ended

December

31,

2020

For

the

period

December

3,

2019

(a)

to

December

31,

2019

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

35.34‌

$

30.39‌

$

35.49‌

$

27.71‌

$

25.55‌

$

24.73‌

Investment

Activities:

Net

Investment

Income

(Loss)

(b)

0.21‌

0.36‌

0.34‌

0.40‌

0.32‌

0.02‌

Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

0.15‌

4.97‌

(

5.11‌

)

7.78‌

2.15‌

0.82‌

Total

from

Investment

Activities

0.36‌

5.33‌

(

4.77‌

)

8.18‌

2.47‌

0.84‌

Distributions

to

Shareholders:

Net

Investment

Income

(

0.17‌

)

(

0.38‌

)

(

0.33‌

)

(

0.40‌

)

(

0.31‌

)

(

0.02‌

)

Total

Distributions

(

0.17‌

)

(

0.38‌

)

(

0.33‌

)

(

0.40‌

)

(

0.31‌

)

(

0.02‌

)

Net

Asset

Value,

End

of

Period

$

35.53‌

$

35.34‌

$

30.39‌

$

35.49‌

$

27.71‌

$

25.55‌

Total

Return

(c)

1

.03‌

%

17

.64‌

%

(

13

.45‌

%

)

29

.62‌

%

9

.99‌

%

3

.39‌

%

Ratios/Supplemental

Data:

Ratio

of

Expenses

to

Average

Net

Assets

(d)

0

.52‌

%

0

.52‌

%

0

.52‌

%

0

.52‌

%

0

.52‌

%

0

.52‌

%

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

(d)

1

.17‌

%

1

.13‌

%

1

.09‌

%

1

.20‌

%

1

.45‌

%

0

.89‌

%

Net

Assets,

End

of

Period

(000's)

$

124,362‌

$

102,476‌

$

71,422‌

$

56,792‌

$

31,869‌

$

10,222‌

Portfolio

Turnover

(c)(e)

23‌

%

60‌

%

59‌

%

57‌

%

78‌

%

—‌

Table

Line

Amounts

designated

as

“—”

are

0

or

have

been

rounded

to

0.

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

impact

of

in-kind

transactions.

Financial

Highlights

-

continued

For

a

Share

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

to

financial

statements.

46

Timothy

Plan

US

Large/Mid

Cap

Core

ETF

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

Year

Ended

December

31,

2021

For

the

Year

Ended

December

31,

2020

For

the

period

May

1,

2019

(a)

to

December

31,

2019

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

38.22‌

$

33.47‌

$

38.65‌

$

30.93‌

$

27.23‌

$

25.16‌

Investment

Activities:

Net

Investment

Income

(Loss)

(b)

0.17‌

0.36‌

0.35‌

0.24‌

0.23‌

0.21‌

Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

2.35‌

4.73‌

(

5.17‌

)

7.72‌

3.72‌

2.04‌

Total

from

Investment

Activities

2.52‌

5.09‌

(

4.82‌

)

7.96‌

3.95‌

2.25‌

Distributions

to

Shareholders:

Net

Investment

Income

(

0.18‌

)

(

0.34‌

)

(

0.36‌

)

(

0.24‌

)

(

0.25‌

)

(

0.18‌

)

Total

Distributions

(

0.18‌

)

(

0.34‌

)

(

0.36‌

)

(

0.24‌

)

(

0.25‌

)

(

0.18‌

)

Net

Asset

Value,

End

of

Period

$

40.56‌

$

38.22‌

$

33.47‌

$

38.65‌

$

30.93‌

$

27.23‌

Total

Return

(c)

6

.61‌

%

15

.30‌

%

(

12

.48‌

%

)

25

.82‌

%

14

.67‌

%

9

.01‌

%

Ratios/Supplemental

Data:

Ratio

of

Expenses

to

Average

Net

Assets

(d)

0

.52‌

%

0

.52‌

%

0

.52‌

%

0

.52‌

%

0

.52‌

%

0

.52‌

%

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

(d)

0

.88‌

%

1

.03‌

%

1

.02‌

%

0

.69‌

%

0

.88‌

%

1

.22‌

%

Net

Assets,

End

of

Period

(000's)

$

221,069‌

$

236,951‌

$

179,060‌

$

168,140‌

$

163,904‌

$

134,795‌

Portfolio

Turnover

(c)(e)

13‌

%

30‌

%

26‌

%

27‌

%

45‌

%

17‌

%

Table

Line

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

impact

of

in-kind

transactions.

Financial

Highlights

-

continued

For

a

Share

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

to

financial

statements.

47

Timothy

Plan

High

Dividend

Stock

ETF

For

the

Six

Months

Ended

June

30,

2024

(a)

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

Year

Ended

December

31,

2021

For

the

Year

Ended

December

31,

2020

For

the

period

May

1,

2019

(a)

to

December

31,

2019

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

33.16‌

$

31.13‌

$

32.49‌

$

25.88‌

$

26.89‌

$

25.10‌

Investment

Activities:

Net

Investment

Income

(Loss)

(b)

0.39‌

0.75‌

0.73‌

0.61‌

0.57‌

0.48‌

Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

1.82‌

2.01‌

(

1.35‌

)

6.60‌

(

0.96‌

)

1.74‌

Total

from

Investment

Activities

2.21‌

2.76‌

(

0.62‌

)

7.21‌

(

0.39‌

)

2.22‌

Distributions

to

Shareholders:

Net

Investment

Income

(

0.40‌

)

(

0.73‌

)

(

0.74‌

)

(

0.60‌

)

(

0.62‌

)

(

0.43‌

)

Total

Distributions

(

0.40‌

)

(

0.73‌

)

(

0.74‌

)

(

0.60‌

)

(

0.62‌

)

(

0.43‌

)

Net

Asset

Value,

End

of

Period

$

34.97‌

$

33.16‌

$

31.13‌

$

32.49‌

$

25.88‌

$

26.89‌

Total

Return

(c)

6

.68‌

%

9

.03‌

%

(

1

.88‌

%

)

28

.10‌

%

(

1

.17‌

%

)

9

.00‌

%

Ratios/Supplemental

Data:

Ratio

of

Expenses

to

Average

Net

Assets

(d)

0

.52‌

%

0

.52‌

%

0

.52‌

%

0

.52‌

%

0

.52‌

%

0

.52‌

%

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

(d)

2

.30‌

%

2

.39‌

%

2

.32‌

%

2

.07‌

%

2

.45‌

%

2

.81‌

%

Net

Assets,

End

of

Period

(000's)

$

220,324‌

$

228,798‌

$

178,986‌

$

131,582‌

$

122,911‌

$

94,132‌

Portfolio

Turnover

(c)(e)

17‌

%

41‌

%

42‌

%

43‌

%

68‌

%

23‌

%

Table

Line

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

impact

of

in-kind

transactions.

Financial

Highlights

-

continued

For

a

Share

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

to

financial

statements.

