Timothy Plan ETF Funds

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ANNUAL REPORT

December 31, 2021


		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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission (the “SEC”), paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.timothyplan.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically or to continue receiving paper copies of shareholder reports, which are available free of charge, by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Fund documents that have been mailed to you.

Table of Contents



Shareholder Letter (Unaudited)		1

Letters from the Manager (Unaudited)		2

Fund Performance (Unaudited)		6

Schedules of Portfolio Investments		10

Statements of Assets and Liabilities		84

Statements of Operations		87

Statements of Changes in Net Assets		90

Financial Highlights		93

Notes to Financial Statements		98

Report of Independent Registered Public Accounting Firm		114

Other Information		117

Trustees and Executive Officers of the Trust		120

December 31, 2021

Dear Timothy Plan ETF Shareholder:

Our Exchange Traded Funds (“ETFs”) just completed their second full year of trading, and we are quite pleased with the performance of each. Victory Capital Management (“VCM”), the sub-advisor for our ETFs, employs the smart-beta approach for each of the portfolios and it has, in our opinion, continued to be very competitive in the markets.

In response to the 2020 COVID pandemic, trillions of dollars of monetary and fiscal stimulus brought about a strong economic and labor-market recovery as revealed by real GDP growth coming in at over 6%, and the unemployment rate falling to 5.2%. In response, the S&P was up another 30% (from the late recovery in 2020) for the year ending this September, as spending by consumers and corporations increased to the point of supply shortages plaguing the marketplace. The resurgence in spending and demand has resulted in the supply chain issues expanding beyond the initial shortages, and it appears they may persist for quite some time. This has led to some moderation of the economic growth projections; however, we remain optimistic for further recovery in corporate profits. Consumer confidence has remained resilient, with consumers encouraged at least by higher wages as a result of a tight labor market, and the increasing value of their investments.

For more detailed information about each individual ETF, please review the reports provided by VCM on the following pages. As it nearly always happens, as you will note from those letters, the sectors sometimes respond in exactly the opposite manner in the different arenas.

We can never guarantee future results, but you may always rest assured that we will continue to do our best to provide you Biblically filtered (“BRI”) portfolios that allow you to invest in alignment with your moral ethic. Thank you for allowing us to be a part of your investment portfolio.

Sincerely,

Arthur D. Ally, President

Timothy Plan US Small Cap Core ETF – TPSC

Letter from the Manager – December 31, 2021

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, 2021, the TPSC returned 29.62% outperforming the Russell 2000 Index (the “Index”), which was up 14.82%.

At the sector level, an underweight to the Health Care sector (-18%) contributed to relative performance. An underweight to the Real Estate sector (+29%) detracted from relative performance.

The largest contributors were overweights to Apollo Medical Holdings (+302%), MicroStrategy (+40%), Perficient (+171%). The largest stock detractors during the year were not holding GameStop Corp (+1,012%) or Avis Budget Group (+456%), and an underweight to Synaptics (+200%).

Victory Capital Management, Inc.

Timothy Plan US Large/Mid Cap Core ETF – TPLC

Letter from the Manager – December 31, 2021

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, 2021, TPLC returned 25.82% underperforming the S&P 500^® Index (the “Index”), which was up 28.71%.

When comparing performance to the Index, most of the TPLC’s underperformance came from an underweight to the largest market cap names in the Index. An underweight to Technology and overweight Industrials also detracted from relative performance. An underweight to Communication Services was a positive contributor.

Victory Capital Management, Inc.

Timothy Plan High Dividend Stock ETF – TPHD

Letter from the Manager – December 31, 2021

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, 2021, TPHD returned 28.10%, outperforming the Russell 1000^® Value Index (the “Index”), which was up 25.16%.

When comparing performance to the Index, the Industrials and Communication Services sectors were large positive contributors leading TPHD’s outperformance. The Utilities and Real Estate sectors were the largest detractors.

Victory Capital Management, Inc.

Timothy Plan International ETF – TPIF

Letter from the Manager – December 31, 2021

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, 2021, TPIF returned 10.34%, underperforming the MSCI EAFE Index (the “Index”), which was up 11.26%.

At the country level, an overweight to Canada was a positive contributor while an overweight to South Korea was a detractor.

Stock selection overall was a negative contributor led by Denmark. Selection in Hong Kong was a positive contributor.

Victory Capital Management, Inc.

Fund Performance - (Unaudited)

December 31, 2021

Timothy Plan US Small Cap Core ETF


Average Annual Return Period Ended December 31, 2021
Inception Date	Timothy Plan US Small Cap Core ETF 12/2/19
			Victory US Small Cap Volatility Weighted BRI
	Net Asset Value	Market Price Value	Index
One Year	29.62%	29.87%	30.44%
Since Inception	20.51%	20.58%	20.71%

Expense Ratios

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 ratios are from the Fund’s prospectus dated April 30, 2021. Additional information pertaining to the Fund’s expense ratios as of December 31, 2021 can be found in the financial highlights.

LOGO

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.

Timothy Plan US Large/Mid Cap Core ETF


Average Annual Return Period Ended December 31, 2021
Inception Date	Timothy Plan U.S. Large/Mid Cap Core ETF 4/30/19
			Victory US Large/Mid Cap Volatility Weighted BRI
	Net Asset Value	Market Price Value	Index
One Year	25.82%	26.09%	26.47%
Since Inception	18.48%	18.52%	19.11%

Expense Ratios

Gross

0.52%

LOGO

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.

Timothy Plan High Dividend Stock ETF


Average Annual Return Period Ended December 31, 2021
Inception Date	Timothy Plan High Dividend Stock ETF 4/30/19
			Victory US Large Cap High Dividend Volatility
	Net Asset Value	Market Price Value	Weighted BRI Index
One Year	28.10%	28.18%	28.80%
Since Inception	12.81%	12.82%	13.41%

Expense Ratios

Gross

0.52%

LOGO

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.

Timothy Plan International ETF


Average Annual Return Period Ended December 31, 2021
Inception Date	Timothy Plan International ETF 12/2/19
			Victory International 500 Volatility
	Net Asset Value	Market Price Value	Weighted BRI Index
One Year	10.34%	10.05%	10.67%
Since Inception	10.32%	10.30%	10.97%

Expense Ratios

Gross

0.62%

LOGO

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.


		Schedule of Portfolio Investments

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.7%)
Communication Services (1.9%):
Boston Omaha Corp., Class A(a)		1,949		55,995
Cars.com, Inc.(a)		6,458		103,909
EW Scripps Co. (The), Class A(a)		5,995		116,003
Gray Television, Inc.		5,565		112,190
IDT Corp., Class B(a)		1,214		53,610
QuinStreet, Inc.(a)		6,824		124,128
Sciplay Corp., Class A(a)		4,206		57,959
Shenandoah Telecommunication Co.		3,666		93,483
Techtarget, Inc.(a)		1,063		101,687
Telesat Corp.(a)		1,701		48,768
Thryv Holdings, Inc.(a)		2,214		91,062
US Cellular Corp.(a)		4,173		131,533

				1,090,327
Consumer Discretionary (13.2%):
1-800-Flowers.com, Inc., Class A(a)		2,375		55,504
Adtalem Global Education, Inc.(a)		3,275		96,809
American Axle & Manufacturing Holdings, Inc.(a)		7,748		72,289
America’s Car-Mart, Inc.(a)		825		84,480
Arko Corp.(a)		11,776		103,276
Bed Bath & Beyond, Inc.(a)		2,225		32,440
Big 5 Sporting Goods Corp.		2,115		40,206
Big Lots, Inc.		1,665		75,008
Bloomin’ Brands, Inc.(a)		4,126		86,563
Boot Barn Holdings, Inc.(a)		955		117,513
Brinker International, Inc.(a)		1,782		65,203
Carriage Services, Inc.		3,678		237,010
Cavco Industries, Inc.(a)		523		166,131
Century Communities, Inc.		1,269		103,791
Chuy’s Holdings, Inc.(a)		2,784		83,854
Citi Trends, Inc.(a)		1,057		100,151

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (13.2%): (continued)
Clarus Corp.		5,018		139,099
Conn’s, Inc.(a)		2,743		64,515
Denny’s Corp.(a)		7,148		114,368
Dine Brands Global, Inc.		1,199		90,896
Dorman Products, Inc.(a)		1,456		164,543
El Pollo Loco Holdings, Inc.(a)		8,385		118,983
Ethan Allen Interiors, Inc.		4,413		116,018
Franchise Group, Inc.		3,247		169,364
Funko, Inc., Class A(a)		3,598		67,642
Genesco, Inc.(a)		1,335		85,667
Gentherm, Inc.(a)		1,278		111,058
G-III Apparel Group Ltd.(a)		3,514		97,127
GoPro, Inc., Class A(a)		7,757		79,975
Green Brick Partners, Inc.(a)		4,128		125,202
Group 1 Automotive, Inc.		499		97,415
Groupon, Inc.(a)		2,624		60,772
GrowGeneration Corp.(a)		2,247		29,323
Guess?, Inc.		4,258		100,829
Haverty Furniture Cos., Inc.		2,674		81,744
Hibbett, Inc.		1,026		73,800
Hovnanian Enterprises, Inc., Class A(a)		610		77,647
iRobot Corp.(a)		837		55,142
Jack In The Box, Inc.		1,437		125,709
Johnson Outdoors, Inc., Class A		1,226		114,864
La Z Boy, Inc.		3,643		132,277
Lands’ End, Inc.(a)		2,458		48,251
Liquidity Services, Inc.(a)		2,603		57,474
Lovesac Co. (The)(a)		801		53,074
Lumber Liquidators Holdings, Inc.(a)		4,960		84,667
M/I Homes, Inc.(a)		1,626		101,105
Malibu Boats, Inc.(a)		1,465		100,689

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (13.2%): (continued)
MarineMax, Inc.(a)		1,539		90,863
Monro, Inc.		2,115		123,241
Movado Group, Inc.		2,773		115,995
OneWater Marine, Inc.		1,963		119,684
Oxford Industries, Inc.		1,230		124,870
Party City Holdco, Inc.(a)		7,775		43,307
Perdoceo Education Corp.(a)		11,700		137,592
Ruth’s Hospitality Group, Inc.(a)		5,097		101,430
Sally Beauty Holdings, Inc.(a)		5,119		94,497
Shoe Carnival, Inc.		2,892		113,019
Smith & Wesson Brands, Inc.		3,695		65,771
Sonic Automotive, Inc., Class A		1,817		89,851
Standard Motor Products		4,068		213,123
Stoneridge, Inc.(a)		5,208		102,806
Strategic Education, Inc.		1,780		102,955
Stride, Inc.(a)		2,507		83,558
Sturm Ruger & Co.		2,009		136,652
The Buckle, Inc.		2,265		95,832
The Children’s Place, Inc.(a)		813		64,463
Tri Pointe Group, Inc.(a)		4,620		128,852
Tupperware Corp.(a)		3,082		47,124
Universal Electronics, Inc.(a)		2,527		102,975
Vista Outdoor, Inc.(a)		2,426		111,766
Visteon Corp.(a)		1,034		114,919
Winmark Corp.		753		186,962
Winnebago Industries, Inc.		1,370		102,640
Workhorse Group, Inc.(a)		5,963		25,999
XPEL, Inc.(a)		932		63,637
Zumiez, Inc.(a)		2,245		107,738

				7,471,588

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Staples (6.6%):
Andersons, Inc. (The)		3,438		133,085
B&G Foods, Inc.		3,343		102,730
BellRing Brands, Inc., Class A(a)		4,752		135,575
Calavo Growers, Inc.		2,976		126,182
Cal-Maine Foods, Inc.		5,507		203,704
Central Garden And Pet Co., Class A(a)		3,457		165,417
Edgewell Personal Care Co.		3,780		172,784
elf Beauty, Inc.(a)		4,690		155,755
Energizer Holdings, Inc.		4,170		167,217
Fresh Del Monte Produce, Inc.		3,404		93,950
Grocery Outlet Holding Corp.(a)		5,136		145,246
Hostess Brands, Inc.(a)		10,248		209,264
Ingles Markets, Inc.		2,228		192,366
Inter Parfums, Inc.		1,861		198,941
John B. Sanfilippo & Son, Inc.		2,233		201,327
Medifast, Inc.		500		104,715
Nu Skin Enterprises, Inc., Class A		2,881		146,211
PriceSmart, Inc.		2,047		149,779
SpartanNash Co.		6,525		168,084
Sprouts Farmers Market, Inc.(a)		5,678		168,523
Tootsie Roll Industries, Inc.		3,191		115,610
TreeHouse Foods, Inc.(a)		2,950		119,564
United Natural Foods, Inc.(a)		1,324		64,982
Usana Health Sciences, Inc.(a)		1,449		146,639
Weis Markets, Inc.		2,581		170,036

				3,757,686
Energy (1.3%):
Altus Midstream Co., Class A		1,158		70,997
Archrock, Inc.		13,277		99,312
Cactus, Inc., Class A		1,931		73,629
Civitas Resources, Inc.		1,580		77,373

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Energy (1.3%): (continued)
CONSOL Energy, Inc.(a)		1,818		41,287
Core Laboratories N.V.		2,750		61,352
DMC Global, Inc.(a)		1,937		76,724
Renewable Energy Group, Inc.(a)		1,210		51,352
Transocean, Ltd.(a)		12,335		34,045
Whiting Petroleum Corp.(a)		1,320		85,378
World Fuel Services Corp.		2,886		76,392

				747,841
Financials (24.2%):
1st Source Corp.		3,157		156,587
American Equity Investment Life Holding Co.		4,503		175,257
Amerisafe, Inc.		3,594		193,465
Argo Group International Holdings, Ltd.		2,807		163,115
Atlantic Union Bankshares		3,583		133,610
Axos Financial, Inc.(a)		2,523		141,061
B Riley Financial, Inc.		1,561		138,710
Banc of California, Inc.		6,827		133,946
Bancfirst Corp.		2,226		157,067
BanCorp, Inc. (The)(a)		3,065		77,575
Banner Corp.		2,244		136,143
Berkshire Hills Bancorp, Inc.		4,137		117,615
BGC Partners, Inc., Class A		19,333		89,898
Brightsphere Investment Group, Inc.		4,960		126,976
Brookline BanCorp, Inc.		9,936		160,864
Cannae Holdings, Inc.(a)		4,767		167,560
Capitol Federal Financial, Inc.		16,547		187,478
City Holding Co.		2,271		185,745
Columbia Banking System, Inc.		3,261		106,700
Columbia Financial, Inc.(a)		11,289		235,489
ConnectOne BanCorp, Inc.		4,108		134,373
Cowen, Inc., Class A		2,206		79,637

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.2%): (continued)
Customers BanCorp, Inc.		2,261		147,802
CVB Financial Corp.		7,869		168,475
Dime Community Bancshares, Inc.		3,466		121,865
Donnelley Financial Solutions, Inc.(a)		2,534		119,453
eHealth, Inc.(a)		1,480		37,740
Employers Holdings, Inc.		4,195		173,589
Encore Capital Group, Inc.(a)		2,982		185,212
Enova International, Inc.(a)		2,837		116,204
Enterprise Financial Services Corp.		2,933		138,115
FB Financial Corp.		3,040		133,213
Federal Agricultural Mortgage Corp., Class C		1,300		161,109
First BanCorp.		8,921		122,931
First BanCorp/Southern Pines NC		2,716		124,176
First Busey Corp.		5,711		154,882
First Commonwealth Financial Corp.		9,945		160,015
First Financial BanCorp.		5,282		128,775
First Foundation, Inc.		5,241		130,291
First Interstate Bancsys, Class A		3,505		142,548
First Merchants Corp.		3,204		134,216
Fulton Financial Corp.		8,838		150,246
Genworth Financial, Inc.(a)		21,309		86,301
German American BanCorp, Inc.		3,826		149,137
Great Western BanCorp, Inc.		3,411		115,838
Green Dot Corp., Class A(a)		2,760		100,022
HCI Group, Inc.		657		54,886
Heartland Financial USA, Inc.		3,088		156,284
Hilltop Holdings, Inc.		3,533		124,150
Hope BanCorp, Inc.		8,984		132,155
Horace Mann Educators		4,537		175,582
Independent Bank Corp.		1,864		151,972
International Bancshares Corp.		3,148		133,444

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.2%): (continued)
Kearny Financial Corp.		12,531		166,036
Lakeland Financial Corp.		1,917		153,628
Live Oak Bancshares, Inc.		1,317		114,961
Merchants BanCorp		2,768		131,009
Meta Financial Group, Inc.		2,287		136,442
National Bank Holdings Corp., Class A		3,676		161,523
NBT BanCorp, Inc.		4,225		162,747
NMI Holdings, Inc.(a)		5,232		114,319
Northwest Bancshares, Inc.		14,172		200,676
Oceanfirst Financial Corp.		6,398		142,036
OFG BanCorp		4,216		111,977
Old National BanCorp		9,775		177,123
Origin BanCorp, Inc.		3,147		135,069
Palomar Holdings, Inc.(a)		1,184		76,688
Park National Corp.		1,137		156,121
Piper Sandler Cos.		851		151,912
PJT Partners, Inc., Class A		1,828		135,437
PRA Group, Inc.(a)		3,894		195,518
Preferred Bank		2,126		152,626
Premier Financial Corp.		4,083		126,206
Provident Financial Services, Inc.		5,969		144,569
Renasant Corp.		3,759		142,654
S&T BanCorp, Inc.		4,420		139,318
Safety Insurance Group, Inc.		2,375		201,946
Sandy Spring BanCorp, Inc.		2,816		135,393
Seacoast Banking Corp.		3,456		122,308
Selectquote, Inc.(a)		4,108		37,218
Silvergate Capital Corp., Class A(a)		263		38,977
SiriusPoint, Ltd.(a)		16,501		134,153
Southside Bancshares, Inc.		4,053		169,496
Stewart Information Services		2,376		189,438

