SEMI-ANNUAL REPORT

 

June 30, 2023

 
 

Ticker
Symbol

TIMOTHY PLAN US SMALL CAP CORE ETF

TPSC

TIMOTHY PLAN US LARGE/MID CAP CORE ETF

TPLC

TIMOTHY PLAN HIGH DIVIDEND STOCK ETF

TPHD

TIMOTHY PLAN INTERNATIONAL ETF

TPIF

TIMOTHY PLAN US LARGE/MID CAP CORE ENHANCED ETF

TPLE

TIMOTHY PLAN HIGH DIVIDEND STOCK ENHANCED ETF

TPHE

TIMOTHY PLAN MARKET NEUTRAL ETF

TPMN

Listed and traded on: The New York Stock Exchange

 

 

 

Table of Contents

 

   

Schedules of Portfolio Investments

1

Statements of Assets and Liabilities

35

Statements of Operations

39

Statements of Changes in Net Assets

43

Financial Highlights

47

Notes to Financial Statements

54

Other Information

65

Liquidity Risk Management Program

67

Approval of Investment Advisory and Sub-Advisory Agreement

68

 

 

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

 

Timothy Plan US Small Cap Core ETF

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Common Stocks (99.5%)

Communication Services (2.0%):

               

Cargurus, Inc.(a)

    6,008       135,961  

Cars.com, Inc.(a)

    6,638       131,565  

Cogent Communications Holdings, Inc.

    2,948       198,371  

EchoStar Corp., Class A(a)

    9,161       158,852  

Gogo, Inc.(a)

    9,064       154,179  

John Wiley & Sons, Inc., Class A

    3,885       132,207  

Madison Square Garden Sports Corp.

    1,170       220,018  

US Cellular Corp.(a)

    4,980       87,797  

Ziff Davis, Inc.(a)

    2,259       158,265  

ZipRecruiter, Inc.(a)

    5,618       99,776  
              1,476,991  

Consumer Discretionary (14.2%):

               

Abercrombie & Fitch Co.(a)

    3,984       150,117  

Academy Sports & Outdoors, Inc.

    1,849       99,938  

Acushnet Holdings Corp.

    3,709       202,808  

American Eagle Outfitters, Inc.

    8,253       97,385  

Arhaus, Inc.(a)

    11,334       118,214  

Asbury Automotive Group, Inc.(a)

    630       151,465  

Bloomin’ Brands, Inc.

    6,391       171,854  

Boot Barn Holdings, Inc.(a)

    1,424       120,599  

Brinker International, Inc.(a)

    3,039       111,227  

Camping World Holdings, Inc., Class A

    5,503       165,640  

Carter’s, Inc.

    2,275       165,165  

Cavco Industries, Inc.(a)

    476       140,420  

Century Communities, Inc.

    2,040       156,305  

Cracker Barrel Old Country Store, Inc.

    1,412       131,570  

Crocs, Inc.(a)

    708       79,608  

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

    3,826       170,487  

Dillard’s, Inc., Class A

    368       120,071  

Dine Brands Global, Inc.

    2,299       133,411  

Dorman Products, Inc.

    1,932       152,300  

Foot Locker, Inc.

    2,883       78,158  

Fox Factory Holding Corp.(a)

    1,102       119,578  

Frontdoor, Inc.(a)

    5,175       165,082  

Gentherm, Inc.(a)

    2,526       142,744  

Graham Holdings Co., Class B

    382       218,305  

Grand Canyon Education, Inc.(a)

    1,605       165,652  

Green Brick Partners, Inc.(a)

    3,395       192,836  

Group 1 Automotive, Inc.

    645       166,474  

Helen of Troy Ltd.(a)

    1,368       147,771  

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Consumer Discretionary (14.2%): (continued)

Installed Building Products, Inc.

    1,154       161,745  

Jack in the Box, Inc.

    1,470       143,369  

KB Home

    3,834       198,256  

Kontoor Brands, Inc.

    2,500       105,250  

La-Z-Boy, Inc.

    5,300       151,792  

LCI Industries

    1,205       152,264  

Leslie’s, Inc.(a)

    11,514       108,116  

LGI Homes, Inc.(a)

    1,118       150,807  

M/I Homes, Inc.(a)

    2,267       197,660  

Malibu Boats, Inc., Class A(a)

    2,941       172,519  

MDC Holdings, Inc.

    4,223       197,510  

Meritage Homes Corp.

    1,264       179,829  

Mister Car Wash, Inc.(a)

    13,401       129,320  

Modine Manufacturing Co.(a)

    5,635       186,068  

Monro, Inc.

    3,630       147,487  

National Vision Holdings, Inc.(a)

    4,674       113,531  

Ollie’s Bargain Outlet Holdings, Inc.(a)

    2,049       118,699  

Oxford Industries, Inc.

    1,318       129,718  

Papa John’s International, Inc.

    1,964       145,002  

Patrick Industries, Inc.

    2,114       169,120  

Playa Hotels & Resorts N.V.(a)

    16,731       136,190  

Revolve Group, Inc.(a)

    3,711       60,860  

Sally Beauty Holdings, Inc.(a)

    9,431       116,473  

SeaWorld Entertainment, Inc.(a)

    2,477       138,737  

Signet Jewelers Ltd.

    1,321       86,208  

Six Flags Entertainment Corp.(a)

    3,773       98,023  

Skyline Champion Corp.(a)

    1,699       111,200  

Sonic Automotive, Inc., Class A

    2,379       113,407  

Sonos, Inc.(a)

    5,726       93,506  

Steven Madden Ltd.

    4,195       137,135  

Strategic Education, Inc.

    2,223       150,808  

Stride, Inc.(a)

    2,715       101,079  

Target Hospitality Corp.(a)

    8,170       109,641  

Taylor Morrison Home Corp.(a)

    3,963       193,276  

The Buckle, Inc.

    4,833       167,222  

The Cheesecake Factory, Inc.

    3,986       137,836  

The Goodyear Tire & Rubber Co.(a)

    11,177       152,901  

The ODP Corp.(a)

    3,733       174,779  

Topgolf Callaway Brands Corp.(a)

    7,344       145,778  

Tri Pointe Homes, Inc.(a)

    6,132       201,498  

Upbound Group, Inc.

