Timothy Plan US Large/Mid Cap Core ETF NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-08228

Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL 32751

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2023

Item 1. Reports to Stockholders.

ANNUAL REPORT
December 31, 2023

	Ticker Symbol
TIMOTHY PLAN US SMALL CAP CORE ETF	TPSC
TIMOTHY PLAN US LARGE/MID CAP CORE ETF	TPLC
TIMOTHY PLAN HIGH DIVIDEND STOCK ETF	TPHD
TIMOTHY PLAN INTERNATIONAL ETF	TPIF
TIMOTHY PLAN US LARGE/MID CAP CORE ENHANCED ETF	TPLE
TIMOTHY PLAN HIGH DIVIDEND STOCK ENHANCED ETF	TPHE
TIMOTHY PLAN MARKET NEUTRAL ETF	TPMN

Listed and traded on: The New York Stock Exchange

Table of Contents


Shareholder Letter (Unaudited)	1
Letters from the Manager (Unaudited)	2
Fund Performance (Unaudited)	9
Schedules of Portfolio Investments	16
Statements of Assets and Liabilities	48
Statements of Operations	52
Statements of Changes in Net Assets	56
Financial Highlights	60
Notes to Financial Statements	67
Report of Independent Registered Public Accounting Firm	81
Other Information (Unaudited)	83
Trustees and Principal Executive Officers of the Trust (Unaudited)	86

December 31, 2023

Dear Timothy Plan Exchange Traded Fund Shareholder:

This report covers the fiscal year (01-01-23 thru 12-31-23). We suggested in our report to you last year that it appeared we may have turned a corner from the overall poor performance of 2022. We were correct; the U.S. economy in 2023 outperformed expectations along three key dimensions: growing economic output, labor market resilience, and slowing inflation. The year was, for all intents and purposes, a year of recovery from 2022. U.S. Stocks rose 26.4% (including dividends), the biggest rally in the US Market Index since 2019. Stocks were up 12.1% in the fourth quarter, the index’s best quarterly performance since late 2020. The unemployment rate fell back to the very low levels seen right before the pandemic, with job gains continuing at a very strong pace and monthly nonfarm payrolls growing by 232,000 per month on average. The U.S. core Consumer Price Index (CPI) inflation (excluding food and energy) has declined significantly over the last 12 months, dropping from 8% in 2022 to 3.4% at the end of 2023. As a result of the factors cited, performance in all our ETFs was positive for this past year.

Victory Capital Management (“VCM”), the sub-advisor for our ETFs, employs the smart-beta (The Index Provider combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities, rather than traditional market-cap weighting. Such a methodology is sometimes referred to as “Smart Beta.”) approach for six of the portfolios and in our opinion, although the share values declined, they were very competitive in the markets. VCM’s reports on the following pages will give you more detailed information about each Fund.

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

Sincerely,

Arthur D. Ally
President

Timothy Plan US Small Cap Core ETF – TPSC

Letter from the Manager - December 31, 2023

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

In calendar 2023, TPSC returned 17.64%, outperforming the Russell 2000^® Index* (the “Index”), which returned 16.93%.

Sector allocation was positive for the year, while stock selection detracted slightly. The Information Technology sector was the largest detractor for the year costing the strategy 90 basis points (“bps”) due to both stock selection and a relative underweight. Financials detracted 62bps, the second largest detractor on the year. Industrials and Consumer Discretionary were the top contributing sectors benefiting from a combination of strong stock selection and being overweight the sectors.

The top three largest contributors to performance in 2023 were M/I Homes, Inc. (+198.37%), InterDigital, Inc. (+123.64%), and NewMarket Corp. (+79.11%). The largest stock detractors in 2023 were PRA Group, Inc (-62.76%), Sandy Spring Bancorp, Inc. (-40.65%) and Methode Electronics, Inc. (-47.94%).

The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index. The graph reflects investment growth of a hypothetical $10,000 investment in the Fund.

Timothy Plan US Large/Mid Cap Core ETF – TPLC

Letter from the Manager - December 31, 2023

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

In 2023, TPLC returned 15.30%, underperforming the S&P 500^® Index* (the “Index”), which returned 26.29%.

Both an underweight and stock selection in Information Technology cost 576 bps in relative performance. An underweight to Health Care contributed 60 bps in relative performance, with stock selection within that sector also contributing 66 bps. Not owning BRI excluded Pfizer Inc., which returned -41.22%, added 57 bps of relative performance, while not owning BRI excluded Microsoft, Apple, Meta Platforms and Amazon collectively cost -568 bps. An underweight in NVIDIA Corp. cost 199 bps of relative performance.

The top three largest contributors to performance were NVIDIA Corp. (+239.02%), Pulte Group, Inc. (+128.78%), and Broadcom Inc. (+104.23%). The largest stock detractors to performance during the year were First Republic Bank (-99.78%), Dollar General Corp. (-44.13%), and FMC Corp. (-48.03%).

The S&P 500^® Index is an index comprised of 500 domestically traded common stocks, is weighted according to the market value of each common stock in the index, and includes reinvestment of dividends. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.

Timothy Plan High Dividend Stock ETF – TPHD

Letter from the Manager - December 31, 2023

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

In 2023, TPHD returned 9.03%, underperforming the Russell 1000^® Value Index* (the “Index”), which returned 11.46%.

An underweight in Health Care contributed 256 bps in relative performance. An overweight to Utilities cost 352 bps in relative performance. An underweight in BRI excluded Meta Platforms Inc. (+139.93%) caused some of the performance drag. An underweight in Pfizer Inc. due to BRI exclusion contributed 81 bps in relative performance.

The top three largest contributors to performance were Broadcom Inc. (+104.23%), Watsco, Inc. (+76.99%) and Eaton Corp. (+56.20%). The largest stock detractors during the quarter were FMC Corp. (-48.03%), J.M. Smucker Co. (-26.64%) and Hormel Foods Corp. (-27.48%)

The Russell 1000^® Value Index is made up of about 1,000 of the largest companies in the U.S. equity market. It represents top companies by market capitalization. It’s made up of about 90% of the total market capitalization of all U.S. stocks. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.

Timothy Plan International ETF – TPIF

Letter from the Manager - December 31, 2023

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

In the 2023, TPIF returned 16.41%, underperforming the MSCI EAFE Index* (the “Index”), which returned 18.24%.

An overweight and stock selection within the Industrials sector accounted for most of the relative underperformance. Being underweight the Health Care sector relative to the benchmark mitigated some of the relative underperformance, adding 60 bps.

At the country level, stock selection and an underweight to United Kingdom were additive to performance, contributing 105 bps of relative performance.

The top three largest contributors to performance were 3i Group Plc (+96.55%), Great-West Life Co. (+51.80%), and CRH Plc (+81.15%). The largest stock detractors during the year were Telefonica Deutschland Holding (-46.39%), Worldline SA (-59.97%) and Burberry Group Plc (-42.51%)

The MSCI EAFE Index is an equity index that captures large-cap and mid-cap representation across Developed Markets countries around the world. The index reflects the reinvestment of dividends paid on the stocks constituting the index, net of withholding taxes. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.

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

Letter from the Manager - December 31, 2023

The Timothy Plan US Large/Mid Cap Core Enhanced ETF (TPLE) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk. In addition, the fund seeks to manage risk during times of significant market decline by employing a rules-based mathematical formula to reduce exposure in the equity markets by moving to cash equivalents.

In 2023, TPLE returned -2.40%, underperforming the S&P 500^® Index* (the “Index”), which returned 26.29%.

As a result of tactical allocation, the portfolio was allocated to 75% cash in the months of January, June, and November. The cash position in TPLE cost 17.70% in relative performance for the year. As of year-end the portfolio was fully invested.

An underweight and stock selection in Information Technology cost 637 bps in relative performance. An underweight to Health Care contributed 111 bps in relative performance. Not owning BRI excluded Pfizer Inc., which returned -41.22%, added 57 bps of relative performance, while not owning BRI excluded Microsoft, Apple, Meta Platforms and Amazon collectively cost -568 bps. An underweight in NVIDIA Corp. cost 199 bps of relative performance.

Timothy Plan High Dividend Stock Enhanced ETF – TPHE

Letter from the Manager - December 31, 2023

The Timothy Plan High Dividend Stock Enhanced ETF (TPHE) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk. In addition, the fund seeks to manage risk during times of significant market decline by employing a rules-based mathematical formula to reduce exposure in the equity markets by moving to cash equivalents.

In 2023, TPHE returned -1.17%, underperforming the Russell 1000^® Value Index* (the “Index”), which returned 11.46%.

As a result of tactical allocation, the portfolio was allocated to 75% cash in the months of June and November. The cash position in TPLE cost 10.20% in relative performance for the year. As of year-end the portfolio was fully invested.

An underweight in Health Care contributed 258 bps in relative performance. An overweight to Utilities cost 269 bps in relative performance. An underweight in BRI excluded Meta Platforms Inc. (+139.93%) caused some of the performance drag. An underweight in Pfizer Inc. due to BRI exclusion contributed 81 bps in relative performance.

Timothy Plan Market Neutral ETF – TPMN

Letter from the Manager - December 31, 2023

The Timothy Plan Market Neutral ETF (TPMN) pursues its investment objective by implementing a proprietary, “market neutral” investment strategy designed to seek income from its investments while maintaining a low correlation to the foreign and domestic equity and bond markets. The fund will be actively managed, meaning that the Sub-Advisor may make changes to the Fund’s portfolio at any time. The Fund uses a multi-strategy approach. First, it seeks income from long positions in foreign and domestic dividend producing equity securities of any market capitalization size that satisfy the Biblically Responsible Investing (“BRI”) filtering criteria. Second, the Fund seeks to offset market risk by selling short high-correlating equity index futures contracts, such as the S&P 500^® Index*, Russell 2000^® Index** or MSCI EAFE + Emerging Markets Indexes, or exchange-traded funds (“ETFs”) that track such indexes.

Since the ETF’s inception date of 1/24/23, TPMN returned 5.46%, outperforming the Bloomberg U.S. Treasury Bellwethers 3-Month Index (the “Index”), which returned 5.25% over the same time period.

The Fund had positive contribution from the Overlay Strategy, while the Global High Dividend Long/Short Portfolio detracted. In the Overlay Strategy the long position in Nasdaq 100 Index Futures outperformed the short position in S&P 500 Index Futures, generating a positive return. In the Global High Dividend Long/Short Portfolio, the International long/short sleeve was a positive contributor, but it was not enough to offset underperformance in the U.S. Large Cap and Small Cap sleeves.

The S&P 500^® Index is an unmanaged index comprised of 500 domestically traded common stocks, is weighted according to the market value of each common stock in the index, and includes reinvestment of dividends. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.

The unmanaged Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index. The graph reflects investment growth of a hypothetical $10,000 investment in the Fund.

Fund Performance - (Unaudited)

December 31, 2023

Timothy Plan US Small Cap Core ETF

Average Annual Return Period Ended December 31, 2023
Inception Date	Timothy Plan US Small Cap Core ETF 12/2/19
	Net Asset Value (NAV)	Market Price Value (MV)	Victory US Small Cap Volatility Weighted BRI Index
One Year	17.64%	17.69%	18.36%
Since Inception	10.46%	10.47%	11.13%

Expense Ratio
Gross	0.52%

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

The above expense ratio is from the Fund’s prospectus dated April 30, 2023. Additional information pertaining to the Fund’s expense ratio as of December 31, 2023 can be found in the financial highlights.

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

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

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

Fund Performance - (Unaudited)

December 31, 2023

Timothy Plan US Large/Mid Cap Core ETF

Average Annual Return Period Ended December 31, 2023
Inception Date	Timothy Plan US Large/Mid Cap Core ETF 4/30/19
	Net Asset Value (NAV)	Market Price Value (MV)	Victory US Large/ Mid Cap Volatility Weighted BRI Index
One Year	15.30%	15.33%	15.93%
Since Inception	10.39%	10.40%	10.98%

Expense Ratio
Gross	0.52%

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

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

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

Fund Performance - (Unaudited)

December 31, 2023

Timothy Plan High Dividend Stock ETF

Average Annual Return Period Ended December 31, 2023
Inception Date	Timothy Plan High Dividend Stock ETF 4/30/19
	Net Asset Value (NAV)	Market Price Value (MV)	Victory US Large Cap High Dividend Volatility Weighted BRI Index
One Year	9.03%	8.95%	9.56%
Since Inception	8.70%	8.69%	9.27%

Expense Ratio
Gross	0.52%

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

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

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

Fund Performance - (Unaudited)

December 31, 2023

Timothy Plan International ETF

Average Annual Return Period Ended December 31, 2023
Inception Date	Timothy Plan International ETF 12/2/19
	Net Asset Value (NAV)	Market Price Value (MV)	Victory International Volatility Weighted BRI Index
One Year	16.41%	16.76%	17.65%
Since Inception	4.01%	4.02%	4.68%

Expense Ratio
Gross	0.62%

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

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

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

Fund Performance - (Unaudited)

December 31, 2023

Timothy Plan US Large/Mid Cap Core Enhanced ETF

Average Annual Return Period Ended December 31, 2023
Inception Date	Timothy Plan US Large/Mid Cap Core Enhanced ETF 7/28/21
	Net Asset Value (NAV)	Market Price Value (MV)	Victory US Large/ Mid Cap Long/Cash Volatility Weighted BRI Index
One Year	-2.40%	-2.41%	-2.73%
Since Inception	-2.46%	-2.46%	-2.53%

Expense Ratio
Gross	0.52%

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

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

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

Fund Performance - (Unaudited)

December 31, 2023

Timothy Plan High Dividend Stock Enhanced ETF

Average Annual Return Period Ended December 31, 2023
Inception Date	Timothy Plan High Dividend Stock Enhanced ETF 7/28/21
	Net Asset Value (NAV)	Market Price Value (MV)	Victory US Large Cap High Dividend Long/Cash Volatility Weighted BRI Index
One Year	-1.17%	-1.19%	-1.26%
Since Inception	-1.62%	-1.61%	-1.46%

Expense Ratio
Gross	0.52%

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

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

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

Fund Performance - (Unaudited)

December 31, 2023

Timothy Plan Market Neutral ETF

Average Annual Return Period Ended December 31, 2023
Inception Date	Timothy Plan Market Neutral ETF 1/24/23
	Net Asset Value (NAV)	Market Price Value (MV)	Bloomberg U.S. Treasury Bellwethers 3-Month Index
Since Inception	5.46%	6.22%	5.25%

Expense Ratio
Gross	0.65%

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

¹	The unmanaged Bloomberg U.S. Treasury Bellwethers 3-Month Index represents the total return received by investors of 3-month U.S. Treasury securities. It is not possible to invest directly in an unmanaged index.

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

Schedule of Portfolio Investments

December 31, 2023

Timothy Plan US Small Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.7%)
Communication Services (1.9%):
Cargurus, Inc.^(a)		8,453		204,224
Cars.com, Inc.^(a)		9,843		186,722
Cogent Communications Holdings, Inc.		3,217		244,685
Gogo, Inc.^(a)		12,222		123,809
Integral Ad Science Holding Corp.^(a)		9,951		143,195
John Wiley & Sons, Inc., Class A		5,477		173,840
Madison Square Garden Sports Corp.^(a)		1,371		249,289
Sphere Entertainment Co.^(a)		3,449		117,128
Vivid Seats, Inc., Class A^(a)		21,282		134,502
Ziff Davis, Inc.^(a)		3,574		240,137
ZipRecruiter, Inc.^(a)		12,289		170,817
				1,988,348
Consumer Discretionary (14.4%):
Acushnet Holdings Corp.		3,864		244,089
Adient PLC^(a)		5,403		196,453
Adtalem Global Education, Inc.^(a)		4,101		241,754
American Eagle Outfitters, Inc.		8,472		179,267
Arhaus, Inc.^(a)		11,947		141,572
Bloomin’ Brands, Inc.		7,826		220,302
Boot Barn Holdings, Inc.^(a)		1,795		137,784
Bright Horizons Family Solutions, Inc.^(a)		2,265		213,454
Brinker International, Inc.^(a)		5,164		222,981
Camping World Holdings, Inc., Class A		8,104		212,811
Carter’s, Inc.		3,263		244,366
Cavco Industries, Inc.^(a)		667		231,196
Century Communities, Inc.		3,305		301,218
Cracker Barrel Old Country Store, Inc.		2,819		217,288
Dave & Buster’s Entertainment, Inc.^(a)		3,681		198,222
Dorman Products, Inc.^(a)		2,924		243,891
Dream Finders Homes, Inc., Class A^(a)		5,773		205,115
Dutch Bros, Inc., Class A^(a)		5,137		162,689
First Watch Restaurant Group, Inc.^(a)		11,344		228,014
Foot Locker, Inc.		4,640		144,536
Frontdoor, Inc.^(a)		6,730		237,031
Gentherm, Inc.^(a)		3,459		181,113
Graham Holdings Co., Class B		496		345,474
Grand Canyon Education, Inc.^(a)		2,569		339,211

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (14.4%): (continued)
Green Brick Partners, Inc.^(a)		3,386		175,869
Group 1 Automotive, Inc.		798		243,183
Guess?, Inc.		6,326		145,878
Helen of Troy Ltd.^(a)		1,206		145,697
Installed Building Products, Inc.		1,490		272,402
Jack in the Box, Inc.		3,381		275,991
KB Home		4,619		288,503
Kontoor Brands, Inc.		2,939		183,452
Laureate Education, Inc.		15,309		209,886
La-Z-Boy, Inc.		6,078		224,400
LCI Industries		1,556		195,605
Leslie’s, Inc.^(a)		18,407		127,192
LGI Homes, Inc.^(a)		1,813		241,419
Life Time Group Holdings, Inc.^(a)		9,915		149,518
M/I Homes, Inc.^(a)		2,560		352,614
MDC Holdings, Inc.		5,498		303,764
Meritage Homes Corp.		1,707		297,359
Mister Car Wash, Inc.^(a)		25,243		218,100
Modine Manufacturing Co.^(a)		2,727		162,802
National Vision Holdings, Inc.^(a)		6,245		130,708
Ollie’s Bargain Outlet Holdings, Inc.^(a)		2,391		181,453
Oxford Industries, Inc.		1,939		193,900
Papa John’s International, Inc.		3,091		235,627
Patrick Industries, Inc.		2,484		249,269
Portillo’s, Inc., Class A^(a)		11,074		176,409
SeaWorld Entertainment, Inc.^(a)		4,287		226,482
Signet Jewelers Ltd.		1,998		214,305
Six Flags Entertainment Corp.^(a)		7,150		179,322
Skyline Champion Corp.^(a)		2,537		188,398
Steven Madden Ltd.		6,069		254,898
Strategic Education, Inc.		2,815		260,022
Stride, Inc.^(a)		3,251		193,012
Target Hospitality Corp.^(a)		8,515		82,851
Taylor Morrison Home Corp.^(a)		5,255		280,354
The Buckle, Inc.		6,135		291,535
The Cheesecake Factory, Inc.		6,200		217,062
Topgolf Callaway Brands Corp.^(a)		13,383		191,912
Tri Pointe Homes, Inc.^(a)		7,634		270,244
Visteon Corp.^(a)		1,564		195,344
Winmark Corp.		574		239,674
Winnebago Industries, Inc.		3,048		222,138
Worthington Enterprises, Inc.		4,340		249,767
XPEL, Inc.^(a)		3,144		169,304
YETI Holdings, Inc.^(a)		3,600		186,408
				14,783,863

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan US Small Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Staples (7.0%):
BellRing Brands, Inc.^(a)		6,081		337,070
Cal-Maine Foods, Inc.		4,469		256,476
Central Garden & Pet Co., Class A^(a)		5,292		233,060
Coca-Cola Consolidated, Inc.		287		266,451
Edgewell Personal Care Co.		6,681		244,725
Fresh Del Monte Produce, Inc.		9,254		242,918
Grocery Outlet Holding Corp.^(a)		8,269		222,932
Herbalife Ltd.^(a)		7,843		119,684
Ingles Markets, Inc., Class A		3,892		336,152
Inter Parfums, Inc.		1,395		200,894
J & J Snack Foods Corp.		1,848		308,875
John B. Sanfilippo & Son, Inc.		2,321		239,156
National Beverage Corp.^(a)		5,384		267,692
Nu Skin Enterprises, Inc., Class A		10,701		207,813
Olaplex Holdings, Inc.^(a)		71,046		180,457
PriceSmart, Inc.		3,572		270,686
Seaboard Corp.		82		292,748
Spectrum Brands Holdings, Inc.		3,068		244,734
Sprouts Farmers Market, Inc.^(a)		4,659		224,144
The Andersons, Inc.		3,526		202,886
The Chefs’ Warehouse, Inc.^(a)		8,889		261,603
The Simply Good Foods Co.^(a)		7,138		282,665
The Vita Coco Co., Inc.^(a)		4,965		127,352
Tootsie Roll Industries, Inc.		9,065		301,321
TreeHouse Foods, Inc.^(a)		5,789		239,954
United Natural Foods, Inc.^(a)		6,582		106,826
USANA Health Sciences, Inc.^(a)		4,350		233,160
Utz Brands, Inc.		16,587		269,373
WD-40 Co.		916		218,988
Weis Markets, Inc.		3,432		219,511
				7,160,306
Energy (4.2%):
Archrock, Inc.		13,832		213,013
Cactus, Inc., Class A		3,057		138,788
California Resources Corp.		3,532		193,130
Callon Petroleum Co.^(a)		3,349		108,508
CNX Resources Corp.^(a)		9,131		182,620
Comstock Resources, Inc.		10,185		90,137
CONSOL Energy, Inc.		1,304		131,091
Crescent Energy Co., Class A		12,291		162,364
CVR Energy, Inc.		4,673		141,592
Diamond Offshore Drilling, Inc.^(a)		9,146		118,898
Excelerate Energy, Inc., Class A		10,434		161,310
Gulfport Energy Corp.^(a)		1,070		142,524

