0001398344-23-005480.txt : 20230303 0001398344-23-005480.hdr.sgml : 20230303 20230303162228 ACCESSION NUMBER: 0001398344-23-005480 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20221231 FILED AS OF DATE: 20230303 DATE AS OF CHANGE: 20230303 EFFECTIVENESS DATE: 20230303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIMOTHY PLAN CENTRAL INDEX KEY: 0000916490 IRS NUMBER: 597016828 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-08228 FILM NUMBER: 23704389 BUSINESS ADDRESS: STREET 1: 1055 MAITLAND CENTER COMMONS CITY: MAITLAND STATE: FL ZIP: 32759 BUSINESS PHONE: 4076441986 MAIL ADDRESS: STREET 1: 1055 MAITLAND CENTER COMMONS CITY: MAITLAND STATE: FL ZIP: 32759 0000916490 S000063763 Timothy Plan US Large/Mid Cap Core ETF C000206641 Timothy Plan US Large/Mid Cap Core ETF TPLC 0000916490 S000063764 Timothy Plan US Small Cap Core ETF C000206642 Timothy Plan US Small Cap Core ETF TPSC 0000916490 S000063765 Timothy Plan International ETF C000206643 Timothy Plan International ETF TPIF 0000916490 S000063766 Timothy Plan High Dividend Stock ETF C000206644 Timothy Plan High Dividend Stock ETF TPHD 0000916490 S000072550 Timothy Plan US Large/Mid Cap Core Enhanced ETF C000228883 Timothy Plan US Large/Mid Cap Core Enhanced ETF TPLE 0000916490 S000072551 Timothy Plan High Dividend Stock Enhanced ETF C000228884 Timothy Plan High Dividend Stock Enhanced ETF TPHE N-CSR 1 fp0081065-2_ncsr.htm

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, 2022

 

 

 

Item 1. Reports to Stockholders.

 

 

ANNUAL REPORT

 

December 31, 2022

 
 

Ticker
Symbol

TIMOTHY PLAN US SMALL CAP CORE ETF

TPSC

TIMOTHY PLAN US LARGE/MID CAP CORE ETF

TPLC

TIMOTHY PLAN HIGH DIVIDEND STOCK ETF

TPHD

TIMOTHY PLAN INTERNATIONAL ETF

TPIF

TIMOTHY PLAN US LARGE/MID CAP CORE ENHANCED ETF

TPLE

TIMOTHY PLAN HIGH DIVIDEND STOCK ENHANCED ETF

TPHE

Listed and traded on: The New York Stock Exchange

 

 

 

Table of Contents

 

   

Shareholder Letter (Unaudited)

1

Letters from the Manager (Unaudited)

2

Fund Performance (Unaudited)

8

Schedules of Portfolio Investments

14

Statements of Assets and Liabilities

43

Statements of Operations

46

Statements of Changes in Net Assets

49

Financial Highlights

52

Notes to Financial Statements

58

Report of Independent Registered Public Accounting Firm

70

Other Information (Unaudited)

72

Trustees and Principal Executive Officers of the Trust (Unaudited)

74

 

 

December 31, 2022

 

Dear Timothy Plan Exchange Traded Fund Shareholder:

 

This report covers the fiscal year (01-01-22 thru 12-31-22). No doubt you are well aware that 2022 was a very difficult year in the capital markets. Economic recession created a lot of turbulence in both the equity and fixed income markets. The S&P 500 fell over 18% during the twelve-month period, inflation accelerated, the Fed raised Fed Funds rates, the Russia/ Ukraine war wreaked havoc in energy markets, we saw GDP contraction, the 10-year Treasury bond yields increased substantially, and the US dollar appreciated considerably during the year, hurting international equity returns for US dollar investors. As a result of the factors cited, performance in all our ETFs was negative for this past year. While I am never happy with negative performance, it appears we may have turned a corner at the beginning of 2023.

 

Victory Capital Management (“VCM”), the sub-advisor for our ETFs, employs the smart-beta approach for each of the portfolios and in our opinion, although the share values declined, they were very competitive in the markets. VCM’s reports on the following pages will give you more detailed information about each Fund.

 

As you know, no one can guarantee future performance. However, the one thing that I can assure you of is VCM has done their very best, and our team here at Timothy has worked very hard to provide you an investment in which we hope you felt comfortable.

 

Sincerely,

 

Arthur D. Ally
President

 

1

 

 

Timothy Plan US Small Cap Core ETF – TPSC

 

Letter from the Manager – December 31, 2022

 

The Timothy Plan US Small Cap Core ETF (TPSC) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

 

For the year ending December 31, 2022, the TPSC returned -13.45% outperforming the Russell 2000 Index (the “Index”), which was down -20.44%.

 

When comparing performance to the Index, TPSC’s stock selection in Technology was a positive contributor to relative performance. An underweight to Energy was a negative contributor.

 

Victory Capital Management, Inc.

 

2

 

 

Timothy Plan US Large/Mid Cap Core ETF – TPLC

 

Letter from the Manager – December 31, 2022

 

The Timothy Plan US Large/Mid Cap Core ETF (TPLC) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

 

For the year ending December 31, 2022, TPLC returned -12.48% outperforming the S&P 500® Index (the “Index”), which was down -18.11%.

 

When comparing performance to the Index, most of the TPLC’s outperformance came from an underweight to the largest market cap names in the Index. An underweight to Communication Services and overweight to Industrials were positive contributors. Stock selection in Health Care was negative contributor.

 

Victory Capital Management, Inc.

 

3

 

 

Timothy Plan High Dividend Stock ETF – TPHD

 

Letter from the Manager – December 31, 2022

 

The Timothy Plan High Dividend Stock ETF (TPHD) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

 

For the year ending December 31, 2022, TPHD returned -1.88%, outperforming the Russell 1000® Value Index (the “Index”), which was down -7.54%.

 

When comparing performance to the Index, an underweight to Communication Services and an overweight to Utilities were large positive contributors to relative performance. An underweight to Health Care was a negative contributor.

 

Victory Capital Management, Inc.

 

4

 

 

Timothy Plan International ETF – TPIF

 

Letter from the Manager – December 31, 2022

 

The Timothy Plan International ETF (TPIF) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

 

For the year ending December 31, 2022, TPIF returned -17.80%, underperforming the MSCI EAFE Index (the “Index”), which was down -14.45%.

 

At the country level, an overweight to Canada was a positive contributor while stock selection in the United Kingdom was a detractor.

 

At the sector level, an overweight to Consumer Staples was a positive contributor while stock selection in Industrials was a detractor.

 

Victory Capital Management, Inc.

 

5

 

 

Timothy Plan US Large/Mid Cap Core Enhanced ETF – TPLE

 

Letter from the Manager – December 31, 2022

 

The Timothy Plan US Large/Mid Cap Core ETF (TPLE) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

 

For the year ending December 31, 2022, TPLE returned -11.58%, outperforming the S&P 500® Index (the “Index”), which was down -18.11%.

 

When comparing performance to the Index, TPLE’s overweight to cash during the year was a positive contributor to relative performance. Stock selection in Health Care was a negative contributor.

 

Victory Capital Management, Inc.

 

6

 

 

Timothy Plan High Dividend Stock Enhanced ETF – TPHE

 

Letter from the Manager – December 31, 2022

 

The Timothy Plan High Dividend Stock Enhanced ETF (TPHE) seeks a rules- based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

 

For the year ending December 31, 2022, TPHE returned -10.44%, underperforming the Russell 1000® Value Index (the “Index”), which was down -7.54%.

 

When comparing performance to the Index, the overweight to cash was a large negative contributor to relative performance. An overweight to Utilities was a large positive contributor.

 

Victory Capital Management, Inc.

 

7

 

 

Fund Performance - (Unaudited)

December 31, 2022

 

Timothy Plan US Small Cap Core ETF

 

 

Average Annual Return
Period Ended December 31, 2022

Inception Date

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

 

 

Net Asset Value

Market Price Value

Victory US Small
Cap Volatility
Weighted BRI Index

One Year

-13.45%

-13.56%

-12.94%

Since Inception

8.23%

8.23%

8.88%

 

Expense Ratio

Gross

0.52%

 

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

 

The above expense ratio is from the Fund’s prospectus dated April 30, 2022. Additional information pertaining to the Fund’s expense ratio as of December 31, 2022 can be found in the financial highlights.

 

Comparison of the Change in Value of a $10,000 Investment

 

 

1

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

 

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

 

8

 

 

Fund Performance - (Unaudited)

December 31, 2022

 

Timothy Plan US Large/Mid Cap Core ETF

 

 

Average Annual Return
Period Ended December 31, 2022

Inception Date

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

 

 

Net Asset Value

Market Price Value

Victory US Large/
Mid Cap Volatility
Weighted BRI Index

One Year

-12.48%

-12.57%

-11.94%

Since Inception

9.09%

9.09%

9.68%

 

Expense Ratio

Gross

0.52%

 

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

 

The above expense ratio is from the Fund’s prospectus dated April 30, 2022. Additional information pertaining to the Fund’s expense ratio as of December 31, 2022 can be found in the financial highlights.

 

Comparison of the Change in Value of a $10,000 Investment

 

 

1

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

 

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

 

9

 

 

Fund Performance - (Unaudited)

December 31, 2022

 

Timothy Plan High Dividend Stock ETF

 

 

Average Annual Return
Period Ended December 31, 2022

Inception Date

Timothy Plan High Dividend Stock ETF
4/30/19

 

 

Net Asset Value

Market Price Value

Victory US Large
Cap High Dividend
Volatility Weighted
BRI Index

One Year

-1.88%

-1.86%

-1.24%

Since Inception

8.61%

8.62%

9.20%

 

Expense Ratio

Gross

0.52%

 

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

 

The above expense ratio is from the Fund’s prospectus dated April 30, 2022. Additional information pertaining to the Fund’s expense ratio as of December 31, 2022 can be found in the financial highlights.

 

Comparison of the Change in Value of a $10,000 Investment

 

 

1

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

 

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

 

10

 

 

Fund Performance - (Unaudited)

December 31, 2022

 

Timothy Plan International ETF

 

 

Average Annual Return
Period Ended December 31, 2022

Inception Date

Timothy Plan International ETF
12/2/19

 

 

Net Asset Value

Market Price Value

Victory
International 500
Volatility Weighted
BRI Index

One Year

-17.80%

-17.96%

-17.50%

Since Inception

0.27%

0.19%

0.78%

 

Expense Ratio

Gross

0.62%

 

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

 

The above expense ratio is from the Fund’s prospectus dated April 30, 2022. Additional information pertaining to the Fund’s expense ratio as of December 31, 2022 can be found in the financial highlights.

 

Comparison of the Change in Value of a $10,000 Investment

 

 

1

The universe for the Victory International 500 Volatility Weighted BRI Index begins with the largest developed international companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing (“BRI”) filtering criteria. A volatility weighted index assigns percentage values to each security in the Index based on the volatility of that security in the market. More volatile stocks have a lower weighting, and less volatile stocks are assigned a higher weighting. It is not possible to invest directly in an unmanaged index.

 

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

 

11

 

 

Fund Performance - (Unaudited)

December 31, 2022

 

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

 

 

Average Annual Return
Period Ended December 31, 2022

Inception Date

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

 

 

Net Asset Value

Market Price Value

Victory US Large/
Mid Cap Volatility
Weighted BRI Index

One Year

-11.58%

-11.60%

-11.66%

Since Inception

-2.49%

-2.49%

-2.40%

 

Expense Ratio

Gross

0.52%

 

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

 

The above expense ratio is from the Fund’s prospectus dated April 30, 2022. Additional information pertaining to the Fund’s expense ratio as of December 31, 2022 can be found in the financial highlights.

 

Comparison of the Change in Value of a $10,000 Investment

 

 

1

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

 

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

 

12

 

 

Fund Performance - (Unaudited)

December 31, 2022

 

Timothy Plan High Dividend Stock Enhanced ETF

 

 

Average Annual Return
Period Ended December 31, 2022

Inception Date

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

 

 

Net Asset Value

Market Price Value

Victory US Large
Cap High Dividend
Volatility Weighted
BRI Index

One Year

-10.44%

-10.54%

-10.23%

Since Inception

-1.93%

-1.91%

-1.60%

 

Expense Ratio

Gross

0.52%

 

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

 

The above expense ratio is from the Fund’s prospectus dated April 30, 2022. Additional information pertaining to the Fund’s expense ratio as of December 31, 2022 can be found in the financial highlights.

 

Comparison of the Change in Value of a $10,000 Investment

 

 

1

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

 

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

 

13

 

 

Schedule of Portfolio Investments

December 31, 2022

 

Timothy Plan US Small Cap Core ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Common Stocks (99.7%)          
Communication Services (2.5%):          

Advantage Solutions, Inc.(a)

   40,797    84,858 

Cars.com, Inc.(a)

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

EchoStar Corp., Class A(a)

   8,574    143,014 

Gogo, Inc.(a)

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

PubMatic, Inc.(a)

   4,376    56,057 

Sciplay Corp., Class A(a)

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

Stagwell, Inc.(a)

   16,932    105,148 

TechTarget, Inc.(a)

   2,017    88,869 

Thryv Holdings, Inc.(a)

   7,424    141,056 

US Cellular Corp.(a)

   7,077    147,555 

ZipRecruiter, Inc.(a)

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

Arhaus, Inc.(a)

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

Boot Barn Holdings, Inc.(a)

   1,751    109,473 

Brinker International, Inc.(a)

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

Cavco Industries, Inc.(a)

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

Cricut, Inc., Class A(a)

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

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

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

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

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

First Watch Restaurant Group, Inc.(a)

   7,095    95,995 

 

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

Frontdoor, Inc.(a)

   7,291    151,653 

Funko, Inc., Class A(a)

   4,327    47,208 

Gentherm, Inc.(a)

   2,169    141,614 

G-III Apparel Group Ltd.(a)

   6,709    91,980 

GoPro, Inc., Class A(a)

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

Grand Canyon Education, Inc.(a)

   2,343    247,561 

Green Brick Partners, Inc.(a)

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

Helen of Troy Ltd.(a)

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

Leslie’s, Inc.(a)

   8,150    99,512 

LGI Homes, Inc.(a)

   1,425    131,955 

M/I Homes, Inc.(a)

   3,307    152,717 

Malibu Boats, Inc.(a)

   2,682    142,951 

MarineMax, Inc.(a)

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

Meritage Homes Corp.(a)

   1,936    178,499 

Modine Manufacturing Co.(a)

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

National Vision Holdings, Inc.(a)

   3,225    125,001 

OneSpaWorld Holdings Ltd.(a)

   15,228    142,077 

Overstock.com, Inc.(a)

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

Perdoceo Education Corp.(a)

   18,797    261,278 

Playa Hotels & Resorts NV(a)

   21,450    140,069 

Qurate Retail, Inc.(a)

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

Revolve Group, Inc.(a)

   3,807    84,744 

Sally Beauty Holdings, Inc.(a)

   9,599    120,179 

Six Flags Entertainment Corp.(a)

   4,748    110,391 

Solid Power, Inc.(a)

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

Sonos, Inc.(a)

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

 

See notes to financial statements.

 

14

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Small Cap Core ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Consumer Discretionary (14.0%): (continued)          
Strategic Education, Inc.   2,216    173,557 

Stride, Inc.(a)

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

Target Hospitality Corp.(a)

   5,225    79,107 

Taylor Morrison Home Corp.(a)

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

Tri Pointe Group, Inc.(a)

   8,641    160,636 

Vista Outdoor, Inc.(a)

   5,341    130,160 

Vivid Seats, Inc., Class A(a)

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

XPEL, Inc.(a)

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

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

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

elf Beauty, Inc.(a)

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

Herbalife Nutrition Ltd.(a)

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

Mission Produce, Inc.(a)

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

The Chefs’ Warehouse, Inc.(a)

   4,152    138,179 

The Hain Celestial Group, Inc.(a)

   8,079    130,718 

The Vita Coco Co., Inc.(a)

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

United Natural Foods, Inc.(a)

   3,681    142,491 

Usana Health Sciences, Inc.(a)

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

 

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

Bristow Group, Inc.(a)

   5,027    136,383 

Callon Petroleum Co.(a)

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

Earthstone Energy, Inc., Class A(a)

   5,795    82,463 

Laredo Petroleum, Inc.(a)

   1,116    57,385 

NexTier Oilfield Solutions, Inc.(a)

   8,815    81,451 

Noble Corp. PLC(a)

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

Par Pacific Holdings, Inc.(a)

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

SilverBow Resources, Inc.(a)

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

Talos Energy, Inc.(a)

   4,051    76,483 

W&T Offshore, Inc.(a)

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

AssetMark Financial Holdings, Inc.(a)

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

Axos Financial, Inc.(a)

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

Columbia Financial, Inc.(a)

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

Donnelley Financial Solutions, Inc.(a)

   3,097    119,699 

See notes to financial statements.

 

15

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Small Cap Core ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Financials (23.8%): (continued)          

Encore Capital Group, Inc.(a)

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

Genworth Financial, Inc.(a)

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

Green Dot Corp., Class A(a)

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

Lendingclub Corp.(a)

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

NMI Holdings, Inc.(a)

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

Open Lending Corp.(a)

   12,569    84,841 

Palomar Holdings, Inc.(a)

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

PRA Group, Inc.(a)

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

 

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

Silvergate Capital Corp., Class A(a)

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

StoneX Group, Inc.(a)

   2,143    204,228 

Texas Capital Bancshares, Inc.(a)

   2,741    165,310 

The BanCorp, Inc.(a)

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

Triumph BanCorp, Inc.(a)

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

Upstart Holdings, Inc.(a)

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

AdaptHealth Corp.(a)

   4,355    83,703 

Addus Homecare Corp.(a)

   1,466    145,852 

Agiliti, Inc.(a)

   7,331    119,569 

Alector, Inc.(a)

   9,675    89,300 

Allscripts Healthcare Solutions, Inc.(a)

   10,243    180,687 

Apollo Medical Holdings, Inc.(a)

   2,707    80,100 

Arcus Biosciences, Inc.(a)

   2,865    59,248 

AtriCure, Inc.(a)

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

Avid Bioservices, Inc.(a)

   5,166    71,136 

Catalyst Pharmaceuticals, Inc.(a)

   7,663    142,532 

Corcept Therapeutics, Inc.(a)

   4,750    96,472 

CorVel Corp.(a)

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

Cross Country Healthcare, Inc.(a)

   2,780    73,865 

DocGo, Inc.(a)

   8,157    57,670 

Dynavax Technologies Corp.(a)

   7,999    85,109 

 

See notes to financial statements.

 

16

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Small Cap Core ETF

 

 

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

Emergent Biosolutions, Inc.(a)

   4,955    58,519 

Enhabit, Inc.(a)

   6,294    82,829 

Enovis Corp.(a)

   3,514    188,069 

Figs, Inc., Class A(a)

   9,414    63,356 

Fulgent Genetics, Inc.(a)

   3,051    90,859 

Harmony Biosciences Holdings, Inc.(a)

   2,160    119,016 

Innoviva, Inc.(a)

   11,904    157,728 

Integer Holdings Corp.(a)

   3,299    225,850 

Ironwood Pharmaceuticals, Inc.(a)

   18,786    232,759 

iTeos Therapeutics, Inc.(a)

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

Multiplan Corp.(a)

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

Neogen Corp.(a)

   13,854    210,996 

Owens & Minor, Inc.(a)

   8,101    158,213 

Pacira BioSciences, Inc.(a)

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

Pediatrix Medical Group, Inc.(a)

   8,207    121,956 

Prestige Consumer Healthcare, Inc.(a)

   4,153    259,978 

Prothena Corp. PLC(a)

   878    52,899 

RadNet, Inc.(a)

   6,306    118,742 

Regenxbio, Inc.(a)

   4,174    94,666 

Senseonics Holdings, Inc.(a)

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

Supernus Pharmaceuticals, Inc.(a)

   5,182    184,842 

Syndax Pharmaceuticals, Inc.(a)

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

Varex Imaging Corp.(a)

   8,853    179,716 

Xencor, Inc.(a)

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

AAR Corp.(a)

   4,271    191,768 

AerSale Corp.(a)

   6,998    113,508 

Air Transport Services Group(a)

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

Allegiant Travel Co.(a)

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

 

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

BrightView Holdings, Inc.(a)

   18,169    125,184 

CBIZ, Inc.(a)

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

Construction Partners, Inc., Class A(a)

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

Energy Recovery, Inc.(a)

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

First Advantage Corp.(a)

   11,520    149,760 

Forrester Research, Inc.(a)

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

Gibraltar Industries, Inc.(a)

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

GMS, Inc.(a)

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

Hayward Holdings, Inc.(a)

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

Heritage-Crystal Clean, Inc.(a)

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

HireRight Holdings Corp.(a)

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

Huron Consulting Group, Inc.(a)

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

Janus International Group, Inc.(a)

   13,314    126,749 

Jeld-Wen Holding, Inc.(a)

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

 

See notes to financial statements.