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.2%): (continued)
Stock Yards BanCorp, Inc.		2,740		175,031
StoneX Group, Inc.(a)		1,924		117,845
Tompkins Financial Corp.		1,652		138,074
Towne Bank		4,586		144,872
TriCo Bancshares		3,243		139,319
Triumph BanCorp, Inc.(a)		998		118,842
Trustmark Corp.		4,290		139,253
United Community Banks, Inc.		4,075		146,455
Veritex Holdings, Inc.		3,299		131,234
Virtus Investment Partners, Inc.		373		110,818
Washington Federal, Inc.		4,788		159,823
WesBanco, Inc.		3,645		127,539
Westamerica BanCorp.		3,423		197,610
World Acceptance Corp.(a)		352		86,391
WSFS Financial Corp.		2,147		107,608

				13,727,737
Health Care (9.0%):
Addus Homecare Corp.(a)		1,514		141,574
Antares Pharma, Inc.(a)		31,988		114,197
Atrion Corp.		223		157,193
Avanos Medical, Inc.(a)		4,053		140,517
Avid Bioservices, Inc.(a)		3,154		92,034
BioLife Solutions, Inc.(a)		1,894		70,589
Cara Therapeutics, Inc.(a)		4,101		49,950
Collegium Pharmaceutical, Inc.(a)		4,516		84,359
Community Health Systems, Inc.(a)		5,651		75,215
Corcept Therapeutics, Inc.(a)		7,319		144,916
CorVel Corp.(a)		997		207,376
Cross Country Healthcare, Inc.(a)		3,404		94,495
Cutera, Inc.(a)		1,770		73,136
Eagle Pharmaceuticals, Inc.(a)		1,904		96,952

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (9.0%): (continued)
Fulgent Genetics, Inc.(a)		530		53,313
Hanger, Inc.(a)		6,494		117,736
Healthstream, Inc.(a)		6,031		158,977
Innoviva, Inc.(a)		8,086		139,483
Ironwood Pharmaceuticals, Inc.(a)		9,140		106,572
Lemaitre Vascular, Inc.		2,366		118,844
Lexicon Pharmaceuticals(a)		5,452		21,481
Ligand Pharmaceuticals, Inc.(a)		548		84,644
Mesa Laboratories, Inc.		564		185,043
ModivCare, Inc.(a)		594		88,084
National Healthcare Corp.		2,157		146,547
National Research Corp.		3,307		137,307
Natus Medical, Inc.(a)		4,800		113,904
Nextgen Healthcare, Inc.(a)		8,209		146,038
OPKO Health, Inc.(a)		20,717		99,649
OptimizeRx Corp.(a)		800		49,688
Organogenesis Holdings, Inc.(a)		4,553		42,070
Owens & Minor, Inc.		1,850		80,475
Pacira BioSciences, Inc.(a)		2,700		162,459
Patterson Cos., Inc.		3,908		114,700
Phibro Animal Health Corp., Class A		5,697		116,333
Prestige Consumer Healthcare, Inc.(a)		2,917		176,916
RadNet, Inc.(a)		2,997		90,240
Sage Therapeutics, Inc.(a)		1,776		75,551
Simulations Plus, Inc.		2,463		116,500
Supernus Pharmaceuticals, Inc.(a)		3,997		116,553
Surmodics, Inc.(a)		2,279		109,734
Tactile Systems Technology, Inc.(a)		2,566		48,831
The Joint Corp.(a)		921		60,500
The Pennant Group, Inc.(a)		3,410		78,703
U.S. Physical Therapy, Inc.		919		87,810

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (9.0%): (continued)
UniQure N.V.(a)		2,799		58,051
Vanda Pharmaceuticals, Inc.(a)		5,236		82,153
Vericel Corp.(a)		1,415		55,609
Xencor, Inc.(a)		2,823		113,259

				5,096,260
Industrials (22.8%):
AAR Corp.(a)		3,616		141,132
ACCO Brands Corp.		13,875		114,608
AeroVironment, Inc.(a)		852		52,850
Air Transport Services Group(a)		5,371		157,800
Alamo Group, Inc.		1,178		173,378
Albany International Corp.		1,672		147,888
American Woodmark Corp.(a)		1,729		112,731
Apogee Enterprises, Inc.		2,966		142,813
ArcBest Corp.		1,014		121,528
Arcosa, Inc.		2,218		116,889
Argan, Inc.		3,717		143,811
Astec Industries, Inc.		2,156		149,346
Atlas Air Worldwide Holdings, Inc.(a)		1,544		145,321
AZZ, Inc.		2,855		157,853
Babcock & Wilcox Enterprises(a)		9,615		86,727
Barnes Group, Inc.		3,326		154,958
Brady Corp.		3,510		189,189
BrightView Holdings, Inc.(a)		8,247		116,118
CBIZ, Inc.(a)		5,878		229,947
Columbus McKinnon Corp.		2,703		125,041
Comfort Systems USA, Inc.		1,756		173,739
Construction Partners, Inc., Class A(a)		3,247		95,494
Cornerstone Building Brands, Inc.(a)		5,843		101,902
CRA International, Inc.		1,148		107,177
CSW Industrials, Inc.		1,141		137,901

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (22.8%): (continued)
Deluxe Corp.		3,176		101,981
Douglas Dynamics, Inc.		3,581		139,874
Ducommon, Inc.(a)		2,232		104,391
Dycom Industries, Inc.(a)		1,209		113,356
Eagle Bulk Shipping, Inc.		1,375		62,563
Encore Wire Corp.		1,365		195,332
Energy Recovery, Inc.(a)		4,663		100,208
Enerpac Tool Group Corp.		6,281		127,379
EnPro Industries, Inc.		1,633		179,744
ESCO Technologies, Inc.		2,202		198,158
Federal Signal Corp.		4,061		176,004
Forrester Research, Inc.(a)		2,821		165,677
Forward Air Corp.		1,769		214,208
Franklin Covey Co.(a)		2,887		133,841
Gibraltar Industries, Inc.(a)		1,696		113,089
Global Industrial Co.		2,551		104,336
GMS, Inc.(a)		2,353		141,439
Gorman-Rupp Co.		4,147		184,749
GrafTech International, Ltd.		8,817		104,305
Great Lakes Dredge & Dock Corp.(a)		9,438		148,365
Griffon Corp.		4,744		135,109
H&E Equipment Services, Inc.		2,505		110,896
Healthcare Services Group		4,931		87,722
Heartland Express, Inc.		13,119		220,662
Heidrick & Struggles International, Inc.		2,634		115,185
Helios Technologies, Inc.		1,670		175,634
Heritage-Crystal Clean, Inc.(a)		3,916		125,390
HNI Corp.		3,503		147,301
Hyster-Yale Materials Handling, Inc.		1,959		80,515
ICF International, Inc.		1,908		195,665
IES Holdings, Inc.(a)		2,473		125,233

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (22.8%): (continued)
Insteel Industries, Inc.		2,572		102,391
Interface, Inc.		7,239		115,462
Jeld-Wen Holding, Inc.(a)		3,942		103,911
Kadant, Inc.		720		165,946
KAR Auction Services, Inc.(a)		6,157		96,172
Kelly Services, Inc., Class A		6,293		105,534
Kforce, Inc.		2,155		162,099
Lindsay Corp.		932		141,664
Marten Transport Ltd.		10,316		177,023
Matthews International Corp., Class A		4,091		150,017
McGrath Rentcorp		2,263		181,628
Mercury Systems, Inc.(a)		2,195		120,857
Meritor, Inc.(a)		4,015		99,492
Moog, Inc., Class A		1,901		153,924
Mueller Industries, Inc.		3,419		202,952
Mueller Water Products, Inc., Class A		10,915		157,176
MYR Group, Inc.(a)		1,055		116,630
NV5 Global, Inc.(a)		1,177		162,567
Omega Flex, Inc.		695		88,230
PAE, Inc.(a)		17,924		177,985
Patrick Industries, Inc.		1,351		109,012
PGT Innovations, Inc.(a)		6,018		135,345
Pitney Bowes, Inc.		5,039		33,409
Primoris Services Corp.		4,007		96,088
Proto Labs, Inc.(a)		1,201		61,671
Quanex Building Products Corp.		6,095		151,034
REV Group, Inc.		4,230		59,855
Romeo Power, Inc.(a)		8,334		30,419
Rush Enterprises, Inc., Class A		3,150		175,266
SkyWest, Inc.(a)		1,893		74,395
SPX Corp.(a)		2,500		149,200

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (22.8%): (continued)
Standex International Corp.		1,530		169,310
Sterling Construction Co., Inc.(a)		3,851		101,281
Tennant Co.		2,425		196,522
The Greenbrier Cos., Inc.		2,411		110,641
The Manitowoc Co., Inc.(a)		3,712		69,006
The Shyft Group, Inc.		2,522		123,906
Titan Machinery, Inc.(a)		2,957		99,621
TPI Composites, Inc.(a)		1,936		28,963
TrueBlue, Inc.(a)		3,174		87,825
Veritiv Corp.(a)		560		68,639
VSE Corp.		2,639		160,821
Wabash National Corp.		7,516		146,712

				12,945,053
Information Technology (11.0%):
A10 Networks, Inc.		7,071		117,237
ACM Research, Inc., Class A(a)		453		38,627
ADTRAN, Inc.		4,772		108,945
Alpha & Omega Semiconductor, Ltd.(a)		2,243		135,836
American Software, Inc., Class A		2,978		77,934
Avaya Holdings Corp.(a)		4,460		88,308
Avid Technology, Inc.(a)		2,184		71,133
Axcelis Technologies, Inc.(a)		1,600		119,296
Belden, Inc.		1,773		116,539
Benchmark Electronics, Inc.		6,006		162,763
Calix, Inc.(a)		1,307		104,521
Cambium Networks Corp.(a)		1,704		43,673
Cass Information Systems, Inc.		4,459		175,328
ChannelAdvisor Corp.(a)		3,527		87,046
Clearfield, Inc.(a)		1,354		114,305
Cohu, Inc.(a)		2,456		93,549
CSG Systems International, Inc.		4,338		249,956

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (11.0%): (continued)
CTS Corp.		4,050		148,716
Digi International, Inc.(a)		4,663		114,570
Ebix, Inc.		1,782		54,173
EchoStar Corp., Class A(a)		4,142		109,142
eplus, Inc.(a)		2,694		145,153
Extreme Networks, Inc.(a)		8,140		127,798
FARO Technologies, Inc.(a)		1,747		122,325
Ichor Holding Ltd.(a)		1,783		82,071
InterDigital, Inc.		2,166		155,151
Kimball Electronics, Inc.(a)		3,256		70,851
Knowles Corp.(a)		10,873		253,885
Methode Electronics, Inc.		3,352		164,818
Mitek Systems, Inc.(a)		5,136		91,164
Napco Security Technologies Inc.(a)		2,325		116,203
NETGEAR, Inc.(a)		3,621		105,769
NetScout Systems, Inc.(a)		6,100		201,788
OSI Systems, Inc.(a)		2,288		213,242
PC Connection, Inc.		3,094		133,444
Photronics, Inc.(a)		9,014		169,914
Plexus Corp.(a)		1,786		171,260
Progress Software Corp.		2,641		127,481
Ribbon Communications, Inc.(a)		13,576		82,135
ScanSource, Inc.(a)		2,698		94,646
SMART Global Holdings, Inc.(a)		1,979		140,489
SolarWinds Corp.		6,271		88,985
Super Micro Computer, Inc.(a)		3,693		162,307
TTM Technologies(a)		25,008		372,619
Ultra Clean Holdings, Inc.(a)		1,631		93,554
Veeco Instruments, Inc.(a)		5,400		153,738
Verra Mobility Corp.(a)		7,750		119,582
Xperi Holding Corp.		7,344		138,875

				6,230,844

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (4.7%):
AdvanSix, Inc.		2,217		104,753
Boise Cascade Co.		1,760		125,312
Chase Corp.		1,494		148,743
Coeur Mining, Inc.(a)		9,845		49,619
GCP Applied Technologies(a)		6,349		201,009
Glatfelter Corp.		9,636		165,739
Hawkins, Inc.		3,023		119,257
Innospec, Inc.		1,946		175,802
Koppers Holdings, Inc.(a)		3,578		111,991
Kronos Worldwide, Inc.		10,613		159,301
Materion Corp.		1,999		183,788
Minerals Technologies, Inc.		2,114		154,639
Myers Industries, Inc.		6,673		133,527
O-I Glass, Inc.(a)		6,859		82,514
Orion Engineered Carbons SA(a)		6,149		112,896
Ryerson Holding Corp.		3,154		82,162
Schnitzer Steel Industries, Inc.		1,804		93,664
Stepan Co.		1,644		204,333
TimkenSteel Corp.(a)		4,043		66,709
Trinseo PLC(a)		1,819		95,425
Worthington Industries, Inc.		2,197		120,088

				2,691,271
Real Estate (1.6%):
Forestar Group, Inc.(a)		7,915		172,151
Marcus & Millichap, Inc.(a)		3,915		201,466
Newmark Group, Inc., Class A		6,881		128,675
RE/MAX Holdings, Inc.		4,457		135,894
The RMR Group, Inc., Class A		4,019		139,379
The St. Joe Co.		2,647		137,776

				915,341

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (3.4%):
Avista Corp.		4,991		212,067
Chesapeake Utilities Corp.		1,649		240,441
MGE Energy, Inc.		3,155		259,499
Middlesex Water Co.		1,229		147,849
Northwest Natural Holding Co.		3,394		165,559
Otter Tail Corp.		3,714		265,254
SJW Group		2,909		212,939
South Jersey Industries, Inc.		5,120		133,734
The York Water Co.		3,244		161,486
Unitil Corp.		3,402		156,458

				1,955,286

Total Common Stocks (Cost $49,719,408)				56,629,234

Total Investments (Cost $49,719,408) — 99.7%(b)				56,629,234

Other assets in excess of liabilities — 0.3%				162,351

NET ASSETS - 100.00%				56,791,585

Percentages indicated are based on net assets as of December 31, 2021.

(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 and
Unrealized
Appreciation/
(Depreciation)

Russell 2000 Mini Index March Future (U.S. Dollar)

3/18/22

$ 112,140

$ (1,219)

See notes to financial statements.


		Schedule of Portfolio Investments

Timothy Plan US Large/Mid Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.6%)
Communication Services (0.7%):
Cable One, Inc.		265		467,314
News Corp., Class A		18,832		420,142
ZoomInfo Technologies, Inc.(a)		3,992		256,287

				1,143,743
Communications (0.3%):
Teledyne Technologies, Inc.(a)		1,264		552,229

				552,229
Consumer Discretionary (9.6%):
Aptiv PLC(a)		2,309		380,870
AutoZone, Inc.(a)		345		723,255
Bath & Body Works, Inc.		4,554		317,824
Booking Holdings, Inc.(a)		162		388,675
Burlington Stores, Inc.(a)		1,321		385,085
CarMax, Inc.(a)		2,708		352,663
Chewy, Inc., Class A(a)		4,141		244,195
Chipotle Mexican Grill, Inc.(a)		252		440,559
Deckers Outdoor Corp.(a)		992		363,379
Dick’s Sporting Goods, Inc.		2,556		293,914
Dollar General Corp.		2,898		683,435
Dollar Tree, Inc.(a)		3,844		540,159
Domino’s Pizza, Inc.		1,011		570,538
DR Horton, Inc.		4,540		492,363
Five Below, Inc.(a)		1,824		377,367
Floor & Decor Holdings, Inc., Class A(a)		2,837		368,838
Garmin Ltd.		4,013		546,450
Genuine Parts Co.		4,488		629,218
Lennar Corp.		3,594		417,479
LKQ Corp.		9,796		588,054
Lowe’s Cos., Inc.		2,388		617,250
Mohawk Industries, Inc.(a)		2,168		394,966

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (9.6%): (continued)
Newell Brands, Inc.		19,472		425,268
NVR, Inc.(a)		103		608,614
O’Reilly Automotive, Inc.(a)		1,048		740,129
Pool Corp.		1,166		659,956
Pultegroup, Inc.		7,732		441,961
RH(a)		455		243,853
Ross Stores, Inc.		4,024		459,863
Service Corp. International		8,667		615,270
Tapestry, Inc.		8,948		363,289
Tesla, Inc.(a)		316		333,942
Tractor Supply Co.		2,510		598,886
Vail Resorts, Inc.		1,251		410,203
Wayfair, Inc., Class A(a)		966		183,511

				16,201,281
Consumer Staples (4.2%):
Bunge, Ltd.		5,341		498,636
Campbell Soup Co.		13,118		570,108
Conagra Brands, Inc.		19,125		653,119
Costco Wholesale Corp.		1,668		946,924
Darling Ingredients, Inc.(a)		4,038		279,793
Hormel Foods Corp.		14,495		707,501
McCormick & Co., Inc.		10,120		977,693
Monster Beverage Corp.(a)		7,019		674,105
Sysco Corp.		6,141		482,375
The JM Smucker Co.		4,918		667,963
Tyson Foods, Inc., Class A		7,602		662,590

				7,120,807
Energy (2.1%):
ConocoPhillips		4,657		336,142
Continental Resources, Inc.		4,129		184,814
Devon Energy Corp.		6,084		268,000

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Energy (2.1%): (continued)
EOG Resources, Inc.		3,037		269,777
Halliburton Co.		11,942		273,114
Kinder Morgan, Inc.		29,053		460,781
ONEOK, Inc.		6,552		384,995
Pioneer Natural Resources Co.		1,693		307,923
Schlumberger N.V.		9,521		285,154
Texas Pacific Land Corp.		215		268,507
The Williams Cos., Inc.		19,963		519,836

				3,559,043
Financials (10.5%):
Aflac, Inc.		12,085		705,643
American Financial Group, Inc.		2,646		363,349
Apollo Global Management, Inc.		6,737		487,961
Arch Capital Group Ltd.(a)		14,513		645,103
Ares Management Corp., Class A		6,071		493,390
Arthur J Gallagher & Co.		4,438		752,995
BlackRock, Inc.		650		595,114
Brown & Brown, Inc.		11,168		784,887
Cboe Global Markets, Inc.		3,644		475,178
Cincinnati Financial Corp.		4,352		495,823
CNA Financial Corp.		13,086		576,831
East West Bancorp, Inc.		4,747		373,494
Everest Re Group, Ltd.		2,047		560,714
FactSet Research Systems, Inc.		1,443		701,312
First Republic Bank		2,386		492,733
Franklin Resources, Inc.		12,146		406,770
Interactive Brokers Group, Inc.		6,475		514,244
Intercontinental Exchange, Inc.		6,055		828,142
Invesco Ltd.		13,605		313,187
LPL Financial Holdings, Inc.		2,501		400,385
Markel Corp.(a)		466		575,044