    4,166       129,688  

Vista Outdoor, Inc.(a)

    6,096       168,676  

Visteon Corp.(a)

    1,040       149,354  

Wingstop, Inc.

    544       108,887  

Winnebago Industries, Inc.

    2,246       149,786  

 

See notes to financial statements.

 

1

 

 

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

 

Timothy Plan US Small Cap Core ETF

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Consumer Discretionary (14.2%): (continued)

XPEL, Inc.(a)

    1,676       141,153  

Yeti Holdings, Inc.(a)

    2,292       89,021  
              10,656,368  

Consumer Staples (5.8%):

               

BellRing Brands, Inc.(a)

    4,484       164,114  

Cal-Maine Foods, Inc.

    2,781       125,145  

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

    5,613       204,650  

Coca-Cola Consolidated, Inc.

    317       201,618  

Edgewell Personal Care Co.

    5,154       212,912  

Fresh Del Monte Produce, Inc.

    6,813       175,162  

Grocery Outlet Holding Corp.(a)

    6,259       191,588  

Herbalife Ltd(a)

    6,068       80,340  

Hostess Brands, Inc.(a)

    8,905       225,475  

Ingles Markets, Inc., Class A

    2,487       205,551  

Inter Parfums, Inc.

    1,157       156,461  

J & J Snack Foods Corp.

    1,472       233,106  

Lancaster Colony Corp.

    979       196,867  

Medifast, Inc.

    1,266       116,675  

Nu Skin Enterprises, Inc., Class A

    3,667       121,744  

PriceSmart, Inc.

    2,819       208,775  

Spectrum Brands Holdings, Inc.

    1,530       119,417  

Sprouts Farmers Market, Inc.(a)

    4,437       162,971  

The Andersons, Inc.

    3,365       155,295  

The Chefs’ Warehouse, Inc.(a)

    4,578       163,709  

The Hain Celestial Group, Inc.(a)

    7,337       91,786  

The Simply Good Foods Co.(a)

    5,165       188,987  

Tootsie Roll Industries, Inc.

    5,595       198,119  

United Natural Foods, Inc.(a)

    4,407       86,157  

WD-40 Co.

    992       187,141  

Weis Markets, Inc.

    2,244       144,087  
              4,317,852  

Energy (4.8%):

               

Arch Resources, Inc.

    883       99,567  

Archrock, Inc.

    14,934       153,073  

Cactus, Inc., Class A

    2,651       112,190  

California Resources Corp.

    3,341       151,314  

Callon Petroleum Co.(a)

    2,568       90,060  

ChampionX Corp.

    4,287       133,068  

Comstock Resources, Inc.

    8,092       93,867  

CONSOL Energy, Inc.

    1,719       116,565  

Crescent Energy Co., Class A

    8,890       92,634  

CVR Energy, Inc.

    3,755       112,500  

Delek US Holdings, Inc.

    4,930       118,073  

Denbury, Inc.(a)

    1,456       125,595  

Earthstone Energy, Inc., Class A(a)

    6,689       95,586  

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Energy (4.8%): (continued)

Excelerate Energy, Inc., Class A

    5,124       104,171  

Gulfport Energy Corp.(a)

    1,385       145,522  

International Seaways, Inc.

    3,141       120,112  

Kinetik Holdings, Inc.

    4,628       162,628  

Kosmos Energy Ltd.(a)

    11,918       71,389  

Liberty Energy, Inc.

    8,157       109,059  

NexTier Oilfield Solutions, Inc.(a)

    10,819       96,722  

Northern Oil and Gas, Inc.

    3,049       104,642  

Oceaneering International, Inc.(a)

    5,119       95,725  

Par Pacific Holdings, Inc.(a)

    4,884       129,963  

Patterson-UTI Energy, Inc.

    7,670       91,810  

PBF Energy, Inc., Class A

    2,568       105,134  

Peabody Energy Corp.

    3,663       79,341  

Permian Resources Corp.

    8,494       93,094  

RPC, Inc.

    12,142       86,815  

Sitio Royalties Corp., Class A

    5,097       133,898  

Talos Energy, Inc.(a)

    5,824       80,779  

Valaris Ltd.(a)

    1,745       109,813  

Weatherford International PLC(a)

    1,773       117,763  

World Kinect Corp, Class A

    4,913       101,601  
              3,634,073  

Financials (22.9%):

               

American Equity Investment Life Holding Co.

    3,200       166,752  

Ameris BanCorp

    5,028       172,008  

Artisan Partners Asset Management, Inc., Class A

    4,919       193,366  

Associated Banc-Corp.

    9,794       158,957  

Assured Guaranty Ltd.

    3,144       175,435  

Atlantic Union Bankshares Corp.

    5,719       148,408  

Axis Capital Holdings Ltd.

    3,724       200,463  

Axos Financial, Inc.(a)

    3,380       133,307  

Bancfirst Corp.

    2,052       188,784  

Bank of Hawaii Corp.

    3,057       126,040  

BankUnited, Inc.

    6,712       144,644  

Banner Corp.

    3,750       163,762  

BGC Partners, Inc., Class A

    29,137       129,077  

Bread Financial Holdings, Inc.

    3,687       115,735  

Cathay General BanCorp

    6,051       194,782  

City Holding Co.

    3,014       271,230  

CNO Financial Group, Inc.

    8,262       195,562  

Cohen & Steers, Inc.

    3,142       182,205  

Columbia Banking System, Inc.

    7,399       150,052  

Community Bank System, Inc.

    4,252       199,334  

CVB Financial Corp.

    11,490       152,587  

 

See notes to financial statements.

 

2

 

 

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

 

Timothy Plan US Small Cap Core ETF

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Financials (22.9%): (continued)

Donnelley Financial Solutions, Inc.(a)

    2,671       121,611  

Eastern Bankshares, Inc.

    13,571       166,516  

Enova International, Inc.(a)

    2,979       158,244  

Enterprise Financial Services Corp.

    4,684       183,144  

EVERTEC, Inc.

    5,991       220,649  

FB Financial Corp.

    5,814       163,083  

Federal Agricultural Mortgage Corp., Class C

    1,476       212,160  

Federated Hermes, Inc.

    5,447       195,275  

First BanCorp

    15,459       188,909  

First BanCorp

    5,911       175,852  

First Commonwealth Financial Corp.

