Timothy Plan Small Cap Value Fund NCSR Certified annual shareholder report (management investment company)

Timothy Plan Small Cap Value Fund (TPLNX) N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-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:December 31, 2019

Item 1. Reports to Stockholders.

LOGO

ANNUAL REPORT

December 31, 2019


		Ticker Symbol

TIMOTHY PLAN US SMALL CAP CORE ETF		TPSC

TIMOTHY PLAN US LARGE CAP CORE ETF		TPLC

TIMOTHY PLAN HIGH DIVIDEND STOCK ETF		TPHD

TIMOTHY PLAN INTERNATIONAL ETF		TPIF

Listed and traded on: The New York Stock Exchange

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission (the “SEC”), paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.timothyplan.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically or to continue receiving paper copies of shareholder reports, which are available free of charge, by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Fund documents that have been mailed to you.

Table of Contents



Shareholder Letter (Unaudited)		1

Letter from the Manager (Unaudited)		2

Fund Performance (Unaudited)		4

Schedule of Portfolio Investments		6

Statements of Assets and Liabilities		61

Statements of Operations		63

Statements of Changes in Net Assets		65

Financial Highlights		67

Notes to Financial Statements		68

Report of Independent Registered Public Accounting Firm		81

Other Information		82

Trustees and Executive Officers of the Trust		85

December 31, 2019

Dear Timothy Plan ETF Shareholder:

Timothy Partners, Ltd. is pleased to have added four (4) Exchange Traded Funds (“ETFs”) to our Timothy Plan Mutual Fund Family (TPLC and TPHD were launched5-1-19 and TPSC and TPIF were added12-3-19).

Although the markets have been rather mixed during this period, we believe our strategy as implemented by oursub-advisor, Victory Capital Management (“VCM”), with our Biblically Responsible screens and VCM’s smart beta index management style have thus far proven to be very competitive in these various markets. Our returns were 9.01% and 9.00% from inception to December 31, 2019 in the US Large Cap Core and High Dividend Stock ETFs, respectively, compared to the Victory US Large Cap Volatility Weighted BRI Index at 9.39% return and the Victory US Large Cap High Yield Dividend Volatility Weighted BRI Index at 9.38%. The other two ETFs, the US Small Cap Core and International ETFs were available for less than a month, and although they were both showing positive results, it is too early to characterize their performance patterns. In all four ETFs the smart beta strategy utilized by oursub-advisor for the past few years will continue to be employed. ETF’s are designed to mimic their indexes, so future performance will align with Index performance.

As you know, no one can predict future events or investment results, nevertheless we believe you will be pleased with our performance over full market cycles. Please review VCM’s report that follows for more detailed information.

Thank you for your convictions that led you to become part of the Timothy Plan Family of Funds.

Sincerely,

Arthur D. Ally, President

Timothy Plan US Large Cap Core ETF – TPLC

Letter from the Manager – December 31, 2019

The Timothy Plan US Large Cap Core ETF (“Fund”) seeks to provide investment results that track the performance of the Victory US Large Cap Volatility Weighted BRI Index (“Index”) before fees and expenses.

Since the inception date of May 1, 2019 through December 31, 2019, the Fund returned 9.01% compared to the Index’s return of 9.39%. The primary difference in performance versus the underlying benchmark can be attributed to underlying fund fees.

When comparing performance relative to a broadmarket-cap based Index, such as the S&P 500, Industrials and Consumer Discretionary sectors contributed positively to the Funds relative performance. Information Technology and Health Care detracted from performance relative to the S&P 500. Underweights to the top 10 companies within the S&P 500, which accounted for 24% of its composition, was a key driver in relative underperformance.

VICTORY CAPITAL MANAGEMENT, INC.

Timothy Plan High Dividend Stock ETF – TPHD

Letter from the Manager – December 31, 2019

The Timothy Plan High Dividend Stock ETF (“Fund”) seeks to provide investment results that track the performance of the Victory US Large Cap High Dividend Volatility Weighted BRI Index (“Index”) before fees and expenses.

Since the inception date of May 1, 2019 through December 31, 2019, the Fund returned 9.00% compared to the Index’s return of 9.38%. The primary difference in performance versus the underlying benchmark can be attributed to underlying fund fees.

When comparing performance relative to a broadmarket-cap based Index such as the Russell 1000 Value, the Utilities and Financials sectors contributed positively to the Funds relative performance. Materials and Consumer Discretionary sectors detracted from performance relative to the Russell 1000 Value. Positive stock selection within the top quartile of the highest yields stocks was a key factor in outperformance relative to the Russell 1000 Value.

VICTORY CAPITAL MANAGEMENT, INC.

Fund Performance - (Unaudited)

December 31, 2019

Timothy Plan US Large Cap Core ETF

Expense Ratios

Gross

0.52%

Past performance is not indicative of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month’s end, please visit www.timothyplan.com.

The above expense ratios are from the Fund’s prospectus dated April 29, 2019 (as amended on December 2, 2019). Additional information pertaining to the Fund’s expense ratios as of December 31, 2019 can be found in the financial highlights.

LOGO

¹	The Victory US Large Cap Volatility Weighted BRI Total Return Index is comprised of the 500 largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters.

The graph reflects investment growth of a hypothetical $10,000 investment of the Fund.Past performance is no guarantee of future results.

Timothy Plan High Dividend Stock ETF

Expense Ratios

Gross

0.52%

LOGO

The Victory US Large Cap High Dividend Volatility Weighted BRI Total Return Index is comprised of the largest 100 dividend yielding stocks among the largest U.S. companies by market capitalization from the Victory US Large Cap Volatility Weighted BRI Index, with positive earnings in each of the four most recent quarters.

The graph reflects investment growth of a hypothetical $10,000 investment of the Fund.Past performance is no guarantee of future results.

Schedule of Portfolio Investments

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.8%)

Communication Services (1.6%):
Cogent Communications Holdings, Inc.		480		31,589
Fluent, Inc.(a)		3,704		9,260
MSG Networks, Inc.(a)		1,152		20,045
QuinStreet, Inc.(a)		1,040		15,922
Shenandoah Telecommunication Co.		720		29,960
Techtarget, Inc.(a)		688		17,957
Telephone & Data Systems, Inc.		752		19,123
The Meet Group, Inc.(a)		3,064		15,351

				159,207

Consumer Discretionary (13.4%):
Acushnet Holdings Corp.		1,072		34,840
American Public Education, Inc.(a)		736		20,159
America’sCar-Mart, Inc.(a)		248		27,196
Asbury Automotive Group, Inc.(a)		264		29,513
At Home Group, Inc.(a)		704		3,872
Bloomin’ Brands, Inc.		1,088		24,012
Boot Barn Holdings, Inc.(a)		400		17,812
Brinker International, Inc.		512		21,504
Cavco Industries, Inc.(a)		80		15,630
Century Communities, Inc.(a)		664		18,160
Cheesecake Factory, Inc.		664		25,803
Conn’s, Inc.(a)		520		6,443
Dave & Buster’s		416		16,711
del Taco Restaurants, Inc.(a)		2,344		18,529
Denny’s Corp.(a)		1,520		30,218
Dine Brands Global, Inc.		264		22,049
Dorman Products, Inc.(a)		248		18,779
Fox Factory Holding Corp.(a)		344		23,932
Funko, Inc.(a)		680		11,669
Garrett Motion, Inc.(a)		1,616		16,144

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (continued)
G-III Apparel Group, Ltd.(a)		464		15,544
Group 1 Automotive, Inc.		240		24,000
Haverty Furniture Cos., Inc.		944		19,031
Hilton Grand Vacations(a)		632		21,734
Hooker Furniture Corp.		728		18,702
Installed Building Products(a)		320		22,038
iRobot Corp.(a)		248		12,556
Jack In The Box, Inc.		256		19,976
KB Home		656		22,481
La Z Boy, Inc.		616		19,392
LCI Industries		224		23,997
LGI Homes, Inc.(a)		232		16,391
M/I Homes, Inc.(a)		576		22,666
Malibu Boats, Inc.(a)		512		20,966
MarineMax, Inc.(a)		984		16,423
Mastercraft Boat Holdings, Inc.(a)		880		13,860
MDC Holdings, Inc.		576		21,980
Meritage Corp.(a)		272		16,622
Modine Manufacturing Co.(a)		1,336		10,287
Monro, Inc.		280		21,896
Movado Group, Inc.		568		12,348
Murphy USA, Inc.(a)		328		38,375
Oxford Industries, Inc.		320		24,134
PetMed Express, Inc.		832		19,568
Rent-A-Center, Inc.		760		21,918
RH(a)		80		17,080
Ruth’s Hospitality Group, Inc.		1,624		35,347
Sally Beauty Holdings, Inc.(a)		976		17,812
Shoe Carnival, Inc.		392		14,614
Sonic Automotive, Inc.		472		14,632
Stamps.com, Inc.(a)		80		6,682
Standard Motor Products		528		28,100

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (continued)
Steven Madden, Ltd.		616		26,495
Stitch Fix, Inc.(a)		520		13,343
Stoneridge, Inc.(a)		760		22,283
Sturm Ruger & Co.		456		21,446
Tailored Brands, Inc.		2,008		8,313
Taylor Morrison Home Corp.(a)		944		20,636
The Buckle, Inc.		776		20,983
The Children’s Place, Inc.		192		12,004
The Michaels Cos., Inc.(a)		1,088		8,802
Tilly’s, Inc.		1,360		16,660
Tri Pointe Group, Inc.(a)		1,592		24,804
Tupperware Corp.		776		6,658
Visteon Corp.(a)		144		12,469
William Lyon Homes, Inc.(a)		904		18,062
Wingstop, Inc.		280		24,144
Winnebago Industries, Inc.		464		24,583
Wolverine World Wide, Inc.		720		24,293
Yeti Holdings, Inc.(a)		360		12,521
Zumiez, Inc.(a)		464		16,027

				1,368,653

Consumer Staples (4.2%):
B&G Foods, Inc.		1,152		20,655
Central Garden And Pet Co.(a)		528		15,502
elf Beauty, Inc.(a)		744		12,001
Hostess Brands, Inc.(a)		2,368		34,430
Ingles Markets, Inc.		656		31,167
Inter Parfums, Inc.		384		27,921
John B. Sanfilippo & Son, Inc.		264		24,098
Lifevantage Corp.(a)		992		15,485
Medifast, Inc.		192		21,039
National Beverage Corp.(a)		336		17,143

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Staples (continued)
PriceSmart, Inc.		256		18,181
Sprouts Farmers Market, Inc.(a)		1,456		28,174
The Chefs’ Warehouse, Inc.(a)		680		25,915
The Simply Good Foods Co.(a)		888		25,344
Tootsie Roll Industries, Inc.		968		33,048
Usana Health Sciences, Inc.(a)		224		17,595
WD-40 Co.		176		34,169
Weis Markets, Inc.		816		33,039

				434,906

Energy (3.2%):
Apergy Corp.(a)		640		21,619
Arch Coal, Inc.		232		16,644
Archrock, Inc.		1,808		18,152
Cactus, Inc.		632		21,691
CONSOL Energy, Inc.(a)		1,240		17,992
Core Laboratories N.V.		352		13,260
Delek US Holdings, Inc.		448		15,021
Falcon Minerals Corp.		2,400		16,944
Gulfport Energy Corp.(a)		3,632		11,041
Liberty Oilfield Services, Inc.		1,432		15,924
Magnolia Oil & Gas Corp.(a)		1,744		21,940
Matrix Service Co.(a)		896		20,500
Murphy Oil Corp.		744		19,939
Newpark Resources, Inc.(a)		1,968		12,339
Peabody Energy Corp.		960		8,755
Propetro Holding Corp.(a)		1,256		14,130
Rex American Resources Corp.(a)		272		22,293
Solaris Oilfield Infrast		1,296		18,144
World Fuel Services Corp.		536		23,274

				329,602

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.7%):
Ameris BanCorp		624		26,545
Amerisafe, Inc.		624		41,202
Artisan Partners Asset Management, Inc., Class A		952		30,769
Atlantic Union Bankshares		664		24,933
Axos Financial, Inc.(a)		712		21,559
Bancfirst Corp.		552		34,467
BancorpSouth Bank		968		30,405
Banner Corp.		480		27,163
Berkshire Hills BanCorp, Inc.		856		28,145
Brookline BanCorp, Inc.		2,216		36,475
Cannae Holdings, Inc.(a)		1,032		38,380
Capitol Federal Financial, Inc.		2,728		37,455
Cathay General BanCorp		808		30,744
Centerstate Banks, Inc.		1,168		29,177
City Holding Co.		408		33,436
Cohen & Steers, Inc.		584		36,651
Columbia Banking System, Inc.		720		29,293
Columbia Financial, Inc.(a)		2,568		43,503
CVB Financial Corp.		1,512		32,629
Employers Holdings, Inc.		784		32,732
Enterprise Financial Services Corp.		640		30,854
FB Financial Corp.		712		28,188
FBL Financial Group, Inc., Class A		520		30,644
First BanCorp.		2,496		26,433
First Busey Corp.		1,216		33,440
First Commonwealth Financial Corp.		2,336		33,895
First Financial BanCorp.		1,096		27,882
First Interstate Bancsys		816		34,207
First Merchants Corp.		672		27,948
First Midwest BanCorp, Inc.		1,416		32,653
First Source		664		34,448
Fulton Financial Corp.		1,976		34,442

