Timothy Plan Small Cap Value Fund (TPLNX) 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, 2023

Item 1. Reports to Stockholders.

SEMI-ANNUAL REPORT
June 30, 2023
	Ticker Symbol
TIMOTHY PLAN US SMALL CAP CORE ETF	TPSC
TIMOTHY PLAN US LARGE/MID CAP CORE ETF	TPLC
TIMOTHY PLAN HIGH DIVIDEND STOCK ETF	TPHD
TIMOTHY PLAN INTERNATIONAL ETF	TPIF
TIMOTHY PLAN US LARGE/MID CAP CORE ENHANCED ETF	TPLE
TIMOTHY PLAN HIGH DIVIDEND STOCK ENHANCED ETF	TPHE
TIMOTHY PLAN MARKET NEUTRAL ETF	TPMN
Listed and traded on: The New York Stock Exchange

Table of Contents

Schedules of Portfolio Investments	1
Statements of Assets and Liabilities	35
Statements of Operations	39
Statements of Changes in Net Assets	43
Financial Highlights	47
Notes to Financial Statements	54
Other Information	65
Liquidity Risk Management Program	67
Approval of Investment Advisory and Sub-Advisory Agreement	68

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Timothy Plan US Small Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.5%)
Communication Services (2.0%):
Cargurus, Inc.(a)		6,008		135,961
Cars.com, Inc.(a)		6,638		131,565
Cogent Communications Holdings, Inc.		2,948		198,371
EchoStar Corp., Class A(a)		9,161		158,852
Gogo, Inc.(a)		9,064		154,179
John Wiley & Sons, Inc., Class A		3,885		132,207
Madison Square Garden Sports Corp.		1,170		220,018
US Cellular Corp.(a)		4,980		87,797
Ziff Davis, Inc.(a)		2,259		158,265
ZipRecruiter, Inc.(a)		5,618		99,776
				1,476,991
Consumer Discretionary (14.2%):
Abercrombie & Fitch Co.(a)		3,984		150,117
Academy Sports & Outdoors, Inc.		1,849		99,938
Acushnet Holdings Corp.		3,709		202,808
American Eagle Outfitters, Inc.		8,253		97,385
Arhaus, Inc.(a)		11,334		118,214
Asbury Automotive Group, Inc.(a)		630		151,465
Bloomin’ Brands, Inc.		6,391		171,854
Boot Barn Holdings, Inc.(a)		1,424		120,599
Brinker International, Inc.(a)		3,039		111,227
Camping World Holdings, Inc., Class A		5,503		165,640
Carter’s, Inc.		2,275		165,165
Cavco Industries, Inc.(a)		476		140,420
Century Communities, Inc.		2,040		156,305
Cracker Barrel Old Country Store, Inc.		1,412		131,570
Crocs, Inc.(a)		708		79,608
Dave & Buster’s Entertainment, Inc.(a)		3,826		170,487
Dillard’s, Inc., Class A		368		120,071
Dine Brands Global, Inc.		2,299		133,411
Dorman Products, Inc.		1,932		152,300
Foot Locker, Inc.		2,883		78,158
Fox Factory Holding Corp.(a)		1,102		119,578
Frontdoor, Inc.(a)		5,175		165,082
Gentherm, Inc.(a)		2,526		142,744
Graham Holdings Co., Class B		382		218,305
Grand Canyon Education, Inc.(a)		1,605		165,652
Green Brick Partners, Inc.(a)		3,395		192,836
Group 1 Automotive, Inc.		645		166,474
Helen of Troy Ltd.(a)		1,368		147,771

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (14.2%): (continued)
Installed Building Products, Inc.		1,154		161,745
Jack in the Box, Inc.		1,470		143,369
KB Home		3,834		198,256
Kontoor Brands, Inc.		2,500		105,250
La-Z-Boy, Inc.		5,300		151,792
LCI Industries		1,205		152,264
Leslie’s, Inc.(a)		11,514		108,116
LGI Homes, Inc.(a)		1,118		150,807
M/I Homes, Inc.(a)		2,267		197,660
Malibu Boats, Inc., Class A(a)		2,941		172,519
MDC Holdings, Inc.		4,223		197,510
Meritage Homes Corp.		1,264		179,829
Mister Car Wash, Inc.(a)		13,401		129,320
Modine Manufacturing Co.(a)		5,635		186,068
Monro, Inc.		3,630		147,487
National Vision Holdings, Inc.(a)		4,674		113,531
Ollie’s Bargain Outlet Holdings, Inc.(a)		2,049		118,699
Oxford Industries, Inc.		1,318		129,718
Papa John’s International, Inc.		1,964		145,002
Patrick Industries, Inc.		2,114		169,120
Playa Hotels & Resorts N.V.(a)		16,731		136,190
Revolve Group, Inc.(a)		3,711		60,860
Sally Beauty Holdings, Inc.(a)		9,431		116,473
SeaWorld Entertainment, Inc.(a)		2,477		138,737
Signet Jewelers Ltd.		1,321		86,208
Six Flags Entertainment Corp.(a)		3,773		98,023
Skyline Champion Corp.(a)		1,699		111,200
Sonic Automotive, Inc., Class A		2,379		113,407
Sonos, Inc.(a)		5,726		93,506
Steven Madden Ltd.		4,195		137,135
Strategic Education, Inc.		2,223		150,808
Stride, Inc.(a)		2,715		101,079
Target Hospitality Corp.(a)		8,170		109,641
Taylor Morrison Home Corp.(a)		3,963		193,276
The Buckle, Inc.		4,833		167,222
The Cheesecake Factory, Inc.		3,986		137,836
The Goodyear Tire & Rubber Co.(a)		11,177		152,901
The ODP Corp.(a)		3,733		174,779
Topgolf Callaway Brands Corp.(a)		7,344		145,778
Tri Pointe Homes, Inc.(a)		6,132		201,498
Upbound Group, Inc.		4,166		129,688
Vista Outdoor, Inc.(a)		6,096		168,676
Visteon Corp.(a)		1,040		149,354
Wingstop, Inc.		544		108,887
Winnebago Industries, Inc.		2,246		149,786

See notes to financial statements.

1

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Small Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (14.2%): (continued)
XPEL, Inc.(a)		1,676		141,153
Yeti Holdings, Inc.(a)		2,292		89,021
				10,656,368
Consumer Staples (5.8%):
BellRing Brands, Inc.(a)		4,484		164,114
Cal-Maine Foods, Inc.		2,781		125,145
Central Garden & Pet Co., Class A(a)		5,613		204,650
Coca-Cola Consolidated, Inc.		317		201,618
Edgewell Personal Care Co.		5,154		212,912
Fresh Del Monte Produce, Inc.		6,813		175,162
Grocery Outlet Holding Corp.(a)		6,259		191,588
Herbalife Ltd(a)		6,068		80,340
Hostess Brands, Inc.(a)		8,905		225,475
Ingles Markets, Inc., Class A		2,487		205,551
Inter Parfums, Inc.		1,157		156,461
J & J Snack Foods Corp.		1,472		233,106
Lancaster Colony Corp.		979		196,867
Medifast, Inc.		1,266		116,675
Nu Skin Enterprises, Inc., Class A		3,667		121,744
PriceSmart, Inc.		2,819		208,775
Spectrum Brands Holdings, Inc.		1,530		119,417
Sprouts Farmers Market, Inc.(a)		4,437		162,971
The Andersons, Inc.		3,365		155,295
The Chefs’ Warehouse, Inc.(a)		4,578		163,709
The Hain Celestial Group, Inc.(a)		7,337		91,786
The Simply Good Foods Co.(a)		5,165		188,987
Tootsie Roll Industries, Inc.		5,595		198,119
United Natural Foods, Inc.(a)		4,407		86,157
WD-40 Co.		992		187,141
Weis Markets, Inc.		2,244		144,087
				4,317,852
Energy (4.8%):
Arch Resources, Inc.		883		99,567
Archrock, Inc.		14,934		153,073
Cactus, Inc., Class A		2,651		112,190
California Resources Corp.		3,341		151,314
Callon Petroleum Co.(a)		2,568		90,060
ChampionX Corp.		4,287		133,068
Comstock Resources, Inc.		8,092		93,867
CONSOL Energy, Inc.		1,719		116,565
Crescent Energy Co., Class A		8,890		92,634
CVR Energy, Inc.		3,755		112,500
Delek US Holdings, Inc.		4,930		118,073
Denbury, Inc.(a)		1,456		125,595
Earthstone Energy, Inc., Class A(a)		6,689		95,586

SECURITY DESCRIPTION	SHARES		VALUE ($)
Energy (4.8%): (continued)
Excelerate Energy, Inc., Class A		5,124		104,171
Gulfport Energy Corp.(a)		1,385		145,522
International Seaways, Inc.		3,141		120,112
Kinetik Holdings, Inc.		4,628		162,628
Kosmos Energy Ltd.(a)		11,918		71,389
Liberty Energy, Inc.		8,157		109,059
NexTier Oilfield Solutions, Inc.(a)		10,819		96,722
Northern Oil and Gas, Inc.		3,049		104,642
Oceaneering International, Inc.(a)		5,119		95,725
Par Pacific Holdings, Inc.(a)		4,884		129,963
Patterson-UTI Energy, Inc.		7,670		91,810
PBF Energy, Inc., Class A		2,568		105,134
Peabody Energy Corp.		3,663		79,341
Permian Resources Corp.		8,494		93,094
RPC, Inc.		12,142		86,815
Sitio Royalties Corp., Class A		5,097		133,898
Talos Energy, Inc.(a)		5,824		80,779
Valaris Ltd.(a)		1,745		109,813
Weatherford International PLC(a)		1,773		117,763
World Kinect Corp, Class A		4,913		101,601
				3,634,073
Financials (22.9%):
American Equity Investment Life Holding Co.		3,200		166,752
Ameris BanCorp		5,028		172,008
Artisan Partners Asset Management, Inc., Class A		4,919		193,366
Associated Banc-Corp.		9,794		158,957
Assured Guaranty Ltd.		3,144		175,435
Atlantic Union Bankshares Corp.		5,719		148,408
Axis Capital Holdings Ltd.		3,724		200,463
Axos Financial, Inc.(a)		3,380		133,307
Bancfirst Corp.		2,052		188,784
Bank of Hawaii Corp.		3,057		126,040
BankUnited, Inc.		6,712		144,644
Banner Corp.		3,750		163,762
BGC Partners, Inc., Class A		29,137		129,077
Bread Financial Holdings, Inc.		3,687		115,735
Cathay General BanCorp		6,051		194,782
City Holding Co.		3,014		271,230
CNO Financial Group, Inc.		8,262		195,562
Cohen & Steers, Inc.		3,142		182,205
Columbia Banking System, Inc.		7,399		150,052
Community Bank System, Inc.		4,252		199,334
CVB Financial Corp.		11,490		152,587

See notes to financial statements.

2

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Small Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (22.9%): (continued)
Donnelley Financial Solutions, Inc.(a)		2,671		121,611
Eastern Bankshares, Inc.		13,571		166,516
Enova International, Inc.(a)		2,979		158,244
Enterprise Financial Services Corp.		4,684		183,144
EVERTEC, Inc.		5,991		220,649
FB Financial Corp.		5,814		163,083
Federal Agricultural Mortgage Corp., Class C		1,476		212,160
Federated Hermes, Inc.		5,447		195,275
First BanCorp		15,459		188,909
First BanCorp		5,911		175,852
First Commonwealth Financial Corp.		16,482		208,497
First Financial BanCorp		9,781		199,924
First Hawaiian, Inc.		8,772		157,984
First Merchants Corp.		6,221		175,619
FirstCash Holdings, Inc.		1,926		179,754
FNB Corp.		18,268		208,986
Fulton Financial Corp.		14,660		174,747
Genworth Financial, Inc.(a)		28,379		141,895
Goosehead Insurance, Inc., Class A(a)		1,499		94,272
Hamilton Lane, Inc., Class A		2,166		173,237
Hancock Whitney Corp.		4,707		180,655
Heartland Financial USA, Inc.		5,260		146,596
Hilltop Holdings, Inc.		5,956		187,376
Hope BanCorp, Inc.		19,177		161,470
Houlihan Lokey, Inc.		2,174		213,726
Independent Bank Corp.		3,575		159,123
Independent Bank Group, Inc.		4,277		147,685
International Bancshares Corp.		5,127		226,613
Jackson Financial, Inc., Class A		3,176		97,217
Lakeland Financial Corp.		3,569		173,168
Lazard Ltd., Class A		4,673		149,536
Live Oak Bancshares, Inc.		4,351		114,475
MGIC Investment Corp.		15,734		248,440
Moelis & Co., Class A		3,365		152,569
Mr Cooper Group, Inc.(a)		3,509		177,696
National Bank Holdings Corp., Class A		5,368		155,887
Navient Corp.		9,386		174,392
NBT BanCorp, Inc.		5,854		186,450
Nelnet, Inc., Class A		3,343		322,533
NMI Holdings, Inc., Class A(a)		7,812		201,706
Northwest Bancshares, Inc.		20,109		213,155

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (22.9%): (continued)
OFG BanCorp		9,234		240,823
Pacific Premier BanCorp, Inc.		7,605		157,271
PacWest BanCorp		6,340		51,671
Palomar Holdings, Inc.(a)		2,007		116,486
Park National Corp.		1,862		190,520
PennyMac Financial Services, Inc.		2,141		150,534
Piper Sandler Cos.		1,160		149,942
PJT Partners, Inc., Class A		2,802		195,131
PRA Group, Inc.(a)		6,592		150,627
Provident Financial Services, Inc.		10,960		179,086
Radian Group, Inc.		8,769		221,680
Renasant Corp.		7,165		187,221
Repay Holdings Corp.(a)		10,060		78,770
Rocket Cos., Inc., Class A(a)		11,356		101,750
S&T BanCorp, Inc.		7,553		205,366
Sandy Spring BanCorp, Inc.		7,748		175,725
Seacoast Banking Corp. of Florida		6,063		133,992
Shift4 Payments, Inc., Class A(a)		1,439		97,722
Simmons First National Corp., Class A		10,597		182,798
SLM Corp.		9,673		157,863
Stellar BanCorp, Inc.		7,747		177,329
Stock Yards BanCorp, Inc.		3,987		180,890
StoneX Group, Inc.(a)		1,666		138,411
Texas Capital Bancshares, Inc.(a)		2,921		150,431
The BanCorp, Inc.(a)		4,278		139,677
Towne Bank		9,215		214,157
TriCo Bancshares		5,433		180,376
Trustmark Corp.		8,542		180,407
UMB Financial Corp.		2,657		161,811
United Community Banks, Inc.		6,703		167,508
UWM Holdings Corp.		21,382		119,739
Veritex Holdings, Inc.		6,652		119,270
Virtu Financial, Inc., Class A		9,498		162,321
Virtus Investment Partners, Inc.		733		144,745
Walker & Dunlop, Inc.		2,125		168,066
Washington Federal, Inc.		6,567		174,157
WesBanco, Inc.		8,225		210,642
Westamerica BanCorp		5,724		219,229
WSFS Financial Corp.		4,736		178,642
				17,166,102
Health Care (6.5%):
AdaptHealth Corp.(a)		8,710		106,001
Addus Homecare Corp.(a)		1,805		167,324
Agiliti, Inc.(a)		6,848		112,992
Amedisys, Inc.(a)		1,693		154,808

See notes to financial statements.

3

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Small Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (6.5%): (continued)
Apollo Medical Holdings, Inc.(a)		2,665		84,214
Avanos Medical, Inc.(a)		6,277		160,440
Catalyst Pharmaceuticals, Inc.(a)		4,842		65,076
Certara, Inc.(a)		4,041		73,587
Corcept Therapeutics, Inc.(a)		6,964		154,949
CorVel Corp.(a)		1,023		197,951
Cytek Biosciences, Inc.(a)		10,617		90,669
Dynavax Technologies Corp.(a)		10,712		138,399
Embecta Corp.		3,844		83,030
Ensign Group, Inc.		2,168		206,957
Figs, Inc., Class A(a)		11,787		97,479
Haemonetics Corp.(a)		2,189		186,371
Harmony Biosciences Holdings, Inc.(a)		3,309		116,444
Integer Holdings Corp.(a)		1,788		158,435
Ironwood Pharmaceuticals, Inc.(a)		17,244		183,476
Maravai LifeSciences Holdings, Inc., Class A(a)		7,389		91,845
Merit Medical Systems, Inc.(a)		2,630		219,973
Neogen Corp.(a)		7,828		170,259
Pacira BioSciences, Inc.(a)		3,893		155,993
Patterson Cos., Inc.		7,775		258,597
Pediatrix Medical Group, Inc.(a)		8,854		125,815
Prestige Consumer Healthcare, Inc.(a)		3,803		226,012
Progyny, Inc.(a)		2,457		96,658
RadNet, Inc.(a)		4,468		145,746
Select Medical Holdings Corp.		4,929		157,038
STAAR Surgical Co.(a)		1,449		76,174
Supernus Pharmaceuticals, Inc.(a)		5,134		154,328
U.S. Physical Therapy, Inc.		1,279		155,258
Veradigm, Inc.(a)		11,875		149,625
Vir Biotechnology, Inc.(a)		4,695		115,168
				4,837,091
Industrials (24.3%):
AAON, Inc.		1,596		151,317
AAR Corp.(a)		3,368		194,536
ABM Industries, Inc.		4,889		208,516
Air Transport Services Group(a)		7,158		135,071
Alamo Group, Inc.		1,103		202,853
Albany International Corp.		2,287		213,331
Allegiant Travel Co.(a)		1,122		141,686
Allison Transmission Holding, Inc.		4,295		242,496
Ameresco, Inc., Class A(a)		1,995		97,017
API Group Corp.(a)		7,551		205,840

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (24.3%): (continued)
Applied Industrial Technologies, Inc.		1,240		179,589
ArcBest Corp.		1,336		131,997
Arcosa, Inc.		2,521		191,016
Armstrong World Industries, Inc.		3,040		223,318
Atkore, Inc.(a)		948		147,831
Barnes Group, Inc.		4,739		199,938
Beacon Roofing Supply, Inc.(a)		3,013		250,019
Boise Cascade Co.		2,408		217,563
Brady Corp., Class A		4,785		227,622
Casella Waste Systems, Inc.(a)		2,466		223,050
CBIZ, Inc.(a)		4,600		245,088
Comfort Systems USA, Inc.		1,244		204,265
Construction Partners, Inc., Class A(a)		4,717		148,067
Core & Main, Inc., Class A(a)		7,147		223,987
CSG Systems International, Inc.		3,597		189,706
CSW Industrials, Inc.		1,281		212,889
Dycom Industries, Inc.(a)		1,404		159,565
Encore Wire Corp.		742		137,960
Energy Recovery, Inc.(a)		4,862		135,893
Enerpac Tool Group Corp.		7,484		202,068
EnerSys		1,939		210,420
EnPro Industries, Inc.		1,714		228,870
Esab Corp.		2,681		178,394
ESCO Technologies, Inc.		1,970		204,151
Federal Signal Corp.		3,776		241,777
First Advantage Corp.(a)		9,046		139,399
Flowserve Corp.		5,000		185,750
Fluor Corp.(a)		4,834		143,086
Forward Air Corp.		1,579		167,548
Franklin Electric Co.		2,228		229,261
GATX Corp.		1,875		241,388
Gibraltar Industries, Inc.(a)		3,298		207,510
GMS, Inc.(a)		2,616		181,027
GrafTech International Ltd.		17,971		90,574
Granite Construction, Inc.		4,693		186,688
H&E Equipment Services, Inc.		3,251		148,733
Hayward Holdings, Inc.(a)		10,335		132,805
Heartland Express, Inc.		12,314		202,073
Helios Technologies, Inc.		2,403		158,814
Herc Holdings, Inc.		1,099		150,398
Hillenbrand, Inc.		3,439		176,352
HNI Corp.		6,727		189,567
Huron Consulting Group, Inc.(a)		2,125		180,434
ICF International, Inc.		1,795		223,280

See notes to financial statements.