 

17

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Small Cap Core ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Industrials (20.9%): (continued)          
Kaman Corp.   5,293    118,034 
Kennametal, Inc.   6,890    165,773 
Kforce, Inc.   2,644    144,970 
Lindsay Corp.   1,167    190,046 
Marten Transport Ltd.   7,739    153,077 
Matson, Inc.   1,698    106,142 
Maxar Technologies, Inc.   5,203    269,203 
McGrath Rentcorp   2,693    265,907 

Mercury Systems, Inc.(a)

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

MYR Group, Inc.(a)

   2,177    200,436 

NOW, Inc.(a)

   11,970    152,019 

NV5 Global, Inc.(a)

   1,313    173,736 

PGT Innovations, Inc.(a)

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

Proto Labs, Inc.(a)

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

SkyWest, Inc.(a)

   5,905    97,492 

SPX Technologies, Inc.(a)

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

Sun Country Airlines Holdings, Inc.(a)

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

The AZEK Co., Inc.(a)

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

Titan International, Inc.(a)

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

V2X, Inc.(a)

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

3D Systems Corp.(a)

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

ACI Worldwide, Inc.(a)

   7,943    182,689 

ACM Research, Inc., Class A(a)

   8,886    68,511 

Agilysys, Inc.(a)

   2,334    184,713 

Alpha & Omega Semiconductor, Ltd.(a)

   2,498    71,368 

 

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

Avid Technology, Inc.(a)

   3,914    104,073 

Axcelis Technologies, Inc.(a)

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

Clearfield, Inc.(a)

   851    80,113 

Cohu, Inc.(a)

   4,238    135,828 

CommVault Systems, Inc.(a)

   3,058    192,165 

Conduent, Inc.(a)

   33,968    137,570 

Consensus Cloud Solutions, Inc.(a)

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

Digi International, Inc.(a)

   4,131    150,988 

Digital Turbine, Inc.(a)

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

eplus, Inc.(a)

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

Extreme Networks, Inc.(a)

   8,113    148,549 

FormFactor, Inc.(a)

   4,464    99,235 

Harmonic, Inc.(a)

   9,762    127,882 

Ichor Holding Ltd.(a)

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

International Money Express, Inc.(a)

   6,597    160,769 

MaxLinear, Inc.(a)

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

N-able, Inc.(a)

   12,064    124,018 

Napco Security Technologies Inc.(a)

   5,184    142,456 

NetScout Systems, Inc.(a)

   5,766    187,453 

OSI Systems, Inc.(a)

   3,120    248,102 

Paya Holdings, Inc.(a)

   15,802    124,362 

Paymentus Holdings, Inc.(a)

   7,092    56,807 

Payoneer Global, Inc.(a)

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

Perficient, Inc.(a)

   1,784    124,577 

Photronics, Inc.(a)

   6,069    102,141 

Plexus Corp.(a)

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

Semtech Corp.(a)

   4,232    121,416 

SiTime Corp.(a)

   857    87,088 

SMART Global Holdings, Inc.(a)

   8,956    133,265 

TaskUS, Inc., Class A(a)

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

TTM Technologies(a)

   9,503    143,305 

Ultra Clean Holdings, Inc.(a)

   3,986    132,136 

Veeco Instruments, Inc.(a)

   7,386    137,232 

 

See notes to financial statements.

 

18

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Small Cap Core ETF

 

 

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

Verra Mobility Corp.(a)

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

Arconic Corp.(a)

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

Ecovyst, Inc.(a)

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

Ingevity Corp.(a)

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

O-I Glass, Inc.(a)

   8,099    134,200 

Origin Materials, Inc.(a)

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

CoreCivic, Inc.(a)

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

 

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

Altus Power, Inc.(a)

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

Montauk Renewables, Inc.(a)

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

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

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

 

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

 

(a)

Non-income producing security.

(b)

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

 

Futures Contracts

Long Futures

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

 

See notes to financial statements.

 

19

 

 

Schedule of Portfolio Investments

December 31, 2022

 

Timothy Plan US Large/Mid Cap Core ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Common Stocks (99.6%)          
Communication Services (0.9%):          

Endeavor Group Holdings, Inc., Class A(a)

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

ZoomInfo Technologies, Inc.(a)

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

Aptiv PLC(a)

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

AutoZone, Inc.(a)

   267    658,470 

Burlington Stores, Inc.(a)

   2,875    582,935 

CarMax, Inc.(a)

   5,828    354,867 

Chipotle Mexican Grill, Inc.(a)

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

Dollar Tree, Inc.(a)

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

NVR, Inc.(a)

   136    627,311 

O’Reilly Automotive, Inc.(a)

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

Tesla, Inc.(a)

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

BJ’s Wholesale Club Holdings, Inc.(a)

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

Darling Ingredients, Inc.(a)

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

Monster Beverage Corp.(a)

   7,043    715,076 

 

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

Antero Resources Corp.(a)

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

Arch Capital Group Ltd.(a)

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

 

See notes to financial statements.

 

20

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Large/Mid Cap Core ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Financials (11.7%): (continued)          
First Republic Bank   4,766    580,928 
Franklin Resources, Inc.   24,473    645,598 
Globe Life, Inc.   6,919    834,085 
Interactive Brokers Group, Inc.   7,570    547,690 
Intercontinental Exchange, Inc.   7,182    736,801 
LPL Financial Holdings, Inc.   1,876    405,535 

Markel Corp.(a)

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

Ryan Specialty Holdings, Inc.(a)

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

SVB Financial Group(a)

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

Align Technology, Inc.(a)

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

Avantor, Inc.(a)

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

BioMarin Pharmaceutical, Inc.(a)

   6,144    635,843 

Catalent, Inc.(a)

   6,169    277,667 

Centene Corp.(a)

   7,990    655,260 

Charles River Laboratories International, Inc.(a)

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

Dexcom, Inc.(a)

   3,591    406,645 

Edwards Lifesciences Corp.(a)

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

Henry Schein, Inc.(a)

   11,078    884,800 

Horizon Therapeutics PLC(a)

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

IDEXX Laboratories, Inc.(a)

   1,396    569,512 

Incyte Corp.(a)

   9,790    786,333 

Insulet Corp.(a)

   1,533    451,300 

Intuitive Surgical, Inc.(a)

   2,318    615,081 

IQVIA Holdings, Inc.(a)

   3,058    626,554 

Mettler-Toledo International, Inc.(a)

   464    670,689 

 

 

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

Moderna, Inc.(a)

   1,950    350,259 

Neurocrine Biosciences, Inc.(a)

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

R1 RCM, Inc.(a)

   23,510    257,434 

Regeneron Pharmaceuticals, Inc.(a)

   711    512,979 

Repligen Corp.(a)

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

Shockwave Medical, Inc.(a)

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

United Therapeutics Corp.(a)

   2,498    694,669 

Veeva Systems, Inc., Class A(a)

   2,433    392,638 

Vertex Pharamaceuticals, Inc.(a)

   2,031    586,512 

Waters Corp.(a)

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

Builders FirstSource, Inc.(a)

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

Copart, Inc.(a)

   10,032    610,848 

Costar Group, Inc.(a)

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

Generac Holdings, Inc.(a)

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

 

See notes to financial statements.

 

21

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Large/Mid Cap Core ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Industrials (22.6%): (continued)          
Howmet Aerospace, Inc.   16,819    662,837 
Hubbell, Inc.   3,007    705,683 
Huntington Ingalls Industries, Inc.   3,280    756,630 
IDEX Corp.   3,765    859,662 
Illinois Tool Works, Inc.   3,883    855,425 
Ingersoll Rand, Inc.   11,807    616,916 
J.B. Hunt Transport Services, Inc.   3,363    586,373 
Johnson Controls International PLC   11,569    740,416 
Leidos Holdings, Inc.   8,242    866,976 
Masco Corp.   12,074    563,494 
Nordson Corp.   3,289    781,861 
Norfolk Southern Corp.   3,075    757,742 
Old Dominion Freight Line, Inc.   1,707    484,412 
Otis Worldwide Corp.   10,887    852,561 
PACCAR, Inc.   8,135    805,121 
Parker Hannifin Corp.   2,342    681,522 
Quanta Services, Inc.   3,808    542,640 
Regal Rexnord Corp.   3,847    461,563 
Republic Services, Inc.   6,675    861,008 
Rockwell Automation, Inc.   2,259    581,851 
Rollins, Inc.   18,548    677,744 
Snap-on, Inc.   3,390    774,581 
Textron, Inc.   9,063    641,660 
Trane Technologies PLC   4,414    741,949 
TransDigm Group, Inc.   1,055    664,281 
TransUnion   9,032    512,566 
U-Haul Holding Co.   13,238    796,795 
Union Pacific Corp.   3,815    789,972 

United Rentals, Inc.(a)

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

Advanced Micro Devices, Inc.(a)

   5,480    354,940 

Akamai Technologies, Inc.(a)

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

ANSYS, Inc.(a)

   2,220    536,330 

Arista Networks, Inc.(a)

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

 

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

Cadence Design Systems, Inc.(a)

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

Datadog, Inc., Class A(a)

   3,216    236,376 

Dynatrace, Inc.(a)

   9,655    369,787 

Enphase Energy, Inc.(a)

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

EPAM Systems, Inc.(a)

   616    201,888 

F5, Inc.(a)

   3,677    527,686 

Fair Isaac Corp.(a)

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

First Solar, Inc.(a)

   2,841    425,553 

FleetCor Technologies, Inc.(a)

   3,338    613,124 

Fortinet, Inc.(a)

   7,115    347,852 

Gartner, Inc.(a)

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

Keysight Technologies, Inc.(a)

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

ON Semiconductor Corp.(a)

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

Paycom Software, Inc.(a)

   1,167    362,132 

Paylocity Holding Corp.(a)

   1,521    295,469 

PTC, Inc.(a)

   4,279    513,651 

Qorvo, Inc.(a)

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

ServiceNow, Inc.(a)

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

Synopsys, Inc.(a)

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

Teledyne Technologies, Inc.(a)

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

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

   4,028    180,575 

See notes to financial statements.

 

22

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Large/Mid Cap Core ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Information Technology (15.2%): (continued)          

Trimble, Inc.(a)

   9,358    473,140 

Tyler Technologies, Inc.(a)

   1,449    467,172 

Western Digital Corp.(a)

   12,027    379,452 

Zebra Technologies Corp.(a)

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

 

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

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

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

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

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

 

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

 

Represents less than 0.05%.

(a)

Non-income producing security.

(b)

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

(c)

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

CVR — Contingent Value Rights

 

See notes to financial statements.

 

23

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Large/Mid Cap Core ETF

 

 

Futures Contracts

Long Futures

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

 

 

See notes to financial statements.

 

24

 

 

Schedule of Portfolio Investments

December 31, 2022

 

Timothy Plan High Dividend Stock ETF

 

 

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

 

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

 

See notes to financial statements.

 

25

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan High Dividend Stock ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Materials (11.7%): (continued)          
Freeport-McMoRan, Inc.   33,047    1,255,786 
International Flavors & Fragrances, Inc.   16,734    1,754,393 
International Paper Co.   50,577    1,751,481 
LyondellBasell Industries NV, Class A   18,253    1,515,547 
Newmont Corp.   31,989    1,509,881 
Packaging Corp. of America   13,603    1,739,960 
PPG Industries, Inc.   12,638    1,589,102 
Reliance Steel & Aluminum Co.   7,737    1,566,278 
RPM International, Inc.   19,375    1,888,094 
Westrock Co.   40,280    1,416,245 
         20,910,553 
Utilities (24.5%):          
Alliant Energy Corp.   43,792    2,417,756 
Ameren Corp.   30,969    2,753,764 
American Electric Power Co., Inc.   26,328    2,499,844 
Atmos Energy Corp.   23,193    2,599,240 
CenterPoint Energy, Inc.   83,501    2,504,195 
CMS Energy Corp.   40,229    2,547,703 
Consolidated Edison, Inc.   27,675    2,637,704 
DTE Energy Co.   22,531    2,648,068 
Entergy Corp.   20,191    2,271,488 
Essential Utilities, Inc.   48,272    2,304,023 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Utilities (24.5%): (continued)          
Evergy, Inc.   40,568    2,552,944 
Eversource Energy   29,936    2,509,834 
FirstEnergy Corp.   59,799    2,507,970 
NiSource, Inc.   85,412    2,341,997 
NRG Energy, Inc.   36,169    1,150,898 
The Southern Co.   34,884    2,491,066 
WEC Energy Group, Inc.   26,403    2,475,545 
Xcel Energy, Inc.   38,113    2,672,102 
         43,886,141 
Total Common Stocks (Cost $174,814,613)        178,002,735 

Total Investments (Cost $174,814,613) — 99.5%(a)

        178,002,735 
Other assets in excess of liabilities — 0.5%        983,295 
NET ASSETS - 100.00%       $178,986,030 

 

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

 

(a)

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

 

Futures Contracts

Long Futures

Index Futures  Expiration Date  Number of
Contracts
  Notional
Amount
  Value  Unrealized
Appreciation
(Depreciation)
S&P 500 Index E-mini  3/17/23   4   $785,139   $772,200   $(12,939)
                     $(12,939)

 

See notes to financial statements.

 

26

 

 

Schedule of Portfolio Investments

December 31, 2022

 

Timothy Plan International ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Common Stocks (99.2%)          
Australia (6.4%):          
Communication Services (0.5%):          
Rea Group Ltd.   1,828    137,870 
Telstra Corp. Ltd.   109,801    298,218 
         436,088 
Consumer Discretionary (0.3%):          
Wesfarmers Ltd.   6,855    214,225 
         214,225 
Consumer Staples (0.7%):          
Coles Group, Ltd.   24,541    279,308 
Woolworths Group Ltd.   11,977    273,605 
         552,913 
Energy (0.4%):          
Santos Ltd.   33,152    161,125 
Woodside Energy Group, Ltd.   6,528    157,481 
         318,606 
Financials (1.5%):          
ASX Ltd.   5,288    244,840 
Commonwealth Bank of Australia   3,495    244,090 
National Australia Bank Ltd.   11,155    228,251 
Suncorp Group Ltd.   28,983    237,533 
Westpac Banking Corp.   15,031    238,907 
         1,193,621 
Health Care (1.1%):          
Cochlear Ltd.   1,416    196,745 
CSL Ltd.   1,204    235,837 
Ramsay Health Care Ltd.   4,013    176,737 
Sonic Healthcare Ltd.   10,405    212,267 
         821,586 
Industrials (0.3%):          
Brambles Ltd.   26,445    217,273 
         217,273 
Information Technology (0.4%):          
Computershare Ltd.   10,772    192,111 
WiseTech Global Ltd.   3,042    105,087 
         297,198 
Materials (1.2%):          
BHP Group Ltd.   5,975    185,585 
Fortescue Metals Group Ltd.   11,339    158,305 
Newcrest Mining Ltd.   14,142    198,690 
Rio Tinto Ltd.   2,615    207,213 
South32, Ltd.   54,750    149,073 
         898,866 
         4,950,376 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Austria (0.5%):          
Energy (0.2%):          
OMV AG   3,181    163,762 
         163,762 
Financials (0.2%):          
Erste Group Bank AG   4,356    139,400 
         139,400 
Utilities (0.1%):          
Verbund AG   1,378    115,999 
         115,999 
         419,161 
Belgium (0.5%):          
Financials (0.2%):          
KBC Group N.V.   2,669    171,626 
         171,626 
Utilities (0.3%):          
Elia Group SA   1,709    242,909 
         242,909 
         414,535 
Bermuda (0.3%):          
Industrials (0.3%):          
Jardine Matheson Holdings Ltd.   4,200    213,780 
         213,780 
Canada (10.8%):          
Consumer Discretionary (0.5%):          
Dollarama, Inc.   3,843    224,795 
Magna International, Inc.   2,749    154,446 
         379,241 
Consumer Staples (1.4%):          
Alimentation Couche-Tard, Inc.   4,612    202,699 
Loblaw Cos. Ltd.   3,114    275,379 
Metro, Inc.   6,211    343,950 
Saputo, Inc.   9,563    236,779 
         1,058,807 
Energy (2.1%):          
ARC Resources Ltd.   8,304    111,943 
Cameco Corp.   4,651    105,436 
Canadian Natural Resources, Ltd.   2,699    149,902 
Cenovus Energy, Inc.   6,718    130,360 
Enbridge, Inc.   7,234    282,777 
Imperial Oil Ltd.   3,154    153,646 
Pembina Pipelines Corp.   6,968    236,556 
Suncor Energy, Inc.   4,247    134,738 
TC Energy Corp.   5,859    233,616 
Tourmaline Oil Corp.   2,371    119,653 
         1,658,627 

 

See notes to financial statements.

 

27

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan International ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Canada (10.8%): (continued)          
Financials (1.8%):          
Fairfax Financial Holdings, Ltd.   459    271,939 
Great-West Lifeco, Inc.   12,233    282,828 
Intact Financial Corp.   2,040    293,704 
National Bank of Canada   3,973    267,733 
Power Corp. of Canada   11,312    266,130 
         1,382,334 
Industrials (1.1%):          
Canadian National Railway Co.   2,233    265,295 
Canadian Pacific Railway Ltd.   3,114    232,204 
TFI International, Inc.   1,434    143,644 
WSP Global, Inc.   1,740    201,903 
         843,046 
Information Technology (0.3%):          
Constellation Software, Inc.   146    227,979 
         227,979 
Materials (1.8%):          
Aginco Eagle Mines Ltd.   3,362    174,730 
Barrick Gold Corp.   11,554    198,086 
CCL Industries, Inc., Class B   4,764    203,538 
First Quantum Minerals, Ltd.   4,920    102,812 
Franco-Nevada Corp.   1,708    232,860 
Nutrien, Ltd.   1,692    123,544 
Teck Resources Ltd., Class B   3,384    127,906 
Wheaton Precious Metals Corp.   5,476    213,976 
         1,377,452 
Utilities (1.8%):          
Algonquin Power & Utilities Corp.   28,728    187,163 
Emera, Inc.   9,294    355,270 
Fortis, Inc.   9,862    394,684 
Hydro One, Ltd.   17,326    464,185 
         1,401,302 
         8,328,788 
Chile (0.2%):          
Materials (0.2%):          
Antofagasta PLC   9,615    179,612 
         179,612 
Denmark (2.0%):          
Financials (0.7%):          
Danske Bank A/S   12,225    241,663 
Tryg A/S   10,937    260,371 
         502,034 
Health Care (0.5%):          
Coloplast A/S   1,578    184,482 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Denmark (2.0%): (continued)          
Health Care (0.5%): (continued)          

Genmab A/S (a)

   419    177,418 
         361,900 
Industrials (0.4%):          
AP Moller - Maersk A/S, Class B   59    132,685 
DSV Panalpina A S   1,207    190,549 
         323,234 
Materials (0.2%):          
Novozymes A/S, Class B Shares   3,448    174,694 
         174,694 
Utilities (0.2%):          
Orsted A/S   1,553    141,155 
         141,155 
         1,503,017 
Finland (1.6%):          
Energy (0.2%):          
Neste Oyj   2,558    117,781 
         117,781 
Financials (0.5%):          
Nordea Bank Abp   17,958    192,303 
Sampo Oyj, Class A Shares   4,369    228,289 
         420,592 
Industrials (0.3%):          
Kone OYJ   4,190    216,603 
         216,603 
Information Technology (0.2%):          
Nokia Oyj   37,900    175,522 
         175,522 
Materials (0.4%):          
Stora ENSO OYJ, Class R Shares   10,094    142,067 
UPM-Kymmene OYJ   4,786    178,927 
         320,994 
         1,251,492 
France (6.4%):          
Communication Services (0.3%):          
Bollore   40,159    224,366 
         224,366 
Consumer Discretionary (0.5%):          
Cie Generale des Etablissements Michelin SCA   6,897    191,817 
Hermes International SA   116    179,403 
         371,220 
Consumer Staples (0.3%):          
Carrefour SA   14,332    239,910 
         239,910 

 

See notes to financial statements.

