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: 12/31

Date of reporting period: 12/31/20

Amended to correct the language in response to Item 11(b) of Form N-CSR on the initial filing. There is no change to the financial statements and no impact to the documents made available to shareholders.

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:

ANNUAL REPORT

December 31, 2020

TIMOTHY PLAN VARIABLE SERIES

Conservative Growth

Strategic Growth

December 31, 2020

Dear Timothy Plan Strategic Growth Variable and Conservative Growth Variable Shareholder:

Asset allocation has normally been, and we believe it continues to be, a very prudent approach to investing. As a review, your Timothy Plan Variable Fund investment is a compilation of numerous Timothy Plan underlying funds and, as such, your performance is directly related to the performance of those underlying funds. You may notice that our allocation has not changed in 2020 from the previous year. Here is the current allocation:

		Conservative Growth		Strategic Growth
●	Large-Cap Core ETF	14.00	%	17.00	%
●	High Dividend Stock ETF	7.50	%	10.50	%
●	Small-Cap Core ETF	5.00	%	7.00	%
●	International Stock ETF	14.00	%	23.00	%
●	International Fund	4.50	%	7.00	%
●	High-Yield Bond Fund	5.50	%	5.50	%
●	Defensive Strategies Fund	6.00	%	7.00	%
●	Fixed Income Fund	39.50	%	20.00	%
●	Cash	4.00	%	3.00	%

To say that 2020 was a challenging year would be an understatement. Although the world-wide Pandemic created a lot of chaos in the capital markets, nevertheless we recovered nicely and finished the year with positive returns of 9.18% (Strategic Growth Variable) and 8.24% (Conservative Growth Variable) respectively. The positive returns were, we believe, the result of good stock selections by our sub-advisors, and positive performance of the technology stocks in all sectors of the markets. As you recall, our #1 concern is preservation of principal, and, even though we want to participate in the markets’ positive returns, we will attempt to adjust the allocation above to changing market conditions.

As you know, no one can guarantee future performance. However, the one thing that I can assure you of is every one of our sub-advisors is doing their very best and our team here at Timothy is working very hard to provide you an investment in which you can feel comfortable.

Sincerely,

Arthur D. Ally

President

1

Fund Performance - (Unaudited)

December 31, 2020

Conservative Growth Portfolio Variable Series

		5 Year	10 Year	Average Annual
	1 Year	Average	Average	Total Return
Fund/Index	Total Return	Annual Return	Annual Return	Since Inception (a)
Timothy Conservative Growth Portfolio Variable Series	8.24%	5.74%	4.76%	4.32%
Dow Jones Global Moderate Portfolio Index (b)	12.24%	9.36%	7.59%	7.39%

(a) For the period May 1, 2002 (commencement of investment in accordance with objective) to December 31, 2020.

(b) Dow Jones Global Moderate Portfolio Index is based on the Dow Jones Relative Risk Index and consists of 60% equities and 40% fixed income.

Timothy Plan Conservative Growth Portfolio Variable Series vs. Dow Jones Global Moderate Portfolio Index

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund and the Dow Jones Global Moderate Portfolio Index on December 31, 2010 and held through December 31, 2020. The Dow Jones Global Moderate Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the indexes and the reinvestment of dividends. The total operating expense ratio (including indirect expenses and acquired fund fees/expenses), as stated in the Fund’s Prospectus dated April 29, 2020, is 1.78%. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares as well as other charges and expenses of the insurance contract, or separate account. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.

2

Fund Performance - (Unaudited)

December 31, 2020

Strategic Growth Portfolio Variable Series

		5 Year	10 Year	Average Annual
	1 Year	Average	Average	Total Return
Fund/Index	Total Return	Annual Return	Annual Return	Since Inception (a)
Timothy Strategic Growth Portfolio Variable Series	9.18%	6.38%	5.38%	4.27%
Dow Jones Global Moderately Aggressive Portfolio Index (b)	14.14%	11.08%	8.94%	8.27%

(a) For the period May 1, 2002 (commencement of investment in accordance with objective) to December 31, 2020.

(b) Dow Jones Global Moderately Aggressive Portfolio Index is based on the Dow Jones Relative Risk Index and consists of 80% equities and 20% fixed income.

Timothy Plan Strategic Growth Portfolio Variable Series vs. Dow Jones Global Moderately Aggressive Portfolio Index

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund and the Dow Jones Global Moderately Aggressive Portfolio Index on December 31, 2010 and held through December 31, 2020. The Dow Jones Global Moderately Aggressive Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the indexes and the reinvestment of dividends. The total operating expense ratio (including indirect expenses and acquired fund fees/expenses), as stated in the Fund’s Prospectus dated April 29, 2020, is 1.82%. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares as well as other charges and expenses of the insurance contract, or separate account. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.

3

Fund Profile - Conservative Growth Portfolio Variable Series

December 31, 2020 (Unaudited)

Underlying Fund Allocations
(% of Net Assets)
Fixed Income Fund	39.55	%
US Large/Mid Cap Core ETF	14.08	%
International ETF	13.89	%
High Dividend Stock ETF	7.57	%
Defensive Strategies Fund	6.03	%
High Yield Bond Fund	5.51	%
US Small Cap Core ETF	5.00	%
International Fund	4.49	%
Money Market and Other Assets in Excess of Liabilities	3.88	%
	100.00	%

Expense Example (Unaudited):

As a shareholder of the 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 the 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 July 1, 2020 through December 31, 2020.

