UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number                         811-08228                                                                  

Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL 32751

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2021

Item 1. Reports to Stockholders.

SEMI ANNUAL REPORT

June 30, 2021

	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

Listed and traded on: The New York Stock Exchange

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

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

Table of Contents

Schedule of Portfolio Investments	1
Statements of Assets and Liabilities	59
Statements of Operations	61
Statements of Changes in Net Assets	63
Financial Highlights	65
Notes to Financial Statements	69
Other Information	83
Liquidity Risk Management Program	85
Approval of Investment Advisory and Sub-Advisory Agreement	86

	Schedule of Portfolio Investments
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.7%)
Communication Services (2.5%):
Cogent Communications Holdings, Inc.		1,882		144,707
EW Scripps Co. (The), Class A		4,044		82,457
Gray Television, Inc.		5,968		139,651
IDT Corp., Class B(a)		2,427		89,702
Loral Space & Communications, Inc.		1,728		67,133
MSG Networks, Inc.(a)		5,241		76,414
QuinStreet, Inc.(a)		5,629		104,587
Sciplay Corp., Class A(a)		4,606		78,072
Shenandoah Telecommunication Co.		2,735		132,675
Techtarget, Inc.(a)		1,108		85,859
Telephone & Data Systems, Inc.		4,923		111,555
TrueCar, Inc.(a)		12,970		73,280
US Cellular Corp.(a)		3,384		122,873
				1,308,965
Consumer Discretionary (11.2%):
1-800-Flowers.com, Inc., Class A(a)		2,889		92,072
Adtalem Global Education, Inc.(a)		2,976		106,065
American Public Education, Inc.(a)		2,826		80,089
America’s Car-Mart, Inc.(a)		784		111,108
Beazer Homes USA, Inc.(a)		3,803		73,360
Big Lots, Inc.		1,148		75,779
Boot Barn Holdings, Inc.(a)		1,136		95,481
Camping World Holdings, Inc., Class A		1,592		65,256
Carriage Services, Inc.		3,457		127,805
Cavco Industries, Inc.(a)		489		108,651
Century Communities, Inc.		1,265		84,173
Citi Trends, Inc.(a)		990		86,130
Clarus Corp.		7,411		190,463
Container Store Group, Inc. (The)(a)		3,156		41,154
Duluth Holdings, Inc., Class B(a)		5,005		103,353

See notes to financial statements.

1

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (11.2%): (continued)
El Pollo Loco Holdings, Inc.(a)		5,554		101,583
Ethan Allen Interiors, Inc.		3,840		105,984
Franchise Group, Inc.		2,747		96,887
Gentherm, Inc.(a)		1,597		113,467
G-III Apparel Group Ltd.(a)		2,092		68,743
Green Brick Partners, Inc.(a)		3,378		76,816
Group 1 Automotive, Inc.		504		77,833
GrowGeneration Corp.(a)		742		35,690
Haverty Furniture Cos., Inc.		2,424		103,650
Hibbett, Inc.(a)		1,044		93,574
Jack In The Box, Inc.		1,207		134,508
Johnson Outdoors, Inc., Class A		858		103,818
Kontoor Brands, Inc.		1,641		92,569
La Z Boy, Inc.		3,152		116,750
Lands’ End, Inc.(a)		2,367		97,165
LGI Homes, Inc.(a)		593		96,030
Liquidity Services, Inc.(a)		2,803		71,336
Lumber Liquidators Holdings, Inc.(a)		2,745		57,919
M/I Homes, Inc.(a)		1,407		82,549
Malibu Boats, Inc.(a)		1,069		78,390
MarineMax, Inc.(a)		1,457		71,014
Monro, Inc.		1,725		109,555
Motorcar Parts of America, Inc.(a)		4,129		92,655
Nautilus, Inc.(a)		3,068		51,696
OneWater Marine, Inc.		1,869		78,554
Papa John’s International, Inc.		1,198		125,119
Perdoceo Education Corp.(a)		8,835		108,405
PetMed Express, Inc.		1,875		59,719
Sally Beauty Holdings, Inc.(a)		3,990		88,059
Shoe Carnival, Inc.		1,451		103,877
Skyline Champion Corp.(a)		1,922		102,443

See notes to financial statements.

2

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (11.2%): (continued)
Smith & Wesson Brands, Inc.		3,881		134,671
Standard Motor Products		2,839		123,071
Strategic Education, Inc.		1,091		82,981
Stride, Inc.(a)		2,439		78,365
Sturm Ruger & Co.		1,569		141,179
Superior Group of Cos., Inc.		2,849		68,120
The Buckle, Inc.		1,924		95,719
Tri Pointe Group, Inc.(a)		4,235		90,756
Tupperware Corp.(a)		1,430		33,962
Turtle Beach Corp.(a)		2,436		77,757
Universal Electronics, Inc.(a)		2,037		98,795
Vista Outdoor, Inc.(a)		2,135		98,808
Winmark Corp.		932		179,019
Winnebago Industries, Inc.		1,164		79,105
XPEL, Inc.(a)		1,039		87,141
Zumiez, Inc.(a)		1,889		92,542
				5,799,287
Consumer Staples (6.3%):
Andersons, Inc. (The)		2,915		88,995
B&G Foods, Inc.		3,444		112,963
Cal-Maine Foods, Inc.		4,669		169,064
Central Garden And Pet Co., Class A(a)		2,934		141,712
Coca-Cola Consolidated, Inc.		451		181,361
Edgewell Personal Care Co.		3,253		142,807
elf Beauty, Inc.(a)		4,225		114,667
Fresh Del Monte Produce, Inc.		4,633		152,333
Hostess Brands, Inc.(a)		14,511		234,933
Ingles Markets, Inc.		2,236		130,292
Inter Parfums, Inc.		1,637		117,864
John B. Sanfilippo & Son, Inc.		1,923		170,320
Medifast, Inc.		446		126,209

See notes to financial statements.

3

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Staples (6.3%): (continued)
Natural Grocers by Vitamin Cottage, Inc.		4,437		47,653
Nu Skin Enterprises, Inc., Class A		2,178		123,384
PriceSmart, Inc.		1,777		161,725
Seneca Foods Corp., Class A(a)		2,000		102,160
SpartanNash Co.		4,679		90,351
Sprouts Farmers Market, Inc.(a)		4,893		121,591
The Simply Good Foods Co.(a)		3,669		133,955
Tootsie Roll Industries, Inc.		3,333		113,022
TreeHouse Foods, Inc.(a)		2,359		105,023
United Natural Foods, Inc.(a)		1,818		67,230
Usana Health Sciences, Inc.(a)		1,382		141,558
Veru, Inc.(a)		3,229		26,058
Weis Markets, Inc.		2,888		149,194
				3,266,424
Energy (1.5%):
Bonanza Creek Energy, Inc.		2,101		98,894
Cactus, Inc., Class A		2,389		87,724
Clean Energy Fuels Corp.(a)		3,361		34,114
Diamond S Shipping, Inc.(a)		7,147		71,184
Dorian LPG, Ltd.(a)		7,388		104,319
Helix Energy Solutions Group, Inc.(a)		11,464		65,459
International Seaways, Inc.		4,511		86,521
REX American Resources Corp.(a)		822		74,128
W&T Offshore, Inc.(a)		16,040		77,794
World Fuel Services Corp.		2,365		75,042
				775,179
Financials (24.0%):
1st Source Corp.		2,435		113,130
Allegiance Bancshares, Inc.		2,797		107,517
American Equity Investment Life Holding Co.		2,175		70,296

See notes to financial statements.

4

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.0%): (continued)
American National Group, Inc.		1,368		203,216
Amerisafe, Inc.		2,764		164,983
Atlantic Union Bankshares		2,479		89,789
Axos Financial, Inc.(a)		2,290		106,233
B Riley Financial, Inc.		1,881		142,016
Bancfirst Corp.		1,314		82,033
BanCorp, Inc. (The)(a)		4,112		94,617
Banner Corp.		1,743		94,488
BGC Partners, Inc., Class A		16,899		95,817
Brightsphere Investment Group, Inc.		4,721		110,613
Brookline BanCorp, Inc.		7,413		110,824
Capitol Federal Financial, Inc.		10,582		124,656
Cathay General BanCorp		2,544		100,132
City Holding Co.		1,675		126,027
Columbia Financial, Inc.(a)		9,215		158,682
Community Trust BanCorp, Inc.		2,811		113,508
ConnectOne BanCorp, Inc.		3,701		96,855
Cowen, Inc., Class A		2,347		96,344
Customers BanCorp, Inc.		2,657		103,596
CVB Financial Corp.		5,222		107,521
Dime Community Bancshares, Inc.		3,067		103,113
eHealth, Inc.(a)		798		46,603
Employers Holdings, Inc.		3,717		159,088
Encore Capital Group, Inc.(a)		2,305		109,234
Enova International, Inc.(a)		2,538		86,825
Enterprise Financial Services Corp.		2,138		99,182
FB Financial Corp.		2,429		90,650
Federal Agricultural Mortgage Corp., Class C		1,411		139,548
Federated Hermes, Inc.		3,623		122,856
First BanCorp.		8,107		96,635
First BanCorp/Southern Pines NC		2,409		98,552

See notes to financial statements.

5

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.0%): (continued)
First Busey Corp.		4,373		107,838
First Commonwealth Financial Corp.		7,013		98,673
First Financial BanCorp.		3,807		89,959
First Foundation, Inc.		4,938		111,154
First Interstate Bancsys, Class A		2,643		110,557
First Merchants Corp.		2,248		93,674
First Midwest BanCorp, Inc.		4,625		91,714
FirstCash, Inc.		1,894		144,777
Flagstar BanCorp, Inc.		2,964		125,288
Fulton Financial Corp.		5,859		92,455
German American BanCorp, Inc.		2,918		108,550
Great Southern BanCorp, Inc.		2,323		125,210
Green Dot Corp., Class A(a)		2,261		105,928
Heartland Financial USA, Inc.		2,220		104,318
Heritage Financial Corp.		3,865		96,702
Hilltop Holdings, Inc.		3,541		128,892
HomeStreet, Inc.		2,761		112,483
Hope BanCorp, Inc.		6,417		90,993
Horace Mann Educators		3,628		135,760
Horizon BanCorp, Inc.		5,807		101,216
International Bancshares Corp.		2,398		102,970
James River Group Holdings Ltd.		2,722		102,129
Kearny Financial Corp.		9,755		116,572
Lakeland BanCorp, Inc.		6,124		107,048
Lakeland Financial Corp.		1,978		121,924
Live Oak Bancshares, Inc.		1,254		73,986
Merchants BanCorp		2,738		107,439
Meridian BanCorp, Inc.		6,009		122,944
Meta Financial Group, Inc.		1,926		97,513
Mr Cooper Group, Inc.(a)		3,272		108,172
National Bank Holdings Corp., Class A		3,031		114,390

See notes to financial statements.

6

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.0%): (continued)
National Western Life Group, Inc., Class A		458		102,771
Navient Corp.		6,888		133,145
NBT BanCorp, Inc.		3,088		111,075
Nelnet, Inc., Class A		2,168		163,099
Nicolet Bankshares, Inc.(a)		1,770		124,502
NMI Holdings, Inc.(a)		4,556		102,419
Northfield BanCorp, Inc.		7,737		126,887
Northwest Bancshares, Inc.		8,865		120,919
Oceanfirst Financial Corp.		4,522		94,239
OFG BanCorp		4,032		89,188
Old National BanCorp		6,579		115,856
Origin BanCorp, Inc.		2,309		98,040
Palomar Holdings, Inc.(a)		1,062		80,139
Park National Corp.		755		88,652
Piper Sandler Cos.		1,084		140,443
PJT Partners, Inc., Class A		2,294		163,746
PRA Group, Inc.(a)		3,664		140,954
Preferred Bank		1,738		109,963
Premier Financial Corp.		2,932		83,298
Provident Financial Services, Inc.		4,712		107,858
Renasant Corp.		2,764		110,560
S&T BanCorp, Inc.		2,803		87,734
Safety Insurance Group, Inc.		2,045		160,083
Sandy Spring BanCorp, Inc.		2,484		109,619
Seacoast Banking Corp.		2,820		96,303
Servisfirst Bancshares, Inc.		2,070		140,719
Silvergate Capital Corp., Class A(a)		289		32,749
SiriusPoint, Ltd.(a)		12,807		128,967
Southside Bancshares, Inc.		3,435		131,320
Stewart Information Services		2,132		120,863
Stock Yards BanCorp, Inc.		2,422		123,256

See notes to financial statements.

7

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (24.0%): (continued)
StoneX Group, Inc.(a)		1,787		108,417
Tompkins Financial Corp.		1,357		105,249
Towne Bank		3,627		110,333
TriCo Bancshares		2,323		98,913
Triumph BanCorp, Inc.(a)		1,051		78,037
Trustmark Corp.		3,570		109,956
United Community Banks, Inc.		3,166		101,344
Univest Financial Corp.		3,575		94,273
Veritex Holdings, Inc.		3,222		114,091
Virtus Investment Partners, Inc.		476		132,219
Washington Federal, Inc.		3,920		124,578
Washington Trust BanCorp, Inc.		2,202		113,073
WesBanco, Inc.		2,887		102,864
Westamerica BanCorp.		2,360		136,951
World Acceptance Corp.(a)		522		83,645
WSFS Financial Corp.		1,953		90,990
				12,360,706
Health Care (9.6%):
Accuray, Inc.(a)		13,216		59,736
Addus Homecare Corp.(a)		1,144		99,803
Antares Pharma, Inc.(a)		23,846		103,968
Apollo Medical Holdings, Inc.(a)		4,644		291,690
Atrion Corp.		232		144,056
BioDelivery Sciences International, Inc.(a)		25,346		90,739
Brookdale Senior Living, Inc.(a)		8,532		67,403
Cara Therapeutics, Inc.(a)		3,682		52,542
Catalyst Pharmaceuticals, Inc.(a)		18,682		107,421
Co-Diagnostics, Inc.(a)		4,191		34,576
Coherus Biosciences, Inc.(a)		6,902		95,455
Collegium Pharmaceutical, Inc.(a)		4,197		99,217
Community Health Systems, Inc.(a)		4,235		65,388

See notes to financial statements.

