N-Q

united states
securities and exchange commission
washington, d.c. 20549

form n-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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)

Gemini Fund Services, LLC., 80 Arkay Drive, Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-800-846-7526

Date of fiscal year end: 9/30

Date of reporting period: 12/31/16

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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. Schedule of Investments.

Schedule of Investments | Aggressive Growth

As of December 31, 2016 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 97.1%
		AEROSPACE/DEFENSE - 0.4%
	1,125	HEICO Corp.	$	86,794
		AIRLINES - 1.5%
	5,650	Spirit Airlines, Inc. *		326,909
		BANKS - 8.1%
	3,300	Bank of the Ozarks, Inc.		173,547
	80,125	First Bancorp. *		529,626
	12,965	Popular, Inc.		568,126
	2,849	Webster Financial Corp.		154,644
	6,686	Western Alliance Bancorp *		325,675
				1,751,618
		BIOTECHNOLOGY - 4.4%
	2,490	Alder Biopharmaceuticals, Inc. *		51,792
	465	Alexion Pharmaceuticals, Inc. *		56,893
	3,910	BioMarin Pharmaceutical, Inc. *		323,904
	515	Bluebird Bio, Inc. *		31,776
	3,414	Charles River Laboratories International, Inc. *		260,113
	730	Incyte Corp. *		73,197
	2,210	Sage Therapeutics, Inc. *		112,843
	550	Vertex Pharmaceuticals, Inc. *		40,519
				951,037
		BUILDING MATERIALS - 0.3%
	1,165	Apogee Enterprises, Inc.		62,397
		CHEMICALS - 0.3%
	5,625	Kronos Worldwide, Inc.		67,162
		COMMERCIAL SERVICES - 6.9%
	4,915	Cardtronics PLC - Cl. A *		268,212
	5,135	Cross Country Healthcare, Inc. *		80,157
	30	FTI Consulting Inc. *		1,352
	2,520	Grand Canyon Education, Inc. *		147,294
	3,960	INC Research Holdings, Inc. - Cl. A *		208,296
	40,682	Information Services Group, Inc. *		148,082
	6,510	KAR Auction Services, Inc.		277,456
	8,615	On Assignment, Inc. *		380,438
				1,511,287
		COMPUTERS - 4.6%
	12,660	Electronics For Imaging, Inc. *		555,268
	2,085	Fortinet, Inc. *		62,800
	6,000	Mercury Systems, Inc. *		181,320
	7,353	WNS Holdings Ltd. (ADR) *		202,575
				1,001,963
		DISTRIBUTION/WHOLESALE - 1.5%
	14,340	H&E Equipment Services, Inc.		333,405
		DIVERSIFIED FINANCIAL SERVICES - 4.1%
	7,070	SEI Investments Co.		348,975
	29,230	SLM Corp. *		322,115
	3,125	WageWorks, Inc. *		226,563
				897,653
		ELECTRICAL COMPONENTS & EQUIPMENT - 2.0%
	5,115	Belden, Inc.		382,449
	825	Universal Display Corp. *		46,448
				428,897
		ELECTRONICS - 1.2%
	1,970	Avnet, Inc.		93,792
	5,155	Trimble, Inc. *		155,423
				249,215

Schedule of Investments | Aggressive Growth

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		ENTERTAINMENT - 0.8%
	1,095	Vail Resorts, Inc.	$	176,634
		HEALTHCARE - PRODUCTS - 6.5%
	2,680	Bruker Corp.		56,762
	2,185	Edwards Lifesciences Corp. *		204,735
	195	Intuitive Surgical, Inc. *		123,663
	5,400	Masimo Corp. *		363,960
	1,970	NuVasive, Inc. *		132,699
	5,775	NxStage Medical, Inc. *		151,363
	7,480	Spectranetics Corp. *		183,260
	795	Teleflex, Inc.		128,114
	2,995	Wright Medical Group NV *		68,825
				1,413,381
		HEALTHCARE - SERVICES - 2.6%
	1,155	Almost Family, Inc. *		50,935
	1,985	Amedisys, Inc. *		84,621
	4,665	Centene Corp. *		263,619
	3,210	Molina Healthcare, Inc. *		174,175
				573,350
		HOME BUILDERS - 1.6%
	11,085	Toll Brothers, Inc. *		343,635
		INSURANCE - 7.8%
	24,990	Assured Guaranty Ltd.		943,872
	38,530	Radian Group, Inc.		692,769
	1,645	XL Group Ltd.		61,293
				1,697,934
		INTERNET - 2.6%
	8,485	8X8, Inc. *		121,335
	1,190	Palo Alto Networks, Inc. *		148,809
	4,195	Proofpoint, Inc. *		296,377
				566,521
		LEISURE TIME - 2.3%
	9,297	Brunswick Corp.		507,058
		MACHINERY - DIVERSIFIED - 1.4%
	2,320	Middleby Corp. *		298,839
		METAL FABRICATE/HARDWARE - 0.8%
	7,755	Atkore International Group, Inc. *		185,422
		OIL & GAS - 6.3%
	735	Concho Resources, Inc. *		97,461
	4,180	Diamondback Energy, Inc. *		422,431
	17,440	Matador Resources Co. *		449,254
	12,515	Patterson-UTI Energy, Inc.		336,904
	1,935	SM Energy Co.		66,719
				1,372,769
		OIL & GAS SERVICES - 0.9%
	10,375	RPC, Inc.		205,529
		PHARMACEUTICALS - 4.9%
	1,535	Aerie Pharmaceuticals, Inc. *		58,100
	3,285	CoLucid Pharmaceuticals, Inc. *		119,574
	1,260	Eagle Pharmaceuticals, Inc. *		99,968
	655	GW Pharmaceuticals PLC (ADR) *		73,196
	4,568	Neurocrihne Biosciences, Inc. *		176,782
	865	TESARO, Inc. *		116,325
	6,010	VCA, Inc. *		412,587
				1,056,532

Schedule of Investments | Aggressive Growth

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		RETAIL - 6.9%
	380	Buffalo Wild Wings, Inc. *	$	58,672
	4,210	Burlington Stores, Inc. *		356,798
	2,280	Dick’s Sporting Goods, Inc.		121,068
	2,615	Fiesta Restaurant Group, Inc. *		78,058
	1,765	Five Below, Inc. *		70,529
	5,870	Francesca’s Holdings Corp. *		105,836
	5,650	Kate Spade & Co. *		105,485
	580	O’Reilly Automotive, Inc. *		161,478
	755	Panera Bread Co. - Cl. A *		154,843
	2,790	Sonic Corp.		73,963
	3,115	Texas Roadhouse, Inc.		150,268
	735	Tractor Supply Co.		55,720
				1,492,718
		SEMICONDUCTORS - 6.6%
	6,030	Brooks Automation, Inc.		102,932
	9,540	Cavium, Inc. *		595,678
	10,590	FormFactor, Inc. *		118,608
	815	Lam Research Corp.		86,170
	5,440	Monolithic Power System, Inc.		445,699
	1,595	Qorvo, Inc. *		84,104
				1,433,191
		SOFTWARE - 8.2%
	8,565	Callidus Software, Inc. *		143,892
	3,205	Fidelity National Information Services, Inc.		242,426
	9,055	Manhattan Associates, Inc. *		480,187
	1,455	Paycom Software, Inc. *		66,188
	12,685	PTC, Inc. *		586,935
	3,590	ServiceNow, Inc. *		266,881
				1,786,509
		TELECOMMUNICATIONS - 1.6%
	2,765	LogMeIn, Inc.		266,961
	1,235	Nice Ltd. (ADR)		84,919
				351,880
		TOTAL COMMON STOCK (Cost $18,652,114)		21,130,239
		MASTER LIMITED PARTNERSHIPS - 1.4%
	7,655	Lazard Ltd. - Cl. A (Cost $324,516)		314,544
		REITs - 0.8%
	805	CyrusOne, Inc.
	355	Equinix, Inc.		36,008
		TOTAL REITs (Cost $169,754)		126,880
				162,888
		MONEY MARKET FUND - 1.1%
	249,466	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (A) (Cost $249,466)		249,466
		TOTAL INVESTMENTS - 100.4% (Cost $19,395,850) (B)	$	21,857,137
		OTHER ASSETS LESS LIABILITIES - NET - (0.4)%		(96,137	)
		NET ASSETS - 100.0%	$	21,761,000

* Non-income producing securities.

ADR - American Depositary Receipt.

REITs - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at December 31, 2016.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $19,682,055 and differs from fair value by net unrealized depreciation of securities as follows:

Unrealized appreciation	$	2,847,238
Unrealized depreciation		(672,156	)
Net unrealized appreciation	$	2,175,082

Schedule of Investments | International

As of December 31, 2016 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 89.2%
		AIRLINES - 1.5%
	73,100	Japan Airlines Co. Ltd. (ADR)	$	1,061,266
		AUTO PARTS & EQUIPMENT - 8.0%
	37,400	Continental AG (ADR)		1,439,900
	52,000	Magna International, Inc.		2,256,800
	73,100	Valeo SA (ADR)		2,090,660
				5,787,360
		BANKS - 9.2%
	10,500	Banco Macro SA - Cl. B (ADR)		675,675
	37,739	DBS Group Holdings Ltd. (ADR)		1,801,849
	5,400	DNB ASA (ADR)		803,520
	50,200	KBC Group NV (ADR)		1,555,573
	224,000	Mizuho Financial Group, Inc. (ADR)		804,160
	41,100	Swedbank AB (ADR)		992,565
				6,633,342
		BUILDING MATERIALS - 2.7%
	130,000	Asahi Glass Co. Ltd. (ADR)		880,100
	133,000	Cemex SAB de CV (ADR) *		1,067,990
				1,948,090
		CHEMICALS - 2.1%
	15,100	Arkema SA (ADR)		1,475,270
		COMMERCIAL SERVICES - 1.2%
	21,000	AerCap Holdings NV *		873,810
		DIVERSIFIED FINANCIAL SERVICES - 6.1%
	175,500	Daiwa Securities Group, Inc. (ADR)		1,074,060
	42,800	ORIX Corp. (ADR)		3,331,124
				4,405,184
		ELECTRIC - 0.6%
	47,900	Power Assets Holdings Ltd. (ADR)		418,646
		ELECTRONICS - 1.3%
	27,400	Orbotech Ltd. *		915,434
		ENGINEERING & CONSTRUCTION - 2.8%
	120,000	Vinci SA (ADR)		2,036,400
		FOOD - 6.9%
	132,800	Cencosud SA (ADR)		1,115,520
	243,000	First Pacific Co. Ltd. (ADR)		840,780
	14,000	Kerry Group PLC (ADR)		1,000,160
	109,800	Marine Harvest ASA (ADR)		1,990,674
				4,947,134
		HAND/MACHINE TOOLS - 1.8%
	71,650	Techtronic Industries Co. (ADR)		1,287,550
		HEALTHCARE - PRODUCTS - 3.6%
	87,000	Smith & Nephew PLC (ADR)		2,616,960
		HEALTHCARE - SERVICES - 3.8%
	65,000	Fresenius Medical Care AG & Co. (ADR)		2,743,650
		HOME BUILDERS - 1.1%
	46,000	Sekisui House Ltd. (ADR)		763,600
		INSURANCE - 6.2%
	48,300	Ageas (ADR)		1,910,989
	60,200	Muenchener Rueckversicherungs AG (ADR)		1,133,566
	51,900	Zurich Insurance Group AG (ADR)		1,430,883
				4,475,438

