UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number                                      811-08228                                             

Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL 32751

(Address of principal executive offices) (Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219-8000

(Name and address of agent for service)

Registrant’s telephone number, including area code:    800-846-7526    

Date of fiscal year end: December 31

Date of reporting period: December 31, 2020

Item 1. Reports to Stockholders.

ANNUAL REPORT

December 31, 2020

	Ticker Symbol
TIMOTHY PLAN US SMALL CAP CORE ETF	TPSC
TIMOTHY PLAN US LARGE/MID CAP CORE ETF (formerly Timothy Plan US Large Cap Core ETF)	TPLC
TIMOTHY PLAN HIGH DIVIDEND STOCK ETF	TPHD
TIMOTHY PLAN INTERNATIONAL ETF	TPIF

Listed and traded on: The New York Stock Exchange

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

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

Table of Contents

Shareholder Letter (Unaudited)	1
Letter from the Manager (Unaudited)	2
Fund Performance (Unaudited)	6
Schedule of Portfolio Investments	10
Statements of Assets and Liabilities	69
Statements of Operations	71
Statements of Changes in Net Assets	73
Financial Highlights	75
Notes to Financial Statements	77
Report of Independent Registered Public Accounting Firm	91
Other Information	92
Trustees and Executive Officers of the Trust	95

December 31, 2020

Dear Timothy Plan ETF Shareholder:

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

Although the year 2020 was what will likely prove to be a once-in-a-lifetime experience, the markets recovered quite nicely through the second and third quarters. VCM’s Reports on the following pages will give you more detailed information about each Fund, but it appears, as you will note from those letters, that in some occasions, the sectors responded in exactly the opposite manner in the different arenas.

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

Sincerely,

Arthur D. Ally, President

1

Timothy Plan US Small Cap Core ETF – TPSC

Letter from the Manager – December 31, 2020

The Timothy Plan US Small Cap Core ETF (“Fund”) seeks to provide investment results that track the performance of the Victory US Small Cap Volatility Weighted BRI Index (“Index”) before fees and expenses.

For the year ending December 31, 2020, the Fund returned 9.99% compared to the Index’s return of 10.64%. The primary difference in performance versus the underlying benchmark can be attributed to underlying fund fees.

The Russell 2000 Index was up 19.94% for the year. Most of the relative underperformance occurred in the second quarter when small cap stocks rallied sharply led by low-quality and non-earning companies. Health Care, Information Technology and Industrials detracted from performance relative to the Russell 2000 Index. BRI screening input resulting in an underweight in Health Care caused the large relative underperformance. The Real Estate sector was a positive contributor.

Victory Capital Management, Inc.

2

Timothy Plan US Large/Mid Cap Core ETF – TPLC

Letter from the Manager – December 31, 2020

The Timothy Plan US Large/Mid Cap Core ETF (“Fund”) seeks to provide investment results that track the performance of the Victory US Large/Mid Cap Volatility Weighted BRI Index (“Index”) before fees and expenses.

For the year ending December 31, 2020, the Fund returned 14.67% compared to the Index’s return of 15.21%. The primary difference in performance versus the underlying benchmark can be attributed to underlying fund fees.

When comparing performance to the broad market-cap based Index, the S&P 500 Stock Index, which was up 18.40% for the year, much of the Funds underperformance relative to the Index was driven by its underweight positions in the largest market cap names within the index. Specifically, the well-known FAANG+M stocks. Utilities and Consumer Discretionary also detracted to relative performance. Health Care contributed positively to the Funds relative performance.

Victory Capital Management, Inc.

3

Timothy Plan High Dividend Stock ETF – TPHD

Letter from the Manager – December 31, 2020

The Timothy Plan High Dividend Stock ETF (“Fund”) seeks to provide investment results that track the performance of the Victory US Large Cap High Dividend Volatility Weighted BRI Index (“Index”) before fees and expenses.

For the year ending December 31, 2020, the Fund returned -1.17% compared to the Index’s return of -0.72%. The primary difference in performance versus the underlying benchmark can be attributed to underlying fund fees.

The broad market-cap large cap value index, the Russell 1000 Value was up 2.79% for the year, the Industrial sector contributed positively to the Fund’s relative performance. Utilities, Health Care and Consumer Staple sectors detracted from performance relative to the Russell 1000 Value.

Victory Capital Management, Inc.

4

Timothy Plan International ETF – TPIF

Letter from the Manager – December 31, 2020

The Timothy Plan International ETF (“Fund”) seeks to provide investment results that track the performance of the Victory International Volatility Weighted BRI Net Index (“Index”) before fees and expenses.

For the year ending December 31, 2020, the Fund returned 7.66% compared to the Index’s return of 8.53%. The primary difference in performance versus the underlying benchmark can be attributed to underlying fund fees.

The MSCI EAFE Net Index returned 7.80% for the year. Stock selection in the Health Care sector was the largest contributor to relative performance followed by Materials. Utilities and Industrials sectors detracted from performance relative to the MSCI EAFE.

Victory Capital Management, Inc.

5

Fund Performance - (Unaudited)

December 31, 2020

Timothy Plan US Small Cap Core ETF

Average Annual Return Period Ended December 31, 2020
Inception Date	Timothy Plan US Small Cap Core ETF   12/2/19
			Victory US Small Cap   Volatility Weighted BRI
	Net Asset Value	Market Price Value	Index
One Year	9.99%	9.97%	10.64%
Since Inception	12.65%	12.57%	14.44%

Expense Ratios
Gross	0.52%

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

The above expense ratios are from the Fund’s prospectus dated April 30, 2020. Additional information pertaining to the Fund’s expense ratios as of December 31, 2020 can be found in the financial highlights.

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

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

6

Timothy Plan US Large/Mid Cap Core ETF

Average Annual Return Period Ended December 31, 2020
Inception Date	Timothy Plan U.S. Large/Mid Cap Core ETF   4/30/19
			Victory US Large/Mid Cap   Volatility Weighted BRI
	Net Asset Value	Market Price Value	Index
One Year	14.67%	14.50%	15.21%
Since Inception	14.29%	14.20%	26.05%

Expense Ratios
Gross	0.52%

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

The above expense ratios are from the Fund’s prospectus dated April 30, 2020. Additional information pertaining to the Fund’s expense ratios as of December 31, 2020 can be found in the financial highlights.

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

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

7

Timothy Plan High Dividend Stock ETF

Average Annual Return Period Ended December 31, 2020
Inception Date	Timothy Plan High Dividend Stock ETF   4/30/19
			Victory US Large Cap U High   Dividend Volatility
	Net Asset Value	Market Price Value	Weighted BRI Index
One Year	-1.17%	-1.23%	-0.72%
Since Inception	4.55%	4.52%	8.59%

Expense Ratios
Gross	0.52%

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

The above expense ratios are from the Fund’s prospectus dated April 30, 2020. Additional information pertaining to the Fund’s expense ratios as of December 31, 2020 can be found in the financial highlights.

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

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

8

Timothy Plan International ETF

Average Annual Return Period Ended December 31, 2020
Inception Date	Timothy Plan International ETF   12/2/19
			Victory International Volatility
	Net Asset Value	Market Price Value	Weighted BRI Index
One Year	7.66%	7.27%	8.53%
Since Inception	10.30%	10.52%	12.71%

Expense Ratios
Gross	0.62%

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

The above expense ratios are from the Fund’s prospectus dated April 30, 2020. Additional information pertaining to the Fund’s expense ratios as of December 31, 2020 can be found in the financial highlights.

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

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

9

	Schedule of Portfolio Investments
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.8%)
Communication Services (2.1%):
Gray Television, Inc.(a)		3,153		56,407
MSG Networks, Inc.(a)		6,865		101,190
National CineMedia, Inc.		11,576		43,063
QuinStreet, Inc.(a)		3,015		64,642
Sciplay Corp., Class A(a)		3,477		48,156
Shenandoah Telecommunication Co.		1,361		58,863
Sinclair Broadcast Group, Inc., Class A		2,313		73,669
Techtarget, Inc.(a)		1,519		89,788
TEGNA, Inc.		4,678		65,258
Telephone & Data Systems, Inc.		3,195		59,331
				660,367
Consumer Discretionary (11.2%):
1-800-Flowers.com, Inc., Class A(a)		1,995		51,870
Acushnet Holdings Corp.		2,380		96,485
Adtalem Global Education, Inc.(a)		2,747		93,260
American Public Education, Inc.(a)		1,863		56,784
America’s Car-Mart, Inc.(a)		449		49,318
Asbury Automotive Group, Inc.(a)		417		60,774
Big Lots, Inc.		693		29,750
Boot Barn Holdings, Inc.(a)		1,152		49,951
Brinker International, Inc.		596		33,716
Cavco Industries, Inc.(a)		253		44,389
Century Communities, Inc.(a)		801		35,068
Cooper Tire & Rubber Co.		1,557		63,059
Crocs, Inc.(a)		817		51,193
Dana, Inc.		2,486		48,527
Dave & Buster’s		1,297		38,936
Denny’s Corp.(a)		3,295		48,371
Dorman Products, Inc.(a)		755		65,549
El Pollo Loco Holdings, Inc.(a)		2,937		53,160

See notes to financial statements.

10

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (11.2%): (continued)
Franchise Group, Inc.		1,278		38,915
Gentherm, Inc.(a)		1,551		101,155
G-III Apparel Group Ltd.(a)		1,606		38,126
Graham Holdings Co., Class B		141		75,207
Green Brick Partners, Inc.(a)		2,720		62,451
Group 1 Automotive, Inc.		314		41,178
GrowGeneration Corp.(a)		1,818		73,120
Hibbett Sports, Inc.(a)		745		34,404
Hilton Grand Vacations(a)		1,858		58,247
Installed Building Products(a)		343		34,962
iRobot Corp.(a)		654		52,510
Jack In The Box, Inc.		452		41,946
Johnson Outdoors, Inc., Class A		809		91,118
Kontoor Brands, Inc.		1,624		65,869
La Z Boy, Inc.		1,641		65,377
LCI Industries		492		63,803
LGI Homes, Inc.(a)		331		35,036
Lumber Liquidators Holdings, Inc.(a)		1,276		39,224
M/I Homes, Inc.(a)		716		31,712
Malibu Boats, Inc.(a)		837		52,262
MarineMax, Inc.(a)		1,676		58,710
MDC Holdings, Inc.		876		42,574
Monro, Inc.		1,388		73,980
Perdoceo Education Corp.(a)		4,925		62,203
PetMed Express, Inc.		1,663		53,316
Rent-A-Center, Inc.		1,559		59,694
Revolve Group, Inc.(a)		2,423		75,525
Sally Beauty Holdings, Inc.(a)		4,901		63,909
Shoe Carnival, Inc.		1,029		40,316
Skyline Champion Corp.(a)		1,584		49,009
Sportsman’s Warehouse Holdings, Inc.(a)		3,044		53,422
Standard Motor Products		1,548		62,632

See notes to financial statements.

11

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (11.2%): (continued)
Steven Madden Ltd.		2,301		81,272
Strategic Education, Inc.		607		57,865
Stride, Inc.(a)		1,621		34,414
Sturm Ruger & Co.		1,322		86,023
The Buckle, Inc.		2,193		64,036
The Michaels Cos., Inc.(a)		2,444		31,796
Tri Pointe Group, Inc.(a)		2,205		38,036
Universal Electronics, Inc.(a)		1,597		83,778
Winmark Corp.		405		75,250
Winnebago Industries, Inc.		823		49,331
Wolverine World Wide, Inc.		1,798		56,188
XPEL, Inc.(a)		1,554		80,124
Zumiez, Inc.(a)		1,616		59,436
				3,559,621
Consumer Staples (5.8%):
B&G Foods, Inc.		1,884		52,243
BellRing Brands, Inc., Class A(a)		3,102		75,409
Calavo Growers, Inc.		989		68,666
Cal-Maine Foods, Inc.(a)		2,281		85,629
Central Garden And Pet Co., Class A(a)		2,113		76,765
Coca-Cola Consolidated, Inc.		279		74,289
Edgewell Personal Care Co.		1,615		55,847
elf Beauty, Inc.(a)		2,384		60,053
Fresh Del Monte Produce, Inc.		2,368		56,998
Hostess Brands, Inc.(a)		9,454		138,406
Ingles Markets, Inc.		1,798		76,703
Inter Parfums, Inc.		1,210		73,193
J & J Snack Foods Corp.		472		73,335
John B. Sanfilippo & Son, Inc.		1,156		91,162
Medifast, Inc.		368		72,253
Nu Skin Enterprises, Inc., Class A		678		37,039

See notes to financial statements.

12

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Staples (5.8%): (continued)
PriceSmart, Inc.		1,161		105,755
SpartanNash Co.		2,326		40,496
Sprouts Farmers Market, Inc.(a)		3,242		65,164
The Simply Good Foods Co.(a)		2,713		85,080
Tootsie Roll Industries, Inc.		3,740		111,078
Usana Health Sciences, Inc.(a)		749		57,748
WD-40 Co.		448		119,025
Weis Markets, Inc.		1,840		87,970
				1,840,306
Energy (2.1%):
Arch Resources, Inc.		1,087		47,578
Brigham Minerals, Inc.		4,198		46,136
Cactus, Inc., Class A		1,822		47,500
Clean Energy Fuels Corp.(a)		13,041		102,502
CVR Energy, Inc.		2,992		44,581
Helix Energy Solutions Group, Inc.(a)		9,146		38,413
International Seaways, Inc.		3,131		51,129
Murphy Oil Corp.		3,832		46,367
Propetro Holding Corp.(a)		5,691		42,056
Renewable Energy Group, Inc.(a)		610		43,200
SEACOR Smit, Inc.(a)		1,660		68,807
Talos Energy, Inc.(a)		4,811		39,643
World Fuel Services Corp.		2,007		62,538
				680,450
Financials (24.8%):
1st Source Corp.		1,837		74,031
American Equity Investment Life Holding Co.		1,186		32,805
American National Group, Inc.		1,045		100,445
Ameris BanCorp		1,805		68,716
Amerisafe, Inc.		1,263		72,534
Associated Banc-Corp.		3,935		67,092

See notes to financial statements.

