UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number     811-08228                                                                                                      

The Timothy Plan                                                                                                                               

                                             (Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL 32751                                                                                          

            (Address of principal executive offices)            (Zip code)

Art Ally, The Timothy Plan                                                                                              

1055 Maitland Center Commons, Maitland, FL 32751

                                         (Name and address of agent for service)

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

Date of fiscal year end:     9/30

Date of reporting period: 3/31/14

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

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

Item 1. Reports to Stockholders.

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

SEMI-ANNUAL REPORT

March 31, 2014

TIMOTHY PLAN FAMILY OF FUNDS

Letter from the President

March 31, 2014

Arthur D. Ally

Dear Shareholder,

Since nothing (economic outlook-wise) has changed since my last letter, I will simply repeat a lot of what has been said. The economic uncertainty that has plagued the capital markets over the past several years seems to be continuing. I am pleased to report, however, that the six-month period since our Annual Report of September 30, 2013 has seen the market extend its positive recovery even though it has been a little choppy of late.

Our sub-advisors remain mildly positive on the market but they do look for a more moderate but mixed performance for the remainder of the year. I would like to remind you, however, as respected and knowledgeable as we believe our sub-advisors to be, it is simply their opinion and cannot be considered to be a guarantee of future results.

I would like to mention that, in December, 2013, we added a thirteenth fund to our Timothy Plan Family with our Growth and Income Fund (eleven traditional funds and two asset-allocation funds) which provide our shareholders the opportunity to further diversify their investment dollars while staying consistent with their moral convictions.

Please do not consider that statement to be touting any particular fund in our fund family. Asset allocation has always tended to be and should continue to be considered by investors as a prudent approach to investing – particularly in these unsettled times.

Once again, we hope you understand just how seriously we take our responsibility for the trust you have placed in us to morally, ethically and economically look after your investment assets. Thank you for being part of the Timothy Plan family.

Sincerely,

ARTHUR D. ALLY,

President

Timothy Plan Fund Performance

[2]

Fund Profile

As of March 31, 2014 - (Unaudited)

Aggressive Growth Fund

International Fund

Top Ten Industries
(% of Net Assets)
Commercial Services	13.4%
Retail	8.6%
Telecommunications	6.5%
Diversified Financial Services	6.1%
Apparel	5.9%
Software	5.6%
Heathcare	5.6%
Computers	4.9%
Banks	4.3%
Semiconductors	4.2%
Other Assets in Excess of Liabilities	34.9%
	100.0%

Top Ten Industries
(% of Net Assets)
Banks	9.4%
Insurance	9.7%
Telecommunications	8.2%
Automotive	7.5%
Oil & Natural Gas	7.0%
Food	6.6%
Healthcare	5.8%
Diversified Financial Services	5.0%
Minerals & Mining	3.3%
Machinery	2.8%
Other Assets in Excess of Liabilities	34.7%
	100.0%

Large/Mid Cap Growth Fund

Small Cap Value Fund

Top Ten Industries
(% of Net Assets)
Retail	13.0%
Semiconductors	12.5%
Electronics	7.1%
Oil & Natural Gas	6.4%
Healthcare	5.4%
Software	5.1%
Commercial Services	4.6%
Chemicals	3.9%
Insurance	3.8%
Banks	3.6%
Other Assets in Excess of Liabilities	34.6%
	100.0%

Top Ten Industries
(% of Net Assets)
Banks	14.5%
Oil & Natural Gas	9.6%
REITs	8.7%
Building Materials	7.4%
Electric & Equipment	4.4%
Transportation	4.2%
Electric Power	4.2%
Insurance	4.1%
Software	4.1%
Machinery	3.9%
Other Assets in Excess of Liabilities	34.9%
	100.0%

Large/Mid Cap Value Fund

Fixed Income Fund

Top Ten Industries
(% of Net Assets)
Oil & Natural Gas	11.3%
Retail	6.6%
Banks	6.3%
Diversified Financial Services	6.1%
Food	5.9%
Healthcare	5.9%
Semiconductors	5.7%
Electronics	4.2%
Aerospace/Defense	4.1%
Distribution/Wholesale	3.7%
Other Assets in Excess of Liabilities	40.2%
	100.0%

Top Ten Industries
(% of Net Assets)
Corporate Bonds	39.8%
Government Mortgage - Backed Securities	30.0%
Government Notes & Bonds	25.6%
Other Assets in Excess of Liabilities	4.6%
	100.0%

[3]

Fund Profile

As of March 31, 2014 - (Unaudited)

(Continued)

High Yield Bond Fund

Israel Common Values Fund

Top Ten Industries
(% of Net Assets)
Corporate Bonds	96.3%
Other Assets in Excess of Liabilities	3.7%
	100.0%

Top Ten Industries
(% of Net Assets)
Real Estate	15.0%
Oil & Natural Gas	12.8%
Telecommunications	11.8%
Banks	11.4%
Food	6.0%
Electronics	4.6%
Chemicals	4.4%
Healthcare Products	4.1%
Semiconductors	3.5%
Aerospace/Defense	2.9%
Other Assets in Excess of Liabilities	23.5%
	100.0%

Defensive Strategies Fund

Strategic Growth Fund

Top Ten Industries
(% of Net Assets)
REITs	31.8%
TIPS	22.9%
Oil & Gas	10.1%
Exchange Traded Funds	8.9%
Chemicals	6.3%
Mining	5.1%
Oil & Gas Services	9.3%
Government Mortgage-Backed Securities	1.7%
Iron/Steel	1.5%
Pipelines	1.0%
Other Assets in Excess of Liabilities	1.4%
	100.0%

Top Ten Industries
(% of Net Assets)
Mutual Funds	100.2%
Liabilities in Excess of Other Assets	(0.2%	)
	100.0%

Conservative Growth Fund

Emerging Markets Fund

Top Ten Industries
(% of Net Assets)
Mutual Funds	99.7%
Liabilities in Excess of Other Assets	0.3%
	100.0%

Top Ten Industries
(% of Net Assets)
Banks	18.7%
Oil & Natural Gas	13.3%
Telecommunications	7.2%
Diversified Financial Services	7.0%
Food	7.0%
Electric	6.8%
Iron/Steel	4.7%
Semiconductors	4.6%
Automotive	4.5%
Retail	4.1%
Other Assets in Excess of Liabilities	22.1%
	100.0%

[4]

Fund Profile

As of March 31, 2014 - (Unaudited)

(Continued)

Growth & Income Fund

Top Ten Industries
(% of Net Assets)
Government Notes & Bonds	49.3%
Insurance	6.4%
Oil & Gas	4.7%
Chemicals	4.4%
Commercial Services	4.3%
Mischellaneous Manufacturing	3.3%
Oil & Gas Services	2.8%
Household Products/Wares	2.6%
Electric	2.5%
Auto Parts & Equipment	2.4%
Other Assets in Excess of Liabilities	17.3%
	100.0%

[5]

Timothy Plan Family of Funds Aggressive Growth

Schedule of Investments As of March 31, 2014 (Unaudited)

Common Stocks – 96.2%		Shares		Fair Value
AEROSPACE/DEFENSE – 1.5%
B/E Aerospace, Inc.	*		4,065		$	352,801
APPAREL – 5.9%
Carter’s, Inc.			2,775			215,479
Hanesbrands, Inc.			4,805			367,486
Oxford Industries, Inc.			1,325			103,615
Steven Madden, Ltd.	*		15,325			551,393
VF Corp.			2,760			170,789
						1,408,762
AUTO PARTS & EQUIPMENT – 0.2%
Dorman Products, Inc.	*		1,025			60,537
BANKS – 4.3%
Cardinal Financial Corp.			4,355			77,650
PacWest Bancorp.			3,775			162,363
PrivateBancorp., Inc.			8,545			260,708
Synovus Financial Corp.			157,675			534,518
						1,035,239
BEVERAGES – 1.2%
Keurig Green Mountain, Inc.			2,765			291,956
BIOTECHNOLOGY – 2.4%
Aegerion Pharmaceuticals, Inc.	*		2,370			109,304
Alexion Pharmaceuticals, Inc.	*		1,345			204,615
BioMarin Pharmaceutical, Inc.	*		1,525			104,020
Incyte Corp, Ltd.	*		980			52,450
MacroGenics, Inc.	*		1,620			45,085
NPS Pharmaceuticals, Inc.	*		1,850			55,371
						570,845
COMMERCIAL SERVICES – 13.4%
Advisory Board Co.	*		1,750			112,437
Cardtronics, Inc.	*		4,955			192,502
Euronet Worldwide, Inc.	*		3,710			154,299
ExlService Holdings, Inc.	*		4,525			139,868
FleetCor Technologies, Inc.	*		2,529			291,088
H&E Equipment Services, Inc.	*		5,050			204,272
H&R Block, Inc.			17,600			531,344
Heartland Payment Systems, Inc.			4,905			203,312
Information Services Group, Inc.	*		21,195			104,067
KAR Auction Services, Inc.			2,800			84,980
MAXIMUS, Inc.			3,095			138,842
SEI Investments Co.			3,165			106,376
United Rentals, Inc.	*		3,745			355,550
Vantiv, Inc. – Cl. A	*		6,650			200,963
Verisk Analytics, Inc. – Cl. A	*		2,460			147,502
WNS Holdings, Ltd. – ADR	*		13,695			246,510
						3,213,912
COMPUTERS – 4.9%
3D Systems Corp.	*		2,750			162,662
Cognizant Technology Solutions Corp. – Cl. A	*		6,720			340,099
Electronics For Imaging, Inc.	*		5,655			244,918
IHS, Inc. – Cl. A	*		1,575			191,362

Common Stocks (Continued)		Shares		Fair Value
COMPUTERS (continued)
Manhattan Associates, Inc.	*		1,860		$	65,156
Netscout Systems, Inc.	*		1,992			74,859
Spansion, Inc.	*		5,900			102,778
						1,181,834
COSMETICS/PERSONAL CARE – 0.3%
Inter Parfums, Inc.			1,725			62,462
DISTRIBUTION/WHOLESALE – 1.2%
Wesco International, Inc.	*		3,395			282,532
DIVERSIFIED FINANCIAL SERVICES – 6.1%
E*TRADE Financial Corp.	*		5,100			117,402
Encore Capital Group, Inc.	*		4,500			205,650
Evercore Partners, Inc. – Cl. A			3,025			167,131
IntercontinentalExchange Group, Inc.			2,880			569,750
Invesco, Ltd.			11,080			409,960
						1,469,893
ELECTRICAL – 0.8%
Acuity Brands, Inc.			850			112,684
Hubbell, Inc. – Cl. B			755			90,502
						203,186
ELECTRONICS – 2.7%
Mettler-Toledo International, Inc.	*		430			101,342
Thermo Fisher Scientific, Inc.			2,945			354,107
Trimble Navigation, Ltd.	*		4,885			189,880
						645,329
ENVIRONMENTAL CONTROL – 1.3%
MSA Safety, Inc.			2,755			157,035
Waste Connections, Inc.			3,610			158,335
						315,370
FOOD – 1.0%
Hain Celestial Group, Inc.	*		2,565			234,621
HEALTHCARE – 5.5 %
Capital Senior Living Corp.	*		9,850			256,001
Globus Medical, Inc. – Cl. A	*		2,925			77,776
ICON PLC	*		6,975			331,661
Thoratec Corp.	*		4,475			160,250
Tornier NV	*		10,870			230,661
Trinity Biotech PLC			2,625			63,604
Wright Medical Group, Inc.	*		6,630			205,994
						1,325,947
HOLDING COMPANIES – 0.5%
Horizon Pharma, Inc.	*		7,450			112,644
HOME BUILDERS – 0.8%
Lennar Corp.			5,255			208,203
INSURANCE – 2.9%
Assured Guaranty, Ltd.			15,300			387,396
Radian Group, Inc.			21,143			317,779
						705,175

[6] (continued)

Timothy Plan Family of Funds Aggressive Growth (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

Common Stocks (Continued)		Shares		Fair Value
INTERNET – 1.0%
Endurance International Group Holdings, Inc.	*		12,020		$	156,380
SPS Commerce, Inc.	*		1,275			78,349
						234,729
LEISURE – 1.4%
Brunswick Corp.			7,525			340,807
MACHINERY-DIVERSIFIED – 1.7%
Columbus McKinnon Corp.	*		3,215			86,130
Flowserve Corp.			1,975			154,721
Nordson Corp.			2,300			162,127
						402,978
METAL FABRICATE/HARDWARE – 0.5%
Rexnord Corp.	*		3,850			111,573
MISCELLANEOUS MANUFACTURING – 1.5%
Hexcel Corp.	*		4,375			190,488
Trimas Corp.	*		5,060			167,992
						358,480
OIL & NATURAL GAS – 4.0%
Cabot Oil & Gas Corp. – Cl. A			7,955			269,515
Carrizo Oil & Gas, Inc.	*		2,350			125,631
Concho Resources, Inc.	*		1,400			171,500
Kodiak Oil & Gas Corp.	*		16,325			198,186
Rex Energy Corp.	*		10,524			196,904
						961,736
PHARMACEUTICALS – 2.0%
Akorn, Inc.	*		8,642			190,124
Aratana Therapeutics, Inc.	*		2,665			49,462
Catamaran Corp.	*		5,315			237,899
						477,485
REAL ESTATE – 1.1%
HFF, Inc. – Cl. A			7,665			257,621
RETAIL – 8.6%
Advance Auto Parts, Inc.			3,200			404,800
Bloomin’ Brands, Inc.	*		4,840			116,644
Cheesecake Factory, Inc.			5,000			238,150
Del Frisco’s Restaurant Group, Inc.	*		6,885			192,092
Dick’s Sporting Goods, Inc.			2,525			137,890
Five Below, Inc.	*		2,050			87,084
Group 1 Automotive, Inc.			4,215			276,757
Krispy Kreme Doughnuts, Inc.	*		12,070			214,001
Pier 1 Imports, Inc.			4,060			76,653
Rush Enterprises, Inc.	*		9,525			309,372
						2,053,443
SEMICONDUCTORS – 4.2%
Avago Technologies, Ltd.			3,400			218,994
MaxLinear, Inc. – Cl. A	*		12,765			121,012
NXP Semiconductor NV	*		11,475			674,845
						1,014,851

Common Stocks (Continued)		Shares		Fair Value
SOFTWARE – 5.6%
Aspen Technology, Inc.	*		2,990		$	126,656
Cerner Corp.	*		2,700			151,875
Imperva, Inc.	*		1,173			65,336
Informatica Corp.	*		4,375			165,288
Interactive Intelligence Group, Inc.	*		925			67,063
PTC, Inc.	*		12,700			449,961
SS&C Technologies Holdings, Inc.	*		3,775			151,076
Synchronoss Technologies, Inc.	*		4,855			166,478
						1,343,733
TELECOMMUNICATIONS – 6.5%
8x8, Inc.	*		4,175			45,132
Aruba Networks, Inc.	*		5,635			105,656
CalAmp Corp.	*		5,025			140,047
Finisar Corp.	*		18,460			489,375
Fortinet, Inc.	*		7,800			171,834
Palo Alto Networks, Inc.	*		900			61,740
SBA Communications Corp. – Cl. A	*		5,895			536,209
						1,549,993
TRANSPORTATION – 1.2%
Genesse & Wyoming, Inc. – Cl A	*		2,875			279,795
Total Common Stocks (Cost $19,055,913)					$	23,068,472
Master Limited Partnerships – 0.7%		Shares		Fair Value
Lazard, Ltd. – Cl. A (Cost $137,265)			3,775		$	177,765
REITs – 0.4%		Shares		Fair Value
Lexington Realty Trust (Cost $107,637)			9,300		$	101,463
Money Market Fund – 2.8%		Shares		Fair Value
Fidelity Institutional Money Market Portfolio, 0.01% (Cost $659,320)	(A)		659,320		$	659,320
Total Investments (Cost $19,960,132) – 100.1%	(B)				$	24,007,020
Liabilities in Excess of Other Assets – (0.1)%						(14,491	)
Net Assets – 100.00%					$	23,992,529

[7] (continued)

Timothy Plan Family of Funds Aggressive Growth (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

* Non-income producing securities.

(REIT) Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at March 31, 2014.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $20,008,613 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	4,332,908
Unrealized depreciation		(334,501	)
Net unrealized appreciation	$	3,998,407

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

[8]

Timothy Plan Family of Funds International

Schedule of Investments As of March 31, 2014 (Unaudited)

Common Stocks – 94.5%		Shares		Fair Value
AIRLINES – 2.1%
Copa Holdings SA – Cl. A			7,200		$	1,045,368
AUTOMOTIVE – 7.6%
Magna International, Inc.			17,600			1,695,056
Valeo SA (ADR)			30,000			2,115,900
						3,810,956
BANKS – 9.4%
Bank of East Asia, Ltd. (ADR)			132,000			512,160
Bank Hapoalim BM (ADR)			18,000			512,100
DBS Group Holdings, Ltd. (ADR)			20,639			1,067,862
Sberbank of Russia (ADR)			76,000			742,520
Sumitomo Mitsui Financial Group, Inc.			151,200			1,307,880
Swedbank AB (ADR)			22,100			592,280
						4,734,802
BUILDING MATERIALS – 2.0%
Lafarge SA			51,000			998,580
CHEMICALS – 0.8%
Agrium, Inc.			4,000			390,080
DISTRIBUTION / WHOLESALE – 1.7%
ITOCHU Corp. (ADR)			36,000			841,680
DIVERSIFIED FINANCIAL SERVICES – 5.0%
Daiwa Securities Group, Inc.			85,500			739,575
ICAP PLC			24,000			310,320
ORIX Corp.	*		20,800			1,465,776
						2,515,671
ELECTRIC POWER – 1.0%
Power Assets Holdings, Ltd. (ADR)			59,900			516,338
ELECTRICAL – 1.9%
Hitachi, Ltd. (ADR)			13,000			965,900
ENGINEERING & CONSTRUCTION – 2.7%
Vinci SA (ADR)			74,000			1,375,660
FOOD – 6.5%
Kerry Group PLC (ADR)			14,000			1,071,000
Marine Harvest ASA (ADR)			70,000			801,500
Seven & I Holdings Co., Ltd. (ADR)			12,500			960,625
WM Morrison Supermarkets PLC (ADR)			25,000			447,000
						3,280,125
HAND / MACHINE TOOLS – 2.6%
Techtronic Industries Co. (ADR)			95,100			1,330,449
HEALTHCARE – 5.8%
Fresenius Medical Care AG & Co. (ADR)			36,000			1,254,600
Smith & Nephew PLC (ADR)			21,600			1,651,968
						2,906,568
HOME BUILDERS – 1.6%
Sekisui House, Ltd. (ADR)			65,000			800,150
HOUSEHOLD PRODUCTS – 3.6%
Henkel AG & Co. (ADR)			18,000			1,805,220

Common Stocks (Continued)		Shares		Fair Value
INSURANCE – 8.9%
Aegon NV (ADR)			170,000		$	1,564,000
Ageas (ADR)			34,300			1,527,036
Muenchener Keuckversicherungs AG (ADR)			40,700			892,958
Zurich Insurance Group AG (ADR)			15,900			488,766
						4,472,760
MACHINERY – 2.8%
Assa Abloy AB (ADR)			20,000			532,600
Atlas Copco AB (ADR)			24,000			659,040
CNH Global NV	*		20,772			238,878
						1,430,518
MINERALS & MINING – 3.3%
Rio Tino PLC			14,000			781,620
Vale SA (ADR)			73,200			911,340
						1,692,960
MISCELLANEOUS MANUFACTURING – 2.5%
FUJIFILM Holdings Corp. (ADR)			38,538			1,035,131
Vesuvius PLC (ADR)			35,000			250,250
						1,285,381
OFFICE / BUSINESS EQUIPMENT – 0.6%
Canon, Inc. (ADR)			9,000			279,540
OIL & NATURAL GAS – 7.0%
Afren PLC (ADR)	*		20,000			235,400
Gran Tierra Energy, Inc.	*		112,000			837,760
Lukoil OAO (ADR)			16,000			894,800
Statoil ASA (ADR)			43,868			1,237,955
Transocean, Ltd.			8,000			330,720
						3,536,635
OIL & GAS SERVICE – 1.6%
Subsea 7 SA (ADR)			44,788			829,026
PHARMACEUTICAL – 2.6%
Shire PLC (ADR)			8,900			1,321,917
SOFTWARE – 0.9%
Open Text Corp.			10,000			477,100
TELECOMMUNICATIONS – 8.2%
Globe Telecom, Inc. (ADR)			15,000			553,425
Nippon Telegraph & Telephone Corp. (ADR)			25,000			681,000
Philippine Long Distance Telephone Co. (ADR)			14,500			884,790
Singapore Telecommunications, Ltd. (ADR)			47,500			1,383,010
Softbank Corp. (ADR)			16,852			638,859
						4,141,084
TRANSPORTATION – 1.8%
Canadian Pacific Railway, Ltd.			6,000			902,580
Total Common Stocks (Cost $37,123,668)					$	47,687,048

[9] (continued)

Timothy Plan Family of Funds International (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

Money Market Fund – 5.8%		Shares		Fair Value
Fidelity Institutional Money Market Portfolio, 0.01% (Cost $2,948,129)	(A)		2,948,129		$	2,948,129
Total Investments (Cost $40,071,797) – 100.3%	(B)				$	50,635,177
Liabilities in Excess of Other Assets – (0.3%)						(171,586	)
Net Assets – 100.00%					$	50,463,591

* Non-income producing securities.

(ADR) American Depositary Receipt.

(A) Variable rate security; the rate shown represents the yield at March 31, 2014.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $40,674,093 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	11,058,695
Unrealized depreciation		(1,097,611	)
Net unrealized appreciation	$	9,961,084

Diversification of Assets

Country	% of Net Assets
Belgium		3.03%
Brazil		1.81%
Canada		8.53%
France		8.90%
Germany		7.83%
Hong Kong		4.67%
Ireland		4.74%
Israel		1.01%
Japan		19.25%
Netherlands		3.57%
Norway		4.04%
Panama		2.07%
Philippines		2.85%
Russia		3.24%
Singapore		4.86%
Sweden		3.54%
Switzerland		1.62%
United Kingdom		8.93%
Total		94.49%
Money Market Fund		5.80%
Liabilities in Excess of Other Assets		(0.29)%
Grand Total		100.00%

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

[10]

Timothy Plan Family of Funds Large/Mid Cap Growth

Schedule of Investments As of March 31, 2014 (Unaudited)

Common Stocks – 95.8%		Shares		Fair Value
AEROSPACE/DEFENSE – 2.3 %
B/E Aerospace, Inc.	*		8,175		$	709,508
General Dynamics Corp.			6,310			687,285
						1,396,793
APPAREL – 2.1%
Carter’s, Inc.			6,075			471,724
Hanesbrands, Inc.			4,695			359,074
VF Corp.			6,565			406,242
						1,237,040
BANKS – 3.6%
BB&T Corp.			33,850			1,359,754
Huntington Bancshares, Inc.			8,100			247,131
Zions Bancorp.			167,905			569,198
						2,176,083
BEVERAGES – 0.6%
Keurig Green Mountain, Inc.			3,175			335,248
BIOTECHNOLOGY – 0.6%
Alexion Pharmaceuticals, Inc.	*		900			136,917
BioMarin Pharmaceutical, Inc.	*		3,225			219,977
						356,894
CHEMICALS – 3.9%
LyondellBasell Industries NV			9,910			881,395
Praxair, Inc.			10,960			1,435,431
						2,316,826
COMMERCIAL SERVICES – 4.6%
FleetCor Technologies, Inc.	*		3,192			367,399
H&R Block, Inc.			18,765			566,515
KAR Auction Services, Inc.			5,975			181,341
SEI Investments Co.			6,550			220,146
United Rentals, Inc.	*		6,590			625,655
Vantiv, Inc. – Cl. A	*		13,720			414,618
Verisk Analytics, Inc. – Cl. A	*		6,420			384,943
						2,760,617
COMPUTERS – 2.2%
3D Systems Corp.	*		2,925			173,014
Cognizant Technology Solutions Corp. – Cl. A	*		9,500			480,795
Electronics For Imaging, Inc.	*		5,520			239,071
IHS Inc. – Cl. A	*		3,250			394,875
						1,287,755
DISTRIBUTION/WHOLESALE – 0.5%
Wesco International, Inc.	*		3,290			273,794
DIVERSIFIED FINANCIAL SERVICES – 2.6%
E*TRADE Financial Corp.	*		10,650			245,163
IntercontinentalExchange Group, Inc.			3,665			725,047
Invesco, Ltd.			15,774			583,638
						1,553,848
ELECTRICAL COMPONENTS & EQUIPMENT – 0.4%
Hubbell, Inc.			1,780			213,369

Common Stocks (Continued)		Shares		Fair Value
ELECTRONICS – 7.1%
Amphenol Corp.			15,090		$	1,382,998
Jabil Circuit, Inc.			41,265			742,770
Mettler-Toledo International, Inc.	*		905			213,290
Thermo Fisher Scientific, Inc.			12,690			1,525,846
Trimble Navigation, Ltd.	*		10,345			402,110
						4,267,014
ENVIRONMENTAL CONTROL – 0.7%
Waste Connections, Inc.			8,845			387,942
FOOD – 2.5%
Hain Celestial Group, Inc.			5,575			509,945
JM Smucker and Co.			9,930			965,593
						1,475,538
HEALTHCARE – 5.4%
Covidien PLC			27,715			2,041,487
ICON PLC	*		7,500			356,625
Sirona Dental Systems, Inc.	*		8,815			658,216
Thoratec Corp.	*		4,775			170,993
						3,227,321
HOME BUILDERS – 0.7%
Lennar Corp.			10,530			417,199
INSURANCE – 3.8%
ACE, Ltd.			17,275			1,711,261
Assured Guaranty, Ltd.			21,400			541,848
						2,253,109
LEUSURE TIME – 0.8%
Brunswick Corp.			11,125			503,851
MACHINERY – 3.0%
Flowserve Corp.			4,250			332,945
Nordson Corp.			4,800			338,352
Rockwell Automation, Inc.			9,230			1,149,597
						1,820,894
MINING – 2.8%
Freeport – McMoRan Copper & Gold, Inc.			51,485			1,702,609
OIL & NATURAL GAS – 8.5%
Cabot Oil & Gas Corp. – Cl. A			8,670			293,740
Concho Resources, Inc.	*		2,965			363,213
ConocoPhillips			14,940			1,051,029
Exxon Mobile Corp.			12,530			1,232,046
Occidental Petroleum Corp.			22,520			2,145,931
						5,085,959
PHARMACEUTICALS – 0.4%
Catamaran Corp.	*		4,625			207,015
RETAIL – 13.0%
Advance Auto Parts, Inc.			5,950			752,675
AutoZone, Inc.	*		3,690			1,981,899
Cheesecake Factory, Inc			12,500			595,375
Costco Wholesale Corp.			11,180			1,248,582
Dick’s Sporting Goods, Inc.			5,575			304,451
Group 1 Automotive, Inc.			5,190			340,775

[11] (continued)

Timothy Plan Family of Funds Large/Mid Cap Growth (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

Common Stocks (Continued)		Shares		Fair Value
RETAIL (continued)
Kohl’s Corp.			14,530		$	825,304
Lowe’s Cos, Inc.			24,550			1,200,495
PetSmart, Inc.			7,525			518,397
						7,767,953
SEMICONDUCTORS – 12.5%
Avago Technologies, Ltd.			7,225			465,362
Linear Technology Corp.			43,340			2,110,225
Maxim Integrated Products, Inc.			32,860			1,088,323
NVIDIA Corp.			72,870			1,305,102
NXP Semiconductor NV	*		20,950			1,232,070
Xilinx Inc.			22,945			1,245,225
						7,446,307
SOFTWARE – 5.1%
Cerner Corp.	*		10,400			585,000
Informatica Corp.	*		9,180			346,820
PTC, Inc.	*		21,985			778,929
Vmware, Inc. – Cl. A	*		12,600			1,361,052
						3,071,801
TELECOMMUNICATIONS – 2.7%
Cerner Corp.	*		18,610			493,351
Informatica Corp.	*		8,325			183,400
PTC, Inc.	*		1,725			118,335
Vmware, Inc. – Cl. A	*		9,225			839,106
						1,634,192

Common Stocks (Continued)		Shares		Fair Value
TRANSPORTATION – 3.4%
Genesee & Wyoming, Inc. – Class A	*		2,905		$	282,715
Norfolk Southern Corp.			18,250			1,773,353
						2,056,068
Total Common Stocks (Cost $47,464,162)					$	57,233,039
Master Limited Partnerships – 0.7%		Shares		Fair Value
Lazard, Ltd. – Cl. A (Cost $304,292)			8,480		$	399,323
Money Market Fund – 3.2%		Shares		Fair Value
Fidelity Institutional Money Market Portfolio, 0.01% (Cost $1,914,883)	(A)		1,914,883		$	1,914,883
Total Investments (Cost $49,683,337) – 99.7%	(B)				$	59,547,245
Other Assets in Excess of Liabilities – 0.3%						220,942
Net Assets – 100.00%					$	59,768,187

* Non-income producing securities.

