# EDGAR Filing Document

**Accession Number:** 0000916490
**File Stem:** 0001398344-23-005480
**Filing Date:** 2023-3
**Character Count:** 273149
**Document Hash:** 3bbb0d19d69e2dd46f9854a037f97dea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005480.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001398344-23-005480

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIMOTHY PLAN
- **CENTRAL INDEX KEY:** 0000916490
- **IRS NUMBER:** 597016828
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08228
- **FILM NUMBER:** 23704389

**BUSINESS ADDRESS:**
- **STREET 1:** 1055 MAITLAND CENTER COMMONS
- **CITY:** MAITLAND
- **STATE:** FL
- **ZIP:** 32759
- **BUSINESS PHONE:** 4076441986

**MAIL ADDRESS:**
- **STREET 1:** 1055 MAITLAND CENTER COMMONS
- **CITY:** MAITLAND
- **STATE:** FL
- **ZIP:** 32759

## Series and Classes Contracts Data

### Timothy Plan US Large/Mid Cap Core ETF (Series ID: S000063763)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000206641 | Timothy Plan US Large/Mid Cap Core ETF | TPLC            |

### Timothy Plan US Small Cap Core ETF (Series ID: S000063764)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000206642 | Timothy Plan US Small Cap Core ETF | TPSC            |

### Timothy Plan International ETF (Series ID: S000063765)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000206643 | Timothy Plan International ETF | TPIF            |

### Timothy Plan High Dividend Stock ETF (Series ID: S000063766)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000206644 | Timothy Plan High Dividend Stock ETF | TPHD            |

### Timothy Plan US Large/Mid Cap Core Enhanced ETF (Series ID: S000072550)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000228883 | Timothy Plan US Large/Mid Cap Core Enhanced ETF | TPLE            |

### Timothy Plan High Dividend Stock Enhanced ETF (Series ID: S000072551)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000228884 | Timothy Plan High Dividend Stock Enhanced ETF | TPHE            |

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 <u>811-08228</u> 

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: <u>800-846-7526</u> 

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2022</u>

**Item 1. Reports to Stockholders.**

![](fp0081065-2_i.jpg)

ANNUAL REPORT <br> December 31, 2022

---

| | |
|:---|:---|
|  | Ticker<br> 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** |

---

Listed and traded on: The New York Stock Exchange

**Table of Contents**

---

| | |
|:---|:---|
| Shareholder Letter (Unaudited)  | 1 |
| Letters from the Manager (Unaudited)  | 2 |
| Fund Performance (Unaudited)  | 8 |
| *Schedules of Portfolio Investments*  | 14 |
| *Statements of Assets and Liabilities*  | 43 |
| *Statements of Operations*  | 46 |
| *Statements of Changes in Net Assets*  | 49 |
| *Financial Highlights*  | 52 |
| Notes to Financial Statements  | 58 |
| Report of Independent Registered Public Accounting Firm  | 70 |
| Other Information (Unaudited)  | 72 |
| Trustees and Principal Executive Officers of the Trust (Unaudited)  | 74 |

---

December 31, 2022

Dear Timothy Plan Exchange Traded Fund Shareholder:

This report covers the fiscal year (01-01-22 thru 12-31-22). No doubt you are well aware that 2022 was a very difficult year in the capital markets. Economic recession created a lot of turbulence in both the equity and fixed income markets. The S&P 500 fell over 18% during the twelve-month period, inflation accelerated, the Fed raised Fed Funds rates, the Russia/ Ukraine war wreaked havoc in energy markets, we saw GDP contraction, the 10-year Treasury bond yields increased substantially, and the US dollar appreciated considerably during the year, hurting international equity returns for US dollar investors. As a result of the factors cited, performance in all our ETFs was negative for this past year. While I am never happy with negative performance, it appears we may have turned a corner at the beginning of 2023.

Victory Capital Management ("VCM"), the sub-advisor for our ETFs, employs the smart-beta approach for each of the portfolios and in our opinion, although the share values declined, they were very competitive in the markets. VCM's reports on the following pages will give you more detailed information about each Fund.

As you know, no one can guarantee future performance. However, the one thing that I can assure you of is VCM has done their very best, and our team here at Timothy has worked very hard to provide you an investment in which we hope you felt comfortable.

Sincerely,

Arthur D. Ally <br> President

**Timothy Plan US Small Cap Core ETF – TPSC** 

Letter from the Manager – December 31, 2022

The Timothy Plan US Small Cap Core ETF (TPSC) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

For the year ending December 31, 2022, the TPSC returned -13.45% outperforming the Russell 2000 Index (the "Index"), which was down -20.44%.

When comparing performance to the Index, TPSC's stock selection in Technology was a positive contributor to relative performance. An underweight to Energy was a negative contributor.

Victory Capital Management, Inc.

**Timothy Plan US Large/Mid Cap Core ETF – TPLC** 

Letter from the Manager – December 31, 2022

The Timothy Plan US Large/Mid Cap Core ETF (TPLC) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

For the year ending December 31, 2022, TPLC returned -12.48% outperforming the S&P 500<sup>®</sup> Index (the "Index"), which was down -18.11%.

When comparing performance to the Index, most of the TPLC's outperformance came from an underweight to the largest market cap names in the Index. An underweight to Communication Services and overweight to Industrials were positive contributors. Stock selection in Health Care was negative contributor.

Victory Capital Management, Inc.

**Timothy Plan High Dividend Stock ETF – TPHD** 

Letter from the Manager – December 31, 2022

The Timothy Plan High Dividend Stock ETF (TPHD) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

For the year ending December 31, 2022, TPHD returned -1.88%, outperforming the Russell 1000<sup>®</sup> Value Index (the "Index"), which was down -7.54%.

When comparing performance to the Index, an underweight to Communication Services and an overweight to Utilities were large positive contributors to relative performance. An underweight to Health Care was a negative contributor.

Victory Capital Management, Inc.

**Timothy Plan International ETF – TPIF** 

Letter from the Manager – December 31, 2022

The Timothy Plan International ETF (TPIF) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

For the year ending December 31, 2022, TPIF returned -17.80%, underperforming the MSCI EAFE Index (the "Index"), which was down -14.45%.

At the country level, an overweight to Canada was a positive contributor while stock selection in the United Kingdom was a detractor.

At the sector level, an overweight to Consumer Staples was a positive contributor while stock selection in Industrials was a detractor.

Victory Capital Management, Inc.

**Timothy Plan US Large/Mid Cap Core Enhanced ETF – TPLE** 

Letter from the Manager – December 31, 2022

The Timothy Plan US Large/Mid Cap Core ETF (TPLE) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

For the year ending December 31, 2022, TPLE returned -11.58%, outperforming the S&P 500<sup>®</sup> Index (the "Index"), which was down -18.11%.

When comparing performance to the Index, TPLE's overweight to cash during the year was a positive contributor to relative performance. Stock selection in Health Care was a negative contributor.

Victory Capital Management, Inc.

**Timothy Plan High Dividend Stock Enhanced ETF – TPHE** 

Letter from the Manager – December 31, 2022

The Timothy Plan High Dividend Stock Enhanced ETF (TPHE) seeks a rules- based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

For the year ending December 31, 2022, TPHE returned -10.44%, underperforming the Russell 1000<sup>®</sup> Value Index (the "Index"), which was down -7.54%.

When comparing performance to the Index, the overweight to cash was a large negative contributor to relative performance. An overweight to Utilities was a large positive contributor.

Victory Capital Management, Inc.

**Fund Performance - (Unaudited)** 

December 31, 2022

**Timothy Plan US Small Cap Core ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** |
| &nbsp;&nbsp;**Inception Date** | **Timothy Plan US Small Cap Core ETF <br> 12/2/19** | **Timothy Plan US Small Cap Core ETF <br> 12/2/19** |  |
|  | **Net Asset Value** | **Market Price Value** | **Victory US Small <br> Cap Volatility <br> Weighted BRI Index** |
| &nbsp;&nbsp;One Year | -13.45% | -13.56% | -12.94% |
| &nbsp;&nbsp;Since Inception | 8.23% | 8.23% | 8.88% |

---

---

| | |
|:---|:---|
| **Expense Ratio** | **Expense Ratio** |
| &nbsp;&nbsp;Gross | 0.52% |

---

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

*The above expense ratio is from the Fund's prospectus dated April 30, 2022. Additional information pertaining to the Fund's expense ratio as of December 31, 2022 can be found in the financial highlights.* 

**Comparison of the Change in Value of a $10,000 Investment**![](fp0081065-2_8.jpg)

<sup>1</sup> The universe for the Victory US Small Cap Volatility Weighted BRI Index begins with the largest U.S. companies with market capitalizations less than $3 billion with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria. A volatility weighted index assigns percentage values to each security in the Index based on the volatility of that security in the market. More volatile stocks have a lower weighting, and less volatile stocks are assigned a higher weighting. It is not possible to invest directly in an unmanaged index. 

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

**Fund Performance - (Unaudited)** 

December 31, 2022

**Timothy Plan US Large/Mid Cap Core ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** |
| &nbsp;&nbsp;**Inception Date** | **Timothy Plan U.S. Large/Mid Cap Core ETF <br> 4/30/19** | **Timothy Plan U.S. Large/Mid Cap Core ETF <br> 4/30/19** |  |
|  | **Net Asset Value** | **Market Price Value** | **Victory US Large/<br> Mid Cap Volatility <br> Weighted BRI Index** |
| &nbsp;&nbsp;One Year | -12.48% | -12.57% | -11.94% |
| &nbsp;&nbsp;Since Inception | 9.09% | 9.09% | 9.68% |

---

---

| | |
|:---|:---|
| **Expense Ratio** | **Expense Ratio** |
| &nbsp;&nbsp;Gross | 0.52% |

---

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

*The above expense ratio is from the Fund's prospectus dated April 30, 2022. Additional information pertaining to the Fund's expense ratio as of December 31, 2022 can be found in the financial highlights.* 

**Comparison of the Change in Value of a $10,000 Investment**![](fp0081065-2_9.jpg)

<sup>1</sup> The universe for the Victory US Large/Mid Cap Volatility Weighted BRI Total Return Index begins with the largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria. A volatility weighted index assigns percentage values to each security in the Index based on the volatility of that security in the market. More volatile stocks have a lower weighting, and less volatile stocks are assigned a higher weighting. It is not possible to invest directly in an unmanaged index. 

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

**Fund Performance - (Unaudited)** 

December 31, 2022

**Timothy Plan High Dividend Stock ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** |
| &nbsp;&nbsp;**Inception Date**  | **Timothy Plan High Dividend Stock ETF <br> 4/30/19**  | **Timothy Plan High Dividend Stock ETF <br> 4/30/19**  |  |
|  | **Net Asset Value** | **Market Price Value** | **Victory US Large <br> Cap High Dividend <br> Volatility Weighted <br> BRI Index**  |
| &nbsp;&nbsp;One Year | -1.88% | -1.86% | -1.24% |
| &nbsp;&nbsp;Since Inception | 8.61% | 8.62% | 9.20% |

---

---

| | |
|:---|:---|
| **Expense Ratio** | **Expense Ratio** |
| &nbsp;&nbsp;Gross | 0.52% |

---

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

*The above expense ratio is from the Fund's prospectus dated April 30, 2022. Additional information pertaining to the Fund's expense ratio as of December 31, 2022 can be found in the financial highlights.* 

**Comparison of the Change in Value of a $10,000 Investment**![](fp0081065-2_10.jpg)

<sup>1</sup> The Victory US Large Cap High Dividend Volatility Weighted BRI Total Return Index is comprised of the 100 highest dividend yielding stocks from the Victory US Large/Mid Cap Volatility Weighted BRI Index. with positive earnings in each of the four most recent quarters. The universe for the Index begins with the largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria. A volatility weighted index assigns percentage values to each security in the Index based on the volatility of that security in the market. More volatile stocks have a lower weighting, and less volatile stocks are assigned a higher weighting. It is not possible to invest directly in an unmanaged index. 

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

**Fund Performance - (Unaudited)** 

December 31, 2022

**Timothy Plan International ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** |
| &nbsp;&nbsp;**Inception Date** | **Timothy Plan International ETF <br> 12/2/19**  | **Timothy Plan International ETF <br> 12/2/19**  |  |
|  | **Net Asset Value** | **Market Price Value** | **Victory <br> International 500 <br> Volatility Weighted <br> BRI Index**  |
| &nbsp;&nbsp;One Year | -17.80% | -17.96% | -17.50% |
| &nbsp;&nbsp;Since Inception | 0.27% | 0.19% | 0.78% |

---

---

| | |
|:---|:---|
| **Expense Ratio** | **Expense Ratio** |
| &nbsp;&nbsp;Gross | 0.62% |

---

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

*The above expense ratio is from the Fund's prospectus dated April 30, 2022. Additional information pertaining to the Fund's expense ratio as of December 31, 2022 can be found in the financial highlights.* 

**Comparison of the Change in Value of a $10,000 Investment**![](fp0081065-2_11.jpg)

<sup>1</sup> The universe for the Victory International 500 Volatility Weighted BRI Index begins with the largest developed international companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria. A volatility weighted index assigns percentage values to each security in the Index based on the volatility of that security in the market. More volatile stocks have a lower weighting, and less volatile stocks are assigned a higher weighting. It is not possible to invest directly in an unmanaged index. 

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

**Fund Performance - (Unaudited)** 

December 31, 2022

**Timothy Plan U.S. Large/Mid Cap Core Enhanced ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** |
| &nbsp;&nbsp;**Inception Date**  | **Timothy Plan U.S. Large/Mid Cap Core <br> Enhanced ETF<br> 7/28/21** | **Timothy Plan U.S. Large/Mid Cap Core <br> Enhanced ETF<br> 7/28/21** |  |
|  | **Net Asset Value** | **Market Price Value** | **Victory US Large/<br> Mid Cap Volatility <br> Weighted BRI Index** |
| &nbsp;&nbsp;One Year | -11.58% | -11.60% | -11.66% |
| &nbsp;&nbsp;Since Inception | -2.49% | -2.49% | -2.40% |

---

---

| | |
|:---|:---|
| **Expense Ratio** | **Expense Ratio** |
| &nbsp;&nbsp;Gross | 0.52% |

---

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

*The above expense ratio is from the Fund's prospectus dated April 30, 2022. Additional information pertaining to the Fund's expense ratio as of December 31, 2022 can be found in the financial highlights.* 

**Comparison of the Change in Value of a $10,000 Investment**![](fp0081065-2_12.jpg)

<sup>1</sup> The universe for the Victory US Large/Mid Cap Volatility Weighted BRI Total Return Index begins with the largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria. A volatility weighted index assigns percentage values to each security in the Index based on the volatility of that security in the market. More volatile stocks have a lower weighting, and less volatile stocks are assigned a higher weighting. It is not possible to invest directly in an unmanaged index. 

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

**Fund Performance - (Unaudited)** 

December 31, 2022

**Timothy Plan High Dividend Stock Enhanced ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** | **Average Annual Return <br> Period Ended December 31, 2022** |
| &nbsp;&nbsp;**Inception Date** | **Timothy Plan High Dividend Stock <br> Enhanced ETF<br> 7/28/21** | **Timothy Plan High Dividend Stock <br> Enhanced ETF<br> 7/28/21** |  |
|  | **Net Asset Value** | **Market Price Value** | **Victory US Large <br> Cap High Dividend <br> Volatility Weighted <br> BRI Index** |
| &nbsp;&nbsp;One Year | -10.44% | -10.54% | -10.23% |
| &nbsp;&nbsp;Since Inception | -1.93% | -1.91% | -1.60% |

---

---

| | |
|:---|:---|
| **Expense Ratio** | **Expense Ratio** |
| &nbsp;&nbsp;Gross | 0.52% |

---

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

*The above expense ratio is from the Fund's prospectus dated April 30, 2022. Additional information pertaining to the Fund's expense ratio as of December 31, 2022 can be found in the financial highlights.* 

**Comparison of the Change in Value of a $10,000 Investment**![](fp0081065-2_13.jpg)

<sup>1</sup> The Victory US Large Cap High Dividend Volatility Weighted BRI Total Return Index is comprised of the 100 highest dividend yielding stocks from the Victory US Large/Mid Cap Volatility Weighted BRI Index. with positive earnings in each of the four most recent quarters. The universe for the Index begins with the largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria. A volatility weighted index assigns percentage values to each security in the Index based on the volatility of that security in the market. More volatile stocks have a lower weighting, and less volatile stocks are assigned a higher weighting. It is not possible to invest directly in an unmanaged index. 

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

**Schedule of Portfolio Investments** 

December 31, 2022

**Timothy Plan US Small Cap Core ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks (99.7%)** | | |
| **Communication Services (2.5%):** | | |
| Advantage Solutions, Inc.<sup>(a)</sup> | 40797 | 84858 |
| Cars.com, Inc.<sup>(a)</sup> | 10003 | 137741 |
| Cogent Communications Holdings, Inc. | 3621 | 206687 |
| EchoStar Corp., Class A<sup>(a)</sup> | 8574 | 143014 |
| Gogo, Inc.<sup>(a)</sup> | 9489 | 140058 |
| Gray Television, Inc. | 10334 | 115637 |
| PubMatic, Inc.<sup>(a)</sup> | 4376 | 56057 |
| Sciplay Corp., Class A<sup>(a)</sup> | 11652 | 187364 |
| Shenandoah Telecommunication Co. | 7569 | 120196 |
| Stagwell, Inc.<sup>(a)</sup> | 16932 | 105148 |
| TechTarget, Inc.<sup>(a)</sup> | 2017 | 88869 |
| Thryv Holdings, Inc.<sup>(a)</sup> | 7424 | 141056 |
| US Cellular Corp.<sup>(a)</sup> | 7077 | 147555 |
| ZipRecruiter, Inc.<sup>(a)</sup> | 5962 | 97896 |
|  |  | **1772136** |
| **Consumer Discretionary (14.0%):** |  |  |
| American Eagle Outfitters, Inc. | 10238 | 142922 |
| Arhaus, Inc.<sup>(a)</sup> | 10614 | 103487 |
| Arko Corp. | 15222 | 131823 |
| Bloomin' Brands, Inc. | 5329 | 107219 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 1751 | 109473 |
| Brinker International, Inc.<sup>(a)</sup> | 3418 | 109068 |
| Caleres, Inc. | 3581 | 79785 |
| Camping World Holdings, Inc., Class A | 3846 | 85843 |
| Carter's, Inc. | 2134 | 159218 |
| Cavco Industries, Inc.<sup>(a)</sup> | 608 | 137560 |
| Century Communities, Inc. | 2706 | 135327 |
| Cheesecake Factory, Inc. | 3383 | 107275 |
| Cracker Barrel Old Country Store, Inc. | 1460 | 138320 |
| Cricut, Inc., Class A<sup>(a)</sup> | 8726 | 80890 |
| Dana, Inc. | 8273 | 125171 |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 2715 | 96220 |
| Designer Brands, Inc., Class A | 7140 | 69829 |
| Dine Brands Global, Inc. | 1681 | 108593 |
| Dorman Products, Inc. | 1985 | 160527 |
| Dream Finders Homes, Inc., Class A<sup>(a)</sup> | 10290 | 89111 |
| European Wax Center, Inc., Class A | 5922 | 73729 |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | 7095 | 95995 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Consumer Discretionary (14.0%): (continued)** | | |
| Franchise Group, Inc. | 4398 | 104760 |
| Frontdoor, Inc.<sup>(a)</sup> | 7291 | 151653 |
| Funko, Inc., Class A<sup>(a)</sup> | 4327 | 47208 |
| Gentherm, Inc.<sup>(a)</sup> | 2169 | 141614 |
| G-III Apparel Group Ltd.<sup>(a)</sup> | 6709 | 91980 |
| GoPro, Inc., Class A<sup>(a)</sup> | 23233 | 115700 |
| Graham Holdings Co., Class B | 431 | 260415 |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 2343 | 247561 |
| Green Brick Partners, Inc.<sup>(a)</sup> | 5234 | 126820 |
| Group 1 Automotive, Inc. | 771 | 139065 |
| Guess?, Inc. | 6434 | 133119 |
| Helen of Troy Ltd.<sup>(a)</sup> | 1606 | 178121 |
| Installed Building Products, Inc. | 1462 | 125147 |
| Jack In The Box, Inc. | 1744 | 118993 |
| KB Home | 4268 | 135936 |
| Kontoor Brands, Inc. | 3483 | 139285 |
| La Z Boy, Inc. | 5921 | 135117 |
| LCI Industries | 1204 | 111310 |
| Leslie's, Inc.<sup>(a)</sup> | 8150 | 99512 |
| LGI Homes, Inc.<sup>(a)</sup> | 1425 | 131955 |
| M/I Homes, Inc.<sup>(a)</sup> | 3307 | 152717 |
| Malibu Boats, Inc.<sup>(a)</sup> | 2682 | 142951 |
| MarineMax, Inc.<sup>(a)</sup> | 4025 | 125661 |
| MDC Holdings, Inc. | 4732 | 149531 |
| Meritage Homes Corp.<sup>(a)</sup> | 1936 | 178499 |
| Modine Manufacturing Co.<sup>(a)</sup> | 7233 | 143647 |
| Monro, Inc. | 3147 | 142244 |
| National Vision Holdings, Inc.<sup>(a)</sup> | 3225 | 125001 |
| OneSpaWorld Holdings Ltd.<sup>(a)</sup> | 15228 | 142077 |
| Overstock.com, Inc.<sup>(a)</sup> | 2787 | 53956 |
| Oxford Industries, Inc. | 1530 | 142565 |
| Papa John's International, Inc. | 2293 | 188737 |
| Patrick Industries, Inc. | 2714 | 164468 |
| Perdoceo Education Corp.<sup>(a)</sup> | 18797 | 261278 |
| Playa Hotels & Resorts NV<sup>(a)</sup> | 21450 | 140069 |
| Qurate Retail, Inc.<sup>(a)</sup> | 37004 | 60317 |
| Rent-A-Center, Inc. | 4501 | 101498 |
| Revolve Group, Inc.<sup>(a)</sup> | 3807 | 84744 |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 9599 | 120179 |
| Six Flags Entertainment Corp.<sup>(a)</sup> | 4748 | 110391 |
| Solid Power, Inc.<sup>(a)</sup> | 16699 | 42415 |
| Sonic Automotive, Inc., Class A | 2517 | 124013 |
| Sonos, Inc.<sup>(a)</sup> | 6595 | 111456 |
| Standard Motor Products | 4756 | 165509 |
| Steven Madden Ltd. | 4897 | 156508 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Small Cap Core ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Consumer Discretionary (14.0%): (continued)** | | |
| Strategic Education, Inc. | 2216 | 173557 |
| Stride, Inc.<sup>(a)</sup> | 2564 | 80202 |
| Sturm Ruger & Co. | 4179 | 211541 |
| Target Hospitality Corp.<sup>(a)</sup> | 5225 | 79107 |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 4792 | 145437 |
| The Buckle, Inc. | 3628 | 164530 |
| Tri Pointe Group, Inc.<sup>(a)</sup> | 8641 | 160636 |
| Vista Outdoor, Inc.<sup>(a)</sup> | 5341 | 130160 |
| Vivid Seats, Inc., Class A<sup>(a)</sup> | 12395 | 90484 |
| Winnebago Industries, Inc. | 1981 | 104399 |
| Wolverine World Wide, Inc. | 8097 | 88500 |
| XPEL, Inc.<sup>(a)</sup> | 1608 | 96576 |
|  |  | **10038216** |
| **Consumer Staples (6.7%):** |  |  |
| B&G Foods, Inc. | 10152 | 113195 |
| Cal-Maine Foods, Inc. | 2854 | 155400 |
| Central Garden And Pet Co., Class A<sup>(a)</sup> | 5792 | 207354 |
| Edgewell Personal Care Co. | 4202 | 161945 |
| elf Beauty, Inc.<sup>(a)</sup> | 3353 | 185421 |
| Energizer Holdings, Inc. | 6127 | 205561 |
| Fresh Del Monte Produce, Inc. | 7182 | 188097 |
| Herbalife Nutrition Ltd.<sup>(a)</sup> | 5422 | 80679 |
| Ingles Markets, Inc. | 2243 | 216360 |
| Inter Parfums, Inc. | 2155 | 208001 |
| J & J Snack Foods Corp. | 1553 | 232500 |
| John B. Sanfilippo & Son, Inc. | 2766 | 224931 |
| Medifast, Inc. | 1090 | 125731 |
| Mission Produce, Inc.<sup>(a)</sup> | 11925 | 138568 |
| Nu Skin Enterprises, Inc., Class A | 4138 | 174458 |
| PriceSmart, Inc. | 3250 | 197535 |
| SpartanNash Co. | 5237 | 158367 |
| Spectrum Brands Holdings, Inc. | 3606 | 219678 |
| The Andersons, Inc. | 3194 | 111758 |
| The Chefs' Warehouse, Inc.<sup>(a)</sup> | 4152 | 138179 |
| The Hain Celestial Group, Inc.<sup>(a)</sup> | 8079 | 130718 |
| The Vita Coco Co., Inc.<sup>(a)</sup> | 7257 | 100292 |
| Tootsie Roll Industries, Inc. | 6537 | 278280 |
| United Natural Foods, Inc.<sup>(a)</sup> | 3681 | 142491 |
| Usana Health Sciences, Inc.<sup>(a)</sup> | 3169 | 168591 |
| Utz Brands, Inc. | 9745 | 154556 |
| WD-40 Co. | 901 | 145250 |
| Weis Markets, Inc. | 2398 | 197331 |
|  |  | **4761227** |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Energy (3.1%):** | | |
| Arch Resources, Inc. | 653 | 93242 |
| Archrock, Inc. | 21562 | 193627 |
| Bristow Group, Inc.<sup>(a)</sup> | 5027 | 136383 |
| Callon Petroleum Co.<sup>(a)</sup> | 2018 | 74848 |
| CONSOL Energy, Inc. | 1184 | 76960 |
| Delek US Holdings, Inc. | 3323 | 89721 |
| Earthstone Energy, Inc., Class A<sup>(a)</sup> | 5795 | 82463 |
| Laredo Petroleum, Inc.<sup>(a)</sup> | 1116 | 57385 |
| NexTier Oilfield Solutions, Inc.<sup>(a)</sup> | 8815 | 81451 |
| Noble Corp. PLC<sup>(a)</sup> | 3485 | 131419 |
| Northern Oil and Gas, Inc. | 2821 | 86943 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 5460 | 126945 |
| Permian Resources Corp. | 10261 | 96453 |
| Ranger Oil Corp. | 2251 | 91008 |
| RPC, Inc. | 10328 | 91816 |
| Select Energy Services, Inc., Class A | 11860 | 109586 |
| SilverBow Resources, Inc.<sup>(a)</sup> | 2539 | 71803 |
| Sitio Royalties Corp., Class A | 9926 | 286353 |
| Talos Energy, Inc.<sup>(a)</sup> | 4051 | 76483 |
| W&T Offshore, Inc.<sup>(a)</sup> | 9373 | 52301 |
| World Fuel Services Corp. | 5110 | 139656 |
|  |  | **2246846** |
| **Financials (23.8%):** |  |  |
| 1st Source Corp. | 5001 | 265503 |
| Artisan Partners Asset Management, Inc., Class A | 5895 | 175081 |
| AssetMark Financial Holdings, Inc.<sup>(a)</sup> | 10883 | 250309 |
| Atlantic Union Bankshares Corp. | 6451 | 226688 |
| Axos Financial, Inc.<sup>(a)</sup> | 3977 | 152001 |
| Financials (23.8%): (continued) |  |  |
| BankUnited, Inc. | 4955 | 168321 |
| Banner Corp. | 3299 | 208497 |
| Berkshire Hills BanCorp, Inc. | 7628 | 228077 |
| BGC Partners, Inc., Class A | 42027 | 158442 |
| Bread Financial Holdings, Inc. | 3545 | 133505 |
| Capitol Federal Financial, Inc. | 34687 | 300043 |
| City Holding Co. | 3116 | 290068 |
| CNO Financial Group, Inc. | 9147 | 209009 |
| Columbia Banking System, Inc. | 5981 | 180208 |
| Columbia Financial, Inc.<sup>(a)</sup> | 11313 | 244587 |
| Compass Diversified Holdings | 8057 | 146879 |
| Dime Community Bancshares, Inc. | 6550 | 208487 |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 3097 | 119699 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Small Cap Core ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Financials (23.8%): (continued)** | | |
| Encore Capital Group, Inc.<sup>(a)</sup> | 3518 | 168653 |
| Enterprise Financial Services Corp. | 5062 | 247836 |
| FB Financial Corp. | 5058 | 182796 |
| Federal Agricultural Mortgage Corp., Class C | 1879 | 211782 |
| First BanCorp. | 9739 | 123880 |
| First BanCorp. | 5014 | 214800 |
| First Busey Corp. | 9853 | 243566 |
| First Commonwealth Financial Corp. | 17373 | 242701 |
| First Financial BanCorp. | 9510 | 230427 |
| First Foundation, Inc. | 10870 | 155767 |
| First Merchants Corp. | 5366 | 220596 |
| Fulton Financial Corp. | 13037 | 219413 |
| Genworth Financial, Inc.<sup>(a)</sup> | 39041 | 206527 |
| German American BanCorp, Inc. | 6318 | 235661 |
| Green Dot Corp., Class A<sup>(a)</sup> | 5920 | 93654 |
| Heartland Financial USA, Inc. | 5124 | 238881 |
| Hilltop Holdings, Inc. | 6011 | 180390 |
| Hope BanCorp, Inc. | 14590 | 186898 |
| Horace Mann Educators | 5417 | 202433 |
| Independent Bank Group, Inc. | 3326 | 199826 |
| International Bancshares Corp. | 4359 | 199468 |
| Jackson Financial, Inc., Class A | 3577 | 124444 |
| Lakeland BanCorp, Inc. | 14355 | 252792 |
| Lakeland Financial Corp. | 3166 | 231023 |
| Lendingclub Corp.<sup>(a)</sup> | 7015 | 61732 |
| Live Oak Bancshares, Inc. | 3450 | 104190 |
| Merchants BanCorp | 8179 | 198913 |
| Moelis & Co., Class A | 4176 | 160233 |
| National Bank Holdings Corp., Class A | 5384 | 226505 |
| Navient Corp. | 8708 | 143247 |
| NBT BanCorp, Inc. | 6643 | 288439 |
| NMI Holdings, Inc.<sup>(a)</sup> | 7352 | 153657 |
| Northwest Bancshares, Inc. | 19780 | 276524 |
| Oceanfirst Financial Corp. | 12358 | 262607 |
| OFG BanCorp | 7209 | 198680 |
| Open Lending Corp.<sup>(a)</sup> | 12569 | 84841 |
| Palomar Holdings, Inc.<sup>(a)</sup> | 1307 | 59024 |
| Park National Corp. | 1779 | 250394 |
| PennyMac Financial Services, Inc. | 3542 | 200690 |
| Piper Sandler Cos. | 1414 | 184089 |
| PJT Partners, Inc., Class A | 2695 | 198595 |
| PRA Group, Inc.<sup>(a)</sup> | 8924 | 301453 |
| ProAssurance Corp. | 9274 | 162017 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Financials (23.8%): (continued)** | | |
| Provident Financial Services, Inc. | 11619 | 248182 |
| Renasant Corp. | 6359 | 239035 |
| S&T BanCorp, Inc. | 8253 | 282088 |
| Safety Insurance Group, Inc. | 3512 | 295921 |
| Sandy Spring BanCorp, Inc. | 5980 | 210675 |
| Seacoast Banking Corp. | 6217 | 193908 |
| Silvergate Capital Corp., Class A<sup>(a)</sup> | 835 | 14529 |
| Southside Bancshares, Inc. | 7054 | 253873 |
| StepStone Group, Inc., Class A | 5218 | 131389 |
| Stewart Information Services | 3947 | 168655 |
| Stock Yards BanCorp, Inc. | 3225 | 209560 |
| StoneX Group, Inc.<sup>(a)</sup> | 2143 | 204228 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 2741 | 165310 |
| The BanCorp, Inc.<sup>(a)</sup> | 5222 | 148200 |
| Tompkins Financial Corp. | 3210 | 249032 |
| Towne Bank | 8431 | 260012 |
| TriCo Bancshares | 4529 | 230934 |
| Triumph BanCorp, Inc.<sup>(a)</sup> | 2195 | 107270 |
| Trustmark Corp. | 7808 | 272577 |
| Upstart Holdings, Inc.<sup>(a)</sup> | 1791 | 23677 |
| Veritex Holdings, Inc. | 6210 | 174377 |
| Virtus Investment Partners, Inc. | 922 | 176508 |
| Washington Federal, Inc. | 6751 | 226496 |
| WesBanco, Inc. | 6403 | 236783 |
| Westamerica BanCorp. | 5442 | 321132 |
|  |  | **17039799** |
| **Health Care (8.5%):** |  |  |
| AdaptHealth Corp.<sup>(a)</sup> | 4355 | 83703 |
| Addus Homecare Corp.<sup>(a)</sup> | 1466 | 145852 |
| Agiliti, Inc.<sup>(a)</sup> | 7331 | 119569 |
| Alector, Inc.<sup>(a)</sup> | 9675 | 89300 |
| Allscripts Healthcare Solutions, Inc.<sup>(a)</sup> | 10243 | 180687 |
| Apollo Medical Holdings, Inc.<sup>(a)</sup> | 2707 | 80100 |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 2865 | 59248 |
| AtriCure, Inc.<sup>(a)</sup> | 3540 | 157105 |
| Atrion Corp. | 318 | 177905 |
| Avid Bioservices, Inc.<sup>(a)</sup> | 5166 | 71136 |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 7663 | 142532 |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 4750 | 96472 |
| CorVel Corp.<sup>(a)</sup> | 1172 | 170327 |
| Health Care (8.5%): (continued) |  |  |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 2780 | 73865 |
| DocGo, Inc.<sup>(a)</sup> | 8157 | 57670 |
| Dynavax Technologies Corp.<sup>(a)</sup> | 7999 | 85109 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Small Cap Core ETF**