 

28

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan International ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
France (6.4%): (continued)          
Energy (0.3%):          
TotalEnergies SE   3,205    201,187 
         201,187 
Financials (0.6%):          
Amundi SA   3,390    192,300 
Credit Agricole SA   16,452    173,110 
Societe Generale SA   5,038    126,608 
         492,018 
Health Care (0.7%):          
bioMerieux   1,904    199,546 
EssilorLxottica SA   1,061    192,141 
Sartorius Stedim Biotech   377    122,059 
         513,746 
Industrials (2.4%):          

Aeroports de Paris (a)

   1,360    182,242 
Bouygues SA   8,616    258,576 
Bureau Veritas SA   8,410    221,519 
Eiffage SA   2,147    211,226 
Legrand SA   2,690    215,414 
Schneider Electric SA   1,275    178,384 
Teleperformance   678    161,605 
Thales SA   1,572    200,723 
Vinci SA   2,165    216,171 
         1,845,860 
Information Technology (0.5%):          
Dassault Systemes SE   4,780    171,361 
Edenred   4,073    221,802 
         393,163 
Materials (0.3%):          
Air Liquide SA   1,769    250,680 
         250,680 
Utilities (0.5%):          
Engie SA   12,651    181,278 
Veolia Environnement   6,480    166,453 
         347,731 
         4,879,881 
Germany (5.2%):          
Consumer Discretionary (0.4%):          
Continental AG   2,363    141,580 
Puma SE   2,694    163,487 
         305,067 
Consumer Staples (0.3%):          
Beiersdorf AG   2,011    230,734 
         230,734 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Germany (5.2%): (continued)          
Financials (1.2%):          
Deutsche Boerse AG   1,372    237,008 
Hannover Rueck SE   1,036    205,688 
Muenchener Rueckversicherungs-Gesellschaft AG   711    231,338 
Talanx AG   4,955    235,043 
         909,077 
Health Care (0.5%):          
Carl Zeiss Meditec AG   1,131    142,719 
Fresenius Medical Care AG   6,078    198,866 
         341,585 
Industrials (0.9%):          
Brenntag AG   2,955    188,878 

Daimler Truck Holding AG (a)

   5,198    161,033 
Deutsche Post AG   4,381    164,958 
MTU Aero Engines AG   856    185,250 
         700,119 
Information Technology (0.2%):          
Infineon Technologies AG   5,282    160,724 
         160,724 
Materials (1.0%):          
BASF SE   3,269    162,309 
Evonik Industries AG   8,995    172,666 
HeidelbergCement AG   3,557    202,840 
Symrise AG   1,945    211,608 
         749,423 
Real Estate (0.2%):          
Vonovia Se   7,116    167,709 
         167,709 
Utilities (0.5%):          
E.ON SE   22,232    222,101 
RWE AG   3,972    176,808 
         398,909 
         3,963,347 
Hong Kong (4.9%):          
Consumer Staples (0.2%):          
WH Group Ltd.   311,042    180,926 
         180,926 
Financials (0.7%):          
AIA Group Ltd.   21,503    239,137 
Hang Seng Bank, Ltd.   16,554    275,299 
         514,436 

 

See notes to financial statements.

 

29

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan International ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Hong Kong (4.9%): (continued)          
Health Care (0.2%):          
Sino Biopharmaceutical Ltd.   275,254    161,167 
         161,167 
Industrials (0.5%):          
CK Hutchison Holdings Ltd.   48,310    289,984 
Techtronic Industries Co.   11,127    124,172 
         414,156 
Real Estate (2.4%):          
CK Asset Holdings Ltd.   42,254    260,129 
Henderson Land Development Co. Ltd.   87,971    307,138 
Hongkong Land Holdings Ltd.   50,400    231,840 
Sino Land Co. Ltd.   198,240    247,895 
Sun Hung Kai Properties Ltd.   27,462    375,777 
Swire Pacific Ltd., Class A   26,454    232,849 
The Wharf Holdings Ltd   48,464    142,505 
         1,798,133 
Utilities (0.9%):          
Hong Kong & China Gas Co. Ltd.   282,681    268,737 
Power Assets Holdings Ltd.   73,685    403,592 
         672,329 
         3,741,147 
Ireland (1.1%):          
Consumer Staples (0.3%):          
Kerry Group PLC   2,340    210,979 
         210,979 
Industrials (0.3%):          
Kingspan Group PLC   2,280    123,429 

Ryanair Holdings PLC (a)

   11,975    156,493 
         279,922 
Materials (0.5%):          
CRH PLC   4,790    189,740 
Smurfit Kappa Group PLC   4,552    168,376 
         358,116 
         849,017 
Israel (1.4%):          
Financials (0.6%):          
Bank Hapoalim BM   19,407    175,377 
Bank Leumi   18,736    156,449 
Mizrahi Tefahot Bank Ltd.   4,936    160,169 
         491,995 
Industrials (0.2%):          
Elbit Systems Ltd.   707    115,292 
         115,292 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Israel (1.4%): (continued)          
Information Technology (0.2%):          

Nice Ltd. (a)

   888    172,030 
         172,030 
Materials (0.2%):          
ICL Group Ltd.   15,565    112,854 
         112,854 
Real Estate (0.2%):          
Azrieli Group Ltd.   2,340    155,729 
         155,729 
         1,047,900 
Italy (2.9%):          
Communication Services (0.3%):          
Infrastrutture Wireless Italiane SpA   24,653    248,398 
         248,398 
Consumer Discretionary (0.2%):          
Moncler SpA   2,834    150,144 
         150,144 
Energy (0.3%):          
Eni SpA   14,714    209,233 
         209,233 
Financials (0.9%):          
Assicurazioni Generali SpA   13,046    231,997 
Intesa Sanpaolo SpA   73,748    164,021 
Poste Italiane SpA   19,695    192,372 
UniCredit SpA   9,343    132,717 
         721,107 
Information Technology (0.2%):          

Nexi SpA (a)

   15,171    119,605 
         119,605 
Utilities (1.0%):          
Enel SpA   42,709    229,928 
Snam SpA   55,774    270,238 
Terna SpA   32,502    240,029 
         740,195 
         2,188,682 
Japan (19.3%):          
Communication Services (1.5%):          
KDDI Corp.   9,900    300,425 
Nexon Co. Ltd.   9,500    214,441 
Nippon Telegraph & Telephone Corp.   10,800    309,630 
Softbank Corp.   32,300    366,274 
         1,190,770 
Consumer Discretionary (1.9%):          
Bridgestone Corp.   5,600    200,195 

 

See notes to financial statements.

 

30

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan International ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Japan (19.3%): (continued)          
Consumer Discretionary (1.9%): (continued)          
Denso Corp.   3,300    164,371 
Fast Retailing Co. Ltd.   300    184,111 
Oriental Land Co., Ltd.   1,200    175,217 
Panasonic Corp.   29,600    250,501 
Shimano ORD   800    127,542 
Suzuki Motor Co.   5,300    172,507 
Toyota Industries Corp.   3,600    198,628 
         1,473,072 
Consumer Staples (1.9%):          
Aeon Co. Ltd.   11,200    237,537 
Ajinomoto Co., Inc.   7,400    227,323 
KAO Corp.   5,900    236,279 
Seven & i Holdings Co., Ltd.   5,900    254,489 
Shiseido Co., Ltd.   4,800    236,708 
Unicharm Corp.   6,500    251,044 
         1,443,380 
Energy (0.2%):          
Inpex Corp.   12,400    131,919 
         131,919 
Financials (3.0%):          
Dai-ichi Life Holdings, Inc.   12,000    273,800 
Japan Post Holdings Co. Ltd.   41,900    354,276 
Mitsubishi UFJ Financial Group, Inc.   50,100    339,421 
MS&AD Insurance Group Holdings, Inc.   8,200    263,960 
ORIX Corp.   13,700    221,181 
Sompo Holdings, Inc.   5,100    227,755 
Sumitomo Mitsui Financial Group, Inc.   8,900    359,201 
Tokio Marine Holdings, Inc.   11,900    256,419 
         2,296,013 
Health Care (2.0%):          
Astellas Pharma, Inc.   15,700    240,070 
Chugai Pharmaceutical Co. Ltd.   7,900    202,768 
Daiichi Sankyo Co. Ltd.   4,700    152,225 
Eisai Co. Ltd.   2,800    185,728 
Hoya Corp.   1,600    154,915 
M3, Inc.   3,900    106,342 
Olympus Corp.   6,800    121,884 
Shionogi & Co. Ltd.   3,200    160,610 
Terumo Corp.   6,800    194,123 
         1,518,665 
Industrials (4.2%):          
Central Japan Railway Co.   2,000    246,990 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Japan (19.3%): (continued)          
Industrials (4.2%): (continued)          
Daikin Industries Ltd.   1,100    169,334 
Fanuc Corp.   1,300    196,506 
Hitachi, Ltd.   4,100    209,062 
ITOCHU Corp.   8,700    274,883 
Komatsu Ltd.   10,200    223,557 
Kubota Corp.   12,400    171,703 
Marubeni Corp.   20,900    241,301 
Mitsubishi Corp.   6,900    225,215 
Mitsubishi Electric Corp.   24,000    240,238 
Nidec Corp.   3,100    161,568 
Secom Co. Ltd.   4,100    235,683 
SMC Corp.   400    169,425 
Sumitomo Corp.   17,600    294,540 
Toshiba Corp.   5,700    199,947 
         3,259,952 
Information Technology (2.9%):          
Canon, Inc.   11,500    250,253 
Fujifilm Holdings Corp.   4,700    237,292 
Fujitsu, Ltd.   1,500    201,360 
Keyence Corp.   500    195,931 
Kyocera Corp.   4,900    244,664 
Murata Manufacturing Co. Ltd.   4,200    210,864 
Nomura Research Institute Ltd.   6,900    163,798 
NTT Data Corp.   13,000    191,404 
OBIC Co. Ltd.   1,400    207,087 

Renesas Electronics Corp. (a)

   16,400    147,915 
Tokyo Electron Ltd.   600    177,778 
         2,228,346 
Materials (0.7%):          
Nippon Paint Holdings Co. Ltd.   18,200    144,107 
Nippon Steel Corp.   12,100    211,349 
Shin-Etsu Chemical Co. Ltd.   1,600    197,836 
         553,292 
Real Estate (1.0%):          
Daiwa House Industry Co. Ltd.   12,300    284,863 
Mitsubishi Estate Co. Ltd.   17,900    233,401 
Mitsui Fudosan Co. Ltd.   11,600    213,665 
         731,929 
         14,827,338 
Korea, Republic Of (6.5%):          
Communication Services (0.4%):          
Kakao Corp.   3,832    160,929 
Naver Corp.   1,296    181,936 
         342,865 

 

See notes to financial statements.

 

31

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan International ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Korea, Republic Of (6.5%): (continued)          
Consumer Discretionary (1.0%):          
Hyundai Mobis   1,318    208,999 
Hyundai Motor Co.   1,633    195,020 
Kia Corp.   3,900    182,909 
LG Electronics, Inc.   2,746    187,859 
         774,787 
Consumer Staples (0.3%):          
LG Household & Health Care Ltd.   347    198,145 
         198,145 
Energy (0.4%):          

SK Innovation Co. Ltd. (a)

   1,268    154,438 
S-Oil Corp.   2,407    158,766 
         313,204 
Financials (1.4%):          
Hana Financial Group, Inc.   6,245    207,689 

KakaoBank Corp. (a)

   10,128    194,646 
KB Financial Group, Inc.   5,215    200,038 
Samsung Life Insurance Co., Ltd.   4,423    248,365 
Shinhan Financial Group Co. Ltd.   8,056    224,273 
         1,075,011 
Health Care (0.5%):          
Celltrion, Inc.   1,139    144,531 

Samsung Biologics Co., Ltd. (a)

   327    212,328 
         356,859 
Industrials (1.0%):          

Doosan Enerbility Co., Ltd. (a)

   12,912    157,264 
LG Corp.   3,437    212,298 
Samsung C&T Corp.   2,364    212,207 
SK, Inc.   1,240    185,353 
         767,122 
Information Technology (0.7%):          
Samsung Electronics Co. Ltd.   5,580    244,048 
Samsung SDI Co. Ltd.   325    151,910 
SK Hynix, Inc.   2,333    138,386 
         534,344 
Materials (0.8%):          
Korea Zinc Co., Ltd.   365    162,812 
LG Chem Ltd.   281    133,344 
POSCO   997    218,025 
POSCO Chemical Co., Ltd.   1,005    143,072 
         657,253 
         5,019,590 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Luxembourg (0.6%):          
Energy (0.2%):          
Tenaris SA   8,922    155,508 
         155,508 
Health Care (0.2%):          
Eurofins Scientific SE   2,585    185,536 
         185,536 
Materials (0.2%):          
ArcelorMittal SA   5,515    145,059 
         145,059 
         486,103 
Netherlands (2.4%):          
Consumer Discretionary (0.2%):          
Prosus N.V.   1,833    126,441 
         126,441 
Financials (0.7%):          
ABN AMRO Group N.V.   13,891    192,162 
ING Groep NV   13,549    165,143 
NN Group NV   3,774    154,140 
         511,445 
Industrials (0.6%):          
Randstad N.V.   3,251    198,194 
Wolters Kluwer N.V.   2,309    241,596 
         439,790 
Information Technology (0.5%):          

Adyen N.V. (a)

   76    104,802 
ASM International NV   468    118,037 
ASML Holding N.V.   312    168,235 
         391,074 
Materials (0.4%):          
AKZO Nobel N.V   2,556    171,144 
Koninklijke DSM N.V.   1,370    167,599 
         338,743 
         1,807,493 
Norway (2.0%):          
Communication Services (0.4%):          

Adevinta ASA (a)

   10,920    73,212 
Telenor ASA   25,245    236,335 
         309,547 
Consumer Staples (0.3%):          
Mowi ASA   11,224    191,797 
         191,797 
Energy (0.3%):          
Aker BP ASA   4,065    126,338 
Equinor ASA   3,943    141,768 
         268,106 

 

See notes to financial statements.

 

32

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan International ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Norway (2.0%): (continued)          
Financials (0.6%):          
DNB Bank ASA   10,325    205,189 
Gjensidige Forsikring ASA   11,455    225,012 
         430,201 
Materials (0.4%):          
Norsk Hydro ASA   19,406    145,417 
Yara International ASA   3,758    165,382 
         310,799 
         1,510,450 
Portugal (0.8%):          
Consumer Staples (0.3%):          
Jeronimo Martins & Filho SA   10,300    222,466 
         222,466 
Energy (0.2%):          
Galp Energia SGPS SA   14,200    191,649 
         191,649 
Utilities (0.3%):          
EDP - Energias de Portugal SA   47,372    236,069 
         236,069 
         650,184 
Russian Federation (0.0%):†          
Materials (0.0%):†          

Evraz PLC (b)

   38,723    18,956 
         18,956 
Singapore (3.3%):          
Communication Services (0.5%):          
Singapore Telecommunications, Ltd.   181,400    348,143 
         348,143 
Consumer Staples (0.4%):          
Wilmar International Ltd.   104,600    325,728 
         325,728 
Financials (1.3%):          
DBS Group Holdings Ltd.   12,300    311,564 
Oversea-Chinese Banking Corp. Ltd.   38,900    353,821 
United Overseas Bank   15,500    355,351 
         1,020,736 
Industrials (0.7%):          
Jardine Cycle & Carriage Ltd.   9,600    205,033 
Keppel Corp. Ltd.   62,800    340,474 
         545,507 
Real Estate (0.4%):          
Capitaland Investment Ltd.   103,100    284,870 
         284,870 
         2,524,984 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Spain (3.0%):          
Consumer Discretionary (0.3%):          
Industria de Diseno Textil SA   7,631    202,961 
         202,961 
Energy (0.2%):          
Repsol SA   12,279    195,161 
         195,161 
Financials (0.2%):          
Caixabank SA   38,695    152,076 
         152,076 
Industrials (0.6%):          

Aena SME SA (a)

   1,702    213,679 
Ferrovial SA   8,186    214,393 
         428,072 
Information Technology (0.2%):          

Amadeus IT Group SA (a)

   3,198    166,178 
         166,178 
Utilities (1.5%):          
Acciona SA   1,115    205,142 
Endesa SA   13,708    258,734 
Iberdrola SA   22,212    259,844 
Naturgy Energy Group SA   7,517    195,584 
Red Electrica Corp. SA   15,481    269,417 
         1,188,721 
         2,333,169 
Sweden (3.9%):          
Communication Services (0.3%):          
Telia Co. AB   80,903    206,813 
         206,813 
Consumer Staples (0.3%):          
Essity Aktiebolag, Class B   7,965    208,727 
         208,727 
Financials (1.1%):          
EQT AB   4,808    101,700 
L E Lundbergforetagen AB, Class B   4,066    173,142 
Skandinavisk Enskilda Banken AB   15,052    173,120 
Svenska Handelsbanken AB   20,873    210,349 
Swedbank AB, Class A Shares   11,445    194,571 
         852,882 
Industrials (1.4%):          
ALFA Laval AB   5,433    156,857 
ASSA Abloy AB   8,205    175,994 
Atlas Copco AB, Class A   13,565    160,115 
Epiroc AB, Class A   9,153    166,620 
Nibe Industrier AB, Class B   12,905    120,152 
Sandvik AB   9,322    168,400 

 

See notes to financial statements.

 

33

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan International ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Sweden (3.9%): (continued)          
Industrials (1.4%): (continued)          
Volvo AB   9,334    168,689 
         1,116,827 
Information Technology (0.4%):          
Hexagon AB, Class B   15,506    162,061 
Telefonaktiebolaget LM Ericsson, Class B   21,574    125,980 
         288,041 
Materials (0.4%):          
Boliden AB   3,827    143,571 
Svenska Cellulosa AB SCA, Class B   12,074    152,761 
         296,332 
         2,969,622 
Switzerland (7.0%):          
Communication Services (0.5%):          
Swisscom AG   728    398,967 
         398,967 
Consumer Discretionary (0.4%):          
CIE Financiere Richemont SA   1,215    157,593 
The Swatch Group AG   678    192,897 
         350,490 
Consumer Staples (0.7%):          
Barry Callebaut AG   147    290,851 
Chocoladefabriken Lindt & Spruengli AG   22    224,427 
         515,278 
Financials (1.1%):          
Julius Baer Group Ltd.   3,490    203,344 
Partners Group Holding AG   171    151,096 
Swiss Life Holding AG   456    235,202 
Swiss Re AG   2,837    265,409 
         855,051 
Health Care (0.9%):          
Alcon, Inc.   3,183    217,549 
Lonza Group AG, Registered   328    160,771 
Sonova Holding AG   623    147,797 
Straumann Holding AG, Class R   1,271    145,194 
         671,311 
Industrials (1.4%):          
ABB Ltd.   7,404    224,747 
Geberit AG   444    209,176 
Kuehne & Nagel International AG   783    182,282 
Schindler Holding AG   1,196    224,994 
SGS SA   101    234,909 
         1,076,108 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Sweden (3.9%): (continued)          
Information Technology (0.5%):          
Logitech International SA, Class R   3,361    207,463 
STMicroelectronics N.V.   4,339    153,229 
         360,692 
Materials (1.5%):          
EMS-Chemie Holding AG   287    194,355 
Givaudan SA   66    202,270 
Glencore PLC   23,379    156,097 
Holcim, Ltd.   4,621    239,348 
SIG Group AG   9,003    196,734 
Sika AG   722    173,158 
         1,161,962 
         5,389,859 
United Kingdom (5.6%):          
Communication Services (0.5%):          
BT Group PLC   125,673    170,204 
Informa PLC   25,118    188,110 
         358,314 
Consumer Discretionary (0.3%):          
Next PLC   2,907    204,004 
         204,004 
Consumer Staples (0.5%):          
Associated British Foods PLC   11,337    215,958 

Haleon PLC (a)

   50,461    199,657 
         415,615 
Financials (1.2%):          
3I Group PLC   12,068    195,678 
Legal & General Group PLC   61,285    184,816 
Lloyds Banking Group PLC   290,602    159,502 
London Stock Exchange Group   2,211    190,704 
Standard Chartered PLC   21,001    157,989 
         888,689 
Health Care (0.3%):          
Smith & Nephew PLC   15,740    211,080 
         211,080 
Industrials (1.6%):          
Ashtead Group PLC   2,840    162,023 
Bunzl PLC   7,042    234,836 
Ferguson PLC   1,673    211,112 
RELX PLC   9,602    265,542 
Rentokil Initial PLC   34,021    208,894 
Spirax-Sarco Engineering PLC   1,348    172,952 
         1,255,359 
Information Technology (0.2%):          
Halma PLC   7,029    167,709 
         167,709 

 

See notes to financial statements.