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (continued)
Great Western BanCorp, Inc.		752		26,124
Heartland Financial USA, Inc.		568		28,252
Hilltop Holdings, Inc.		1,192		29,717
Home Bancshares, Inc.		1,264		24,850
Hope BanCorp, Inc.		1,712		25,440
Houlihan Lokey, Inc.		688		33,623
Independent Bank Group, Inc.		504		27,942
International Bancshares Corp.		688		29,632
James River Group Holdings Ltd.		1,000		41,210
Kearny Financial Corp.		2,880		39,830
Kinsale Capital Group, Inc.		240		24,398
Lakeland Financial Corp.		712		34,838
Meta Financial Group, Inc.		552		20,154
Moelis & Co.		696		22,216
National General Holdings Corp.		1,320		29,172
Navient Corp.		1,848		25,281
NBT BanCorp, Inc.		920		37,315
Nelnet, Inc.		528		30,750
NMI Holdings, Inc.(a)		784		26,013
Northwest Bancshares, Inc.		2,472		41,110
Oceanfirst Financial Corp.		1,360		34,734
Old National BanCorp		1,824		33,361
Pacific Premier BanCorp, Inc.		744		24,258
Park National Corp.		304		31,124
Pennymac Financial Services		912		31,044
PRA Group, Inc.(a)		752		27,298
Provident Financial Services, Inc.		1,400		34,510
Renasant Corp.		744		26,352
S&T BanCorp, Inc.		832		33,521
Safety Insurance Group, Inc.		352		32,571
Sandy Spring BanCorp		864		32,728
Seacoast Banking Corp.(a)		1,024		31,304

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (continued)
Servisfirst Bancshares, Inc.		776		29,240
Simmons First National Corp., Class A		1,056		28,290
South State Corp.		368		31,924
Southside Bancshares, Inc.		920		34,169
Texas Capital Bancshares, Inc.(a)		376		21,346
Tompkins Financial Corp.		368		33,672
Towne Bank		1,080		30,046
Trico Bancshares		920		37,546
Trustmark Corp.		872		30,093
United Community Banks, Inc.		912		28,163
Veritex Holdings, Inc.		1,088		31,693
Waddell & Reed Financial		1,600		26,752
Walker & Dunlop, Inc.		408		26,389
Washington Federal, Inc.		872		31,959
WesBanco, Inc.		784		29,627
Westamerica BanCorp.		544		36,867
WSFS Financial Corp.		648		28,506

				2,507,651

Health Care (8.2%):
Addus Homecare Corp.(a)		248		24,111
AMN Healthcare Services, Inc.(a)		400		24,924
ANI Pharmaceuticals, Inc.(a)		320		19,734
Anika Therapeutics, Inc.(a)		240		12,444
Atrion Corp.		40		30,060
Biolife Solutions, Inc.(a)		768		12,426
Biospecifics Technologies Corp.(a)		416		23,687
Biotelemetry, Inc.(a)		456		21,113
Computer Programs & Systems		888		23,443
CONMED Corp.		304		33,996
Corcept Therapeutics, Inc.(a)		1,048		12,681
CorVel Corp.(a)		352		30,751

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (continued)
Eagle Pharmaceuticals, Inc.(a)		280		16,822
Enanta Pharmaceuticals, Inc.(a)		256		15,816
Ensign Group, Inc.		512		23,229
Healthstream, Inc.(a)		1,136		30,899
Innoviva, Inc.(a)		1,784		25,262
Inogen, Inc.(a)		216		14,759
Integer Holdings Corp.(a)		304		24,451
Iradimed Corp.(a)		504		11,784
Lantheus Holdings, Inc.(a)		792		16,244
Lemaitre Vascular, Inc.		552		19,844
Medpace Holdings, Inc.(a)		192		16,140
Meridian Bioscience, Inc.		1,912		18,680
Merit Medical Systems, Inc.(a)		544		16,984
National Healthcare Corp.		440		38,029
Nextgen Healthcare, Inc.(a)		1,072		17,227
Omnicell, Inc.(a)		208		16,998
Patterson Cos., Inc.		1,408		28,836
Phibro Animal Health Corp.		600		14,898
Quidel Corp.(a)		296		22,209
Select Medical Holdings Corp.(a)		1,536		35,850
Simulations Plus, Inc.		480		13,954
Staar Surgical Co.(a)		464		16,319
Supernus Pharmaceuticals, Inc.(a)		632		14,991
Tactile Systems Technology, Inc.(a)		368		24,844
Tivity Health, Inc.(a)		1,048		21,322
U.S. Physical Therapy, Inc.		192		21,955
Utah Medical Products, Inc.		208		22,443

				830,159

Industrials (23.6%):
AAON, Inc.		440		21,740
ABM Industries, Inc.		744		28,056
Aerovironment, Inc.(a)		296		18,275

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (continued)
Aircastle, Ltd.		1,272		40,717
Alamo Group, Inc.		208		26,114
Albany International Corp.		280		21,258
Allegiant Travel Co.		192		33,416
Ameresco, Inc.(a)		1,456		25,480
American Woodmark Corp.(a)		216		22,574
Applied Industrial Technologies, Inc.		432		28,810
Arcbest Corp.		648		17,885
Astronics Corp.(a)		504		14,087
Atkore International Group, Inc.(a)		736		29,779
AZZ, Inc.		664		30,511
Barnes Group, Inc.		472		29,245
BMC Stock Holdings, Inc.(a)		936		26,854
Brady Corp.		592		33,898
Builders FirstSource, Inc.(a)		888		22,564
Chart Industries, Inc.(a)		304		20,517
Comfort Systems USA, Inc.		440		21,934
Continental Bldg Prods, Inc.(a)		752		27,395
DMC Global, Inc.		248		11,145
DXP Enterprise, Inc.(a)		376		14,969
Echo Global Logistics, Inc.(a)		888		18,382
Encore Wire Corp.		456		26,174
Energy Recovery, Inc.(a)		1,608		15,742
EnerSys		304		22,748
Ennis, Inc.		1,528		33,081
ESCO Technologies, Inc.		384		35,521
Federal Signal Corp.		784		25,284
Forward Air Corp.		440		30,777
Franklin Electric Co.		528		30,265
GATX Corp.		344		28,500
Gibraltar Industries, Inc.(a)		664		33,493
GMS, Inc.(a)		544		14,732

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (continued)
Gorman-Rupp Co.		736		27,600
H&E Equipment Services, Inc.		664		22,198
Healthcare Services Group		664		16,148
Heartland Express, Inc.		1,320		27,785
Heidrick & Struggles International, Inc.		576		18,720
Helios Technologies, Inc.		352		16,273
Hillenbrand, Inc.		720		23,983
HNI Corp.		656		24,574
Hub Group, Inc., Class A(a)		440		22,568
ICF International, Inc.		384		35,182
Interface, Inc.		1,272		21,102
Jeld-Wen Holding, Inc.(a)		1,032		24,159
Kadant, Inc.		288		30,338
Kaman Corp.		520		34,278
Kennametal, Inc.		664		24,495
Kimball International, Inc.		1,224		25,300
Knoll, Inc.		1,104		27,887
Kratos Defense & Security Solutions, Inc.(a)		896		16,137
Marten Transport Ltd.		920		19,771
Matson, Inc.		624		25,459
Matthews International Corp., Class A		520		19,848
McGrath Rentcorp		392		30,004
Meritor, Inc.(a)		976		25,561
Mesa Air Group, Inc.(a)		1,816		16,235
Moog, Inc.		280		23,892
MRC Global, Inc.(a)		1,488		20,296
Mueller Industries, Inc.		760		24,130
MYR Group, Inc.(a)		576		18,772
National Presto Industries, Inc.		264		23,335
Now, Inc.(a)		1,664		18,703
NV5 Global, Inc.(a)		176		8,879
Patrick Industries, Inc.		352		18,455

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (continued)
PGT Innovations, Inc.(a)		1,024		15,268
Primoris Services Corp.		1,208		26,866
Proto Labs, Inc.(a)		144		14,623
Raven Industries, Inc.		672		23,157
Regal Beloit Corp.		392		33,558
Resources Connection, Inc.		1,848		30,178
Rush Enterprises, Inc., Class A		656		30,504
Ryder System, Inc.		376		20,421
Saia, Inc.(a)		200		18,624
Simpson Manufacturing Co., Inc.		408		32,734
SkyWest, Inc.		448		28,954
SP Plus Corp.(a)		808		34,284
Spirit Airlines, Inc.(a)		432		17,414
SPX Corp.(a)		592		30,121
Standex International Corp.		224		17,774
Steelcase, Inc., Class A		1,160		23,734
Systemax, Inc.		728		18,316
Tennant Co.		288		22,441
The Greenbrier Cos., Inc.		576		18,680
Thermon Group Holdings, Inc.(a)		1,112		29,802
TriMas Corp.(a)		1,088		34,174
Trinity Industries, Inc.		1,080		23,922
Triton International Ltd.		712		28,622
TrueBlue, Inc.(a)		1,024		24,637
U.S. Ecology, Inc.		392		22,701
Universal Forest Products, Inc.		520		24,804
Universal Logistics Holdings, Inc.		736		13,955
Valmont Industries, Inc.		224		33,551
Vectrus, Inc.(a)		312		15,993
Vicor Corp.(a)		416		19,436
Wabash National Corp.		1,592		23,386
Werner Enterprises, Inc.		736		26,783

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (continued)
WESCO International, Inc.(a)		520		30,883

				2,424,289

Information Technology (10.8%):
Advanced Energy Industries, Inc.(a)		320		22,784
Anixter International, Inc.(a)		296		27,262
AVX Corp.		1,448		29,641
Axcelis Technologies, Inc.(a)		968		23,324
Badger Meter, Inc.		528		34,282
Belden, Inc.		296		16,280
Benchmark Electronics, Inc.		880		30,236
Brooks Automation, Inc.		400		16,784
Cass Information Systems, Inc.		576		33,258
Comtech Telecommunications Corp.		520		18,455
CSG Systems International, Inc.		472		24,440
CTS Corp.		736		22,087
Digi International, Inc.(a)		1,504		26,651
Diodes, Inc.(a)		408		22,999
Ebix, Inc.		392		13,097
eplus, Inc.(a)		224		18,881
Evertec, Inc.		680		23,147
Exlservice Holdings, Inc.(a)		472		32,785
Fabrinet(a)		312		20,230
FormFactor, Inc.(a)		960		24,931
Greensky, Inc.(a)		1,464		13,030
Ichor Holding Ltd.(a)		664		22,091
II-VI, Inc.(a)		504		16,970
Insight Enterprises, Inc.(a)		408		28,678
Intelligent Systems Corp.(a)		152		6,071
KEMET Corp.		632		17,096
ManTech International Corp.		416		33,230
Mesa Laboratories, Inc.		64		15,962

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (continued)
Methode Electronics, Inc.		576		22,666
MTS Systems Corp.		552		26,513
Napco SEC System, Inc.(a)		424		12,461
NIC, Inc.		824		18,416
Onto Innovation, Inc.(a)		472		17,247
OSI Systems, Inc.(a)		232		23,372
Paysign, Inc.(a)		656		6,658
PC Connection, Inc.		408		20,261
Perficient, Inc.(a)		616		28,379
Photronics, Inc.(a)		1,816		28,620
Plexus Corp.(a)		376		28,929
Power Integrations, Inc.		224		22,156
Progress Software Corp.		488		20,276
Rogers Corp.(a)		96		11,974
ScanSource, Inc.(a)		768		28,378
Semtech Corp.(a)		336		17,774
Smart Global Holdings, Inc.(a)		408		15,480
SPS Commerce, Inc.(a)		424		23,498
Sykes Enterprises, Inc.(a)		1,096		40,542
Ttec Holdings, Inc.		496		19,652
Virtusa Corp.(a)		424		19,220
Vishay Intertechnology, Inc.		1,088		23,164

				1,110,318

Materials (7.7%):
Advansix, Inc.(a)		768		15,329
Allegheny Technologies, Inc.(a)		872		18,016
American Vanguard Corp.		1,360		26,479
Balchem Corp.		208		21,139
Cabot Corp.		448		21,289
Carpenter Technology Corp.		368		18,319
Chase Corp.		216		25,592

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES	VALUE ($)
Materials (continued)
Chemours Co.	840	15,196
Commercial Metals Co.	960	21,379
Domtar Corp.	648	24,780
Ferro Corp.(a)	1,472	21,830
Futurefuel Corp.	1,264	15,661
GCP Applied Technologies(a)	1,016	23,073
Greif, Inc., Class A	456	20,155
H.B. Fuller Co.	496	25,579
Hawkins, Inc.	472	21,622
Innophos Holdings, Inc.	624	19,956
Innospec, Inc.	304	31,445
Intrepid Potash, Inc.(a)	4,536	12,293
Kaiser Aluminum Corp.	256	28,387
Kraton Corp.(a)	608	15,395
Kronos Worldwide, Inc.	1,520	20,368
Louisiana-Pacific Corp.	984	29,195
Minerals Technologies, Inc.	408	23,513
Neenah, Inc.	368	25,918
PolyOne Corp.	648	23,840
PQ Group Holdings, Inc.(a)	1,560	26,801
Quaker Chemical Corp.	144	23,691
Ryerson Holding Corp.(a)	1,608	19,023
Schnitzer Steel Industries, Inc.	864	18,732
Sensient Technologies Corp.	512	33,837
Stepan Co.	304	31,142
SunCoke Energy, Inc.	2,768	17,245
U.S. Steel Corp.	1,088	12,414
Warrior Met Coal, Inc.	856	18,087
Worthington Industries, Inc.	608	25,645

		792,365

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF

December 31, 2019

SECURITY DESCRIPTION

SHARES

VALUE ($)

Real Estate (0.2%):

Marcus & Millichap, Inc.(a)

648

24,138

24,138

Utilities (2.2%):

Chesapeake Utilities Corp.