(A) Variable rate security; the rate shown represents the yield at March 31, 2014.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $49,758,686 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	10,150,014
Unrealized depreciation		(361,455	)
Net unrealized appreciation	$	9,788,559

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

[12]

Timothy Plan Family of Funds Small Cap Value

Schedule of Investments As of March 31, 2014 (Unaudited)

Common Stocks – 87.0%		Shares		Fair Value
AEROSPACE EQUIPMENT – 3.1%
Kaman Corp.			22,421		$	912,086
Moog, Inc. – Class A	*		25,802			1,690,289
						2,602,375
APPAREL – 2.1%
Wolverine World Wide, Inc.			60,800			1,735,840
BANKS – 14.5%
Bancfirst Corp.			14,323			811,111
BBCN Bancorp, Inc.			101,099			1,732,837
Chemical Financial Corp.			49,647			1,611,045
Columbia Banking System, Inc.			62,508			1,782,728
First Financial Bancorp			63,800			1,147,124
Pacific Continental Corp.			61,657			848,400
PrivateBancorp, Inc.			53,007			1,617,244
State Bank Financial Corp.			48,354			855,382
Wintrust Financial Corp.			35,954			1,749,522
						12,155,393
BUILDING MATERIALS – 7.4%
Apogee Enterprises, Inc.			42,011			1,396,026
Boise Cascade Co.	*		50,950			1,459,208
Continental Building Products, Inc.	*		38,814			731,256
Gibraltar Industries, Inc.	*		47,100			888,777
Trex Co., Inc.	*		23,313			1,705,579
						6,180,846
COMMERCIAL SERVICES – 1.9%
Kelly Services, Inc. – Cl. A			67,800			1,608,894
COMPUTERS – 3.0%
CACI International, Inc.	*		10,534			777,409
J2 Global, Inc.			34,700			1,736,735
						2,514,144
DISTRIBUTION/WHOLESALE – 1.1%
Beacon Roofing Supply, Inc.	*		23,300			900,778
ELECTRIC POWER – 4.2%
Allete, Inc.			32,700			1,714,134
NorthWestern Corp.			38,800			1,840,284
						3,554,418
ELECTRIC & EQUIPMENT – 4.4%
Coherent, Inc.			17,210			1,124,674
Littelfuse, Inc.			18,745			1,755,282
Watts Water Technologies, Inc.			14,300			839,267
						3,719,223
FOOD – 1.1%
J & J Snack Food Corp.			9,463			908,164
FOREST PRODUCTS & PAPER – 2.0%
KapStone Paper and Packaging Corp.			59,600			1,718,864
HEALTHCARE – 1.1%
Merit Medical Systems, Inc.	*		65,358			934,619
HOME BUILDERS – 2.2%
Thor Industries, Inc.			31,000			1,892,860

Common Stocks (Continued)		Shares		Fair Value
HOME FURNISHING – 1.8%
DTS, Inc.	*		75,328		$	1,488,481
INSURANCE – 4.2%
AMERISAFE, Inc.			22,045			967,996
Employers Holdings, Inc.			86,400			1,747,872
Safety Insurance Group, Inc.			14,197			764,509
						3,480,377
INTERNET – 1.8%
CyrusOne, Inc.			71,998			1,499,718
LEISURE – 1.1%
Arctic Cat, Inc.			18,806			898,739
MACHINERY – 3.9%
Gorman-Rupp Co.			55,993			1,780,017
Hurco Cos, Inc.			23,405			624,445
Hyster-Yale Materials Handling, Inc. – Cl. A			8,776			855,660
						3,260,122
MINING – 1.0%
US Silica Holdings, Inc.	*		23,267			888,101
OFFICE FURNISHINGS – 1.1%
Knoll, Inc.			48,215			877,031
OIL & NATURAL GAS – 9.6%
Bonanza Creek Energy, Inc.	*		37,472			1,663,757
Contango Oil & Gas Co.	*		19,294			921,096
New Jersey Resources Corp.			37,928			1,888,814
RSP Permian, Inc.	*		31,500			910,035
Rex Energy Corp.	*		47,988			897,856
Synergy Resources Corp.	*		165,592			1,780,114
						8,061,672
OIL & GAS SERVICES – 1.1%
Matrix Service Co.	*		27,231			919,863
PIPELINES – 0.9%
Primoris Services Corp.			24,700			740,506
RETAIL – 2.2%
Lithia Motors, Inc.			27,500			1,827,650
SOFTWARE – 4.1%
AVG Technologies NV	*		81,100			1,699,856
Omnicell, Inc.	*		59,821			1,712,077
						3,411,933
TRANSPORTATION – 4.2%
Heartland Express, Inc.			79,315			1,799,657
Roadrunner Transportation Systems, Inc.	*		69,900			1,764,276
						3,563,933
TRUCKING & LEASING – 1.9%
TAL International Group, Inc.			36,696			1,573,158
Total Common Stocks (Cost $56,444,034)					$	72,917,702

[13] (continued)

Timothy Plan Family of Funds Small Cap Value (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

Master Limited Partnerships – 1.0%			Shares			Fair Value
World Point Terminals LP (Cost $782,943)	*			39,170		$	812,778
REITs – 8.7%		Shares			Fair Value
Coresite Realty Corp.				24,105		$	747,255
CubeSmart				51,200			878,592
Inland Real Estate Corp.				73,100			771,205
PS Business Parks, Inc.				20,600			1,722,572
Potlatch Corp.				38,500			1,489,565
Summit Hotel Properties, Inc.				188,197			1,746,468
Total REITs (Cost $6,541,356)						$	7,355,657

Money Market Fund – 1.7%		Shares		Fair Value
Fidelity Institutional Money Market Portfolio, 0.01% (Cost $1,428,822)	(A)		1,428,822	$	1,428,822
Total Investments (Cost $65,197,155) – 98.4%	(B)			$	82,514,959
Other Assets in Excess of Liabilities – 1.6%					1,323,356
Net Assets – 100.00%				$	83,838,315

* Non-income producing securities.

(REIT) Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at March 31, 2014.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $65,247,178 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	17,516,494
Unrealized depreciation		(248,713	)
Net unrealized appreciation	$	17,267,781

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

[14]

Timothy Plan Family of Funds Large/Mid Cap Value

Schedule of Investments As of March 31, 2014 (Unaudited)

Common Stocks – 93.2%		Shares		Fair Value
AEROSPACE / DEFENSE – 4.1%
B/E Aerospace, Inc.	*		33,550		$	2,911,804
General Dynamics Corp.			29,500			3,213,140
						6,124,944
AUTO – 2.1%
BorgWarner, Inc.			50,400			3,098,088
BANKS – 6.3%
CIT Group, Inc.			50,800			2,490,216
East West Bancorp, Inc.			85,700			3,128,050
SVB Financial Group	*		29,786			3,835,841
						9,454,107
BEVERAGES – 2.1%
Dr. Pepper Snapple Group, Inc.			56,900			3,098,774
CHEMICALS – 3.0%
Rockwood Holdings, Inc.			20,300			1,510,320
Sherwin-Williams Co.			14,850			2,927,380
						4,437,700
COMPUTERS – 2.3%
SanDisk Corp.			18,900			1,534,491
Western Digital Corp.			19,900			1,827,218
						3,361,709
DISTRIBUTION / WHOLESALE – 3.7%
WESCO International, Inc.	*		34,600			2,879,412
WW Grainger, Inc.			10,700			2,703,462
						5,582,874
DIVERSIFIED FINANCIAL SERVICES – 6.1%
Eaton Vance Corp.			77,100			2,942,136
Franklin Resources, Inc.			55,800			3,023,244
Invesco, Ltd.			84,000			3,108,000
						9,073,380
ELECTRIC POWER – 2.0%
NextEra Energy, Inc.			31,900			3,050,278
ELECTRONICS – 4.2%
Amphenol Corp.			33,100			3,033,615
Garmin, Ltd.			33,500			1,851,210
TE Connectivity, Ltd.			23,800			1,432,998
						6,317,823
FOOD – 5.9%
JM Smucker Co.			30,000			2,917,200
McCormick & Co., Inc.			43,200			3,099,168
Sysco Corp.			77,750			2,809,107
						8,825,475
HEALTHCARE – 5.9%
Covidien PLC			40,500			2,983,230
CR Bard, Inc.			21,400			3,166,772
DENTSPLY International, Inc.			57,100			2,628,884
						8,778,886

Common Stocks (Continued)		Shares		Fair Value
HOUSEHOLD PRODUCTS/WARES – 0.9%
Tupperware Brands Corp.			16,300		$	1,365,288
INSURANCE – 2.8%
Axis Capital Holdings, Ltd.			59,000			2,705,150
Unumprovident Corp.			41,100			1,451,241
						4,156,391
MACHINERY – 2.3%
Flowserve Corp.			43,000			3,368,620
METAL FABRICATE/HARDWARE – 2.0%
Precision Castparts Corp.			11,500			2,906,740
MISCELLANEOUS MANUFACTURING – 2.8%
AO Smith Corp.			58,300			2,682,966
SPX Corp.			15,600			1,533,636
						4,216,602
OIL & NATURAL GAS – 11.3%
EOG Resources, Inc.			16,875			3,310,369
EQT Corp.			14,700			1,425,459
Marathon Petroleum Corp.			34,700			3,020,288
National Oilwell Varco, Inc.			16,100			1,253,707
New Jersey Resources Corp.			61,130			3,044,274
Oasis Petroleum, Inc.	*		51,200			2,136,576
Occidental Petroleum Corp.			27,900			2,658,591
						16,849,264
PACKAGING & CONTAINERS – 1.9%
Rock Tenn Co.			27,300			2,882,061
PHARMACEUTICALS – 2.2%
Express Scripts Holding Co.	*		42,700			3,206,343
Mallinckrodt PLC	*		1			63
						3,206,406
RETAIL – 6.6%
Advance Auto Parts, Inc.			24,575			3,108,738
Family Dollar Stores, Inc.			47,600			2,761,276
MSC Industrial Direct Co., Inc.			31,725			2,744,847
PetSmart, Inc.			17,900			1,233,131
						9,847,992
SEMICONDUCTORS – 5.7%
Avago Technologies, Ltd.			63,500			4,090,035
Microchip Technology, Inc.			32,000			1,528,320
Skyworks Solutions, Inc.	*		78,300			2,937,816
						8,556,171
TELEVOMMUNICAIONS – 3.0%
Amdocs, Ltd.			95,500			4,436,930
TEXTILES – 2.0%
Mohawk Industries, Inc.	*		21,400			2,909,972
TRANSPORTATION – 2.0%
Canadian National Railway Co.			51,600			2,900,952
Total Common Stocks (Cost $103,492,731)					$	138,807,427

[15] (continued)

Timothy Plan Family of Funds Large/Mid Cap Value (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

Master Limited Partnerships – 1.1%	Shares		Fair Value
Lazard, Ltd. – Cl. A (Cost $934,664)		34,600		$	1,629,314
REITs – 2.2%	Shares		Fair Value
Regency Centers Corp.		26,600			1,358,196
Ventas, Inc.		31,500			1,907,955
(Cost $5,729,841)				$	3,266,151

Money Market Fund – 3.4%		Shares		Fair Value
Fidelity Institutional Money Market Portfolio, 0.01% (Cost $5,104,891)	(A)		5,104,891		$	5,104,891
Total Investments (Cost $113,250,834) – 99.9%	(B)				$	148,807,783
Other Assets in Excess of Liabilities – 0.1%						160,299
Net Assets – 100.00%					$	148,968,082

* Non-income producing securities.

(REIT) Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at March 31, 2014.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $113,288,626 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	36,060,483
Unrealized depreciation		(541,326	)
Net unrealized appreciation	$	35,519,157

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

[16]

Timothy Plan Family of Funds Fixed Income

Schedule of Investments As of March 31, 2014 (Unaudited)

Bonds and Notes – 95.4%	Par Value			Fair Value
CORPORATE BONDS – 39.8%
ABB Finance USA, Inc., 2.875%, 5/08/2022		$	1,000,000		$	974,211
Altera Corp., 1.75%, 5/15/2017			1,000,000			1,007,461
Analog Devices, Inc., 3.00%, 4/15/2016			740,000			768,876
Boardwalk Pipelines LP, 5.75%, 9/15/2019			1,000,000			1,086,619
Cameron International Corp., 6.375%, 7/15/2018			1,000,000			1,158,345
Canadian National Railway Co., 5.80%, 6/01/2016			750,000			829,577
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 2.125%, 10/13/2015			1,000,000			1,024,159
Covidien International Finance SA, 2.80%, 6/15/2015			500,000			512,735
DCP Midstream Operating LP, 2.70%, 4/01/2019			800,000			799,245
Eaton Corp., 5.60%, 5/15/2018			325,000			366,389
Energy Transfer Partners LP, 6.70%, 7/01/2018			1,000,000			1,162,546
Enterprise Products Operating, LLC, 6.125%, 10/15/2039			500,000			585,343
ERP Operating LP, 5.125%, 3/15/2016			900,000			973,789
Glencore Funding, LLC., 4.125%, 5/30/2023			1,000,000			956,879
Health Care REIT, Inc., 3.75%, 3/15/2023			1,000,000			983,592
Husky Energy, Inc., 3.95%, 4/15/2022			750,000			770,833
John Sevier Combined Cycle Generation LLC, 4.626%, 1/15/2042			973,831			1,013,572
Johnson Controls, Inc., 5.00%, 3/30/2020			750,000			833,590
Kennametal Inc., 3.875%, 2/15/2022			1,000,000			988,314
Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014			750,000			770,593
LYB International Finance BV, 4.00%, 7/15/2023			800,000			817,566
Marathon Oil Corp., 6.00%, 10/01/2017			750,000			858,034
Nisource Finance Corp., 5.40%, 7/15/2014			750,000			760,169
Oneok, Inc., 4.25%, 2/01/2022			500,000			479,699
Petrobras Intl. Financial Co., 3.50%, 2/06/2017			1,000,000			1,013,302
Phillips 66, 2.95%, 5/01/2017			1,000,000			1,043,943

Bonds and Notes (Continued)	Par Value			Fair Value
CORPORATE BONDS (continued)
Plains All American Pipeline, 3.65%, 6/01/2022		$	1,000,000		$	1,005,509
Rio Tinto Finance USA, Ltd., 2.50%, 5/20/2016			750,000			774,697
Simon Property Group LP, 6.125%, 5/30/2018			1,000,000			1,164,361
Teck Cominco Ltd. – Cl. B, 6.00%, 8/15/2040			500,000			501,206
Transocean, Inc., 6.00%, 3/15/2018			500,000			556,528
Trinity Acquisition PLC, 4.625%, 8/15/2023			750,000			766,307
Tyco Electronics Group SA, 6.55%, 10/01/2017			750,000			867,970
Valero Energy Corp., 6.625%, 6/15/2037			500,000			603,673
Total Corporate Bonds (Cost $27,944,368)					$	28,779,632
U.S. GOVERNMENT & AGENCY OBLIGATIONS – 55.6%
GOVERNMENT NOTES & BONDS – 25.6%
Federal Farm Credit Bank, 5.125%, 8/25/2016			2,500,000			2,767,248
Federal Home Loan Bank, 5.00%, 11/17/2017			1,000,000			1,134,975
U.S. Treasury Bond, 4.50%, 2/15/2036			2,500,000			2,935,155
U.S. Treasury Note, 3.875%, 5/15/2018			2,000,000			2,199,610
U.S. Treasury Note, 3.125%, 5/15/2021			9,000,000			9,481,293
Total Government Notes & Bonds (Cost $18,992,578)					$	18,518,281
GOVERNMENT MORTGAGE-BACKED SECURITIES – 30.0%
GNMA Pool 3584, 6.00%, 7/20/2034			49,579			57,080
GNMA Pool 3612, 6.50%, 9/20/2034			12,796			140,301
GNMA Pool 3625, 6.00%, 10/20/2034			364,114			409,550
GNMA Pool 3637, 5.50%, 11/20/2034			142,005			158,619
GNMA Pool 3665, 5.50%, 1/20/2035			234,297			261,705
GNMA Pool 3679, 6.00%, 2/20/2035			123,408			143,727
GNMA Pool 3711, 5.50%, 5/20/2035			267,879			299,722
GNMA Pool 3865, 6.00%, 6/20/2036			219,256			248,485
GNMA Pool 3910, 6.00%, 10/20/3036			155,197			175,933

[17] (continued)

Timothy Plan Family of Funds Fixed Income (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

Bonds and Notes (Continued)	Par Value			Fair Value
GOVERNMENT MORTGAGE-BACKED SECURITIES (continued)
GMNA Pool 4058, 5.50%, 12/20/2037		$	328,901		$	359,593
GNMA Pool 4072, 5.50%, 1/20/2037			343,882			381,951
GMNA Pool 4520, 5.00%, 8/20/2039			1,173,201			1,281,275
GMNA Pool 4541, 5.00%, 9/20/2039			739,195			811,817
GMNA Pool 4947, 5.00%, 2/20/2041			1,304,303			1,431,420
GMNA Pool 5204, 4.50%, 10/20/2041			543,762			587,746
GNMA Pool 585163, 5.00%, 2/15/2018			11,702			12,375
GNMA Pool 585180, 5.00%, 2/15/2018			11,332			12,121
GNMA Pool 592492, 5.00%, 3/15/2018			7,964			8,520
GNMA Pool 599821, 5.00%, 1/15/2018			9,865			10,551
GNMA Pool 604182, 5.50%, 4/15/2033			204,982			229,005
GNMA Pool 663776, 6.50%, 1/15/2037			117,640			133,106
GNMA Pool 701961, 4.50%, 6/15/2039			1,634,211			1,773,233
GNMA Pool 734437, 4.50%, 5/15/2041			495,080			535,997
GNMA Pool 737556, 4.50%, 10/15/2040			1,259,907			1,363,379

Bonds and Notes (Continued)		Par Value			Fair Value
GOVERNMENT MORTGAGE-BACKED SECURITIES (continued)
GNMA Pool 781694, 6.00%, 12/15/2031			$	51,190		$	59,039
GNMA Pool 783060, 4.00%, 8/15/2040				1,280,638			1,349,118
GNMA Pool AD8801, 3.50%, 3/15/2043				4,020,109			4,116,024
GNMA Pool MA0155, 4.00%, 6/20/2042				2,535,111			2,669,470
GMNA Pool MA0220, 3.50%, 7/20/2042				2,594,219			2,652,328
Total Government Mortgage-Backed Securities (Cost $21,693,469)						$	21,673,190
Total U.S. Government & Agency Obligations (Cost $40,686,047)						$	40,191,471
Total Bonds and Notes (Cost $68,630,415)						$	68,971,103
Money Market Fund – 6.1%		Shares			Fair Value
Fidelity Institutional Money Market Portfolio, 0.01% (Cost $4,377,119)	(A)			4,377,119		$	4,377,119
Total Investments (Cost $73,007,534) – 101.4%	(B)					$	73,348,222
Liabilities in Excess of Other Assets – (1.4)%							(1,023,963	)
Net Assets – 100.00%						$	72,324,259

(GNMA) Government National Mortgage Association.