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (10.5%): (continued)
MarketAxess Holdings, Inc.		984		404,690
Morningstar, Inc.		1,905		651,491
MSCI, Inc.		846		518,336
Nasdaq, Inc.		3,556		746,796
Principal Financial Group, Inc.		6,533		472,532
Signature Bank		1,055		341,261
SVB Financial Group(a)		496		336,407
The Carlyle Group, Inc.		9,611		527,644
The Charles Schwab Corp.		5,522		464,400
Tradeweb Markets, Inc., Class A		6,684		669,336
UWM Holdings Corp.		37,335		221,023
WR Berkley Corp.		8,383		690,675

				17,586,890
Health Care (14.9%):
ABIOMED, Inc.(a)		1,161		416,996
Agilent Technologies, Inc.		4,234		675,958
Align Technology, Inc.(a)		515		338,448
Amgen, Inc.		3,008		676,710
Avantor, Inc.(a)		11,486		484,020
Baxter International, Inc.		8,971		770,071
BioMarin Pharmaceutical, Inc.(a)		6,298		556,428
Bio-Rad Laboratories, Inc., Class A(a)		722		545,522
Bruker Corp.		6,493		544,828
Cardinal Health, Inc.		9,341		480,968
Catalent, Inc.(a)		3,389		433,894
Centene Corp.(a)		7,182		591,797
Cerner Corp.		11,350		1,054,075
Charles River Laboratories International, Inc.(a)		1,207		454,773
Danaher Corp.		1,804		593,534
DaVita, Inc.(a)		4,456		506,915
DENTSPLY SIRONA, Inc.		7,914		441,522

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (14.9%): (continued)
Dexcom, Inc.(a)		692		371,569
Edwards Lifesciences Corp.(a)		5,509		713,691
HCA Healthcare, Inc.		1,867		479,670
Henry Schein, Inc.(a)		6,064		470,142
Horizon Therapeutics PLC(a)		2,818		303,668
Humana, Inc.		1,506		698,573
IDEXX Laboratories, Inc.(a)		765		503,722
Illumina, Inc.(a)		860		327,178
Incyte Corp.(a)		6,867		504,038
Intuitive Surgical, Inc.(a)		1,426		512,362
IQVIA Holdings, Inc.(a)		2,558		721,714
Leidos Holdings, Inc.		4,821		428,587
Masimo Corp.(a)		1,772		518,806
Mettler-Toledo International, Inc.(a)		402		682,278
Moderna, Inc.(a)		556		141,213
Molina Healthcare, Inc.(a)		1,642		522,287
PerkinElmer, Inc.		2,663		535,423
Regeneron Pharmaceuticals, Inc.(a)		972		613,837
Repligen Corp.(a)		1,181		312,776
ResMed, Inc.		1,919		499,861
Seagen, Inc.(a)		2,125		328,525
STERIS PLC		2,825		687,633
Stryker Corp.		2,510		671,224
Teleflex, Inc.		1,351		443,777
Veeva Systems, Inc., Class A(a)		1,351		345,153
Vertex Pharamaceuticals, Inc.(a)		2,845		624,762
Waters Corp.(a)		1,589		592,061
West Pharmaceutical Services, Inc.		1,416		664,118
Zimmer Biomet Holdings, Inc.		3,869		491,518
Zoetis, Inc.		3,156		770,159

				25,046,784

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (23.3%):
A O Smith Corp.		7,670		658,470
AGCO Corp.		2,779		322,420
Allegion PLC		4,301		569,624
AMERCO, Inc.		702		509,813
AMETEK, Inc.		5,458		802,544
Builders FirstSource, Inc.(a)		6,052		518,717
Carlisle Companies, Inc.		2,904		720,540
Carrier Global Corp.		9,213		499,713
Caterpillar, Inc.		2,572		531,735
CH Robinson Worldwide, Inc.		6,236		671,181
Cintas Corp.		1,351		598,723
Copart, Inc.(a)		3,729		565,391
Costar Group, Inc.(a)		5,443		430,160
CSX Corp.		18,020		677,552
Deere & Co.		1,279		438,556
Dover Corp.		4,051		735,662
Eaton Corp. PLC		4,074		704,069
Emerson Electric Co.		6,337		589,151
Equifax, Inc.		1,766		517,067
Expeditors International of Washington, Inc.		5,744		771,362
Fastenal Co.		12,139		777,624
Fortive Corp.		8,514		649,533
Fortune Brands Home & Security, Inc.		5,127		548,076
Generac Holdings, Inc.(a)		702		247,048
General Dynamics Corp.		3,605		751,534
Graco, Inc.		9,253		745,977
HEICO Corp.		3,639		524,817
Honeywell International, Inc.		3,050		635,956
Howmet Aerospace, Inc.		12,371		393,769
Hubbell, Inc.		3,155		657,092
IDEX Corp.		3,205		757,406

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (23.3%): (continued)
Illinois Tool Works, Inc.		3,595		887,246
Ingersoll Rand, Inc.		8,873		548,973
J.B. Hunt Transport Services, Inc.		3,075		628,530
Jacobs Engineering Group, Inc.		3,884		540,769
Johnson Controls International PLC		8,819		717,073
Lennox International, Inc.		1,772		574,766
Masco Corp.		10,578		742,787
Nordson Corp.		2,570		656,044
Norfolk Southern Corp.		2,227		663,000
Old Dominion Freight Line, Inc.		1,880		673,754
Otis Worldwide Corp.		7,518		654,592
PACCAR, Inc.		6,023		531,590
Parker Hannifin Corp.		1,745		555,119
Quanta Services, Inc.		3,675		421,376
Republic Services, Inc.		6,426		896,106
Robert Half International, Inc.		4,923		549,013
Rockwell Automation, Inc.		1,969		686,886
Rollins, Inc.		14,764		505,076
Roper Technologies, Inc.		1,561		767,793
Snap-on, Inc.		2,387		514,112
Toro Co.		6,418		641,222
Trane Technologies PLC		3,117		629,728
TransDigm Group, Inc.(a)		721		458,758
TransUnion		4,767		565,271
Trex Co., Inc.(a)		3,616		488,268
Union Pacific Corp.		2,863		721,276
United Rentals, Inc.(a)		1,040		345,582
Verisk Analytics, Inc.		2,659		608,193
Waste Management, Inc.		5,530		922,957
Watsco, Inc.		1,948		609,490
Westinghouse Air Brake Technologies Corp.		5,359		493,617

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (23.3%): (continued)
WW Grainger, Inc.		1,427		739,528
Xylem, Inc.		5,180		621,186

				39,080,963
Information Technology (15.7%):
Advanced Micro Devices, Inc.(a)		3,159		454,580
Akamai Technologies, Inc.(a)		4,737		554,419
Amphenol Corp., Class A		8,231		719,883
Analog Devices, Inc.		2,710		476,337
ANSYS, Inc.(a)		1,165		467,305
Arista Networks, Inc.(a)		5,744		825,700
Black Knight, Inc.(a)		7,916		656,157
Broadcom, Inc.		916		609,516
Broadridge Financial Solutions, Inc.		4,038		738,227
Cadence Design Systems, Inc.(a)		2,695		502,213
CDW Corp.		3,168		648,743
Citrix Systems, Inc.		4,275		404,372
Cognex Corp.		5,358		416,638
Cognizant Technology Solutions Corp., Class A		7,342		651,382
Dynatrace, Inc.(a)		4,164		251,297
Entegris, Inc.		2,644		366,406
EPAM Systems, Inc.(a)		797		532,755
F5, Inc.(a)		2,451		599,784
Fair Isaac Corp.(a)		1,044		452,751
Fidelity National Information Services, Inc.		4,332		472,838
Fiserv, Inc.(a)		5,442		564,825
FleetCor Technologies, Inc.(a)		1,989		445,218
Fortinet, Inc.(a)		1,375		494,175
Gartner, Inc.(a)		1,352		452,001
Jack Henry & Associates, Inc.		3,622		604,838
Keysight Technologies, Inc.(a)		3,600		743,436
KLA Corp.		920		395,701

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (15.7%): (continued)
Lam Research Corp.		519		373,239
Microchip Technology, Inc.		4,569		397,777
Monolithic Power Systems, Inc.		674		332,504
NetApp, Inc.		4,403		405,032
NVIDIA Corp.		1,543		453,812
NXP Semiconductors NV		1,690		384,948
ON Semiconductor Corp.(a)		6,447		437,880
Paychex, Inc.		5,844		797,706
Paycom Software, Inc.(a)		672		279,008
Paylocity Holding Corp.(a)		1,212		286,226
Pegasystems, Inc.		3,254		363,862
PTC, Inc.(a)		2,700		327,105
Qorvo, Inc.(a)		2,087		326,386
Seagate Technology Holdings PLC		3,931		444,124
ServiceNow, Inc.(a)		625		405,694
Skyworks Solutions, Inc.		2,081		322,846
SS&C Technologies Holdings, Inc.		8,704		713,554
Synopsys, Inc.(a)		1,443		531,746
TE Connectivity Ltd.		3,711		598,733
Teradyne, Inc.		2,647		432,864
The Trade Desk, Inc., Class A(a)		2,813		257,783
Trimble, Inc.(a)		5,518		481,114
Tyler Technologies, Inc.(a)		937		504,059
Ubiquiti, Inc.		910		279,097
VeriSign, Inc.(a)		3,208		814,255
Western Digital Corp.(a)		5,261		343,070
Zebra Technologies Corp.(a)		965		574,368

				26,370,289
Materials (7.8%):
Albemarle Corp.		1,351		315,823
Avery Dennison Corp.		2,676		579,541

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (7.8%): (continued)
Ball Corp.		6,362		612,470
Celanese Corp.		3,178		534,095
Cleveland-Cliffs, Inc.(a)		9,038		196,757
Corteva, Inc.		11,450		541,356
Crown Holdings, Inc.		4,928		545,135
Eastman Chemical Co.		4,471		540,589
Ecolab, Inc.		3,081		722,772
Enphase Energy, Inc.(a)		1,278		233,797
FMC Corp.		5,492		603,516
Freeport-McMoRan, Inc.		7,061		294,655
International Flavors & Fragrances, Inc.		3,164		476,657
International Paper Co.		10,206		479,478
LyondellBasell Industries NV, Class A		4,248		391,793
Martin Marietta Materials, Inc.		1,388		611,442
Newmont Corp.		8,993		557,746
Nucor Corp.		3,167		361,513
Packaging Corp. of America		4,658		634,187
PPG Industries, Inc.		3,575		616,473
RPM International, Inc.		8,312		839,512
Steel Dynamics, Inc.		5,408		335,674
The Mosaic Co.		7,492		294,361
The Sherwin-Williams Co.		2,431		856,101
Vulcan Materials Co.		3,023		627,514
Westlake Chemical Corp.		3,930		381,721

				13,184,678
Real Estate (0.3%):
CBRE Group, Inc., Class A(a)		5,112		554,703

				554,703
Utilities (10.2%):
Alliant Energy Corp.		12,693		780,239
Ameren Corp.		8,822		785,246

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (10.2%): (continued)
American Electric Power Co., Inc.		9,272		824,930
American Water Works Co., Inc.		3,561		672,530
Atmos Energy Corp.		7,608		797,090
Avangrid, Inc.		13,830		689,840
CenterPoint Energy, Inc.		22,391		624,933
CMS Energy Corp.		12,282		798,944
Consolidated Edison, Inc.		10,717		914,374
Dominion Energy, Inc.		10,189		800,448
DTE Energy Co.		6,570		785,378
Entergy Corp.		6,166		694,600
Essential Utilities, Inc.		13,717		736,466
Evergy, Inc.		11,478		787,506
Eversource Energy		7,446		677,437
FirstEnergy Corp.		17,932		745,792
NextEra Energy, Inc.		7,260		677,794
NRG Energy, Inc.		7,789		335,550
PPL Corp.		25,543		767,822
Public Service Enterprise Group, Inc.		11,660		778,072
The Southern Co.		13,453		922,607
WEC Energy Group, Inc.		7,648		742,391
Xcel Energy, Inc.		10,938		740,503

				17,080,492

Total Common Stocks (Cost $132,077,080)				167,481,902

Total Investments (Cost $132,077,080) — 99.6%(b)				167,481,902

Other assets in excess of liabilities — 0.4%				658,563

NET ASSETS - 100.00%				168,140,465

Percentages indicated are based on net assets as of December 31, 2021.

(a)	Non-income producing security.

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

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		December 31, 2021

Futures Contracts

Long Futures



Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini March Future (U.S. Dollar)		3/18/22		3	$	713,775	$	10,450

							$	10,450

See notes to financial statements.


		Schedule of Portfolio Investments

Timothy Plan High Dividend Stock ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.4%)
Consumer Discretionary (4.2%):
Dick’s Sporting Goods, Inc.		5,632		647,624
Garmin Ltd.		8,871		1,207,964
Genuine Parts Co.		9,894		1,387,139
Newell Brands, Inc.		43,043		940,059
Service Corp. International		19,162		1,360,310

				5,543,096
Consumer Staples (10.4%):
Bunge, Ltd.		11,782		1,099,968
Campbell Soup Co.		28,996		1,260,166
Conagra Brands, Inc.		42,268		1,443,452
Costco Wholesale Corp.		3,687		2,093,110
Hormel Foods Corp.		32,009		1,562,359
McCormick & Co., Inc.		22,354		2,159,620
Sysco Corp.		13,582		1,066,866
The JM Smucker Co.		10,887		1,478,672
Tyson Foods, Inc., Class A		16,790		1,463,417

				13,627,630
Energy (5.2%):
ConocoPhillips		10,266		741,000
Devon Energy Corp.		13,449		592,428
EOG Resources, Inc.		6,714		596,405
Kinder Morgan, Inc.		64,202		1,018,244
ONEOK, Inc.		14,465		849,963
Pioneer Natural Resources Co.		3,773		686,233
Schlumberger N.V.		21,065		630,897
Texas Pacific Land Corp.		456		569,485
The Williams Cos., Inc.		44,109		1,148,598

				6,833,253
Financials (11.1%):
Aflac, Inc.		26,706		1,559,363

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (11.1%): (continued)
American Financial Group, Inc.		5,834		801,125
Apollo Global Management, Inc.		14,870		1,077,034
Ares Management Corp., Class A		13,419		1,090,562
BlackRock, Inc.		1,460		1,336,718
Cincinnati Financial Corp.		9,613		1,095,209
CNA Financial Corp.		28,905		1,274,132
East West Bancorp, Inc.		10,501		826,219
Everest Re Group, Ltd.		4,492		1,230,449
Franklin Resources, Inc.		26,846		899,072
Invesco Ltd.		30,054		691,843
Principal Financial Group, Inc.		14,435		1,044,083
The Carlyle Group, Inc.		21,224		1,165,198
UWM Holdings Corp.		82,502		488,412

				14,579,419
Health Care (1.9%):
Amgen, Inc.		6,619		1,489,077
Cardinal Health, Inc.		20,627		1,062,084

				2,551,161
Industrials (24.3%):
A O Smith Corp.		16,946		1,454,814
AGCO Corp.		6,142		712,595
Caterpillar, Inc.		5,703		1,179,038
CH Robinson Worldwide, Inc.		13,794		1,484,648
Cintas Corp.		3,002		1,330,396
Eaton Corp. PLC		9,011		1,557,281
Emerson Electric Co.		14,009		1,302,417
Fastenal Co.		26,845		1,719,691
General Dynamics Corp.		7,986		1,664,841
Honeywell International, Inc.		6,740		1,405,357
Hubbell, Inc.		6,963		1,450,184
Illinois Tool Works, Inc.		7,933		1,957,864

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (24.3%): (continued)
Johnson Controls International PLC		19,515		1,586,765
Norfolk Southern Corp.		4,904		1,459,970
PACCAR, Inc.		13,305		1,174,299
Robert Half International, Inc.		10,854		1,210,438
Rockwell Automation, Inc.		4,330		1,510,521
Snap-on, Inc.		5,260		1,132,899
Union Pacific Corp.		6,331		1,594,969
Waste Management, Inc.		12,192		2,034,845
Watsco, Inc.		4,338		1,357,273
WW Grainger, Inc.		3,182		1,649,040

				31,930,145
Information Technology (7.5%):
Analog Devices, Inc.		5,981		1,051,280
Broadcom, Inc.		2,042		1,358,767
Broadridge Financial Solutions, Inc.		8,909		1,628,744
Cognex Corp.		11,858		922,078
NetApp, Inc.		9,703		892,579
Paychex, Inc.		12,912		1,762,488
Seagate Technology Holdings PLC		8,683		981,005
TE Connectivity Ltd.		8,216		1,325,570

				9,922,511
Materials (10.7%):
Celanese Corp.		7,038		1,182,806
Eastman Chemical Co.		9,910		1,198,218
FMC Corp.		12,130		1,332,966
International Flavors & Fragrances, Inc.		7,015		1,056,810
International Paper Co.		22,547		1,059,258
LyondellBasell Industries NV, Class A		9,392		866,224
Newmont Corp.		19,863		1,231,903
Nucor Corp.		6,987		797,566
Packaging Corp. of America		10,311		1,403,843

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (10.7%): (continued)
PPG Industries, Inc.		7,889		1,360,379
RPM International, Inc.		18,383		1,856,683
Steel Dynamics, Inc.		11,954		741,985

				14,088,641
Utilities (24.1%):
Alliant Energy Corp.		28,057		1,724,664
Ameren Corp.		19,520		1,737,475
American Electric Power Co., Inc.		20,462		1,820,504
Atmos Energy Corp.		16,801		1,760,241
Avangrid, Inc.		30,570		1,524,832
CMS Energy Corp.		27,135		1,765,132
Consolidated Edison, Inc.		23,680		2,020,378
Dominion Energy, Inc.		22,513		1,768,621
DTE Energy Co.		14,543		1,738,470
Entergy Corp.		13,633		1,535,757
Evergy, Inc.		25,369		1,740,567
Eversource Energy		16,428		1,494,619
FirstEnergy Corp.		39,628		1,648,129
NRG Energy, Inc.		17,224		742,010
PPL Corp.		56,418		1,695,925
Public Service Enterprise Group, Inc.		25,768		1,719,499
The Southern Co.		29,744		2,039,844
WEC Energy Group, Inc.		16,901		1,640,580
Xcel Energy, Inc.		24,172		1,636,444

				31,753,691

Total Common Stocks (Cost $111,737,457)				130,829,547

Total Investments (Cost $111,737,457) — 99.4%(a)				130,829,547

Other assets in excess of liabilities — 0.6%				752,845

NET ASSETS - 100.00%				131,582,392

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock ETF		December 31, 2021

Percentages indicated are based on net assets as of December 31, 2021.

