Timothy Plan US Large/Mid Cap Core ETF (TPLC) NPORT-P Timothy Plan Conservative Growth Fund (Jun 2020 report)

Schedule of Investments |Aggressive Growth Fund

As of June 30, 2020 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 93.5%
		APPAREL - 2.9%
	4,305	Deckers Outdoor Corp. *	$	845,459
		BIOTECHNOLOGY - 2.7%
	6,341	United Therapeutics Corp. *		767,261
		COMMERCIAL SERVICES - 6.8%
	4,937	ASGN, Inc. *		329,199
	6,580	FTI Consulting, Inc. *		753,739
	1,134	MarketAxess Holdings, Inc.		568,043
	3,775	TransUnion		328,576
				1,979,557
		COMPUTERS - 7.0%
	3,801	EPAM Systems, Inc. *		957,890
	6,428	Genpact Ltd.		234,751
	16,314	Rapid7, Inc. *		832,340
				2,024,981
		DISTRIBUTION/WHOLESALE - 0.9%
	6,410	IAA, Inc. *		247,234
		ELECTRONICS - 1.2%
	3,462	Fortive Corp.		234,239
	1,539	Woodward, Inc.		119,349
				353,588
		HEALTHCARE - PRODUCTS - 13.0%
	5,736	DENTSPLY SIRONA, Inc.		252,728
	9,138	Edwards Lifesciences Corp. *		631,527
	2,400	Hill-Rom Holdings, Inc.		263,472
	2,888	Insulet Corp. *		561,023
	4,293	Quidel Corp. *		960,517
	1,666	STERIS PLC		255,631
	2,278	Teleflex, Inc.		829,146
				3,754,044
		HEALTHCARE - SERVICES - 5.1%
	5,846	Addus HomeCare Corp. *		541,106
	3,801	ICON PLC *		640,316
	1,739	LHC Group, Inc*		303,143
				1,484,565
		HOUSEHOLD PRODUCTS/WARES - 2.2%
	3,417	Helen of Troy Ltd. *		644,310
		INSURANCE - 0.9%
	2,563	Arthur J Gallagher & Co.		249,867
		MACHINERY - CONSTRUCTION & MINING - 0.9%
	3,759	Oshkosh Corp.		269,220
		MISCELLANEOUS MANUFACTURING - 1.1%
	3,448	Trane Technologies PLC		306,803
		PACKAGING & CONTAINERS - 3.6%
	16,106	Crown Holdings, Inc. *		1,048,984

Schedule of Investments |Aggressive Growth Fund

As of June 30, 2020 (Unaudited) (Continued)

Shares			Fair Value
		PHARMACEUTICALS - 6.9%
	997	DexCom, Inc. *	$	404,184
	23,954	Horizon Therapeutics PLC *		1,331,363
	1,596	Sarepta Therapeutics, Inc. *		255,903
				1,991,450
		RETAIL - 4.9%
	19,076	Bloomin’ Brands, Inc.		203,350
	2,527	Burlington Stores, Inc. *		497,642
	650	Domino’s Pizza, Inc.		240,136
	4,854	Ollie’s Bargain Outlet Holdings, Inc. *		473,993
				1,415,121
		SEMICONDUCTORS - 9.5%
	11,175	Advanced Micro Devices, Inc. *		587,917
	1,742	Lam Research Corp.		563,467
	8,672	Marvell Technology Group Ltd.		304,040
	3,981	Monolithic Power System, Inc.		943,497
	3,442	Xilinx, Inc.		338,658
				2,737,579
		SOFTWARE - 23.2%
	6,481	Akamai Technologies, Inc. *		694,050
	1,091	ANSYS, Inc. *		318,277
	2,356	DocuSign, Inc. *		405,727
	6,744	Fidelity National Information Services, Inc.		904,303
	4,792	Fiserv, Inc. *		467,795
	1,576	MSCI, Inc.		526,100
	27,450	Nutanix, Inc. *		650,702
	4,703	RingCentral, Inc. *		1,340,402
	1,851	ServiceNow, Inc. *		749,766
	2,869	Twilio, Inc. *		629,516
				6,686,638
		TEXTILES - 0.7%
	1,164	UniFirst Corp.		208,298
		TOTAL COMMON STOCK (Cost $20,728,976)		27,014,959
		REITs - 3.2%
	19,102	Physicians Realty Trust		334,667
	3,173	Prologis, Inc.		296,136
	9,259	STAG Industrial, Inc.		271,474
		TOTAL REITs (Cost $808,140)		902,277
		MONEY MARKET FUND - 3.4%
	986,752	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (A) (Cost $986,752)		986,752
		TOTAL INVESTMENTS - 100.1% (Cost $22,523,868)	$	28,903,988
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%		(15,734	)
		NET ASSETS - 100.0%	$	28,888,254

* Non-income producing securities.

PLC - Public Limited Co.

REITs - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at June 30, 2020.

Schedule of Investments | International Fund

As of June 30, 2020 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 95.7%
		AUTO PARTS & EQUIPMENT - 3.3%
	37,300	Magna International, Inc. - Class A	$	1,660,969
	83,300	Valeo SA (ADR)		1,090,397
				2,751,366
		BANKS - 7.8%
	123,700	Banco Bradesco SA (ADR)		471,297
	36,839	DBS Group Holdings Ltd. (ADR)		2,215,866
	91,000	DNB ASA (ADR) *		1,202,110
	119,300	ICICI Bank Ltd. (ADR)		1,108,297
	50,600	KBC Group NV (ADR)		1,461,328
				6,458,898
		BUILDING MATERIALS - 1.5%
	52,600	Xinyi Glass Holdings Ltd. (ADR)		1,225,580
		CHEMICALS - 1.8%
	15,900	Arkema SA (ADR)		1,512,058
		COMMERCIAL SERVICES - 3.6%
	33,700	Amadeus IT Group SA (ADR)		1,763,184
	9,000	Ashtead Group PLC (ADR)		1,210,230
				2,973,414
		COSMETICS/PERSONAL CARE - 1.7%
	90,000	Kao Corp. (ADR)		1,424,700
		DIVERSIFIED FINANCIAL SERVICES - 5.6%
	124,000	Deutsche Boerse AG (ADR)		2,246,880
	21,000	ORIX Corp. (ADR)		1,293,600
	31,500	Pagseguro Digital Ltd. *		1,113,210
				4,653,690
		ELECTRIC - 3.5%
	258,000	Enel SpA (ADR)		2,211,060
	128,900	Power Assets Holdings Ltd. (ADR)		703,794
				2,914,854
		ELECTRONICS - 2.1%
	18,000	Hoya Corp. (ADR)		1,720,260
		ENGINEERING & CONSTRUCTION - 3.4%
	121,000	Vinci SA (ADR)		2,831,400
		FOOD - 4.5%
	18,000	Kerry Group PLC (ADR)		2,287,800
	75,000	Mowi ASA (ADR)		1,428,000
				3,715,800
		HAND/MACHINE TOOLS - 4.5%
	76,650	Techtronic Industries Co. (ADR)		3,732,855
		HEALTHCARE - PRODUCTS - 4.6%
	35,300	Alcon, Inc. *		2,023,396
	45,400	Smith & Nephew PLC (ADR)		1,730,648
				3,754,044
		HEALTHCARE - SERVICES - 2.4%
	46,000	Fresenius Medical Care AG & Co. (ADR) *		1,990,880
		INSURANCE - 7.2%
	30,700	Ageas (ADR)		1,085,859
	69,000	AIA Group Ltd. (ADR)		2,580,600
	40,200	Muenchener Rueckversicherungs AG (ADR)		1,050,627
	72,600	Sampo Oyj (ADR)		1,248,357
				5,965,443

Schedule of Investments | International Fund

As of June 30, 2020 (Unaudited) (Continued)

Shares			Fair Value
		INTERNET - 6.8%
	12,900	Pinduoduo, Inc. (ADR) *	$	1,107,336
	34,000	Tencent Holdings Ltd. (ADR)		2,176,000
	45,700	Yandex NV *		2,285,914
				5,569,250
		LEISURE TIME - 2.3%
	99,000	Shimano, Inc. (ADR)		1,901,790
		MACHINERY - DIVERSIFIED - 3.7%
	53,500	Atlas Copco AB (ADR)		1,988,595
	57,000	FANUC Corp. (ADR)		1,015,740
				3,004,335
		MINING - 1.7%
	24,500	Rio Tinto PLC (ADR)		1,376,410
		OFFICE/BUSINESS EQUIPMENT - 1.1%
	21,438	FUJIFILM Holdings Corp. (ADR)		918,404
		OIL & GAS - 3.6%
	55,100	Eni SpA (ADR)		1,061,777
	103,000	Equinor ASA (ADR)		1,491,440
	49,659	Petroleo Brasileiro SA (ADR)		395,782
				2,948,999
		RETAIL - 1.8%
	66,000	Pan Pacific International Holdings Corp. (ADR)		1,457,280
		SEMICONDUCTORS - 5.8%
	6,550	ASML Holding NV (ADR)		2,410,597
	11,000	NXP Semiconductors NV		1,254,440
	20,000	Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		1,135,400
				4,800,437
		SOFTWARE - 2.2%
	42,640	Open Text Corp.		1,811,347
		TELECOMMUNICATIONS - 5.7%
	14,200	Nice Ltd. (ADR) *		2,687,208
��	86,300	Nippon Telegraph & Telephone Corp. (ADR)		2,005,612
				4,692,820
		TRANSPORTATION - 3.5%
	11,300	Canadian Pacific Railway Ltd.		2,885,342
		TOTAL COMMON STOCK (Cost $69,419,988)		78,991,656
		MONEY MARKET FUND - 4.1%
	3,366,191	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (A) (Cost $3,366,191)		3,366,191
		TOTAL INVESTMENTS - 99.8% (Cost $72,786,179)	$	82,357,847
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.2%		128,793
		NET ASSETS - 100.0%	$	82,486,640

* Non-income producing securities.

