ANNUAL REPORT

 

December 31, 2022

 
 

Ticker
Symbol

TIMOTHY PLAN US SMALL CAP CORE ETF

TPSC

TIMOTHY PLAN US LARGE/MID CAP CORE ETF

TPLC

TIMOTHY PLAN HIGH DIVIDEND STOCK ETF

TPHD

TIMOTHY PLAN INTERNATIONAL ETF

TPIF

TIMOTHY PLAN US LARGE/MID CAP CORE ENHANCED ETF

TPLE

TIMOTHY PLAN HIGH DIVIDEND STOCK ENHANCED ETF

TPHE

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
President

 

1

 

 

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.

 

2

 

 

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® 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.

 

3

 

 

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® 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.

 

4

 

 

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.

 

5

 

 

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® 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.

 

6

 

 

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® 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.

 

7

 

 

Fund Performance - (Unaudited)

December 31, 2022

 

Timothy Plan US Small Cap Core ETF

 

Average Annual Return
Period Ended December 31, 2022

Inception Date

Timothy Plan US Small Cap Core ETF
12/2/19

 

 

Net Asset Value

Market Price Value

Victory US Small
Cap Volatility
Weighted BRI Index

One Year

-13.45%

-13.56%

-12.94%

Since Inception

8.23%

8.23%

8.88%

 

Expense Ratio

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

 

 

1

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.

 

8

 

 

Fund Performance - (Unaudited)

December 31, 2022

 

Timothy Plan US Large/Mid Cap Core ETF

 

Average Annual Return
Period Ended December 31, 2022

Inception Date

Timothy Plan U.S. Large/Mid Cap Core ETF
4/30/19

 

 

Net Asset Value

Market Price Value

Victory US Large/
Mid Cap Volatility
Weighted BRI Index

One Year

-12.48%

-12.57%

-11.94%

Since Inception

9.09%

9.09%

9.68%

 

Expense Ratio

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

 

 

1

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.

 

9

 

 

Fund Performance - (Unaudited)

December 31, 2022

 

Timothy Plan High Dividend Stock ETF

 

Average Annual Return
Period Ended December 31, 2022

Inception Date

Timothy Plan High Dividend Stock ETF
4/30/19

 

 

Net Asset Value

Market Price Value

Victory US Large
Cap High Dividend
Volatility Weighted
BRI Index

One Year

-1.88%

-1.86%

-1.24%

Since Inception

8.61%

8.62%

9.20%

 

Expense Ratio

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

 

 

1

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.

 

10

 

 

Fund Performance - (Unaudited)

December 31, 2022

 

Timothy Plan International ETF

 

Average Annual Return
Period Ended December 31, 2022

Inception Date

Timothy Plan International ETF
12/2/19

 

 

Net Asset Value

Market Price Value

Victory
International 500
Volatility Weighted
BRI Index

One Year

-17.80%

-17.96%

-17.50%

Since Inception

0.27%

0.19%

0.78%

 

Expense Ratio

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

 

 

1

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.

 

11

 

 

Fund Performance - (Unaudited)

December 31, 2022

 

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

 

Average Annual Return
Period Ended December 31, 2022

Inception Date

Timothy Plan U.S. Large/Mid Cap Core
Enhanced ETF
7/28/21

 

 

Net Asset Value

Market Price Value

Victory US Large/
Mid Cap Volatility
Weighted BRI Index

One Year

-11.58%

-11.60%

-11.66%

Since Inception

-2.49%

-2.49%

-2.40%

 

Expense Ratio

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

 

 

1

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.

 

12

 

 

Fund Performance - (Unaudited)

December 31, 2022

 

Timothy Plan High Dividend Stock Enhanced ETF

 

Average Annual Return
Period Ended December 31, 2022

Inception Date

Timothy Plan High Dividend Stock
Enhanced ETF
7/28/21

 

 

Net Asset Value

Market Price Value

Victory US Large
Cap High Dividend
Volatility Weighted
BRI Index

One Year

-10.44%

-10.54%

-10.23%

Since Inception

-1.93%

-1.91%

-1.60%

 

Expense Ratio

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

 

 

1

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.

 

13

 

 

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.(a)

    40,797       84,858  

Cars.com, Inc.(a)

    10,003       137,741  
Cogent Communications Holdings, Inc.     3,621       206,687  

EchoStar Corp., Class A(a)

    8,574       143,014  

Gogo, Inc.(a)

    9,489       140,058  
Gray Television, Inc.     10,334       115,637  

PubMatic, Inc.(a)

    4,376       56,057  

Sciplay Corp., Class A(a)

    11,652       187,364  
Shenandoah Telecommunication Co.     7,569       120,196  

Stagwell, Inc.(a)

    16,932       105,148  

TechTarget, Inc.(a)

    2,017       88,869  

Thryv Holdings, Inc.(a)

    7,424       141,056  

US Cellular Corp.(a)

    7,077       147,555  

ZipRecruiter, Inc.(a)

    5,962       97,896  
              1,772,136  
Consumer Discretionary (14.0%):                
American Eagle Outfitters, Inc.     10,238       142,922  

Arhaus, Inc.(a)

    10,614       103,487  
Arko Corp.     15,222       131,823  
Bloomin’ Brands, Inc.     5,329       107,219  

Boot Barn Holdings, Inc.(a)

    1,751       109,473  

Brinker International, Inc.(a)

    3,418       109,068  
Caleres, Inc.     3,581       79,785  
Camping World Holdings, Inc., Class A     3,846       85,843  
Carter’s, Inc.     2,134       159,218  

Cavco Industries, Inc.(a)

    608       137,560  
Century Communities, Inc.     2,706       135,327  
Cheesecake Factory, Inc.     3,383       107,275  
Cracker Barrel Old Country Store, Inc.     1,460       138,320  

Cricut, Inc., Class A(a)

    8,726       80,890  
Dana, Inc.     8,273       125,171  

Dave & Buster’s Entertainment, Inc.(a)

    2,715       96,220  
Designer Brands, Inc., Class A     7,140       69,829  
Dine Brands Global, Inc.     1,681       108,593  
Dorman Products, Inc.     1,985       160,527  

Dream Finders Homes, Inc., Class A(a)

    10,290       89,111  
European Wax Center, Inc., Class A     5,922       73,729  

First Watch Restaurant Group, Inc.(a)

    7,095       95,995  

 

SECURITY DESCRIPTION   SHARES   VALUE ($)
Consumer Discretionary (14.0%): (continued)                
Franchise Group, Inc.     4,398       104,760  

Frontdoor, Inc.(a)

    7,291       151,653  

Funko, Inc., Class A(a)

    4,327       47,208  

Gentherm, Inc.(a)

    2,169       141,614  

G-III Apparel Group Ltd.(a)

    6,709       91,980  

GoPro, Inc., Class A(a)

    23,233       115,700  
Graham Holdings Co., Class B     431       260,415  

Grand Canyon Education, Inc.(a)

    2,343       247,561  

Green Brick Partners, Inc.(a)

    5,234       126,820  
Group 1 Automotive, Inc.     771       139,065  
Guess?, Inc.     6,434       133,119  