13

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.8%): (continued)
Assured Guaranty, Ltd.		1,685		53,061
Atlantic Union Bankshares		2,119		69,800
Axos Financial, Inc.(a)		1,857		69,693
B Riley Financial, Inc.		2,198		97,195
Bancfirst Corp.		1,024		60,109
BancorpSouth Bank		2,406		66,021
Bank of Hawaii Corp.		1,127		86,351
Bank OZK		2,369		74,079
BankUnited, Inc.		1,792		62,326
Banner Corp.		1,379		64,248
BGC Partners, Inc., Class A		17,339		69,356
Brightsphere Investment Group, Inc.		2,843		54,813
Brookline BanCorp, Inc.		6,740		81,150
Capitol Federal Financial, Inc.		7,000		87,500
Cathay General BanCorp		2,281		73,425
City Holding Co.		1,186		82,486
CNO Financial Group, Inc.		2,653		58,976
Cohen & Steers, Inc.		855		63,527
Columbia Banking System, Inc.		2,079		74,636
Columbia Financial, Inc.(a)		7,306		113,680
CVB Financial Corp.		3,805		74,198
Employers Holdings, Inc.		2,445		78,705
Encore Capital Group, Inc.(a)		876		34,120
Enterprise Financial Services Corp.		1,743		60,918
FB Financial Corp.		1,872		65,015
FBL Financial Group, Inc., Class A		867		45,526
Federal Agricultural Mortgage Corp., Class C		899		66,751
Federated Hermes, Inc.		1,947		56,249
First BanCorp.		7,019		64,715
First Busey Corp.		3,227		69,542
First Commonwealth Financial Corp.		6,769		74,053
First Financial BanCorp.		3,560		62,407

See notes to financial statements.

14

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.8%): (continued)
First Hawaiian, Inc.		3,768		88,848
First Interstate Bancsys, Class A		1,697		69,187
First Merchants Corp.		2,259		84,509
First Midwest BanCorp, Inc.		4,969		79,106
FirstCash, Inc.		1,182		82,787
Flagstar BanCorp, Inc.		1,614		65,787
FNB Corp.		6,060		57,570
Focus Financial Partners, Inc., Class A(a)		1,272		55,332
Fulton Financial Corp.		5,344		67,976
German American BanCorp, Inc.		2,366		78,291
Green Dot Corp., Class A(a)		654		36,493
Heartland Financial USA, Inc.		1,580		63,785
Heritage Financial Corp.		2,923		68,369
Hilltop Holdings, Inc.		2,466		67,840
Home Bancshares, Inc.		2,917		56,823
Hope BanCorp, Inc.		7,162		78,137
Horace Mann Educators		1,979		83,197
Independent Bank Group, Inc.		965		60,332
International Bancshares Corp.		1,708		63,948
Investors BanCorp, Inc.		7,224		76,285
Kearny Financial Corp.		8,732		92,210
Lakeland Financial Corp.		1,277		68,422
Live Oak Bancshares, Inc.		1,492		70,810
Mercury General Corp.		1,898		99,095
Moelis & Co.		1,806		84,449
Mr Cooper Group, Inc.(a)		1,622		50,331
National Bank Holdings Corp., Class A		2,208		72,334
National Western Life Group, Inc., Class A		262		54,087
Navient Corp.		4,584		45,015
NBT BanCorp, Inc.		2,450		78,645
Nelnet, Inc., Class A		1,167		83,137
NMI Holdings, Inc.(a)		1,831		41,472

See notes to financial statements.

15

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.8%): (continued)
Northwest Bancshares, Inc.		7,155		91,155
Oceanfirst Financial Corp.		3,859		71,893
Old National BanCorp		4,863		80,531
Pacific Premier BanCorp, Inc.		2,002		62,723
Palomar Holdings, Inc.(a)		657		58,368
Park National Corp.		642		67,416
Piper Sandler Cos.		657		66,291
PJT Partners, Inc., Class A		874		65,769
PRA Group, Inc.(a)		1,275		50,567
Premier Financial Corp.		2,670		61,410
Provident Financial Services, Inc.		3,784		67,961
Radian Group, Inc.		2,170		43,943
Renasant Corp.		2,251		75,814
S&T BanCorp, Inc.		3,055		75,886
Safety Insurance Group, Inc.		1,186		92,389
Sandy Spring BanCorp, Inc.		2,174		69,981
Seacoast Banking Corp.(a)		2,582		76,040
Servisfirst Bancshares, Inc.		1,492		60,113
Simmons First National Corp., Class A		3,260		70,383
SLM Corp.		6,851		84,884
Southside Bancshares, Inc.		2,565		79,592
Sterling BanCorp		3,151		56,655
Stewart Information Services		1,311		63,400
Stock Yards BanCorp, Inc.		1,613		65,294
StoneX Group, Inc.(a)		1,012		58,595
Tompkins Financial Corp.		1,052		74,271
Towne Bank		3,258		76,498
TriCo Bancshares		2,349		82,873
Triumph BanCorp, Inc.(a)		1,142		55,444
Trupanion, Inc.(a)		542		64,883
Trustmark Corp.		2,778		75,867
UMB Financial Corp.		1,072		73,957

See notes to financial statements.

16

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.8%): (continued)
United Community Banks, Inc.		2,712		77,129
Veritex Holdings, Inc.		2,381		61,096
Virtus Investment Partners, Inc.		331		71,827
Waddell & Reed Financial Corp., Class A		4,392		111,863
Walker & Dunlop, Inc.		770		70,855
Washington Federal, Inc.		2,621		67,465
Webster Financial Corp.		1,507		63,520
WesBanco, Inc.		2,493		74,690
Westamerica BanCorp.		1,332		73,646
White Mountains Insurance Group Ltd.		95		95,062
WSFS Financial Corp.		1,675		75,174
				7,918,036
Health Care (9.3%):
Acadia Healthcare Co., Inc.(a)		1,260		63,328
Addus Homecare Corp.(a)		518		60,653
AMN Healthcare Services, Inc.(a)		880		60,060
Anika Therapeutics, Inc.(a)		1,497		67,754
Antares Pharma, Inc.(a)		15,708		62,675
Atrion Corp.		125		80,280
Biolife Solutions, Inc.(a)		1,582		63,106
Biotelemetry, Inc.(a)		1,338		96,443
Brookdale Senior Living, Inc.(a)		11,003		48,743
Cantel Medical Corp.		805		63,482
Castle Biosciences, Inc.(a)		1,002		67,284
Coherus Biosciences, Inc.(a)		3,205		55,703
Corcept Therapeutics, Inc.(a)		2,362		61,790
CorVel Corp.(a)		641		67,946
Enanta Pharmaceuticals, Inc.(a)		1,455		61,256
Fulgent Genetics, Inc.(a)		657		34,230
Hanger, Inc.(a)		2,889		63,529
Healthstream, Inc.(a)		3,489		76,200

See notes to financial statements.

17

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (9.3%): (continued)
HMS Holdings Corp.(a)		3,181		116,902
Innoviva, Inc.(a)		6,406		79,370
Inogen, Inc.(a)		1,665		74,392
Integer Holdings Corp.(a)		861		69,905
Ironwood Pharmaceuticals, Inc.(a)		6,827		77,759
Lantheus Holdings, Inc.(a)		4,140		55,849
Lemaitre Vascular, Inc.		1,698		68,769
Luminex Corp.		2,588		59,835
Magellan Health, Inc.(a)		704		58,319
Meridian Bioscience, Inc.(a)		2,385		44,576
National Healthcare Corp.		1,169		77,633
National Research Corp.		1,003		42,878
Nextgen Healthcare, Inc.(a)		2,675		48,792
Omnicell, Inc.(a)		886		106,338
Phibro Animal Health Corp., Class A		3,067		59,561
Prestige Consumer Healthcare, Inc.(a)		2,236		77,969
R1 RCM, Inc.(a)		3,095		74,342
Select Medical Holdings Corp.(a)		1,930		53,384
SIGA Technologies, Inc.(a)		8,973		65,234
Simulations Plus, Inc.		832		59,837
Staar Surgical Co.(a)		1,026		81,279
Supernus Pharmaceuticals, Inc.(a)		3,136		78,902
Surmodics, Inc.(a)		1,432		62,321
The Pennant Group, Inc.(a)		866		50,280
U.S. Physical Therapy, Inc.		540		64,935
Vanda Pharmaceuticals, Inc.(a)		5,690		74,767
Zynex, Inc.(a)		2,116		28,481
				2,967,071
Industrials (20.2%):
AAON, Inc.		1,010		67,296
AAR Corp.		1,645		59,582

See notes to financial statements.

18

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (20.2%): (continued)
ACCO Brands Corp.		8,330		70,389
AeroVironment, Inc.(a)		904		78,558
Alamo Group, Inc.		563		77,666
Albany International Corp.		934		68,574
Ameresco, Inc.(a)		1,365		71,308
American Woodmark Corp.(a)		404		37,915
Apogee Enterprises, Inc.		1,639		51,924
Applied Industrial Technologies, Inc.		910		70,971
ArcBest Corp.		1,632		69,637
Arcosa, Inc.		1,273		69,926
Astec Industries, Inc.		1,163		67,314
Atkore International Group, Inc.(a)		1,565		64,337
AZZ, Inc.		1,667		79,082
Barnes Group, Inc.		1,186		60,118
Brady Corp.		1,652		87,258
Casella Waste Systems, Inc.(a)		1,167		72,296
CBIZ, Inc.(a)		3,207		85,338
Chart Industries, Inc.(a)		479		56,421
Cimpress PLC(a)		411		36,061
Columbus McKinnon Corp.		1,454		55,892
Comfort Systems USA, Inc.		937		49,342
Construction Partners, Inc., Class A(a)		2,707		78,801
CSW Industrials, Inc.		850		95,124
Dycom Industries, Inc.(a)		547		41,309
Echo Global Logistics, Inc.(a)		2,238		60,023
Encore Wire Corp.		1,446		87,585
Energy Recovery, Inc.(a)		6,719		91,648
Ennis, Inc.		4,519		80,663
EnPro Industries, Inc.		870		65,702
ESCO Technologies, Inc.		809		83,505
Evoqua Water Technologies Corp.(a)		1,795		48,429
Federal Signal Corp.		2,430		80,603

See notes to financial statements.

19

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (20.2%): (continued)
Forrester Research, Inc.(a)		1,315		55,099
Forward Air Corp.		1,154		88,674
Foundation Building Materials, Inc.(a)		2,690		51,675
Franklin Electric Co.		1,017		70,387
GATX Corp.		937		77,940
Gibraltar Industries, Inc.(a)		853		61,365
GMS, Inc.(a)		1,648		50,231
Gorman-Rupp Co.		1,878		60,941
GrafTech International, Ltd.		6,184		65,921
Great Lakes Dredge & Dock Corp.(a)		5,937		78,190
Griffon Corp.		1,879		38,294
H&E Equipment Services, Inc.		1,982		59,083
Healthcare Services Group		2,357		66,232
Heartland Express, Inc.		4,718		85,396
Helios Technologies, Inc.		1,362		72,581
Herc Holdings, Inc.(a)		757		50,272
HNI Corp.		1,487		51,242
Hub Group, Inc., Class A(a)		1,436		81,852
Hyster-Yale Materials Handling, Inc.		1,255		74,735
ICF International, Inc.		982		72,992
Insperity, Inc.		603		49,096
Jeld-Wen Holding, Inc.(a)		1,392		35,301
Kadant, Inc.		508		71,618
Kaman Corp.		1,246		71,184
KAR Auction Services, Inc.		2,956		55,011
Kforce, Inc.		1,688		71,048
Knoll, Inc.		3,639		53,421
Korn Ferry		1,929		83,912
Kratos Defense & Security Solutions, Inc.(a)		2,568		70,440
Lindsay Corp.		664		85,297
Macquarie Infrastructure Corp.		1,492		56,025
Marten Transport Ltd.		3,681		63,424

See notes to financial statements.

20

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (20.2%): (continued)
Matson, Inc.		1,016		57,882
McGrath Rentcorp		916		61,464
Meritor, Inc.(a)		2,049		57,188
Moog, Inc.		718		56,937
Mueller Industries, Inc.		1,756		61,653
Mueller Water Products, Inc., Class A		5,977		73,995
MYR Group, Inc.(a)		1,118		67,192
National Presto Industries, Inc.		970		85,777
NV5 Global, Inc.(a)		774		60,976
Patrick Industries, Inc.		578		39,506
PGT Innovations, Inc.(a)		2,456		49,955
Primoris Services Corp.		2,290		63,227
Raven Industries, Inc.		2,439		80,707
Rush Enterprises, Inc., Class A		1,826		75,633
SkyWest, Inc.		946		38,133
Spirit Airlines, Inc.(a)		1,716		41,956
SPX Corp.(a)		1,144		62,394
Standex International Corp.		868		67,287
Systemax, Inc.		2,801		100,528
Tennant Co.		986		69,188
Terex Corp.		2,054		71,664
The Brink’s Co.		979		70,488
The Greenbrier Cos., Inc.		1,403		51,041
TriMas Corp.(a)		2,887		91,432
Trinity Industries, Inc.		3,321		87,641
Triton International Ltd.		1,707		82,807
Valmont Industries, Inc.		522		91,313
Vectrus, Inc.(a)		1,590		79,055
Welbilt, Inc.(a)		5,124		67,637
WESCO International, Inc.(a)		899		70,572
				6,434,704

See notes to financial statements.