ADR - American Depositary Receipt.

PLC - Public Limited Co.

(A) Variable rate security; the rate shown represents the yield at June 30, 2020.

Schedule of Investments | International Fund

As of June 30, 2020 (Unaudited) (Continued)

Diversification of Assets
Country	% of Net Assets
Japan		14.2	%
Hong Kong		10.0	%
Canada		7.7	%
France		6.6	%
Germany		6.4	%
United Kingdom		5.2	%
Norway		5.0	%
Netherlands		4.4	%
China		4.0	%
Italy		4.0	%
Israel		3.3	%
Belgium		3.1	%
Ireland		2.8	%
Russia		2.8	%
Singapore		2.7	%
Switzerland		2.4	%
Sweden		2.4	%
Brazil		2.4	%
Spain		2.1	%
Finland		1.5	%
Taiwan		1.4	%
India		1.3	%
Total		95.7	%
Money Market Fund		4.1	%
Other Assets Less Liabilities - Net		0.2	%
Grand Total		100.0	%

Schedule of Investments | Large/Mid Cap Growth Fund

As of June 30, 2020 (Unaudited)

Shares				Fair Value
		COMMON STOCK - 76.9%
		AEROSPACE/DEFENSE - 1.4%
	8,499	General Dynamics Corp.		$	1,270,261
		BANKS - 0.5%
	11,170	Western Alliance Bancorp			423,008
		BIOTECHNOLOGY - 2.6%
	2,920	Amgen, Inc.			688,711
	5,599	Vertex Pharmaceuticals, Inc. *			1,625,446
					2,314,157
		CHEMICALS - 2.1%
	11,057	FMC Corp.			1,101,498
	3,543	Linde PLC			751,506
					1,853,004
		COMMERCIAL SERVICES - 1.7%
	5,556	Grand Canyon Education, Inc. *			502,985
	2,013	MarketAxess Holdings, Inc.			1,008,352
					1,511,337
		COMPUTERS - 4.1%
	5,251	EPAM Systems, Inc. *			1,323,305
	26,736	Rapid7, Inc. *			1,364,071
	21,663	Western Digital Corp.			956,421
					3,643,797
		DIVERSIFIED FINANCIAL SERVICES - 1.6%
	15,108	Intercontinental Exchange, Inc.			1,383,893
		ELECTRIC - 0.9%
	31,605	PPL Corp.			816,673
		ELECTRICAL COMPONENTS & EQUIPMENT - 1.2%
	16,954	Emerson Electric Co.	��		1,051,657
		ELECTRONICS - 5.6%
	18,342	Amphenol Corp. - Class A			1,757,347
	14,302	Fortive Corp.			967,673
	15,481	Honeywell International, Inc.			2,238,398
					4,963,418
		FOOD - 1.5%
	7,234	McCormick & Co., Inc.			1,297,852
		HEALTHCARE - PRODUCTS - 7.4%
	6,950	Baxter International, Inc.			598,395
	5,185	Danaher Corp.			916,864
	17,062	Edwards Lifesciences Corp. *			1,179,155
	6,152	Insulet Corp. *			1,195,088
	2,060	Intuitive Surgical, Inc. *			1,173,850
	4,108	Teleflex, Inc.			1,495,230
					6,558,582
		HEALTHCARE - SERVICES - 1.2%
	7,672	IQVIA Holdings, Inc. *			1,088,503
		INSURANCE - 2.4%
	21,680	Arthur J. Gallagher & Co.			2,113,583
		INTERNET - 4.1%
	20,905	CDW Corp.			2,428,743
	5,192	Palo Alto Networks, Inc. *			1,192,447
					3,621,190
		MACHINERY - CONSTRUCTION & MINING - 1.6%
	5,730	Caterpillar, Inc.			724,845
	9,539	Oshkosh Corp.			683,183
					1,408,028
		MACHINERY - DIVERSIFIED - 1.1%
	14,942	Xylem, Inc.			970,632

Schedule of Investments | Large/Mid Cap Growth Fund

As of June 30, 2020 (Unaudited) (Continued)

Shares			Fair Value
		OIL & GAS - 0.6%
	13,772	ConocoPhillips	$	578,699
		PHARMACEUTICALS - 5.1%
	6,813	Neurocrine Biosciences, Inc. *		831,186
	6,183	Sarepta Therapeutics, Inc. *		991,382
	19,378	Zoetis, Inc.		2,655,561
				4,478,129
		RETAIL - 7.9%
	5,993	Burlington Stores, Inc. *		1,180,201
	6,435	Costco Wholesale Corp.		1,951,156
	10,490	Dollar General Corp.		1,998,450
	2,516	Lululemon Athletica, Inc. *		785,017
	2,506	O’Reilly Automotive, Inc. *		1,056,705
				6,971,529
		SEMICONDUCTORS - 14.3%
	34,540	Advanced Micro Devices, Inc. *		1,817,149
	5,821	Broadcom Ltd.		1,837,166
	23,741	Maxim Integrated Products, Inc.		1,438,942
	28,516	Micron Technology, Inc. *		1,469,144
	5,253	Monolithic Power Systems, Inc.		1,244,961
	8,428	NVIDIA Corp.		3,201,881
	14,726	NXP Semiconductors NV		1,679,353
				12,688,596
		SOFTWARE - 6.7%
	9,399	Fidelity National Information Services, Inc.		1,260,312
	6,777	ServiceNow, Inc. *		2,745,092
	9,698	Synopsys, Inc. *		1,891,110
				5,896,514
		TRANSPORTATION - 1.3%
	4,483	Canadian Pacific Railway Ltd.		1,144,689
		TOTAL COMMON STOCK (Cost $52,215,486)		68,047,731
		EXCHANGE TRADED FUND (A) - 20.2%
	720,000	Timothy Plan U.S. Large Cap Core ETF (Cost $18,061,200)		17,870,400
		MONEY MARKET FUND - 3.0%
	2,626,916	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (B) (Cost $2,626,916)		2,626,916
		TOTAL INVESTMENTS - 100.1% (Cost $72,903,602)	$	88,545,047
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%		(59,093	)
		NET ASSETS - 100.0%	$	88,485,954

* Non-income producing securities.

ETF - Exchange Traded Fund.

PLC - Public Limited Co.

(A) Affiliated Fund.

(B) Variable rate security; the rate shown represents the yield at June 30, 2020.

Schedule of Investments | Small Cap Value Fund

As of June 30, 2020 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 79.4%
		AEROSPACE/DEFENSE - 1.6%
	42,559	Kaman Corp.	$	1,853,654
		APPAREL - 1.6%
	41,293	Oxford Industries, Inc.		1,817,305
		AUTO PARTS & EQUIPMENT - 0.5%
	15,135	Douglas Dynamics, Inc.		531,541
		BANKS - 10.6%
	41,870	Central Pacific Financial Corp.		671,176
	43,591	Columbia Banking System, Inc.		1,235,587
	129,902	Great Western Bancorp, Inc.		1,787,452
	75,353	Heritage Commerce Corp.		565,524
	113,857	Hilltop Holdings, Inc.		2,100,662
	31,888	International Bancshares Corp.		1,021,054
	85,390	Renasant Corp.		2,126,211
	77,114	Sandy Spring Bancorp, Inc.		1,910,885
	34,900	Trustmark Corp.		855,748
				12,274,299
		BUILDING MATERIALS - 2.0%
	45,880	UFP Industries, Inc.		2,271,519
		CHEMICALS - 2.5%
	23,468	Innospec, Inc.		1,812,903
	40,165	PolyOne Corp.		1,053,528
				2,866,431
		COMMERCIAL SERVICES - 3.0%
	26,100	Monro, Inc.		1,433,934
	82,091	Repay Holdings Corp. *		2,021,901
				3,455,835
		DIVERSIFIED FINANCIAL SERVICES - 2.4%
	16,613	Houlihan Lokey, Inc.		924,347
	58,271	Moelis & Co.		1,815,724
				2,740,071
		ELECTRIC - 5.2%
	57,534	Avista Corp.		2,093,662
	36,263	NorthWestern Corp.		1,977,059
	52,140	PNM Resources, Inc.		2,004,262
				6,074,983
		ELECTRICAL COMPONENTS & EQUIPMENT - 1.8%
	13,511	Novanta, Inc. *		2,083,190
		ENGINEERING & CONSTRUCTION - 1.9%
	54,142	Comfort Systems USA, Inc.		2,206,287
		FOOD - 3.6%
	174,221	Hostess Brands, Inc. *		2,128,981
	16,115	J & J Snack Foods Corp.		2,048,700
				4,177,681
		GAS - 1.5%
	67,648	South Jersey Industries, Inc.		1,690,524
		HEALTHCARE - PRODUCTS - 4.4%
	25,664	CONMED Corp.		1,847,551
	49,404	Merit Medical Systems, Inc. *		2,255,293
	47,351	Patterson Cos, Inc.		1,041,722
				5,144,566
		HEALTHCARE - SERVICES - 1.8%
	29,361	Magellan Health, Inc. *		2,142,766
		HOME BUILDERS - 2.7%
	70,055	Century Communities, Inc. *		2,147,886
	14,672	Installed Building Products, Inc. *		1,009,140
				3,157,026