Actual Expenses

The first line of the following table 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 table provides information about hypothetical account values and hypothetical expenses based on the 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 the 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 table 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.

		Beginning Account		Ending Account				Expenses Paid
		Value			Value			During Period*
							7/1/2020 through
		7/1/2020			12/31/2020		12/31/2020
Actual	$	1,000.00	$		1,112.00	$		4.19
Hypothetical**	$	1,000.00	$		1,021.17	$		4.01

* Expenses are equal to the Fund’s annualized expense ratio of 0.79%, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 184 days/366 days (to reflect the partial year period). The Fund’s ending account value on the first line in the table is based on its actual total return of 11.20% for the six-month period of July 1, 2020 through December 31, 2020.

** Assumes a 5% return before expenses.

4

Fund Profile - Strategic Growth Portfolio Variable Series

December 31, 2020 (Unaudited)

Underlying Fund Allocations
(% of Net Assets)
International ETF	22.71	%
Fixed Income Fund	19.94	%
US Large/Mid Cap Core ETF	17.02	%
High Dividend Stock ETF	10.56	%
Defensive Strategies Fund	7.00	%
US Small Cap Core ETF	6.98	%
International Fund	6.95	%
High Yield Bond Fund	5.49	%
Money Market and Other Assets in Excess of Liabilities	3.35	%
	100.00	%

Expense Example (Unaudited):

As a shareholder of the 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 the 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 July 1, 2020 through December 31, 2020.

Actual Expenses

The first line of the following table 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 table provides information about hypothetical account values and hypothetical expenses based on the 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 the 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 table 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.

		Beginning Account		Ending Account				Expenses Paid
		Value			Value			During Period*
							7/1/2020 through
		7/1/2020			12/31/2020		12/31/2020
Actual	$	1,000.00	$		1,163.20	$		3.64
Hypothetical**	$	1,000.00	$		1,021.77	$		3.40

* Expenses are equal to the Fund’s annualized expense ratio of 0.67%, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 184 days/366 days (to reflect the partial year period). The Fund’s ending account value on the first line in the table is based on its actual total return of 16.32% for the six-month period of July 1, 2020 through December 31, 2020.

** Assumes a 5% return before expenses.

5

Schedule of Investments

Conservative Growth Portfolio Variable Series

As of December 31, 2020

Shares			Fair Value
		EXCHANGE TRADED FUNDS (A) - 40.5%
	40,600	Timothy Plan High Dividend Stock ETF	$	1,051,946
	71,495	Timothy Plan International ETF		1,930,744
	63,378	Timothy Plan US Large/Mid Cap Core ETF		1,955,845
	25,078	Timothy Plan US Small Cap Core ETF		695,094
		TOTAL EXCHANGE TRADED FUNDS (Cost $4,823,266)		5,633,629
		MUTUAL FUNDS (B) - 55.6%
	65,949	Timothy Plan Defensive Strategies Fund		837,547
	511,731	Timothy Plan Fixed Income Fund		5,495,989
	78,975	Timothy Plan High Yield Bond Fund		766,061
	52,205	Timothy Plan International Fund		623,327
		TOTAL MUTUAL FUNDS (Cost $7,180,221)		7,722,924
		MONEY MARKET FUND - 1.7%
	231,705	Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (C) (Cost $231,705)		231,705
		TOTAL INVESTMENTS (Cost $12,235,192) - 97.8%	$	13,588,258
		OTHER ASSETS LESS LIABILITIES - NET - 2.2%		306,871
		TOTAL NET ASSETS - 100.0%	$	13,895,129

ETF - Exchange Traded Fund.

(A) Affiliated Funds.

(B) Affiliated Funds - Class A.

(C) Variable rate security; the rate shown represents the 7-day effective yield as of December 31, 2020.

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

6

Schedule of Investments

Strategic Growth Portfolio Variable Series

As of December 31, 2020

Shares			Fair Value
		EXCHANGE TRADED FUNDS (A) - 57.2%
	69,380	Timothy Plan High Dividend Stock ETF	$	1,797,636
	143,200	Timothy Plan International ETF		3,867,159
	93,888	Timothy Plan US Large/Mid Cap Core ETF		2,897,384
	42,868	Timothy Plan US Small Cap Core ETF		1,188,185
		TOTAL EXCHANGE TRADED FUNDS (Cost $8,473,260)		9,750,364
		MUTUAL FUNDS (B) - 39.4%
	93,874	Timothy Plan Defensive Strategies Fund		1,192,197
	316,137	Timothy Plan Fixed Income Fund		3,395,313
	96,358	Timothy Plan High Yield Bond Fund		934,677
	99,086	Timothy Plan International Fund		1,183,084
		TOTAL MUTUAL FUNDS (Cost $6,106,996)		6,705,271
		TOTAL INVESTMENTS (Cost $14,580,256) - 96.6%	$	16,455,635
		OTHER ASSETS LESS LIABILITIES - NET - 3.4%		570,958
		TOTAL NET ASSETS - 100.0%	$	17,026,593

ETF - Exchange Traded Fund.

