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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number                     811-08228                                                                                           

Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL 32751

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

Item 1. Reports to Stockholders.

SEMI ANNUAL REPORT

June 30, 2020

	Ticker Symbol
TIMOTHY PLAN US SMALL CAP CORE ETF	TPSC
TIMOTHY PLAN US LARGE/MID CAP CORE ETF (formerly known as 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

Schedule of Portfolio Investments	1
Statements of Assets and Liabilities	61
Statements of Operations	63
Statements of Changes in Net Assets	65
Financial Highlights	67
Notes to Financial Statements	69
Other Information	84
Liquidity Risk Management Program	86

Schedule of Portfolio Investments

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.7%)
Communication Services (2.0%):
Cumulus Media, Inc., Class A(a)		5,688		22,468
MSG Networks, Inc.(a)		6,681		66,476
QuinStreet, Inc.(a)		4,892		51,170
Sciplay Corp., Class A(a)		4,538		67,299
Shenandoah Telecommunication Co.		1,186		58,458
Techtarget, Inc.(a)		2,547		76,486
Telephone & Data Systems, Inc.		3,143		62,483
US Cellular Corp.(a)		2,180		67,296
				472,136
Consumer Discretionary (16.1%):
Acushnet Holdings Corp.		2,569		89,376
Adtalem Global Education, Inc.(a)		2,099		65,384
American Eagle Outfitters		4,131		45,028
America’s Car-Mart, Inc.(a)		496		43,584
Asbury Automotive Group, Inc.(a)		664		51,347
Big Lots, Inc.		1,026		43,092
Bloomin’ Brands, Inc.		3,071		32,737
Boot Barn Holdings, Inc.(a)		1,751		37,752
Brinker International, Inc.		1,152		27,648
Carriage Services, Inc.		3,090		55,991
Cavco Industries, Inc.(a)		272		52,455
Century Communities, Inc.(a)		1,291		39,582
Cheesecake Factory, Inc.		1,806		41,394
Collectors Universe, Inc.		2,205		75,587
Conn’s, Inc.(a)		3,813		38,473
Cooper Tire & Rubber Co.		2,330		64,331
Crocs, Inc.(a)		1,281		47,166
Dave & Buster’s		1,383		18,435
Denny’s Corp.(a)		3,329		33,623

See notes to financial statements.

1

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (16.1%): (continued)
Dine Brands Global, Inc.		585		24,629
Dorman Products, Inc.(a)		1,054		70,692
El Pollo Loco Holdings, Inc.(a)		3,472		51,246
Fox Factory Holding Corp.(a)		593		48,988
Garrett Motion, Inc.(a)		6,680		37,007
Genesco, Inc.(a)		1,366		29,588
Gentherm, Inc.(a)		1,935		75,272
G-III Apparel Group Ltd.(a)		1,833		24,361
Graham Holdings Co., Class B		183		62,709
Green Brick Partners, Inc.(a)		5,087		60,281
Group 1 Automotive, Inc.		631		41,627
Haverty Furniture Cos., Inc.		3,911		62,576
Hilton Grand Vacations(a)		2,020		39,491
Hooker Furniture Corp.		3,453		67,161
Installed Building Products(a)		611		42,025
iRobot Corp.(a)		778		65,274
Jack In The Box, Inc.		541		40,083
Johnson Outdoors, Inc., Class A		909		82,737
KB Home		1,241		38,074
Kontoor Brands, Inc.		2,665		47,464
La Z Boy, Inc.		2,091		56,582
LCI Industries		545		62,664
LGI Homes, Inc.(a)		522		45,952
Lithia Motors, Inc., Class A		426		64,467
M/I Homes, Inc.(a)		1,036		35,680
Malibu Boats, Inc.(a)		1,017		52,833
MarineMax, Inc.(a)		2,194		49,124
MDC Holdings, Inc.		1,403		50,087
Meritage Corp.(a)		643		48,945
Monro, Inc.		1,085		59,610

See notes to financial statements.

2

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (16.1%): (continued)
Movado Group, Inc.		3,939		42,699
Murphy USA, Inc.(a)		619		69,692
National Vision Holdings, Inc.(a)		1,466		44,742
Oxford Industries, Inc.		1,343		59,105
PetMed Express, Inc.		1,506		53,674
Rent-A-Center, Inc.		2,211		61,510
Rocky Brands, Inc.		2,523		51,873
Ruth’s Hospitality Group, Inc.		3,361		27,426
Sally Beauty Holdings, Inc.(a)		3,543		44,394
Shoe Carnival, Inc.		1,576		46,130
Skyline Champion Corp.(a)		2,189		53,280
Sonic Automotive, Inc.		1,429		45,599
Stamps.com, Inc.(a)		220		40,412
Standard Motor Products		2,034		83,801
Steven Madden Ltd.		2,151		53,108
Stoneridge, Inc.(a)		2,699		55,761
Sturm Ruger & Co.		1,607		122,132
The Buckle, Inc.		3,471		54,425
The Children’s Place, Inc.		725		27,130
The Michaels Cos., Inc.(a)		4,815		34,042
Tilly’s, Inc.		7,204		40,847
Tri Pointe Group, Inc.(a)		3,286		48,271
Tupperware Corp.		5,381		25,560
Visteon Corp.(a)		784		53,704
Wingstop, Inc.		549		76,294
Winmark Corp.		505		86,475
Winnebago Industries, Inc.		701		46,701
XPEL, Inc.(a)		2,833		44,308
Yeti Holdings, Inc.(a)		1,451		62,001
Zumiez, Inc.(a)		2,071		56,704
				4,052,014

See notes to financial statements.

3

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Staples (5.4%):
B&G Foods, Inc.		2,380		58,024
BJ’s Wholesale Club Holdings, Inc.(a)		2,110		78,640
elf Beauty, Inc.(a)		3,079		58,717
Hostess Brands, Inc.(a)		10,793		131,890
Ingles Markets, Inc.		1,758		75,717
Inter Parfums, Inc.		1,112		53,543
John B. Sanfilippo & Son, Inc.		1,123		95,826
Lifevantage Corp.(a)		4,079		55,148
Medifast, Inc.		504		69,939
National Beverage Corp.(a)		1,282		78,228
Nu Skin Enterprises, Inc., Class A		1,038		39,683
PriceSmart, Inc.		1,293		78,007
Sprouts Farmers Market, Inc.(a)		3,256		83,321
The Chefs’ Warehouse, Inc.(a)		1,606		21,809
Tootsie Roll Industries, Inc.		3,688		126,388
Usana Health Sciences, Inc.(a)		744		54,632
WD-40 Co.		482		95,581
Weis Markets, Inc.		2,050		102,746
				1,357,839
Energy (1.9%):
Archrock, Inc.		5,242		34,021
Cactus, Inc., Class A		1,902		39,238
CONSOL Energy, Inc.(a)		4,112		20,848
Core Laboratories N.V.		1,626		33,040
CVR Energy, Inc.		2,105		42,332
Delek US Holdings, Inc.		2,117		36,857
Falcon Minerals Corp.		13,798		44,154
Helix Energy Solutions Group, Inc.(a)		6,750		23,423
Magnolia Oil & Gas Corp.(a)		7,206		43,668
Propetro Holding Corp.(a)		4,573		23,505

See notes to financial statements.

4

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Energy (1.9%): (continued)
Solaris Oilfield Infrast, Class A		6,561		48,682
Southwestern Energy Co.(a)		13,258		33,940
World Fuel Services Corp.		2,072		53,375
				477,083
Financials (20.3%):
American National Insurance Co.		1,112		80,142
Ameris BanCorp		2,191		51,686
Amerisafe, Inc.		1,208		73,881
Artisan Partners Asset Management, Inc., Class A		2,171		70,557
Associated Banc-Corp.		4,335		59,303
Atlantic Union Bankshares		2,598		60,170
Axos Financial, Inc.(a)		2,434		53,743
B Riley Financial, Inc.		2,643		57,512
Bancfirst Corp.		1,315		53,350
BancorpSouth Bank		2,758		62,717
Bank of Hawaii Corp.		1,096		67,305
BankUnited, Inc.		2,506		50,747
Banner Corp.		1,432		54,416
Berkshire Hills BanCorp, Inc.		4,556		50,207
Cadence BanCorp		4,468		39,586
Cannae Holdings, Inc.(a)		1,598		65,678
Capitol Federal Financial, Inc.		7,875		86,704
Cathay General BanCorp		2,289		60,201
CNO Financial Group, Inc.		3,534		55,024
Cohen & Steers, Inc.		757		51,514
Columbia Banking System, Inc.		2,306		65,364
Columbia Financial, Inc.(a)		7,325		102,221
CVB Financial Corp.		4,056		76,008
Employers Holdings, Inc.		2,798		84,360
Federated Hermes, Inc.		2,257		53,491

See notes to financial statements.

5

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (20.3%): (continued)
First BanCorp.		8,756		48,946
First Busey Corp.		3,526		65,760
First Financial BanCorp.		3,919		54,435
First Interstate Bancsys, Class A		2,197		68,019
First Merchants Corp.		2,390		65,892
First Midwest BanCorp, Inc.		5,145		68,686
Flagstar BanCorp, Inc.		1,987		58,477
Fulton Financial Corp.		6,002		63,201
Goosehead Insurance, Inc., Class A(a)		917		68,922
Great Western BanCorp, Inc.		3,413		46,963
Hancock Whitney Corp.		2,212		46,894
Heartland Financial USA, Inc.		1,826		61,061
Hilltop Holdings, Inc.		3,190		58,856
Home Bancshares, Inc.		3,630		55,829
Hope BanCorp, Inc.		7,245		66,799
Horace Mann Educators		1,959		71,954
Independent Bank Corp.		1,042		69,908
Independent Bank Group, Inc.		1,281		51,906
International Bancshares Corp.		1,779		56,964
Investors BanCorp, Inc.		7,216		61,336
Kinsale Capital Group, Inc.		401		62,239
Mercury General Corp.		1,929		78,607
Moelis & Co.		1,998		62,258
National General Holdings Corp.		3,377		72,977
Navient Corp.		5,956		41,871
NBT BanCorp, Inc.		2,536		78,006
Nelnet, Inc., Class A		1,736		82,876
NMI Holdings, Inc.(a)		2,668		42,901
Northwest Bancshares, Inc.		8,055		82,362
Oceanfirst Financial Corp.		4,047		71,349

See notes to financial statements.

6

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (20.3%): (continued)
Old National BanCorp		5,444		74,908
Pacific Premier BanCorp, Inc.		2,694		58,406
Park National Corp.		999		70,310
Pennymac Financial Services		1,283		53,617
PRA Group, Inc.(a)		1,418		54,820
Provident Financial Services, Inc.		4,174		60,314
Renasant Corp.		2,850		70,965
S&T BanCorp, Inc.		3,155		73,985
Safety Insurance Group, Inc.		1,110		84,649
Seacoast Banking Corp.(a)		2,764		56,386
Servisfirst Bancshares, Inc.		1,780		63,653
Simmons First National Corp., Class A		3,798		64,984
South State Corp.		1,168		55,667
Towne Bank		3,616		68,125
Trustmark Corp.		3,013		73,879
UMB Financial Corp.		1,316		67,840
United Bankshares, Inc.		2,363		65,361
United Community Banks, Inc.		2,880		57,946
Veritex Holdings, Inc.		3,004		53,171
Walker & Dunlop, Inc.		1,008		51,216
Washington Federal, Inc.		2,630		70,589
WesBanco, Inc.		3,235		65,703
Westamerica BanCorp.		1,483		85,153
WSFS Financial Corp.		2,010		57,687
				5,031,475
Health Care (8.7%):
Addus Homecare Corp.(a)		558		51,648
Anika Therapeutics, Inc.(a)		1,546		58,331
Atrion Corp.		126		80,263
Biolife Solutions, Inc.(a)		3,179		51,977

See notes to financial statements.

