NPORT-EX 1 timothy-nport_qgbdd0ao.htm TIMOTHY PLAN CONSERVATIVE GROWTH FUND - EX
Schedule of Investments | Aggressive Growth Fund
As of June 30, 2019 (Unaudited)

 

Shares      Fair Value 
           
     COMMON STOCK - 91.4%     
     AEROSPACE/DEFENSE - 4.2%     
 4,144   HEICO Corp.  $554,509 
 1,155   TransDigm Group, Inc. *   558,789 
         1,113,298 
     BANKS - 6.0%     
 14,440   CenterState Banks, Inc.   332,553 
 6,602   East West Bancorp, Inc.   308,776 
 2,406   SVB Financial Group *   540,364 
 8,861   Western Alliance Bancorp *   396,264 
         1,577,957 
     BIOTECHNOLOGY - 2.9%     
 18,229   Amarin Corp PLC (ADR) *   353,460 
 2,279   Sage Therapeutics, Inc. *   417,262 
         770,722 
     CHEMICALS - 2.3%     
 2,915   Ingevity Corp. *   306,571 
 1,506   Quaker Chemical Corp.   305,537 
         612,108 
     COMMERCIAL SERVICES - 7.6%     
 5,112   ASGN, Inc. *   309,787 
 1,918   FleetCor Technologies, Inc. *   538,670 
 4,136   Insperity, Inc.   505,171 
 3,530   Strategic Education, Inc.   628,340 
         1,981,968 
     COMPUTERS - 8.2%     
 2,633   EPAM Systems, Inc. *   455,772 
 5,533   Genpact Ltd.   210,752 
 6,819   Nutanix, Inc. *   176,885 
 22,551   Rapid7, Inc. *   1,304,350 
         2,147,759 
     ELECTRONICS - 2.3%     
 7,415   Fortive Corp.   604,471 
           
     HEALTHCARE - PRODUCTS - 13.7%     
 5,937   DENTSPLY SIRONA, Inc.   346,483 
 3,141   Edwards Lifesciences Corp. *   580,268 
 4,322   Henry Schein, Inc. *   302,108 
 1,407   ICU Medical, Inc. *   354,437 
 9,142   Insulet Corp. *   1,091,372 
 2,743   Teleflex, Inc.   908,345 
         3,583,013 
     HEALTHCARE - SERVICES - 3.3%     
 4,260   Encompass Health Corp.   269,914 
 3,921   ICON PLC *   603,716 
         873,630 
     INSURANCE - 1.0%     
 9,974   American Equity Investment Life Holding Co.   270,894 
           
     INTERNET - 7.6%     
 1,500   Palo Alto Networks, Inc. *   305,640 
 3,425   Proofpoint, Inc. *   411,856 
 10,985   RingCentral, Inc. - Class A *   1,262,396 
         1,979,892 

 

 

Schedule of Investments | Aggressive Growth Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares      Fair Value 
           
     MACHINERY - CONSTRUCTION & MINING - 1.9%     
 5,885   Oshkosh Corp.  $491,339 
           
     OIL & GAS - 0.8%     
 2,080   Concho Resources, Inc.   214,614 
           
     PHARMACEUTICALS - 5.0%     
 1,514   Ascendis Pharma (ADR) *   174,337 
 1,022   DexCom, Inc. *   153,137 
 2,449   GW Pharmaceuticals PLC (ADR) *   422,183 
 2,120   PRA Health Sciences, Inc. *   210,198 
 2,270   Sarepta Therapeutics, Inc. *   344,927 
         1,304,782 
     RETAIL - 7.4%     
 2,274   Burlington Stores, Inc. *   386,921 
 13,146   Farfetch Ltd. *   273,437 
 6,746   Ollie’s Bargain Outlet Holdings, Inc. *   587,644 
 6,363   Tractor Supply Co.   692,294 
         1,940,296 
     SEMICONDUCTORS - 5.8%     
 16,086   Advanced Micro Devices, Inc. *   488,532 
 4,108   Monolithic Power System, Inc.   557,784 
 4,782   NXP Semiconductors NV   466,771 
         1,513,087 
     SOFTWARE - 10.5%     
 6,969   Fidelity National Information Services, Inc.   854,957 
 6,132   InterXion Holding NV *   466,584 
 7,742   ManTech International Corp.   509,811 
 1,643   MSCI, Inc.   392,332 
 1,916   ServiceNow, Inc. *   526,076 
         2,749,760 
     TELECOMMUNICATIONS - 0.9%     
 20,256   Vonage Holdings Corp. *   229,500 
           