21

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (12.3%):
A10 Networks, Inc.(a)		7,882		77,717
ACM Research, Inc., Class A(a)		425		34,531
Advanced Energy Industries, Inc.(a)		701		67,976
Alarm.com Holdings, Inc.(a)		1,085		112,243
Amkor Technology, Inc.		3,642		54,921
Axcelis Technologies, Inc.(a)		1,992		58,007
Badger Meter, Inc.		935		87,946
Benchmark Electronics, Inc.		2,354		63,582
Cass Information Systems, Inc.		1,522		59,221
CEVA, Inc.(a)		1,322		60,151
ChannelAdvisor Corp.(a)		2,426		38,767
CommVault Systems, Inc.(a)		1,659		91,859
CSG Systems International, Inc.		2,388		107,627
CTS Corp.		2,594		89,052
Digital Turbine, Inc.(a)		1,004		56,786
Diodes, Inc.(a)		1,008		71,065
Ebix, Inc.		1,549		58,816
Endurance International Group Holdings, Inc.(a)		6,086		57,513
eplus, Inc.(a)		806		70,888
Evertec, Inc.		1,854		72,899
Exlservice Holdings, Inc.(a)		840		71,509
FormFactor, Inc.(a)		1,962		84,406
Greensky, Inc.(a)		8,629		39,952
Ichor Holding Ltd.(a)		1,656		49,920
Insight Enterprises, Inc.(a)		1,023		77,840
InterDigital, Inc.		1,022		62,015
Knowles Corp.(a)		4,596		84,704
Methode Electronics, Inc.		2,164		82,838
MicroStrategy, Inc.(a)		448		174,070
Mitek Systems, Inc.(a)		5,032		89,469
MTS Systems Corp.		1,712		99,569

See notes to financial statements.

22

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (12.3%): (continued)
NCR Corp.(a)		1,673		62,855
NETGEAR, Inc.(a)		1,880		76,384
NetScout Systems, Inc.(a)		2,905		79,655
NIC, Inc.		4,243		109,596
OneSpan, Inc.(a)		1,874		38,754
OSI Systems, Inc.(a)		999		93,126
PC Connection, Inc.		1,434		67,814
Perficient, Inc.(a)		997		47,507
Photronics, Inc.(a)		5,558		62,027
Plexus Corp.(a)		837		65,462
Progress Software Corp.		2,198		99,328
Rogers Corp.(a)		526		81,683
SPS Commerce, Inc.(a)		859		93,279
SunPower Corp.(a)		2,166		55,536
Super Micro Computer, Inc.(a)		2,191		69,367
Sykes Enterprises, Inc.(a)		1,859		70,029
Synaptics, Inc.(a)		665		64,106
Teradata Corp.(a)		3,233		72,646
Ttec Holdings, Inc.		1,109		80,879
Ultra Clean Holdings, Inc.(a)		1,887		58,780
Verra Mobility Corp.(a)		4,657		62,497
Virtusa Corp.(a)		851		43,512
Vishay Intertechnology, Inc.		3,408		70,580
				3,933,261
Materials (7.0%):
Avient Corp.		1,393		56,110
Boise Cascade Co.		1,225		58,554
Cabot Corp.		1,380		61,934
Carpenter Technology Corp.		2,287		66,597
Chase Corp.		485		48,990
Clearwater Paper Corp.(a)		934		35,259

See notes to financial statements.

23

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (7.0%): (continued)
Cleveland-Cliffs, Inc.		5,618		81,799
Commercial Metals Co.		2,530		51,966
Compass Minerals International		1,007		62,152
Domtar Corp.		1,732		54,818
Element Solutions, Inc.		5,187		91,966
Forterra, Inc.(a)		2,249		38,671
Futurefuel Corp.		5,670		72,009
GCP Applied Technologies(a)		2,466		58,321
Greif, Inc., Class A		1,364		63,945
H.B. Fuller Co.		1,288		66,821
Hawkins, Inc.		1,305		68,265
Ingevity Corp.(a)		847		64,143
Innospec, Inc.		897		81,385
Kaiser Aluminum Corp.		901		89,110
Koppers Holdings, Inc.(a)		1,389		43,281
Livent Corp.(a)		3,581		67,466
Materion Corp.		1,002		63,847
Minerals Technologies, Inc.		943		58,579
Myers Industries, Inc.		2,994		62,215
Orion Engineered Carbons SA		2,848		48,815
PQ Group Holdings, Inc.		5,352		76,320
Schnitzer Steel Industries, Inc.		2,542		81,115
Sensient Technologies Corp.		1,288		95,015
Stepan Co.		555		66,223
Summit Materials, Inc., Class A(a)		1,820		36,546
Tredegar Corp.		3,335		55,695
W.R. Grace & Co.		1,500		82,230
Warrior Met Coal, Inc.		2,628		56,029
Worthington Industries, Inc.		1,054		54,112
				2,220,303

See notes to financial statements.

24

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Real Estate (1.4%):
Forestar Group, Inc.(a)		3,071		61,973
Kennedy-Wilson Holdings, Inc.		4,112		73,564
Marcus & Millichap, Inc.(a)		1,913		71,221
Newmark Group, Inc., Class A		5,489		40,015
The RMR Group, Inc., Class A		2,058		79,480
The St. Joe Co.		2,923		124,081
				450,334
Utilities (3.6%):
ALLETE, Inc.		1,220		75,567
American States Water Co.		850		67,584
Avista Corp.		1,852		74,340
California Water Service Group		1,469		79,369
Chesapeake Utilities Corp.		737		79,751
MGE Energy, Inc.		897		62,817
Middlesex Water Co.		1,095		79,355
New Jersey Resources Corp.		1,881		66,870
Northwest Natural Holding Co.		1,215		55,878
NorthWestern Corp.		1,243		72,479
Otter Tail Corp.		1,504		64,085
SJW Group		981		68,042
South Jersey Industries, Inc.		3,156		68,012
Spire, Inc.		1,247		79,857
The York Water Co.		1,376		64,122
Unitil Corp.		1,659		73,444
				1,131,572
Total Common Stocks (Cost $26,423,907)				31,796,025
Total Investments (Cost $26,423,907) — 99.8%(b)				31,796,025
Other assets in excess of liabilities — 0.2%				72,479
NET ASSETS - 100.00%				31,868,504

See notes to financial statements.

25

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	December 31, 2020

Percentages indicated are based on net assets as of December 31, 2020.

(a) Non-income producing security.

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

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index March Future (U.S. Dollar)		3/19/21		1	$	98,740		$            3,658
								$            3,658

See notes to financial statements.

26

	Schedule of Portfolio Investments
Timothy Plan US Large/Mid Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.7%)
Communication Services (1.1%):
ANGI Homeservices, Inc., Class A(a)		28,674		378,353
Cable One, Inc.		266		592,574
CenturyLink, Inc.		40,958		399,341
Liberty Broadband Corp., Class C(a)		4,015		635,855
				2,006,123
Consumer Discretionary (8.1%):
Aptiv PLC		3,007		391,782
AutoZone, Inc.(a)		458		542,932
Booking Holdings, Inc.(a)		250		556,818
BorgWarner, Inc.		11,064		427,513
Bright Horizons Family Solutions, Inc.(a)		2,217		383,519
CarMax, Inc.(a)		3,920		370,283
Chipotle Mexican Grill, Inc.(a)		343		475,642
Dollar General Corp.		3,169		666,441
Dollar Tree, Inc.(a)		5,022		542,577
Domino’s Pizza, Inc.		1,280		490,829
Dr Horton, Inc.		4,795		330,471
Floor & Decor Holdings, Inc., Class A(a)		4,326		401,669
Garmin Ltd.		5,856		700,729
Gentex Corp.		20,530		696,583
Genuine Parts Co.		4,145		416,282
Lear Corp.		2,900		461,187
Lennar Corp.		3,811		290,513
LKQ Corp.(a)		10,641		374,989
Mohawk Industries, Inc.(a)		2,819		397,338
NVR, Inc.(a)		78		318,229
O’Reilly Automotive, Inc.(a)		1,120		506,878
Pool Corp.		1,429		532,303
Pultegroup, Inc.		6,689		288,430

See notes to financial statements.

27

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (8.1%): (continued)
Ross Stores, Inc.		3,967		487,187
Service Corp. International		11,198		549,822
Tesla, Inc.(a)		566		399,409
Tractor Supply Co.		3,846		540,671
Vail Resorts, Inc.		1,807		504,080
VF Corp.		4,865		415,520
				13,460,626
Consumer Staples (4.1%):
Campbell Soup Co.		13,739		664,281
Casey’s General Stores, Inc.		2,708		483,703
Conagra Brands, Inc.		17,296		627,153
Costco Wholesale Corp.		2,032		765,617
Herbalife Nutrition Ltd.(a)		7,809		375,222
Hormel Foods Corp.		14,898		694,395
Lamb Weston Holding, Inc.		5,279		415,668
McCormick & Co., Inc.		5,759		550,560
Monster Beverage Corp.(a)		7,459		689,808
Sysco Corp.		4,665		346,423
The JM Smucker Co.		5,566		643,430
Tyson Foods, Inc., Class A		7,531		485,298
				6,741,558
Energy (2.1%):
Cabot Oil & Gas Corp.		22,379		364,330
Cheniere Energy, Inc.(a)		8,430		506,053
ConocoPhillips		8,865		354,511
EOG Resources, Inc.		8,214		409,632
Kinder Morgan, Inc.		30,307		414,297
ONEOK, Inc.		7,936		304,584
Pioneer Natural Resources Co.		3,232		368,092
The Williams Cos., Inc.		17,096		342,775
Valero Energy Corp.		6,924		391,691
				3,455,965

See notes to financial statements.

28

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (10.1%):
Aflac, Inc.		9,802		435,895
Arch Capital Group Ltd.(a)		12,062		435,076
Ares Management Corp., Class A		9,458		444,999
Arthur J Gallagher & Co.		4,824		596,778
Assurant, Inc.		3,484		474,590
Athene Holding, Ltd., Class A(a)		7,012		302,498
BlackRock, Inc.		728		525,281
Brown & Brown, Inc.		11,930		565,601
CBOE Global Markets, Inc.		5,873		546,894
Cincinnati Financial Corp.		4,804		419,725
Commerce Bancshares, Inc.		7,664		503,525
Credit Acceptance Corp.(a)		931		322,256
Everest Re Group, Ltd.		2,180		510,317
FactSet Research Systems, Inc.		1,458		484,785
First Republic Bank/CA		3,682		540,996
Franklin Resources, Inc.		18,528		463,015
Globe Life, Inc.		4,961		471,097
Interactive Brokers Group, Inc.		9,131		556,261
Intercontinental Exchange, Inc.		5,513		635,594
LPL Financial Holdings, Inc.		3,969		413,649
Markel Corp.(a)		430		444,319
MarketAxess Holdings, Inc.		922		526,056
Morningstar, Inc.		3,792		878,112
MSCI, Inc.		1,189		530,924
Nasdaq, Inc.		4,017		533,217
Principal Financial Group, Inc.		7,874		390,629
Renaissancere Holdings, Ltd.		2,914		483,199
SEI Investments Co.		8,665		497,978
SVB Financial Group(a)		1,218		472,377
The Charles Schwab Corp.		10,786		572,089
Tradeweb Markets, Inc., Class A		8,817		550,622

See notes to financial statements.

29

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (10.1%): (continued)
Voya Financial, Inc.		9,215		541,934
WR Berkley Corp.		7,182		477,028
				16,547,316
Health Care (18.0%):
AbbVie, Inc.		7,413		794,304
ABIOMED, Inc.(a)		1,939		628,624
Agilent Technologies, Inc.		5,612		664,966
Alexion Pharmaceuticals, Inc.(a)		4,614		720,891
Align Technology, Inc.(a)		1,043		557,358
Amedisys, Inc.(a)		1,754		514,501
Amgen, Inc.		2,428		558,246
Avantor, Inc.(a)		13,931		392,158
Baxter International, Inc.		7,431		596,263
BioMarin Pharmaceutical, Inc.(a)		4,861		426,261
Bio-Rad Laboratories, Inc., Class A(a)		1,022		595,765
Catalent, Inc.(a)		4,412		459,157
Centene Corp.(a)		6,339		380,530
Cerner Corp.		9,378		735,986
Charles River Laboratories International, Inc.(a)		1,777		444,001
Chemed Corp.		1,078		574,154
CRISPR Therapeutics AG(a)		3,818		584,574
Danaher Corp.		2,919		648,427
DaVita, Inc.(a)		6,069		712,501
DexCom, Inc.(a)		1,076		397,819
Edwards Lifesciences Corp.(a)		5,949		542,727
Encompass Health Corp.		7,790		644,155
Exelixis, Inc.(a)		16,732		335,811
HCA Healthcare, Inc.		2,633		433,023
Henry Schein, Inc.(a)		8,513		569,179
Horizon Therapeutics PLC(a)		4,981		364,360

See notes to financial statements.

30

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (18.0%): (continued)
Humana, Inc.		983		403,295
IDEXX Laboratories, Inc.(a)		1,375		687,320
Illumina, Inc.(a)		1,420		525,400
Insulet Corp.(a)		1,901		485,953
Intuitive Surgical, Inc.(a)		645		527,675
Ionis Pharmaceuticals, Inc.(a)		11,713		662,253
IQVIA Holdings, Inc.(a)		2,615		468,530
Jazz Pharmaceuticals PLC(a)		3,127		516,111
LHC Group, Inc.(a)		1,928		411,281
Masimo Corp.(a)		2,449		657,262
Mettler-Toledo International(a)		525		598,332
Molina Healthcare, Inc.(a)		2,030		431,740
Neurocrine Biosciences, Inc.(a)		5,141		492,765
Novocure, Ltd.(a)		2,831		489,876
Penumbra, Inc.(a)		2,211		386,925
PerkinElmer, Inc.		4,716		676,746
PRA Health Sciences, Inc.(a)		3,728		467,640
Quidel Corp.(a)		974		174,979
Regeneron Pharmaceuticals, Inc.(a)		856		413,542
Repligen Corp.(a)		2,757		528,324
ResMed, Inc.		2,489		529,062
Stryker Corp.		1,983		485,914
Syneos Health, Inc.(a)		5,673		386,501
Teleflex, Inc.		1,353		556,854
Veeva Systems, Inc.(a)		1,645		447,851
Vertex Pharamaceuticals, Inc.(a)		1,966		464,644
Waters Corp.(a)		2,689		665,312
West Pharmaceutical Services, Inc.		1,880		532,623
Zimmer Biomet Holdings, Inc.		2,977		458,726
Zoetis, Inc.		3,339		552,604
				29,361,781

See notes to financial statements.