SECURITY DESCRIPTION	SHARES		VALUE ($)
Energy (4.2%): (continued)
International Seaways, Inc.		3,326		151,267
Kinetik Holdings, Inc.		5,806		193,920
Kosmos Energy Ltd.^(a)		17,356		116,459
Liberty Energy, Inc.		7,017		127,288
Magnolia Oil & Gas Corp., Class A		7,494		159,547
Northern Oil and Gas, Inc.		4,161		154,248
Oceaneering International, Inc.^(a)		5,139		109,358
Par Pacific Holdings, Inc.^(a)		4,840		176,031
Patterson-UTI Energy, Inc.		8,744		94,435
Peabody Energy Corp.		6,029		146,625
Permian Resources Corp.		8,452		114,947
RPC, Inc.		15,163		110,387
Sitio Royalties Corp., Class A		6,922		162,736
SM Energy Co.		3,238		125,375
Talos Energy, Inc.^(a)		7,436		105,814
Tidewater, Inc.^(a)		1,804		130,087
Weatherford International PLC^(a)		1,599		156,430
World Kinect Corp., Class A		9,083		206,911
				4,325,840
Financials (21.7%):
Ameris BanCorp		4,169		221,165
Artisan Partners Asset Management, Inc., Class A		6,876		303,782
AssetMark Financial Holdings, Inc.^(a)		8,351		250,112
Associated Banc-Corp		10,563		225,943
Assured Guaranty Ltd.		3,912		292,735
Atlantic Union Bankshares Corp.		5,218		190,666
Axos Financial, Inc.^(a)		3,511		191,701
B Riley Financial, Inc.		2,424		50,880
BancFirst Corp.		2,099		204,296
Bank of Hawaii Corp.		2,464		178,541
BankUnited, Inc.		5,308		172,138
Banner Corp.		4,077		218,364
BGC Group, Inc., Class A		23,172		167,302
Bread Financial Holdings, Inc.		4,373		144,047
Cathay General BanCorp		5,304		236,399
City Holding Co.		2,671		294,504
CNO Financial Group, Inc.		8,833		246,441
Cohen & Steers, Inc.		4,315		326,775
Columbia Banking System, Inc.		6,823		182,038
Community Bank System, Inc.		4,144		215,944
CVB Financial Corp.		8,307		167,718
Donnelley Financial Solutions, Inc.^(a)		3,094		192,973
Enova International, Inc.^(a)		3,662		202,728

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan US Small Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (21.7%): (continued)
Enstar Group Ltd.^(a)		1,220		359,107
Enterprise Financial Services Corp.		5,576		248,968
EVERTEC, Inc.		6,948		284,451
FB Financial Corp.		5,239		208,774
Federal Agricultural Mortgage Corp., Class C		1,518		290,272
Federated Hermes, Inc.		8,384		283,882
First BanCorp		13,457		221,368
First BanCorp		5,933		219,580
First Commonwealth Financial Corp.		14,688		226,783
First Financial BanCorp		9,384		222,870
First Hawaiian, Inc.		8,973		205,123
First Interstate BancSystem, Inc., Class A		7,218		221,954
First Merchants Corp.		6,517		241,650
FirstCash Holdings, Inc.		2,606		282,464
Fulton Financial Corp.		13,918		229,090
Genworth Financial, Inc.^(a)		26,036		173,920
Goosehead Insurance, Inc., Class A^(a)		1,910		144,778
Hamilton Lane, Inc., Class A		2,839		322,056
Hancock Whitney Corp.		4,719		229,296
Heartland Financial USA, Inc.		5,192		195,271
Hilltop Holdings, Inc.		6,797		239,322
Hope BanCorp, Inc.		17,615		212,789
Independent Bank Corp.		3,479		228,953
Independent Bank Group, Inc.		3,819		194,311
International Bancshares Corp.		5,023		272,849
Jackson Financial, Inc., Class A		3,498		179,098
Lakeland Financial Corp.		3,505		228,386
Live Oak Bancshares, Inc.		3,959		180,135
MGIC Investment Corp.		16,810		324,265
Moelis & Co., Class A		4,588		257,524
Mr Cooper Group, Inc.^(a)		3,950		257,224
National Bank Holdings Corp., Class A		5,427		201,830
National Western Life Group, Inc., Class A		210		101,434
Navient Corp.		12,898		240,161
NBT BanCorp, Inc.		5,582		233,942
NMI Holdings, Inc., Class A^(a)		8,925		264,894
Northwest Bancshares, Inc.		21,377		266,785
OFG BanCorp		6,649		249,205
Pacific Premier BanCorp, Inc.		7,072		205,866
Palomar Holdings, Inc.^(a)		3,092		171,606

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (21.7%): (continued)
Park National Corp.		1,888		250,840
Pathward Financial, Inc.		3,844		203,463
Payoneer Global, Inc.^(a)		23,459		122,221
PennyMac Financial Services, Inc.		3,095		273,505
Piper Sandler Cos.		1,530		267,551
PJT Partners, Inc., Class A		3,065		312,232
PROG Holdings, Inc.^(a)		4,620		142,804
Provident Financial Services, Inc.		13,024		234,823
Radian Group, Inc.		10,809		308,597
Renasant Corp.		7,048		237,377
Seacoast Banking Corp. of Florida		6,275		178,587
ServisFirst Bancshares, Inc.		2,708		180,434
Shift4 Payments, Inc., Class A^(a)		2,589		192,466
Simmons First National Corp., Class A		10,189		202,150
SLM Corp.		12,777		244,296
Stellar BanCorp, Inc.		7,703		214,452
StepStone Group, Inc., Class A		6,517		207,436
Stewart Information Services Corp.		5,245		308,144
Stock Yards BanCorp, Inc.		4,476		230,469
StoneX Group, Inc.^(a)		2,728		201,408
Texas Capital Bancshares, Inc.^(a)		2,537		163,966
The BanCorp, Inc.^(a)		3,577		137,929
Towne Bank		9,290		276,470
Triumph Financial, Inc.^(a)		2,661		213,359
Trustmark Corp.		7,888		219,917
UMB Financial Corp.		2,198		183,643
United Community Banks, Inc.		7,065		206,722
UWM Holdings Corp.		26,670		190,691
Virtu Financial, Inc., Class A		10,768		218,160
Virtus Investment Partners, Inc.		1,079		260,859
WaFd, Inc.		6,999		230,687
Walker & Dunlop, Inc.		2,616		290,402
WesBanco, Inc.		6,914		216,892
Westamerica BanCorp		4,597		259,317
White Mountains Insurance Group Ltd.		168		252,842
WSFS Financial Corp.		4,397		201,954
				22,236,493
Health Care (5.8%):
AdaptHealth Corp.^(a)		13,125		95,681
Addus HomeCare Corp.^(a)		1,793		166,480
Agiliti, Inc.^(a)		19,578		155,058
AMN Healthcare Services, Inc.^(a)		2,440		182,707
Apollo Medical Holdings, Inc.^(a)		4,219		161,588
Catalyst Pharmaceuticals, Inc.^(a)		8,592		144,431

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan US Small Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (5.8%): (continued)
Certara, Inc.^(a)		9,397		165,293
CONMED Corp.		1,920		210,259
Corcept Therapeutics, Inc.^(a)		4,704		152,786
CorVel Corp.^(a)		1,164		287,752
Doximity, Inc., Class A^(a)		5,437		152,453
Dynavax Technologies Corp.^(a)		13,539		189,275
GoodRx Holdings, Inc., Class A^(a)		15,369		102,972
Haemonetics Corp.^(a)		2,637		225,490
Harmony Biosciences Holdings, Inc.^(a)		6,312		203,878
Integer Holdings Corp.^(a)		3,048		301,996
Kiniksa Pharmaceuticals Ltd., Class A^(a)		6,920		121,377
Lantheus Holdings, Inc.^(a)		1,855		115,010
LeMaitre Vascular, Inc.		3,734		211,942
Ligand Pharmaceuticals, Inc.^(a)		3,331		237,900
Maravai LifeSciences Holdings, Inc., Class A^(a)		16,723		109,536
Merit Medical Systems, Inc.^(a)		3,792		288,040
Patterson Cos., Inc.		6,916		196,760
Pediatrix Medical Group, Inc.^(a)		14,124		131,353
Premier, Inc., Class A		9,716		217,250
Privia Health Group, Inc.^(a)		6,728		154,946
Progyny, Inc.^(a)		4,299		159,837
Schrodinger, Inc.^(a)		3,937		140,945
Select Medical Holdings Corp.		8,794		206,659
STAAR Surgical Co.^(a)		3,165		98,780
Supernus Pharmaceuticals, Inc.^(a)		8,271		239,363
U.S. Physical Therapy, Inc.		2,181		203,138
UFP Technologies, Inc.^(a)		1,075		184,943
				5,915,878
Industrials (23.7%):
AAON, Inc.		3,305		244,140
AAR Corp.^(a)		3,974		247,978
ABM Industries, Inc.		5,532		248,000
Air Transport Services Group, Inc.^(a)		6,145		108,213
Alamo Group, Inc.		1,257		264,209
Albany International Corp.		2,808		275,802
Allegiant Travel Co.		1,659		137,050
Allison Transmission Holdings, Inc.		4,125		239,869
Ameresco, Inc., Class A^(a)		3,802		120,409
American Woodmark Corp.^(a)		2,434		225,997
ArcBest Corp.		1,512		181,758
Arcosa, Inc.		2,764		228,417
Armstrong World Industries, Inc.		3,654		359,261

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (23.7%): (continued)
Array Technologies, Inc.^(a)		5,474		91,963
ASGN, Inc.^(a)		2,658		255,620
Astec Industries, Inc.		4,046		150,511
Barnes Group, Inc.		7,415		241,951
Beacon Roofing Supply, Inc.^(a)		2,807		244,265
Boise Cascade Co.		2,155		278,771
Brady Corp., Class A		4,721		277,076
Casella Waste Systems, Inc.^(a)		3,494		298,597
CBIZ, Inc.^(a)		5,322		333,104
Comfort Systems USA, Inc.		1,174		241,457
Construction Partners, Inc., Class A^(a)		3,833		166,812
Core & Main, Inc., Class A^(a)		7,316		295,640
CoreCivic, Inc.^(a)		14,328		208,186
CSG Systems International, Inc.		4,286		228,058
CSW Industrials, Inc.		1,239		256,981
Dycom Industries, Inc.^(a)		1,983		228,223
Encore Wire Corp.		899		192,026
Energy Recovery, Inc.^(a)		9,101		171,463
Enerpac Tool Group Corp.		7,512		233,548
EnerSys		2,019		203,838
Enpro, Inc.		1,554		243,574
Esab Corp.		3,301		285,933
ESCO Technologies, Inc.		2,441		285,670
Federal Signal Corp.		4,011		307,804
First Advantage Corp.		14,011		232,162
Flowserve Corp.		5,854		241,302
Forward Air Corp.		1,728		108,639
Franklin Electric Co., Inc.		2,927		282,895
FTAI Aviation Ltd.		5,606		260,118
GATX Corp.		2,620		314,976
Gibraltar Industries, Inc.^(a)		3,082		243,416
GMS, Inc.^(a)		3,467		285,785
Granite Construction, Inc.		6,470		329,064
H&E Equipment Services, Inc.		3,635		190,183
Hayward Holdings, Inc.^(a)		13,008		176,909
Helios Technologies, Inc.		3,524		159,813
Herc Holdings, Inc.		1,277		190,133
Hillenbrand, Inc.		5,471		261,787
HNI Corp.		5,211		217,976
Huron Consulting Group, Inc.^(a)		1,539		158,209
ICF International, Inc.		1,896		254,235
Insperity, Inc.		1,939		227,290
Janus International Group, Inc.^(a)		19,175		250,234
Jeld-Wen Holding, Inc.^(a)		11,363		214,533
John Bean Technologies Corp.		2,045		203,375

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan US Small Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (23.7%): (continued)
Kadant, Inc.		1,017		285,075
Kennametal, Inc.		8,246		212,664
Kforce, Inc.		3,880		262,133
Kirby Corp.^(a)		2,951		231,595
Korn Ferry		5,338		316,810
Leonardo DRS, Inc.^(a)		10,196		204,328
Lindsay Corp.		1,546		199,681
ManpowerGroup, Inc.		3,345		265,827
Marten Transport Ltd.		12,885		270,327
Masterbrand, Inc.^(a)		14,749		219,023
Matson, Inc.		1,921		210,542
Maximus, Inc.		3,387		284,034
McGrath RentCorp.		2,551		305,151
MillerKnoll, Inc.		5,092		135,855
Moog, Inc., Class A		1,896		274,503
MSC Industrial Direct Co., Inc.		3,340		338,208
Mueller Industries, Inc.		5,439		256,449
Mueller Water Products, Inc., Class A		16,582		238,781
MYR Group, Inc.^(a)		1,520		219,838
NOW, Inc.^(a)		14,265		161,480
NV5 Global, Inc.^(a)		1,901		211,239
Parsons Corp.^(a)		4,688		293,984
PGT Innovations, Inc.^(a)		5,741		233,659
Primoris Services Corp.		7,069		234,762
Resideo Technologies, Inc.^(a)		11,409		214,717
Rush Enterprises, Inc., Class A		6,309		317,343
Rxo, Inc.^(a)		9,287		216,016
Schneider National, Inc., Class B		8,801		223,985
Shoals Technologies Group, Inc., Class A^(a)		7,115		110,567
Simpson Manufacturing Co., Inc.		1,501		297,168
SPX Technologies, Inc.^(a)		2,013		203,333
Standex International Corp.		1,521		240,896
Sterling Infrastructure, Inc.^(a)		2,035		178,938
SunPower Corp.^(a)		20,470		98,870
Tennant Co.		2,687		249,058
Terex Corp.		3,147		180,827
The AZEK Co., Inc.^(a)		6,739		257,767
The Brink’s Co.		2,835		249,338
The Greenbrier Cos., Inc.		2,879		127,194
Trinity Industries, Inc.		8,411		223,649
TTEC Holdings, Inc.		6,817		147,724
UniFirst Corp.		1,528		279,486
Verra Mobility Corp.^(a)		13,106		301,831
Vicor Corp.^(a)		1,316		59,141

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (23.7%): (continued)
Watts Water Technologies, Inc., Class A		1,509		314,385
Werner Enterprises, Inc.		6,886		291,760
Zurn Elkay Water Solutions Corp.		7,938		233,457
				24,288,606
Information Technology (9.5%):
ACI Worldwide, Inc.^(a)		8,573		262,334
Advanced Energy Industries, Inc.		2,070		225,464
Aehr Test Systems^(a)		2,436		64,627
Agilysys, Inc.^(a)		2,723		230,965
Alarm.com Holdings, Inc.^(a)		2,855		184,490
AppLovin Corp., Class A^(a)		2,305		91,854
Avnet, Inc.		5,464		275,386
Axcelis Technologies, Inc.^(a)		955		123,854
Badger Meter, Inc.		1,519		234,488
Belden, Inc.		3,149		243,260
BlackLine, Inc.^(a)		2,930		182,949
Calix, Inc.^(a)		3,859		168,600
Cohu, Inc.^(a)		6,275		222,072
Corsair Gaming, Inc.^(a)		13,484		190,124
CTS Corp.		5,343		233,703
Digi International, Inc.^(a)		6,579		171,054
Diodes, Inc.^(a)		2,453		197,516
DoubleVerify Holdings, Inc.^(a)		5,556		204,350
ePlus, Inc.^(a)		2,816		224,829
Extreme Networks, Inc.^(a)		6,355		112,102
Harmonic, Inc.^(a)		11,629		151,642
Insight Enterprises, Inc.^(a)		1,670		295,907
InterDigital, Inc.		2,729		296,206
Itron, Inc.^(a)		2,752		207,804
MaxLinear, Inc.^(a)		5,502		130,783
Methode Electronics, Inc.		6,064		137,835
MicroStrategy, Inc.^(a)		239		150,957
N-able, Inc.^(a)		14,302		189,502
NCR Voyix Corp.^(a)		10,955		185,249
NetScout Systems, Inc.^(a)		8,931		196,035
Onto Innovation, Inc.^(a)		1,255		191,890
OSI Systems, Inc.^(a)		1,727		222,869
PDF Solutions, Inc.^(a)		5,290		170,021
Perficient, Inc.^(a)		2,450		161,259
Photronics, Inc.^(a)		8,144		255,477
Plexus Corp.^(a)		2,234		241,562
Progress Software Corp.		5,153		279,808
Qualys, Inc.^(a)		1,374		269,689
Rambus, Inc.^(a)		2,389		163,049
Rogers Corp.^(a)		1,767		233,368

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan US Small Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (9.5%): (continued)
Super Micro Computer, Inc.^(a)		317		90,110
Teradata Corp.^(a)		3,820		166,208
TTM Technologies, Inc.^(a)		15,038		237,751
Ultra Clean Holdings, Inc.^(a)		6,123		209,039
Veeco Instruments, Inc.^(a)		7,352		228,133
Viavi Solutions, Inc.^(a)		30,796		310,116
Vishay Intertechnology, Inc.		8,090		193,917
Vontier Corp.		8,186		282,826
				9,693,033
Materials (5.5%):
Alpha Metallurgical Resources, Inc.		675		228,771
Arch Resources, Inc.		1,086		180,211
Avient Corp.		6,058		251,831
Balchem Corp.		2,052		305,235
Cabot Corp.		3,146		262,691
Carpenter Technology Corp.		2,469		174,805
Compass Minerals International, Inc.		5,853		148,198
Ecovyst, Inc.^(a)		18,947		185,112
Greif, Inc., Class A		3,669		240,650
H.B. Fuller Co.		3,360		273,538
Ingevity Corp.^(a)		3,811		179,955
Innospec, Inc.		2,516		310,072
Kaiser Aluminum Corp.		2,258		160,747
Materion Corp.		1,458		189,730
Minerals Technologies, Inc.		3,837		273,616
NewMarket Corp.		669		365,160
O-I Glass, Inc.^(a)		11,367		186,191
Orion SA		8,528		236,481
Quaker Chemical Corp.		1,221		260,586
Sensient Technologies Corp.		4,335		286,110
Stepan Co.		3,007		284,312
Summit Materials, Inc., Class A^(a)		5,706		219,453
Sylvamo Corp.		3,963		194,623
Warrior Met Coal, Inc.		3,211		195,775
				5,593,853

SECURITY DESCRIPTION	SHARES		VALUE ($)
Real Estate (1.4%):
eXp World Holdings, Inc.		7,691		119,364
Howard Hughes Holdings, Inc.^(a)		3,486		298,227
Kennedy-Wilson Holdings, Inc.		14,987		185,539
Marcus & Millichap, Inc.		7,907		345,378
Newmark Group, Inc., Class A		27,248		298,638
The St. Joe Co.		3,932		236,628
				1,483,774
Utilities (4.6%):
ALLETE, Inc.		5,532		338,337
American States Water Co.		3,632		292,085
Avista Corp.		9,175		327,914
California Water Service Group		5,761		298,823
Chesapeake Utilities Corp.		3,458		365,269
Clearway Energy, Inc., Class C		11,781		323,153
MGE Energy, Inc.		4,099		296,399
Middlesex Water Co.		4,122		270,486
Northwest Natural Holding Co.		7,483		291,388
Northwestern Energy Group, Inc.		6,981		355,263
ONE Gas, Inc.		4,352		277,309
Otter Tail Corp.		2,877		244,459
Portland General Electric Co.		7,352		318,636
SJW Group		4,992		326,227
Spire, Inc.		5,377		335,202
				4,660,950
Total Common Stocks (Cost $89,457,624)				102,130,944
Total Investments (Cost $89,457,624) — 99.7%^(b)				102,130,944
Other assets in excess of liabilities — 0.3%				345,365
NET ASSETS — 100.00%			$	102,476,309

Percentages indicated are based on net assets as of December 31, 2023.

(a)	Non-income producing security.

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

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index		3/15/24		3	$	285,365	$	307,155	$	21,790
									$	21,790

See notes to financial statements.

Schedule of Portfolio Investments

December 31, 2023

Timothy Plan US Large/Mid Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.6%)
Communication Services (0.4%):
Live Nation Entertainment, Inc.^(a)		7,068		661,565
The Trade Desk, Inc., Class A^(a)		4,458		320,798
				982,363
Consumer Discretionary (9.2%):
Aptiv PLC^(a)		6,785		608,750
Aramark		24,348		684,179
BorgWarner, Inc.		16,588		594,680
Burlington Stores, Inc.^(a)		4,485		872,243
CarMax, Inc.^(a)		7,015		538,331
Chewy, Inc., Class A^(a)		21,196		500,862
Chipotle Mexican Grill, Inc.^(a)		365		834,740
Deckers Outdoor Corp.^(a)		1,466		979,918
Domino’s Pizza, Inc.		1,762		726,349
DR Horton, Inc.		6,785		1,031,184
Five Below, Inc.^(a)		3,580		763,113
Floor & Decor Holdings, Inc., Class A^(a)		6,121		682,859
Garmin Ltd.		9,623		1,236,940
Genuine Parts Co.		6,494		899,419
Lennar Corp., Class A		6,895		1,027,631
LKQ Corp.		19,136		914,510
Lowe’s Cos., Inc.		4,125		918,019
NVR, Inc.^(a)		153		1,071,069
O’Reilly Automotive, Inc.^(a)		1,039		987,133
Penske Automotive Group, Inc.		4,181		671,092
Pool Corp.		1,853		738,810
PulteGroup, Inc.		9,106		939,921
Ross Stores, Inc.		8,147		1,127,463
Service Corp. International		16,871		1,154,820
Tesla, Inc.^(a)		1,603		398,313
Tractor Supply Co.		4,156		893,665
				21,796,013
Consumer Staples (5.2%):
Bunge Global SA		5,884		593,990
Campbell Soup Co.		23,580		1,019,363
Costco Wholesale Corp.		2,009		1,326,101
Coty, Inc., Class A^(a)		61,907		768,885
Darling Ingredients, Inc.^(a)		12,901		642,986
Dollar General Corp.		4,604		625,914
Dollar Tree, Inc.^(a)		5,311		754,427
Hormel Foods Corp.		33,146		1,064,318
Lamb Weston Holdings, Inc.		11,684		1,262,924
McCormick & Co., Inc.		13,888		950,217
Monster Beverage Corp.^(a)		19,076		1,098,968

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Staples (5.2%): (continued)
Sysco Corp.		15,575		1,139,000
US Foods Holding Corp.^(a)		21,371		970,457
				12,217,550
Energy (6.4%):
APA Corp.		11,024		395,541
Baker Hughes Co.		19,192		655,983
Cheniere Energy, Inc.		3,879		662,184
Chesapeake Energy Corp.		7,275		559,739
ConocoPhillips		5,043		585,341
Coterra Energy, Inc.		21,289		543,295
Devon Energy Corp.		10,767		487,745
Diamondback Energy, Inc.		3,653		566,507
EOG Resources, Inc.		4,505		544,880
EQT Corp.		11,693		452,051
Halliburton Co.		11,536		417,026
Hess Corp.		3,509		505,858
HF Sinclair Corp.		9,141		507,965
Kinder Morgan, Inc.		61,369		1,082,549
Marathon Oil Corp.		17,888		432,174
Marathon Petroleum Corp.		3,929		582,906
Occidental Petroleum Corp.		10,085		602,175
ONEOK, Inc.		11,164		783,936
Ovintiv, Inc.		8,390		368,489
Phillips 66		5,535		736,930
Pioneer Natural Resources Co.		2,633		592,109
Schlumberger N.V.		9,096		473,356
Targa Resources Corp.		8,765		761,416
Texas Pacific Land Corp.		277		435,569
The Williams Cos., Inc.		26,224		913,382
Valero Energy Corp.		4,166		541,580
				15,190,686
Financials (10.0%):
Aflac, Inc.		11,674		963,105
American Financial Group, Inc.		7,257		862,785
Arch Capital Group Ltd.^(a)		9,029		670,584
Arthur J Gallagher & Co.		4,694		1,055,587
Brown & Brown, Inc.		14,324		1,018,580
Cboe Global Markets, Inc.		6,520		1,164,211
Cincinnati Financial Corp.		6,735		696,803
Corebridge Financial, Inc.		27,628		598,422
Equitable Holdings, Inc.		21,069		701,598
Erie Indemnity Co., Class A		2,039		682,902
Everest Group Ltd.		1,783		630,433
FactSet Research Systems, Inc.		2,066		985,585
First Citizens BancShares, Inc., Class A		195		276,699