392

37,565

MGE Energy, Inc.

416

32,789

Middlesex Water Co.

416

26,445

Otter Tail Corp.

760

38,981

SJW Group

624

44,342

Unitil Corp.

584

36,103

216,225

Total Common Stocks (Cost $9,849,296)

10,197,513

Total Investments (Cost $9,849,296) — 99.8%(b)

10,197,513

Other assets in excess of liabilities — 0.2%

24,294

NET ASSETS - 100.00%

10,221,807

Percentages indicated are based on net assets as of December 31, 2019.

(a)	Non-income producing security.

(b)	See Federal Tax Information listed in the Notes to Financial Statements.

See notes to financial statements.

Schedule of Portfolio Investments

Timothy Plan US Large Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.7%)

Communication Services (0.5%):
Cable One, Inc.		467		695,115

				695,115

Consumer Discretionary (9.0%):
Advance Auto Parts, Inc.		2,392		383,103
Aptiv PLC		3,658		347,400
AutoZone, Inc.(a)		423		503,924
Booking Holdings, Inc.(a)		197		404,585
BorgWarner, Inc.		8,605		373,285
Bright Horizons Family Solutions, Inc.(a)		3,552		533,829
Burlington Stores, Inc.(a)		1,309		298,491
CarMax, Inc.(a)		4,142		363,129
Columbia Sportswear Co.		3,548		355,474
Dollar General Corp.		2,666		415,843
Dr Horton, Inc.		7,433		392,091
Five Below(a)		2,179		278,607
Garmin Ltd.		4,364		425,752
Gentex Corp.		15,057		436,352
Genuine Parts Co.		5,459		579,910
Grand Canyon Education, Inc.(a)		2,496		239,092
Kohl’s Corp.		4,856		247,413
Lear Corp.		2,760		378,672
Lennar Corp.		6,908		385,397
LKQ Corp.(a)		11,789		420,867
Mohawk Industries, Inc.(a)		2,377		324,175
NVR, Inc.(a)		117		445,584
O’Reilly Automotive, Inc.(a)		1,196		524,159
Pool Corp.		2,196		466,386
Pultegroup, Inc.		10,810		419,428
Ross Stores, Inc.		4,154		483,609
Service Corp. International		11,385		524,052

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Large Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (continued)
Tapestry, Inc.		8,126		219,158
Tractor Supply Co.		4,329		404,502
Yum China Holdings, Inc.		7,251		348,121

				11,922,390

Consumer Staples (2.4%):
Casey’s General Stores, Inc.		2,959		470,451
Costco Wholesale Corp.		1,974		580,199
Lamb Weston Holding, Inc.		5,650		486,069
McCormick & Co., Inc.		2,855		484,579
Monster Beverage Corp.(a)		6,168		391,976
The JM Smucker Co.		4,244		441,928
US Foods Holding Corp.(a)		11,415		478,174

				3,333,376

Energy (3.9%):
Cabot Oil & Gas Corp.		20,489		356,713
ConocoPhillips		6,349		412,875
Continental Resources, Inc.		6,465		221,750
Diamondback Energy, Inc.		3,277		304,302
EOG Resources, Inc.		4,236		354,807
Halliburton Co.		13,644		333,869
HollyFrontier Corp.		5,865		297,414
Kinder Morgan, Inc.		29,207		618,313
Marathon Oil Corp.		21,075		286,199
Occidental Petroleum Corp.		8,341		343,733
ONEOK, Inc.		7,120		538,770
Phillips 66		4,370		486,862
Schlumberger Ltd.		9,385		377,277
Valero Energy Corp.		3,737		349,970

				5,282,854

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Large Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (11.9%):
Aflac, Inc.		12,758		674,898
Arch Capital Group Ltd.(a)		14,179		608,137
Arthur J Gallagher & Co.		6,939		660,801
Assurant, Inc.		4,147		543,589
BOK Financial Corp.		5,123		447,750
Brown & Brown, Inc.		16,109		635,983
CBOE Global Markets, Inc.		4,624		554,880
Commerce Bancshares, Inc.		8,817		599,027
Credit Acceptance Corp.(a)		891		394,116
E*TRADE Financial Corp.		9,386		425,843
East West BanCorp, Inc.		7,131		347,280
FactSet Research Systems, Inc.		1,756		471,135
Fidelity National Financial, Inc.		12,179		552,318
First American Financial Corp.		9,119		531,820
Franklin Resources, Inc.		14,760		383,465
Globe Life, Inc.		6,329		666,127
Intercontinental Exchange, Inc.		6,844		633,411
Invesco Ltd.		22,501		404,568
LPL Financial Holdings, Inc.		4,232		390,402
MarketAxess Holdings, Inc.		910		344,990
Morningstar, Inc.		3,461		523,684
MSCI, Inc.		1,682		434,259
New York Community BanCorp, Inc.		32,940		395,939
People’s United Financial, Inc.		28,029		473,690
Reinsurance Group of America, Inc.		3,680		600,061
Santander Consumer USA Holdings, Inc.		16,824		393,177
SEI Investments Co.		7,595		497,321
Signature Bank		3,284		448,627
SVB Financial Group(a)		1,408		353,464
Synovus Financial Corp.		9,728		381,338
TCF Financial Corp.		9,084		425,131

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Large Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (continued)
WR Berkley Corp.		9,725		671,998

				15,869,229

Health Care (11.0%):
ABIOMED, Inc.(a)		1,287		219,549
Agilent Technologies, Inc.		5,154		439,688
Align Technology, Inc.(a)		1,016		283,505
Bruker Corp.		7,320		373,100
Centene Corp.(a)		6,616		415,948
Cerner Corp.		6,833		501,474
Charles River Laboratories International, Inc.(a)		2,867		437,963
Chemed Corp.		1,408		618,478
DENTSPLY Sirona, Inc.		6,511		368,457
Edwards Lifesciences Corp.(a)		1,573		366,965
Elanco Animal Health, Inc.(a)		12,544		369,421
Encompass Health Corp.		6,217		430,652
Exelixis, Inc.(a)		16,719		294,589
Henry Schein, Inc.(a)		6,824		455,297
Hill-Rom Holdings, Inc.		4,682		531,547
IDEXX Laboratories, Inc.(a)		1,467		383,078
Illumina, Inc.(a)		988		327,759
Incyte Corp.(a)		4,073		355,654
Insulet Corp.(a)		1,503		257,314
Intuitive Surgical, Inc.(a)		708		418,534
IQVIA Holdings, Inc.(a)		3,083		476,354
Jazz Pharmaceuticals PLC(a)		2,947		439,928
Masimo Corp.(a)		2,564		405,266
Mettler-Toledo International(a)		610		483,901
Molina Healthcare, Inc.(a)		2,293		311,137
PerkinElmer, Inc.		5,262		510,940
PRA Health Sciences, Inc.(a)		3,859		428,928
Regeneron Pharmaceuticals, Inc.(a)		1,119		420,162

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Large Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (continued)
ResMed, Inc.		2,502		387,735
Teleflex, Inc.		1,285		483,725
Varian Medical Systems, Inc.(a)		4,063		576,988
Veeva Systems, Inc.(a)		1,780		250,375
Vertex Pharamaceuticals, Inc.(a)		2,083		456,073
Waters Corp.(a)		1,609		375,943
West Pharmaceutical Services, Inc.		3,046		457,905
Zoetis, Inc.		3,770		498,959

				14,813,291

Industrials (22.0%):
Aecom(a)		12,267		529,076
AGCO Corp.		4,864		375,744
Allegion PLC		5,370		668,780
Allison Transmission Holding, Inc.		9,192		444,157
AMERCO, Inc.		1,264		475,036
Ametek, Inc.		6,038		602,230
AO Smith Corp.		8,203		390,791
Bwx Technologies, Inc.		6,751		419,102
Carlisle Companies, Inc.		3,156		510,767
Caterpillar, Inc.		2,889		426,648
CH Robinson Worldwide, Inc.		5,331		416,884
Cintas Corp.		1,691		455,014
Copart, Inc.(a)		5,760		523,814
Costar Group, Inc.(a)		582		348,211
CSX Corp.		6,311		456,664
Deere & Co.		2,158		373,895
Donaldson Co., Inc.		7,814		450,243
Dover Corp.		4,639		534,691
Eaton Corp. PLC		5,458		516,982
Emerson Electric Co.		6,410		488,827
Expeditors International of Washington, Inc.		6,546		510,719

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Large Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (continued)
Fastenal Co.		11,166		412,584
Flowserve Corp.		7,142		355,457
Fortive Corp.		6,953		531,140
Fortune Brands Home & Security, Inc.		6,664		435,426
Gardner Denver Holdings, Inc.(a)		9,709		356,126
General Dynamics Corp.		2,860		504,361
Graco, Inc.		10,723		557,596
HD Supply Holdings, Inc.(a)		12,194		490,443
HEICO Corp.		3,236		369,389
Hexcel Corp.		6,141		450,197
Honeywell International, Inc.		3,548		627,996
Hubbell, Inc.		3,370		498,153
Huntington Ingalls Industries, Inc.		2,159		541,650
IDEX Corp.		3,282		564,504
Illinois Tool Works, Inc.		2,843		510,688
J.B. Hunt Transport Services, Inc.		3,270		381,871
Kansas City Southern		3,149		482,301
Knight-Swift Transportation Holdings, Inc.		6,622		237,332
L3Harris Technologies, Inc.		1,983		392,376
Lennox International, Inc.		2,007		489,647
Masco Corp.		8,205		393,758
Middleby Corp.(a)		3,359		367,878
Nordson Corp.		3,061		498,453
Norfolk Southern Corp.		2,445		474,648
Old Dominion Freight Line, Inc.		2,249		426,815
PACCAR, Inc.		6,430		508,613
Parker Hannifin Corp.		2,086		429,341
Rollins, Inc.		11,553		383,097
Roper Technologies, Inc.		1,593		564,288
Snap-on, Inc.		2,550		431,970
Spirit Aerosystems Holdings, Inc.		4,185		305,003
Teledyne Technologies, Inc.(a)		1,565		542,335

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Large Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (continued)
Toro Co.		7,321		583,265
TransDigm Group, Inc.		685		383,600
Transunion		5,364		459,212
Union Pacific Corp.		2,861		517,241
United Rentals, Inc.(a)		2,248		374,899
Verisk Analytics, Inc.		4,478		668,744
Waste Management, Inc.		6,142		699,943
Watsco, Inc.		2,841		511,805
Woodward, Inc.		3,382		400,564
XPO Logistics, Inc.(a)		2,991		238,383
Xylem, Inc.		6,315		497,559

				29,768,926

Information Technology (19.5%):
Advanced Micro Devices, Inc.(a)		5,937		272,271
Akamai Technologies, Inc.(a)		5,048		436,046
Alliance Data Systems Corp.		2,465		276,573
Amphenol Corp.		4,755		514,634
Analog Devices, Inc.		3,085		366,621
ANSYS, Inc.(a)		1,901		489,336
Arista Networks, Inc.(a)		1,099		223,537
Aspen Technology, Inc.(a)		2,491		301,237
Black Knight, Inc.(a)		10,475		675,428
Broadcom, Inc.		1,191		376,380
CACI International, Inc.(a)		1,813		453,232
Cadence Design Systems, Inc.(a)		5,834		404,646
CDW Corp.		3,067		438,090
Ciena Corp.(a)		6,268		267,581
Citrix Systems, Inc.		6,461		716,525
Cognex Corp.		5,956		333,774
Cognizant Technology Solutions Corp.		6,425		398,479
Dolby Laboratories, Inc.		6,423		441,902