7

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (8.7%): (continued)
Biospecifics Technologies Corp.(a)		1,309		80,215
Biotelemetry, Inc.(a)		1,394		62,995
Computer Programs & Systems		2,534		57,750
CONMED Corp.		706		50,825
Corcept Therapeutics, Inc.(a)		4,946		83,192
CorVel Corp.(a)		869		61,603
Enanta Pharmaceuticals, Inc.(a)		1,352		67,884
Ensign Group, Inc.		1,148		48,044
Healthstream, Inc.(a)		3,450		76,349
HMS Holdings Corp.(a)		2,636		85,379
Innoviva, Inc.(a)		5,303		74,136
Integer Holdings Corp.(a)		817		59,682
Iradimed Corp.(a)		2,797		64,918
Lantheus Holdings, Inc.(a)		4,171		59,645
Lemaitre Vascular, Inc.		2,509		66,238
Magellan Health, Inc.(a)		789		57,581
Meridian Bioscience, Inc.(a)		2,965		69,055
National Healthcare Corp.		1,400		88,816
National Research Corp.		1,036		60,306
Nextgen Healthcare, Inc.(a)		3,766		41,351
Phibro Animal Health Corp., Class A		2,319		60,920
Simulations Plus, Inc.		1,336		79,920
Staar Surgical Co.(a)		1,471		90,524
Supernus Pharmaceuticals, Inc.(a)		2,439		57,926
Surmodics, Inc.(a)		1,549		66,979
Tactile Systems Technology, Inc.(a)		1,557		64,507
The Joint Corp.(a)		3,104		47,398
Triple-S Management Corp., Class B(a)		2,627		49,966
U.S. Physical Therapy, Inc.		654		52,987
Zynex, Inc.(a)		1,840		45,761
				2,175,071

See notes to financial statements.

8

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (24.9%):
AAON, Inc.		1,246		67,645
ABM Industries, Inc.		2,095		76,049
Alamo Group, Inc.		637		65,382
Albany International Corp.		942		55,305
Allegiant Travel Co.		387		42,265
Allied Motion Technologies, Inc.		1,359		47,973
Altra Industrial Motion Corp.		1,527		48,650
Ameresco, Inc.(a)		2,663		73,978
American Woodmark Corp.(a)		592		44,785
Applied Industrial Technologies, Inc.		945		58,959
Arcosa, Inc.		1,571		66,296
ASGN, Inc.(a)		984		65,613
Atkore International Group, Inc.(a)		1,508		41,244
AZZ, Inc.		1,901		65,242
Barnes Group, Inc.		1,225		48,461
BMC Stock Holdings, Inc.(a)		2,569		64,585
Brady Corp.		1,531		71,681
Builders FirstSource, Inc.(a)		2,103		43,532
Chart Industries, Inc.(a)		881		42,720
Columbus McKinnon Corp.		1,770		59,207
Comfort Systems USA, Inc.		1,505		61,329
Construction Partners, Inc., Class A(a)		3,233		57,418
CSW Industrials, Inc.		1,119		77,333
Ducommon, Inc.(a)		1,144		39,891
DXP Enterprise, Inc.(a)		2,401		47,804
Echo Global Logistics, Inc.(a)		3,015		65,184
Encore Wire Corp.		1,574		76,842
EnerSys		887		57,105
Ennis, Inc.		4,833		87,670
ESCO Technologies, Inc.		888		75,062

See notes to financial statements.

9

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (24.9%): (continued)
Evoqua Water Technologies Corp.(a)		2,496		46,426
Federal Signal Corp.		2,662		79,140
Forward Air Corp.		1,583		78,865
Foundation Building Materials, Inc.(a)		3,232		50,452
Franklin Electric Co.		1,315		69,064
GATX Corp.		1,110		67,687
Gibraltar Industries, Inc.(a)		1,457		69,951
GMS, Inc.(a)		2,079		51,123
Gorman-Rupp Co.		2,137		66,418
GrafTech International, Ltd.		6,172		49,253
Great Lakes Dredge & Dock Corp.(a)		7,514		69,580
H&E Equipment Services, Inc.		2,746		50,746
Healthcare Services Group		2,384		58,313
Heartland Express, Inc.		4,842		100,810
Heidrick & Struggles International, Inc.		3,321		71,800
Helios Technologies, Inc.		1,536		57,216
HNI Corp.		2,031		62,088
Hub Group, Inc., Class A(a)		1,720		82,320
Hyster-Yale Materials Handling, Inc.		1,480		57,217
ICF International, Inc.		1,127		73,063
Insperity, Inc.		725		46,929
Interface, Inc.		5,351		43,557
Jeld-Wen Holding, Inc.(a)		2,480		39,953
Kadant, Inc.		646		64,380
Kaman Corp.		1,385		57,616
KAR Auction Services, Inc.		3,474		47,802
Kimball International, Inc.		5,086		58,794
Knoll, Inc.		4,560		55,586
Korn Ferry		2,143		65,854
Kratos Defense & Security Solutions, Inc.(a)		3,194		49,922

See notes to financial statements.

10

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (24.9%): (continued)
Marten Transport Ltd.		2,819		70,926
Matson, Inc.		2,203		64,107
McGrath Rentcorp		1,160		62,652
Meritor, Inc.(a)		2,696		53,381
Mesa Air Group, Inc.(a)		9,260		31,854
Miller Herman, Inc.		2,277		53,760
Moog, Inc.		946		50,119
Mueller Industries, Inc.		2,177		57,865
Mueller Water Products, Inc., Class A		7,399		69,773
MYR Group, Inc.(a)		1,793		57,215
National Presto Industries, Inc.		1,006		87,915
NV5 Global, Inc.(a)		957		48,644
Patrick Industries, Inc.		692		42,385
PGT Innovations, Inc.(a)	��	3,309		51,885
Powell Industries, Inc.		1,863		51,028
Primoris Services Corp.		3,014		53,529
Proto Labs, Inc.(a)		599		67,370
Raven Industries, Inc.		2,939		63,218
Resources Connection, Inc.		6,486		77,637
Rush Enterprises, Inc., Class A		1,807		74,917
Saia, Inc.(a)		577		64,151
SkyWest, Inc.		944		30,793
SP Plus Corp.(a)		2,377		49,228
Spirit Airlines, Inc.(a)		1,797		31,987
SPX Corp.(a)		1,545		63,577
Standex International Corp.		1,085		62,442
Steelcase, Inc., Class A		4,264		51,424
Sterling Construction Co., Inc.(a)		5,528		57,878
Tennant Co.		1,041		67,675
The Greenbrier Cos., Inc.		2,195		49,936

See notes to financial statements.

11

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (24.9%): (continued)
The Shyft Group, Inc.		3,147		52,995
Thermon Group Holdings, Inc.(a)		4,118		59,999
TriMas Corp.(a)		3,203		76,711
Trinity Industries, Inc.		3,227		68,703
Triton International Ltd.		2,439		73,755
TrueBlue, Inc.(a)		5,421		82,780
UFP Industries, Inc.		1,309		64,809
Valmont Industries, Inc.		724		82,260
Vectrus, Inc.(a)		1,217		59,791
Vicor Corp.(a)		837		60,222
Wabash National Corp.		6,233		66,194
Werner Enterprises, Inc.		2,341		101,904
WESCO International, Inc.(a)		1,237		43,431
				6,249,960
Information Technology (11.8%):
ACM Research, Inc., Class A(a)		614		38,289
Advanced Energy Industries, Inc.(a)		790		53,554
Alarm.com Holdings, Inc.(a)		1,274		82,568
American Software, Inc., Class A		3,116		49,108
Axcelis Technologies, Inc.(a)		1,914		53,305
Badger Meter, Inc.		1,054		66,318
Brooks Automation, Inc.		1,480		65,475
Cass Information Systems, Inc.		1,758		68,615
Comtech Telecommunications Corp.		2,965		50,079
CSG Systems International, Inc.		2,170		89,815
CTS Corp.		3,158		63,286
Digi International, Inc.(a)		4,526		52,728
Diodes, Inc.(a)		1,382		70,067
Ebix, Inc.		1,412		31,572
eplus, Inc.(a)		813		57,463

See notes to financial statements.

12

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (11.8%): (continued)
Evertec, Inc.		2,466		69,294
Exlservice Holdings, Inc.(a)		1,042		66,063
Fabrinet(a)		1,298		81,021
FormFactor, Inc.(a)		2,500		73,325
GlobalSCAPE, Inc.		5,123		49,949
Greensky, Inc.(a)		8,350		40,915
Ichor Holding Ltd.(a)		1,874		49,811
Insight Enterprises, Inc.(a)		1,352		66,518
Intelligent Systems Corp.(a)		2,000		68,160
Lattice Semiconductor(a)		2,325		66,007
Methode Electronics, Inc.		2,199		68,741
MTS Systems Corp.		2,296		40,387
Napco SEC System, Inc.(a)		2,306		53,937
NIC, Inc.		3,664		84,125
OSI Systems, Inc.(a)		1,156		86,284
Paysign, Inc.(a)		5,536		53,755
PC Connection, Inc.		1,487		68,937
Perficient, Inc.(a)		1,338		47,874
Photronics, Inc.(a)		5,075		56,485
Plexus Corp.(a)		1,034		72,959
Power Integrations, Inc.		569		67,216
ScanSource, Inc.(a)		2,274		54,781
Semtech Corp.(a)		1,102		57,546
Smart Global Holdings, Inc.(a)		1,805		49,060
Smith Micro Software, Inc.(a)		11,582		51,656
SPS Commerce, Inc.(a)		1,129		84,811
Sykes Enterprises, Inc.(a)		2,577		71,280
The Hackett Group, Inc.		4,609		62,406
Ttec Holdings, Inc.		1,540		71,702
Verra Mobility Corp.(a)		4,724		48,563

See notes to financial statements.

13

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (11.8%): (continued)
Virtusa Corp.(a)		1,570		50,978
Vishay Intertechnology, Inc.		4,059		61,981
Vishay Precision Group, Inc.(a)		3,010		73,986
				2,962,755
Materials (6.5%):
Allegheny Technologies, Inc.(a)		4,133		42,115
American Vanguard Corp.		4,719		64,933
Boise Cascade Co.		1,749		65,780
Cabot Corp.		1,639		60,725
Carpenter Technology Corp.		1,922		46,666
Chase Corp.		510		52,275
Commercial Metals Co.		3,288		67,075
Futurefuel Corp.		5,832		69,693
GCP Applied Technologies(a)		3,150		58,527
Gold Resource Corp.		12,014		49,378
Greif, Inc., Class A		1,775		61,078
H.B. Fuller Co.		1,688		75,286
Haynes International, Inc.		3,438		80,311
Ingevity Corp.(a)		1,054		55,409
Innospec, Inc.		833		64,349
Koppers Holdings, Inc.(a)		2,020		38,057
Kronos Worldwide, Inc.		6,689		69,632
Materion Corp.		1,085		66,717
Minerals Technologies, Inc.		1,211		56,832
Myers Industries, Inc.		3,253		47,331
Neenah, Inc.		1,337		66,128
PolyOne Corp.		1,741		45,666
PQ Group Holdings, Inc.(a)		5,081		67,272
Ryerson Holding Corp.(a)		9,328		52,517
Stepan Co.		696		67,582

See notes to financial statements.

14

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (6.5%): (continued)
Tredegar Corp.		3,566		54,916
Trinseo SA		2,327		51,566
Warrior Met Coal, Inc.		2,863		44,062
				1,641,878
Real Estate (0.2%):
Marcus & Millichap, Inc.(a)		2,031		58,615
				58,615
Utilities (1.9%):
American States Water Co.		871		68,487
Chesapeake Utilities Corp.		848		71,232
MGE Energy, Inc.		943		60,833
Middlesex Water Co.		1,062		71,345
Otter Tail Corp.		1,483		57,526
The York Water Co.		1,426		68,391
Unitil Corp.		1,473		66,020
				463,834
Total Common Stocks (Cost $27,315,180)				24,942,660
Total Investments (Cost $27,315,180) — 99.7%				24,942,660
Other assets in excess of liabilities — 0.3%				83,432
NET ASSETS - 100.00%				25,026,092
Percentages indicated are based on net assets as of June 30, 2020.

(a)  Non-income producing security.

See notes to financial statements.

15

Schedule of Portfolio Investments (concluded)

June 30, 2020

Timothy Plan US Small Cap Core ETF (Unaudited)

Futures Contracts
Long Futures
Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index September Future (U.S. Dollar)		9/18/20		1	$	71,880	$	(1,257)
							$	(1,257)

See notes to financial statements.