(A) Affiliated Funds.

(B) Affiliated Funds - Class A.

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

7

Statements of Assets and Liabilities

December 31, 2020

	CONSERVATIVE GROWTH		STRATEGIC GROWTH
	PORTFOLIO		PORTFOLIO
	VARIABLE SERIES		VARIABLE SERIES
ASSETS:
Investments in affiliated securities, at cost	$	12,003,487	$	14,580,256
Investments in unaffiliated securities, at cost		231,705		—
Investments in affiliated securities, at value	$	13,356,553	$	16,455,635
Investments in unaffiliated securities, at value		231,705		—
Receivable for securities sold		425,398		594,516
Receivable for fund shares sold		3,623		83,419
Dividends and interest receivable		3		1
Total Assets		14,017,282		17,133,571
LIABILITIES:
Accrued advisory fees		903		1,497
Payable for fund shares redeemed		796		57
Payable for securities purchased		97,740		82,097
Due to Custodian		—		2,441
Payable to service providers		9,753		10,765
Accrued expenses		12,961		10,121
Total Liabilities		122,153		106,978
Net Assets	$	13,895,129	$	17,026,593
NET ASSETS CONSIST OF:
Paid in capital ($0 par value, unlimited shares authorized)	$	12,463,194	$	14,894,784
Accumulated earnings		1,431,935		2,131,809
Net Assets	$	13,895,129	$	17,026,593
Net Assets	$	13,895,129	$	17,026,593
Shares of beneficial interest outstanding		1,192,589		1,425,302
Net Asset Value (Net Assets/shares outstanding), offering price and redemption price per share	$	11.65	$	11.95

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

8

Statements of Operations

For the Year Ended December 31, 2020

	CONSERVATIVE GROWTH		STRATEGIC GROWTH
	PORTFOLIO		PORTFOLIO
	VARIABLE SERIES		VARIABLE SERIES
Investment Income:
Dividend income from affiliated funds	$	181,693	$	235,177
Interest income		941		1,081
Total Investment Income		182,634		236,258
Operating Expenses:
Administration fees		38,717		42,914
Investment advisory fees		12,860		15,747
Printing expenses		12,393		12,084
Audit and tax fees		12,068		12,841
Custody fees		3,335		3,739
Trustees’ fees		2,565		2,825
Compliance officer fees		2,439		3,090
Insurance expenses		366		366
Other expenses		1,098		732
Total Operating Expenses		85,841		94,338
Net Investment Income		96,793		141,920
Net Realized and Unrealized Gain from Investments:
Net realized gain from investments in affiliated funds		78,246		158,384
Net Change in unrealized appreciation (depreciation) on affiliated investments		832,462		1,068,452
Net Realized and Unrealized Gain from Investments		910,708		1,226,836
Net Increase in Net Assets Resulting From Operations	$	1,007,501	$	1,368,756

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

9

Statements of Changes in Net Assets

	CONSERVATIVE GROWTH						STRATEGIC GROWTH
	PORTFOLIO						PORTFOLIO
	VARIABLE SERIES						VARIABLE SERIES
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019
Operations:
Net investment income	$	96,793		$	95,823		$	141,920		$	83,055
Capital gain dividends from affiliated investments		—			12,328			—			17,831
Net realized gain from investments in affiliated funds		78,246			479,867			158,384			769,028
Net change in unrealized appreciation (depreciation) on affiliated investments		832,462			1,491,485			1,068,452			2,145,116
Net increase in net assets resulting from operations		1,007,501			2,079,503			1,368,756			3,015,030
Distributions to Shareholders:
Total distributions paid		(577,166	)		(709,699	)		(847,181	)		(291,496	)
Total dividends and distributions to shareholders		(577,166	)		(709,699	)		(847,181	)		(291,496	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold		1,588,881			2,364,717			531,128			298,926
Reinvestment of dividends		577,167			709,699			847,181			291,496
Cost of shares redeemed		(2,319,906	)		(5,172,434	)		(1,944,734	)		(2,206,845	)
Net decrease in net assets from share transactions of beneficial interest		(153,858	)		(2,098,018	)		(566,425	)		(1,616,423	)
Total Increase (Decrease) in Net Assets		276,477			(728,214	)		(44,850	)		1,107,111
Net Assets:
Beginning of year		13,618,652			14,346,866			17,071,443			15,964,332
End of year	$	13,895,129		$	13,618,652		$	17,026,593		$	17,071,443
Share Activity:
Shares sold		139,825			213,540			46,552			27,085
Shares reinvested		52,757			64,813			77,652			26,167
Shares redeemed		(211,025	)		(465,222	)		(176,248	)		(200,896	)
Net decrease in shares of beneficial interest outstanding		(18,443	)		(186,869	)		(52,044	)		(147,644	)

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

10

Financial Highlights

Conservative Growth Portfolio Variable Series

Selected data based on a share outstanding throughout each year presented.