Schedule of Investments | International

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		INTERNET - 1.5%
	44,000	Tencent Holdings Ltd. (ADR)	$	1,065,680
		MACHINERY-CONSTRUCTION&MINING - 1.7%
	46,000	Atlas Copco AB (ADR)		1,260,492
		MINING - 0.5%
	10,000	Rio Tinto PLC (ADR)		384,600
		MISCELLANEOUS MANUFACTURING - 1.9%
	35,538	FUJIFILM Holdings Corp. (ADR)		1,345,113
		OIL & GAS - 4.8%
	49,100	Eni SpA (ADR)		1,582,984
	102,500	Statoil ASA (ADR)		1,869,600
				3,452,584
		OIL & GAS SERVICES - 1.2%
	47,700	Technip SA (ADR)		850,014
		PHARMACEUTICALS - 6.5%
	103,000	Ipsen SA (ADR)		1,857,090
	16,700	Shire PLC (ADR)		2,845,346
				4,702,436
		RETAIL - 1.0%
	83,600	Kingfisher PLC (ADR)		714,780
		SEMICONDUCTORS - 2.3%
	17,100	NXP Semiconductors NV *		1,675,971
		SOFTWARE - 3.2%
	22,000	Amadeus IT Holdings SA (ADR)		1,006,060
	21,470	Open Text Corp.		1,327,061
				2,333,121
		TELECOMMUNICATIONS - 3.0%
	51,000	Nippon Telegraph & Telephone Corp. (ADR)		2,145,570
		TRANSPORTATION - 1.0%
	5,000	Canadian Pacific Railway Ltd.		713,850
		WATER - 1.7%
	139,000	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		1,206,520
		TOTAL COMMON STOCK (Cost $55,537,715)		64,239,865
		MONEY MARKET FUND - 10.9%
	7,830,000	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (A) (Cost $7,830,000)		7,830,000
		TOTAL INVESTMENTS - 100.1% (Cost $63,367,715) (B)	$	72,069,865
		OTHER ASSETS LESS LIABILITIES - NET - (0.1)%		(43,742	)
		NET ASSETS - 100.0%	$	72,026,123

* Non-income producing securities.

(ADR) American Depositary Receipt.

(A) Variable rate security; the rate shown represents the yield at December 31, 2016.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $64,366,423 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	9,646,989
Unrealized depreciation		(1,943,547	)
Net unrealized appreciation	$	7,703,442

Schedule of Investments | International

As of December 31, 2016 (Unaudited) (Continued)

Diversification of Assets
Country	% of Net Assets
Japan		15.8	%
France		11.5	%
Germany		7.4	%
Norway		6.5	%
Canada		6.0	%
Britain		5.2	%
Belgium		4.8	%
United States		3.9	%
Hong Kong		3.5	%
Sweden		3.1	%
Ireland		2.6	%
Singapore		2.5	%
Netherlands		2.3	%
Italy		2.2	%
Switzerland		2.0	%
Brazil		1.7	%
Chile		1.6	%
Mexico		1.5	%
China		1.5	%
Spain		1.4	%
Israel		1.3	%
Argentina		0.9	%
Total		89.2	%
Money Market Fund		10.9	%
Other Assets Less Liabilities - Net		(0.1	)%
Grand Total		100.0	%

Schedule of Investments | Large/Mid Cap Growth

As of December 31, 2016 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 89.9%
		AEROSPACE/DEFENSE - 2.8%
	10,835	General Dynamics Corp.	$	1,870,771
		APPAREL - 2.2%
	27,900	VF Corp.		1,488,465
		BANKS - 3.4%
	8,600	Bank of the Ozarks, Inc.		452,274
	18,627	Popular, Inc.		816,235
	1,885	SVB Financial Group *		323,579
	3,056	Webster Financial Corp.		165,880
	9,875	Western Alliance Bancorp. *		481,011
				2,238,979
		BIOTECHNOLOGY - 6.0%
	900	Alexion Pharmaceuticals, Inc. *		110,115
	7,970	BioMarin Pharmaceutical, Inc. *		660,235
	21,010	Celgene Corp. *		2,431,908
	5,217	Charles River Laboratories International, Inc. *		397,483
	1,550	Incyte Corp. *		155,419
	3,300	Sage Therapeutics, Inc. *		168,498
	1,035	Vertex Pharmaceuticals, Inc. *		76,248
				3,999,906
		CHEMICALS - 4.5%
	9,575	LyondellBasell Industries NV		821,344
	18,810	Praxair, Inc.		2,204,344
				3,025,688
		COMMERCIAL SERVICES - 1.2%
	7,750	INC Research Holdings, Inc. *		407,650
	6,331	KAR Auction Services, Inc.		269,827
	910	MarketAxess Holdings, Inc.		133,697
				811,174
		COMPUTERS - 3.3%
	17,775	Check Point Software Technologies Ltd. *		1,501,277
	7,320	Electronics for Imaging, Inc. *		321,055
	2,990	Fortinet, Inc. *		90,059
	9,950	Mercury Systems, Inc. *		300,689
				2,213,080
		DIVERSIFIED FINANCIAL SERVICES - 1.7%
	1,395	CME Group, Inc. - Cl. A		160,913
	11,058	SEI Investments Co.		545,823
	36,855	SLM Corp. *		406,142
				1,112,878
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.5%
	4,825	Belden, Inc.		360,765
		ELECTRONICS - 8.4%
	25,615	Amphenol Corp. - Cl. A		1,721,328
	3,260	Avnet, Inc.		155,209
	19,575	Honeywell International, Inc.		2,267,764
	16,445	TE Connectivity Ltd.		1,139,310
	10,365	Trimble, Inc. *		312,505
				5,596,116
		ENTERTAINMENT - 0.9%
	3,625	Vail Resorts, Inc.		584,749
		FOOD - 8.4%
	30,385	Hain Celestial Group, Inc. *		1,185,927
	16,995	JM Smucker Co.		2,176,380
	23,650	McCormick & Co., Inc.		2,207,255
				5,569,562
		HEALTHCARE - PRODUCTS - 2.3%
	4,125	Edwards Lifesciences Corp. *		386,512
	420	Intuitive Surgical, Inc. *		266,351
	6,850	Masimo Corp. *		461,690
	2,515	Teleflex, Inc.		405,292
				1,519,845

Schedule of Investments | Large/Mid Cap Growth

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		HEALTHCARE - SERVICES - 0.4%
	4,187	Centene Corp. *	$	236,607
		HOME BUILDERS - 1.0%
	20,990	Toll Brothers, Inc. *		650,690
		INSURANCE - 2.7%
	29,335	Assured Guaranty, Ltd.		1,107,983
	30,855	Radian Group, Inc.		554,773
	3,465	XL Group Ltd.		129,106
				1,791,862
		INTERNET - 0.8%
	13,025	8x8, Inc. *		186,257
	2,540	Palo Alto Networks, Inc. *		317,627
				503,884
		LEISURE TIME - 0.8%
	9,620	Brunswick Corp.		524,675
		MACHINERY - DIVERSIFIED - 0.5%
	2,487	Middleby Corp. *		320,350
		OIL & GAS - 3.5%
	1,520	Concho Resources, Inc. *		201,552
	19,600	ConocoPhillips		982,744
	5,250	Diamondback Energy, Inc. *		530,565
	14,400	Patterson-UTI Energy, Inc.		387,648
	7,685	SM Energy Co.		264,979
				2,367,488
		OIL & GAS SERVICES- 0.8%
	19,225	RPC, Inc.		380,847
	8,272	Superior Energy Services, Inc.		139,631
				520,478
		PACKAGING & CONTAINERS - 0.6%
	5,675	Ball Corp.		426,022
		PHARMACEUTICALS - 5.9%
	29,395	AbbVie, Inc.		1,840,715
	18,960	Express Scripts Holding Co. *		1,304,258
	5,716	Neurocrine Biosciences, Inc. *		221,209
	8,075	VCA, Inc. *		554,349
				3,920,531
		RETAIL - 15.3%
	3,230	AutoZone, Inc. *		2,551,022
	1,075	Buffalo Wild Wings, Inc. *		165,980
	5,965	Burlington Stores, Inc. *		505,534
	12,710	Costco Wholesale Corp.		2,034,998
	4,465	Dick’s Sporting Goods, Inc.		237,091
	15,385	Foot Locker, Inc.		1,090,643
	32,950	Lowe’s Cos, Inc.		2,343,404
	1,505	O’Reilly Automotive, Inc. *		419,007
	1,565	Panera Bread Co. - Cl. A *		320,966
	5,225	Texas Roadhouse, Inc.		252,054
	3,490	Tractor Supply Co.		264,577
				10,185,276
		SEMICONDUCTORS - 7.8%
	9,210	Cavium, Inc. *		575,072
	1,375	Lam Research Corp.		145,379
	38,300	Maxim Integrated Products, Inc.		1,477,231
	5,225	Monolithic Power Systems, Inc.		428,084
	21,400	NVIDIA Corp.		2,284,236
	5,890	Qorvo, Inc. *		310,580
				5,220,582

Schedule of Investments | Large/Mid Cap Growth

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		SOFTWARE - 3.4%
	17,375	Callidus Software, Inc. *	$	291,900
	5,395	Fidelity National Information Services, Inc.		408,078
	9,130	Manhattan Associates, Inc. *		484,164
	12,185	PTC, Inc. *		563,800
	6,935	ServiceNow, Inc. *		515,548
				2,263,490
		TELECOMMUNICATIONS - 0.8%
	3,790	LogMeIn, Inc.		365,924
	2,060	Nice Ltd. (ADR)		141,645
				507,569
		TOTAL COMMON STOCK (Cost $54,079,954)		59,831,482
		MASTER LIMITED PARTNERSHIPS - 1.0%
	16,675	Lazard Ltd. - Cl. A (Cost $785,323)		685,176
		REITS - 0.3%
	660	Equinix, Inc. (Cost $244,538)		235,890
		MONEY MARKET FUND - 8.8%
	5,838,180	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (A) (Cost $5,838,180)		5,838,180
		TOTAL INVESTMENTS - 100.0% (Cost $60,947,995)(B)	$	66,590,728
		OTHER ASSETS LESS LIABILITIES - NET - 0.0%		(5,801	)
		NET ASSETS - 100.0%	$	66,584,927

* Non-income producing securities.