48

Timothy

Plan

International

ETF

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

Year

Ended

December

31,

2021

For

the

Year

Ended

December

31,

2020

For

the

period

December

3,

2019

(a)

to

December

31,

2019

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

26.43‌

$

23.30‌

$

29.06‌

$

26.98‌

$

25.58‌

$

24.80‌

Investment

Activities:

Net

Investment

Income

(Loss)

(b)

0.43‌

0.64‌

0.66‌

0.56‌

0.47‌

0.04‌

Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

0.04‌

3.12‌

(

5.82‌

)

2.21‌

1.40‌

0.77‌

Total

from

Investment

Activities

0.47‌

3.76‌

(

5.16‌

)

2.77‌

1.87‌

0.81‌

Distributions

to

Shareholders:

Net

Investment

Income

(

0.58‌

)

(

0.63‌

)

(

0.60‌

)

(

0.69‌

)

(

0.47‌

)

(

0.03‌

)

Total

Distributions

(

0.58‌

)

(

0.63‌

)

(

0.60‌

)

(

0.69‌

)

(

0.47‌

)

(

0.03‌

)

Net

Asset

Value,

End

of

Period

$

26.32‌

$

26.43‌

$

23.30‌

$

29.06‌

$

26.98‌

$

25.58‌

Total

Return

(c)

1

.75‌

%

16

.41‌

%

(

17

.80‌

%

)

10

.34‌

%

7

.66‌

%

3

.25‌

%

Ratios/Supplemental

Data:

Ratio

of

Expenses

to

Average

Net

Assets

(d)

0

.62‌

%

0

.62‌

%

0

.62‌

%

0

.62‌

%

0

.62‌

%

0

.62‌

%

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

(d)

3

.28‌

%

2

.60‌

%

2

.72‌

%

1

.94‌

%

1

.98‌

%

1

.99‌

%

Net

Assets,

End

of

Period

(000's)

$

105,263‌

$

97,801‌

$

76,875‌

$

82,827‌

$

71,500‌

$

23,018‌

Portfolio

Turnover

(c)(e)

18‌

%

34‌

%

39‌

%

42‌

%

63‌

%

12‌

%

Table

Line

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

impact

of

in-kind

transactions.

Financial

Highlights

-

continued

For

a

Share

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

to

financial

statements.

49

Timothy

Plan

US

Large/Mid

Cap

Core

Enhanced

ETF

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

period

July

29,

2021

(a)

to

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

22.81‌

$

23.75‌

$

27.19‌

$

25.00‌

Investment

Activities:

Net

Investment

Income

(Loss)

(b)

0.11‌

0.38‌

0.25‌

0.11‌

Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

1.41‌

(

0.96‌

)

(

3.40‌

)

2.16‌

Total

from

Investment

Activities

1.52‌

(

0.58‌

)

(

3.15‌

)

2.27‌

Distributions

to

Shareholders:

Net

Investment

Income

(

0.12‌

)

(

0.36‌

)

(

0.28‌

)

(

0.08‌

)

Return

of

Capital

—‌

—‌

(

0.01‌

)

—‌

Total

Distributions

(

0.12‌

)

(

0.36‌

)

(

0.29‌

)

(

0.08‌

)

Net

Asset

Value,

End

of

Period

$

24.21‌

$

22.81‌

$

23.75‌

$

27.19‌

Total

Return

(c)

6

.64‌

%

(

2

.40‌

%

)

(

11

.58‌

%

)

9

.09‌

%

Ratios/Supplemental

Data:

Ratio

of

Expenses

to

Average

Net

Assets

(d)

0

.52‌

%

0

.52‌

%

(e)

0

.52‌

%

0

.51‌

%

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

(d)

0

.90‌

%

1

.69‌

%

1

.05‌

%

1

.00‌

%

Net

Assets,

End

of

Period

(000's)

$

69,002‌

$

58,177‌

$

70,060‌

$

69,327‌

Portfolio

Turnover

(c)(f)

18‌

%

302‌

%

155‌

%

(g)

13‌

%

Table

Line

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Excludes

impact

of

in-kind

transactions.

(g)

Portfolio

turnover

increased

significantly

due

changes

in

the

volume

and

timing

of

purchases

and

sales

of

portfolio

holdings

during

the

year.

Financial

Highlights

-

continued

For

a

Share

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

to

financial

statements.

50

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

For

the

Six

Months

Ended

June

30,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

period

July

29,

2021

(a)

to

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

22.63‌

$

23.47‌

$

26.90‌

$

25.00‌

Investment

Activities:

Net

Investment

Income

(Loss)

(b)

0.27‌

0.60‌

0.60‌

0.28‌

Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

1.24‌

(

0.88‌

)

(

3.37‌

)

1.86‌

Total

from

Investment

Activities

1.51‌

(

0.28‌

)

(

2.77‌

)

2.14‌

Distributions

to

Shareholders:

Net

Investment

Income

(

0.29‌

)

(

0.56‌

)

(

0.66‌

)

(

0.24‌

)

Total

Distributions

(

0.29‌

)

(

0.56‌

)

(

0.66‌

)

(

0.24‌

)

Net

Asset

Value,

End

of

Period

$

23.85‌

$

22.63‌

$

23.47‌

$

26.90‌

Total

Return

(c)

6

.68‌

%

(

1

.17‌

%

)

(

10

.44‌

%

)

8

.59‌

%

Ratios/Supplemental

Data:

Ratio

of

Expenses

to

Average

Net

Assets

(d)

0

.52‌

%

0

.52‌

%

(e)

0

.52‌

%

0

.51‌

%

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

(d)

2

.32‌

%

2

.60‌

%

2

.39‌

%

2

.50‌

%

Net

Assets,

End

of

Period

(000's)

$

65,588‌

$

66,764‌

$

68,055‌

$

47,081‌

Portfolio

Turnover

(c)(f)

22‌

%

209‌

%

191‌

%

(g)

16‌

%

Table

Line

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

impact

of

in-kind

transactions.

Financial

Highlights

-

continued

For

a

Share

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

to

financial

statements.

51

Timothy

Plan

Market

Neutral

ETF

For

the

Six

Months

Ended

June

30,

2024

For

the

period

January

24,

2023

(a)

to

December

31,

2023

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

24.23‌

$

25.00‌

Investment

Activities:

Net

Investment

Income

(Loss)

(b)

0.55‌

1.01‌

Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

(

0.77‌

)

0.31‌

Total

from

Investment

Activities

(

0.22‌

)

1.32‌

Distributions

to

Shareholders:

Net

Investment

Income

(

0.47‌

)

(

1.06‌

)

Net

Realized

Gains

From

Investments

—‌

(

1.03‌

)

Total

Distributions

(

0.47‌

)

(

2.09‌

)

Net

Asset

Value,

End

of

Period

$

23.54‌

$

24.23‌

Total

Return

(c)

(

0

.88‌

%

)

5

.46‌

%

Ratios/Supplemental

Data:

Ratio

of

Expenses

to

Average

Net

Assets

(d)

0

.65‌

%

0

.65‌

%

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

(d)

4

.72‌

%

4

.37‌

%

Net

Assets,

End

of

Period

(000's)

$

40,720‌

$

34,407‌

Portfolio

Turnover

(c)(e)

10‌

%

112‌

%

Table

Line

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

impact

of

in-kind

transactions.

Notes

to

Financial

Statements

June

30,

2024

(Unaudited)

Timothy

Plan

52

1.

ORGANIZATION:

The

Timothy

Plan

(the

“Trust”)

was

organized

pursuant

to

a

trust

agreement

dated

December

16,

1993

as

a

Delaware

business

trust.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

investment

company

and

thus

is

determined

to

be

an

investment

company

for

accounting

purposes.

The

Trust

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—

Investment

Companies.”

The

Trust

is

comprised

of

multiple

series

funds,

seven

of

which

are

exchange-traded

funds

(“ETFs”),

and

are

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

Each

ETF

is

classified

as

diversified

under

the

1940

Act.