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan US Large/Mid Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (10.0%): (continued)
FleetCor Technologies, Inc.^(a)		2,795		789,895
Franklin Resources, Inc.		32,361		964,034
Globe Life, Inc.		8,697		1,058,599
Interactive Brokers Group, Inc.		7,795		646,205
Intercontinental Exchange, Inc.		9,317		1,196,582
Jack Henry & Associates, Inc.		4,433		724,397
LPL Financial Holdings, Inc.		2,323		528,761
Markel Group, Inc.^(a)		621		881,758
Morningstar, Inc.		2,607		746,228
MSCI, Inc.		1,260		712,719
Nasdaq, Inc.		14,893		865,879
Principal Financial Group, Inc.		9,771		768,685
RenaissanceRe Holdings Ltd.		2,801		548,996
Ryan Specialty Holdings, Inc.^(a)		17,658		759,647
Tradeweb Markets, Inc., Class A		8,192		744,489
UWM Holdings Corp.		80,077		572,551
W R Berkley Corp.		13,420		949,062
				23,765,781
Health Care (12.8%):
Agilent Technologies, Inc.		7,033		977,798
Align Technology, Inc.^(a)		1,310		358,940
Avantor, Inc.^(a)		28,388		648,098
BioMarin Pharmaceutical, Inc.^(a)		8,622		831,333
Bruker Corp.		10,276		755,080
Cardinal Health, Inc.		10,044		1,012,435
Cencora, Inc.		5,838		1,199,008
Centene Corp.^(a)		9,627		714,420
Charles River Laboratories International, Inc.^(a)		2,904		686,506
Danaher Corp.		3,964		917,032
DaVita, Inc.^(a)		7,607		796,909
Dexcom, Inc.^(a)		5,821		722,328
Edwards Lifesciences Corp.^(a)		9,727		741,684
GE HealthCare Technologies, Inc.		10,075		778,999
HCA Healthcare, Inc.		3,793		1,026,689
Henry Schein, Inc.^(a)		12,500		946,375
Humana, Inc.		1,307		598,358
IDEXX Laboratories, Inc.^(a)		1,530		849,227
Incyte Corp.^(a)		15,125		949,699
Insulet Corp.^(a)		3,826		830,165
Intuitive Surgical, Inc.^(a)		2,457		828,894
IQVIA Holdings, Inc.^(a)		4,188		969,019
Mettler-Toledo International, Inc.^(a)		706		856,350
Moderna, Inc.^(a)		5,451		542,102
Neurocrine Biosciences, Inc.^(a)		7,481		985,697

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (12.8%): (continued)
Penumbra, Inc.^(a)		2,861		719,656
Regeneron Pharmaceuticals, Inc.^(a)		957		840,524
Repligen Corp.^(a)		2,947		529,871
ResMed, Inc.		3,889		668,986
Revvity, Inc.		7,072		773,040
STERIS PLC		3,165		695,825
Stryker Corp.		3,031		907,663
Teleflex, Inc.		3,893		970,681
United Therapeutics Corp.^(a)		3,305		726,736
Veeva Systems, Inc., Class A^(a)		2,547		490,348
Waters Corp.^(a)		2,693		886,616
West Pharmaceutical Services, Inc.		1,772		623,957
Zoetis, Inc.		4,557		899,415
				30,256,463
Industrials (25.4%):
A.O. Smith Corp.		9,933		818,876
Advanced Drainage Systems, Inc.		3,886		546,527
AECOM		11,895		1,099,455
AGCO Corp.		5,203		631,696
Allegion PLC		7,347		930,791
AMETEK, Inc.		7,252		1,195,782
Axon Enterprise, Inc.^(a)		2,298		593,642
Builders FirstSource, Inc.^(a)		4,208		702,484
Carlisle Cos., Inc.		2,649		827,627
Carrier Global Corp.		12,890		740,530
Caterpillar, Inc.		2,612		772,290
CH Robinson Worldwide, Inc.		8,261		713,668
Cintas Corp.		2,004		1,207,731
Copart, Inc.^(a)		20,300		994,700
CSX Corp.		28,529		989,100
Deere & Co.		1,753		700,972
Dover Corp.		5,870		902,865
Eaton Corp. PLC		3,556		856,356
EMCOR Group, Inc.		3,459		745,172
Equifax, Inc.		4,034		997,568
Expeditors International of Washington, Inc.		6,795		864,324
Fastenal Co.		15,444		1,000,308
Fortive Corp.		12,133		893,353
General Dynamics Corp.		4,827		1,253,427
Graco, Inc.		10,126		878,532
HEICO Corp.		4,855		868,414
Howmet Aerospace, Inc.		19,296		1,044,300
Hubbell, Inc.		2,306		758,513
IDEX Corp.		4,565		991,107

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan US Large/Mid Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (25.4%): (continued)
Illinois Tool Works, Inc.		3,856		1,010,041
Ingersoll Rand, Inc.		12,381		957,547
J.B. Hunt Transport Services, Inc.		4,253		849,494
Johnson Controls International PLC		14,475		834,339
Leidos Holdings, Inc.		7,497		811,475
Lennox International, Inc.		1,825		816,724
Lincoln Electric Holdings, Inc.		4,426		962,478
Masco Corp.		13,916		932,094
Nordson Corp.		3,290		869,086
Norfolk Southern Corp.		4,362		1,031,090
Old Dominion Freight Line, Inc.		1,431		580,027
Otis Worldwide Corp.		12,198		1,091,355
PACCAR, Inc.		9,189		897,306
Parker-Hannifin Corp.		1,844		849,531
Paychex, Inc.		7,398		881,176
Paycom Software, Inc.		1,883		389,254
Paylocity Holding Corp.^(a)		2,841		468,339
Quanta Services, Inc.		4,674		1,008,649
Regal Rexnord Corp.		4,734		700,727
Republic Services, Inc.		8,055		1,328,350
Rockwell Automation, Inc.		2,545		790,172
Rollins, Inc.		25,860		1,129,306
Saia, Inc.^(a)		1,167		511,403
Snap-on, Inc.		3,261		941,907
SS&C Technologies Holdings, Inc.		16,473		1,006,665
Textron, Inc.		9,737		783,050
The Toro Co.		7,778		746,610
Trane Technologies PLC		4,106		1,001,453
TransDigm Group, Inc.		1,052		1,064,203
TransUnion		10,283		706,545
U Haul Holding Co.		10,294		725,109
Union Pacific Corp.		3,545		870,723
United Rentals, Inc.		1,200		688,104
Verisk Analytics, Inc.		3,996		954,485
Vertiv Holdings Co., Class A		8,572		411,713
Waste Management, Inc.		7,887		1,412,562
Watsco, Inc.		1,818		778,958
Westinghouse Air Brake Technologies Corp.		8,775		1,113,547
WW Grainger, Inc.		1,002		830,347
Xylem, Inc.		8,550		977,778
				60,233,832
Information Technology (14.2%):
Akamai Technologies, Inc.^(a)		6,711		794,247
Amphenol Corp., Class A		12,419		1,231,095
Analog Devices, Inc.		4,244		842,689

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (14.2%): (continued)
ANSYS, Inc.^(a)		2,423		879,258
AppLovin Corp., Class A^(a)		6,920		275,762
Arista Networks, Inc.^(a)		2,129		501,401
Bentley Systems, Inc., Class B		13,993		730,155
Broadcom, Inc.		693		773,561
Cadence Design Systems, Inc.^(a)		2,733		744,387
CDW Corp.		3,570		811,532
Cognizant Technology Solutions Corp., Class A		11,421		862,628
Dropbox, Inc., Class A^(a)		24,164		712,355
Dynatrace, Inc.^(a)		10,638		581,792
Enphase Energy, Inc.^(a)		3,398		449,012
Entegris, Inc.		4,364		522,894
EPAM Systems, Inc.^(a)		1,858		552,458
F5, Inc.^(a)		5,753		1,029,672
Fair Isaac Corp.^(a)		852		991,737
First Solar, Inc.^(a)		2,283		393,315
Fortinet, Inc.^(a)		7,745		453,315
Gartner, Inc.^(a)		2,428		1,095,295
Jabil, Inc.		4,415		562,471
Juniper Networks, Inc.		31,279		922,105
Keysight Technologies, Inc.^(a)		4,967		790,200
KLA Corp.		1,132		658,032
Lattice Semiconductor Corp.^(a)		5,677		391,656
Manhattan Associates, Inc.^(a)		3,685		793,454
Microchip Technology, Inc.		7,540		679,957
Monolithic Power Systems, Inc.		886		558,871
NetApp, Inc.		10,417		918,363
NVIDIA Corp.		855		423,413
NXP Semiconductors N.V.		3,188		732,220
ON Semiconductor Corp.^(a)		5,367		448,306
Palo Alto Networks, Inc.^(a)		1,924		567,349
PTC, Inc.^(a)		6,623		1,158,760
Roper Technologies, Inc.		2,447		1,334,031
Skyworks Solutions, Inc.		6,119		687,898
Super Micro Computer, Inc.^(a)		952		270,616
Synopsys, Inc.^(a)		1,430		736,321
TD SYNNEX Corp.		8,763		942,986
TE Connectivity Ltd.		7,844		1,102,082
Teledyne Technologies, Inc.^(a)		2,304		1,028,252
Teradyne, Inc.		6,303		684,002
Trimble, Inc.^(a)		13,566		721,711
Tyler Technologies, Inc.^(a)		1,885		788,156
Zebra Technologies Corp.^(a)		2,200		601,326
				33,731,098

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan US Large/Mid Cap Core ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (7.1%):
Albemarle Corp.		3,164		457,135
Avery Dennison Corp.		4,623		934,586
Ball Corp.		12,902		742,123
Celanese Corp.		5,144		799,223
CF Industries Holdings, Inc.		6,905		548,947
Crown Holdings, Inc.		9,302		856,621
Eastman Chemical Co.		9,162		822,931
FMC Corp.		10,065		634,598
Freeport-McMoRan, Inc.		16,007		681,418
International Paper Co.		19,994		722,783
LyondellBasell Industries N.V., Class A		8,666		823,963
Martin Marietta Materials, Inc.		1,823		909,513
Nucor Corp.		3,955		688,328
Packaging Corp. of America		4,916		800,866
PPG Industries, Inc.		6,087		910,311
Reliance Steel & Aluminum Co.		2,892		808,835
RPM International, Inc.		7,865		877,970
Steel Dynamics, Inc.		4,789		565,581
The Mosaic Co.		14,191		507,044
The Sherwin-Williams Co.		3,246		1,012,427
Vulcan Materials Co.		4,056		920,753
Westlake Corp.		5,322		744,867
				16,770,823
Real Estate (0.4%):
CoStar Group, Inc.^(a)		9,560		835,448
				835,448
Utilities (8.5%):
Alliant Energy Corp.		19,740		1,012,662
Ameren Corp.		12,880		931,739
American Electric Power Co., Inc.		12,975		1,053,830
American Water Works Co., Inc.		8,293		1,094,593
Atmos Energy Corp.		9,296		1,077,406

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (8.5%): (continued)
CenterPoint Energy, Inc.		37,255		1,064,375
CMS Energy Corp.		18,202		1,056,990
Consolidated Edison, Inc.		12,068		1,097,826
Constellation Energy Corp.		6,609		772,526
DTE Energy Co.		10,572		1,165,669
Entergy Corp.		10,033		1,015,239
Essential Utilities, Inc.		28,007		1,046,062
Evergy, Inc.		19,435		1,014,507
Eversource Energy		16,469		1,016,467
NextEra Energy, Inc.		14,784		897,980
NiSource, Inc.		39,669		1,053,212
Public Service Enterprise Group, Inc.		16,855		1,030,683
The Southern Co.		15,455		1,083,705
Vistra Corp.		18,418		709,461
WEC Energy Group, Inc.		12,225		1,028,978
				20,223,910
Total Common Stocks (Cost $204,217,371)				236,003,967
Total Investments (Cost $204,217,371) — 99.6%^(b)				236,003,967
Other assets in excess of liabilities — 0.4%				946,579
NET ASSETS — 100.00%			$	236,950,546

Percentages indicated are based on net assets as of December 31, 2023.

(a)	Non-income producing security.

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

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini		3/15/24		4	$	939,549	$	964,000	$	24,451
									$	24,451

See notes to financial statements.

Schedule of Portfolio Investments

December 31, 2023

Timothy Plan High Dividend Stock ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.5%)
Consumer Discretionary (7.1%):
Garmin Ltd.		25,807		3,317,232
Genuine Parts Co.		17,418		2,412,393
LKQ Corp.		51,327		2,452,917
Lowe’s Cos., Inc.		11,065		2,462,516
Service Corp. International		45,250		3,097,363
Tractor Supply Co.		11,143		2,396,079
				16,138,500
Consumer Staples (6.3%):
Bunge Global SA		15,783		1,593,294
Campbell Soup Co.		63,244		2,734,038
Dollar General Corp.		12,348		1,678,711
Hormel Foods Corp.		88,902		2,854,643
McCormick & Co., Inc.		37,247		2,548,440
Sysco Corp.		41,771		3,054,713
				14,463,839
Energy (13.2%):
APA Corp.		29,567		1,060,864
Baker Hughes Co.		51,473		1,759,347
Chesapeake Energy Corp.		19,508		1,500,946
ConocoPhillips		13,525		1,569,847
Coterra Energy, Inc.		57,098		1,457,141
Devon Energy Corp.		28,877		1,308,128
Diamondback Energy, Inc.		9,801		1,519,939
EOG Resources, Inc.		12,085		1,461,681
HF Sinclair Corp.		24,517		1,362,410
Kinder Morgan, Inc.		164,596		2,903,473
Marathon Petroleum Corp.		10,535		1,562,973
ONEOK, Inc.		29,943		2,102,598
Ovintiv, Inc.		22,501		988,244
Phillips 66		14,845		1,976,463
Pioneer Natural Resources Co.		7,064		1,588,552
Targa Resources Corp.		23,505		2,041,879
The Williams Cos., Inc.		70,341		2,449,977
Valero Energy Corp.		11,172		1,452,360
				30,066,822
Financials (9.7%):
Aflac, Inc.		31,311		2,583,158
American Financial Group, Inc.		19,460		2,313,600
Cincinnati Financial Corp.		18,067		1,869,212
Corebridge Financial, Inc.		74,046		1,603,836
Equitable Holdings, Inc.		56,506		1,881,650
Erie Indemnity Co., Class A		5,473		1,833,017
Everest Group Ltd.		4,785		1,691,880
Franklin Resources, Inc.		86,794		2,585,593

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (9.7%): (continued)
Nasdaq, Inc.		39,944		2,322,344
Principal Financial Group, Inc.		26,206		2,061,626
UWM Holdings Corp.		214,769		1,535,598
				22,281,514
Health Care (1.2%):
Cardinal Health, Inc.		26,939		2,715,451
				2,715,451
Industrials (19.7%):
A.O. Smith Corp.		26,641		2,196,284
Allegion PLC		19,708		2,496,807
Caterpillar, Inc.		7,006		2,071,464
CH Robinson Worldwide, Inc.		22,156		1,914,057
Eaton Corp. PLC		9,536		2,296,460
Fastenal Co.		41,418		2,682,644
General Dynamics Corp.		12,947		3,361,947
Illinois Tool Works, Inc.		10,341		2,708,722
Johnson Controls International PLC		38,821		2,237,642
Masco Corp.		37,325		2,500,029
Norfolk Southern Corp.		11,699		2,765,410
Paychex, Inc.		19,840		2,363,142
Rockwell Automation, Inc.		6,823		2,118,405
Snap-on, Inc.		8,747		2,526,483
SS&C Technologies Holdings, Inc.		44,181		2,699,901
Union Pacific Corp.		9,507		2,335,109
Waste Management, Inc.		21,151		3,788,144
Watsco, Inc.		4,873		2,087,934
				45,150,584
Information Technology (8.8%):
Analog Devices, Inc.		11,382		2,260,010
Broadcom, Inc.		1,855		2,070,644
Cognizant Technology Solutions Corp., Class A		30,632		2,313,635
Juniper Networks, Inc.		83,894		2,473,195
Microchip Technology, Inc.		20,221		1,823,530
NetApp, Inc.		27,939		2,463,102
NXP Semiconductors N.V.		8,548		1,963,305
Skyworks Solutions, Inc.		16,415		1,845,374
TE Connectivity Ltd.		21,039		2,955,979
				20,168,774
Materials (10.7%):
Avery Dennison Corp.		12,402		2,507,188
Ball Corp.		34,605		1,990,480
Celanese Corp.		13,798		2,143,795
CF Industries Holdings, Inc.		18,518		1,472,181
Eastman Chemical Co.		24,573		2,207,147
FMC Corp.		26,997		1,702,161

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan High Dividend Stock ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (10.7%): (continued)
International Paper Co.		53,627		1,938,616
LyondellBasell Industries N.V., Class A		23,242		2,209,849
Packaging Corp. of America		13,184		2,147,805
PPG Industries, Inc.		16,325		2,441,404
RPM International, Inc.		21,097		2,355,058
The Mosaic Co.		38,064		1,360,027
				24,475,711
Utilities (22.8%):
Alliant Energy Corp.		52,945		2,716,078
Ameren Corp.		34,543		2,498,841
American Electric Power Co., Inc.		34,797		2,826,212
American Water Works Co., Inc.		22,242		2,935,721
Atmos Energy Corp.		24,934		2,889,851
CenterPoint Energy, Inc.		99,922		2,854,771
CMS Energy Corp.		48,818		2,834,861
Consolidated Edison, Inc.		32,370		2,944,699
DTE Energy Co.		28,355		3,126,422
Entergy Corp.		26,910		2,723,023
Essential Utilities, Inc.		75,116		2,805,583
Evergy, Inc.		52,126		2,720,977
Eversource Energy		44,169		2,726,111
NextEra Energy, Inc.		39,651		2,408,402
NiSource, Inc.		106,394		2,824,761

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (22.8%): (continued)
Public Service Enterprise Group, Inc.		45,208		2,764,469
The Southern Co.		41,449		2,906,404
Vistra Corp.		49,394		1,902,657
WEC Energy Group, Inc.		32,787		2,759,682
				52,169,525
Total Common Stocks (Cost $211,792,998)				227,630,720
Total Investments (Cost $211,792,998) — 99.5%^(a)				227,630,720
Other assets in excess of liabilities — 0.5%				1,167,628
NET ASSETS — 100.00%			$	228,798,348

Percentages indicated are based on net assets as of December 31, 2023.

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

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini		3/15/24		4	$	940,299	$	964,000	$	23,701
									$	23,701

See notes to financial statements.

Schedule of Portfolio Investments

December 31, 2023

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.2%)
Australia (6.6%):
Communication Services (0.7%):
REA Group Ltd.		2,426		299,411
Telstra Group Ltd.		143,187		386,312
				685,723
Consumer Discretionary (0.4%):
Wesfarmers Ltd.		9,233		358,807
				358,807
Consumer Staples (0.8%):
Coles Group Ltd.		34,509		378,763
Woolworths Group Ltd.		14,150		358,623
				737,386
Energy (0.4%):
Santos Ltd.		46,712		241,870
Woodside Energy Group Ltd.		8,729		184,716
				426,586
Financials (1.8%):
ANZ Group Holdings Ltd.		17,243		304,500
Commonwealth Bank of Australia		4,366		332,556
Insurance Australia Group Ltd.		63,211		243,752
National Australia Bank Ltd.		13,663		285,774
Suncorp Group Ltd.		28,991		273,560
Westpac Banking Corp.		20,081		313,299
				1,753,441
Health Care (1.0%):
Cochlear Ltd.		1,711		348,162
CSL Ltd.		2,008		392,152
Sonic Healthcare Ltd.		11,517		251,717
				992,031
Industrials (0.5%):
Brambles Ltd.		32,976		305,546
Computershare Ltd.		13,522		224,694
				530,240
Information Technology (0.2%):
WiseTech Global Ltd.		3,862		198,312
				198,312
Materials (0.8%):
BHP Group Ltd.		7,216		247,829
Fortescue Ltd.		11,247		222,368
Rio Tinto Ltd.		2,802		258,976
				729,173
				6,411,699
Austria (0.6%):
Energy (0.2%):
OMV AG		4,188		183,846
				183,846

SECURITY DESCRIPTION	SHARES		VALUE ($)
Austria (0.6%): (continued)
Financials (0.2%):
Erste Group Bank AG		5,533		224,322
				224,322
Utilities (0.2%):
Verbund AG		2,227		206,609
				206,609
				614,777
Belgium (0.8%):
Financials (0.5%):
Groupe Bruxelles Lambert NV		3,967		311,857
KBC Group N.V.		3,760		243,705
				555,562
Materials (0.3%):
Solvay SA, Class A		2,011		61,554
Syensqo SA ^(a)		2,011		209,233
				270,787
				826,349
Canada (9.9%):
Consumer Discretionary (0.5%):
Dollarama, Inc.		4,619		332,907
Magna International, Inc.		3,171		187,378
				520,285
Consumer Staples (0.7%):
Alimentation Couche-Tard, Inc.		5,355		315,383
Metro, Inc.		7,582		392,520
				707,903
Energy (1.9%):
ARC Resources Ltd.		11,420		169,546
Cameco Corp.		4,667		201,242
Canadian Natural Resources Ltd.		3,068		201,021
Cenovus Energy, Inc.		7,781		129,674
Imperial Oil Ltd.		3,240		184,584
Pembina Pipeline Corp.		9,930		341,918
Suncor Energy, Inc.		5,906		189,229
TC Energy Corp.		6,931		270,774
Tourmaline Oil Corp.		3,471		156,115
				1,844,103
Financials (2.3%):
Brookfield Asset Management Ltd., Class A		7,339		294,801
Fairfax Financial Holdings Ltd.		316		291,579
Great-West Lifeco, Inc.		14,912		493,653
Intact Financial Corp.		2,524		388,363
National Bank of Canada		4,660		355,242
Power Corp. of Canada		15,165		433,694
				2,257,332