Schedule of Investments | Small Cap Value Fund

As of June 30, 2020 (Unaudited) (Continued)

Shares			Fair Value
		HOUSEHOLD PRODUCTS/WARES - 1.8%
	63,286	Central Garden & Pet Co. *	$	2,138,434
		INSURANCE - 5.7%
	61,502	Argo Group International Holdings Ltd.		2,142,115
	76,685	BRP Group, Inc. *		1,324,350
	48,365	James River Group Holdings Ltd.		2,176,425
	23,708	Mercury General Corp.		966,101
				6,608,991
		INTERNET - 1.0%
	59,988	1-800-Flowers.com, Inc. *		1,200,960
		MACHINERY - DIVERSIFIED - 3.9%
	10,985	Alamo Group, Inc.		1,127,500
	66,981	Altra Industrial Motion Corp.		2,134,015
	35,852	Columbus McKinnon Corp.		1,199,249
				4,460,764
		MISCELLANEOUS MANUFACTURER - 1.9%
	72,840	Federal Signal Corp.		2,165,533
		OFFICE FURNISHINGS - 1.6%
	155,623	Knoll, Inc.		1,897,044
		OIL & GAS - 0.7%
	69,900	PDC Energy, Inc. *		869,556
		RETAIL - 4.8%
	51,820	BJ’s Wholesale Club Holdings, Inc. *		1,931,331
	179,402	Bloomin’ Brands, Inc.		1,912,425
	21,390	Papa John’s International, Inc.		1,698,580
				5,542,336
		SAVINGS & LOANS - 2.3%
	15,631	Berkshire Hills Bancorp, Inc.		172,254
	28,500	Provident Financial Services, Inc.		411,825
	76,966	Washington Federal, Inc.		2,065,767
				2,649,846
		SEMICONDUCTORS - 3.2%
	114,904	Amkor Technology, Inc. *		1,414,468
	78,932	Lattice Semiconductor Corp. *		2,240,880
				3,655,348
		SOFTWARE - 1.9%
	30,399	Omnicell, Inc. *		2,146,777
		TELECOMMUNICATIONS - 1.8%
	167,750	Viavi Solutions, Inc. *		2,137,135
		TEXTILES - 1.7%
	11,115	UniFirst Corp.		1,989,029
		TOTAL COMMON STOCK (Cost $96,921,670)		91,949,431
		EXCHANGE TRADED FUND (A) - 10.5%
	580,000	Timothy Plan U.S. Small Cap Core ETF (Cost $14,834,080)		12,108,544
		REITs - 8.2%
	144,344	Columbia Property Trust, Inc.		1,896,680
	87,110	Easterly Government Properties, Inc.		2,013,983
	64,377	National Storage Affiliates Trust		1,845,045
	42,522	PotlatchDeltic Corp.		1,617,112
	17,666	RPT Realty		122,955
	173,912	Summit Hotel Properties, Inc.		1,031,298
	19,159	Terreno Realty Corp.		1,008,530
		TOTAL REITs (Cost $11,662,028)		9,535,603

Schedule of Investments | Small Cap Value Fund

As of June 30, 2020 (Unaudited) (Continued)

Shares			Fair Value
		MONEY MARKET FUND - 1.8%
	2,107,001	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (B) (Cost $2,107,001)	$	2,107,001
		TOTAL INVESTMENTS - 99.9% (Cost $125,524,779)	$	115,700,579
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.1%		112,735
		NET ASSETS - 100.0%	$	115,813,314

* Non-income producing securities.

ETF - Exchange Traded Fund.

REITs - Real Estate Investment Trust.

(A) Affiliated Fund.

(B) Variable rate security; the rate shown represents the yield at June 30, 2020.

Schedule of Investments | Large/Mid Cap Value Fund

As of June 30, 2020 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 71.5%
		AEROSPACE/DEFENSE - 1.9%
	23,898	General Dynamics Corp.	$	3,571,795
		BANKS - 3.8%
	45,316	East West Bancorp, Inc.		1,642,252
	88,155	TCF Financial Corp.		2,593,520
	75,095	Western Alliance Bancorp		2,843,848
				7,079,620
		CHEMICALS - 2.2%
	7,298	Sherwin-Williams Co.		4,217,149
		COMMERCIAL SERVICES - 2.5%
	27,122	Equifax, Inc.		4,661,729
		COMPUTERS - 4.0%
	15,401	CACI International, Inc. *		3,340,169
	112,447	Genpact Ltd.		4,106,565
				7,446,734
		DIVERSIFIED FINANCIAL SERVICES - 1.9%
	39,774	Intercontinental Exchange, Inc.		3,643,298
		ELECTRIC - 3.9%
	64,757	CMS Energy Corp.		3,783,104
	41,385	WEC Energy Group, Inc.		3,627,395
				7,410,499
		ELECTRONICS - 7.3%
	43,292	Amphenol Corp. - Class A		4,147,807
	24,316	Honeywell International, Inc.		3,515,850
	15,034	Hubbell, Inc.		1,884,662
	41,990	PerkinElmer, Inc.		4,118,799
				13,667,118
		FOOD - 6.3%
	35,640	JM Smucker Co.		3,771,068
	57,560	Lamb Weston Holdings, Inc.		3,679,811
	24,865	McCormick & Co., Inc.		4,461,030
				11,911,909
		HEALTHCARE - PRODUCTS - 4.8%
	40,725	Dentsply Sirona, Inc.		1,794,344
	23,610	STERIS PLC		3,622,718
	29,479	Zimmer Biomet Holdings, Inc.		3,518,613
				8,935,675
		INSURANCE - 5.7%
	38,848	Arthur J. Gallagher & Co.		3,787,292
	33,255	Assurant, Inc.		3,434,909
	16,942	Everest Re Group Ltd.		3,493,440
				10,715,641
		MACHINERY - DIVERSIFIED - 1.6%
	34,530	Curtiss-Wright Corp.		3,082,838
		MEDIA - 4.0%
	2,210	Cable One, Inc.		3,922,419
	29,725	Liberty Broadband Corp. *		3,684,711
				7,607,130
		MISCELLANEOUS MANUFACTURING - 1.2%
	24,701	Eaton Corp. PLC		2,160,844
		OIL & GAS - 1.2%
	44,205	EOG Resources, Inc.		2,239,425

Schedule of Investments | Large/Mid Cap Value Fund

As of June 30, 2020 (Unaudited) (Continued)

Shares			Fair Value
		RETAIL - 4.6%
	20,954	Dollar General Corp.	$	3,991,947
	35,258	Tractor Supply Co.		4,646,652
				8,638,599
		SEMICONDUCTORS - 8.0%
	74,045	Micron Technology, Inc. *		3,814,798
	22,970	Monolithic Power Systems, Inc.		5,443,890
	15,120	NVIDIA Corp.		5,744,239
				15,002,927
		SOFTWARE - 4.4%
	47,475	Cadence Design Systems, Inc. *		4,555,701
	10,890	Tyler Technologies, Inc. *		3,777,523
				8,333,224
		TRANSPORTATION - 2.2%
	24,173	Union Pacific Corp.		4,086,929
		TOTAL COMMON STOCK (Cost $115,507,258)		134,413,083
		EXCHANGE TRADED FUNDS (A) - 22.8%
	920,000	Timothy Plan High Dividend Stock ETF		20,138,800
	920,000	Timothy Plan U.S. Large Cap Core ETF		22,834,400
		TOTAL EXCHANGE TRADED FUNDS (Cost $46,064,400)		42,973,200
		REITs - 3.9%
	22,844	Crown Castle International Corp.		3,822,943
	18,648	Public Storage		3,578,365
		TOTAL REITs (Cost $7,173,838)		7,401,308
		MONEY MARKET FUND - 1.9%
	3,556,161	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (B) (Cost $3,556,161)		3,556,161
		TOTAL INVESTMENTS - 100.1% (Cost $172,301,657)	$	188,343,752
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%		(200,298	)
		NET ASSETS - 100.0%	$	188,143,454

* 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 June 30, 2020.