16

Schedule of Portfolio Investments

June 30, 2020

Timothy Plan US Large/Mid Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.8%)
Communication Services (0.3%):
Cable One, Inc.		269		477,435
				477,435
Consumer Discretionary (8.6%):
Aptiv PLC		3,833		298,667
AutoZone, Inc.(a)		433		488,477
BorgWarner, Inc.		12,809		452,158
Bright Horizons Family Solutions, Inc.(a)		2,826		331,207
Burlington Stores, Inc.(a)		1,780		350,535
CarMax, Inc.(a)		4,019		359,901
Columbia Sportswear Co.		5,672		457,050
Dollar General Corp.		3,689		702,791
Dollar Tree, Inc.(a)		4,804		445,235
Domino’s Pizza, Inc.		1,228		453,672
Dr Horton, Inc.		6,938		384,712
Dunkin’ Brands Group, Inc.		5,644		368,158
Garmin Ltd.		6,050		589,875
Gentex Corp.		19,746		508,854
Genuine Parts Co.		4,663		405,494
Kohl’s Corp.		10,241		212,706
Lear Corp.		3,263		355,732
Lennar Corp.		5,320		327,818
LKQ Corp.(a)		12,094		316,863
Mohawk Industries, Inc.(a)		3,181		323,699
NVR, Inc.(a)		108		351,945
O’Reilly Automotive, Inc.(a)		1,132		477,330
Planet Fitness, Inc., Class A(a)		3,873		234,588
Pool Corp.		1,865		507,038
Pultegroup, Inc.		9,512		323,693
Ross Stores, Inc.		4,231		360,650

See notes to financial statements.

17

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Large/Mid Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (8.6%): (continued)
Service Corp. International		13,257		515,565
Tapestry, Inc.		17,991		238,920
Tractor Supply Co.		4,572		602,545
Yum China Holdings, Inc.		11,393		547,662
				12,293,540
Consumer Staples (4.3%):
Casey’s General Stores, Inc.		3,075		459,774
Conagra Brands, Inc.		16,294		573,060
Costco Wholesale Corp.		2,418		733,162
Hormel Foods Corp.		14,528		701,266
Ingredion, Inc.		5,868		487,044
Lamb Weston Holding, Inc.		6,092		389,462
McCormick & Co., Inc.		3,187		571,780
Monster Beverage Corp.(a)		8,705		603,431
Sysco Corp.		5,854		319,980
The JM Smucker Co.		6,250		661,312
Tyson Foods, Inc., Class A		6,859		409,551
US Foods Holding Corp.(a)		12,395		244,429
				6,154,251
Energy (2.1%):
Cabot Oil & Gas Corp.		20,658		354,904
ConocoPhillips		6,934		291,367
Continental Resources, Inc.		11,400		199,842
EOG Resources, Inc.		5,756		291,599
HollyFrontier Corp.		9,743		284,496
Kinder Morgan, Inc.		24,810		376,367
ONEOK, Inc.		6,871		228,255
Phillips 66		4,498		323,406
The Williams Cos., Inc.		17,850		339,507

See notes to financial statements.

18

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Large/Mid Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Energy (2.1%): (continued)
Valero Energy Corp.		4,799		282,277
				2,972,020
Financials (12.4%):
Aflac, Inc.		9,934		357,922
Alleghany Corp.		830		405,986
American Financial Group, Inc.		4,889		310,256
Arch Capital Group Ltd.(a)		12,394		355,088
Ares Management Corp., Class A		9,798		388,981
Arthur J Gallagher & Co.		5,288		515,527
Athene Holding, Ltd., Class A(a)		8,282		258,316
BlackRock, Inc.		803		436,904
Brown & Brown, Inc.		13,204		538,194
CBOE Global Markets, Inc.		4,946		461,363
Cincinnati Financial Corp.		6,326		405,054
Commerce Bancshares, Inc.		7,259		431,693
Credit Acceptance Corp.(a)		777		325,571
East West BanCorp, Inc.		9,518		344,932
Everest Re Group, Ltd.		2,041		420,854
FactSet Research Systems, Inc.		1,657		544,275
First American Financial Corp.		7,873		378,061
First Republic Bank/CA		4,078		432,228
Franklin Resources, Inc.		19,528		409,502
Globe Life, Inc.		5,383		399,580
Intercontinental Exchange, Inc.		5,777		529,173
Invesco Ltd.		28,903		310,996
Jefferies Financial Group, Inc.		25,037		389,325
LPL Financial Holdings, Inc.		3,946		309,366
Markel Corp.(a)		437		403,425
MarketAxess Holdings, Inc.		919		460,345
Morningstar, Inc.		4,460		628,727

See notes to financial statements.

19

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Large/Mid Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (12.4%): (continued)
MSCI, Inc.		1,268		423,284
Nasdaq, Inc.		4,191		500,699
Old Republic International Corp.		24,889		405,940
People’s United Financial, Inc.		30,882		357,305
Principal Financial Group, Inc.		8,029		333,525
Prosperity Bancshares, Inc.		5,838		346,660
Reinsurance Group of America, Inc.		3,650		286,306
Renaissancere Holdings, Ltd.		2,741		468,794
Santander Consumer USA Holdings, Inc.		14,625		269,246
SEI Investments Co.		8,351		459,138
Signature Bank		3,245		346,955
SVB Financial Group(a)		1,529		329,545
TCF Financial Corp.		8,598		252,953
The Charles Schwab Corp.		10,804		364,527
Tradeweb Markets, Inc., Class A		7,944		461,864
Voya Financial, Inc.		9,194		428,900
WR Berkley Corp.		7,664		439,071
				17,626,356
Health Care (16.2%):
ABIOMED, Inc.(a)		1,669		403,164
Agilent Technologies, Inc.		6,560		579,707
Alexion Pharmaceuticals, Inc.(a)		4,837		542,905
Align Technology, Inc.(a)		1,342		368,298
Amedisys, Inc.(a)		2,401		476,695
Amgen, Inc.		2,673		630,454
Baxter International, Inc.		6,449		555,259
Bruker Corp.		10,248		416,889
Centene Corp.(a)		6,174		392,358
Cerner Corp.		10,692		732,936
Charles River Laboratories International, Inc.(a)		2,362		411,815

See notes to financial statements.

20

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Large/Mid Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (16.2%): (continued)
Chemed Corp.		1,141		514,671
Danaher Corp.		3,725		658,692
DaVita, Inc.(a)		6,347		502,302
DENTSPLY Sirona, Inc.		11,413		502,857
Edwards Lifesciences Corp.(a)		7,256		501,462
Encompass Health Corp.		7,381		457,105
Exelixis, Inc.(a)		17,050		404,767
Henry Schein, Inc.(a)		9,281		541,917
Hill-Rom Holdings, Inc.		5,265		577,992
Humana, Inc.		1,044		404,811
IDEXX Laboratories, Inc.(a)		1,809		597,259
Illumina, Inc.(a)		1,464		542,192
Incyte Corp.(a)		6,149		639,312
Insulet Corp.(a)		2,576		500,414
Intuitive Surgical, Inc.(a)		840		478,657
IQVIA Holdings, Inc.(a)		2,980		422,802
Jazz Pharmaceuticals PLC(a)		4,801		529,742
Masimo Corp.(a)		2,935		669,151
Mettler-Toledo International(a)		676		544,552
Molina Healthcare, Inc.(a)		2,340		416,473
Penumbra, Inc.(a)		2,691		481,205
PerkinElmer, Inc.		6,343		622,185
PRA Health Sciences, Inc.(a)		4,175		406,186
Regeneron Pharmaceuticals, Inc.(a)		879		548,188
ResMed, Inc.		2,606		500,352
Stryker Corp.		2,296		413,716
Teleflex, Inc.		1,334		485,549
Varian Medical Systems, Inc.(a)		4,054		496,696
Veeva Systems, Inc.(a)		2,164		507,285
Vertex Pharamaceuticals, Inc.(a)		1,946		564,943

See notes to financial statements.

21

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Large/Mid Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (16.2%): (continued)
Waters Corp.(a)		2,981		537,772
West Pharmaceutical Services, Inc.		2,833		643,573
Zimmer Biomet Holdings, Inc.		3,533		421,699
Zoetis, Inc.		3,924		537,745
				23,084,704
Industrials (21.8%):
Allegion PLC		4,714		481,865
AMERCO, Inc.		1,454		439,384
Ametek, Inc.		5,080		454,000
AO Smith Corp.		12,221		575,853
Carlisle Companies, Inc.		3,688		441,343
Caterpillar, Inc.		3,965		501,573
CH Robinson Worldwide, Inc.		7,949		628,448
Cintas Corp.		1,507		401,405
Copart, Inc.(a)		5,519		459,567
Costar Group, Inc.(a)		742		527,317
CSX Corp.		6,385		445,290
Deere & Co.		2,978		467,993
Donaldson Co., Inc.		10,745		499,857
Dover Corp.		4,549		439,251
Eaton Corp. PLC		4,612		403,458
Emerson Electric Co.		6,419		398,171
Enphase Energy, Inc.(a)		4,177		198,700
Expeditors International of Washington, Inc.		8,800		669,152
Fastenal Co.		12,008		514,423
Fortive Corp.		7,077		478,830
Fortune Brands Home & Security, Inc.		6,253		399,754
Generac Holdings, Inc.(a)		3,886		473,819
General Dynamics Corp.		3,617		540,596
Graco, Inc.		10,340		496,217

See notes to financial statements.

22

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Large/Mid Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (21.8%): (continued)
HD Supply Holdings, Inc.(a)		11,438		396,327
HEICO Corp.		3,423		341,102
Honeywell International, Inc.		3,290		475,701
Hubbell, Inc.		3,639		456,185
Huntington Ingalls Industries, Inc.		2,714		473,566
IDEX Corp.		3,655		577,636
Illinois Tool Works, Inc.		2,874		502,519
Ingersoll-Rand, Inc.(a)		13,333		374,924
J.B. Hunt Transport Services, Inc.		4,558		548,510
Kansas City Southern		2,840		423,984
Knight-Swift Transportation Holdings, Inc.		13,477		562,125
Lennox International, Inc.		2,448		570,360
Masco Corp.		10,985		551,557
Middleby Corp.(a)		4,612		364,071
Nordson Corp.		2,204		418,121
Norfolk Southern Corp.		2,396		420,666
Old Dominion Freight Line, Inc.		3,126		530,138
Owens Corning		6,971		388,703
PACCAR, Inc.		7,894		590,866
Parker Hannifin Corp.		1,925		352,795
Quanta Services, Inc.		12,112		475,154
Republic Services, Inc.		7,321		600,688
Robert Half International, Inc.		9,000		475,470
Rockwell Automation, Inc.		1,923		409,599
Rollins, Inc.		14,529		615,884
Roper Technologies, Inc.		1,312		509,397
Snap-on, Inc.		3,327		460,823
Spirit Aerosystems Holdings, Inc.		8,053		192,789
Teledyne Technologies, Inc.(a)		1,237		384,645
Toro Co.		8,402		557,389

See notes to financial statements.

23

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Large/Mid Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (21.8%): (continued)
Trane Technologies PLC		5,318		473,196
TransDigm Group, Inc.		651		287,775
Transunion		5,245		456,525
Trex CO., Inc.(a)		2,948		383,446
Union Pacific Corp.		2,974		502,814
United Rentals, Inc.(a)		2,188		326,100
Verisk Analytics, Inc.		3,291		560,128
Waste Management, Inc.		5,763		610,359
Watsco, Inc.		3,744		665,308
Woodward, Inc.		4,127		320,049
WW Grainger, Inc.		1,584		497,629
XPO Logistics, Inc.(a)		4,053		313,094
Xylem, Inc.		6,996		454,460
				31,188,843
Information Technology (19.3%):
Advanced Micro Devices, Inc.(a)		7,282		383,106
Akamai Technologies, Inc.(a)		5,818		623,049
Amphenol Corp.		5,400		517,375
Analog Devices, Inc.		3,389		415,627
ANSYS, Inc.(a)		1,709		498,567
Arista Networks, Inc.(a)		1,779		373,643
Aspen Technology, Inc.(a)		4,654		482,201
Black Knight, Inc.(a)		8,491		616,107
Broadcom, Inc.		1,317		415,658
CACI International, Inc.(a)		1,991		431,808
Cadence Design Systems, Inc.(a)		5,129		492,179
CDW Corp.		3,788		440,090
Ciena Corp.(a)		8,145		441,133
Citrix Systems, Inc.		4,108		607,614
Cognex Corp.		6,492		387,702

See notes to financial statements.