The

accompanying

financial

statements

are

those

of

the

Timothy

Plan

US

Small

Cap

Core

ETF

(“US

Small

Cap

Core

ETF”),

Timothy

Plan

US

Large/Mid

Cap

Core

ETF

(“US

Large/Mid

Cap

Core

ETF”),

Timothy

Plan

High

Dividend

Stock

ETF

(“High

Dividend

Stock

ETF”),

Timothy

Plan

International

ETF

(“International

ETF”),

Timothy

Plan

US

Large/Mid

Cap

Core

Enhanced

ETF

(“US

Large/Mid

Cap

Core

Enhanced

ETF”),

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

(“High

Dividend

Stock

Enhanced

ETF”)

and

Timothy

Plan

Market

Neutral

ETF

(“Market

Neutral

ETF”)

(individually,

a

“Fund”

and

collectively,

the

“Funds”).

Market

Neutral

ETF

commenced

operations

on

January

25,

2023.The

Funds,

except

for

the

Market

Neutral

ETF,

seek

to

provide

investment

results

that

track

the

performance

of

an

underlying

index,

before

fees

and

expenses.

The

underlying

indices

for

the

US

Small

Cap

Core

ETF,

US

Large/Mid

Cap

Core

ETF,

High

Dividend

Stock

ETF,

International

ETF,

US

Large/Mid

Cap

Core

Enhanced

ETF,

and

High

Dividend

Stock

Enhanced

ETF

are

the

Victory

US

Small

Cap

Volatility

Weighted

BRI

Index,

Victory

US

Large/Mid

Cap

Volatility

Weighted

BRI

Index,

Victory

US

Large

Cap

High

Dividend

Volatility

Weighted

BRI

Index,

Victory

International

Volatility

Weighted

BRI

Index,

Victory

US

Large/Mid

Cap

Long/Cash

Volatility

Wtd

BRI

Index,

and

Victory

US

Large

Cap

High

Div

Long/Cash

Vol

Wtd

BRI

Index

(individually,

an

“Index”

and

collectively,

the

“Indices”),

respectively.

The

Market

Neutral

ETF

seeks

to

provide

high

current

income

and

low

correlation

to

stocks

and

bonds.

Under

the

Trust’s

organizational

documents,

its

officers

and

Board

of

Trustees

(the

“Board”)

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2.

SIGNIFICANT

ACCOUNTING

POLICIES:

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Trust

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”).

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies.

Shares

of

the

Funds

are

listed

and

traded

on

the

New

York

Stock

Exchange

(“NYSE”

or

the

“Exchange”).

The

Funds’

shares

are

offered

at

net

asset

value

(“NAV”)

only

in

aggregations

of

50,000

Shares

(each

a

“Creation

Unit”).

The

Funds

will

issue

and

redeem

Creation

Units

principally

in

exchange

for

a

basket

of

securities

included

in

the

respective

Fund’s

Index

(the

“Deposit

Securities”),

together

with

the

deposit

of

a

specified

cash

payment

(the

“Cash

Component”),

plus

transaction

fees

(“Transaction

Fees”)

as

further

described

below.

Shares

trade

on

the

Exchange

at

market

prices

that

may

be

below,

at,

or

above

NAV.

Shares

of

a

Fund

may

only

be

purchased

or

redeemed

by

certain

financial

institutions

(“Authorized

Participants”).

An

Authorized

Participant

is

either

(i)

a

broker-dealer

or

other

participant

in

the

clearing

process

through

the

Continuous

Net

Settlement

System

(“Clearing

Process”)

of

the

National

Securities

Clearing

Corporation

(“NSCC”)

or

(ii)

a

DTC

participant

and,

in

each

case,

must

have

executed

a

Participant

Agreement

with

the

Distributor.

Most

retail

investors

do

not

qualify

as

Authorized

Participants

nor

have

the

resources

to

buy

and

sell

whole

Creation

Units.

Therefore,

they

are

unable

to

purchase

or

redeem

the

shares

directly

from

a

Fund.

The

Funds

reserve

the

right

to

offer

creations

and

redemptions

of

Shares

for

cash.

In

addition,

Shares

may

be

issued

in

advance

of

receipt

of

Deposit

Securities

subject

to

various

conditions,

including

a

requirement

to

maintain

on

deposit

with

the

Trust

cash

equal

to

up

to

105%

of

the

market

value

of

the

missing

Deposit

Securities.

In

each

instance

of

such

cash

creations

or

redemptions,

transaction

fees

may

be

imposed

and

may

be

higher

than

the

transaction

fees

associated

with

in-kind

creations

or

redemptions.

Transaction

Fees

include

a

fixed

fee

(“Fixed

Fee”)

payable

to

the

Custodian

(“Citibank

N.A.”),

which

is

imposed

on

each

creation

and

redemption

transaction

regardless

of

the

number

of

Creation

Units

involved

in

the

transaction.

Transaction

Fees

may

also

include

an

additional

variable

Notes

to

Financial

Statements

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

53

charge

(“Variable

Charge”)

for

purchases

and

redemptions

of

Creation

Units

for

cash

or

involving

cash-in-lieu,

to

compensate

each

Fund

and

its

ongoing

shareholders

for

brokerage

and

market

impact

expenses

relating

to

Creation

Unit

transactions.

Under

certain

circumstances,

the

Transaction

Fees

may

be

waived

or

adjusted.

In

such

cases,

the

Authorized

Participant

will

reimburse

each

Fund

for,

among

other

things,

any

difference

between

the

market

value

at

which

the

securities

and/or

financial

instruments

were

purchased

by

each

Fund

and

the

cash-in-lieu

amount,

applicable

registration

fees,

brokerage

commissions

and

certain

taxes

and

other

costs

and

expenses

related

to

the

execution

of

trades

resulting

from

such

transaction

(up

to

the

maximum

amount

shown

below).

In

addition,

purchasers

of

Creation

Units

are

responsible

for

the

costs

of

transferring

the

Deposit

Securities

to

the

account

of

each

Fund.

Variable

fees

received

by

each

Fund

are

displayed

in

the

Capital

Share

Transaction

section

of

the

Statements

of

Changes

in

Net

Assets

as

an

increase

to

Paid-In-Capital.

Investors

who

use

the

services

of

a

broker,

or

other

such

intermediary

may

be

charged

a

fee

for

such

services.

The

Transaction

Fees

for

each

Fund

are

listed

below: 

*

As

a

percentage

of

the

amount

invested.

Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds’

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

quoted

prices

in

active

markets

for

identical

securities

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities

or

interest

rates

applicable

to

those

securities,

etc.)

Level

3

—

significant

unobservable

inputs

(including

the

Funds’

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risk

associated

with

entering

into

those

investments.

Portfolio

securities

listed

or

traded

on

securities

exchanges

including,

common

stocks,

warrants

and

American

Depositary

Receipts

(“ADRs”),

are

valued

at

the

closing

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

last

available

bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies

are

valued

at

net

asset

value.

These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Investments

for

which

there

are

no

such

quotations,

or

for

which

quotations

do

not

appear

reliable,

are

valued

at

fair

value

in

accordance

Fee

for

In-Kind

and

Cash

Purchases

and

Redemptions

Maximum

Additional

Variable

Charge

for

Cash

Purchases

and

Redemptions*

US

Small

Cap

Core

ETF

$250

2.00%

US

Large/Mid

Cap

Core

ETF

$500

2.00%

High

Dividend

Stock

ETF

$250

2.00%

International

ETF

$4,500

2.00%

US

Large/Mid

Cap

Core

Enhanced

ETF

$500

2.00%

High

Dividend

Stock

Enhanced

ETF

$250

2.00%

Market

Neutral

ETF

$250

2.00%

Notes

to

Financial

Statements

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

54

with

procedures

established

by

valuation

designee

and

under

the

general

supervision

and

oversight

of

the

Trust’s

Board.