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Large Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (continued)
DXC Technology Co.		7,203		270,761
Entegris, Inc.		7,045		352,884
EPAM Systems, Inc.(a)		1,856		393,769
Euronet Worldwide, Inc.(a)		2,787		439,120
F5 Networks, Inc.(a)		2,797		390,601
Fair Isaac Corp.(a)		1,107		414,771
Fidelity National Information Services, Inc.		3,840		534,106
Fiserv, Inc.(a)		4,028		465,758
Fleetcor Technologies, Inc.(a)		1,407		404,822
FLIR Systems, Inc.		8,195		426,714
Fortinet, Inc.(a)		3,988		425,759
Gartner, Inc.(a)		2,374		365,833
Genpact Ltd.		13,098		552,343
IPG Photonics Corp.(a)		1,789		259,262
Jack Henry & Associates, Inc.		3,944		574,522
Juniper Networks, Inc.		18,116		446,196
KLA Corp.		2,079		370,415
Lam Research Corp.		1,166		340,938
Manhattan Associates, Inc.(a)		3,287		262,138
Maxim Integrated Products, Inc.		6,222		382,715
Microchip Technology, Inc.		3,097		324,318
Micron Technology, Inc.(a)		4,843		260,457
Monolithic Power Systems, Inc.		2,204		392,356
National Instruments Corp.		10,322		437,033
NetApp, Inc.		5,117		318,533
NVIDIA Corp.		1,275		300,008
On Semiconductor Corp.(a)		13,245		322,913
Paychex, Inc.		6,945		590,742
Paycom Software, Inc.(a)		1,270		336,245
Paylocity Holding Corp.(a)		2,484		300,117
Qorvo, Inc.(a)		4,059		471,778
RealPage, Inc.(a)		6,515		350,181

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Large Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (continued)
Sabre Corp.		18,882		423,712
Seagate Technology PLC		5,573		331,594
Skyworks Solutions, Inc.		3,354		405,432
Ssnc Technologies Holdings, Inc.		5,769		354,217
Synopsys, Inc.(a)		2,885		401,592
TE Connectivity Ltd.		4,778		457,923
Teradyne, Inc.		4,036		275,215
The Trade Desk, Inc.(a)		802		208,344
Trimble, Inc.(a)		10,114		421,653
Tyler Technologies, Inc.(a)		1,672		501,633
Ubiquiti, Inc.		2,209		417,457
Universal Display Corp.		1,257		259,030
VeriSign, Inc.(a)		2,671		514,648
Western Union Co.		23,190		621,028
Wex, Inc.(a)		1,859		389,386
Xilinx, Inc.		2,307		225,555
Zebra Technologies Corp.(a)		1,284		327,985

				26,400,804

Materials (9.0%):
Albemarle Corp.		4,226		308,667
AptarGroup, Inc.		6,051		699,617
Ball Corp.		6,543		423,136
Celanese Corp.		3,173		390,660
CF Industries Holdings, Inc.		6,505		310,549
Crown Holdings, Inc.(a)		6,913		501,469
Eastman Chemical Co.		4,750		376,485
Ecolab, Inc.		3,001		579,162
FMC Corp.		4,877		486,822
International Flavors & Fragrances, Inc.		2,781		358,805
International Paper Co.		9,407		433,192
LyondellBasell Industries N.V., Class A		3,763		355,528

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Large Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (continued)
Martin Marietta Materials, Inc.		1,587		443,789
NewMarket Corp.		1,075		523,009
Nucor Corp.		7,412		417,147
Packaging Corp. of America		3,887		435,305
PPG Industries, Inc.		4,082		544,906
Reliance Steel & Aluminum Co.		4,158		497,963
Royal Gold, Inc.		3,448		421,518
RPM International, Inc.		7,320		561,883
Sealed Air Corp.		9,321		371,255
Sherwin-Williams Co.		807		470,917
Sonoco Products Co.		10,195		629,235
Steel Dynamics, Inc.		9,412		320,384
Vulcan Materials Co.		3,149		453,424
Westlake Chemical Corp.		4,140		290,421
Westrock Co.		8,326		357,269

				11,962,517

Real Estate (0.1%):
The Howard Hughes Corp.(a)		1,497		189,820

				189,820

Utilities (10.4%):
AES Corp.		31,475		626,353
Alliant Energy Corp.		13,755		752,674
American Electric Power Co., Inc.		7,994		755,513
American Water Works Co., Inc.		5,735		704,545
Atmos Energy Corp.		6,538		731,341
CenterPoint Energy, Inc.		21,471		585,514
CMS Energy Corp.		11,355		713,548
Consolidated Edison, Inc.		8,329		753,525
DTE Energy Co.		5,956		773,506
Evergy, Inc.		10,777		701,475
Eversource Energy		9,391		798,892

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan US Large Cap Core ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (continued)
FirstEnergy Corp.		13,668		664,265
IDACORP, Inc.		6,423		685,976
MDU Resources Group, Inc.		23,147		687,697
NextEra Energy, Inc.		3,070		743,431
OGE Energy Corp.		16,151		718,235
Pinnacle West Capital Corp.		7,400		665,482
PPL Corp.		20,508		735,827
Public Service Enterprise Group, Inc.		11,671		689,173
WEC Energy Group		7,519		693,477

				14,180,449

Total Common Stocks (Cost $126,672,202)				134,418,771

Total Investments (Cost $126,672,202) — 99.7%(b)				134,418,771

Other assets in excess of liabilities — 0.3%				376,242

NET ASSETS - 100.00%				134,795,013

Percentages indicated are based on net assets as of December 31, 2019.

(a)	Non-income producing security.

(b)	See Federal Tax Information listed in the Notes to Financial Statements.

Futures Contracts

Long Futures



Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 IndexE-mini March Future (U.S. Dollar)		3/20/20		2	$	323,110	$	4,554

							$	4,554

See notes to financial statements.

Schedule of Portfolio Investments

Timothy Plan High Dividend Stock ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.7%)

Consumer Discretionary (4.7%):
BorgWarner, Inc.		16,855		731,170
Garmin Ltd.		8,556		834,723
Genuine Parts Co.		10,711		1,137,830
Kohl’s Corp.		9,521		485,095
Lear Corp.		5,393		739,920
Tapestry, Inc.		15,934		429,740

				4,358,478

Consumer Staples (0.9%):
The JM Smucker Co.		8,306		864,904

				864,904

Energy (8.6%):
Cabot Oil & Gas Corp.		40,136		698,768
ConocoPhillips		12,454		809,884
Halliburton Co.		26,718		653,789
HollyFrontier Corp.		11,521		584,230
Kinder Morgan, Inc.		57,232		1,211,601
Occidental Petroleum Corp.		16,371		674,649
ONEOK, Inc.		13,940		1,054,840
Phillips 66		8,582		956,121
Schlumberger Ltd.		18,363		738,193
Valero Energy Corp.		7,293		682,989

				8,065,064

Financials (14.7%):
Aflac, Inc.		24,984		1,321,654
Arthur J Gallagher & Co.		13,602		1,295,318
Assurant, Inc.		8,115		1,063,714
BOK Financial Corp.		10,012		875,049
East West BanCorp, Inc.		13,978		680,729
Fidelity National Financial, Inc.		23,865		1,082,278

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (continued)
First American Financial Corp.		17,874		1,042,412
Franklin Resources, Inc.		28,925		751,472
Invesco Ltd.		44,113		793,151
New York Community BanCorp, Inc.		64,515		775,470
People’s United Financial, Inc.		54,933		928,367
Santander Consumer USA Holdings, Inc.		32,958		770,228
Signature Bank		6,452		881,408
Synovus Financial Corp.		19,090		748,328
TCF Financial Corp.		17,774		831,823

				13,841,401

Health Care (0.9%):
Encompass Health Corp.		12,163		842,531

				842,531

Industrials (20.2%):
AO Smith Corp.		16,053		764,765
Caterpillar, Inc.		5,677		838,379
CH Robinson Worldwide, Inc.		10,428		815,470
Deere & Co.		4,207		728,905
Dover Corp.		9,079		1,046,446
Eaton Corp. PLC		10,709		1,014,356
Emerson Electric Co.		12,531		955,614
Fastenal Co.		21,854		807,505
General Dynamics Corp.		5,594		986,502
Honeywell International, Inc.		6,933		1,227,141
Hubbell, Inc.		6,604		976,203
Illinois Tool Works, Inc.		5,540		995,150
Norfolk Southern Corp.		4,760		924,059
PACCAR, Inc.		12,595		996,265
Parker Hannifin Corp.		4,089		841,598
Snap-on, Inc.		4,971		842,087
TransDigm Group, Inc.		1,333		746,480

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (continued)
Union Pacific Corp.		5,597		1,011,881
Waste Management, Inc.		12,039		1,371,964
Watsco, Inc.		5,534		996,950

				18,887,720

Information Technology (13.3%):
Alliance Data Systems Corp.		4,821		540,916
Analog Devices, Inc.		6,065		720,765
Broadcom, Inc.		2,333		737,275
DXC Technology Co.		14,083		529,380
Juniper Networks, Inc.		35,493		874,193
KLA Corp.		4,070		725,152
Lam Research Corp.		2,258		660,239
Maxim Integrated Products, Inc.		12,175		748,884
National Instruments Corp.		20,250		857,385
NetApp, Inc.		9,995		622,189
Paychex, Inc.		13,626		1,159,028
Sabre Corp.		36,965		829,495
Seagate Technology PLC		10,946		651,287
Skyworks Solutions, Inc.		6,561		793,093
TE Connectivity Ltd.		9,389		899,842
Western Union Co.		45,457		1,217,338

				12,566,461

Materials (13.0%):
Albemarle Corp.		8,248		602,434
Celanese Corp.		6,225		766,422
CF Industries Holdings, Inc.		12,717		607,110
Eastman Chemical Co.		9,307		737,673
FMC Corp.		9,583		956,575
International Flavors & Fragrances, Inc.		5,459		704,320
International Paper Co.		18,430		848,702
LyondellBasell Industries N.V., Class A		7,369		696,223

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (continued)
Nucor Corp.		14,505		816,341
Packaging Corp. of America		7,642		855,828
Reliance Steel & Aluminum Co.		8,144		975,326
RPM International, Inc.		14,338		1,100,584
Sonoco Products Co.		19,969		1,232,486
Steel Dynamics, Inc.		18,453		628,140
Westrock Co.		16,321		700,334

				12,228,498

Utilities (23.4%):
AES Corp.		61,663		1,227,094
Alliant Energy Corp.		26,944		1,474,376
American Electric Power Co., Inc.		15,632		1,477,380
CenterPoint Energy, Inc.		42,057		1,146,894
CMS Energy Corp.		22,212		1,395,802
Consolidated Edison, Inc.		16,329		1,477,285
DTE Energy Co.		11,687		1,517,791
Evergy, Inc.		21,097		1,373,204
Eversource Energy		18,388		1,564,267
FirstEnergy Corp.		26,789		1,301,945
MDU Resources Group, Inc.		45,335		1,346,903
OGE Energy Corp.		31,656		1,407,742
Pinnacle West Capital Corp.		14,475		1,301,737
PPL Corp.		40,195		1,442,197
Public Service Enterprise Group, Inc.		22,849		1,349,233
WEC Energy Group		14,724		1,357,995

				22,161,845

Total Common Stocks (Cost $87,668,881)				93,816,902

Total Investments (Cost $87,668,881) — 99.7%(a)				93,816,902

Other assets in excess of liabilities — 0.3%				315,142

NET ASSETS - 100.00%				94,132,044

Percentages indicated are based on net assets as of December 31, 2019.

(a)	See Federal Tax Information listed in the Notes to Financial Statements.

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock ETF

December 31, 2019

Futures Contracts

Long Futures


Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 IndexE-mini March Future (U.S. Dollar)		3/20/20		1	$	161,555		$ (137)

								$ (137)

See notes to financial statements.