24

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Large/Mid Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (19.3%): (continued)
Cognizant Technology Solutions Corp.		7,841		445,526
Dolby Laboratories, Inc.		7,606		501,007
Entegris, Inc.		6,908		407,917
EPAM Systems, Inc.(a)		1,606		404,728
Euronet Worldwide, Inc.(a)		3,580		343,036
F5 Networks, Inc.(a)		3,892		542,856
Fair Isaac Corp.(a)		835		349,063
Fiserv, Inc.(a)		4,575		446,612
Fleetcor Technologies, Inc.(a)		1,637		411,755
FLIR Systems, Inc.		9,191		372,879
Fortinet, Inc.(a)		3,015		413,869
Gartner, Inc.(a)		3,782		458,870
Genpact Ltd.		12,067		440,687
Jack Henry & Associates, Inc.		3,331		613,004
Juniper Networks, Inc.		25,115		574,129
Keysight Technologies, Inc.(a)		4,848		488,581
KLA Corp.		1,846		359,010
Lam Research Corp.		1,129		365,186
Maxim Integrated Products, Inc.		8,432		511,064
Microchip Technology, Inc.		3,435		361,740
Micron Technology, Inc.(a)		7,244		373,211
MKS Instruments, Inc.		3,142		355,800
Monolithic Power Systems, Inc.		1,618		383,466
NetApp, Inc.		10,301		457,055
NVIDIA Corp.		1,046		397,386
Paychex, Inc.		5,834		441,926
Paycom Software, Inc.(a)		1,057		327,385
Paylocity Holding Corp.(a)		2,860		417,245
Qorvo, Inc.(a)		3,321		367,070
RealPage, Inc.(a)		7,641		496,741

See notes to financial statements.

25

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Large/Mid Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (19.3%): (continued)
Seagate Technology PLC		9,842		476,452
Skyworks Solutions, Inc.		2,964		378,977
Ssnc Technologies Holdings, Inc.		7,700		434,896
SYNNEX Corp.		3,577		428,417
Synopsys, Inc.(a)		2,874		560,430
TE Connectivity Ltd.		5,553		452,847
Teradyne, Inc.		5,676		479,679
The Trade Desk, Inc.(a)		809		328,859
Trimble, Inc.(a)		9,427		407,152
Tyler Technologies, Inc.(a)		1,831		635,137
Ubiquiti, Inc.		1,905		332,537
Universal Display Corp.		2,443		365,522
VeriSign, Inc.(a)		2,533		523,900
Western Union Co.		23,124		499,941
Wex, Inc.(a)		1,743		287,612
Xilinx, Inc.		5,149		506,610
Zebra Technologies Corp.(a)		1,639		419,502
				27,473,133
Materials (7.1%):
Albemarle Corp.		4,677		361,111
AptarGroup, Inc.		5,805		650,043
Axalta Coating Systems, Ltd.(a)		17,241		388,785
Ball Corp.		7,560		525,344
Celanese Corp.		4,475		386,372
CF Industries Holdings, Inc.		12,927		363,766
Crown Holdings, Inc.(a)		6,274		408,626
Eastman Chemical Co.		6,153		428,495
Ecolab, Inc.		2,179		433,512
International Flavors & Fragrances, Inc.		3,789		464,001
International Paper Co.		11,990		422,168

See notes to financial statements.

26

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan US Large/Mid Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (7.1%): (continued)
LyondellBasell Industries N.V., Class A		4,688		308,095
Martin Marietta Materials, Inc.		2,011		415,412
Nucor Corp.		10,760		445,572
Packaging Corp. of America		4,752		474,250
PPG Industries, Inc.		4,854		514,814
Reliance Steel & Aluminum Co.		4,707		446,835
Royal Gold, Inc.		3,032		376,938
RPM International, Inc.		6,393		479,859
Sherwin-Williams Co.		874		505,041
Steel Dynamics, Inc.		13,173		343,684
Vulcan Materials Co.		3,693		427,834
Westlake Chemical Corp.		5,700		305,805
Westrock Co.		11,725		331,349
				10,207,711
Utilities (7.7%):
Alliant Energy Corp.		11,055		528,870
Ameren Corp.		6,535		459,803
American Electric Power Co., Inc.		6,619		527,137
American Water Works Co., Inc.		3,686		474,241
Atmos Energy Corp.		4,962		494,116
CenterPoint Energy, Inc.		19,248		359,360
CMS Energy Corp.		8,980		524,612
Consolidated Edison, Inc.		6,635		477,256
DTE Energy Co.		4,148		445,910
Entergy Corp.		4,591		430,682
Essential Utilities, Inc.		9,566		404,068
Evergy, Inc.		7,045		417,698
Eversource Energy		5,280		439,666
MDU Resources Group, Inc.		17,677		392,076
NextEra Energy, Inc.		2,011		482,982

See notes to financial statements.

27

Schedule of Portfolio Investments —(concluded)

June 30, 2020

Timothy Plan US Large/Mid Cap Core ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (7.7%): (continued)
NRG Energy, Inc.		13,114		426,992
OGE Energy Corp.		15,994		485,578
Pinnacle West Capital Corp.		6,224		456,157
PPL Corp.		16,803		434,190
Public Service Enterprise Group, Inc.		10,771		529,501
The Southern Co.		7,755		402,097
Vistra Corp.		20,820		387,668
WEC Energy Group		5,189		454,816
Xcel Energy, Inc.		8,175		510,937
				10,946,413
Total Common Stocks (Cost $144,529,816)				142,424,406
Total Investments (Cost $144,529,816) — 99.8%				142,424,406
Other assets in excess of liabilities — 0.2%				351,095
NET ASSETS - 100.00%				142,775,501
Percentages indicated are based on net assets as of June 30, 2020.

(a) Non-income producing security.

Futures Contracts
Long Futures
Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini September Future (U.S. Dollar)		9/18/20		2	$	309,020	$	144
							$	144

See notes to financial statements.

28

Schedule of Portfolio Investments

June 30, 2020

Timothy Plan High Dividend Stock ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.5%)
Consumer Discretionary (5.4%):
BorgWarner, Inc.		31,462		1,110,609
Garmin Ltd.		14,858		1,448,655
Genuine Parts Co.		11,453		995,953
Kohl’s Corp.		25,154		522,449
Lear Corp.		8,016		873,904
Tapestry, Inc.		44,193		586,883
				5,538,453
Consumer Staples (5.8%):
Conagra Brands, Inc.		40,023		1,407,609
Ingredion, Inc.		14,414		1,196,362
Sysco Corp.		14,379		785,956
The JM Smucker Co.		15,352		1,624,395
Tyson Foods, Inc., Class A		16,848		1,005,994
				6,020,316
Energy (5.7%):
ConocoPhillips		17,033		715,727
EOG Resources, Inc.		14,140		716,332
HollyFrontier Corp.		23,930		698,756
Kinder Morgan, Inc.		60,939		924,444
ONEOK, Inc.		16,877		560,654
Phillips 66		11,048		794,351
The Williams Cos., Inc.		43,847		833,970
Valero Energy Corp.		11,786		693,253
				5,937,487
Financials (17.9%):
Aflac, Inc.		24,400		879,132
Alleghany Corp.		2,040		997,846
American Financial Group, Inc.		12,008		762,028

See notes to financial statements.

29

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan High Dividend Stock ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (17.9%): (continued)
Ares Management Corp., Class A		24,066		955,420
BlackRock, Inc.		1,973		1,073,490
Cincinnati Financial Corp.		15,539		994,962
East West BanCorp, Inc.		23,378		847,219
Everest Re Group, Ltd.		5,012		1,033,474
First American Financial Corp.		19,340		928,707
Franklin Resources, Inc.		47,965		1,005,826
Invesco Ltd.		70,994		763,895
Jefferies Financial Group, Inc.		61,500		956,325
Old Republic International Corp.		61,137		997,144
People’s United Financial, Inc.		75,854		877,631
Principal Financial Group, Inc.		19,722		819,252
Prosperity Bancshares, Inc.		14,340		851,509
Reinsurance Group of America, Inc.		8,964		703,136
Santander Consumer USA Holdings, Inc.		35,922		661,324
Signature Bank		7,971		852,259
TCF Financial Corp.		21,117		621,262
WR Berkley Corp.		18,824		1,078,427
				18,660,268
Health Care (1.5%):
Amgen, Inc.		6,566		1,548,657
				1,548,657
Industrials (19.6%):
Caterpillar, Inc.		9,741		1,232,237
CH Robinson Worldwide, Inc.		19,526		1,543,726
Dover Corp.		11,174		1,078,961
Eaton Corp. PLC		11,328		990,973
Emerson Electric Co.		15,766		977,965
Fastenal Co.		29,496		1,263,609

See notes to financial statements.

30

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan High Dividend Stock ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (19.6%): (continued)
General Dynamics Corp.		8,885		1,327,952
Honeywell International, Inc.		8,079		1,168,143
Hubbell, Inc.		8,936		1,120,217
Illinois Tool Works, Inc.		7,058		1,234,091
Norfolk Southern Corp.		5,884		1,033,054
PACCAR, Inc.		19,389		1,451,267
Robert Half International, Inc.		22,109		1,168,018
Snap-on, Inc.		8,172		1,131,904
TransDigm Group, Inc.		1,599		706,838
Union Pacific Corp.		7,304		1,234,887
Watsco, Inc.		9,195		1,633,951
				20,297,793
Information Technology (10.1%):
Analog Devices, Inc.		8,326		1,021,101
Broadcom, Inc.		3,235		1,020,998
Juniper Networks, Inc.		61,689		1,410,211
Maxim Integrated Products, Inc.		20,712		1,255,354
NetApp, Inc.		25,300		1,122,561
Paychex, Inc.		14,328		1,085,346
Seagate Technology PLC		24,173		1,170,215
TE Connectivity Ltd.		13,640		1,112,342
Western Union Co.		56,800		1,228,016
				10,426,144
Materials (11.1%):
Celanese Corp.		10,993		949,136
CF Industries Holdings, Inc.		31,752		893,501
Eastman Chemical Co.		15,113		1,052,469
International Flavors & Fragrances, Inc.		9,307		1,139,735
International Paper Co.		29,450		1,036,935

See notes to financial statements.

31

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan High Dividend Stock ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (11.1%): (continued)
LyondellBasell Industries N.V., Class A		11,514		756,700
Nucor Corp.		26,429		1,094,425
Packaging Corp. of America		11,673		1,164,965
Reliance Steel & Aluminum Co.		11,561		1,097,486
Steel Dynamics, Inc.		32,356		844,168
Westlake Chemical Corp.		14,000		751,100
Westrock Co.		28,801		813,916
				11,594,536
Utilities (22.4%):
Alliant Energy Corp.		27,155		1,299,095
Ameren Corp.		16,051		1,129,348
American Electric Power Co., Inc.		16,257		1,294,707
Atmos Energy Corp.		12,188		1,213,681
CenterPoint Energy, Inc.		47,280		882,718
CMS Energy Corp.		22,056		1,288,512
Consolidated Edison, Inc.		16,296		1,172,171
DTE Energy Co.		10,187		1,095,103
Entergy Corp.		11,276		1,057,802
Essential Utilities, Inc.		23,498		992,556
Evergy, Inc.		17,305		1,026,013
Eversource Energy		12,969		1,079,929
MDU Resources Group, Inc.		43,418		963,011
OGE Energy Corp.		39,286		1,192,723
Pinnacle West Capital Corp.		15,288		1,120,458
PPL Corp.		41,272		1,066,468
Public Service Enterprise Group, Inc.		26,454		1,300,478
The Southern Co.		19,051		987,794
Vistra Corp.		51,141		952,245
WEC Energy Group		12,747		1,117,275

See notes to financial statements.

32

Schedule of Portfolio Investments (concluded)

June 30, 2020

Timothy Plan High Dividend Stock ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (22.4%): (continued)
Xcel Energy, Inc.		20,079		1,254,938
				23,487,025
Total Common Stocks (Cost $112,549,605)				103,510,679
Total Investments (Cost $112,549,605) — 99.5%				103,510,679
Other assets in excess of liabilities — 0.5%				469,676
NET ASSETS - 100.00%				103,980,355
Percentages indicated are based on net assets as of June 30, 2020.

Futures Contracts
Long Futures
Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini September Future (U.S. Dollar)		9/18/20		2	$	309,020	$	132
							$	132

See notes to financial statements.