These

valuations

are

typically

categorized

as

Level

2

or

Level

3

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

A

summary

of

the

valuations

as

of

June

30,

2024

,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

in

the

Schedules

of

Portfolio

Investments:

US

Small

Cap

Core

ETF

Investment

Securities:

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

$

123,616,631

$

–

$

–

$

123,616,631

Total

Investment

Securities

123,616,631

–

–

123,616,631

Other

Financial

Instruments*

Assets:

Futures

Contracts

606

–

–

606

Total

Investments

$

123,617,237

$

–

$

–

$

123,617,237

US

Large/Mid

Cap

Core

ETF

Investment

Securities:

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

$

220,338,250

$

–

$

–

$

220,338,250

Total

Investment

Securities

220,338,250

–

–

220,338,250

Other

Financial

Instruments*

Assets:

Futures

Contracts

12

–

–

12

Total

Investments

$

220,338,262

$

–

$

–

$

220,338,262

High

Dividend

Stock

ETF

Investment

Securities:

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

$

219,052,145

$

–

$

–

$

219,052,145

Total

Investment

Securities

219,052,145

–

–

219,052,145

Other

Financial

Instruments*

Assets:

Futures

Contracts

2,296

–

–

2,296

Total

Investments

$

219,054,441

$

–

$

–

$

219,054,441

International

ETF

Investment

Securities:

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

$

104,255,210

$

–

$

11,878

$

104,267,088

Warrants

$

–

$

–

$

–(a)

$

–

Total

Investment

Securities

104,255,210

–

11,878

104,267,088

Notes

to

Financial

Statements

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

55

As

of

June

30,

2024

,

there

were

no

transfers

into/out

of

Level

3.

Management

has

determined

that

the

amount

of

Level

3

securities

compared

to

total

net

assets

is

not

material;

therefore,

no

additional

disclosures

are

necessary

for

the

period

ended

June

30,

2024

.

Other

Financial

Instruments*

Assets:

Futures

Contracts

2,930

–

–

2,930

Total

Investments

$

104,258,140

$

–

$

11,878

$

104,270,01

8

US

Large/Mid

Cap

Core

Enhanced

ETF

Investment

Securities:

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

$

68,759,809

$

–

$

–

$

68,759,809

Investment

Companies

$

198,462

$

–

$

–

$

198,462

Total

Investment

Securities

68,958,271

–

–

68,958,271

Other

Financial

Instruments*

Assets:

Futures

Contracts

946

–

–

946

Total

Investments

$

68,959,217

$

–

$

–

$

68,959,217

High

Dividend

Stock

Enhanced

ETF

Investment

Securities:

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

$

65,206,894

$

–

$

–

$

65,206,894

Investment

Companies

$

284,808

$

–

$

–

$

284,808

Total

Investment

Securities

65,491,702

–

–

65,491,702

Other

Financial

Instruments*

Assets:

Futures

Contracts

946

–

–

946

Total

Investments

$

65,492,648

$

–

$

–

$

65,492,648

Market

Neutral

ETF

Investment

Securities:

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

$

35,752,335

$

–

$

–

$

35,752,335

Total

Investment

Securities

35,752,335

–

–

35,752,335

Other

Financial

Instruments*

Assets:

Futures

Contracts

101,906

–

–

101,906

Liabilities:

Futures

Contracts

(253,489)

–

–

(253,489)

Total

Investments

$

35,600,752

$

–

$

–

$

35,600,752

*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a)

Zero

market

value.

Notes

to

Financial

Statements

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

56

Real

Estate

Investment

Trusts

(“REITs”):

The

Funds

may

invest

in

REITs

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

during

the

year

are

recorded

as

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

or

when

such

information

becomes

known.

Investment

Companies:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

on

the

last

business

day

of

the

reporting

period.

Interest

income

is

recognized

on

an

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received.

Gains

or

losses

realized

on

sales

of

securities

are

determined

by

comparing

the

identified

cost

of

the

security

lot

sold

with

the

net

sales

proceeds.

Withholding

taxes

on

interest,

dividends

and

gains

as

a

result

of

certain

investments

in

ADRs

by

the

Funds

have

been

provided

for

in

accordance

with

each

investment’s

applicable

country’s

tax

rules

and

rates.

Futures

Contracts:

During

the

period

ended

June

30,

2024

,

the

Funds

used

futures

contracts

to

provide

market

exposure

on

the

Funds’

cash

balances.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

a

futures

contract,

and

to

maintain

the

Fund’s

open

positions

in

futures

contracts,

the

Fund

would

be

required

to

deposit

with

its

custodian

or

futures

broker

in

a

segregated

account

in

the

name

of

the

futures

broker

an

amount

of

cash,

U.S.

government

securities,

suitable

money

market

instruments,

or

other

liquid

securities,

known

as

“initial

margin.”

The

margin

required

for

a

particular

futures

contract

is

set

by

the

exchange

on

which

the

contract

is

traded,

and

may

be

significantly

modified

from

time

to

time

by

the

exchange

during

the

term

of

the

contract.

Futures

contracts

are

customarily

purchased

and

sold

on

margins

that

may

range

upward

from

less

than

5%

of

the

value

of

the

contract

being

traded.

Deposits

for

futures

for

the

Funds

are

reported

as

Deposit

with

broker

for

futures

contracts

on

the

Statements

of

Assets

and

Liabilities.

If

the

price

of

an

open

futures

contract

changes

(by

increase

in

underlying

instrument

or

index

in

the

case

of

a

sale

or

by

decrease

in

the

case

of

a

purchase)

so

that

the

loss

on

the

futures

contract

reaches

a

point

at

which

the

margin

on

deposit

does

not

satisfy

margin

requirements,

the

broker

will

require

an

increase

in

the

margin.

However,

if

the

value

of

a

position

increases

because

of

favorable

price

changes

in

the

futures

contract

so

that

the

margin

deposit

exceeds

the

required

margin,

the

broker

will

pay

the

excess

to

a

Fund.

These

subsequent

payments,

called

“Variation

Margin,”

to

and

from

the

futures

broker,

are

made

on

a

daily

basis

as

the

price

of

the

underlying

assets

fluctuate

making

the

long

and

short

positions

in

the

futures

contract

more

or

less

valuable,

a

process

known

as

“marking

to

the

market.”

The

Funds

recorded

a

payable

or

receivable

on

variation

margin.

The

Funds

expect

to

earn

interest

income

on

its

margin

deposits.

Gains

or

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

or

are

closed.

Futures

contracts

involve,

to

varying

degrees,

elements

of

market

risk

(generally

equity

price

risk

related

to

stock

futures,

interest

rate

risk

related

to

bond

futures,

and

foreign

currency

risk

related

to

currency

futures)

and

exposure

to

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

the

imperfect

correlation

between

the

change

in

fair

value

of

the

underlying

securities

and

the

prices

of

futures

contracts,

the

possibility

of

an

illiquid

market,

and

the

inability

of

the

counterparty

to

meet

the

terms

of

the

contract.

Realized

and

unrealized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

from

futures

transactions”

and

“Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts”,

respectively,

on

the

Statements

of

Operations.

Average

Notional

Value

The

table

below

summarizes

the

monthly

average

notional

value

of

futures

contracts

for

the

period

ended

June

30,

2024

.

Average

Notional

Value

Fund

Long

Short

US

Small

Cap

Core

ETF

$

546,130

$

—

US

Large/Mid

Cap

Core

ETF

875,490

—

High

Dividend

Stock

ETF

1,035,656

—

International

ETF

581,859

—

US

Large/Mid

Cap

Core

Enhanced

ETF

259,723

—

High

Dividend

Stock

Enhanced

ETF

259,723

—

Market

Neutral

ETF

33,199,851

68,900,000

Notes

to

Financial

Statements

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

57

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

fair

values

of

derivative

instruments

on

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30

,

202

4

:

*

Includes

cumulative

unrealized

appreciation

(depreciation)

of

futures

contracts

as

reported

on

the

Schedules

of

Portfolio

Investments.