Schedule of Investments | Fixed Income Fund

As of June 30, 2020 (Unaudited)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		BONDS & NOTES - 97.5%
		CORPORATE BONDS - 25.6%
$	1,000,000	ABB Finance USA, Inc.	2.875	5/8/2022	$	1,038,978
	1,000,000	American Electric Power	3.200	11/13/2027		1,099,367
	500,000	Analog Devices, Inc.	3.900	12/15/2025		570,007
	1,000,000	Aptiv Corp.	4.150	3/15/2024		1,068,000
	1,000,000	Canadian Pacific RR Co.	2.900	2/1/2025		1,084,967
	1,000,000	CBOE Holdings, Inc.	3.650	1/12/2027		1,125,203
	1,000,000	Columbia Pipeline Group, Inc.	4.500	6/1/2025		1,137,137
	1,000,000	CSX Corp.	3.250	6/1/2027		1,119,111
	500,000	Digital Realty Trust LP	3.700	8/15/2027		570,754
	500,000	Dollar General Corp.	4.125	5/1/2028		585,561
	865,000	Dominion Energy, Inc.	2.579	7/1/2020		865,000
	750,000	Eaton Corp.	2.750	11/2/2022		789,223
	1,000,000	Enable Midstream Partners LP	3.900	5/15/2024		980,051
	855,000	European Investment Bank	2.375	6/15/2022		890,692
	880,000	Healthpeak Properties, Inc.	3.500	7/15/2029		959,863
	880,211	John Sevier Combined Cycle Generation LLC	4.626	1/15/2042		1,117,104
	1,000,000	Kennametal, Inc.	3.875	2/15/2022		1,037,947
	865,000	Kreditanstalt fuer Wiederaufbau	2.125	6/15/2022		897,192
	800,000	LYB International Finance BV	4.000	7/15/2023		868,231
	855,000	National Rural Utilities Cooperative Finance Corp.	2.950	2/7/2024		915,987
	1,500,000	NiSource Finance Corp.	3.490	5/15/2027		1,698,844
	1,000,000	Nutrien Ltd.	4.000	12/15/2026		1,128,841
	1,000,000	Phillips 66 Partners LP	3.605	2/15/2025		1,068,595
	870,000	Province of Ontario Canada	2.500	4/27/2026		952,108
	865,000	Province of Quebec Canada	2.375	1/31/2022		891,947
	700,000	Sunoco Logistics Partners LP	4.250	4/1/2024		749,346
	1,200,000	Ventas Realty LP/CAP Corp.	3.250	8/15/2022		1,228,677
	830,000	WEC Energy Group, Inc.	3.550	6/15/2025		925,456
	1,000,000	Zimmer Biomet Holdings, Inc.	3.700	3/19/2023		1,063,405
		TOTAL CORPORATE BONDS (Cost $26,374,733)				28,427,594
		U.S. GOVERNMENT & AGENCY OBLIGATIONS - 71.9%
		GOVERNMENT MORTGAGE-BACKED SECURITIES - 24.0%
	237,390	GNMA Pool G2 4520	5.000	8/20/2039		268,082
	305,669	GNMA Pool G2 4947	5.000	2/20/2041		344,890
	980,353	GNMA Pool G2 BN2662	3.000	10/20/2049		1,041,686
	757,594	GNMA Pool G2 MA3376	3.500	1/20/2046		811,544
	536,608	GNMA Pool G2 MA3596	3.000	4/20/2046		571,497
	1,346,985	GNMA Pool G2 MA3663	3.500	5/20/2046		1,443,950
	496,013	GNMA Pool G2 MA3736	3.500	6/20/2046		531,036
	812,156	GNMA Pool G2 MA4004	3.500	10/20/2046		870,716
	579,514	GNMA Pool G2 MA4509	3.000	6/20/2047		615,693
	780,260	GNMA Pool G2 MA4652	3.500	8/20/2047		831,174
	1,004,687	GNMA Pool G2 MA4719	3.500	9/20/2047		1,069,820
	1,018,115	GNMA Pool G2 MA4778	3.500	10/20/2047		1,083,614
	798,159	GNMA Pool G2 MA4901	4.000	12/20/2047		855,491
	727,059	GNMA Pool G2 MA4963	4.000	1/20/2048		779,751
	849,906	GNMA Pool G2 MA6092	4.500	8/20/2049		908,114
	992,608	GNMA Pool G2 MA6156	4.500	9/20/2049		1,060,242
	977,439	GNMA Pool G2 MA6221	4.500	10/20/2049		1,044,069
	1,523,774	GNMA Pool G2 MA6338	3.000	12/20/2049		1,617,745
	1,428,609	GNMA Pool G2 MA6476	4.000	2/20/2050		1,516,818
	1,023,397	GNMA Pool G2 MA6477	4.500	2/20/2050		1,094,454
	1,427,827	GNMA Pool G2 MA6478	5.000	2/20/2050		1,555,930
	1,532,685	GNMA Pool G2 MA6544	4.500	3/20/2050		1,639,024
	1,124,072	GNMA Pool G2 MA6545	5.000	3/20/2050		1,226,256
	1,024,868	GNMA Pool G2 MA6600	3.500	4/20/2050		1,088,602
	955,990	GNMA Pool G2 MA6601	4.000	4/20/2050		1,019,368
	999,890	GNMA Pool G2 MA6603	5.000	4/20/2050		1,090,814
	36,273	GNMA Pool GN 723248	5.000	10/15/2039		41,557
	474,775	GNMA Pool GN 783060	4.000	8/15/2040		516,497
	203,854	GNMA Pool GN 783403	3.500	9/15/2041		217,886
		TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $26,256,213)				26,756,320

Schedule of Investments | Fixed Income Fund

As of June 30, 2020 (Unaudited) (Continued)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		GOVERNMENT NOTES & BONDS - 47.9%
$	4,280,000	United States Treasury Note	3.125	5/15/2021	$	4,389,759
	7,290,000	United States Treasury Note	2.125	6/30/2022		7,576,047
	7,645,000	United States Treasury Note	2.250	11/15/2024		8,313,041
	11,790,000	United States Treasury Note	2.000	8/15/2025		12,801,591
	8,260,000	United States Treasury Note	1.625	2/15/2026		8,838,039
	3,135,000	United States Treasury Note	1.500	2/15/2030		3,389,596
	4,540,000	United States Treasury Note	4.500	2/15/2036		6,952,407
	715,000	United States Treasury Note	3.000	2/15/2049		987,440
		TOTAL GOVERNMENT NOTES & BONDS (Cost $49,795,994)				53,247,920
		TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $76,052,207)				80,004,240
		TOTAL BONDS AND NOTES (Cost $102,426,940)				108,431,834

Shares
		MONEY MARKET FUND - 2.0%
	2,252,820	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (A) (Cost $2,252,820)		2,252,820
		TOTAL INVESTMENTS - 99.5% (Cost $104,679,760)	$	110,684,654
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.5%		587,035
		NET ASSETS - 100.0%	$	111,271,689

GNMA - Government National Mortgage Association.

LLC - Limited Liability Company.

LP - Limited Partnership.

(A) Variable rate security; the rate shown represents the yield at June 30, 2020.

Schedule of Investments | High Yield Bond Fund

As of June 30, 2020 (Unaudited)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS - 92.9%
$	500,000	Adient Global Holdings Ltd. (A)	4.875	8/15/2026	$	412,042
	1,000,000	Adient US LLC (A)	7.000	5/15/2026		1,036,635
	1,055,000	Alliance Data Systems Corp. (A)	4.750	12/15/2024		952,797
	1,000,000	Alliance Resource Operating Partners LP (A)	7.500	5/1/2025		677,500
	1,000,000	Ashtead Capital, Inc. (A)	4.125	8/15/2025		1,022,500
	500,000	Ashtead Capital, Inc. (A)	4.000	5/1/2028		498,750
	1,000,000	Ashton Woods Finance Co. (A)	6.750	8/1/2025		986,145
	500,000	Ashton Woods Finance Co. (A)	6.625	1/15/2028		492,500
	500,000	Axalta Coating Systems LLC (A)	4.750	6/15/2027		503,850
	250,000	Bausch Health Cos, Inc. (A)	5.000	1/30/2028		235,685
	1,000,000	Beazer Homes USA, Inc.	5.875	10/15/2027		958,155
	500,000	BWX Technologies, Inc. (A)	5.375	7/15/2026		516,970
	500,000	BWX Technologies, Inc. (A)	4.125	6/30/2028		500,625
	500,000	Cascades, Inc. (A)	5.125	1/15/2026		509,062
	330,000	Cemex Finance LLC (A)	6.000	4/1/2024		327,627
	1,988,000	Chemours Co.	6.625	5/15/2023		1,913,659
	500,000	Chemours Co.	5.375	5/15/2027		453,422
	580,000	Clarios Global LP (A)	6.250	5/15/2026		600,689
	1,080,000	Clarios Global LP (A)	8.500	5/15/2027		1,088,073
	1,000,000	CommScope, Inc. (A)	8.250	3/1/2027		1,029,460
	750,000	CommScope, Inc. (A)	7.125	7/1/2028		751,950
	1,000,000	Compass Minerals International, Inc. (A)	6.750	12/1/2027		1,051,690
	250,000	Crestwood Midstream Finance Corp.	5.750	4/1/2025		216,721
	1,000,000	Crestwood Midstream Finance Corp. (A)	5.625	5/1/2027		836,845
	500,000	DCP Midstream, LLC, 3 mo. LIBOR + 3.85% (A) (B)	5.850	5/21/2043		352,147
	500,000	Diamond Sports Finance Co. (A)	5.375	8/15/2026		364,415
	1,000,000	Diversified Healthcare Trust	9.750	6/15/2025		1,075,625
	500,000	DPL, Inc. (A)	4.125	7/1/2025		501,390
	1,000,000	Edgewell Personal Care Co.	4.700	5/24/2022		1,038,135
	250,000	Edgewell Personal Care Co. (A)	5.500	6/1/2028		257,344
	1,000,000	Endeavor Energy Resources LP (A)	5.750	1/30/2028		962,315
	250,000	Energizer Holdings, Inc. (A)	6.375	7/15/2026		259,117
	500,000	Freedom Mortgage Corp. (A)	10.750	4/1/2024		517,032
	115,000	Freedom Mortgage Corp. (A)	8.125	11/15/2024		111,969
	1,000,000	Freedom Mortgage Corp. (A)	8.250	4/15/2025		993,115
	500,000	Genesis Energy LP	7.750	2/1/2028		445,470
	294,000	Geo Group, Inc.	5.875	1/15/2022		275,923
	1,750,000	Geo Group, Inc.	5.125	4/1/2023		1,519,219
	60,000	GFL Environmental, Inc. (A)	7.000	6/1/2026		62,314
	400,000	GFL Environmental, Inc. (A)	8.500	5/1/2027		435,926
	1,000,000	Global Partners LP	7.000	8/1/2027		927,935
	1,075,000	Greif, Inc. (A)	6.500	3/1/2027		1,096,699
	250,000	Icahn Enterprises Finance Corp.	4.750	9/15/2024		235,441
	1,000,000	Icahn Enterprises Finance Corp.	6.250	5/15/2026		1,003,040
	500,000	Itron, Inc. (A)	5.000	1/15/2026		499,905
	250,000	Jefferies Finance LLC (A)	6.250	6/3/2026		235,625
	1,500,000	Koppers, Inc. (A)	6.000	2/15/2025		1,463,415
	750,000	Ladder Capital Finance Corp. (A)	4.250	2/1/2027		601,875
	750,000	LifePoint Health, Inc. (A)	4.375	2/15/2027		710,625
	500,000	Magnolia Oil Gas (A)	6.000	8/1/2026		475,000
	300,000	MEDNAX, Inc. (A)	6.250	1/15/2027		301,036
	1,000,000	Michaels Stores, Inc. (A)	8.000	7/15/2027		871,690
	1,000,000	Millicom International Cellular SA (A)	5.125	1/15/2028		1,008,760
	1,000,000	MPT Operating Partnership LP	5.250	8/1/2026		1,040,405
	1,000,000	MSCI, Inc. (A)	4.000	11/15/2029		1,021,690
	1,000,000	MTS Systems Corp. (A)	5.750	8/15/2027		921,060
	1,000,000	Nationstar Mortgage Holdings, Inc. (A)	9.125	7/15/2026		1,058,435
	500,000	Nationstar Mortgage Holdings, Inc. (A)	6.000	1/15/2027		475,860
	1,000,000	Navient Corp.	5.000	3/15/2027		842,195
	1,500,000	Newmark Group, Inc.	6.125	11/15/2023		1,493,017
	1,500,000	NGL Energy Partners LP	6.125	3/1/2025		1,137,967
	1,000,000	NuStar Logistics LP	5.625	4/28/2027		967,315
	1,000,000	Olin Corp.	5.625	8/1/2029		921,275
	1,000,000	Parsley Finance Corp. (A)	4.125	2/15/2028		907,500
	500,000	PBF Holding Co. LLC (A)	9.250	5/15/2025		534,688
	1,500,000	PBF Holding Co. LLC (A)	6.000	2/15/2028		1,248,750
	1,000,000	PetSmart, Inc. (A)	7.125	3/15/2023		987,840

