Timothy Plan Small Cap Value Fund (TPLNX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORMN-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:3/31/20

FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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 Rule30e-1 under the Investment Company Act of 1940 are as follows:

SEMI-ANNUAL REPORT

March 31, 2020

TIMOTHY PLAN FAMILY OF FUNDS

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

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

[1]

Fund Profile

As of March 31, 2020 - (Unaudited)

Aggressive Growth Fund

Top Ten Industries
(% of Net Assets)
Software	17.2%
Healthcare-Products	17.1%
Money Market Fund	8.8%
Semiconductors	7.7%
Computers	6.6%
Commercial Services	6.5%
Healthcare - Services	6.0%
REITS	4.4%
Pharmaceuticals	4.2%
Packaging & Containers	3.8%
Other Assets Less Liabilities - Net	17.7%
	100.0%

Large/Mid Cap Growth Fund

Top Ten Industries
(% of Net Assets)
Exchange Traded Fund	22.2%
Semiconductors	13.4%
Retail	8.5%
Money Market Fund	7.2%
Software	5.8%
Healthcare - Products	5.7%
Electronics	5.6%
Pharmaceuticals	4.6%
Computers	4.0%
Internet	3.7%
Other Assets Less Liabilities - Net	19.3%
	100.0%

Large/Mid Cap Value Fund

Top Ten Industries
(% of Net Assets)
Exchange Traded Funds	22.8%
Semiconductors	6.8%
Electronics	6.7%
Food	5.7%
Insurance	5.7%
Money Market Fund	5.0%
Healthcare-Products	4.9%
REITS	4.3%
Aerospace/Defense	4.2%
Banks	4.2%
Other Assets Less Liabilities - Net	29.7%
	100.0%

International Fund

Top Ten Industries
(% of Net Assets)
Insurance	8.3%
Banks	7.3%
Internet	6.6%
Semiconductors	6.4%
Telecommunications	5.9%
Diversified Financial Services	4.8%
Healthcare - Products	4.7%
Money Market Fund	4.7%
Food	4.6%
Electric	3.6%
Other Assets Less Liabilities - Net	43.1%
	100.0%

Small Cap Value Fund

Top Ten Industries
(% of Net Assets)
Exchange Traded Fund	10.4%
Banks	10.2%
REITS	7.6%
Retail	6.0%
Insurance	5.5%
Money Market Fund	4.3%
Electric	3.9%
Food	3.9%
Healthcare - Products	3.2%
Savings & Loans	3.2%
Other Assets Less Liabilities - Net	41.8%
	100.0%

Fixed Income Fund

Top Ten Industries
(% of Net Assets)
Government Notes & Bonds	43.4%
Corporate Bonds	26.8%
Government Mortgage - Backed Securities	26.5%
Money Market Fund	2.9%
Other Assets Less Liabilities - Net	0.4%
	100.0%

[2]

Fund Profile

As of March 31, 2020 - (Unaudited) (Continued)

High Yield Bond Fund

Top Ten Industries
(% of Net Assets)
Corporate Bonds	92.0%
Money Market Fund	5.2%
Convertible Bonds	0.7%
Other Assets Less Liabilities - Net	2.1%
	100.0%

Defensive Strategies Fund

Top Ten Industries
(% of Net Assets)
Alternative Investments	28.2%
Treasury Inflation Protected Securities (TIPS)	27.7%
REITS	16.6%
Money Market Fund	6.4%
Mining	5.3%
Oil & Gas	4.9%
Water	2.1%
Chemicals	1.6%
Food	1.4%
Machinery - Diversified	1.3%
Other Assets Less Liabilities - Net	4.5%
	100.0%

Conservative Growth Fund

Top Ten Industries
(% of Net Assets)
Mutual Funds	54.0%
Exchange Traded Funds	41.8%
Money Market Fund	4.3%
Other Assets Less Liabilities - Net	(0.1	)%
	100.0%

Israel Common Values Fund

Top Ten Industries
(% of Net Assets)
Banks	20.4%
Real Estate	10.9%
Food	7.2%
Telecommunications	6.7%
Software	5.7%
Semiconductors	5.2%
Computers	4.8%
Insurance	4.6%
Oil & Natural Gas	4.2%
Aerospace/Defense	4.0%
Other Assets Less Liabilities - Net	26.3%
	100.0%

Strategic Growth Fund

Top Ten Industries
(% of Net Assets)
Exchange Traded Funds	57.7%
Mutual Funds	37.8%
Money Market Fund	4.6%
Other Assets Less Liabilities - Net	(0.1	)%
	100.0%

Growth & Income Fund

Top Ten Industries
(% of Net Assets)
Exchange Traded Fund	47.7%
Corporate Bonds	20.2%
Government Notes, Bonds & Agencies	16.1%
Government Mortgage - Backed Securities	13.8%
Money Market Fund	2.1%
Other Assets Less Liabilities - Net	0.1%
	100.0%

[3]

Schedule of Investments | Aggressive Growth Fund

As of March 31, 2020 (Unaudited)

Shares			Fair Value
		COMMON STOCK – 86.7%
		AEROSPACE/DEFENSE – 2.3%
	2,765	L3Harris Technologies, Inc.		$	498,032
		APPAREL – 2.4%
	3,874	Deckers Outdoor Corp. *			519,116
		COMMERCIAL SERVICES – 6.5%
	4,437	ASGN, Inc. *			156,715
	5,922	FTI Consulting, Inc. *			709,278
	1,021	MarketAxess Holdings, Inc.			339,554
	3,397	TransUnion			224,813
					1,430,360
		COMPUTERS – 6.6%
	3,421	EPAM Systems, Inc. *			635,143
	5,785	Genpact Ltd. *			168,922
	14,682	Rapid7, Inc. *			636,171
					1,440,236
		DISTRIBUTION/WHOLESALE – 0.8%
	5,769	IAA, Inc. *			172,839
		ELECTRONICS – 1.1%
	3,116	Fortive Corp.			171,972
	1,385	Woodward, Inc.			82,324
					254,296
		ENVIRONMENTAL CONTROL – 0.7%
	2,892	Clean Harbors, Inc. *			148,475
		HEALTHCARE – PRODUCTS – 17.1%
	5,162	DENTSPLY SIRONA, Inc.			200,440
	2,741	Edwards Lifesciences Corp. *			517,007
	7,066	Haemonetics Corp. *			704,198
	2,160	Hill-Rom Holdings, Inc.			217,296
	2,347	ICU Medical, Inc. *			473,554
	2,599	Insulet Corp. *			430,602
	4,041	Quidel Corp. *			395,250
	1,499	STERIS PLC			209,815
	2,050	Teleflex, Inc.			600,363
					3,748,525
		HEALTHCARE – SERVICES – 6.0%
	5,261	Addus HomeCare Corp. *			355,644
	3,421	ICON PLC *			465,256
	1,565	LHC Group, Inc *			219,413
	1,681	Teladoc Health, Inc. *			260,572
					1,300,885
		HOUSEHOLD PRODUCTS/WARES – 2.0%
	3,075	Helen of Troy Ltd. *			442,892
		INSURANCE – 1.4%
	3,771	Arthur J Gallagher & Co.			307,374
		INTERNET – 1.4%
	2,975	Proofpoint, Inc. *			305,205
		MACHINERY – CONSTRUCTION & MINING – 1.0%
	3,383	Oshkosh Corp.			217,629

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

[4]

Schedule of Investments | Aggressive Growth Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares			Fair Value
		MISCELLANEOUS MANUFACTURING – 1.2%
	3,103	Trane Technologies PLC		$	256,277
		PACKAGING & CONTAINERS – 3.8%
	14,495	Crown Holdings, Inc. *			841,290
		PHARMACEUTICALS – 4.2%
	897	DexCom, Inc. *			241,535
	17,964	Horizon Therapeutics Plc *			532,094
	1,436	Sarepta Therapeutics, Inc. *			140,470
					914,099
		RETAIL – 2.2%
	17,168	Bloomin’ Brands, Inc.			122,580
	2,274	Burlington Stores, Inc. *			360,338
					482,918
		SEMICONDUCTORS – 7.7%
	10,055	Advanced Micro Devices, Inc. *			457,302
	1,568	Lam Research Corp.			376,320
	3,583	Monolithic Power System, Inc.			600,009
	3,098	Xilinx, Inc.			241,458
					1,675,089
		SOFTWARE – 17.2%
	2,405	Akamai Technologies, Inc. *			220,033
	981	ANSYS, Inc. *			228,053
	6,069	Fidelity National Information Services, Inc.			738,234
	4,313	Fiserv, Inc. *			409,692
	1,418	MSCI, Inc.			409,745
	24,704	Nutanix, Inc. *			390,323
	3,140	RingCentral, Inc. *			665,398
	1,666	ServiceNow, Inc. *			477,442
	2,582	Twilio, Inc. *			231,063
					3,769,983
		TEXTILES – 1.1%
	1,598	UniFirst Corp.			241,442
		TOTAL COMMON STOCK (Cost $18,439,592)			18,966,962
		REITs – 4.4%
	8,596	Americold Realty Trust			292,608
	17,191	Physicians Realty Trust			239,642
	2,856	Prologis, Inc.			229,537
	8,333	STAG Industrial, Inc.			187,659
		TOTAL REITs (Cost $1,020,246)			949,446
		MONEY MARKET FUND – 8.8%
	1,926,263	Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (A) (Cost $1,926,263)			1,926,263
		TOTAL INVESTMENTS – 99.9% (Cost $21,386,101)		$	21,842,671
		OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.1%			29,929
		NET ASSETS – 100.0%		$	21,872,600

* 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, 2020.

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

[5]

Schedule of Investments | International Fund

As of March 31, 2020 (Unaudited)

Shares			Fair Value
		COMMON STOCK – 94.7 %
		AUTO PARTS & EQUIPMENT – 2.6 %
	37,300	Magna International, Inc. – Class A		$	1,190,616
	78,300	Valeo SA (ADR)			632,860
					1,823,476
		BANKS – 7.3 %
	97,000	Banco Bradesco SA (ADR)			393,820
	36,839	DBS Group Holdings Ltd. (ADR)			1,904,944
	91,000	DNB ASA (ADR)			1,009,190
	77,200	ICICI Bank Ltd. (ADR)			656,200
	50,600	KBC Group NV (ADR)			1,133,946
					5,098,100
		BUILDING MATERIALS – 1.7 %
	52,600	Xinyi Glass Holdings Ltd. (ADR)			1,173,506
		CHEMICALS – 1.4 %
	14,900	Arkema SA (ADR)			1,001,876
		COMMERCIAL SERVICES – 3.4 %
	33,700	Amadeus IT Group SA (ADR)			1,580,530
	9,000	Ashtead Group PLC (ADR)			792,990
					2,373,520
		COSMETICS/PERSONAL CARE – 2.1 %
	90,000	Kao Corp. (ADR)			1,465,200
		DIVERSIFIED FINANCIAL SERVICES – 4.8 %
	120,000	Deutsche Boerse AG (ADR)			1,622,400
	21,000	ORIX Corp. (ADR)			1,241,100
	24,000	Pagseguro Digital Ltd. *			463,920
					3,327,420
		ELECTRIC – 3.6 %
	251,000	Enel SpA (ADR)			1,762,020
	128,900	Power Assets Holdings Ltd. (ADR)			751,874
					2,513,894
		ELECTRONICS – 2.2 %
	18,000	Hoya Corp. (ADR)			1,529,820
		ENGINEERING & CONSTRUCTION – 3.5 %
	121,000	Vinci SA (ADR)			2,465,980
		FOOD – 4.6 %
	18,000	Kerry Group PLC (ADR)			2,040,660
	75,000	Mowi ASA (ADR)			1,133,250
					3,173,910
		HAND/MACHINE TOOLS – 3.5 %
	76,650	Techtronic Industries Co. (ADR)			2,463,033
		HEALTHCARE – PRODUCTS – 4.7 %
	32,200	Alcon, Inc. *			1,636,404
	45,400	Smith & Nephew PLC (ADR)			1,628,498
					3,264,902
		HEALTHCARE – SERVICES – 2.5 %
	53,000	Fresenius Medical Care AG & Co. (ADR)			1,738,400

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

[6]

Schedule of Investments | International Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares			Fair Value
		INSURANCE – 8.3 %
	35,700	Ageas (ADR)		$	1,471,036
	69,000	AIA Group Ltd. (ADR)			2,483,310
	40,200	Muenchener Rueckversicherungs AG (ADR)			797,488
	68,600	Sampo Oyj (ADR)			990,584
					5,742,418
		INTERNET – 6.6 %
	14,100	Pinduoduo, Inc. (ADR) *			508,023
	50,100	Tencent Holdings Ltd. (ADR)			2,459,409
	46,700	Yandex NV *			1,590,135
					4,557,567
		LEISURE TIME – 2.0 %
	99,000	Shimano, Inc. (ADR)			1,398,672
		MACHINERY – DIVERSIFIED – 3.3 %
	53,500	Atlas Copco AB (ADR)			1,554,710
	57,000	FANUC Corp. (ADR)			753,540
					2,308,250
		MINING – 1.3 %
	19,500	Rio Tinto PLC (ADR)			888,420
		OFFICE/BUSINESS EQUIPMENT – 1.7 %
	22,938	FUJIFILM Holdings Corp. (ADR)			1,147,359
		OIL & GAS – 3.4 %
	55,100	Eni SpA (ADR)			1,092,082
	89,000	Equinor ASA (ADR)			1,084,020
	36,000	Petroleo Brasileiro SA (ADR)			194,040
					2,370,142
		RETAIL – 2.2 %
	81,000	Pan Pacific International Holdings Corp. (ADR)			1,522,395
		SEMICONDUCTORS – 6.4 %
	6,550	ASML Holding NV (ADR)			1,713,742
	6,900	Mellanox Technologies Ltd. *			837,108
	11,000	NXP Semiconductors NV			912,230
	20,000	Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)			955,800
					4,418,880
		SOFTWARE – 2.1 %
	42,640	Open Text Corp.			1,488,989
		TELECOMMUNICATIONS – 5.9 %
	14,200	Nice Ltd. (ADR) *			2,038,552
	87,800	Nippon Telegraph & Telephone Corp. (ADR)			2,073,836
					4,112,388
		TRANSPORTATION – 3.6 %
	11,300	Canadian Pacific Railway Ltd.			2,481,367
		TOTAL COMMON STOCK (Cost $69,721,792)			65,849,884
		MONEY MARKET FUND – 4.7 %
	3,293,539	Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (A) (Cost $3,293,539)			3,293,539
		TOTAL INVESTMENTS – 99.4 % (Cost $73,015,331)		$	69,143,423
		OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.6 %			394,587
		NET ASSETS – 100.0 %		$	69,538,010

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

[7]

Schedule of Investments | International Fund

As of March 31, 2020 (Unaudited) (Continued)

* 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, 2020.

Diversification of Assets

Country	% of Net Assets
Japan		16.0%
Hong Kong		9.9%
Canada		7.4%
Germany		6.0%
France		5.9%
United Kingdom		4.8%
Norway		4.6%
China		4.3%
Israel		4.1%
Italy		4.1%
Netherlands		3.8%
Belgium		3.8%
Ireland		2.9%
Sinapore		2.7%
Switzerland		2.4%
Russia		2.3%
Spain		2.3%
Sweden		2.2%
Brazil		1.5%
Finland		1.4%
Taiwan		1.4%
India		0.9%
Total		94.7%
Money Market Fund		4.7%
Other Assets Less Liabilities – Net		0.6%
Grand Total		100.0%

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

[8]

Schedule of Investments | Large/Mid Cap Growth Fund

As of March 31, 2020 (Unaudited)

Shares			Fair Value
		COMMON STOCK – 70.8%
		AEROSPACE/DEFENSE – 1.5%
	7,639	General Dynamics Corp.		$	1,010,716
		BANKS – 0.5%
	10,035	Western Alliance Bancorp			307,171
		BIOTECHNOLOGY – 1.8%
	5,029	Vertex Pharmaceuticals, Inc. *			1,196,651
		CHEMICALS – 1.2%
	9,932	FMC Corp.			811,345
		COMMERCIAL SERVICES – 1.5%
	4,991	Grand Canyon Education, Inc. *			380,738
	1,808	MarketAxess Holdings, Inc.			601,287
					982,025
		COMPUTERS – 4.0%
	4,716	EPAM Systems, Inc. *			875,573
	24,021	Rapid7, Inc. *			1,040,830
	19,458	Western Digital Corp.			809,842
					2,726,245
		DIVERSIFIED FINANCIAL SERVICES – 1.6%
	13,573	Intercontinental Exchange, Inc.			1,096,020
		ELECTRIC – 1.0%
	28,390	PPL Corp.			700,665
		ELECTRICAL COMPONENTS & EQUIPMENT – 1.5%
	20,893	Emerson Electric Co.			995,551
		ELECTRONICS – 5.6%
	16,477	Amphenol Corp. – Class A			1,200,844
	12,847	Fortive Corp.			709,026
	13,906	Honeywell International, Inc.			1,860,484
					3,770,354
		FOOD – 1.4%
	6,499	McCormick & Co., Inc.			917,724
		HEALTHCARE – PRODUCTS – 5.7%
	5,109	Edwards Lifesciences Corp. *			963,660
	5,527	Insulet Corp. *			915,713
	1,850	Intuitive Surgical, Inc. *			916,138
	3,693	Teleflex, Inc.			1,081,532
					3,877,043
		HEALTHCARE – SERVICES – 1.1%
	6,897	IQVIA Holdings, Inc. *			743,910
		INSURANCE – 2.3%
	19,475	Arthur J. Gallagher & Co.			1,587,407
		INTERNET – 3.7%
	18,785	CDW Corp.			1,752,077
	4,667	Palo Alto Networks, Inc. *			765,201
					2,517,278
		MACHINERY – CONSTRUCTION & MINING – 2.2%
	7,950	Caterpillar, Inc.			922,518
	8,569	Oshkosh Corp.			551,244
					1,473,762

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

[9]

Schedule of Investments | Large/Mid Cap Growth Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares			Fair Value
		MACHINERY – DIVERSIFIED – 1.3%
	13,422	Xylem, Inc.		$	874,175
		OIL & GAS – 0.6%
	12,372	ConocoPhillips			381,058
					��
		PHARMACEUTICALS – 4.6%
	6,118	Neurocrine Biosciences, Inc. *			529,513
	5,558	Sarepta Therapeutics, Inc. *			543,684
	17,408	Zoetis, Inc.			2,048,748
					3,121,945
		RETAIL – 8.5%
	5,383	Burlington Stores, Inc. *			852,990
	5,785	Costco Wholesale Corp.			1,649,477
	9,425	Dollar General Corp.			1,423,269
	2,266	Lululemon Athletica, Inc. *			429,520
	2,256	O’Reilly Automotive, Inc. *			679,169
	18,006	Restaurant Brands International, Inc.			720,780
					5,755,205
		SEMICONDUCTORS – 13.4%
	31,035	Advanced Micro Devices, Inc. *			1,411,472
	5,226	Broadcom Ltd.			1,239,085
	21,331	Maxim Integrated Products, Inc.			1,036,900
	25,621	Micron Technology, Inc. *			1,077,619
	4,718	Monolithic Power Systems, Inc.			790,076
	9,007	NVIDIA Corp.			2,374,245
	13,231	NXP Semiconductors NV			1,097,247
					9,026,644
		SOFTWARE – 5.8%
	8,444	Fidelity National Information Services, Inc.			1,027,128
	6,087	ServiceNow, Inc. *			1,744,412
	8,713	Synopsys, Inc. *			1,122,147
					3,893,687
		TOTAL COMMON STOCK (Cost $43,787,435)			47,766,581
		EXCHANGE TRADED FUND (A) – 22.2%
	720,000	Timothy Plan U.S. Large Cap Core ETF (Cost $18,061,200)			14,925,600
		MONEY MARKET FUND – 7.2%
	4,864,732	Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (B) (Cost $4,864,732)			4,864,732
		TOTAL INVESTMENTS – 100.2% (Cost $66,713,367)		$	67,556,913
		OTHER ASSETS IN EXCESS OF LIABILITIES – NET – (0.2)%			(121,097	)
		NET ASSETS – 100.0%		$	67,435,816

* Non-income producing securities.

ETF Exchange Traded Fund.

(A) Affiliated Fund.

(B) Variable rate security; the rate shown represents the yield at March 31, 2020.

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

[10]

Schedule of Investments | Small Cap Value Fund

As of March 31, 2020 (Unaudited)

Shares			Fair Value
		COMMON STOCK – 77.2%
		AEROSPACE/DEFENSE – 1.7%
	42,559	Kaman Corp.		$	1,637,245
		APPAREL – 1.5%
	41,293	Oxford Industries, Inc.			1,497,284
		AUTO PARTS & EQUIPMENT – 1.5%
	40,365	Douglas Dynamics, Inc.			1,433,361
		BANKS – 10.2%
	75,170	Central Pacific Financial Corp.			1,195,203
	31,391	Columbia Banking System, Inc.			841,279
	84,069	Great Western Bancorp, Inc.			1,721,733
	121,753	Heritage Commerce Corp.			933,846
	113,857	Hilltop Holdings, Inc.			1,721,518
	82,826	Renasant Corp.			1,808,920
	70,412	Sandy Spring Bancorp, Inc.			1,594,128
					9,816,627
		BUILDING MATERIALS – 3.0%
	49,552	Apogee Enterprises, Inc.			1,031,673
	49,880	Universal Forest Products, Inc.			1,855,037
					2,886,710
		CHEMICALS – 1.7%
	23,468	Innospec, Inc.			1,630,791
		COMMERCIAL SERVICES – 1.9%
	130,490	Repay Holdings Corp. *			1,872,532
		DIVERSIFIED FINANCIAL SERVICES – 2.5%
	16,613	Houlihan Lokey, Inc.			865,870
	56,314	Moelis & Co.			1,582,423
					2,448,293
		ELECTRIC – 3.9%
	45,203	Avista Corp.			1,920,675
	31,284	NorthWestern Corp.			1,871,722
					3,792,397
		ELECTRICAL COMPONENTS & EQUIPMENT – 1.8%
	21,375	Novanta, Inc. *			1,707,435
		ENGINEERING & CONSTRUCTION – 1.8%
	47,842	Comfort Systems USA, Inc.			1,748,625
		FOOD – 3.9%
	197,914	Hostess Brands, Inc. *			2,109,763
	13,915	J & J Snack Foods Corp.			1,683,715
					3,793,478
		GAS – 1.8%
	67,648	South Jersey Industries, Inc.			1,691,200
		HEALTHCARE – PRODUCTS – 3.2%
	25,491	CONMED Corp.			1,459,870
	27,397	Merit Medical Systems, Inc. *			856,156
	47,351	Patterson Cos, Inc.			723,997
					3,040,023
		HEALTHCARE – SERVICES – 1.0%
	19,290	Magellan Health, Inc. *			928,042

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

[11]

Schedule of Investments | Small Cap Value Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares			Fair Value
		HOME BUILDERS – 1.6%
	56,055	Century Communities, Inc. *		$	813,358
	19,079	Installed Building Products, Inc. *			760,680
					1,574,038
		HOUSEHOLD PRODUCTS/WARES – 1.5%
	57,046	Central Garden & Pet Co. *			1,458,666
		INSURANCE – 5.5%
	41,698	Argo Group International Holdings Ltd			1,545,328
	79,685	BRP Group, Inc. *			840,677
	53,997	James River Group Holdings Ltd			1,956,851
	23,708	Mercury General Corp.			965,390
					5,308,246
		INTERNET – 0.9%
	62,385	1-800-Flowers.com, Inc. *			825,354
		MACHINERY – DIVERSIFIED – 2.9%
	10,985	Alamo Group, Inc.			975,248
	53,721	Altra Industrial Motion Corp.			939,580
	35,852	Columbus McKinnon Corp.			896,300
					2,811,128
		MISCELLANEOUS MANUFACTURER – 2.1%
	72,840	Federal Signal Corp.			1,987,075
		OFFICE FURNISHINGS – 2.8%
	158,369	Interface, Inc.			1,197,270
	141,623	Knoll, Inc.			1,461,549
					2,658,819
		OIL & GAS – 0.8%
	119,277	PDC Energy, Inc. *			740,710
		RETAIL – 6.0%
	73,881	BJ’s Wholesale Club Holdings, Inc. *			1,881,749
	166,306	Bloomin’ Brands, Inc.			1,187,425
	39,188	Children’s Place, Inc.			766,517
	35,675	Papa John’s International, Inc.			1,903,975
					5,739,666
		SAVINGS & LOANS – 3.2%
	104,131	Berkshire Hills Bancorp, Inc.			1,547,387
	57,967	Washington Federal, Inc.			1,504,823
					3,052,210
		SEMICONDUCTORS – 2.7%
	114,904	Amkor Technology, Inc. *			895,102
	96,421	Lattice Semiconductor Corp. *			1,718,222
					2,613,324
		SOFTWARE – 1.8%
	26,508	Omnicell, Inc. *			1,738,395
		TELECOMMUNICATIONS – 2.1%
	177,982	Viavi Solutions, Inc. *			1,995,178
		TEXTILES – 1.9%
	11,983	UniFirst Corp.			1,810,511
		TOTAL COMMON STOCK (Cost $102,615,097)			74,237,363

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

[12]

Schedule of Investments | Small Cap Value Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares			Fair Value
		EXCHANGE TRADED FUND (A) – 10.4%
	580,000	Timothy Plan U.S. Small Cap Core ETF (Cost $14,834,080)		$	9,950,596
		REITs – 7.6%
	133,208	Columbia Property Trust, Inc.			1,665,100
	68,837	Easterly Government Properties, Inc.			1,696,144
	34,694	National Storage Affiliates Trust			1,026,942
	42,522	PotlatchDeltic Corp.			1,334,765
	137,666	RPT Realty			830,126
	173,912	Summit Hotel Properties, Inc.			733,909
		TOTAL REITS (Cost $10,766,080)			7,286,986
		MONEY MARKET FUND – 4.3%
	4,176,924	Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (B) (Cost $4,176,924)			4,176,924
		TOTAL INVESTMENTS – 99.5% (Cost $132,392,181)		$	95,651,869
		OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.5%			478,981
		NET ASSETS – 100.0%		$	96,130,850

* Non-income producing securities.

