Schedule of Investments
Conservative Growth Portfolio Variable Series (Unaudited)
As of March 31, 2019
Shares		Fair Value
	MUTUAL FUNDS (A) - 100.6%
39,411	Timothy Plan Aggressive Growth Fund	$310,562
154,481	Timothy Plan Defensive Strategies Fund	1,747,175
79,720	Timothy Plan Emerging Markets Fund	697,552
448,357	Timothy Plan Fixed Income Fund	4,528,411
145,601	Timothy Plan Growth & Income Fund	1,480,759
95,392	Timothy Plan High Yield Bond Fund	869,025
182,490	Timothy Plan International Fund	1,636,939
34,216	Timothy Plan Israel Common Values Fund	543,000
141,978	Timothy Plan Large/Mid Cap Growth Fund	1,189,778
75,231	Timothy Plan Large/Mid Cap Value Fund	1,337,616
37,599	Timothy Plan Small Cap Value Fund	611,740
	TOTAL MUTUAL FUNDS (Cost $14,852,050)	14,952,557
	TOTAL INVESTMENTS (Cost $14,852,050) - 100.6%	$14,952,557
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.6)%	(87,146)
	TOTAL NET ASSETS - 100.0%	$14,865,411
(A) Affiliated Funds - Class A.

Timothy Plan Conservative Growth Portfolio Variable Series
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
As of March 31, 2019
	The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements.  These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.
	Security Valuation – The Fund’s securities are valued at the last sale price on the exchange in which such securities are primarily traded, as of the close of business on the day the securities are being valued.  In the absence of a sale on the primary exchange, such securities shall be valued at the last bid on the primary exchange.  NASDAQ traded securities are valued using the NASDAQ Official Closing Price.  Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services.  Short-term investments that mature in 60 days or less may be valued at amortized cost, provided such valuations represent fair value.
	The Fund may invest in portfolios of open-end or closed-end investment companies (the “underlying funds”).  Underlying open-end funds are valued at their respective net asset values as reported by such investment companies. 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 by the methods established by the Boards of the underlying funds. 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.
	Securities for which current market quotations are not readily available or for which quotations are not deemed to be representative of market values are valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees (the “Board”) in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”).  The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.
	Valuation of Fund of Funds – Open-end investment companies are valued at their respective net asset values as reported by such investment companies. Open-end investment companies 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 by the methods established by the Boards of the underlying funds.
	The Fund utilizes various methods to measure the fair value of most 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 for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
	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.
	The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following tables summarize the inputs used as of March 31, 2019 for the Portfolio's investments measured at fair value:
	Assets		Level 1	Level 2	Level 3	Total
	Mutual Funds		$14,952,557	$-	$-	$14,952,557
	Total		$14,952,557	$-	$-	$14,952,557
	There were no significant transfers into or out of Level 1 or Level 2 during the current period presented. It is the Fund's policy to record transfers between Level 1 and Level 2 at the end of the reporting period.
	The Fund did not hold any Level 3 securities during the period.
	At March 31, 2019, the tax cost of investments and unrealized appreciation (depreciation) are as follows:
	Fund	Tax Cost	Gross Unrealized Appreication	Gross Unrealized Depreciation	Net Unrealized Depreciation
	Conservative Growth Portfolio	$14,958,875	$280,028	$(286,346)	$(6,318)

Schedule of Investments
Strategic Growth Portfolio Variable Series (Unaudited)
As of March 31, 2019
Shares		Fair Value
	MUTUAL FUNDS (A) - 97.5%
76,208	Timothy Plan Aggressive Growth Fund	$600,515
186,247	Timothy Plan Defensive Strategies Fund	2,106,452
137,057	Timothy Plan Emerging Markets Fund	1,199,245
156,494	Timothy Plan Fixed Income Fund	1,580,588
160,911	Timothy Plan Growth & Income Fund	1,636,469
105,434	Timothy Plan High Yield Bond Fund	960,504
374,533	Timothy Plan International Fund	3,359,564
54,022	Timothy Plan Israel Common Values Fund	857,335
209,171	Timothy Plan Large/Mid Cap Growth Fund	1,752,850
107,583	Timothy Plan Large/Mid Cap Value Fund	1,912,828
51,927	Timothy Plan Small Cap Value Fund	844,844
	TOTAL MUTUAL FUNDS (Cost $16,581,624)	16,811,194
	MONEY MARKET FUND - 2.6%
448,485	Fidelity Institutional Money Market Funds - Government Portfolio - Class I,
	2.30% (Cost $448,485)(B)	448,485
	TOTAL INVESTMENTS (Cost $17,030,109) - 100.1%	$17,259,679
	OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%	(12,939)
	TOTAL NET ASSETS - 100.0%	$17,246,740
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at March 31, 2019.

Timothy Plan Strategic Growth Portfolio Variable Series
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
As of March 31, 2019
	The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements.  These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.
	Security Valuation – The Fund’s securities are valued at the last sale price on the exchange in which such securities are primarily traded, as of the close of business on the day the securities are being valued.  In the absence of a sale on the primary exchange, such securities shall be valued at the last bid on the primary exchange.  NASDAQ traded securities are valued using the NASDAQ Official Closing Price.  Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services.  Short-term investments that mature in 60 days or less may be valued at amortized cost, provided such valuations represent fair value.
	The Fund may invest in portfolios of open-end or closed-end investment companies (the “underlying funds”).  Underlying open-end funds are valued at their respective net asset values as reported by such investment companies. 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 by the methods established by the Boards of the underlying funds. 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.
	Securities for which current market quotations are not readily available or for which quotations are not deemed to be representative of market values are valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees (the “Board”) in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”).  The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.
	Valuation of Fund of Funds – Open-end investment companies are valued at their respective net asset values as reported by such investment companies. Open-end investment companies 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 by the methods established by the Boards of the underlying funds.
	The Fund utilizes various methods to measure the fair value of most 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 for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
	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.
	The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following tables summarize the inputs used as of March 31, 2019 for the Portfolio's investments measured at fair value:
	Assets		Level 1	Level 2	Level 3	Total
	Mutual Funds		$16,811,194	$-	$-	$16,811,194
	Money Market Fund		448,485	-	-	448,485
	Total		$17,259,679	$-	$-	$17,259,679
	There were no significant transfers into or out of Level 1 or Level 2 during the current period presented. It is the Fund's policy to record transfers between Level 1 and Level 2 at the end of the reporting period.
	The Fund did not hold any Level 3 securities during the period.
	At March 31, 2019, the tax cost of investments and unrealized appreciation (depreciation) are as follows:
	Fund	Tax Cost	Gross Unrealized Appreication	Gross Unrealized Depreciation	Net Unrealized Appreciation
	Strategic Growth Portfolio	$17,096,498	$414,892	$(251,711)	$163,181