8

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (9.6%): (continued)
Computer Programs & Systems		4,032		133,983
Corcept Therapeutics, Inc.(a)		2,408		52,976
CorVel Corp.(a)		1,595		214,208
Eagle Pharmaceuticals, Inc.(a)		3,134		134,135
Fulgent Genetics, Inc.(a)		408		37,630
Hanger, Inc.(a)		4,260		107,693
Healthstream, Inc.(a)		7,660		214,020
InfuSystem Holdings, Inc.(a)		4,656		96,798
Innoviva, Inc.(a)		9,870		132,357
Integer Holdings Corp.(a)		1,228		115,678
Ironwood Pharmaceuticals, Inc.(a)		11,072		142,497
Lemaitre Vascular, Inc.		2,156		131,559
Luminex Corp.		2,684		98,771
ModivCare, Inc.(a)		738		125,512
National Healthcare Corp.		1,544		107,926
National Research Corp.		2,988		137,149
Nextgen Healthcare, Inc.(a)		5,781		95,907
Orthofix Medical, Inc.(a)		2,827		113,391
Owens & Minor, Inc.		950		40,213
Phibro Animal Health Corp., Class A		4,765		137,613
Prestige Consumer Healthcare, Inc.(a)		3,781		196,990
Retractable Technologies, Inc.(a)		3,453		39,917
SIGA Technologies, Inc.(a)		15,720		98,722
Simulations Plus, Inc.		1,375		75,501
Supernus Pharmaceuticals, Inc.(a)		3,019		92,955
Surmodics, Inc.(a)		2,133		115,715
The Joint Corp.(a)		1,867		156,679
The Pennant Group, Inc.(a)		1,391		56,892
Triple-S Management Corp.(a)		4,516		100,571
U.S. Physical Therapy, Inc.		839		97,215
Vanda Pharmaceuticals, Inc.(a)		5,609		120,650

See notes to financial statements.

9

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (9.6%): (continued)
Vericel Corp.(a)		1,435		75,337
Zynex, Inc.(a)		3,952		61,375
				4,970,529
Industrials (21.3%):
ACCO Brands Corp.		11,121		95,974
AeroVironment, Inc.(a)		703		70,405
Alamo Group, Inc.		935		142,756
Albany International Corp.		1,436		128,177
Ameresco, Inc.(a)		1,490		93,453
American Woodmark Corp.(a)		991		80,955
Apogee Enterprises, Inc.		2,880		117,302
ArcBest Corp.		1,343		78,149
Arcosa, Inc.		1,765		103,676
Argan, Inc.		2,741		130,992
Astec Industries, Inc.		1,362		85,724
Atlas Air Worldwide Holdings, Inc.(a)		1,836		125,050
AZZ, Inc.		2,834		146,745
Barnes Group, Inc.		2,039		104,499
Barrett Business Services, Inc.		1,818		132,005
Blue Bird Corp.(a)		2,593		64,462
Brady Corp.		2,777		155,623
CAI International, Inc.		1,877		105,112
Casella Waste Systems, Inc.(a)		2,704		171,515
CBIZ, Inc.(a)		5,310		174,009
Columbus McKinnon Corp.		2,369		114,281
Comfort Systems USA, Inc.		1,417		111,645
Construction Partners, Inc., Class A(a)		2,845		89,333
CRA International, Inc.		1,258		107,685
CSW Industrials, Inc.		879		104,126
Daseke, Inc.(a)		7,412		48,030
Deluxe Corp.		1,900		90,763

See notes to financial statements.

10

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (21.3%): (continued)
Ducommon, Inc.(a)		1,577		86,041
Dycom Industries, Inc.(a)		805		59,997
Echo Global Logistics, Inc.(a)		3,248		99,844
Encore Wire Corp.		2,356		178,561
Energy Recovery, Inc.(a)		6,008		136,862
Enerpac Tool Group Corp.		4,344		115,637
Ennis, Inc.		8,062		173,494
ESCO Technologies, Inc.		1,369		128,426
Evoqua Water Technologies Corp.(a)		3,732		126,067
Federal Signal Corp.		3,775		151,868
Forrester Research, Inc.(a)		3,002		137,492
Forward Air Corp.		1,771		158,947
Gibraltar Industries, Inc.(a)		1,195		91,190
Global Industrial Co.		2,206		80,982
GMS, Inc.(a)		2,214		106,582
Gorman-Rupp Co.		3,732		128,530
Great Lakes Dredge & Dock Corp.(a)		8,085		118,122
Griffon Corp.		3,272		83,861
Healthcare Services Group		3,856		121,734
Heartland Express, Inc.		10,092		172,876
Helios Technologies, Inc.		1,940		151,417
Herc Holdings, Inc.(a)		894		100,191
Heritage-Crystal Clean, Inc.(a)		2,944		87,378
HNI Corp.		2,695		118,499
Hub Group, Inc., Class A(a)		2,367		156,175
Hyster-Yale Materials Handling, Inc.		1,104		80,570
ICF International, Inc.		1,542		135,480
IES Holdings, Inc.(a)		1,865		95,786
Insteel Industries, Inc.		3,328		106,995
Jeld-Wen Holding, Inc.(a)		2,912		76,469
Kadant, Inc.		707		124,496

See notes to financial statements.

11

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (21.3%): (continued)
Kforce, Inc.		1,883		118,497
Kimball International, Inc., Class B		7,376		96,994
Knoll, Inc.		4,563		118,592
Lindsay Corp.		945		156,190
Marten Transport Ltd.		7,768		128,094
Matson, Inc.		1,439		92,096
McGrath Rentcorp		1,719		140,219
Meritor, Inc.(a)		3,565		83,492
Miller Industries, Inc.		3,461		136,502
Mueller Industries, Inc.		3,217		139,328
Mueller Water Products, Inc., Class A		11,083		159,817
MYR Group, Inc.(a)		1,397		127,015
National Presto Industries, Inc.		1,186		120,557
Northwest Pipe Co.(a)		3,120		88,140
NV5 Global, Inc.(a)		1,111		105,001
Omega Flex, Inc.		622		91,254
PAE, Inc.(a)		11,615		103,374
Patrick Industries, Inc.		1,080		78,840
PGT Innovations, Inc.(a)		4,639		107,764
Powell Industries, Inc.		3,345		103,528
Primoris Services Corp.		3,209		94,441
Quanex Building Products Corp.		4,819		119,704
Radiant Logistics, Inc.(a)		16,011		110,956
Raven Industries, Inc.		2,483		143,642
Resources Connection, Inc.		8,820		126,655
Rush Enterprises, Inc., Class A		2,838		122,715
SPX Corp.(a)		2,066		126,191
SPX FlOW, Inc.		1,859		121,281
Standex International Corp.		1,354		128,508
Sterling Construction Co., Inc.(a)		3,513		84,769
Tennant Co.		1,765		140,935

See notes to financial statements.

12

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (21.3%): (continued)
Terex Corp.		1,980		94,288
The Greenbrier Cos., Inc.		2,373		103,415
Titan Machinery, Inc.(a)		3,587		110,982
US Xpress Enterprise, Inc., Class A(a)		5,413		46,552
Vectrus, Inc.(a)		2,419		115,120
Veritiv Corp.(a)		1,256		77,144
Werner Enterprises, Inc.		3,599		160,228
				10,985,835
Information Technology (11.8%):
A10 Networks, Inc.(a)		9,220		103,817
ACM Research, Inc., Class A(a)		559		57,141
ADTRAN, Inc.		5,458		112,708
Alpha & Omega Semiconductor, Ltd.(a)		1,862		56,586
American Software, Inc., Class A		6,731		147,813
Avid Technology, Inc.(a)		3,416		133,736
Axcelis Technologies, Inc.(a)		1,815		73,362
AXT, Inc.(a)		4,201		46,127
Benchmark Electronics, Inc.		4,160		118,394
Calix, Inc.(a)		1,521		72,248
Cambium Networks Corp.(a)		806		38,970
Casa Systems, Inc.(a)		6,534		57,957
Cass Information Systems, Inc.		2,838		115,649
ChannelAdvisor Corp.(a)		2,487		60,956
Clearfield, Inc.(a)		2,461		92,164
CSG Systems International, Inc.		3,988		188,154
CTS Corp.		3,979		147,860
Digi International, Inc.(a)		4,570		91,903
Ebix, Inc.		1,521		51,562
eGain Corp.(a)		6,897		79,178
eplus, Inc.(a)		1,451		125,787
Evertec, Inc.		3,879		169,318

See notes to financial statements.

13

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (11.8%): (continued)
Exlservice Holdings, Inc.(a)		1,824		193,818
FARO Technologies, Inc.(a)		1,385		107,711
Greensky, Inc.(a)		11,503		63,842
Ichor Holding Ltd.(a)		1,225		65,905
Insight Enterprises, Inc.(a)		1,447		144,714
Intelligent Systems Corp.(a)		2,365		74,403
InterDigital, Inc.		2,206		161,104
Kimball Electronics, Inc.(a)		3,749		81,503
Knowles Corp.(a)		6,713		132,515
Luna Innovations, Inc.(a)		7,710		83,499
Methode Electronics, Inc.		2,637		129,767
Mimecast, Ltd.(a)		2,631		139,575
Mitek Systems, Inc.(a)		5,188		99,921
Napco Security Technologies Inc.(a)		3,065		111,474
NETGEAR, Inc.(a)		2,394		91,738
NetScout Systems, Inc.(a)		5,650		161,251
NVE Corp.		1,743		129,069
OSI Systems, Inc.(a)		1,946		197,791
PC Connection, Inc.		2,789		129,047
Perficient, Inc.(a)		2,331		187,459
Photronics, Inc.(a)		8,403		111,004
Plexus Corp.(a)		1,648		150,644
Progress Software Corp.		3,433		158,776
Ribbon Communications, Inc.(a)		9,056		68,916
ShotSpotter, Inc.(a)		2,147		104,709
SMART Global Holdings, Inc.(a)		1,886		89,924
Super Micro Computer, Inc.(a)		2,530		89,005
Sykes Enterprises, Inc.(a)		3,186		171,088
The Hackett Group, Inc.		7,469		134,591
Ultra Clean Holdings, Inc.(a)		1,266		68,010
VirnetX Holding Corp.(a)		15,751		67,257

See notes to financial statements.

14

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (11.8%): (continued)
Vishay Precision Group, Inc.(a)		4,019		136,807
Xperi Holding Corp.		4,022		89,449
				6,067,676
Materials (5.7%):
AdvanSix, Inc.(a)		3,300		98,538
American Vanguard Corp.		6,351		111,206
Boise Cascade Co.		1,537		89,684
Chase Corp.		1,109		113,795
Clearwater Paper Corp.(a)		2,432		70,455
Coeur Mining, Inc.(a)		5,763		51,175
Compass Minerals International		2,085		123,557
Futurefuel Corp.		7,390		70,944
GCP Applied Technologies(a)		4,764		110,811
Glatfelter Corp.		7,290		101,841
Greif, Inc., Class A		2,013		121,887
H.B. Fuller Co.		2,269		144,331
Hawkins, Inc.		3,211		105,160
Ingevity Corp.(a)		1,432		116,508
Innospec, Inc.		1,245		112,809
Kaiser Aluminum Corp.		792		97,804
Koppers Holdings, Inc.(a)		2,496		80,746
Materion Corp.		1,899		143,090
Minerals Technologies, Inc.		1,559		122,647
Myers Industries, Inc.		5,617		117,957
O-I Glass, Inc.(a)		5,431		88,688
Orion Engineered Carbons SA(a)		4,596		87,278
PQ Group Holdings, Inc.		6,350		97,536
Rayonier Advanced Materials, Inc.(a)		5,133		34,340
Schnitzer Steel Industries, Inc.		2,327		114,139
Stepan Co.		1,351		162,485
SunCoke Energy, Inc.		10,900		77,826

See notes to financial statements.

15

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (5.7%): (continued)
Trinseo SA		1,273		76,176
US Concrete, Inc.(a)		1,138		83,984
				2,927,397
Real Estate (1.9%):
Forestar Group, Inc.(a)		6,076		127,049
Kennedy-Wilson Holdings, Inc.		6,926		137,620
Marcus & Millichap, Inc.(a)		4,397		170,911
Newmark Group, Inc., Class A		7,725		92,777
RE/MAX Holdings, Inc.		2,873		95,757
Tejon Ranch Co.(a)		9,405		143,050
The RMR Group, Inc., Class A		2,592		100,155
The St. Joe Co.		2,204		98,321
				965,640
Utilities (3.9%):
American States Water Co.		2,453		195,161
Avista Corp.		3,500		149,345
California Water Service Group		3,031		168,342
Chesapeake Utilities Corp.		1,322		159,076
MGE Energy, Inc.		2,484		184,909
Middlesex Water Co.		1,733		141,638
Northwest Natural Holding Co.		2,226		116,909
NorthWestern Corp.		2,358		141,999
Otter Tail Corp.		3,539		172,738
SJW Group		2,452		155,212
South Jersey Industries, Inc.		4,258		110,410
The York Water Co.		3,090		139,977

See notes to financial statements.