REITs Real Estate Investment Trust.

(A) Affiliated Fund.

(B) Variable rate security; the rate shown represents the yield at March 31, 2020.

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

[13]

Schedule of Investments | Large/Mid Cap Value Fund

As of March 31, 2020 (Unaudited)

Shares			Fair Value
		COMMON STOCK – 68.0%
		AEROSPACE/DEFENSE – 4.2%
	23,493	General Dynamics Corp.		$	3,108,359
	19,915	L3Harris Technologies, Inc.			3,587,090
					6,695,449
		BANKS – 4.2%
	45,316	East West Bancorp, Inc.			1,166,434
	78,567	First Hawaiian, Inc.			1,298,713
	88,155	TCF Financial Corp.			1,997,592
	75,095	Western Alliance Bancorp			2,298,658
					6,761,397
		CHEMICALS – 2.1%
	7,298	Sherwin-Williams Co.			3,353,577
		COMMERCIAL SERVICES – 2.0%
	26,717	Equifax, Inc.			3,191,346
		COMPUTERS – 3.8%
	15,401	CACI International, Inc. *			3,251,921
	97,142	Genpact Ltd. *			2,836,546
					6,088,467
		DIVERSIFIED FINANCIAL SERVICES – 2.0%
	39,459	Intercontinental Exchange, Inc.			3,186,314
		ELECTRIC – 4.1%
	62,497	CMS Energy Corp.			3,671,699
	33,725	WEC Energy Group, Inc.			2,972,184
					6,643,883
		ELECTRONICS – 6.7%
	37,887	Amphenol Corp. – Class A			2,761,205
	23,746	Honeywell International, Inc.			3,176,977
	15,034	Hubbell, Inc.			1,725,001
	41,990	PerkinElmer, Inc.			3,161,007
					10,824,190
		FOOD – 5.7%
	27,680	JM Smucker Co.			3,072,480
	45,240	Lamb Weston Holdings, Inc.			2,583,204
	24,865	McCormick & Co., Inc.			3,511,187
					9,166,871
		HEALTHCARE – PRODUCTS – 4.9%
	40,725	Dentsply Sirona, Inc.			1,581,352
	25,055	STERIS PLC			3,506,948
	27,779	Zimmer Biomet Holdings, Inc.			2,807,901
					7,896,201
		INSURANCE – 5.7%
	38,288	Arthur J. Gallagher & Co.			3,120,855
	31,050	Assurant, Inc.			3,231,994
	15,012	Everest Re Group Ltd.			2,888,609
					9,241,458
		MACHINERY – DIVERSIFIED – 1.7%
	29,125	Curtiss-Wright Corp.			2,691,441

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

[14]

Schedule of Investments | Large/Mid Cap Value Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares			Fair Value
		MEDIA – 4.0%
	1,875	Cable One, Inc.		$	3,082,519
	29,725	Liberty Broadband Corp. *			3,291,152
					6,373,671
		MISCELLANEOUS MANUFACTURING – 1.0%
	21,506	Eaton Corp. PLC			1,670,801
		OIL & GAS – 1.5%
	44,205	EOG Resources, Inc.			1,587,844
	34,725	Marathon Petroleum Corp.			820,204
					2,408,048
		RETAIL – 3.5%
	18,884	Dollar General Corp.			2,851,673
	33,583	Tractor Supply Co.			2,839,443
					5,691,116
		SEMICONDUCTORS – 6.8%
	74,045	Micron Technology, Inc. *			3,114,333
	22,970	Monolithic Power Systems, Inc.			3,846,556
	15,120	NVIDIA Corp.			3,985,632
					10,946,521
		SOFTWARE – 2.0%
	47,475	Cadence Design Systems, Inc. *			3,135,249
		TRANSPORTATION – 2.1%
	24,173	Union Pacific Corp.			3,409,360
		TOTAL COMMON STOCK (Cost $113,092,346)			109,375,360
		EXCHANGE TRADED FUNDS (A) – 22.8%
	920,000	Timothy Plan High Dividend Stock ETF			17,553,600
	920,000	Timothy Plan U.S. Large Cap Core ETF			19,071,600
		TOTAL EXCHANGE TRADED FUNDS (Cost $46,064,400)			36,625,200
		REITs – 4.3%
	22,224	Crown Castle International Corp.			3,209,146
	18,363	Public Storage			3,647,075
		TOTAL REITS (Cost $6,983,647)			6,856,221
		MONEY MARKET FUND – 5.0%
	8,110,939	Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (B) (Cost $8,110,939)			8,110,939
		TOTAL INVESTMENTS – 100.1% (Cost $174,251,332)		$	160,967,720
		OTHER ASSETS IN EXCESS OF LIABILITIES – NET – (0.1)%			(235,162	)
		NET ASSETS – 100.0%		$	160,732,558

* Non-income producing securities.

ETF Exchange Traded Funds.

PLC Public Limited Co.

REITs Real Estate Investment Trust.

(A) Affiliated Funds.

(B) Variable rate security; the rate shown represents the yield at March 31, 2020.

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

[15]

Schedule of Investments | Fixed Income Fund

As of March 31, 2020 (Unaudited)

Par Value		Coupon Rate (%)		Maturity		Fair Value
	BONDS & NOTES – 96.7%
	CORPORATE BONDS – 26.8%
$1,000,000	ABB Finance USA, Inc.		2.875		5/8/2022		$	1,008,901
1,000,000	American Electric Power		3.200		11/13/2027			992,623
500,000	Analog Devices, Inc.		3.900		12/15/2025			522,830
1,000,000	Aptiv Corp.		4.150		3/15/2024			983,525
1,000,000	Canadian Pacific RR Co.		2.900		2/1/2025			959,975
1,000,000	CBOE Holdings, Inc.		3.650		1/12/2027			1,049,585
1,000,000	Columbia Pipeline Group, Inc.		4.500		6/1/2025			986,992
1,000,000	CSX Corp.		3.250		6/1/2027			1,043,320
500,000	Digital Realty Trust LP		3.700		8/15/2027			497,531
500,000	Dollar General Corp.		4.125		5/1/2028			529,512
865,000	Dominion Energy, Inc.		2.579		7/1/2020			864,006
750,000	Eaton Corp.		2.750		11/2/2022			750,346
1,000,000	Enable Midstream Partners LP		3.900		5/15/2024			555,801
855,000	European Investment Bank		2.375		6/15/2022			890,078
880,000	Healthpeak Properties, Inc.		3.500		7/15/2029			861,904
880,210	John Sevier Combined Cycle Generation LLC		4.626		1/15/2042			1,062,589
1,000,000	Kennametal, Inc.		3.875		2/15/2022			1,002,543
865,000	Kreditanstalt fuer Wiederaufbau		2.125		6/15/2022			894,993
800,000	LYB International Finance BV		4.000		7/15/2023			818,529
855,000	National Rural Utilities Cooperative Finance Corp.		2.950		2/7/2024			897,588
1,500,000	NiSource Finance Corp.		3.490		5/15/2027			1,519,630
1,000,000	Nutrien Ltd.		4.000		12/15/2026			983,850
1,000,000	Phillips 66 Partners LP		3.605		2/15/2025			951,285
870,000	Province of Ontario Canada		2.500		4/27/2026			939,988
865,000	Province of Quebec Canada		2.375		1/31/2022			892,637
700,000	Sunoco Logistics Partners LP		4.250		4/1/2024			618,619
1,200,000	Ventas Realty LP/CAP Corp.		3.250		8/15/2022			1,209,533
830,000	WEC Energy Group, Inc.		3.550		6/15/2025			845,853
1,000,000	Zimmer Biomet Holdings, Inc.		3.700		3/19/2023			1,026,736
	TOTAL CORPORATE BONDS (Cost $26,385,012)							26,161,302
	U.S. GOVERNMENT & AGENCY OBLIGATIONS – 69.9%
	GOVERNMENTMORTGAGE-BACKED SECURITIES – 26.5%
252,446	GNMA Pool G2 4520		5.000		8/20/2039			280,023
317,943	GNMA Pool G2 4947		5.000		2/20/2041			352,147
992,085	GNMA Pool G2 BN2662		3.000		10/20/2049			1,052,669
819,996	GNMA Pool G2 MA3376		3.500		1/20/2046			873,353
594,298	GNMA Pool G2 MA3596		3.000		4/20/2046			636,328
1,465,203	GNMA Pool G2 MA3663		3.500		5/20/2046			1,560,436
715,943	GNMA Pool G2 MA3735		3.000		6/20/2046			768,758
538,360	GNMA Pool G2 MA3736		3.500		6/20/2046			573,370
876,471	GNMA Pool G2 MA4004		3.500		10/20/2046			940,560
900,891	GNMA Pool G2 MA4126		3.000		12/20/2046			963,874
643,097	GNMA Pool G2 MA4509		3.000		6/20/2047			685,978
861,569	GNMA Pool G2 MA4652		3.500		8/20/2047			917,087
1,114,442	GNMA Pool G2 MA4719		3.500		9/20/2047			1,191,687
1,130,236	GNMA Pool G2 MA4778		3.500		10/20/2047			1,202,832
886,081	GNMA Pool G2 MA4901		4.000		12/20/2047			945,577
810,135	GNMA Pool G2 MA4963		4.000		1/20/2048			874,211
1,072,638	GNMA Pool G2 MA6092		4.500		8/20/2049			1,140,406
1,192,824	GNMA Pool G2 MA6156		4.500		9/20/2049			1,268,016
565,790	GNMA Pool G2 MA6157		5.000		9/20/2049			605,154
1,079,860	GNMA Pool G2 MA6221		4.500		10/20/2049			1,153,011
1,077,209	GNMA Pool G2 MA6338		3.000		12/20/2049			1,142,589

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

[16]

Schedule of Investments | Fixed Income Fund

As of March 31, 2020 (Unaudited) (Continued)

Par Value		Coupon Rate (%)		Maturity		Fair Value
	GOVERNMENTMORTGAGE-BACKED SECURITIES (continued)
$1,456,309	GNMA Pool G2 MA6476		4.000		2/20/2050		$	1,554,327
1,425,440	GNMA Pool G2 MA6478		5.000		2/20/2050			1,532,987
1,550,000	GNMA Pool G2 MA6544		4.500		3/20/2050			1,651,636
1,095,000	GNMA Pool G2 MA6545		5.000		3/20/2050			1,183,775
493,726	GNMA Pool GN 783060		4.000		8/15/2040			535,272
216,132	GNMA Pool GN 783403		3.500		9/15/2041			233,388
	TOTAL GOVERNMENTMORTGAGE-BACKED SECURITIES (Cost $25,255,675)							25,819,451
	GOVERNMENT NOTES & BONDS – 43.4%
2,100,000	United States Treasury Note		3.125		5/15/2021			2,170,629
5,540,000	United States Treasury Note		2.125		6/30/2022			5,779,345
6,510,000	United States Treasury Note		2.250		11/15/2024			7,070,216
9,760,000	United States Treasury Note		2.000		8/15/2025			10,569,775
8,260,000	United States Treasury Note		1.625		2/15/2026			8,798,191
4,540,000	United States Treasury Note		4.500		2/15/2036			6,964,112
715,000	United States Treasury Note		3.000		2/15/2049			996,391
	TOTAL GOVERNMENT NOTES & BONDS (Cost $39,000,512)							42,348,659
	TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $64,256,187)							68,168,110
	TOTAL BONDS AND NOTES (Cost $90,641,199)							94,329,412
Shares
	MONEY MARKET FUND – 2.9%
2,835,972	Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (A) (Cost $2,835,972)							2,835,972
	TOTAL INVESTMENTS – 99.6% (Cost $93,477,171)						$	97,165,384
	OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.4%							398,033
	NET ASSETS – 100.0%						$	97,563,417

GNMA Government National Mortgage Association.

LLC Limited Liability Company.

LP Limited Partnership.

(A) Variable rate security; the rate shown represents the yield at March 31, 2020.

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

[17]

Schedule of Investments | High Yield Bond Fund

As of March 31, 2020 (Unaudited)

Par Value				Coupon Rate (%)		Maturity		Fair Value
			CORPORATE BONDS – 92.0%
	$	500,000	Adient Global Holdings Ltd. (A)		4.875		8/15/2026		$	346,212
		1,000,000	Adient US LLC (A)		7.000		5/15/2026			930,622
		1,055,000	Alliance Data Systems Corp. (A)		4.750		12/15/2024			809,712
		1,000,000	Alliance Resource Operating Partners LP (A)		7.500		5/1/2025			610,000
		26,000	Asbury Automotive Group, Inc. (A)		4.500		3/1/2028			22,295
		292,000	Asbury Automotive Group, Inc. (A)		4.750		3/1/2030			250,390
		1,000,000	Ashtead Capital, Inc. (A)		4.125		8/15/2025			920,000
		500,000	Ashtead Capital, Inc. (A)		4.000		5/1/2028			432,250
		1,000,000	Ashton Woods Finance Co. (A)		6.750		8/1/2025			808,745
		500,000	Ashton Woods Finance Co. (A)		6.625		1/15/2028			398,750
		250,000	Bausch Health Cos, Inc. (A)		5.000		1/30/2028			238,550
		1,000,000	Beazer Homes USA, Inc.		5.875		10/15/2027			762,575
		500,000	BWX Technologies, Inc. (A)		5.375		7/15/2026			484,271
		500,000	Cascades, Inc. (A)		5.125		1/15/2026			487,500
		330,000	Cemex Finance LLC (A)		6.000		4/1/2024			286,265
		1,988,000	Chemours Co.		6.625		5/15/2023			1,702,235
		500,000	Chemours Co.		5.375		5/15/2027			386,212
		1,000,000	CommScope, Inc. (A)		8.250		3/1/2027			969,450
		1,000,000	Compass Minerals International, Inc. (A)		6.750		12/1/2027			908,300
		250,000	Crestwood Midstream Finance Corp.		5.750		4/1/2025			148,792
		1,000,000	Crestwood Midstream Finance Corp. (A)		5.625		5/1/2027			557,285
		1,000,000	DaVita HealthCare Partners, Inc.		5.000		5/1/2025			1,004,945
		500,000	DCP Midstream, LLC, 3 mo. LIBOR + 3.85% (A) (B)		5.850		5/21/2043			245,152
		500,000	Diamond Sports Finance Co. (A)		5.375		8/15/2026			409,071
		1,000,000	Edgewell Personal Care Co		4.700		5/24/2022			979,779
		1,000,000	Endeavor Energy Resources LP (A)		5.750		1/30/2028			685,550
		1,000,000	Energizer Holdings, Inc. (A)		5.500		6/15/2025			976,255
		500,000	Freedom Mortgage Corp. (A)		10.750		4/1/2024			439,875
		115,000	Freedom Mortgage Corp. (A)		8.125		11/15/2024			93,649
		1,000,000	Freedom Mortgage Corp. (A)		8.250		4/15/2025			792,470
		500,000	Garda World Security Corp. (A)		4.625		2/15/2027			451,250
		500,000	Genesis Energy LP		7.750		2/1/2028			349,975
		294,000	Geo Group, Inc.		5.875		1/15/2022			267,080
		1,750,000	Geo Group, Inc.		5.125		4/1/2023			1,325,625
		60,000	GFL Environmental, Inc. (A)		7.000		6/1/2026			58,587
		400,000	GFL Environmental, Inc. (A)		8.500		5/1/2027			404,100
		1,000,000	Global Finance Corp.		7.000		8/1/2027			758,542
		1,075,000	Greif, Inc. (A)		6.500		3/1/2027			1,036,999
		500,000	Hanesbrands, Inc. (A)		4.875		5/15/2026			492,830
		250,000	Icahn Enterprises Finance Corp.		4.750		9/15/2024			230,865
		1,000,000	Icahn Enterprises Finance Corp.		6.250		5/15/2026			950,622
		500,000	Itron, Inc. (A)		5.000		1/15/2026			479,271
		250,000	Jefferies Finance LLC (A)		6.250		6/3/2026			233,029
		1,000,000	Kaiser Aluminum Corp. (A)		4.625		3/1/2028			893,050
		1,000,000	Koppers, Inc. (A)		6.000		2/15/2025			807,470
		750,000	Ladder Capital Finance Corp. (A)		4.250		2/1/2027			598,125
		750,000	LifePoint Health, Inc. (A)		4.375		2/15/2027			712,125
		500,000	Magnolia Oil Gas (A)		6.000		8/1/2026			312,500
		300,000	MEDNAX, Inc. (A)		6.250		1/15/2027			243,023
		1,000,000	Michaels Stores, Inc. (A)		8.000		7/15/2027			745,550
		1,000,000	Millicom International Cellular SA (A)		5.125		1/15/2028			878,542
		1,000,000	MPT Operating Partnership LP		5.250		8/1/2026			988,032
		1,000,000	MSCI, Inc. (A)		4.000		11/15/2029			998,930
		1,000,000	MTS Systems Corp. (A)		5.750		8/15/2027			936,043
		1,000,000	Nationstar Mortgage Holdings, Inc. (A)		9.125		7/15/2026			908,750

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

[18]

Schedule of Investments | High Yield Bond Fund

As of March 31, 2020 (Unaudited) (Continued)

Par Value				Coupon Rate (%)		Maturity		Fair Value
			CORPORATE BONDS (continued)
	$	500,000	Nationstar Mortgage Holdings, Inc. (A)		6.000		1/15/2027		$	427,812
		1,000,000	Navient Corp.		5.000		3/15/2027			867,200
		1,500,000	Newmark Group, Inc.		6.125		11/15/2023			1,528,488
		1,500,000	NGL Energy Partners LP		6.125		3/1/2025			523,118
		1,000,000	NuStar Logistics LP		5.625		4/28/2027			774,350
		1,000,000	Olin Corp.		5.625		8/1/2029			925,800
		580,000	Panther BF Aggregator 2 LP (A)		6.250		5/15/2026			551,361
		1,080,000	Panther BF Aggregator 2 LP (A)		8.500		5/15/2027			948,186
		1,500,000	Parsley Finance Corp. (A)		4.125		2/15/2028			1,031,250
		750,000	Party City Holdings, Inc. (A)		6.125		8/15/2023			180,000
		250,000	Party City Holdings, Inc. (A)		6.625		8/1/2026			26,250
		1,500,000	PBF Finance Corp. (A)		6.000		2/15/2028			1,001,250
		1,500,000	Plastipak Holdings, Inc. (A)		6.250		10/15/2025			1,353,750
		390,000	Qorvo, Inc. (A)		4.375		10/15/2029			364,894
		500,000	Qualitytech LP (A)		4.750		11/15/2025			486,872
		1,000,000	Reynolds Group Issuer, Inc. (A)		5.125		7/15/2023			996,255
		750,000	ScottsMiracle-Gro Co.		5.250		12/15/2026			718,907
		500,000	ScottsMiracle-Gro Co.		4.500		10/15/2029			480,038
		250,000	Service Corp. International		5.125		6/1/2029			256,388
		750,000	Signature Aviation US Holdings, Inc. (A)		5.375		5/1/2026			730,851
		1,000,000	Signature Aviation US Holdings, Inc. (A)		4.000		3/1/2028			908,350
		1,000,000	Standard Industries, Inc. (A)		5.000		2/15/2027			916,968
		1,000,000	Suburban Propane Partners LP		5.875		3/1/2027			929,793
		1,250,000	Targa Resources Partners LP (A)		5.500		3/1/2030			970,188
		500,000	Teleflex, Inc.		4.875		6/1/2026			499,271
		390,000	Tenet Healthcare Corp. (A)		4.625		9/1/2024			375,492
		1,000,000	Tenet Healthcare Corp. (A)		6.250		2/1/2027			978,750
		750,000	TRI Pointe Group, Inc.		5.875		6/15/2024			703,294
		1,000,000	TTM Technologies, Inc. (A)		5.625		10/1/2025			848,745
		250,000	United Rentals North America, Inc.		4.875		1/15/2028			243,888
		500,000	Viper Energy Partners LP (A)		5.375		11/1/2027			422,775
		750,000	Vistra Operations Co. LLC (A)		5.625		2/15/2027			777,600
		1,185,000	Vizient, Inc. (A)		6.250		5/15/2027			1,165,990
		1,500,000	Waste Pro USA, Inc. (A)		5.500		2/15/2026			1,402,151
		325,000	Weekley Finance Corp.		6.000		2/1/2023			308,342
		500,000	Weekley Finance Corp.		6.625		8/15/2025			454,373
		750,000	Welbilt, Inc.		9.500		2/15/2024			644,059
			TOTAL CORPORATE BONDS (Cost $70,674,131)							60,871,121
			CONVERTIBLE BOND – 0.7%
			REITs – 0.7 %
		500,000	Arbor Realy Trust, Inc. (A) (Cost $500,000)		4.750		11/1/2022			437,522

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

[19]

Schedule of Investments | High Yield Bond Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares			Fair Value
		MONEY MARKET FUND – 5.2 %
	3,414,278	Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (C) (Cost $3,414,278)		$	3,414,278
		TOTAL INVESTMENTS – 97.9 % (Cost $74,588,409)		$	64,722,921
		OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 2.1 %			1,409,034
		NET ASSETS – 100.0 %		$	66,131,955

LIBOR London Interbank Offered Rate. The 3 month U.S. LIBOR rate as of March 31, 2020 is 1.91%.

LLC Limited Liability Company.

LP Limited Partnership.

REITs Real Estate Investment Trust.

(A) 144A Security – Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities had a fair value of $41,596,055 and represent 62.9% 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 interest rate shown reflects the effective rate at March 31, 2020.

(C) Variable rate security; the rate shown represents the yield at March 31, 2020.

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

[20]

Schedule of Investments | Israel Common Values Fund

As of March 31, 2020 (Unaudited)

Shares		Fair Value
	COMMON STOCK – 94.2%
	AEROSPACE/DEFENSE – 4.0%
19,001	Elbit Systems Ltd.		$	2,426,238
	AGRICULTURE – 0.0% **
900	Mehadrin Ltd. *			25,852
	BANKS – 20.4%
103,500	Bank Hapoalim BM (ADR)			3,001,500
443,000	Bank LeumiLe-Israel BM			2,454,537
58,300	First International Bank Of Israel Ltd.			1,429,874
754,000	Israel Discount Bank Ltd.			2,238,053
105,000	Mizrahi Tefahot Bank Ltd.			1,965,865
415,685	Tel Aviv Stock Exchange Ltd. *			1,410,117
				12,499,946
	BUILDING MATERIALS – 0.8%
150,000	Inrom Construction Industries Ltd.			519,866
	CHEMICALS – 3.7%
13,257	International Flavors & Fragrances, Inc.			1,422,584
277,902	Israel Chemicals Ltd.			853,159
				2,275,743
	COMPUTERS – 4.8%
17,600	CyberArk Software Ltd. *			1,505,856
56,210	Matrix IT Ltd.			923,208
8,500	Varonis Systems, Inc. *			541,195
				2,970,259
	ELECTRIC – 2.5%
7,000	Kenon Holdings Ltd.			102,899
20,700	Ormat Technologies, Inc.			1,400,586
				1,503,485
	ELECTRONICS – 0.5%
22,896	Ituran Location and Control Ltd.			325,352
	ENERGY-ALTERNATE SOURCES – 1.0%
216,360	Energix-Renewable Energies Ltd. *			624,471
	FOOD – 7.2%
23,700	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.			1,315,829
210,000	Shufersal Ltd.			1,193,232
54,500	Strauss Group Ltd.			1,425,109
27,315	Victory Supermarket Chain Ltd.			492,642
				4,426,812
	HEALTHCARE – SERVICES – 2.0%
14,769	Danel Adir Yeoshua Ltd.			1,034,158
120,000	Mediterranean Towers Ltd.			223,551
				1,257,709
	HOLDING COMPANIES – DIVERSIFIED – 2.5%
45,000	Elco Ltd.			1,509,986
	HOME BUILDERS – 1.7%
1,800	Bayside Land Corp.			1,055,031

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

[21]

Schedule of Investments | Israel Common Values Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares		Fair Value
	INSURANCE – 4.6%
50,512	Clal Insurance Enterprises Holdings Ltd. *		$	422,522
184,000	Harel Insurance Investments & Financial Services Ltd.			1,009,089
1,080,000	Migdal Insurance & Financial Holding Ltd.			568,172
167,400	Phoenix Holdings Ltd.			804,478
				2,804,261
	LEISURE TIME – 1.3%
126,585	Maytronics Ltd.			800,136
	OIL & NATURAL GAS – 4.2%
346,541	Delek Drilling LP			290,952
37,968	Energean Oil & Gas PLC *			271,643
5,600	Israel Corp. Ltd. *			568,319
1,995,000	Oil Refineries Ltd.			547,610
8,000	Paz Oil Co. Ltd.			674,837
737,500	Ratio Oil Exploration 1992 LP *			207,024
				2,560,385
	PHARMACEUTICALS – 1.5%
1,575,013	Novolog Ltd.			927,879
	REAL ESTATE – 10.9%
105,000	Alony Hetz Properties & Investments Ltd.			1,225,883
176,000	Amot Investments Ltd.			1,044,821
31,000	Azrieli Group Ltd.			1,794,739
91,000	Gazit-Globe Ltd.			699,713
12,580	Melisron Ltd.			491,808
643,430	Mivne Real Estate KD Ltd. *			1,402,379
				6,659,343
	RETAIL – 1.8%
32,300	Tadiran Holdings Ltd.			1,121,271
	SEMICONDUCTORS – 5.2%
2,800	Mellanox Technologies Ltd. *			339,696
48,000	Nova Measuring Instruments Ltd. *			1,567,200
1	Tower Semiconductor Ltd. *			10
78,923	Tower Semiconductor Ltd. *			1,256,454
				3,163,360
	SOFTWARE – 5.7%
33,435	Hilan Ltd.			1,054,812
78,783	Magic Software Enterprises Ltd.			633,415
45,300	Sapiens International Corp. NV			861,606
21,500	Verint Systems, Inc. *			924,500
				3,474,333
	TELECOMMUNICATIONS – 6.7%
17,800	AudioCodes Ltd.			425,242
25,600	Nice Ltd. (ADR) *			3,675,136
				4,100,378
	TEXTILES – 1.2%
21,392	Fox Wizel Ltd.			712,977
	TOTAL COMMON STOCK (Cost $51,125,083)			57,745,073

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

[22]

Schedule of Investments | Israel Common Values Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares		Fair Value
	REITs – 2.1%
259,000	Reit 1 Ltd. * (Cost $1,322,540)		$	1,263,718
	MONEY MARKET FUND – 3.5 %
2,119,347	Fidelity Institutional Money Market Funds – Government Portfolio – ClassI, 0.30% (A) (Cost $2,119,347)			2,119,347
	TOTAL INVESTMENTS – 99.8% (Cost $54,566,970)		$	61,128,138
	OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.2%			149,543
	NET ASSETS – 100.0%		$	61,277,681

* Non-income producing securities.