Helen of Troy Ltd.(a)

    1,606       178,121  
Installed Building Products, Inc.     1,462       125,147  
Jack In The Box, Inc.     1,744       118,993  
KB Home     4,268       135,936  
Kontoor Brands, Inc.     3,483       139,285  
La Z Boy, Inc.     5,921       135,117  
LCI Industries     1,204       111,310  

Leslie’s, Inc.(a)

    8,150       99,512  

LGI Homes, Inc.(a)

    1,425       131,955  

M/I Homes, Inc.(a)

    3,307       152,717  

Malibu Boats, Inc.(a)

    2,682       142,951  

MarineMax, Inc.(a)

    4,025       125,661  
MDC Holdings, Inc.     4,732       149,531  

Meritage Homes Corp.(a)

    1,936       178,499  

Modine Manufacturing Co.(a)

    7,233       143,647  
Monro, Inc.     3,147       142,244  

National Vision Holdings, Inc.(a)

    3,225       125,001  

OneSpaWorld Holdings Ltd.(a)

    15,228       142,077  

Overstock.com, Inc.(a)

    2,787       53,956  
Oxford Industries, Inc.     1,530       142,565  
Papa John’s International, Inc.     2,293       188,737  
Patrick Industries, Inc.     2,714       164,468  

Perdoceo Education Corp.(a)

    18,797       261,278  

Playa Hotels & Resorts NV(a)

    21,450       140,069  

Qurate Retail, Inc.(a)

    37,004       60,317  
Rent-A-Center, Inc.     4,501       101,498  

Revolve Group, Inc.(a)

    3,807       84,744  

Sally Beauty Holdings, Inc.(a)

    9,599       120,179  

Six Flags Entertainment Corp.(a)

    4,748       110,391  

Solid Power, Inc.(a)

    16,699       42,415  
Sonic Automotive, Inc., Class A     2,517       124,013  

Sonos, Inc.(a)

    6,595       111,456  
Standard Motor Products     4,756       165,509  
Steven Madden Ltd.     4,897       156,508  

 

See notes to financial statements.

 

14

 

 

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.     2,216       173,557  

Stride, Inc.(a)

    2,564       80,202  
Sturm Ruger & Co.     4,179       211,541  

Target Hospitality Corp.(a)

    5,225       79,107  

Taylor Morrison Home Corp.(a)

    4,792       145,437  
The Buckle, Inc.     3,628       164,530  

Tri Pointe Group, Inc.(a)

    8,641       160,636  

Vista Outdoor, Inc.(a)

    5,341       130,160  

Vivid Seats, Inc., Class A(a)

    12,395       90,484  
Winnebago Industries, Inc.     1,981       104,399  
Wolverine World Wide, Inc.     8,097       88,500  

XPEL, Inc.(a)

    1,608       96,576  
              10,038,216  
Consumer Staples (6.7%):                
B&G Foods, Inc.     10,152       113,195  
Cal-Maine Foods, Inc.     2,854       155,400  

Central Garden And Pet Co., Class A(a)

    5,792       207,354  
Edgewell Personal Care Co.     4,202       161,945  

elf Beauty, Inc.(a)

    3,353       185,421  
Energizer Holdings, Inc.     6,127       205,561  
Fresh Del Monte Produce, Inc.     7,182       188,097  

Herbalife Nutrition Ltd.(a)

    5,422       80,679  
Ingles Markets, Inc.     2,243       216,360  
Inter Parfums, Inc.     2,155       208,001  
J & J Snack Foods Corp.     1,553       232,500  
John B. Sanfilippo & Son, Inc.     2,766       224,931  
Medifast, Inc.     1,090       125,731  

Mission Produce, Inc.(a)

    11,925       138,568  
Nu Skin Enterprises, Inc., Class A     4,138       174,458  
PriceSmart, Inc.     3,250       197,535  
SpartanNash Co.     5,237       158,367  
Spectrum Brands Holdings, Inc.     3,606       219,678  
The Andersons, Inc.     3,194       111,758  

The Chefs’ Warehouse, Inc.(a)

    4,152       138,179  

The Hain Celestial Group, Inc.(a)

    8,079       130,718  

The Vita Coco Co., Inc.(a)

    7,257       100,292  
Tootsie Roll Industries, Inc.     6,537       278,280  

United Natural Foods, Inc.(a)

    3,681       142,491  

Usana Health Sciences, Inc.(a)

    3,169       168,591  
Utz Brands, Inc.     9,745       154,556  
WD-40 Co.     901       145,250  
Weis Markets, Inc.     2,398       197,331  
              4,761,227  

 

SECURITY DESCRIPTION   SHARES   VALUE ($)
Energy (3.1%):                
Arch Resources, Inc.     653       93,242  
Archrock, Inc.     21,562       193,627  

Bristow Group, Inc.(a)

    5,027       136,383  

Callon Petroleum Co.(a)

    2,018       74,848  
CONSOL Energy, Inc.     1,184       76,960  
Delek US Holdings, Inc.     3,323       89,721  

Earthstone Energy, Inc., Class A(a)

    5,795       82,463  

Laredo Petroleum, Inc.(a)

    1,116       57,385  

NexTier Oilfield Solutions, Inc.(a)

    8,815       81,451  

Noble Corp. PLC(a)

    3,485       131,419  
Northern Oil and Gas, Inc.     2,821       86,943  

Par Pacific Holdings, Inc.(a)

    5,460       126,945  
Permian Resources Corp.     10,261       96,453  
Ranger Oil Corp.     2,251       91,008  
RPC, Inc.     10,328       91,816  
Select Energy Services, Inc., Class A     11,860       109,586  

SilverBow Resources, Inc.(a)

    2,539       71,803  
Sitio Royalties Corp., Class A     9,926       286,353  

Talos Energy, Inc.(a)

    4,051       76,483  

W&T Offshore, Inc.(a)

    9,373       52,301  
World Fuel Services Corp.     5,110       139,656  
              2,246,846  
Financials (23.8%):                
1st Source Corp.     5,001       265,503  
Artisan Partners Asset Management, Inc., Class A     5,895       175,081  

AssetMark Financial Holdings, Inc.(a)

    10,883       250,309  
Atlantic Union Bankshares Corp.     6,451       226,688  

Axos Financial, Inc.(a)

    3,977       152,001  
Financials (23.8%): (continued)                
BankUnited, Inc.     4,955       168,321  
Banner Corp.     3,299       208,497  
Berkshire Hills BanCorp, Inc.     7,628       228,077  
BGC Partners, Inc., Class A     42,027       158,442  
Bread Financial Holdings, Inc.     3,545       133,505  
Capitol Federal Financial, Inc.     34,687       300,043  
City Holding Co.     3,116       290,068  
CNO Financial Group, Inc.     9,147       209,009  
Columbia Banking System, Inc.     5,981       180,208  

Columbia Financial, Inc.(a)

    11,313       244,587  
Compass Diversified Holdings     8,057       146,879  
Dime Community Bancshares, Inc.     6,550       208,487  

Donnelley Financial Solutions, Inc.(a)

    3,097       119,699  

See notes to financial statements.