 

34

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan International ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
United Kingdom (5.6%): (continued)          
Materials (0.7%):          
Anglo American PLC   4,097    160,272 
Croda International PLC   2,217    176,966 
Rio Tinto PLC   2,875    201,480 
         538,718 
Utilities (0.3%):          
SSE PLC   10,969    226,980 
         226,980 
         4,266,468 
United States (0.6%):          
Industrials (0.4%):          
Waste Connections, Inc.   2,339    310,093 
         310,093 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
United States (0.6%): (continued)          
Utilities (0.2%):          
Brookfield Renewable Corp., Class A   6,711    184,753 
         184,753 
         494,846 
Total Common Stocks (Cost $79,664,748)        76,229,797 

Total Investments (Cost $79,664,748) — 99.2%(c)

        76,229,797 
Other assets in excess of liabilities — 0.8%        645,287 
NET ASSETS - 100.00%       $76,875,084 

 

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

 

Represents less than 0.05%.

(a)

Non-income producing security.

(b)

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

(c)

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

 

Futures Contracts

Long Futures

Index Futures  Expiration Date  Number of
Contracts
  Notional
Amount
  Value  Value and
Unrealized
Appreciation/
(Depreciation)
Mini MSCI EAFE Index  3/17/23   4   $393,836   $389,880   $(3,956)
                     $(3,956)

 

See notes to financial statements.

 

35

 

 

Schedule of Portfolio Investments

December 31, 2022

 

Timothy Plan US Large/Mid Cap Core Enhanced ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Common Stocks (99.4%)          
Communication Services (0.9%):          

Endeavor Group Holdings, Inc., Class A(a)

   7,871    177,412 
Lumen Technologies, Inc.   26,349    137,542 
News Corp., Class A   12,885    234,507 

ZoomInfo Technologies, Inc.(a)

   2,605    78,437 
         627,898 
Consumer Discretionary (7.7%):          

Aptiv PLC(a)

   1,689    157,297 
Aramark   6,503    268,834 

AutoZone, Inc.(a)

   104    256,483 

Burlington Stores, Inc.(a)

   1,123    227,699 

CarMax, Inc.(a)

   2,277    138,646 

Chipotle Mexican Grill, Inc.(a)

   112    155,399 
Darden Restaurants, Inc.   1,521    210,400 
Dollar General Corp.   897    220,886 

Dollar Tree, Inc.(a)

   1,211    171,284 
Domino’s Pizza, Inc.   713    246,983 
DR Horton, Inc.   2,423    215,986 
Garmin Ltd.   2,869    264,780 
Genuine Parts Co.   1,899    329,495 
Lennar Corp.   2,261    204,620 
LKQ Corp.   4,019    214,655 
Lowe’s Cos., Inc.   1,207    240,483 

NVR, Inc.(a)

   53    244,467 

O’Reilly Automotive, Inc.(a)

   318    268,402 
Pool Corp.   574    173,537 
Pultegroup, Inc.   4,459    203,018 
Ross Stores, Inc.   1,899    220,417 
Service Corp.   3,962    273,933 

Tesla, Inc.(a)

   562    69,227 
Tractor Supply Co.   1,008    226,770 
Vail Resorts, Inc.   891    212,370 
         5,416,071 
Consumer Staples (4.1%):          

BJ’s Wholesale Club Holdings, Inc.(a)

   2,335    154,484 
Bunge, Ltd.   2,577    257,107 
Campbell Soup Co.   6,109    346,686 
Costco Wholesale Corp.   500    228,250 

Darling Ingredients, Inc.(a)

   2,196    137,448 
Hormel Foods Corp.   7,324    333,608 
Lamb Weston Holdings, Inc.   2,855    255,123 
McCormick & Co., Inc.   3,689    305,781 

Monster Beverage Corp.(a)

   2,751    279,309 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Consumer Staples (4.1%): (continued)          
Sysco Corp.   3,268    249,838 
The JM Smucker Co.   2,017    319,614 
         2,867,248 
Energy (5.9%):          

Antero Resources Corp.(a)

   3,474    107,659 
APA Corp.   3,050    142,374 
Chesapeake Energy Corp.   1,612    152,124 
ConocoPhillips   1,437    169,566 
Coterra Energy, Inc.   5,365    131,818 
Devon Energy Corp.   1,948    119,822 
Diamondback Energy, Inc.   1,064    145,534 
EOG Resources, Inc.   1,309    169,542 
Halliburton Co.   4,885    192,225 
Hess Corp.   1,342    190,323 
HF Sinclair Corp.   2,611    135,485 
Kinder Morgan, Inc.   15,553    281,198 
Marathon Oil Corp.   5,062    137,028 
Marathon Petroleum Corp.   1,908    222,072 
Occidental Petroleum Corp.   1,899    119,618 
ONEOK, Inc.   3,857    253,405 
Ovintiv, Inc.   2,361    119,726 
Phillips 66   1,913    199,105 
Pioneer Natural Resources Co.   749    171,064 
Schlumberger Ltd.   3,427    183,207 
Targa Resources Corp.   2,709    199,112 
Texas Pacific Land Corp.   71    166,440 
The Williams Cos., Inc.   8,453    278,104 
Valero Energy Corp.   1,387    175,955 
         4,162,506 
Financials (11.7%):          
Aflac, Inc.   5,371    386,390 
American Financial Group, Inc.   2,104    288,837 

Arch Capital Group Ltd.(a)

   6,209    389,801 
Ares Management Corp., Class A   2,532    173,290 
Arthur J Gallagher & Co.   1,623    306,000 
Brown & Brown, Inc.   4,133    235,457 
Cboe Global Markets, Inc.   2,526    316,937 
Cincinnati Financial Corp.   2,238    229,149 
East West Bancorp, Inc.   2,700    177,930 
Equitable Holdings, Inc.   7,389    212,064 
Erie Indemnity Co., Class A   1,248    310,403 
Everest Re Group, Ltd.   991    328,289 
FactSet Research Systems, Inc.   650    260,787 

 

See notes to financial statements.

 

36

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Large/Mid Cap Core Enhanced ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Financials (11.7%): (continued)          
First Citizens BancShares, Inc., Class A   240    182,006 
First Republic Bank   1,862    226,959 
Franklin Resources, Inc.   9,560    252,193 
Globe Life, Inc.   2,703    325,847 
Interactive Brokers Group, Inc.   2,957    213,939 
Intercontinental Exchange, Inc.   2,805    287,765 
LPL Financial Holdings, Inc.   733    158,453 

Markel Corp.(a)

   265    349,135 
MarketAxess Holdings, Inc.   862    240,403 
Morningstar, Inc.   921    199,479 
MSCI, Inc.   496    230,724 
Nasdaq, Inc.   5,164    316,811 
Principal Financial Group, Inc.   3,112    261,159 
Raymond James Financial, Inc.   2,138    228,445 
Rocket Cos., Inc., Class A   18,739    131,173 

Ryan Specialty Holdings, Inc.(a)

   4,681    194,308 
Signature Bank   913    105,196 

SVB Financial Group(a)

   405    93,207 
Tradeweb Markets, Inc., Class A   4,443    288,484 
WR Berkley Corp.   4,321    313,575 
         8,214,595 
Health Care (12.8%):          
Agilent Technologies, Inc.   1,657    247,970 

Align Technology, Inc.(a)

   636    134,132 
Amgen, Inc.   1,402    368,221 

Avantor, Inc.(a)

   9,738    205,374 
Baxter International, Inc.   4,582    233,545 

BioMarin Pharmaceutical, Inc.(a)

   2,400    248,376 

Catalent, Inc.(a)

   2,410    108,474 

Centene Corp.(a)

   3,121    255,953 

Charles River Laboratories International, Inc.(a)

   823    179,332 
Danaher Corp.   887    235,428 

Dexcom, Inc.(a)

   1,403    158,876 

Edwards Lifesciences Corp.(a)

   2,379    177,497 
HCA Healthcare, Inc.   821    197,007 

Henry Schein, Inc.(a)

   4,328    345,677 

Horizon Therapeutics PLC(a)

   2,802    318,868 
Humana, Inc.   553    283,241 

IDEXX Laboratories, Inc.(a)

   545    222,338 

Incyte Corp.(a)

   3,824    307,144 

Insulet Corp.(a)

   599    176,340 

Intuitive Surgical, Inc.(a)

   906    240,407 

IQVIA Holdings, Inc.(a)

   1,194    244,639 

 

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

Mettler-Toledo International, Inc.(a)

   181    261,626 

Moderna, Inc.(a)

   762    136,870 

Neurocrine Biosciences, Inc.(a)

   1,981    236,611 
PerkinElmer, Inc.   1,646    230,802 

R1 RCM, Inc.(a)

   9,184    100,565 

Regeneron Pharmaceuticals, Inc.(a)

   278    200,574 

Repligen Corp.(a)

   663    112,253 
ResMed, Inc.   1,045    217,496 

Shockwave Medical, Inc.(a)

   398    81,833 
STERIS PLC   1,367    252,471 
Stryker Corp.   1,131    276,518 
Teleflex, Inc.   1,099    274,343 

United Therapeutics Corp.(a)

   976    271,416 

Veeva Systems, Inc., Class A(a)

   950    153,311 

Vertex Pharamaceuticals, Inc.(a)

   794    229,291 

Waters Corp.(a)

   785    268,925 
West Pharmaceutical Services, Inc.   826    194,399 
Zimmer Biomet Holdings, Inc.   2,195    279,863 
Zoetis, Inc.   1,766    258,807 
         8,926,813 
Industrials (22.6%):          
Advanced Drainage Systems, Inc.   1,257    103,036 
AECOM   3,550    301,502 
AMETEK, Inc.   2,746    383,671 

Builders FirstSource, Inc.(a)

   2,432    157,788 
Carlisle Companies, Inc.   836    197,003 
Carrier Global Corp.   6,564    270,765 
Caterpillar, Inc.   1,223    292,982 
CH Robinson Worldwide, Inc.   2,226    203,813 
Cintas Corp.   723    326,521 

Copart, Inc.(a)

   3,919    238,628 

Costar Group, Inc.(a)

   2,196    169,707 
CSX Corp.   9,365    290,128 
Deere & Co.   542    232,388 
Dover Corp.   2,173    294,246 
Eaton Corp. PLC   1,925    302,129 
Equifax, Inc.   1,307    254,029 
Expeditors International of Washington, Inc.   2,655    275,908 
Fastenal Co.   5,982    283,068 
Fortive Corp.   4,135    265,674 

Generac Holdings, Inc.(a)

   803    80,830 
General Dynamics Corp.   1,393    345,617 
Graco, Inc.   4,647    312,557 

 

See notes to financial statements.

 

37

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Large/Mid Cap Core Enhanced ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Industrials (22.6%): (continued)          
HEICO Corp.   1,900    291,916 
Honeywell International, Inc.   1,682    360,453 
Howmet Aerospace, Inc.   6,570    258,924 
Hubbell, Inc.   1,175    275,749 
Huntington Ingalls Industries, Inc.   1,281    295,501 
IDEX Corp.   1,471    335,873 
Illinois Tool Works, Inc.   1,517    334,195 
Ingersoll Rand, Inc.   4,612    240,977 
J.B. Hunt Transport Services, Inc.   1,314    229,109 
Johnson Controls International PLC   4,519    289,216 
Leidos Holdings, Inc.   3,220    338,712 
Masco Corp.   4,717    220,142 
Nordson Corp.   1,285    305,470 
Norfolk Southern Corp.   1,201    295,950 
Old Dominion Freight Line, Inc.   667    189,281 
Otis Worldwide Corp.   4,253    333,052 
PACCAR, Inc.   3,092    306,015 
Parker Hannifin Corp.   915    266,265 
Quanta Services, Inc.   1,487    211,898 
Regal Rexnord Corp.   1,503    180,330 
Republic Services, Inc.   2,607    336,277 
Rockwell Automation, Inc.   883    227,434 
Rollins, Inc.   7,245    264,732 
Snap-on, Inc.   1,324    302,521 
Textron, Inc.   3,540    250,632 
Trane Technologies PLC   1,724    289,787 
TransDigm Group, Inc.   412    259,416 
TransUnion   3,528    200,214 
U-Haul Holding Co.   5,171    311,243 
Union Pacific Corp.   1,490    308,534 

United Rentals, Inc.(a)

   633    224,981 
Verisk Analytics, Inc.   1,696    299,208 
Waste Management, Inc.   2,211    346,862 
Watsco, Inc.   969    241,669 
Westinghouse Air Brake Technologies Corp.   2,609    260,404 
WW Grainger, Inc.   517    287,581 
Xylem, Inc.   2,335    258,181 
         15,810,694 
Information Technology (15.2%):          

Advanced Micro Devices, Inc.(a)

   2,141    138,673 

Akamai Technologies, Inc.(a)

   3,131    263,943 
Amphenol Corp., Class A   3,785    288,190 
Analog Devices, Inc.   1,482    243,092 

ANSYS, Inc.(a)

   867    209,459 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Information Technology (15.2%): (continued)          

Arista Networks, Inc.(a)

   1,718    208,479 
Bentley Systems, Inc., Class B   4,593    169,757 
Broadcom, Inc.   465    259,995 

Cadence Design Systems, Inc.(a)

   1,213    194,856 
CDW Corp.   1,542    275,370 
Cognizant Technology Solutions Corp., Class A   3,929    224,700 

Datadog, Inc., Class A(a)

   1,256    92,316 

Dynatrace, Inc.(a)

   3,771    144,429 

Enphase Energy, Inc.(a)

   405    107,309 
Entegris, Inc.   1,807    118,521 

EPAM Systems, Inc.(a)

   240    78,658 

F5, Inc.(a)

   1,436    206,080 

Fair Isaac Corp.(a)

   446    266,967 
Fidelity National Information Services, Inc.   2,723    184,756 

First Solar, Inc.(a)

   1,110    166,267 

FleetCor Technologies, Inc.(a)

   1,304    239,519 

Fortinet, Inc.(a)

   2,779    135,865 

Gartner, Inc.(a)

   714    240,004 
Jack Henry & Associates, Inc.   1,636    287,216 
Juniper Networks, Inc.   9,348    298,762 

Keysight Technologies, Inc.(a)

   1,432    244,972 
KLA Corp.   554    208,875 
Lam Research Corp.   448    188,294 
Microchip Technology, Inc.   2,782    195,436 
Monolithic Power Systems, Inc.   376    132,957 
NetApp, Inc.   3,508    210,690 
NVIDIA Corp.   1,025    149,794 
NXP Semiconductors NV   1,165    184,105 

ON Semiconductor Corp.(a)

   2,057    128,295 
Paychex, Inc.   2,327    268,908 

Paycom Software, Inc.(a)

   456    141,501 

Paylocity Holding Corp.(a)

   594    115,390 

PTC, Inc.(a)

   1,671    200,587 

Qorvo, Inc.(a)

   1,988    180,192 
Roper Technologies, Inc.   793    342,647 
Seagate Technology Holdings PLC   3,415    179,663 

ServiceNow, Inc.(a)

   384    149,096 
Skyworks Solutions, Inc.   2,166    197,388 
SS&C Technologies Holdings, Inc.   5,338    277,896 

Synopsys, Inc.(a)

   628    200,514 
TD SYNNEX Corp.   2,646    250,603 
TE Connectivity Ltd.   2,101    241,195 

Teledyne Technologies, Inc.(a)

   760    303,932 

 

See notes to financial statements.

 

38

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Large/Mid Cap Core Enhanced ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Information Technology (15.2%): (continued)          
Teradyne, Inc.   1,910    166,839 

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

   1,573    70,518 

Trimble, Inc.(a)

   3,656    184,847 

Tyler Technologies, Inc.(a)

   566    182,484 

Western Digital Corp.(a)

   4,698    148,222 

Zebra Technologies Corp.(a)

   672    172,308 
         10,661,331 
Materials (7.9%):          
Albemarle Corp.   551    119,490 
Avery Dennison Corp.   1,362    246,522 
Ball Corp.   3,608    184,513 
Celanese Corp.   2,205    225,439 
CF Industries Holdings, Inc.   1,475    125,670 
Eastman Chemical Co.   2,975    242,284 
Ecolab, Inc.   1,588    231,149 
FMC Corp.   2,208    275,558 
Freeport-McMoRan, Inc.   4,989    189,582 
International Flavors & Fragrances, Inc.   2,526    264,826 
International Paper Co.   7,636    264,435 
LyondellBasell Industries NV, Class A   2,756    228,831 
Martin Marietta Materials, Inc.   767    259,223 
Newmont Corp.   4,829    227,929 
Nucor Corp.   1,300    171,353 
Packaging Corp. of America   2,054    262,727 
PPG Industries, Inc.   1,908    239,912 
Reliance Steel & Aluminum Co.   1,168    236,450 
RPM International, Inc.   2,925    285,041 
Steel Dynamics, Inc.   2,054    200,676 
The Mosaic Co.   2,769    121,476 
The Sherwin-Williams Co.   1,020    242,077 
Vulcan Materials Co.   1,605    281,051 
Westlake Chemical Corp.   2,120    217,385 
Westrock Co.   6,081    213,808 
         5,557,407 
Utilities (10.6%):          
Alliant Energy Corp.   6,611    364,993 
Ameren Corp.   4,676    415,790 
American Electric Power Co., Inc.   3,975    377,426 
American Water Works Co., Inc.   2,165    329,989 
Atmos Energy Corp.   3,502    392,469 
CenterPoint Energy, Inc.   12,606    378,054 
CMS Energy Corp.   6,073    384,603 
Consolidated Edison, Inc.   4,178    398,205 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Utilities (10.6%): (continued)          
Constellation Energy Corp.   1,797    154,920 
DTE Energy Co.   3,402    399,837 
Entergy Corp.   3,048    342,900 
Essential Utilities, Inc.   7,288    347,856 
Evergy, Inc.   6,125    385,446 
Eversource Energy   4,520    378,957 
FirstEnergy Corp.   9,028    378,634 
NextEra Energy, Inc.   3,320    277,552 
NiSource, Inc.   12,895    353,581 
NRG Energy, Inc.   5,460    173,737 
The Southern Co.   5,267    376,117 
WEC Energy Group, Inc.   3,986    373,728 
Xcel Energy, Inc.   5,754    403,413 
         7,388,207 
Total Common Stocks (Cost $69,659,432)        69,632,770 
           
Rights (0.0%)†          
Health Care (0.0%):†          

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

   609    621 
         621 
Total Rights (Cost $–)        621 
           
Investment Company (0.5%)          

BlackRock Liquidity Funds T-Fund, Institutional Class, 4.02%(c)

   347,813    347,813 
Total Investment Company (Cost $347,813)        347,813 

Total Investments (Cost $70,007,245) — 99.9%(d)

        69,981,204 
Other assets in excess of liabilities — 0.1%        78,357 
NET ASSETS — 100.00%       $70,059,561 

 

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

 

Represents less than 0.05%.

(a)

Non-income producing security.

(b)

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

(c)

Rate disclosed is the 7-Day effective yield on December 31, 2022.

(d)

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

CVR — Contingent Value Rights

 

 

See notes to financial statements.

 

39

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan US Large/Mid Cap Core Enhanced ETF

 

 

Futures Contracts

Long Futures

Index Futures  Expiration Date  Number of
Contracts
  Notional
Amount
  Value  Unrealized
Appreciation
(Depreciation)
S&P 500 Index E-mini  3/17/23   2   $385,571   $386,100   $529 
                     $529 

 

See notes to financial statements.