** Amount is less than 0.05%

ADR American Depositary Receipt.

LP Limited Partnership.

PLC Public Limited Co.

REITs Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at March 31, 2020.

Diversification of Assets

Country	% of Net Assets
Israel		88.6%
United States		7.0%
United Kingdom		0.5%
Singapore		0.2%
Iceland		0.0%	**
Total		96.3%
Money Market Fund		3.5%
Other Assets Less Liabilities – Net		0.2%
Grand Total		100.0%

** Amount is less than 0.05%

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

[23]

Schedule of Investments | Defensive Strategies Fund

As of March 31, 2020 (Unaudited)

Shares			Fair Value
		COMMON STOCK – 20.9%
		AGRICULTURE – 0.5%
	3,565	Bunge Ltd.		$	146,272
	948	Darling Ingredients, Inc. *			18,173
	743	Fresh Del Monte Produce, Inc.			20,514
					184,959
		BIOTECHNOLOGY – 0.9%
	12,526	Corteva, Inc.			294,361
		CHEMICALS – 1.6%
	5,466	CF Industries Holdings, Inc.			148,675
	1,780	FMC Corp.			145,408
	7,279	Mosaic Co.			78,759
	4,281	Nutrien Ltd			145,297
	1,463	Sasol Ltd. (ADR) *			2,941
	1,807	Sociedad Quimica Y Minera de Chile, SA (ADR)			40,748
					561,828
��		COAL – 0.0% **
	1,506	Alliance Resource Partners LP (MLP)			4,669
		COMMERCIAL SERVICES – 0.0% **
	1,043	Harsco Corp. *			7,270
		ELECTRICAL COMPONENETS & EQUIPMENT – 0.1%
	1,300	GS Yuasa Corp			17,509
		ENERGY – ALTERNATIVE SOURCES – 0.2%
	1,132	Enphase Energy, Inc. *			36,552
	260	SolarEdge Technologies, Inc. *			21,289
	259	Varta AG *			18,671
					76,512
		ENVIRONMENTAL CONTROL – 0.3%
	3,576	Evoqua Water Technologies Corp. *			40,087
	1,300	Kurita Water Industries Ltd.			30,081
	1,279	Pentair PLC			38,063
					108,231
		FOOD – 1.4%
	5,133	BRF SA (ADR) *			14,886
	1,021	Cal-Maine Foods, Inc.			44,904
	1,477	Ingredion, Inc.			111,514
	1,100	Maple Leaf Foods, Inc.			19,722
	800	Maruha Nichiro Corp.			16,733
	1,900	Megmilk Snow Brand Co. Ltd.			43,225
	600	Morinaga Milk Industry Co. Ltd.			23,232
	12,300	Nippon Suisan Kaisha Ltd.			54,462
	3,295	Pilgrim’s Pride Corp. *			59,705
	716	Sanderson Farms, Inc.			88,297
					476,680
		FOREST PRODUCTS & PAPER – 0.0% **
	900	Sumitomo Forestry Co. Ltd.			11,546
		HEALTHCARE – SERVICES – 0.7%
	73,190	Brookdale Senior Living, Inc. *			228,353
		IRON/STEEL – 0.8%
	365	Allegheny Technologies, Inc. *			3,102
	3,413	ArcelorMittal (ADR)			31,843

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

[24]

Schedule of Investments | Defensive Strategies Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares			Fair Value
		IRON/STEEL (continued)
	10,906	Cleveland-Cliffs, Inc.		$	43,079
	5,293	Gerdau SA (ADR)			10,110
	2,300	Hitachi Metals Ltd.			24,267
	3,100	Kobe Steel Ltd.			9,591
	2,000	Nippon Steel & Sumitomo Metal Corp.			17,144
	349	POSCO (ADR)			11,395
	588	Salzgitter AG *			6,974
	3,204	Steel Dynamics, Inc.			72,218
	841	Ternium SA (ADR)			10,008
	1,800	Tokyo Steel Manufacturing Co. Ltd.			11,271
	4,228	United States Steel Corp.			26,679
					277,681
		MACHINERY – DIVERSIFIED – 1.3%
	1,442	AGCO Corp.			68,134
	4,046	CNH Industrial NV			22,698
	1,268	Deere & Co.			175,187
	14,400	Kubota Corp.			184,277
					450,296
		METAL FABRICATE/HARDWARE – 0.0% **
	942	Tenaris SA (ADR)			11,351
		MINING – 5.3%
	1,408	Agnico Eagle Mines Ltd.			56,024
	6,688	Alamos Gold, Inc.			33,440
	3,064	Anglo American PLC			53,812
	3,241	AngloGold Ashanti Ltd. (ADR)			53,898
	1,391	Antofagasta PLC			13,332
	5,479	BHP Group Ltd. (ADR)			201,025
	234	BHP Group PLC (ADR)			7,100
	2,352	Cameco Corp.			17,969
	3,247	Cia De Minas Buenaventura (ADR)			23,671
	817	Compass Minerals International, Inc.			31,430
	145	Eramet *			4,633
	4,058	First Majestic Silver Corp. *			25,119
	873	Franco-Nevada Corp.			86,881
	34,714	Glencore PLC			53,288
	17,287	Gold Fields Ltd. (ADR)			82,113
	5,729	IAMGOLD Corp. *			13,062
	1,412	KAZ Minerals PLC			6,149
	11,526	Kinross Gold Corp. *			45,873
	3,303	Kirkland Lake Gold Ltd.			96,185
	4,347	Livent Corp. *			22,822
	1,800	Lundin Mining Corp.			6,690
	1,863	MMC Norilsk Nickel PJSC (ADR) *			46,426
	2,083	Newmont Corp.			94,318
	1,527	Pan American Silver Corp.			21,882
	3,600	Pretium Resources, Inc. *			20,412
	8,161	Rio Tinto PLC (ADR)			371,815
	536	Royal Gold, Inc.			47,013
	1,615	Southern Copper Corp.			45,478
	2,125	SSR Mining, Inc. *			24,182
	4,100	Sumitomo Metal Mining Co. Ltd.			84,237
	7,443	Teck Resources Ltd.			55,796
	1,249	Vedanta Ltd. (ADR)			4,446

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

[25]

Schedule of Investments | Defensive Strategies Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares			Fair Value
		MINING (continued)
	2,065	Wheaton Precious Metals Corp.		$	56,849
					1,807,370
		OIL & GAS – 4.9%
	1,452	Apache Corp.			6,069
	21,100	ARC Resources Ltd			60,038
	3,554	Cabot Oil & Gas Corp.			61,093
	16,155	Callon Petroleum Co. *			8,851
	4,856	Canadian Natural Resources Ltd.			65,799
	6,166	Cenovus Energy, Inc.			12,303
	1,242	Cimarex Energy Co.			20,903
	1,432	Concho Resources, Inc.			61,361
	4,516	ConocoPhillips			139,093
	8,592	Continental Resources, Inc.			65,643
	42,200	Crescent Point Energy Corp.			32,317
	6,651	Devon Energy Corp.			45,958
	1,466	Diamondback Energy, Inc.			38,409
	1,026	Ecopetrol SA (ADR)			9,757
	4,600	Enerplus Corp.			6,690
	819	Eni SpA (ADR)			16,233
	3,866	EOG Resources, Inc.			138,867
	127	EQT Corp.			898
	8,014	Equinor ASA (ADR)			97,611
	2,328	Helmerich & Payne, Inc.			36,433
	463	Hess Corp.			15,418
	3,600	Husky Energy, Inc.			8,954
	10,200	Inpex Corp.			57,522
	3,977	Kosmos Energy Ltd			3,562
	2,024	Lukoil PJSC (ADR) *			121,440
	8,520	Marathon Oil Corp.			28,031
	1,550	Matador Resources Co. *			3,844
	3,420	Murphy Oil Corp.			20,965
	21	Noble Energy, Inc.			127
	306	Novatek OJSC (GDR) *			35,282
	197	Occidental Petroleum Corp.			2,281
	1,892	Ovintiv, Inc.			5,108
	2,800	Parex Resources, Inc. *			23,410
	8,827	Parsley Energy, Inc.			50,579
	5,705	Patterson-UTI Energy, Inc.			13,407
	5,469	PDC Energy, Inc. *			33,962
	3,018	Petroleo Brasileiro SA (ADR)			16,599
	1,706	Pioneer Natural Resources Co.			119,676
	3,059	PrairieSky Royalty Ltd.			15,968
	8,242	Rosneft Oil Company (GDR) *			33,537
	6,800	Seven Generations Energy Ltd. *			7,405
	17,986	SM Energy Co.			21,943
	2,100	Suncor Energy, Inc.			33,137
	4,900	Tourmaline Oil Corp.			29,744
	6,680	Transocean Ltd. *			7,749
	3,648	Valaris PLC			1,642
	1,062	Viper Energy Partners LP			7,041
	9,225	WPX Energy, Inc. *			28,136
	504	YPF SA (ADR)			2,102
					1,672,897

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

[26]

Schedule of Investments | Defensive Strategies Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares			Fair Value
		OIL & GAS SERVICES – 0.5%
	2,435	Archrock, Inc.		$	9,156
	3,092	Baker Hughes, Inc.			32,466
	12,798	CGG SA *			11,726
	682	Core Laboratories NV			7,052
	463	Dril-Quip, Inc. *			14,121
	5,000	Halliburton Co.			34,250
	409	National Oilwell Varco, Inc.			4,020
	2,632	Oceaneering International, Inc. *			7,738
	3,399	Schlumberger Ltd.			45,853
	733	TechnipFMC PLC (France) *			5,041
	1,311	TechnipFMC PLC			8,836
					180,259
		TELECOMMUNICATIONS – 0.3%
	7,903	Switch, Inc.			114,040
		WATER – 2.1%
	459	American States Water Co.			37,519
	1,999	American Water Works Co., Inc.			239,000
	437	California Water Service Group			21,990
	5,672	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)			41,859
	2,906	Essential Utilities, Inc.			118,274
	1,154	Severn Trent PLC			32,625
	256	SJW Group			14,789
	3,649	United Utilities Group PLC			40,848
	7,301	Veolia Environnement SA *			156,015
					702,919
		TOTAL COMMON STOCK (Cost $11,383,845)			7,188,731
		REITs – 16.6%
	1,672	Alexandria Real Estate Equities, Inc.			229,164
	800	American Tower Corp.			174,200
	2,201	Apartment Investment & Management Co. – Class A			77,365
	1,357	AvalonBay Communities, Inc.			199,710
	1,078	Boston Properties, Inc.			99,424
	2,583	Cousins Properties, Inc.			75,604
	6,192	Duke Realty Corp.			200,497
	523	EPR Properties			12,667
	807	Equinix, Inc.			504,028
	3,033	Equity Lifestyle Properties, Inc.			174,337
	3,481	Equity Residential			214,812
	949	Essex Property Trust, Inc.			209,008
	1,130	Federal Realty Investment Trust			84,309
	8,044	Healthpeak Properties, Inc.			191,849
	5,091	Hudson Pacific Properties, Inc.			129,108
	10,116	Invitation Homes, Inc.			216,179
	2,892	Kilroy Realty Corp.			184,220
	2,881	Kite Realty Group Trust			27,283
	1,622	Life Storage, Inc.			153,360
	4,672	Medical Properties Trust, Inc.			80,779
	2,307	Mid-America Apartment Communities, Inc.			237,690
	1,836	National Retail Properties, Inc.			59,101
	3,748	Outfront Media, Inc.			50,523
	998	PotlatchDeltic Corp.			31,327
	6,868	Prologis, Inc.			551,981
	475	PS Business Parks, Inc.			64,372

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

[27]

Schedule of Investments | Defensive Strategies Fund

As of March 31, 2020 (Unaudited) (Continued)

Shares								Fair Value
			REITs (continued)
		567	Public Storage						$	112,612
		2,177	QTS Realty Trust, Inc.							126,288
		1,450	Rayonier, Inc.							34,147
		1,120	Regency Centers Corp.							43,042
		845	Ryman Hospitality Properties, Inc.							30,293
		6,352	Sabra Health Care REIT, Inc.							69,364
		510	SBA Communications Corp.							137,685
		1,193	Simon Property Group, Inc.							65,448
		2,304	Spirit Realty Capital, Inc.							60,250
		5,515	Store Capital Corp.							99,932
		2,035	Sun Communities, Inc.							254,070
		1,800	Terreno Realty Corp.							93,150
		5,468	UDR, Inc.							199,801
		2,940	Welltower, Inc.							134,593
		1,726	Weyerhaeuser Co.							29,257
			TOTAL REITs (Cost $6,732,822)							5,722,829
Principal				Coupon Rate %		Maturity
			TREASURY INFLATION PROTECTED SECURITIES (TIPS) – 27.7%
	$	925,183	TIPS		0.125		4/15/2021			906,792
		1,161,532	TIPS		0.125		4/15/2022			1,145,648
		1,243,800	TIPS		0.625		1/15/2024			1,264,210
		1,176,970	TIPS		2.375		1/15/2025			1,305,471
		1,085,291	TIPS		2.000		1/15/2026			1,207,365
		524,476	TIPS		2.375		1/15/2027			607,830
		671,108	TIPS		1.750		1/15/2028			763,068
		732,939	TIPS		2.500		1/15/2029			898,850
		1,036,640	TIPS		2.125		2/15/2041			1,443,985
			TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $9,234,978)							9,543,219
Ounces
			ALTERNATIVE INVESTMENTS – 28.2%
		6,143	Gold Bars * (Cost $7,240,876)							9,689,408
Shares
			MONEY MARKET FUND – 6.4%
		2,207,649	Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (A) (Cost $2,207,649)							2,207,649
			TOTAL INVESTMENTS – 99.8% (Cost $36,800,170)						$	34,351,836
			OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.2%							64,699
			NET ASSETS – 100.0%						$	34,416,535

* Non-income producing securities/investments.

** Less than 0.05%.

ADR American Depositary Receipt.

GDR Global Depositary Receipt.

LP Limited Partnership.

MLP Master Limited Partnership.

PLC Public Limited Co.

REITs Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at March 31, 2020.

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

[28]

Schedule of Investments | Strategic Growth Fund

As of March 31, 2020 (Unaudited)

Shares			Fair Value
		EXCHANGE TRADED FUNDS (A)– 57.7%
	159,533	Timothy Plan High Dividend Stock ETF		$	3,043,890
	364,861	Timothy Plan International ETF			7,189,002
	242,469	Timothy Plan U.S. Large Cap Core ETF			5,026,382
	123,031	Timothy Plan U.S. Small Cap Core ETF			2,110,744
		TOTAL EXCHANGE TRADED FUNDS (Cost $21,669,819)			17,370,018
		MUTUAL FUNDS – 37.8% (B)
	206,184	Timothy Plan Defensive Strategies Fund			2,092,767
	527,557	Timothy Plan Fixed Income Fund			5,581,556
	188,043	Timothy Plan High Yield Bond Fund			1,500,582
	284,838	Timothy Plan International Fund			2,193,254
		TOTAL MUTUAL FUNDS (Cost $11,922,000)			11,368,159
		MONEY MARKET FUND – 4.6%
	1,392,991	Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (C) (Cost $1,392,991)			1,392,991
		TOTAL INVESTMENTS – 100.1% (Cost $34,984,810)		$	30,131,168
		OTHER ASSETS IN EXCESS OF LIABILITIES – NET – (0.1)%			(29,892	)
		NET ASSETS – 100.0%		$	30,101,276

ETF Exchange Traded Funds.

(A) Affiliated Funds.

(B) Affiliated Funds – Class A.

(C) Variable rate security; the rate shown represents the yield at March 31, 2020.

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

[29]

Schedule of Investments | Conservative Growth Fund

As of March 31, 2020 (Unaudited)

Shares			Fair Value
		EXCHANGE TRADED FUNDS (A)– 41.8%
	156,262	Timothy Plan High Dividend Stock ETF		$	2,981,479
	304,244	Timothy Plan International ETF			5,994,641
	273,821	Timothy Plan US Large Cap Core ETF			5,676,309
	120,523	Timothy Plan US Small Cap Core ETF			2,067,717
		TOTAL EXCHANGE FUNDS (Cost $20,602,426)			16,720,146
		MUTUAL FUNDS – 54.0% (B)
	242,092	Timothy Plan Defensive Strategies Fund			2,457,238
	1,428,650	Timothy Plan Fixed Income Fund			15,115,117
	257,875	Timothy Plan High Yield Bond Fund			2,057,842
	250,626	Timothy Plan International Fund			1,929,822
		TOTAL MUTUAL FUNDS (Cost $21,893,724)			21,560,019
		MONEY MARKET FUND – 4.3%
	1,706,198	Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (C) (Cost $1,706,198)			1,706,198
		TOTAL INVESTMENTS – 100.1% (Cost $44,202,348)		$	39,986,363
		OTHER ASSETS IN EXCESS OF LIABILITIES – NET – (0.1)%			(38,573	)
		NET ASSETS – 100.0%		$	39,947,790

ETF Exchange Traded Funds.

(A) Affiliated Funds.

(B) Affiliated Funds – Class A.

(C) Variable rate security; the rate shown represents the yield at March 31, 2020.

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

[30]

Schedule of Investments | Growth & Income Fund

As of March 31, 2020 (Unaudited)

Par Value				Coupon Rate (%)		Maturity		Fair Value
			BONDS & NOTES – 50.1%
			CORPORATE BONDS – 20.2%
	$	160,000	ABB Finance USA, Inc.		2.875		5/8/2022		$	161,293
		160,000	American Electric Power		3.200		11/13/2027			158,447
		160,000	Aptiv Corp.		4.150		3/15/2024			157,081
		160,000	Canadian Pacific RR Co.		2.900		2/1/2025			153,289
		160,000	CBOE Holdings, Inc.		3.650		1/12/2027			167,544
		160,000	CSX Corp.		3.250		6/1/2027			166,570
		80,000	Digital Realty Trust LP		3.700		8/15/2027			79,427
		80,000	Dollar General Corp.		4.125		5/1/2028			84,552
		120,000	Dominion Energy, Inc.		2.579		7/1/2020			119,856
		120,000	Eaton Corp.		2.750		11/2/2022			119,892
		120,000	European Investment Bank		2.375		6/15/2022			124,816
		120,000	Healthpeak Properties, Inc.		3.500		7/15/2029			117,256
		120,000	Kreditanstalt fuer Wiederaufbau		2.125		6/15/2022			124,054
		130,000	LYB International Finance BV		4.000		7/15/2023			132,767
		120,000	National Rural Utilities Cooperative Finance Corp.		2.950		2/7/2024			125,735
		240,000	NiSource Finance Corp.		3.490		5/15/2027			242,625
		160,000	Nutrien Ltd.		4.000		12/15/2026			157,050
		160,000	Phillips 66 Partners LP		3.605		2/15/2025			151,938
		120,000	Province of Ontario Canada		2.500		4/27/2026			129,361
		120,000	Province of Quebec Canada		2.375		1/31/2022			123,734
		110,000	Sunoco Logistics Partners LP		4.250		4/1/2024			97,039
		190,000	Ventas Capital Corp.		3.250		8/15/2022			191,295
		115,000	WEC Energy Group, Inc.		3.550		6/15/2025			116,985
			TOTAL CORPORATE BONDS (Cost $3,219,841)							3,202,606
			U.S. GOVERNMENT & AGENCY OBLIGATIONS – 29.9%
			GOVERNMENTMORTGAGE-BACKED SECURITIES – 13.8%
		69,446	GNMA Pool G2 BN2662		3.000		10/20/2049			73,557
		145,873	GNMA Pool G2 MA3376		3.500		1/20/2046			155,091
		123,593	GNMA Pool G2 MA3596		3.000		4/20/2046			132,102
		97,680	GNMA Pool G2 MA3663		3.500		5/20/2046			103,846
		129,615	GNMA Pool G2 MA3736		3.500		6/20/2046			137,801
		126,840	GNMA Pool G2 MA4126		3.000		12/20/2046			135,470
		45,583	GNMA Pool G2 MA4509		3.000		6/20/2047			48,537
		143,027	GNMA Pool G2 MA4652		3.500		8/20/2047			151,975
		141,838	GNMA Pool G2 MA4719		3.500		9/20/2047			151,403
		147,315	GNMA Pool G2 MA6092		4.500		8/20/2049			156,346
		117,371	GNMA Pool G2 MA6156		4.500		9/20/2049			124,550
		126,251	GNMA Pool G2 MA6157		5.000		9/20/2049			134,719
		124,784	GNMA Pool G2 MA6221		4.500		10/20/2049			133,003
		134,031	GNMA Pool G2 MA6338		3.000		12/20/2049			141,914
		104,734	GNMA Pool G2 MA6476		4.000		2/20/2050			111,587
		69,777	GNMA Pool G2 MA6478		5.000		2/20/2050			74,867
		120,000	GNMA Pool G2 MA6544		4.500		3/20/2050			127,644
		80,000	GNMA Pool G2 MA6545		5.000		3/20/2050			86,286
			TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $2,132,853)							2,180,698
			GOVERNMENT NOTES, BONDS & AGENCIES – 16.1%
		245,000	United States Treasury Note		3.125		5/15/2021			253,211
		145,000	United States Treasury Note		1.125		2/28/2022			147,407
		205,000	United States Treasury Note		2.125		6/30/2022			213,825
		90,000	United States Treasury Note		2.250		11/15/2024			97,727
		500,000	United States Treasury Note		1.125		2/28/2025			518,340
		210,000	United States Treasury Note		2.000		8/15/2025			227,382

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

[31]

Schedule of Investments | Growth & Income Fund

As of March 31, 2020 (Unaudited) (Continued)

Par Value				Coupon Rate (%)		Maturity		Fair Value
			GOVERNMENT NOTES, BONDS & AGENCIES (continued)
	$	410,000	United States Treasury Note		1.625		2/15/2026		$	436,634
		340,000	United States Treasury Note		4.500		2/15/2036			521,449
		100,000	United States Treasury Note		3.000		2/15/2049			139,324
			TOTAL GOVERNMENT NOTES, BONDS & AGENCIES (Cost $2,377,627)							2,555,299
			TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $4,510,480)							4,735,997
			TOTAL BONDS & NOTES (Cost $7,730,321)							7,938,603
Shares
			EXCHANGE TRADED FUND (A) – 47.7 %
		396,000	Timothy Plan High Dividend Stock ETF (Cost $9,884,413)							7,555,680
			MONEY MARKET FUND – 2.1%
		338,388	Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (B) (Cost $338,388)							338,388
			TOTAL INVESTMENTS – 99.9% (Cost $17,953,122)						$	15,832,671
			OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.1%							10,137
			NET ASSETS – 100.0%						$	15,842,808

ETF Exchange Traded Fund.

GNMA Government National Mortgage Association.

LP Limited Partnership.

(A) Affiliated Fund.

(B) Variable rate security; the rate shown represents the yield at March 31, 2020.

