Timothy Plan

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SEMI ANNUAL REPORT

June 30, 2022


		Ticker Symbol

TIMOTHY PLAN US SMALL CAP CORE ETF		TPSC

TIMOTHY PLAN US LARGE/MID CAP CORE ETF		TPLC

TIMOTHY PLAN HIGH DIVIDEND STOCK ETF		TPHD

TIMOTHY PLAN INTERNATIONAL ETF		TPIF

TIMOTHY PLAN US LARGE/MID CAP CORE ENHANCED ETF		TPLE

TIMOTHY PLAN HIGH DIVIDEND STOCK ENHANCED ETF		TPHE

Listed and traded on: The New York Stock Exchange

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



Schedules of Portfolio Investments		1

Statements of Assets and Liabilities		73

Statements of Operations		76

Statements of Changes in Net Assets		79

Financial Highlights		82

Notes to Financial Statements		87

Other Information		103

Liquidity Risk Management Program		105

Approval of Investment Advisory and Sub-Advisory Agreement		106


		Schedule of Portfolio Investments

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.3%)
Communication Services (2.0%):
Advantage Solutions, Inc.(a)		15,022		57,084
Boston Omaha Corp., Class A(a)		3,830		79,089
Cars.com, Inc.(a)		6,795		64,077
EchoStar Corp., Class A(a)		4,376		84,457
Gray Television, Inc.		5,384		90,936
IDT Corp., Class B(a)		2,251		56,613
PubMatic, Inc.(a)		2,265		35,991
Sciplay Corp., Class A(a)		6,929		96,798
Shenandoah Telecommunication Co.		5,570		123,654
The EW Scripps Co., Class A(a)		6,275		78,249
Thryv Holdings, Inc.(a)		3,209		71,849
US Cellular Corp.(a)		4,541		131,507

				970,304
Consumer Discretionary (12.5%):
1-800-Flowers.com, Inc., Class A(a)		5,467		51,991
Aaron S Co., Inc. The		4,050		58,928
Academy Sports Outdoors, Inc.		2,258		80,249
American Axle & Manufacturing Holdings, Inc.(a)		11,973		90,157
Arko Corp.		11,214		91,506
Big Lots, Inc.		2,309		48,420
Bloomin’ Brands, Inc.		4,128		68,607
Boot Barn Holdings, Inc.(a)		934		64,362
Brinker International, Inc.(a)		2,428		53,489
Caleres, Inc.		3,937		103,307
Camping World Holdings, Inc., Class A		3,494		75,435
Carriage Services, Inc.		2,498		99,046
Cavco Industries, Inc.(a)		476		93,291
Century Communities, Inc.		2,095		94,212
Cheesecake Factory, Inc.		2,557		67,556
Chuy’s Holdings, Inc.(a)		3,551		70,736

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (12.5%): (continued)
Clarus Corp.		5,445		103,401
Dana, Inc.		5,583		78,553
Dave & Buster’s Entertainment, Inc.(a)		1,735		56,873
Denny’s Corp.(a)		7,934		68,867
Dine Brands Global, Inc.		1,239		80,634
Dorman Products, Inc.(a)		1,561		171,257
Dream Finders Homes, Inc., Class(a)		5,084		54,094
Ethan Allen Interiors, Inc.		4,587		92,703
Fossil Group, Inc.(a)		5,708		29,510
Franchise Group, Inc.		2,448		85,851
Frontdoor, Inc.(a)		3,812		91,793
Funko, Inc., Class A(a)		4,751		106,042
Genesco, Inc.(a)		1,286		64,184
Gentherm, Inc.(a)		1,321		82,444
G-III Apparel Group Ltd.(a)		3,341		67,588
GoPro, Inc., Class A(a)		12,809		70,834
Graham Holdings Co., Class B		272		154,180
Green Brick Partners, Inc.(a)		4,839		94,699
Groupon, Inc.(a)		2,926		33,064
Guess?, Inc.		3,376		57,561
iRobot Corp.(a)		1,468		53,949
Jack In The Box, Inc.		1,563		87,622
Johnson Outdoors, Inc., Class A		1,893		115,776
Kontoor Brands, Inc.		2,357		78,653
La Z Boy, Inc.		4,046		95,931
M/I Homes, Inc.(a)		2,607		103,394
Malibu Boats, Inc.(a)		1,987		104,735
MarineMax, Inc.(a)		2,456		88,711
Monro, Inc.		2,512		107,715
Movado Group, Inc.		2,412		74,603
National Vision Holdings, Inc.(a)		2,541		69,877

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (12.5%): (continued)
Ollie’s Bargain Outlet Holdings, Inc.(a)		1,616		94,940
OneWater Marine, Inc.(a)		2,661		87,946
Oxford Industries, Inc.		1,267		112,434
Patrick Industries, Inc.		1,852		96,008
Perdoceo Education Corp.(a)		13,184		155,308
Qurate Retail, Inc.		15,330		43,997
Rent-A-Center, Inc.		3,298		64,146
Ruth’s Hospitality Group, Inc.		4,681		76,113
Sally Beauty Holdings, Inc.(a)		5,619		66,978
Shoe Carnival, Inc.		2,815		60,832
Smith & Wesson Brands, Inc.		5,425		71,230
Sonic Automotive, Inc., Class A		2,462		90,183
Standard Motor Products		3,867		173,976
Strategic Education, Inc.		1,419		100,153
Stride, Inc.(a)		2,608		106,380
Sturm Ruger & Co.		2,064		131,374
The Buckle, Inc.		2,798		77,477
The Children’s Place, Inc.(a)		1,374		53,476
Tri Pointe Group, Inc.(a)		6,257		105,556
Tupperware Corp.(a)		3,943		24,999
Vista Outdoor, Inc.(a)		2,992		83,477
Winmark Corp.		612		119,689
Winnebago Industries, Inc.		1,799		87,359
Wolverine World Wide, Inc.		5,119		103,199
XPEL, Inc.(a)		1,671		76,749
Zumiez, Inc.(a)		2,185		56,810

				6,157,179
Consumer Staples (6.3%):
B&G Foods, Inc.		5,813		138,233
BellRing Brands, Inc.(a)		3,728		92,790
Central Garden And Pet Co., Class A(a)		3,687		147,517

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Staples (6.3%): (continued)
Edgewell Personal Care Co.		3,184		109,912
elf Beauty, Inc.(a)		4,647		142,570
Energizer Holdings, Inc.		5,701		161,623
Fresh Del Monte Produce, Inc.		5,143		151,873
Grocery Outlet Holding Corp.(a)		3,047		129,894
Hostess Brands, Inc.(a)		8,113		172,077
Ingles Markets, Inc.		1,483		128,650
Inter Parfums, Inc.		1,538		112,366
John B. Sanfilippo & Son, Inc.		2,689		194,925
Medifast, Inc.		582		105,057
Mission Produce, Inc.(a)		9,504		135,432
Nu Skin Enterprises, Inc., Class A		2,305		99,806
PriceSmart, Inc.		1,787		128,003
SpartanNash Co.		4,198		126,654
The Andersons, Inc.		2,318		76,471
Tootsie Roll Industries, Inc.		4,476		158,226
United Natural Foods, Inc.(a)		1,967		77,500
Usana Health Sciences, Inc.(a)		2,022		146,312
Utz Brands, Inc.		7,134		98,592
WD-40 Co.		737		148,402
Weis Markets, Inc.		1,954		145,651

				3,128,536
Energy (2.1%):
Arch Resources, Inc.		589		84,280
Archrock, Inc.		12,135		100,356
Brigham Minerals, Inc.		4,025		99,136
Centennial Resource Development, Inc., Class A(a)		7,167		42,859
Chord Energy Corp.		650		79,073
CONSOL Energy, Inc.(a)		1,521		75,107
Core Laboratories N.V.		2,347		46,494
CVR Energy, Inc.		2,568		86,028

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Energy (2.1%): (continued)
Gulfport Energy Corp.(a)		1,206		95,889
Laredo Petroleum, Inc.(a)		619		42,674
Noble Corp.(a)		2,692		68,242
PBF Energy, Inc.(a)		2,022		58,678
Peabody Energy Corp.(a)		1,517		32,358
RPC, Inc.(a)		5,662		39,124
World Fuel Services Corp.		4,339		88,776

				1,039,074
Financials (25.2%):
1st Source Corp.		3,710		168,434
Amerant BanCorp, Inc.		4,507		126,737
Amerisafe, Inc.		3,051		158,683
AssetMark Financial Holdings, Inc.(a)		7,553		141,770
B Riley Financial, Inc.		1,627		68,741
Banc of California, Inc.		6,918		121,895
Bancfirst Corp.		2,300		220,133
Banner Corp.		2,556		143,673
Berkshire Hills BanCorp, Inc.		5,213		129,126
BGC Partners, Inc., Class A		31,966		107,725
Brightsphere Investment Group, Inc.		5,715		102,927
Brookline BanCorp, Inc.		11,694		155,647
Capitol Federal Financial, Inc.		19,809		181,847
City Holding Co.		2,579		206,011
CNO Financial Group, Inc.		6,183		111,850
Columbia Banking System, Inc.		3,897		111,649
Columbia Financial, Inc.(a)		9,236		201,437
ConnectOne BanCorp, Inc.		5,053		123,546
Customers BanCorp, Inc.(a)		1,705		57,800
Dime Community Bancshares, Inc.		4,937		146,382
Donnelley Financial Solutions, Inc.(a)		3,039		89,012
Employers Holdings, Inc.		4,386		183,730

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (25.2%): (continued)
Encore Capital Group, Inc.(a)		2,531		146,216
Enova International, Inc.(a)		2,566		73,952
Enterprise Financial Services Corp.		3,804		157,866
FB Financial Corp.		3,662		143,624
Federal Agricultural Mortgage Corp., Class C		1,391		135,831
First BanCorp.		8,939		115,403
First BanCorp.		3,560		124,244
First Busey Corp.		6,241		142,607
First Commonwealth Financial Corp.		10,784		144,721
First Financial BanCorp.		6,823		132,366
First Foundation, Inc.		6,023		123,351
First Merchants Corp.		3,926		139,844
FirstCash Holdings, Inc.		1,744		121,225
Fulton Financial Corp.		9,662		139,616
Genworth Financial, Inc.(a)		29,892		105,519
German American BanCorp, Inc.		4,034		137,882
Green Dot Corp., Class A(a)		3,829		96,146
Heartland Financial USA, Inc.		3,365		139,782
Hilltop Holdings, Inc.		5,404		144,071
Hope BanCorp, Inc.		9,134		126,415
Horace Mann Educators		4,592		176,241
International Bancshares Corp.		3,536		141,723
Lakeland BanCorp, Inc.		10,630		155,411
Lakeland Financial Corp.		2,058		136,692
Lendingclub Corp.(a)		2,948		34,462
Lendingtree, Inc.(a)		696		30,499
Live Oak Bancshares, Inc.		1,784		60,460
Merchants BanCorp		5,339		121,035
Meta Financial Group, Inc.		2,464		95,283
Metropolitan Bank Holding Corp.(a)		1,172		81,360
National Bank Holdings Corp., Class A		3,987		152,582

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (25.2%): (continued)
Navient Corp.		6,573		91,956
NBT BanCorp, Inc.		4,938		185,619
Nicolet Bankshares, Inc.(a)		2,047		148,080
NMI Holdings, Inc.(a)		6,182		102,930
Northwest Bancshares, Inc.		15,009		192,115
Oceanfirst Financial Corp.		8,380		160,309
OFG BanCorp		5,050		128,270
Open Lending Corp.(a)		4,010		41,022
Origin BanCorp, Inc.		4,149		160,981
Palomar Holdings, Inc.(a)		1,525		98,210
Park National Corp.		1,278		154,958
Piper Sandler Cos.		1,036		117,441
PJT Partners, Inc., Class A		2,161		151,875
PRA Group, Inc.(a)		3,844		139,768
Preferred Bank		2,268		154,269
Premier Financial Corp.		4,921		124,747
ProAssurance Corp.		5,742		135,683
PROG Holdings, Inc.(a)		3,265		53,873
Provident Financial Services, Inc.		8,598		191,391
Renasant Corp.		4,726		136,156
S&T BanCorp, Inc.		5,463		149,850
Safety Insurance Group, Inc.		2,413		234,302
Sandy Spring BanCorp, Inc.		3,419		133,580
Seacoast Banking Corp.		3,963		130,938
SiriusPoint, Ltd.(a)		23,667		128,275
Southside Bancshares, Inc.		4,371		163,563
Stewart Information Services		2,904		144,474
Stock Yards BanCorp, Inc.		2,860		171,085
StoneX Group, Inc.(a)		1,682		131,314
The BanCorp, Inc.(a)		3,432		66,993
Tompkins Financial Corp.		2,171		156,529

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (25.2%): (continued)
Towne Bank		5,738		155,787
TriCo Bancshares		4,277		195,202
Triumph BanCorp, Inc.(a)		1,205		75,385
Trustmark Corp.		4,983		145,454
Veritex Holdings, Inc.		3,688		107,911
Virtus Investment Partners, Inc.		555		94,916
Washington Federal, Inc.		5,477		164,420
WesBanco, Inc.		4,234		134,260
Westamerica BanCorp.		3,218		179,114
World Acceptance Corp.(a)		359		40,294

				12,408,483
Health Care (9.7%):
AdaptHealth Corp.(a)		5,431		97,975
Addus Homecare Corp.(a)		1,112		92,607
Agiliti, Inc.(a)		3,994		81,917
Allscripts Healthcare Solutions, Inc.(a)		5,524		81,921
AnaptysBio, Inc.(a)		3,324		67,477
Apollo Medical Holdings, Inc.(a)		1,112		42,912
Arcus Biosciences, Inc.(a)		1,974		50,021
Atrion Corp.		176		110,679
Avanos Medical, Inc.(a)		3,442		94,104
Aveanna Healthcare Holdings, Inc.(a)		21,210		47,935
Avid Bioservices, Inc.(a)		3,789		57,820
Bioventus, Inc.(a)		7,049		48,074
Catalyst Pharmaceuticals, Inc.(a)		10,585		74,201
Collegium Pharmaceutical, Inc.(a)		4,548		80,591
Community Health Systems, Inc.(a)		6,324		23,715
Corcept Therapeutics, Inc.(a)		3,416		81,233
CorVel Corp.(a)		713		105,004
Cross Country Healthcare, Inc.(a)		3,139		65,385
Cutera, Inc.(a)		1,274		47,775

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (9.7%): (continued)
Dynavax Technologies Corp.(a)		5,218		65,695
Emergent Biosolutions, Inc.(a)		1,589		49,323
Fulgent Genetics, Inc.(a)		1,167		63,637
Haemonetics Corp.(a)		1,511		98,487
Hanger, Inc.(a)		6,237		89,314
Harmony Biosciences Holdings, Inc.(a)		1,702		83,007
Innovage Holding Corp.(a)		8,361		36,621
Innoviva, Inc.(a)		5,809		85,741
Integer Holdings Corp.(a)		1,801		127,259
Ironwood Pharmaceuticals, Inc.(a)		11,928		137,530
iTeos Therapeutics, Inc.(a)		2,464		50,758
Lemaitre Vascular, Inc.		2,834		129,089
Ligand Pharmaceuticals, Inc.(a)		756		67,450
Mesa Laboratories, Inc.		626		127,667
Multiplan Corp.(a)		10,618		58,293
National Healthcare Corp.		2,294		160,351
National Research Corp.		3,312		126,783
Natus Medical, Inc.(a)		4,516		147,989
Nextgen Healthcare, Inc.(a)		6,952		121,243
OptimizeRx Corp.(a)		1,784		48,864
Organogenesis Holdings, Inc.(a)		8,124		39,645
Pacira BioSciences, Inc.(a)		1,531		89,257
Patterson Cos., Inc.		4,651		140,925
Pediatrix Medical Group, Inc.(a)		5,415		113,769
Phibro Animal Health Corp., Class A		6,633		126,889
Prestige Consumer Healthcare, Inc.(a)		3,010		176,988
Prothena Corp. PLC(a)		1,834		49,793
RadNet, Inc.(a)		4,180		72,230
Regenxbio, Inc.(a)		1,911		47,202
Simulations Plus, Inc.		1,940		95,700
Supernus Pharmaceuticals, Inc.(a)		3,533		102,174

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (9.7%): (continued)
Syndax Pharmaceuticals, Inc.(a)		4,406		84,772
U.S. Physical Therapy, Inc.		1,106		120,775
UniQure N.V.(a)		3,780		70,459
Varex Imaging Corp.(a)		5,762		123,249
Xencor, Inc.(a)		3,909		106,989

				4,787,263
Industrials (23.1%):
AAR Corp.(a)		2,556		106,943
ACCO Brands Corp.		16,443		107,373
AerSale Corp.(a)		5,280		76,613
Air Transport Services Group(a)		4,797		137,818
Alamo Group, Inc.		1,300		151,359
Albany International Corp.		1,796		141,507
Altra Industrial Motion Corp.		3,391		119,533
ArcBest Corp.		1,176		82,755
Arcosa, Inc.		2,307		107,114
Astec Industries, Inc.		2,840		115,815
Atlas Air Worldwide Holdings, Inc.(a)		2,044		126,135
AZZ, Inc.		4,057		165,607
Barnes Group, Inc.		4,218		131,349
Bluelinx Holdings, Inc.(a)		947		63,269
Brady Corp.		4,026		190,188
BrightView Holdings, Inc.(a)		9,336		112,032
CBIZ, Inc.(a)		4,349		173,786
Columbus McKinnon Corp.		3,484		98,841
Construction Partners, Inc., Class A(a)		4,278		89,581
CRA International, Inc.		1,341		119,778
CSW Industrials, Inc.		1,464		150,836
Daseke, Inc.(a)		13,755		87,894
Deluxe Corp.		4,122		89,324
Douglas Dynamics, Inc.		4,251		122,174