 

40

 

 

Schedule of Portfolio Investments

December 31, 2022

 

Timothy Plan High Dividend Stock Enhanced ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Common Stocks (99.3%)          
Communication Services (0.5%):          
Lumen Technologies, Inc.   66,201    345,569 
         345,569 
Consumer Discretionary (4.5%):          
Darden Restaurants, Inc.   3,822    528,697 
Garmin Ltd.   7,210    665,411 
Genuine Parts Co.   4,772    827,990 
LKQ Corp.   10,098    539,334 
Vail Resorts, Inc.   2,238    533,427 
         3,094,859 
Consumer Staples (6.7%):          
Bunge, Ltd.   6,476    646,110 
Campbell Soup Co.   15,350    871,112 
Hormel Foods Corp.   18,400    838,120 
McCormick & Co., Inc.   9,268    768,225 
Sysco Corp.   8,211    627,731 
The JM Smucker Co.   5,067    802,917 
         4,554,215 
Energy (9.9%):          
Chesapeake Energy Corp.   4,049    382,104 
ConocoPhillips   3,609    425,862 
Coterra Energy, Inc.   13,479    331,179 
Devon Energy Corp.   4,895    301,091 
Diamondback Energy, Inc.   2,673    365,613 
EOG Resources, Inc.   3,328    431,043 
Kinder Morgan, Inc.   39,078    706,530 
Marathon Petroleum Corp.   4,795    558,090 
ONEOK, Inc.   9,691    636,699 
Phillips 66   4,806    500,208 
Pioneer Natural Resources Co.   1,882    429,830 
Targa Resources Corp.   6,807    500,315 
The Williams Cos., Inc.   21,239    698,763 
Valero Energy Corp.   3,486    442,234 
         6,709,561 
Financials (11.3%):          
Aflac, Inc.   13,494    970,758 
American Financial Group, Inc.   5,287    725,799 
Ares Management Corp., Class A   6,361    435,347 
Cincinnati Financial Corp.   5,623    575,739 
East West Bancorp, Inc.   6,783    447,000 
Equitable Holdings, Inc.   18,566    532,844 
Erie Indemnity Co., Class A   3,136    779,986 
Everest Re Group, Ltd.   2,489    824,531 
Franklin Resources, Inc.   24,019    633,621 
Principal Financial Group, Inc.   7,818    656,087 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Financials (11.3%): (continued)          
Rocket Cos., Inc., Class A   47,083    329,581 
WR Berkley Corp.   10,857    787,893 
         7,699,186 
Health Care (2.2%):          
Amgen, Inc.   3,523    925,281 
Baxter International, Inc.   11,512    586,766 
         1,512,047 
Industrials (19.6%):          
Caterpillar, Inc.   3,073    736,168 
CH Robinson Worldwide, Inc.   5,592    512,004 
Eaton Corp. PLC   4,837    759,167 
Fastenal Co.   15,029    711,172 
General Dynamics Corp.   3,499    868,137 
Honeywell International, Inc.   4,226    905,632 
Huntington Ingalls Industries, Inc.   3,220    742,790 
Illinois Tool Works, Inc.   3,811    839,563 
Johnson Controls International PLC   11,354    726,656 
Masco Corp.   11,850    553,040 
Norfolk Southern Corp.   3,018    743,696 
PACCAR, Inc.   7,984    790,176 
Parker Hannifin Corp.   2,298    668,718 
Regal Rexnord Corp.   3,776    453,044 
Rockwell Automation, Inc.   2,218    571,290 
Snap-on, Inc.   3,327    760,186 
TransDigm Group, Inc.   1,036    652,317 
Union Pacific Corp.   3,744    775,270 
Watsco, Inc.   2,434    607,040 
         13,376,066 
Information Technology (8.4%):          
Analog Devices, Inc.   3,724    610,848 
Broadcom, Inc.   1,168    653,064 
Fidelity National Information Services, Inc.   6,842    464,230 
Juniper Networks, Inc.   23,488    750,677 
NetApp, Inc.   8,813    529,309 
NXP Semiconductors NV   2,928    462,712 
Paychex, Inc.   5,847    675,679 
Seagate Technology Holdings PLC   8,581    451,446 
Skyworks Solutions, Inc.   5,442    495,929 
TE Connectivity Ltd.   5,280    606,144 
         5,700,038 
Materials (11.7%):          
Celanese Corp.   5,540    566,410 
Eastman Chemical Co.   7,476    608,845 
FMC Corp.   5,548    692,390 

See notes to financial statements.

 

41

 

 

Schedule of Portfolio Investments - continued

December 31, 2022

 

Timothy Plan High Dividend Stock Enhanced ETF

 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Materials (11.7%): (continued)          
Freeport-McMoRan, Inc.   12,536    476,368 
International Flavors & Fragrances, Inc.   6,347    665,419 
International Paper Co.   19,185    664,377 
LyondellBasell Industries NV, Class A   6,924    574,900 
Newmont Corp.   12,134    572,725 
Packaging Corp. of America   5,160    660,016 
PPG Industries, Inc.   4,794    602,798 
Reliance Steel & Aluminum Co.   2,935    594,161 
RPM International, Inc.   7,350    716,257 
Westrock Co.   15,279    537,210 
         7,931,876 
Utilities (24.5%):          
Alliant Energy Corp.   16,611    917,093 
Ameren Corp.   11,748    1,044,632 
American Electric Power Co., Inc.   9,987    948,266 
Atmos Energy Corp.   8,798    985,992 
CenterPoint Energy, Inc.   31,674    949,903 
CMS Energy Corp.   15,260    966,416 
Consolidated Edison, Inc.   10,498    1,000,564 
DTE Energy Co.   8,546    1,004,411 
Entergy Corp.   7,659    861,638 
Essential Utilities, Inc.   18,311    873,984 
Evergy, Inc.   15,388    968,367 
Eversource Energy   11,356    952,087 
FirstEnergy Corp.   22,683    951,325 
NiSource, Inc.   32,399    888,381 
NRG Energy, Inc.   13,719    436,539 
The Southern Co.   13,232    944,897 
WEC Energy Group, Inc.   10,015    939,006 
Xcel Energy, Inc.   14,457    1,013,580 
         16,647,081 
Total Common Stocks (Cost $67,880,762)        67,570,498 

 

SECURITY DESCRIPTION  SHARES  VALUE ($)
Investment Company (0.5%)          

BlackRock Liquidity Funds T-Fund, Institutional Class, 4.02%(a)

   335,770    335,770 
Total Investment Company (Cost $335,770)        335,770 

Total Investments (Cost $68,216,532) — 99.8%(b)

        67,906,268 
Other assets in excess of liabilities — 0.2%        148,524 
NET ASSETS - 100.00%       $68,054,792 

 

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

 

(a)

Rate disclosed is the 7-Day effective yield on December 31, 2022.

(b)

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

 

Futures Contracts

Long Futures

Index Futures  Expiration Date  Number of
Contracts
  Notional
Amount
  Value  Unrealized
Appreciation
(Depreciation)
S&P 500 Index E-mini  3/17/23   2   $390,713   $386,100   $(4,613)
                     $(4,613)

 

See notes to financial statements.

 

42

 

 

Statements of Assets and Liabilities

December 31, 2022

 

Timothy Plan

 

 

   

Timothy Plan US
Small Cap Core
ETF

   

Timothy Plan US
Large/Mid Cap
Core ETF

 

ASSETS:

               

Investments, at value (Cost $71,082,172 and $170,437,827)

  $ 71,225,786     $ 178,292,449  

Cash

    130,374       620,374  

Deposits with broker for futures contracts

    34,832       82,740  

Interest and dividends receivable

    62,232       144,925  

Total Assets

    71,453,224       179,140,488  

LIABILITIES:

               

Variation margin payable on open futures contracts

    620       429  

Accrued expenses and other payables:

               

Investment advisory fees

    30,882       80,179  

Total Liabilities

    31,502       80,608  

Net Assets

    71,421,722       179,059,880  

NET ASSETS CONSIST OF:

               

Capital

  $ 78,068,573     $ 184,066,402  

Total distributable earnings/(loss)

    (6,646,851 )     (5,006,522 )

Net Assets

  $ 71,421,722     $ 179,059,880  
                 

Shares Outstanding (unlimited shares authorized, no par value):

    2,350,000       5,350,000  

Net asset value per share:

  $ 30.39     $ 33.47  

 

See notes to financial statements.

 

43

 

 

Statements of Assets and Liabilities - continued

December 31, 2022

 

Timothy Plan

 

 

   

Timothy Plan High
Dividend Stock
ETF

   

Timothy Plan
International ETF

 

ASSETS:

               

Investments, at value (Cost $174,814,613 and $79,664,748)

  $ 178,002,735     $ 76,229,797  

Foreign currency, at value (Cost $— and $7,889)

          7,889  

Cash

    721,955       364,479  

Deposits with broker for futures contracts

    56,696       68,457  

Interest and dividends receivable

    285,387       147,659  

Reclaims receivable

          124,196  

Total Assets

    179,066,773       76,942,477  

LIABILITIES:

               

Payable for investments purchased

          23,024  

Variation margin payable on open futures contracts

    429       4,020  

Accrued expenses and other payables:

               

Investment advisory fees

    80,314       40,349  

Total Liabilities

    80,743       67,393  

Net Assets

    178,986,030       76,875,084  

NET ASSETS CONSIST OF:

               

Capital

  $ 187,610,575     $ 88,548,288  

Total distributable earnings/(loss)

    (8,624,545 )     (11,673,204 )

Net Assets

  $ 178,986,030     $ 76,875,084  
                 

Shares Outstanding (unlimited shares authorized, no par value):

    5,750,000       3,300,000  

Net asset value per share:

  $ 31.13     $ 23.30  

 

See notes to financial statements.

 

44

 

 

Statements of Assets and Liabilities - continued

December 31, 2022

 

Timothy Plan

 

 

   

Timothy Plan US
Large/Mid Cap
Core Enhanced
ETF

   

Timothy Plan High
Dividend Stock
Enhanced ETF

 

ASSETS:

               

Investments, at value (Cost $70,007,245 and $68,216,532)

  $ 69,981,204     $ 67,906,268  

Deposits with broker for futures contracts

    41,443       62,348  

Interest and dividends receivable

    69,472       117,729  

Total Assets

    70,092,119       68,086,345  

LIABILITIES:

               

Variation margin payable on open futures contracts

    1,075       1,075  

Accrued expenses and other payables:

               

Investment advisory fees

    31,483       30,478  

Total Liabilities

    32,558       31,553  

Net Assets

    70,059,561       68,054,792  

NET ASSETS CONSIST OF:

               

Capital

  $ 76,092,937     $ 75,587,962  

Total distributable earnings/(loss)

    (6,033,376 )     (7,533,170 )

Net Assets

  $ 70,059,561     $ 68,054,792  
                 

Shares Outstanding (unlimited shares authorized, no par value):

    2,950,000       2,900,000  

Net asset value per share:

  $ 23.75     $ 23.47  

 

See notes to financial statements.

 

45

 

 

Statements of Operations

For the Year Ended December 31, 2022

 

Timothy Plan

 

 

   

Timothy Plan US
Small Cap Core
ETF

   

Timothy Plan US
Large/Mid Cap
Core ETF

 

Investment Income:

               

Dividend income

  $ 912,260     $ 2,531,496  

Interest income

    266       780  

Foreign tax withholding

    (957 )     (1,238 )

Total Income

    911,569       2,531,038  

Expenses:

               

Investment advisory fees

    295,091       852,887  

Total Expenses

    295,091       852,887  

Net Investment Income (Loss)

    616,478       1,678,151  

Realized/Unrealized Gains (Losses) from Investments:

               

Net realized gains (losses) from investment securities

    (2,924,599 )     (5,025,036 )

Net realized gains (losses) from in-kind transactions

    906,789       8,685,380  

Net realized gains (losses) from futures contracts

    (34,698 )     (147,588 )

Net change in unrealized appreciation/depreciation on investments

    (6,766,212 )     (27,550,200 )

Net change in unrealized appreciation/depreciation on futures contracts

    (560 )     (8,991 )

Net realized/unrealized (losses) on investments

    (8,819,280 )     (24,046,435 )

Change in net assets resulting from operations

  $ (8,202,802 )   $ (22,368,284 )

 

See notes to financial statements.

 

46

 

 

Statements of Operations - continued

For the Year Ended December 31, 2022

 

Timothy Plan

 

 

   

Timothy Plan High
Dividend Stock
ETF

   

Timothy Plan
International ETF

 

Investment Income:

               

Dividend income

  $ 4,610,305     $ 3,005,436  

Interest income

    857       30  

Foreign tax withholding

    (970 )     (428,506 )

Total Income

    4,610,192       2,576,960  

Expenses:

               

Investment advisory fees

    843,066       477,791  

Total Expenses

    843,066       477,791  

Net Investment Income (Loss)

    3,767,126       2,099,169  

Realized/Unrealized Gains (Losses) from Investments:

               

Net realized gains (losses) from investments and foreign currency transactions

    (2,786,577 )     (7,610,886 )

Net realized gains (losses) from in-kind transactions

    11,275,932       2,119,281  

Net realized gains (losses) from futures contracts

    (189,954 )     (74,738 )

Net change in unrealized appreciation/depreciation on investments and foreign currency translations

    (15,903,968 )     (13,288,225 )

Net change in unrealized appreciation/depreciation on futures contracts

    (20,614 )     (7,628 )

Net realized/unrealized (losses) on investments

    (7,625,181 )     (18,862,196 )

Change in net assets resulting from operations

  $ (3,858,055 )   $ (16,763,027 )

 

See notes to financial statements.

 

47

 

 

Statements of Operations - continued

For the Year Ended December 31, 2022

 

Timothy Plan

 

 

   

Timothy Plan US
Large/Mid Cap
Core Enhanced
ETF

   

Timothy Plan High
Dividend Stock
Enhanced ETF

 

Investment Income:

               

Dividend income

  $ 1,079,972     $ 1,754,729  

Interest income

    3,945       608  

Foreign tax withholding

    (309 )     (373 )

Total Income

    1,083,608       1,754,964  

Expenses:

               

Investment advisory fees

    358,953       313,456  

Total Expenses

    358,953       313,456  

Net Investment Income (Loss)

    724,655       1,441,508  

Realized/Unrealized Gains (Losses) from Investments:

               

Net realized gains (losses) from investments

    (5,928,851 )     (7,215,962 )

Net realized gains (losses) from in-kind transactions

    30,859       1,841,285  

Net realized gains (losses) from futures contracts

    (46,964 )     (27,677 )

Net change in unrealized appreciation/depreciation on investments

    (3,085,404 )     (2,330,726 )

Net change in unrealized appreciation/depreciation on futures contracts

    2,396       (4,613 )

Net realized/unrealized (losses) on investments

    (9,027,964 )     (7,737,693 )

Change in net assets resulting from operations

  $ (8,303,309 )   $ (6,296,185 )

 

See notes to financial statements.

 

48

 

 

Statements of Changes in Net Assets

 

 

Timothy Plan

 

 

   

Timothy Plan US
Small Cap Core ETF

   

Timothy Plan US Large/
Mid Cap Core ETF

 
   

For the
Year Ended
December 31,
2022

   

For the
Year Ended
December 31,
2021

   

For the
Year Ended
December 31,
2022

   

For the
Year Ended
December 31,
2021

 

From Investment Activities:

                               

Operations:

                               

Net investment income (loss)

  $ 616,478     $ 593,551     $ 1,678,151     $ 1,244,250  

Net realized gains (losses)

    (2,052,508 )     9,167,013       3,512,756       33,735,791  

Net change in unrealized appreciation/depreciation

    (6,766,772 )     1,532,831       (27,559,191 )     7,145,662  

Change in net assets resulting from operations

    (8,202,802 )     11,293,395       (22,368,284 )     42,125,703  

Distributions to Shareholders:

                               

Distributions

    (611,312 )     (612,920 )     (1,744,329 )     (1,212,586 )

Change in net assets resulting from distributions to shareholders

    (611,312 )     (612,920 )     (1,744,329 )     (1,212,586 )

Change in net assets resulting from capital transactions

    23,444,251       14,242,606       35,032,028       (36,676,713 )

Change in net assets

    14,630,137       24,923,081       10,919,415       4,236,404  

Net Assets:

                               

Beginning of period

    56,791,585       31,868,504       168,140,465       163,904,061  

End of period

  $ 71,421,722     $ 56,791,585     $ 179,059,880     $ 168,140,465  

Capital Transactions:

                               

Proceeds from shares issued

  $ 29,554,740     $ 44,341,921     $ 72,349,537     $ 78,358,551  

Cost of shares redeemed

    (6,110,489 )     (30,099,315 )     (37,317,509 )     (115,035,264 )

Change in net assets resulting from capital transactions

  $ 23,444,251     $ 14,242,606     $ 35,032,028     $ (36,676,713 )
                                 

Share Transactions:

                               

Issued

    950,000       1,350,000       2,100,000       2,250,000  

Redeemed

    (200,000 )     (900,000 )     (1,100,000 )     (3,200,000 )

Change in Shares

    750,000       450,000       1,000,000       (950,000 )

 

See notes to financial statements.

 

49

 

 

Statements of Changes in Net Assets - continued

 

 

Timothy Plan

 

 

   

Timothy Plan High
Dividend Stock ETF

   

Timothy Plan International ETF

 
   

For the
Year Ended
December 31,
2022

   

For the
Year Ended
December 31,
2021

   

For the
Year Ended
December 31,
2022

   

For the
Year Ended
December 31,
2021

 

From Investment Activities:

                               

Operations:

                               

Net investment income (loss)

  $ 3,767,126     $ 2,789,515     $ 2,099,169     $ 1,568,906  

Net realized gains (losses)

    8,299,401       22,658,204       (5,566,343 )     4,255,008  

Net change in unrealized appreciation/depreciation

    (15,924,582 )     8,214,547       (13,295,853 )     1,608,467  

Change in net assets resulting from operations

    (3,858,055 )     33,662,266       (16,763,027 )     7,432,381  

Distributions to Shareholders:

                               

Distributions

    (3,952,230 )     (2,718,477 )     (1,877,299 )     (1,960,152 )

Change in net assets resulting from distributions to shareholders

    (3,952,230 )     (2,718,477 )     (1,877,299 )     (1,960,152 )

Change in net assets resulting from capital transactions

    55,213,923       (22,272,015 )     12,688,674       5,854,096  

Change in net assets

    47,403,638       8,671,774       (5,951,652 )     11,326,325  

Net Assets:

                               

Beginning of period

    131,582,392       122,910,618       82,826,736       71,500,411  

End of period

  $ 178,986,030     $ 131,582,392     $ 76,875,084     $ 82,826,736  

Capital Transactions:

                               

Proceeds from shares issued

  $ 118,769,570     $ 78,541,688     $ 33,869,369     $ 17,679,875  

Cost of shares redeemed

    (63,555,647 )     (100,813,703 )     (21,180,695 )     (11,825,779 )

Change in net assets resulting from capital transactions

  $ 55,213,923     $ (22,272,015 )   $ 12,688,674     $ 5,854,096  
                                 

Share Transactions:

                               

Issued

    3,700,000       2,650,000       1,300,000       600,000  

Redeemed

    (2,000,000 )     (3,350,000 )     (850,000 )     (400,000 )

Change in Shares

    1,700,000       (700,000 )     450,000       200,000  

 

See notes to financial statements.

 

50

 

 

Statements of Changes in Net Assets - continued

 

 

Timothy Plan

 

 

   

Timothy Plan US Large/Mid Cap Core
Enhanced ETF

   

Timothy Plan High Dividend Stock
Enhanced ETF

 
   

For the
Year Ended
December 31,
2022

   

For the Period
July 29, 2021
(a)
through
December 31,
2021

   

For the
Year Ended
December 31,
2022

   

For the Period
July 29, 2021
(a)
through
December 31,
2021

 

From Investment Activities:

                               

Operations:

                               

Net investment income (loss)

  $ 724,655     $ 153,122     $ 1,441,508     $ 271,068  

Net realized gains (losses)

    (5,944,956 )     39,554       (5,402,354 )     37,471  

Net change in unrealized appreciation/depreciation

    (3,083,008 )     3,057,496       (2,335,339 )     2,020,462  

Change in net assets resulting from operations

    (8,303,309 )     3,250,172       (6,296,185 )     2,329,001  

Distributions to Shareholders:

                               

Distributions

    (812,493 )     (155,733 )     (1,626,064 )     (314,041 )

From return of capital:

    (31,102 )                  

Change in net assets resulting from distributions to shareholders

    (843,595 )     (155,733 )     (1,626,064 )     (314,041 )

Change in net assets resulting from capital transactions

    9,879,040       66,232,986       28,896,178       45,065,903  

Change in net assets

    732,136       69,327,425       20,973,929       47,080,863  

Net Assets:

                               

Beginning of period

    69,327,425             47,080,863        

End of period

  $ 70,059,561     $ 69,327,425     $ 68,054,792     $ 47,080,863  

Capital Transactions:

                               

Proceeds from shares issued

  $ 11,041,046     $ 67,531,288     $ 50,702,912     $ 45,065,903  

Cost of shares redeemed

    (1,162,006 )     (1,298,302 )     (21,806,735 )      

Change in net assets resulting from capital transactions

  $ 9,879,040     $ 66,232,986     $ 28,896,177     $ 45,065,903  
                                 

Share Transactions:

                               

Issued

    450,000       2,600,000       2,000,000       1,750,000  

Redeemed

    (50,000 )     (50,000 )     (850,000 )      

Change in Shares

    400,000       2,550,000       1,150,000       1,750,000  

 

(a)

Commencement of operations.