	For the Year			For the Year			For the Year			For the Year			For the Year
	ended			ended			ended			ended			ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of year	$	11.25		$	10.26		$	11.37		$	10.46		$	10.69
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.08			0.07			0.10			0.09			0.05
Net realized and unrealized gain (loss) on investments		0.81			1.52			(1.09	)		0.88			0.57
Total from investment operations		0.89			1.59			(0.99	)		0.97			0.62
LESS DISTRIBUTIONS:
From net investment income		(0.08	)		(0.13	)		(0.12	)		(0.06	)		(0.08	)
From net realized gains on investments		(0.41	)		(0.47	)		—			—			(0.77	)
Total distributions		(0.49	)		(0.60	)		(0.12	)		(0.06	)		(0.85	)
Net asset value, end of year	$	11.65		$	11.25		$	10.26		$	11.37		$	10.46
Total return (B)		8.24	%		15.68	%		(8.77	)%		9.32	%		5.85	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	13,895		$	13,619		$	14,347		$	19,046		$	23,097
Expenses (C)		0.67	%		0.55	%		0.41	%		0.42	%		0.43	%
Net investment income (C)(D)		0.75	%		0.66	%		0.91	%		0.82	%		0.44	%
Portfolio turnover rate		17	%		63	%		11	%		23	%		21	%

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

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

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

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

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

11

Financial Highlights

Strategic Growth Portfolio Variable Series

Selected data based on a share outstanding throughout each year presented.

	For the Year			For the Year			For the Year			For the Year			For the Year
	ended			ended			ended			ended			ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of year	$	11.56		$	9.82		$	11.27		$	10.09		$	10.46
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.10			0.05			0.07			0.09			0.04
Net realized and unrealized gain (loss) on investments		0.90			1.88			(1.41	)		1.13			0.53
Total from investment operations		1.00			1.93			(1.34	)		1.22			0.57
LESS DISTRIBUTIONS:
From net investment income		(0.06	)		(0.08	)		(0.11	)		(0.04	)		(0.04	)
From net realized gains on investments		(0.55	)		(0.11	)		—			—			(0.90	)
Total distributions		(0.61	)		(0.19	)		(0.11	)		(0.04	)		(0.94	)
Net asset value, end of year	$	11.95		$	11.56		$	9.82		$	11.27		$	10.09
Total return (B)		9.18	%		19.78	%		(11.90	)%		12.12	%		5.48	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	17,027		$	17,071		$	15,964		$	21,823		$	23,531
Expenses (C)		0.60	%		0.49	%		0.46	%		0.43	%		0.39	%
Net investment income (C)(D)		0.90	%		0.49	%		0.64	%		0.86	%		0.34	%
Portfolio turnover rate		13	%		78	%		7	%		33	%		32	%

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

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

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

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

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

12

Notes to Financial Statements

December 31, 2020

Conservative and Strategic Growth Portfolio Variable Series

Note 1 | Significant Accounting Policies

The Timothy Plan Conservative Growth Portfolio Variable Series (“Conservative Growth Portfolio”) and the Timothy Plan Strategic Growth Portfolio Variable Series (“Strategic Growth Portfolio”) (individually the “Fund”, collectively the “Funds”) were organized as diversified series of The Timothy Plan (the “Trust”). The Trust is an open-ended investment company established under the laws of Delaware by an Agreement and Declaration of Trust dated December 16, 1993 (the “Trust Agreement”). The Funds are intended to serve as investment vehicles for variable life insurance, variable annuity and group annuity products of insurance companies or for qualified plans. They are offered only to separate accounts established by various insurance companies and to certain eligible qualified retirement plans. The Conservative Growth Portfolio’s primary objective is moderate long -term capital growth, with a secondary objective of current income only to the extent that the Timothy Funds in which the Conservative Growth Portfolio invests seek current income. The Strategic Growth Portfolio’s primary investment objective is medium to high levels of long-term capital growth, with a secondary objective of current income only to the extent that the Timothy Funds in which the Strategic Growth Portfolio invests seek current income. The Conservative Growth Portfolio seeks to achieve its investment objectives by investing primarily in the following Timothy Funds which are other series of the Trust: Small Cap Value Fund, Large/Mid Cap Value Fund, Large/Mid Cap Growth Fund, Fixed Income Fund, Aggressive Growth Fund, High Yield Bond Fund, International Fund, Israel Common Values Fund, Defensive Strategies Fund, Growth & Income Fund, Timothy Plan High Dividend Stock ETF, Timothy Plan International ETF, Timothy Plan U.S. Large Cap Core ETF and Timothy Plan U.S. Small Cap Core ETF. The Conservative Growth Portfolio also invests in the Fidelity Institutional Money Market Funds – Government Portfolio, an unaffiliated mutual fund. The Strategic Growth Portfolio seeks to achieve its investment objectives by investing primarily in the following Timothy Funds which are other series of the Trust: Small Cap Value Fund, Large/Mid Cap Value Fund, Large/Mid Cap Growth Fund, Fixed Income Fund, Aggressive Growth Fund, High Yield Bond Fund, International Fund, Israel Common Values Fund, Defensive Strategies Fund, Growth & Income Fund, Timothy Plan High Dividend Stock ETF, Timothy Plan International ETF, Timothy Plan U.S. Large Cap Core ETF and Timothy Plan U.S. Small Cap Core ETF. The Strategic Growth Portfolio can also invest in the Fidelity Institutional Money Market Funds – Government Portfolio, an unaffiliated mutual fund. Each Fund is one of a series of Funds currently authorized by the Board of Trustees (the “Board”). Timothy Partners, Ltd., (“TPL” or the “Advisor”) is the Investment Advisor for the 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. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”.