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Canada (9.9%): (continued)
Industrials (1.6%):
Canadian National Railway Co.		2,727		342,805
Canadian Pacific Kansas City Ltd.		3,781		299,192
TFI International, Inc.		1,539		209,366
Waste Connections, Inc.		2,891		431,741
WSP Global, Inc.		2,093		293,421
				1,576,525
Information Technology (0.6%):
Constellation Software, Inc.		122		302,515
Open Text Corp.		5,718		240,347
				542,862
Materials (1.2%):
Agnico Eagle Mines Ltd.		3,895		213,580
First Quantum Minerals Ltd.		5,301		43,411
Franco-Nevada Corp.		1,688		186,994
Ivanhoe Mines Ltd. ^(a)		18,125		175,792
Nutrien Ltd.		3,118		175,680
Teck Resources Ltd., Class B		3,240		136,971
Wheaton Precious Metals Corp.		4,675		230,662
				1,163,090
Utilities (1.1%):
Emera, Inc.		10,282		390,357
Fortis, Inc.		8,131		334,532
Hydro One Ltd.		13,103		392,625
				1,117,514
				9,729,614
Chile (0.2%):
Materials (0.2%):
Antofagasta PLC		9,535		204,084
				204,084
Denmark (2.2%):
Consumer Discretionary (0.2%):
Pandora A/S		1,460		201,803
				201,803
Financials (0.6%):
Danske Bank A/S		8,526		227,815
Tryg A/S		14,750		320,932
				548,747
Health Care (0.5%):
Coloplast A/S, Class B		2,448		279,916
Genmab A/S ^(a)		800		255,351
				535,267
Industrials (0.4%):
AP Moller - Maersk A/S, Class B		80		143,849
DSV A/S		1,434		251,797
				395,646

SECURITY DESCRIPTION	SHARES			VALUE ($)
Denmark (2.2%): (continued)
Materials (0.3%):
Novozymes A/S, Class B Shares		6,312			346,943
					346,943
Utilities (0.2%):
Orsted A/S		2,792			154,787
					154,787
					2,183,193
Finland (2.2%):
Energy (0.2%):
Neste Oyj		5,114			181,820
					181,820
Financials (0.5%):
Nordea Bank Abp		18,360			227,112
Sampo Oyj, Class A Shares		6,767			295,864
					522,976
Industrials (0.5%):
Kone Oyj, Class B		5,557			277,004
Metso Oyj		19,169			194,026
					471,030
Information Technology (0.2%):
Nokia Oyj		68,830			231,875
					231,875
Materials (0.5%):			��
Stora Enso Oyj, Class R		14,209			196,441
UPM-Kymmene Oyj		7,305			274,635
					471,076
Utilities (0.3%):
Fortum Oyj		19,089			275,180
					275,180
					2,153,957
France (6.9%):
Consumer Discretionary (0.5%):
Cie Generale des Etablissements Michelin SCA		8,067			289,036
Hermes International SCA		112			237,213
					526,249
Consumer Staples (0.3%):
Carrefour SA		13,939			254,867
					254,867
Energy (0.2%):
TotalEnergies SE		3,211			218,329
					218,329
Financials (1.2%):
Amundi SA		3,813			259,262
Credit Agricole SA		17,835			253,008
Edenred SE		5,769			344,754

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
France (6.9%): (continued)
Financials (1.2%): (continued)
Societe Generale SA		7,010		185,897
Worldline SA ^(a)		7,423		128,393
				1,171,314
Health Care (1.0%):
BioMerieux		2,745		304,811
EssilorLuxottica SA		1,322		264,995
Ipsen SA		1,992		237,248
Sartorius Stedim Biotech		681		180,030
				987,084
Industrials (2.5%):
Bouygues SA		8,406		316,584
Bureau Veritas SA		12,368		312,217
Eiffage SA		3,046		326,199
Getlink SE		17,528		320,490
Legrand SA		3,022		313,888
Safran SA		1,695		298,341
Thales SA		1,664		246,029
Vinci SA		2,564		321,788
				2,455,536
Information Technology (0.5%):
Dassault Systemes SE		5,610		273,918
STMicroelectronics N.V.		3,916		195,571
				469,489
Materials (0.4%):
Air Liquide SA		1,774		344,868
				344,868
Utilities (0.3%):
Veolia Environnement SA		10,053		316,917
				316,917
				6,744,653
Germany (5.5%):
Consumer Discretionary (0.4%):
Continental AG		2,606		221,261
Puma SE		2,837		158,202
				379,463
Consumer Staples (0.4%):
Beiersdorf AG		2,661		398,580
				398,580
Financials (1.3%):
Commerzbank AG		11,794		140,076
Deutsche Boerse AG		1,465		301,584
Hannover Rueck SE		1,190		284,115
Muenchener Rueckversicherungs-Gesellschaft AG, Class R		691		286,099

SECURITY DESCRIPTION	SHARES		VALUE ($)
Germany (5.5%): (continued)
Financials (1.3%): (continued)
Talanx AG		3,618		258,183
				1,270,057
Health Care (0.2%):
Fresenius Medical Care AG		5,058		211,932
				211,932
Industrials (1.8%):
Brenntag SE		3,558		326,832
Daimler Truck Holding AG		6,345		238,263
Deutsche Lufthansa AG ^(a)		27,390		243,316
Deutsche Post AG		5,544		274,489
Knorr-Bremse AG		3,621		235,016
MTU Aero Engines AG		1,015		218,750
Rheinmetall AG		654		207,181
				1,743,847
Information Technology (0.2%):
Infineon Technologies AG		4,920		205,281
				205,281
Materials (0.5%):
Heidelberg Materials AG		3,124		279,104
Symrise AG		2,485		273,307
				552,411
Utilities (0.7%):
E.ON SE		24,008		321,976
RWE AG		7,544		342,909
				664,885
				5,426,456
Hong Kong (3.2%):
Financials (0.5%):
AIA Group Ltd.		24,267		211,492
Hang Seng Bank Ltd.		23,727		276,676
				488,168
Industrials (0.5%):
CK Hutchison Holdings Ltd.		56,353		302,038
Techtronic Industries Co. Ltd.		13,575		161,772
				463,810
Real Estate (1.1%):
Henderson Land Development Co. Ltd.		90,206		277,843
Sino Land Co. Ltd.		217,795		236,813
Sun Hung Kai Properties Ltd.		24,093		260,579
Swire Pacific Ltd., Class A		29,485		249,604
				1,024,839
Utilities (1.1%):
CLP Holdings Ltd.		44,000		363,182
Hong Kong & China Gas Co. Ltd.		410,274		314,213

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Hong Kong (3.2%): (continued)
Utilities (1.1%): (continued)
Power Assets Holdings Ltd.		74,462		431,522
				1,108,917
				3,085,734
Ireland (1.4%):
Consumer Staples (0.3%):
Kerry Group PLC, Class A		3,630		315,175
				315,175
Financials (0.3%):
AIB Group PLC		39,086		167,395
Bank of Ireland Group PLC		15,915		144,366
				311,761
Industrials (0.2%):
Kingspan Group PLC		2,250		194,710
				194,710
Materials (0.6%):
CRH PLC		4,565		315,715
Smurfit Kappa Group PLC		5,883		233,917
				549,632
				1,371,278
Israel (0.7%):
Financials (0.5%):
Bank Hapoalim BM		24,819		223,633
Bank Leumi Le-Israel BM		27,238		219,761
				443,394
Information Technology (0.2%):
Nice Ltd. ^(a)		1,083		218,851
				218,851
				662,245
Italy (3.7%):
Communication Services (0.3%):
Infrastrutture Wireless Italiane SpA		22,643		286,174
				286,174
Consumer Discretionary (0.2%):
Moncler SpA		3,530		217,031
				217,031
Energy (0.2%):
Eni SpA		13,597		230,349
				230,349
Financials (1.5%):
Assicurazioni Generali SpA		14,164		298,692
Intesa Sanpaolo SpA		76,979		224,617
Mediobanca Banca di Credito Finanziario SpA		20,811		257,393
Nexi SpA ^(a)		27,397		223,964
Poste Italiane SpA		25,724		291,750

SECURITY DESCRIPTION	SHARES		VALUE ($)
Italy (3.7%): (continued)
Financials (1.5%): (continued)
UniCredit SpA		5,951		161,361
				1,457,777
Health Care (0.3%):
Recordati Industria Chimica e Farmaceutica SpA		4,682		252,353
				252,353
Industrials (0.2%):
Prysmian SpA		5,371		244,077
				244,077
Utilities (1.0%):
Enel SpA		45,697		339,464
Snam SpA		60,150		309,062
Terna - Rete Elettrica Nazionale		37,253		310,620
				959,146
				3,646,907
Japan (19.2%):
Communication Services (0.7%):
Nexon Co. Ltd.		11,600		211,421
SoftBank Corp.		37,800		471,763
				683,184
Consumer Discretionary (1.7%):
Bridgestone Corp.		8,300		343,822
Denso Corp.		17,200		259,501
Fast Retailing Co. Ltd.		1,000		248,191
Oriental Land Co. Ltd.		8,500		316,595
Panasonic Holdings Corp.		22,000		217,924
Suzuki Motor Corp.		6,100		261,039
				1,647,072
Consumer Staples (1.7%):
Aeon Co. Ltd.		16,200		362,081
Ajinomoto Co., Inc.		6,100		235,381
Kao Corp.		8,000		329,125
Seven & i Holdings Co. Ltd.		7,300		289,711
Shiseido Co. Ltd.		7,000		211,122
Unicharm Corp.		7,600		274,825
				1,702,245
Energy (0.2%):
Inpex Corp.		11,400		154,003
				154,003
Financials (2.0%):
Dai-ichi Life Holdings, Inc.		8,900		188,883
Japan Post Holdings Co. Ltd.		27,900		249,256
MS&AD Insurance Group Holdings, Inc.		7,100		279,306
ORIX Corp.		14,200		267,522

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (19.2%): (continued)
Financials (2.0%): (continued)
Sompo Holdings, Inc.		5,600		273,923
Sumitomo Mitsui Financial Group, Inc.		4,300		209,845
Sumitomo Mitsui Trust Holdings, Inc.		12,200		234,169
Tokio Marine Holdings, Inc.		10,200		255,326
				1,958,230
Health Care (1.9%):
Chugai Pharmaceutical Co. Ltd.		8,700		329,660
Daiichi Sankyo Co. Ltd.		6,600		181,268
Eisai Co. Ltd.		3,900		195,083
Hoya Corp.		2,100		262,537
Olympus Corp.		14,000		202,632
Shionogi & Co. Ltd.		7,400		356,825
Terumo Corp.		9,600		314,734
				1,842,739
Industrials (4.8%):
Central Japan Railway Co.		15,200		386,415
Daikin Industries Ltd.		1,400		228,252
East Japan Railway Co.		6,300		363,262
FANUC Corp.		9,500		279,447
Hitachi Ltd.		4,200		302,979
ITOCHU Corp.		6,700		274,074
Komatsu Ltd.		8,900		232,822
Kubota Corp.		17,400		261,963
Marubeni Corp.		13,400		211,816
Mitsubishi Corp.		13,800		220,587
Mitsubishi Electric Corp.		21,500		304,855
Mitsubishi Heavy Industries Ltd.		3,700		216,284
Nidec Corp.		4,700		189,860
Nippon Yusen KK		7,200		223,232
Secom Co. Ltd.		4,400		316,939
SMC Corp.		500		268,691
Toyota Industries Corp.		2,500		203,930
Toyota Tsusho Corp.		4,000		235,721
				4,721,129
Information Technology (4.4%):
Advantest Corp.		4,100		139,507
Canon, Inc.		12,700		326,103
Disco Corp.		800		198,496
FUJIFILM Holdings Corp.		5,200		312,524
Fujitsu Ltd.		2,200		331,997
Keyence Corp.		600		264,378
Kyocera Corp.		26,800		391,221
Lasertec Corp.		800		210,924

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (19.2%): (continued)
Information Technology (4.4%): (continued)
Murata Manufacturing Co. Ltd.		15,100		320,572
NEC Corp.		4,500		266,527
Nomura Research Institute Ltd.		9,400		273,439
NTT Data Group Corp.		18,500		262,317
OBIC Co. Ltd.		2,000		344,659
Renesas Electronics Corp. ^(a)		10,000		180,806
TDK Corp.		5,900		281,106
Tokyo Electron Ltd.		1,200		214,967
				4,319,543
Materials (0.8%):
Nippon Paint Holdings Co. Ltd.		29,200		236,118
Nippon Steel Corp.		9,400		215,364
Shin-Etsu Chemical Co. Ltd.		7,600		318,976
				770,458
Real Estate (1.0%):
Daiwa House Industry Co. Ltd.		12,400		375,747
Mitsubishi Estate Co. Ltd.		22,500		310,097
Mitsui Fudosan Co. Ltd.		12,200		299,245
				985,089
				18,783,692
Korea, Republic Of (0.4%):
Financials (0.2%):
Samsung Fire & Marine Insurance Co. Ltd.		1,073		219,149
				219,149
Industrials (0.1%):
POSCO International Corp.		1,618		78,406
				78,406
Materials (0.1%):
Ecopro Co. Ltd.		103		51,752
				51,752
				349,307
Luxembourg (0.7%):
Energy (0.2%):
Tenaris SA		10,712		186,167
				186,167
Health Care (0.3%):
Eurofins Scientific SE		3,871		252,011
				252,011
Materials (0.2%):
ArcelorMittal SA		8,424		238,737
				238,737
				676,915

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Netherlands (2.9%):
Consumer Discretionary (0.2%):
Prosus N.V.		5,613		167,189
				167,189
Financials (1.0%):
ABN AMRO Bank N.V.		12,331		184,973
Adyen N.V. ^(a)		123		158,386
ASR Nederland NV		4,958		233,682
ING Groep N.V.		14,019		209,304
NN Group N.V.		4,931		194,582
				980,927
Health Care (0.4%):
QIAGEN NV ^(a)		8,809		383,102
				383,102
Industrials (0.6%):
Randstad N.V.		4,192		262,451
Wolters Kluwer N.V.		2,255		320,344
				582,795
Information Technology (0.4%):
ASM International N.V.		383		198,674
BE Semiconductor Industries NV		1,516		228,331
				427,005
Materials (0.3%):
Akzo Nobel N.V.		3,508		289,713
				289,713
				2,830,731
Norway (1.5%):
Communication Services (0.3%):
Telenor ASA		22,212		255,024
				255,024
Consumer Staples (0.2%):
Mowi ASA		12,344		221,219
				221,219
Energy (0.3%):
Aker BP ASA		5,219		151,859
Equinor ASA		4,853		153,944
				305,803
Financials (0.3%):
DNB Bank ASA		12,352		262,715
				262,715
Materials (0.4%):
Norsk Hydro ASA		27,469		185,009
Yara International ASA		5,844		207,851
				392,860
				1,437,621

SECURITY DESCRIPTION	SHARES		VALUE ($)
Portugal (0.8%):
Consumer Staples (0.3%):
Jeronimo Martins SGPS SA		11,394		289,767
				289,767
Energy (0.2%):
Galp Energia SGPS SA		12,806		188,565
				188,565
Utilities (0.3%):
EDP - Energias de Portugal SA		67,067		337,201
				337,201
				815,533
Russian Federation (0.0%):†
Materials (0.0%):†
Evraz PLC ^(a)(b)(c)		38,723		19,986
				19,986
Singapore (3.1%):
Communication Services (0.3%):
Singapore Telecommunications Ltd.		184,100		344,647
				344,647
Consumer Staples (0.4%):
Wilmar International Ltd.		129,600		350,668
				350,668
Financials (1.2%):
DBS Group Holdings Ltd.		14,800		374,767
Oversea-Chinese Banking Corp. Ltd.		42,500		418,751
United Overseas Bank Ltd.		17,500		377,350
				1,170,868
Industrials (0.9%):
Jardine Cycle & Carriage Ltd.		13,400		302,246
Keppel Ltd.		45,100		241,668
Singapore Airlines Ltd.		62,200		309,256
				853,170
Real Estate (0.3%):
CapitaLand Investment Ltd.		116,700		279,500
				279,500
				2,998,853
South Korea (3.9%):
Communication Services (0.5%):
Kakao Corp. ^(a)		5,944		250,648
NAVER Corp.		1,085		188,739
				439,387
Consumer Discretionary (0.7%):
Hyundai Mobis Co. Ltd.		1,187		218,466
Kia Corp.		3,266		253,630
LG Electronics, Inc.		2,167		171,314
				643,410

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Singapore (3.1%): (continued)
Financials (0.9%):
KakaoBank Corp.		8,650		191,446
KB Financial Group, Inc.		4,996		209,896
Samsung Life Insurance Co. Ltd.		4,764		255,644
Shinhan Financial Group Co. Ltd.		8,125		253,335
				910,321
Health Care (0.3%):
Celltrion, Inc.		1,609		251,777
				251,777
Industrials (0.8%):
Ecopro BM Co. Ltd.		455		101,763
LG Corp.		3,265		217,802
POSCO Future M Co. Ltd.		432		120,438
Samsung C&T Corp.		3,672		369,281
				809,284
Information Technology (0.4%):
Samsung Electronics Co. Ltd.		4,267		260,122
Samsung SDI Co. Ltd.		467		171,177
				431,299
Materials (0.3%):
LG Chem Ltd.		437		169,343
POSCO Holdings, Inc.		349		135,378
				304,721
				3,790,199
Spain (2.7%):
Consumer Discretionary (0.6%):
Amadeus IT Group SA		4,220		302,214
Industria de Diseno Textil SA		6,843		297,827
				600,041
Energy (0.2%):
Repsol SA		13,683		203,140
				203,140
Financials (0.2%):
CaixaBank SA		47,403		194,957
				194,957
Industrials (1.0%):
ACS Actividades de Construccion y Servicios SA		8,023		355,649
Aena SME SA		1,543		279,489
Ferrovial SE		10,726		390,936
				1,026,074
Utilities (0.7%):
Endesa SA		13,518		275,445
Iberdrola SA		29,903		391,793
				667,238
				2,691,450

SECURITY DESCRIPTION	SHARES		VALUE ($)
Sweden (4.3%):
Consumer Staples (0.3%):
Essity AB, Class B		11,185		277,337
				277,337
Financials (1.6%):
Industrivarden AB, Class C		9,060		295,006
Investor AB, Class B		13,108		303,567
L E Lundbergforetagen AB, Class B		5,724		311,222
Skandinaviska Enskilda Banken AB, Class A		16,321		224,682
Svenska Handelsbanken AB, Class A		20,222		219,519
Swedbank AB, Class A		10,169		205,044
				1,559,040
Industrials (1.6%):
Alfa Laval AB		5,828		233,178
Assa Abloy AB, Class B		9,965		286,917
Atlas Copco AB, Class A		12,712		218,812
Epiroc AB, Class A		9,788		196,294
Nibe Industrier AB, Class B		24,384		171,226
Sandvik AB		10,886		235,481
Volvo AB, Class B		8,984		233,187
				1,575,095
Information Technology (0.6%):
Hexagon AB, Class B		22,886		274,541
Telefonaktiebolaget LM Ericsson, Class B		43,536		272,508
				547,049
Materials (0.2%):
Svenska Cellulosa AB SCA, Class B		13,679		204,998
				204,998
				4,163,519
Switzerland (7.8%):
Communication Services (0.4%):
Swisscom AG, Registered		631		379,741
				379,741
Consumer Discretionary (0.4%):
Cie Financiere Richemont SA, Registered		1,537		211,593
The Swatch Group AG		788		214,245
				425,838
Consumer Staples (0.8%):
Barry Callebaut AG, Registered		215		362,851
Chocoladefabriken Lindt & Spruengli AG		33		396,016
				758,867
Financials (1.3%):
Banque Cantonale Vaudoise, Registered		2,667		344,160

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Switzerland (7.8%): (continued)
Financials (1.3%): (continued)
Julius Baer Group Ltd.		2,977		166,943
Partners Group Holding AG		157		226,500
Swiss Life Holding AG		388		269,495
Swiss Re AG		2,335		262,604
				1,269,702
Health Care (0.9%):
Alcon, Inc.		3,426		267,463
Lonza Group AG, Registered		440		185,095
Sonova Holding AG		795		259,453
Straumann Holding AG, Class R		1,315		212,076
				924,087
Industrials (1.8%):
ABB Ltd., Registered		8,052		357,207
Geberit AG, Registered		504		323,092
Kuehne + Nagel International AG, Class R		763		262,985
Schindler Holding AG		1,070		267,627
SGS SA, Registered		3,530		304,551
VAT Group AG		455		228,095
				1,743,557
Information Technology (0.2%):
Logitech International SA, Class R		2,491		236,301
				236,301
Materials (2.0%):
DSM-Firmenich AG		2,408		244,532
EMS-Chemie Holding AG		359		290,769
Givaudan SA, Registered		79		327,350
Glencore PLC		30,168		181,505
Holcim AG		4,440		348,631
SIG Group AG		10,902		250,896
Sika AG, Registered		825		268,557
				1,912,240
				7,650,333
United Kingdom (7.5%):
Communication Services (0.5%):
BT Group PLC		137,940		217,278
Informa PLC		30,675		305,390
				522,668
Consumer Discretionary (0.7%):
Burberry Group PLC		9,438		170,314
JD Sports Fashion PLC		99,071		209,523
Next PLC		2,991		309,437
				689,274
Consumer Staples (0.6%):
Associated British Foods PLC		10,889		328,468

SECURITY DESCRIPTION	SHARES		VALUE ($)
United Kingdom (7.5%): (continued)
Consumer Staples (0.6%): (continued)
Haleon PLC		70,184		287,693
				616,161
Financials (1.9%):
3i Group PLC		9,256		285,579
Admiral Group PLC		6,964		238,204
Legal & General Group PLC		85,393		273,260
Lloyds Banking Group PLC		457,187		277,978
London Stock Exchange Group PLC		3,428		405,149
Standard Chartered PLC		20,087		170,643
Wise PLC, Class A ^(a)		15,162		168,879
				1,819,692
Health Care (0.3%):
Smith & Nephew PLC		23,274		319,888
				319,888
Industrials (2.0%):
Ashtead Group PLC		3,437		239,243
Bunzl PLC		9,532		387,509
International Consolidated Airlines Group SA ^(a)		106,901		211,165
RELX PLC		9,122		361,541
Rentokil Initial PLC		43,940		246,836
Rolls-Royce Holdings PLC ^(a)		46,137		176,215
Spirax-Sarco Engineering PLC		2,340		313,271
				1,935,780
Information Technology (0.8%):
Halma PLC		11,596		337,530
The Sage Group PLC		28,452		425,141
				762,671
Materials (0.7%):
Anglo American PLC		6,060		152,187
Croda International PLC		3,680		236,836
Rio Tinto PLC		3,142		233,924
				622,947
				7,289,081
United States (0.5%):
Industrials (0.2%):
RB Global, Inc.		3,483		233,102
				233,102
Utilities (0.3%):
Brookfield Renewable Corp., Class A		8,520		245,266
				245,266
				478,368
Total Common Stocks (Cost $87,333,960)				97,036,534

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan International ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Warrant (0.0%)
Canada (0.0%):
Information Technology (0.0%):
Constellation Software, Inc. ^(a)(c)		141		—
				—
Total Warrant (Cost $–)				—
Total Investments (Cost $87,333,960) — 99.2%^(d)				97,036,534
Other assets in excess of liabilities — 0.8%				764,860
NET ASSETS — 100.00%			$	97,801,394

Percentages indicated are based on net assets as of December 31, 2023.