Only

current

day’s

variation

margin

for

futures

contracts

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the

period

ended

June

30,

2024

: 

Foreign

Currency

Translations:

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of

a

Fund

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Funds

do

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations

are

disclosed

as

net

change

in

unrealized

appreciation/depreciation

on

investments

and

foreign

currency

translations

on

the

Statements

of

Operations.

Any

realized

gains

or

losses

from

these

fluctuations

are

disclosed

as

net

realized

gains

or

losses

from

investment

transactions

and

foreign

currency

transactions

on

the

Statements

of

Operations.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Dividends

to

Shareholders:

Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

monthly

by

the

Funds.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

by

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

“book/tax”

differences

are

permanent

in

nature

(i.e.,

that

they

result

from

other

than

timing

of

recognition

“temporary

difference”),

such

amounts

are

reclassified

within

the

components

of

net

assets

Assets

Liabilities

Fund

Variation

Margin

Receivable

on

Open

Futures

Contracts*

Variation

Margin

Payable

on

Open

Futures

Contracts*

Equity

Risk

Exposure

–

–

US

Small

Cap

Core

ETF

$

606

$

–

US

Large/Mid

Cap

Core

ETF

12

–

High

Dividend

Stock

ETF

2,296

–

International

ETF

2,930

–

US

Large/Mid

Cap

Core

Enhanced

ETF

946

–

High

Dividend

Stock

Enhanced

ETF

946

–

Market

Neutral

ETF

101,906

(253,489)

Fund

Net

realized

gains

(losses)

from

futures

transactions

Net

Change

in

unrealized

appreciation

(depreciation)

on

futures

transactions

Equity

Risk

Exposure:

–

–

US

Small

Cap

Core

ETF

$

21,796

$

(

21,184

)

US

Large/Mid

Cap

Core

ETF

105,072

(

24,439

)

High

Dividend

Stock

ETF

131,594

(

21,405

)

International

ETF

16,565

(

10,519

)

US

Large/Mid

Cap

Core

Enhanced

ETF

30,466

(

762

)

High

Dividend

Stock

Enhanced

ETF

19,171

(

1,196

)

Market

Neutral

ETF

(

2,228,518

)

1,135,174

Notes

to

Financial

Statements

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

58

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

a

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

Federal

Income

Taxes:

It

is

the

policy

of

each

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

identifies

its

major

tax

jurisdiction

as

U.S.

Federal.

As

of

and

during

the

period

ended

June

30

,

202

4

,

the

Funds

did

not

have

a

liability

for

any

unrecognized

tax

benefits.

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

on

the

Statements

of

Operations.

During

the

period,

the

Funds

did

not

incur

any

interest

or

penalties.

For

the

current

open

tax

year,

management

of

the

Funds

has

concluded

that

there

are

no

significant

uncertain

tax

positions

that

would

require

recognition

in

the

financial

statements.

Further,

management

of

the

Funds

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

any

unrecognized

tax

benefits

will

significantly

change

over

the

next

fiscal

year.

3.

PURCHASES

AND

SALES

OF

SECURITIES:

Purchases

and

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

and

in-kind

transactions

associated

with

purchases

and

sales for

the

period

ended June

30,

2024,

were

as

follows: 

 For

the

period

ended

June

30,

2024

,

there

were

no

purchases

or

sales

of

U.S.

Government

Securities. 

4.

FEES

AND

TRANSACTIONS

WITH

AFFILIATES

AND

OTHER

PARTIES:

Timothy

Partners,

Ltd

(“TPL”

or

the

“Advisor”),

a

Florida

limited

partnership,

serves

as

the

Funds’

investment

advisor

pursuant

to

an

Investment

Advisory

Agreement.

Subject

always

to

the

supervision

and

approval

of

the

Board,

the

Advisor

is

responsible

for

the

overall

management

of

the

Funds.

The

Advisor

has

arranged

for

distribution,

custody,

fund

administration,

transfer

agency

and

all

other

services

necessary

for

the

Funds

to

operate.

The

Advisor

receives

a

fee

for

its

services,

(the

“Management

Fee”).

From

the

Management

Fee,

the

Advisor

is

obligated

to

pay

or

arrange

for

the

payment

of

substantially

all

expenses

of

the

Funds,

including

the

cost

of

transfer

agency,

custody,

fund

administration

and

accounting,

legal,

audit,

independent

trustees

and

other

services,

except

for

interest

expenses,

distribution

fees

or

expenses,

brokerage

expenses,

acquired

fund

fees

and

expenses,

taxes

and

extraordinary

expenses

such

as

litigation

and

other

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business.

The

Advisor’s

Management

Fee

is

designed

to

cause

substantially

all

of

the

Funds’

expenses

to

be

paid

and

to

compensate

the

Advisor

for

providing

services

for

the

Funds.

US

Small

Cap

Core

ETF,

US

Large/Mid

Cap

Core

ETF,

High

Dividend

Stock

ETF,

High

Dividend

Stock

Enhanced

ETF,

and

US

Large/Mid

Cap

Core

Enhanced

ETF

pay

a

Management

Fee

equivalent

to

0.52%,

International

ETF

pays

a

Management

Fee

equivalent

to

0.62%,

and

Market

Neutral

ETF

pays

a

Management

Fee

equivalent

to

0.65%

of

the

Fund’s

average

daily

net

assets,

computed

daily

and

paid

monthly.

Victory

Capital

Management,

Inc.,

a

New

York

corporation,

serves

as

the

Funds’

sub-advisor

pursuant

to

a

written

sub-advisory

agreement

with

the

Advisor

and

receives

fees

from

the

Advisor

for

these

services.

Citibank,

N.A.

serves

as

the

Funds’

Custodian

and

Transfer

Agent

pursuant

to

a

Global

Custodial

and

Agency

Services

Agreement

with

the

Trust.

Citi

Fund

Services

Ohio,

Inc.

(“Citi”),

an

affiliate

of

Citibank,

N.A.,

acts

as

the

Funds’

administrator

and

fund

accountant

pursuant

to

a

Services

Agreement

with

the

Trust.

Foreside

Fund

Services,

LLC

(“Foreside”)

serves

as

the

Funds’

distributor.

Drake

Compliance

LLC

provides

compliance

services

to

the

Trust.

Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Advisor.

Excluding

in-kind

transactions

Associated

with

in-kind

transactions

Fund

Purchases

Sales

Purchases

Sales

US

Small

Cap

Core

ETF

$

26,850,632

$

27,141,026

$

43,152,790

$

22,078,726

US

Large/Mid

Cap

Core

ETF

28,536,669

28,603,827

36,018,988

64,088,575

High

Dividend

Stock

ETF

39,909,384

40,199,991

71,994,112

92,793,495

International

ETF

17,895,790

18,231,167

7,457,042

—

US

Large/Mid

Cap

Core

Enhanced

ETF

11,911,675

11,775,970

12,157,191

4,841,417

High

Dividend

Stock

Enhanced

ETF

14,570,661

14,492,962

8,182,408

12,752,414

Market

Neutral

ETF

3,275,539

4,659,530

6,228,126

—

Notes

to

Financial

Statements

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

59

5.

INVESTMENT

RISKS:

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

Each

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

ETF

Risk

The

NAV

of

a

Fund

can

fluctuate

up

or

down,

and

you

could

lose

money

investing

in

a

Fund

if

the

prices

of

the

securities

owned

by

the

Fund

decline.

