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: June 30, 2023
Item 1. | Reports to Stockholders. |
SEMI-ANNUAL REPORT |
|
June 30, 2023 |
|
Ticker |
|
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 |
TIMOTHY PLAN MARKET NEUTRAL ETF |
TPMN |
Listed and traded on: The New York Stock Exchange |
Table of Contents
Schedules of Portfolio Investments |
1 |
Statements of Assets and Liabilities |
35 |
Statements of Operations |
39 |
Statements of Changes in Net Assets |
43 |
Financial Highlights |
47 |
Notes to Financial Statements |
54 |
Other Information |
65 |
Liquidity Risk Management Program |
67 |
Approval of Investment Advisory and Sub-Advisory Agreement |
68 |
Schedule of Portfolio Investments
June 30, 2023 (Unaudited)
Timothy Plan US Small Cap Core ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Common Stocks (99.5%) |
||||||||
Communication Services (2.0%): |
||||||||
Cargurus, Inc.(a) |
6,008 | 135,961 | ||||||
Cars.com, Inc.(a) |
6,638 | 131,565 | ||||||
Cogent Communications Holdings, Inc. |
2,948 | 198,371 | ||||||
EchoStar Corp., Class A(a) |
9,161 | 158,852 | ||||||
Gogo, Inc.(a) |
9,064 | 154,179 | ||||||
John Wiley & Sons, Inc., Class A |
3,885 | 132,207 | ||||||
Madison Square Garden Sports Corp. |
1,170 | 220,018 | ||||||
US Cellular Corp.(a) |
4,980 | 87,797 | ||||||
Ziff Davis, Inc.(a) |
2,259 | 158,265 | ||||||
ZipRecruiter, Inc.(a) |
5,618 | 99,776 | ||||||
1,476,991 | ||||||||
Consumer Discretionary (14.2%): |
||||||||
Abercrombie & Fitch Co.(a) |
3,984 | 150,117 | ||||||
Academy Sports & Outdoors, Inc. |
1,849 | 99,938 | ||||||
Acushnet Holdings Corp. |
3,709 | 202,808 | ||||||
American Eagle Outfitters, Inc. |
8,253 | 97,385 | ||||||
Arhaus, Inc.(a) |
11,334 | 118,214 | ||||||
Asbury Automotive Group, Inc.(a) |
630 | 151,465 | ||||||
Bloomin’ Brands, Inc. |
6,391 | 171,854 | ||||||
Boot Barn Holdings, Inc.(a) |
1,424 | 120,599 | ||||||
Brinker International, Inc.(a) |
3,039 | 111,227 | ||||||
Camping World Holdings, Inc., Class A |
5,503 | 165,640 | ||||||
Carter’s, Inc. |
2,275 | 165,165 | ||||||
Cavco Industries, Inc.(a) |
476 | 140,420 | ||||||
Century Communities, Inc. |
2,040 | 156,305 | ||||||
Cracker Barrel Old Country Store, Inc. |
1,412 | 131,570 | ||||||
Crocs, Inc.(a) |
708 | 79,608 | ||||||
Dave & Buster’s Entertainment, Inc.(a) |
3,826 | 170,487 | ||||||
Dillard’s, Inc., Class A |
368 | 120,071 | ||||||
Dine Brands Global, Inc. |
2,299 | 133,411 | ||||||
Dorman Products, Inc. |
1,932 | 152,300 | ||||||
Foot Locker, Inc. |
2,883 | 78,158 | ||||||
Fox Factory Holding Corp.(a) |
1,102 | 119,578 | ||||||
Frontdoor, Inc.(a) |
5,175 | 165,082 | ||||||
Gentherm, Inc.(a) |
2,526 | 142,744 | ||||||
Graham Holdings Co., Class B |
382 | 218,305 | ||||||
Grand Canyon Education, Inc.(a) |
1,605 | 165,652 | ||||||
Green Brick Partners, Inc.(a) |
3,395 | 192,836 | ||||||
Group 1 Automotive, Inc. |
645 | 166,474 | ||||||
Helen of Troy Ltd.(a) |
1,368 | 147,771 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Consumer Discretionary (14.2%): (continued) |
||||||||
Installed Building Products, Inc. |
1,154 | 161,745 | ||||||
Jack in the Box, Inc. |
1,470 | 143,369 | ||||||
KB Home |
3,834 | 198,256 | ||||||
Kontoor Brands, Inc. |
2,500 | 105,250 | ||||||
La-Z-Boy, Inc. |
5,300 | 151,792 | ||||||
LCI Industries |
1,205 | 152,264 | ||||||
Leslie’s, Inc.(a) |
11,514 | 108,116 | ||||||
LGI Homes, Inc.(a) |
1,118 | 150,807 | ||||||
M/I Homes, Inc.(a) |
2,267 | 197,660 | ||||||
Malibu Boats, Inc., Class A(a) |
2,941 | 172,519 | ||||||
MDC Holdings, Inc. |
4,223 | 197,510 | ||||||
Meritage Homes Corp. |
1,264 | 179,829 | ||||||
Mister Car Wash, Inc.(a) |
13,401 | 129,320 | ||||||
Modine Manufacturing Co.(a) |
5,635 | 186,068 | ||||||
Monro, Inc. |
3,630 | 147,487 | ||||||
National Vision Holdings, Inc.(a) |
4,674 | 113,531 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(a) |
2,049 | 118,699 | ||||||
Oxford Industries, Inc. |
1,318 | 129,718 | ||||||
Papa John’s International, Inc. |
1,964 | 145,002 | ||||||
Patrick Industries, Inc. |
2,114 | 169,120 | ||||||
Playa Hotels & Resorts N.V.(a) |
16,731 | 136,190 | ||||||
Revolve Group, Inc.(a) |
3,711 | 60,860 | ||||||
Sally Beauty Holdings, Inc.(a) |
9,431 | 116,473 | ||||||
SeaWorld Entertainment, Inc.(a) |
2,477 | 138,737 | ||||||
Signet Jewelers Ltd. |
1,321 | 86,208 | ||||||
Six Flags Entertainment Corp.(a) |
3,773 | 98,023 | ||||||
Skyline Champion Corp.(a) |
1,699 | 111,200 | ||||||
Sonic Automotive, Inc., Class A |
2,379 | 113,407 | ||||||
Sonos, Inc.(a) |
5,726 | 93,506 | ||||||
Steven Madden Ltd. |
4,195 | 137,135 | ||||||
Strategic Education, Inc. |
2,223 | 150,808 | ||||||
Stride, Inc.(a) |
2,715 | 101,079 | ||||||
Target Hospitality Corp.(a) |
8,170 | 109,641 | ||||||
Taylor Morrison Home Corp.(a) |
3,963 | 193,276 | ||||||
The Buckle, Inc. |
4,833 | 167,222 | ||||||
The Cheesecake Factory, Inc. |
3,986 | 137,836 | ||||||
The Goodyear Tire & Rubber Co.(a) |
11,177 | 152,901 | ||||||
The ODP Corp.(a) |
3,733 | 174,779 | ||||||
Topgolf Callaway Brands Corp.(a) |
7,344 | 145,778 | ||||||
Tri Pointe Homes, Inc.(a) |
6,132 | 201,498 | ||||||
Upbound Group, Inc. |
4,166 | 129,688 | ||||||
Vista Outdoor, Inc.(a) |
6,096 | 168,676 | ||||||
Visteon Corp.(a) |
1,040 | 149,354 | ||||||
Wingstop, Inc. |
544 | 108,887 | ||||||
Winnebago Industries, Inc. |
2,246 | 149,786 |
See notes to financial statements.
1
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Small Cap Core ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Consumer Discretionary (14.2%): (continued) |
||||||||
XPEL, Inc.(a) |
1,676 | 141,153 | ||||||
Yeti Holdings, Inc.(a) |
2,292 | 89,021 | ||||||
10,656,368 | ||||||||
Consumer Staples (5.8%): |
||||||||
BellRing Brands, Inc.(a) |
4,484 | 164,114 | ||||||
Cal-Maine Foods, Inc. |
2,781 | 125,145 | ||||||
Central Garden & Pet Co., Class A(a) |
5,613 | 204,650 | ||||||
Coca-Cola Consolidated, Inc. |
317 | 201,618 | ||||||
Edgewell Personal Care Co. |
5,154 | 212,912 | ||||||
Fresh Del Monte Produce, Inc. |
6,813 | 175,162 | ||||||
Grocery Outlet Holding Corp.(a) |
6,259 | 191,588 | ||||||
Herbalife Ltd(a) |
6,068 | 80,340 | ||||||
Hostess Brands, Inc.(a) |
8,905 | 225,475 | ||||||
Ingles Markets, Inc., Class A |
2,487 | 205,551 | ||||||
Inter Parfums, Inc. |
1,157 | 156,461 | ||||||
J & J Snack Foods Corp. |
1,472 | 233,106 | ||||||
Lancaster Colony Corp. |
979 | 196,867 | ||||||
Medifast, Inc. |
1,266 | 116,675 | ||||||
Nu Skin Enterprises, Inc., Class A |
3,667 | 121,744 | ||||||
PriceSmart, Inc. |
2,819 | 208,775 | ||||||
Spectrum Brands Holdings, Inc. |
1,530 | 119,417 | ||||||
Sprouts Farmers Market, Inc.(a) |
4,437 | 162,971 | ||||||
The Andersons, Inc. |
3,365 | 155,295 | ||||||
The Chefs’ Warehouse, Inc.(a) |
4,578 | 163,709 | ||||||
The Hain Celestial Group, Inc.(a) |
7,337 | 91,786 | ||||||
The Simply Good Foods Co.(a) |
5,165 | 188,987 | ||||||
Tootsie Roll Industries, Inc. |
5,595 | 198,119 | ||||||
United Natural Foods, Inc.(a) |
4,407 | 86,157 | ||||||
WD-40 Co. |
992 | 187,141 | ||||||
Weis Markets, Inc. |
2,244 | 144,087 | ||||||
4,317,852 | ||||||||
Energy (4.8%): |
||||||||
Arch Resources, Inc. |
883 | 99,567 | ||||||
Archrock, Inc. |
14,934 | 153,073 | ||||||
Cactus, Inc., Class A |
2,651 | 112,190 | ||||||
California Resources Corp. |
3,341 | 151,314 | ||||||
Callon Petroleum Co.(a) |
2,568 | 90,060 | ||||||
ChampionX Corp. |
4,287 | 133,068 | ||||||
Comstock Resources, Inc. |
8,092 | 93,867 | ||||||
CONSOL Energy, Inc. |
1,719 | 116,565 | ||||||
Crescent Energy Co., Class A |
8,890 | 92,634 | ||||||
CVR Energy, Inc. |
3,755 | 112,500 | ||||||
Delek US Holdings, Inc. |
4,930 | 118,073 | ||||||
Denbury, Inc.(a) |
1,456 | 125,595 | ||||||
Earthstone Energy, Inc., Class A(a) |
6,689 | 95,586 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Energy (4.8%): (continued) |
||||||||
Excelerate Energy, Inc., Class A |
5,124 | 104,171 | ||||||
Gulfport Energy Corp.(a) |
1,385 | 145,522 | ||||||
International Seaways, Inc. |
3,141 | 120,112 | ||||||
Kinetik Holdings, Inc. |
4,628 | 162,628 | ||||||
Kosmos Energy Ltd.(a) |
11,918 | 71,389 | ||||||
Liberty Energy, Inc. |
8,157 | 109,059 | ||||||
NexTier Oilfield Solutions, Inc.(a) |
10,819 | 96,722 | ||||||
Northern Oil and Gas, Inc. |
3,049 | 104,642 | ||||||
Oceaneering International, Inc.(a) |
5,119 | 95,725 | ||||||
Par Pacific Holdings, Inc.(a) |
4,884 | 129,963 | ||||||
Patterson-UTI Energy, Inc. |
7,670 | 91,810 | ||||||
PBF Energy, Inc., Class A |
2,568 | 105,134 | ||||||
Peabody Energy Corp. |
3,663 | 79,341 | ||||||
Permian Resources Corp. |
8,494 | 93,094 | ||||||
RPC, Inc. |
12,142 | 86,815 | ||||||
Sitio Royalties Corp., Class A |
5,097 | 133,898 | ||||||
Talos Energy, Inc.(a) |
5,824 | 80,779 | ||||||
Valaris Ltd.(a) |
1,745 | 109,813 | ||||||
Weatherford International PLC(a) |
1,773 | 117,763 | ||||||
World Kinect Corp, Class A |
4,913 | 101,601 | ||||||
3,634,073 | ||||||||
Financials (22.9%): |
||||||||
American Equity Investment Life Holding Co. |
3,200 | 166,752 | ||||||
Ameris BanCorp |
5,028 | 172,008 | ||||||
Artisan Partners Asset Management, Inc., Class A |
4,919 | 193,366 | ||||||
Associated Banc-Corp. |
9,794 | 158,957 | ||||||
Assured Guaranty Ltd. |
3,144 | 175,435 | ||||||
Atlantic Union Bankshares Corp. |
5,719 | 148,408 | ||||||
Axis Capital Holdings Ltd. |
3,724 | 200,463 | ||||||
Axos Financial, Inc.(a) |
3,380 | 133,307 | ||||||
Bancfirst Corp. |
2,052 | 188,784 | ||||||
Bank of Hawaii Corp. |
3,057 | 126,040 | ||||||
BankUnited, Inc. |
6,712 | 144,644 | ||||||
Banner Corp. |
3,750 | 163,762 | ||||||
BGC Partners, Inc., Class A |
29,137 | 129,077 | ||||||
Bread Financial Holdings, Inc. |
3,687 | 115,735 | ||||||
Cathay General BanCorp |
6,051 | 194,782 | ||||||
City Holding Co. |
3,014 | 271,230 | ||||||
CNO Financial Group, Inc. |
8,262 | 195,562 | ||||||
Cohen & Steers, Inc. |
3,142 | 182,205 | ||||||
Columbia Banking System, Inc. |
7,399 | 150,052 | ||||||
Community Bank System, Inc. |
4,252 | 199,334 | ||||||
CVB Financial Corp. |
11,490 | 152,587 |
See notes to financial statements.
2
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Small Cap Core ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Financials (22.9%): (continued) |
||||||||
Donnelley Financial Solutions, Inc.(a) |
2,671 | 121,611 | ||||||
Eastern Bankshares, Inc. |
13,571 | 166,516 | ||||||
Enova International, Inc.(a) |
2,979 | 158,244 | ||||||
Enterprise Financial Services Corp. |
4,684 | 183,144 | ||||||
EVERTEC, Inc. |
5,991 | 220,649 | ||||||
FB Financial Corp. |
5,814 | 163,083 | ||||||
Federal Agricultural Mortgage Corp., Class C |
1,476 | 212,160 | ||||||
Federated Hermes, Inc. |
5,447 | 195,275 | ||||||
First BanCorp |
15,459 | 188,909 | ||||||
First BanCorp |
5,911 | 175,852 | ||||||
First Commonwealth Financial Corp. |
16,482 | 208,497 | ||||||
First Financial BanCorp |
9,781 | 199,924 | ||||||
First Hawaiian, Inc. |
8,772 | 157,984 | ||||||
First Merchants Corp. |
6,221 | 175,619 | ||||||
FirstCash Holdings, Inc. |
1,926 | 179,754 | ||||||
FNB Corp. |
18,268 | 208,986 | ||||||
Fulton Financial Corp. |
14,660 | 174,747 | ||||||
Genworth Financial, Inc.(a) |
28,379 | 141,895 | ||||||
Goosehead Insurance, Inc., Class A(a) |
1,499 | 94,272 | ||||||
Hamilton Lane, Inc., Class A |
2,166 | 173,237 | ||||||
Hancock Whitney Corp. |
4,707 | 180,655 | ||||||
Heartland Financial USA, Inc. |
5,260 | 146,596 | ||||||
Hilltop Holdings, Inc. |
5,956 | 187,376 | ||||||
Hope BanCorp, Inc. |
19,177 | 161,470 | ||||||
Houlihan Lokey, Inc. |
2,174 | 213,726 | ||||||
Independent Bank Corp. |
3,575 | 159,123 | ||||||
Independent Bank Group, Inc. |
4,277 | 147,685 | ||||||
International Bancshares Corp. |
5,127 | 226,613 | ||||||
Jackson Financial, Inc., Class A |
3,176 | 97,217 | ||||||
Lakeland Financial Corp. |
3,569 | 173,168 | ||||||
Lazard Ltd., Class A |
4,673 | 149,536 | ||||||
Live Oak Bancshares, Inc. |
4,351 | 114,475 | ||||||
MGIC Investment Corp. |
15,734 | 248,440 | ||||||
Moelis & Co., Class A |
3,365 | 152,569 | ||||||
Mr Cooper Group, Inc.(a) |
3,509 | 177,696 | ||||||
National Bank Holdings Corp., Class A |
5,368 | 155,887 | ||||||
Navient Corp. |
9,386 | 174,392 | ||||||
NBT BanCorp, Inc. |
5,854 | 186,450 | ||||||
Nelnet, Inc., Class A |
3,343 | 322,533 | ||||||
NMI Holdings, Inc., Class A(a) |
7,812 | 201,706 | ||||||
Northwest Bancshares, Inc. |
20,109 | 213,155 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Financials (22.9%): (continued) |
||||||||
OFG BanCorp |
9,234 | 240,823 | ||||||
Pacific Premier BanCorp, Inc. |
7,605 | 157,271 | ||||||
PacWest BanCorp |
6,340 | 51,671 | ||||||
Palomar Holdings, Inc.(a) |
2,007 | 116,486 | ||||||
Park National Corp. |
1,862 | 190,520 | ||||||
PennyMac Financial Services, Inc. |
2,141 | 150,534 | ||||||
Piper Sandler Cos. |
1,160 | 149,942 | ||||||
PJT Partners, Inc., Class A |
2,802 | 195,131 | ||||||
PRA Group, Inc.(a) |
6,592 | 150,627 | ||||||
Provident Financial Services, Inc. |
10,960 | 179,086 | ||||||
Radian Group, Inc. |
8,769 | 221,680 | ||||||
Renasant Corp. |
7,165 | 187,221 | ||||||
Repay Holdings Corp.(a) |
10,060 | 78,770 | ||||||
Rocket Cos., Inc., Class A(a) |
11,356 | 101,750 | ||||||
S&T BanCorp, Inc. |
7,553 | 205,366 | ||||||
Sandy Spring BanCorp, Inc. |
7,748 | 175,725 | ||||||
Seacoast Banking Corp. of Florida |
6,063 | 133,992 | ||||||
Shift4 Payments, Inc., Class A(a) |
1,439 | 97,722 | ||||||
Simmons First National Corp., Class A |
10,597 | 182,798 | ||||||
SLM Corp. |
9,673 | 157,863 | ||||||
Stellar BanCorp, Inc. |
7,747 | 177,329 | ||||||
Stock Yards BanCorp, Inc. |
3,987 | 180,890 | ||||||
StoneX Group, Inc.(a) |
1,666 | 138,411 | ||||||
Texas Capital Bancshares, Inc.(a) |
2,921 | 150,431 | ||||||
The BanCorp, Inc.(a) |
4,278 | 139,677 | ||||||
Towne Bank |
9,215 | 214,157 | ||||||
TriCo Bancshares |
5,433 | 180,376 | ||||||
Trustmark Corp. |
8,542 | 180,407 | ||||||
UMB Financial Corp. |
2,657 | 161,811 | ||||||
United Community Banks, Inc. |
6,703 | 167,508 | ||||||
UWM Holdings Corp. |
21,382 | 119,739 | ||||||
Veritex Holdings, Inc. |
6,652 | 119,270 | ||||||
Virtu Financial, Inc., Class A |
9,498 | 162,321 | ||||||
Virtus Investment Partners, Inc. |
733 | 144,745 | ||||||
Walker & Dunlop, Inc. |
2,125 | 168,066 | ||||||
Washington Federal, Inc. |
6,567 | 174,157 | ||||||
WesBanco, Inc. |
8,225 | 210,642 | ||||||
Westamerica BanCorp |
5,724 | 219,229 | ||||||
WSFS Financial Corp. |
4,736 | 178,642 | ||||||
17,166,102 | ||||||||
Health Care (6.5%): |
||||||||
AdaptHealth Corp.(a) |
8,710 | 106,001 | ||||||
Addus Homecare Corp.(a) |
1,805 | 167,324 | ||||||
Agiliti, Inc.(a) |
6,848 | 112,992 | ||||||
Amedisys, Inc.(a) |
1,693 | 154,808 |
See notes to financial statements.
3
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Small Cap Core ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Health Care (6.5%): (continued) |
||||||||
Apollo Medical Holdings, Inc.(a) |
2,665 | 84,214 | ||||||
Avanos Medical, Inc.(a) |
6,277 | 160,440 | ||||||
Catalyst Pharmaceuticals, Inc.(a) |
4,842 | 65,076 | ||||||
Certara, Inc.(a) |
4,041 | 73,587 | ||||||
Corcept Therapeutics, Inc.(a) |
6,964 | 154,949 | ||||||
CorVel Corp.(a) |
1,023 | 197,951 | ||||||
Cytek Biosciences, Inc.(a) |
10,617 | 90,669 | ||||||
Dynavax Technologies Corp.(a) |
10,712 | 138,399 | ||||||
Embecta Corp. |
3,844 | 83,030 | ||||||
Ensign Group, Inc. |
2,168 | 206,957 | ||||||
Figs, Inc., Class A(a) |
11,787 | 97,479 | ||||||
Haemonetics Corp.(a) |
2,189 | 186,371 | ||||||
Harmony Biosciences Holdings, Inc.(a) |
3,309 | 116,444 | ||||||
Integer Holdings Corp.(a) |
1,788 | 158,435 | ||||||
Ironwood Pharmaceuticals, Inc.(a) |
17,244 | 183,476 | ||||||
Maravai LifeSciences Holdings, Inc., Class A(a) |
7,389 | 91,845 | ||||||
Merit Medical Systems, Inc.(a) |
2,630 | 219,973 | ||||||
Neogen Corp.(a) |
7,828 | 170,259 | ||||||
Pacira BioSciences, Inc.(a) |
3,893 | 155,993 | ||||||
Patterson Cos., Inc. |
7,775 | 258,597 | ||||||
Pediatrix Medical Group, Inc.(a) |
8,854 | 125,815 | ||||||
Prestige Consumer Healthcare, Inc.(a) |
3,803 | 226,012 | ||||||
Progyny, Inc.(a) |
2,457 | 96,658 | ||||||
RadNet, Inc.(a) |
4,468 | 145,746 | ||||||
Select Medical Holdings Corp. |
4,929 | 157,038 | ||||||
STAAR Surgical Co.(a) |
1,449 | 76,174 | ||||||
Supernus Pharmaceuticals, Inc.(a) |
5,134 | 154,328 | ||||||
U.S. Physical Therapy, Inc. |
1,279 | 155,258 | ||||||
Veradigm, Inc.(a) |
11,875 | 149,625 | ||||||
Vir Biotechnology, Inc.(a) |
4,695 | 115,168 | ||||||
4,837,091 | ||||||||
Industrials (24.3%): |
||||||||
AAON, Inc. |
1,596 | 151,317 | ||||||
AAR Corp.(a) |
3,368 | 194,536 | ||||||
ABM Industries, Inc. |
4,889 | 208,516 | ||||||
Air Transport Services Group(a) |
7,158 | 135,071 | ||||||
Alamo Group, Inc. |
1,103 | 202,853 | ||||||
Albany International Corp. |
2,287 | 213,331 | ||||||
Allegiant Travel Co.(a) |
1,122 | 141,686 | ||||||
Allison Transmission Holding, Inc. |
4,295 | 242,496 | ||||||
Ameresco, Inc., Class A(a) |
1,995 | 97,017 | ||||||
API Group Corp.(a) |
7,551 | 205,840 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Industrials (24.3%): (continued) |
||||||||
Applied Industrial Technologies, Inc. |
1,240 | 179,589 | ||||||
ArcBest Corp. |
1,336 | 131,997 | ||||||
Arcosa, Inc. |
2,521 | 191,016 | ||||||
Armstrong World Industries, Inc. |
3,040 | 223,318 | ||||||
Atkore, Inc.(a) |
948 | 147,831 | ||||||
Barnes Group, Inc. |
4,739 | 199,938 | ||||||
Beacon Roofing Supply, Inc.(a) |
3,013 | 250,019 | ||||||
Boise Cascade Co. |
2,408 | 217,563 | ||||||
Brady Corp., Class A |
4,785 | 227,622 | ||||||
Casella Waste Systems, Inc.(a) |
2,466 | 223,050 | ||||||
CBIZ, Inc.(a) |
4,600 | 245,088 | ||||||
Comfort Systems USA, Inc. |
1,244 | 204,265 | ||||||
Construction Partners, Inc., Class A(a) |
4,717 | 148,067 | ||||||
Core & Main, Inc., Class A(a) |
7,147 | 223,987 | ||||||
CSG Systems International, Inc. |
3,597 | 189,706 | ||||||
CSW Industrials, Inc. |
1,281 | 212,889 | ||||||
Dycom Industries, Inc.(a) |
1,404 | 159,565 | ||||||
Encore Wire Corp. |
742 | 137,960 | ||||||
Energy Recovery, Inc.(a) |
4,862 | 135,893 | ||||||
Enerpac Tool Group Corp. |
7,484 | 202,068 | ||||||
EnerSys |
1,939 | 210,420 | ||||||
EnPro Industries, Inc. |
1,714 | 228,870 | ||||||
Esab Corp. |
2,681 | 178,394 | ||||||
ESCO Technologies, Inc. |
1,970 | 204,151 | ||||||
Federal Signal Corp. |
3,776 | 241,777 | ||||||
First Advantage Corp.(a) |
9,046 | 139,399 | ||||||
Flowserve Corp. |
5,000 | 185,750 | ||||||
Fluor Corp.(a) |
4,834 | 143,086 | ||||||
Forward Air Corp. |
1,579 | 167,548 | ||||||
Franklin Electric Co. |
2,228 | 229,261 | ||||||
GATX Corp. |
1,875 | 241,388 | ||||||
Gibraltar Industries, Inc.(a) |
3,298 | 207,510 | ||||||
GMS, Inc.(a) |
2,616 | 181,027 | ||||||
GrafTech International Ltd. |
17,971 | 90,574 | ||||||
Granite Construction, Inc. |
4,693 | 186,688 | ||||||
H&E Equipment Services, Inc. |
3,251 | 148,733 | ||||||
Hayward Holdings, Inc.(a) |
10,335 | 132,805 | ||||||
Heartland Express, Inc. |
12,314 | 202,073 | ||||||
Helios Technologies, Inc. |
2,403 | 158,814 | ||||||
Herc Holdings, Inc. |
1,099 | 150,398 | ||||||
Hillenbrand, Inc. |
3,439 | 176,352 | ||||||
HNI Corp. |
6,727 | 189,567 | ||||||
Huron Consulting Group, Inc.(a) |
2,125 | 180,434 | ||||||
ICF International, Inc. |
1,795 | 223,280 |
See notes to financial statements.