16

	Schedule of Portfolio Investments — continued
Timothy Plan US Small Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (3.9%): (continued)
Unitil Corp.		3,107		164,578
				2,000,294
Total Common Stocks (Cost $44,840,225)				51,427,932
Total Investments (Cost $44,840,225) — 99.7%				51,427,932
Other assets in excess of liabilities — 0.3%				150,130
NET ASSETS - 100.00%				51,578,062

Percentages indicated are based on net assets as of June 30, 2021.

(a)     Non-income producing security.

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index September Future (U.S. Dollar)		9/17/21		1	$	115,390		$            (764)
								$            (764)

See notes to financial statements.

17

	Schedule of Portfolio Investments
Timothy Plan US Large/Mid Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.7%)
Communication Services (0.7%):
Cable One, Inc.		311		594,884
Liberty Broadband Corp., Class C(a)		4,286		744,307
				1,339,191
Consumer Discretionary (9.3%):
Aptiv PLC(a)		3,382		532,090
AutoZone, Inc.(a)		514		767,001
Booking Holdings, Inc.(a)		176		385,104
BorgWarner, Inc.		10,144		492,390
Bright Horizons Family Solutions, Inc.(a)		2,902		426,913
CarMax, Inc.(a)		3,769		486,766
Chipotle Mexican Grill, Inc.(a)		361		559,673
Deckers Outdoor Corp.(a)		1,373		527,328
Dollar General Corp.		3,580		774,676
Dollar Tree, Inc.(a)		4,891		486,655
Domino’s Pizza, Inc.		1,764		822,888
Dr Horton, Inc.		4,625		417,961
Five Below, Inc.(a)		2,382		460,369
Floor & Decor Holdings, Inc., Class A(a)		3,690		390,033
Garmin Ltd.		5,593		808,972
Gentex Corp.		20,441		676,393
Genuine Parts Co.		5,244		663,209
Lear Corp.		2,687		470,977
Lennar Corp.		3,687		366,303
Lithia Motors, Inc.		843		289,689
LKQ Corp.(a)		11,117		547,179
Lowe’s Cos., Inc.		3,020		585,789
Mohawk Industries, Inc.(a)		2,097		403,022
NVR, Inc.(a)		108		537,116
O’Reilly Automotive, Inc.(a)		1,467		830,630

See notes to financial statements.

18

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Consumer Discretionary (9.3%): (continued)
Peloton Interactive, Inc., Class A(a)		2,040		253,001
Pool Corp.		1,321		605,890
Pultegroup, Inc.		8,027		438,033
RH(a)		571		387,709
Ross Stores, Inc.		3,448		427,552
Service Corp. International		12,614		675,984
Tesla, Inc.(a)		337		229,059
Tractor Supply Co.		3,208		596,881
Vail Resorts, Inc.(a)		1,569		496,620
Wayfair, Inc., Class A(a)		770		243,097
				18,062,952
Consumer Staples (3.9%):
Bunge, Ltd.		7,400		578,310
Campbell Soup Co.		14,577		664,565
Conagra Brands, Inc.		21,553		784,098
Costco Wholesale Corp.		2,537		1,003,815
Darling Ingredients, Inc.(a)		5,283		356,603
Hormel Foods Corp.		18,310		874,303
Lamb Weston Holding, Inc.		5,910		476,701
McCormick & Co., Inc.		9,526		841,336
Monster Beverage Corp.(a)		7,523		687,226
The JM Smucker Co.		5,481		710,173
Tyson Foods, Inc., Class A		8,332		614,568
				7,591,698
Energy (0.8%):
Kinder Morgan, Inc.		33,228		605,746
ONEOK, Inc.		7,186		399,829
The Williams Cos., Inc.		20,954		556,329
				1,561,904

See notes to financial statements.

19

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (12.9%):
Aflac, Inc.		11,799		633,134
Alleghany Corp.(a)		877		585,020
American Financial Group, Inc.		3,778		471,192
Apollo Global Management, Inc.		10,331		642,588
Arch Capital Group Ltd.(a)		14,118		549,755
Ares Management Corp., Class A		13,036		828,959
Arthur J Gallagher & Co.		6,876		963,190
Athene Holding, Ltd., Class A(a)		8,297		560,048
BlackRock, Inc.		861		753,349
Brown & Brown, Inc.		17,195		913,742
Cboe Global Markets, Inc.		5,620		669,061
Cincinnati Financial Corp.		4,460		520,125
Commerce Bancshares, Inc.		7,529		561,362
East West BanCorp, Inc.		5,003		358,665
Erie Indemnity Co., Class A		3,171		613,113
Everest Re Group, Ltd.		2,333		587,939
FactSet Research Systems, Inc.		2,344		786,670
First Horizon Corp.		22,594		390,424
First Republic Bank/CA		3,552		664,828
Franklin Resources, Inc.		14,253		455,954
Globe Life, Inc.		6,250		595,313
Interactive Brokers Group, Inc.		7,660		503,492
Intercontinental Exchange, Inc.		7,092		841,820
Invesco Ltd.		14,869		397,448
LPL Financial Holdings, Inc.		3,441		464,466
Markel Corp.(a)		536		636,077
MarketAxess Holdings, Inc.		887		411,204
Morningstar, Inc.		2,705		695,483
MSCI, Inc.		1,241		661,552
Nasdaq, Inc.		4,842		851,224
Principal Financial Group, Inc.		7,200		454,968

See notes to financial statements.

20

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (12.9%): (continued)
Reinsurance Group of America, Inc.		2,894		329,916
Renaissancere Holdings, Ltd.		3,952		588,137
Santander Consumer USA Holdings, Inc.		15,761		572,440
SEI Investments Co.		9,705		601,419
Signature Bank		1,409		346,121
SVB Financial Group(a)		915		509,133
The Carlyle Group, Inc.		17,438		810,518
The Charles Schwab Corp.		7,516		547,240
Tradeweb Markets, Inc., Class A		7,302		617,457
Western Alliance BanCorp		3,740		347,259
WR Berkley Corp.		7,843		583,755
				24,875,560
Health Care (15.4%):
ABIOMED, Inc.(a)		1,419		442,884
Agilent Technologies, Inc.		5,755		850,647
Align Technology, Inc.(a)		512		312,832
Amedisys, Inc.(a)		1,912		468,306
Amgen, Inc.		2,881		702,244
Avantor, Inc.(a)		14,713		522,459
Baxter International, Inc.		9,614		773,927
BioMarin Pharmaceutical, Inc.(a)		4,404		367,470
Bio-Rad Laboratories, Inc., Class A(a)		857		552,157
Bruker Corp.		8,488		644,918
Cardinal Health, Inc.		9,205		525,513
Catalent, Inc.(a)		4,475		483,837
Centene Corp.(a)		8,171		595,911
Cerner Corp.		11,438		893,994
Charles River Laboratories International, Inc.(a)		1,814		671,035
Danaher Corp.		3,022		810,984
DaVita, Inc.(a)		5,569		670,675
Denali Therapeutics, Inc.(a)		4,067		319,015

See notes to financial statements.

21

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (15.4%): (continued)
DexCom, Inc.(a)		1,096		467,992
Edwards Lifesciences Corp.(a)		7,398		766,211
Encompass Health Corp.		7,668		598,334
HCA Healthcare, Inc.		2,589		535,250
Henry Schein, Inc.(a)		7,551		560,209
Horizon Therapeutics PLC(a)		3,373		315,848
Humana, Inc.		1,547		684,888
IDEXX Laboratories, Inc.(a)		1,024		646,707
Illumina, Inc.(a)		997		471,790
Insulet Corp.(a)		1,412		387,608
Intuitive Surgical, Inc.(a)		707		650,185
IQVIA Holdings, Inc.(a)		3,125		757,250
Jazz Pharmaceuticals PLC(a)		3,045		540,914
Masimo Corp.(a)		2,327		564,181
Mettler-Toledo International(a)		524		725,918
Molina Healthcare, Inc.(a)		1,889		478,030
Neurocrine Biosciences, Inc.(a)		3,867		376,336
Novocure, Ltd.(a)		2,292		508,411
PerkinElmer, Inc.		3,885		599,883
PPD, Inc.(a)		13,316		613,734
Regeneron Pharmaceuticals, Inc.(a)		1,174		655,726
Repligen Corp.(a)		1,902		379,677
ResMed, Inc.		2,892		712,936
Seagen, Inc.(a)		2,702		426,592
STERIS PLC		3,595		741,648
Stryker Corp.		2,589		672,441
Syneos Health, Inc.(a)		6,122		547,858
Teleflex, Inc.		1,444		580,185
Veeva Systems, Inc.(a)		1,675		520,841
Vertex Pharamaceuticals, Inc.(a)		2,204		444,393
Waters Corp.(a)		2,026		700,206

See notes to financial statements.

22

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Health Care (15.4%): (continued)
West Pharmaceutical Services, Inc.		2,087		749,442
Zoetis, Inc.		4,659		868,251
				29,858,683
Industrials (22.9%):
Advanced Drainage Systems, Inc.		3,332		388,411
AGCO Corp.		3,236		421,910
Allegion PLC		4,423		616,124
AMERCO, Inc.		1,073		632,426
Ametek, Inc.		5,621		750,403
AO Smith Corp.		8,647		623,103
Builders FirstSource, Inc.(a)		7,326		312,527
Carlisle Companies, Inc.		3,693		706,766
Carrier Global Corp.		12,665		615,519
Caterpillar, Inc.		2,504		544,945
CH Robinson Worldwide, Inc.		6,229		583,470
Cintas Corp.		1,728		660,096
Copart, Inc.(a)		5,702		751,695
Costar Group, Inc.(a)		5,810		481,184
CSX Corp.		21,948		704,092
Deere & Co.		1,555		548,464
Dover Corp.		5,612		845,167
Eaton Corp. PLC		4,696		695,853
Emerson Electric Co.		6,548		630,180
Enphase Energy, Inc.(a)		1,531		281,138
Equifax, Inc.		3,219		770,983
Expeditors International of Washington, Inc.		7,266		919,876
Fastenal Co.		13,618		708,136
Fortive Corp.		9,518		663,785
Fortune Brands Home & Security, Inc.		5,577		555,525
Generac Holdings, Inc.(a)		1,112		461,647
General Dynamics Corp.		4,102		772,243

See notes to financial statements.

23

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (22.9%): (continued)
Graco, Inc.		10,937		827,931
HEICO Corp.		4,198		585,285
Honeywell International, Inc.		3,067		672,746
Howmet Aerospace, Inc.(a)		11,485		395,888
Hubbell, Inc.		3,665		684,769
IAA, Inc.(a)		9,185		500,950
IDEX Corp.		3,236		712,082
Illinois Tool Works, Inc.		3,647		815,323
J.B. Hunt Transport Services, Inc.		3,728		607,478
Jacobs Engineering Group, Inc.		4,630		617,735
Johnson Controls International PLC		10,917		749,234
Kansas City Southern		2,240		634,749
Lennox International, Inc.		1,999		701,249
Masco Corp.		10,564		622,325
Nordson Corp.		3,307		725,920
Norfolk Southern Corp.		2,583		685,554
Old Dominion Freight Line, Inc.		2,579		654,550
Otis Worldwide Corp.		10,149		829,884
PACCAR, Inc.		6,901		615,914
Parker Hannifin Corp.		1,681		516,252
Quanta Services, Inc.		5,601		507,283
Republic Services, Inc.		8,964		986,130
Robert Half International, Inc.		5,543		493,161
Rockwell Automation, Inc.		2,505		716,480
Rollins, Inc.		16,007		547,439
Roper Technologies, Inc.		1,592		748,558
Snap-on, Inc.		2,427		542,265
Teledyne Technologies, Inc.(a)		1,317		551,599
The Middleby Corp.(a)		2,528		438,001
Toro Co.		7,849		862,448
Trane Technologies PLC		3,878		714,095

See notes to financial statements.

24

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (22.9%): (continued)
TransDigm Group, Inc.(a)		855		553,433
Transunion		5,919		649,965
Trex CO., Inc.(a)		4,348		444,409
Union Pacific Corp.		3,024		665,068
United Rentals, Inc.(a)		1,218		388,554
Verisk Analytics, Inc.		3,861		674,594
Waste Management, Inc.		6,853		960,174
Watsco, Inc.		1,910		547,482
Westinghouse Air Brake Technologies Corp.		5,890		484,747
WW Grainger, Inc.		1,812		793,656
XPO Logistics, Inc.(a)		3,268		457,161
Xylem, Inc.		6,564		787,417
				44,315,605
Information Technology (17.0%):
Advanced Micro Devices, Inc.(a)		4,134		388,307
Akamai Technologies, Inc.(a)		5,342		622,877
Amphenol Corp.		10,576		723,504
Analog Devices, Inc.		3,768		648,699
ANSYS, Inc.(a)		1,309		454,302
Arista Networks, Inc.(a)		1,514		548,537
Aspen Technology, Inc.(a)		2,532		348,251
Black Knight, Inc.(a)		9,036		704,627
Broadcom, Inc.		1,142		544,551
Broadridge Financial Solutions, Inc.		4,949		799,412
Cadence Design Systems, Inc.(a)		3,259		445,896
CDW Corp.		3,349		584,903
Ciena Corp.(a)		7,553		429,690
Citrix Systems, Inc.		3,537		414,784
Cognex Corp.		6,218		522,623
Cognizant Technology Solutions Corp.		8,343		577,836
Dolby Laboratories, Inc.		6,739		662,376

See notes to financial statements.