In

addition,

a

Fund

may

be

subject

to

the

following

risks:

(1)

the

market

price

of

a

Fund’s

shares

may

trade

above

or

below

its

NAV;

(2)

an

active

trading

market

for

a

Fund’s

shares

may

not

develop

or

be

maintained;

or

(3)

trading

of

a

Fund’s

shares

may

be

halted

if

the

listing

exchange’s

officials

deem

such

action

appropriate,

the

shares

are

delisted

from

the

exchange,

or

the

activation

of

market-wide

“circuit

breakers”

(which

are

tied

to

large

decreases

in

stock

prices)

halts

stock

trading

generally.

Excluded

Security

Risk

Because

the

Index

omits

Excluded

Securities,

the

Fund

may

be

riskier

than

other

funds

that

invest

in

a

broader

array

of

securities.

Biblically

Responsible

Investing

(“BRI”)

may

not

be

successful.

Because

the

Index

is

reconstituted

only

at

prescribed

times

during

the

year,

the

Fund

may

temporarily

hold

securities

that

do

not

comply

with

the

BRI

screening

criteria

if

the

application

of

the

criteria

or

the

nature

of

a

company’s

business

changes

in

between

these

dates.

Equity

Securities

Risk

The

value

of

the

equity

securities

in

which

the

Funds

invest

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

economic

conditions

in

the

United

States

or

abroad.

A

company’s

earnings

or

dividends

may

not

increase

as

expected

(or

may

decline)

because

of

poor

management,

competitive

pressures,

reliance

on

particular

suppliers

or

geographical

regions,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

man-made

or

natural

disasters,

military

confrontations

or

wars,

terrorism,

public

health

crises,

or

other

events,

conditions

and

factors.

Price

changes

may

be

temporary

or

last

for

extended

periods.

Foreign

Securities

Risk

Foreign

securities

(including

depositary

receipts)

are

subject

to

political,

regulatory,

and

economic

risks

not

present

in

domestic

investments.

Foreign

securities

could

be

affected

by

factors

not

present

in

the

U.S.

including

expropriation,

confiscation

of

property,

and

difficulties

in

enforcing

contracts.

Compared

to

U.S.

companies,

there

generally

is

less

publicly

available

information

about

foreign

companies

and

there

may

be

less

governmental

regulation

and

supervision

of

foreign

companies.

Foreign

securities

generally

experience

more

volatility

than

their

domestic

counterparts.

Depositary

receipts

may

have

additional

risks,

including

creditworthiness

of

the

depositary

bank

and

the

risk

of

an

illiquid

market.

In

addition,

to

the

extent

investments

are

made

in

a

limited

number

of

countries,

events

in

those

countries

will

have

a

more

significant

impact

on

the

Funds.

Fluctuations

in

the

exchange

rates

between

the

U.S.

dollar

and

foreign

currencies,

currency

exchange

control

regulations,

and

restrictions

or

prohibitions

on

the

repatriation

of

foreign

currencies

may

negatively

affect

an

investment.

Market

Risk

The

prices

of

the

securities,

particularly

the

common

stocks,

in

which

the

Funds

invest,

may

decline

for

a

number

of

reasons.

The

price

declines

of

common

stocks,

in

particular,

may

be

steep,

sudden,

and/or

prolonged.

Adverse

market

conditions,

sometimes

in

response

to

general

economic

or

industry

news,

may

cause

the

prices

of

a

Fund’s

holdings

to

fall

as

part

of

a

broad

market

decline.

In

addition,

certain

unanticipated

events,

such

as

natural

disasters,

terrorist

attacks,

and

other

geopolitical

events,

can

have

a

dramatic

adverse

effect

on

securities

held

by

a

Fund.

Notes

to

Financial

Statements

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

60

 6.

FEDERAL

INCOME

TAX

INFORMATION:

The

tax

characteristics

of

distributions

paid

to

shareholders

during

the

year/period

ended

December

31,

2023

were

as

follows:

At

December

31,

2023

,

the

Funds

had

net

capital

loss

carry

forwards

(“CLCFs”)

for

federal

income

tax

purposes

which

are

available

to

reduce

the

future

capital

gain

distributions

to

shareholders.

CLCFs

not

subject

to

expiration:

As

of

December

31,

2023

,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation

and

net

unrealized

appreciation

(depreciation)

for

investments

were

as

follows:

7.

SUBSEQUENT

EVENTS:

Management

has

evaluated

subsequent

events

through

the

date

these

financial

statements

were

issued.

Distributions

Subsequent

to

June

30,

2024,

the

Funds

declared

and

paid,

respectively,

a

distribution

from

ordinary

income

for

the

following

amounts:

Year

Ended

December

31,

2023

Distributions

Paid

From:

Fund

Ordinary

Income

Net

Long-Term

Gains

Total

Taxable

Distributions

Total

Distributions

Paid

*

US

Small

Cap

Core

ETF

$

1,014,568

$

—

$

1,014,568

$

1,014,568

US

Large/Mid

Cap

Core

ETF

2,035,463

—

2,035,463

2,035,463

High

Dividend

Stock

ETF

4,513,975

—

4,513,975

4,513,975

International

ETF

2,243,745

—

2,243,745

2,243,745

US

Large/Mid

Cap

Core

Enhanced

ETF

957,342

—

957,342

957,342

High

Dividend

Stock

Enhanced

ETF

1,717,979

—

1,717,979

1,717,979

Market

Neutral

ETF

2,475,678

886,759

3,362,437

3,362,437

*

Total

distributions

paid

may

differ

from

the

Statement

of

Changes

in

Net

Assets

because

distributions

are

recognized

when

actually

paid

for

tax

purposes.

Fund

Short-Term

Amount

Long-Term

Amount

Total

US

Small

Cap

Core

ETF

$

(8,390,330

)

$

(4,519,986)

$

(12,910,316

)

US

Large/Mid

Cap

Core

ETF

(11,047,312)

(9,148,812)

(20,196,124)

High

Dividend

Stock

ETF

(12,614,051

)

(7,374,182)

(19,988,233

)

International

ETF

(4,798,760)

(6,038,612)

(10,837,372)

US

Large/Mid

Cap

Core

Enhanced

ETF

(8,786,928)

(2,136,388)

(10,923,316)

High

Dividend

Stock

Enhanced

ETF

(11,336,310)

(204,803)

(11,541,113)

Fund

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

US

Small

Cap

Core

ETF

$

89,553,933

$

15,329,130

$

(2,752,119)

$

12,577,011

US

Large/Mid

Cap

Core

ETF

204,219,850

37,254,354

(5,470,238

)

31,784,116

High

Dividend

Stock

ETF

211,784,215

23,036,589

(7,190,084)

15,846,505

International

ETF

88,450,943

12,959,939

(4,374,348)

8,585,591

US

Large/Mid

Cap

Core

Enhanced

ETF

57,137,313

5,171,041

(4,257,324)

913,717

High

Dividend

Stock

Enhanced

ETF

67,006,919

3,853,940

(4,197,724)

(343,784)

Market

Neutral

ETF

29,525,981

2,443,213

(1,043,679)

1,399,534

Notes

to

Financial

Statements

-

continued

June

30,

2024

(Unaudited)

Timothy

Plan

61

Fund

7/10/2024

8/8/2024

US

Small

Cap

Core

ETF

$

113,481

$

37,647

US

Large/Mid

Cap

Core

ETF

113,047

73,207

High

Dividend

Stock

ETF

226,813

256

,

983

International

ETF

116,370

32,495

US

Large/Mid

Cap

Core

Enhanced

ETF

36,050

22,786

High

Dividend

Stock

Enhanced

ETF

68,648

76,297

Market

Neutral

ETF

147,597

71,862

Other

Information

June

30,

2024

Timothy

Plan

See

notes

to

financial

statements.