(a)	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 and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini March Future (U.S. Dollar)		3/18/22		3	$	713,775	$	7,675

							$	7,675

See notes to financial statements.


		Schedule of Portfolio Investments

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.5%)
Australia (4.9%):
Communication Services (0.5%):
Rea Group Ltd.		1,496		182,424
Telstra Corp. Ltd.		88,898		270,297
				452,721
Consumer Staples (0.9%):
Coles Group, Ltd.		18,250		238,154
Wesfarmers Ltd.		6,444		277,961
Woolworths Group Ltd.		8,790		243,030
				759,145
Energy (0.2%):
Woodside Petroleum Ltd.		8,818		140,664
				140,664
Financials (1.4%):
ASX Ltd.		4,567		308,617
Commonwealth Bank of Australia		3,021		221,945
National Australia Bank Ltd.		12,455		261,284
Suncorp Group Ltd.		21,840		175,863
Westpac Banking Corp.		12,839		199,389
				1,167,098
Health Care (0.6%):
CSL Ltd.		1,006		212,738
Sonic Healthcare Ltd.		7,708		261,445
				474,183
Industrials (0.3%):
Brambles Ltd.		33,766		261,087
				261,087
Materials (1.0%):
BHP Group Ltd.		5,517		166,542
BHP Group PLC		5,898		175,560
Fortescue Metals Group Ltd.		10,692		149,403

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021

SECURITY DESCRIPTION

SHARES

VALUE ($)

Australia (4.9%): (continued)

Materials (1.0%): (continued)

Newcrest Mining Ltd.

9,851

175,414

Rio Tinto Ltd.

2,045

148,917

815,836

4,070,734

Austria (0.7%):

Energy (0.2%):

OMV AG

2,920

166,039

166,039

Financials (0.3%):

Erste Group Bank AG

4,573

215,263

215,263

Utilities (0.2%):

Verbund AG

1,435

161,563

161,563

542,865

Belgium (1.3%):

Financials (0.9%):

Groupe Bruxelles Lambert SA

2,797

312,550

KBC Group N.V.

2,024

173,868

Sofina SA

553

271,958

758,376

Materials (0.4%):

Solvay SA, Class A

2,011

233,968

Umicore

2,985

121,482

355,450

1,113,826

Bermuda (0.2%):

Industrials (0.2%):

Jardine Matheson Holdings Ltd.

3,100

170,531

170,531

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Canada (9.4%):
Consumer Discretionary (0.4%):
Dollarama, Inc.		6,212		310,944
				310,944
Consumer Staples (1.2%):
Alimentation Couche-Tard, Inc.		6,382		267,430
Loblaw Cos. Ltd.		4,320		353,989
Metro, Inc.		7,206		383,545
				1,004,964
Energy (1.0%):
Canadian Natural Resources, Ltd.		3,676		155,346
Enbridge, Inc.		7,038		274,943
Suncor Energy, Inc.		6,014		150,493
TC Energy Corp.		5,485		255,125
				835,907
Financials (1.9%):
Fairfax Financial Holdings, Ltd.		519		255,331
Great-West Lifeco, Inc.		11,702		351,208
Intact Financial Corp.		2,475		321,742
National Bank of Canada		3,780		288,222
Power Corp. of Canada		9,507		314,194
				1,530,697
Industrials (0.8%):
Canadian National Railway Co.		1,796		220,638
Canadian Pacific Railway Ltd.		2,846		204,719
WSP Global, Inc.		1,503		218,213
				643,570
Information Technology (1.1%):
CGI, Inc. (a)		3,108		274,850
Constellation Software, Inc.		136		252,359
Open Text Corp.		5,701		270,626
Shopify, Inc., Class A (a)		82		112,918
				910,753

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Canada (9.4%): (continued)
Materials (1.3%):
Aginco Eagle Mines, Ltd.		3,009		159,847
Barrick Gold Corp.		9,175		174,462
First Quantum Minerals, Ltd.		4,291		102,695
Franco-Nevada Corp.		1,467		202,907
Nutrien, Ltd.		2,658		199,813
Teck Resources Ltd., Class B		3,714		106,974
Wheaton Precious Metals Corp.		3,943		169,217
				1,115,915
Utilities (1.7%):
Emera, Inc.		9,866		493,144
Fortis, Inc.		10,200		492,177
Hydro One, Ltd.		16,864		438,800
				1,424,121
				7,776,871
Chile (0.1%):
Materials (0.1%):
Antofagasta PLC		7,104		128,682
				128,682
Denmark (2.8%):
Consumer Discretionary (0.2%):
Pandora A/S		1,122		140,078
				140,078
Financials (0.5%):
Danske Bank A/S		11,272		194,937
Tryg A/S		10,853		268,367
				463,304
Health Care (0.7%):
Coloplast A/S		1,375		242,317
Demant A/S (a)		3,059		156,950
Genmab A/S (a)		429		172,751
				572,018

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Denmark (2.8%): (continued)
Industrials (0.6%):
AP Moller - Maersk A/S, Class B		51		183,113
DSV Panalpina A S		874		204,409
Vestas Wind Systems A/S		3,173		97,165
				484,687
Materials (0.6%):
Christian Hansen Holding A/S		2,693		212,514
Novozymes A/S, Class B Shares		3,428		281,958
				494,472
Utilities (0.2%):
Orsted A/S		1,064		136,063
				136,063
				2,290,622
Finland (2.2%):
Consumer Staples (0.3%):
Kesko Oyj, Class B		6,669		222,748
				222,748
Energy (0.2%):
Neste Oyj		2,912		143,739
				143,739
Financials (0.6%):
Nordea Bank Abp		19,453		237,967
Sampo Oyj, Class A Shares		5,619		281,836
				519,803
Industrials (0.3%):
Kone OYJ		3,554		255,051
				255,051
Materials (0.5%):
Stora ENSO OYJ, Class R Shares		11,192		205,638
UPM-Kymmene OYJ		6,497		247,475
				453,113

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Finland (2.2%): (continued)
Utilities (0.3%):
Fortum OYJ		8,205		252,101
				252,101
				1,846,555
France (7.5%):
Consumer Discretionary (1.0%):
Compagnie Generale DES Etablissements Michelin		1,569		257,473
EssilorLxottica SA		1,334		284,346
Hermes International SA		162		283,269
				825,088
Consumer Staples (0.3%):
Carrefour SA		10,974		201,196
				201,196
Financials (1.0%):
Amundi SA		2,698		222,829
CNP Assurances SA		10,730		265,676
Credit Agricole SA		12,913		184,486
Societe Generale SA		4,764		163,811
				836,802
Health Care (0.5%):
bioMerieux		1,700		241,715
Sartorius Stedim Biotech		326		179,027
				420,742
Industrials (3.0%):
Bollore		38,327		214,666
Bouygues SA		6,119		219,354
Bureau Veritas SA		11,480		381,347
Edenred		4,287		197,994
Legrand SA		2,772		324,714
Safran SA		1,241		152,096
Schneider Electric SA		1,451		284,871

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
France (7.5%): (continued)
Industrials (3.0%): (continued)
Teleperformance		643		286,939
Thales SA		2,567		218,585
Vinci SA		2,085		220,527
				2,501,093
Information Technology (0.5%):
Dassault Systemes SE		4,662		277,619
Worldline SA (a)		2,365		131,950
				409,569
Materials (0.4%):
Air Liquide SA		2,033		354,837
				354,837
Utilities (0.8%):
Electricite de France SA		9,843		115,750
Engie SA		19,107		283,072
Veolia Environnement		7,105		260,928
				659,750
				6,209,077
Germany (6.4%):
Consumer Discretionary (0.7%):
Continental AG (a)		1,549		164,188
HelloFresh SE (a)		1,162		89,343
Puma SE		1,696		207,552
Zalando SE (a)		1,750		141,724
				602,807
Consumer Staples (0.3%):
Beiersdorf AG		2,576		265,040
				265,040
Financials (1.0%):
Deutsche Boerse AG		1,531		256,378
Hannover Rueck SE		1,407		267,728
Muenchener Rueckversicherungs-Gesellschaft AG		851		252,365
				776,471

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Germany (6.4%): (continued)
Health Care (0.5%):
Carl Zeiss Meditec AG		929		195,492
Fresenius Medical Care AG		3,116		202,689
				398,181
Industrials (1.4%):
Brenntag AG		2,582		233,912
Deutsche Post AG		3,759		241,947
Kion Group AG		1,941		213,185
Knorr-Bremse AG		1,758		173,913
MTU Aero Engines AG		707		144,389
Rational AG		148		151,702
				1,159,048
Information Technology (0.2%):
Infineon Technologies AG		3,755		174,236
				174,236
Materials (1.2%):
BASF SE		3,434		241,513
Evonik Industries AG		8,382		271,661
HeidelbergCement AG		2,750		186,333
Symrise AG		2,136		316,839
				1,016,346
Real Estate (0.4%):
Vonovia Se		6,102		336,904
				336,904
Utilities (0.7%):
E.ON SE		24,747		343,471
RWE AG		6,127		249,145
				592,616
				5,321,649

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Hong Kong (4.1%):
Consumer Discretionary (0.2%):
Techtronic Industries Co.		5,903		117,495
Xinyi Glass Holdings, Ltd.		33,833		84,612
				202,107
Consumer Staples (0.2%):
WH Group Ltd.		199,819		125,315
				125,315
Financials (0.5%):
AIA Group Ltd.		13,602		137,114
Hang Seng Bank, Ltd.		16,529		302,500
				439,614
Health Care (0.2%):
Sino Biopharmaceutical Ltd.		183,202		128,286
				128,286
Industrials (0.4%):
CK Hutchison Holdings Ltd.		32,120		207,204
SITC International Holdings Co., Ltd.		31,446		113,729
				320,933
Real Estate (0.9%):
CK Asset Holdings Ltd.		30,927		194,947
Henderson Land Development Co. Ltd.		47,617		202,748
New World Development Co. Ltd.		44,615		176,519
Sun Hung Kai Properties Ltd.		16,380		198,729
				772,943
Utilities (1.7%):
CK Infrastructure Holdings Ltd.		46,802		298,016
CLP Holdings, Inc.		43,510		439,435
Hong Kong & China Gas Co. Ltd.		206,103		320,892
Power Assets Holdings Ltd.		52,754		328,812
				1,387,155
				3,376,353

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Ireland (1.1%):
Consumer Staples (0.3%):
Kerry Group PLC		1,948		251,143
				251,143
Industrials (0.2%):
Kingspan Group PLC		1,645		196,629
				196,629
Materials (0.6%):
CRH PLC		4,527		239,741
Smurfit Kappa Group PLC		4,143		228,461
				468,202
				915,974
Israel (0.6%):
Financials (0.4%):
Bank Leumi		30,688		330,483
				330,483
Information Technology (0.2%):
Nice Ltd. (a)		684		209,576
				209,576
				540,059
Italy (3.6%):
Consumer Discretionary (0.2%):
Moncler SpA		2,819		205,449
				205,449
Energy (0.4%):
Snam SpA		56,477		340,753
				340,753
Financials (1.1%):
Assicurazioni Generali SpA		13,500		286,312
Intesa Sanpaolo SpA		81,031		209,766
Poste Italiane SpA		16,262		213,635
UniCredit SpA		11,377		175,415
				885,128

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Italy (3.6%): (continued)
Health Care (0.7%):
Amplifon SpA		3,328		179,768
DiaSorin SpA		801		152,690
Recordati Industria Chimica e Farmaceutica SpA		4,393		282,555
				615,013
Industrials (0.3%):
Atlantia SpA (a)		10,473		208,106
				208,106
Information Technology (0.2%):
Nexi SpA (a)		9,432		150,215
				150,215
Utilities (0.7%):
Enel SpA		29,339		235,332
Terna SpA		38,181		309,210
				544,542
				2,949,206
Japan (19.1%):
Communication Services (1.3%):
KDDI Corp.		6,900		201,703
Nexon Co. Ltd.		8,200		158,567
Nippon Telegraph & Telephone Corp.		9,200		251,978
Softbank Corp.		23,800		300,992
Z Holdings Corp.		23,300		135,209
				1,048,449
Consumer Discretionary (2.1%):
Bridgestone Corp.		4,500		193,640
Denso Corp.		2,400		198,849
Fast Retailing Co. Ltd.		300		170,359
Nitori Co. Ltd.		1,100		164,747
Pan Pacific International Holdings Corp.		8,000		110,390
Panasonic Corp.		15,200		167,185

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (19.1%): (continued)
Consumer Discretionary (2.1%): (continued)
Sekisui House, Ltd.		10,500		225,411
Shimano ORD		700		186,610
Suzuki Motor Co.		3,800		146,337
Toyota Industries Corp.		2,300		183,784
				1,747,312
Consumer Staples (1.0%):
Ajinomoto Co., Inc.		7,100		215,883
KAO Corp.		4,100		214,572
Seven & i Holdings Co., Ltd.		4,400		193,430
Unicharm Corp.		4,700		204,289
				828,174
Energy (0.2%):
ENEOS Holdings, Inc.		54,700		204,655
				204,655
Financials (2.7%):
Dai-ichi Life Holdings, Inc.		7,800		157,716
Japan Exchange Group, Inc.		6,400		140,120
Japan Post Bank Co. Ltd.		26,700		244,922
Japan Post Holdings Co. Ltd.		26,400		205,856
MS&AD Insurance Group Holdings, Inc.		7,300		225,265
Nomura Holdings, Inc.		34,000		148,316
ORIX Corp.		11,100		226,565
Sompo Holdings, Inc.		5,300		223,917
Sumitomo Mitsui Financial Group, Inc.		6,500		222,846
Sumitomo Mitsui Trust Holdings, Inc.		6,500		217,194
Tokio Marine Holdings, Inc.		4,000		222,311
				2,235,028
Health Care (2.4%):
Astellas Pharma, Inc.		11,500		187,034
Chugai Pharmaceutical Co. Ltd.		5,500		178,615

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (19.1%): (continued)
Health Care (2.4%): (continued)
Daiichi Sankyo Co. Ltd.		6,200		157,682
Eisai Co. Ltd.		1,600		90,858
Hoya Corp.		1,200		178,523
Kyowa Kirin Co. Ltd.		5,500		149,922
M3, Inc.		2,100		105,776
Olympus Corp.		7,400		170,475
Ono Pharmaceutical Co. Ltd.		9,400		233,427
Shionogi & Co. Ltd.		2,900		204,873
Sysmex Corp.		1,200		162,247
Terumo Corp.		4,200		177,480
				1,996,912
Industrials (3.5%):
Daikin Industries Ltd.		700		158,795
Fanuc Corp.		800		169,585
ITOCHU Corp.		8,000		244,709
Komatsu Ltd.		7,500		175,648
Kubota Corp.		8,500		188,721
Makita Corp.		3,500		148,600
Marubeni Corp.		19,700		191,759
Mitsubishi Corp.		7,300		231,802
Mitsubishi Electric Corp.		15,200		192,759
Nidec Corp.		1,500		176,333
Nippon Yusen KK		1,400		106,634
Secom Co. Ltd.		3,500		243,031
SG Holdings Co. Ltd.		6,800		159,224
SMC Corp.		300		202,391
Toshiba Corp.		2,900		119,268
Toyota Tsusho Corp.		3,700		170,507
				2,879,766

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (19.1%): (continued)
Information Technology (4.2%):
Advantest Corp.		1,600		151,639
Canon, Inc.		7,200		175,352
Fujifilm Holdings Corp.		2,700		200,158
Fujitsu, Ltd.		1,000		171,550
Hitachi, Ltd.		2,900		157,091
Keyence Corp.		300		188,540
Kyocera Corp.		3,500		218,716
Lasertec Corp.		500		153,421
Murata Manufacturing Co. Ltd.		2,200		175,162
NEC Corp.		2,800		129,276
Nomura Research Institute Ltd.		4,700		201,674
NTT Data Corp.		9,900		212,272
OBIC Co. Ltd.		900		169,029
Omron Corp.		2,000		199,287
Renesas Electronics Corp. (a)		10,900		134,864
Shimadzu Corp.		4,400		185,740
TDK Corp.		5,500		214,721
Tokyo Electron Ltd.		400		230,519
Yaskawa Electric Corp.		3,400		166,733
				3,435,744
Materials (0.9%):
Asahi Kasei Corp.		18,200		171,065
Mitsubishi Chemical Holdings Corp.		21,500		159,273
Nippon Paint Holdings Co. Ltd.		11,100		121,028
Nippon Steel Corp.		6,800		111,067
Shin-Etsu Chemical Co. Ltd.		1,100		190,522
				752,955
Real Estate (0.8%):
Daiwa House Industry Co. Ltd.		6,200		178,329
Mitsubishi Estate Co. Ltd.		15,200		210,733

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (19.1%): (continued)
Real Estate (0.8%): (continued)
Mitsui Fudosan Co. Ltd.		8,200		162,453
Sumitomo Realty & Development Co., Ltd.		4,700		138,249
				689,764
				15,818,759
Korea, Republic Of (4.6%):
Communication Services (0.5%):
Kakao Corp.		1,276		120,772
Naver Corp.		441		140,433
SK Telecom Co. Ltd.		3,560		173,418
				434,623
Consumer Discretionary (0.7%):
Hyundai Mobis		693		148,384
Hyundai Motor Co.		938		164,935
Kia Corp.		1,642		113,556
LG Electronics, Inc.		1,071		124,346
				551,221
Consumer Staples (0.3%):
Amorepacific Corp.		984		138,253
LG Household & Health Care Ltd.		161		148,593
				286,846
Financials (0.6%):
KB Financial Group, Inc.		3,537		163,667
Samsung Life Insurance Co., Ltd.		3,072		165,670
Shinhan Financial Group Co. Ltd.		5,886		182,235
				511,572
Health Care (0.5%):
Celltrion Healthcare Co., Ltd.		1,587		107,090
Celltrion, Inc.		635		105,857
Samsung Biologics Co., Ltd. (a)		221		167,897
				380,844

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Korea, Republic Of (4.6%): (continued)
Industrials (0.6%):
HMM Co., Ltd. (a)		3,473		78,600
LG Corp.		1,680		114,346
Samsung C&T Corp.		1,532		153,380
SK, Inc.		619		130,716
				477,042
Information Technology (0.9%):
Samsung Electro-Mechanics Co., Ltd.		1,092		181,449
Samsung Electronics Co. Ltd.		3,629		239,063
Samsung SDI Co. Ltd.		249		137,216
SK Hynix, Inc.		1,651		181,963
				739,691
Materials (0.3%):
LG Chem Ltd.		195		100,896
POSCO		509		117,551
				218,447
Utilities (0.2%):
Korea Electric Power Corp.		9,690		180,169
				180,169
				3,780,455
Luxembourg (0.8%):
Energy (0.2%):
Tenaris SA		12,297		128,929
				128,929
Health Care (0.2%):
Eurofins Scientific SE		1,608		199,163
				199,163
Materials (0.2%):
ArcelorMittal SA		4,242		135,914
				135,914

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Luxembourg (0.8%): (continued)
Real Estate (0.2%):
Aroundtown SA		29,435		178,266
				178,266
				642,272
Netherlands (3.0%):
Consumer Discretionary (0.1%):
Prosus N.V.		1,602		134,097
				134,097
Financials (1.0%):
ABN AMRO Group N.V.		11,452		168,385
Euronext N.V.		2,018		209,627
ING Groep NV		11,969		166,803
NN Group NV		4,712		255,385
				800,200
Industrials (0.7%):
Randstad N.V.		3,175		217,009
Wolters Kluwer N.V.		2,941		346,855
				563,864
Information Technology (0.5%):
Adyen N.V. (a)		49		128,938
ASM International NV		358		158,413
ASML Holding N.V.		210		168,946
				456,297
Materials (0.7%):
AKZO Nobel N.V		2,417		265,520
Koninklijke DSM N.V.		1,376		310,153
				575,673
				2,530,131

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021

SECURITY DESCRIPTION

SHARES

VALUE ($)

New Zealand (0.2%):

Health Care (0.2%):

Fisher & Paykel Healthcare Corp., Ltd.