31

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (20.3%):
Allegion PLC		4,609		536,396
AMERCO, Inc.		1,336		606,491
Ametek, Inc.		4,329		523,548
AO Smith Corp.		10,208		559,603
Carlisle Companies, Inc.		3,649		569,901
Caterpillar, Inc.		3,116		567,174
CH Robinson Worldwide, Inc.		6,818		640,006
Cintas Corp.		1,220		431,221
Copart, Inc.(a)		4,253		541,194
Costar Group, Inc.(a)		556		513,900
CSX Corp.		5,913		536,605
Deere & Co.		2,016		542,405
Dover Corp.		4,055		511,944
Eaton Corp. PLC		3,815		458,334
Emerson Electric Co.		5,778		464,378
Enphase Energy, Inc.(a)		1,963		344,448
Equifax, Inc.		3,264		629,429
Expeditors International of Washington, Inc.		7,259		690,403
Fastenal Co.		12,052		588,499
Fortive Corp.		6,664		471,944
Fortune Brands Home & Security, Inc.		4,217		361,481
Generac Holdings, Inc.(a)		2,044		464,826
General Dynamics Corp.		3,757		559,117
Graco, Inc.		8,024		580,536
HEICO Corp.		3,484		461,282
Honeywell International, Inc.		2,758		586,627
Howmet Aerospace, Inc.(a)		16,008		456,868
Hubbell, Inc.		3,244		508,627
IAA, Inc.(a)		6,876		446,802
IDEX Corp.		3,032		603,975
Illinois Tool Works, Inc.		2,449		499,302
J.B. Hunt Transport Services, Inc.		4,010		547,967

See notes to financial statements.

32

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (20.3%): (continued)
Jacobs Engineering Group, Inc.		5,167		562,996
Johnson Controls International PLC		11,890		553,955
Kansas City Southern		2,288		467,049
Knight-Swift Transportation Holdings, Inc.		13,911		581,758
Lennox International, Inc.		1,982		543,009
Masco Corp.		9,033		496,183
Nordson Corp.		2,100		421,995
Norfolk Southern Corp.		2,043		485,437
Old Dominion Freight Line, Inc.		2,596		506,687
PACCAR, Inc.		6,737		581,269
Parker Hannifin Corp.		1,657		451,383
Quanta Services, Inc.		7,507		540,654
Republic Services, Inc.		6,604		635,966
Rockwell Automation, Inc.		1,786		447,947
Rollins, Inc.		16,101		629,066
Roper Technologies, Inc.		1,294		557,830
Snap-on, Inc.		2,840		486,038
Teledyne Technologies, Inc.(a)		1,310		513,494
Toro Co.		6,697		635,144
Trane Technologies PLC		3,721		540,140
TransDigm Group, Inc.(a)		619		383,068
Transunion		5,319		527,751
Trex CO., Inc.(a)		4,396		368,033
Union Pacific Corp.		2,518		524,298
United Rentals, Inc.(a)		1,645		381,492
Verisk Analytics, Inc.		2,993		621,317
Waste Management, Inc.		5,346		630,454
Watsco, Inc.		2,511		568,867
Westinghouse Air Brake Technologies Corp.		6,296		460,867
WW Grainger, Inc.		1,320		539,009
XPO Logistics, Inc.(a)		3,224		384,301
Xylem, Inc.		5,137		522,895
				33,355,585

See notes to financial statements.

33

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (20.6%):
Advanced Micro Devices, Inc.(a)		4,320		396,187
Akamai Technologies, Inc.(a)		5,195		545,423
Amphenol Corp.		4,597		601,150
Analog Devices, Inc.		3,455		510,407
ANSYS, Inc.(a)		1,405		511,139
Arista Networks, Inc.(a)		2,031		590,148
Aspen Technology, Inc.(a)		2,996		390,229
Black Knight, Inc.(a)		7,061		623,839
Broadcom, Inc.		1,105		483,824
Cadence Design Systems, Inc.(a)		4,273		582,965
CDW Corp.		3,440		453,358
Ceridian HCM Holding, Inc.(a)		3,981		424,215
Ciena Corp.(a)		10,090		533,257
Citrix Systems, Inc.		3,841		499,714
Cognex Corp.		5,419		435,064
Cognizant Technology Solutions Corp.		5,999		491,618
Datadog, Inc., Class A(a)		3,105		305,656
Dolby Laboratories, Inc.		7,433		721,966
Dropbox, Inc., Class A(a)		20,593		456,959
Entegris, Inc.		4,967		477,329
EPAM Systems, Inc.(a)		1,201		430,378
F5 Networks, Inc.(a)		4,266		750,559
Fair Isaac Corp.(a)		832		425,185
Fidelity National Information Services, Inc.		3,276		463,423
First Solar, Inc.(a)		4,864		481,147
Fiserv, Inc.(a)		4,376		498,251
Fleetcor Technologies, Inc.(a)		1,710		466,539
Fortinet, Inc.(a)		3,171		470,989
Gartner, Inc.(a)		3,594		575,723
Genpact Ltd.		11,346		469,271
IPG Photonics Corp.(a)		2,253		504,199
Jack Henry & Associates, Inc.		3,313		536,673

See notes to financial statements.

34

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (20.6%): (continued)
Juniper Networks, Inc.		26,374		593,679
Keysight Technologies, Inc.(a)		4,609		608,803
KLA Corp.		1,688		437,040
Lam Research Corp.		932		440,156
Leidos Holdings, Inc.		5,442		572,063
Marvell Technology Group,Ltd.		9,361		445,022
Microchip Technology, Inc.		3,096		427,589
Micron Technology, Inc.(a)		7,632		573,773
MKS Instruments, Inc.		3,005		452,102
Monolithic Power Systems, Inc.		1,136		416,037
NetApp, Inc.		9,258		613,250
Nuance Communications, Inc.(a)		14,264		628,900
NVIDIA Corp.		688		359,274
Paychex, Inc.		5,322		495,904
Paycom Software, Inc.(a)		907		410,191
Paylocity Holding Corp.(a)		2,023		416,556
PTC, Inc.(a)		5,624		672,687
Qorvo, Inc.(a)		2,807		466,720
Seagate Technology PLC		9,907		615,819
ServiceNow, Inc.(a)		868		477,773
Skyworks Solutions, Inc.		2,537		387,857
SolarWinds Corp.(a)		20,241		302,603
Ssnc Technologies Holdings, Inc.		7,383		537,113
SYNNEX Corp.		2,534		206,369
Synopsys, Inc.(a)		2,328		603,511
Teradyne, Inc.		4,765		571,276
The Trade Desk, Inc.(a)		504		403,704
Trimble, Inc.(a)		7,745		517,134
Tyler Technologies, Inc.(a)		1,593		695,375
Universal Display Corp.		2,023		464,885
VeriSign, Inc.(a)		2,597		561,991
Western Union Co.		22,957		503,677

See notes to financial statements.

35

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (20.6%): (continued)
Wex, Inc.(a)		1,877		382,026
Xilinx, Inc.		4,002		567,364
Zebra Technologies Corp.(a)		1,563		600,708
				33,535,715
Materials (8.1%):
Albemarle Corp.		3,772		556,446
AptarGroup, Inc.		5,476		749,609
Avery Dennison Corp.		3,377		523,806
Ball Corp.		6,106		568,957
Berry Global Group, Inc.(a)		9,808		551,112
Celanese Corp.		3,406		442,576
CF Industries Holdings, Inc.		12,122		469,243
Corteva, Inc.		12,668		490,505
Crown Holdings, Inc.(a)		5,348		535,870
Eastman Chemical Co.		4,991		500,497
FMC Corp.		3,837		440,986
International Flavors & Fragrances, Inc.		4,541		494,242
International Paper Co.		9,760		485,267
LyondellBasell Industries N.V., Class A		3,909		358,299
Martin Marietta Materials, Inc.		1,446		410,621
Newmont Corp.		7,618		456,242
Nucor Corp.		9,123		485,252
Packaging Corp. of America		4,203		579,636
PPG Industries, Inc.		3,649		526,259
Reliance Steel & Aluminum Co.		4,174		499,837
Royal Gold, Inc.		3,195		339,820
RPM International, Inc.		5,530		502,013
Sherwin-Williams Co.		714		524,726
The Scotts Miracle-Gro Co.		2,520		501,833
Vulcan Materials Co.		2,717		402,958
Westlake Chemical Corp.		4,622		377,155
Westrock Co.		8,588		373,836
				13,147,603

See notes to financial statements.

36

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (7.2%):
Alliant Energy Corp.		10,126		521,793
Ameren Corp.		5,970		466,018
American Electric Power Co., Inc.		6,164		513,276
American Water Works Co., Inc.		3,179		487,881
Atmos Energy Corp.		5,459		520,953
CMS Energy Corp.		8,562		522,368
Consolidated Edison, Inc.		6,261		452,482
Dominion Energy, Inc.		5,710		429,392
DTE Energy Co.		3,751		455,409
Entergy Corp.		4,306		429,911
Essential Utilities, Inc.		10,588		500,707
Evergy, Inc.		8,095		449,353
Eversource Energy		5,068		438,433
FirstEnergy Corp.		12,992		397,685
NextEra Energy, Inc.		6,726		518,911
NRG Energy, Inc.		14,014		526,226
Pinnacle West Capital Corp.		5,910		472,505
PPL Corp.		15,746		444,037
Public Service Enterprise Group, Inc.		9,115		531,404
The AES Corp.		18,911		444,409
The Southern Co.		7,794		478,785
UGI Corp.		12,243		428,015
Vistra Corp.		23,699		465,922
WEC Energy Group		4,955		456,009
Xcel Energy, Inc.		7,460		497,359
				11,849,243
Total Common Stocks (Cost $135,200,352)				163,461,515
Total Investments (Cost $135,200,352) — 99.7%(b)				163,461,515
Other assets in excess of liabilities — 0.3%				442,546
NET ASSETS - 100.00%				163,904,061

See notes to financial statements.

37

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	December 31, 2020

Percentages indicated are based on net assets as of December 31, 2020.

(a) Non-income producing security.

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

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini March Future (U.S. Dollar)		3/19/21		2	$	374,880	$	8,447
							$	8,447

See notes to financial statements.

38

	Schedule of Portfolio Investments
Timothy Plan High Dividend Stock ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.6%)
Communication Services (0.8%):
CenturyLink, Inc.		100,806		982,859
				982,859
Consumer Discretionary (6.5%):
Garmin Ltd.		14,409		1,724,181
Gentex Corp.		50,533		1,714,585
Genuine Parts Co.		10,199		1,024,286
Service Corp. International		27,567		1,353,540
Vail Resorts, Inc.		4,447		1,240,535
VF Corp.		11,978		1,023,041
				8,080,168
Consumer Staples (7.0%):
Campbell Soup Co.		33,818		1,635,100
Conagra Brands, Inc.		42,567		1,543,479
Hormel Foods Corp.		36,667		1,709,049
Sysco Corp.		11,484		852,802
The JM Smucker Co.		13,708		1,584,645
Tyson Foods, Inc., Class A		18,536		1,194,460
				8,519,535
Energy (5.9%):
Cabot Oil & Gas Corp.		55,077		896,654
ConocoPhillips		21,823		872,702
EOG Resources, Inc.		20,210		1,007,873
Kinder Morgan, Inc.		74,593		1,019,685
ONEOK, Inc.		19,534		749,715
Pioneer Natural Resources Co.		7,962		906,792
The Williams Cos., Inc.		42,075		843,604
Valero Energy Corp.		17,039		963,896
				7,260,921

See notes to financial statements.

39

	Schedule of Portfolio Investments — continued
Timothy Plan High Dividend Stock ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (10.4%):
Aflac, Inc.		24,119		1,072,572
Ares Management Corp., Class A		23,276		1,095,136
Assurant, Inc.		8,576		1,168,223
BlackRock, Inc.		1,793		1,293,721
Cincinnati Financial Corp.		11,820		1,032,713
Commerce Bancshares, Inc.		18,859		1,239,036
Everest Re Group, Ltd.		5,370		1,257,063
Franklin Resources, Inc.		45,604		1,139,644
Principal Financial Group, Inc.		19,377		961,293
The Charles Schwab Corp.		26,553		1,408,371
WR Berkley Corp.		17,680		1,174,306
				12,842,078
Health Care (2.7%):
AbbVie, Inc.		18,246		1,955,059
Amgen, Inc.		5,975		1,373,772
				3,328,831
Industrials (22.4%):
AO Smith Corp.		25,123		1,377,242
Caterpillar, Inc.		7,663		1,394,819
CH Robinson Worldwide, Inc.		16,776		1,574,763
Dover Corp.		9,976		1,259,470
Eaton Corp. PLC		9,389		1,127,994
Emerson Electric Co.		14,226		1,143,344
Fastenal Co.		29,665		1,448,542
General Dynamics Corp.		9,242		1,375,394
Honeywell International, Inc.		6,787		1,443,595
Hubbell, Inc.		7,989		1,252,595
Illinois Tool Works, Inc.		6,027		1,228,785
Johnson Controls International PLC		29,262		1,363,317
Norfolk Southern Corp.		5,026		1,194,228
PACCAR, Inc.		16,587		1,431,126
Republic Services, Inc.		16,253		1,565,164

See notes to financial statements.

40

	Schedule of Portfolio Investments — continued
Timothy Plan High Dividend Stock ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (22.4%): (continued)
Rockwell Automation, Inc.		4,399		1,103,313
Snap-on, Inc.		6,992		1,196,611
TransDigm Group, Inc.(a)		1,527		944,984
Union Pacific Corp.		6,201		1,291,172
Waste Management, Inc.		13,154		1,551,251
Watsco, Inc.		6,186		1,401,438
				27,669,147
Information Technology (8.6%):
Analog Devices, Inc.		8,508		1,256,887
Broadcom, Inc.		2,713		1,187,887
Juniper Networks, Inc.		64,916		1,461,259
KLA Corp.		4,153		1,075,253
NetApp, Inc.		22,783		1,509,146
Paychex, Inc.		13,098		1,220,472
Seagate Technology PLC		24,379		1,515,399
Western Union Co.		56,509		1,239,807
				10,466,110
Materials (12.4%):
Avery Dennison Corp.		8,313		1,289,429
Celanese Corp.		8,381		1,089,027
CF Industries Holdings, Inc.		29,829		1,154,681
Corteva, Inc.		31,183		1,207,406
Eastman Chemical Co.		12,282		1,231,639
International Flavors & Fragrances, Inc.		11,177		1,216,505
International Paper Co.		24,020		1,194,274
LyondellBasell Industries N.V., Class A		9,624		882,136
Nucor Corp.		22,456		1,194,435
Packaging Corp. of America		10,349		1,427,232
Reliance Steel & Aluminum Co.		10,270		1,229,832
The Scotts Miracle-Gro Co.		6,206		1,235,862
Westrock Co.		21,138		920,137
				15,272,595

See notes to financial statements.