     TOTAL COMMON STOCK (Cost $19,117,381)   23,959,090 
           
     MONEY MARKET FUND - 8.0%     
 2,108,627   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A)     
     (Cost $2,108,627)   2,108,627 
           
     TOTAL INVESTMENTS - 99.4% (Cost $21,226,008)  $26,067,717 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.6%   157,657 
     NET ASSETS - 100.0%  $26,225,374 

 

*Non-income producing securities.

 

ADR - American Depositary Receipt.

 

PLC - Public Limited Co.

 

(A)Variable rate security; the rate shown represents the yield at June 30, 2019.

 

 

Schedule of Investments | International Fund
As of June 30, 2019 (Unaudited)

 

Shares      Fair Value 
           
     COMMON STOCK - 94.8%     
     APPAREL - 1.2%     
 187,360   Prada SpA (ADR)  $1,142,896 
           
     AUTO PARTS & EQUIPMENT - 2.9%     
 28,400   Magna International, Inc. - Class A   1,411,480 
 90,300   Valeo SA (ADR)   1,455,636 
         2,867,116 
     BANKS - 10.2%     
 41,839   DBS Group Holdings Ltd. (ADR)   3,212,817 
 130,000   DNB ASA (ADR)   2,411,500 
 90,500   Intesa Sanpaola SpA (ADR)   1,157,495 
 79,600   KBC Group NV (ADR)   2,598,940 
 156,000   Mizuho Financial Group, Inc. (ADR)   449,280 
         9,830,032 
     BUILDING MATERIALS - 1.1%     
 52,600   Xinyi Glass Holdings Ltd. (ADR)   1,102,233 
           
     CHEMICALS - 2.1%     
 21,600   Arkema SA (ADR)   1,994,112 
           
     COMMERCIAL SERVICES - 1.3%     
 11,000   Ashtead Group PLC (ADR)   1,260,215 
           
     COSMETICS/PERSONAL CARE - 0.9%     
 12,000   Shiseido Co. Ltd. (ADR)   908,280 
           
     DIVERSIFIED FINANCIAL SERVICES - 4.9%     
 95,000   Deutsche Boerse AG (ADR)   1,337,600 
 45,100   ORIX Corp. (ADR)   3,377,088 
         4,714,688 
     ELECTRIC - 2.3%     
 181,000   Enel SpA (ADR)   1,250,710 
 128,900   Power Assets Holdings Ltd. (ADR)   938,392 
         2,189,102 
     ENGINEERING & CONSTRUCTION - 3.6%     
 137,000   Vinci SA (ADR)   3,494,870 
           
     FOOD - 4.9%     
 18,000   Kerry Group PLC (ADR)   2,169,000 
 110,000   Mowi ASA (ADR)   2,567,400 
         4,736,400 
     HAND/MACHINE TOOLS - 3.3%     
 82,650   Techtronic Industries Co. (ADR)   3,138,221 
           
     HEALTHCARE - PRODUCTS - 4.1%     
 20,700   Alcon, Inc. *   1,284,435 
 61,000   Smith & Nephew PLC (ADR)   2,655,940 
         3,940,375 
     HEALTHCARE - SERVICES - 2.5%     
 61,000   Fresenius Medical Care AG & Co. (ADR)   2,396,080 
           
     HOME BUILDERS - 1.0%     
 58,000   Sekisui House Ltd. (ADR)   957,000 
           
     INSURANCE - 7.4%     
 61,300   Ageas (ADR)   3,194,956 
 67,000   AIA Group Ltd. (ADR)   2,891,050 
 44,200   Muenchener Rueckversicherungs AG (ADR)   1,106,768 
         7,192,774 

 

 

Schedule of Investments | International Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares      Fair Value 
           