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

[32]

Timothy Plan Funds

Statements of Assets and Liabilities (Unaudited)

March 31, 2020

	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		$	21,386,101		$	73,015,331			$	48,652,167		$	117,558,101			$	128,186,932			$	93,477,171
Investments in affiliates, at cost			—			—				18,061,200			14,834,080				46,064,400				—
Investments, at value		$	21,842,671		$	69,143,423			$	52,631,313		$	85,701,273			$	124,342,520			$	97,165,384
Investments in affiliates, at value			—			—				14,925,600			9,950,596				36,625,200				—
Cash			—			—				—			16,199				—				—
Dividends and interest receivable			10,911			166,208				37,277			94,341				45,278				498,078
Receivable for fund shares sold			138,472			140,016				9,914			69,458				68,734				55,659
Receivable for securities sold			121,085			—				—			1,110,813				—				—
Receivable for foreign tax reclaims			—			200,391				—			—				—				—
Prepaid expenses and other assets			21,557			31,784				28,658			37,285				25,487				28,168
Total assets			22,134,696			69,681,822				67,632,762			96,979,965				161,107,219				97,747,289
Liabilities:
Payable for securities purchased			220,554			—				—			676,043				—				—
Payable for fund shares redeemed			3,682			8,861				82,402			26,901				118,009				72,681
Payable to service providers			5,129			36,688				20,801			41,172				77,642				29,107
Accrued advisory fees			13,841			56,671				48,325			65,317				107,540				36,872
Accrued12b-1 fees			5,554			11,212				16,830			19,399				33,815				25,093
Accrued expenses and other liabilities			13,336			30,380				28,588			20,283				37,655				20,119
Total liabilities			262,096			143,812				196,946			849,115				374,661				183,872
Net assets		$	21,872,600		$	69,538,010			$	67,435,816		$	96,130,850			$	160,732,558			$	97,563,417
Net assets consist of:
Paid in capital ($0 par value, unlimited shares authorized)		$	21,080,684		$	77,704,317			$	65,238,255		$	132,053,363			$	175,166,695			$	94,640,406
Accumulated earnings/(losses)			791,916			(8,166,307	)			2,197,561			(35,922,513	)			(14,434,137	)			2,923,011
Net assets		$	21,872,600		$	69,538,010			$	67,435,816		$	96,130,850			$	160,732,558			$	97,563,417
Class A
Net assets		$	18,332,183		$	43,587,514			$	52,642,983		$	63,587,903			$	108,499,095			$	79,701,077
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			2,534,349			5,663,173				7,251,908			5,429,457				7,906,770				7,533,300
Net Asset Value, offering price and redemption price per share		$	7.23		$	7.70			$	7.26		$	11.71			$	13.72			$	10.58
Offering price per share (NAV / 0.945) *(NAV / 0.955)		$	7.65		$	8.15			$	7.68		$	12.39			$	14.52			$	11.08	*
Class C
Net assets		$	2,110,745		$	2,114,442			$	6,419,591		$	5,575,653			$	12,356,021			$	8,933,417
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			363,589			282,421				1,120,714			710,803				1,183,312				878,660
Net Asset Value, offering price and redemption price per share		$	5.81		$	7.49			$	5.73		$	7.84			$	10.44			$	10.17
Minimum redemption Price Per Share (NAV * 0.99)		$	5.75		$	7.42			$	5.67		$	7.76			$	10.34			$	10.07
Class I
Net assets		$	1,429,672		$	23,836,054			$	8,373,242		$	26,967,294			$	39,877,442			$	8,928,923
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			193,695			3,096,292				1,129,489			2,265,300				2,876,753				849,956
Net Asset Value, offering price and redemption price per share		$	7.38		$	7.70			$	7.41		$	11.90			$	13.86			$	10.51

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

[33]

Timothy Plan Funds

Statements of Assets and Liabilities (Unaudited) (Continued)

March 31, 2020

	High Yield Bond Fund				Israel Common Values Fund			Defensive Strategies Fund				Strategic Growth Fund				Conservative Growth Fund				Growth & Income Fund
Assets:
Investments, at cost		$	74,588,409			$	54,566,970		$	29,559,294		��	$	1,392,991			$	1,706,198			$	8,068,709
Investments in affiliates, at cost			—				—			—				33,591,819				42,496,150				9,884,413
Investments, at value		$	64,722,921			$	61,128,138		$	24,662,428			$	1,392,991			$	1,706,198			$	8,276,991
Investments in affiliates, at value			—				—			—				28,738,177				38,280,165				7,555,680
Gold Investments, at fair value (Cost $7,240,876)			—				—			9,689,408				—				—				—
Foreign Cash
Canadian Dollar (CAD)(Cost $804)			—				—			804				—				—				—
Euro (EUR)(Cost $76)			—				—			78				—				—				—
Great British Pound (GBP)(Cost $(1,078))			—				—			112				—				—				—
Israel Shekel (ILS)(Cost $22,178)			—				22,193			—				—				—				—
Dividends and interest receivable			1,190,479				29,790			80,909				987				1,323				45,859
Receivable for fund shares sold			83,531				178,257			4,431				4,032				4,860				3,435
Receivable for securities sold			259,700				50,516			65,566				—				—				—
Receivable for foreign tax reclaims			—				—			7,458				—				—				—
Prepaid expenses and other assets			32,950				21,888			13,070				13,873				17,768				14,598
Total assets			66,289,581				61,430,782			34,524,264				30,150,060				40,010,314				15,896,563
Liabilities:
Payable for fund shares redeemed			98,199				67,478			39,898				7,886				9,898				8,684
Payable to service providers			3,065				2,796			18,809				10,040				12,978				12,106
Accrued advisory fees			32,273				52,760			16,399				13,315				20,352				7,102
Accrued12b-1 fees			11,422				13,785			5,352				1,169				2,698				4,357
Accrued expenses and other liabilities			12,667				16,282			27,271				16,374				16,598				21,506
Total Liabilities			157,626				153,101			107,729				48,784				62,524				53,755
Net assets		$	66,131,955			$	61,277,681		$	34,416,535			$	30,101,276			$	39,947,790			$	15,842,808
Net assets consist of:
Paid in capital ($0 par value, unlimited shares authorized)		$	77,931,434			$	57,193,535		$	37,576,002			$	33,841,991			$	43,078,016			$	18,593,712
Accumulated earnings/(losses)			(11,799,479	)			4,084,146			(3,159,467	)			(3,740,715	)			(3,130,226	)			(2,750,904	)
Net assets		$	66,131,955			$	61,277,681		$	34,416,535			$	30,101,276			$	39,947,790			$	15,842,808
Class A
Net assets		$	42,715,835			$	33,754,797		$	27,336,883			$	27,604,501			$	35,234,948			$	11,798,487
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			5,353,880				2,349,434			2,692,746				3,445,803				3,788,404				1,297,735
Net Asset Value, offering price and redemption price per share		$	7.98			$	14.37		$	10.15			$	8.01			$	9.30			$	9.09
Offering price per share (NAV / 0.945) *(NAV / 0.955)		$	8.36	*		$	15.21		$	10.74			$	8.48			$	9.84			$	9.62
Class C
Net assets		$	2,253,390			$	7,939,124		$	2,383,240			$	2,496,775			$	4,712,842			$	2,004,041
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			278,130				579,298			246,471				353,105				568,213				228,809
Net Asset Value, offering price and redemption price per share		$	8.10			$	13.70		$	9.67			$	7.07			$	8.29			$	8.76
Minimum redemption Price Per Share (NAV * 0.99)		$	8.02			$	13.56		$	9.57			$	7.00			$	8.21			$	8.67
Class I
Net assets		$	21,162,730			$	19,583,760		$	4,696,412			$	—			$	—			$	2,040,280
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			2,652,130				1,354,315			463,595				—				—				222,848
Net Asset Value, offering price and redemption price per share		$	7.98			$	14.46		$	10.13			$	—			$	—			$	9.16

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

[34]

Timothy Plan Funds

Statements of Operations (Unaudited)

For the Six Months Ended March 31, 2020

	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		$	11,242			$	21,658			$	29,777			$	22,589			$	34,953			$	1,255,176
Dividend income			83,725				534,411				383,864				1,425,691				1,241,770				—
Dividend income from affiliated investments			—				—				87,861				30,134				393,793				—
Foreign tax withheld			(308	)			(180,342	)			(5,364	)			—				—				—
Total investment income			94,659				375,727				496,138				1,478,414				1,670,516				1,255,176
Operating expenses:
Investment advisory fees			106,049				421,806				377,880				589,840				876,937				306,597
12b-1 Fees:
Class A			26,261				68,615				81,973				116,574				175,097				106,525
Class C			12,507				13,594				40,088				42,048				80,296				44,211
Administration fees			32,524				106,103				102,546				157,703				239,110				123,287
Registration fees			16,836				22,938				22,107				31,892				34,190				21,748
Audit fees			6,588				6,588				6,771				6,108				6,588				6,588
Non12b-1 shareholder service fees			5,781				38,528				20,998				32,289				51,790				34,664
Printing expenses			5,458				18,480				17,779				24,641				40,411				13,722
Compliance officer fees			1,840				5,023				4,925				7,726				11,513				5,412
Custody fees			1,461				7,056				7,614				12,448				16,868				8,536
Trustees’ fees			951				5,620				5,228				9,358				10,841				4,774
Insurance expenses			183				507				1,941				3,173				4,888				915
Miscellaneous expenses			4,274				2,813				4,617				2,598				2,493				3,395
Total operating expenses			220,713				717,671				694,467				1,036,398				1,551,022				680,374
Less: Expenses waived by Advisor			(12,476	)			(21,090	)			(22,228	)			(69,393	)			(103,169	)			(102,199	)
Net operating expenses			208,237				696,581				672,239				967,005				1,447,853				578,175
Net investment income (loss)			(113,578	)			(320,854	)			(176,101	)			511,409				222,663				677,001
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on
investments			1,270,602				1,585,308				1,891,143				3,796,211				(1,461,432	)			639,978
and foreign currency transactions			—				75				—				—				—				—
Net change in unrealized appreciation (depreciation) on investments			(2,917,899	)			(12,628,591	)			(8,616,638	)			(38,234,763	)			(23,902,240	)			1,276,954
affiliated investments			—				—				(3,473,568	)			(4,883,484	)			(10,378,704	)			—
and foreign currency translations			—				(86	)			—				—				—				—
Net realized and unrealized gain (loss) on investments			(1,647,297	)			(11,043,294	)			(10,199,063	)			(39,322,036	)			(35,742,376	)			1,916,932
Net increase (decrease) in net assets resulting from operations		$	(1,760,875	)		$	(11,364,148	)		$	(10,375,164	)		$	(38,810,627	)		$	(35,519,713	)		$	2,593,933

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

[35]

Timothy Plan Funds

Statements of Operations (Unaudited) (Continued)

For the Six Months Ended March 31, 2020

	High Yield Bond Fund				Israel Common Values Fund				Defensive Strategies Fund				Strategic Growth Fund				Conservative Growth Fund				Growth & Income Fund
Investment Income:
Interest income		$	1,967,430			$	21,580			$	114,421			$	10,349			$	15,691			$	100,402
Dividend income			—				661,168				238,700				—				—				—
Dividend income from affiliated investments			—				—				—				285,911				379,312				139,618
Foreign tax withheld			—				(164,209	)			(7,953	)			—				—				(2,012	)
Total investment income			1,967,430				518,539				345,168				296,260				395,003				238,008
Operating expenses:
Investment advisory fees			206,585				398,231				117,953				115,253				148,301				84,192
12b-1 fees:
Class A			54,069				55,885				40,100				—				—				17,717
Class C			13,451				49,768				14,989				12,005				20,317				11,824
Administration fees			78,466				91,668				56,842				44,835				54,208				33,771
Non12b-1 shareholder service fees			20,735				20,364				13,311				703				1,863				6,406
Registration fees			20,474				24,992				16,796				15,381				18,610				16,162
Printing expenses			10,326				14,411				7,954				6,040				8,242				6,526
Audit fees			6,771				6,993				7,176				6,771				6,588				6,588
Custody fees			4,605				31,537				22,427				2,951				3,340				3,392
Compliance officer fees			3,007				4,386				2,291				2,144				2,827				1,562
Trustees’ fees			2,745				4,081				2,186				1,784				2,382				1,085
Miscellaneous expenses			2,287				1,781				3,764				2,248				2,212				4,274
Insurance expenses			474				1,503				928				183				928				732
Total operating expenses			423,995				705,600				306,717				210,298				269,818				194,231
Less: Expenses waived by advisor			(17,215	)			—				(9,829	)			—				—				(34,667	)
Net operating expenses			406,780				705,600				296,888				210,298				269,818				159,564
Net investment income (loss)			1,560,650				(187,061	)			48,280				85,962				125,185				78,444
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on
investments			(724,313	)			743,168				(518,177	)			—				—				46,128
foreign currency transactions			—				(10,113	)			(1,507	)			—				—				1
and affiliated investments			—				—				—				1,208,221				1,102,467				(246,359	)
Net change in unrealized appreciation (depreciation) on investments			(10,983,803	)			(14,963,835	)			(4,260,982	)			—				—				26,502
affiliated investments			—				—				—				(6,065,037	)			(5,482,950	)			(2,601,037	)
alternative investments			—				—				642,815				—				—				—
and foreign currency translations			—				210				1,231				—				—				31
Net realized and unrealized loss on investments			(11,708,116	)			(14,230,570	)			(4,136,620	)			(4,856,816	)			(4,380,483	)			(2,774,734	)
Net decrease in net assets resulting from operations		$	(10,147,466	)		$	(14,417,631	)		$	(4,088,340	)		$	(4,770,854	)		$	(4,255,298	)		$	(2,696,290	)

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

[36]

Timothy Plan Funds

Statements of Changes in Net Assets

	Aggressive Growth Fund								International Fund								Large/Mid Cap Growth Fund
	Six Months Ended March  31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March  31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March  31, 2020 (Unaudited)				Year Ended September 30, 2019
Operations:
Net investment income (loss)		$	(113,578	)		$	(241,350	)		$	(320,854	)		$	995,620			$	(176,101	)		$	(314,776	)
Net realized gain (loss) from investments and foreign currency transactions			1,270,602				(657,613	)			1,585,383				(3,463,536	)			1,891,143				3,640,176
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations			(2,917,899	)			(2,362,602	)			(12,628,677	)			(3,661,313	)			(12,090,206	)			(5,864,309	)
Net decrease in net assets resulting from operations			(1,760,875	)			(3,261,565	)			(11,364,148	)			(6,129,229	)			(10,375,164	)			(2,538,909	)
Distributions to shareholders:
Return of Capital
Class A			—				(363	)			—				—				—				—
Class C			—				(40	)			—				—				—				—
Class I			—				(21	)			—				—				—				—
Total distributions paid
Class A			—				(1,499,415	)			(415,268	)			(708,387	)			(2,645,527	)			(3,489,484	)
Class C			—				(288,448	)			—				(6,387	)			(411,753	)			(615,960	)
Class I			—				(73,870	)			(304,198	)			(385,842	)			(662,464	)			(360,231	)
Total dividends and distributions to shareholders			—				(1,862,157	)			(719,466	)			(1,100,616	)			(3,719,744	)			(4,465,675	)
Share transactions of beneficial interest:
Net proceeds from shares sold
Class A			3,441,682				7,677,448				9,887,760				9,719,151				9,219,042				16,861,703
Class C			276,356				598,286				549,254				487,937				666,539				1,375,432
Class I			530,971				334,672				8,666,149				12,092,068				5,771,179				10,550,381
Reinvestment of dividends and distributions
Class A			—				1,464,627				339,337				589,421				2,530,212				3,336,072
Class C			—				275,499				—				5,743				392,575				572,523
Class I			—				67,868				188,255				245,561				626,060				328,907
Cost of shares redeemed
Class A			(5,487,020	)			(8,980,506	)			(17,405,955	)			(17,850,706	)			(12,827,929	)			(30,537,990	)
Class C			(389,465	)			(2,135,525	)			(681,916	)			(2,332,459	)			(1,192,103	)			(4,394,174	)
Class I			(207,814	)			(267,041	)			(9,502,093	)			(13,001,207	)			(9,771,319	)			(6,775,094	)
Net decrease in net assets from share transactions of beneficial interest			(1,835,290	)			(964,672	)			(7,959,209	)			(10,044,491	)			(4,585,744	)			(8,682,240	)
Total Decrease in Net Assets			(3,596,165	)			(6,088,394	)			(20,042,823	)			(17,274,336	)			(18,680,652	)			(15,686,824	)
Net Assets:
Beginning of period			25,468,765				31,557,159				89,580,833				106,855,169				86,116,468				101,803,292
End of period		$	21,872,600			$	25,468,765			$	69,538,010			$	89,580,833			$	67,435,816			$	86,116,468

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

[37]

Timothy Plan Funds

Statements of Changes in Net Assets (Continued)

	Aggressive Growth Fund						International Fund						Large/Mid Cap Growth Fund
	Six Months Ended March  31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March  31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March  31, 2020 (Unaudited)			Year Ended September 30, 2019
Share Activity:
Shares Sold
Class A		416,794			953,759			1,062,045			1,092,071			1,050,194			2,002,309
Class C		40,886			92,555			60,122			56,309			98,689			203,906
Class I		64,153			41,644			957,056			1,354,200			632,454			1,232,870
Shares Reinvested
Class A		—			213,192			35,128			72,589			282,704			454,506
Class C		—			49,462			—			726			55,448			96,874
Class I		—			9,709			19,488			30,241			68,497			44,031
Shares Redeemed
Class A		(653,850	)		(1,192,228	)		(1,859,811	)		(2,008,393	)		(1,458,559	)		(3,636,280	)
Class C		(61,217	)		(328,106	)		(77,749	)		(264,990	)		(175,902	)		(646,675	)
Class I		(24,289	)		(32,820	)		(1,015,144	)		(1,454,079	)		(1,152,926	)		(807,955	)
Net decrease in shares of beneficial interest outstanding		(217,523	)		(192,833	)		(818,865	)		(1,121,326	)		(599,401	)		(1,056,414	)

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

[38]

Timothy Plan Funds

Statements of Changes in Net Assets

	Small Cap Value Fund								Large/Mid Cap Value Fund								Fixed Income Fund
	Six Months Ended March  31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March  31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March  31, 2020 (Unaudited)				Year Ended September 30, 2019
Operations:
Net investment income		$	511,409			$	544,000			$	222,663			$	1,041,919			$	677,001			$	1,351,956
Net realized gain (loss) from investments and foreign currency transactions			3,796,211				2,564,882				(1,461,432	)			23,401,368				639,978				(60,200	)
Capital gain dividends from REITs			—				118,100				—				12,891				—				—
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations			(43,118,247	)			(10,298,517	)			(34,280,944	)			(20,650,465	)			1,276,954				5,200,724
Net increase (decrease) in net assets resulting from operations			(38,810,627	)			(7,071,535	)			(35,519,713	)			3,805,713				2,593,933				6,492,480
Distributions to shareholders:
Total distributions paid
Class A			(3,484,745	)			(12,397,401	)			(16,241,198	)			(14,065,260	)			(655,696	)			(1,270,649	)
Class C			(444,256	)			(2,186,667	)			(2,284,461	)			(2,541,277	)			(36,776	)			(103,735	)
Class I			(1,608,471	)			(3,941,007	)			(5,910,352	)			(3,049,819	)			(75,555	)			(100,824	)
Total dividends and distributions to shareholders			(5,537,472	)			(18,525,075	)			(24,436,011	)			(19,656,356	)			(768,027	)			(1,475,208	)
Share transactions of beneficial interest:
Net proceeds from shares sold
Class A			7,510,687				17,337,139				15,832,820				35,570,961				10,367,702				33,469,517
Class C			637,349				1,491,795				1,180,711				2,507,557				2,216,598				3,045,521
Class I			13,498,607				14,472,068				18,776,297				22,824,218				5,949,782				5,617,316
Reinvestment of dividends and distributions
Class A			3,340,386				11,849,967				15,085,002				13,102,756				586,806				1,128,758
Class C			428,980				2,115,445				2,150,333				2,373,937				29,265				85,898
Class I			1,504,962				3,695,999				5,493,549				2,724,948				65,632				87,826
Cost of shares redeemed
Class A			(16,846,560	)			(27,525,777	)			(24,660,818	)			(66,666,482	)			(18,168,658	)			(19,588,969	)
Class C			(1,652,159	)			(6,267,871	)			(2,553,043	)			(11,659,902	)			(1,971,571	)			(4,788,268	)
Class I			(12,975,285	)			(11,268,023	)			(17,140,310	)			(11,992,169	)			(5,310,516	)			(1,082,881	)
Net increase (decrease) in net assets from share transactions of beneficial interest			(4,553,033	)			5,900,742				14,164,541				(11,214,176	)			(6,234,960	)			17,974,718
Total Increase (Decrease) in Net Assets			(48,901,132	)			(19,695,868	)			(45,791,183	)			(27,064,819	)			(4,409,054	)			22,991,990
Net Assets:
Beginning of period			145,031,982				164,727,850				206,523,741				233,588,560				101,972,471				78,980,481
End of period		$	96,130,850			$	145,031,982			$	160,732,558			$	206,523,741			$	97,563,417			$	101,972,471

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

[39]

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 March  31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March  31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March  31, 2020 (Unaudited)			Year Ended September 30, 2019
Share Activity:
Shares Sold
Class A		471,289			1,029,152			917,557			1,965,482			985,621			3,307,246
Class C		60,168			127,840			89,471			174,277			220,884			314,165
Class I		836,078			848,925			1,056,446			1,245,993			567,912			555,144
Shares Reinvested
Class A		191,646			822,914			859,544			818,924			56,434			111,290
Class C		36,665			214,114			160,593			187,663			2,939			8,847
Class I		85,026			252,804			310,020			168,832			6,350			8,672
Shares Redeemed
Class A		(1,009,554	)		(1,639,322	)		(1,423,611	)		(3,679,480	)		(1,721,954	)		(1,947,266	)
Class C		(152,528	)		(543,038	)		(188,764	)		(807,950	)		(196,231	)		(494,340	)
Class I		(775,970	)		(660,690	)		(981,616	)		(651,174	)		(508,474	)		(109,114	)
Net increase (decrease) in shares of beneficial interest outstanding		(257,180	)		452,699			799,640			(577,433	)		(586,519	)		1,754,644

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

[40]

Timothy Plan Funds

Statements of Changes in Net Assets

	High Yield Bond Fund								Israel Common Values Fund								Defensive Strategies Fund
	Six Months Ended March  31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March  31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March  31, 2020 (Unaudited)				Year Ended September 30, 2019
Operations:
Net investment income (loss)		$	1,560,650			$	2,327,917			$	(187,061	)		$	(3,115	)		$	48,280			$	214,573
Net realized gain (loss) from investments and foreign currency transactions			(724,313	)			(120,540	)			733,055				1,327,753				(519,684	)			696,983
Capital gain dividends from REITs			—				—				—				—				—				68,360
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			(10,983,803	)			2,025,674				(14,963,625	)			7,771,239				(3,616,936	)			789,691
Net increase (decrease) in net assets resulting from operations			(10,147,466	)			4,233,051				(14,417,631	)			9,095,877				(4,088,340	)			1,769,607
Distributions to shareholders:
Total distributions paid
Class A			(937,022	)			(1,557,285	)			(450,018	)			(243,814	)			(923,139	)			(935,146	)
Class C			(43,348	)			(91,853	)			(33,849	)			(60,850	)			(75,912	)			(93,234	)
Class I			(531,542	)			(640,911	)			(312,475	)			(66,962	)			(130,863	)			(78,462	)
Total dividends and distributions to shareholders			(1,511,912	)			(2,290,049	)			(796,342	)			(371,626	)			(1,129,914	)			(1,106,842	)
Share transactions of beneficial interest:
Net proceeds from shares sold
Class A			19,126,143				15,115,879				10,632,560				19,868,088				2,665,650				7,505,953
Class C			379,612				578,549				1,532,805				1,278,811				300,595				405,740
Class I			12,621,242				9,071,441				10,309,998				10,931,321				2,303,224				1,383,319
Reinvestment of dividends and distributions
Class A			790,931				1,312,260				406,728				222,531				880,162				890,434
Class C			40,439				84,398				29,270				52,260				70,252				87,912
Class I			431,399				508,873				286,984				63,076				120,968				57,489
Cost of shares redeemed
Class A			(9,357,206	)			(19,860,715	)			(18,857,288	)			(17,312,111	)			(5,977,565	)			(15,577,577	)
Class C			(426,020	)			(1,338,739	)			(1,354,571	)			(1,915,130	)			(710,881	)			(2,865,541	)
Class I			(6,615,558	)			(3,402,024	)			(6,900,399	)			(1,949,665	)			(745,013	)			(898,725	)
Net increase (decrease) in net assets from share transactions of beneficial interest			16,990,982				2,069,922				(3,913,913	)			11,239,181				(1,092,608	)			(9,010,996	)
Total Increase (Decrease) in Net Assets			5,331,604				4,012,924				(19,127,886	)			19,963,432				(6,310,862	)			(8,348,231	)
Net Assets:
Beginning of period			60,800,351				56,787,427				80,405,567				60,442,135				40,727,397				49,075,628
End of period		$	66,131,955			$	60,800,351			$	61,277,681			$	80,405,567			$	34,416,535			$	40,727,397

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

[41]

Timothy Plan Funds

Statements of Changes in Net Assets (Continued)

	High Yield Bond Fund						Israel Common Values Fund						Defensive Strategies Fund
	Six Months Ended March  31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March  31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March  31, 2020 (Unaudited)			Year Ended September 30, 2019
Share Activity:
Shares Sold
Class A		2,065,074			1,652,409			634,057			1,223,010			236,315			659,905
Class C		39,595			62,759			89,588			82,872			27,878			37,624
Class I		1,347,712			992,290			576,192			676,199			201,880			121,889
Shares Reinvested
Class A		91,699			143,994			21,974			15,315			77,140			83,845
Class C		4,546			9,155			1,654			3,757			6,451			8,644
Class I		49,564			55,522			15,421			4,317			10,630			5,429
Shares Redeemed
Class A		(1,038,718	)		(2,215,554	)		(1,060,723	)		(1,098,199	)		(522,104	)		(1,388,078	)
Class C		(45,340	)		(144,851	)		(86,427	)		(123,096	)		(67,158	)		(265,431	)
Class I		(700,171	)		(375,994	)		(435,593	)		(119,939	)		(64,796	)		(79,725	)
Net increase (decrease) in shares of beneficial interest outstanding		1,813,961			179,730			(243,857	)		664,236			(93,764	)		(815,898	)

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

[42]

Timothy Plan Funds

Statements of Changes in Net Assets

	Strategic Growth Fund								Conservative Growth Fund									Growth & Income Fund
	Six Months Ended March  31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March  31, 2020 (Unaudited)					Year Ended September 30, 2019				Six Months Ended March  31, 2020 (Unaudited)				Year Ended September 30, 2019
Operations:
Net investment income		$	85,962			$	66,106			$	125,185				$	183,927			$	78,444			$	108,764
Net realized gain from investments, affiliated investments and foreign currency transactions			1,208,221				537,455				1,102,467					697,815				(200,230	)			(430,082	)
Capital gain distributions from affiliated investments			—				922,334				—					976,773				—				—
Capital gain dividends from REITs			—				—				—					—				—				106
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations			(6,065,037	)			(1,747,061	)			(5,482,950	)				(1,356,488	)			(2,574,504	)			(49,360	)
Net increase (decrease) in net assets resulting from operations			(4,770,854	)			(221,166	)			(4,255,298	)				502,027				(2,696,290	)			(370,572	)
Distributions to shareholders:
Return of Capital
Class A			—				—				—					—				—				(5,772	)
Class C			—				—				—					—				—				(951	)
Class I			—				—				—					—				—				(1,266	)
Total distributions paid
Class A			(1,199,081	)			(100,346	)			(1,464,847	)				(896,237	)			(68,877	)			(565,583	)
Class C			(137,411	)			(22,035	)			(221,058	)	��			(216,818	)			(3,470	)			(56,700	)
Class I			—				—				—					—				(14,884	)			(70,194	)
Total dividends and distributions to shareholders			(1,336,492	)			(122,381	)			(1,685,905	)				(1,113,055	)			(87,231	)			(700,466	)
Share transactions of beneficial interest:
Net proceeds from shares sold
Class A			2,689,621				6,003,858				3,716,319					6,203,911				2,050,049				2,652,484
Class C			210,150				826,373				736,021					950,990				167,979				347,351
Class I			—				—				—					—				1,526,569				1,230,114
Reinvestment of dividends and distributions
Class A			1,178,596				97,936				1,391,939					860,318				62,914				544,800
Class C			134,396				21,796				211,608					202,216				3,370				52,310
Class I			—				—				—					—				13,090				66,587
Cost of shares redeemed
Class A			(3,035,752	)			(5,635,144	)			(5,263,519	)				(8,100,727	)			(2,854,911	)			(15,565,523	)
Class C			(533,451	)			(3,797,182	)			(997,510	)				(4,669,461	)			(218,995	)			(1,079,663	)
Class I			—				—				—					—				(2,192,905	)			(1,012,494	)
Net increase (decrease) in net assets from share transactions of beneficial interest			643,560				(2,482,363	)			(205,142	)				(4,552,753	)			(1,442,840	)			(12,764,034	)
Total Decrease in Net Assets			(5,463,786	)			(2,825,910	)			(6,146,345	)				(5,163,781	)			(4,226,361	)			(13,835,072	)
Net Assets:
Beginning of period			35,565,062				38,390,972				46,094,135					51,257,916				20,069,169				33,904,241
End of period		$	30,101,276			$	35,565,062			$	39,947,790				$	46,094,135			$	15,842,808			$	20,069,169