41

	Schedule of Portfolio Investments — continued
Timothy Plan High Dividend Stock ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (22.9%):
Alliant Energy Corp.		24,927		1,284,488
Ameren Corp.		14,688		1,146,545
American Electric Power Co., Inc.		15,168		1,263,039
Atmos Energy Corp.		13,441		1,282,675
CMS Energy Corp.		21,075		1,285,786
Consolidated Edison, Inc.		15,407		1,113,464
Dominion Energy, Inc.		14,054		1,056,861
DTE Energy Co.		9,226		1,120,129
Entergy Corp.		10,601		1,058,404
Essential Utilities, Inc.		26,060		1,232,377
Evergy, Inc.		19,917		1,105,593
Eversource Energy		12,474		1,079,126
FirstEnergy Corp.		31,979		978,877
NextEra Energy, Inc.		16,548		1,276,678
NRG Energy, Inc.		34,491		1,295,136
Pinnacle West Capital Corp.		14,549		1,163,193
PPL Corp.		38,761		1,093,060
Public Service Enterprise Group, Inc.		22,435		1,307,961
The AES Corp.		46,539		1,093,667
The Southern Co.		19,190		1,178,842
UGI Corp.		30,141		1,053,729
Vistra Corp.		58,336		1,146,886
WEC Energy Group		12,200		1,122,766
Xcel Energy, Inc.		18,359		1,223,995
				27,963,277
Total Common Stocks (Cost $111,507,937)				122,385,521
Total Investments (Cost $111,507,937) — 99.6%(b)				122,385,521
Other assets in excess of liabilities — 0.4%				525,097
NET ASSETS - 100.00%				122,910,618

See notes to financial statements.

42

	Schedule of Portfolio Investments — continued
Timothy Plan High Dividend Stock ETF	December 31, 2020

Percentages indicated are based on net assets as of December 31, 2020.

(a) Non-income producing security.

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

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini March Future (U.S. Dollar)		3/19/21		2	$	374,880	$	7,634
							$	7,634

See notes to financial statements.

43

	Schedule of Portfolio Investments
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.6%)
Australia (4.6%):
Communication Services (0.5%):
Rea Group Ltd.		1,398		160,408
Telstra Corp. Ltd.		96,329		221,267
				381,675
Consumer Staples (0.9%):
Coles Group, Ltd.		15,438		215,860
Wesfarmers Ltd.		4,869		189,153
Woolworths Group Ltd.		7,348		222,646
				627,659
Financials (1.5%):
ASX Ltd.		3,202		177,704
Commonwealth Bank of Australia		2,977		188,416
Insurance Australia Group Ltd.		45,853		166,115
Magellan Financial Group, Ltd.		2,276		94,138
National Australia Bank Ltd.		9,548		166,327
Suncorp Group Ltd.		20,866		156,654
Westpac Banking Corp.		9,792		146,199
				1,095,553
Health Care (0.6%):
CSL Ltd.		682		148,864
Ramsay Health Care Ltd.		2,740		131,324
Sonic Healthcare Ltd.		6,252		154,933
				435,121
Industrials (0.3%):
Brambles Ltd.		23,629		193,061
				193,061
Materials (0.8%):
Fortescue Metals Group Ltd.		10,363		187,155
Newcrest Mining Ltd.		5,902		117,280

See notes to financial statements.

44

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Australia (4.6%): (continued)
Materials (0.8%): (continued)
Rio Tinto Ltd.		2,579		226,282
				530,717
				3,263,786
Austria (0.7%):
Energy (0.2%):
OMV AG		3,827		154,264
				154,264
Financials (0.2%):
Erste Group Bank AG (a)		5,630		171,513
				171,513
Utilities (0.3%):
Verbund AG		2,102		179,345
				179,345
				505,122
Belgium (1.5%):
Consumer Staples (0.2%):
Etablissements Franz Colruyt NV		2,525		149,495
				149,495
Financials (1.0%):
Ageas SA		2,890		153,843
Groupe Bruxelles Lambert SA		1,774		178,815
KBC Group N.V. (a)		2,151		150,499
Sofina SA		628		212,486
				695,643
Health Care (0.1%):
Galapagos NV (a)		789		77,563
				77,563

See notes to financial statements.

45

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Belgium (1.5%): (continued)
Materials (0.2%):
Umicore		3,055		146,617
				146,617
				1,069,318
Canada (6.4%):
Consumer Discretionary (0.3%):
Dollarama, Inc.		4,798		195,584
				195,584
Consumer Staples (1.1%):
Alimentation Couche-Tard, Inc.		4,751		161,938
Loblaw Cos. Ltd.		3,683		181,762
Metro, Inc.		4,937		220,336
Saputo, Inc.		6,840		191,490
				755,526
Energy (0.6%):
Canadian Natural Resources, Ltd.		4,522		108,689
Enbridge, Inc.		4,336		138,696
Pembina Pipelines Corp.		3,414		80,743
TC Energy Corp.		2,886		117,349
				445,477
Financials (1.0%):
Canadian Imperial Bank of Commerce		1,752		149,664
Great-West Lifeco, Inc.		5,909		140,912
Intact Financial Corp.		1,517		179,651
National Bank of Canada		2,354		132,506
Power Corp. of Canada		5,239		120,324
				723,057
Industrials (0.5%):
Canadian National Railway Co.		1,692		186,044
Canadian Pacific Railway Ltd.		495		171,728
				357,772

See notes to financial statements.

46

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Canada (6.4%): (continued)
Information Technology (0.9%):
CGI, Inc. (a)		2,716		215,517
Constellation Software, Inc.		167		216,892
Open Text Corp.		4,047		183,923
Topicus.com, Inc. (a)(b)		311		1,174
				617,506
Materials (1.1%):
Aginco Eagle Mines, Ltd.		1,470		103,479
Barrick Gold Corp.		4,739		107,984
Franco-Nevada Corp.		1,087		136,313
Kinross Gold Corp.		10,656		78,201
Kirkland Lake Gold Ltd.		2,091		86,420
Nutrien, Ltd.		3,379		162,591
Wheaton Precious Metals Corp.		2,863		119,586
				794,574
Utilities (0.9%):
Algonquin Power & Utilities Corp.		8,964		147,557
Emera, Inc.		3,932		167,142
Fortis, Inc.		3,948		161,307
Hydro One, Ltd.		8,555		192,583
				668,589
				4,558,085
Chile (0.3%):
Materials (0.3%):
Antofagasta PLC		9,862		194,241
				194,241
Denmark (2.8%):
Financials (0.5%):
Danske Bank A/S		11,043		182,467
Tryg A/S		6,618		208,707
				391,174

See notes to financial statements.

47

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Denmark (2.8%): (continued)
Health Care (0.8%):
Coloplast A/S		1,510		230,439
Genmab A/S (a)		470		190,040
GN Store Nord A/S		1,987		158,924
				579,403
Industrials (0.5%):
DSV Panalpina A S		952		159,411
Vestas Wind Systems A/S		908		214,576
				373,987
Materials (0.6%):
Christian Hansen Holding A/S (a)		2,026		208,341
Novozymes A/S, Class B Shares		3,350		192,209
				400,550
Utilities (0.4%):
Orsted A/S		1,271		259,462
				259,462
				2,004,576
Finland (2.2%):
Consumer Staples (0.2%):
Kesko Oyj, Class B		6,215		159,727
				159,727
Energy (0.2%):
Neste Oyj		2,393		172,927
				172,927
Financials (0.4%):
Nordea Bank Abp (a)		18,328		149,810
Sampo OYJ		3,327		140,489
				290,299

See notes to financial statements.

48

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Finland (2.2%): (continued)
Industrials (0.3%):
Kone OYJ		2,833		229,984
				229,984
Information Technology (0.2%):
Nokia Oyj (a)		35,764		137,653
				137,653
Materials (0.6%):
Stora ENSO OYJ, Class R Shares		9,763		186,574
UPM-Kymmene OYJ		6,297		234,367
				420,941
Utilities (0.3%):
Fortum OYJ		7,570		182,160
				182,160
				1,593,691
France (6.1%):
Consumer Discretionary (0.8%):
Compagnie Generale DES Etablissements Michelin		1,463		187,550
Hermes International SA		228		244,969
SEB SA		952		173,267
				605,786
Consumer Staples (0.3%):
Carrefour SA		11,071		189,730
				189,730
Financials (0.8%):
Amundi SA		1,973		160,988
CNP Assurances SA		6,816		109,733
Credit Agricole SA		13,331		168,048
Natixis (a)		30,620		104,315
				543,084
Health Care (0.4%):
bioMerieux		862		121,508
Sartorius Stedim Biotech		382		135,877
				257,385

See notes to financial statements.

49

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
France (6.1%): (continued)
Industrials (2.6%):
Bollore		37,781		156,077
Bouygues SA		3,362		138,189
Bureau Veritas SA		7,266		193,128
Edenred		3,038		172,223
Eiffage SA		1,500		144,820
Groupe Eurotunnel SA		9,494		164,443
Legrand SA		1,934		172,453
Safran SA (a)		822		116,422
Schneider Electric SA		1,234		178,316
Teleperformance		450		149,126
Thales SA		1,766		161,571
Vinci SA		1,376		136,748
				1,883,516
Information Technology (0.5%):
ATOS SE (a)		1,887		172,365
Dassault Systemes SA		890		180,626
				352,991
Materials (0.5%):
Air Liquide SA		1,303		213,673
Arkema SA		1,255		143,333
				357,006
Utilities (0.2%):
Veolia Environnement		6,896		168,552
				168,552
				4,358,050
Germany (7.3%):
Communication Services (0.5%):
Scout24 AG		2,311		189,273
United Internet AG		3,513		147,743
				337,016

See notes to financial statements.

50

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Germany (7.3%): (continued)
Consumer Discretionary (0.7%):
adidas AG (a)		457		166,294
Puma SE (a)		1,353		152,509
Zalando SE (a)		1,469		163,396
				482,199
Consumer Staples (0.3%):
Beiersdorf AG		2,099		242,136
				242,136
Financials (0.9%):
Deutsche Boerse AG		1,058		179,958
Hannover Rueck SE		949		151,044
Muenchener Rueckversicherungs-Gesellschaft AG		533		158,076
Talanx AG		3,975		154,209
				643,287
Health Care (0.5%):
Carl Zeiss Meditec AG		1,102		146,589
Fresenius Medical Care AG		2,665		222,010
				368,599
Industrials (0.8%):
Brenntag AG		2,444		189,091
Deutsche Post AG		3,137		155,189
Kion Group AG		1,394		121,168
MTU Aero Engines AG		510		132,940
				598,388
Information Technology (0.8%):
Bechtle AG		762		166,051
Infineon Technologies AG		3,564		136,653
Nemetschek SE		1,649		121,660
TeamViewer AG (a)		2,555		136,790
				561,154

See notes to financial statements.

51

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Germany (7.3%): (continued)
Materials (1.1%):
BASF SE		2,323		183,645
Evonik Industries AG		5,465		178,101
HeidelbergCement AG		2,021		151,130
Symrise AG		1,772		234,631
				747,507
Real Estate (0.9%):
Deutsche Wohnen SE		4,293		229,105
LEG Immobilien AG		1,294		200,833
Vonovia Se		3,031		221,252
				651,190
Utilities (0.8%):
E.ON SE		18,353		203,197
RWE AG		3,969		167,599
Uniper SE		5,787		199,623
				570,419
				5,201,895
Hong Kong (5.9%):
Consumer Discretionary (0.2%):
Techtronic Industries Co.		10,348		147,634
				147,634
Consumer Staples (0.5%):
Sun Art Retail Group Ltd.		155,903		158,473
WH Group Ltd.		211,966		177,728
				336,201
Financials (0.7%):
AIA Group Ltd.		19,390		237,617
Hang Seng Bank, Ltd.		15,772		272,015
				509,632
Health Care (0.2%):
Sino Biopharmaceutical Ltd.		155,125		150,078
				150,078

See notes to financial statements.

52

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Hong Kong (5.9%): (continued)
Industrials (0.8%):
CK Hutchison Holdings Ltd.		33,818		236,004
MTR Corp. Ltd.		53,216		297,582
				533,586
Real Estate (2.0%):
CK Asset Holdings Ltd.		37,840		194,271
Hang Lung Properties Ltd.		78,583		207,299
Henderson Land Development Co. Ltd.		68,164		265,984
New World Development Co. Ltd.		42,525		198,028
Shimao Property Holdings Ltd.		36,510		116,328
Sino Land Co. Ltd.		162,106		211,201
Sun Hung KAI Properties Ltd.		19,656		253,554
				1,446,665
Utilities (1.5%):
CK Infrastructure Holdings Ltd.		43,304		232,658
CLP Holdings, Inc.		33,334		308,306
Hong Kong & China Gas Co. Ltd.		186,012		277,859
Power Assets Holdings Ltd.		50,310		272,570
				1,091,393
				4,215,189
Ireland (1.2%):
Consumer Staples (0.4%):
Kerry Group PLC		1,631		242,856
				242,856
Industrials (0.4%):
DCC PLC		2,156		152,642
Kingspan Group PLC (a)		1,704		126,238
				278,880
Materials (0.4%):
CRH PLC		3,303		140,525
Smurfit Kappa Group PLC		3,604		169,487
				310,012
				831,748

See notes to financial statements.

