Timothy Plan Large/Mid Cap Growth Fund (TLGAX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number     811-08228                                                                                              

The Timothy Plan                                                                                                                               

    (Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL 32751                                                                                 

(Address of principal executive offices)                 (Zip code)

Art Ally, The Timothy Plan                                                                                                  

1055 Maitland Center Commons, Maitland, FL 32751

    (Name and address of agent for service)

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

Date of fiscal year end:  9/30

Date of reporting period: 3/31/18

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Registrant’s audited annual financial reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:

Fund Profile

As of March��31, 2018 (Unaudited)

Aggressive Growth Fund

Top Ten Industries

(% of Net Assets)

Electronics	9.0%
Semiconductors	7.1%
Commercial Services	7.0%
Pharmaceuticals	6.0%
Retail	6.0%
Healthcare-Products	5.9%
Money Market Fund	5.3%
Banks	5.1%
Chemicals	4.0%
Software	3.9%
Other Assets Less Liabilities - Net	40.7%
	100.0%

Large/Mid Cap Growth Fund

Top Ten Industries

(% of Net Assets)

Semiconductors	11.6%
Electronics	10.5%
Retail	8.6%
Pharmaceuticals	6.3%
Computers	6.0%
Chemicals	5.4%
Software	4.8%
Banks	4.3%
Diversified Financial Services	3.9%
Money Market Fund	3.9%
Other Assets Less Liabilities - Net	34.7%
	100.0%

Large/Mid Cap Value Fund

Top Ten Industries

(% of Net Assets)

Electronics	13.6%
Banks	8.3%
Food	6.6%
Semiconductors	6.4%
Money Market Fund	6.0%
Insurance	5.6%
Aerospace/Defense	5.4%
Healthcare-Products	5.4%
REITS	5.1%
Oil & Natural Gas	4.7%
Other Assets Less Liabilities - Net	32.9%
	100.0%

High Yield Bond Fund

Top Ten Industries

(% of Net Assets)

Corporate Bonds	97.3%
Money Market Fund	1.3%
Other Assets Less Liabilities - Net	1.4%
	100.0%

International Fund
Top Ten Industries (% of Net Assets)
Banks	13.2%
Auto Parts & Equipment	8.6%
Internet	6.1%
Insurance	5.5%
Oil & Gas	4.5%
Telecommunications	4.1%
Food	3.9%
Chemicals	3.8%
Software	3.8%
Diversified Financial Services	3.7%
Other Assets Less Liabilities - Net	42.8%
	100.0%
Small Cap Value Fund
Top Ten Industries (% of Net Assets)
Banks	15.9%
REITS	12.8%
Building Materials	9.4%
Oil & Gas	7.2%
Food	5.3%
Insurance	5.0%
Machinery	4.3%
Retail	4.2%
Aerospace/Defense	3.3%
Auto Parts & Equipment	3.1%
Other Assets Less Liabilities - Net	29.5%
	100.0%
Fixed Income Fund
Top Ten Industries (% of Net Assets)
Government Notes & Bonds	38.7%
Corporate Bonds	31.7%
Government Mortgage - Backed Securities	25.9%
Money Market Fund	3.1%
Other Assets Less Liabilities - Net	0.6%
	100.0%
Israel Common Values Fund
Top Ten Industries (% of Net Assets)
Banks	15.2%
Food	10.1%
Oil & Natural Gas	8.1%
Telecommunications	7.8%
Real Estate	7.7%
Insurance	6.5%
Semiconductors	6.4%
Software	6.2%
Electronics	4.8%
Computers	4.3%
Other Assets Less Liabilities - Net	22.9%
	100.0%

2

Fund Profile

As of March 31, 2018 (Unaudited)(Continued)

Defensive Strategies Fund

Top Ten Industries

(% of Net Assets)

Treasury Inflation Protected Securities (TIPS)	29.6%
REITS	22.7%
Alternative Investments	18.9%
Oil & Gas	8.0%
Mining	5.3%
Money Market Fund	3.8%
Corporate Bonds	2.5%
Chemicals	2.1%
Oil & Gas Services	1.6%
Iron/Steel	1.3%
Other Assets Less Liabilities - Net	4.2%
	100.0%

Conservative Growth Fund

Top Ten Industries

(% of Net Assets)

Mutual Funds	96.8%
Money Market Fund	3.4%
Other Assets Less Liabilities - Net	(0.2)%
	100.0%

Growth & Income Fund

Top Ten Industries

(% of Net Assets)

Government Notes & Bonds	37.6%
Money Market Fund	9.1%
Treasury Inflation Protected Securities (TIPS)	8.0%
Auto Parts & Equipment	3.7%
Diversified Financial Services	3.4%
Semiconductors	2.9%
Oil & Gas	2.8%
Home Builders	2.7%
Insurance	2.7%
Retail	2.3%
Other Assets Less Liabilities - Net	24.8%
	100.0%

Strategic Growth Fund
Top Ten Industries
(% of Net Assets)
Mutual Funds	98.4%
Money Market Fund	1.7%
Other Assets Less Liabilities - Net	(0.1)%
	100.0%
Emerging Markets Fund
Top Ten Industries
(% of Net Assets)
Money Market Fund	15.0%
Preferred Stock	11.8%
Banks	11.1%
REITS	8.9%
Commercial Services	6.2%
Oil & Gas	6.1%
Electric	4.9%
Telecommunications	4.6%
Computers	4.0%
Building Materials	3.8%
Other Assets Less Liabilities - Net	23.6%
	100.0%

3

Schedule of Investments | Aggressive Growth Fund

As of March 31, 2018 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 93.9 %
		AEROSPACE/DEFENSE - 2.4 %
7,827		HEICO Corp.	$	679,462
		AIRLINES - 1.9 %
4,079		Copa Holdings SA - Class A		524,682
		AUTO PARTS & EQUIPMENT - 2.3 %
6,480		Aptiv PLC		550,606
2,160		Delphi Automotive PLC		102,924
				653,530
		BANKS - 5.1 %
10,855		CenterState Banks, Inc.		287,983
4,435		East West Bancorp, Inc.		277,365
1,482		SVB Financial Group *		355,695
8,861		Western Alliance Bancorp *		514,913
				1,435,956
		BIOTECHNOLOGY - 1.6 %
2,852		Vertex Pharmaceuticals, Inc. *		464,819
		CHEMICALS - 4.0 %
7,750		Albemarle Corp.		718,735
2,700		Quaker Chemical Corp.		399,951
				1,118,686
		COMMERCIAL SERVICES - 7.0 %
1,918		FleetCor Technologies, Inc. *		388,395
4,581		Grand Canyon Education, Inc. *		480,639
7,833		On Assignment, Inc. *		641,366
2,985		WEX, Inc. *		467,511
				1,977,911
		COMPUTERS - 3.8 %
9,572		Mercury Systems, Inc. *		462,519
9,995		Varonis Systems, Inc. *		604,698
				1,067,217
	��	ELECTRICAL COMPONENTS & EQUIPMENT - 1.5 %
6,020		Belden, Inc.		415,019
		ELECTRONICS - 9.0 %
6,700		Agilent Technologies, Inc.		448,230
7,415		Fortive Corp.		574,811
10,519		II-VI, Inc. *		430,227
7,685		Keysight Technologies, Inc. *		402,617
661		Mettler-Toledo International, Inc. *		380,095
8,795		Trimble, Inc. *		315,565
				2,551,545
		ENGINEERING & CONSTRUCTION - 2.9 %
10,250		MasTec, Inc. *		482,262
4,216		TopBuild Corp. *		322,608
				804,870
		ENTERTAINMENT - 0.8 %
983		Vail Resorts, Inc.		217,931
		HAND/MACHINE TOOLS - 1.1 %
8,055		Kennametal, Inc.		323,489
		HEALTHCARE - PRODUCTS - 5.9 %
1,146		Align Technology, Inc. *		287,795
3,881		Integra LifeSciences Holdings Corp. *		214,775
1,350		Intuitive Surgical, Inc. *		557,320
2,378		Teleflex, Inc.		606,342
				1,666,232
		HEALTHCARE - SERVICES - 0.8 %
4,260		Encompass Health Corp.		243,544

The accompanying notes are an integral part of these financial statements.

4

Schedule of Investments | Aggressive Growth Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	HOME BUILDERS - 2.1 %
12,649	PulteGroup, Inc.	$	373,019
1,803	Thor Industries, Inc.		207,652
			580,671
	INSURANCE - 1.9 %
6,754	American Equity Investment Life Holding Co.		198,297
7,645	Essent Group Ltd. *		325,371
			523,668
	INTERNET - 3.3 %
2,095	Proofpoint, Inc. *		238,097
10,985	RingCentral, Inc. - Class A *		697,547
			935,644
	LODGING - 1.7 %
15,189	ILG, Inc.		472,530
	MACHINERY - CONSTRUCTION & MINING - 2.8 %
10,239	Oshkosh Corp.		791,168
	MACHINERY - DIVERSIFIED - 1.1 %
3,247	Kadant, Inc.		306,841
	OIL & GAS - 1.1 %
2,080	Concho Resources, Inc. *		312,686
	PACKAGING & CONTAINERS - 1.8 %
4,398	Packaging Corporation of America		495,655
	PHARMACEUTICALS - 6.0 %
8,438	Catalent, Inc. *		346,464
13,992	Collegium Pharmaceutical, Inc. *		357,496
4,108	Neurocrine Biosciences, Inc. *		340,676
2,502	PRA Health Sciences, Inc. *		207,566
6,101	Sarepta Therapeutics, Inc. *		452,023
			1,704,225
	RETAIL - 6.0 %
2,274	Burlington Stores, Inc. *		302,783
1,670	Children’s Place, Inc.		225,867
4,429	Dollar Tree, Inc. *		420,312
1,795	O’Reilly Automotive, Inc. *		444,047
5,150	Texas Roadhouse, Inc.		297,567
			1,690,576
	SAVINGS & LOANS - 1.0 %
6,995	Pacific Premier Bancorp, Inc. *		281,199
	SEMICONDUCTORS - 7.1 %
27,225	Advanced Micro Devices, Inc. *		273,611
3,955	Cavium, Inc. *		313,948
3,865	Lam Research Corp.		785,213
2,777	MKS Instruments, Inc.		321,160
2,559	Monolithic Power System, Inc.		296,255
			1,990,187
	SOFTWARE - 3.9 %
6,969	Fidelity National Information Services, Inc.		671,115
3,132	InterXion Holding NV *		194,529
1,643	MSCI, Inc.		245,579
			1,111,223
	TELECOMMUNICATIONS - 1.7 %
4,200	LogMeIn, Inc.		485,310
	TRANSPORTATION - 2.3 %
6,307	XPO Logistics, Inc. *		642,116
	TOTAL COMMON STOCK (Cost $22,197,681)		26,468,592

The accompanying notes are an integral part of these financial statements.

5

Schedule of Investments | Aggressive Growth Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	REITs - 0.8 %
10,425	Easterly Government Properties, Inc. (Cost $204,117)	$	212,670
	MONEY MARKET FUND - 5.3 %
1,503,040	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.49% (A) (Cost $1,503,040)		1,503,040
	TOTAL INVESTMENTS - 100.0 % (Cost $23,904,838)	$	28,184,302
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.0 %		(12,334	)
	NET ASSETS - 100.0 %	$	28,171,968

* Non-income producing securities.

PLC - Public Limited Co.

REITs - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at March 31, 2018.

The accompanying notes are an integral part of these financial statements.

6

Schedule of Investments | International Fund

As of March 31, 2018 (Unaudited)

Shares		Fair Value
	COMMON STOCK - 97.2 %
	AIRLINES - 1.1 %
58,100	Japan Airlines Co. Ltd. (ADR)	$	1,183,497
	AUTO PARTS & EQUIPMENT - 8.6 %
47,100	Continental AG (ADR)		2,609,811
63,500	Magna International, Inc. - Class A		3,578,225
95,800	Valeo SA (ADR)		3,176,728
			9,364,764
	BANKS - 13.2 %
19,300	Banco Macro SA - Cl. B (ADR)		2,083,821
40,339	DBS Group Holdings Ltd. (ADR)		3,429,420
122,000	DNB ASA (ADR)		2,424,750
68,000	Intesa Sanpaola SpA (ADR)		1,497,360
75,000	KBC Group NV (ADR)		3,267,000
453,000	Mizuho Financial Group, Inc. (ADR)		1,676,100
			14,378,451
	BIOTECHNOLOGY - 1.5 %
11,000	Shire PLC (ADR)		1,643,290
	BUILDING MATERIALS - 3.0 %
200,000	Asahi Glass Co. Ltd. (ADR)		1,668,000
52,600	Xinyi Glass Holdings Ltd. (ADR)		1,590,098
			3,258,098
	CHEMICALS - 3.8 %
24,600	Arkema SA (ADR)		3,223,830
77,000	Brenntag AG (ADR)		917,455
			4,141,285
	COMMERCIAL SERVICES - 1.6 %
34,100	AerCap Holdings NV *		1,729,552
	DIVERSIFIED FINANCIAL SERVICES - 3.7 %
45,100	ORIX Corp. (ADR)		4,052,686
	ELECTRIC - 0.6 %
68,900	Power Assets Holdings Ltd. (ADR)		626,301
	ELECTRONICS - 2.2 %
38,700	Orbotech Ltd. *		2,406,366
	ENGINEERING & CONSTRUCTION - 3.1 %
137,000	Vinci SA (ADR)		3,374,310
	FOOD - 3.9 %
18,000	Kerry Group PLC (ADR)		1,802,520
125,000	Marine Harvest ASA (ADR)		2,513,750
			4,316,270
	FOREST PRODUCTS & PAPER - 0.5 %
10,000	Mondi PLC (ADR)		562,800
	HAND/MACHINE TOOLS - 3.1 %
114,650	Techtronic Industries Co. (ADR)		3,390,201
	HEALTHCARE - PRODUCTS - 2.3 %
65,000	Smith & Nephew PLC (ADR)		2,479,750
	HEALTHCARE - SERVICES - 2.7 %
58,500	Fresenius Medical Care AG & Co. (ADR)		2,988,180
	HOME BUILDERS - 1.0 %
58,000	Sekisui House Ltd. (ADR)		1,071,840

The accompanying notes are an integral part of these financial statements.

7

Schedule of Investments | International Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	INSURANCE - 5.5 %
59,100	Ageas (ADR)	$	3,063,153
49,000	AIA Group Ltd. (ADR)		1,684,865
57,200	Muenchener Rueckversicherungs AG (ADR)		1,332,016
			6,080,034
	INTERNET - 6.1 %
24,400	SINA Corp. *		2,544,188
45,100	Tencent Holdings Ltd. (ADR)		2,403,379
43,700	Yandex NV *		1,723,965
			6,671,532
	MACHINERY - CONSTRUCTION & MINING - 1.8 %
51,000	Atlas Copco AB (ADR)		1,984,155
	MACHINERY - DIVERSIFIED - 1.2 %
108,000	CNH Industrial NV		1,339,200
	MINING - 1.4 %
29,000	Rio Tinto PLC (ADR)		1,494,370
	MISCELLANEOUS MANUFACTURING - 1.5 %
40,138	FUJIFILM Holdings Corp. (ADR)		1,609,935
	OIL & GAS - 4.5 %
50,100	Eni SpA (ADR)		1,770,033
133,000	Statoil ASA (ADR)		3,145,450
			4,915,483
	OIL & GAS SERVICES - 1.3 %
47,600	Technip SA *		1,401,820
	PHARMACEUTICALS - 1.9 %
53,500	Ipsen SA (ADR)		2,081,685
	RETAIL - 2.5 %
178,400	Arcos Dorados Holdings, Inc.		1,632,360
133,600	Kingfisher PLC (ADR)		1,112,888
			2,745,248
	SEMICONDUCTORS - 1.8 %
34,300	Infineon Technologies AG (ADR)		925,585
8,500	NXP Semiconductors NV *		994,500
			1,920,085
	SOFTWARE - 3.8 %
34,200	Amadeus IT Holdings SA (ADR)		2,529,603
47,440	Open Text Corp.		1,650,912
			4,180,515
	TELECOMMUNICATIONS - 4.1 %
18,600	Nice Ltd. (ADR) *		1,747,098
58,700	Nippon Telegraph & Telephone Corp. (ADR)		2,732,485
			4,479,583
	TRANSPORTATION - 2.8 %
12,100	Canadian Pacific Railway Ltd.		2,135,650
61,000	East Japan Railway Co. (ADR)		953,735
			3,089,385
	WATER - 1.1 %
112,000	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		1,186,080
	TOTAL COMMON STOCK (Cost $88,014,524)		106,146,751

The accompanying notes are an integral part of these financial statements.

8

Schedule of Investments | International Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	MONEY MARKET FUND - 2.9 %
3,183,478	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.49% (A) (Cost $3,183,478)	$	3,183,478
	TOTAL INVESTMENTS - 100.1 % (Cost $91,198,002)	$	109,330,229
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1) %		(113,237	)
	NET ASSETS - 100.0 %	$	109,216,992

*Non-income producing securities.

ADR - American Depositary Receipt.

PLC - Public Limited Co.

(A) Variable rate security; the rate shown represents the yield at March 31, 2018.

Diversification of Assets
Country	% of Net Assets
Japan	13.7%
France	10.9%
Germany	8.0%
Norway	7.4%
Britain	7.2%
Canada	6.7%
Hong Kong	6.7%
Belgium	5.8%
China	4.5%
Israel	3.8%
Ireland	3.2%
Singapore	3.2%
Italy	3.0%
Spain	2.3%
Argentina	1.9%
Sweden	1.8%
Russia	1.6%
United States	1.5%
Uruguay	1.5%
Brazil	1.1%
Netherlands	0.9%
South Africa	0.5%
Total	97.2%
Money Market Fund	2.9%
Other Assets Less Liabilities - Net	(0.1)%
Grand Total	100.0%

The accompanying notes are an integral part of these financial statements.

9

Schedule of Investments | Large/Mid Cap Growth Fund

As of March 31, 2018 (Unaudited)

Shares		Fair Value
	COMMON STOCK - 96.2 %
	AEROSPACE/DEFENSE - 2.3 %
9,596	General Dynamics Corp.	$	2,119,756
	AIRLINES - 0.8 %
5,590	Copa Holdings SA - Class A		719,042
	AUTO PARTS & EQUIPMENT - 1.1 %
7,615	Aptiv PLC		647,047
6,743	Delphi Automotive PLC		321,304
			968,351
	BANKS - 4.3 %
27,603	East West Bancorp, Inc.		1,726,292
5,701	SVB Financial Group *		1,368,297
13,298	Western Alliance Bancorp *		772,747
			3,867,336
	BIOTECHNOLOGY - 3.6 %
23,031	Celgene Corp. *		2,054,596
6,362	Exelixis, Inc. *		140,918
2,791	Sage Therapeutics, Inc. *		449,546
3,542	Vertex Pharmaceuticals, Inc. *		577,275
			3,222,335
	CHEMICALS - 5.4 %
11,822	Albemarle Corp.		1,096,372
6,404	Chemours Co.		311,939
8,965	FMC Corp.		686,450
11,161	LyondellBasell Industries NV		1,179,495
3,959	Sherwin-Williams Co.		1,552,403
			4,826,659
	COMMERCIAL SERVICES - 1.3 %
2,273	MarketAxess Holdings, Inc.		494,241
4,262	WEX, Inc. *		667,515
			1,161,756
	COMPUTERS - 6.0 %
20,717	Check Point Software Technologies Ltd. *		2,058,027
13,534	Mercury Systems, Inc. *		653,963
23,739	Varonis Systems, Inc. *		1,436,210
13,545	Western Digital Corp.		1,249,797
			5,397,997
	DIVERSIFIED FINANCIAL SERVICES - 3.9 %
26,415	Intercontinental Exchange, Inc.		1,915,616
50,725	Invesco Ltd.		1,623,707
			3,539,323
	ELECTRICAL COMPONENTS & EQUIPMENT - 0.4 %
5,472	Belden, Inc.		377,240
	ELECTRONICS - 10.5 %
13,302	Agilent Technologies, Inc. - Class A		889,904
18,298	Amphenol Corp. - Cl. A		1,576,007
11,383	Fortive Corp.		882,410
17,459	Honeywell International, Inc.		2,523,000
1,164	Mettler-Toledo International, Inc. *		669,335
24,695	TE Connectivity Ltd.		2,467,031
11,762	Trimble, Inc. *		422,021
			9,429,708
	ENGINEERING & CONSTRUCTION - 0.8 %
14,826	MasTec, Inc. *		697,563
	ENTERTAINMENT - 0.3 %
1,290	Vail Resorts, Inc.		285,993

The accompanying notes are an integral part of these financial statements.

10

Schedule of Investments | Large/Mid Cap Growth Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	FOOD - 2.7 %
23,083	McCormick & Co., Inc.	$	2,455,800
	HEALTHCARE - PRODUCTS - 3.6 %
1,424	Align Technology, Inc. *		357,609
4,680	Edwards Lifesciences Corp. *		652,954
9,282	Henry Schein, Inc. *		623,843
951	Intuitive Surgical, Inc. *		392,601
4,647	Teleflex, Inc.		1,184,892
			3,211,899
	HEALTHCARE - SERVICES - 0.5 %
4,359	Centene Corp. *		465,846
	HOME BUILDERS - 1.4 %
26,917	PulteGroup, Inc.		793,782
3,927	Thor Industries, Inc.		452,273
			1,246,055
	INSURANCE - 1.5 %
19,052	Arthur J. Gallagher & Co.		1,309,444
	INTERNET - 2.2 %
28,267	CDW Corp.		1,987,453
	MACHINERY - CONSRTUCTION & MINING - 3.8 %
5,772	BWX Technologies, Inc.		366,695
15,131	Caterpillar, Inc.		2,230,007
10,205	Oshkosh Corp.		788,540
			3,385,242
	MISCELLANEOUS MANUFACTURER - 2.4 %
14,049	Illinois Tool Works, Inc.		2,200,916
	OIL & GAS - 3.5 %
3,172	Concho Resources, Inc. *		476,847
32,071	ConocoPhillips		1,901,490
5,956	Diamondback Energy, Inc. *		753,553
			3,131,890
	PACKAGING & CONTAINERS - 0.7 %
5,602	Packaging Corporation of America		631,345
	PHARMACEUTICALS - 6.3 %
34,265	AbbVie, Inc.		3,243,182
7,694	Neurocrine Biosciences, Inc. *		638,063
21,888	Zoetis, Inc.		1,827,867
			5,709,112
	RETAIL - 8.6 %
6,770	Burlington Stores, Inc. *		901,426
8,452	Costco Wholesale Corp.		1,592,610
8,333	Dollar Tree, Inc. *		790,802
38,298	Lowe’s Cos, Inc.		3,360,649
2,400	O’Reilly Automotive, Inc. *		593,712
8,541	Texas Roadhouse, Inc.		493,499
			7,732,698
	SEMICONDUCTORS - 11.6 %
8,172	Broadcom Ltd.		1,925,732
10,448	Cavium, Inc. *		829,362
3,411	IPG Photonics Corp. *		796,059
2,860	Lam Research Corp.		581,038
38,983	Maxim Integrated Products, Inc.		2,347,556
5,332	MKS Instruments, Inc.		616,646
5,929	Monolithic Power Systems, Inc.		686,400
11,415	NVIDIA Corp.		2,643,600
			10,426,393

The accompanying notes are an integral part of these financial statements.

11

Schedule of Investments | Large/Mid Cap Growth Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	SOFTWARE - 4.8 %
19,711	Callidus Software, Inc. *	$	708,611
10,619	Fidelity National Information Services, Inc.		1,022,610
6,307	InterXion Holding NV *		391,728
14,442	PTC, Inc. *		1,126,620
3,107	ServiceNow, Inc. *		514,053
2,122	Ultimate Software Group, Inc. *		517,131
			4,280,753
	TELECOMMUNICATIONS - 0.8 %
6,344	LogMeIn, Inc.		733,049
	TRANSPORTATION - 1.1 %
9,577	XPO Logistics, Inc. *		975,034
	TOTAL COMMON STOCK (Cost $71,215,312)		86,495,988
	MONEY MARKET FUND - 3.9 %
3,484,012	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.49% (A) (Cost $3,484,012)		3,484,012
	TOTAL INVESTMENTS - 100.1 % (Cost $74,699,324)	$	89,980,000
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1) %		(92,970	)
	NET ASSETS - 100.0 %	$	89,887,030

*Non-income producing securities.

PLC - Public Limited Co.

(A) Variable rate security; the rate shown represents the yield at March 31, 2018.

The accompanying notes are an integral part of these financial statements.

12

Schedule of Investments | Small Cap Value Fund

As of March 31, 2018 (Unaudited)

Shares		Fair Value
	COMMON STOCK - 85.5 %
	AEROSPACE/DEFENSE - 3.3 %
24,610	Esterline Technologies Corp. *	$	1,800,222
49,900	Kaman Corp.		3,099,788
			4,900,010
	APPAREL - 2.1 %
41,588	Oxford Industries, Inc.		3,100,801
	AUTO PARTS & EQUIPMENT - 3.1 %
69,010	Douglas Dynamics, Inc.		2,991,584
47,570	Gentherm, Inc. *		1,615,002
			4,606,586
	BANKS - 15.9 %
68,063	Columbia Banking System, Inc.		2,855,243
38,825	Glacier Bancorp, Inc.		1,490,104
75,305	Great Western Bancorp, Inc.		3,032,532
96,150	Hanmi Financial Corp.		2,956,613
99,244	Heritage Commerce Corp.		1,635,541
67,304	Legacy Texas Financial Group, Inc.		2,881,957
66,900	Renasant Corp.		2,847,264
73,350	ServisFirst Bancshares, Inc.		2,994,147
32,925	South State Corp.		2,808,503
			23,501,904
	BUILDING MATERIALS - 9.4 %
68,186	Apogee Enterprises, Inc.		2,955,863
109,846	Continental Building Products, Inc. *		3,136,103
46,820	Gibraltar Industries, Inc. *		1,584,857
104,109	Summit Materials, Inc. - Class A *		3,152,421
96,425	Universal Forest Products, Inc.		3,128,991
			13,958,235
	CHEMICALS - 2.0 %
42,656	Innospec, Inc.		2,926,202
	COMMERCIAL SERVICES - 1.0 %
55,185	Carriage Services, Inc.		1,526,417
	ELECTRICAL COMPONENTS & EQUIPMENT - 1.9 %
55,736	Novanta, Inc. *		2,906,632
	ELECTRONICS - 3.0 %
75,244	Methode Electronics, Inc.		2,942,040
23,700	OSI Systems, Inc. *		1,546,899
			4,488,939
	ENGINEERING & CONSTRUCTION - 2.1 %
75,225	Comfort Systems USA, Inc.		3,103,031
	FOOD - 5.3 %
209,175	Hostess Brands, Inc. *		3,093,698
22,808	J & J Snack Foods Corp.		3,114,661
104,100	Nomad Foods Ltd. *		1,638,534
			7,846,893
	HEALTHCARE - PRODUCTS - 1.5 %
35,756	CONMED Corp.		2,264,427
	HOME BUILDERS - 1.2 %
29,325	Installed Building Products, Inc. *		1,760,966

The accompanying notes are an integral part of these financial statements.

13

Schedule of Investments | Small Cap Value Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	INSURANCE - 5.0 %
33,450	Aspen Insurance Holdings Ltd.	$	1,500,232
75,077	Employers Holdings, Inc.		3,036,865
26,647	Kemper Corp.		1,518,879
17,897	Safety Insurance Group, Inc.		1,375,385
			7,431,361
	MACHINERY - 4.3 %
16,212	Alamo Group, Inc.		1,781,699
46,449	Albany International Corp. - Class A		2,912,352
47,900	Columbus McKinnon Corp.		1,716,736
			6,410,787
	MISCELLANEOUS MANUFACTURER - 1.1 %
35,069	Lydall, Inc. *		1,692,079
	OFFICE FURNISHINGS - 2.1 %
59,395	Interface, Inc.		1,496,754
78,315	Knoll, Inc.		1,581,180
			3,077,934
	OIL & GAS - 7.2 %
237,635	Callon Petroleum Co. *		3,146,287
130,925	Jagged Peak Energy, Inc. *		1,849,970
73,406	Resolute Energy Corp. *		2,543,518
324,207	SRC Energy, Inc. *		3,057,272
			10,597,047
	OIL & GAS SERVICES - 1.7 %
154,290	ProPetro Holding Corp. *		2,451,668
	RETAIL - 4.2 %
30,860	Lithia Motors, Inc. - Class A		3,102,047
123,435	Sonic Corp.		3,114,265
			6,216,312
	SAVINGS & LOANS - 3.0 %
78,025	Banc of California, Inc.		1,505,883
75,573	Berkshire Hills Bancorp, Inc.		2,867,995
			4,373,878
	SEMICONDUCTORS - 1.8 %
96,625	Brooks Automation, Inc.		2,616,605
	SOFTWARE - 2.2 %
73,543	Omnicell, Inc. *		3,191,766
	WATER - 1.1 %
26,365	Connecticut Water Service, Inc.		1,595,874
	TOTAL COMMON STOCK (Cost $111,145,656)		126,546,354
	REITs - 12.8 %
78,625	Columbia Property Trust, Inc.		1,608,667
155,819	Easterly Government Properties, Inc.		3,178,708
42,650	Potlatch Corp.		2,219,932
204,775	Ramco-Gershenson Properties Trust		2,531,019
133,105	STAG Industrial, Inc.		3,183,872
233,647	Summit Hotel Properties, Inc.		3,179,936
87,608	Terreno Realty Corp.		3,023,352
	TOTAL REITs (Cost $18,033,475)		18,925,486

The accompanying notes are an integral part of these financial statements.

14

Schedule of Investments | Small Cap Value Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	MONEY MARKET FUND - 1.8 %
2,642,090	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.49% (A) (Cost $2,642,090)	$	2,642,090
	TOTAL INVESTMENTS - 100.1 % (Cost $131,821,221)	$	148,113,930
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1) %		(122,821	)
	NET ASSETS - 100.0 %	$	147,991,109

* Non-income producing securities.

REITs - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at March 31, 2018.

The accompanying notes are an integral part of these financial statements.