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

[43]

Timothy Plan Funds

Statements of Changes in Net Assets (Continued)

	Strategic Growth Fund						Conservative Growth Fund						Growth & Income Fund
	Six Months Ended March  31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March  31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March  31, 2020 (Unaudited)			Year Ended September 30, 2019
Share Activity:
Shares Sold
Class A		296,997			642,410			362,649			594,953			194,243			258,763
Class C		25,055			98,951			81,784			102,264			16,934			35,230
Class I		—			—			—			—			141,730			118,099
Shares Reinvested
Class A		121,756			11,481			131,563			89,617			6,868			55,559
Class C		15,700			2,857			22,393			23,297			382			5,581
Class I		—			—			—			—			1,419			6,694
Shares Redeemed
Class A		(326,127	)		(607,077	)		(511,803	)		(787,889	)		(271,279	)		(1,496,576	)
Class C		(66,098	)		(448,707	)		(110,091	)		(495,509	)		(22,443	)		(109,113	)
Class I		—			—			—			—			(218,372	)		(102,055	)
Net increase (decrease) in shares of beneficial interest outstanding		67,283			(300,085	)		(23,505	)		(473,267	)		(150,518	)		(1,227,818	)

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

[44]

Timothy Aggressive Growth Fund(Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	7.87			$	9.27			$	8.10			$	6.82			$	7.98			$	9.18
Income (loss) from investment operations:
Net investment loss (A)			(0.04	)			(0.07	)			(0.09	)			(0.08	)			(0.04	)			(0.08	)
Net realized and unrealized gain (loss) on investments			(0.60	)			(0.81	)			1.26				1.36				(0.02	)(B)			(0.05	)
Total from investment operations			(0.64	)			(0.88	)			1.17				1.28				(0.06	)			(0.13	)
Less Distributions:
From net realized gains on investments			—				(0.52	)			—				—				(1.10	)			(1.07	)
Return of Capital			—				(0.00	)*			—				—				—				—
Total distributions			—				(0.52	)			—				—				(1.10	)			(1.07	)
Net asset value, end of period		$	7.23			$	7.87			$	9.27			$	8.10			$	6.82			$	7.98
Total return (C)(D)			(8.13	)%(E)			(8.72	)%			14.44	%			18.77	%			(1.03	)%			(2.35	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	18,332			$	21,802			$	25,926			$	22,549			$	21,209			$	16,306
Ratios to average net assets
Expenses, before waiver and reimbursement			1.71	%(F)			1.64	%			1.73	%			1.69	%			1.69	%			1.77	%
Expenses, net waiver and reimbursement (G)			1.61	%(F)			1.56	%			1.63	%			1.59	%			1.59	%			1.67	%
Net investment loss, before waiver and reimbursement			(0.95	)%(F)			(0.91	)%			(1.16	)%			(1.12	)%			(0.73	)%			(1.04	)%
Net investment loss, net waiver and reimbursement (G)			(0.85	)%(F)			(0.82	)%			(1.06	)%			(1.02	)%			(0.63	)%			(0.94	)%
Portfolio turnover rate			62	%(E)			77	%			85	%			151	%			124	%			144	%

* 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 sales load. Total return represents aggregate total return based on Net Asset Value.

(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.

(G) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[45]

Timothy Aggressive Growth Fund(Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	6.34			$	7.64			$	6.73			$	5.71			$	6.90			$	8.13
Income (loss) from investment operations:
Net investment loss (A)			(0.05	)			(0.11	)			(0.13	)			(0.11	)			(0.08	)			(0.13	)
Net realized and unrealized gain (loss) on investments			(0.48	)			(0.67	)			1.04				1.13				(0.01	)(B)			(0.03	)
Total from investment operations			(0.53	)			(0.78	)			0.91				1.02				(0.09	)			(0.16	)
Less Distributions:
From net realized gains on investments			—				(0.52	)			—				—				(1.10	)			(1.07	)
Return of Capital			—				(0.00	)*			—				—				—				—
Total distributions			—				(0.52	)			—				—				(1.10	)			(1.07	)
Net asset value, end of period		$	5.81			$	6.34			$	7.64			$	6.73			$	5.71			$	6.90
Total return (C)(D)			(8.36	)%(E)			(9.33	)%			13.52	%			17.86	%			(1.73	)%			(3.10	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	2,111			$	2,433			$	4,358			$	3,584			$	3,426			$	3,442
Ratios to average net assets
Expenses, before waiver and reimbursement			2.46	%(F)			2.39	%			2.48	%			2.44	%			2.44	%			2.52	%
Expenses, net waiver and reimbursement (G)			2.36	%(F)			2.31	%			2.38	%			2.34	%			2.34	%			2.42	%
Net investment loss, before waiver and reimbursement			(1.70	)%(F)			(1.73	)%			(1.91	)%			(1.88	)%			(1.47	)%			(1.78	)%
Net investment loss, net waiver and reimbursement (G)			(1.60	)%(F)			(1.64	)%			(1.81	)%			(1.78	)%			(1.37	)%			(1.69	)%
Portfolio turnover rate			62	%(E)			77	%			85	%			151	%			124	%			144	%

* 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. Total return represents aggregate total return based on Net Asset Value.

(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.

(G) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[46]

Timothy Aggressive Growth Fund(Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	8.02			$	9.41			$	8.21			$	6.89			$	8.03			$	9.21
Income (loss) from investment operations:
Net investment loss (A)			(0.03	)			(0.05	)			(0.07	)			(0.06	)			(0.03	)			(0.06	)
Net realized and unrealized gain (loss) on investments			(0.61	)			(0.82	)			1.27				1.38				(0.01	)(B)			(0.05	)
Total from investment operations			(0.64	)			(0.87	)			1.20				1.32				(0.04	)			(0.11	)
Less Distributions:
From net realized gains on investments			—				(0.52	)			—				—				(1.10	)			(1.07	)
Return of Capital			—				(0.00	)*			—				—				—				—
Total distributions			—				(0.52	)			—				—				(1.10	)			(1.07	)
Net asset value, end of period		$	7.38			$	8.02			$	9.41			$	8.21			$	6.89			$	8.03
Total return (C)			(7.98	)%(D)			(8.48	)%			14.62	%			19.16	%			(0.75	)%			(2.10	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	1,430			$	1,233			$	1,273			$	887			$	395			$	303
Ratios to average net assets
Expenses, before waiver and reimbursement			1.46	%(E)			1.39	%			1.48	%			1.44	%			1.44	%			1.52	%
Expenses, net waiver and reimbursement (F)			1.36	%(E)			1.31	%			1.38	%			1.34	%			1.34	%			1.42	%
Net investment loss, before waiver and reimbursement			(0.70	)%(E)			(0.67	)%			(0.91	)%			(0.88	)%			(0.48	)%			(0.74	)%
Net investment loss, net waiver and reimbursement (F)			(0.60	)%(E)			(0.57	)%			(0.81	)%			(0.78	)%			(0.38	)%			(0.69	)%
Portfolio turnover rate			62	%(D)			77	%			85	%			151	%			124	%			144	%

* 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 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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[47]

Timothy International Fund(Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	9.09			$	9.74			$	9.86			$	8.53			$	8.47			$	8.89
Income (loss) from investment operations:
Net investment income (loss) (A)			(0.04	)			0.09				0.11				0.04				0.00	*			0.08
Net realized and unrealized gain (loss) on investments			(1.27	)			(0.64	)			(0.02	)			1.38				0.15				(0.50	)
Total from investment operations			(1.31	)			(0.55	)			0.09				1.42				0.15				(0.42	)
Less Distributions:
From net investment income			(0.08	)			(0.10	)			(0.21	)			(0.09	)			(0.09	)			—
Total distributions			(0.08	)			(0.10	)			(0.21	)			(0.09	)			(0.09	)			—
Net asset value, end of period		$	7.70			$	9.09			$	9.74			$	9.86			$	8.53			$	8.47
Total return (B)(C)			(14.62	)%(D)			(5.55	)%			0.91	%			16.78	%			1.85	%			(4.72	)%(E)
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	43,588			$	58,397			$	70,790			$	81,153			$	70,013			$	53,458
Ratios to average net assets
Expenses, before waiver and reimbursement			1.76	%(F)			1.71	%			1.71	%			1.69	%			1.68	%			1.67	%
Expenses, net waiver and reimbursement (G)			1.71	%(F)			1.67	%			1.66	%			1.64	%			1.63	%			1.62	%
Net investment income (loss) before waiver and reimbursement			(0.86	)%(F)			0.96	%			1.05	%			0.35	%			(0.03	)%			0.88	%
Net investment income (loss), net waiver and reimbursement (G)			(0.81	)%(F)			1.01	%			1.10	%			0.40	%			0.02	%			0.93	%
Portfolio turnover rate			11	%(D)			27	%			19	%			42	%			28	%			30	%

* 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. Total return represents aggregate total return based on Net Asset Value.

(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.

(G) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[48]

Timothy International Fund(Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	8.80			$	9.41			$	9.55			$	8.25			$	8.21			$	8.67
Income (loss) from investment operations:
Net investment income (loss) (A)			(0.07	)			0.01				0.03				(0.03	)			(0.06	)			0.02
Net realized and unrealized gain (loss) on investments			(1.24	)			(0.61	)			(0.01	)			1.34				0.15				(0.48	)
Total from investment operations			(1.31	)			(0.60	)			0.02				1.31				0.09				(0.46	)
Less Distributions:
From net investment income			—				(0.01	)			(0.16	)			(0.01	)			(0.05	)			—
Total distributions			—				(0.01	)			(0.16	)			(0.01	)			(0.05	)			—
Net asset value, end of period		$	7.49			$	8.80			$	9.41			$	9.55			$	8.25			$	8.21
Total return (B)(C)			(14.89	)%(D)			(6.31	)%			0.12	%			15.93	%			1.09	%			(5.31	)%(E)
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	2,114			$	2,641			$	4,779			$	4,620			$	4,495			$	3,498
Ratios to average net assets
Expenses, before waiver and reimbursement			2.51	%(F)			2.46	%			2.46	%			2.44	%			2.43	%			2.41	%
Expenses, net waiver and reimbursement (G)			2.46	%(F)			2.42	%			2.41	%			2.39	%			2.38	%			2.36	%
Net investment income (loss) before waiver and reimbursement			(1.66	)%(F)			0.09	%			0.28	%			(0.41	)%			(0.74	)%			0.17	%
Net investment income (loss), net waiver and reimbursement (G)			(1.61	)%(F)			0.12	%			0.33	%			(0.36	)%			(0.69	)%			0.18	%
Portfolio turnover rate			11	%(D)			27	%			19	%			42	%			28	%			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. 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.

(G) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[49]

Timothy International Fund(Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	9.10			$	9.76			$	9.89			$	8.55			$	8.49			$	8.88
Income (loss) from investment operations:
Net investment income (A)			(0.03	)			0.11				0.17				0.07				0.02				0.15
Net realized and unrealized gain (loss) on investments			(1.26	)			(0.64	)			(0.06	)			1.38				0.15	(B)			(0.54	)
Total from investment operations			(1.29	)			(0.53	)			0.11				1.45				0.17				(0.39	)
Less Distributions:
From net investment income			(0.11	)			(0.13	)			(0.24	)			(0.11	)			(0.11	)			—
Total distributions			(0.11	)			(0.13	)			(0.24	)			(0.11	)			(0.11	)			—
Net asset value, end of period		$	7.70			$	9.10			$	9.76			$	9.89			$	8.55			$	8.49
Total return (C)			(14.46	)%(D)			(5.33	)%			1.04	%			17.18	%			2.08	%			(4.39	)%(E)
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	23,836			$	28,542			$	31,286			$	13,083			$	2,880			$	1,581
Ratios to average net assets
Expenses, before waiver and reimbursement			1.51	%(F)			1.46	%			1.45	%			1.43	%			1.45	%			1.42	%
Expenses, net waiver and reimbursement (G)			1.46	%(F)			1.42	%			1.41	%			1.38	%			1.39	%			1.37	%
Net investment income, before waiver and reimbursement			(0.63	)%(F)			1.24	%			1.60	%			0.74	%			0.22	%			1.13	%
Net investment income, net waiver and reimbursement (G)			(0.58	)%(F)			1.28	%			1.65	%			0.79	%			0.29	%			1.18	%
Portfolio turnover rate			11	%(D)			27	%			19	%			42	%			28	%			30	%

(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 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.

(G) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[50]

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, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	8.70			$	9.34			$	8.59			$	7.46			$	7.75			$	8.66
Income (loss) from investment operations:
Net investment loss (A)			(0.02	)			(0.03	)			(0.02	)			(0.01	)			(0.02	)			(0.01	)
Net realized and unrealized gain (loss) on investments			(1.05	)			(0.19	)			0.99				1.23				0.51				0.03	(B)
Total from investment operations			(1.07	)			(0.22	)			0.97				1.22				0.49				0.02
Less Distributions:
From net realized gains on investments			(0.37	)			(0.42	)			(0.22	)			(0.09	)			(0.78	)			(0.93	)
Total distributions			(0.37	)			(0.42	)			(0.22	)			(0.09	)			(0.78	)			(0.93	)
Net asset value, end of period		$	7.26			$	8.70			$	9.34			$	8.59			$	7.46			$	7.75
Total return (C)(D)			(13.11	)%(E)			(1.48	)%			11.49	%			16.53	%			6.65	%			(0.35	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	52,643			$	64,150			$	79,897			$	68,291			$	53,827			$	52,682
Ratios to average net assets
Expenses, before waiver and reimbursement			1.54	%(F)			1.56	%			1.52	%			1.52	%			1.54	%			1.56	%
Expenses, net waiver and reimbursement (G)			1.49	%(F)			1.52	%			1.47	%			1.47	%			1.49	%			1.51	%
Net investment loss, before waiver and reimbursement			(0.42	)%(F)			(0.35	)%			(0.25	)%			(0.19	)%			(0.38	)%			(0.14	)%
Net investment loss, net waiver and reimbursement (G)			(0.37	)%(F)			(0.31	)%			(0.20	)%			(0.14	)%			(0.33	)%			(0.09	)%
Portfolio turnover rate			8	%(E)			44	%			57	%			76	%			71	%			73	%

(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.

(G) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[51]

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, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	6.96			$	7.63			$	7.11			$	6.24			$	6.64			$	7.60
Income (loss) from investment operations:
Net investment loss (A)			(0.04	)			(0.07	)			(0.07	)			(0.06	)			(0.07	)			(0.06	)
Net realized and unrealized gain (loss) on investments			(0.82	)			(0.18	)			0.81				1.02				0.45				0.03	(B)
Total from investment operations			(0.86	)			(0.25	)			0.74				0.96				0.38				(0.03	)
Less Distributions:
From net realized gains on investments			(0.37	)			(0.42	)			(0.22	)			(0.09	)			(0.78	)			(0.93	)
Total distributions			(0.37	)			(0.42	)			(0.22	)			(0.09	)			(0.78	)			(0.93	)
Net asset value, end of period		$	5.73			$	6.96			$	7.63			$	7.11			$	6.24			$	6.64
Total return (C)(D)			(13.38	)%(E)			(2.24	)%			10.63	%			15.58	%			6.04	%			(1.14	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	6,420			$	7,950			$	11,355			$	9,909			$	7,636			$	6,490
Ratios to average net assets
Expenses, before waiver and reimbursement			2.29	%(F)			2.31	%			2.27	%			2.27	%			2.30	%			2.31	%
Expenses, net waiver and reimbursement (G)			2.24	%(F)			2.27	%			2.22	%			2.22	%			2.24	%			2.26	%
Net investment loss, before waiver and reimbursement			(1.17	)%(F)			(1.10	)%			(1.00	)%			(0.94	)%			(1.14	)%			(0.88	)%
Net investment loss, net waiver and reimbursement (G)			(1.12	)%(F)			(1.06	)%			(0.95	)%			(0.89	)%			(1.08	)%			(0.84	)%
Portfolio turnover rate			8	%(E)			44	%			57	%			76	%			71	%			73	%

(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.

(G) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[52]

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, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	8.86			$	9.48			$	8.70			$	7.54			$	7.80			$	8.69
Income (loss) from investment operations:
Net investment income (loss) (A)			(0.01	)			(0.01	)			0.00	*			0.01				(0.01	)			0.02
Net realized and unrealized gain (loss) on investments			(1.07	)			(0.19	)			1.00				1.24				0.53				0.02	(B)
Total from investment operations			(1.08	)			(0.20	)			1.00				1.25				0.52				0.04
Less Distributions:
From net realized gains on investments			(0.37	)			(0.42	)			(0.22	)			(0.09	)			(0.78	)			(0.93	)
Total distributions			(0.37	)			(0.42	)			(0.22	)			(0.09	)			(0.78	)			(0.93	)
Net asset value, end of period		$	7.41			$	8.86			$	9.48			$	8.70			$	7.54			$	7.80
Total return (C)			(12.99	)%(D)			(1.24	)%			11.69	%			16.75	%			7.01	%			(0.10	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	8,373			$	14,016			$	10,551			$	3,936			$	1,088			$	1,202
Ratios to average net assets
Expenses, before waiver and reimbursement			1.29	%(E)			1.31	%			1.27	%			1.26	%			1.29	%			1.31	%
Expenses, net waiver and reimbursement (F)			1.24	%(E)			1.27	%			1.22	%			1.21	%			1.24	%			1.26	%
Net investment income (loss), before waiver and reimbursement			(0.17	)%(E)			(0.09	)%			(0.03	)%			0.10	%			(0.12	)%			0.13	%
Net investment income (loss), net waiver and reimbursement (F)			(0.12	)%(E)			(0.06	)%			0.02	%			0.15	%			(0.08	)%			0.16	%
Portfolio turnover rate			8	%(D)			44	%			57	%			76	%			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) 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 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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[53]

Timothy Small Cap Value Fund(Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	17.15			$	20.67			$	20.50			$	17.09			$	16.93			$	19.79
Income (loss) from investment operations:
Net investment income (loss) (A)			0.06				0.06				0.00	*			0.03				(0.01	)			(0.07	)
Net realized and unrealized gain (loss) on investments			(4.86	)			(1.28	)			1.96				3.63				1.65				0.64
Total from investment operations			(4.80	)			(1.22	)			1.96				3.66				1.64				0.57
Less Distributions:
From net investment income			(0.04	)			—				(0.00	)*			—				—				—
From net realized gains on investments			(0.60	)			(2.30	)			(1.79	)			(0.25	)			(1.48	)			(3.43	)
Total distributions			(0.64	)			(2.30	)			(1.79	)			(0.25	)			(1.48	)			(3.43	)
Net asset value, end of period		$	11.71			$	17.15			$	20.67			$	20.50			$	17.09			$	16.93
Total return (B)(C)			(29.20	)%(D)			(3.77	)%			10.11	%			21.55	%			10.67	%			1.90	%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	63,588			$	99,077			$	114,985			$	112,953			$	94,871			$	71,840
Ratios to average net assets
Expenses, before waiver and reimbursement			1.52	%(E)			1.52	%			1.50	%			1.46	%			1.48	%			1.53	%
Expenses, net waiver and reimbursement (F)			1.42	%(E)			1.43	%			1.44	%			1.41	%			1.44	%			1.48	%
Net investment income (loss), before waiver and reimbursement			0.61	%(E)			0.29	%			(0.08	)%			0.13	%			(0.09	)%			(0.45	)%
Net investment income (loss), net waiver and reimbursement (F)			0.71	%(E)			0.38	%			(0.02	)%			0.18	%			(0.04	)%			(0.40	)%
Portfolio turnover rate			43	%(D)			63	%			58	%			57	%			73	%			30	%

* 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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[54]

Timothy Small Cap Value Fund(Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	11.69			$	15.09			$	15.54			$	13.10			$	13.42			$	16.45
Income (loss) from investment operations:
Net investment loss (A)			(0.00	)*			(0.05	)			(0.11	)			(0.08	)			(0.10	)			(0.17	)
Net realized and unrealized gain (loss) on investments			(3.25	)			(1.05	)			1.45				2.77				1.26				0.57
Total from investment operations			(3.25	)			(1.10	)			1.34				2.69				1.16				0.40
Less Distributions:
From net realized gains on investments			(0.60	)			(2.30	)			(1.79	)			(0.25	)			(1.48	)			(3.43	)
Total distributions			(0.60	)			(2.30	)			(1.79	)			(0.25	)			(1.48	)			(3.43	)
Net asset value, end of period		$	7.84			$	11.69			$	15.09			$	15.54			$	13.10			$	13.42
Total return (B)(C)			(29.49	)%(D)			(4.49	)%			9.24	%			20.70	%			9.81	%			1.14	%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	5,576			$	8,963			$	14,603			$	13,210			$	10,257			$	8,981
Ratios to average net assets
Expenses, before waiver and reimbursement			2.27	%(E)			2.27	%			2.25	%			2.21	%			2.23	%			2.28	%
Expenses, net waiver and reimbursement (F)			2.17	%(E)			2.18	%			2.19	%			2.16	%			2.18	%			2.23	%
Net investment loss, before waiver and reimbursement			(0.14	)%(E)			(0.50	)%			(0.82	)%			(0.62	)%			(0.84	)%			(1.19	)%
Net investment loss, net waiver and reimbursement (F)			(0.04	)%(E)			(0.42	)%			(0.76	)%			(0.57	)%			(0.78	)%			(1.14	)%
Portfolio turnover rate			43	%(D)			63	%			58	%			57	%			73	%			30	%

* 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 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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[55]

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, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	17.45			$	20.93			$	20.74			$	17.24			$	17.03			$	19.84
Income (loss) from investment operations:
Net investment income (loss) (A)			0.08				0.11				0.06				0.08				0.04				(0.03	)
Net realized and unrealized gain (loss) on investments			(4.94	)			(1.29	)			1.97				3.67				1.65				0.65
Total from investment operations			(4.86	)			(1.18	)			2.03				3.75				1.69				0.62
Less Distributions:
From net investment income			(0.09	)			—				(0.05	)			—				—				—
From net realized gains on investments			(0.60	)			(2.30	)			(1.79	)			(0.25	)			(1.48	)			(3.43	)
Total distributions			(0.69	)			(2.30	)			(1.84	)			(0.25	)			(1.48	)			(3.43	)
Net asset value, end of period		$	11.90			$	17.45			$	20.93			$	20.74			$	17.24			$	17.03
Total return (B)			(29.09	)%(C)			(3.51	)%			10.37	%			21.89	%			10.92	%			2.18	%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	26,967			$	36,993			$	35,140			$	19,103			$	2,324			$	870
Ratios to average net assets
Expenses, before waiver and reimbursement			1.27	%(D)			1.27	%			1.25	%			1.21	%			1.26	%			1.28	%
Expenses, net waiver and reimbursement (E)			1.17	%(D)			1.18	%			1.19	%			1.16	%			1.20	%			1.23	%
Net investment income (loss), before waiver and reimbursement			0.88	%(D)			0.56	%			0.21	%			0.38	%			0.18	%			(0.19	)%
Net investment income (loss), net waiver and reimbursement (E)			0.98	%(D)			0.64	%			0.27	%			0.43	%			0.23	%			(0.14	)%
Portfolio turnover rate			43	%(C)			63	%			58	%			57	%			73	%			30	%

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

(B) 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.

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

(D) Annualized.

(E) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[56]

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, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	18.86			$	20.38			$	19.16			$	17.15			$	18.20			$	19.61
Income (loss) from investment operations:
Net investment income (loss) (A)			0.02				0.09				0.07				0.05				0.01				(0.01	)
Net realized and unrealized gain (loss) on investments (B)			(2.98	)			0.12				2.45				2.18				1.04				0.38
Total from investment operations			(2.96	)			0.21				2.52				2.23				1.05				0.37
Less Distributions:
From net investment income			(0.08	)			(0.06	)			(0.03	)			—				—				—
From net realized gains on investments			(2.10	)			(1.67	)			(1.27	)			(0.22	)			(2.10	)			(1.78	)
Total distributions			(2.18	)			(1.73	)			(1.30	)			(0.22	)			(2.10	)			(1.78	)
Net asset value, end of period		$	13.72			$	18.86			$	20.38			$	19.16			$	17.15			$	18.20
Total return (C)(D)			(18.19	)%(E)			2.54	%			13.58	%			13.10	%			6.40	%			1.59	%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	108,499			$	142,420			$	172,163			$	167,056			$	154,260			$	135,091
Ratios to average net assets
Expenses, before waiver and reimbursement			1.51	%(F)			1.51	%			1.46	%			1.49	%			1.48	%			1.48	%
Expenses, net waiver and reimbursement (G)			1.41	%(F)			1.41	%			1.35	%			1.41	%			1.43	%			1.43	%
Net investment income (loss), before waiver and reimbursement			0.11	%(F)			0.42	%			0.27	%			0.18	%			(0.01	)%			(0.13	)%
Net investment income (loss), net waiver and reimbursement (G)			0.21	%(F)			0.52	%			0.38	%			0.26	%			0.04	%			(0.08	)%
Portfolio turnover rate			15	%(E)			51	%			24	%			39	%			45	%			11	%

(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.