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (23.1%): (continued)
Dycom Industries, Inc.(a)		977		90,900
Eagle Bulk Shipping, Inc.		1,137		58,988
Encore Wire Corp.		869		90,306
Energy Recovery, Inc.(a)		6,011		116,734
Enerpac Tool Group Corp.		6,567		124,904
EnPro Industries, Inc.		1,381		113,145
ESCO Technologies, Inc.		2,498		170,788
Federal Signal Corp.		5,116		182,130
Forrester Research, Inc.(a)		2,744		131,273
Forward Air Corp.		1,512		139,044
Franklin Covey Co.(a)		2,877		132,860
Genco Shipping Trading, Ltd.		3,499		67,601
Gibraltar Industries, Inc.(a)		2,906		112,607
Global Industrial Co.		4,184		141,294
GMS, Inc.(a)		2,043		90,913
Gorman-Rupp Co.		4,493		127,152
GrafTech International, Ltd.		9,224		65,214
Granite Construction, Inc.		3,962		115,453
Great Lakes Dredge & Dock Corp.(a)		12,011		157,464
Griffon Corp.		6,743		189,006
H&E Equipment Services, Inc.		2,470		71,556
Healthcare Services Group		6,510		113,339
Heartland Express, Inc.		16,086		223,756
Heidrick & Struggles International, Inc.		3,512		113,648
Helios Technologies, Inc.		1,454		96,328
Heritage-Crystal Clean, Inc.(a)		4,969		133,964
HNI Corp.		3,858		133,834
Huron Consulting Group, Inc.(a)		2,639		171,509
Hydrofarm Holdings Group, Inc.(a)		4,462		15,528
ICF International, Inc.		1,769		168,055
IES Holdings, Inc.(a)		3,244		97,871

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (23.1%): (continued)
Insteel Industries, Inc.		3,321		111,818
Interface, Inc.		8,215		103,016
Janus International Group, Inc.(a)		9,951		89,858
Jeld-Wen Holding, Inc.(a)		5,214		76,072
Kadant, Inc.		728		132,751
Kaman Corp.		3,092		96,625
KAR Auction Services, Inc.(a)		3,888		57,426
Kelly Services, Inc., Class A		4,527		89,770
Kennametal, Inc.		4,839		112,410
Kforce, Inc.		1,698		104,155
Lindsay Corp.		958		127,242
Marten Transport Ltd.		9,919		166,838
Maxar Technologies, Inc.		1,848		48,214
McGrath Rentcorp		1,961		149,036
Moog, Inc., Class A		1,714		136,074
Mueller Water Products, Inc., Class A		11,421		133,968
MYR Group, Inc.(a)		1,440		126,907
NOW, Inc.(a)		8,265		80,832
NV5 Global, Inc.(a)		869		101,447
Omega Flex, Inc.		957		102,992
Pam Transportation Services, Inc.(a)		2,946		80,691
PGT Innovations, Inc.(a)		7,600		126,464
Pitney Bowes, Inc.		18,843		68,212
Primoris Services Corp.		4,017		87,410
Proto Labs, Inc.(a)		1,716		82,093
Quanex Building Products Corp.		6,877		156,452
REV Group, Inc.		6,782		73,720
Rush Enterprises, Inc., Class A		3,290		158,578
Shoals Technologies Group, Inc.(a)		4,368		71,985
SkyWest, Inc.(a)		2,731		58,034
SP Plus Corp.(a)		3,956		121,528

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (23.1%): (continued)
SPX Corp.(a)		3,110		164,332
Standex International Corp.		1,877		159,132
Sterling Construction Co., Inc.(a)		4,210		92,283
Sun Country Airlines Holdings, Inc.(a)		3,325		60,981
Tennant Co.		2,616		154,998
Terex Corp.		3,102		84,902
The Greenbrier Cos., Inc.		2,677		96,345
The Shyft Group, Inc.		2,954		54,915
Titan International, Inc.(a)		5,384		81,298
Trinity Industries, Inc.		4,560		110,443
TrueBlue, Inc.(a)		4,119		73,730
Veritiv Corp.(a)		498		54,058
Wabash National Corp.		8,710		118,282
Werner Enterprises, Inc.		4,915		189,424

				11,352,529
Information Technology (10.2%):
3D Systems Corp.(a)		4,400		42,680
A10 Networks, Inc.		5,183		74,532
ACM Research, Inc., Class A(a)		3,102		52,207
Alpha & Omega Semiconductor, Ltd.(a)		1,338		44,609
American Software, Inc., Class A		5,528		89,333
Avid Technology, Inc.(a)		2,060		53,457
Axcelis Technologies, Inc.(a)		1,230		67,453
Badger Meter, Inc.		1,477		119,475
Belden, Inc.		2,564		136,584
Benchmark Electronics, Inc.		6,357		143,414
Cambium Networks Corp.(a)		2,980		43,657
Cerence, Inc.(a)		1,850		46,676
CEVA, Inc.(a)		2,634		88,397
Clearfield, Inc.(a)		1,081		66,968
Cohu, Inc.(a)		3,159		87,662

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (10.2%): (continued)
CommVault Systems, Inc.(a)		1,833		115,296
Corsair Gaming, Inc.(a)		4,710		61,842
CSG Systems International, Inc.		3,271		195,213
Digi International, Inc.(a)		6,533		158,229
Ebix, Inc.		1,720		29,068
eplus, Inc.(a)		2,304		122,388
EVERTEC, Inc.		3,824		141,029
Extreme Networks, Inc.(a)		7,362		65,669
Harmonic, Inc.(a)		10,090		87,480
Ichor Holding Ltd.(a)		2,566		66,665
InterDigital, Inc.		2,706		164,525
Knowles Corp.(a)		12,020		208,307
Methode Electronics, Inc.		3,434		127,195
Mitek Systems, Inc.(a)		7,979		73,726
N-able, Inc.(a)		8,616		77,544
Napco Security Technologies Inc.(a)		5,655		116,436
NETGEAR, Inc.(a)		6,079		112,583
NetScout Systems, Inc.(a)		4,393		148,703
OSI Systems, Inc.(a)		2,621		223,938
Paymentus Holdings, Inc.(a)		3,229		43,172
PC Connection, Inc.		2,475		109,024
Photronics, Inc.(a)		5,965		116,198
Plantronics, Inc.(a)		1,211		48,053
Plexus Corp.(a)		1,917		150,485
Progress Software Corp.		2,991		135,492
Rambus, Inc.(a)		4,837		103,947
Riot Blockchain, Inc.(a)		2,702		11,321
ScanSource, Inc.(a)		3,252		101,267
Super Micro Computer, Inc.(a)		2,946		118,871
TTM Technologies(a)		10,604		132,550
Ultra Clean Holdings, Inc.(a)		1,965		58,498

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (10.2%): (continued)
Veeco Instruments, Inc.(a)		4,151		80,529
Verra Mobility Corp.(a)		8,929		140,275
Vishay Intertechnology, Inc.		8,218		146,445
Vizio Holding Corp.(a)		8,798		60,002

				5,009,069
Materials (4.9%):
AdvanSix, Inc.		1,859		62,165
Chase Corp.		1,895		147,450
Greif, Inc., Class A		2,198		137,111
Hawkins, Inc.		2,856		102,902
Ingevity Corp.(a)		1,983		125,207
Innospec, Inc.		1,716		164,376
Intrepid Potash, Inc.(a)		514		23,279
Kronos Worldwide, Inc.		9,288		170,899
Materion Corp.		1,541		113,618
Minerals Technologies, Inc.		2,418		148,320
O-I Glass, Inc.(a)		7,666		107,324
Origin Materials, Inc.(a)		10,556		54,047
Orion Engineered Carbons SA		7,618		118,308
Pactiv Evergreen, Inc.		10,145		101,044
Ramaco Resources, Inc.		3,041		39,989
Ryerson Holding Corp.		2,161		46,008
Schnitzer Steel Industries, Inc.		1,647		54,087
Stepan Co.		1,910		193,579
SunCoke Energy, Inc.		10,282		70,020
TimkenSteel Corp.(a)		3,407		63,745
TriMas Corp.		4,614		127,762
Trinseo PLC		2,044		78,612
Warrior Met Coal, Inc.		2,158		66,056
Worthington Industries, Inc.		2,244		98,960

				2,414,868

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Small Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Real Estate (0.7%):
Forestar Group, Inc.(a)		7,816		107,001
Marcus & Millichap, Inc.		2,656		98,246
The RMR Group, Inc., Class A		5,055		143,309

				348,556
Utilities (2.6%):
Chesapeake Utilities Corp.		1,430		185,257
MGE Energy, Inc.		2,545		198,077
Middlesex Water Co.		1,604		140,639
Northwest Natural Holding Co.		3,515		186,647
Otter Tail Corp.		2,864		192,260
SJW Group		3,091		192,909
Unitil Corp.		3,278		192,484

				1,288,273

Total Common Stocks (Cost $52,781,884)				48,904,134

Total Investments (Cost $52,781,884) — 99.3%				48,904,134

Other assets in excess of liabilities — 0.7%				340,697

NET ASSETS - 100.00%				49,244,831

Percentages indicated are based on net assets as of June 30, 2022.

(a) Non-income producing security.

Futures Contracts

Long Futures


Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index September Future (U.S. Dollar)		9/16/22		4	$	341,600		$ (16,871)

								$ (16,871)

See notes to financial statements


		Schedule of Portfolio Investments

Timothy Plan US Large/Mid Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.6%)
Communication Services (1.1%):
Liberty Media Corp-Liberty Formula One, Class C(a)		10,306		654,122
Lumen Technologies, Inc.		36,802		401,510
News Corp., Class A		28,353		441,740
ZoomInfo Technologies, Inc.(a)		5,365		178,332

				1,675,704
Consumer Discretionary (7.8%):
Aptiv PLC(a)		4,018		357,883
AutoZone, Inc.(a)		317		681,271
Bath & Body Works, Inc.		8,678		233,612
Booking Holdings, Inc.(a)		202		353,296
Burlington Stores, Inc.(a)		1,945		264,967
CarMax, Inc.(a)		4,729		427,880
Chewy, Inc., Class A(a)		5,694		197,696
Chipotle Mexican Grill, Inc.(a)		315		411,787
Dollar General Corp.		2,996		735,338
Dollar Tree, Inc.(a)		2,582		402,405
Domino’s Pizza, Inc.		1,331		518,704
DR Horton, Inc.		6,925		458,366
Garmin Ltd.		5,619		552,067
Genuine Parts Co.		5,715		760,095
Lennar Corp.		6,381		450,307
LKQ Corp.		11,308		555,110
Lowe’s Cos., Inc.		3,038		530,647
NVR, Inc.(a)		142		568,588
O’Reilly Automotive, Inc.(a)		1,036		654,503
Pool Corp.		1,293		454,140
Pultegroup, Inc.		11,465		454,358
Ross Stores, Inc.		5,445		382,402
Tapestry, Inc.		11,721		357,725

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (7.8%): (continued)
Tesla, Inc.(a)		292		196,639
Tractor Supply Co.		2,732		529,598
Vail Resorts, Inc.		2,110		460,086

				11,949,470
Consumer Staples (4.2%):
Bunge, Ltd.		5,699		516,842
Campbell Soup Co.		17,519		841,788
Costco Wholesale Corp.		1,327		636,004
Darling Ingredients, Inc.(a)		6,058		362,268
Hormel Foods Corp.		16,717		791,717
McCormick & Co., Inc.		8,188		681,651
Monster Beverage Corp.(a)		7,598		704,335
Sysco Corp.		7,125		603,559
The JM Smucker Co.		5,675		726,457
Tyson Foods, Inc., Class A		7,145		614,899

				6,479,520
Energy (5.2%):
APA Corp.		7,482		261,122
ConocoPhillips		4,976		446,895
Continental Resources, Inc.		5,373		351,126
Coterra Energy, Inc.		13,622		351,311
Devon Energy Corp.		5,543		305,475
Diamondback Energy, Inc.		2,568		311,113
EOG Resources, Inc.		3,562		393,387
Halliburton Co.		9,927		311,311
Hess Corp.		3,731		395,262
Kinder Morgan, Inc.		35,857		600,963
Marathon Oil Corp.		14,006		314,855
Marathon Petroleum Corp.		6,273		515,703
Occidental Petroleum Corp.		4,826		284,155

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Energy (5.2%): (continued)
ONEOK, Inc.		8,245		457,597
Ovintiv, Inc.		6,253		276,320
Phillips 66		5,615		460,374
Pioneer Natural Resources Co.		1,997		445,491
Schlumberger N.V.		9,624		344,154
The Williams Cos., Inc.		22,324		696,732
Valero Energy Corp.		4,399		467,526

				7,990,872
Financials (11.0%):
Aflac, Inc.		12,090		668,940
American Financial Group, Inc.		5,010		695,438
Arch Capital Group Ltd.(a)		15,731		715,603
Ares Management Corp., Class A		5,940		337,748
Arthur J Gallagher & Co.		4,395		716,561
Brown & Brown, Inc.		9,583		559,072
Cboe Global Markets, Inc.		6,313		714,568
Cincinnati Financial Corp.		4,713		560,753
CNA Financial Corp.		15,455		693,930
Coinbase Global, Inc., Class A(a)		1,640		77,113
East West Bancorp, Inc.		6,140		397,872
Everest Re Group, Ltd.		2,341		656,135
FactSet Research Systems, Inc.		1,865		717,223
First Citizens BancShares, Inc., Class A		729		476,606
First Republic Bank		3,495		503,979
Franklin Resources, Inc.		18,496		431,142
Interactive Brokers Group, Inc.		8,242		453,392
Intercontinental Exchange, Inc.		6,498		611,072
LPL Financial Holdings, Inc.		2,359		435,188
Markel Corp.(a)		541		699,648
MarketAxess Holdings, Inc.		2,085		533,781
Morningstar, Inc.		2,089		505,183

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (11.0%): (continued)
MSCI, Inc.		1,050		432,758
Nasdaq, Inc.		4,299		655,769
Principal Financial Group, Inc.		8,206		548,079
Raymond James Financial, Inc.		5,393		482,188
Rocket Cos., Inc., Class A		40,692		299,493
Signature Bank		1,417		253,941
SVB Financial Group(a)		760		300,192
Tradeweb Markets, Inc., Class A		8,248		562,926
Upstart Holdings, Inc.(a)		1,692		53,501
Webster Financial Corp.		9,515		401,057
WR Berkley Corp.		11,475		783,284

				16,934,135
Health Care (13.1%):
ABIOMED, Inc.(a)		1,326		328,198
Agilent Technologies, Inc.		4,919		584,230
Align Technology, Inc.(a)		935		221,287
Amgen, Inc.		3,178		773,207
Avantor, Inc.(a)		17,783		553,051
Baxter International, Inc.		10,278		660,156
Bio-Rad Laboratories, Inc., Class A(a)		903		446,985
Bruker Corp.		7,933		497,875
Cardinal Health, Inc.		9,581		500,799
Catalent, Inc.(a)		4,798		514,777
Centene Corp.(a)		6,356		537,781
Charles River Laboratories International, Inc.(a)		1,660		355,190
Danaher Corp.		2,289		580,307
DaVita, Inc.(a)		4,956		396,282
DENTSPLY SIRONA, Inc.		13,009		464,812
Dexcom, Inc.(a)		2,986		222,547
Edwards Lifesciences Corp.(a)		4,550		432,660
HCA Healthcare, Inc.		2,228		374,438

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (13.1%): (continued)
Henry Schein, Inc.(a)		8,017		615,225
Horizon Therapeutics PLC(a)		5,325		424,722
Humana, Inc.		1,141		534,068
IDEXX Laboratories, Inc.(a)		971		340,559
Illumina, Inc.(a)		1,205		222,154
Incyte Corp.(a)		7,176		545,161
Insulet Corp.(a)		1,340		292,040
Intuitive Surgical, Inc.(a)		1,830		367,299
IQVIA Holdings, Inc.(a)		2,565		556,579
Mettler-Toledo International, Inc.(a)		458		526,137
Molina Healthcare, Inc.(a)		1,646		460,238
PerkinElmer, Inc.		3,344		475,584
Regeneron Pharmaceuticals, Inc.(a)		887		524,332
Repligen Corp.(a)		2,073		336,655
ResMed, Inc.		2,462		516,109
STERIS PLC		2,722		561,140
Stryker Corp.		2,525		502,298
Teleflex, Inc.		1,633		401,473
Veeva Systems, Inc., Class A(a)		2,185		432,717
Vertex Pharamaceuticals, Inc.(a)		2,503		705,320
Waters Corp.(a)		2,193		725,839
West Pharmaceutical Services, Inc.		1,332		402,757
Zimmer Biomet Holdings, Inc.		4,404		462,684
Zoetis, Inc.		3,805		654,041