Schedule of Portfolio Investments

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.6%)

Australia (6.5%):
Communication Services (0.5%):
Rea Group Ltd.		670		48,699
Telstra Corp. Ltd.		25,817		64,121
				112,820

Consumer Staples (0.6%):
Wesfarmers, Ltd.		2,240		65,064
Woolworths Group Ltd.		2,803		71,112
				136,176

Energy (0.8%):
Origin Energy Ltd.		9,553		56,635
Santos Ltd.		9,985		57,305
Woodside Petroleum Ltd.		2,746		66,237
				180,177

Financials (1.5%):
ASX Ltd.		1,315		72,342
Commonwealth Bank of Australia		1,280		71,754
Insurance Australia Group Ltd.		14,035		75,428
National Australia Bank Ltd.		3,567		61,639
Suncorp Group Ltd.		7,273		66,132
				347,295

Health Care (1.1%):
Cochlear Ltd.		350		55,185
CSL Ltd.		361		69,844
Ramsay Health Care Ltd.		1,276		64,932
Sonic Healthcare Ltd.		3,662		73,866
				263,827

Industrials (0.5%):
Aurizon Holdings Ltd.		17,518		64,280
Brambles Ltd.		7,946		65,338
				129,618

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Australia (6.5%): (continued)

Information Technology (0.1%):
Wisetech Global Ltd.		1,191		19,528
				19,528

Materials (1.1%):
BHP Group Ltd.		2,485		67,856
BHP Group PLC		2,481		58,383
Fortescue Metals Group Ltd.		4,512		33,840
Newcrest Mining Ltd.		1,815		38,521
Rio Tinto Ltd.		788		55,507
				254,107

Utilities (0.3%):
AGL Energy Ltd.		4,300		61,937
				61,937
				1,505,485

Austria (0.5%):
Energy (0.3%):
OMV AG		1,043		58,585
				58,585

Financials (0.2%):
Erste Group Bank AG		1,394		52,472
				52,472
				111,057

Belgium (1.0%):
Financials (0.6%):
Ageas		1,566		92,529
KBC Group NV		747		56,185
				148,714

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Belgium (1.0%): (continued)
Materials (0.4%):
Solvay SA		445		51,559
Umicore		746		36,280
				87,839
				236,553

Bermuda (0.5%):
Industrials (0.2%):
Jardine Matheson Holdings Ltd.		1,000		55,600
				55,600

Real Estate (0.3%):
Hongkong Land Holdings Ltd.		10,000		57,500
				57,500
				113,100

Canada (9.6%):
Consumer Discretionary (0.9%):
Dollarama, Inc.		1,347		46,300
Gildan Activewear, Inc.		2,093		61,884
Magna International, Inc.		946		51,876
Restaurant Brands International, Inc.		795		50,686
				210,746

Consumer Staples (1.7%):
Alimentation Couche-Tard, Inc.		2,208		70,080
Empire Co. Ltd.		2,645		62,051
Loblaw Cos. Ltd.		1,717		88,600
Metro, Inc.		2,606		107,560
Saputo, Inc.		2,341		72,480
				400,771

Energy (1.4%):
Imperial Oil Ltd.		2,522		66,721
Inter Pipeline Ltd.		3,790		65,794

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Canada (9.6%): (continued)
Energy (1.4%): (continued)
Pembina Pipelines Corp.		2,502		92,746
TC Energy Corp.		1,795		95,611
				320,872

Financials (1.7%):
Great-West Lifeco, Inc.		3,269		83,739
National Bank of Canada		2,327		129,182
Power Corp.		3,226		83,110
Power Financial Corp.		3,571		96,096
				392,127

Industrials (0.7%):
Canadian National Railway Co.		924		83,597
Canadian Pacific Railway, Ltd.		322		82,094
				165,691

Information Technology (1.0%):
CGI, Inc. (a)		1,241		103,866
Constellation Software, Inc.		48		46,623
Open Text Corp.		1,619		71,349
				221,838

Materials (0.6%):
CCL Industries, Inc.		1,376		58,626
Kirkland Lake Gold Ltd.		704		31,036
Teck Resources Ltd., Class B		2,266		39,303
				128,965

Utilities (1.6%):
Canadian Utilities Ltd., Class A		3,505		105,738
Emera, Inc.		2,844		122,202
Fortis, Inc.		3,618		150,137
				378,077
				2,219,087

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Chile (0.2%):
Materials (0.2%):
Antofagasta PLC		3,165		38,430
				38,430

Denmark (2.3%):
Financials (0.5%):
Danske Bank A/S		2,766		44,765
Tryg A/S		2,712		80,413
				125,178

Health Care (0.8%):
Coloplast A/S		581		72,083
Demant A/S (a)		1,717		54,081
Genmab A/S (a)		244		54,270
				180,434

Industrials (0.5%):
DSV Panalpina A S		562		64,781
Vestas Wind Systems A/S		546		55,183
				119,964

Materials (0.5%):
Christian Hansen Holding A/S		558		44,349
Novozymes A/S, Class B Shares		1,200		58,731
				103,080
				528,656

Finland (1.8%):
Energy (0.2%):
Neste OYJ		1,447		50,344
				50,344

Financials (0.6%):
Nordea Bank ABP		6,319		51,046
Sampo OYJ		1,694		73,929
				124,975

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Finland (1.8%): (continued)
Industrials (0.3%):
Kone OYJ		1,141		74,584
				74,584
Materials (0.4%):
Stora ENSO OYJ, Class R Shares		2,853		41,487
UPM-Kymmene OYJ		1,421		49,265
				90,752
Utilities (0.3%):
Fortum OYJ		2,510		61,935
				61,935
				402,590
France (8.6%):
Consumer Discretionary (1.1%):
Compagnie Generale DES Etablissements Michelin		401		49,069
Hermes International SA		100		74,721
PSA Peugeot Citroen		1,837		43,886
Renault SA		688		32,549
SEB SA		295		43,808
				244,033
Financials (1.2%):
Amundi SA		776		60,839
CNP Assurances SA		3,120		62,044
Credit Agricole SA		3,830		55,522
Natixis		9,765		43,350
Societe Generale		1,403		48,806
				270,561
Health Care (1.0%):
bioMerieux		618		55,002
Essilorluxottica		368		56,051
Ipsen SA		381		33,759
Orpea		384		49,229
Sartorius Stedim Biotech		281		46,551
				240,592

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

France (8.6%): (continued)
Industrials (3.6%):
Aeroports de Paris		324		63,995
Airbus Group SE		420		61,466
Bollore		14,288		62,339
Bureau Veritas SA		2,446		63,812
Edenred		1,232		63,702
Eiffage SA		622		71,159
Groupe Eurotunnel SA		4,021		69,950
Legrand SA		829		67,541
Safran SA		361		55,734
Schneider Electric SA		647		66,400
Teleperformance		219		53,400
Thales SA		546		56,659
Vinci SA		657		72,952
				829,109
Information Technology (0.4%):
ATOS SE		568		47,347
Dassault Systemes SA		300		49,311
				96,658
Materials (0.4%):
Air Liquide SA		585		82,805
				82,805
Utilities (0.9%):
Engie		4,097		66,171
Suez		4,380		66,247
Veolia Environnement		2,820		74,993
				207,411
				1,971,169
Germany (5.4%):
Consumer Discretionary (0.6%):
Bayerische Motoren Werke (BMW) AG		817		67,022

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Germany (5.4%): (continued)
Consumer Discretionary (0.6%): (continued)
Continental AG		321		41,498
Puma SE		545		41,780
				150,300
Consumer Staples (0.3%):
Beiersdorf AG		575		68,781
				68,781
Financials (1.5%):
Deutsche Boerse AG		451		70,894
Hannover Rueck SE		434		83,872
Muenchener Rueckversicherungs-Gesellschaft AG		311		91,739
Talanx AG		1,904		94,348
				340,853
Health Care (0.5%):
Carl Zeiss Meditec AG		361		46,037
Fresenius Medical Care AG		827		61,182
				107,219
Industrials (1.5%):
Brenntag AG		1,085		58,997
Deutsche Post AG		2,075		79,152
Fraport AG Frankfurt Airport		725		61,622
MTU Aero Engines AG		224		63,966
Rational AG		89		71,573
				335,310
Information Technology (0.2%):
Infineon Technologies AG		1,969		44,853
Wirecard AG		108		13,022
				57,875
Materials (0.6%):
Evonik Industries AG		1,846		56,338
Symrise AG		708		74,486
				130,824

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Germany (5.4%): (continued)
Real Estate (0.2%):
Deutsche Wohnen SE		1,355		55,350
				55,350
				1,246,512
Hong Kong (5.4%):
Consumer Discretionary (0.2%):
Techtronic Industries Co.		5,500		44,858
				44,858
Consumer Staples (0.3%):
Sun Art Retail Group Ltd.		34,000		41,236
WH Group Ltd.		32,500		33,577
				74,813
Financials (0.5%):
AIA Group Ltd.		5,400		56,690
Hang Seng Bank		3,100		64,055
				120,745
Health Care (0.1%):
Sino Biopharmaceutical Ltd.		20,000		27,978
				27,978
Industrials (0.7%):
CK Hutchison Holdings Ltd.		8,000		76,285
MTR Corp. Ltd.		11,500		67,966
				144,251
Real Estate (2.4%):
CK Asset Holdings Ltd.		8,000		57,753
Hang Lung Properties Ltd.		24,452		53,663
Henderson Land Development Co. Ltd.		11,000		53,999
New World Development Co. Ltd.		34,000		46,603
Shimao Property Holdings Ltd.		11,500		44,572
Sino Land Co. Ltd.		38,000		55,207
Sun Hung KAI Properties Ltd.		3,834		58,702

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Hong Kong (5.4%): (continued)
Real Estate (2.4%): (continued)
Swire Pacific Ltd., Class A		6,500		60,397
Wharf Real Estate Investment		8,000		48,821
Wheelock & Co. Ltd.		11,000		73,340
				553,057
Utilities (1.2%):
CK Infrastructure Holdings Ltd.		11,500		81,839
Hong Kong & China Gas Co. Ltd.		38,000		74,227
Power Assets Holdings Ltd.		15,500		113,388
				269,454
				1,235,156

Ireland (1.4%):
Consumer Staples (0.3%):
Kerry Group PLC		594		74,019
				74,019

Industrials (0.8%):
DCC PLC		695		60,235
Experian PLC		2,128		71,923
Kingspan Group PLC		910		55,575
				187,733

Materials (0.3%):
CRH PLC		1,691		67,653
				67,653
				329,405
Israel (1.1%):
Financials (0.6%):
Bank Hapoalim BM		8,724		72,405
Bank Leumi		10,227		74,481
				146,886

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Israel (1.1%): (continued)
Information Technology (0.3%):
Nice Ltd. (a)		396		61,442
				61,442

Real Estate (0.2%):
Azrieli Group Ltd.		708		51,787
				51,787
				260,115
Italy (2.8%):
Consumer Discretionary (0.2%):
Moncler SpA		1,139		51,190
				51,190

Consumer Staples (0.3%):
Davide Campari - Milano SpA		6,141		56,066
				56,066

Energy (0.6%):
Eni SpA		4,667		72,477
Snam SpA		13,185		69,298
				141,775

Financials (0.9%):
Assicurazioni Generali SpA		4,489		92,617
Intesa Sanpaolo SpA		21,595		56,883
Poste Italiane SpA		4,603		52,247
				201,747

Industrials (0.2%):
Atlantia SpA		1,787		41,670
				41,670

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Italy (2.8%): (continued)
Utilities (0.6%):
ENEL SpA		9,621		76,314
Terna SpA		10,729		71,648
				147,962
				640,410

Japan (19.5%):
Communication Services (1.0%):
KDDI Corp.		2,500		74,858
Nippon Telegraph & Telephone Corp.		3,000		76,132
NTT DoCoMo, Inc.		3,100		86,688
				237,678

Consumer Discretionary (3.0%):
Bridgestone Corp.		1,900		71,180
Denso Corp.		1,400		63,995
Fast Retailing Co. Ltd.		100		59,831
Hikari Tsushin, Inc.		200		50,497
Nitori Co. Ltd.		400		63,421
Oriental Land Co. Ltd.		400		54,786
Pan Pacific International Holdings Corp.		3,400		56,677
Panasonic Corp.		7,200		68,229
Shimano ORD		400		65,427
Sumitomo Electric Industries Ltd.		5,000		76,031
Toyota Industries Corp.		1,100		64,092
				694,166

Consumer Staples (0.7%):
KAO Corp.		700		58,151
Unicharm Corp.		1,600		54,492
Yakult Honsha Co. Ltd.		1,000		55,504
				168,147

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Japan (19.5%): (continued)
Financials (3.0%):
DAI-Ichi Life Holdings, Inc.		3,500		58,521
Japan Exchange Group, Inc.		3,500		62,178
Japan Post Bank Co. Ltd.		9,100		87,951
Japan Post Holdings Co. Ltd.		9,300		87,829
ORIX Corp.		4,400		73,347
Resona Holding, Inc.		14,800		65,254
Sony Financial Holdings, Inc.		2,900		70,151
Sumitomo Mitsui Financial Group, Inc.		2,400		89,205
Sumitomo Mitsui Trust Holdings, Inc.		2,200		87,826
				682,262

Health Care (1.7%):
Chugai Pharmaceutical Co. Ltd.		800		74,227
Hoya Corp.		600		57,714
Kyowa Kirin Co. Ltd.		3,000		71,051
ONO Pharmaceutical Co. Ltd.		3,000		69,091
Shionogi & Co. Ltd.		1,100		68,517
Terumo Corp.		1,600		57,216
				397,816