25

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (17.0%): (continued)
Dynatrace, Inc.(a)		6,145		358,991
Entegris, Inc.		3,490		429,165
EPAM Systems, Inc.(a)		1,171		598,334
F5 Networks, Inc.(a)		2,753		513,875
Fair Isaac Corp.(a)		926		465,482
Fidelity National Information Services, Inc.		4,278		606,064
First Solar, Inc.(a)		3,863		349,640
Fiserv, Inc.(a)		4,987		533,060
Fleetcor Technologies, Inc.(a)		1,637		419,170
Fortinet, Inc.(a)		2,397		570,941
Gartner, Inc.(a)		2,918		706,740
II-VI, Inc.(a)		4,412		320,267
IPG Photonics Corp.(a)		2,014		424,491
Jack Henry & Associates, Inc.		3,697		604,497
Keysight Technologies, Inc.(a)		4,396		678,786
KLA Corp.		1,106		358,576
Lam Research Corp.		573		372,851
Leidos Holdings, Inc.		5,892		595,681
Manhattan Associates, Inc.(a)		3,927		568,787
Marvell Technology, Inc.		7,628		444,941
Microchip Technology, Inc.		2,614		391,420
Micron Technology, Inc.(a)		4,374		371,703
MKS Instruments, Inc.		2,034		361,950
Monolithic Power Systems, Inc.		973		363,367
NetApp, Inc.		6,053		495,257
NVIDIA Corp.		678		542,468
NXP Semiconductors NV		2,088		429,543
ON Semiconductor Corp.(a)		9,041		346,090
Paychex, Inc.		8,553		917,737
Paycom Software, Inc.(a)		1,100		399,817
Paylocity Holding Corp.(a)		2,181		416,135
PTC, Inc.(a)		2,993		422,791

See notes to financial statements.

26

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Information Technology (17.0%): (continued)
Qorvo, Inc.(a)		1,967		384,844
Seagate Technology Holdings PLC		6,346		558,004
ServiceNow, Inc.(a)		826		453,928
Skyworks Solutions, Inc.		2,110		404,593
Ssnc Technologies Holdings, Inc.		10,089		727,013
Synopsys, Inc.(a)		1,880		518,485
TE Connectivity Ltd.		5,044		681,999
Teradyne, Inc.		2,908		389,556
The Trade Desk, Inc.(a)		3,824		295,825
Trimble, Inc.(a)		6,552		536,150
Tyler Technologies, Inc.(a)		1,237		559,582
Universal Display Corp.		1,867		415,090
VeriSign, Inc.(a)		3,458		787,352
Western Digital Corp.(a)		4,636		329,944
Western Union Co.		23,618		542,506
Zebra Technologies Corp.(a)		1,036		548,552
				32,933,215
Materials (7.9%):
Albemarle Corp.		2,350		395,881
AptarGroup, Inc.		5,863		825,745
Avery Dennison Corp.		2,993		629,248
Ball Corp.		7,972		645,891
Celanese Corp.		3,838		581,841
CF Industries Holdings, Inc.		9,435		485,431
Corteva, Inc.		11,410		506,034
Crown Holdings, Inc.		6,061		619,495
Eastman Chemical Co.		4,850		566,237
FMC Corp.		5,803		627,885
Freeport-McMoRan, Inc.		10,098		374,737
International Flavors & Fragrances, Inc.		3,652		545,609
International Paper Co.		9,874		605,375

See notes to financial statements.

27

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (7.9%): (continued)
LyondellBasell Industries N.V., Class A		4,057		417,344
Martin Marietta Materials, Inc.		1,470		517,161
Newmont Corp.		8,548		541,772
Nucor Corp.		6,200		594,766
Packaging Corp. of America		4,671		632,547
PPG Industries, Inc.		4,468		758,532
Reliance Steel & Aluminum Co.		3,893		587,454
RPM International, Inc.		9,009		798,918
Sherwin-Williams Co.		3,103		845,412
Steel Dynamics, Inc.		8,482		505,527
The Mosaic Co.		10,451		333,491
The Scotts Miracle-Gro Co.		1,813		347,951
Vulcan Materials Co.		3,078		535,787
Westlake Chemical Corp.		5,209		469,279
				15,295,350
Real Estate (0.3%):
CBRE Group, Inc., Class A(a)		5,488		470,486
eXp World Holdings, Inc.(a)		4,231		164,036
				634,522
Utilities (8.6%):
Alliant Energy Corp.		15,032		838,184
Ameren Corp.		10,388		831,455
American Electric Power Co., Inc.		9,702		820,692
American Water Works Co., Inc.		5,060		779,898
Atmos Energy Corp.		7,240		695,836
CMS Energy Corp.		13,995		826,825
Consolidated Edison, Inc.		10,740		770,273
DTE Energy Co.		5,666		734,314
Entergy Corp.		7,020		699,894
Essential Utilities, Inc.		15,473		707,116
Evergy, Inc.		10,619		641,706

See notes to financial statements.

28

	Schedule of Portfolio Investments — continued
Timothy Plan US Large/Mid Cap Core ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (8.6%): (continued)
Eversource Energy		8,849		710,044
FirstEnergy Corp.		11,973		445,515
NextEra Energy, Inc.		8,468		620,535
NRG Energy, Inc.		11,140		448,942
Pinnacle West Capital Corp.		8,557		701,417
PPL Corp.		24,259		678,524
Public Service Enterprise Group, Inc.		11,513		687,787
The AES Corp.		18,287		476,742
The Southern Co.		13,937		843,328
UGI Corp.		13,976		647,229
Vistra Corp.		21,919		406,597
WEC Energy Group		8,828		785,251
Xcel Energy, Inc.		11,668		768,688
				16,566,792
Total Common Stocks (Cost $154,141,374)				193,035,472
Total Investments (Cost $154,141,374) — 99.7%				193,035,472
Other assets in excess of liabilities — 0.3%				558,704
NET ASSETS - 100.00%				193,594,176

Percentages indicated are based on net assets as of June 30, 2021.

(a)     Non-income producing security.

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini September Future (U.S. Dollar)		9/17/21		2	$	428,860	$	6,772
							$	6,772

See notes to financial statements.

29

	Schedule of Portfolio Investments
Timothy Plan High Dividend Stock ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.4%)
Consumer Discretionary (4.1%):
BorgWarner, Inc.		21,683		1,052,493
Garmin Ltd.		11,958		1,729,605
Genuine Parts Co.		11,212		1,417,981
Service Corp. International		26,952		1,444,358
				5,644,437
Consumer Staples (8.0%):
Bunge, Ltd.		15,811		1,235,630
Campbell Soup Co.		31,157		1,420,448
Conagra Brands, Inc.		46,063		1,675,772
Costco Wholesale Corp.		5,420		2,144,531
Hormel Foods Corp.		39,131		1,868,505
The JM Smucker Co.		11,719		1,518,431
Tyson Foods, Inc., Class A		17,805		1,313,297
				11,176,614
Energy (2.4%):
Kinder Morgan, Inc.		71,017		1,294,640
ONEOK, Inc.		15,354		854,297
The Williams Cos., Inc.		44,777		1,188,829
				3,337,766
Financials (16.1%):
Aflac, Inc.		25,220		1,353,305
American Financial Group, Inc.		8,074		1,006,989
Apollo Global Management, Inc.		22,078		1,373,252
Ares Management Corp., Class A		27,866		1,771,999
Arthur J Gallagher & Co.		14,693		2,058,195
BlackRock, Inc.		1,837		1,607,320
Cboe Global Markets, Inc.		12,006		1,429,314
Cincinnati Financial Corp.		9,534		1,111,855

See notes to financial statements.

30

	Schedule of Portfolio Investments — continued
Timothy Plan High Dividend Stock ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Financials (16.1%): (continued)
East West BanCorp, Inc.		10,692		766,510
Erie Indemnity Co., Class A		6,770		1,308,980
Everest Re Group, Ltd.		4,986		1,256,522
First Horizon Corp.		48,278		834,244
Franklin Resources, Inc.		30,466		974,607
Invesco Ltd.		31,778		849,426
Principal Financial Group, Inc.		15,384		972,115
Reinsurance Group of America, Inc.		6,187		705,318
Santander Consumer USA Holdings, Inc.		33,682		1,223,330
The Carlyle Group, Inc.		37,269		1,732,263
				22,335,544
Health Care (1.9%):
Amgen, Inc.		6,157		1,500,769
Cardinal Health, Inc.		19,672		1,123,074
				2,623,843
Industrials (22.6%):
AO Smith Corp.		18,478		1,331,525
Caterpillar, Inc.		5,345		1,163,232
CH Robinson Worldwide, Inc.		13,313		1,247,029
Dover Corp.		11,988		1,805,393
Eaton Corp. PLC		10,041		1,487,875
Emerson Electric Co.		13,993		1,346,686
Fastenal Co.		29,098		1,513,096
General Dynamics Corp.		8,766		1,650,287
Honeywell International, Inc.		6,548		1,436,304
Hubbell, Inc.		7,832		1,463,331
Illinois Tool Works, Inc.		7,793		1,742,203
Johnson Controls International PLC		23,335		1,601,481
PACCAR, Inc.		14,752		1,316,616
Republic Services, Inc.		19,154		2,107,131

See notes to financial statements.

31

	Schedule of Portfolio Investments — continued
Timothy Plan High Dividend Stock ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Industrials (22.6%): (continued)
Robert Half International, Inc.		11,844		1,053,761
Rockwell Automation, Inc.		5,346		1,529,063
Snap-on, Inc.		5,185		1,158,485
Union Pacific Corp.		6,468		1,422,507
Waste Management, Inc.		14,641		2,051,350
Watsco, Inc.		4,084		1,170,638
WW Grainger, Inc.		3,877		1,698,126
				31,296,119
Information Technology (8.8%):
Analog Devices, Inc.		8,053		1,386,405
Broadcom, Inc.		2,444		1,165,397
Broadridge Financial Solutions, Inc.		10,579		1,708,826
Cognex Corp.		13,289		1,116,940
NetApp, Inc.		12,928		1,057,769
Paychex, Inc.		18,280		1,961,444
Seagate Technology Holdings PLC		13,565		1,192,770
TE Connectivity Ltd.		10,784		1,458,105
Western Union Co.		50,472		1,159,342
				12,206,998
Materials (12.1%):
Celanese Corp.		8,196		1,242,514
CF Industries Holdings, Inc.		20,164		1,037,438
Eastman Chemical Co.		10,359		1,209,413
FMC Corp.		12,405		1,342,221
International Flavors & Fragrances, Inc.		7,803		1,165,768
International Paper Co.		21,102		1,293,764
LyondellBasell Industries N.V., Class A		8,665		891,368
Newmont Corp.		18,267		1,157,762
Nucor Corp.		13,247		1,270,785
Packaging Corp. of America		9,982		1,351,762

See notes to financial statements.

32

	Schedule of Portfolio Investments — continued
Timothy Plan High Dividend Stock ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Materials (12.1%): (continued)
Reliance Steel & Aluminum Co.		8,319		1,255,337
RPM International, Inc.		19,254		1,707,445
Steel Dynamics, Inc.		18,133		1,080,727
The Scotts Miracle-Gro Co.		3,879		744,458
				16,750,762
Utilities (23.4%):
Alliant Energy Corp.		32,129		1,791,513
Ameren Corp.		22,194		1,776,408
American Electric Power Co., Inc.		20,740		1,754,397
Atmos Energy Corp.		15,474		1,487,206
CMS Energy Corp.		29,910		1,767,083
Consolidated Edison, Inc.		22,949		1,645,902
DTE Energy Co.		12,109		1,569,326
Entergy Corp.		15,005		1,495,999
Essential Utilities, Inc.		33,074		1,511,482
Evergy, Inc.		22,689		1,371,096
Eversource Energy		18,906		1,517,017
FirstEnergy Corp.		25,585		952,018
NRG Energy, Inc.		23,813		959,664
Pinnacle West Capital Corp.		18,289		1,499,149
PPL Corp.		51,837		1,449,881
Public Service Enterprise Group, Inc.		24,602		1,469,723
The AES Corp.		39,077		1,018,737
The Southern Co.		29,778		1,801,867
UGI Corp.		29,867		1,383,141
Vistra Corp.		46,849		869,049
WEC Energy Group		18,861		1,677,686

See notes to financial statements.

33

	Schedule of Portfolio Investments — continued
Timothy Plan High Dividend Stock ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Utilities (23.4%): (continued)
Xcel Energy, Inc.		24,937		1,642,850
				32,411,194
Total Common Stocks (Cost $120,681,526)				137,783,277
Total Investments (Cost $120,681,526) — 99.4%				137,783,277
Other assets in excess of liabilities — 0.6%				892,641
NET ASSETS - 100.00%				138,675,918

Percentages indicated are based on net assets as of June 30, 2021.

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-mini September Future (U.S. Dollar)		9/17/21		4	$	857,720	$	10,881
							$	10,881

See notes to financial statements.

34

	Schedule of Portfolio Investments
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Common Stocks (99.3%)
Australia (5.2%):
Communication Services (0.6%):
Rea Group Ltd.		1,653		209,499
Telstra Corp. Ltd.		100,044		282,048
				491,547
Consumer Staples (1.0%):
Coles Group, Ltd.		21,666		277,630
Endeavour Group, Ltd. (a)		8,835		41,668
Wesfarmers Ltd.		6,923		306,780
Woolworths Group Ltd.		8,835		252,591
				878,669
Financials (1.4%):
ASX Ltd.		5,537		322,624
Commonwealth Bank of Australia		3,915		293,165
National Australia Bank Ltd.		11,006		216,375
Suncorp Group Ltd.		24,090		200,676
Westpac Banking Corp.		11,787		228,106
				1,260,946
Health Care (0.8%):
CSL Ltd.		1,072		229,232
Ramsay Health Care Ltd.		4,197		198,098
Sonic Healthcare Ltd.		9,551		274,995
				702,325
Industrials (0.3%):
Brambles Ltd.		33,731		289,335
				289,335
Materials (1.1%):
BHP Group Ltd.		5,534		201,536
BHP Group PLC		6,505		191,638
Fortescue Metals Group Ltd.		9,044		158,273
Newcrest Mining Ltd.		9,492		179,920

See notes to financial statements.