Schedule of Investments | High Yield Bond Fund

As of June 30, 2020 (Unaudited) (Continued)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS - 92.9% (Cont.)
$	1,500,000	Plastipak Holdings, Inc. (A)	6.250	10/15/2025	$	1,459,687
	390,000	Qorvo, Inc. (A)	4.375	10/15/2029		400,062
	500,000	Qualitytech LP (A)	4.750	11/15/2025		512,078
	1,000,000	Reynolds Group Issuer, Inc. (A)	5.125	7/15/2023		1,009,015
	750,000	Scotts Miracle-Gro Co.	5.250	12/15/2026		781,733
	500,000	Scotts Miracle-Gro Co.	4.500	10/15/2029		515,953
	250,000	Service Corp. International	5.125	6/1/2029		269,423
	1,250,000	Service Properties Trust	7.500	9/15/2025		1,318,274
	750,000	Signature Aviation US Holdings, Inc. (A)	5.375	5/1/2026		752,704
	1,000,000	Signature Aviation US Holdings, Inc. (A)	4.000	3/1/2028		905,440
	1,000,000	Standard Industries, Inc. (A)	5.000	2/15/2027		1,015,405
	1,000,000	Suburban Propane Partners LP	5.875	3/1/2027		993,560
	1,250,000	Targa Resources Partners LP (A)	5.500	3/1/2030		1,208,200
	500,000	Teleflex, Inc.	4.875	6/1/2026		516,780
	390,000	Tenet Healthcare Corp. (A)	4.625	9/1/2024		381,592
	1,000,000	Tenet Healthcare Corp. (A)	6.250	2/1/2027		995,620
	125,000	Tenet Healthcare Corp. (A)	4.625	6/15/2028		122,088
	750,000	TRI Pointe Group, Inc.	5.875	6/15/2024		772,991
	1,000,000	TTM Technologies, Inc. (A)	5.625	10/1/2025		995,525
	750,000	Vistra Operations Co. LLC (A)	5.625	2/15/2027		770,858
	1,185,000	Vizient, Inc. (A)	6.250	5/15/2027		1,245,506
	1,500,000	Waste Pro USA, Inc. (A)	5.500	2/15/2026		1,436,093
	325,000	Weekley Finance Corp.	6.000	2/1/2023		323,747
	500,000	Weekley Finance Corp.	6.625	8/15/2025		505,573
	1,750,000	Welbilt, Inc.	9.500	2/15/2024		1,680,000
		TOTAL CORPORATE BONDS (Cost $72,445,370)				70,621,758
		CONVERTIBLE BONDS - 2.1%
		PIPELINES - 1.5%
	1,779,000	Cheniere Energy, Inc.	4.250	3/15/2045		1,151,611
		REITs - 0.6%
	500,000	Arbor Realty Trust, Inc. (A)	4.750	11/1/2022		457,408
		TOTAL CONVERTIBLE BONDS (Cost $1,705,621)				1,609,019
Shares
		MONEY MARKET FUND - 3.2%
	2,468,425	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (C) (Cost $2,468,425)				2,468,425
		TOTAL INVESTMENTS - 98.2% (Cost $76,619,416)			$	74,699,202
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 1.8%				1,369,428
		NET ASSETS - 100.0%			$	76,068,630

LIBOR - London Interbank Offered Rate. The 3 month U.S. LIBOR rate as of June 30, 2020 is 0.30%.

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 $46,936,213 and represent 61.7% 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 June 30, 2020.

(C) Variable rate security; the rate shown represents the yield at June 30, 2020.

Schedule of Investments | Israel Common Values Fund

As of June 30, 2020 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 95.4%
		AEROSPACE/DEFENSE - 4.0%
	19,801	Elbit Systems Ltd.	$	2,713,727
		AGRICULTURE - 0.0% **
	900	Mehadrin Ltd. *		30,429
		APPAREL - 0.4%
	24,063	Delta Galil Industries Ltd.		275,675
		BANKS - 18.6%
	103,500	Bank Hapoalim BM (ADR)		2,954,925
	539,000	Bank Leumi Le-Israel BM		2,695,818
	58,300	First International Bank Of Israel Ltd.		1,231,376
	654,000	Israel Discount Bank Ltd.		1,984,137
	105,000	Mizrahi Tefahot Bank Ltd.		1,960,473
	415,685	Tel Aviv Stock Exchange Ltd.		1,862,863
				12,689,592
		BIOTECHNOLOGY - 0.2%
	11,000	Compugen Ltd. *		165,220
		BUILDING MATERIALS - 0.9%
	178,000	Inrom Construction Industries Ltd.		583,741
		CHEMICALS - 3.8%
	277,902	ICL Group Ltd.		847,601
	14,257	International Flavors & Fragrances, Inc.		1,739,194
				2,586,795
		COMPUTERS - 6.7%
	20,200	CyberArk Software Ltd. *		2,005,254
	4,900	Kornit Digital Ltd. *		261,562
	56,210	Matrix IT Ltd.		1,193,566
	12,500	Varonis Systems, Inc. *		1,106,000
				4,566,382
		ELECTRIC - 2.5%
	7,000	Kenon Holdings Ltd.		138,141
	24,700	Ormat Technologies, Inc.		1,568,226
				1,706,367
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.7%
	300,000	Enlight Renewable Energy Ltd. *		455,077
		ELECTRONICS - 0.9%
	36,396	Ituran Location and Control Ltd.		583,064
		ENERGY-ALTERNATE SOURCES - 1.2%
	216,360	Energix-Renewable Energies Ltd. *		808,938
		FOOD - 7.0%
	23,700	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		1,313,414
	210,000	Shufersal Ltd.		1,370,693
	54,500	Strauss Group Ltd.		1,510,621
	27,315	Victory Supermarket Chain Ltd.		556,884
				4,751,612
		HEALTHCARE - SERVICES - 2.5%
	14,769	Danel Adir Yeoshua Ltd.		1,378,773
	170,000	Mediterranean Towers Ltd. *		357,590
				1,736,363
		HOLDING COMPANIES - DIVERSIFIED - 2.2%
	45,000	Elco Ltd.		1,480,952
		HOME BUILDERS - 1.4%
	1,800	Bayside Land Corp.		934,547

��

Schedule of Investments | Israel Common Values Fund

As of June 30, 2020 (Unaudited) (Continued)