(G) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[57]

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, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	14.82			$	16.49			$	15.82			$	14.30			$	15.62			$	17.19
Income (loss) from investment operations:
Net investment loss (A)			(0.04	)			(0.03	)			(0.06	)			(0.07	)			(0.10	)			(0.14	)
Net realized and unrealized gain (loss) on investments (B)			(2.24	)			0.03				2.00				1.81				0.88				0.35
Total from investment operations			(2.28	)			0.00				1.94				1.74				0.78				0.21
Less Distributions:
From net realized gains on investments			(2.10	)			(1.67	)			(1.27	)			(0.22	)			(2.10	)			(1.78	)
Total distributions			(2.10	)			(1.67	)			(1.27	)			(0.22	)			(2.10	)			(1.78	)
Net asset value, end of period		$	10.44			$	14.82			$	16.49			$	15.82			$	14.30			$	15.62
Total return (C)(D)			(18.49	)%(E)			1.74	%			12.75	%			12.27	%			5.64	%			0.82	%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	12,356			$	16,627			$	25,852			$	23,803			$	20,855			$	18,458
Ratios to average net assets
Expenses, before waiver and reimbursement			2.26	%(F)			2.26	%			2.21	%			2.24	%			2.23	%			2.23	%
Expenses, net waiver and reimbursement (G)			2.16	%(F)			2.16	%			2.10	%			2.16	%			2.18	%			2.18	%
Net investment loss, before waiver and reimbursement			(0.64	)%(F)			(0.32	)%			(0.48	)%			(0.57	)%			(0.76	)%			(0.88	)%
Net investment loss, net waiver and reimbursement (G)			(0.54	)%(F)			(0.22	)%			(0.37	)%			(0.49	)%			(0.70	)%			(0.83	)%
Portfolio turnover rate			15	%(E)			51	%			24	%			39	%			45	%			11	%

(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 aggregate gains and losses in the Statement of Operations due to the timing of 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.

(G) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[58]

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, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	19.05			$	20.58			$	19.34			$	17.27			$	18.26			$	19.63
Income (loss) from investment operations:
Net investment income (A)			0.04				0.14				0.13				0.10				0.05				0.03
Net realized and unrealized gain (loss) on investments			(3.00	)			0.11				2.45				2.19				1.06	(B)			0.38
Total from investment operations			(2.96	)			0.25				2.58				2.29				1.11				0.41
Less Distributions:
From net investment income			(0.13	)			(0.11	)			(0.07	)			—				—				—
From net realized gains on investments			(2.10	)			(1.67	)			(1.27	)			(0.22	)			(2.10	)			(1.78	)
Total distributions			(2.23	)			(1.78	)			(1.34	)			(0.22	)			(2.10	)			(1.78	)
Net asset value, end of period		$	13.86			$	19.05			$	20.58			$	19.34			$	17.27			$	18.26
Total return (C)			(18.05	)%(D)			2.78	%			13.83	%			13.36	%			6.74	%			1.81	%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	39,877			$	47,477			$	35,573			$	19,384			$	5,382			$	3,424
Ratios to average net assets
Expenses, before waiver and reimbursement			1.26	%(E)			1.26	%			1.21	%			1.23	%			1.25	%			1.23	%
Expenses, net waiver and reimbursement (F)			1.16	%(E)			1.16	%			1.10	%			1.14	%			1.19	%			1.18	%
Net investment income, before waiver and reimbursement			0.36	%(E)			0.66	%			0.54	%			0.46	%			0.24	%			0.12	%
Net investment income, net waiver and reimbursement (F)			0.46	%(E)			0.77	%			0.65	%			0.55	%			0.30	%			0.18	%
Portfolio turnover rate			15	%(D)			51	%			24	%			39	%			45	%			11	%

(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 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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[59]

Timothy Fixed Income Fund(Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	10.39			$	9.81			$	10.22			$	10.47			$	10.27			$	10.43
Income (loss) from investment operations:
Net investment income (A)			0.07				0.16				0.16				0.13				0.14				0.15
Net realized and unrealized gain (loss) on investments			0.20				0.60				(0.39	)			(0.22	)			0.21				(0.04	)
Total from investment operations			0.27				0.76				(0.23	)			(0.09	)			0.35				0.11
Less Distributions:
From net investment income			(0.08	)			(0.18	)			(0.18	)			(0.16	)			(0.15	)			(0.25	)
From net realized gains on investments			—				—				—				—				—				(0.02	)
Total distributions			(0.08	)			(0.18	)			(0.18	)			(0.16	)			(0.15	)			(0.27	)
Net asset value, end of period		$	10.58			$	10.39			$	9.81			$	10.22			$	10.47			$	10.27
Total return (B)(C)			2.64	%(D)			7.76	%			(2.31	)%			(0.81	)%			3.47	%			1.08	%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	79,701			$	85,375			$	66,119			$	75,858			$	86,142			$	66,107
Ratios to average net assets
Expenses, before waiver and reimbursement			1.29	%(E)			1.30	%			1.30	%			1.30	%			1.24	%			1.28	%
Expenses, net waiver and reimbursement (F)			1.09	%(E)			1.13	%			1.10	%			1.10	%			1.04	%			1.11	%
Net investment income, before waiver and reimbursement			1.17	%(E)			1.46	%			1.40	%			1.05	%			1.19	%			1.29	%
Net investment income, net waiver and reimbursement (F)			1.37	%(E)			1.62	%			1.60	%			1.25	%			1.39	%			1.48	%
Portfolio turnover rate			20	%(D)			53	%			30	%			43	%			40	%			28	%

(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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[60]

Timothy Fixed Income Fund(Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016					For the Year Ended September 30, 2015
Net asset value, beginning of period		$	9.99			$	9.44			$	9.85			$	10.09			$	9.89				$	10.07
Income (loss) from investment operations:
Net investment income (A)			0.03				0.09				0.08				0.05				0.07					0.08
Net realized and unrealized gain (loss) on investments			0.19				0.57				(0.39	)			(0.20	)			0.19					(0.04	)
Total from investment operations			0.22				0.66				(0.31	)			(0.15	)			0.26		��			0.04
Less Distributions:
From net investment income			(0.04	)			(0.11	)			(0.10	)			(0.09	)			(0.06	)				(0.20	)
From net realized gains on investments			—				—				—				—				—					(0.02	)
Total distributions			(0.04	)			(0.11	)			(0.10	)			(0.09	)			(0.06	)				(0.22	)
Net asset value, end of period		$	10.17			$	9.99			$	9.44			$	9.85			$	10.09				$	9.89
Total return (B)(C)			2.23	%(D)			7.06	%			(3.15	)%			(1.49	)%			2.66	%				0.36	%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	8,933			$	8,502			$	9,653			$	9,637			$	9,660				$	8,510
Ratios to average net assets
Expenses, before waiver and reimbursement			2.04	%(E)			2.05	%			2.05	%			2.06	%			1.99	%				2.03	%
Expenses, net waiver and reimbursement (F)			1.84	%(E)			1.88	%			1.85	%			1.86	%			1.79	%				1.86	%
Net investment income, before waiver and reimbursement			0.42	%(E)			0.72	%			0.65	%			0.30	%			0.46	%				0.56	%
Net investment income, net waiver and reimbursement (F)			0.62	%(E)			0.89	%			0.85	%			0.50	%			0.65	%				0.73	%
Portfolio turnover rate			20	%(D)			53	%			30	%			43	%			40	%				28	%

(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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[61]

Timothy Fixed Income Fund(Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	10.32			$	9.74			$	10.15			$	10.41			$	10.20			$	10.36
Income (loss) from investment operations:
Net investment income (A)			0.08				0.19				0.18				0.16				0.17				0.18
Net realized and unrealized gain (loss) on investments			0.21				0.59				(0.39	)			(0.23	)			0.22				(0.05	)
Total from investment operations			0.29				0.78				(0.21	)			(0.07	)			0.39				0.13
Less Distributions:
From net investment income			(0.10	)			(0.20	)			(0.20	)			(0.19	)			(0.18	)			(0.27	)
From net realized gains on investments			—				—				—				—				—				(0.02	)
Total distributions			(0.10	)			(0.20	)			(0.20	)			(0.19	)			(0.18	)			(0.29	)
Net asset value, end of period		$	10.51			$	10.32			$	9.74			$	10.15			$	10.41			$	10.20
Total return (B)			2.80	%(C)			8.05	%			(2.06	)%			(0.64	)%			3.91	%			1.28	%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	8,929			$	8,095			$	3,208			$	2,134			$	564			$	483
Ratios to average net assets
Expenses, before waiver and reimbursement			1.04	%(D)			1.05	%			1.05	%			1.08	%			0.96	%			1.03	%
Expenses, net waiver and reimbursement (E)			0.84	%(D)			0.88	%			0.85	%			0.88	%			0.78	%			0.87	%
Net investment income, before waiver and reimbursement			1.42	%(D)			1.68	%			1.66	%			1.37	%			1.45	%			1.58	%
Net investment income, net waiver and reimbursement (E)			1.62	%(D)			1.86	%			1.86	%			1.57	%			1.63	%			1.73	%
Portfolio turnover rate			20	%(C)			53	%			30	%			43	%			40	%			28	%

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

(B) 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.

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

(D) Annualized.

(E) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[62]

Timothy High Yield Bond Fund(Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	9.39			$	9.02			$	9.40			$	9.11			$	8.64			$	9.49
Income (loss) from investment operations:
Net investment income (A)			0.21				0.39				0.34				0.34				0.36				0.40
Net realized and unrealized gain (loss) on investments			(1.42	)			0.36				(0.36	)			0.28				0.46				(0.85	)
Total from investment operations			(1.21	)			0.75				(0.02	)			0.62				0.82				(0.45	)
Less Distributions:
From net investment income			(0.20	)			(0.38	)			(0.36	)			(0.33	)			(0.35	)			(0.40	)
Total distributions			(0.20	)			(0.38	)			(0.36	)			(0.33	)			(0.35	)			(0.40	)
Net asset value, end of period		$	7.98			$	9.39			$	9.02			$	9.40			$	9.11			$	8.64
Total return (B)(C)			(13.10	)%(D)			8.50	%			(0.17	)%			6.94	%			9.80	%			(4.88	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	42,716			$	39,777			$	41,991			$	52,950			$	49,187			$	36,279
Ratios to average net assets
Expenses, before waiver and reimbursement			1.28	%(E)			1.35	%			1.44	%			1.32	%			1.29	%			1.30	%
Expenses, net waiver and reimbursement (F)			1.23	%(E)			1.31	%			1.39	%			1.27	%			1.24	%			1.25	%
Net investment income, before waiver and reimbursement			4.43	%(E)			4.24	%			3.67	%			3.66	%			4.03	%			4.28	%
Net investment income, net waiver and reimbursement (F)			4.48	%(E)			4.28	%			3.72	%			3.71	%			4.08	%			4.33	%
Portfolio turnover rate			39	%(D)			75	%			12	%			45	%			27	%			39	%

(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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[63]

Timothy High Yield Bond Fund(Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	9.52			$	9.14			$	9.51			$	9.22			$	8.72			$	9.57
Income (loss) from investment operations:
Net investment income (A)			0.18				0.32				0.28				0.28				0.30				0.33
Net realized and unrealized gain (loss) on investments			(1.45	)			0.36				(0.36	)			0.27				0.47				(0.86	)
Total from investment operations			(1.27	)			0.68				(0.08	)			0.55				0.77				(0.53	)
Less Distributions:
From net investment income			(0.15	)			(0.30	)			(0.29	)			(0.26	)			(0.27	)			(0.32	)
Total distributions			(0.15	)			(0.30	)			(0.29	)			(0.26	)			(0.27	)			(0.32	)
Net asset value, end of period		$	8.10			$	9.52			$	9.14			$	9.51			$	9.22			$	8.72
Total return (B)(C)			(13.43	)%(D)			7.63	%			(0.85	)%			6.04	%			9.04	%			(5.58	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	2,253			$	2,660			$	3,219			$	3,539			$	3,108			$	2,714
Ratios to average net assets
Expenses, before waiver and reimbursement			2.03	%(E)			2.10	%			2.19	%			2.07	%			2.03	%			2.05	%
Expenses, net waiver and reimbursement (F)			1.98	%(E)			2.06	%			2.14	%			2.02	%			1.98	%			2.00	%
Net investment income, before waiver and reimbursement			3.67	%(E)			3.46	%			2.92	%			2.91	%			3.30	%			3.53	%
Net investment income, net waiver and reimbursement (F)			3.72	%(E)			3.50	%			2.97	%			2.96	%			3.35	%			3.57	%
Portfolio turnover rate			39	%(D)			75	%			12	%			45	%			27	%			39	%

(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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[64]

Timothy High Yield Bond Fund(Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	9.39			$	9.02			$	9.41			$	9.12			$	8.65			$	9.50
Income (loss) from investment operations:
Net investment income (A)			0.22				0.42				0.36				0.37				0.39				0.43
Net realized and unrealized gain (loss) on investments			(1.42	)			0.35				(0.36	)			0.28				0.46				(0.86	)
Total from investment operations			(1.20	)			0.77				0.00				0.65				0.85				(0.43	)
Less Distributions:
From net investment income			(0.21	)			(0.40	)			(0.39	)			(0.36	)			(0.38	)			(0.42	)
Total distributions			(0.21	)			(0.40	)			(0.39	)			(0.36	)			(0.38	)			(0.42	)
Net asset value, end of period		$	7.98			$	9.39			$	9.02			$	9.41			$	9.12			$	8.65
Total return (B)			(12.98	)%(C)			8.78	%			0.00	%			7.21	%			10.12	%			(4.62	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	21,163			$	18,363			$	11,578			$	9,717			$	1,560			$	2,758
Ratios to average net assets
Expenses, before waiver and reimbursement			1.03	%(D)			1.10	%			1.19	%			1.06	%			0.96	%			1.06	%
Expenses, net waiver and reimbursement (E)			0.98	%(D)			1.06	%			1.14	%			1.01	%			0.92	%			1.00	%
Net investment income, before waiver and reimbursement			4.67	%(D)			4.52	%			3.92	%			3.89	%			4.38	%			4.55	%
Net investment income, net waiver and reimbursement (E)			4.72	%(D)			4.56	%			3.97	%			3.94	%			4.42	%			4.58	%
Portfolio turnover rate			39	%(C)			75	%			12	%			45	%			27	%			39	%

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

(B) 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.

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

(D) Annualized.

(E) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[65]

Timothy Israel Common Values Fund(Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	17.84			$	15.74			$	14.91			$	12.45			$	11.10			$	12.31
Income (loss) from investment operations:
Net investment income (loss)(A)			(0.04	)			0.00	*			(0.04	)			0.07				(0.09	)			(0.10	)
Net realized and unrealized gain (loss) on investments			(3.25	)			2.20				1.07				2.58				1.44				(1.11	)
Total from investment operations			(3.29	)			2.20				1.03				2.65				1.35				(1.21	)
Less Distributions:
From net investment income			(0.18	)			—				(0.14	)			(0.19	)			—				—
From net realized gains on investments			—				(0.10	)			—				—				—				—
Return of Capital			—				—				(0.06	)			—				—				—
Total distributions			(0.18	)			(0.10	)			(0.20	)			(0.19	)			—				—
Net asset value, end of period		$	14.37			$	17.84			$	15.74			$	14.91			$	12.45			$	11.10
Total return (B)(C)			(18.68	)%(D)			14.12	%			7.00	%			21.62	%			12.16	%			(9.83	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	33,755			$	49,123			$	41,137			$	34,958			$	16,030			$	11,756
Ratio of expenses to average net assets			1.75	%(E)			1.76	%			1.84	%			1.80	%			1.96	%			1.93	%
Ratio of net investment income (loss) to average net assets			(0.46	)%(E)			0.02	%			(0.27	)%			0.54	%			(0.82	)%			(0.83	)%
Portfolio turnover rate			7	%(D)			23	%			9	%			10	%			38	%			24	%

* 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.

(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 Israel Common Values Fund(Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	16.97			$	15.09			$	14.33			$	12.01			$	10.78			$	12.05
Income (loss) from investment operations:
Net investment loss (A)			(0.10	)			(0.12	)			(0.15	)			(0.03	)			(0.18	)			(0.18	)
Net realized and unrealized gain (loss) on investments			(3.11	)			2.10				1.03				2.48				1.41				(1.09	)
Total from investment operations			(3.21	)			1.98				0.88				2.45				1.23				(1.27	)
Less Distributions:
From net investment income			(0.06	)			—				(0.07	)			(0.13	)			—				—
From net realized gains on investments			—				(0.10	)			—				—				—				—
Return of Capital			—				—				(0.05	)			—				—				—
Total distributions			(0.06	)			(0.10	)			(0.12	)			(0.13	)			—				—
Net asset value, end of period		$	13.70			$	16.97			$	15.09			$	14.33			$	12.01			$	10.78
Total return (B)(C)			(19.00	)%(D)			13.26	%			6.20	%			20.60	%			11.41	%			(10.54	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	7,939			$	9,750			$	9,220			$	7,905			$	4,144			$	2,722
Ratio of expenses to average net assets			2.50	%(E)			2.51	%			2.59	%			2.56	%			2.71	%			2.68	%
Ratio of net investment loss to average net assets			(1.20	)%(E)			(0.75	)%			(1.01	)%			(0.21	)%			(1.57	)%			(1.59	)%
Portfolio turnover rate			7	%(D)			23	%			9	%			10	%			38	%			24	%

(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.

[67]

Timothy Israel Common Values Fund(Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	17.97			$	15.81			$	14.97			$	12.50			$	11.11			$	12.29
Income (loss) from investment operations:
Net investment income (loss) (A)			(0.02	)			0.06				0.01				0.12				(0.08	)			(0.03	)
Net realized and unrealized gain (loss) on investments			(3.27	)			2.20				1.06	(B)			2.57	(B)			1.47	(B)			(1.15	)(B)
Total from investment operations			(3.29	)			2.26				1.07				2.69				1.39				(1.18	)
Less Distributions:
From net investment income			(0.22	)			—				(0.04	)			(0.22	)			—				—
From net realized gains on investments			—				(0.10	)			—				—				—				—
Return of Capital			—				—				(0.19	)			—				—				—
Total distributions			(0.22	)			(0.10	)			(0.23	)			(0.22	)			—				—
Net asset value, end of period		$	14.46			$	17.97			$	15.81			$	14.97			$	12.50			$	11.11
Total return (C)			(18.58	)%(D)			14.44	%			7.22	%			21.87	%			12.51	%			(9.60	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	19,584			$	21,533			$	10,084			$	2,189			$	520			$	236
Ratio of expenses to average net assets			1.50	%(E)			1.51	%			1.69	%			1.56	%			1.72	%			1.68	%
Ratio of net investment income (loss) to average net assets			(0.20	)%(E)			0.38	%			0.05	%			0.83	%			(0.58	)%			(0.58	)%
Portfolio turnover rate			7	%(D)			23	%			9	%			10	%			38	%			24	%

(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 aggregate gains and losses in the Statement of Operations due to the timing of share transactions 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.

[68]

Timothy Defensive Strategies Fund(Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	11.69			$	11.44			$	11.37			$	11.49			$	10.54			$	11.38
Income (loss) from investment operations:
Net investment income (A)			0.02				0.06				0.10				0.00	*			0.04				0.02
Net realized and unrealized gain (loss) on investments			(1.22	)			0.48				(0.01	)			(0.08	)			0.91				(0.73	)
Total from investment operations			(1.20	)			0.54				0.09				(0.08	)			0.95				(0.71	)
Less Distributions:
From net investment income			(0.06	)			(0.11	)			(0.02	)			(0.04	)			—				(0.12	)
From net realized gains on investments			(0.28	)			(0.18	)			—				—				—				(0.01	)
Total distributions			(0.34	)			(0.29	)			(0.02	)			(0.04	)			—				(0.13	)
Net asset value, end of period		$	10.15			$	11.69			$	11.44			$	11.37			$	11.49			$	10.54
Total return (B)(C)			(10.61	)%(D)			4.92	%			0.75	%			(0.72	)%			9.01	%			(6.30	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	27,337			$	33,926			$	40,573			$	50,080			$	68,706			$	71,569
Ratios to average net assets
Expenses, before waiver and reimbursement			1.53	%(E)			1.45	%			1.41	%			1.44	%			1.35	%			1.26	%
Expenses, net waiver and reimbursement (F)			1.48	%(E)			1.41	%			1.36	%			1.39	%			1.30	%			1.21	%
Net investment income, before waiver and reimbursement			0.22	%(E)			0.52	%			0.86	%			(0.05	)%			0.35	%			0.11	%
Net investment income, net waiver and reimbursement (F)			0.27	%(E)			0.56	%			0.91	%			0.00	%			0.40	%			0.16	%
Portfolio turnover rate			37	%(D)			34	%			35	%			51	%			58	%			42	%

* 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. Total return represents aggregate total return based on Net Asset Value.

(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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[69]

Timothy Defensive Strategies Fund(Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	11.13			$	10.90			$	10.90			$	11.07			$	10.22			$	11.04
Income (loss) from investment operations:
Net investment income (loss) (A)			(0.03	)			(0.03	)			0.02				(0.08	)			(0.04	)			(0.07	)
Net realized and unrealized gain (loss) on investments			(1.15	)			0.46				(0.02	)			(0.09	)			0.89	(B)			(0.71	)
Total from investment operations			(1.18	)			0.43				0.00				(0.17	)			0.85				(0.78	)
Less Distributions:
From net investment income			—				(0.02	)			—				—				—				(0.03	)
From net realized gains on investments			(0.28	)			(0.18	)			—				—				—				(0.01	)
Total distributions			(0.28	)			(0.20	)			—				—				—				(0.04	)
Net asset value, end of period		$	9.67			$	11.13			$	10.90			$	10.90			$	11.07			$	10.22
Total return (C)(D)			(10.90	)%(E)			4.06	%			0.00	%			(1.54	)%			8.32	%			(7.06	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	2,383			$	3,110			$	5,432			$	6,683			$	9,630			$	14,671
Ratios to average net assets
Expenses, before waiver and reimbursement			2.28	%(F)			2.20	%			2.16	%			2.21	%			2.07	%			2.01	%
Expenses, net waiver and reimbursement (G)			2.23	%(F)			2.16	%			2.11	%			2.16	%			2.02	%			1.96	%
Net investment income (loss), before waiver and reimbursement			(0.54	)%(F)			(0.31	)%			0.09	%			(0.79	)%			(0.46	)%			(0.67	)%
Net investment income (loss), net waiver and reimbursement (G)			(0.49	)%(F)			(0.27	)%			0.14	%			(0.74	)%			(0.41	)%			(0.62	)%
Portfolio turnover rate			37	%(E)			34	%			35	%			51	%			58	%			42	%

(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. Total return represents aggregate total return based on Net Asset Value.

(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.

(G) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[70]

Timothy Defensive Strategies Fund(Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	11.69			$	11.45			$	11.38			$	11.51			$	10.52			$	11.36
Income (loss) from investment operations:
Net investment income (A)			0.03				0.09				0.14				0.06				0.09				0.05
Net realized and unrealized gain (loss) on investments			(1.22	)			0.47				(0.02	)			(0.12	)			0.90				(0.73	)
Total from investment operations			(1.19	)			0.56				0.12				(0.06	)			0.99				(0.68	)
Less Distributions:
From net investment income			(0.09	)			(0.14	)			(0.05	)			(0.07	)			—				(0.15	)
From net realized gains on investments			(0.28	)			(0.18	)			—				—				—				(0.01	)
Total distributions			(0.37	)			(0.32	)			(0.05	)			(0.07	)			—				(0.16	)
Net asset value, end of period		$	10.13			$	11.69			$	11.45			$	11.38			$	11.51			$	10.52
Total return (B)(C)			(10.53	)%(D)			5.17	%			1.04	%			(0.54	)%			9.41	%			(6.09	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	4,696			$	3,692			$	3,071			$	2,661			$	398			$	163
Ratios to average net assets
Expenses, before waiver and reimbursement			1.28	%(E)			1.20	%			1.16	%			1.14	%			1.18	%			1.01	%
Expenses, net waiver and reimbursement (F)			1.23	%(E)			1.16	%			1.11	%			1.09	%			1.12	%			0.96	%
Net investment income, before waiver and reimbursement			0.55	%(E)			0.78	%			1.14	%			0.44	%			0.73	%			0.42	%
Net investment income, net waiver and reimbursement (F)			0.60	%(E)			0.82	%			1.19	%			0.49	%			0.79	%			0.47	%
Portfolio turnover rate			37	%(D)			34	%			35	%			51	%			58	%			42	%

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

(B) Total return represents aggregate total return based on Net Asset Value.

(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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[71]

Timothy Strategic Growth Fund(Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	9.64			$	9.70			$	9.48			$	8.73			$	8.42			$	8.90
Income (loss) from investment operations:
Net investment income (loss) (A)			0.03				0.01				0.00	*			(0.04	)			(0.03	)			0.03
Net realized and unrealized gain (loss) on investments			(1.30	)			(0.04	)			0.22				0.79				0.37				(0.40	)
Total from investment operations			(1.27	)			(0.03	)			0.22				0.75				0.34				(0.37	)
Less Distributions:
From net investment income			—				—				—				—				(0.03	)			(0.11	)
From net realized gains on investments			(0.36	)			(0.03	)			—				—				—				—
Total distributions			(0.36	)			(0.03	)			—				—				(0.03	)			(0.11	)
Net asset value, end of period		$	8.01			$	9.64			$	9.70			$	9.48			$	8.73			$	8.42
Total return (B)(C)			(13.79	)%(D)			(0.26	)%			2.32	%			8.59	%			4.03	%			(4.16	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	27,605			$	32,318			$	32,078			$	32,767			$	32,800			$	33,071
Ratio of expenses to average net assets (E)			1.12	%(F)			1.12	%			1.10	%			1.07	%			1.05	%			1.08	%
Ratio of net investment income (loss), to average net assets (E)(G)			0.55	%(F)			0.16	%			0.00	%			(0.45	)%			(0.38	)%			0.37	%
Portfolio turnover rate			41	%(D)			50	%			8	%			36	%			37	%			24	%

* 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.

(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.