     INTERNET - 6.1%     
 25,000   SINA Corp. *  $1,078,250 
 64,800   Tencent Holdings Ltd. (ADR)   2,932,848 
 50,700   Yandex NV *   1,926,600 
         5,937,698 
     LEISURE TIME - 1.5%     
 99,000   Shimano, Inc. (ADR)   1,473,120 
           
     MACHINERY - DIVERSIFIED - 2.5%     
 53,500   Atlas Copco AB (ADR)   1,533,310 
 84,000   CNH Industrial NV   863,520 
         2,396,830 
     METAL FABRICATE/HARDWARE - 0.6%     
 21,000   Tenaris SA (ADR)   552,510 
           
     MINING - 1.9%     
 29,000   Rio Tinto PLC (ADR)   1,807,860 
           
     MISCELLANEOUS MANUFACTURING - 2.2%     
 41,138   FUJIFILM Holdings Corp. (ADR)   2,087,753 
           
     OIL & GAS - 4.6%     
 62,600   Eni SpA (ADR)   2,067,678 
 120,000   EQUINOR ASA (ADR)   2,373,600 
         4,441,278 
     OIL & GAS SERVICES - 1.1%     
 40,600   Technip SA *   1,053,164 
           
     PHARMACEUTICALS - 1.9%     
 55,500   Ipsen SA (ADR)   1,872,570 
           
     RETAIL - 2.1%     
 97,400   Arcos Dorados Holdings, Inc.   709,072 
 82,000   Pan Pacific International Holdings Corp. (ADR)   1,303,185 
         2,012,257 
     SEMICONDUCTORS - 1.6%     
 9,500   Mellanox Technologies Ltd. *   1,051,365 
 5,000   NXP Semiconductors NV   488,050 
         1,539,415 
     SOFTWARE - 5.2%     
 36,700   Amadeus IT Holdings SA (ADR)   2,908,475 
 51,640   Open Text Corp.   2,127,568 
         5,036,043 
     TELECOMMUNICATIONS - 5.9%     
 18,600   Nice Ltd. (ADR) *   2,548,200 
 55,900   Nippon Telegraph & Telephone Corp. (ADR)   2,599,070 
 110,000   Nokia OYJ (ADR)   551,100 
         5,698,370 
     TRANSPORTATION - 2.9%     
 12,100   Canadian Pacific Railway Ltd.   2,846,404 
           
     TRUCKING & LEASING - 1.0%     
 18,900   AerCap Holdings NV *   982,989 
           
     TOTAL COMMON STOCK (Cost $81,868,267)   91,602,655 
           
     MONEY MARKET FUND - 5.0%     
 4,862,455   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A)   4,862,455 
     (Cost $4,862,455)     
           
     TOTAL INVESTMENTS - 99.8% (Cost $86,730,722)  $96,465,110 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.2%   202,198 
     NET ASSETS - 100.0%  $96,667,308 

 

*Non-income producing securities.

 

ADR - American Depositary Receipt.

 

PLC - Public Limited Co.

 

(A)Variable rate security; the rate shown represents the yield at June 30, 2019.

 

 

Schedule of Investments | International Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Diversification of Assets    
     
Country  % of Net Assets 
Japan   13.6%
France   9.1%
Hong Kong   8.4%
United Kingdom   7.9%
Norway   7.6%
Canada   6.6%
Belgium   6.0%
Italy   5.8%
Germany   5.0%
China   4.2%
Israel   3.7%
Singapore   3.3%
Ireland   3.3%
Spain   3.0%
Russia   2.0%
Sweden   1.6%
Switzerland   1.3%
Uruguay   0.7%
Luxembourg   0.6%
Finland   0.6%
Netherlands   0.5%
Total   94.8%
Money Market Fund   5.0%
Other Assets Less Liabilities - Net   0.2%
Grand Total   100.0%

 

 

Schedule of Investments | Large/Mid Cap Growth Fund
As of June 30, 2019 (Unaudited)

 

Shares      Fair Value 
           
     COMMON STOCK - 77.8%     
     AEROSPACE/DEFENSE - 1.7%     
 8,236   General Dynamics Corp.  $1,497,470 
           