    16,482       208,497  

First Financial BanCorp

    9,781       199,924  

First Hawaiian, Inc.

    8,772       157,984  

First Merchants Corp.

    6,221       175,619  

FirstCash Holdings, Inc.

    1,926       179,754  

FNB Corp.

    18,268       208,986  

Fulton Financial Corp.

    14,660       174,747  

Genworth Financial, Inc.(a)

    28,379       141,895  

Goosehead Insurance, Inc., Class A(a)

    1,499       94,272  

Hamilton Lane, Inc., Class A

    2,166       173,237  

Hancock Whitney Corp.

    4,707       180,655  

Heartland Financial USA, Inc.

    5,260       146,596  

Hilltop Holdings, Inc.

    5,956       187,376  

Hope BanCorp, Inc.

    19,177       161,470  

Houlihan Lokey, Inc.

    2,174       213,726  

Independent Bank Corp.

    3,575       159,123  

Independent Bank Group, Inc.

    4,277       147,685  

International Bancshares Corp.

    5,127       226,613  

Jackson Financial, Inc., Class A

    3,176       97,217  

Lakeland Financial Corp.

    3,569       173,168  

Lazard Ltd., Class A

    4,673       149,536  

Live Oak Bancshares, Inc.

    4,351       114,475  

MGIC Investment Corp.

    15,734       248,440  

Moelis & Co., Class A

    3,365       152,569  

Mr Cooper Group, Inc.(a)

    3,509       177,696  

National Bank Holdings Corp., Class A

    5,368       155,887  

Navient Corp.

    9,386       174,392  

NBT BanCorp, Inc.

    5,854       186,450  

Nelnet, Inc., Class A

    3,343       322,533  

NMI Holdings, Inc., Class A(a)

    7,812       201,706  

Northwest Bancshares, Inc.

    20,109       213,155  

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Financials (22.9%): (continued)

OFG BanCorp

    9,234       240,823  

Pacific Premier BanCorp, Inc.

    7,605       157,271  

PacWest BanCorp

    6,340       51,671  

Palomar Holdings, Inc.(a)

    2,007       116,486  

Park National Corp.

    1,862       190,520  

PennyMac Financial Services, Inc.

    2,141       150,534  

Piper Sandler Cos.

    1,160       149,942  

PJT Partners, Inc., Class A

    2,802       195,131  

PRA Group, Inc.(a)

    6,592       150,627  

Provident Financial Services, Inc.

    10,960       179,086  

Radian Group, Inc.

    8,769       221,680  

Renasant Corp.

    7,165       187,221  

Repay Holdings Corp.(a)

    10,060       78,770  

Rocket Cos., Inc., Class A(a)

    11,356       101,750  

S&T BanCorp, Inc.

    7,553       205,366  

Sandy Spring BanCorp, Inc.

    7,748       175,725  

Seacoast Banking Corp. of Florida

    6,063       133,992  

Shift4 Payments, Inc., Class A(a)

    1,439       97,722  

Simmons First National Corp., Class A

    10,597       182,798  

SLM Corp.

    9,673       157,863  

Stellar BanCorp, Inc.

    7,747       177,329  

Stock Yards BanCorp, Inc.

    3,987       180,890  

StoneX Group, Inc.(a)

    1,666       138,411  

Texas Capital Bancshares, Inc.(a)

    2,921       150,431  

The BanCorp, Inc.(a)

    4,278       139,677  

Towne Bank

    9,215       214,157  

TriCo Bancshares

    5,433       180,376  

Trustmark Corp.

    8,542       180,407  

UMB Financial Corp.

    2,657       161,811  

United Community Banks, Inc.

    6,703       167,508  

UWM Holdings Corp.

    21,382       119,739  

Veritex Holdings, Inc.

    6,652       119,270  

Virtu Financial, Inc., Class A

    9,498       162,321  

Virtus Investment Partners, Inc.

    733       144,745  

Walker & Dunlop, Inc.

    2,125       168,066  

Washington Federal, Inc.

    6,567       174,157  

WesBanco, Inc.

    8,225       210,642  

Westamerica BanCorp

    5,724       219,229  

WSFS Financial Corp.

    4,736       178,642  
              17,166,102  

Health Care (6.5%):

               

AdaptHealth Corp.(a)

    8,710       106,001  

Addus Homecare Corp.(a)

    1,805       167,324  

Agiliti, Inc.(a)

    6,848       112,992  

Amedisys, Inc.(a)

    1,693       154,808  

 

See notes to financial statements.

 

3

 

 

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

 

Timothy Plan US Small Cap Core ETF

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Health Care (6.5%): (continued)

Apollo Medical Holdings, Inc.(a)

    2,665       84,214  

Avanos Medical, Inc.(a)

    6,277       160,440  

Catalyst Pharmaceuticals, Inc.(a)

    4,842       65,076  

Certara, Inc.(a)

    4,041       73,587  

Corcept Therapeutics, Inc.(a)

    6,964       154,949  

CorVel Corp.(a)

    1,023       197,951  

Cytek Biosciences, Inc.(a)

    10,617       90,669  

Dynavax Technologies Corp.(a)

    10,712       138,399  

Embecta Corp.

    3,844       83,030  

Ensign Group, Inc.

    2,168       206,957  

Figs, Inc., Class A(a)

    11,787       97,479  

Haemonetics Corp.(a)

    2,189       186,371  

Harmony Biosciences Holdings, Inc.(a)

    3,309       116,444  

Integer Holdings Corp.(a)

    1,788       158,435  

Ironwood Pharmaceuticals, Inc.(a)

    17,244       183,476  

Maravai LifeSciences Holdings, Inc., Class A(a)

    7,389       91,845  

Merit Medical Systems, Inc.(a)

    2,630       219,973  

Neogen Corp.(a)

    7,828       170,259  

Pacira BioSciences, Inc.(a)

    3,893       155,993  

Patterson Cos., Inc.

    7,775       258,597  

Pediatrix Medical Group, Inc.(a)

    8,854       125,815  

Prestige Consumer Healthcare, Inc.(a)

    3,803       226,012  

Progyny, Inc.(a)

    2,457       96,658  

RadNet, Inc.(a)

    4,468       145,746  

Select Medical Holdings Corp.