(A) Variable rate security; the rate shown represents the yield at March 31, 2014.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $73,007,534 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	1,856,035
Unrealized depreciation		(1,515,347	)
Net unrealized appreciation	$	340,688

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

[18]

Timothy Plan Family of Funds High Yield Bond

Schedule of Investments As of March 31, 2014 (Unaudited)

Corporate Bonds – 96.3%		Par Value			Fair Value
Access Midstream Partners LP, 5.875%, 4/15/2021			$	500,000		$	535,000
Actuant Corp., 5.625%, 6/15/2022				500,000			523,750
AmeriGas Partners LP, 7.00%, 5/20/2022				500,000			548,750
Amstead Industries, Inc., 5.00%, 3/15/2022	(A)			500,000			504,375
Anixter, Inc., 5.625%, 5/01/2019				500,000			535,000
Antero Resources Finance Corp., 5.375%, 11/1/2021	(A)			500,000			507,813
ArcelorMittal, 6.75%, 2/25/2022				500,000			551,250
Atlas Pipeline Partners LP, 5.875%, 8/01/2023				500,000			496,250
Ball Corp., 4.00%, 11/15/2023				250,000			235,000
Basic Energy Services, Inc., 7.75%, 10/15/2022				500,000			545,000
Biomet, Inc., 6.50%, 8/01/2020				450,000			486,900
Bombardier, Inc., 6.125%, 1/15/2023	(A)			250,000			253,750
Braskem Finance, Ltd., 6.45%, 2/3/2024				500,000			513,125
Calfrac Holdings LP, 7.50%, 12/01/2020	(A)			500,000			527,500
Calumet Specialty Product Partners, 9.375%, 5/01/2019				500,000			570,000
Calumet Specialty Product Partners, 6.50%, 4/15/2021	(A)			500,000			505,000
Catamaran Corp., 4.75%, 3/15/2021				415,000			421,744
Cemex Finance LLC, 6.00%, 4/1/2024	(A)			500,000			502,500
Cloud Peak Energy Resources LLC, 8.50%, 12/15/2019				500,000			540,625
CommScope, Inc., 8.25%, 1/15/2019	(A)			366,000			398,025
Corrections Corp. of America, 4.125%, 4/01/2020				125,000			124,062
Crestwood Midstream Partners LP, 7.75%, 4/01/2019				500,000			545,000
Crestwood Midstream Partners LP, 6.00%, 12/15/2020				500,000			526,250
DCP Midstream, LLC., 5.85%, 5/21/2043	(A)(B)			500,000			472,500
Digicel, Ltd., 6.00%, 4/15/2021	(A)			500,000			512,500
DuPont Fabros Technology LP, 5.875%, 9/15/2021				100,000			106,250
Eldorado Gold Corp., 6.125%, 12/15/2020	(A)			500,000			502,500

Corporate Bonds (Continued)		Par Value			Fair Value
Energy Transfer Equity LP, 7.50%, 10/15/2020			$	500,000		$	574,375
EV Energy Partners/Fin, 8.00%, 4/15/2019				500,000			520,000
Forest Oil Corp., 7.25%, 6/15/2019				263,000			231,769
FTI Consulting, Inc., 6.00%, 11/15/2022				500,000			512,500
General Cable Corp., 5.75%, 10/01/2022	(A)			250,000			255,000
Genesis Energy LP, 5.75%, 2/15/2021				500,000			520,000
Geo Group, Inc., 5.125%, 4/01/2023				200,000			197,000
Gibraltar Industries, Inc., 6.25%, 2/01/2021				500,000			535,625
Hercules Offshore, Inc., 8.75%, 7/15/2021	(A)			500,000			545,000
Hiland Partners LP, 7.25%, 10/1/2020	(A)			350,000			382,375
HJ Heinz Co., 4.25%, 10/15/2020	(A)			500,000			493,125
Hologic, Inc., 6.25%, 8/01/2020				500,000			531,250
Hornbeck Offshore Services, Inc., 5.00%, 3/01/2021				500,000			493,750
Hypermarcas SA, 6.50%, 4/20/2021	(A)			500,000			546,250
ION Geophysical Corp., 8.125%, 5/15/2018	(A)			500,000			475,000
Iron Mountain, 7.75%, 10/1/2019				500,000			553,750
Iron Mountain, 6.00%, 8/15/2023				750,000			800,625
Jaguar Land Rover PLC, 8.125%, 5/15/2021	(A)			500,000			570,000
Kinder Morgan, Inc., 5.00%, 2/15/2021	(A)			500,000			503,207
Kindred Healthcare, 8.25%, 6/01/2019				500,000			537,187
Kodiak Oil & Gas Corp., 5.50%, 2/01/2022				500,000			514,375
Land O’ Lakes, Inc., 6.00%, 11/15/2022	(A)			500,000			532,500
LKQ Corp., 4.75%, 5/15/2023	(A)			125,000			118,750
Macquarie Bank, Ltd., 6.625%, 4/07/2021	(A)			500,000			566,508
Martin Midstream Partners LP, 7.25%, 2/15/2021				500,000			526,875
Mcron Finance Sub LLC, 8.375%, 5/15/2019	(A)			500,000			555,000
MedAssets, Inc., 8.00%, 11/15/2018				500,000			537,500

[19] (continued)

Timothy Plan Family of Funds High Yield Bond (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

Corporate Bonds (Continued)		Par Value			Fair Value
Millicom International Cellular SA, 4.75%, 5/22/2020	(A)		$	500,000		$	491,250
MPT Operating Partnership LP, 6.375%, 2/15/2022				500,000			537,500
NGL Energy Partners LP, 6.875%, 10/15/2021	(A)			500,000			522,500
NuStar Logistics LP, 6.75%, 2/01/2021				300,000			325,875
Omnicare, Inc., 7.75%, 6/01/2020				500,000			552,500
Oshkosh Corp., 8.50, 3/1/2020				500,000			551,250
Pacific Drilling V, Ltd., 5.375%, 6/01/2020	(A)			500,000			498,750
Parker Drilling Co., 6.75%, 7/15/2022				250,000			258,750
Parker Drilling Co., 7.50%, 8/01/2020	(A)			250,000			267,500
Pinnacle Foods Finance, LLC., 4.875%, 5/01/2021				500,000			491,250
PolyOne Corp., 7.375%, 9/15/2020				500,000			549,375
Polypore International, Inc., 7.50%, 11/15/2017				250,000			265,313
QBE Capital Funding III Ltd., 7.25%, 5/24/2041	(A)(B)			500,000			535,748
Regency Energy Partners LP, 4.50%, 11/01/2023				500,000			467,500
Resolute Energy Corp., 8.50%, 5/01/2020				500,000			525,000
Reynolds Group Issuer, Inc., 9.00%, 4/15/2019				500,000			537,500
Samson Investment Co., 9.75%, 2/15/2020	(A)			500,000			547,500
Sanmina-SCI Corp., 7.00%, 5/15/2019	(A)			500,000			531,875
Schaeffler Finance BV, 8.50%, 2/15/2019	(A)			500,000			560,625
Sealed Air Corp., 6.50%, 12/01/2020	(A)			200,000			221,500

Corporate Bonds (Continued)		Par Value			Fair Value
Sealed Air Corp., 5.25%, 4/01/2023	(A)		$	500,000		$	507,500
SemGroup LP, 7.50%, 6/15/2021				500,000			545,000
Steel Dynamics, Inc., 5.25%, 4/15/2023	(A)			100,000			102,250
Suncoke Energy, 7.625%, 8/01/2019				500,000			536,250
Targa Resources Partners LP, 4.25%, 11/15/2023	(A)			500,000			466,250
Tesoro Corp., 5.375%, 10/01/2022				500,000			516,875
Tesoro Logistics LP, 5.875%, 10/01/2020				500,000			525,000
Tullow Oil PLC, 6.00%, 11/1/2020	(A)			500,000			510,000
United States Steel Corp., 7.50%, 3/15/2022				500,000			541,250
USG Corp., 9.75%, 1/15/2018				500,000			606,250
USG Corp., 5.875%, 11/1/2021	(A)			100,000			106,250
VeriSign, Inc., 4.625%, 5/01/2023				500,000			482,500
VimpelCom Holdings BV, 5.95%, 2/13/2023	(A)			500,000			462,500
Total Corporate Bonds (Cost $39,153,200)						$	40,766,651
Money Market Fund – 3.0%		Shares			Fair Value
Fidelity Institutional Money Market Portfolio, 0.01% (Cost $1,260,512)	(B)			1,260,512		$	1,260,512
Total Investments (Cost $40,413,712) – 99.3%	(C)					$	42,027,163
Other Assets in Excess of Liabilities – 0.7%							288,300
Net Assets – 100.00%						$	42,315,463

(A) 144A Security – Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 38.9% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(B) Variable rate security; the rate shown represents the yield at March 31, 2014.

(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $40,413,712 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	1,861,311
Unrealized depreciation		(247,860	)
Net unrealized appreciation	$	1,613,451

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

[20]

Timothy Plan Family of Funds Israel Common Values

Schedule of Investments As of March 31, 2014 (Unaudited)

Common Stocks – 93.3%		Shares		Fair Value
AEROSPACE/DEFENSE – 2.9%
Elbit Systems, Ltd.			7,001		$	427,684
BANKS – 11.4%
Bank Hapoalim BM (ADR)			13,400			381,230
Bank Leumi Le-Israel BM	*		76,000			296,177
First International Bank of Israel BM			19,300			318,994
Israel Discount Bank, Ltd.	*		170,000			311,522
Mizrahi Tefahot, Ltd.			26,000			355,155
						1,663,078
CHEMICALS – 4.4%
Frutarom Industries, Ltd.			17,000			408,305
Israel Chemicals, Ltd. (ADR)			26,400			232,056
						640,361
COMMERCIAL SERVICES – 1.9%
Nitsba Holdings, Ltd.	*		17,000			272,698
COMPUTERS – 1.0%
Matrix IT, Ltd.			24,210			139,788
ELECTRONICS – 4.6%
Ituran Location and Control, Ltd.			13,296			331,735
Orbotech, Ltd.	*		22,300			343,197
						674,932
ENERGY-ALTERNATE SOURCES – 1.8%
Ormat Industries, Ltd.	*		35,300			267,648
FOOD – 6.0%
Osem Investments, Ltd.			13,000			305,164
Rami Levi Chain Stores			5,700			330,260
Shufersal, Ltd.			59,000			235,506
						870,930
HEALTHCARE PRODUCTS – 4.1%
PhotoMedex, Inc.	*		22,491			356,032
Syneron Medical, Ltd.	*		20,000			249,000
						605,032
HOME BUILDERS – 1.8%
Bayside Land Corp., Ltd.			1,000			261,648
INTERNET – 2.0%
Perion Network, Ltd.	*		27,000			298,350
OIL & NATURAL GAS – 12.8%
Avnber Oil Exploration, LLP	*		290,000			280,876
Delek Drilling – LP	*		61,000			337,355
Isramco Negev 2 LP	*		1,536,664			324,964
Noble Energy, Inc.			4,700			333,888
Paz Oil Co., Ltd.	*		1,900			286,486
Ratio Oil Exploration LP	*		2,100,000			300,275
						1,863,844
PHARMACEUTICALS – 2.2%
OPKO Health, Inc.	*		34,000			316,880

Common Stocks (Continued)		Shares		Fair Value
REAL ESTATE – 14.9%
Alony Hetz Properties & Investments			45,000		$	309,602
Amot Investments, Ltd.			105,000			338,486
Azrieli Group			7,500			262,193
Gazit-Globe, Ltd.			21,000			270,789
Industrial Buildings Corp.			162,000			348,575
Jerusalem Economy, Ltd.			34,000			350,736
Melisron, Ltd.			11,366			299,624
						2,180,005
SEMICONDUCTORS – 3.5%
Nova Measuring Instruments, Ltd.	*		30,533			341,970
Tower Semiconductor, Ltd.	*		18,100			165,434
						507,404
SOFTWARE – 6.3%
Check Point Software Technologies, Ltd.	*		4,500			304,335
Magic Software Enterprises, Ltd.			36,900			297,414
RADWARE, Ltd.	*		18,000			318,240
						919,989
TELECOMMUNICATIONS – 11.8%
Allot Communications, Ltd.	*		10,000			134,600
Cellcom Israel, Ltd.	*		25,300			348,634
EZChip Semiconductor, Ltd.	*		12,000			304,200
NICE Systems, Ltd. (ADR)			7,500			334,950
Partner Communications Co., Ltd. (ADR)	*		32,500			290,875
Silicom, Ltd.			5,000			310,200
						1,723,459
Total Common Stocks (Cost $10,279,056)					$	13,633,730
Investment Companies – 2.3%		Shares		Fair Value
The Israel Corp., Ltd. (Cost – $349,470)	*		600		$	334,575
Money Market Fund – 3.8%		Shares		Fair Value
Fidelity Institutional Money Market Portfolio, 0.01% (Cost $555,717)	(A)		555,717		$	555,717
Total Investments (Cost $11,184,243) – 99.4%	(B)				$	14,524,022
Other Assets in Excess of Liabilities – 0.6%						88,261
Net Assets – 100.00%					$	14,612,283

[21] (continued)

Timothy Plan Family of Funds Israel Common Values (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

* Non-income producing securities.

(ADR) American Depositary Receipt.

(A) Variable rate security; the rate shown represents the yield at March 31, 2014.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $11,887,693 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	2,708,340
Unrealized depreciation		(72,011	)
Net unrealized appreciation	$	2,636,329

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

[22]

Timothy Plan Family of Funds Defensive Strategies

Schedule of Investments As of March 31, 2014 (Unaudited)

Common Stocks – 25.5%		Shares		Fair Value
CHEMICALS – 6.3%
Agrium, Inc.			3,996		$	389,690
American Vanguard Corp.			959			20,762
CF Industries Holdings, Inc.			4,448			1,159,327
Intrepid Potash, Inc.	*		5,759			89,034
K+S AG			7,983			262,366
Mosaic Co.			10,698			534,900
Potash Corp. Of Saskatchewan, Inc.			19,011			688,578
Sociedad Quimica y Minera de Chile SA			3,862			122,580
Syngenta AG (ADR)			7,768			588,659
Uralkali OJSC			10,796			259,104
						4,115,000
COAL – 0.0%
Peabody Energy Corp.			1,103			18,023
FOOD – 0.6%
Ingredion, Inc.			3,387			230,587
Tyson Foods, Inc.			3,082			135,639
						366,226
IRON / STEEL – 1.5%
Allegheny Technologies, Inc.			2,356			88,774
JFE Holdings, Inc.			13,301			251,033
Nippon Steel & Sumitomo Metal Corp.			110,828			303,579
POSCO (ADR)			979			67,952
Severstal OAO			11,215			85,058
ThyssenKrupp AG	*		2,358			63,262
Vale SA (ADR)			6,234			86,216
						945,874
MACHINERY – 0.3%
AGCO Corp. (ADR)			3,416			188,427
CNH Global NV	*		2,315			26,623
						215,050
MINING – 5.1%
Allied Nevada Gold Corp.	*		3,102			13,370
Anglo American PLC			7,252			184,562
AngloGold Ashanti, Ltd. (ADR)	*		82			1,401
Antofagasta PLC			2,159			30,074
BHP Billiton PLC (ADR)			234			14,452
Cameco Corp.			451			10,328
Cia de Minas Buenaventura SA			8,295			104,268
Coeur d’Alene Mines Corp.	*		1,877			17,437
Eldorado Gold Corp.			7,567			42,224
First Quantum Minerals, Ltd.			1,198			22,208
Freeport-McMoRan Copper & Gold, Inc.			23,276			769,737
Glencore International PLC			54,923			282,761
Goldcorp, Inc.			16,990			415,915
Harmony Gold Mining Co., Ltd. (ADR)	*		7,047			21,493
Hecla Mining Co.			5,932			18,211
IAMGOLD Corp.			6,495			22,862
Kazakhmys PLC			549			2,417
Kinross Gold Corp.			39,028			161,576
MMC Norilsk Nickel OJSC			5,670			94,972
New Gold, Inc.	*		4,211			20,550

Common Stocks (Continued)		Shares		Fair Value
MINING (continued)
Newmont Mining Corp.			8,197		$	192,138
Pan American Silver Corp.			359			4,620
Randgold Resources, Ltd. (ADR)			746			55,950
Rio Tinto PLC (ADR)			6,310			352,287
Royal Gold, Inc.			136			8,516
Sesa Goa, Ltd.			987			12,259
Silver Wheaton Corp.			11,446			259,824
Southern Copper Corp.			5,122			149,101
Yamana Gold, Inc.			7,265			63,787
						3,349,300
OIL & GAS – 9.3%
Anadarko Petroleum Corp.			492			41,702
Apache Corp.			2,775			230,186
BG Group PLC			20,355			379,233
Canadian Natural Resources, Ltd.			1,428			54,792
Chesapeake Energy Corp.			901			23,084
ConocoPhillips			9,965			701,038
Devon Energy Corp.			2,644			176,963
Encana Corp.			1,870			39,981
Ensco PLC – Cl. A			1,233			65,078
EOG Resources, Inc.			384			75,329
Inpex Corp.			30,400			395,392
Lukoil OAO			13,787			766,006
Marathon Oil Corp.			14,378			510,707
Noble Energy, Inc.			647			45,963
NovaTek OAO			1,803			198,330
Occidental Petroleum Corp.			4,215			401,647
Petroleo Brasileiro SA (ADR)			14,022			184,389
Pioneer Natural Resources Co.			244			45,662
Reliance Industries, Ltd.			5,915			183,365
Rosneft OAO (ADR)			26,168			174,253
Southwestern Energy Co.	*		2,812			129,380
Total SA			14,122			926,503
Transocean, Ltd.			2,350			97,149
Valero Energy Corp.			4,362			231,622
						6,077,754
OIL & GAS SERVICES – 2.1%
Baker Hughes, Inc.			2,827			183,812
Cameron International Corp.	*		2,899			179,071
Halliburton Co.			14,031			826,286
National Oilwell Varco, Inc.			2,210			172,093
						1,361,262
PIPELINES – 0.3%
Kinder Morgan, Inc.			3,591			116,672
TransCanada Corp.			1,592			72,568
						189,240
RETAIL – 0.0%
CST Brands, Inc.			626			19,556
Total Common Stocks (Cost $16,985,242)					$	16,657,285

[23] (continued)

Timothy Plan Family of Funds Defensive Strategies (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

REITs – 30.5%		Shares		Fair Value
Acadia Realty Trust			5,000		$	131,900
Apartment Investment & Management Co. – Cl. A			4,000			120,880
AvalonBay Communities, Inc.			4,350			571,242
Boston Properties, Inc.			8,600			984,958
Brandywine Realty Trust			10,700			154,722
BRE Properties, Inc.			5,400			339,012
Camden Property Trust			5,700			383,838
CBL & Associates Properties, Inc.			13,000			230,750
DDR Corp.			31,100			512,528
DiamondRock Hospitality Co.			39,700			466,475
Douglas Emmett, Inc.			10,300			279,542
Education Realty Trust, Inc.			16,600			163,842
Equity Lifestyle Properties, Inc.			4,700			191,055
Equity Residential			16,300			945,237
Essex Property Trust, Inc.			3,150			535,657
Extra Space Storage, Inc.			7,800			378,378
Federal Realty Investment Trust			2,500			286,800
FelCor Lodging Trust, Inc.	*		10,100			91,304
First Industrial Realty Trust			18,800			363,216
First Potomac Realty Trust			7,400			95,608
HCP, Inc.			17,700			686,583
Health Care REIT, Inc.			8,700			518,520
Highwoods Properties, Inc.			5,400			207,414
Hospitality Properties Trust			20,300			583,016
Kilroy Realty Corp.			5,500			322,190
Kimco Realty Corp.			27,000			590,760
Lexington Realty Trust			23,700			258,567
Liberty Property Trust			11,000			406,560
Macerich Company			13,963			870,314
Mid-America Apartment Communites, Inc.			4,208			287,280
National Retail Properties, Inc.			6,900			236,808
Prologis, Inc.			21,494			877,600
PS Business Parks, Inc.			4,000			334,480
Public Storage			5,700			960,393
Rayonier, Inc.			4,100			188,231
Regency Centers Corp.			3,700			188,922
Simon Property Group, Inc.			13,029			2,136,756
SL Green Realty Corp.			8,150			820,053
Strategic Hotels & Resorts, Inc.	*		27,200			277,168
Summit Hotel Properties, Inc.			7,200			66,816
Taubman Centers, Inc.			5,700			403,503
UDR, Inc.			14,200			366,786
Ventas ,Inc.			13,259			803,098
Weingarten Realty Investors			10,100			303,000
TOTAL REITs (Cost $17,715,236)					$	19,921,762
Exchange Traded Funds – 8.9%		Shares		Fair Value
iShares Silver Trust	*		35,800			681,632
PowerShares DB Agriculture Fund	*		56,300			1,594,979
PowerShares DB Base Metals Fund	*		31,700			503,079
PowerShares DB Commodity Index Tracking Fund	*		27,300			713,349

Exchange Traded Funds (Continued)		Shares			Fair Value
PowerShares DB Energy Fund	*			24,200		$	708,334
SPDR Gold Shares	*			13,250			1,637,833
Total Exchange Traded Funds (Cost $6,762,124)						$	5,839,206
Bonds and Notes – 30.4%		Par Value			Fair Value
GOVERNMENT MORTGAGE-BACKED SECURITIES – 1.7%
GNMA Pool 4947, 5.00%, 2/20/2041			$	493,294		$	541,371
GNMA Pool 5204, 4.50%, 10/20/2041				543,732			587,746
Total Government Mortgage- Backed Securities (Cost $1,109,064)						$	1,129,117
COPORATE BONDS – 4.3%
CHEMICALS – 0.6%
LYB International Financance BV, 4%, 7/15/2023				400,000			408,993
HAND/MACHINE TOOLS – 0.8%
Kennametal Inc., 3.875%, 2/15/2022				500,000			494,157
OIL & GAS – 0.8%
Petrobras International Finance Co., 3.50%, 2/06/2017				500,000			506,651
PIPELINES – 1.3%
DCP Midstream Operating, 2.7%, 04/01/2019				400,000			402,441
Energy Transfer Partners LP, 6.70%, 7/01/2018				400,000			465,018
							867,459
REITS – 0.8%
Health Care REIT Inc., 3.75%, 3/15/2023				500,000			491,796
Total Corporate Bonds (Cost $2,741,669)						$	2,769,056
TREASURY INFLATION PROTECTED SECURITIES (TIPS) – 24.4%
TIPS, 1.75%, 1/15/2028				2,535,000			3,140,505
TIPS, 2.50%, 1/15/2029				1,350,000			1,788,432
TIPS, 2.125%, 2/15/2041				625,000			803,459
TIPS, 1.625%, 1/15/2018				1,650,000			2,000,072
TIPS, 2.00%, 1/15/2016				745,000			932,245
TIPS, 2.375%, 1/15/2017				1,050,000			1,334,532
TIPS, 2.00%, 1/15/2026				850,000			1,142,249

[24] (continued)

Timothy Plan Family of Funds Defensive Strategies (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

Bonds and Notes (Continued)	Par Value			Fair Value
TREASURY INFLATION PROTECTED SECURITIES (TIPS) (continued)
TIPS, 2.125%, 1/15/2019		$	1,550,000		$	1,887,150
TIPS, 1.125%, 1/15/2021			2,575,000			2,925,378
Total Treasury Inflation Protected Securities (TIPS) (Cost $16,385,921)					$	15,954,022
Total Bonds and Notes (Cost $20,236,654)					$	19,852,195

Money Market Fund – 7.2%		Shares		Fair Value
Fidelity Institutional Money Market Portfolio, 0.01% (Cost $4,712,908)	(A)		4,712,908		$	4,712,908
Total Investments (Cost 66,412,164) – 102.5%					$	66,983,356
Liabilities in Excess of Other Assets – (2.5)%						(1,650,769	)
Net Assets – 100.00%					$	65,332,587

* Non-income producing securities.

(GNMA) Government National Mortgage Association.

(REIT) Real Estate Investment Trust.

(ADR) American Depositary Receipt.

(A) Variable rate security; the rate shown represents the yield at March 31, 2014.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $66,593,827 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	4,140,919
Unrealized depreciation		(3,751,390	)
Net unrealized appreciation	$	389,529

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

[25]

Timothy Plan Family of Funds Strategic Growth

Schedule of Investments As of March 31, 2014 (Unaudited)

Mutual Funds – 100.2%	(A)	Shares		Fair Value
Timothy Plan Aggressive Growth Fund			277,607		$	2,584,523
Timothy Plan Defensive Strategies Fund			506,333			5,772,195
Timothy Plan Emerging Markets Fund			292,100			2,944,372
Timothy Growth & Income Fund	*		420,960			4,609,508
Timothy Plan High Yield Bond Fund			607,626			5,881,819
Timothy Plan International Fund			788,696			7,114,040
Timothy Plan Israel Common Values Fund			171,950			2,300,691
Timothy Plan Large/Mid Cap Growth Fund			733,329			6,174,634
Timothy Plan Large/Mid Cap Value Fund			313,311			5,977,982
Timothy Plan Small Cap Value Fund			138,838			2,855,903
Total Mutual Funds (Cost $39,689,598)					$	46,215,667

Money Market Fund – 0.4%		Shares		Fair Value
Fidelity Institutional Money Market Portfolio, 0.01% (Cost $173,046)	(B)		173,046		$	173,046
Total Investments (Cost $39,862,644) – 100.6%	(C)				$	46,388,713
Liabilities In Excess Of Other Assets – (0.6)%						(287,274	)
Net Assets – 100.00%					$	46,101,439

* Non-income producing securities.

(A) Affiliated Funds – Class A.

(B) Variable rate security; the rate shown represents the yield at March 31, 2014.

(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $41,798,126 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	4,862,070
Unrealized depreciation		(271,483	)
Net unrealized appreciation	$	4,590,587

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

[26]

Timothy Plan Family of Funds Conservative Growth

Schedule of Investments As of March 31, 2014 (Unaudited)

Mutual Funds – 99.7%	(A)	Shares		Fair Value
Timothy Plan Aggressive Growth Fund			145,564		$	1,355,201
Timothy Plan Defensive Strategies Fund			628,145			7,160,855
Timothy Plan Emerging Markets Fund			180,947			1,823,947
Timothy Plan Fixed Income Fund			1,658,542			17,149,328
Timothy Plan Growth & Income Fund	*		545,645			5,974,813
Timothy Plan High Yield Bond Fund			520,691			5,040,289
Timothy Plan International Fund			332,979			3,003,469
Timothy Plan Israel Common Values Fund			178,055			2,382,382
Timothy Plan Large/Mid Cap Growth Fund			659,739			5,554,998
Timothy Plan Large/Mid Cap Value Fund			370,770			7,074,293
Timothy Plan Small Cap Value Fund			154,242			3,172,766
Total Mutual Funds (Cost $54,303,561)					$	59,692,341

Money Market Fund – 0.3%		Shares		Fair Value
Fidelity Institutional Money Market Portfolio, 0.01% (Cost $173,238)	(B)		173,238		$	173,238
Total Investments (Cost $54,476,799) – 99.9%	(C)				$	59,865,579
Other Assets in Excess of Liabilities – 0.1%						29,031
Net Assets – 100.00%					$	59,894,610

* Non-income producing securities.

(A) Affiliated Funds – Class A.