     BANKS - 3.0%     
 17,640   East West Bancorp, Inc.   825,023 
 5,861   SVB Financial Group *   1,316,322 
 10,828   Western Alliance Bancorp *   484,228 
         2,625,573 
     BIOTECHNOLOGY - 1.6%     
 2,397   Sage Therapeutics, Inc. *   438,867 
 5,423   Vertex Pharmaceuticals, Inc. *   994,470 
         1,433,337 
     COMMERCIAL SERVICES - 1.4%     
 5,384   Grand Canyon Education, Inc. *   630,036 
 1,952   MarketAxess Holdings, Inc.   627,412 
         1,257,448 
     COMPUTERS - 4.8%     
 3,672   EPAM Systems, Inc. *   635,623 
 9,032   Nutanix, Inc. *   234,290 
 41,057   Rapid7, Inc. *   2,374,737 
 20,991   Western Digital Corp.   998,122 
         4,242,772 
     DIVERSIFIED FINANCIAL SERVICES - 2.2%     
 22,667   Intercontinental Exchange, Inc.   1,948,002 
           
     ELECTRIC - 1.1%     
 30,623   PPL Corp.   949,619 
           
     ELECTRICAL COMPONENTS & EQUIPMENT - 1.3%     
 16,987   Emerson Electric Co.   1,133,373 
           
     ELECTRONICS - 6.2%     
 15,701   Amphenol Corp. - Class A   1,506,354 
 10,691   Fortive Corp.   871,530 
 17,966   Honeywell International, Inc.   3,136,684 
         5,514,568 
     FOOD - 1.7%     
 10,027   McCormick & Co., Inc.   1,554,285 
           
     HEALTHCARE - PRODUCTS - 4.3%     
 1,001   ABIOMED, Inc. *   260,750 
 4,148   Edwards Lifesciences Corp. *   766,301 
 5,961   Insulet Corp. *   711,624 
 1,503   Intuitive Surgical, Inc. *   788,399 
 3,988   Teleflex, Inc.   1,320,626 
         3,847,700 
     HEALTHCARE - SERVICES - 0.9%     
 14,607   Centene Corp. *   765,991 
           
     INSURANCE - 2.1%     
 21,009   Arthur J. Gallagher & Co.   1,840,178 
           
     INTERNET - 4.4%     
 23,328   CDW Corp.   2,589,408 
 6,466   Palo Alto Networks, Inc. *   1,317,512 
         3,906,920 

 

 

Schedule of Investments | Large/Mid Cap Growth Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares      Fair Value 
           
     MACHINERY - CONSTRUCTION & MINING - 2.2%     
 8,576   Caterpillar, Inc.  $1,168,823 
 9,244   Oshkosh Corp.   771,782 
         1,940,605 
     MACHINERY - DIVERSIFIED - 1.1%     
 11,275   Xylem, Inc.   943,041 
           
     OIL & GAS - 2.8%     
 2,721   Concho Resources, Inc.   280,753 
 27,517   ConocoPhillips   1,678,537 
 5,113   Diamondback Energy, Inc.   557,164 
         2,516,454 
     PHARMACEUTICALS - 4.0%     
 6,600   Neurocrine Biosciences, Inc. *   557,238 
 5,998   Sarepta Therapeutics, Inc. *   911,396 
 10,780   Zoetis, Inc.   2,131,342 
         3,599,976 
     RETAIL - 12.8%     
 5,808   Burlington Stores, Inc. *   988,231 
 7,251   Costco Wholesale Corp.   1,916,149 
 10,165   Dollar General Corp.   1,373,901 
 28,457   Lowe’s Cos, Inc.   2,871,596 
 2,448   Lululemon Athletica, Inc. *   441,154 
 4,296   O’Reilly Automotive, Inc. *   1,586,599 
 19,421   Restaurant Brands International, Inc.   1,350,536 
 7,836   Tractor Supply Co.   852,557 
         11,380,723 
     SEMICONDUCTORS - 10.2%     
 27,827   Advanced Micro Devices, Inc. *   845,106 
 5,636   Broadcom Ltd.   1,622,379 
 20,149   Maxim Integrated Products, Inc.   1,205,313 
 27,637   Micron Technology, Inc. *   1,066,512 
 5,088   Monolithic Power Systems, Inc.   690,849 
 137,963   NVIDIA Corp.   2,265,224 
 14,269   NXP Semiconductors NV   1,392,797 
         9,088,180 
     SOFTWARE - 6.2%     
 9,110   Fidelity National Information Services, Inc.   1,117,615 
 19,243   InterXion Holding NV *   1,464,200 
 12,393   PTC, Inc. *   1,112,396 
 6,568   ServiceNow, Inc. *   1,803,376 
         5,497,587 
     TELECOMMUNICATIONS - 0.8%     
 61,776   Vonage Holdings Corp. *   699,922 
           