    4,929       157,038  

STAAR Surgical Co.(a)

    1,449       76,174  

Supernus Pharmaceuticals, Inc.(a)

    5,134       154,328  

U.S. Physical Therapy, Inc.

    1,279       155,258  

Veradigm, Inc.(a)

    11,875       149,625  

Vir Biotechnology, Inc.(a)

    4,695       115,168  
              4,837,091  

Industrials (24.3%):

               

AAON, Inc.

    1,596       151,317  

AAR Corp.(a)

    3,368       194,536  

ABM Industries, Inc.

    4,889       208,516  

Air Transport Services Group(a)

    7,158       135,071  

Alamo Group, Inc.

    1,103       202,853  

Albany International Corp.

    2,287       213,331  

Allegiant Travel Co.(a)

    1,122       141,686  

Allison Transmission Holding, Inc.

    4,295       242,496  

Ameresco, Inc., Class A(a)

    1,995       97,017  

API Group Corp.(a)

    7,551       205,840  

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Industrials (24.3%): (continued)

Applied Industrial Technologies, Inc.

    1,240       179,589  

ArcBest Corp.

    1,336       131,997  

Arcosa, Inc.

    2,521       191,016  

Armstrong World Industries, Inc.

    3,040       223,318  

Atkore, Inc.(a)

    948       147,831  

Barnes Group, Inc.

    4,739       199,938  

Beacon Roofing Supply, Inc.(a)

    3,013       250,019  

Boise Cascade Co.

    2,408       217,563  

Brady Corp., Class A

    4,785       227,622  

Casella Waste Systems, Inc.(a)

    2,466       223,050  

CBIZ, Inc.(a)

    4,600       245,088  

Comfort Systems USA, Inc.

    1,244       204,265  

Construction Partners, Inc., Class A(a)

    4,717       148,067  

Core & Main, Inc., Class A(a)

    7,147       223,987  

CSG Systems International, Inc.

    3,597       189,706  

CSW Industrials, Inc.

    1,281       212,889  

Dycom Industries, Inc.(a)

    1,404       159,565  

Encore Wire Corp.

    742       137,960  

Energy Recovery, Inc.(a)

    4,862       135,893  

Enerpac Tool Group Corp.

    7,484       202,068  

EnerSys

    1,939       210,420  

EnPro Industries, Inc.

    1,714       228,870  

Esab Corp.

    2,681       178,394  

ESCO Technologies, Inc.

    1,970       204,151  

Federal Signal Corp.

    3,776       241,777  

First Advantage Corp.(a)

    9,046       139,399  

Flowserve Corp.

    5,000       185,750  

Fluor Corp.(a)

    4,834       143,086  

Forward Air Corp.

    1,579       167,548  

Franklin Electric Co.

    2,228       229,261  

GATX Corp.

    1,875       241,388  

Gibraltar Industries, Inc.(a)

    3,298       207,510  

GMS, Inc.(a)

    2,616       181,027  

GrafTech International Ltd.

    17,971       90,574  

Granite Construction, Inc.

    4,693       186,688  

H&E Equipment Services, Inc.

    3,251       148,733  

Hayward Holdings, Inc.(a)

    10,335       132,805  

Heartland Express, Inc.

    12,314       202,073  

Helios Technologies, Inc.

    2,403       158,814  

Herc Holdings, Inc.

    1,099       150,398  

Hillenbrand, Inc.

    3,439       176,352  

HNI Corp.

    6,727       189,567  

Huron Consulting Group, Inc.(a)

    2,125       180,434  

ICF International, Inc.

    1,795       223,280  

 

See notes to financial statements.

 

4

 

 

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

 

Timothy Plan US Small Cap Core ETF

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Industrials (24.3%): (continued)

Insperity, Inc.

    1,578       187,719  

Janus International Group, Inc.(a)

    15,260       162,672  

John Bean Technologies Corp.

    1,401       169,941  

Kadant, Inc.

    896       199,002  

Kennametal, Inc.

    5,702       161,880  

Kforce, Inc.

    2,721       170,498  

Kirby Corp.(a)

    2,394       184,218  

Korn Ferry

    3,571       176,907  

Lindsay Corp.

    1,440       171,850  

ManpowerGroup, Inc.

    2,522       200,247  

Marten Transport Ltd.

    7,554       162,411  

Matson, Inc.

    2,200       171,006  

Maximus, Inc.

    2,203       186,176  

McGrath RentCorp.

    2,395       221,490  

MillerKnoll, Inc.

    6,263       92,567  

Moog, Inc., Class A

    2,122       230,088  

MSC Industrial Direct Co., Inc.

    2,860       272,501  

Mueller Industries, Inc.

    2,324       202,839  

Mueller Water Products, Inc., Class A

    14,503       235,384  

MYR Group, Inc.(a)

    1,271       175,830  

NOW, Inc.(a)

    12,387       128,329  

NV5 Global, Inc.(a)

    1,577       174,684  

PGT Innovations, Inc.(a)

    5,311       154,816  

Primoris Services Corp.

    6,702       204,210  

Resideo Technologies, Inc.(a)

    6,105       107,814  

Rush Enterprises, Inc., Class A

    3,701       224,799  

Ryder System, Inc.

    1,876       159,066  

Schneider National, Inc., Class B

    7,065       202,907  

Shoals Technologies Group, Inc., Class A(a)

    3,293       84,169  

SPX Technologies, Inc.(a)

    2,572       218,543  

Standex International Corp.

    1,726       244,177  

SunPower Corp.(a)

    6,219       60,946  

TaskUS, Inc., Class A(a)

    4,705       53,261  

Tennant Co.

    3,084       250,143  

Terex Corp.

    3,098       185,353  

The AZEK Co., Inc.(a)

    4,483       135,790  

The Brink’s Co.

    2,601       176,426  

Trinity Industries, Inc.

    6,264       161,047  

Triton International Ltd.

    2,648       220,472  

TTEC Holdings, Inc.

    3,461       117,120  

UniFirst Corp.

    1,288       199,653  

Veritiv Corp.

    978       122,847  

Verra Mobility Corp.(a)

    10,088       198,935  

Vicor Corp.(a)

    1,983       107,082  

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Industrials (24.3%): (continued)

Wabash National Corp.