 

15

 

 

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.(a)

    3,518       168,653  
Enterprise Financial Services Corp.     5,062       247,836  
FB Financial Corp.     5,058       182,796  
Federal Agricultural Mortgage Corp., Class C     1,879       211,782  
First BanCorp.     9,739       123,880  
First BanCorp.     5,014       214,800  
First Busey Corp.     9,853       243,566  
First Commonwealth Financial Corp.     17,373       242,701  
First Financial BanCorp.     9,510       230,427  
First Foundation, Inc.     10,870       155,767  
First Merchants Corp.     5,366       220,596  
Fulton Financial Corp.     13,037       219,413  

Genworth Financial, Inc.(a)

    39,041       206,527  
German American BanCorp, Inc.     6,318       235,661  

Green Dot Corp., Class A(a)

    5,920       93,654  
Heartland Financial USA, Inc.     5,124       238,881  
Hilltop Holdings, Inc.     6,011       180,390  
Hope BanCorp, Inc.     14,590       186,898  
Horace Mann Educators     5,417       202,433  
Independent Bank Group, Inc.     3,326       199,826  
International Bancshares Corp.     4,359       199,468  
Jackson Financial, Inc., Class A     3,577       124,444  
Lakeland BanCorp, Inc.     14,355       252,792  
Lakeland Financial Corp.     3,166       231,023  

Lendingclub Corp.(a)

    7,015       61,732  
Live Oak Bancshares, Inc.     3,450       104,190  
Merchants BanCorp     8,179       198,913  
Moelis & Co., Class A     4,176       160,233  
National Bank Holdings Corp., Class A     5,384       226,505  
Navient Corp.     8,708       143,247  
NBT BanCorp, Inc.     6,643       288,439  

NMI Holdings, Inc.(a)

    7,352       153,657  
Northwest Bancshares, Inc.     19,780       276,524  
Oceanfirst Financial Corp.     12,358       262,607  
OFG BanCorp     7,209       198,680  

Open Lending Corp.(a)

    12,569       84,841  

Palomar Holdings, Inc.(a)

    1,307       59,024  
Park National Corp.     1,779       250,394  
PennyMac Financial Services, Inc.     3,542       200,690  
Piper Sandler Cos.     1,414       184,089  
PJT Partners, Inc., Class A     2,695       198,595  

PRA Group, Inc.(a)

    8,924       301,453  
ProAssurance Corp.     9,274       162,017  

 

SECURITY DESCRIPTION   SHARES   VALUE ($)
Financials (23.8%): (continued)                
Provident Financial Services, Inc.     11,619       248,182  
Renasant Corp.     6,359       239,035  
S&T BanCorp, Inc.     8,253       282,088  
Safety Insurance Group, Inc.     3,512       295,921  
Sandy Spring BanCorp, Inc.     5,980       210,675  
Seacoast Banking Corp.     6,217       193,908  

Silvergate Capital Corp., Class A(a)

    835       14,529  
Southside Bancshares, Inc.     7,054       253,873  
StepStone Group, Inc., Class A     5,218       131,389  
Stewart Information Services     3,947       168,655  
Stock Yards BanCorp, Inc.     3,225       209,560  

StoneX Group, Inc.(a)

    2,143       204,228  

Texas Capital Bancshares, Inc.(a)

    2,741       165,310  

The BanCorp, Inc.(a)

    5,222       148,200  
Tompkins Financial Corp.     3,210       249,032  
Towne Bank     8,431       260,012  
TriCo Bancshares     4,529       230,934  

Triumph BanCorp, Inc.(a)

    2,195       107,270  
Trustmark Corp.     7,808       272,577  

Upstart Holdings, Inc.(a)

    1,791       23,677  
Veritex Holdings, Inc.     6,210       174,377  
Virtus Investment Partners, Inc.     922       176,508  
Washington Federal, Inc.     6,751       226,496  
WesBanco, Inc.     6,403       236,783  
Westamerica BanCorp.     5,442       321,132  
              17,039,799  
Health Care (8.5%):                

AdaptHealth Corp.(a)

    4,355       83,703  

Addus Homecare Corp.(a)

    1,466       145,852  

Agiliti, Inc.(a)

    7,331       119,569  

Alector, Inc.(a)

    9,675       89,300  

Allscripts Healthcare Solutions, Inc.(a)

    10,243       180,687  

Apollo Medical Holdings, Inc.(a)

    2,707       80,100  

Arcus Biosciences, Inc.(a)

    2,865       59,248  

AtriCure, Inc.(a)

    3,540       157,105  
Atrion Corp.     318       177,905  

Avid Bioservices, Inc.(a)

    5,166       71,136  

Catalyst Pharmaceuticals, Inc.(a)

    7,663       142,532  

Corcept Therapeutics, Inc.(a)

    4,750       96,472  

CorVel Corp.(a)

    1,172       170,327  
Health Care (8.5%): (continued)                

Cross Country Healthcare, Inc.(a)

    2,780       73,865  

DocGo, Inc.(a)

    8,157       57,670  

Dynavax Technologies Corp.(a)

    7,999       85,109  

 

See notes to financial statements.

 

16

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Small Cap Core ETF

 

    SHARES   VALUE ($)
Health Care (8.5%): (continued)                
Embecta Corp.     3,352       84,772  

Emergent Biosolutions, Inc.(a)

    4,955       58,519  

Enhabit, Inc.(a)

    6,294       82,829  

Enovis Corp.(a)

    3,514       188,069  

Figs, Inc., Class A(a)

    9,414       63,356  

Fulgent Genetics, Inc.(a)

    3,051       90,859  

Harmony Biosciences Holdings, Inc.(a)

    2,160       119,016  

Innoviva, Inc.(a)

    11,904       157,728  

Integer Holdings Corp.(a)

    3,299       225,850  

Ironwood Pharmaceuticals, Inc.(a)

    18,786       232,759  

iTeos Therapeutics, Inc.(a)

    4,600       89,838  
Lemaitre Vascular, Inc.     3,514       161,714  

Multiplan Corp.(a)

    31,933       36,723  
National Healthcare Corp.     4,173       248,294  
National Research Corp.     4,129       154,012  

Neogen Corp.(a)

    13,854       210,996  

Owens & Minor, Inc.(a)

    8,101       158,213  

Pacira BioSciences, Inc.(a)

    3,061       118,185  
Patterson Cos., Inc.     7,111       199,321  

Pediatrix Medical Group, Inc.(a)

    8,207       121,956  

Prestige Consumer Healthcare, Inc.(a)

    4,153       259,978  

Prothena Corp. PLC(a)

    878       52,899  

RadNet, Inc.(a)

    6,306       118,742  

Regenxbio, Inc.(a)

    4,174       94,666  

Senseonics Holdings, Inc.(a)

    50,693       52,214  
SIGA Technologies, Inc.     5,223       38,441  
Simulations Plus, Inc.     2,772       101,372  

Supernus Pharmaceuticals, Inc.(a)

    5,182       184,842  

Syndax Pharmaceuticals, Inc.(a)