4
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Small Cap Core ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Industrials (24.3%): (continued) |
||||||||
Insperity, Inc. |
1,578 | 187,719 | ||||||
Janus International Group, Inc.(a) |
15,260 | 162,672 | ||||||
John Bean Technologies Corp. |
1,401 | 169,941 | ||||||
Kadant, Inc. |
896 | 199,002 | ||||||
Kennametal, Inc. |
5,702 | 161,880 | ||||||
Kforce, Inc. |
2,721 | 170,498 | ||||||
Kirby Corp.(a) |
2,394 | 184,218 | ||||||
Korn Ferry |
3,571 | 176,907 | ||||||
Lindsay Corp. |
1,440 | 171,850 | ||||||
ManpowerGroup, Inc. |
2,522 | 200,247 | ||||||
Marten Transport Ltd. |
7,554 | 162,411 | ||||||
Matson, Inc. |
2,200 | 171,006 | ||||||
Maximus, Inc. |
2,203 | 186,176 | ||||||
McGrath RentCorp. |
2,395 | 221,490 | ||||||
MillerKnoll, Inc. |
6,263 | 92,567 | ||||||
Moog, Inc., Class A |
2,122 | 230,088 | ||||||
MSC Industrial Direct Co., Inc. |
2,860 | 272,501 | ||||||
Mueller Industries, Inc. |
2,324 | 202,839 | ||||||
Mueller Water Products, Inc., Class A |
14,503 | 235,384 | ||||||
MYR Group, Inc.(a) |
1,271 | 175,830 | ||||||
NOW, Inc.(a) |
12,387 | 128,329 | ||||||
NV5 Global, Inc.(a) |
1,577 | 174,684 | ||||||
PGT Innovations, Inc.(a) |
5,311 | 154,816 | ||||||
Primoris Services Corp. |
6,702 | 204,210 | ||||||
Resideo Technologies, Inc.(a) |
6,105 | 107,814 | ||||||
Rush Enterprises, Inc., Class A |
3,701 | 224,799 | ||||||
Ryder System, Inc. |
1,876 | 159,066 | ||||||
Schneider National, Inc., Class B |
7,065 | 202,907 | ||||||
Shoals Technologies Group, Inc., Class A(a) |
3,293 | 84,169 | ||||||
SPX Technologies, Inc.(a) |
2,572 | 218,543 | ||||||
Standex International Corp. |
1,726 | 244,177 | ||||||
SunPower Corp.(a) |
6,219 | 60,946 | ||||||
TaskUS, Inc., Class A(a) |
4,705 | 53,261 | ||||||
Tennant Co. |
3,084 | 250,143 | ||||||
Terex Corp. |
3,098 | 185,353 | ||||||
The AZEK Co., Inc.(a) |
4,483 | 135,790 | ||||||
The Brink’s Co. |
2,601 | 176,426 | ||||||
Trinity Industries, Inc. |
6,264 | 161,047 | ||||||
Triton International Ltd. |
2,648 | 220,472 | ||||||
TTEC Holdings, Inc. |
3,461 | 117,120 | ||||||
UniFirst Corp. |
1,288 | 199,653 | ||||||
Veritiv Corp. |
978 | 122,847 | ||||||
Verra Mobility Corp.(a) |
10,088 | 198,935 | ||||||
Vicor Corp.(a) |
1,983 | 107,082 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Industrials (24.3%): (continued) |
||||||||
Wabash National Corp. |
5,955 | 152,686 | ||||||
Watts Water Technologies, Inc., Class A |
1,179 | 216,618 | ||||||
Werner Enterprises, Inc. |
4,251 | 187,809 | ||||||
18,227,321 | ||||||||
Information Technology (8.8%): |
||||||||
ACI Worldwide, Inc.(a) |
5,043 | 116,846 | ||||||
Advanced Energy Industries, Inc. |
1,702 | 189,688 | ||||||
Agilysys, Inc.(a) |
1,607 | 110,304 | ||||||
Alarm.com Holdings, Inc.(a) |
2,954 | 152,663 | ||||||
Avid Technology, Inc.(a) |
3,844 | 98,022 | ||||||
Axcelis Technologies, Inc.(a) |
824 | 151,064 | ||||||
Badger Meter, Inc. |
1,544 | 227,833 | ||||||
Belden, Inc. |
2,322 | 222,099 | ||||||
Calix, Inc.(a) |
2,140 | 106,807 | ||||||
Cohu, Inc.(a) |
3,649 | 151,652 | ||||||
CommVault Systems, Inc.(a) |
2,962 | 215,100 | ||||||
CTS Corp. |
3,377 | 143,962 | ||||||
Diodes, Inc.(a) |
1,643 | 151,961 | ||||||
DoubleVerify Holdings, Inc.(a) |
4,244 | 165,176 | ||||||
ePlus, Inc.(a) |
3,012 | 169,576 | ||||||
Extreme Networks, Inc.(a) |
6,607 | 172,112 | ||||||
FormFactor, Inc.(a) |
3,490 | 119,428 | ||||||
Harmonic, Inc.(a) |
8,114 | 131,203 | ||||||
Insight Enterprises, Inc.(a) |
1,685 | 246,583 | ||||||
InterDigital, Inc. |
1,921 | 185,473 | ||||||
MACOM Technology Solutions Holdings, Inc.(a) |
2,332 | 152,816 | ||||||
MaxLinear, Inc.(a) |
3,550 | 112,038 | ||||||
Methode Electronics, Inc. |
4,387 | 147,052 | ||||||
NCR Corp.(a) |
5,499 | 138,575 | ||||||
NetScout Systems, Inc.(a) |
6,043 | 187,031 | ||||||
Onto Innovation, Inc.(a) |
1,499 | 174,589 | ||||||
OSI Systems, Inc.(a) |
1,962 | 231,182 | ||||||
Perficient, Inc.(a) |
1,985 | 165,410 | ||||||
Plexus Corp.(a) |
1,885 | 185,182 | ||||||
Progress Software Corp. |
4,165 | 241,987 | ||||||
Semtech Corp.(a) |
4,611 | 117,396 | ||||||
SiTime Corp.(a) |
614 | 72,434 | ||||||
SPS Commerce, Inc.(a) |
1,064 | 204,352 | ||||||
Super Micro Computer, Inc.(a) |
855 | 213,109 | ||||||
Teradata Corp.(a) |
3,953 | 211,130 | ||||||
TTM Technologies, Inc.(a) |
8,815 | 122,529 | ||||||
Ultra Clean Holdings, Inc.(a) |
3,716 | 142,917 | ||||||
Viavi Solutions, Inc.(a) |
14,131 | 160,104 | ||||||
Vishay Intertechnology, Inc. |
8,192 | 240,845 |
See notes to financial statements.
5
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Small Cap Core ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Information Technology (8.8%): (continued) |
||||||||
Vontier, Corp. |
5,676 | 182,824 | ||||||
6,631,054 | ||||||||
Materials (4.9%): |
||||||||
Alpha Metallurgical Resources, Inc. |
653 | 107,327 | ||||||
ATI, Inc.(a) |
3,597 | 159,095 | ||||||
Avient Corp. |
2,951 | 120,696 | ||||||
Balchem Corp. |
1,521 | 205,046 | ||||||
Cabot Corp. |
2,025 | 135,452 | ||||||
Ecovyst, Inc.(a) |
12,322 | 141,210 | ||||||
Greif, Inc., Class A |
3,052 | 210,252 | ||||||
H.B. Fuller Co. |
2,885 | 206,306 | ||||||
Ingevity Corp.(a) |
2,188 | 127,254 | ||||||
Innospec, Inc. |
1,975 | 198,369 | ||||||
Materion Corp. |
1,005 | 114,771 | ||||||
Minerals Technologies, Inc. |
2,768 | 159,686 | ||||||
NewMarket Corp. |
702 | 282,288 | ||||||
O-I Glass, Inc.(a) |
6,081 | 129,708 | ||||||
Orion SA |
5,879 | 124,752 | ||||||
Perimeter Solutions SA(a) |
15,654 | 96,272 | ||||||
Ryerson Holding Corp. |
2,665 | 115,608 | ||||||
Sensient Technologies Corp. |
2,704 | 192,336 | ||||||
Stepan Co. |
2,105 | 201,154 | ||||||
Summit Materials, Inc., Class A(a) |
5,848 | 221,347 | ||||||
Sylvamo Corp. |
3,153 | 127,539 | ||||||
Warrior Met Coal, Inc. |
3,433 | 133,715 | ||||||
Worthington Industries, Inc. |
2,050 | 142,414 | ||||||
3,652,597 | ||||||||
Real Estate (1.3%): |
||||||||
eXp World Holdings, Inc. |
7,044 | 142,852 | ||||||
Kennedy-Wilson Holdings, Inc. |
10,342 | 168,885 | ||||||
Marcus & Millichap, Inc. |
5,756 | 181,371 | ||||||
Newmark Group, Inc., Class A |
18,862 | 117,322 | ||||||
The Howard Hughes Corp.(a) |
2,129 | 168,021 | ||||||
The St. Joe Co. |
4,332 | 209,409 | ||||||
987,860 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Utilities (4.0%): |
||||||||
ALLETE, Inc. |
3,586 | 207,881 | ||||||
American States Water Co. |
2,250 | 195,750 | ||||||
Avista Corp. |
5,083 | 199,609 | ||||||
California Water Service Group |
3,532 | 182,357 | ||||||
Chesapeake Utilities Corp. |
1,652 | 196,588 | ||||||
Clearway Energy, Inc., Class C |
6,723 | 192,009 | ||||||
MGE Energy, Inc. |
3,081 | 243,738 | ||||||
Middlesex Water Co. |
2,414 | 194,713 | ||||||
Montauk Renewables, Inc.(a) |
13,595 | 101,147 | ||||||
New Jersey Resources Corp. |
4,270 | 201,544 | ||||||
Northwest Natural Holding Co. |
4,910 | 211,376 | ||||||
NorthWestern Corp. |
4,520 | 256,555 | ||||||
Otter Tail Corp. |
2,203 | 173,949 | ||||||
SJW Group |
2,767 | 193,994 | ||||||
Spire, Inc. |
3,328 | 211,128 | ||||||
2,962,338 | ||||||||
Total Common Stocks (Cost $70,111,040) |
74,549,647 | |||||||
Total Investments (Cost $70,111,040) — 99.5% |
74,549,647 | |||||||
Other assets in excess of liabilities — 0.5% |
329,986 | |||||||
NET ASSETS — 100.00% |
74,879,633 |
Percentages indicated are based on net assets as of June 30, 2023.
(a) |
Non-income producing security. |
Futures Contracts
Long Futures
Index Futures |
Expiration Date |
Number of |
Notional |
Value |
Value and |
|||||||||||||||
E-Mini Russell 2000 Index |
9/15/23 | 3 | $ | 283,453 | $ | 285,555 | $ | 2,102 | ||||||||||||
$ | 2,102 |
See notes to financial statements.
6
Schedule of Portfolio Investments
June 30, 2023 (Unaudited)
Timothy Plan US Large/Mid Cap Core ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Common Stocks (99.5%) |
||||||||
Communication Services (0.7%): |
||||||||
Live Nation Entertainment, Inc.(a) |
8,302 | 756,395 | ||||||
The Trade Desk, Inc., Class A(a) |
4,142 | 319,845 | ||||||
ZoomInfo Technologies, Inc.(a) |
14,358 | 364,550 | ||||||
1,440,790 | ||||||||
Consumer Discretionary (9.8%): |
||||||||
Aptiv PLC(a) |
4,443 | 453,586 | ||||||
Aramark |
19,623 | 844,770 | ||||||
AutoZone, Inc.(a) |
352 | 877,663 | ||||||
Bath & Body Works, Inc. |
10,280 | 385,500 | ||||||
BorgWarner, Inc. |
14,144 | 691,783 | ||||||
Burlington Stores, Inc.(a) |
2,147 | 337,916 | ||||||
CarMax, Inc.(a) |
5,724 | 479,099 | ||||||
Chipotle Mexican Grill, Inc.(a) |
365 | 780,735 | ||||||
Darden Restaurants, Inc. |
5,599 | 935,481 | ||||||
Deckers Outdoor Corp.(a) |
1,257 | 663,269 | ||||||
Domino’s Pizza, Inc. |
1,836 | 618,714 | ||||||
DR Horton, Inc. |
5,944 | 723,325 | ||||||
Five Below, Inc.(a) |
2,320 | 455,973 | ||||||
Floor & Decor Holdings, Inc., Class A(a) |
3,915 | 407,003 | ||||||
Garmin Ltd. |
7,222 | 753,182 | ||||||
Genuine Parts Co. |
5,630 | 952,765 | ||||||
Lennar Corp., Class A |
5,724 | 717,275 | ||||||
LKQ Corp. |
14,197 | 827,259 | ||||||
Lowe’s Cos., Inc. |
3,265 | 736,911 | ||||||
NVR, Inc.(a) |
119 | 755,724 | ||||||
O’Reilly Automotive, Inc.(a) |
1,114 | 1,064,204 | ||||||
Penske Automotive Group, Inc. |
4,080 | 679,850 | ||||||
Pool Corp. |
1,519 | 569,078 | ||||||
PulteGroup, Inc. |
9,325 | 724,366 | ||||||
Ross Stores, Inc. |
6,295 | 705,858 | ||||||
Service Corp. International |
10,688 | 690,338 | ||||||
Tapestry, Inc. |
13,506 | 578,057 | ||||||
Tesla, Inc.(a) |
1,787 | 467,783 | ||||||
Tractor Supply Co. |
3,104 | 686,294 | ||||||
Vail Resorts, Inc. |
2,953 | 743,447 | ||||||
20,307,208 | ||||||||
Consumer Staples (5.5%): |
||||||||
BJ’s Wholesale Club Holdings, Inc.(a) |
10,594 | 667,528 | ||||||
Bunge Ltd. |
6,185 | 583,555 | ||||||
Campbell Soup Co. |
18,750 | 857,062 | ||||||
Costco Wholesale Corp. |
1,662 | 894,787 | ||||||
Coty, Inc., Class A(a) |
39,048 | 479,900 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Consumer Staples (5.5%): (continued) |
||||||||
Darling Ingredients, Inc.(a) |
8,701 | 555,037 | ||||||
Dollar General Corp. |
4,291 | 728,526 | ||||||
Dollar Tree, Inc.(a) |
4,498 | 645,463 | ||||||
Hormel Foods Corp. |
28,358 | 1,140,559 | ||||||
Lamb Weston Holdings, Inc. |
8,293 | 953,280 | ||||||
McCormick & Co., Inc. |
9,490 | 827,813 | ||||||
Monster Beverage Corp.(a) |
17,217 | 988,944 | ||||||
Sysco Corp. |
12,415 | 921,193 | ||||||
The JM Smucker Co. |
8,101 | 1,196,275 | ||||||
11,439,922 | ||||||||
Energy (6.1%): |
||||||||
APA Corp. |
9,770 | 333,841 | ||||||
Cheniere Energy, Inc. |
3,704 | 564,342 | ||||||
Chesapeake Energy Corp. |
6,265 | 524,255 | ||||||
ConocoPhillips |
5,110 | 529,447 | ||||||
Coterra Energy, Inc. |
20,018 | 506,455 | ||||||
Devon Energy Corp. |
7,677 | 371,106 | ||||||
Diamondback Energy, Inc. |
3,554 | 466,854 | ||||||
EOG Resources, Inc. |
4,300 | 492,092 | ||||||
EQT Corp. |
12,308 | 506,228 | ||||||
Halliburton Co. |
13,200 | 435,468 | ||||||
Hess Corp. |
3,323 | 451,762 | ||||||
HF Sinclair Corp. |
11,120 | 496,063 | ||||||
Kinder Morgan, Inc. |
48,454 | 834,378 | ||||||
Marathon Oil Corp. |
17,580 | 404,692 | ||||||
Marathon Petroleum Corp. |
4,605 | 536,943 | ||||||
Occidental Petroleum Corp. |
7,768 | 456,758 | ||||||
ONEOK, Inc. |
9,945 | 613,805 | ||||||
Ovintiv, Inc. |
9,961 | 379,215 | ||||||
Phillips 66 |
5,530 | 527,451 | ||||||
Pioneer Natural Resources Co. |
2,387 | 494,539 | ||||||
Schlumberger N.V. |
9,106 | 447,287 | ||||||
Targa Resources Corp. |
7,157 | 544,648 | ||||||
Texas Pacific Land Corp. |
270 | 355,455 | ||||||
The Williams Cos., Inc. |
25,783 | 841,299 | ||||||
Valero Energy Corp. |
3,864 | 453,247 | ||||||
12,567,630 | ||||||||
Financials (9.9%): |
||||||||
Aflac, Inc. |
13,855 | 967,079 | ||||||
American Financial Group, Inc. |
6,615 | 785,531 | ||||||
Arch Capital Group Ltd.(a) |
10,026 | 750,446 | ||||||
Ares Management Corp., Class A |
6,771 | 652,386 | ||||||
Arthur J Gallagher & Co. |
4,431 | 972,915 | ||||||
Brown & Brown, Inc. |
11,892 | 818,645 | ||||||
Cboe Global Markets, Inc. |
6,701 | 924,805 |
See notes to financial statements.
7
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Large/Mid Cap Core ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Financials (9.9%): (continued) |
||||||||
East West BanCorp, Inc. |
8,376 | 442,169 | ||||||
Equitable Holdings, Inc. |
22,371 | 607,596 | ||||||
Erie Indemnity Co., Class A |
3,301 | 693,243 | ||||||
Everest Re Group Ltd. |
1,845 | 630,732 | ||||||
FactSet Research Systems, Inc. |
1,870 | 749,216 | ||||||
First Citizens BancShares, Inc., Class A |
302 | 387,602 | ||||||
FleetCor Technologies, Inc.(a) |
2,838 | 712,565 | ||||||
Franklin Resources, Inc. |
21,905 | 585,083 | ||||||
Globe Life, Inc. |
8,475 | 929,030 | ||||||
Interactive Brokers Group, Inc. |
7,613 | 632,412 | ||||||
Intercontinental Exchange, Inc. |
7,768 | 878,405 | ||||||
LPL Financial Holdings, Inc. |
2,700 | 587,061 | ||||||
MarketAxess Holdings, Inc. |
1,676 | 438,140 | ||||||
Morningstar, Inc. |
2,868 | 562,329 | ||||||
MSCI, Inc. |
1,084 | 508,710 | ||||||
Nasdaq, Inc. |
13,967 | 696,255 | ||||||
Principal Financial Group, Inc. |
8,692 | 659,201 | ||||||
Raymond James Financial, Inc. |
7,008 | 727,220 | ||||||
Reinsurance Group of America, Inc. |
5,108 | 708,429 | ||||||
Rocket Cos., Inc., Class A(a) |
40,830 | 365,837 | ||||||
Ryan Specialty Holdings, Inc.(a) |
12,136 | 544,785 | ||||||
Tradeweb Markets, Inc., Class A |
10,346 | 708,494 | ||||||
W R Berkley Corp. |
13,758 | 819,426 | ||||||
20,445,747 | ||||||||
Health Care (11.4%): |
||||||||
Agilent Technologies, Inc. |
4,687 | 563,612 | ||||||
Align Technology, Inc.(a) |
975 | 344,799 | ||||||
Amgen, Inc. |
3,845 | 853,667 | ||||||
Avantor, Inc.(a) |
25,977 | 533,568 | ||||||
BioMarin Pharmaceutical, Inc.(a) |
6,835 | 592,458 | ||||||
Bruker Corp. |
7,031 | 519,731 | ||||||
Catalent, Inc.(a) |
7,274 | 315,401 | ||||||
Centene Corp.(a) |
10,453 | 705,055 | ||||||
Charles River Laboratories International, Inc.(a) |
2,360 | 496,190 | ||||||
Danaher Corp. |
2,613 | 627,120 | ||||||
Dexcom, Inc.(a) |
3,731 | 479,471 | ||||||
Edwards Lifesciences Corp.(a) |
6,599 | 622,484 | ||||||
GE Healthcare Technologies, Inc. |
6,887 | 559,500 | ||||||
HCA Healthcare, Inc. |
2,389 | 725,014 | ||||||
Henry Schein, Inc.(a) |
10,454 | 847,819 | ||||||
Humana, Inc. |
1,612 | 720,774 | ||||||
IDEXX Laboratories, Inc.(a) |
1,114 | 559,484 | ||||||
Incyte Corp.(a) |
12,541 | 780,677 | ||||||
Insulet Corp.(a) |
1,479 | 426,455 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Health Care (11.4%): (continued) |
||||||||
Intuitive Surgical, Inc.(a) |
2,135 | 730,042 | ||||||
IQVIA Holdings, Inc.(a) |
2,988 | 671,613 | ||||||
Laboratory Corp. of America Holdings |
3,363 | 811,593 | ||||||
Masimo Corp.(a) |
2,700 | 444,285 | ||||||
Mettler-Toledo International, Inc.(a) |
400 | 524,656 | ||||||
Moderna, Inc.(a) |
2,283 | 277,384 | ||||||
Neurocrine Biosciences, Inc.(a) |
6,669 | 628,887 | ||||||
Regeneron Pharmaceuticals, Inc.(a) |
714 | 513,038 | ||||||
Repligen Corp.(a) |
2,010 | 284,335 | ||||||
ResMed, Inc. |
3,457 | 755,354 | ||||||
Revvity, Inc. |
4,332 | 514,598 | ||||||
Stryker Corp. |
2,403 | 733,131 | ||||||
Teleflex, Inc. |
2,334 | 564,898 | ||||||
United Therapeutics Corp.(a) |
3,280 | 724,060 | ||||||
Veeva Systems, Inc., Class A(a) |
2,955 | 584,292 | ||||||
Vertex Pharamaceuticals, Inc.(a) |
2,167 | 762,589 | ||||||
Waters Corp.(a) |
2,095 | 558,401 | ||||||
West Pharmaceutical Services, Inc. |
1,303 | 498,358 | ||||||
Zimmer Biomet Holdings, Inc. |
6,455 | 939,848 | ||||||
Zoetis, Inc. |
3,850 | 663,008 | ||||||
23,457,649 | ||||||||
Industrials (27.3%): |
||||||||
A.O. Smith Corp. |
9,140 | 665,209 | ||||||
AECOM |
10,312 | 873,323 | ||||||
AGCO Corp. |
4,900 | 643,958 | ||||||
Allegion PLC |
6,299 | 756,006 | ||||||
AMETEK, Inc. |
6,443 | 1,042,993 | ||||||
Axon Enterprise, Inc.(a) |
2,207 | 430,630 | ||||||
Builders FirstSource, Inc.(a) |
5,162 | 702,032 | ||||||
Carlisle Cos., Inc. |
2,956 | 758,303 | ||||||
Carrier Global Corp. |
14,556 | 723,579 | ||||||
Caterpillar, Inc. |
3,044 | 748,976 | ||||||
CH Robinson Worldwide, Inc. |
7,593 | 716,400 | ||||||
Cintas Corp. |
1,873 | 931,031 | ||||||
Copart, Inc.(a) |
10,084 | 919,762 | ||||||
CoStar Group, Inc.(a) |
8,804 | 783,556 | ||||||
CSX Corp. |
26,005 | 886,770 | ||||||
Deere & Co. |
1,966 | 796,604 | ||||||
Dover Corp. |
5,039 | 744,008 | ||||||
Eaton Corp. PLC |
4,843 | 973,927 | ||||||
Equifax, Inc. |
2,852 | 671,076 | ||||||
Expeditors International of Washington, Inc. |
6,216 | 752,944 | ||||||
Fastenal Co. |
14,266 | 841,551 |
See notes to financial statements.
8
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Large/Mid Cap Core ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Industrials (27.3%): (continued) |
||||||||
Fortive Corp. |
11,654 | 871,370 | ||||||
General Dynamics Corp. |
4,482 | 964,302 | ||||||
Graco, Inc. |
11,803 | 1,019,189 | ||||||
HEICO Corp. |
4,676 | 827,371 | ||||||
Honeywell International, Inc. |
4,668 | 968,610 | ||||||
Howmet Aerospace, Inc. |
17,668 | 875,626 | ||||||
Hubbell, Inc. |
3,143 | 1,042,093 | ||||||
IDEX Corp. |
3,865 | 831,980 | ||||||
Illinois Tool Works, Inc. |
3,641 | 910,833 | ||||||
Ingersoll Rand, Inc. |
12,127 | 792,621 | ||||||
J.B. Hunt Transport Services, Inc. |
3,745 | 677,957 | ||||||
Jack Henry & Associates, Inc. |
4,733 | 791,973 | ||||||
Johnson Controls International PLC |
11,773 | 802,212 | ||||||
Knight-Swift Transportation Holdings, Inc. |
11,518 | 639,940 | ||||||
Leidos Holdings, Inc. |
10,452 | 924,793 | ||||||
Lennox International, Inc. |
2,376 | 774,742 | ||||||
Lincoln Electric Holdings, Inc. |
5,355 | 1,063,664 | ||||||
Masco Corp. |
11,955 | 685,978 | ||||||
Nordson Corp. |
3,191 | 791,942 | ||||||
Norfolk Southern Corp. |
3,776 | 856,246 | ||||||
Old Dominion Freight Line, Inc. |
1,642 | 607,129 | ||||||
Otis Worldwide Corp. |
11,137 | 991,304 | ||||||
PACCAR, Inc. |
11,369 | 951,017 | ||||||
Parker-Hannifin Corp. |
2,197 | 856,918 | ||||||
Paychex, Inc. |
7,354 | 822,692 | ||||||
Paycom Software, Inc. |
1,620 | 520,409 | ||||||
Paylocity Holding Corp.(a) |
2,251 | 415,377 | ||||||
Quanta Services, Inc. |
3,940 | 774,013 | ||||||
Regal Rexnord Corp. |
3,992 | 614,369 | ||||||
Republic Services, Inc. |
7,627 | 1,168,228 | ||||||
Rockwell Automation, Inc. |
2,207 | 727,096 | ||||||
Rollins, Inc. |
20,034 | 858,056 | ||||||
Snap-on, Inc. |
3,800 | 1,095,122 | ||||||
SS&C Technologies Holdings, Inc. |
12,317 | 746,410 | ||||||
Textron, Inc. |
10,849 | 733,718 | ||||||
Toro Co. |
8,430 | 856,910 | ||||||
Trane Technologies PLC |
4,086 | 781,488 | ||||||
TransDigm Group, Inc. |
925 | 827,107 | ||||||
TransUnion |
7,385 | 578,467 | ||||||
U-Haul Holding Co. |
10,267 | 567,970 | ||||||
Union Pacific Corp. |
3,752 | 767,734 | ||||||
United Rentals, Inc. |
1,407 | 626,636 | ||||||
Verisk Analytics, Inc. |
4,133 | 934,182 | ||||||
Waste Management, Inc. |
6,485 | 1,124,629 | ||||||
Watsco, Inc. |
1,893 | 722,123 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Industrials (27.3%): (continued) |
||||||||
Westinghouse Air Brake Technologies Corp. |
7,858 | 861,787 | ||||||
WillScot Mobile Mini Holdings Corp.(a) |
16,436 | 785,476 | ||||||
WW Grainger, Inc. |
1,044 | 823,288 | ||||||
Xylem, Inc. |
6,437 | 724,935 | ||||||
56,340,670 | ||||||||
Information Technology (14.2%): |
||||||||
Advanced Micro Devices, Inc.(a) |
4,224 | 481,156 | ||||||
Akamai Technologies, Inc.(a) |
8,729 | 784,475 | ||||||
Amphenol Corp., Class A |
10,120 | 859,694 | ||||||
Analog Devices, Inc. |
3,389 | 660,211 | ||||||
ANSYS, Inc.(a) |
1,794 | 592,504 | ||||||
Arista Networks, Inc.(a) |
3,318 | 537,715 | ||||||
Bentley Systems, Inc., Class B |
12,874 | 698,157 | ||||||
Broadcom, Inc. |
1,054 | 914,271 | ||||||
Cadence Design Systems, Inc.(a) |
3,025 | 709,423 | ||||||
CDW Corp. |
4,126 | 757,121 | ||||||
Cognizant Technology Solutions Corp., Class A |
10,777 | 703,523 | ||||||
Dynatrace, Inc.(a) |
10,618 | 546,509 | ||||||
Enphase Energy, Inc.(a) |
1,740 | 291,415 | ||||||
Entegris, Inc. |
4,911 | 544,237 | ||||||
EPAM Systems, Inc.(a) |
1,461 | 328,360 | ||||||
Fair Isaac Corp.(a) |
613 | 496,046 | ||||||
Fortinet, Inc.(a) |
6,619 | 500,330 | ||||||
Gartner, Inc.(a) |
2,298 | 805,012 | ||||||
Jabil, Inc. |
8,370 | 903,374 | ||||||
Juniper Networks, Inc. |
23,242 | 728,172 | ||||||
Keysight Technologies, Inc.(a) |
4,154 | 695,587 | ||||||
KLA Corp. |
1,383 | 670,783 | ||||||
Lattice Semiconductor Corp.(a) |
4,616 | 443,459 | ||||||
Manhattan Associates, Inc.(a) |
3,219 | 643,414 | ||||||
Microchip Technology, Inc. |
6,447 | 577,587 | ||||||
Monolithic Power Systems, Inc. |
836 | 451,632 | ||||||
NetApp, Inc. |
10,635 | 812,514 | ||||||
NVIDIA Corp. |
1,363 | 576,576 | ||||||
NXP Semiconductors N.V. |
3,007 | 615,473 | ||||||
ON Semiconductor Corp.(a) |
4,961 | 469,211 | ||||||
Palo Alto Networks, Inc.(a) |
2,553 | 652,317 | ||||||
PTC, Inc.(a) |
5,620 | 799,726 | ||||||
Pure Storage, Inc., Class A(a) |
21,988 | 809,598 | ||||||
Qorvo, Inc.(a) |
5,273 | 538,004 | ||||||
Roper Technologies, Inc. |
2,090 | 1,004,872 | ||||||
Seagate Technology Holdings PLC |
7,765 | 480,421 | ||||||
ServiceNow, Inc.(a) |
980 | 550,731 |
See notes to financial statements.