4

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Small Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (24.3%): (continued)
Insperity, Inc.		1,578		187,719
Janus International Group, Inc.(a)		15,260		162,672
John Bean Technologies Corp.		1,401		169,941
Kadant, Inc.		896		199,002
Kennametal, Inc.		5,702		161,880
Kforce, Inc.		2,721		170,498
Kirby Corp.(a)		2,394		184,218
Korn Ferry		3,571		176,907
Lindsay Corp.		1,440		171,850
ManpowerGroup, Inc.		2,522		200,247
Marten Transport Ltd.		7,554		162,411
Matson, Inc.		2,200		171,006
Maximus, Inc.		2,203		186,176
McGrath RentCorp.		2,395		221,490
MillerKnoll, Inc.		6,263		92,567
Moog, Inc., Class A		2,122		230,088
MSC Industrial Direct Co., Inc.		2,860		272,501
Mueller Industries, Inc.		2,324		202,839
Mueller Water Products, Inc., Class A		14,503		235,384
MYR Group, Inc.(a)		1,271		175,830
NOW, Inc.(a)		12,387		128,329
NV5 Global, Inc.(a)		1,577		174,684
PGT Innovations, Inc.(a)		5,311		154,816
Primoris Services Corp.		6,702		204,210
Resideo Technologies, Inc.(a)		6,105		107,814
Rush Enterprises, Inc., Class A		3,701		224,799
Ryder System, Inc.		1,876		159,066
Schneider National, Inc., Class B		7,065		202,907
Shoals Technologies Group, Inc., Class A(a)		3,293		84,169
SPX Technologies, Inc.(a)		2,572		218,543
Standex International Corp.		1,726		244,177
SunPower Corp.(a)		6,219		60,946
TaskUS, Inc., Class A(a)		4,705		53,261
Tennant Co.		3,084		250,143
Terex Corp.		3,098		185,353
The AZEK Co., Inc.(a)		4,483		135,790
The Brink’s Co.		2,601		176,426
Trinity Industries, Inc.		6,264		161,047
Triton International Ltd.		2,648		220,472
TTEC Holdings, Inc.		3,461		117,120
UniFirst Corp.		1,288		199,653
Veritiv Corp.		978		122,847
Verra Mobility Corp.(a)		10,088		198,935
Vicor Corp.(a)		1,983		107,082

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (24.3%): (continued)
Wabash National Corp.		5,955		152,686
Watts Water Technologies, Inc., Class A		1,179		216,618
Werner Enterprises, Inc.		4,251		187,809
				18,227,321
Information Technology (8.8%):
ACI Worldwide, Inc.(a)		5,043		116,846
Advanced Energy Industries, Inc.		1,702		189,688
Agilysys, Inc.(a)		1,607		110,304
Alarm.com Holdings, Inc.(a)		2,954		152,663
Avid Technology, Inc.(a)		3,844		98,022
Axcelis Technologies, Inc.(a)		824		151,064
Badger Meter, Inc.		1,544		227,833
Belden, Inc.		2,322		222,099
Calix, Inc.(a)		2,140		106,807
Cohu, Inc.(a)		3,649		151,652
CommVault Systems, Inc.(a)		2,962		215,100
CTS Corp.		3,377		143,962
Diodes, Inc.(a)		1,643		151,961
DoubleVerify Holdings, Inc.(a)		4,244		165,176
ePlus, Inc.(a)		3,012		169,576
Extreme Networks, Inc.(a)		6,607		172,112
FormFactor, Inc.(a)		3,490		119,428
Harmonic, Inc.(a)		8,114		131,203
Insight Enterprises, Inc.(a)		1,685		246,583
InterDigital, Inc.		1,921		185,473
MACOM Technology Solutions Holdings, Inc.(a)		2,332		152,816
MaxLinear, Inc.(a)		3,550		112,038
Methode Electronics, Inc.		4,387		147,052
NCR Corp.(a)		5,499		138,575
NetScout Systems, Inc.(a)		6,043		187,031
Onto Innovation, Inc.(a)		1,499		174,589
OSI Systems, Inc.(a)		1,962		231,182
Perficient, Inc.(a)		1,985		165,410
Plexus Corp.(a)		1,885		185,182
Progress Software Corp.		4,165		241,987
Semtech Corp.(a)		4,611		117,396
SiTime Corp.(a)		614		72,434
SPS Commerce, Inc.(a)		1,064		204,352
Super Micro Computer, Inc.(a)		855		213,109
Teradata Corp.(a)		3,953		211,130
TTM Technologies, Inc.(a)		8,815		122,529
Ultra Clean Holdings, Inc.(a)		3,716		142,917
Viavi Solutions, Inc.(a)		14,131		160,104
Vishay Intertechnology, Inc.		8,192		240,845

See notes to financial statements.

5

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Small Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (8.8%): (continued)
Vontier, Corp.		5,676		182,824
				6,631,054
Materials (4.9%):
Alpha Metallurgical Resources, Inc.		653		107,327
ATI, Inc.(a)		3,597		159,095
Avient Corp.		2,951		120,696
Balchem Corp.		1,521		205,046
Cabot Corp.		2,025		135,452
Ecovyst, Inc.(a)		12,322		141,210
Greif, Inc., Class A		3,052		210,252
H.B. Fuller Co.		2,885		206,306
Ingevity Corp.(a)		2,188		127,254
Innospec, Inc.		1,975		198,369
Materion Corp.		1,005		114,771
Minerals Technologies, Inc.		2,768		159,686
NewMarket Corp.		702		282,288
O-I Glass, Inc.(a)		6,081		129,708
Orion SA		5,879		124,752
Perimeter Solutions SA(a)		15,654		96,272
Ryerson Holding Corp.		2,665		115,608
Sensient Technologies Corp.		2,704		192,336
Stepan Co.		2,105		201,154
Summit Materials, Inc., Class A(a)		5,848		221,347
Sylvamo Corp.		3,153		127,539
Warrior Met Coal, Inc.		3,433		133,715
Worthington Industries, Inc.		2,050		142,414
				3,652,597
Real Estate (1.3%):
eXp World Holdings, Inc.		7,044		142,852
Kennedy-Wilson Holdings, Inc.		10,342		168,885
Marcus & Millichap, Inc.		5,756		181,371
Newmark Group, Inc., Class A		18,862		117,322
The Howard Hughes Corp.(a)		2,129		168,021
The St. Joe Co.		4,332		209,409
				987,860

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (4.0%):
ALLETE, Inc.		3,586		207,881
American States Water Co.		2,250		195,750
Avista Corp.		5,083		199,609
California Water Service Group		3,532		182,357
Chesapeake Utilities Corp.		1,652		196,588
Clearway Energy, Inc., Class C		6,723		192,009
MGE Energy, Inc.		3,081		243,738
Middlesex Water Co.		2,414		194,713
Montauk Renewables, Inc.(a)		13,595		101,147
New Jersey Resources Corp.		4,270		201,544
Northwest Natural Holding Co.		4,910		211,376
NorthWestern Corp.		4,520		256,555
Otter Tail Corp.		2,203		173,949
SJW Group		2,767		193,994
Spire, Inc.		3,328		211,128
				2,962,338
Total Common Stocks (Cost $70,111,040)				74,549,647
Total Investments (Cost $70,111,040) — 99.5%				74,549,647
Other assets in excess of liabilities — 0.5%				329,986
NET ASSETS — 100.00%				74,879,633

Percentages indicated are based on net assets as of June 30, 2023.

(a) Non-income producing security.

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index		9/15/23		3	$	283,453	$	285,555	$	2,102
									$	2,102

See notes to financial statements.

6

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Timothy Plan US Large/Mid Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.5%)
Communication Services (0.7%):
Live Nation Entertainment, Inc.(a)		8,302		756,395
The Trade Desk, Inc., Class A(a)		4,142		319,845
ZoomInfo Technologies, Inc.(a)		14,358		364,550
				1,440,790
Consumer Discretionary (9.8%):
Aptiv PLC(a)		4,443		453,586
Aramark		19,623		844,770
AutoZone, Inc.(a)		352		877,663
Bath & Body Works, Inc.		10,280		385,500
BorgWarner, Inc.		14,144		691,783
Burlington Stores, Inc.(a)		2,147		337,916
CarMax, Inc.(a)		5,724		479,099
Chipotle Mexican Grill, Inc.(a)		365		780,735
Darden Restaurants, Inc.		5,599		935,481
Deckers Outdoor Corp.(a)		1,257		663,269
Domino’s Pizza, Inc.		1,836		618,714
DR Horton, Inc.		5,944		723,325
Five Below, Inc.(a)		2,320		455,973
Floor & Decor Holdings, Inc., Class A(a)		3,915		407,003
Garmin Ltd.		7,222		753,182
Genuine Parts Co.		5,630		952,765
Lennar Corp., Class A		5,724		717,275
LKQ Corp.		14,197		827,259
Lowe’s Cos., Inc.		3,265		736,911
NVR, Inc.(a)		119		755,724
O’Reilly Automotive, Inc.(a)		1,114		1,064,204
Penske Automotive Group, Inc.		4,080		679,850
Pool Corp.		1,519		569,078
PulteGroup, Inc.		9,325		724,366
Ross Stores, Inc.		6,295		705,858
Service Corp. International		10,688		690,338
Tapestry, Inc.		13,506		578,057
Tesla, Inc.(a)		1,787		467,783
Tractor Supply Co.		3,104		686,294
Vail Resorts, Inc.		2,953		743,447
				20,307,208
Consumer Staples (5.5%):
BJ’s Wholesale Club Holdings, Inc.(a)		10,594		667,528
Bunge Ltd.		6,185		583,555
Campbell Soup Co.		18,750		857,062
Costco Wholesale Corp.		1,662		894,787
Coty, Inc., Class A(a)		39,048		479,900

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Staples (5.5%): (continued)
Darling Ingredients, Inc.(a)		8,701		555,037
Dollar General Corp.		4,291		728,526
Dollar Tree, Inc.(a)		4,498		645,463
Hormel Foods Corp.		28,358		1,140,559
Lamb Weston Holdings, Inc.		8,293		953,280
McCormick & Co., Inc.		9,490		827,813
Monster Beverage Corp.(a)		17,217		988,944
Sysco Corp.		12,415		921,193
The JM Smucker Co.		8,101		1,196,275
				11,439,922
Energy (6.1%):
APA Corp.		9,770		333,841
Cheniere Energy, Inc.		3,704		564,342
Chesapeake Energy Corp.		6,265		524,255
ConocoPhillips		5,110		529,447
Coterra Energy, Inc.		20,018		506,455
Devon Energy Corp.		7,677		371,106
Diamondback Energy, Inc.		3,554		466,854
EOG Resources, Inc.		4,300		492,092
EQT Corp.		12,308		506,228
Halliburton Co.		13,200		435,468
Hess Corp.		3,323		451,762
HF Sinclair Corp.		11,120		496,063
Kinder Morgan, Inc.		48,454		834,378
Marathon Oil Corp.		17,580		404,692
Marathon Petroleum Corp.		4,605		536,943
Occidental Petroleum Corp.		7,768		456,758
ONEOK, Inc.		9,945		613,805
Ovintiv, Inc.		9,961		379,215
Phillips 66		5,530		527,451
Pioneer Natural Resources Co.		2,387		494,539
Schlumberger N.V.		9,106		447,287
Targa Resources Corp.		7,157		544,648
Texas Pacific Land Corp.		270		355,455
The Williams Cos., Inc.		25,783		841,299
Valero Energy Corp.		3,864		453,247
				12,567,630
Financials (9.9%):
Aflac, Inc.		13,855		967,079
American Financial Group, Inc.		6,615		785,531
Arch Capital Group Ltd.(a)		10,026		750,446
Ares Management Corp., Class A		6,771		652,386
Arthur J Gallagher & Co.		4,431		972,915
Brown & Brown, Inc.		11,892		818,645
Cboe Global Markets, Inc.		6,701		924,805

See notes to financial statements.

7

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Large/Mid Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (9.9%): (continued)
East West BanCorp, Inc.		8,376		442,169
Equitable Holdings, Inc.		22,371		607,596
Erie Indemnity Co., Class A		3,301		693,243
Everest Re Group Ltd.		1,845		630,732
FactSet Research Systems, Inc.		1,870		749,216
First Citizens BancShares, Inc., Class A		302		387,602
FleetCor Technologies, Inc.(a)		2,838		712,565
Franklin Resources, Inc.		21,905		585,083
Globe Life, Inc.		8,475		929,030
Interactive Brokers Group, Inc.		7,613		632,412
Intercontinental Exchange, Inc.		7,768		878,405
LPL Financial Holdings, Inc.		2,700		587,061
MarketAxess Holdings, Inc.		1,676		438,140
Morningstar, Inc.		2,868		562,329
MSCI, Inc.		1,084		508,710
Nasdaq, Inc.		13,967		696,255
Principal Financial Group, Inc.		8,692		659,201
Raymond James Financial, Inc.		7,008		727,220
Reinsurance Group of America, Inc.		5,108		708,429
Rocket Cos., Inc., Class A(a)		40,830		365,837
Ryan Specialty Holdings, Inc.(a)		12,136		544,785
Tradeweb Markets, Inc., Class A		10,346		708,494
W R Berkley Corp.		13,758		819,426
				20,445,747
Health Care (11.4%):
Agilent Technologies, Inc.		4,687		563,612
Align Technology, Inc.(a)		975		344,799
Amgen, Inc.		3,845		853,667
Avantor, Inc.(a)		25,977		533,568
BioMarin Pharmaceutical, Inc.(a)		6,835		592,458
Bruker Corp.		7,031		519,731
Catalent, Inc.(a)		7,274		315,401
Centene Corp.(a)		10,453		705,055
Charles River Laboratories International, Inc.(a)		2,360		496,190
Danaher Corp.		2,613		627,120
Dexcom, Inc.(a)		3,731		479,471
Edwards Lifesciences Corp.(a)		6,599		622,484
GE Healthcare Technologies, Inc.		6,887		559,500
HCA Healthcare, Inc.		2,389		725,014
Henry Schein, Inc.(a)		10,454		847,819
Humana, Inc.		1,612		720,774
IDEXX Laboratories, Inc.(a)		1,114		559,484
Incyte Corp.(a)		12,541		780,677
Insulet Corp.(a)		1,479		426,455

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (11.4%): (continued)
Intuitive Surgical, Inc.(a)		2,135		730,042
IQVIA Holdings, Inc.(a)		2,988		671,613
Laboratory Corp. of America Holdings		3,363		811,593
Masimo Corp.(a)		2,700		444,285
Mettler-Toledo International, Inc.(a)		400		524,656
Moderna, Inc.(a)		2,283		277,384
Neurocrine Biosciences, Inc.(a)		6,669		628,887
Regeneron Pharmaceuticals, Inc.(a)		714		513,038
Repligen Corp.(a)		2,010		284,335
ResMed, Inc.		3,457		755,354
Revvity, Inc.		4,332		514,598
Stryker Corp.		2,403		733,131
Teleflex, Inc.		2,334		564,898
United Therapeutics Corp.(a)		3,280		724,060
Veeva Systems, Inc., Class A(a)		2,955		584,292
Vertex Pharamaceuticals, Inc.(a)		2,167		762,589
Waters Corp.(a)		2,095		558,401
West Pharmaceutical Services, Inc.		1,303		498,358
Zimmer Biomet Holdings, Inc.		6,455		939,848
Zoetis, Inc.		3,850		663,008
				23,457,649
Industrials (27.3%):
A.O. Smith Corp.		9,140		665,209
AECOM		10,312		873,323
AGCO Corp.		4,900		643,958
Allegion PLC		6,299		756,006
AMETEK, Inc.		6,443		1,042,993
Axon Enterprise, Inc.(a)		2,207		430,630
Builders FirstSource, Inc.(a)		5,162		702,032
Carlisle Cos., Inc.		2,956		758,303
Carrier Global Corp.		14,556		723,579
Caterpillar, Inc.		3,044		748,976
CH Robinson Worldwide, Inc.		7,593		716,400
Cintas Corp.		1,873		931,031
Copart, Inc.(a)		10,084		919,762
CoStar Group, Inc.(a)		8,804		783,556
CSX Corp.		26,005		886,770
Deere & Co.		1,966		796,604
Dover Corp.		5,039		744,008
Eaton Corp. PLC		4,843		973,927
Equifax, Inc.		2,852		671,076
Expeditors International of Washington, Inc.		6,216		752,944
Fastenal Co.		14,266		841,551

See notes to financial statements.

8

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Large/Mid Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (27.3%): (continued)
Fortive Corp.		11,654		871,370
General Dynamics Corp.		4,482		964,302
Graco, Inc.		11,803		1,019,189
HEICO Corp.		4,676		827,371
Honeywell International, Inc.		4,668		968,610
Howmet Aerospace, Inc.		17,668		875,626
Hubbell, Inc.		3,143		1,042,093
IDEX Corp.		3,865		831,980
Illinois Tool Works, Inc.		3,641		910,833
Ingersoll Rand, Inc.		12,127		792,621
J.B. Hunt Transport Services, Inc.		3,745		677,957
Jack Henry & Associates, Inc.		4,733		791,973
Johnson Controls International PLC		11,773		802,212
Knight-Swift Transportation Holdings, Inc.		11,518		639,940
Leidos Holdings, Inc.		10,452		924,793
Lennox International, Inc.		2,376		774,742
Lincoln Electric Holdings, Inc.		5,355		1,063,664
Masco Corp.		11,955		685,978
Nordson Corp.		3,191		791,942
Norfolk Southern Corp.		3,776		856,246
Old Dominion Freight Line, Inc.		1,642		607,129
Otis Worldwide Corp.		11,137		991,304
PACCAR, Inc.		11,369		951,017
Parker-Hannifin Corp.		2,197		856,918
Paychex, Inc.		7,354		822,692
Paycom Software, Inc.		1,620		520,409
Paylocity Holding Corp.(a)		2,251		415,377
Quanta Services, Inc.		3,940		774,013
Regal Rexnord Corp.		3,992		614,369
Republic Services, Inc.		7,627		1,168,228
Rockwell Automation, Inc.		2,207		727,096
Rollins, Inc.		20,034		858,056
Snap-on, Inc.		3,800		1,095,122
SS&C Technologies Holdings, Inc.		12,317		746,410
Textron, Inc.		10,849		733,718
Toro Co.		8,430		856,910
Trane Technologies PLC		4,086		781,488
TransDigm Group, Inc.		925		827,107
TransUnion		7,385		578,467
U-Haul Holding Co.		10,267		567,970
Union Pacific Corp.		3,752		767,734
United Rentals, Inc.		1,407		626,636
Verisk Analytics, Inc.		4,133		934,182
Waste Management, Inc.		6,485		1,124,629
Watsco, Inc.		1,893		722,123

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (27.3%): (continued)
Westinghouse Air Brake Technologies Corp.		7,858		861,787
WillScot Mobile Mini Holdings Corp.(a)		16,436		785,476
WW Grainger, Inc.		1,044		823,288
Xylem, Inc.		6,437		724,935
				56,340,670
Information Technology (14.2%):
Advanced Micro Devices, Inc.(a)		4,224		481,156
Akamai Technologies, Inc.(a)		8,729		784,475
Amphenol Corp., Class A		10,120		859,694
Analog Devices, Inc.		3,389		660,211
ANSYS, Inc.(a)		1,794		592,504
Arista Networks, Inc.(a)		3,318		537,715
Bentley Systems, Inc., Class B		12,874		698,157
Broadcom, Inc.		1,054		914,271
Cadence Design Systems, Inc.(a)		3,025		709,423
CDW Corp.		4,126		757,121
Cognizant Technology Solutions Corp., Class A		10,777		703,523
Dynatrace, Inc.(a)		10,618		546,509
Enphase Energy, Inc.(a)		1,740		291,415
Entegris, Inc.		4,911		544,237
EPAM Systems, Inc.(a)		1,461		328,360
Fair Isaac Corp.(a)		613		496,046
Fortinet, Inc.(a)		6,619		500,330
Gartner, Inc.(a)		2,298		805,012
Jabil, Inc.		8,370		903,374
Juniper Networks, Inc.		23,242		728,172
Keysight Technologies, Inc.(a)		4,154		695,587
KLA Corp.		1,383		670,783
Lattice Semiconductor Corp.(a)		4,616		443,459
Manhattan Associates, Inc.(a)		3,219		643,414
Microchip Technology, Inc.		6,447		577,587
Monolithic Power Systems, Inc.		836		451,632
NetApp, Inc.		10,635		812,514
NVIDIA Corp.		1,363		576,576
NXP Semiconductors N.V.		3,007		615,473
ON Semiconductor Corp.(a)		4,961		469,211
Palo Alto Networks, Inc.(a)		2,553		652,317
PTC, Inc.(a)		5,620		799,726
Pure Storage, Inc., Class A(a)		21,988		809,598
Qorvo, Inc.(a)		5,273		538,004
Roper Technologies, Inc.		2,090		1,004,872
Seagate Technology Holdings PLC		7,765		480,421
ServiceNow, Inc.(a)		980		550,731

See notes to financial statements.