33

Schedule of Portfolio Investments

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.4%)
Australia (6.1%):
Communication Services (0.5%):
Rea Group Ltd.		1,096		81,571
Telstra Corp. Ltd.		57,303		123,739
				205,310
Consumer Staples (1.0%):
Coles Group, Ltd.		10,997		130,265
Wesfarmers Ltd.		3,600		111,341
Woolworths Group Ltd.		5,133		132,018
				373,624
Energy (0.4%):
Origin Energy Ltd.		21,056		84,835
Santos Ltd.		16,204		59,249
				144,084
Financials (1.5%):
ASX Ltd.		2,063		121,518
Commonwealth Bank of Australia		2,047		98,036
Insurance Australia Group Ltd.		27,774		110,560
National Australia Bank Ltd.		6,668		83,816
Suncorp Group Ltd.		14,615		93,065
Westpac Banking Corp.		7,026		87,008
				594,003
Health Care (0.9%):
Cochlear Ltd.		604		78,727
CSL Ltd.		480		95,041
Ramsay Health Care Ltd.		1,897		87,057
Sonic Healthcare Ltd.		5,104		107,151
				367,976

See notes to financial statements.

34

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Australia (6.1%): (continued)
Industrials (0.3%):
Brambles Ltd.		15,268		114,498
				114,498
Materials (1.2%):
BHP Group Ltd.		3,927		97,045
BHP Group PLC		3,840		78,706
Fortescue Metals Group Ltd.		8,001		76,450
Newcrest Mining Ltd.		3,987		86,727
Rio Tinto Ltd.		1,765		119,283
				458,211
Utilities (0.3%):
AGL Energy Ltd.		11,666		137,224
				137,224
				2,394,930
Austria (0.4%):
Energy (0.2%):
OMV AG (a)		1,965		65,695
				65,695
Financials (0.2%):
Erste Group Bank AG (a)		3,173		74,678
				74,678
				140,373
Belgium (0.4%):
Financials (0.2%):
KBC Group N.V.		1,345		77,151
				77,151

See notes to financial statements.

35

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Belgium (0.4%): (continued)
Materials (0.2%):
Umicore		1,824		85,877
				85,877
				163,028
Bermuda (0.3%):
Industrials (0.3%):
Jardine Matheson Holdings Ltd.		2,600		108,524
				108,524
Canada (7.5%):
Consumer Discretionary (0.3%):
Dollarama, Inc.		3,299		109,756
				109,756
Consumer Staples (1.2%):
Alimentation Couche-Tard, Inc.		3,415		107,099
Loblaw Cos. Ltd.		2,445		119,080
Metro, Inc.		3,531		145,673
Saputo, Inc.		5,031		119,974
				491,826
Energy (0.9%):
Canadian Natural Resources, Ltd.		2,811		48,769
Cenovus Energy, Inc.		9,142		42,767
Enbridge, Inc.		2,589		78,734
Imperial Oil Ltd.		3,660		58,888
Pembina Pipelines Corp.		1,908		47,707
TC Energy Corp.		1,803		77,040
				353,905
Financials (1.3%):
Canadian Imperial Bank of Commerce		1,242		83,026
Fairfax Financial Holdings, Ltd.		295		91,153

See notes to financial statements.

36

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Canada (7.5%): (continued)
Financials (1.3%): (continued)
Great-West Lifeco, Inc.		4,556		79,883
Intact Financial Corp.		1,110		105,660
National Bank of Canada		1,655		75,008
Power Corp. of Canada		3,827		67,326
				502,056
Industrials (1.0%):
CAE, Inc.		3,438		55,772
Canadian National Railway Co.		1,327		117,420
Canadian Pacific Railway Ltd.		379		96,417
WSP Global, Inc.		1,732		106,237
				375,846
Information Technology (0.9%):
CGI, Inc. (a)		1,860		117,199
Constellation Software, Inc.		113		127,609
Open Text Corp.		2,552		108,386
				353,194
Materials (0.6%):
Aginco Eagle Mines, Ltd.		1,327		84,983
Barrick Gold Corp.		3,548		95,483
Kirkland Lake Gold Ltd.		1,700		70,009
				250,475
Utilities (1.3%):
Algonquin Power & Utilities Corp.		6,308		81,557
Canadian Utilities Ltd., Class A		3,984		99,204
Emera, Inc.		2,650		104,290
Fortis, Inc.		2,708		103,001

See notes to financial statements.

37

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Canada (7.5%): (continued)
Utilities (1.3%): (continued)
Hydro One, Ltd.		6,461		121,519
				509,571
				2,946,629
Chile (0.2%):
Materials (0.2%):
Antofagasta PLC		7,209		83,739
				83,739
Denmark (3.3%):
Financials (0.6%):
Danske Bank A/S		7,884		104,949
Tryg A/S		4,830		139,835
				244,784
Health Care (1.2%):
Coloplast A/S		949		147,105
Demant A/S (a)		3,682		97,105
Genmab A/S (a)		376		125,866
GN Store Nord A/S		1,876		99,970
				470,046
Industrials (0.5%):
DSV Panalpina A S		846		103,304
Vestas Wind Systems A/S		992		101,028
				204,332
Materials (0.7%):
Christian Hansen Holding A/S		1,207		124,489
Novozymes A/S, Class B Shares		2,338		135,201
				259,690

See notes to financial statements.

38

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Denmark (3.3%): (continued)
Utilities (0.3%):
Orsted A/S		1,088		125,570
				125,570
				1,304,422
Finland (1.7%):
Energy (0.2%):
Neste OYJ		2,134		83,452
				83,452
Financials (0.2%):
Sampo OYJ		2,601		89,471
				89,471
Industrials (0.4%):
Kone OYJ		2,391		164,441
				164,441
Materials (0.6%):
Stora ENSO OYJ, Class R Shares		8,368		99,929
UPM-Kymmene OYJ		4,189		121,037
				220,966
Utilities (0.3%):
Fortum OYJ		5,565		105,686
				105,686
				664,016
France (6.7%):
Consumer Discretionary (0.6%):
Compagnie Generale DES Etablissements Michelin (a)		1,011		104,876
Hermes International SA		156		130,352
				235,228

See notes to financial statements.

39

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
France (6.7%): (continued)
Financials (0.7%):
Amundi SA		1,243		97,329
CNP Assurances SA (a)		4,563		52,542
Natixis (a)		19,246		50,269
Societe Generale (a)		3,992		66,373
				266,513
Health Care (1.1%):
bioMerieux (a)		786		107,991
Essilorluxottica (a)		893		114,616
Orpea		871		100,686
Sartorius Stedim Biotech		419		105,909
				429,202
Industrials (2.7%):
Aeroports de Paris		588		60,375
Bollore		30,690		96,399
Bureau Veritas SA		5,288		111,564
Edenred		2,168		94,816
Eiffage SA (a)		898		82,118
Groupe Eurotunnel SA		5,986		86,345
Legrand SA		1,453		110,377
Safran SA (a)		544		54,525
Schneider Electric SA		986		109,527
Teleperformance (a)		389		98,719
Thales SA		1,214		98,031
Vinci SA		826		76,091
				1,078,887
Information Technology (0.5%):
ATOS SE (a)		1,186		101,126
Dassault Systemes SA		635		109,573
				210,699

See notes to financial statements.

40

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
France (6.7%): (continued)
Materials (0.6%):
Air Liquide SA		928		133,860
Arkema SA		967		92,490
				226,350
Utilities (0.5%):
Suez		8,493		99,561
Veolia Environnement		4,354		97,924
				197,485
				2,644,364
Germany (5.3%):
Communication Services (0.3%):
Scout24 AG		1,707		132,414
				132,414
Consumer Discretionary (0.2%):
Puma SE (a)		1,054		81,488
				81,488
Consumer Staples (0.4%):
Beiersdorf AG		1,510		171,500
				171,500
Financials (1.0%):
Deutsche Boerse AG		713		128,999
Hannover Rueck SE		561		96,678
Muenchener Rueckversicherungs-Gesellschaft AG		359		93,324
Talanx AG		2,344		87,108
				406,109
Health Care (0.6%):
Carl Zeiss Meditec AG (a)		928		90,491
Fresenius Medical Care AG (a)		1,656		141,946
				232,437

See notes to financial statements.

41

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Germany (5.3%): (continued)
Industrials (1.0%):
Brenntag AG		2,107		110,705
Deutsche Post AG (a)		2,845		104,033
MTU Aero Engines AG (a)		350		60,611
Rational AG		187		104,702
				380,051
Information Technology (0.4%):
Infineon Technologies AG		3,252		76,263
Nemetschek SE		1,176		80,853
				157,116
Materials (0.7%):
Evonik Industries AG		3,752		95,301
Symrise AG		1,393		161,968
				257,269
Real Estate (0.4%):
Deutsche Wohnen SE		3,389		152,099
				152,099
Utilities (0.3%):
Uniper SE		3,790		122,196
				122,196
				2,092,679
Hong Kong (6.6%):
Consumer Discretionary (0.3%):
Techtronic Industries Co.		9,500		92,913
				92,913

See notes to financial statements.

42

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Hong Kong (6.6%):
Consumer Staples (0.6%):
Sun Art Retail Group Ltd.		79,500		135,812
WH Group Ltd.		117,500		100,667
				236,479
Financials (0.3%):
AIA Group Ltd.		14,000		130,601
				130,601
Health Care (0.3%):
Sino Biopharmaceutical Ltd.		62,000		116,795
				116,795
Industrials (0.7%):
CK Hutchison Holdings Ltd.		19,500		125,298
MTR Corp. Ltd.		31,500		163,184
				288,482
Real Estate (3.2%):
CK Asset Holdings Ltd.		19,500		116,241
Hang Lung Properties Ltd.		64,235		152,169
Henderson Land Development Co. Ltd.		45,000		170,703
New World Development Co. Ltd.		30,000		142,446
Shimao Property Holdings Ltd.		23,500		99,454
Sino Land Co. Ltd.		110,000		138,382
Sun Hung KAI Properties Ltd.		12,410		158,441
Swire Pacific Ltd., Class A		20,500		108,712
Wheelock & Co. Ltd.		22,000		183,828
				1,270,376
Utilities (1.2%):
CK Infrastructure Holdings Ltd.		24,500		126,131
Hong Kong & China Gas Co. Ltd.		104,650		162,032

See notes to financial statements.

43

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Hong Kong (6.6%): (continued)
Utilities (1.2%): (continued)
Power Assets Holdings Ltd.		29,000		157,717
				445,880
				2,581,526
Ireland (1.3%):
Consumer Staples (0.3%):
Kerry Group PLC		1,013		125,523
				125,523
Industrials (0.5%):
DCC PLC		1,095		91,299
Kingspan Group PLC		1,653		106,498
				197,797
Materials (0.5%):
CRH PLC		2,539		86,996
Smurfit Kappa Group PLC		3,033		101,401
				188,397
				511,717
Israel (1.0%):
Financials (0.5%):
Bank Hapoalim BM		16,469		97,924
Bank Leumi		19,256		96,302
Isracard Ltd.		–		1
				194,227
Information Technology (0.3%):
Nice Ltd. (a)		546		101,732
				101,732

See notes to financial statements.

44

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Israel (1.0%): (continued)
Real Estate (0.2%):
Azrieli Group Ltd.		2,233		101,095
				101,095
				397,054
Italy (2.1%):
Consumer Discretionary (0.2%):
Moncler SpA		2,247		85,927
				85,927
Energy (0.2%):
Snam SpA		20,452		99,577
				99,577
Financials (1.2%):
Assicurazioni Generali SpA		8,250		124,841
Intesa Sanpaolo SpA		52,206		99,914
Mediobanca Banca di Credito Finanziario SpA		10,796		77,500
Poste Italiane SpA		9,417		81,882
UniCredit SpA		9,024		83,007
				467,144
Industrials (0.2%):
Atlantia SpA (a)		4,468		71,777
				71,777
Utilities (0.3%):
Terna SpA		16,931		116,367
				116,367
				840,792

See notes to financial statements.