9
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Large/Mid Cap Core ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Information Technology (14.2%): (continued) |
||||||||
Skyworks Solutions, Inc. |
4,654 | 515,151 | ||||||
Synopsys, Inc.(a) |
1,664 | 724,522 | ||||||
TD SYNNEX Corp. |
7,356 | 691,464 | ||||||
TE Connectivity Ltd. |
5,676 | 795,548 | ||||||
Teledyne Technologies, Inc.(a) |
1,745 | 717,387 | ||||||
Teradyne, Inc. |
5,005 | 557,207 | ||||||
Trimble, Inc.(a) |
10,750 | 569,105 | ||||||
Tyler Technologies, Inc.(a) |
1,587 | 660,938 | ||||||
Zebra Technologies Corp.(a) |
1,481 | 438,124 | ||||||
29,303,056 | ||||||||
Materials (7.1%): |
||||||||
Albemarle Corp. |
2,158 | 481,428 | ||||||
Avery Dennison Corp. |
3,880 | 666,584 | ||||||
Ball Corp. |
10,304 | 599,796 | ||||||
Celanese Corp. |
4,547 | 526,543 | ||||||
CF Industries Holdings, Inc. |
6,453 | 447,967 | ||||||
Cleveland-Cliffs, Inc.(a) |
20,918 | 350,586 | ||||||
Crown Holdings, Inc. |
6,962 | 604,789 | ||||||
Eastman Chemical Co. |
7,180 | 601,110 | ||||||
Ecolab, Inc. |
3,883 | 724,917 | ||||||
FMC Corp. |
6,838 | 713,477 | ||||||
Freeport-McMoRan, Inc. |
9,864 | 394,560 | ||||||
International Paper Co. |
17,647 | 561,351 | ||||||
LyondellBasell Industries N.V., Class A |
6,934 | 636,749 | ||||||
Martin Marietta Materials, Inc. |
1,942 | 896,602 | ||||||
Nucor Corp. |
3,296 | 540,478 | ||||||
Packaging Corp. of America |
4,958 | 655,249 | ||||||
PPG Industries, Inc. |
4,472 | 663,198 | ||||||
Reliance Steel & Aluminum Co. |
3,013 | 818,301 | ||||||
RPM International, Inc. |
8,463 | 759,385 | ||||||
Steel Dynamics, Inc. |
4,451 | 484,847 | ||||||
The Mosaic Co. |
10,051 | 351,785 | ||||||
The Sherwin-Williams Co. |
2,620 | 695,662 | ||||||
Vulcan Materials Co. |
4,450 | 1,003,208 | ||||||
Westlake Corp. |
4,706 | 562,226 | ||||||
14,740,798 | ||||||||
Utilities (7.5%): |
||||||||
Alliant Energy Corp. |
15,329 | 804,466 | ||||||
Ameren Corp. |
9,932 | 811,146 | ||||||
American Electric Power Co., Inc. |
9,230 | 777,166 | ||||||
American Water Works Co., Inc. |
5,519 | 787,837 | ||||||
Atmos Energy Corp. |
7,656 | 890,699 | ||||||
CenterPoint Energy, Inc. |
29,761 | 867,533 | ||||||
CMS Energy Corp. |
14,403 | 846,176 | ||||||
Consolidated Edison, Inc. |
9,909 | 895,774 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Utilities (7.5%): (continued) |
||||||||
DTE Energy Co. |
7,905 | 869,708 | ||||||
Entergy Corp. |
7,828 | 762,212 | ||||||
Essential Utilities, Inc. |
20,003 | 798,320 | ||||||
Evergy, Inc. |
14,064 | 821,619 | ||||||
Eversource Energy |
10,818 | 767,213 | ||||||
NextEra Energy, Inc. |
9,784 | 725,973 | ||||||
NiSource, Inc. |
29,813 | 815,386 | ||||||
Public Service Enterprise Group, Inc. |
12,692 | 794,646 | ||||||
The Southern Co. |
12,847 | 902,502 | ||||||
WEC Energy Group, Inc. |
9,132 | 805,808 | ||||||
Xcel Energy, Inc. |
12,425 | 772,462 | ||||||
15,516,646 | ||||||||
Total Common Stocks (Cost $183,349,842) |
205,560,116 | |||||||
Total Investments (Cost $183,349,842) — 99.5% |
205,560,116 | |||||||
Other assets in excess of liabilities — 0.5% |
1,109,103 | |||||||
NET ASSETS — 100.00% |
206,669,219 |
Percentages indicated are based on net assets as of June 30, 2023.
(a) |
Non-income producing security. |
See notes to financial statements.
10
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Large/Mid Cap Core ETF
Futures Contracts
Long Futures
Index Futures |
Expiration Date |
Number of |
Notional |
Value |
Value and |
|||||||||||||||
S&P 500 Index E-mini |
9/15/23 | 5 | $ | 1,093,771 | $ | 1,122,063 | $ | 28,292 | ||||||||||||
$ | 28,292 |
See notes to financial statements.
11
Schedule of Portfolio Investments
June 30, 2023 (Unaudited)
Timothy Plan High Dividend Stock ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Common Stocks (99.4%) |
||||||||
Consumer Discretionary (8.1%): |
||||||||
Bath & Body Works, Inc. |
26,339 | 987,713 | ||||||
Darden Restaurants, Inc. |
14,347 | 2,397,097 | ||||||
Garmin Ltd. |
18,505 | 1,929,886 | ||||||
Genuine Parts Co. |
14,426 | 2,441,312 | ||||||
LKQ Corp. |
36,375 | 2,119,571 | ||||||
Lowe’s Cos., Inc. |
8,365 | 1,887,981 | ||||||
Tapestry, Inc. |
34,605 | 1,481,094 | ||||||
Vail Resorts, Inc. |
7,566 | 1,904,816 | ||||||
15,149,470 | ||||||||
Consumer Staples (7.6%): |
||||||||
Bunge Ltd. |
15,849 | 1,495,353 | ||||||
Campbell Soup Co. |
48,041 | 2,195,954 | ||||||
Hormel Foods Corp. |
72,663 | 2,922,506 | ||||||
McCormick & Co., Inc. |
24,316 | 2,121,085 | ||||||
Sysco Corp. |
31,812 | 2,360,450 | ||||||
The JM Smucker Co. |
20,756 | 3,065,039 | ||||||
14,160,387 | ||||||||
Energy (13.1%): |
||||||||
APA Corp. |
25,033 | 855,378 | ||||||
Chesapeake Energy Corp. |
16,191 | 1,354,863 | ||||||
ConocoPhillips |
13,092 | 1,356,462 | ||||||
Coterra Energy, Inc. |
51,292 | 1,297,688 | ||||||
Diamondback Energy, Inc. |
9,109 | 1,196,558 | ||||||
EOG Resources, Inc. |
11,017 | 1,260,785 | ||||||
EQT Corp. |
31,537 | 1,297,117 | ||||||
Halliburton Co. |
33,824 | 1,115,854 | ||||||
HF Sinclair Corp. |
28,494 | 1,271,117 | ||||||
Kinder Morgan, Inc. |
124,151 | 2,137,880 | ||||||
Marathon Petroleum Corp. |
11,800 | 1,375,880 | ||||||
ONEOK, Inc. |
25,483 | 1,572,811 | ||||||
Ovintiv, Inc. |
25,524 | 971,699 | ||||||
Phillips 66 |
14,169 | 1,351,439 | ||||||
Pioneer Natural Resources Co. |
6,117 | 1,267,320 | ||||||
Targa Resources Corp. |
18,337 | 1,395,446 | ||||||
The Williams Cos., Inc. |
66,062 | 2,155,603 | ||||||
Valero Energy Corp. |
9,901 | 1,161,387 | ||||||
24,395,287 | ||||||||
Financials (10.3%): |
||||||||
Aflac, Inc. |
35,508 | 2,478,458 | ||||||
American Financial Group, Inc. |
16,941 | 2,011,744 | ||||||
Ares Management Corp., Class A |
17,349 | 1,671,576 | ||||||
East West BanCorp, Inc. |
21,463 | 1,133,032 | ||||||
Equitable Holdings, Inc. |
57,321 | 1,556,838 | ||||||
Erie Indemnity Co., Class A |
8,459 | 1,776,475 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Financials (10.3%): (continued) |
||||||||
Everest Re Group Ltd. |
4,726 | 1,615,630 | ||||||
Franklin Resources, Inc. |
56,127 | 1,499,152 | ||||||
Principal Financial Group, Inc. |
22,272 | 1,689,109 | ||||||
Raymond James Financial, Inc. |
17,957 | 1,863,398 | ||||||
Reinsurance Group of America, Inc. |
13,086 | 1,814,897 | ||||||
19,110,309 | ||||||||
Health Care (1.2%): |
||||||||
Amgen, Inc. |
9,850 | 2,186,897 | ||||||
2,186,897 | ||||||||
Industrials (21.4%): |
||||||||
A.O. Smith Corp. |
23,420 | 1,704,508 | ||||||
Caterpillar, Inc. |
7,799 | 1,918,944 | ||||||
CH Robinson Worldwide, Inc. |
19,455 | 1,835,579 | ||||||
Eaton Corp. PLC |
12,409 | 2,495,450 | ||||||
Fastenal Co. |
36,554 | 2,156,320 | ||||||
General Dynamics Corp. |
11,484 | 2,470,783 | ||||||
Honeywell International, Inc. |
11,962 | 2,482,115 | ||||||
Hubbell, Inc. |
8,053 | 2,670,053 | ||||||
Illinois Tool Works, Inc. |
9,330 | 2,333,993 | ||||||
Johnson Controls International PLC |
30,166 | 2,055,511 | ||||||
Lennox International, Inc. |
6,089 | 1,985,440 | ||||||
Masco Corp. |
30,633 | 1,757,722 | ||||||
Norfolk Southern Corp. |
9,677 | 2,194,357 | ||||||
Paychex, Inc. |
18,843 | 2,107,966 | ||||||
Snap-on, Inc. |
9,738 | 2,806,394 | ||||||
Union Pacific Corp. |
9,615 | 1,967,421 | ||||||
Waste Management, Inc. |
16,614 | 2,881,200 | ||||||
Watsco, Inc. |
4,850 | 1,850,129 | ||||||
39,673,885 | ||||||||
Information Technology (7.7%): |
||||||||
Broadcom, Inc. |
2,701 | 2,342,928 | ||||||
Cognizant Technology Solutions Corp., Class A |
27,614 | 1,802,642 | ||||||
Juniper Networks, Inc. |
59,553 | 1,865,796 | ||||||
NetApp, Inc. |
27,251 | 2,081,976 | ||||||
NXP Semiconductors N.V. |
7,703 | 1,576,650 | ||||||
Seagate Technology Holdings PLC |
19,890 | 1,230,594 | ||||||
Skyworks Solutions, Inc. |
11,923 | 1,319,757 | ||||||
TE Connectivity Ltd. |
14,542 | 2,038,207 | ||||||
14,258,550 | ||||||||
Materials (8.6%): |
||||||||
Avery Dennison Corp. |
9,943 | 1,708,207 | ||||||
Celanese Corp. |
11,653 | 1,349,417 | ||||||
CF Industries Holdings, Inc. |
16,533 | 1,147,721 | ||||||
Eastman Chemical Co. |
18,397 | 1,540,197 | ||||||
FMC Corp. |
17,518 | 1,827,828 |
See notes to financial statements.
12
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan High Dividend Stock ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Materials (8.6%): (continued) |
||||||||
International Paper Co. |
45,215 | 1,438,289 | ||||||
LyondellBasell Industries N.V., Class A |
17,766 | 1,631,452 | ||||||
Packaging Corp. of America |
12,704 | 1,678,961 | ||||||
PPG Industries, Inc. |
11,458 | 1,699,221 | ||||||
RPM International, Inc. |
21,686 | 1,945,885 | ||||||
15,967,178 | ||||||||
Utilities (21.4%): |
||||||||
Alliant Energy Corp. |
39,276 | 2,061,205 | ||||||
Ameren Corp. |
25,448 | 2,078,338 | ||||||
American Electric Power Co., Inc. |
23,649 | 1,991,246 | ||||||
American Water Works Co., Inc. |
14,141 | 2,018,628 | ||||||
Atmos Energy Corp. |
19,617 | 2,282,242 | ||||||
CenterPoint Energy, Inc. |
76,255 | 2,222,833 | ||||||
CMS Energy Corp. |
36,905 | 2,168,169 | ||||||
Consolidated Edison, Inc. |
25,388 | 2,295,075 | ||||||
DTE Energy Co. |
20,256 | 2,228,565 | ||||||
Entergy Corp. |
20,058 | 1,953,047 | ||||||
Essential Utilities, Inc. |
51,254 | 2,045,547 | ||||||
Evergy, Inc. |
36,035 | 2,105,165 | ||||||
Eversource Energy |
27,719 | 1,965,831 | ||||||
NextEra Energy, Inc. |
25,068 | 1,860,046 | ||||||
NiSource, Inc. |
76,387 | 2,089,184 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Utilities (21.4%): (continued) |
||||||||
Public Service Enterprise Group, Inc. |
32,520 | 2,036,077 | ||||||
The Southern Co. |
32,919 | 2,312,560 | ||||||
WEC Energy Group, Inc. |
23,397 | 2,064,551 | ||||||
Xcel Energy, Inc. |
31,835 | 1,979,182 | ||||||
39,757,491 | ||||||||
Total Common Stocks (Cost $178,029,237) |
184,659,454 | |||||||
Total Investments (Cost $178,029,237) — 99.4% |
184,659,454 | |||||||
Other assets in excess of liabilities — 0.6% |
1,074,635 | |||||||
NET ASSETS — 100.00% |
185,734,089 |
Percentages indicated are based on net assets as of June 30, 2023.
Futures Contracts
Long Futures
Index Futures |
Expiration Date |
Number of |
Notional |
Value |
Value and |
|||||||||||||||
S&P 500 Index E-mini |
9/15/23 | 4 | $ | 871,649 | $ | 897,650 | $ | 26,001 | ||||||||||||
$ | 26,001 |
See notes to financial statements.
13
Schedule of Portfolio Investments
June 30, 2023 (Unaudited)
Timothy Plan International ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Common Stocks (99.2%) |
||||||||
Australia (6.7%): |
||||||||
Communication Services (0.6%): |
||||||||
REA Group Ltd. |
1,963 | 186,992 | ||||||
Telstra Group Ltd. |
125,091 | 358,236 | ||||||
545,228 | ||||||||
Consumer Discretionary (0.3%): |
||||||||
Wesfarmers Ltd. |
7,830 | 257,297 | ||||||
257,297 | ||||||||
Consumer Staples (0.8%): |
||||||||
Coles Group Ltd. |
28,909 | 354,648 | ||||||
Woolworths Group Ltd. |
12,629 | 334,166 | ||||||
688,814 | ||||||||
Energy (0.5%): |
||||||||
Santos Ltd. |
45,247 | 226,612 | ||||||
Woodside Energy Group Ltd. |
8,146 | 186,845 | ||||||
413,457 | ||||||||
Financials (1.6%): |
||||||||
ANZ Group Holdings Ltd. |
19,599 | 309,485 | ||||||
Commonwealth Bank of Australia |
4,358 | 291,027 | ||||||
National Australia Bank Ltd. |
15,305 | 268,793 | ||||||
Suncorp Group Ltd. |
31,144 | 279,808 | ||||||
Westpac Banking Corp. |
18,944 | 269,241 | ||||||
1,418,354 | ||||||||
Health Care (1.0%): |
||||||||
Cochlear Ltd. |
1,487 | 226,858 | ||||||
CSL Ltd. |
1,607 | 296,870 | ||||||
Ramsay Health Care Ltd. |
5,671 | 212,601 | ||||||
Sonic Healthcare Ltd. |
8,935 | 211,667 | ||||||
947,996 | ||||||||
Industrials (0.6%): |
||||||||
Brambles Ltd. |
35,008 | 335,974 | ||||||
Computershare Ltd. |
16,074 | 250,290 | ||||||
586,264 | ||||||||
Information Technology (0.2%): |
||||||||
WiseTech Global Ltd. |
3,596 | 191,140 | ||||||
191,140 | ||||||||
Materials (1.1%): |
||||||||
BHP Group Ltd. |
6,722 | 201,414 | ||||||
Fortescue Metals Group Ltd. |
10,898 | 160,984 | ||||||
Mineral Resources Ltd. |
2,637 | 125,448 | ||||||
Newcrest Mining Ltd. |
9,041 | 159,083 | ||||||
Rio Tinto Ltd. |
2,778 | 212,194 | ||||||
South32 Ltd. |
56,750 | 142,111 | ||||||
1,001,234 | ||||||||
6,049,784 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Austria (0.6%): |
||||||||
Energy (0.2%): |
||||||||
OMV AG |
4,016 | 170,191 | ||||||
170,191 | ||||||||
Financials (0.2%): |
||||||||
Erste Group Bank AG |
5,328 | 186,550 | ||||||
186,550 | ||||||||
Utilities (0.2%): |
||||||||
Verbund AG |
1,944 | 155,794 | ||||||
155,794 | ||||||||
512,535 | ||||||||
Belgium (0.9%): |
||||||||
Consumer Discretionary (0.2%): |
||||||||
D’ieteren Group |
1,143 | 201,909 | ||||||
201,909 | ||||||||
Financials (0.2%): |
||||||||
KBC Group N.V. |
2,868 | 200,022 | ||||||
200,022 | ||||||||
Materials (0.2%): |
||||||||
Solvay SA, Class A |
1,858 | 207,388 | ||||||
207,388 | ||||||||
Utilities (0.3%): |
||||||||
Elia Group SA |
1,888 | 239,577 | ||||||
239,577 | ||||||||
848,896 | ||||||||
Canada (10.4%): |
||||||||
Consumer Discretionary (0.6%): |
||||||||
Dollarama, Inc. |
5,034 | 340,971 | ||||||
Magna International, Inc. |
3,404 | 192,198 | ||||||
533,169 | ||||||||
Consumer Staples (1.1%): |
||||||||
Alimentation Couche-Tard, Inc. |
6,030 | 309,239 | ||||||
Metro, Inc. |
7,662 | 432,788 | ||||||
Saputo, Inc. |
10,115 | 226,644 | ||||||
968,671 | ||||||||
Energy (2.1%): |
||||||||
Cameco Corp. |
6,072 | 190,191 | ||||||
Canadian Natural Resources Ltd. |
3,311 | 186,172 | ||||||
Cenovus Energy, Inc. |
8,693 | 147,661 | ||||||
Enbridge, Inc. |
7,936 | 295,009 | ||||||
Imperial Oil Ltd. |
3,501 | 179,147 | ||||||
Pembina Pipelines Corp. |
8,151 | 256,296 | ||||||
Suncor Energy, Inc. |
5,968 | 175,084 | ||||||
TC Energy Corp. |
5,986 | 241,953 | ||||||
Tourmaline Oil Corp. |
3,958 | 186,515 | ||||||
1,858,028 |
See notes to financial statements.
14
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan International ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Canada (10.4%): (continued) |
||||||||
Financials (2.0%): |
||||||||
Brookfield Asset Management Ltd., Class A |
5,183 | 169,193 | ||||||
Fairfax Financial Holdings Ltd. |
394 | 295,155 | ||||||
Great-West Lifeco, Inc. |
11,379 | 330,477 | ||||||
Intact Financial Corp. |
2,332 | 360,099 | ||||||
National Bank of Canada |
4,526 | 337,246 | ||||||
Power Corp. of Canada |
12,884 | 346,855 | ||||||
1,839,025 | ||||||||
Industrials (1.6%): |
||||||||
Canadian National Railway Co. |
2,706 | 327,719 | ||||||
Canadian Pacific Kansas City Ltd. |
3,727 | 301,064 | ||||||
TFI International, Inc. |
1,772 | 201,909 | ||||||
Waste Connections, Inc. |
2,515 | 359,478 | ||||||
WSP Global, Inc. |
2,108 | 278,531 | ||||||
1,468,701 | ||||||||
Information Technology (0.6%): |
||||||||
Constellation Software, Inc. |
141 | 292,172 | ||||||
Open Text Corp. |
5,267 | 219,094 | ||||||
511,266 | ||||||||
Materials (1.3%): |
||||||||
Aginco Eagle Mines Ltd. |
3,138 | 156,711 | ||||||
Barrick Gold Corp. |
9,584 | 162,145 | ||||||
First Quantum Minerals Ltd. |
4,175 | 98,780 | ||||||
Franco-Nevada Corp. |
1,482 | 211,246 | ||||||
Ivanhoe Mines Ltd. (a) |
13,945 | 127,385 | ||||||
Nutrien Ltd. |
2,387 | 140,939 | ||||||
Teck Resources Ltd., Class B |
3,653 | 153,721 | ||||||
Wheaton Precious Metals Corp. |
4,001 | 173,046 | ||||||
1,223,973 | ||||||||
Utilities (1.1%): |
||||||||
Emera, Inc. |
7,213 | 297,102 | ||||||
Fortis, Inc. |
8,374 | 360,918 | ||||||
Hydro One Ltd. |
12,236 | 349,639 | ||||||
1,007,659 | ||||||||
9,410,492 | ||||||||
Chile (0.2%): |
||||||||
Materials (0.2%): |
||||||||
Antofagasta PLC |
8,304 | 154,053 | ||||||
154,053 | ||||||||
Denmark (2.0%): |
||||||||
Consumer Discretionary (0.1%): |
||||||||
Pandora A/S |
1,603 | 143,136 | ||||||
143,136 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Denmark (2.0%): (continued) |
||||||||
Financials (0.4%): |
||||||||
Tryg A/S |
14,974 | 324,062 | ||||||
324,062 | ||||||||
Health Care (0.7%): |
||||||||
Coloplast A/S |
1,510 | 188,836 | ||||||
Genmab A/S (a) |
573 | 216,686 | ||||||
Novo Nordisk A/S, Class B |
1,502 | 242,037 | ||||||
647,559 | ||||||||
Industrials (0.4%): |
||||||||
AP Moller - Maersk A/S, Class B |
73 | 128,131 | ||||||
DSV A/S |
1,032 | 216,762 | ||||||
344,893 | ||||||||
Materials (0.2%): |
||||||||
Novozymes A/S, Class B Shares |
3,896 | 181,537 | ||||||
181,537 | ||||||||
Utilities (0.2%): |
||||||||
Orsted A/S |
1,936 | 182,973 | ||||||
182,973 | ||||||||
1,824,160 | ||||||||
Finland (1.7%): |
||||||||
Energy (0.2%): |
||||||||
Neste Oyj |
3,973 | 152,849 | ||||||
152,849 | ||||||||
Financials (0.6%): |
||||||||
Nordea Bank Abp |
20,531 | 223,372 | ||||||
Sampo Oyj, Class A Shares |
6,436 | 288,757 | ||||||
512,129 | ||||||||
Industrials (0.2%): |
||||||||
Kone OYJ, Class B |
3,863 | 201,599 | ||||||
201,599 | ||||||||
Information Technology (0.2%): |
||||||||
Nokia Oyj |
47,213 | 197,581 | ||||||
197,581 | ||||||||
Materials (0.5%): |
||||||||
Stora Enso Oyj, Class R |
16,419 | 190,344 | ||||||
UPM-Kymmene OYJ |
8,083 | 240,503 | ||||||
430,847 | ||||||||
1,495,005 | ||||||||
France (7.2%): |
||||||||
Communication Services (0.3%): |
||||||||
Bollore SE |
48,188 | 300,219 | ||||||
300,219 | ||||||||
Consumer Discretionary (0.5%): |
||||||||
Cie Generale des Etablissements Michelin SCA |
6,637 | 195,958 |
See notes to financial statements.
15
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan International ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
France (7.2%): (continued) |
||||||||
Consumer Discretionary (0.5%): (continued) |
||||||||
Hermes International |
95 | 206,271 | ||||||
402,229 | ||||||||
Consumer Staples (0.3%): |
||||||||
Carrefour SA |
12,135 | 229,788 | ||||||
229,788 | ||||||||
Energy (0.2%): |
||||||||
TotalEnergies SE |
3,734 | 214,097 | ||||||
214,097 | ||||||||
Financials (1.3%): |
||||||||
Amundi SA |
2,978 | 175,624 | ||||||
Credit Agricole SA |
21,838 | 259,051 | ||||||
Edenred |
5,077 | 339,792 | ||||||
Societe Generale SA |
7,990 | 207,485 | ||||||
Worldline SA (a) |
4,246 | 155,198 | ||||||
1,137,150 | ||||||||
Health Care (0.9%): |
||||||||
BioMerieux |
2,169 | 227,476 | ||||||
EssilorLuxottica SA |
1,226 | 230,884 | ||||||
Ipsen SA |
1,742 | 209,456 | ||||||
Sartorius Stedim Biotech |
470 | 117,281 | ||||||
785,097 | ||||||||
Industrials (2.7%): |
||||||||
Aeroports de Paris |
1,531 | 219,667 | ||||||
Bouygues SA |
8,299 | 278,532 | ||||||
Bureau Veritas SA |
10,119 | 277,345 | ||||||
Eiffage SA |
2,465 | 257,067 | ||||||
Getlink SE |
17,742 | 301,601 | ||||||
Legrand SA |
2,508 | 248,471 | ||||||
Schneider Electric SE |
1,237 | 224,669 | ||||||
Teleperformance |
565 | 94,597 | ||||||
Thales SA |
1,593 | 238,469 | ||||||
Vinci SA |
2,428 | 281,820 | ||||||
2,422,238 | ||||||||
Information Technology (0.2%): |
||||||||
Dassault Systemes SE |
4,555 | 201,904 | ||||||
201,904 | ||||||||
Materials (0.3%): |
||||||||
Air Liquide SA |
1,580 | 283,069 | ||||||
283,069 | ||||||||
Utilities (0.5%): |
||||||||
Engie SA |
15,547 | 258,316 | ||||||
Veolia Environnement SA |
7,210 | 227,744 | ||||||
486,060 | ||||||||
6,461,851 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Germany (5.7%): |
||||||||
Communication Services (0.2%): |
||||||||
Telefonica Deutschland Holding AG |
78,979 | 222,069 | ||||||
222,069 | ||||||||
Consumer Discretionary (0.3%): |
||||||||
Puma SE |
2,509 | 150,894 | ||||||
Zalando SE (a) |
2,708 | 77,886 | ||||||
228,780 | ||||||||
Consumer Staples (0.4%): |
||||||||
Beiersdorf AG |
2,500 | 330,738 | ||||||
330,738 | ||||||||
Financials (1.5%): |
||||||||
Commerzbank AG |
13,635 | 151,002 | ||||||
Deutsche Boerse AG |
1,553 | 286,535 | ||||||
Hannover Rueck SE |
1,448 | 307,055 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG, Class R |
777 | 291,298 | ||||||
Talanx AG |
5,916 | 339,206 | ||||||
1,375,096 | ||||||||
Health Care (0.4%): |
||||||||
Carl Zeiss Meditec AG |
1,315 | 142,102 | ||||||
Fresenius Medical Care AG & Co. KGaA |
3,831 | 182,958 | ||||||
325,060 | ||||||||
Industrials (1.6%): |
||||||||
Brenntag SE |
2,760 | 215,016 | ||||||
Daimler Truck Holding AG |
6,952 | 250,315 | ||||||
Deutsche Lufthansa AG (a) |
19,928 | 203,931 | ||||||
Deutsche Post AG |
4,238 | 206,834 | ||||||
Knorr-Bremse AG |
2,504 | 191,193 | ||||||
MTU Aero Engines AG |
974 | 252,291 | ||||||
Rheinmetall AG |
544 | 148,864 | ||||||
1,468,444 | ||||||||
Information Technology (0.2%): |
||||||||
Infineon Technologies AG |
3,975 | 163,877 | ||||||
163,877 | ||||||||
Materials (0.7%): |
||||||||
Evonik Industries AG |
10,184 | 193,677 | ||||||
HeidelbergCement AG |
2,746 | 225,311 | ||||||
Symrise AG |
2,026 | 212,258 | ||||||
631,246 | ||||||||
Real Estate (0.1%): |
||||||||
Vonovia SE |
6,830 | 133,357 | ||||||
133,357 |
See notes to financial statements.