    5,955       152,686  

Watts Water Technologies, Inc., Class A

    1,179       216,618  

Werner Enterprises, Inc.

    4,251       187,809  
              18,227,321  

Information Technology (8.8%):

               

ACI Worldwide, Inc.(a)

    5,043       116,846  

Advanced Energy Industries, Inc.

    1,702       189,688  

Agilysys, Inc.(a)

    1,607       110,304  

Alarm.com Holdings, Inc.(a)

    2,954       152,663  

Avid Technology, Inc.(a)

    3,844       98,022  

Axcelis Technologies, Inc.(a)

    824       151,064  

Badger Meter, Inc.

    1,544       227,833  

Belden, Inc.

    2,322       222,099  

Calix, Inc.(a)

    2,140       106,807  

Cohu, Inc.(a)

    3,649       151,652  

CommVault Systems, Inc.(a)

    2,962       215,100  

CTS Corp.

    3,377       143,962  

Diodes, Inc.(a)

    1,643       151,961  

DoubleVerify Holdings, Inc.(a)

    4,244       165,176  

ePlus, Inc.(a)

    3,012       169,576  

Extreme Networks, Inc.(a)

    6,607       172,112  

FormFactor, Inc.(a)

    3,490       119,428  

Harmonic, Inc.(a)

    8,114       131,203  

Insight Enterprises, Inc.(a)

    1,685       246,583  

InterDigital, Inc.

    1,921       185,473  

MACOM Technology Solutions Holdings, Inc.(a)

    2,332       152,816  

MaxLinear, Inc.(a)

    3,550       112,038  

Methode Electronics, Inc.

    4,387       147,052  

NCR Corp.(a)

    5,499       138,575  

NetScout Systems, Inc.(a)

    6,043       187,031  

Onto Innovation, Inc.(a)

    1,499       174,589  

OSI Systems, Inc.(a)

    1,962       231,182  

Perficient, Inc.(a)

    1,985       165,410  

Plexus Corp.(a)

    1,885       185,182  

Progress Software Corp.

    4,165       241,987  

Semtech Corp.(a)

    4,611       117,396  

SiTime Corp.(a)

    614       72,434  

SPS Commerce, Inc.(a)

    1,064       204,352  

Super Micro Computer, Inc.(a)

    855       213,109  

Teradata Corp.(a)

    3,953       211,130  

TTM Technologies, Inc.(a)

    8,815       122,529  

Ultra Clean Holdings, Inc.(a)

    3,716       142,917  

Viavi Solutions, Inc.(a)

    14,131       160,104  

Vishay Intertechnology, Inc.

    8,192       240,845  

 

See notes to financial statements.

 

5

 

 

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

 

Timothy Plan US Small Cap Core ETF

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Information Technology (8.8%): (continued)

Vontier, Corp.

    5,676       182,824  
              6,631,054  

Materials (4.9%):

               

Alpha Metallurgical Resources, Inc.

    653       107,327  

ATI, Inc.(a)

    3,597       159,095  

Avient Corp.

    2,951       120,696  

Balchem Corp.

    1,521       205,046  

Cabot Corp.

    2,025       135,452  

Ecovyst, Inc.(a)

    12,322       141,210  

Greif, Inc., Class A

    3,052       210,252  

H.B. Fuller Co.

    2,885       206,306  

Ingevity Corp.(a)

    2,188       127,254  

Innospec, Inc.

    1,975       198,369  

Materion Corp.

    1,005       114,771  

Minerals Technologies, Inc.

    2,768       159,686  

NewMarket Corp.

    702       282,288  

O-I Glass, Inc.(a)

    6,081       129,708  

Orion SA

    5,879       124,752  

Perimeter Solutions SA(a)

    15,654       96,272  

Ryerson Holding Corp.

    2,665       115,608  

Sensient Technologies Corp.

    2,704       192,336  

Stepan Co.

    2,105       201,154  

Summit Materials, Inc., Class A(a)

    5,848       221,347  

Sylvamo Corp.

    3,153       127,539  

Warrior Met Coal, Inc.

    3,433       133,715  

Worthington Industries, Inc.

    2,050       142,414  
              3,652,597  

Real Estate (1.3%):

               

eXp World Holdings, Inc.

    7,044       142,852  

Kennedy-Wilson Holdings, Inc.

    10,342       168,885  

Marcus & Millichap, Inc.

    5,756       181,371  

Newmark Group, Inc., Class A

    18,862       117,322  

The Howard Hughes Corp.(a)

    2,129       168,021  

The St. Joe Co.

    4,332       209,409  
              987,860  

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Utilities (4.0%):

               

ALLETE, Inc.

    3,586       207,881  

American States Water Co.

    2,250       195,750  

Avista Corp.

    5,083       199,609  

California Water Service Group

    3,532       182,357  

Chesapeake Utilities Corp.

    1,652       196,588  

Clearway Energy, Inc., Class C

    6,723       192,009  

MGE Energy, Inc.

    3,081       243,738  

Middlesex Water Co.

    2,414       194,713  

Montauk Renewables, Inc.(a)

    13,595       101,147  

New Jersey Resources Corp.

    4,270       201,544  

Northwest Natural Holding Co.

    4,910       211,376  

NorthWestern Corp.

    4,520       256,555  

Otter Tail Corp.

    2,203       173,949  

SJW Group

    2,767       193,994  

Spire, Inc.

    3,328       211,128  
              2,962,338  

Total Common Stocks (Cost $70,111,040)

            74,549,647  

Total Investments (Cost $70,111,040) — 99.5%

            74,549,647  

Other assets in excess of liabilities — 0.5%

            329,986  

NET ASSETS — 100.00%

            74,879,633  

 

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

 

(a)

Non-income producing security.

 

 

Futures Contracts

Long Futures

Index Futures

 

Expiration Date

   

Number of
Contracts

   

Notional
Amount

   

Value

   

Value and
Unrealized
Appreciation/
(Depreciation)

 

E-Mini Russell 2000 Index

    9/15/23       3     $ 283,453     $ 285,555     $ 2,102  
                                    $ 2,102  

 

 

See notes to financial statements.