45

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (19.5%):
Communication Services (2.3%):
KDDI Corp.		4,700		140,791
Nexon Co. Ltd.		4,700		106,094
Nippon Telegraph & Telephone Corp.		7,300		170,092
NTT DoCoMo, Inc.		6,200		165,510
Softbank Corp.		16,200		206,326
Z Holdings Corp.		19,500		95,007
				883,820
Consumer Discretionary (2.3%):
Bridgestone Corp.		5,000		160,661
Denso Corp.		3,500		136,324
Fast Retailing Co. Ltd.		200		114,302
Nitori Co. Ltd.		800		156,539
Oriental Land Co. Ltd.		900		118,711
Panasonic Corp.		12,600		109,661
Shimano ORD		600		115,320
				911,518
Consumer Staples (1.4%):
KAO Corp.		2,000		158,207
Seven & i Holdings Co., Ltd.		3,600		117,377
Shiseido Co., Ltd.		1,900		120,290
Unicharm Corp.		3,900		159,670
				555,544
Financials (2.1%):
Japan Post Bank Co. Ltd.		18,300		135,945
Japan Post Holdings Co. Ltd.		20,600		146,295
Ms&Ad Insurance Group Holdings, Inc.		6,000		164,561
ORIX Corp.		8,300		102,135
Sumitomo Mitsui Financial Group, Inc.		5,100		143,231

See notes to financial statements.

46

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (19.5%): (continued)
Financials (2.1%): (continued)
Tokio Marine Holdings, Inc.		3,300		143,603
				835,770
Health Care (3.3%):
Astellas Pharma, Inc.		8,200		136,679
Chugai Pharmaceutical Co. Ltd.		2,700		144,178
Daiichi Sankyo Co. Ltd.		1,300		106,038
Eisai Co. Ltd.		1,100		87,075
Hoya Corp.		1,300		123,546
M3, Inc.		2,500		106,174
Olympus Corp.		5,100		98,046
Otsuka Holdings Co. Ltd.		2,500		108,814
Shionogi & Co. Ltd.		2,000		125,046
Sysmex Corp.		1,700		129,594
Terumo Corp.		3,000		113,403
				1,278,593
Industrials (4.0%):
Central Japan Railway Co.		800		123,675
Daikin Industries Ltd.		1,000		160,569
East Japan Railway Co.		1,900		131,536
Fanuc Corp.		600		107,039
ITOCHU Corp.		7,400		159,125
Komatsu Ltd.		6,000		122,462
Mitsubishi Corp.		8,400		176,621
Mitsubishi Electric Corp.		11,100		143,891
Nidec Corp.		1,900		126,643
Secom Co. Ltd.		2,000		174,565
SMC Corp.		300		153,334
				1,579,460

See notes to financial statements.

47

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (19.5%): (continued)
Information Technology (3.0%):
Canon, Inc.		7,300		144,330
Fujifilm Holdings Corp.		2,500		106,752
Fujitsu, Ltd.		1,100		128,585
Keyence Corp.		400		166,840
Kyocera Corp.		2,700		146,679
Murata Manufacturing Co. Ltd.		2,400		140,407
Nomura Research Institute Ltd.		4,200		113,870
OBIC Co. Ltd.		700		122,351
Tokyo Electron Ltd.		500		122,453
				1,192,267
Materials (0.6%):
Nippon Paint Holdings Co. Ltd.		1,400		101,667
Shin-Etsu Chemical Co. Ltd.		1,000		116,664
				218,331
Real Estate (0.5%):
Mitsubishi Estate Co. Ltd.		6,900		102,420
Mitsui Fudosan Co. Ltd.		5,600		99,048
				201,468
				7,656,771
Korea, Republic Of (3.8%):
Communication Services (0.3%):
Naver Corp.		462		102,556
				102,556
Consumer Discretionary (0.6%):
Hyundai Mobis		510		81,410
Hyundai Motor Co.		1,029		83,583
KIA Motors Corp.		2,972		79,192
				244,185

See notes to financial statements.

48

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Korea, Republic Of (3.8%): (continued)
Consumer Staples (0.3%):
LG Household & Health Care Ltd.		100		111,906
				111,906
Financials (1.1%):
Hana Financial Group, Inc.		3,322		74,571
KB Financial Group, Inc.		2,784		78,581
Samsung Fire & Marine Insurance Co. Ltd.		634		92,770
Samsung Life Insurance Co., Ltd.		2,186		81,239
Shinhan Financial Group Co. Ltd.		3,494		83,515
				410,676
Health Care (0.4%):
Celltrion Healthcare Co., Ltd. (a)		767		69,124
Celltrion, Inc. (a)		307		78,103
				147,227
Industrials (0.4%):
Samsung C&T Corp.		1,044		100,685
SK Holdings Co. Ltd.		279		67,500
				168,185
Information Technology (0.5%):
Samsung Electronics Co. Ltd.		2,503		109,876
Samsung SDS Co. Ltd.		712		99,744
				209,620
Materials (0.2%):
POSCO		654		94,609
				94,609
				1,488,964

See notes to financial statements.

49

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Luxembourg (0.7%):
Energy (0.2%):
Tenaris SA		12,250		79,102
				79,102
Health Care (0.3%):
Eurofins Scientific		161		101,033
				101,033
Real Estate (0.2%):
Aroundtown SA		13,620		78,004
				78,004
				258,139
Netherlands (2.5%):
Financials (0.6%):
ABN AMRO Group NV		8,273		71,247
ING Groep NV		9,752		67,902
NN Group NV		2,722		91,432
				230,581
Industrials (0.6%):
Randstad N.V.		2,085		92,895
Wolters Kluwer N.V.		1,874		146,358
				239,253
Information Technology (0.6%):
Adyen N.V. (a)		88		128,073
ASML Holding N.V.		286		105,031
				233,104
Materials (0.7%):
AKZO Nobel N.V		1,382		123,800
Koninklijke DSM N.V.		1,045		144,632
				268,432
				971,370

See notes to financial statements.

50

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
New Zealand (0.7%):
Consumer Staples (0.4%):
a2 Milk Co., Ltd. (a)		9,989		130,102
				130,102
Health Care (0.3%):
Fisher & Paykel Healthcare Corp., Ltd.		5,550		127,459
				127,459
				257,561
Norway (1.2%):
Communication Services (0.2%):
Adevinta ASA (a)		7,332		73,845
				73,845
Consumer Staples (0.3%):
Orkla ASA, Class A		12,852		112,609
				112,609
Financials (0.5%):
DNB ASA (a)		5,859		77,400
Gjensidige Forsikring ASA (a)		5,956		109,635
				187,035
Materials (0.2%):
Yara International ASA		2,851		98,944
				98,944
				472,433
Portugal (0.6%):
Consumer Staples (0.3%):
Jeronimo Martins & Filho SA (a)		7,850		137,440
				137,440

See notes to financial statements.

51

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Portugal (0.6%): (continued)
Utilities (0.3%):
EDP - Energias de Portugal SA		23,849		113,866
				113,866
				251,306
Russian Federation (0.2%):
Materials (0.2%):
Polymetal International PLC		4,679		93,647
				93,647
Singapore (2.8%):
Consumer Discretionary (0.2%):
Jardine Cycle & Carriage Ltd.		6,600		95,497
				95,497
Consumer Staples (0.3%):
Wilmar International Ltd.		39,700		116,538
				116,538
Financials (1.1%):
DBS Group Holdings Ltd.		9,300		138,836
Oversea-Chinese Banking Corp. Ltd.		23,100		149,214
United Overseas Bank		9,700		140,839
				428,889
Industrials (0.9%):
Keppel Corp. Ltd.		31,500		134,745
Singapore Airlines Ltd.		37,900		101,462
Singapore Tech Engineering Ltd.		50,600		119,845
				356,052

See notes to financial statements.

52

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Singapore (2.8%): (continued)
Real Estate (0.3%):
Capitaland Ltd. (a)		58,700		123,020
				123,020
				1,119,996
Spain (2.5%):
Consumer Discretionary (0.2%):
Industria de Diseno Textil SA		3,862		102,260
				102,260
Financials (0.2%):
Caixabank SA		40,803		87,116
				87,116
Health Care (0.3%):
Grifols SA		3,806		115,572
				115,572
Industrials (0.4%):
ACS Actividades de Construccion y Servicios SA		2,690		67,813
Aena SME SA (a)		555		74,008
				141,821
Information Technology (0.2%):
Amadeus IT Group SA		1,428		74,404
				74,404
Utilities (1.2%):
Acciona SA		879		86,058
Iberdrola SA		10,996		127,483
Naturgy Energy Group SA		6,063		112,828
Red Electrica Corp.		7,148		133,340
				459,709
				980,882

See notes to financial statements.

53

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Sweden (5.2%):
Communication Services (0.6%):
Tele2 AB, Class B		9,095		120,631
Telia Co. AB		35,329		131,984
				252,615
Consumer Staples (0.7%):
Essity Aktiebolag, Class B (a)		4,203		135,857
ICA Gruppen AB		2,565		121,654
				257,511
Energy (0.2%):
Lundin Petroleum AB		2,731		65,848
				65,848
Financials (1.3%):
Investor AB, Class B		2,168		114,439
L E Lundbergforetagen AB, Class B (a)		2,453		111,338
Skandinavisk Enskilda Banken AB (a)		10,717		92,845
Svenska Handelsbanken AB (a)		9,917		94,155
Swedbank AB, Class A Shares (a)		7,137		91,481
				504,258
Industrials (2.0%):
ALFA Laval AB (a)		4,502		98,787
ASSA Abloy AB		5,358		108,970
Atlas Copco AB, Class A Shares		2,396		101,498
Epiroc AB, Class A		8,004		99,759
Nibe Industrier AB, Class B (a)		4,342		95,975
Skanska AB (a)		4,917		100,028
SKF AB, Class B		4,729		87,903
Volvo AB		6,085		95,308
				788,228

See notes to financial statements.

54

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Sweden (5.2%): (continued)
Information Technology (0.2%):
Hexagon AB, Class B Shares (a)		1,634		95,426
				95,426
Real Estate (0.2%):
Fastighets AB Balder, Class B (a)		2,017		76,890
				76,890
				2,040,776
Switzerland (8.2%):
Communication Services (0.4%):
Swisscom AG		311		162,822
				162,822
Consumer Discretionary (0.6%):
CIE Financiere Richemont SA		1,785		113,899
Swatch Group AG		554		110,601
				224,500
Consumer Staples (0.9%):
Barry Callebaut AG		97		185,050
Chocoladefabriken Lindt & Spruengli AG		18		148,226
				333,276
Financials (1.0%):
Baloise Holding AG		765		114,766
Julius Baer Group Ltd.		1,983		83,009
Partners Group Holding AG		126		114,320
Swiss Life Holding AG		263		97,459
				409,554
Health Care (0.8%):
Sonova Holding AG (a)		545		108,833

See notes to financial statements.

55

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Switzerland (8.2%): (continued)
Health Care (0.8%): (continued)
Straumann Holding AG		129		110,859
Vifor Pharma AG		685		103,090
				322,782
Industrials (2.2%):
ABB Ltd.		5,267		118,608
Adecco Group AG		2,048		96,130
Geberit AG		288		144,182
Kuehne & Nagel International AG (a)		939		156,037
Schindler Holding AG		778		183,165
SGS SA		65		158,863
				856,985
Information Technology (0.4%):
Stmicroelectronics N.V.		2,899		78,879
Temenos AG		604		93,833
				172,712
Materials (1.5%):
EMS-Chemie Holding AG		228		176,681
Givaudan SA		45		167,610
Lafargeholcim Ltd.		2,488		109,034
Sika AG		649		124,942
				578,267
Real Estate (0.4%):
Swiss Prime Site AG		1,650		152,597
				152,597
				3,213,495

See notes to financial statements.

56

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
United Kingdom (8.3%):
Communication Services (0.7%):
BT Group PLC		61,522		86,928
Informa PLC		13,182		76,822
Rightmove PLC		13,342		90,250
				254,000
Consumer Discretionary (1.2%):
Barratt Developments PLC		9,357		57,487
Berkeley Group Holdings PLC		1,600		82,560
Burberry Group PLC		4,062		80,493
JD Sports Fashion PLC		7,052		54,360
Next PLC		1,138		68,999
Persimmon PLC		2,237		63,354
Taylor Wimpey PLC		35,428		62,589
				469,842
Consumer Staples (0.2%):
Associated British Foods PLC		3,701		87,806
				87,806
Financials (1.8%):
3I Group PLC		7,307		75,372
Admiral Group PLC		4,414		125,720
Hargreaves Lansdown PLC		3,762		75,900
Legal & General Group PLC		20,743		56,768
London Stock Exchange Group		1,018		105,411
RSA Insurance Group PLC		16,586		84,207
Schroders PLC		2,411		88,086
Standard Chartered PLC		17,388		94,806
				706,270
Health Care (0.2%):
Smith & Nephew PLC		4,527		84,436
				84,436

See notes to financial statements.