16
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan International ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Germany (5.7%): (continued) |
||||||||
Utilities (0.3%): |
||||||||
E.ON SE |
20,495 | 261,188 | ||||||
261,188 | ||||||||
5,139,855 | ||||||||
Hong Kong (3.6%): |
||||||||
Financials (0.5%): |
||||||||
AIA Group Ltd. |
18,543 | 187,189 | ||||||
Hang Seng Bank Ltd. |
21,621 | 307,661 | ||||||
494,850 | ||||||||
Health Care (0.2%): |
||||||||
Sino Biopharmaceutical Ltd. |
332,898 | 144,873 | ||||||
144,873 | ||||||||
Industrials (0.5%): |
||||||||
CK Hutchison Holdings Ltd. |
48,481 | 296,057 | ||||||
Techtronic Industries Co. Ltd. |
12,711 | 138,130 | ||||||
434,187 | ||||||||
Real Estate (1.6%): |
||||||||
CK Asset Holdings Ltd. |
50,454 | 279,452 | ||||||
Henderson Land Development Co. Ltd. |
70,238 | 208,858 | ||||||
Hongkong Land Holdings Ltd. |
64,000 | 249,600 | ||||||
Sino Land Co. Ltd. |
188,505 | 231,671 | ||||||
Sun Hung Kai Properties Ltd. |
22,461 | 282,923 | ||||||
Swire Pacific Ltd., Class A |
32,093 | 245,949 | ||||||
1,498,453 | ||||||||
Utilities (0.8%): |
||||||||
Hong Kong & China Gas Co. Ltd. |
378,624 | 327,129 | ||||||
Power Assets Holdings Ltd. |
72,418 | 379,386 | ||||||
706,515 | ||||||||
3,278,878 | ||||||||
Ireland (1.5%): |
||||||||
Consumer Staples (0.3%): |
||||||||
Kerry Group PLC |
2,579 | 251,509 | ||||||
251,509 | ||||||||
Financials (0.4%): |
||||||||
AIB Group PLC |
43,615 | 183,214 | ||||||
Bank of Ireland Group PLC |
16,003 | 152,573 | ||||||
335,787 | ||||||||
Industrials (0.4%): |
||||||||
Kingspan Group PLC |
2,169 | 144,125 | ||||||
Ryanair Holdings PLC (a) |
11,247 | 211,255 | ||||||
355,380 | ||||||||
Materials (0.4%): |
||||||||
CRH PLC |
4,565 | 251,533 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Ireland (1.5%): (continued) |
||||||||
Materials (0.4%): (continued) |
||||||||
Smurfit Kappa Group PLC |
4,859 | 162,146 | ||||||
413,679 | ||||||||
1,356,355 | ||||||||
Israel (0.9%): |
||||||||
Financials (0.5%): |
||||||||
Bank Hapoalim BM |
30,819 | 252,776 | ||||||
Bank Leumi Le-Israel BM |
33,097 | 246,530 | ||||||
499,306 | ||||||||
Information Technology (0.2%): |
||||||||
Nice Ltd. (a) |
752 | 153,689 | ||||||
153,689 | ||||||||
Materials (0.2%): |
||||||||
ICL Group Ltd. |
32,024 | 173,780 | ||||||
173,780 | ||||||||
826,775 | ||||||||
Italy (3.4%): |
||||||||
Communication Services (0.2%): |
||||||||
Infrastrutture Wireless Italiane SpA |
17,690 | 233,162 | ||||||
233,162 | ||||||||
Consumer Discretionary (0.2%): |
||||||||
Moncler SpA |
2,458 | 169,872 | ||||||
169,872 | ||||||||
Energy (0.2%): |
||||||||
Eni SpA |
15,494 | 222,847 | ||||||
222,847 | ||||||||
Financials (1.5%): |
||||||||
Assicurazioni Generali SpA |
12,919 | 262,465 | ||||||
FinecoBank Banca Fineco SpA |
11,239 | 151,016 | ||||||
Intesa Sanpaolo SpA |
79,645 | 208,561 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
22,484 | 268,873 | ||||||
Poste Italiane SpA |
23,327 | 252,382 | ||||||
UniCredit SpA |
8,223 | 190,791 | ||||||
1,334,088 | ||||||||
Industrials (0.4%): |
||||||||
Nexi SpA (a) |
20,179 | 158,128 | ||||||
Prysmian SpA |
5,094 | 212,762 | ||||||
370,890 | ||||||||
Utilities (0.9%): |
||||||||
Enel SpA |
39,619 | 266,631 | ||||||
Snam SpA |
48,520 | 253,424 | ||||||
Terna - Rete Elettrica Nazionale |
30,910 | 263,263 | ||||||
783,318 | ||||||||
3,114,177 |
See notes to financial statements.
17
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan International ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Japan (21.2%): |
||||||||
Communication Services (0.6%): |
||||||||
Nexon Co. Ltd. |
9,700 | 184,682 | ||||||
SoftBank Corp. |
36,000 | 384,253 | ||||||
568,935 | ||||||||
Consumer Discretionary (2.5%): |
||||||||
Bridgestone Corp. |
7,700 | 314,447 | ||||||
Denso Corp. |
4,700 | 314,191 | ||||||
Fast Retailing Co. Ltd. |
1,100 | 279,956 | ||||||
Oriental Land Co. Ltd. |
7,400 | 287,270 | ||||||
Panasonic Corp. |
26,800 | 325,712 | ||||||
Sekisui House Ltd. |
15,600 | 314,152 | ||||||
Shimano, Inc. |
1,300 | 215,886 | ||||||
Suzuki Motor Corp. |
7,000 | 252,336 | ||||||
2,303,950 | ||||||||
Consumer Staples (1.5%): |
||||||||
Aeon Co. Ltd. |
16,700 | 340,528 | ||||||
Ajinomoto Co., Inc. |
7,000 | 277,710 | ||||||
KAO Corp. |
7,400 | 267,422 | ||||||
Shiseido Co. Ltd. |
4,500 | 202,513 | ||||||
Unicharm Corp. |
6,300 | 233,215 | ||||||
1,321,388 | ||||||||
Energy (0.2%): |
||||||||
Inpex Corp. |
18,600 | 206,008 | ||||||
206,008 | ||||||||
Financials (2.4%): |
||||||||
Dai-ichi Life Holdings, Inc. |
11,500 | 218,235 | ||||||
Japan Post Holdings Co. Ltd. |
36,200 | 260,059 | ||||||
MS&AD Insurance Group Holdings, Inc. |
8,300 | 293,158 | ||||||
ORIX Corp. |
15,200 | 275,229 | ||||||
Sompo Holdings, Inc. |
6,500 | 290,986 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
6,000 | 256,127 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. |
7,000 | 248,066 | ||||||
Tokio Marine Holdings, Inc. |
13,100 | 300,988 | ||||||
2,142,848 | ||||||||
Health Care (2.1%): |
||||||||
Chugai Pharmaceutical Co. Ltd. |
11,800 | 334,175 | ||||||
Daiichi Sankyo Co. Ltd. |
5,200 | 163,987 | ||||||
Eisai Co. Ltd. |
3,100 | 208,930 | ||||||
Hoya Corp. |
1,900 | 224,858 | ||||||
M3, Inc. |
6,600 | 142,219 | ||||||
Olympus Corp. |
12,200 | 191,608 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Japan (21.2%): (continued) |
||||||||
Health Care (2.1%): (continued) |
||||||||
Shionogi & Co. Ltd. |
6,600 | 277,668 | ||||||
Terumo Corp. |
9,900 | 313,029 | ||||||
1,856,474 | ||||||||
Industrials (5.9%): |
||||||||
Central Japan Railway Co. |
2,900 | 363,003 | ||||||
Daikin Industries Ltd. |
1,400 | 283,969 | ||||||
East Japan Railway Co. |
6,000 | 332,146 | ||||||
FANUC Corp. |
7,600 | 265,062 | ||||||
Hitachi Ltd. |
5,000 | 308,289 | ||||||
ITOCHU Corp. |
7,800 | 307,448 | ||||||
Komatsu Ltd. |
11,900 | 320,099 | ||||||
Kubota Corp. |
18,800 | 273,504 | ||||||
Marubeni Corp. |
16,200 | 273,967 | ||||||
Mitsubishi Corp. |
7,000 | 336,221 | ||||||
Mitsubishi Electric Corp. |
26,300 | 369,491 | ||||||
Nidec Corp. |
4,400 | 239,243 | ||||||
Nippon Yusen KK |
7,200 | 159,191 | ||||||
Secom Co. Ltd. |
5,900 | 398,254 | ||||||
SMC Corp. |
400 | 220,349 | ||||||
Toshiba Corp. |
8,100 | 253,588 | ||||||
Toyota Industries Corp. |
4,500 | 319,847 | ||||||
Toyota Tsusho Corp. |
5,900 | 291,933 | ||||||
5,315,604 | ||||||||
Information Technology (4.2%): |
||||||||
Advantest Corp. |
2,300 | 305,274 | ||||||
Canon, Inc. |
14,400 | 378,264 | ||||||
Fujifilm Holdings Corp. |
5,600 | 331,505 | ||||||
Fujitsu Ltd. |
2,000 | 257,763 | ||||||
Keyence Corp. |
500 | 235,133 | ||||||
Kyocera Corp. |
6,000 | 323,995 | ||||||
Lasertec Corp. |
800 | 119,629 | ||||||
Murata Manufacturing Co. Ltd. |
4,800 | 274,001 | ||||||
Nomura Research Institute Ltd. |
9,500 | 260,809 | ||||||
NTT Data Corp. |
18,600 | 258,734 | ||||||
OBIC Co. Ltd. |
2,000 | 319,379 | ||||||
Renesas Electronics Corp. (a) |
13,600 | 254,647 | ||||||
TDK Corp. |
6,100 | 235,367 | ||||||
Tokyo Electron Ltd. |
1,600 | 228,001 | ||||||
3,782,501 | ||||||||
Materials (0.7%): |
||||||||
Nippon Paint Holdings Co. Ltd. |
22,500 | 184,485 | ||||||
Nippon Steel Corp. |
11,300 | 235,273 | ||||||
Shin-Etsu Chemical Co. Ltd. |
7,900 | 261,070 | ||||||
680,828 |
See notes to financial statements.
18
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan International ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Japan (21.2%): (continued) |
||||||||
Real Estate (1.1%): |
||||||||
Daiwa House Industry Co. Ltd. |
14,200 | 373,208 | ||||||
Mitsubishi Estate Co. Ltd. |
26,700 | 316,447 | ||||||
Mitsui Fudosan Co. Ltd. |
15,800 | 313,251 | ||||||
1,002,906 | ||||||||
19,181,442 | ||||||||
Korea, Republic Of (4.9%): |
||||||||
Communication Services (0.3%): |
||||||||
Kakao Corp. |
3,002 | 111,869 | ||||||
Naver Corp. |
1,037 | 143,870 | ||||||
255,739 | ||||||||
Consumer Discretionary (1.0%): |
||||||||
Hyundai Mobis Co. Ltd. |
1,266 | 223,395 | ||||||
Hyundai Motor Co. |
1,582 | 247,938 | ||||||
Kia Corp. |
3,198 | 214,802 | ||||||
LG Electronics, Inc. |
2,031 | 195,300 | ||||||
881,435 | ||||||||
Energy (0.1%): |
||||||||
SK Innovation Co. Ltd. (a) |
1,050 | 126,309 | ||||||
126,309 | ||||||||
Financials (1.0%): |
||||||||
Hana Financial Group, Inc. |
5,595 | 166,457 | ||||||
KakaoBank Corp. |
6,091 | 109,791 | ||||||
KB Financial Group, Inc. |
5,225 | 189,355 | ||||||
Samsung Life Insurance Co. Ltd. |
5,355 | 273,521 | ||||||
Shinhan Financial Group Co. Ltd. |
7,976 | 205,817 | ||||||
944,941 | ||||||||
Health Care (0.5%): |
||||||||
Celltrion, Inc. |
1,472 | 170,817 | ||||||
Samsung Biologics Co. Ltd. (a) |
418 | 236,029 | ||||||
406,846 | ||||||||
Industrials (0.8%): |
||||||||
Ecopro BM Co. Ltd. |
560 | 105,829 | ||||||
LG Corp. |
3,225 | 215,392 | ||||||
Samsung C&T Corp. |
2,943 | 236,092 | ||||||
SK, Inc. |
1,518 | 171,316 | ||||||
728,629 | ||||||||
Information Technology (0.7%): |
||||||||
Samsung Electronics Co. Ltd. |
4,451 | 243,900 | ||||||
Samsung SDI Co. Ltd. |
299 | 151,815 | ||||||
SK Hynix, Inc. |
2,598 | 227,147 | ||||||
622,862 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Korea, Republic Of (4.9%): (continued) |
||||||||
Materials (0.5%): |
||||||||
LG Chem Ltd. |
258 | 130,606 | ||||||
POSCO Future M Co. Ltd. |
498 | 133,420 | ||||||
POSCO Holdings, Inc. |
577 | 169,912 | ||||||
433,938 | ||||||||
4,400,699 | ||||||||
Luxembourg (0.6%): |
||||||||
Energy (0.2%): |
||||||||
Tenaris SA |
10,905 | 163,187 | ||||||
163,187 | ||||||||
Health Care (0.2%): |
||||||||
Eurofins Scientific SE |
2,607 | 165,435 | ||||||
165,435 | ||||||||
Materials (0.2%): |
||||||||
ArcelorMittal SA |
6,166 | 167,721 | ||||||
167,721 | ||||||||
496,343 | ||||||||
Netherlands (2.9%): |
||||||||
Communication Services (0.2%): |
||||||||
Universal Music Group N.V. |
9,173 | 203,675 | ||||||
203,675 | ||||||||
Consumer Discretionary (0.2%): |
||||||||
Prosus N.V. |
1,932 | 141,468 | ||||||
141,468 | ||||||||
Financials (0.7%): |
||||||||
ABN AMRO Bank N.V. |
11,576 | 179,732 | ||||||
ING Groep N.V. |
15,224 | 204,945 | ||||||
NN Group N.V. |
6,591 | 243,861 | ||||||
628,538 | ||||||||
Industrials (1.2%): |
||||||||
Adyen N.V. (a) |
77 | 133,230 | ||||||
Ferrovial SE (a) |
9,182 | 290,234 | ||||||
IMCD N.V. |
1,264 | 181,633 | ||||||
Randstad N.V. |
3,566 | 187,967 | ||||||
Wolters Kluwer N.V. |
2,351 | 298,329 | ||||||
1,091,393 | ||||||||
Information Technology (0.4%): |
||||||||
ASM International N.V. |
363 | 153,813 | ||||||
ASML Holding N.V. |
246 | 177,955 | ||||||
331,768 | ||||||||
Materials (0.2%): |
||||||||
Akzo Nobel N.V. |
2,777 | 226,400 | ||||||
226,400 | ||||||||
2,623,242 |
See notes to financial statements.
19
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan International ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
New Zealand (0.2%): |
||||||||
Health Care (0.2%): |
||||||||
Fisher & Paykel Healthcare Corp. Ltd. |
12,107 | 181,978 | ||||||
181,978 | ||||||||
Norway (1.4%): |
||||||||
Communication Services (0.2%): |
||||||||
Telenor ASA |
21,319 | 216,187 | ||||||
216,187 | ||||||||
Consumer Staples (0.2%): |
||||||||
Mowi ASA |
9,485 | 150,463 | ||||||
150,463 | ||||||||
Energy (0.4%): |
||||||||
Aker BP ASA |
6,552 | 153,767 | ||||||
Equinor ASA |
6,590 | 191,695 | ||||||
345,462 | ||||||||
Financials (0.3%): |
||||||||
DNB Bank ASA |
13,271 | 248,247 | ||||||
248,247 | ||||||||
Materials (0.3%): |
||||||||
Norsk Hydro ASA |
20,708 | 123,138 | ||||||
Yara International ASA |
4,894 | 172,876 | ||||||
296,014 | ||||||||
1,256,373 | ||||||||
Portugal (0.8%): |
||||||||
Consumer Staples (0.3%): |
||||||||
Jeronimo Martins & Filho SA |
10,948 | 301,500 | ||||||
301,500 | ||||||||
Energy (0.2%): |
||||||||
Galp Energia SGPS SA |
16,987 | 198,689 | ||||||
198,689 | ||||||||
Utilities (0.3%): |
||||||||
EDP - Energias de Portugal SA |
52,336 | 255,596 | ||||||
255,596 | ||||||||
755,785 | ||||||||
Russian Federation (0.0%):† |
||||||||
Materials (0.0%):† |
||||||||
Evraz PLC (a)(b)(c) |
38,723 | 19,914 | ||||||
19,914 | ||||||||
Singapore (3.0%): |
||||||||
Communication Services (0.4%): |
||||||||
Singapore Telecommunications Ltd. |
193,700 | 358,147 | ||||||
358,147 | ||||||||
Consumer Staples (0.4%): |
||||||||
Wilmar International Ltd. |
116,000 | 326,011 | ||||||
326,011 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Singapore (3.0%): (continued) |
||||||||
Financials (1.4%): |
||||||||
DBS Group Holdings Ltd. |
17,100 | 398,507 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
49,800 | 452,292 | ||||||
United Overseas Bank Ltd |
18,000 | 372,753 | ||||||
1,223,552 | ||||||||
Industrials (0.6%): |
||||||||
Singapore Airlines Ltd. |
111,200 | 588,034 | ||||||
588,034 | ||||||||
Real Estate (0.2%): |
||||||||
Capitaland Investment Ltd. |
91,300 | 223,506 | ||||||
223,506 | ||||||||
2,719,250 | ||||||||
Spain (2.6%): |
||||||||
Consumer Discretionary (0.3%): |
||||||||
Industria de Diseno Textil SA |
6,777 | 262,204 | ||||||
262,204 | ||||||||
Energy (0.2%): |
||||||||
Repsol SA |
14,681 | 213,525 | ||||||
213,525 | ||||||||
Financials (0.3%): |
||||||||
Caixabank SA |
53,630 | 221,598 | ||||||
221,598 | ||||||||
Industrials (0.5%): |
||||||||
Aena SME SA |
1,473 | 237,863 | ||||||
Amadeus IT Group SA (a) |
3,237 | 246,172 | ||||||
484,035 | ||||||||
Utilities (1.3%): |
||||||||
Acciona SA |
1,342 | 227,544 | ||||||
Endesa SA |
12,405 | 265,963 | ||||||
Iberdrola SA |
29,719 | 387,494 | ||||||
Red Electrica Corp. SA |
16,616 | 278,925 | ||||||
1,159,926 | ||||||||
2,341,288 | ||||||||
Sweden (3.7%): |
||||||||
Consumer Staples (0.3%): |
||||||||
Essity AB, Class B |
8,976 | 239,021 | ||||||
239,021 | ||||||||
Financials (1.0%): |
||||||||
EQT AB |
5,313 | 102,204 | ||||||
L E Lundbergforetagen AB, Class B |
4,268 | 181,622 | ||||||
Skandinavisk Enskilda Banken AB, Class A |
21,326 | 235,681 | ||||||
Svenska Handelsbanken AB, Class A |
25,002 | 209,496 | ||||||
Swedbank AB, Class A |
13,070 | 220,450 | ||||||
949,453 |
See notes to financial statements.
20
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan International ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Sweden (3.7%): (continued) |
||||||||
Industrials (1.6%): |
||||||||
ALFA Laval AB |
4,937 | 179,960 | ||||||
Assa Abloy AB, Class B |
8,784 | 211,015 | ||||||
Atlas Copco AB, Class A |
13,944 | 200,983 | ||||||
Epiroc AB, Class A |
8,646 | 163,513 | ||||||
Lifco AB, Class B |
7,191 | 156,273 | ||||||
Nibe Industrier AB, Class B |
11,283 | 107,163 | ||||||
Sandvik AB |
8,465 | 165,037 | ||||||
Volvo AB, Class B |
10,785 | 223,072 | ||||||
1,407,016 | ||||||||
Information Technology (0.4%): |
||||||||
Hexagon AB, Class B |
15,771 | 194,185 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
32,021 | 173,477 | ||||||
367,662 | ||||||||
Materials (0.4%): |
||||||||
Boliden AB |
4,330 | 125,123 | ||||||
Svenska Cellulosa AB SCA, Class B |
16,645 | 212,202 | ||||||
337,325 | ||||||||
3,300,477 | ||||||||
Switzerland (6.9%): |
||||||||
Communication Services (0.4%): |
||||||||
Swisscom AG, Registered |
574 | 357,820 | ||||||
357,820 | ||||||||
Consumer Discretionary (0.4%): |
||||||||
Cie Financiere Richemont SA, Registered |
1,161 | 196,765 | ||||||
The Swatch Group AG |
700 | 204,258 | ||||||
401,023 | ||||||||
Consumer Staples (0.7%): |
||||||||
Barry Callebaut AG, Registered |
180 | 347,407 | ||||||
Chocoladefabriken Lindt & Spruengli AG |
22 | 276,353 | ||||||
623,760 | ||||||||
Financials (1.0%): |
||||||||
Julius Baer Group Ltd. |
3,005 | 189,206 | ||||||
Partners Group Holding AG |
169 | 158,952 | ||||||
Swiss Life Holding AG |
409 | 239,056 | ||||||
Swiss Re AG |
2,783 | 280,042 | ||||||
867,256 | ||||||||
Health Care (0.9%): |
||||||||
Alcon, Inc. |
3,367 | 278,827 | ||||||
Lonza Group AG, Registered |
308 | 183,602 | ||||||
Sonova Holding AG |
584 | 155,464 | ||||||
Straumann Holding AG, Class R |
955 | 154,915 | ||||||
772,808 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Switzerland (6.9%): (continued) |
||||||||
Industrials (1.5%): |
||||||||
ABB Ltd., Registered |
7,350 | 288,973 | ||||||
Geberit AG, Registered |
368 | 192,513 | ||||||
Kuehne + Nagel International AG, Class R |
707 | 209,145 | ||||||
Schindler Holding AG |
981 | 229,902 | ||||||
SGS SA, Registered |
3,011 | 284,544 | ||||||
VAT Group AG |
418 | 172,843 | ||||||
1,377,920 | ||||||||
Information Technology (0.4%): |
||||||||
Logitech International SA, Class R |
2,769 | 164,753 | ||||||
STMicroelectronics N.V. |
3,375 | 167,791 | ||||||
332,544 | ||||||||
Materials (1.6%): |
||||||||
DSM-Firmenich AG (a) |
1,623 | 174,641 | ||||||
EMS-Chemie Holding AG |
264 | 199,741 | ||||||
Givaudan SA, Registered |
65 | 215,383 | ||||||
Glencore PLC |
29,176 | 164,676 | ||||||
Holcim AG |
4,326 | 291,043 | ||||||
SIG Group AG |
8,208 | 226,389 | ||||||
Sika AG, Registered |
640 | 182,888 | ||||||
1,454,761 | ||||||||
6,187,892 | ||||||||
United Kingdom (6.0%): |
||||||||
Communication Services (0.5%): |
||||||||
BT Group PLC |
97,977 | 152,216 | ||||||
Informa PLC |
30,021 | 276,755 | ||||||
428,971 | ||||||||
Consumer Discretionary (0.5%): |
||||||||
Burberry Group PLC |
6,742 | 181,492 | ||||||
JD Sports Fashion PLC |
68,204 | 126,443 | ||||||
Next PLC |
2,180 | 191,002 | ||||||
498,937 | ||||||||
Consumer Staples (0.5%): |
||||||||
Associated British Foods PLC |
8,776 | 221,871 | ||||||
Haleon PLC |
58,541 | 239,544 | ||||||
461,415 | ||||||||
Financials (1.4%): |
||||||||
3i Group PLC |
9,587 | 237,201 | ||||||
Legal & General Group PLC |
63,715 | 183,897 | ||||||
Lloyds Banking Group PLC |
352,868 | 195,313 | ||||||
London Stock Exchange Group PLC |
2,951 | 313,487 | ||||||
Schroders PLC |
30,837 | 171,232 | ||||||
Standard Chartered PLC |
23,874 | 207,052 | ||||||
1,308,182 |
See notes to financial statements.
21
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan International ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
United Kingdom (6.0%): (continued) |
||||||||
Health Care (0.3%): |
||||||||
Smith & Nephew PLC |
16,959 | 273,056 | ||||||
273,056 | ||||||||
Industrials (1.3%): |
||||||||
Ashtead Group PLC |
3,010 | 208,074 | ||||||
Bunzl PLC |
6,929 | 263,864 | ||||||
RELX PLC |
9,678 | 322,096 | ||||||
Rentokil Initial PLC |
29,760 | 232,403 | ||||||
Spirax-Sarco Engineering PLC |
1,385 | 182,285 | ||||||
1,208,722 | ||||||||
Information Technology (0.6%): |
||||||||
Halma PLC |
7,380 | 213,379 | ||||||
The Sage Group PLC |
24,730 | 290,406 | ||||||
503,785 | ||||||||
Materials (0.6%): |
||||||||
Anglo American PLC |
4,866 | 137,973 | ||||||
Croda International PLC |
2,465 | 176,096 | ||||||
Rio Tinto PLC |
3,164 | 200,299 | ||||||
514,368 | ||||||||
Utilities (0.3%): |
||||||||
SSE PLC |
10,976 | 256,585 | ||||||
256,585 | ||||||||
5,454,021 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
United States (0.2%): |
||||||||
Utilities (0.2%): |
||||||||
Brookfield Renewable Corp., Class A |
6,954 | 219,393 | ||||||
219,393 | ||||||||
Total Common Stocks (Cost $87,377,245) |
89,610,913 | |||||||
Total Investments (Cost $87,377,245) — 99.2% |
89,610,913 | |||||||
Other assets in excess of liabilities — 0.8% |
737,420 | |||||||
NET ASSETS — 100.00% |
90,348,333 |
Percentages indicated are based on net assets as of June 30, 2023.
† |
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 June 30, 2023. This security is classified as Level 3 within the fair value hierarchy. (See Note 2) |
(c) |
The following table details the earliest acquisition date and cost of the Fund’s restricted securities at June 30, 2023. |
Security Name |
Acquisition Date |
Cost |
Evraz PLC |
12/4/2019 |
$180,104 |
Futures Contracts
Long Futures
Index Futures |
Expiration Date |
Number of |
Notional |
Value |
Value and |
|||||||||||||||
Mini MSCI EAFE Index |
9/15/23 | 4 | $ | 429,286 | $ | 431,100 | $ | 1,814 | ||||||||||||
$ | 1,814 |
See notes to financial statements.