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE ($)** |
| **Health Care (8.5%): (continued)** | | |
| Embecta Corp. | 3352 | 84772 |
| Emergent Biosolutions, Inc.<sup>(a)</sup> | 4955 | 58519 |
| Enhabit, Inc.<sup>(a)</sup> | 6294 | 82829 |
| Enovis Corp.<sup>(a)</sup> | 3514 | 188069 |
| Figs, Inc., Class A<sup>(a)</sup> | 9414 | 63356 |
| Fulgent Genetics, Inc.<sup>(a)</sup> | 3051 | 90859 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 2160 | 119016 |
| Innoviva, Inc.<sup>(a)</sup> | 11904 | 157728 |
| Integer Holdings Corp.<sup>(a)</sup> | 3299 | 225850 |
| Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 18786 | 232759 |
| iTeos Therapeutics, Inc.<sup>(a)</sup> | 4600 | 89838 |
| Lemaitre Vascular, Inc. | 3514 | 161714 |
| Multiplan Corp.<sup>(a)</sup> | 31933 | 36723 |
| National Healthcare Corp. | 4173 | 248294 |
| National Research Corp. | 4129 | 154012 |
| Neogen Corp.<sup>(a)</sup> | 13854 | 210996 |
| Owens & Minor, Inc.<sup>(a)</sup> | 8101 | 158213 |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 3061 | 118185 |
| Patterson Cos., Inc. | 7111 | 199321 |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 8207 | 121956 |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 4153 | 259978 |
| Prothena Corp. PLC<sup>(a)</sup> | 878 | 52899 |
| RadNet, Inc.<sup>(a)</sup> | 6306 | 118742 |
| Regenxbio, Inc.<sup>(a)</sup> | 4174 | 94666 |
| Senseonics Holdings, Inc.<sup>(a)</sup> | 50693 | 52214 |
| SIGA Technologies, Inc. | 5223 | 38441 |
| Simulations Plus, Inc. | 2772 | 101372 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 5182 | 184842 |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 4495 | 114398 |
| Health Care (8.5%): (continued) |  |  |
| U.S. Physical Therapy, Inc. | 1725 | 139777 |
| Varex Imaging Corp.<sup>(a)</sup> | 8853 | 179716 |
| Xencor, Inc.<sup>(a)</sup> | 4437 | 115539 |
|  |  | **6046173** |
| **Industrials (20.9%):** |  |  |
| AAR Corp.<sup>(a)</sup> | 4271 | 191768 |
| AerSale Corp.<sup>(a)</sup> | 6998 | 113508 |
| Air Transport Services Group<sup>(a)</sup> | 5862 | 152295 |
| Alamo Group, Inc. | 1604 | 227126 |
| Albany International Corp. | 2386 | 235236 |
| Allegiant Travel Co.<sup>(a)</sup> | 1831 | 124490 |
| Altra Industrial Motion Corp. | 3767 | 225078 |
| Apogee Enterprises, Inc. | 3991 | 177440 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Industrials (20.9%): (continued)** | | |
| ArcBest Corp. | 1463 | 102469 |
| Arcosa, Inc. | 2776 | 150848 |
| Astec Industries, Inc. | 4105 | 166909 |
| AZZ, Inc. | 5878 | 236296 |
| Barnes Group, Inc. | 5887 | 240484 |
| Boise Cascade Co. | 1661 | 114061 |
| Brady Corp. | 5107 | 240540 |
| BrightView Holdings, Inc.<sup>(a)</sup> | 18169 | 125184 |
| CBIZ, Inc.<sup>(a)</sup> | 4985 | 233547 |
| Columbus McKinnon Corp. | 5808 | 188586 |
| Construction Partners, Inc., Class A<sup>(a)</sup> | 4209 | 112338 |
| CSW Industrials, Inc. | 1867 | 216441 |
| Deluxe Corp. | 9590 | 162838 |
| Encore Wire Corp. | 896 | 123254 |
| Energy Recovery, Inc.<sup>(a)</sup> | 8005 | 164022 |
| Enerpac Tool Group Corp. | 8040 | 204618 |
| EnerSys | 2779 | 205201 |
| EnPro Industries, Inc. | 1944 | 211293 |
| Esab Corp. | 4043 | 189698 |
| ESCO Technologies, Inc. | 2415 | 211409 |
| Federal Signal Corp. | 4857 | 225705 |
| First Advantage Corp.<sup>(a)</sup> | 11520 | 149760 |
| Forrester Research, Inc.<sup>(a)</sup> | 4941 | 176690 |
| Forward Air Corp. | 1570 | 164677 |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 2949 | 135300 |
| Global Industrial Co. | 4786 | 112615 |
| GMS, Inc.<sup>(a)</sup> | 3229 | 160804 |
| GrafTech International, Ltd. | 26998 | 128510 |
| Granite Construction, Inc. | 7139 | 250365 |
| Griffon Corp. | 3630 | 129918 |
| H&E Equipment Services, Inc. | 4116 | 186866 |
| Hayward Holdings, Inc.<sup>(a)</sup> | 12804 | 120358 |
| Healthcare Services Group | 10158 | 121896 |
| Heartland Express, Inc. | 15116 | 231879 |
| Helios Technologies, Inc. | 2672 | 145464 |
| Heritage-Crystal Clean, Inc.<sup>(a)</sup> | 6295 | 204462 |
| Hillenbrand, Inc. | 4549 | 194106 |
| HireRight Holdings Corp.<sup>(a)</sup> | 6357 | 75394 |
| HNI Corp. | 6174 | 175527 |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 2864 | 207926 |
| ICF International, Inc. | 2011 | 199190 |
| Janus International Group, Inc.<sup>(a)</sup> | 13314 | 126749 |
| Jeld-Wen Holding, Inc.<sup>(a)</sup> | 12043 | 116215 |
| Kadant, Inc. | 1091 | 193794 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Small Cap Core ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Industrials (20.9%): (continued)** | | |
| Kaman Corp. | 5293 | 118034 |
| Kennametal, Inc. | 6890 | 165773 |
| Kforce, Inc. | 2644 | 144970 |
| Lindsay Corp. | 1167 | 190046 |
| Marten Transport Ltd. | 7739 | 153077 |
| Matson, Inc. | 1698 | 106142 |
| Maxar Technologies, Inc. | 5203 | 269203 |
| McGrath Rentcorp | 2693 | 265907 |
| Mercury Systems, Inc.<sup>(a)</sup> | 3234 | 144689 |
| Moog, Inc., Class A | 2768 | 242920 |
| Mueller Water Products, Inc., Class A | 18556 | 199663 |
| MYR Group, Inc.<sup>(a)</sup> | 2177 | 200436 |
| NOW, Inc.<sup>(a)</sup> | 11970 | 152019 |
| NV5 Global, Inc.<sup>(a)</sup> | 1313 | 173736 |
| PGT Innovations, Inc.<sup>(a)</sup> | 6728 | 120835 |
| Primoris Services Corp. | 9157 | 200905 |
| Proto Labs, Inc.<sup>(a)</sup> | 3695 | 94333 |
| Rush Enterprises, Inc., Class A | 4084 | 213512 |
| SkyWest, Inc.<sup>(a)</sup> | 5905 | 97492 |
| SPX Technologies, Inc.<sup>(a)</sup> | 3282 | 215463 |
| Standex International Corp. | 2565 | 262682 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 7164 | 113621 |
| Tennant Co. | 3431 | 211247 |
| Terex Corp. | 4168 | 178057 |
| The AZEK Co., Inc.<sup>(a)</sup> | 5402 | 109769 |
| The Brink's Co. | 3712 | 199371 |
| The Greenbrier Cos., Inc. | 5872 | 196888 |
| The Shyft Group, Inc. | 5604 | 139315 |
| Titan International, Inc.<sup>(a)</sup> | 6488 | 99396 |
| Trinity Industries, Inc. | 7469 | 220858 |
| Universal Logistics Holdings, Inc. | 3813 | 127507 |
| V2X, Inc.<sup>(a)</sup> | 2714 | 112061 |
| Veritiv Corp. | 1127 | 137167 |
| Wabash National Corp. | 8052 | 181975 |
| Werner Enterprises, Inc. | 5133 | 206655 |
|  |  | **14946871** |
| **Information Technology (10.3%):** |  |  |
| 3D Systems Corp.<sup>(a)</sup> | 11736 | 86846 |
| A10 Networks, Inc. | 8423 | 140075 |
| ACI Worldwide, Inc.<sup>(a)</sup> | 7943 | 182689 |
| ACM Research, Inc., Class A<sup>(a)</sup> | 8886 | 68511 |
| Agilysys, Inc.<sup>(a)</sup> | 2334 | 184713 |
| Alpha & Omega Semiconductor, Ltd.<sup>(a)</sup> | 2498 | 71368 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Information Technology (10.3%): (continued)** | | |
| Avid Technology, Inc.<sup>(a)</sup> | 3914 | 104073 |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 1592 | 126341 |
| Badger Meter, Inc. | 1994 | 217406 |
| Belden, Inc. | 2495 | 179391 |
| Benchmark Electronics, Inc. | 7615 | 203244 |
| Clearfield, Inc.<sup>(a)</sup> | 851 | 80113 |
| Cohu, Inc.<sup>(a)</sup> | 4238 | 135828 |
| CommVault Systems, Inc.<sup>(a)</sup> | 3058 | 192165 |
| Conduent, Inc.<sup>(a)</sup> | 33968 | 137570 |
| Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 2399 | 128970 |
| CSG Systems International, Inc. | 3491 | 199685 |
| Digi International, Inc.<sup>(a)</sup> | 4131 | 150988 |
| Digital Turbine, Inc.<sup>(a)</sup> | 4934 | 75194 |
| Ebix, Inc. | 3324 | 66347 |
| eplus, Inc.<sup>(a)</sup> | 3791 | 167866 |
| EVERTEC, Inc. | 6003 | 194377 |
| Extreme Networks, Inc.<sup>(a)</sup> | 8113 | 148549 |
| FormFactor, Inc.<sup>(a)</sup> | 4464 | 99235 |
| Harmonic, Inc.<sup>(a)</sup> | 9762 | 127882 |
| Ichor Holding Ltd.<sup>(a)</sup> | 4008 | 107495 |
| InterDigital, Inc. | 3938 | 194852 |
| International Money Express, Inc.<sup>(a)</sup> | 6597 | 160769 |
| MaxLinear, Inc.<sup>(a)</sup> | 2962 | 100560 |
| Methode Electronics, Inc. | 5129 | 227574 |
| N-able, Inc.<sup>(a)</sup> | 12064 | 124018 |
| Napco Security Technologies Inc.<sup>(a)</sup> | 5184 | 142456 |
| NetScout Systems, Inc.<sup>(a)</sup> | 5766 | 187453 |
| OSI Systems, Inc.<sup>(a)</sup> | 3120 | 248102 |
| Paya Holdings, Inc.<sup>(a)</sup> | 15802 | 124362 |
| Paymentus Holdings, Inc.<sup>(a)</sup> | 7092 | 56807 |
| Payoneer Global, Inc.<sup>(a)</sup> | 9790 | 53551 |
| PC Connection, Inc. | 4073 | 191024 |
| Perficient, Inc.<sup>(a)</sup> | 1784 | 124577 |
| Photronics, Inc.<sup>(a)</sup> | 6069 | 102141 |
| Plexus Corp.<sup>(a)</sup> | 2127 | 218932 |
| Progress Software Corp. | 4036 | 203616 |
| Semtech Corp.<sup>(a)</sup> | 4232 | 121416 |
| SiTime Corp.<sup>(a)</sup> | 857 | 87088 |
| SMART Global Holdings, Inc.<sup>(a)</sup> | 8956 | 133265 |
| TaskUS, Inc., Class A<sup>(a)</sup> | 3763 | 63595 |
| TTEC Holdings, Inc. | 3073 | 135612 |
| TTM Technologies<sup>(a)</sup> | 9503 | 143305 |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 3986 | 132136 |
| Veeco Instruments, Inc.<sup>(a)</sup> | 7386 | 137232 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Small Cap Core ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Information Technology (10.3%): (continued)** | | |
| Verra Mobility Corp.<sup>(a)</sup> | 10068 | 139240 |
| Vishay Intertechnology, Inc. | 9732 | 209919 |
|  |  | **7340523** |
| **Materials (5.2%):** |  |  |
| AdvanSix, Inc. | 3530 | 134211 |
| Alpha Metallurgical Resources, Inc. | 482 | 70560 |
| Arconic Corp.<sup>(a)</sup> | 5611 | 118729 |
| Chase Corp. | 2463 | 212458 |
| Ecovyst, Inc.<sup>(a)</sup> | 14777 | 130924 |
| Hawkins, Inc. | 4154 | 160344 |
| Hecla Mining Co. | 22011 | 122381 |
| Ingevity Corp.<sup>(a)</sup> | 2535 | 178565 |
| Innospec, Inc. | 2382 | 245012 |
| Materion Corp. | 1931 | 168982 |
| Minerals Technologies, Inc. | 3372 | 204748 |
| NewMarket Corp. | 689 | 214355 |
| O-I Glass, Inc.<sup>(a)</sup> | 8099 | 134200 |
| Origin Materials, Inc.<sup>(a)</sup> | 19702 | 90826 |
| Orion Engineered Carbons SA | 9527 | 169676 |
| Pactiv Evergreen, Inc. | 14103 | 160210 |
| Ryerson Holding Corp. | 2879 | 87119 |
| Schnitzer Steel Industries, Inc. | 3991 | 122324 |
| Stepan Co. | 2312 | 246136 |
| Sylvamo Corp. | 2590 | 125848 |
| TriMas Corp. | 7743 | 214791 |
| Trinseo PLC | 5443 | 123611 |
| Warrior Met Coal, Inc. | 3301 | 114347 |
| Worthington Industries, Inc. | 2971 | 147688 |
|  |  | **3698045** |
| **Real Estate (1.6%):** |  |  |
| CoreCivic, Inc.<sup>(a)</sup> | 13197 | 152557 |
| eXp World Holdings, Inc. | 6685 | 74070 |
| Kennedy-Wilson Holdings, Inc. | 13246 | 208360 |
| Marcus & Millichap, Inc. | 4610 | 158814 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Real Estate (1.6%): (continued)** | | |
| Newmark Group, Inc., Class A | 14668 | 116904 |
| The RMR Group, Inc., Class A | 8694 | 245605 |
| The St. Joe Co. | 4541 | 175510 |
|  |  | **1131820** |
| **Utilities (3.1%):** |  |  |
| Altus Power, Inc.<sup>(a)</sup> | 6809 | 44395 |
| Avista Corp. | 6858 | 304084 |
| Chesapeake Utilities Corp. | 2031 | 240024 |
| MGE Energy, Inc. | 4193 | 295187 |
| Middlesex Water Co. | 2508 | 197304 |
| Montauk Renewables, Inc.<sup>(a)</sup> | 6141 | 67735 |
| Northwest Natural Holding Co. | 4926 | 234428 |
| NorthWestern Corp. | 5084 | 301685 |
| SJW Group | 4013 | 325815 |
| Unitil Corp. | 3767 | 193473 |
|  |  | **2204130** |
| **Total Common Stocks (Cost $71,082,172)** |  | **71225786** |
| **Total Investments (Cost $71,082,172) — 99.7%<sup>(b)</sup>**  |  | **71225786** |
| **Other assets in excess of liabilities — 0.3%** |  | **195936** |
| **NET ASSETS - 100.00%** |  | $**71421722** |

---

Percentages indicated are based on net assets as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

**Futures Contracts** 

**Long Futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index Futures** | **Expiration Date** | **Number of <br> Contracts** | **Notional <br> Amount** | **Value** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| E-Mini Russell 2000 Index | 3/17/23 | 2 | $178869 | $177090 | $(1779) |
|  |  |  |  |  | $(1779) |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments** 