[72]

Timothy Strategic Growth Fund(Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	8.58			$	8.70			$	8.57			$	7.95			$	7.70			$	8.15
Income (loss) from investment operations:
Net investment income (loss) (A)			(0.01	)			0.03				(0.06	)			(0.10	)			(0.08	)			(0.02	)
Net realized and unrealized gain (loss) on investments			(1.14	)			(0.12	)			0.19				0.72				0.33				(0.38	)
Total from investment operations			(1.15	)			(0.09	)			0.13				0.62				0.25				(0.40	)
Less Distributions:
From net investment income			—				—				—				—				—				(0.05	)
From net realized gains on investments			(0.36	)			(0.03	)			—				—				—				—
Total distributions			(0.36	)			(0.03	)			—				—				—				(0.05	)
Net asset value, end of period		$	7.07			$	8.58			$	8.70			$	8.57			$	7.95			$	7.70
Total return (B)(C)			(14.10	)%(D)			(0.99	)%			1.52	%			7.80	%			3.25	%			(4.89	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	2,497			$	3,247			$	6,313			$	6,966			$	7,380			$	7,713
Ratio of expenses to average net assets (E)			1.87	%(F)			1.87	%			1.85	%			1.82	%			1.80	%			1.84	%
Ratio of net investment income (loss), to average net assets (E)(G)			(0.19	)%(F)			0.35	%			(0.70	)%			(1.18	)%			(1.09	)%			(0.29	)%
Portfolio turnover rate			41	%(D)			50	%			8	%			36	%			37	%			24	%

(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.

[73]

Timothy Conservative Growth Fund(Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	10.66			$	10.75			$	10.67			$	10.06			$	10.32			$	11.01
Income (loss) from investment operations:
Net investment income (loss) (A)			0.03				0.05				0.02				(0.02	)			(0.03	)			0.06
Net realized and unrealized gain (loss) on investments			(1.00	)			0.10				0.09				0.63				0.43				(0.32	)
Total from investment operations			(0.97	)			0.15				0.11				0.61				0.40				(0.26	)
Less Distributions:
From net investment income			—				—				—				—				(0.05	)			(0.10	)
From net realized gains on investments			(0.39	)			(0.24	)			(0.03	)			—				(0.61	)			(0.33	)
Total distributions			(0.39	)			(0.24	)			(0.03	)			—				(0.66	)			(0.43	)
Net asset value, end of period		$	9.30			$	10.66			$	10.75			$	10.67			$	10.06			$	10.32
Total return (B)(C)			(9.57	)%(D)			1.61	%			1.06	%			6.06	%			4.22	%			(2.47	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	35,235			$	40,590			$	42,040			$	45,110			$	44,437			$	44,706
Ratio of expenses to average net assets (E)			1.09	%(F)			1.08	%			1.08	%			1.04	%			1.02	%			1.07	%
Ratio of net investment income (loss) to average net assets (E)(G)			0.64	%(F)			0.44	%			0.14	%			(0.20	)%			(0.27	)%			0.53	%
Portfolio turnover rate			30	%(D)			42	%			7	%			27	%			27	%			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.

(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.

[74]

Timothy Conservative Growth Fund(Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	9.59			$	9.76			$	9.76			$	9.27			$	9.58			$	10.22
Income (loss) from investment operations:
Net investment income (loss) (A)			(0.00	)*			0.01				(0.06	)			(0.09	)			(0.09	)			(0.01	)
Net realized and unrealized gain (loss) on investments			(0.91	)			0.06				0.09	(B)			0.58	(B)			0.39	(B)			(0.30	)(B)
Total from investment operations			(0.91	)			0.07				0.03				0.49				0.30				(0.31	)
Less Distributions:
From net realized gains on investments			(0.39	)			(0.24	)			(0.03	)			—				(0.61	)			(0.33	)
Total distributions			(0.39	)			(0.24	)			(0.03	)			—				(0.61	)			(0.33	)
Net asset value, end of period		$	8.29			$	9.59			$	9.76			$	9.76			$	9.27			$	9.58
Total return (C)(D)			(10.01	)%(E)			0.94	%			0.34	%			5.29	%			3.39	%			(3.19	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	4,713			$	5,504			$	9,218			$	9,981			$	10,697			$	11,135
Ratio of expenses to average net assets (F)			1.84	%(G)			1.83	%			1.83	%			1.79	%			1.77	%			1.82	%
Ratio of net investment income (loss), to average net assets (F)(H)			(0.11	)%(G)			0.14	%			(0.63	)%			(0.96	)%			(1.01	)%			(0.14	)%
Portfolio turnover rate			30	% (E)			42	%			7	%			27	%			27	%			25	%

* 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 aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period.

(C) Total return calculation does not reflect redemption fees. Total return represents aggregate total return based on Net Asset Value.

(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.

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

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

(G) Annualized.

(H) 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 Growth & Income Fund(Class A Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	10.60			$	10.87			$	11.28			$	10.76			$	10.53			$	10.95
Income (loss) from investment operations:
Net investment income (A)			0.04				0.04				0.01				0.01				0.03				0.01
Net realized and unrealized gain (loss) on investments			(1.50	)			(0.07	)			(0.14	)			0.52				0.22				(0.42	)
Total from investment operations			(1.46	)			(0.03	)			(0.13	)			0.53				0.25				(0.41	)
Less Distributions:
From net investment income			(0.05	)			(0.05	)			(0.01	)			(0.01	)			(0.02	)			(0.01	)
From net realized gains on investments			—				(0.19	)			(0.27	)			—				—				—
Return of Capital			—				(0.00	)*			—				—				—				—
Total distributions			(0.05	)			(0.24	)			(0.28	)			(0.01	)			(0.02	)			(0.01	)
Net asset value, end of period		$	9.09			$	10.60			$	10.87			$	11.28			$	10.76			$	10.53
Total return (B)(C)			(13.75	)%(D)			(0.10	)%			(1.22	)%			4.91	%			2.36	%			(3.75	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	11,798			$	14,500			$	27,716			$	30,426			$	36,486			$	26,378
Ratios to average net assets
Expenses, before waiver and reimbursement			1.91	%(E)			1.69	%			1.70	%			1.59	%			1.59	%			1.56	%
Expenses, net waiver and reimbursement (F)			1.56	%(E)			1.65	%			1.65	%			1.54	%			1.54	%			1.51	%
Net investment income (loss), before waiver and reimbursement			0.46	%(E)			0.37	%			0.08	%			0.03	%			0.20	%			0.08	%
Net investment income (loss), net waiver and reimbursement (F)			0.81	%(E)			0.42	%			0.13	%			0.08	%			0.25	%			0.13	%
Portfolio turnover rate			21	%(D)			167	%			56	%			118	%			45	%			75	%

* 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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[76]

Timothy Growth & Income Fund(Class C Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	10.21			$	10.51			$	10.99			$	10.55			$	10.39			$	10.87
Income (loss) from investment operations:
Net investment income (loss) (A)			0.00	*			(0.03	)			(0.07	)			(0.07	)			(0.06	)			(0.06	)
Net realized and unrealized gain (loss) on investments			(1.43	)			(0.07	)			(0.14	)			0.51				0.22	(B)			(0.42	)
Total from investment operations			(1.43	)			(0.10	)			(0.21	)			0.44				0.16				(0.48	)
Less Distributions:
From net investment income			(0.02	)			(0.01	)			—				—				—				—
From net realized gains on investments			—				(0.19	)			(0.27	)			—				—				—
Return of Capital			—				(0.00	)*			—				—				—				—
Total distributions			(0.02	)			(0.20	)			(0.27	)			—				—				—
Net asset value, end of period		$	8.76			$	10.21			$	10.51			$	10.99			$	10.55			$	10.39
Total return (C)(D)			(14.05	)%(E)			(0.82	)%			(1.97	)%			4.17	%			1.54	%			(4.42	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	2,004			$	2,388			$	3,176			$	3,006			$	3,028			$	3,330
Ratios to average net assets
Expenses, before waiver and reimbursement			2.66	%(F)			2.44	%			2.45	%			2.34	%			2.32	%			2.30	%
Expenses, net waiver and reimbursement (G)			2.31	%(F)			2.40	%			2.40	%			2.29	%			2.28	%			2.25	%
Net investment income (loss), before waiver and reimbursement			(0.28	%)(F)			(0.34	%)			(0.67	%)			(0.73	%)			(0.61	%)			(0.60	%)
Net investment income (loss), net waiver and reimbursement (G)			0.07	%(F)			(0.29	%)			(0.62	%)			(0.68	%)			(0.56	%)			(0.55	%)
Portfolio turnover rate			21	%(E)			167	%			56	%			118	%			45	%			75	%

* 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.

(G) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[77]

Timothy Growth & Income Fund(Class I Shares)

Selected data based on a share outstanding throughout each period

	For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016				For the Year Ended September 30, 2015
Net asset value, beginning of period		$	10.67			$	10.94			$	11.34			$	10.81			$	10.56			$	10.96
Income (loss) from investment operations:
Net investment income (A)			0.06				0.08				0.04				0.03				0.05				0.04
Net realized and unrealized gain (loss) on investments			(1.50	)			(0.09	)			(0.15	)			0.53				0.23				(0.42	)
Total from investment operations			(1.44	)			(0.01	)			(0.11	)			0.56				0.28				(0.38	)
Less Distributions:
From net investment income			(0.07	)			(0.07	)			(0.02	)			(0.03	)			(0.03	)			(0.02	)
From net realized gains on investments			—				(0.19	)			(0.27	)			—				—				—
Return of Capital			—				(0.00	)*			—				—				—				—
Total distributions			(0.07	)			(0.26	)			(0.29	)			(0.03	)			(0.03	)			(0.02	)
Net asset value, end of period		$	9.16			$	10.67			$	10.94			$	11.34			$	10.81			$	10.56
Total return (B)(C)			(13.53	)%(D)			0.11	%			(0.96	)%			5.19	%			2.61	%			(3.50	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	2,040			$	3,182			$	3,012			$	2,197			$	1,593			$	1,573
Ratios to average net assets
Expenses, before waiver and reimbursement			1.66	%(E)			1.44	%			1.45	%			1.34	%			1.32	%			1.31	%
Expenses, net waiver and reimbursement (F)			1.31	%(E)			1.40	%			1.40	%			1.29	%			1.28	%			1.26	%
Net investment income, before waiver and reimbursement			0.81	%(E)			0.70	%			0.33	%			0.27	%			0.41	%			0.32	%
Net investment income, net waiver and reimbursement (F)			1.16	%(E)			0.75	%			0.38	%			0.32	%			0.46	%			0.38	%
Portfolio turnover rate			21	%(D)			167	%			56	%			118	%			45	%			75	%

* 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 represents aggregate total return based on Net Asset Value.

(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.

(F) This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

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

[78]

Notes to Financial Statements

March 31, 2020 (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 anopen-end management investment company. As of March 31, 2020, the Trust consisted of fourteen series. These financial statements include the following twelve 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 and Timothy Plan Growth & Income Fund (the “Funds”). The Funds are diversified funds except for the Timothy Plan Defensive Strategy Fund which is anon-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 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 high yield fixed income 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.

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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 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: approximately0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately0-20% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately0-20% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately0-20% of its net assets in the Timothy Plan International Fund; approximately0-10% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately5-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately0-20% of its net assets in the Timothy Fixed Income Fund; approximately0-40% of its net assets in the Timothy Plan U.S. Large Cap Core ETF; approximately0-20% of its net assets in the Timothy Plan High Dividend Stock ETF; approximately0-30% of its net assets in the Timothy Plan International ETF; and approximately0-20% of its net assets in the Timothy Plan Small Cap Core ETF.

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: approximately0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately0-15% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately0-15% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately0-5% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately0-20% of its net assets in the Timothy Plan International Fund; approximately20%-40% of its net assets in the Timothy Plan Fixed Income Fund; approximately5-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately0-30% of its net assets in the Timothy Plan U.S. Large Cap Core ETF; approximately0-25% of its net assets in the Timothy Plan High Dividend Stock ETF; approximately0-25% of its net assets in the Timothy Plan International ETF; and approximately0-15% of its net assets in the Timothy Plan Small Cap Core ETF.

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. To achieve its goals, the Fund primarily invests in equity securities of foreign and domestic companies that the Advisor believes are undervalued, and in fixed income securities. The Fund will normally hold both equity securities and fixed income securities, with at least 25% of its assets in equity securities and at least 25% of its assets in fixed income securities.

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 Funds are 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 ASU2013-08.

A. SECURITY VALUATION AND FAIR VALUE MEASUREMENTS

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

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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 specific identification. Dividend income is recognized on theex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Aggressive Growth Fund, Large/Mid Cap Value Fund, Israel Common Values Fund, Small Cap Value Fund, Defensive Strategies Fund and Growth & Income Fund have made certain investments in REITs. Dividend income from REITs is recognized on theex-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 calendaryear-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 TAXES

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

D. 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.

E. GOLD RISK FACTORS

There is a risk that some or all of the Trust’s gold bars held by the custodian or anysub-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, 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.

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F. 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.

G. 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”).

H. 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 afront-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.

I. 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.

J. 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, 2020, 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, 2020, 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.

K. 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.

L. DISTRIBUTIONS TO SHAREHOLDERS

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on theex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period

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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.

Permanent book and tax differences, primarily attributable to the book/tax treatment of net operating losses, the expiration of capital loss carry forwards, adjustments for equalization debits, and the reclassification of Fund distributions resulted in reclassifications for the Funds for the fiscal year ended September 30, 2019 as follows:

Fund	Paid In Capital			Accumulated Earnings (Losses)
Aggressive Growth Fund	$	(348,559	)	$	348,559
International Fund		(844,129	)		844,129
Large/Mid Cap Growth Fund		(272,390	)		272,390
Small Cap Value Fund		-			-
Large/Mid Cap Value Fund		-			-
Fixed Income Fund		-			-
High Yield Bond Fund		-			-
Israel Common Values Fund		190,665			(190,665	)
Defensive Strategies Fund		3,503			(3,503	)
Strategic Growth Fund		-			-
Conservative Growth Fund		330			(330	)
Growth & Income Fund		-			-

M. 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 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 theassumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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VALUATION OF FUND OF FUNDS

A Fund may invest in portfolios ofopen-end orclosed-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 Trustees of the Underlying Funds.

Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of manyclosed-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 anyclosed-end investment company purchased by the Fund will not change.

EXCHANGE TRADED FUNDS

The Funds may invest in exchange traded funds (“ETFs”). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively traded or represent a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Each ETF is subject to specific risks, depending on the nature of the ETF. Additionally, ETFs have fees and expenses that reduce their value.

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 subsequentlymarked-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 Funds’ 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 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 arenon-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.

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There were no options held at March 31, 2020, and there were no options transactions for the six months ended March 31, 2020.

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, LPs, LLCs, PLCs, GDRs and NVDRs are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor orSub-Advisor believes such prices more accurately reflect the fair value of such securities. Securities including ETFs, 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 NASDAQover-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 orSub-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 orSub-Advisor, in conformity with guidelines adopted by and subject to review by the Board of Trustees (“Board”). These securities will generally be categorized as Level 3 securities. Foreign investments are not fair valued using fair value triggers.

Investments in alternative investments, such as gold bars, 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, government mortgage-backed securities, U.S. government notes and bonds, 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 orSub-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 normalinstitutional-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 orSub-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 orSub-Advisor, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.

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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/orSub-Advisors responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Advisor orSub-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 andSub-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 investments as of March 31, 2020:

Aggressive Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	18,966,962	$	-	$	-	$	18,966,962
REITs		949,446		-		-		949,446
Money Market Fund		1,926,263		-		-		1,926,263
Total	$	21,842,671	$	-	$	-	$	21,842,671

International Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	65,849,884	$	-	$	-	$	65,849,884
Money Market Fund		3,293,539		-		-		3,293,539
Total	$	69,143,423	$	-	$	-	$	69,143,423

Large/Mid Cap Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	47,766,581	$	-	$	-	$	47,766,581
Exchange Traded Fund		14,925,600		-		-		14,925,600
Money Market Fund		4,864,732		-		-		4,864,732
Total	$	67,556,913	$	-	$	-	$	67,556,913

Small Cap Value Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	74,237,363	$	-	$	-	$	74,237,363
Exchange Traded Fund		9,950,596		-		-		9,950,596
REITs		7,286,986		-		-		7,286,986
Money Market Fund		4,176,924		-		-		4,176,924
Total	$	95,651,869	$	-	$	-	$	95,651,869

Large/Mid Cap Value Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	109,375,360	$	-	$	-	$	109,375,360
Exchange Traded Funds		36,625,200		-		-		36,625,200
REITs		6,856,221		-		-		6,856,221
Money Market Fund		8,110,939		-		-		8,110,939
Total	$	160,967,720	$	-	$	-	$	160,967,720

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Fixed Income Fund

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	26,161,302	$	-	$	26,161,302
Government Mortgage-Backed Securities		-		25,819,451		-		25,819,451
Government Notes & Bonds		-		42,348,659		-		42,348,659
Money Market Fund		2,835,972		-		-		2,835,972
Total	$	2,835,972	$	94,329,412	$	-	$	97,165,384

High Yield Bond Fund

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	60,871,121	$	-	$	60,871,121
Convertible Bond		-		437,522		-		437,522
Money Market Fund		3,414,278		-		-		3,414,278
Total	$	3,414,278	$	61,308,643	$	-	$	64,722,921

Israel Common Values Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	57,745,073	$	-	$	-	$	57,745,073
REITs		1,263,718		-		-		1,263,718
Money Market Fund		2,119,347		-		-		2,119,347
Total	$	61,128,138	$	-	$	-	$	61,128,138

Defensive Strategies Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	7,188,731	$	-	$	-	$	7,188,731
REITs		5,722,829		-		-		5,722,829
Treasury Inflation Protected Securities (TIPS)		-		9,543,219		-		9,543,219
Alternative Investments		9,689,408		-		-		9,689,408
Money Market Fund		2,207,649		-		-		2,207,649
Total	$	24,808,617	$	9,543,219	$	-	$	34,351,836

Strategic Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	17,370,018	$	-	$	-	$	17,370,018
Mutual Funds		11,368,159		-		-		11,368,159
Money Market Fund		1,392,991		-		-		1,392,991
Total	$	30,131,168	$	-	$	-	$	30,131,168

Conservative Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	16,720,146	$	-	$	-	$	16,720,146
Mutual Funds		21,560,019		-		-		21,560,019
Money Market Fund		1,706,198		-		-		1,706,198
Total	$	39,986,363	$	-	$	-	$	39,986,363

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March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

Growth & Income Fund

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	3,202,606	$	-	$	3,202,606
Government Mortgage-Backed Securities		-		2,180,698		-		2,180,698
Government Notes, Bonds & Agencies		-		2,555,299		-		2,555,299
Exchange Traded Fund		7,555,680		-		-		7,555,680
Money Market Fund		338,388		-		-		338,388
Total	$	7,894,068	$	7,938,603	$	-	$	15,832,671

Refer to the Schedules of Investments for industry classifications.

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

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, 2020:

	Purchases				Sales
Fund	U.S. Gov’t Obligations		Other		U.S. Gov’t Obligations		Other
Aggressive Growth	$	-	$	14,465,608	$	-	$	16,355,736
International		-		9,158,241		-		19,101,586
Large/Mid Cap Growth*		-		6,596,466		-		15,850,009
Small Cap Value*		-		56,588,262		-		68,812,008
Large/Mid Cap Value*		-		29,979,060		-		44,306,489
Fixed Income		19,294,747		-		23,225,166		2,655,495
High Yield Bond		-		40,425,730		-		25,243,380
Israel Common Values		-		5,096,782		-		8,163,701
Defensive Strategies		-		13,277,001		-		13,847,041
Strategic Growth*		-		13,642,978		-		14,546,850
Conservative Growth*		-		12,944,273		-		13,916,759
Growth & Income*		4,133,359		-		3,987,250		1,752,441

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

Note 4| Investment Advisory Agreement and Transactions with Service Providers

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 14, 2020. 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 1.00% 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 International Fund to 0.95%; from the Large/Mid Cap Growth Fund to 0.80%; from the Small

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March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

Cap Value Fund, the Aggressive Growth Fund and the Large/Mid Cap Value Fund to 0.75%; from the High Yield Bond Fund and the Defensive Strategies Fund to 0.55%; from the Growth & Income Fund to 0.50%; and from the Fixed Income Fund to 0.40%. 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 trustees of the Funds is also an officer and owner of the Advisor.

For the six months ended March 31, 2020, TPL waived advisory fees for the Funds as follows:

Fund	Six Months Ended March 31, 2020
Aggressive Growth Fund	$	12,476
International Fund		21,090
Large/Mid Cap Growth Fund		22,228
Small Cap Value Fund		69,393
Large/Mid Cap Value Fund		103,169
Fixed Income Fund		102,199
High Yield Bond Fund		17,215
Defensive Strategies Fund		9,829
Growth & Income Fund		34,667

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 relatedout-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.

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.

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 and Timothy Plan Growth & Income Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule12b-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 Rule12b-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.

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March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

For the six months ended March 31, 2020, the Funds paid TPL under the terms of the Plans as follows:

Fund	12b-1 Fees
	Six Months Ended March 31, 2020
Aggressive Growth		$	38,768
International			82,209
Large/Mid Cap Growth			122,061
Small Cap Value			158,622
Large/Mid Cap Value			255,393
Fixed Income			150,736
High Yield Bond			67,520
Israel Common Values			105,653
Defensive Strategies			55,089
Strategic Growth			12,005
Conservative Growth			20,317
Growth & Income			29,541

TPL also serves as the principal underwriter of the Funds’ shares. An officer and trustees of the Funds are also officers of the principal underwriter. For the six months ended March 31, 2020, 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		$	4,112		$	138
International			7,075			192
Large/Mid Cap Growth			15,758			345
Small Cap Value			15,338			639
Large/Mid Cap Value			23,914			639
Fixed Income			10,627			5,705
High Yield Bond			10,483			55
Israel Common Values			17,831			996
Defensive Strategies			4,793			190
Strategic Growth			5,527			37
Conservative Growth			7,814			137
Growth & Income			6,732			39

Effective February 1, 2019, NorthStar Financial Services Group, LLC, the parent company of Gemini Fund Services, LLC (“GFS”) and its affiliated companies including Blu Giant, LLC (“Blu Giant”) (collectively, the “Gemini Companies”), sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus Fund Solutions, LLC (an independent mutual fund administration firm) and its affiliates (collectively, the “Ultimus Companies”). As a result of these separate transactions, the Gemini Companies and the Ultimus Companies are now indirectly owned through a common parent entity, The Ultimus Group, LLC.

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, 2020, there were no shareholders with ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund.

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March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

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
International		13.09	%
Fixed Income		34.77	%
High Yield Bond		11.37	%
Defensive Strategies		22.84	%

Note 6| Underlying Investment in Other Investment Companies

The Conservative Growth Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan Fixed Income Fund (the “Security”). The Fund may redeem its investments from the Security at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security’sN-CSRs available at www.sec.gov. As of March 31, 2020, 37.8% of the Conservative Growth Fund’s net assets were invested in the Timothy Plan Fixed Income Fund.

The Growth & Income Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan High Dividend Stock ETF (the “ETF”). The Fund may redeem its investments from the ETF at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund will be directly affected by the performance of the ETF. The annual report of the ETF, along with the report of the independent registered public accounting firm is included in the Security’sN-CSRs available at www.sec.gov. As of March 31, 2020, 47.7% of the Growth & Income Fund’s net assets were invested in the Timothy Plan High Dividend Stock ETF.