     TRANSPORTATION - 1.0%     
 11,650   CSX Corp.   901,360 
           
     TOTAL COMMON STOCK (Cost $56,441,429)   69,085,084 
           
     EXCHANGE TRADED FUND (A) - 20.5%     
 720,000   Timothy Plan U.S. Large Cap Core ETF (Cost $18,061,200)   18,233,640 

 

 

Schedule of Investments | Large/Mid Cap Growth Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares      Fair Value 
           
     MONEY MARKET FUND - 1.7%     
 1,521,242   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (B)  $1,521,242 
     (Cost $1,521,242)     
           
     TOTAL INVESTMENTS - 100.0% (Cost $76,023,871)  $88,839,966 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.0% **   (52,058)
     NET ASSETS - 100.0%  $88,787,908 

 

*Non-income producing securities.

 

**Amount is less than 0.05%

 

(A)Affiliated Fund.

 

(B)Variable rate security; the rate shown represents the yield at June 30, 2019.

 

 

Schedule of Investments | Small Cap Value Fund
As of June 30, 2019 (Unaudited)

 

Shares      Fair Value 
           
     COMMON STOCK - 85.0%     
     AEROSPACE/DEFENSE - 1.9%     
 45,510   Kaman Corp.  $2,898,532 
           
     APPAREL - 1.9%     
 38,503   Oxford Industries, Inc.   2,918,527 
           
     AUTO PARTS & EQUIPMENT - 3.0%     
 69,035   Douglas Dynamics, Inc.   2,746,903 
 40,405   Gentherm, Inc. *   1,690,141 
         4,437,044 
     BANKS - 11.6%     
 75,170   Central Pacific Financial Corp.   2,252,093 
 79,355   Columbia Banking System, Inc.   2,871,064 
 21,935   Glacier Bancorp, Inc.   889,464 
 87,605   Great Western Bancorp, Inc.   3,129,251 
 99,244   Heritage Commerce Corp.   1,215,739 
 26,924   Legacy Texas Financial Group, Inc.   1,096,076 
 82,135   Renasant Corp.   2,951,932 
 40,827   South State Corp.   3,007,725 
         17,413,344 
     BUILDING MATERIALS - 5.2%     
 37,730   Apogee Enterprises, Inc.   1,638,991 
 110,701   Continental Building Products, Inc. *   2,941,326 
 84,019   Universal Forest Products, Inc.   3,197,763 
         7,778,080 
     CHEMICALS - 2.0%     
 33,455   Innospec, Inc.   3,052,434 
           
     DIVERSIFIED FINANCIAL SERVICES - 1.9%     
 30,411   Houlihan Lokey, Inc.   1,354,202 
 44,210   Moelis & Co.   1,545,140 
         2,899,342 
     ELECTRIC - 3.2%     
 47,256   Avista Corp.   2,107,618 
 38,094   NorthWestern Corp.   2,748,482 
         4,856,100 
     ELECTRICAL COMPONENTS & EQUIPMENT - 2.1%     
 33,247   Novanta, Inc. *   3,135,192 
           
     ELECTRONICS - 1.1%     
 14,522   OSI Systems, Inc. *   1,635,613 
           
     ENGINEERING & CONSTRUCTION - 2.1%     
 62,955   Comfort Systems USA, Inc.   3,210,075 
           
     FOOD - 4.0%     
 212,767   Hostess Brands, Inc. *   3,072,356 
 17,693   J & J Snack Foods Corp.   2,847,688 
         5,920,044 
     GAS - 2.1%     
 91,460   South Jersey Industries, Inc.   3,084,946 
           
     HEALTHCARE - PRODUCTS - 2.0%     
 35,711   CONMED Corp.   3,055,790 
           
     HOME BUILDERS - 2.1%     
 52,474   Installed Building Products, Inc. *   3,107,510 