22
Schedule of Portfolio Investments
June 30, 2023 (Unaudited)
Timothy Plan US Large/Mid Cap Core Enhanced ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Common Stocks (25.8%) |
||||||||
Communication Services (0.2%): |
||||||||
Live Nation Entertainment, Inc.(a) |
646 | 58,857 | ||||||
The Trade Desk, Inc., Class A(a) |
323 | 24,942 | ||||||
ZoomInfo Technologies, Inc.(a) |
1,118 | 28,386 | ||||||
112,185 | ||||||||
Consumer Discretionary (2.5%): |
||||||||
Aptiv PLC(a) |
346 | 35,323 | ||||||
Aramark |
1,528 | 65,780 | ||||||
AutoZone, Inc.(a) |
27 | 67,321 | ||||||
Bath & Body Works, Inc. |
800 | 30,000 | ||||||
BorgWarner, Inc. |
1,101 | 53,850 | ||||||
Burlington Stores, Inc.(a) |
167 | 26,284 | ||||||
CarMax, Inc.(a) |
446 | 37,330 | ||||||
Chipotle Mexican Grill, Inc.(a) |
28 | 59,892 | ||||||
Darden Restaurants, Inc. |
436 | 72,847 | ||||||
Deckers Outdoor Corp.(a) |
98 | 51,711 | ||||||
Domino’s Pizza, Inc. |
143 | 48,189 | ||||||
DR Horton, Inc. |
463 | 56,342 | ||||||
Five Below, Inc.(a) |
181 | 35,574 | ||||||
Floor & Decor Holdings, Inc., Class A(a) |
305 | 31,708 | ||||||
Garmin Ltd. |
562 | 58,611 | ||||||
Genuine Parts Co. |
438 | 74,123 | ||||||
Lennar Corp., Class A |
446 | 55,888 | ||||||
LKQ Corp. |
1,105 | 64,388 | ||||||
Lowe’s Cos., Inc. |
254 | 57,328 | ||||||
NVR, Inc.(a) |
9 | 57,156 | ||||||
O’Reilly Automotive, Inc.(a) |
87 | 83,111 | ||||||
Penske Automotive Group, Inc. |
318 | 52,988 | ||||||
Pool Corp. |
118 | 44,207 | ||||||
PulteGroup, Inc. |
726 | 56,396 | ||||||
Ross Stores, Inc. |
490 | 54,944 | ||||||
Service Corp. International |
832 | 53,739 | ||||||
Tapestry, Inc. |
1,052 | 45,026 | ||||||
Tesla, Inc.(a) |
139 | 36,386 | ||||||
Tractor Supply Co. |
242 | 53,506 | ||||||
Vail Resorts, Inc. |
230 | 57,905 | ||||||
1,577,853 | ||||||||
Consumer Staples (1.4%): |
||||||||
BJ’s Wholesale Club Holdings, Inc.(a) |
825 | 51,983 | ||||||
Bunge Ltd. |
482 | 45,477 | ||||||
Campbell Soup Co. |
1,460 | 66,736 | ||||||
Costco Wholesale Corp. |
129 | 69,451 | ||||||
Coty, Inc., Class A(a) |
3,040 | 37,362 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Consumer Staples (1.4%): (continued) |
||||||||
Darling Ingredients, Inc.(a) |
677 | 43,186 | ||||||
Dollar General Corp. |
334 | 56,706 | ||||||
Dollar Tree, Inc.(a) |
350 | 50,225 | ||||||
Hormel Foods Corp. |
2,208 | 88,806 | ||||||
Lamb Weston Holdings, Inc. |
646 | 74,258 | ||||||
McCormick & Co., Inc. |
739 | 64,463 | ||||||
Monster Beverage Corp.(a) |
1,340 | 76,970 | ||||||
Sysco Corp. |
967 | 71,751 | ||||||
The JM Smucker Co. |
631 | 93,180 | ||||||
890,554 | ||||||||
Energy (1.6%): |
||||||||
APA Corp. |
761 | 26,003 | ||||||
Cheniere Energy, Inc. |
288 | 43,880 | ||||||
Chesapeake Energy Corp. |
492 | 41,171 | ||||||
ConocoPhillips |
398 | 41,237 | ||||||
Coterra Energy, Inc. |
1,559 | 39,443 | ||||||
Devon Energy Corp. |
598 | 28,907 | ||||||
Diamondback Energy, Inc. |
277 | 36,387 | ||||||
EOG Resources, Inc. |
335 | 38,337 | ||||||
EQT Corp. |
958 | 39,403 | ||||||
Halliburton Co. |
1,028 | 33,914 | ||||||
Hess Corp. |
259 | 35,211 | ||||||
HF Sinclair Corp. |
866 | 38,632 | ||||||
Kinder Morgan, Inc. |
3,773 | 64,971 | ||||||
Marathon Oil Corp. |
1,369 | 31,514 | ||||||
Marathon Petroleum Corp. |
359 | 41,859 | ||||||
Occidental Petroleum Corp. |
605 | 35,574 | ||||||
ONEOK, Inc. |
774 | 47,771 | ||||||
Ovintiv, Inc. |
776 | 29,542 | ||||||
Phillips 66 |
431 | 41,109 | ||||||
Pioneer Natural Resources Co. |
186 | 38,536 | ||||||
Schlumberger N.V. |
709 | 34,826 | ||||||
Targa Resources Corp. |
557 | 42,388 | ||||||
Texas Pacific Land Corp. |
21 | 27,647 | ||||||
The Williams Cos., Inc. |
2,007 | 65,488 | ||||||
Valero Energy Corp. |
301 | 35,307 | ||||||
979,057 | ||||||||
Financials (2.6%): |
||||||||
Aflac, Inc. |
1,079 | 75,314 | ||||||
American Financial Group, Inc. |
515 | 61,156 | ||||||
Arch Capital Group Ltd.(a) |
781 | 58,458 | ||||||
Ares Management Corp., Class A |
527 | 50,776 | ||||||
Arthur J Gallagher & Co. |
345 | 75,752 | ||||||
Brown & Brown, Inc. |
926 | 63,746 | ||||||
Cboe Global Markets, Inc. |
522 | 72,041 |
See notes to financial statements.
23
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Large/Mid Cap Core Enhanced ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Financials (2.6%): (continued) |
||||||||
East West BanCorp, Inc. |
652 | 34,419 | ||||||
Equitable Holdings, Inc. |
1,742 | 47,313 | ||||||
Erie Indemnity Co., Class A |
257 | 53,973 | ||||||
Everest Re Group Ltd. |
144 | 49,228 | ||||||
FactSet Research Systems, Inc. |
146 | 58,495 | ||||||
First Citizens BancShares, Inc., Class A |
24 | 30,803 | ||||||
FleetCor Technologies, Inc.(a) |
221 | 55,489 | ||||||
Franklin Resources, Inc. |
1,705 | 45,540 | ||||||
Globe Life, Inc. |
660 | 72,349 | ||||||
Interactive Brokers Group, Inc. |
593 | 49,260 | ||||||
Intercontinental Exchange, Inc. |
605 | 68,413 | ||||||
LPL Financial Holdings, Inc. |
210 | 45,660 | ||||||
MarketAxess Holdings, Inc. |
131 | 34,246 | ||||||
Morningstar, Inc. |
223 | 43,724 | ||||||
MSCI, Inc. |
84 | 39,420 | ||||||
Nasdaq, Inc. |
1,087 | 54,187 | ||||||
Principal Financial Group, Inc. |
677 | 51,344 | ||||||
Raymond James Financial, Inc. |
546 | 56,658 | ||||||
Reinsurance Group of America, Inc. |
398 | 55,199 | ||||||
Rocket Cos., Inc., Class A(a) |
3,179 | 28,484 | ||||||
Ryan Specialty Holdings, Inc.(a) |
945 | 42,421 | ||||||
Tradeweb Markets, Inc., Class A |
806 | 55,195 | ||||||
W R Berkley Corp. |
1,071 | 63,789 | ||||||
1,592,852 | ||||||||
Health Care (2.9%): |
||||||||
Agilent Technologies, Inc. |
365 | 43,891 | ||||||
Align Technology, Inc.(a) |
76 | 26,877 | ||||||
Amgen, Inc. |
299 | 66,384 | ||||||
Avantor, Inc.(a) |
2,023 | 41,552 | ||||||
BioMarin Pharmaceutical, Inc.(a) |
532 | 46,114 | ||||||
Bruker Corp. |
547 | 40,434 | ||||||
Catalent, Inc.(a) |
566 | 24,542 | ||||||
Centene Corp.(a) |
814 | 54,904 | ||||||
Charles River Laboratories International, Inc.(a) |
184 | 38,686 | ||||||
Danaher Corp. |
204 | 48,960 | ||||||
Dexcom, Inc.(a) |
290 | 37,268 | ||||||
Edwards Lifesciences Corp.(a) |
514 | 48,486 | ||||||
GE Healthcare Technologies, Inc. |
536 | 43,545 | ||||||
HCA Healthcare, Inc. |
186 | 56,447 | ||||||
Henry Schein, Inc.(a) |
814 | 66,015 | ||||||
Humana, Inc. |
126 | 56,338 | ||||||
IDEXX Laboratories, Inc.(a) |
87 | 43,694 | ||||||
Incyte Corp.(a) |
976 | 60,756 | ||||||
Insulet Corp.(a) |
115 | 33,159 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Health Care (2.9%): (continued) |
||||||||
Intuitive Surgical, Inc.(a) |
166 | 56,762 | ||||||
IQVIA Holdings, Inc.(a) |
233 | 52,371 | ||||||
Laboratory Corp. of America Holdings |
262 | 63,228 | ||||||
Masimo Corp.(a) |
210 | 34,556 | ||||||
Mettler-Toledo International, Inc.(a) |
31 | 40,661 | ||||||
Moderna, Inc.(a) |
178 | 21,627 | ||||||
Neurocrine Biosciences, Inc.(a) |
519 | 48,942 | ||||||
Regeneron Pharmaceuticals, Inc.(a) |
56 | 40,238 | ||||||
Repligen Corp.(a) |
156 | 22,068 | ||||||
ResMed, Inc. |
269 | 58,777 | ||||||
Revvity, Inc. |
337 | 40,032 | ||||||
Stryker Corp. |
187 | 57,052 | ||||||
Teleflex, Inc. |
182 | 44,049 | ||||||
United Therapeutics Corp.(a) |
255 | 56,291 | ||||||
Veeva Systems, Inc., Class A(a) |
230 | 45,478 | ||||||
Vertex Pharamaceuticals, Inc.(a) |
169 | 59,473 | ||||||
Waters Corp.(a) |
163 | 43,446 | ||||||
West Pharmaceutical Services, Inc. |
101 | 38,630 | ||||||
Zimmer Biomet Holdings, Inc. |
503 | 73,237 | ||||||
Zoetis, Inc. |
300 | 51,663 | ||||||
1,826,633 | ||||||||
Industrials (7.1%): |
||||||||
A.O. Smith Corp. |
712 | 51,819 | ||||||
AECOM |
803 | 68,006 | ||||||
AGCO Corp. |
398 | 52,305 | ||||||
Allegion PLC |
490 | 58,810 | ||||||
AMETEK, Inc. |
502 | 81,264 | ||||||
Axon Enterprise, Inc.(a) |
172 | 33,561 | ||||||
Builders FirstSource, Inc.(a) |
402 | 54,672 | ||||||
Carlisle Cos., Inc. |
230 | 59,002 | ||||||
Carrier Global Corp. |
1,133 | 56,321 | ||||||
Caterpillar, Inc. |
237 | 58,314 | ||||||
CH Robinson Worldwide, Inc. |
591 | 55,761 | ||||||
Cintas Corp. |
146 | 72,574 | ||||||
Copart, Inc.(a) |
785 | 71,600 | ||||||
CoStar Group, Inc.(a) |
686 | 61,054 | ||||||
CSX Corp. |
2,025 | 69,052 | ||||||
Deere & Co. |
153 | 61,994 | ||||||
Dover Corp. |
392 | 57,879 | ||||||
Eaton Corp. PLC |
377 | 75,815 | ||||||
Equifax, Inc. |
222 | 52,237 | ||||||
Expeditors International of Washington, Inc. |
484 | 58,627 | ||||||
Fastenal Co. |
1,111 | 65,538 |
See notes to financial statements.
24
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Large/Mid Cap Core Enhanced ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Industrials (7.1%): (continued) |
||||||||
Fortive Corp. |
907 | 67,816 | ||||||
General Dynamics Corp. |
349 | 75,087 | ||||||
Graco, Inc. |
919 | 79,356 | ||||||
HEICO Corp. |
364 | 64,406 | ||||||
Honeywell International, Inc. |
363 | 75,322 | ||||||
Howmet Aerospace, Inc. |
1,376 | 68,195 | ||||||
Hubbell, Inc. |
245 | 81,232 | ||||||
IDEX Corp. |
301 | 64,793 | ||||||
Illinois Tool Works, Inc. |
284 | 71,045 | ||||||
Ingersoll Rand, Inc. |
944 | 61,700 | ||||||
J.B. Hunt Transport Services, Inc. |
292 | 52,861 | ||||||
Jack Henry & Associates, Inc. |
368 | 61,577 | ||||||
Johnson Controls International PLC |
917 | 62,484 | ||||||
Knight-Swift Transportation Holdings, Inc. |
897 | 49,837 | ||||||
Leidos Holdings, Inc. |
814 | 72,023 | ||||||
Lennox International, Inc. |
185 | 60,323 | ||||||
Lincoln Electric Holdings, Inc. |
417 | 82,829 | ||||||
Masco Corp. |
931 | 53,421 | ||||||
Nordson Corp. |
248 | 61,549 | ||||||
Norfolk Southern Corp. |
294 | 66,667 | ||||||
Old Dominion Freight Line, Inc. |
128 | 47,328 | ||||||
Otis Worldwide Corp. |
867 | 77,172 | ||||||
PACCAR, Inc. |
885 | 74,030 | ||||||
Parker-Hannifin Corp. |
171 | 66,697 | ||||||
Paychex, Inc. |
573 | 64,102 | ||||||
Paycom Software, Inc. |
126 | 40,476 | ||||||
Paylocity Holding Corp.(a) |
175 | 32,293 | ||||||
Quanta Services, Inc. |
307 | 60,310 | ||||||
Regal Rexnord Corp. |
311 | 47,863 | ||||||
Republic Services, Inc. |
594 | 90,983 | ||||||
Rockwell Automation, Inc. |
172 | 56,665 | ||||||
Rollins, Inc. |
1,560 | 66,815 | ||||||
Snap-on, Inc. |
296 | 85,304 | ||||||
SS&C Technologies Holdings, Inc. |
959 | 58,115 | ||||||
Textron, Inc. |
845 | 57,147 | ||||||
Toro Co. |
656 | 66,682 | ||||||
Trane Technologies PLC |
318 | 60,821 | ||||||
TransDigm Group, Inc. |
72 | 64,380 | ||||||
TransUnion |
575 | 45,040 | ||||||
U-Haul Holding Co. |
799 | 44,201 | ||||||
Union Pacific Corp. |
292 | 59,749 | ||||||
United Rentals, Inc. |
110 | 48,991 | ||||||
Verisk Analytics, Inc. |
322 | 72,782 | ||||||
Waste Management, Inc. |
505 | 87,577 | ||||||
Watsco, Inc. |
147 | 56,076 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Industrials (7.1%): (continued) |
||||||||
Westinghouse Air Brake Technologies Corp. |
612 | 67,118 | ||||||
WillScot Mobile Mini Holdings Corp.(a) |
1,280 | 61,171 | ||||||
WW Grainger, Inc. |
81 | 63,876 | ||||||
Xylem, Inc. |
501 | 56,423 | ||||||
4,388,915 | ||||||||
Information Technology (3.7%): |
||||||||
Advanced Micro Devices, Inc.(a) |
329 | 37,476 | ||||||
Akamai Technologies, Inc.(a) |
680 | 61,112 | ||||||
Amphenol Corp., Class A |
788 | 66,941 | ||||||
Analog Devices, Inc. |
264 | 51,430 | ||||||
ANSYS, Inc.(a) |
140 | 46,238 | ||||||
Arista Networks, Inc.(a) |
258 | 41,811 | ||||||
Bentley Systems, Inc., Class B |
1,002 | 54,338 | ||||||
Broadcom, Inc. |
82 | 71,129 | ||||||
Cadence Design Systems, Inc.(a) |
236 | 55,347 | ||||||
CDW Corp. |
321 | 58,904 | ||||||
Cognizant Technology Solutions Corp., Class A |
839 | 54,770 | ||||||
Dynatrace, Inc.(a) |
827 | 42,566 | ||||||
Enphase Energy, Inc.(a) |
135 | 22,610 | ||||||
Entegris, Inc. |
382 | 42,333 | ||||||
EPAM Systems, Inc.(a) |
114 | 25,622 | ||||||
Fair Isaac Corp.(a) |
48 | 38,842 | ||||||
Fortinet, Inc.(a) |
515 | 38,929 | ||||||
Gartner, Inc.(a) |
179 | 62,706 | ||||||
Jabil, Inc. |
652 | 70,370 | ||||||
Juniper Networks, Inc. |
1,810 | 56,707 | ||||||
Keysight Technologies, Inc.(a) |
323 | 54,086 | ||||||
KLA Corp. |
108 | 52,382 | ||||||
Lattice Semiconductor Corp.(a) |
359 | 34,489 | ||||||
Manhattan Associates, Inc.(a) |
251 | 50,170 | ||||||
Microchip Technology, Inc. |
502 | 44,974 | ||||||
Monolithic Power Systems, Inc. |
65 | 35,115 | ||||||
NetApp, Inc. |
828 | 63,259 | ||||||
NVIDIA Corp. |
106 | 44,840 | ||||||
NXP Semiconductors N.V. |
234 | 47,895 | ||||||
ON Semiconductor Corp.(a) |
386 | 36,508 | ||||||
Palo Alto Networks, Inc.(a) |
199 | 50,847 | ||||||
PTC, Inc.(a) |
438 | 62,327 | ||||||
Pure Storage, Inc., Class A(a) |
1,712 | 63,036 | ||||||
Qorvo, Inc.(a) |
411 | 41,934 | ||||||
Roper Technologies, Inc. |
163 | 78,370 | ||||||
Seagate Technology Holdings PLC |
604 | 37,369 | ||||||
ServiceNow, Inc.(a) |
76 | 42,710 |
See notes to financial statements.
25
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Large/Mid Cap Core Enhanced ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Information Technology (3.7%): (continued) |
||||||||
Skyworks Solutions, Inc. |
362 | 40,070 | ||||||
Synopsys, Inc.(a) |
130 | 56,603 | ||||||
TD SYNNEX Corp. |
573 | 53,862 | ||||||
TE Connectivity Ltd. |
442 | 61,951 | ||||||
Teledyne Technologies, Inc.(a) |
136 | 55,911 | ||||||
Teradyne, Inc. |
390 | 43,419 | ||||||
Trimble, Inc.(a) |
837 | 44,311 | ||||||
Tyler Technologies, Inc.(a) |
124 | 51,642 | ||||||
Zebra Technologies Corp.(a) |
115 | 34,020 | ||||||
2,282,281 | ||||||||
Materials (1.9%): |
||||||||
Albemarle Corp. |
168 | 37,479 | ||||||
Avery Dennison Corp. |
302 | 51,884 | ||||||
Ball Corp. |
802 | 46,684 | ||||||
Celanese Corp. |
354 | 40,993 | ||||||
CF Industries Holdings, Inc. |
502 | 34,849 | ||||||
Cleveland-Cliffs, Inc.(a) |
1,629 | 27,302 | ||||||
Crown Holdings, Inc. |
542 | 47,084 | ||||||
Eastman Chemical Co. |
559 | 46,800 | ||||||
Ecolab, Inc. |
302 | 56,380 | ||||||
FMC Corp. |
532 | 55,509 | ||||||
Freeport-McMoRan, Inc. |
768 | 30,720 | ||||||
International Paper Co. |
1,374 | 43,707 | ||||||
LyondellBasell Industries N.V., Class A |
540 | 49,588 | ||||||
Martin Marietta Materials, Inc. |
151 | 69,715 | ||||||
Nucor Corp. |
257 | 42,143 | ||||||
Packaging Corp. of America |
386 | 51,014 | ||||||
PPG Industries, Inc. |
348 | 51,608 | ||||||
Reliance Steel & Aluminum Co. |
235 | 63,824 | ||||||
RPM International, Inc. |
659 | 59,132 | ||||||
Steel Dynamics, Inc. |
347 | 37,799 | ||||||
The Mosaic Co. |
783 | 27,405 | ||||||
The Sherwin-Williams Co. |
204 | 54,166 | ||||||
Vulcan Materials Co. |
346 | 78,002 | ||||||
Westlake Corp. |
366 | 43,726 | ||||||
1,147,513 | ||||||||
Utilities (1.9%): |
||||||||
Alliant Energy Corp. |
1,193 | 62,609 | ||||||
Ameren Corp. |
773 | 63,131 | ||||||
American Electric Power Co., Inc. |
719 | 60,540 | ||||||
American Water Works Co., Inc. |
430 | 61,382 | ||||||
Atmos Energy Corp. |
596 | 69,339 | ||||||
CenterPoint Energy, Inc. |
2,317 | 67,540 | ||||||
CMS Energy Corp. |
1,121 | 65,859 | ||||||
Consolidated Edison, Inc. |
771 | 69,698 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Utilities (1.9%): (continued) |
||||||||
DTE Energy Co. |
616 | 67,772 | ||||||
Entergy Corp. |
610 | 59,396 | ||||||
Essential Utilities, Inc. |
1,557 | 62,140 | ||||||
Evergy, Inc. |
1,095 | 63,970 | ||||||
Eversource Energy |
842 | 59,715 | ||||||
NextEra Energy, Inc. |
762 | 56,540 | ||||||
NiSource, Inc. |
2,321 | 63,479 | ||||||
Public Service Enterprise Group, Inc. |
988 | 61,859 | ||||||
The Southern Co. |
1,000 | 70,250 | ||||||
WEC Energy Group, Inc. |
711 | 62,739 | ||||||
Xcel Energy, Inc. |
967 | 60,118 | ||||||
1,208,076 | ||||||||
Total Common Stocks (Cost $13,335,630) |
16,005,919 | |||||||
Investment Company (73.8%) |
||||||||
Federated Hermes Treasury Obligations Fund, 4.96%(b) |
45,810,782 | 45,810,782 | ||||||
Total Investment Company (Cost $45,810,782) |
45,810,782 | |||||||
Total Investments (Cost $59,146,412) — 99.6% |
61,816,701 | |||||||
Other assets in excess of liabilities — 0.4% |
230,274 | |||||||
NET ASSETS — 100.00% |
62,046,975 |
Percentages indicated are based on net assets as of June 30, 2023.
(a) |
Non-income producing security. |
(b) |
Rate disclosed is the 7-Day effective yield on June 30, 2023. |
See notes to financial statements.
26
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan US Large/Mid Cap Core Enhanced ETF
Futures Contracts
Long Futures
Index Futures |
Expiration Date |
Number of |
Notional |
Value |
Value and |
|||||||||||||||
S&P 500 Index E-mini |
9/15/23 | 1 | $ | 217,460 | $ | 224,413 | $ | 6,953 | ||||||||||||
$ | 6,953 |
See notes to financial statements.
27
Schedule of Portfolio Investments
June 30, 2023 (Unaudited)
Timothy Plan High Dividend Stock Enhanced ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Common Stocks (25.6%) |
||||||||
Consumer Discretionary (2.1%): |
||||||||
Bath & Body Works, Inc. |
2,572 | 96,450 | ||||||
Darden Restaurants, Inc. |
1,400 | 233,912 | ||||||
Garmin Ltd. |
1,807 | 188,452 | ||||||
Genuine Parts Co. |
1,408 | 238,276 | ||||||
LKQ Corp. |
3,551 | 206,917 | ||||||
Lowe’s Cos., Inc. |
817 | 184,397 | ||||||
Tapestry, Inc. |
3,379 | 144,621 | ||||||
Vail Resorts, Inc. |
739 | 186,050 | ||||||
1,479,075 | ||||||||
Consumer Staples (2.0%): |
||||||||
Bunge Ltd. |
1,547 | 145,960 | ||||||
Campbell Soup Co. |
4,689 | 214,334 | ||||||
Hormel Foods Corp. |
7,094 | 285,321 | ||||||
McCormick & Co., Inc. |
2,374 | 207,084 | ||||||
Sysco Corp. |
3,106 | 230,465 | ||||||
The JM Smucker Co. |
2,026 | 299,179 | ||||||
1,382,343 | ||||||||
Energy (3.4%): |
||||||||
APA Corp. |
2,444 | 83,512 | ||||||
Chesapeake Energy Corp. |
1,581 | 132,298 | ||||||
ConocoPhillips |
1,278 | 132,414 | ||||||
Coterra Energy, Inc. |
5,007 | 126,677 | ||||||
Diamondback Energy, Inc. |
890 | 116,910 | ||||||
EOG Resources, Inc. |
1,076 | 123,137 | ||||||
EQT Corp. |
3,078 | 126,598 | ||||||
Halliburton Co. |
3,302 | 108,933 | ||||||
HF Sinclair Corp. |
2,781 | 124,060 | ||||||
Kinder Morgan, Inc. |
12,120 | 208,706 | ||||||
Marathon Petroleum Corp. |
1,151 | 134,207 | ||||||
ONEOK, Inc. |
2,488 | 153,559 | ||||||
Ovintiv, Inc. |
2,492 | 94,870 | ||||||
Phillips 66 |
1,384 | 132,006 | ||||||
Pioneer Natural Resources Co. |
597 | 123,687 | ||||||
Targa Resources Corp. |
1,790 | 136,219 | ||||||
The Williams Cos., Inc. |
6,449 | 210,431 | ||||||
Valero Energy Corp. |
966 | 113,312 | ||||||
2,381,536 | ||||||||
Financials (2.6%): |
||||||||
Aflac, Inc. |
3,466 | 241,927 | ||||||
American Financial Group, Inc. |
1,653 | 196,294 | ||||||
Ares Management Corp., Class A |
1,694 | 163,217 | ||||||
East West BanCorp, Inc. |
2,095 | 110,595 | ||||||
Equitable Holdings, Inc. |
5,596 | 151,988 | ||||||
Erie Indemnity Co., Class A |
826 | 173,468 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Financials (2.6%): (continued) |
||||||||
Everest Re Group Ltd. |
462 | 157,939 | ||||||
Franklin Resources, Inc. |
5,479 | 146,344 | ||||||
Principal Financial Group, Inc. |
2,174 | 164,876 | ||||||
Raymond James Financial, Inc. |
1,753 | 181,909 | ||||||
Reinsurance Group of America, Inc. |
1,277 | 177,107 | ||||||
1,865,664 | ||||||||
Health Care (0.3%): |
||||||||
Amgen, Inc. |
961 | 213,361 | ||||||
213,361 | ||||||||
Industrials (5.5%): |
||||||||
A.O. Smith Corp. |
2,286 | 166,375 | ||||||
Caterpillar, Inc. |
762 | 187,490 | ||||||
CH Robinson Worldwide, Inc. |
1,899 | 179,171 | ||||||
Eaton Corp. PLC |
1,211 | 243,532 | ||||||
Fastenal Co. |
3,568 | 210,476 | ||||||
General Dynamics Corp. |
1,121 | 241,183 | ||||||
Honeywell International, Inc. |
1,168 | 242,360 | ||||||
Hubbell, Inc. |
786 | 260,606 | ||||||
Illinois Tool Works, Inc. |
911 | 227,896 | ||||||
Johnson Controls International PLC |
2,945 | 200,672 | ||||||
Lennox International, Inc. |
594 | 193,686 | ||||||
Masco Corp. |
2,991 | 171,624 | ||||||
Norfolk Southern Corp. |
945 | 214,288 | ||||||
Paychex, Inc. |
1,839 | 205,729 | ||||||
Snap-on, Inc. |
951 | 274,069 | ||||||
Union Pacific Corp. |
939 | 192,138 | ||||||
Waste Management, Inc. |
1,622 | 281,287 | ||||||
Watsco, Inc. |
473 | 180,435 | ||||||
3,873,017 | ||||||||
Information Technology (2.0%): |
||||||||
Broadcom, Inc. |
264 | 229,002 | ||||||
Cognizant Technology Solutions Corp., Class A |
2,696 | 175,995 | ||||||
Juniper Networks, Inc. |
5,813 | 182,121 | ||||||
NetApp, Inc. |
2,660 | 203,224 | ||||||
NXP Semiconductors N.V. |
752 | 153,919 | ||||||
Seagate Technology Holdings PLC |
1,942 | 120,152 | ||||||
Skyworks Solutions, Inc. |
1,164 | 128,843 | ||||||
TE Connectivity Ltd. |
1,419 | 198,887 | ||||||
1,392,143 | ||||||||
Materials (2.2%): |
||||||||
Avery Dennison Corp. |
970 | 166,646 | ||||||
Celanese Corp. |
1,138 | 131,780 | ||||||
CF Industries Holdings, Inc. |
1,614 | 112,044 | ||||||
Eastman Chemical Co. |
1,796 | 150,361 | ||||||
FMC Corp. |
1,710 | 178,422 |
See notes to financial statements.
28
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan High Dividend Stock Enhanced ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Materials (2.2%): (continued) |
||||||||
International Paper Co. |
4,414 | 140,409 | ||||||
LyondellBasell Industries N.V., Class A |
1,734 | 159,233 | ||||||
Packaging Corp. of America |
1,240 | 163,878 | ||||||
PPG Industries, Inc. |
1,119 | 165,948 | ||||||
RPM International, Inc. |
2,117 | 189,959 | ||||||
1,558,680 | ||||||||
Utilities (5.5%): |
||||||||
Alliant Energy Corp. |
3,834 | 201,208 | ||||||
Ameren Corp. |
2,484 | 202,868 | ||||||
American Electric Power Co., Inc. |
2,309 | 194,418 | ||||||
American Water Works Co., Inc. |
1,381 | 197,138 | ||||||
Atmos Energy Corp. |
1,915 | 222,791 | ||||||
CenterPoint Energy, Inc. |
7,444 | 216,993 | ||||||
CMS Energy Corp. |
3,603 | 211,676 | ||||||
Consolidated Edison, Inc. |
2,478 | 224,011 | ||||||
DTE Energy Co. |
1,977 | 217,510 | ||||||
Entergy Corp. |
1,958 | 190,650 | ||||||
Essential Utilities, Inc. |
5,003 | 199,670 | ||||||
Evergy, Inc. |
3,517 | 205,463 | ||||||
Eversource Energy |
2,706 | 191,910 | ||||||
NextEra Energy, Inc. |
2,448 | 181,642 | ||||||
NiSource, Inc. |
7,457 | 203,949 | ||||||
Public Service Enterprise Group, Inc. |
3,175 | 198,787 | ||||||
The Southern Co. |
3,213 | 225,713 | ||||||
WEC Energy Group, Inc. |
2,284 | 201,540 | ||||||
Xcel Energy, Inc. |
3,108 | 193,224 | ||||||
3,881,161 | ||||||||
Total Common Stocks (Cost $16,416,845) |
18,026,980 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Investment Company (74.1%) |
||||||||
Federated Hermes Treasury Obligations Fund, 4.96%(a) |
52,271,087 | 52,271,087 | ||||||
Total Investment Company (Cost $52,271,087) |
52,271,087 | |||||||
Total Investments (Cost $68,687,932) — 99.7% |
70,298,067 | |||||||
Other assets in excess of liabilities — 0.3% |
235,610 | |||||||
NET ASSETS — 100.00% |
70,533,677 |
Percentages indicated are based on net assets as of June 30, 2023.