December 31, 2022

**Timothy Plan US Large/Mid Cap Core ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks (99.6%)** | | |
| **Communication Services (0.9%):** | | |
| Endeavor Group Holdings, Inc., Class A<sup>(a)</sup> | 20149 | 454158 |
| Lumen Technologies, Inc. | 67451 | 352094 |
| News Corp., Class A | 32984 | 600309 |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 6670 | 200834 |
|  |  | **1607395** |
| **Consumer Discretionary (7.8%):** |  |  |
| Aptiv PLC<sup>(a)</sup> | 4323 | 402601 |
| Aramark | 16646 | 688146 |
| AutoZone, Inc.<sup>(a)</sup> | 267 | 658470 |
| Burlington Stores, Inc.<sup>(a)</sup> | 2875 | 582935 |
| CarMax, Inc.<sup>(a)</sup> | 5828 | 354867 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 288 | 399597 |
| Darden Restaurants, Inc. | 3894 | 538657 |
| Dollar General Corp. | 2296 | 565390 |
| Dollar Tree, Inc.<sup>(a)</sup> | 3099 | 438323 |
| Domino's Pizza, Inc. | 1825 | 632180 |
| DR Horton, Inc. | 6202 | 552846 |
| Garmin Ltd. | 7346 | 677962 |
| Genuine Parts Co. | 4862 | 843606 |
| Lennar Corp. | 5789 | 523905 |
| LKQ Corp. | 10289 | 549535 |
| Lowe's Cos., Inc. | 3091 | 615851 |
| NVR, Inc.<sup>(a)</sup> | 136 | 627311 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 815 | 687884 |
| Pool Corp. | 1470 | 444425 |
| Pultegroup, Inc. | 11414 | 519679 |
| Ross Stores, Inc. | 4861 | 564216 |
| Service Corp. | 10143 | 701287 |
| Tesla, Inc.<sup>(a)</sup> | 1438 | 177133 |
| Tractor Supply Co. | 2580 | 580423 |
| Vail Resorts, Inc. | 2280 | 543438 |
|  |  | **13870667** |
| **Consumer Staples (4.1%):** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 5977 | 395438 |
| Bunge, Ltd. | 6598 | 658282 |
| Campbell Soup Co. | 15640 | 887570 |
| Costco Wholesale Corp. | 1280 | 584320 |
| Darling Ingredients, Inc.<sup>(a)</sup> | 5622 | 351881 |
| Hormel Foods Corp. | 18748 | 853971 |
| Lamb Weston Holdings, Inc. | 7310 | 653222 |
| McCormick & Co., Inc. | 9443 | 782730 |
| Monster Beverage Corp.<sup>(a)</sup> | 7043 | 715076 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Consumer Staples (4.1%): (continued)** | | |
| Sysco Corp. | 8366 | 639581 |
| The JM Smucker Co. | 5163 | 818129 |
|  |  | **7340200** |
| **Energy (6.0%):** |  |  |
| Antero Resources Corp.<sup>(a)</sup> | 8894 | 275625 |
| APA Corp. | 7807 | 364431 |
| Chesapeake Energy Corp. | 4126 | 389371 |
| ConocoPhillips | 3700 | 436600 |
| Coterra Energy, Inc. | 13733 | 337420 |
| Devon Energy Corp. | 4987 | 306750 |
| Diamondback Energy, Inc. | 2724 | 372589 |
| EOG Resources, Inc. | 3391 | 439202 |
| Halliburton Co. | 12506 | 492111 |
| Hess Corp. | 3436 | 487293 |
| HF Sinclair Corp. | 6685 | 346885 |
| Kinder Morgan, Inc. | 39816 | 719873 |
| Marathon Oil Corp. | 12959 | 350800 |
| Marathon Petroleum Corp. | 4886 | 568682 |
| Occidental Petroleum Corp. | 4861 | 306194 |
| ONEOK, Inc. | 9874 | 648722 |
| Ovintiv, Inc. | 6044 | 306491 |
| Phillips 66 | 4897 | 509680 |
| Pioneer Natural Resources Co. | 1918 | 438052 |
| Schlumberger Ltd. | 8772 | 468951 |
| Targa Resources Corp. | 6936 | 509796 |
| Texas Pacific Land Corp. | 181 | 424306 |
| The Williams Cos., Inc. | 21640 | 711956 |
| Valero Energy Corp. | 3552 | 450607 |
|  |  | **10662387** |
| **Financials (11.7%):** |  |  |
| Aflac, Inc. | 13749 | 989103 |
| American Financial Group, Inc. | 5386 | 739390 |
| Arch Capital Group Ltd.<sup>(a)</sup> | 15895 | 997888 |
| Ares Management Corp., Class A | 6481 | 443560 |
| Arthur J Gallagher & Co. | 4154 | 783195 |
| Brown & Brown, Inc. | 10580 | 602743 |
| Cboe Global Markets, Inc. | 6468 | 811540 |
| Cincinnati Financial Corp. | 5729 | 586592 |
| East West Bancorp, Inc. | 6911 | 455435 |
| Equitable Holdings, Inc. | 18917 | 542918 |
| Erie Indemnity Co., Class A | 3195 | 794660 |
| Everest Re Group, Ltd. | 2536 | 840101 |
| FactSet Research Systems, Inc. | 1663 | 667212 |
| First Citizens BancShares, Inc., Class A | 614 | 465633 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Large/Mid Cap Core ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Financials (11.7%): (continued)** | | |
| First Republic Bank | 4766 | 580928 |
| Franklin Resources, Inc. | 24473 | 645598 |
| Globe Life, Inc. | 6919 | 834085 |
| Interactive Brokers Group, Inc. | 7570 | 547690 |
| Intercontinental Exchange, Inc. | 7182 | 736801 |
| LPL Financial Holdings, Inc. | 1876 | 405535 |
| Markel Corp.<sup>(a)</sup> | 678 | 893258 |
| MarketAxess Holdings, Inc. | 2208 | 615789 |
| Morningstar, Inc. | 2358 | 510719 |
| MSCI, Inc. | 1268 | 589836 |
| Nasdaq, Inc. | 13220 | 811047 |
| Principal Financial Group, Inc. | 7966 | 668507 |
| Raymond James Financial, Inc. | 5474 | 584897 |
| Rocket Cos., Inc., Class A | 47972 | 335804 |
| Ryan Specialty Holdings, Inc.<sup>(a)</sup> | 11982 | 497373 |
| Signature Bank | 2336 | 269154 |
| SVB Financial Group<sup>(a)</sup> | 1036 | 238425 |
| Tradeweb Markets, Inc., Class A | 11373 | 738449 |
| WR Berkley Corp. | 11062 | 802769 |
|  |  | **21026634** |
| **Health Care (12.8%):** |  |  |
| Agilent Technologies, Inc. | 4242 | 634815 |
| Align Technology, Inc.<sup>(a)</sup> | 1629 | 343556 |
| Amgen, Inc. | 3590 | 942878 |
| Avantor, Inc.<sup>(a)</sup> | 24930 | 525774 |
| Baxter International, Inc. | 11730 | 597878 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 6144 | 635843 |
| Catalent, Inc.<sup>(a)</sup> | 6169 | 277667 |
| Centene Corp.<sup>(a)</sup> | 7990 | 655260 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 2107 | 459115 |
| Danaher Corp. | 2270 | 602503 |
| Dexcom, Inc.<sup>(a)</sup> | 3591 | 406645 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 6090 | 454375 |
| HCA Healthcare, Inc. | 2101 | 504156 |
| Henry Schein, Inc.<sup>(a)</sup> | 11078 | 884800 |
| Horizon Therapeutics PLC<sup>(a)</sup> | 7174 | 816401 |
| Humana, Inc. | 1415 | 724749 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 1396 | 569512 |
| Incyte Corp.<sup>(a)</sup> | 9790 | 786333 |
| Insulet Corp.<sup>(a)</sup> | 1533 | 451300 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 2318 | 615081 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 3058 | 626554 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 464 | 670689 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Health Care (12.8%): (continued)** | | |
| Moderna, Inc.<sup>(a)</sup> | 1950 | 350259 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 5070 | 605561 |
| PerkinElmer, Inc. | 4214 | 590887 |
| R1 RCM, Inc.<sup>(a)</sup> | 23510 | 257434 |
| Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 711 | 512979 |
| Repligen Corp.<sup>(a)</sup> | 1698 | 287488 |
| ResMed, Inc. | 2675 | 556748 |
| Shockwave Medical, Inc.<sup>(a)</sup> | 1019 | 209517 |
| STERIS PLC | 3500 | 646415 |
| Stryker Corp. | 2895 | 707799 |
| Teleflex, Inc. | 2813 | 702209 |
| United Therapeutics Corp.<sup>(a)</sup> | 2498 | 694669 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 2433 | 392638 |
| Vertex Pharamaceuticals, Inc.<sup>(a)</sup> | 2031 | 586512 |
| Waters Corp.<sup>(a)</sup> | 2011 | 688928 |
| West Pharmaceutical Services, Inc. | 2115 | 497765 |
| Zimmer Biomet Holdings, Inc. | 5619 | 716422 |
| Zoetis, Inc. | 4522 | 662699 |
|  |  | **22852813** |
| **Industrials (22.6%):** |  |  |
| Advanced Drainage Systems, Inc. | 3217 | 263697 |
| AECOM | 9088 | 771844 |
| AMETEK, Inc. | 7029 | 982092 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 6226 | 403943 |
| Carlisle Companies, Inc. | 2140 | 504291 |
| Carrier Global Corp. | 16803 | 693124 |
| Caterpillar, Inc. | 3131 | 750062 |
| CH Robinson Worldwide, Inc. | 5697 | 521617 |
| Cintas Corp. | 1850 | 835497 |
| Copart, Inc.<sup>(a)</sup> | 10032 | 610848 |
| Costar Group, Inc.<sup>(a)</sup> | 5622 | 434468 |
| CSX Corp. | 23974 | 742715 |
| Deere & Co. | 1389 | 595548 |
| Dover Corp. | 5564 | 753421 |
| Eaton Corp. PLC | 4928 | 773450 |
| Equifax, Inc. | 3345 | 650134 |
| Expeditors International of Washington, Inc. | 6798 | 706448 |
| Fastenal Co. | 15312 | 724564 |
| Fortive Corp. | 10587 | 680215 |
| Generac Holdings, Inc.<sup>(a)</sup> | 2056 | 206957 |
| General Dynamics Corp. | 3565 | 884512 |
| Graco, Inc. | 11896 | 800125 |
| HEICO Corp. | 4863 | 747151 |
| Honeywell International, Inc. | 4306 | 922776 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Large/Mid Cap Core ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Industrials (22.6%): (continued)** | | |
| Howmet Aerospace, Inc. | 16819 | 662837 |
| Hubbell, Inc. | 3007 | 705683 |
| Huntington Ingalls Industries, Inc. | 3280 | 756630 |
| IDEX Corp. | 3765 | 859662 |
| Illinois Tool Works, Inc. | 3883 | 855425 |
| Ingersoll Rand, Inc. | 11807 | 616916 |
| J.B. Hunt Transport Services, Inc. | 3363 | 586373 |
| Johnson Controls International PLC | 11569 | 740416 |
| Leidos Holdings, Inc. | 8242 | 866976 |
| Masco Corp. | 12074 | 563494 |
| Nordson Corp. | 3289 | 781861 |
| Norfolk Southern Corp. | 3075 | 757742 |
| Old Dominion Freight Line, Inc. | 1707 | 484412 |
| Otis Worldwide Corp. | 10887 | 852561 |
| PACCAR, Inc. | 8135 | 805121 |
| Parker Hannifin Corp. | 2342 | 681522 |
| Quanta Services, Inc. | 3808 | 542640 |
| Regal Rexnord Corp. | 3847 | 461563 |
| Republic Services, Inc. | 6675 | 861008 |
| Rockwell Automation, Inc. | 2259 | 581851 |
| Rollins, Inc. | 18548 | 677744 |
| Snap-on, Inc. | 3390 | 774581 |
| Textron, Inc. | 9063 | 641660 |
| Trane Technologies PLC | 4414 | 741949 |
| TransDigm Group, Inc. | 1055 | 664281 |
| TransUnion | 9032 | 512566 |
| U-Haul Holding Co. | 13238 | 796795 |
| Union Pacific Corp. | 3815 | 789972 |
| United Rentals, Inc.<sup>(a)</sup> | 1620 | 575780 |
| Verisk Analytics, Inc. | 4343 | 766192 |
| Waste Management, Inc. | 5660 | 887941 |
| Watsco, Inc. | 2480 | 618512 |
| Westinghouse Air Brake Technologies Corp. | 6679 | 666631 |
| WW Grainger, Inc. | 1322 | 735363 |
| Xylem, Inc. | 5976 | 660766 |
|  |  | **40494925** |
| **Information Technology (15.2%):** |  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 5480 | 354940 |
| Akamai Technologies, Inc.<sup>(a)</sup> | 8016 | 675749 |
| Amphenol Corp., Class A | 9689 | 737720 |
| Analog Devices, Inc. | 3795 | 622494 |
| ANSYS, Inc.<sup>(a)</sup> | 2220 | 536330 |
| Arista Networks, Inc.<sup>(a)</sup> | 4399 | 533819 |
| Bentley Systems, Inc., Class B | 11759 | 434613 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Information Technology (15.2%): (continued)** | | |
| Broadcom, Inc. | 1190 | 665365 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 3106 | 498948 |
| CDW Corp. | 3948 | 705034 |
| Cognizant Technology Solutions Corp., Class A | 10059 | 575274 |
| Datadog, Inc., Class A<sup>(a)</sup> | 3216 | 236376 |
| Dynatrace, Inc.<sup>(a)</sup> | 9655 | 369787 |
| Enphase Energy, Inc.<sup>(a)</sup> | 1038 | 275028 |
| Entegris, Inc. | 4626 | 303419 |
| EPAM Systems, Inc.<sup>(a)</sup> | 616 | 201888 |
| F5, Inc.<sup>(a)</sup> | 3677 | 527686 |
| Fair Isaac Corp.<sup>(a)</sup> | 1143 | 684177 |
| Fidelity National Information Services, Inc. | 6971 | 472982 |
| First Solar, Inc.<sup>(a)</sup> | 2841 | 425553 |
| FleetCor Technologies, Inc.<sup>(a)</sup> | 3338 | 613124 |
| Fortinet, Inc.<sup>(a)</sup> | 7115 | 347852 |
| Gartner, Inc.<sup>(a)</sup> | 1828 | 614464 |
| Jack Henry & Associates, Inc. | 4188 | 735245 |
| Juniper Networks, Inc. | 23931 | 764835 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 3667 | 627314 |
| KLA Corp. | 1418 | 534629 |
| Lam Research Corp. | 1146 | 481664 |
| Microchip Technology, Inc. | 7121 | 500250 |
| Monolithic Power Systems, Inc. | 963 | 340526 |
| NetApp, Inc. | 8980 | 539339 |
| NVIDIA Corp. | 2624 | 383471 |
| NXP Semiconductors NV | 2983 | 471403 |
| ON Semiconductor Corp.<sup>(a)</sup> | 5266 | 328440 |
| Paychex, Inc. | 5958 | 688506 |
| Paycom Software, Inc.<sup>(a)</sup> | 1167 | 362132 |
| Paylocity Holding Corp.<sup>(a)</sup> | 1521 | 295469 |
| PTC, Inc.<sup>(a)</sup> | 4279 | 513651 |
| Qorvo, Inc.<sup>(a)</sup> | 5088 | 461176 |
| Roper Technologies, Inc. | 2031 | 877575 |
| Seagate Technology Holdings PLC | 8743 | 459969 |
| ServiceNow, Inc.<sup>(a)</sup> | 984 | 382058 |
| Skyworks Solutions, Inc. | 5545 | 505316 |
| SS&C Technologies Holdings, Inc. | 13665 | 711400 |
| Synopsys, Inc.<sup>(a)</sup> | 1607 | 513099 |
| TD SYNNEX Corp. | 6774 | 641566 |
| TE Connectivity Ltd. | 5379 | 617509 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 1946 | 778225 |
| Teradyne, Inc. | 4890 | 427142 |
| The Trade Desk, Inc., Class A<sup>(a)</sup> | 4028 | 180575 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Large/Mid Cap Core ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Information Technology (15.2%): (continued)** | | |
| Trimble, Inc.<sup>(a)</sup> | 9358 | 473140 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 1449 | 467172 |
| Western Digital Corp.<sup>(a)</sup> | 12027 | 379452 |
| Zebra Technologies Corp.<sup>(a)</sup> | 1721 | 441282 |
|  |  | **27296152** |
| **Materials (7.9%):** |  |  |
| Albemarle Corp. | 1410 | 305773 |
| Avery Dennison Corp. | 3487 | 631147 |
| Ball Corp. | 9235 | 472278 |
| Celanese Corp. | 5645 | 577145 |
| CF Industries Holdings, Inc. | 3775 | 321630 |
| Eastman Chemical Co. | 7617 | 620328 |
| Ecolab, Inc. | 4065 | 591701 |
| FMC Corp. | 5653 | 705494 |
| Freeport-McMoRan, Inc. | 12773 | 485374 |
| International Flavors & Fragrances, Inc. | 6467 | 678000 |
| International Paper Co. | 19547 | 676913 |
| LyondellBasell Industries NV, Class A | 7054 | 585694 |
| Martin Marietta Materials, Inc. | 1963 | 663435 |
| Newmont Corp. | 12363 | 583534 |
| Nucor Corp. | 3327 | 438532 |
| Packaging Corp. of America | 5258 | 672551 |
| PPG Industries, Inc. | 4884 | 614114 |
| Reliance Steel & Aluminum Co. | 2990 | 605296 |
| RPM International, Inc. | 7488 | 729706 |
| Steel Dynamics, Inc. | 5259 | 513804 |
| The Mosaic Co. | 7088 | 310950 |
| The Sherwin-Williams Co. | 2612 | 619906 |
| Vulcan Materials Co. | 4108 | 719352 |
| Westlake Chemical Corp. | 5427 | 556484 |
| Westrock Co. | 15568 | 547371 |
|  |  | **14226512** |
| **Utilities (10.6%):** |  |  |
| Alliant Energy Corp. | 16925 | 934429 |
| Ameren Corp. | 11969 | 1064284 |
| American Electric Power Co., Inc. | 10175 | 966116 |
| American Water Works Co., Inc. | 5543 | 844864 |
| Atmos Energy Corp. | 8964 | 1004595 |
| CenterPoint Energy, Inc. | 32272 | 967837 |
| CMS Energy Corp. | 15548 | 984655 |
| Consolidated Edison, Inc. | 10696 | 1019436 |
| Constellation Energy Corp. | 4599 | 396480 |
| DTE Energy Co. | 8708 | 1023451 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Utilities (10.6%): (continued)** | | |
| Entergy Corp. | 7803 | 877838 |
| Essential Utilities, Inc. | 18656 | 890451 |
| Evergy, Inc. | 15679 | 986679 |
| Eversource Energy | 11570 | 970029 |
| FirstEnergy Corp. | 23111 | 969275 |
| NextEra Energy, Inc. | 8500 | 710600 |
| NiSource, Inc. | 33011 | 905162 |
| NRG Energy, Inc. | 13979 | 444812 |
| The Southern Co. | 13482 | 962750 |
| WEC Energy Group, Inc. | 10204 | 956727 |
| Xcel Energy, Inc. | 14730 | 1032720 |
|  |  | **18913190** |
| **Total Common Stocks (Cost $170,437,827)** |  | **178290875** |
| **Rights (0.0%)†** |  |  |
| **Health Care (0.0%):†** |  |  |
| ABIOMED, Inc., CVR, Expiring 01/02/26<sup>(a)(b)</sup> | 1543 | 1574 |
|  |  | **1574** |
| **Total Rights (Cost $—)** |  | **1574** |
| **Total Investments (Cost $170,437,827) — 99.6%<sup>(c)</sup>**  |  | **178292449** |
| **Other assets in excess of liabilities — 0.4%** |  | **767431** |
| **NET ASSETS - 100.00%** |  | $**179059880** |

---

Percentages indicated are based on net assets as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;† Represents less than 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

&nbsp;&nbsp;&nbsp;&nbsp;(c) See Federal Tax Information listed in the Notes to Financial Statements.

CVR — Contingent Value Rights

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Large/Mid Cap Core ETF**

**Futures Contracts** 

**Long Futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index Futures** | **Expiration Date** | **Number of <br> Contracts** | **Notional <br> Amount** | **Value** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| S&P 500 Index E-mini | 3/17/23 | 4 | $770741 | $772200 | $1459 |
|  |  |  |  |  | $1459 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments** 

December 31, 2022

**Timothy Plan High Dividend Stock ETF**

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE ($)** |
| <br>**Common Stocks (99.5%)** | | |
| **Communication Services (0.5%):** | | |
| Lumen Technologies, Inc. | 174525 | 911020 |
|  |  | **911020** |
| **Consumer Discretionary (4.6%):** |  |  |
| Darden Restaurants, Inc. | 10075 | 1393675 |
| Garmin Ltd. | 19006 | 1754064 |
| Genuine Parts Co. | 12580 | 2182756 |
| LKQ Corp. | 26623 | 1421934 |
| Vail Resorts, Inc. | 5900 | 1406265 |
|  |  | **8158694** |
| **Consumer Staples (6.7%):** |  |  |
| Bunge, Ltd. | 17072 | 1703274 |
| Campbell Soup Co. | 40467 | 2296502 |
| Hormel Foods Corp. | 48508 | 2209539 |
| McCormick & Co., Inc. | 24433 | 2025251 |
| Sysco Corp. | 21646 | 1654837 |
| The JM Smucker Co. | 13359 | 2116867 |
|  |  | **12006270** |
| **Energy (9.9%):** |  |  |
| Chesapeake Energy Corp. | 10402 | 981637 |
| ConocoPhillips | 9515 | 1122770 |
| Coterra Energy, Inc. | 35533 | 873046 |
| Devon Energy Corp. | 12904 | 793725 |
| Diamondback Energy, Inc. | 6984 | 955271 |
| EOG Resources, Inc. | 8671 | 1123068 |
| Kinder Morgan, Inc. | 103020 | 1862601 |
| Marathon Petroleum Corp. | 12641 | 1471286 |
| ONEOK, Inc. | 25547 | 1678438 |
| Phillips 66 | 12670 | 1318694 |
| Pioneer Natural Resources Co. | 4961 | 1133043 |
| Targa Resources Corp. | 17946 | 1319031 |
| The Williams Cos., Inc. | 55992 | 1842137 |
| Valero Energy Corp. | 9190 | 1165843 |
|  |  | **17640590** |
| **Financials (11.3%):** |  |  |
| Aflac, Inc. | 35574 | 2559194 |
| American Financial Group, Inc. | 13740 | 1886227 |
| Ares Management Corp., Class A | 16769 | 1147670 |
| Cincinnati Financial Corp. | 14824 | 1517829 |
| East West Bancorp, Inc. | 17881 | 1178358 |
| Equitable Holdings, Inc. | 48945 | 1404722 |
| Erie Indemnity Co., Class A | 8268 | 2056417 |
| Everest Re Group, Ltd. | 6562 | 2173794 |
| Franklin Resources, Inc. | 63322 | 1670434 |
| Principal Financial Group, Inc. | 20610 | 1729591 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Financials (11.3%): (continued)** | | |
| Rocket Cos., Inc., Class A | 124123 | 868861 |
| WR Berkley Corp. | 28623 | 2077171 |
|  |  | **20270268** |
| **Health Care (2.2%):** |  |  |
| Amgen, Inc. | 9289 | 2439663 |
| Baxter International, Inc. | 30349 | 1546888 |
|  |  | **3986551** |
| **Industrials (19.7%):** |  |  |
| Caterpillar, Inc. | 8100 | 1940436 |
| CH Robinson Worldwide, Inc. | 14741 | 1349686 |
| Eaton Corp. PLC | 12751 | 2001270 |
| Fastenal Co. | 39620 | 1874818 |
| General Dynamics Corp. | 9225 | 2288815 |
| Honeywell International, Inc. | 11141 | 2387516 |
| Huntington Ingalls Industries, Inc. | 8487 | 1957781 |
| Illinois Tool Works, Inc. | 10046 | 2213134 |
| Johnson Controls International PLC | 29932 | 1915648 |
| Masco Corp. | 31241 | 1458018 |
| Norfolk Southern Corp. | 7955 | 1960271 |
| PACCAR, Inc. | 20482 | 2027104 |
| Parker Hannifin Corp. | 6059 | 1763169 |
| Regal Rexnord Corp. | 9954 | 1194281 |
| Rockwell Automation, Inc. | 5846 | 1505754 |
| Snap-on, Inc. | 8770 | 2003857 |
| TransDigm Group, Inc. | 2731 | 1719574 |
| Union Pacific Corp. | 9871 | 2043988 |
| Watsco, Inc. | 6418 | 1600649 |
|  |  | **35205769** |
| **Information Technology (8.4%):** |  |  |
| Analog Devices, Inc. | 9818 | 1610447 |
| Broadcom, Inc. | 3079 | 1721561 |
| Fidelity National Information Services, Inc. | 18037 | 1223811 |
| Juniper Networks, Inc. | 61920 | 1978963 |
| NetApp, Inc. | 23234 | 1395434 |
| NXP Semiconductors NV | 7718 | 1219676 |
| Paychex, Inc. | 15415 | 1781357 |
| Seagate Technology Holdings PLC | 22623 | 1190196 |
| Skyworks Solutions, Inc. | 14348 | 1307533 |
| TE Connectivity Ltd. | 13919 | 1597901 |
|  |  | **15026879** |
| **Materials (11.7%):** |  |  |
| Celanese Corp. | 14606 | 1493317 |
| Eastman Chemical Co. | 19708 | 1605019 |
| FMC Corp. | 14627 | 1825450 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan High Dividend Stock ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Materials (11.7%): (continued)** | | |
| Freeport-McMoRan, Inc. | 33047 | 1255786 |
| International Flavors & Fragrances, Inc. | 16734 | 1754393 |
| International Paper Co. | 50577 | 1751481 |
| LyondellBasell Industries NV, Class A | 18253 | 1515547 |
| Newmont Corp. | 31989 | 1509881 |
| Packaging Corp. of America | 13603 | 1739960 |
| PPG Industries, Inc. | 12638 | 1589102 |
| Reliance Steel & Aluminum Co. | 7737 | 1566278 |
| RPM International, Inc. | 19375 | 1888094 |
| Westrock Co. | 40280 | 1416245 |
|  |  | **20910553** |
| **Utilities (24.5%):** |  |  |
| Alliant Energy Corp. | 43792 | 2417756 |
| Ameren Corp. | 30969 | 2753764 |
| American Electric Power Co., Inc. | 26328 | 2499844 |
| Atmos Energy Corp. | 23193 | 2599240 |
| CenterPoint Energy, Inc. | 83501 | 2504195 |
| CMS Energy Corp. | 40229 | 2547703 |
| Consolidated Edison, Inc. | 27675 | 2637704 |
| DTE Energy Co. | 22531 | 2648068 |
| Entergy Corp. | 20191 | 2271488 |
| Essential Utilities, Inc. | 48272 | 2304023 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Utilities (24.5%): (continued)** | | |
| Evergy, Inc. | 40568 | 2552944 |
| Eversource Energy | 29936 | 2509834 |
| FirstEnergy Corp. | 59799 | 2507970 |
| NiSource, Inc. | 85412 | 2341997 |
| NRG Energy, Inc. | 36169 | 1150898 |
| The Southern Co. | 34884 | 2491066 |
| WEC Energy Group, Inc. | 26403 | 2475545 |
| Xcel Energy, Inc. | 38113 | 2672102 |
|  |  | **43886141** |
| **Total Common Stocks (Cost $174,814,613)** |  | **178002735** |
| **Total Investments (Cost $174,814,613) — 99.5%<sup>(a)</sup>**  |  | **178002735** |
| **Other assets in excess of liabilities — 0.5%** |  | **983295** |
| **NET ASSETS - 100.00%** |  | $**178986030** |

---

Percentages indicated are based on net assets as of December 31, 2022.

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

**Futures Contracts** 

**Long Futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index Futures** | **Expiration Date** | **Number of <br> Contracts** | **Notional <br> Amount** | **Value** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| S&P 500 Index E-mini | 3/17/23 | 4 | $785139 | $772200 | $(12939) |
|  |  |  |  |  | $(12939) |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments** 