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

Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of 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 Funds will not change.

EXCHANGE TRADED FUNDS

The Funds may invest in exchange traded funds (“ETFs”). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively traded or represent a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETF generally reflect the risks of owning the

13

Notes to Financial Statements

December 31, 2020

Conservative and Strategic Growth Portfolio Variable Series

underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Each ETF is subject to specific risks, depending on the nature of the ETF. Additionally, ETFs have fees and expenses that reduce their value.

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 – quoted prices in active markets for identical securities

● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining fair value of investments 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 purchases Class A Shares of the Timothy Funds at net asset value without any sales charges. Investments in mutual funds, including money market mutual funds, are generally priced at the ending Net Asset Value (“NAV”) provided by the service agent of the funds. These securities will be categorized as Level 1 securities. Securities including ETFs, that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price.

The Board has delegated to the Advisor responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Advisor will use its best efforts to arrive at the fair value of a security held by each 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 with respect to the circumstances under which, and the methods to be used, fair value pricing is utilized. Good faith pricing is permitted if, in the Advisor’s opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Funds’ NAV calculation that may affect a security’s value, or the Advisor is aware of any other data that calls into question the reliability of market quotations.

The following is a summary of the inputs used to value the Conservative Growth Portfolio’s investments as of December 31, 2020:

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	5,633,629	$	—	$	—	$	5,633,629
Mutual Funds		7,722,924		—		—		7,722,924
Money Market Fund		231,705		—		—		231,705
Total	$	13,588,258	$	—	$	—	$	13,588,258

The following is a summary of the inputs used to value the Strategic Growth Portfolio’s investments as of December 31, 2020:

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	9,750,364	$	—	$	—	$	9,750,364
Mutual Funds		6,705,271		—		—		6,705,271
Total	$	16,455,635	$	—	$	—	$	16,455,635

Refer to the Schedules of Investments for underlying Fund allocations.

The Conservative Growth Portfolio and the Strategic Growth Portfolio did not hold any Level 2 or Level 3 securities during the year.

B. INVESTMENT INCOME AND SECURITIES TRANSACTIONS

Security transactions are accounted for on the date the securities are purchased or sold (trade date). Cost is determined and gains and losses are based on the identified cost basis for both financial statement and federal income tax purposes. Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis.

The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

14

Notes to Financial Statements

December 31, 2020

Conservative and Strategic Growth Portfolio Variable Series

C. NET ASSET VALUE PER SHARE

Net asset per share of the capital stock of each Fund 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.

D. 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.

Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2017 to December 31, 2019, or expected to be taken in the Fund’s December 31, 2020 year-end tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. For the prior year ended December 31, 2019, 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 2017 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.

E. USE OF ESTIMATES

In preparing 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.

F. 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 year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Funds. There were no such reclassifications.

G. EXPENSES

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

H. 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.

Note 2 | 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 year ended December 31, 2020:

Funds	Purchases		Sales
Conservative Growth Portfolio	$	2,102,084	$	2,920,919
Strategic Growth Portfolio		1,961,259		3,421,666

15

Notes to Financial Statements

December 31, 2020

Conservative and Strategic Growth Portfolio Variable Series

Note 3 | Aggregate Unrealized Appreciation and Depreciation

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

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation/
Funds	Tax Cost		Appreciation		Depreciation			Depreciation
Conservative Growth Portfolio	$	12,330,731	$	1,353,066	$	(95,539	)	$	1,257,527
Strategic Growth Portfolio		14,611,585		1,875,379		(31,329	)		1,844,050

Note 4 | Investment Advisory Agreement and Transactions with Service Providers

Timothy Partners, Ltd. is the Investment Advisor for the Funds pursuant to an Amended and Restated Investment Advisory Agreement (the “Agreement”) that was renewed by the Board on February 14, 2020. TPL supervises the investment of the assets of each Fund’s portfolio in accordance with the objectives, policies and restrictions of the Funds. Under the terms of the Agreement, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 0.10% of the average daily net assets of each Fund. Total fees earned by TPL during the year ended December 31, 2020 were $12,860 and $15,747 for the Conservative Growth Portfolio and the Strategic Growth Portfolio, respectively. The Conservative Growth Portfolio and the Strategic Growth Portfolio owed TPL $903 and $1,497, respectively, at December 31, 2020. An officer and trustees of the Trust are also officers/employees of the Advisor.

Gemini Fund Services, LLC (“GFS”) provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust (excluding the Timothy Plan ETFs), 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.

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. As of December 31, 2020, American United Life Insurance Co. (“AUL”) held for the benefit of others, in aggregate, approximately 80% of the Conservative Growth Portfolio and approximately 88% of the Strategic Growth Portfolio.