9

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Large/Mid Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (14.2%): (continued)
Skyworks Solutions, Inc.		4,654		515,151
Synopsys, Inc.(a)		1,664		724,522
TD SYNNEX Corp.		7,356		691,464
TE Connectivity Ltd.		5,676		795,548
Teledyne Technologies, Inc.(a)		1,745		717,387
Teradyne, Inc.		5,005		557,207
Trimble, Inc.(a)		10,750		569,105
Tyler Technologies, Inc.(a)		1,587		660,938
Zebra Technologies Corp.(a)		1,481		438,124
				29,303,056
Materials (7.1%):
Albemarle Corp.		2,158		481,428
Avery Dennison Corp.		3,880		666,584
Ball Corp.		10,304		599,796
Celanese Corp.		4,547		526,543
CF Industries Holdings, Inc.		6,453		447,967
Cleveland-Cliffs, Inc.(a)		20,918		350,586
Crown Holdings, Inc.		6,962		604,789
Eastman Chemical Co.		7,180		601,110
Ecolab, Inc.		3,883		724,917
FMC Corp.		6,838		713,477
Freeport-McMoRan, Inc.		9,864		394,560
International Paper Co.		17,647		561,351
LyondellBasell Industries N.V., Class A		6,934		636,749
Martin Marietta Materials, Inc.		1,942		896,602
Nucor Corp.		3,296		540,478
Packaging Corp. of America		4,958		655,249
PPG Industries, Inc.		4,472		663,198
Reliance Steel & Aluminum Co.		3,013		818,301
RPM International, Inc.		8,463		759,385
Steel Dynamics, Inc.		4,451		484,847
The Mosaic Co.		10,051		351,785
The Sherwin-Williams Co.		2,620		695,662
Vulcan Materials Co.		4,450		1,003,208
Westlake Corp.		4,706		562,226
				14,740,798
Utilities (7.5%):
Alliant Energy Corp.		15,329		804,466
Ameren Corp.		9,932		811,146
American Electric Power Co., Inc.		9,230		777,166
American Water Works Co., Inc.		5,519		787,837
Atmos Energy Corp.		7,656		890,699
CenterPoint Energy, Inc.		29,761		867,533
CMS Energy Corp.		14,403		846,176
Consolidated Edison, Inc.		9,909		895,774

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (7.5%): (continued)
DTE Energy Co.		7,905		869,708
Entergy Corp.		7,828		762,212
Essential Utilities, Inc.		20,003		798,320
Evergy, Inc.		14,064		821,619
Eversource Energy		10,818		767,213
NextEra Energy, Inc.		9,784		725,973
NiSource, Inc.		29,813		815,386
Public Service Enterprise Group, Inc.		12,692		794,646
The Southern Co.		12,847		902,502
WEC Energy Group, Inc.		9,132		805,808
Xcel Energy, Inc.		12,425		772,462
				15,516,646
Total Common Stocks (Cost $183,349,842)				205,560,116
Total Investments (Cost $183,349,842) — 99.5%				205,560,116
Other assets in excess of liabilities — 0.5%				1,109,103
NET ASSETS — 100.00%				206,669,219

Percentages indicated are based on net assets as of June 30, 2023.

(a) Non-income producing security.

See notes to financial statements.

10

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Large/Mid Cap Core ETF

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini		9/15/23		5	$	1,093,771	$	1,122,063	$	28,292
									$	28,292

See notes to financial statements.

11

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Timothy Plan High Dividend Stock ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.4%)
Consumer Discretionary (8.1%):
Bath & Body Works, Inc.		26,339		987,713
Darden Restaurants, Inc.		14,347		2,397,097
Garmin Ltd.		18,505		1,929,886
Genuine Parts Co.		14,426		2,441,312
LKQ Corp.		36,375		2,119,571
Lowe’s Cos., Inc.		8,365		1,887,981
Tapestry, Inc.		34,605		1,481,094
Vail Resorts, Inc.		7,566		1,904,816
				15,149,470
Consumer Staples (7.6%):
Bunge Ltd.		15,849		1,495,353
Campbell Soup Co.		48,041		2,195,954
Hormel Foods Corp.		72,663		2,922,506
McCormick & Co., Inc.		24,316		2,121,085
Sysco Corp.		31,812		2,360,450
The JM Smucker Co.		20,756		3,065,039
				14,160,387
Energy (13.1%):
APA Corp.		25,033		855,378
Chesapeake Energy Corp.		16,191		1,354,863
ConocoPhillips		13,092		1,356,462
Coterra Energy, Inc.		51,292		1,297,688
Diamondback Energy, Inc.		9,109		1,196,558
EOG Resources, Inc.		11,017		1,260,785
EQT Corp.		31,537		1,297,117
Halliburton Co.		33,824		1,115,854
HF Sinclair Corp.		28,494		1,271,117
Kinder Morgan, Inc.		124,151		2,137,880
Marathon Petroleum Corp.		11,800		1,375,880
ONEOK, Inc.		25,483		1,572,811
Ovintiv, Inc.		25,524		971,699
Phillips 66		14,169		1,351,439
Pioneer Natural Resources Co.		6,117		1,267,320
Targa Resources Corp.		18,337		1,395,446
The Williams Cos., Inc.		66,062		2,155,603
Valero Energy Corp.		9,901		1,161,387
				24,395,287
Financials (10.3%):
Aflac, Inc.		35,508		2,478,458
American Financial Group, Inc.		16,941		2,011,744
Ares Management Corp., Class A		17,349		1,671,576
East West BanCorp, Inc.		21,463		1,133,032
Equitable Holdings, Inc.		57,321		1,556,838
Erie Indemnity Co., Class A		8,459		1,776,475

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (10.3%): (continued)
Everest Re Group Ltd.		4,726		1,615,630
Franklin Resources, Inc.		56,127		1,499,152
Principal Financial Group, Inc.		22,272		1,689,109
Raymond James Financial, Inc.		17,957		1,863,398
Reinsurance Group of America, Inc.		13,086		1,814,897
				19,110,309
Health Care (1.2%):
Amgen, Inc.		9,850		2,186,897
				2,186,897
Industrials (21.4%):
A.O. Smith Corp.		23,420		1,704,508
Caterpillar, Inc.		7,799		1,918,944
CH Robinson Worldwide, Inc.		19,455		1,835,579
Eaton Corp. PLC		12,409		2,495,450
Fastenal Co.		36,554		2,156,320
General Dynamics Corp.		11,484		2,470,783
Honeywell International, Inc.		11,962		2,482,115
Hubbell, Inc.		8,053		2,670,053
Illinois Tool Works, Inc.		9,330		2,333,993
Johnson Controls International PLC		30,166		2,055,511
Lennox International, Inc.		6,089		1,985,440
Masco Corp.		30,633		1,757,722
Norfolk Southern Corp.		9,677		2,194,357
Paychex, Inc.		18,843		2,107,966
Snap-on, Inc.		9,738		2,806,394
Union Pacific Corp.		9,615		1,967,421
Waste Management, Inc.		16,614		2,881,200
Watsco, Inc.		4,850		1,850,129
				39,673,885
Information Technology (7.7%):
Broadcom, Inc.		2,701		2,342,928
Cognizant Technology Solutions Corp., Class A		27,614		1,802,642
Juniper Networks, Inc.		59,553		1,865,796
NetApp, Inc.		27,251		2,081,976
NXP Semiconductors N.V.		7,703		1,576,650
Seagate Technology Holdings PLC		19,890		1,230,594
Skyworks Solutions, Inc.		11,923		1,319,757
TE Connectivity Ltd.		14,542		2,038,207
				14,258,550
Materials (8.6%):
Avery Dennison Corp.		9,943		1,708,207
Celanese Corp.		11,653		1,349,417
CF Industries Holdings, Inc.		16,533		1,147,721
Eastman Chemical Co.		18,397		1,540,197
FMC Corp.		17,518		1,827,828

See notes to financial statements.

12

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan High Dividend Stock ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (8.6%): (continued)
International Paper Co.		45,215		1,438,289
LyondellBasell Industries N.V., Class A		17,766		1,631,452
Packaging Corp. of America		12,704		1,678,961
PPG Industries, Inc.		11,458		1,699,221
RPM International, Inc.		21,686		1,945,885
				15,967,178
Utilities (21.4%):
Alliant Energy Corp.		39,276		2,061,205
Ameren Corp.		25,448		2,078,338
American Electric Power Co., Inc.		23,649		1,991,246
American Water Works Co., Inc.		14,141		2,018,628
Atmos Energy Corp.		19,617		2,282,242
CenterPoint Energy, Inc.		76,255		2,222,833
CMS Energy Corp.		36,905		2,168,169
Consolidated Edison, Inc.		25,388		2,295,075
DTE Energy Co.		20,256		2,228,565
Entergy Corp.		20,058		1,953,047
Essential Utilities, Inc.		51,254		2,045,547
Evergy, Inc.		36,035		2,105,165
Eversource Energy		27,719		1,965,831
NextEra Energy, Inc.		25,068		1,860,046
NiSource, Inc.		76,387		2,089,184

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (21.4%): (continued)
Public Service Enterprise Group, Inc.		32,520		2,036,077
The Southern Co.		32,919		2,312,560
WEC Energy Group, Inc.		23,397		2,064,551
Xcel Energy, Inc.		31,835		1,979,182
				39,757,491
Total Common Stocks (Cost $178,029,237)				184,659,454
Total Investments (Cost $178,029,237) — 99.4%				184,659,454
Other assets in excess of liabilities — 0.6%				1,074,635
NET ASSETS — 100.00%				185,734,089

Percentages indicated are based on net assets as of June 30, 2023.

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini		9/15/23		4	$	871,649	$	897,650	$	26,001
									$	26,001

See notes to financial statements.

13

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.2%)
Australia (6.7%):
Communication Services (0.6%):
REA Group Ltd.		1,963		186,992
Telstra Group Ltd.		125,091		358,236
				545,228
Consumer Discretionary (0.3%):
Wesfarmers Ltd.		7,830		257,297
				257,297
Consumer Staples (0.8%):
Coles Group Ltd.		28,909		354,648
Woolworths Group Ltd.		12,629		334,166
				688,814
Energy (0.5%):
Santos Ltd.		45,247		226,612
Woodside Energy Group Ltd.		8,146		186,845
				413,457
Financials (1.6%):
ANZ Group Holdings Ltd.		19,599		309,485
Commonwealth Bank of Australia		4,358		291,027
National Australia Bank Ltd.		15,305		268,793
Suncorp Group Ltd.		31,144		279,808
Westpac Banking Corp.		18,944		269,241
				1,418,354
Health Care (1.0%):
Cochlear Ltd.		1,487		226,858
CSL Ltd.		1,607		296,870
Ramsay Health Care Ltd.		5,671		212,601
Sonic Healthcare Ltd.		8,935		211,667
				947,996
Industrials (0.6%):
Brambles Ltd.		35,008		335,974
Computershare Ltd.		16,074		250,290
				586,264
Information Technology (0.2%):
WiseTech Global Ltd.		3,596		191,140
				191,140
Materials (1.1%):
BHP Group Ltd.		6,722		201,414
Fortescue Metals Group Ltd.		10,898		160,984
Mineral Resources Ltd.		2,637		125,448
Newcrest Mining Ltd.		9,041		159,083
Rio Tinto Ltd.		2,778		212,194
South32 Ltd.		56,750		142,111
				1,001,234
				6,049,784

SECURITY DESCRIPTION	SHARES		VALUE ($)
Austria (0.6%):
Energy (0.2%):
OMV AG		4,016		170,191
				170,191
Financials (0.2%):
Erste Group Bank AG		5,328		186,550
				186,550
Utilities (0.2%):
Verbund AG		1,944		155,794
				155,794
				512,535
Belgium (0.9%):
Consumer Discretionary (0.2%):
D’ieteren Group		1,143		201,909
				201,909
Financials (0.2%):
KBC Group N.V.		2,868		200,022
				200,022
Materials (0.2%):
Solvay SA, Class A		1,858		207,388
				207,388
Utilities (0.3%):
Elia Group SA		1,888		239,577
				239,577
				848,896
Canada (10.4%):
Consumer Discretionary (0.6%):
Dollarama, Inc.		5,034		340,971
Magna International, Inc.		3,404		192,198
				533,169
Consumer Staples (1.1%):
Alimentation Couche-Tard, Inc.		6,030		309,239
Metro, Inc.		7,662		432,788
Saputo, Inc.		10,115		226,644
				968,671
Energy (2.1%):
Cameco Corp.		6,072		190,191
Canadian Natural Resources Ltd.		3,311		186,172
Cenovus Energy, Inc.		8,693		147,661
Enbridge, Inc.		7,936		295,009
Imperial Oil Ltd.		3,501		179,147
Pembina Pipelines Corp.		8,151		256,296
Suncor Energy, Inc.		5,968		175,084
TC Energy Corp.		5,986		241,953
Tourmaline Oil Corp.		3,958		186,515
				1,858,028

See notes to financial statements.

14

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Canada (10.4%): (continued)
Financials (2.0%):
Brookfield Asset Management Ltd., Class A		5,183		169,193
Fairfax Financial Holdings Ltd.		394		295,155
Great-West Lifeco, Inc.		11,379		330,477
Intact Financial Corp.		2,332		360,099
National Bank of Canada		4,526		337,246
Power Corp. of Canada		12,884		346,855
				1,839,025
Industrials (1.6%):
Canadian National Railway Co.		2,706		327,719
Canadian Pacific Kansas City Ltd.		3,727		301,064
TFI International, Inc.		1,772		201,909
Waste Connections, Inc.		2,515		359,478
WSP Global, Inc.		2,108		278,531
				1,468,701
Information Technology (0.6%):
Constellation Software, Inc.		141		292,172
Open Text Corp.		5,267		219,094
				511,266
Materials (1.3%):
Aginco Eagle Mines Ltd.		3,138		156,711
Barrick Gold Corp.		9,584		162,145
First Quantum Minerals Ltd.		4,175		98,780
Franco-Nevada Corp.		1,482		211,246
Ivanhoe Mines Ltd. (a)		13,945		127,385
Nutrien Ltd.		2,387		140,939
Teck Resources Ltd., Class B		3,653		153,721
Wheaton Precious Metals Corp.		4,001		173,046
				1,223,973
Utilities (1.1%):
Emera, Inc.		7,213		297,102
Fortis, Inc.		8,374		360,918
Hydro One Ltd.		12,236		349,639
				1,007,659
				9,410,492
Chile (0.2%):
Materials (0.2%):
Antofagasta PLC		8,304		154,053
				154,053
Denmark (2.0%):
Consumer Discretionary (0.1%):
Pandora A/S		1,603		143,136
				143,136

SECURITY DESCRIPTION	SHARES		VALUE ($)
Denmark (2.0%): (continued)
Financials (0.4%):
Tryg A/S		14,974		324,062
				324,062
Health Care (0.7%):
Coloplast A/S		1,510		188,836
Genmab A/S (a)		573		216,686
Novo Nordisk A/S, Class B		1,502		242,037
				647,559
Industrials (0.4%):
AP Moller - Maersk A/S, Class B		73		128,131
DSV A/S		1,032		216,762
				344,893
Materials (0.2%):
Novozymes A/S, Class B Shares		3,896		181,537
				181,537
Utilities (0.2%):
Orsted A/S		1,936		182,973
				182,973
				1,824,160
Finland (1.7%):
Energy (0.2%):
Neste Oyj		3,973		152,849
				152,849
Financials (0.6%):
Nordea Bank Abp		20,531		223,372
Sampo Oyj, Class A Shares		6,436		288,757
				512,129
Industrials (0.2%):
Kone OYJ, Class B		3,863		201,599
				201,599
Information Technology (0.2%):
Nokia Oyj		47,213		197,581
				197,581
Materials (0.5%):
Stora Enso Oyj, Class R		16,419		190,344
UPM-Kymmene OYJ		8,083		240,503
				430,847
				1,495,005
France (7.2%):
Communication Services (0.3%):
Bollore SE		48,188		300,219
				300,219
Consumer Discretionary (0.5%):
Cie Generale des Etablissements Michelin SCA		6,637		195,958

See notes to financial statements.

15

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
France (7.2%): (continued)
Consumer Discretionary (0.5%): (continued)
Hermes International		95		206,271
				402,229
Consumer Staples (0.3%):
Carrefour SA		12,135		229,788
				229,788
Energy (0.2%):
TotalEnergies SE		3,734		214,097
				214,097
Financials (1.3%):
Amundi SA		2,978		175,624
Credit Agricole SA		21,838		259,051
Edenred		5,077		339,792
Societe Generale SA		7,990		207,485
Worldline SA (a)		4,246		155,198
				1,137,150
Health Care (0.9%):
BioMerieux		2,169		227,476
EssilorLuxottica SA		1,226		230,884
Ipsen SA		1,742		209,456
Sartorius Stedim Biotech		470		117,281
				785,097
Industrials (2.7%):
Aeroports de Paris		1,531		219,667
Bouygues SA		8,299		278,532
Bureau Veritas SA		10,119		277,345
Eiffage SA		2,465		257,067
Getlink SE		17,742		301,601
Legrand SA		2,508		248,471
Schneider Electric SE		1,237		224,669
Teleperformance		565		94,597
Thales SA		1,593		238,469
Vinci SA		2,428		281,820
				2,422,238
Information Technology (0.2%):
Dassault Systemes SE		4,555		201,904
				201,904
Materials (0.3%):
Air Liquide SA		1,580		283,069
				283,069
Utilities (0.5%):
Engie SA		15,547		258,316
Veolia Environnement SA		7,210		227,744
				486,060
				6,461,851

SECURITY DESCRIPTION	SHARES		VALUE ($)
Germany (5.7%):
Communication Services (0.2%):
Telefonica Deutschland Holding AG		78,979		222,069
				222,069
Consumer Discretionary (0.3%):
Puma SE		2,509		150,894
Zalando SE (a)		2,708		77,886
				228,780
Consumer Staples (0.4%):
Beiersdorf AG		2,500		330,738
				330,738
Financials (1.5%):
Commerzbank AG		13,635		151,002
Deutsche Boerse AG		1,553		286,535
Hannover Rueck SE		1,448		307,055
Muenchener Rueckversicherungs-Gesellschaft AG, Class R		777		291,298
Talanx AG		5,916		339,206
				1,375,096
Health Care (0.4%):
Carl Zeiss Meditec AG		1,315		142,102
Fresenius Medical Care AG & Co. KGaA		3,831		182,958
				325,060
Industrials (1.6%):
Brenntag SE		2,760		215,016
Daimler Truck Holding AG		6,952		250,315
Deutsche Lufthansa AG (a)		19,928		203,931
Deutsche Post AG		4,238		206,834
Knorr-Bremse AG		2,504		191,193
MTU Aero Engines AG		974		252,291
Rheinmetall AG		544		148,864
				1,468,444
Information Technology (0.2%):
Infineon Technologies AG		3,975		163,877
				163,877
Materials (0.7%):
Evonik Industries AG		10,184		193,677
HeidelbergCement AG		2,746		225,311
Symrise AG		2,026		212,258
				631,246
Real Estate (0.1%):
Vonovia SE		6,830		133,357
				133,357

See notes to financial statements.

16

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Germany (5.7%): (continued)
Utilities (0.3%):
E.ON SE		20,495		261,188
				261,188
				5,139,855
Hong Kong (3.6%):
Financials (0.5%):
AIA Group Ltd.		18,543		187,189
Hang Seng Bank Ltd.		21,621		307,661
				494,850
Health Care (0.2%):
Sino Biopharmaceutical Ltd.		332,898		144,873
				144,873
Industrials (0.5%):
CK Hutchison Holdings Ltd.		48,481		296,057
Techtronic Industries Co. Ltd.		12,711		138,130
				434,187
Real Estate (1.6%):
CK Asset Holdings Ltd.		50,454		279,452
Henderson Land Development Co. Ltd.		70,238		208,858
Hongkong Land Holdings Ltd.		64,000		249,600
Sino Land Co. Ltd.		188,505		231,671
Sun Hung Kai Properties Ltd.		22,461		282,923
Swire Pacific Ltd., Class A		32,093		245,949
				1,498,453
Utilities (0.8%):
Hong Kong & China Gas Co. Ltd.		378,624		327,129
Power Assets Holdings Ltd.		72,418		379,386
				706,515
				3,278,878
Ireland (1.5%):
Consumer Staples (0.3%):
Kerry Group PLC		2,579		251,509
				251,509
Financials (0.4%):
AIB Group PLC		43,615		183,214
Bank of Ireland Group PLC		16,003		152,573
				335,787
Industrials (0.4%):
Kingspan Group PLC		2,169		144,125
Ryanair Holdings PLC (a)		11,247		211,255
				355,380
Materials (0.4%):
CRH PLC		4,565		251,533

SECURITY DESCRIPTION	SHARES		VALUE ($)
Ireland (1.5%): (continued)
Materials (0.4%): (continued)
Smurfit Kappa Group PLC		4,859		162,146
				413,679
				1,356,355
Israel (0.9%):
Financials (0.5%):
Bank Hapoalim BM		30,819		252,776
Bank Leumi Le-Israel BM		33,097		246,530
				499,306
Information Technology (0.2%):
Nice Ltd. (a)		752		153,689
				153,689
Materials (0.2%):
ICL Group Ltd.		32,024		173,780
				173,780
				826,775
Italy (3.4%):
Communication Services (0.2%):
Infrastrutture Wireless Italiane SpA		17,690		233,162
				233,162
Consumer Discretionary (0.2%):
Moncler SpA		2,458		169,872
				169,872
Energy (0.2%):
Eni SpA		15,494		222,847
				222,847
Financials (1.5%):
Assicurazioni Generali SpA		12,919		262,465
FinecoBank Banca Fineco SpA		11,239		151,016
Intesa Sanpaolo SpA		79,645		208,561
Mediobanca Banca di Credito Finanziario SpA		22,484		268,873
Poste Italiane SpA		23,327		252,382
UniCredit SpA		8,223		190,791
				1,334,088
Industrials (0.4%):
Nexi SpA (a)		20,179		158,128
Prysmian SpA		5,094		212,762
				370,890
Utilities (0.9%):
Enel SpA		39,619		266,631
Snam SpA		48,520		253,424
Terna - Rete Elettrica Nazionale		30,910		263,263
				783,318
				3,114,177

See notes to financial statements.