(a) |
Rate disclosed is the 7-Day effective yield on June 30, 2023. |
Futures Contracts
Long Futures
Index Futures |
Expiration Date |
Number of |
Notional |
Value |
Value and |
|||||||||||||||
S&P 500 Index E-mini |
9/15/23 | 2 | $ | 441,401 | $ | 448,825 | $ | 7,424 | ||||||||||||
$ | 7,424 |
See notes to financial statements.
29
Schedule of Portfolio Investments
June 30, 2023 (Unaudited)
Timothy Plan Market Neutral ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Common Stocks (88.3%) |
||||||||
Communication Services (3.5%): |
||||||||
BT Group PLC |
114,451 | 177,810 | ||||||
Cheil Worldwide, Inc. |
9,840 | 135,397 | ||||||
Cogent Communications Holdings, Inc. |
3,963 | 266,670 | ||||||
Gray Television, Inc. |
9,428 | 74,293 | ||||||
HKT Trust & HKT Ltd. |
220,000 | 255,778 | ||||||
KDDI Corp. |
3,800 | 117,203 | ||||||
LG Uplus Corp. |
30,155 | 245,570 | ||||||
Tele2 AB, Class B Shares |
26,908 | 222,422 | ||||||
Telefonica Deutschland Holding AG |
71,118 | 199,966 | ||||||
Telenor ASA |
25,227 | 255,816 | ||||||
1,950,925 | ||||||||
Consumer Discretionary (8.9%): |
||||||||
Barratt Developments PLC |
29,070 | 152,635 | ||||||
Big 5 Sporting Goods Corp. |
11,399 | 104,415 | ||||||
Camping World Holdings, Inc., Class A |
5,435 | 163,593 | ||||||
Carter’s, Inc. |
1,823 | 132,350 | ||||||
Cracker Barrel Old Country Store, Inc. |
1,778 | 165,674 | ||||||
Darden Restaurants, Inc. |
1,456 | 243,268 | ||||||
Ethan Allen Interiors, Inc. |
7,378 | 208,650 | ||||||
Foot Locker, Inc. |
3,477 | 94,261 | ||||||
Franchise Group, Inc. |
3,995 | 114,417 | ||||||
Garmin Ltd. |
2,034 | 212,126 | ||||||
Guess?, Inc. |
6,746 | 131,210 | ||||||
H&R Block, Inc. |
4,255 | 135,607 | ||||||
Haverty Furniture Cos., Inc. |
5,925 | 179,053 | ||||||
Kontoor Brands, Inc. |
3,362 | 141,540 | ||||||
LCI Industries |
1,552 | 196,111 | ||||||
Leggett & Platt, Inc. |
5,363 | 158,852 | ||||||
MDC Holdings, Inc. |
5,330 | 249,284 | ||||||
Movado Group, Inc. |
4,743 | 127,255 | ||||||
Newell Brands, Inc. |
8,954 | 77,900 | ||||||
Next PLC |
1,747 | 153,065 | ||||||
Persimmon PLC |
8,278 | 107,794 | ||||||
PetMed Express, Inc. |
8,664 | 119,476 | ||||||
Smith & Wesson Brands, Inc. |
12,877 | 167,916 | ||||||
Stellantis N.V. |
15,620 | 274,220 | ||||||
Tapestry, Inc. |
3,202 | 137,046 | ||||||
Taylor Wimpey PLC |
113,205 | 147,700 | ||||||
The Aaron’s Co., Inc. |
8,581 | 121,335 | ||||||
The Cheesecake Factory, Inc. |
3,796 | 131,266 | ||||||
Travel + Leisure Co. |
3,252 | 131,186 | ||||||
Upbound Group, Inc. |
4,210 | 131,057 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Consumer Discretionary (8.9%): (continued) |
||||||||
Vail Resorts, Inc. |
734 | 184,792 | ||||||
Wolverine World Wide, Inc. |
7,714 | 113,319 | ||||||
4,908,373 | ||||||||
Consumer Staples (3.7%): |
||||||||
B&G Foods, Inc. |
13,141 | 182,923 | ||||||
Cal-Maine Foods, Inc. |
3,430 | 154,350 | ||||||
Campbell Soup Co. |
3,989 | 182,337 | ||||||
Energizer Holdings, Inc. |
6,246 | 209,741 | ||||||
Flowers Foods, Inc. |
10,183 | 253,353 | ||||||
Ingredion, Inc. |
2,896 | 306,831 | ||||||
J Sainsbury PLC |
75,998 | 259,590 | ||||||
Medifast, Inc. |
1,221 | 112,527 | ||||||
Nu Skin Enterprises, Inc., Class A |
4,073 | 135,224 | ||||||
Reynolds Consumer Products, Inc. |
8,282 | 233,966 | ||||||
2,030,842 | ||||||||
Energy (9.4%): |
||||||||
Aker BP ASA |
4,652 | 109,176 | ||||||
Ampol Ltd. |
7,424 | 148,035 | ||||||
Antero Midstream Corp. |
14,477 | 167,933 | ||||||
Archrock, Inc. |
22,356 | 229,149 | ||||||
Chesapeake Energy Corp. |
1,005 | 84,098 | ||||||
Chord Energy Corp. |
988 | 151,954 | ||||||
Civitas Resources, Inc. |
1,950 | 135,272 | ||||||
Comstock Resources, Inc. |
9,840 | 114,144 | ||||||
CONSOL Energy, Inc. |
1,753 | 118,871 | ||||||
Crescent Energy Co., Class A |
9,846 | 102,595 | ||||||
CVR Energy, Inc. |
3,287 | 98,479 | ||||||
DHT Holdings, Inc. |
7,613 | 64,939 | ||||||
DT Midstream, Inc. |
3,571 | 177,015 | ||||||
Enbridge, Inc. |
6,818 | 253,449 | ||||||
Eni SpA |
12,406 | 178,433 | ||||||
Equitrans Midstream Corp. |
13,406 | 128,161 | ||||||
FLEX LNG Ltd. |
3,928 | 119,922 | ||||||
HD Hyundai Co. Ltd. |
3,894 | 177,027 | ||||||
HF Sinclair Corp. |
2,160 | 96,358 | ||||||
Keyera Corp. |
8,073 | 186,192 | ||||||
Kinder Morgan, Inc. |
11,499 | 198,013 | ||||||
Kinetik Holdings, Inc. |
3,015 | 105,947 | ||||||
New Fortress Energy, Inc. |
2,583 | 69,173 | ||||||
Nordic American Tankers Ltd. |
19,284 | 70,772 | ||||||
Northern Oil and Gas, Inc. |
3,235 | 111,025 | ||||||
OMV AG |
1,986 | 84,163 | ||||||
ONEOK, Inc. |
2,201 | 135,846 | ||||||
Ovintiv, Inc. |
2,481 | 94,452 | ||||||
Pembina Pipelines Corp. |
5,577 | 175,360 | ||||||
Phillips 66 |
1,268 | 120,942 |
See notes to financial statements.
30
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan Market Neutral ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Energy (9.4%): (continued) |
||||||||
SFL Corp. Ltd. |
23,331 | 217,678 | ||||||
Sitio Royalties Corp., Class A |
5,322 | 139,809 | ||||||
S-Oil Corp. |
2,061 | 104,333 | ||||||
TC Energy Corp. |
4,794 | 193,772 | ||||||
The Williams Cos., Inc. |
5,848 | 190,820 | ||||||
Vaalco Energy, Inc. |
31,113 | 116,985 | ||||||
Valero Energy Corp. |
818 | 95,951 | ||||||
Woodside Energy Group Ltd. |
5,117 | 117,369 | ||||||
5,183,612 | ||||||||
Financials (21.1%): |
||||||||
ABN AMRO Bank N.V. |
8,602 | 133,557 | ||||||
abrdn PLC |
33,761 | 93,541 | ||||||
Ageas SA |
2,854 | 115,560 | ||||||
A-Mark Precious Metals, Inc. |
2,276 | 85,202 | ||||||
ANZ Group Holdings Ltd. |
11,815 | 186,569 | ||||||
Ares Management Corp., Class A |
1,235 | 118,992 | ||||||
Artisan Partners Asset Management, Inc., Class A |
2,746 | 107,945 | ||||||
Assicurazioni Generali SpA |
7,381 | 149,954 | ||||||
Axis Capital Holdings Ltd. |
3,105 | 167,142 | ||||||
Bank of Hawaii Corp. |
2,899 | 119,526 | ||||||
Bank OZK |
4,194 | 168,431 | ||||||
Blue Owl Capital, Inc. |
7,481 | 87,154 | ||||||
Brookline BanCorp, Inc. |
13,567 | 118,576 | ||||||
Capitol Federal Financial, Inc. |
18,972 | 117,057 | ||||||
CNA Financial Corp. |
5,207 | 201,094 | ||||||
Columbia Banking System, Inc. |
12,070 | 244,780 | ||||||
Credit Agricole SA |
16,992 | 201,566 | ||||||
DB Insurance Co. Ltd. |
2,682 | 151,850 | ||||||
First American Financial Corp. |
2,345 | 133,712 | ||||||
First BanCorp |
11,648 | 142,338 | ||||||
First Busey Corp. |
8,928 | 179,453 | ||||||
First Financial BanCorp |
8,136 | 166,300 | ||||||
First Hawaiian, Inc. |
8,407 | 151,410 | ||||||
First Interstate BancSystem, Inc., Class A |
6,057 | 144,399 | ||||||
FNB Corp. |
17,828 | 203,952 | ||||||
Franklin Resources, Inc. |
3,743 | 99,975 | ||||||
Great-West Lifeco, Inc. |
5,698 | 165,485 | ||||||
Hana Financial Group, Inc. |
3,832 | 114,006 | ||||||
Hanmi Financial Corp. |
7,206 | 107,586 | ||||||
Hope BanCorp, Inc. |
14,985 | 126,174 | ||||||
Industrial Bank of Korea |
32,550 | 255,439 | ||||||
ING Groep N.V. |
10,661 | 143,518 | ||||||
Intesa Sanpaolo SpA |
61,837 | 161,928 | ||||||
Invesco Ltd. |
5,460 | 91,783 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Financials (21.1%): (continued) |
||||||||
Jackson Financial, Inc., Class A |
2,313 | 70,801 | ||||||
Janus Henderson Group PLC |
4,290 | 116,902 | ||||||
Jefferies Financial Group, Inc. |
2,970 | 98,515 | ||||||
KBC Group N.V. |
2,036 | 141,996 | ||||||
Korea Investment Holdings Co. Ltd. |
2,344 | 91,796 | ||||||
Lazard Ltd., Class A |
2,473 | 79,136 | ||||||
Legal & General Group PLC |
34,127 | 98,499 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
17,150 | 205,087 | ||||||
MGIC Investment Corp. |
11,458 | 180,922 | ||||||
Moelis & Co., Class A |
2,009 | 91,088 | ||||||
Navient Corp. |
5,537 | 102,877 | ||||||
New York Community BanCorp, Inc. |
14,186 | 159,451 | ||||||
NH Investment & Securities Co. Ltd. |
26,929 | 195,182 | ||||||
NN Group N.V. |
4,039 | 149,439 | ||||||
Nordea Bank Abp |
17,578 | 191,244 | ||||||
Northwest Bancshares, Inc. |
15,051 | 159,541 | ||||||
Oceanfirst Financial Corp. |
9,200 | 143,704 | ||||||
Old Republic International Corp. |
8,617 | 216,890 | ||||||
Onemain Holdings, Inc. |
2,219 | 96,948 | ||||||
Pacific Premier BanCorp, Inc. |
5,136 | 106,212 | ||||||
Piper Sandler Cos. |
795 | 102,762 | ||||||
Popular, Inc. |
2,735 | 165,522 | ||||||
Poste Italiane SpA |
9,493 | 102,708 | ||||||
Power Corp. of Canada |
5,924 | 159,482 | ||||||
Principal Financial Group, Inc. |
1,656 | 125,591 | ||||||
Prosperity Bancshares, Inc. |
3,408 | 192,484 | ||||||
Radian Group, Inc. |
7,391 | 186,844 | ||||||
Safety Insurance Group, Inc. |
2,054 | 147,313 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. |
1,240 | 216,454 | ||||||
Samsung Securities Co. Ltd. |
5,353 | 146,257 | ||||||
Sandy Spring BanCorp, Inc. |
5,294 | 120,068 | ||||||
SBI Holdings, Inc. |
5,900 | 113,211 | ||||||
Societe Generale SA |
5,795 | 150,485 | ||||||
Southside Bancshares, Inc. |
5,662 | 148,118 | ||||||
Stewart Information Services Corp. |
2,735 | 112,518 | ||||||
Swiss Re AG |
1,086 | 109,280 | ||||||
Synovus Financial Corp. |
3,612 | 109,263 | ||||||
TFS Financial Corp. |
14,335 | 180,191 | ||||||
The Bank of NT Butterfield & Son Ltd. |
6,389 | 174,803 | ||||||
The Western Union Co. |
14,601 | 171,270 | ||||||
UWM Holdings Corp. |
21,246 | 118,978 | ||||||
Valley National BanCorp |
13,671 | 105,950 | ||||||
Virtu Financial, Inc., Class A |
7,703 | 131,644 |
See notes to financial statements.
31
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan Market Neutral ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Financials (21.1%): (continued) |
||||||||
Washington Trust BanCorp, Inc. |
2,988 | 80,108 | ||||||
Webster Financial Corp. |
3,797 | 143,337 | ||||||
WesBanco, Inc. |
6,338 | 162,316 | ||||||
Westpac Banking Corp. |
12,595 | 179,006 | ||||||
Woori Financial Group, Inc. |
15,743 | 140,870 | ||||||
11,649,017 | ||||||||
Health Care (1.2%): |
||||||||
Amgen, Inc. |
1,041 | 231,123 | ||||||
Organon & Co. |
6,127 | 127,503 | ||||||
Patterson Cos., Inc. |
8,272 | 275,126 | ||||||
633,752 | ||||||||
Industrials (11.3%): |
||||||||
ACCO Brands Corp. |
32,882 | 171,315 | ||||||
ACS Actividades de Construccion y Servicios SA |
11,814 | 414,678 | ||||||
Adecco Group AG |
4,564 | 149,090 | ||||||
AP Moller - Maersk A/S, Class B |
60 | 105,313 | ||||||
Aurizon Holdings Ltd. |
105,677 | 275,893 | ||||||
Bouygues SA |
9,559 | 320,820 | ||||||
CK Hutchison Holdings Ltd. |
45,999 | 280,901 | ||||||
Costamare, Inc. |
17,670 | 170,869 | ||||||
Deluxe Corp. |
9,577 | 167,406 | ||||||
Eagle Bulk Shipping, Inc. |
2,582 | 124,039 | ||||||
EMCOR Group, Inc. |
755 | 139,509 | ||||||
Ennis, Inc. |
5,538 | 112,864 | ||||||
Genco Shipping & Trading Ltd. |
8,570 | 120,237 | ||||||
Golden Ocean Group Ltd. |
14,049 | 106,070 | ||||||
HNI Corp. |
9,467 | 266,780 | ||||||
Insteel Industries, Inc. |
4,972 | 154,729 | ||||||
Kaman Corp. |
5,678 | 138,146 | ||||||
Kennametal, Inc. |
7,639 | 216,871 | ||||||
ManpowerGroup, Inc. |
2,128 | 168,963 | ||||||
MDU Resources Group, Inc. |
9,612 | 201,275 | ||||||
MillerKnoll, Inc. |
6,228 | 92,050 | ||||||
Mitsui OSK Lines Ltd. |
6,300 | 150,907 | ||||||
MSC Industrial Direct Co., Inc. |
3,411 | 325,000 | ||||||
Nippon Yusen KK |
6,000 | 132,659 | ||||||
PACCAR, Inc. |
4,034 | 337,444 | ||||||
Pitney Bowes, Inc. |
27,097 | 95,923 | ||||||
Ryder System, Inc. |
1,543 | 130,831 | ||||||
Singapore Technologies Engineering Ltd. |
110,200 | 299,931 | ||||||
SITC International Holdings Co. Ltd. |
39,721 | 72,490 | ||||||
Trinity Industries, Inc. |
7,045 | 181,127 | ||||||
Triton International Ltd. |
3,866 | 321,883 | ||||||
Watsco, Inc. |
638 | 243,378 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Industrials (11.3%): (continued) |
||||||||
Xinyi Glass Holdings Ltd. |
40,731 | 63,417 | ||||||
6,252,808 | ||||||||
Information Technology (1.0%): |
||||||||
Broadcom, Inc. |
222 | 192,570 | ||||||
National Instruments Corp. |
2,486 | 142,696 | ||||||
NetApp, Inc. |
2,790 | 213,156 | ||||||
548,422 | ||||||||
Materials (8.9%): |
||||||||
Amcor PLC |
18,442 | 184,051 | ||||||
Anglo American PLC |
2,700 | 76,557 | ||||||
Antofagasta PLC |
5,550 | 102,962 | ||||||
Ardagh Metal Packaging SA |
20,141 | 75,730 | ||||||
BASF SE |
2,983 | 144,738 | ||||||
BHP Group Ltd. |
4,620 | 138,431 | ||||||
Boliden AB |
2,410 | 69,641 | ||||||
CRH PLC |
3,389 | 186,735 | ||||||
Eastman Chemical Co. |
1,915 | 160,324 | ||||||
Element Solutions, Inc. |
8,823 | 169,402 | ||||||
Evonik Industries AG |
8,011 | 152,352 | ||||||
Fortescue Metals Group Ltd. |
7,220 | 106,653 | ||||||
Huntsman Corp. |
5,361 | 144,854 | ||||||
ICL Group Ltd. |
19,921 | 108,103 | ||||||
International Paper Co. |
6,472 | 205,874 | ||||||
JFE Holdings, Inc. |
15,000 | 213,127 | ||||||
Kumho Petrochemical Co. Ltd. |
1,313 | 132,237 | ||||||
LyondellBasell Industries N.V., Class A |
1,930 | 177,232 | ||||||
Newmont Corp. |
2,530 | 107,930 | ||||||
Nippon Steel Corp. |
9,800 | 204,042 | ||||||
Norsk Hydro ASA |
14,377 | 85,491 | ||||||
OCI N.V. |
3,687 | 88,382 | ||||||
Packaging Corp. of America |
1,789 | 236,434 | ||||||
POSCO Holdings, Inc. |
668 | 196,709 | ||||||
Ramaco Resources, Inc., Class A |
8,776 | 74,069 | ||||||
Ramaco Resources, Inc., Class B(a) |
0 | 2 | ||||||
Rio Tinto PLC |
2,240 | 141,804 | ||||||
Sonoco Products Co. |
4,055 | 239,326 | ||||||
South32 Ltd. |
36,121 | 90,453 | ||||||
Southern Copper Corp. |
1,844 | 132,289 | ||||||
SunCoke Energy, Inc. |
18,631 | 146,626 | ||||||
The Chemours Co. |
3,556 | 131,181 | ||||||
The Scotts Miracle-Gro Co. |
1,595 | 99,991 | ||||||
Tronox Holdings PLC |
8,591 | 109,192 | ||||||
Westrock Co. |
5,335 | 155,088 | ||||||
Yara International ASA |
4,022 | 142,074 | ||||||
4,930,086 |
See notes to financial statements.
32
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan Market Neutral ETF
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Real Estate (1.5%): |
||||||||
Hang Lung Properties Ltd. |
35,832 | 55,332 | ||||||
Henderson Land Development Co. Ltd. |
49,412 | 146,930 | ||||||
Kennedy-Wilson Holdings, Inc. |
16,212 | 264,742 | ||||||
New World Development Co. Ltd. |
44,576 | 109,681 | ||||||
Sino Land Co. Ltd. |
154,901 | 190,372 | ||||||
Vonovia SE |
2,565 | 50,082 | ||||||
817,139 | ||||||||
Utilities (17.8%): |
||||||||
Algonquin Power & Utilities Corp. |
19,928 | 164,738 | ||||||
ALLETE, Inc. |
5,408 | 313,502 | ||||||
Alliant Energy Corp. |
3,477 | 182,473 | ||||||
American Electric Power Co., Inc. |
2,231 | 187,850 | ||||||
Avangrid, Inc. |
5,557 | 209,388 | ||||||
Avista Corp. |
7,673 | 301,319 | ||||||
Black Hills Corp. |
4,994 | 300,938 | ||||||
Brookfield Infrastructure Corp., Class A |
5,286 | 240,936 | ||||||
CK Infrastructure Holdings Ltd. |
38,727 | 204,862 | ||||||
Clearway Energy, Inc., Class C |
7,413 | 211,715 | ||||||
CLP Holdings Ltd. |
29,542 | 229,604 | ||||||
CMS Energy Corp. |
2,833 | 166,439 | ||||||
Consolidated Edison, Inc. |
2,462 | 222,565 | ||||||
DTE Energy Co. |
1,596 | 175,592 | ||||||
Emera, Inc. |
6,989 | 287,875 | ||||||
Enagas SA |
12,975 | 254,825 | ||||||
Endesa SA |
12,270 | 263,069 | ||||||
Enel SpA |
30,204 | 203,269 | ||||||
Engie SA |
15,982 | 265,544 | ||||||
Entergy Corp. |
1,829 | 178,090 | ||||||
Evergy, Inc. |
3,348 | 195,590 | ||||||
Eversource Energy |
2,568 | 182,122 | ||||||
FirstEnergy Corp. |
5,047 | 196,227 | ||||||
Hawaiian Electric Industries, Inc. |
5,079 | 183,860 | ||||||
IDACORP, Inc. |
1,980 | 203,148 | ||||||
National Fuel Gas Co. |
2,841 | 145,914 | ||||||
NiSource, Inc. |
5,557 | 151,984 | ||||||
Northwest Natural Holding Co. |
6,061 | 260,926 | ||||||
NorthWestern Corp. |
6,313 | 358,326 | ||||||
NRG Energy, Inc. |
4,303 | 160,889 | ||||||
OGE Energy Corp. |
5,558 | 199,588 | ||||||
ONE Gas, Inc. |
2,778 | 213,378 | ||||||
Pinnacle West Capital Corp. |
2,930 | 238,678 | ||||||
Portland General Electric Co. |
7,570 | 354,503 | ||||||
Power Assets Holdings Ltd. |
46,485 | 243,528 |
SECURITY DESCRIPTION |
SHARES |
VALUE ($) |
||||||
Utilities (17.8%): (continued) |
||||||||
Public Service Enterprise Group, Inc. |
3,129 | 195,907 | ||||||
Red Electrica Corp. SA |
15,841 | 265,915 | ||||||
Snam SpA |
45,665 | 238,512 | ||||||
Spire, Inc. |
4,200 | 266,448 | ||||||
SSE PLC |
5,551 | 129,765 | ||||||
The Southern Co. |
3,375 | 237,094 | ||||||
UGI Corp. |
4,198 | 113,220 | ||||||
Unitil Corp. |
2,732 | 138,540 | ||||||
Vistra Corp. |
6,469 | 169,811 | ||||||
WEC Energy Group, Inc. |
2,063 | 182,039 | ||||||
Xcel Energy, Inc. |
809 | 50,295 | ||||||
9,840,800 | ||||||||
Total Common Stocks (Cost $52,487,796) |
48,745,776 | |||||||
Total Investments (Cost $52,487,796) — 88.3% |
48,745,776 | |||||||
Other assets in excess of liabilities — 11.7% |
6,449,869 | |||||||
NET ASSETS — 100.00% |
55,195,645 |
Percentages indicated are based on net assets as of June 30, 2023.
(a) |
Non-income producing security. |
See notes to financial statements.
33
Schedule of Portfolio Investments - continued
June 30, 2023 (Unaudited)
Timothy Plan Market Neutral ETF
Futures Contracts
Short Futures
Index Futures |
Expiration Date |
Number of |
Notional |
Value |
Value and |
|||||||||||||||
E-Mini Russell 2000 Index |
9/15/23 | 153 | $ | (14,432,764 | ) | $ | (14,563,305 | ) | $ | (130,541 | ) | |||||||||
Mini MSCI EAFE Index |
9/15/23 | 153 | (16,365,939 | ) | (16,489,575 | ) | (123,636 | ) | ||||||||||||
S&P 500 Index E-mini |
9/15/23 | 254 | (55,231,795 | ) | (57,000,775 | ) | (1,768,980 | ) | ||||||||||||
$ | (2,023,157 | ) |
Long Futures
Index Futures |
Expiration Date |
Number of |
Notional |
Value |
Value and |
|||||||||||||||
NASDAQ 100 E Mini Future Index |
9/15/23 | 112 | $ | 33,015,081 | $ | 34,354,880 | $ | 1,339,799 | ||||||||||||
1,339,799 | ||||||||||||||||||||
Total Net Futures Contracts |
$ | (683,358 | ) |
See notes to financial statements.
34
Statements of Assets and Liabilities
June 30, 2023 (Unaudited)
Timothy Plan
Timothy Plan US |
Timothy Plan US |
|||||||
ASSETS: |
||||||||
Investments, at value (Cost $70,111,040 and $183,349,842) |
$ | 74,549,647 | $ | 205,560,116 | ||||
Cash and cash equivalents |
246,681 | 876,281 | ||||||
Deposits with broker for futures contracts |
59,113 | 201,200 | ||||||
Interest and dividends receivable |
54,794 | 116,884 | ||||||
Variation margin receivable on open futures contracts |
840 | 10,971 | ||||||
Total Assets |
74,911,075 | 206,765,452 | ||||||
LIABILITIES: |
||||||||
Payable for capital shares redeemed |
— | 11,334 | ||||||
Accrued expenses and other payables: |
||||||||
Investment advisory fees |
31,442 | 84,899 | ||||||
Total Liabilities |
31,442 | 96,233 | ||||||
Net Assets |
74,879,633 | 206,669,219 | ||||||
NET ASSETS CONSIST OF: |
||||||||
Capital |
$ | 78,251,161 | $ | 197,931,596 | ||||
Total distributable earnings/(loss) |
(3,371,528 | ) | 8,737,623 | |||||
Net Assets |
$ | 74,879,633 | $ | 206,669,219 | ||||
Shares Outstanding (unlimited shares authorized, no par value): |
2,350,000 | 5,750,000 | ||||||
Net asset value per share: |
$ | 31.86 | $ | 35.94 |
See notes to financial statements.
35
Statements of Assets and Liabilities - continued
June 30, 2023 (Unaudited)
Timothy Plan
Timothy Plan High |
Timothy Plan |
|||||||
ASSETS: |
||||||||
Investments, at value (Cost $178,029,237 and $87,377,245) |
$ | 184,659,454 | $ | 89,610,913 | ||||
Foreign currency, at value (Cost $— and $62,441) |
— | 62,441 | ||||||
Cash and cash equivalents |
749,815 | 239,917 | ||||||
Deposits with broker for futures contracts |
192,226 | 99,663 | ||||||
Interest and dividends receivable |
199,575 | 131,302 | ||||||
Variation margin receivable on open futures contracts |
10,500 | 3,901 | ||||||
Reclaims receivable |
— | 246,100 | ||||||
Total Assets |
185,811,570 | 90,394,237 | ||||||
LIABILITIES: |
||||||||
Accrued expenses and other payables: |
||||||||
Investment advisory fees |
77,481 | 45,904 | ||||||
Total Liabilities |
77,481 | 45,904 | ||||||
Net Assets |
185,734,089 | 90,348,333 | ||||||
NET ASSETS CONSIST OF: |
||||||||
Capital |
$ | 192,584,749 | $ | 96,447,587 | ||||
Total distributable earnings/(loss) |
(6,850,660 | ) | (6,099,254 | ) | ||||
Net Assets |
$ | 185,734,089 | $ | 90,348,333 | ||||
Shares Outstanding (unlimited shares authorized, no par value): |
5,900,000 | 3,600,000 | ||||||
Net asset value per share: |
$ | 31.48 | $ | 25.10 |
See notes to financial statements.