(B) Variable rate security; the rate shown represents the yield at March 31, 2014

(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $55,679,710 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	4,817,142
Unrealized depreciation		(631,273	)
Net unrealized appreciation	$	4,185,869

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

[27]

Timothy Plan Family of Funds Emerging Markets

Schedule of Investments As of March 31, 2014 (Unaudited)

Common Stocks – 92.0%		Shares		Fair Value
AEROSPACE/DEFENSE – 3.1%
Embraer SA (ADR)			9,360		$	332,186
AGRICULTURE – 1.5%
Adecoagro SA	*		20,140			164,342
AUTOMOTIVE – 4.5%
China Yuchai International, Ltd.			4,270			90,439
Kia Motors Corp.			1,550			86,330
Hyundai Mobis			1,030			304,734
						481,503
BANKS – 18.7%
Banco Bradesco SA			7,600			112,378
Banco do Brasil SA			19,800			199,132
Banco Latinoamericano de Comercio Exterior SA			8,530			225,277
Banco Santander Brasil SA (ADR)			39,870			222,076
Erste Group Bank AG			9,110			311,397
Sberbank of Russia (ADR)			24,260			237,020
TCS Group Holding PLC			13,440			108,864
Turkiye Garanti Bankasi AS			83,350			284,891
Turkiye Vakiflar Bankasi Tao			153,900			290,323
						1,991,358
BUILDING MATERIALS – 3.0%
Cemex SAB de CV (ADR)	*		21,080			266,240
Desarrolladora Homex SAB de CV	*		145,724			33,574
Urbi Desarrollos Urbanos SAB de CV	*		373,450			24,202
						324,016
CHEMICALS – 4.0%
Yingde Gases			443,500			423,083
COMPUTERS – 1.5%
Compal Electronics			233,000			165,080
DISTRIBUTION / WHOLESALE – 2.2%
Aygaz AS			60,530			237,700
DIVERSIFIED FINANCIAL SERVICES – 7.0%
Hana Financial Group, Inc.			6,400			233,831
KB Financial Group, Inc.			6,840			239,307
Shinham Financial Group Co., Ltd.			6,100			269,278
						742,416
ELECTRIC – 6.8%
Centrais Eletricas Brasileiras SA			34,950			99,258
Cia Paranaense de Energia (ADR)			10,480			137,393
Reliance Infrastructure, Ltd. (ADR)			15,790			339,485
RusHydro JSC			93,880			143,730
						719,866
FOOD – 7.0%
First Pacific Co., Ltd.			362,000			359,802
Lotte Confectionery Co., Ltd.			90			154,100
Marfrig Alimentos SA	*		115,100			225,496
						739,398

Common Stocks (Continued)		Shares		Fair Value
HOLDING COMPANY – 0.6%
Haw Par Corp., Ltd.			10,260		$	68,117
IRON / STEEL – 4.6%
POSCO			1,750			486,522
OIL & NATURAL GAS – 10.3%
Lukoil OAO (ADR)			7,264			406,239
Petroleo Brasileiro SA			32,299			447,987
Surgutneftegas OAO			328,500			238,407
						1,092,633
PHARMACEUTICAL – 0.6%
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.			70,580			66,902
RETAIL – 4.1%
Bosideng International Holdings, Ltd.			1,910,000			288,085
Luk Fook Holdings International, Ltd.			46,000			145,286
						433,371
SEMICONDUCTORS – 4.6%
Samsung Electronics Co., Ltd.			389			490,216
TELECOMMUNICATIONS – 7.2%
Telefonica Brasil SA (ADR)			12,420			263,801
Tim Participacoes SA (ADR)			10,100			262,196
XL Axiata TBK PT			605,700			234,580
						760,577
TEXTILES – 0.7%
Weiqiao Textile Co.			136,000			75,038
Total Common Stocks (Cost $10,162,200)					$	9,794,324
Preferred Stock – 2.5%		Shares		Fair Value
Hyundai Motor Co. (Cost $130,902)			2,050		$	261,858
REITs – 3.0%		Shares		Fair Value
Mexico Real Estate Management SA de CV (Cost $297,259)			171,310		$	323,229
Money Market Fund – 2.5%		Shares		Fair Value
Fidelity Institutional Money Market Portfolio, 0.01% (Cost $260,661)	(A)		260,661		$	260,661
Total Investments (Cost $10,851,022) – 99.9%	(B)				$	10,640,072
Other Assets in Excess of Liabilities – 0.0%						2,153
Net Assets – 100.00%					$	10,642,225

[28] (continued)

Timothy Plan Family of Funds Emerging Markets (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

* Non-income producing securities.

(ADR) American Depositary Receipt.

(REITs) Real Estate Investment Trusts.

(A) Variable rate security; the rate shown represents the yield at March 31, 2014.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $10,863,527 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	768,105
Unrealized depreciation		(991,560	)
Net unrealized depreciation	$	(223,455	)

Diversification of Assets

Country	% of Net Assets
Austria		2.23%
Brazil		22.47%
China		0.71%
Hong Kong		11.43%
India		3.19%
Indonesia		2.20%
Luxembourg		1.54%
Mexico		6.08%
Panama		4.20%
Russia		8.43%
Singapore		1.49%
South Korea		23.74%
Taiwan		1.55%
Turkey		8.27%
Total		97.53%
Money Market Fund		2.45%
Liabilties in Excess of Other Assets		0.02%
Grand Total		100.00%

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

[29]

Timothy Plan Family of Funds Growth & Income

Schedule of Investments As of March 31, 2014 (Unaudited)

Common Stock – 44.2%		Shares		Fair Value
AEROSPACE/DEFENSE – 0.9%
Alliant Techsystems, Inc.			1,300		$	184,795
AUTO PARTS & EQUIPMENT – 2.3%
Goodyear Tire & Rubber Co./The			6,100			130,650
Magna International, Inc.			3,300			317,823
						448,473
BANKS – 0.8%
Southside Bancshares, Inc.			4,900			153,762
BIOTECHNOLOGY – 0.4%
PDL BioPharma, Inc.			10,000			83,100
CHEMICALS – 4.1%
Aceto Corp.			8,000			160,720
CF Industries Holdings, Inc.			900			234,576
Olin Corp.			5,000			138,050
Westlake Chemical Corp.			4,000			264,720
						798,066
COMMERCIAL SERVICES – 4.3%
Deluxe Corp.			2,800			146,916
RR Donnelley & Sons Co.			18,200			325,780
United Rentals, Inc.	*		3,900			370,266
						842,962
COMPUTERS – 1.8%
Western Digital Corp.			3,900			358,098
DISTRIBUTION/WHOLESALE – 0.8%
Arrow Electronics, Inc.	*		2,800			166,208
ELECTRIC – 2.5%
IDACORP, Inc.			5,200			288,444
Westar Energy, Inc.			5,700			200,412
						488,856
ELECTRONICS – 1.3%
Avnet, Inc.			5,600			260,568
FOOD – 1.3%
Spartan Stores, Inc.			11,000			255,310
HOUSEHOLD PRODUCTS/WARES – 2.6%
Helen of Troy Ltd.			3,900			269,997
Jarden Corp.			4,000			239,320
						509,317
INSURANCE – 6.0%
American Financial Group, Inc.			3,000			173,130
FBL Financial Group, Inc.			1,500			64,980
Montpelier Re Holdings Ltd.			7,800			232,128
Protective Life Corp.			7,400			389,166
Unum Group			9,100			321,321
						1,180,725
MISCELLANEOUS MANUFACTURING – 2.8%
American Railcar Industries, Inc.			4,700			329,141
Sturm Ruger & Co., Inc.			1,400			83,720

Common Stock (Continued)	Shares			Fair Value
MISCELLANEOUS MANUFACTURING (continued)
Trinity Industries, Inc.			2,000		$	144,140
						557,001
OIL & GAS – 4.7%
Cimarex Energy Co.			2,800			333,508
ConocoPhillips			2,800			196,980
HollyFrontier Corp.			3,300			157,014
Valero Energy Corp.			4,300			228,330
						915,832
OIL & GAS SERVICES – 1.7%
Exterran Holdings, Inc.			7,400			324,712
PHARMACEUTICALS – 2.1%
Omnicare, Inc.			4,300			256,581
USANA Health Sciences, Inc.			2,000			150,680
						407,261
RETAIL – 2.6%
Dillard’s, Inc.			2,300			212,520
Haverty Furniture Cos., Inc.			9,800			291,060
						503,580
TELECOMMUNICATIONS – 1.2%
Vonage Holdings Corp.			57,000			243,390
Total Common Stock (Cost $7,397,484)					$	8,682,016
Bonds & Notes – 49.3%	Par Value			Fair Value
GOVERNMENT NOTES & BONDS – 49.3%
Federal Farm Credit Banks, 2.00%, 8/22/2014		$	200,000		$	184,628
Federal Home Loan Banks, 3.44%, 11/6/2023			100,000			99,021
Federal Home Loan Mortgage Corp., 1.50%, 12/27/2018			250,000			250,679
United States Treasury Note/Bond, 3.875%, 8/15/2040			1,500,000			1,599,375
United States Treasury Note/Bond, 4.625%, 2/15/2017			1,900,000			2,104,028
United States Treasury Note/Bond, 1.00%, 9/30/2016			1,900,000			1,915,734
United States Treasury Note/Bond, 0.375%, 2/15/2016			650,000			650,038
United States Treasury Note/Bond, 0.25%, 5/15/2016			1,900,000			1,890,278
United States Treasury Note/Bond , 2.75%, 11/15/2023			1,000,000			1,004,609
Total Bonds & Notes (Cost $17,671,638)					$	9,698,390

[30] (continued)

Timothy Plan Family of Funds Growth & Income (Continued)

Schedule of Investments As of March 31, 2014 (Unaudited)

Money Market Fund – 3.1%		Shares		Fair Value
Fidelity Institutional Money Market Portfolio, Institutional Class, 0.01% (Cost $610,209)	(A)		610,209		$	610,209
Total Investments – 96.6% (Cost $17,671,638)					$	18,990,615
Other Assets in Excess of Liabilities – 3.4%						674,574
Total Net Assets – 100.0%					$	19,665,189

* Non-income producing securities.

(A) Variable rate security; the rate shown represents the yield at March 31, 2014.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $17,671,638 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	1,360,786
Unrealized depreciation		(41,809	)
Net unrealized appreciation	$	1,318,977

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

[31]

Timothy Plan Family of Funds

Statements of Assets and Liabilities March 31, 2014 (Unaudited)

	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		$	19,960,132			$	40,071,797			$	49,683,337			$	65,197,155			$	113,250,834			$	73,007,534
Investments, at value		$	24,007,020			$	50,635,177			$	59,547,245			$	82,514,959			$	148,807,783			$	73,348,222
Receivable for fund shares sold			36,588				49,908				139,334				168,496				312,563				173,457
Dividends and interest receivable			8,442				99,587				37,779				85,215				159,094				569,207
Receivable for securities sold			1,750				—				1,419,090				1,355,289				—				—
Cash			—				—				—				—				11,110				—
Receivable for foreign tax reclaims			—				45,899				—				—				—				—
Prepaid expenses and other assets			31,454				14,697				14,557				19,603				23,428				13,744
Total assets			24,085,254				50,845,268				61,158,005				84,143,562				149,313,978				74,104,630
Liabilities:
Payable for fund shares redeemed			20,920				16,007				49,042				37,824				82,732				20,450
Accrued advisory fees			17,063				41,884				42,873				60,038				106,089				27,698
Accrued 12b-1 fees			7,087				12,289				15,858				22,544				40,240				19,260
Payable for securities purchased			7,000				254,195				1,232,046				124,384				—				1,626,605
Accrued expenses and other liabilities			40,655				57,302				49,999				60,457				116,835				86,358
Total liabilities			92,725				381,677				1,389,818				305,247				345,896				1,780,371
Net assets		$	23,992,529			$	50,463,591			$	59,768,187			$	83,838,315			$	148,968,082			$	72,324,259
Net assets consist of:
Paid in capital		$	18,558,086			$	56,193,723			$	46,699,636			$	60,356,811			$	105,441,413			$	71,687,936
Undistributed net investment income (loss)			(328,532	)			(848,758	)			(111,050	)			(5,648	)			(8,234	)			243,909
Accumulated net realized gain (loss) from investments			1,716,087				(15,444,754	)			3,315,693				6,169,348				7,977,954				51,726
Net unrealized appreciation on investments			4,046,888				10,563,380				9,863,908				17,317,804				35,556,949				340,688
Net assets		$	23,992,529			$	50,463,591			$	59,768,187			$	83,838,315			$	148,968,082			$	72,324,259
Class A
Net assets		$	20,511,862			$	47,087,473			$	53,931,824			$	74,958,363			$	132,174,185			$	65,221,760
Shares of beneficial interest outstanding			2,203,055				5,218,114				6,408,446				3,644,642				6,928,493				6,310,593
Net Asset Value, offering price and redemption price per share		$	9.31			$	9.02			$	8.42			$	20.57			$	19.08			$	10.34
Offering price per share (NAV / 0.945) *(NAV / 0.955)		$	9.85			$	9.54			$	8.91			$	21.77			$	20.19			$	10.83	*
Class C
Net assets		$	3,480,555			$	3,224,373			$	5,748,219			$	8,534,513			$	15,966,731			$	7,102,397
Shares of beneficial interest outstanding			420,438				364,681				774,966				497,454				950,896				711,505
Net asset value, offering price and redemption price per share		$	8.28			$	8.84			$	7.42			$	17.16			$	16.79			$	9.98
Minimum redemption price per share (NAV * 0.99)		$	8.20			$	8.75			$	7.34			$	16.98			$	16.62			$	9.88
Class I
Net assets		$	111.69			$	151,745			$	88,144			$	345,439			$	827,166			$	102.04
Shares of beneficial interest outstanding			11.958				16,843.286				10,445.055				16,775.112				43,367.019				9.999
Net asset value, offering price and redemption price per share		$	9.34			$	9.01			$	8.44			$	20.59			$	19.07			$	10.21

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

[32]

Timothy Plan Family of Funds

Statements of Assets and Liabilities March 31, 2014 (Unaudited)

	High Yield Bond Fund				Israel Common Values Fund				Defensive Strategies Fund			Strategic Growth Fund				Conservative Growth Fund				Emerging Markets Fund				Growth & Income Fund
Assets:
Investments, at cost		$	40,413,712			$	11,184,243			$	66,412,164		$	39,862,644			$	54,476,799			$	10,851,022			$	17,671,638
Investments, at value		$	42,027,163			$	14,524,022			$	66,983,356		$	46,388,713			$	59,865,579			$	10,640,072			$	18,990,615
Dividends and interest receivable			769,854				29,326				151,698			63,353				133,941				24,254				37,785
Receivable for fund shares sold			132,796				74,548				171,437			50,340				159,938				40,278				81,963
Receivable for securities sold			—				—				644,178			—				—				—				581,369
Deposit with broker			—				—				—			—				—				1,844				—
Brazilian Real (BRL)			—				—				—			—				—				3,446				—
Receivable for foreign tax reclaims			—				—				12,093			—				—				—				196
Prepaid expenses and other assets			14,390				31,732				10,845			12,096				13,603				7,246				9,278
Total assets			42,944,203				14,659,628				67,973,607			46,514,502				60,173,061				10,717,140				19,701,206
Liabilities:
Payable for securities purchased			500,000				—				2,454,869			63,353				133,941				—				—
Payable for fund shares redeemed			42,769				2,495				43,031			263,667				42,218				—				—
Accrued advisory fees			21,309				12,187				33,007			25,274				32,594				10,166				13,923
Accrued 12b-1 fees			10,398				4,195				20,330			4,978				6,407				2,382				4,349
Due to broker			—				—				—			—				—				41,587				—
Accrued expenses and other liabilities			54,264				28,468				89,783			55,791				63,291				20,780				17,745
Total liabilities			628,740				47,345				2,641,020			413,063				278,451				74,915				36,017
Net assets		$	42,315,463			$	14,612,283			$	65,332,587		$	46,101,439			$	59,894,610			$	10,642,225			$	19,665,189
Net assets consist of:
Paid in capital		$	41,891,072			$	11,878,913			$	64,232,815		$	46,485,781			$	54,796,906			$	10,679,446			$	18,407,144
Undistributed net investment income (loss)			35,019				(760,780	)			379,061			1,616,799				1,478,279				(75,601	)			(35,604	)
Accumulated net realized gain (loss) from investments			(1,224,079	)			154,433				149,413			(8,527,210	)			(1,769,355	)			250,536				(25,328	)
Net unrealized appreciation (depreciation) on investments			1,613,451				3,339,717				571,298			6,526,069				5,388,780				(212,156	)			1,318,977
Net assets		$	42,315,463			$	14,612,283			$	65,332,587		$	46,101,439			$	59,894,610			$	10,642,225			$	19,665,189
Class A
Net assets		$	39,568,684			$	12,608,739			$	50,699,976		$	37,492,020			$	48,440,625			$	9,919,711			$	18,821,762
Shares of beneficial interest outstanding			4,086,587				942,041				4,449,415			4,193,052				4,390,100				984,301				1,718,729
Net Asset Value, offering price and redemption price per share		$	9.68			$	13.38			$	11.40		$	8.94			$	11.03			$	10.08			$	10.95
Offering price per share (NAV / 0.945) *(NAV / 0.955)		$	10.14	*		$	14.16			$	12.06		$	9.46			$	11.67			$	10.67			$	11.59
Class C
Net assets		$	2,695,764			$	1,994,879			$	14,615,719		$	8,609,419			$	11,453,985			$	507,871			$	555,263
Shares of beneficial interest outstanding			276,042				151,612				1,317,026			1,047,640				1,113,801				50,854				50,871
Net asset value, offering price and redemption price per share		$	9.77			$	13.16			$	11.10		$	8.22			$	10.28			$	9.99			$	10.92
Minimum redemption price per share (NAV * 0.99)		$	9.67			$	13.03			$	10.99		$	8.14			$	10.18			$	9.89			$	10.81
Class I
Net assets		$	51,015			$	8,665			$	16,892		$	—			$	—			$	214,643			$	288,164
Shares of beneficial interest outstanding			5,262.519				649.222				1,485.665			—				—				21,273.246				26,322.719
Net asset value, offering price and redemption price per share		$	9.69			$	13.35			$	11.37		$	—			$	—			$	10.09			$	10.95

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

[33]

Timothy Plan Family of Funds

Statements of Operations For the Six Months Ended March 31, 2014 (Unaudited)

	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		$	28			$	86			$	92			$	74			$	202			$	1,106,353
Dividend income			71,670				348,146				382,112				633,566				1,044,733				—
Foreign tax withheld			—				(39,174	)			1,184				—				(2,626	)			—
Total investment income			71,698				309,058				383,388				633,640				1,042,309				1,106,353
Operating expenses:
Investment advisory fees			92,248				226,329				237,971				332,036				587,552				217,828
12b-1 Fees:
Class A			23,087				52,878				63,212				87,443				153,685				81,500
Class C			16,179				14,243				26,776				39,806				73,830				37,045
Administration fees			29,558				83,576				98,098				134,164				123,066				138,917
Registration fees			16,472				16,986				17,594				17,594				19,414				18,504
Custody fees			12,443				5,209				6,949				6,634				8,166				7,060
Printing expenses			6,574				10,099				12,822				18,782				28,913				17,133
Non 12b-1 shareholder servicing fees			6,284				7,722				19,206				13,162				37,525				26,246
Audit fees			5,984				6,082				5,535				5,535				5,535				5,535
Compliance officer fees			3,447				2,635				3,436				3,272				7,555				5,076
Miscellaneous expenses			3,064				3,852				1,593				1,918				2,950				2,521
Trustees’ fees			1,270				2,291				3,180				3,942				7,458				4,821
Insurance expenses			306				621				912				1,026				2,177				1,694
Total operating expenses			216,916				432,523				497,284				665,314				1,057,826				563,880
Less: Expenses waived by advisor			—				—				—				—				—				(54,457	)
Net operating expenses			216,916				432,523				497,284				665,314				1,057,826				509,423
Net investment income (loss)			(145,218	)			(123,465	)			(113,896	)			(31,674	)			(15,517	)			596,930
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments			1,766,913				106,851				4,168,432				7,537,937				8,042,930				52,266
Net change in unrealized appreciation (depreciation) on investments			331,263				2,693,039				1,882,446				949,391				8,647,670				16,358
Net realized and unrealized gain on investments			2,098,176				2,799,890				6,050,878				8,487,328				16,690,600				68,624
Net increase in net assets resulting from operations		$	1,952,958			$	2,676,425			$	5,936,982			$	8,455,654			$	16,675,083			$	665,554

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

[34]

Timothy Plan Family of Funds

Statements of Operations For the Six Months Ended March 31, 2014 (Unaudited)

	High Yield Bond Fund			Israel Common Values Fund				Defensive Strategies Fund				Strategic Growth Fund			Conservative Growth Fund			Emerging Markets Fund				Growth & Income Fund (1)
Investment Income:
Interest income		$	1,212,763		$	28			$	88,503			$	11		$	10		$	20			$	35,580
Dividend income			—			122,080				570,997				—			—			78,337				69,153
Dividend income from affiliated funds			—			—				—				1,903,153			2,025,280			—				—
Foreign tax withheld			—			(29,767	)			(14,130	)			—			—			(9,010	)			(294	)
Total investment income			1,212,763			92,341				645,370				1,903,164			2,025,290			69,347				104,439
Operating expenses:
Investment advisory fees			119,747			63,672				194,977				142,933			183,972			57,667				61,271
12b-1 Fees:
Class A			46,765			14,120				62,049				—			—			11,406				17,650
Class C			12,424			7,164				76,710				30,601			40,149			1,797				981
Administration fees			75,277			27,249				83,666				57,400			73,185			16,890				18,021
Registration fees			16,380			—				23,660				17,594			18,806			20,626				11,700
Printing expenses			9,202			2,046				15,938				12,567			13,326			1,465				4,500
Non 12b-1 shareholder servicing fees			7,164			1,378				8,610				6,066			5,123			3,496				4,500
Audit fees			6,830			6,982				6,982				5,535			5,535			5,984				5,580
Custody fees			3,267			5,902				15,581				3,897			4,879			10,489				6,480
Compliance officer fees			2,614			981				4,415				2,690			3,192			501				3,060
Trustees’ fees			2,488			648				4,563				948			3,054			501				3,960
Insurance expenses			730			155				1,465				757			977			171				180
Miscellaneous expenses			2,321			1,488				2,581				3,035			1,713			1,450				2,160
Total operating expenses			305,209			131,785				501,197				284,023			353,911			132,443				140,043
Less: Expenses waived by advisor			—			—				—				—			—			—				—
Net operating expenses			305,209			131,785				501,197				284,023			353,911			132,443				140,043
Net investment income (loss)			907,554			(39,444	)			144,173				1,619,141			1,671,379			(63,096	)			(35,604	)
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments			147,661			243,705				581,354				723,081			1,152,837			340,460				(25,328	)
Net change in unrealized appreciation on investments			1,087,590			1,175,473				1,206,676				724,247			187,111			(338,619	)			1,318,977
Net realized and unrealized gain on investments			1,235,251			1,419,178				1,788,030				1,447,328			1,339,948			1,841				1,293,649
Net increase (decrease) in net assets resulting from operations		$	2,142,805		$	1,379,734			$	1,932,203			$	3,066,469		$	3,011,327		$	(61,255	)		$	1,258,045

(1) The Growth & Income Fund commenced operations on October 1, 2013.

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

[35]

Timothy Plan Family of Funds

Statements of Changes in Net Assets

	Aggressive Growth Fund								International Fund								Large/Mid Cap Growth Fund
	Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013
Operations:
Net investment income (loss)		$	(145,218	)		$	(225,177	)		$	(123,465	)		$	230,090			$	(113,896	)		$	(154,694	)
Net realized gain from investments			1,766,913				2,105,187				106,851				783,962				4,168,432				4,956,086
Capital gain dividends from REITs			—				2,235				—				—				—				—
Net change in unrealized appreciation on investments			331,263				2,256,985				2,693,039				5,027,081				1,882,446				4,941,630
Net increase in net assets resulting from operations			1,952,958				4,139,230				2,676,425				6,041,133				5,936,982				9,743,022
Distributions to shareholders:
Net investment income
Class A			—				—				(786,429	)			(230,752	)			—				—
Class C			—				—				(36,943	)			—				—				—
Class I			—				—				(2,495	)			—				—				—
Net realized gains
Class A			(1,036,995	)			—				—				—				(4,768,553	)			(2,446,061	)
Class C			(210,803	)			—				—				—				(570,867	)			(296,634	)
Class I			(6	)			—				—				—				(7,416	)			—
Total dividends and distributions to shareholders			(1,247,804	)			—				(825,867	)			(230,752	)			(5,346,836	)			(2,742,695	)
Share transactions of Beneficial Interest:
Net proceeds from shares sold
Class A			3,848,664				4,388,489				8,566,848				10,977,091				6,157,231				9,051,293
Class C			486,797				717,887				739,975				755,818				818,081				1,516,639
Class I			—				100				147,358				100				83,486				100
Reinvestment of dividends and distributions
Class A			982,936				—				668,018				202,277				4,397,355				2,267,318
Class C			199,968				—				29,829				—				457,708				239,483
Class I			6				—				865				—				4,941				—
Cost of shares redeemed
Class A			(2,679,891	)			(4,678,771	)			(2,317,866	)			(8,018,394	)			(5,646,976	)			(10,724,659	)
Class C			(170,405	)			(546,416	)			(100,515	)			(260,483	)			(545,185	)			(1,827,870	)
Net increase (decrease) in net assets from share transactions of beneficial interest			2,668,075				(118,711	)			7,734,512				3,656,409				5,726,641				522,304
Total Increase in Net Assets			3,373,229				4,020,519				9,585,070				9,466,790				6,316,787				7,522,631

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

[36]

Timothy Plan Family of Funds

Statements of Changes in Net Assets (Continued)

	Aggressive Growth Fund								International Fund								Large/Mid Cap Growth Fund
	Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013
Net Assets:
Beginning of period			20,619,300				16,598,781				40,878,521				31,411,731				53,451,400				45,928,769
End of period*		$	23,992,529			$	20,619,300			$	50,463,591			$	40,878,521			$	59,768,187			$	53,451,400
* Includes undistributed net investment income (loss) at end of period		$	(328,532	)		$	(183,314	)		$	(848,758	)		$	100,574			$	(111,050	)		$	2,846
Share Activity:
Shares Sold
Class A			415,080				545,659				961,531				1,370,275				742,381				1,187,169
Class C			59,238				97,012				83,844				96,698				109,838				221,194
Class I			—				11				16,735				12				9,818				12
Shares Reinvested
Class A			109,215				—				74,472				26,720				547,621				324,831
Class C			24,934				—				3,386				—				64,557				38,074
Class I			1				—				97				—				615				—
Shares Redeemed
Class A			(290,884	)			(603,346	)			(258,810	)			(1,029,883	)			(670,397	)			(1,398,597	)
Class C			(21,297	)			(81,776	)			(11,545	)			(33,866	)			(72,339	)			(262,121	)
Net increase (decrease) in shares of beneficial interest outstanding			296,287				(42,440	)			869,710				429,956				732,094				110,562

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

[37]