Note 6 | Distributions to Shareholders and Tax Components of Capital

The tax character of distributions paid for the fiscal years ended December 31, 2020 and December 31, 2019 were as follows:

	Conservative Growth		Strategic Growth
	Portfolio		Portfolio
2020
Ordinary Income	$	152,051	$	134,974
Long-Term Capital Gain		425,115		712,207
	$	577,166	$	847,181
2019
Ordinary Income	$	155,799	$	124,009
Long-Term Capital Gain		553,900		167,487
	$	709,699	$	291,496

16

Notes to Financial Statements

December 31, 2020

Conservative and Strategic Growth Portfolio Variable Series

As of December 31, 2020, the components of accumulated earnings/(loss) on a tax basis were as follows:

	Conservative Growth		Strategic Growth
	Portfolio		Portfolio
Undistributed Ordinary Income	$	96,692	$	141,832
Undistributed Long-Term Capital Gains		77,716		145,927
Unrealized Appreciation (Depreciation)		1,257,527		1,844,050
	$	1,431,935	$	2,131,809

The difference between book basis and tax basis undistributed net investment income/(loss) and accumulated earnings/(loss) is primarily attributable to the tax deferral of losses on wash sales.

Note 7 | Underlying Investment in Other Investment Companies

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

The performance of the Portfolio will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of December 31, 2020, 39.6% of the Conservative Growth Portfolio’s net assets were invested in the Timothy Plan Fixed Income Fund.

Note 8 | Investments in Affiliated Companies

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

The Strategic Growth Portfolio and Conservative Growth Portfolio had the following transactions during the year ended December 31, 2020, with affiliates:

	Year Ended December 31, 2020
Strategic Growth
													Net Change in
	Fair Value							Dividends		Amount of Gain			Unrealized			Fair Value
	December 31,							Credited to		(Loss) Realized on			Appreciation			December 31,
Fund	2019		Purchases		Sales Proceeds			Income		Sale of Shares			(Depreciation)			2020
Timothy Plan International Fund	$	1,211,103	$	69,169	$	(345,277	)	$	—	$	49,186		$	198,903		$	1,183,084
Timothy Plan Fixed Income Fund		3,379,187		880,838		(990,416	)		37,284		50,477			75,227			3,395,313
Timothy Plan High Yield Bond Fund		949,523		130,545		(151,456	)		38,304		(1,733	)		7,798			934,677
Timothy Plan Defensive Strategies Fund		1,214,513		29,942		(143,125	)		—		7,797			83,070			1,192,197
Timothy Plan High Dividend Stock ETF		1,822,496		216,862		(200,099	)		43,804		(6,161	)		(35,462	)		1,797,636
Timothy Plan International ETF		3,979,645		291,031		(654,814	)		73,759		(3,733	)		255,030			3,867,159
Timothy Plan US Large/Mid Cap Core ETF		2,932,160		107,244		(523,877	)		25,901		59,375			322,482			2,897,384
Timothy Plan US Small Cap Core ETF		1,200,579		235,628		(412,602	)		16,125		3,176			161,404			1,188,185
Total	$	16,689,206						$	235,177	$	158,384		$	1,068,452		$	16,455,635
	Year Ended December 31, 2020
Conservative Growth
													Net Change in
	Fair Value							Dividends		Amount of Gain			Unrealized			Fair Value
	December 31,							Credited to		(Loss) Realized on			Appreciation			December 31,
Fund	2019		Purchases		Sales Proceeds			Income		Sale of Shares			(Depreciation)			2020
Timothy Plan International Fund	$	629,843	$	68,925	$	(211,217	)	$	—	$	17,643		$	118,133		$	623,327
Timothy Plan Fixed Income Fund		5,383,023		1,084,887		(1,177,716	)		59,741		33,275			172,520			5,495,989
Timothy Plan High Yield Bond Fund		765,864		80,853		(89,035	)		31,252		(566	)		8,945			766,061
Timothy Plan Defensive Strategies Fund		839,660		72,978		(143,518	)		—		10,849			57,578			837,547
Timothy Plan High Dividend Stock ETF		1,051,440		159,934		(139,175	)		26,313		(9,232	)		(11,021	)		1,051,946
Timothy Plan International ETF		1,953,831		312,256		(476,276	)		37,028		(12,085	)		153,018			1,930,744
Timothy Plan US Large/Mid Cap Core ETF		1,950,240		175,552		(441,908	)		17,676		43,905			228,056			1,955,845
Timothy Plan US Small Cap Core ETF		690,779		146,699		(242,074	)		9,683		(5,543	)		105,233			695,094
Total	$	13,264,680						$	181,693	$	78,246		$	832,462		$	13,356,553

17

Notes to Financial Statements

December 31, 2020

Conservative and Strategic Growth Portfolio Variable Series

Note 9 | Subsequent Events

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

18

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

The Timothy Plan

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Timothy Plan Conservative Growth Portfolio Variable Series and Timothy Plan Strategic Growth Portfolio Variable Series (the “Funds”), two of the portfolios constituting The Timothy Plan, as of December 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers or counterparties were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Timothy Partners, Ltd., since 2005.

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 12, 2021

COHEN & COMPANY, LTD.