				20,029,713
Industrials (22.9%):
A.O. Smith Corp.		10,027		548,276
AMERCO, Inc.		1,236		591,092
AMETEK, Inc.		6,674		733,406
Builders FirstSource, Inc.(a)		6,829		366,717
Carlisle Companies, Inc.		3,092		737,782

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (22.9%): (continued)
Carrier Global Corp.		13,720		489,255
Caterpillar, Inc.		2,909		520,013
CH Robinson Worldwide, Inc.		6,000		608,220
Cintas Corp.		1,758		656,666
Copart, Inc.(a)		4,559		495,381
Costar Group, Inc.(a)		6,826		412,359
CSX Corp.		20,820		605,029
Deere & Co.		1,305		390,808
Dover Corp.		4,994		605,872
Eaton Corp. PLC		4,839		609,666
Emerson Electric Co.		7,516		597,823
Equifax, Inc.		2,590		473,400
Expeditors International of Washington, Inc.		7,072		689,237
Fastenal Co.		14,611		729,381
Fortive Corp.		11,593		630,427
Fortune Brands Home & Security, Inc.		7,876		471,615
Generac Holdings, Inc.(a)		1,285		270,595
General Dynamics Corp.		3,716		822,165
Graco, Inc.		11,337		673,531
HEICO Corp.		4,418		579,288
Honeywell International, Inc.		4,178		726,178
Howmet Aerospace, Inc.		14,240		447,848
IDEX Corp.		3,796		689,468
Illinois Tool Works, Inc.		4,411		803,905
Ingersoll Rand, Inc.		12,848		540,644
J.B. Hunt Transport Services, Inc.		3,464		545,476
Johnson Controls International PLC		10,663		510,545
Leidos Holdings, Inc.		5,584		562,365
Masco Corp.		13,215		668,679
Nordson Corp.		3,201		648,011
Norfolk Southern Corp.		2,833		643,913

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (22.9%): (continued)
Old Dominion Freight Line, Inc.		2,210		566,379
Otis Worldwide Corp.		9,620		679,845
PACCAR, Inc.		8,481		698,326
Parker Hannifin Corp.		2,268		558,041
Quanta Services, Inc.		3,436		430,668
Regal Rexnord Corp.		4,056		460,437
Republic Services, Inc.		6,352		831,286
Robert Half International, Inc.		5,625		421,256
Rockwell Automation, Inc.		2,671		532,357
Rollins, Inc.		17,091		596,818
Roper Technologies, Inc.		1,804		711,949
Snap-on, Inc.		3,300		650,199
Trane Technologies PLC		4,406		572,207
TransDigm Group, Inc.(a)		840		450,803
TransUnion		6,375		509,936
Trex Co., Inc.(a)		5,498		299,201
Union Pacific Corp.		3,531		753,092
United Rentals, Inc.(a)		1,515		368,009
Verisk Analytics, Inc.		3,714		642,856
Waste Management, Inc.		5,799		887,131
Watsco, Inc.		2,556		610,424
Westinghouse Air Brake Technologies Corp.		6,817		559,539
WW Grainger, Inc.		1,482		673,465
Xylem, Inc.		6,933		542,022

				35,101,282
Information Technology (14.3%):
Advanced Micro Devices, Inc.(a)		3,102		237,210
Akamai Technologies, Inc.(a)		6,092		556,382
Amphenol Corp., Class A		10,304		663,372
Analog Devices, Inc.		3,551		518,766
ANSYS, Inc.(a)		1,750		418,758

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (14.3%): (continued)
AppLovin Corp., Class A(a)		4,828		166,276
Arista Networks, Inc.(a)		3,201		300,062
Bentley Systems, Inc., Class B		10,426		347,186
Broadcom, Inc.		980		476,094
Broadridge Financial Solutions, Inc.		4,645		662,145
Cadence Design Systems, Inc.(a)		2,977		446,639
CDW Corp.		3,649		574,936
Cognex Corp.		6,312		268,386
Cognizant Technology Solutions Corp., Class A		8,559		577,647
Dynatrace, Inc.(a)		8,048		317,413
Enphase Energy, Inc.(a)		1,292		252,250
Entegris, Inc.		3,813		351,292
EPAM Systems, Inc.(a)		633		186,596
F5, Inc.(a)		2,812		430,348
Fair Isaac Corp.(a)		1,116		447,404
Fidelity National Information Services, Inc.		4,857		445,241
FleetCor Technologies, Inc.(a)		2,297		482,623
Fortinet, Inc.(a)		5,240		296,479
Gartner, Inc.(a)		1,661		401,680
Jack Henry & Associates, Inc.		3,652		657,433
Juniper Networks, Inc.		18,488		526,908
Keysight Technologies, Inc.(a)		4,173		575,248
KLA Corp.		1,168		372,685
Lam Research Corp.		837		356,688
Microchip Technology, Inc.		6,734		391,111
Monolithic Power Systems, Inc.		912		350,244
NetApp, Inc.		7,734		504,566
NVIDIA Corp.		1,361		206,314
NXP Semiconductors NV		2,542		376,292
ON Semiconductor Corp.(a)		6,039		303,822
Paychex, Inc.		5,534		630,157

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (14.3%): (continued)
Paycom Software, Inc.(a)		1,241		347,629
Paylocity Holding Corp.(a)		1,863		324,944
PTC, Inc.(a)		4,817		512,240
Qorvo, Inc.(a)		3,915		369,263
ServiceNow, Inc.(a)		751		357,116
Skyworks Solutions, Inc.		4,178		387,050
SS&C Technologies Holdings, Inc.		10,565		613,510
Synopsys, Inc.(a)		1,458		442,795
TE Connectivity Ltd.		5,024		568,466
Teledyne Technologies, Inc.(a)		1,567		587,797
Teradyne, Inc.		3,277		293,455
The Trade Desk, Inc., Class A(a)		3,223		135,011
Trimble, Inc.(a)		7,767		452,272
Tyler Technologies, Inc.(a)		1,261		419,257
Ubiquiti, Inc.		1,506		373,804
Western Digital Corp.(a)		8,785		393,832
Zebra Technologies Corp.(a)		1,253		368,319

				22,023,413
Materials (8.0%):
Albemarle Corp.		1,701		355,475
Alcoa Corp.		3,270		149,047
Avery Dennison Corp.		3,622		586,293
Ball Corp.		7,575		520,933
Celanese Corp.		4,212		495,373
CF Industries Holdings, Inc.		3,677		315,229
Cleveland-Cliffs, Inc.(a)		9,548		146,753
Eastman Chemical Co.		5,392		484,040
Ecolab, Inc.		3,689		567,221
FMC Corp.		4,124		441,309
Freeport-McMoRan, Inc.		7,716		225,770
International Flavors & Fragrances, Inc.		5,118		609,656

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (8.0%): (continued)
International Paper Co.		15,914		665,683
LyondellBasell Industries NV, Class A		5,576		487,677
Martin Marietta Materials, Inc.		1,646		492,549
Newmont Corp.		6,969		415,840
Nucor Corp.		2,518		262,904
Packaging Corp. of America		4,694		645,425
PPG Industries, Inc.		4,819		551,005
Reliance Steel & Aluminum Co.		3,456		587,036
RPM International, Inc.		8,956		705,016
Steel Dynamics, Inc.		4,819		318,777
The Mosaic Co.		5,096		240,684
The Sherwin-Williams Co.		2,869		642,398
Vulcan Materials Co.		3,563		506,302
Westlake Chemical Corp.		4,472		438,345
Westrock Co.		11,983		477,403

				12,334,143
Real Estate (0.3%):
CBRE Group, Inc., Class A(a)		6,588		484,943

				484,943
Utilities (11.7%):
Alliant Energy Corp.		14,313		838,885
Ameren Corp.		10,278		928,720
American Electric Power Co., Inc.		10,026		961,894
American Water Works Co., Inc.		4,955		737,155
Atmos Energy Corp.		7,239		811,492
CenterPoint Energy, Inc.		27,425		811,231
CMS Energy Corp.		13,794		931,095
Consolidated Edison, Inc.		9,664		919,046
Dominion Energy, Inc.		10,483		836,648
DTE Energy Co.		7,517		952,780

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (11.7%): (continued)
Entergy Corp.		6,536		736,215
Essential Utilities, Inc.		16,716		766,429
Evergy, Inc.		14,558		949,910
Eversource Energy		9,658		815,811
FirstEnergy Corp.		19,547		750,409
NextEra Energy, Inc.		7,969		617,279
NiSource, Inc.		31,239		921,238
PPL Corp.		33,847		918,269
The Southern Co.		13,612		970,672
WEC Energy Group, Inc.		9,009		906,666
Xcel Energy, Inc.		12,459		881,599

				17,963,443

Total Common Stocks (Cost $154,598,855)				152,966,638

Total Investments (Cost $154,598,855) — 99.6%				152,966,638

Other assets in excess of liabilities — 0.4%				575,462

NET ASSETS - 100.00%				153,542,100

Percentages indicated are based on net assets as of June 30, 2022.

(a)	Non-income producing security.

Futures Contracts

Long Futures


Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini September Future (U.S. Dollar)		9/16/22		3	$	568,425		$ (31,527	)

								$ (31,527	)

See notes to financial statements


		Schedule of Portfolio Investments

Timothy Plan High Dividend Stock ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.3%)
Communication Services (0.6%):
Lumen Technologies, Inc.		98,710		1,076,926

				1,076,926
Consumer Discretionary (3.5%):
Garmin Ltd.		15,071		1,480,725
Genuine Parts Co.		15,344		2,040,752
Lowe’s Cos., Inc.		8,140		1,421,814
Tapestry, Inc.		31,440		959,549

				5,902,840
Consumer Staples (6.5%):
Bunge, Ltd.		15,286		1,386,287
Campbell Soup Co.		46,984		2,257,581
Hormel Foods Corp.		44,829		2,123,102
Sysco Corp.		19,116		1,619,316
The JM Smucker Co.		15,230		1,949,592
Tyson Foods, Inc., Class A		19,162		1,649,082

				10,984,960
Energy (8.1%):
ConocoPhillips		13,342		1,198,245
Coterra Energy, Inc.		36,548		942,573
Devon Energy Corp.		14,855		818,659
EOG Resources, Inc.		9,561		1,055,917
Kinder Morgan, Inc.		96,184		1,612,044
Marathon Petroleum Corp.		16,834		1,383,923
ONEOK, Inc.		22,117		1,227,493
Phillips 66		15,061		1,234,851
Pioneer Natural Resources Co.		5,359		1,195,486
The Williams Cos., Inc.		59,872		1,868,605
Valero Energy Corp.		11,788		1,252,829

				13,790,625

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (11.4%):
Aflac, Inc.		32,444		1,795,126
American Financial Group, Inc.		13,463		1,868,799
Ares Management Corp., Class A		15,935		906,064
Cboe Global Markets, Inc.		16,948		1,918,344
Cincinnati Financial Corp.		12,644		1,504,383
CNA Financial Corp.		41,459		1,861,509
East West Bancorp, Inc.		16,456		1,066,349
Everest Re Group, Ltd.		6,277		1,759,318
Franklin Resources, Inc.		49,606		1,156,316
Principal Financial Group, Inc.		22,007		1,469,847
Rocket Cos., Inc., Class A		109,141		803,278
Webster Financial Corp.		25,526		1,075,921
WR Berkley Corp.		30,780		2,101,043

				19,286,297
Health Care (3.1%):
Amgen, Inc.		8,533		2,076,079
Baxter International, Inc.		27,570		1,770,821
Cardinal Health, Inc.		25,687		1,342,660

				5,189,560
Industrials (22.2%):
A.O. Smith Corp.		26,900		1,470,892
Caterpillar, Inc.		7,791		1,392,719
CH Robinson Worldwide, Inc.		16,092		1,631,246
Eaton Corp. PLC		12,985		1,635,980
Emerson Electric Co.		20,161		1,603,606
Fastenal Co.		39,197		1,956,714
Fortune Brands Home & Security, Inc.		21,122		1,264,785
General Dynamics Corp.		9,958		2,203,207
Honeywell International, Inc.		11,197		1,946,151
Illinois Tool Works, Inc.		11,836		2,157,111
Johnson Controls International PLC		28,603		1,369,512

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (22.2%): (continued)
Masco Corp.		35,446		1,793,568
Norfolk Southern Corp.		7,606		1,728,768
PACCAR, Inc.		22,755		1,873,647
Parker Hannifin Corp.		6,076		1,495,000
Regal Rexnord Corp.		10,873		1,234,303
Rockwell Automation, Inc.		7,171		1,429,252
Snap-on, Inc.		8,856		1,744,898
Trane Technologies PLC		11,824		1,535,583
Union Pacific Corp.		9,469		2,019,548
Waste Management, Inc.		15,547		2,378,380
Watsco, Inc.		6,854		1,636,872

				37,501,742
Information Technology (7.5%):
Analog Devices, Inc.		9,535		1,392,968
Broadcom, Inc.		2,627		1,276,223
Broadridge Financial Solutions, Inc.		12,457		1,775,745
Fidelity National Information Services, Inc.		13,018		1,193,360
Juniper Networks, Inc.		49,586		1,413,201
NetApp, Inc.		20,744		1,353,339
Paychex, Inc.		14,844		1,690,286
Skyworks Solutions, Inc.		11,198		1,037,383
TE Connectivity Ltd.		13,475		1,524,696

				12,657,201
Materials (11.3%):
Avery Dennison Corp.		9,709		1,571,596
Celanese Corp.		11,296		1,328,523
Eastman Chemical Co.		14,467		1,298,703
FMC Corp.		11,061		1,183,638
International Flavors & Fragrances, Inc.		13,720		1,634,326
International Paper Co.		42,680		1,785,304
LyondellBasell Industries NV, Class A		14,951		1,307,614
Newmont Corp.		18,694		1,115,471

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (11.3%): (continued)
Packaging Corp. of America		12,580		1,729,750
PPG Industries, Inc.		12,919		1,477,158
Reliance Steel & Aluminum Co.		9,266		1,573,923
RPM International, Inc.		24,031		1,891,720
Westrock Co.		32,146		1,280,697

				19,178,423
Utilities (25.1%):
Alliant Energy Corp.		38,398		2,250,507
Ameren Corp.		27,571		2,491,316
American Electric Power Co., Inc.		26,897		2,580,498
Atmos Energy Corp.		19,409		2,175,749
CenterPoint Energy, Inc.		73,554		2,175,727
CMS Energy Corp.		37,006		2,497,905
Consolidated Edison, Inc.		25,911		2,464,136
Dominion Energy, Inc.		28,126		2,244,736
DTE Energy Co.		20,162		2,555,534
Entergy Corp.		17,534		1,975,030
Evergy, Inc.		39,033		2,546,903
Eversource Energy		25,896		2,187,435
FirstEnergy Corp.		52,437		2,013,056
NiSource, Inc.		83,790		2,470,967
PPL Corp.		90,782		2,462,916
The Southern Co.		36,505		2,603,172
WEC Energy Group, Inc.		24,164		2,431,865
Xcel Energy, Inc.		33,416		2,364,516

				42,491,968

Total Common Stocks (Cost $170,239,641)				168,060,542

Total Investments (Cost $170,239,641) — 99.3%				168,060,542

Other assets in excess of liabilities — 0.7%				1,140,859

NET ASSETS - 100.00%				169,201,401

Percentages indicated are based on net assets as of June 30, 2022.

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock ETF		June 30, 2022 (Unaudited)

Futures Contracts

Long Futures



Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini September Future (U.S. Dollar)		9/16/22		5	$	947,375	$	(53,576)

							$	(53,576)

See notes to financial statements


		Schedule of Portfolio Investments

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.0%)
Australia (5.4%):
Communication Services (0.6%):
Rea Group Ltd.		1,796		138,604
Telstra Corp. Ltd.		104,630		277,989
				416,593
Consumer Discretionary (0.3%):
Wesfarmers Ltd.		6,866		198,578
				198,578
Consumer Staples (0.8%):
Coles Group, Ltd.		22,418		275,532
Woolworths Group Ltd.		10,253		251,890
				527,422
Energy (0.4%):
Santos Ltd.		29,844		152,817
Woodside Energy Group, Ltd.		7,123		156,512
				309,329
Financials (1.2%):
ASX Ltd.		4,576		258,031
Commonwealth Bank of Australia		3,008		187,612
National Australia Bank Ltd.		11,468		216,765
Westpac Banking Corp.		14,554		195,852
				858,260
Health Care (1.2%):
Cochlear Ltd.		1,149		157,554
CSL Ltd.		1,086		201,646
Ramsay Health Care Ltd.		5,290		267,371
Sonic Healthcare Ltd.		9,413		214,429
				841,000
Materials (0.9%):
BHP Group Ltd.		5,210		148,311
Fortescue Metals Group Ltd.		8,212		99,344
Newcrest Mining Ltd.		9,698		139,808

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)

SECURITY DESCRIPTION

SHARES

VALUE ($)

Australia (5.4%): (continued)

Materials (0.9%): (continued)

Rio Tinto Ltd.

2,026

143,589

South32, Ltd.

47,494

129,135

660,187

3,811,369

Austria (0.6%):

Energy (0.3%):

OMV AG

3,512

164,711

164,711

Financials (0.1%):

Erste Group Bank AG

3,593

91,107

91,107

Utilities (0.2%):

Verbund AG

1,391

136,057

136,057

391,875

Belgium (1.0%):

Financials (0.7%):

Groupe Bruxelles Lambert SA

2,785

232,516

KBC Group N.V.