62

Premium/Discount

Information

The

Funds’

website

at

https://timothyplan.com

shows

the

previous

day’s

closing

NAV

and

closing

market

price

for

each

Fund’s

ETF

Shares.

The

website

also

discloses,

in

the

Premium/Discount

section

of

each

Fund’s

page,

how

frequently

each

Fund’s

ETF

Shares

traded

at

a

premium

or

discount

to

NAV

(based

on

closing

NAVs

and

market

prices)

and

the

magnitudes

of

such

premiums

and

discounts.

Proxy

Voting

and

Form

N-PORT

Information

Proxy

Voting:

Information

regarding

the

policies

and

procedures

that

each

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

without

charge,

upon

request,

by

calling

800-539-3863.

The

information

is

also

included

in

the

Funds'

Statement

of

Additional

Information,

which

is

available

on

the

SEC's

website

at

www.sec.gov.

Information

relating

to

how

the

Funds

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve

months

ended

June

30

is

available

on

the

SEC’s

website

at

www.sec.gov.

Availability

of

Schedules

of

Portfolio

Investments:

The

Trust

files

a

complete

list

of

Schedules

of

Portfolio

Investments

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-

PORT.

Forms

N-

PORT

are

available

on

the

SEC’s

website

at

www.sec.gov.

Approval

of

Investment

Advisory

and

Sub-Advisory

Agreement

June

30,

2024

Timothy

Plan

63

At

an

in-person

meeting

held

on

February

29,

2024,

the

Trustees

considered

the

Investment

Advisory

Agreement

between

the

Trust

and

Timothy

Partners,

Ltd.

(the

“Advisor”

or

“TPL”)

for

the

U.S.

Large

Cap

Core

ETF,

High

Dividend

Yield

ETF,

U.S.

Small

Cap

Core

ETF,

Market

Neutral

ETF,

International

ETF,

U.S.

Large/Mid

Core

Enhanced

ETF

and

High

Dividend

Stock

Enhanced

ETF

(each,

a

“Fund”

and

together,

the

“Funds”).

Fund

counsel

reviewed

the

standards

of

review

required

of

Trustees,

and

Independent

Trustees

in

particular,

with

respect

to

the

renewal

of

advisory

and

sub-advisory

agreements.

The

Trustees

reviewed

the

2024

Annual

Investment

Advisory

Agreement

Renewal

Questionnaire

responses

provided

by

TPL

and

the

materials

provided

by

the

Advisor

in

support

of

the

continuance

of

the

Investment

Advisory

Agreement,

including,

including,

among

other

things,

the

Advisor’s

financial

statements,

Form

ADV,

Compliance

Policies

and

Procedures

Manual,

information

regarding

the

Advisor’s

key

personnel

and

brokerage

policies,

and

comparative

expense

and

performance

information.

The

Trustees

considered

the

following

factors,

among

others,

in

connection

with

determining

whether

to

approve

the

continuance

of

the

Investment

Advisory

Agreement.

The

Trustees

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

services

provided

to

the

Funds

by

the

Advisor.

The

Trustees

specifically

reviewed

the

qualifications,

backgrounds,

and

responsibilities

of

the

key

personnel

who

oversee

the

investment

management

and

day-to-day

operations

of

the

Funds.

The

Trustees

noted

that

Mr.

Ally

is

responsible

for

the

day-to-day

management

of

the

Trust.

The

Trustees

considered

that

the

Advisor

has

a

staff

of

skilled

investment

professionals

who

provide

research

and

monitoring

services

to

the

Funds

and

determined

that

the

Advisor

possesses

adequate

resources

to

manage

the

Funds.

The

Trustees

also

considered

the

Advisor’s

compliance

program

and

noted

the

resources

it

has

dedicated

towards

compliance,

including

providing

a

qualified

compliance

officer

to

oversee

its

compliance

program.

The

Trustees

also

considered

the

Advisor’s

experience

and

consistency

in

incorporating

and

implementing

the

unique,

biblically-

based

management

style

that

is

a

stated

objective

of

all

the

Funds,

as

set

forth

in

the

Funds’

prospectus.

The

Trustees

noted

that

the

Advisor

had

managed

the

Funds

since

their

inceptions,

had

implemented

and

provided

continuous

monitoring

of

the

Biblically

Responsible

Investing

(“BRI”)

screens

utilized

by

the

Trust,

oversaw

and

monitored

the

ongoing

activities

of

the

Funds’

sub-advisor,

and

provided

general

management

services

to

the

Trust.

The

Trustees

next

considered

the

investment

performance

of

each

Fund

and

the

Advisor’s

performance

in

monitoring

the

investment

manager

of

the

Funds.

The

Trustees

noted

that

comprehensive

performance

information

had

been

provided

for

each

Fund

at

each

Trustees’

Meeting,

and

the

Trustees

incorporated

that

information

into

their

considerations.

The

Board

noted

that

each

of

the

Funds

has

a

strategy

to

track

a

specific

benchmark

and

they

considered

how

the

performance

of

each

Fund

compared

to

such

Fund’s

respective

benchmark

and

peer

group

while

acknowledging

that

the

BRI

screening

process

employed

by

the

Advisor

did

not

apply

to

the

funds

in

the

peer

groups.

After

review

of

the

Funds’

performance

over

time,

the

Trustees

concluded

that

each

Fund’s

performance

was

adequate,

and

that

the

Advisor

was

performing

its

responsibilities

in

a

professional

manner.

The

Trustees

next

reviewed

the

contractual

investment

advisory

fee

rates

payable

by

the

Funds,

noting

that

each

Fund

has

a

unitary

management

fee.

As

a

part

of

their

review,

the

Trustees

considered

each

Fund’s

unitary

management

fee

and

total

expense

ratio

compared

to

similar

funds.

The

Trustees

considered

the

fees

charged

by

the

Advisor

in

light

of

the

services

provided

to

the

Funds

by

the

Advisor,

the

unique

nature

of

the

Funds

and

their

BRI

screening

requirements,

and

the

Advisor’s

role

as

a

manager

of

managers.

After

full

and

careful

consideration

of

the

materials

presented

to

the

Trustees,

the

Trustees

made

the

following

conclusions:

The

fees

charged

by

the

Advisor

for

each

Fund

were

not

as

low

as

some

of

its

competitors

with

similar

screens,

but

the

fees

were

not

as

high

or

higher

than

other

competitors.

The

Trustees

concluded

that

the

fees

were

not

so

high

as

to

fall

outside

the

range

of

fees

negotiated

at

arm’s

length.

After

review

of

the

facts

and

circumstances

applicable

to

this

Trust,

the

Trustees

agreed

that

the

fees

charged

by

the

Advisor

were

fair

and

reasonable

in

light

of

the

services

provided

to

the

Funds.

The

Trustees

also

discussed

the

Advisor’s

current

fee

structure

and

whether

such

structure

would

allow

the

Funds

to

realize

economies

of

scale

as

they

grow.

The

Trustees

noted

that

the

current

fee

structure

did

not

include

breakpoints

that

would

reduce

the

Advisor’s

fee

rate

as

the

Funds

grow

in

assets,

but

the

Trustees

noted

that

the

Funds

currently

were

not

large

enough

to

realize

meaningful

economies

of

scale. 