800.229.1099 | 866.818.4535 fax | cohencpa.com

Registered with the Public Company Accounting Oversight Board

19

Officers and Trustees of the Trust (Unaudited)

The Trustees and principal executive officers of the Trust and their principal occupations for the past five years are listed as follows:

INTERESTED TRUSTEES

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Arthur D. Ally* 1055 Maitland Center Commons Maitland, FL Born: 1942	Trustee, Chairman, President, and Treasurer	Indefinite; Trustee and President since 1994	18
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	President and controlling shareholder of Covenant Funds, Inc. (“CFI”), a holding company. President and general partner of Timothy Partners, Ltd. (“TPL”), the investment Advisor and principal underwriter to each Fund. CFI is also the managing general partner of TPL.		None

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Mathew D. Staver** 1055 Maitland Center Commons Maitland, FL Born: 1956	Trustee	Indefinite; Trustee since 2000	18
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles.		None

* Mr. Ally is an “interested” Trustee, as that term is defined in the 1940 Act, because of his positions with and financial interests in CFI and TPL.

** Mr. Staver is an “interested” Trustee, as that term is defined in the 1940 Act, because he has a limited partnership interest in TPL.

INDEPENDENT TRUSTEES

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Richard W. Copeland 1055 Maitland Center Commons Maitland, FL Born: 1947	Trustee	Indefinite; Trustee since 2005	18
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Retired. Associate Professor Stetson University for the past 40 years. Retired Principal of Copeland & Covert, Attorneys at Law; specializing in tax and estate planning. B.A. from Mississippi College, JD from University of Florida and LLM Taxation from University of Miami.		None

20

Officers and Trustees of the Trust (Unaudited)(Continued)

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Deborah Honeycutt 1055 Maitland Center Commons Maitland, FL Born: 1947	Trustee	Indefinite; Trustee since 2010	18
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Shepherd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois.		None

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Bill Johnson 1055 Maitland Center Commons Maitland, FL Born: 1946	Trustee	Indefinite; Trustee since 2005	18
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	President (and Founder) of American Decency Association, Freemont, MI since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Masters of Religious Education from Grand Rapids Baptist Seminary.		None

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
John C. Mulder 1055 Maitland Center Commons Maitland, FL Born: 1950	Trustee	Indefinite; Trustee since 2005	18
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	President of WaterStone (formerly the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from University of Chicago.		None

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Scott Preissler, Ph.D. 1055 Maitland Center Commons Maitland, FL Born: 1960	Trustee	Indefinite; Trustee since 2004	18
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Scott Preissler, Ph.D. is the Executive Director of The National Center for Stewardship& Generosity. He is a former professor and past President and CEO of The Christian Stewardship Association (CSA) and Southern Baptist state headquarters in Texas and Georgia		None

21

Officers and Trustees of the Trust (Unaudited)(Continued)

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Alan M. Ross 1055 Maitland Center Commons Maitland, FL Born: 1951	Trustee, Vice Chairman	Indefinite; Trustee since 2004	18
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Founder and CEO of Corporate Development Institute which he founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ and has authored three books: Beyond World Class, Unconditional Excellence, Breaking Through to Prosperity.		None

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Patrice Tsague 1055 Maitland Center Commons Maitland, FL Born: 1973	Trustee	Indefinite; Trustee since 2011	18
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999.		None

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Abraham M. Rivera 1055 Maitland Center Commons Maitland, FL Born: 1969	Trustee	Indefinite; Trustee since 2020	18
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Pastor / President / Director, for La Puerta Life Center, Inc., a Florida corporation.		1

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Dale A. Bissonette 1055 Maitland Center Commons Maitland, FL Born: 1958	Trustee	Indefinite; Trustee since 2020	18
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	President, Good Place Holdings, a Christian Centered Business Holding Company.		None

22

Officers and Trustees of the Trust (Unaudited)(Continued)

PRINCIPAL EXECUTIVE OFFICERS

Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Terry Covert 1055 Maitland Center Commons Maitland, FL Born: 1947	Executive Officer, Vice President	Officer since 2019 Indefinite Term	N/A
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Chief Compliance Officer and General Counsel for the Advisor, Timothy Partners, Ltd.		N/A
Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
Cheryl Mumbert 1055 Maitland Center Commons Maitland, FL Born: 1970	Executive Officer, Vice President	Officer since 2019 Indefinite Term	N/A
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Chief Marketing Officer for Advisor, Timothy Partners, Ltd.		N/A
Name, Address & Age	Position(s) Held with the Trust	Length of Time Served and Term of Office	Number of Portfolios in Fund Complex Overseen by Trustee
David D. Jones 1055 Maitland Center Commons Maitland, FL Born: 1957	Chief Compliance Officer	Since 2004, Indefinite Term	N/A
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Co-founder and Managing Member, Drake Compliance, LLC (compliance consulting); founder and controlling shareholder, David Jones & Associates (law firm), 1998 to 2015.		N/A
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Joseph E. Boatwright 1055 Maitland Center Commons Maitland, FL Born: 1930	Trustee Emeritus and  Secretary	Indefinite; Trustee and Secretary since 1995, Trustee Emeritus as of 2020	N/A
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970- 1996.		None

The Fund’s Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-800-846-7526.