REIT - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at December 31, 2016.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $60,925,195 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	6,941,734
Unrealized depreciation		(1,276,201	)
Net unrealized appreciation	$	5,665,533

Schedule of Investments | Small Cap Value

As of December 31, 2016 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 83.1%
		AEROSPACE/DEFENSE - 4.0%
	28,200	Esterline Technologies Corp. *	$	2,515,440
	48,300	Kaman Corp.		2,363,319
				4,878,759
		APPAREL - 1.9%
	38,523	Oxford Industries, Inc.		2,316,388
		BANKS - 15.2%
	44,717	Chemical Financial Corp.		2,422,320
	57,108	Columbia Banking System, Inc.		2,551,585
	69,800	Glacier Bancorp, Inc.		2,528,854
	60,100	Great Western Bancorp, Inc.		2,619,759
	135,644	Heritage Commerce Corp.		1,957,343
	58,904	Legacy Texas Financial Group, Inc.		2,536,406
	39,400	ServisFirst Bancshares, Inc.		1,475,136
	36,954	Wintrust Financial Corp.		2,681,752
				18,773,155
		BUILDING MATERIALS - 7.4%
	55,911	Apogee Enterprises, Inc.		2,994,593
	111,741	Continental Building Products, Inc. *		2,581,217
	51,600	Summit Materials, Inc. *		1,227,564
	34,726	Trex Co., Inc. *		2,236,354
				9,039,728
		COMMERCIAL SERVICES - 2.0%
	47,700	Carriage Services, Inc.		1,366,128
	50,118	Kelly Services, Inc. - Cl. A		1,148,705
				2,514,833
		COMPUTERS - 1.0%
	29,600	Electronics For Imaging, Inc. *		1,298,256
		ELECTRIC - 4.3%
	41,600	ALLETE, Inc.		2,670,304
	45,300	NorthWestern Corp.		2,576,211
				5,246,515
		ELECTRICAL COMPONENTS & EQUIPMENT - 3.1%
	15,245	Littelfuse, Inc.		2,313,734
	69,700	Novanta, Inc. *		1,463,700
				3,777,434
		ELECTRONICS - 0.9%
	15,425	OSI Systems, Inc. *		1,174,151
		ENGINEERING & CONSTRUCTION - 2.0%
	75,800	Comfort Systems USA, Inc.		2,524,140
		ENTERTAINMENT - 1.9%
	64,333	International Speedway Corp.		2,367,454
		FOOD - 2.1%
	19,063	J & J Snack Foods Corp.		2,543,576
		HEALTHCARE - PRODUCTS - 4.0%
	53,481	CONMED Corp.		2,362,256
	13,651	Integra LifeSciences Holdings Corp. *		1,171,119
	50,873	Merit Medical Systems, Inc. *		1,348,135
				4,881,510
		INSURANCE - 5.2%
	37,345	AMERISAFE, Inc.		2,328,461
	70,029	Employers Holdings, Inc.		2,773,148
	17,897	Safety Insurance Group, Inc.		1,319,009
				6,420,618

Schedule of Investments | Small Cap Value

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		LEISURE TIME - 1.6%
	134,262	ClubCorp Holdings, Inc.	$	1,926,660
		MACHINERY - 2.1%
	17,462	Alamo Group, Inc.		1,328,858
	42,443	Gorman-Rupp Co.		1,313,611
				2,642,469
		OFFICE FURNISHINGS - 4.4%
	145,200	Interface, Inc.		2,693,460
	95,715	Knoll, Inc.		2,673,320
				5,366,780
		OIL & GAS - 4.6%
	177,300	Callon Petroleum Co. *		2,725,101
	25,841	Centennial Resource Development, Inc. *		509,585
	273,892	Synergy Resources Corp. *		2,440,378
				5,675,064
		OIL & GAS SERVICES - 1.1%
	61,300	Matrix Service Co. *		1,391,510
		PACKAGING & CONTAINERS - 1.5%
	81,390	KapStone Paper and Packaging Corp.		1,794,649
		RETAIL - 3.9%
	25,300	Lithia Motors, Inc.		2,449,799
	88,200	Sonic Corp.		2,338,182
				4,787,981
		SAVINGS & LOANS - 2.1%
	71,423	Berkshire Hills Bancorp, Inc.		2,631,938
		SEMICONDUCTORS - 2.1%
	43,300	MKS Instruments, Inc.		2,572,020
		SOFTWARE - 1.9%
	70,021	Omnicell, Inc. *		2,373,712
		TRANSPORTATION - 1.8%
	107,415	Heartland Express, Inc.		2,186,969
		WATER - 1.0%
	22,605	Connecticut Water Service, Inc.		1,262,489
		TOTAL COMMON STOCK (Cost $84,317,275)		102,368,758
		REITs - 14.3%
	42,893	CyrusOne, Inc.		1,918,604
	92,144	Easterly Government Properties, Inc.		1,844,723
	42,200	Potlatch Corp.		1,757,630
	16,100	PS Business Parks, Inc.		1,875,972
	151,125	Ramco-Gershenson Properties Trust		2,505,652
	109,375	STAG Industrial, Inc.		2,610,781
	163,197	Summit Hotel Properties, Inc.		2,616,048
	87,073	Terreno Realty Corp.		2,480,710
		TOTAL REITs (Cost $15,460,654)		17,610,120

Schedule of Investments | Small Cap Value

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		MONEY MARKET FUND - 2.3%
	2,820,330	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (A) (Cost $2,820,330)	$	2,820,330
		TOTAL INVESTMENTS - 99.7% (Cost $102,598,259)(B)	$	122,799,208
		OTHER ASSETS LESS LIABILITIES - NET - 0.3%		375,330
		NET ASSETS - 100.0%	$	123,174,538

* Non-income producing securities.

REITs - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at December 31, 2016.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $102,970,477 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	20,870,704
Unrealized depreciation		(1,041,973	)
Net unrealized appreciation	$	19,828,731

Schedule of Investments | Large/Mid Cap Value

As of December 31, 2016 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 88.5%
		AEROSPACE/DEFENSE - 2.5%
	27,300	General Dynamics Corp.	$	4,713,618
		APPAREL - 2.5%
	86,800	VF Corp.		4,630,780
		AUTO PARTS & EQUIPMENT - 1.2%
	58,600	BorgWarner, Inc.		2,311,184
		BANKS - 3.0%
	53,900	East West Bancorp, Inc.		2,739,737
	16,986	SVB Financial Group *		2,915,817
				5,655,554
		BEVERAGES - 2.5%
	51,300	Dr. Pepper Snapple Group, Inc.		4,651,371
		CHEMICALS - 2.5%
	17,350	Sherwin-Williams Co.		4,662,639
		COMPUTERS - 2.5%
	78,800	Amdocs Ltd.		4,590,100
		DIVERSIFIED FINANCIAL SERVICES - 5.0%
	21,400	Alliance Data Systems Corp.		4,889,900
	77,600	Intercontinental Exchange, Inc.		4,378,192
				9,268,092
		ELECTRIC - 2.5%
	80,700	WEC Energy Group, Inc.		4,733,055
		ELECTRIC COMPONENTS & EQUIPMENT - 2.5%
	40,500	Hubbell, Inc.		4,726,350
		ELECTRONICS - 14.7%
	66,600	Amphenol Corp. - Cl. A		4,475,520
	96,800	Avnet, Inc.		4,608,648
	126,300	FLIR Systems, Inc.		4,570,797
	39,300	Honeywell International, Inc.		4,552,905
	88,200	PerkinElmer, Inc.		4,599,630
	68,300	TE Connectivity, Ltd.		4,731,824
				27,539,324
		FOOD - 4.9%
	33,700	JM Smucker Co.		4,315,622
	52,300	McCormick & Co., Inc.		4,881,159
				9,196,781
		HEALTHCARE - PRODUCTS - 7.4%
	20,100	CR Bard, Inc.		4,515,666
	114,800	Patterson Companies, Inc.		4,710,244
	67,400	STERIS PLC		4,542,086
				13,767,996
		INSURANCE 2.4%
	120,100	XL Group Ltd.		4,474,926
		MACHINERY - 1.2%
	45,300	Flowserve Corp.		2,176,665
		MISCELLANEOUS MANUFACTURING - 2.4%
	94,600	AO Smith Corp.		4,479,310

Schedule of Investments | Large/Mid Cap Value

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		OIL & NATURAL GAS - 6.4%
	45,900	EOG Resources, Inc.	$	4,640,490
	51,700	Exxon Mobil Corp.		4,666,442
	52,200	Marathon Petroleum Corp.		2,628,270
				11,935,202
		PHARMACEUTICALS - 3.4%
	60,300	Express Scripts Holding Co. *		4,148,037
	30,200	Mead Johnson Nutrition Co.		2,136,952
				6,284,989
		RETAIL - 6.5%
	31,875	Advance Auto Parts, Inc.		5,390,700
	37,800	Dick’s Sporting Goods, Inc.		2,007,180
	49,900	Genuine Parts Co.		4,767,446
				12,165,326
		SEMICONDUCTORS - 7.4%
	25,400	Broadcom Ltd.		4,489,958
	58,700	KLA - Tencor Corp.		4,618,516
	45,200	Lam Research Corp.		4,778,996
				13,887,470
		TEXTILES - 2.4%
	22,600	Mohawk Industries, Inc. *		4,512,768
		TRANSPORTATION - 2.7%
	47,900	Union Pacific Corp.		4,966,272
		TOTAL COMMON STOCK (Cost $138,546,477)		165,329,772
		REITs - 8.8%
	41,572	Alexandria Real Estate Equities, Inc.		4,619,896
	21,900	Public Storage		4,894,650
	31,800	Regency Centers Corp.		2,192,610
	26,400	Simon Property Group, Inc.		4,690,488
		TOTAL REITs (Cost $15,883,440)		16,397,644
		MONEY MARKET FUND - 2.7%
	5,012,394	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (A) (Cost $5,012,394)		5,012,394
		TOTAL INVESTMENTS - 100.0% (Cost $159,442,311)(B)	$	186,739,810
		OTHER ASSETS LESS LIABILITIES - NET - 0.0%		(24,344	)
		NET ASSETS - 100.0%	$	186,715,466

* Non-income producing securities.