 

6

 

 

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

 

Timothy Plan US Large/Mid Cap Core ETF

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Common Stocks (99.5%)

Communication Services (0.7%):

               

Live Nation Entertainment, Inc.(a)

    8,302       756,395  

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

    4,142       319,845  

ZoomInfo Technologies, Inc.(a)

    14,358       364,550  
              1,440,790  

Consumer Discretionary (9.8%):

               

Aptiv PLC(a)

    4,443       453,586  

Aramark

    19,623       844,770  

AutoZone, Inc.(a)

    352       877,663  

Bath & Body Works, Inc.

    10,280       385,500  

BorgWarner, Inc.

    14,144       691,783  

Burlington Stores, Inc.(a)

    2,147       337,916  

CarMax, Inc.(a)

    5,724       479,099  

Chipotle Mexican Grill, Inc.(a)

    365       780,735  

Darden Restaurants, Inc.

    5,599       935,481  

Deckers Outdoor Corp.(a)

    1,257       663,269  

Domino’s Pizza, Inc.

    1,836       618,714  

DR Horton, Inc.

    5,944       723,325  

Five Below, Inc.(a)

    2,320       455,973  

Floor & Decor Holdings, Inc., Class A(a)

    3,915       407,003  

Garmin Ltd.

    7,222       753,182  

Genuine Parts Co.

    5,630       952,765  

Lennar Corp., Class A

    5,724       717,275  

LKQ Corp.

    14,197       827,259  

Lowe’s Cos., Inc.

    3,265       736,911  

NVR, Inc.(a)

    119       755,724  

O’Reilly Automotive, Inc.(a)

    1,114       1,064,204  

Penske Automotive Group, Inc.

    4,080       679,850  

Pool Corp.

    1,519       569,078  

PulteGroup, Inc.

    9,325       724,366  

Ross Stores, Inc.

    6,295       705,858  

Service Corp. International

    10,688       690,338  

Tapestry, Inc.

    13,506       578,057  

Tesla, Inc.(a)

    1,787       467,783  

Tractor Supply Co.

    3,104       686,294  

Vail Resorts, Inc.

    2,953       743,447  
              20,307,208  

Consumer Staples (5.5%):

               

BJ’s Wholesale Club Holdings, Inc.(a)

    10,594       667,528  

Bunge Ltd.

    6,185       583,555  

Campbell Soup Co.

    18,750       857,062  

Costco Wholesale Corp.

    1,662       894,787  

Coty, Inc., Class A(a)

    39,048       479,900  

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Consumer Staples (5.5%): (continued)

Darling Ingredients, Inc.(a)

    8,701       555,037  

Dollar General Corp.

    4,291       728,526  

Dollar Tree, Inc.(a)

    4,498       645,463  

Hormel Foods Corp.

    28,358       1,140,559  

Lamb Weston Holdings, Inc.

    8,293       953,280  

McCormick & Co., Inc.

    9,490       827,813  

Monster Beverage Corp.(a)

    17,217       988,944  

Sysco Corp.

    12,415       921,193  

The JM Smucker Co.

    8,101       1,196,275  
              11,439,922  

Energy (6.1%):

               

APA Corp.

    9,770       333,841  

Cheniere Energy, Inc.

    3,704       564,342  

Chesapeake Energy Corp.

    6,265       524,255  

ConocoPhillips

    5,110       529,447  

Coterra Energy, Inc.

    20,018       506,455  

Devon Energy Corp.

    7,677       371,106  

Diamondback Energy, Inc.

    3,554       466,854  

EOG Resources, Inc.

    4,300       492,092  

EQT Corp.

    12,308       506,228  

Halliburton Co.

    13,200       435,468  

Hess Corp.

    3,323       451,762  

HF Sinclair Corp.

    11,120       496,063  

Kinder Morgan, Inc.

    48,454       834,378  

Marathon Oil Corp.

    17,580       404,692  

Marathon Petroleum Corp.

    4,605       536,943  

Occidental Petroleum Corp.

    7,768       456,758  

ONEOK, Inc.

    9,945       613,805  

Ovintiv, Inc.

    9,961       379,215  

Phillips 66

    5,530       527,451  

Pioneer Natural Resources Co.

    2,387       494,539  

Schlumberger N.V.

    9,106       447,287  

Targa Resources Corp.

    7,157       544,648  

Texas Pacific Land Corp.

    270       355,455  

The Williams Cos., Inc.

    25,783       841,299  

Valero Energy Corp.

    3,864       453,247  
              12,567,630  

Financials (9.9%):

               

Aflac, Inc.

    13,855       967,079  

American Financial Group, Inc.

    6,615       785,531  

Arch Capital Group Ltd.(a)

    10,026       750,446  

Ares Management Corp., Class A

    6,771       652,386  

Arthur J Gallagher & Co.

    4,431       972,915  

Brown & Brown, Inc.

    11,892       818,645  

Cboe Global Markets, Inc.

    6,701       924,805  

 

See notes to financial statements.

 

7

 

 

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

 

Timothy Plan US Large/Mid Cap Core ETF

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Financials (9.9%): (continued)

East West BanCorp, Inc.

    8,376       442,169  

Equitable Holdings, Inc.

    22,371       607,596  

Erie Indemnity Co., Class A

    3,301       693,243  

Everest Re Group Ltd.

    1,845       630,732  

FactSet Research Systems, Inc.

    1,870       749,216  

First Citizens BancShares, Inc., Class A

    302       387,602  

FleetCor Technologies, Inc.(a)

    2,838       712,565  

Franklin Resources, Inc.

    21,905       585,083  

Globe Life, Inc.

    8,475       929,030  

Interactive Brokers Group, Inc.

    7,613       632,412  

Intercontinental Exchange, Inc.

    7,768       878,405  

LPL Financial Holdings, Inc.

    2,700       587,061  

MarketAxess Holdings, Inc.

    1,676       438,140  

Morningstar, Inc.

    2,868       562,329  

MSCI, Inc.

    1,084       508,710  

Nasdaq, Inc.

    13,967       696,255  

Principal Financial Group, Inc.

    8,692       659,201  

Raymond James Financial, Inc.

    7,008       727,220  

Reinsurance Group of America, Inc.

    5,108       708,429  

Rocket Cos., Inc., Class A(a)

    40,830       365,837  

Ryan Specialty Holdings, Inc.(a)

    12,136       544,785  

Tradeweb Markets, Inc., Class A

    10,346       708,494  

W R Berkley Corp.