Shares			Fair Value
		INSURANCE - 3.3%
	184,000	Harel Insurance Investments & Financial Services Ltd.	$	994,178
	1,230,000	Migdal Insurance & Financial Holding Ltd.		636,866
	167,400	Phoenix Holdings Ltd. *		619,113
				2,250,157
		LEISURE TIME - 2.1%
	126,585	Maytronics Ltd.		1,433,749
		OIL & NATURAL GAS - 3.2%
	62,968	Energean Oil & Gas PLC *		478,490
	5,600	Israel Corp. Ltd. *		458,394
	1,995,000	Oil Refineries Ltd.		368,340
	8,000	Paz Oil Co. Ltd.		635,664
	1,012,500	Ratio Oil Exploration 1992 LP *		244,864
				2,185,752
		PHARMACEUTICALS - 1.7%
	1,575,013	Novolog Ltd.		1,170,469
		REAL ESTATE - 7.8%
	105,000	Alony Hetz Properties & Investments Ltd.		1,041,520
	176,000	Amot Investments Ltd.		797,885
	31,000	Azrieli Group Ltd.		1,403,574
	91,000	Gazit-Globe Ltd.		428,845
	12,579	Melisron Ltd.		470,694
	643,430	Mivne Real Estate KD Ltd. *		1,160,087
				5,302,605
		RETAIL - 2.3%
	32,300	Tadiran Holdings Ltd.		1,585,625
		SEMICONDUCTORS - 5.6%
	48,000	Nova Measuring Instruments Ltd. *		2,313,120
	1	Tower Semiconductor Ltd. *		12
	78,923	Tower Semiconductor Ltd. *		1,506,640
				3,819,772
		SOFTWARE - 7.4%
	33,435	Hilan Ltd. *		1,345,727
	78,783	Magic Software Enterprises Ltd.		890,248
	4,400	One Software Technologies Ltd.		314,145
	45,300	Sapiens International Corp. NV		1,267,494
	27,000	Verint Systems, Inc. *		1,219,860
				5,037,474
		TELECOMMUNICATIONS - 7.8%
	17,800	AudioCodes Ltd.		565,862
	25,000	Nice Ltd. (ADR) *		4,731,000
				5,296,862
		TEXTILES - 1.2%
	21,392	Fox Wizel Ltd.		784,364
		TOTAL COMMON STOCK (Cost $52,802,370)		64,935,310
		REITs - 1.4%
	259,000	Reit 1 Ltd. * (Cost $1,322,540)		945,914
		MONEY MARKET FUND - 3.3%
	2,244,143	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (A) (Cost $2,244,143)		2,244,143

Schedule of Investments | Israel Common Values Fund

As of June 30, 2020 (Unaudited) (Continued)

	Fair Value
TOTAL INVESTMENTS - 100.1% (Cost $56,369,053)	$	68,125,367
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%		(80,116	)
NET ASSETS - 100.0%	$	68,045,251

* 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 June 30, 2020.

Diversification of Assets
Country	% of Net Assets
Israel		87.6	%
United States		8.3	%
United Kingdom		0.7	%
Singapore		0.2	%
Iceland		0.0	% **
Total		96.8	%
Money Market Fund		3.3	%
Other Assets Less Liabilities - Net		(0.1	)%
Grand Total		100.0	%

Schedule of Investments | Defensive Strategies Fund

As of June 30, 2020 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 20.0%
		AGRICULTURE - 0.3%
	1,933	Bunge Ltd.	$	79,504
	948	Darling Ingredients, Inc. *		23,340
	743	Fresh Del Monte Produce, Inc.		18,293
				121,137
		BIOTECHNOLOGY - 0.6%
	7,711	Corteva, Inc.		206,578
		CHEMICALS - 1.3%
	4,396	CF Industries Holdings, Inc.		123,703
	1,284	FMC Corp.		127,912
	2,979	Mosaic Co.		37,267
	3,255	Nutrien Ltd		104,486
	1,463	Sasol Ltd. (ADR) *		11,280
	1,807	Sociedad Quimica Y Minera de Chile, SA (ADR)		47,109
				451,757
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.1%
	1,300	GS Yuasa Corp		22,967
	259	Varta AG *		29,061
				52,028
		ENERGY - ALTERNATIVE SOURCES - 0.6%
	2,772	Ballard Power Systems, Inc. *		42,689
	1,074	Canadian Solar, Inc. *		20,696
	1,132	Enphase Energy, Inc. *		53,849
	709	First Solar, Inc. *		35,096
	778	Renewable Energy Group, Inc. *		19,279
	260	SolarEdge Technologies, Inc. *		36,083
				207,692
		ENVIRONMENTAL CONTROL - 0.2%
	1,351	Evoqua Water Technologies Corp. *		25,129
	1,043	Harsco Corp. *		14,091
	700	Kurita Water Industries Ltd.		19,407
	95	Pentair PLC		3,609
				62,236
		FOOD - 0.7%
	5,133	BRF SA (ADR) *		20,378
	545	Cal-Maine Foods, Inc. *		24,242
	815	Ingredion, Inc.		67,645
	1,100	Maple Leaf Foods, Inc.		23,026
	800	Maruha Nichiro Corp.		16,366
	200	Megmilk Snow Brand Co. Ltd.		4,653
	600	Morinaga Milk Industry Co. Ltd.		26,639
	4,700	Nippon Suisan Kaisha Ltd.		20,388
	1,279	Pilgrim’s Pride Corp. *		21,602
	255	Sanderson Farms, Inc.		29,552
				254,491
		FOREST PRODUCTS & PAPER - 0.0% **
	900	Sumitomo Forestry Co. Ltd.		11,287
		HEALTHCARE - SERVICES - 0.4%
	48,754	Brookdale Senior Living, Inc. *		143,824
		IRON/STEEL - 1.0%
	365	Allegheny Technologies, Inc. *		3,719
	3,413	ArcelorMittal (ADR) *		36,621
	10,906	Cleveland-Cliffs, Inc.		60,201
	5,293	Gerdau SA (ADR)		15,667
	2,300	Hitachi Metals Ltd.		27,352
	3,100	Kobe Steel Ltd. *		10,632
	2,000	Nippon Steel & Sumitomo Metal Corp.		18,789
	3,204	Steel Dynamics, Inc.		83,592
	841	Ternium SA (ADR) *		12,758
	4,228	United States Steel Corp.		30,526
	6,686	Vale SA (ADR)		68,933
				368,790

Schedule of Investments | Defensive Strategies Fund

As of June 30, 2020 (Unaudited) (Continued)

Shares			Fair Value
		MACHINERY - DIVERSIFIED - 1.2%
	1,442	AGCO Corp.	$	79,973
	4,046	CNH Industrial NV *		28,443
	1,268	Deere & Co.		199,266
	8,600	Kubota Corp.		128,181
				435,863
		METAL FABRICATE/HARDWARE - 0.0% **
	942	Tenaris SA (ADR)		12,180
		MINING - 4.8%
	1,020	Agnico Eagle Mines Ltd.		65,341
	2,780	Alamos Gold, Inc.		26,076
	3,064	Anglo American PLC		70,773
	761	AngloGold Ashanti Ltd. (ADR)		22,442
	1,391	Antofagasta PLC		16,115
	5,479	BHP Group Ltd. (ADR)		272,471
	234	BHP Group PLC (ADR)		9,629
	2,352	Cameco Corp.		24,108
	3,247	Cia De Minas Buenaventura (ADR)		29,678
	817	Compass Minerals International, Inc.		39,829
	145	Eramet *		5,198
	137	First Majestic Silver Corp. *		1,363
	191	Franco-Nevada Corp.		26,671
	34,714	Glencore PLC		73,441
	7,021	Gold Fields Ltd. (ADR)		65,997
	5,729	IAMGOLD Corp. *		22,630
	1,412	KAZ Minerals PLC		8,723
	6,656	Kinross Gold Corp. *		48,056
	1,902	Kirkland Lake Gold Ltd.		78,063
	4,347	Livent Corp. *		26,778
	1,800	Lundin Mining Corp.		9,621
	1,863	MMC Norilsk Nickel PJSC (ADR)		48,792
	212	Newmont Corp.		13,089
	1,527	Pan American Silver Corp.		46,406
	3,600	Pretium Resources, Inc. *		30,240
	5,447	Rio Tinto PLC (ADR)		306,012
	213	Royal Gold, Inc.		26,480
	1,615	Southern Copper Corp.		64,229
	2,125	SSR Mining, Inc. *		45,326
	4,100	Sumitomo Metal Mining Co. Ltd.		114,352
	7,443	Teck Resources Ltd.		77,709
	1,249	Vedanta Ltd. (ADR)		7,007
				1,722,645
		OIL & GAS - 7.1%
	4,981	Apache Corp.		67,244
	21,100	ARC Resources Ltd		70,643
	3,554	Cabot Oil & Gas Corp.		61,058
	4,856	Canadian Natural Resources Ltd.		84,640
	17,966	Cenovus Energy, Inc.		83,762
	1,242	Cimarex Energy Co.		34,143
	4,818	CNX Resources Corp. *		41,676
	1,432	Concho Resources, Inc.		73,748
	5,124	ConocoPhillips		215,310
	6,184	Continental Resources, Inc.		108,406
	23,100	Crescent Point Energy Corp.		37,313
	4,686	Devon Energy Corp.		53,139
	1,466	Diamondback Energy, Inc.		61,308
	1,026	Ecopetrol SA (ADR)		11,419
	819	Eni SpA (ADR)		15,782
	3,693	EOG Resources, Inc.		187,087
	127	EQT Corp.		1,511
	8,014	Equinor ASA (ADR)		116,043
	4,008	Helmerich & Payne, Inc.		78,196
	463	Hess Corp.		23,988
	3,600	Husky Energy, Inc.		11,789

Schedule of Investments | Defensive Strategies Fund

As of June 30, 2020 (Unaudited) (Continued)