53

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Israel (0.7%):
Financials (0.3%):
Bank Hapoalim BM		27,486		188,263
Isracard Ltd.		–		1
				188,264
Health Care (0.1%):
Teva Pharmaceutical Industries Ltd. (a)		11,376		108,250
				108,250
Information Technology (0.3%):
Nice Ltd. (a)		697		195,390
				195,390
				491,904
Italy (3.1%):
Communication Services (0.5%):
Infrastrutture Wireless Italiane SpA		15,644		189,753
Telecom Italia SpA		320,417		147,709
				337,462
Consumer Discretionary (0.3%):
Moncler SpA		3,370		206,398
				206,398
Energy (0.2%):
Snam SpA		30,329		170,452
				170,452
Financials (1.0%):
Assicurazioni Generali SpA		12,556		218,707
FinecoBank Banca Fineco SpA (a)		9,762		159,784
Intesa Sanpaolo SpA (a)		73,567		171,869
Poste Italiane SpA		14,682		149,211
				699,571
Health Care (0.4%):
DiaSorin SpA		648		134,639
Recordati Industria Chimica e Farmaceutica SpA		2,857		158,193
				292,832

See notes to financial statements.

54

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Italy (3.1%): (continued)
Information Technology (0.2%):
Nexi SpA (a)		6,349		126,721
				126,721
Utilities (0.5%):
Enel SpA		18,895		191,011
Terna SpA		25,922		197,897
				388,908
				2,222,344
Japan (20.2%):
Communication Services (1.9%):
KDDI Corp.		8,600		255,401
Nexon Co. Ltd.		6,300		194,053
Nippon Telegraph & Telephone Corp.		18,700		479,183
Softbank Corp.		25,800		323,125
Z Holdings Corp.		19,200		116,122
				1,367,884
Consumer Discretionary (2.6%):
Bridgestone Corp.		7,500		245,835
Fast Retailing Co. Ltd.		300		268,704
Nitori Co. Ltd.		1,100		230,357
Oriental Land Co. Ltd.		1,400		231,073
Panasonic Corp.		19,700		227,168
Shimano ORD		1,000		233,291
Suzuki Motor Co.		2,800		129,694
Toyota Industries Corp.		3,200		253,855
				1,819,977
Consumer Staples (1.0%):
KAO Corp.		3,400		262,476
Seven & i Holdings Co., Ltd.		5,600		198,473
Unicharm Corp.		5,100		241,662
				702,611

See notes to financial statements.

55

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (20.2%): (continued)
Financials (2.2%):
Dai-ichi Life Holdings, Inc.		11,300		169,872
Japan Post Bank Co. Ltd.		29,500		242,023
Japan Post Holdings Co. Ltd.		31,900		248,056
Mitsubishi UFJ Financial Group, Inc.		52,500		231,938
Mizuho Financial Group, Inc.		17,500		221,632
Sumitomo Mitsui Financial Group, Inc.		7,700		237,772
Tokio Marine Holdings, Inc.		4,700		241,647
				1,592,940
Health Care (3.6%):
Astellas Pharma, Inc.		15,100		233,140
Chugai Pharmaceutical Co. Ltd.		4,600		245,194
Daiichi Sankyo Co. Ltd.		6,300		215,716
Eisai Co. Ltd.		1,900		135,672
Hoya Corp.		1,700		234,977
M3, Inc.		2,500		235,931
Olympus Corp.		6,900		150,812
Ono Pharmaceutical Co. Ltd.		7,700		231,806
Otsuka Holdings Co. Ltd.		5,000		213,967
Shionogi & Co. Ltd.		3,800		207,410
Sysmex Corp.		2,100		252,228
Terumo Corp.		5,200		217,187
				2,574,040
Industrials (4.0%):
Central Japan Railway Co.		1,300		183,717
Daikin Industries Ltd.		1,300		288,609
Fanuc Corp.		800		196,513
ITOCHU Corp.		10,100		289,969
Komatsu Ltd.		7,800		212,868
Kubota Corp.		11,700		255,102
Mitsubishi Corp.		11,200		275,660

See notes to financial statements.

56

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (20.2%): (continued)
Industrials (4.0%): (continued)
Mitsubishi Electric Corp.		17,000		256,383
Nidec Corp.		1,800		226,308
Secom Co. Ltd.		3,000		276,550
SG Holdings Co. Ltd.		6,500		177,044
SMC Corp.		400		243,898
				2,882,621
Information Technology (3.5%):
Canon, Inc.		11,700		224,163
Fujifilm Holdings Corp.		3,900		205,426
Fujitsu, Ltd.		1,400		202,121
Hitachi, Ltd.		4,900		192,934
Keyence Corp.		500		280,899
Kyocera Corp.		4,000		245,099
Murata Manufacturing Co. Ltd.		3,700		334,018
Nomura Research Institute Ltd.		6,000		214,742
NTT Data Corp.		13,500		184,507
OBIC Co. Ltd.		1,100		220,874
Tokyo Electron Ltd.		600		223,169
				2,527,952
Materials (0.6%):
Nippon Paint Holdings Co. Ltd.		1,600		175,591
Shin-Etsu Chemical Co. Ltd.		1,300		227,160
				402,751
Real Estate (0.8%):
Daiwa House Industry Co. Ltd.		6,500		192,910
Mitsubishi Estate Co. Ltd.		11,000		176,550
Mitsui Fudosan Co. Ltd.		9,000		188,168
				557,628
				14,428,404

See notes to financial statements.

57

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Korea, Republic Of (5.8%):
Communication Services (0.7%):
Naver Corp.		564		151,878
Netmarble Corp. (a)		1,037		125,544
SK Telecom Co. Ltd.		988		216,483
				493,905
Consumer Discretionary (0.9%):
Hyundai Mobis		611		143,722
Hyundai Motor Co.		747		132,042
KIA Motors Corp.		2,818		161,888
LG Electronics, Inc.		1,800		223,716
				661,368
Consumer Staples (0.5%):
Amorepacific Corp.		994		188,514
LG Household & Health Care Ltd.		122		181,956
				370,470
Financials (0.6%):
KB Financial Group, Inc.		3,497		139,725
Samsung Life Insurance Co., Ltd.		2,065		150,379
Shinhan Financial Group Co. Ltd.		5,367		158,362
				448,466
Health Care (0.8%):
Celltrion Healthcare Co., Ltd. (a)		1,462		219,343
Celltrion, Inc. (a)		522		172,606
Samsung Biologics Co., Ltd. (a)		212		161,215
				553,164
Industrials (0.5%):
LG Corp.		1,972		158,856
Samsung C&T Corp.		1,486		188,794
				347,650
Information Technology (1.3%):
Samsung Electro-Mechanics Co., Ltd.		1,028		168,462
Samsung Electronics Co. Ltd.		3,219		240,047

See notes to financial statements.

58

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Korea, Republic Of (5.8%): (continued)
Information Technology (1.3%): (continued)
Samsung SDI Co. Ltd.		277		160,151
Samsung SDS Co. Ltd.		1,029		169,100
SK Hynix, Inc.		2,008		219,065
				956,825
Materials (0.5%):
LG Chem Ltd.		175		132,756
POSCO		828		207,343
				340,099
				4,171,947
Luxembourg (0.4%):
Health Care (0.2%):
Eurofins Scientific SE (a)		1,821		152,657
				152,657
Real Estate (0.2%):
Aroundtown SA		22,339		166,996
				166,996
				319,653
Mexico (0.1%):
Materials (0.1%):
Fresnillo PLC		6,805		105,094
				105,094
Netherlands (2.4%):
Financials (0.8%):
ABN AMRO Group NV (a)		11,528		112,933
Euronext NV		1,440		158,569
ING Groep NV (a)		13,302		124,153
NN Group NV		3,610		156,673
				552,328

See notes to financial statements.

59

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Netherlands (2.4%): (continued)
Industrials (0.5%):
Randstad N.V.		2,538		165,052
Wolters Kluwer N.V.		2,630		221,857
				386,909
Information Technology (0.5%):
Adyen N.V. (a)		84		195,463
ASML Holding N.V.		398		193,271
				388,734
Materials (0.6%):
AKZO Nobel N.V		1,652		177,293
Koninklijke DSM N.V.		1,340		230,462
				407,755
				1,735,726
New Zealand (0.7%):
Consumer Staples (0.2%):
a2 Milk Co., Ltd. (a)		17,486		151,813
				151,813
Health Care (0.2%):
Fisher & Paykel Healthcare Corp., Ltd.		6,480		153,675
				153,675
Information Technology (0.3%):
Xero, Ltd. (a)		1,646		186,276
				186,276
				491,764
Norway (1.7%):
Communication Services (0.5%):
Schibsted ASA, Class A (a)		3,056		130,759
Telenor ASA		11,661		198,734
				329,493

See notes to financial statements.

60

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Norway (1.7%): (continued)
Consumer Staples (0.5%):
Mowi ASA		7,921		176,723
Orkla ASA, Class A		17,799		180,882
				357,605
Financials (0.5%):
DNB ASA (a)		8,756		171,829
Gjensidige Forsikring ASA		7,913		176,914
				348,743
Materials (0.2%):
Yara International ASA		4,253		176,859
				176,859
				1,212,700
Portugal (0.6%):
Consumer Staples (0.3%):
Jeronimo Martins & Filho SA		12,511		211,199
				211,199
Utilities (0.3%):
EDP - Energias de Portugal SA		33,248		209,396
				209,396
				420,595
Russian Federation (0.2%):
Materials (0.2%):
Polymetal International PLC		5,983		137,801
				137,801
Singapore (2.1%):
Communication Services (0.4%):
Singapore Telecommunications Ltd.		147,700		258,221
				258,221
Consumer Staples (0.3%):
Wilmar International Ltd.		48,800		171,740
				171,740

See notes to financial statements.

61

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Singapore (2.1%): (continued)
Financials (1.1%):
DBS Group Holdings Ltd.		13,800		261,524
Oversea-Chinese Banking Corp. Ltd.		36,700		279,423
United Overseas Bank		15,700		268,420
				809,367
Real Estate (0.3%):
Capitaland Ltd.		94,500		234,587
				234,587
				1,473,915
Spain (2.3%):
Consumer Discretionary (0.3%):
Industria de Diseno Textil SA		5,599		178,091
				178,091
Financials (0.2%):
Caixabank SA		61,755		158,486
				158,486
Health Care (0.2%):
Grifols SA		6,049		176,445
				176,445
Industrials (0.2%):
Aena SME SA (a)		843		146,426
				146,426
Information Technology (0.2%):
Amadeus IT Group SA		1,931		140,484
				140,484
Utilities (1.2%):
Endesa SA		6,852		187,062
Iberdrola SA		15,300		218,660
Naturgy Energy Group SA		8,207		190,070
Red Electrica Corp.		11,188		229,248
				825,040
				1,624,972

See notes to financial statements.

62

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Sweden (6.1%):
Communication Services (0.5%):
Tele2 AB, Class B		14,466		191,032
Telia Co. AB		43,953		181,503
				372,535
Consumer Staples (0.6%):
Essity Aktiebolag, Class B		6,413		206,259
ICA Gruppen AB		3,690		184,370
				390,629
Financials (1.9%):
EQT AB		4,703		120,323
Industrivarden AB, Class C		5,736		185,183
Investor AB, Class B		2,686		195,706
Kinnevik AB, Class B		3,549		179,310
L E Lundbergforetagen AB, Class B (a)		3,355		179,748
Skandinavisk Enskilda Banken AB (a)		15,806		162,408
Svenska Handelsbanken AB (a)		17,161		172,365
Swedbank AB, Class A Shares (a)		9,076		159,055
				1,354,098
Industrials (2.1%):
ALFA Laval AB (a)		6,270		172,536
ASSA Abloy AB		6,748		166,161
Atlas Copco AB, Class A Shares		3,195		163,600
Epiroc AB, Class A		10,403		189,305
Nibe Industrier AB, Class B		5,276		173,027
Sandvik AB (a)		6,683		163,585
Skanska AB		6,808		173,598
SKF AB, Class B		6,123		158,886
Volvo AB		6,777		159,705
				1,520,403

See notes to financial statements.

63

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Sweden (6.1%): (continued)
Information Technology (0.5%):
Hexagon AB, Class B Shares		1,874		170,861
Telefonaktiebolaget LM Ericsson, Class B		14,379		170,720
				341,581
Materials (0.5%):
Boliden AB		4,506		159,664
Svenska Cellulosa AB SCA, Class B (a)		11,624		202,549
				362,213
				4,341,459
Switzerland (7.5%):
Communication Services (0.4%):
Swisscom AG		461		248,523
				248,523
Consumer Discretionary (0.6%):
CIE Financiere Richemont SA		2,572		232,730
Swatch Group AG		721		196,747
				429,477
Consumer Staples (0.8%):
Barry Callebaut AG		138		328,081
Chocoladefabriken Lindt & Spruengli AG		27		263,288
				591,369
Financials (1.2%):
Banque Cantonale Vaudois		2,453		266,920
Julius Baer Group Ltd.		3,030		174,610
Partners Group Holding AG		179		210,350
Swiss Life Holding AG		388		180,804
				832,684
Health Care (0.7%):
Sonova Holding AG (a)		618		160,610
Straumann Holding AG		139		162,010
Vifor Pharma AG		1,100		172,768
				495,388

See notes to financial statements.

64

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
Switzerland (7.5%): (continued)
Industrials (1.9%):
ABB Ltd.		6,558		183,105
Adecco Group AG		2,621		175,207
Geberit AG		366		229,195
Kuehne & Nagel International AG		1,116		253,212
Schindler Holding AG		994		267,987
SGS SA		90		271,526
				1,380,232
Information Technology (0.7%):
Logitech International SA, Class R		2,450		237,858
Stmicroelectronics N.V.		3,393		126,615
Temenos AG		1,102		153,969
				518,442
Materials (1.2%):
EMS-Chemie Holding AG		270		260,237
Givaudan SA		57		240,237
Lafargeholcim Ltd.		3,500		192,283
Sika AG		724		197,812
				890,569
				5,386,684
United Kingdom (6.5%):
Communication Services (0.5%):
BT Group PLC (a)		101,059		182,740
Informa PLC (a)		20,760		155,834
				338,574
Consumer Discretionary (0.5%):
JD Sports Fashion PLC (a)		8,851		104,076
Next PLC (a)		1,386		134,285
Persimmon PLC		3,231		122,239
				360,600

See notes to financial statements.