(a)	Non-income producing security.

(b)	The following table details the earliest acquisition date and cost of the Fund’s restricted securities due to trading restrictions at December 31, 2023.

Security Name	Acquisition Date	Cost
Evraz PLC	12/4/2019	$247,473

(c)	Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.02% of the Fund’s net asset as of December 31, 2023. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

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

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
Mini MSCI EAFE Index		3/15/24		4	$	437,031	$	450,480	$	13,449
									$	13,449

See notes to financial statements.

Schedule of Portfolio Investments

December 31, 2023

Timothy Plan US Large/Mid Cap Core Enhanced ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.4%)
Communication Services (0.4%):
Live Nation Entertainment, Inc.^(a)		1,730		161,928
The Trade Desk, Inc., Class A^(a)		1,092		78,580
				240,508
Consumer Discretionary (9.2%):
Aptiv PLC^(a)		1,660		148,935
Aramark		5,961		167,504
BorgWarner, Inc.		4,061		145,587
Burlington Stores, Inc.^(a)		1,098		213,539
CarMax, Inc.^(a)		1,717		131,763
Chewy, Inc., Class A^(a)		5,189		122,616
Chipotle Mexican Grill, Inc.^(a)		89		203,539
Deckers Outdoor Corp.^(a)		359		239,966
Domino’s Pizza, Inc.		432		178,083
DR Horton, Inc.		1,660		252,287
Five Below, Inc.^(a)		876		186,728
Floor & Decor Holdings, Inc., Class A^(a)		1,499		167,228
Garmin Ltd.		2,356		302,840
Genuine Parts Co.		1,590		220,215
Lennar Corp., Class A		1,688		251,580
LKQ Corp.		4,685		223,896
Lowe’s Cos., Inc.		1,010		224,776
NVR, Inc.^(a)		37		259,017
O’Reilly Automotive, Inc.^(a)		255		242,270
Penske Automotive Group, Inc.		1,024		164,362
Pool Corp.		453		180,616
PulteGroup, Inc.		2,229		230,077
Ross Stores, Inc.		1,994		275,950
Service Corp. International		4,130		282,699
Tesla, Inc.^(a)		392		97,404
Tractor Supply Co.		1,017		218,686
				5,332,163
Consumer Staples (5.1%):
Bunge Global SA		1,441		145,469
Campbell Soup Co.		5,773		249,567
Costco Wholesale Corp.		492		324,759
Coty, Inc., Class A^(a)		15,156		188,237
Darling Ingredients, Inc.^(a)		3,158		157,395
Dollar General Corp.		1,127		153,216
Dollar Tree, Inc.^(a)		1,300		184,665
Hormel Foods Corp.		8,115		260,573
Lamb Weston Holdings, Inc.		2,861		309,245
McCormick & Co., Inc.		3,400		232,628
Monster Beverage Corp.^(a)		4,669		268,981

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Staples (5.1%): (continued)
Sysco Corp.		3,812		278,772
US Foods Holding Corp.^(a)		5,232		237,585
				2,991,092
Energy (6.4%):
APA Corp.		2,699		96,840
Baker Hughes Co.		4,698		160,578
Cheniere Energy, Inc.		949		162,004
Chesapeake Energy Corp.		1,781		137,030
ConocoPhillips		1,235		143,346
Coterra Energy, Inc.		5,212		133,010
Devon Energy Corp.		2,636		119,411
Diamondback Energy, Inc.		909		140,968
EOG Resources, Inc.		1,117		135,101
EQT Corp.		2,863		110,683
Halliburton Co.		2,825		102,124
Hess Corp.		859		123,833
HF Sinclair Corp.		2,238		124,366
Kinder Morgan, Inc.		15,023		265,006
Marathon Oil Corp.		4,379		105,797
Marathon Petroleum Corp.		962		142,722
Occidental Petroleum Corp.		2,470		147,484
ONEOK, Inc.		2,733		191,911
Ovintiv, Inc.		2,054		90,212
Phillips 66		1,355		180,405
Pioneer Natural Resources Co.		644		144,823
Schlumberger N.V.		2,227		115,893
Targa Resources Corp.		2,146		186,423
Texas Pacific Land Corp.		68		106,926
The Williams Cos., Inc.		6,420		223,608
Valero Energy Corp.		1,020		132,600
				3,723,104
Financials (10.0%):
Aflac, Inc.		2,858		235,785
American Financial Group, Inc.		1,802		214,240
Arch Capital Group Ltd.^(a)		2,211		164,211
Arthur J Gallagher & Co.		1,149		258,387
Brown & Brown, Inc.		3,506		249,312
Cboe Global Markets, Inc.		1,596		284,982
Cincinnati Financial Corp.		1,649		170,605
Corebridge Financial, Inc.		6,746		146,118
Equitable Holdings, Inc.		5,158		171,761
Erie Indemnity Co., Class A		499		167,125
Everest Group Ltd.		436		154,161
FactSet Research Systems, Inc.		506		241,387
First Citizens BancShares, Inc., Class A		47		66,692

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan US Large/Mid Cap Core Enhanced ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (10.0%): (continued)
FleetCor Technologies, Inc.^(a)		684		193,305
Franklin Resources, Inc.		7,923		236,026
Globe Life, Inc.		2,129		259,142
Interactive Brokers Group, Inc.		1,909		158,256
Intercontinental Exchange, Inc.		2,281		292,949
Jack Henry & Associates, Inc.		1,085		177,300
LPL Financial Holdings, Inc.		569		129,516
Markel Group, Inc.^(a)		152		215,825
Morningstar, Inc.		638		182,621
MSCI, Inc.		309		174,786
Nasdaq, Inc.		3,646		211,978
Principal Financial Group, Inc.		2,392		188,179
RenaissanceRe Holdings Ltd.		686		134,456
Ryan Specialty Holdings, Inc.^(a)		4,323		185,975
Tradeweb Markets, Inc., Class A		2,006		182,305
UWM Holdings Corp.		19,604		140,169
W R Berkley Corp.		3,286		232,386
				5,819,940
Health Care (12.7%):
Agilent Technologies, Inc.		1,721		239,271
Align Technology, Inc.^(a)		321		87,954
Avantor, Inc.^(a)		6,950		158,668
BioMarin Pharmaceutical, Inc.^(a)		2,111		203,543
Bruker Corp.		2,516		184,876
Cardinal Health, Inc.		2,459		247,867
Cencora, Inc.		1,429		293,488
Centene Corp.^(a)		2,357		174,913
Charles River Laboratories International, Inc.^(a)		711		168,080
Danaher Corp.		970		224,400
DaVita, Inc.^(a)		1,862		195,063
Dexcom, Inc.^(a)		1,425		176,828
Edwards Lifesciences Corp.^(a)		2,381		181,551
GE HealthCare Technologies, Inc.		2,467		190,748
HCA Healthcare, Inc.		929		251,462
Henry Schein, Inc.^(a)		3,060		231,673
Humana, Inc.		320		146,499
IDEXX Laboratories, Inc.^(a)		375		208,144
Incyte Corp.^(a)		3,702		232,449
Insulet Corp.^(a)		937		203,310
Intuitive Surgical, Inc.^(a)		601		202,753
IQVIA Holdings, Inc.^(a)		1,025		237,164
Mettler-Toledo International, Inc.^(a)		173		209,842
Moderna, Inc.^(a)		1,335		132,766
Neurocrine Biosciences, Inc.^(a)		1,832		241,384

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (12.7%): (continued)
Penumbra, Inc.^(a)		700		176,078
Regeneron Pharmaceuticals, Inc.^(a)		234		205,520
Repligen Corp.^(a)		721		129,636
ResMed, Inc.		952		163,763
Revvity, Inc.		1,731		189,216
STERIS PLC		775		170,384
Stryker Corp.		742		222,199
Teleflex, Inc.		953		237,621
United Therapeutics Corp.^(a)		809		177,891
Veeva Systems, Inc., Class A^(a)		624		120,132
Waters Corp.^(a)		659		216,963
West Pharmaceutical Services, Inc.		433		152,468
Zoetis, Inc.		1,115		220,068
				7,406,635
Industrials (25.4%):
A.O. Smith Corp.		2,431		200,412
Advanced Drainage Systems, Inc.		951		133,749
AECOM		2,912		269,156
AGCO Corp.		1,274		154,676
Allegion PLC		1,799		227,915
AMETEK, Inc.		1,776		292,845
Axon Enterprise, Inc.^(a)		562		145,181
Builders FirstSource, Inc.^(a)		1,030		171,948
Carlisle Cos., Inc.		649		202,767
Carrier Global Corp.		3,155		181,255
Caterpillar, Inc.		639		188,933
CH Robinson Worldwide, Inc.		2,022		174,681
Cintas Corp.		490		295,303
Copart, Inc.^(a)		4,970		243,530
CSX Corp.		6,984		242,135
Deere & Co.		430		171,944
Dover Corp.		1,437		221,025
Eaton Corp. PLC		871		209,754
EMCOR Group, Inc.		846		182,254
Equifax, Inc.		988		244,323
Expeditors International of Washington, Inc.		1,663		211,534
Fastenal Co.		3,804		246,385
Fortive Corp.		2,970		218,681
General Dynamics Corp.		1,182		306,930
Graco, Inc.		2,479		215,078
HEICO Corp.		1,189		212,676
Howmet Aerospace, Inc.		4,723		255,609
Hubbell, Inc.		564		185,517
IDEX Corp.		1,117		242,512
Illinois Tool Works, Inc.		943		247,009

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan US Large/Mid Cap Core Enhanced ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (25.4%): (continued)
Ingersoll Rand, Inc.		3,031		234,418
J.B. Hunt Transport Services, Inc.		1,042		208,129
Johnson Controls International PLC		3,544		204,276
Leidos Holdings, Inc.		1,836		198,729
Lennox International, Inc.		446		199,594
Lincoln Electric Holdings, Inc.		1,084		235,727
Masco Corp.		3,407		228,201
Nordson Corp.		805		212,649
Norfolk Southern Corp.		1,068		252,454
Old Dominion Freight Line, Inc.		350		141,865
Otis Worldwide Corp.		2,986		267,157
PACCAR, Inc.		2,325		227,036
Parker-Hannifin Corp.		451		207,776
Paychex, Inc.		1,810		215,589
Paycom Software, Inc.		461		95,298
Paylocity Holding Corp.^(a)		695		114,571
Quanta Services, Inc.		1,145		247,091
Regal Rexnord Corp.		1,159		171,555
Republic Services, Inc.		1,971		325,038
Rockwell Automation, Inc.		623		193,429
Rollins, Inc.		6,331		276,475
Saia, Inc.^(a)		286		125,331
Snap-on, Inc.		798		230,494
SS&C Technologies Holdings, Inc.		4,033		246,457
Textron, Inc.		2,383		191,641
The Toro Co.		1,904		182,765
Trane Technologies PLC		1,005		245,119
TransDigm Group, Inc.		268		271,109
TransUnion		2,518		173,012
U Haul Holding Co.		2,521		177,579
Union Pacific Corp.		868		213,198
United Rentals, Inc.		293		168,012
Verisk Analytics, Inc.		979		233,844
Vertiv Holdings Co., Class A		2,099		100,815
Waste Management, Inc.		1,930		345,663
Watsco, Inc.		445		190,669
Westinghouse Air Brake Technologies Corp.		2,148		272,581
WW Grainger, Inc.		245		203,029
Xylem, Inc.		2,093		239,355
				14,763,447
Information Technology (14.2%):
Akamai Technologies, Inc.^(a)		1,643		194,449
Amphenol Corp., Class A		3,040		301,355
Analog Devices, Inc.		1,039		206,304
ANSYS, Inc.^(a)		593		215,188

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (14.2%): (continued)
AppLovin Corp., Class A^(a)		1,694		67,506
Arista Networks, Inc.^(a)		522		122,936
Bentley Systems, Inc., Class B		3,426		178,769
Broadcom, Inc.		170		189,763
Cadence Design Systems, Inc.^(a)		669		182,216
CDW Corp.		874		198,678
Cognizant Technology Solutions Corp., Class A		2,796		211,182
Dropbox, Inc., Class A^(a)		5,916		174,404
Dynatrace, Inc.^(a)		2,604		142,413
Enphase Energy, Inc.^(a)		832		109,940
Entegris, Inc.		1,068		127,968
EPAM Systems, Inc.^(a)		455		135,290
F5, Inc.^(a)		1,408		252,004
Fair Isaac Corp.^(a)		209		243,278
First Solar, Inc.^(a)		559		96,305
Fortinet, Inc.^(a)		1,896		110,973
Gartner, Inc.^(a)		594		267,959
Jabil, Inc.		1,081		137,719
Juniper Networks, Inc.		7,658		225,758
Keysight Technologies, Inc.^(a)		1,216		193,453
KLA Corp.		278		161,601
Lattice Semiconductor Corp.^(a)		1,390		95,896
Manhattan Associates, Inc.^(a)		902		194,219
Microchip Technology, Inc.		1,846		166,472
Monolithic Power Systems, Inc.		217		136,879
NetApp, Inc.		2,550		224,808
NVIDIA Corp.		209		103,501
NXP Semiconductors N.V.		781		179,380
ON Semiconductor Corp.^(a)		1,314		109,758
Palo Alto Networks, Inc.^(a)		471		138,888
PTC, Inc.^(a)		1,621		283,610
Roper Technologies, Inc.		599		326,557
Skyworks Solutions, Inc.		1,499		168,518
Super Micro Computer, Inc.^(a)		233		66,233
Synopsys, Inc.^(a)		350		180,218
TD SYNNEX Corp.		2,145		230,823
TE Connectivity Ltd.		1,920		269,760
Teledyne Technologies, Inc.^(a)		564		251,708
Teradyne, Inc.		1,543		167,446
Trimble, Inc.^(a)		3,321		176,677
Tyler Technologies, Inc.^(a)		462		193,171
Zebra Technologies Corp.^(a)		538		147,052
				8,258,985
Materials (7.1%):
Albemarle Corp.		775		111,972

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan US Large/Mid Cap Core Enhanced ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (7.1%): (continued)
Avery Dennison Corp.		1,132		228,845
Ball Corp.		3,159		181,706
Celanese Corp.		1,259		195,611
CF Industries Holdings, Inc.		1,690		134,355
Crown Holdings, Inc.		2,277		209,689
Eastman Chemical Co.		2,243		201,466
FMC Corp.		2,464		155,355
Freeport-McMoRan, Inc.		3,919		166,832
International Paper Co.		4,895		176,954
LyondellBasell Industries N.V., Class A		2,121		201,665
Martin Marietta Materials, Inc.		446		222,514
Nucor Corp.		968		168,471
Packaging Corp. of America		1,203		195,981
PPG Industries, Inc.		1,490		222,829
Reliance Steel & Aluminum Co.		708		198,013
RPM International, Inc.		1,925		214,888
Steel Dynamics, Inc.		1,172		138,413
The Mosaic Co.		3,474		124,126
The Sherwin-Williams Co.		794		247,648
Vulcan Materials Co.		993		225,421
Westlake Corp.		1,302		182,228
				4,104,982
Real Estate (0.4%):
CoStar Group, Inc.^(a)		2,340		204,493
				204,493
Utilities (8.5%):
Alliant Energy Corp.		4,832		247,882
Ameren Corp.		3,153		228,088
American Electric Power Co., Inc.		3,177		258,036
American Water Works Co., Inc.		2,030		267,940
Atmos Energy Corp.		2,275		263,672
CenterPoint Energy, Inc.		9,120		260,558
CMS Energy Corp.		4,456		258,760
Consolidated Edison, Inc.		2,954		268,725
Constellation Energy Corp.		1,618		189,128
DTE Energy Co.		2,588		285,353
Entergy Corp.		2,456		248,523
Essential Utilities, Inc.		6,857		256,109
Evergy, Inc.		4,758		248,368
Eversource Energy		4,032		248,855
NextEra Energy, Inc.		3,619		219,818
NiSource, Inc.		9,712		257,853
Public Service Enterprise Group, Inc.		4,126		252,305
The Southern Co.		3,784		265,334

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (8.5%): (continued)
Vistra Corp.		4,509		173,687
WEC Energy Group, Inc.		2,992		251,837
				4,950,831
Total Common Stocks (Cost $52,756,160)				57,796,180

Investment Company (0.4%)
Federated Hermes Treasury Obligations Fund, Institutional Shares, 5.23%^(b)		254,850		254,850
Total Investment Company (Cost $254,850)				254,850
Total Investments (Cost $53,011,010) — 99.8%^(c)				58,051,030
Other assets in excess of liabilities — 0.2%				126,142
NET ASSETS — 100.00%			$	58,177,172

Percentages indicated are based on net assets as of December 31, 2023.

(a)	Non-income producing security.

(b)	Rate disclosed is the 7-Day effective yield on December 31, 2023.

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

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan US Large/Mid Cap Core Enhanced ETF

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini		3/15/24		1	$	239,292	$	241,000	$	1,708
									$	1,708

See notes to financial statements.

Schedule of Portfolio Investments

December 31, 2023

Timothy Plan High Dividend Stock Enhanced ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.3%)
Consumer Discretionary (7.0%):
Garmin Ltd.		7,509		965,207
Genuine Parts Co.		5,068		701,918
LKQ Corp.		14,933		713,648
Lowe’s Cos., Inc.		3,219		716,388
Service Corp. International		13,166		901,213
Tractor Supply Co.		3,242		697,127
				4,695,501
Consumer Staples (6.3%):
Bunge Global SA		4,592		463,563
Campbell Soup Co.		18,401		795,475
Dollar General Corp.		3,593		488,468
Hormel Foods Corp.		25,866		830,557
McCormick & Co., Inc.		10,836		741,399
Sysco Corp.		12,152		888,676
				4,208,138
Energy (13.1%):
APA Corp.		8,602		308,640
Baker Hughes Co.		14,976		511,880
Chesapeake Energy Corp.		5,676		436,711
ConocoPhillips		3,935		456,735
Coterra Energy, Inc.		16,612		423,938
Devon Energy Corp.		8,402		380,611
Diamondback Energy, Inc.		2,898		449,422
EOG Resources, Inc.		3,560		430,582
HF Sinclair Corp.		7,133		396,381
Kinder Morgan, Inc.		47,889		844,762
Marathon Petroleum Corp.		3,066		454,872
ONEOK, Inc.		8,711		611,686
Ovintiv, Inc.		6,547		287,544
Phillips 66		4,319		575,032
Pioneer Natural Resources Co.		2,055		462,128
Targa Resources Corp.		6,839		594,104
The Williams Cos., Inc.		20,465		712,796
Valero Energy Corp.		3,251		422,630
				8,760,454
Financials (9.7%):
Aflac, Inc.		9,110		751,575
American Financial Group, Inc.		5,742		682,666
Cincinnati Financial Corp.		5,257		543,889
Corebridge Financial, Inc.		21,500		465,690
Equitable Holdings, Inc.		16,440		547,452
Erie Indemnity Co., Class A		1,592		533,193
Everest Group Ltd.		1,392		492,183
Franklin Resources, Inc.		25,253		752,287

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (9.7%): (continued)
Nasdaq, Inc.		11,621		675,645
Principal Financial Group, Inc.		7,625		599,859
UWM Holdings Corp.		62,487		446,782
				6,491,221
Health Care (1.2%):
Cardinal Health, Inc.		7,838		790,071
				790,071
Industrials (19.7%):
A.O. Smith Corp.		7,752		639,075
Allegion PLC		5,734		726,440
Caterpillar, Inc.		2,037		602,280
CH Robinson Worldwide, Inc.		6,446		556,870
Eaton Corp. PLC		2,775		668,276
Fastenal Co.		12,125		785,336
General Dynamics Corp.		3,767		978,177
Illinois Tool Works, Inc.		3,009		788,177
Johnson Controls International PLC		11,296		651,101
Masco Corp.		10,860		727,403
Norfolk Southern Corp.		3,404		804,638
Paychex, Inc.		5,773		687,622
Rockwell Automation, Inc.		1,985		616,303
Snap-on, Inc.		2,545		735,098
SS&C Technologies Holdings, Inc.		12,854		785,508
Union Pacific Corp.		2,766		679,385
Waste Management, Inc.		6,154		1,102,181
Watsco, Inc.		1,418		607,570
				13,141,440
Information Technology (8.8%):
Analog Devices, Inc.		3,312		657,631
Broadcom, Inc.		540		602,775
Cognizant Technology Solutions Corp., Class A		8,913		673,199
Juniper Networks, Inc.		24,409		719,577
Microchip Technology, Inc.		5,882		530,439
NetApp, Inc.		8,128		716,564
NXP Semiconductors N.V.		2,487		571,214
Skyworks Solutions, Inc.		4,776		536,918
TE Connectivity Ltd.		6,121		860,001
				5,868,318
Materials (10.7%):
Avery Dennison Corp.		3,608		729,393
Ball Corp.		10,068		579,111
Celanese Corp.		4,015		623,811
CF Industries Holdings, Inc.		5,388		428,346
Eastman Chemical Co.		7,150		642,213
FMC Corp.		7,855		495,258

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan High Dividend Stock Enhanced ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (10.7%): (continued)
International Paper Co.		15,603		564,048
LyondellBasell Industries N.V., Class A		6,762		642,931
Packaging Corp. of America		3,836		624,923
PPG Industries, Inc.		4,749		710,213
RPM International, Inc.		6,138		685,185
The Mosaic Co.		11,074		395,674
				7,121,106
Utilities (22.8%):
Alliant Energy Corp.		15,404		790,225
Ameren Corp.		10,051		727,089
American Electric Power Co., Inc.		10,124		822,271
American Water Works Co., Inc.		6,471		854,107
Atmos Energy Corp.		7,255		840,855
CenterPoint Energy, Inc.		29,071		830,558
CMS Energy Corp.		14,203		824,768
Consolidated Edison, Inc.		9,417		856,665
DTE Energy Co.		8,249		909,535
Entergy Corp.		7,829		792,217
Essential Utilities, Inc.		21,855		816,284
Evergy, Inc.		15,165		791,613
Eversource Energy		12,850		793,102
NextEra Energy, Inc.		11,536		700,697
NiSource, Inc.		30,954		821,829
Public Service Enterprise Group, Inc.		13,152		804,245
The Southern Co.		12,060		845,647
Vistra Corp.		14,371		553,571
WEC Energy Group, Inc.		9,538		802,813
				15,178,091
Total Common Stocks (Cost $62,630,540)				66,254,340

SECURITY DESCRIPTION	SHARES		VALUE ($)
Investment Company (0.6%)
Federated Hermes Treasury Obligations Fund, Institutional Shares, 5.23%^(a)		408,795		408,795
Total Investment Company (Cost $408,795)				408,795
Total Investments (Cost $63,039,335) — 99.9%^(b)				66,663,135
Other assets in excess of liabilities — 0.1%				100,927
NET ASSETS — 100.00%			$	66,764,062

Percentages indicated are based on net assets as of December 31, 2023.