35

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Australia (5.2%): (continued)
Materials (1.1%): (continued)
Rio Tinto Ltd.		2,164		205,482
				936,849
				4,559,671
Austria (0.7%):
Energy (0.2%):
OMV AG		3,176		180,630
				180,630
Financials (0.2%):
Erste Group Bank AG		5,368		196,913
				196,913
Utilities (0.3%):
Verbund AG		2,461		226,565
				226,565
				604,108
Belgium (1.3%):
Financials (1.1%):
Ageas SA		3,317		184,048
Groupe Bruxelles Lambert SA		2,762		308,930
KBC Group N.V.		2,202		167,869
Sofina SA		699		301,495
				962,342
Materials (0.2%):
Umicore		3,024		184,642
				184,642
				1,146,984
Canada (10.1%):
Consumer Discretionary (0.5%):
Dollarama, Inc.		6,059		277,382
Magna International, Inc.		1,910		176,869
				454,251

See notes to financial statements.

36

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Canada (10.1%): (continued)
Consumer Staples (1.6%):
Alimentation Couche-Tard, Inc.		7,301		268,324
Loblaw Cos. Ltd.		6,736		414,627
Metro, Inc.		8,466		405,950
Saputo, Inc.		9,144		272,756
				1,361,657
Energy (0.6%):
Enbridge, Inc.		7,048		282,227
TC Energy Corp.		5,207		257,703
				539,930
Financials (2.4%):
Canadian Imperial Bank of Commerce		4,246		483,422
Fairfax Financial Holdings, Ltd.		504		221,054
Great-West Lifeco, Inc.		11,272		334,868
Intact Financial Corp.		2,275		309,127
National Bank of Canada		5,086		380,691
Power Corp. of Canada		11,180		353,423
				2,082,585
Industrials (0.9%):
Canadian National Railway Co.		2,522		266,139
Canadian Pacific Railway Ltd.		3,635		279,561
WSP Global, Inc.		2,197		256,500
				802,200
Information Technology (1.0%):
CGI, Inc. (a)		2,881		261,252
Constellation Software, Inc.		148		224,186
Open Text Corp.		5,707		289,863
Shopify, Inc., Class A (a)		94		137,494
				912,795
Materials (1.3%):
Aginco Eagle Mines, Ltd.		2,613		158,037
Barrick Gold Corp.		7,783		161,010

See notes to financial statements.

37

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Canada (10.1%): (continued)
Materials (1.3%): (continued)
CCL Industries, Inc.		4,387		241,650
Franco-Nevada Corp.		1,449		210,312
Nutrien, Ltd.		3,734		226,287
Wheaton Precious Metals Corp.		3,423		150,906
				1,148,202
Utilities (1.8%):
Algonquin Power & Utilities Corp.		20,308		302,637
Emera, Inc.		9,536		432,713
Fortis, Inc.		10,125		448,248
Hydro One, Ltd.		16,923		409,080
				1,592,678
				8,894,298
Chile (0.2%):
Materials (0.2%):
Antofagasta PLC		7,259		144,124
				144,124
Denmark (3.2%):
Consumer Discretionary (0.2%):
Pandora A/S		1,272		171,012
				171,012
Financials (0.5%):
Danske Bank A/S		10,320		181,620
Tryg A/S		10,640		261,236
				442,856
Health Care (1.1%):
Ambu A/S, Class B		2,421		93,090
Coloplast A/S		1,533		251,576
Demant A/S (a)		3,424		192,761
Genmab A/S (a)		544		222,622
GN Store Nord A/S		2,254		196,919
				956,968

See notes to financial statements.

38

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Denmark (3.2%): (continued)
Industrials (0.7%):
AP Moller—Maersk A/S, Class B		70		201,226
DSV Panalpina A S		1,168		272,427
Vestas Wind Systems A/S		3,628		141,642
				615,295
Materials (0.6%):
Christian Hansen Holding A/S		2,549		230,090
Novozymes A/S, Class B Shares		3,828		288,582
				518,672
Utilities (0.1%):
Orsted A/S		1,074		150,730
				150,730
				2,855,533
Finland (2.1%):
Consumer Staples (0.3%):
Kesko Oyj, Class B		7,908		292,056
				292,056
Energy (0.2%):
Neste Oyj		3,445		210,919
				210,919
Financials (0.3%):
Nordea Bank Abp		22,803		253,894
				253,894
Industrials (0.5%):
Kone OYJ		3,451		281,497
Metso Outotec Oyj		14,962		173,772
				455,269
Materials (0.5%):
Stora ENSO OYJ, Class R Shares		10,842		197,764
UPM-Kymmene OYJ		6,258		236,683
				434,447

See notes to financial statements.

39

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Finland (2.1%): (continued)
Utilities (0.3%):
Fortum OYJ		9,120		251,504
				251,504
				1,898,089
France (6.0%):
Consumer Discretionary (0.7%):
Compagnie Generale DES Etablissements Michelin		1,653		263,594
Hermes International SA		255		371,412
				635,006
Consumer Staples (0.3%):
Carrefour SA		11,629		228,665
				228,665
Financials (0.8%):
Amundi SA		2,710		238,886
CNP Assurances SA		9,002		153,155
Credit Agricole SA		11,111		155,629
Natixis		28,800		136,582
				684,252
Health Care (0.3%):
bioMerieux		1,255		145,818
Sartorius Stedim Biotech		350		165,528
				311,346
Industrials (2.7%):
Bollore		47,489		254,491
Bouygues SA		5,522		204,198
Bureau Veritas SA		8,648		273,553
Edenred		4,087		232,830
Eiffage SA		1,709		173,848
Legrand SA		2,689		284,570
Safran SA		1,130		156,642
Schneider Electric SA		1,585		249,331
Teleperformance		593		240,659

See notes to financial statements.

40

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
France (6.0%): (continued)
Industrials (2.7%): (continued)
Thales SA		1,777		181,271
Vinci SA		1,582		168,788
				2,420,181
Information Technology (0.5%):
Dassault Systemes SA		1,073		260,156
Worldline SA(a)		2,136		199,912
				460,068
Materials (0.4%):
Air Liquide SA		1,969		344,706
				344,706
Utilities (0.3%):
Veolia Environnement		7,982		241,036
				241,036
				5,325,260
Germany (6.3%):
Consumer Discretionary (0.7%):
HelloFresh SE(a)		1,234		119,940
Puma SE		1,870		222,928
Zalando SE(a)		2,170		262,293
				605,161
Consumer Staples (0.4%):
Beiersdorf AG		2,525		304,605
				304,605
Financials (0.9%):
Deutsche Boerse AG		1,406		245,377
Hannover Rueck SE		1,258		210,449
Muenchener Rueckversicherungs-Gesellschaft AG		664		181,814
Talanx AG		4,790		195,814
				833,454

See notes to financial statements.

41

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Germany (6.3%): (continued)
Health Care (0.6%):
Carl Zeiss Meditec AG		1,223		236,277
Fresenius Medical Care AG		3,177		263,818
				500,095
Industrials (1.2%):
Brenntag AG		2,630		244,525
Deutsche Post AG		4,393		298,752
Kion Group AG		1,740		185,418
MTU Aero Engines AG		604		149,595
Rational AG		210		190,219
				1,068,509
Information Technology (0.3%):
Infineon Technologies AG		3,979		159,547
TeamViewer AG(a)		3,411		128,279
				287,826
Materials (0.6%):
Evonik Industries AG		7,460		250,126
Symrise AG		2,251		313,584
				563,710
Real Estate (1.0%):
Deutsche Wohnen SE		4,658		284,853
LEG Immobilien AG		2,144		308,719
Vonovia Se		3,974		256,877
				850,449
Utilities (0.6%):
E.ON SE		27,862		322,207
RWE AG		5,716		207,103
				529,310
				5,543,119

See notes to financial statements.

42

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Hong Kong (5.3%):
Consumer Discretionary (0.4%):
Techtronic Industries Co.		7,912		138,183
Xinyi Glass Holdings, Ltd.		41,496		169,157
				307,340
Consumer Staples (0.2%):
WH Group Ltd.		216,106		194,281
				194,281
Financials (0.5%):
AIA Group Ltd.		15,198		188,896
Hang Seng Bank, Ltd.		13,912		277,914
				466,810
Health Care (0.2%):
Sino Biopharmaceutical Ltd.		148,869		146,106
				146,106
Industrials (0.6%):
CK Hutchison Holdings Ltd.		28,610		222,937
MTR Corp. Ltd.		59,636		332,203
				555,140
Real Estate (1.5%):
CK Asset Holdings Ltd.		37,864		261,397
Henderson Land Development Co. Ltd.		63,636		301,620
New World Development Co. Ltd.		46,725		242,830
Sino Land Co. Ltd.		177,514		279,848
Sun Hung KAI Properties Ltd.		18,072		269,307
				1,355,002
Utilities (1.9%):
CK Infrastructure Holdings Ltd.		52,232		311,477
CLP Holdings, Inc.		47,646		471,299
Hong Kong & China Gas Co. Ltd.		284,913		442,556
Power Assets Holdings Ltd.		77,026		472,726
				1,698,058
				4,722,737

See notes to financial statements.

43

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Ireland (1.0%):
Consumer Staples (0.3%):
Kerry Group PLC		1,929		269,413
				269,413
Industrials (0.2%):
Kingspan Group PLC		1,762		166,371
				166,371
Materials (0.5%):
CRH PLC		3,966		199,840
Smurfit Kappa Group PLC		4,226		229,224
				429,064
				864,848
Israel (0.5%):
Financials (0.3%):
Bank Hapoalim BM (a)		30,570		245,589
				245,589
Information Technology (0.2%):
Nice Ltd. (a)		883		215,903
				215,903
				461,492
Italy (3.7%):
Communication Services (0.5%):
Infrastrutture Wireless Italiane SpA		21,172		238,767
Telecom Italia SpA		332,631		165,201
				403,968
Consumer Discretionary (0.3%):
Moncler SpA		3,278		221,759
				221,759
Energy (0.3%):
Snam SpA		53,550		309,510
				309,510

See notes to financial statements.

44

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Italy (3.7%): (continued)
Financials (1.3%):
Assicurazioni Generali SpA		13,033		261,216
FinecoBank Banca Fineco SpA(a)		14,351		250,115
Intesa Sanpaolo SpA		79,147		218,594
Mediobanca Banca di Credito Finanziario SpA(a)		17,836		208,293
Poste Italiane SpA		17,801		235,321
				1,173,539
Health Care (0.5%):
DiaSorin SpA		913		172,652
Recordati Industria Chimica e Farmaceutica SpA		4,790		273,731
				446,383
Information Technology (0.2%):
Nexi SpA(a)		10,060		220,773
				220,773
Utilities (0.6%):
Enel SpA		23,294		216,300
Terna SpA		42,105		313,697
				529,997
				3,305,929
Japan (19.0%):
Communication Services (1.3%):
KDDI Corp.		8,500		265,147
Nexon Co. Ltd.		4,200		93,619
Nippon Telegraph & Telephone Corp.		11,100		289,241
Softbank Corp.		24,000		314,044
Z Holdings Corp.		28,800		144,363
				1,106,414
Consumer Discretionary (1.9%):
Fast Retailing Co. Ltd.		300		225,864
Nitori Co. Ltd.		1,300		230,087
Pan Pacific International Holdings Corp.		9,400		195,142
Panasonic Corp.		15,700		181,692

See notes to financial statements.

45

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (19.0%): (continued)
Consumer Discretionary (1.9%): (continued)
Sekisui House, Ltd.		11,700		239,993
Shimano ORD		800		189,773
Suzuki Motor Co.		4,300		181,980
Toyota Industries Corp.		2,800		242,240
				1,686,771
Consumer Staples (0.8%):
KAO Corp.		4,000		246,129
Seven & i Holdings Co., Ltd.		5,100		243,201
Unicharm Corp.		5,800		233,399
				722,729
Financials (2.8%):
Dai-ichi Life Holdings, Inc.		10,800		197,760
Japan Post Bank Co. Ltd.		29,800		250,301
Japan Post Holdings Co. Ltd.		27,600		226,182
Mizuho Financial Group, Inc.		18,300		261,535
MS&AD Insurance Group Holdings, Inc.		9,000		259,921
Nomura Holdings, Inc.		35,800		182,996
ORIX Corp.		11,700		197,440
Sompo Holdings, Inc.		6,900		255,054
Sumitomo Mitsui Financial Group, Inc.		7,100		244,806
Sumitomo Mitsui Trust Holdings, Inc.		6,900		219,150
Tokio Marine Holdings, Inc.		4,600		211,530
				2,506,675
Health Care (3.3%):
Astellas Pharma, Inc.		16,800		292,578
Chugai Pharmaceutical Co. Ltd.		5,100		202,108
Daiichi Sankyo Co. Ltd.		6,800		146,585
Eisai Co. Ltd.		2,000		196,705
Hoya Corp.		1,700		225,432
Kyowa Kirin Co. Ltd.		8,100		287,307
M3, Inc.		2,000		146,075

See notes to financial statements.