15

Schedule of Investments | Large/Mid Cap Value Fund

As of March 31, 2018 (Unaudited)

Shares		Fair Value
	COMMON STOCK - 88.6 %
	AEROSPACE/DEFENSE - 5.4 %
44,050	Curtiss-Wright Corp.	$	5,949,833
27,300	General Dynamics Corp.		6,030,570
			11,980,403
	BANKS - 8.3 %
97,650	Chemical Financial Corp.		5,339,502
53,900	East West Bancorp, Inc.		3,370,906
16,986	SVB Financial Group *		4,076,810
98,815	Western Alliance Bancorp *		5,742,140
			18,529,358
	BUILDING MATERIALS - 2.4 %
51,900	Eagle Materials, Inc.		5,348,295
	CHEMICALS - 3.0 %
17,350	Sherwin-Williams Co.		6,803,282
	COMPUTERS - 2.4 %
80,785	Amdocs Ltd.		5,389,975
	DIVERSIFIED FINANCIAL SERVICES - 2.7 %
84,870	Intercontinental Exchange, Inc.		6,154,772
	ELECTRIC - 3.6 %
55,800	DTE Energy Co.		5,825,520
41,465	NorthWestern Corp.		2,230,817
			8,056,337
	ELECTRIC COMPONENTS & EQUIPMENT - 2.2 %
40,500	Hubbell, Inc.		4,932,090
	ELECTRONICS - 13.6 %
70,740	Amphenol Corp. - Cl. A		6,092,836
96,800	Avnet, Inc.		4,042,368
126,300	FLIR Systems, Inc.		6,316,263
18,100	Honeywell International, Inc.		2,615,631
75,900	PerkinElmer, Inc.		5,747,148
57,100	TE Connectivity, Ltd.		5,704,290
			30,518,536
	FOOD - 6.6 %
140,500	Flowers Foods, Inc.		3,071,330
49,990	JM Smucker Co.		6,199,260
52,300	McCormick & Co., Inc.		5,564,197
			14,834,787
	HEALTHCARE - PRODUCTS - 5.4 %
79,800	Dentsply Sirona, Inc.		4,014,738
114,800	Patterson Companies, Inc.		2,552,004
59,550	STERIS PLC		5,559,588
			12,126,330
	INSURANCE 5.6 %
86,500	Arthur J. Gallagher & Co.		5,945,145
25,400	Everest Re Group Ltd.		6,523,228
			12,468,373
	MEDIA - 2.1 %
6,682	Cable One, Inc.		4,591,269
	MISCELLANEOUS MANUFACTURING - 3.6 %
34,750	Eaton Corp. PLC		2,776,872
78,500	Pentair PLC		5,348,205
			8,125,077

The accompanying notes are an integral part of these financial statements.

16

Schedule of Investments | Large/Mid Cap Value Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	OIL & NATURAL GAS - 4.7 %
50,585	EOG Resources, Inc.	$	5,325,083
42,100	Marathon Petroleum Corp.		3,077,931
47,695	RSP Permian, Inc. *		2,235,942
			10,638,956
	OIL & GAS SERVICES - 1.0 %
46,305	Halliburton Co.		2,173,557
	RETAIL - 3.4 %
25,675	Advance Auto Parts, Inc.		3,043,771
49,900	Genuine Parts Co.		4,483,016
			7,526,787
	SEMICONDUCTORS - 6.4 %
22,600	Broadcom Ltd.		5,325,690
51,200	KLA - Tencor Corp.		5,581,312
16,500	Lam Research Corp.		3,352,140
			14,259,142
	SOFTWARE - 1.4 %
29,650	Broadridge Financial Solutions, Inc.		3,252,308
	TEXTILES - 1.9 %
18,800	Mohawk Industries, Inc. *		4,365,736
	TRANSPORTATION - 2.9 %
47,900	Union Pacific Corp.		6,439,197
	TOTAL COMMON STOCK (Cost $158,608,284)		198,514,567
	REITs - 5.1 %
28,825	Public Storage		5,776,242
36,925	Simon Property Group, Inc.		5,699,374
	TOTAL REITs (Cost $13,477,918)		11,475,616
	MONEY MARKET FUND - 6.0 %
13,409,744	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.14% (A) (Cost $13,409,744)		13,409,744
	TOTAL INVESTMENTS - 99.7 % (Cost $185,495,946)	$	223,399,927
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.3 %		623,225
	NET ASSETS - 100.0 %	$	224,023,152

* Non-income producing securities.

PLC - Public Limited Co.

REITs - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at March 31, 2018.

The accompanying notes are an integral part of these financial statements.

17

Schedule of Investments | Fixed Income Fund

As of March 31, 2018 (Unaudited)

Par Value		Coupon Rate (%)	Maturity		Fair Value
	BONDS & NOTES - 96.3 %
	CORPORATE BONDS - 31.7 %
$    1,000,000	ABB Finance USA, Inc.	2.875		5/8/2022	$	989,852
1,000,000	Abbvie, Inc.	3.200		5/14/2026		952,097
1,000,000	American Electric Power	3.200		11/13/2027		954,916
1,000,000	Boardwalk Pipelines LP	5.750		9/15/2019		1,034,885
1,000,000	Broadridge Financial Solutions, Inc.	3.400		6/27/2026		967,169
1,000,000	Buckeye Partners LP	3.950		12/1/2026		945,802
1,000,000	Canadian Pacific RR Co.	2.900		2/1/2025		962,766
1,000,000	CBOE Holdings, Inc.	3.650		1/12/2027		976,319
1,000,000	Celgene Corp.	3.875		8/15/2025		992,290
1,000,000	Columbia Pipeline Group, Inc.	4.500		6/1/2025		1,010,782
1,000,000	CSX Corp.	3.250		6/1/2027		957,710
1,000,000	Delphi Automotive Systems Corp.	4.150		3/15/2024		1,026,801
325,000	Eaton Corp.	5.600		5/15/2018		326,199
750,000	Eaton Corp.	2.750		11/2/2022		733,403
1,000,000	Enable Midstream Partners LP	3.900		5/15/2024		976,899
500,000	Energy Transfer Partners LP	6.700		7/1/2018		505,257
750,000	Husky Energy, Inc.	3.950		4/15/2022		764,995
914,312	John Sevier Combined Cycle Generation LLC	4.626		1/15/2042		998,153
750,000	Johnson Controls, Inc.	5.000		3/30/2020		780,890
1,000,000	Kennametal, Inc.	3.875		2/15/2022		1,018,330
800,000	LYB International Finance BV	4.000		7/15/2023		815,914
1,500,000	NiSource Finance Corp.	3.490		5/15/2027		1,452,455
1,000,000	Phillips 66	3.605		2/15/2025		979,734
1,000,000	Potash Corp.	4.000		12/15/2026		1,000,616
128,000	Rio Tinto Finance USA PLC	2.875		8/21/2022		128,158
1,000,000	Stanley Black & Decker, Inc.	2.900		11/1/2022		985,863
700,000	Sunoco Logistics Partners LP	4.250		4/1/2024		696,949
1,200,000	Ventas Realty LP/CAP Corp.	3.250		8/15/2022		1,190,586
1,000,000	Zimmer Biomet Holdings, Inc.	2.700		4/1/2020		989,619
	TOTAL CORPORATE BONDS (Cost $26,571,807)					26,115,409
	U.S. GOVERNMENT & AGENCY OBLIGATIONS - 64.6 %
	GOVERNMENT NOTES & BONDS - 38.7 %
6,400,000	United States Treasury Note	3.125		5/15/2021		6,534,375
12,025,000	United States Treasury Note	2.125		6/30/2022		11,835,700
6,750,000	United States Treasury Note	2.250		11/15/2024		6,574,790
3,000,000	United States Treasury Note	2.000		8/15/2025		2,859,434
1,000,000	United States Treasury Note	1.625		2/15/2026		922,734
2,500,000	United States Treasury Note	4.500		2/15/2036		3,089,990
	TOTAL GOVERNMENT NOTES & BONDS (Cost $32,705,661)					31,817,023
	GOVERNMENT MORTGAGE-BACKED SECURITIES - 25.9 %
627,485	GNMA Pool 783060	4.000		8/15/2040		649,276
299,759	GNMA Pool 783403	3.500		9/15/2041		304,437
373,361	GNMA Pool G2 4520	5.000		8/20/2039		400,883
457,141	GNMA Pool G2 4947	5.000		2/20/2041		488,837
1,226,160	GNMA Pool G2 MA3376	3.500		1/20/2046		1,240,340
2,220,572	GNMA Pool G2 MA3663	3.500		5/20/2046		2,245,569
1,016,973	GNMA Pool G2 MA3735	3.000		6/20/2046		1,003,788
809,888	GNMA Pool G2 MA3736	3.500		6/20/2046		818,880
1,305,403	GNMA Pool G2 MA4004	3.500		10/20/2046		1,319,694

The accompanying notes are an integral part of these financial statements.

18

Schedule of Investments | Fixed Income Fund

As of March 31, 2018 (Unaudited) (Continued)

Par Value		Coupon Rate (%)		Maturity		Fair Value
	GOVERNMENT MORTGAGE-BACKED SECURITIES - 25.9 % (Cont.)
$      878,043	GNMA Pool G2 MA4509		3.000		6/20/2047	$	865,539
1,183,453	GNMA Pool G2 MA4652		3.500		8/20/2047		1,196,409
1,610,885	GNMA Pool G2 MA4719		3.500		9/20/2047		1,628,556
1,617,926	GNMA Pool G2 MA4778		3.500		10/20/2047		1,635,700
1,520,463	GNMA Pool G2 MA4780		4.500		10/20/2047		1,584,207
1,479,594	GNMA Pool G2 MA4901		4.000		12/20/2047		1,523,311
1,356,409	GNMA Pool G2 MA4963		4.000		1/20/2048		1,397,628
1,132,785	GNMA Pool G2 MA4964		4.500		1/20/2048		1,183,353
1,795,327	GNMA Pool G2 MA5021		4.500		2/20/2048		1,873,631
	TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $21,896,904)						21,360,038
	TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $54,602,565)						53,177,061
	TOTAL BONDS AND NOTES (Cost $81,174,372)						79,292,470
Shares
	MONEY MARKET FUND - 3.1 %
2,535,949	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.49% (A) (Cost $2,535,949)						2,535,949
	TOTAL INVESTMENTS - 99.4 % (Cost $83,710,321)					$	81,828,419
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.6 %						512,114
	NET ASSETS - 100.0 %					$	82,340,533

GNMA - Government National Mortgage Association.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Co.

(A) Variable rate security; the rate shown represents the yield at March 31, 2018.

The accompanying notes are an integral part of these financial statements.

19

Schedule of Investments | High Yield Bond Fund

As of March 31, 2018 (Unaudited)

Par Value		Coupon Rate (%)	Maturity		Fair Value
	CORPORATE BONDS - 97.3 %
$    1,000,000	Alliance Resource Finance Corp. (A)	7.500		5/1/2025	$	1,053,750
500,000	Amsted Industries, Inc. (A)	5.000		3/15/2022		502,500
500,000	Amsted Industries, Inc. (A)	5.375		9/15/2024		502,500
1,000,000	Ashtead Capital, Inc. (A)	4.125		8/15/2025		961,250
950,000	B&G Foods, Inc.	5.250		4/1/2025		887,347
1,000,000	Berry Plastics Corp.	5.125		7/15/2023		1,015,030
750,000	Bombardier, Inc. (A)	6.125		1/15/2023		751,868
500,000	Braskem Finance, Ltd.	6.450		2/3/2024		545,750
250,000	Calpine Corp.	5.750		1/15/2025		229,375
500,000	Cascades, Inc. (A)	5.500		7/15/2022		505,625
500,000	Cemex Finance LLC (A)	6.000		4/1/2024		516,250
500,000	Centene Corp.	4.750		1/15/2025		488,750
600,000	Community Health Systems, Inc.	6.250		3/31/2023		555,750
750,000	Covanta Holding Corp.	5.875		3/1/2024		736,875
250,000	Crestwood Midstream Finance Corp.	5.750		4/1/2025		248,750
1,000,000	CyrusOne Finance Corp.	5.000		3/15/2024		1,003,750
1,000,000	Dana, Inc.	5.500		12/15/2024		1,020,000
750,000	DaVita HealthCare Partners, Inc.	5.000		5/1/2025		726,788
500,000	DCP Midstream, LLC (A) (B)	5.850		5/21/2043		475,000
1,000,000	Delphi Jersey Holdings PLC (A)	5.000		10/1/2025		961,250
500,000	Eldorado Gold Corp. (A)	6.125		12/15/2020		476,250
1,000,000	Energy Transfer Equity LP	5.875		1/15/2024		1,035,000
1,000,000	Equinix, Inc.	5.375		5/15/2027		1,017,500
500,000	Ferrellgas LP	6.750		1/15/2022		476,250
750,000	FMG Resources (A)	5.125		5/15/2024		742,493
500,000	FTI Consulting, Inc.	6.000		11/15/2022		515,000
750,000	Gartner, Inc. (A)	5.125		4/1/2025		751,875
500,000	Genesis Energy LP	6.750		8/1/2022		515,625
500,000	Geo Group, Inc.	5.125		4/1/2023		496,250
500,000	Gibraltar Industries, Inc.	6.250		2/1/2021		506,500
500,000	Global Partners LP/ Global Finance Corp.	6.250		7/15/2022		500,000
1,000,000	Goodyear Tire & Rubber Co.	4.875		3/15/2027		964,470
750,000	HCA, Inc.	5.250		4/15/2025		768,525
500,000	IHS Markit Ltd. (A)	4.750		2/15/2025		508,750
600,000	Ingevity Corp. (A)	4.500		2/1/2026		579,000
100,000	Itron, Inc. (A)	5.000		1/15/2026		98,780
500,000	Kaiser Aluminum Corp.	5.875		5/15/2024		518,750
1,000,000	Koppers, Inc. (A)	6.000		2/15/2025		1,024,200
1,000,000	Millicom International Cellular SA (A)	5.125		1/15/2028		958,750
1,000,000	MPT Operating Partnership LP	5.250		8/1/2026		1,001,250
500,000	New Gold, Inc. (A)	6.375		5/15/2025		512,500
500,000	NGL Energy Partners LP	6.875		10/15/2021		500,625
500,000	NGL Energy Partners LP	6.125		3/1/2025		478,750
1,000,000	Nova Chemicals Corp. (A)	5.250		6/1/2027		952,500
250,000	NRG Energy, Inc.	7.250		5/15/2026		265,700
1,000,000	NuStar Logistics LP	5.625		4/28/2027		972,500
500,000	NXP BV / NXP Funding, LLC (A)	4.625		6/1/2023		510,150
850,000	Olin Corp.	5.125		9/15/2027		840,438
500,000	Oshkosh Corp.	5.375		3/1/2025		517,500
250,000	Parker Drilling Co.	6.750		7/15/2022		195,000
500,000	Parsley Finance Corp. (A)	5.250		8/15/2025		498,125
1,000,000	PBF Finance Corp.	7.250		6/15/2025		1,041,250
500,000	QTS LP (A)	4.750		11/15/2025		472,500
1,000,000	Reynolds Group Issuer, Inc. (A)	5.125		7/15/2023		1,010,950
500,000	Rose Rock Midstream LP	5.625		7/15/2022		487,500
500,000	RSP Permian, Inc.	5.250		1/15/2025		519,375
750,000	Scotts Miracle-Gro Co.	5.250		12/15/2026		745,312
1,000,000	Sealed Air Corp. (A)	5.250		4/1/2023		1,032,500
500,000	SemGroup LP	6.375		3/15/2025		480,000

The accompanying notes are an integral part of these financial statements.

20

Schedule of Investments | High Yield Bond Fund

As of March 31, 2018 (Unaudited) (Continued)

Par Value		Coupon Rate (%)	Maturity		Fair Value
	CORPORATE BONDS - 97.3 % (Cont.)
$    1,000,000	Standard Industries, Inc. (A)	5.000		2/15/2027	$	973,190
500,000	Steel Dynamics, Inc.	5.250		4/15/2023		508,125
1,000,000	Suburban Propane Partners LP	5.875		3/1/2027		952,500
1,000,000	Summit Midstream Holdings LLC	5.750		4/15/2025		957,500
1,000,000	Tallgrass Energy Finance Corp. (A)	5.500		1/15/2028		1,010,000
500,000	Targa Resources Partners LP	4.250		11/15/2023		481,875
500,000	Targa Resources Partners LP	5.375		2/1/2027		500,000
500,000	Teleflex, Inc.	4.875		6/1/2026		497,500
500,000	Tempur Sealy International, Inc.	5.625		10/15/2023		504,150
750,000	Tenet Healthcare Corp.	4.375		10/1/2021		740,625
1,000,000	Tim Technologies, Inc. (A)	5.625		10/1/2025		997,500
750,000	Toll Brothers Finance Corp.	4.875		11/15/2025		742,500
500,000	TreeHouse Foods, Inc. (A)	6.000		2/15/2024		505,000
750,000	TRI Pointe Group, Inc.	5.875		6/15/2024		764,775
500,000	United Rentals North America, Inc.	4.625		7/15/2023		510,625
500,000	United Rentals North America, Inc.	4.875		1/15/2028		483,750
500,000	Valvoline, Inc.	5.500		7/15/2024		514,375
500,000	Valvoline, Inc.	4.375		8/15/2025		486,250
1,000,000	VeriSign, Inc.	4.625		5/1/2023		1,003,450
325,000	Weekley Finance Corp.	6.000		2/1/2023		325,000
500,000	Weekley Finance Corp. (A)	6.625		8/15/2025		496,250
250,000	Whiting Petroleum Corp. (A)	6.625		1/15/2026		252,187
500,000	WPX Energy, Inc.	5.250		9/15/2024		495,000
	TOTAL BONDS (Cost $54,628,249)					53,878,678
Shares
	MONEY MARKET FUND - 1.3 %
697,832	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.49% (B) (Cost $697,832)					697,832
	TOTAL INVESTMENTS - 98.6 % (Cost $55,326,081)				$	54,576,510
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 1.4 %					799,602
	NET ASSETS - 100.0 %				$	55,376,112

LLC - Limited Liability Company.

LP - Limited Partnership.

(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 37.2% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(B) Variable rate security; the rate shown represents the yield at March 31, 2018.

The accompanying notes are an integral part of these financial statements.

21

Schedule of Investments | Israel Common Values Fund

As of March 31, 2018 (Unaudited)

Shares		Fair Value
	COMMON STOCK - 97.0 %
	AEROSPACE/DEFENSE - 3.3 %
13,101	Elbit Systems Ltd.	$	1,592,689
	APPAREL - 1.2 %
19,500	Delta-Galil Industries Ltd.		573,195
	BANKS - 15.2 %
44,500	Bank Hapoalim BM (ADR)		1,526,350
363,000	Bank Leumi Le-Israel BM		2,182,642
44,300	First International Bank Of Israel Ltd.		932,472
447,000	Israel Discount Bank Ltd. *		1,280,835
74,000	Mizrahi Tefahot Bank Ltd. *		1,412,826
			7,335,125
	CHEMICALS - 1.0 %
116,000	Israel Chemicals Ltd.		491,840
	COMPUTERS - 4.3 %
10,500	Check Point Software Technologies Ltd. *		1,043,070
35,266	Kornit Digital Ltd. *		454,931
49,210	Matrix IT Ltd.		554,354
			2,052,355
	ELECTRIC - 1.9 %
16,700	Ormat Technologies, Inc.		941,566
	ELECTRONICS - 4.8 %
27,896	Ituran Location and Control Ltd.		867,566
23,400	Orbotech Ltd. *		1,455,012
			2,322,578
	ENERGY-ALTERNATE SOURCES - 0.0 %
6,360	Energix-Renewable Energies Ltd. *		6,159
	FOOD - 10.1 %
22,500	Frutarom Industries Ltd.		2,057,835
15,700	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.		787,940
160,000	Shufersal Ltd.		1,017,645
47,500	Strauss Group Ltd.		1,021,476
			4,884,896
	HEALTHCARE - PRODUCTS - 1.7 %
13,000	Mazor Robotics Ltd. (ADR) *		797,680
	HOLDING COMPANIES - DIVERSIFIED - 3.1 %
33,000	Elco Ltd.		687,475
174,400	Inrom Construction Industries Ltd.		809,696
			1,497,171
	HOME BUILDERS - 1.8 %
1,800	Bayside Land Corp.		850,563
	INSURANCE - 6.5 %
54,600	Clal Insurance Enterprises Holdings Ltd. *		982,407
147,000	Harel Insurance Investments & Financial Services Ltd.		1,161,061
930,000	Migdal Insurance & Financial Holding Ltd.		991,495
			3,134,963

The accompanying notes are an integral part of these financial statements.

22

Schedule of Investments | Israel Common Values Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	OIL & NATURAL GAS - 8.1 %
245,541	Delek Drilling LP	$	753,231
1,900	Israel Corp. Ltd. *		356,529
2,961,664	Isramco Negev 2 LP		345,022
29,700	Noble Energy, Inc.		899,910
1,345,000	Oil Refineries Ltd.		621,385
2,500	Paz Oil Co. Ltd.		367,076
737,500	Ratio Oil Exploration 1992 LP *		569,481
			3,912,634
	REAL ESTATE - 7.7 %
80,000	Alony Hetz Properties & Investments Ltd.		720,281
151,000	Amot Investments Ltd.		807,719
11,000	Azrieli Group Ltd.		526,682
40,000	Gazit-Globe Ltd.		394,548
332,522	Jerusalem Economy Ltd. *		803,353
11,366	Melisron Ltd.		452,244
			3,704,827
	RETAIL - 3.4 %
84,909	Delek Automotive Systems Ltd. *		635,575
34,300	Tadiran Holdings Ltd.		1,001,396
			1,636,971
	SEMICONDUCTORS - 6.4 %
14,500	Mellanox Technologies Ltd. *		1,056,325
36,800	Nova Measuring Instruments Ltd. *		998,384
1	Tower Semiconductor Ltd. *		17
37,900	Tower Semiconductor Ltd. *		1,019,889
			3,074,615
	SOFTWARE - 6.2 %
19,000	CyberArk Software Ltd. *		969,380
79,783	Magic Software Enterprises Ltd.		678,155
27,455	Pointer Telocation Ltd. *		400,843
27,500	Radware Ltd. *		587,125
41,600	Sapiens International Corp. NV		354,848
			2,990,351
	TELECOMMUNICATIONS - 7.8 %
86,000	AudioCodes Ltd. *		614,900
69,800	Cellcom Israel Ltd. *		497,674
21,400	Nice Ltd. (ADR) *		2,010,102
73,600	Partner Communications Co. Ltd. *		331,225
9,117	Silicom Ltd.		313,716
			3,767,617
	TEXTILES - 1.1 %
30,300	Fox Wizel Ltd.		536,465
	TRANSPORTATION - 1.4 %
1,575,013	Novolog Ltd.		655,872
	TOTAL COMMON STOCK (Cost $36,384,565)		46,760,132

The accompanying notes are an integral part of these financial statements.

23

Schedule of Investments | Israel Common Values Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	MONEY MARKET FUND - 3.3 %
1,559,387	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.49% (A) (Cost $1,559,387)	$	1,559,387
	TOTAL INVESTMENTS - 100.3 % (Cost $37,943,952)	$	48,319,519
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.3) %		(125,759	)
	NET ASSETS - 100.0 %	$	48,193,760

* Non-income producing securities.

ADR American Depositary Receipt.

LP - Limited Partnership.

(A) Variable rate security; the rate shown represents the yield at March 31, 2018.

Diversification of Assets
Country	% of Net Assets
Israel		93.2%
United States		3.8%
Total		97.0%
Money Market Fund		3.3%
Other Assets Less Liabilities - Net		(0.3)%
Grand Total		100.0%

The accompanying notes are an integral part of these financial statements.

24

Schedule of Investments | Defensive Strategies Fund

As of March 31, 2018 (Unaudited)

Shares		Fair Value
	COMMON STOCK - 22.4 %
	AGRICULTURE - 0.6 %
559	Andersons, Inc.	$	18,503
3,336	Bunge Ltd.		246,664
871	Nutrien Ltd.		41,163
			306,330
	CHEMICALS - 2.1 %
8,718	CF Industries Holdings, Inc.		328,930
2,199	FMC Corp.		168,377
1,952	K+S AG		56,272
15,096	Mosaic Co.		366,531
3,811	Sociedad Quimica Y Minera de Chile, SA (ADR)		187,311
			1,107,421
	ENVIRONMENTAL CONTROL - 0.1 %
1,300	Kurita Water Industries Ltd.		41,378
	FOOD - 0.7 %
5,133	BRF SA (ADR) *		35,520
3,205	Darling Ingredients, Inc. *		55,446
1,040	Ingredion, Inc.		134,077
1,900	Megmilk Snow Brand Co. Ltd.		51,381
12,300	Nippon Suisan Kaisha Ltd.		63,495
2,091	Pilgrim’s Pride Corp. *		51,460
			391,379
	HEALTHCARE - SERVICES - 0.7 %
52,100	Brookdale Senior Living, Inc. *		349,591
	IRON/STEEL - 1.3 %
4,971	AK Steel Holding Corp. *		22,519
1,178	Allegheny Technologies, Inc. *		27,895
1,052	ArcelorMittal (ADR) *		33,464
7,145	Cleveland-Cliffs, Inc. *		49,658
8,109	Gerdau SA (ADR)		37,788
4,300	Hitachi Metals Ltd.		49,975
5,600	Kobe Steel Ltd. *		54,921
762	POSCO (ADR) *		60,084
3,654	Severstal PAO (GDR)		55,139
7,000	Tokyo Steel Manufacturing Co. Ltd.		55,882
760	United States Steel Corp.		26,744
15,556	Vale SA (ADR)		197,872
			671,941
	MACHINERY - DIVERSIFIED - 1.1 %
1,442	AGCO Corp.		93,514
4,046	CNH Industrial NV		50,170
2,144	Deere & Co.		333,006
5,200	Kubota Corp.		90,212
			566,902
	METAL FABRICATE/HARDWARE - 0.0 %
507	Tenaris SA (ADR)		17,578
	MINING - 5.3 %
3,452	Agnico Eagle Mines Ltd.		145,226
2,967	Alamos Gold, Inc.		15,458
5,540	Anglo American PLC		129,085
1,345	AngloGold Ashanti Ltd. (ADR)		12,764
2,974	BHP Billiton Ltd. (ADR)		132,135
234	BHP Billiton PLC (ADR)		9,297
451	Cameco Corp. *		4,100
3,247	Cia De Minas Buenaventura (ADR)		49,452
817	Compass Minerals International, Inc.		49,265

The accompanying notes are an integral part of these financial statements.

25

Schedule of Investments | Defensive Strategies Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	MINING - 5.3 % (Continued)
3,000	Detour Gold Corp. *	$	30,343
298	First Quantum Minerals Ltd.		4,181
1,932	Franco-Nevada Corp.		132,129
24,174	Glencore PLC		119,978
45,562	Gold Fields Ltd. (ADR)		183,159
2,494	Goldcorp, Inc.		34,467
37,129	Hecla Mining Co.		136,263
36,641	Kinross Gold Corp. *		144,732
16,700	Lundin Mining Corp.		109,455
3,400	Mitsubishi Materials Corp.		99,586
9,739	MMC Norilsk Nickel PJSC (ADR)		180,512
10,533	Pan American Silver Corp.		170,108
1,163	Randgold Resources Ltd. (ADR)		96,808
5,274	Rio Tinto PLC (ADR)		271,769
1,486	Royal Gold, Inc.		127,603
108	Southern Copper Corp.		5,851
900	Sumitomo Metal Mining Co. Ltd.		36,601
14,900	Tahoe Resources, Inc.		69,920
7,443	Teck Resources Ltd.		191,552
15,894	Turquoise Hill Resources Ltd. *		48,795
556	Wheaton Precious Metals Corp.		11,326
			2,751,920
	OIL & GAS - 8.0 %
268	Anadarko Petroleum Corp.		16,190
4,506	Antero Resources Corp. *		89,444
331	Apache Corp.		12,737
7,000	ARC Resources Ltd		76,230
2,514	Cabot Oil & Gas Corp.		60,286
2,358	Callon Petroleum Co. *		31,220
797	Canadian Natural Resources Ltd.		25,082
1,437	Carrizo Oil & Gas, Inc. *		22,992
13,966	Cenovus Energy, Inc.		118,834
901	Chesapeake Energy Corp. *		2,721
132	Cimarex Energy Co.		12,342
748	Concho Resources, Inc. *		112,447
268	ConocoPhillips		15,890
2,245	Continental Resources, Inc. *		132,343
18,100	Crescent Point Energy Corp.		122,983
543	Devon Energy Corp.		17,262
107	Diamondback Energy, Inc. *		13,538
1,026	Ecopetrol SA (ADR)		19,833
1,870	Encana Corp.		20,570
1,997	Energen Corp. *		125,531
9,700	Enerplus Corp.		109,019
1,233	Ensco PLC - Cl. A		5,413
1,081	EOG Resources, Inc.		113,797
1,575	EQT Corp.		74,828
1,280	Gulfport Energy Corp. *		12,352
587	Helmerich & Payne, Inc.		39,071
628	Hess Corp.		31,789
1,700	Husky Energy, Inc. *		24,315
6,500	Inpex Corp.		79,241
3,940	Lukoil PJSC (ADR)		271,466
13,581	Marathon Oil Corp.		219,062
2,350	Matador Resources Co. *		70,288
4,881	Murphy Oil Corp.		126,125
3,891	Newfield Exploration Co. *		95,018
4,564	Noble Energy, Inc.		138,289
876	Novatek OJSC (GDR)		120,012
13,089	Oasis Petroleum, Inc. *		106,021
435	Occidental Petroleum Corp.		28,258

The accompanying notes are an integral part of these financial statements.

26

Schedule of Investments | Defensive Strategies Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	OIL & GAS - 8.0 % (Continued)
656	Parsley Energy, Inc. *	$	19,018
1,939	PDC Energy, Inc. *		95,069
3,018	Petroleo Brasileiro SA (ADR) *		42,675
12,300	Peyto Exploration & Development Corp.		103,037
909	Pioneer Natural Resources Co.		156,148
3,059	PrairieSky Royalty Ltd.		66,839
2,659	QEP Resources, Inc. *		26,032
3,069	Range Resources Corp.		44,623
14,357	Rosneft Oil Company (GDR) *		78,705
3,678	Rowan Cos PLC *		42,444
2,417	RSP Permian, Inc. *		113,309
1,463	Sasol Ltd. (ADR)		49,786
7,200	Seven Generations Energy Ltd. *		89,354
1,829	Southwestern Energy Co. *		7,920
7,415	Statoil ASA (ADR)		175,365
2,300	Suncor Energy, Inc.		79,369
4,900	Tourmaline Oil Corp.		83,044
5,810	Transocean Ltd. *		57,519
2,400	Vermillion Energy, Inc.		77,329
1,925	WPX Energy, Inc. *		28,451
504	YPF SA (ADR)		10,896
			4,159,771
	OIL & GAS SERVICES - 1.6 %
3,199	Baker Hughes, Inc.		88,836
682	Core Laboratories NV		73,806
1,006	Dril-Quip, Inc. *		45,069
2,336	Halliburton Co.		109,652
10,261	McDermott International, Inc. *		62,489
409	National Oilwell Varco, Inc.		15,055
3,327	Oceaneering International, Inc.		61,682
1,315	Oil States International, Inc. *		34,453
3,541	Schlumberger Ltd.		229,386
733	TechnipFMC PLC (France)		21,302
3,683	TechnipFMC PLC		108,464
			850,194
	WATER - 0.9 %
2,961	American Water Works Co.		243,187
8,680	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		91,921
5,651	Veolia Environnement SA		133,750
			468,858
	TOTAL COMMON STOCK (Cost $12,183,130)		11,683,263
	REITs - 22.7 %
2,800	Alexandria Real Estate Equities, Inc.		349,692
7,500	Apartment Investment & Management Co. - Class A		305,625
2,950	AvalonBay Communities, Inc.		485,157
2,600	Boston Properties, Inc.		320,372
9,400	Brandywine Realty Trust		149,272
10,000	Brixmor Property Group, Inc.		152,500
8,500	Columbia Property Trust, Inc.		173,910
2,600	Crown Castle International Corp.		284,986
9,400	CubeSmart		265,080
7,400	DCT Industrial Trust, Inc.		416,916
4,200	Douglas Emmett, Inc.		154,392
12,000	Duke Realty Corp.		317,760
2,800	EPR Properties		155,120
1,800	Equinix, Inc.		752,652
3,000	Equity Lifestyle Properties, Inc.		263,310
7,700	Equity Residential		474,474
1,354	Essex Property Trust, Inc.		325,881
2,300	Federal Realty Investment Trust		267,053

The accompanying notes are an integral part of these financial statements.