Timothy Plan Family of Funds

Statements of Changes in Net Assets

	Small Cap Value Fund								Large/ Mid Cap Value Fund								Fixed Income Fund
	Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013
Operations:
Net investment income (loss)		$	(31,674	)		$	20,961			$	(15,517	)		$	596,162			$	596,930			$	1,317,522
Net realized gain from investments			7,537,937				8,776,714				8,042,930				20,643,211				52,266				901,715
Capital gain dividends from REITs			—				36,191				—				12,601				—				—
Net change in unrealized appreciation (depreciation) on investments			949,391				10,680,831				8,647,670				3,763,115				16,358				(4,713,356	)
Net increase (decrease) in net assets resulting from operations			8,455,654				19,514,697				16,675,083				25,015,089				665,554				(2,494,119	)
Distributions to shareholders:
Net investment income
Class A			(11	)			(88,849	)			(547,759	)			(358,626	)			(1,030,486	)			(903,855	)
Class C			(1	)			—				(24,189	)			—				(93,453	)			(54,237	)
Class I			—				—				(3,894	)			—				(2	)			—
Net realized gains
Class A			(6,644,863	)			—				(7,988,764	)			—				(148,647	)			—
Class C			(874,075	)			—				(1,077,063	)			—				(17,627	)			—
Class I			(22,910	)			—				(44,330	)			—				—				—
Total dividends and distributions to shareholders			(7,541,860	)			(88,849	)			(9,685,999	)			(358,626	)			(1,290,215	)			(958,092	)
Share transactions of beneficial interest:
Net proceeds from shares sold
Class A			10,120,369				11,969,015				16,198,621				30,287,293				7,084,357				22,378,103
Class C			1,238,069				2,004,285				1,799,048				3,183,229				590,939				2,874,242
Class I			340,862				100				783,820				100				—				100
Reinvestment of dividends and distributions
Class A			6,271,941				84,074				7,682,226				307,962				1,078,669				801,878
Class C			810,924				—				930,672				—				91,635				45,593
Class I			20,825				—				45,334				—				2				—
Cost of shares redeemed
Class A			(7,368,564	)			(12,650,070	)			(12,728,457	)			(38,910,448	)			(9,942,864	)			(27,243,493	)
Class C			(1,007,852	)			(1,235,150	)			(1,035,046	)			(2,518,994	)			(1,469,176	)			(3,570,618	)
Class I			(12,961	)							(4,000	)
Net increase (decrease) in net assets from share transactions of beneficial interest			10,413,613				172,254				13,672,218				(7,650,858	)			(2,566,438	)			(4,714,195	)
Total Increase (Decrease) in Net Assets			11,327,407				19,598,102				20,661,302				17,005,605				(3,191,099	)			(8,166,406	)

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

[38]

Timothy Plan Family of 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, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013
Net Assets:
Beginning of period			72,510,908				52,912,806				128,306,780				111,301,175				75,515,358				83,681,764
End of period*		$	83,838,315			$	72,510,908			$	148,968,082			$	128,306,780			$	72,324,259			$	75,515,358
* Includes undistributed net investment income (loss) at end of period		$	(5,648	)		$	26,038			$	(8,234	)		$	583,125			$	243,909			$	770,920
Share Activity:
Shares Sold
Class A			494,391				692,720				866,530				1,833,499				682,084				2,088,605
Class C			72,358				132,413				108,961				212,010				58,841				277,316
Class I			16,363				5				41,086				5				—				10
Shares Reinvested
Class A			311,572				5,349				421,869				20,092				104,925				76,046
Class C			48,183				—				57,950				—				9,233				4,489
Class I			1,034				—				2,492				—				—				—
Shares Redeemed
Class A			(361,947	)			(752,629	)			(680,151	)			(2,333,513	)			(956,735	)			(2,557,054	)
Class C			(58,782	)			(87,460	)			(62,679	)			(173,444	)			(146,464	)			(347,595	)
Class I			(627	)			—				(217	)			—				—				—
Net increase (decrease) in shares of beneficial interest outstanding			522,545				(9,602	)			755,841				(441,351	)			(248,116	)			(458,183	)

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

[39]

Timothy Plan Family of Funds

Statements of Changes in Net Assets

	High Yield Bond Fund								Israel Common Values Fund								Defensive Strategies Fund
	Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013
Operations:
Net investment income (loss)		$	907,554			$	1,966,215			$	(39,444	)		$	(52,970	)		$	144,173			$	240,974
Net realized gain (loss) from investments			147,661				232,096				243,705				(30,117	)			581,354				380,305
Capital gain dividends from REITs			—				—				—				—				—				95,795
Net change in unrealized appreciation (depreciation) on investments			1,087,590				(707,158	)			1,175,473				2,064,869				1,206,676				(7,225,344	)
Net increase (decrease) in net assets resulting from operations			2,142,805				1,491,153				1,379,734				1,981,782				1,932,203				(6,508,270	)
Distributions to shareholders:
Net investment income
Class A			(914,587	)			(1,782,597	)			(566,559	)			—				(229,323	)			(28	)
Class C			(52,168	)			(88,820	)			(68,279	)			—				—				(10	)
Class I			(578	)			—				(429	)							(140	)
From net realized gains
Class A			—				—				—				—				(110,890	)			(97,172	)
Class C			—				—				—				—				(35,481	)			(35,276	)
Class I			—				—				—				—				(37	)			—
Total dividends and distributions to shareholders			(967,333	)			(1,871,417	)			(635,267	)			—				(375,871	)			(132,486	)
Share transactions of beneficial interest:
Net proceeds from shares sold
Class A			6,718,345				15,564,006				2,208,053				3,295,264				6,694,095				20,337,684
Class C			457,565				1,124,628				965,570				738,558				713,593				5,060,845
Class I			50,000				100				7,976				100				15,976				100
Reinvestment of dividends and distributions
Class A			797,671				1,572,663				557,945				—				328,384				92,047
Class C			39,789				69,721				67,882				—				35,220				34,945
Class I			578				—				429								177
Cost of shares redeemed
Class A			(4,628,537	)			(14,596,227	)			(1,105,330	)			(2,878,944	)			(9,376,069	)			(16,279,364	)
Class C			(108,947	)			(616,056	)			(73,387	)			(98,800	)			(3,213,085	)			(5,357,105	)
Net increase in net assets from share transactions of beneficial interest			3,326,464				3,118,835				2,629,138				1,056,178				(4,801,709	)			3,889,152
Total Increase (Decrease) in Net Assets			4,501,936				2,738,571				3,373,605				3,037,960				(3,245,377	)			(2,751,604	)

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

[40]

Timothy Plan Family of Funds

Statements of Changes in Net Assets (Continued)

	High Yield Bond Fund								Israel Common Values Fund								Defensive Strategies Fund
	Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013
Net Assets:
Beginning of period			37,813,527				35,074,956				11,238,678				8,200,718				68,577,964				71,329,568
End of period*		$	42,315,463			$	37,813,527			$	14,612,283			$	11,238,678			$	65,332,587			$	68,577,964
* Includes undistributed net investment income (loss) at end of period		$	35,019			$	94,798			$	(760,780	)		$	(86,069	)		$	379,061			$	464,351
Share Activity:
Shares Sold
Class A			698,675				1,615,799				171,648				286,237				600,730				1,733,384
Class C			47,269				116,063				76,407				63,533				65,292				437,490
Class I			5,192				11				607				8				1,460				9
Shares Reinvested
Class A			83,185				165,588				44,671				—				30,210				7,703
Class C			4,113				7,288				5,519				—				3,323				2,990
Class I			60				—				34								16
Shares Redeemed
Class A			(481,546	)			(1,523,719	)			(85,542	)			(260,162	)			(843,103	)			(1,415,033	)
Class C			(11,247	)			(63,809	)			(5,811	)			(9,559	)			(296,190	)			(478,799	)
Net increase in shares of beneficial interest outstanding			345,701				317,221				207,533				80,057				(438,262	)			287,744

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

[41]

Timothy Plan Family of Funds

Statements of Changes in Net Assets

	Strategic Growth Fund								Conservative Growth Fund								Emerging Markets Fund (1)
	Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Period Ended September 30, 2013
Operations:
Net investment income (loss)		$	1,619,141			$	41,481			$	1,671,379			$	55,679			$	(63,096	)		$	(58,775	)
Net realized gain from investments			723,081				1,365,460				1,152,837				2,008,053				340,460				287,405
Capital gain distributions from affiliated funds			—				184,843				—				165,162				—				—
Net change in unrealized appreciation (depreciation) on investments			724,247				3,100,731				187,111				834,809				(338,619	)			126,463
Net increase in net assets resulting from operations			3,066,469				4,692,515				3,011,327				3,063,703				(61,255	)			355,093
Distributions to shareholders:
Net Investment Income
Class A			(35,399	)			(190,626	)			(208,040	)			(306,948	)			—				—
Class C			—				(5	)			—				(6	)			—				—
From net realized gains
Class A			—				—				—				—				(317,280	)			—
Class C			—				—				—				—				(11,694	)			—
Class I			—				—				—				—				(5,929	)			—
Total dividends and distributions to shareholders			(35,399	)			(190,631	)			(208,040	)			(306,954	)			(334,903	)			—
Share transactions of beneficial interest:
Net proceeds from shares sold
Class A			3,405,442				5,923,646				5,277,854				9,364,096				2,387,423				9,641,956
Class C			982,428				1,239,023				1,695,534				2,556,007				237,132				323,894
Class I			—				—				—				—				219,519				100
Reinvestment of dividends and distributions
Class A			34,264				185,872				192,436				283,789				304,324				—
Class C			—				—				—				—				11,626				—
Class I			—				—				—				—				5,375				—
Cost of shares redeemed
Class A			(2,904,670	)			(7,599,802	)			(3,522,857	)			(7,690,796	)			(1,069,085	)			(1,321,810	)
Class C			(580,340	)			(1,203,822	)			(1,208,473	)			(1,846,027	)			(24,192	)			(32,972	)
Net increase (decrease) in net assets from share transactions of beneficial interest			937,124				(1,455,083	)			2,434,494				2,667,069				2,072,122				8,611,168
Total Increase in Net Assets			3,968,194				3,046,801				5,237,781				5,423,818				1,675,964				8,966,261

(1) The Emerging Markets Fund commenced operations on December 3, 2012.

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

[42]

Timothy Plan Family of Funds

Statements of Changes in Net Assets (Continued)

	Strategic Growth Fund								Conservative Growth Fund								Emerging Markets Fund (1)
	Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Year Ended September 30, 2013				Six Months Ended March 31, 2014				Period Ended September 30, 2013
Net Assets:
Beginning of period			42,133,245				39,086,444				54,656,829				49,233,011				8,966,261				—
End of period*		$	46,101,439			$	42,133,245			$	59,894,610			$	54,656,829			$	10,642,225			$	8,966,261
* Includes undistributed net investment income (loss) at end of period		$	1,616,799			$	33,057			$	1,478,279			$	14,940			$	(75,601	)		$	(12,505	)
Share Activity:
Shares Sold
Class A			392,970				745,072				489,135				913,784				235,800				953,198
Class C			122,528				168,878				169,580				266,950				24,377				31,033
Class I			—				—				—				—				20,734				10
Shares Reinvested
Class A			3,929				24,765				17,867				28,489				29,983				—
Class C			—				—				—				—				1,153				—
Class I			—				—				—				—				530
Shares Redeemed
Class A			(335,315	)			(970,634	)			(326,648	)			(756,030	)			(105,395	)			(129,286	)
Class C			(72,166	)			(166,611	)			(120,426	)			(194,209	)			(2,481	)			(3,229	)
Net increase (decrease) in shares of beneficial interest outstanding			111,946				(198,530	)			229,508				258,984				204,701				851,726

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

[43]

Timothy Plan Family of Funds

Statements of Changes in Net Assets

	Growth & Income Fund
	Period Ended March 31, 2014 (1)
Operations:
Net investment income (loss)		$	(35,604	)
Net realized gain (loss) from investments			(25,328	)
Net change in unrealized appreciation on investments			1,318,977
Net increase in net assets resulting from operations			1,258,045
Share transactions of beneficial interest:
Net proceeds from shares sold
Class A			18,638,821
Class C			541,860
Class I			279,078
Cost of shares redeemed
Class A			(1,050,017	)
Class C			(2,598	)
Class I			—
Net increase in net assets from share transactions of beneficial interest			18,407,144
Total Increase in Net Assets			19,665,189
Net Assets:
Beginning of period			—
End of period*		$	19,665,189
* Includes undistributed net investment income (loss) at end of period		$	(35,604	)
Share Activity:
Shares Sold
Class A			1,819,913
Class C			51,108
Class I			26,313
Shares Redeemed
Class A			(101,194	)
Class C			(246	)
Class I			—
Net increase (decrease) in shares of beneficial interest outstanding			1,795,894

(1) The Growth & Income Fund commenced operations on October 1, 2013.

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

[44]

Timothy Plan Family of Funds

Financial Highlights

	Aggressive Growth
	(Class A Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008 (A)
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	9.00			$	7.10			$	5.57			$	5.42			$	4.51			$	3.71			$	6.80
Income (loss) from investment operations:
Net investment income (loss)			(0.05	)(B)			(0.09	)(B)			(0.12	)(B)			(0.10	)(B)			(0.09	)			(0.05	)			(0.07	)
Net realized and unrealized gain (loss) on investments			0.91				1.99				1.65				0.25				1.00				0.85				(3.01	)
Total from investment operations			0.86				1.90				1.53				0.15				0.91				0.80				(3.08	)
Less Distributions:
From net realized gains on investments			(0.55	)			—				—				—				—				—				(0.01	)
Total distributions			(0.55	)			—				—				—				—				—				(0.01	)
Net asset value, end of period		$	9.31			$	9.00			$	7.10			$	5.57			$	5.42			$	4.51			$	3.71
Total return (C)(D)			9.75	%(F)			26.76	%			27.47	%			2.77	%			20.18	%			21.56	%(F)			(45.27	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	20,512			$	17,727			$	14,398			$	12,259			$	13,247			$	17,007			$	14,575
Ratio of expenses to average net assets			1.79	%(G)			1.86	%			2.12	%			1.81	%			1.88	%			1.85	%(G)			1.72	%
Ratio of net investment income (loss) to average net assets			(1.13	)%(G)			(1.20	)%			(1.78	)%			(1.52	)%			(1.61	)%			(1.58	)%(G)			(1.33	)%
Portfolio turnover rate			51	%(F)			120	%			147	%			201	%			89	%			136	%(F)			244	%(E)

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

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

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) On January 1, 2008, Chartwell Investment Partners became sub-advisor for the Fund.

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

(G) Annualized.

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

[45]

Timothy Plan Family of Funds

Financial Highlights

	Aggressive Growth
	(Class C Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	8.09			$	6.43			$	5.06			$	4.98			$	4.18			$	3.46			$	6.37
Income (loss) from investment operations:
Net investment loss			(0.08	)(B)			(0.14	)(B)			(0.16	)(B)			(0.13	)(B)			(0.11	)			(0.06	)			(0.11	)
Net realized and unrealized gain (loss) on investments			0.82				1.80				1.53				0.21				0.91				0.78				(2.79	)
Total from investment operations			0.74				1.66				1.37				0.08				0.80				0.72				(2.90	)
Less Distributions:
From net realized gains on investments			(0.55	)			—				—				—				—				—				(0.01	)
Total distributions			(0.55	)			—				—				—				—				—				(0.01	)
Net asset value, end of period		$	8.28			$	8.09			$	6.43			$	5.06			$	4.98			$	4.18			$	3.46
Total return (C)(D)			9.48	%(F)			25.82	%			27.08	%			1.61	%			19.14	%			20.81	%(F)			(45.50	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	3,481			$	2,892			$	2,201			$	1,766			$	1,670			$	1,477			$	1,272
Ratio of expenses to average net assets			2.54	%(G)			2.60	%			2.87	%			2.57	%			2.63	%			2.60	%(G)			2.47	%
Ratio of net investment income (loss) to average net assets			(1.88	)%(G)			(1.94	)%			(2.53	)%			(2.28	)%			(2.35	)%			(2.33	)%(G)			(2.08	)%
Portfolio turnover rate			51	%(F)			120	%			147	%			201	%			89	%			136	%(F)			244	%(E)

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

(C) Total return calculation does not reflect 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) On January 1, 2008, Chartwell Investment Partners became sub-advisor for the Fund.

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

(G) Annualized.

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

[46]

Timothy Plan Family of Funds

Financial Highlights

	Aggressive Growth
	(Class I Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Period Ended September 30, 2013 (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	9.01			$	8.87
Income (loss) from investment operations:
Net investment income (B)			(0.05	)			—	*
Net realized and unrealized gain on investments			0.93				0.14
Total from investment operations			0.88				0.14
Less Distributions:
From net investment income			—				—
From net realized gains on investments			(0.55	)			—
Total distributions			(0.55	)			—
Net asset value, end of period		$	9.34			$	9.01
Total return (C)			9.96	%(D)			1.58	%(D)
Ratios/supplemental data:
Net assets, end of period		$	112			$	102
Ratio of expenses to average net assets			1.54	%(E)			1.61	%(E)
Ratio of net investment income (loss) to average net assets			(0.88	)%(E)			(0.95	)%(E)
Portfolio turnover rate			51	%(D)			120	%(D)

* Amount is less than $0.005 per share.

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

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

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

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

(E) Annualized.

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

[47]

Timothy Plan Family of Funds

Financial Highlights

	International
	(Class A Shares)
	For the Six  Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	8.65			$	7.31			$	6.54			$	7.71			$	7.52			$	5.92			$	11.00
Income (loss) from investment operations:
Net investment income (loss)			(0.02	)(B)			0.06	(B)			0.03	(B)			0.20	(B)			0.04				0.08				0.09
Net realized and unrealized gain (loss) on investments			0.56				1.34				0.97				(1.33	)			0.26				1.52				(5.08	)
Total from investment operations			0.54				1.40				1.00				(1.13	)			0.30				1.60				(4.99	)
Less Distributions:
From net investment income			(0.17	)			(0.06	)			(0.23	)			(0.04	)			(0.11	)			—				(0.09	)
Total distributions			(0.17	)			(0.06	)			(0.23	)			(0.04	)			(0.11	)			—				(0.09	)
Net asset value, end of period		$	9.02			$	8.65			$	7.31			$	6.54			$	7.71			$	7.52			$	5.92
Total return (C)(D)			6.27	%(E)			19.25	%			15.73	%			(14.72	)%			3.93	%			27.03	%(E)			(45.38	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	47,087			$	38,432			$	29,794			$	28,423			$	35,206			$	37,248			$	31,214
Ratio of expenses to average net assets			1.74	%(F)			1.73	%			1.82	%			1.70	%			1.74	%			1.72	%(F)			1.66	%
Ratio of net investment income (loss) to average net assets			(0.39	)%(F)			0.70	%			0.38	%			2.45	%			0.58	%			1.68	%(F)			1.12	%
Portfolio turnover rate			7	%(E)			29	%			34	%			62	%			41	%			38	%(E)			32	%

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

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

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

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

(F) Annualized.

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

[48]

Timothy Plan Family of Funds

Financial Highlights

	International
	(Class C Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December  31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	8.46			$	7.15			$	6.39			$	7.58			$	7.41			$	5.87			$	10.97
Income (loss) from investment operations:
Net investment income (loss)			(0.05	)(B)			—	(B)			(0.02	)(B)			0.13	(B)			(0.01	)			0.04				0.04
Net realized and unrealized gain (loss) on investments			0.55				1.31				0.95				(1.29	)			0.25				1.50				(5.07	)
Total from investment operations			0.50				1.31				0.93				(1.16	)			0.24				1.54				(5.03	)
Less Distributions:
From net investment income			(0.12	)			—				(0.17	)			(0.03	)			(0.07	)			—				(0.07	)
Total distributions			(0.12	)			—				(0.17	)			(0.03	)			(0.07	)			—				(0.07	)
Net asset value, end of period		$	8.84			$	8.46			$	7.15			$	6.39			$	7.58			$	7.41			$	5.87
Total return (C)(D)			5.90	%(E)			18.32	%			14.88	%			(15.40	)%			3.27	%			26.24	%(E)			(45.79	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	3,224			$	2,446			$	1,617			$	1,427			$	1,941			$	1,417			$	984
Ratio of expenses to average net assets			2.49	%(F)			2.47	%			2.57	%			2.45	%			2.49	%			2.47	%(F)			2.40	%
Ratio of net investment income (loss) to average net assets			(1.14	)%(F)			(0.01	)%			(0.32	)%			1.58	%			(0.15	)%			0.85	%(F)			0.45	%
Portfolio turnover rate			7	%(E)			29	%			34	%			62	%			41	%			38	%(E)			32	%

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

(C) Total return calculation does not reflect 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.

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

(F) Annualized.

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

[49]

Timothy Plan Family of Funds

Financial Highlights

	International
	(Class I Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Period Ended September 30, 2013 (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	8.65			$	8.46
Income (loss) from investment operations:
Net investment income (B)			(0.01	)			0.02
Net realized and unrealized gain on investments			0.56				0.17
Total from investment operations			0.55				0.19
Less Distributions:
From net investment income			(0.19	)			—
From net realized gains on investments			—				—
Total distributions			(0.19	)			—
Net asset value, end of period		$	9.01			$	8.65
Total return (C)			6.38	%(D)			2.25	%(D)
Ratios/supplemental data:
Net assets, end of period		$	151,745			$	102
Ratio of expenses to average net assets			1.49	%(E)			1.48	%(E)
Ratio of net investment income to average net assets			(0.16	)%(E)			0.95	%(E)
Portfolio turnover rate			7	%(D)			29	%(D)

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

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

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

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

(E) Annualized.

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

[50]

Timothy Plan Family of Funds

Financial Highlights

	Large/Mid Cap Growth
	(Class A Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	8.36			$	7.30			$	6.05			$	5.99			$	5.37			$	4.38			$	6.89
Income (loss) from investment operations:
Net investment loss			(0.01	)(B)			(0.02	)(B)			(0.04	)(B)			(0.04	)(B)			(0.04	)			(0.02	)			(0.04	)
Net realized and unrealized gain (loss) on investments			0.91				1.51				1.61				0.10				0.66				1.01				(2.46	)
Total from investment operations			0.90				1.49				1.57				0.06				0.62				0.99				(2.50	)
Less Distributions:
From net realized gains on investments			(0.84	)			(0.43	)			(0.32	)			—				—				—				(0.01	)
Total distributions			(0.84	)			(0.43	)			(0.32	)			—				—				—				(0.01	)
Net asset value, end of period		$	8.42			$	8.36			$	7.30			$	6.05			$	5.99			$	5.37			$	4.38
Total return (C)(D)			11.25	%(F)			21.62	%			26.61	%			1.00	%			11.55	%			22.60	%(F)			(36.30	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	53,932			$	48,411			$	41,446			$	34,252			$	38,865			$	35,973			$	32,484
Ratio of expenses to average net assets			1.60	%(G)			1.59	%			1.68	%			1.60	%			1.66	%			1.67	%(G)			1.56	%
Ratio of net investment income (loss) to average net assets			(0.24	)%(G)			(0.24	)%			(0.63	)%			(0.64	)%			(0.74	)%			(0.58	)%(G)			(0.64	)%
Portfolio turnover rate			36	%(F)			91	%			127	%			150	%			78	%			78	%(F)			177	%(E)

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

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

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E) On January 1, 2008, Chartwell Investment Partners became sub-advisor for the Fund.

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

(G) Annualized.

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

[51]

Timothy Plan Family of Funds

Financial Highlights

	Large/Mid Cap Growth
	(Class C Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	7.49			$	6.63			$	5.57			$	5.55			$	5.01			$	4.11			$	6.51
Income (loss) from investment operations:
Net investment loss			(0.04	)(B)			(0.07	)(B)			(0.09	)(B)			(0.09	)(B)			(0.08	)			(0.04	)			(0.08	)
Net realized and unrealized gain (loss) on investments			0.81				1.36				1.47				0.11				0.62				0.94				(2.31	)
Total from investment operations			0.77				1.29				1.38				0.02				0.54				0.90				(2.39	)
Less Distributions:
From net realized gains on investments			(0.84	)			(0.43	)			(0.32	)			—				—				—				(0.01	)
Total distributions			(0.84	)			(0.43	)			(0.32	)			—				—				—				(0.01	)
Net asset value, end of period		$	7.42			$	7.49			$	6.63			$	5.57			$	5.55			$	5.01			$	4.11
Total return (C)(D)			10.79	%(F)			20.74	%			25.47	%			0.36	%			10.78	%			21.90	%(F)			(36.73	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	5,748			$	5,041			$	4,483			$	2,726			$	2,523			$	2,120			$	1,971
Ratio of expenses to average net assets			2.35	%(G)			2.34	%			2.44	%			2.35	%			2.41	%			2.42	%(G)			2.31	%
Ratio of net investment income (loss) to average net assets			(0.99	)%(G)			(0.99	)%			(1.38	)%			(1.38	)%			(1.49	)%			(1.33	)%(G)			(1.39	)%
Portfolio turnover rate			36	%(F)			91	%			127	%			150	%			78	%			78	%(F)			177	%(E)

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

(C) Total return calculation does not reflect 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) On January 1, 2008, Chartwell Investment Partners became sub-advisor for the Fund.

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

(G) Annualized.

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

[52]

Timothy Plan Family of Funds

Financial Highlights

	Large/Mid Cap Growth
	(Class I Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Period Ended September 30, 2013 (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	8.37			$	8.31
Income (loss) from investment operations:
Net investment income (B)			—	*			0.01
Net realized and unrealized gain on investments			0.91				0.05
Total from investment operations			0.91				0.06
Less Distributions:
From net realized gains on investments			(0.84	)			—
Total distributions			(0.84	)			—
Net asset value, end of period		$	8.44			$	8.37
Total return (C)			11.36	%(D)			0.72	%(D)
Ratios/supplemental data:
Net assets, end of period		$	88			$	101
Ratio of expenses to average net assets			1.35	%(E)			1.34	%(E)
Ratio of net investment income (loss) to average net assets			0.01	%(E)			0.01	%(E)
Portfolio turnover rate			36	%(D)			91	%(D)

* Amount is less than $0.005 per share.