REITs - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at December 31, 2016.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $159,444,837 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	29,447,032
Unrealized depreciation		(2,152,059	)
Net unrealized appreciation	$	27,294,973

Schedule of Investments | Fixed Income

As of December 31, 2016 (Unaudited)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		BONDS & NOTES - 25.0%
		CORPORATE BONDS - 25.0%
$	1,000,000	ABB Finance USA, Inc.	2.875	5/8/2022	$	1,010,976
	1,000,000	Boardwalk Pipelines LP	5.750	9/15/2019		1,078,837
	1,000,000	Broadridge Financial Solutions, Inc.	3.400	6/27/2026		966,954
	1,000,000	Canadian Pacific RR Co.	2.900	2/1/2025		981,883
	1,000,000	Celgene Corp.	3.875	8/15/2025		1,016,115
	1,000,000	CME Group, Inc.	3.000	3/15/2025		1,000,576
	1,000,000	Delphi Automotive Systems Corp.	4.150	3/15/2024		1,032,279
	325,000	Eaton Corp.	5.600	5/15/2018		341,750
	750,000	Eaton Corp.	2.750	11/2/2022		743,819
	1,000,000	Enable Midstream Partners LP	3.900	5/15/2024		950,044
	1,000,000	Energy Transfer Partners LP	6.700	7/1/2018		1,062,743
	500,000	Enterprise Products Operating, LLC	6.125	10/15/2039		570,199
	750,000	Husky Energy, Inc.	3.950	4/15/2022		780,001
	937,916	John Sevier Combined Cycle Generation LLC	4.626	1/15/2042		987,634
	750,000	Johnson Controls, Inc.	5.000	3/30/2020		807,551
	1,000,000	Kennametal, Inc.	3.875	2/15/2022		983,832
	800,000	LYB International Finance BV	4.000	7/15/2023		837,036
	1,250,000	Pentair Finance SA	4.650	9/15/2025		1,284,364
	1,000,000	Phillips 66	3.605	2/15/2025		981,077
	1,000,000	Plains All American Pipeline LP	3.650	6/1/2022		1,006,693
	128,000	Rio Tinto Finance USA PLC	2.875	8/21/2022		128,690
	1,000,000	Stanley Black & Decker, Inc.	2.900	11/1/2022		1,006,126
	1,200,000	Sunoco Logistics Partners LP	4.250	4/1/2024		1,211,091
	750,000	Tyco Electronics Group SA	6.550	10/1/2017		778,079
	1,200,000	Ventas Realty LP/CAP Corp.	3.250	8/15/2022		1,212,830
	1,000,000	Zimmer Biomet Holdings, Inc.	2.700	4/1/2020		1,000,821
		TOTAL CORPORATE BONDS (Cost $23,643,946)				23,762,000
		U.S. GOVERNMENT & AGENCY OBLIGATIONS - 67.7%
		GOVERNMENT NOTES & BONDS - 38.0%
	2,400,000	United States Treasury Note	2.125	8/31/2020		2,439,234
	7,000,000	United States Treasury Note	3.125	5/15/2021		7,377,755
	7,000,000	United States Treasury Note	2.125	6/30/2022		7,025,841
	6,750,000	United States Treasury Note	2.250	11/15/2024		6,709,790
	3,000,000	United States Treasury Note	2.000	8/15/2025		2,906,601
	7,000,000	United States Treasury Note	1.625	2/15/2026		6,541,857
	2,500,000	United States Treasury Note	4.500	2/15/2036		3,164,209
		TOTAL GOVERNMENT NOTES & BONDS (Cost $36,808,597)				36,165,287
		GOVERNMENT MORTGAGE-BACKED SECURITIES - 29.7%
	1,254	GNMA Pool 585163	5.000	2/15/2018		1,276
	1,952	GNMA Pool 585180	5.000	2/15/2018		1,991
	714	GNMA Pool 592492	5.000	3/15/2018		732
	1,253	GNMA Pool 599821	5.000	1/15/2018		1,275
	117,166	GNMA Pool 604182	5.500	4/15/2033		132,208
	81,460	GNMA Pool 663776	6.500	1/15/2037		93,153
	339,450	GNMA Pool 701857	4.500	5/15/2039		367,872
	793,389	GNMA Pool 701961	4.500	6/15/2039		860,404
	214,354	GNMA Pool 734437	4.500	5/15/2041		231,994
	596,909	GNMA Pool 737556	4.500	10/15/2040		647,337
	29,580	GNMA Pool 781694	6.000	12/15/2031		33,659
	263,964	GNMA Pool 782916	5.500	2/15/2040		295,275
	757,802	GNMA Pool 783060	4.000	8/15/2040		807,728
	385,072	GNMA Pool 783403	3.500	9/15/2041		400,943
	3,106,597	GNMA Pool AD 8801	3.500	3/15/2043		3,250,376
	980,000	GNMA Pool AQ0562	4.000	12/15/2046		1,044,765
	27,041	GNMA Pool G2 3584	6.000	7/20/2034		31,483
	73,356	GNMA Pool G2 3612	6.500	9/20/2034		85,335
	211,991	GNMA Pool G2 3625	6.000	10/20/2034		247,215
	76,136	GNMA Pool G2 3637	5.500	11/20/2034		85,533
	131,264	GNMA Pool G2 3665	5.500	1/20/2035		147,677
	73,466	GNMA Pool G2 3679	6.000	2/20/2035		85,699
	141,742	GNMA Pool G2 3711	5.500	5/20/2035		159,209

Schedule of Investments | Fixed Income

As of December 31, 2016 (Unaudited) (Continued)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		GOVERNMENT MORTGAGE-BACKED SECURITIES - 29.7% (Cont.)
$	109,317	GNMA Pool G2 3865	6.000	6/20/2036	$	123,985
	71,940	GNMA Pool G2 3910	6.000	10/20/2036		82,675
	78,890	GNMA Pool G2 4058	5.000	12/20/2037		85,000
	143,982	GNMA Pool G2 4072	5.500	1/20/2038		159,503
	514,440	GNMA Pool G2 4520	5.000	8/20/2039		566,935
	325,947	GNMA Pool G2 4541	5.000	9/20/2039		361,407
	615,516	GNMA Pool G2 4947	5.000	2/20/2041		677,667
	268,960	GNMA Pool G2 5204	4.500	10/20/2041		290,252
	644,661	GNMA Pool G2 752631	4.500	10/20/2040		701,764
	1,519,461	GNMA Pool G2 AL 9364	3.500	3/20/2045		1,584,046
	2,231,775	GNMA Pool G2 MA0155	4.000	6/20/2042		2,383,037
	1,449,500	GNMA Pool G2 MA0220	3.500	7/20/2042		1,513,658
	587,903	GNMA Pool G2 MA2681	5.000	3/20/2045		632,633
	1,548,472	GNMA Pool G2 MA3376	3.500	1/20/2046		1,611,880
	2,761,152	GNMA Pool G2 MA3663	3.500	5/20/2046		2,874,221
	1,178,409	GNMA Pool G2 MA3735	3.000	6/20/2046		1,195,237
	992,784	GNMA Pool G2 MA3736	3.500	6/20/2046		1,033,438
	1,634,847	GNMA Pool G2 MA3803	3.500	7/20/2046		1,701,795
	1,527,280	GNMA Pool G2 MA3804	4.000	7/20/2046		1,624,030
		TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $28,284,754)				28,216,302
		TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $65,093,351)				64,381,589
		TOTAL BONDS AND NOTES (Cost $88,737,297)				88,143,589

Shares
		MONEY MARKET FUND - 6.6%
	6,306,861	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (A) (Cost $6,306,861)		6,306,861
		TOTAL INVESTMENTS - 99.3% (Cost $95,044,158)(B)	$	94,450,450
		OTHER ASSETS LESS LIABILITIES - NET - 0.7%		632,627
		NET ASSETS - 100.0%	$	95,083,077

GNMA - Government National Mortgage Association.

(A) Variable rate security; the rate shown represents the yield at December 31, 2016.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $95,044,158 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	742,105
Unrealized depreciation		(1,335,813	)
Net unrealized depreciation	$	(593,708	)

Schedule of Investments | High Yield Bond

As of December 31, 2016 (Unaudited)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS - 92.8%
$	750,000	AerCap Ireland Capital Ltd.	4.625	7/1/2022	$	774,375
	600,000	AmeriGas Finance, LP	5.875	8/20/2026		612,000
	500,000	Amsted Industries, Inc. (A)	5.000	3/15/2022		502,500
	250,000	Amsted Industries, Inc. (A)	5.375	9/15/2024		246,875
	500,000	Anixter, Inc.	5.625	5/1/2019		525,000
	500,000	ArcelorMittal	7.250	2/25/2022		566,250
	1,000,000	Berry Plastics Corp.	5.125	7/15/2023		1,022,500
	500,000	Bombardier, Inc. (A)	6.125	1/15/2023		479,200
	500,000	Braskem Finance, Ltd.	6.450	2/3/2024		528,750
	250,000	Calpine Corp.	5.750	1/15/2025		242,500
	500,000	Cascades, Inc. (A)	5.500	7/15/2022		510,000
	500,000	Cemex Finance LLC (A)	6.000	4/1/2024		515,000
	500,000	Centene Corp.	6.125	2/15/2024		528,125
	500,000	CommScope, Inc. (A)	5.000	6/15/2021		516,875
	500,000	Corrections Corp. of America	4.125	4/1/2020		501,250
	750,000	Covanta Holding Corp.	5.875	3/1/2024		723,750
	250,000	Dana, Inc.	5.500	12/15/2024		256,250
	750,000	DaVita HealthCare Partners, Inc.	5.000	5/1/2025		739,688
	500,000	DCP Midstream, LLC (A) (B)	5.850	5/21/2043		427,500
	750,000	Digicel, Ltd. (A)	6.000	4/15/2021		682,102
	500,000	Dollar Tree, Inc.	5.750	3/1/2023		531,910
	500,000	DR Horton, Inc.	4.750	2/15/2023		513,750
	750,000	Eagle Materials, Inc.	4.500	8/1/2026		751,875
	500,000	Eldorado Gold Corp. (A)	6.125	12/15/2020		510,000
	750,000	Energy Transfer Equity LP	5.875	1/15/2024		778,125
	500,000	Ferrellgas LP	6.750	1/15/2022		496,250
	500,000	Ferrellgas LP	6.750	6/15/2023		493,750
	500,000	FTI Consulting, Inc.	6.000	11/15/2022		521,875
	500,000	General Cable Corp.	5.750	10/1/2022		487,500
	500,000	Genesis Energy LP	5.750	2/15/2021		507,500
	500,000	Genesis Energy LP	6.750	8/1/2022		522,000
	500,000	Geo Group, Inc.	5.125	4/1/2023		482,500
	500,000	Gibraltar Industries, Inc.	6.250	2/1/2021		516,250
	500,000	Global Partners LP/ Global Finance Corp.	6.250	7/15/2022		481,560
	500,000	Group 1 Automotive, Inc.	5.000	6/1/2022		496,250
	750,000	HCA, Inc.	5.250	4/15/2025		784,687
	500,000	Kaiser Aluminum Corp.	5.875	5/15/2024		518,750
	500,000	Land O’ Lakes, Inc. (A)	6.000	11/15/2022		547,500
	625,000	LKQ Corp.	4.750	5/15/2023		625,000
	500,000	Martin Midstream Partners LP	7.250	2/15/2021		496,250
	500,000	Mednax, Inc. (A)	5.250	12/1/2023		516,250
	500,000	Molina Healthcare, Inc.	5.375	11/15/2022		510,000
	500,000	MPT Operating Partnership LP	5.250	8/1/2026		491,250
	750,000	Navient Corp.	4.875	6/17/2019		778,125
	250,000	NGL Energy Partners LP	5.125	7/15/2019		249,375
	500,000	NGL Energy Partners LP	6.875	10/15/2021		513,750
	250,000	NRG Energy, Inc. (A)	7.250	5/15/2026		250,000
	500,000	NuStar Logistics LP	6.750	2/1/2021		542,500
	500,000	NXP BV / NXP Funding, LLC (A)	4.625	6/1/2023		526,250
	500,000	Omega Healthcare Investors, Inc.	4.375	8/1/2023		495,799
	500,000	Oshkosh Corp.	5.375	3/1/2025		512,500
	250,000	Parker Drilling Co.	7.500	8/1/2020		226,250
	250,000	Parker Drilling Co.	6.750	7/15/2022		217,500