27

Schedule of Investments | Defensive Strategies Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares				Fair Value
	REITs - 22.7 % (Continued)
17,000	HCP, Inc.			$	394,910
9,000	Hospitality Properties Trust				228,060
5,300	Invitation Homes, Inc.				120,999
3,700	Kilroy Realty Corp.				262,552
4,063	Macerich Co.				227,609
1,308	Mid-America Apartment Communities, Inc.				119,342
1,700	National Health Investors, Inc.				114,393
4,700	National Retail Properties, Inc.				184,522
8,994	Prologis, Inc.				566,532
2,400	PS Business Parks, Inc.				271,296
2,200	Public Storage				440,858
2,233	Rayonier, Inc.				78,557
5,300	Regency Centers Corp.				312,594
12,852	RLJ Lodging Trust				249,843
6,129	Simon Property Group, Inc.				946,011
2,550	SL Green Realty Corp.				246,917
15,800	Spirit Realty Capital, Inc.				122,608
8,900	Store Capital Corp.				220,898
11,400	UDR, Inc.				406,068
4,900	Vornado Realty Trust				329,770
7,000	Weingarten Realty Investors				196,560
1,800	Welltower, Inc.				97,974
1,726	Weyerhaeuser Co.				60,410
	TOTAL REITS (Cost $11,301,455)				11,813,435
Par Value		Coupon Rate %	Maturity
	BONDS & NOTES - 32.1 %
	COPORATE BONDS - 2.5 %
$      400,000	Energy Transfer Partners LP	6.700	7/1/2018		404,205
400,000	LYB International Finance BV	4.000	7/15/2023		407,957
500,000	Welltower, Inc.	3.750	3/15/2023		506,736
	TOTAL CORPORATE BONDS (Cost $1,296,516)				1,318,898
	TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 29.6 %
2,350,000	TIPS	0.125	4/15/2019		2,484,375
2,570,000	TIPS	0.125	4/15/2022		2,582,984
1,320,000	TIPS	0.625	1/15/2024		1,410,106
760,000	TIPS	2.375	1/15/2025		1,119,440
1,245,000	TIPS	2.000	1/15/2026		1,717,416
1,050,000	TIPS	2.375	1/15/2027		1,479,057
950,000	TIPS	1.750	1/15/2028		1,236,395
850,000	TIPS	2.500	1/15/2029		1,163,012
1,535,000	TIPS	2.125	2/15/2041		2,207,717
	TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $15,498,756)				15,400,502
	TOTAL BONDS AND NOTES (Cost $16,795,272)				16,719,400
Ounces
	ALTERNATIVE INVESTMENTS - 18.9 %
6,743	Gold Bars *				8,934,629
57,827	Silver Bars *				945,589
	TOTAL ALTERNATIVE INVESTMENTS (Cost $8,900,255)				9,880,218

The accompanying notes are an integral part of these financial statements.

28

Schedule of Investments | Defensive Strategies Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	MONEY MARKET FUND - 3.8 %
2,006,362	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.49% (A) (Cost $2,006,362)	$	2,006,362
	TOTAL INVESTMENTS - 99.9 % (Cost $51,186,474)	$	52,102,678
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.1 %		36,406
	NET ASSETS - 100.0 %	$	52,139,084

* Non-income producing securities/investments.

ADR - American Depositary Receipt.

GDR - Global Depositary Receipt.

REITs - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at March 31, 2018.

The accompanying notes are an integral part of these financial statements.

29

Schedule of Investments | Strategic Growth Fund

As of March 31, 2018 (Unaudited)

Shares		Fair Value
	MUTUAL FUNDS - 98.4 % (A)
268,895	Timothy Plan Aggressive Growth Fund *	$	2,250,651
419,543	Timothy Plan Defensive Strategies Fund		4,761,809
295,375	Timothy Plan Emerging Markets Fund		2,906,494
197,080	Timothy Plan Fixed Income Fund		1,957,006
341,269	Timothy Plan Growth & Income Fund		3,733,483
281,181	Timothy Plan High Yield Bond Fund		2,544,689
791,733	Timothy Plan International Fund		8,107,342
133,696	Timothy Plan Israel Common Values Fund		1,973,349
465,783	Timothy Plan Large/Mid Cap Growth Fund		4,056,972
233,252	Timothy Plan Large/Mid Cap Value Fund		4,508,765
125,553	Timothy Plan Small Cap Value Fund		2,438,246
	TOTAL MUTUAL FUNDS (Cost $36,196,895)		39,238,806
	MONEY MARKET FUND - 1.7 %
675,137	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.49% (B) (Cost $675,137)		675,137
	TOTAL INVESTMENTS - 100.1 % (Cost $36,872,032)	$	39,913,943
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1) %		(41,000)
	NET ASSETS - 100.0 %	$	39,872,943

* Non-income producing securities.

(A) Affiliated Funds - Class A.

(B) Variable rate security; the rate shown represents the yield at March 31, 2018.

The accompanying notes are an integral part of these financial statements.

30

Schedule of Investments | Conservative Growth Fund

As of March 31, 2018 (Unaudited)

Shares		Fair Value
	MUTUAL FUNDS - 96.8 % (A)
265,231	Timothy Plan Aggressive Growth Fund *	$	2,219,986
520,982	Timothy Plan Defensive Strategies Fund		5,913,141
257,238	Timothy Plan Emerging Markets Fund		2,531,226
1,308,196	Timothy Plan Fixed Income Fund		12,990,384
462,318	Timothy Plan Growth & Income Fund		5,057,762
380,903	Timothy Plan High Yield Bond Fund		3,447,174
577,521	Timothy Plan International Fund		5,913,815
126,711	Timothy Plan Israel Common Values Fund		1,870,246
473,188	Timothy Plan Large/Mid Cap Growth Fund		4,121,464
243,979	Timothy Plan Large/Mid Cap Value Fund		4,716,117
141,710	Timothy Plan Small Cap Value Fund		2,752,010
	TOTAL MUTUAL FUNDS (Cost $48,919,347)		51,533,325
	MONEY MARKET FUND - 3.4 %
1,805,868	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.49% (B) (Cost $1,805,868)		1,805,868
	TOTAL INVESTMENTS - 100.2 % (Cost $50,725,215)	$	53,339,193
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.2) %		(90,553)
	NET ASSETS - 100.0 %	$	53,248,640

* Non-income producing securities.

(A) Affiliated Funds - Class A.

(B) Variable rate security; the rate shown represents the yield at March 31, 2018.

The accompanying notes are an integral part of these financial statements.

31

Schedule of Investments | Emerging Markets Fund

As of March 31, 2018 (Unaudited)

Shares		Fair Value
	COMMON STOCK - 63.8 %
	AEROSPACE/DEFENSE - 3.8 %
41,645	Embraer SA (ADR)	$	1,082,770
	AGRICULTURE - 0.5 %
20,026	Adecoagro SA *		150,595
	APPAREL - 0.8 %
54,000	Yue Yuen Industrial Holdings Ltd.		214,327
	AUTO MANUFACTURERS - 1.6 %
14,930	Kia Motors Corp.		446,121
	AUTO PARTS & EQUIPMENT - 2.3 %
2,268	China Yuchai International Ltd.		48,013
2,484	Hyundai Mobis Co. Ltd.		591,928
			639,941
	BANKS - 11.1 %
117,974	AkBank TAS *		284,705
96,366	Banco del Bajio SA (A) *		205,841
63,300	Bangkok Bank PCL (NVDR)		400,812
24,377	Barclays Africa Group Ltd.		390,279
18,990	Grupo Aval Acciones y Valores SA (ADR)		157,807
94,708	Sberbank of Russia		418,096
113,800	Siam Commercial Bank Public Company Limited		522,235
12,061	TBC Bank Group PLC		311,313
72,989	Turkiye Garanti Bankasi AS		200,833
163,162	Turkiye Vakiflar Bankasi Tao *		267,722
			3,159,643
	BUILDING MATERIALS - 3.8 %
160,001	Cemex SAB de CV (ADR) *		1,059,207
85,571	Urbi Desarrollos Urbanos SAB de CV *		31,315
			1,090,522
	COMMERCIAL SERVICES - 6.2 %
50,800	Estacio Participacoes SA *		534,809
108,526	ITE Group PLC		237,799
112,000	Kroton Educacional SA		459,983
79,800	Mills Estruturas e Servicos de Engenharia SA *		78,993
5,064	S-1 Corp. *		456,088
			1,767,672
	COMPUTERS - 4.0 %
58,000	Asustek Computer, Inc.		540,076
93,045	DataTec Ltd.		163,337
24,448	Infosys Ltd. (ADR)		436,397
			1,139,810
	ELECTRIC - 4.9 %
97,000	AES Tiete Energia SA		354,892
8,600	Cia Paranaense de Energia *		59,773
3,260,992	Enel Chile SA		422,668
27,949	Reliance Infrastructure Ltd. (GDR)		558,980
			1,396,313
	FOOD - 3.8 %
4,534	Binggrae Co. Ltd. *		256,072
544,000	First Pacific Co. Ltd.		295,972
302,400	Marfrig Global Foods SA *		535,906
			1,087,950
	HOLDING COMPANIES - 1.2 %
879,000	Jasmine Broadband Internet Infrastructure Fund		328,887

The accompanying notes are an integral part of these financial statements.

32

Schedule of Investments | Emerging Markets Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	INSURANCE - 1.3 %
33,437	Korean Reinsurance Company *	$	357,615
	IRON/STEEL - 1.0 %
939	POSCO		296,879
	MULTI-NATIONAL - 1.9 %
19,078	Banco Latinoamericano de Comercio Exterior SA		543,723
	OIL & GAS - 6.1 %
8,340	Lukoil PJSC (ADR)		577,295
44,500	Petrobras Distribuidora SA		309,556
8,501	Petroleo Brasileiro SA (ADR) *		110,428
34,791	YPF SA (ADR)		752,181
			1,749,460
	RETAIL - 3.5 %
2,526,000	Bosideng International Holdings Ltd.		247,827
257,500	Lifestyle China Group Ltd. *		72,509
186,500	Lifestyle International Holdings Ltd.		305,594
103,000	Luk Fook Holdings International Ltd.		374,030
			999,960
	SEMICONDUCTORS - 1.2 %
146	Samsung Electronics Co., Ltd.		335,859
	TELECOMMUNICATIONS - 4.6 %
15,708	Empresa Nacional de Telecomunicaciones SA *		180,306
1,404	Mobile TeleSystems PJSC (ADR)		15,992
97,017	Mobile TeleSystems PJSC *		494,871
3,330,175	XL Axiata TBK PT *		609,554
			1,300,723
	TEXTILES - 0.2 %
119,500	Weiqiao Textile Co.		60,905
	TOTAL COMMON STOCK (Cost $17,517,952)		18,149,675
	PREFERRED STOCK - 11.8 %
43,900	Cia Brasileira de Distribuicao		886,823
66,581	Cia Paranaense de Energia *		520,252
885,556	Grupo Aval Acciones y Valores SA		369,365
8,651	Hyundai Motor Co.		700,423
73,200	Petroleo Brasileiro SA *		471,540
813,625	Surgutneftegas OJSC *		421,672
	TOTAL PREFERRED STOCK (Cost $3,113,375)		3,370,075
	REITs - 8.9 %
1,108,101	Emlak Konut Gayrimenkul Yatirim Ortakligi AS *		707,703
479,933	Fibra Uno Administracion SA de CV		720,419
310,193	Macquarie Mexico Real Estate Management SA de CV (A)		346,670
455,189	PLA Administradora Industrial S de RL de CV		756,840
	TOTAL REITs (Cost $2,745,232)		2,531,632
	MONEY MARKET FUND - 15.0 %
4,264,094	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.49% (B) (Cost $4,264,094)		4,264,094
	TOTAL INVESTMENTS - 99.5 % (Cost $27,640,653)	$	28,315,476
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.5 %		135,027
	NET ASSETS - 100.0 %	$	28,450,503

The accompanying notes are an integral part of these financial statements.

33

Schedule of Investments | Emerging Markets Fund

As of March 31, 2018 (Unaudited) (Continued)

* Non-income producing securities.

ADR - American Depositary Receipt.

GDR - Global Depositary Receipt.

NVDR - Non-Voting Depositary Receipt.

PLC - Public Limited Co.

REITs - Real Estate Investment Trust.

(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 1.9% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(B) Variable rate security; the rate shown represents the yield at March 31, 2018.

Diversification of Assets
Country	% of Net Assets
Brazil		19.0%
South Korea		12.1%
Mexico		11.0%
Russia		6.8%
Hong Kong		5.3%
Turkey		5.1%
Thailand		4.4%
India		3.5%
Argentina		3.2%
Indonesia		2.1%
Chile		2.1%
South Africa		1.9%
Panama		1.9%
Taiwan		1.9%
Colombia		1.9%
Georgia		1.1%
Britain		0.8%
China		0.2%
Singapore		0.2%
Total		84.5%
Money Market Fund		15.0%
Other Assets in Excess of Liabilities - Net		0.5%
Grand Total		100.0%

The accompanying notes are an integral part of these financial statements.

34

Schedule of Investments | Growth & Income Fund

As of March 31, 2018 (Unaudited)

Shares		Fair Value
	COMMON STOCK - 43.3 %
	AIRLINES - 0.5 %
3,475	SkyWest, Inc.	$	189,040
	APPAREL - 0.6 %
2,410	Deckers Outdoor Corp. *		216,972
	AUTO PARTS & EQUIPMENT - 3.7 %
3,860	Allison Transmission Holdings, Inc.		150,772
9,280	American Axle & Manufacturing Holdings, Inc. *		141,242
1,470	Aptiv PLC		124,906
3,130	BorgWarner, Inc.		157,220
5,435	Dana, Inc.		140,006
920	Lear Corp.		171,203
6,235	Meritor, Inc. *		128,192
2,945	Tenneco, Inc.		161,592
1,135	Visteon Corp. *		125,122
			1,300,255
	BIOTECHNOLOGY - 0.4 %
6,175	Exelixis, Inc. *		136,776
	BUILDING MATERIALS - 2.0 %
4,410	Boise Cascade Co.		170,226
9,395	Builders FirstSource, Inc. *		186,397
6,045	Louisiana-Pacific Corp.		173,915
4,500	Norbord, Inc.		163,485
			694,023
	CHEMICALS - 0.9 %
5,315	Huntsman Corp.		155,464
3,405	Kraton Corp. *		162,453
			317,917
	COMMERCIAL SERVICES - 2.1 %
3,140	AerCap Holdings NV *		159,261
2,770	On Assignment, Inc. *		226,808
1,070	United Rentals, Inc. *		184,821
8,560	Western Union Co.		164,609
			735,499
	COMPUTERS - 2.2 %
1,745	DXC Technology Co.		175,425
4,250	Seagate Technology PLC		248,710
6,910	Syntel, Inc. *		176,412
1,860	Western Digital Corp.		171,622
			772,169
	DIVERSIFIED FINANCIAL SERVICES - 3.4 %
10,970	BGC Partners, Inc.		147,547
3,480	Encore Capital Group, Inc. *		157,296
5,325	Federated Investors, Inc.		177,855
3,995	Houlihan Lokey, Inc.		178,177
4,235	Legg Mason, Inc.		172,153
3,815	Moelis & Co.		193,993
10,000	Santander Consumer USA Holdings, Inc.		163,000
			1,190,021
	ELECTRIC - 1.6 %
2,380	Entergy Corp.		187,496
7,260	NRG Energy, Inc.		221,648
4,465	PNM Resources, Inc.		170,786
			579,930
	ELECTRICAL COMPONENTS & EQUIPMENT - 0.9 %
3,395	Generac Holdings, Inc. *		155,864
5,425	SPX Corp. *		176,204
			332,068

The accompanying notes are an integral part of these financial statements.

35

Schedule of Investments | Growth & Income Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares		Fair Value
	ELECTRONICS - 0.9 %
1,735	TE Connectivity Ltd.	$	173,327
7,955	Vishay Intertechnology, Inc.		147,963
			321,290
	ENERGY - ALTERNATE SOURCES - 0.5 %
2,645	First Solar, Inc. *		187,742
	FOOD - 0.8 %
5,490	Pilgrim’s Pride Corp. *		135,109
1,280	Sanderson Farms, Inc.		152,346
			287,455
	HAND/MACHINE TOOLS - 0.4 %
3,650	Kennametal, Inc.		146,584
	HEALTHCARE - PRODUCTS - 0.5 %
2,090	LivaNova PLC *		184,965
	HEALTHCARE - SERVICES - 1.7 %
2,020	Magellan Health, Inc. *		216,342
5,025	Tivity Health, Inc. *		199,241
905	WellCare Health Plans, Inc. *		175,235
			590,818
	HOME BUILDERS - 2.7 %
2,495	LGI Homes, Inc. *		176,072
5,668	MDC Holdings, Inc.		158,251
1,415	Thor Industries, Inc.		162,966
3,750	Toll Brothers, Inc.		162,188
9,565	TRI Pointe Group, Inc. *		157,153
3,520	Winnebago Industries, Inc.		132,352
			948,982
	HOME FURNISHINGS - 0.7 %
2,555	SodaStream International Ltd. *		234,626
	HOUSEHOLD PRODUCTS/WARES - 0.4 %
12,620	ACCO Brands Corp.		158,381
	INSURANCE - 2.7 %
5,545	American Equity Investment Life Holding Co.		162,801
6,905	CNO Financial Group, Inc.		149,631
12,620	MGIC Investment Corp. *		164,060
8,135	Radian Group, Inc.		154,890
1,045	Reinsurance Group of America, Inc.		160,930
3,110	Unum Group		148,067
			940,379
	IRON/STEEL - 1.1 %
26,225	Cleveland-Cliffs, Inc. *		182,264
5,805	United States Steel Corp.		204,278
			386,542
	MACHINERY - CONSTRUCTION & MINING - 0.9 %
1,130	Caterpillar, Inc.		166,539
1,935	Oshkosh Corp.		149,517
			316,056
	MINING - 1.0 %
10,925	Freeport-McMoRan, Inc. *		191,952
21,375	Hudbay Minerals, Inc.		151,762
			343,714
	MISCELLANEOUS MANUFACTURER - 0.9 %
4,445	Trinity Industries, Inc.		145,040
2,305	Trinseo SA		170,685
			315,725

The accompanying notes are an integral part of these financial statements.

36

Schedule of Investments | Growth & Income Fund

As of March 31, 2018 (Unaudited) (Continued)

Shares						Fair Value
	OIL & GAS - 2.8 %
12,750	Cenovus Energy, Inc.					$	108,885
64,300	Chesapeake Energy Corp. *						194,186
8,550	Diamond Offshores Drilling, Inc. *						125,343
3,875	HollyFrontier Corp.						189,332
2,665	Marathon Petroleum Corp.						194,838
1,945	Valero Energy Corp.						180,438
							993,022
	OIL & GAS SERVICES - 0.4 %
21,855	McDermott International, Inc. *						133,097
	PACKAGING & CONTAINERS - 0.4 %
7,090	Owens-Illinois, Inc. *						153,569
	PHARMACEUTICALS - 0.5 %
2,760	Express Scripts Holding Co. *						190,661
	RETAIL - 2.3 %
3,250	Big Lots, Inc.						141,472
1,490	Children’s Place, Inc.						201,522
2,205	Group 1 Automotive, Inc.						144,075
8,745	Michaels Companies, Inc. *						172,364
3,535	Rush Enterprises, Inc. *						150,202
							809,635
	SEMICONDUCTORS - 2.9 %
1,530	KLA-Tencor Corp.						166,785
785	Lam Research Corp.						159,481
3,750	Micron Technology, Inc. *						195,525
1,540	MKS Instruments, Inc.						178,101
3,785	Teradyne, Inc.						173,012
5,140	Tower Semiconductor Ltd. *						138,317
							1,011,221
	TRUCKING & LEASING - 0.5 %
3,240	Greenbrier Companies, Inc.						162,810
	TOTAL COMMON STOCK (Cost $14,188,079)						15,281,944
	EXCHANGE TRADED FUNDS - 0.3 %
4,000	James Biblically Responsible Investment ETF * (Cost $100,157)						98,338
	REITs - 0.8 %
8,150	New Residential Investment Corp.						134,067
7,830	Xenia Hotels & Resorts, Inc.						154,408
	TOTAL REITs (Cost $296,316)						288,475
Par Value		Coupon Rate (%)		Maturity
	BONDS & NOTES - 46.3 %
	CORPORATE BONDS - 0.7 %
$        250,000	ConocoPhillips Co. (Cost $254,295)		3.350		11/15/2024		248,393
	GOVERNMENT NOTES, BONDS & AGENCIES - 37.6 %
314,815	Federal Home Loan Banks		3.000		4/18/2031		299,456
500,000	Federal Home Loan Mortgage Corp.		3.100		3/29/2023		500,081
2,000,000	United States Treasury Note		1.250		10/31/2018		1,991,602
3,000,000	United States Treasury Note		1.888		1/31/2019		3,004,804
1,500,000	United States Treasury Note		1.250		4/30/2019		1,485,615
1,500,000	United States Treasury Note		1.625		8/15/2022		1,444,687
3,000,000	United States Treasury Note		1.750		5/15/2023		2,881,289
1,000,000	United States Treasury Note		3.125		2/15/2042		1,033,496
750,000	United States Treasury Note		2.250		8/15/2046		646,055
	TOTAL GOVERNMENT NOTES, BONDS & AGENCIES (Cost $13,449,263)						13,287,085

The accompanying notes are an integral part of these financial statements.

37

Schedule of Investments | Growth & Income Fund

As of March 31, 2018 (Unaudited) (Continued)

Par Value		Coupon Rate (%)		Maturity		Fair Value
	TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 8.0 %
$   2,000,000	United States Treasury Note TIPS (Cost $2,858,109)		2.375		1/15/2027	$	2,817,253
	TOTAL BONDS & NOTES (Cost $16,561,667)						16,352,731
Shares
	MONEY MARKET FUND - 9.1 %
3,194,622	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.49% (A) (Cost $3,194,622)						3,194,622
	TOTAL INVESTMENTS - 99.8 % (Cost $34,340,841)					$	35,216,110
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.2 %						72,411
	NET ASSETS - 100.0 %					$	35,288,521

* Non-income producing securities.

PLC - Public Limited Company.

REITs - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at March 31, 2018.

The accompanying notes are an integral part of these financial statements.

38

Timothy Plan Funds

Statements of Assets and Liabilities (Unaudited)

March 31, 2018

	Aggressive Growth Fund			International Fund			Large/Mid Cap Growth Fund			Small Cap Value Fund		Large/Mid Cap Value Fund		Fixed Income Fund
ASSETS:
Investments, at cost	$	23,904,838		$	91,198,002		$	74,699,324		$	131,821,221	$	185,495,946	$	83,710,321
Investments, at value	$	28,184,302		$	109,330,229		$	89,980,000		$	148,113,930	$	223,399,927	$	81,828,419
Cash		5,974			70,230			17,699			58,468		74,517		-
Dividends and interest receivable		12,954			163,582			42,897			133,821		150,673		569,123
Receivable for fund shares sold		7,427			90,767			41,989			42,057		109,734		33,170
Receivable for securities sold		-			-			-			293,718		702,654		-
Receivable for foreign tax reclaims		-			133,630			-			-		-		-
Prepaid expenses and other assets		21,262			50,275			45,815			105,212		70,143		22,618
Total Assets		28,231,919			109,838,713			90,128,400			148,747,206		224,507,648		82,453,330
LIABILITIES:
Payable for fund shares redeemed		19,496			85,944			137,771			125,428		221,564		27,992
Payable to related parties		-			14,826			6,928			-		30,900		29,651
Accrued advisory fees		18,245			87,800			64,330			100,274		143,899		27,275
Accrued 12b-1 fees		8,238			21,606			25,031			34,958		57,527		22,636
Payable for securities purchased		-			402,716			-			487,720		-		-
Accrued expenses and other liabilities		13,972			8,829			7,310			7,717		30,606		5,243
Total Liabilities		59,951			621,721			241,370			756,097		484,496		112,797
Net Assets	$	28,171,968		$	109,216,992		$	89,887,030		$	147,991,109	$	224,023,152	$	82,340,533
NET ASSETS CONSIST OF:
Paid in capital ($0 par value, unlimited shares authorized)	$	23,884,136		$	93,779,562		$	73,524,355		$	123,606,386	$	174,499,230	$	85,215,269
Accumulated net investment income (loss)		(368,921	)		(2,078,045	)		(171,908	)		131,941		315,127		359,308
Accumulated net realized gain (loss) from investment		377,289			(616,752	)		1,253,907			7,960,073		11,304,814		(1,352,142	)
Net unrealized appreciation (depreciation) on investments		4,279,464			18,132,227			15,280,676			16,292,709		37,903,981		(1,881,902	)
Net Assets	$	28,171,968		$	109,216,992		$	89,887,030		$	147,991,109	$	224,023,152	$	82,340,533
Class A
Net Assets	$	23,236,639		$	81,937,862		$	71,309,669		$	111,964,469	$	173,854,765	$	70,200,329
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		2,775,639			8,001,233			8,184,856			5,766,597		8,994,563		7,066,516
Net Asset Value, offering price and redemption price per share	$	8.37		$	10.24		$	8.71		$	19.42	$	19.33	$	9.93
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955)	$	8.86		$	10.84		$	9.22		$	20.55	$	20.46	$	10.40	*
Class C
Net Assets	$	3,930,183		$	5,148,939		$	10,666,244		$	13,684,056	$	25,336,796	$	9,781,808
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		567,081			518,520			1,492,719			961,568		1,614,127		1,022,370
Net Asset Value, offering price and redemption price per share	$	6.93		$	9.93		$	7.15		$	14.23	$	15.70	$	9.57
Minimum Redemption Price Per Share (NAV * 0.99)	$	6.86		$	9.83		$	7.08		$	14.09	$	15.54	$	9.47
Class I
Net Assets	$	1,005,146		$	22,130,191		$	7,911,117		$	22,342,584	$	24,831,591	$	2,358,396
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		118,405			2,158,055			895,042			1,137,920		1,273,510		239,085
Net Asset Value, offering price and redemption price per share	$	8.49		$	10.25		$	8.84		$	19.63	$	19.50	$	9.86

The accompanying notes are an integral part of these financial statements.

39

Timothy Plan Funds

Statements of Assets and Liabilities (Unaudited) (Continued)

March 31, 2018

	High Yield Bond Fund			Israel Common Values Fund			Defensive Strategies Fund			Strategic Growth Fund			Conservative Growth Fund		Emerging Markets Fund			Growth & Income Fund
ASSETS:
Investments, at cost	$	55,326,081		$	37,943,952		$	42,286,219		$	675,137		$	1,805,868	$	27,640,653		$	34,340,841
Investments in affiliates, at cost		-			-			-			36,196,895			48,919,347		-			-
Investments, at value	$	54,576,510		$	48,319,519		$	42,222,460		$	675,137		$	1,805,868	$	28,315,476		$	35,216,110
Investments in affiliates, at value		-			-			-			39,238,806			51,533,325		-			-
Gold and Silver Investments, at fair value (Cost $8,900,255)		-			-			9,880,218			-			-		-			-
Cash		-			53,924			2,730			-			-		91,150			3,413
Canadian Dollar (CAD)(Cost $965)		-			-			964			-			-		-			-
Turkish Lira (TRY)(Cost $10,125)		-			-			-			-			-		10,103			-
Dividends and interest receivable		835,045			43,915			122,871			724			1,753		75,389			92,877
Receivable for fund shares sold		47,853			65,023			57,683			6,783			3,524		4,784			7,440
Deposit with broker		-			-			39,745			-			-		-			-
Receivable for foreign tax reclaims		-			-			7,097			-			-		-			889
Prepaid expenses and other assets		48,459			42,379			12,794			13,213			17,464		57,782			16,906
Total Assets		55,507,867			48,524,760			52,346,562			39,934,663			53,361,934		28,554,684			35,337,635
LIABILITIES:
Payable for securities purchased		-			262,937			-			-			-		-			-
Payable for fund shares redeemed		76,426			7,531			73,927			16,513			59,142		67,328			6,033
Payable to related parties		3,831			986			39,522			14,214			18,668		-			7,735
Accrued advisory fees		27,063			41,030			24,162			18,778			27,877		26,760			24,438
Accrued 12b-1 fees		12,111			14,912			11,407			3,952			5,678		7,256			9,030
Accrued expenses and other liabilities		12,324			3,604			58,460			8,263			1,929		2,837			1,878
Total Liabilities		131,755			331,000			207,478			61,720			113,294		104,181			49,114
Net Assets	$	55,376,112		$	48,193,760		$	52,139,084		$	39,872,943		$	53,248,640	$	28,450,503		$	35,288,521
NET ASSETS CONSIST OF:
Paid in capital ($0 par value, unlimited shares authorized)	$	57,236,055		$	40,973,622		$	51,151,197		$	37,295,738		$	50,037,857	$	28,228,552		$	33,958,419
Accumulated net investment income (loss)		28,496			(1,758,827	)		115,500			476,199			569,479		(63,726	)		5,321
Accumulated net realized gain (loss) from investments		(1,138,868	)		(1,396,454	)		(42,435	)		(940,905	)		27,326		(390,084	)		449,512
Net unrealized appreciation (depreciation) on investments		(749,571	)		10,375,419			914,822			3,041,911			2,613,978		675,761			875,269
Net Assets	$	55,376,112		$	48,193,760		$	52,139,084		$	39,872,943		$	53,248,640	$	28,450,503		$	35,288,521
Class A
Net Assets	$	42,033,982		$	35,012,721		$	43,610,521		$	32,872,106		$	43,940,509	$	23,994,367		$	29,335,290
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		4,642,287			2,372,629			3,843,889			3,398,519			4,102,912		2,436,488			2,681,159
Net Asset Value, offering price and redemption price per share	$	9.05		$	14.76		$	11.35		$	9.67		$	10.71	$	9.85		$	10.94
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955)	$	9.48	*	$	15.62		$	12.01		$	10.23		$	11.33	$	10.42		$	11.58
Class C
Net Assets	$	3,340,546		$	8,463,742		$	5,808,955		$	7,000,837		$	9,308,131	$	2,509,815		$	3,106,619
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		364,268			595,808			535,626			803,729			953,677		261,356			292,715
Net Asset Value, offering price and redemption price per share	$	9.17		$	14.21		$	10.85		$	8.71		$	9.76	$	9.60		$	10.61
Minimum Redemption Price Per Share (NAV * 0.99)	$	9.08		$	14.07		$	10.74		$	8.62		$	9.66	$	9.50		$	10.50
Class I
Net Assets	$	10,001,584		$	4,717,297		$	2,719,608		$	-		$	-	$	1,946,321		$	2,846,612
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		1,104,437			318,498			239,938			-			-		196,500			258,474
Net Asset Value, offering price and redemption price per share	$	9.06		$	14.81		$	11.33		$	-		$	-	$	9.90		$	11.01

The accompanying notes are an integral part of these financial statements.