    4,495       114,398  
Health Care (8.5%): (continued)                
U.S. Physical Therapy, Inc.     1,725       139,777  

Varex Imaging Corp.(a)

    8,853       179,716  

Xencor, Inc.(a)

    4,437       115,539  
              6,046,173  
Industrials (20.9%):                

AAR Corp.(a)

    4,271       191,768  

AerSale Corp.(a)

    6,998       113,508  

Air Transport Services Group(a)

    5,862       152,295  
Alamo Group, Inc.     1,604       227,126  
Albany International Corp.     2,386       235,236  

Allegiant Travel Co.(a)

    1,831       124,490  
Altra Industrial Motion Corp.     3,767       225,078  
Apogee Enterprises, Inc.     3,991       177,440  

 

SECURITY DESCRIPTION   SHARES   VALUE ($)
Industrials (20.9%): (continued)                
ArcBest Corp.     1,463       102,469  
Arcosa, Inc.     2,776       150,848  
Astec Industries, Inc.     4,105       166,909  
AZZ, Inc.     5,878       236,296  
Barnes Group, Inc.     5,887       240,484  
Boise Cascade Co.     1,661       114,061  
Brady Corp.     5,107       240,540  

BrightView Holdings, Inc.(a)

    18,169       125,184  

CBIZ, Inc.(a)

    4,985       233,547  
Columbus McKinnon Corp.     5,808       188,586  

Construction Partners, Inc., Class A(a)

    4,209       112,338  
CSW Industrials, Inc.     1,867       216,441  
Deluxe Corp.     9,590       162,838  
Encore Wire Corp.     896       123,254  

Energy Recovery, Inc.(a)

    8,005       164,022  
Enerpac Tool Group Corp.     8,040       204,618  
EnerSys     2,779       205,201  
EnPro Industries, Inc.     1,944       211,293  
Esab Corp.     4,043       189,698  
ESCO Technologies, Inc.     2,415       211,409  
Federal Signal Corp.     4,857       225,705  

First Advantage Corp.(a)

    11,520       149,760  

Forrester Research, Inc.(a)

    4,941       176,690  
Forward Air Corp.     1,570       164,677  

Gibraltar Industries, Inc.(a)

    2,949       135,300  
Global Industrial Co.     4,786       112,615  

GMS, Inc.(a)

    3,229       160,804  
GrafTech International, Ltd.     26,998       128,510  
Granite Construction, Inc.     7,139       250,365  
Griffon Corp.     3,630       129,918  
H&E Equipment Services, Inc.     4,116       186,866  

Hayward Holdings, Inc.(a)

    12,804       120,358  
Healthcare Services Group     10,158       121,896  
Heartland Express, Inc.     15,116       231,879  
Helios Technologies, Inc.     2,672       145,464  

Heritage-Crystal Clean, Inc.(a)

    6,295       204,462  
Hillenbrand, Inc.     4,549       194,106  

HireRight Holdings Corp.(a)

    6,357       75,394  
HNI Corp.     6,174       175,527  

Huron Consulting Group, Inc.(a)

    2,864       207,926  
ICF International, Inc.     2,011       199,190  

Janus International Group, Inc.(a)

    13,314       126,749  

Jeld-Wen Holding, Inc.(a)

    12,043       116,215  
Kadant, Inc.     1,091       193,794  

 

See notes to financial statements.

 

17

 

 

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.     5,293       118,034  
Kennametal, Inc.     6,890       165,773  
Kforce, Inc.     2,644       144,970  
Lindsay Corp.     1,167       190,046  
Marten Transport Ltd.     7,739       153,077  
Matson, Inc.     1,698       106,142  
Maxar Technologies, Inc.     5,203       269,203  
McGrath Rentcorp     2,693       265,907  

Mercury Systems, Inc.(a)

    3,234       144,689  
Moog, Inc., Class A     2,768       242,920  
Mueller Water Products, Inc., Class A     18,556       199,663  

MYR Group, Inc.(a)

    2,177       200,436  

NOW, Inc.(a)

    11,970       152,019  

NV5 Global, Inc.(a)

    1,313       173,736  

PGT Innovations, Inc.(a)

    6,728       120,835  
Primoris Services Corp.     9,157       200,905  

Proto Labs, Inc.(a)

    3,695       94,333  
Rush Enterprises, Inc., Class A     4,084       213,512  

SkyWest, Inc.(a)

    5,905       97,492  

SPX Technologies, Inc.(a)

    3,282       215,463  
Standex International Corp.     2,565       262,682  

Sun Country Airlines Holdings, Inc.(a)

    7,164       113,621  
Tennant Co.     3,431       211,247  
Terex Corp.     4,168       178,057  

The AZEK Co., Inc.(a)

    5,402       109,769  
The Brink’s Co.     3,712       199,371  
The Greenbrier Cos., Inc.     5,872       196,888  
The Shyft Group, Inc.     5,604       139,315  

Titan International, Inc.(a)

    6,488       99,396  
Trinity Industries, Inc.     7,469       220,858  
Universal Logistics Holdings, Inc.     3,813       127,507  

V2X, Inc.(a)

    2,714       112,061  
Veritiv Corp.     1,127       137,167  
Wabash National Corp.     8,052       181,975  
Werner Enterprises, Inc.     5,133       206,655  
              14,946,871  
Information Technology (10.3%):                

3D Systems Corp.(a)

    11,736       86,846  
A10 Networks, Inc.     8,423       140,075  

ACI Worldwide, Inc.(a)

    7,943       182,689  

ACM Research, Inc., Class A(a)

    8,886       68,511  

Agilysys, Inc.(a)

    2,334       184,713  

Alpha & Omega Semiconductor, Ltd.(a)

    2,498       71,368  

 

SECURITY DESCRIPTION   SHARES   VALUE ($)
Information Technology (10.3%): (continued)                

Avid Technology, Inc.(a)

    3,914       104,073  

Axcelis Technologies, Inc.(a)

    1,592       126,341  
Badger Meter, Inc.     1,994       217,406  
Belden, Inc.     2,495       179,391  
Benchmark Electronics, Inc.     7,615       203,244  

Clearfield, Inc.(a)

    851       80,113  

Cohu, Inc.(a)

    4,238       135,828  

CommVault Systems, Inc.(a)

    3,058       192,165  

Conduent, Inc.(a)

    33,968       137,570  

Consensus Cloud Solutions, Inc.(a)

    2,399       128,970  
CSG Systems International, Inc.     3,491       199,685  

Digi International, Inc.(a)

    4,131       150,988  

Digital Turbine, Inc.(a)

    4,934       75,194  
Ebix, Inc.     3,324       66,347  

eplus, Inc.(a)

    3,791       167,866  
EVERTEC, Inc.     6,003       194,377  

Extreme Networks, Inc.(a)

    8,113       148,549  

FormFactor, Inc.(a)

    4,464       99,235  

Harmonic, Inc.(a)

    9,762       127,882  

Ichor Holding Ltd.(a)

    4,008       107,495  
InterDigital, Inc.     3,938       194,852  

International Money Express, Inc.(a)

    6,597       160,769  

MaxLinear, Inc.(a)