Approval

of

Investment

Advisory

and

Sub-Advisory

Agreement

-

continued

June

30,

2024

Timothy

Plan

64

The

Trustees

then

reviewed

the

internal

operations

of

the

Advisor

and

examined

whether

the

Advisor

received

any

ancillary

benefits

from

its

relationship

with

the

Trust.

The

Trustees

noted

that

the

Advisor’s

business

was

devoted

exclusively

to

serving

the

Funds,

and

that

the

Advisor

did

not

realize

any

material

ancillary

benefits

or

profits

deriving

from

its

relationship

with

the

Funds

other

than

advisory

fees.

After

full

consideration

of

the

above

factors

as

well

as

other

factors,

the

Board,

with

the

Independent

Trustees

voting

separately,

unanimously

concluded

that

approval

of

the

continuance

of

the

Investment

Advisory

Agreement

was

in

the

best

interest

of

the

Funds

and

their

shareholders.

In

arriving

at

this

conclusion,

the

Trustees

noted

that

no

single

factor

was

responsible

for

the

Trustees’

decision

to

approve

the

continuation

of

the

Investment

Advisory

Agreement,

and

each

Trustee

weighed

the

factors

independently

in

coming

to

his

or

her

own

conclusions.

Further,

the

Independent

Trustees

were

advised

by

counsel

during

their

consideration

of

the

Advisory

Agreement

renewal

and

the

Sub-Advisor

Agreement

renewals.

Victory

Capital

Management,

Inc.;

 Sub-Advisor

to

each

of

the

Funds.

The

Trustees

next

considered

the

Sub-Advisory

Agreement

between

the

Trust,

TPL

and

Victory

Capital

Management,

Inc.

(“Victory”),

on

behalf

of

each

Fund.

The

Trustees

reviewed

the

2024

Annual

Investment

Sub-Advisory

Agreement

Renewal

Questionnaire

for

Victory

and

reviewed

the

materials

provided

by

Victory

in

support

of

the

continuance

of

the

Investment

Sub-Advisory

Agreement

(the

“Sub-Advisory

Agreement”),

including,

among

other

things,

Victory’s

financial

statements,

Form

ADV,

the

Compliance

Policies

and

Procedures

Manual,

information

regarding

Victory’s

key

personnel

and

brokerage

policies,

and

comparative

expense

and

performance

information.

The

Trustees

considered

the

following

factors,

among

others,

in

connection

with

determining

whether

to

approve

the

continuance

of

the

Sub-Advisory

Agreement.

The

Trustees

first

noted

that

TPL

recommended

that

the

Sub-Advisory

Agreement

should

be

renewed

for

an

additional

year.

The

Trustees

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

services

provided

to

each

Fund

by

Victory.

The

Trustees

reviewed

the

qualifications,

backgrounds,

and

responsibilities

of

the

key

personnel

who

oversee

the

investment

management

and

day-to-day

operations

of

the

Funds.

The

Trustees

considered

that

Victory

has

a

staff

of

skilled

investment

professionals

who

provide

research

and

trading

services

to

the

Fund

and

determined

that

Victory

possesses

adequate

resources

to

manage

the

Funds.

The

Trustees

also

considered

Victory’s

compliance

program

and

noted

the

resources

it

has

dedicated

towards

compliance,

including

providing

a

qualified

compliance

officer

to

oversee

its

compliance

program.

The

Trustees

next

considered

the

investment

performance

of

the

Funds

and

Victory’s

performance

in

managing

the

Funds.

The

Trustees

noted

that

comprehensive

performance

information

had

been

provided

for

the

Funds

at

each

Trustees

Meeting,

and

the

Trustees

incorporated

that

information

into

their

considerations.

As

each

Fund

is

an

index-based

ETF,

the

Board

additionally

reviewed

information

regarding

each

Fund’s

performance

as

compared

to

its

respective

underlying

index

for

various

time

periods.

The

Board

noted

management’s

explanation

that

analysis

of

investment

performance,

in

absolute

terms,

is

less

relevant

for

index-

based

Funds

than

it

is

for

actively

managed

funds,

given

the

Funds’

index-based

investment

objectives.

The

Board

also

noted

management’s

further

explanation

that

it

is

more

relevant

to

review

the

performance

of

the

Funds

by

focusing

on

the

extent

to

which

each

Fund

tracked

its

underlying

index.

The

Board

reviewed

information

regarding

each

Fund’s

index

tracking,

discussing,

as

applicable,

factors

which

contributed

to

each

Fund’s

tracking

error.

After

reviewing

each

Fund’s

performance

over

time,

the

Trustees

concluded

that

the

Funds’

performance

was

adequate,

and

that

Victory

was

performing

its

responsibilities

in

a

professional

manner.

The

Trustees

noted

that

the

fees

payable

to

Victory

were

paid

by

the

Advisor

out

of

the

unitary

management

fees

received.

Accordingly,

the

Trustees’

inquiry

was

limited

to

whether

those

fees

represented

a

fair

percentage

of

the

overall

fees

paid

to

the

Advisor

by

each

Fund

in

light

of

the

services

provided

by

Victory.

After

full

and

careful

consideration,

the

Trustees

agreed

that

the

fees

charged

by

Victory

and

paid

out

of

the

fees

received

by

the

Advisor

were

fair

and

reasonable

in

light

of

the

services

provided

by

Victory.

The

Independent

Trustees

considered

the

economies

of

scale

and

decided

that

this

particular

factor

was

moot

with

respect

to

the

Sub-Advisory

Agreement

because

Victory

was

paid

out

of

the

fees

paid

to

Advisor.

The

Independent

Trustees

also

considered

any

“fallout”

benefits

to

Victory

with

respect

to

the

Fund.

After

full

consideration

of

the

above

factors

as

well

as

other

factors,

the

Board,

with

the

Independent

Trustees

voting

separately,

unanimously

concluded

that

approval

of

the

continuance

of

the

Sub-Advisory

Agreement

was

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

this

conclusion,

the

Trustees

noted

that

no

single

factor

was

responsible

for

the

Trustees’

decision

to

approve

the

continuation

of

the

Sub-Advisory

Agreement,

and

each

Trustee

weighed

the

factors

independently

in

coming

to

his

or

her

own

conclusions.

Visit

our

website

at

etf.timothyplan.com

Call

Timothy

Plan

at

800.846.7526

Timothy

Plan

1055

Maitland

Center

Commons

Maitland,

Florida

32751

PAST

PERFORMANCE

DOES

NOT

GUARANTEE

FUTURE

RESULTS,

AND

YOU

MAY

LOSE

MONEY.

You

should

consider

the

Fund’s

investment

objectives,

risks,

charges,

and

expenses.

This

and

other

important

information

can

be

found

in

the

Fund’s

prospectus.

To

obtain

a

copy,

visit

timothyplan.com

or

call

800.846.7526.

Read

the

prospectus

carefully

before

investing

or

sending

money.

ETFs

distributed

by

Foreside

Fund

Services,

LLC,

member

FINRA

and

SIPC.

Timothy

Partners,

Ltd.

is

not

affiliated

with

Foreside

Fund

Services,

LLC.

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

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

Not applicable.

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

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

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

Not applicable.

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)  Not applicable ^__ only for annual reports.

(a)(2)  Not applicable.

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

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

SIGNATURES

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

(Registrant) Timothy Plan                                                                                                                                                                                      

By (Signature and Title)     /s/ Arthur D. Ally                                                                                                                                 

                                                                    Arthur D. Ally, Principal Executive Officer and Principal Financial Officer

Date      September 5, 2024________________________

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

By (Signature and Title)     /s/ Arthur D. Ally                                                                                                                                 

                                                                    Arthur D. Ally, Principal Executive Officer and Principal Financial Officer

Date      September 5, 2024________________________