57

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
United Kingdom (8.3%): (continued)
Industrials (1.8%):
Ashtead Group PLC		2,114		71,211
Bunzl PLC		4,319		115,898
Ferguson PLC		1,081		88,551
International Consolidated Airlines Group SA		15,310		42,146
Intertek Group PLC		1,544		104,060
Rentokil Initial PLC		14,627		92,346
Smiths Group PLC		4,962		86,801
Spirax-Sarco Engineering PLC		960		118,649
				719,662
Information Technology (0.8%):
AVEVA Group PLC		1,623		82,279
Halma PLC		3,800		108,421
The Sage Group PLC		14,419		120,008
				310,708
Materials (1.0%):
Anglo American PLC		2,957		68,484
Croda International PLC		2,244		146,121
Mondi PLC		5,438		101,764
Rio Tinto PLC		1,591		89,665
				406,034
Utilities (0.6%):
Severn Trent PLC		3,679		112,990
United Utilities Group PLC		8,871		100,033
				213,023
				3,251,781

See notes to financial statements.

58

Schedule of Portfolio Investments — continued

June 30, 2020

Timothy Plan International ETF (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
United States (0.3%):
Industrials (0.3%):
Waste Connections, Inc.		1,347		126,215
				126,215
Total Common Stocks (Cost $40,302,226)				39,057,129
Rights (0.0%†)
Spain (0.0%†):
Energy (0.0%†):
ACS Actividades de Construccion y Servicios SA Expires 07/08/20 @ $0.00(a)		2,698		4,209
Repsol SA Expires 07/07/20 @ $0.00(a)		7,807		3,800
				8,009
Total Rights (Cost $8,532)				8,009
Total Investments (Cost $40,310,758) — 99.4%				39,065,138
Other assets in excess of liabilities — 0.6%				237,988
NET ASSETS - 100.00%				39,303,126

Percentages indicated are based on net assets as of June 30, 2020.

† Represents less than 0.05%.

(a) Non-income producing security.

See notes to financial statements.

59

Schedule of Portfolio Investments (concluded)

June 30, 2020

Timothy Plan International ETF (Unaudited)

Futures Contracts
Long Futures
Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Mini MSCI EAFE Index September Future (U.S. Dollar)		9/18/20		2	$	177,840	$	(8)
							$	(8)

See notes to financial statements.

60

	Statements of Assets and Liabilities
	June 30, 2020
Timothy Plan	(Unaudited)

	Timothy Plan US Small Cap Core ETF		Timothy Plan US Large/Mid Cap Core ETF
ASSETS:
Investments, at value (Cost $27,315,180 and $144,529,816)	$	24,942,660	$	142,424,406
Cash and cash equivalents		—		114,250
Deposits with brokers for futures contracts		31,602		195,971
Interest and dividends receivable		14,678		97,439
Receivable for capital shares issued		3,425		—
Receivable for investments sold		85,608		—
Variation margin receivable on open futures contracts		720		4,250
Total Assets		25,078,693		142,836,316
LIABILITIES:
Cash overdraft		42,262		—
Accrued expenses and other payables:
Investment advisory fees		10,339		60,815
Total Liabilities		52,601		60,815
Net Assets	$	25,026,092	$	142,775,501
NET ASSETS CONSIST OF:
Capital	$	28,003,870	$	149,303,266
Total distributable earnings/(loss)		(2,977,778)		(6,527,765)
Net Assets	$	25,026,092	$	142,775,501
Shares Outstanding (unlimited shares authorized, no par value):		1,200,000		5,750,000
Net asset value:		$20.86		$24.83

See notes to financial statements.

61

	Statements of Assets and Liabilities
	June 30, 2020
Timothy Plan	(Unaudited)

	Timothy Plan High Dividend Stock ETF			Timothy Plan International ETF
ASSETS:
Investments, at value (Cost $112,549,605 and $40,310,758)	$	103,510,679		$	39,065,138
Foreign currency, at value (Cost $— and $17,794)		—			17,719
Cash and cash equivalents		122,649			102,735
Deposits with brokers for futures contracts		230,894			45,475
Interest and dividends receivable		157,080			50,294
Receivable for investments sold		—			29,438
Variation margin receivable on open futures contracts		4,250			—
Reclaims receivable		—			16,618
Total Assets		104,025,552			39,327,417
LIABILITIES:
Payable for investments purchased		—			4,114
Variation margin payable on open futures contracts		—			340
Accrued expenses and other payables:
Investment advisory fees		45,197			19,837
Total Liabilities		45,197			24,291
Net Assets	$	103,980,355		$	39,303,126
NET ASSETS CONSIST OF:
Capital	$	118,336,423		$	42,158,042
Total distributable earnings/(loss)		(14,356,068	)		(2,854,916	)
Net Assets	$	103,980,355		$	39,303,126
Shares Outstanding (unlimited shares authorized, no par value):		4,750,000			1,750,000
Net asset value:		$21.89			$22.46

See notes to financial statements.

62

	Statements of Operations
	For the Six Months ended June 30, 2020
Timothy Plan	(Unaudited)

	Timothy Plan US Small Cap Core ETF		Timothy Plan US Large/Mid Cap Core ETF
Investment Income:
Dividend income		$206,636		$1,054,731
Interest income		—		167
Foreign tax withholding		(106)		—
Total Income		206,530		1,054,898
Expenses:
Investment advisory fees		54,786		343,049
Total Expenses		54,786		343,049
Net Investment Income (Loss)		151,744		711,849
Realized/Unrealized Gains (Losses) from Investment Transactions:
Net realized gains (losses) from investment transactions		(1,006,758)		(5,403,416)
Net realized gains (losses) from in-kind transactions		393,108		1,828,428
Net realized gains (losses) from futures transactions		(8,522)		31,902
Net change in unrealized appreciation/depreciation on investments		(2,720,737)		(9,851,979)
Net change in unrealized appreciation/depreciation on futures transactions		(1,257)		(4,410)
Net realized/unrealized gains (losses) on investments		(3,344,166)		(13,399,475)
Change in net assets resulting from operations	$	(3,192,422)	$	(12,687,626)

See notes to financial statements.

63

	Statements of Operations
	For the Six Months ended June 30, 2020
Timothy Plan	(Unaudited)

	Timothy Plan High Dividend Stock ETF		Timothy Plan International ETF
Investment Income:
Dividend income		$1,645,163		$500,430
Interest income		4		—
Foreign tax withholding		—		(60,551)
Total Income		1,645,167		439,879
Expenses:
Investment advisory fees		253,722		93,459
Total Expenses		253,722		93,459
Net Investment Income (Loss)		1,391,445		346,420
Realized/Unrealized Gains (Losses) from Investment Transactions and Foreign Currency Translations:
Net realized gains (losses) from investment transactions and foreign currency translations		(5,207,459)		(1,678,554)
Net realized gains (losses) from in-kind transactions		413,064		—
Net realized gains (losses) from futures transactions		29,895		10,044
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(15,186,947)		(1,914,951)
Net change in unrealized appreciation/depreciation on futures transactions		269		(8)
Net realized/unrealized losses on investments and foreign currency transactions		(19,951,178)		(3,583,469)
Change in net assets resulting from operations	$	(18,559,733)	$	(3,237,049)

See notes to financial statements.

64

Timothy Plan Statements of Changes in Net  Assets

	Timothy Plan US Small Cap Core ETF				Timothy Plan US Large/Mid Cap Core ETF
	For the Six Months Ended June 30, 2020		For the Period December 3, 2019(a) through December 31, 2019		For the Six Months Ended June 30, 2020		For the Period May 1, 2019(a) through December 31, 2019
	(Unaudited)				(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$151,744		$7,483		$711,849		$613,586
Net realized gains (losses) from investment transactions		(622,172)		58,371		(3,543,086)		406,740
Net change in unrealized appreciation/depreciation on investments		(2,721,994)		348,217		(9,856,389)		7,751,123
Change in net assets resulting from operations		(3,192,422)		414,071		(12,687,626)		8,771,449
Distributions to Shareholders:
Distributions		(133,573)		(7,507)		(607,677)		(593,505)
Change in net assets resulting from distributions to shareholders		(133,573)		(7,507)		(607,677)		(593,505)
Change in net assets resulting from capital transactions		18,130,280		9,815,243		21,275,791		126,617,069
Change in net assets		14,804,285		10,221,807		7,980,488		134,795,013
Net Assets:
Beginning of period		10,221,807		—		134,795,013		—
End of period		$25,026,092	$	10,221,807	$	142,775,501		$134,795,013
Capital Transactions:
Proceeds from shares issued		$20,518,475	$	11,097,743		$49,060,865		$139,366,129
Cost of shares redeemed		(2,388,195)		(1,282,500)		(27,785,074)		(12,749,060)
Change in net assets resulting from capital transactions	$	18,130,280		$9,815,243		$21,275,791		$126,617,069
Share Transactions:
Issued		900,000		450,000		2,000,000		5,450,000
Redeemed		(100,000)		(50,000)		(1,200,000)		(500,000)
Change in Shares		800,000		400,000		800,000		4,950,000

(a) Commencement of operations.

See notes to financial statements.

65

Timothy Plan Statements of Changes in Net Assets

	Timothy Plan High Dividend Stock ETF				Timothy Plan International ETF
	For the Six Months Ended June 30, 2020		For the Period May 1, 2019(a) through December 31, 2019		For the Six Months Ended June 30, 2020		For the Period December 3, 2019(a) through December 31, 2019
	(Unaudited)				(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$1,391,445		$1,282,802		$346,420		$30,091
Net realized gains (losses) from investment transactions		(4,764,500)		476,310		(1,668,510)		13,397
Net change in unrealized appreciation/depreciation on investments		(15,186,678)		6,147,884		(1,914,959)		669,652
Change in net assets resulting from operations		(18,559,733)		7,906,996		(3,237,049)		713,140
Distributions to Shareholders:
Distributions		(1,191,062)		(1,238,011)		(301,149)		(29,857)
Change in net assets resulting from distributions to shareholders		(1,191,062)		(1,238,011)		(301,149)		(29,857)
Change in net assets resulting from capital transactions		29,599,106		87,463,059		19,823,050		22,334,991
Change in net assets		9,848,311		94,132,044		16,284,852		23,018,274
Net Assets:
Beginning of period		94,132,044		—		23,018,274		—
End of period		$103,980,355		$94,132,044		$39,303,126		$23,018,274
Capital Transactions:
Proceeds from shares issued		$37,721,932	$	103,751,741		$19,823,050		$22,334,991
Cost of shares redeemed		(8,122,826)		(16,288,682)		—		—
Change in net assets resulting from capital transactions		$29,599,106		$87,463,059		$19,823,050		$22,334,991
Share Transactions:
Issued		1,650,000		4,150,000		850,000		900,000
Redeemed		(400,000)		(650,000)		—		—
Change in Shares		1,250,000		3,500,000		850,000		900,000

(a) Commencement of operations.

See notes to financial statements.

66

Timothy Plan	Financial Highlights
For a Share Outstanding Throughout Each Period

	Timothy Plan US Small Cap Core ETF						Timothy Plan US Large/Mid Cap Core ETF
	For the Six Months Ended June 30, 2020			For the period December 3, 2019(a) to December 31, 2019			For the Six Months Ended June 30, 2020			For the period May 1, 2019(a) to December 31, 2019
	(Unaudited)						(Unaudited)
Net Asset Value, Beginning of Period		$25.55			$24.73			$27.23			$25.16
Investment Activities:
Net Investment Income (Loss)(b)		0.15			0.02			0.13			0.21
Net Realized and Unrealized Gains (Losses) on Investments		(4.71	)		0.82			(2.42	)		2.04
Total from Investment Activities		(4.56	)		0.84			(2.29	)		2.25
Distributions to Shareholders:
Net Investment Income		(0.13	)		(0.02	)		(0.11	)		(0.18	)
Total Distributions		(0.13	)		(0.02	)		(0.11	)		(0.18	)
Net Asset Value, End of Period		$20.86			$25.55			$24.83			$27.23
Total Return (excludes sales charge)(c)		(17.85	%)		3.39	%		(8.39	%)		9.01	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(d)		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets(d)		1.43	%		0.89	%		1.08	%		1.22	%
Net Assets, End of Period (000’s)	$	25,026		$	10,222		$	142,776		$	134,795
Portfolio Turnover(c)		38	%		—			25	%		17	%

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.