    13,758       819,426  
              20,445,747  

Health Care (11.4%):

               

Agilent Technologies, Inc.

    4,687       563,612  

Align Technology, Inc.(a)

    975       344,799  

Amgen, Inc.

    3,845       853,667  

Avantor, Inc.(a)

    25,977       533,568  

BioMarin Pharmaceutical, Inc.(a)

    6,835       592,458  

Bruker Corp.

    7,031       519,731  

Catalent, Inc.(a)

    7,274       315,401  

Centene Corp.(a)

    10,453       705,055  

Charles River Laboratories International, Inc.(a)

    2,360       496,190  

Danaher Corp.

    2,613       627,120  

Dexcom, Inc.(a)

    3,731       479,471  

Edwards Lifesciences Corp.(a)

    6,599       622,484  

GE Healthcare Technologies, Inc.

    6,887       559,500  

HCA Healthcare, Inc.

    2,389       725,014  

Henry Schein, Inc.(a)

    10,454       847,819  

Humana, Inc.

    1,612       720,774  

IDEXX Laboratories, Inc.(a)

    1,114       559,484  

Incyte Corp.(a)

    12,541       780,677  

Insulet Corp.(a)

    1,479       426,455  

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Health Care (11.4%): (continued)

Intuitive Surgical, Inc.(a)

    2,135       730,042  

IQVIA Holdings, Inc.(a)

    2,988       671,613  

Laboratory Corp. of America Holdings

    3,363       811,593  

Masimo Corp.(a)

    2,700       444,285  

Mettler-Toledo International, Inc.(a)

    400       524,656  

Moderna, Inc.(a)

    2,283       277,384  

Neurocrine Biosciences, Inc.(a)

    6,669       628,887  

Regeneron Pharmaceuticals, Inc.(a)

    714       513,038  

Repligen Corp.(a)

    2,010       284,335  

ResMed, Inc.

    3,457       755,354  

Revvity, Inc.

    4,332       514,598  

Stryker Corp.

    2,403       733,131  

Teleflex, Inc.

    2,334       564,898  

United Therapeutics Corp.(a)

    3,280       724,060  

Veeva Systems, Inc., Class A(a)

    2,955       584,292  

Vertex Pharamaceuticals, Inc.(a)

    2,167       762,589  

Waters Corp.(a)

    2,095       558,401  

West Pharmaceutical Services, Inc.

    1,303       498,358  

Zimmer Biomet Holdings, Inc.

    6,455       939,848  

Zoetis, Inc.

    3,850       663,008  
              23,457,649  

Industrials (27.3%):

               

A.O. Smith Corp.

    9,140       665,209  

AECOM

    10,312       873,323  

AGCO Corp.

    4,900       643,958  

Allegion PLC

    6,299       756,006  

AMETEK, Inc.

    6,443       1,042,993  

Axon Enterprise, Inc.(a)

    2,207       430,630  

Builders FirstSource, Inc.(a)

    5,162       702,032  

Carlisle Cos., Inc.

    2,956       758,303  

Carrier Global Corp.

    14,556       723,579  

Caterpillar, Inc.

    3,044       748,976  

CH Robinson Worldwide, Inc.

    7,593       716,400  

Cintas Corp.

    1,873       931,031  

Copart, Inc.(a)

    10,084       919,762  

CoStar Group, Inc.(a)

    8,804       783,556  

CSX Corp.

    26,005       886,770  

Deere & Co.

    1,966       796,604  

Dover Corp.

    5,039       744,008  

Eaton Corp. PLC

    4,843       973,927  

Equifax, Inc.

    2,852       671,076  

Expeditors International of Washington, Inc.

    6,216       752,944  

Fastenal Co.

    14,266       841,551  

 

See notes to financial statements.

 

8

 

 

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

 

Timothy Plan US Large/Mid Cap Core ETF

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Industrials (27.3%): (continued)

Fortive Corp.

    11,654       871,370  

General Dynamics Corp.

    4,482       964,302  

Graco, Inc.

    11,803       1,019,189  

HEICO Corp.

    4,676       827,371  

Honeywell International, Inc.

    4,668       968,610  

Howmet Aerospace, Inc.

    17,668       875,626  

Hubbell, Inc.

    3,143       1,042,093  

IDEX Corp.

    3,865       831,980  

Illinois Tool Works, Inc.

    3,641       910,833  

Ingersoll Rand, Inc.

    12,127       792,621  

J.B. Hunt Transport Services, Inc.

    3,745       677,957  

Jack Henry & Associates, Inc.

    4,733       791,973  

Johnson Controls International PLC

    11,773       802,212  

Knight-Swift Transportation Holdings, Inc.

    11,518       639,940  

Leidos Holdings, Inc.

    10,452       924,793  

Lennox International, Inc.

    2,376       774,742  

Lincoln Electric Holdings, Inc.

    5,355       1,063,664  

Masco Corp.

    11,955       685,978  

Nordson Corp.

    3,191       791,942  

Norfolk Southern Corp.

    3,776       856,246  

Old Dominion Freight Line, Inc.

    1,642       607,129  

Otis Worldwide Corp.

    11,137       991,304  

PACCAR, Inc.

    11,369       951,017  

Parker-Hannifin Corp.

    2,197       856,918  

Paychex, Inc.

    7,354       822,692  

Paycom Software, Inc.

    1,620       520,409  

Paylocity Holding Corp.(a)

    2,251       415,377  

Quanta Services, Inc.

    3,940       774,013  

Regal Rexnord Corp.

    3,992       614,369  

Republic Services, Inc.

    7,627       1,168,228  

Rockwell Automation, Inc.

    2,207       727,096  

Rollins, Inc.

    20,034       858,056  

Snap-on, Inc.

    3,800       1,095,122  

SS&C Technologies Holdings, Inc.

    12,317       746,410  

Textron, Inc.

    10,849       733,718  

Toro Co.

    8,430       856,910  

Trane Technologies PLC

    4,086       781,488  

TransDigm Group, Inc.

    925       827,107  

TransUnion

    7,385       578,467  

U-Haul Holding Co.

    10,267       567,970  

Union Pacific Corp.

    3,752       767,734  

United Rentals, Inc.

    1,407       626,636  

Verisk Analytics, Inc.