 

See notes to financial statements.

 

51

 

 

Financial Highlights

For a Share Outstanding Throughout Each Period

 

Timothy Plan

 

 

   

Timothy Plan US Small Cap Core ETF

 
   

For the
Year Ended
December 31,
2022

   

For the
Year Ended
December 31,
2021

   

For the
Year Ended
December 31,
2020

   

For the period
December 3,
2019
(a) to
December 31,
2019

 

Net Asset Value, Beginning of Period

  $ 35.49     $ 27.71     $ 25.55     $ 24.73  

Investment Activities:

                               

Net Investment Income (Loss)(b)

    0.34       0.40       0.32       0.02  

Net Realized and Unrealized Gains (Losses)

    (5.11 )     7.78       2.15       0.82  

Total from Investment Activities

    (4.77 )     8.18       2.47       0.84  

Distributions to Shareholders:

                               

Net Investment Income

    (0.33 )     (0.40 )     (0.31 )     (0.02 )

Total Distributions

    (0.33 )     (0.40 )     (0.31 )     (0.02 )

Net Asset Value, End of Period

  $ 30.39     $ 35.49     $ 27.71     $ 25.55  

Total Return(c)

    (13.45 %)     29.62 %     9.99 %     3.39 %
                                 

Ratios/Supplemental Data:

                               

Ratio of Expenses to Average Net Assets(d)

    0.52 %     0.52 %     0.52 %     0.52 %

Ratio of Net Investment Income (Loss) to Average Net Assets(d)

    1.09 %     1.20 %     1.45 %     0.89 %

Net Assets, End of Period (000’s)

  $ 71,422     $ 56,792     $ 31,869     $ 10,222  

Portfolio Turnover(c)(e)

    59 %     57 %     78 %      

 

 

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

 

(a)

Commencement of operations.

(b)

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

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes impact of in-kind transactions.

 

See notes to financial statements.

 

52

 

 

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

 

Timothy Plan

 

 

   

Timothy Plan US Large/Mid Cap Core ETF

 
   

For the
Year Ended
December 31,
2022

   

For the
Year Ended
December 31,
2021

   

For the
Year Ended
December 31,
2020

   

For the period
May 1,
2019
(a) to
December 31,
2019

 

Net Asset Value, Beginning of Period

  $ 38.65     $ 30.93     $ 27.23     $ 25.16  

Investment Activities:

                               

Net Investment Income (Loss)(b)

    0.35       0.24       0.23       0.21  

Net Realized and Unrealized Gains (Losses)

    (5.17 )     7.72       3.72       2.04  

Total from Investment Activities

    (4.82 )     7.96       3.95       2.25  

Distributions to Shareholders:

                               

Net Investment Income

    (0.36 )     (0.24 )     (0.25 )     (0.18 )

Total Distributions

    (0.36 )     (0.24 )     (0.25 )     (0.18 )

Net Asset Value, End of Period

  $ 33.47     $ 38.65     $ 30.93     $ 27.23  

Total Return(c)

    (12.48 %)     25.82 %     14.67 %     9.01 %
                                 

Ratios/Supplemental Data:

                               

Ratio of Expenses to Average Net Assets(d)

    0.52 %     0.52 %     0.52 %     0.52 %

Ratio of Net Investment Income (Loss) to Average Net Assets(d)

    1.02 %     0.69 %     0.88 %     1.22 %

Net Assets, End of Period (000’s)

  $ 179,060     $ 168,140     $ 163,904     $ 134,795  

Portfolio Turnover(c)(e)

    26 %     27 %     45 %     17 %

 

 

 

(a)

Commencement of operations.

(b)

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

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes impact of in-kind transactions.

 

See notes to financial statements.

 

53

 

 

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

 

Timothy Plan

 

 

   

Timothy Plan High Dividend Stock ETF

 
   

For the
Year Ended
December 31,
2022

   

For the
Year Ended
December 31,
2021

   

For the
Year Ended
December 31,
2020

   

For the period
May 1,
2019
(a) to
December 31,
2019

 

Net Asset Value, Beginning of Period

  $ 32.49     $ 25.88     $ 26.89     $ 25.10  

Investment Activities:

                               

Net Investment Income (Loss)(b)

    0.73       0.61       0.57       0.48  

Net Realized and Unrealized Gains (Losses)

    (1.35 )     6.60       (0.96 )     1.74  

Total from Investment Activities

    (0.62 )     7.21       (0.39 )     2.22  

Distributions to Shareholders:

                               

Net Investment Income

    (0.74 )     (0.60 )     (0.62 )     (0.43 )

Total Distributions

    (0.74 )     (0.60 )     (0.62 )     (0.43 )

Net Asset Value, End of Period

  $ 31.13     $ 32.49     $ 25.88     $ 26.89  

Total Return(c)

    (1.88 %)     28.10 %     (1.17 %)     9.00 %
                                 

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)

    2.32 %     2.07 %     2.45 %     2.81 %

Net Assets, End of Period (000’s)

  $ 178,986     $ 131,582     $ 122,911     $ 94,132  

Portfolio Turnover(c)(e)

    42 %     43 %     68 %     23 %

 

 

 

(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.

(e)

Excludes impact of in-kind transactions.

 

See notes to financial statements.

 

54

 

 

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

 

Timothy Plan

 

 

   

Timothy Plan International ETF

 
   

For the
Year Ended
December 31,
2022

   

For the
Year Ended
December 31,
2021

   

For the
Year Ended
December 31,
2020

   

For the period
December 3,
2019
(a) to
December 31,
2019

 

Net Asset Value, Beginning of Period

  $ 29.06     $ 26.98     $ 25.58     $ 24.80  

Investment Activities:

                               

Net Investment Income (Loss)(b)

    0.66       0.56       0.47       0.04  

Net Realized and Unrealized Gains (Losses)

    (5.82 )     2.21       1.40       0.77  

Total from Investment Activities

    (5.16 )     2.77       1.87       0.81  

Distributions to Shareholders:

                               

Net Investment Income

    (0.60 )     (0.69 )     (0.47 )     (0.03 )

Total Distributions

    (0.60 )     (0.69 )     (0.47 )     (0.03 )

Net Asset Value, End of Period

  $ 23.30     $ 29.06     $ 26.98     $ 25.58  

Total Return(c)

    (17.80 %)     10.34 %     7.66 %     3.25 %
                                 

Ratios/Supplemental Data:

                               

Ratio of Expenses to Average Net Assets(d)

    0.62 %     0.62 %     0.62 %     0.62 %

Ratio of Net Investment Income (Loss) to Average Net Assets(d)

    2.72 %     1.94 %     1.98 %     1.99 %

Net Assets, End of Period (000’s)

  $ 76,875     $ 82,827     $ 71,500     $ 23,018  

Portfolio Turnover(c)(e)

    39 %     42 %     63 %     12 %

 

 

 

(a)

Commencement of operations.

(b)

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

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes impact of in-kind transactions.

 

See notes to financial statements.

 

55

 

 

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

 

Timothy Plan

 

 

   

Timothy Plan US Large/Mid Cap
Core Enhanced ETF

 
   

For the
Year Ended
December 31,
2022

   

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

 

Net Asset Value, Beginning of Period

  $ 27.19     $ 25.00  

Investment Activities:

               

Net Investment Income (Loss)(b)

    0.25       0.11  

Net Realized and Unrealized Gains (Losses)

    (3.40 )     2.16  

Total from Investment Activities

    (3.15 )     2.27  

Distributions to Shareholders:

               

Net Investment Income

    (0.28 )     (0.08 )

Return of Capital

    (0.01 )      

Total Distributions

    (0.29 )     (0.08 )

Net Asset Value, End of Period

  $ 23.75     $ 27.19  

Total Return(c)

    (11.58 %)     9.09 %
                 

Ratios/Supplemental Data:

               

Ratio of Expenses to Average Net Assets(d)

    0.52 %     0.51 %

Ratio of Net Investment Income (Loss) to Average Net Assets(d)

    1.05 %     1.00 %

Net Assets, End of Period (000’s)

  $ 70,060     $ 69,327  

Portfolio Turnover(c)(e)

    155 %(f)     13 %

 

 

 

(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.

(e)

Excludes impact of in-kind transactions.

(f)

Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year.

 

See notes to financial statements.

 

56

 

 

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

 

Timothy Plan

 

 

   

Timothy Plan High Dividend
Stock Enhanced ETF

 
   

For the
Year Ended
December 31,
2022

   

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

 

Net Asset Value, Beginning of Period

  $ 26.90     $ 25.00  

Investment Activities:

               

Net Investment Income (Loss)(b)

    0.60       0.28  

Net Realized and Unrealized Gains (Losses)

    (3.37 )     1.86  

Total from Investment Activities

    (2.77 )     2.14  

Distributions to Shareholders:

               

Net Investment Income

    (0.66 )     (0.24 )

Total Distributions

    (0.66 )     (0.24 )

Net Asset Value, End of Period

  $ 23.47     $ 26.90  

Total Return(c)

    (10.44 %)     8.59 %
                 

Ratios/Supplemental Data:

               

Ratio of Expenses to Average Net Assets(d)

    0.52 %     0.51 %

Ratio of Net Investment Income (Loss) to Average Net Assets(d)

    2.39 %     2.50 %

Net Assets, End of Period (000’s)

  $ 68,055     $ 47,081  

Portfolio Turnover(c)(e)

    191 %(f)     16 %

 

 

 

(a)

Commencement of operations.

(b)

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

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes impact of in-kind transactions.

(f)

Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year.

 

See notes to financial statements.

 

57

 

 

Notes to Financial Statements

December 31, 2022

 

Timothy Plan

 

 

1. ORGANIZATION:

 

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

 

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

 

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

 

2. SIGNIFICANT ACCOUNTING POLICIES:

 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles (“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 under Accounting Standards Codification Topic 946.

 

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.

 

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

 

58

 

 

Notes to Financial Statements - continued

December 31, 2022

 

Timothy Plan

 

 

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.

 

The Transaction Fees for each Fund are listed below:

 

 

 

Fee for In-Kind and
Cash Purchases
and Redemptions

   

Maximum
Additional Variable
Charge for Cash
Purchases and
Redemptions*

 

US Small Cap Core ETF

  $ 250       2.00 %

US Large/Mid Cap Core ETF

  $ 500       2.00 %

High Dividend Stock ETF

  $ 250       2.00 %

International ETF

  $ 4,500       2.00 %

US Large/Mid Cap Core Enhanced ETF

  $ 500       2.00 %

High Dividend Stock Enhanced ETF

  $ 250       2.00 %

 

*

As a percentage of the amount invested.

 

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

 

59

 

 

Notes to Financial Statements - continued

December 31, 2022

 

Timothy Plan

 

 

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.

 

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.

 

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 valuation designee and under the general supervision and oversight 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, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed in the Schedules of Portfolio Investments:

 

US Small Cap Core ETF

 

Investment Securities:

 

Level 1 -
Quoted Prices

   

Level 2 - Other
Significant
Observable
Inputs

   

Level 3 - Other
Significant
Unobservable
Inputs

   

Total

 

Common Stocks

  $ 71,225,786     $     $     $ 71,225,786  

Total Investment Securities

    71,225,786                   71,225,786  

Other Financial Instruments*

                               

Futures Contracts

    (1,779 )                 (1,779 )

Total Investments

  $ 71,224,007     $     $     $ 71,224,007  

 

60

 

 

Notes to Financial Statements - continued

December 31, 2022

 

Timothy Plan

 

 

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

  $ 178,290,875     $     $     $ 178,290,875  

Rights

  $     $     $ 1,574     $ 1,574  

Total Investment Securities

    178,290,875             1,574       178,292,449  

Other Financial Instruments*

                               

Futures Contracts

    1,459                   1,459  

Total Investments

  $ 178,292,334     $     $ 1,574     $ 178,293,908  

 

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

  $ 178,002,735     $     $     $ 178,002,735  

Total Investment Securities

    178,002,735                   178,002,735  

Other Financial Instruments*

                               

Futures Contracts

    (12,939 )                 (12,939 )

Total Investments

  $ 177,989,796     $     $     $ 177,989,796  

 

International ETF

 

Investment Securities:

 

Level 1 -
Quoted Prices

   

Level 2 - Other
Significant
Observable
Inputs

   

Level 3 - Other
Significant
Unobservable
Inputs

   

Total

 

Common Stocks

  $ 76,210,841     $     $ 18,956     $ 76,229,797  

Total Investment Securities

    76,210,841             18,956       76,229,797  

Other Financial Instruments*

                               

Futures Contracts

    (3,956 )                 (3,956 )

Total Investments

  $ 76,206,885     $     $ 18,956     $ 76,225,841  

 

US Large/Mid Cap Core Enhanced ETF

 

Investment Securities:

 

Level 1 -
Quoted Prices

   

Level 2 - Other
Significant
Observable
Inputs

   

Level 3 - Other
Significant
Unobservable
Inputs

   

Total

 

Common Stocks

  $ 69,632,770     $     $     $ 69,632,770  

Investment Companies

  $ 347,813     $     $     $ 347,813  

Rights

  $     $     $ 621     $ 621  

Total Investment Securities

    69,980,583             621       69,981,204  

Other Financial Instruments*

                               

Futures Contracts

    529                   529  

Total Investments

  $ 69,981,112     $     $ 621     $ 69,981,733  

 

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December 31, 2022

 

Timothy Plan

 

 

High Dividend Stock Enhanced ETF

 

Investment Securities:

 

Level 1 -
Quoted Prices

   

Level 2 - Other
Significant
Observable
Inputs

   

Level 3 - Other
Significant
Unobservable
Inputs

   

Total

 

Common Stocks

  $ 67,570,498     $     $     $ 67,570,498  

Investment Companies

  $ 335,770     $     $     $ 335,770  

Total Investment Securities

    67,906,268                   67,906,268  

Other Financial Instruments*

                               

Futures Contracts

    (4,613 )                 (4,613 )

Total Investments

  $ 67,901,655     $     $     $ 67,901,655  

 

*

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

 

For the year ended December 31, 2022, there were no transfers into/out of Level 3 for US Small Cap Core ETF, High Dividend Stock ETF and High Dividend Stock Enhanced ETF and there were no significant changes into/out of Level 3 for US Large/Mid Cap Core ETF and US Large/Mid Cap Core Enhanced ETF. The transfers into Level 3 investments for the International ETF were immaterial, although the change in unrealized appreciation/(depreciation) on these investments was $(216,343). These securities were impacted by the invasion of Ukraine and sanctions on market conditions in Russia.

 

Real Estate Investment Trusts (“REITs”):

 

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

 

Investment Companies:

 

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

 

Investment Transactions and Related Income:

 

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

 

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

 

Futures Contracts:

 

During the year ended December 31, 2022, the Funds used futures contracts to provide market exposure on the Funds’ cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, and to maintain the Fund’s open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range

 

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December 31, 2022

 

Timothy Plan

 

 

upward from less than 5% of the value of the contract being traded. Deposits for futures for the Funds are reported as Deposits 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, 2022.

 

Fund

 

Average
Notional Value

 

US Small Cap Core ETF

  $ 231,669  

US Large/Mid Cap Core ETF

  $ 644,133  

High Dividend Stock ETF

  $ 768,728  

International ETF

  $ 331,811  

US Large/Mid Cap Core Enhanced ETF

  $ 294,517  

High Dividend Stock Enhanced ETF

  $ 458,315  

 

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, 2022:

 

   

Assets

   

Liabilities

 

 

 

Variation Margin
Receivable on Open
Futures Contracts*

   

Variation Margin
Payable on Open
Futures Contracts*

 

Equity Risk Exposure:

               

US Small Cap Core ETF

  $     $ 1,779  

US Large/Mid Cap Core ETF

    1,459        

High Dividend Stock ETF

          12,939  

International ETF

          3,956  

US Large/Mid Cap Core Enhanced ETF

    529        

High Dividend Stock Enhanced ETF

          4,613  

 

*

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.

 

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December 31, 2022

 

Timothy Plan

 

 

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, 2022:

 

   

Net Realized Gains
(Losses) on Derivatives
Recognized as a Result
from Operations

   

Net Change in
Unrealized Appreciation/
(Depreciation) on
Derivatives Recognized as
a Result from Operations

 

 

 

Net realized gains (losses)
from futures transactions

   

Net Change in
unrealized appreciation
(depreciation) on
futures transactions

 

Equity Risk Exposure:

               

US Small Cap Core ETF

  $ (34,698 )   $ (560 )

US Large/Mid Cap Core ETF

    (147,588 )     (8,991 )

High Dividend Stock ETF

    (189,954 )     (20,614 )

International ETF

    (74,738 )     (7,628 )

US Large/Mid Cap Core Enhanced ETF

    (46,964 )     2,396  

High Dividend Stock Enhanced ETF

    (27,677 )     (4,613 )

 

Foreign Currency Translations:

 

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

 

Foreign Taxes:

 

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

 

Dividends to Shareholders:

 

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

 

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December 31, 2022

 

Timothy Plan

 

 

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. Each Fund identifies its major tax jurisdiction as U.S. Federal.

 

As of and during the year ended December 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the 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.

 

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, 2022 were as follows:

 

   

Excluding in-kind transactions

   

Associated with in-kind transactions

 

Fund

 

Purchases

   

Sales

   

Purchases

   

Sales

 

US Small Cap Core ETF

  $ 33,454,805     $ 33,378,024     $ 29,421,953     $ 6,082,277  

US Large/Mid Cap Core ETF

    43,213,493       43,065,714       71,983,322       37,267,313  

High Dividend Stock ETF

    67,237,193       67,127,461       118,122,363       63,240,577  

International ETF

    32,022,230       30,031,493       30,625,362       20,198,621  

US Large/Mid Cap Core Enhanced ETF

    69,795,074       67,180,809       7,419,889       570,206  

High Dividend Stock Enhanced ETF

    103,094,758       97,091,137       40,737,330       18,281,843  

 

For the year ended December 31, 2022, there were no purchases or sales of U.S. Government Securities.

 

4. FEES AND TRANSACTIONS WITH AFFILIATES AND OTHER PARTIES:

 

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

 

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

 

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December 31, 2022

 

Timothy Plan

 

 

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 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.

 

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6. FEDERAL INCOME TAX INFORMATION:

 

As of December 31, 2022, 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

  $ 71,102,583     $ 137,188     $ (13,985 )   $ 123,203  

US Large/Mid Cap Core ETF

    170,452,519       17,067,022       (9,227,092 )     7,839,930  

High Dividend Stock ETF

    174,800,140       11,356,724       (8,154,129 )     3,202,595  

International ETF

    80,157,764       3,884,558       (7,812,525 )     (3,927,967 )

US Large/Mid Cap Core Enhanced ETF

    71,137,149       2,195,305       (3,351,250 )     (1,155,945 )

High Dividend Stock Enhanced ETF

    68,762,675       1,553,446       (2,409,853 )     (856,407 )

 

The tax characteristics of distributions paid to shareholders during the year ended December 31, 2022 were as follows:

 

   

Year Ended December 31, 2022

 
   

Distributions Paid From:

                 

Fund

 

Ordinary
Income

   

Total Taxable
Distributions

   

Return of Capital

   

Total
Distributions Paid

 

US Small Cap Core ETF

  $ 611,312     $ 611,312     $     $ 611,312  

US Large/Mid Cap Core ETF

    1,744,329       1,744,329             1,744,329  

High Dividend Stock ETF

    3,952,230       3,952,230             3,952,230  

International ETF

    1,877,299       1,877,299             1,877,299  

US Large/Mid Cap Core Enhanced ETF

    812,493       812,493       31,102       843,595  

High Dividend Stock Enhanced ETF

    1,626,064       1,626,064             1,626,064  

 

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

 

   

Year Ended December 31, 2021

 
   

Distributions Paid From:

                 

Fund

 

Ordinary
Income

   

Net Long Term
Capital Gains

   

Total Taxable
Distributions

   

Total
Distributions
Paid

 

US Small Cap Core ETF

  $ 612,920     $     $ 612,920     $ 612,920  

US Large/Mid Cap Core ETF

    1,212,586             1,212,586       1,212,586  

High Dividend Stock ETF

    2,718,477             2,718,477       2,718,477  

International ETF

    1,960,152             1,960,152       1,960,152  

US Large/Mid Cap Core Enhanced ETF

    155,733             155,733       155,733  

High Dividend Stock Enhanced ETF

    312,855       1,186       314,041       314,041  

 

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December 31, 2022

 

Timothy Plan

 

 

As of December 31, 2022, 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

  $ 22,991     $ 22,991     $ (6,793,045 )   $ 123,203     $ (6,646,851 )

US Large/Mid Cap Core ETF

                (12,846,452 )     7,839,930       (5,006,522 )

High Dividend Stock ETF

                (11,827,140 )     3,202,595       (8,624,545 )

International ETF

                (7,743,605 )     (3,929,599 )**     (11,673,204 )

US Large/Mid Cap Core Enhanced ETF

                (4,877,431 )     (1,155,945 )     (6,033,376 )

High Dividend Stock Enhanced ETF

                (6,676,763 )     (856,407 )     (7,533,170 )

 

*

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 $(1,632) of unrealized depreciation on foreign currency translation.