    2,962       100,560  
Methode Electronics, Inc.     5,129       227,574  

N-able, Inc.(a)

    12,064       124,018  

Napco Security Technologies Inc.(a)

    5,184       142,456  

NetScout Systems, Inc.(a)

    5,766       187,453  

OSI Systems, Inc.(a)

    3,120       248,102  

Paya Holdings, Inc.(a)

    15,802       124,362  

Paymentus Holdings, Inc.(a)

    7,092       56,807  

Payoneer Global, Inc.(a)

    9,790       53,551  
PC Connection, Inc.     4,073       191,024  

Perficient, Inc.(a)

    1,784       124,577  

Photronics, Inc.(a)

    6,069       102,141  

Plexus Corp.(a)

    2,127       218,932  
Progress Software Corp.     4,036       203,616  

Semtech Corp.(a)

    4,232       121,416  

SiTime Corp.(a)

    857       87,088  

SMART Global Holdings, Inc.(a)

    8,956       133,265  

TaskUS, Inc., Class A(a)

    3,763       63,595  
TTEC Holdings, Inc.     3,073       135,612  

TTM Technologies(a)

    9,503       143,305  

Ultra Clean Holdings, Inc.(a)

    3,986       132,136  

Veeco Instruments, Inc.(a)

    7,386       137,232  

 

See notes to financial statements.

 

18

 

 

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.(a)

    10,068       139,240  
Vishay Intertechnology, Inc.     9,732       209,919  
              7,340,523  
Materials (5.2%):                
AdvanSix, Inc.     3,530       134,211  
Alpha Metallurgical Resources, Inc.     482       70,560  

Arconic Corp.(a)

    5,611       118,729  
Chase Corp.     2,463       212,458  

Ecovyst, Inc.(a)

    14,777       130,924  
Hawkins, Inc.     4,154       160,344  
Hecla Mining Co.     22,011       122,381  

Ingevity Corp.(a)

    2,535       178,565  
Innospec, Inc.     2,382       245,012  
Materion Corp.     1,931       168,982  
Minerals Technologies, Inc.     3,372       204,748  
NewMarket Corp.     689       214,355  

O-I Glass, Inc.(a)

    8,099       134,200  

Origin Materials, Inc.(a)

    19,702       90,826  
Orion Engineered Carbons SA     9,527       169,676  
Pactiv Evergreen, Inc.     14,103       160,210  
Ryerson Holding Corp.     2,879       87,119  
Schnitzer Steel Industries, Inc.     3,991       122,324  
Stepan Co.     2,312       246,136  
Sylvamo Corp.     2,590       125,848  
TriMas Corp.     7,743       214,791  
Trinseo PLC     5,443       123,611  
Warrior Met Coal, Inc.     3,301       114,347  
Worthington Industries, Inc.     2,971       147,688  
              3,698,045  
Real Estate (1.6%):                

CoreCivic, Inc.(a)

    13,197       152,557  
eXp World Holdings, Inc.     6,685       74,070  
Kennedy-Wilson Holdings, Inc.     13,246       208,360  
Marcus & Millichap, Inc.     4,610       158,814  

 

SECURITY DESCRIPTION   SHARES   VALUE ($)
Real Estate (1.6%): (continued)                
Newmark Group, Inc., Class A     14,668       116,904  
The RMR Group, Inc., Class A     8,694       245,605  
The St. Joe Co.     4,541       175,510  
              1,131,820  
Utilities (3.1%):                

Altus Power, Inc.(a)

    6,809       44,395  
Avista Corp.     6,858       304,084  
Chesapeake Utilities Corp.     2,031       240,024  
MGE Energy, Inc.     4,193       295,187  
Middlesex Water Co.     2,508       197,304  

Montauk Renewables, Inc.(a)

    6,141       67,735  
Northwest Natural Holding Co.     4,926       234,428  
NorthWestern Corp.     5,084       301,685  
SJW Group     4,013       325,815  
Unitil Corp.     3,767       193,473  
              2,204,130  
Total Common Stocks (Cost $71,082,172)             71,225,786  

Total Investments (Cost $71,082,172) — 99.7%(b)

            71,225,786  
Other assets in excess of liabilities — 0.3%             195,936  
NET ASSETS - 100.00%           $ 71,421,722  

 

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

 

(a)

Non-income producing security.

(b)

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

 

Futures Contracts

Long Futures

Index Futures   Expiration Date   Number of
Contracts
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
E-Mini Russell 2000 Index   3/17/23     2     $ 178,869     $ 177,090     $ (1,779 )
                                $ (1,779 )

 

See notes to financial statements.

 

19

 

 

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(a)

    20,149       454,158  
Lumen Technologies, Inc.     67,451       352,094  
News Corp., Class A     32,984       600,309  

ZoomInfo Technologies, Inc.(a)

    6,670       200,834  
              1,607,395  
Consumer Discretionary (7.8%):                

Aptiv PLC(a)

    4,323       402,601  
Aramark     16,646       688,146  

AutoZone, Inc.(a)

    267       658,470  

Burlington Stores, Inc.(a)

    2,875       582,935  

CarMax, Inc.(a)

    5,828       354,867  

Chipotle Mexican Grill, Inc.(a)

    288       399,597  
Darden Restaurants, Inc.     3,894       538,657  
Dollar General Corp.     2,296       565,390  

Dollar Tree, Inc.(a)

    3,099       438,323  
Domino’s Pizza, Inc.     1,825       632,180  
DR Horton, Inc.     6,202       552,846  
Garmin Ltd.     7,346       677,962  
Genuine Parts Co.     4,862       843,606  
Lennar Corp.     5,789       523,905  
LKQ Corp.     10,289       549,535  
Lowe’s Cos., Inc.     3,091       615,851  

NVR, Inc.(a)

    136       627,311  

O’Reilly Automotive, Inc.(a)

    815       687,884  
Pool Corp.     1,470       444,425  
Pultegroup, Inc.     11,414       519,679  
Ross Stores, Inc.     4,861       564,216  
Service Corp.     10,143       701,287  

Tesla, Inc.(a)

    1,438       177,133  
Tractor Supply Co.     2,580       580,423  
Vail Resorts, Inc.     2,280       543,438  
              13,870,667  
Consumer Staples (4.1%):                

BJ’s Wholesale Club Holdings, Inc.(a)

    5,977       395,438  
Bunge, Ltd.     6,598       658,282  
Campbell Soup Co.     15,640       887,570  
Costco Wholesale Corp.     1,280       584,320  

Darling Ingredients, Inc.(a)

    5,622       351,881  
Hormel Foods Corp.     18,748       853,971  
Lamb Weston Holdings, Inc.     7,310       653,222  
McCormick & Co., Inc.     9,443       782,730  

Monster Beverage Corp.(a)

    7,043       715,076  

 

SECURITY DESCRIPTION   SHARES   VALUE ($)
Consumer Staples (4.1%): (continued)                
Sysco Corp.     8,366       639,581  
The JM Smucker Co.     5,163       818,129  
              7,340,200  
Energy (6.0%):                

Antero Resources Corp.(a)