2,615

146,700

Sofina SA

613

125,249

504,465

Materials (0.3%):

Solvay SA, Class A

2,126

172,240

172,240

676,705

Bermuda (0.3%):

Industrials (0.3%):

Jardine Matheson Holdings Ltd.

4,600

241,776

241,776

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Canada (12.4%):
Consumer Discretionary (0.7%):
Dollarama, Inc.		5,497		316,580
Magna International, Inc.		2,791		153,277
				469,857
Consumer Staples (1.2%):
Alimentation Couche-Tard, Inc.		4,904		191,321
Loblaw Cos. Ltd.		3,838		346,195
Metro, Inc.		6,508		349,369
				886,885
Energy (2.4%):
Canadian Natural Resources, Ltd.		2,839		152,582
Cenovus Energy, Inc.		8,360		159,080
Enbridge, Inc.		7,314		308,927
Imperial Oil Ltd.		3,597		169,593
Pembina Pipelines Corp.		7,608		268,970
Suncor Energy, Inc.		4,949		173,657
TC Energy Corp.		5,358		277,600
Tourmaline Oil Corp.		3,382		175,880
				1,686,289
Financials (2.2%):
Fairfax Financial Holdings, Ltd.		458		242,736
Great-West Lifeco, Inc.		13,352		326,071
Intact Financial Corp.		2,709		382,165
National Bank of Canada		4,396		288,524
Power Corp. of Canada		12,431		319,903
				1,559,399
Industrials (1.0%):
Canadian National Railway Co.		2,069		232,767
Canadian Pacific Railway Ltd.		3,367		235,219
WSP Global, Inc.		1,907		215,652
				683,638

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Canada (12.4%): (continued)
Information Technology (1.2%):
CGI, Inc. (a)		3,690		293,996
Constellation Software, Inc.		145		215,288
Open Text Corp.		7,387		279,466
Shopify, Inc., Class A (a)		1,600		50,002
				838,752
Materials (1.7%):
Aginco Eagle Mines, Ltd.		2,734		125,165
Barrick Gold Corp.		7,884		139,425
First Quantum Minerals, Ltd.		3,837		72,805
Franco-Nevada Corp.		1,391		183,002
Ivanhoe Mines, Ltd. (a)		14,984		86,272
Nutrien, Ltd.		1,773		141,220
Teck Resources Ltd., Class B		3,413		104,379
West Fraser Timber Co., Ltd.		2,451		188,100
Wheaton Precious Metals Corp.		4,244		152,942
				1,193,310
Utilities (2.0%):
Emera, Inc.		10,223		478,980
Fortis, Inc.		9,485		448,455
Hydro One, Ltd.		18,409		495,055
				1,422,490
				8,740,620
Chile (0.1%):
Materials (0.1%):
Antofagasta PLC		6,547		92,034
				92,034
Denmark (2.0%):
Financials (0.6%):
Danske Bank A/S		10,910		154,201
Tryg A/S		11,471		257,582
				411,783

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Denmark (2.0%): (continued)
Health Care (0.4%):
Coloplast A/S		1,399		159,370
Genmab A/S (a)		508		164,432
				323,802
Industrials (0.5%):
AP Moller - Maersk A/S, Class B		59		137,640
DSV Panalpina A S		1,155		161,326
Vestas Wind Systems A/S		3,549		74,967
				373,933
Materials (0.3%):
Novozymes A/S, Class B Shares		3,164		189,936
				189,936
Utilities (0.2%):
Orsted A/S		1,174		122,737
				122,737
				1,422,191
Finland (2.0%):
Consumer Staples (0.2%):
Kesko Oyj, Class B		7,346		173,263
				173,263
Energy (0.2%):
Neste Oyj		3,051		135,034
				135,034
Financials (0.3%):
Sampo Oyj, Class A Shares		5,044		219,438
				219,438
Industrials (0.3%):
Kone OYJ		4,218		200,474
				200,474
Information Technology (0.3%):
Nokia Oyj		39,820		185,231
				185,231

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Finland (2.0%): (continued)
Materials (0.5%):
Stora ENSO OYJ, Class R Shares		9,002		141,154
UPM-Kymmene OYJ		6,131		186,362
				327,516
Utilities (0.2%):
Fortum OYJ		9,846		147,683
				147,683
				1,388,639
France (5.9%):
Communication Services (0.3%):
Bollore		42,798		198,210
				198,210
Consumer Discretionary (0.7%):
Cie Generale des Etablissements Michelin SCA		6,232		169,614
EssilorLxottica SA		1,098		164,404
Hermes International SA		121		135,279
				469,297
Consumer Staples (0.3%):
Carrefour SA		10,636		188,173
				188,173
Financials (0.6%):
Amundi SA		2,898		158,507
Credit Agricole SA		16,644		152,265
Societe Generale SA		5,580		122,138
				432,910
Health Care (0.4%):
bioMerieux		1,513		147,752
Sartorius Stedim Biotech		337		105,686
				253,438
Industrials (2.2%):
Bouygues SA		8,438		259,582

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
France (5.9%): (continued)
Industrials (2.2%): (continued)
Bureau Veritas SA		9,470		242,609
Legrand SA		2,768		204,356
Safran SA		1,367		134,941
Schneider Electric SA		1,205		142,548
Teleperformance		606		186,236
Thales SA		1,667		204,449
Vinci SA		2,192		195,134
				1,569,855
Information Technology (0.5%):
Dassault Systemes SE		4,562		167,852
Edenred		4,233		199,457
				367,309
Materials (0.3%):
Air Liquide SA		1,765		236,941
				236,941
Utilities (0.6%):
Electricite de France SA		16,011		130,956
Engie SA		15,230		174,996
Veolia Environnement (a)		5,672		138,415
				444,367
				4,160,500
Germany (5.8%):
Consumer Discretionary (0.5%):
Continental AG		2,116		147,440
Puma SE		2,156		141,959
Zalando SE (a)		2,748		71,869
				361,268
Consumer Staples (0.3%):
Beiersdorf AG		2,312		236,147
				236,147

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Germany (5.8%): (continued)
Financials (1.3%):
Commerzbank AG (a)		16,084		112,678
Deutsche Boerse AG		1,502		251,178
Hannover Rueck SE		1,250		181,400
Muenchener Rueckversicherungs-Gesellschaft AG		794		186,524
Talanx AG		5,359		203,943
				935,723
Health Care (0.4%):
Carl Zeiss Meditec AG		985		117,554
Fresenius Medical Care AG		3,188		159,103
				276,657
Industrials (1.1%):
Brenntag AG		2,891		188,113
Deutsche Post AG		4,124		154,437
Kion Group AG		2,558		106,112
Knorr-Bremse AG		2,543		145,005
MTU Aero Engines AG		824		149,971
				743,638
Information Technology (0.2%):
Infineon Technologies AG		5,284		127,839
				127,839
Materials (1.0%):
BASF SE		3,460		150,544
Evonik Industries AG		9,047		193,002
HeidelbergCement AG		3,425		164,507
Symrise AG		2,129		231,665
				739,718
Real Estate (0.5%):
Deutsche Wohnen SE		8,089		185,956
Vonovia Se		5,076		156,368
				342,324

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Germany (5.8%): (continued)
Utilities (0.5%):
E.ON SE		20,474		171,793
RWE AG		4,257		156,474
				328,267
				4,091,581
Hong Kong (5.0%):
Financials (0.7%):
AIA Group Ltd.		19,217		208,295
Hang Seng Bank, Ltd.		15,294		269,954
				478,249
Industrials (0.9%):
CK Hutchison Holdings Ltd.		43,960		297,209
SITC International Holdings Co., Ltd.		35,216		99,635
Techtronic Industries Co.		10,453		109,038
Xinyi Glass Holdings, Ltd.		48,843		117,149
				623,031
Real Estate (1.3%):
CK Asset Holdings Ltd.		36,192		255,991
Henderson Land Development Co. Ltd.		53,827		201,681
Sun Hung Kai Properties Ltd.		23,810		281,292
The Wharf Holdings Ltd		55,000		200,469
				939,433
Utilities (2.1%):
CK Infrastructure Holdings Ltd.		47,962		294,009
CLP Holdings, Inc.		62,355		517,333
Hong Kong & China Gas Co. Ltd.		239,413		257,824
Power Assets Holdings Ltd.		69,459		436,852
				1,506,018
				3,546,731
Ireland (0.9%):
Consumer Staples (0.3%):
Kerry Group PLC		2,272		217,444
				217,444

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Ireland (0.9%): (continued)
Industrials (0.1%):
Kingspan Group PLC		1,742		104,771
				104,771
Materials (0.5%):
CRH PLC		5,013		173,336
Smurfit Kappa Group PLC		4,810		161,681
				335,017
				657,232
Israel (1.0%):
Financials (0.6%):
Bank Hapoalim BM		24,036		200,805
Bank Leumi		21,360		190,015
				390,820
Information Technology (0.2%):
Nice Ltd. (a)		816		156,752
				156,752
Materials (0.2%):
ICL Group Ltd.		15,764		143,124
				143,124
				690,696
Italy (2.8%):
Consumer Discretionary (0.2%):
Moncler SpA		2,967		127,244
				127,244
Energy (0.2%):
Eni SpA		15,313		181,758
				181,758
Financials (0.9%):
Assicurazioni Generali SpA		12,495		199,330
Intesa Sanpaolo SpA		74,090		138,184
Poste Italiane SpA		18,727		174,873
UniCredit SpA		11,875		112,792
				625,179

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Italy (2.8%): (continued)
Industrials (0.3%):
Atlantia SpA		10,177		238,648
				238,648
Information Technology (0.2%):
Nexi SpA (a)		15,955		132,136
				132,136
Utilities (1.0%):
Enel SpA		31,764		173,734
Snam SpA		55,531		290,869
Terna SpA		30,071		235,935
				700,538
				2,005,503
Japan (20.8%):
Communication Services (1.7%):
KDDI Corp.		9,600		303,512
Nexon Co. Ltd.		6,400		131,057
Nippon Telegraph & Telephone Corp.		11,300		324,523
Softbank Corp.		30,300		336,480
Z Holdings Corp.		39,700		116,004
				1,211,576
Consumer Discretionary (2.1%):
Bridgestone Corp.		6,100		222,579
Denso Corp.		3,200		170,025
Fast Retailing Co. Ltd.		400		209,583
Nitori Co. Ltd.		1,900		180,602
Panasonic Corp.		22,200		179,436
Shimano ORD		700		118,266
Suzuki Motor Co.		6,000		188,589
Toyota Industries Corp.		3,200		198,143
				1,467,223

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (20.8%): (continued)
Consumer Staples (1.6%):
Ajinomoto Co., Inc.		8,800		214,064
KAO Corp.		7,800		314,622
Seven & i Holdings Co., Ltd.		5,800		225,185
Shiseido Co., Ltd.		3,800		152,549
Unicharm Corp.		6,300		210,836
				1,117,256
Energy (0.2%):
Inpex Corp.		13,400		145,201
				145,201
Financials (3.3%):
Dai-ichi Life Holdings, Inc.		11,000		203,524
Japan Post Bank Co. Ltd.		32,900		255,857
Japan Post Holdings Co. Ltd.		41,500		296,459
Mitsubishi UFJ Financial Group, Inc.		43,900		236,036
MS&AD Insurance Group Holdings, Inc.		9,300		285,046
ORIX Corp.		13,000		218,104
Sompo Holdings, Inc.		6,500		286,669
Sumitomo Mitsui Financial Group, Inc.		8,900		264,520
Tokio Marine Holdings, Inc.		5,200		302,931
				2,349,146
Health Care (2.1%):
Astellas Pharma, Inc.		15,100		235,416
Chugai Pharmaceutical Co. Ltd.		6,200		158,587
Daiichi Sankyo Co. Ltd.		7,600		192,549
Hoya Corp.		1,600		136,636
M3, Inc.		4,100		117,808
Olympus Corp.		8,600		172,843
Shionogi & Co. Ltd.		2,900		146,539
Sysmex Corp.		2,100		126,409
Terumo Corp.		6,500		195,872
				1,482,659

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (20.8%): (continued)
Industrials (4.5%):
Daikin Industries Ltd.		1,200		192,393
Fanuc Corp.		1,100		172,225
Hitachi, Ltd.		4,000		189,827
ITOCHU Corp.		8,500		229,762
Komatsu Ltd.		9,400		208,427
Kubota Corp.		10,200		152,406
Marubeni Corp.		20,100		181,353
Mitsubishi Corp.		7,600		226,162
Mitsubishi Electric Corp.		25,300		270,605
Nidec Corp.		2,700		166,785
Nippon Yusen KK		1,500		102,499
Secom Co. Ltd.		5,000		308,971
SMC Corp.		300		133,724
Sumitomo Corp.		17,900		245,027
Toshiba Corp.		5,900		239,853
Toyota Tsusho Corp.		4,800		156,745
				3,176,764
Information Technology (3.3%):
Advantest Corp.		2,200		117,735
Canon, Inc.		10,000		227,407
Fujifilm Holdings Corp.		3,700		198,501
Fujitsu, Ltd.		1,200		150,066
Keyence Corp.		400		136,754
Kyocera Corp.		5,000		267,433
Lasertec Corp.		800		95,238
Murata Manufacturing Co. Ltd.		3,500		190,815
Nomura Research Institute Ltd.		5,700		151,681
NTT Data Corp.		11,600		160,413
OBIC Co. Ltd.		1,500		212,185
Renesas Electronics Corp. (a)		14,300		129,971

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (20.8%): (continued)
Information Technology (3.3%): (continued)
TDK Corp.		5,300		163,696
Tokyo Electron Ltd.		400		130,621
				2,332,516
Materials (0.8%):
Nippon Paint Holdings Co. Ltd.		14,000		104,334
Nippon Steel Corp.		10,700		149,781
Shin-Etsu Chemical Co. Ltd.		1,400		157,895
Sumitomo Metal Mining Co., Ltd.		3,700		115,915
				527,925
Real Estate (1.2%):
Daiwa House Industry Co. Ltd.		11,000		256,391
Mitsubishi Estate Co. Ltd.		21,600		313,507
Mitsui Fudosan Co. Ltd.		11,200		240,867
				810,765
				14,621,031
Korea, Republic Of (5.1%):
Communication Services (0.4%):
Kakao Corp.		2,041		109,904
Naver Corp.		743		137,370
				247,274
Consumer Discretionary (1.1%):
Hyundai Mobis		1,290		197,758
Hyundai Motor Co.		1,708		237,496
Kia Corp.		3,459		205,979
LG Electronics, Inc.		1,604		109,108
				750,341
Consumer Staples (0.2%):
LG Household & Health Care Ltd.		252		132,008
				132,008

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Korea, Republic Of (5.1%): (continued)
Energy (0.2%):
SK Innovation Co. Ltd.		959		141,844
				141,844
Financials (0.8%):
Hana Financial Group, Inc.		5,649		171,241
KB Financial Group, Inc.		4,505		167,103
Shinhan Financial Group Co. Ltd.		8,281		236,354
				574,698
Health Care (0.4%):
Celltrion, Inc.		958		131,733
Samsung Biologics Co., Ltd. (a)		283		172,229
				303,962
Industrials (0.7%):
HMM Co., Ltd.		5,728		108,550
Samsung C&T Corp.		2,481		235,084
SK, Inc.		1,094		181,196
				524,830
Information Technology (0.9%):
Samsung Electro-Mechanics Co., Ltd.		1,381		138,834
Samsung Electronics Co. Ltd.		4,929		216,434
Samsung SDI Co. Ltd.		365		149,588
SK Hynix, Inc.		1,867		130,881
				635,737
Materials (0.4%):
LG Chem Ltd.		314		124,816
POSCO		804		142,764
				267,580
				3,578,274
Luxembourg (0.5%):
Energy (0.2%):
Tenaris SA		10,198		131,111
				131,111

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Luxembourg (0.5%): (continued)
Health Care (0.2%):
Eurofins Scientific SE		1,498		117,846
				117,846
Materials (0.1%):
ArcelorMittal SA		4,247		95,719
				95,719
				344,676
Netherlands (2.4%):
Consumer Discretionary (0.2%):
Prosus N.V.		2,080		136,171
				136,171
Financials (0.6%):
ABN AMRO Group N.V.		12,694		142,518
ING Groep NV		14,828		146,527
NN Group NV		3,747		170,158
				459,203
Industrials (0.6%):
Randstad N.V.		3,332		161,297
Wolters Kluwer N.V.		2,525		244,885
				406,182
Information Technology (0.5%):
Adyen N.V. (a)		66		95,987
ASM International NV		424		106,002
ASML Holding N.V.		248		118,455
				320,444
Materials (0.5%):
AKZO Nobel N.V		2,375		155,832
Koninklijke DSM N.V.		1,335		191,777
				347,609
				1,669,609

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)

SECURITY DESCRIPTION

SHARES

VALUE ($)

New Zealand (0.2%):

Health Care (0.2%):

Fisher & Paykel Healthcare Corp., Ltd.