17

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (21.2%):
Communication Services (0.6%):
Nexon Co. Ltd.		9,700		184,682
SoftBank Corp.		36,000		384,253
				568,935
Consumer Discretionary (2.5%):
Bridgestone Corp.		7,700		314,447
Denso Corp.		4,700		314,191
Fast Retailing Co. Ltd.		1,100		279,956
Oriental Land Co. Ltd.		7,400		287,270
Panasonic Corp.		26,800		325,712
Sekisui House Ltd.		15,600		314,152
Shimano, Inc.		1,300		215,886
Suzuki Motor Corp.		7,000		252,336
				2,303,950
Consumer Staples (1.5%):
Aeon Co. Ltd.		16,700		340,528
Ajinomoto Co., Inc.		7,000		277,710
KAO Corp.		7,400		267,422
Shiseido Co. Ltd.		4,500		202,513
Unicharm Corp.		6,300		233,215
				1,321,388
Energy (0.2%):
Inpex Corp.		18,600		206,008
				206,008
Financials (2.4%):
Dai-ichi Life Holdings, Inc.		11,500		218,235
Japan Post Holdings Co. Ltd.		36,200		260,059
MS&AD Insurance Group Holdings, Inc.		8,300		293,158
ORIX Corp.		15,200		275,229
Sompo Holdings, Inc.		6,500		290,986
Sumitomo Mitsui Financial Group, Inc.		6,000		256,127
Sumitomo Mitsui Trust Holdings, Inc.		7,000		248,066
Tokio Marine Holdings, Inc.		13,100		300,988
				2,142,848
Health Care (2.1%):
Chugai Pharmaceutical Co. Ltd.		11,800		334,175
Daiichi Sankyo Co. Ltd.		5,200		163,987
Eisai Co. Ltd.		3,100		208,930
Hoya Corp.		1,900		224,858
M3, Inc.		6,600		142,219
Olympus Corp.		12,200		191,608

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (21.2%): (continued)
Health Care (2.1%): (continued)
Shionogi & Co. Ltd.		6,600		277,668
Terumo Corp.		9,900		313,029
				1,856,474
Industrials (5.9%):
Central Japan Railway Co.		2,900		363,003
Daikin Industries Ltd.		1,400		283,969
East Japan Railway Co.		6,000		332,146
FANUC Corp.		7,600		265,062
Hitachi Ltd.		5,000		308,289
ITOCHU Corp.		7,800		307,448
Komatsu Ltd.		11,900		320,099
Kubota Corp.		18,800		273,504
Marubeni Corp.		16,200		273,967
Mitsubishi Corp.		7,000		336,221
Mitsubishi Electric Corp.		26,300		369,491
Nidec Corp.		4,400		239,243
Nippon Yusen KK		7,200		159,191
Secom Co. Ltd.		5,900		398,254
SMC Corp.		400		220,349
Toshiba Corp.		8,100		253,588
Toyota Industries Corp.		4,500		319,847
Toyota Tsusho Corp.		5,900		291,933
				5,315,604
Information Technology (4.2%):
Advantest Corp.		2,300		305,274
Canon, Inc.		14,400		378,264
Fujifilm Holdings Corp.		5,600		331,505
Fujitsu Ltd.		2,000		257,763
Keyence Corp.		500		235,133
Kyocera Corp.		6,000		323,995
Lasertec Corp.		800		119,629
Murata Manufacturing Co. Ltd.		4,800		274,001
Nomura Research Institute Ltd.		9,500		260,809
NTT Data Corp.		18,600		258,734
OBIC Co. Ltd.		2,000		319,379
Renesas Electronics Corp. (a)		13,600		254,647
TDK Corp.		6,100		235,367
Tokyo Electron Ltd.		1,600		228,001
				3,782,501
Materials (0.7%):
Nippon Paint Holdings Co. Ltd.		22,500		184,485
Nippon Steel Corp.		11,300		235,273
Shin-Etsu Chemical Co. Ltd.		7,900		261,070
				680,828

See notes to financial statements.

18

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (21.2%): (continued)
Real Estate (1.1%):
Daiwa House Industry Co. Ltd.		14,200		373,208
Mitsubishi Estate Co. Ltd.		26,700		316,447
Mitsui Fudosan Co. Ltd.		15,800		313,251
				1,002,906
				19,181,442
Korea, Republic Of (4.9%):
Communication Services (0.3%):
Kakao Corp.		3,002		111,869
Naver Corp.		1,037		143,870
				255,739
Consumer Discretionary (1.0%):
Hyundai Mobis Co. Ltd.		1,266		223,395
Hyundai Motor Co.		1,582		247,938
Kia Corp.		3,198		214,802
LG Electronics, Inc.		2,031		195,300
				881,435
Energy (0.1%):
SK Innovation Co. Ltd. (a)		1,050		126,309
				126,309
Financials (1.0%):
Hana Financial Group, Inc.		5,595		166,457
KakaoBank Corp.		6,091		109,791
KB Financial Group, Inc.		5,225		189,355
Samsung Life Insurance Co. Ltd.		5,355		273,521
Shinhan Financial Group Co. Ltd.		7,976		205,817
				944,941
Health Care (0.5%):
Celltrion, Inc.		1,472		170,817
Samsung Biologics Co. Ltd. (a)		418		236,029
				406,846
Industrials (0.8%):
Ecopro BM Co. Ltd.		560		105,829
LG Corp.		3,225		215,392
Samsung C&T Corp.		2,943		236,092
SK, Inc.		1,518		171,316
				728,629
Information Technology (0.7%):
Samsung Electronics Co. Ltd.		4,451		243,900
Samsung SDI Co. Ltd.		299		151,815
SK Hynix, Inc.		2,598		227,147
				622,862

SECURITY DESCRIPTION	SHARES		VALUE ($)
Korea, Republic Of (4.9%): (continued)
Materials (0.5%):
LG Chem Ltd.		258		130,606
POSCO Future M Co. Ltd.		498		133,420
POSCO Holdings, Inc.		577		169,912
				433,938
				4,400,699
Luxembourg (0.6%):
Energy (0.2%):
Tenaris SA		10,905		163,187
				163,187
Health Care (0.2%):
Eurofins Scientific SE		2,607		165,435
				165,435
Materials (0.2%):
ArcelorMittal SA		6,166		167,721
				167,721
				496,343
Netherlands (2.9%):
Communication Services (0.2%):
Universal Music Group N.V.		9,173		203,675
				203,675
Consumer Discretionary (0.2%):
Prosus N.V.		1,932		141,468
				141,468
Financials (0.7%):
ABN AMRO Bank N.V.		11,576		179,732
ING Groep N.V.		15,224		204,945
NN Group N.V.		6,591		243,861
				628,538
Industrials (1.2%):
Adyen N.V. (a)		77		133,230
Ferrovial SE (a)		9,182		290,234
IMCD N.V.		1,264		181,633
Randstad N.V.		3,566		187,967
Wolters Kluwer N.V.		2,351		298,329
				1,091,393
Information Technology (0.4%):
ASM International N.V.		363		153,813
ASML Holding N.V.		246		177,955
				331,768
Materials (0.2%):
Akzo Nobel N.V.		2,777		226,400
				226,400
				2,623,242

See notes to financial statements.

19

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
New Zealand (0.2%):
Health Care (0.2%):
Fisher & Paykel Healthcare Corp. Ltd.		12,107		181,978
				181,978
Norway (1.4%):
Communication Services (0.2%):
Telenor ASA		21,319		216,187
				216,187
Consumer Staples (0.2%):
Mowi ASA		9,485		150,463
				150,463
Energy (0.4%):
Aker BP ASA		6,552		153,767
Equinor ASA		6,590		191,695
				345,462
Financials (0.3%):
DNB Bank ASA		13,271		248,247
				248,247
Materials (0.3%):
Norsk Hydro ASA		20,708		123,138
Yara International ASA		4,894		172,876
				296,014
				1,256,373
Portugal (0.8%):
Consumer Staples (0.3%):
Jeronimo Martins & Filho SA		10,948		301,500
				301,500
Energy (0.2%):
Galp Energia SGPS SA		16,987		198,689
				198,689
Utilities (0.3%):
EDP - Energias de Portugal SA		52,336		255,596
				255,596
				755,785
Russian Federation (0.0%):†
Materials (0.0%):†
Evraz PLC (a)(b)(c)		38,723		19,914
				19,914
Singapore (3.0%):
Communication Services (0.4%):
Singapore Telecommunications Ltd.		193,700		358,147
				358,147
Consumer Staples (0.4%):
Wilmar International Ltd.		116,000		326,011
				326,011

SECURITY DESCRIPTION	SHARES		VALUE ($)
Singapore (3.0%): (continued)
Financials (1.4%):
DBS Group Holdings Ltd.		17,100		398,507
Oversea-Chinese Banking Corp. Ltd.		49,800		452,292
United Overseas Bank Ltd		18,000		372,753
				1,223,552
Industrials (0.6%):
Singapore Airlines Ltd.		111,200		588,034
				588,034
Real Estate (0.2%):
Capitaland Investment Ltd.		91,300		223,506
				223,506
				2,719,250
Spain (2.6%):
Consumer Discretionary (0.3%):
Industria de Diseno Textil SA		6,777		262,204
				262,204
Energy (0.2%):
Repsol SA		14,681		213,525
				213,525
Financials (0.3%):
Caixabank SA		53,630		221,598
				221,598
Industrials (0.5%):
Aena SME SA		1,473		237,863
Amadeus IT Group SA (a)		3,237		246,172
				484,035
Utilities (1.3%):
Acciona SA		1,342		227,544
Endesa SA		12,405		265,963
Iberdrola SA		29,719		387,494
Red Electrica Corp. SA		16,616		278,925
				1,159,926
				2,341,288
Sweden (3.7%):
Consumer Staples (0.3%):
Essity AB, Class B		8,976		239,021
				239,021
Financials (1.0%):
EQT AB		5,313		102,204
L E Lundbergforetagen AB, Class B		4,268		181,622
Skandinavisk Enskilda Banken AB, Class A		21,326		235,681
Svenska Handelsbanken AB, Class A		25,002		209,496
Swedbank AB, Class A		13,070		220,450
				949,453

See notes to financial statements.

20

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Sweden (3.7%): (continued)
Industrials (1.6%):
ALFA Laval AB		4,937		179,960
Assa Abloy AB, Class B		8,784		211,015
Atlas Copco AB, Class A		13,944		200,983
Epiroc AB, Class A		8,646		163,513
Lifco AB, Class B		7,191		156,273
Nibe Industrier AB, Class B		11,283		107,163
Sandvik AB		8,465		165,037
Volvo AB, Class B		10,785		223,072
				1,407,016
Information Technology (0.4%):
Hexagon AB, Class B		15,771		194,185
Telefonaktiebolaget LM Ericsson, Class B		32,021		173,477
				367,662
Materials (0.4%):
Boliden AB		4,330		125,123
Svenska Cellulosa AB SCA, Class B		16,645		212,202
				337,325
				3,300,477
Switzerland (6.9%):
Communication Services (0.4%):
Swisscom AG, Registered		574		357,820
				357,820
Consumer Discretionary (0.4%):
Cie Financiere Richemont SA, Registered		1,161		196,765
The Swatch Group AG		700		204,258
				401,023
Consumer Staples (0.7%):
Barry Callebaut AG, Registered		180		347,407
Chocoladefabriken Lindt & Spruengli AG		22		276,353
				623,760
Financials (1.0%):
Julius Baer Group Ltd.		3,005		189,206
Partners Group Holding AG		169		158,952
Swiss Life Holding AG		409		239,056
Swiss Re AG		2,783		280,042
				867,256
Health Care (0.9%):
Alcon, Inc.		3,367		278,827
Lonza Group AG, Registered		308		183,602
Sonova Holding AG		584		155,464
Straumann Holding AG, Class R		955		154,915
				772,808

SECURITY DESCRIPTION	SHARES		VALUE ($)
Switzerland (6.9%): (continued)
Industrials (1.5%):
ABB Ltd., Registered		7,350		288,973
Geberit AG, Registered		368		192,513
Kuehne + Nagel International AG, Class R		707		209,145
Schindler Holding AG		981		229,902
SGS SA, Registered		3,011		284,544
VAT Group AG		418		172,843
				1,377,920
Information Technology (0.4%):
Logitech International SA, Class R		2,769		164,753
STMicroelectronics N.V.		3,375		167,791
				332,544
Materials (1.6%):
DSM-Firmenich AG (a)		1,623		174,641
EMS-Chemie Holding AG		264		199,741
Givaudan SA, Registered		65		215,383
Glencore PLC		29,176		164,676
Holcim AG		4,326		291,043
SIG Group AG		8,208		226,389
Sika AG, Registered		640		182,888
				1,454,761
				6,187,892
United Kingdom (6.0%):
Communication Services (0.5%):
BT Group PLC		97,977		152,216
Informa PLC		30,021		276,755
				428,971
Consumer Discretionary (0.5%):
Burberry Group PLC		6,742		181,492
JD Sports Fashion PLC		68,204		126,443
Next PLC		2,180		191,002
				498,937
Consumer Staples (0.5%):
Associated British Foods PLC		8,776		221,871
Haleon PLC		58,541		239,544
				461,415
Financials (1.4%):
3i Group PLC		9,587		237,201
Legal & General Group PLC		63,715		183,897
Lloyds Banking Group PLC		352,868		195,313
London Stock Exchange Group PLC		2,951		313,487
Schroders PLC		30,837		171,232
Standard Chartered PLC		23,874		207,052
				1,308,182

See notes to financial statements.

21

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
United Kingdom (6.0%): (continued)
Health Care (0.3%):
Smith & Nephew PLC		16,959		273,056
				273,056
Industrials (1.3%):
Ashtead Group PLC		3,010		208,074
Bunzl PLC		6,929		263,864
RELX PLC		9,678		322,096
Rentokil Initial PLC		29,760		232,403
Spirax-Sarco Engineering PLC		1,385		182,285
				1,208,722
Information Technology (0.6%):
Halma PLC		7,380		213,379
The Sage Group PLC		24,730		290,406
				503,785
Materials (0.6%):
Anglo American PLC		4,866		137,973
Croda International PLC		2,465		176,096
Rio Tinto PLC		3,164		200,299
				514,368
Utilities (0.3%):
SSE PLC		10,976		256,585
				256,585
				5,454,021

SECURITY DESCRIPTION	SHARES		VALUE ($)
United States (0.2%):
Utilities (0.2%):
Brookfield Renewable Corp., Class A		6,954		219,393
				219,393
Total Common Stocks (Cost $87,377,245)				89,610,913
Total Investments (Cost $87,377,245) — 99.2%				89,610,913
Other assets in excess of liabilities — 0.8%				737,420
NET ASSETS — 100.00%				90,348,333

Percentages indicated are based on net assets as of June 30, 2023.

† Represents less than 0.05%.

(a) Non-income producing security.

(b) Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.0% of the Fund’s net assets as of June 30, 2023. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

(c) The following table details the earliest acquisition date and cost of the Fund’s restricted securities at June 30, 2023.

Security Name	Acquisition Date	Cost
Evraz PLC	12/4/2019	$180,104

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
Mini MSCI EAFE Index		9/15/23		4	$	429,286	$	431,100	$	1,814
									$	1,814

See notes to financial statements.

22

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Timothy Plan US Large/Mid Cap Core Enhanced ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (25.8%)
Communication Services (0.2%):
Live Nation Entertainment, Inc.(a)		646		58,857
The Trade Desk, Inc., Class A(a)		323		24,942
ZoomInfo Technologies, Inc.(a)		1,118		28,386
				112,185
Consumer Discretionary (2.5%):
Aptiv PLC(a)		346		35,323
Aramark		1,528		65,780
AutoZone, Inc.(a)		27		67,321
Bath & Body Works, Inc.		800		30,000
BorgWarner, Inc.		1,101		53,850
Burlington Stores, Inc.(a)		167		26,284
CarMax, Inc.(a)		446		37,330
Chipotle Mexican Grill, Inc.(a)		28		59,892
Darden Restaurants, Inc.		436		72,847
Deckers Outdoor Corp.(a)		98		51,711
Domino’s Pizza, Inc.		143		48,189
DR Horton, Inc.		463		56,342
Five Below, Inc.(a)		181		35,574
Floor & Decor Holdings, Inc., Class A(a)		305		31,708
Garmin Ltd.		562		58,611
Genuine Parts Co.		438		74,123
Lennar Corp., Class A		446		55,888
LKQ Corp.		1,105		64,388
Lowe’s Cos., Inc.		254		57,328
NVR, Inc.(a)		9		57,156
O’Reilly Automotive, Inc.(a)		87		83,111
Penske Automotive Group, Inc.		318		52,988
Pool Corp.		118		44,207
PulteGroup, Inc.		726		56,396
Ross Stores, Inc.		490		54,944
Service Corp. International		832		53,739
Tapestry, Inc.		1,052		45,026
Tesla, Inc.(a)		139		36,386
Tractor Supply Co.		242		53,506
Vail Resorts, Inc.		230		57,905
				1,577,853
Consumer Staples (1.4%):
BJ’s Wholesale Club Holdings, Inc.(a)		825		51,983
Bunge Ltd.		482		45,477
Campbell Soup Co.		1,460		66,736
Costco Wholesale Corp.		129		69,451
Coty, Inc., Class A(a)		3,040		37,362

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Staples (1.4%): (continued)
Darling Ingredients, Inc.(a)		677		43,186
Dollar General Corp.		334		56,706
Dollar Tree, Inc.(a)		350		50,225
Hormel Foods Corp.		2,208		88,806
Lamb Weston Holdings, Inc.		646		74,258
McCormick & Co., Inc.		739		64,463
Monster Beverage Corp.(a)		1,340		76,970
Sysco Corp.		967		71,751
The JM Smucker Co.		631		93,180
				890,554
Energy (1.6%):
APA Corp.		761		26,003
Cheniere Energy, Inc.		288		43,880
Chesapeake Energy Corp.		492		41,171
ConocoPhillips		398		41,237
Coterra Energy, Inc.		1,559		39,443
Devon Energy Corp.		598		28,907
Diamondback Energy, Inc.		277		36,387
EOG Resources, Inc.		335		38,337
EQT Corp.		958		39,403
Halliburton Co.		1,028		33,914
Hess Corp.		259		35,211
HF Sinclair Corp.		866		38,632
Kinder Morgan, Inc.		3,773		64,971
Marathon Oil Corp.		1,369		31,514
Marathon Petroleum Corp.		359		41,859
Occidental Petroleum Corp.		605		35,574
ONEOK, Inc.		774		47,771
Ovintiv, Inc.		776		29,542
Phillips 66		431		41,109
Pioneer Natural Resources Co.		186		38,536
Schlumberger N.V.		709		34,826
Targa Resources Corp.		557		42,388
Texas Pacific Land Corp.		21		27,647
The Williams Cos., Inc.		2,007		65,488
Valero Energy Corp.		301		35,307
				979,057
Financials (2.6%):
Aflac, Inc.		1,079		75,314
American Financial Group, Inc.		515		61,156
Arch Capital Group Ltd.(a)		781		58,458
Ares Management Corp., Class A		527		50,776
Arthur J Gallagher & Co.		345		75,752
Brown & Brown, Inc.		926		63,746
Cboe Global Markets, Inc.		522		72,041

See notes to financial statements.