    8,894       275,625  
APA Corp.     7,807       364,431  
Chesapeake Energy Corp.     4,126       389,371  
ConocoPhillips     3,700       436,600  
Coterra Energy, Inc.     13,733       337,420  
Devon Energy Corp.     4,987       306,750  
Diamondback Energy, Inc.     2,724       372,589  
EOG Resources, Inc.     3,391       439,202  
Halliburton Co.     12,506       492,111  
Hess Corp.     3,436       487,293  
HF Sinclair Corp.     6,685       346,885  
Kinder Morgan, Inc.     39,816       719,873  
Marathon Oil Corp.     12,959       350,800  
Marathon Petroleum Corp.     4,886       568,682  
Occidental Petroleum Corp.     4,861       306,194  
ONEOK, Inc.     9,874       648,722  
Ovintiv, Inc.     6,044       306,491  
Phillips 66     4,897       509,680  
Pioneer Natural Resources Co.     1,918       438,052  
Schlumberger Ltd.     8,772       468,951  
Targa Resources Corp.     6,936       509,796  
Texas Pacific Land Corp.     181       424,306  
The Williams Cos., Inc.     21,640       711,956  
Valero Energy Corp.     3,552       450,607  
              10,662,387  
Financials (11.7%):                
Aflac, Inc.     13,749       989,103  
American Financial Group, Inc.     5,386       739,390  

Arch Capital Group Ltd.(a)

    15,895       997,888  
Ares Management Corp., Class A     6,481       443,560  
Arthur J Gallagher & Co.     4,154       783,195  
Brown & Brown, Inc.     10,580       602,743  
Cboe Global Markets, Inc.     6,468       811,540  
Cincinnati Financial Corp.     5,729       586,592  
East West Bancorp, Inc.     6,911       455,435  
Equitable Holdings, Inc.     18,917       542,918  
Erie Indemnity Co., Class A     3,195       794,660  
Everest Re Group, Ltd.     2,536       840,101  
FactSet Research Systems, Inc.     1,663       667,212  
First Citizens BancShares, Inc., Class A     614       465,633  

 

See notes to financial statements.

 

20

 

 

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     4,766       580,928  
Franklin Resources, Inc.     24,473       645,598  
Globe Life, Inc.     6,919       834,085  
Interactive Brokers Group, Inc.     7,570       547,690  
Intercontinental Exchange, Inc.     7,182       736,801  
LPL Financial Holdings, Inc.     1,876       405,535  

Markel Corp.(a)

    678       893,258  
MarketAxess Holdings, Inc.     2,208       615,789  
Morningstar, Inc.     2,358       510,719  
MSCI, Inc.     1,268       589,836  
Nasdaq, Inc.     13,220       811,047  
Principal Financial Group, Inc.     7,966       668,507  
Raymond James Financial, Inc.     5,474       584,897  
Rocket Cos., Inc., Class A     47,972       335,804  

Ryan Specialty Holdings, Inc.(a)

    11,982       497,373  
Signature Bank     2,336       269,154  

SVB Financial Group(a)

    1,036       238,425  
Tradeweb Markets, Inc., Class A     11,373       738,449  
WR Berkley Corp.     11,062       802,769  
              21,026,634  
Health Care (12.8%):                
Agilent Technologies, Inc.     4,242       634,815  

Align Technology, Inc.(a)

    1,629       343,556  
Amgen, Inc.     3,590       942,878  

Avantor, Inc.(a)

    24,930       525,774  
Baxter International, Inc.     11,730       597,878  

BioMarin Pharmaceutical, Inc.(a)

    6,144       635,843  

Catalent, Inc.(a)

    6,169       277,667  

Centene Corp.(a)

    7,990       655,260  

Charles River Laboratories International, Inc.(a)

    2,107       459,115  
Danaher Corp.     2,270       602,503  

Dexcom, Inc.(a)

    3,591       406,645  

Edwards Lifesciences Corp.(a)

    6,090       454,375  
HCA Healthcare, Inc.     2,101       504,156  

Henry Schein, Inc.(a)

    11,078       884,800  

Horizon Therapeutics PLC(a)

    7,174       816,401  
Humana, Inc.     1,415       724,749  

IDEXX Laboratories, Inc.(a)

    1,396       569,512  

Incyte Corp.(a)

    9,790       786,333  

Insulet Corp.(a)

    1,533       451,300  

Intuitive Surgical, Inc.(a)

    2,318       615,081  

IQVIA Holdings, Inc.(a)

    3,058       626,554  

Mettler-Toledo International, Inc.(a)

    464       670,689  

 

 

SECURITY DESCRIPTION   SHARES   VALUE ($)
Health Care (12.8%): (continued)                

Moderna, Inc.(a)

    1,950       350,259  

Neurocrine Biosciences, Inc.(a)

    5,070       605,561  
PerkinElmer, Inc.     4,214       590,887  

R1 RCM, Inc.(a)

    23,510       257,434  

Regeneron Pharmaceuticals, Inc.(a)

    711       512,979  

Repligen Corp.(a)

    1,698       287,488  
ResMed, Inc.     2,675       556,748  

Shockwave Medical, Inc.(a)

    1,019       209,517  
STERIS PLC     3,500       646,415  
Stryker Corp.     2,895       707,799  
Teleflex, Inc.     2,813       702,209  

United Therapeutics Corp.(a)

    2,498       694,669  

Veeva Systems, Inc., Class A(a)

    2,433       392,638  

Vertex Pharamaceuticals, Inc.(a)

    2,031       586,512  

Waters Corp.(a)

    2,011       688,928  
West Pharmaceutical Services, Inc.     2,115       497,765  
Zimmer Biomet Holdings, Inc.     5,619       716,422  
Zoetis, Inc.     4,522       662,699  
              22,852,813  
Industrials (22.6%):                
Advanced Drainage Systems, Inc.     3,217       263,697  
AECOM     9,088       771,844  
AMETEK, Inc.     7,029       982,092  

Builders FirstSource, Inc.(a)

    6,226       403,943  
Carlisle Companies, Inc.     2,140       504,291  
Carrier Global Corp.     16,803       693,124  
Caterpillar, Inc.     3,131       750,062  
CH Robinson Worldwide, Inc.     5,697       521,617  
Cintas Corp.     1,850       835,497  

Copart, Inc.(a)

    10,032       610,848  

Costar Group, Inc.(a)

    5,622       434,468  
CSX Corp.     23,974       742,715  
Deere & Co.     1,389       595,548  
Dover Corp.     5,564       753,421  
Eaton Corp. PLC     4,928       773,450  
Equifax, Inc.     3,345       650,134  
Expeditors International of Washington, Inc.     6,798       706,448  
Fastenal Co.     15,312       724,564  
Fortive Corp.     10,587       680,215  

Generac Holdings, Inc.(a)

    2,056       206,957  
General Dynamics Corp.     3,565       884,512  
Graco, Inc.     11,896       800,125  
HEICO Corp.     4,863       747,151  
Honeywell International, Inc.     4,306       922,776  

 

See notes to financial statements.