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

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

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

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

(E) Annualized.

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

[53]

Timothy Plan Family of Funds

Financial Highlights

	Small Cap Value
	(Class A Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	20.30			$	14.74			$	10.82			$	11.28			$	10.25			$	8.88			$	13.27
Income (loss) from investment operations:
Net investment income (loss)			0.01	(B)			0.02	(B)			0.03	(B)			(0.05	)(B)			(0.06	)			(0.05	)			0.01
Net realized and unrealized gain (loss) on investments			2.30				5.57				3.89				(0.41	)(C)			1.09				1.42				(4.33	)
Total from investment operations			2.31				5.59				3.92				(0.46	)			1.03				1.37				(4.32	)
Less Distributions:
From net investment income			—				(0.03	)			—				—				—				—				—
From net realized gains on investments			(2.04	)			—				—				—				—				—				(0.07	)
Total distributions			(2.04	)			(0.03	)			—				—				—				—				(0.07	)
Net asset value, end of period		$	20.57			$	20.30			$	14.74			$	10.82			$	11.28			$	10.25			$	8.88
Total return (D)(E)			11.65	%(F)			37.97	%			36.23	%			(4.08	)%			10.05	%			15.43	%(F)			(32.50	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	74,958			$	64,972			$	47,976			$	39,145			$	40,482			$	47,268			$	42,651
Ratio of expenses to average net assets			1.53	%(G)			1.55	%			1.59	%			1.53	%			1.59	%			1.59	%(G)			1.50	%
Ratio of net investment income (loss) to average net assets			0.08	%(G)			0.11	%			0.19	%			(0.36	)%			(0.51	)%			(0.71	)%(G)			0.05	%
Portfolio turnover rate			29	%(F)			73	%			65	%			102	%			64	%			57	%(F)			110	%

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

(C) Realized and unrealized gains 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.

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

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

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

(G) Annualized.

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

[54]

Timothy Plan Family of Funds

Financial Highlights

	Small Cap Value
	(Class C Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	17.30			$	12.63			$	9.35			$	9.82			$	8.99			$	7.83			$	11.80
Income (loss) from investment operations:
Net investment loss			(0.06	)(B)			(0.10	)(B)			(0.06	)(B)			(0.13	)(B)			(0.12	)			(0.09	)			(0.07	)
Net realized and unrealized gain (loss) on investments			1.96				4.77				3.34				(0.34	)(C)			0.95				1.25				(3.83	)
Total from investment operations			1.90				4.67				3.28				(0.47	)			0.83				1.16				(3.90	)
Less Distributions:
From net realized gains on investments			(2.04	)			—				—				—				—				—				(0.07	)
Total distributions			(2.04	)			—				—				—				—				—				(0.07	)
Net asset value, end of period		$	17.16			$	17.30			$	12.63			$	9.35			$	9.82			$	8.99			$	7.83
Total return (D)(E)			11.28	%(F)			36.98	%			35.08	%			(4.79	)%			9.23	%			14.81	%(F)			(32.99	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	8,535			$	7,539			$	4,937			$	3,809			$	4,186			$	3,867			$	3,901
Ratio of expenses to average net assets			2.28	%(G)			2.30	%			2.34	%			2.28	%			2.34	%			2.34	%(G)			2.25	%
Ratio of net investment income (loss) to average net assets			(0.67	)%(G)			(0.65	)%			(0.55	)%			(1.12	)%			(1.26	)%			(1.45	)%(G)			(0.70	)%
Portfolio turnover rate			29	%(F)			73	%			65	%			102	%			64	%			57	%(F)			110	%

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

(C) Realized and unrealized gains 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.

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

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

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

(G) Annualized.

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

[55]

Timothy Plan Family of Funds

Financial Highlights

	Small Cap Value
	(Class I Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Period Ended September 30, 2013 (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	20.29			$	19.68
Income (loss) from investment operations:
Net investment income (B)			0.05				(0.01	)
Net realized and unrealized gain on investments			2.29				0.62
Total from investment operations			2.34				0.61
Less Distributions:
From net realized gains on investments			(2.04	)			—
Total distributions			(2.04	)			—
Net asset value, end of period		$	20.59			$	20.29
Total return (C)			11.75	%(D)			3.10	%(D)
Ratios/supplemental data:
Net assets, end of period		$	345,439			$	103
Ratio of expenses to average net assets			1.28	%(E)			1.30	%(E)
Ratio of net investment income (loss) to average net assets			0.33	%(E)			0.36	%(E)
Portfolio turnover rate			29	%(D)			73	%(D)

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

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

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

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

(E) Annualized.

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

[56]

Timothy Plan Family of Funds

Financial Highlights

	Large/Mid Cap Value
	(Class A Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	18.14			$	14.80			$	11.83			$	11.84			$	10.72			$	9.10			$	15.48
Income (loss) from investment operations:
Net investment income			—	*(B)			0.09	(B)			0.06	(B)			0.04	(B)			0.05				0.04				0.05
Net realized and unrealized gain (loss) on investments			2.29				3.30				2.94				(0.01	)(C)			1.12				1.58				(6.26	)
Total from investment operations			2.29				3.39				3.00				0.03				1.17				1.62				(6.21	)
Less Distributions:
From net investment income			(0.09	)			(0.05	)			(0.03	)			(0.04	)			(0.05	)			—				(0.03	)
From net realized gains on investments			(1.26	)			—				—				—				—				—				(0.14	)
Total distributions			(1.35	)			(0.05	)			(0.03	)			(0.04	)			(0.05	)			—				(0.17	)
Net asset value, end of period		$	19.08			$	18.14			$	14.80			$	11.83			$	11.84			$	10.72			$	9.10
Total return (D)(E)			13.02	%(F)			23.00	%			25.39	%			0.20	%			10.94	%			17.80	%(F)			(40.05	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	132,174			$	114,657			$	100,632			$	78,255			$	80,700			$	82,784			$	69,695
Ratio of expenses to average net assets			1.52	%(G)			1.49	%			1.57	%			1.51	%			1.58	%			1.57	%(G)			1.51	%
Ratio of net investment income (loss) to average net assets			(0.02	)%(G)			0.55	%			0.42	%			0.33	%			0.39	%			0.57	%(G)			0.39	%
Portfolio turnover rate			22	%(F)			64	%			7	%			19	%			38	%			32	%(F)			77	%

* Amount is less than $0.005 per share.

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

(C) Realized and unrealized gains 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.

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

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

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

(G) Annualized.

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

[57]

Timothy Plan Family of Funds

Financial Highlights

	Large/Mid Cap Value
	(Class C Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	16.12			$	13.20			$	10.61			$	10.68			$	9.73			$	8.31			$	14.24
Income (loss) from investment operations:
Net investment loss			(0.06	)(B)			(0.03	)(B)			(0.04	)(B)			(0.05	)(B)			(0.05	)			(0.01	)			(0.04	)
Net realized and unrealized gain (loss) on investments			2.02				2.95				2.63				—	(C)			1.03				1.43				(5.73	)
Total from investment operations			1.96				2.92				2.59				(0.05	)			0.98				1.42				(5.77	)
Less Distributions:
From net investment income			(0.03	)			—				—				(0.02	)			(0.03	)			—				(0.02	)
From net realized gains on investments			(1.26	)			—				—				—				—				—				(0.14	)
Total distributions			(1.29	)			—				—				(0.02	)			(0.03	)			—				(0.16	)
Net asset value, end of period		$	16.79			$	16.12			$	13.20			$	10.61			$	10.68			$	9.73			$	8.31
Total return (D)(E)			12.58	%(F)			22.12	%			24.41	%			(0.52	)%			10.12	%			17.09	%(F)			(40.49	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	15,967			$	13,649			$	10,669			$	8,903			$	9,484			$	9,552			$	8,544
Ratio of expenses to average net assets			2.27	%(G)			2.23	%			2.32	%			2.26	%			2.33	%			2.32	%(G)			2.26	%
Ratio of net investment income (loss) to average net assets			(0.77	)%(G)			(0.19	)%			(0.32	)%			(0.43	)%			(0.35	)%			(0.18	)%(G)			(0.35	)%
Portfolio turnover rate			22	%(F)			64	%			7	%			19	%			38	%			32	%(F)			77	%

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

(C) Realized and unrealized gains 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.

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

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

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

(G) Annualized.

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

[58]

Timothy Plan Family of Funds

Financial Highlights

	Large/Mid Cap Value
	(Class I Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Period Ended September 30, 2013 (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	18.13			$	18.19
Income (loss) from investment operations:
Net investment income (B)			0.03				0.03
Net realized and unrealized loss on investments			2.28				(0.09	)
Total from investment operations			2.31				(0.06	)
Less Distributions:
From net investment income			(0.11	)			—
From net realized gains on investments			(1.26	)			—
Total distributions			(1.37	)			—
Net asset value, end of period		$	19.07			$	18.13
Total return (C)			13.11	%(D)			(0.33	)%(D)
Ratios/supplemental data:
Net assets, end of period		$	827,166			$	100
Ratio of expenses to average net assets			1.27	%(E)			1.24	%(E)
Ratio of net investment income (loss) to average net assets			0.23	%(E)			0.80	%(E)
Portfolio turnover rate			22	%(D)			64	%(D)

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

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

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

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

(E) Annualized.

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

[59]

Timothy Plan Family of Funds

Financial Highlights

	Fixed Income
	(Class A Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	10.43			$	10.87			$	10.72			$	10.56			$	10.14			$	9.56			$	9.99
Income (loss) from investment operations:
Net investment income			0.10	(B)			0.18	(B)			0.22	(B)			0.28	(B)			0.29	(B)			0.24				0.43
Net realized and unrealized gain (loss) on investments			—	*			(0.49	)			0.18				0.18				0.42				0.58				(0.43	)
Total from investment operations			0.10				(0.31	)			0.40				0.46				0.71				0.82				—
Less Distributions:
From net investment income			(0.17	)			(0.13	)			(0.22	)			(0.30	)			(0.29	)			(0.24	)			(0.43	)
From net realized gains on investments			(0.02	)			—				—				—				—				—				—
From return of capital			—				—				(0.03	)			—				—				—				—
Total distributions			(0.19	)			(0.13	)			(0.25	)			(0.30	)			(0.29	)			(0.24	)			(0.43	)
Net asset value, end of period		$	10.34			$	10.43			$	10.87			$	10.72			$	10.56			$	10.14			$	9.56
Total return (C)(D)			1.07	%(E)			(2.82	)%			3.73	%			4.42	%			7.07	%			8.70	%(E)			(0.05	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	65,222			$	67,558			$	74,685			$	59,405			$	58,831			$	48,074			$	37,367
Ratios to average net assets
Expenses, before waiver and reimbursement			1.34	%(F)			1.27	%			1.31	%			1.27	%			1.36	%			1.35	%(F)			1.29	%
Expenses, net waiver and reimbursement			1.19	%(F)			1.12	%			1.16	%			1.15	%			1.21	%			1.20	%(F)			1.14	%
Net investment income (loss), before waiver and reimbursement			1.69	%(F)			1.54	%			1.86	%			2.58	%			2.63	%			3.24	%(F)			4.11	%
Net investment income (loss), net waiver and reimbursement			1.84	%(F)			1.69	%			2.01	%			2.71	%			2.78	%			3.39	%(F)			4.26	%
Portfolio turnover rate			4	%(E)			25	%			19	%			22	%			26	%			22	%(E)			35	%

* Amount is less than $0.005 per share.

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

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

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

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

(F) Annualized.

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

[60]

Timothy Plan Family of Funds

Financial Highlights

	Fixed Income
	(Class C Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	10.07			$	10.51			$	10.38			$	10.22			$	9.82			$	9.28			$	9.69
Income (loss) from investment operations:
Net investment income			0.05	(B)			0.10	(B)			0.13	(B)			0.20	(B)			0.21				0.18				0.33
Net realized and unrealized gain (loss) on investments			0.01				(0.48	)			0.17				0.17				0.41				0.56				(0.40	)
Total from investment operations			0.06				(0.38	)			0.30				0.37				0.62				0.74				(0.07	)
Less Distributions:
From net investment income			(0.13	)			(0.06	)			(0.14	)			(0.21	)			(0.22	)			(0.20	)			(0.34	)
From net realized gains on investments			(0.02	)			—				—				—				—				—				—
From return of capital			—				—				(0.03	)			—				—				—				—
Total distributions			(0.15	)			(0.06	)			(0.17	)			(0.21	)			(0.22	)			(0.20	)			(0.34	)
Net asset value, end of period		$	9.98			$	10.07			$	10.51			$	10.38			$	10.22			$	9.82			$	9.28
Total return (C)(D)			0.62	%(E)			(3.57	)%			2.88	%			3.68	%			6.36	%			8.02	%(E)			(0.72	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	7,102			$	7,958			$	8,997			$	8,265			$	8,438			$	5,212			$	2,883
Ratios to average net assets
Expenses, before waiver and reimbursement			2.09	%(F)			2.03	%			2.06	%			2.23	%			2.12	%			2.10	%(F)			2.06	%
Expenses, net waiver and reimbursement			1.94	%(F)			1.88	%			1.91	%			1.90	%			1.97	%			1.95	%(F)			1.91	%
Net investment income (loss), before waiver and reimbursement			0.94	%(F)			0.79	%			1.12	%			1.61	%			1.88	%			2.50	%(F)			3.33	%
Net investment income (loss), net waiver and reimbursement			1.09	%(F)			0.94	%			1.27	%			1.95	%			2.03	%			2.65	%(F)			3.48	%
Portfolio turnover rate			4	%(E)			25	%			19	%			22	%			26	%			22	%(E)			35	%

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

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

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

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

(F) Annualized.

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

[61]

Timothy Plan Family of Funds

Financial Highlights

	Fixed Income
	(Class I Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Period Ended September 30, 2013 (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	10.34			$	10.35
Income (loss) from investment operations:
Net investment income (B)			0.11				0.04
Net realized and unrealized gain on investments			0.01				0.05
Total from investment operations			0.12				0.09
Less Distributions:
From net investment income			(0.22	)			(0.10	)
From return of capital			(0.03	)			—
Total distributions			(0.25	)			(0.10	)
Net asset value, end of period		$	10.21			$	10.34
Total return (C)			1.17	%(D)			0.90	%(D)
Ratios/supplemental data:
Net assets, end of period		$	102			$	101
Ratios to average net assets
Expenses, before waiver and reimbursement			1.09	%(E)			1.02	%(E)
Expenses, net waiver and reimbursement			0.94	%(E)			0.87	%(E)
Net investment income (loss), before waiver and reimbursement			1.94	%(E)			1.79	%(E)
Net investment income (loss), net waiver and reimbursement			2.16	%(E)			1.94	%(E)
Portfolio turnover rate			4	%(D)			25	%(D)

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

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

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

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

(E) Annualized.

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

[62]

Timothy Plan Family of Funds

Financial Highlights

	High Yield Bond
	(Class A Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	9.40			$	9.46			$	8.71			$	9.10			$	8.46			$	6.23			$	9.53
Income (loss) from investment operations:
Net investment income			0.23	(B)			0.49	(B)			0.54	(B)			0.54	(B)			0.60				0.48				0.61
Net realized and unrealized gain (loss) on investments			0.28				(0.08	)			0.76				(0.39	)			0.63				2.23				(3.30	)
Total from investment operations			0.51				0.41				1.30				0.15				1.23				2.71				(2.69	)
Less Distributions:
From net investment income			(0.23	)			(0.47	)			(0.53	)			(0.54	)			(0.59	)			(0.48	)			(0.60	)
From net realized gains on investments			—				—				—				—				—				—				(0.01	)
From return of capital			—				—				(0.02	)			—				—				—				—
Total distributions			(0.23	)			(0.47	)			(0.55	)			(0.54	)			(0.59	)			(0.48	)			(0.61	)
Net asset value, end of period		$	9.68			$	9.40			$	9.46			$	8.71			$	9.10			$	8.46			$	6.23
Total return (C)(D)			5.61	%(E)			4.42	%			15.17	%			1.48	%			14.98	%			45.11	%(E)			(29.55	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	39,569			$	35,578			$	33,392			$	23,110			$	21,617			$	18,740			$	13,283
Ratio of expenses to average net assets			1.36	%(F)			1.33	%			1.39	%			1.30	%			1.43	%			1.46	%(F)			1.41	%
Ratio of net investment income (loss) to average net assets			4.68	%(F)			5.13	%			5.84	%			5.81	%			6.72	%			8.75	%(F)			7.06	%
Portfolio turnover rate			11	%(E)			56	%			24	%			60	%			40	%			34	%(E)			28	%

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

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

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

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

(F) Annualized.

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

[63]

Timothy Plan Family of Funds

Financial Highlights

	High Yield Bond
	(Class C Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	9.48			$	9.55			$	8.79			$	9.17			$	8.51			$	6.29			$	9.60
Income (loss) from investment operations:
Net investment income			0.19	(B)			0.43	(B)			0.47	(B)			0.47	(B)			0.53	(B)			0.43	(B)			0.53
Net realized and unrealized gain (loss) on investments			0.30				(0.09	)			0.77				(0.39	)			0.66				2.24				(3.33	)
Total from investment operations			0.49				0.34				1.24				0.08				1.19				2.67				(2.80	)
Less Distributions:
From net investment income			(0.20	)			(0.41	)			(0.46	)			(0.46	)			(0.53	)			(0.45	)			(0.50	)
From net realized gains on investments			—				—				—				—				—				—				(0.01	)
From return of capital			—				—				(0.02	)			—				—				—				—
Total distributions			(0.20	)			(0.41	)			(0.48	)			(0.46	)			(0.53	)			(0.45	)			(0.51	)
Net asset value, end of period		$	9.77			$	9.48			$	9.55			$	8.79			$	9.17			$	8.51			$	6.29
Total return (C)(D)			5.29	%(E)			3.54	%			14.33	%			0.72	%			14.36	%			43.90	%(E)			(30.17	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	2,696			$	2,236			$	1,683			$	1,194			$	1,039			$	547			$	141
Ratio of expenses to average net assets			2.11	%(F)			2.07	%			2.14	%			2.05	%			2.18	%			2.20	%(F)			2.14	%
Ratio of net investment income (loss) to average net assets			3.93	%(F)			4.39	%			5.08	%			5.06	%			5.99	%			7.55	%(F)			6.26	%
Portfolio turnover rate			11	%(E)			56	%			24	%			60	%			40	%			34	%(E)			28	%

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

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

(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

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

(F) Annualized.

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

[64]

Timothy Plan Family of Funds

Financial Highlights

	High Yield Bond
	(Class I Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Period Ended September 30, 2013 (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	9.40			$	9.48
Income (loss) from investment operations:
Net investment income (B)			0.25				0.07
Net realized and unrealized gain (loss) on investments			0.28				(0.06	)
Total from investment operations			0.53				0.01
Less Distributions:
From net investment income			(0.24	)			(0.09	)
Total distributions			(0.24	)			(0.09	)
Net asset value, end of period		$	9.69			$	9.40
Total return (C)			5.73	%(D)			0.15	%(D)
Ratios/supplemental data:
Net assets, end of period		$	51,015			$	100
Ratio of expenses to average net assets			1.11	%(E)			1.08	%(E)
Ratio of net investment income (loss) to average net assets			4.93	%(E)			5.38	%(E)
Portfolio turnover rate			11	%(D)			56	%(D)

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

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

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

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

(E) Annualized.

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

[65]

Timothy Plan Family of Funds

Financial Highlights

	Israel Common Values
	(Class A Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30, 2013				For the Period Ended September 30, 2012 (A)
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	12.69			$	10.17			$	10.00
Income (loss) from investment operations:
Net investment loss (B)			(0.03	)			(0.06	)			(0.15	)
Net realized and unrealized gain on investments			1.39				2.58				0.32
Total from investment operations			1.36				2.52				0.17
Less Distributions:
From net investment income			(0.67	)			—				—
Total distributions			(0.67	)			—				—
Net asset value, end of period		$	13.38			$	12.69			$	10.17
Total return (C)(D)			11.19	%(E)			24.78	%			1.80	%(E)
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	12,609			$	10,295			$	7,983
Ratio of expenses to average net assets			1.83	%(F)			2.24	%			2.82	%(F)
Ratio of net investment income (loss) to average net assets			(0.40	)%(F)			(0.57	)%			(1.48	)%(F)
Portfolio turnover rate			8	%(E)			30	%			37	%(E)

(A) For the period October 12, 2011 (Commencement of Operations) to September 30, 2012.

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

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

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

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

(F) Annualized.

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

[66]

Timothy Plan Family of Funds

Financial Highlights

	Israel Common Values
	(Class C Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30, 2013				For the Period Ended September 30, 2012 (A)
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	12.50			$	10.09			$	10.00
Income (loss) from investment operations:
Net investment loss (B)			(0.07	)			(0.13	)			(0.22	)
Net realized and unrealized gain on investments			1.37				2.54				0.31
Total from investment operations			1.30				2.41				0.09
Less Distributions:
From net investment income			(0.64	)			—				—
Total distributions			(0.64	)			—				—
Net asset value, end of period		$	13.16			$	12.50			$	10.09
Total return (C)(D)			10.83	%(E)			23.89	%			1.00	%(E)
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	1,995			$	943			$	217
Ratio of expenses to average net assets			2.58	%(F)			2.99	%			3.53	%(F)
Ratio of net investment income (loss) to average net assets			(1.15	)%(F)			(1.32	)%			(2.21	)%(F)
Portfolio turnover rate			8	%(E)			30	%			37	%(E)

(A) For the period October 12, 2011 (Commencement of Operations) to September 30, 2012.

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

(C) Total return calculation does not reflect 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.

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

(F) Annualized.

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

[67]

Timothy Plan Family of Funds

Financial Highlights

	Israel Common Values
	(Class I Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Period Ended September 30, 2013 (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	12.67			$	12.21
Income (loss) from investment operations:
Net investment income (B)			0.01				0.01
Net realized and unrealized gain on investments			1.37				0.45
Total from investment operations			1.38				0.46
Less Distributions:
From net investment income			(0.70	)			—
From net realized gains on investments			—				—
Total distributions			(0.70	)			—
Net asset value, end of period		$	13.35			$	12.67
Total return (C)			11.28	%(D)			3.77	%(D)
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	8,665			$	104
Ratio of expenses to average net assets			1.58	%(E)			1.99	%(E)
Ratio of net investment income (loss) to average net assets			0.15	%(E)			(0.32	)%(E)
Portfolio turnover rate			8	%(D)			30	%(D)

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

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

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

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

(E) Annualized.

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

[68]

Timothy Plan Family of Funds

Financial Highlights

	Defensive Strategies
	(Class A Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,												For the Period Ended September 30, 2010 (A)
					2013				2012				2011
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	11.12			$	12.12			$	11.28			$	10.70			$	10.00
Income (loss) from investment operations:
Net investment income			0.03	(B)			0.06	(B)			0.02	(B)			0.09	(B)			0.02
Net realized and unrealized gain (loss) on investments			0.33				(1.04	)			1.62				0.54				1.08
Total from investment operations			0.36				(0.98	)			1.64				0.63				1.10
Less Distributions:
From net investment income			(0.05	)			—				(0.10	)			—				—
From net realized gains on investments			(0.03	)			(0.02	)			(0.66	)			(0.05	)			(0.21	)
From return of capital			—				—				(0.04	)			—				(0.19	)
Total distributions			(0.08	)			(0.02	)			(0.80	)			(0.05	)			(0.40	)
Net asset value, end of period		$	11.40			$	11.12			$	12.12			$	11.28			$	10.70
Total return (C)(D)			3.24	%(E)			(8.09	)%			14.87	%			5.88	%			10.97	%(E)
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	50,700			$	51,859			$	52,529			$	43,670			$	23,360
Ratio of expenses to average net assets			1.36	%(F)			1.26	%			1.33	%			1.29	%			1.51	%(F)
Ratio of net investment income (loss) to average net assets			0.62	%(F)			0.52	%			0.20	%			0.75	%			0.13	%(F)
Portfolio turnover rate			5	%(E)			56	%			247	%			64	%			41	%(E)

(A) For the period November 4, 2009 (Commencement of Operations) to September 30, 2010.

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

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

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

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

(F) Annualized.

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

[69]

Timothy Plan Family of Funds

Financial Highlights

	Defensive Strategies
	(Class C Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,												For the Period Ended September 30, 2010 (A)
					2013				2012				2011
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	10.82			$	11.88			$	11.09			$	10.58			$	10.00
Income (loss) from investment operations:
Net investment income (loss)			(0.01	)(B)			(0.03	)(B)			(0.07	)(B)			0.02	(B)			(0.06	)
Net realized and unrealized gain (loss) on investments			0.31				(1.01	)			1.58				0.54				1.08
Total from investment operations			0.30				(1.04	)			1.51				0.56				1.02
Less Distributions:
From net investment income			—				—				(0.02	)			—				—
From net realized gains on investments			(0.03	)			(0.02	)			(0.66	)			(0.05	)			(0.21	)
From return of capital			—				—				(0.04	)			—				(0.23	)
Total distributions			(0.03	)			(0.02	)			(0.72	)			(0.05	)			(0.44	)
Net asset value, end of period		$	11.09			$	10.82			$	11.88			$	11.09			$	10.58
Total return (C)(D)			2.83	%(E)			(8.75	)%			13.91	%			5.28	%			10.18	%(E)
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	14,616			$	16,718			$	18,801			$	13,100			$	5,527
Ratio of expenses to average net assets			2.11	%(F)			2.02	%			2.09	%			2.03	%			2.28	%(F)
Ratio of net investment income (loss) to average net assets			(0.13	)%(F)			(0.25	)%			(0.60	)%			0.15	%			(0.64	)%(F)
Portfolio turnover rate			5	%(E)			56	%			247	%			64	%			41	%(E)

(A) For the period November 4, 2009 (Commencement of Operations) to September 30, 2010.