December 31, 2022

**Timothy Plan International ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks (99.2%)** | | |
| **Australia (6.4%):** | | |
| **Communication Services (0.5%):** | | |
| Rea Group Ltd. | 1828 | 137870 |
| Telstra Corp. Ltd. | 109801 | 298218 |
|  |  | **436088** |
| **Consumer Discretionary (0.3%):** |  |  |
| Wesfarmers Ltd. | 6855 | 214225 |
|  |  | **214225** |
| **Consumer Staples (0.7%):** |  |  |
| Coles Group, Ltd. | 24541 | 279308 |
| Woolworths Group Ltd. | 11977 | 273605 |
|  |  | **552913** |
| **Energy (0.4%):** |  |  |
| Santos Ltd. | 33152 | 161125 |
| Woodside Energy Group, Ltd. | 6528 | 157481 |
|  |  | **318606** |
| **Financials (1.5%):** |  |  |
| ASX Ltd. | 5288 | 244840 |
| Commonwealth Bank of Australia | 3495 | 244090 |
| National Australia Bank Ltd. | 11155 | 228251 |
| Suncorp Group Ltd. | 28983 | 237533 |
| Westpac Banking Corp. | 15031 | 238907 |
|  |  | **1193621** |
| **Health Care (1.1%):** |  |  |
| Cochlear Ltd. | 1416 | 196745 |
| CSL Ltd. | 1204 | 235837 |
| Ramsay Health Care Ltd. | 4013 | 176737 |
| Sonic Healthcare Ltd. | 10405 | 212267 |
|  |  | **821586** |
| **Industrials (0.3%):** |  |  |
| Brambles Ltd. | 26445 | 217273 |
|  |  | **217273** |
| **Information Technology (0.4%):** |  |  |
| Computershare Ltd. | 10772 | 192111 |
| WiseTech Global Ltd. | 3042 | 105087 |
|  |  | **297198** |
| **Materials (1.2%):** |  |  |
| BHP Group Ltd. | 5975 | 185585 |
| Fortescue Metals Group Ltd. | 11339 | 158305 |
| Newcrest Mining Ltd. | 14142 | 198690 |
| Rio Tinto Ltd. | 2615 | 207213 |
| South32, Ltd. | 54750 | 149073 |
|  |  | **898866** |
|  |  | **4950376** |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Austria (0.5%):** | | |
| **Energy (0.2%):** | | |
| OMV AG | 3181 | 163762 |
|  |  | **163762** |
| **Financials (0.2%):** |  |  |
| Erste Group Bank AG | 4356 | 139400 |
|  |  | **139400** |
| **Utilities (0.1%):** |  |  |
| Verbund AG | 1378 | 115999 |
|  |  | **115999** |
|  |  | **419161** |
| **Belgium (0.5%):** |  |  |
| **Financials (0.2%):** |  |  |
| KBC Group N.V. | 2669 | 171626 |
|  |  | **171626** |
| **Utilities (0.3%):** |  |  |
| Elia Group SA | 1709 | 242909 |
|  |  | **242909** |
|  |  | **414535** |
| **Bermuda (0.3%):** |  |  |
| **Industrials (0.3%):** |  |  |
| Jardine Matheson Holdings Ltd. | 4200 | 213780 |
|  |  | **213780** |
| **Canada (10.8%):** |  |  |
| **Consumer Discretionary (0.5%):** |  |  |
| Dollarama, Inc. | 3843 | 224795 |
| Magna International, Inc. | 2749 | 154446 |
|  |  | **379241** |
| **Consumer Staples (1.4%):** |  |  |
| Alimentation Couche-Tard, Inc. | 4612 | 202699 |
| Loblaw Cos. Ltd. | 3114 | 275379 |
| Metro, Inc. | 6211 | 343950 |
| Saputo, Inc. | 9563 | 236779 |
|  |  | **1058807** |
| **Energy (2.1%):** |  |  |
| ARC Resources Ltd. | 8304 | 111943 |
| Cameco Corp. | 4651 | 105436 |
| Canadian Natural Resources, Ltd. | 2699 | 149902 |
| Cenovus Energy, Inc. | 6718 | 130360 |
| Enbridge, Inc. | 7234 | 282777 |
| Imperial Oil Ltd. | 3154 | 153646 |
| Pembina Pipelines Corp. | 6968 | 236556 |
| Suncor Energy, Inc. | 4247 | 134738 |
| TC Energy Corp. | 5859 | 233616 |
| Tourmaline Oil Corp. | 2371 | 119653 |
|  |  | **1658627** |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan International ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Canada (10.8%): (continued)** | | |
| **Financials (1.8%):** | | |
| Fairfax Financial Holdings, Ltd. | 459 | 271939 |
| Great-West Lifeco, Inc. | 12233 | 282828 |
| Intact Financial Corp. | 2040 | 293704 |
| National Bank of Canada | 3973 | 267733 |
| Power Corp. of Canada | 11312 | 266130 |
|  |  | **1382334** |
| **Industrials (1.1%):** |  |  |
| Canadian National Railway Co. | 2233 | 265295 |
| Canadian Pacific Railway Ltd. | 3114 | 232204 |
| TFI International, Inc. | 1434 | 143644 |
| WSP Global, Inc. | 1740 | 201903 |
|  |  | **843046** |
| **Information Technology (0.3%):** |  |  |
| Constellation Software, Inc. | 146 | 227979 |
|  |  | **227979** |
| **Materials (1.8%):** |  |  |
| Aginco Eagle Mines Ltd. | 3362 | 174730 |
| Barrick Gold Corp. | 11554 | 198086 |
| CCL Industries, Inc., Class B | 4764 | 203538 |
| First Quantum Minerals, Ltd. | 4920 | 102812 |
| Franco-Nevada Corp. | 1708 | 232860 |
| Nutrien, Ltd. | 1692 | 123544 |
| Teck Resources Ltd., Class B | 3384 | 127906 |
| Wheaton Precious Metals Corp. | 5476 | 213976 |
|  |  | **1377452** |
| **Utilities (1.8%):** |  |  |
| Algonquin Power & Utilities Corp. | 28728 | 187163 |
| Emera, Inc. | 9294 | 355270 |
| Fortis, Inc. | 9862 | 394684 |
| Hydro One, Ltd. | 17326 | 464185 |
|  |  | **1401302** |
|  |  | **8328788** |
| **Chile (0.2%):** |  |  |
| **Materials (0.2%):** |  |  |
| Antofagasta PLC | 9615 | 179612 |
|  |  | **179612** |
| **Denmark (2.0%):** |  |  |
| **Financials (0.7%):** |  |  |
| Danske Bank A/S | 12225 | 241663 |
| Tryg A/S | 10937 | 260371 |
|  |  | **502034** |
| **Health Care (0.5%):** |  |  |
| Coloplast A/S | 1578 | 184482 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Denmark (2.0%): (continued)** | | |
| **Health Care (0.5%): (continued)** | | |
| Genmab A/S <sup>(a)</sup> | 419 | 177418 |
|  |  | **361900** |
| **Industrials (0.4%):** |  |  |
| AP Moller - Maersk A/S, Class B | 59 | 132685 |
| DSV Panalpina A S | 1207 | 190549 |
|  |  | **323234** |
| **Materials (0.2%):** |  |  |
| Novozymes A/S, Class B Shares | 3448 | 174694 |
|  |  | **174694** |
| **Utilities (0.2%):** |  |  |
| Orsted A/S | 1553 | 141155 |
|  |  | **141155** |
|  |  | **1503017** |
| **Finland (1.6%):** |  |  |
| **Energy (0.2%):** |  |  |
| Neste Oyj | 2558 | 117781 |
|  |  | **117781** |
| **Financials (0.5%):** |  |  |
| Nordea Bank Abp | 17958 | 192303 |
| Sampo Oyj, Class A Shares | 4369 | 228289 |
|  |  | **420592** |
| **Industrials (0.3%):** |  |  |
| Kone OYJ | 4190 | 216603 |
|  |  | **216603** |
| **Information Technology (0.2%):** |  |  |
| Nokia Oyj | 37900 | 175522 |
|  |  | **175522** |
| **Materials (0.4%):** |  |  |
| Stora ENSO OYJ, Class R Shares | 10094 | 142067 |
| UPM-Kymmene OYJ | 4786 | 178927 |
|  |  | **320994** |
|  |  | **1251492** |
| **France (6.4%):** |  |  |
| **Communication Services (0.3%):** |  |  |
| Bollore | 40159 | 224366 |
|  |  | **224366** |
| **Consumer Discretionary (0.5%):** |  |  |
| Cie Generale des Etablissements Michelin SCA | 6897 | 191817 |
| Hermes International SA | 116 | 179403 |
|  |  | **371220** |
| **Consumer Staples (0.3%):** |  |  |
| Carrefour SA | 14332 | 239910 |
|  |  | **239910** |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan International ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **France (6.4%): (continued)** | | |
| **Energy (0.3%):** | | |
| TotalEnergies SE | 3205 | 201187 |
|  |  | **201187** |
| **Financials (0.6%):** |  |  |
| Amundi SA | 3390 | 192300 |
| Credit Agricole SA | 16452 | 173110 |
| Societe Generale SA | 5038 | 126608 |
|  |  | **492018** |
| **Health Care (0.7%):** |  |  |
| bioMerieux | 1904 | 199546 |
| EssilorLxottica SA | 1061 | 192141 |
| Sartorius Stedim Biotech | 377 | 122059 |
|  |  | **513746** |
| **Industrials (2.4%):** |  |  |
| Aeroports de Paris <sup>(a)</sup> | 1360 | 182242 |
| Bouygues SA | 8616 | 258576 |
| Bureau Veritas SA | 8410 | 221519 |
| Eiffage SA | 2147 | 211226 |
| Legrand SA | 2690 | 215414 |
| Schneider Electric SA | 1275 | 178384 |
| Teleperformance | 678 | 161605 |
| Thales SA | 1572 | 200723 |
| Vinci SA | 2165 | 216171 |
|  |  | **1845860** |
| **Information Technology (0.5%):** |  |  |
| Dassault Systemes SE | 4780 | 171361 |
| Edenred | 4073 | 221802 |
|  |  | **393163** |
| **Materials (0.3%):** |  |  |
| Air Liquide SA | 1769 | 250680 |
|  |  | **250680** |
| **Utilities (0.5%):** |  |  |
| Engie SA | 12651 | 181278 |
| Veolia Environnement | 6480 | 166453 |
|  |  | **347731** |
|  |  | **4879881** |
| **Germany (5.2%):** |  |  |
| **Consumer Discretionary (0.4%):** |  |  |
| Continental AG | 2363 | 141580 |
| Puma SE | 2694 | 163487 |
|  |  | **305067** |
| **Consumer Staples (0.3%):** |  |  |
| Beiersdorf AG | 2011 | 230734 |
|  |  | **230734** |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Germany (5.2%): (continued)** | | |
| **Financials (1.2%):** | | |
| Deutsche Boerse AG | 1372 | 237008 |
| Hannover Rueck SE | 1036 | 205688 |
| Muenchener Rueckversicherungs-Gesellschaft AG | 711 | 231338 |
| Talanx AG | 4955 | 235043 |
|  |  | **909077** |
| **Health Care (0.5%):** |  |  |
| Carl Zeiss Meditec AG | 1131 | 142719 |
| Fresenius Medical Care AG | 6078 | 198866 |
|  |  | **341585** |
| **Industrials (0.9%):** |  |  |
| Brenntag AG | 2955 | 188878 |
| Daimler Truck Holding AG <sup>(a)</sup> | 5198 | 161033 |
| Deutsche Post AG | 4381 | 164958 |
| MTU Aero Engines AG | 856 | 185250 |
|  |  | **700119** |
| **Information Technology (0.2%):** |  |  |
| Infineon Technologies AG | 5282 | 160724 |
|  |  | **160724** |
| **Materials (1.0%):** |  |  |
| BASF SE | 3269 | 162309 |
| Evonik Industries AG | 8995 | 172666 |
| HeidelbergCement AG | 3557 | 202840 |
| Symrise AG | 1945 | 211608 |
|  |  | **749423** |
| **Real Estate (0.2%):** |  |  |
| Vonovia Se | 7116 | 167709 |
|  |  | **167709** |
| **Utilities (0.5%):** |  |  |
| E.ON SE | 22232 | 222101 |
| RWE AG | 3972 | 176808 |
|  |  | **398909** |
|  |  | **3963347** |
| **Hong Kong (4.9%):** |  |  |
| **Consumer Staples (0.2%):** |  |  |
| WH Group Ltd. | 311042 | 180926 |
|  |  | **180926** |
| **Financials (0.7%):** |  |  |
| AIA Group Ltd. | 21503 | 239137 |
| Hang Seng Bank, Ltd. | 16554 | 275299 |
|  |  | **514436** |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan International ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Hong Kong (4.9%): (continued)** | | |
| **Health Care (0.2%):** | | |
| Sino Biopharmaceutical Ltd. | 275254 | 161167 |
|  |  | **161167** |
| **Industrials (0.5%):** |  |  |
| CK Hutchison Holdings Ltd. | 48310 | 289984 |
| Techtronic Industries Co. | 11127 | 124172 |
|  |  | **414156** |
| **Real Estate (2.4%):** |  |  |
| CK Asset Holdings Ltd. | 42254 | 260129 |
| Henderson Land Development Co. Ltd. | 87971 | 307138 |
| Hongkong Land Holdings Ltd. | 50400 | 231840 |
| Sino Land Co. Ltd. | 198240 | 247895 |
| Sun Hung Kai Properties Ltd. | 27462 | 375777 |
| Swire Pacific Ltd., Class A | 26454 | 232849 |
| The Wharf Holdings Ltd | 48464 | 142505 |
|  |  | **1798133** |
| **Utilities (0.9%):** |  |  |
| Hong Kong & China Gas Co. Ltd. | 282681 | 268737 |
| Power Assets Holdings Ltd. | 73685 | 403592 |
|  |  | **672329** |
|  |  | **3741147** |
| **Ireland (1.1%):** |  |  |
| **Consumer Staples (0.3%):** |  |  |
| Kerry Group PLC | 2340 | 210979 |
|  |  | **210979** |
| **Industrials (0.3%):** |  |  |
| Kingspan Group PLC | 2280 | 123429 |
| Ryanair Holdings PLC <sup>(a)</sup> | 11975 | 156493 |
|  |  | **279922** |
| **Materials (0.5%):** |  |  |
| CRH PLC | 4790 | 189740 |
| Smurfit Kappa Group PLC | 4552 | 168376 |
|  |  | **358116** |
|  |  | **849017** |
| **Israel (1.4%):** |  |  |
| **Financials (0.6%):** |  |  |
| Bank Hapoalim BM | 19407 | 175377 |
| Bank Leumi | 18736 | 156449 |
| Mizrahi Tefahot Bank Ltd. | 4936 | 160169 |
|  |  | **491995** |
| **Industrials (0.2%):** |  |  |
| Elbit Systems Ltd. | 707 | 115292 |
|  |  | **115292** |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Israel (1.4%): (continued)** | | |
| **Information Technology (0.2%):** | | |
| Nice Ltd. <sup>(a)</sup> | 888 | 172030 |
|  |  | **172030** |
| **Materials (0.2%):** |  |  |
| ICL Group Ltd. | 15565 | 112854 |
|  |  | **112854** |
| **Real Estate (0.2%):** |  |  |
| Azrieli Group Ltd. | 2340 | 155729 |
|  |  | **155729** |
|  |  | **1047900** |
| **Italy (2.9%):** |  |  |
| **Communication Services (0.3%):** |  |  |
| Infrastrutture Wireless Italiane SpA | 24653 | 248398 |
|  |  | **248398** |
| **Consumer Discretionary (0.2%):** |  |  |
| Moncler SpA | 2834 | 150144 |
|  |  | **150144** |
| **Energy (0.3%):** |  |  |
| Eni SpA | 14714 | 209233 |
|  |  | **209233** |
| **Financials (0.9%):** |  |  |
| Assicurazioni Generali SpA | 13046 | 231997 |
| Intesa Sanpaolo SpA | 73748 | 164021 |
| Poste Italiane SpA | 19695 | 192372 |
| UniCredit SpA | 9343 | 132717 |
|  |  | **721107** |
| **Information Technology (0.2%):** |  |  |
| Nexi SpA <sup>(a)</sup> | 15171 | 119605 |
|  |  | **119605** |
| **Utilities (1.0%):** |  |  |
| Enel SpA | 42709 | 229928 |
| Snam SpA | 55774 | 270238 |
| Terna SpA | 32502 | 240029 |
|  |  | **740195** |
|  |  | **2188682** |
| **Japan (19.3%):** |  |  |
| **Communication Services (1.5%):** |  |  |
| KDDI Corp. | 9900 | 300425 |
| Nexon Co. Ltd. | 9500 | 214441 |
| Nippon Telegraph & Telephone Corp. | 10800 | 309630 |
| Softbank Corp. | 32300 | 366274 |
|  |  | **1190770** |
| **Consumer Discretionary (1.9%):** |  |  |
| Bridgestone Corp. | 5600 | 200195 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan International ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Japan (19.3%): (continued)** | | |
| **Consumer Discretionary (1.9%): (continued)** | | |
| Denso Corp. | 3300 | 164371 |
| Fast Retailing Co. Ltd. | 300 | 184111 |
| Oriental Land Co., Ltd. | 1200 | 175217 |
| Panasonic Corp. | 29600 | 250501 |
| Shimano ORD | 800 | 127542 |
| Suzuki Motor Co. | 5300 | 172507 |
| Toyota Industries Corp. | 3600 | 198628 |
|  |  | **1473072** |
| **Consumer Staples (1.9%):** |  |  |
| Aeon Co. Ltd. | 11200 | 237537 |
| Ajinomoto Co., Inc. | 7400 | 227323 |
| KAO Corp. | 5900 | 236279 |
| Seven & i Holdings Co., Ltd. | 5900 | 254489 |
| Shiseido Co., Ltd. | 4800 | 236708 |
| Unicharm Corp. | 6500 | 251044 |
|  |  | **1443380** |
| **Energy (0.2%):** |  |  |
| Inpex Corp. | 12400 | 131919 |
|  |  | **131919** |
| **Financials (3.0%):** |  |  |
| Dai-ichi Life Holdings, Inc. | 12000 | 273800 |
| Japan Post Holdings Co. Ltd. | 41900 | 354276 |
| Mitsubishi UFJ Financial Group, Inc. | 50100 | 339421 |
| MS&AD Insurance Group Holdings, Inc. | 8200 | 263960 |
| ORIX Corp. | 13700 | 221181 |
| Sompo Holdings, Inc. | 5100 | 227755 |
| Sumitomo Mitsui Financial Group, Inc. | 8900 | 359201 |
| Tokio Marine Holdings, Inc. | 11900 | 256419 |
|  |  | **2296013** |
| **Health Care (2.0%):** |  |  |
| Astellas Pharma, Inc. | 15700 | 240070 |
| Chugai Pharmaceutical Co. Ltd. | 7900 | 202768 |
| Daiichi Sankyo Co. Ltd. | 4700 | 152225 |
| Eisai Co. Ltd. | 2800 | 185728 |
| Hoya Corp. | 1600 | 154915 |
| M3, Inc. | 3900 | 106342 |
| Olympus Corp. | 6800 | 121884 |
| Shionogi & Co. Ltd. | 3200 | 160610 |
| Terumo Corp. | 6800 | 194123 |
|  |  | **1518665** |
| **Industrials (4.2%):** |  |  |
| Central Japan Railway Co. | 2000 | 246990 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Japan (19.3%): (continued)** | | |
| **Industrials (4.2%): (continued)** | | |
| Daikin Industries Ltd. | 1100 | 169334 |
| Fanuc Corp. | 1300 | 196506 |
| Hitachi, Ltd. | 4100 | 209062 |
| ITOCHU Corp. | 8700 | 274883 |
| Komatsu Ltd. | 10200 | 223557 |
| Kubota Corp. | 12400 | 171703 |
| Marubeni Corp. | 20900 | 241301 |
| Mitsubishi Corp. | 6900 | 225215 |
| Mitsubishi Electric Corp. | 24000 | 240238 |
| Nidec Corp. | 3100 | 161568 |
| Secom Co. Ltd. | 4100 | 235683 |
| SMC Corp. | 400 | 169425 |
| Sumitomo Corp. | 17600 | 294540 |
| Toshiba Corp. | 5700 | 199947 |
|  |  | **3259952** |
| **Information Technology (2.9%):** |  |  |
| Canon, Inc. | 11500 | 250253 |
| Fujifilm Holdings Corp. | 4700 | 237292 |
| Fujitsu, Ltd. | 1500 | 201360 |
| Keyence Corp. | 500 | 195931 |
| Kyocera Corp. | 4900 | 244664 |
| Murata Manufacturing Co. Ltd. | 4200 | 210864 |
| Nomura Research Institute Ltd. | 6900 | 163798 |
| NTT Data Corp. | 13000 | 191404 |
| OBIC Co. Ltd. | 1400 | 207087 |
| Renesas Electronics Corp. <sup>(a)</sup> | 16400 | 147915 |
| Tokyo Electron Ltd. | 600 | 177778 |
|  |  | **2228346** |
| **Materials (0.7%):** |  |  |
| Nippon Paint Holdings Co. Ltd. | 18200 | 144107 |
| Nippon Steel Corp. | 12100 | 211349 |
| Shin-Etsu Chemical Co. Ltd. | 1600 | 197836 |
|  |  | **553292** |
| **Real Estate (1.0%):** |  |  |
| Daiwa House Industry Co. Ltd. | 12300 | 284863 |
| Mitsubishi Estate Co. Ltd. | 17900 | 233401 |
| Mitsui Fudosan Co. Ltd. | 11600 | 213665 |
|  |  | **731929** |
|  |  | **14827338** |
| **Korea, Republic Of (6.5%):** |  |  |
| **Communication Services (0.4%):** |  |  |
| Kakao Corp. | 3832 | 160929 |
| Naver Corp. | 1296 | 181936 |
|  |  | **342865** |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan International ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Korea, Republic Of (6.5%): (continued)** | | |
| **Consumer Discretionary (1.0%):** | | |
| Hyundai Mobis | 1318 | 208999 |
| Hyundai Motor Co. | 1633 | 195020 |
| Kia Corp. | 3900 | 182909 |
| LG Electronics, Inc. | 2746 | 187859 |
|  |  | **774787** |
| **Consumer Staples (0.3%):** |  |  |
| LG Household & Health Care Ltd. | 347 | 198145 |
|  |  | **198145** |
| **Energy (0.4%):** |  |  |
| SK Innovation Co. Ltd. <sup>(a)</sup> | 1268 | 154438 |
| S-Oil Corp. | 2407 | 158766 |
|  |  | **313204** |
| **Financials (1.4%):** |  |  |
| Hana Financial Group, Inc. | 6245 | 207689 |
| KakaoBank Corp. <sup>(a)</sup> | 10128 | 194646 |
| KB Financial Group, Inc. | 5215 | 200038 |
| Samsung Life Insurance Co., Ltd. | 4423 | 248365 |
| Shinhan Financial Group Co. Ltd. | 8056 | 224273 |
|  |  | **1075011** |
| **Health Care (0.5%):** |  |  |
| Celltrion, Inc. | 1139 | 144531 |
| Samsung Biologics Co., Ltd. <sup>(a)</sup> | 327 | 212328 |
|  |  | **356859** |
| **Industrials (1.0%):** |  |  |
| Doosan Enerbility Co., Ltd. <sup>(a)</sup> | 12912 | 157264 |
| LG Corp. | 3437 | 212298 |
| Samsung C&T Corp. | 2364 | 212207 |
| SK, Inc. | 1240 | 185353 |
|  |  | **767122** |
| **Information Technology (0.7%):** |  |  |
| Samsung Electronics Co. Ltd. | 5580 | 244048 |
| Samsung SDI Co. Ltd. | 325 | 151910 |
| SK Hynix, Inc. | 2333 | 138386 |
|  |  | **534344** |
| **Materials (0.8%):** |  |  |
| Korea Zinc Co., Ltd. | 365 | 162812 |
| LG Chem Ltd. | 281 | 133344 |
| POSCO | 997 | 218025 |
| POSCO Chemical Co., Ltd. | 1005 | 143072 |
|  |  | **657253** |
|  |  | **5019590** |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Luxembourg (0.6%):** | | |
| **Energy (0.2%):** | | |
| Tenaris SA | 8922 | 155508 |
|  |  | **155508** |
| **Health Care (0.2%):** |  |  |
| Eurofins Scientific SE | 2585 | 185536 |
|  |  | **185536** |
| **Materials (0.2%):** |  |  |
| ArcelorMittal SA | 5515 | 145059 |
|  |  | **145059** |
|  |  | **486103** |
| **Netherlands (2.4%):** |  |  |
| **Consumer Discretionary (0.2%):** |  |  |
| Prosus N.V. | 1833 | 126441 |
|  |  | **126441** |
| **Financials (0.7%):** |  |  |
| ABN AMRO Group N.V. | 13891 | 192162 |
| ING Groep NV | 13549 | 165143 |
| NN Group NV | 3774 | 154140 |
|  |  | **511445** |
| **Industrials (0.6%):** |  |  |
| Randstad N.V. | 3251 | 198194 |
| Wolters Kluwer N.V. | 2309 | 241596 |
|  |  | **439790** |
| **Information Technology (0.5%):** |  |  |
| Adyen N.V. <sup>(a)</sup> | 76 | 104802 |
| ASM International NV | 468 | 118037 |
| ASML Holding N.V. | 312 | 168235 |
|  |  | **391074** |
| **Materials (0.4%):** |  |  |
| AKZO Nobel N.V | 2556 | 171144 |
| Koninklijke DSM N.V. | 1370 | 167599 |
|  |  | **338743** |
|  |  | **1807493** |
| **Norway (2.0%):** |  |  |
| **Communication Services (0.4%):** |  |  |
| Adevinta ASA <sup>(a)</sup> | 10920 | 73212 |
| Telenor ASA | 25245 | 236335 |
|  |  | **309547** |
| **Consumer Staples (0.3%):** |  |  |
| Mowi ASA | 11224 | 191797 |
|  |  | **191797** |
| **Energy (0.3%):** |  |  |
| Aker BP ASA | 4065 | 126338 |
| Equinor ASA | 3943 | 141768 |
|  |  | **268106** |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan International ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Norway (2.0%): (continued)** | | |
| **Financials (0.6%):** | | |
| DNB Bank ASA | 10325 | 205189 |
| Gjensidige Forsikring ASA | 11455 | 225012 |
|  |  | **430201** |
| **Materials (0.4%):** |  |  |
| Norsk Hydro ASA | 19406 | 145417 |
| Yara International ASA | 3758 | 165382 |
|  |  | **310799** |
|  |  | **1510450** |
| **Portugal (0.8%):** |  |  |
| **Consumer Staples (0.3%):** |  |  |
| Jeronimo Martins & Filho SA | 10300 | 222466 |
|  |  | **222466** |
| **Energy (0.2%):** |  |  |
| Galp Energia SGPS SA | 14200 | 191649 |
|  |  | **191649** |
| **Utilities (0.3%):** |  |  |
| EDP - Energias de Portugal SA | 47372 | 236069 |
|  |  | **236069** |
|  |  | **650184** |
| **Russian Federation (0.0%):†** |  |  |
| **Materials (0.0%):†** |  |  |
| Evraz PLC <sup>(b)</sup> | 38723 | 18956 |
|  |  | **18956** |
| **Singapore (3.3%):** |  |  |
| **Communication Services (0.5%):** |  |  |
| Singapore Telecommunications, Ltd. | 181400 | 348143 |
|  |  | **348143** |
| **Consumer Staples (0.4%):** |  |  |
| Wilmar International Ltd. | 104600 | 325728 |
|  |  | **325728** |
| **Financials (1.3%):** |  |  |
| DBS Group Holdings Ltd. | 12300 | 311564 |
| Oversea-Chinese Banking Corp. Ltd. | 38900 | 353821 |
| United Overseas Bank | 15500 | 355351 |
|  |  | **1020736** |
| **Industrials (0.7%):** |  |  |
| Jardine Cycle & Carriage Ltd. | 9600 | 205033 |
| Keppel Corp. Ltd. | 62800 | 340474 |
|  |  | **545507** |
| **Real Estate (0.4%):** |  |  |
| Capitaland Investment Ltd. | 103100 | 284870 |
|  |  | **284870** |
|  |  | **2524984** |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Spain (3.0%):**<br>**Consumer Discretionary (0.3%):** | | |
| Industria de Diseno Textil SA | 7631 | 202961 |
|  |  | **202961** |
| **Energy (0.2%):** |  |  |
| Repsol SA | 12279 | 195161 |
|  |  | **195161** |
| **Financials (0.2%):** |  |  |
| Caixabank SA | 38695 | 152076 |
|  |  | **152076** |
| **Industrials (0.6%):** |  |  |
| Aena SME SA <sup>(a)</sup> | 1702 | 213679 |
| Ferrovial SA | 8186 | 214393 |
|  |  | **428072** |
| **Information Technology (0.2%):** |  |  |
| Amadeus IT Group SA <sup>(a)</sup> | 3198 | 166178 |
|  |  | **166178** |
| **Utilities (1.5%):** |  |  |
| Acciona SA | 1115 | 205142 |
| Endesa SA | 13708 | 258734 |
| Iberdrola SA | 22212 | 259844 |
| Naturgy Energy Group SA | 7517 | 195584 |
| Red Electrica Corp. SA | 15481 | 269417 |
|  |  | **1188721** |
|  |  | **2333169** |
| **Sweden (3.9%):** |  |  |
| **Communication Services (0.3%):** |  |  |
| Telia Co. AB | 80903 | 206813 |
|  |  | **206813** |
| **Consumer Staples (0.3%):** |  |  |
| Essity Aktiebolag, Class B | 7965 | 208727 |
|  |  | **208727** |
| **Financials (1.1%):** |  |  |
| EQT AB | 4808 | 101700 |
| L E Lundbergforetagen AB, Class B | 4066 | 173142 |
| Skandinavisk Enskilda Banken AB | 15052 | 173120 |
| Svenska Handelsbanken AB | 20873 | 210349 |
| Swedbank AB, Class A Shares | 11445 | 194571 |
|  |  | **852882** |
| **Industrials (1.4%):** |  |  |
| ALFA Laval AB | 5433 | 156857 |
| ASSA Abloy AB | 8205 | 175994 |
| Atlas Copco AB, Class A | 13565 | 160115 |
| Epiroc AB, Class A | 9153 | 166620 |
| Nibe Industrier AB, Class B | 12905 | 120152 |
| Sandvik AB | 9322 | 168400 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan International ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Sweden (3.9%): (continued)** | | |
| **Industrials (1.4%): (continued)** | | |
| Volvo AB | 9334 | 168689 |
|  |  | **1116827** |
| **Information Technology (0.4%):** |  |  |
| Hexagon AB, Class B | 15506 | 162061 |
| Telefonaktiebolaget LM Ericsson, Class B | 21574 | 125980 |
|  |  | **288041** |
| **Materials (0.4%):** |  |  |
| Boliden AB | 3827 | 143571 |
| Svenska Cellulosa AB SCA, Class B | 12074 | 152761 |
|  |  | **296332** |
|  |  | **2969622** |
| **Switzerland (7.0%):** |  |  |
| **Communication Services (0.5%):** |  |  |
| Swisscom AG | 728 | 398967 |
|  |  | **398967** |
| **Consumer Discretionary (0.4%):** |  |  |
| CIE Financiere Richemont SA | 1215 | 157593 |
| The Swatch Group AG | 678 | 192897 |
|  |  | **350490** |
| **Consumer Staples (0.7%):** |  |  |
| Barry Callebaut AG | 147 | 290851 |
| Chocoladefabriken Lindt & Spruengli AG | 22 | 224427 |
|  |  | **515278** |
| **Financials (1.1%):** |  |  |
| Julius Baer Group Ltd. | 3490 | 203344 |
| Partners Group Holding AG | 171 | 151096 |
| Swiss Life Holding AG | 456 | 235202 |
| Swiss Re AG | 2837 | 265409 |
|  |  | **855051** |
| **Health Care (0.9%):** |  |  |
| Alcon, Inc. | 3183 | 217549 |
| Lonza Group AG, Registered | 328 | 160771 |
| Sonova Holding AG | 623 | 147797 |
| Straumann Holding AG, Class R | 1271 | 145194 |
|  |  | **671311** |
| **Industrials (1.4%):** |  |  |
| ABB Ltd. | 7404 | 224747 |
| Geberit AG | 444 | 209176 |
| Kuehne & Nagel International AG | 783 | 182282 |
| Schindler Holding AG | 1196 | 224994 |
| SGS SA | 101 | 234909 |
|  |  | **1076108** |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Sweden (3.9%): (continued)** | | |
| **Information Technology (0.5%):** | | |
| Logitech International SA, Class R | 3361 | 207463 |
| STMicroelectronics N.V. | 4339 | 153229 |
|  |  | **360692** |
| **Materials (1.5%):** |  |  |
| EMS-Chemie Holding AG | 287 | 194355 |
| Givaudan SA | 66 | 202270 |
| Glencore PLC | 23379 | 156097 |
| Holcim, Ltd. | 4621 | 239348 |
| SIG Group AG | 9003 | 196734 |
| Sika AG | 722 | 173158 |
|  |  | **1161962** |
|  |  | **5389859** |
| **United Kingdom (5.6%):** |  |  |
| **Communication Services (0.5%):** |  |  |
| BT Group PLC | 125673 | 170204 |
| Informa PLC | 25118 | 188110 |
|  |  | **358314** |
| **Consumer Discretionary (0.3%):** |  |  |
| Next PLC | 2907 | 204004 |
|  |  | **204004** |
| **Consumer Staples (0.5%):** |  |  |
| Associated British Foods PLC | 11337 | 215958 |
| Haleon PLC <sup>(a)</sup> | 50461 | 199657 |
|  |  | **415615** |
| **Financials (1.2%):** |  |  |
| 3I Group PLC | 12068 | 195678 |
| Legal & General Group PLC | 61285 | 184816 |
| Lloyds Banking Group PLC | 290602 | 159502 |
| London Stock Exchange Group | 2211 | 190704 |
| Standard Chartered PLC | 21001 | 157989 |
|  |  | **888689** |
| **Health Care (0.3%):** |  |  |
| Smith & Nephew PLC | 15740 | 211080 |
|  |  | **211080** |
| **Industrials (1.6%):** |  |  |
| Ashtead Group PLC | 2840 | 162023 |
| Bunzl PLC | 7042 | 234836 |
| Ferguson PLC | 1673 | 211112 |
| RELX PLC | 9602 | 265542 |
| Rentokil Initial PLC | 34021 | 208894 |
| Spirax-Sarco Engineering PLC | 1348 | 172952 |
|  |  | **1255359** |
| **Information Technology (0.2%):** |  |  |
| Halma PLC | 7029 | 167709 |
|  |  | **167709** |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan International ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **United Kingdom (5.6%): (continued)** | | |
| **Materials (0.7%):** | | |
| Anglo American PLC | 4097 | 160272 |
| Croda International PLC | 2217 | 176966 |
| Rio Tinto PLC | 2875 | 201480 |
|  |  | **538718** |
| **Utilities (0.3%):** |  |  |
| SSE PLC | 10969 | 226980 |
|  |  | **226980** |
|  |  | **4266468** |
| **United States (0.6%):** |  |  |
| **Industrials (0.4%):** |  |  |
| Waste Connections, Inc. | 2339 | 310093 |
|  |  | **310093** |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **United States (0.6%): (continued)** | | |
| **Utilities (0.2%):** | | |
| Brookfield Renewable Corp., Class A | 6711 | 184753 |
|  |  | **184753** |
|  |  | **494846** |
| **Total Common Stocks (Cost $79,664,748)** |  | **76229797** |
| **Total Investments (Cost $79,664,748) — 99.2%<sup>(c)</sup>**  |  | **76229797** |
| **Other assets in excess of liabilities — 0.8%** |  | **645287** |
| **NET ASSETS - 100.00%** |  | $**76875084** |

---

Percentages indicated are based on net assets as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;† Represents less than 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

&nbsp;&nbsp;&nbsp;&nbsp;(c) See Federal Tax Information listed in the Notes to Financial Statements.