23

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Large/Mid Cap Core Enhanced ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (2.6%): (continued)
East West BanCorp, Inc.		652		34,419
Equitable Holdings, Inc.		1,742		47,313
Erie Indemnity Co., Class A		257		53,973
Everest Re Group Ltd.		144		49,228
FactSet Research Systems, Inc.		146		58,495
First Citizens BancShares, Inc., Class A		24		30,803
FleetCor Technologies, Inc.(a)		221		55,489
Franklin Resources, Inc.		1,705		45,540
Globe Life, Inc.		660		72,349
Interactive Brokers Group, Inc.		593		49,260
Intercontinental Exchange, Inc.		605		68,413
LPL Financial Holdings, Inc.		210		45,660
MarketAxess Holdings, Inc.		131		34,246
Morningstar, Inc.		223		43,724
MSCI, Inc.		84		39,420
Nasdaq, Inc.		1,087		54,187
Principal Financial Group, Inc.		677		51,344
Raymond James Financial, Inc.		546		56,658
Reinsurance Group of America, Inc.		398		55,199
Rocket Cos., Inc., Class A(a)		3,179		28,484
Ryan Specialty Holdings, Inc.(a)		945		42,421
Tradeweb Markets, Inc., Class A		806		55,195
W R Berkley Corp.		1,071		63,789
				1,592,852
Health Care (2.9%):
Agilent Technologies, Inc.		365		43,891
Align Technology, Inc.(a)		76		26,877
Amgen, Inc.		299		66,384
Avantor, Inc.(a)		2,023		41,552
BioMarin Pharmaceutical, Inc.(a)		532		46,114
Bruker Corp.		547		40,434
Catalent, Inc.(a)		566		24,542
Centene Corp.(a)		814		54,904
Charles River Laboratories International, Inc.(a)		184		38,686
Danaher Corp.		204		48,960
Dexcom, Inc.(a)		290		37,268
Edwards Lifesciences Corp.(a)		514		48,486
GE Healthcare Technologies, Inc.		536		43,545
HCA Healthcare, Inc.		186		56,447
Henry Schein, Inc.(a)		814		66,015
Humana, Inc.		126		56,338
IDEXX Laboratories, Inc.(a)		87		43,694
Incyte Corp.(a)		976		60,756
Insulet Corp.(a)		115		33,159

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (2.9%): (continued)
Intuitive Surgical, Inc.(a)		166		56,762
IQVIA Holdings, Inc.(a)		233		52,371
Laboratory Corp. of America Holdings		262		63,228
Masimo Corp.(a)		210		34,556
Mettler-Toledo International, Inc.(a)		31		40,661
Moderna, Inc.(a)		178		21,627
Neurocrine Biosciences, Inc.(a)		519		48,942
Regeneron Pharmaceuticals, Inc.(a)		56		40,238
Repligen Corp.(a)		156		22,068
ResMed, Inc.		269		58,777
Revvity, Inc.		337		40,032
Stryker Corp.		187		57,052
Teleflex, Inc.		182		44,049
United Therapeutics Corp.(a)		255		56,291
Veeva Systems, Inc., Class A(a)		230		45,478
Vertex Pharamaceuticals, Inc.(a)		169		59,473
Waters Corp.(a)		163		43,446
West Pharmaceutical Services, Inc.		101		38,630
Zimmer Biomet Holdings, Inc.		503		73,237
Zoetis, Inc.		300		51,663
				1,826,633
Industrials (7.1%):
A.O. Smith Corp.		712		51,819
AECOM		803		68,006
AGCO Corp.		398		52,305
Allegion PLC		490		58,810
AMETEK, Inc.		502		81,264
Axon Enterprise, Inc.(a)		172		33,561
Builders FirstSource, Inc.(a)		402		54,672
Carlisle Cos., Inc.		230		59,002
Carrier Global Corp.		1,133		56,321
Caterpillar, Inc.		237		58,314
CH Robinson Worldwide, Inc.		591		55,761
Cintas Corp.		146		72,574
Copart, Inc.(a)		785		71,600
CoStar Group, Inc.(a)		686		61,054
CSX Corp.		2,025		69,052
Deere & Co.		153		61,994
Dover Corp.		392		57,879
Eaton Corp. PLC		377		75,815
Equifax, Inc.		222		52,237
Expeditors International of Washington, Inc.		484		58,627
Fastenal Co.		1,111		65,538

See notes to financial statements.

24

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Large/Mid Cap Core Enhanced ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (7.1%): (continued)
Fortive Corp.		907		67,816
General Dynamics Corp.		349		75,087
Graco, Inc.		919		79,356
HEICO Corp.		364		64,406
Honeywell International, Inc.		363		75,322
Howmet Aerospace, Inc.		1,376		68,195
Hubbell, Inc.		245		81,232
IDEX Corp.		301		64,793
Illinois Tool Works, Inc.		284		71,045
Ingersoll Rand, Inc.		944		61,700
J.B. Hunt Transport Services, Inc.		292		52,861
Jack Henry & Associates, Inc.		368		61,577
Johnson Controls International PLC		917		62,484
Knight-Swift Transportation Holdings, Inc.		897		49,837
Leidos Holdings, Inc.		814		72,023
Lennox International, Inc.		185		60,323
Lincoln Electric Holdings, Inc.		417		82,829
Masco Corp.		931		53,421
Nordson Corp.		248		61,549
Norfolk Southern Corp.		294		66,667
Old Dominion Freight Line, Inc.		128		47,328
Otis Worldwide Corp.		867		77,172
PACCAR, Inc.		885		74,030
Parker-Hannifin Corp.		171		66,697
Paychex, Inc.		573		64,102
Paycom Software, Inc.		126		40,476
Paylocity Holding Corp.(a)		175		32,293
Quanta Services, Inc.		307		60,310
Regal Rexnord Corp.		311		47,863
Republic Services, Inc.		594		90,983
Rockwell Automation, Inc.		172		56,665
Rollins, Inc.		1,560		66,815
Snap-on, Inc.		296		85,304
SS&C Technologies Holdings, Inc.		959		58,115
Textron, Inc.		845		57,147
Toro Co.		656		66,682
Trane Technologies PLC		318		60,821
TransDigm Group, Inc.		72		64,380
TransUnion		575		45,040
U-Haul Holding Co.		799		44,201
Union Pacific Corp.		292		59,749
United Rentals, Inc.		110		48,991
Verisk Analytics, Inc.		322		72,782
Waste Management, Inc.		505		87,577
Watsco, Inc.		147		56,076

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (7.1%): (continued)
Westinghouse Air Brake Technologies Corp.		612		67,118
WillScot Mobile Mini Holdings Corp.(a)		1,280		61,171
WW Grainger, Inc.		81		63,876
Xylem, Inc.		501		56,423
				4,388,915
Information Technology (3.7%):
Advanced Micro Devices, Inc.(a)		329		37,476
Akamai Technologies, Inc.(a)		680		61,112
Amphenol Corp., Class A		788		66,941
Analog Devices, Inc.		264		51,430
ANSYS, Inc.(a)		140		46,238
Arista Networks, Inc.(a)		258		41,811
Bentley Systems, Inc., Class B		1,002		54,338
Broadcom, Inc.		82		71,129
Cadence Design Systems, Inc.(a)		236		55,347
CDW Corp.		321		58,904
Cognizant Technology Solutions Corp., Class A		839		54,770
Dynatrace, Inc.(a)		827		42,566
Enphase Energy, Inc.(a)		135		22,610
Entegris, Inc.		382		42,333
EPAM Systems, Inc.(a)		114		25,622
Fair Isaac Corp.(a)		48		38,842
Fortinet, Inc.(a)		515		38,929
Gartner, Inc.(a)		179		62,706
Jabil, Inc.		652		70,370
Juniper Networks, Inc.		1,810		56,707
Keysight Technologies, Inc.(a)		323		54,086
KLA Corp.		108		52,382
Lattice Semiconductor Corp.(a)		359		34,489
Manhattan Associates, Inc.(a)		251		50,170
Microchip Technology, Inc.		502		44,974
Monolithic Power Systems, Inc.		65		35,115
NetApp, Inc.		828		63,259
NVIDIA Corp.		106		44,840
NXP Semiconductors N.V.		234		47,895
ON Semiconductor Corp.(a)		386		36,508
Palo Alto Networks, Inc.(a)		199		50,847
PTC, Inc.(a)		438		62,327
Pure Storage, Inc., Class A(a)		1,712		63,036
Qorvo, Inc.(a)		411		41,934
Roper Technologies, Inc.		163		78,370
Seagate Technology Holdings PLC		604		37,369
ServiceNow, Inc.(a)		76		42,710

See notes to financial statements.

25

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Large/Mid Cap Core Enhanced ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (3.7%): (continued)
Skyworks Solutions, Inc.		362		40,070
Synopsys, Inc.(a)		130		56,603
TD SYNNEX Corp.		573		53,862
TE Connectivity Ltd.		442		61,951
Teledyne Technologies, Inc.(a)		136		55,911
Teradyne, Inc.		390		43,419
Trimble, Inc.(a)		837		44,311
Tyler Technologies, Inc.(a)		124		51,642
Zebra Technologies Corp.(a)		115		34,020
				2,282,281
Materials (1.9%):
Albemarle Corp.		168		37,479
Avery Dennison Corp.		302		51,884
Ball Corp.		802		46,684
Celanese Corp.		354		40,993
CF Industries Holdings, Inc.		502		34,849
Cleveland-Cliffs, Inc.(a)		1,629		27,302
Crown Holdings, Inc.		542		47,084
Eastman Chemical Co.		559		46,800
Ecolab, Inc.		302		56,380
FMC Corp.		532		55,509
Freeport-McMoRan, Inc.		768		30,720
International Paper Co.		1,374		43,707
LyondellBasell Industries N.V., Class A		540		49,588
Martin Marietta Materials, Inc.		151		69,715
Nucor Corp.		257		42,143
Packaging Corp. of America		386		51,014
PPG Industries, Inc.		348		51,608
Reliance Steel & Aluminum Co.		235		63,824
RPM International, Inc.		659		59,132
Steel Dynamics, Inc.		347		37,799
The Mosaic Co.		783		27,405
The Sherwin-Williams Co.		204		54,166
Vulcan Materials Co.		346		78,002
Westlake Corp.		366		43,726
				1,147,513
Utilities (1.9%):
Alliant Energy Corp.		1,193		62,609
Ameren Corp.		773		63,131
American Electric Power Co., Inc.		719		60,540
American Water Works Co., Inc.		430		61,382
Atmos Energy Corp.		596		69,339
CenterPoint Energy, Inc.		2,317		67,540
CMS Energy Corp.		1,121		65,859
Consolidated Edison, Inc.		771		69,698

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (1.9%): (continued)
DTE Energy Co.		616		67,772
Entergy Corp.		610		59,396
Essential Utilities, Inc.		1,557		62,140
Evergy, Inc.		1,095		63,970
Eversource Energy		842		59,715
NextEra Energy, Inc.		762		56,540
NiSource, Inc.		2,321		63,479
Public Service Enterprise Group, Inc.		988		61,859
The Southern Co.		1,000		70,250
WEC Energy Group, Inc.		711		62,739
Xcel Energy, Inc.		967		60,118
				1,208,076
Total Common Stocks (Cost $13,335,630)				16,005,919
Investment Company (73.8%)
Federated Hermes Treasury Obligations Fund, 4.96%(b)		45,810,782		45,810,782
Total Investment Company (Cost $45,810,782)				45,810,782
Total Investments (Cost $59,146,412) — 99.6%				61,816,701
Other assets in excess of liabilities — 0.4%				230,274
NET ASSETS — 100.00%				62,046,975

Percentages indicated are based on net assets as of June 30, 2023.

(a) Non-income producing security.

(b) Rate disclosed is the 7-Day effective yield on June 30, 2023.

See notes to financial statements.

26

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan US Large/Mid Cap Core Enhanced ETF

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini		9/15/23		1	$	217,460	$	224,413	$	6,953
									$	6,953

See notes to financial statements.

27

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Timothy Plan High Dividend Stock Enhanced ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (25.6%)
Consumer Discretionary (2.1%):
Bath & Body Works, Inc.		2,572		96,450
Darden Restaurants, Inc.		1,400		233,912
Garmin Ltd.		1,807		188,452
Genuine Parts Co.		1,408		238,276
LKQ Corp.		3,551		206,917
Lowe’s Cos., Inc.		817		184,397
Tapestry, Inc.		3,379		144,621
Vail Resorts, Inc.		739		186,050
				1,479,075
Consumer Staples (2.0%):
Bunge Ltd.		1,547		145,960
Campbell Soup Co.		4,689		214,334
Hormel Foods Corp.		7,094		285,321
McCormick & Co., Inc.		2,374		207,084
Sysco Corp.		3,106		230,465
The JM Smucker Co.		2,026		299,179
				1,382,343
Energy (3.4%):
APA Corp.		2,444		83,512
Chesapeake Energy Corp.		1,581		132,298
ConocoPhillips		1,278		132,414
Coterra Energy, Inc.		5,007		126,677
Diamondback Energy, Inc.		890		116,910
EOG Resources, Inc.		1,076		123,137
EQT Corp.		3,078		126,598
Halliburton Co.		3,302		108,933
HF Sinclair Corp.		2,781		124,060
Kinder Morgan, Inc.		12,120		208,706
Marathon Petroleum Corp.		1,151		134,207
ONEOK, Inc.		2,488		153,559
Ovintiv, Inc.		2,492		94,870
Phillips 66		1,384		132,006
Pioneer Natural Resources Co.		597		123,687
Targa Resources Corp.		1,790		136,219
The Williams Cos., Inc.		6,449		210,431
Valero Energy Corp.		966		113,312
				2,381,536
Financials (2.6%):
Aflac, Inc.		3,466		241,927
American Financial Group, Inc.		1,653		196,294
Ares Management Corp., Class A		1,694		163,217
East West BanCorp, Inc.		2,095		110,595
Equitable Holdings, Inc.		5,596		151,988
Erie Indemnity Co., Class A		826		173,468

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (2.6%): (continued)
Everest Re Group Ltd.		462		157,939
Franklin Resources, Inc.		5,479		146,344
Principal Financial Group, Inc.		2,174		164,876
Raymond James Financial, Inc.		1,753		181,909
Reinsurance Group of America, Inc.		1,277		177,107
				1,865,664
Health Care (0.3%):
Amgen, Inc.		961		213,361
				213,361
Industrials (5.5%):
A.O. Smith Corp.		2,286		166,375
Caterpillar, Inc.		762		187,490
CH Robinson Worldwide, Inc.		1,899		179,171
Eaton Corp. PLC		1,211		243,532
Fastenal Co.		3,568		210,476
General Dynamics Corp.		1,121		241,183
Honeywell International, Inc.		1,168		242,360
Hubbell, Inc.		786		260,606
Illinois Tool Works, Inc.		911		227,896
Johnson Controls International PLC		2,945		200,672
Lennox International, Inc.		594		193,686
Masco Corp.		2,991		171,624
Norfolk Southern Corp.		945		214,288
Paychex, Inc.		1,839		205,729
Snap-on, Inc.		951		274,069
Union Pacific Corp.		939		192,138
Waste Management, Inc.		1,622		281,287
Watsco, Inc.		473		180,435
				3,873,017
Information Technology (2.0%):
Broadcom, Inc.		264		229,002
Cognizant Technology Solutions Corp., Class A		2,696		175,995
Juniper Networks, Inc.		5,813		182,121
NetApp, Inc.		2,660		203,224
NXP Semiconductors N.V.		752		153,919
Seagate Technology Holdings PLC		1,942		120,152
Skyworks Solutions, Inc.		1,164		128,843
TE Connectivity Ltd.		1,419		198,887
				1,392,143
Materials (2.2%):
Avery Dennison Corp.		970		166,646
Celanese Corp.		1,138		131,780
CF Industries Holdings, Inc.		1,614		112,044
Eastman Chemical Co.		1,796		150,361
FMC Corp.		1,710		178,422

See notes to financial statements.

28

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan High Dividend Stock Enhanced ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (2.2%): (continued)
International Paper Co.		4,414		140,409
LyondellBasell Industries N.V., Class A		1,734		159,233
Packaging Corp. of America		1,240		163,878
PPG Industries, Inc.		1,119		165,948
RPM International, Inc.		2,117		189,959
				1,558,680
Utilities (5.5%):
Alliant Energy Corp.		3,834		201,208
Ameren Corp.		2,484		202,868
American Electric Power Co., Inc.		2,309		194,418
American Water Works Co., Inc.		1,381		197,138
Atmos Energy Corp.		1,915		222,791
CenterPoint Energy, Inc.		7,444		216,993
CMS Energy Corp.		3,603		211,676
Consolidated Edison, Inc.		2,478		224,011
DTE Energy Co.		1,977		217,510
Entergy Corp.		1,958		190,650
Essential Utilities, Inc.		5,003		199,670
Evergy, Inc.		3,517		205,463
Eversource Energy		2,706		191,910
NextEra Energy, Inc.		2,448		181,642
NiSource, Inc.		7,457		203,949
Public Service Enterprise Group, Inc.		3,175		198,787
The Southern Co.		3,213		225,713
WEC Energy Group, Inc.		2,284		201,540
Xcel Energy, Inc.		3,108		193,224
				3,881,161
Total Common Stocks (Cost $16,416,845)				18,026,980

SECURITY DESCRIPTION	SHARES		VALUE ($)
Investment Company (74.1%)
Federated Hermes Treasury Obligations Fund, 4.96%(a)		52,271,087		52,271,087
Total Investment Company (Cost $52,271,087)				52,271,087
Total Investments (Cost $68,687,932) — 99.7%				70,298,067
Other assets in excess of liabilities — 0.3%				235,610
NET ASSETS — 100.00%				70,533,677

Percentages indicated are based on net assets as of June 30, 2023.

(a) Rate disclosed is the 7-Day effective yield on June 30, 2023.

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini		9/15/23		2	$	441,401	$	448,825	$	7,424
									$	7,424

See notes to financial statements.

29

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Timothy Plan Market Neutral ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (88.3%)
Communication Services (3.5%):
BT Group PLC		114,451		177,810
Cheil Worldwide, Inc.		9,840		135,397
Cogent Communications Holdings, Inc.		3,963		266,670
Gray Television, Inc.		9,428		74,293
HKT Trust & HKT Ltd.		220,000		255,778
KDDI Corp.		3,800		117,203
LG Uplus Corp.		30,155		245,570
Tele2 AB, Class B Shares		26,908		222,422
Telefonica Deutschland Holding AG		71,118		199,966
Telenor ASA		25,227		255,816
				1,950,925
Consumer Discretionary (8.9%):
Barratt Developments PLC		29,070		152,635
Big 5 Sporting Goods Corp.		11,399		104,415
Camping World Holdings, Inc., Class A		5,435		163,593
Carter’s, Inc.		1,823		132,350
Cracker Barrel Old Country Store, Inc.		1,778		165,674
Darden Restaurants, Inc.		1,456		243,268
Ethan Allen Interiors, Inc.		7,378		208,650
Foot Locker, Inc.		3,477		94,261
Franchise Group, Inc.		3,995		114,417
Garmin Ltd.		2,034		212,126
Guess?, Inc.		6,746		131,210
H&R Block, Inc.		4,255		135,607
Haverty Furniture Cos., Inc.		5,925		179,053
Kontoor Brands, Inc.		3,362		141,540
LCI Industries		1,552		196,111
Leggett & Platt, Inc.		5,363		158,852
MDC Holdings, Inc.		5,330		249,284
Movado Group, Inc.		4,743		127,255
Newell Brands, Inc.		8,954		77,900
Next PLC		1,747		153,065
Persimmon PLC		8,278		107,794
PetMed Express, Inc.		8,664		119,476
Smith & Wesson Brands, Inc.		12,877		167,916
Stellantis N.V.		15,620		274,220
Tapestry, Inc.		3,202		137,046
Taylor Wimpey PLC		113,205		147,700
The Aaron’s Co., Inc.		8,581		121,335
The Cheesecake Factory, Inc.		3,796		131,266
Travel + Leisure Co.		3,252		131,186
Upbound Group, Inc.		4,210		131,057

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (8.9%): (continued)
Vail Resorts, Inc.		734		184,792
Wolverine World Wide, Inc.		7,714		113,319
				4,908,373
Consumer Staples (3.7%):
B&G Foods, Inc.		13,141		182,923
Cal-Maine Foods, Inc.		3,430		154,350
Campbell Soup Co.		3,989		182,337
Energizer Holdings, Inc.		6,246		209,741
Flowers Foods, Inc.		10,183		253,353
Ingredion, Inc.		2,896		306,831
J Sainsbury PLC		75,998		259,590
Medifast, Inc.		1,221		112,527
Nu Skin Enterprises, Inc., Class A		4,073		135,224
Reynolds Consumer Products, Inc.		8,282		233,966
				2,030,842
Energy (9.4%):
Aker BP ASA		4,652		109,176
Ampol Ltd.		7,424		148,035
Antero Midstream Corp.		14,477		167,933
Archrock, Inc.		22,356		229,149
Chesapeake Energy Corp.		1,005		84,098
Chord Energy Corp.		988		151,954
Civitas Resources, Inc.		1,950		135,272
Comstock Resources, Inc.		9,840		114,144
CONSOL Energy, Inc.		1,753		118,871
Crescent Energy Co., Class A		9,846		102,595
CVR Energy, Inc.		3,287		98,479
DHT Holdings, Inc.		7,613		64,939
DT Midstream, Inc.		3,571		177,015
Enbridge, Inc.		6,818		253,449
Eni SpA		12,406		178,433
Equitrans Midstream Corp.		13,406		128,161
FLEX LNG Ltd.		3,928		119,922
HD Hyundai Co. Ltd.		3,894		177,027
HF Sinclair Corp.		2,160		96,358
Keyera Corp.		8,073		186,192
Kinder Morgan, Inc.		11,499		198,013
Kinetik Holdings, Inc.		3,015		105,947
New Fortress Energy, Inc.		2,583		69,173
Nordic American Tankers Ltd.		19,284		70,772
Northern Oil and Gas, Inc.		3,235		111,025
OMV AG		1,986		84,163
ONEOK, Inc.		2,201		135,846
Ovintiv, Inc.		2,481		94,452
Pembina Pipelines Corp.		5,577		175,360
Phillips 66		1,268		120,942

See notes to financial statements.