11,537

143,907

143,907

Norway (1.8%):

Communication Services (0.4%):

Telenor ASA

18,022

239,798

239,798

Consumer Staples (0.2%):

Mowi ASA

6,829

155,443

155,443

Energy (0.4%):

Aker BP ASA

3,197

111,095

Equinor ASA

4,115

143,174

254,269

Financials (0.5%):

DNB Bank ASA

9,235

165,606

Gjensidige Forsikring ASA

10,554

213,860

379,466

Materials (0.3%):

Norsk Hydro ASA

13,853

77,614

Yara International ASA

3,214

134,367

211,981

1,240,957

Portugal (0.6%):

Consumer Staples (0.3%):

Jeronimo Martins & Filho SA

9,608

208,795

208,795

Utilities (0.3%):

EDP - Energias de Portugal SA

46,612

217,436

217,436

426,231

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)

SECURITY DESCRIPTION

SHARES

VALUE ($)

Russian Federation (0.1%):

Materials (0.1%):

Evraz PLC (b)

38,723

34,405

34,405

Singapore (2.0%):

Communication Services (0.5%):

Singapore Telecommunications, Ltd.

187,100

340,794

340,794

Consumer Staples (0.3%):

Wilmar International Ltd.

85,900

249,846

249,846

Financials (1.2%):

DBS Group Holdings Ltd.

12,300

262,825

Oversea-Chinese Banking Corp. Ltd.

38,200

313,246

United Overseas Bank

13,600

257,019

833,090

1,423,730

Spain (2.6%):

Consumer Discretionary (0.3%):

Industria de Diseno Textil SA

8,274

187,175

187,175

Energy (0.3%):

Repsol SA

15,638

230,216

230,216

Financials (0.2%):

Caixabank SA

48,867

169,840

169,840

Health Care (0.3%):

Grifols SA (a)

9,803

185,248

185,248

Industrials (0.3%):

Ferrovial SA

8,257

209,284

209,284

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Spain (2.6%): (continued)
Utilities (1.2%):
Endesa SA		10,401		196,167
Iberdrola SA		19,701		204,281
Naturgy Energy Group SA		7,026		202,230
Red Electrica Corp. SA		14,356		271,136
				873,814
				1,855,577
Sweden (4.5%):
Communication Services (0.4%):
Telia Co. AB		73,079		280,045
				280,045
Consumer Staples (0.3%):
Essity Aktiebolag, Class B		9,093		237,548
				237,548
Energy (0.0%):†
Orron Energy AB		3,362		2,299
				2,299
Financials (1.5%):
EQT AB		2,891		59,210
Industrivarden AB, Class C		7,691		171,133
Investor AB, Class B		9,236		151,925
L E Lundbergforetagen AB, Class B		3,865		157,221
Lundin Energy MergerCo AB (a)		—		—
Skandinavisk Enskilda Banken AB		15,925		156,381
Svenska Handelsbanken AB		23,135		197,811
Swedbank AB, Class A Shares		11,593		146,611
				1,040,292
Health Care (0.1%):
Getinge AB, Class B Shares		4,088		94,521
				94,521

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Sweden (4.5%): (continued)
Industrials (1.3%):
ALFA Laval AB		5,195		125,300
ASSA Abloy AB		7,305		155,257
Atlas Copco AB, Class A (a)		13,815		129,135
Epiroc AB, Class A		8,475		130,927
Nibe Industrier AB, Class B		12,445		93,482
Sandvik AB		8,121		131,733
Volvo AB		11,077		171,590
				937,424
Information Technology (0.4%):
Hexagon AB, Class B		12,385		128,705
Telefonaktiebolaget LM Ericsson, Class B		16,840		125,622
				254,327
Materials (0.4%):
Boliden AB		3,215		102,306
Svenska Cellulosa AB SCA, Class B		10,136		151,482
				253,788
Real Estate (0.1%):
Fastighets AB Balder, Class B Shares (a)		16,150		77,415
				77,415
				3,177,659
Switzerland (6.8%):
Communication Services (0.5%):
Swisscom AG		682		376,833
				376,833
Consumer Discretionary (0.4%):
CIE Financiere Richemont SA		1,154		122,896
The Swatch Group AG		649		154,006
				276,902
Consumer Staples (0.8%):
Barry Callebaut AG		147		328,036
Chocoladefabriken Lindt & Spruengli AG		20		203,457
				531,493

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Switzerland (6.8%): (continued)
Financials (1.1%):
Julius Baer Group Ltd.		3,610		166,563
Partners Group Holding AG		158		142,390
Swiss Life Holding AG		445		216,789
Swiss Re AG		2,900		224,769
				750,511
Health Care (0.7%):
Alcon, Inc.		2,715		189,666
Sonova Holding AG		488		155,424
Straumann Holding AG, Class R		1,159		139,213
				484,303
Industrials (1.6%):
ABB Ltd.		7,451		198,746
Geberit AG		468		224,954
Kuehne & Nagel International AG		691		163,610
Schindler Holding AG		1,152		210,124
SGS SA		110		251,807
VAT Group AG		428		102,056
				1,151,297
Information Technology (0.4%):
Logitech International SA, Class R		2,408		125,811
STMicroelectronics N.V.		4,382		137,744
				263,555
Materials (1.3%):
EMS-Chemie Holding AG		280		208,423
Givaudan SA		62		218,056
Glencore PLC		26,122		141,510
Holcim, Ltd.		5,533		236,798
Sika AG		647		149,125
				953,912
				4,788,806

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
United Kingdom (6.0%):
Communication Services (0.2%):
BT Group PLC		71,630		162,417
				162,417
Consumer Discretionary (0.3%):
Next PLC		2,558		182,441
				182,441
Consumer Staples (0.2%):
Associated British Foods PLC		9,184		176,385
				176,385
Financials (1.9%):
3I Group PLC		11,050		149,081
Admiral Group PLC		6,685		182,578
Aviva PLC		41,489		202,640
Legal & General Group PLC		56,609		165,012
Lloyds Banking Group PLC		264,410		136,158
London Stock Exchange Group		1,829		169,893
Schroders PLC		4,998		162,539
Standard Chartered PLC		23,082		173,783
				1,341,684
Health Care (0.3%):
Smith & Nephew PLC		13,729		191,741
				191,741
Industrials (2.0%):
Ashtead Group PLC		3,056		127,911
Bunzl PLC		7,073		234,065
Ferguson PLC		1,820		203,524
Intertek Group PLC		3,410		174,561
RELX PLC		9,265		251,012
Rentokil Initial PLC		31,037		179,280
Rolls-Royce Holdings PLC (a)		94,855		95,763
Spirax-Sarco Engineering PLC		1,286		154,609
				1,420,725

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)

SECURITY DESCRIPTION

SHARES

VALUE ($)

United Kingdom (6.0%): (continued)

Information Technology (0.2%):

Halma PLC

6,791

166,049

166,049

Materials (0.6%):

Anglo American PLC

2,745

98,123

Croda International PLC

2,163

170,380

Rio Tinto PLC

2,229

133,380

401,883

Utilities (0.3%):

SSE PLC

10,860

213,597

213,597

4,256,922

United States (0.4%):

Industrials (0.4%):

Waste Connections, Inc.

2,432

301,591

301,591

Total Common Stocks (Cost $79,576,028)

69,780,827

Total Investments (Cost $79,576,028) — 99.0%

69,780,827

Other assets in excess of liabilities — 1.0%

678,402

NET ASSETS - 100.00%

70,459,229

Percentages indicated are based on net assets as of June 30, 2022.

†	Represents less than 0.05%.

(a)	Non-income producing security.

(b)	Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.1% of the Fund’s net assets as of June 30, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan International ETF		June 30, 2022 (Unaudited)

Futures Contracts

Long Futures



Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Mini MSCI EAFE Index September Future (U.S. Dollar)		9/16/22		5	$	464,150	$	(10,415)

							$	(10,415)

See notes to financial statements


		Schedule of Portfolio Investments

Timothy Plan US Large/Mid Cap Core Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (23.1%)
Communication Services (0.2%):
Liberty Media Corp-Liberty Formula One, Class C(a)		1,063		67,469
Lumen Technologies, Inc.		3,795		41,403
News Corp., Class A		2,924		45,556
ZoomInfo Technologies, Inc.(a)		554		18,415

				172,843
Consumer Discretionary (1.8%):
Aptiv PLC(a)		414		36,875
AutoZone, Inc.(a)		34		73,070
Bath & Body Works, Inc.		894		24,066
Booking Holdings, Inc.(a)		20		34,980
Burlington Stores, Inc.(a)		200		27,246
CarMax, Inc.(a)		487		44,064
Chewy, Inc., Class A(a)		587		20,381
Chipotle Mexican Grill, Inc.(a)		34		44,447
Dollar General Corp.		308		75,595
Dollar Tree, Inc.(a)		267		41,612
Domino’s Pizza, Inc.		136		53,000
DR Horton, Inc.		714		47,260
Garmin Ltd.		580		56,985
Genuine Parts Co.		589		78,337
Lennar Corp.		658		46,435
LKQ Corp.		1,167		57,288
Lowe’s Cos., Inc.		313		54,672
NVR, Inc.(a)		14		56,058
O’Reilly Automotive, Inc.(a)		107		67,598
Pool Corp.		133		46,713
Pultegroup, Inc.		1,182		46,843
Ross Stores, Inc.		562		39,469
Tapestry, Inc.		1,209		36,899
Tesla, Inc.(a)		31		20,876

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (1.8%): (continued)
Tractor Supply Co.		282		54,666
Vail Resorts, Inc.		218		47,535

				1,232,970
Consumer Staples (1.0%):
Bunge, Ltd.		588		53,326
Campbell Soup Co.		1,807		86,826
Costco Wholesale Corp.		136		65,182
Darling Ingredients, Inc.(a)		625		37,375
Hormel Foods Corp.		1,725		81,696
McCormick & Co., Inc.		845		70,346
Monster Beverage Corp.(a)		784		72,677
Sysco Corp.		735		62,262
The JM Smucker Co.		585		74,886
Tyson Foods, Inc., Class A		737		63,426

				668,002
Energy (1.2%):
APA Corp.		771		26,908
ConocoPhillips		513		46,072
Continental Resources, Inc.		555		36,269
Coterra Energy, Inc.		1,405		36,235
Devon Energy Corp.		572		31,523
Diamondback Energy, Inc.		266		32,226
EOG Resources, Inc.		367		40,531
Halliburton Co.		1,025		32,144
Hess Corp.		386		40,893
Kinder Morgan, Inc.		3,699		61,995
Marathon Oil Corp.		1,445		32,484
Marathon Petroleum Corp.		647		53,190
Occidental Petroleum Corp.		499		29,381
ONEOK, Inc.		851		47,230
Ovintiv, Inc.		645		28,503

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Energy (1.2%): (continued)
Phillips 66		579		47,472
Pioneer Natural Resources Co.		207		46,178
Schlumberger N.V.		993		35,510
The Williams Cos., Inc.		2,303		71,877
Valero Energy Corp.		454		48,251

				824,872
Financials (2.6%):
Aflac, Inc.		1,248		69,052
American Financial Group, Inc.		521		72,320
Arch Capital Group Ltd.(a)		1,623		73,830
Ares Management Corp., Class A		614		34,912
Arthur J Gallagher & Co.		454		74,020
Brown & Brown, Inc.		988		57,640
Cboe Global Markets, Inc.		651		73,687
Cincinnati Financial Corp.		485		57,705
CNA Financial Corp.		1,593		71,526
Coinbase Global, Inc., Class A(a)		169		7,946
East West Bancorp, Inc.		633		41,018
Everest Re Group, Ltd.		241		67,547
FactSet Research Systems, Inc.		192		73,837
First Citizens BancShares, Inc., Class A		75		49,034
First Republic Bank		360		51,912
Franklin Resources, Inc.		1,908		44,476
Interactive Brokers Group, Inc.		851		46,814
Intercontinental Exchange, Inc.		671		63,101
LPL Financial Holdings, Inc.		243		44,829
Markel Corp.(a)		56		72,422
MarketAxess Holdings, Inc.		216		55,298
Morningstar, Inc.		216		52,235
MSCI, Inc.		108		44,512
Nasdaq, Inc.		444		67,728

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (2.6%): (continued)
Principal Financial Group, Inc.		847		56,571
Raymond James Financial, Inc.		557		49,801
Rocket Cos., Inc., Class A		4,197		30,890
Signature Bank		147		26,344
SVB Financial Group(a)		77		30,414
Tradeweb Markets, Inc., Class A		851		58,081
Upstart Holdings, Inc.(a)		174		5,502
Webster Financial Corp.		982		41,391
WR Berkley Corp.		1,183		80,752

				1,747,147
Health Care (3.0%):
ABIOMED, Inc.(a)		136		33,661
Agilent Technologies, Inc.		508		60,335
Align Technology, Inc.(a)		97		22,957
Amgen, Inc.		329		80,046
Avantor, Inc.(a)		1,835		57,068
Baxter International, Inc.		1,060		68,084
Bio-Rad Laboratories, Inc., Class A(a)		94		46,530
Bruker Corp.		818		51,338
Cardinal Health, Inc.		988		51,643
Catalent, Inc.(a)		496		53,216
Centene Corp.(a)		655		55,419
Charles River Laboratories International, Inc.(a)		171		36,589
Danaher Corp.		236		59,831
DaVita, Inc.(a)		511		40,860
DENTSPLY SIRONA, Inc.		1,342		47,950
Dexcom, Inc.(a)		304		22,657
Edwards Lifesciences Corp.(a)		469		44,597
HCA Healthcare, Inc.		230		38,654
Henry Schein, Inc.(a)		826		63,387
Horizon Therapeutics PLC(a)		549		43,788

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (3.0%): (continued)
Humana, Inc.		117		54,764
IDEXX Laboratories, Inc.(a)		101		35,424
Illumina, Inc.(a)		124		22,861
Incyte Corp.(a)		741		56,294
Insulet Corp.(a)		137		29,858
Intuitive Surgical, Inc.(a)		188		37,733
IQVIA Holdings, Inc.(a)		266		57,719
Mettler-Toledo International, Inc.(a)		48		55,141
Molina Healthcare, Inc.(a)		170		47,534
PerkinElmer, Inc.		345		49,066
Regeneron Pharmaceuticals, Inc.(a)		92		54,384
Repligen Corp.(a)		215		34,916
ResMed, Inc.		253		53,036
STERIS PLC		281		57,928
Stryker Corp.		259		51,523
Teleflex, Inc.		169		41,549
Veeva Systems, Inc., Class A(a)		226		44,757
Vertex Pharamaceuticals, Inc.(a)		257		72,420
Waters Corp.(a)		227		75,132
West Pharmaceutical Services, Inc.		136		41,122
Zimmer Biomet Holdings, Inc.		455		47,802
Zoetis, Inc.		393		67,553

				2,067,126
Industrials (5.3%):
A.O. Smith Corp.		1,035		56,594
AMERCO, Inc.		127		60,735
AMETEK, Inc.		689		75,714
Builders FirstSource, Inc.(a)		704		37,805
Carlisle Companies, Inc.		320		76,355
Carrier Global Corp.		1,414		50,423
Caterpillar, Inc.		300		53,628

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (5.3%): (continued)
CH Robinson Worldwide, Inc.		620		62,849
Cintas Corp.		181		67,609
Copart, Inc.(a)		470		51,070
Costar Group, Inc.(a)		704		42,529
CSX Corp.		2,148		62,421
Deere & Co.		134		40,129
Dover Corp.		515		62,480
Eaton Corp. PLC		500		62,995
Emerson Electric Co.		775		61,643
Equifax, Inc.		268		48,985
Expeditors International of Washington, Inc.		730		71,146
Fastenal Co.		1,507		75,229
Fortive Corp.		1,197		65,093
Fortune Brands Home & Security, Inc.		813		48,682
Generac Holdings, Inc.(a)		132		27,797
General Dynamics Corp.		384		84,960
Graco, Inc.		1,169		69,450
HEICO Corp.		456		59,791
Honeywell International, Inc.		430		74,738
Howmet Aerospace, Inc.		1,468		46,169
IDEX Corp.		392		71,199
Illinois Tool Works, Inc.		455		82,924
Ingersoll Rand, Inc.		1,326		55,798
J.B. Hunt Transport Services, Inc.		357		56,217
Johnson Controls International PLC		1,100		52,668
Leidos Holdings, Inc.		576		58,009
Masco Corp.		1,364		69,018
Nordson Corp.		331		67,008
Norfolk Southern Corp.		292		66,369
Old Dominion Freight Line, Inc.		228		58,432
Otis Worldwide Corp.		992		70,105
PACCAR, Inc.		875		72,047

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (5.3%): (continued)
Parker Hannifin Corp.		234		57,576
Quanta Services, Inc.		354		44,370
Regal Rexnord Corp.		418		47,451
Republic Services, Inc.		655		85,720
Robert Half International, Inc.		580		43,436
Rockwell Automation, Inc.		276		55,010
Rollins, Inc.		1,762		61,529
Roper Technologies, Inc.		186		73,405
Snap-on, Inc.		340		66,990
Trane Technologies PLC		455		59,091
TransDigm Group, Inc.(a)		88		47,227
TransUnion		657		52,553
Trex Co., Inc.(a)		567		30,856
Union Pacific Corp.		364		77,634
United Rentals, Inc.(a)		157		38,137
Verisk Analytics, Inc.		384		66,467
Waste Management, Inc.		598		91,482
Watsco, Inc.		265		63,287
Westinghouse Air Brake Technologies Corp.		703		57,702
WW Grainger, Inc.		154		69,982
Xylem, Inc.		714		55,821