65

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
United Kingdom (6.5%): (continued)
Consumer Staples (0.3%):
Associated British Foods PLC (a)		5,767		178,521
				178,521
Financials (1.8%):
3I Group PLC		8,512		134,773
Admiral Group PLC		5,823		231,369
Hargreaves Lansdown PLC		6,126		127,735
Legal & General Group PLC		36,801		133,946
London Stock Exchange Group		1,485		182,902
Phoenix Group Holdings PLC		14,138		135,432
Schroders PLC		3,859		176,073
Standard Chartered PLC		26,597		169,429
				1,291,659
Health Care (0.2%):
Smith & Nephew PLC		7,036		145,267
				145,267
Industrials (1.3%):
Ashtead Group PLC		2,656		124,852
Bunzl PLC		4,959		165,646
Ferguson PLC		1,232		149,652
Intertek Group PLC		2,025		156,380
Rentokil Initial PLC (a)		20,198		140,735
Spirax-Sarco Engineering PLC		1,299		200,613
				937,878
Information Technology (0.7%):
AVEVA Group PLC		3,486		152,620
Halma PLC		5,347		179,045
The Sage Group PLC		19,417		154,514
				486,179

See notes to financial statements.

66

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

SECURITY DESCRIPTION	SHARES		VALUE ($)
United Kingdom (6.5%): (continued)
Materials (1.0%):
Anglo American PLC		4,283		141,982
Croda International PLC		2,755		248,465
Mondi PLC		7,234		170,076
Rio Tinto PLC		2,367		177,031
				737,554
Utilities (0.2%):
SSE PLC		8,194		168,054
				168,054
				4,644,286
United States (0.2%):
Industrials (0.2%):
Waste Connections, Inc.		1,793		183,879
				183,879
Total Common Stocks (Cost $62,946,503)				71,188,828
Total Investments (Cost $62,946,503) — 99.6%(c)				71,188,828
Other assets in excess of liabilities — 0.4%				311,583
NET ASSETS - 100.00%				71,500,411

Percentages indicated are based on net assets as of December 31, 2020.

(a) Non-income producing security.

(b) Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.0% of the Fund’s net assets as of December 31, 2020. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

(c) See Federal Tax information listed in the Notes to Financial Statements.

Amounts show as “-“ are either 0 or rounds to less than 1.

See notes to financial statements.

67

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	December 31, 2020

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Mini MSCI EAFE Index March Future (U.S. Dollar)		3/19/21		2	$	213,080	$	2,592
							$	2,592

See notes to financial statements.

68

	Statements of Assets and Liabilities
Timothy Plan	December 31, 2020

		Timothy Plan US Small Cap Core ETF		Timothy Plan US Large/Mid Cap Core ETF
ASSETS:
Investments, at value (Cost $26,423,907 and $135,200,352)	$	31,796,025	$	163,461,515
Cash and cash equivalents		22,733		299,139
Deposit with broker for futures contracts		45,942		112,716
Interest and dividends receivable		18,024		100,153
Variation margin receivable on open futures contracts		—		2,460
Total Assets		31,882,724		163,975,983
LIABILITIES:
Payable for investments purchased		201		—
Variation margin payable on open futures contracts		85		—
Accrued expenses and other payables: Investment advisory fees		13,934		71,922
Total Liabilities		14,220		71,922
Net Assets		31,868,504		163,904,061
NET ASSETS CONSIST OF:
Capital	$	29,686,158	$	141,840,460
Total distributable earnings/(loss)		2,182,346		22,063,601
Net Assets	$	31,868,504	$	163,904,061
Shares Outstanding (unlimited shares authorized, no par value):		1,150,000		5,300,000
Net asset value per share:		$27.71		$30.93

See notes to financial statements.

69

	Statements of Assets and Liabilities
Timothy Plan	December 31, 2020

		Timothy Plan High Dividend Stock ETF		Timothy Plan International ETF
ASSETS:
Investments, at value (Cost $111,507,937 and $62,946,503)	$	122,385,521	$	71,188,828
Foreign currency, at value (Cost $— and $17,012)		—		17,080
Cash and cash equivalents		329,042		306,666
Deposit with broker for futures contracts		77,590		85,485
Interest and dividends receivable		169,281		87,565
Variation margin receivable on open futures contracts		2,460		—
Reclaims receivable		—		28,971
Total Assets		122,963,894		71,714,595
LIABILITIES:
Payable for investments purchased		—		178,330
Variation margin payable on open futures contracts		—		1,720
Accrued expenses and other payables: Investment advisory fees		53,276		34,134
Total Liabilities		53,276		214,184
Net Assets		122,910,618		71,500,411
NET ASSETS CONSIST OF:
Capital	$	119,401,608	$	65,218,351
Total distributable earnings/(loss)		3,509,010		6,282,060
Net Assets	$	122,910,618	$	71,500,411
Shares Outstanding (unlimited shares authorized, no par value):		4,750,000		2,650,000
Net asset value per share:		$25.88		$26.98

See notes to financial statements.

70

	Statements of Operations
Timothy Plan	For the Year Ended December 31, 2020

	Timothy Plan US Small Cap Core ETF	Timothy Plan US Large/ Mid Cap Core ETF
Investment Income:
Dividend income	$485,795	$2,021,225
Interest income	10	159
Foreign tax withholding	(474)	—
Total Income	485,331	2,021,384
Expenses:
Investment advisory fees	128,123	748,356
Total Expenses	128,123	748,356
Net Investment Income (Loss)	357,208	1,273,028
Realized/Unrealized Gains (Losses) from Investment Transactions:
Net realized gains (losses) from investment transactions	(3,212,478)	(5,300,921)
Net realized gains (losses) from in-kind transactions	3,137,544	5,686,826
Net realized gains (losses) from futures transactions	15,099	88,554
Net change in unrealized appreciation/depreciation on investments	5,023,901	20,514,594
Net change in unrealized appreciation/depreciation on futures transactions	3,658	3,893
Net realized/unrealized gains on investments	4,967,724	20,992,946
Change in net assets resulting from operations	$5,324,932	$22,265,974

See notes to financial statements.

71

	Statements of Operations
Timothy Plan	For the Year Ended December 31, 2020

	Timothy Plan High Dividend Stock ETF	Timothy Plan International ETF
Investment Income:
Dividend income	$3,137,957	$1,169,087
Foreign tax withholding	—	(129,446)
Total Income	3,137,957	1,039,641
Expenses:
Investment advisory fees	548,348	246,986
Total Expenses	548,348	246,986
Net Investment Income (Loss)	2,589,609	792,655
Realized/Unrealized Gains (Losses) from Investment Transactions and Foreign Currency Translations:
Net realized gains (losses) from investment transactions and foreign currency translations	(6,700,530)	(1,978,409)
Net realized gains (losses) from in-kind transactions	1,193,938	—
Net realized gains (losses) from futures transactions	87,299	46,075
Net change in unrealized appreciation/depreciation on investments and foreign currency translations	4,729,563	7,574,603
Net change in unrealized appreciation/depreciation on futures transactions	7,771	2,592
Net realized/unrealized gains/losses on investments and foreign currency translations	(681,959)	5,644,861
Change in net assets resulting from operations	$1,907,650	$6,437,516

See notes to financial statements.

72

Timothy Plan   Statements of Changes in Net Assets  

	Timothy Plan US Small Cap Core ETF				Timothy Plan US Large/Mid Cap Core ETF
	For the Year Ended December 31, 2020		For the Period December 3, 2019(a) through December 31, 2019		For the Year Ended December 31, 2020		For the Period May 1, 2019(a) through December 31, 2019
From Investment Activities:
Operations:
Net investment income (loss)		$357,208		$7,483		$1,273,028		$613,586
Net realized gains (losses) from investment transactions		(59,835)		58,371		474,459		406,740
Net change in unrealized appreciation/depreciation on investments		5,027,559		348,217		20,518,487		7,751,123
Change in net assets resulting from operations		5,324,932		414,071		22,265,974		8,771,449
Distributions to Shareholders:
Distributions		(354,462)		(7,507)		(1,388,658)		(593,505)
Change in net assets resulting from distributions to shareholders		(354,462)		(7,507)		(1,388,658)		(593,505)
Change in net assets resulting from capital transactions		16,676,227		9,815,243		8,231,732		126,617,069
Change in net assets		21,646,697		10,221,807		29,109,048		134,795,013
Net Assets:
Beginning of period		10,221,807		—		134,795,013		—
End of period		$31,868,504		$10,221,807		$163,904,061		$134,795,013
Capital Transactions:
Proceeds from shares issued		$30,742,714		$11,097,743		$55,703,050		$139,366,129
Cost of shares redeemed		(14,066,487)		(1,282,500)		(47,471,318)		(12,749,060)
Change in net assets resulting from capital transactions		$16,676,227		$9,815,243		$8,231,732		$126,617,069
Share Transactions:
Issued		1,350,000		450,000		2,250,000		5,450,000
Redeemed		(600,000)		(50,000)		(1,900,000)		(500,000)
Change in Shares		750,000		400,000		350,000		4,950,000

(a) Commencement of operations.

See notes to financial statements.

73

Timothy Plan   Statements of Changes in Net Assets  

	Timothy Plan High Dividend Stock ETF				Timothy Plan International ETF
	For the Year Ended December 31, 2020		For the Period May 1, 2019(a) through December 31, 2019		For the Year Ended December 31, 2020		For the Period December 3, 2019(a) through December 31, 2019
From Investment Activities:
Operations:
Net investment income (loss)		$2,589,609		$1,282,802		$792,655		$30,091
Net realized gains (losses) from investment transactions		(5,419,293)		476,310		(1,932,334)		13,397
Net change in unrealized appreciation/depreciation on investments		4,737,334		6,147,884		7,577,195		669,652
Change in net assets resulting from operations		1,907,650		7,906,996		6,437,516		713,140
Distributions to Shareholders:
Distributions		(2,852,134)		(1,238,011)		(838,738)		(29,857)
Change in net assets resulting from distributions to shareholders		(2,852,134)		(1,238,011)		(838,738)		(29,857)
Change in net assets resulting from capital transactions		29,723,058		87,463,059		42,883,359		22,334,991
Change in net assets		28,778,574		94,132,044		48,482,137		23,018,274
Net Assets:
Beginning of period		94,132,044		—		23,018,274		—
End of period		$122,910,618		$94,132,044		$71,500,411		$23,018,274
Capital Transactions:
Proceeds from shares issued		$43,758,265		$103,751,741		$42,883,359		$22,334,991
Cost of shares redeemed		(14,035,207)		(16,288,682)		—		—
Change in net assets resulting from capital transactions		$29,723,058		$87,463,059		$42,883,359		$22,334,991
Share Transactions:
Issued		1,900,000		4,150,000		1,750,000		900,000
Redeemed		(650,000)		(650,000)		—		—
Change in Shares		1,250,000		3,500,000		1,750,000		900,000

(a) Commencement of operations.

See notes to financial statements.

74

Timothy Plan	Financial Highlights
For a Share Outstanding Throughout Each Period

	Timothy Plan US Small Cap Core ETF						Timothy Plan US Large/Mid Cap Core ETF
	For the Year Ended December 31, 2020			For the period December 3, 2019(a) to December 31, 2019			For the Year Ended December 31, 2020			For the period May 1, 2019(a) to December 31, 2019
Net Asset Value, Beginning of Period		$25.55			$24.73			$27.23			$25.16
Investment Activities:
Net Investment Income (Loss)(b)		0.32			0.02			0.23			0.21
Net Realized and Unrealized Gains (Losses) on Investments		2.15			0.82			3.72			2.04
Total from Investment Activities		2.47			0.84			3.95			2.25
Distributions to Shareholders:
Net Investment Income		(0.31)			(0.02)			(0.25)			(0.18)
Total Distributions		(0.31)			(0.02)			(0.25)			(0.18)
Net Asset Value, End of Period		$27.71			$25.55			$30.93			$27.23
Total Return (excludes sales charge)(c)		9.99	%		3.39	%		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)		1.45	%		0.89	%		0.88	%		1.22	%
Net Assets, End of Period (000’s)		$31,869			$10,222			$163,904			$134,795
Portfolio Turnover(c)		78	%		—			45	%		17	%

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.

75

Timothy Plan	Financial Highlights
For a Share Outstanding Throughout Each Period

	Timothy Plan High Dividend Stock ETF						Timothy Plan International ETF
	For the Year Ended December 31, 2020			For the period May 1, 2019(a) to December 31, 2019			For the Year Ended December 31, 2020			For the period December 3, 2019(a) to December 31, 2019
Net Asset Value, Beginning of Period		$26.89			$25.10			$25.58			$24.80
Investment Activities:
Net Investment Income (Loss)(b)		0.57			0.48			0.47			0.04
Net Realized and Unrealized Gains (Losses) on Investments		(0.96)	(c)		1.74			1.40			0.77
Total from Investment Activities		(0.39)			2.22			1.87			0.81
Distributions to Shareholders:
Net Investment Income		(0.62)			(0.43)			(0.47)			(0.03)
Total Distributions		(0.62)			(0.43)			(0.47)			(0.03)
Net Asset Value, End of Period		$25.88			$26.89			$26.98			$25.58
Total Return (excludes sales charge)(d)		(1.17	%)		9.00	%		7.66	%		3.25	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(e)		0.52	%		0.52	%		0.62	%		0.62	%
Ratio of Net Investment Income (Loss) to Average Net Assets(e)		2.45	%		2.81	%		1.98	%		1.99	%
Net Assets, End of Period (000’s)		$122,911			$94,132			$71,500			$23,018
Portfolio Turnover(d)		68	%		23	%		63	%		12	%

(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.

76

	Notes to Financial Statements
Timothy Plan	December 31, 2020

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, four 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”), and Timothy Plan International ETF (“International 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, and the International 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, and Victory International Volatility Weighted 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 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.

77

	Notes to Financial Statements
Timothy Plan	December 31, 2020

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.

78

	Notes to Financial Statements
Timothy Plan	December 31, 2020

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%

* 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)

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.