7,492

168,052

168,052

Norway (1.4%):

Communication Services (0.3%):

Telenor ASA

16,385

257,979

257,979

Consumer Staples (0.2%):

Mowi ASA

7,558

179,186

179,186

Financials (0.5%):

DNB Bank ASA

8,256

189,450

Gjensidige Forsikring ASA

9,992

242,907

432,357

Materials (0.4%):

Norsk Hydro ASA

16,895

133,427

Yara International ASA

3,988

201,599

335,026

1,204,548

Portugal (0.6%):

Consumer Staples (0.3%):

Jeronimo Martins & Filho SA

11,258

257,603

257,603

Utilities (0.3%):

EDP - Energias de Portugal SA

37,231

204,797

204,797

462,400

Russian Federation (0.2%):

Materials (0.2%):

Evraz PLC

17,572

143,062

143,062

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021

SECURITY DESCRIPTION

SHARES

VALUE ($)

Singapore (1.8%):

Communication Services (0.3%):

Singapore Telecommunications, Ltd.

154,500

266,043

266,043

Consumer Staples (0.3%):

Wilmar International Ltd.

78,800

242,138

242,138

Financials (1.2%):

DBS Group Holdings Ltd.

12,800

310,286

Oversea-Chinese Banking Corp. Ltd.

34,800

294,455

United Overseas Bank

17,900

357,389

962,130

1,470,311

Spain (1.4%):

Consumer Discretionary (0.2%):

Industria de Diseno Textil SA

5,547

180,158

180,158

Energy (0.2%):

Repsol SA

12,572

149,359

149,359

Financials (0.2%):

Caixabank SA

53,513

147,058

147,058

Health Care (0.2%):

Grifols SA

7,672

147,382

147,382

Utilities (0.6%):

Endesa SA

9,981

229,519

Iberdrola SA

22,892

271,286

500,805

1,124,762

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Sweden (5.9%):
Consumer Staples (0.4%):
Essity Aktiebolag, Class B		9,403		307,500
				307,500
Financials (1.9%):
EQT AB		2,816		153,691
Industrivarden AB, Class C		7,184		225,946
Investor AB, Class B		11,100		279,866
L E Lundbergforetagen AB, Class B		4,314		242,612
Skandinavisk Enskilda Banken AB		15,717		218,973
Svenska Handelsbanken AB		21,202		229,694
Swedbank AB, Class A Shares		10,769		217,097
				1,567,879
Industrials (2.5%):
ALFA Laval AB		5,211		210,217
ASSA Abloy AB		7,541		230,579
Atlas Copco AB, Class A Shares		3,251		225,227
Epiroc AB, Class A		8,772		222,577
Indutrade AB		6,581		201,954
Lifco AB, Class B		6,504		194,911
Nibe Industrier AB, Class B		12,464		188,692
Sandvik AB		7,364		205,928
Skanska AB		8,641		224,037
Volvo AB		7,972		185,025
				2,089,147
Information Technology (0.5%):
Hexagon AB, Class B		13,253		210,760
Sinch AB (a)		5,246		66,845
Telefonaktiebolaget LM Ericsson, Class B		16,327		180,369
				457,974
Materials (0.3%):
Svenska Cellulosa AB SCA, Class B		12,447		221,505
				221,505

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Sweden (5.9%): (continued)
Real Estate (0.3%):
Fastighets AB Balder, Class B Shares (a)		3,142		226,719
				226,719
				4,870,724
Switzerland (8.0%):
Communication Services (0.4%):
Swisscom AG		586		331,052
				331,052
Consumer Discretionary (0.6%):
CIE Financiere Richemont SA		1,677		252,130
The Swatch Group AG		752		230,330
				482,460
Consumer Staples (0.8%):
Barry Callebaut AG		134		325,990
Chocoladefabriken Lindt & Spruengli AG		23		318,904
				644,894
Financials (1.2%):
Julius Baer Group Ltd.		3,129		210,157
Partners Group Holding AG		137		227,481
Swiss Life Holding AG		511		313,590
Swiss Re AG		2,888		286,169
				1,037,397
Health Care (0.7%):
Alcon, Inc.		2,643		234,269
Sonova Holding AG		466		183,044
Straumann Holding AG		97		206,268
				623,581
Industrials (2.0%):
ABB Ltd.		7,282		279,001
Geberit AG		388		317,420
Kuehne & Nagel International AG		656		212,017

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Switzerland (8.0%): (continued)
Industrials (2.0%): (continued)
Schindler Holding AG		942		253,882
SGS SA		121		404,750
VAT Group AG		416		207,520
				1,674,590
Information Technology (0.6%):
Logitech International SA, Class R		1,653		139,513
STMicroelectronics N.V.		4,113		203,068
Temenos AG		1,063		147,098
				489,679
Materials (1.7%):
EMS-Chemie Holding AG		285		319,448
Givaudan SA		64		336,687
Glencore PLC		27,975		141,951
Holcim, Ltd.		4,963		253,408
Sika AG		778		324,729

				1,376,223
				6,659,876
United Kingdom (7.1%):
Communication Services (0.2%):
BT Group PLC		82,519		189,343
				189,343
Consumer Discretionary (0.7%):
JD Sports Fashion PLC (a)		52,940		156,041
Next PLC		1,937		213,641
Persimmon PLC		5,164		199,591
				569,273
Consumer Staples (0.2%):
Associated British Foods PLC		7,638		207,558
				207,558

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
United Kingdom (7.1%): (continued)
Financials (1.9%):
3I Group PLC		12,141		238,078
Admiral Group PLC		5,371		229,470
Legal & General Group PLC		45,683		183,924
Lloyds Banking Group PLC		258,179		167,011
London Stock Exchange Group		1,540		144,428
Schroders PLC		4,597		221,473
St James’s Place PLC		10,409		237,148
Standard Chartered PLC		26,873		163,072
				1,584,604
Health Care (0.3%):
Smith & Nephew PLC		12,745		223,102
				223,102
Industrials (2.0%):
Ashtead Group PLC		2,596		208,754
Bunzl PLC		7,551		294,813
Ferguson PLC		1,770		313,911
Intertek Group PLC		3,202		243,964
Rentokil Initial PLC		29,890		236,230
Rolls-Royce Holdings PLC (a)		53,707		89,312
Spirax-Sarco Engineering PLC		1,177		255,652
				1,642,636
Information Technology (0.5%):
AVEVA Group PLC		3,863		177,955
Halma PLC		6,361		275,469
				453,424
Materials (1.0%):
Anglo American PLC		3,097		126,406
Croda International PLC		2,245		307,463
Mondi PLC		8,497		209,973
Rio Tinto PLC		2,196		145,384
				789,226

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		December 31, 2021

SECURITY DESCRIPTION

SHARES

VALUE ($)

United Kingdom (7.1%): (continued)

Utilities (0.3%):

SSE PLC

10,509

234,519

234,519

5,893,685

United States (0.5%):

Industrials (0.5%):

Waste Connections, Inc.

2,882

392,834

392,834

Total Common Stocks (Cost $72,563,139)

82,414,875

Total Investments (Cost $72,563,139) — 99.5%(b)

82,414,875

Other assets in excess of liabilities — 0.5%

411,861

NET ASSETS - 100.00%

82,826,736

Percentages indicated are based on net assets as of December 31, 2021.

(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 and Unrealized Appreciation/ (Depreciation)
Mini MSCI EAFE Index March Future (U.S. Dollar)		3/18/22		2	$	232,180	$	3,672

							$	3,672

See notes to financial statements.


		Schedule of Portfolio Investments

Timothy Plan US Large/Mid Cap Core Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.8%)
Communication Services (0.7%):
Cable One, Inc.		109		192,216
News Corp., Class A		7,776		173,483
ZoomInfo Technologies, Inc.(a)		1,650		105,930

				471,629
Communications (0.3%):
Teledyne Technologies, Inc.(a)		525		229,367

				229,367
Consumer Discretionary (9.7%):
Aptiv PLC(a)		950		156,703
AutoZone, Inc.(a)		143		299,784
Bath & Body Works, Inc.		1,879		131,135
Booking Holdings, Inc.(a)		67		160,748
Burlington Stores, Inc.(a)		545		158,873
CarMax, Inc.(a)		1,118		145,597
Chewy, Inc., Class A(a)		1,705		100,544
Chipotle Mexican Grill, Inc.(a)		105		183,566
Deckers Outdoor Corp.(a)		414		151,652
Dick’s Sporting Goods, Inc.		1,054		121,199
Dollar General Corp.		1,195		281,817
Dollar Tree, Inc.(a)		1,587		223,005
Domino’s Pizza, Inc.		420		237,019
DR Horton, Inc.		1,875		203,344
Five Below, Inc.(a)		754		155,995
Floor & Decor Holdings, Inc., Class A(a)		1,167		151,722
Garmin Ltd.		1,656		225,498
Genuine Parts Co.		1,849		259,230
Lennar Corp.		1,483		172,265
LKQ Corp.		4,041		242,581
Lowe’s Cos., Inc.		983		254,086
Mohawk Industries, Inc.(a)		896		163,233

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (9.7%): (continued)
Newell Brands, Inc.		8,045		175,703
NVR, Inc.(a)		42		248,173
O’Reilly Automotive, Inc.(a)		432		305,091
Pool Corp.		479		271,114
Pultegroup, Inc.		3,195		182,626
RH(a)		187		100,221
Ross Stores, Inc.		1,661		189,819
Service Corp. International		3,582		254,286
Tapestry, Inc.		3,698		150,139
Tesla, Inc.(a)		133		140,552
Tractor Supply Co.		1,037		247,428
Vail Resorts, Inc.		521		170,836
Wayfair, Inc., Class A(a)		399		75,798

				6,691,382
Consumer Staples (4.2%):
Bunge, Ltd.		2,204		205,765
Campbell Soup Co.		5,420		235,553
Conagra Brands, Inc.		7,901		269,819
Costco Wholesale Corp.		687		390,010
Darling Ingredients, Inc.(a)		1,673		115,922
Hormel Foods Corp.		5,982		291,981
McCormick & Co., Inc.		4,178		403,637
Monster Beverage Corp.(a)		2,902		278,708
Sysco Corp.		2,539		199,439
The JM Smucker Co.		2,034		276,258
Tyson Foods, Inc., Class A		3,138		273,508

				2,940,600
Energy (2.1%):
ConocoPhillips		1,920		138,586
Continental Resources, Inc.		1,711		76,584
Devon Energy Corp.		2,513		110,698

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Energy (2.1%): (continued)
EOG Resources, Inc.		1,256		111,570
Halliburton Co.		4,932		112,795
Kinder Morgan, Inc.		12,001		190,336
ONEOK, Inc.		2,704		158,887
Pioneer Natural Resources Co.		704		128,043
Schlumberger N.V.		3,937		117,913
Texas Pacific Land Corp.		86		107,403
The Williams Cos., Inc.		8,244		214,674

				1,467,489
Financials (10.5%):
Aflac, Inc.		4,993		291,541
American Financial Group, Inc.		1,090		149,679
Apollo Global Management, Inc.		2,781		201,428
Arch Capital Group Ltd.(a)		5,997		266,567
Ares Management Corp., Class A		2,509		203,906
Arthur J Gallagher & Co.		1,833		311,005
BlackRock, Inc.		272		249,032
Brown & Brown, Inc.		4,610		323,991
Cboe Global Markets, Inc.		1,506		196,382
Cincinnati Financial Corp.		1,797		204,732
CNA Financial Corp.		5,403		238,164
East West Bancorp, Inc.		1,964		154,528
Everest Re Group, Ltd.		842		230,641
FactSet Research Systems, Inc.		592		287,718
First Republic Bank		990		204,445
Franklin Resources, Inc.		5,019		168,086
Interactive Brokers Group, Inc.		2,671		212,131
Intercontinental Exchange, Inc.		2,504		342,472
Invesco Ltd.		5,617		129,303
LPL Financial Holdings, Inc.		1,034		165,533
Markel Corp.(a)		190		234,460

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (10.5%): (continued)
MarketAxess Holdings, Inc.		405		166,564
Morningstar, Inc.		787		269,146
MSCI, Inc.		351		215,054
Nasdaq, Inc.		1,470		308,715
Principal Financial Group, Inc.		2,698		195,146
Signature Bank		435		140,710
SVB Financial Group(a)		207		140,396
The Carlyle Group, Inc.		3,967		217,788
The Charles Schwab Corp.		2,285		192,169
Tradeweb Markets, Inc., Class A		2,762		276,587
UWM Holdings Corp.		15,422		91,298
WR Berkley Corp.		3,461		285,152

				7,264,469
Health Care (14.9%):
ABIOMED, Inc.(a)		477		171,324
Agilent Technologies, Inc.		1,751		279,547
Align Technology, Inc.(a)		213		139,979
Amgen, Inc.		1,238		278,513
Avantor, Inc.(a)		4,744		199,912
Baxter International, Inc.		3,705		318,037
BioMarin Pharmaceutical, Inc.(a)		2,599		229,622
Bio-Rad Laboratories, Inc., Class A(a)		297		224,404
Bruker Corp.		2,685		225,298
Cardinal Health, Inc.		3,857		198,597
Catalent, Inc.(a)		1,400		179,242
Centene Corp.(a)		2,969		244,646
Cerner Corp.		4,686		435,189
Charles River Laboratories International, Inc.(a)		499		188,013
Danaher Corp.		747		245,770
DaVita, Inc.(a)		1,839		209,205
DENTSPLY SIRONA, Inc.		3,269		182,377

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (14.9%): (continued)
Dexcom, Inc.(a)		287		154,105
Edwards Lifesciences Corp.(a)		2,274		294,597
HCA Healthcare, Inc.		775		199,113
Henry Schein, Inc.(a)		2,507		194,368
Horizon Therapeutics PLC(a)		1,162		125,217
Humana, Inc.		620		287,593
IDEXX Laboratories, Inc.(a)		317		208,732
Illumina, Inc.(a)		356		135,437
Incyte Corp.(a)		2,838		208,309
Intuitive Surgical, Inc.(a)		594		213,424
IQVIA Holdings, Inc.(a)		1,061		299,351
Leidos Holdings, Inc.		1,989		176,822
Masimo Corp.(a)		737		215,779
Mettler-Toledo International, Inc.(a)		161		273,251
Moderna, Inc.(a)		235		59,685
Molina Healthcare, Inc.(a)		679		215,976
PerkinElmer, Inc.		1,103		221,769
Regeneron Pharmaceuticals, Inc.(a)		401		253,239
Repligen Corp.(a)		483		127,918
ResMed, Inc.		793		206,561
Seagen, Inc.(a)		882		136,357
STERIS PLC		1,164		283,329
Stryker Corp.		1,037		277,315
Teleflex, Inc.		554		181,978
Veeva Systems, Inc., Class A(a)		554		141,536
Vertex Pharamaceuticals, Inc.(a)		1,177		258,469
Waters Corp.(a)		655		244,053
West Pharmaceutical Services, Inc.		583		273,433
Zimmer Biomet Holdings, Inc.		1,602		203,518
Zoetis, Inc.		1,302		317,727