**Futures Contracts** 

**Long Futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index Futures** | **Expiration Date** | **Number of <br> Contracts** | **Notional <br> Amount** | **Value** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Mini MSCI EAFE Index | 3/17/23 | 4 | $393836 | $389880 | $(3956) |
|  |  |  |  |  | $(3956) |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments** 

December 31, 2022

**Timothy Plan US Large/Mid Cap Core Enhanced ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks (99.4%)** | | |
| **Communication Services (0.9%):** | | |
| Endeavor Group Holdings, Inc., Class A<sup>(a)</sup> | 7871 | 177412 |
| Lumen Technologies, Inc. | 26349 | 137542 |
| News Corp., Class A | 12885 | 234507 |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 2605 | 78437 |
|  |  | **627898** |
| **Consumer Discretionary (7.7%):** |  |  |
| Aptiv PLC<sup>(a)</sup> | 1689 | 157297 |
| Aramark | 6503 | 268834 |
| AutoZone, Inc.<sup>(a)</sup> | 104 | 256483 |
| Burlington Stores, Inc.<sup>(a)</sup> | 1123 | 227699 |
| CarMax, Inc.<sup>(a)</sup> | 2277 | 138646 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 112 | 155399 |
| Darden Restaurants, Inc. | 1521 | 210400 |
| Dollar General Corp. | 897 | 220886 |
| Dollar Tree, Inc.<sup>(a)</sup> | 1211 | 171284 |
| Domino's Pizza, Inc. | 713 | 246983 |
| DR Horton, Inc. | 2423 | 215986 |
| Garmin Ltd. | 2869 | 264780 |
| Genuine Parts Co. | 1899 | 329495 |
| Lennar Corp. | 2261 | 204620 |
| LKQ Corp. | 4019 | 214655 |
| Lowe's Cos., Inc. | 1207 | 240483 |
| NVR, Inc.<sup>(a)</sup> | 53 | 244467 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 318 | 268402 |
| Pool Corp. | 574 | 173537 |
| Pultegroup, Inc. | 4459 | 203018 |
| Ross Stores, Inc. | 1899 | 220417 |
| Service Corp. | 3962 | 273933 |
| Tesla, Inc.<sup>(a)</sup> | 562 | 69227 |
| Tractor Supply Co. | 1008 | 226770 |
| Vail Resorts, Inc. | 891 | 212370 |
|  |  | **5416071** |
| **Consumer Staples (4.1%):** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 2335 | 154484 |
| Bunge, Ltd. | 2577 | 257107 |
| Campbell Soup Co. | 6109 | 346686 |
| Costco Wholesale Corp. | 500 | 228250 |
| Darling Ingredients, Inc.<sup>(a)</sup> | 2196 | 137448 |
| Hormel Foods Corp. | 7324 | 333608 |
| Lamb Weston Holdings, Inc. | 2855 | 255123 |
| McCormick & Co., Inc. | 3689 | 305781 |
| Monster Beverage Corp.<sup>(a)</sup> | 2751 | 279309 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Consumer Staples (4.1%): (continued)** | | |
| Sysco Corp. | 3268 | 249838 |
| The JM Smucker Co. | 2017 | 319614 |
|  |  | **2867248** |
| **Energy (5.9%):** |  |  |
| Antero Resources Corp.<sup>(a)</sup> | 3474 | 107659 |
| APA Corp. | 3050 | 142374 |
| Chesapeake Energy Corp. | 1612 | 152124 |
| ConocoPhillips | 1437 | 169566 |
| Coterra Energy, Inc. | 5365 | 131818 |
| Devon Energy Corp. | 1948 | 119822 |
| Diamondback Energy, Inc. | 1064 | 145534 |
| EOG Resources, Inc. | 1309 | 169542 |
| Halliburton Co. | 4885 | 192225 |
| Hess Corp. | 1342 | 190323 |
| HF Sinclair Corp. | 2611 | 135485 |
| Kinder Morgan, Inc. | 15553 | 281198 |
| Marathon Oil Corp. | 5062 | 137028 |
| Marathon Petroleum Corp. | 1908 | 222072 |
| Occidental Petroleum Corp. | 1899 | 119618 |
| ONEOK, Inc. | 3857 | 253405 |
| Ovintiv, Inc. | 2361 | 119726 |
| Phillips 66 | 1913 | 199105 |
| Pioneer Natural Resources Co. | 749 | 171064 |
| Schlumberger Ltd. | 3427 | 183207 |
| Targa Resources Corp. | 2709 | 199112 |
| Texas Pacific Land Corp. | 71 | 166440 |
| The Williams Cos., Inc. | 8453 | 278104 |
| Valero Energy Corp. | 1387 | 175955 |
|  |  | **4162506** |
| **Financials (11.7%):** |  |  |
| Aflac, Inc. | 5371 | 386390 |
| American Financial Group, Inc. | 2104 | 288837 |
| Arch Capital Group Ltd.<sup>(a)</sup> | 6209 | 389801 |
| Ares Management Corp., Class A | 2532 | 173290 |
| Arthur J Gallagher & Co. | 1623 | 306000 |
| Brown & Brown, Inc. | 4133 | 235457 |
| Cboe Global Markets, Inc. | 2526 | 316937 |
| Cincinnati Financial Corp. | 2238 | 229149 |
| East West Bancorp, Inc. | 2700 | 177930 |
| Equitable Holdings, Inc. | 7389 | 212064 |
| Erie Indemnity Co., Class A | 1248 | 310403 |
| Everest Re Group, Ltd. | 991 | 328289 |
| FactSet Research Systems, Inc. | 650 | 260787 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Large/Mid Cap Core Enhanced ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Financials (11.7%): (continued)** | | |
| First Citizens BancShares, Inc., Class A | 240 | 182006 |
| First Republic Bank | 1862 | 226959 |
| Franklin Resources, Inc. | 9560 | 252193 |
| Globe Life, Inc. | 2703 | 325847 |
| Interactive Brokers Group, Inc. | 2957 | 213939 |
| Intercontinental Exchange, Inc. | 2805 | 287765 |
| LPL Financial Holdings, Inc. | 733 | 158453 |
| Markel Corp.<sup>(a)</sup> | 265 | 349135 |
| MarketAxess Holdings, Inc. | 862 | 240403 |
| Morningstar, Inc. | 921 | 199479 |
| MSCI, Inc. | 496 | 230724 |
| Nasdaq, Inc. | 5164 | 316811 |
| Principal Financial Group, Inc. | 3112 | 261159 |
| Raymond James Financial, Inc. | 2138 | 228445 |
| Rocket Cos., Inc., Class A | 18739 | 131173 |
| Ryan Specialty Holdings, Inc.<sup>(a)</sup> | 4681 | 194308 |
| Signature Bank | 913 | 105196 |
| SVB Financial Group<sup>(a)</sup> | 405 | 93207 |
| Tradeweb Markets, Inc., Class A | 4443 | 288484 |
| WR Berkley Corp. | 4321 | 313575 |
|  |  | **8214595** |
| **Health Care (12.8%):** |  |  |
| Agilent Technologies, Inc. | 1657 | 247970 |
| Align Technology, Inc.<sup>(a)</sup> | 636 | 134132 |
| Amgen, Inc. | 1402 | 368221 |
| Avantor, Inc.<sup>(a)</sup> | 9738 | 205374 |
| Baxter International, Inc. | 4582 | 233545 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 2400 | 248376 |
| Catalent, Inc.<sup>(a)</sup> | 2410 | 108474 |
| Centene Corp.<sup>(a)</sup> | 3121 | 255953 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 823 | 179332 |
| Danaher Corp. | 887 | 235428 |
| Dexcom, Inc.<sup>(a)</sup> | 1403 | 158876 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 2379 | 177497 |
| HCA Healthcare, Inc. | 821 | 197007 |
| Henry Schein, Inc.<sup>(a)</sup> | 4328 | 345677 |
| Horizon Therapeutics PLC<sup>(a)</sup> | 2802 | 318868 |
| Humana, Inc. | 553 | 283241 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 545 | 222338 |
| Incyte Corp.<sup>(a)</sup> | 3824 | 307144 |
| Insulet Corp.<sup>(a)</sup> | 599 | 176340 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 906 | 240407 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 1194 | 244639 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Health Care (12.8%): (continued)** | | |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 181 | 261626 |
| Moderna, Inc.<sup>(a)</sup> | 762 | 136870 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 1981 | 236611 |
| PerkinElmer, Inc. | 1646 | 230802 |
| R1 RCM, Inc.<sup>(a)</sup> | 9184 | 100565 |
| Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 278 | 200574 |
| Repligen Corp.<sup>(a)</sup> | 663 | 112253 |
| ResMed, Inc. | 1045 | 217496 |
| Shockwave Medical, Inc.<sup>(a)</sup> | 398 | 81833 |
| STERIS PLC | 1367 | 252471 |
| Stryker Corp. | 1131 | 276518 |
| Teleflex, Inc. | 1099 | 274343 |
| United Therapeutics Corp.<sup>(a)</sup> | 976 | 271416 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 950 | 153311 |
| Vertex Pharamaceuticals, Inc.<sup>(a)</sup> | 794 | 229291 |
| Waters Corp.<sup>(a)</sup> | 785 | 268925 |
| West Pharmaceutical Services, Inc. | 826 | 194399 |
| Zimmer Biomet Holdings, Inc. | 2195 | 279863 |
| Zoetis, Inc. | 1766 | 258807 |
|  |  | **8926813** |
| **Industrials (22.6%):** |  |  |
| Advanced Drainage Systems, Inc. | 1257 | 103036 |
| AECOM | 3550 | 301502 |
| AMETEK, Inc. | 2746 | 383671 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 2432 | 157788 |
| Carlisle Companies, Inc. | 836 | 197003 |
| Carrier Global Corp. | 6564 | 270765 |
| Caterpillar, Inc. | 1223 | 292982 |
| CH Robinson Worldwide, Inc. | 2226 | 203813 |
| Cintas Corp. | 723 | 326521 |
| Copart, Inc.<sup>(a)</sup> | 3919 | 238628 |
| Costar Group, Inc.<sup>(a)</sup> | 2196 | 169707 |
| CSX Corp. | 9365 | 290128 |
| Deere & Co. | 542 | 232388 |
| Dover Corp. | 2173 | 294246 |
| Eaton Corp. PLC | 1925 | 302129 |
| Equifax, Inc. | 1307 | 254029 |
| Expeditors International of Washington, Inc. | 2655 | 275908 |
| Fastenal Co. | 5982 | 283068 |
| Fortive Corp. | 4135 | 265674 |
| Generac Holdings, Inc.<sup>(a)</sup> | 803 | 80830 |
| General Dynamics Corp. | 1393 | 345617 |
| Graco, Inc. | 4647 | 312557 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Large/Mid Cap Core Enhanced ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Industrials (22.6%): (continued)** | | |
| HEICO Corp. | 1900 | 291916 |
| Honeywell International, Inc. | 1682 | 360453 |
| Howmet Aerospace, Inc. | 6570 | 258924 |
| Hubbell, Inc. | 1175 | 275749 |
| Huntington Ingalls Industries, Inc. | 1281 | 295501 |
| IDEX Corp. | 1471 | 335873 |
| Illinois Tool Works, Inc. | 1517 | 334195 |
| Ingersoll Rand, Inc. | 4612 | 240977 |
| J.B. Hunt Transport Services, Inc. | 1314 | 229109 |
| Johnson Controls International PLC | 4519 | 289216 |
| Leidos Holdings, Inc. | 3220 | 338712 |
| Masco Corp. | 4717 | 220142 |
| Nordson Corp. | 1285 | 305470 |
| Norfolk Southern Corp. | 1201 | 295950 |
| Old Dominion Freight Line, Inc. | 667 | 189281 |
| Otis Worldwide Corp. | 4253 | 333052 |
| PACCAR, Inc. | 3092 | 306015 |
| Parker Hannifin Corp. | 915 | 266265 |
| Quanta Services, Inc. | 1487 | 211898 |
| Regal Rexnord Corp. | 1503 | 180330 |
| Republic Services, Inc. | 2607 | 336277 |
| Rockwell Automation, Inc. | 883 | 227434 |
| Rollins, Inc. | 7245 | 264732 |
| Snap-on, Inc. | 1324 | 302521 |
| Textron, Inc. | 3540 | 250632 |
| Trane Technologies PLC | 1724 | 289787 |
| TransDigm Group, Inc. | 412 | 259416 |
| TransUnion | 3528 | 200214 |
| U-Haul Holding Co. | 5171 | 311243 |
| Union Pacific Corp. | 1490 | 308534 |
| United Rentals, Inc.<sup>(a)</sup> | 633 | 224981 |
| Verisk Analytics, Inc. | 1696 | 299208 |
| Waste Management, Inc. | 2211 | 346862 |
| Watsco, Inc. | 969 | 241669 |
| Westinghouse Air Brake Technologies Corp. | 2609 | 260404 |
| WW Grainger, Inc. | 517 | 287581 |
| Xylem, Inc. | 2335 | 258181 |
|  |  | **15810694** |
| **Information Technology (15.2%):** |  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 2141 | 138673 |
| Akamai Technologies, Inc.<sup>(a)</sup> | 3131 | 263943 |
| Amphenol Corp., Class A | 3785 | 288190 |
| Analog Devices, Inc. | 1482 | 243092 |
| ANSYS, Inc.<sup>(a)</sup> | 867 | 209459 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Information Technology (15.2%): (continued)** | | |
| Arista Networks, Inc.<sup>(a)</sup> | 1718 | 208479 |
| Bentley Systems, Inc., Class B | 4593 | 169757 |
| Broadcom, Inc. | 465 | 259995 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 1213 | 194856 |
| CDW Corp. | 1542 | 275370 |
| Cognizant Technology Solutions Corp., Class A | 3929 | 224700 |
| Datadog, Inc., Class A<sup>(a)</sup> | 1256 | 92316 |
| Dynatrace, Inc.<sup>(a)</sup> | 3771 | 144429 |
| Enphase Energy, Inc.<sup>(a)</sup> | 405 | 107309 |
| Entegris, Inc. | 1807 | 118521 |
| EPAM Systems, Inc.<sup>(a)</sup> | 240 | 78658 |
| F5, Inc.<sup>(a)</sup> | 1436 | 206080 |
| Fair Isaac Corp.<sup>(a)</sup> | 446 | 266967 |
| Fidelity National Information Services, Inc. | 2723 | 184756 |
| First Solar, Inc.<sup>(a)</sup> | 1110 | 166267 |
| FleetCor Technologies, Inc.<sup>(a)</sup> | 1304 | 239519 |
| Fortinet, Inc.<sup>(a)</sup> | 2779 | 135865 |
| Gartner, Inc.<sup>(a)</sup> | 714 | 240004 |
| Jack Henry & Associates, Inc. | 1636 | 287216 |
| Juniper Networks, Inc. | 9348 | 298762 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 1432 | 244972 |
| KLA Corp. | 554 | 208875 |
| Lam Research Corp. | 448 | 188294 |
| Microchip Technology, Inc. | 2782 | 195436 |
| Monolithic Power Systems, Inc. | 376 | 132957 |
| NetApp, Inc. | 3508 | 210690 |
| NVIDIA Corp. | 1025 | 149794 |
| NXP Semiconductors NV | 1165 | 184105 |
| ON Semiconductor Corp.<sup>(a)</sup> | 2057 | 128295 |
| Paychex, Inc. | 2327 | 268908 |
| Paycom Software, Inc.<sup>(a)</sup> | 456 | 141501 |
| Paylocity Holding Corp.<sup>(a)</sup> | 594 | 115390 |
| PTC, Inc.<sup>(a)</sup> | 1671 | 200587 |
| Qorvo, Inc.<sup>(a)</sup> | 1988 | 180192 |
| Roper Technologies, Inc. | 793 | 342647 |
| Seagate Technology Holdings PLC | 3415 | 179663 |
| ServiceNow, Inc.<sup>(a)</sup> | 384 | 149096 |
| Skyworks Solutions, Inc. | 2166 | 197388 |
| SS&C Technologies Holdings, Inc. | 5338 | 277896 |
| Synopsys, Inc.<sup>(a)</sup> | 628 | 200514 |
| TD SYNNEX Corp. | 2646 | 250603 |
| TE Connectivity Ltd. | 2101 | 241195 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 760 | 303932 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Large/Mid Cap Core Enhanced ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Information Technology (15.2%): (continued)** | | |
| Teradyne, Inc. | 1910 | 166839 |
| The Trade Desk, Inc., Class A<sup>(a)</sup> | 1573 | 70518 |
| Trimble, Inc.<sup>(a)</sup> | 3656 | 184847 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 566 | 182484 |
| Western Digital Corp.<sup>(a)</sup> | 4698 | 148222 |
| Zebra Technologies Corp.<sup>(a)</sup> | 672 | 172308 |
|  |  | **10661331** |
| **Materials (7.9%):** |  |  |
| Albemarle Corp. | 551 | 119490 |
| Avery Dennison Corp. | 1362 | 246522 |
| Ball Corp. | 3608 | 184513 |
| Celanese Corp. | 2205 | 225439 |
| CF Industries Holdings, Inc. | 1475 | 125670 |
| Eastman Chemical Co. | 2975 | 242284 |
| Ecolab, Inc. | 1588 | 231149 |
| FMC Corp. | 2208 | 275558 |
| Freeport-McMoRan, Inc. | 4989 | 189582 |
| International Flavors & Fragrances, Inc. | 2526 | 264826 |
| International Paper Co. | 7636 | 264435 |
| LyondellBasell Industries NV, Class A | 2756 | 228831 |
| Martin Marietta Materials, Inc. | 767 | 259223 |
| Newmont Corp. | 4829 | 227929 |
| Nucor Corp. | 1300 | 171353 |
| Packaging Corp. of America | 2054 | 262727 |
| PPG Industries, Inc. | 1908 | 239912 |
| Reliance Steel & Aluminum Co. | 1168 | 236450 |
| RPM International, Inc. | 2925 | 285041 |
| Steel Dynamics, Inc. | 2054 | 200676 |
| The Mosaic Co. | 2769 | 121476 |
| The Sherwin-Williams Co. | 1020 | 242077 |
| Vulcan Materials Co. | 1605 | 281051 |
| Westlake Chemical Corp. | 2120 | 217385 |
| Westrock Co. | 6081 | 213808 |
|  |  | **5557407** |
| **Utilities (10.6%):** |  |  |
| Alliant Energy Corp. | 6611 | 364993 |
| Ameren Corp. | 4676 | 415790 |
| American Electric Power Co., Inc. | 3975 | 377426 |
| American Water Works Co., Inc. | 2165 | 329989 |
| Atmos Energy Corp. | 3502 | 392469 |
| CenterPoint Energy, Inc. | 12606 | 378054 |
| CMS Energy Corp. | 6073 | 384603 |
| Consolidated Edison, Inc. | 4178 | 398205 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Utilities (10.6%): (continued)** | | |
| Constellation Energy Corp. | 1797 | 154920 |
| DTE Energy Co. | 3402 | 399837 |
| Entergy Corp. | 3048 | 342900 |
| Essential Utilities, Inc. | 7288 | 347856 |
| Evergy, Inc. | 6125 | 385446 |
| Eversource Energy | 4520 | 378957 |
| FirstEnergy Corp. | 9028 | 378634 |
| NextEra Energy, Inc. | 3320 | 277552 |
| NiSource, Inc. | 12895 | 353581 |
| NRG Energy, Inc. | 5460 | 173737 |
| The Southern Co. | 5267 | 376117 |
| WEC Energy Group, Inc. | 3986 | 373728 |
| Xcel Energy, Inc. | 5754 | 403413 |
|  |  | **7388207** |
| **Total Common Stocks (Cost $69,659,432)** |  | **69632770** |
| **Rights (0.0%)†** |  |  |
| **Health Care (0.0%):†** |  |  |
| ABIOMED, Inc., CVR, Expiring 01/02/26<sup>(a)(b)</sup> | 609 | 621 |
|  |  | **621** |
| **Total Rights (Cost $–)** |  | **621** |
| **Investment Company (0.5%)** |  |  |
| BlackRock Liquidity Funds T-Fund, Institutional Class, 4.02%<sup>(c)</sup> | 347813 | **347813** |
| **Total Investment Company (Cost $347,813)** |  | **347813** |
| **Total Investments (Cost $70,007,245) — 99.9%<sup>(d)</sup>**  |  | **69981204** |
| **Other assets in excess of liabilities — 0.1%** |  | **78357** |
| **NET ASSETS — 100.00%** |  | $**70059561** |

---

Percentages indicated are based on net assets as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;† Represents less than 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate disclosed is the 7-Day effective yield on December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) See Federal Tax Information listed in the Notes to Financial Statements.

CVR — Contingent Value Rights

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan US Large/Mid Cap Core Enhanced ETF**

**Futures Contracts** 

**Long Futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index Futures** | **Expiration Date** | **Number of <br> Contracts** | **Notional <br> Amount** | **Value** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| S&P 500 Index E-mini | 3/17/23 | 2 | $385571 | $386100 | $529 |
|  |  |  |  |  | $529 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments** 

December 31, 2022

**Timothy Plan High Dividend Stock Enhanced ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks (99.3%)** | | |
| **Communication Services (0.5%):** | | |
| Lumen Technologies, Inc. | 66201 | 345569 |
|  |  | **345569** |
| **Consumer Discretionary (4.5%):** |  |  |
| Darden Restaurants, Inc. | 3822 | 528697 |
| Garmin Ltd. | 7210 | 665411 |
| Genuine Parts Co. | 4772 | 827990 |
| LKQ Corp. | 10098 | 539334 |
| Vail Resorts, Inc. | 2238 | 533427 |
|  |  | **3094859** |
| **Consumer Staples (6.7%):** |  |  |
| Bunge, Ltd. | 6476 | 646110 |
| Campbell Soup Co. | 15350 | 871112 |
| Hormel Foods Corp. | 18400 | 838120 |
| McCormick & Co., Inc. | 9268 | 768225 |
| Sysco Corp. | 8211 | 627731 |
| The JM Smucker Co. | 5067 | 802917 |
|  |  | **4554215** |
| **Energy (9.9%):** |  |  |
| Chesapeake Energy Corp. | 4049 | 382104 |
| ConocoPhillips | 3609 | 425862 |
| Coterra Energy, Inc. | 13479 | 331179 |
| Devon Energy Corp. | 4895 | 301091 |
| Diamondback Energy, Inc. | 2673 | 365613 |
| EOG Resources, Inc. | 3328 | 431043 |
| Kinder Morgan, Inc. | 39078 | 706530 |
| Marathon Petroleum Corp. | 4795 | 558090 |
| ONEOK, Inc. | 9691 | 636699 |
| Phillips 66 | 4806 | 500208 |
| Pioneer Natural Resources Co. | 1882 | 429830 |
| Targa Resources Corp. | 6807 | 500315 |
| The Williams Cos., Inc. | 21239 | 698763 |
| Valero Energy Corp. | 3486 | 442234 |
|  |  | **6709561** |
| **Financials (11.3%):** |  |  |
| Aflac, Inc. | 13494 | 970758 |
| American Financial Group, Inc. | 5287 | 725799 |
| Ares Management Corp., Class A | 6361 | 435347 |
| Cincinnati Financial Corp. | 5623 | 575739 |
| East West Bancorp, Inc. | 6783 | 447000 |
| Equitable Holdings, Inc. | 18566 | 532844 |
| Erie Indemnity Co., Class A | 3136 | 779986 |
| Everest Re Group, Ltd. | 2489 | 824531 |
| Franklin Resources, Inc. | 24019 | 633621 |
| Principal Financial Group, Inc. | 7818 | 656087 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Financials (11.3%): (continued)** | | |
| Rocket Cos., Inc., Class A | 47083 | 329581 |
| WR Berkley Corp. | 10857 | 787893 |
|  |  | **7699186** |
| **Health Care (2.2%):** |  |  |
| Amgen, Inc. | 3523 | 925281 |
| Baxter International, Inc. | 11512 | 586766 |
|  |  | **1512047** |
| **Industrials (19.6%):** |  |  |
| Caterpillar, Inc. | 3073 | 736168 |
| CH Robinson Worldwide, Inc. | 5592 | 512004 |
| Eaton Corp. PLC | 4837 | 759167 |
| Fastenal Co. | 15029 | 711172 |
| General Dynamics Corp. | 3499 | 868137 |
| Honeywell International, Inc. | 4226 | 905632 |
| Huntington Ingalls Industries, Inc. | 3220 | 742790 |
| Illinois Tool Works, Inc. | 3811 | 839563 |
| Johnson Controls International PLC | 11354 | 726656 |
| Masco Corp. | 11850 | 553040 |
| Norfolk Southern Corp. | 3018 | 743696 |
| PACCAR, Inc. | 7984 | 790176 |
| Parker Hannifin Corp. | 2298 | 668718 |
| Regal Rexnord Corp. | 3776 | 453044 |
| Rockwell Automation, Inc. | 2218 | 571290 |
| Snap-on, Inc. | 3327 | 760186 |
| TransDigm Group, Inc. | 1036 | 652317 |
| Union Pacific Corp. | 3744 | 775270 |
| Watsco, Inc. | 2434 | 607040 |
|  |  | **13376066** |
| **Information Technology (8.4%):** |  |  |
| Analog Devices, Inc. | 3724 | 610848 |
| Broadcom, Inc. | 1168 | 653064 |
| Fidelity National Information Services, Inc. | 6842 | 464230 |
| Juniper Networks, Inc. | 23488 | 750677 |
| NetApp, Inc. | 8813 | 529309 |
| NXP Semiconductors NV | 2928 | 462712 |
| Paychex, Inc. | 5847 | 675679 |
| Seagate Technology Holdings PLC | 8581 | 451446 |
| Skyworks Solutions, Inc. | 5442 | 495929 |
| TE Connectivity Ltd. | 5280 | 606144 |
|  |  | **5700038** |
| **Materials (11.7%):** |  |  |
| Celanese Corp. | 5540 | 566410 |
| Eastman Chemical Co. | 7476 | 608845 |
| FMC Corp. | 5548 | 692390 |

---

*See notes to financial statements.*

**Schedule of Portfolio Investments - continued** 

December 31, 2022

**Timothy Plan High Dividend Stock Enhanced ETF**

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Materials (11.7%): (continued)** | | |
| Freeport-McMoRan, Inc. | 12536 | 476368 |
| International Flavors & Fragrances, Inc. | 6347 | 665419 |
| International Paper Co. | 19185 | 664377 |
| LyondellBasell Industries NV, Class A | 6924 | 574900 |
| Newmont Corp. | 12134 | 572725 |
| Packaging Corp. of America | 5160 | 660016 |
| PPG Industries, Inc. | 4794 | 602798 |
| Reliance Steel & Aluminum Co. | 2935 | 594161 |
| RPM International, Inc. | 7350 | 716257 |
| Westrock Co. | 15279 | 537210 |
|  |  | **7931876** |
| **Utilities (24.5%):** |  |  |
| Alliant Energy Corp. | 16611 | 917093 |
| Ameren Corp. | 11748 | 1044632 |
| American Electric Power Co., Inc. | 9987 | 948266 |
| Atmos Energy Corp. | 8798 | 985992 |
| CenterPoint Energy, Inc. | 31674 | 949903 |
| CMS Energy Corp. | 15260 | 966416 |
| Consolidated Edison, Inc. | 10498 | 1000564 |
| DTE Energy Co. | 8546 | 1004411 |
| Entergy Corp. | 7659 | 861638 |
| Essential Utilities, Inc. | 18311 | 873984 |
| Evergy, Inc. | 15388 | 968367 |
| Eversource Energy | 11356 | 952087 |
| FirstEnergy Corp. | 22683 | 951325 |
| NiSource, Inc. | 32399 | 888381 |
| NRG Energy, Inc. | 13719 | 436539 |
| The Southern Co. | 13232 | 944897 |
| WEC Energy Group, Inc. | 10015 | 939006 |
| Xcel Energy, Inc. | 14457 | 1013580 |
|  |  | **16647081** |
| **Total Common Stocks (Cost $67,880,762)** |  | **67570498** |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Investment Company (0.5%)** | | |
| BlackRock Liquidity Funds T-Fund, Institutional Class, 4.02%<sup>(a)</sup> | 335770 | 335770 |
| **Total Investment Company (Cost $335,770)** |  | **335770** |
| **Total Investments (Cost $68,216,532) — 99.8%<sup>(b)</sup>**  |  | **67906268** |
| **Other assets in excess of liabilities — 0.2%** |  | **148524** |
| **NET ASSETS - 100.00%** |  | $**68054792** |

---

Percentages indicated are based on net assets as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate disclosed is the 7-Day effective yield on December 31, 2022.