36
Statements of Assets and Liabilities - continued
June 30, 2023 (Unaudited)
Timothy Plan
Timothy Plan US |
Timothy Plan High |
|||||||
ASSETS: |
||||||||
Investments, at value (Cost $59,146,412 and $68,687,932) |
$ | 61,816,701 | $ | 70,298,067 | ||||
Deposits with broker for futures contracts |
81,077 | 49,092 | ||||||
Interest and dividends receivable |
172,843 | 213,705 | ||||||
Variation margin receivable on open futures contracts |
2,625 | 3,096 | ||||||
Total Assets |
62,073,246 | 70,563,960 | ||||||
LIABILITIES: |
||||||||
Accrued expenses and other payables: |
||||||||
Investment advisory fees |
26,271 | 30,283 | ||||||
Total Liabilities |
26,271 | 30,283 | ||||||
Net Assets |
62,046,975 | 70,533,677 | ||||||
NET ASSETS CONSIST OF: |
||||||||
Capital |
$ | 70,144,991 | $ | 80,280,697 | ||||
Total distributable earnings/(loss) |
(8,098,016 | ) | (9,747,020 | ) | ||||
Net Assets |
$ | 62,046,975 | $ | 70,533,677 | ||||
Shares Outstanding (unlimited shares authorized, no par value): |
2,700,000 | 3,100,000 | ||||||
Net asset value per share: |
$ | 22.98 | $ | 22.75 |
See notes to financial statements.
37
Statements of Assets and Liabilities - continued
June 30, 2023 (Unaudited)
Timothy Plan
Timothy Plan |
||||
ASSETS: |
||||
Investments, at value (Cost $52,487,796) |
$ | 48,745,776 | ||
Foreign currency, at value (Cost $13,941) |
13,941 | |||
Cash and cash equivalents |
723,621 | |||
Deposits with broker for futures contracts |
5,950,714 | |||
Interest and dividends receivable |
130,211 | |||
Receivable for investments sold |
18,355 | |||
Reclaims receivable |
16,023 | |||
Total Assets |
55,598,641 | |||
LIABILITIES: |
||||
Variation margin payable on open futures contracts |
372,814 | |||
Accrued expenses and other payables: |
||||
Investment advisory fees |
30,182 | |||
Total Liabilities |
402,996 | |||
Net Assets |
55,195,645 | |||
NET ASSETS CONSIST OF: |
||||
Capital |
$ | 56,788,212 | ||
Total distributable earnings/(loss) |
(1,592,567 | ) | ||
Net Assets |
$ | 55,195,645 | ||
Shares Outstanding (unlimited shares authorized, no par value): |
2,270,000 | |||
Net asset value per share: |
$ | 24.32 |
See notes to financial statements.
38
Statements of Operations
For the Six Months Ended June 30, 2023 (Unaudited)
Timothy Plan
Timothy Plan US |
Timothy Plan US |
|||||||
Investment Income: |
||||||||
Dividend income |
$ | 624,419 | $ | 1,543,706 | ||||
Interest income |
957 | 2,440 | ||||||
Foreign tax withholding |
(753 | ) | (954 | ) | ||||
Total Income |
624,623 | 1,545,192 | ||||||
Expenses: |
||||||||
Investment advisory fees |
186,917 | 503,599 | ||||||
Total Expenses |
186,917 | 503,599 | ||||||
Net Investment Income (Loss) |
437,706 | 1,041,593 | ||||||
Realized/Unrealized Gains (Losses) from Investments: |
||||||||
Net realized gains (losses) from investments |
(2,572,003 | ) | (4,711,474 | ) | ||||
Net realized gains (losses) from in-kind transactions |
1,461,979 | 3,846,006 | ||||||
Net realized gains (losses) from futures contracts |
20,912 | 100,626 | ||||||
Net change in unrealized appreciation/depreciation on investments |
4,294,993 | 14,355,652 | ||||||
Net change in unrealized appreciation/depreciation on futures contracts |
3,881 | 26,833 | ||||||
Net realized/unrealized gains on investments |
3,209,762 | 13,617,643 | ||||||
Change in net assets resulting from operations |
$ | 3,647,468 | $ | 14,659,236 |
See notes to financial statements.
39
Statements of Operations - continued
For the Six Months Ended June 30, 2023 (Unaudited)
Timothy Plan
Timothy Plan High |
Timothy Plan |
|||||||
Investment Income: |
||||||||
Dividend income |
$ | 2,801,380 | $ | 2,047,368 | ||||
Interest income |
2,487 | 1,798 | ||||||
Foreign tax withholding |
(2,378 | ) | (252,631 | ) | ||||
Total Income |
2,801,489 | 1,796,535 | ||||||
Expenses: |
||||||||
Investment advisory fees |
479,617 | 255,879 | ||||||
Total Expenses |
479,617 | 255,879 | ||||||
Net Investment Income (Loss) |
2,321,872 | 1,540,656 | ||||||
Realized/Unrealized Gains (Losses) from Investments: |
||||||||
Net realized gains (losses) from investments and foreign currency transactions |
(4,209,007 | ) | (927,031 | ) | ||||
Net realized gains (losses) from in-kind transactions |
2,162,027 | 601,609 | ||||||
Net realized gains (losses) from futures contracts |
90,072 | 31,617 | ||||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations |
3,442,095 | 5,671,346 | ||||||
Net change in unrealized appreciation/depreciation on futures contracts |
38,940 | 5,770 | ||||||
Net realized/unrealized gains on investments |
1,524,127 | 5,383,311 | ||||||
Change in net assets resulting from operations |
$ | 3,845,999 | $ | 6,923,967 |
See notes to financial statements.
40
Statements of Operations - continued
For the Six Months Ended June 30, 2023 (Unaudited)
Timothy Plan
Timothy Plan US |
Timothy Plan High |
|||||||
Investment Income: |
||||||||
Dividend income |
$ | 735,496 | $ | 1,166,809 | ||||
Interest income |
1,202 | 1,046 | ||||||
Foreign tax withholding |
(190 | ) | (587 | ) | ||||
Total Income |
736,508 | 1,167,268 | ||||||
Expenses: |
||||||||
Investment advisory fees |
162,118 | 183,333 | ||||||
Total Expenses |
162,118 | 183,333 | ||||||
Net Investment Income (Loss) |
574,390 | 983,935 | ||||||
Realized/Unrealized Gains (Losses) from Investments: |
||||||||
Net realized gains (losses) from investments |
(5,167,668 | ) | (4,542,443 | ) | ||||
Net realized gains (losses) from in-kind transactions |
211,843 | 183,172 | ||||||
Net realized gains (losses) from futures contracts |
35,701 | 22,833 | ||||||
Net change in unrealized appreciation/depreciation on investments |
2,696,329 | 1,920,400 | ||||||
Net change in unrealized appreciation/depreciation on futures contracts |
6,424 | 12,037 | ||||||
Net realized/unrealized losses on investments |
(2,217,371 | ) | (2,404,001 | ) | ||||
Change in net assets resulting from operations |
$ | (1,642,981 | ) | $ | (1,420,066 | ) |
See notes to financial statements.
41
Statements of Operations - continued
For the Period January 24, 2023(a) through June 30, 2023 (Unaudited)
Timothy Plan
Timothy Plan |
||||
Investment Income: |
||||
Dividend income |
$ | 1,425,586 | ||
Interest income |
96,218 | |||
Foreign tax withholding |
(108,912 | ) | ||
Total Income |
1,412,892 | |||
Expenses: |
||||
Investment advisory fees |
160,470 | |||
Total Expenses |
160,470 | |||
Net Investment Income (Loss) |
1,252,422 | |||
Realized/Unrealized Gains (Losses) from Investments: |
||||
Net realized gains (losses) from investments and foreign currency transactions |
(368,574 | ) | ||
Net realized gains (losses) from in-kind transactions |
90,633 | |||
Net realized gains (losses) from futures contracts |
2,864,424 | |||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations |
(3,741,757 | ) | ||
Net change in unrealized appreciation/depreciation on futures contracts |
(683,358 | ) | ||
Net realized/unrealized losses on investments |
(1,838,632 | ) | ||
Change in net assets resulting from operations |
$ | (586,210 | ) |
(a) |
Commencement of operations. |
See notes to financial statements.
42
Statements of Changes in Net Assets
Timothy Plan
Timothy Plan US |
Timothy Plan US Large/ |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
(Unaudited) |
(Unaudited) |
|||||||||||||||
From Investment Activities: |
||||||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | 437,706 | $ | 616,478 | $ | 1,041,593 | $ | 1,678,151 | ||||||||
Net realized gains (losses) from investment |
(1,089,112 | ) | (2,052,508 | ) | (764,842 | ) | 3,512,756 | |||||||||
Net change in unrealized appreciation/depreciation on investments |
4,298,874 | (6,766,772 | ) | 14,382,485 | (27,559,191 | ) | ||||||||||
Change in net assets resulting from operations |
3,647,468 | (8,202,802 | ) | 14,659,236 | (22,368,284 | ) | ||||||||||
Distributions to Shareholders: |
||||||||||||||||
Distributions |
(372,145 | ) | (611,312 | ) | (915,091 | ) | (1,744,329 | ) | ||||||||
Change in net assets resulting from distributions to shareholders |
(372,145 | ) | (611,312 | ) | (915,091 | ) | (1,744,329 | ) | ||||||||
Change in net assets resulting from capital transactions |
182,588 | 23,444,251 | 13,865,194 | 35,032,028 | ||||||||||||
Change in net assets |
3,457,911 | 14,630,137 | 27,609,339 | 10,919,415 | ||||||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
71,421,722 | 56,791,585 | 179,059,880 | 168,140,465 | ||||||||||||
End of period |
$ | 74,879,633 | $ | 71,421,722 | $ | 206,669,219 | $ | 179,059,880 | ||||||||
Capital Transactions: |
||||||||||||||||
Proceeds from shares issued |
$ | 7,931,242 | $ | 29,554,740 | $ | 31,018,018 | $ | 72,349,537 | ||||||||
Cost of shares redeemed |
(7,748,654 | ) | (6,110,489 | ) | (17,152,824 | ) | (37,317,509 | ) | ||||||||
Change in net assets resulting from capital transactions |
$ | 182,588 | $ | 23,444,251 | $ | 13,865,194 | $ | 35,032,028 | ||||||||
Share Transactions: |
||||||||||||||||
Issued |
250,000 | 950,000 | 900,000 | 2,100,000 | ||||||||||||
Redeemed |
(250,000 | ) | (200,000 | ) | (500,000 | ) | (1,100,000 | ) | ||||||||
Change in Shares |
— | 750,000 | 400,000 | 1,000,000 |
See notes to financial statements.
43
Statements of Changes in Net Assets - continued
Timothy Plan
Timothy Plan High |
Timothy Plan International ETF |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
(Unaudited) |
(Unaudited) |
|||||||||||||||
From Investment Activities: |
||||||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | 2,321,872 | $ | 3,767,126 | $ | 1,540,656 | $ | 2,099,169 | ||||||||
Net realized gains (losses) from investment |
(1,956,908 | ) | 8,299,401 | (293,805 | ) | (5,566,343 | ) | |||||||||
Net change in unrealized appreciation/depreciation on investments |
3,481,035 | (15,924,582 | ) | 5,677,116 | (13,295,853 | ) | ||||||||||
Change in net assets resulting from operations |
3,845,999 | (3,858,055 | ) | 6,923,967 | (16,763,027 | ) | ||||||||||
Distributions to Shareholders: |
||||||||||||||||
Distributions |
(2,072,114 | ) | (3,952,230 | ) | (1,350,017 | ) | (1,877,299 | ) | ||||||||
Change in net assets resulting from distributions to shareholders |
(2,072,114 | ) | (3,952,230 | ) | (1,350,017 | ) | (1,877,299 | ) | ||||||||
Change in net assets resulting from capital transactions |
4,974,174 | 55,213,923 | 7,899,299 | 12,688,674 | ||||||||||||
Change in net assets |
6,748,059 | 47,403,638 | 13,473,249 | (5,951,652 | ) | |||||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
178,986,030 | 131,582,392 | 76,875,084 | 82,826,736 | ||||||||||||
End of period |
$ | 185,734,089 | $ | 178,986,030 | $ | 90,348,333 | $ | 76,875,084 | ||||||||
Capital Transactions: |
||||||||||||||||
Proceeds from shares issued |
$ | 20,475,671 | $ | 118,769,570 | $ | 13,751,937 | $ | 33,869,369 | ||||||||
Cost of shares redeemed |
(15,501,497 | ) | (63,555,647 | ) | (5,852,638 | ) | (21,180,695 | ) | ||||||||
Change in net assets resulting from capital transactions |
$ | 4,974,174 | $ | 55,213,923 | $ | 7,899,299 | $ | 12,688,674 | ||||||||
Share Transactions: |
||||||||||||||||
Issued |
650,000 | 3,700,000 | 550,000 | 1,300,000 | ||||||||||||
Redeemed |
(500,000 | ) | (2,000,000 | ) | (250,000 | ) | (850,000 | ) | ||||||||
Change in Shares |
150,000 | 1,700,000 | 300,000 | 450,000 |
See notes to financial statements.
44
Statements of Changes in Net Assets - continued
Timothy Plan
Timothy Plan US Large/Mid Cap Core |
Timothy Plan High Dividend Stock |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
(Unaudited) |
(Unaudited) |
|||||||||||||||
From Investment Activities: |
||||||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | 574,390 | $ | 724,655 | $ | 983,935 | $ | 1,441,508 | ||||||||
Net realized gains (losses) from investment |
(4,920,124 | ) | (5,944,956 | ) | (4,336,438 | ) | (5,402,354 | ) | ||||||||
Net change in unrealized appreciation/depreciation on investments |
2,702,753 | (3,083,008 | ) | 1,932,437 | (2,335,339 | ) | ||||||||||
Change in net assets resulting from operations |
(1,642,981 | ) | (8,303,309 | ) | (1,420,066 | ) | (6,296,185 | ) | ||||||||
Distributions to Shareholders: |
||||||||||||||||
Distributions |
(421,659 | ) | (812,493 | ) | (793,783 | ) | (1,626,064 | ) | ||||||||
From return of capital |
— | (31,102 | ) | — | — | |||||||||||
Change in net assets resulting from distributions to shareholders |
(421,659 | ) | (843,595 | ) | (793,783 | ) | (1,626,064 | ) | ||||||||
Change in net assets resulting from capital transactions |
(5,947,946 | ) | 9,879,040 | 4,692,734 | 28,896,178 | |||||||||||
Change in net assets |
(8,012,586 | ) | 732,136 | 2,478,885 | 20,973,929 | |||||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
70,059,561 | 69,327,425 | 68,054,792 | 47,080,863 | ||||||||||||
End of period |
$ | 62,046,975 | $ | 70,059,561 | $ | 70,533,677 | $ | 68,054,792 | ||||||||
Capital Transactions: |
||||||||||||||||
Proceeds from shares issued |
$ | — | $ | 11,041,046 | $ | 7,008,884 | $ | 50,702,912 | ||||||||
Cost of shares redeemed |
(5,947,946 | ) | (1,162,006 | ) | (2,316,149 | ) | (21,806,735 | ) | ||||||||
Change in net assets resulting from capital transactions |
$ | (5,947,946 | ) | $ | 9,879,040 | $ | 4,692,735 | $ | 28,896,177 | |||||||
Share Transactions: |
||||||||||||||||
Issued |
— | 450,000 | 300,000 | 2,000,000 | ||||||||||||
Redeemed |
(250,000 | ) | (50,000 | ) | (100,000 | ) | (850,000 | ) | ||||||||
Change in Shares |
(250,000 | ) | 400,000 | 200,000 | 1,150,000 |
See notes to financial statements.
45
Statements of Changes in Net Assets - continued
Timothy Plan
Timothy Plan |
||||
For the Period |
||||
(Unaudited) |
||||
From Investment Activities: |
||||
Operations: |
||||
Net investment income (loss) |
$ | 1,252,422 | ||
Net realized gains (losses) from investment |
2,586,483 | |||
Net change in unrealized appreciation/depreciation on investments |
(4,425,115 | ) | ||
Change in net assets resulting from operations |
(586,210 | ) | ||
Distributions to Shareholders: |
||||
Distributions |
(1,006,357 | ) | ||
Change in net assets resulting from distributions to shareholders |
(1,006,357 | ) | ||
Change in net assets resulting from capital transactions |
54,288,212 | |||
Change in net assets |
52,695,645 | |||
Net Assets: |
||||
Beginning of period |
2,500,000 | |||
End of period |
$ | 55,195,645 | ||
Capital Transactions: |
||||
Proceeds from shares issued |
$ | 58,989,103 | ||
Cost of shares redeemed |
(4,700,891 | ) | ||
Change in net assets resulting from capital transactions |
$ | 54,288,212 | ||
Share Transactions: |
||||
Issued |
2,360,000 | |||
Redeemed |
(190,000 | ) | ||
Change in Shares |
2,170,000 |
(a) |
Commencement of operations. |
See notes to financial statements.
46
Financial Highlights
For a Share Outstanding Throughout Each Period
Timothy Plan
Timothy Plan US Small Cap Core ETF |
||||||||||||||||||||
For the |
For the |
For the |
For the |
For the period |
||||||||||||||||
(Unaudited) |
||||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 30.39 | $ | 35.49 | $ | 27.71 | $ | 25.55 | $ | 24.73 | ||||||||||
Investment Activities: |
||||||||||||||||||||
Net Investment Income (Loss)(b) |
0.19 | 0.34 | 0.40 | 0.32 | 0.02 | |||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments |
1.44 | (5.11 | ) | 7.78 | 2.15 | 0.82 | ||||||||||||||
Total from Investment Activities |
1.63 | (4.77 | ) | 8.18 | 2.47 | 0.84 | ||||||||||||||
Distributions to Shareholders: |
||||||||||||||||||||
Net Investment Income |
(0.16 | ) | (0.33 | ) | (0.40 | ) | (0.31 | ) | (0.02 | ) | ||||||||||
Total Distributions |
(0.16 | ) | (0.33 | ) | (0.40 | ) | (0.31 | ) | (0.02 | ) | ||||||||||
Net Asset Value, End of Period |
$ | 31.86 | $ | 30.39 | $ | 35.49 | $ | 27.71 | $ | 25.55 | ||||||||||
Total Return(c) |
5.37 | % | (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 | % | 0.52 | % | ||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets(d) |
1.22 | % | 1.09 | % | 1.20 | % | 1.45 | % | 0.89 | % | ||||||||||
Net Assets, End of Period (000’s) |
$ | 74,880 | $ | 71,422 | $ | 56,792 | $ | 31,869 | $ | 10,222 | ||||||||||
Portfolio Turnover(c)(e) |
38 | % | 58 | % | 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.
47
Financial Highlights - continued
For a Share Outstanding Throughout Each Period
Timothy Plan
Timothy Plan US Large/Mid Cap Core ETF |
||||||||||||||||||||
For the |
For the |
For the |
For the |
For the period |
||||||||||||||||
(Unaudited) |
||||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 33.47 | $ | 38.65 | $ | 30.93 | $ | 27.23 | $ | 25.16 | ||||||||||
Investment Activities: |
||||||||||||||||||||
Net Investment Income (Loss)(b) |
0.18 | 0.35 | 0.24 | 0.23 | 0.21 | |||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments |
2.45 | (5.17 | ) | 7.72 | 3.72 | 2.04 | ||||||||||||||
Total from Investment Activities |
2.63 | (4.82 | ) | 7.96 | 3.95 | 2.25 | ||||||||||||||
Distributions to Shareholders: |
||||||||||||||||||||
Net Investment Income |
(0.16 | ) | (0.36 | ) | (0.24 | ) | (0.25 | ) | (0.18 | ) | ||||||||||
Total Distributions |
(0.16 | ) | (0.36 | ) | (0.24 | ) | (0.25 | ) | (0.18 | ) | ||||||||||
Net Asset Value, End of Period |
$ | 35.94 | $ | 33.47 | $ | 38.65 | $ | 30.93 | $ | 27.23 | ||||||||||
Total Return(c) |
7.89 | % | (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 | % | 0.52 | % | ||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets(d) |
1.07 | % | 1.02 | % | 0.69 | % | 0.88 | % | 1.22 | % | ||||||||||
Net Assets, End of Period (000’s) |
$ | 206,669 | $ | 179,060 | $ | 168,140 | $ | 163,904 | $ | 134,795 | ||||||||||
Portfolio Turnover(c)(e) |
16 | % | 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.
48
Financial Highlights - continued
For a Share Outstanding Throughout Each Period
Timothy Plan
Timothy Plan High Dividend Stock ETF |
||||||||||||||||||||
For the |
For the |
For the |
For the |
For the period |
||||||||||||||||
(Unaudited) |
||||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 31.13 | $ | 32.49 | $ | 25.88 | $ | 26.89 | $ | 25.10 | ||||||||||
Investment Activities: |
||||||||||||||||||||
Net Investment Income (Loss)(b) |
0.39 | 0.73 | 0.61 | 0.57 | 0.48 | |||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments |
0.31 | (1.35 | ) | 6.60 | (0.96 | ) | 1.74 | |||||||||||||
Total from Investment Activities |
0.70 | (0.62 | ) | 7.21 | (0.39 | ) | 2.22 | |||||||||||||
Distributions to Shareholders: |
||||||||||||||||||||
Net Investment Income |
(0.35 | ) | (0.74 | ) | (0.60 | ) | (0.62 | ) | (0.43 | ) | ||||||||||
Total Distributions |
(0.35 | ) | (0.74 | ) | (0.60 | ) | (0.62 | ) | (0.43 | ) | ||||||||||
Net Asset Value, End of Period |
$ | 31.48 | $ | 31.13 | $ | 32.49 | $ | 25.88 | $ | 26.89 | ||||||||||
Total Return(c) |
2.28 | % | (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 | % | 0.52 | % | ||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets(d) |
2.52 | % | 2.32 | % | 2.07 | % | 2.45 | % | 2.81 | % | ||||||||||
Net Assets, End of Period (000’s) |
$ | 185,734 | $ | 178,986 | $ | 131,582 | $ | 122,911 | $ | 94,132 | ||||||||||
Portfolio Turnover(c)(e) |
24 | % | 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.
49
Financial Highlights - continued
For a Share Outstanding Throughout Each Period
Timothy Plan
Timothy Plan International ETF |
||||||||||||||||||||
For the |
For the |
For the |
For the |
For the period |
||||||||||||||||
(Unaudited) |
||||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 23.30 | $ | 29.06 | $ | 26.98 | $ | 25.58 | $ | 24.80 | ||||||||||
Investment Activities: |
||||||||||||||||||||
Net Investment Income (Loss)(b) |
0.46 | 0.66 | 0.56 | 0.47 | 0.04 | |||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments |
1.73 | (5.82 | ) | 2.21 | 1.40 | 0.77 | ||||||||||||||
Total from Investment Activities |
2.19 | (5.16 | ) | 2.77 | 1.87 | 0.81 | ||||||||||||||
Distributions to Shareholders: |
||||||||||||||||||||
Net Investment Income |
(0.39 | ) | (0.60 | ) | (0.69 | ) | (0.47 | ) | (0.03 | ) | ||||||||||
Total Distributions |
(0.39 | ) | (0.60 | ) | (0.69 | ) | (0.47 | ) | (0.03 | ) | ||||||||||
Net Asset Value, End of Period |
$ | 25.10 | $ | 23.30 | $ | 29.06 | $ | 26.98 | $ | 25.58 | ||||||||||
Total Return(c) |
9.43 | % | (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 | % | 0.62 | % | ||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets(d) |
3.73 | % | 2.72 | % | 1.94 | % | 1.98 | % | 1.99 | % | ||||||||||
Net Assets, End of Period (000’s) |
$ | 90,348 | $ | 76,875 | $ | 82,827 | $ | 71,500 | $ | 23,018 | ||||||||||
Portfolio Turnover(c)(e) |
19 | % | 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.
50
Financial Highlights - continued
For a Share Outstanding Throughout Each Period
Timothy Plan
Timothy Plan US Large/Mid Cap Core |
||||||||||||
For the |
For the |
For the period |
||||||||||
(Unaudited) |
||||||||||||
Net Asset Value, Beginning of Period |
$ | 23.75 | $ | 27.19 | $ | 25.00 | ||||||
Investment Activities: |
||||||||||||
Net Investment Income (Loss)(b) |
0.21 | 0.25 | 0.11 | |||||||||
Net Realized and Unrealized Gains (Losses) on Investments |
(0.82 | ) | (3.40 | ) | 2.16 | |||||||
Total from Investment Activities |
(0.61 | ) | (3.15 | ) | 2.27 | |||||||
Distributions to Shareholders: |
||||||||||||
Net Investment Income |
(0.16 | ) | (0.28 | ) | (0.08 | ) | ||||||
Return of Capital |
— | (0.01 | ) | — | ||||||||
Total Distributions |
(0.16 | ) | (0.29 | ) | (0.08 | ) | ||||||
Net Asset Value, End of Period |
$ | 22.98 | $ | 23.75 | $ | 27.19 | ||||||
Total Return(c) |
(2.58 | %) | (11.58 | %) | 9.09 | % | ||||||
Ratios/Supplemental Data: |
||||||||||||
Ratio of Expenses to Average Net Assets(d) |
0.52 | % | 0.52 | % | 0.51 | % | ||||||
Ratio of Net Investment Income (Loss) to Average Net Assets(d) |
1.84 | % | 1.05 | % | 1.00 | % | ||||||
Net Assets, End of Period (000’s) |
$ | 62,047 | $ | 70,060 | $ | 69,327 | ||||||
Portfolio Turnover(c)(e) |
117 | % | 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 changes in the volume and timing of purchases and sales of portfolio holdings during the year. |
See notes to financial statements.
51
Financial Highlights - continued
For a Share Outstanding Throughout Each Period
Timothy Plan
Timothy Plan High Dividend Stock Enhanced ETF |
||||||||||||
For the |
For the |
For the period |
||||||||||
(Unaudited) |
||||||||||||
Net Asset Value, Beginning of Period |
$ | 23.47 | $ | 26.90 | $ | 25.00 | ||||||
Investment Activities: |
||||||||||||
Net Investment Income (Loss)(b) |
0.32 | 0.60 | 0.28 | |||||||||
Net Realized and Unrealized Gains (Losses) on Investments |
(0.78 | ) | (3.37 | ) | 1.86 | |||||||
Total from Investment Activities |
(0.46 | ) | (2.77 | ) | 2.14 | |||||||
Distributions to Shareholders: |
||||||||||||
Net Investment Income |
(0.26 | ) | (0.66 | ) | (0.24 | ) | ||||||
Total Distributions |
(0.26 | ) | (0.66 | ) | (0.24 | ) | ||||||
Net Asset Value, End of Period |
$ | 22.75 | $ | 23.47 | $ | 26.90 | ||||||
Total Return(c) |
(1.96 | %) | (10.44 | %) | 8.59 | % | ||||||
Ratios/Supplemental Data: |
||||||||||||
Ratio of Expenses to Average Net Assets(d) |
0.52 | % | 0.52 | % | 0.51 | % | ||||||
Ratio of Net Investment Income (Loss) to Average Net Assets(d) |
2.79 | % | 2.39 | % | 2.50 | % | ||||||
Net Assets, End of Period (000’s) |
$ | 70,534 | $ | 68,055 | $ | 47,081 | ||||||
Portfolio Turnover(c)(e) |
28 | % | 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 changes in the volume and timing of purchases and sales of portfolio holdings during the year. |
See notes to financial statements.
52
Financial Highlights - continued
For a Share Outstanding Throughout Each Period
Timothy Plan
Timothy Plan |
||||
For the period |
||||
(Unaudited) |
||||
Net Asset Value, Beginning of Period |
$ | 25.00 | ||
Investment Activities: |
||||
Net Investment Income (Loss)(b) |
0.54 | |||
Net Realized and Unrealized Gains (Losses) on Investments |
(0.79 | ) | ||
Total from Investment Activities |
(0.25 | ) | ||
Distributions to Shareholders: |
||||
Net Investment Income |
(0.43 | ) | ||
Total Distributions |
(0.43 | ) | ||
Net Asset Value, End of Period |
$ | 24.32 | ||
Total Return(c) |
(1.03 | %) | ||
Ratios/Supplemental Data: |
||||
Ratio of Expenses to Average Net Assets(d) |
0.65 | % | ||
Ratio of Net Investment Income (Loss) to Average Net Assets(d) |
5.04 | % | ||
Net Assets, End of Period (000’s) |
$ | 55,196 | ||
Portfolio Turnover(c)(e) |
6 | % |
(a) |
Commencement of operations. |
(b) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) |
Not annualized for periods less than one year. |
(d) |
Annualized for periods less than one year. |
(e) |
Excludes impact of in-kind transactions. |
See notes to financial statements.