Note 7| Investments in Affiliated 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 Large/Mid Cap Growth Fund, Small Cap Value Fund, Large/Mid Cap Value Fund, Strategic Growth Fund, Conservative Growth Fund and Growth & Income Fund had the following transactions during the six months ended March 31, 2020, with affiliates:

Large/Mid Cap Growth	Six Months Ended March 31, 2020
Fund	Balance September 30, 2019			Purchases			Sales			Dividends Credited to Income			Amount of Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation)				Fair Value March 31, 2020
Timothy Plan U.S. Large Cap Core ETF		$	18,399,168		$	-		$	-		$	87,861		$	-		$	(3,473,568	)		$	14,925,600

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March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

Small Cap Value	Six Months Ended March 31, 2020
Fund	Balance September 30, 2019			Purchases			Sales			Dividends Credited to Income			Amount of Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation)				Fair Value March 31, 2020
Timothy Plan U.S. Small Cap Core ETF		$	-		$	14,834,080		$	-		$	30,134		$	-		$	(4,883,484	)		$	9,950,596

Large/Mid Cap Value	Six Months Ended March 31, 2020
Fund	Balance September 30, 2019			Purchases			Sales			Dividends Credited to Income			Amount of Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation)				Fair Value March 31, 2020
Timothy Plan High Dividend Stock ETF		$	23,493,856		$	-		$	-		$	281,526		$	-		$	(5,940,256	)		$	17,553,600
Timothy Plan U.S. Large Cap Core ETF			23,510,048			-			-			112,267			-			(4,438,448	)			19,071,600
Total		$	47,003,904								$	393,793		$	-		$	(10,378,704	)		$	36,625,200

Strategic Growth	Six Months Ended March 31, 2020
Fund	Balance September 30, 2019			Purchases			Sales			Dividends Credited to Income			Amount of Gain (Loss) Realized on Sale of Shares*				Net Change in Unrealized Appreciation (Depreciation)				Fair Value March 31, 2020
Aggressive Growth		$	1,041,884		$	2,547		$	1,138,573		$	-		$	122,729			$	(28,587	)		$	-
International			6,871,920			169,809			4,682,114			20,149			376,162				(542,523	)			2,193,254
Small Cap Value			1,437,598			-			1,493,123			-			(32,472	)			87,997				-
Fixed Income			6,915,517			398,886			1,880,682			52,534			79,056				68,779				5,581,556
High Yield Bond			1,954,418			62,321			235,248			39,039			(17,919	)			(262,990	)			1,500,582
Israel Common Values			1,824,888			-			1,888,157			-			587,426				(524,157	)			-
Defensive Strategies			2,823,419			107,037			508,638			73,189			33,086				(362,137	)			2,092,767
Emerging Markets			2,503,301			-			2,569,116			-			50,750				15,065				-
Timothy Plan High Dividend Stock ETF			3,064,416			955,765			-			43,355			-				(976,291	)			3,043,890
Timothy Plan International ETF			-			8,828,359			-			21,563			-				(1,639,357	)			7,189,002
Timothy Plan U.S. Large Cap Core ETF			6,061,504			235,556			151,199			28,540			9,403				(1,128,882	)			5,026,382
Timothy Plan U.S. Small Cap Core ETF			-			2,882,698			-			7,542			-				(771,954	)			2,110,744
Total		$	34,498,865								$	285,911		$	1,208,221			$	(6,065,037	)		$	28,738,177

* Includes capital gain distributions from affiliated funds

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Timothy Plan Family of Funds

Conservative Growth	Six Months Ended March 31, 2020
Fund	Balance September 30, 2019			Purchases			Sales			Dividends Credited to Income			Amount of Gain (Loss) Realized on Sale of Shares*			Net Change in Unrealized Appreciation (Depreciation)				Fair Value March 31, 2020
Aggressive Growth		$	898,620		$	-		$	979,635		$	-		$	118,867		$	(37,852	)		$	-
International			4,781,421			254,091			2,928,061			16,677			290,594			(468,223	)			1,929,822
Small Cap Value			1,394,328			-			1,448,099			-			18,049			35,722				-
Fixed Income			17,867,223			680,941			3,803,608			135,926			45,719			324,842				15,115,117
High Yield Bond			2,525,476			65,503			163,816			51,520			1,303			(370,624	)			2,057,842
Israel Common Values			1,650,624			-			1,707,767			-			491,121			(433,978	)			-
Defensive Strategies			3,192,294			179,746			553,499			80,539			36,729			(398,032	)			2,457,238
Emerging Markets			2,079,491			-			2,134,121			-			87,733			(33,103	)			-
Timothy Plan High Dividend Stock ETF			2,793,726			1,093,828			-			40,082			-			(906,075	)			2,981,479
Timothy Plan International ETF			-			7,274,838			-			17,069			-			(1,280,197	)			5,994,641
Timothy Plan U.S. Large Cap Core ETF			6,449,931			616,833			198,153			30,463			12,352			(1,204,654	)			5,676,309
Timothy Plan U.S. Small Cap Core ETF			-			2,778,493			-			7,036			-			(710,776	)			2,067,717
Total		$	43,633,134								$	379,312		$	1,102,467		$	(5,482,950	)		$	38,280,165

* Includes capital gain distributions from affiliated funds

Growth & Income	Six Months Ended March 31, 2020
Fund	Balance September 30, 2019			Purchases			Sales			Dividends Credited to Income			Amount of Gain (Loss) Realized on Sale of Shares				Net Change in Unrealized Appreciation (Depreciation)				Fair Value March 31, 2020
Timothy Plan High Dividend Stock ETF		$	12,155,517		$	-		$	1,752,441		$	139,618		$	(246,359	)		$	(2,601,037	)		$	7,555,680

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Timothy Plan Family of Funds

Note 8| Aggregate Unrealized Appreciation and Depreciation

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at March 31, 2020, were as follows:

Fund	Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation)
Aggressive Growth		$	21,390,194		$	2,642,444		$	(2,189,967	)		$	452,477
International			73,508,187			5,802,132			(10,166,896	)			(4,364,764	)
Large/Mid Cap Growth			66,784,690			8,760,105			(7,987,882	)			772,223
Small Cap Value			135,871,764			1,437,084			(41,656,979	)			(40,219,895	)
Large/Mid Cap Value			174,157,453			14,272,806			(27,462,539	)			(13,189,733	)
Fixed Income			93,571,788			4,455,809			(862,213	)			3,593,596
High Yield Bond			74,588,409			164,174			(10,029,662	)			(9,865,488	)
Israel Common Values			56,659,615			11,934,610			(7,466,088	)			4,468,522
Defensive Strategies			37,035,239			3,070,603			(5,754,006	)			(2,683,403	)
Strategic Growth			35,090,122			192,111			(5,151,065	)			(4,958,954	)
Conservative Growth			44,343,840			419,648			(4,777,125	)			(4,357,477	)
Growth & Income			17,953,122			262,589			(2,383,040	)			(2,120,451	)

Note 9| Distributions to Shareholders and Tax Components of Capital

The tax character of distributions paid during the fiscal year ended September 30, 2019 and the fiscal year ended September 30, 2018 were as follows:

	Aggressive Growth			International*			Large/Mid Cap Growth			Small Cap Value
Year ended September 30, 2019
Ordinary Income		$	43,474		$	1,317,512		$	-		$	4,515,051
Long-term Capital Gains			1,818,259			-			4,465,675			14,010,024
Return of Capital			424			-			-			-
		$	1,862,157		$	1,317,512		$	4,465,675		$	18,525,075
Year ended September 30, 2018
Ordinary Income		$	-		$	2,275,886		$	-		$	2,201,065
Long-term Capital Gains			-			-			2,294,405			10,506,372
		$	-		$	2,275,886		$	2,294,405		$	12,707,437
	Large/Mid Cap Value			Fixed Income			High Yield Bond			Israel Common Values*			Defensive Strategies
Year ended September 30, 2019
Ordinary Income		$	1,656,902		$	1,475,208		$	2,290,049		$	338,491		$	655,005
Long-term Capital Gains			17,999,454			-			-			362,645			451,837
		$	19,656,356		$	1,475,208		$	2,290,049		$	701,136		$	1,106,842
Year ended September 30, 2018
Ordinary Income		$	2,005,692		$	1,374,685		$	2,303,749		$	651,092		$	71,849
Long-term Capital Gains			12,222,087			-			-			-			-
Return of Capital			-			-			-			190,665			-
		$	14,227,779		$	1,374,685		$	2,303,749		$	841,757		$	71,849

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Timothy Plan Family of Funds

	Strategic Growth			Conservative Growth			Growth & Income Fund
Year ended September 30, 2019
Ordinary Income		$	-		$	-		$	328,500
Long-term Capital Gains			122,381			1,113,055			363,977
Return of Capital			-			-			7,989
		$	122,381		$	1,113,055		$	700,466
Year ended September 30, 2018
Ordinary Income		$	-		$	-		$	24,002
Long-term Capital Gains			-			168,976			861,134
		$	-		$	168,976		$	885,136

* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $329,510, and $216,896 for fiscal year ended September 30, 2019 for the Israel Common Values and International Funds, respectively, and $243,253, and $289,368 for the fiscal year ended September 30, 2018 for the 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, 2019, 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		$	-			$	719,040			$	-			$	435,080
Long-Term Capital Gains			-				-				3,702,331				5,092,154
Capital Loss Carry Forward			(139,560	)			(883,643	)			-				-
Post October and Other Losses			(678,025	)			(4,181,929	)			(272,291	)			-
Unrealized Appreciation (Depreciation)			3,370,376				8,263,839				12,862,429				2,898,352
		$	2,552,791			$	3,917,307			$	16,292,469			$	8,425,586
	Large/Mid Cap Value Fund				Fixed Income Fund				High Yield Bond Fund				Israel Common Values Fund
Undistributed Ordinary Income		$	964,884			$	393,539			$	72,174			$	394,455
Long-Term Capital Gains			23,465,492				-				-				-
Capital Loss Carry Forward			-				(1,510,987	)			(1,229,861	)			-
Post October and Other Losses			-				(102,089	)			(100,729	)			(529,025	)
Unrealized Appreciation (Depreciation)			21,091,211				2,316,642				1,118,315				19,432,689
		$	45,521,587			$	1,097,105			$	(140,101	)		$	19,298,119
	Defensive Strategies Fund				Strategic Growth Fund				Conservative Growth Fund				Growth & Income Fund
Undistributed Ordinary Income		$	530,950			$	-			$	96,081			$	-
Long-Term Capital Gains			593,316				1,336,145				1,589,423				-
Capital Loss Carry Forward			-				-				-				(308,394	)
Post October and Other Losses			-				(75,597	)			-				(113,042	)
Unrealized Appreciation (Depreciation)			934,521				1,106,083				1,125,473				454,053
		$	2,058,787			$	2,366,631			$	2,810,977			$	32,617

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 open forward currency contracts and passive foreign investment companies, and adjustments forC-Corporation return of capital distributions. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $331, $12, $(243) and $(31) for the Israel Common Values, International, Defensive Strategies and Growth & Income Funds, respectively.

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March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

Note 10| 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		$	165,024
Large/Mid Cap Growth Fund			272,291
Strategic Growth Fund			75,597
Growth & Income Fund			73

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
Aggressive Growth Fund		$	513,001
International Fund			4,181,929
Fixed Income Fund			102,089
High Yield Bond Fund			100,729
Israel Common Values Fund			529,025
Growth & Income Fund			112,969

At September 30, 2019, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, utilized and expired capital loss carryforwards as follows:

	Capital Loss Carry Forward
Fund	Expired			Non-Expiring Short-Term			Non-Expiring Long-Term			Non-Expiring Total			Utilized
Aggressive Growth Fund		$	-		$	139,560		$	-		$	139,560		$	-
International Fund			844,129			883,643			-			883,643			-
Fixed Income Fund			-			832,168			678,819			1,510,987			-
High Yield Bond Fund			-			190,417			1,039,444			1,229,861			-
Israel Common Values Fund			-			-			-			-			702,224
Growth & Income Fund			-			182,803			125,591			308,394			-

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 11| NEW ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)No. 2017-08 “Premium Amortization on Purchased Callable Debt Securities” (“ASU2017-08”), which shortens the premium amortization period for purchasednon-contingently callable debt securities. ASU2017-08 specifies that the premium amortization period ends at the earliest call date for purchasednon-contingently callable debt securities. ASU2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Funds have adopted ASU2017-08 on a modified retrospective basis as of October 1, 2019. The adoption of ASU2017-08 did not have a significant impact on the

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March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

amortized cost of investments as of October 1, 2019, and had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

In August 2018, FASB issued ASUNo. 2018-13, which changed certain fair value measurement disclosure requirements. The ASU, in addition to other modifications and additions, removed the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the policy for the timing of transfers between levels. For investment companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is allowed and the Funds have adopted this amendment early.

Note 12| SUBSEQUENT EVENTS

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

Note 13| TAX INFORMATION (Unaudited)

The Strategic Growth and Conservative Growth Funds designate the following for federal income tax purposes for the year ended September 30, 2019:

Strategic Growth Fund	Foreign Taxes paid			Foreign Source Income
Timothy Israel Common Values Fund		$	7,453		$	31,506
Timothy International Fund			16,619			204,224
Conservative Growth Fund	Foreign Taxes paid			Foreign Source Income
Timothy Israel Common Values Fund		$	6,742		$	28,497
Timothy International Fund			11,564			142,097

[97]

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

Board Annual Approval/Renewals of Advisory andSub-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 anin-person meeting held on February 14, 2020. 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, 2019, 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.

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 anotherone-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.

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

TheSub-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 14, 2020. The Board considered the following factors in arriving at its conclusions to renew the WestwoodSub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Westwood in light

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March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

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 WestwoodSub-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 WestwoodSub-Advisory Agreement for anotherone-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the WestwoodSub-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 WestwoodSub-Advisory Agreement renewal.

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

TheSub-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 14, 2020. The Board considered the following factors in arriving at its conclusions to renew the BHM&SSub-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&SSub-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&SSub-Advisory Agreement for anotherone-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the BHM&SSub-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&SSub-Advisory Agreement renewal.

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

TheSub-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 14, 2020. The Board considered the following factors in arriving at its conclusions to renew the ChartwellSub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Chartwell in light of

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Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

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 ChartwellSub-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 ChartwellSub-Advisory Agreement for anotherone-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the ChartwellSub-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 ChartwellSub-Advisory Agreement renewal.

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

TheSub-Advisory Agreement between the Trust, TPL and Macquarie Investment Management (“MIM”), 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 14, 2020. The Board considered the following factors in arriving at its conclusions to renew the MIMSub-Advisory Agreement for an additional year. First, the Board considered the fees charged by MIM in light of the services provided by MIM. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by MIM and paid out of the fees received by TPL were fair and reasonable in light of the services provided by MIM. Next, the Board discussed the nature, extent and quality of MIM’s services to the Fund, including the investment performance of the Fund under MIM’s investment management. The Board generally approved of MIM’s performance, noting that the Fund managed by MIM invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that MIM did not succumb to “style drift” in its management of the Fund’s assets, and that MIM 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 MIM’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether MIM’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 MIMSub-Advisory Agreement because MIM 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 MIMSub-Advisory Agreement for anotherone-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the MIMSub-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 MIMSub-Advisory Agreement renewal.

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

TheSub-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 14, 2020. The Board considered the following factors in arriving at its conclusions to renew the CoreSub-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

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Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

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 CoreSub-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 CoreSub-Advisory Agreement would be in the best interests of the Fund’s shareholders. In approving the renewal of the CoreSub-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 CoreSub-Advisory Agreement renewal.

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

TheSub-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 14, 2020. The Board considered the following factors in arriving at its conclusions to renew the EagleSub-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 EagleSub-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 EagleSub-Advisory Agreement for anotherone-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the EagleSub-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 EagleSub-Advisory Agreement renewal.

[101]

Expense Examples –(Unaudited)

March 31, 2020

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 entiresix-month period of October 1, 2019, through March 31, 2020.

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
	10/1/2019	3/31/2020	10/1/2019 through 3/31/2020
Actual - Class A *	$1,000.00	$   918.70	$  7.72
Hypothetical - Class A **	$1,000.00	$1,016.95	$  8.12
Actual - Class C *	$1,000.00	$   916.40	$11.31
Hypothetical - Class C **	$1,000.00	$1,013.20	$11.88
Actual - Class I *	$1,000.00	$   920.20	$  6.53
Hypothetical - Class I **	$1,000.00	$1,018.20	$  6.86

* Expenses are equal to the Fund’s annualized expense ratio of 1.61% for Class A, 2.36% for Class C and 1.36% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 (8.13)% for Class A, (8.36)% for Class C and (7.98)% for Class I for the period of October 1, 2019, to March 31, 2020.

** Assumes a 5% return before expenses.

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Expense Examples –(Unaudited) (Continued)

March 31, 2020

INTERNATIONAL FUND

	Beginning Account Value	Ending Account Value	Expenses Paid During Period
	10/1/2019	3/31/2020	10/1/2019 through 3/31/2020
Actual - Class A *	$1,000.00	$   853.80	$  7.92
Hypothetical - Class A **	$1,000.00	$1,016.45	$  8.62
Actual - Class C *	$1,000.00	$   851.10	$11.38
Hypothetical - Class C **	$1,000.00	$1,012.70	$12.38
Actual - Class I *	$1,000.00	$   855.40	$  6.77
Hypothetical - Class I **	$1,000.00	$1,017.70	$  7.36

* Expenses are equal to the Fund’s annualized expense ratio of 1.71% for Class A, 2.46% 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 183 days/366 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 (14.62)% for Class A, (14.89)% for Class C, and (14.46)% for Class I for the period of October 1, 2019, to March 31, 2020..

** Assumes a 5% return before expenses.

LARGE/MID CAP GROWTH FUND

	Beginning Account Value	Ending Account Value	Expenses Paid During Period
	10/1/2019	3/31/2020	10/1/2019 through 3/31/2020
Actual - Class A *	$1,000.00	$   868.90	$  6.96
Hypothetical - Class A **	$1,000.00	$1,017.55	$  7.52
Actual - Class C *	$1,000.00	$   866.20	$10.45
Hypothetical - Class C **	$1,000.00	$1,013.80	$11.28
Actual - Class I *	$1,000.00	$   870.10	$  5.80
Hypothetical - Class I **	$1,000.00	$1,018.80	$  6.26

* 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 183 days/366 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 (13.11)% for Class A, (13.38)% for Class C, and (12.99)% for Class I for the period of October 1, 2019, to March 31, 2020.

** Assumes a 5% return before expenses.

SMALL CAP VALUE FUND

	Beginning Account Value	Ending Account Value	Expenses Paid During Period
	10/1/2019	3/31/2020	10/1/2019 through 3/31/2020
Actual - Class A *	$1,000.00	$   708.00	$  6.06
Hypothetical - Class A **	$1,000.00	$1,017.90	$  7.16
Actual - Class C *	$1,000.00	$   705.10	$  9.25
Hypothetical - Class C **	$1,000.00	$1,014.15	$10.93
Actual - Class I *	$1,000.00	$   709.10	$  5.00
Hypothetical - Class I **	$1,000.00	$1,019.15	$  5.91

* Expenses are equal to the Fund’s annualized expense ratio of 1.42% for Class A, 2.17% for Class C and 1.17% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 (29.20)% for Class A, (29.49)% for Class C, and (29.09)% for Class I for the period of October 1, 2019, to March 31, 2020.

** Assumes a 5% return before expenses.

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Expense Examples –(Unaudited) (Continued)

March 31, 2020

LARGE/MID CAP VALUE FUND

	Beginning Account Value	Ending Account Value	Expenses Paid During Period
	10/1/2019	3/31/2020	10/1/2019 through 3/31/2020
Actual - Class A *	$1,000.00	$   818.10	$  6.41
Hypothetical - Class A **	$1,000.00	$1,017.95	$  7.11
Actual - Class C *	$1,000.00	$   815.10	$  9.80
Hypothetical - Class C **	$1,000.00	$1,014.20	$10.88
Actual - Class I *	$1,000.00	$   819.50	$  5.28
Hypothetical - Class I **	$1,000.00	$1,019.20	$  5.86

* Expenses are equal to the Fund’s annualized expense ratio of 1.41% for Class A, 2.16% for Class C, and 1.16% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 (18.19) % for Class A, (18.49)% for Class C, and (18.05)% for Class I for the period of October 1, 2019, to March 31, 2020.

** Assumes a 5% return before expenses.

FIXED INCOME FUND

	Beginning Account Value	Ending Account Value	Expenses Paid During Period
	10/1/2019	3/31/2020	10/1/2019 through 3/31/2020
Actual - Class A *	$1,000.00	$1,026.40	$5.52
Hypothetical - Class A **	$1,000.00	$1,019.55	$5.50
Actual - Class C *	$1,000.00	$1,022.30	$9.30
Hypothetical - Class C **	$1,000.00	$1,015.80	$9.27
Actual - Class I *	$1,000.00	$1,028.00	$4.26
Hypothetical - Class I **	$1,000.00	$1,020.80	$4.24

* Expenses are equal to the Fund’s annualized expense ratio of 1.09% for Class A, 1.84% for Class C, and 0.84% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 2.64% for Class A, 2.23% for Class C, and 2.80% for Class I for the period of October 1, 2019, to March 31, 2020.

** Assumes a 5% return before expenses.

HIGH YIELD BOND FUND

	Beginning Account Value	Ending Account Value	Expenses Paid During Period
	10/1/2019	3/31/2020	10/1/2019 through 3/31/2020
Actual - Class A *	$1,000.00	$   869.00	$5.75
Hypothetical - Class A **	$1,000.00	$1,018.85	$6.21
Actual - Class C *	$1,000.00	$   865.70	$9.24
Hypothetical - Class C **	$1,000.00	$1,015.10	$9.97
Actual - Class I *	$1,000.00	$   870.20	$4.58
Hypothetical - Class I **	$1,000.00	$1,020.10	$4.95

** Expenses are equal to the Fund’s annualized expense ratio of 1.23% for Class A, 1.98% for Class C, and 0.98% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 (13.10)% for Class A, (13.43)% for Class C, and (12.98)% for Class I for the period of October 1, 2019, to March 31, 2020.

** Assumes a 5% return before expenses.

[104]

Expense Examples –(Unaudited) (Continued)

March 31, 2020

DEFENSIVE STRATEGIES FUND

	Beginning Account Value	Ending Account Value	Expenses Paid During Period
	10/1/2019	3/31/2020	10/1/2019 through 3/31/2020
Actual - Class A *	$1,000.00	$   893.90	$  7.01
Hypothetical - Class A **	$1,000.00	$1,017.60	$  7.47
Actual - Class C *	$1,000.00	$   891.00	$10.54
Hypothetical - Class C **	$1,000.00	$1,013.85	$11.23
Actual - Class I *	$1,000.00	$   894.70	$  5.83
Hypothetical - Class I **	$1,000.00	$1,018.85	$  6.21

* Expenses are equal to the Fund’s annualized expense ratio of 1.48% for Class A, 2.23% for Class C and 1.23% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 (10.61)% for Class A, (10.90)% for Class C and (10.53)% for Class I for the period of October 1, 2019, to March 31, 2020.

** Assumes a 5% return before expenses.

STRATEGIC GROWTH FUND

	Beginning Account Value	Ending Account Value	Expenses Paid During Period
	10/1/2019	3/31/2020	10/1/2019 through 3/31/2020
Actual - Class A *	$1,000.00	$   862.10	$5.21
Hypothetical - Class A **	$1,000.00	$1,019.40	$5.65
Actual - Class C *	$1,000.00	$   859.00	$8.69
Hypothetical - Class C **	$1,000.00	$1,015.65	$9.42

* Expenses are equal to the Fund’s annualized expense ratio of 1.12% for Class A and 1.87% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 (13.79)% for Class A and (14.10)% for Class C for thesix-month period of October 1, 2019, to March 31, 2020.

** Assumes a 5% return before expenses.

CONSERVATIVE GROWTH FUND

	Beginning Account Value	Ending Account Value	Expenses Paid During Period
	10/1/2019	3/31/2020	10/1/2019 through 3/31/2020
Actual - Class A *	$1,000.00	$   904.30	$5.19
Hypothetical - Class A **	$1,000.00	$1,019.55	$5.50
Actual - Class C *	$1,000.00	$   899.90	$8.74
Hypothetical - Class C **	$1,000.00	$1,015.80	$9.27

* Expenses are equal to the Fund’s annualized expense ratio of 1.09% for Class A and 1.84% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 (9.57)% for Class A and (10.01)% for Class C for thesix-month period of October 1, 2019, to March 31, 2020.

** Assumes a 5% return before expenses.

[105]

Expense Examples –(Unaudited) (Continued)

March 31, 2020

ISRAEL COMMON VALUES FUND

	Beginning Account Value	Ending Account Value	Expenses Paid During Period
	10/1/2019	3/31/2020	10/1/2019 through 3/31/2020
Actual - Class A *	$1,000.00	$   813.20	$  7.93
Hypothetical - Class A **	$1,000.00	$1,016.25	$  8.82
Actual - Class C *	$1,000.00	$   810.00	$11.31
Hypothetical - Class C **	$1,000.00	$1,012.50	$12.58
Actual - Class I *	$1,000.00	$   814.20	$  6.80
Hypothetical - Class I **	$1,000.00	$1,017.50	$  7.57

* Expenses are equal to the Fund’s annualized expense ratio of 1.75% for Class A, 2.50% for Class C and 1.50% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 (18.68)% for Class A, (19.00)% for Class C and (18.58)% for Class I for the period of October 1, 2019, to March 31, 2020.

** Assumes a 5% return before expenses.

GROWTH & INCOME FUND

	Beginning Account Value	Ending Account Value	Expenses Paid During Period
	10/1/2019	3/31/2020	10/1/2019 through 3/31/2020
Actual - Class A *	$1,000.00	$   862.50	$  7.26
Hypothetical - Class A **	$1,000.00	$1,017.20	$  7.87
Actual - Class C *	$1,000.00	$   859.50	$10.74
Hypothetical - Class C **	$1,000.00	$1,013.45	$11.63
Actual - Class I ***	$1,000.00	$   864.70	$  6.11
Hypothetical - Class I **	$1,000.00	$1,018.45	$  6.61

* Expenses are equal to the Fund’s annualized expense ratio of 1.56% for Class A, 2.31% for Class C and 1.31% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 (13.75)% for Class A, (14.05)% for Class C and (13.53)% for Class I for the period of October 1, 2019, to March 31, 2020.

** Assumes a 5% return before expenses.

[106]

Liquidity Risk Management Program(Unaudited)

March 31, 2020

Timothy Plan Family of Funds

The Funds have adopted and implemented a written liquidity risk management program as required by Rule22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of a Liquidity Program Administrator (LPA) comprised of the Trust’s Liquidity Risk Management Program Committee, which includes representatives from the Funds’ investment adviser and liquidity consultant. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The LPA updated its assessment of each Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended November 30, 2019 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception on December 1, 2018 (the “Review Period”) in order to prepare a written report for the Board of Trustees (the “Report”) for consideration at its meeting held in February, 2020.

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

[107]

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 areno longerour 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-	Yes	No
Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.
For our marketing purposes-	No	We don’t share
to offer our products and services to you.
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes-	Yes	No
information about your transactions and experiences.
For our affiliates’ everyday business purposes-	No	We don’t share
information about your creditworthiness
Fornon-affiliates to market to you	No	We don’t share

  Questions?   Call 800-662-0201

[108]

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 personal information?	We collect your personal information, for example, when you •    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 fornon-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 andnon-financial companies. •    The Timothy Plan does not share withnon-affiliates so they can market to you.
Joint marketing	A formal agreement betweennon-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. Theday-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.

[109]

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 1ST AND 3RD FISCAL QUARTER PORTFOLIO HOLDINGS

The Trust files a complete listing of the Fund’s portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on FormN-Q or as an exhibit to its reports on FormN-Q’s successor form, FormN-PORT. The filings are available free of charge, upon request, by calling the Trusttoll-free at1-800-662-0201. Furthermore, you may obtain a copy of these filings on the SEC’s website at www.sec.gov.

[110]

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

Terry Covert, Vice President

Cheryl Mumbert, Vice President

David D. Jones, Chief Compliance Officer

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

Ultimus Fund Solutions, LLC

4221 N. 203^rd St, Suite 100

Elkhorn, NE 68022-3474

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

1350 Euclid Ave., Suite 800

Cleveland, OH 44115

LEGAL COUNSEL

David D Jones, Esq.

20770 Hwy 281 N., Suite108-619

San Antonio, TX 78258

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.

HEADQUARTERS

The Timothy Plan

1055 Maitland Center Commons

Maitland, Florida 32751

(800)846-7526

www.timothyplan.com

invest@timothyplan.com

SHAREHOLDER SERVICES

Ultimus Fund Solutions, LLC

4221 N. 203^rd St, Suite 100

Elkhorn, NE 68022-3474

(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 forClosed-End Funds. NOT APPLICABLE – applies toclosed-end funds only

Item 8. Portfolio Managers ofClosed-End Management Investment Companies. NOT APPLICABLE – applies toclosed-end funds only

Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.NOT APPLICABLE – applies toclosed-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 FormsN-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. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

NOT APPLICABLE.

Item 13. 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 Rule30a-2 under 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

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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
Date	6/9/20

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	6/9/20

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