(a)	Rate disclosed is the 7-Day effective yield on December 31, 2023.

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

Futures Contracts

Long Futures

Index Futures	Expiration Date			Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini		3/15/24	��		2	$	479,858	$	482,000	$	2,142
										$	2,142

See notes to financial statements.

Schedule of Portfolio Investments

December 31, 2023

Timothy Plan Market Neutral ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (89.9%)
Communication Services (3.2%):
BT Group PLC		83,833		132,051
Cogent Communications Holdings, Inc.		2,357		179,273
John Wiley & Sons, Inc., Class A		2,600		82,524
LG Uplus Corp.		25,527		202,797
Tele2 AB, Class B Shares		17,319		148,652
Telefonica Deutschland Holding AG		35,275		91,579
Telenor ASA		18,049		207,227
Telia Co. AB		14,969		38,200
				1,082,303
Consumer Discretionary (8.3%):
Barratt Developments PLC		24,721		177,245
Camping World Holdings, Inc., Class A		2,221		58,323
Carter’s, Inc.		1,661		124,392
Cracker Barrel Old Country Store, Inc.		1,571		121,093
Ethan Allen Interiors, Inc.		3,521		112,390
Foot Locker, Inc.		2,397		74,667
Garmin Ltd.		477		61,314
Guess?, Inc.		4,095		94,431
H&R Block, Inc.		2,696		130,406
Haverty Furniture Cos., Inc.		879		31,205
Kontoor Brands, Inc.		2,350		146,687
LCI Industries		1,140		143,309
Leggett & Platt, Inc.		2,354		61,604
MDC Holdings, Inc.		2,925		161,606
Monro, Inc.		3,400		99,756
Movado Group, Inc.		3,525		106,279
Newell Brands, Inc.		2,611		22,663
Next PLC		759		78,523
Persimmon PLC		3,846		68,080
Porsche Automobil Holding SE		638		32,620
Smith & Wesson Brands, Inc.		4,063		55,094
Stellantis N.V.		9,376		218,886
Strategic Education, Inc.		1,510		139,479
Taylor Wimpey PLC		88,831		166,470
The Aaron’s Co., Inc.		5,430		59,078
The Cheesecake Factory, Inc.		119		4,166
Upbound Group, Inc.		3,235		109,893
Vail Resorts, Inc.		663		141,531
Wolverine World Wide, Inc.		4,865		43,250
				2,844,440
Consumer Staples (4.2%):
B&G Foods, Inc.		7,265		76,282

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Staples (4.2%): (continued)
Cal-Maine Foods, Inc.		1,197		68,696
Campbell Soup Co.		3,646		157,617
Energizer Holdings, Inc.		4,732		149,910
Flowers Foods, Inc.		7,457		167,857
Ingredion, Inc.		1,117		121,228
J Sainsbury PLC		29,906		115,328
Kesko Oyj, Class B		1,909		37,771
Medifast, Inc.		837		56,263
Nu Skin Enterprises, Inc., Class A		3,018		58,609
Reynolds Consumer Products, Inc.		7,380		198,079
SpartanNash Co.		3,500		80,325
The J.M. Smucker Co.		1,100		139,018
				1,426,983
Energy (11.8%):
Aker BP ASA		4,231		123,110
Ampol Ltd.		7,588		186,885
Antero Midstream Corp.		10,487		131,402
Archrock, Inc.		9,886		152,244
Ardmore Shipping Corp.		4,877		68,717
Berry Corp.		11,984		84,248
Chesapeake Energy Corp.		376		28,929
Civitas Resources, Inc.		496		33,916
Comstock Resources, Inc.		6,393		56,578
CONSOL Energy, Inc.		1,041		104,652
Coterra Energy, Inc.		3,865		98,635
Crescent Energy Co., Class A		8,240		108,850
CVR Energy, Inc.		2,380		72,114
DHT Holdings, Inc.		7,745		75,978
DT Midstream, Inc.		2,361		129,383
Eni SpA		7,597		128,702
Equitrans Midstream Corp.		8,313		84,626
Evolution Petroleum Corp.		6,445		37,445
FLEX LNG Ltd.		3,507		101,913
HF Sinclair Corp.		1,335		74,186
Keyera Corp.		8,509		205,709
Kinder Morgan, Inc.		6,073		107,128
Kinetik Holdings, Inc.		3,882		129,659
New Fortress Energy, Inc.		2,004		75,611
Nordic American Tankers Ltd.		18,245		76,629
Northern Oil and Gas, Inc.		2,503		92,786
OMV AG		2,229		97,849
ONEOK, Inc.		1,384		97,185
Ovintiv, Inc.		1,697		74,532
Pembina Pipeline Corp.		6,179		212,760
Phillips 66		723		96,260
Pioneer Natural Resources Co.		371		83,431

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan Market Neutral ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Energy (11.8%): (continued)
SFL Corp. Ltd.		15,516		175,021
Sitio Royalties Corp., Class A		3,705		87,105
TC Energy Corp.		3,527		137,790
The Williams Cos., Inc.		4,564		158,964
VAALCO Energy, Inc.		19,544		87,753
Valero Energy Corp.		643		83,590
Woodside Energy Group Ltd.		5,351		113,234
				4,075,509
Financials (24.9%):
ABN AMRO Bank N.V.		5,933		88,999
Ageas SA		2,811		121,971
A-Mark Precious Metals, Inc.		2,800		84,700
ANZ Group Holdings Ltd.		12,062		213,007
Artisan Partners Asset Management, Inc., Class A		4,171		184,275
Assicurazioni Generali SpA		7,446		157,022
Axis Capital Holdings Ltd.		1,640		90,807
Bank of Hawaii Corp.		1,382		100,140
Bank OZK		2,203		109,775
BankUnited, Inc.		2,797		90,707
Blue Owl Capital, Inc.		7,271		108,338
Brookline BanCorp, Inc.		10,105		110,246
Capitol Federal Financial, Inc.		19,428		125,311
CNA Financial Corp.		2,860		121,007
Columbia Banking System, Inc.		3,402		90,765
Credit Agricole SA		4,348		61,681
First American Financial Corp.		1,708		110,063
First BanCorp		3,922		64,517
First Busey Corp.		2,058		51,080
First Financial BanCorp		4,192		99,560
First Hawaiian, Inc.		4,567		104,402
First Interstate BancSystem, Inc., Class A		4,183		128,627
FNB Corp.		10,614		146,155
Franklin Resources, Inc.		4,716		140,490
Glacier BanCorp, Inc.		3,659		151,190
Great-West Lifeco, Inc.		4,221		139,734
Hana Financial Group, Inc.		1,496		50,420
Hanmi Financial Corp.		6,087		118,088
Hope BanCorp, Inc.		10,954		132,324
Industrial Bank of Korea^(a)		5,325		49,044
ING Groep N.V.		2,799		41,789
Intesa Sanpaolo SpA		53,037		154,757
Invesco Ltd.		7,405		132,105
Janus Henderson Group PLC		4,915		148,187
Jefferies Financial Group, Inc.		2,359		95,327

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.9%): (continued)
KBC Group N.V.		1,735		112,454
Lazard, Inc., Class A		3,568		124,166
Legal & General Group PLC		48,485		155,153
Mediobanca Banca di Credito Finanziario SpA		15,032		185,917
MGIC Investment Corp.		3,748		72,299
New York Community BanCorp, Inc.		4,585		46,905
NH Investment & Securities Co. Ltd.		1,906		15,290
NN Group N.V.		3,241		127,893
Nordea Bank Abp		16,640		205,836
Northwest Bancshares, Inc.		13,124		163,787
OceanFirst Financial Corp.		5,462		94,820
Old Republic International Corp.		5,334		156,820
OneMain Holdings, Inc.		2,362		116,210
Pacific Premier BanCorp, Inc.		4,258		123,950
Patria Investments Ltd., Class A		1,844		28,600
Popular, Inc.		1,881		154,374
Poste Italiane SpA		11,127		126,198
Power Corp. of Canada		6,786		194,069
Principal Financial Group, Inc.		889		69,938
Prosperity Bancshares, Inc.		2,049		138,779
Radian Group, Inc.		1,409		40,227
Safety Insurance Group, Inc.		1,904		144,685
Sandy Spring BanCorp, Inc.		4,257		115,961
Shinhan Financial Group Co. Ltd.		2,071		64,573
Societe Generale SA		3,702		98,173
Southside Bancshares, Inc.		3,904		122,273
Stewart Information Services Corp.		68		3,995
Swiss Re AG		1,407		158,237
Synovus Financial Corp.		3,124		117,619
TFS Financial Corp.		11,264		165,468
The Bank of NT Butterfield & Son Ltd.		4,222		135,146
The Western Union Co.		8,120		96,790
UWM Holdings Corp.		9,793		70,020
Valley National BanCorp		10,111		109,805
Virtu Financial, Inc., Class A		5,707		115,624
Washington Trust BanCorp, Inc.		3,644		117,993
Webster Financial Corp.		2,021		102,586
WesBanco, Inc.		3,725		116,853
Western Alliance BanCorp		1,012		66,579
Westpac Banking Corp.		13,289		207,332
Woori Financial Group, Inc.		6,301		63,612
				8,563,619
Health Care (0.6%):
Baxter International, Inc.		3,000		115,980

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan Market Neutral ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (0.6%): (continued)
Embecta Corp.		1,700		32,181
Patterson Cos., Inc.		1,535		43,671
				191,832
Industrials (8.4%):
ACCO Brands Corp.		8,932		54,306
ACS Actividades de Construccion y Servicios SA		6,623		293,589
Adecco Group AG		3,345		164,187
AP Moller - Maersk A/S, Class B		22		39,559
Aurizon Holdings Ltd.		30,641		79,328
Bouygues SA		5,463		205,746
Costamare, Inc.		13,252		137,953
Deluxe Corp.		5,652		121,235
Deutsche Post AG		565		27,974
Eagle Bulk Shipping, Inc.		1,400		77,560
EMCOR Group, Inc.		117		25,205
Ennis, Inc.		2,897		63,473
Genco Shipping & Trading Ltd.		7,878		130,696
Golden Ocean Group Ltd.		13,697		133,683
GS Holdings Corp.		4,919		156,238
HNI Corp.		3,622		151,508
Kaman Corp.		187		4,479
Kawasaki Kisen Kaisha Ltd.		300		12,874
Kennametal, Inc.		119		3,069
Kuehne + Nagel International AG, Class R		129		44,463
ManpowerGroup, Inc.		1,667		132,476
MDU Resources Group, Inc.		466		9,227
MillerKnoll, Inc.		2,910		77,639
Mitsui OSK Lines Ltd.		2,700		86,508
MSC Industrial Direct Co., Inc.		1,738		175,990
Nippon Yusen KK		500		15,502
PACCAR, Inc.		1,053		102,825
Randstad N.V.		40		2,504
Ryder System, Inc.		488		56,149
Trinity Industries, Inc.		4,354		115,773
TTEC Holdings, Inc.		3,300		71,511
Watsco, Inc.		297		127,256
				2,900,485
Information Technology (0.2%):
NetApp, Inc.		901		79,432
				79,432
Materials (10.0%):
Amcor PLC		11,664		112,441
Anglo American PLC		1,544		38,775
Antofagasta PLC		1,812		38,783

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (10.0%): (continued)
Ardagh Metal Packaging SA		15,110		58,022
BASF SE		2,888		155,500
BHP Group Ltd.		4,852		166,639
Boliden AB		2,574		80,290
CRH PLC		2,411		166,745
Eastman Chemical Co.		1,652		148,383
Element Solutions, Inc.		7,385		170,889
Evonik Industries AG		8,618		175,982
Fortescue Ltd.		7,058		139,546
Huntsman Corp.		4,003		100,595
ICL Group Ltd.		9,372		47,561
International Paper Co.		3,580		129,417
Johnson Matthey PLC		77		1,666
LyondellBasell Industries N.V., Class A		1,485		141,194
Newmont Corp.		1,671		69,163
Norsk Hydro ASA		13,825		93,114
Packaging Corp. of America		799		130,165
Pilbara Minerals Ltd.		4,329		11,650
Rio Tinto PLC		1,725		128,427
Sonoco Products Co.		2,733		152,693
South32 Ltd.		19,871		45,082
Southern Copper Corp.		880		75,742
Stora Enso Oyj, Class R		13,132		181,551
SunCoke Energy, Inc.		13,285		142,681
The Chemours Co.		1,794		56,583
The Scotts Miracle-Gro Co.		1,007		64,196
Tronox Holdings PLC		6,269		88,769
Wacker Chemie AG		619		78,096
Westrock Co.		2,830		117,502
Yara International ASA		4,010		142,622
				3,450,464
Real Estate (0.2%):
RE/MAX Holdings, Inc.		6,300		83,979
				83,979
Utilities (18.1%):
Algonquin Power & Utilities Corp.		25,163		158,776
ALLETE, Inc.		2,968		181,523
Alliant Energy Corp.		2,368		121,478
American Electric Power Co., Inc.		1,049		85,200
APA Group		6,798		39,553
Avangrid, Inc.		1,735		56,231
Avista Corp.		5,721		204,468
Black Hills Corp.		3,821		206,143
Brookfield Infrastructure Corp., Class A		3,847		135,722

See notes to financial statements.

Schedule of Portfolio Investments - continued

December 31, 2023

Timothy Plan Market Neutral ETF

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (18.1%): (continued)
Clearway Energy, Inc., Class C		2,153		59,057
CMS Energy Corp.		2,465		143,142
Consolidated Edison, Inc.		1,538		139,912
DTE Energy Co.		1,593		175,644
Emera, Inc.		5,114		194,154
Enagas SA		11,285		190,147
Endesa SA		7,719		157,284
Enel SpA		28,265		209,969
Engie SA		11,534		202,656
Entergy Corp.		1,047		105,946
Evergy, Inc.		2,148		112,126
Eversource Energy		944		58,264
Fortum Oyj		7,363		106,142
IDACORP, Inc.		1,173		115,329
National Fuel Gas Co.		1,888		94,721
Naturgy Energy Group SA		510		15,199
NextEra Energy, Inc.		1,500		91,110
NiSource, Inc.		5,196		137,954
Northwest Natural Holding Co.		4,578		178,267
Northwestern Energy Group, Inc.		3,980		202,542
NRG Energy, Inc.		2,550		131,835
OGE Energy Corp.		2,530		88,373
ONE Gas, Inc.		2,183		139,101
Pinnacle West Capital Corp.		1,875		134,700
Portland General Electric Co.		4,590		198,931

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (18.1%): (continued)
Public Service Enterprise Group, Inc.		2,059		125,908
Redeia Corp. SA		12,284		202,166
Snam SpA		35,137		180,541
Southwest Gas Holdings, Inc.		1,900		120,365
Spire, Inc.		3,037		189,326
SSE PLC		8,964		212,025
The Southern Co.		2,180		152,862
UGI Corp.		2,895		71,217
United Utilities Group PLC		5,213		70,388
Unitil Corp.		751		39,480
Vistra Corp.		3,307		127,386
WEC Energy Group, Inc.		1,939		163,206
				6,226,469
Total Common Stocks (Cost $29,118,737)				30,925,515
Total Investments (Cost $29,118,737) — 89.9%^(b)				30,925,515
Other assets in excess of liabilities — 10.1%				3,481,350
NET ASSETS — 100.00%			$	34,406,865

Percentages indicated are based on net assets as of December 31, 2023.

(a)	Non-income producing security.

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

Futures Contracts

Short Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount			Value			Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index		3/15/24		94	$	(8,940,415	)	$	(9,624,190	)	$	(683,775	)
Mini MSCI EAFE Index		3/15/24		93		(10,070,591	)		(10,473,660	)		(403,069	)
S&P 500 Index E-mini		3/15/24		175		(40,779,952	)		(42,175,000	)		(1,395,048	)
											$	(2,481,892	)

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value		Value and Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E Mini Future Index		3/15/24		84	$	27,404,345	$	28,599,480	$	1,195,135
									$	1,195,135
Total Net Futures Contracts									$	(1,286,757	)

See notes to financial statements.

Statements of Assets and Liabilities

December 31, 2023

Timothy Plan

	Timothy Plan US Small Cap Core ETF			Timothy Plan US Large/Mid Cap Core ETF
ASSETS:
Investments, at value (Cost $89,457,624 and $204,217,371)	$	102,130,944		$	236,003,967
Cash		214,688			648,569
Deposits with broker for futures contracts		110,892			220,009
Interest and dividends receivable		68,649			179,688
Reclaims receivable		—			767
Total Assets		102,525,173			237,053,000
LIABILITIES:
Variation margin payable on open futures contracts		4,740			1,292
Accrued expenses and other payables:
Investment advisory fees		44,124			101,162
Total Liabilities		48,864			102,454
Net Assets		102,476,309			236,950,546
NET ASSETS CONSIST OF:
Capital	$	102,797,915		$	225,269,295
Total distributable earnings/(loss)		(321,606	)		11,681,251
Net Assets	$	102,476,309		$	236,950,546

Shares Outstanding (unlimited shares authorized, no par value):		2,900,000			6,200,000
Net asset value per share:	$	35.34		$	38.22

See notes to financial statements.

Statements of Assets and Liabilities - continued

December 31, 2023

Timothy Plan

	Timothy Plan High Dividend Stock ETF			Timothy Plan International ETF
ASSETS:
Investments, at value (Cost $211,792,998 and $87,333,960)	$	227,630,720		$	97,036,534
Foreign currency, at value (Cost $— and $20,590)		—			20,644
Cash		827,589			291,436
Deposits with broker for futures contracts		239,240			111,734
Interest and dividends receivable		208,303			109,326
Receivable for investments sold		1,648,812			—
Variation margin receivable on open futures contracts		—			240
Reclaims receivable		2,030			281,557
Total Assets		230,556,694			97,851,471
LIABILITIES:
Payable for capital shares redeemed		1,658,007			—
Variation margin payable on open futures contracts		2,450			—
Accrued expenses and other payables:
Investment advisory fees		97,889			50,077
Total Liabilities		1,758,346			50,077
Net Assets		228,798,348			97,801,394
NET ASSETS CONSIST OF:
Capital	$	232,794,749		$	99,353,819
Total distributable earnings/(loss)		(3,996,401	)		(1,552,425	)
Net Assets	$	228,798,348		$	97,801,394

Shares Outstanding (unlimited shares authorized, no par value):		6,900,000			3,700,000
Net asset value per share:	$	33.16		$	26.43

See notes to financial statements.

Statements of Assets and Liabilities - continued

December 31, 2023

Timothy Plan

	Timothy Plan US Large/Mid Cap Core Enhanced ETF			Timothy Plan High Dividend Stock Enhanced ETF
ASSETS:
Investments, at value (Cost $53,011,010 and $63,039,335)	$	58,051,030		$	66,663,135
Deposits with broker for futures contracts		84,189			54,021
Interest and dividends receivable		67,767			85,382
Receivable for investments sold		—			1,125,669
Reclaims receivable		209			167
Total Assets		58,203,195			67,928,374
LIABILITIES:
Payable for capital shares redeemed		—			1,133,768
Variation margin payable on open futures contracts		613			1,225
Accrued expenses and other payables:
Investment advisory fees		25,410			29,319
Total Liabilities		26,023			1,164,312
Net Assets		58,177,172			66,764,062
NET ASSETS CONSIST OF:
Capital	$	68,113,651		$	78,533,568
Total distributable earnings/(loss)		(9,936,479	)		(11,769,506	)
Net Assets	$	58,177,172		$	66,764,062

Shares Outstanding (unlimited shares authorized, no par value):		2,550,000			2,950,000
Net asset value per share:	$	22.81		$	22.63

See notes to financial statements.

Statements of Assets and Liabilities - continued

December 31, 2023

Timothy Plan

	Timothy Plan Market Neutral ETF
ASSETS:
Investments, at value (Cost $29,118,737)	$	30,925,515
Foreign currency, at value (Cost $5,939)		5,939
Cash		363,023
Deposits with broker for futures contracts		2,881,551
Interest and dividends receivable		78,038
Receivable for investments sold		3,584
Variation margin receivable on open futures contracts		255,708
Reclaims receivable		30,682
Total Assets		34,544,040
LIABILITIES:
Variation margin payable on open futures contracts		118,140
Accrued expenses and other payables:
Investment advisory fees		19,035
Total Liabilities		137,175
Net Assets		34,406,865
NET ASSETS CONSIST OF:
Capital	$	37,506,177
Total distributable earnings/(loss)		(3,099,312	)
Net Assets	$	34,406,865

Shares Outstanding (unlimited shares authorized, no par value):		1,420,000
Net asset value per share:	$	24.23

See notes to financial statements.

Statements of Operations

For the Year Ended December 31, 2023

Timothy Plan

	Timothy Plan US Small Cap Core ETF			Timothy Plan US Large/Mid Cap Core ETF
Investment Income:
Dividend income	$	1,372,676		$	3,190,546
Interest income		2,211			6,956
Foreign tax withholding		(1,791	)		(1,153	)
Total Income		1,373,096			3,196,349
Expenses:
Investment advisory fees		432,006			1,075,180
Total Expenses		432,006			1,075,180
Net Investment Income (Loss)		941,090			2,121,169
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investments		(6,192,255	)		(7,443,123	)
Net realized gains (losses) from in-kind transactions		4,989,678			10,133,102
Net realized gains (losses) from futures contracts		26,187			106,544
Net change in unrealized appreciation/depreciation on investments		12,529,706			23,931,973
Net change in unrealized appreciation/depreciation on futures contracts		23,569			22,992
Net realized/unrealized gains on investments		11,376,885			26,751,488
Change in net assets resulting from operations	$	12,317,975		$	28,872,657

See notes to financial statements.

Statements of Operations - continued

For the Year Ended December 31, 2023

Timothy Plan

	Timothy Plan High Dividend Stock ETF			Timothy Plan International ETF
Investment Income:
Dividend income	$	5,647,936		$	3,191,484
Interest income		6,911			3,947
Foreign tax reclaims		—			158,408
Foreign tax withholding		(2,821	)		(559,564	)
Total Income		5,652,026			2,794,275
Expenses:
Investment advisory fees		1,009,961			536,989
Total Expenses		1,009,961			536,989
Net Investment Income (Loss)		4,642,065			2,257,286
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investments and foreign currency transactions		(8,178,232	)		(3,138,061	)
Net realized gains (losses) from in-kind transactions		8,913,506			601,609
Net realized gains (losses) from futures contracts		122,056			26,254
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		12,649,600			13,148,635
Net change in unrealized appreciation/depreciation on futures contracts		36,640			17,405
Net realized/unrealized gains on investments		13,543,570			10,655,842
Change in net assets resulting from operations	$	18,185,635		$	12,913,128

See notes to financial statements.