Industrials (6.2%):
ANA Holdings, Inc.		2,700		90,513
Central Japan Railway Co.		200		40,501
Daikin Industries Ltd.		400		56,885
East Japan Railway Co.		800		72,592
Fanuc Corp.		300		56,139
Hankyu Hanshin Holdings, Inc.		1,700		73,233
Japan Airlines Co. Ltd.		2,700		84,425
KEIO Corp.		900		54,759
Kintetsu Group Holdings Co. Ltd.		1,300		70,839
Kubota Corp.		3,500		55,606

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Japan (19.5%): (continued)
Industrials (6.2%): (continued)
Marubeni Corp.		8,000		59,691
Mitsubishi Corp.		2,700		72,073
Mitsubishi Electric Corp.		3,900		53,794
Mitsubishi Heavy Industries Ltd.		1,800		70,383
Nidec Corp.		400		55,247
Odakyu Railway		2,900		68,095
Secom Co. Ltd.		800		71,995
SG Holdings Co. Ltd.		2,200		49,816
Sumitomo Corp.		4,200		62,783
Tokyu Corp.		3,400		63,187
Toyota Tsusho Corp.		1,600		56,848
West Japan Railway Co.		1,000		86,902
				1,426,306

Information Technology (1.7%):
Canon, Inc.		2,700		74,223
Fujifilm Holdings Corp.		1,500		72,211
Keyence Corp.		200		70,858
Kyocera Corp.		1,000		68,851
Nomura Research Institute Ltd.		2,300		49,497
NTT Data Corp.		3,800		51,313
				386,953

Materials (0.9%):
Mitsubishi Chemical Holdings Corp.		6,900		51,922
Nippon Paint Holdings Co. Ltd.		900		46,723
Shin-Etsu Chemical Co. Ltd.		500		55,504
Taiyo Nippon Sanso Corp.		2,200		49,168
				203,317

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Japan (19.5%): (continued)
Real Estate (1.3%):
Daito Trust Construction Co. Ltd.		400		49,632
Daiwa House Industry Co. Ltd.		1,700		53,047
Mitsubishi Estate Co. Ltd.		2,900		55,776
Mitsui Fudosan Co. Ltd.		2,600		63,947
Sumitomo Realty & Development		2,000		70,177
				292,579
				4,489,224
Korea, Republic Of (4.4%):
Communication Services (0.6%):
Naver Corp.		313		50,484
SK Telecom Co. Ltd.		368		75,745
				126,229

Consumer Discretionary (0.4%):
Hyundai Mobis		214		47,379
KIA Motors Corp.		1,307		50,073
				97,452

Consumer Staples (0.2%):
LG Household & Health Care Ltd.		42		45,803
				45,803

Energy (0.2%):
SK Innovation Co. Ltd.		317		41,123
				41,123

Financials (1.0%):
Hana Financial Group, Inc.		1,877		59,899
KB Financial Group, Inc.		1,430		58,929
Samsung Fire & Marine Insurance Co. Ltd.		259		54,541
Shinhan Financial Group Co. Ltd.		1,674		62,759
				236,128

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Korea, Republic Of (4.4%): (continued)
Health Care (0.2%):
Celltrion, Inc. (a)		230		35,995
				35,995

Industrials (0.8%):
LG Corp.		935		59,676
Samsung C&T Corp.		691		64,839
SK Holdings Co. Ltd.		247		55,966
				180,481

Information Technology (0.8%):
Samsung Electronics Co. Ltd.		1,188		57,330
Samsung SDI Co. Ltd.		208		42,453
Samsung SDS Co. Ltd.		298		50,126
SK Hynix, Inc.		500		40,690
				190,599

Materials (0.2%):
LG Chem Ltd.		180		49,425
				49,425
				1,003,235
Luxembourg (0.7%):
Energy (0.2%):
Tenaris SA		3,844		43,330
				43,330

Health Care (0.2%):
Eurofins Scientific		66		36,583
				36,583

Real Estate (0.3%):
Aroundtown SA		8,296		74,290
				74,290
				154,203

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Netherlands (1.9%):
Financials (0.3%):
EXOR NV		767		59,428
				59,428
Industrials (0.6%):
Randstad NV		981		59,900
Wolters Kluwer NV		1,005		73,291
				133,191

Information Technology (0.4%):
Adyen NV (a)		57		46,734
ASML Holding N.V.		186		55,013
				101,747

Materials (0.6%):
AKZO Nobel N.V		762		77,467
Koninklijke DSM NV		470		61,202
				138,669
				433,035
Norway (1.7%):
Consumer Staples (0.6%):
Mowi ASA		2,202		57,256
Orkla ASA, Class A		7,139		72,364
				129,620

Energy (0.4%):
AKER BP ASA		1,147		37,640
Statoil ASA		2,558		51,152
				88,792

Financials (0.5%):
DNB ASA		3,176		59,349
Gjensidige Forsikring ASA		3,128		65,669
				125,018

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019

SECURITY DESCRIPTION

SHARES

VALUE ($)

Norway (1.7%): (continued)

Materials (0.2%):

Yara International ASA

1,113

46,314

46,314

389,744

Portugal (0.2%):

Consumer Staples (0.2%):

Jeronimo Martins & Filho SA

2,906

47,799

47,799

Russian Federation (0.2%):

Materials (0.2%):

Evraz PLC

6,770

36,223

36,223

Singapore (3.5%):

Communication Services (0.4%):

Singapore Telecommunications Ltd.

35,100

87,972

87,972

Consumer Discretionary (0.2%):

Jardine Cycle & Carriage Ltd.

2,500

55,964

55,964

Consumer Staples (0.3%):

Wilmar International Ltd.

25,500

78,135

78,135

Financials (1.1%):

DBS Group Holdings Ltd.

4,200

80,839

Oversea-Chinese Banking Corp. Ltd.

11,100

90,643

United Overseas Bank

4,100

80,530

252,012

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Singapore (3.5%): (continued)
Industrials (1.1%):
Keppel Corp. Ltd.		17,000		85,594
Singapore Airlines Ltd.		14,200		95,470
Singapore Tech Engineering Ltd.		25,900		75,893
				256,957

Real Estate (0.4%):
Capitaland Ltd.		28,500		79,484
				79,484
				810,524
Spain (3.2%):
Consumer Discretionary (0.3%):
Industria de Diseno Textil SA		1,867		65,857
				65,857

Energy (0.3%):
Repsol SA		4,031		62,980
				62,980

Financials (0.2%):
Caixabank SA		13,945		43,763
				43,763

Health Care (0.3%):
Grifols SA		1,900		66,979
				66,979

Industrials (0.6%):
ACS Actividades de Construccion y Servicios SA		1,429		57,139
Aena SME SA		395		75,537
				132,676

Information Technology (0.2%):
Amadeus IT Group SA		761		62,138
				62,138

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Spain (3.2%): (continued)
Utilities (1.3%):
Endesa SA		3,140		83,784
Iberdrola SA		8,490		87,416
Naturgy Energy Group SA		2,742		68,890
Red Electrica Corp.		3,387		68,095
				308,185
				742,578
Sweden (3.5%):
Communication Services (0.3%):
Telia Co. AB		18,327		78,781
				78,781
Consumer Staples (0.5%):
Essity Aktiebolag, Class B		1,962		63,239
ICA Gruppen AB		1,194		55,751
				118,990

Financials (0.7%):
Skandinavisk Enskilda Banken AB		5,434		51,117
Svenska Handelsbanken AB		6,164		66,423
Swedbank AB, Class A Shares		2,404		35,803
				153,343

Industrials (1.8%):
ALFA Laval AB		2,233		56,258
ASSA Abloy AB		2,690		62,916
Atlas Copco AB, Class A Shares		1,590		63,441
Epiroc AB, Class A		4,221		51,549
Sandvik AB		3,007		58,657
Skanska AB		2,591		58,581
Volvo AB		3,372		56,503
				407,905

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Sweden (3.5%): (continued)
Information Technology (0.2%):
Hexagon AB, Class B Shares		874		49,005
				49,005
				808,024
Switzerland (7.6%):
Communication Services (0.4%):
Swisscom AG		175		92,709
				92,709

Consumer Discretionary (0.5%):
CIE Financiere Richemont SA		745		58,562
Swatch Group AG		189		52,739
				111,301

Consumer Staples (0.7%):
Barry Callebaut AG		35		77,336
Chocoladefabriken Lindt & Spruengli AG		11		85,433
				162,769

Financials (1.5%):
Baloise Holding AG		481		86,994
Julius Baer Group Ltd.		1,057		54,543
Partners Group Holding AG		105		96,297
Swiss Life Holding AG		202		101,417
				339,251

Health Care (0.8%):
Sonova Holding AG		274		62,723
Straumann Holding AG		73		71,702
Vifor Pharma AG		307		56,048
				190,473

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

Switzerland (7.6%): (continued)
Industrials (1.8%):
ABB Ltd.		3,538		85,452
Geberit AG		172		96,559
Kuehne & Nagel International AG		411		69,321
Schindler Holding AG		289		73,534
SGS SA		35		95,892
				420,758

Information Technology (0.3%):
Stmicroelectronics NV		1,439		38,687
Temenos AG		280		44,333
				83,020

Materials (1.6%):
EMS-Chemie Holding AG		94		61,834
Givaudan SA		32		100,240
Glencore PLC		14,251		44,420
Lafargeholcim Ltd.		1,336		74,145
Sika AG		419		78,747
				359,386
				1,759,667
United Kingdom (5.8%):
Communication Services (0.6%):
BT Group PLC		23,951		61,043
Informa PLC		6,032		68,464
				129,507

Consumer Discretionary (0.7%):
Barratt Developments PLC		5,816		57,508
Burberry Group PLC		1,612		47,075
Next PLC		605		56,233
				160,816

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019


SECURITY DESCRIPTION	SHARES		VALUE ($)

United Kingdom (5.8%): (continued)
Consumer Staples (0.3%):
Associated British Foods PLC		2,081		71,603
				71,603

Financials (1.3%):
3I Group PLC		4,517		65,686
Hargreaves Lansdown PLC		1,693		43,387
Legal & General Group PLC		16,047		64,395
London Stock Exchange Group		507		52,039
Schroders PLC		1,393		61,508
				287,015

Health Care (0.3%):
Smith & Nephew PLC		3,138		76,158
				76,158

Industrials (1.6%):
Ashtead Group PLC		1,716		54,862
Bunzl PLC		2,387		65,282
Ferguson PLC		669		60,692
International Consolidated Airlines Group SA		6,038		49,979
Intertek Group PLC		905		70,141
Smiths Group PLC		3,207		71,653
				372,609

Information Technology (0.3%):
Halma PLC		2,477		69,416
				69,416

Materials (0.7%):
Anglo American PLC		1,769		50,910
Mondi PLC		2,366		55,542
Rio Tinto PLC		953		56,835
				163,287
				1,330,411

See notes to financial statements.

Schedule of Portfolio Investments — continued

Timothy Plan International ETF

December 31, 2019

SECURITY DESCRIPTION

SHARES

VALUE ($)

United States (0.3%):

Industrials (0.3%):

Waste Connections, Inc.

862

78,306

78,306

Total Common Stocks (Cost $22,251,271)

22,920,698

Rights (0.0%)

Spain (0.0%):

Energy (0.0%):

Repsol SA Expires 01/08/20 @ $0.00(a)

3,978

1,887

1,887

Total Rights (Cost $1,880)

1,887

Total Investments (Cost $22,253,151) — 99.6%(b)

22,922,585

Other assets in excess of liabilities — 0.4%

95,689

NET ASSETS - 100.00%

23,018,274

Percentages indicated are based on net assets as of December 31, 2019.

(a)	Non-income producing security.

(b)	See Federal Tax Information listed in the Notes to Financial Statements.

See notes to financial statements.


		Statements of Assets and Liabilities

Timothy Plan		December 31, 2019


		Timothy Plan US Small Cap Core ETF		Timothy Plan US Large Cap Core ETF

ASSETS:
Investments, at value (Cost $9,849,296 and $126,672,202)	$	10,197,513	$	134,418,771
Cash and cash equivalents		21,152		244,998
Deposits with brokers for futures contracts		100		46,867
Interest and dividends receivable		7,401		121,565
Receivable for capital shares issued		—		10,864,976
Variation margin receivable on open futures contracts		—		770
Total Assets		10,226,166		145,697,947
LIABILITIES:
Payable for investments purchased		—		10,849,856
Accrued expenses and other payables:
Investment advisory fees		4,359		53,078
Total Liabilities		4,359		10,902,934
Net Assets	$	10,221,807	$	134,795,013
NET ASSETS CONSIST OF:
Capital	$	9,873,590	$	128,027,475
Total distributable earnings/(loss)		348,217		6,767,538
Net Assets	$	10,221,807	$	134,795,013

Shares Outstanding (unlimited shares authorized, no par value):		400,000		4,950,000
Net asset value:		$25.55		$27.23

See notes to financial statements.