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

**Futures Contracts** 

**Long Futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index Futures** | **Expiration Date** | **Number of <br> Contracts** | **Notional <br> Amount** | **Value** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| S&P 500 Index E-mini | 3/17/23 | 2 | $390713 | $386100 | $(4613) |
|  |  |  |  |  | $(4613) |

---

*See notes to financial statements.*

**Statements of Assets and Liabilities** 

December 31, 2022

**Timothy Plan**

---

| | | |
|:---|:---|:---|
|  | **Timothy Plan US <br> Small Cap Core <br> ETF** | **Timothy Plan US <br> Large/Mid Cap <br> Core ETF** |
| **ASSETS:** |  |  |
| Investments, at value (Cost $71,082,172 and $170,437,827) | $71225786 | $178292449 |
| Cash  | 130374 | 620374 |
| Deposits with broker for futures contracts | 34832 | 82740 |
| Interest and dividends receivable | 62232 | 144925 |
| &nbsp;&nbsp;&nbsp;Total Assets | 71453224 | 179140488 |
| **LIABILITIES:** |  |  |
| Variation margin payable on open futures contracts | 620 | 429 |
| Accrued expenses and other payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 30882 | 80179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 31502 | 80608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | 71421722 | 179059880 |
| **NET ASSETS CONSIST OF:** |  |  |
| Capital | $78068573 | $184066402 |
| Total distributable earnings/(loss) | (6646851) | (5006522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $71421722 | $179059880 |
| Shares Outstanding (unlimited shares authorized, no par value): | 2350000 | 5350000 |
| **Net asset value per share:**  | $30.39 | $33.47 |

---

*See notes to financial statements.*

**Statements of Assets and Liabilities - continued** 

December 31, 2022

**Timothy Plan**

---

| | | |
|:---|:---|:---|
|  | **Timothy Plan High <br> Dividend Stock <br> ETF**  | **Timothy Plan <br> International ETF**  |
| **ASSETS:** |  |  |
| Investments, at value (Cost $174,814,613 and $79,664,748) | $178002735 | $76229797 |
| Foreign currency, at value (Cost $— and $7,889) |  | 7889 |
| Cash  | 721955 | 364479 |
| Deposits with broker for futures contracts | 56696 | 68457 |
| Interest and dividends receivable | 285387 | 147659 |
| Reclaims receivable |  | 124196 |
| &nbsp;&nbsp;&nbsp;Total Assets | 179066773 | 76942477 |
| **LIABILITIES:** |  |  |
| Payable for investments purchased |  | 23024 |
| Variation margin payable on open futures contracts | 429 | 4020 |
| Accrued expenses and other payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 80314 | 40349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 80743 | 67393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | 178986030 | 76875084 |
| **NET ASSETS CONSIST OF:** |  |  |
| Capital | $187610575 | $88548288 |
| Total distributable earnings/(loss) | (8624545) | (11673204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $178986030 | $76875084 |
| Shares Outstanding (unlimited shares authorized, no par value): | 5750000 | 3300000 |
| **Net asset value per share:**  | $31.13 | $23.30 |

---

*See notes to financial statements.*

**Statements of Assets and Liabilities - continued** 

December 31, 2022

**Timothy Plan**

---

| | | |
|:---|:---|:---|
|  | **Timothy Plan US <br> Large/Mid Cap <br> Core Enhanced <br> ETF** | **Timothy Plan High <br> Dividend Stock <br> Enhanced ETF**  |
| **ASSETS:** |  |  |
| Investments, at value (Cost $70,007,245 and $68,216,532) | $69981204 | $67906268 |
| Deposits with broker for futures contracts | 41443 | 62348 |
| Interest and dividends receivable | 69472 | 117729 |
| &nbsp;&nbsp;&nbsp;Total Assets | 70092119 | 68086345 |
| **LIABILITIES:** |  |  |
| Variation margin payable on open futures contracts | 1075 | 1075 |
| Accrued expenses and other payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 31483 | 30478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 32558 | 31553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | 70059561 | 68054792 |
| **NET ASSETS CONSIST OF:** |  |  |
| Capital | $76092937 | $75587962 |
| Total distributable earnings/(loss) | (6033376) | (7533170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $70059561 | $68054792 |
| Shares Outstanding (unlimited shares authorized, no par value): | 2950000 | 2900000 |
| **Net asset value per share:**  | $23.75 | $23.47 |

---

*See notes to financial statements.*

**Statements of Operations** 

For the Year Ended December 31, 2022

**Timothy Plan**

---

| | | |
|:---|:---|:---|
|  | **Timothy Plan US <br> Small Cap Core <br> ETF** | **Timothy Plan US <br> Large/Mid Cap <br> Core ETF** |
| **Investment Income:** |  |  |
| Dividend income | $912260 | $2531496 |
| Interest income | 266 | 780 |
| Foreign tax withholding | (957) | (1238) |
| &nbsp;&nbsp;&nbsp;Total Income | 911569 | 2531038 |
| **Expenses:** |  |  |
| Investment advisory fees | 295091 | 852887 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 295091 | 852887 |
| Net Investment Income (Loss) | 616478 | 1678151 |
| **Realized/Unrealized Gains (Losses) from Investments:** |  |  |
| Net realized gains (losses) from investment securities  | (2924599) | (5025036) |
| Net realized gains (losses) from in-kind transactions | 906789 | 8685380 |
| Net realized gains (losses) from futures contracts | (34698) | (147588) |
| Net change in unrealized appreciation/depreciation on investments  | (6766212) | (27550200) |
| Net change in unrealized appreciation/depreciation on futures contracts | (560) | (8991) |
| Net realized/unrealized (losses) on investments  | (8819280) | (24046435) |
| Change in net assets resulting from operations | $(8202802) | $(22368284) |

---

*See notes to financial statements.*

**Statements of Operations - continued** 

For the Year Ended December 31, 2022

**Timothy Plan**

---

| | | |
|:---|:---|:---|
|  | **Timothy Plan High <br> Dividend Stock <br> ETF**  | **Timothy Plan <br> International ETF**  |
| **Investment Income:** |  |  |
| Dividend income | $4610305 | $3005436 |
| Interest income | 857 | 30 |
| Foreign tax withholding | (970) | (428506) |
| &nbsp;&nbsp;&nbsp;Total Income | 4610192 | 2576960 |
| **Expenses:** |  |  |
| Investment advisory fees | 843066 | 477791 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 843066 | 477791 |
| Net Investment Income (Loss) | 3767126 | 2099169 |
| **Realized/Unrealized Gains (Losses) from Investments:** |  |  |
| Net realized gains (losses) from investments and foreign currency transactions  | (2786577) | (7610886) |
| Net realized gains (losses) from in-kind transactions | 11275932 | 2119281 |
| Net realized gains (losses) from futures contracts | (189954) | (74738) |
| Net change in unrealized appreciation/depreciation on investments and foreign currency translations  | (15903968) | (13288225) |
| Net change in unrealized appreciation/depreciation on futures contracts | (20614) | (7628) |
| Net realized/unrealized (losses) on investments  | (7625181) | (18862196) |
| Change in net assets resulting from operations | $(3858055) | $(16763027) |

---

*See notes to financial statements.*

**Statements of Operations - continued** 

For the Year Ended December 31, 2022

**Timothy Plan**

---

| | | |
|:---|:---|:---|
|  | **Timothy Plan US <br> Large/Mid Cap <br> Core Enhanced <br> ETF** | **Timothy Plan High <br> Dividend Stock <br> Enhanced ETF**  |
| **Investment Income:** |  |  |
| Dividend income | $1079972 | $1754729 |
| Interest income | 3945 | 608 |
| Foreign tax withholding | (309) | (373) |
| &nbsp;&nbsp;&nbsp;Total Income | 1083608 | 1754964 |
| **Expenses:** |  |  |
| Investment advisory fees | 358953 | 313456 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 358953 | 313456 |
| Net Investment Income (Loss) | 724655 | 1441508 |
| **Realized/Unrealized Gains (Losses) from Investments:** |  |  |
| Net realized gains (losses) from investments  | (5928851) | (7215962) |
| Net realized gains (losses) from in-kind transactions | 30859 | 1841285 |
| Net realized gains (losses) from futures contracts | (46964) | (27677) |
| Net change in unrealized appreciation/depreciation on investments  | (3085404) | (2330726) |
| Net change in unrealized appreciation/depreciation on futures contracts | 2396 | (4613) |
| Net realized/unrealized (losses) on investments  | (9027964) | (7737693) |
| Change in net assets resulting from operations | $(8303309) | $(6296185) |

---

*See notes to financial statements.*

**Statements of Changes in Net Assets** 

**Timothy Plan**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Timothy Plan US <br> Small Cap Core ETF** | **Timothy Plan US <br> Small Cap Core ETF** | **Timothy Plan US Large/<br> Mid Cap Core ETF** | **Timothy Plan US Large/<br> Mid Cap Core ETF** |
|  | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the <br> Year Ended <br> December 31, <br> 2021** | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the <br> Year Ended <br> December 31, <br> 2021** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $616478 | $593551 | $1678151 | $1244250 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses)  | (2052508) | 9167013 | 3512756 | 33735791 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation  | (6766772) | 1532831 | (27559191) | 7145662 |
| Change in net assets resulting from operations | (8202802) | 11293395 | (22368284) | 42125703 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (611312) | (612920) | (1744329) | (1212586) |
| Change in net assets resulting from distributions to shareholders | (611312) | (612920) | (1744329) | (1212586) |
| Change in net assets resulting from capital transactions | 23444251 | 14242606 | 35032028 | (36676713) |
| Change in net assets | 14630137 | 24923081 | 10919415 | 4236404 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 56791585 | 31868504 | 168140465 | 163904061 |
| &nbsp;&nbsp;&nbsp;End of period | $71421722 | $56791585 | $179059880 | $168140465 |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | $29554740 | $44341921 | $72349537 | $78358551 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6110489) | (30099315) | (37317509) | (115035264) |
| Change in net assets resulting from capital transactions | $23444251 | $14242606 | $35032028 | $(36676713) |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 950000 | 1350000 | 2100000 | 2250000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (200000) | (900000) | (1100000) | (3200000) |
| &nbsp;&nbsp;&nbsp;Change in Shares | 750000 | 450000 | 1000000 | (950000) |

---

*See notes to financial statements.*

**Statements of Changes in Net Assets - continued** 

**Timothy Plan**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Timothy Plan High <br> Dividend Stock ETF** | **Timothy Plan High <br> Dividend Stock ETF** | **Timothy Plan International ETF** | **Timothy Plan International ETF** |
|  | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the <br> Year Ended <br> December 31, <br> 2021** | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the <br> Year Ended <br> December 31, <br> 2021** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $3767126 | $2789515 | $2099169 | $1568906 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses)  | 8299401 | 22658204 | (5566343) | 4255008 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation  | (15924582) | 8214547 | (13295853) | 1608467 |
| Change in net assets resulting from operations | (3858055) | 33662266 | (16763027) | 7432381 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (3952230) | (2718477) | (1877299) | (1960152) |
| Change in net assets resulting from distributions to shareholders | (3952230) | (2718477) | (1877299) | (1960152) |
| Change in net assets resulting from capital transactions | 55213923 | (22272015) | 12688674 | 5854096 |
| Change in net assets | 47403638 | 8671774 | (5951652) | 11326325 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 131582392 | 122910618 | 82826736 | 71500411 |
| &nbsp;&nbsp;&nbsp;End of period | $178986030 | $131582392 | $76875084 | $82826736 |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | $118769570 | $78541688 | $33869369 | $17679875 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (63555647) | (100813703) | (21180695) | (11825779) |
| Change in net assets resulting from capital transactions | $55213923 | $(22272015) | $12688674 | $5854096 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3700000 | 2650000 | 1300000 | 600000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2000000) | (3350000) | (850000) | (400000) |
| &nbsp;&nbsp;&nbsp;Change in Shares | 1700000 | (700000) | 450000 | 200000 |

---

*See notes to financial statements.*

**Statements of Changes in Net Assets - continued** 

**Timothy Plan**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Timothy Plan US Large/Mid Cap Core <br> Enhanced ETF** | **Timothy Plan US Large/Mid Cap Core <br> Enhanced ETF** | **Timothy Plan High Dividend Stock <br> Enhanced ETF** | **Timothy Plan High Dividend Stock <br> Enhanced ETF** |
|  | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the Period <br> July 29, 2021<sup>(a)</sup>** **<br> through <br> December 31, <br> 2021** | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the Period <br> July 29, 2021<sup>(a)</sup>** **<br> through <br> December 31, <br> 2021** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $724655 | $153122 | $1441508 | $271068 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses)  | (5944956) | 39554 | (5402354) | 37471 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation  | (3083008) | 3057496 | (2335339) | 2020462 |
| Change in net assets resulting from operations | (8303309) | 3250172 | (6296185) | 2329001 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (812493) | (155733) | (1626064) | (314041) |
| &nbsp;&nbsp;&nbsp;From return of capital: | (31102) |  |  |  |
| Change in net assets resulting from distributions to shareholders | (843595) | (155733) | (1626064) | (314041) |
| Change in net assets resulting from capital transactions | 9879040 | 66232986 | 28896178 | 45065903 |
| Change in net assets | 732136 | 69327425 | 20973929 | 47080863 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 69327425 |  | 47080863 |  |
| &nbsp;&nbsp;&nbsp;End of period | $70059561 | $69327425 | $68054792 | $47080863 |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | $11041046 | $67531288 | $50702912 | $45065903 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1162006) | (1298302) | (21806735) |  |
| Change in net assets resulting from capital transactions | $9879040 | $66232986 | $28896177 | $45065903 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 450000 | 2600000 | 2000000 | 1750000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (50000) | (50000) | (850000) |  |
| &nbsp;&nbsp;&nbsp;Change in Shares | 400000 | 2550000 | 1150000 | 1750000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations.

*See notes to financial statements.*

**Financial Highlights** 

For a Share Outstanding Throughout Each Period

**Timothy Plan**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Timothy Plan US Small Cap Core ETF** | **Timothy Plan US Small Cap Core ETF** | **Timothy Plan US Small Cap Core ETF** | **Timothy Plan US Small Cap Core ETF** |
|  | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the <br> Year Ended <br> December 31, <br> 2021** | **For the <br> Year Ended <br> December 31, <br> 2020** | **For the period <br> December 3, <br> 2019<sup>(a)</sup>** **to <br> December 31, <br> 2019** |
| **Net Asset Value, Beginning of Period** | $35.49 | $27.71 | $25.55 | $24.73 |
| Investment Activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(b)</sup> | 0.34 | 0.40 | 0.32 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses)  | (5.11) | 7.78 | 2.15 | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Activities | (4.77) | 8.18 | 2.47 | 0.84 |
| Distributions to Shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.33) | (0.40) | (0.31) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.33) | (0.40) | (0.31) | (0.02) |
| **Net Asset Value, End of Period** | $30.39 | $35.49 | $27.71 | $25.55 |
| Total Return<sup>(c)</sup> | (13.45%) | 29.62% | 9.99% | 3.39% |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Ratio of Expenses to Average Net Assets<sup>(d)</sup> | 0.52% | 0.52% | 0.52% | 0.52% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(d)</sup> | 1.09% | 1.20% | 1.45% | 0.89% |
| Net Assets, End of Period (000's) | $71422 | $56792 | $31869 | $10222 |
| Portfolio Turnover<sup>(c)(e)</sup> | 59% | 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.*

**Financial Highlights - continued** 

For a Share Outstanding Throughout Each Period

**Timothy Plan**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Timothy Plan US Large/Mid Cap Core ETF** | **Timothy Plan US Large/Mid Cap Core ETF** | **Timothy Plan US Large/Mid Cap Core ETF** | **Timothy Plan US Large/Mid Cap Core ETF** |
|  | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the <br> Year Ended <br> December 31, <br> 2021** | **For the <br> Year Ended <br> December 31, <br> 2020** | **For the period <br> May 1, <br> 2019<sup>(a)</sup>** **to <br> December 31, <br> 2019** |
| **Net Asset Value, Beginning of Period** | $38.65 | $30.93 | $27.23 | $25.16 |
| Investment Activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(b)</sup> | 0.35 | 0.24 | 0.23 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) | (5.17) | 7.72 | 3.72 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Activities | (4.82) | 7.96 | 3.95 | 2.25 |
| Distributions to Shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.36) | (0.24) | (0.25) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.36) | (0.24) | (0.25) | (0.18) |
| **Net Asset Value, End of Period** | $33.47 | $38.65 | $30.93 | $27.23 |
| Total Return<sup>(c)</sup> | (12.48%) | 25.82% | 14.67% | 9.01% |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Ratio of Expenses to Average Net Assets<sup>(d)</sup> | 0.52% | 0.52% | 0.52% | 0.52% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(d)</sup> | 1.02% | 0.69% | 0.88% | 1.22% |
| Net Assets, End of Period (000's) | $179060 | $168140 | $163904 | $134795 |
| Portfolio Turnover<sup>(c)(e)</sup> | 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.*

**Financial Highlights - continued** 

For a Share Outstanding Throughout Each Period

**Timothy Plan**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Timothy Plan High Dividend Stock ETF** | **Timothy Plan High Dividend Stock ETF** | **Timothy Plan High Dividend Stock ETF** | **Timothy Plan High Dividend Stock ETF** |
|  | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the <br> Year Ended <br> December 31, <br> 2021** | **For the <br> Year Ended <br> December 31, <br> 2020** | **For the period <br> May 1, <br> 2019<sup>(a)</sup>** **to <br> December 31, <br> 2019** |
| **Net Asset Value, Beginning of Period** | $32.49 | $25.88 | $26.89 | $25.10 |
| Investment Activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(b)</sup> | 0.73 | 0.61 | 0.57 | 0.48 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) | (1.35) | 6.60 | (0.96) | 1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Activities | (0.62) | 7.21 | (0.39) | 2.22 |
| Distributions to Shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.74) | (0.60) | (0.62) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.74) | (0.60) | (0.62) | (0.43) |
| **Net Asset Value, End of Period** | $31.13 | $32.49 | $25.88 | $26.89 |
| Total Return<sup>(c)</sup> | (1.88%) | 28.10% | (1.17%) | 9.00% |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Ratio of Expenses to Average Net Assets<sup>(d)</sup> | 0.52% | 0.52% | 0.52% | 0.52% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(d)</sup> | 2.32% | 2.07% | 2.45% | 2.81% |
| Net Assets, End of Period (000's) | $178986 | $131582 | $122911 | $94132 |
| Portfolio Turnover<sup>(c)(e)</sup> | 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.*

**Financial Highlights - continued** 

For a Share Outstanding Throughout Each Period

**Timothy Plan**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Timothy Plan International ETF** | **Timothy Plan International ETF** | **Timothy Plan International ETF** | **Timothy Plan International ETF** |
|  | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the <br> Year Ended <br> December 31, <br> 2021** | **For the <br> Year Ended <br> December 31, <br> 2020** | **For the period <br> December 3, <br> 2019<sup>(a)</sup>** **to <br> December 31, <br> 2019** |
| **Net Asset Value, Beginning of Period** | $29.06 | $26.98 | $25.58 | $24.80 |
| Investment Activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(b)</sup> | 0.66 | 0.56 | 0.47 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) | (5.82) | 2.21 | 1.40 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Activities | (5.16) | 2.77 | 1.87 | 0.81 |
| Distributions to Shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.60) | (0.69) | (0.47) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.60) | (0.69) | (0.47) | (0.03) |
| **Net Asset Value, End of Period** | $23.30 | $29.06 | $26.98 | $25.58 |
| Total Return<sup>(c)</sup> | (17.80%) | 10.34% | 7.66% | 3.25% |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Ratio of Expenses to Average Net Assets<sup>(d)</sup> | 0.62% | 0.62% | 0.62% | 0.62% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(d)</sup> | 2.72% | 1.94% | 1.98% | 1.99% |
| Net Assets, End of Period (000's) | $76875 | $82827 | $71500 | $23018 |
| Portfolio Turnover<sup>(c)(e)</sup> | 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.*

**Financial Highlights - continued** 

For a Share Outstanding Throughout Each Period

**Timothy Plan**

---

| | | |
|:---|:---|:---|
|  | **Timothy Plan US Large/Mid Cap <br> Core Enhanced ETF** | **Timothy Plan US Large/Mid Cap <br> Core Enhanced ETF** |
|  | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the period <br> July 29, <br> 2021<sup>(a)</sup>** **to <br> December 31, <br> 2021** |
| **Net Asset Value, Beginning of Period** | $27.19 | $25.00 |
| Investment Activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(b)</sup> | 0.25 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) | (3.40) | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Activities | (3.15) | 2.27 |
| Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.28) | (0.08) |
| &nbsp;&nbsp;&nbsp;Return of Capital | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.29) | (0.08) |
| **Net Asset Value, End of Period** | $23.75 | $27.19 |
| Total Return<sup>(c)</sup> | (11.58 %) | 9.09% |
| **Ratios/Supplemental Data:** |  |  |
| Ratio of Expenses to Average Net Assets<sup>(d)</sup> | 0.52% | 0.51% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(d)</sup> | 1.05% | 1.00% |
| Net Assets, End of Period (000's) | $70060 | $69327 |
| Portfolio Turnover<sup>(c)(e)</sup> | 155 %<sup>(f)</sup> | 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 to changes in the volume and timing of purchases and sales of portfolio holdings during the year.

*See notes to financial statements.*

**Financial Highlights - continued** 

For a Share Outstanding Throughout Each Period

**Timothy Plan**

---

| | | |
|:---|:---|:---|
|  | **Timothy Plan High Dividend <br> Stock Enhanced ETF** | **Timothy Plan High Dividend <br> Stock Enhanced ETF** |
|  | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the period <br> July 29, <br> 2021<sup>(a)</sup>** **to <br> December 31, <br> 2021** |
| **Net Asset Value, Beginning of Period** | $26.90 | $25.00 |
| Investment Activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(b)</sup> | 0.60 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) | (3.37) | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Activities | (2.77) | 2.14 |
| Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.66) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.66) | (0.24) |
| **Net Asset Value, End of Period** | $23.47 | $26.90 |
| Total Return<sup>(c)</sup> | (10.44 %) | 8.59% |
| **Ratios/Supplemental Data:** |  |  |
| Ratio of Expenses to Average Net Assets<sup>(d)</sup> | 0.52% | 0.51% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(d)</sup> | 2.39% | 2.50% |
| Net Assets, End of Period (000's) | $68055 | $47081 |
| Portfolio Turnover<sup>(c)(e)</sup> | 191 %<sup>(f)</sup> | 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 to changes in the volume and timing of purchases and sales of portfolio holdings during the year.

*See notes to financial statements.*

**Notes to Financial Statements** 

December 31, 2022

**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"), and Timothy Plan High Dividend Stock Enhanced ETF ("High Dividend Stock Enhanced ETF") (individually, a "Fund" and collectively, the "Funds"). The Funds seek to provide investment results that track the performance of an underlying index, before fees and expenses. The underlying indices for the US Small Cap Core ETF, US Large/Mid Cap Core ETF, High Dividend Stock ETF, 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 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 consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("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 under Accounting Standards Codification Topic 946.

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

**Notes to Financial Statements - continued** 

December 31, 2022

**Timothy Plan**

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 <br> Cash Purchases <br> and Redemptions** | **Maximum <br> Additional Variable <br> Charge for Cash <br> Purchases and <br> 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 | $4500 | 2.00% |
| US Large/Mid Cap Core Enhanced ETF | $500 | 2.00% |
| High Dividend Stock Enhanced ETF | $250 | 2.00% |

---

\* As a percentage of the amount invested. 