30

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan Market Neutral ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Energy (9.4%): (continued)
SFL Corp. Ltd.		23,331		217,678
Sitio Royalties Corp., Class A		5,322		139,809
S-Oil Corp.		2,061		104,333
TC Energy Corp.		4,794		193,772
The Williams Cos., Inc.		5,848		190,820
Vaalco Energy, Inc.		31,113		116,985
Valero Energy Corp.		818		95,951
Woodside Energy Group Ltd.		5,117		117,369
				5,183,612
Financials (21.1%):
ABN AMRO Bank N.V.		8,602		133,557
abrdn PLC		33,761		93,541
Ageas SA		2,854		115,560
A-Mark Precious Metals, Inc.		2,276		85,202
ANZ Group Holdings Ltd.		11,815		186,569
Ares Management Corp., Class A		1,235		118,992
Artisan Partners Asset Management, Inc., Class A		2,746		107,945
Assicurazioni Generali SpA		7,381		149,954
Axis Capital Holdings Ltd.		3,105		167,142
Bank of Hawaii Corp.		2,899		119,526
Bank OZK		4,194		168,431
Blue Owl Capital, Inc.		7,481		87,154
Brookline BanCorp, Inc.		13,567		118,576
Capitol Federal Financial, Inc.		18,972		117,057
CNA Financial Corp.		5,207		201,094
Columbia Banking System, Inc.		12,070		244,780
Credit Agricole SA		16,992		201,566
DB Insurance Co. Ltd.		2,682		151,850
First American Financial Corp.		2,345		133,712
First BanCorp		11,648		142,338
First Busey Corp.		8,928		179,453
First Financial BanCorp		8,136		166,300
First Hawaiian, Inc.		8,407		151,410
First Interstate BancSystem, Inc., Class A		6,057		144,399
FNB Corp.		17,828		203,952
Franklin Resources, Inc.		3,743		99,975
Great-West Lifeco, Inc.		5,698		165,485
Hana Financial Group, Inc.		3,832		114,006
Hanmi Financial Corp.		7,206		107,586
Hope BanCorp, Inc.		14,985		126,174
Industrial Bank of Korea		32,550		255,439
ING Groep N.V.		10,661		143,518
Intesa Sanpaolo SpA		61,837		161,928
Invesco Ltd.		5,460		91,783

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (21.1%): (continued)
Jackson Financial, Inc., Class A		2,313		70,801
Janus Henderson Group PLC		4,290		116,902
Jefferies Financial Group, Inc.		2,970		98,515
KBC Group N.V.		2,036		141,996
Korea Investment Holdings Co. Ltd.		2,344		91,796
Lazard Ltd., Class A		2,473		79,136
Legal & General Group PLC		34,127		98,499
Mediobanca Banca di Credito Finanziario SpA		17,150		205,087
MGIC Investment Corp.		11,458		180,922
Moelis & Co., Class A		2,009		91,088
Navient Corp.		5,537		102,877
New York Community BanCorp, Inc.		14,186		159,451
NH Investment & Securities Co. Ltd.		26,929		195,182
NN Group N.V.		4,039		149,439
Nordea Bank Abp		17,578		191,244
Northwest Bancshares, Inc.		15,051		159,541
Oceanfirst Financial Corp.		9,200		143,704
Old Republic International Corp.		8,617		216,890
Onemain Holdings, Inc.		2,219		96,948
Pacific Premier BanCorp, Inc.		5,136		106,212
Piper Sandler Cos.		795		102,762
Popular, Inc.		2,735		165,522
Poste Italiane SpA		9,493		102,708
Power Corp. of Canada		5,924		159,482
Principal Financial Group, Inc.		1,656		125,591
Prosperity Bancshares, Inc.		3,408		192,484
Radian Group, Inc.		7,391		186,844
Safety Insurance Group, Inc.		2,054		147,313
Samsung Fire & Marine Insurance Co. Ltd.		1,240		216,454
Samsung Securities Co. Ltd.		5,353		146,257
Sandy Spring BanCorp, Inc.		5,294		120,068
SBI Holdings, Inc.		5,900		113,211
Societe Generale SA		5,795		150,485
Southside Bancshares, Inc.		5,662		148,118
Stewart Information Services Corp.		2,735		112,518
Swiss Re AG		1,086		109,280
Synovus Financial Corp.		3,612		109,263
TFS Financial Corp.		14,335		180,191
The Bank of NT Butterfield & Son Ltd.		6,389		174,803
The Western Union Co.		14,601		171,270
UWM Holdings Corp.		21,246		118,978
Valley National BanCorp		13,671		105,950
Virtu Financial, Inc., Class A		7,703		131,644

See notes to financial statements.

31

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan Market Neutral ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (21.1%): (continued)
Washington Trust BanCorp, Inc.		2,988		80,108
Webster Financial Corp.		3,797		143,337
WesBanco, Inc.		6,338		162,316
Westpac Banking Corp.		12,595		179,006
Woori Financial Group, Inc.		15,743		140,870
				11,649,017
Health Care (1.2%):
Amgen, Inc.		1,041		231,123
Organon & Co.		6,127		127,503
Patterson Cos., Inc.		8,272		275,126
				633,752
Industrials (11.3%):
ACCO Brands Corp.		32,882		171,315
ACS Actividades de Construccion y Servicios SA		11,814		414,678
Adecco Group AG		4,564		149,090
AP Moller - Maersk A/S, Class B		60		105,313
Aurizon Holdings Ltd.		105,677		275,893
Bouygues SA		9,559		320,820
CK Hutchison Holdings Ltd.		45,999		280,901
Costamare, Inc.		17,670		170,869
Deluxe Corp.		9,577		167,406
Eagle Bulk Shipping, Inc.		2,582		124,039
EMCOR Group, Inc.		755		139,509
Ennis, Inc.		5,538		112,864
Genco Shipping & Trading Ltd.		8,570		120,237
Golden Ocean Group Ltd.		14,049		106,070
HNI Corp.		9,467		266,780
Insteel Industries, Inc.		4,972		154,729
Kaman Corp.		5,678		138,146
Kennametal, Inc.		7,639		216,871
ManpowerGroup, Inc.		2,128		168,963
MDU Resources Group, Inc.		9,612		201,275
MillerKnoll, Inc.		6,228		92,050
Mitsui OSK Lines Ltd.		6,300		150,907
MSC Industrial Direct Co., Inc.		3,411		325,000
Nippon Yusen KK		6,000		132,659
PACCAR, Inc.		4,034		337,444
Pitney Bowes, Inc.		27,097		95,923
Ryder System, Inc.		1,543		130,831
Singapore Technologies Engineering Ltd.		110,200		299,931
SITC International Holdings Co. Ltd.		39,721		72,490
Trinity Industries, Inc.		7,045		181,127
Triton International Ltd.		3,866		321,883
Watsco, Inc.		638		243,378

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (11.3%): (continued)
Xinyi Glass Holdings Ltd.		40,731		63,417
				6,252,808
Information Technology (1.0%):
Broadcom, Inc.		222		192,570
National Instruments Corp.		2,486		142,696
NetApp, Inc.		2,790		213,156
				548,422
Materials (8.9%):
Amcor PLC		18,442		184,051
Anglo American PLC		2,700		76,557
Antofagasta PLC		5,550		102,962
Ardagh Metal Packaging SA		20,141		75,730
BASF SE		2,983		144,738
BHP Group Ltd.		4,620		138,431
Boliden AB		2,410		69,641
CRH PLC		3,389		186,735
Eastman Chemical Co.		1,915		160,324
Element Solutions, Inc.		8,823		169,402
Evonik Industries AG		8,011		152,352
Fortescue Metals Group Ltd.		7,220		106,653
Huntsman Corp.		5,361		144,854
ICL Group Ltd.		19,921		108,103
International Paper Co.		6,472		205,874
JFE Holdings, Inc.		15,000		213,127
Kumho Petrochemical Co. Ltd.		1,313		132,237
LyondellBasell Industries N.V., Class A		1,930		177,232
Newmont Corp.		2,530		107,930
Nippon Steel Corp.		9,800		204,042
Norsk Hydro ASA		14,377		85,491
OCI N.V.		3,687		88,382
Packaging Corp. of America		1,789		236,434
POSCO Holdings, Inc.		668		196,709
Ramaco Resources, Inc., Class A		8,776		74,069
Ramaco Resources, Inc., Class B(a)		0		2
Rio Tinto PLC		2,240		141,804
Sonoco Products Co.		4,055		239,326
South32 Ltd.		36,121		90,453
Southern Copper Corp.		1,844		132,289
SunCoke Energy, Inc.		18,631		146,626
The Chemours Co.		3,556		131,181
The Scotts Miracle-Gro Co.		1,595		99,991
Tronox Holdings PLC		8,591		109,192
Westrock Co.		5,335		155,088
Yara International ASA		4,022		142,074
				4,930,086

See notes to financial statements.

32

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan Market Neutral ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Real Estate (1.5%):
Hang Lung Properties Ltd.		35,832		55,332
Henderson Land Development Co. Ltd.		49,412		146,930
Kennedy-Wilson Holdings, Inc.		16,212		264,742
New World Development Co. Ltd.		44,576		109,681
Sino Land Co. Ltd.		154,901		190,372
Vonovia SE		2,565		50,082
				817,139
Utilities (17.8%):
Algonquin Power & Utilities Corp.		19,928		164,738
ALLETE, Inc.		5,408		313,502
Alliant Energy Corp.		3,477		182,473
American Electric Power Co., Inc.		2,231		187,850
Avangrid, Inc.		5,557		209,388
Avista Corp.		7,673		301,319
Black Hills Corp.		4,994		300,938
Brookfield Infrastructure Corp., Class A		5,286		240,936
CK Infrastructure Holdings Ltd.		38,727		204,862
Clearway Energy, Inc., Class C		7,413		211,715
CLP Holdings Ltd.		29,542		229,604
CMS Energy Corp.		2,833		166,439
Consolidated Edison, Inc.		2,462		222,565
DTE Energy Co.		1,596		175,592
Emera, Inc.		6,989		287,875
Enagas SA		12,975		254,825
Endesa SA		12,270		263,069
Enel SpA		30,204		203,269
Engie SA		15,982		265,544
Entergy Corp.		1,829		178,090
Evergy, Inc.		3,348		195,590
Eversource Energy		2,568		182,122
FirstEnergy Corp.		5,047		196,227
Hawaiian Electric Industries, Inc.		5,079		183,860
IDACORP, Inc.		1,980		203,148
National Fuel Gas Co.		2,841		145,914
NiSource, Inc.		5,557		151,984
Northwest Natural Holding Co.		6,061		260,926
NorthWestern Corp.		6,313		358,326
NRG Energy, Inc.		4,303		160,889
OGE Energy Corp.		5,558		199,588
ONE Gas, Inc.		2,778		213,378
Pinnacle West Capital Corp.		2,930		238,678
Portland General Electric Co.		7,570		354,503
Power Assets Holdings Ltd.		46,485		243,528

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (17.8%): (continued)
Public Service Enterprise Group, Inc.		3,129		195,907
Red Electrica Corp. SA		15,841		265,915
Snam SpA		45,665		238,512
Spire, Inc.		4,200		266,448
SSE PLC		5,551		129,765
The Southern Co.		3,375		237,094
UGI Corp.		4,198		113,220
Unitil Corp.		2,732		138,540
Vistra Corp.		6,469		169,811
WEC Energy Group, Inc.		2,063		182,039
Xcel Energy, Inc.		809		50,295
				9,840,800
Total Common Stocks (Cost $52,487,796)				48,745,776
Total Investments (Cost $52,487,796) — 88.3%				48,745,776
Other assets in excess of liabilities — 11.7%				6,449,869
NET ASSETS — 100.00%				55,195,645

Percentages indicated are based on net assets as of June 30, 2023.

(a) Non-income producing security.

See notes to financial statements.

33

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

Timothy Plan Market Neutral ETF

Futures Contracts

Short Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount			Value			Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index		9/15/23		153	$	(14,432,764	)	$	(14,563,305	)	$	(130,541	)
Mini MSCI EAFE Index		9/15/23		153		(16,365,939	)		(16,489,575	)		(123,636	)
S&P 500 Index E-mini		9/15/23		254		(55,231,795	)		(57,000,775	)		(1,768,980	)
											$	(2,023,157	)

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E Mini Future Index		9/15/23		112	$	33,015,081	$	34,354,880	$	1,339,799
										1,339,799
Total Net Futures Contracts									$	(683,358	)

See notes to financial statements.

34

Statements of Assets and Liabilities

June 30, 2023 (Unaudited)

Timothy Plan

	Timothy Plan US Small Cap Core ETF			Timothy Plan US Large/Mid Cap Core ETF
ASSETS:
Investments, at value (Cost $70,111,040 and $183,349,842)	$	74,549,647		$	205,560,116
Cash and cash equivalents		246,681			876,281
Deposits with broker for futures contracts		59,113			201,200
Interest and dividends receivable		54,794			116,884
Variation margin receivable on open futures contracts		840			10,971
Total Assets		74,911,075			206,765,452
LIABILITIES:
Payable for capital shares redeemed		—			11,334
Accrued expenses and other payables:
Investment advisory fees		31,442			84,899
Total Liabilities		31,442			96,233
Net Assets		74,879,633			206,669,219
NET ASSETS CONSIST OF:
Capital	$	78,251,161		$	197,931,596
Total distributable earnings/(loss)		(3,371,528	)		8,737,623
Net Assets	$	74,879,633		$	206,669,219
Shares Outstanding (unlimited shares authorized, no par value):		2,350,000			5,750,000
Net asset value per share:	$	31.86		$	35.94

See notes to financial statements.

35

Statements of Assets and Liabilities - continued

June 30, 2023 (Unaudited)

Timothy Plan

	Timothy Plan High Dividend Stock ETF			Timothy Plan International ETF
ASSETS:
Investments, at value (Cost $178,029,237 and $87,377,245)	$	184,659,454		$	89,610,913
Foreign currency, at value (Cost $— and $62,441)		—			62,441
Cash and cash equivalents		749,815			239,917
Deposits with broker for futures contracts		192,226			99,663
Interest and dividends receivable		199,575			131,302
Variation margin receivable on open futures contracts		10,500			3,901
Reclaims receivable		—			246,100
Total Assets		185,811,570			90,394,237
LIABILITIES:
Accrued expenses and other payables:
Investment advisory fees		77,481			45,904
Total Liabilities		77,481			45,904
Net Assets		185,734,089			90,348,333
NET ASSETS CONSIST OF:
Capital	$	192,584,749		$	96,447,587
Total distributable earnings/(loss)		(6,850,660	)		(6,099,254	)
Net Assets	$	185,734,089		$	90,348,333
Shares Outstanding (unlimited shares authorized, no par value):		5,900,000			3,600,000
Net asset value per share:	$	31.48		$	25.10

See notes to financial statements.

36

Statements of Assets and Liabilities - continued

June 30, 2023 (Unaudited)

Timothy Plan

	Timothy Plan US Large/Mid Cap Core Enhanced ETF			Timothy Plan High Dividend Stock Enhanced ETF
ASSETS:
Investments, at value (Cost $59,146,412 and $68,687,932)	$	61,816,701		$	70,298,067
Deposits with broker for futures contracts		81,077			49,092
Interest and dividends receivable		172,843			213,705
Variation margin receivable on open futures contracts		2,625			3,096
Total Assets		62,073,246			70,563,960
LIABILITIES:
Accrued expenses and other payables:
Investment advisory fees		26,271			30,283
Total Liabilities		26,271			30,283
Net Assets		62,046,975			70,533,677
NET ASSETS CONSIST OF:
Capital	$	70,144,991		$	80,280,697
Total distributable earnings/(loss)		(8,098,016	)		(9,747,020	)
Net Assets	$	62,046,975		$	70,533,677
Shares Outstanding (unlimited shares authorized, no par value):		2,700,000			3,100,000
Net asset value per share:	$	22.98		$	22.75

See notes to financial statements.

37

Statements of Assets and Liabilities - continued

June 30, 2023 (Unaudited)

Timothy Plan

	Timothy Plan Market Neutral ETF
ASSETS:
Investments, at value (Cost $52,487,796)	$	48,745,776
Foreign currency, at value (Cost $13,941)		13,941
Cash and cash equivalents		723,621
Deposits with broker for futures contracts		5,950,714
Interest and dividends receivable		130,211
Receivable for investments sold		18,355
Reclaims receivable		16,023
Total Assets		55,598,641
LIABILITIES:
Variation margin payable on open futures contracts		372,814
Accrued expenses and other payables:
Investment advisory fees		30,182
Total Liabilities		402,996
Net Assets		55,195,645
NET ASSETS CONSIST OF:
Capital	$	56,788,212
Total distributable earnings/(loss)		(1,592,567	)
Net Assets	$	55,195,645
Shares Outstanding (unlimited shares authorized, no par value):		2,270,000
Net asset value per share:	$	24.32

See notes to financial statements.

38

Statements of Operations

For the Six Months Ended June 30, 2023 (Unaudited)

Timothy Plan

	Timothy Plan US Small Cap Core ETF			Timothy Plan US Large/Mid Cap Core ETF
Investment Income:
Dividend income	$	624,419		$	1,543,706
Interest income		957			2,440
Foreign tax withholding		(753	)		(954	)
Total Income		624,623			1,545,192
Expenses:
Investment advisory fees		186,917			503,599
Total Expenses		186,917			503,599
Net Investment Income (Loss)		437,706			1,041,593
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investments		(2,572,003	)		(4,711,474	)
Net realized gains (losses) from in-kind transactions		1,461,979			3,846,006
Net realized gains (losses) from futures contracts		20,912			100,626
Net change in unrealized appreciation/depreciation on investments		4,294,993			14,355,652
Net change in unrealized appreciation/depreciation on futures contracts		3,881			26,833
Net realized/unrealized gains on investments		3,209,762			13,617,643
Change in net assets resulting from operations	$	3,647,468		$	14,659,236

See notes to financial statements.

39

Statements of Operations - continued

For the Six Months Ended June 30, 2023 (Unaudited)

Timothy Plan

	Timothy Plan High Dividend Stock ETF			Timothy Plan International ETF
Investment Income:
Dividend income	$	2,801,380		$	2,047,368
Interest income		2,487			1,798
Foreign tax withholding		(2,378	)		(252,631	)
Total Income		2,801,489			1,796,535
Expenses:
Investment advisory fees		479,617			255,879
Total Expenses		479,617			255,879
Net Investment Income (Loss)		2,321,872			1,540,656
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investments and foreign currency transactions		(4,209,007	)		(927,031	)
Net realized gains (losses) from in-kind transactions		2,162,027			601,609
Net realized gains (losses) from futures contracts		90,072			31,617
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		3,442,095			5,671,346
Net change in unrealized appreciation/depreciation on futures contracts		38,940			5,770
Net realized/unrealized gains on investments		1,524,127			5,383,311
Change in net assets resulting from operations	$	3,845,999		$	6,923,967

See notes to financial statements.

40

Statements of Operations - continued

For the Six Months Ended June 30, 2023 (Unaudited)

Timothy Plan

	Timothy Plan US Large/Mid Cap Core Enhanced ETF			Timothy Plan High Dividend Stock Enhanced ETF
Investment Income:
Dividend income	$	735,496		$	1,166,809
Interest income		1,202			1,046
Foreign tax withholding		(190	)		(587	)
Total Income		736,508			1,167,268
Expenses:
Investment advisory fees		162,118			183,333
Total Expenses		162,118			183,333
Net Investment Income (Loss)		574,390			983,935
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investments		(5,167,668	)		(4,542,443	)
Net realized gains (losses) from in-kind transactions		211,843			183,172
Net realized gains (losses) from futures contracts		35,701			22,833
Net change in unrealized appreciation/depreciation on investments		2,696,329			1,920,400
Net change in unrealized appreciation/depreciation on futures contracts		6,424			12,037
Net realized/unrealized losses on investments		(2,217,371	)		(2,404,001	)
Change in net assets resulting from operations	$	(1,642,981	)	$	(1,420,066	)

See notes to financial statements.

41

Statements of Operations - continued

For the Period January 24, 2023^(a) through June 30, 2023 (Unaudited)

Timothy Plan

	Timothy Plan Market Neutral ETF
Investment Income:
Dividend income	$	1,425,586
Interest income		96,218
Foreign tax withholding		(108,912	)
Total Income		1,412,892
Expenses:
Investment advisory fees		160,470
Total Expenses		160,470
Net Investment Income (Loss)		1,252,422
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investments and foreign currency transactions		(368,574	)
Net realized gains (losses) from in-kind transactions		90,633
Net realized gains (losses) from futures contracts		2,864,424
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(3,741,757	)
Net change in unrealized appreciation/depreciation on futures contracts		(683,358	)
Net realized/unrealized losses on investments		(1,838,632	)
Change in net assets resulting from operations	$	(586,210	)

(a) Commencement of operations.