67

Timothy Plan	Financial Highlights
For a Share Outstanding Throughout Each Period

	Timothy Plan High Dividend Stock ETF						Timothy Plan International ETF
	For the Six Months Ended June 30, 2020			For the period May 1, 2019(a) to December 31, 2019			For the Six Months Ended June 30, 2020			For the period December 3, 2019(a) to December 31, 2019
	(Unaudited)						(Unaudited)
Net Asset Value, Beginning of Period		$26.89			$25.10			$25.58			$24.80
Investment Activities:
Net Investment Income (Loss)(b)		0.32			0.48			0.25			0.04
Net Realized and Unrealized Gains (Losses) on Investments		(5.06	)		1.74			(3.17	)		0.77
Total from Investment Activities		(4.74	)		2.22			(2.92	)		0.81
Distributions to Shareholders:
Net Investment Income		(0.26	)		(0.43	)		(0.20	)		(0.03	)
Total Distributions		(0.26	)		(0.43	)		(0.20	)		(0.03	)
Net Asset Value, End of Period		$21.89			$26.89			$22.46			$25.58
Total Return (excludes sales charge)(c)		(17.60	%)		9.00	%		(11.35	%)		3.25	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(d)		0.52	%		0.52	%		0.62	%		0.62	%
Ratio of Net Investment Income (Loss) to Average Net Assets(d)		2.85	%		2.81	%		2.29	%		1.99	%
Net Assets, End of Period (000’s)	$	103,980		$	94,132		$	39,303		$	23,018
Portfolio Turnover(c)		37	%		23	%		42	%		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.

68

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

1. ORGANIZATION:

The Timothy Plan (the “Trust”) was organized pursuant to a trust agreement dated December 16, 1993 as a Delaware business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company and thus is determined to be an investment company for accounting purposes. The Trust follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust is comprised of multiple series funds, 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/Mid Cap Core ETF (formerly Timothy Plan US Large Cap Core ETF) (“US Large/Mid 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 Funds seek to provide investment results that track the performance of an underlying index, before fees and expenses. The underlying indices for the US Small Cap Core ETF, US Large/Mid Cap Core ETF, High Dividend Stock ETF, 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.

69

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System (“Clearing Process”) of the National Securities Clearing Corporation (“NSCC”) or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund.

The Funds reserve the right to offer creations and redemptions of Shares for cash. In addition, Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash equal to up to 105% of the market value of the missing Deposit Securities. In each instance of such cash creations or redemptions, transaction fees may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions.

Transaction Fees include a fixed fee (“Fixed Fee”) payable to the Custodian (“Citibank N.A.”), which is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction. Transaction Fees may also include an additional variable charge (“Variable Charge”) for purchases and redemptions of Creation Units for cash or involving cash-in-lieu, to compensate each Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions. Under certain circumstances, the Transaction Fees may be waived or adjusted. In such cases, the Authorized Participant will reimburse each Fund for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by each Fund and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes and other costs and expenses related to the execution of trades resulting from such transaction (up to the maximum amount shown below). In addition, purchasers of Creation Units are responsible for the costs of transferring the Deposit Securities to the account of each Fund. Variable fees received by each Fund are displayed in the Capital Share Transaction section of the Statements of Changes in Net Assets as an increase to Paid-In-Capital.

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

70

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

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/Mid 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)

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.

71

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

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.

Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies are valued at net asset value. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value in accordance with procedures established by 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 June 30, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed in the Schedules of Portfolio Investments:

US Small Cap Core ETF
Investment Securities:	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stock	$	24,942,660		$	–	$	–	$	24,942,660
Total Investment Securities		24,942,660			–		–		24,942,660
Other Financial Instruments*
Futures Contracts		(1,257	)		–		–		(1,257	)
Total Investments	$	24,941,403		$	–	$	–	$	24,941,403

72

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

US Large/Mid Cap Core ETF
Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stock	$	142,424,406	$	–	$	–	$	142,424,406
Total Investment Securities		142,424,406		–		–		142,424,406
Other Financial Instruments*
Futures Contracts		144		–		–		144
Total Investments	$	142,424,550	$	–	$	–	$	142,424,550

High Dividend Stock ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stock	$	103,510,679	$	–	$	–	$	103,510,679
Total Investment Securities		103,510,679		–		–		103,510,679
Other Financial Instruments*
Futures Contracts		132		–		–		132
Total Investments	$	103,510,811	$	–	$	–	$	103,510,811

73

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

International ETF
Investment Securities:	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stock	$	39,057,129		$	–	$	–	$	39,057,129
Rights		8,009			–		–		8,009
Total Investment Securities		39,065,138			–		–		39,065,138
Other Financial Instruments*
Futures Contracts		(8	)		–		–		(8	)
Total Investments	$	39,065,130		$	–	$	–	$	39,065,130

*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 of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date on the last business day of the reporting

74

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Withholding taxes on interest, dividends and gains as a result of certain investments in ADRs by the Funds have been provided for in accordance with each investment’s applicable country’s tax rules and rates.

Futures Contracts:

During the period ended June 30, 2020, the Funds used futures contracts to provide market exposure on the Funds’ cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, and to maintain the Fund’s open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded. If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund. These subsequent payments, called “Variation Margin,” to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as “marking to the market.” The Funds recorded a payable or receivable on variation margin. The Funds expect to earn interest income on its margin deposits. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statements of Operations.

75

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

Average Notional Value

The table below summarizes the monthly average notional value of futures contracts for the period ended June 30, 2020.

Fund	Average Notional Value
US Small Cap Core ETF	$	69,786
US Large/Mid Cap Core ETF		440,148
High Dividend Stock ETF		391,867
International ETF		130,303

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on Statements of Assets and Liabilities, categorized by risk exposure, as of June 30, 2020:

	Assets		Liabilities
	Variation Margin Receivable   on Open Futures Contracts*		Variation Margin Payable   on Open Futures Contracts*
Equity Risk Exposure:
US Small Cap Core ETF	$	-	$	1,257
US Large/Mid Cap Core ETF		144		-
High Dividend Stock ETF		132		-
International ETF		-		8

* For futures contracts, the amounts represent the cumulative appreciation/(depreciation) of these futures contracts as reported in the Schedules 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.

76

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended June 30, 2020:

	Net Realized Gains (Losses)   on Derivatives Recognized as   a Result from Operations			Net Change in Unrealized   Appreciation/(Depreciation) on   Derivatives Recognized as a Result from Operations
	Net realized gains (losses) from futures transactions			Net Change in unrealized appreciation (depreciation) on futures transactions
Equity Risk Exposure:
US Small Cap Core ETF	$	(8,522	)	$	(1,257	)
US Large/Mid Cap Core ETF		31,902			(4,410	)
High Dividend Stock ETF		29,894			269
International ETF		10,044			(8	)

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.

77

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

The amounts of dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition “temporary difference”), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by a Fund may be reclassified as an offset to capital on the accompanying Statements of Assets and Liabilities.

Federal Income Taxes:

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds identifies its major tax jurisdiction as U.S. Federal.

As of and during the period ended June 30, 2020, 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.

78

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

3. PURCHASES AND SALES OF SECURITIES:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and in-kind transactions associated with purchases and sales for the period ended June 30, 2020 were as follows:

	Excluding in-kind transactions				Associated with in-kind transactions
Fund	Purchases		Sales		Purchases		Sales
US Small Cap Core ETF	$	7,720,198	$	7,713,553	$	20,453,349	$	2,380,459
US Large/Mid Cap Core ETF		33,108,511		32,788,229		48,778,494		27,666,456
High Dividend Stock ETF		36,378,893		35,943,094		37,306,686		8,067,368
International ETF		14,746,132		12,884,779		17,887,554		—

For the period ended June 30, 2020, 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 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/Mid 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.

79

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

Victory Capital Management, Inc., a New York corporation, serves as the Funds’ sub-advisor pursuant to a written sub-advisory agreement with the Advisor and receives fees from the Advisor for these services.

Citibank, N.A. serves as the Funds’ Custodian and Transfer Agent pursuant to a Global Custodial and Agency Services Agreement with the Trust. Citi Fund Services Ohio, Inc. (“Citi”), an affiliate of Citibank, N.A., acts as the Funds’ administrator and fund accountant pursuant to a Services Agreement with the Trust.

Foreside Fund Services, LLC (“Foreside”) serves as the Funds’ distributor.

Drake Compliance LLC provides compliance services to the Trust.

Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Advisor.

5. INVESTMENT RISKS:

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

ETF Risk

The NAV of a Fund can fluctuate up or down, and you could lose money investing in a Fund if the prices of the securities owned by the Fund decline. In addition, a Fund may be subject to the following risks: (1) the market price of a Fund’s shares may trade above or below its NAV; (2) an active trading market for a Fund’s shares may not develop or be maintained; or (3) trading of a Fund’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Excluded Security Risk

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

80

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

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.

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.

6. FEDERAL INCOME TAX INFORMATION:

As of the end of its latest tax year ended 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/Mid 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

81

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

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/Mid Cap Core ETF		593,505		593,505		593,505
High Dividend Stock 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 Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

As of the end of its latest tax year ended 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/Mid Cap Core ETF		7,089		7,089		(991,606	)		7,752,055			6,767,538
High Dividend Stock 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 and tax-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.

82

	Notes to Financial Statements
	June 30, 2020
Timothy Plan	(Unaudited)

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/Mid Cap Core ETF	$                    991,606	$                    991,606
High Dividend Stock 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 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/Mid Cap Core ETF		(1,410,406	)		(1,410,406)
High Dividend Stock ETF		(1,274,259	)		(1,274,259)

7. NOVEL CORONAVIRUS PANDEMIC:

The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations and its ability to achieve its investment objectives.

8. SUBSEQUENT EVENTS:

The Funds have evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have a material impact on the Funds’ financial statements.

83

	Other Information (Unaudited)
Timothy Plan	June 30, 2020

Proxy Voting and Form N-PORT Information

Proxy Voting:

Information regarding the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Funds’ Statement of Additional Information, which is available on the SEC’s website at www.sec.gov.

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the SEC’s website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarters of each fiscal year on Form N- PORT. Forms N- PORT are available on the SEC’s website at www.sec.gov.

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.

The Actual 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.

The Hypothetical 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

84

	Other Information (Unaudited)
Timothy Plan	June 30, 2020

use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

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 1/1/20		Actual Ending Account Value 6/30/20		Hypothetical Ending Account Value 6/30/20		Actual Expenses Paid During Period 1/1/20 - 6/30/20*		Hypothetical Expenses Paid During Period 1/1/20 - 6/30/20*		Annualized Expense Ratio During Period 1/1/20 - 6/30/20
US Small Cap Core ETF
ETF Shares	$	1,000	$	821.50	$	1,022.28	$	2.36	$	2.61		0.52	%
US Large/Mid Cap Core ETF
ETF Shares	$	1,000	$	916.10	$	1,022.28	$	2.48	$	2.61		0.52	%
High Dividend Stock ETF
ETF Shares	$	1,000	$	824.00	$	1,022.28	$	2.36	$	2.61		0.52	%
International ETF
ETF Shares	$	1,000	$	886.50	$	1,021.78	$	2.91	$	3.12		0.62	%

*Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 182/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

85

	Liquidity Risk Management Program
	June 30, 2020
Timothy Plan Family of Funds	(Unaudited)

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of a Liquidity Program Administrator (LPA) comprised of the Trust’s Liquidity Risk Management Program Committee, which includes representatives from the Funds’ investment advisor and liquidity consultant. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The LPA updated its assessment of each Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended November 30, 2019 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception on December 1, 2018 (the “Review Period”) in order to prepare a written report for the Board of Trustees (the “Report”) for consideration at its meeting held in February, 2020.

During the Review Period, none of the Funds experienced unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. None of the Funds had a significant amount of illiquid investments and none required a determination as to a highly liquid investment minimum. The Report concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

86

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.

Visit our website at	Call Timothy Plan at
etf.timothyplan.com	800.846.7526

Item 2. Code of Ethics.

Not applicable ^__ only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable ^__ only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable ^__ only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable ^__ only for annual reports.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-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 Form N-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 Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

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

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-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

Date       August 25, 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                                                                                        

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

Date       August 25, 2020