Statements of Operations - continued

For the Year Ended December 31, 2023

Timothy Plan

	Timothy Plan US Large/Mid Cap Core Enhanced ETF			Timothy Plan High Dividend Stock Enhanced ETF
Investment Income:
Dividend income	$	1,341,094		$	2,191,187
Interest income		2,999			2,072
Foreign tax withholding		(237	)		(1,239	)
Total Income		1,343,856			2,192,020
Expenses:
Investment advisory fees		316,568			365,078
Total Expenses		316,568			365,078
Net Investment Income (Loss)		1,027,288			1,826,942
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investments		(9,172,274	)		(8,483,568	)
Net realized gains (losses) from in-kind transactions		1,456,197			1,650,313
Net realized gains (losses) from futures contracts		39,027			12,700
Net change in unrealized appreciation/depreciation on investments		5,066,060			3,934,064
Net change in unrealized appreciation/depreciation on futures contracts		1,179			6,755
Net realized/unrealized losses on investments		(2,609,811	)		(2,879,736	)
Change in net assets resulting from operations	$	(1,582,523	)	$	(1,052,794	)

See notes to financial statements.

Statements of Operations - continued

For the Period January 25, 2023^(a) through December 31, 2023

Timothy Plan

	Timothy Plan Market Neutral ETF
Investment Income:
Dividend income	$	2,082,594
Interest income		213,518
Foreign tax withholding		(146,975	)
Total Income		2,149,137
Expenses:
Investment advisory fees		277,674
Total Expenses		277,674
Net Investment Income (Loss)		1,871,463
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investments and foreign currency transactions		(1,570,564	)
Net realized gains (losses) from in-kind transactions		90,633
Net realized gains (losses) from futures contracts		1,133,340
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		1,807,496
Net change in unrealized appreciation/depreciation on futures contracts		(1,286,757	)
Net realized/unrealized gains on investments		174,148
Change in net assets resulting from operations	$	2,045,611

(a)	Commencement of operations.

See notes to financial statements.

Statements of Changes in Net Assets

Timothy Plan

	Timothy Plan US Small Cap Core ETF						Timothy Plan US Large/ Mid Cap Core ETF
	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022
From Investment Activities:
Operations:
Net investment income (Loss)	$	941,090		$	616,478		$	2,121,169		$	1,678,151
Net realized gains (losses)		(1,176,390	)		(2,052,508	)		2,796,523			3,512,756
Net change in unrealized appreciation/depreciation		12,553,275			(6,766,772	)		23,954,965			(27,559,191	)
Change in net assets resulting from operations		12,317,975			(8,202,802	)		28,872,657			(22,368,284	)
Distributions to Shareholders:
Distributions		(1,014,568	)		(611,312	)		(2,035,463	)		(1,744,329	)
Change in net assets resulting from distributions to shareholders		(1,014,568	)		(611,312	)		(2,035,463	)		(1,744,329	)
Change in net assets resulting from capital transactions		19,751,180			23,444,251			31,053,472			35,032,028
Change in net assets		31,054,587			14,630,137			57,890,666			10,919,415
Net Assets:
Beginning of period		71,421,722			56,791,585			179,059,880			168,140,465
End of period	$	102,476,309		$	71,421,722		$	236,950,546		$	179,059,880
Capital Transactions:
Proceeds from shares issued	$	52,216,218		$	29,554,740		$	75,986,933		$	72,349,537
Cost of shares redeemed		(32,465,038	)		(6,110,489	)		(44,933,461	)		(37,317,509	)
Change in net assets resulting from capital transactions	$	19,751,180		$	23,444,251		$	31,053,472		$	35,032,028

Share Transactions:
Issued		1,600,000			950,000			2,150,000			2,100,000
Redeemed		(1,050,000	)		(200,000	)		(1,300,000	)		(1,100,000	)
Change in Shares		550,000			750,000			850,000			1,000,000

See notes to financial statements.

Statements of Changes in Net Assets - continued

Timothy Plan

	Timothy Plan High Dividend Stock ETF						Timothy Plan International ETF
	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022
From Investment Activities:
Operations:
Net investment income (Loss)	$	4,642,065		$	3,767,126		$	2,257,286		$	2,099,169
Net realized gains (losses)		857,330			8,299,401			(2,510,198	)		(5,566,343	)
Net change in unrealized appreciation/depreciation		12,686,240			(15,924,582	)		13,166,040			(13,295,853	)
Change in net assets resulting from operations		18,185,635			(3,858,055	)		12,913,128			(16,763,027	)
Distributions to Shareholders:
Distributions		(4,513,975	)		(3,952,230	)		(2,243,745	)		(1,877,299	)
Change in net assets resulting from distributions to shareholders		(4,513,975	)		(3,952,230	)		(2,243,745	)		(1,877,299	)
Change in net assets resulting from capital transactions		36,140,658			55,213,923			10,256,927			12,688,674
Change in net assets		49,812,318			47,403,638			20,926,310			(5,951,652	)
Net Assets:
Beginning of period		178,986,030			131,582,392			76,875,084			82,826,736
End of period	$	228,798,348		$	178,986,030		$	97,801,394		$	76,875,084
Capital Transactions:
Proceeds from shares issued	$	92,478,496		$	118,769,570		$	16,109,565		$	33,869,369
Cost of shares redeemed		(56,337,838	)		(63,555,647	)		(5,852,638	)		(21,180,695	)
Change in net assets resulting from capital transactions	$	36,140,658		$	55,213,923		$	10,256,927		$	12,688,674

Share Transactions:
Issued		3,000,000			3,700,000			650,000			1,300,000
Redeemed		(1,850,000	)		(2,000,000	)		(250,000	)		(850,000	)
Change in Shares		1,150,000			1,700,000			400,000			450,000

See notes to financial statements.

Statements of Changes in Net Assets - continued

Timothy Plan

	Timothy Plan US Large/Mid Cap Core Enhanced ETF						Timothy Plan High Dividend Stock Enhanced ETF
	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022
From Investment Activities:
Operations:
Net investment income (Loss)	$	1,027,288		$	724,655		$	1,826,942		$	1,441,508
Net realized gains (losses)		(7,677,050	)		(5,944,956	)		(6,820,555	)		(5,402,354	)
Net change in unrealized appreciation/depreciation		5,067,239			(3,083,008	)		3,940,819			(2,335,339	)
Change in net assets resulting from operations		(1,582,523	)		(8,303,309	)		(1,052,794	)		(6,296,185	)
Distributions to Shareholders:
Distributions		(957,342	)		(812,493	)		(1,717,979	)		(1,626,064	)
From return of capital		—			(31,102	)		—			—
Change in net assets resulting from distributions to shareholders		(957,342	)		(843,595	)		(1,717,979	)		(1,626,064	)
Change in net assets resulting from capital transactions		(9,342,524	)		9,879,040			1,480,043			28,896,178
Change in net assets		(11,882,389	)		732,136			(1,290,730	)		20,973,929
Net Assets:
Beginning of period		70,059,561			69,327,425			68,054,792			47,080,863
End of period	$	58,177,172		$	70,059,561		$	66,764,062		$	68,054,792
Capital Transactions:
Proceeds from shares issued	$	3,153,818		$	11,041,046		$	16,781,494		$	50,702,912
Cost of shares redeemed		(12,496,342	)		(1,162,006	)		(15,301,451	)		(21,806,735	)
Change in net assets resulting from capital transactions	$	(9,342,524	)	$	9,879,040		$	1,480,043		$	28,896,177

Share Transactions:
Issued		150,000			450,000			750,000			2,000,000
Redeemed		(550,000	)		(50,000	)		(700,000	)		(850,000	)
Change in Shares		(400,000	)		400,000			50,000			1,150,000

See notes to financial statements.

Statements of Changes in Net Assets - continued

Timothy Plan

	Timothy Plan Market Neutral ETF
	For the Period January 25, 2023^(a) through December 31, 2023
From Investment Activities:
Operations:
Net investment income (Loss)	$	1,871,463
Net realized gains (losses)		(346,591	)
Net change in unrealized appreciation/depreciation		520,739
Change in net assets resulting from operations		2,045,611
Distributions to Shareholders:
Distributions		(3,362,437	)
Change in net assets resulting from distributions to shareholders		(3,362,437	)
Change in net assets resulting from capital transactions		35,723,691
Change in net assets		34,406,865
Net Assets:
Beginning of period		—
End of period	$	34,406,865
Capital Transactions:
Proceeds from shares issued	$	76,207,397
Cost of shares redeemed		(40,483,706	)
Change in net assets resulting from capital transactions	$	35,723,691

Share Transactions:
Issued		3,050,000
Redeemed		(1,630,000	)
Change in Shares		1,420,000

(a)	Commencement of operations.

See notes to financial statements.

Financial Highlights

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan US Small Cap Core ETF
	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period December 3, 2019^(a) to December 31, 2019
Net Asset Value, Beginning of Period	$	30.39		$	35.49		$	27.71		$	25.55		$	24.73
Investment Activities:
Net Investment Income (Loss)^(b)		0.36			0.34			0.40			0.32			0.02
Net Realized and Unrealized Gains (Losses) on Investments		4.97			(5.11	)		7.78			2.15			0.82
Total from Investment Activities		5.33			(4.77	)		8.18			2.47			0.84
Distributions to Shareholders:
Net Investment Income		(0.38	)		(0.33	)		(0.40	)		(0.31	)		(0.02	)
Total Distributions		(0.38	)		(0.33	)		(0.40	)		(0.31	)		(0.02	)
Net Asset Value, End of Period	$	35.34		$	30.39		$	35.49		$	27.71		$	25.55
Total Return^(c)		17.64	%		(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)		1.13	%		1.09	%		1.20	%		1.45	%		0.89	%
Net Assets, End of Period (000’s)	$	102,476		$	71,422		$	56,792		$	31,869		$	10,222
Portfolio Turnover^(c)(e)		60	%		59	%		57	%		78	%		—

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

(a)	Commencement of operations.
(b)	Per share net investment income (loss) has been calculated using the average daily shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	Excludes impact of in-kind transactions.

See notes to financial statements.

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan US Large/Mid Cap Core ETF
	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period May 1, 2019^(a) to December 31, 2019
Net Asset Value, Beginning of Period	$	33.47		$	38.65		$	30.93		$	27.23		$	25.16
Investment Activities:
Net Investment Income (Loss)^(b)		0.36			0.35			0.24			0.23			0.21
Net Realized and Unrealized Gains (Losses) on Investments		4.73			(5.17	)		7.72			3.72			2.04
Total from Investment Activities		5.09			(4.82	)		7.96			3.95			2.25
Distributions to Shareholders:
Net Investment Income		(0.34	)		(0.36	)		(0.24	)		(0.25	)		(0.18	)
Total Distributions		(0.34	)		(0.36	)		(0.24	)		(0.25	)		(0.18	)
Net Asset Value, End of Period	$	38.22		$	33.47		$	38.65		$	30.93		$	27.23
Total Return^(c)		15.30	%		(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)		1.03	%		1.02	%		0.69	%		0.88	%		1.22	%
Net Assets, End of Period (000’s)	$	236,951		$	179,060		$	168,140		$	163,904		$	134,795
Portfolio Turnover^(c)(e)		30	%		26	%		27	%		45	%		17	%

(a)	Commencement of operations.
(b)	Per share net investment income (loss) has been calculated using the average daily shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	Excludes impact of in-kind transactions.

See notes to financial statements.

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan High Dividend Stock ETF
	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period May 1, 2019^(a) to December 31, 2019
Net Asset Value, Beginning of Period	$	31.13		$	32.49		$	25.88		$	26.89		$	25.10
Investment Activities:
Net Investment Income (Loss)^(b)		0.75			0.73			0.61			0.57			0.48
Net Realized and Unrealized Gains (Losses) on Investments		2.01			(1.35	)		6.60			(0.96	)		1.74
Total from Investment Activities		2.76			(0.62	)		7.21			(0.39	)		2.22
Distributions to Shareholders:
Net Investment Income		(0.73	)		(0.74	)		(0.60	)		(0.62	)		(0.43	)
Total Distributions		(0.73	)		(0.74	)		(0.60	)		(0.62	)		(0.43	)
Net Asset Value, End of Period	$	33.16		$	31.13		$	32.49		$	25.88		$	26.89
Total Return^(c)		9.03	%		(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)		2.39	%		2.32	%		2.07	%		2.45	%		2.81	%
Net Assets, End of Period (000’s)	$	228,798		$	178,986		$	131,582		$	122,911		$	94,132
Portfolio Turnover^(c)(e)		41	%		42	%		43	%		68	%		23	%

(a)	Commencement of operations.
(b)	Per share net investment income (loss) has been calculated using the average daily shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	Excludes impact of in-kind transactions.

See notes to financial statements.

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan International ETF
	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the period December 3, 2019^(a) to December 31, 2019
Net Asset Value, Beginning of Period	$	23.30		$	29.06		$	26.98		$	25.58		$	24.80
Investment Activities:
Net Investment Income (Loss)^(b)		0.64			0.66			0.56			0.47			0.04
Net Realized and Unrealized Gains (Losses) on Investments		3.12			(5.82	)		2.21			1.40			0.77
Total from Investment Activities		3.76			(5.16	)		2.77			1.87			0.81
Distributions to Shareholders:
Net Investment Income		(0.63	)		(0.60	)		(0.69	)		(0.47	)		(0.03	)
Total Distributions		(0.63	)		(0.60	)		(0.69	)		(0.47	)		(0.03	)
Net Asset Value, End of Period	$	26.43		$	23.30		$	29.06		$	26.98		$	25.58
Total Return^(c)		16.41	%		(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)		2.60	%		2.72	%		1.94	%		1.98	%		1.99	%
Net Assets, End of Period (000’s)	$	97,801		$	76,875		$	82,827		$	71,500		$	23,018
Portfolio Turnover^(c)(e)		34	%		39	%		42	%		63	%		12	%

(a)	Commencement of operations.
(b)	Per share net investment income (loss) has been calculated using the average daily shares method.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	Excludes impact of in-kind transactions.

See notes to financial statements.

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan US Large/Mid Cap Core Enhanced ETF
	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the period July 29, 2021^(a) to December 31, 2021
Net Asset Value, Beginning of Period	$	23.75		$	27.19		$	25.00
Investment Activities:
Net Investment Income (Loss)^(b)		0.38			0.25			0.11
Net Realized and Unrealized Gains (Losses) on Investments		(0.96	)		(3.40	)		2.16
Total from Investment Activities		(0.58	)		(3.15	)		2.27
Distributions to Shareholders:
Net Investment Income		(0.36	)		(0.28	)		(0.08	)
Return of Capital		—			(0.01	)		—
Total Distributions		(0.36	)		(0.29	)		(0.08	)
Net Asset Value, End of Period	$	22.81		$	23.75		$	27.19
Total Return^(c)		(2.40	%)		(11.58	%)		9.09	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(d)		0.52	%^(e)		0.52	%		0.51	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(d)		1.69	%		1.05	%		1.00	%
Net Assets, End of Period (000’s)	$	58,177		$	70,060		$	69,327
Portfolio Turnover^(c)(f)		302	%^(g)		155	%^(g)		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)	Does not include acquired fund fees and expenses, if any.
(f)	Excludes impact of in-kind transactions.
(g)	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.

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan High Dividend Stock Enhanced ETF
	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the period July 29, 2021^(a) to December 31, 2021
Net Asset Value, Beginning of Period	$	23.47		$	26.90		$	25.00
Investment Activities:
Net Investment Income (Loss)^(b)		0.60			0.60			0.28
Net Realized and Unrealized Gains (Losses) on Investments		(0.88	)		(3.37	)		1.86
Total from Investment Activities		(0.28	)		(2.77	)		2.14
Distributions to Shareholders:
Net Investment Income		(0.56	)		(0.66	)		(0.24	)
Total Distributions		(0.56	)		(0.66	)		(0.24	)
Net Asset Value, End of Period	$	22.63		$	23.47		$	26.90
Total Return^(c)		(1.17	%)		(10.44	%)		8.59	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(d)		0.52	%^(e)		0.52	%		0.51	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(d)		2.60	%		2.39	%		2.50	%
Net Assets, End of Period (000’s)	$	66,764		$	68,055		$	47,081
Portfolio Turnover^(c)(f)		209	%		191	%^(g)		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)	Does not include acquired fund fees and expenses, if any.
(f)	Excludes impact of in-kind transactions.
(g)	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.

Financial Highlights - continued

For a Share Outstanding Throughout Each Period

Timothy Plan

	Timothy Plan Market Neutral ETF
	For the period January 25, 2023^(a) to December 31, 2023
Net Asset Value, Beginning of Period	$	25.00
Investment Activities:
Net Investment Income (Loss)^(b)		1.01
Net Realized and Unrealized Gains (Losses) on Investments		0.31
Total from Investment Activities		1.32
Distributions to Shareholders:
Net Investment Income		(1.06	)
Net Realized Gains From Investments		(1.03	)
Total Distributions		(2.09	)
Net Asset Value, End of Period	$	24.23
Total Return^(c)		5.46	%

Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets^(d)		0.65	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(d)		4.37	%
Net Assets, End of Period (000’s)	$	34,407
Portfolio Turnover^(c)(e)		112	%

(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.

Notes to Financial Statements

December 31, 2023

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, seven 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 25, 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.

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

Notes to Financial Statements - continued

December 31, 2023

Timothy Plan

and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund.

The Funds reserve the right to offer creations and redemptions of Shares for cash. In addition, Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash equal to up to 105% of the market value of the missing Deposit Securities. In each instance of such cash creations or redemptions, transaction fees may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions.

Transaction Fees include a fixed fee (“Fixed Fee”) payable to the Custodian (“Citibank N.A.”), which is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction. Transaction Fees may also include an additional variable charge (“Variable Charge”) for purchases and redemptions of Creation Units for cash or involving cash-in-lieu, to compensate each Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions. Under certain circumstances, the Transaction Fees may be waived or adjusted. In such cases, the Authorized Participant will reimburse each Fund for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by each Fund and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes and other costs and expenses related to the execution of trades resulting from such transaction (up to the maximum amount shown below). In addition, purchasers of Creation Units are responsible for the costs of transferring the Deposit Securities to the account of each Fund. Variable fees received by each Fund are displayed in the Capital Share Transaction section of the Statements of Changes in Net Assets as an increase to Paid-In-Capital.

Investors who use the services of a broker, or other such intermediary may be charged a fee for such services.

The Transaction Fees for each Fund are listed below:

	Fee for In-Kind and Cash Purchases and Redemptions		Maximum Additional Variable Charge for Cash Purchases and Redemptions*
US Small Cap Core ETF	$	250		2.00	%
US Large/Mid Cap Core ETF	$	500		2.00	%
High Dividend Stock ETF	$	250		2.00	%
International ETF	$	4,500		2.00	%
US Large/Mid Cap Core Enhanced ETF	$	500		2.00	%
High Dividend Stock Enhanced ETF	$	250		2.00	%
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.

Notes to Financial Statements - continued

December 31, 2023

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, warrants and American Depositary Receipts (“ADRs”), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

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

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

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

A summary of the valuations as of December 31, 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 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	102,130,944	$	—	$	—	$	102,130,944
Total Investment Securities		102,130,944		—		—		102,130,944
Other Financial Instruments*
Assets:
Futures Contracts		21,790		—		—		21,790
Total Investments	$	102,152,734	$	—	$	—	$	102,152,734

Notes to Financial Statements - continued

December 31, 2023

Timothy Plan

US Large/Mid Cap Core ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	236,003,967	$	—	$	—	$	236,003,967
Total Investment Securities		236,003,967		—		—		236,003,967
Other Financial Instruments*
Assets:
Futures Contracts		24,451		—		—		24,451
Total Investments	$	236,028,418	$	—	$	—	$	236,028,418

High Dividend Stock ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	227,630,720	$	—	$	—	$	227,630,720
Total Investment Securities		227,630,720		—		—		227,630,720
Other Financial Instruments*
Assets:
Futures Contracts		23,701		—		—		23,701
Total Investments	$	227,654,421	$	—	$	—	$	227,654,421

International ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs			Total
Common Stocks	$	97,016,548	$	—	$	19,986		$	97,036,534
Warrants		—		—		—	^(a)		—
Total Investment Securities		97,016,548		—		19,986			97,036,534
Other Financial Instruments*
Assets:
Futures Contracts		13,449		—		—			13,449
Total Investments	$	97,029,997	$	—	$	19,986		$	97,049,983

Notes to Financial Statements - continued

December 31, 2023

Timothy Plan

US Large/Mid Cap Core Enhanced ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	57,796,180	$	—	$	—	$	57,796,180
Investment Companies	$	254,850	$	—	$	—	$	254,850
Total Investment Securities		58,051,030		—		—		58,051,030
Other Financial Instruments*
Assets:
Futures Contracts		1,708		—		—		1,708
Total Investments	$	58,052,738	$	—	$	—	$	58,052,738

High Dividend Stock Enhanced ETF

Investment Securities:	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	66,254,340	$	—	$	—	$	66,254,340
Investment Companies		408,795		—		—		408,795
Total Investment Securities		66,663,135		—		—		66,663,135
Other Financial Instruments*
Assets:
Futures Contracts		2,142		—		—		2,142
Total Investments	$	66,665,277	$	—	$	—	$	66,665,277

Market Neutral ETF

Investment Securities:	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	30,925,515		$	—	$	—	$	30,925,515
Total Investment Securities		30,925,515			—		—		30,925,515
Other Financial Instruments*
Assets:
Futures Contracts		1,195,135			—		—		1,195,135
Liabilities:
Futures Contracts		(2,481,892	)		—		—		(2,481,892	)
Total Investments	$	29,638,758		$	—	$	—	$	29,638,758

*	Futures Contracts are valued at the unrealized appreciation (depreciation) on the investment.

(a)	Zero market value.

As of December 31, 2023, there were no transfers into/out of Level 3. Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, no additional disclosures are necessary for the period ended December 31, 2023.

Notes to Financial Statements - continued

December 31, 2023

Timothy Plan

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.

Futures Contracts:

During the period ended December 31, 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 Statements of Assets and Liabilities. If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund. These subsequent payments, called “Variation Margin,” to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as “marking to the market.” The Funds recorded a payable or receivable on variation margin. The Funds expect to earn interest income on its margin deposits. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Realized and unrealized gains and losses are reported as “Net realized gains/(losses) from futures transactions” and “Net change in unrealized appreciation/depreciation on futures contracts”, respectively, on the Statements of Operations.

Notes to Financial Statements - continued

December 31, 2023

Timothy Plan

Average Notional Value

The table below summarizes the monthly average notional value of futures contracts for the period ended December 31, 2023.