Schedule of Investments | High Yield Bond

As of December 31, 2016 (Unaudited) (Continued)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS - 92.8% (Cont.)
$	750,000	Reynolds Group Issuer, Inc.	5.750	10/15/2020	$	774,375
	500,000	Rose Rock Midstream LP	5.625	7/15/2022		493,750
	500,000	RSP Permian, Inc. (A)	5.250	1/15/2025		503,750
	500,000	Scotts Miracle-Gro Co. (A)	6.000	10/15/2023		531,250
	750,000	Scotts Miracle-Gro Co. (A)	5.250	12/15/2026		751,875
	500,000	Sealed Air Corp. (A)	5.250	4/1/2023		521,250
	500,000	SemGroup LP	7.500	6/15/2021		517,500
	500,000	Steel Dynamics, Inc.	5.250	4/15/2023		526,250
	500,000	Suburban Propane Partners LP	5.500	6/1/2024		508,750
	500,000	Summit Midstream Holdings LLC	7.500	7/1/2021		527,500
	500,000	Sunoco LP Finance Corp.	5.500	8/1/2020		510,625
	100,000	Sunoco LP Finance Corp.	6.375	4/1/2023		101,750
	500,000	Targa Resources Partners LP	4.250	11/15/2023		480,625
	500,000	Targa Resources Partners LP (A)	5.375	2/1/2027		497,500
	500,000	Teck Resources, LTD (A)	8.000	6/1/2021		551,250
	500,000	Teleflex, Inc.	4.875	6/1/2026		496,250
	500,000	Tempur Sealy International, Inc.	5.625	10/15/2023		518,750
	750,000	Tenet Healthcare Corp.	4.375	10/1/2021		747,188
	500,000	Tesoro Corp. (A)	5.125	12/15/2026		506,637
	391,000	Tesoro Logistics LP	5.875	10/1/2020		403,707
	750,000	Toll Brothers Finance Corp.	4.875	11/15/2025		738,750
	500,000	TreeHouse Foods, Inc. (A)	6.000	2/15/2024		527,500
	750,000	TRI Pointe Group, Inc.	4.875	7/1/2021		766,875
	500,000	Tullow Oil PLC (A)	6.000	11/1/2020		478,750
	500,000	United Rentals North America, Inc.	4.625	7/15/2023		511,875
	500,000	USG Corp.	8.250	1/15/2018		531,875
	500,000	Valvoline, Inc. (A)	5.500	7/15/2024		518,750
	1,000,000	VeriSign, Inc.	4.625	5/1/2023		1,015,000
	500,000	WPX Energy, Inc.	5.250	9/15/2024		487,500
	750,000	WR Grace & Co. (A)	5.125	10/1/2021		783,750
		TOTAL BONDS & NOTES (Cost $44,244,847)				44,624,478

Shares
		MONEY MARKET FUND - 7.8%
	3,750,943	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (B) (Cost $3,750,943)		3,750,943
		TOTAL INVESTMENTS - 100.6% (Cost $47,995,790)(C)	$	48,375,421
		OTHER ASSETS LESS LIABILITIES - NET - (0.6)%		(272,489	)
		NET ASSETS - 100.0%	$	48,102,932

(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 25.8% 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 December 31, 2016.

(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $47,995,790 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	834,068
Unrealized depreciation		(454,437	)
Net unrealized appreciation	$	379,631

Schedule of Investments | Israel Common Values

As of December 31, 2016 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 87.5%
		AEROSPACE/DEFENSE - 3.0%
	6,501	Elbit Systems Ltd.	$	661,152
		APPAREL - 2.3%
	17,500	Delta-Galil Industries Ltd.		507,905
		AUTO PARTS & EQUIPMENT - 1.5%
	8,900	Mobileye NV *		339,268
		BANKS - 14.5%
	29,000	Bank Hapoalim BM (ADR)		853,325
	163,000	Bank Leumi Le-Israel BM *		671,711
	33,300	First International Bank Of Israel Ltd.		488,860
	303,000	Israel Discount Bank Ltd. *		630,540
	40,000	Mizrahi Tefahot Bank Ltd.		585,660
				3,230,096
		BUILDING MATERIALS - 1.3%
	10,500	CaesarStone Ltd. *		300,825
		CHEMICALS - 1.5%
	83,000	Israel Chemicals Ltd.		341,130
		COMPUTERS - 3.2%
	6,200	Check Point Software Technologies Ltd. *		523,652
	24,210	Matrix IT Ltd.		193,370
				717,022
		ELECTRIC - 0.8%
	4,200	Kenon Holdings Ltd. *		49,348
	2,300	Ormat Technologies, Inc.		123,345
				172,693
		ELECTRONICS - 4.9%
	20,896	Ituran Location and Control Ltd.		553,744
	16,500	Orbotech Ltd. *		551,265
				1,105,009
		ENERGY-ALTERNATE SOURCES - 0.0%
	6,360	Energix-Renewable Energies Ltd.		3,948
		FOOD - 8.0%
	17,000	Frutarom Industries Ltd.		870,617
	11,400	Hashikma Marketing 2006 Ltd.		460,603
	120,000	Shufersal Ltd.		448,677
				1,779,897
		HEALTHCARE - PRODUCTS - 2.3%
	32,000	OPKO Health, Inc. *		297,600
	26,100	Syneron Medical Ltd. *		219,240
				516,840
		HOME BUILDERS - 2.1%
	1,300	Bayside Land Corp.		472,555
		INSURANCE - 4.7%
	17,000	Clal Insurance Enterprises Holdings Ltd. *		217,897
	107,000	Harel Insurance Investments & Financial Services Ltd.		492,095
	422,000	Migdal Insurance & Financial Holding Ltd. *		345,394
				1,055,386
		OIL & NATURAL GAS - 8.8%
	620,000	Avner Oil Exploration LP		437,374
	129,000	Delek Drilling LP *		483,333
	1,786,664	Isramco Negev 2 LP		306,393
	770,000	Oil Refineries Ltd.		271,095
	1,900	Paz Oil Co. Ltd.		278,929
	2,100,000	Ratio Oil Exploration 1992 LP *		181,154
				1,958,278

Schedule of Investments | Israel Common Values

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		REAL ESTATE - 7.4%
	121,000	Amot Investments Ltd.	$	513,723
	9,100	Azrieli Group Ltd.		395,102
	126,522	Jerusalem Economy Ltd. *		264,047
	11,366	Melisron Ltd.		484,311
				1,657,183
		SEMICONDUCTORS - 4.7%
	7,500	Mellanox Technologies Ltd. *		306,750
	37,000	Nova Measuring Instruments Ltd. *		486,180
	1	Tower Semiconductor Ltd. *		12
	13,100	Tower Semiconductor Ltd. *		249,293
				1,042,235
		SOFTWARE - 4.9%
	9,600	CyberArk Software Ltd. *		436,800
	63,783	Magic Software Enterprises Ltd.		424,157
	15,900	Sapiens International Corp. N.V.		228,006
				1,088,963
		TELECOMMUNICATIONS - 9.7%
	71,000	AudioCodes Ltd. *		450,850
	65,000	Cellcom Israel Ltd. *		515,450
	46,000	Ceragon Networks Ltd. *		120,520
	9,900	NICE Ltd. (ADR)		680,724
	9,717	Silicom Ltd.		399,272
				2,166,816
		TEXTILES - 1.9%
	26,100	Fox Wizel Ltd.		421,409
		TOTAL COMMON STOCK (Cost $15,203,393)		19,538,610
		REITs - 1.9%
	52,000	Alony Hetz Properties & Investments Ltd. (Cost $325,311)		418,848
		MONEY MARKET FUND - 11.6%
	2,591,576	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (A) (Cost $2,591,576)		2,591,576
		TOTAL INVESTMENTS - 101.0% (Cost $18,120,280) (B)	$	22,549,034
		OTHER ASSETS LESS LIABILITIES - NET - (1.0)%		(224,883	)
		NET ASSETS - 100.0%	$	22,324,151

* Non-income producing securities.

ADR American Depositary Receipt.

REITs - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at December 31, 2016.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $19,337,335 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	4,850,177
Unrealized depreciation		(1,638,478	)
Net unrealized appreciation	$	3,211,699

Diversification of Assets
Country	% of Net Assets
Israel		87.3	%
United States		1.9	%
Singapore		0.2	%
Total		89.4	%
Money Market Fund		11.6	%
Other Assets Less Liabilities - Net		(1.0	)%
Grand Total		100.0	%

Schedule of Investments | Defensive Strategies Fund

As of December 31, 2016 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 19.0%
		AGRICULTURE - 0.1%
	559	Andersons, Inc.	$	24,987
	531	Bunge Ltd.		38,360
				63,347
		CHEMICALS - 2.2%
	158	Agrium, Inc.		15,887
	2,295	CF Industries Holdings, Inc.		72,247
	1,067	FMC Corp.		60,350
	9,209	K+S AG		220,392
	12,622	Mosaic Co.		370,203
	29,745	Potash Corp. of Saskatchewan, Inc.		538,087
	2,969	Sociedad Quimica Y Minera de Chile, SA (ADR)		85,062
	2,528	Syngenta AG (ADR)		199,838
				1,562,066
		ENVIRONMENTAL CONTROL - 0.0%
	1,300	Kurita Water Industries Ltd.		28,690
		FOOD - 2.0%
	5,133	BRF (ADR)		75,763
	12,525	Cal-Maine Foods, Inc.		553,292
	403	Darling Ingredients, Inc. *		5,203
	736	Ingredion, Inc.		91,971
	12,214	Pilgrim’s Pride Corp.		231,944
	3,755	Sanderson Farms, Inc.		353,871
	1,663	Tyson Foods, Inc. - Cl. A		102,574
				1,414,618
		IRON/STEEL - 1.6%
	1,178	Allegheny Technologies, Inc.		18,766
	6,888	ArcelorMittal (ADR) *		50,282
	7,035	Commercial Metals Co.		153,222
	4,300	Hitachi Metals Ltd.		58,398
	7,282	Nippon Steel & Sumitomo Metal Corp.		162,766
	2,640	Nucor Corp.		157,133
	1,839	POSCO (ADR)		96,639
	502	Reliance Steel & Aluminum Co.		39,929
	5,690	Severstal PAO (GDR)		86,488
	6,166	Steel Dynamics, Inc.		219,386
	2,358	ThyssenKrupp AG		56,308
	1,660	United States Steel Corp.		54,797
				1,154,114
		MACHINERY - CONSTRUCTION & MINING - 0.1%
	1,750	Joy Global, Inc.		49,000
		MACHINERY - DIVERSIFIED - 0.6%
	3,310	AGCO Corp.		191,517
	15,900	Kubota Corp.		227,454
				418,971
		METAL FABRICATE/HARDWARE - 0.2%
	4,627	Tenaris SA (ADR)		165,230
		MINING - 3.2%
	1,792	Agnico Eagle Mines Ltd.		75,264
	6,943	Anglo American PLC *		99,518
	1,459	AngloGold Ashanti Ltd. (ADR) *		15,334
	1,039	BHP Billiton Ltd. (ADR)		37,175
	234	BHP Billiton PLC (ADR)		7,362
	451	Cameco Corp.		4,722
	3,247	Cia De Minas Buenaventura (ADR) *		36,626
	1,877	Coeur Mining, Inc. *		17,062
	4,800	Detour Gold Corp. *		65,465
	6,686	Eldorado Gold Corp. *		21,529
	4,798	First Quantum Minerals Ltd.		47,763
	267	Franco-Nevada Corp.		15,956
	1,351	Freeport-McMoRan, Inc. *		17,820
	38,680	Glencore PLC *		132,559
	4,103	Gold Fields Ltd. (ADR)		12,350
	1,417	Goldcorp, Inc.		19,271
	1,139	Kinross Gold Corp. *		3,542
	15,800	Lundin Mining Corp. *		75,404