46

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (19.0%): (continued)
Health Care (3.3%): (continued)
Olympus Corp.		8,900		176,910
Ono Pharmaceutical Co. Ltd.		9,700		216,477
Otsuka Holdings Co. Ltd.		6,600		273,733
Shionogi & Co. Ltd.		4,800		250,241
Sysmex Corp.		2,100		249,550
Terumo Corp.		6,500		263,441
				2,927,142
Industrials (3.4%):
Daikin Industries Ltd.		1,100		204,888
Fanuc Corp.		800		192,978
ITOCHU Corp.		10,800		311,127
Komatsu Ltd.		7,200		178,931
Kubota Corp.		9,800		198,241
Mitsubishi Corp.		10,900		297,130
Mitsubishi Electric Corp.		17,300		251,137
MonotaRO Co., Ltd.		4,700		111,280
Nidec Corp.		1,500		173,861
Secom Co. Ltd.		3,200		243,255
SG Holdings Co. Ltd.		5,900		154,724
SMC Corp.		400		236,406
Toshiba Corp.		4,800		207,634
Toyota Tsusho Corp.		4,700		222,137
				2,983,729
Information Technology (4.0%):
Advantest Corp.		1,600		144,184
Canon, Inc.		6,900		156,101
Fujifilm Holdings Corp.		4,300		318,939
Fujitsu, Ltd.		1,400		262,153
Hitachi, Ltd.		4,300		246,240
Keyence Corp.		400		201,908
Kyocera Corp.		4,200		259,683

See notes to financial statements.

47

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Japan (19.0%): (continued)
Information Technology (4.0%): (continued)
Murata Manufacturing Co. Ltd.		2,700		206,170
NEC Corp.		3,300		169,932
Nomura Research Institute Ltd.		6,400		211,739
NTT Data Corp.		12,100		188,777
OBIC Co. Ltd.		1,200		223,731
Omron Corp.		2,700		214,143
Renesas Electronics Corp. (a)		12,900		139,475
TDK Corp.		1,400		170,022
Tokyo Electron Ltd.		400		173,136
Yaskawa Electric Corp.		4,000		195,535
				3,481,868
Materials (0.6%):
Asahi Kasei Corp.		17,300		190,085
Nippon Paint Holdings Co. Ltd.		9,600		130,327
Shin-Etsu Chemical Co. Ltd.		1,300		217,447
				537,859
Real Estate (0.9%):
Daiwa House Industry Co. Ltd.		6,800		204,159
Mitsubishi Estate Co. Ltd.		13,300		215,101
Mitsui Fudosan Co. Ltd.		7,600		176,043
Sumitomo Realty & Development Co., Ltd.		5,300		189,422
				784,725
				16,737,912
Korea, Republic Of (5.3%):
Communication Services (0.9%):
Kakao Corp.		1,746		252,751
Naver Corp.		489		181,312
Netmarble Corp.		1,241		147,686
SK Telecom Co. Ltd.		848		240,995
				822,744

See notes to financial statements.

48

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Korea, Republic Of (5.3%): (continued)
Consumer Discretionary (0.6%):
Hyundai Mobis		466		120,846
Hyundai Motor Co.		597		126,982
KIA Motors Corp.		1,571		125,010
LG Electronics, Inc.		717		104,111
				476,949
Consumer Staples (0.5%):
Amorepacific Corp.		734		164,270
LG Household & Health Care Ltd.		149		233,160
				397,430
Financials (0.8%):
Hana Financial Group, Inc.		4,615		188,739
KB Financial Group, Inc.		3,847		190,642
Samsung Life Insurance Co., Ltd.		1,936		137,205
Shinhan Financial Group Co. Ltd.		6,225		224,454
				741,040
Health Care (0.4%):
Celltrion Healthcare Co., Ltd. (a)		970		99,670
Celltrion, Inc. (a)		441		105,159
Samsung Biologics Co., Ltd. (a)		246		183,735
				388,564
Industrials (0.4%):
LG Corp.		1,607		146,285
Samsung C&T Corp.		1,344		162,927
				309,212
Information Technology (0.9%):
Samsung Electro-Mechanics Co., Ltd.		1,026		161,281
Samsung Electronics Co. Ltd.		2,787		199,743
Samsung SDI Co. Ltd.		243		150,634
Samsung SDS Co. Ltd.		1,019		167,420
SK Hynix, Inc.		1,228		139,050
				818,128

See notes to financial statements.

49

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Korea, Republic Of (5.3%): (continued)
Materials (0.6%):
LG Chem Ltd.		172		129,840
Lotte Chemical Corp.		485		113,066
POSCO		602		186,054
POSCO Chemical Co., Ltd.		843		107,808
				536,768
Utilities (0.2%):
Korea Electric Power Corp.		8,462		186,750
				186,750
				4,677,585
Luxembourg (0.4%):
Health Care (0.2%):
Eurofins Scientific SE (a)		1,651		188,697
				188,697
Real Estate (0.2%):
Aroundtown SA		21,256		165,824
				165,824
				354,521
Mexico (0.1%):
Materials (0.1%):
Fresnillo PLC		10,230		109,175
				109,175
Netherlands (2.4%):
Financials (0.6%):
Aegon NV		30,012		124,503
ING Groep NV		11,592		153,103
NN Group NV		4,818		227,234
				504,840
Industrials (0.6%):
Randstad N.V.		2,585		197,679
Wolters Kluwer N.V.		3,243		325,742
				523,421

See notes to financial statements.

50

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Netherlands (2.4%): (continued)
Information Technology (0.6%):
Adyen N.V.(a)		67		163,677
ASM International NV		494		162,236
ASML Holding N.V.		310		212,952
				538,865
Materials (0.6%):
AKZO Nobel N.V		2,376		293,531
Koninklijke DSM N.V.		1,539		287,200
				580,731
				2,147,857
New Zealand (0.2%):
Health Care (0.2%):
Fisher & Paykel Healthcare Corp., Ltd.		6,850		148,965
				148,965
Norway (1.9%):
Communication Services (0.3%):
Telenor ASA		14,284		240,827
				240,827
Consumer Staples (0.5%):
Mowi ASA		6,855		174,438
Orkla ASA, Class A		28,242		287,795
				462,233
Energy (0.2%):
Aker BP ASA		5,309		169,272
				169,272
Financials (0.5%):
DNB ASA		8,987		195,901
Gjensidige Forsikring ASA		9,632		212,423
				408,324

See notes to financial statements.

51

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Norway (1.9%): (continued)
Materials (0.4%):
Norsk Hydro ASA		25,708		164,114
Yara International ASA		4,551		239,654
				403,768
				1,684,424
Portugal (0.6%):
Consumer Staples (0.4%):
Jeronimo Martins & Filho SA		16,858		307,399
				307,399
Utilities (0.2%):
EDP - Energias de Portugal SA		37,686		199,723
				199,723
				507,122
Russian Federation (0.4%):
Materials (0.4%):
Evraz PLC		20,007		163,817
Polymetal International PLC		8,002		172,046
				335,863
Singapore (1.7%):
Communication Services (0.3%):
Singapore Telecommunications Ltd.		165,900		282,588
				282,588
Consumer Staples (0.2%):
Wilmar International Ltd.		58,400		195,477
				195,477
Financials (1.2%):
DBS Group Holdings Ltd.		13,200		292,690
Oversea-Chinese Banking Corp. Ltd.		41,400		367,993
United Overseas Bank		18,900		362,986
				1,023,669
				1,501,734

See notes to financial statements.

52

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Spain (1.4%):
Consumer Discretionary (0.2%):
Industria de Diseno Textil SA		5,762		202,963
				202,963
Financials (0.2%):
Caixabank SA		46,558		143,188
				143,188
Health Care (0.2%):
Grifols SA		7,071		191,477
				191,477
Industrials (0.1%):
ACS Actividades de Construccion y Servicios SA		3,915		104,855
				104,855
Utilities (0.7%):
Endesa SA		11,091		269,040
Iberdrola SA		24,124		294,024
				563,064
				1,205,547
Sweden (6.0%):
Consumer Staples (0.6%):
Essity Aktiebolag, Class B		8,407		278,871
ICA Gruppen AB		5,988		278,767
				557,638
Energy (0.2%):
Lundin Energy AB		5,093		180,251
				180,251
Financials (2.1%):
EQT AB		3,794		137,736
Industrivarden AB, Class C		7,286		266,723
Investor AB, Class B (a)		13,806		318,298
Kinnevik AB, Class B		3,540		141,756
L E Lundbergforetagen AB, Class B		4,556		294,056
Skandinavisk Enskilda Banken AB		18,354		237,159

See notes to financial statements.

53

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Sweden (6.0%): (continued)
Financials (2.1%): (continued)
Svenska Handelsbanken AB		20,451		230,813
Swedbank AB, Class A Shares		12,708		236,526
				1,863,067
Industrials (2.1%):
ALFA Laval AB		6,568		232,071
ASSA Abloy AB		7,453		224,576
Atlas Copco AB, Class A Shares		3,550		217,425
Epiroc AB, Class A		9,400		214,246
Nibe Industrier AB, Class B		23,135		243,421
Sandvik AB		6,805		173,871
Skanska AB		8,192		217,353
SKF AB, Class B		6,969		177,491
Volvo AB		8,572		206,295
				1,906,749
Information Technology (0.5%):
Hexagon AB, Class B		16,698		247,476
Telefonaktiebolaget LM Ericsson, Class B		13,483		169,507
				416,983
Materials (0.5%):
Boliden AB		5,084		195,502
Svenska Cellulosa AB SCA, Class B		13,494		221,204
				416,706
				5,341,394
Switzerland (6.9%):
Communication Services (0.5%):
Swisscom AG		814		464,816
				464,816
Consumer Discretionary (0.3%):
CIE Financiere Richemont SA		2,070		250,526
				250,526

See notes to financial statements.

54

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Switzerland (6.9%): (continued)
Consumer Staples (0.8%):
Barry Callebaut AG		161		374,216
Chocoladefabriken Lindt & Spruengli AG		33		328,395
				702,611
Financials (0.9%):
Julius Baer Group Ltd.		3,262		212,929
Partners Group Holding AG		201		304,542
Swiss Life Holding AG		509		247,402
				764,873
Health Care (0.6%):
Sonova Holding AG		673		253,193
Straumann Holding AG		154		245,568
				498,761
Industrials (1.9%):
ABB Ltd.		9,274		314,714
Geberit AG		505		378,887
Kuehne & Nagel International AG		901		308,386
Schindler Holding AG		978		299,215
SGS SA		122		376,419
				1,677,621
Information Technology (0.5%):
Logitech International SA, Class R		1,414		171,361
Stmicroelectronics N.V.		4,132		149,932
Temenos AG		980		157,436
				478,729
Materials (1.4%):
EMS-Chemie Holding AG		348		341,980
Givaudan SA		75		348,892
Holcim, Ltd.		4,440		266,400
Sika AG		918		300,211
				1,257,483
				6,095,420

See notes to financial statements.

55

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
United Kingdom (6.9%):
Communication Services (0.2%):
BT Group PLC (a)		69,892		187,536
				187,536
Consumer Discretionary (0.9%):
Barratt Developments PLC		13,534		130,134
Burberry Group PLC (a)		6,680		190,881
JD Sports Fashion PLC		11,644		148,004
Next PLC (a)		1,568		170,374
Persimmon PLC		3,380		138,284
				777,677
Consumer Staples (0.2%):
Associated British Foods PLC		4,924		150,919
				150,919
Financials (1.9%):
3I Group PLC		13,086		212,305
Admiral Group PLC		6,173		268,432
Hargreaves Lansdown PLC		7,393		162,480
Legal & General Group PLC		38,220		136,174
Lloyds Banking Group PLC		227,007		146,595
London Stock Exchange Group		1,773		195,444
Phoenix Group Holdings PLC		23,431		219,205
Schroders PLC		4,335		210,631
Standard Chartered PLC		21,070		134,345
				1,685,611
Health Care (0.2%):
Smith & Nephew PLC		9,770		211,140
				211,140
Industrials (1.7%):
Ashtead Group PLC		3,533		262,113
Bunzl PLC		8,306		274,450
Ferguson PLC		1,884		261,880

See notes to financial statements.

56

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
United Kingdom (6.9%): (continued)
Industrials (1.7%): (continued)
Intertek Group PLC		2,799		214,084
Rentokil Initial PLC		33,619		230,168
Spirax-Sarco Engineering PLC		1,553		292,446
				1,535,141
Information Technology (0.5%):
AVEVA Group PLC		3,319		170,217
Halma PLC		7,216		268,675
				438,892
Materials (1.0%):
Anglo American PLC		3,650		145,013
Croda International PLC		2,790		284,321
Mondi PLC		7,979		209,791
Rio Tinto PLC		2,462		202,576
				841,701
Utilities (0.3%):
SSE PLC		10,766		223,432
				223,432
				6,052,049
United States (0.5%):
Industrials (0.5%):
Waste Connections, Inc.		3,403		406,636
				406,636
Total Common Stocks (Cost $75,389,421)				87,632,396

See notes to financial statements.

57

	Schedule of Portfolio Investments — continued
Timothy Plan International ETF	June 30, 2021 (Unaudited)

SECURITY DESCRIPTION	SHARES		VALUE ($)
Right (0.0%)†
Spain (0.0%):†
Industrials (0.0%):†
ACS Actividades de Construccion y Servicios SA Expires 07/07/21 @ $0.00(a)		3,915		5,477
				5,477
Total Right (Cost $5,936)				5,477
Total Investments (Cost $75,395,357) — 99.3%				87,637,873
Other assets in excess of liabilities — 0.7%				621,148
NET ASSETS - 100.00%				88,259,021

Percentages indicated are based on net assets as of June 30, 2021.

† Represents less than 0.05%.

(a) Non-income producing security.

Futures Contracts

Long Futures

Index Futures	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Mini MSCI EAFE Index September Future (U.S. Dollar)		9/20/21		4	$	460,820	$	(7,986	)
							$	(7,986	)

See notes to financial statements.