<u><u>**Investment Valuation:**</u></u>

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

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

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

**Notes to Financial Statements - continued** 

December 31, 2022

**Timothy Plan**

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

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

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 December 31, 2022, 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 - <br> Quoted Prices** | **Level 2 - Other <br> Significant <br> Observable <br> Inputs** | **Level 3 - Other <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $71225786 | $— | $— | $71225786 |
| &nbsp;&nbsp;&nbsp;Total Investment Securities | 71225786 |  |  | 71225786 |
| Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (1779) |  |  | (1779) |
| &nbsp;&nbsp;&nbsp;Total Investments | $71224007 | $— | $— | $71224007 |

---

**Notes to Financial Statements - continued** 

December 31, 2022

**Timothy Plan**

**US Large/Mid Cap Core ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1 - <br> Quoted Prices** | **Level 2 - Other <br> Significant <br> Observable <br> Inputs** | **Level 3 - Other <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $178290875 | $— | $— | $178290875 |
| Rights | $— | $— | $1574 | $1574 |
| &nbsp;&nbsp;&nbsp;Total Investment Securities | 178290875 |  | 1574 | 178292449 |
| Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 1459 |  |  | 1459 |
| &nbsp;&nbsp;&nbsp;Total Investments | $178292334 | $— | $1574 | $178293908 |

---

**High Dividend Stock ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1 - <br> Quoted Prices** | **Level 2 - Other <br> Significant <br> Observable <br> Inputs** | **Level 3 - Other <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $178002735 | $— | $— | $178002735 |
| &nbsp;&nbsp;&nbsp;Total Investment Securities | 178002735 |  |  | 178002735 |
| Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (12939) |  |  | (12939) |
| &nbsp;&nbsp;&nbsp;Total Investments | $177989796 | $— | $— | $177989796 |

---

**International ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1 - <br> Quoted Prices** | **Level 2 - Other <br> Significant <br> Observable <br> Inputs** | **Level 3 - Other <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $76210841 | $— | $18956 | $76229797 |
| &nbsp;&nbsp;&nbsp;Total Investment Securities | 76210841 |  | 18956 | 76229797 |
| Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (3956) |  |  | (3956) |
| &nbsp;&nbsp;&nbsp;Total Investments | $76206885 | $— | $18956 | $76225841 |

---

**US Large/Mid Cap Core Enhanced ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1 - <br> Quoted Prices** | **Level 2 - Other <br> Significant <br> Observable <br> Inputs** | **Level 3 - Other <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $69632770 | $— | $— | $69632770 |
| Investment Companies | $347813 | $— | $— | $347813 |
| Rights | $— | $— | $621 | $621 |
| &nbsp;&nbsp;&nbsp;Total Investment Securities | 69980583 |  | 621 | 69981204 |
| Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 529 |  |  | 529 |
| &nbsp;&nbsp;&nbsp;Total Investments | $69981112 | $— | $621 | $69981733 |

---

**Notes to Financial Statements - continued** 

December 31, 2022

**Timothy Plan**

**High Dividend Stock Enhanced ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Securities:** | **Level 1 - <br> Quoted Prices** | **Level 2 - Other <br> Significant <br> Observable <br> Inputs** | **Level 3 - Other <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $67570498 | $— | $— | $67570498 |
| Investment Companies | $335770 | $— | $— | $335770 |
| &nbsp;&nbsp;&nbsp;Total Investment Securities | 67906268 |  |  | 67906268 |
| Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (4613) |  |  | (4613) |
| &nbsp;&nbsp;&nbsp;Total Investments | $67901655 | $— | $— | $67901655 |

---

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

For the year ended December 31, 2022, there were no transfers into/out of Level 3 for US Small Cap Core ETF, High Dividend Stock ETF and High Dividend Stock Enhanced ETF and there were no significant changes into/out of Level 3 for US Large/Mid Cap Core ETF and US Large/Mid Cap Core Enhanced ETF. The transfers into Level 3 investments for the International ETF were immaterial, although the change in unrealized appreciation/(depreciation) on these investments was $(216,343). These securities were impacted by the invasion of Ukraine and sanctions on market conditions in Russia.

<u><u>**Real Estate Investment Trusts ("REITs"):**</u></u>

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.

<u><u>**Investment Companies:**</u></u>

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.

<u><u>**Investment Transactions and Related Income:**</u></u>

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. 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.

<u><u>**Futures Contracts:**</u></u>

During the year ended December 31, 2022, 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

**Notes to Financial Statements - continued** 

December 31, 2022

**Timothy Plan**

upward from less than 5% of the value of the contract being traded. Deposits for futures for the Funds are reported as Deposits with broker for futures contracts on the Statements of Assets and Liabilities. If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund. These subsequent payments, called "Variation Margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." The Funds recorded a payable or receivable on variation margin. The Funds expect to earn interest income on its margin deposits. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Realized 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 year ended December 31, 2022.

---

| | |
|:---|:---|
| **Fund** | **Average <br> Notional Value** |
| US Small Cap Core ETF  | $231669 |
| US Large/Mid Cap Core ETF  | $644133 |
| High Dividend Stock ETF  | $768728 |
| International ETF  | $331811 |
| US Large/Mid Cap Core Enhanced ETF  | $294517 |
| High Dividend Stock Enhanced ETF  | $458315 |

---

**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 December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Assets** | **Liabilities** |
|  | **Variation Margin <br> Receivable on Open <br> Futures Contracts\*** | **Variation Margin <br> Payable on Open <br> Futures Contracts\*** |
| **Equity Risk Exposure:**  |  |  |
| US Small Cap Core ETF  | $— | $1779 |
| US Large/Mid Cap Core ETF  | 1459 |  |
| High Dividend Stock ETF  |  | 12939 |
| International ETF  |  | 3956 |
| US Large/Mid Cap Core Enhanced ETF  | 529 |  |
| High Dividend Stock Enhanced ETF  |  | 4613 |

---

\* 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. 

**Notes to Financial Statements - continued** 

December 31, 2022

**Timothy Plan**

The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Net Realized Gains <br> (Losses) on Derivatives <br> Recognized as a Result <br> from Operations**  | **Net Change in <br> Unrealized Appreciation/<br> (Depreciation) on <br> Derivatives Recognized as <br> a Result from Operations**  |
|  | **Net realized gains (losses) <br> from futures transactions**  | **Net Change in <br> unrealized appreciation <br> (depreciation) on <br> futures transactions**  |
| **Equity Risk Exposure:** |  |  |
| US Small Cap Core ETF  | $(34698) | $(560) |
| US Large/Mid Cap Core ETF  | (147588) | (8991) |
| High Dividend Stock ETF  | (189954) | (20614) |
| International ETF  | (74738) | (7628) |
| US Large/Mid Cap Core Enhanced ETF  | (46964) | 2396 |
| High Dividend Stock Enhanced ETF  | (27677) | (4613) |

---

<u><u>**Foreign Currency Translations:**</u></u>

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities of a Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as net change in unrealized appreciation/depreciation on investments and foreign currency translations on the Statements of Operations. Any realized gains or losses from these fluctuations are disclosed as net realized gains or losses from investment transactions and foreign currency translations on the Statements of Operations.

<u><u>**Foreign Taxes:**</u></u>

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.

<u><u>**Dividends to Shareholders:**</u></u>

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.

**Notes to Financial Statements - continued** 

December 31, 2022

**Timothy Plan**

<u><u>**Federal Income Taxes:**</u></u>

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 year ended December 31, 2022, 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 year, 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 year ended December 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Excluding in-kind transactions** | **Excluding in-kind transactions** | **Associated with in-kind transactions** | **Associated with in-kind transactions** |
| <br>**Fund** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| US Small Cap Core ETF | $33454805 | $33378024 | $29421953 | $6082277 |
| US Large/Mid Cap Core ETF | 43213493 | 43065714 | 71983322 | 37267313 |
| High Dividend Stock ETF | 67237193 | 67127461 | 118122363 | 63240577 |
| International ETF | 32022230 | 30031493 | 30625362 | 20198621 |
| US Large/Mid Cap Core Enhanced ETF | 69795074 | 67180809 | 7419889 | 570206 |
| High Dividend Stock Enhanced ETF | 103094758 | 97091137 | 40737330 | 18281843 |

---

For the year ended December 31, 2022, there were no purchases or sales of U.S. Government Securities.

**4. FEES AND TRANSACTIONS WITH AFFILIATES AND OTHER PARTIES:** 

Timothy Partners, Ltd. ("TPL" or the "Advisor"), a Florida limited partnership, serves as the Funds' investment advisor pursuant to an Investment Advisory Agreement. Subject at all times to the supervision and approval of the Board, the Advisor is responsible for the overall management of the Funds. The Advisor has arranged for distribution, custody, fund administration, transfer agency and all other services necessary for the Funds to operate. The Advisor receives a fee for its services, (the "Management Fee"). From the Management Fee, the Advisor is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration and accounting, legal, audit, independent trustees and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, acquired fund fees and expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business. The Advisor's Management Fee is designed to cause substantially all of the Funds' expenses to be paid and to compensate the Advisor for providing services for the Funds. US Large/Mid Cap Core ETF, US Small Cap Core ETF, High Dividend Stock ETF, US Large/Mid Cap Core Enhanced ETF, and High Dividend Stock Enhanced ETF pay a Management Fee equivalent to 0.52% and International ETF pays a Management Fee equivalent to 0.62% of the Fund's average daily net assets, computed daily and paid monthly.

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

**Notes to Financial Statements - continued** 

December 31, 2022

**Timothy Plan**

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.

<u><u>**ETF Risk**</u></u>

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.

<u><u>**Excluded Security Risk**</u></u>

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.

<u><u>**Foreign Securities Risk**</u></u>

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

<u><u>**Market Risk**</u></u>

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

**Notes to Financial Statements - continued** 

December 31, 2022

**Timothy Plan**

**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 <br> Investments <br> for Federal Tax <br> Purposes** | **Gross Unrealized <br> Appreciation** | **Gross Unrealized <br> Depreciation** | **Net Unrealized <br> Appreciation <br> (Depreciation)** |
| US Small Cap Core ETF | $71102583 | $137188 | $(13985) | $123203 |
| US Large/Mid Cap Core ETF | 170452519 | 17067022 | (9227092) | 7839930 |
| High Dividend Stock ETF | 174800140 | 11356724 | (8154129) | 3202595 |
| International ETF | 80157764 | 3884558 | (7812525) | (3927967) |
| US Large/Mid Cap Core Enhanced ETF | 71137149 | 2195305 | (3351250) | (1155945) |
| High Dividend Stock Enhanced ETF | 68762675 | 1553446 | (2409853) | (856407) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| | **Distributions Paid From:** | **Distributions Paid From:** | | |
| <br>**Fund** | **Ordinary <br> Income** | **Total Taxable <br> Distributions** | <br>**Return of Capital** | <br>**Total <br> Distributions Paid** |
| US Small Cap Core ETF | $611312 | $611312 | $— | $611312 |
| US Large/Mid Cap Core ETF | 1744329 | 1744329 |  | 1744329 |
| High Dividend Stock ETF | 3952230 | 3952230 |  | 3952230 |
| International ETF | 1877299 | 1877299 |  | 1877299 |
| US Large/Mid Cap Core Enhanced ETF | 812493 | 812493 | 31102 | 843595 |
| High Dividend Stock Enhanced ETF | 1626064 | 1626064 |  | 1626064 |

---

The tax characteristics of distributions paid to shareholders during the year ended December 31, 2021 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| | **Distributions Paid From:** | **Distributions Paid From:** | | |
| <br>**Fund** | **Ordinary <br> Income** | **Net Long Term<br> Capital Gains** | <br>**Total Taxable <br> Distributions** | <br>**Total <br> Distributions <br> Paid** |
| US Small Cap Core ETF  | $612920 | $— | $612920 | $612920 |
| US Large/Mid Cap Core ETF  | 1212586 |  | 1212586 | 1212586 |
| High Dividend Stock ETF  | 2718477 |  | 2718477 | 2718477 |
| International ETF  | 1960152 |  | 1960152 | 1960152 |
| US Large/Mid Cap Core Enhanced ETF  | 155733 |  | 155733 | 155733 |
| High Dividend Stock Enhanced ETF  | 312855 | 1186 | 314041 | 314041 |

---

**Notes to Financial Statements - continued** 

December 31, 2022

**Timothy Plan**

As of December 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed <br> Ordinary Income** | **Accumulated <br> Earnings** | **Accumulated <br> Capital and <br> Other Losses** | **Unrealized <br> Appreciation <br> (Depreciation)\*** | **Total <br> Accumulated <br> Earnings/(Deficit)** |
| US Small Cap Core ETF | $22991 | $22991 | $(6793045) | $123203 | $(6646851) |
| US Large/Mid Cap Core ETF |  |  | (12846452) | 7839930 | (5006522) |
| High Dividend Stock ETF |  |  | (11827140) | 3202595 | (8624545) |
| International ETF |  |  | (7743605) | (3929599) | (11673204) |
| US Large/Mid Cap Core Enhanced ETF |  |  | (4877431) | (1155945) | (6033376) |
| High Dividend Stock Enhanced ETF |  |  | (6676763) | (856407) | (7533170) |

---

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

---

| | |
|:---|:---|
| \*\*  | The amount includes $(1632) of unrealized depreciation on foreign currency translation.  |

---

At December 31, 2022, the Funds had net capital loss carry forwards ("CLCFs") for federal income tax purposes which are available to reduce the future capital gain distributions to shareholders.

CLCFs not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term <br> Amount** | **Long-Term <br> Amount** | **Total** |
| US Small Cap Core ETF | $5695927 | $1097118 | $6793045 |
| US Large/Mid Cap Core ETF | 8074621 | 4771831 | 12846452 |
| High Dividend Stock ETF | 8487981 | 3339159 | 11827140 |
| International ETF | 4240125 | 3503480 | 7743605 |
| US Large/Mid Cap Core Enhanced ETF | 4540927 | 336504 | 4877431 |
| High Dividend Stock Enhanced ETF | 6579093 | 97670 | 6676763 |

---

As of December 31, 2022, on the Statements of Assets and Liabilities, as a result of permanent book-to-tax differences primarily attributable to the accounting for applicable in-kind redemptions and designation of dividends paid were reclassified between the individual components of total distributable earnings (loss) as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Total <br> Accumulated <br> Earnings/(Loss)** | **Capital** |
| US Small Cap Core ETF | $(900212) | $900212 |
| US Large/Mid Cap Core ETF | (8705773) | 8705773 |
| High Dividend Stock ETF | (11346420) | 11346420 |
| International ETF | (1870121) | 1870121 |
| US Large/Mid Cap Core Enhanced ETF | 59784 | (59784) |
| High Dividend Stock Enhanced ETF | (1629779) | 1629779 |

---

**7. SUBSEQUENT EVENTS:** 

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

**Notes to Financial Statements - continued** 

December 31, 2022

**Timothy Plan**

**Distributions** 

Subsequent to year end, in 2023, the Funds declared and paid, respectively, a distribution from ordinary income for the following amounts:

---

| | | |
|:---|:---|:---|
| **Fund** | **01/12/2023** | **02/10/2023** |
| US Small Cap Core ETF | $— | $58488 |
| US Large/Mid Cap Core ETF | 1619 | 49217 |
| High Dividend Stock ETF | 14631 | 177643 |
| International ETF |  | 55458 |
| US Large/Mid Cap Core Enhanced ETF |  | 143459 |
| High Dividend Stock Enhanced ETF | 5670 | 65953 |

---

**Report of Independent Registered Public Accounting Firm** 

**Timothy Plan**

To the Shareholders and Board of Trustees of<br> The Timothy Plan

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of The Timothy Plan comprising the funds listed below (the "Funds") as of December 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of <br> Operations  | Statements of <br> Changes in Net Assets | Financial <br> Highlights |
| Timothy Plan US Small Cap Core ETF Timothy Plan International ETF | For the year ended December 31, 2022 | For the years ended December 31, 2022 and 2021  | For the years ended December 31, 2022, 2021 and 2020, and for the period from December 3, 2019 (commencement of operations) through December 31, 2019 |
| Timothy Plan US Large/Mid Cap Core ETF Timothy Plan High Dividend Stock ETF | For the year ended December 31, 2022 | For the years ended December 31, 2022 and 2021 | For the years ended December 31, 2022, 2021 and 2020, and for the period from May 1, 2019 (commencement of operations) through December 31, 2019 |
| Timothy Plan US Large/Mid Cap Core Enhanced ETF <br>Timothy Plan High Dividend Stock Enhanced ETF | For the year ended December 31, 2022 | For the year ended December 31, 2022 and for the period from July 29, 2021 (commencement of operations) through December 31, 2021 | For the year ended December 31, 2022 and for the period from July 29, 2021 (commencement of operations) through December 31, 2021 |

---

<u><u>Basis for Opinion</u></u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were

**Report of Independent Registered Public Accounting Firm - continued** 

**Timothy Plan**

not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

![](fp0081065-2_71.jpg)

COHEN & COMPANY, LTD.<br> Cleveland, Ohio<br> February 28, 2023

**Other Information (Unaudited)** 

December 31, 2022

**Timothy Plan**

**Additional Tax Information** 

For the year ended December 31, 2022, the Funds paid qualified dividend income for the purposes of reduced individual federal income tax rates of:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| US Small Cap Core ETF | 100%  |
| US Large/Mid Cap Core ETF | 100%  |
| High Dividend Stock ETF | 100%  |
| International ETF | 100%  |
| US Large/Mid Cap Core Enhanced ETF | 78%  |
| High Dividend Stock Enhanced ETF | 100%  |

---

Dividends qualified for corporate dividends received deductions of:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| US Small Cap Core ETF | 100%  |
| US Large/Mid Cap Core ETF | 100%  |
| High Dividend Stock ETF | 100%  |
| US Large/Mid Cap Core Enhanced ETF | 78%  |
| High Dividend Stock Enhanced ETF | 100%  |

---

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share on December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Foreign Source <br> Income** | **Foreign Tax <br> Expense** |
| International ETF | $0.91 | $0.13 |

---

**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.

**Other Information (Unaudited) - continued** 

December 31, 2022

**Timothy Plan**

**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.

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 <br> Account <br> Value <br> 7/1/22** | **Actual <br> Ending <br> Account <br> Value <br> 12/31/22** | **Hypothetical <br> Ending <br> Account <br> Value <br> 12/31/22** | **Actual <br> Expenses Paid <br> During Period <br> 7/1/22 - <br> 12/31/22\*** | **Hypothetical <br> Expenses Paid <br> During Period <br> 7/1/22 - <br> 12/31/22\*** | **Annualized <br> Expense Ratio <br> During Period <br> 7/1/22 - <br> 12/31/22** |
| **US Small Cap Core ETF** |  |  |  |  |  |  |
| ETF Shares | $1000 | $1056.20 | $1022.58 | $2.70 | $2.65 | 0.52% |
| **US Large/Mid Cap Core ETF** |  |  |  |  |  |  |
| ETF Shares | $1000 | $1074.50 | $1022.58 | $2.72 | $2.65 | 0.52% |
| **High Dividend Stock ETF** |  |  |  |  |  |  |
| ETF Shares | $1000 | $1062.30 | $1022.58 | $2.70 | $2.65 | 0.52% |
| **International ETF** |  |  |  |  |  |  |
| ETF Shares | $1000 | $1034.30 | $1022.08 | $3.18 | $3.16 | 0.62% |
| **US Large/Mid Cap Core Enhanced ETF** |  |  |  |  |  |  |
| ETF Shares | $1000 | $1020.40 | $1022.58 | $2.65 | $2.65 | 0.52% |
| **High Dividend Stock Enhanced ETF** |  |  |  |  |  |  |
| ETF Shares | $1000 | $969.30 | $1022.58 | $2.58 | $2.65 | 0.52% |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**Trustees and Principal Executive Officers of the Trust (Unaudited)** 

December 31, 2022

**Timothy Plan**

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

**INTERESTED TRUSTEES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, AGE & ADDRESS** | **POSITION(S) <br> HELD WITH <br> TRUST** | **TERM OF <br> OFFICE & <br> LENGTH OF <br> TIME SERVED** | **NUMBER OF <br> PORTFOLIOS IN <br> FUND COMPLEX <br> OVERSEEN BY <br> TRUSTEE** | **PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | **DIRECTORSHIPS <br> HELD BY <br> TRUSTEE** |
| **Arthur D. Ally**<sup>1</sup>****<br> 1055 Maitland <br> Center Commons <br> Maitland, FL 32751<br> Born: 1942 | &nbsp;&nbsp;Trustee, Chairman, President, and Treasurer | &nbsp;&nbsp;Indefinite; Trustee and President since 1994 | 20 | &nbsp;&nbsp;President and controlling shareholder of Covenant Funds, Inc. ("CFI"), a holding company. President and general partner of Timothy Partners, Ltd. ("TPL"), the investment Advisor and principal underwriter to each Fund. CFI is also the managing general partner of TPL. |  |
| **Mathew D. Staver**<sup>2</sup> <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1956 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2000 | 20 | &nbsp;&nbsp;An attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles. |  |
| **Patrice Tsague**<sup>3</sup> <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1973 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2011 | 20 | &nbsp;&nbsp;President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999. |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Mr. Ally is an "interested" Trustee, as defined in the 1940 Act, because of his positions with and financial interests in CFI and TPL.

&nbsp;&nbsp;&nbsp;&nbsp;2. Mr. Staver is an "interested" Trustee, as defined in the 1940 Act, because he has a limited partnership interest in TPL.

&nbsp;&nbsp;&nbsp;&nbsp;3. Mr. Tsague is an "interested" Trustee, as defined in the 1940 Act, because of a charitable relationship with TPL.

**Trustees and Principal Executive Officers of the Trust (Unaudited) - continued** 

December 31, 2022

**Timothy Plan**

**INDEPENDENT TRUSTEES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, AGE & ADDRESS** | **POSITION(S) <br> HELD WITH <br> TRUST** | **TERM OF <br> OFFICE & <br> LENGTH OF <br> TIME SERVED** | **NUMBER OF <br> PORTFOLIOS IN <br> FUND COMPLEX <br> OVERSEEN BY <br> TRUSTEE** | **PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | **DIRECTORSHIPS <br> HELD BY <br> TRUSTEE** |
| **Richard W. Copeland** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1947 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2005 | 20 | &nbsp;&nbsp;Retired. Associate Professor of Law Stetson University. Retired Principal of Copeland & Covert, Attorneys at Law, specializing in tax and estate planning. B.A. from Mississippi College, JD from the University of Florida and LLM Taxation from the University of Miami. |  |
| **Deborah Honeycutt** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1947  | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2010 | 20 | &nbsp;&nbsp;Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Shepherd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois. |  |
| **Bill Johnson** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1946 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2005 | 20 | &nbsp;&nbsp;President (and Founder) of the American Decency Association, Freemont, MI, since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Master of Religious Education from Grand Rapids Baptist Seminary. |  |
| **John C. Mulder** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1950  | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2005 | 20 | &nbsp;&nbsp;President of WaterStone (FKA the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from the University of Chicago. |  |
| **Scott Preissler, Ph.D.** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1960  | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2004 | 20 | &nbsp;&nbsp;Scott Preissler, Ph.D., is the Executive Director of Friendship Christian School in Suwanee, Georgia and The National Center for Stewardship & Generosity. He is a former professor and past President and CEO of The Christian Stewardship Association (CSA) and Southern Baptist state headquarters in Texas and Georgia. |  |

---

**Trustees and Principal Executive Officers of the Trust (Unaudited) - continued** 

December 31, 2022

**Timothy Plan**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, AGE & ADDRESS** | **POSITION(S) <br> HELD WITH <br> TRUST** | **TERM OF <br> OFFICE & <br> LENGTH OF <br> TIME SERVED** | **NUMBER OF <br> PORTFOLIOS IN <br> FUND COMPLEX <br> OVERSEEN BY <br> TRUSTEE** | **PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | **DIRECTORSHIPS <br> HELD BY <br> TRUSTEE** |
| **Alan M. Ross** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1951  | &nbsp;&nbsp;Trustee, Vice Chairman | &nbsp;&nbsp;Indefinite; Trustee since 2004 | 20 | &nbsp;&nbsp;Founder and CEO Kingdom Companies founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ. Alan is currently the President of the Electric Power Reliability Alliance (EPRA), a nonprofit serving industrial, commercial and grid-edge electrical reliability practitioners. |  |
| **Kenneth Blackwell** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1948 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee from 2011 to 2020 and 2022 to present | 20 | &nbsp;&nbsp;Self-Employed Independent Public Policy Consultant; Other Directorships: Public Interest Legal Foundation; National Rifle Association; Columbia International University; International Foundation For Electoral Systems; Law Enforcement Legal Defense Fund; American Constitution Rights Union. |  |
| **Abraham M. Rivera** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1969 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2020 | 20 | &nbsp;&nbsp;Pastor / President / Director, for La Puerta Life Center, Inc., a Florida corporation. | 1 |
| **Dale A. Bissonette** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1958 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2020 | 20 | &nbsp;&nbsp;President, Good Place Holdings, a Christian Centered Business Holding Company. |  |
| **Terry Covert** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1947 | &nbsp;&nbsp;Executive Officer, Vice President | &nbsp;&nbsp;Officer since 2019 Indefinite Term | N/A | &nbsp;&nbsp;Chief Compliance Officer and General Counsel for the Advisor, Timothy Partners, Ltd; Partner, Copeland Covert & Smith PLLC, law firm. | N/A |
| **Cheryl Mumbert** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1970 | &nbsp;&nbsp;Executive Officer, Vice President | &nbsp;&nbsp;Officer since 2019 Indefinite Term | N/A | &nbsp;&nbsp;Chief Marketing Officer for Advisor, Timothy Partners, Ltd. | N/A |
| **David D. Jones** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1957 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Since 2004, Indefinite Term | N/A | &nbsp;&nbsp;Co-founder and Managing Member, Drake Compliance, LLC (compliance consulting); founder and controlling shareholder, David Jones & Associates (law firm), 1998 to 2015. | N/A |

---

**Trustees and Principal Executive Officers of the Trust (Unaudited) - continued** 

December 31, 2022

**Timothy Plan**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, AGE & ADDRESS** | **POSITION(S) <br> HELD WITH <br> TRUST** | **TERM OF <br> OFFICE & <br> LENGTH OF <br> TIME SERVED** | **NUMBER OF <br> PORTFOLIOS IN <br> FUND COMPLEX <br> OVERSEEN BY <br> TRUSTEE** | **PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | **DIRECTORSHIPS <br> HELD BY <br> TRUSTEE** |
| **David James** <br>225 Pictoria Drive, <br> Suite 450 <br>Cincinnati, Ohio 45246 <br>Born: 1970 | &nbsp;&nbsp; Assistant Secretary | &nbsp;&nbsp; Assistant Secretary since 2022, Indefinite Term | N/A | &nbsp;&nbsp;As Executive Vice President, Chief Legal and Risk Officer at Ultimus Fund Solutions, since 2018; Department Head of State Street Bank and Trust Company's Fund Administration Legal Department -2003-2018. | N/A |
| **Deryk Jones** <br>4221 North 203rd St. Suite 100 <br>Elkhorn, NE 68022 <br>Born: 1988 | &nbsp;&nbsp;Trust AML Officer | &nbsp;&nbsp;AML Officer since 2022, Indefinate Term | N/A | &nbsp;&nbsp;Compliance Analyst since March 2018 | N/A |
| **Joseph E. Boatwright** <br>1055 Maitland Center Commons <br>Maitland, FL 32751 <br>Born: 1930 | &nbsp;&nbsp;Trustee Emeritus and Secretary | &nbsp;&nbsp;Indefinite; Trustee and Secretary since 1995, Trustee Emeritus as of 2020 | N/A | &nbsp;&nbsp;Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996. | N/A |

---

Timothy Plan

1055 Maitland Center Commons

Maitland, Florida 32751

**PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS, AND YOU MAY LOSE MONEY.** You should consider the Fund's investment objectives, risks, charges, and expenses. This and other important information can be found in the Fund's prospectus. To obtain a copy, visit timothyplan.com or call 800.846.7526. Read the prospectus carefully before investing or sending money. ETFs distributed by Foreside Fund Services, LLC, member FINRA and SIPC. Timothy Partners, Ltd. is not affiliated with Foreside Fund Services, LLC.