Shares			Fair Value
		OIL & GAS - 7.1% (Continued)
	10,200	Inpex Corp.	$	63,052
	2,814	Lukoil PJSC (ADR)		208,968
	19,448	Marathon Oil Corp.		119,022
	2,235	Murphy Oil Corp.		30,843
	21	Noble Energy, Inc.		188
	306	Novatek OJSC (GDR)		43,513
	197	Occidental Petroleum Corp.		3,605
	6,734	Ovintiv, Inc.		64,310
	2,800	Parex Resources, Inc. *		33,633
	8,998	Parsley Energy, Inc.		96,099
	5,469	PDC Energy, Inc. *		68,034
	3,018	Petroleo Brasileiro SA (ADR)		24,959
	1,706	Pioneer Natural Resources Co.		166,676
	3,059	PrairieSky Royalty Ltd.		19,270
	8,242	Rosneft Oil Company (GDR)		41,441
	5,800	Suncor Energy, Inc.		97,476
	3,831	Surgutneftegas PJSC (ADR)		20,458
	1,500	Tourmaline Oil Corp.		13,073
	4,166	WPX Energy, Inc. *		26,579
	504	YPF SA (ADR)		2,898
				2,582,302
		OIL & GAS SERVICES - 0.9%
	3,554	Baker Hughes, Inc.		54,696
	12,798	CGG SA *		13,997
	463	Dril-Quip, Inc. *		13,793
	6,325	Halliburton Co.		82,099
	409	National Oilwell Varco, Inc.		5,010
	7,153	Schlumberger Ltd.		131,544
	733	TechnipFMC PLC (France)		5,043
	1,311	TechnipFMC PLC		8,967
				315,149
		TELECOMMUNICATIONS - 0.4%
	7,020	Switch, Inc.		125,096
		WATER - 0.4%
	7	American States Water Co.		550
	31	American Water Works Co., Inc.		3,988
	437	California Water Service Group		20,845
	5,672	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		59,613
	188	Essential Utilities, Inc.		7,941
	1,154	Severn Trent PLC		35,348
	4	SJW Group		248
	1,944	United Utilities Group PLC		21,863
	73	Veolia Environnement SA		1,641
				152,037
		TOTAL COMMON STOCK (Cost $8,137,594)		7,225,092
		REITs - 17.5%
	1,954	Alexandria Real Estate Equities, Inc.		317,036
	800	American Tower Corp.		206,832
	2,025	Americold Realty Trust		73,508
	1,496	AvalonBay Communities, Inc.		231,341
	1,078	Boston Properties, Inc.		97,430
	1,668	Camden Property Trust		152,155
	2,583	Cousins Properties, Inc.		77,051
	6,192	Duke Realty Corp.		219,135
	807	Equinix, Inc.		566,756
	3,033	Equity Lifestyle Properties, Inc.		189,502
	3,244	Equity Residential		190,812
	1,057	Essex Property Trust, Inc.		242,233
	429	Federal Realty Investment Trust		36,555
	4,153	Four Corners Property Trust, Inc.		101,333
	8,044	Healthpeak Properties, Inc.		221,693

Schedule of Investments | Defensive Strategies Fund

As of June 30, 2020 (Unaudited) (Continued)

Shares			Fair Value
		REITs - 17.5% (Continued)
	4,155	Hudson Pacific Properties, Inc.	$	104,540
	10,116	Invitation Homes, Inc.		278,493
	2,892	Kilroy Realty Corp.		169,760
	1,622	Life Storage, Inc.		154,009
	2,307	Mid-America Apartment Communities, Inc.		264,544
	998	PotlatchDeltic Corp.		37,954
	7,716	Prologis, Inc.		720,134
	475	PS Business Parks, Inc.		62,890
	664	Public Storage		127,415
	2,622	QTS Realty Trust, Inc.		168,044
	690	Rayonier, Inc.		17,105
	2,270	Realty Income Corp.		135,065
	1,120	Regency Centers Corp.		51,397
	845	Ryman Hospitality Properties, Inc.		29,237
	4,266	Sabra Health Care REIT, Inc.		61,558
	589	SBA Communications Corp.		175,475
	1,193	Simon Property Group, Inc.		81,577
	1,859	Sun Communities, Inc.		252,229
	1,800	Terreno Realty Corp.		94,752
	6,431	UDR, Inc.		240,391
	2,940	Welltower, Inc.		152,145
	1,726	Weyerhaeuser Co.		38,766
		TOTAL REITS (Cost $6,377,188)		6,340,852

Principal			Coupon Rate %	Maturity
		TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 28.0%
$	919,513	TIPS	0.125	4/15/2021	923,886
	1,154,404	TIPS	0.125	4/15/2022	1,171,286
	1,236,173	TIPS	0.625	1/15/2024	1,302,109
	1,169,755	TIPS	2.375	1/15/2025	1,346,214
	865,493	TIPS	2.000	1/15/2026	1,006,074
	578,469	TIPS	2.375	1/15/2027	702,543
	1,028,017	TIPS	1.750	1/15/2028	1,226,698
	728,444	TIPS	2.500	1/15/2029	934,002
	1,030,278	TIPS	2.125	2/15/2041	1,538,571
		TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $9,450,649)			10,151,383

Ounces
		ALTERNATIVE INVESTMENTS - 30.2%
	6,143	Gold Bars * (Cost $7,240,875)	10,939,777

Shares
		MONEY MARKET FUND - 4.2%
	1,524,153	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (A) (Cost $1,524,153)		1,524,153
		TOTAL INVESTMENTS - 99.9% (Cost $32,730,459)	$	36,181,257
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.1%		25,759
		NET ASSETS - 100.0%	$	36,207,016

* Non-income producing securities/investments.

** Less than 0.05%.

ADR - American Depositary Receipt.

GDR - Global 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 June 30, 2020.

Schedule of Investments | Strategic Growth Fund

As of June 30, 2020 (Unaudited)

Shares			Fair Value
		EXCHANGE TRADED FUNDS (A) - 55.9%
	153,533	Timothy Plan High Dividend Stock ETF	$	3,360,837
	345,861	Timothy Plan International ETF		7,835,170
	227,469	Timothy Plan U.S. Large Cap Core ETF		5,645,781
	110,031	Timothy Plan U.S. Small Cap Core ETF		2,297,095
		TOTAL EXCHANGE TRADED FUNDS (Cost $20,364,841)		19,138,883
		MUTUAL FUNDS - 40.8% (B)
	213,253	Timothy Plan Defensive Strategies Fund		2,435,351
	662,858	Timothy Plan Fixed Income Fund		7,172,119
	214,182	Timothy Plan High Yield Bond Fund		1,919,075
	261,052	Timothy Plan International Fund		2,433,002
		TOTAL MUTUAL FUNDS (Cost $13,500,190)		13,959,547
		MONEY MARKET FUND - 3.4%
	1,177,686	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (C) (Cost $1,177,686)		1,177,686
		TOTAL INVESTMENTS - 100.1% (Cost $35,042,717)	$	34,276,116
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%		(30,530	)
		NET ASSETS - 100.0%	$	34,245,586

ETF - Exchange Traded Funds.

(A) Affiliated Funds.

(B) Affiliated Funds - Class A.

(C) Variable rate security; the rate shown represents the yield at June 30, 2020.

Schedule of Investments | Conservative Growth Fund

As of June 30, 2020 (Unaudited)

Shares			Fair Value
		EXCHANGE TRADED FUNDS (A) - 40.4%
	149,262	Timothy Plan High Dividend Stock ETF	$	3,267,345
	274,244	Timothy Plan International ETF		6,212,751
	247,821	Timothy Plan US Large Cap Core ETF		6,150,917
	108,523	Timothy Plan US Small Cap Core ETF		2,265,613
		TOTAL EXCHANGE FUNDS (Cost $18,756,576)		17,896,626
		MUTUAL FUNDS - 56.0% (B)
	234,911	Timothy Plan Defensive Strategies Fund		2,682,678
	1,631,836	Timothy Plan Fixed Income Fund		17,656,469
	274,143	Timothy Plan High Yield Bond Fund		2,456,321
	219,422	Timothy Plan International Fund		2,045,010
		TOTAL MUTUAL FUNDS (Cost $23,883,876)		24,840,478
		MONEY MARKET FUND - 3.7%
	1,622,183	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (C) (Cost $1,622,183)		1,622,183
		TOTAL INVESTMENTS - 100.1% (Cost $44,262,635)	$	44,359,287
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%		(30,908	)
		NET ASSETS - 100.0%	$	44,328,379

ETF - Exchange Traded Funds.

(A) Affiliated Funds.

(B) Affiliated Funds - Class A.

(C) Variable rate security; the rate shown represents the yield at June 30, 2020.