	Average Notional Value
Fund	Long		Short
US Small Cap Core ETF	$	302,720	$	—
US Large/Mid Cap Core ETF		960,933		—
High Dividend Stock ETF		923,167		—
International ETF		370,342		—
US Large/Mid Cap Core Enhanced ETF		236,458		—
High Dividend Stock Enhanced ETF		345,689		—
Market Neutral ETF		22,941,567		57,854,743

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2023:

	Assets		Liabilities
	Variation margin receivable on open futures contracts*		Variation margin payable on open futures contracts*
Equity Risk Exposure:
US Small Cap Core ETF	$	21,790	$	—
US Large/Mid Cap Core ETF		24,451		—
High Dividend Stock ETF		23,701		—
International ETF		13,449		—
High Dividend Stock Enhanced ETF		1,708		—
US Large/Mid Cap Core Enhanced ETF		2,142		—
Market Neutral ETF		1,195,135		(2,481,892	)

*	Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported on the Schedules of Portfolio Investments. Only current day’s variation margin for futures contracts is reported within the Statement of Assets and Liabilities.

Notes to Financial Statements - continued

December 31, 2023

Timothy Plan

The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended December 31, 2023:

	Net realized gains (losses) from futures contracts		Net change in unrealized appreciation (depreciation) on futures contracts
Equity Risk Exposure:
US Small Cap Core ETF	$	26,187	$	23,569
US Large/Mid Cap Core ETF		106,544		22,992
High Dividend Stock ETF		122,056		36,640
International ETF		26,254		17,405
US Large/Mid Cap Core Enhanced ETF		39,027		1,179
High Dividend Stock Enhanced ETF		12,700		6,755
Market Neutral ETF		1,133,340		(1,286,757	)

Foreign Currency Translations:

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

Foreign Taxes:

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

Dividends to Shareholders:

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

The amounts of dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition “temporary difference”), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by a Fund may be reclassified as an offset to capital on the accompanying Statements of Assets and Liabilities.

Notes to Financial Statements - continued

December 31, 2023

Timothy Plan

Federal Income Taxes:

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds identifies its major tax jurisdiction as U.S. Federal.

As of and during the period ended December 31, 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 December 31, 2023 were as follows:

	Excluding in-kind transactions				Associated with in-kind transactions
Fund	Purchases		Sales		Purchases		Sales
US Small Cap Core ETF	$	49,248,499	$	49,104,221	$	51,986,240	$	32,325,479
US Large/Mid Cap Core ETF		62,444,295		62,116,784		75,530,650		44,660,150
High Dividend Stock ETF		80,575,315		79,807,010		91,963,909		56,215,549
International ETF		30,342,425		29,357,563		14,446,483		5,403,429
US Large/Mid Cap Core Enhanced ETF		152,398,900		156,716,150		3,144,523		7,981,223
High Dividend Stock Enhanced ETF		128,760,526		131,753,861		16,668,518		12,001,561
Market Neutral ETF		66,957,337		45,882,212		13,338,180		3,757,673

For the period ended December 31, 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.

Notes to Financial Statements - continued

December 31, 2023

Timothy Plan

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

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

Drake Compliance LLC provides compliance services to the Trust.

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

5. INVESTMENT RISKS:

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

ETF Risk

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

Excluded Security Risk

Because the underlying Index omits Excluded Securities, the Funds (except for the Market Neutral ETF) 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.

Equity Securities Risk

The value of the equity securities in which the Funds invest may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions and factors. Price changes may be temporary or last for extended periods.

Foreign Securities Risk

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 Funds. 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.

Notes to Financial Statements - continued

December 31, 2023

Timothy Plan

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, 2023, on the Statements of Assets and Liabilities, as a result of permanent book-to-tax differences primarily attributable to the accounting for applicable in-kind redemptions and designation of dividends paid were reclassified between the individual components of total distributable earnings (loss) as follows:

	Total Accumulated Earnings/(Loss)			Capital
US Small Cap Core ETF	$	(4,978,162	)	$	4,978,162
US Large/Mid Cap Core ETF		(10,149,421	)		10,149,421
High Dividend Stock ETF		(9,043,516	)		9,043,516
International ETF		(548,604	)		548,604
US Large/Mid Cap Core Enhanced ETF		(1,363,238	)		1,363,238
High Dividend Stock Enhanced ETF		(1,465,563	)		1,465,563
Market Neutral ETF		(1,782,486	)		1,782,486

The tax characteristics of distributions paid to shareholders during the year/period ended December 31, 2023 were as follows:

	Year Ended December 31, 2023
	Distributions Paid From:
Fund	Ordinary Income		Net Long-Term Gains				Total Distributions Paid*
US Small Cap Core ETF	$	1,014,568	$	—	$	1,014,568	$	1,014,568
US Large/Mid Cap Core ETF		2,035,463		—		2,035,463		2,035,463
High Dividend Stock ETF		4,513,975		—		4,513,975		4,513,975
International ETF		2,243,745		—		2,243,745		2,243,745
US Large/Mid Cap Core Enhanced ETF		957,342		—		957,342		957,342
High Dividend Stock Enhanced ETF		1,717,979		—		1,717,979		1,717,979
Market Neutral ETF		2,475,678		886,759		3,362,437		3,362,437

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

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

Notes to Financial Statements - continued

December 31, 2023

Timothy Plan

	Year Ended December 31, 2022
	Distributions Paid From:
Fund	Ordinary Income		Total Taxable Distributions		Return of Capital		Total Distributions Paid*
US Small Cap Core ETF	$	611,312	$	611,312	$	—	$	611,312
US Large/Mid Cap Core ETF		1,744,329		1,744,329		—		1,744,329
High Dividend Stock ETF		3,952,230		3,952,230		—		3,952,230
International ETF		1,877,299		1,877,299		—		1,877,299
US Large/Mid Cap Core Enhanced ETF		812,493		812,493		31,102		843,595
High Dividend Stock Enhanced ETF		1,626,064		1,626,064		—		1,626,064

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

As of December 31, 2023, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Accumulated Earnings		Accumulated Capital and Other Losses			Qualified Late-Year Losses****			Unrealized (Appreciation (Depreciation)*			Total Accumulated Earnings/(Deficit)
US Small Cap Core ETF	$	11,699	$	11,699	$	(12,910,316	)	$	—		$	12,577,011		$	(321,606	)
US Large/Mid Cap Core ETF		93,259		93,259		(20,196,124	)		—			31,784,116			11,681,251
High Dividend Stock ETF		145,327		145,327		(19,988,233	)		—			15,846,505			(3,996,401	)
International ETF		689,878		689,878		(10,837,372	)		—			8,595,069	**		(1,552,425	)
US Large/Mid Cap Core Enhanced ETF		73,120		73,120		(10,923,316	)		—			913,717			(9,936,479	)
High Dividend Stock Enhanced ETF		115,391		115,391		(11,541,113	)		—			(343,784	)		(11,769,506	)
Market Neutral ETF		—		—		—			(4,499,564	)		1,400,252	***		(3,099,312	)

*	The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales, futures mark to market, return of capital from underlying investments and passive foreign investment company mark to market.

**	The amount includes $9,478 of unrealized appreciation on foreign currency translation.

***	The amount includes $718 of unrealized appreciation on foreign currency translation.

****

Qualified late-year losses are comprised of post-October capital losses incurred after October 31 and certain late-year ordinary losses. Late-year ordinary losses represent ordinary losses incurred after December 31 and specified losses incurred after October 31. These losses are deemed to arise on the first day of the Fund’s next taxable year.

At December 31, 2023, the Funds had net capital loss carry forwards (“CLCFs”) for federal income tax purposes which are available to reduce the future capital gain distributions to shareholders.

Notes to Financial Statements - continued

December 31, 2023

Timothy Plan

CLCFs not subject to expiration:

Fund	Short-Term Amount			Long-Term Amount			Total
US Small Cap Core ETF	$	(8,390,330	)	$	(4,519,986	)	$	(12,910,316	)
US Large/Mid Cap Core ETF		(11,047,312	)		(9,148,812	)		(20,196,124	)
High Dividend Stock ETF		(12,614,051	)		(7,374,182	)		(19,988,233	)
International ETF		(4,798,760	)		(6,038,612	)		(10,837,372	)
US Large/Mid Cap Core Enhanced ETF		(8,786,928	)		(2,136,388	)		(10,923,316	)
High Dividend Stock Enhanced ETF		(11,336,310	)		(204,803	)		(11,541,113	)

As of December 31, 2023, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) for investments were as follows:

Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
US Small Cap Core ETF	$	89,553,933	$	15,329,130	$	(2,752,119	)	$	12,577,011
US Large/Mid Cap Core ETF		204,219,851		37,254,354		(5,470,238	)		31,784,116
High Dividend Stock ETF		211,784,215		23,036,589		(7,190,084	)		15,846,505
International ETF		88,450,943		12,959,939		(4,374,348	)		8,585,591
US Large/Mid Cap Core Enhanced ETF		57,137,313		5,171,041		(4,257,324	)		913,717
High Dividend Stock Enhanced ETF		67,006,919		3,853,940		(4,197,724	)		(343,784	)
Market Neutral ETF		29,525,981		2,443,213		(1,043,679	)		1,399,534

During the tax year/period ended December 31, 2023, the Funds realized the following net capital gains (losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains (losses) are not taxable to the Fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized gains (losses) to paid-in capital.

	Realized Gain/Loss
US Small Cap Core ETF	$	4,989,678
US Large/Mid Cap Core ETF		10,133,102
High Dividend Stock ETF		8,913,506
International ETF		601,609
US Large/Mid Cap Core Enhanced ETF		1,456,197
High Dividend Stock Enhanced ETF		1,650,313
Market Neutral ETF		90,633

7. 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

Notes to Financial Statements - continued

December 31, 2023

Timothy Plan

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.

8. SUBSEQUENT EVENTS:

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

Distributions

Subsequent to year end, in 2024, the Funds declared and paid, respectively, a distribution from ordinary income for the following amounts:

Fund	1/11/2024		2/9/2024
US Small Cap Core ETF	$	—	$	37,674
US Large/Mid Cap Core ETF		15,556		54,218
High Dividend Stock ETF		71,314		241,713
International ETF		4,026		18,678
US Large/Mid Cap Core Enhanced ETF		4,315		15,420
High Dividend Stock Enhanced ETF		21,090		68,141
Market Neutral ETF		12,905		50,707

Report of Independent Registered Public Accounting Firm

Timothy Plan

To the Shareholders and Board of Trustees of
The Timothy Plan

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of The Timothy Plan comprising the funds listed below (the “Funds”) as of December 31, 2023, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2023, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Timothy Plan US Small Cap Core ETF Timothy Plan International ETF	For the year ended December 31, 2023	For the years ended December 31, 2023 and 2022	For the years ended December 31, 2023, 2022, 2021 and 2020, and for the period December 3, 2019 (commencement of operations) through December 31, 2019
Timothy Plan US Large/Mid Cap Core ETF Timothy Plan High Dividend Stock ETF	For the year ended December 31, 2023	For the years ended December 31, 2023 and 2022	For the years ended December 31, 2023, 2022, 2021 and 2020, and for the period May 1, 2019 (commencement of operations) through December 31, 2019
Timothy Plan US Large/Mid Cap Core Enhanced ETF Timothy Plan High Dividend Stock Enhanced ETF	For the year ended December 31, 2023	For the years ended December 31, 2023 and 2022	For the years ended December 31, 2023 and 2022, and for the period July 29, 2021 (commencement of operations) through December 31, 2021
Timothy Plan Market Neutral ETF	For the period January 25, 2023 (commencement of operations) through December 31, 2023

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report of Independent Registered Public Accounting Firm - continued

Timothy Plan

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

COHEN & COMPANY, LTD.
Cleveland, Ohio
February 28, 2024

Other Information (Unaudited)

December 31, 2023

Timothy Plan

Additional Federal Income Tax Information:

For the fiscal year ended December 31, 2023, the Funds hereby designate the maximum amount allowable of their net taxable income as qualified dividends taxed at individual net capital gain rates. Shareholders will be notified via IRS Form 1099 of the amounts for use in preparing their income tax return.

Dividends qualified for corporate dividends received deductions of:

Fund	Amount
US Small Cap Core ETF	100%
US Large/Mid Cap Core ETF	100%
High Dividend Stock ETF	100%
US Large/Mid Cap Core Enhanced ETF	71%
High Dividend Stock Enhanced ETF	91%
Market Neutral ETF	38%

With respect to distributions paid, the the following Fund designates the following amounts (or, if subsequently determined to be different, the maximum amount allowable) for the fiscal year ended December 31, 2023:

	Short-Term Capital Gain Distributions	Long-Term Capital Gain Distributions
Market Neutral ETF	$830,587	$2,360,137

The following Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share on December 31, 2023, were as follows:

	Foreign Source Income	Foreign Tax Expense
International ETF	$0.86	$0.11

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 Portfolio Holdings Information

Proxy Voting:

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

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

Other Information (Unaudited) - continued

December 31, 2023

Timothy Plan

Availability of Schedules of Portfolio Investments:

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarters of each fiscal year on Form N- PORT-P. Forms N-PORT-P 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.

Other Information (Unaudited) - continued

December 31, 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 Account Value 7/1/23	Actual Ending Account Value 12/31/23	Hypothetical Ending Account Value 12/31/23	Actual Expenses Paid During Period 7/1/23 - 12/31/23*	Hypothetical Expenses Paid During Period 7/1/23 - 12/31/23*	Annualized Expense Ratio During Period 7/1/23 - 12/31/23
US Small Cap Core ETF
	$1,000.00	$1,116.50	$1,022.58	$2.77	$2.65	0.52%

US Large/Mid Cap Core ETF
	$1,000.00	$1,068.70	$1,022.58	$2.71	$2.65	0.52%

High Dividend Stock ETF
	$1,000.00	$1,066.00	$1,022.58	$2.71	$2.65	0.52%

International ETF
	$1,000.00	$1,063.80	$1,022.08	$3.23	$3.16	0.62%

US Large/Mid Cap Core Enhanced ETF
	$1,000.00	$1,001.80	$1,022.58	$2.62	$2.65	0.52%

High Dividend Stock Enhanced ETF
	$1,000.00	$1,008.00	$1,022.58	$2.63	$2.65	0.52%

Market Neutral ETF
	$1,000.00	$1,065,50	$1,021.93	$3.38	$3.31	0.65%

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

Trustees and Principal Executive Officers of the Trust (Unaudited)

December 31, 2023

Timothy Plan

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

INTERESTED TRUSTEES

NAME, AGE & ADDRESS	POSITION(S) HELD WITH TRUST	TERM OF OFFICE & LENGTH OF TIME SERVED	NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE	PRINCIPAL OCCUPATION DURING THE PAST FIVE YEARS	DIRECTORSHIPS HELD BY TRUSTEE
Arthur D. Ally¹ 1055 Maitland Center Commons Maitland, FL 32751 Born: 1942	Trustee, Chairman, President, and Treasurer	Indefinite; Trustee and President since 1994	19	President and controlling shareholder of Covenant Funds, Inc. (“CFI”), a holding company. President and general partner of Timothy Partners, Ltd. (“TPL”), the investment Advisor and principal underwriter to each Fund. CFI is also the managing general partner of TPL.	None
Mathew D. Staver² 1055 Maitland Center Commons Maitland, FL 32751 Born: 1956	Trustee	Indefinite; Trustee since 2000	19	An attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles.	None
Patrice Tsague³ 1055 Maitland Center Commons Maitland, FL 32751 Born: 1973	Trustee	Indefinite; Trustee since 2011	19	President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999.	None

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

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

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

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

December 31, 2023

Timothy Plan

INDEPENDENT TRUSTEES

NAME, AGE & ADDRESS	POSITION(S) HELD WITH TRUST	TERM OF OFFICE & LENGTH OF TIME SERVED	NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE	PRINCIPAL OCCUPATION DURING THE PAST FIVE YEARS	DIRECTORSHIPS HELD BY TRUSTEE
Richard W. Copeland 1055 Maitland Center Commons Maitland, FL 32751 Born: 1947	Trustee	Indefinite; Trustee since 2005	19	Retired. Associate Professor of Law Stetson University. Retired Principal of Copeland & Covert, Attorneys at Law, specializing in tax and estate planning. B.A. from Mississippi College, JD from the University of Florida and LLM Taxation from the University of Miami.	None
Deborah Honeycutt 1055 Maitland Center Commons Maitland, FL 32751 Born: 1947	Trustee	Indefinite; Trustee since 2010	19	Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Shepherd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois.	None
Bill Johnson 1055 Maitland Center Commons Maitland, FL 32751 Born: 1946	Trustee	Indefinite; Trustee since 2005	19	President (and Founder) of the American Decency Association, Freemont, MI, since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Master of Religious Education from Grand Rapids Baptist Seminary.	None
John C. Mulder 1055 Maitland Center Commons Maitland, FL 32751 Born: 1950	Trustee	Indefinite; Trustee since 2005	19	Former President of WaterStone (FKA the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from the University of Chicago.	None
Scott Preissler, Ph.D. 1055 Maitland Center Commons Maitland, FL 32751 Born: 1960	Trustee	Indefinite; Trustee since 2004	19	Scott Preissler, Ph.D., is the Executive Director of Friendship Christian School in Suwanee, Georgia and The National Center for Stewardship & Generosity. He is a former professor and past President and CEO of The Christian Stewardship Association (CSA) and Southern Baptist state headquarters in Texas and Georgia.	None

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

December 31, 2023

Timothy Plan

NAME, AGE & ADDRESS	POSITION(S) HELD WITH TRUST	TERM OF OFFICE & LENGTH OF TIME SERVED	NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE	PRINCIPAL OCCUPATION DURING THE PAST FIVE YEARS	DIRECTORSHIPS HELD BY TRUSTEE
Alan M. Ross 1055 Maitland Center Commons Maitland, FL 32751 Born: 1951	Trustee, Vice Chairman	Indefinite; Trustee since 2004	19	Founder and CEO Kingdom Companies founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ. Alan is currently the President of the Electric Power Reliability Alliance (EPRA), a nonprofit serving industrial, commercial and grid-edge electrical reliability practitioners.	None
Kenneth Blackwell 1055 Maitland Center Commons Maitland, FL 32751 Born: 1948	Trustee	Indefinite; Trustee from 2011 to 2020 and 2022 to present	19	Self-Employed Independent Public Policy Consultant; Other Directorships: Public Interest Legal Foundation; National Rifle Association; Columbia International University; International Foundation For Electoral Systems; Law Enforcement Legal Defense Fund; American Constitution Rights Union.	None
Abraham M. Rivera 1055 Maitland Center Commons Maitland, FL 32751 Born: 1969	Trustee	Indefinite; Trustee since 2020	19	Pastor / President / Director, for La Puerta Life Center, Inc., a Florida corporation.	1
Dale A. Bissonette 1055 Maitland Center Commons Maitland, FL 32751 Born: 1958	Trustee	Indefinite; Trustee since 2020	19	President, Good Place Holdings, a Christian Centered Business Holding Company.	None
Terry Covert 1055 Maitland Center Commons Maitland, FL 32751 Born: 1947	Executive Officer, Vice President	Officer since 2019 Indefinite Term	N/A	Chief Compliance Officer and General Counsel for the Advisor, Timothy Partners, Ltd; Partner, Copeland Covert & Smith PLLC, law firm.	N/A
Cheryl Mumbert 1055 Maitland Center Commons Maitland, FL 32751 Born: 1970	Executive Officer, Vice President	Officer since 2019 Indefinite Term	N/A	Chief Marketing Officer for Advisor, Timothy Partners, Ltd.	N/A
David D. Jones 1055 Maitland Center Commons Maitland, FL 32751 Born: 1957	Chief Compliance Officer	Since 2004, Indefinite Term	N/A	Co-founder and Managing Member, Drake Compliance, LLC (compliance consulting); founder and controlling shareholder, David Jones & Associates (law firm), 1998 to 2015.	N/A

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

December 31, 2023

Timothy Plan

NAME, AGE & ADDRESS	POSITION(S) HELD WITH TRUST	TERM OF OFFICE & LENGTH OF TIME SERVED	NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE	PRINCIPAL OCCUPATION DURING THE PAST FIVE YEARS	DIRECTORSHIPS HELD BY TRUSTEE
David James 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 Born: 1970	Assistant Secretary	Assistant Secretary since 2022, Indefinite Term	N/A	As Executive Vice President, Chief Legal and Risk Officer at Ultimus Fund Solutions, since 2018; Department Head of State Street Bank and Trust Company’s Fund Administration Legal Department -2003-2018.	N/A
Brittany Weise 225 Pictoria Drive Cincinnati, Ohio 45246 Born: 1990	Assistant Secretary	Assistant Secretary since 2023, Indefinite Term	N/A	Associate Counsel – Ultimus Fund Solutions 2022- Pres. Attorney – Morgan & Morgan P.A. (formerly Mitcheson & Lee, LLP) 2019 – 2022, Fund Officer – State Street Bank and Trust Company, 2018-2019	N/A
Deryk Jones 4221 North 203rd St. Suite 100 Elkhorn, NE 68022 Born: 1988	Trust AML Officer	AML Officer since 2022, Indefinate Term	N/A	Compliance Analyst since March 2018	N/A
Joseph E. Boatwright 1055 Maitland Center Commons Maitland, FL 32751 Born: 1930	Trustee Emeritus and Secretary	Indefinite; Trustee and Secretary since 1995, Trustee Emeritus as of 2020	N/A	Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996.	N/A

Timothy Plan

1055 Maitland Center Commons

Maitland, Florida 32751

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS, AND YOU MAY LOSE MONEY. You should consider the Fund’s investment objectives, risks, charges, and expenses. This and other important information can be found in the Fund’s prospectus. To obtain a copy, visit timothyplan.com or call 800.846.7526. Read the prospectus carefully before investing or sending money. ETFs distributed by Foreside Fund Services, LLC, member FINRA and SIPC. Timothy Partners, Ltd. is not affiliated with Foreside Fund Services, LLC.

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

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

(b) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, there have been no amendments to, not any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

3(a)(1)

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

3(a)(2)

The audit committee financial expert is Dale Bissonette who is “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

		2023	2022
(a)	Audit Fees	$92,250	$79,250
(b)	Audit-Related Fees	$0	$0
(c)	Tax Fees*	$21,000	$18,000
(d)	All Other Fees	$0	$0

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

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

(e)(2)	2023 – 100%
	2022 – 100%

(f)	Not applicable.

(g)	2023 - $21,000
	2022 - $18,000

(h)	Not applicable.

(i)	Not applicable.

(j)	Not applicable.

Item 5.

Audit Committee of Listed Registrants.

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

Item 6. Investments.

(a)

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

(b)

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)

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

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

(a)(1)

Not applicable.

(a)(2)

Not applicable.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

Not applicable.

Item 13. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 14. Exhibits.

(a)(1)

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

(a)(2)

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

(a)(3)

Not applicable.

(a)(4)

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	3/8/24

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	3/8/24

Timothy Plan US Large/Mid Cap Core ETF (TPLC) N-CSRCertified annual shareholder report (management investment company)