				3,622,539
Information Technology (3.3%):
Advanced Micro Devices, Inc.(a)		321		24,547
Akamai Technologies, Inc.(a)		629		57,447
Amphenol Corp., Class A		1,062		68,372
Analog Devices, Inc.		366		53,469
ANSYS, Inc.(a)		180		43,072
AppLovin Corp., Class A(a)		499		17,186
Arista Networks, Inc.(a)		331		31,028
Bentley Systems, Inc., Class B		1,076		35,831

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (3.3%): (continued)
Broadcom, Inc.		102		49,553
Broadridge Financial Solutions, Inc.		479		68,281
Cadence Design Systems, Inc.(a)		307		46,059
CDW Corp.		378		59,558
Cognex Corp.		651		27,680
Cognizant Technology Solutions Corp., Class A		883		59,594
Dynatrace, Inc.(a)		830		32,735
Enphase Energy, Inc.(a)		133		25,967
Entegris, Inc.		394		36,299
EPAM Systems, Inc.(a)		65		19,161
F5, Inc.(a)		290		44,382
Fair Isaac Corp.(a)		115		46,103
Fidelity National Information Services, Inc.		502		46,018
FleetCor Technologies, Inc.(a)		237		49,796
Fortinet, Inc.(a)		540		30,553
Gartner, Inc.(a)		171		41,353
Jack Henry & Associates, Inc.		378		68,048
Juniper Networks, Inc.		1,907		54,349
Keysight Technologies, Inc.(a)		429		59,138
KLA Corp.		120		38,290
Lam Research Corp.		85		36,223
Microchip Technology, Inc.		694		40,307
Monolithic Power Systems, Inc.		95		36,484
NetApp, Inc.		798		52,061
NVIDIA Corp.		139		21,071
NXP Semiconductors NV		263		38,932
ON Semiconductor Corp.(a)		623		31,343
Paychex, Inc.		571		65,020
Paycom Software, Inc.(a)		127		35,575
Paylocity Holding Corp.(a)		192		33,489
PTC, Inc.(a)		498		52,957
Qorvo, Inc.(a)		404		38,105

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (3.3%): (continued)
ServiceNow, Inc.(a)		77		36,615
Skyworks Solutions, Inc.		430		39,835
SS&C Technologies Holdings, Inc.		1,090		63,296
Synopsys, Inc.(a)		151		45,859
TE Connectivity Ltd.		518		58,612
Teledyne Technologies, Inc.(a)		162		60,768
Teradyne, Inc.		339		30,357
The Trade Desk, Inc., Class A(a)		333		13,949
Trimble, Inc.(a)		802		46,700
Tyler Technologies, Inc.(a)		129		42,890
Ubiquiti, Inc.		156		38,721
Western Digital Corp.(a)		907		40,661
Zebra Technologies Corp.(a)		129		37,920

				2,271,619
Materials (1.9%):
Albemarle Corp.		175		36,572
Alcoa Corp.		338		15,406
Avery Dennison Corp.		373		60,378
Ball Corp.		781		53,709
Celanese Corp.		436		51,278
CF Industries Holdings, Inc.		380		32,577
Cleveland-Cliffs, Inc.(a)		985		15,139
Eastman Chemical Co.		557		50,002
Ecolab, Inc.		381		58,583
FMC Corp.		425		45,479
Freeport-McMoRan, Inc.		796		23,291
International Flavors & Fragrances, Inc.		528		62,895
International Paper Co.		1,641		68,643
LyondellBasell Industries NV, Class A		575		50,290
Martin Marietta Materials, Inc.		170		50,871
Newmont Corp.		718		42,843

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (1.9%): (continued)
Nucor Corp.		259		27,042
Packaging Corp. of America		483		66,413
PPG Industries, Inc.		498		56,941
Reliance Steel & Aluminum Co.		356		60,470
RPM International, Inc.		924		72,737
Steel Dynamics, Inc.		498		32,943
The Mosaic Co.		525		24,796
The Sherwin-Williams Co.		296		66,277
Vulcan Materials Co.		367		52,151
Westlake Chemical Corp.		461		45,187
Westrock Co.		1,235		49,202

				1,272,115
Real Estate (0.1%):
CBRE Group, Inc., Class A(a)		680		50,055

				50,055
Utilities (2.7%):
Alliant Energy Corp.		1,475		86,450
Ameren Corp.		1,060		95,782
American Electric Power Co., Inc.		1,030		98,818
American Water Works Co., Inc.		511		76,021
Atmos Energy Corp.		747		83,739
CenterPoint Energy, Inc.		2,829		83,682
CMS Energy Corp.		1,424		96,120
Consolidated Edison, Inc.		996		94,720
Dominion Energy, Inc.		1,082		86,354
DTE Energy Co.		775		98,231
Entergy Corp.		675		76,032
Essential Utilities, Inc.		1,725		79,091
Evergy, Inc.		1,502		98,005
Eversource Energy		996		84,132
FirstEnergy Corp.		2,017		77,433

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan US Large/Mid Cap Core Enhanced ETF		June 30, 2022 (Unaudited)

SECURITY DESCRIPTION

SHARES

VALUE ($)

Utilities (2.7%): (continued)

NextEra Energy, Inc.

822

63,672

NiSource, Inc.

3,223

95,046

PPL Corp.

3,491

94,711

The Southern Co.

1,404

100,119

WEC Energy Group, Inc.

929

93,495

Xcel Energy, Inc.

1,285

90,927

1,852,580

Total Common Stocks (Cost $16,889,454)

15,781,868

Investment Company (76.8%)

BlackRock Liquidity Funds T-Fund, Institutional Class, 1.34%(b)

52,312,822

Total Investment Company (Cost $52,312,822)

52,312,822

Total Investments (Cost $69,202,276) — 99.9%

68,094,690

Other assets in excess of liabilities — 0.1%

40,931

NET ASSETS - 100.00%

68,135,621

Percentages indicated are based on net assets as of June 30, 2022.

(a)	Non-income producing security.

(b)	Rate disclosed is the 7-Day effective yield on June 30, 2022.

Futures Contracts

Long Futures


Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini September Future (U.S. Dollar)		9/16/22		1	$	189,475	$	(16,294)

							$	(16,294)

See notes to financial statements


		Schedule of Portfolio Investments

Timothy Plan High Dividend Stock Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.5%)
Communication Services (0.6%):
Lumen Technologies, Inc.		33,752		368,234

				368,234
Consumer Discretionary (3.5%):
Garmin Ltd.		5,156		506,577
Genuine Parts Co.		5,245		697,585
Lowe’s Cos., Inc.		2,786		486,631
Tapestry, Inc.		10,750		328,090

				2,018,883
Consumer Staples (6.5%):
Bunge, Ltd.		5,227		474,037
Campbell Soup Co.		16,068		772,067
Hormel Foods Corp.		15,330		726,029
Sysco Corp.		6,534		553,495
The JM Smucker Co.		5,205		666,292
Tyson Foods, Inc., Class A		6,551		563,779

				3,755,699
Energy (8.2%):
ConocoPhillips		4,562		409,713
Coterra Energy, Inc.		12,495		322,246
Devon Energy Corp.		5,082		280,069
EOG Resources, Inc.		3,270		361,139
Kinder Morgan, Inc.		32,889		551,220
Marathon Petroleum Corp.		5,752		472,872
ONEOK, Inc.		7,563		419,746
Phillips 66		5,153		422,494
Pioneer Natural Resources Co.		1,833		408,906
The Williams Cos., Inc.		20,476		639,056
Valero Energy Corp.		4,035		428,840

				4,716,301

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (11.4%):
Aflac, Inc.		11,091		613,665
American Financial Group, Inc.		4,599		638,387
Ares Management Corp., Class A		5,447		309,716
Cboe Global Markets, Inc.		5,791		655,483
Cincinnati Financial Corp.		4,323		514,351
CNA Financial Corp.		14,176		636,502
East West Bancorp, Inc.		5,631		364,889
Everest Re Group, Ltd.		2,148		602,042
Franklin Resources, Inc.		16,964		395,431
Principal Financial Group, Inc.		7,525		502,595
Rocket Cos., Inc., Class A		37,323		274,697
Webster Financial Corp.		8,729		367,927
WR Berkley Corp.		10,525		718,437

				6,594,122
Health Care (3.1%):
Amgen, Inc.		2,916		709,463
Baxter International, Inc.		9,428		605,560
Cardinal Health, Inc.		8,787		459,297

				1,774,320
Industrials (22.2%):
A.O. Smith Corp.		9,199		503,001
Caterpillar, Inc.		2,668		476,932
CH Robinson Worldwide, Inc.		5,504		557,940
Eaton Corp. PLC		4,438		559,144
Emerson Electric Co.		6,894		548,349
Fastenal Co.		13,401		668,978
Fortune Brands Home & Security, Inc.		7,226		432,693
General Dynamics Corp.		3,410		754,462
Honeywell International, Inc.		3,833		666,214
Illinois Tool Works, Inc.		4,045		737,201
Johnson Controls International PLC		9,779		468,218

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (22.2%): (continued)
Masco Corp.		12,120		613,272
Norfolk Southern Corp.		2,597		590,272
PACCAR, Inc.		7,776		640,276
Parker Hannifin Corp.		2,079		511,538
Regal Rexnord Corp.		3,721		422,408
Rockwell Automation, Inc.		2,451		488,509
Snap-on, Inc.		3,024		595,819
Trane Technologies PLC		4,041		524,805
Union Pacific Corp.		3,239		690,814
Waste Management, Inc.		5,319		813,700
Watsco, Inc.		2,345		560,033

				12,824,578
Information Technology (7.5%):
Analog Devices, Inc.		3,256		475,669
Broadcom, Inc.		898		436,258
Broadridge Financial Solutions, Inc.		4,263		607,691
Fidelity National Information Services, Inc.		4,454		408,298
Juniper Networks, Inc.		16,956		483,246
NetApp, Inc.		7,093		462,747
Paychex, Inc.		5,078		578,232
Skyworks Solutions, Inc.		3,833		355,089
TE Connectivity Ltd.		4,609		521,508

				4,328,738
Materials (11.4%):
Avery Dennison Corp.		3,323		537,894
Celanese Corp.		3,862		454,210
Eastman Chemical Co.		4,945		443,913
FMC Corp.		3,781		404,605
International Flavors & Fragrances, Inc.		4,695		559,268
International Paper Co.		14,599		610,676
LyondellBasell Industries NV, Class A		5,115		447,358

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock Enhanced ETF		June 30, 2022 (Unaudited)


SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (11.4%): (continued)
Newmont Corp.		6,392		381,411
Packaging Corp. of America		4,306		592,075
PPG Industries, Inc.		4,420		505,383
Reliance Steel & Aluminum Co.		3,169		538,286
RPM International, Inc.		8,216		646,763
Westrock Co.		10,992		437,921

				6,559,763
Utilities (25.1%):
Alliant Energy Corp.		13,127		769,373
Ameren Corp.		9,428		851,914
American Electric Power Co., Inc.		9,198		882,456
Atmos Energy Corp.		6,638		744,120
CenterPoint Energy, Inc.		25,153		744,026
CMS Energy Corp.		12,650		853,875
Consolidated Edison, Inc.		8,864		842,966
Dominion Energy, Inc.		9,617		767,533
DTE Energy Co.		6,895		873,941
Entergy Corp.		5,996		675,389
Evergy, Inc.		13,350		871,088
Eversource Energy		8,855		747,982
FirstEnergy Corp.		17,933		688,448
NiSource, Inc.		28,653		844,977
PPL Corp.		31,048		842,332
The Southern Co.		12,486		890,377
WEC Energy Group, Inc.		8,263		831,588
Xcel Energy, Inc.		11,427		808,575
				14,530,960
Total Common Stocks (Cost $60,992,400)				57,471,598

See notes to financial statements


		Schedule of Portfolio Investments — continued

Timothy Plan High Dividend Stock Enhanced ETF		June 30, 2022 (Unaudited)

SECURITY DESCRIPTION

SHARES

VALUE ($)

Investment Company (0.4%)

BlackRock Liquidity Funds T-Fund, Institutional Class, 1.34%(a)

239,149

Total Investment Company (Cost $239,149)

239,149

Total Investments (Cost $61,231,549) — 99.9%

57,710,747

Other assets in excess of liabilities — 0.1%

75,900

NET ASSETS - 100.00%

57,786,647

Percentages indicated are based on net assets as of June 30, 2022.

(a)	Rate disclosed is the 7-Day effective yield on June 30, 2022.

Futures Contracts

Long Futures


Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini September Future (U.S. Dollar)		9/16/22		1	$	189,475	$	(16,302)

							$	(16,302)

See notes to financial statements


		Statements of Assets and Liabilities

Timothy Plan		June 30, 2022
		(Unaudited)


		Timothy Plan US Small Cap Core ETF			Timothy Plan US Large/Mid Cap Core ETF
ASSETS:
Investments, at value (Cost $52,781,884 and $154,598,855)	$	48,904,134		$	152,966,638
Cash and cash equivalents		307,096			478,140
Deposits with broker for futures contracts		27,618			39,044
Interest and dividends receivable		27,618			128,437
Total Assets		49,266,466			153,612,259
LIABILITIES:
Variation margin payable on open futures contracts		53			2,104
Accrued expenses and other payables:
Investment advisory fees		21,582			68,055
Total Liabilities		21,635			70,159
Net Assets		49,244,831			153,542,100
NET ASSETS CONSIST OF:
Capital	$	57,236,524		$	159,589,034
Total distributable earnings/(loss)		(7,991,693	)		(6,046,934	)
Net Assets	$	49,244,831		$	153,542,100

Shares Outstanding (unlimited shares authorized, no par value):		1,700,000			4,900,000
Net asset value per share:		$28.97			$31.34

See notes to financial statements.


		Statements of Assets and Liabilities

Timothy Plan		June 30, 2022
		(Unaudited)


		Timothy Plan High Dividend Stock ETF			Timothy Plan International ETF
ASSETS:
Investments, at value (Cost $170,239,641 and $79,576,028)	$	168,060,542		$	69,780,827
Foreign currency, at value (Cost $— and $37,722)		—			37,915
Cash and cash equivalents		883,054			389,053
Deposits with broker for futures contracts		94,104			56,601
Interest and dividends receivable		242,469			94,703
Variation margin receivable on open futures contracts		—			135,737
Reclaims receivable		—			116,543
Total Assets		169,280,169			70,611,379
LIABILITIES:
Payable for investments purchased		—			114,569
Variation margin payable on open futures contracts		7,938			—
Accrued expenses and other payables:
Investment advisory fees		70,830			37,581
Total Liabilities		78,768			152,150
Net Assets		169,201,401			70,459,229
NET ASSETS CONSIST OF:
Capital	$	174,233,897		$	81,838,891
Total distributable earnings/(loss)		(5,032,496	)		(11,379,662	)
Net Assets	$	169,201,401		$	70,459,229

Shares Outstanding (unlimited shares authorized, no par value):		5,700,000			3,100,000
Net asset value per share:		$29.68			$22.73

See notes to financial statements.


		Statements of Assets and Liabilities

Timothy Plan		June 30, 2022
		(Unaudited)


		Timothy Plan US Large/Mid Cap Core Enhanced ETF			Timothy Plan High Dividend Stock Enhanced ETF
ASSETS:
Investments, at value (Cost $69,202,276 and $61,231,549)	$	68,094,690		$	57,710,747
Deposits with broker for futures contracts		34,009			18,365
Interest and dividends receivable		37,630			83,821
Total Assets		68,166,329			57,812,933
LIABILITIES:
Variation margin payable on open futures contracts		1,588			1,587
Accrued expenses and other payables:
Investment advisory fees		29,120			24,699
Total Liabilities		30,708			26,286
Net Assets		68,135,621			57,786,647
NET ASSETS CONSIST OF:
Capital	$	74,962,161		$	60,718,916
Total distributable earnings/(loss)		(6,826,540	)		(2,932,269	)
Net Assets	$	68,135,621		$	57,786,647

Shares Outstanding (unlimited shares authorized, no par value):		2,900,000			2,350,000
Net asset value per share:		$23.50			$24.59

See notes to financial statements.


		Statements of Operations

Timothy Plan		For the Six Months Ended June 30, 2022
		(Unaudited)


	Timothy Plan US Small Cap Core ETF	Timothy Plan US Large/Mid Cap Core ETF
Investment Income:
Dividend income	$389,074	$1,299,441
Interest income	7	24
Foreign tax withholding	(411)	(546)
Total Income	388,670	1,298,919
Expenses:
Investment advisory fees	138,640	414,034
Total Expenses	138,640	414,034
Net Investment Income (Loss)	250,030	884,885
Realized/Unrealized Gains (Losses) from Investment Transactions:
Net realized gains (losses) from investment transactions	(547,249)	(2,101,111)
Net realized gains (losses) from in-kind transactions	283,122	5,278,515
Net realized gains (losses) from futures transactions	(26,003)	(94,241)
Net change in unrealized appreciation/depreciation on investments	(10,787,576)	(37,037,039)
Net change in unrealized appreciation/depreciation on futures transactions	(15,652)	(41,977)
Net realized/unrealized losses on investments	(11,093,358)	(33,995,853)
Change in net assets resulting from operations	$(10,843,328)	$(33,110,968)

See notes to financial statements.