    4,133       934,182  

Waste Management, Inc.

    6,485       1,124,629  

Watsco, Inc.

    1,893       722,123  

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Industrials (27.3%): (continued)

Westinghouse Air Brake Technologies Corp.

    7,858       861,787  

WillScot Mobile Mini Holdings Corp.(a)

    16,436       785,476  

WW Grainger, Inc.

    1,044       823,288  

Xylem, Inc.

    6,437       724,935  
              56,340,670  

Information Technology (14.2%):

               

Advanced Micro Devices, Inc.(a)

    4,224       481,156  

Akamai Technologies, Inc.(a)

    8,729       784,475  

Amphenol Corp., Class A

    10,120       859,694  

Analog Devices, Inc.

    3,389       660,211  

ANSYS, Inc.(a)

    1,794       592,504  

Arista Networks, Inc.(a)

    3,318       537,715  

Bentley Systems, Inc., Class B

    12,874       698,157  

Broadcom, Inc.

    1,054       914,271  

Cadence Design Systems, Inc.(a)

    3,025       709,423  

CDW Corp.

    4,126       757,121  

Cognizant Technology Solutions Corp., Class A

    10,777       703,523  

Dynatrace, Inc.(a)

    10,618       546,509  

Enphase Energy, Inc.(a)

    1,740       291,415  

Entegris, Inc.

    4,911       544,237  

EPAM Systems, Inc.(a)

    1,461       328,360  

Fair Isaac Corp.(a)

    613       496,046  

Fortinet, Inc.(a)

    6,619       500,330  

Gartner, Inc.(a)

    2,298       805,012  

Jabil, Inc.

    8,370       903,374  

Juniper Networks, Inc.

    23,242       728,172  

Keysight Technologies, Inc.(a)

    4,154       695,587  

KLA Corp.

    1,383       670,783  

Lattice Semiconductor Corp.(a)

    4,616       443,459  

Manhattan Associates, Inc.(a)

    3,219       643,414  

Microchip Technology, Inc.

    6,447       577,587  

Monolithic Power Systems, Inc.

    836       451,632  

NetApp, Inc.

    10,635       812,514  

NVIDIA Corp.

    1,363       576,576  

NXP Semiconductors N.V.

    3,007       615,473  

ON Semiconductor Corp.(a)

    4,961       469,211  

Palo Alto Networks, Inc.(a)

    2,553       652,317  

PTC, Inc.(a)

    5,620       799,726  

Pure Storage, Inc., Class A(a)

    21,988       809,598  

Qorvo, Inc.(a)

    5,273       538,004  

Roper Technologies, Inc.

    2,090       1,004,872  

Seagate Technology Holdings PLC

    7,765       480,421  

ServiceNow, Inc.(a)

    980       550,731  

 

See notes to financial statements.

 

9

 

 

Schedule of Portfolio Investments - continued

June 30, 2023 (Unaudited)

 

Timothy Plan US Large/Mid Cap Core ETF

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Information Technology (14.2%): (continued)

Skyworks Solutions, Inc.

    4,654       515,151  

Synopsys, Inc.(a)

    1,664       724,522  

TD SYNNEX Corp.

    7,356       691,464  

TE Connectivity Ltd.

    5,676       795,548  

Teledyne Technologies, Inc.(a)

    1,745       717,387  

Teradyne, Inc.

    5,005       557,207  

Trimble, Inc.(a)

    10,750       569,105  

Tyler Technologies, Inc.(a)

    1,587       660,938  

Zebra Technologies Corp.(a)

    1,481       438,124  
              29,303,056  

Materials (7.1%):

               

Albemarle Corp.

    2,158       481,428  

Avery Dennison Corp.

    3,880       666,584  

Ball Corp.

    10,304       599,796  

Celanese Corp.

    4,547       526,543  

CF Industries Holdings, Inc.

    6,453       447,967  

Cleveland-Cliffs, Inc.(a)

    20,918       350,586  

Crown Holdings, Inc.

    6,962       604,789  

Eastman Chemical Co.

    7,180       601,110  

Ecolab, Inc.

    3,883       724,917  

FMC Corp.

    6,838       713,477  

Freeport-McMoRan, Inc.

    9,864       394,560  

International Paper Co.

    17,647       561,351  

LyondellBasell Industries N.V., Class A

    6,934       636,749  

Martin Marietta Materials, Inc.

    1,942       896,602  

Nucor Corp.

    3,296       540,478  

Packaging Corp. of America

    4,958       655,249  

PPG Industries, Inc.

    4,472       663,198  

Reliance Steel & Aluminum Co.

    3,013       818,301  

RPM International, Inc.

    8,463       759,385  

Steel Dynamics, Inc.

    4,451       484,847  

The Mosaic Co.

    10,051       351,785  

The Sherwin-Williams Co.

    2,620       695,662  

Vulcan Materials Co.

    4,450       1,003,208  

Westlake Corp.

    4,706       562,226  
              14,740,798  

Utilities (7.5%):

               

Alliant Energy Corp.

    15,329       804,466  

Ameren Corp.

    9,932       811,146  

American Electric Power Co., Inc.

    9,230       777,166  

American Water Works Co., Inc.

    5,519       787,837  

Atmos Energy Corp.

    7,656       890,699  

CenterPoint Energy, Inc.

    29,761       867,533  

CMS Energy Corp.

    14,403       846,176  

Consolidated Edison, Inc.

    9,909       895,774  

 

SECURITY DESCRIPTION

 

SHARES

   

VALUE ($)

 

Utilities (7.5%): (continued)

DTE Energy Co.

    7,905       869,708  

Entergy Corp.

    7,828       762,212  

Essential Utilities, Inc.

    20,003       798,320  

Evergy, Inc.

    14,064       821,619  

Eversource Energy

    10,818       767,213  

NextEra Energy, Inc.

    9,784       725,973  

NiSource, Inc.

    29,813       815,386  

Public Service Enterprise Group, Inc.

    12,692       794,646  

The Southern Co.

    12,847       902,502  

WEC Energy Group, Inc.

    9,132       805,808  

Xcel Energy, Inc.

    12,425       772,462  
              15,516,646  

Total Common Stocks (Cost $183,349,842)

            205,560,116  

Total Investments (Cost