		Statements of Assets and Liabilities

Timothy Plan		December 31, 2019


		Timothy Plan High Dividend Stock ETF		Timothy Plan International ETF
ASSETS:
Investments, at value (Cost $87,668,881 and $22,253,151)	$	93,816,902	$	22,922,585
Cash and cash equivalents		115,460		67,961
Deposits with brokers for futures contracts		24,545		100
Interest and dividends receivable		204,021		35,062
Receivable for capital shares issued		2,679,276		—
Receivable for investments sold		—		3,842
Variation margin receivable on open futures contracts		385		—
Reclaims receivable		—		175
Total Assets		96,840,589		23,029,725
LIABILITIES:
Payable for foreign currency (Cost $2,161)		—		2,154
Payable for investments purchased		2,669,527		—
Accrued expenses and other payables:
Investment advisory fees		39,018		9,297
Total Liabilities		2,708,545		11,451
Net Assets	$	94,132,044	$	23,018,274
NET ASSETS CONSIST OF:
Capital	$	88,737,317	$	22,334,992
Total distributable earnings/(loss)		5,394,727		683,282
Net Assets	$	94,132,044	$	23,018,274

Shares Outstanding (unlimited shares authorized, no par value):		3,500,000		900,000
Net asset value:		$26.89		$25.58

See notes to financial statements.

Statements of Operations

Timothy Plan

For the Period Ended December 31, 2019


		Timothy Plan US Small Cap Core ETF^(a)	Timothy Plan US Large Cap Core ETF^(b)

Investment Income:
Dividend income		$11,815	$874,850
Interest income		27	549
Foreign tax withholding		—	(259)
Total Income		11,842	875,140
Expenses:
Investment advisory fees		4,359	261,554
Total Expenses		4,359	261,554
Net Investment Income (Loss)		7,483	613,586
Net Realized/Unrealized Gains (Losses) from Investment Transactions:
Net realized gains (losses) from investment transactions		—	(1,013,012)
Net realized gains (losses) fromin-kind transactions		58,371	1,411,775
Net realized gains (losses) from futures transactions		—	7,977
Net change in unrealized appreciation/depreciation on investments		348,217	7,746,569
Net change in unrealized appreciation/depreciation on futures transactions		—	4,554
Net realized/unrealized gains on investments		406,588	8,157,863
Change in net assets resulting from operations	$	414,071	$8,771,449

(a)	For the period from the commencement of operations on December 3, 2019 through December 31, 2019.

(b)	For the period from the commencement of operations on May 1, 2019 through December 31, 2019.

See notes to financial statements.

Statements of Operations

Timothy Plan

For the Period Ended December 31, 2019


		Timothy Plan High Dividend Stock ETF^(a)		Timothy Plan International ETF^(b)

Investment Income:
Dividend income	$	1,520,214	$	46,192
Interest income		618		261
Foreign tax withholding		(657)		(7,066)
Total Income		1,520,175		39,387
Expenses:
Investment advisory fees		237,373		9,296
Total Expenses		237,373		9,296
Net Investment Income (Loss)		1,282,802		30,091
Net Realized/Unrealized Gains (Losses) from Investment Transactions and foreign currency translations:
Net realized gains (losses) from investment transactions and foreign currency translations		(813,370)		13,397
Net realized gains (losses) fromin-kind transactions		1,274,259		—
Net realized gains (losses) from futures transactions		15,421		—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		6,148,021		669,652
Net change in unrealized appreciation/depreciation on futures transactions		(137)		—
Net realized/unrealized gains on investments and foreign currency translations		6,624,194		683,049
Change in net assets resulting from operations	$	7,906,996		$713,140

(a)	For the period from the commencement of operations on May 1, 2019 through December 31, 2019.

(b)	For the period from the commencement of operations on December 3, 2019 through December 31, 2019.

See notes to financial statements.




Timothy Plan		Statements of Changes in Net Assets


	Timothy Plan US Small Cap Core ETF			Timothy Plan US Large Cap Core ETF
	For the Period December 3, 2019^(a) through December 31, 2019			For the Period May 1, 2019^(a) through December 31, 2019
From Investment Activities:
Operations:
Net investment income (loss)		$7,483			$613,586
Net realized gains (losses) from investment transactions		58,371			406,740
Net change in unrealized appreciation/depreciation on investments		348,217			7,751,123
Change in net assets resulting from operations		414,071			8,771,449
Distributions to Shareholders:
Distributions		(7,507	)		(593,505	)
Change in net assets resulting from distributions to shareholders		(7,507	)		(593,505	)
Change in net assets resulting from capital transactions		9,815,243			126,617,069
Change in net assets		10,221,807			134,795,013
Net Assets:
Beginning of period		—			—
End of period		$10,221,807			$134,795,013
Capital Transactions:
Proceeds from shares issued		$11,097,743			$139,366,129
Cost of shares redeemed		(1,282,500	)		(12,749,060	)
Change in net assets resulting from capital transactions		$9,815,243			$126,617,069

Share Transactions:
Issued		450,000			5,450,000
Redeemed		(50,000	)		(500,000	)
Change in Shares		400,000			4,950,000

(a)	Commencement of operations.

See notes to financial statements.




Timothy Plan		Statements of Changes in Net Assets


	Timothy Plan High Dividend Stock ETF			Timothy Plan International ETF
	For the Period May 1, 2019^(a) through December 31, 2019			For the Period December 3, 2019^(a) through December 31, 2019
From Investment Activities:
Operations:
Net investment income (loss)		$1,282,802			$30,091
Net realized gains (losses) from investment transactions		476,310			13,397
Net change in unrealized appreciation/depreciation on investments		6,147,884			669,652
Change in net assets resulting from operations		7,906,996			713,140
Distributions to Shareholders:
Distributions		(1,238,011	)		(29,857	)
Change in net assets resulting from distributions to shareholders		(1,238,011	)		(29,857	)
Change in net assets resulting from capital transactions		87,463,059			22,334,991
Change in net assets		94,132,044			23,018,274
Net Assets:
Beginning of period		—			—
End of period	$	94,132,044		$	23,018,274
Capital Transactions:
Proceeds from shares issued		$103,751,741		$	22,334,991
Cost of shares redeemed		(16,288,682	)		—
Change in net assets resulting from capital transactions		$87,463,059		$	22,334,991

Share Transactions:
Issued		4,150,000			900,000
Redeemed		(650,000	)		—
Change in Shares		3,500,000			900,000

(a)	Commencement of operations.

See notes to financial statements.



Timothy Plan		Financial Highlights
For a Share Outstanding Throughout Each Period


	Timothy Plan US Small Cap Core ETF			Timothy Plan US Large Cap Core ETF			Timothy Plan High Dividend Stock ETF			Timothy Plan International ETF

	For the period December 3, 2019^(a) to December 31, 2019			For the period May 1, 2019^(a) to December 31, 2019			For the period May 1, 2019^(a) to December 31, 2019			For the period December 3, 2019^(a) to December 31, 2019

Net Asset Value, Beginning of Period		$24.73			$25.16			$25.10			$24.80

Investment Activities:
Net Investment Income (Loss)^(b)		0.02			0.21			0.48			0.04
Net Realized and Unrealized Gains (Losses) on Investments		0.82			2.04			1.74			0.77

Total from Investment Activities		0.84			2.25			2.22			0.81

Distributions to Shareholders:
Net Investment Income		(0.02	)		(0.18	)		(0.43	)		(0.03	)

Total Distributions		(0.02	)		(0.18	)		(0.43	)		(0.03	)

Net Asset Value, End of Period		$25.55			$27.23			$26.89			$25.58


Total Return (excludes sales charge)^(c)		3.39	%		9.01	%		9.00	%		3.25	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(d)		0.52	%		0.52	%		0.52	%		0.62	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(d)		0.89	%		1.22	%		2.81	%		1.99	%
Net Assets, End of Period (000’s)		$10,222			$134,795			$94,132			$23,018
Portfolio Turnover^(c)		—			17	%		23	%		12	%

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.

See notes to financial statements.


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

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 anopen-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, four 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 Cap Core ETF (“US Large Cap Core ETF”), Timothy Plan High Dividend Stock ETF (“High Dividend Stock ETF”), and Timothy Plan International ETF (“International ETF”) (individually, a “Fund” and collectively, the “Funds”). The US Large Cap Core ETF and High Dividend Stock ETF commenced operations on May 1, 2019 and the US Small Cap Core ETF and International ETF commenced operations on December 3, 2019. The Funds seek to provide investment results that track the performance of an underlying index, before fees and expenses. The underlying indices for the US Small Cap Core ETF, US Large Cap Core ETF, High Dividend Stock ETF, and the International ETF are the Victory US Small Cap Volatility Weighted BRI Index, Victory US Large Cap Volatility Weighted BRI Index, Victory US Large Cap High Dividend Volatility Weighted BRI Index, and Victory International 500 Volatility Weighted BRI Index (individually, an “Index” and collectively, the “Indices”), respectively. The remaining series funds are presented in separate annual reports.

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:

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.


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

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 within-kind creations or redemptions.

Transaction Fees include a fixed fee (“Fixed Fee”) payable to the Custodian (“Citibank N.A.”), which is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction. Transaction Fees may also include an additional variable charge (“Variable Charge”) for purchases and redemptions of Creation Units for cash or involvingcash-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 thecash-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 toPaid-In-Capital.

Investors who use the services of a broker, or other such intermediary may be charged a fee for such services.


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

The Transaction Fees for each Fund are listed below:


	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 Cap Core ETF	$500	2.00%

High Dividend Stock ETF	$250	2.00%

International ETF	$4,500	2.00%

* As a percentage of the amount invested.

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.

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)


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

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, American Depositary Receipts (“ADRs”) and Rights, 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 inopen-end investment companies are valued at net asset value. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value in accordance with procedures established by and under the general supervision and responsibility 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 December 31, 2019, 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


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Investment Securities:
Common Stock	$	10,197,513	$	–	$	–	$	10,197,513

Total Investment Securities		10,197,513		–		–		10,197,513

Total Investments	$	10,197,513	$	–	$	–	$	10,197,513


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

US Large Cap Core ETF


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Investment Securities:
Common Stock	$	134,418,771	$	–	$	–	$	134,418,771

Total Investment Securities		134,418,771		–		–		134,418,771

Other Financial Instruments*
Futures Contracts		4,554		–		–		4,554

Total Investments	$	134,423,325	$	–	$	–	$	134,423,325

High Dividend Stock ETF


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Investment Securities:
Common Stock	$	93,816,902	$	–	$	–	$	93,816,902

Total Investment Securities		93,816,902		–		–		93,816,902

Other Financial Instruments*
Futures Contracts		(137)		–		–		(137)

Total Investments	$	93,816,765	$	–	$	–	$	93,816,765

International ETF


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Investment Securities:
Common Stock	$	22,920,698	$	–	$	–	$	22,920,698
Rights		1,887		–		–		1,887

Total Investment Securities		22,922,585		–		–		22,922,585

Total Investments	$	22,922,585	$	–	$	–	$	22,922,585


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

*Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally at the unrealized appreciation/(depreciation) on the instrument.

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 ofopen-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 theex-dividend date. 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 December 31, 2019, the US Large Cap Core ETF and High Dividend Stock ETF 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


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

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. 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. The monthly average notional amount for these contracts were $102,796 and $163,156 for US Large Cap Core ETF and High Dividend Stock ETF, respectively, for the period ended December 31, 2019. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statements of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Fund

Primary Risk

Exposure

Statements of Asset
and Liabilities
Location

Total Fair
Value

Statements of Asset
and Liabilities
Location

Total Fair
Value

Equity Risk

US Large Cap Core ETF

Equity Contracts

Receivable for variation margin on futures contracts*

4,554

Payable for variation margin on futures contracts*

High Dividend Stock ETF

Receivable for variation margin on futures contracts*

Payable for variation margin on futures contracts*

137

* For futures contracts, the amounts represent the cumulative appreciation/(depreciation) of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities as Variation Margin on futures contracts.


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the year ended December 31, 2019:


		Realized Gains (Losses) on Derivatives Recognized as a Result from Operations		Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized as a Result from Operations
Fund	Primary Risk Exposure	Net realized gains (losses) from futures transactions		Change in unrealized appreciation (depreciation) on futures transactions
	Equity Risk
US Large Cap Core ETF	Equity Contracts	$	7,977	$	4,554
High Dividend Stock ETF	Equity Contracts		15,421		(137	)

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 translations 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 for the Funds. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund.