40

Timothy Plan Funds

Statements of Operations (Unaudited)

For the Six Months Ended March 31, 2018

	Aggressive Growth Fund			International Fund			Large/Mid Cap Growth Fund			Small Cap Value Fund			Large/Mid Cap Value Fund			Fixed Income Fund
Investment Income:
Interest income	$	6,737		$	15,185		$	37,979		$	14,961		$	33,352		$	1,185,605
Dividend Income		76,678			647,028			538,566			1,110,358			1,802,211			-
Foreign tax withheld		-			(40,684	)		-			-			-			-
Total Investment Income		83,415			621,529			576,545			1,125,319			1,835,563			1,185,605
Operating Expenses:
Investment advisory fees		119,991			501,708			382,413			618,048			928,387			252,580
12b-1 Fees:
Class A		29,311			99,625			91,495			138,735			214,081			90,505
Class C		19,013			25,027			52,955			68,262			124,762			47,767
Administration fees		27,030			107,080			87,730			111,000			223,120			98,760
Registration fees		14,378			12,740			14,560			17,594			17,290			22,750
Non 12b-1 shareholder servicing fees		8,484			43,510			24,953			26,647			65,600			26,864
Custody fees		6,827			7,950			7,409			11,848			11,537			8,516
Audit fees		6,690			6,789			6,746			6,642			6,817			6,720
Printing expenses		4,668			12,323			10,403			12,950			19,961			9,226
Trustees’ fees		1,270			3,353			2,646			4,825			6,148			2,009
Compliance officer fees		830			3,517			3,091			5,442			8,451			2,992
Insurance expenses		364			1,820			728			1,456			2,002			1,456
Miscellaneous expenses		182			1,381			726			2,162			553			2,730
Total Operating Expenses		239,038			826,823			685,855			1,025,611			1,628,709			572,875
Less: Expenses waived by Advisor		(14,116	)		(25,085	)		(22,495	)		(36,356	)		(109,222	)		(84,193	)
Net Operating Expenses		224,922			801,738			663,360			989,255			1,519,487			488,682
Net Investment Income (Loss)		(141,507	)		(180,209	)		(86,815	)		136,064			316,076			696,923
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		836,446			820,381			1,745,910			11,413,796			11,308,597			(421,030	)
and foreign currency translations		-			(19	)		-			-			-			-
Net change in unrealized appreciation (depreciation) on investments		221,449			4,904,872			1,635,103			(6,711,299	)		4,062,147			(2,007,049	)
and foreign currency transactions		-			8			-			-			-			-
Net Realized and Unrealized Gain (Loss) on Investments		1,057,895			5,725,242			3,381,013			4,702,497			15,370,744			(2,428,079	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	916,388		$	5,545,033		$	3,294,198		$	4,838,561		$	15,686,820		$	(1,731,156	)

The accompanying notes are an integral part of these financial statements.

41

Timothy Plan Funds

Statements of Operations (Unaudited) (Continued)

For the Six Months Ended March 31, 2018

	High Yield       Bond Fund			Israel Common Values Fund			Defensive       Strategies Fund			Strategic Growth  Fund			Conservative     Growth Fund			Emerging       Markets Fund			Growth & Income  Fund
Investment Income:
Interest income	$	1,596,323		$	9,369		$	286,399		$	7,610		$	17,317		$	16,773		$	190,663
Dividend Income		-			389,964			360,225			-			-			281,292			100,791
Dividend income from affiliated funds		-			-			-			970,076			1,109,482			-			-
Foreign tax withheld		-			(100,160	)		(9,880	)		-			-			(23,080	)		(265	)
Total Investment Income		1,596,323			299,173			636,744			977,686			1,126,799			274,985			291,189
Operating Expenses:
Investment advisory fees		192,583			239,688			167,964			130,006			178,365			139,393			153,399
12b-1 fees:
Class A		64,027			45,877			58,677			-			-			23,660			37,825
Class C		17,204			42,463			32,008			26,399			35,810			12,570			15,443
Administration fees		74,760			43,300			85,290			45,860			63,927			19,130			44,360
Non 12b-1 shareholder servicing fees		28,290			16,530			34,940			7,160			3,711			9,610			13,320
Registration fees		12,465			12,740			15,470			11,830			15,006			22,750			13,650
Printing expenses		10,290			4,177			14,637			6,075			6,826			3,827			182
Audit fees		7,800			6,886			8,100			6,658			6,841			6,684			6,836
Custody fees		5,616			14,369			26,724			3,040			4,746			18,744			4,380
Compliance officer fees		5,070			1,773			3,940			1,727			2,990			830			2,184
Trustees’ fees		2,681			852			1,975			1,316			1,728			595			2,912
Insurance expenses		730			182			728			728			640			-			218
Miscellaneous expenses		797			3,458			72			182			183			974			182
Total Operating Expenses		422,313			432,295			450,525			240,981			320,773			258,767			294,891
Less: Expenses waived by Advisor		(16,049	)		-			(13,997	)		-			-			(5,808	)		(9,023	)
Net Operating Expenses		406,264			432,295			436,528			240,981			320,773			252,959			285,868
Net Investment Income (Loss)		1,190,059			(133,122	)		200,216			736,705			806,026			22,026			5,321
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		290,161			(697,212	)		695,553			-			-			818,414			449,801
and foreign currency translations		-			2,982			(3,840	)		-			-			(4,087	)		2
affiliated investments		-			-			-			131,036			153,008			-			-
Net change in unrealized appreciation (depreciation) on investments		(2,485,187	)		859,716			(1,216,420	)		-			-			(642,127	)		(720,227	)
affiliated funds		-			-			-			(81,705	)		(619,014	)		-			-
alternative investments		-			-			286,828			-			-			-			-
and foreign currency translations		-			(126	)		262			-			-			(47	)		-
Net Realized and Unrealized Gain (Loss) on Investments		(2,195,026	)		165,360			(237,617	)		49,331			(466,006	)		172,153			(270,424	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	(1,004,967	)	$	32,238		$	(37,401	)	$	786,036		$	340,020		$	194,179		$	(265,103	)

The accompanying notes are an integral part of these financial statements.

42

Timothy Plan Funds

Statements of Changes in Net Assets

	Aggressive Growth Fund						International Fund						Large/Mid Cap Growth Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	March 31, 2018			September 30, 2017			March 31, 2018			September 30, 2017			March 31, 2018			September 30, 2017
Operations:		(Unaudited	)					(Unaudited	)					(Unaudited	)
Net investment income (loss)	$	(141,507	)	$	(288,224	)	$	(180,209	)	$	330,646		$	(86,815	)	$	(159,698	)
Net realized gain (loss) from investments and foreign currency translations		836,446			1,503,387			820,362			9,963,900			1,745,910			2,495,324
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		221,449			3,127,978			4,904,880			3,000,892			1,635,103			8,627,675
Net increase (decrease) in net assets resulting from operations		916,388			4,343,141			5,545,033			13,295,438			3,294,198			10,963,301
Distributions to Shareholders:
Net investment income
Class A		-			-			(1,590,599	)		(651,323	)		-			-
Class C		-			-			(78,049	)		(6,005	)		-			-
Class I		-			-			(317,870	)		(72,240	)		-			-
Net realized gains
Class A		-			-			-			-			(1,847,919	)		(696,373	)
Class C		-			-			-			-			(315,112	)		(108,931	)
Class I		-			-			-			-			(131,374	)		(13,562	)
Total dividends and distributions to shareholders		-			-			(1,986,518	)		(729,568	)		(2,294,405	)		(818,866	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		3,146,322			10,276,076			14,600,830			29,924,470			13,246,111			28,163,409
Class C		484,149			664,926			700,076			1,063,169			1,098,196			2,761,483
Class I		260,044			410,807			9,915,968			10,148,632			4,507,147			2,705,137
Reinvestment of dividends and distributions
Class A		-			-			1,371,884			555,955			1,776,200			671,056
Class C		-			-			67,880			5,464			286,578			95,918
Class I		-			-			195,978			39,506			114,736			13,516
Cost of shares redeemed
Class A		(3,236,731	)		(12,638,423	)		(18,103,222	)		(29,726,519	)		(12,928,456	)		(23,071,818	)
Class C		(239,708	)		(1,040,253	)		(429,430	)		(1,543,450	)		(671,700	)		(1,701,660	)
Class I		(178,695	)		(25,304	)		(1,517,669	)		(1,564,989	)		(677,228	)		(196,871	)
Net increase (decrease) in net assets from share transactions of beneficial interest		235,381			(2,352,171	)		6,802,295			8,902,238			6,751,584			9,440,170
Total Increase in Net Assets		1,151,769			1,990,970			10,360,810			21,468,108			7,751,377			19,584,605
Net Assets:
Beginning of period		27,020,199			25,029,229			98,856,182			77,388,074			82,135,653			62,551,048
End of period*	$	28,171,968		$	27,020,199		$	109,216,992		$	98,856,182		$	89,887,030		$	82,135,653
* Includes accumulated net investment income (loss) at end of period	$	(368,921	)	$	(227,414	)	$	(2,078,045	)	$	88,682		$	(171,908	)	$	(85,093	)
Share Activity:
Shares Sold
Class A		375,501			1,412,044			1,423,924			3,344,583			1,496,252			3,551,281
Class C		69,044			107,222			71,117			122,174			150,173			414,212
Class I		30,712			54,291			964,897			1,157,000			504,883			330,898
Shares Reinvested
Class A		-			-			138,017			65,793			203,693			86,812
Class C		-			-			7,027			664			39,969			14,894
Class I		-			-			19,696			4,675			12,979			1,730
Shares Redeemed
Class A		(382,194	)		(1,741,621	)		(1,787,141	)		(3,390,201	)		(1,468,526	)		(2,895,329	)
Class C		(34,224	)		(175,323	)		(43,383	)		(184,030	)		(91,856	)		(258,305	)
Class I		(20,357	)		(3,580	)		(149,579	)		(175,352	)		(75,357	)		(24,333	)
Net increase (decrease) in shares of beneficial interest outstanding		38,482			(346,967	)		644,575			945,306			772,210			1,221,860

The accompanying notes are an integral part of these financial statements.

43

Timothy Plan Funds

Statements of Changes in Net Assets (Continued)

	Small Cap Value Fund						Large/Mid Cap Value Fund						Fixed Income Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	March 31, 2018			September 30, 2017			March 31, 2018			September 30, 2017			March 31, 2018			September 30, 2017
Operations:	(Unaudited)						(Unaudited)						(Unaudited)
Net investment income (loss)	$	136,064		$	174,210		$	316,076		$	366,696		$	696,923		$	1,081,386
Net realized gain (loss) from investments and foreign currency translations		11,413,796			9,445,306			11,308,597			13,916,124			(421,030	)		(39,983	)
Capital gain dividends from REITs		-			102,356			-			12,498			-			-
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(6,711,299	)		15,135,696			4,062,147			9,553,606			(2,007,049	)		(2,031,650	)
Net increase (decrease) in net assets resulting from operations		4,838,561			24,857,568			15,686,820			23,848,924			(1,731,156	)		(990,247	)
Distributions to Shareholders:
Net investment income
Class A		(22,710	)		-			(220,445	)		-			(608,691	)		(1,274,991	)
Class C		-			-			-			-			(46,475	)		(87,395	)
Class I		(52,883	)		-			(76,736	)		-			(23,080	)		(28,822	)
Net realized gains
Class A		(9,388,636	)		(1,379,261	)		(10,710,030	)		(1,940,987	)		-			-
Class C		(1,526,616	)		(197,580	)		(1,896,292	)		(312,832	)		-			-
Class I		(1,716,592	)		(95,030	)		(1,324,276	)		(78,954	)		-			-
Total dividends and distributions to shareholders		(12,707,437	)		(1,671,871	)		(14,227,779	)		(2,332,773	)		(678,246	)		(1,391,208	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		14,517,572			34,063,961			23,065,412			44,668,663			7,665,680			29,145,764
Class C		1,109,844			3,051,009			1,958,746			5,127,515			1,829,724			3,385,129
Class I		4,558,457			15,600,425			7,184,023			15,746,538			730,210			2,319,134
Reinvestment of dividends and distributions
Class A		8,933,807			1,332,783			10,092,852			1,782,051			535,264			1,137,339
Class C		1,478,390			189,394			1,738,242			278,290			40,586			74,448
Class I		1,609,352			79,726			1,175,132			74,220			19,290			25,178
Cost of shares redeemed
Class A		(18,789,650	)		(36,134,908	)		(27,877,487	)		(51,593,275	)		(11,789,695	)		(38,428,316	)
Class C		(992,752	)		(2,277,120	)		(2,001,276	)		(4,692,501	)		(1,451,074	)		(3,243,896	)
Class I		(1,831,091	)		(1,277,488	)		(3,014,946	)		(3,161,750	)		(458,333	)		(771,465	)
Net increase (decrease) in net assets from share transactions of beneficial interest		10,593,929			14,627,782			12,320,698			8,229,751			(2,878,348	)		(6,356,685	)
Total Increase (Decrease) in Net Assets		2,725,053			37,813,479			13,779,739			29,745,902			(5,287,750	)		(8,738,140	)
Net Assets:
Beginning of period		145,266,056			107,452,577			210,243,413			180,497,511			87,628,283			96,366,423
End of period*	$	147,991,109		$	145,266,056		$	224,023,152		$	210,243,413		$	82,340,533		$	87,628,283
* Includes accumulated net investment income (loss) at end of period	$	131,941		$	71,470		$	315,127		$	296,232		$	359,308		$	340,631
Share Activity:
Shares Sold
Class A		719,279			1,841,275			1,167,956			2,470,843			757,687			2,846,241
Class C		74,257			213,742			122,665			341,567			189,124			343,433
Class I		224,921			849,133			363,011			856,447			72,595			229,120
Shares Reinvested
Class A		459,558			70,705			526,767			100,624			53,341			111,777
Class C		103,529			13,180			111,426			18,918			4,194			7,594
Class I		81,901			4,189			60,825			4,160			1,937			2,487
Shares Redeemed
Class A		(921,514	)		(1,954,274	)		(1,419,970	)		(2,845,566	)		(1,164,543	)		(3,761,593	)
Class C		(66,338	)		(159,590	)		(124,703	)		(313,752	)		(149,627	)		(329,334	)
Class I		(90,077	)		(66,949	)		(152,771	)		(169,874	)		(45,561	)		(75,731	)
Net increase (decrease) in shares of beneficial interest outstanding		585,516			811,411			655,206			463,367			(280,853	)		(626,006	)

The accompanying notes are an integral part of these financial statements.

44

Timothy Plan Funds

Statements of Changes in Net Assets (Continued)

	High Yield Bond Fund						Israel Common Values Fund						Defensive Strategies Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	March 31, 2018			September 30, 2017			March 31, 2018			September 30, 2017			March 31, 2018			September 30, 2017
Operations:	(Unaudited)						(Unaudited)						(Unaudited)
Net investment income (loss)	$	1,190,059		$	2,020,983		$	(133,122	)	$	133,738		$	200,216		$	(48,943	)
Net realized gain (loss) from investments and foreign currency translations		290,161			422,511			(694,230	)		689,047			691,713			272,119
Capital gain dividends from REITs		-			-			-			-			-			94,148
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(2,485,187	)		1,248,316			859,590			5,289,562			(929,330	)		(1,377,738	)
Net increase (decrease) in net assets resulting from operations		(1,004,967	)		3,691,810			32,238			6,112,347			(37,401	)		(1,060,414	)
Distributions to Shareholders:
Net investment income
Class A		(1,007,192	)		(1,652,789	)		(489,270	)		(265,667	)		(60,700	)		(208,348	)
Class C		(56,280	)		(92,483	)		(71,728	)		(49,930	)		-			-
Class I		(211,211	)		(248,296	)		(37,506	)		(10,636	)		(11,149	)		(2,838	)
Total dividends and distributions to shareholders		(1,274,683	)		(1,993,568	)		(598,504	)		(326,233	)		(71,849	)		(211,186	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		8,932,299			31,183,806			9,474,116			24,717,238			3,781,240			12,582,965
Class C		303,248			806,793			1,393,327			3,951,474			256,016			1,389,434
Class I		4,251,419			11,795,627			2,950,741			1,727,826			468,925			2,620,051
Reinvestment of dividends and distributions
Class A		883,952			1,432,008			449,425			245,204			57,373			196,408
Class C		50,452			83,410			61,406			43,283			-			-
Class I		147,111			153,646			31,555			8,532			8,471			2,381
Cost of shares redeemed
Class A		(18,943,701	)		(30,260,787	)		(9,528,917	)		(10,511,012	)		(10,235,968	)		(30,288,144	)
Class C		(426,307	)		(563,008	)		(805,260	)		(1,335,601	)		(1,103,635	)		(4,160,352	)
Class I		(3,748,186	)		(3,979,380	)		(317,982	)		(275,995	)		(408,095	)		(381,311	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(8,549,713	)		10,652,115			3,708,411			18,570,949			(7,175,673	)		(18,038,568	)
Total Increase (Decrease) in Net Assets		(10,829,363	)		12,350,357			3,142,145			24,357,063			(7,284,923	)		(19,310,168	)
Net Assets:
Beginning of period		66,205,475			53,855,118			45,051,615			20,694,552			59,424,007			78,734,175
End of period*	$	55,376,112		$	66,205,475		$	48,193,760		$	45,051,615		$	52,139,084		$	59,424,007
* Includes accumulated net investment income (loss) at end of period	$	28,496		$	113,120		$	(1,758,827	)	$	(1,027,201	)	$	115,500		$	(12,867	)
Share Activity:
Shares Sold
Class A		952,927			3,356,207			613,926			1,786,768			329,739			1,108,876
Class C		32,159			86,106			94,288			302,596			23,312			128,104
Class I		457,877			1,273,172			190,682			123,082			40,898			232,834
Shares Reinvested
Class A		96,090			154,827			29,744			19,538			5,019			17,351
Class C		5,420			8,921			4,212			3,568			-			-
Class I		16,024			16,553			2,081			679			742			211
Shares Redeemed
Class A		(2,039,517	)		(3,278,174	)		(615,790	)		(748,818	)		(894,389	)		(2,701,606	)
Class C		(45,216	)		(60,370	)		(54,178	)		(99,863	)		(100,959	)		(384,962	)
Class I		(402,434	)		(427,863	)		(20,524	)		(19,084	)		(35,506	)		(33,852	)
Net increase (decrease) in shares of beneficial interest outstanding		(926,670	)		1,129,379			244,441			1,368,466			(631,144	)		(1,633,044	)

The accompanying notes are an integral part of these financial statements.

45

Timothy Plan Funds

Statements of Changes in Net Assets (Continued)

	Strategic Growth Fund						Conservative Growth Fund						Emerging Markets Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
Operations:	March 31, 2018			September 30, 2017			March 31, 2018			September 30, 2017			March 31, 2018			September 30, 2017
	(Unaudited)						(Unaudited)						(Unaudited)
Net investment income (loss)	$	736,705		$	(230,099	)	$	806,026		$	(187,665	)	$	22,026		$	97,810
Net realized gain from investments and foreign currency translations		131,036			338,897			153,008			170,419			814,327			417,866
Capital gain distributions from affiliated funds		-			109,062			-			126,976			-			-
Net change in unrealized appreciation (depreciation) on investments, affiliated funds and foreign currency translations		(81,705	)		2,933,572			(619,014	)		3,046,851			(642,174	)		2,388,280
Net increase in net assets resulting from operations		786,036			3,151,432			340,020			3,156,581			194,179			2,903,956
Distributions to Shareholders:
Net Investment Income
Class A		-			-			-			-			(113,234	)		(43,769	)
Class C		-			-			-			-			(5,091	)		-
Class I		-			-			-			-			(14,243	)		(4,732	)
From net realized gains
Class A		-			-			(137,622	)		-			-			-
Class C		-			-			(31,354	)		-			-			-
Total dividends and distributions to shareholders		-			-			(168,976	)		-			(132,568	)		(48,501	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		2,479,611			4,166,453			2,755,596			6,702,813			9,057,192			11,239,828
Class C		372,159			785,628			812,057			1,695,154			474,589			1,505,369
Class I		-			-			-			-			406,723			952,797
Reinvestment of dividends and distributions
Class A		-			-			131,649			-			105,541			41,696
Class C		-			-			30,014			-			4,430			-
Class I		-			-			-			-			12,412			4,324
Cost of shares redeemed
Class A		(3,043,989	)		(6,834,735	)		(4,232,059	)		(8,654,305	)		(2,063,080	)		(3,799,619	)
Class C		(453,932	)		(1,715,590	)		(1,510,424	)		(2,943,388	)		(421,379	)		(316,701	)
Class I		-			-			-			-			(252,697	)		(135,941	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(646,151	)		(3,598,244	)		(2,013,167	)		(3,199,726	)		7,323,731			9,491,753
Total Increase (Decrease) in Net Assets		139,885			(446,812	)		(1,842,123	)		(43,145	)		7,385,342			12,347,208
Net Assets:
Beginning of period		39,733,058			40,179,870			55,090,763			55,133,908			21,065,161			8,717,953
End of period*	$	39,872,943		$	39,733,058		$	53,248,640		$	55,090,763		$	28,450,503		$	21,065,161
* Includes accumulated net investment income (loss) at end of period	$	476,199		$	(260,506	)	$	569,479		$	(236,547	)	$	(63,726	)	$	46,816
Share Activity:
Shares Sold
Class A		253,298			464,147			254,058			655,267			903,836			1,274,463
Class C		42,426			96,618			82,039			180,953			49,388			176,963
Class I		-			-			-			-			40,976			107,396
Shares Reinvested
Class A		-			-			12,201			-			11,017			5,122
Class C		-			-			3,047			-			473			-
Class I		-			-			-			-			1,289			529
Shares Redeemed
Class A		(312,354	)		(762,256	)		(390,619	)		(845,604	)		(213,674	)		(426,808	)
Class C		(51,951	)		(211,295	)		(153,558	)		(312,252	)		(43,054	)		(36,280	)
Class I		-			-			-			-			(25,738	)		(14,747	)
Net increase (decrease) in shares of beneficial interest outstanding		(68,581	)		(412,786	)		(192,832	)		(321,636	)		724,513			1,086,638

The accompanying notes are an integral part of these financial statements.

46

Timothy Plan Funds

Statements of Changes in Net Assets (Continued)

	Growth & Income Fund
	Six Months Ended			Year Ended
Operations:	March 31, 2018			September 30, 2017
	(Unaudited)
Net investment income	$	5,321		$	10,837
Net realized gain from investments and foreign currency translations		449,803			3,128,758
Capital gain dividends from REITs		-			13,128
Net change in unrealized appreciation (depreciation) on investments		(720,227	)		(1,372,106	)
Net increase (decrease) in net assets resulting from operations		(265,103	)		1,780,617
Distributions to Shareholders:
Net Investment Income
Class A		-			(21,156	)
Class I		-			(5,642	)
From net realized gains
Class A		(721,257	)		-
Class C		(74,717	)		-
Class I		(65,160	)		-
Total dividends and distributions to shareholders		(861,134	)		(26,798	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class A		2,512,761			6,564,420
Class C		444,690			928,371
Class I		941,711			775,543
Reinvestment of dividends and distributions
Class A		692,715			20,338
Class C		68,477			-
Class I		64,420			5,224
Cost of shares redeemed
Class A		(3,366,171	)		(14,180,161	)
Class C		(303,736	)		(1,069,371	)
Class I		(269,881	)		(275,644	)
Net increase (decrease) in net assets from share transactions of beneficial interest		784,986			(7,231,280	)
Total Decrease in Net Assets		(341,251	)		(5,477,461	)
Net Assets:
Beginning of period		35,629,772			41,107,233
End of period*	$	35,288,521		$	35,629,772
* Includes accumulated net investment income (loss) at end of period	$	5,321		$	-
Share Activity:
Shares Sold
Class A		222,554			604,205
Class C		40,770			87,468
Class I		82,863			71,030
Shares Reinvested
Class A		61,960			1,881
Class C		6,305			-
Class I		5,731			480
Shares Redeemed
Class A		(300,124	)		(1,299,652	)
Class C		(27,843	)		(100,879	)
Class I		(23,847	)		(25,176	)
Net increase (decrease) in shares of beneficial interest outstanding		68,369			(660,643	)

The accompanying notes are an integral part of these financial statements.

47

Timothy Aggressive Growth Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year			For the Year			For the Year		For the Year		For the Year
	Months ended			ended			ended			ended		ended		ended
	March 31,			September 30,			September 30,			September 30,		September 30,		September 30,
	2018			2017			2016			2015		2014		2013
	(Unaudited)
Net asset value, beginning of period	$	8.10		$	6.82		$	7.98		$	9.18	$	9.00	$	7.10
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.04)			(0.08	)		(0.04)			(0.08)		(0.11)		(0.09)
Net realized and unrealized gain (loss) on investments		0.31			1.36			(0.02)	(B)		(0.05)		0.84		1.99
Total from investment operations		0.27			1.28			(0.06)			(0.13)		0.73		1.90
LESS DISTRIBUTIONS:
From net realized gains on investments		-			-			(1.10)			(1.07)		(0.55)		-
Total distributions		-			-			(1.10)			(1.07)		(0.55)		-
Net asset value, end of period	$	8.37		$	8.10		$	6.82		$	7.98	$	9.18	$	9.00
Total return (C)(D)		3.21%	(E)		18.77%			(1.03)%			(2.35)%		8.22%		26.76%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	23,237		$	22,549		$	21,209		$	16,306	$	19,268	$	17,727
Ratios to average net assets
Expenses, before waiver and reimbursement		1.60%	(F)		1.69%			1.69%			1.77%		1.74%		-
Expenses, net waiver and reimbursement		1.50%	(F)		1.59%			1.59%			1.67%		1.73%		1.86%
Net investment loss, before waiver and reimbursement		(1.01)%	(F)		(1.12)%			(0.73)%			(1.04)%		(1.19)%		-
Net investment loss, net waiver and reimbursement		(0.91)%	(F)		(1.02)%			(0.63)%			(0.94)%		(1.18)%		(1.20)%
Portfolio turnover rate		41%	(E)		151%			124%			144%		91%		120%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) 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.

(C) Total return calculation does not reflect sales load.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

48

Timothy Aggressive Growth Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016			For the Year ended September 30, 2015		For the Year ended September 30, 2014		For the Year ended September 30, 2013
	(Unaudited)
Net asset value, beginning of period	$	6.73		$	5.71	$	6.90		$	8.13	$	8.09	$	6.43
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.06)			(0.11)		(0.08)			(0.13)		(0.16)		(0.14)
Net realized and unrealized gain (loss) on investments		0.26			1.13		(0.01)	(B)		(0.03)		0.75		1.80
Total from investment operations		0.20			1.02		(0.09)			(0.16)		0.59		1.66
LESS DISTRIBUTIONS:
From net realized gains on investments		-			-		(1.10)			(1.07)		(0.55)		-
Total distributions		-			-		(1.10)			(1.07)		(0.55)		-
Net asset value, end of period	$	6.93		$	6.73	$	5.71		$	6.90	$	8.13	$	8.09
Total return (C)(D)		2.97%	(E)		17.86%		(1.73)%			(3.10)%		7.37%		25.82%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	3,930		$	3,584	$	3,426		$	3,442	$	3,458	$	2,892
Ratios to average net assets
Expenses, before waiver and reimbursement		2.35%	(F)		2.44%		2.44%			2.52%		2.49%		-
Expenses, net waiver and reimbursement		2.25%	(F)		2.34%		2.34%			2.42%		2.48%		2.60%
Net investment loss, before waiver and reimbursement		(1.76)%	(F)		(1.88)%		(1.47)%			(1.78)%		(1.94)%		-
Net investment loss, net waiver and reimbursement		(1.66)%	(F)		(1.78)%		(1.37)%			(1.69)%		(1.93)%		(1.94)%
Portfolio turnover rate		41%	(E)		151%		124%			144%		91%		120%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) 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.

(C) Total return calculation does not reflect redemption fee.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

49

Timothy Aggressive Growth Fund (Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016			For the Year ended September 30, 2015		For the Year ended September 30, 2014		For the Period ended September 30, 2013 (A)
	(Unaudited)
Net asset value, beginning of period	$	8.21		$	6.89	$	8.03		$	9.21	$	9.01	$	8.87
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		(0.03)			(0.06)		(0.03)			(0.06)		(0.07)		-	*
Net realized and unrealized gain (loss) on investments		0.31			1.38		(0.01)	(C)		(0.05)		0.82		0.14
Total from investment operations		0.28			1.32		(0.04)			(0.11)		0.75		0.14
LESS DISTRIBUTIONS:
From net realized gains on investments		-			-		(1.10)			(1.07)		(0.55)		-
Total distributions		-			-		(1.10)			(1.07)		(0.55)		-
Net asset value, end of period	$	8.49		$	8.21	$	6.89		$	8.03	$	9.21	$	9.01
Total return (D)		3.41%	(E)		19.16%		(0.75)%			(2.10)%		8.43%		1.58%	(E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	1,005		$	887	$	395		$	303	$	140	$	102	+
Ratios to average net assets
Expenses, before waiver and reimbursement		1.35%	(F)		1.44%		1.44%			1.52%		1.33%		-
Expenses, net waiver and reimbursement		1.25%	(F)		1.34%		1.34%			1.42%		1.28%		1.61%	(F)
Net investment income (loss), before waiver and reimbursement		(0.75)%	(F)		(0.88)%		(0.48)%			(0.74)%		(0.78)%		-
Net investment loss, net waiver and reimbursement		(0.65)%	(F)		(0.78)%		(0.38)%			(0.69)%		(0.73)%		(0.95)%	(F)
Portfolio turnover rate		41%	(E)		151%		124%			144%		91%		120%	(E)

*Amount is less than $0.005 per share.

+ Actual net assets not truncated.

