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

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.

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.

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.

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.

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.

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.

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

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.

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%

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

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.

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%

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

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.

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%

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

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.

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%

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

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

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%

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

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

Schedule of Portfolio Investments

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

Notes to Financial Statements - continued

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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

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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

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

Notes to Financial Statements - continued

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

Notes to Financial Statements - continued

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.

Notes to Financial Statements - continued

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.

Notes to Financial Statements - continued

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.

Notes to Financial Statements - continued

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.

Notes to Financial Statements - continued

December 31, 2022

Timothy Plan

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

Notes to Financial Statements - continued

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.

Notes to Financial Statements - continued

December 31, 2022

Timothy Plan

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

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

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

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.

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).

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.

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

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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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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

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

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