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

(C) Total return calculation does not reflect 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.

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

(F) Annualized.

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

[70]

Timothy Plan Family of Funds

Financial Highlights

	Defensive Strategies
	(Class I Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Period Ended September 30, 2013 (A)
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	11.11			$	11.11
Income (loss) from investment operations:
Net investment income (B)			0.06				0.01
Net realized and unrealized gain (loss) on investments			0.32				(0.01	)
Total from investment operations			0.38				0.00
Less Distributions:
From net investment income			(0.10	)			—
From net realized gains on investments			(0.03	)			—
Total distributions			(0.12	)			—
Net asset value, end of period		$	11.37			$	11.11
Total return (C)			3.48	%(D)			0.00	%(D)
Ratios/supplemental data:
Net assets, end of period		$	16,892			$	100
Ratio of expenses to average net assets			1.11	%(E)			1.01	%(E)
Ratio of net investment income (loss) to average net assets			0.87	%(E)			0.77	%(E)
Portfolio turnover rate			5	%(D)			56	%(D)

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

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

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

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

(E) Annualized.

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

[71]

Timothy Plan Family of Funds

Financial Highlights

	Strategic Growth
	(Class A Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December  31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	8.34			$	7.44			$	6.27			$	6.49			$	5.97			$	4.86			$	9.12
Income (loss) from investment operations:
Net investment income (loss)			0.33	(B)			0.02	(B)			0.04	(B)			(0.02	)(B)			0.02				(0.01	)			0.01
Net realized and unrealized gain (loss) on investments			0.28				0.93				1.13				(0.19	)			0.50				1.12				(3.66	)
Total from investment operations			0.61				0.95				1.17				(0.21	)			0.52				1.11				(3.65	)
Less Distributions:
From net investment income			(0.01	)			(0.05	)			—				—				—				—				(0.09	)
From net realized gains on investments			—				—				—				—				—				—				(0.52	)
From return of capital			—				—				—				(0.01	)			—				—				—
Total distributions			(0.01	)			(0.05	)			—				(0.01	)			—				—				(0.61	)
Net asset value, end of period		$	8.94			$	8.34			$	7.44			$	6.27			$	6.49			$	5.97			$	4.86
Total return (C)(D)			7.30	%(G)			12.78	%			18.66	%			(3.29	)%			8.71	%			22.84	%(G)			(39.82	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	37,492			$	34,466			$	32,250			$	31,269			$	34,098			$	30,066			$	25,440
Ratio of expenses to average net assets (E)			1.15	%(H)			1.08	%			1.15	%			1.05	%			1.11	%			1.11	%(H)			1.03	%
Ratio of net investment income (loss) to average net assets (E)(F)			7.48	%(H)			0.24	%			(0.60	)%			(0.23	)%			0.30	%			(0.25	)%(H)			0.12	%
Portfolio turnover rate			10	%(G)			19	%			33	%			22	%			25	%			5	%(G)			17	%

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

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

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

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

(F) 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.

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

(H) Annualized.

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

[72]

Timothy Plan Family of Funds

Financial Highlights

	Strategic Growth
	(Class C Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	7.69			$	6.87			$	5.82			$	6.09			$	5.64			$	4.62			$	8.70
Income (loss) from investment operations:
Net investment income (loss)			0.27	(B)			(0.04	)(B)			(0.01	)(B)			(0.07	)(B)			(0.03	)			(0.04	)			(0.05	)
Net realized and unrealized gain (loss) on investments			0.26				0.86				1.06				(0.20	)			0.48				1.06				(3.47	)
Total from investment operations			0.53				0.82				1.05				(0.27	)			0.45				1.02				(3.52	)
Less Distributions:
From net investment income			—				—				—				—				—				—				(0.04	)
From net realized gains on investments			—				—				—				—				—				—				(0.52	)
Total distributions			—				—				—				—				—				—				(0.56	)
Net asset value, end of period		$	8.22			$	7.69			$	6.87			$	5.82			$	6.09			$	5.64			$	4.62
Total return (C)(D)			7.03	%(G)			11.94	%			18.04	%			(4.43	)%			7.98	%			22.08	%(G)			(40.32	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	8,609			$	7,668			$	6,836			$	6,446			$	6,950			$	7,608			$	6,423
Ratio of expenses to average net assets (E)			1.89	%(H)			1.83	%			1.90	%			1.82	%			1.86	%			1.85	%(H)			1.78	%
Ratio of net investment income (loss) to average net assets (E)(F)			6.73	%(H)			(0.52	)%			(0.22	)%			(1.00	)%			(0.46	)%			(1.00	)%(H)			(0.61	)%
Portfolio turnover rate			10	%(G)			19	%			33	%			22	%			25	%			5	%(G)			17	%

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

(C) Total return calculation does not reflect 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.

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

(F) 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.

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

(H) Annualized.

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

[73]

Timothy Plan Family of Funds

Financial Highlights

	Conservative Growth
	(Class A Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December 31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	10.51			$	9.95			$	8.80			$	8.83			$	8.25			$	6.94			$	10.49
Income (loss) from investment operations:
Net investment income			0.32	(B)			0.03	(B)			0.07	(B)			0.04	(B)			0.09				0.04				0.13
Net realized and unrealized gain (loss) on investments			0.25				0.61				1.09				0.01				0.60				1.27				(3.18	)
Total from investment operations			0.57				0.64				1.16				0.05				0.69				1.31				(3.05	)
Less Distributions:
From net investment income			(0.05	)			(0.08	)			(0.01	)			(0.08	)			(0.11	)			—				(0.15	)
From net realized gains on investments			—				—				—				—				—				—				(0.35	)
Total distributions			(0.05	)			(0.08	)			(0.01	)			(0.08	)			(0.11	)			—				(0.50	)
Net asset value, end of period		$	11.03			$	10.51			$	9.95			$	8.80			$	8.83			$	8.25			$	6.94
Total return (C)(D)			5.53	%(G)			6.44	%			13.22	%			0.50	%			8.47	%			18.88	%(G)			(28.88	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	48,441			$	44,238			$	40,042			$	35,331			$	35,031			$	33,128			$	26,206
Ratio of expenses to average net assets (E)			1.10	%(H)			1.05	%			1.11	%			1.05	%			1.13	%			1.10	%(H)			1.02	%
Ratio of net investment income (loss) to average net assets (E)(F)			6.01	%(H)			0.25	%			0.71	%			0.48	%			1.07	%			0.82	%(H)			1.36	%
Portfolio turnover rate			9	%(G)			22	%			32	%			23	%			31	%			16	%(G)			26	%

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

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

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

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

(F) 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.

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

(H) Annualized.

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

[74]

Timothy Plan Family of Funds

Financial Highlights

	Conservative Growth
	(Class C Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Year Ended September 30,																For the Period Ended September 30, 2009 (A)				For the Year Ended December  31, 2008
					2013				2012				2011				2010
Selected data based on a share outstanding throughout each period
Net asset value, beginning of period		$	9.79			$	9.27			$	8.24			$	8.32			$	7.83			$	6.61			$	10.02
Income (loss) from investment operations:
Net investment income (loss)			0.27	(B)			(0.05	)(B)			(0.01	)(B)			(0.02	)(B)			0.02				—	*			0.06
Net realized and unrealized gain (loss) on investments			0.22				0.57				1.04				—	*			0.57				1.22				(3.03	)
Total from investment operations			0.49				0.52				1.03				(0.02	)			0.59				1.22				(2.97	)
Less Distributions:
From net investment income			—				—				—				(0.06	)			(0.10	)			—				(0.09	)
From net realized gains on investments			—				—				—				—				—				—				(0.35	)
Total distributions			—				—				—				(0.06	)			(0.10	)			—				(0.44	)
Net asset value, end of period		$	10.28			$	9.79			$	9.27			$	8.24			$	8.32			$	7.83			$	6.61
Total return (C)(D)			5.11	%(G)			5.61	%			12.50	%			(0.25	)%			7.57	%			18.46	%(G)			(29.45	)%
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	11,454			$	10,419			$	9,191			$	7,963			$	7,365			$	7,500			$	6,438
Ratio of expenses to average net assets (E)			1.85	%(H)			1.80	%			1.86	%			1.80	%			1.88	%			1.85	%(H)			1.77	%
Ratio of net investment income (loss) to average net assets (E)(F)			5.26	%(H)			(0.50	)%			(0.06	)%			(0.27	)%			0.29	%			0.05	%(H)			0.72	%
Portfolio turnover rate			9	%(G)			22	%			32	%			23	%			31	%			16	%(G)			26	%

* Amount is less than $0.005 per share.

(A) The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.

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

(C) Total return calculation does not reflect 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.

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

(F) 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.

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

(H) Annualized.

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

[75]

Timothy Plan Family of Funds

Financial Highlights

	Emerging Markets
	(Class A Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Period Ended September 30, 2013 (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	10.53			$	10.00
Income (loss) from investment operations:
Net investment loss (B)			(0.06	)			(0.08	)
Net realized and unrealized gain (loss) on investments			(0.03	)			0.61
Total from investment operations			(0.09	)			0.53
Less Distributions:
From net investment income			—				—
From net realized gains on investments			(0.36	)			—
Total distributions			(0.36	)			—
Net asset value, end of period		$	10.08			$	10.53
Total return (C)(D)			(0.77	)%(E)			5.30	%(E)
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	9,920			$	8,675
Ratio of expenses to average net assets			2.66	%(F)			3.03	%(F)
Ratio of net investment income (loss) to average net assets			(1.23	)%(F)			(0.95	)%(F)
Portfolio turnover rate			16	%(E)			19	%(E)

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

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

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

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

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

(F) Annualized.

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

[76]

Timothy Plan Family of Funds

Financial Highlights

	Emerging Markets
	(Class C Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Period Ended September 30, 2013 (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	10.48			$	10.00
Income (loss) from investment operations:
Net investment loss (B)			(0.10	)			(0.12	)
Net realized and unrealized gain (loss) on investments			(0.03	)			0.60
Total from investment operations			(0.13	)			0.48
Less Distributions:
From net investment income			—				—
From net realized gains on investments			(0.36	)			—
Total distributions			(0.36	)			—
Net asset value, end of period		$	9.99			$	10.48
Total return (C)(D)			(1.16	)%(E)			4.80	%(E)
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	508			$	291
Ratio of expenses to average net assets			3.41	%(F)			3.76	%(F)
Ratio of net investment income (loss) to average net assets			(1.98	)%(F)			(1.39	)%(F)
Portfolio turnover rate			16	%(E)			19	%(E)

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

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

(C) Total return calculation does not reflect 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.

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

(F) Annualized.

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

[77]

Timothy Plan Family of Funds

Financial Highlights

	Emerging Markets
	(Class I Shares)
	For the Six Months Ended March 31, 2014 (Unaudited)				For the Period Ended September 30, 2013 (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	10.53			$	9.96
Income (loss) from investment operations:
Net investment income (loss) (B)			(0.05	)			—	*
Net realized and unrealized gain (loss) on investments			(0.03	)			0.57
Total from investment operations			(0.08	)			0.57
Less Distributions:
From net realized gains on investments			(0.36	)			—
Total distributions			(0.36	)			—
Net asset value, end of period		$	10.09			$	10.53
Total return (C)			(0.76	)%(D)			5.72	%(D)
Ratios/supplemental data:
Net assets, end of period		$	214,643			$	106
Ratio of expenses to average net assets			2.41	%(E)			2.78	%(E)
Ratio of net investment income (loss) to average net assets			(0.98	)%(E)			(0.70	)%(E)
Portfolio turnover rate			16	%(D)			19	%(D)

* Amount is less than $0.005 per share.

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

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

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

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

(E) Annualized.

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

[78]

Timothy Plan Family of Funds

Financial Highlights

	Growth & Income
	(Class A Shares)
	For the Period Ended March 31, 2014 (Unaudited) (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	10.00
Income (loss) from investment operations:
Net investment loss (B)			(0.03	)
Net realized and unrealized gain on investments			0.98
Total from investment operations			0.95
Net asset value, end of period		$	10.95
Total return (C)(D)			9.50	%(E)
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	18,822
Ratio of expenses to average net assets			1.92	%(F)
Ratio of net investment income (loss) to average net assets			(0.48	)%(F)
Portfolio turnover rate			7	%(E)

(A) For the period October 1, 2013 (Commencement of Operations) to March 31, 2014.

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

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

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

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

(F) Annualized.

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

[79]

Timothy Plan Family of Funds

Financial Highlights

	Growth & Income
	(Class C Shares)
	For the Period Ended March 31, 2014 (Unaudited) (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	10.00
Income (loss) from investment operations:
Net investment loss (B)			(0.06	)
Net realized and unrealized gain on investments			0.98
Total from investment operations			0.92
Net asset value, end of period		$	10.92
Total return (C)(D)			9.20	%(E)
Ratios/supplemental data:
Net assets, end of period (in 000’s)		$	555
Ratio of expenses to average net assets			2.67	%(F)
Ratio of net investment income (loss) to average net assets			(1.23	)%(F)
Portfolio turnover rate			7	%(E)

(A) For the period October 1, 2013 (Commencement of Operations) to March 31, 2014.

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

(C) Total return calculation does not reflect 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.

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

(F) Annualized.

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

[80]

Timothy Plan Family of Funds

Financial Highlights

	Growth & Income
	(Class I Shares)
	For the Period Ended March 31, 2014 (Unaudited) (A)
Selected data based on a share outstanding throughout the period
Net asset value, beginning of period		$	10.00
Income (loss) from investment operations:
Net investment income (B)			(0.01	)
Net realized and unrealized gain on investments			0.96
Total from investment operations			0.95
Net asset value, end of period		$	10.95
Total return (C)			9.50	%(D)
Ratios/supplemental data:
Net assets, end of period (000’s)		$	288
Ratio of expenses to average net assets			1.67	%(E)
Ratio of net investment income (loss) to average net assets			(0.23	)%(E)
Portfolio turnover rate			7	%(D)

(A) For the period October 1, 2013 (Commencement of Operations) to March 31, 2014.

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

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

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

(E) Annualized.

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

[81]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

Note 1 | Significant Accounting Policies

The Timothy Plan (the “Trust”) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end diversified management investment company. As of March 31, 2014, the Trust consisted of fifteen series. These financial statements include the following thirteen series: Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Israel Common Values Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund, Timothy Plan Emerging Markets Fund and Timothy Plan Growth & Income Fund (the “Funds”).

The 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 investment manager 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 its assets in U.S. common stocks whose market capitalization is generally less than $2 billion.

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

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

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

Timothy Plan Notes to Financial Statements

[82]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

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”), and Treasury Inflation Protected Securities (“TIPS”).

The Timothy 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 Depository Receipts (ADRs) and direct investments in such companies on foreign stock exchanges, without regard to market capitalizations.

The Timothy Plan Strategic Growth Fund seeks to generate medium to high levels of long-term capital growth. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust: approximately 5-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 15-25% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 15-25% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 20-30% of its net assets in the Timothy Plan International Fund; approximately 5%-10% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5%-15% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 5-10% of its net assets in the Timothy Plan Israel Common Values Fund; and approximately 5%-10% of its net assets in the Timothy Plan Emerging Markets Fund.

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

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

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

Timothy Plan Notes to Financial Statements

[83]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

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.

A. SECURITY VALUATION AND FAIR VALUE MEASUREMENTS

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

B. INVESTMENT INCOME AND SECURITIES TRANSACTIONS

Security transactions are accounted for on the date the securities are purchased or sold (trade date). Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Aggressive Growth Fund, Large/Mid Cap Growth Fund, Large/Mid Cap Value Fund, Small Cap Value Fund, Israel Common Values Fund, Defensive Strategies Fund and Emerging Markets Fund have made certain investments in REITs and Master Limited Partnerships (“MLPs”). Dividend income from REITs and MLPs is recognized on the ex-dividend date. It is common for distributions from REITs and MLPs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. Income or loss from the MLPs is reclassified upon receipt of the MLPs’ K-1. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITS”) are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the calendar year. Estimates are based on the most recent REIT distribution information available. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.

C. FOREIGN CURRENCY

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

D. 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.

E. 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”).

Timothy Plan Notes to Financial Statements

[84]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

F. CLASSES

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

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

G. 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 reporting period. Actual results could differ from those estimates.

H. 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, 2014, 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 period ended March 31, 2014, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. federal tax authorities for tax years before 2010 and 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.

I. 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.

J. DISTRIBUTIONS TO SHAREHOLDERS

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of

Timothy Plan Notes to Financial Statements

[85]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

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. Reclassifications for the fiscal year ended September 30, 2013 are as follows:

Fund	Paid in Capital			Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss) on Investments
Aggressive Growth	$	(285,904	)	$	285,387		$	517
International		-			56,305			(56,305	)
Large/Mid Cap Growth		-			157,540			(157,540	)
Small Cap Value		-			30,993			(30,993	)
Large/Mid Cap Value		-			66			(66	)
Fixed Income		-			411,490			(411,490	)
High Yield Bond		-			-			-
Israel Common Values		-			51,231			(51,231	)
Defensive Strategies		1,372			50,806			(52,178	)
Strategic Growth		-			-			-
Conservative Growth		-			(10,130	)		10,130
Emerging Markets		(3,844	)		46,270			(42,426	)

Note 2 | Security Valuation and Fair Value Measurements

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

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

VALUATION OF FUND OF FUNDS

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

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

Timothy Plan Notes to Financial Statements

[86]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

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.

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

Fixed income securities such as corporate bonds, restricted corporate bonds, 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) are 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

Timothy Plan Notes to Financial Statements

[87]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Board has adopted written policies and procedures to guide the Advisor and Sub-Advisors with respect to the circumstances under which, and the methods to be used, in fair valuing securities.

The following is a summary of the inputs used to value each Fund’s assets as of March 31, 2014:

Aggressive Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	23,068,472	$	-	$	-	$	23,068,472
Master Limited Partnerships		177,765		-		-		177,765
REITs		101,463		-		-		101,463
Money Market Fund		659,320		-		-		659,320
Total	$	24,007,020	$	-	$	-	$	24,007,020

International Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	47,687,048	$	-	$	-	$	47,687,048
Money Market Fund		2,948,129		-		-		2,948,129
Total	$	50,635,177	$	-	$	-	$	50,635,177

Large/Mid Cap Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	57,233,039	$	-	$	-	$	57,233,039
Master Limited Partnership		399,323		-		-		399,323
Money Market Fund		1,914,883		-		-		1,914,883
Total	$	59,547,245	$	-	$	-	$	59,547,245

Small Cap Value Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	72,917,702	$	-	$	-	$	72,917,702
Master Limited Partnerships		812,778						812,778
REITs		7,355,657		-		-		7,355,657
Money Market Fund		1,428,822		-		-		1,428,822
Total	$	82,514,959	$	-	$	-	$	82,514,959

Large/Mid Cap Value Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	138,807,427	$	-	$	-	$	138,807,427
Master Limited Partnerships		1,629,314		-		-		1,629,314
REITs		3,266,151		-		-		3,266,151
Money Market Fund		5,104,891		-		-		5,104,891
Total	$	148,807,783	$	-	$	-	$	148,807,783

Timothy Plan Notes to Financial Statements

[88]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

Fixed Income Fund

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	28,779,632	$	-	$	28,779,632
U.S. Government Notes & Bonds		-		18,518,281		-		18,518,281
Government Mortgage-Backed Securities		-		21,673,190		-		21,673,190
Money Market Fund		4,377,119		-		-		4,377,119
Total	$	4,377,119	$	68,971,103	$	-	$	73,348,222

High Yield Bond Fund

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	40,766,651	$	-	$	40,766,651
Money Market Fund		1,260,512		-		-		1,260,512
Total	$	1,260,512	$	40,766,651	$	-	$	42,027,163

Israel Common Values Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	13,633,730	$	-	$	-	$	13,633,730
Investment Companies		334,575		-		-		334,575
Money Market Fund		555,717		-		-		555,717
Total	$	14,524,022	$	-	$	-	$	14,524,022

Defensive Strategies Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	16,657,285	$	-	$	-	$	16,657,285
REITs		19,921,762		-		-		19,921,762
Exchange Traded Funds		5,839,206		-		-		5,839,206
Government Mortgage-Backed Securities		-		1,129,117		-		1,129,117
Corporate Bonds		-		2,769,056		-		2,769,056
Treasury Inflation Protected Securities (TIPS)		-		15,954,022		-		15,954,022
Money Market Fund		4,712,908		-		-		4,712,908
Total	$	47,131,161	$	19,852,195	$	-	$	66,983,356

Strategic Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Mutual Funds	$	46,215,667	$	-	$	-	$	46,215,667
Money Market Fund		173,046		-		-		173,046
Total	$	46,388,713	$	-	$	-	$	46,388,713

Conservative Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Mutual Funds	$	59,692,341	$	-	$	-	$	59,692,341
Money Market Fund		173,238		-		-		173,238
Total	$	59,865,579	$	-	$	-	$	59,865,579

Timothy Plan Notes to Financial Statements

[89]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

Emerging Markets Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	9,736,548	$	57,776	$	-	$	9,794,324
Preferred Stock		261,858		-		-		261,858
REITs		323,229		-		-		323,229
Money Market Fund		260,661		-		-		260,661
Total	$	10,582,296	$	57,776	$	-	$	10,640,072

Growth & Income Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock		8,682,016	$	-	$	-	$	8,682,016
Government Notes & Bonds		-		9,698,390		-		9,698,390
Money Market Fund		610,209		-		-		610,209
Total	$	9,292,225	$	9,698,390	$	-	$	18,990,615

Refer to the Schedules of Investments for industry classifications.

The Funds did not hold any assets at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period. The Funds did not hold any derivative instruments during the reporting period. During the period ended March 31, 2014, transfers into and out of Level 1 and Level 2 are listed in the table below. The Funds’ policy is to recognize transfers at the end of the reporting period.

The following amounts were transfers in/(out) of Level 1/Level 2 assets:

Emerging Markets Fund
	Common Stock - Urbi Desarrollos Urbanos SAB de CV		Common Stock - Desarrolladora Homex SAB de CV		Total
Transfers into Level 2 from Level 1	$	24,202	$	33,574	$	57,776
Transfers from Level 2 into Level 1		-		-		-
Net Transfers in/(Out) of Level 2	$	24,202	$	33,574	$	57,776

There were no transfers from Level 2 to Level 1. Transfers that were made into Level 2 represent securities being fair valued using observable inputs. A quoted price was not available at the time of valuation, therefore a fair valued price using observable inputs was used. It is the Funds’ policy to recognize transfers into or out of Level 1 and Level 2 at the end of the reporting period.

Timothy Plan Notes to Financial Statements

[90]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

Note 3 | Purchases and Sales of Securities

The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the period ended March 31, 2014:

	Purchases				Sales
Fund	U.S. Gov’t Obligations		Other		U.S. Gov’t Obligations		Other
Aggressive Growth	$	-	$	12,417,073	$	-	$	10,913,184
International		-		8,632,831		-		2,962,486
Large/Mid Cap Growth		-		19,303,644		-		20,053,025
Small Cap Value		-		23,249,666		-		22,080,688
Large/Mid Cap Value		-		32,466,459		-		29,607,636
Fixed Income		-		2,559,072		2,272,688		676,901
High Yield Bond		-		8,828,475		-		4,036,521
Israel Common Values		-		2,768,722		-		956,956
Defensive Strategies		-		2,889,541		4,200,732		3,468,776
Strategic Growth		-		9,241,798		-		4,426,894
Conservative Growth		-		11,719,779		-		5,347,384
Emerging Markets		-		3,160,208		-		1,502,807
Growth & Income*		9,592,331		9,180,512		-		1,076,333

* The Growth & Income Fund commenced operations on October 1, 2013

Note 4 | Investment Management Fee and Other Transactions with Affiliates

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 28, 2014. 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 1.10% of the average daily net assets of the Timothy Plan Emerging Markets Fund; 1.00% of the average daily net assets of the Timothy Plan International Fund and Timothy Plan Israel Common Values Fund; 0.85% of the average daily net assets of the Timothy Plan Aggressive Growth, the Timothy Plan Small Cap Value, the Timothy Plan Large/Mid Cap Growth, 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 Timothy Plan Fixed Income Fund to 0.45%. Such voluntary fee reductions/reimbursements may be authorized by TPL at any time, but such action shall not obligate TPL to waive any fees in the near future. Such voluntary fee reductions/reimbursements are not subject to future recoupment. An officer and trustee of the Funds is also an officer and owner of the Advisor.

For the six months ended March 31, 2014, TPL waived and reimbursed the Fund as follows:

Fund	Six Months Ended March 31, 2014
Fixed Income	$	54,457

Timothy Plan Notes to Financial Statements

[91]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

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

Fund Accounting and Fund Administration Fees:

Fund Complex Base annual fee:

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

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

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

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

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

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

The Timothy Plan Aggressive Growth, Timothy Plan International, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, Timothy Plan High Yield Bond, Timothy Plan Defensive Strategies, Timothy Plan Israel Common Values, Timothy Plan Emerging Markets, and Timothy Plan Growth & Income Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Under the Class A Plan, the Funds will pay TPL a fee at an annual rate of 0.25%, payable monthly, of the average daily net assets attributable to such class of shares. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 1.00%, payable monthly, of which, 0.25% may be a service fee and 0.75% may be payable to outside broker/dealers, of the average daily net assets attributable to such class of shares.

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

For the six months ended March 31, 2014, the Funds paid TPL under the terms of the Plans as follows:

Fund	12b-1 Fees
	Six Months Ended March 31, 2014
Aggressive Growth		$	39,266
International			67,121
Large/Mid Cap Growth			89,988
Small Cap Value			127,249
Large/Mid Cap Value			227,515
Fixed Income			118,545
High Yield Bond			59,189
Israel Common Values			21,284
Defensive Strategies			138,759
Strategic Growth			30,601
Conservative Growth			40,149
Emerging Markets			13,203
Growth & Income*			18,631

* The Growth & Income Fund commenced operations on October 1, 2013.