(A) For the period August 1, 2013 (Commencement of Operations) to September 30, 2013.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(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) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

50

Timothy International Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016			For the Year ended September 30, 2015			For the Year ended September 30, 2014		For the Year ended September 30, 2013
	(Unaudited)
Net asset value, beginning of period	$	9.86		$	8.53	$	8.47		$	8.89		$	8.65	$	7.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		(0.02)			0.04		0.00	*		0.08			0.05		0.06
Net realized and unrealized gain (loss) on investments		0.61			1.38		0.15			(0.50)			0.36		1.34
Total from investment operations		0.59			1.42		0.15			(0.42)			0.41		1.40
LESS DISTRIBUTIONS:
From net investment income		(0.21)			(0.09)		(0.09)			-			(0.17)		(0.06)
Total distributions		(0.21)			(0.09)		(0.09)			-			(0.17)		(0.06)
Net asset value, end of period	$	10.24		$	9.86	$	8.53		$	8.47		$	8.89	$	8.65
Total return (B)(C)		5.99%	(D)		16.78%		1.85%			(4.72)%	(E)		4.74%		19.25%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	81,938		$	81,153	$	70,013		$	53,458		$	54,709	$	38,432
Ratios to average net assets
Expenses, before waiver and reimbursement		1.65%	(F)		1.69%		1.68%			1.67%			1.69%		-
Expenses, net waiver and reimbursement		1.60%	(F)		1.64%		1.63%			1.62%			1.68%		1.73%
Net investment income (loss) before waiver and reimbursement		(0.41)%	(F)		0.35%		(0.03)%			0.88%			0.52%		-
Net investment income (loss), net waiver and reimbursement		(0.36)%	(F)		0.40%		0.02%			0.93%			0.52%		0.70%
Portfolio turnover rate		12%	(D)		42%		28%			30%			31%		29%

* Amount is less than $0.005 per share.

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect sales load.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) As a result of a trade error, the Fund experienced a loss totaling $4,927.83 for the year ended September 30, 2015, all of which was reimbursed by the Advisor; there was no effect on total return due to trade error.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

51

Timothy International Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015			For the Year ended September 30, 2014			For the Year ended September 30, 2013
	(Unaudited)
Net asset value, beginning of period	$	9.55		$	8.25	$	8.21	$	8.67		$	8.46		$	7.15
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		(0.06)			(0.03)		(0.06)		0.02			(0.02)			-
Net realized and unrealized gain (loss) on investments		0.60			1.34		0.15		(0.48)			0.35	(B)		1.31
Total from investment operations		0.54			1.31		0.09		(0.46)			0.33			1.31
LESS DISTRIBUTIONS:
From net investment income		(0.16)			(0.01)		(0.05)		-			(0.12)			-
Total distributions		(0.16)			(0.01)		(0.05)		-			(0.12)			-
Net asset value, end of period	$	9.93		$	9.55	$	8.25	$	8.21		$	8.67		$	8.46
Total return (C)(D)		5.65%	(E)		15.93%		1.09%		(5.31)%	(F)		3.87%			18.32%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	5,149		$	4,620	$	4,495	$	3,498		$	3,336		$	2,446
Ratios to average net assets
Expenses, before waiver and reimbursement		2.40%	(G)		2.44%		2.43%		2.41%			2.44%			-
Expenses, net waiver and reimbursement		2.35%	(G)		2.39%		2.38%		2.36%			2.44%			2.47%
Net investment income (loss) before waiver and reimbursement		(1.17)%	(G)		(0.41)%		(0.74)%		0.17%			(0.21)%			-
Net investment income (loss), net waiver and reimbursement		(1.12)%	(G)		(0.36)%		(0.69)%		0.18%			(0.20)%			(0.01)%
Portfolio turnover rate		12%	(E)		42%		28%		30%			31%			29%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) 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.

(C) Total return calculation does not reflect redemption fee.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) Annualized.

(F) As a result of a trade error, the Fund experienced a loss totaling $4,927.83 for the year ended September 30, 2015, all of which was reimbursed by the Advisor; there was no effect on total return due to trade error.

(G) For periods of less than one full year, total return and turnover are not annualized.

The accompanying notes are an integral part of these financial statements.

52

Timothy International Fund (Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016			For the Year ended September 30, 2015			For the Year ended September 30, 2014		For the Period ended September 30, 2013 (A)
	(Unaudited)
Net asset value, beginning of period	$	9.89		$	8.55	$	8.49		$	8.88		$	8.65	$	8.46
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.00	*		0.07		0.02			0.15			0.08		0.02
Net realized and unrealized gain (loss) on investments		0.60			1.38		0.15	(C)		(0.54)			0.34		0.17
Total from investment operations		0.60			1.45		0.17			(0.39)			0.42		0.19
LESS DISTRIBUTIONS:
From net investment income		(0.24)			(0.11)		(0.11)			-			(0.19)		-
Total distributions		(0.24)			(0.11)		(0.11)			-			(0.19)		-
Net asset value, end of period	$	10.25		$	9.89	$	8.55		$	8.49		$	8.88	$	8.65
Total return (D)		6.12%	(E)		17.18%		2.08%			(4.39)%	(F)		4.85%		2.25%	(E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	22,130		$	13,083	$	2,880		$	1,581		$	461	$	102	+
Ratios to average net assets
Expenses, before waiver and reimbursement		1.40%	(G)		1.43%		1.45%			1.42%			1.38%		-
Expenses, net waiver and reimbursement		1.35%	(G)		1.38%		1.39%			1.37%			1.38%		1.48%	(G)
Net investment income, before waiver and reimbursement		(0.14)%	(G)		0.74%		0.22%			1.13%			0.85%		-
Net investment income, net waiver and reimbursement		(0.09)%	(G)		0.79%		0.29%			1.18%			0.86%		0.95%	(G)
Portfolio turnover rate		12%	(E)		42%		28%			30%			31%		29%	(E)

* Amount is less than $0.005 per share.

+ Actual net assets not truncated.

(A) For the period August 1, 2013 (Commencement of Operations) to September 30, 2013.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(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) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) As a result of a trade error, the Fund experienced a loss totaling $4,927.83 for the year ended September 30, 2015, all of which was reimbursed by the Advisor; there was no effect on total return due to trade error.

(G) Annualized.

The accompanying notes are an integral part of these financial statements.

53

Timothy Large/Mid Cap Growth Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015			For the Year ended September 30, 2014		For the Year ended September 30, 2013
	(Unaudited)
Net asset value, beginning of period	$	8.59		$	7.46	$	7.75	$	8.66		$	8.36	$	7.30
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.01)			(0.01)		(0.02)		(0.01)			(0.01)		(0.02)
Net realized and unrealized gain on investments		0.35			1.23		0.51		0.03	(B)		1.15		1.51
Total from investment operations		0.34			1.22		0.49		0.02			1.14		1.49
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.22)			(0.09)		(0.78)		(0.93)			(0.84)		(0.43)
Total distributions		(0.22)			(0.09)		(0.78)		(0.93)			(0.84)		(0.43)
Net asset value, end of period	$	8.71		$	8.59	$	7.46	$	7.75		$	8.66	$	8.36
Total return (C)(D)		3.97%	(E)		16.53%		6.65%		(0.35)%			14.70%		21.62%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	71,310		$	68,291	$	53,827	$	52,682		$	56,073	$	48,411
Ratios to average net assets
Expenses, before waiver and reimbursement		1.45%	(F)		1.52%		1.54%		1.56%			1.57%		-
Expenses, net waiver and reimbursement		1.40%	(F)		1.47%		1.49%		1.51%			1.57%		1.59%
Net investment loss, before waiver and reimbursement		(0.17)%	(F)		(0.19)%		(0.38)%		(0.14)%			(0.18)%		-
Net investment loss, net waiver and reimbursement		(0.12)%	(F)		(0.14)%		(0.33)%		(0.09)%			(0.17)%		(0.24)%
Portfolio turnover rate		29%	(E)		76%		71%		73%			61%		91%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) 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.

(C) Total return calculation does not reflect sales load.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

54

Timothy Large/Mid Cap Growth Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015			For the Year ended September 30, 2014		For the Year ended September 30, 2013
	(Unaudited)
Net asset value, beginning of period	$	7.11		$	6.24	$	6.64	$	7.60		$	7.49	$	6.63
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.03)			(0.06)		(0.07)		(0.06)			(0.07)		(0.07)
Net realized and unrealized gain on investments		0.29			1.02		0.45		0.03	(B)		1.02		1.36
Total from investment operations		0.26			0.96		0.38		(0.03)			0.95		1.29
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.22)			(0.09)		(0.78)		(0.93)			(0.84)		(0.43)
Total distributions		(0.22)			(0.09)		(0.78)		(0.93)			(0.84)		(0.43)
Net asset value, end of period	$	7.15		$	7.11	$	6.24	$	6.64		$	7.60	$	7.49
Total return (C)(D)		3.67%	(E)		15.58%		6.04%		(1.14)%			13.84%		20.74%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	10,666		$	9,909	$	7,636	$	6,490		$	5,929	$	5,041
Ratios to average net assets
Expenses, before waiver and reimbursement		2.20%	(F)		2.27%		2.30%		2.31%			2.32%		-
Expenses, net waiver and reimbursement		2.15%	(F)		2.22%		2.24%		2.26%			2.32%		2.34%
Net investment loss, before waiver and reimbursement		(0.92)%	(F)		(0.94)%		(1.14)%		(0.88)%			(0.93)%		-
Net investment loss, net waiver and reimbursement		(0.87)%	(F)		(0.89)%		(1.08)%		(0.84)%			(0.93)%		(0.99)%
Portfolio turnover rate		29%	(E)		76%		71%		73%			61%		91%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) 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.

(C) Total return calculation does not reflect redemption fee.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

55

Timothy Large/Mid Cap Growth Fund (Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016			For the Year ended September 30, 2015			For the Year ended September 30, 2014			For the Period ended September 30, 2013 (A)
	(Unaudited)
Net asset value, beginning of period	$	8.70		$	7.54	$	7.80		$	8.69		$	8.37		$	8.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		0.01			0.01		(0.01)			0.02			0.01			0.01
Net realized and unrealized gain on investments		0.35			1.24		0.53			0.02	(C)		1.15	(C)		0.05
Total from investment operations		0.36			1.25		0.52			0.04			1.16			0.06
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.22)			(0.09)		(0.78)			(0.93)			(0.84)			-
Total distributions		(0.22)			(0.09)		(0.78)			(0.93)			(0.84)			-
Net asset value, end of period	$	8.84		$	8.70	$	7.54		$	7.80		$	8.69		$	8.37
Total return (D)		4.15%	(E)		16.75%		7.01%			(0.10	)%		14.94%			0.72%	(E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	7,911		$	3,936	$	1,088		$	1,202		$	190		$	101	+
Ratios to average net assets
Expenses, before waiver and reimbursement		1.20%	(F)		1.26%		1.29%			1.31%			1.30%			-
Expenses, net waiver and reimbursement		1.15%	(F)		1.21%		1.24%			1.26%			1.29%			1.34%	(F)
Net investment income (loss), before waiver and reimbursement		0.06%	(F)		0.10%		(0.12	)%		0.13%			0.13%			-
Net investment income (loss), net waiver and reimbursement		0.11%	(F)		0.15%		(0.08	)%		0.16%			0.14%			0.01%	(F)
Portfolio turnover rate		29%	(E)		76%		71%			73%			61%			91%	(E)

+ Actual net assets not truncated.

(A) For the period August 1, 2013 (Commencement of Operations) to September 30, 2013.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(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) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

56

Timothy Small Cap Value Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year		For the Year		For the Year		For the Year		For the Year
	Months ended			ended		ended		ended		ended		ended
	March 31,			September 30,		September 30,		September 30,		September 30,		September 30,
	2018			2017		2016		2015		2014		2013
	(Unaudited)
Net asset value, beginning of period	$	20.50		$	17.09	$	16.93	$	19.79	$	20.30	$	14.74
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.02			0.03		(0.01)		(0.07)		(0.04)		0.02
Net realized and unrealized gain on investments		0.68			3.63		1.65		0.64		1.57		5.57
Total from investment operations		0.70			3.66		1.64		0.57		1.53		5.59
LESS DISTRIBUTIONS:
From net investment income		(0.00)	*		-		-		-		-		(0.03)
From net realized gains on investments		(1.78)			(0.25)		(1.48)		(3.43)		(2.04)		-
Total distributions		(1.78)			(0.25)		(1.48)		(3.43)		(2.04)		(0.03)
Net asset value, end of period	$	19.42		$	20.50	$	17.09	$	16.93	$	19.79	$	20.30
Total return (B)(C)		3.46%	(D)		21.55%		10.67%		1.90%		7.61%		37.97%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	111,964		$	112,953	$	94,871	$	71,840	$	71,997	$	64,972
Ratios to average net assets
Expenses, before waiver and reimbursement		1.38%	(E)		1.46%		1.48%		1.53%		1.53%		-
Expenses, net waiver and reimbursement		1.33%	(E)		1.41%		1.44%		1.48%		1.52%		1.55%
Net investment income (loss), before waiver and reimbursement		0.17%	(E)		0.13%		(0.09)%		(0.45)%		(0.25)%		-
Net investment income (loss), net waiver and reimbursement		0.22%	(E)		0.18%		(0.04)%		(0.40)%		(0.25)%		0.11%
Portfolio turnover rate		33%	(D)		57%		73%		30%		71%		73%

* Amount is less than $0.005 per share.

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect sales load.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

57

Timothy Small Cap Value Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year		For the Year		For the Year		For the Year		For the Year
	Months ended			ended		ended		ended		ended		ended
	March 31,			September 30,		September 30,		September 30,		September 30,		September 30,
	2018			2017		2016		2015		2014		2013
	(Unaudited)
Net asset value, beginning of period	$	15.54		$	13.10	$	13.42	$	16.45	$	17.30	$	12.63
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.04)			(0.08)		(0.10)		(0.17)		(0.17)		(0.10)
Net realized and unrealized gain on investments		0.51			2.77		1.26		0.57		1.36		4.77
Total from investment operations		0.47			2.69		1.16		0.40		1.19		4.67
LESS DISTRIBUTIONS:
From net realized gains on investments		(1.78)			(0.25)		(1.48)		(3.43)		(2.04)		-
Total distributions		(1.78)			(0.25)		(1.48)		(3.43)		(2.04)		-
Net asset value, end of period	$	14.23		$	15.54	$	13.10	$	13.42	$	16.45	$	17.30
Total return (B)(C)		3.02%	(D)		20.70%		9.81%		1.14%		6.96%		36.98%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	13,684		$	13,210	$	10,257	$	8,981	$	8,135	$	7,539
Ratios to average net assets
Expenses, before waiver and reimbursement		2.13%	(E)		2.21%		2.23%		2.28%		2.28%		-
Expenses, net waiver and reimbursement		2.08%	(E)		2.16%		2.18%		2.23%		2.27%		2.30%
Net investment loss, before waiver and reimbursement		(0.57)%	(E)		(0.62)%		(0.84)%		(1.19)%		(1.01)%		-
Net investment loss, net waiver and reimbursement		(0.52)%	(E)		(0.57)%		(0.78)%		(1.14)%		(1.01)%		(0.65)%
Portfolio turnover rate		33%	(D)		57%		73%		30%		71%		73%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect redemption fee.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

58

Timothy Small Cap Value Fund (Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015		For the Year ended September 30, 2014			For the Period ended September 30, 2013 (A)
	(Unaudited)
Net asset value, beginning of period	$	20.74		$	17.24	$	17.03	$	19.84	$	20.29		$	19.68
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		0.05			0.08		0.04		(0.03)		0.02			(0.01)
Net realized and unrealized gain on investments		0.67			3.67		1.65		0.65		1.57	(C)		0.62
Total from investment operations		0.72			3.75		1.69		0.62		1.59			0.61
LESS DISTRIBUTIONS:
From net investment income		(0.05)			-		-		-		-			-
From net realized gains on investments		(1.78)			(0.25)		(1.48)		(3.43)		(2.04)			-
Total distributions		(1.83)			(0.25)		(1.48)		(3.43)		(2.04)			-
Net asset value, end of period	$	19.63		$	20.74	$	17.24	$	17.03	$	19.84		$	20.29
Total return (D)		3.56%	(E)		21.89%		10.92%		2.18%		7.93%			3.10%	(E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	22,343		$	19,103	$	2,324	$	870	$	532		$	103	+
Ratios to average net assets
Expenses, before waiver and reimbursement		1.13%	(F)		1.21%		1.26%		1.28%		1.27%			-
Expenses, net waiver and reimbursement		1.08%	(F)		1.16%		1.20%		1.23%		1.27%			1.30%	(F)
Net investment income (loss), before waiver and reimbursement		0.44%	(F)		0.38%		0.18%		(0.19)%		0.06%			-
Net investment income (loss), net waiver and reimbursement		0.49%	(F)		0.43%		0.23%		(0.14)%		0.07%			0.36%	(F)
Portfolio turnover rate		33%	(E)		57%		73%		30%		71%			73%	(E)

+ Actual net assets not truncated.

(A) For the period August 1, 2013 (Commencement of Operations) to September 30, 2013.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(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) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

59

Timothy Large/Mid Cap Value Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015		For the Year ended September 30, 2014		For the Year ended September 30, 2013
	(Unaudited)
Net asset value, beginning of period	$	19.16		$	17.15	$	18.20	$	19.61	$	18.14	$	14.80
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.03			0.05		0.01		(0.01)		(0.01)		0.09
Net realized and unrealized gain on investments (B)		1.44			2.18		1.04		0.38		2.83		3.30
Total from investment operations		1.47			2.23		1.05		0.37		2.82		3.39
LESS DISTRIBUTIONS:
From net investment income		(0.03)			-		-		-		(0.09)		(0.05)
From net realized gains on investments		(1.27)			(0.22)		(2.10)		(1.78)		(1.26)		-
Total distributions		(1.30)			(0.22)		(2.10)		(1.78)		(1.35)		(0.05)
Net asset value, end of period	$	19.33		$	19.16	$	17.15	$	18.20	$	19.61	$	18.14
Total return (C)(D)		7.73%	(E)		13.10%		6.40%		1.59%		16.13%		23.00%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	173,855		$	167,056	$	154,260	$	135,091	$	138,821	$	114,657
Ratios to average net assets
Expenses, before waiver and reimbursement		1.43%	(F)		1.49%		1.48%		1.48%		1.50%		-
Expenses, net waiver and reimbursement		1.33%	(F)		1.41%		1.43%		1.43%		1.49%		1.49%
Net investment income (loss), before waiver and reimbursement		0.25%	(F)		0.18%		(0.01)%		(0.13)%		(0.03)%		-
Net investment income (loss), net waiver and reimbursement		0.35%	(F)		0.26%		0.04%		(0.08)%		(0.03)%		0.55%
Portfolio turnover rate		13%	(E)		39%		45%		11%		37%		64%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Realized and unrealized gains and losses 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 agree to the aggregate gains and losses in the Statement of Operations due to the fluctuations in share transactions.

(C) Total return calculation does not reflect sales load.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

60

Timothy Large/Mid Cap Value Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015		For the Year ended September 30, 2014		For the Year ended September 30, 2013
	(Unaudited)
Net asset value, beginning of period	$	15.82		$	14.30	$	15.62	$	17.19	$	16.12	$	13.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.03)			(0.07)		(0.10)		(0.14)		(0.13)		(0.03)
Net realized and unrealized gain on investments		1.18			1.81		0.88		0.35		2.49		2.95
Total from investment operations		1.15			1.74		0.78		0.21		2.36		2.92
LESS DISTRIBUTIONS:
From net investment income		-			-		-		-		(0.03)		-
From net realized gains on investments		(1.27)			(0.22)		(2.10)		(1.78)		(1.26)		-
Total distributions		(1.27)			(0.22)		(2.10)		(1.78)		(1.29)		-
Net asset value, end of period	$	15.70		$	15.82	$	14.30	$	15.62	$	17.19	$	16.12
Total return (B)(C)		7.34%	(D)		12.27%		5.64%		0.82%		15.21%		22.12%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	25,337		$	23,803	$	20,855	$	18,458	$	16,778	$	13,649
Ratios to average net assets
Expenses, before waiver and reimbursement		2.18%	(E)		2.24%		2.23%		2.23%		2.25%		-
Expenses, net waiver and reimbursement		2.08%	(E)		2.16%		2.18%		2.18%		2.24%		2.23%
Net investment loss, before waiver and reimbursement		(0.49)%	(E)		(0.57)%		(0.76)%		(0.88)%		(0.78)%		-
Net investment loss, net waiver and reimbursement		(0.39)%	(E)		(0.49)%		(0.70)%		(0.83)%		(0.77)%		(0.19)%
Portfolio turnover rate		13%	(D)		39%		45%		11%		37%		64%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect redemption fee.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

61

Timothy Large/Mid Cap Value Fund (Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016			For the Year ended September 30, 2015		For the Year ended September 30, 2014			For the Period ended September 30, 2013 (A)
	(Unaudited)
Net asset value, beginning of period	$	19.34		$	17.27	$	18.26		$	19.63	$	18.13		$	18.19
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.06			0.10		0.05			0.03		0.05			0.03
Net realized and unrealized gain (loss) on investments		1.43			2.19		1.06	(C)		0.38		2.82	(C)		(0.09)
Total from investment operations		1.49			2.29		1.11			0.41		2.87			(0.06)
LESS DISTRIBUTIONS:
From net investment income		(0.06)			-		-			-		(0.11)			-
From net realized gains on investments		(1.27)			(0.22)		(2.10)			(1.78)		(1.26)			-
Total distributions		(1.33)			(0.22)		(2.10)			(1.78)		(1.37)			-
Net asset value, end of period	$	19.50		$	19.34	$	17.27		$	18.26	$	19.63		$	18.13
Total return (D)		7.86%	(E)		13.36%		6.74%			1.81%		16.09%			(0.33)%	(E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	24,832		$	19,384	$	5,382		$	3,424	$	1,442		$	100	+
Ratios to average net assets
Expenses, before waiver and reimbursement		1.18%	(F)		1.23%		1.25%			1.23%		1.23%			-
Expenses, net waiver and reimbursement		1.08%	(F)		1.14%		1.19%			1.18%		1.23%			1.24%	(F)
Net investment income, before waiver and reimbursement		0.50%	(F)		0.46%		0.24%			0.12%		0.25%			-
Net investment income, net waiver and reimbursement		0.60%	(F)		0.55%		0.30%			0.18%		0.26%			0.80%	(F)
Portfolio turnover rate		13%	(E)		39%		45%			11%		37%			64%	(E)

+ Actual net assets not truncated.

(A) For the period August 1, 2013 (Commencement of Operations) to September 30, 2013.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(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) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

62

Timothy Fixed Income Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015		For the Year ended September 30, 2014		For the Year ended September 30, 2013
	(Unaudited)
Net asset value, beginning of period	$	10.22		$	10.47	$	10.27	$	10.43	$	10.43	$	10.87
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.09			0.13		0.14		0.15		0.18		0.18
Net realized and unrealized gain (loss) on investments		(0.29)			(0.22)		0.21		(0.04)		0.10		(0.49)
Total from investment operations		(0.20)			(0.09)		0.35		0.11		0.28		(0.31)
LESS DISTRIBUTIONS:
From net investment income		(0.09)			(0.16)		(0.15)		(0.25)		(0.25)		(0.13)
From net realized gains on investments		-			-		-		(0.02)		(0.03)		-
Total distributions		(0.09)			(0.16)		(0.15)		(0.27)		(0.28)		(0.13)
Net asset value, end of period	$	9.93		$	10.22	$	10.47	$	10.27	$	10.43	$	10.43
Total return (B)(C)		(2.01)%	(D)		(0.81)%		3.47%		1.08%		2.64%		(2.82)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	70,200		$	75,858	$	86,142	$	66,107	$	68,274	$	67,558
Ratios to average net assets
Expenses, before waiver and reimbursement		1.28%	(E)		1.30%		1.24%		1.28%		1.30%		1.27%
Expenses, net waiver and reimbursement		1.08%	(E)		1.10%		1.04%		1.11%		1.14%		1.12%
Net investment income, before waiver and reimbursement		1.53%	(E)		1.05%		1.19%		1.29%		1.60%		1.54%
Net investment income, net waiver and reimbursement		1.73%	(E)		1.25%		1.39%		1.48%		1.75%		1.69%
Portfolio turnover rate		24%	(D)		43%		40%		28%		18%		25%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect sales load.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

63

Timothy Fixed Income Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year		For the Year		For the Year		For the Year		For the Year
	Months ended			ended		ended		ended		ended		ended
	March 31,			September 30,		September 30,		September 30,		September 30,		September 30,
	2018			2017		2016		2015		2014		2013
	(Unaudited)
Net asset value, beginning of period	$	9.85		$	10.09	$	9.89	$	10.07	$	10.07	$	10.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.05			0.05		0.07		0.08		0.10		0.10
Net realized and unrealized gain (loss) on investments		(0.28)			(0.20)		0.19		(0.04)		0.11		(0.48)
Total from investment operations		(0.23)			(0.15)		0.26		0.04		0.21		(0.38)
LESS DISTRIBUTIONS:
From net investment income		(0.05)			(0.09)		(0.06)		(0.20)		(0.18)		(0.06)
From net realized gains on investments		-			-		-		(0.02)		(0.03)		-
Total distributions		(0.05)			(0.09)		(0.06)		(0.22)		(0.21)		(0.06)
Net asset value, end of period	$	9.57		$	9.85	$	10.09	$	9.89	$	10.07	$	10.07
Total return (B)(C)		(2.37)%	(D)		(1.49)%		2.66%		0.36%		2.02%		(3.57)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	9,782		$	9,637	$	9,660	$	8,510	$	7,120	$	7,958
Ratios to average net assets
Expenses, before waiver and reimbursement		2.03%	(E)		2.06%		1.99%		2.03%		2.05%		2.03%
Expenses, net waiver and reimbursement		1.83%	(E)		1.86%		1.79%		1.86%		1.90%		1.88%
Net investment income, before waiver and reimbursement		0.79%	(E)		0.30%		0.46%		0.56%		0.85%		0.79%
Net investment income, net waiver and reimbursement		0.99%	(E)		0.50%		0.65%		0.73%		1.00%		0.94%
Portfolio turnover rate		24%	(D)		43%		40%		28%		18%		25%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect redemption fee.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

64

Timothy Fixed Income Fund (Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year		For the Year		For the Year		For the Year			For the
	Months ended			ended		ended		ended		ended			Period ended
	March 31,			September 30,		September 30,		September 30,		September 30,			September 30,
	2018			2017		2016		2015		2014			2013 (A)
	(Unaudited)
Net asset value, beginning of period	$	10.15		$	10.41	$	10.20	$	10.36	$	10.34		$	10.35
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.10			0.16		0.17		0.18		0.41			0.04
Net realized and unrealized gain (loss) on investments		(0.29)			(0.23)		0.22		(0.05)		(0.08)	(C)		0.05
Total from investment operations		(0.19)			(0.07)		0.39		0.13		0.33			0.09
LESS DISTRIBUTIONS:
From net investment income		(0.10)			(0.19)		(0.18)		(0.27)		(0.28)			(0.10)
From net realized gains on investments		-			-		-		(0.02)		(0.03)			-
Total distributions		(0.10)			(0.19)		(0.18)		(0.29)		(0.31)			(0.10)
Net asset value, end of period	$	9.86		$	10.15	$	10.41	$	10.20	$	10.36		$	10.34
Total return (D)		(1.88)%	(E)		(0.64)%		3.91%		1.28%		3.16%			0.90%	(E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,358		$	2,134	$	564	$	483	$	103		$	101	+
Ratios to average net assets
Expenses, before waiver and reimbursement		1.03%	(F)		1.08%		0.96%		1.03%		(0.44)%			1.02%	(F)
Expenses, net waiver and reimbursement		0.83%	(F)		0.88%		0.78%		0.87%		(0.64)%			0.87%	(F)
Net investment income, before waiver and reimbursement		1.79%	(F)		1.37%		1.45%		1.58%		3.72%			1.79%	(F)
Net investment income, net waiver and reimbursement		1.99%	(F)		1.57%		1.63%		1.73%		3.92%			1.94%	(F)
Portfolio turnover rate		24%	(E)		43%		40%		28%		18%			25%	(E)

+ Actual net assets not truncated.

(A) For the period August 1, 2013 (Commencement of Operations) to September 30, 2013.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(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) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

65

Timothy High Yield Bond Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year		For the Year		For the Year		For the Year		For the Year
	Months ended			ended		ended		ended		ended		ended
	March 31,			September 30,		September 30,		September 30,		September 30,		September 30,
	2018			2017		2016		2015		2014		2013
	(Unaudited)
Net asset value, beginning of period	$	9.40		$	9.11	$	8.64	$	9.49	$	9.40	$	9.46
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.17			0.34		0.36		0.40		0.44		0.49
Net realized and unrealized gain (loss) on investments		(0.33)			0.28		0.46		(0.85)		0.09		(0.08)
Total from investment operations		(0.16)			0.62		0.82		(0.45)		0.53		0.41
LESS DISTRIBUTIONS:
From net investment income		(0.19)			(0.33)		(0.35)		(0.40)		(0.44)		(0.47)
Total distributions		(0.19)			(0.33)		(0.35)		(0.40)		(0.44)		(0.47)
Net asset value, end of period	$	9.05		$	9.40	$	9.11	$	8.64	$	9.49	$	9.40
Total return (B)(C)		(1.67)%	(D)		6.94%		9.80%		(4.88)%		5.71%		4.42%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	42,034		$	52,950	$	49,187	$	36,279	$	41,038	$	35,578
Ratios to average net assets
Expenses, before waiver and reimbursement		1.32%	(E)		1.32%		1.29%		1.30%		1.28%		-
Expenses, net waiver and reimbursement		1.27%	(E)		1.27%		1.24%		1.25%		1.28%		1.33%
Net investment income, before waiver and reimbursement		3.66%	(E)		3.66%		4.03%		4.28%		4.53%		-
Net investment income, net waiver and reimbursement		3.71%	(E)		3.71%		4.08%		4.33%		4.53%		5.13%
Portfolio turnover rate		5%	(D)		45%		27%		39%		53%		56%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect sales load.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

66

Timothy High Yield Bond Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year		For the Year		For the Year		For the Year		For the Year
	Months ended			ended		ended		ended		ended		ended
	March 31,			September 30,		September 30,		September 30,		September 30,		September 30,
	2018			2017		2016		2015		2014		2013
	(Unaudited)
Net asset value, beginning of period	$	9.51		$	9.22	$	8.72	$	9.57	$	9.48	$	9.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.14			0.28		0.30		0.33		0.37		0.43
Net realized and unrealized gain (loss) on investments		(0.32)			0.27		0.47		(0.86)		0.09		(0.09)
Total from investment operations		(0.18)			0.55		0.77		(0.53)		0.46		0.34
LESS DISTRIBUTIONS:
From net investment income		(0.16)			(0.26)		(0.27)		(0.32)		(0.37)		(0.41)
Total distributions		(0.16)			(0.26)		(0.27)		(0.32)		(0.37)		(0.41)
Net asset value, end of period	$	9.17		$	9.51	$	9.22	$	8.72	$	9.57	$	9.48
Total return (B)(C)		(1.96)%	(D)		6.04%		9.04%		(5.58)%		4.89%		3.54%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	3,341		$	3,539	$	3,108	$	2,714	$	2,771	$	2,236
Ratios to average net assets
Expenses, before waiver and reimbursement		2.07%	(E)		2.07%		2.03%		2.05%		2.03%		-
Expenses, net waiver and reimbursement		2.02%	(E)		2.02%		1.98%		2.00%		2.03%		2.07%
Net investment income, before waiver and reimbursement		2.92%	(E)		2.91%		3.30%		3.53%		3.78%		-
Net investment income, net waiver and reimbursement		2.96%	(E)		2.96%		3.35%		3.57%		3.79%		4.39%
Portfolio turnover rate		5%	(D)		45%		27%		39%		53%		56%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect redemption fee.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

67

Timothy High Yield Bond Fund (Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year		For the Year		For the Year		For the Year		For the
	Months ended			ended		ended		ended		ended		Period ended
	March 31,			September 30,		September 30,		September 30,		September 30,		September 30,
	2018			2017		2016		2015		2014		2013 (A)
	(Unaudited)
Net asset value, beginning of period	$	9.41		$	9.12	$	8.65	$	9.50	$	9.40	$	9.48
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.18			0.37		0.39		0.43		0.47		0.07
Net realized and unrealized gain (loss) on investments		(0.32)			0.28		0.46		(0.86)		0.10		(0.06)
Total from investment operations		(0.14)			0.65		0.85		(0.43)		0.57		0.01
LESS DISTRIBUTIONS:
From net investment income		(0.21)			(0.36)		(0.38)		(0.42)		(0.47)		(0.09)
Total distributions		(0.21)			(0.36)		(0.38)		(0.42)		(0.47)		(0.09)
Net asset value, end of period	$	9.06		$	9.41	$	9.12	$	8.65	$	9.50	$	9.40
Total return (C)		(1.63)%	(D)		7.21%		10.12%		(4.62)%		6.07%		0.15%	(D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	10,002		$	9,717	$	1,560	$	2,758	$	241	$	100	+
Ratios to average net assets
Expenses, before waiver and reimbursement		1.07%	(E)		1.06%		0.96%		1.06%		0.90%		-
Expenses, net waiver and reimbursement		1.02%	(E)		1.01%		0.92%		1.00%		0.89%		1.08%	(E)
Net investment income, before waiver and reimbursement		3.91%	(E)		3.89%		4.38%		4.55%		4.77%		-
Net investment income, net waiver and reimbursement		3.96%	(E)		3.94%		4.42%		4.58%		4.78%		5.38%	(E)
Portfolio turnover rate		5%	(D)		45%		27%		39%		53%		56%	(D)

+ Actual net assets not truncated.