![](fp0081065-2_78.jpg)

---

| | |
|:---|:---|
| Visit our website at | Call Timothy Plan at |
| **etf.timothyplan.com** | **800.846.7526** |

---

**Item 2. Code of Ethics.**

(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

(b) During the period covered by the report, with respect to the registrant's code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, there have been no amendments to, not any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

**Item 3. Audit Committee Financial Expert.**

 

3(a)(1) The registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial expert is Mr. Alan Ross who is "independent for purposes of this Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

---

| | | | |
|:---|:---|:---|:---|
|  |  | 2022 | 2021 |
| (a) | <u>Audit Fees</u> | $79250 | $79250 |
| (b) | <u>Audit-Related Fees</u> | $0 | $0 |
| (c) | <u>Tax Fees\*</u> | $18000 | $18000 |
| (d) | <u>All Other Fees</u> | $0 | $0 |

---

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

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

---

| | |
|:---|:---|
| (e)(2) | 2022 – 100% |

---

2021 – 100%

(f) Not applicable.

(g) 2022 - $18,000

2021 - $18,000

(h) Not applicable.

 **Item 5. Audit Committee of Listed Registrants.**

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are Mr. Alan Ross, Mr. John Mulder and Mr. Richard Copeland.

 **Item 6. Investments.**

(a) The Schedule of Investments as of the close of the reporting period are included as part of the report
to shareholders filed under Item 1 of the 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) [The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.](fp0081065-2_ex99code.htm)

(a)(2) [Certifications pursuant to Rule 30a-2(a) are attached hereto.](fp0081065-2_ex99cert.htm)

(a)(3) Not applicable.

(b) [Certifications pursuant to Rule 30a-2(b) are furnished herewith.](fp0081065-2_ex99906cert.htm)

**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 | March 1, 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 | March 1, 2023 |

---

## Ex-99.Code

**CODE OF ETHICS**

**OF**

**THE TIMOTHY PLAN**

**I.** **Introduction** 

This Code of Ethics has been adopted by The Timothy Plan (the "Trust") in compliance with Rule 17j-1 (the "Rule") under the Investment Trust Act of 1940, as amended (the "Act") to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Trust may abuse their fiduciary duties to the Trust, and to deal with other types of conflict-of-interest situations to which the Rule is addressed.

The Rule makes it "unlawful" for certain persons who have affiliations with the Trust to engage in conduct which is deceitful, fraudulent or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by the Trust. This Code of Ethics is intended to establish policies and procedures designed to insure that persons subject to this Code of Ethics and the Rule do not use any information concerning the investments or investment intentions of the Trust, or his or her ability to influence such investment related information, for personal gain or in a manner detrimental to the interests of the Trust.

II. Principles

This Code of Ethics acknowledges the general principles that persons affiliated with the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) owe a fiduciary obligation to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) have the duty at all times to place the interests of Trust shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) must conduct all of their personal securities transactions in such a manner as to avoid any actual or potential conflict of interest
or abuse of such person's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) should not take inappropriate advantage of their positions in relation to the Trust.

**III.** **Definitions (as used herein)** 

"*Access Person*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any Trustee, officer, general partner or Advisory Person of the Trust or any Adviser to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If an Adviser to the Trust is primarily engaged in a business or businesses other than advising Funds or other advisory clients, the
term Access Person means any Trustee, officer, general partner or Advisory Person of the Adviser who, with respect to any Fund, makes
any recommendation, participates in the determination of which recommendation will be made, or whose principal function or duties relate
to the determination of which recommendation will be made, or who, in connection with his or her duties, obtains any information concerning
recommendations on Covered Securities being made by the Adviser to any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) An Adviser is "primarily engaged in a business or businesses other than advising Funds or other advisory clients" if,
for each of its most recent three fiscal years or for the period of time since its organization, whichever is less, the Adviser derived,
on an unconsolidated basis, more than 50% of its income (or loss), before taxes and extraordinary items, from the other business or businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any Trustee, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in
or obtains information regarding, the purchase or sale of Covered Securities by the Trust for which the principal underwriter acts, or
whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Trust, regarding the purchase
or sale of Covered Securities.

*"Advisory Person"* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any employee of the Trust or an Adviser to the Trust (or of any Trust in a control relationship to the Trust or an investment adviser
to the Trust) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding
the purchase or sale of Covered Securities by the Trust, or whose functions relate to the making of any recommendations with respect to
such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any natural person in a control relationship to the Trust or an Adviser to the Trust who obtains information concerning recommendations
made to the Trust with regard to the purchase or sale of Covered Securities by the Trust.

"*Affiliated Person*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any officer, Trustee, copartner or employee of the Trust, Adviser and/or Underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any person directly or indirectly owning, controlling or holding with power to vote, 5% or more of the outstanding voting securities
of the Trust, Adviser and/or Underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any person 5% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote,
by the Trust, Adviser and/or Underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any person directly or indirectly controlling, controlled by, or under common control with the Trust, Adviser and/or Underwriter.

"*Beneficial Interest*" means:

any interest by which an Access Person or any member of his or her immediate family (relative by blood or marriage living in the same household), can directly or indirectly derive a monetary benefit from the purchase, sale (or other acquisition or disposition) or ownership of a security, except such interests as Clearing Officers shall determine to be too remote for the purpose of this Code of Ethics. (A transaction in which an Access Person acquires or disposes of a security in which he or she has or thereby acquires a direct or indirect Beneficial Interest will be referred to in this Code of Ethics as a "personal securities" transaction or as a transaction for the person's "own account").

At the written request of a person subject to this Code of Ethics, the Clearing Officers, in their sole discretion or with the advice of counsel, may from time to time issue written interpretations as to whether an Access Person has a "Beneficial Interest" in a security or a transaction, and whether a transaction is or would be considered to be a "personal securities" transaction or a transaction "for the person's own" account for purposes of the reporting requirements under this Code. Any such written interpretations shall be included in Appendix A attached to and incorporated by reference into this Code of Ethics, and may be relied upon solely by the person(s) seeking such interpretations.

*"Clearing Officers"* means any two officers of the Trust who are not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) parties to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) related by blood or marriage to a party to the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) interested in or affiliated persons of the issuer of the securities at issue.

"*Control*" means:

the power to exercise a controlling influence over the management or policies of a Trust (unless such power is solely the result of an official position with such Trust). Any person who owns beneficially, directly or through one or more controlled companies, more than 25% of the voting securities of a Trust shall be presumed to control such Trust.

"Covered Security" means:

all stock, debt obligations and other instruments comprising the investments of the Trust, including any warrant or option to acquire or sell a security, and financial futures contracts, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including
repurchase agreements, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Shares issued by open-end Funds.

References to a "Security" in this Code of Ethics shall include any warrant for, option in, or security immediately convertible into that "Security."

"Fund" means an investment company registered under the Act, and includes the Trust.

A "security held or to be acquired" by the Trust means:

any Covered Security which, within the most recent 15 calendar days: (i) is or has been held by the Trust; or (ii) is being or has been considered by an Adviser for purchase by the Trust.

A security is "being considered for purchase or sale";

from the time an order is given by or on behalf of the Trust to the order room of the Adviser until all orders with respect to that security are completed or withdrawn.

III. General Prohibitions

The specific provisions and reporting requirements of the Rule and this Code of Ethics are concerned primarily with those investment activities of **Access Persons** who are associated with the Trust and who thus may benefit from or interfere with the purchase or sale of portfolio securities by the Trust. However, the Rule and this Code of Ethics shall also apply to all Affiliated Persons of the Trust, the Adviser(s), Sub-Adviser(s) and the Underwriter ("Covered Persons"), unless specifically stated otherwise.

The Rule makes it "unlawful" for Covered Persons to engage in conduct which is deceitful, fraudulent, or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by the Trust. Accordingly, under the Rule and this Code of Ethics, no Covered Person shall use any information concerning the investments or investment intentions of the Trust, or his or her ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Trust.

In addition, no Covered Person shall, directly or indirectly in connection with the purchase or sale of a "security held or to be acquired" by the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make to the Trust or an Adviser any untrue statement of material fact or omit to state to any of the foregoing a material fact necessary
in order to make the statements made, in light of the circumstances under which they are made, not misleading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to the Trust.

**V.** **Prohibited Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;A. Blackout Periods

Subject to any additional limiting requirements that may be set forth below, an **Advisory Person** may not effect a personal securities transaction in a "security held or to be acquired" by the Trust unless such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) executes such transaction at a price equal to or less advantageous than the price obtained for such security by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reports to the Trust the information described in Paragraph VI of this Code of Ethics.

Any profits realized on personal securities transactions in violation of this Section V shall be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;**B. *Initial Public Offerings***

An **Advisory Person** may not acquire any security in an initial public offering, unless such **Advisory Person** (1) obtains advance written clearance of such transaction by two Clearing Officers and (2) reports to the Trust the information described in Paragraph VI of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;**C. *Private Placements***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) An **Advisory Person** may not acquire any security in a private placement, unless such **Advisory Person** (1) obtains advance
written clearance of such transaction by two Clearing Officers and (2) reports to the Trust the information described in Paragraph VI
of this Code of Ethics.

When considering whether to grant approval to the **Advisory Person** to engage in these transactions, the Clearing Officers shall consider, among other factors, whether the investment opportunity should be reserved for the Trust, and whether the opportunity is being offered to the **Advisory Person** by virtue of his or her position with the Trust. If the Clearing Officers find that the investment opportunity should be reserved to the Trust or that the opportunity is being offered to the **Advisory Person** by virtue of his or her position with the Trust, the Clearing Officers shall refuse permission for the **Advisory Person** to enter into the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An **Advisory Person** who has been authorized to acquire securities in a private placement or an initial public offering shall
be required to *disclose* that investment to the Trust and the appropriate Adviser whenever such **Advisory Person** participates,
either directly or indirectly, in subsequent consideration of an investment in the issuer by any portfolio in the Trust complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** In the event that an **Advisory Person** has been given approval to acquire securities in a private placement or an initial public
offering, any decision of the Trust to purchase securities of the issuer of such private placement or initial public offering shall be
subject to *prior review* by the Trust's independent Trustees who have no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;**D. *Ban On Short - Term Trading Profits***

An **Advisory Person** may not profit from the purchase and sale, or sale and purchase, of the same (or equivalent) securities within 60 calendar days, unless such transactions fully comply with the restrictions of Section V(A) of this Code of Ethics. Any profits realized on non-complying short-term trades shall be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;**F. *Gifts***

**Advisory Persons** may not accept any gift or other thing of more than *de minimis* value from any person or entity that does business with or on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**G. *Service as a Trustee to Other Public Companies***

**Advisory Persons** may not serve on the board of directors of any publicly traded company, without prior authorization of a majority of the Trust's Board of Trustees, which authorization shall be specifically based upon a determination that the board service would be consistent with the interests of the Trust and its shareholders. If and when such board service is authorized, the **Advisory Person** serving as a director will be isolated from other **Advisory Persons** who make investment decisions involving that company through "Chinese Wall" or other procedures.

**VI.** **Advance Clearance Requirement** 

&nbsp;&nbsp;&nbsp;&nbsp;**A. *Procedures***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *From Whom Obtained*

Persons who desire to enter into personal securities transactions in transactions requiring prior approval under paragraph V above, must obtain the written approval of any two Clearing Officers prior to entering into such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Time of Clearance*

Transaction clearances must be obtained not more than three (3) days prior to the transaction. If the trade is not made within three (3) days of the date of clearance, a new clearance must be obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Form*

Persons seeking authorization to enter into transactions requiring prior clearance shall complete and sign a form approved for that purpose by the Trust, which form shall set forth the details of the proposed transaction. An example of such form is annexed hereto as Schedule A ("Clearance Forms"). Upon obtaining authorization to enter into the subject transaction, the Clearing Officers authorizing the transaction shall affix their signatures to the Clearance Form to indicate such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Filing*

Copies of all completed Clearance Forms, with all required signatures, shall be retained by the Administrator of this Code of Ethics in accordance with the record keeping requirements set forth in Section XII of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;**B. *Factors Considered in Clearance of Personal Transactions***

Clearing Officers may refuse to grant clearance of a personal transaction in their sole discretion without being required to specify any reason for the refusal. Generally, Clearing Officers will consider the following factors in determining whether or not to authorize a proposed transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Whether the amount or nature of the transaction, or person entering into the transaction, is likely to affect the price or market
for the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Whether the individual making the proposed purchase or sale is likely to benefit from purchases or sales in the same or similar security
being made or being considered by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Whether the security proposed to be purchased or sold is one that would qualify for purchase or sale by the Trust.

**VII.** **Exempt Transactions** 

Neither the prohibitions nor the reporting requirements of this Code of Ethics apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Purchases, sales or other acquisitions or dispositions of Securities for an account over which the person has no direct influence
or control and does not exercise indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Purchases, sales or other acquisitions or dispositions of securities which are not eligible for purchase or sale by any portfolio
of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Involuntary purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Purchases which are part of an automatic dividend reinvestment plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Purchases or other acquisitions or dispositions resulting from the exercise of rights acquired from an issuer as part of a pro rata
distribution to all holders of a class of securities of such issuer and the sale of such rights;

**VIII.** **Reporting of Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Reporting Requirements of Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *<u>Reports Required</u>* : Unless specifically excepted by other provisions of this Code of Ethics, every **Access Person** of the Trust, Adviser, Sub-Adviser(s) and Underwriter must provide to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter,
as applicable, the following reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Holdings Reports</u> - Not later than ten (10) days after a person becomes an **Access Person**, such person shall complete,
sign and deliver to the Trust, and the Adviser(s) or Underwriter, as applicable, an Initial Holdings Report, a form of which is attached
to this Code of Ethics as Schedule B; except that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any person who qualified as an **Access Person** prior to March 1, 2000 shall be exempt from filing an Initial Holdings Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Transaction Reports</u> - Not later than ten (10) days after the end of each calendar quarter, each **Access Person** shall make a written report ("Quarterly Transaction Report"), a form of which is attached to this Code of Ethics as Schedule
C, to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as applicable, which;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) With respect to any transaction during the previous calendar quarter in a Covered Security in which the **Access Person** had any
direct or indirect Beneficial Ownership, contains the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal
amount of each Covered Security involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The date that the report is submitted by the **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to any account established by the **Access Person** in which any securities were held during the previous quarter
for the direct or indirect benefit or the **Access Person**, contains the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The name of the broker, dealer or bank with whom the **Access Person** established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The date that the report is submitted by the **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Annual Holding Reports</u> - Not later than thirty (30) days after the end of the Trust's fiscal year end, each **Access Person** shall make a written report, a form of which is attached to this Code of Ethics as Schedule D ("Annual Holdings Report"),
to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as applicable, which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Sets forth the title, number of shares and principal amount of each Covered Security in which the **Access Person** had any direct
or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Sets forth the name of any broker, dealer or bank with whom the **Access Person** maintains an account in which any securities
are held for the direct or indirect benefit of the **Access Person**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Contains the date that the report is submitted by the **Access Person**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) States that the information contained in the Annual Holdings Report is current as of a date not greater than thirty (30) days prior
to the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. *Exemptions from Reporting***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A person need not make an Initial Holdings Report with respect to transactions effected for, and Covered Securities held in, any account
over which the person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Trustee of the Trust who is not an "interested person" of the Trust, as such term is defined in Section 2(a)(19) of the
Act, and who would otherwise be required to make a report solely by reason of being a Trustee of the Trust, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Initial Holdings Report or an Annual Holdings Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Quarterly Transaction Report, unless the Trustee knew, or in the ordinary course of fulfilling his or her official duties as a Trustee
should have known, that during the fifteen (15) day period immediately before or after the Trustee's transaction in a Covered Security,
the Trust purchased or sold the Covered Security, or the Trust or an Adviser considered purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) An **Access Person** of the Trust's Underwriter need not make a report to the Underwriter, if such person makes a report
to the Trust and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Underwriter is not an affiliated person of the Trust or any Adviser to the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriter has no officer, Trustee or general partner who serves as an officer, Trustee or general partner of the Trust or an
Adviser to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) An **Access Person** of an Adviser need not make a report to the Adviser, if such person makes a report to the Trust and all of
the information contained in such report would duplicate information required to be recorded under §§ 275.204-2(a)(12) or 275.204(a)(13)
of the Investment Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) An **Access Person** need not make a Quarterly Transaction Report if the Report would duplicate information contained in broker
trade confirmations or account statements received by the Trust with respect to the **Access Person** for the applicable quarterly
reporting period, but only if such broker trade confirmations or account statements contain ALL of the information required to be reported
in the Quarterly Transaction Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. *Responsibility to Report***

The responsibility for taking the initiative to report is imposed on each individual required to make a report. Any effort by the Trust to facilitate the reporting process does not change or alter that responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. *Where to File Report***

All reports must be filed with the Administrator of this Code of Ethics.

**IX.** **Confidentiality of Trust Transactions** 

Until disclosed in a public report to shareholders or to the SEC in the normal course of the Trust's business, all information concerning Securities "being considered for purchase or sale" by the Trust shall be kept confidential by all **Access Persons** and disclosed by them only on a "need to know" basis. It shall be the responsibility of the Administrator of this Code of Ethics to report any inadequacy found by him or her to the Board of Trustees of the Trust or any committee appointed by the Board to deal with such information.

X. Sanctions

Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by the Trust as may be deemed appropriate under the circumstances to achieve the purposes of the Rule and this Code of Ethics which may include suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the Trust and the more advantageous price paid or received by the offending person. Sanctions for violation of this Code of Ethics by a Trustee of the Trust will be determined by a majority vote of its independent Trustees.

**XI.** **Administration and Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The administration of this Code of Ethics shall be the responsibility of the President of the Trust who shall serve as the "Administrator"
of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The duties of such Administrator shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Continuous maintenance of a current list of the names of all **Access Persons** with an appropriate description of their title or employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Providing each **Covered Person** a copy of this Code of
Ethics and informing them of their duties and obligations thereunder, and assuring that **Covered Persons** who are not **Access Persons** are familiar with applicable requirements of this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Supervising the implementation of this Code of Ethics by the
Adviser(s) and Underwriter and the enforcement of the terms hereof by the Adviser(s) and Underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Maintaining or supervising the maintenance of all records and
reports required by this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Preparing listings of all transactions effected by any **Access Person** within fifteen (15) days of the date on which the same security was held, purchased or sold by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Determining whether any particular securities transaction should
be exempted pursuant to the provisions of this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Issuing either personally, or with the assistance of counsel
as may be appropriate, an interpretation of this Code of Ethics which may appear consistent with the objectives of the Rule of this Code
of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Conducting of such inspections or investigations, including
scrutiny of the listings referred to in the preceding subparagraph, as shall reasonably be required to detect and report, with his or
her recommendations, any apparent violations of this Code of Ethics to the Board of Trustees of the Trust or any Committee appointed
by them to deal with such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Submitting a quarterly report to the Trustees of the Trust containing
a description of any violation and the sanction imposed; transactions which suggest a possibility of a violation, and any exemptions
or waivers found appropriate by the Administrator; and any other significant information concerning the appropriateness of this Code
of Ethics.

**XII.** **Required Records** 

The Administrator shall maintain or cause to be maintained in an easily accessible place, the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) A copy of this and any other Code of Ethics adopted pursuant
to the Rule which has been in effect during the past five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A record of any violation of such Codes of Ethics and of any
action taken as a result of such violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) A copy of each report made by the Administrator within two (2)
years from the end of the fiscal year of the Trust in which such report and interpretation is made or issued and for an additional three
(3) years in a place which need not be easily accessible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) A list of all persons who are, or within the past five (5) years
have been, required to make reports pursuant to the Rule and this Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) A copy of all Initial Holdings Reports, Quarterly Transactions
Reports, and Annual Holdings Reports submitted within the last five (5) years, the first two (2) years in an easily accessible place.

**XIII.** **Amendments and Modifications** 

This Code of Ethics may not be amended or modified except in a written form which is specifically approved by majority vote of the Independent Trustees of the Trust.

This Code of Ethics was adopted by the Trust's Board of Trustees, including a majority of the Trust's "Independent Trustees", at a meeting held on November 3, 2000.

Witness my Signature:

Joseph Boatwright

Secretary to the Trust

Last Reviewed: January 31, 2021

**SCHEDULE A**

**CONFIDENTIAL TRANSACTION CLEARANCE**

**REQUEST FORM**

Pursuant to the requirements of Section V of the Code of Ethics of The Timothy Plan (the "Trust"), I, ______________________, being an Access Person of the Trust, as that term is defined in the Code, hereby request that the Trust approve the following transaction in Covered Securities:

---

| |
|:---|
| Name of Security: |
| Number of shares/Principal amount: |
| Nature of transaction: |

---

(i.e., purchase, sale or other type of acquisition or disposition);

Name of broker/dealer or bank executing transaction:  

---

| | | |
|:---|:---|:---|
| Yes | No |  |
| | | The security described above represents an investment in an initial public offering. |
| | | The security described above represents an investment in a private placement. |

---

By my signature below, I swear and affirm that I have not engaged in any transactions in the above-described securities in violation of the Trust's Code of Ethics, that I will invest in the above-described securities only after obtaining clearance to do so from authorized officers of the Trust, will report all such transactions in accordance with the requirements of the Trust's Code of Ethics, and if I receive clearance to engage in the above-described security, I will execute the transaction not later than three (3) days after receiving clearance or will obtain a new clearance prior to executing the transaction.

    <br> Signature of Applicant Printed Name of Applicant

---

| | |
|:---|:---|
| ______ | After due consideration, the proposed transaction described above is APPROVED. |
| ______ | After due consideration, the proposed transaction is DENIED. |
| ______ | (Check only if approving a transaction that represents an investment in an initial public offering or in a private placement). We, the undersigned, in the exercise of our obligations to the Trust under the Trust's Code of Ethics, have found that the above-described transaction is not a transaction that should be reserved to the Trust, and we further find that the transaction is not being offered to the Applicant as a result of his/her position with the Trust, Adviser or Underwriter. |

---

---

| | | | |
|:---|:---|:---|:---|
| Signature of Clearing Officer | Date | Signature of Clearing Officer | Date |
| Printed Name |  | Printed Name |  |

---

**SCHEDULE B**

**CONFIDENTIAL INITIAL**

**HOLDINGS REPORT**

**THE TIMOTHY PLAN**

The following lists all holdings in Covered Securities in which I had any direct or indirect beneficial ownership as of ________________________. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 10th day after you qualify as an Access Person. Use reverse side if additional space is needed.

**<u>HOLDINGS IN COVERED SECURITIES</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Transaction Date | Description of Security | Number of Shares/ Units | Per Unit Price | Total Amount | Broker executing Transaction |

---

The following lists all accounts established by me as of _______________________ in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 10th day after you qualify as an Access Person. Use reverse side if additional space is needed.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Date Account Established** |

---

Name:   <br> Date:   Signature:  

**SCHEDULE C**

**QUARTERLY SECURITIES TRANSACTIONS**

**CONFIDENTIAL REPORT**

**THE TIMOTHY PLAN**

The following lists all transactions in Covered Securities in which I had any direct or indirect beneficial ownership during the last calendar quarter. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 10th day of the month following the end of the calendar quarter. Use reverse side if additional space is needed.

**<u>PURCHASES/SALES AND OTHER DISPOSITIONS</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Transaction Date | Description of Security | Purchase (P), Sale(S), or Other Disposition (Describe) | Number of Shares/ Units | Per Unit Price | Total Amount | Broker executing Transaction |

---

The following lists all accounts established by me during the last calendar quarter in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 10th day of the month following the end of the calendar quarter. Use reverse side if additional space is needed.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Date Account Established** |

---

Name:   <br> Date:   Signature:  

**SCHEDULE B**

**CONFIDENTIAL ANNUAL**

**SECURITIES HOLDINGS REPORT**

**THE TIMOTHY PLAN**

The following lists all holdings in Covered Securities in which I had any direct or indirect beneficial ownership as of ________________________. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 30th day after the Trust's fiscal year end. Use reverse side if additional space is needed.

**<u>HOLDINGS IN COVERED SECURITIES</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Transaction Date | Description of Security | Number of Shares/ Units | Per Unit Price | Total Amount | Broker executing Transaction |

---

The following lists all accounts established by me as of _______________________ in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 30th day after the Trust's fiscal year end. Use reverse side if additional space is needed.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Date Account Established** |

---

I swear and affirm that the foregoing information is true and correct to the best of my information and belief, and that the information included in this report is current as of a date not later than thirty (30) days prior to the filing of this report.

Name:   <br> Date:   Signature:  

**VERIFICATION OF ACCESS PERSONS**

**THE TIMOTHY PLAN**

Required Report for

Code of Ethics of The Timothy Plan

As Adopted November 3, 2000

Listed below are the names and current mailing addresses of all persons, as of October 31, 2000, who are considered to be "Access Persons" of The Timothy Plan, as such term is defined in the Code of Ethics of The Timothy Plan (the "Trust"), as adopted on November 3, 2000 (the "Code").

---

| | |
|:---|:---|
| Name of Access Person | Mailing Address |
| 1. | |
| 2. | |
| 3. | |
| 4. | |
| 5. | |
| 6. | |
| 7. | |
| 8. | |
| 9. | |

---

**ACKNOWLEDGEMENT OF RECEIPT**

**OF CODE OF ETHICS**

**OF**

**THE TIMOTHY PLAN**

Required Report for

Code of Ethics of The Timothy Plan

As Adopted November 3, 2000

I, ___________________________, certify by my signature below as follows:

1. I have received, read, understand and agree to comply with the Code of Ethics of The Timothy Plan (the "Trust"), as adopted
on November 3, 2000 (the "Code"); and

2. I acknowledge that I am an "Access Person" of the Trust, as such term is defined in the Code and that Access Persons of
the Trust are generally required make periodic reports of their securities transactions and securities holdings; and

3. I am subject to the reporting requirements of the Code; and

4. On the first day following the end of each calendar quarter (January 1<sup>st</sup>, April 1<sup>st</sup>, July 1<sup>st</sup>, October
1<sup>st</sup>) I will receive a Quarterly Securities Transaction Report from the Trust. I will complete and return the Report to Michael
J. Senior not later than the tenth day of the month in which the Report is sent; and

5. I will inform the Trust of any change in my mailing address within ten (10) days of such change.

---

| | |
|:---|:---|
| Date | Signature |
|  | Printed Name |

---

**AUTHORIZATION**

**OF**

**RESPONSIBLE INDIVIDUAL**

**THE TIMOTHY PLAN**

Pursuant to the requirements of the Code of Ethics of The Timothy Plan, as adopted on November 3, 2000 (the "Code"), Mr. Arthur D. Ally has been appointed, by vote of the Board of Trustees of the Trust to be the person responsible for the review of all transaction and holdings reports required to be filed under the Code.

Mr. Ally will file a quarterly report with the Board of Trustees indicating and/or including:

1. Any reports required to be filed under the Code for the reporting period;

2. The names of each person required to file a report under the Code;

3. The names of any reporting person who failed to timely file a required report;

4. Copies of all submitted reports; and

5. A description of any violations or apparent violations of the Code for the reporting period.

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| | |
|:---|:---|
| Date | By: Joseph Boatwright |
|  | For the Trust |
| Date | By: Arthur D. Ally |
|  | Responsible Person |

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## Ex-99.Cert

<u>CERTIFICATIONS</u>

I, Arthur D. Ally, certify that:

1. I have reviewed this report on Form N-CSR of Timothy Plan (the
"registrant");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed to the registrant's auditors and the audit
committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| March 1, 2023 | /s/Arthur D. Ally |
| Date | Arthur D. Ally |
|  | Principal Executive Officer & Principal Financial Officer |

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## Exhibit 99.906

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of Timothy Plan (the "Registrant").

I, Arthur D. Ally, the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a)
or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.

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| | |
|:---|:---|
| March 1, 2023 |  |
| Date |  |
|  | /s/Arthur D. Ally |
|  | Arthur D. Ally |
|  | Principal Executive Officer and Principal Financial Officer |

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This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.