				10,338,636

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (23.3%):
A O Smith Corp.		3,167		271,887
AGCO Corp.		1,149		133,307
Allegion PLC		1,774		234,949
AMERCO, Inc.		290		210,607
AMETEK, Inc.		2,256		331,722
Builders FirstSource, Inc.(a)		2,502		214,446
Carlisle Companies, Inc.		1,197		297,000
Carrier Global Corp.		3,807		206,492
Caterpillar, Inc.		1,065		220,178
CH Robinson Worldwide, Inc.		2,578		277,470
Cintas Corp.		561		248,618
Copart, Inc.(a)		1,541		233,646
Costar Group, Inc.(a)		2,244		177,343
CSX Corp.		7,443		279,857
Deere & Co.		530		181,732
Dover Corp.		1,669		303,090
Eaton Corp. PLC		1,684		291,029
Emerson Electric Co.		2,618		243,395
Equifax, Inc.		727		212,858
Expeditors International of Washington, Inc.		2,373		318,670
Fastenal Co.		5,017		321,389
Fortive Corp.		3,518		268,388
Fortune Brands Home & Security, Inc.		2,119		226,521
Generac Holdings, Inc.(a)		290		102,057
General Dynamics Corp.		1,493		311,246
Graco, Inc.		3,820		307,968
HEICO Corp.		1,505		217,051
Honeywell International, Inc.		1,260		262,723
Howmet Aerospace, Inc.		5,109		162,620
Hubbell, Inc.		1,302		271,168
IDEX Corp.		1,325		313,124

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (23.3%): (continued)
Illinois Tool Works, Inc.		1,483		366,004
Ingersoll Rand, Inc.		3,666		226,815
J.B. Hunt Transport Services, Inc.		1,268		259,179
Jacobs Engineering Group, Inc.		1,607		223,743
Johnson Controls International PLC		3,648		296,619
Lennox International, Inc.		736		238,729
Masco Corp.		4,365		306,510
Nordson Corp.		1,057		269,820
Norfolk Southern Corp.		915		272,405
Old Dominion Freight Line, Inc.		772		276,669
Otis Worldwide Corp.		3,103		270,178
PACCAR, Inc.		2,487		219,503
Parker Hannifin Corp.		720		229,046
Quanta Services, Inc.		1,517		173,939
Republic Services, Inc.		2,655		370,240
Robert Half International, Inc.		2,029		226,274
Rockwell Automation, Inc.		809		282,220
Rollins, Inc.		6,101		208,715
Roper Technologies, Inc.		645		317,250
Snap-on, Inc.		983		211,719
Toro Co.		2,653		265,061
Trane Technologies PLC		1,288		260,215
TransDigm Group, Inc.(a)		296		188,339
TransUnion		1,971		233,721
Trex Co., Inc.(a)		1,489		201,060
Union Pacific Corp.		1,183		298,033
United Rentals, Inc.(a)		429		142,552
Verisk Analytics, Inc.		1,101		251,832
Waste Management, Inc.		2,280		380,532
Watsco, Inc.		810		253,433
Westinghouse Air Brake Technologies Corp.		2,209		203,471

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (23.3%): (continued)
WW Grainger, Inc.		595		308,353
Xylem, Inc.		2,136		256,149

				16,140,879
Information Technology (15.7%):
Advanced Micro Devices, Inc.(a)		1,303		187,502
Akamai Technologies, Inc.(a)		1,960		229,399
Amphenol Corp., Class A		3,403		297,626
Analog Devices, Inc.		1,118		196,511
ANSYS, Inc.(a)		478		191,735
Arista Networks, Inc.(a)		2,358		338,963
Black Knight, Inc.(a)		3,270		271,050
Broadcom, Inc.		381		253,521
Broadridge Financial Solutions, Inc.		1,666		304,578
Cadence Design Systems, Inc.(a)		1,114		207,594
CDW Corp.		1,306		267,443
Citrix Systems, Inc.		1,765		166,951
Cognex Corp.		2,215		172,238
Cognizant Technology Solutions Corp., Class A		3,038		269,531
Dynatrace, Inc.(a)		1,721		103,862
Entegris, Inc.		1,097		152,022
EPAM Systems, Inc.(a)		328		219,252
F5, Inc.(a)		1,012		247,647
Fair Isaac Corp.(a)		431		186,912
Fidelity National Information Services, Inc.		1,791		195,488
Fiserv, Inc.(a)		2,244		232,905
FleetCor Technologies, Inc.(a)		822		183,997
Fortinet, Inc.(a)		569		204,499
Gartner, Inc.(a)		554		185,213
Jack Henry & Associates, Inc.		1,491		248,982
Keysight Technologies, Inc.(a)		1,492		308,113
KLA Corp.		375		161,291

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (15.7%): (continued)
Lam Research Corp.		214		153,898
Microchip Technology, Inc.		1,890		164,543
Monolithic Power Systems, Inc.		279		137,639
NetApp, Inc.		1,814		166,870
NVIDIA Corp.		639		187,936
NXP Semiconductors NV		703		160,129
ON Semiconductor Corp.(a)		2,662		180,803
Paychex, Inc.		2,412		329,238
Paycom Software, Inc.(a)		279		115,838
Paylocity Holding Corp.(a)		501		118,316
Pegasystems, Inc.		1,349		150,845
PTC, Inc.(a)		1,115		135,082
Qorvo, Inc.(a)		862		134,808
Seagate Technology Holdings PLC		1,623		183,367
ServiceNow, Inc.(a)		257		166,821
Skyworks Solutions, Inc.		860		133,420
SS&C Technologies Holdings, Inc.		3,594		294,636
Synopsys, Inc.(a)		599		220,732
TE Connectivity Ltd.		1,535		247,657
Teradyne, Inc.		1,098		179,556
The Trade Desk, Inc., Class A(a)		1,160		106,302
Trimble, Inc.(a)		2,284		199,142
Tyler Technologies, Inc.(a)		389		209,263
Ubiquiti, Inc.		380		116,546
VeriSign, Inc.(a)		1,326		336,565
Western Digital Corp.(a)		2,171		141,571
Zebra Technologies Corp.(a)		398		236,890

				10,893,238
Materials (7.9%):
Albemarle Corp.		554		129,509
Avery Dennison Corp.		1,107		239,743

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (7.9%): (continued)
Ball Corp.		2,628		252,997
Celanese Corp.		1,316		221,167
Cleveland-Cliffs, Inc.(a)		3,734		81,289
Corteva, Inc.		4,725		223,398
Crown Holdings, Inc.		2,038		225,444
Eastman Chemical Co.		1,851		223,804
Ecolab, Inc.		1,270		297,929
Enphase Energy, Inc.(a)		529		96,775
FMC Corp.		2,267		249,121
Freeport-McMoRan, Inc.		2,916		121,685
International Flavors & Fragrances, Inc.		1,312		197,653
International Paper Co.		4,214		197,974
LyondellBasell Industries NV, Class A		1,755		161,864
Martin Marietta Materials, Inc.		573		252,418
Newmont Corp.		3,713		230,280
Nucor Corp.		1,306		149,080
Packaging Corp. of America		1,927		262,361
PPG Industries, Inc.		1,476		254,521
RPM International, Inc.		3,436		347,036
Steel Dynamics, Inc.		2,233		138,602
The Mosaic Co.		3,094		121,563
The Sherwin-Williams Co.		1,005		353,921
Vulcan Materials Co.		1,251		259,683
Westlake Chemical Corp.		1,623		157,642
				5,447,459
Real Estate (0.3%):
CBRE Group, Inc., Class A(a)		2,113		229,282
				229,282
Utilities (10.2%):
Alliant Energy Corp.		5,244		322,349
Ameren Corp.		3,649		324,797

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (10.2%): (continued)
American Electric Power Co., Inc.		3,826		340,399
American Water Works Co., Inc.		1,472		278,002
Atmos Energy Corp.		3,140		328,978
Avangrid, Inc.		5,713		284,964
CenterPoint Energy, Inc.		9,254		258,279
CMS Energy Corp.		5,072		329,934
Consolidated Edison, Inc.		4,426		377,626
Dominion Energy, Inc.		4,209		330,659
DTE Energy Co.		2,717		324,790
Entergy Corp.		2,548		287,032
Essential Utilities, Inc.		5,668		304,315
Evergy, Inc.		4,742		325,349
Eversource Energy		3,071		279,400
FirstEnergy Corp.		7,407		308,057
NextEra Energy, Inc.		3,003		280,360
NRG Energy, Inc.		3,220		138,718
PPL Corp.		10,547		317,043
Public Service Enterprise Group, Inc.		4,816		321,372
The Southern Co.		5,559		381,236
WEC Energy Group, Inc.		3,160		306,741
Xcel Energy, Inc.		4,520		306,004

				7,056,404

Total Common Stocks (Cost $66,111,471)				69,170,834

Investment Company (0.1%)
BlackRock Liquidity Funds T-Fund, Institutional Class, 0.0%(b)		90,943		90,943

Total Investment Company (Cost $90,943)				90,943

Total Investments (Cost $66,202,414) — 99.9%(c)				69,261,777

Other assets in excess of liabilities — 0.1%				65,648

NET ASSETS - 100.00%				69,327,425

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		December 31, 2021

Percentages indicated are based on net assets as of December 31, 2021.

(a)	Non-income producing security.

(b)	Rate disclosed is the 7-Day effective yield on December 31, 2021.

(c)	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 and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini March Future (U.S. Dollar)		3/18/22		1	$	237,925		$ (1,867)

								$ (1,867)

See notes to financial statements.


		Schedule of Portfolio Investments

Timothy Plan High Dividend Stock Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.7%)
Consumer Discretionary (4.2%):
Dick’s Sporting Goods, Inc.		2,027		233,085
Garmin Ltd.		3,183		433,429
Genuine Parts Co.		3,540		496,308
Newell Brands, Inc.		15,437		337,144
Service Corp. International		6,866		487,417

				1,987,383
Consumer Staples (10.4%):
Bunge, Ltd.		4,233		395,193
Campbell Soup Co.		10,398		451,897
Conagra Brands, Inc.		15,158		517,646
Costco Wholesale Corp.		1,326		752,770
Hormel Foods Corp.		11,481		560,388
McCormick & Co., Inc.		8,014		774,233
Sysco Corp.		4,868		382,381
The JM Smucker Co.		3,914		531,599
Tyson Foods, Inc., Class A		6,021		524,790

				4,890,897
Energy (5.2%):
ConocoPhillips		3,678		265,478
Devon Energy Corp.		4,828		212,673
EOG Resources, Inc.		2,413		214,347
Kinder Morgan, Inc.		23,031		365,271
ONEOK, Inc.		5,184		304,612
Pioneer Natural Resources Co.		1,359		247,175
Schlumberger N.V.		7,559		226,392
Texas Pacific Land Corp.		171		213,557
The Williams Cos., Inc.		15,820		411,953

				2,461,458

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (11.1%):
Aflac, Inc.		9,586		559,727
American Financial Group, Inc.		2,097		287,960
Apollo Global Management, Inc.		5,326		385,762
Ares Management Corp., Class A		4,824		392,046
BlackRock, Inc.		524		479,753
Cincinnati Financial Corp.		3,459		394,084
CNA Financial Corp.		10,364		456,845
East West Bancorp, Inc.		3,775		297,017
Everest Re Group, Ltd.		1,612		441,559
Franklin Resources, Inc.		9,628		322,442
Invesco Ltd.		10,780		248,156
Principal Financial Group, Inc.		5,179		374,597
The Carlyle Group, Inc.		7,623		418,503
UWM Holdings Corp.		29,605		175,262

				5,233,713
Health Care (2.0%):
Amgen, Inc.		2,378		534,979
Cardinal Health, Inc.		7,391		380,562

				915,541
Industrials (24.3%):
A O Smith Corp.		6,085		522,397
AGCO Corp.		2,205		255,824
Caterpillar, Inc.		2,036		420,923
CH Robinson Worldwide, Inc.		4,940		531,692
Cintas Corp.		1,082		479,510
Eaton Corp. PLC		3,225		557,345
Emerson Electric Co.		5,034		468,011
Fastenal Co.		9,626		616,642
General Dynamics Corp.		2,869		598,100
Honeywell International, Inc.		2,416		503,760
Hubbell, Inc.		2,490		518,592

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (24.3%): (continued)
Illinois Tool Works, Inc.		2,839		700,665
Johnson Controls International PLC		7,000		569,170
Norfolk Southern Corp.		1,753		521,886
PACCAR, Inc.		4,765		420,559
Robert Half International, Inc.		3,888		433,590
Rockwell Automation, Inc.		1,545		538,973
Snap-on, Inc.		1,889		406,853
Union Pacific Corp.		2,273		572,637
Waste Management, Inc.		4,375		730,187
Watsco, Inc.		1,545		483,400
WW Grainger, Inc.		1,149		595,458

				11,446,174
Information Technology (7.6%):
Analog Devices, Inc.		2,139		375,972
Broadcom, Inc.		734		488,411
Broadridge Financial Solutions, Inc.		3,189		583,013
Cognex Corp.		4,263		331,491
NetApp, Inc.		3,471		319,297
Paychex, Inc.		4,624		631,176
Seagate Technology Holdings PLC		3,115		351,933
TE Connectivity Ltd.		2,942		474,662

				3,555,955
Materials (10.7%):
Celanese Corp.		2,522		423,847
Eastman Chemical Co.		3,564		430,923
FMC Corp.		4,345		477,472
International Flavors & Fragrances, Inc.		2,519		379,488
International Paper Co.		8,086		379,880
LyondellBasell Industries NV, Class A		3,364		310,262
Newmont Corp.		7,134		442,451
Nucor Corp.		2,514		286,973

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock Enhanced ETF		December 31, 2021


SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (10.7%): (continued)
Packaging Corp. of America		3,705		504,436
PPG Industries, Inc.		2,834		488,695
RPM International, Inc.		6,586		665,186
Steel Dynamics, Inc.		4,276		265,411

				5,055,024
Utilities (24.2%):
Alliant Energy Corp.		10,073		619,187
Ameren Corp.		7,001		623,159
American Electric Power Co., Inc.		7,347		653,663
Atmos Energy Corp.		6,022		630,925
Avangrid, Inc.		10,959		546,635
CMS Energy Corp.		9,732		633,067
Consolidated Edison, Inc.		8,500		725,220
Dominion Energy, Inc.		8,081		634,843
DTE Energy Co.		5,215		623,401
Entergy Corp.		4,896		551,535
Evergy, Inc.		9,100		624,351
Eversource Energy		5,885		535,417
FirstEnergy Corp.		14,212		591,077
NRG Energy, Inc.		6,189		266,622
PPL Corp.		20,234		608,234
Public Service Enterprise Group, Inc.		9,241		616,652
The Southern Co.		10,673		731,954
WEC Energy Group, Inc.		6,059		588,147
Xcel Energy, Inc.		8,678		587,501
				11,391,590
Total Common Stocks (Cost $44,917,273)				46,937,735

See notes to financial statements.


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock Enhanced ETF		December 31, 2021

SECURITY DESCRIPTION

SHARES

VALUE ($)

InvestmentCompany (0.1%)

BlackRock Liquidity Funds T-Fund, Institutional Class, 0.00%(a)

59,416

Total Investment Company (Cost $59,416)

59,416

Total Investments (Cost $44,976,689) — 99.8%(b)

46,997,151

Other assets in excess of liabilities — 0.2%

83,712

NET ASSETS - 100.00%

47,080,863

Percentages indicated are based on net assets as of December 31, 2021.

(a)	Rate disclosed is the 7-Day effective yield on December 31, 2021.

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

See notes to financial statements.



		Statements of Assets and Liabilities

Timothy Plan		December 31, 2021


		Timothy Plan US Small Cap Core ETF		Timothy Plan US Large/Mid Cap Core ETF
ASSETS:
Investments, at value (Cost $49,719,408 and $132,077,080)	$	56,629,234	$	167,481,902
Cash and cash equivalents		101,642		433,965
Deposits with broker for futures contracts		59,426		174,838
Interest and dividends receivable		25,872		122,679
Total Assets		56,816,174		168,213,384
LIABILITIES:
Variation margin payable on open futures contracts		205		1,679
Accrued expenses and other payables:
Investment advisory fees		24,384		71,240
Total Liabilities		24,589		72,919
Net Assets		56,791,585		168,140,465
NET ASSETS CONSIST OF:
Capital	$	53,724,110	$	140,328,601
Total distributable earnings/(loss)		3,067,475		27,811,864
Net Assets	$	56,791,585	$	168,140,465

Shares Outstanding (unlimited shares authorized, no par value):		1,600,000		4,350,000
Net asset value per share:		$35.49		$38.65

See notes to financial statements.



		Statements of Assets and Liabilities

Timothy Plan		December 31, 2021


	Timothy Plan High Dividend Stock ETF	Timothy Plan International ETF
ASSETS:
Investments, at value (Cost $111,737,457 and $72,563,139)	$130,829,547	$82,414,875
Foreign currency, at value (Cost $— and $10,902)	—	10,944
Cash and cash equivalents	472,709	184,138
Deposits with broker for futures contracts	132,718	96,456
Interest and dividends receivable	203,972	94,292
Reclaims receivable	—	68,854
Total Assets	131,638,946	82,869,559
LIABILITIES:
Variation margin payable on open futures contracts	1,679	130
Accrued expenses and other payables:
Investment advisory fees	54,875	42,693
Total Liabilities	56,554	42,823
Net Assets	131,582,392	82,826,736
NET ASSETS CONSIST OF:
Capital	$121,050,232	$73,989,493
Total distributable earnings/(loss)	10,532,160	8,837,243
Net Assets	$131,582,392	$82,826,736

Shares Outstanding (unlimited shares authorized, no par value):	4,050,000	2,850,000
Net asset value per share:	$32.49	$29.06

See notes to financial statements.



		Statements of Assets and Liabilities

Timothy Plan		December 31, 2021


		Timothy Plan US Large/Mid Cap Core Enhanced ETF		Timothy Plan High Dividend Stock Enhanced ETF
ASSETS:
Investments, at value (Cost $66,202,414 and $44,976,689)	$	69,261,777	$	46,997,151
Deposits with broker for futures contracts		44,946		29,476
Interest and dividends receivable		50,965		74,170
Total Assets		69,357,688		47,100,797
LIABILITIES:
Variation margin payable on open futures contracts		688		—
Accrued expenses and other payables:
Investment advisory fees		29,575		19,934
Total Liabilities		30,263		19,934
Net Assets		69,327,425		47,080,863
NET ASSETS CONSIST OF:
Capital	$	66,304,783	$	45,062,005
Total distributable earnings/(loss)		3,022,642		2,018,858
Net Assets	$	69,327,425	$	47,080,863

Shares Outstanding (unlimited shares authorized, no par value):		2,550,000		1,750,000
Net asset value per share:		$27.19		$26.90

See notes to financial statements.