(A) For the period August 1, 2013 (Commencement of Operations) to September 30, 2013.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

68

Timothy Israel Common Values Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year		For the Year		For the Year		For the Year		For the Year
	Months ended			ended		ended		ended		ended		ended
	March 31,			September 30,		September 30,		September 30,		September 30,		September 30,
	2018			2017		2016		2015		2014		2013
	(Unaudited)
Net asset value, beginning of period	$	14.91		$	12.45	$	11.10	$	12.31	$	12.69	$	10.17
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(A)		(0.03)			0.07		(0.09)		(0.10)		(0.08)		(0.06)
Net realized and unrealized gain (loss) on investments		0.08			2.58		1.44		(1.11)		0.37		2.58
Total from investment operations		0.05			2.65		1.35		(1.21)		0.29		2.52
LESS DISTRIBUTIONS:
From net investment income		(0.20)			(0.19)		-		-		(0.67)		-
Total distributions		(0.20)			(0.19)		-		-		(0.67)		-
Net asset value, end of period	$	14.76		$	14.91	$	12.45	$	11.10	$	12.31	$	12.69
Total return (B)(C)		0.34%	(D)		21.62%		12.16%		(9.83)%		2.21%		24.78%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	35,013		$	34,958	$	16,030	$	11,756	$	13,792	$	10,295
Ratio of expenses to average net assets		1.68%	(E)		1.80%		1.96%		1.93%		1.98%		2.24%
Ratio of net investment income (loss) to average net assets		(0.45)%	(E)		0.54%		(0.82)%		(0.83)%		(0.64)%		(0.57)%
Portfolio turnover rate		7%	(D)		10%		38%		24%		11%		30%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect sales load.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

69

Timothy Israel Common Values Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year		For the Year		For the Year		For the Year		For the Year
	Months ended			ended		ended		ended		ended		ended
	March 31,			September 30,		September 30,		September 30,		September 30,		September 30,
	2018			2017		2016		2015		2014		2013
	(Unaudited)
Net asset value, beginning of period	$	14.33		$	12.01	$	10.78	$	12.05	$	12.50	$	10.09
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (A)		(0.09)			(0.03)		(0.18)		(0.18)		(0.18)		(0.13)
Net realized and unrealized gain (loss) on investments		0.09			2.48		1.41		(1.09)		0.37		2.54
Total from investment operations		(0.00)			2.45		1.23		(1.27)		0.19		2.41
LESS DISTRIBUTIONS:
From net investment income		(0.12)			(0.13)		-		-		(0.64)		-
Total distributions		(0.12)			(0.13)		-		-		(0.64)		-
Net asset value, end of period	$	14.21		$	14.33	$	12.01	$	10.78	$	12.05	$	12.50
Total return (B)(C)		0.01%	(D)		20.60%		11.41%		(10.54)%		1.40%		23.89%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	8,464		$	7,905	$	4,144	$	2,722	$	2,342	$	943
Ratio of expenses to average net assets		2.43%	(E)		2.56%		2.71%		2.68%		2.74%		2.99%
Ratio of net investment loss to average net assets		(1.19)%	(E)		(0.21)%		(1.57)%		(1.59)%		(1.38)%		(1.32)%
Portfolio turnover rate		7%	(D)		10%		38%		24%		11%		30%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect redemption fee.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

70

Timothy Israel Common Values Fund (Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year		For the Year		For the Year		For the Year		For the
	Months ended			ended		ended		ended		ended		Period ended
	March 31,			September 30,		September 30,		September 30,		September 30,		September 30,
	2018			2017		2016		2015		2014		2013 (A)
	(Unaudited)
Net asset value, beginning of period	$	14.97		$	12.50	$	11.11	$	12.29	$	12.67	$	12.21
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		0.00	*		0.12		(0.08)		(0.03)		(0.05)		0.01
Net realized and unrealized gain (loss) on investments		0.07			2.57		1.47		(1.15)		0.37		0.45
Total from investment operations		0.07			2.69		1.39		(1.18)		0.32		0.46
LESS DISTRIBUTIONS:
From net investment income		(0.23)			(0.22)		-		-		(0.70)		-
Total distributions		(0.23)			(0.22)		-		-		(0.70)		-
Net asset value, end of period	$	14.81		$	14.97	$	12.50	$	11.11	$	12.29	$	12.67
Total return (C)		0.44%	(D)		21.87%		12.51%		(9.60)%		2.36%		3.77%	(D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	4,717		$	2,189	$	520	$	236	$	13	$	104	+
Ratio of expenses to average net assets		1.43%	(E)		1.56%		1.72%		1.68%		1.78%		1.99%	(E)
Ratio of net investment income (loss) to average net assets		0.04%	(E)		0.83%		(0.58)%		(0.58)%		(0.36)%		(0.32)%	(E)
Portfolio turnover rate		7%	(D)		10%		38%		24%		11%		30%	(D)

* Amount is less than $0.005 per share.

+ Actual net assets not truncated.

(A) For the period August 1, 2013 (Commencement of Operations) to September 30, 2013.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

71

Timothy Defensive Strategies Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year			For the Year		For the Year		For the Year		For the Year
	Months ended			ended			ended		ended		ended		ended
	March 31,			September 30,			September 30,		September 30,		September 30,		September 30,
	2018			2017			2016		2015		2014		2013
	(Unaudited)
Net asset value, beginning of period	$	11.37		$	11.49		$	10.54	$	11.38	$	11.12	$	12.12
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.05			0.00	*		0.04		0.02		0.09		0.06
Net realized and unrealized gain (loss) on investments		(0.05)			(0.08)			0.91		(0.73)		0.25		(1.04)
Total from investment operations		(0.00)			(0.08)			0.95		(0.71)		0.34		(0.98)
LESS DISTRIBUTIONS:
From net investment income		(0.02)			(0.04)			-		(0.12)		(0.05)		-
From net realized gains on investments		-			-			-		(0.01)		(0.03)		(0.02)
Total distributions		(0.02)			(0.04)			-		(0.13)		(0.08)		(0.02)
Net asset value, end of period	$	11.35		$	11.37		$	11.49	$	10.54	$	11.38	$	11.12
Total return (B)(C)		(0.39)%(D)			(0.72)%			9.01%		(6.30)%		3.06%		(8.09)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	43,611		$	50,080		$	68,706	$	71,569	$	54,054	$	51,859
Ratios to average net assets
Expenses, before waiver and reimbursement		1.54%	(E)		1.44%			1.35%		1.26%		1.28%		-
Expenses, net waiver and reimbursement		1.49%	(E)		1.39%			1.30%		1.21%		1.28%		1.26%
Net investment income, before waiver and reimbursement		0.74%	(E)		(0.05)%			0.35%		0.11%		0.78%		-
Net investment income, net waiver and reimbursement		0.79%	(E)		0.00%			0.40%		0.16%		0.78%		0.52%
Portfolio turnover rate		22%	(D)		51%			58%		42%		24%		56%

* Amount is less than $0.005 per share.

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect sales load.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

72

Timothy Defensive Strategies Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year		For the Year		For the Year		For the Year		For the Year
	Months ended			ended		ended		ended		ended		ended
	March 31,			September 30,		September 30,		September 30,		September 30,		September 30,
	2018			2017		2016		2015		2014		2013
	(Unaudited)
Net asset value, beginning of period	$	10.90		$	11.07	$	10.22	$	11.04	$	10.82	$	11.88
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.00	*		(0.08)		(0.04)		(0.07)		-		(0.03)
Net realized and unrealized gain (loss) on investments		(0.05)			(0.09)		0.89(B)		(0.71)		0.25		(1.01)
Total from investment operations		(0.05)			(0.17)		0.85		(0.78)		0.25		(1.04)
LESS DISTRIBUTIONS:
From net investment income		-			-		-		(0.03)		-		-
From net realized gains on investments		-			-		-		(0.01)		(0.03)		(0.02)
Total distributions		-			-		-		(0.04)		(0.03)		(0.02)
Net asset value, end of period	$	10.85		$	10.90	$	11.07	$	10.22	$	11.04	$	10.82
Total return (C)(D)		(0.73)%	(E)		(1.54)%		8.32%		(7.06)%		2.27%		(8.75)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	5,809		$	6,683	$	9,630	$	14,671	$	14,461	$	16,718
Ratios to average net assets
Expenses, before waiver and reimbursement		2.29%	(F)		2.21%		2.07%		2.01%		2.04%		-
Expenses, net waiver and reimbursement		2.24%	(F)		2.16%		2.02%		1.96%		2.03%		2.02%
Net investment loss, before waiver and reimbursement		(0.02)%	(F)		(0.79)%		(0.46)%		(0.67)%		(0.02)%		-   ��
Net investment loss, net waiver and reimbursement		0.03%	(F)		(0.74)%		(0.41)%		(0.62)%		(0.01)%		(0.25)%
Portfolio turnover rate		22%	(E)		51%		58%		42%		24%		56%

* Amount is less than $0.005 per share.

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) 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.

(C) Total return calculation does not reflect redemption fee.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

73

Timothy Defensive Strategies Fund (Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six			For the Year		For the Year		For the Year		For the Year		For the
	Months ended			ended		ended		ended		ended		Period ended
	March 31,			September 30,		September 30,		September 30,		September 30,		September 30,
	2018			2017		2016		2015		2014		2013 (A)
	(Unaudited)
Net asset value, beginning of period	$	11.38		$	11.51	$	10.52	$	11.36	$	11.11	$	11.11
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.06			0.06		0.09		0.05		0.18		0.01
Net realized and unrealized gain (loss) on investments		(0.06)			(0.12)		0.90		(0.73)		0.20		(0.01)
Total from investment operations		(0.00)			(0.06)		0.99		(0.68)		0.38		0.00
LESS DISTRIBUTIONS:
From net investment income		(0.05)			(0.07)		-		(0.15)		(0.10)		-
From net realized gains on investments		-			-		-		(0.01)		(0.03)		-
Total distributions		(0.05)			(0.07)		-		(0.16)		(0.13)		-
Net asset value, end of period	$	11.33		$	11.38	$	11.51	$	10.52	$	11.36	$	11.11
Total return (C)		(0.28)%	(D)		(0.54)%		9.41%		(6.09)%		3.39%		0.00% (D)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,720		$	2,661	$	398	$	163	$	97	$	100	+
Ratios to average net assets
Expenses, before waiver and reimbursement		1.29%	(E)		1.14%		1.18%		1.01%		0.74%		-
Expenses, net waiver and reimbursement		1.24%	(E)		1.09%		1.12%		0.96%		0.72%		1.01%	(E)
Net investment income, before waiver and reimbursement		1.01%	(E)		0.44%		0.73%		0.42%		1.50%		-
Net investment income, net waiver and reimbursement		1.06%	(E)		0.49%		0.79%		0.47%		1.52%		0.77%	(E)
Portfolio turnover rate		22%	(D)		51%		58%		42%		24%		56%	(D)

+ Actual net assets not truncated.

(A) For the period August 1, 2013 (Commencement of Operations) to September 30, 2013.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) Annualized.

The accompanying notes are an integral part of these financial statements.

74

Timothy Strategic Growth Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015		For the Year ended September 30, 2014		For the Year ended September 30, 2013
	(Unaudited)
Net asset value, beginning of period	$	9.48		$	8.73	$	8.42	$	8.90	$	8.34	$	7.44
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.18			(0.04)		(0.03)		0.03		0.12		0.02
Net realized and unrealized gain (loss) on investments		0.01			0.79		0.37		(0.40)		0.45		0.93
Total from investment operations		0.19			0.75		0.34		(0.37)		0.57		0.95
LESS DISTRIBUTIONS:
From net investment income		-			-		(0.03)		(0.11)		(0.01)		(0.05)
Total distributions		-			-		(0.03)		(0.11)		(0.01)		(0.05)
Net asset value, end of period	$	9.67		$	9.48	$	8.73	$	8.42	$	8.90	$	8.34
Total return (B)(C)		2.00%	(D)		8.59%		4.03%		(4.16)%		6.82%		12.78%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	32,872		$	32,767	$	32,800	$	33,071	$	36,951	$	34,466
Ratio of expenses to average net assets (E)		1.06%	(F)		1.07%		1.05%		1.08%		1.07%		1.08%
Ratio of net investment income (loss), to average net assets (E)(G)		3.77%	(F)		(0.45)%		(0.38)%		0.37%		1.34%		0.24%
Portfolio turnover rate		3%	(D)		36%		37%		24%		14%		19%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect sales load.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(F) Annualized.

(G) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

75

Timothy Strategic Growth Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015		For the Year ended September 30, 2014		For the Year ended September 30, 2013
	(Unaudited)
Net asset value, beginning of period	$	8.57		$	7.95	$	7.70	$	8.15	$	7.69	$	6.87
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.13			(0.10)		(0.08)		(0.02)		0.03		(0.04)
Net realized and unrealized gain (loss) on investments		0.01			0.72		0.33		(0.38)		0.43		0.86
Total from investment operations		0.14			0.62		0.25		(0.40)		0.46		0.82
LESS DISTRIBUTIONS:
From net investment income		-			-		-		(0.05)		-		-
Total distributions		-			-		-		(0.05)		-		-
Net asset value, end of period	$	8.71		$	8.57	$	7.95	$	7.70	$	8.15	$	7.69
Total return (B)(C)		1.63%	(D)		7.80%		3.25%		(4.89)%		5.98%		11.94%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	7,001		$	6,966	$	7,380	$	7,713	$	8,842	$	7,668
Ratio of expenses to average net assets (E)		1.81%	(F)		1.82%		1.80%		1.84%		1.82%		1.83%
Ratio of net investment income (loss), to average net assets (E)(G)		3.04%	(F)		(1.18)%		(1.09)%		(0.29)%		0.50%		(0.52)%
Portfolio turnover rate		3%	(D)		36%		37%		24%		14%		19%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect redemption fee.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(F) Annualized.

(G) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

76

Timothy Conservative Growth Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015		For the Year ended September 30, 2014		For the Year ended September 30, 2013
	(Unaudited)
Net asset value, beginning of period	$	10.67		$	10.06	$	10.32	$	11.01	$	10.51	$	9.95
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.17			(0.02)		(0.03)		0.06		0.14		0.03
Net realized and unrealized gain (loss) on investments		(0.10)			0.63		0.43		(0.32)		0.41		0.61
Total from investment operations		0.07			0.61		0.40		(0.26)		0.55		0.64
LESS DISTRIBUTIONS:
From net investment income		-			-		(0.05)		(0.10)		(0.05)		(0.08)
From net realized gains on investments		(0.03)			-		(0.61)		(0.33)		-		-
Total distributions		(0.03)			-		(0.66)		(0.43)		(0.05)		(0.08)
Net asset value, end of period	$	10.71		$	10.67	$	10.06	$	10.32	$	11.01	$	10.51
Total return (B)(C)		0.68%	(D)		6.06%		4.22%		(2.47)%		5.23%		6.44%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	43,941		$	45,110	$	44,437	$	44,706	$	47,543	$	44,238
Ratio of expenses to average net assets (E)		1.05%	(F)		1.04%		1.02%		1.07%		1.05%		1.05%
Ratio of net investment income (loss) to average net assets (E)(G)		3.09%	(F)		(0.20)%		(0.27)%		0.53%		1.26%		0.25%
Portfolio turnover rate		3%	(D)		27%		27%		25%		19%		22%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect sales load.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(F) Annualized.

(G) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

77

Timothy Conservative Growth Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015		For the Year ended September 30, 2014		For the Year ended September 30, 2013
	(Unaudited)
Net asset value, beginning of period	$	9.76		$	9.27	$	9.58	$	10.22	$	9.79	$	9.27
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (A)		0.11			(0.09)		(0.09)		(0.01)		0.03		(0.05)
Net realized and unrealized gain (loss) on investments		(0.08)			0.58		0.39		(0.30)		0.40		0.57
Total from investment operations		0.03			0.49		0.30		(0.31)		0.43		0.52
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.03)			-		(0.61)		(0.33)		-		-
Total distributions		(0.03)			-		(0.61)		(0.33)		-		-
Net asset value, end of period	$	9.76		$	9.76	$	9.27	$	9.58	$	10.22	$	9.79
Total return (B)(C)		0.23%	(D)		5.29%		3.39%		(3.19)%		4.39%		5.61%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	9,308		$	9,981	$	10,697	$	11,135	$	12,359	$	10,419
Ratio of expenses to average net assets (E)		1.80%	(F)		1.79%		1.77%		1.82%		1.79%		1.80%
Ratio of net investment income (loss), to average net assets (E)(G)		2.30%	(F)		(0.96)%		(1.01)%		(0.14)%		0.41%		(0.50)%
Portfolio turnover rate		3%	(D)		27%		27%		25%		19%		22%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total return calculation does not reflect redemption fees.

(C) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D) For periods of less than one full year, total return and turnover are not annualized.

(E) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(F) Annualized.

(G) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

78

Timothy Emerging Markets Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015		For the Year ended September 30, 2014		For the Period ended September 30, 2013 (A)
	(Unaudited)
Net asset value, beginning of period	$	9.73		$	8.06	$	6.34	$	10.23	$	10.53	$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		0.01			0.06		0.03		0.04		(0.02)		(0.08)
Net realized and unrealized gain (loss) on investments		0.18			1.65		1.69		(3.35)		0.08		0.61
Total from investment operations		0.19			1.71		1.72		(3.31)		0.06		0.53
LESS DISTRIBUTIONS:
From net investment income		(0.07)			(0.04)		-		(0.04)		-		-
From net realized gains on investments		-			-		-		(0.54)		(0.36)		-
Total distributions		(0.07)			(0.04)		-		(0.58)		(0.36)		-
Net asset value, end of period	$	9.85		$	9.73	$	8.06	$	6.34	$	10.23	$	10.53
Total return (C)(D)		1.92%	(E,F)		21.29%		27.13%		(33.78)%		0.61%		5.30%	(E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	23,994		$	16,889	$	7,118	$	5,981	$	10,803	$	8,675
Ratios to average net assets		2.15%	(G)		2.27%		2.58%		2.50%		2.55%		-
Expenses, before waiver and reimbursement
Expenses, net waiver and reimbursement		2.10%	(G)		2.22%		2.53%		2.45%		2.55%		3.03%	(G)
Net investment income (loss), before waiver and reimbursement		0.19%	(G)		0.68%		0.39%		0.36%		(0.19)%		-
Net investment income (loss), net waiver and reimbursement		0.24%	(G)		0.73%		0.44%		0.41%		(0.19)%		(0.95)%	(G)
Portfolio turnover rate		19%	(E)		31%		24%		37%		39%		19%	(E)

(A) For the period December 3, 2012 (Commencement of Operations) to September 30, 2013.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) Total return calculation does not reflect sales load.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently, the net asset value for financial reporting purposes and the returns based upon those net asset may differ from the net asset values and returns for shareholder processing.

(G) Annualized.

The accompanying notes are an integral part of these financial statements.

79

Timothy Emerging Markets Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017			For the Year ended September 30, 2016			For the Year ended September 30, 2015		For the Year ended September 30, 2014		For the Period ended September 30, 2013 (A)
	(Unaudited)
Net asset value, beginning of period	$	9.48		$	7.88		$	6.23		$	10.09	$	10.48	$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(B)		(0.02)			0.00	*		(0.02)			(0.02)		(0.09)		(0.12)
Net realized and unrealized gain (loss) on investments		0.16			1.60			1.67	(C)		(3.30)		0.06		0.60
Total from investment operations		0.14			1.60			1.65			(3.32)		(0.03)		0.48
LESS DISTRIBUTIONS:
From net investment income		(0.02)			-			-			-		-		-
From net realized gains on investments		-			-			-			(0.54)		(0.36)		-
Total distributions		(0.02)			-			-			(0.54)		(0.36)		-
Net asset value, end of period	$	9.60		$	9.48		$	7.88		$	6.23	$	10.09	$	10.48
Total return (D)(E)		1.47%	(F)		20.30%			26.48%			(34.29)%		(0.27)%		4.80%	(F)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,510		$	2,413		$	897		$	498	$	883	$	291
Ratios to average net assets		2.90%	(G)		3.02%			3.36%			3.26%		3.25%		-
Expenses, before waiver and reimbursement
Expenses, net waiver and reimbursement		2.85%	(G)		2.97%			3.28%			3.21%		3.25%		3.76%	(G)
Net investment loss, before waiver and reimbursement		(0.51)%	(G)		(0.04)%			(0.29)%			(0.39)%		(0.83)%		-
Net investment income (loss), net waiver and reimbursement		(0.46)%	(G)		0.01%			(0.24)%			(0.34)%		(0.83)%		(1.39)%	(G)
Portfolio turnover rate		19%	(F)		31%			24%			37%		39%		19%	(F)

* Amount is less than $0.005 per share

(A) For the period December 3, 2012 (Commencement of Operations) to September 30, 2013.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(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) Total return calculation does not reflect redemption fee.

(E) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(F) For periods of less than one full year, total return and turnover are not annualized.

(G) Annualized.

The accompanying notes are an integral part of these financial statements.

80

Timothy Emerging Markets Fund (Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015		For the Year ended September 30, 2014			For the Period ended September 30, 2013 (A)
	(Unaudited)
Net asset value, beginning of period	$	9.79		$	8.11	$	6.35	$	10.25	$	10.53		$	9.96
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.03			0.09		0.05		0.08		0.03			0.00	*
Net realized and unrealized gain (loss) on investments		0.16			1.64		1.71		(3.38)		0.05	(C)		0.57
Total from investment operations		0.19			1.73		1.76		(3.30)		0.08			0.57
LESS DISTRIBUTIONS:
From net investment income		(0.08)			(0.05)		-		(0.06)		-			-
From net realized gains on investments		-			-		-		(0.54)		(0.36)			-
Total distributions		(0.08)			(0.05)		-		(0.60)		(0.36)			-
Net asset value, end of period	$	9.90		$	9.79	$	8.11	$	6.35	$	10.25		$	10.53
Total return (D)		1.98%	(E)		21.52%		27.72%		(33.04)%		0.81%			5.72%	(E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	1,946		$	1,762	$	703	$	329	$	333		$	106	+
Ratios to average net assets		1.90%	(F)		2.02%		2.42%		2.26%		2.25%			-
Expenses, before waiver and reimbursement
Expenses, net waiver and reimbursement		1.85%	(F)		1.97%		2.38%		2.21%		2.25%			2.78%	(F)
Net investment income (loss), before waiver and reimbursement		0.47%	(F)		0.97%		0.61%		0.90%		0.25%			-
Net investment income (loss), net waiver and reimbursement		0.52%	(F)		1.02%		0.66%		0.95%		0.26%			(0.70%)	(F)
Portfolio turnover rate		19%	(E)		31%		24%		37%		39%			19%	(E)

*Amount is less than $0.005 per share.

+ Actual net assets not truncated.

(A) For the period August 1, 2013 (Commencement of Operations) to September 30, 2013.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(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) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

81

Timothy Growth & Income Fund (Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015		For the Period ended September 30, 2014 (A)
	(Unaudited)
Net asset value, beginning of period	$	11.28		$	10.76	$	10.53	$	10.95	$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (B)		0.00			0.01		0.03		0.01		(0.02)
Net realized and unrealized gain (loss) on investments		(0.07)			0.52		0.22		(0.42)		0.97
Total from investment operations		(0.07)			0.53		0.25		(0.41)		0.95
LESS DISTRIBUTIONS:
From net investment income		-			(0.01)		(0.02)		(0.01)		-
From net realized gains on investments		(0.27)			-		-		-		-
Total distributions		(0.27)			(0.01)		(0.02)		(0.01)		-
Net asset value, end of period	$	10.94		$	11.28	$	10.76	$	10.53	$	10.95
Total return (C)(D)		(0.65)%	(E)		4.91%		2.36%		(3.75)%		9.50%	(E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	29,335		$	30,426	$	36,486	$	26,378	$	24,272
Ratios to average net assets
Expenses, before waiver and reimbursement		1.59%	(F)		1.59%		1.59%		1.56%		1.68%	(F)
Expenses, net waiver and reimbursement		1.54%	(F)		1.54%		1.54%		1.51%		1.67%	(F)
Net investment income (loss), before waiver and reimbursement		0.02%	(F)		0.03%		0.20%		0.08%		(0.21%)	(F)
Net investment income (loss), net waiver and reimbursement		0.07%	(F)		0.08%		0.25%		0.13%		(0.21%)	(F)
Portfolio turnover rate		41%	(E)		118%		45%		75%		21%	(E)

(A) For the period October 1, 2013 (Commencement of Operations) to September 30, 2014.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(C) Total return calculation does not reflect sales load.

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

82

Timothy Growth & Income Fund (Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016			For the Year ended September 30, 2015		For the Period ended September 30, 2014 (A)
	(Unaudited)
Net asset value, beginning of period	$	10.99		$	10.55	$	10.39		$	10.87	$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (B)		(0.04)			(0.07)		(0.06)			(0.06)		(0.08)
Net realized and unrealized gain (loss) on investments		(0.07)			0.51		0.22	(C)		(0.42)		0.95
Total from investment operations		(0.11)			0.44		0.16			(0.48)		0.87
LESS DISTRIBUTIONS:
From net realized gains on investments		(0.27)			-		-			-		-
Total distributions		(0.27)			-		-			-		-
Net asset value, end of period	$	10.61		$	10.99	$	10.55		$	10.39	$	10.87
Total return (D)(E)		(1.04)%	(F)		4.17%		1.54%			(4.42)%		8.70%	(F)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	3,107		$	3,006	$	3,028		$	3,330	$	2,081
Ratios to average net assets
Expenses, before waiver and reimbursement		2.34%	(G)		2.34%		2.32%			2.30%		2.20%	(G)
Expenses, net waiver and reimbursement		2.29%	(G)		2.29%		2.28%			2.25%		2.19%	(G)
Net investment loss, before waiver and reimbursement		(0.72%)	(G)		(0.73%)		(0.61%)			(0.60%)		(0.72%)	(G)
Net investment loss, net waiver and reimbursement		(0.67%)	(G)		(0.68%)		(0.56%)			(0.55%)		(0.70%)	(G)
Portfolio turnover rate		41%	(F)		118%		45%			75%		21%	(F)

(A) For the period October 1, 2013 (Commencement of Operations) to September 30, 2014.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(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) Total return calculation does not reflect redemption fee.

(E) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(F) For periods of less than one full year, total return and turnover are not annualized.

(G) Annualized.

The accompanying notes are an integral part of these financial statements.

83

Timothy Growth & Income Fund (Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months ended March 31, 2018			For the Year ended September 30, 2017		For the Year ended September 30, 2016		For the Year ended September 30, 2015		For the Period ended September 30, 2014 (A)
	(Unaudited)
Net asset value, beginning of period	$	11.34		$	10.81	$	10.56	$	10.96	$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (B)		0.02			0.03		0.05		0.04		0.04
Net realized and unrealized gain (loss) on investments		(0.08)			0.53		0.23		(0.42)		0.92	(C)
Total from investment operations		(0.06)			0.56		0.28		(0.38)		0.96
LESS DISTRIBUTIONS:
From net investment income		-			(0.03)		(0.03)		(0.02)		-
From net realized gains on investments		(0.27)			-		-		-		-
Total distributions		(0.27)			(0.03)		(0.03)		(0.02)		-
Net asset value, end of period	$	11.01		$	11.34	$	10.81	$	10.56	$	10.96
Total return (D)		(0.56)%	(E)		5.19%		2.61%		(3.50)%		9.60%	(E)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000’s)	$	2,847		$	2,197	$	1,593	$	1,573	$	1,507
Ratios to average net assets
Expenses, before waiver and reimbursement		1.34%	(F)		1.34%		1.32%		1.31%		1.18%	(F)
Expenses, net waiver and reimbursement		1.29%	(F)		1.29%		1.28%		1.26%		1.16%	(F)
Net investment income, before waiver and reimbursement		0.28%	(F)		0.27%		0.41%		0.32%		0.30%	(F)
Net investment income, net waiver and reimbursement		0.33%	(F)		0.32%		0.46%		0.38%		0.31%	(F)
Portfolio turnover rate		41%	(E)		118%		45%		75%		21%	(E)

(A) For the period October 1, 2013 (Commencement of Operations) to September 30, 2014.

(B) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(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) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) For periods of less than one full year, total return and turnover are not annualized.

(F) Annualized.

The accompanying notes are an integral part of these financial statements.