 

21

 

 

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.     16,819       662,837  
Hubbell, Inc.     3,007       705,683  
Huntington Ingalls Industries, Inc.     3,280       756,630  
IDEX Corp.     3,765       859,662  
Illinois Tool Works, Inc.     3,883       855,425  
Ingersoll Rand, Inc.     11,807       616,916  
J.B. Hunt Transport Services, Inc.     3,363       586,373  
Johnson Controls International PLC     11,569       740,416  
Leidos Holdings, Inc.     8,242       866,976  
Masco Corp.     12,074       563,494  
Nordson Corp.     3,289       781,861  
Norfolk Southern Corp.     3,075       757,742  
Old Dominion Freight Line, Inc.     1,707       484,412  
Otis Worldwide Corp.     10,887       852,561  
PACCAR, Inc.     8,135       805,121  
Parker Hannifin Corp.     2,342       681,522  
Quanta Services, Inc.     3,808       542,640  
Regal Rexnord Corp.     3,847       461,563  
Republic Services, Inc.     6,675       861,008  
Rockwell Automation, Inc.     2,259       581,851  
Rollins, Inc.     18,548       677,744  
Snap-on, Inc.     3,390       774,581  
Textron, Inc.     9,063       641,660  
Trane Technologies PLC     4,414       741,949  
TransDigm Group, Inc.     1,055       664,281  
TransUnion     9,032       512,566  
U-Haul Holding Co.     13,238       796,795  
Union Pacific Corp.     3,815       789,972  

United Rentals, Inc.(a)

    1,620       575,780  
Verisk Analytics, Inc.     4,343       766,192  
Waste Management, Inc.     5,660       887,941  
Watsco, Inc.     2,480       618,512  
Westinghouse Air Brake Technologies Corp.     6,679       666,631  
WW Grainger, Inc.     1,322       735,363  
Xylem, Inc.     5,976       660,766  
              40,494,925  
Information Technology (15.2%):                

Advanced Micro Devices, Inc.(a)

    5,480       354,940  

Akamai Technologies, Inc.(a)

    8,016       675,749  
Amphenol Corp., Class A     9,689       737,720  
Analog Devices, Inc.     3,795       622,494  

ANSYS, Inc.(a)

    2,220       536,330  

Arista Networks, Inc.(a)

    4,399       533,819  
Bentley Systems, Inc., Class B     11,759       434,613  

 

SECURITY DESCRIPTION   SHARES   VALUE ($)
Information Technology (15.2%): (continued)                
Broadcom, Inc.     1,190       665,365  

Cadence Design Systems, Inc.(a)

    3,106       498,948  
CDW Corp.     3,948       705,034  
Cognizant Technology Solutions Corp., Class A     10,059       575,274  

Datadog, Inc., Class A(a)

    3,216       236,376  

Dynatrace, Inc.(a)

    9,655       369,787  

Enphase Energy, Inc.(a)

    1,038       275,028  
Entegris, Inc.     4,626       303,419  

EPAM Systems, Inc.(a)

    616       201,888  

F5, Inc.(a)

    3,677       527,686  

Fair Isaac Corp.(a)

    1,143       684,177  
Fidelity National Information Services, Inc.     6,971       472,982  

First Solar, Inc.(a)

    2,841       425,553  

FleetCor Technologies, Inc.(a)

    3,338       613,124  

Fortinet, Inc.(a)

    7,115       347,852  

Gartner, Inc.(a)

    1,828       614,464  
Jack Henry & Associates, Inc.     4,188       735,245  
Juniper Networks, Inc.     23,931       764,835  

Keysight Technologies, Inc.(a)

    3,667       627,314  
KLA Corp.     1,418       534,629  
Lam Research Corp.     1,146       481,664  
Microchip Technology, Inc.     7,121       500,250  
Monolithic Power Systems, Inc.     963       340,526  
NetApp, Inc.     8,980       539,339  
NVIDIA Corp.     2,624       383,471  
NXP Semiconductors NV     2,983       471,403  

ON Semiconductor Corp.(a)

    5,266       328,440  
Paychex, Inc.     5,958       688,506  

Paycom Software, Inc.(a)

    1,167       362,132  

Paylocity Holding Corp.(a)

    1,521       295,469  

PTC, Inc.(a)

    4,279       513,651  

Qorvo, Inc.(a)

    5,088       461,176  
Roper Technologies, Inc.     2,031       877,575  
Seagate Technology Holdings PLC     8,743       459,969  

ServiceNow, Inc.(a)

    984       382,058  
Skyworks Solutions, Inc.     5,545       505,316  
SS&C Technologies Holdings, Inc.     13,665       711,400  

Synopsys, Inc.(a)

    1,607       513,099  
TD SYNNEX Corp.     6,774       641,566  
TE Connectivity Ltd.     5,379       617,509  

Teledyne Technologies, Inc.(a)

    1,946       778,225  
Teradyne, Inc.     4,890       427,142  

The Trade Desk, Inc., Class A(a)

    4,028       180,575  

See notes to financial statements.

 

22

 

 

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.(a)

    9,358       473,140  

Tyler Technologies, Inc.(a)

    1,449       467,172  

Western Digital Corp.(a)

    12,027       379,452  

Zebra Technologies Corp.(a)

    1,721       441,282  
              27,296,152  
Materials (7.9%):                
Albemarle Corp.     1,410       305,773  
Avery Dennison Corp.     3,487       631,147  
Ball Corp.     9,235       472,278  
Celanese Corp.     5,645       577,145  
CF Industries Holdings, Inc.     3,775       321,630  
Eastman Chemical Co.     7,617       620,328  
Ecolab, Inc.     4,065       591,701  
FMC Corp.     5,653       705,494  
Freeport-McMoRan, Inc.     12,773       485,374  
International Flavors & Fragrances, Inc.     6,467       678,000  
International Paper Co.     19,547       676,913  
LyondellBasell Industries NV, Class A     7,054       585,694  
Martin Marietta Materials, Inc.     1,963       663,435  
Newmont Corp.     12,363       583,534  
Nucor Corp.     3,327       438,532  
Packaging Corp. of America     5,258       672,551  
PPG Industries, Inc.     4,884       614,114  
Reliance Steel & Aluminum Co.     2,990       605,296  
RPM International, Inc.     7,488       729,706  
Steel Dynamics, Inc.     5,259       513,804  
The Mosaic Co.     7,088       310,950  
The Sherwin-Williams Co.     2,612       619,906  
Vulcan Materials Co.     4,108       719,352  
Westlake Chemical Corp.     5,427       556,484  
Westrock Co.     15,568       547,371  
              14,226,512  
Utilities (10.6%):                
Alliant Energy Corp.     16,925       934,429  
Ameren Corp.     11,969       1,064,284  
American Electric Power Co., Inc.     10,175       966,116  
American Water Works Co., Inc.     5,543       844,864  
Atmos Energy Corp.     8,964       1,004,595  
CenterPoint Energy, Inc.     32,272       967,837  
CMS Energy Corp.     15,548       984,655  
Consolidated Edison, Inc.     10,696       1,019,436  
Constellation Energy Corp.     4,599       396,480  
DTE Energy Co.     8,708       1,023,451  