		Statements of Operations

Timothy Plan		For the Year Ended December 31, 2021


	Timothy Plan US Small Cap Core ETF	Timothy Plan US Large/Mid Cap Core ETF
Investment Income:
Dividend income	$851,638	$2,184,242
Interest income	11	28
Foreign tax withholding	(481)	(484)
Total Income	851,168	2,183,786
Expenses:
Investment advisory fees	257,617	939,536
Total Expenses	257,617	939,536
Net Investment Income (Loss)	593,551	1,244,250
Realized/Unrealized Gains (Losses) from Investment Transactions:
Net realized gains (losses) from investment transactions	(642,849)	(1,512,933)
Net realized gains (losses) from in-kind transactions	9,791,621	35,112,744
Net realized gains (losses) from futures transactions	18,241	135,980
Net change in unrealized appreciation/depreciation on investments	1,537,709	7,143,659
Net change in unrealized appreciation/depreciation on futures transactions	(4,878)	2,003
Net realized/unrealized gains on investments	10,699,844	40,881,453
Change in net assets resulting from operations	$11,293,395	$42,125,703

See notes to financial statements.



		Statements of Operations

Timothy Plan		For the Year Ended December 31, 2021


	Timothy Plan High Dividend Stock ETF	Timothy Plan International ETF
Investment Income:
Dividend income	$3,491,101	$2,387,829
Interest income	26	135
Foreign tax withholding	—	(318,676)
Total Income	3,491,127	2,069,288
Expenses:
Investment advisory fees	701,612	500,382
Total Expenses	701,612	500,382
Net Investment Income (Loss)	2,789,515	1,568,906
Realized/Unrealized Gains (Losses) from Investment Transactions and Foreign Currency Translations:
Net realized gains (losses) from investment transactions and foreign currency translations	(1,291,041)	1,309,003
Net realized gains (losses) from in-kind transactions	23,803,295	2,934,519
Net realized gains (losses) from futures transactions	145,950	11,486
Net change in unrealized appreciation/depreciation on investments and foreign currency translations	8,214,506	1,607,387
Net change in unrealized appreciation/depreciation on futures transactions	41	1,080
Net realized/unrealized gains on investments and foreign currency translations	30,872,751	5,863,475
Change in net assets resulting from operations	$33,662,266	$7,432,381

See notes to financial statements.



		Statements of Operations

Timothy Plan		For the Period Ended December 31, 2021^(a)


	Timothy Plan US Large/Mid Cap Core Enhanced ETF	Timothy Plan High Dividend Stock Enhanced ETF
Investment Income:
Dividend income	$231,558	$326,784
Foreign tax withholding	(76)	—
Total Income	231,482	326,784
Expenses:
Investment advisory fees	78,360	55,716
Total Expenses	78,360	55,716
Net Investment Income (Loss)	153,122	271,068
Realized/Unrealized Gains (Losses) from Investment Transactions:
Net realized gains (losses) from investment transactions	(39,259)	35,495
Net realized gains (losses) from in-kind transactions	74,367	—
Net realized gains (losses) from futures transactions	4,446	1,976
Net change in unrealized appreciation/depreciation on investments	3,059,363	2,020,462
Net change in unrealized appreciation/depreciation on futures transactions	(1,867)	—
Net realized/unrealized gains on investments	3,097,050	2,057,933
Change in net assets resulting from operations	$3,250,172	$2,329,001

(a)	For the period from the commencement of operations on July 29, 2021 through December 31, 2021.

See notes to financial statements.




Timothy Plan		Statements of Changes in Net Assets


	Timothy Plan US Small Cap Core ETF						Timothy Plan US Large/Mid Cap Core ETF
	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020

From Investment Activities:
Operations:
Net investment income (loss)		$593,551			$357,208			$1,244,250			$1,273,028
Net realized gains (losses) from investment transactions		9,167,013			(59,835)			33,735,791			474,459
Net change in unrealized appreciation/depreciation on investments		1,532,831			5,027,559			7,145,662			20,518,487
Change in net assets resulting from operations		11,293,395			5,324,932			42,125,703			22,265,974
Distributions to Shareholders:
Distributions		(612,920	)		(354,462	)		(1,212,586	)		(1,388,658	)
Change in net assets resulting from distributions to shareholders		(612,920)			(354,462)			(1,212,586)			(1,388,658)
Change in net assets resulting from capital transactions		14,242,606			16,676,227			(36,676,713)			8,231,732
Change in net assets		24,923,081			21,646,697			4,236,404			29,109,048
Net Assets:
Beginning of period		31,868,504			10,221,807			163,904,061			134,795,013
End of period		$56,791,585			$31,868,504			$168,140,465			$163,904,061
Capital Transactions:
Proceeds from shares issued		$44,341,921			$30,742,714			$78,358,551			$55,703,050
Cost of shares redeemed		(30,099,315)			(14,066,487)			(115,035,264)			(47,471,318)
Change in net assets resulting from capital transactions		$14,242,606			$16,676,227			$(36,676,713)			$8,231,732

Share Transactions:
Issued		1,350,000			1,350,000			2,250,000			2,250,000
Redeemed		(900,000)			(600,000)			(3,200,000)			(1,900,000)
Change in Shares		450,000			750,000			(950,000)			350,000

See notes to financial statements.




Timothy Plan		Statements of Changes in Net Assets


	Timothy Plan High Dividend Stock ETF				Timothy Plan International ETF
	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Year Ended December 31, 2021		For the Year Ended December 31, 2020

From Investment Activities:
Operations:
Net investment income (loss)		$2,789,515		$2,589,609		$1,568,906		$792,655
Net realized gains (losses) from investment transactions		22,658,204		(5,419,293)		4,255,008		(1,932,334)
Net change in unrealized appreciation/depreciation on investments		8,214,547		4,737,334		1,608,467		7,577,195
Change in net assets resulting from operations		33,662,266		1,907,650		7,432,381		6,437,516
Distributions to Shareholders:
Distributions		(2,718,477)		(2,852,134)		(1,960,152)		(838,738)
Change in net assets resulting from distributions to shareholders		(2,718,477)		(2,852,134)		(1,960,152)		(838,738)
Change in net assets resulting from capital transactions		(22,272,015)		29,723,058		5,854,096		42,883,359
Change in net assets		8,671,774		28,778,574		11,326,325		48,482,137
Net Assets:
Beginning of period		122,910,618		94,132,044		71,500,411		23,018,274
End of period		$131,582,392		$122,910,618		$82,826,736		$71,500,411
Capital Transactions:
Proceeds from shares issued		$78,541,688		$43,758,265		$17,679,875		$42,883,359
Cost of shares redeemed		(100,813,703)		(14,035,207)		(11,825,779)		—
Change in net assets resulting from capital transactions		$(22,272,015)		$29,723,058		$5,854,096		$42,883,359

Share Transactions:
Issued		2,650,000		1,900,000		600,000		1,750,000
Redeemed		(3,350,000)		(650,000)		(400,000)		—
Change in Shares		(700,000)		1,250,000		200,000		1,750,000

See notes to financial statements.




Timothy Plan		Statements of Changes in Net Assets


	Timothy Plan US Large/Mid Cap Core Enhanced ETF		Timothy Plan High Dividend Stock Enhanced ETF
	For the Period July 29, 2021^(a) through December 31, 2021		For the Period July 29, 2021^(a) through December 31, 2021

From Investment Activities:
Operations:
Net investment income (loss)		$153,122		$271,068
Net realized gains (losses) from investment transactions		39,554		37,471
Net change in unrealized appreciation/depreciation on investments		3,057,496		2,020,462
Change in net assets resulting from operations		3,250,172		2,329,001
Distributions to Shareholders:
Distributions		(155,733)		(314,041)
Change in net assets resulting from distributions to shareholders		(155,733)		(314,041)
Change in net assets resulting from capital transactions		66,232,986		45,065,903
Change in net assets		69,327,425		47,080,863
Net Assets:
Beginning of period		—		—
End of period		$69,327,425		$47,080,863
Capital Transactions:
Proceeds from shares issued		$67,531,288		$45,065,903
Cost of shares redeemed		(1,298,302)		—
Change in net assets resulting from capital transactions		$66,232,986		$45,065,903

Share Transactions:
Issued		2,600,000		1,750,000
Redeemed		(50,000)		—
Change in Shares		2,550,000		1,750,000

(a)	Commencement of operations.

See notes to financial statements.



Timothy Plan		Financial Highlights
For a Share Outstanding Throughout Each Period


	Timothy Plan US Small Cap Core ETF

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period December 3, 2019^(a) to December 31, 2019

Net Asset Value, Beginning of Period		$27.71			$25.55			$24.73
Investment Activities:
Net Investment Income (Loss)^(b)		0.40			0.32			0.02
Net Realized and Unrealized Gains (Losses) on Investments		7.78			2.15			0.82
Total from Investment Activities		8.18			2.47			0.84
Distributions to Shareholders:
Net Investment Income		(0.40)			(0.31)			(0.02)
Total Distributions		(0.40)			(0.31)			(0.02)
Net Asset Value, End of Period		$35.49			$27.71			$25.55
Total Return (excludes sales charge)^(c)		29.62	%		9.99	%		3.39	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(d)		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(d)		1.20	%		1.45	%		0.89	%
Net Assets, End of Period (000’s)		$56,792			$31,869			$10,222
Portfolio Turnover^(c)		57	%		78	%		—

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

(a)	Commencement of operations.

(b)	Per share net investment income (loss) has been calculated using the average daily shares method.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

See notes to financial statements.



Timothy Plan		Financial Highlights
For a Share Outstanding Throughout Each Period


	Timothy Plan US Large/Mid Cap Core ETF

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period May 1, 2019^(a) to December 31, 2019

Net Asset Value, Beginning of Period		$30.93			$27.23			$25.16
Investment Activities:
Net Investment Income (Loss)^(b)		0.24			0.23			0.21
Net Realized and Unrealized Gains (Losses) on Investments		7.72			3.72			2.04
Total from Investment Activities		7.96			3.95			2.25
Distributions to Shareholders:
Net Investment Income		(0.24)			(0.25)			(0.18)
Total Distributions		(0.24)			(0.25)			(0.18)
Net Asset Value, End of Period		$38.65			$30.93			$27.23
Total Return (excludes sales charge)^(c)		25.82	%		14.67	%		9.01	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(d)		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(d)		0.69	%		0.88	%		1.22	%
Net Assets, End of Period (000’s)		$168,140			$163,904			$134,795
Portfolio Turnover^(c)		27	%		45	%		17	%

(a)	Commencement of operations.

(b)	Per share net investment income (loss) has been calculated using the average daily shares method.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

See notes to financial statements.



Timothy Plan		Financial Highlights
For a Share Outstanding Throughout Each Period


	Timothy Plan High Dividend Stock ETF

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period May 1, 2019^(a) to December 31, 2019

Net Asset Value, Beginning of Period		$25.88			$26.89			$25.10
Investment Activities:
Net Investment Income (Loss)^(b)		0.61			0.57			0.48
Net Realized and Unrealized Gains (Losses) on Investments		6.60			(0.96)	^(c)		1.74
Total from Investment Activities		7.21			(0.39)			2.22
Distributions to Shareholders:
Net Investment Income		(0.60)			(0.62)			(0.43)
Total Distributions		(0.60)			(0.62)			(0.43)
Net Asset Value, End of Period		$32.49			$25.88			$26.89
Total Return (excludes sales charge)^(d)		28.10	%		(1.17	%)		9.00	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(e)		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(e)		2.07	%		2.45	%		2.81	%
Net Assets, End of Period (000’s)		$131,582			$122,911			$94,132
Portfolio Turnover^(d)		43	%		68	%		23	%

(a)	Commencement of operations.

(b)	Per share net investment income (loss) has been calculated using the average daily shares method.

(c)	Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

See notes to financial statements.



Timothy Plan		Financial Highlights
For a Share Outstanding Throughout Each Period


	Timothy Plan International ETF

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period December 3, 2019^(a) to December 31, 2019

Net Asset Value, Beginning of Period		$26.98			$25.58			$24.80
Investment Activities:
Net Investment Income (Loss)^(b)		0.56			0.47			0.04
Net Realized and Unrealized Gains (Losses) on Investments		2.21			1.40			0.77
Total from Investment Activities		2.77			1.87			0.81
Distributions to Shareholders:
Net Investment Income		(0.69)			(0.47)			(0.03)
Total Distributions		(0.69)			(0.47)			(0.03)
Net Asset Value, End of Period		$29.06			$26.98			$25.58
Total Return (excludes sales charge)^(c)		10.34	%		7.66	%		3.25	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(d)		0.62	%		0.62	%		0.62	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(d)		1.94	%		1.98	%		1.99	%
Net Assets, End of Period (000’s)		$82,827			$71,500			$23,018
Portfolio Turnover^(c)		42	%		63	%		12	%

(a)	Commencement of operations.

(b)	Per share net investment income (loss) has been calculated using the average daily shares method.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

See notes to financial statements.



Timothy Plan		Financial Highlights
For a Share Outstanding Throughout Each Period


	Timothy Plan US Large/Mid Cap Core Enhanced ETF			Timothy Plan High Dividend Stock Enhanced ETF

	For the period July 29, 2021^(a) to December 31, 2021			For the period July 29, 2021^(a) to December 31, 2021

Net Asset Value, Beginning of Period		$25.00			$25.00
Investment Activities:
Net Investment Income (Loss)^(b)		0.11			0.28
Net Realized and Unrealized Gains (Losses) on Investments		2.16			1.86
Total from Investment Activities		2.27			2.14
Distributions to Shareholders:
Net Investment Income		(0.08)			(0.24)
Total Distributions		(0.08)			(0.24)
Net Asset Value, End of Period		$27.19			$26.90
Total Return (excludes sales charge)^(c)		9.09	%		8.59	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(d)		0.51	%		0.51	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(d)		1.00	%		2.50	%
Net Assets, End of Period (000’s)		$69,327			$47,081
Portfolio Turnover^(c)		13	%		16	%

(a)	Commencement of operations.

(b)	Per share net investment income (loss) has been calculated using the average daily shares method.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

See notes to financial statements.


		Notes to Financial Statements

Timothy Plan		December 31, 2021

1. ORGANIZATION:

The Timothy Plan (the “Trust”) was organized pursuant to a trust agreement dated December 16, 1993 as a Delaware business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company and thus is determined to be an investment company for accounting purposes. The Trust follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust is comprised of multiple series funds, six of which are exchange-traded funds (“ETFs”), and are authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value. Each ETF is classified as diversified under the 1940 Act.

The accompanying financial statements are those of the Timothy Plan US Small Cap Core ETF (“US Small Cap Core ETF”), Timothy Plan US Large/Mid Cap Core ETF (“US Large/Mid Cap Core ETF”), Timothy Plan High Dividend Stock ETF (“High Dividend Stock ETF”), Timothy Plan International ETF (“International ETF”), Timothy Plan US Large/Mid Cap Core Enhanced ETF (“US Large/Mid Cap Core Enhanced ETF”), and Timothy Plan High Dividend Stock Enhanced ETF (“High Dividend Stock Enhanced ETF”) (individually, a “Fund” and collectively, the “Funds”). The Funds seek to provide investment results that track the performance of an underlying index, before fees and expenses. The underlying indices for the US Small Cap Core ETF, US Large/Mid Cap Core ETF, High Dividend Stock ETF, International ETF, US Large/Mid Cap Core Enhanced ETF, and High Dividend Stock Enhanced ETF are the Victory US Small Cap Volatility Weighted BRI Index, Victory US Large/Mid Cap Volatility Weighted BRI Index, Victory US Large Cap High Dividend Volatility Weighted BRI Index, Victory International Volatility Weighted BRI Index, Victory US Large/Mid Cap Long/Cash Volatility Wtd BRI Index, and Victory US Large Cap High Div Long/Cash Vol Wtd BRI Index (individually, an “Index” and collectively, the “Indices”), respectively. The remaining series funds are presented in separate annual reports.

Under the Trust’s organizational documents, its officers and Board of Trustees (the “Board”) are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

2. SIGNIFICANT ACCOUNTING POLICIES:

Shares of the Funds are listed and traded on the New York Stock Exchange (“NYSE” or the “Exchange”). The Funds’ shares are offered at net asset value (“NAV”) only in aggregations of 50,000 shares (each a “Creation Unit”). The Funds will issue and redeem Creation Units


		Notes to Financial Statements

Timothy Plan		December 31, 2021

principally in exchange for a basket of securities included in the respective Fund’s Index (the “Deposit Securities”), together with the deposit of a specified cash payment (the “Cash Component”), plus transaction fees (“Transaction Fees”) as further described below. Shares trade on the Exchange at market prices that may be below, at, or above NAV.

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

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

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

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


		Notes to Financial Statements

Timothy Plan		December 31, 2021

The Transaction Fees for each Fund are listed below:


	Fee for In-Kind and Cash Purchases and Redemptions		Maximum Additional Variable Charge for Cash Purchases and Redemptions*
US Small Cap Core ETF		$250	2.00%
US Large/Mid Cap Core ETF		$500	2.00%
High Dividend Stock ETF		$250	2.00%
International ETF		$4,500	2.00%
US Large/Mid Cap Core Enhanced ETF		$500	2.00%
High Dividend Stock Enhanced ETF		$250	2.00%

* As a percentage of the amount invested.

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

Investment Valuation:

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

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

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

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

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

100


		Notes to Financial Statements

Timothy Plan		December 31, 2021

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

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

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

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

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Trust’s Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value.