58

	Statements of Assets and Liabilities
Timothy Plan	June 30, 2021 (Unaudited)

		Timothy Plan US Small Cap Core ETF		Timothy Plan US Large/Mid Cap Core ETF
ASSETS:
Investments, at value (Cost $44,840,225 and $154,141,374)	$	51,427,932	$	193,035,472
Cash and cash equivalents		77,928		348,281
Deposits with brokers for futures contracts		64,332		176,148
Interest and dividends receivable		30,773		115,036
Variation margin receivable on open futures contracts		160		660
Total Assets		51,601,125		193,675,597
LIABILITIES:
Payable for investments purchased		791		—
Accrued expenses and other payables: Investment advisory fees		22,272		81,421
Total Liabilities		23,063		81,421
Net Assets		51,578,062		193,594,176
NET ASSETS CONSIST OF:
Capital	$	42,179,218	$	150,226,549
Total distributable earnings/(loss)		9,398,844		43,367,627
Net Assets	$	51,578,062	$	193,594,176
Shares Outstanding (unlimited shares authorized, no par value):		1,550,000		5,550,000
Net asset value per share:		$33.28		$34.88

See notes to financial statements.

59

	Statements of Assets and Liabilities
Timothy Plan	June 30, 2021 (Unaudited)

		Timothy Plan High Dividend Stock ETF		Timothy Plan International ETF
ASSETS:
Investments, at value (Cost $120,681,526 and $75,395,357)	$	137,783,277	$	87,637,873
Foreign currency, at value (Cost $— and $114,304)		—		113,971
Cash and cash equivalents		618,990		287,026
Deposits with brokers for futures contracts		152,057		110,883
Interest and dividends receivable		179,961		93,907
Variation margin receivable on open futures contracts		1,128		311
Reclaims receivable		—		63,735
Total Assets		138,735,413		88,307,706
LIABILITIES:
Payable for investments purchased		—		311
Variation margin payable on open futures contracts		—		3,560
Accrued expenses and other payables: Investment advisory fees		59,495		44,814
Total Liabilities		59,495		48,685
Net Assets		138,675,918		88,259,021
NET ASSETS CONSIST OF:
Capital	$	116,366,628	$	76,928,820
Total distributable earnings/(loss)		22,309,290		11,330,201
Net Assets	$	138,675,918	$	88,259,021
Shares Outstanding (unlimited shares authorized, no par value):		4,650,000		3,050,000
Net asset value per share:		$29.82		$28.94

See notes to financial statements.

60

	Statements of Operations
Timothy Plan	For the Six Months Ended June 30, 2021 (Unaudited)

	Timothy Plan US Small Cap Core ETF		Timothy Plan US Large/ Mid Cap Core ETF
Investment Income:
Dividend income	$351,348		$1,133,553
Interest income	4		6
Foreign tax withholding	(149)		(175	)
Total Income	351,203		1,133,384
Expenses:
Investment advisory fees	117,040		457,270
Total Expenses	117,040		457,270
Net Investment Income (Loss)	234,163		676,114
Realized/Unrealized Gains (Losses) from Investment Transactions:
Net realized gains (losses) from investment transactions	(16,419)		(518,518)
Net realized gains (losses) from in-kind transactions	5,960,416		10,952,665
Net realized gains (losses) from futures transactions	23,057		63,308
Net change in unrealized appreciation/depreciation on investments	1,215,589		10,632,935
Net change in unrealized appreciation/depreciation on futures transactions	(4,422	)	(1,675	)
Net realized/unrealized gains on investments	7,178,221		21,128,715
Change in net assets resulting from operations	$7,412,384		$21,804,829

See notes to financial statements.

61

	Statements of Operations
Timothy Plan	For the Six Months Ended June 30, 2021 (Unaudited)

	Timothy Plan High Dividend Stock ETF	Timothy Plan International ETF
Investment Income:
Dividend income	$1,893,518	$1,349,519
Interest income	4	309
Foreign tax withholding	—	(187,162)
Total Income	1,893,522	1,162,666
Expenses:
Investment advisory fees	344,741	235,905
Total Expenses	344,741	235,905
Net Investment Income (Loss)	1,548,781	926,761
Realized/Unrealized Gains (Losses) from Investment Transactions and Foreign Currency Translations:
Net realized gains (losses) from investment transactions and foreign currency translations	(543,063)	1,170,447
Net realized gains (losses) from in-kind transactions	12,684,636	—
Net realized gains (losses) from futures transactions	74,889	34,139
Net change in unrealized appreciation/depreciation on investments and foreign currency translations	6,224,167	3,997,712
Net change in unrealized appreciation/depreciation on futures transactions	3,247	(10,578	)
Net realized/unrealized gains on investments and foreign currency translations	18,443,876	5,191,720
Change in net assets resulting from operations	$19,992,657	$6,118,481

See notes to financial statements.

62

Timothy Plan   Statements of Changes in Net Assets  

	Timothy Plan US Small Cap Core ETF				Timothy Plan US Large/Mid Cap Core ETF
	For the Six Months Ended June 30, 2021		For the Year Ended December 31, 2020		For the Six Months Ended June 30, 2021		For the Year Ended December 31, 2020
	(Unaudited)				(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$234,163		$357,208		$676,114		$1,273,028
Net realized gains (losses) from investment transactions		5,967,054		(59,835)		10,497,455		474,459
Net change in unrealized appreciation/depreciation on investments		1,211,167		5,027,559		10,631,260		20,518,487
Change in net assets resulting from operations		7,412,384		5,324,932		21,804,829		22,265,974
Distributions to Shareholders:
Distributions		(195,886)		(354,462)		(500,803)		(1,388,658)
Change in net assets resulting from distributions to shareholders		(195,886)		(354,462)		(500,803)		(1,388,658)
Change in net assets resulting from capital transactions		12,493,060		16,676,227		8,386,089		8,231,732
Change in net assets		19,709,558		21,646,697		29,690,115		29,109,048
Net Assets:
Beginning of period		31,868,504		10,221,807		163,904,061		134,795,013
End of period		$51,578,062		$31,868,504		$193,594,176		$163,904,061
Capital Transactions:
Proceeds from shares issued		$29,092,000		$30,742,714		$42,501,792		$55,703,050
Cost of shares redeemed		(16,598,940)		(14,066,487)		(34,115,703)		(47,471,318)
Change in net assets resulting from capital transactions		$12,493,060		$16,676,227		$8,386,089		$8,231,732
Share Transactions:
Issued		900,000		1,350,000		1,250,000		2,250,000
Redeemed		(500,000)		(600,000)		(1,000,000)		(1,900,000)
Change in Shares		400,000		750,000		250,000		350,000

See notes to financial statements.

63

Timothy Plan   Statements of Changes in Net Assets  

	Timothy Plan High Dividend Stock ETF				Timothy Plan International ETF
	For the Six Months Ended June 30, 2021		For the Year Ended December 31, 2020		For the Six Months Ended June 30, 2021		For the Year Ended December 31, 2020
	(Unaudited)				(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$1,548,781		$2,589,609		$926,761		$792,655
Net realized gains (losses) from investment transactions		12,216,462		(5,419,293)		1,204,586		(1,932,334)
Net change in unrealized appreciation/depreciation on investments		6,227,414		4,737,334		3,987,134		7,577,195
Change in net assets resulting from operations		19,992,657		1,907,650		6,118,481		6,437,516
Distributions to Shareholders:
Distributions		(1,192,377)		(2,852,134)		(1,070,340)		(838,738)
Change in net assets resulting from distributions to shareholders		(1,192,377)		(2,852,134)		(1,070,340)		(838,738)
Change in net assets resulting from capital transactions		(3,034,980)		29,723,058		11,710,469		42,883,359
Change in net assets		15,765,300		28,778,574		16,758,610		48,482,137
Net Assets:
Beginning of period		122,910,618		94,132,044		71,500,411		23,018,274
End of period		$138,675,918		$122,910,618		$88,259,021		$71,500,411
Capital Transactions:
Proceeds from shares issued		$46,790,027		$43,758,265		$11,710,469		$42,883,359
Cost of shares redeemed		(49,825,007)		(14,035,207)		—		—
Change in net assets resulting from capital transactions		$(3,034,980)		$29,723,058		$11,710,469		$42,883,359
Share Transactions:
Issued		1,600,000		1,900,000		400,000		1,750,000
Redeemed		(1,700,000)		(650,000)		—		—
Change in Shares		(100,000)		1,250,000		400,000		1,750,000

See notes to financial statements.

64

Timothy Plan	Financial Highlights
For a Share Outstanding Throughout Each Period

	Timothy Plan US Small Cap Core ETF
	For the Six Months Ended June 30, 2021			For the Year Ended December 31, 2020			For the period December 3, 2019(a) to December 31, 2019
	(Unaudited)
Net Asset Value, Beginning of Period		$27.71			$25.55			$24.73
Investment Activities:
Net Investment Income (Loss)(b)		0.17			0.32			0.02
Net Realized and Unrealized Gains (Losses) on Investments		5.54			2.15			0.82
Total from Investment Activities		5.71			2.47			0.84
Distributions to Shareholders:
Net Investment Income		(0.14)			(0.31)			(0.02)
Total Distributions		(0.14)			(0.31)			(0.02)
Net Asset Value, End of Period		$33.28			$27.71			$25.55
Total Return (excludes sales charge)(c)		20.57	%		9.99	%		3.39	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(d)		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets(d)		1.04	%		1.45	%		0.89	%
Net Assets, End of Period (000’s)		$51,578			$31,869			$10,222
Portfolio Turnover(c)		32	%		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.

See notes to financial statements.

65

Timothy Plan	Financial Highlights
For a Share Outstanding Throughout Each Period

	Timothy Plan US Large/Mid Cap Core ETF
	For the Six Months Ended June 30, 2021			For the Year Ended December 31, 2020			For the period May 1, 2019(a) to December 31, 2019
	(Unaudited)
Net Asset Value, Beginning of Period		$30.93			$27.23			$25.16
Investment Activities:
Net Investment Income (Loss)(b)		0.13			0.23			0.21
Net Realized and Unrealized Gains (Losses) on Investments		3.91			3.72			2.04
Total from Investment Activities		4.04			3.95			2.25
Distributions to Shareholders:
Net Investment Income		(0.09)			(0.25)			(0.18)
Total Distributions		(0.09)			(0.25)			(0.18)
Net Asset Value, End of Period		$34.88			$30.93			$27.23
Total Return (excludes sales charge)(c)		13.11	%		14.67	%		9.01	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(d)		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets(d)		0.77	%		0.88	%		1.22	%
Net Assets, End of Period (000’s)		$193,594			$163,904			$134,795
Portfolio Turnover(c)		15	%		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.

See notes to financial statements.

66

Timothy Plan	Financial Highlights
For a Share Outstanding Throughout Each Period

	Timothy Plan High Dividend Stock ETF
	For the Six Months Ended June 30, 2021			For the Year Ended December 31, 2020			For the period May 1, 2019(a) to December 31, 2019
	(Unaudited)
Net Asset Value, Beginning of Period		$25.88			$26.89			$25.10
Investment Activities:
Net Investment Income (Loss)(b)		0.33			0.57			0.48
Net Realized and Unrealized Gains (Losses) on Investments		3.87			(0.96)(c)			1.74
Total from Investment Activities		4.20			(0.39)			2.22
Distributions to Shareholders:
Net Investment Income		(0.26)			(0.62)			(0.43)
Total Distributions		(0.26)			(0.62)			(0.43)
Net Asset Value, End of Period		$29.82			$25.88			$26.89
Total Return (excludes sales charge)(d)		16.27	%		(1.17	%)		9.00	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(e)		0.52	%		0.52	%		0.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets(e)		2.33	%		2.45	%		2.81	%
Net Assets, End of Period (000’s)		$138,676			$122,911			$94,132
Portfolio Turnover(d)		26	%		68	%		23	%

(a) Commencement of operations.

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

(c) Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

See notes to financial statements.

67

Timothy Plan	Financial Highlights
For a Share Outstanding Throughout Each Period

	Timothy Plan International ETF
	For the Six Months Ended June 30, 2021			For the Year Ended December 31, 2020			For the period December 3, 2019(a) to December 31, 2019
	(Unaudited)
Net Asset Value, Beginning of Period		$26.98			$25.58			$24.80
Investment Activities:
Net Investment Income (Loss)(b)		0.34			0.47			0.04
Net Realized and Unrealized Gains (Losses) on Investments		2.00			1.40			0.77
Total from Investment Activities		2.34			1.87			0.81
Distributions to Shareholders:
Net Investment Income		(0.38)			(0.47)			(0.03)
Total Distributions		(0.38)			(0.47)			(0.03)
Net Asset Value, End of Period		$28.94			$26.98			$25.58
Total Return (excludes sales charge)(c)		8.70	%		7.66	%		3.25	%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets(d)		0.62	%		0.62	%		0.62	%
Ratio of Net Investment Income (Loss) to Average Net Assets(d)		2.43	%		1.98	%		1.99	%
Net Assets, End of Period (000’s)		$88,259			$71,500			$23,018
Portfolio Turnover(c)		22	%		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.

See notes to financial statements.

68

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

1. ORGANIZATION:

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES:

Shares of the Funds are listed and traded on the New York Stock Exchange (“NYSE” or the “Exchange”). The Funds’ shares are offered at net asset value (“NAV”) only in aggregations of 50,000 Shares (each a “Creation Unit”). The Funds will issue and redeem Creation Units principally in exchange for a basket of securities included in the respective Fund’s Index (the “Deposit Securities”), together with the deposit of a specified cash payment (the “Cash Component”), plus transaction fees (“Transaction Fees”) as further described below. Shares trade on the Exchange at market prices that may be below, at, or above NAV.

69

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System (“Clearing Process”) of the National Securities Clearing Corporation (“NSCC”) or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund.

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

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

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

70

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

The Transaction Fees for each Fund are listed below:

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

* As a percentage of the amount invested.

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies.

Investment Valuation:

The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds’ investments are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments.