 

At December 31, 2022, 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

  $ 5,695,927     $ 1,097,118     $ 6,793,045  

US Large/Mid Cap Core ETF

    8,074,621       4,771,831       12,846,452  

High Dividend Stock ETF

    8,487,981       3,339,159       11,827,140  

International ETF

    4,240,125       3,503,480       7,743,605  

US Large/Mid Cap Core Enhanced ETF

    4,540,927       336,504       4,877,431  

High Dividend Stock Enhanced ETF

    6,579,093       97,670       6,676,763  

 

As of December 31, 2022, on the Statements of Assets and Liabilities, as a result of permanent book-to-tax differences primarily attributable to the accounting for applicable in-kind redemptions and designation of dividends paid were reclassified between the individual components of total distributable earnings (loss) as follows:

 

Fund

 

Total
Accumulated
Earnings/(Loss)

   

Capital

 

US Small Cap Core ETF

  $ (900,212 )   $ 900,212  

US Large/Mid Cap Core ETF

    (8,705,773 )     8,705,773  

High Dividend Stock ETF

    (11,346,420 )     11,346,420  

International ETF

    (1,870,121 )     1,870,121  

US Large/Mid Cap Core Enhanced ETF

    59,784       (59,784 )

High Dividend Stock Enhanced ETF

    (1,629,779 )     1,629,779  

 

7. SUBSEQUENT EVENTS:

 

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

 

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December 31, 2022

 

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Distributions

 

Subsequent to year end, in 2023, the Funds declared and paid, respectively, a distribution from ordinary income for the following amounts:

 

Fund

 

01/12/2023

   

02/10/2023

 

US Small Cap Core ETF

  $     $ 58,488  

US Large/Mid Cap Core ETF

    1,619       49,217  

High Dividend Stock ETF

    14,631       177,643  

International ETF

          55,458  

US Large/Mid Cap Core Enhanced ETF

          143,459  

High Dividend Stock Enhanced ETF

    5,670       65,953  

 

69

 

 

Report of Independent Registered Public Accounting Firm

 

 

Timothy Plan

 

 

To the Shareholders and Board of Trustees of
The Timothy Plan

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of The Timothy Plan comprising the funds listed below (the “Funds”) as of December 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

 

Fund Name

Statements of
Operations

Statements of
Changes in Net Assets

Financial
Highlights

Timothy Plan US Small Cap Core ETF Timothy Plan International ETF

For the year ended December 31, 2022

For the years ended December 31, 2022 and 2021

For the years ended December 31, 2022, 2021 and 2020, and for the period from December 3, 2019 (commencement of operations) through December 31, 2019

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

For the year ended December 31, 2022

For the years ended December 31, 2022 and 2021

For the years ended December 31, 2022, 2021 and 2020, and for the period from May 1, 2019 (commencement of operations) through December 31, 2019

Timothy Plan US Large/Mid Cap Core Enhanced ETF

Timothy Plan High Dividend Stock Enhanced ETF

For the year ended December 31, 2022

For the year ended December 31, 2022 and for the period from July 29, 2021 (commencement of operations) through December 31, 2021

 

Basis for Opinion

 

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

 

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

 

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, 2022, by correspondence with the custodian and brokers; when replies were

 

70

 

 

Report of Independent Registered Public Accounting Firm - continued

 

 

Timothy Plan

 

 

not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

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

 

 

COHEN & COMPANY, LTD.
Cleveland, Ohio
February 28, 2023

 

71

 

 

Other Information (Unaudited)

December 31, 2022

 

Timothy Plan

 

 

Additional Tax Information

 

For the year ended December 31, 2022, the Funds paid qualified dividend income for the purposes of reduced individual federal income tax rates of:

 

Fund

Amount

US Small Cap Core ETF

100%

US Large/Mid Cap Core ETF

100%

High Dividend Stock ETF

100%

International ETF

100%

US Large/Mid Cap Core Enhanced ETF

78%

High Dividend Stock Enhanced ETF

100%

 

Dividends qualified for corporate dividends received deductions of:

 

Fund

Amount

US Small Cap Core ETF

100%

US Large/Mid Cap Core ETF

100%

High Dividend Stock ETF

100%

US Large/Mid Cap Core Enhanced ETF

78%

High Dividend Stock Enhanced ETF

100%

 

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, 2022, were as follows:

 

 

Foreign Source
Income

Foreign Tax
Expense

International ETF

$0.91

$0.13

 

Premium/Discount Information

 

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

 

Proxy Voting and Form N-PORT Information

 

Proxy Voting:

 

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

 

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

 

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Other Information (Unaudited) - continued

December 31, 2022

 

Timothy Plan

 

 

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, and (2) ongoing costs, including management fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

 

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

 

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

 

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
7/1/22

Actual
Ending
Account
Value
12/31/22

Hypothetical
Ending
Account
Value
12/31/22

Actual
Expenses Paid
During Period
7/1/22 -
12/31/22*

Hypothetical
Expenses Paid
During Period
7/1/22 -
12/31/22*

Annualized
Expense Ratio
During Period
7/1/22 -
12/31/22

US Small Cap Core ETF

           

ETF Shares

$1,000

$1,056.20

$1,022.58

$2.70

$2.65

0.52%

             

US Large/Mid Cap Core ETF

           

ETF Shares

$1,000

$1,074.50

$1,022.58

$2.72

$2.65

0.52%

             

High Dividend Stock ETF

           

ETF Shares

$1,000

$1,062.30

$1,022.58

$2.70

$2.65

0.52%

             

International ETF

           

ETF Shares

$1,000

$1,034.30

$1,022.08

$3.18

$3.16

0.62%

             

US Large/Mid Cap Core Enhanced ETF

           

ETF Shares

$1,000

$1,020.40

$1,022.58

$2.65

$2.65

0.52%

             

High Dividend Stock Enhanced ETF

           

ETF Shares

$1,000

$969.30

$1,022.58

$2.58

$2.65

0.52%

 

*

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

 

73

 

 

Trustees and Principal Executive Officers of the Trust (Unaudited)

December 31, 2022

 

Timothy Plan

 

 

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 & ADDRESS

POSITION(S)
HELD WITH
TRUST

TERM OF
OFFICE &
LENGTH OF
TIME SERVED

NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
OVERSEEN BY
TRUSTEE

PRINCIPAL OCCUPATION
DURING THE PAST FIVE YEARS

DIRECTORSHIPS
HELD BY
TRUSTEE

Arthur D. Ally1
1055 Maitland
Center Commons

Maitland, FL 32751
Born: 1942

Trustee, Chairman, President, and Treasurer

Indefinite; Trustee and President since 1994

20

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

Mathew D. Staver2

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1956

Trustee

Indefinite; Trustee since 2000

20

An 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

Patrice Tsague3

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1973

Trustee

Indefinite; Trustee since 2011

20

President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999.

None

 

1.

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

2.

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

3.

Mr. Tsague is an “interested” Trustee, as defined in the 1940 Act, because of a charitable relationship with TPL.

 

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Trustees and Principal Executive Officers of the Trust (Unaudited) - continued

December 31, 2022

 

Timothy Plan

 

 

INDEPENDENT TRUSTEES

 

NAME, AGE & ADDRESS

POSITION(S)
HELD WITH
TRUST

TERM OF
OFFICE &
LENGTH OF
TIME SERVED

NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
OVERSEEN BY
TRUSTEE

PRINCIPAL OCCUPATION
DURING THE PAST FIVE YEARS

DIRECTORSHIPS
HELD BY
TRUSTEE

Richard W. Copeland

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1947

Trustee

Indefinite; Trustee since 2005

20

Retired. Associate Professor of Law Stetson University. Retired Principal of Copeland & Covert, Attorneys at Law, specializing in tax and estate planning. B.A. from Mississippi College, JD from the University of Florida and LLM Taxation from the University of Miami.

None

Deborah Honeycutt

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1947

Trustee

Indefinite; Trustee since 2010

20

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

Bill Johnson

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1946

Trustee

Indefinite; Trustee since 2005

20

President (and Founder) of the 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 Master of Religious Education from Grand Rapids Baptist Seminary.

None

John C. Mulder

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1950

Trustee

Indefinite; Trustee since 2005

20

President of WaterStone (FKA 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 the University of Chicago.

None

Scott Preissler, Ph.D.

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1960

Trustee

Indefinite; Trustee since 2004

20

Scott Preissler, Ph.D., is the Executive Director of Friendship Christian School in Suwanee, Georgia and 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

 

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Trustees and Principal Executive Officers of the Trust (Unaudited) - continued

December 31, 2022

 

Timothy Plan

 

 

NAME, AGE & ADDRESS

POSITION(S)
HELD WITH
TRUST

TERM OF
OFFICE &
LENGTH OF
TIME SERVED

NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
OVERSEEN BY
TRUSTEE

PRINCIPAL OCCUPATION
DURING THE PAST FIVE YEARS

DIRECTORSHIPS
HELD BY
TRUSTEE

Alan M. Ross

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1951

Trustee, Vice Chairman

Indefinite; Trustee since 2004

20

Founder and CEO Kingdom Companies founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ. Alan is currently the President of the Electric Power Reliability Alliance (EPRA), a nonprofit serving industrial, commercial and grid-edge electrical reliability practitioners.

None

Kenneth Blackwell

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1948

Trustee

Indefinite; Trustee from 2011 to 2020 and 2022 to present

20

Self-Employed Independent Public Policy Consultant; Other Directorships: Public Interest Legal Foundation; National Rifle Association; Columbia International University; International Foundation For Electoral Systems; Law Enforcement Legal Defense Fund; American Constitution Rights Union.

None

Abraham M. Rivera

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1969

Trustee

Indefinite; Trustee since 2020

20

Pastor / President / Director, for La Puerta Life Center, Inc., a Florida corporation.

1

Dale A. Bissonette

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1958

Trustee

Indefinite; Trustee since 2020

20

President, Good Place Holdings, a Christian Centered Business Holding Company.

None

Terry Covert

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1947

Executive Officer, Vice President

Officer since 2019 Indefinite Term

N/A

Chief Compliance Officer and General Counsel for the Advisor, Timothy Partners, Ltd; Partner, Copeland Covert & Smith PLLC, law firm.

N/A

Cheryl Mumbert

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1970

Executive Officer, Vice President

Officer since 2019 Indefinite Term

N/A

Chief Marketing Officer for Advisor, Timothy Partners, Ltd.

N/A

David D. Jones

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1957

Chief Compliance Officer

Since 2004, Indefinite Term

N/A

Co-founder and Managing Member, Drake Compliance, LLC (compliance consulting); founder and controlling shareholder, David Jones & Associates (law firm), 1998 to 2015.

N/A

 

76

 

 

Trustees and Principal Executive Officers of the Trust (Unaudited) - continued

December 31, 2022

 

Timothy Plan

 

 

NAME, AGE & ADDRESS

POSITION(S)
HELD WITH
TRUST

TERM OF
OFFICE &
LENGTH OF
TIME SERVED

NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
OVERSEEN BY
TRUSTEE

PRINCIPAL OCCUPATION
DURING THE PAST FIVE YEARS

DIRECTORSHIPS
HELD BY
TRUSTEE

David James

225 Pictoria Drive,
Suite 450

Cincinnati, Ohio 45246

Born: 1970

Assistant Secretary

Assistant Secretary since 2022, Indefinite Term

N/A

As Executive Vice President, Chief Legal and Risk Officer at Ultimus Fund Solutions, since 2018; Department Head of State Street Bank and Trust Company’s Fund Administration Legal Department -2003-2018.

N/A

Deryk Jones

4221 North 203rd St. Suite 100

Elkhorn, NE 68022

Born: 1988

Trust AML Officer

AML Officer since 2022, Indefinate Term

N/A

Compliance Analyst since March 2018

N/A

Joseph E. Boatwright

1055 Maitland Center Commons

Maitland, FL 32751

Born: 1930

Trustee Emeritus and Secretary

Indefinite; Trustee and Secretary since 1995, Trustee Emeritus as of 2020

N/A

Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996.

N/A

 

77

 

 

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.

 

    2022 2021
(a) Audit Fees $79,250 $79,250
(b) Audit-Related Fees $0 $0
(c) Tax Fees* $18,000 $18,000
(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)2022 – 100%

2021 – 100%

 

(f)Not applicable.

 

(g)2022 - $18,000

2021 - $18,000

 

(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, 2023  

 

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, 2023  

 

EX-99.CODE ETH 2 fp0081065-2_ex99code.htm

CODE OF ETHICS

OF

THE TIMOTHY PLAN

 

I.Introduction

 

This Code of Ethics has been adopted by The Timothy Plan (the "Trust”) in compliance with Rule 17j-1 (the "Rule") under the Investment Trust Act of 1940, as amended (the "Act") to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Trust may abuse their fiduciary duties to the Trust, and to deal with other types of conflict-of-interest situations to which the Rule is addressed.

 

The Rule makes it "unlawful" for certain persons who have affiliations with the Trust to engage in conduct which is deceitful, fraudulent or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by the Trust. This Code of Ethics is intended to establish policies and procedures designed to insure that persons subject to this Code of Ethics and the Rule do not use any information concerning the investments or investment intentions of the Trust, or his or her ability to influence such investment related information, for personal gain or in a manner detrimental to the interests of the Trust.

 

II.Principles

 

This Code of Ethics acknowledges the general principles that persons affiliated with the Trust:

 

(A)owe a fiduciary obligation to the Trust;
(B)have the duty at all times to place the interests of Trust shareholders first;
(C)must conduct all of their personal securities transactions in such a manner as to avoid any actual or potential conflict of interest or abuse of such person’s position of trust and responsibility; and
(D)should not take inappropriate advantage of their positions in relation to the Trust.

 

III.Definitions (as used herein)

 

"Access Person" means:

 

(1)any Trustee, officer, general partner or Advisory Person of the Trust or any Adviser to the Trust.

 

(A)If an Adviser to the Trust is primarily engaged in a business or businesses other than advising Funds or other advisory clients, the term Access Person means any Trustee, officer, general partner or Advisory Person of the Adviser who, with respect to any Fund, makes any recommendation, participates in the determination of which recommendation will be made, or whose principal function or duties relate to the determination of which recommendation will be made, or who, in connection with his or her duties, obtains any information concerning recommendations on Covered Securities being made by the Adviser to any Fund.

 

(B)An Adviser is “primarily engaged in a business or businesses other than advising Funds or other advisory clients” if, for each of its most recent three fiscal years or for the period of time since its organization, whichever is less, the Adviser derived, on an unconsolidated basis, more than 50% of its income (or loss), before taxes and extraordinary items, from the other business or businesses.

 

 

 

(2)Any Trustee, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Trust for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Trust, regarding the purchase or sale of Covered Securities.

 

“Advisory Person” means:

 

(1)Any employee of the Trust or an Adviser to the Trust (or of any Trust in a control relationship to the Trust or an investment adviser to the Trust) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Trust, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and

 

(2)Any natural person in a control relationship to the Trust or an Adviser to the Trust who obtains information concerning recommendations made to the Trust with regard to the purchase or sale of Covered Securities by the Trust.

 

"Affiliated Person" means:

 

(1)Any officer, Trustee, copartner or employee of the Trust, Adviser and/or Underwriter;

 

(2)any person directly or indirectly owning, controlling or holding with power to vote, 5% or more of the outstanding voting securities of the Trust, Adviser and/or Underwriter;

 

(3)any person 5% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote, by the Trust, Adviser and/or Underwriter; and

 

(4)any person directly or indirectly controlling, controlled by, or under common control with the Trust, Adviser and/or Underwriter.

 

"Beneficial Interest" means:

 

any interest by which an Access Person or any member of his or her immediate family (relative by blood or marriage living in the same household), can directly or indirectly derive a monetary benefit from the purchase, sale (or other acquisition or disposition) or ownership of a security, except such interests as Clearing Officers shall determine to be too remote for the purpose of this Code of Ethics. (A transaction in which an Access Person acquires or disposes of a security in which he or she has or thereby acquires a direct or indirect Beneficial Interest will be referred to in this Code of Ethics as a "personal securities" transaction or as a transaction for the person's "own account").

 

At the written request of a person subject to this Code of Ethics, the Clearing Officers, in their sole discretion or with the advice of counsel, may from time to time issue written interpretations as to whether an Access Person has a “Beneficial Interest” in a security or a transaction, and whether a transaction is or would be considered to be a “personal securities” transaction or a transaction “for the person’s own” account for purposes of the reporting requirements under this Code. Any such written interpretations shall be included in Appendix A attached to and incorporated by reference into this Code of Ethics, and may be relied upon solely by the person(s) seeking such interpretations.

 

“Clearing Officers” means any two officers of the Trust who are not:

 

(1)parties to the transaction;
(2)related by blood or marriage to a party to the transaction; and
(3)interested in or affiliated persons of the issuer of the securities at issue.

 

2 

 

Control” means:

 

the power to exercise a controlling influence over the management or policies of a Trust (unless such power is solely the result of an official position with such Trust). Any person who owns beneficially, directly or through one or more controlled companies, more than 25% of the voting securities of a Trust shall be presumed to control such Trust.

 

“Covered Security” means:

 

all stock, debt obligations and other instruments comprising the investments of the Trust, including any warrant or option to acquire or sell a security, and financial futures contracts, except that it does not include:

 

(1)Direct obligations of the Government of the United States;

 

(2)Banker’s acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and

 

(3)Shares issued by open-end Funds.

 

References to a "Security" in this Code of Ethics shall include any warrant for, option in, or security immediately convertible into that "Security."

 

“Fund” means an investment company registered under the Act, and includes the Trust.

 

A "security held or to be acquired" by the Trust means:

 

any Covered Security which, within the most recent 15 calendar days: (i) is or has been held by the Trust; or (ii) is being or has been considered by an Adviser for purchase by the Trust.

 

A security is "being considered for purchase or sale";

 

from the time an order is given by or on behalf of the Trust to the order room of the Adviser until all orders with respect to that security are completed or withdrawn.

 

III.General Prohibitions

 

The specific provisions and reporting requirements of the Rule and this Code of Ethics are concerned primarily with those investment activities of Access Persons who are associated with the Trust and who thus may benefit from or interfere with the purchase or sale of portfolio securities by the Trust. However, the Rule and this Code of Ethics shall also apply to all Affiliated Persons of the Trust, the Adviser(s), Sub-Adviser(s) and the Underwriter ("Covered Persons"), unless specifically stated otherwise.

 

The Rule makes it "unlawful" for Covered Persons to engage in conduct which is deceitful, fraudulent, or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by the Trust. Accordingly, under the Rule and this Code of Ethics, no Covered Person shall use any information concerning the investments or investment intentions of the Trust, or his or her ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Trust.

 

3 

 

In addition, no Covered Person shall, directly or indirectly in connection with the purchase or sale of a "security held or to be acquired" by the Trust:

 

(i)employ any device, scheme or artifice to defraud the Trust; or

 

(ii)make to the Trust or an Adviser any untrue statement of material fact or omit to state to any of the foregoing a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading; or

 

(iii)engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust; or

 

(iv)engage in any manipulative practice with respect to the Trust.

 

V.Prohibited Transactions

 

A. Blackout Periods

 

Subject to any additional limiting requirements that may be set forth below, an Advisory Person may not effect a personal securities transaction in a “security held or to be acquired” by the Trust unless such person:

 

(1)executes such transaction at a price equal to or less advantageous than the price obtained for such security by the Trust; and
(2)reports to the Trust the information described in Paragraph VI of this Code of Ethics.

 

Any profits realized on personal securities transactions in violation of this Section V shall be disgorged.