Timothy Plan Notes to Financial Statements

[92]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

TPL also serves as the principal underwriter of the Funds’ shares. An officer and trustee of the Funds is also an officer of the principal underwriter. For the six months ended March 31, 2014, 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		$	4,928		$	121
International			9,448			155
Large/Mid Cap Growth			14,042			1,098
Small Cap Value			15,136			453
Large/Mid Cap Value			36,709			2,287
Fixed Income			25,939			2,572
High Yield Bond			19,902			502
Israel Common Values			4,682			1
Defensive Strategies			31,787			8,118
Strategic Growth			15,529			359
Conservative Growth			28,152			1,291
Emerging Markets Fund*			2,887			79

* The Growth & Income Fund commenced operations on October 1, 2013.

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, 2014, there were no shareholders with ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund.

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

Fund - Class A	% of Fund Owned by Other Timothy Plan Funds
Aggressive Growth		30.60	%
International		34.32	%
Large/Mid Cap Growth		34.50	%
Small Cap Value		12.73	%
Large/Mid Cap Value		15.64	%
Fixed Income		41.27	%
High Yield Bond		43.82	%
Israel Common Values		60.13	%
Defensive Strategies		40.46	%
Emerging Markets		76.38	%
Growth & Income		89.03	%

Timothy Plan Notes to Financial Statements

[93]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

Note 6 | Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended September 30, 2013 and the fiscal year ended September 30, 2012 were as follows:

	Aggressive Growth			International *			Large/Mid Cap Growth			Small Cap Value
Year ended September 30, 2013
Ordinary Income		$	-		$	340,389		$	1,453,446		$	88,849
Short-term Capital Gains			-			-			-			-
Long-term Capital Gains			-			-			1,289,229			-
Return of Capital			-			-			-			-
		$	-		$	340,389		$	2,742,675		$	88,849
Year ended September 30, 2012
Ordinary Income		$	-		$	1,113,188		$	-		$	-
Short-term Capital Gains			-			-			-			-
Long-term Capital Gains			-			-			1,810,584			-
Return of Capital			-			-			-			-
		$	-		$	1,113,188		$	1,810,584		$	-
	Large/Mid Cap Value			Fixed Income			High Yield Bond			Israel Common Values
Year ended September 30, 2013
Ordinary Income		$	358,626		$	958,092		$	1,871,417		$	-
Short-term Capital Gains			-			-			-			-
Long-term Capital Gains			-			-			-			-
Return of Capital			-			-			-			-
		$	358,626		$	958,092		$	1,871,417		$	-
Year ended September 30, 2012
Ordinary Income		$	192,686		$	1,507,322		$	1,738,714		$	-
Short-term Capital Gains			-			-			-			-
Long-term Capital Gains			-			-			-			-
Return of Capital			-			186,818			51,714			-
		$	192,686		$	1,694,140		$	1,790,428		$	-
	Defensive Strategies			Strategic Growth			Conservative Growth			Emerging Markets
Year ended September 30, 2013
Ordinary Income		$	132,486		$	190,631		$	306,954		$	-
Short-term Capital Gains			-						-			-
Long-term Capital Gains			-			-			-			-
Return of Capital			-			-			-			-
		$	132,486		$	190,631		$	306,954		$	-
Year ended September 30, 2012
Ordinary Income		$	199,461		$	-		$	49,894
Short-term Capital Gains			1,018,858			-			-
Long-term Capital Gains			3,161,636			-			-
Return of Capital			227,139			-			-
		$	4,607,094		$	-		$	49,894

* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to $109,637 and $71,631 of allowable foreign tax credits from fiscal years ended September 30, 2013 and September 30, 2012, respectively, which have been passed through to the Fund’s underlying shareholders.

Timothy Plan Notes to Financial Statements

[94]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

	Aggressive Growth				International				Large/Mid Cap Growth				Small Cap Value
Undistributed Ordinary Income		$	-			$	702,870			$	2,481,804			$	2,038,761
Long-Term Capital Gains			1,246,568				-				2,090,488				4,210,559
Capital Loss Carry Forward			-				(15,551,605	)			-				-
Post October and Other Losses			(184,423	)			-				-				-
Unrealized Appreciation (Depreciation)			3,667,144				7,268,045				7,906,113				16,318,390
		$	4,729,289			$	(7,580,690	)		$	12,478,405			$	22,567,710
	Large/Mid Cap Value				Fixed Income				High Yield Bond				Israel Common Values
Undistributed Ordinary Income		$	573,666			$	770,920			$	94,798			$	617,381
Long-Term Capital Gains			9,092,432				165,734				-				-
Capital Loss Carry Forward			-				-				(1,371,740	)			(44,289	)
Post October and Other Losses			-				-				-				(44,983	)
Unrealized Appreciation (Depreciation)			26,871,487				324,330				525,861				1,460,794
		$	36,537,585			$	1,260,984			$	(751,081	)		$	1,988,903
	Defensive Strategies				Strategic Growth				Conservative Growth				Emerging Markets
Undistributed Ordinary Income		$	360,481			$	33,057			$	14,940			$	244,979
Long-Term Capital Gains			-				-				-				-
Capital Loss Carry Forward			-				(7,307,409	)			(1,719,281	)			-
Post October and Other Losses			-				-				-				-
Unrealized Appreciation (Depreciation)			(817,041	)			3,858,940				3,998,758				113,958
		$	(456,560	)		$	(3,415,412	)		$	2,294,417			$	358,937

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gain (loss) from investments are primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, and adjustments for grantor trusts, partnerships and C Corporation return of capital distributions.

Note 7 | Capital Loss Carryforwards

At September 30, 2013, the following capital loss carryforwards are available to offset future capital gains.

	Capital Loss Carry Forward						Year Expiring
Fund	Short-Term			Long-Term
International Fund		$	498,385		$	-	2015
		$	4,243,183		$	-	2016
		$	8,833,573		$	-	2017
		$	592,985		$	-	2018
		$	844,129		$	-	2019
		$	539,350		$	-	Non-Expiring
High Yield Bond Fund		$	1,371,740		$	-	2017
Israel Common Values Fund		$	27,954		$	16,335	Non-Expiring
Strategic Growth Fund		$	784,194		$	-	2016
		$	2,564,555		$	-	2017
		$	125,171		$	-	2018
		$	3,833,489		$	-	2019
Conservative Growth Fund		$	1,719,281		$	-	2019

Timothy Plan Notes to Financial Statements

[95]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

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.

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	$	184,423

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
Israel Common Values		44,983

Note 8 | SUBSEQUENT EVENTS

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

Timothy Plan Notes to Financial Statements

[96]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

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

Timothy Partners, Ltd; Investment Advisor to all Funds.

The continuance of the Investment Advisory Agreement (the “IA Agreement”) on behalf of each series of the Trust between the Trust and Timothy Partners, Ltd. (“TPL”) was last approved by the Board of Trustees (“the Board”), including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the Agreement, at an in-person meeting held on February 28, 2014. The Trust’s Board considered the factors described below prior to approving the Agreement.

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

To further assist the Board in making its determination as to whether the IA Agreement should be renewed, the Board requested and received the following information: 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, 2013.

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 another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the IA Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the IA Agreement renewal.

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

The Sub-Advisory Agreement between the Trust, TPL and Barrow, Hanley, Mewhinney & Strauss (“BHM&S”), on behalf of the Timothy Plan Fixed Income, High Yield Bond and Defensive Strategies TIPS sleeve Funds, was last renewed by the Board at a

Timothy Plan Notes to Financial Statements

[97]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

meeting held for that purpose, among others, on February 28, 2014. The Board considered the following factors in arriving at its conclusions to renew the BHM&S Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by BHM&S in light of the services provided by BHM&S. 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 and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of BHM&S’s services to each Fund, including the investment performance of the Funds under BHM&S’s investment management. The Board generally approved of BHM&S’s performance, noting that the Funds managed by BHM&S invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that BHM&S did not succumb to “style drift” in its management of each Fund’s assets, and that BHM&S was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval BHM&S’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether BHM&S’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the BHM&S Sub-Advisory Agreement because BHM&S was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the BHM&S Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the BHM&S Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the BHM&S Sub-Advisory Agreement renewal.

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

The Sub-Advisory Agreement between the Trust, TPL and Westwood Management Corporation (“Westwood”), on behalf of the Timothy Plan Small Cap Value and Large/Mid Cap Value Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 28, 2014. The Board considered the following factors in arriving at its conclusions to renew the Westwood Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Westwood in light of the services provided by Westwood. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Westwood and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Westwood. In reaching that determination, the Board relied on reports describing the fees paid to Westwood and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Westwood’s services to each Fund, including the investment performance of the Funds under Westwood’s investment management. The Board generally approved of Westwood’s performance, noting that the Funds managed by Westwood invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Westwood did not succumb to “style drift” in its management of each Fund’s assets, and that Westwood was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Westwood’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Westwood’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Westwood Sub-Advisory Agreement because Westwood was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Westwood Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Westwood Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Westwood Sub-Advisory Agreement renewal.

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

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

Timothy Plan Notes to Financial Statements

[98]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

among others, on February 28, 2014. The Board considered the following factors in arriving at its conclusions to renew the Chartwell Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Chartwell in light of the services provided by Chartwell. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Chartwell and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Chartwell. In reaching that determination, the Board relied on reports describing the fees paid to Chartwell and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Chartwell’s services to each Fund, including the investment performance of the Funds under Chartwell’s investment management. The Board generally approved of Chartwell’s performance, noting that the Funds managed by Chartwell invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Chartwell did not succumb to “style drift” in its management of each Fund’s assets, and that Chartwell was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Chartwell’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Chartwell’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Chartwell Sub-Advisory Agreement because Chartwell was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Chartwell Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Chartwell Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Chartwell Sub-Advisory Agreement renewal.

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

The Sub-Advisory Agreement between the Trust, TPL and Eagle Global Advisors (“Eagle”), on behalf of the Timothy Plan International Fund and Israel Common Values Fund, was last renewed by the Board at a meeting held for that purpose, among others, on February 28, 2014. The Board considered the following factors in arriving at its conclusions to renew the Eagle Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Eagle in light of the services provided by Eagle. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Eagle and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Eagle. In reaching that determination, the Board relied on reports describing the fees paid to Eagle and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Eagle’s services to the Funds, including the investment performance of the Funds under Eagle’s investment management. The Board generally approved of Eagle’s performance, noting that the Funds managed by Eagle invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Eagle did not succumb to “style drift” in its management of the Funds’ assets, and that Eagle was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Eagle’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Eagle’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Eagle Sub-Advisory Agreement because Eagle was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Eagle Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Eagle Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Eagle Sub-Advisory Agreement renewal.

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

The Sub-Advisory Agreement between the Trust, TPL and Brandes Investment Partners (“Brandes”), on behalf of the Timothy Plan Emerging Market Fund, was last renewed by the Board at a meeting held for that purpose, among others, on February 28,

Timothy Plan Notes to Financial Statements

[99]

Notes to Financial Statements

March 31, 2014 (Unaudited)

Timothy Plan Family of Funds

2014. The Board considered the following factors in arriving at its conclusions to renew the Brandes Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Brandes in light of the services provided by Brandes. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Brandes and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Brandes. In reaching that determination, the Board relied on reports describing the fees paid to Brandes and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Brandes’s services to the Fund, including the investment performance of the Fund under Brandes’s investment management. The Board generally approved of Brandes’s performance, noting that the Fund managed by Brandes invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Brandes did not succumb to “style drift” in its management of the Funds’ assets, and that Brandes was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Brandes’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Brandes’s current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the Brandes Sub-Advisory Agreement because Brandes was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Brandes Sub-Advisory Agreement for another one-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the Eagle Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Brandes Sub-Advisory Agreement renewal.

Delaware Management Company; Sub-Advisor to the Defensive Strategies Fund REITs sleeve.

The Sub-Advisory Agreement between the Trust, TPL and Delaware Management Company (“Delaware”), 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 28, 2014. The Board considered the following factors in arriving at its conclusions to renew the Delaware Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Delaware in light of the services provided by Delaware. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Delaware and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Delaware. In reaching that determination, the Board relied on reports describing the fees paid to Delaware and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Delaware’s services to the Fund, including the investment performance of the Fund under Delaware’s investment management. The Board generally approved of Delaware’s performance, noting that the Fund managed by Delaware invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Delaware did not succumb to “style drift” in its management of the Fund’s assets, and that Delaware 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 Delaware’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Delaware’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 Delaware Sub-Advisory Agreement because Delaware 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 Delaware Sub-Advisory Agreement for another one-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the Delaware Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Delaware Sub-Advisory Agreement renewal.

Timothy Plan Notes to Financial Statements

[100]

Expense Examples – (UNAUDITED)

March 31, 2014

As a shareholder of a Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs”, (in dollars) of investing in each Fund, and to compare these costs with the ongoing costs of investing in other mutual funds. This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of October 31, 2014, through March 31, 2014.

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
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	1,097.50		$	9.36
Hypothetical - Class A **		$	1,000.00		$	1,016.01		$	9.00
Actual - Class C *		$	1,000.00		$	1,094.80		$	13.27
Hypothetical - Class C **		$	1,000.00		$	1,012.27		$	12.74
Actual - Class I *		$	1,000.00		$	1,099.60		$	8.06
Hypothetical - Class I **		$	1,000.00		$	1,017.25		$	7.75

* Expenses are equal to the Fund’s annualized expense ratio of 1.79% for Class A, 2.54% for Class C and 1.54% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Aggressive Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 9.75% for Class A, 9.48% for Class C and 9.96% for Class I for the period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

[101]

Expense Examples – (UNAUDITED)(Continued)

March 31, 2014

INTERNATIONAL FUND

	Beginning Account Value			Ending Account Value			Expenses Paid During Period
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	1,062.70		$	8.95
Hypothetical - Class A **		$	1,000.00		$	1,016.26		$	8.75
Actual - Class C *		$	1,000.00		$	1,059.00		$	12.78
Hypothetical - Class C **		$	1,000.00		$	1,012.52		$	12.49
Actual - Class I *		$	1,000.00		$	1,063.80		$	7.67
Hypothetical - Class I **		$	1,000.00		$	1,017.50		$	7.49

* Expenses are equal to the Fund’s annualized expense ratio of 1.74% for Class A, 2.49% for Class C and 1.49% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The International Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 6.27% for Class A, 5.90% for Class C, and 6.38% for Class I for the period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

LARGE/MID CAP GROWTH FUND

	Beginning Account Value			Ending Account Value			Expenses Paid During Period
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	1,112.50		$	8.43
Hypothetical - Class A **		$	1,000.00		$	1,016.95		$	8.05
Actual - Class C *		$	1,000.00		$	1,107.90		$	12.35
Hypothetical - Class C **		$	1,000.00		$	1,013.21		$	11.80
Actual - Class I *		$	1,000.00		$	1,113.60		$	7.11
Hypothetical - Class I **		$	1,000.00		$	1,018.20		$	6.78

* Expenses are equal to the Fund’s annualized expense ratio of 1.60% for Class A, 2.35% for Class C and 1.35% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The 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 11.25% for Class A, 10.79% for Class C, and 11.36% for Class I for the period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

SMALL CAP VALUE FUND

	Beginning Account Value			Ending Account Value			Expenses Paid During Period
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	1,116.50		$	8.07
Hypothetical - Class A **		$	1,000.00		$	1,017.30		$	7.70
Actual - Class C *		$	1,000.00		$	1,112.80		$	12.01
Hypothetical - Class C **		$	1,000.00		$	1,013.56		$	11.45
Actual - Class I *		$	1,000.00		$	1,117.50		$	6.76
Hypothetical - Class I **		$	1,000.00		$	1,018.55		$	6.44

* Expenses are equal to the Fund’s annualized expense ratio of 1.53% for Class A, 2.28% for Class C, and 1.28% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Small 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 11.65% for Class A, 11.28% for Class C and 11.75% for the period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

[102]

Expense Examples – (UNAUDITED)(Continued)

March 31, 2014

LARGE/MID CAP VALUE FUND

	Beginning Account Value			Ending Account Value			Expenses Paid During Period
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	1,130.20		$	8.07
Hypothetical - Class A **		$	1,000.00		$	1,017.35		$	7.64
Actual - Class C *		$	1,000.00		$	1,125.80		$	12.03
Hypothetical - Class C **		$	1,000.00		$	1,013.61		$	11.40
Actual - Class I *		$	1,000.00		$	1,131.10		$	6.75
Hypothetical - Class I **		$	1,000.00		$	1,018.60		$	6.39

* Expenses are equal to the Fund’s annualized expense ratio of 1.52% for Class A, 2.27% for Class C, and 1.27% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Large/Mid Cap Value Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 13.02% for Class A, 12.58% for Class C, and 13.11% for Class I for the period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

FIXED INCOME FUND

	Beginning Account Value			Ending Account Value			Expenses Paid During Period
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	1,010.70		$	5.97
Hypothetical - Class A **		$	1,000.00		$	1,019.00		$	5.99
Actual - Class C *		$	1,000.00		$	1,006.20		$	9.75
Hypothetical - Class C **		$	1,000.00		$	1,015.26		$	9.70
Actual - Class I *		$	1,000.00		$	1,011.70		$	4.71
Hypothetical - Class I **		$	1,000.00		$	1,020.24		$	4.73

* Expenses are equal to the Fund’s annualized expense ratio of 1.19% for Class A, 1.94% for Class C, and 0.94% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Fixed Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 1.07% for Class A, 0.62% for Class C, and 1.17% for Class I for the period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

HIGH YIELD BOND FUND

	Beginning Account Value			Ending Account Value			Expenses Paid During Period
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	1,056.10		$	7.01
Hypothetical - Class A **		$	1,000.00		$	1,018.15		$	6.97
Actual - Class C *		$	1,000.00		$	1,052.90		$	10.80
Hypothetical - Class C **		$	1,000.00		$	1,014.41		$	10.60
Actual - Class I *		$	1,000.00		$	1,057.30		$	5.69
Hypothetical - Class I **		$	1,000.00		$	1,019.40		$	5.59

* Expenses are equal to the Fund’s annualized expense ratio of 1.36% for Class A, 2.11% for Class C, and 1.11% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The High Yield Bond Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 5.61% for Class A, 5.29% for Class C and 5.73% for Class I for the period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

[103]

Expense Examples – (UNAUDITED)(Continued)

March 31, 2014

DEFENSIVE STRATEGIES FUND

	Beginning Account Value			Ending Account Value			Expenses Paid During Period
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	1,032.40		$	6.89
Hypothetical - Class A **		$	1,000.00		$	1,018.15		$	6.84
Actual - Class C *		$	1,000.00		$	1,028.30		$	10.60
Hypothetical - Class C **		$	1,000.00		$	1,014.41		$	10.67
Actual - Class I *		$	1,000.00		$	1,034.80		$	5.63
Hypothetical - Class I **		$	1,000.00		$	1,019.40		$	5.59

* Expenses are equal to the Fund’s annualized expense ratio of 1.36% for Class A, 2.11% for Class C and 1.11% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Defensive Strategies Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 3.24% for Class A, 2.83% for Class C and 3.48% for Class I for the period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

STRATEGIC GROWTH FUND

	Beginning Account Value			Ending Account Value			Expenses Paid During Period
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	1,073.00		$	5.94
Hypothetical - Class A **		$	1,000.00		$	1,019.20		$	5.79
Actual - Class C *		$	1,000.00		$	1,070.30		$	9.76
Hypothetical - Class C **		$	1,000.00		$	1,015.51		$	9.50

* Expenses are equal to the Fund’s annualized expense ratio of 1.15% for Class A and 1.89% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Strategic Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 7.30% for Class A and 7.03% for Class C for the six-month period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

CONSERVATIVE GROWTH FUND

	Beginning Account Value			Ending Account Value			Expenses Paid During Period
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	1,055.30		$	5.64
Hypothetical - Class A **		$	1,000.00		$	1,019.55		$	5.54
Actual - Class C *		$	1,000.00		$	1,051.10		$	9.46
Hypothetical - Class C **		$	1,000.00		$	1,015.79		$	9.30

* Expenses are equal to the Fund’s annualized expense ratio of 1.10% for Class A and 1.85% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Conservative Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 5.53% for Class A and 5.11% for Class C for the six-month period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

[104]

Expense Examples – (UNAUDITED)(Continued)

March 31, 2014

ISRAEL COMMON VALUES FUND

	Beginning Account Value			Ending Account Value			Expenses Paid During Period
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	1,111.90		$	9.64
Hypothetical - Class A **		$	1,000.00		$	1,015.81		$	9.20
Actual - Class C *		$	1,000.00		$	1,108.30		$	13.56
Hypothetical - Class C **		$	1,000.00		$	1,012.07		$	12.94
Actual - Class I *		$	1,000.00		$	1,112.80		$	8.32
Hypothetical - Class I **		$	1,000.00		$	1,017.05		$	7.95

* Expenses are equal to the Fund’s annualized expense ratio of 1.83% for Class A, 2.58% for Class C and 1.58% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Israel Common Values Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 11.19% for Class A, 10.83% for Class C and 11.19% for the period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

EMERGING MARKETS FUND

	Beginning Account Value			Ending Account Value			Expenses Paid During Period
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	992.30		$	13.21
Hypothetical - Class A **		$	1,000.00		$	1,011.67		$	13.34
Actual - Class C *		$	1,000.00		$	988.40		$	16.90
Hypothetical - Class C **		$	1,000.00		$	1,007.93		$	17.07
Actual - Class I *		$	1,000.00		$	992.40		$	11.97
Hypothetical - Class I **		$	1,000.00		$	1,012.91		$	12.09

* Expenses are equal to the Fund’s annualized expense ratio of 2.66% for Class A, 3.41% for Class C and 2.41% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Emerging Markets Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (0.77)% for Class A, (1.16)% for Class C and (0.76)% for Class I for the period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

GROWTH & INCOME FUND

	Beginning Account Value			Ending Account Value			Expenses Paid During Period
	10/1/2013			3/31/2014			10/1/2013 through 3/31/2014
Actual - Class A *		$	1,000.00		$	992.40		$	9.54
Hypothetical - Class A **		$	1,000.00		$	1,011.67		$	13.34
Actual - Class C *		$	1,000.00		$	988.40		$	13.24
Hypothetical - Class C **		$	1,000.00		$	1,007.93		$	17.07
Actual - Class I ***		$	1,000.00		$	992.40		$	8.30
Hypothetical - Class I **		$	1,000.00		$	1,012.91		$	12.09

* Expenses are equal to the Fund’s annualized expense ratio of 1.92% for Class A, 2.67% for Class C and 1.67% for Class I , which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Emerging Markets Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 9.50%% for Class A, 9.20% for Class C and 9.50% for Class I, for the period of October 1, 2013, to March 31, 2014.

** Assumes a 5% return before expenses.

[105]

Confidentiality

March 31, 2014

Timothy Plan Family of Funds

Privacy Policy

The following is a description of the Trust’s policies regarding disclosure of nonpublic personal information that you provide to the Fund or that the Fund collects from other sources. In the event that you hold shares of a Fund through a broker-dealer or other financial intermediary, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with nonaffiliated third parties.

CATEGORIES OF INFORMATION THE FUND COLLECTS

The Fund collects the following nonpublic personal information about you:

1.    Information the Fund receives from you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social security number, assets, income and date of birth); and

2.    Information about your transactions with the Fund, its affiliates, or others (such as your account number and balance, payment history, parties to transactions, cost basis information, and other financial information).

CATEGORIES OF INFORMATION THE FUND DISCLOSES

The Fund does not disclose any nonpublic personal information about its current or former shareholders to unaffiliated third parties, except as required or permitted by law. The Fund is permitted by law to disclose all of the information it collects, as described above, to its service providers (such as the Fund’s custodian, administrator and transfer agent) to process your transactions and otherwise provide services to you.

CONFIDENTIALITY AND SECURITY

The Fund restricts access to your nonpublic personal information to those persons who require such information to provide products or services to you. The Fund maintains physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

Customer Identification Program

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

Disclosures

HOW TO OBTAIN PROXY VOTING INFORMATION

Information regarding how the Funds voted proxies relating to Fund securities during the period ended June 30 as 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

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

Confidentiality

[106]

BOARD OF TRUSTEES

Arthur D. Ally

Kenneth Blackwell

Joseph E. Boatwright

Rick Copeland

Deborah Honeycutt

Bill Johnson

John C. Mulder

Charles E. Nelson

Scott Preissler

Alan Ross

Mathew D. Staver

Patrice Tsague

OFFICERS

Arthur D. Ally, President

Joseph E. Boatwright, Secretary

INVESTMENT ADVISOR

Timothy Partners, Ltd.

1055 Maitland Center Commons

Maitland, FL 32751

DISTRIBUTOR

Timothy Partners, Ltd.

1055 Maitland Center Commons

Maitland, FL 32751

TRANSFER AGENT

Gemini Fund Services, LLC

17605 Wright St., Suite 2

Omaha, NE 68130

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen Fund Audit Services, Ltd.

1350 Euclid Ave., Suite 800

Cleveland, OH 44115

LEGAL COUNSEL

David Jones & Assoc., P.C.

422 Fleming St.

Key West, FL 33040

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

Gemini Fund Services, LLC

17605 Wright St., Suite 2 Omaha, NE 68130

(800) 662-0201

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

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

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

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

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

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

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

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

(a)(1)	Not Applicable – filed with annual report
(a)(2)	Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith.
(a)(3)	Not Applicable
(b)	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith

SIGNATURES

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

(Registrant) The Timothy Plan

By	/s/ Arthur D. Ally
	Arthur D. Ally, President
Date	5/31/14

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
Date	5/31/14