A summary of the valuations as of December 31, 2021, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed in the Schedules of Portfolio Investments:

US Small Cap Core ETF


Investment Securities:	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	56,629,234		$	–	$	–	$	56,629,234

Total Investment Securities		56,629,234			–		–		56,629,234

Other Financial Instruments*
Liabilities:
Futures Contracts		(1,219	)		–		–		(1,219	)

Total Investments	$	56,628,015		$	–	$	–	$	56,628,015

101


		Notes to Financial Statements

Timothy Plan		December 31, 2021

US Large/Mid Cap Core ETF


Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	167,481,902	$	–	$	–	$	167,481,902

Total Investment Securities		167,481,902		–		–		167,481,902

Other Financial Instruments*
Assets:
Futures Contracts		10,450		–		–		10,450

Total Investments	$	167,492,352	$	–	$	–	$	167,492,352

High Dividend Stock ETF


Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	130,829,547	$	–	$	–	$	130,829,547

Total Investment Securities		130,829,547		–		–		130,829,547

Other Financial Instruments*
Assets:
Futures Contracts		7,675		–		–		7,675

Total Investments	$	130,837,222	$	–	$	–	$	130,837,222

International ETF


Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	82,414,875	$	–	$	–	$	82,414,875

Total Investment Securities		82,414,875		–		–		82,414,875

Other Financial Instruments*
Assets:
Futures Contracts		3,672		–		–		3,672

Total Investments	$	82,418,547	$	–	$	–	$	82,418,547

102


		Notes to Financial Statements

Timothy Plan		December 31, 2021

US Large/Mid Cap Core Enhanced ETF


Investment Securities:	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	69,170,834		$	–	$	–	$	69,170,834
Investment Company		90,943		$	–	$	–		90,943

Total Investment Securities		69,261,777			–		–		69,261,777

Other Financial Instruments*
Liabilities:
Futures Contracts		(1,867	)		–		–		(1,867	)

Total Investments	$	69,259,910		$	–	$	–	$	69,259,910

High Dividend Stock Enhanced ETF


Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	46,937,735	$	–	$	–	$	46,937,735
Investment Company		59,416	$	–	$	–		59,416

Total Investment Securities	$	46,997,151		–		–	$	46,997,151

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

The Funds did not hold any Level 3 securities during the year.

Real Estate Investment Trusts (“REITs”):

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

Investment Companies:

The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily

103


		Notes to Financial Statements

Timothy Plan		December 31, 2021

available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

Investment Transactions and Related Income:

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

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

Futures Contracts:

During the year ended December 31, 2021, the Funds used futures contracts to provide market exposure on the Funds’ cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, and to maintain the Fund’s open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded. Deposits for futures for the Funds are reported as “Deposit with broker for futures contracts” on the Statements of Assets and Liabilities. If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund. These subsequent payments, called “Variation Margin,” to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as “marking to the market.” The Funds recorded a payable or receivable on variation margin. The Funds expect to earn interest income on its margin deposits. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity

104


		Notes to Financial Statements

Timothy Plan		December 31, 2021

price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statements of Operations.

Average Notional Value

The table below summarizes the monthly average notional value of futures contracts for the year ended December 31, 2021.


Fund	Average Notional Value
US Small Cap Core ETF		$158,853
US Large/Mid Cap Core ETF		537,468
High Dividend Stock ETF		548,653
International ETF		311,540
US Large/Mid Cap Core Enhanced ETF		77,706
High Dividend Stock Enhanced ETF		38,052

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2021:


	Assets	Liabilities
	Variation Margin Receivable on Open Futures	Variation Margin Payable on Open Futures
	Contracts*	Contracts*
Equity Risk Exposure:

US Small Cap Core ETF	$—	$1,219
US Large/Mid Cap Core ETF	10,450	—
High Dividend Stock ETF	7,675	—
International ETF	3,672	—
US Large/Mid Cap Core Enhanced ETF	—	1,867
High Dividend Stock Enhanced ETF	—	—

* For futures contracts, the amounts represent the cumulative appreciation/(depreciation) of these futures contracts as reported in the Schedules of Portfolio Investments. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities as Variation margin on futures contracts.

105


		Notes to Financial Statements

Timothy Plan		December 31, 2021

The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the year ended December 31, 2021:


	Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations		Net Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized as a Result from Operations
	Net realized gains (losses) from futures transactions		Net Change in unrealized appreciation (depreciation) on futures transactions

Equity Risk Exposure:
US Small Cap Core ETF		$18,241		$(4,878)
US Large/Mid Cap Core ETF		135,980		2,003
High Dividend Stock ETF		145,950		41
International ETF		11,486		1,080
US Large/Mid Cap Core Enhanced ETF		4,446		(1,867)
High Dividend Stock Enhanced ETF		1,976		—

Foreign Currency Translations:

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

Foreign Taxes:

The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

106


		Notes to Financial Statements

Timothy Plan		December 31, 2021

Dividends to Shareholders:

Dividends from net investment income, if any, are declared and paid monthly for the Funds. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund.

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

Federal Income Taxes:

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

As of and during the year ended December 31, 2021, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year, the Funds did not incur any interest or penalties. For the current open tax year, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Further, management of the Funds is not aware of any tax positions for which it is reasonably possible that the total amounts of any unrecognized tax benefits will significantly change over the next fiscal year.

107


		Notes to Financial Statements

Timothy Plan		December 31, 2021

3. PURCHASES AND SALES OF SECURITIES:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and in-kind transactions associated with purchases and sales for the year ended December 31, 2021 were as follows:


	Excluding in-kind transactions				Associated with in-kind transactions

Fund	Purchases		Sales		Purchases		Sales
US Small Cap Core ETF		$27,414,698		$27,297,163		$44,104,882		$30,045,988
US Large/Mid Cap Core ETF		48,619,553		48,791,063		78,202,524		114,646,312
High Dividend Stock ETF		57,047,822		56,813,276		78,185,740		100,465,527
International ETF		33,797,517		33,076,447		15,774,765		11,252,200
US Large/Mid Cap Core Enhanced ETF		4,140,897		4,108,161		67,351,891		1,299,209
High Dividend Stock Enhanced ETF		3,933,944		3,887,480		44,854,030		—

For the year ended December 31, 2021, there were no purchases or sales of U.S. Government Securities.

4. FEES AND TRANSACTIONS WITH AFFILIATES AND OTHER PARTIES:

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

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

108


		Notes to Financial Statements

Timothy Plan		December 31, 2021

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

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

Drake Compliance LLC provides compliance services to the Trust.

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

5. INVESTMENT RISKS:

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

ETF Risk

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

Excluded Security Risk

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

Foreign Securities Risk

Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory

109


		Notes to Financial Statements

Timothy Plan		December 31, 2021

conditions in foreign countries. These risks include fluctuations in foreign currencies; imposition of additional taxes; trading, settlement, custodial and other operational risks; and risk arising from the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

Market Risk

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

6. FEDERAL INCOME TAX INFORMATION:

As of December 31, 2021, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) for investments were as follows:


Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
US Small Cap Core ETF	$	49,721,403	$	8,855,351	$	(1,947,520	)	$	6,907,831
US Large/Mid Cap Core ETF		132,067,514		37,004,347		(1,589,959	)		35,414,388
High Dividend Stock ETF		111,717,237		20,434,174		(1,321,864	)		19,112,310
International ETF		73,090,827		12,281,875		(2,957,827	)		9,324,048
US Large/Mid Cap Core Enhanced ETF		66,213,779		4,142,061		(1,094,063	)		3,047,998
High Dividend Stock Enhanced ETF		44,978,293		2,555,276		(536,418	)		2,018,858

110


		Notes to Financial Statements

Timothy Plan		December 31, 2021

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


	Year Ended December 31, 2021

	Distributions Paid From:

Fund	Ordinary Income		Net Long Term Capital Gains		Total Taxable Distributions		Total Distributions Paid*
US Small Cap Core ETF	$	612,920	$	-	$	612,920	$	612,920
US Large/Mid Cap Core ETF		1,212,586		-		1,212,586		1,212,586
High Dividend Stock ETF		2,718,477		-		2,718,477		2,718,477
International ETF		1,960,152		-		1,960,152		1,960,152
US Large/Mid Cap Core Enhanced ETF		155,733		-		155,733		155,733
High Dividend Stock Enhanced ETF		312,855		1,186		314,041		314,041

* Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

The tax characteristics of distributions paid to shareholders during the year ended December 31, 2020 were as follows:


	Year Ended December 31, 2020

	Distributions paid From:

Fund	Ordinary Income		Total Taxable Distributions		Total Distributions Paid*
US Small Cap Core ETF	$	354,462	$	354,462	$	354,462
US Large/Mid Cap Core ETF		1,388,658		1,388,658		1,388,658
High Dividend Stock ETF		2,852,134		2,852,134		2,852,134
International ETF		838,738		838,738		838,738

* Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

111


		Notes to Financial Statements

Timothy Plan		December 31, 2021

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Accumulated Earnings		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)*			Total Accumulated Earnings/ (Deficit)
US Small Cap Core ETF	$	-	$	-	$	(3,840,356	)	$	6,907,831		$	3,067,475
US Large/Mid Cap Core ETF		38,312		38,312		(7,640,836	)		35,414,388			27,811,864
High Dividend Stock ETF		85,746		85,746		(8,665,896	)		19,112,310			10,532,160
International ETF		31,307		31,307		(518,018	)		9,323,954	**		8,837,243
US Large/Mid Cap Core Enhanced ETF		-		-		(25,356	)		3,047,998			3,022,642
High Dividend Stock Enhanced ETF		-		-		-			2,018,858			2,018,858

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

** The amount includes $94 of unrealized depreciation on foreign currency translation.

At December 31, 2021, the Funds had net capital loss carry forwards (“CLCFs”) for federal income tax purposes which are available to reduce the future capital gain distributions to shareholders.

CLCFs not subject to expiration:


Fund	Short-Term Amount		Long-Term Amount		Total
US Small Cap Core ETF	$	3,809,390	$	30,966	$	3,840,356
US Large/Mid Cap Core ETF		4,687,600		2,953,236		7,640,836
High Dividend Stock ETF		5,631,079		3,034,817		8,665,896
International ETF		518,018		-		518,018
US Large/Mid Cap Core Enhanced ETF		25,356		-		25,356

During the tax year ended December 31, 2021, International ETF had utilized capital loss carry forward of $1,353,339.

112


		Notes to Financial Statements

Timothy Plan		December 31, 2021

As of December 31, 2021, on the Statements of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassifications adjustments were as follows:


Fund	Total Accumulated Earnings/(Loss)			Capital
US Small Cap Core ETF	$	(9,795,346	)	$	9,795,346
US Large/Mid Cap Core ETF		(35,164,854	)		35,164,854
High Dividend Stock ETF		(23,920,639	)		23,920,639
International ETF		(2,917,046	)		2,917,046
US Large/Mid Cap Core Enhanced ETF		(71,797	)		71,797
High Dividend Stock Enhanced ETF		3,898			(3,898	)

The reclassifications for the Funds relate primarily to adjustments from redemptions in-kind and distributions in excess.

7. SUBSEQUENT EVENTS:

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

Distributions

On February 10, 2022, the Funds declared and paid, respectively, a distribution from ordinary income for the following amounts:


Fund	Amount
US Small Cap Core ETF	$	1,454
US Large/Mid Cap Core ETF		48,287
High Dividend Stock ETF		183,137
International ETF		38,364
US Large/Mid Cap Core Enhanced ETF		4,441
High Dividend Stock Enhanced ETF		37,512

113

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

The Timothy Plan

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of The Timothy Plan comprising the funds listed below (the “Funds”) as of December 31, 2021, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2021, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name

Statements of
Operations

Statements of
Changes in Net
Assets

Financial
Highlights

Timothy Plan US Small Cap Core ETF

Timothy Plan International ETF

For the year ended December 31, 2021

For the years ended December 31, 2021 and 2020

For the years ended December 31, 2021 and 2020, and for the period from December 3, 2019 (commencement of operations) through December 31, 2019

114


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

Basis for Opinion

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

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

115

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

LOGO

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 25, 2022

116


		Other Information (Unaudited)

Timothy Plan		December 31, 2021

Additional Tax Information

For the year ended December 31, 2021, the Funds paid qualified dividend income for the purposes of reduced individual federal income tax rates of:


	Amount
US Small Cap Core ETF		100%
US Large/Mid Cap Core ETF		100%
High Dividend Stock ETF		100%
International ETF		93%
US Large/Mid Cap Core Enhanced ETF		100%
High Dividend Stock Enhanced ETF		100%

Dividends qualified for corporate dividends received deductions of:


	Amount
US Small Cap Core ETF		100%
US Large/Mid Cap Core ETF		100%
High Dividend Stock ETF		100%
US Large/Mid Cap Core Enhanced ETF		100%
High Dividend Stock Enhanced ETF		100%

For the year ended December 31, 2021, the Funds designated short-term capital gain distributions:


	Amount
High Dividend Stock Enhanced ETF		$37,889

For the year ended December 31, 2021, the following Funds designated long-term capital gain distributions:


	Amount
High Dividend Stock Enhanced ETF		$1,186

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share on December 31, 2021, were as follows:


	Foreign Source Income		Foreign Tax Expense
International ETF		0.84		0.11

117


		Other Information (Unaudited)

Timothy Plan		December 31, 2021

Premium/Discount Information

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

Proxy Voting and Form N-PORT Information

Proxy Voting:

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

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

Availability of Schedules of Portfolio Investments:

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

Expense Examples:

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire periods presented below.

The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

118


		Other Information (Unaudited)

Timothy Plan		December 31, 2021

The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


Fund	Beginning Account Value 7/1/21		Actual Ending Account Value 12/31/21		Hypothetical Ending Account Value 12/31/21		Actual Expenses Paid During Period 7/1/21 - 12/31/21*		Hypothetical Expenses Paid During Period 7/1/21 - 12/31/21*		Annualized Expense Ratio During Period 7/1/21 - 12/31/21

US Small Cap Core ETF

ETF Shares	$	1,000	$	1,296.20	$	1,022.58	$	3.01	$	2.65	0.52%

US Large/Mid Cap Core ETF

ETF Shares	$	1,000	$	1,258.20	$	1,022.58	$	2.96	$	2.65	0.52%

High Dividend Stock ETF

ETF Shares	$	1,000	$	1,281.00	$	1,022.58	$	2.99	$	2.65	0.52%

International ETF

ETF Shares	$	1,000	$	1,103.40	$	1,022.08	$	3.29	$	3.16	0.62%

US Large/Mid Cap Core Enhanced ETF**

ETF Shares	$	1,000	$	1,085.90	$	1,022.58	$	2.32	$	2.25	0.52%

High Dividend Stock Enhanced ETF**

ETF Shares	$	1,000	$	1,090.90	$	1,022.58	$	2.32	$	2.25	0.52%

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

**Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 156/365 (to reflect the number of days from commencement of operations on July 29, 2021 through December 31, 2021).

119

TRUSTEES AND PRINCIPAL EXECUTIVE OFFICERS OF THE TRUST

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

INTERESTED TRUSTEES


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Arthur D. Ally*	Trustee, Chairman, President, and Treasurer	Indefinite; Trustee and President since 1994	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1942	President and controlling shareholder of Covenant Funds, Inc. (“CFI”), a holding company. President and general partner of Timothy Partners, Ltd. (“TPL”), the investment Advisor and principal underwriter to each Fund. CFI is also the managing general partner of TPL.		None

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Mathew D. Staver**	Trustee	Indefinite; Trustee since 2000	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1956	Attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles.		None

*	Mr. Ally is an “interested” Trustee, as that term is defined in the 1940 Act, because of his positions with and financial interests in CFI and TPL.

**	Mr. Staver is an “interested” Trustee, as that term is defined in the 1940 Act, because he has a limited partnership interest in TPL.

120

INDEPENDENT TRUSTEES


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Richard W. Copeland	Trustee	Indefinite; Trustee since 2005	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1947	Retired. Associate Professor Stetson University for the past 40 years. Retired Principal of Copeland & Covert, Attorneys at Law; specializing in tax and estate planning. B.A. from Mississippi College, JD from University of Florida and LLM Taxation from University of Miami.		None

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Deborah Honeycutt	Trustee	Indefinite; Trustee since 2010	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1947	Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Shepherd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois.		None

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Bill Johnson	Trustee	Indefinite; Trustee since 2005	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1946	President (and Founder) of American Decency Association, Freemont, MI since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Masters of Religious Education from Grand Rapids Baptist Seminary.		None

121


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
John C. Mulder	Trustee	Indefinite; Trustee since 2005	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1950	President of WaterStone (formerly the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from University of Chicago.		None

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Scott Preissler, Ph.D.	Trustee	Indefinite; Trustee since 2004	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1960	Scott Preissler, Ph.D. is the Executive Director of The National Center for Stewardship & Generosity. He is a former professor and past President and CEO of The Christian Stewardship Association (CSA) and Southern Baptist state headquarters in Texas and Georgia		None

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Alan M. Ross	Trustee, Vice Chairman	Indefinite; Trustee since 2004	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1951	Founder and CEO of Corporate Development Institute which he founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ and has authored three books: Beyond World Class, Unconditional Excellence, Breaking Through to Prosperity.		None

122


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Patrice Tsague	Trustee	Indefinite; Trustee since 2011	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1973	President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999.		None

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Abraham M. Rivera	Trustee	Indefinite; Trustee since 2020	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1969	Pastor / President / Director, for La Puerta Life Center, Inc., a Florida corporation.		1

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Dale A. Bissonette	Trustee	Indefinite; Trustee since 2020	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1958	President, Good Place Holdings, a Christian Centered Business Holding Company.		None

PRINCIPAL EXECUTIVE OFFICERS WHO ARE NOT TRUSTEES


Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Terry Covert	Executive Officer, Vice President	Officer since 2019 Indefinite Term	N/A
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1947	Chief Compliance Officer and General Counsel for the Advisor, Timothy Partners, Ltd.		N/A

123


Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Cheryl Mumbert	Executive Officer, Vice President	Officer since 2019 Indefinite Term	N/A
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1970	Chief Marketing Officer for Advisor, Timothy Partners, Ltd.		N/A
Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
David D. Jones	Chief Compliance Officer	Since 2004, Indefinite Term	N/A
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1957	Co-founder and Managing Member, Drake Compliance, LLC (compliance consulting); founder and controlling shareholder, David Jones & Associates (law firm), 1998 to 2015.		N/A
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Joseph E. Boatwright	Trustee Emeritus and Secretary	Indefinite; Trustee and Secretary since 1995, Trustee Emeritus as of 2020	N/A
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1930	Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996.		None

124

Timothy Plan

1055 Maitland Center Commons

Maitland, Florida 32751

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

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Visit our website at		Call Timothy Plan at

etf.timothyplan.com		800.846.7526