84

Notes to Financial Statements

March 31, 2018 (Unaudited)

Timothy Plan Family of Funds

Note 1 | Significant Accounting Policies

The Timothy Plan (the “Trust”) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of March 31, 2018, the Trust consisted of fifteen series. These financial statements include the following thirteen series: Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Israel Common Values Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund, Timothy Plan Emerging Markets Fund and Timothy Plan Growth & Income Fund (the “Funds”). The Funds are diversified funds except for the Timothy Plan Defensive Strategy Fund which is a non-diversified fund.

The Timothy Plan Aggressive Growth Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks without regard to market capitalizations and investing in the securities of a limited number of companies which the Fund’s Advisor believes show a high probability for superior growth.

The Timothy Plan International Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in the common stock and similar securities of foreign companies through the purchase of American Depositary Receipts (“ADRs”) without regard to market capitalization, investing its assets in the ADRs of companies which the Fund’s Advisor believes show a high probability for superior growth, and allocating investments across countries and regions considering the size of the market in each country and region relative to the size of the international market as a whole. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

The Timothy Plan Large/Mid Cap Growth Fund’s investment objective is long-term growth of capital. Current income is not a significant investment consideration and any such income realized will be considered incidental to the Fund’s investment objective. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks with market capitalizations in excess of $2 billion.

The Timothy Plan Small Cap Value Fund’s primary objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing at least 80% of the Fund’s total assets in U.S. stocks with market capitalizations that fall within the range of companies included in the Russell 2000 Index.

The Timothy Plan Large/Mid Cap Value Fund’s investment objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing in U.S. common stocks. The Fund will invest at least 80% of its assets in the common stock of companies whose total market capitalization generally exceeds $2 billion.

The Timothy Plan Fixed Income Fund seeks to generate a high level of current income consistent with prudent investment risk. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally only purchase high quality securities.

The Timothy Plan High Yield Bond Fund’s investment objective is to generate a high level of current income. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally purchase securities that are not investment-grade, meaning securities with a rating of “BBB” or lower as rated by Standard and Poor’s or a comparable rating by another nationally recognized rating agency. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Timothy Plan Israel Common Values Fund seeks to provide long-term growth of capital. This Fund seeks to achieve its investment objectives by normally investing at least 80% of the Fund’s total assets in the common stock of companies domiciled and/or headquartered in Israel through the purchase of American Depositary Receipts (ADRs) and direct investments in such companies on foreign stock exchanges, without regard to market capitalizations.

The Timothy Plan Defensive Strategies Fund’s investment objective is the protection of principal through aggressive, proactive reactions to prevailing economic conditions. To achieve its investment objective, the Fund normally invests in Real Estate Investment Trusts (“REITs”), commodities based Exchange-Traded Funds (“ETFs”), Treasury Inflation Protected Securities (“TIPS”), and currently holds gold and silver bullion.

The Timothy Plan Strategic Growth Fund seeks to generate medium to high levels of long-term capital growth. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust: approximately 2-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 10-20% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 10-20% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 6-18% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 10-20% of its net assets in the Timothy Plan International Fund; approximately 2-10% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 10-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-10% of its net assets in the Timothy Plan Emerging Markets Fund; approximately 5-20% of its net assets in the Timothy Plan Growth & Income Fund; and approximately 0-15% of its net assets in the Timothy Fixed Income Fund.

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Notes to Financial Statements

March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

The Timothy Plan Conservative Growth Fund seeks to generate moderate levels of long-term capital growth with a secondary objective of current income. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust: approximately 2-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 5-15% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 5-15% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 2-5% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 6-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 0-10% of its net assets in the Timothy Plan International Fund; approximately 20%-40% of its net assets in the Timothy Plan Fixed Income Fund; approximately 10-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0- 10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-10% of its net assets in the Timothy Plan Emerging Markets Fund; and approximately 5-20% of its net assets in the Timothy Plan Growth & Income Fund.

The Timothy Plan Emerging Markets Fund commenced operations on December 3, 2012. The Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objectives by normally investing at least 80% of the Fund’s total assets in the common stock of companies domiciled and/or headquartered in countries that the Fund’s Advisor/Sub-Advisor believes are experiencing rapid or above average growth or industrialization through the purchase of American Depositary Receipts (ADRs) and direct investments in such companies on foreign stock exchanges, without regard to market capitalizations.

The Timothy Plan Growth & Income Fund commenced operations on October 1, 2013. The Fund’s investment objective is to provide total return through a combination of growth and income and preservation of capital in declining markets. The Fund seeks to achieve its investment objectives by employing a proprietary investment model to select equity securities for the Fund that the Fund’s Advisor/Sub-Advisor believes are undervalued and more likely to appreciate. The Fund’s Advisor/Sub-Advisor focuses on characteristics such as management commitment, value and neglect, and on equity securities that are underrepresented by institutional investors. The Fund’s Advisor/Sub-Advisor also assesses a number of fundamental factors such as earnings, earnings trends, price earnings multiples, return on assets and other financial statement data, as well as other proprietary calculations. The model evaluates over 8,500 companies of all capitalization ranges. For the Fund, the Fund’s Advisor/Sub-Advisor refines the model by using a capitalization screen and evaluates thousands of companies within the appropriate capitalization range. The Fund’s Advisor normally will sell a security when the investment no longer meets the Funds Advisor’s/Sub-Advisor’s investment criteria.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update ASU 2013-08.

A. SECURITY VALUATION AND FAIR VALUE MEASUREMENTS

All investments in securities are recorded at their estimated fair value as described in Note 2.

B. INVESTMENT INCOME AND SECURITIES TRANSACTIONS

Security transactions are accounted for on the date the securities are purchased or sold (trade date). The costing method for the Timothy Plan Funds is FIFO (first-in-first-out). Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Aggressive Growth Fund, Large/Mid Cap Value Fund, Small Cap Value Fund, Defensive Strategies Fund, Emerging Markets Fund and Growth & Income Fund have made certain investments in REITs. Dividend income from REITs is recognized on the ex-dividend date. It is common for distributions from REITs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in REITS are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the calendar year. Estimates are based on the most recent REIT distribution information available. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.

C. FOREIGN CURRENCY

Investment securities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

86

Notes to Financial Statements

March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

D. GOLD/SILVER RISK FACTORS

There is a risk that some or all of the Trust’s gold and silver bars held by the custodian or any sub-custodian on behalf of the Trust could be lost, damaged or stolen. Access to the Trust’s gold bars could be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the fund shares.

Several factors may affect the price of gold and silver, including but not limited to:

· Global or regional political, economic or financial events and situations;

· Investors’ expectations with respect to the rate of inflation;

· Currency exchange rates;

· Interest rates; and

· Investment and trading activities of hedge funds and commodity funds.

E. NET ASSET VALUE PER SHARE

The Net Asset Value (“NAV”) per share of the capital stock of the Funds is determined daily as of the close of trading on the New York Stock Exchange by dividing the value of its net assets by the number of Fund shares outstanding. The NAV is calculated separately for each class of each Fund in the Trust. The net asset value of the classes may differ because of different fees and expenses charged to each class.

F. EXPENSES

Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Fund’s relative net assets or another appropriate basis as determined by the Board of Trustees (the “Board”).

G. CLASSES

There are three classes of shares currently offered by all Funds in the Trust, except Strategic Growth Fund and Conservative Growth Fund: Class A shares are offered with a front-end sales charge and ongoing service/distribution fees; Class C shares are offered with a contingent deferred sales charge (“CDSC”) that ends after the first year and ongoing service and distribution fees; Class I shares, which commenced operations on August 1, 2013, are offered without any sales charges or ongoing service distribution fees.

Class specific expenses are borne by each specific class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.

H. USE OF ESTIMATES

In the preparation of financial statements in conformity with GAAP, management makes 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, as well as the reported amounts of revenues and expenses during the year ended. Actual results could differ from those estimates.

I. FEDERAL INCOME TAXES

It is the policy of each Fund to continue to comply with all requirements under subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income or gains. Therefore, no federal income tax or excise provision is required.

As of March 31, 2018, 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 in the Statements of Operations. During the six months ended March 31, 2018, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially within the next twelve months.

J. INDEMNIFICATION

The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

K. DISTRIBUTIONS TO SHAREHOLDERS

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or Net Asset Values (NAVs) per share of the Funds.

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Notes to Financial Statements

March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

Permanent book and tax differences, primarily attributable to the book/tax treatment of foreign currency gains/(losses), PFIC gains/(losses), net operating losses and short-term capital gains, the expiration of capital loss carry forwards, adjustments for paydowns, C-Corporation return of capital distributions, grantor trusts, and partnerships, resulted in reclassifications for the Funds for the fiscal year ended September 30, 2017:

				Accumulated			Accumulated Net
				Net Investment			Realized Gains
Fund	Paid In Capital			Income (Loss)			(Loss)
Aggressive Growth Fund	$	(191,245	)	$	173,493		$	17,752
International Fund		(5,935,936	)		762,087			5,173,849
Large/Mid Cap Growth Fund		(289,056	)		288,650			406
Small Cap Value Fund		(2,870	)		-			2,870
Large/Mid Cap Value Fund		-			(1,193	)		1,193
Fixed Income Fund		-			326,015			(326,015	)
High Yield Bond Fund		(776,982	)		-			776,982
Israel Common Values Fund		-			61,150			(61,150	)
Defensive Strategies Fund		(107,851	)		(2,722,803	)		2,830,654
Strategic Growth Fund		(179,604	)		179,604			-
Conservative Growth Fund		(177,678	)		177,720			(42	)
Emerging Markets Fund		-			(6,120	)		6,120
Growth & Income Fund		(2,237	)		14,012			(11,775	)

L. SUB-CUSTODIAN

Effective May 22, 2015, the Timothy Plan Family of Funds entered into a precious metals storage agreement with Brink’s Global Services U.S.A., Inc. to maintain the custody of the gold and silver held in the Timothy Plan Defensive Strategies Fund.

Note 2 | Security Valuation and Fair Value Measurements

Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

VALUATION OF FUND OF FUNDS

A Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the Board of Directors of the Underlying Funds.

Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

OPTIONS TRANSACTIONS –The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.

Each Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio.

When the Funds write a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds may purchase put and call options. Call options are purchased to hedge against an increase in the value of securities held in a Fund’s portfolio. If such an increase occurs, the call options will permit the Fund to purchase the securities underlying such options at the exercise price, not at the current market price. Put options are purchased to hedge against a decline in the value of securities held in a Fund’s portfolio. If such a

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Notes to Financial Statements

March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty credit risk to the Funds since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

There were no options held at March 31, 2018, and there were no options transactions for the six months ended March 31, 2018.

The Trust utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

●Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

●Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

●Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Each Fund generally determines the total value of each class of its shares by using market prices for the securities comprising its portfolio. Equity securities, including common stock, ADRs, REITs, ETFs and warrants are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over- the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Equity securities traded on inactive markets or valued by reference to similar instruments are categorized as a Level 2. When market quotations are not readily available, when the Advisor or Sub- Advisor determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review by the Board. These securities will generally be categorized as Level 3 securities.

Investments in commodities are valued at the spot rate at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

Fixed income securities such as corporate bonds, restricted corporate bonds, mortgage-backed securities, U.S. government securities, U.S. government agency securities and treasury inflation protected securities, when valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the Advisor or Sub-Advisor decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.

Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity) may be valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

The Board has delegated to the Advisor and/or Sub- Advisors responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Advisor or Sub-Advisor will use its best efforts to arrive at the fair value of a security held by the Fund under all reasonably ascertainable facts and circumstances. The Advisor must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Board has adopted written policies and procedures to guide the Advisor and Sub-Advisors with respect to the circumstances under which, and the methods to be used, in fair valuing securities.

The following is a summary of the inputs used to value each Fund’s assets as of March 31, 2018:

89

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March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

Aggressive Growth Fund

Assets		Level 1		Level 2		Level 3		Total
Common Stock	$	26,468,592	$	-	$	-	$	26,468,592
REITs		212,670		-		-		212,670
Money Market Fund		1,503,040		-		-		1,503,040
Total	$	28,184,302	$	-	$	-	$	28,184,302
International Fund
Assets		Level 1		Level 2		Level 3		Total
Common Stock	$	106,146,751	$	-	$	-	$	106,146,751
Money Market Fund		3,183,478		-		-		3,183,478
Total	$	109,330,229	$	-	$	-	$	109,330,229
Large/Mid Cap Growth Fund
Assets		Level 1		Level 2		Level 3		Total
Common Stock	$	86,495,988	$	-	$	-	$	86,495,988
Money Market Fund		3,484,012		-		-		3,484,012
Total	$	89,980,000	$	-	$	-	$	89,980,000
Small Cap Value Fund
Assets		Level 1		Level 2		Level 3		Total
Common Stock	$	126,546,354	$	-	$	-	$	126,546,354
REITs		18,925,486		-		-		18,925,486
Money Market Fund		2,642,090		-		-		2,642,090
Total	$	148,113,930	$	-	$	-	$	148,113,930
Large/Mid Cap Value Fund
Assets		Level 1		Level 2		Level 3		Total
Common Stock	$	198,514,567	$	-	$	-	$	198,514,567
REITs		11,475,616		-		-		11,475,616
Money Market Fund		13,409,744		-		-		13,409,744
Total	$	223,399,927	$	-	$	-	$	223,399,927
Fixed Income Fund
Assets		Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	26,115,409	$	-	$	26,115,409
Government Notes & Bonds		-		31,817,023		-		31,817,023
Government Mortgage-Backed Securities		-		21,360,038		-		21,360,038
Money Market Fund		2,535,949		-		-		2,535,949
Total	$	2,535,949	$	79,292,470	$	-	$	81,828,419
High Yield Bond Fund
Assets		Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	53,878,678	$	-	$	53,878,678
Money Market Fund		697,832		-		-		697,832
Total	$	697,832	$	53,878,678	$	-	$	54,576,510
Israel Common Values Fund
Assets		Level 1		Level 2		Level 3		Total
Common Stock	$	46,760,132	$	-	$	-	$	46,760,132
Money Market Fund		1,559,387		-		-		1,559,387
Total	$	48,319,519	$	-	$	-	$	48,319,519

90

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March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

Defensive Strategies Fund

Assets		Level 1		Level 2		Level 3		Total
Common Stock	$	11,683,263	$	-	$	-	$	11,683,263
REITs		11,813,435		-		-		11,813,435
Corporate Bonds		-		1,318,898		-		1,318,898
Treasury Inflation Protected Securities (TIPS)		-		15,400,502		-		15,400,502
Alternative Investments		9,880,218		-		-		9,880,218
Money Market Fund		2,006,362		-		-		2,006,362
Total	$	35,383,278	$	16,719,400	$	-	$	52,102,678
Strategic Growth Fund
Assets		Level 1		Level 2		Level 3		Total
Mutual Funds	$	39,238,806	$	-	$	-	$	39,238,806
Money Market Fund		675,137		-		-		675,137
Total	$	39,913,943	$	-	$	-	$	39,913,943
Conservative Growth Fund
Assets		Level 1		Level 2		Level 3		Total
Mutual Funds	$	51,533,325	$	-	$	-	$	51,533,325
Money Market Fund		1,805,868		-		-		1,805,868
Total	$	53,339,193	$	-	$	-	$	53,339,193
Emerging Markets Fund
Assets		Level 1		Level 2		Level 3		Total
Common Stock	$	17,627,440	$	522,235	$	-	$	18,149,675
Preferred Stock		3,370,075		-		-		3,370,075
REITs		2,531,632		-		-		2,531,632
Money Market Fund		4,264,094		-		-		4,264,094
Total	$	27,793,241	$	522,235	$	-	$	28,315,476
Growth & Income Fund
Assets		Level 1		Level 2		Level 3		Total
Common Stock	$	15,281,944	$	-	$	-	$	15,281,944
Exchange Traded Funds		98,338		-		-		98,338
REITs		288,475		-		-		288,475
Corporate Bonds		-		248,393		-		248,393
Government Notes, Bonds & Agencies		-		13,287,085		-		13,287,085
Treasury Inflation Protected Securities (TIPS)		-		2,817,253		-		2,817,253
Money Market Fund		3,194,622		-		-		3,194,622
Total	$	18,863,379	$	16,352,731	$	-	$	35,216,110

Refer to the Schedules of Investments for industry classifications.

The Funds did not hold any Level 3 securities during the period presented. There were transfers into Level 2 during the current period presented. It is the Trust’s policy to record transfers between Level 1 and Level 2 at the end of the reporting period.

Emerging Markets Fund

		Common Stock		Total
Transfer into Level 2 from Level 1	$	522,235	$	522,235

Transfer was due to the lack of availability of pricing from an approved pricing source.

91

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March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

Note 3 | Purchases and Sales of Securities

The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the six months ended March 31, 2018:

	Purchases				Sales
Fund	U.S. Gov’t Obligations		Other		U.S. Gov’t Obligations		Other
Aggressive Growth	$	-		$11,053,103	$	-	$	11,707,500
International		-		18,054,314		-		11,685,893
Large/Mid Cap Growth		-		31,011,992		-		24,592,206
Small Cap Value		-		47,718,703		-		47,915,739
Large/Mid Cap Value		-		28,187,272		-		35,539,092
Fixed Income		16,027,368		3,048,935		19,413,264		2,406,804
High Yield Bond		-		3,315,026		-		11,612,148
Israel Common Values		-		6,847,080		-		3,036,641
Defensive Strategies		-		9,542,273		-		14,096,136
Strategic Growth *		-		2,062,752		-		1,255,517
Conservative Growth *		-		2,913,693		-		1,727,296
Emerging Markets		-		9,551,148		-		3,970,789
Growth & Income		2,737,832		11,216,821		4,528,945		11,980,152

* The security transactions are purchases and sales of affiliated funds.

Note 4 | Investment Advisory Agreement and Transactions with Related Parties

Timothy Partners, Ltd., (“TPL”) is the investment advisor for the Funds pursuant to an investment advisory agreement (the “Agreement”) that was renewed by the Board on February 26, 2017. TPL supervises the investment of the assets of each Fund in accordance with the objectives, policies and restrictions of the Trust. Under the terms of the Agreement, as amended, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 1.20% of the average daily net assets of the Timothy Plan Emerging Markets Fund; 1.00% of the average daily net assets of the Timothy Plan International Fund and Timothy Plan Israel Common Values Fund; 0.85% of the average daily net assets of the Timothy Plan Aggressive Growth, the Timothy Plan Small Cap Value, the Timothy Plan Large/Mid Cap Growth, the Timothy Plan Growth & Income and the Timothy Plan Large/Mid Cap Value Funds; 0.60% of the average daily net assets of the Timothy Plan Fixed Income, the Timothy Plan High Yield Bond, and the Timothy Plan Defensive Strategies Funds; and 0.65% of the average daily net assets of the Timothy Plan Conservative Growth and the Timothy Plan Strategic Growth Funds. TPL has voluntarily agreed to reduce the fee it receives from the Emerging Markets Fund to 1.15%; from the International Fund to 0.95%; from the Small Cap Value Fund, the Large/Mid Cap Growth Fund and the Growth & Income Fund to 0.80%; from the Aggressive Growth Fund to 0.75%; from the High Yield Bond Fund and the Defensive Strategies Fund to 0.55%; and from the Fixed Income Fund to 0.40%. Effective March 1, 2017, the Large/Mid Cap Value Fund reduced the fee it receives to 0.75% from 0.80%. Such voluntary fee reductions/reimbursements may be authorized by TPL at any time, but such action shall not obligate TPL to waive any fees in the near future. Such voluntary fee reductions/reimbursements are not subject to future recoupment. An officer and trustee of the Funds is also an officer and owner of the Advisor.

For the six months ended March 31, 2018, TPL waived and reimbursed the Funds as follows:

Fund	Six Months Ended March 31, 2018
Aggressive Growth Fund	$	14,116
International Fund		25,085
Large/Mid Cap Growth Fund		22,495
Small Cap Value Fund		36,356
Large/Mid Cap Value Fund		109,222
Fixed Income Fund		84,193
High Yield Bond Fund		16,049
Defensive Strategies Fund		13,997
Emerging Markets Fund		5,808
Growth & Income Fund		9,023

Gemini Fund Services, LLC (“GFS”) provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Fees are billed monthly as follows:

Fund Accounting and Fund Administration Fees:

   Fund Complex Base annual fee:

25 basis points (0.25%) on the first $200 million of net assets

15 basis points (0.15%) on the next $200 million of net assets;

8 basis points (0.08%) on the next $ 600 million of net assets; and

6 basis points (0.06%) on net assets greater than $1 billion.

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March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

Transfer agency fees for the Funds are combined with the Fund Accounting and Fund Administration fees under the Trust’s agreement with GFS. Therefore, there is no separate base annual fee per Fund or share class.

An officer of the Trust is also an employee of GFS, and is not paid any fees directly by the Trust for serving in such capacity.

The Timothy Plan Aggressive Growth, Timothy Plan International, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, Timothy Plan High Yield Bond, Timothy Plan Defensive Strategies, Timothy Plan Israel Common Values, Timothy Plan Emerging Markets, and Timothy Plan Growth & Income Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b- 1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Under the Class A Plan, the Funds will pay TPL a fee at an annual rate of 0.25%, payable monthly, of the average daily net assets attributable to such class of shares. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 1.00%, payable monthly, of which, 0.25% may be a service fee and 0.75% may be payable to outside broker/dealers, of the average daily net assets attributable to such class of shares. Class I shares are not subject to the shareholder services plan.

The Timothy Plan Conservative Growth and Timothy Plan Strategic Growth Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Class A shares of the Funds do not impose a service fee. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 0.75%, payable monthly to outside broker/dealers, of the average daily net assets attributable to such class of shares.

For the six months ended March 31, 2018, the Funds paid TPL under the terms of the Plans as follows:

Fund	12b-1 Fees
	Six Months Ended
	March 31, 2018
Aggressive Growth	$	48,324
International		124,652
Large/Mid Cap Growth		144,450
Small Cap Value		206,997
Large/Mid Cap Value		338,843
Fixed Income		138,272
High Yield Bond		81,231
Israel Common Values		88,340
Defensive Strategies		90,685
Strategic Growth		26,399
Conservative Growth		35,810
Emerging Markets		36,230
Growth & Income		53,268

TPL also serves as the principal underwriter of the Funds’ shares. An officer and trustee of the Funds is also an officer of the principal underwriter. For the six months ended March 31, 2018, TPL received sales charges deducted from the proceeds of sales of Class A capital shares and CDSC fees deducted from the redemption of Class C capital shares as follows:

Fund	Sales Charges (Class A)		CDSC Fees       (Class C)
Aggressive Growth		$6,601		$373
International		12,995		422
Large/Mid Cap Growth		20,113		408
Small Cap Value		32,250		669
Large/Mid Cap Value		34,159		1,391
Fixed Income		15,619		1,927
High Yield Bond		10,131		537
Israel Common Values		21,130		3,608
Defensive Strategies		6,762		269
Strategic Growth		10,102		13,187
Conservative Growth		8,307		566
Emerging Markets		7,983		2,245
Growth & Income		6,571		529

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Timothy Plan Family of Funds

Note 5 | Control Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates the presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. At March 31, 2018, there were no shareholders with ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund.

Certain Timothy Plan Funds own shares of other Timothy Plan Funds. U.S. Bank, N.A., custodian of the Timothy Plan Funds, holds these shares in omnibus accounts, some of which are controlled by National Financial Services, Inc. The following shows the percentage of each Timothy Plan Fund that is held by U.S. Bank, N.A., as custodian of the Timothy Plan Funds. These accounts can be considered affiliated to the Timothy Plan.

Fund - Class A	% of Fund Owned by Other Timothy     Plan Funds
Aggressive Growth	27.14%
International	29.43%
Large/Mid Cap Growth	16.18%
Small Cap Value	6.56%
Large/Mid Cap Value	7.50%
Fixed Income	29.33%
High Yield Bond	20.33%
Israel Common Values	15.62%
Defensive Strategies	34.88%
Emerging Markets	32.04%
Growth & Income	42.60%

Note 6 | Underlying Investment in Other Investment Companies

The Funds’ transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee fund’s investment advisor is under common control with the Fund’s investment advisor.

The Timothy Plan Strategic Growth Fund and Conservative Growth Fund had the following transactions during the six months ended March 31, 2018, with affiliates:

Strategic Growth			Share Activity								Six Months Ended March 31, 2018
Fund	Balance September 30, 2017		Purchases		Sales		Balance March 31, 2018		Fair Value		Net Change in Unrealized Appreciation (Depreciation)			Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares*
Aggressive Growth		251,575		26,614		9,294		268,895	$	2,250,651	$	67,780		$	-	$	(558	)
International		800,146		34,017		42,430		791,733		8,107,342		249,753			166,088		47,137
Large/Mid Cap Growth		454,109		27,171		15,497		465,783		4,056,972		41,181			100,571		9,918
Small Cap Value		112,155		20,688		7,290		125,553		2,438,246		(153,057	)		205,750		26,462
Large/Mid Cap Value		220,076		19,106		5,930		233,252		4,508,765		22,238			283,920		15,142
Fixed Income		191,919		5,815		654		197,080		1,957,006		(56,805	)		16,723		(85	)
High Yield Bond		254,641		26,724		184		281,181		2,544,689		(97,763	)		53,828		(4	)
Israel Common Values		134,511		2,355		3,170		133,696		1,973,349		(27,649	)		27,002		8,594
Defensive Strategies		427,333		561		8,351		419,543		4,761,809		(23,917	)		6,410		3,424
Emerging Markets		301,703		3,128		9,456		295,375		2,906,494		19,439			19,099		12,481
Growth & Income		342,210		8,112		9,053		341,269		3,733,483		(122,905	)		90,685		8,525
Conservative Growth			Share Activity								Six Months Ended March 31, 2018
Fund	Balance September 30, 2017		Purchases		Sales		Balance March 31, 2018		Fair Value		Net Change in Unrealized Appreciation (Depreciation)			Dividends Credited to Income		Amount of Gain (Loss) Realized on Sale of Shares*
Aggressive Growth		278,007		510		13,286		265,231	$	2,219,986	$	71,541		$	-	$	(797	)
International		581,691		32,831		37,001		577,521		5,913,815		170,773			121,151		45,577
Large/Mid Cap Growth		462,595		31,779		21,186		473,188		4,121,464		40,755			102,170		10,381
Small Cap Value		126,775		24,514		9,579		141,710		2,752,010		(177,565	)		232,226		34,771
Large/Mid Cap Value		217,150		35,065		8,236		243,979		4,716,117		15,635			296,977		6,625
Fixed Income		1,273,040		35,156		-		1,308,196		12,990,384		(377,319	)		111,003		-
High Yield Bond		351,495		33,362		3,954		380,903		3,447,174		(131,803	)		72,919		(367	)
Israel Common Values		111,482		19,068		3,839		126,711		1,870,246		(38,543	)		25,591		16,002
Defensive Strategies		541,035		697		20,750		520,982		5,913,141		(33,332	)		7,960		8,507
Emerging Markets		268,021		1,736		12,519		257,238		2,531,226		11,260			16,633		15,876
Growth & Income		472,649		10,988		21,319		462,318		5,057,762		(170,416	)		122,852		16,433

*Includes capital gain distributions from affiliated funds

94

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March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

Note 7 | Aggregate Unrealized Appreciation and Depreciation

The identified cost of investments in securities (including written options and short sales) owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at March 31, 2018, were as follows:

Fund	Tax Cost		Gross Unrealized         Appreciation		Gross Unrealized         Depreciation			Net Unrealized         Appreciation/         (Depreciation)
Aggressive Growth	$	23,890,728	$	4,830,314	$	(536,740	)	$	4,293,574
International		93,095,133		19,329,960		(3,094,864)			16,235,096
Large/Mid Cap Growth		74,708,708		16,517,995		(1,246,703	)		15,271,292
Small Cap Value		132,735,498		18,753,367		(3,374,935	)		15,378,432
Large/Mid Cap Value		185,498,472		46,906,096		(9,004,641	)		37,901,455
Fixed Income		83,710,321		171,698		(2,053,600)			(1,881,902)
High Yield Bond		55,326,081		319,929		(1,069,500	)		(749,571	)
Israel Common Values		39,569,632		11,001,612		(2,251,725	)		8,749,887
Defensive Strategies		51,275,089		3,292,081		(2,464,492)			827,589
Strategic Growth		36,977,694		3,187,088		(250,839)			2,936,249
Conservative Growth		50,850,771		3,393,886		(905,464)			2,488,422
Emerging Markets		27,763,506		2,311,779		(1,759,809	)		551,970
Growth & Income		34,340,841		1,587,415		(712,146	)		875,269

Note 8 | Distributions to Shareholders and Tax Components of Capital

The tax character of distributions paid during the fiscal year ended September 30, 2017 and the fiscal year ended September 30, 2016 were as follows:

	Aggressive Growth		International *		Large/Mid Cap Growth		Small Cap Value
Year ended September 30, 2017
Ordinary Income	$	-	$	921,956	$	-	$	-
Long-term Capital Gains		-		-		818,866		1,671,871
Return of Capital		-		-		-		-
	$	-	$	921,956	$	818,866	$	1,671,871
Year ended September 30, 2016
Ordinary Income	$	78,956	$	987,038	$	84,166	$	-
Long-term Capital Gains		3,059,522		-		6,426,712		8,064,409
Return of Capital		-		-		-		-
	$	3,138,478	$	987,038	$	6,510,878	$	8,064,409

	Large / Mid Cap Value		Fixed Income		High Yield Bond		Israel Common Values*		Defensive Strategies
Year ended September 30, 2017
Ordinary Income	$	-	$	1,391,208	$	1,993,568	$	478,723	$	211,186
Long-term Capital Gains		2,332,773		-		-		-		-
Return of Capital		-		-		-		-		-
	$	2,332,773	$	1,391,208	$	1,993,568	$	478,723	$	211,186
Year ended September 30, 2016
Ordinary Income	$	-	$	1,241,208	$	1,924,255	$	58,926	$	-
Long-term Capital Gains		19,429,364		-		-		-		-
Return of Capital		-		-		-		-		-
	$	19,429,364	$	1,241,208	$	1,924,255	$	58,926	$	-

	Strategic Growth		Conservative Growth		Emerging Markets*		Growth & Income Fund
Year ended September 30, 2017
Ordinary Income	$	-	$	-	$	67,208	$	9,747
Long-term Capital Gains		-		-		-		17,051
Return of Capital		-		-		-		-
	$	-	$	-	$	67,208	$	26,798
Year ended September 30, 2016
Ordinary Income	$	112,223	$	236,705	$	23,441	$	67,392
Long-term Capital Gains		-		3,321,111		-		-
Return of Capital		-		-		-		-
	$	112,223	$	3,557,816	$	23,441	$	6            7,392

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March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $18,707, $152,490, and $192,388 for fiscal year ended September 30, 2017 for the Emerging Markets, Israel Common Values, and International Funds, respectively, and $23,441, $58,926, and $ 208,471 for the fiscal year ended September 30, 2016 for the Emerging Markets, Israel Common Values, and International Funds, which have been passed through to the Funds’ underlying shareholders and are deemed dividends for tax purposes.