79

	Notes to Financial Statements
Timothy Plan	December 31, 2020

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

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

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

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

A summary of the valuations as of December 31, 2020, 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	$	31,796,025	$	–	$	–	$	31,796,025
Total Investment Securities		31,796,025		–		–		31,796,025
Other Financial Instruments*
Futures Contracts		3,658		–		–		3,658
Total Investments	$	31,799,683	$	–	$	–	$	31,799,683

80

	Notes to Financial Statements
Timothy Plan	December 31, 2020

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	$	163,461,515	$	–	$	–	$	163,461,515
Total Investment Securities		163,461,515		–		–		163,461,515
Other Financial Instruments*
Futures Contracts		8,447		–		–		8,447
Total Investments	$	163,469,962	$	–	$	–	$	163,469,962

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	$	122,385,521	$	–	$	–	$	122,385,521
Total Investment Securities		122,385,521		–		–		122,385,521
Other Financial Instruments*
Futures Contracts		7,634		–		–		7,634
Total Investments	$	122,393,155	$	–	$	–	$	122,393,155

International ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	71,187,654	$	–	$	1,174	$	71,188,828
Total Investment Securities		71,187,654		–		1,174		71,188,828
Other Financial Instruments*
Futures Contracts		2,592		–		–		2,592
Total Investments	$	71,190,246	$	–	$	1,174	$	71,191,420

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

81

	Notes to Financial Statements
Timothy Plan	December 31, 2020

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, 2019		$–
Accrued discount/ premium		–
Return of Capital		–
Realized Gain/(Loss)		–
Change in Unrealized Appreciation/(Depreciation)		241
Purchases		933
Sales Proceeds		–
Transfer into Level 3		–
Transfer out of Level 3		–
Balance as of December 31, 2020		$1,174

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 Transactions and Related Income:

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

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

Futures Contracts:

During the year ended December 31, 2020, 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

82

	Notes to Financial Statements
Timothy Plan	December 31, 2020

its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded. Deposits for futures for the Funds are reported as Deposit with broker for futures contracts on the Statements of Assets and Liabilities. If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund. These subsequent payments, called “Variation Margin,” to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as “marking to the market.” The Funds recorded a payable or receivable on variation margin. The Funds expect to earn interest income on its margin deposits. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statements of Operations.

Average Notional Value

The table below summarizes the monthly average notional value of futures contracts for the year ended December 31, 2020.

Fund	Average Notional Value
US Small Cap Core ETF		$69,636
US Large/Mid Cap Core ETF		421,699
High Dividend Stock ETF		411,525
International ETF		168,663

83

	Notes to Financial Statements
Timothy Plan	December 31, 2020

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2020:

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure:
US Small Cap Core ETF		$3,658		$—
US Large/Mid Cap Core ETF		8,447		—
High Dividend Stock ETF		7,634		—
International ETF		2,592		—

* 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 year ended December 31, 2020:

	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		$15,099		$3,658
US Large/Mid Cap Core ETF		88,554		3,893
High Dividend Stock ETF		87,299		7,771
International ETF		46,075		2,592

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

84

	Notes to Financial Statements
Timothy Plan	December 31, 2020

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 investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds identifies its major tax jurisdiction as U.S. Federal.

As of and during the year ended December 31, 2020, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year, the Funds did not incur any interest or penalties. For the current open tax year, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Further, management of the Funds is not aware of any tax positions for which it is reasonably possible that the total amounts of any unrecognized tax benefits will significantly change over the next fiscal year.

85

	Notes to Financial Statements
Timothy Plan	December 31, 2020

3. PURCHASES AND SALES OF SECURITIES:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and in-kind transactions associated with purchases and sales for the year ended December 31, 2020 were as follows:

	Excluding in-kind transactions				Associated with in-kind transactions
Fund	Purchases		Sales		Purchases		Sales
US Small Cap Core ETF		$18,612,802		$18,588,847		$30,649,296		$14,015,383
US Large/Mid Cap Core ETF		64,384,294		64,238,672		55,405,448		47,295,848
High Dividend Stock ETF		71,697,899		71,453,769		43,315,802		13,951,138
International ETF		29,713,425		25,265,824		38,078,702		—

For the year ended December 31, 2020, there were no purchases or sales of U.S. Government Securities.

4. FEES AND TRANSACTIONS WITH AFFILIATES AND OTHER PARTIES:

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

86

	Notes to Financial Statements
Timothy Plan	December 31, 2020

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

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

Drake Compliance LLC provides compliance services to the Trust.

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

5. INVESTMENT RISKS:

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

ETF Risk

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

Excluded Security Risk

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

Foreign Securities Risk

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

87

	Notes to Financial Statements
Timothy Plan	December 31, 2020

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

Market Risk

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

6. FEDERAL INCOME TAX INFORMATION:

As of December 31, 2020, 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	$	26,427,312	$	5,745,281	$	(376,567	)	$	5,368,714
US Large/Mid Cap Core ETF		135,188,792		30,593,749		(2,321,026	)		28,272,723
High Dividend Stock ETF		111,467,842		13,841,483		(2,923,804	)		10,917,679
International ETF		63,292,619		9,044,187		(1,147,978	)		7,896,209

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

	Year Ended December 31, 2020
	Distributions Paid From:
Fund	Ordinary Income		Total Taxable Distributions		Total Distributions Paid*
US Small Cap Core ETF	$	354,462	$	354,462	$	354,462
US Large/Mid Cap Core ETF		1,388,658		1,388,658		1,388,658
High Dividend Stock ETF		2,852,134		2,852,134		2,852,134
International ETF		838,738		838,738		838,738

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	Notes to Financial Statements
Timothy Plan	December 31, 2020

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

The tax characteristics of distributions paid to shareholders during the period ended December 31, 2019 were as follows:

	Period Ended December 31, 2019
	Distributions Paid From:
Fund	Ordinary Income		Total Taxable Distributions		Total Distributions Paid*
US Small Cap Core ETF	$	7,507	$	7,507	$	7,507
US Large/Mid Cap Core ETF		593,505		593,505		593,505
High Dividend Stock ETF		1,238,011		1,238,011		1,238,011
International ETF		29,857		29,857		29,857

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

As of December 31, 2020, 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	$	2,802	$	2,802	$	(3,189,170	)	$	5,368,714		$	2,182,346
US Large/Mid Cap Core ETF		—		—		(6,209,122	)		28,272,723			22,063,601
High Dividend Stock ETF		—		—		(7,408,669	)		10,917,679			3,509,010
International ETF		255,278		255,278		(1,871,357	)		7,898,139	**		6,282,060

* 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 $1,930 of unrealized appreciation on foreign currency translation.

89

	Notes to Financial Statements
Timothy Plan	December 31, 2020

At December 31, 2020, the Funds had net capital loss carry forwards (“CLCFs”) for federal income tax purposes which are available to reduce the future capital gain distributions to shareholders.

CLCFs not subject to expiration:

Fund	Short-Term Amount		Long-Term Amount		Total
US Small Cap Core ETF	$	3,189,170	$	—	$	3,189,170
US Large/Mid Cap Core ETF		3,905,337		2,303,785		6,209,122
High Dividend Stock ETF		5,056,357		2,352,312		7,408,669
International ETF		1,871,357		—		1,871,357

As of December 31, 2020, on the Statements of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassifications adjustments were as follows:

	Total Accumulated
Fund	Earnings/(Loss)			Capital
US Small Cap Core ETF	$	(3,136,341	)	$	3,136,341
US Large/Mid Cap Core ETF		(5,581,253	)		5,581,253
High Dividend Stock ETF		(941,233	)		941,233
International ETF		—			—

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

7. SUBSEQUENT EVENTS:

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

Distributions

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

Fund	Amount
US Small Cap Core ETF		$18,820
US Large/Mid Cap Core ETF		30,555
High Dividend Stock ETF		162,503
International ETF		246,887

90

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

The Timothy Plan

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Timothy Plan US Small Cap Core ETF, Timothy Plan US Large/Mid Cap Core ETF (formerly Timothy Plan US Large Cap Core ETF), Timothy Plan High Dividend Stock ETF, and Timothy Plan International ETF (the “Funds”), four of the portfolios constituting The Timothy Plan, as of December 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets, the related notes, and the financial highlights for each of the two periods in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of December 31, 2020, the results of their operations for the year then ended, the changes in net assets, and the financial highlights for each of the two periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 25, 2021

COHEN & COMPANY, LTD.

800.229.1099 | 866.818.4535 fax | cohencpa.com

Registered with the Public Company Accounting Oversight Board

91

	Other Information (Unaudited)
Timothy Plan	December 31, 2020

Additional Information

For the year ended December 31, 2020, the Funds paid qualified dividend income for the purposes of reduced individual federal income tax rates of:

	Amount
US Small Cap Core ETF		100	%
US Large/Mid Cap Core ETF		100	%
High Dividend Stock ETF		100	%
International ETF		68	%

Dividends qualified for corporate dividends received deductions of:

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

For the year ended December 31, 2020, the Funds designated short-term capital gain distributions:

	Amount
International ETF	$	12,079

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share on December 31, 2020, were as follows:

	Foreign Source Income		Foreign Tax Expense
International ETF		0.45		0.04

92

	Other Information (Unaudited)
Timothy Plan	December 31, 2020

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 periods presented below.

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

93

	Other Information (Unaudited)
Timothy Plan	December 31, 2020

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

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

Fund	Beginning Account Value 7/1/20		Actual Ending Account Value 12/31/20		Hypothetical Ending Account Value 12/31/20		Actual Expenses Paid During Period 7/1/20 - 12/31/20*		Hypothetical Expenses Paid During Period 7/1/20 - 12/31/20*		Annualized Expense Ratio During Period 7/1/20 - 12/31/20
US Small Cap Core ETF
ETF Shares	$	1,000	$	1,338.90	$	1,022.52	$	3.06	$	2.64		0.52	%
US Large/Mid Cap Core ETF
ETF Shares	$	1,000	$	1,251.80	$	1,022.52	$	2.94	$	2.64		0.52	%
High Dividend Stock ETF
ETF Shares	$	1,000	$	1,199.40	$	1,022.52	$	2.87	$	2.64		0.52	%
International ETF
ETF Shares	$	1,000	$	1,214.40	$	1,022.02	$	3.45	$	3.15		0.62	%

*Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

94

TRUSTEES AND PRINCIPAL EXECUTIVE OFFICERS OF THE TRUST

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

INTERESTED TRUSTEES

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Arthur D. Ally*	Trustee, Chairman, President, and Treasurer	Indefinite; Trustee and President since 1994	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1942	President and controlling shareholder of Covenant Funds, Inc. (“CFI”), a holding company. President and general partner of Timothy Partners, Ltd. (“TPL”), the investment Advisor and principal underwriter to each Fund. CFI is also the managing general partner of TPL.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Mathew D. Staver**	Trustee	Indefinite; Trustee since 2000	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1956	Attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles.		None

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

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

95

INDEPENDENT TRUSTEES

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Richard W. Copeland	Trustee	Indefinite; Trustee since 2005	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1947	Retired. Associate Professor Stetson University for the past 40 years. Retired Principal of Copeland & Covert, Attorneys at Law; specializing in tax and estate planning. B.A. from Mississippi College, JD from University of Florida and LLM Taxation from University of Miami.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Deborah Honeycutt	Trustee	Indefinite; Trustee since 2010	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1947	Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Shepherd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Bill Johnson	Trustee	Indefinite; Trustee since 2005	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1946	President (and Founder) of American Decency Association, Freemont, MI since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Masters of Religious Education from Grand Rapids Baptist Seminary.		None

96

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
John C. Mulder	Trustee	Indefinite; Trustee since 2005	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1950	President of WaterStone (formerly the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from University of Chicago.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Scott Preissler, Ph.D.	Trustee	Indefinite; Trustee since 2004	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1960	Scott Preissler, Ph.D. is the Executive Director of The National Center for Stewardship & Generosity. He is a former professor and past President and CEO of The Christian Stewardship Association (CSA) and Southern Baptist state headquarters in Texas and Georgia		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Alan M. Ross	Trustee, Vice Chairman	Indefinite; Trustee since 2004	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1951	Founder and CEO of Corporate Development Institute which he founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ and has authored three books: Beyond World Class, Unconditional Excellence, Breaking Through to Prosperity.		None

97

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Patrice Tsague	Trustee	Indefinite; Trustee since 2011	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1973	President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Abraham M. Rivera	Trustee	Indefinite; Trustee since 2020	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1969	Pastor / President / Director, for La Puerta Life Center, Inc., a Florida corporation.		1
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Dale A. Bissonette	Trustee	Indefinite; Trustee since 2020	18
1055 Maitland Center Commons Maitland, FL	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1958	President, Good Place Holdings, a Christian Centered Business Holding Company.		None

PRINCIPAL EXECUTIVE OFFICERS WHO ARE NOT TRUSTEES

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

98

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

99

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.

Visit our website at	Call Timothy Plan at
etf.timothyplan.com	800.846.7526

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer,

principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

(b) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive

officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, there have been

no amendments to, not any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in

paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

	2020	2019
(a) Audit Fees	$53,250	$53,250
(b) Audit-Related Fees	$0	$0
(c) Tax Fees*	$12,000	$12,000

(d) All Other Fees $0 $0

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

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

(e)(2) 2020 – 100%    

 2019 – 100%

(f) Not applicable.

(g) 2020 – $12,000

2019 – $12,000

(h) Not applicable.

Item 5.    Audit Committee of Listed Registrants.

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

Item 6.    Investments.

(a) The Schedule of Investments as of the close of the reporting period are included as part of the report to shareholders filed under Item 1 of the Form N-CSR.

(b) Not applicable.

Item 7.    Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.    Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.    Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11.  Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required

to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Timothy Plan                                     

By (Signature and Title)    /s/Arthur D. Ally                                                                         

     Arthur D. Ally, Principal Executive Officer and Principal Financial Officer

Date     March 1, 2021                

    Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)    /s/Arthur D. Ally                                                                         

     Arthur D. Ally, Principal Executive Officer and Principal Financial Officer

Date     March 1, 2021