See notes to financial statements.

42

Statements of Changes in Net Assets

Timothy Plan

	Timothy Plan US Small Cap Core ETF						Timothy Plan US Large/ Mid Cap Core ETF
	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022			For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
	(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	437,706		$	616,478		$	1,041,593		$	1,678,151
Net realized gains (losses) from investment		(1,089,112	)		(2,052,508	)		(764,842	)		3,512,756
Net change in unrealized appreciation/depreciation on investments		4,298,874			(6,766,772	)		14,382,485			(27,559,191	)
Change in net assets resulting from operations		3,647,468			(8,202,802	)		14,659,236			(22,368,284	)
Distributions to Shareholders:
Distributions		(372,145	)		(611,312	)		(915,091	)		(1,744,329	)
Change in net assets resulting from distributions to shareholders		(372,145	)		(611,312	)		(915,091	)		(1,744,329	)
Change in net assets resulting from capital transactions		182,588			23,444,251			13,865,194			35,032,028
Change in net assets		3,457,911			14,630,137			27,609,339			10,919,415
Net Assets:
Beginning of period		71,421,722			56,791,585			179,059,880			168,140,465
End of period	$	74,879,633		$	71,421,722		$	206,669,219		$	179,059,880
Capital Transactions:
Proceeds from shares issued	$	7,931,242		$	29,554,740		$	31,018,018		$	72,349,537
Cost of shares redeemed		(7,748,654	)		(6,110,489	)		(17,152,824	)		(37,317,509	)
Change in net assets resulting from capital transactions	$	182,588		$	23,444,251		$	13,865,194		$	35,032,028
Share Transactions:
Issued		250,000			950,000			900,000			2,100,000
Redeemed		(250,000	)		(200,000	)		(500,000	)		(1,100,000	)
Change in Shares		—			750,000			400,000			1,000,000

See notes to financial statements.

43

Statements of Changes in Net Assets - continued

Timothy Plan

	Timothy Plan High Dividend Stock ETF						Timothy Plan International ETF
	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022			For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
	(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	2,321,872		$	3,767,126		$	1,540,656		$	2,099,169
Net realized gains (losses) from investment		(1,956,908	)		8,299,401			(293,805	)		(5,566,343	)
Net change in unrealized appreciation/depreciation on investments		3,481,035			(15,924,582	)		5,677,116			(13,295,853	)
Change in net assets resulting from operations		3,845,999			(3,858,055	)		6,923,967			(16,763,027	)
Distributions to Shareholders:
Distributions		(2,072,114	)		(3,952,230	)		(1,350,017	)		(1,877,299	)
Change in net assets resulting from distributions to shareholders		(2,072,114	)		(3,952,230	)		(1,350,017	)		(1,877,299	)
Change in net assets resulting from capital transactions		4,974,174			55,213,923			7,899,299			12,688,674
Change in net assets		6,748,059			47,403,638			13,473,249			(5,951,652	)
Net Assets:
Beginning of period		178,986,030			131,582,392			76,875,084			82,826,736
End of period	$	185,734,089		$	178,986,030		$	90,348,333		$	76,875,084
Capital Transactions:
Proceeds from shares issued	$	20,475,671		$	118,769,570		$	13,751,937		$	33,869,369
Cost of shares redeemed		(15,501,497	)		(63,555,647	)		(5,852,638	)		(21,180,695	)
Change in net assets resulting from capital transactions	$	4,974,174		$	55,213,923		$	7,899,299		$	12,688,674
Share Transactions:
Issued		650,000			3,700,000			550,000			1,300,000
Redeemed		(500,000	)		(2,000,000	)		(250,000	)		(850,000	)
Change in Shares		150,000			1,700,000			300,000			450,000

See notes to financial statements.

44

Statements of Changes in Net Assets - continued

Timothy Plan

	Timothy Plan US Large/Mid Cap Core Enhanced ETF						Timothy Plan High Dividend Stock Enhanced ETF
	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022			For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
	(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	574,390		$	724,655		$	983,935		$	1,441,508
Net realized gains (losses) from investment		(4,920,124	)		(5,944,956	)		(4,336,438	)		(5,402,354	)
Net change in unrealized appreciation/depreciation on investments		2,702,753			(3,083,008	)		1,932,437			(2,335,339	)
Change in net assets resulting from operations		(1,642,981	)		(8,303,309	)		(1,420,066	)		(6,296,185	)
Distributions to Shareholders:
Distributions		(421,659	)		(812,493	)		(793,783	)		(1,626,064	)
From return of capital		—			(31,102	)		—			—
Change in net assets resulting from distributions to shareholders		(421,659	)		(843,595	)		(793,783	)		(1,626,064	)
Change in net assets resulting from capital transactions		(5,947,946	)		9,879,040			4,692,734			28,896,178
Change in net assets		(8,012,586	)		732,136			2,478,885			20,973,929
Net Assets:
Beginning of period		70,059,561			69,327,425			68,054,792			47,080,863
End of period	$	62,046,975		$	70,059,561		$	70,533,677		$	68,054,792
Capital Transactions:
Proceeds from shares issued	$	—		$	11,041,046		$	7,008,884		$	50,702,912
Cost of shares redeemed		(5,947,946	)		(1,162,006	)		(2,316,149	)		(21,806,735	)
Change in net assets resulting from capital transactions	$	(5,947,946	)	$	9,879,040		$	4,692,735		$	28,896,177
Share Transactions:
Issued		—			450,000			300,000			2,000,000
Redeemed		(250,000	)		(50,000	)		(100,000	)		(850,000	)
Change in Shares		(250,000	)		400,000			200,000			1,150,000

See notes to financial statements.

45

Statements of Changes in Net Assets - continued

Timothy Plan

	Timothy Plan Market Neutral ETF
	For the Period January 24, 2023(a) through June 30, 2023
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	1,252,422
Net realized gains (losses) from investment		2,586,483
Net change in unrealized appreciation/depreciation on investments		(4,425,115	)
Change in net assets resulting from operations		(586,210	)
Distributions to Shareholders:
Distributions		(1,006,357	)
Change in net assets resulting from distributions to shareholders		(1,006,357	)
Change in net assets resulting from capital transactions		54,288,212
Change in net assets		52,695,645
Net Assets:
Beginning of period		2,500,000
End of period	$	55,195,645
Capital Transactions:
Proceeds from shares issued	$	58,989,103
Cost of shares redeemed		(4,700,891	)
Change in net assets resulting from capital transactions	$	54,288,212
Share Transactions:
Issued		2,360,000
Redeemed		(190,000	)
Change in Shares		2,170,000

(a) Commencement of operations.

See notes to financial statements.

46

Financial Highlights

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan US Small Cap Core ETF
	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period December 3, 2019(a) to December 31, 2019
	(Unaudited)
Net Asset Value, Beginning of Period	$	30.39		$	35.49		$	27.71		$	25.55		$	24.73
Investment Activities:
Net Investment Income (Loss)(b)		0.19			0.34			0.40			0.32			0.02
Net Realized and Unrealized Gains (Losses) on Investments		1.44			(5.11	)		7.78			2.15			0.82
Total from Investment Activities		1.63			(4.77	)		8.18			2.47			0.84
Distributions to Shareholders:
Net Investment Income		(0.16	)		(0.33	)		(0.40	)		(0.31	)		(0.02	)
Total Distributions		(0.16	)		(0.33	)		(0.40	)		(0.31	)		(0.02	)
Net Asset Value, End of Period	$	31.86		$	30.39		$	35.49		$	27.71		$	25.55
Total Return(c)		5.37	%		(13.45	%)		29.62	%		9.99	%		3.39	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(d)		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets(d)		1.22	%		1.09	%		1.20	%		1.45	%		0.89	%
Net Assets, End of Period (000’s)	$	74,880		$	71,422		$	56,792		$	31,869		$	10,222
Portfolio Turnover(c)(e)		38	%		58	%		57	%		78	%		—

Amounts designated as “—” are 0 or have been rounded to 0.

(a)	Commencement of operations.
(b)	Per share net investment income (loss) has been calculated using the average daily shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	Excludes impact of in-kind transactions.

See notes to financial statements.

47

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan US Large/Mid Cap Core ETF
	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period May 1, 2019(a) to December 31, 2019
	(Unaudited)
Net Asset Value, Beginning of Period	$	33.47		$	38.65		$	30.93		$	27.23		$	25.16
Investment Activities:
Net Investment Income (Loss)(b)		0.18			0.35			0.24			0.23			0.21
Net Realized and Unrealized Gains (Losses) on Investments		2.45			(5.17	)		7.72			3.72			2.04
Total from Investment Activities		2.63			(4.82	)		7.96			3.95			2.25
Distributions to Shareholders:
Net Investment Income		(0.16	)		(0.36	)		(0.24	)		(0.25	)		(0.18	)
Total Distributions		(0.16	)		(0.36	)		(0.24	)		(0.25	)		(0.18	)
Net Asset Value, End of Period	$	35.94		$	33.47		$	38.65		$	30.93		$	27.23
Total Return(c)		7.89	%		(12.48	%)		25.82	%		14.67	%		9.01	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(d)		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets(d)		1.07	%		1.02	%		0.69	%		0.88	%		1.22	%
Net Assets, End of Period (000’s)	$	206,669		$	179,060		$	168,140		$	163,904		$	134,795
Portfolio Turnover(c)(e)		16	%		26	%		27	%		45	%		17	%

(a)	Commencement of operations.
(b)	Per share net investment income (loss) has been calculated using the average daily shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	Excludes impact of in-kind transactions.

See notes to financial statements.

48

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan High Dividend Stock ETF
	For the Six Months Ended June 30, 2023(a)			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period May 1, 2019(a) to December 31, 2019
	(Unaudited)
Net Asset Value, Beginning of Period	$	31.13		$	32.49		$	25.88		$	26.89		$	25.10
Investment Activities:
Net Investment Income (Loss)(b)		0.39			0.73			0.61			0.57			0.48
Net Realized and Unrealized Gains (Losses) on Investments		0.31			(1.35	)		6.60			(0.96	)		1.74
Total from Investment Activities		0.70			(0.62	)		7.21			(0.39	)		2.22
Distributions to Shareholders:
Net Investment Income		(0.35	)		(0.74	)		(0.60	)		(0.62	)		(0.43	)
Total Distributions		(0.35	)		(0.74	)		(0.60	)		(0.62	)		(0.43	)
Net Asset Value, End of Period	$	31.48		$	31.13		$	32.49		$	25.88		$	26.89
Total Return(c)		2.28	%		(1.88	%)		28.10	%		(1.17	%)		9.00	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(d)		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets(d)		2.52	%		2.32	%		2.07	%		2.45	%		2.81	%
Net Assets, End of Period (000’s)	$	185,734		$	178,986		$	131,582		$	122,911		$	94,132
Portfolio Turnover(c)(e)		24	%		42	%		43	%		68	%		23	%

(a)	Commencement of operations.
(b)	Per share net investment income (loss) has been calculated using the average daily shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	Excludes impact of in-kind transactions.

See notes to financial statements.

49

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan International ETF
	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period December 3, 2019(a) to December 31, 2019
	(Unaudited)
Net Asset Value, Beginning of Period	$	23.30		$	29.06		$	26.98		$	25.58		$	24.80
Investment Activities:
Net Investment Income (Loss)(b)		0.46			0.66			0.56			0.47			0.04
Net Realized and Unrealized Gains (Losses) on Investments		1.73			(5.82	)		2.21			1.40			0.77
Total from Investment Activities		2.19			(5.16	)		2.77			1.87			0.81
Distributions to Shareholders:
Net Investment Income		(0.39	)		(0.60	)		(0.69	)		(0.47	)		(0.03	)
Total Distributions		(0.39	)		(0.60	)		(0.69	)		(0.47	)		(0.03	)
Net Asset Value, End of Period	$	25.10		$	23.30		$	29.06		$	26.98		$	25.58
Total Return(c)		9.43	%		(17.80	%)		10.34	%		7.66	%		3.25	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(d)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Ratio of Net Investment Income (Loss) to Average Net Assets(d)		3.73	%		2.72	%		1.94	%		1.98	%		1.99	%
Net Assets, End of Period (000’s)	$	90,348		$	76,875		$	82,827		$	71,500		$	23,018
Portfolio Turnover(c)(e)		19	%		39	%		42	%		63	%		12	%

(a)	Commencement of operations.
(b)	Per share net investment income (loss) has been calculated using the average daily shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	Excludes impact of in-kind transactions.

See notes to financial statements.

50

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan US Large/Mid Cap Core Enhanced ETF
	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022			For the period July 29, 2021(a) to December 31, 2021
	(Unaudited)
Net Asset Value, Beginning of Period	$	23.75		$	27.19		$	25.00
Investment Activities:
Net Investment Income (Loss)(b)		0.21			0.25			0.11
Net Realized and Unrealized Gains (Losses) on Investments		(0.82	)		(3.40	)		2.16
Total from Investment Activities		(0.61	)		(3.15	)		2.27
Distributions to Shareholders:
Net Investment Income		(0.16	)		(0.28	)		(0.08	)
Return of Capital		—			(0.01	)		—
Total Distributions		(0.16	)		(0.29	)		(0.08	)
Net Asset Value, End of Period	$	22.98		$	23.75		$	27.19
Total Return(c)		(2.58	%)		(11.58	%)		9.09	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(d)		0.52	%		0.52	%		0.51	%
Ratio of Net Investment Income (Loss) to Average Net Assets(d)		1.84	%		1.05	%		1.00	%
Net Assets, End of Period (000’s)	$	62,047		$	70,060		$	69,327
Portfolio Turnover(c)(e)		117	%		155	%(f)		13	%

(a)	Commencement of operations.
(b)	Per share net investment income (loss) has been calculated using the average daily shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	Excludes impact of in-kind transactions.
(f)	Portfolio turnover increased significantly due changes in the volume and timing of purchases and sales of portfolio holdings during the year.

See notes to financial statements.

51

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan High Dividend Stock Enhanced ETF
	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022			For the period July 29, 2021(a) to December 31, 2021
	(Unaudited)
Net Asset Value, Beginning of Period	$	23.47		$	26.90		$	25.00
Investment Activities:
Net Investment Income (Loss)(b)		0.32			0.60			0.28
Net Realized and Unrealized Gains (Losses) on Investments		(0.78	)		(3.37	)		1.86
Total from Investment Activities		(0.46	)		(2.77	)		2.14
Distributions to Shareholders:
Net Investment Income		(0.26	)		(0.66	)		(0.24	)
Total Distributions		(0.26	)		(0.66	)		(0.24	)
Net Asset Value, End of Period	$	22.75		$	23.47		$	26.90
Total Return(c)		(1.96	%)		(10.44	%)		8.59	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(d)		0.52	%		0.52	%		0.51	%
Ratio of Net Investment Income (Loss) to Average Net Assets(d)		2.79	%		2.39	%		2.50	%
Net Assets, End of Period (000’s)	$	70,534		$	68,055		$	47,081
Portfolio Turnover(c)(e)		28	%		191	%(f)		16	%

(a)	Commencement of operations.
(b)	Per share net investment income (loss) has been calculated using the average daily shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	Excludes impact of in-kind transactions.
(f)	Portfolio turnover increased significantly due changes in the volume and timing of purchases and sales of portfolio holdings during the year.

See notes to financial statements.

52

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan Market Neutral ETF
	For the period January 24, 2023(a) to June 30, 2023
	(Unaudited)
Net Asset Value, Beginning of Period	$	25.00
Investment Activities:
Net Investment Income (Loss)(b)		0.54
Net Realized and Unrealized Gains (Losses) on Investments		(0.79	)
Total from Investment Activities		(0.25	)
Distributions to Shareholders:
Net Investment Income		(0.43	)
Total Distributions		(0.43	)
Net Asset Value, End of Period	$	24.32
Total Return(c)		(1.03	%)
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(d)		0.65	%
Ratio of Net Investment Income (Loss) to Average Net Assets(d)		5.04	%
Net Assets, End of Period (000’s)	$	55,196
Portfolio Turnover(c)(e)		6	%

(a)	Commencement of operations.
(b)	Per share net investment income (loss) has been calculated using the average daily shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	Excludes impact of in-kind transactions.

See notes to financial statements.

53

Notes to Financial Statements

June 30, 2023 (Unaudited)

Timothy Plan

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, six of which are exchange-traded funds (“ETFs”), and are authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value. Each ETF is classified as diversified under the 1940 Act.

The accompanying financial statements are those of the Timothy Plan US Small Cap Core ETF (“US Small Cap Core ETF”), Timothy Plan US Large/Mid Cap Core ETF (“US Large/Mid Cap Core ETF”), Timothy Plan High Dividend Stock ETF (“High Dividend Stock ETF”), Timothy Plan International ETF (“International ETF”), Timothy Plan US Large/Mid Cap Core Enhanced ETF (“US Large/Mid Cap Core Enhanced ETF”), Timothy Plan High Dividend Stock Enhanced ETF (“High Dividend Stock Enhanced ETF”), and Timothy Plan Market Neutral ETF (“Market Neutral ETF”) (individually, a “Fund” and collectively, the “Funds”). Market Neutral ETF commenced operations on January 24, 2023. The Funds, except for the Market Neutral ETF, seek to provide investment results that track the performance of an underlying index, before fees and expenses. The underlying indices for the US Small Cap Core ETF, US Large/Mid Cap Core ETF, High Dividend Stock ETF, International ETF, US Large/Mid Cap Core Enhanced ETF, and High Dividend Stock Enhanced ETF are the Victory US Small Cap Volatility Weighted BRI Index, Victory US Large/Mid Cap Volatility Weighted BRI Index, Victory US Large Cap High Dividend Volatility Weighted BRI Index, Victory International Volatility Weighted BRI Index, Victory US Large/Mid Cap Long/Cash Volatility Wtd BRI Index, and Victory US Large Cap High Div Long/Cash Vol Wtd BRI Index (individually, an “Index” and collectively, the “Indices”), respectively. The Market Neutral ETF seeks to provide high current income and low correlation to stocks and bonds. 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:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies.

Shares of the Funds are listed and traded on the New York Stock Exchange (“NYSE” or the “Exchange”). The Funds’ shares are offered at net asset value (“NAV”) only in aggregations of 50,000 Shares (each a “Creation Unit”). The Funds will issue and redeem Creation Units principally in exchange for a basket of securities included in the respective Fund’s Index (the “Deposit Securities”), together with the deposit of a specified cash payment (the “Cash Component”), plus transaction fees (“Transaction Fees”) as further described below. Shares trade on the Exchange at market prices that may be below, at, or above NAV.

Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System (“Clearing Process”) of the National Securities Clearing Corporation (“NSCC”) or (ii) a DTC participant

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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.

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	%
US Large/Mid Cap Core ETF	$	500		2.00	%
High Dividend Stock Enhanced ETF	$	250		2.00	%
Neutral Market ETF	$	250		2.00	%

* As a percentage of the amount invested.

Investment Valuation:

The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds’ investments are summarized in the three broad levels listed below:

● Level 1 — quoted prices in active markets for identical securities

● Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

● Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments.

Portfolio securities listed or traded on securities exchanges including, common stocks and American Depositary Receipts (“ADRs”), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.

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 valuation designee and under the general supervision and oversight of the Trust’s Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value.

A summary of the valuations as of June 30, 2023, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed in the Schedules of Portfolio Investments:

US Small Cap Core ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	74,549,647	$	—	$	—	$	74,549,647
	$	—	$	—	$	—	$	—
Total Investment Securities		74,549,647		—		—		74,549,647
Other Financial Instruments*
Futures Contracts		2,102		—		—		2,102
Total Investments	$	74,551,749	$	—	$	—	$	74,551,749

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US Large/Mid Cap Core ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	205,560,116	$	—	$	—	$	205,560,116
	$	—	$	—	$	—	$	—
Total Investment Securities		205,560,116		—		—		205,560,116
Other Financial Instruments*
Futures Contracts		28,292		—		—		28,292
Total Investments	$	205,588,408	$	—	$	—	$	205,588,408

High Dividend Stock ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	184,659,454	$	—	$	—	$	184,659,454
	$	—	$	—	$	—	$	—
Total Investment Securities		184,659,454		—		—		184,659,454
Other Financial Instruments*
Futures Contracts		26,001		—		—		26,001
Total Investments	$	184,685,455	$	—	$	—	$	184,685,455

International ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	89,590,999	$	—	$	19,914	$	89,610,913
	$	—	$	—	$	—	$	—
Total Investment Securities		89,590,999		—		19,914		89,610,913
Other Financial Instruments*
Futures Contracts		1,814		—		—		1,814
Total Investments	$	89,592,813	$	—	$	19,914	$	89,612,727

US Large/Mid Cap Core Enhanced ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	16,005,919	$	—	$	—	$	16,005,919
Investment Companies	$	45,810,782	$	—	$	—	$	45,810,782
Total Investment Securities		61,816,701		—		—		61,816,701
Other Financial Instruments*
Futures Contracts		6,953		—		—		6,953
Total Investments	$	61,823,654	$	—	$	—	$	61,823,654

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High Dividend Stock Enhanced ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	18,026,980	$	—	$	—	$	18,026,980
Investment Companies	$	52,271,087	$	��	$	—	$	52,271,087
Total Investment Securities		70,298,067		—		—		70,298,067
Other Financial Instruments*
Futures Contracts		7,424		—		—		7,424
Total Investments	$	70,305,491	$	—	$	—	$	70,305,491

Market Neutral ETF

Investment Securities:	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	48,745,776		$	—	$	—	$	48,745,776
Total Investment Securities		48,745,776			—		—		48,745,776
Other Financial Instruments*
Futures Contracts		(683,358	)		—		—		(683,358	)
Total Investments	$	48,062,418		$	—	$	—	$	48,062,418

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

As of June 30, 2023, there were no transfers into/out of Level 3.