53
Notes to Financial Statements
June 30, 2023 (Unaudited)
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”), Timothy Plan High Dividend Stock Enhanced ETF (“High Dividend Stock Enhanced ETF”), and Timothy Plan Market Neutral ETF (“Market Neutral ETF”) (individually, a “Fund” and collectively, the “Funds”). Market Neutral ETF commenced operations on January 24, 2023. The Funds, except for the Market Neutral ETF, 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 Market Neutral ETF seeks to provide high current income and low correlation to stocks and bonds. 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 followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies.
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
54
Notes to Financial Statements - continued
June 30, 2023 (Unaudited)
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 |
Maximum |
||||||
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 ETF |
$ | 500 | 2.00 | % | ||||
High Dividend Stock Enhanced ETF |
$ | 250 | 2.00 | % | ||||
Neutral Market 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.
55
Notes to Financial Statements - continued
June 30, 2023 (Unaudited)
Timothy Plan
The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds’ investments are summarized in the three broad levels listed below:
● |
Level 1 — quoted prices in active markets for identical securities |
● |
Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.) |
● |
Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments.
Portfolio securities listed or traded on securities exchanges including, common stocks and American Depositary Receipts (“ADRs”), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.
Investments in open-end investment companies are valued at net asset value. These valuations are typically categorized as Level 1 in the fair value hierarchy.
Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value in accordance with procedures established by 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 June 30, 2023, 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 - |
Level 2 - Other |
Level 3 - Other |
Total |
||||||||||||
Common Stocks |
$ | 74,549,647 | $ | — | $ | — | $ | 74,549,647 | ||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||
Total Investment Securities |
74,549,647 | — | — | 74,549,647 | ||||||||||||
Other Financial Instruments* |
||||||||||||||||
Futures Contracts |
2,102 | — | — | 2,102 | ||||||||||||
Total Investments |
$ | 74,551,749 | $ | — | $ | — | $ | 74,551,749 |
56
Notes to Financial Statements - continued
June 30, 2023 (Unaudited)
Timothy Plan
US Large/Mid Cap Core ETF
Investment Securities: |
Level 1 - |
Level 2 - Other |
Level 3 - Other |
Total |
||||||||||||
Common Stocks |
$ | 205,560,116 | $ | — | $ | — | $ | 205,560,116 | ||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||
Total Investment Securities |
205,560,116 | — | — | 205,560,116 | ||||||||||||
Other Financial Instruments* |
||||||||||||||||
Futures Contracts |
28,292 | — | — | 28,292 | ||||||||||||
Total Investments |
$ | 205,588,408 | $ | — | $ | — | $ | 205,588,408 |
High Dividend Stock ETF
Investment Securities: |
Level 1 - |
Level 2 - Other |
Level 3 - Other |
Total |
||||||||||||
Common Stocks |
$ | 184,659,454 | $ | — | $ | — | $ | 184,659,454 | ||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||
Total Investment Securities |
184,659,454 | — | — | 184,659,454 | ||||||||||||
Other Financial Instruments* |
||||||||||||||||
Futures Contracts |
26,001 | — | — | 26,001 | ||||||||||||
Total Investments |
$ | 184,685,455 | $ | — | $ | — | $ | 184,685,455 |
International ETF
Investment Securities: |
Level 1 - |
Level 2 - Other |
Level 3 - Other |
Total |
||||||||||||
Common Stocks |
$ | 89,590,999 | $ | — | $ | 19,914 | $ | 89,610,913 | ||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||
Total Investment Securities |
89,590,999 | — | 19,914 | 89,610,913 | ||||||||||||
Other Financial Instruments* |
||||||||||||||||
Futures Contracts |
1,814 | — | — | 1,814 | ||||||||||||
Total Investments |
$ | 89,592,813 | $ | — | $ | 19,914 | $ | 89,612,727 |
US Large/Mid Cap Core Enhanced ETF
Investment Securities: |
Level 1 - |
Level 2 - Other |
Level 3 - Other |
Total |
||||||||||||
Common Stocks |
$ | 16,005,919 | $ | — | $ | — | $ | 16,005,919 | ||||||||
Investment Companies |
$ | 45,810,782 | $ | — | $ | — | $ | 45,810,782 | ||||||||
Total Investment Securities |
61,816,701 | — | — | 61,816,701 | ||||||||||||
Other Financial Instruments* |
||||||||||||||||
Futures Contracts |
6,953 | — | — | 6,953 | ||||||||||||
Total Investments |
$ | 61,823,654 | $ | — | $ | — | $ | 61,823,654 |
57
Notes to Financial Statements - continued
June 30, 2023 (Unaudited)
Timothy Plan
High Dividend Stock Enhanced ETF
Investment Securities: |
Level 1 - |
Level 2 - Other |
Level 3 - Other |
Total |
||||||||||||
Common Stocks |
$ | 18,026,980 | $ | — | $ | — | $ | 18,026,980 | ||||||||
Investment Companies |
$ | 52,271,087 | $ | — | $ | — | $ | 52,271,087 | ||||||||
Total Investment Securities |
70,298,067 | — | — | 70,298,067 | ||||||||||||
Other Financial Instruments* |
||||||||||||||||
Futures Contracts |
7,424 | — | — | 7,424 | ||||||||||||
Total Investments |
$ | 70,305,491 | $ | — | $ | — | $ | 70,305,491 |
Market Neutral ETF
Investment Securities: |
Level 1 - |
Level 2 - Other |
Level 3 - Other |
Total |
||||||||||||
Common Stocks |
$ | 48,745,776 | $ | — | $ | — | $ | 48,745,776 | ||||||||
Total Investment Securities |
48,745,776 | — | — | 48,745,776 | ||||||||||||
Other Financial Instruments* |
||||||||||||||||
Futures Contracts |
(683,358 | ) | — | — | (683,358 | ) | ||||||||||
Total Investments |
$ | 48,062,418 | $ | — | $ | — | $ | 48,062,418 |
* |
Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally at the unrealized appreciation/(depreciation) on the instrument. |
As of June 30, 2023, there were no transfers into/out of Level 3.
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. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. 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.
58
Notes to Financial Statements - continued
June 30, 2023 (Unaudited)
Timothy Plan
Futures Contracts:
During the period ended June 30, 2023, the Funds used futures contracts to provide market exposure on the Funds’ cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, and to maintain the Fund’s open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded. Deposits for futures for the Funds are reported as Deposit with broker for futures contracts on the Statement of Assets and Liabilities. If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund. These subsequent payments, called “Variation Margin,” to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as “marking to the market.” The Funds recorded a payable or receivable on variation margin. The Funds expect to earn interest income on its margin deposits. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statements of Operations.
Average Notional Value
The table below summarizes the monthly average notional value of futures contracts for the period ended June 30, 2023.
Fund |
Average |
|||
US Small Cap Core ETF |
$ | 262,603 | ||
US Large/Mid Cap Core ETF |
$ | 907,567 | ||
High Dividend Stock ETF |
$ | 908,121 | ||
International ETF |
$ | 351,863 | ||
US Large/Mid Cap Core Enhanced ETF |
$ | 313,535 | ||
High Dividend Stock Enhanced ETF |
$ | 208,921 | ||
Market Neutral ETF |
$ | (35,787,001 | ) |
59
Notes to Financial Statements - continued
June 30, 2023 (Unaudited)
Timothy Plan
Summary of Derivative Instruments
The following is a summary of the fair values of derivative instruments on Statements of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:
Assets |
Liabilities |
|||||||
|
Variation Margin |
Variation Margin |
||||||
Equity Risk Exposure: |
||||||||
US Small Cap Core ETF |
$ | 2,102 | $ | — | ||||
US Large/Mid Cap Core ETF |
28,292 | — | ||||||
High Dividend Stock ETF |
26,001 | — | ||||||
International ETF |
1,814 | — | ||||||
High Dividend Stock Enhanced ETF |
7,424 | — | ||||||
US Large/Mid Cap Core Enhanced ETF |
6,953 | — | ||||||
Market Neutral ETF |
— | 683,358 |
* |
For futures contracts, the amounts represent the cumulative appreciation/(depreciation) of these futures contracts as reported in the Schedules of Portfolio Investments. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities as Variation margin on futures contracts. |
The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended June 30, 2023:
Net Realized Gains |
Net Change in (Depreciation) on |
|||||||
|
Net realized gains (losses) |
Net Change in |
||||||
Equity Risk Exposure: |
||||||||
US Small Cap Core ETF |
$ | 20,912 | $ | 3,881 | ||||
US Large/Mid Cap Core ETF |
100,626 | 26,833 | ||||||
High Dividend Stock ETF |
90,072 | 38,940 | ||||||
International ETF |
31,617 | 5,770 | ||||||
US Large/Mid Cap Core Enhanced ETF |
35,701 | 6,424 | ||||||
High Dividend Stock Enhanced ETF |
22,833 | 12,037 | ||||||
Market Neutral ETF |
2,864,424 | (683,358 | ) |
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
60
Notes to Financial Statements - continued
June 30, 2023 (Unaudited)
Timothy Plan
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.
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 period ended June 30, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period, the Funds did not incur any interest or penalties. For the current open tax year, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Further, management of the Funds is not aware of any tax positions for which it is reasonably possible that the total amounts of any unrecognized tax benefits will significantly change over the next fiscal year.
3. PURCHASES AND SALES OF SECURITIES:
Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and in-kind transactions associated with purchases and sales for the period ended June 30, 2023 were as follows:
Excluding in-kind transactions |
Associated with in-kind transactions |
|||||||||||||||
Fund |
Purchases |
Sales |
Purchases |
Sales |
||||||||||||
US Small Cap Core ETF |
$ | 27,776,986 | $ | 27,804,839 | $ | 7,885,577 | $ | 7,718,774 | ||||||||
US Large/Mid Cap Core ETF |
30,385,733 | 30,383,335 | 30,829,211 | 17,054,125 | ||||||||||||
High Dividend Stock ETF |
44,256,385 | 43,974,532 | 20,379,498 | 15,399,747 | ||||||||||||
International ETF |
16,577,764 | 15,583,705 | 12,296,453 | 5,403,429 | ||||||||||||
High Dividend Stock Enhanced ETF |
17,362,096 | 69,971,293 | 6,966,868 | 1,462,318 | ||||||||||||
US Large/Mid Cap Core Enhanced ETF |
58,195,039 | 108,112,162 | — | 1,450,853 | ||||||||||||
Market Neutral ETF |
57,064,475 | 2,804,687 | 2,257,161 | 3,757,673 |
61
Notes to Financial Statements - continued
June 30, 2023 (Unaudited)
Timothy Plan
For the period ended June 30, 2023, 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 Small Cap Core ETF, US Large/Mid Cap Core ETF, High Dividend Stock ETF, High Dividend Stock Enhanced ETF, and US Large/Mid Cap Core Enhanced ETF pay a Management Fee equivalent to 0.52%, International ETF pays a Management Fee equivalent to 0.62%, and Market Neutral ETF pays a Management Fee equivalent to 0.65% of the Fund’s average daily net assets, computed daily and paid monthly.
Victory Capital Management, Inc., a New York corporation, serves as the Funds’ sub-advisor pursuant to a written sub-advisory agreement with the Advisor and receives fees from the Advisor for these services.
Citibank, N.A. serves as the Funds’ Custodian and Transfer Agent pursuant to a Global Custodial and Agency Services Agreement with the Trust. Citi Fund Services Ohio, Inc. (“Citi”), an affiliate of Citibank, N.A., acts as the Funds’ administrator and fund accountant pursuant to a Services Agreement with the Trust.
Foreside Fund Services, LLC (“Foreside”) serves as the Funds’ distributor.
Drake Compliance LLC provides compliance services to the Trust.
Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Advisor.
5. INVESTMENT RISKS:
The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. Each Fund may be subject to other risks in addition to these identified risks.
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.
62
Notes to Financial Statements - continued
June 30, 2023 (Unaudited)
Timothy Plan
Foreign Securities Risk
Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the U.S., including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment.
Market Risk
The prices of the securities, particularly the common stocks, in which the Funds invest, may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged. Adverse market conditions, sometimes in response to general economic or industry news, may cause the prices of a Fund’s holdings to fall as part of a broad market decline. In addition, certain unanticipated events, such as natural disasters, terrorist attacks, and other geopolitical events, can have a dramatic adverse effect on securities held by a Fund.
6. FEDERAL INCOME TAX INFORMATION:
As of December 31, 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 |
Gross Unrealized |
Gross Unrealized |
Net Unrealized |
||||||||||||
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 |
Total Taxable |
Return of Capital |
Total |
||||||||||||
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 |
63
Notes to Financial Statements - continued
June 30, 2023 (Unaudited)
Timothy Plan
7. SUBSEQUENT EVENTS:
Management of the Funds has evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have a material impact on the Funds’ financial statements.
8. NEW REGULATORY PRONOUNCEMENT:
In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
64
Other Information (Unaudited)
June 30, 2023
Timothy Plan
Premium/Discount Information
The Funds’ website at https://timothyplan.com shows the previous day’s closing NAV and closing market price for each Fund’s ETF Shares. The website also discloses, in the Premium/Discount section of each Fund’s page, how frequently each Fund’s ETF Shares traded at a premium or discount to NAV (based on closing NAVs and market prices) and the magnitudes of such premiums and discounts.
Proxy Voting and Form N-PORT Information
Proxy Voting:
Information regarding the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Funds’ Statement of Additional Information, which is available on the SEC’s website at www.sec.gov.
Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the SEC’s website at www.sec.gov.
Availability of Schedules of Portfolio Investments:
The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarters of each fiscal year on Form N- PORT. Forms N- PORT are available on the SEC’s website at www.sec.gov.
Expense Examples:
As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs; 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.
65
Other Information (Unaudited) - continued
June 30, 2023
Timothy Plan
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 |
Actual |
Hypothetical |
Actual |
Hypothetical |
Annualized |
US Small Cap Core ETF |
||||||
ETF Shares |
$1,000 |
$1,053.70 |
$1,022.22 |
$2.65 |
$2.61 |
0.52% |
US Large/Mid Cap Core ETF |
||||||
ETF Shares |
$1,000 |
$1,078.90 |
$1,022.22 |
$2.68 |
$2.61 |
0.52% |
High Dividend Stock ETF |
||||||
ETF Shares |
$1,000 |
$1,022.80 |
$1,022.22 |
$2.61 |
$2.61 |
0.52% |
International ETF |
||||||
ETF Shares |
$1,000 |
$1,094.30 |
$1,021.72 |
$3.22 |
$3.11 |
0.62% |
US Large/Mid Cap Core Enhanced ETF |
||||||
ETF Shares |
$1,000 |
$974.20 |
$1,022.22 |
$2.55 |
$2.61 |
0.52% |
High Dividend Stock Enhanced ETF |
||||||
ETF Shares |
$1,000 |
$980.40 |
$1,022.22 |
$2.55 |
$2.61 |
0.52% |
Market Neutral ETF |
||||||
ETF Shares |
$1,000 |
$989.70 |
$1,021.51 |
$2.78** |
$2.83** |
0.65% |
* |
Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). |
** |
Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 157/365 (to reflect the number of days from commencement of operations on January 24, 2023 through June 30, 2023). |
66
Liquidity Risk Management Program
June 30, 2023 (Unaudited)
Timothy Plan Fund of Funds
The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of a Liquidity Program Administrator (LPA) comprised of the Trust’s Liquidity Risk Management Program Committee, which includes representatives from the Funds’ investment adviser and liquidity consultant. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The LPA updated its assessment of each Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended November 30, 2022 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception on December 1, 2018 (the “Review Period”) in order to prepare a written report for the Board of Trustees (the “Report”) for consideration at its meeting held in February, 2023.
During the Review Period, none of the Funds experienced unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. None of the Funds had a significant amount of illiquid investments and none required a determination as to a highly liquid investment minimum. The Report concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.
67
Approval of Investment Advisory and Sub-Advisory Agreement
June 30, 2023 (Unaudited)
Timothy Plan
Investment Advisory Agreement between the Trust and Timothy Partners, Ltd. (“TPL”)
The initial approval of the Investment Advisory Agreement (the “IA Agreement”) between the Trust and Timothy Partners, Ltd. (“TPL” or “Advisor”), on behalf of the Timothy Plan Market Neutral ETF (the “Market Neutral ETF”), was approved by the Board of Trustees (“the Board”), including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the Agreement, at an in-person meeting held on November 18, 2022.
At the meeting, the Board discussed the Advisor and the Market Neutral ETF with Trust Management, including the Advisor’s compliance program, distribution plan, marketing strategy, and investment personnel and the Advisor’s overall relationship and interactions with Trust Management. The Board noted that fund counsel, on behalf of the Board, had sent a request for information to the Advisor, and that the Advisor had responded with a memorandum addressed to the Board along with supporting documentation. A description of the material factors considered by the Board in approving the IA Agreement are set forth below.
Nature, Extent, and Quality of Services. The Board reviewed materials provided by the Advisor regarding the nature, extent, and quality of the services to be provided to the Market Neutral ETF by the Advisor, including an overview of the Advisor and the personnel that would perform services for the Market Neutral ETF. The Board reviewed the most recent Form ADV for the Advisor and considered the qualifications, background, and responsibilities of the members of the Advisor’s portfolio management team who would oversee the day-to-day investment management and operations of the Market Neutral ETF.
Fees and Expenses. The Board next considered information regarding the Market Neutral ETF’s projected expense ratio and its various components, including the proposed management fee for the Market Neutral ETF. They compared the Market Neutral ETF’s proposed fees, projected expenses, and overall expense ratio to expense information for the Market Neutral ETF’s peer group, as presented by the Advisor. The Trustees found that the proposed management fee rate appeared to be not unreasonable for the management of the Market Neutral ETF’s portfolio under the strategy described for the initial term of the Advisory Agreement.
Profitability. The Board considered the Advisor’s anticipated profitability. The Board considered that the Market Neutral ETF is not yet operational, and no record of profitability exists. The Trustees also took into account the Advisor’s estimated costs of managing the Market Neutral ETF and information provided by the Adviser regarding its financial condition.
Economies of Scale. The Board considered whether the Advisor would realize economies of scale with respect to its management of the Market Neutral ETF.
After further discussion of the factors noted above and in reliance of the information provided by the Advisor and Trust Management and taking into account the totality of all factors discussed and information presented, the Board indicated its desire to approve the IA Agreement. It was noted that in the Trustees’ deliberations regarding the approval of the IA Agreement, the Trustees did not identify any particular information or factor that was all-important or controlling, and that each individual Trustee may have attributed different weights to the various factors listed above.
Victory Capital Management, Inc.-Sub-Advisory Agreement
The initial approval of the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between the Trust, the Advisor and Victory Capital Management, Inc. (the ”Sub-Advisor”), on behalf of the Market Neutral ETF, was approved by the Board, including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the Agreement, at an in-person meeting held on November 18, 2022.
At the meeting, the Board discussed the Sub-Advisor and the Market Neutral ETF with Trust Management, including the Sub-Advisor’s compliance program, distribution plan, marketing strategy, and investment personnel and the Sub-Advisor’s overall relationship and interactions with Trust Management. Trust Management gave a favorable report regarding Advisor and the proposed Market Neutral ETF. The Board noted that fund counsel, on behalf of the Board, had sent a request for
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information to the Sub-Advisor, and that the Sub-Advisor had responded with a memorandum addressed to the Board along with supporting documentation. A description of the material factors considered by the Board in approving the Sub-Advisory Agreement are set forth below.
Nature, Extent, and Quality of Services. The Board reviewed materials provided by the Sub-Advisor regarding the nature, extent, and quality of the services to be provided to the Market Neutral ETF by the Sub-Advisor, including an overview of the Sub-Advisor and the personnel that would perform services for the Market Neutral ETF. The Board reviewed the Sub-Advisor’s Code of Ethics and the most recent Form ADV for the Sub-Advisor. The Board additionally considered the qualifications, background, and responsibilities of the members of the Sub-Advisor’s portfolio management team who would oversee the day-to-day investment management and operations of the Market Neutral ETF.
Fees and Expenses. The Board next considered information regarding the Market Neutral ETF’s projected expense ratio and its various components, including the proposed sub-advisory fee for the Market Neutral ETF. The Board found that the proposed sub-advisory fee rate appeared to be not unreasonable for the management of the Market Neutral ETF’s portfolio under the strategy described for the initial term of the Sub-Advisory Agreement.
Profitability. The Board considered the Sub-Advisor’s anticipated profitability. The Board also took into account the Sub-Advisor’s estimated costs of managing the Market Neutral ETF and information provided by the Sub-Adviser regarding its financial condition.
Economies of Scale. The Board considered whether the Sub-Advisor would realize economies of scale with respect to its management of the Market Neutral ETF.
After further discussion of the factors noted above and in reliance of the information provided by the Sub-Advisor and Trust Management and taking into account the totality of all factors discussed and information presented, the Board indicated its desire to approve the Sub-Advisory Agreement. It was noted that in the Trustees’ deliberations regarding the approval of the Sub-Advisory Agreement, the Trustees did not identify any particular information or factor that was all-important or controlling, and that each individual Trustee may have attributed different weights to the various factors listed above.
At an in-person meeting held on February 23-24, 2023, the Trustees considered the Investment Advisory Agreement between the Trust and Timothy Partners, Ltd. (the “Advisor” or “TPL”) for the U.S. Large Cap Core ETF, High Dividend Stock ETF, U.S. Small Cap Core ETF, International ETF, Large/Mid Core Enhanced ETF and High Dividend Stock Enhanced ETF (each, a “Fund” and together, the “Funds”). Fund counsel reviewed the standards of review required of Trustees, and Independent Trustees in particular, with respect to the renewal of advisory and sub-advisory agreements.
The Trustees reviewed the questionnaire responses provided by TPL and the related documents in support of those responses. With respect to the questionnaire responses, the Trustees noted that the questionnaire appeared to fully include requests for information relating to all areas of required inquiry, and that TPL’s responses were satisfactory. The Trustees then generally reviewed TPL’s responses, including but not limited to the conduct of its business operations and personnel changes, a description of the compensation received by TPL from the Funds, and information relating to the Advisor’s compliance and operational policies and procedures. In addition, the Trustees had requested and received financial statements of TPL for its fiscal year ended December 31, 2022 and noted that updated financial statements were provided at each Trustees Meeting.
Initially, the Trustees reviewed and discussed at length the Advisor’s experience and consistency in incorporating and implementing the unique, biblically-based management style that is a stated objective of all the Funds, as set forth in the Funds’ prospectuses. The Trustees noted that the Advisor had managed the Funds since their inceptions, had developed, implemented and provided continuous monitoring of the Biblically Responsible Investing (“BRI”) screens utilized by the Funds, oversaw and monitored the ongoing activities of the Funds’ Sub-Advisor, and provided general management services to the Funds. In each of these areas, the Trustees concluded that TPL had performed in a satisfactory manner.
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The Trustees reviewed reports provided in advance of the meeting from TPL relating to the fees charged by TPL, noting that each Fund had a unitary management fee. The Trustees considered the fees charged by TPL in light of the services provided to the Funds by TPL, the unique nature of the Funds and their moral screening requirements, which are maintained by TPL, and TPL’s role as a manager of managers. In light of the unique facts and circumstances applicable to this Trust, the Trustees agreed that the fees charged by TPL were fair and reasonable in light of the services provided to the Funds.
The Trustees next discussed the nature, extent and quality of TPL’s services to the Funds. In particular, the Trustees noted TPL’s efforts in providing comprehensive and consistent moral screens to the investment managers, its efforts in maintaining appropriate oversight of the investment manager to the Funds, and its efforts to maintain ongoing regulatory compliance for the Funds.
The Trustees also discussed TPL’s current fee structure and whether such structure would allow the Funds to realize economies of scale as they grow. The Trustees noted that TPL’s current fee structure did not include breakpoints that would reduce the Advisor’s fee rate as the Funds grow in assets, but the Trustees noted that the Funds currently were not large enough to realize meaningful economies of scale.
The Trustees next considered the investment performance of each Fund and the Advisor’s oversight of the investment manager for the Funds. The Trustees noted that comprehensive performance information was provided at each Trustees Meeting, and the Trustees incorporated that information into their considerations. The Trustees concluded that each Fund’s performance was satisfactory.
The Trustees then reviewed the internal operations of TPL and examined whether TPL received any ancillary benefits from its relationship with the Trust. The Trustees noted that the Advisor’s business was devoted exclusively to serving the Funds, and that the Advisor did not realize any material ancillary benefits or profits deriving from its relationship with the Funds other than advisory fees.
After careful discussion and consideration, the Independent Trustees, themselves constituting a majority of the Trustees, voted to renew the Advisory Agreement until February 28, 2024. In approving the renewal of the Advisory Agreement, the Trustees did not place specific emphasis on any one factor discussed above, and individual Trustees may have weighted each factor differently. Further, the Independent Trustees were advised by counsel during their consideration of the Advisory Agreement renewal and the Sub-Advisor Agreement renewals.
Victory Capital Management, Inc.; Sub-Advisor to the U.S. Large/Mid Cap Core ETF, High Dividend Stock ETF, U.S. Small Cap Core ETF, International ETF, Large/Mid Core Enhanced ETF and High Dividend Stock Enhanced ETF.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Victory Capital Management, Inc. (“Victory”), on behalf of each Fund. The Trustees considered the following factors in arriving at its conclusions to renew the Victory Sub-Advisory Agreement for an additional year. The Trustees first noted that TPL recommended that the Victory Agreement should be renewed for an additional year. The Trustees also considered the review of the Funds provided by UBS PRIME Consultants. The Trustees then considered the fees charged by Victory in light of the services provided by Victory. The Trustees noted that the fees payable to Victory were not obligations of the Trust but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees’ inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the Funds in light of the services provided by Victory. After careful consideration, the Trustees agreed that the fees charged by Victory and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Victory.
Next, the Trustees discussed the nature, extent and quality of Victory’s services to each Fund, including the investment performance of the Funds under Victory’s investment management. The Board considered the past performance of the Funds over various time periods ended December 31, 2022. As each Fund is an index-based ETF, the Board additionally reviewed information regarding each Fund’s performance as compared to its respective underlying index for various time periods. The Board noted management’s explanation that analysis of investment performance, in absolute terms, is less relevant for index-based Funds than it is for actively managed funds, given the Funds’ index-based investment objectives. The Board also
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Timothy Plan
noted management’s further explanation that it is more relevant to review the performance of the Funds by focusing on the extent to which each Fund tracked its underlying index. The Board reviewed information regarding each Fund’s index tracking, discussing, as applicable, factors which contributed to each Fund’s tracking error. The Board noted that each of U.S. Large/Mid Cap Core ETF, High Dividend Stock ETF, U.S. Small Cap Core ETF, International ETF and High Dividend Stock Enhanced ETF had underperformed their respective underlying indexes over certain periods, but that such underperformance was, at least in part, a result of costs incurred by the Funds that are not incurred by their underlying indexes. The Board also considered that the Large/Mid Core Enhanced ETF had outperformed its respective underlying index over certain periods. The Board considered that Victory discussed other factors which had contributed to the Funds’ tracking error, including cash drag and the process of rebalancing the Funds’ portfolios. The Board noted management’s representations that the Funds’ performance in tracking their respective underlying indexes was within the range of expectations. The Board concluded that, after taking these factors into account, each of the Funds satisfactorily tracked its underlying index.
After careful consideration, the Trustees, including the independent Trustees separately concurring, determined that the renewal of the Victory Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Victory Sub-Advisory Agreement for an additional one-year period, the Trustees did not place specific emphasis on any one factor discussed above, and individual Trustees may have weighted each factor differently.
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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. |
Not applicable __ only for annual reports.
Item 3. | Audit Committee Financial Expert. |
Not applicable __ only for annual reports.
Item 4. | Principal Accountant Fees and Services. |
Not applicable __ only for annual reports.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable __ only for annual reports.
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) | Not applicable __ only for annual reports. |
(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 | August 30, 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 | August 30, 2023 |
CERTIFICATIONS
I, Arthur D. Ally, certify that:
1. | I have reviewed this report on Form N-CSR of Timothy Plan (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
August 30, 2023 | /s/Arthur D. Ally | |
Date | Arthur D. Ally | |
Principal Executive Officer & Principal Financial Officer |
This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2023 of Timothy Plan (the “Registrant”).
I, Arthur D. Ally, the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to the best of my knowledge:
1. | the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and |
2. | the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
August 30, 2023 | |
Date |
/s/Arthur D. Ally | |
Arthur D. Ally | |
Principal Executive Officer and Principal Financial Officer |
This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.
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