Schedule of Investments | Growth & Income Fund

As of June 30, 2020 (Unaudited)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		BONDS & NOTES - 40.3%
		CORPORATE BONDS - 19.7%
$	160,000	ABB Finance USA, Inc.	2.875	5/8/2022	$	166,161
	160,000	American Electric Power	3.200	11/13/2027		175,786
	160,000	Aptiv Corp.	4.150	3/15/2024		170,687
	160,000	Canadian Pacific RR Co.	2.900	2/1/2025		173,382
	160,000	CBOE Holdings, Inc.	3.650	1/12/2027		179,778
	160,000	CSX Corp.	3.250	6/1/2027		178,787
	80,000	Digital Realty Trust LP	3.700	8/15/2027		91,265
	80,000	Dollar General Corp.	4.125	5/1/2028		93,566
	120,000	Dominion Energy, Inc.	2.579	7/1/2020		120,000
	120,000	Eaton Corp.	2.750	11/2/2022		126,218
	120,000	European Investment Bank	2.375	6/15/2022		124,950
	120,000	Healthpeak Properties, Inc.	3.500	7/15/2029		130,691
	120,000	Kreditanstalt fuer Wiederaufbau	2.125	6/15/2022		124,406
	130,000	LYB International Finance BV	4.000	7/15/2023		140,925
	120,000	National Rural Utilities Cooperative Finance Corp.	2.950	2/7/2024		128,412
	240,000	NiSource Finance Corp.	3.490	5/15/2027		271,409
	160,000	Nutrien Ltd.	4.000	12/15/2026		180,364
	160,000	Phillips 66 Partners LP	3.605	2/15/2025		170,767
	120,000	Province of Ontario Canada	2.500	4/27/2026		131,111
	120,000	Province of Quebec Canada	2.375	1/31/2022		123,681
	110,000	Sunoco Logistics Partners LP	4.250	4/1/2024		117,697
	190,000	Ventas Capital Corp.	3.250	8/15/2022		194,470
	115,000	WEC Energy Group, Inc.	3.550	6/15/2025		128,086
		TOTAL CORPORATE BONDS (Cost $3,217,827)				3,442,599
		U.S. GOVERNMENT & AGENCY OBLIGATIONS - 20.6%
		GOVERNMENT MORTGAGE-BACKED SECURITIES - 12.0%
	68,625	GNMA Pool G2 BN2662	3.000	10/20/2049		72,875
	134,772	GNMA Pool G2 MA3376	3.500	1/20/2046		144,285
	111,596	GNMA Pool G2 MA3596	3.000	4/20/2046		118,781
	89,799	GNMA Pool G2 MA3663	3.500	5/20/2046		96,207
	119,419	GNMA Pool G2 MA3736	3.500	6/20/2046		127,777
	41,076	GNMA Pool G2 MA4509	3.000	6/20/2047		43,615
	129,529	GNMA Pool G2 MA4652	3.500	8/20/2047		137,900
	127,869	GNMA Pool G2 MA4719	3.500	9/20/2047		136,079
	116,725	GNMA Pool G2 MA6092	4.500	8/20/2049		124,647
	97,671	GNMA Pool G2 MA6156	4.500	9/20/2049		104,265
	112,949	GNMA Pool G2 MA6221	4.500	10/20/2049		120,577
	132,289	GNMA Pool G2 MA6338	3.000	12/20/2049		140,365
	102,742	GNMA Pool G2 MA6476	4.000	2/20/2050		109,022
	92,275	GNMA Pool G2 MA6478	5.000	2/20/2050		100,467
	118,659	GNMA Pool G2 MA6544	4.500	3/20/2050		126,818
	79,230	GNMA Pool G2 MA6545	5.000	3/20/2050		86,358
	79,601	GNMA Pool G2 MA6600	3.500	4/20/2050		84,502
	79,666	GNMA Pool G2 MA6601	4.000	4/20/2050		84,897
	119,390	GNMA Pool G2 MA6603	5.000	4/20/2050		130,135
	5,851	GNMA Pool GN 723248	5.000	10/15/2039		6,697
		TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $2,051,492)				2,096,269

Schedule of Investments | Growth & Income Fund

As of June 30, 2020 (Unaudited) (Continued)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		GOVERNMENT NOTES, BONDS & AGENCIES - 8.6%
$	85,000	United States Treasury Note	2.125	6/30/2022	$	88,320
	90,000	United States Treasury Note	2.250	11/15/2024		97,843
	210,000	United States Treasury Note	2.000	8/15/2025		227,965
	300,000	United States Treasury Note	1.625	2/15/2026		320,930
	175,000	United States Treasury Note	1.500	2/15/2030		189,178
	300,000	United States Treasury Note	4.500	2/15/2036		459,235
	85,000	United States Treasury Note	3.000	2/15/2049		117,353
		TOTAL GOVERNMENT NOTES, BONDS & AGENCIES (Cost $1,362,210)				1,500,824
		TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $3,413,702)				3,597,093
		TOTAL BONDS & NOTES (Cost $6,631,529)				7,039,692
Shares
		EXCHANGE TRADED FUND (A) - 58.7%
	468,000	Timothy Plan High Dividend Stock ETF (Cost $11,515,011)				10,244,520
		MONEY MARKET FUND - 0.9%
	151,529	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (B) (Cost $151,529)				151,529
		TOTAL INVESTMENTS - 99.9% (Cost $18,298,069)			$	17,435,741
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.1%				22,192
		NET ASSETS - 100.0%			$	17,457,933

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 June 30, 2020.

SCHEDULE OF INVESTMENTS I The Timothy Plan

June 30, 2020 (Unaudited)

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

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

A Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the board of directors of the Underlying Funds. Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

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

Commodities (such as physical metal) are valued at the spot price at 4:00 p.m. E.S.T., as provided by an independent pricing source.

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.

SCHEDULE OF INVESTMENTS I The Timothy Plan

June 30, 2020 (Unaudited) (Continued)

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

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

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

The following is a summary of the inputs used to value each Fund’s investments as of June 30, 2020:

Aggressive Growth Fund
Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	27,014,959	$	—	$	—	$	27,014,959
REITs		902,277		—		—		902,277
Money Market Fund		986,752		—		—		986,752
Total	$	28,903,988	$	—	$	—	$	28,903,988
International Fund
Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	78,991,656	$	—	$	—	$	78,991,656
Money Market Fund		3,366,191		—		—		3,366,191
Total	$	82,357,847	$	—	$	—	$	82,357,847
Large/Mid Cap Growth Fund
Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	68,047,731	$	—	$	—	$	68,047,731
Exchange Traded Fund		17,870,400		—		—		17,870,400
Money Market Fund		2,626,916		—		—		2,626,916
Total	$	88,545,047	$	—	$	—	$	88,545,047
Small Cap Value Fund
Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	91,949,431	$	—	$	—	$	91,949,431
Exchange Traded Fund		12,108,544		—		—		12,108,544
REITs		9,535,603		—		—		9,535,603
Money Market Fund		2,107,001		—		—		2,107,001
Total	$	115,700,579	$	—	$	—	$	115,700,579

SCHEDULE OF INVESTMENTS I The Timothy Plan

June 30, 2020 (Unaudited) (Continued)

Large/Mid Cap Value Fund
Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	134,413,083	$	—	$	—	$	134,413,083
Exchange Traded Funds		42,973,200		—		—		42,973,200
REITs		7,401,308		—		—		7,401,308
Money Market Fund		3,556,161		—		—		3,556,161
Total	$	188,343,752	$	—	$	—	$	188,343,752
Fixed Income Fund
Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	28,427,594	$	—	$	28,427,594
Government Mortage-Backed Securities		—		26,756,320		—		26,756,320
Government Notes & Bonds		—		53,247,920		—		53,247,920
Money Market Fund		2,252,820		—		—		2,252,820
Total	$	2,252,820	$	108,431,834	$	—	$	110,684,654
High Yield Bond Fund
Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	70,621,758	$	—	$	70,621,758
Convertible Bonds		—		1,609,019		—		1,609,019
Money Market Fund		2,468,425		—		—		2,468,425
Total	$	2,468,425	$	72,230,777	$	—	$	74,699,202
Israel Common Values Fund
Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	64,935,310	$	—	$	—	$	64,935,310
REITs		945,914		—		—		945,914
Money Market Fund		2,244,143		—		—		2,244,143
Total	$	68,125,367	$	—	$	—	$	68,125,367
Defensive Strategies Fund
Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	7,225,092	$	—	$	—	$	7,225,092
REITs		6,340,852		—		—		6,340,852
Treasury Inflation Protected Securities (TIPS)		—		10,151,383		—		10,151,383
Alternative Investments *		10,939,777		—		—		10,939,777
Money Market Fund		1,524,153		—		—		1,524,153
Total	$	26,029,874	$	10,151,383	$	—	$	36,181,257

* Reflects the fund’s investment in gold.

Strategic Growth Fund
Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	19,138,883	$	—	$	—	$	19,138,883
Mutual Funds		13,959,547		—		—		13,959,547
Money Market Fund		1,177,686		—		—		1,177,686
Total	$	34,276,116	$	—	$	—	$	34,276,116

SCHEDULE OF INVESTMENTS I The Timothy Plan

June 30, 2020 (Unaudited) (Continued)

Conservative Growth Fund
Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	17,896,626	$	—	$	—	$	17,896,626
Mutual Funds		24,840,478		—		—		24,840,478
Money Market Fund		1,622,183		—		—		1,622,183
Total	$	44,359,287	$	—	$	—	$	44,359,287
Growth & Income Fund
Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	3,442,599	$	—	$	3,442,599
Government Mortage-Backed Securities		—		2,096,269		—		2,096,269
Government Notes & Bonds		—		1,500,824		—		1,500,824
Exchange Traded Fund		10,244,520		—		—		10,244,520
Money Market Fund		151,529		—		—		151,529
Total	$	10,396,049	$	7,039,692	$	—	$	17,435,741

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

The identified cost of investments in securities (including written options and short sales) owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at June 30, 2020, were as follows:

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation/
Fund	Tax Cost		Appreciation		Depreciation			(Depreciation)
Aggressive Growth	$	22,527,961	$	6,781,221	$	(405,194	)	$	6,376,027
International		73,279,035		14,433,125		(5,354,313	)		9,078,812
Large/Mid Cap Growth		72,974,925		17,696,417		(2,126,295	)		15,570,122
Small Cap Value		129,004,362		8,673,185		(21,976,968	)		(13,303,783	)
Large/Mid Cap Value		172,207,778		28,620,888		(12,484,914	)		16,135,974
Fixed Income		104,774,377		6,030,023		(119,746	)		5,910,277
High Yield Bond		76,619,416		1,096,785		(3,016,999	)		(1,920,214	)
Israel Common Values		58,461,698		17,031,774		(7,368,105	)		9,663,669
Defensive Strategies		32,965,528		5,709,932		(2,494,203	)		3,215,729
Strategic Growth		35,148,029		496,450		(1,368,363	)		(871,913	)
Conservative Growth		44,404,127		1,085,376		(1,130,216	)		(44,840	)
Growth & Income		18,298,069		408,415		(1,270,743	)		(862,328	)