23

Privacy Notice

FACTS	WHAT DOES THE TIMOTHY PLAN DO WITH YOUR PERSONAL INFORMATION?
WHY?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do.
WHAT?	The types of information we collect and share depend on the product or service you have with us. This information can include:
	●    Social Security Number
	●    Assets
	●    Retirement Assets
	●    Transaction History
	●    Checking Account History
	●    Purchase History
	●    Account Balances
	●    Account Transactions
	●    Wire Transfer Instructions
	When you are no longer our customer, we continue to share your information as described in this Notice.
HOW?	All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons The Timothy Plan chooses to share; and whether you can limit this sharing.

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

24

  Page 2        

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

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

25

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 1-800-846-7526 or by referring to the Security and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

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

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.

26

Liquidity Risk Management Program (Unaudited)

December 31, 2020

Timothy Plan Family of Funds

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of a Liquidity Program Administrator (LPA) comprised of the Trust’s Liquidity Risk Management Program Committee, which includes representatives from the Funds’ investment adviser and liquidity consultant. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The LPA updated its assessment of each Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended November 30, 2019 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception on December 1, 2018 (the “Review Period”) in order to prepare a written report for the Board of Trustees (the “Report”) for consideration at its meeting held in February, 2020.

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

27

BOARD OF TRUSTEES
Arthur D. Ally
Rick Copeland
Deborah Honeycutt
Bill Johnson
John C. Mulder
Scott Preissler
Alan Ross
Mathew D. Staver
Patrice Tsague
Abraham M. Rivera
Dale A. Bissonette
OFFICERS
Arthur D. Ally, President
Joseph E. Boatwright, Secretary
Terry Covert, Vice President
Cheryl Mumbert, Vice President
David D. Jones, Chief Compliance Officer
INVESTMENT ADVISOR
Timothy Partners, Ltd.
1055 Maitland Center Commons
Maitland, FL 32751
DISTRIBUTOR
Timothy Partners, Ltd.
1055 Maitland Center Commons
Maitland, FL 32751
TRANSFER AGENT
Ultimus Fund Solutions, LLC
4221 N. 203rd St, Suite 100
Elkhorn, NE 68022-3474
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Cohen & Company, Ltd. 1350 Euclid Ave., Suite 800 Cleveland, OH 44115
LEGAL COUNSEL David D Jones, Esq. 20770 Hwy 281 N., Suite 108-619 San Antonio, TX 78258
For additional information or a prospectus, please call: 1-800-846-7526 Visit the Timothy Plan web site on the internet at: www.timothyplan.com		HEADQUARTERS The Timothy Plan 1055 Maitland Center Commons Maitland, Florida 32751 (800) 846-7526 www.timothyplan.com invest@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.		SHAREHOLDER SERVICES Ultimus Fund Solutions, LLC 4221 N. 203rd St, Suite 100 Elkhorn, NE 68022-3474 (800) 662-0201

Item 2. Code of Ethics.

(a)           As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)           For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

(1)	Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
(2)	Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3)           Compliance with applicable governmental laws, rules, and regulations;

(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5)           Accountability for adherence to the code.

(c)           Amendments:  During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d)           Waivers:  During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e)           Posting:  We do not intend to post the Code of Ethics for the Officers or any amendments or waivers on a website.

(f)           Availability:  The Code of Ethics for the Officers can be obtained, free of charge by calling the toll free number for the appropriate Fund.

Item 3. Audit Committee Financial Expert.

(a)           The registrant has an Audit committee currently composed of three independent Trustees, Mr. Alan Ross, Mr. John Mulder and Mr. Richard Copeland.  The registrant’s board of trustees has determined that Mr. Alan Ross is qualified to serve as an Audit Committee Financial Expert, and has designated him as such.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

	The Timothy Plan
FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013		$ 26,000 $ 26,000 $ 26,000 $ 26,000 $ 25,000 $ 25,000 $ 25,000 $ 24,000

FY 2012 $ 24,000

(b) Audit-Related Fees

The Timothy Plan                Registrant        Adviser

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013	$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0	$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
FY 2012	$ 0	$ 0

Nature of the fees:

 (c) Tax Fees

	The Timothy Plan
FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012		$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

Nature of the fees: preparation of the 1120 RIC

 (d) All Other Fees

     Registrant                            

	The Timothy Plan
FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012		$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

(e) (1) Audit Committee’s Pre-Approval Policies

The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors’ specific representations as to their independence;

(2) Percentages of Services Approved by the Audit Committee

Registrant

Audit-Related Fees:                         0%

Tax Fees:                                        0%

All Other Fees:                                0%

(f)           During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g)           The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

Registrant Adviser

FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013	$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0	$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
FY 2012	$ 0	$ 0

(h)           Not applicable.  The auditor performed no services for the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

Item 5. Audit Committee of Listed Companies.  Not applicable.

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.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.  Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.  Not applicable.

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 as of a date within 90 days of filing date of this Form N-CSR, 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable.

Item 13.  Exhibits.

(a)(1)                      Code is filed herewith

(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-2 under the Investment Company Act of 1940 are filed herewith.

(a)(3)                    Not Applicable

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

SIGNATURES

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

(Registrant)   The Timothy Plan                                           

By	/s/ Arthur D. Ally
	Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer
Date	9/26/22

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Arthur D. Ally
	Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer
Date	9/26/22