Schedule of Investments | Defensive Strategies Fund

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		MINING - 3.2% (Continued)
	3,400	Mitsubishi Materials Corp.		104,651
	24,510	MMC Norilsk Nickel PJSC (ADR)	$	411,523
	4,683	Newmont Mining Corp.		159,550
	276	Pan American Silver Corp.		4,159
	662	Randgold Resources Ltd. (ADR)		50,537
	7,962	Rio Tinto PLC (ADR)		306,218
	145	Royal Gold, Inc.		9,186
	2,893	Silver Wheaton Corp.		55,893
	4,590	Southern Copper Corp.		146,605
	12,000	Sumitomo Metal Mining Co. Ltd.		155,048
	1,000	Tahoe Resources, Inc.		9,433
	2,643	Teck Resources Ltd.		52,957
	21,857	Turquoise Hill Resources Ltd. *		70,598
	4,405	Yamana Gold, Inc.		12,378
				2,253,458
		OIL & GAS - 7.3%
	492	Anadarko Petroleum Corp.		34,307
	588	Apache Corp.		37,320
	7,000	ARC Resources Ltd		120,629
	2,896	Cabot Oil & Gas Corp.		67,651
	4,192	Callon Petroleum Co. *		64,431
	7,700	Canadian Natural Resources Ltd.		245,476
	5,866	Cenovus Energy, Inc.		88,796
	901	Chesapeake Energy Corp. *		6,325
	240	Cimarex Energy Co.		32,616
	5,673	ConocoPhillips		284,444
	13,300	Crescent Point Energy Corp.		180,996
	1,835	Devon Energy Corp.		83,804
	436	Diamondback Energy, Inc. *		44,062
	1,026	Ecopetrol SA (ADR) *		9,285
	1,870	Encana Corp.		21,954
	1,574	Energen Corp. *		90,773
	1,233	Ensco PLC - Cl. A		11,985
	667	EOG Resources, Inc.		67,434
	2,438	EQT Corp.		159,445
	1,280	Gulftport Energy Corp. *		27,699
	1,004	Helmerich & Payne, Inc.		77,710
	2,362	Hess Corp.		147,129
	8,400	Husky Energy, Inc. *		102,036
	28,100	Inpex Corp.		282,120
	8,611	Lukoil PJSC (ADR)		483,077
	712	Marathon Oil Corp.		12,325
	1,821	Murphy Oil Corp.		56,688
	1,295	Newfield Exploration Co. *		52,447
	20,860	Noble Corp. PLC		123,491
	3,446	Noble Energy, Inc.		131,155
	1,766	Novatek OJSC (GDR)		229,227
	838	Occidental Petroleum Corp.		59,691
	1,958	Parsley Energy, Inc. *		69,000
	1,939	PDC Energy, Inc. *		140,733
	3,018	Petroleo Brasileiro SA (ADR) *		30,512
	4,600	Peyto Exploration & Development Corp.		113,915
	578	Pioneer Natural Resources Co.		104,080
	159	PrairieSky Royalty Ltd.		3,787
	2,659	QEP Resources, Inc. *		48,952
	3,069	Range Resources Corp.		105,451
	37,205	Rosneft Oil Company (GDR)		241,832
	2,417	RSP Permian, Inc. *		107,847
	1,829	Southwestern Energy Co. *		19,790
	107	Statoil ASA (ADR)		1,952
	7,200	Suncor Energy, Inc.		235,696
	4,900	Tourmaline Oil Corp. *		131,210
	8,371	Transocean Ltd. *		123,389
	2,400	Vermillion Energy, Inc.		101,097
	12,200	Whitecap Resources, Inc.		110,624
	5,777	WPX Energy, Inc. *		84,171
	971	YPF SA (ADR)		16,021
				5,226,587

Schedule of Investments | Defensive Strategies Fund

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		OIL & GAS SERVICES - 1.5%
	2,815	Baker Hughes, Inc.	$	182,891
	1,031	Core Laboratories NV		123,761
	764	Dril-Quip, Inc. *		45,878
	2,934	FMC Technologies, Inc. *		104,245
	211	Halliburton Co.		11,413
	2,964	National Oilwell Varco, Inc.		110,972
	1,700	Oceaneering International, Inc.		47,957
	1,959	Oil States International, Inc. *		76,401
	3,194	Schlumberger Ltd.		268,136
	1,256	Technip SA		89,832
				1,061,486
		WATER - 0.2%
	821	American Water Works Co.		59,408
	8,680	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		75,342
	553	Severn Trent PLC		15,183
	1,344	United Utilities Group PLC		14,963
				164,896
		TOTAL COMMON STOCK (Cost $13,015,213)		13,562,463
		EXCHANGE TRADED FUNDS - 15.8%
	44,300	iShares Silver Trust *		669,373
	153,300	PowerShares DB Agriculture Fund *		3,061,401
	90,400	PowerShares DB Base Metals Fund *		1,348,768
	167,200	PowerShares DB Commodity Index Tracking Fund *		2,648,448
	103,700	PowerShares DB Energy Fund *		1,432,097
	56,300	PowerShares DB US Dollar Endex Bearish Fund *		1,151,898
	9,050	SPDR Gold Shares *		991,971
		TOTAL EXCHANGE TRADED FUNDS (Cost $12,231,705)		11,303,956
		REITs - 17.8%
	2,700	Alexandria Real Estate Equities, Inc.		300,051
	2,430	American Campus Communities, Inc.		120,941
	6,300	Apartment Investment & Management Co.		286,335
	2,250	AvalonBay Communities, Inc.		398,588
	2,500	Boston Properties, Inc.		314,450
	9,000	Brandywine Realty Trust		148,590
	2,800	Crown Castle International Corp.		242,956
	7,200	DCT Industrial Trust, Inc.		344,736
	15,100	DDR Corp.		230,577
	17,100	DiamondRock Hospitality Co.		197,163
	2,200	Digital Realty Trust, Inc.		216,172
	4,100	Douglas Emmett, Inc.		149,896
	5,233	Education Realty Trust, Inc.		221,356
	1,800	Equinix, Inc.		643,338
	2,800	Equity Lifestyle Properties, Inc.		201,880
	7,500	Equity Residential		482,700
	554	Essex Property Trust, Inc.		128,805
	1,800	Extra Space Storage, Inc.		139,032
	1,800	Federal Realty Investment Trust		255,798
	34,400	FelCor Lodging Trust, Inc.		275,544
	23,000	Gramercy Property Trust		211,140
	7,100	HCP, Inc.		211,012
	12,900	Hospitality Properties Trust		409,446
	3,500	Kilroy Realty Corp.		256,270
	8,900	Kimco Realty Corp.		223,924
	3,863	Macerich Co.		273,655
	4,008	Mid-America Apartment Communities, Inc.		392,463
	1,600	National Health Investors, Inc.		118,672
	6,600	National Retail Properties, Inc.		291,720
	16,394	Prologis, Inc.		865,439
	2,400	PS Business Parks, Inc.		279,648
	1,500	Public Storage		335,250
	2,233	Rayonier, Inc.		59,398
	2,600	Regency Centers Corp.		179,270
	5,429	Simon Property Group, Inc.		964,570
	1,750	SL Green Realty Corp.		188,212
	20,000	Spirit Realty Capital, Inc.		217,200
	6,900	Store Capital Corp.		170,499
	10,000	Summit Hotel Properties, Inc.		160,300

Schedule of Investments | Defensive Strategies Fund

As of December 31, 2016 (Unaudited) (Continued)

Shares			Coupon Rate%	Maturity	Fair Value
		REITs - 17.8% (Continued)
	3,200	Taubman Centers, Inc.			$	236,576
	8,600	UDR, Inc.				313,728
	3,759	Ventas, Inc.				235,013
	6,700	Weingarten Realty Investors				239,793
	3,500	Welltower, Inc.				234,255
	13,000	Weyerhaeuser Co.				391,170
		TOTAL REITS (Cost $10,875,875)				12,757,531
Par Value
		BONDS & NOTES - 33.8%
		COPORATE BONDS - 1.9%
$	400,000	Energy Transfer Partners LP	6.700	7/1/2018		425,097
	400,000	LYB International Finance BV	4.000	7/15/2023		418,518
	500,000	Welltower, Inc.	3.750	3/15/2023		510,730
		TOTAL CORPORATE BONDS (Cost $1,313,386)				1,354,345
		GOVERNMENT MORTGAGE-BACKED SECURITIES - 1.5%
	232,791	GNMA Pool 4947	5.000	2/20/2041		256,297
	268,960	GNMA Pool 5204	4.500	10/20/2041		290,252
	486,871	GNMA Pool MA0155	4.000	6/20/2042		519,869
		TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $1,052,102)				1,066,418
		TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 30.4%
	1,300,000	TIPS	0.125	4/15/2019		1,358,220
	2,095,000	TIPS	1.375	1/15/2020		2,464,034
	40,000	TIPS	1.250	7/15/2020		46,846
	2,440,000	TIPS	1.125	1/15/2021		2,830,475
	2,770,000	TIPS	0.125	1/15/2023		2,881,822
	3,230,000	TIPS	0.625	1/15/2024		3,407,839
	1,460,000	TIPS	2.375	1/15/2025		2,151,262
	700,000	TIPS	2.000	1/15/2026		961,261
	200,000	TIPS	2.375	1/15/2027		281,089
	950,000	TIPS	1.750	1/15/2028		1,225,076
	1,350,000	TIPS	2.500	1/15/2029		1,835,373
	1,660,000	TIPS	2.125	2/15/2041		2,284,647
		TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $21,768,991)				21,727,944
		TOTAL BONDS AND NOTES (Cost $24,134,479)				24,148,707
Shares
		WARRANTS - 0.00%
	312	Hycroft Mining Corp. * (Cost $54,161)				0
Ounces
		ALTERNATIVE INVESTMENTS - 12.1%
	6,744	Gold Bars *				7,760,344
	57,827	Silver Bars *				921,470
		TOTAL ALTERNATIVE INVESTMENTS (Cost $8,900,255)				8,681,814
Shares
		MONEY MARKET FUND - 1.3%
	904,232	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (A) (Cost $904,232)				904,232
		TOTAL INVESTMENTS - 99.8% (Cost $70,115,920) (B)			$	71,358,703
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.2%				172,104
		NET ASSETS - 100.0%			$	71,530,807

ADR - American Depositary Receipt.

GNMA - Government National Mortgage Association.

ETF - Exchange Traded Fund.

REITs - Real Estate Investment Trust.

GDR - Global Depositary Receipt.

* Non-income producing securities/investments.