 

B. Initial Public Offerings

 

An Advisory Person may not acquire any security in an initial public offering, unless such Advisory Person (1) obtains advance written clearance of such transaction by two Clearing Officers and (2) reports to the Trust the information described in Paragraph VI of this Code of Ethics.

 

C. Private Placements

 

(1)An Advisory Person may not acquire any security in a private placement, unless such Advisory Person (1) obtains advance written clearance of such transaction by two Clearing Officers and (2) reports to the Trust the information described in Paragraph VI of this Code of Ethics.

 

When considering whether to grant approval to the Advisory Person to engage in these transactions, the Clearing Officers shall consider, among other factors, whether the investment opportunity should be reserved for the Trust, and whether the opportunity is being offered to the Advisory Person by virtue of his or her position with the Trust. If the Clearing Officers find that the investment opportunity should be reserved to the Trust or that the opportunity is being offered to the Advisory Person by virtue of his or her position with the Trust, the Clearing Officers shall refuse permission for the Advisory Person to enter into the transaction.

 

(2)An Advisory Person who has been authorized to acquire securities in a private placement or an initial public offering shall be required to disclose that investment to the Trust and the appropriate Adviser whenever such Advisory Person participates, either directly or indirectly, in subsequent consideration of an investment in the issuer by any portfolio in the Trust complex.

 

(3)In the event that an Advisory Person has been given approval to acquire securities in a private placement or an initial public offering, any decision of the Trust to purchase securities of the issuer of such private placement or initial public offering shall be subject to prior review by the Trust’s independent Trustees who have no personal interest in the issuer.

 

4 

 

D. Ban On Short - Term Trading Profits

 

An Advisory Person may not profit from the purchase and sale, or sale and purchase, of the same (or equivalent) securities within 60 calendar days, unless such transactions fully comply with the restrictions of Section V(A) of this Code of Ethics. Any profits realized on non-complying short-term trades shall be disgorged.

 

F. Gifts

 

Advisory Persons may not accept any gift or other thing of more than de minimis value from any person or entity that does business with or on behalf of the Trust.

 

G. Service as a Trustee to Other Public Companies

 

Advisory Persons may not serve on the board of directors of any publicly traded company, without prior authorization of a majority of the Trust’s Board of Trustees, which authorization shall be specifically based upon a determination that the board service would be consistent with the interests of the Trust and its shareholders. If and when such board service is authorized, the Advisory Person serving as a director will be isolated from other Advisory Persons who make investment decisions involving that company through "Chinese Wall" or other procedures.

 

VI.Advance Clearance Requirement

 

A. Procedures

 

(1) From Whom Obtained

Persons who desire to enter into personal securities transactions in transactions requiring prior approval under paragraph V above, must obtain the written approval of any two Clearing Officers prior to entering into such transactions.

 

(2) Time of Clearance

Transaction clearances must be obtained not more than three (3) days prior to the transaction. If the trade is not made within three (3) days of the date of clearance, a new clearance must be obtained.

 

(3) Form

Persons seeking authorization to enter into transactions requiring prior clearance shall complete and sign a form approved for that purpose by the Trust, which form shall set forth the details of the proposed transaction. An example of such form is annexed hereto as Schedule A (“Clearance Forms”). Upon obtaining authorization to enter into the subject transaction, the Clearing Officers authorizing the transaction shall affix their signatures to the Clearance Form to indicate such approval.

 

(4) Filing

Copies of all completed Clearance Forms, with all required signatures, shall be retained by the Administrator of this Code of Ethics in accordance with the record keeping requirements set forth in Section XII of this Code of Ethics.

 

B. Factors Considered in Clearance of Personal Transactions

 

Clearing Officers may refuse to grant clearance of a personal transaction in their sole discretion without being required to specify any reason for the refusal. Generally, Clearing Officers will consider the following factors in determining whether or not to authorize a proposed transaction:

 

(1)Whether the amount or nature of the transaction, or person entering into the transaction, is likely to affect the price or market for the Security;

 

5 

 

(2)Whether the individual making the proposed purchase or sale is likely to benefit from purchases or sales in the same or similar security being made or being considered by the Trust; and

 

(3)Whether the security proposed to be purchased or sold is one that would qualify for purchase or sale by the Trust.

 

VII.Exempt Transactions

 

Neither the prohibitions nor the reporting requirements of this Code of Ethics apply to:

 

(A)Purchases, sales or other acquisitions or dispositions of Securities for an account over which the person has no direct influence or control and does not exercise indirect influence or control;

 

(B)Purchases, sales or other acquisitions or dispositions of securities which are not eligible for purchase or sale by any portfolio of the Trust;

 

(C)Involuntary purchases or sales;

 

(D)Purchases which are part of an automatic dividend reinvestment plan; and

 

(E)Purchases or other acquisitions or dispositions resulting from the exercise of rights acquired from an issuer as part of a pro rata distribution to all holders of a class of securities of such issuer and the sale of such rights;

 

VIII.Reporting of Securities Transactions

 

A. Reporting Requirements of Access Persons

 

(1)Reports Required: Unless specifically excepted by other provisions of this Code of Ethics, every Access Person of the Trust, Adviser, Sub-Adviser(s) and Underwriter must provide to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as applicable, the following reports:

 

(a)Initial Holdings Reports- Not later than ten (10) days after a person becomes an Access Person, such person shall complete, sign and deliver to the Trust, and the Adviser(s) or Underwriter, as applicable, an Initial Holdings Report, a form of which is attached to this Code of Ethics as Schedule B; except that

 

(i)Any person who qualified as an Access Person prior to March 1, 2000 shall be exempt from filing an Initial Holdings Report.

 

(b)Quarterly Transaction Reports- Not later than ten (10) days after the end of each calendar quarter, each Access Person shall make a written report (“Quarterly Transaction Report”), a form of which is attached to this Code of Ethics as Schedule C, to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as applicable, which;

 

(1)With respect to any transaction during the previous calendar quarter in a Covered Security in which the Access Person had any direct or indirect Beneficial Ownership, contains the following information:

 

(i)The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered Security involved:

 

6 

 

(ii)The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

 

(iii)The price of the Covered Security at which the transaction was effected;

 

(iv)The name of the broker, dealer or bank with or through which the transaction was effected; and

 

(v)The date that the report is submitted by the Access Person.

 

(2)With respect to any account established by the Access Person in which any securities were held during the previous quarter for the direct or indirect benefit or the Access Person, contains the following information:

 

(ii)The name of the broker, dealer or bank with whom the Access Person established the account;

 

(iii)The date the account was established; and

 

(iv)The date that the report is submitted by the Access Person.

 

(c)Annual Holding Reports- Not later than thirty (30) days after the end of the Trust’s fiscal year end, each Access Person shall make a written report, a form of which is attached to this Code of Ethics as Schedule D (“Annual Holdings Report”), to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as applicable, which:

 

(1)Sets forth the title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;
(2)Sets forth the name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person;
(3)Contains the date that the report is submitted by the Access Person; and
(4)States that the information contained in the Annual Holdings Report is current as of a date not greater than thirty (30) days prior to the date the report was submitted.

 

B. Exemptions from Reporting

 

(1)A person need not make an Initial Holdings Report with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control.

 

(2)A Trustee of the Trust who is not an "interested person" of the Trust, as such term is defined in Section 2(a)(19) of the Act, and who would otherwise be required to make a report solely by reason of being a Trustee of the Trust, need not make:

 

(a)An Initial Holdings Report or an Annual Holdings Report; and

 

(b)A Quarterly Transaction Report, unless the Trustee knew, or in the ordinary course of fulfilling his or her official duties as a Trustee should have known, that during the fifteen (15) day period immediately before or after the Trustee’s transaction in a Covered Security, the Trust purchased or sold the Covered Security, or the Trust or an Adviser considered purchasing or selling the Covered Security.

 

7 

 

(3)An Access Person of the Trust’s Underwriter need not make a report to the Underwriter, if such person makes a report to the Trust and:

 

(a)The Underwriter is not an affiliated person of the Trust or any Adviser to the Trust; and

 

(b)The Underwriter has no officer, Trustee or general partner who serves as an officer, Trustee or general partner of the Trust or an Adviser to the Trust.

 

(4)An Access Person of an Adviser need not make a report to the Adviser, if such person makes a report to the Trust and all of the information contained in such report would duplicate information required to be recorded under §§ 275.204-2(a)(12) or 275.204(a)(13) of the Investment Advisers Act of 1940, as amended.

 

(5)An Access Person need not make a Quarterly Transaction Report if the Report would duplicate information contained in broker trade confirmations or account statements received by the Trust with respect to the Access Person for the applicable quarterly reporting period, but only if such broker trade confirmations or account statements contain ALL of the information required to be reported in the Quarterly Transaction Reports.

 

C. Responsibility to Report

 

The responsibility for taking the initiative to report is imposed on each individual required to make a report. Any effort by the Trust to facilitate the reporting process does not change or alter that responsibility.

 

D. Where to File Report

 

All reports must be filed with the Administrator of this Code of Ethics.

 

IX.Confidentiality of Trust Transactions

 

Until disclosed in a public report to shareholders or to the SEC in the normal course of the Trust’s business, all information concerning Securities "being considered for purchase or sale" by the Trust shall be kept confidential by all Access Persons and disclosed by them only on a "need to know" basis. It shall be the responsibility of the Administrator of this Code of Ethics to report any inadequacy found by him or her to the Board of Trustees of the Trust or any committee appointed by the Board to deal with such information.

 

X.Sanctions

 

Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by the Trust as may be deemed appropriate under the circumstances to achieve the purposes of the Rule and this Code of Ethics which may include suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the Trust and the more advantageous price paid or received by the offending person. Sanctions for violation of this Code of Ethics by a Trustee of the Trust will be determined by a majority vote of its independent Trustees.

 

XI.Administration and Construction

 

(A)The administration of this Code of Ethics shall be the responsibility of the President of the Trust who shall serve as the "Administrator" of this Code of Ethics.

 

(B)The duties of such Administrator shall include:

 

(1)Continuous maintenance of a current list of the names of all Access Persons with an appropriate description of their title or employment;

 

(2)Providing each Covered Person a copy of this Code of Ethics and informing them of their duties and obligations thereunder, and assuring that Covered Persons who are not Access Persons are familiar with applicable requirements of this Code of Ethics;

 

8 

 

(3)Supervising the implementation of this Code of Ethics by the Adviser(s) and Underwriter and the enforcement of the terms hereof by the Adviser(s) and Underwriter;

 

(4)Maintaining or supervising the maintenance of all records and reports required by this Code of Ethics;

 

(5)Preparing listings of all transactions effected by any Access Person within fifteen (15) days of the date on which the same security was held, purchased or sold by the Trust;

 

(6)Determining whether any particular securities transaction should be exempted pursuant to the provisions of this Code of Ethics;

 

(7)Issuing either personally, or with the assistance of counsel as may be appropriate, an interpretation of this Code of Ethics which may appear consistent with the objectives of the Rule of this Code of Ethics;

 

(8)Conducting of such inspections or investigations, including scrutiny of the listings referred to in the preceding subparagraph, as shall reasonably be required to detect and report, with his or her recommendations, any apparent violations of this Code of Ethics to the Board of Trustees of the Trust or any Committee appointed by them to deal with such information;

 

(9)Submitting a quarterly report to the Trustees of the Trust containing a description of any violation and the sanction imposed; transactions which suggest a possibility of a violation, and any exemptions or waivers found appropriate by the Administrator; and any other significant information concerning the appropriateness of this Code of Ethics.

 

XII.Required Records

 

The Administrator shall maintain or cause to be maintained in an easily accessible place, the following records:

 

(A)A copy of this and any other Code of Ethics adopted pursuant to the Rule which has been in effect during the past five (5) years;

 

(B)A record of any violation of such Codes of Ethics and of any action taken as a result of such violation;

 

(C)A copy of each report made by the Administrator within two (2) years from the end of the fiscal year of the Trust in which such report and interpretation is made or issued and for an additional three (3) years in a place which need not be easily accessible;

 

(D)A list of all persons who are, or within the past five (5) years have been, required to make reports pursuant to the Rule and this Code of Ethics; and

 

(E)A copy of all Initial Holdings Reports, Quarterly Transactions Reports, and Annual Holdings Reports submitted within the last five (5) years, the first two (2) years in an easily accessible place.

 

XIII.Amendments and Modifications

 

This Code of Ethics may not be amended or modified except in a written form which is specifically approved by majority vote of the Independent Trustees of the Trust.

 

9 

 

This Code of Ethics was adopted by the Trust’s Board of Trustees, including a majority of the Trust’s “Independent Trustees”, at a meeting held on November 3, 2000.

 

Witness my Signature:

 

   

Joseph Boatwright

Secretary to the Trust

 

Last Reviewed: January 31, 2021

 

10 

 

SCHEDULE A

 

CONFIDENTIAL TRANSACTION CLEARANCE

REQUEST FORM

 

Pursuant to the requirements of Section V of the Code of Ethics of The Timothy Plan (the “Trust”), I, ______________________, being an Access Person of the Trust, as that term is defined in the Code, hereby request that the Trust approve the following transaction in Covered Securities:

 

Name of Security:    
     
Number of shares/Principal amount:    
     
Nature of transaction:    

(i.e., purchase, sale or other type of acquisition or disposition);

 

Name of broker/dealer or bank executing transaction:    

 

Yes   No    
         
        The security described above represents an investment in an initial public offering.
         
        The security described above represents an investment in a private placement.

 

By my signature below, I swear and affirm that I have not engaged in any transactions in the above-described securities in violation of the Trust’s Code of Ethics, that I will invest in the above-described securities only after obtaining clearance to do so from authorized officers of the Trust, will report all such transactions in accordance with the requirements of the Trust’s Code of Ethics, and if I receive clearance to engage in the above-described security, I will execute the transaction not later than three (3) days after receiving clearance or will obtain a new clearance prior to executing the transaction.

 

       
Signature of Applicant   Printed Name of Applicant  

     
______   After due consideration, the proposed transaction described above is APPROVED.
     
______   After due consideration, the proposed transaction is DENIED.
     
______   (Check only if approving a transaction that represents an investment in an initial public offering or in a private placement). We, the undersigned, in the exercise of our obligations to the Trust under the Trust’s Code of Ethics, have found that the above-described transaction is not a transaction that should be reserved to the Trust, and we further find that the transaction is not being offered to the Applicant as a result of his/her position with the Trust, Adviser or Underwriter.

 

           
Signature of Clearing Officer Date   Signature of Clearing Officer Date  
           
           
Printed Name     Printed Name    

11 

 

SCHEDULE B

CONFIDENTIAL INITIAL

HOLDINGS REPORT

THE TIMOTHY PLAN

 

The following lists all holdings in Covered Securities in which I had any direct or indirect beneficial ownership as of ________________________. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 10th day after you qualify as an Access Person. Use reverse side if additional space is needed.

 

HOLDINGS IN COVERED SECURITIES

 

Transaction Date

Description of Security Number of Shares/ Units

Per Unit Price

Total Amount Broker executing Transaction
           
           
           
           
           
           
           
           
           
           
           
           
           
           

 

The following lists all accounts established by me as of _______________________ in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 10th day after you qualify as an Access Person. Use reverse side if additional space is needed.

 

Name of Broker, Dealer or Bank Date Account Established
   
   
   

 

      Name:    
Date:     Signature:    

 

12 

 

SCHEDULE C

QUARTERLY SECURITIES TRANSACTIONS

CONFIDENTIAL REPORT

THE TIMOTHY PLAN

 

The following lists all transactions in Covered Securities in which I had any direct or indirect beneficial ownership during the last calendar quarter. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 10th day of the month following the end of the calendar quarter. Use reverse side if additional space is needed.

 

PURCHASES/SALES AND OTHER DISPOSITIONS

 

Transaction Date

Description of Security

Purchase (P), Sale(S), or Other Disposition (Describe)

Number of Shares/ Units

Per Unit Price

Total Amount

Broker executing Transaction

             
             
             
             
             
             
             
             
             
             
             
             
             
             

 

The following lists all accounts established by me during the last calendar quarter in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 10th day of the month following the end of the calendar quarter. Use reverse side if additional space is needed.

 

Name of Broker, Dealer or Bank Date Account Established
   
   
   

 

      Name:    
Date:     Signature:    

 

13 

 

SCHEDULE B

CONFIDENTIAL ANNUAL

SECURITIES HOLDINGS REPORT

THE TIMOTHY PLAN

 

The following lists all holdings in Covered Securities in which I had any direct or indirect beneficial ownership as of ________________________. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 30th day after the Trust’s fiscal year end. Use reverse side if additional space is needed.

 

HOLDINGS IN COVERED SECURITIES

 

Transaction Date

Description of Security Number of Shares/ Units

Per Unit Price

Total Amount Broker executing Transaction
           
           
           
           
           
           
           
           
           
           
           
           
           
           

 

The following lists all accounts established by me as of _______________________ in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 30th day after the Trust’s fiscal year end. Use reverse side if additional space is needed.

 

Name of Broker, Dealer or Bank Date Account Established
   
   
   

 

I swear and affirm that the foregoing information is true and correct to the best of my information and belief, and that the information included in this report is current as of a date not later than thirty (30) days prior to the filing of this report.

 

      Name:    
Date:     Signature:    

 

14 

 

VERIFICATION OF ACCESS PERSONS

 

THE TIMOTHY PLAN

 

Required Report for

Code of Ethics of The Timothy Plan

As Adopted November 3, 2000

 

Listed below are the names and current mailing addresses of all persons, as of October 31, 2000, who are considered to be “Access Persons” of The Timothy Plan, as such term is defined in the Code of Ethics of The Timothy Plan (the “Trust”), as adopted on November 3, 2000 (the “Code”).

 

Name of Access Person   Mailing Address  
         
1.        
2.        
3.        
4.        
5.        
6.        
7.        
8.        
9.        

 

15 

 

ACKNOWLEDGEMENT OF RECEIPT

OF CODE OF ETHICS

OF

THE TIMOTHY PLAN

 

Required Report for

Code of Ethics of The Timothy Plan

As Adopted November 3, 2000

 

I, ___________________________, certify by my signature below as follows:

 

1.I have received, read, understand and agree to comply with the Code of Ethics of The Timothy Plan (the “Trust”), as adopted on November 3, 2000 (the “Code”); and

 

2.I acknowledge that I am an “Access Person” of the Trust, as such term is defined in the Code and that Access Persons of the Trust are generally required make periodic reports of their securities transactions and securities holdings; and

 

3.I am subject to the reporting requirements of the Code; and

 

4.On the first day following the end of each calendar quarter (January 1st, April 1st, July 1st, October 1st ) I will receive a Quarterly Securities Transaction Report from the Trust. I will complete and return the Report to Michael J. Senior not later than the tenth day of the month in which the Report is sent; and

 

5.I will inform the Trust of any change in my mailing address within ten (10) days of such change.

 

       
Date   Signature  
       
       
    Printed Name  

 

16 

 

AUTHORIZATION

OF

RESPONSIBLE INDIVIDUAL

 

THE TIMOTHY PLAN

 

Pursuant to the requirements of the Code of Ethics of The Timothy Plan, as adopted on November 3, 2000 (the “Code”), Mr. Arthur D. Ally has been appointed, by vote of the Board of Trustees of the Trust to be the person responsible for the review of all transaction and holdings reports required to be filed under the Code.

 

Mr. Ally will file a quarterly report with the Board of Trustees indicating and/or including:

 

1.Any reports required to be filed under the Code for the reporting period;
2.The names of each person required to file a report under the Code;
3.The names of any reporting person who failed to timely file a required report;
4.Copies of all submitted reports; and
5.A description of any violations or apparent violations of the Code for the reporting period.

 

       
Date   By: Joseph Boatwright  
    For the Trust  
       
       
Date   By: Arthur D. Ally  
    Responsible Person  

 

17 

 

 

 

EX-99.CERT 3 fp0081065-2_ex99cert.htm

CERTIFICATIONS

 

I, Arthur D. Ally, certify that:

 

1.I have reviewed this report on Form N-CSR of Timothy Plan (the “registrant”);

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

March 1, 2023   /s/Arthur D. Ally  
Date   Arthur D. Ally  
    Principal Executive Officer & Principal Financial Officer  

 

 

EX-99.906 CERT 4 fp0081065-2_ex99906cert.htm

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of Timothy Plan (the “Registrant”).

 

I, Arthur D. Ally, the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to the best of my knowledge:

 

1.the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

 

2.the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

March 1, 2023      
Date      
       
    /s/Arthur D. Ally  
    Arthur D. Ally  
    Principal Executive Officer and Principal Financial Officer  

 

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

 

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