As of September 30, 2017, the components of distributable earnings on a tax basis were as follows:

	Aggressive Growth Fund			International Fund			Large/Mid Cap Growth Fund			Small Cap Value Fund
Undistributed Ordinary Income	$	-		$	1,985,813		$	-		$	1,218,765
Long-Term Capital Gains		-			-			1,811,786			8,945,103
Capital Loss Carry Forward		(446,267	)		(1,437,114	)		-			-
Post October and Other Losses		(227,414	)		-			(85,093	)		-
Unrealized Appreciation (Depreciation)		4,045,125			11,330,216			13,636,189			22,089,731
	$	3,371,444		$	11,878,915		$	15,362,882		$	32,253,599
	Large / Mid Cap Value Fund			Fixed Income Fund			High Yield Bond Fund			Israel Common Values Fund
Undistributed Ordinary Income	$	2,004,025		$	340,631		$	113,120		$	598,479
Long-Term Capital Gains		12,221,548			-			-			-
Capital Loss Carry Forward		-			(596,694	)		(1,429,029	)		(702,224	)
Post October and Other Losses		-			(334,418	)		-			-
Unrealized Appreciation (Depreciation)		33,839,308			125,147			1,735,616			7,890,149
	$	48,064,881		$	(465,334	)	$	419,707		$	7,786,404
	Defensive Strategies Fund			Strategic Growth Fund			Conservative Growth Fund			Emerging Markets Fund
Undistributed Ordinary Income	$	-		$	-		$	-		$	132,392
Long-Term Capital Gains		-			-			168,851			-
Capital Loss Carry Forward		(658,400	)		(952,821	)		-			(1,167,134	)
Post October and Other Losses		-			(273,964	)		(236,547	)		-
Unrealized Appreciation (Depreciation)		1,755,537			3,017,954			3,107,436			1,195,082
	$	1,097,137		$	1,791,169		$	3,039,740		$	160,340
	Growth & Income Fund
Undistributed Ordinary Income	$	-
Long-Term Capital Gains		860,843
Capital Loss Carry Forward		-
Post October and Other Losses		-
Unrealized Appreciation (Depreciation)		1,595,496
	$	2,456,339

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gain (loss) from investments are primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, and C-Corporation return of capital distributions. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of ($22), ($8), ($822), and $985 for the Israel Common Values, International, Defensive Strategies, and Emerging Markets Funds, respectively.

Note 9 | Capital Loss Carryforwards, Post October and Other Losses

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:

Fund	Late Year Losses
Aggressive Growth Fund	$	227,414
Large/Mid Cap Growth Fund		85,093
Strategic Growth Fund		260,506
Conservative Growth Fund		236,547

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:

Fund	Post October Losses
Fixed Income Fund		334,418
Strategic Growth Fund		13,458

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Notes to Financial Statements

March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

At September 30, 2017, the following capital loss carryforwards are available to offset future capital gains.

	Capital Loss Carry Forward				Year			CLCF		CLCF
Fund	Short-Term		Long-Term		Expiring	Total		Utilized		Expired
Aggressive Growth Fund	$	446,267	$	-	Unlimited	$	446,267	$	-	$	-
International Fund		-		-	2017		-		6,217,932		5,935,936
		592,985		-	2018		592,985		-		-
		844,129		-	2019		844,129		-		-
Fixed Income Fund		161,289		435,405	Unlimited		596,694		-		-
High Yield Bond Fund		-		-	2017		-		-		776,982
		181,677		1,247,352	Unlimited		1,429,029		-		-
Israel Common Values Fund		495,405		206,819	Unlimited		702,224		307,196		-
Defensive Strategies Fund		105,418		552,982	Unlimited		658,400		-		-
Strategic Growth Fund		952,821		-	2019		952,821		327,891		-
Conservative Growth Fund		-		-	Unlimited		-		23,142		-
Emerging Markets Fund		-		1,167,134	Unlimited		1,167,134		-		-
Growth & Income Fund		-		-	Unlimited		-		961,211		-

To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount, which is offset, will not be distributed to shareholders.

Note 10| SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements

Note 11 | TAX INFORMATION (Unaudited)

The Strategic and Conservative Growth Funds designate the following for federal income tax purposes for the year ended September 30, 2017.

Strategic Growth Fund	Foreign Taxes paid		Foreign Source Income
Timothy Israel Common Values Fund	$	6,742	$	39,502
Timothy Emerging Markets Fund		2,601		62,835
Timothy International Fund		15,343		148,375
Conservative Growth Fund	Foreign Taxes paid		Foreign Source Income
Timothy Israel Common Values Fund	$	5,588	$	32,739
Timothy Emerging Markets Fund		2,311		55,820
Timothy International Fund		11,154		107,866

Board Annual Approval/Renewals of Advisory and Sub-Advisory Agreements (Unaudited)

Timothy Partners, Ltd; Investment Advisor to all Funds.

The continuance of the Investment Advisory Agreement (the “IA Agreement”) on behalf of each series of the Trust between the Trust and Timothy Partners, Ltd. (“TPL”) was last 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 23, 2018. A description of the factors considered by the Board in renewing 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.

The Board also 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, 2017, 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 charged by TPL in light of the services provided to the Funds by TPL, the unique nature of the Funds and their moral screening requirements, which are maintained by TPL, and TPL’s role as a manager of managers. 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.

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March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

The Board also discussed the nature, extent and quality of TPL’s services 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 managers 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 grow. The Board next considered the investment performance of each Fund and the Advisor’s performance in monitoring the investment managers of the underlying funds. The Board generally approved of each Fund’s performance, noting that the Funds invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that the investment managers 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 for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the IA Agreement for an additional one year period, 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 renewal.

Barrow, Hanley, Mewhinney & Strauss; Sub-Advisor for the Fixed Income, High Yield Bond, and Defensive Strategies TIPS sleeve.

The Sub-Advisory Agreement between the Trust, TPL and Barrow, Hanley, Mewhinney & Strauss (“BHM&S”), on behalf of the Timothy Plan Fixed Income, High Yield Bond and Defensive Strategies TIPS sleeve Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 23, 2018. The Board considered the following factors in arriving at its conclusions to renew the BHM&S Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by BHM&S in light of the services provided by BHM&S to other similar clients. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by BHM&S and paid out of the fees received by TPL were fair and reasonable in light of the services provided by BHM&S. In reaching that determination, the Board relied on reports describing the fees paid to BHM&S. Next, the Board discussed the nature, extent and quality of BHM&S’s services to each Fund, including the investment performance of the Funds under BHM&S’s investment management. The Board generally approved of BHM&S’s performance, noting that the Funds managed by BHM&S invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that BHM&S did not succumb to “style drift” in its management of each Fund’s assets, and that BHM&S 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 BHM&S’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether BHM&S’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 BHM&S Sub-Advisory Agreement because BHM&S 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 BHM&S Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the BHM&S Sub-Advisory Agreement for an additional one year period, 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 BHM&S Sub-Advisory Agreement renewal.

Westwood Management Corporation; Sub-Advisor to the Large/Mid Cap Value and the Small Cap Value Funds.

The Sub-Advisory Agreement between the Trust, TPL and Westwood Management Corporation (“Westwood”), on behalf of the Timothy Plan Small Cap Value and Large/Mid Cap Value Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 23, 2018. The Board considered the following factors in arriving at its conclusions to renew the Westwood Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Westwood in light of the services provided by Westwood. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Westwood and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Westwood. Next, the Board discussed the nature, extent and quality of Westwood’s services to each Fund, including the investment performance of the Funds under Westwood’s investment management. The Board generally approved of Westwood’s performance, noting that the Funds managed by Westwood invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Westwood did not succumb to “style drift” in its management of each Fund’s assets, and that Westwood 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 Westwood’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Westwood’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 Westwood Sub-Advisory Agreement because Westwood 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 Westwood Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Westwood Sub-Advisory Agreement for an additional one year period, 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 Westwood Sub-Advisory Agreement renewal.

Chartwell Investment Partners; Sub-Advisor to the Aggressive Growth and Large/Mid Cap Growth Funds.

The Sub-Advisory Agreement between the Trust, TPL and Chartwell Investment Partners (“Chartwell”), on behalf of the Timothy Plan Aggressive Growth and Large/Mid Cap Growth Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 23, 2018.

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Notes to Financial Statements

March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

The Board considered the following factors in arriving at its conclusions to renew the Chartwell Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Chartwell in light of the services provided by Chartwell. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Chartwell and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Chartwell. Next, the Board discussed the nature, extent and quality of Chartwell’s services to each Fund, including the investment performance of the Funds under Chartwell’s investment management. The Board generally approved of Chartwell’s performance, noting that the Funds managed by Chartwell invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Chartwell did not succumb to “style drift” in its management of each Fund’s assets, and that Chartwell 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 Chartwell’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Chartwell’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 Chartwell Sub-Advisory Agreement because Chartwell 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 Chartwell Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Chartwell Sub-Advisory Agreement for an additional one year period, 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 Chartwell Sub-Advisory Agreement renewal.

Eagle Global Advisors; Sub-Advisor to the International Fund and Israel Common Values Fund.

The Sub-Advisory Agreement between the Trust, TPL and Eagle Global Advisors (“Eagle”), on behalf of the Timothy Plan International Fund and Israel Common Values Fund, was last renewed by the Board at a meeting held for that purpose, among others, on February 23, 2018. The Board considered the following factors in arriving at its conclusions to renew the Eagle Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Eagle in light of the services provided by Eagle. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Eagle and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Eagle. Next, the Board discussed the nature, extent and quality of Eagle’s services to the Funds, including the investment performance of the Funds under Eagle’s investment management. The Board generally approved of Eagle’s performance, noting that the Funds managed by Eagle invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Eagle did not succumb to “style drift” in its management of the Funds’ assets, and that Eagle 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 Eagle’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Eagle’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 Eagle Sub-Advisory Agreement because Eagle 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 Eagle Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Eagle Sub-Advisory Agreement for an additional one year period, 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 Eagle Sub-Advisory Agreement renewal.

Brandes Investment Partners; Sub-Advisor to the Emerging Markets Fund.

The Sub-Advisory Agreement between the Trust, TPL and Brandes Investment Partners (“Brandes”), on behalf of the Timothy Plan Emerging Market Fund, was last renewed by the Board at a meeting held for that purpose, among others, on February 23, 2018. The Board considered the following factors in arriving at its conclusions to renew the Brandes Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Brandes in light of the services provided by Brandes. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Brandes and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Brandes. Next, the Board discussed the nature, extent and quality of Brandes’s services to the Fund, including the investment performance of the Fund under Brandes’s investment management. The Board generally approved of Brandes’s performance, noting that the Fund managed by Brandes invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Brandes did not succumb to “style drift” in its management of the Funds’ assets, and that Brandes 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 Brandes’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Brandes’s current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the Brandes Sub-Advisory Agreement because Brandes 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 Brandes Sub-Advisory Agreement for another one-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the Eagle Sub-Advisory Agreement for an additional one year period, 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 Brandes Sub-Advisory Agreement renewal.

Macquarie Investment Management; Sub-Advisor to the Defensive Strategies Fund REITs sleeve.

The Sub-Advisory Agreement between the Trust, TPL and Macquarie Investment Management (“Macquarie”), on behalf of the Timothy Plan Defensive Strategies Fund REITs sleeve, was last renewed by the Board at a meeting held for that purpose, among others, on February 23, 2018. The Board considered the following factors in arriving at its conclusions to renew the Macquarie Sub- Advisory Agreement for an additional year. First, the Board considered the fees charged by Macquarie in light of the services provided by Macquarie. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Macquarie and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Macquarie. In reaching that determination, the Board relied on reports describing the fees paid to Macquarie and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board

99

Notes to Financial Statements

March 31, 2018 (Unaudited) (Continued)

Timothy Plan Family of Funds

discussed the nature, extent and quality of Macquarie’s services to the Fund, including the investment performance of the Fund under Macquarie’s investment management. The Board generally approved of Macquarie’s performance, noting that the Fund managed by Macquarie invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Macquarie did not succumb to “style drift” in its management of the Fund’s assets, and that Macquarie 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 Macquarie’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Macquarie’s current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the Macquarie Sub-Advisory Agreement because Macquarie 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 Macquarie Sub-Advisory Agreement for another one-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the Macquarie Sub-Advisory Agreement for an additional one year period, 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 Macquarie Sub-Advisory Agreement renewal.

CoreCommodity Management, LLC; Sub-Advisor to the Defensive Strategies Fund commodities sleeve.

The Sub-Advisory Agreement between the Trust, TPL and CoreCommodity Management, LLC (“Core”), on behalf of the Timothy Plan Defensive Strategies Fund commodity sleeve, was last renewed by the Board at a meeting held for that purpose, among others, on February 23, 2018. The Board considered the following factors in arriving at its conclusions to renew the Core Sub-Advisory Agreement. First, the Board considered the fees charged by Core in light of the services provided by Core. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Core and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Core. Next, the Board discussed the nature, extent and quality of Core’s services to the Fund, including the investment performance of the Fund under Core’s investment management. The Board generally approved of Core’s performance, noting that the Fund managed by Core invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Core did not succumb to “style drift” in its management of the Fund’s assets, and that Core 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 Core’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Core’s current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the Core Sub-Advisory Agreement because Core 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 Core Sub-Advisory Agreement would be in the best interests of the Fund’s shareholders. However, the Board requested that additional information be provided by Core at the next Meeting in May, 2018. Accordingly, the Board approved the reneal of the Core Sub-IA Agreement through May 31, 2018. In approving the renewal of the Core 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 Core Sub-Advisory Agreement renewal.

James Investment Partners; Sub-Advisor to the Growth and Income Fund.

The Sub-Advisory Agreement between the Trust, TPL and James Investment Research, Inc. (“James”), on behalf of the Timothy Plan Growth and Income Fund, was last renewed by the Board at a meeting held for that purpose, among others, on February 23, 2018. The Board considered the following factors in arriving at its conclusions to renew the James Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by James in light of the services provided by James. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by James and paid out of the fees received by TPL were fair and reasonable in light of the services provided by James. Next, the Board discussed the nature, extent and quality of James’s services to the Fund, including the investment performance of the Fund under James’s investment management. The Board generally approved of James’s performance, noting that the Fund managed by James invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that James did not succumb to “style drift” in its management of the Fund’s assets, and that James 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 James’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether James’s current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the James Sub-Advisory Agreement because James 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 James Sub-Advisory Agreement for another one-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the James Sub-Advisory Agreement for an additional one year period, 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 James Sub-Advisory Agreement renewal.

100

Expense Examples – (Unaudited)

March 31, 2018

As a shareholder of a Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs”, (in dollars) of investing in each Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of October 1, 2017, through March 31, 2018.

Actual Expenses

The first line of the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the tables provides 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 ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of 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 direct costs were included, your costs would be higher.

AGGRESSIVE GROWTH FUND

	Beginning Account     Value	Ending Account     Value	Expenses Paid       During Period
	10/1/2017	3/31/2018	10/1/2017 through 3/31/2018
Actual - Class A *	$1,000.00	$1,032.10	$  7.60
Hypothetical - Class A **	$1,000.00	$1,017.45	$  7.54
Actual - Class C *	$1,000.00	$1,029.70	$11.39
Hypothetical - Class C **	$1,000.00	$1,013.71	$11.30
Actual - Class I *	$1,000.00	$1,034.10	$  6.34
Hypothetical - Class I **	$1,000.00	$1,018.70	$  6.29

* Expenses are equal to the Fund’s annualized expense ratio of 1.50% for Class A, 2.25% for Class C and 1.25% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Aggressive Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 3.21% for Class A, 2.97% for Class C and 3.41% for Class I for the period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

101

Expense Examples – (Unaudited)(Continued)

March 31, 2018

INTERNATIONAL FUND

	Beginning Account     Value	Ending Account     Value	Expenses Paid     During Period
	10/1/2017	3/31/2018	10/1/2017 through 3/31/2018
Actual - Class A *	$1,000.00	$1,059.90	$  8.22
Hypothetical - Class A **	$1,000.00	$1,016.95	$  8.05
Actual - Class C *	$1,000.00	$1,056.50	$12.05
Hypothetical - Class C **	$1,000.00	$1,013.21	$11.80
Actual - Class I *	$1,000.00	$1,061.20	$  6.94
Hypothetical - Class I **	$1,000.00	$1,018.20	$  6.79

* Expenses are equal to the Fund’s annualized expense ratio of 1.60% for Class A, 2.35% for Class C and 1.35% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The International Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 5.99% for Class A, 5.65% for Class C, and 6.12% for Class I for the period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

LARGE/MID CAP GROWTH FUND

	Beginning Account     Value	Ending Account     Value	Expenses Paid     During Period
	10/1/2017	3/31/2018	10/1/2017 through 3/31/2018
Actual - Class A *	$1,000.00	$1,039.70	$  7.12
Hypothetical - Class A **	$1,000.00	$1,017.95	$  7.04
Actual - Class C *	$1,000.00	$1,036.70	$10.92
Hypothetical - Class C **	$1,000.00	$1,014.21	$10.80
Actual - Class I *	$1,000.00	$1,041.50	$  5.85
Hypothetical - Class I **	$1,000.00	$1,019.20	$  5.79

* Expenses are equal to the Fund’s annualized expense ratio of 1.40% for Class A, 2.15% for Class C and 1.15% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 3.97% for Class A, 3.67% for Class C, and 4.15% for Class I for the period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

SMALL CAP VALUE FUND

	Beginning Account     Value	Ending Account     Value	Expenses Paid     During Period
	10/1/2017	3/31/2018	10/1/2017 through 3/31/2018
Actual - Class A *	$1,000.00	$1,034.60	$  6.75
Hypothetical - Class A **	$1,000.00	$1,018.30	$  6.69
Actual - Class C *	$1,000.00	$1,030.20	$10.53
Hypothetical - Class C **	$1,000.00	$1,014.56	$10.45
Actual - Class I *	$1,000.00	$1,035.60	$  5.48
Hypothetical - Class I **	$1,000.00	$1,019.55	$  5.44

* Expenses are equal to the Fund’s annualized expense ratio of 1.33% for Class A, 2.08% for Class C and 1.08% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 3.46% for Class A, 3.02% for Class C, and 3.56% for Class I for the period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

102

Expense Examples – (Unaudited)(Continued)

March 31, 2018

LARGE/MID CAP VALUE FUND

	Beginning Account	Ending Account	Expenses Paid
	Value	Value	During Period
	10/1/2017	3/31/2018	10/1/2017 through 3/31/2018
Actual - Class A *	$1,000.00	$1,077.30	$  6.89
Hypothetical - Class A **	$1,000.00	$1,018.30	$  6.69
Actual - Class C *	$1,000.00	$1,073.40	$10.75
Hypothetical - Class C **	$1,000.00	$1,014.56	$10.45
Actual - Class I *	$1,000.00	$1,078.60	$  5.60
Hypothetical - Class I **	$1,000.00	$1,019.55	$  5.44

* Expenses are equal to the Fund’s annualized expense ratio of 1.33% for Class A, 2.08% for Class C, and 1.08% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Large/Mid Cap Value Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 7.73% for Class A, 7.34% for Class C, and 7.86% for Class I for the period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

FIXED INCOME FUND

	Beginning Account	Ending Account	Expenses Paid
	Value	Value	During Period
	10/1/2017	3/31/2018	10/1/2017 through 3/31/2018
Actual - Class A *	$1,000.00	$    979.90	$ 5.33
Hypothetical - Class A **	$1,000.00	$1,019.55	$ 5.44
Actual - Class C *	$1,000.00	$    976.30	$ 9.02
Hypothetical - Class C **	$1,000.00	$1,015.81	$ 9.20
Actual - Class I *	$1,000.00	$    981.20	$ 4.10
Hypothetical - Class I **	$1,000.00	$1,020.79	$ 4.18

* Expenses are equal to the Fund’s annualized expense ratio of 1.08% for Class A, 1.83% for Class C, and 0.83% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Fixed Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (2.01)% for Class A, (2.37)% for Class C, and (1.88)% for Class I for the period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

HIGH YIELD BOND FUND

	Beginning Account	Ending Account	Expenses Paid
	Value	Value	During Period
			10/1/2017 through
	10/1/2017	3/31/2018	3/31/2018
Actual - Class A *	$1,000.00	$    983.30	$   6.28
Hypothetical - Class A **	$1,000.00	$1,018.60	$   6.39
Actual - Class C *	$1,000.00	$    980.40	$    9.97
Hypothetical - Class C **	$1,000.00	$1,014.86	$ 10.15
Actual - Class I *	$1,000.00	$    983.70	$   5.04
Hypothetical - Class I **	$1,000.00	$1,019.85	$   5.14

** Expenses are equal to the Fund’s annualized expense ratio of 1.27% for Class A, 2.02% for Class C, and 1.02% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The High Yield Bond Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (1.67)% for Class A, (1.96)% for Class C, and (1.63)% for Class I for the period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

103

Expense Examples – (Unaudited)(Continued)

March 31, 2018

DEFENSIVE STRATEGIES FUND

	Beginning Account	Ending Account	Expenses Paid
	Value	Value	During Period
			10/1/2017 through
	10/1/2017	3/31/2018	3/31/2018
Actual - Class A *	$1,000.00	$    996.10	$  7.42
Hypothetical - Class A **	$1,000.00	$1,017.50	$  7.49
Actual - Class C *	$1,000.00	$    992.70	$11.13
Hypothetical - Class C **	$1,000.00	$1,013.76	$11.25
Actual - Class I *	$1,000.00	$    997.20	$  6.17
Hypothetical - Class I **	$1,000.00	$1,018.75	$  6.24

* Expenses are equal to the Fund’s annualized expense ratio of 1.49% for Class A, 2.24% for Class C and 1.24% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Defensive Strategies Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (0.39)% for Class A, (0.73)% for Class C and (0.28)% for Class I for the period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

STRATEGIC GROWTH FUND

	Beginning Account	Ending Account	Expenses Paid
	Value	Value	During Period
			10/1/2017 through
	10/1/2017	3/31/2018	3/31/2018
Actual - Class A *	$1,000.00	$1,020.00	$ 5.34
Hypothetical - Class A **	$1,000.00	$1,019.65	$ 5.34
Actual - Class C *	$1,000.00	$1,016.30	$ 9.10
Hypothetical - Class C **	$1,000.00	$1,015.91	$ 9.10

* Expenses are equal to the Fund’s annualized expense ratio of 1.06% for Class A and 1.81% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Strategic Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 2.00% for Class A and 1.63% for Class C for the six-month period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

CONSERVATIVE GROWTH FUND

	Beginning Account	Ending Account	Expenses Paid
	Value	Value	During Period
			10/1/2017 through
	10/1/2017	3/31/2018	3/31/2018
Actual - Class A *	$1,000.00	$1,0006.80	$ 5.25
Hypothetical - Class A **	$1,000.00	$1,019.70	$ 5.29
Actual - Class C *	$1,000.00	$1,002.30	$ 8.99
Hypothetical - Class C **	$1,000.00	$1,015.96	$ 9.05

* Expenses are equal to the Fund’s annualized expense ratio of 1.05% for Class A and 1.80% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Conservative Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 0.68% for Class A and 0.23% for Class C for the six-month period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

104

Expense Examples – (Unaudited)(Continued)

March 31, 2018

ISRAEL COMMON VALUES FUND

	Beginning Account   Value	Ending Account   Value	Expenses Paid     During Period
			10/1/2017 through
	10/1/2017	3/31/2018	3/31/2018
Actual - Class A *	$1,000.00	$1,003.40	$   8.39
Hypothetical - Class A **	$1,000.00	$1,016.55	$   8.45
Actual - Class C *	$1,000.00	$1,000.10	$12.12
Hypothetical - Class C **	$1,000.00	$1,012.81	$12.19
Actual - Class I *	$1,000.00	$1,004.40	$   7.30
Hypothetical - Class I **	$1,000.00	$1,017.65	$   7.34

* Expenses are equal to the Fund’s annualized expense ratio of 1.68% for Class A, 2.43% for Class C and 1.46% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Israel Common Values Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 0.34% for Class A, 0.01% for Class C and 0.44% for Class I for the period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

EMERGING MARKETS FUND

	Beginning Account   Value	Ending Account   Value	Expenses Paid     During Period
			10/1/2017 through
	10/1/2017	3/31/2018	3/31/2018
Actual - Class A *	$1,000.00	$1,019.20	$10.57
Hypothetical - Class A **	$1,000.00	$1,014.46	$10.55
Actual - Class C *	$1,000.00	$1,014.70	$14.32
Hypothetical - Class C **	$1,000.00	$1,010.72	$14.29
Actual - Class I *	$1,000.00	$1,019.80	$   9.32
Hypothetical - Class I **	$1,000.00	$1,015.71	$   9.30

* Expenses are equal to the Fund’s annualized expense ratio of 2.10% for Class A, 2.85% for Class C and 1.85% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days to reflect the partial year period). The Emerging Markets Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 1.92% for Class A, 1.47% for Class C and 1.98% for Class I for the period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

GROWTH & INCOME FUND

	Beginning Account   Value	Ending Account   Value	Expenses Paid     During Period
			10/1/2017 through
	10/1/2017	3/31/2018	3/31/2018
Actual - Class A *	$1,000.00	$   993.50	$   7.65
Hypothetical - Class A **	$1,000.00	$1,017.25	$   7.75
Actual - Class C *	$1,000.00	$   989.60	$11.36
Hypothetical - Class C **	$1,000.00	$1,013.51	$11.50
Actual - Class I ***	$1,000.00	$   994.40	$   6.41
Hypothetical - Class I **	$1,000.00	$1,018.50	$   6.49

* Expenses are equal to the Fund’s annualized expense ratio of 1.54% for Class A, 2.29% for Class C and 1.29% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Growth & Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (0.65)% for Class A, (1.04)% for Class C and (0.56)% for Class I for the period of October 1, 2017, to March 31, 2018.

** Assumes a 5% return before expenses.

105

Privacy Notice

FACTS	WHAT DOES THE TIMOTHY PLAN DO WITH YOUR PERSONAL
	INFORMATION?

WHY?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do.

WHAT?

The types of information we collect and share depend on the product or service you have with us. This information can include: ·  Social Security Number ·  Assets ·  Retirement Assets ·  Transaction History ·  Checking Account History ·  Purchase History ·  Account Balances ·  Account Transactions ·  Wire Transfer Instructions When you are no longer our customer, we continue to share your information as described in this Notice.

HOW? All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons The Timothy Plan chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information.	Does The Timothy Plan share?	Can you limit this sharing?
For our everyday business purposes- Such as to process your transactions, maintain your account(s), respond to court orders andlegal investigations, or report to credit bureaus.	Yes	No
For our marketing purposes- to offer our products and services to you.	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes-information about your transactions and experiences.	Yes	No
For our affiliates’ everyday business purposes- information about your creditworthiness	No	We don’t share
For non-affiliates to market to you	No	We don’t share
Questions?	Call 800-662-0201

106

 Page 2

Who we are

Who is providing this Notice?	Timothy Plan Family of Mutual Funds
	Timothy Partners, Ltd.
What we do
How does The Timothy Plan protect your personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
	Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does The Timothy Plan collect your	We collect your personal information, for example, when you
personal information?	•  Open an account
	•  Provide account information
	•  Give us your contact information
	•  Make deposits or withdrawals from your account
	•  Make a wire transfer
	•  Tell us where to send the money
	•  Tell us who receives the money
	•  Show your government-issued ID
	•  Show your driver’s license
	We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only:
	•  Sharing for affiliates’ everyday business purposes- information about your creditworthiness.
	•  Affiliates from using your information to market to you.
	•  Sharing for non-affiliates to market to you
	State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and non- financial companies.
	Timothy Partners, Ltd. is an affiliate of The Timothy Plan
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies.
	•  The Timothy Plan does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products to you.
	•  The Timothy Plan does not jointly market.

Customer Identification Program

The Board of Trustees of the Trust has approved procedures designed to prevent and detect attempts to launder money as required under the USA PATRIOT Act. The day-to-day responsibility for monitoring and reporting any such activities has been delegated to the transfer agent, subject to the oversight and supervision of the Board.

107

Disclosures

HOW TO OBTAIN PROXY VOTING INFORMATION

Information regarding how the Funds voted proxies relating to Fund securities during the period ended June 30 of well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-800-732-0330 or by referring to the Security and Exchange Commission’s (“SEC”) website at http://www.sec.gov

HOW TO OBTAIN 1^ST AND 3^RD FISCAL QUARTER PORTFOLIO HOLDINGS

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-Q is available without charge, upon request, by calling 1-800-732-0330.

108

This Page Intentionally Left Blank.

BOARD OF TRUSTEES
Arthur D. Ally
Kenneth Blackwell
Joseph E. Boatwright
Rick Copeland
Deborah Honeycutt
Bill Johnson
John C. Mulder
Charles E. Nelson
Scott Preissler
Alan Ross
Mathew D. Staver
Patrice Tsague
OFFICERS
Arthur D. Ally, President
Joseph E. Boatwright, Secretary
INVESTMENT ADVISOR
Timothy Partners, Ltd.
1055 Maitland Center Commons
Maitland, FL 32751
DISTRIBUTOR
Timothy Partners, Ltd.
1055 Maitland Center Commons
Maitland, FL 32751
TRANSFER AGENT
Gemini Fund Services, LLC
17605 Wright St., Suite 2
Omaha, NE 68130
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, OH 44115
LEGAL COUNSEL
David Jones & Assoc., P.C.
18630 Crosstimber
San Antonio, TX 78258
	HEADQUARTERS
For additional information or a prospectus, please call: 1-800-846-7526 Visit the Timothy Plan web site on the internet at: www.timothyplan.com This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which includes details regarding the Funds’ objectives, policies, expenses and other information. Distributed by Timothy Partners, Ltd.	The Timothy Plan 1055 Maitland Center Commons Maitland, Florida 32751 (800) 846-7526 www.timothyplan.com invest@timothyplan.com SHAREHOLDER SERVICES Gemini Fund Services, LLC 17605 Wright St., Suite 2 Omaha, NE 68130 (800) 662-0201

Item 2. Code of Ethics. NOT APPLICABLE – disclosed with annual report

Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report

Item 4. Principal Accountant Fees and Services. NOT APPLICABLE – disclosed with annual report

Item 5. Audit Committee of Listed Companies. NOT APPLICABLE – applies to listed companies only

Item 6. Schedule of Investments. NOT APPLICABLE – schedule filed with Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. NOT APPLICABLE – applies to closed-end funds only

Item 8. Portfolio Managers of Closed-End Management Investment Companies. NOT APPLICABLE – applies to closed-end funds only

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE – applies to closed-end funds only

Item 10. Submission of Matters to a Vote of Security Holders. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) Based on an evaluation of the registrant’s disclosure controls and procedures within 90 days, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not Applicable – filed with annual report

(a)(2) Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith.

(a)(3) Not Applicable

(b) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed 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)    The Timothy Plan

By	/s/ Arthur D. Ally
	Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer

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Date 6/5/18                           

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	/s/ Arthur D. Ally
	Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer
Date	6/5/18

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