The amounts of dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition “temporary difference”), such amounts are reclassified within the components of net assets based on their federaltax-basis


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

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 December 31, 2019, 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) andin-kind transactions associated with purchases and sales for the period ended December 31, 2019 were as follows:


	Excludingin-kind transactions				Associated within-kind transactions
Fund	Purchases		Sales		Purchases		Sales
US Small Cap Core ETF	$	46,329	$	—	$	11,024,342	$	1,279,746
US Large Cap Core ETF		12,778,214		12,519,316		138,896,113		12,722,270
High Dividend Stock ETF		14,982,317		14,468,140		103,390,024		16,299,022
International ETF		3,605,312		1,585,358		20,220,710		—

For the period ended December 31, 2019, 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 at all times to the supervision and approval of the Board, the Advisor is responsible for the


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

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 Large Cap Core ETF, US Small Cap Core ETF and High Dividend Stock ETF pay a Management Fee equivalent to 0.52% and International ETF pays a Management Fee equivalent to 0.62% 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 writtensub-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.

5. INVESTMENT RISKS:

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.


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

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.

Foreign Securities Risk

Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; imposition of additional taxes; trading, settlement, custodial and other operational risks; and risk arising from the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

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.

6. FEDERAL INCOME TAX INFORMATION:

As of December 31, 2019, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) for investments were as follows:


Fund	Cost of Investments for Federal Tax Purposes	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
US Small Cap Core ETF	$9,849,296	$437,549	$ (89,332)	$ 348,217
US Large Cap Core ETF	126,666,716	8,689,775	(937,720)	7,752,055
High Dividend Stock ETF	87,642,360	6,911,656	(737,114)	6,174,542
International ETF	22,268,043	768,054	(113,512)	654,542


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

The tax character of distributions paid to shareholders during the period ended December 31, 2019 were as follows:


	Period Ended December 31, 2019
	Distributions Paid From:
Fund	Ordinary Income		Total Taxable Distributions		Total Distributions Paid*
US Small Cap Core ETF	$	7,507	$	7,507	$	7,507
US Large Cap Core ETF		593,505		593,505		593,505
High Dividend ETF		1,238,011		1,238,011		1,238,011
International ETF		29,857		29,857		29,857

* Total distributions paid may differ from the Statement of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

As of December 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Accumulated Earnings		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)*			Total Accumulated Earnings/ (Deficit)
US Small Cap Core ETF	$	—	$	—	$	—		$	348,217		$	348,217
US Large Cap Core ETF		7,089		7,089		(991,606	)		7,752,055			6,767,538
High Dividend ETF		16,139		16,139		(795,954	)		6,174,542			5,394,727
International ETF		28,523		28,523		—			654,759	**		683,282

* The difference between book-basis andtax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales, futures mark to market, return of capital from underlying investments and passive foreign investment company mark to market.

** The amount includes $217 of unrealized appreciation on foreign currency translation.

At December 31, 2019, 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:


Fund	Short-Term Amount		Total
US Large Cap Core ETF	$	991,606	$	991,606
High Dividend ETF		795,954		795,954

During the period ended December 31, 2019, the Funds realized the following net capital gains (losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains (losses) are


		Notes to Financial Statements

The Timothy Plan		December 31, 2019

not taxable to the Fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized gains (losses) to paid-in capital.


Fund	Short-Term Amount			Total
US Small Cap Core ETF		$ (58,371	)		$ (58,371	)
US Large Cap Core ETF		(1,410,406	)		(1,410,406	)
High Dividend ETF		(1,274,259	)		(1,274,259	)

7. RECENT ACCOUNTING PRONOUNCEMENTS:

In August 2018, the FASB issued Accounting Standards UpdateNo. 2018-13, “Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurement” (“ASU2018-13”). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. In addition, the amendments clarify that materiality is an appropriate consideration when evaluating disclosure requirements. ASU2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Funds have adopted ASU2018-13 with the financial statements prepared as of December 31, 2019.

8. SUBSEQUENT EVENTS:

Management has evaluated subsequent events through the date these financial statements were issued.

Distributions

On February 12, the Funds declared and paid, respectively, a distribution from ordinary income for the following amounts:


Fund	Amount
US Small Cap Core ETF	$	9,320
US Large Cap Core ETF		32,432
High Dividend Stock ETF		99,267

LOGO

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

The Timothy Plan

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Timothy Plan US Small Cap Core ETF, Timothy Plan US Large Cap Core ETF, Timothy Plan High Dividend Stock ETF, and Timothy Plan International ETF (the “Funds”), four of the portfolios constituting The Timothy Plan, as of December 31, 2019, and the related statements of operations, changes in net assets, including the related notes, and the financial highlights for the period May 1, 2019 (commencement of operations) through December 31, 2019, for Timothy Plan US Large Cap Core ETF and Timothy Plan High Dividend Stock ETF, and the related statements of operations, changes in net assets, including the related notes, and the financial highlights for the period December 3, 2019 (commencement of operations) through December 31, 2019, for Timothy Plan US Small Cap Core ETF and Timothy Plan International ETF (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2019, the results of their operations, changes in their net assets and the financial highlights for the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

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

LOGO

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 28, 2020

COHEN & COMPANY, LTD.

800.229.1099 | 866.818.4538 | cohencpa.com

Registered with the Public Company Accounting Oversight Board


		Other Information (Unaudited)

Timothy Plan		December 31, 2019

For the year ended December 31, 2019, the Funds paid qualified dividend income for the purposes of reduced individual federal income tax rates of:


	Amount
US Large Cap Core ETF		100%
High Dividend ETF		100%

Dividends qualified for corporate dividends received deductions of:


	Amount
US Large Cap Core ETF		100%
High Dividend ETF		100%

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share on December 31, 2019, were as follows:

Foreign

Source

Income

Foreign
Tax
Expense

International ETF

0.04

0.01


		Other Information (Unaudited)

Timothy Plan		December 31, 2019

Proxy Voting and FormN-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 calling800-539-3863. 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 period 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 FormN- PORT. FormsN- PORT are available on the SEC’s website at www.sec.gov.

Expense Examples:

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

TheActual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

TheHypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.


		Other Information (Unaudited)

Timothy Plan		December 31, 2019

Please note the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


Fund	Beginning Account Value 7/1/19		Actual Ending Account Value 12/31/19		Hypothetical Ending Account Value 12/31/19		Actual Expenses Paid During Period 7/1/19 - 12/31/19*			Hypothetical Expenses Paid During Period 7/1/19 - 12/31/19*		Annualized Expense Ratio During Period 7/1/19 - 12/31/19

US Small Cap Core ETF

ETF Shares	$	1,000	$	1,033.90	$	1,022.63	$	0.42	**	$	2.65		0.52	%

US Large Cap Core ETF

ETF Shares	$	1,000	$	1,081.90	$	1,022.58	$	2.73		$	2.65		0.52	%

High Dividend Stock ETF

ETF Shares	$	1,000	$	1,094.30	$	1,022.58	$	2.74		$	2.65		0.52	%

International ETF

ETF Shares	$	1,000	$	1,032.50	$	1,022.18	$	0.50	**	$	3.16		0.62	%

*Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 184/365 (to reflect the one half year period).

**Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 29/365 (to reflect the number of days from commencement of operations on December 3, 2019 through December 31, 2019).

Trustees and Executive Officers of the Trust

The Trustees and Principal Executive Officers of the Trust and their principal occupations for the past five years are listed as follows:


Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Arthur D Ally*	Trustee, Chairman, President and Treasurer	Trustee and President since 1994 Indefinite Term	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1942	President and controlling shareholder of Covenant Funds, Inc. (“CFI”), a holding company. President and general partner of Timothy Partners, Ltd., the investment Advisor and principal underwriter to each Fund. CFI is also the managing general partner of TPL.		None

Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Joseph E. Boatwright**	Trustee, and Secretary	Trustee and Secretary since 1995 Indefinite Term	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1930	Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996.		None

Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Mathew D. Staver**	Trustee	Trustee since 2000 Indefinite Term	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1956	Attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles.		None


Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Charles E. Nelson***	Trustee	Trustee since 2000 Indefinite Term	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1934	Certified Public Accountant, semi-retired.Former non-profit industry accounting officer. Former financial executive with commercial bank. Former partner national accounting firm.		None

*	Mr. Ally is an “interested” Trustee, as that term is defined in the 1940 Act, because of his positions with and financial interests in CFI and TPL.

**	Messrs. Boatwright and Staver are “interested” Trustees, as that term is defined in the 1940 Act, because each has a limited partnership interest in TPL.

***	Mr. Nelson is an “interested” Trustee, as that term is defined in the 1940 Act, because he is employed by the Advisor.

INDEPENDENT TRUSTEES


Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Kenneth Blackwell	Trustee	Trustee since 2011 Indefinite Term	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1948	Currently serving as an independent consultant or Fellow with the Family Research Council and the American Civil Rights Union, and is a Visiting Professor at Liberty University, Lynchburg, VA. Former Secretary of State for the State of Ohio.		None

Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Richard W. Copeland	Trustee	Trustee since 2005 Indefinite Term	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1947	Retired. Associate Professor Stetson University for past 40 years. Retired Principal of Copeland & Covert, Attorneys at Law; specializing in tax and estate planning. B.A. from Mississippi College, JD from University of Florida and LLM Taxation from University of Miami.		None


Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Deborah Honeycutt	Trustee	Trustee since 2010 Indefinite Term	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1947	Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Shepherd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois.		None

Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Bill Johnson	Trustee	Trustee since 2005 Indefinite Term	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1946	President (and Founder) of American Decency Association, Freemont, MI since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Master of Religious Education from Grand Rapids Baptist Seminary.		None

Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
John C. Mulder	Trustee	Trustee since 2005 Indefinite Term	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1950	President of WaterStone (formerly the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. Economics from Wheaton College and MBA from University of Chicago.		None


Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Scott Preissler, Ph.D.	Trustee	Trustee since 2004 Indefinite Term	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1960	Scott Preissler, Ph.D. is the Executive Director of The National Center for Stewardship & Generosity. He is a former professor and past President and CEO of The Christian Stewardship Association (CSA) and Southern Baptist state headquarters in Texas and Georgia.		None

Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Alan M. Ross	Trustee	Trustee since 2004 Indefinite Term	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1951	Founder and CEO of Corporate Development Institute which he founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ and has authored three books: Beyond World Class, Unconditional Excellence, Breaking Through to Prosperity.		None

Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Patrice Tsague	Trustee	Trustee since 2011 Indefinite Term	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1973	President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999.		None

The Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, on the SEC’s website at www.sec.gov and/or by calling 800-539-3863.

EXECUTIVE OFFICERS


Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Terry Covert	Executive Officer, Vice President	Officer since 2019 Indefinite Term	N/A
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1947	Chief Compliance Officer and General Counsel for Advisor, Timothy Partners, Ltd.		N/A

Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Cheryl Mumbert	Executive Officer, Vice President	Officer since 2019 Indefinite Term	N/A
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1970	Chief Marketing Officer for Advisor, Timothy Partners, Ltd.		N/A

Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
David Jones	Chief Compliance Officer	Since 2004 Indefinite Term	N/A
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1957	Co-founder and Managing Member, Drake Compliance, LLC (compliance consulting); founder and controlling shareholder, David Jones & Associates (law firm), 1998 to 2015.		N/A

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.

LOGO


Visit our website at		Call Timothy Plan at

etf.timothyplan.com		800.846.7526

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer,

principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

(b) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive

officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, there have been

no amendments to, not any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in

paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

3(a)(1)

The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2)

The audit committee financial expert is Mr. Alan Ross who is “independent for purposes of this Item 3 of FormN-CSR.

Item 4. Principal Accountant Fees and Services.


		2019
(a) Audit Fees		$53,250
(b) Audit-Related Fees		$0
(c) Tax Fees*		$12,000


(d) All Other Fees		$0

* Related to preparation of federal income, excise tax returns, state tax returns and review of capital gain distribution calculations.

(e)(1) The Audit Committee maypre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and othernon-audit services to be rendered or that may be rendered by the Auditor to the Funds and certainnon-audit services to be rendered by the Auditor to the Advisor which requirepre-approval by the Audit Committee. In connection with suchpre-approvals, the Auditor, or a Fund officer, with the assistance of the Auditor, shall provide the Audit Committee with a report containing information about each type of service to bepre-approved at the meeting.

(e)(2) 2019 – 100%

(f)	Not applicable.

(g)	2019 - $12,000

(h)	Not applicable.

Item 5. Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Mr. Alan Ross, Mr. John Mulder and Mr. Richard Copeland.

Item 6. Investments.

(a)	The Schedule of Investments as of the close of the reporting period are included as part of the report to shareholders filed under Item 1 of the FormN-CSR.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. 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 these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on FormN-CSR 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 Rule30a-3(d) under the Act (17 CFR270.30a-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 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b)	Certifications pursuant to Rule30a-2(b) are furnished herewith.

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

Date3/3/2020

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
		Art Ally, Principal Executive Officer and Principal Financial Officer

Date 3/3/2020

Average Annual Return
Period Ended December 31, 2019

Inception Date

Timothy Plan US Large Cap Core ETF
4/30/19

Victory US Large Cap
Volatility Weighted BRI

Net Asset Value

Market Price Value

Since Inception