		Statements of Operations

Timothy Plan		For the Six Months Ended June 30, 2022
		(Unaudited)


	Timothy Plan High Dividend Stock ETF	Timothy Plan International ETF
Investment Income:
Dividend income	$2,344,577	$2,058,689
Interest income	23	—
Foreign tax withholding	—	(295,413)
Total Income	2,344,600	1,763,276
Expenses:
Investment advisory fees	386,335	257,815
Total Expenses	386,335	257,815
Net Investment Income (Loss)	1,958,265	1,505,461
Realized/Unrealized Gains (Losses) from Investment Transactions and Foreign Currency Translations:
Net realized gains (losses) from investment transactions and foreign currency translations	(1,391,068)	(2,672,995)
Net realized gains (losses) from in-kind transactions	7,031,584	1,942,856
Net realized gains (losses) from futures transactions	(118,621)	(62,963)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations	(21,271,189)	(19,651,955)
Net change in unrealized appreciation/depreciation on futures transactions	(61,251)	(14,087)
Net realized/unrealized losses on investments and foreign currency translations	(15,810,545)	(20,459,144)
Change in net assets resulting from operations	$(13,852,280)	$(18,953,683)

See notes to financial statements.


		Statements of Operations

Timothy Plan		For the Six Months Ended June 30, 2022
		(Unaudited)


	Timothy Plan US Large/Mid Cap Core Enhanced ETF	Timothy Plan High Dividend Stock Enhanced ETF
Investment Income:
Dividend income	$399,469	$873,633
Foreign tax withholding	(128)	—
Total Income	399,341	873,633
Expenses:
Investment advisory fees	173,944	143,158
Total Expenses	173,944	143,158
Net Investment Income (Loss)	225,397	730,475
Realized/Unrealized Gains (Losses) from Investment Transactions:
Net realized gains (losses) from investment transactions	(5,657,594)	(942,899)
Net realized gains (losses) from in-kind transactions	—	1,455,567
Net realized gains (losses) from futures transactions	(54,930)	(26,397)
Net change in unrealized appreciation/depreciation on investments	(4,166,949)	(5,541,264)
Net change in unrealized appreciation/depreciation on futures transactions	(14,427)	(16,302)
Net realized/unrealized losses on investments	(9,893,900)	(5,071,295)
Change in net assets resulting from operations	$(9,668,503)	$(4,340,820)

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 Six Months Ended June 30, 2022		For the Year Ended December 31, 2021		For the Six Months Ended June 30, 2022		For the Year Ended December 31, 2021
	(Unaudited)				(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$250,030		$593,551		$884,885		$1,244,250
Net realized gains (losses) from investment transactions		(290,130)		9,167,013		3,083,163		33,735,791
Net change in unrealized appreciation/depreciation on investments		(10,803,228)		1,532,831		(37,079,016)		7,145,662
Change in net assets resulting from operations		(10,843,328)		11,293,395		(33,110,968)		42,125,703
Distributions to Shareholders:
Distributions		(215,840)		(612,920)		(747,830)		(1,212,586)
Change in net assets resulting from distributions to shareholders		(215,840)		(612,920)		(747,830)		(1,212,586)
Change in net assets resulting from capital transactions		3,512,414		14,242,606		19,260,433		(36,676,713)
Change in net assets		(7,546,754)		24,923,081		(14,598,365)		4,236,404
Net Assets:
Beginning of period		56,791,585		31,868,504		168,140,465		163,904,061
End of period		$49,244,831		$56,791,585		$153,542,100		$168,140,465
Capital Transactions:
Proceeds from shares issued		$6,467,847		$44,341,921		$38,741,573		$78,358,551
Cost of shares redeemed		(2,955,433)		(30,099,315)		(19,481,140)		(115,035,264)
Change in net assets resulting from capital transactions		$3,512,414		$14,242,606		$19,260,433		$(36,676,713)

Share Transactions:
Issued		200,000		1,350,000		1,100,000		2,250,000
Redeemed		(100,000)		(900,000)		(550,000)		(3,200,000)
Change in Shares		100,000		450,000		550,000		(950,000)

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 Six Months Ended June 30, 2022		For the Year Ended December 31, 2021		For the Six Months Ended June 30, 2022		For the Year Ended December 31, 2021
	(Unaudited)				(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$1,958,265		$2,789,515		$1,505,461		$1,568,906
Net realized gains (losses) from investment transactions		5,521,895		22,658,204		(793,102)		4,255,008
Net change in unrealized appreciation/depreciation on investments		(21,332,440)		8,214,547		(19,666,042)		1,608,467
Change in net assets resulting from operations		(13,852,280)		33,662,266		(18,953,683)		7,432,381
Distributions to Shareholders:
Distributions		(1,712,376)		(2,718,477)		(1,263,222)		(1,960,152)
Change in net assets resulting from distributions to shareholders		(1,712,376)		(2,718,477)		(1,263,222)		(1,960,152)
Change in net assets resulting from capital transactions		53,183,665		(22,272,015)		7,849,398		5,854,096
Change in net assets		37,619,009		8,671,774		(12,367,507)		11,326,325
Net Assets:
Beginning of period		131,582,392		122,910,618		82,826,736		71,500,411
End of period		$169,201,401		$131,582,392		$70,459,229		$82,826,736
Capital Transactions:
Proceeds from shares issued		$84,580,418		$78,541,688		$22,375,615		$17,679,875
Cost of shares redeemed		(31,396,753)		(100,813,703)		(14,526,217)		(11,825,779)
Change in net assets resulting from capital transactions		$53,183,665		$(22,272,015)		$7,849,398		$5,854,096

Share Transactions:
Issued		2,600,000		2,650,000		800,000		600,000
Redeemed		(950,000)		(3,350,000)		(550,000)		(400,000)
Change in Shares		1,650,000		(700,000)		250,000		200,000

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 Six Months Ended June 30, 2022		For the Period July 29, 2021^(a) through December 31, 2021		For the Six Months Ended June 30, 2022		For the Period July 29, 2021^(a) through December 31, 2021
	(Unaudited)				(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$225,397		$153,122		$730,475		$271,068
Net realized gains (losses) from investment transactions		(5,712,524)		39,554		486,271		37,471
Net change in unrealized appreciation/depreciation on investments		(4,181,376)		3,057,496		(5,557,566)		2,020,462
Change in net assets resulting from operations		(9,668,503)		3,250,172		(4,340,820)		2,329,001
Distributions to Shareholders:
Distributions		(180,679)		(155,733)		(610,307)		(314,041)
Change in net assets resulting from distributions to shareholders		(180,679)		(155,733)		(610,307)		(314,041)
Change in net assets resulting from capital transactions		8,657,378		66,232,986		15,656,911		45,065,903
Change in net assets		(1,191,804)		69,327,425		10,705,784		47,080,863
Net Assets:
Beginning of period		69,327,425		—		47,080,863		—
End of period		$68,135,621		$69,327,425		$57,786,647		$47,080,863
Capital Transactions:
Proceeds from shares issued		$8,657,378		$67,531,288		$29,277,184		$45,065,903
Cost of shares redeemed		—		(1,298,302)		(13,620,273)		—
Change in net assets resulting from capital transactions		$8,657,378		$66,232,986		$15,656,911		$45,065,903

Share Transactions:
Issued		350,000		2,600,000		1,100,000		1,750,000
Redeemed		—		(50,000)		(500,000)		—
Change in Shares		350,000		2,550,000		600,000		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 Six Months Ended June 30, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period December 3, 2019^(a) to December 31, 2019
	(Unaudited)

Net Asset Value, Beginning of Period	$	35.49		$	27.71		$	25.55		$	24.73
Investment Activities:
Net Investment Income (Loss)^(b)		0.15			0.40			0.32			0.02
Net Realized and Unrealized Gains (Losses) on Investments		(6.54)			7.78			2.15			0.82
Total from Investment Activities		(6.39)			8.18			2.47			0.84
Distributions to Shareholders:
Net Investment Income		(0.13)			(0.40)			(0.31)			(0.02)
Total Distributions		(0.13)			(0.40)			(0.31)			(0.02)
Net Asset Value, End of Period	$	28.97		$	35.49		$	27.71		$	25.55
Total Return (excludes sales charge)^(c)		(18.06%)			29.62	%		9.99	%		3.39	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(d)		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(d)		0.94	%		1.20	%		1.45	%		0.89	%
Net Assets, End of Period (000’s)	$	49,245		$	56,792		$	31,869		$	10,222
Portfolio Turnover^(c)		29	%		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 Six Months Ended June 30, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period May 1, 2019^(a) to December 31, 2019
	(Unaudited)

Net Asset Value, Beginning of Period	$	38.65		$	30.93		$	27.23		$	25.16
Investment Activities:
Net Investment Income (Loss)^(b)		0.19			0.24			0.23			0.21
Net Realized and Unrealized Gains (Losses) on Investments		(7.34)			7.72			3.72			2.04
Total from Investment Activities		(7.15)			7.96			3.95			2.25
Distributions to Shareholders:
Net Investment Income		(0.16)			(0.24)			(0.25)			(0.18)
Total Distributions		(0.16)			(0.24)			(0.25)			(0.18)
Net Asset Value, End of Period	$	31.34		$	38.65		$	30.93		$	27.23
Total Return (excludes sales charge)^(c)		(18.55	%)		25.82	%		14.67	%		9.01	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(d)		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(d)		1.11	%		0.69	%		0.88	%		1.22	%
Net Assets, End of Period (000’s)	$	153,542		$	168,140		$	163,904		$	134,795
Portfolio Turnover^(c)		12	%		27	%		45	%		17	%

(a) Commencement of operations.

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

(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 Six Months Ended June 30, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period May 1, 2019^(a) to December 31, 2019
	(Unaudited)

Net Asset Value, Beginning of Period	$	32.49		$	25.88		$	26.89		$	25.10
Investment Activities:
Net Investment Income (Loss)^(b)		0.41			0.61			0.57			0.48
Net Realized and Unrealized Gains (Losses) on Investments		(2.87)			6.60			(0.96)^(c)			1.74
Total from Investment Activities		(2.46)			7.21			(0.39)			2.22
Distributions to Shareholders:
Net Investment Income		(0.35)			(0.60)			(0.62)			(0.43)
Total Distributions		(0.35)			(0.60)			(0.62)			(0.43)
Net Asset Value, End of Period	$	29.68		$	32.49		$	25.88		$	26.89
Total Return (excludes sales charge)^(d)		(7.63	%)		28.10	%		(1.17	%)		9.00	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(e)		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(e)		2.63	%		2.07	%		2.45	%		2.81	%
Net Assets, End of Period (000’s)	$	169,201		$	131,582		$	122,911		$	94,132
Portfolio Turnover^(d)		23	%		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 Six Months Ended June 30, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period December 3, 2019^(a) to December 31, 2019
	(Unaudited)

Net Asset Value, Beginning of Period	$	29.06		$	26.98		$	25.58		$	24.80
Investment Activities:
Net Investment Income (Loss)^(b)		0.47			0.56			0.47			0.04
Net Realized and Unrealized Gains (Losses) on Investments		(6.40)			2.21			1.40			0.77
Total from Investment Activities		(5.93)			2.77			1.87			0.81
Distributions to Shareholders:
Net Investment Income		(0.40)			(0.69)			(0.47)			(0.03)
Total Distributions		(0.40)			(0.69)			(0.47)			(0.03)
Net Asset Value, End of Period	$	22.73		$	29.06		$	26.98		$	25.58
Total Return (excludes sales charge)^(c)		(20.52	%)		10.34	%		7.66	%		3.25	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(d)		0.62	%		0.62	%		0.62	%		0.62	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(d)		3.62	%		1.94	%		1.98	%		1.99	%
Net Assets, End of Period (000’s)	$	70,459		$	82,827		$	71,500		$	23,018
Portfolio Turnover^(c)		21	%		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 Six Months Ended June 30, 2022			For the period July 29, 2021^(a) to December 31, 2021			For the Six Months Ended June 30, 2022			For the period July 29, 2021^(a) to December 31, 2021
	(Unaudited)						(Unaudited)

Net Asset Value, Beginning of Period	$	27.19		$	25.00		$	26.90		$	25.00
Investment Activities:
Net Investment Income (Loss)^(b)		0.08			0.11			0.35			0.28
Net Realized and Unrealized Gains (Losses) on Investments		(3.70)			2.16			(2.38)			1.86
Total from Investment Activities		(3.62)			2.27			(2.03)			2.14
Distributions to Shareholders:
Net Investment Income		(0.07)			(0.08)			(0.28)			(0.24)
Total Distributions		(0.07)			(0.08)			(0.28)			(0.24)
Net Asset Value, End of Period	$	23.50		$	27.19		$	24.59		$	26.90
Total Return (excludes sales charge)^(c)		(13.35	%)		9.09	%		(7.61	%)		8.59	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(d)		0.52	%		0.51	%		0.52	%		0.51	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(d)		0.67	%		1.00	%		2.65	%		2.50	%
Net Assets, End of Period (000’s)	$	68,136		$	69,327		$	57,787		$	47,081
Portfolio Turnover^(c)		21	%		13	%		27	%		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		June 30, 2022 (Unaudited)

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		June 30, 2022 (Unaudited)

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		June 30, 2022 (Unaudited)

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 period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies.

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)


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

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 June 30, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed in the Schedules of Portfolio Investments:

US Small Cap Core ETF


Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	48,904,134	$	–	$	–	$	48,904,134

Total Investment Securities		48,904,134		–		–		48,904,134

Other Financial Instruments*
Liabilities:
Futures Contracts		(16,871)		–		–		(16,871)

Total Investments	$	48,887,263	$	–	$	–	$	48,887,263


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

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	$	152,966,638	$	–	$	–	$	152,966,638

Total Investment Securities		152,966,638		–		–		152,966,638

Other Financial Instruments*
Liabilities:
Futures Contracts		(31,527)		–		–		(31,527)

Total Investments	$	152,935,111	$	–	$	–	$	152,935,111

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	$	168,060,542	$	–	$	–	$	168,060,542

Total Investment Securities		168,060,542		–		–		168,060,542

Other Financial Instruments*
Liabilities:
Futures Contracts		(53,576)		–		–		(53,576)

Total Investments	$	168,006,966	$	–	$	–	$	168,006,966

International ETF


Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	69,746,422	$	–	$	34,405	$	69,780,827

Total Investment Securities		69,746,422		–		34,405		69,780,827

Other Financial Instruments*
Liabilities:
Futures Contracts		(10,415)		–		–		(10,415)

Total Investments	$	69,736,007	$	–	$	34,405	$	69,770,412


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

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	$	15,781,868	$	–	$	–	$	15,781,868
Investment Companies		52,312,822		–		–		52,312,822

Total Investment Securities		68,094,690		–		–		68,094,690

Other Financial Instruments*
Liabilities:
Futures Contracts		(16,294)		–		–		(16,294)

Total Investments	$	68,078,396	$	–	$	–	$	68,078,396

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	$	57,471,598	$	–	$	–	$	57,471,598
Investment Companies		239,149		–		–		239,149

Total Investment Securities		57,710,747		–		–		57,710,747

Other Financial Instruments*
Liabilities:
Futures Contracts		(16,302)		–		–		(16,302)

Total Investments	$	57,694,445	$	–	$	–	$	57,694,445

*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 following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:


International ETF	Investments In Securities
Balance as of December 31, 2021	$	–
Transfer into Level 3		34,405

Balance as of June 30, 2022	$	34,405


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

Real Estate Investment Trusts (“REITs”):

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

Investment Companies:

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

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. 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 period ended June 30, 2022, the Funds used futures contracts to provide market exposure on the Funds’ cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, and to maintain the Fund’s open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded. Deposits for futures for the Funds are


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

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

Average Notional Value

The table below summarizes the monthly average notional value of futures contracts for the period ended June 30, 2022.


Fund	Average Notional Value
US Small Cap Core ETF	$	236,758
US Large/Mid Cap Core ETF		636,250
High Dividend Stock ETF		656,571
International ETF		358,324
US Large/Mid Cap Core Enhanced ETF		212,094
High Dividend Stock Enhanced ETF		212,094


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on Statements of Assets and Liabilities, categorized by risk exposure, as of June 30, 2022:


	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure:
US Small Cap Core ETF	$	—	$	16,871
US Large/Mid Cap Core ETF		—		31,527
High Dividend Stock ETF		—		53,576
International ETF		—		10,415
US Large/Mid Cap Core Enhanced ETF		—		16.294
High Dividend Stock Enhanced ETF		—		16,302

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

The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended June 30, 2022:


	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	$	(26,003	)	$	(15,652	)
US Large/Mid Cap Core ETF		(94,241	)		(41,977	)
High Dividend Stock ETF		(118,621	)		(61,251	)
International ETF		(62,963	)		(14,087	)
US Large/Mid Cap Core Enhanced ETF		(54,930	)		(14,427	)
High Dividend Stock Enhanced ETF		(26,397	)		(16,302	)


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

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 or losses from investment transactions and foreign currency translations on the Statements of Operations.

Foreign Taxes:

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

Dividends to Shareholders:

Dividends from net investment income, if any, are declared and paid monthly 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


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

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 period ended June 30, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period, the Funds did not incur any interest or penalties. For the current open tax year, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Further, management of the Funds is not aware of any tax positions for which it is reasonably possible that the total amounts of any unrecognized tax benefits will significantly change over the next fiscal year.