 

SECURITY DESCRIPTION   SHARES   VALUE ($)
Utilities (10.6%): (continued)                
Entergy Corp.     7,803       877,838  
Essential Utilities, Inc.     18,656       890,451  
Evergy, Inc.     15,679       986,679  
Eversource Energy     11,570       970,029  
FirstEnergy Corp.     23,111       969,275  
NextEra Energy, Inc.     8,500       710,600  
NiSource, Inc.     33,011       905,162  
NRG Energy, Inc.     13,979       444,812  
The Southern Co.     13,482       962,750  
WEC Energy Group, Inc.     10,204       956,727  
Xcel Energy, Inc.     14,730       1,032,720  
              18,913,190  
Total Common Stocks (Cost $170,437,827)             178,290,875  
                 
Rights (0.0%)†                
Health Care (0.0%):†                

ABIOMED, Inc., CVR, Expiring 01/02/26(a)(b)

    1,543       1,574  
              1,574  
Total Rights (Cost $—)             1,574  

Total Investments (Cost $170,437,827) — 99.6%(c)

            178,292,449  
Other assets in excess of liabilities — 0.4%             767,431  
NET ASSETS - 100.00%           $ 179,059,880  

 

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

 

Represents less than 0.05%.

(a)

Non-income producing security.

(b)

Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.0% of the Fund’s net assets as of December 31,2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

(c)

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

CVR — Contingent Value Rights

 

See notes to financial statements.

 

23

 

 

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
Contracts
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
S&P 500 Index E-mini   3/17/23     4     $ 770,741     $ 772,200     $ 1,459  
                                $ 1,459  

 

 

See notes to financial statements.

 

24

 

 

Schedule of Portfolio Investments

December 31, 2022

 

Timothy Plan High Dividend Stock ETF

 

    SHARES   VALUE ($)
Common Stocks (99.5%)                
Communication Services (0.5%):                
Lumen Technologies, Inc.     174,525       911,020  
              911,020  
Consumer Discretionary (4.6%):                
Darden Restaurants, Inc.     10,075       1,393,675  
Garmin Ltd.     19,006       1,754,064  
Genuine Parts Co.     12,580       2,182,756  
LKQ Corp.     26,623       1,421,934  
Vail Resorts, Inc.     5,900       1,406,265  
              8,158,694  
Consumer Staples (6.7%):                
Bunge, Ltd.     17,072       1,703,274  
Campbell Soup Co.     40,467       2,296,502  
Hormel Foods Corp.     48,508       2,209,539  
McCormick & Co., Inc.     24,433       2,025,251  
Sysco Corp.     21,646       1,654,837  
The JM Smucker Co.     13,359       2,116,867  
              12,006,270  
Energy (9.9%):                
Chesapeake Energy Corp.     10,402       981,637  
ConocoPhillips     9,515       1,122,770  
Coterra Energy, Inc.     35,533       873,046  
Devon Energy Corp.     12,904       793,725  
Diamondback Energy, Inc.     6,984       955,271  
EOG Resources, Inc.     8,671       1,123,068  
Kinder Morgan, Inc.     103,020       1,862,601  
Marathon Petroleum Corp.     12,641       1,471,286  
ONEOK, Inc.     25,547       1,678,438  
Phillips 66     12,670       1,318,694  
Pioneer Natural Resources Co.     4,961       1,133,043  
Targa Resources Corp.     17,946       1,319,031  
The Williams Cos., Inc.     55,992       1,842,137  
Valero Energy Corp.     9,190       1,165,843  
              17,640,590  
Financials (11.3%):                
Aflac, Inc.     35,574       2,559,194  
American Financial Group, Inc.     13,740       1,886,227  
Ares Management Corp., Class A     16,769       1,147,670  
Cincinnati Financial Corp.     14,824       1,517,829  
East West Bancorp, Inc.     17,881       1,178,358  
Equitable Holdings, Inc.     48,945       1,404,722  
Erie Indemnity Co., Class A     8,268       2,056,417  
Everest Re Group, Ltd.     6,562       2,173,794  
Franklin Resources, Inc.     63,322       1,670,434  
Principal Financial Group, Inc.     20,610       1,729,591  

 

SECURITY DESCRIPTION   SHARES   VALUE ($)
Financials (11.3%): (continued)                
Rocket Cos., Inc., Class A     124,123       868,861  
WR Berkley Corp.     28,623       2,077,171  
              20,270,268  
Health Care (2.2%):                
Amgen, Inc.     9,289       2,439,663  
Baxter International, Inc.     30,349       1,546,888  
              3,986,551  
Industrials (19.7%):                
Caterpillar, Inc.     8,100       1,940,436  
CH Robinson Worldwide, Inc.     14,741       1,349,686  
Eaton Corp. PLC     12,751       2,001,270  
Fastenal Co.     39,620       1,874,818  
General Dynamics Corp.     9,225       2,288,815  
Honeywell International, Inc.     11,141       2,387,516  
Huntington Ingalls Industries, Inc.     8,487       1,957,781  
Illinois Tool Works, Inc.     10,046       2,213,134  
Johnson Controls International PLC     29,932       1,915,648  
Masco Corp.     31,241       1,458,018  
Norfolk Southern Corp.     7,955       1,960,271  
PACCAR, Inc.     20,482       2,027,104  
Parker Hannifin Corp.     6,059       1,763,169  
Regal Rexnord Corp.     9,954       1,194,281  
Rockwell Automation, Inc.     5,846       1,505,754  
Snap-on, Inc.     8,770       2,003,857  
TransDigm Group, Inc.     2,731       1,719,574  
Union Pacific Corp.     9,871       2,043,988  
Watsco, Inc.     6,418       1,600,649  
              35,205,769  
Information Technology (8.4%):                
Analog Devices, Inc.     9,818       1,610,447  
Broadcom, Inc.     3,079       1,721,561  
Fidelity National Information Services, Inc.     18,037       1,223,811  
Juniper Networks, Inc.     61,920       1,978,963  
NetApp, Inc.     23,234       1,395,434  
NXP Semiconductors NV     7,718       1,219,676  
Paychex, Inc.     15,415       1,781,357  
Seagate Technology Holdings PLC     22,623       1,190,196  
Skyworks Solutions, Inc.     14,348       1,307,533  
TE Connectivity Ltd.     13,919       1,597,901  
              15,026,879  
Materials (11.7%):                
Celanese Corp.     14,606       1,493,317  
Eastman Chemical Co.     19,708       1,605,019  
FMC Corp.     14,627       1,825,450  

 

See notes to financial statements.

 

25

 

 

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.     33,047       1,255,786  
International Flavors & Fragrances, Inc.     16,734       1,754,393  
International Paper Co.     50,577       1,751,481  
LyondellBasell Industries NV, Class A     18,253       1,515,547  
Newmont Corp.     31,989       1,509,881  
Packaging Corp. of America     13,603       1,739,960  
PPG Industries, Inc.     12,638       1,589,102  
Reliance Steel & Aluminum Co.     7,737       1,566,278  
RPM International, Inc.     19,375       1,888,094  
Westrock Co.     40,280