71

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

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

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

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

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

A summary of the valuations as of June 30, 2021, 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	$	51,427,932		$	–	$	–	$	51,427,932
Total Investment Securities		51,427,932			–		–		51,427,932
Other Financial Instruments*
Futures Contracts		(764	)		–		–		(764	)
Total Investments	$	51,427,168		$	–	$	–	$	51,427,168

72

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

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	$	193,035,472	$	–	$	–	$	193,035,472
Total Investment Securities		193,035,472		–		–		193,035,472
Other Financial Instruments*
Futures Contracts		6,772		–		–		6,772
Total Investments	$	193,042,244	$	–	$	–	$	193,042,244

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	$	137,783,277	$	–	$	–	$	137,783,277
Total Investment Securities		137,783,277		–		–		137,783,277
Other Financial Instruments*
Futures Contracts		10,881		–		–		10,881
Total Investments	$	137,794,158	$	–	$	–	$	137,794,158

International ETF

Investment Securities:	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Other Significant Unobservable Inputs		Total
Common Stocks	$	87,632,396		$	–	$	–	$	87,632,396
Right		5,477			–		–		5,477
Total Investment Securities		87,637,873			–		–		87,637,873
Other Financial Instruments*
Futures Contracts		(7,986	)		–		–		(7,986	)
Total Investments	$	87,629,887		$	–	$	–	$	87,629,887

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

73

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

The Funds did not hold any Level 3 securities during the period.

Real Estate Investment Trusts (“REITs”):

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

Investment Transactions and Related Income:

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

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

Futures Contracts:

During the period ended June 30, 2021, the Funds used futures contracts to provide market exposure on the Funds’ cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, and to maintain the Fund’s open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded. Deposits for futures for the Funds are reported as Deposit with broker for futures contracts on the Statement of Assets and Liabilities. If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract

74

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

so that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund. These subsequent payments, called “Variation Margin,” to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as “marking to the market.” The Funds recorded a payable or receivable on variation margin. The Funds expect to earn interest income on its margin deposits. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statements of Operations.

Average Notional Value

The table below summarizes the monthly average notional value of futures contracts for the period ended June 30, 2021.

Fund	Average Notional Value
US Small Cap Core ETF	$	148,816
US Large/Mid Cap Core ETF		435,515
High Dividend Stock ETF		533,100
International ETF		317,122

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on Statements of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure:
US Small Cap Core ETF	$	-	$	764
US Large/Mid Cap Core ETF		6,772		-
High Dividend Stock ETF		10,881		-
International ETF		-		7,986

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	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

* For futures contracts, the amounts represent the cumulative appreciation/(depreciation) of these futures contracts as reported in the Schedules of Portfolio Investments. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities as Variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended June 30, 2021:

	Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations		Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized as a Result from Operations
	Net realized gains (losses) from futures transactions		Net Change in unrealized appreciation (depreciation) on futures transactions
Equity Risk Exposure:
US Small Cap Core ETF	$	23,057	$	(4,422	)
US Large/Mid Cap Core ETF		63,308		(1,675	)
High Dividend Stock ETF		74,889		3,247
International ETF		34,139		(10,578	)

Foreign Currency Translations:

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

Foreign Taxes:

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

76

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

Dividends to Shareholders:

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

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

Federal Income Taxes:

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

As of and during the period ended June 30, 2021, 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.

77

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

3. PURCHASES AND SALES OF SECURITIES:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and in-kind transactions associated with purchases and sales for the period ended June 30, 2021 were as follows:

	Excluding in-kind transactions				Associated with in-kind transactions
Fund	Purchases		Sales		Purchases		Sales
US Small Cap Core ETF		$14,181,185		$14,029,698		$28,890,925		$16,570,022
US Large/Mid Cap Core ETF		26,822,540		26,752,868		42,449,315		34,012,112
High Dividend Stock ETF		34,123,254		33,978,876		46,574,769		49,687,131
International ETF		17,481,629		16,670,440		10,414,526		-

For the period ended June 30, 2021, there were no purchases or sales of U.S. Government Securities.

4. FEES AND TRANSACTIONS WITH AFFILIATES AND OTHER PARTIES:

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

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

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.

78

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

(“Citi”), an affiliate of Citibank, N.A., acts as the Funds’ administrator and fund accountant pursuant to a Services Agreement with the Trust.

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

Drake Compliance LLC provides compliance services to the Trust.

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

5. INVESTMENT RISKS:

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

ETF Risk

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

Excluded Security Risk

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

Foreign Securities Risk

Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies;

79

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

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

Market Risk

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

6. FEDERAL INCOME TAX INFORMATION:

As of the end of its latest tax year ended December 31, 2020, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) for investments were as follows:

Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
US Small Cap Core ETF	$	26,427,312	$	5,745,281	$	(376,567	)	$	5,368,714
US Large/Mid Cap Core ETF		135,188,792		30,593,749		(2,321,026	)		28,272,723
High Dividend Stock ETF		111,467,842		13,841,483		(2,923,804	)		10,917,679
International ETF		63,292,619		9,044,187		(1,147,978	)		7,896,209

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

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

80

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

* 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 the end of its latest tax year ended December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Accumulated Earnings		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)*			Total Accumulated Earnings/ (Deficit)
US Small Cap Core ETF	$	2,802	$	2,802	$	(3,189,170	)	$	5,368,714		$	2,182,346
US Large/Mid Cap Core ETF		-		-		(6,209,122	)		28,272,723			22,063,601
High Dividend Stock ETF		-		-		(7,408,669	)		10,917,679			3,509,010
International ETF		255,278		255,278		(1,871,357	)		7,898,139	**		6,282,060

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

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

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

CLCFs not subject to expiration:

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

81

	Notes to Financial Statements
Timothy Plan	June 30, 2021 (Unaudited)

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

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

7. SUBSEQUENT EVENTS:

The Funds have evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have a material impact on the Funds’ financial statements.

82

	Other Information (Unaudited)
Timothy Plan	June 30, 2021

Premium/Discount Information (Unaudited)

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

Proxy Voting and Form N-PORT Information

Proxy Voting:

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

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

Availability of Schedules of Portfolio Investments:

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarters of each fiscal year on Form N- PORT. Forms N- PORT are available on the SEC’s website at www.sec.gov.

Expense Examples:

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the 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),

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	Other Information (Unaudited)
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then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

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

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

Fund	Beginning Account Value 1/1/21		Actual Ending Account Value 6/30/21		Hypothetical Ending Account Value 6/30/21		Actual Expenses Paid During Period 1/1/21 - 6/30/21*		Hypothetical Expenses Paid During Period 1/1/21 - 6/30/21*		Annualized Expense Ratio During Period 1/1/21 - 6/30/21
US Small Cap Core ETF
ETF Shares	$	1,000	$	1,205.70	$	1,022.22	$	2.84	$	2.61		0.52	%
US Large/Mid Cap Core ETF
ETF Shares	$	1,000	$	1,131.10	$	1,022.22	$	2.75	$	2.61		0.52	%
High Dividend Stock ETF
ETF Shares	$	1,000	$	1,162.70	$	1,022.22	$	2.79	$	2.61		0.52	%
International ETF
ETF Shares	$	1,000	$	1,087.00	$	1,021.72	$	3.21	$	3.11		0.62	%

*Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

84

	Liquidity Risk Management Program
Timothy Plan Family of Funds	June 30, 2021 (Unaudited)

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of a Liquidity Program Administrator (LPA) comprised of the Trust’s Liquidity Risk Management Program Committee, which includes representatives from the Funds’ investment adviser and liquidity consultant. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The LPA updated its assessment of each Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended November 30, 2020 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception on December 1, 2018 (the “Review Period”) in order to prepare a written report for the Board of Trustees (the “Report”) for consideration at its meeting held in February, 2021.

During the Review Period, none of the Funds experienced unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. None of the Funds had a significant amount of illiquid investments and none required a determination as to a highly liquid investment minimum. The Report concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

85

Approval of Investment Advisory and Sub-Advisory Agreement
Timothy Plan	June 30, 2021 (Unaudited)

Board Initial Approval of Advisory and Sub-Advisory Agreement

Timothy Partners, Ltd- Investment Advisory Agreement

The annual renewal of the Investment Advisory Agreement (the “IA Agreement”) between the Trust and Timothy Partners, Ltd. (“TPL”), on behalf of the Timothy Plan Large Cap Core ETF, Timothy Plan Small Cap Core ETF, Timothy Plan International ETF, and Timothy Plan High Dividend Stock ETF was approved by the Board of Trustees (“the Board”), including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the Agreement, at an in-person meeting held on February 26, 2021 (the “Meeting”). A description of the material factors considered by the Board in approving the IA Agreement are set forth below.

The Trustees, including the Independent Trustees, noted with approval the Advisor’s experience and consistency in incorporating and implementing the unique, biblically-based management style that is a stated objective of all the Funds, as set forth in the Funds’ prospectus.

At the Meeting, the Board received and reviewed a description of TPL’s business and any personnel changes, a description of the compensation received by TPL from the Funds, information relating to the Advisor’s compliance and operational policies and procedures, and a description of any material legal proceedings or securities enforcement proceedings regarding TPL or its personnel (there were none of either). In addition, the Board requested and received financial statements of TPL for its fiscal year ended December 31, 2020, and noted that updated financial statements were provided at each Board Meeting.

The Board also received a report from TPL relating to the fees charged by TPL, both as an aggregate and in relation to fees charged by other advisors to similar funds. The materials prepared by TPL were provided to the Board in advance of the Meeting. The Board considered the fees paid by the Funds to TPL in light of the services provided to the Funds by TPL, the unique nature of the Funds and their moral screening requirements, which are maintained by TPL, and TPL’s role as a manager of managers. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by TPL were fair and reasonable in light of the services provided to the Funds.

The Board also discussed the nature, extent and quality of TPL’s services provided to the Funds. In particular, the Board noted with approval TPL’s commitment to maintaining certain targeted expense ratios for the Funds, its efforts in providing comprehensive and consistent moral screens to the investment managers, its efforts in maintaining appropriate oversight of the investment manager to each Fund, and its efforts to maintain ongoing regulatory compliance for the Funds. The Board also discussed TPL’s current fee structure and whether such structure would allow the Funds to realize economies of scale as they

86

Approval of Investment Advisory and Sub-Advisory Agreement
Timothy Plan	June 30, 2021 (Unaudited)

grow. Because ETF’s are unique in their structures, and the fees charged by TPL were so low, economies of scale were not considered to be a relevant consideration. The Board noted with approval that the investment manager of each Fund did not succumb to “style drift” in their management of each Fund’s assets, and that each Fund was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval the Advisor’s ongoing efforts to maintain such consistent investment discipline. The Board also noted with approval that the Advisor’s business was devoted exclusively to serving the Funds, and that the Advisor did not realize any ancillary benefits or profits deriving from its relationship with the Funds. The Board further noted with approval the Advisor’s past activities on monitoring the performance of the underlying Funds’ various investment managers and the promptness and efficiency with which problems were brought to the Board’s attention and responsible remedies offered and executed. After careful discussion and consideration, the Board, including the separate concurrence of the independent Trustees, unanimously cast an affirmative vote, and determined that the renewal of the IA Agreement would be in the best interests of the Funds’ shareholders. In approving the IA Agreement, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the IA Agreement. All of the considerations discussed above were ratified at the November 16, 2018 Meeting.

Victory Capital Management: Sub-Advisor to the US Large Mid Cap Core ETF, High Dividend Stock ETF, International ETF, and US Small Cap Core ETF.

The Sub-Advisory Agreement between the Trust, TPL and Victory Capital Management (“Victory”), on behalf of the Timothy Plan US Large Mid Cap Core ETF, High Dividend Stock ETF, International ETF, and US Small Cap Core ETF, was renewed by the Board at a meeting held for that purpose, among others, on February 25, 2021. Trust legal counsel informed the Board that all the Trust’s Sub-advisory agreements are dated to accommodate their renewals at the February meeting, and that each is a one-year renewal. He stated that the date of renewal for Victory was precisely the current day (25 Feb). He suggested that to avoid the possibility of the Victory agreement falling beyond the one-year contract period in the future, that the current agreement be renewed until the May 31, 2021 and then renewed again at the May 2021 Board Meeting to facilitate the agreements all being renewed at the February meeting going forward. The Members concurred that the renewal should occur today, and the exercise of renewing it the May 2021 meeting was a prudent action. The Board then considered the following factors in arriving at its conclusions to renew the Victory Sub-Advisory Agreement. First, the Board considered the fees charged by Victory in light of the services provided by Victory. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Victory and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Victory. Next, the Board discussed the nature, extent and quality of Victory’s services to each Fund, including the investment performance of the Funds under

87

Approval of Investment Advisory and Sub-Advisory Agreement
Timothy Plan	June 30, 2021 (Unaudited)

Victory’s investment management. The Board generally approved of Victory’s performance, noting that the Funds managed by Victory invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Victory did not succumb to “style drift” in its management of each Fund’s assets, and that Victory was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Victory’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Victory’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Victory Sub-Advisory Agreement because Victory was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Victory Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Victory Sub-Advisory Agreement, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Victory Sub-Advisory Agreement renewal. At the Board’s May 21, 2021 Board Meeting, the Victory Sub-Advisory Agreement was renewed to expire on February 28, 2022.

88

Timothy Plan

1055 Maitland Center Commons

Maitland, Florida 32751

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

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

Item 2. Code of Ethics.

Not applicable ^__ only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable ^__ only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable ^__ only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable ^__ only for annual reports.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable __ only for annual reports.
(a)(2)	Certifications pursuant to Rule 30a-2(a) are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

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

(Registrant)  Timothy Plan                                                              

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

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

Date August 24, 2021                        

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

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

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

Date August 24, 2021