(A) Variable rate security; the rate shown represents the yield at December 31, 2016.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $67,751,570 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	6,382,058
Unrealized depreciation		(2,774,925	)
Net unrealized appreciation	$	3,607,133

Schedule of Investments | Strategic Growth

As of December 31, 2016 (Unaudited)

Shares			Fair Value
		MUTUAL FUNDS - 96.4% (A)
	194,542	Timothy Plan Aggressive Growth Fund *	$	1,363,738
	772,602	Timothy Plan Defensive Strategies Fund		8,684,051
	160,438	Timothy Plan Emerging Markets Fund		1,285,110
	484,745	Timothy Plan Fixed Income Fund		4,915,311
	542,420	Timothy Plan Growth & Income Fund		5,868,978
	257,769	Timothy Plan High Yield Bond Fund		2,348,279
	495,835	Timothy Plan International Fund		4,125,350
	110,594	Timothy Plan Israel Common Values Fund		1,364,732
	380,961	Timothy Plan Large/Mid Cap Growth Fund		2,910,540
	172,769	Timothy Plan Large/Mid-Cap Value Fund		3,011,365
	103,891	Timothy Plan Small-Cap Value Fund		1,952,117
		TOTAL MUTUAL FUNDS (Cost $37,781,878)		37,829,571
		MONEY MARKET FUND - 3.7%
	1,449,552	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (B) (Cost $1,449,552)		1,449,552
		TOTAL INVESTMENTS - 100.1% (Cost $39,231,430) (C)	$	39,279,123
		OTHER ASSETS LESS LIABILITIES - NET - (0.1)%		(29,716	)
		NET ASSETS - 100.0%	$	39,249,407

* Non-income producing securities.

(A) Affiliated Funds - Class A.

(B) Variable rate security; the rate shown represents the yield at December 31, 2016.

(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $39,469,708 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	589,763
Unrealized depreciation		(780,348	)
Net unrealized depreciation	$	(190,585	)

Schedule of Investments | Conservative Growth

As of December 31, 2016 (Unaudited)

Shares			Fair Value
		MUTUAL FUNDS - 96.4% (A)
	192,687	Timothy Plan Aggressive Growth Fund *	$	1,350,733
	876,547	Timothy Plan Defensive Strategies Fund		9,852,385
	205,361	Timothy Plan Emerging Markets Fund		1,644,940
	1,344,349	Timothy Plan Fixed Income Fund		13,631,698
	752,150	Timothy Plan Growth & Income Fund		8,138,259
	253,185	Timothy Plan High Yield Bond Fund		2,306,513
	540,221	Timothy Plan International Fund		4,494,643
	153,356	Timothy Plan Israel Common Values Fund		1,892,418
	387,389	Timothy Plan Large/Mid Cap Growth Fund		2,959,653
	200,930	Timothy Plan Large/Mid-Cap Value Fund		3,502,213
	144,061	Timothy Plan Small-Cap Value Fund		2,706,909
		TOTAL MUTUAL FUNDS (Cost $52,526,619)		52,480,364
		MONEY MARKET FUND - 3.9%
	2,088,965	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (B) (Cost $2,088,965)		2,088,965
		TOTAL INVESTMENTS - 100.3% (Cost $54,615,584) (C)	$	54,569,329
		OTHER ASSETS LESS LIABILITIES - NET - (0.3)%		(145,529	)
		NET ASSETS - 100.0%	$	54,423,800

* Non-income producing securities.

(A) Affiliated Funds - Class A.

(B) Variable rate security; the rate shown represents the yield at December 31, 2016.

(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $54,776,986 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	808,728
Unrealized depreciation		(1,016,385	)
Net unrealized depreciation	$	(207,657	)

Schedule of Investments | Emerging Markets

As of December 31, 2016 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 69.5%
		AEROSPACE/DEFENSE - 2.9%
	17,319	Embraer SA (ADR)	$	333,391
		AGRICULTURE - 0.4%
	5,029	Adecoagro SA *		52,201
		AIRLINES - 1.3%
	1,586	Copa Holdings SA - Cl. A		144,056
		APPAREL - 1.1%
	34,000	Yue Yuen Industrial Holdings Ltd.		123,447
		AUTO MANUFACTURERS - 1.6%
	5,773	Kia Motors Corp.		187,606
		AUTO PARTS & EQUIPMENT - 2.5%
	2,268	China Tuchai International Ltd.		31,321
	1,145	Hyundai Mobis Co. Ltd.		250,273
				281,594
		BANKS - 14.4%
	57,119	AkBank TAS		126,982
	12,200	Banco do Brasil SA		105,293
	42,100	Bangkok Bank PCL		187,514
	10,766	Erste Group Bank AG		315,965
	18,990	Grupo Aval Acciones y Valores SA (ADR)		150,781
	25,700	Kasikornbank PCL		127,386
	20,423	Sberbank of Russia (ADR)		236,498
	6,955	Standard Chartered PLC *		57,030
	58,533	Turkiye Garanti Bankasi AS		126,797
	155,188	Turkiye Vakiflar Bankasi Tao		191,911
				1,626,157
		BUILDING MATERIALS - 3.2%
	40,614	Cemex SAB de CV (ADR) *		326,130
	85,571	Urbi Desarrollos Urbanos SAB de CV *		30,986
				357,116
		COMMERCIAL SERVICES - 4.5%
	38,900	Estacio Participacoes SA		188,841
	69,540	ITE Group PLC		132,543
	45,600	Kroton Educacional SA		186,760
				508,144
		COMPUTERS - 1.2%
	39,001	DataTec Ltd.		141,116
		DIVERSIFIED FINANCIAL SERVICES - 2.7%
	3,299	Hana Financial Group, Inc.		85,357
	2,528	KB Financial Group, Inc.		89,583
	3,420	Shinhan Financial Group Co. Ltd.		128,130
				303,070
		ELECTRIC - 3.9%
	8,600	Cia Paranaense de Energia		50,416
	2,172,650	Enel Chile SA		201,148
	9,548	Reliance Infrastructure Ltd. (GDR)		193,824
				445,388
		Engineering & Construction - 0.6%
	16,271	TAV Havalimanlari Holding AS		64,897
		FOOD - 4.4%
	1,803	Binggrae Co. Ltd.		95,240
	274,000	First Pacific Co. Ltd.		191,545
	101,400	Marfrig Global Foods SA *		205,934
				492,719
		HOLDING COMPANIES - 1.0%
	336,900	Jasmine Broadband Internet Infrastructure Fund		110,072

Schedule of Investments | Emerging Markets

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		IRON/STEEL - 1.9%
	488	POSCO	$	104,040
	4,458	Ternium SA (ADR)		107,661
				211,701
		MULTI-NATIONAL - 1.0%
	3,747	Banco Latinoamericano de Comercio Exterior SA		110,312
		OIL & GAS - 4.0%
	6,624	Lukoil PJSC (ADR)		371,739
	8,501	Petroleo Brasileiro SA (ADR) *		74,894
				446,633
		RETAIL - 6.3%
	16,061	Arcos Dorados Holdings, Inc. *		86,729
	1,828,000	Bosideng International Holdings Ltd.		157,969
	171,200	Chow Tai Fook Jewellery Group Ltd.		130,942
	124,500	Lifestyle China Group Ltd. *		29,707
	124,500	Lifestyle International Holdings Ltd.		160,580
	54,000	Luk Fook Holdings International Ltd.		141,040
				706,967
		SEMICONDUCTORS - 1.8%
	136	Samsung Electronics Co., Ltd.		202,908
		TELECOMMUNICATIONS - 7.0%
	17,978	Empresa Nacional de Telecomunicaciones SA *		190,759
	1,404	Mobile TeleSystems PJSC (ADR)		12,791
	62,560	Mobile TeleSystems PJSC		265,433
	10,919	TIM Participacoes SA (ADR)		128,844
	1,143,675	XL Axiata TBK PT *		196,095
				793,922
		TEXTILES - 0.7%
	119,500	Weiqiao Textile Co.		74,754
		TRANSPORTATION - 1.1%
	18,961	Globaltrans Investment PLC (GDR)		120,023
		TOTAL COMMON STOCK (Cost $8,757,726)		7,838,194
		PREFERRED STOCK - 10.3%
	37,600	Alpargatas SA		115,641
	15,382	Banco Bradesco SA		137,057
	21,600	Cia Brasileira de Distribuicao		363,351
	9,081	Cia Paranaense de Energia		76,338
	106,729	Grupo Aval Acciones y Valores SA		43,196
	2,397	Hyundai Motor Co.		189,926
	12,600	Petroleo Brasileiro SA		57,567
	330,536	Surgutneftegas OJSC		172,798
		TOTAL PREFERRED STOCK (Cost $1,092,420)		1,155,874
		REITs - 7.2%
	301,230	Emlak Konut Gayrimenkul Yatirim Ortakligi AS		256,049
	73,635	Fibra Uno Administracion SA de CV		113,232
	217,920	Macquarie Mexico Real Estate Management SA de CV		226,684
	174,039	PLA Administradora Industrial S de RL de CV		220,490
		TOTAL REITs (Cost $957,216)		816,455
		MONEY MARKET FUND - 13.2%
	1,491,643	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (A) (Cost $1,491,643)		1,491,643
		TOTAL INVESTMENTS - 100.2% (Cost $12,299,005) (B)	$	11,302,166
		OTHER ASSETS LESS LIABILITIES - NET - (0.2)%		(21,292	)
		NET ASSETS - 100.0%	$	11,280,874

* Non-income producing securities.

ADR-American Depositary Receipt

GDR-Global Depositary Receipt

REITs - Real Estate Investment Trust

(A) Variable rate security; the rate shown represents the yield at December 31, 2016.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $12,353,346 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	511,318
Unrealized depreciation		(1,562,498	)
Net unrealized depreciation	$	(1,051,180	)

Schedule of Investments | Emerging Markets

As of December 31, 2016 (Unaudited) (Continued)

Diversification of Assets
Country	% of Net Assets
Brazil		17.9	%
South Korea		11.8	%
Russia		9.4	%
Hong Kong		8.3	%
Mexico		8.1	%
Turkey		6.8	%
Thailand		3.8	%
Chile		3.5	%
Austria		2.8	%
Panama		2.2	%
Britain		1.7	%
Colombia		1.7	%
India		1.7	%
Indonesia		1.7	%
South Africa		1.3	%
Cyprus		1.1	%
Luxembourg		1.0	%
Uruguay		0.8	%
China		0.7	%
Argentina		0.4	%
Singapore		0.3	%
Total		87.0	%
Money Market Fund		13.2	%
Other Assets in Excess of Liabilities - Net		(0.2	)%
Grand Total		100.0	%