3. PURCHASES AND SALES OF SECURITIES:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and in-kind transactions associated with purchases and sales for the period ended June 30, 2022 were as follows:


	Excluding in-kind transactions				Associated with in-kind transactions
Fund	Purchases		Sales		Purchases		Sales
US Small Cap Core ETF	$	15,594,648	$	15,754,598	$	6,443,715	$	2,942,161
US Large/Mid Cap Core ETF		18,820,305		18,520,685		38,558,940		19,514,148
High Dividend Stock ETF		34,069,901		34,072,009		84,162,852		31,299,076
International ETF		18,847,478		17,812,663		20,415,375		13,870,224
US Large/Mid Cap Core Enhanced ETF		11,145,444		61,549,941		6,839,624		–
High Dividend Stock Enhanced ETF		14,983,580		15,014,546		29,167,018		13,573,591

For the period ended June 30, 2022, there were no purchases or sales of U.S. Government Securities.


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

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 and High Dividend Stock 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.

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.


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

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 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.


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

6. FEDERAL INCOME TAX INFORMATION:

As of the end of its latest tax year ended 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

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.

100


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

As of the end of its latest tax year ended 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.

101


		Notes to Financial Statements

Timothy Plan		June 30, 2022 (Unaudited)

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

At December 31, 2021, International ETF had utilized capital loss carry forward of $1,353,339.

At 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	)

7. SUBSEQUENT EVENTS:

Management of the Funds has evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have a material impact on the Funds’ financial statements.

102


		Other Information (Unaudited)

Timothy Plan		June 30, 2022

Premium/Discount Information (Unaudited)

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

103


		Other Information (Unaudited)

Timothy Plan		June 30, 2022

Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

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

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


Fund	Beginning Account Value 1/1/22		Actual Ending Account Value 6/30/22		Hypothetical Ending Account Value 6/30/22		Actual Expenses Paid During Period 1/1/22 - 6/30/22*		Hypothetical Expenses Paid During Period 1/1/22 - 6/30/22*		Annualized Expense Ratio During Period 1/1/22 - 6/30/22
US Small Cap Core ETF
ETF Shares	$	1,000	$	819.40	$	1,022.22	$	2.35	$	2.61		0.52	%
US Large/Mid Cap Core ETF
ETF Shares	$	1,000	$	814.50	$	1,022.22	$	2.34	$	2.61		0.52	%
High Dividend Stock ETF
ETF Shares	$	1,000	$	923.70	$	1,022.22	$	2.48	$	2.61		0.52	%
International ETF
ETF Shares	$	1,000	$	794.80	$	1,021.72	$	2.76	$	3.11		0.62	%
US Large/Mid Cap Core Enhanced ETF
ETF Shares	$	1,000	$	866.50	$	1,022.22	$	2.41	$	2.61		0.52	%
High Dividend Stock Enhanced ETF
ETF Shares	$	1,000	$	923.90	$	1,022.22	$	2.48	$	2.61		0.52	%

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

104


Liquidity Risk Management Program

Timothy Plan Family of Funds		June 30, 2022 (Unaudited)

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of a Liquidity Program Administrator (LPA) comprised of the Trust’s Liquidity Risk Management Program Committee, which includes representatives from the Funds’ investment adviser and liquidity consultant. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The LPA updated its assessment of each Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended November 30, 2021 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception on December 1, 2018 (the “Review Period”) in order to prepare a written report for the Board of Trustees (the “Report”) for consideration at its meeting held in February, 2022.

During the Review Period, none of the Funds experienced unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. None of the Funds had a significant amount of illiquid investments and none required a determination as to a highly liquid investment minimum. The Report concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

105


Approval of Investment Advisory and Sub-Advisory Agreement

Timothy Plan		June 30, 2022 (Unaudited)

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

The Trustees considered the Investment Advisory Agreements between the Trust and Timothy Partners, Ltd. (the “Advisor” or “TPL”), for all Funds in the Trust. The Trustees first noted the discussions that had taken place the day before with Mr. Ally, and the information he had provided to the Trustees on behalf of TPL. The Trustees incorporated those discussions into their considerations. Trust counsel again reviewed the standards of review required of Trustees, and Independent Trustees in particular, with respect to the renewal of advisory and sub-advisory agreements. Fund counsel also reviewed the five required areas of inquiry that a Trustees must consider when renewing such agreements. Mr. Jones then answered questions from the Trustees relating to their obligations. After receiving satisfactory answers from Trust counsel, the Trustees began their consideration of the Advisory Agreements.

The Trustees reviewed the questionnaire responses provided by TPL and the related documents in support of those responses. With respect to the questionnaire responses, the Trustees noted that the questionnaire appeared to fully include requests for information relating to all five areas of required inquiry, and that with two exceptions, TPL’s responses appeared to be more than adequate. The Trustees then generally reviewed TPL’s responses, including but not limited to the conduct of its business operations and personnel changes, a description of the compensation received by TPL from the Funds, information relating to the Advisor’s compliance and operational policies and procedures, and a description of any material legal proceedings or securities enforcement proceedings regarding TPL or its personnel (there were none of either). In addition, the Trustees had requested and received financial statements of TPL for its fiscal year ended December 31, 2021, and noted that updated financial statements were provided at each Trustees Meeting.

Initially, the Trustees reviewed and discussed at length the Advisor’s experience and consistency in incorporating and implementing the unique, biblically-based management style that is a stated objective of all the Funds, as set forth in the Funds’ prospectus. The Trustees noted that the Adviser had managed the Funds since their inceptions, had developed, implemented and provided continuous monitoring of the Biblically Responsible Investing (BRI”) screens utilized by the Trust, oversaw and monitored the ongoing activities of the Funds’ various sub-advisers, and provided general management services to the Trust. In each of these areas, the Trustees unanimously agreed that TPL had performed well and had met or exceeded the Trustees’ expectations.

The Trustees reviewed reports from TPL relating to the fees charged by TPL, both as an aggregate and in relation to fees charged by other advisors to similar funds. The materials prepared by TPL were provided to the Trustees in advance of the meeting. The Trustees considered the fees charged by TPL in light of the services provided to the Funds by TPL, the unique nature of the Funds and their moral screening requirements, which are

106


Approval of Investment Advisory and Sub-Advisory Agreement

Timothy Plan		June 30, 2022 (Unaudited)

maintained by TPL, and TPL’s role as a manager of managers. The Trustees also noted that the Adviser had been voluntarily waiving a portion of its advisory fee for several Trust funds in order to lower the overall expenses of those Funds. After full and careful consideration of the materials presented to the Trustees, the Trustees made the following conclusions: The fees charged by TPL for each Fund were not as low as some of its competitors, but the fees were not as high or higher than other competitors. Given that TPL’s fees fell into the upper median of fees charged, the Trustees concluded that the fees were not so high as to fall outside the realm of fees negotiated at arms length. Further, the Trustees noted with approval that the Adviser was voluntarily waiving a portion of its fees for certain Funds. That fact reinforced the Trustees’ conclusion that TPL was charging appropriate fees. In light of the unique facts and circumstances applicable to this Trust, the Trustees agreed that the fees charged by TPL were fair and reasonable in light of the services provided to the Funds.

The Trustees next discussed the nature, extent and quality of TPL’s services to the Funds. In particular, the Trustees noted with approval TPL’s commitment to maintaining certain targeted expense ratios for the Funds, its efforts in providing comprehensive and consistent moral screens to the investment managers, its efforts in maintaining appropriate oversight of the investment managers to each Fund, and its efforts to maintain ongoing regulatory compliance for the Funds.

The Trustees also discussed TPL’s current fee structure and whether such structure would allow the Funds to realize economies of scale as they grow. The Trustees noted that TPL’s current fee structure did not include breakpoints that would reduce the Adviser’s fee rate as the Fund grew in assets. The Trustees noted the discussion with Mr. Ally, where he acknowledged that at some point, breakpoints would be appropriate for certain Funds, but not at present. The Trustees also noted that the Adviser was currently voluntarily waiving a portion of its fees for certain Funds, which acted as a substitute for formal breakpoints. After full discussion, the Trustees agreed that breakpoints should be considered at some point to better allow the Funds to achieve economies of scale, but would not impose them at this time.

The Trustees next considered the investment performance of each Fund and the Advisor’s performance in monitoring the investment managers of the underlying funds. The Trustees noted that comprehensive performance information was provided at each Trustees Meeting, and the Trustees incorporated that information into their considerations. The Trustees, in its review of performance, generally approved of each Fund’s performance, noting that the Funds invested in a manner that did not rely exclusively on investment return. The Trustees acknowledged that the screening process employed by TPL disqualified a number of companies that constituted major contributors to the Funds’ underlying benchmark indices. Accordingly, th Trustees noted that in rising markets, absent compensating efforts by the Adviser and Sub-Advisers, the Funds would tend to under perform the market. In falling markets, the opposite should be the general case. After

107


Approval of Investment Advisory and Sub-Advisory Agreement

Timothy Plan		June 30, 2022 (Unaudited)

review of the Funds’ performance over time, the Trustees concluded that Fund performance was adequate and that the Adviser was performing this function in a professional manner. Further, the Trustees noted with approval that the investment managers of each Fund did not succumb to “style drift” in their management of each Fund’s assets, and that each Fund was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Trustees noted with approval the Advisor’s ongoing efforts to maintain such consistent investment discipline.

The Trustees then reviewed the internal operations of TPL and examined whether or not TPL received any ancillary benefits from its relationship with the Trust. The Trustees noted that the Advisor’s business was devoted exclusively to serving the Funds, and that the Advisor did not realize any material ancillary benefits or profits deriving from its relationship with the Funds. The Trustees further noted with approval the Advisor’s past activities on monitoring the performance of the underlying Funds’ various investment managers and the promptness and efficiency with which problems were brought to the Trustees’s attention and responsible remedies offered and executed. The Trustees then discussed two questionnaire responses from TPL relating to TPL’s internal operations. First, the Trustees discussed TPL’s response to the question concerning compensation and whether TPL had a compensation plan in place to attract and retain highly qualified individuals. The Trustees expressed concern that TPL’s response did not provide sufficient detail to allow the Trustees to come to a reasonable conclusion with respect to this issue. Further, TPL had disclosed that during the past year, two of its wholesaler staff had resigned. Further inquiry had revealed that their resignations were compensation related. After full discussion, the Trustees agreed that the Adviser should be offered the opportunity to provide a more comprehensive response, especially with respect to recruiting and retaining retaining quality personnel. Next, the Trustees reviewed TPL’s proposed succession plan. The Trustees noted that the succession plan did not address the scenario where the head of TPL suddenly died or became incapacitated. This was problematic because during the prior day’s discussions with Mr. Ally, he had informed the Trustees that his proposed succession plan would not be immediately implemented because his chosen successors were not currently qualified to take over and he was not yet ready to step down. The Trustees were also very concerned about the qualifications, both now and in the future, of the personnel chosen by Mr. Ally to succeed him. The Trustees, several of whom are highly experienced businessmen, noted how rare it is for a person to possess all the business acumen and qualities that Art Ally possesses. The Trustees noted that in his succession Plan, Mr. Ally designated three different people to take over functions that he now performs alone. The Trustees also noted how difficult it is for a family business to make the transition from a family business to a large enterprise. The Trustees agreed that the Trust was no longer a small business, but was transitioning into a large enterprise, and in order to successfully make that transition, highly professional and experienced personnel would be required at the Adviser. The Trustees lastly noted for the record that in March, 2020, they had dispatched Mr. Ross and Mr. Jones to meet in person

108


Approval of Investment Advisory and Sub-Advisory Agreement

Timothy Plan		June 30, 2022 (Unaudited)

with Mr. Ally and express their concern with Mr. Ally’s succession planning. The Trustees unanimously agreed that the Adviser’s current succession plan is inadequate. The Trustees then formed a Succession Committee composed of Messrs. Ross, Mulder and Bissonette to work with the Adviser to create an acceptable succession plan that addressed both catastrophic and longer term scenarios.

After careful discussion and consideration, the Independent Trustee, themselves constituting a majority of the Trustees’s Trustees, unanimously voted to renew the Advisory Agreements until August 31, 2022 in order to give the Adviser sufficient time to address the Trustees concerns relating to compensation and succession. Mr. Ally and Mr. Tsague, by proxy given to Alan Ross, abstained from the vote. The Succession Committee was tasked with interfacing with the Advisor and working with Mr. Ally in an effort to address those concerns. In approving the renewal of the IA Agreement, the Trustees did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Trustees had available and availed themselves of the assistance of legal counsel at all times during their consideration of the IA Agreement renewal.

Subsequent considerations from the Timothy Plan Board Meeting held on May 13, 2022. Following the final panel presentation, the Independent Trustees met with legal counsel outside the presence of Trust management and the Interested Trustees.

The Independent Trustees discussed general Trust matters, then turned their attention to the ongoing discussions with the Adviser concerning the Adviser’s short and long term succession plans. The Succession Committee, composed of John Mulder, Alan Ross and Dale Bissonnette, reported on the progress being made and the activities of Patrice Tsague in working with the Adviser to develop a robust and workable plan. The Committee reported that it had made several recommendations to the Adviser and Mr. Tsague, among the most important of which was emphasizing the need to have a two-pronged succession plan covering long term outlook and sudden catastrophic loss.

The Committee reported that it had become apparent that the Adviser, despite its best efforts, would be hard pressed to complete its work before the August Board Meeting. The Trustees then discussed at length the steps they could take to both relieve the pressure on the Adviser and also continue to make the Adviser aware of how important this matter was to the Board.

After full and complete discussions concerning succession and the Adviser’s process in creating a robust plan, and in order to demonstrate the Trustee’s concern that the Adviser engage in a professional process of identifying highly qualified candidates for executive management positions, the Independent Trustees agreed to strongly recommend that the

109


Approval of Investment Advisory and Sub-Advisory Agreement

Timothy Plan		June 30, 2022 (Unaudited)

Adviser take the following actions to ensure that it successfully develops an appropriate succession plan in a timely manner;

The Adviser should engage the services of an independent, third party professional search and evaluation firm (the “Firm”) and pay all costs associated with its efforts to assist in the development of its succession plan; and

The Firm will develop full job descriptions and qualification criteria for each executive management position; and

The Firm will evaluate existing staff at the Adviser with the goal of identifying personnel who are qualified to assume the role of Chief Executive Officer, both in the short and long term; and

The Firm will evaluate and propose candidates from outside the Adviser, based on the job descriptions and qualification requirements it has developed.

After full and complete discussion, with each Trustee individually consenting to the proposed recommendations to the Adviser, and after consultation with legal counsel, the Independent Trustees, being a majority of the entire Board, resolved that the Investment Advisory Agreement by and between the Trust and Timothy Partners, Ltd. be renewed and extended until February 28, 2023.

Victory Capital Management: Sub-Advisor to the US Large Mid Cap Core ETF, High Dividend Stock ETF, International ETF, and US Small Cap Core ETF.

The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Victory Capital Management (“Victory”), on behalf of the Timothy Plan US Large Mid Cap Core ETF, High Dividend Stock ETF, International ETF, US Small Cap Core ETF, US Large Mid Cap Core Enhanced ETF and High Dividend Stock Enhanced ETF. The Trustees considered the following factors in arriving at its conclusions to renew the Victory Sub-Advisory Agreement. The Trustees first noted that Mr. Ally had expressed his unqualified approval of Victory and the job it had done for the ETF’s over the past year, and his opinion that without question the Victory Agreement should be renewed for an additional year. The Trustees also noted the favorable review given the previous day by UBS PRIME Consultants. The Trustees then considered the fees charged by Victory in light of the services provided by Victory. The Trustees noted that the fees payable to Victory were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by Victory. After full and careful consideration, the Trustees, the Trustees agreed that the fees charged by Victory and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Victory. Next, the Trustees discussed the nature, extent and quality of Victory’s services to each Fund, including the investment performance of the Funds under Victory’s investment management. The Trustees generally approved of Victory’s

110


Approval of Investment Advisory and Sub-Advisory Agreement

Timothy Plan		June 30, 2022 (Unaudited)

performance, noting that the Funds managed by Victory invested in a manner that did not rely exclusively on investment performance. Further, the Trustees noted the Funds managed by Victory were ETF’s based on proprietary indices and that fund performance should closely follow index performance. The Trustees noted that they had examined ETF performance vs each Fund’s index and the performance correlations were adequate. The Trustees noted with approval Victory’s ongoing efforts to maintain such consistent investment discipline, as well as Victory’s service to the Funds in creating, implementing and monitoring the proprietary indices upon which the ETF’s were built. Next, the Trustees considered whether Victory’s current fee structure would allow the Funds to realize economies of scale as they grow. The Trustees decided that this particular factor was moot with respect to the Victory Sub-Advisory Agreement because Victory was paid out of the fees paid to TPL. After careful discussion and consideration, the Trustees, including the independent Trustees separately concurring, unanimously determined that the renewal of the Victory Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Victory Sub-Advisory Agreement, the Trustees did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Trustees had available and availed themselves of the assistance of legal counsel at all times during their consideration of the Victory Sub-Advisory Agreement renewal. Mr. Ally and Mr. Tsague voted by proxy held by Mr. Ross.

111

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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etf.timothyplan.com		800.846.7526