Real Estate Investment Trusts (“REITs”):

The Funds may invest in REITs which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Funds or when such information becomes known.

Investment Companies:

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

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

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

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Futures Contracts:

During the period ended June 30, 2023, the Funds used futures contracts to provide market exposure on the Funds’ cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, and to maintain the Fund’s open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded. Deposits for futures for the Funds are reported as Deposit with broker for futures contracts on the Statement of Assets and Liabilities. If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund. These subsequent payments, called “Variation Margin,” to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as “marking to the market.” The Funds recorded a payable or receivable on variation margin. The Funds expect to earn interest income on its margin deposits. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statements of Operations.

Average Notional Value

The table below summarizes the monthly average notional value of futures contracts for the period ended June 30, 2023.

Fund	Average Notional Value
US Small Cap Core ETF	$	262,603
US Large/Mid Cap Core ETF	$	907,567
High Dividend Stock ETF	$	908,121
International ETF	$	351,863
US Large/Mid Cap Core Enhanced ETF	$	313,535
High Dividend Stock Enhanced ETF	$	208,921
Market Neutral ETF	$	(35,787,001	)

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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, 2023:

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure:
US Small Cap Core ETF	$	2,102	$	—
US Large/Mid Cap Core ETF		28,292		—
High Dividend Stock ETF		26,001		—
International ETF		1,814		—
High Dividend Stock Enhanced ETF		7,424		—
US Large/Mid Cap Core Enhanced ETF		6,953		—
Market Neutral ETF		—		683,358

* 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.

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, 2023:

	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	$	20,912	$	3,881
US Large/Mid Cap Core ETF		100,626		26,833
High Dividend Stock ETF		90,072		38,940
International ETF		31,617		5,770
US Large/Mid Cap Core Enhanced ETF		35,701		6,424
High Dividend Stock Enhanced ETF		22,833		12,037
Market Neutral ETF		2,864,424		(683,358	)

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

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

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

Federal Income Taxes:

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

As of and during the period ended June 30, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period, the Funds did not incur any interest or penalties. For the current open tax year, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Further, management of the Funds is not aware of any tax positions for which it is reasonably possible that the total amounts of any unrecognized tax benefits will significantly change over the next fiscal year.

3. PURCHASES AND SALES OF SECURITIES:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and in-kind transactions associated with purchases and sales for the period ended June 30, 2023 were as follows:

	Excluding in-kind transactions				Associated with in-kind transactions
Fund	Purchases		Sales		Purchases		Sales
US Small Cap Core ETF	$	27,776,986	$	27,804,839	$	7,885,577	$	7,718,774
US Large/Mid Cap Core ETF		30,385,733		30,383,335		30,829,211		17,054,125
High Dividend Stock ETF		44,256,385		43,974,532		20,379,498		15,399,747
International ETF		16,577,764		15,583,705		12,296,453		5,403,429
High Dividend Stock Enhanced ETF		17,362,096		69,971,293		6,966,868		1,462,318
US Large/Mid Cap Core Enhanced ETF		58,195,039		108,112,162		—		1,450,853
Market Neutral ETF		57,064,475		2,804,687		2,257,161		3,757,673

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For the period ended June 30, 2023, 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 Small Cap Core ETF, US Large/Mid Cap Core ETF, High Dividend Stock ETF, High Dividend Stock Enhanced ETF, and US Large/Mid Cap Core Enhanced ETF pay a Management Fee equivalent to 0.52%, International ETF pays a Management Fee equivalent to 0.62%, and Market Neutral ETF pays a Management Fee equivalent to 0.65% of the Fund’s average daily net assets, computed daily and paid monthly.

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

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

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

Drake Compliance LLC provides compliance services to the Trust.

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

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.

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Foreign Securities Risk

Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the U.S., including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment.

Market Risk

The prices of the securities, particularly the common stocks, in which the Funds invest, may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged. Adverse market conditions, sometimes in response to general economic or industry news, may cause the prices of a Fund’s holdings to fall as part of a broad market decline. In addition, certain unanticipated events, such as natural disasters, terrorist attacks, and other geopolitical events, can have a dramatic adverse effect on securities held by a Fund.

6. FEDERAL INCOME TAX INFORMATION:

As of December 31, 2022, 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	$	71,102,583	$	137,188	$	(13,985	)	$	123,203
US Large/Mid Cap Core ETF		170,452,519		17,067,022		(9,227,092	)		7,839,930
High Dividend Stock ETF		174,800,140		11,356,724		(8,154,129	)		3,202,595
International ETF		80,157,764		3,884,558		(7,812,525	)		(3,927,967	)
US Large/Mid Cap Core Enhanced ETF		71,137,149		2,195,305		(3,351,250	)		(1,155,945	)
High Dividend Stock Enhanced ETF		68,762,675		1,553,446		(2,409,853	)		(856,407	)

The tax characteristics of distributions paid to shareholders during the year ended December 31, 2022 were as follows:

	Year Ended December 31, 2022
	Distributions Paid From:
Fund	Ordinary Income		Total Taxable Distributions		Return of Capital		Total Distributions Paid
US Small Cap Core ETF	$	611,312	$	611,312	$	—	$	611,312
US Large/Mid Cap Core ETF		1,744,329		1,744,329		—		1,744,329
High Dividend Stock ETF		3,952,230		3,952,230		—		3,952,230
International ETF		1,877,299		1,877,299		—		1,877,299
US Large/Mid Cap Core Enhanced ETF		812,493		812,493		31,102		843,595
High Dividend Stock Enhanced ETF		1,626,064		1,626,064		—		1,626,064

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Notes to Financial Statements - continued

June 30, 2023 (Unaudited)

Timothy Plan

7. SUBSEQUENT EVENTS:

Management of the Funds has 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.

8. NEW REGULATORY PRONOUNCEMENT:

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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Other Information (Unaudited)

June 30, 2023

Timothy Plan

Premium/Discount Information

The Funds’ website at https://timothyplan.com shows the previous day’s closing NAV and closing market price for each Fund’s ETF Shares. The website also discloses, in the Premium/Discount section of each Fund’s page, how frequently each Fund’s ETF Shares traded at a premium or discount to NAV (based on closing NAVs and market prices) and the magnitudes of such premiums and discounts.

Proxy Voting and Form N-PORT Information

Proxy Voting:

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

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

Availability of Schedules of Portfolio Investments:

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

Expense Examples:

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs; 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 entire 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 use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

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Other Information (Unaudited) - continued

June 30, 2023

Timothy Plan

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 1/1/23	Actual Ending Account Value 6/30/23	Hypothetical Ending Account Value 6/30/23	Actual Expenses Paid During Period 1/1/23 - 6/30/23*	Hypothetical Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
US Small Cap Core ETF
ETF Shares	$1,000	$1,053.70	$1,022.22	$2.65	$2.61	0.52%
US Large/Mid Cap Core ETF
ETF Shares	$1,000	$1,078.90	$1,022.22	$2.68	$2.61	0.52%
High Dividend Stock ETF
ETF Shares	$1,000	$1,022.80	$1,022.22	$2.61	$2.61	0.52%
International ETF
ETF Shares	$1,000	$1,094.30	$1,021.72	$3.22	$3.11	0.62%
US Large/Mid Cap Core Enhanced ETF
ETF Shares	$1,000	$974.20	$1,022.22	$2.55	$2.61	0.52%
High Dividend Stock Enhanced ETF
ETF Shares	$1,000	$980.40	$1,022.22	$2.55	$2.61	0.52%
Market Neutral ETF
ETF Shares	$1,000	$989.70	$1,021.51	$2.78**	$2.83**	0.65%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

** Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 157/365 (to reflect the number of days from commencement of operations on January 24, 2023 through June 30, 2023).

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Liquidity Risk Management Program

June 30, 2023 (Unaudited)

Timothy Plan Fund of Funds

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 adviser 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, 2022 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, 2023.

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.

67

Approval of Investment Advisory and Sub-Advisory Agreement

June 30, 2023 (Unaudited)

Timothy Plan

Investment Advisory Agreement between the Trust and Timothy Partners, Ltd. (“TPL”)

The initial approval of the Investment Advisory Agreement (the “IA Agreement”) between the Trust and Timothy Partners, Ltd. (“TPL” or “Advisor”), on behalf of the Timothy Plan Market Neutral ETF (the “Market Neutral ETF”), was approved by the Board of Trustees (“the Board”), including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the Agreement, at an in-person meeting held on November 18, 2022.

At the meeting, the Board discussed the Advisor and the Market Neutral ETF with Trust Management, including the Advisor’s compliance program, distribution plan, marketing strategy, and investment personnel and the Advisor’s overall relationship and interactions with Trust Management. The Board noted that fund counsel, on behalf of the Board, had sent a request for information to the Advisor, and that the Advisor had responded with a memorandum addressed to the Board along with supporting documentation. A description of the material factors considered by the Board in approving the IA Agreement are set forth below.

Nature, Extent, and Quality of Services. The Board reviewed materials provided by the Advisor regarding the nature, extent, and quality of the services to be provided to the Market Neutral ETF by the Advisor, including an overview of the Advisor and the personnel that would perform services for the Market Neutral ETF. The Board reviewed the most recent Form ADV for the Advisor and considered the qualifications, background, and responsibilities of the members of the Advisor’s portfolio management team who would oversee the day-to-day investment management and operations of the Market Neutral ETF.

Fees and Expenses. The Board next considered information regarding the Market Neutral ETF’s projected expense ratio and its various components, including the proposed management fee for the Market Neutral ETF. They compared the Market Neutral ETF’s proposed fees, projected expenses, and overall expense ratio to expense information for the Market Neutral ETF’s peer group, as presented by the Advisor. The Trustees found that the proposed management fee rate appeared to be not unreasonable for the management of the Market Neutral ETF’s portfolio under the strategy described for the initial term of the Advisory Agreement.

Profitability. The Board considered the Advisor’s anticipated profitability. The Board considered that the Market Neutral ETF is not yet operational, and no record of profitability exists. The Trustees also took into account the Advisor’s estimated costs of managing the Market Neutral ETF and information provided by the Adviser regarding its financial condition.

Economies of Scale. The Board considered whether the Advisor would realize economies of scale with respect to its management of the Market Neutral ETF.

After further discussion of the factors noted above and in reliance of the information provided by the Advisor and Trust Management and taking into account the totality of all factors discussed and information presented, the Board indicated its desire to approve the IA Agreement. It was noted that in the Trustees’ deliberations regarding the approval of the IA Agreement, the Trustees did not identify any particular information or factor that was all-important or controlling, and that each individual Trustee may have attributed different weights to the various factors listed above.

Victory Capital Management, Inc.-Sub-Advisory Agreement

The initial approval of the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between the Trust, the Advisor and Victory Capital Management, Inc. (the ”Sub-Advisor”), on behalf of the Market Neutral ETF, was approved by the Board, including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the Agreement, at an in-person meeting held on November 18, 2022.

At the meeting, the Board discussed the Sub-Advisor and the Market Neutral ETF with Trust Management, including the Sub-Advisor’s compliance program, distribution plan, marketing strategy, and investment personnel and the Sub-Advisor’s overall relationship and interactions with Trust Management. Trust Management gave a favorable report regarding Advisor and the proposed Market Neutral ETF. The Board noted that fund counsel, on behalf of the Board, had sent a request for

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Timothy Plan

information to the Sub-Advisor, and that the Sub-Advisor had responded with a memorandum addressed to the Board along with supporting documentation. A description of the material factors considered by the Board in approving the Sub-Advisory Agreement are set forth below.

Nature, Extent, and Quality of Services. The Board reviewed materials provided by the Sub-Advisor regarding the nature, extent, and quality of the services to be provided to the Market Neutral ETF by the Sub-Advisor, including an overview of the Sub-Advisor and the personnel that would perform services for the Market Neutral ETF. The Board reviewed the Sub-Advisor’s Code of Ethics and the most recent Form ADV for the Sub-Advisor. The Board additionally considered the qualifications, background, and responsibilities of the members of the Sub-Advisor’s portfolio management team who would oversee the day-to-day investment management and operations of the Market Neutral ETF.

Fees and Expenses. The Board next considered information regarding the Market Neutral ETF’s projected expense ratio and its various components, including the proposed sub-advisory fee for the Market Neutral ETF. The Board found that the proposed sub-advisory fee rate appeared to be not unreasonable for the management of the Market Neutral ETF’s portfolio under the strategy described for the initial term of the Sub-Advisory Agreement.

Profitability. The Board considered the Sub-Advisor’s anticipated profitability. The Board also took into account the Sub-Advisor’s estimated costs of managing the Market Neutral ETF and information provided by the Sub-Adviser regarding its financial condition.

Economies of Scale. The Board considered whether the Sub-Advisor would realize economies of scale with respect to its management of the Market Neutral ETF.

After further discussion of the factors noted above and in reliance of the information provided by the Sub-Advisor and Trust Management and taking into account the totality of all factors discussed and information presented, the Board indicated its desire to approve the Sub-Advisory Agreement. It was noted that in the Trustees’ deliberations regarding the approval of the Sub-Advisory Agreement, the Trustees did not identify any particular information or factor that was all-important or controlling, and that each individual Trustee may have attributed different weights to the various factors listed above.

At an in-person meeting held on February 23-24, 2023, the Trustees considered the Investment Advisory Agreement between the Trust and Timothy Partners, Ltd. (the “Advisor” or “TPL”) for the U.S. Large Cap Core ETF, High Dividend Stock ETF, U.S. Small Cap Core ETF, International ETF, Large/Mid Core Enhanced ETF and High Dividend Stock Enhanced ETF (each, a “Fund” and together, the “Funds”). Fund counsel reviewed the standards of review required of Trustees, and Independent Trustees in particular, with respect to the renewal of advisory and sub-advisory agreements.

The Trustees reviewed the questionnaire responses provided by TPL and the related documents in support of those responses. With respect to the questionnaire responses, the Trustees noted that the questionnaire appeared to fully include requests for information relating to all areas of required inquiry, and that TPL’s responses were satisfactory. The Trustees then generally reviewed TPL’s responses, including but not limited to the conduct of its business operations and personnel changes, a description of the compensation received by TPL from the Funds, and information relating to the Advisor’s compliance and operational policies and procedures. In addition, the Trustees had requested and received financial statements of TPL for its fiscal year ended December 31, 2022 and noted that updated financial statements were provided at each Trustees Meeting.

Initially, the Trustees reviewed and discussed at length the Advisor’s experience and consistency in incorporating and implementing the unique, biblically-based management style that is a stated objective of all the Funds, as set forth in the Funds’ prospectuses. The Trustees noted that the Advisor had managed the Funds since their inceptions, had developed, implemented and provided continuous monitoring of the Biblically Responsible Investing (“BRI”) screens utilized by the Funds, oversaw and monitored the ongoing activities of the Funds’ Sub-Advisor, and provided general management services to the Funds. In each of these areas, the Trustees concluded that TPL had performed in a satisfactory manner.

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Timothy Plan

The Trustees reviewed reports provided in advance of the meeting from TPL relating to the fees charged by TPL, noting that each Fund had a unitary management fee. The Trustees considered the fees charged by TPL in light of the services provided to the Funds by TPL, the unique nature of the Funds and their moral screening requirements, which are maintained by TPL, and TPL’s role as a manager of managers. In light of the unique facts and circumstances applicable to this Trust, the Trustees agreed that the fees charged by TPL were fair and reasonable in light of the services provided to the Funds.

The Trustees next discussed the nature, extent and quality of TPL’s services to the Funds. In particular, the Trustees noted TPL’s efforts in providing comprehensive and consistent moral screens to the investment managers, its efforts in maintaining appropriate oversight of the investment manager to the Funds, and its efforts to maintain ongoing regulatory compliance for the Funds.

The Trustees also discussed TPL’s current fee structure and whether such structure would allow the Funds to realize economies of scale as they grow. The Trustees noted that TPL’s current fee structure did not include breakpoints that would reduce the Advisor’s fee rate as the Funds grow in assets, but the Trustees noted that the Funds currently were not large enough to realize meaningful economies of scale.

The Trustees next considered the investment performance of each Fund and the Advisor’s oversight of the investment manager for the Funds. The Trustees noted that comprehensive performance information was provided at each Trustees Meeting, and the Trustees incorporated that information into their considerations. The Trustees concluded that each Fund’s performance was satisfactory.

The Trustees then reviewed the internal operations of TPL and examined whether TPL received any ancillary benefits from its relationship with the Trust. The Trustees noted that the Advisor’s business was devoted exclusively to serving the Funds, and that the Advisor did not realize any material ancillary benefits or profits deriving from its relationship with the Funds other than advisory fees.

After careful discussion and consideration, the Independent Trustees, themselves constituting a majority of the Trustees, voted to renew the Advisory Agreement until February 28, 2024. In approving the renewal of the Advisory Agreement, the Trustees did not place specific emphasis on any one factor discussed above, and individual Trustees may have weighted each factor differently. Further, the Independent Trustees were advised by counsel during their consideration of the Advisory Agreement renewal and the Sub-Advisor Agreement renewals.

Victory Capital Management, Inc.; Sub-Advisor to the U.S. Large/Mid Cap Core ETF, High Dividend Stock ETF, U.S. Small Cap Core ETF, International ETF, Large/Mid Core Enhanced ETF and High Dividend Stock Enhanced ETF.

The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Victory Capital Management, Inc. (“Victory”), on behalf of each Fund. The Trustees considered the following factors in arriving at its conclusions to renew the Victory Sub-Advisory Agreement for an additional year. The Trustees first noted that TPL recommended that the Victory Agreement should be renewed for an additional year. The Trustees also considered the review of the Funds provided by UBS PRIME Consultants. The Trustees then considered the fees charged by Victory in light of the services provided by Victory. The Trustees noted that the fees payable to Victory were not obligations of the Trust but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the Funds in light of the services provided by Victory. After careful consideration, the Trustees agreed that the fees charged by Victory and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Victory.

Next, the Trustees discussed the nature, extent and quality of Victory’s services to each Fund, including the investment performance of the Funds under Victory’s investment management. The Board considered the past performance of the Funds over various time periods ended December 31, 2022. As each Fund is an index-based ETF, the Board additionally reviewed information regarding each Fund’s performance as compared to its respective underlying index for various time periods. The Board noted management’s explanation that analysis of investment performance, in absolute terms, is less relevant for index-based Funds than it is for actively managed funds, given the Funds’ index-based investment objectives. The Board also

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Approval of Investment Advisory and Sub-Advisory Agreement - continued

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noted management’s further explanation that it is more relevant to review the performance of the Funds by focusing on the extent to which each Fund tracked its underlying index. The Board reviewed information regarding each Fund’s index tracking, discussing, as applicable, factors which contributed to each Fund’s tracking error. The Board noted that each of U.S. Large/Mid Cap Core ETF, High Dividend Stock ETF, U.S. Small Cap Core ETF, International ETF and High Dividend Stock Enhanced ETF had underperformed their respective underlying indexes over certain periods, but that such underperformance was, at least in part, a result of costs incurred by the Funds that are not incurred by their underlying indexes. The Board also considered that the Large/Mid Core Enhanced ETF had outperformed its respective underlying index over certain periods. The Board considered that Victory discussed other factors which had contributed to the Funds’ tracking error, including cash drag and the process of rebalancing the Funds’ portfolios. The Board noted management’s representations that the Funds’ performance in tracking their respective underlying indexes was within the range of expectations. The Board concluded that, after taking these factors into account, each of the Funds satisfactorily tracked its underlying index.

After careful consideration, the Trustees, including the independent Trustees separately concurring, determined that the renewal of the Victory Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Victory Sub-Advisory Agreement for an additional one-year period, the Trustees did not place specific emphasis on any one factor discussed above, and individual Trustees may have weighted each factor differently.

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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 30, 2023

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 30, 2023