Schedule of Investments | Growth & Income

As of December 31, 2016 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 48.3%
		AUTO PARTS & EQUIPMENT - 2.0%
	12,000	Goodyear Tire & Rubber Co.	$	370,440
	10,000	Magna International, Inc.		434,000
				804,440
		BEVERAGES - 1.2%
	5,300	Dr Pepper Snapple Group, Inc.		480,551
		CHEMICALS - 2.4%
	4,700	Celanese Corp.		370,078
	9,000	Innospec, Inc.		616,500
				986,578
		COMMERCIAL SERVICES - 1.4%
	8,000	Deluxe Corp.		572,880
		COMPUTERS - 3.8%
	25,000	Insight Enterprises, Inc. *		1,011,000
	10,000	Leisdos Holdings, Inc.		511,400
				1,522,400
		DIVERSIFIED FINANCIAL SERVICES - 1.0%
	10,000	Franklin Resources, Inc.		395,800
		ELECTRIC - 1.5%
	7,500	IDACORP, Inc.		604,125
		ELECTRONICS - 3.6%
	2,900	Arrow Electronics, Inc. *		206,770
	27,000	Orbotech Ltd. *		902,070
	2,900	Synnex Corp.		350,958
				1,459,798
		FOOD - 2.6%
	3,000	Ingredion, Inc.		374,880
	7,000	Sanderson Farms, Inc.		659,680
				1,034,560
		FOREST PRODUCTS & PAPER - 1.1%
	5,000	Neenah Paper, Inc.		426,000
		GAS - 1.1%
	18,500	CenterPoint Energy, Inc.		455,840
		HOME BUILDERS - 0.9%
	10,000	Meritage Homes Corp. *		348,000
		HOME FURNISHINGS - 0.8%
	4,500	American Woodmark Corp. *		338,625
		HOUSEHOLD PRODUCTS/WARES - 3.0%
	21,000	ACCO Brands Corp. *		274,050
	6,000	Avery Dennison Corp.		421,320
	6,000	Helen of Troy Ltd. *		506,700
				1,202,070
		INSURANCE - 2.8%
	8,000	American Financial Group, Inc.		704,960
	6,600	Argo Group International Holdings Ltd.		434,940
				1,139,900

Schedule of Investments | Growth & Income

As of December 31, 2016 (Unaudited) (Continued)

Shares			Fair Value
		INVESTMENT COMPANIES - 1.0%
	50,000	Prospect Capital Corp.	$	417,500
		MINING - 2.8%
	9,000	Agnico Eagle Mines Ltd.		378,000
	10,000	Newmont Mining Corp.		340,700
	21,000	Silver Wheaton Corp.		405,720
				1,124,420
		MISCELLANEOUS MANUFACTURER - 0.8%
	15,000	American Outdoor Brands Corp. *		316,200
		OIL & GAS - 4.2%
	6,000	Exxon Mobil Corp.		541,560
	6,000	Tesoro Corp.		524,700
	9,000	Valero Energy Corp.		614,880
				1,681,140
		OIL & GAS SERVICES - 1.8%
	100,000	McDermott International, Inc. *		739,000
		PACKAGING & CONTAINERS - 0.4%
	3,400	Crown Holdings, Inc. *		178,738
		PHARMACEUTICALS - 0.9%
	15,000	Omega Protein Corp. *		375,750
		RETAIL - 2.1%
	12,000	Foot Locker, Inc.		850,680
		SHIPBUILDING - 1.6%
	3,500	Huntington Ingalls Industries, Inc.		644,665
		SOFTWARE - 1.8%
	12,500	Ebix, Inc.		713,125
		TELECOMMUNICATIONS - 1.7%
	100,000	Vonage Holdings Corp. *		685,000
		TOTAL COMMON STOCK (Cost $16,025,981)		19,497,785
		EXCHANGE TRADED FUNDS - 2.7%
	30,000	iShares Gold Trust *		332,400
	30,000	iShares Silver Trust *		453,300
	2,700	SPDR Gold Shares *		295,947
		TOTAL EXCHANGE TRADED FUNDS (Cost $1,045,643)		1,081,647
		REITs - 4.1%
	34,000	Brandywine Realty Trust		561,340
	35,000	Chimera Investment Corp.		595,700
	25,000	Government Properties Income Trust		476,625
		TOTAL REITs (Cost $1,650,791)		1,633,665

Schedule of Investments | Growth & Income

As of December 31, 2016 (Unaudited) (Continued)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		BONDS & NOTES - 43.4%
		CORPORATE BONDS - 1.2%
$	250,000	ConocoPhillips Co.	3.350	11/15/2024	$	248,987
	250,000	Exxon Mobil Corp.	2.709	3/6/2025		243,632
		TOTAL CORPORATE BONDS (Cost $505,145)				492,619
		GOVERNMENT NOTES & BONDS - 38.7%
	314,815	Federal Home Loan Banks	3.000	4/18/2031		311,237
	2,000,000	United States Treasury Note	1.000	3/31/2017		2,002,548
	2,000,000	United States Treasury Note	1.000	9/15/2017		2,003,320
	2,000,000	United States Treasury Note	1.000	2/15/2018		2,001,055
	1,750,000	United States Treasury Note	1.000	3/15/2018		1,751,128
	1,000,000	United States Treasury Note	1.250	1/31/2019		1,000,723
	1,000,000	United States Treasury Note	1.250	4/30/2019		999,531
	1,500,000	United States Treasury Note	1.625	8/15/2022		1,463,115
	2,000,000	United States Treasury Note	1.750	5/15/2023		1,948,320
	1,000,000	United States Treasury Note	3.875	8/15/2040		1,148,515
	1,000,000	United States Treasury Note	3.125	2/15/2042		1,015,020
		TOTAL GOVERNMENT NOTES & BONDS (Cost $15,559,441)				15,644,512
		TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 3.5%
	1,000,000	United States Treasury Note TIPS (Cost $1,395,685)	2.375	1/15/2027		1,405,448
		TOTAL BONDS & NOTES (Cost $17,460,271)				17,542,579

Shares
		MONEY MARKET FUND - 1.4%
	556,636	Fidelity Institutional Money Market Funds - Government Portfolio, 0.39% (A) (Cost $556,636)		556,636
		TOTAL INVESTMENTS - 99.9% (Cost $36,739,322)(B)	$	40,312,312
		OTHER ASSETS LESS LIABILITIES - NET - 0.1%		45,096
		NET ASSETS - 100.0%	$	40,357,408

REITs - Real Estate Investment Trust.

* Non-income producing securities.

(A) Variable rate security; the rate shown represents the yield at December 31, 2016.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $36,738,774 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	3,867,437
Unrealized depreciation		(293,899	)
Net unrealized appreciation	$	3,573,538

SCHEDULE OF INVESTMENTS I The Timothy Plan

December 31, 2016 (Unaudited)

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

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

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

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

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

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

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

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

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

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

SCHEDULE OF INVESTMENTS I The Timothy Plan

December 31, 2016 (Unaudited) (Continued)

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) may be valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

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

The following is a summary of the inputs used to value each Fund’s assets as of December 31, 2016:

Aggressive Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	21,130,239	$	—	$	—	$	21,130,239
Master Limited Partnerships		314,544		—		—		314,544
REITS		162,888		—		—		162,888
Money Market Fund		249,466		—		—		249,466
Total	$	21,857,137	$	—	$	—	$	21,857,137

International Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	64,239,865	$	—	$	—	$	64,239,865
Money Market Fund		7,830,000		—		—		7,830,000
Total	$	72,069,865	$	—	$	—	$	72,069,865

Large/Mid Cap Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	59,831,482	$	—	$	—	$	59,831,482
Master Limited Partnerships		685,176		—		—		685,176
REITS		235,890		—		—		235,890
Money Market Fund		5,838,180		—		—		5,838,180
Total	$	66,590,728	$	—	$	—	$	66,590,728

SCHEDULE OF INVESTMENTS I The Timothy Plan

December 31, 2016 (Unaudited) (Continued)

Small Cap Value Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	102,368,758	$	—	$	—	$	102,368,758
REITS		17,610,120		—		—		17,610,120
Money Market Fund		2,820,330		—		—		2,820,330
Total	$	122,799,208	$	—	$	—	$	122,799,208

Large/Mid Cap Value Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	165,329,772	$	—	$	—	$	165,329,772
REITS		16,397,644		—		—		16,397,644
Money Market Fund		5,012,394		—		—		5,012,394
Total	$	186,739,810	$	—	$	—	$	186,739,810

Fixed Income Fund

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	23,762,000	$	—	$	23,762,000
Government Notes & Bonds		—		36,165,287		—		36,165,287
Government Mortage-Backed Securities		—		28,216,302		—		28,216,302
Money Market Fund		6,306,861		—		—		6,306,861
Total	$	6,306,861	$	88,143,589	$	—	$	94,450,450

High Yield Bond Fund

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	44,624,478	$	—	$	44,624,478
Money Market Fund		3,750,943		—		—		3,750,943
Total	$	3,750,943	$	44,624,478	$	—	$	48,375,421

Israel Common Values Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	19,538,610	$	—	$	—	$	19,538,610
REITS		418,848		—		—		418,848
Money Market Fund		2,591,576		—		—		2,591,576
Total	$	22,549,034	$	—	$	—	$	22,549,034

Defensive Strategies Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	13,562,463	$	—	$	—	$	13,562,463
Exchange Traded Funds		11,303,956		—		—		11,303,956
REITS		12,757,531		—		—		12,757,531
Corporate Bonds		—		1,354,345		—		1,354,345
Government Mortgage-Backed Securities		—		1,066,418		—		1,066,418
Treasury Inflation Protected Securities (TIPS)		—		21,727,944		—		21,727,944
Alternative Investments		8,681,814		—		—		8,681,814
Money Market Fund		904,232		—		—		904,232
Total	$	47,209,996	$	24,148,707	$	—	$	71,358,703

* Reflects the fund’s investment in gold and silver.

SCHEDULE OF INVESTMENTS I The Timothy Plan

December 31, 2016 (Unaudited) (Continued)

Strategic Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Mutual Funds	$	37,829,571	$	—	$	—	$	37,829,571
Money Market Fund		1,449,552		—		—		1,449,552
Total	$	39,279,123	$	—	$	—	$	39,279,123

Conservative Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Mutual Funds	$	52,480,364	$	—	$	—	$	52,480,364
Money Market Fund		2,088,965		—		—		2,088,965
Total	$	54,569,329	$	—	$	—	$	54,569,329

Emerging Markets Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	7,838,194	$	—	$	—	$	7,838,194
Preferred Stock		1,155,874		—		—		1,155,874
REITs		816,455		—		—		816,455
Money Market Fund		1,491,643		—		—		1,491,643
Total	$	11,302,166	$	—	$	—	$	11,302,166

Growth & Income Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	19,497,785	$	—	$	—	$	19,497,785
Exchange Traded Funds		1,081,647		—		—		1,081,647
REITS		1,633,665		—		—		1,633,665
Corporate Bonds		—		492,619		—		492,619
Government Notes & Bonds		—		17,049,960		—		17,049,960
Money Market Fund		556,636		—		—		556,636
Total	$	22,769,733	$	17,542,579	$	—	$	40,312,312

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

The following is a reconciliation of assets in which Level 3 inputs were used in determining value:

Emerging Markets Fund

		Common Stock		Total
Transfer into Level 1 from Level 2	$	30,986	$	30,986

Transfer was due to the availability of pricing.

Item 2. Controls and Procedures.

(a)       The Registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)       There were no changes to the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) are 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.

Timothy Plan Funds

By

*/s/ Arthur D. Ally

Arthur D. Ally, President / Principal Executive Officer, Treasurer / Principal Financial Officer

Date 2/24/17

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 / Principal Executive Officer, Treasurer / Principal Financial Officer

Date 2/24/17

EX-99.CERT

CERTIFICATIONS

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Arthur D. Ally, certify that:

1. I have reviewed this report on Form N-Q of The Timothy Plan;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By	/s/ Arthur D. Ally
	Arthur D. Ally, President / Principal Executive Officer, Treasurer / Principal Financial Officer
Date:	2/24/17