 

 

Schedule of Investments | Small Cap Value Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares      Fair Value 
           
     INSURANCE - 5.7%     
 40,745   Argo Group International Holdings Ltd  $3,017,167 
 37,222   Employers Holdings, Inc.   1,573,374 
 36,103   Mercury General Corp.   2,256,438 
 17,397   Safety Insurance Group, Inc.   1,654,977 
         8,501,956 
     MACHINERY - DIVERSIFIED 4.8%     
 20,537   Alamo Group, Inc.   2,052,262 
 37,595   Albany International Corp. - Class A   3,117,001 
 47,900   Columbus McKinnon Corp.   2,010,363 
         7,179,626 
     MISCELLANEOUS MANUFACTURER - 2.0%     
 60,211   Federal Signal Corp.   1,610,644 
 66,139   Lydall, Inc. *   1,336,008 
         2,946,652 
     OFFICE FURNISHINGS - 4.0%     
 196,510   Interface, Inc.   3,012,498 
 131,055   Knoll, Inc.   3,011,644 
         6,024,142 
     OIL & GAS - 5.3%     
 474,814   Callon Petroleum Co. *   3,129,024 
 166,601   Jagged Peak Energy, Inc. *   1,377,790 
 40,100   Penn Virginia Corp. *   1,230,268 
 443,574   SRC Energy, Inc. *   2,200,127 
         7,937,209 
     OIL & GAS SERVICES - 1.6%     
 118,887   ProPetro Holding Corp. *   2,460,961 
           
     RETAIL - 5.0%     
 72,188   BJ’s Wholesale Club Holdings, Inc. *   1,905,763 
 153,135   Bloomin’ Brands, Inc.   2,895,783 
 27,466   Children’s Place, Inc.   2,619,707 
         7,421,253 
     SAVINGS & LOANS - 2.1%     
 94,833   Berkshire Hills Bancorp, Inc.   2,976,808 
 5,500   Washington Federal, Inc.   192,115 
         3,168,923 
     SEMICONDUCTORS - 2.4%     
 34,801   Brooks Automation, Inc.   1,348,539 
 149,382   Lattice Semiconductor Corp. *   2,179,483 
         3,528,022 
     SOFTWARE - 1.9%     
 32,540   Omnicell, Inc. *   2,799,416 
           
     TELECOMMUNICATIONS - 2.0%     
 227,895   Viavi Solutions, Inc. *   3,028,725 
           
     TEXTILES - 2.0%     
 16,138   UniFirst Corp.   3,043,143 
           
     TOTAL COMMON STOCK (Cost $118,678,733)   127,442,601 
           
     REITs - 11.8%     
 137,363   Columbia Property Trust, Inc.   2,848,909 
 158,775   Easterly Government Properties, Inc.   2,875,415 
 57,183   National Storage Affiliates Trust   1,654,876 
 56,842   PotlatchDeltic Corp.   2,215,701 
 187,220   Ramco-Gershenson Properties Trust   2,267,234 
 94,820   STAG Industrial, Inc.   2,867,357 
 251,672   Summit Hotel Properties, Inc.   2,886,678 
     TOTAL REITs (Cost $18,379,642)   17,616,170 

 

 

Schedule of Investments | Small Cap Value Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares      Fair Value 
           
     MONEY MARKET FUND - 2.7%     
 4,094,422   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A)  $4,094,422 
     (Cost $4,094,422)     
           
     TOTAL INVESTMENTS - 99.5% (Cost $141,152,797)  $149,153,193 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.5%   778,401 
     NET ASSETS - 100.0%  $149,931,594 

 

*Non-income producing securities.

 

REITs - Real Estate Investment Trust.

 

(A)Variable rate security; the rate shown represents the yield at June 30, 2019.

 

 

Schedule of Investments | Large/Mid Cap Value Fund
As of June 30, 2019 (Unaudited)

 

Shares      Fair Value 
           
     COMMON STOCK - 74.3%     
     AEROSPACE/DEFENSE - 2.2%     
 25,885   General Dynamics Corp.  $4,706,411 
           
     BANKS - 5.9%     
 99,995   Chemical Financial Corp.   4,110,795 
 45,695   East West Bancorp, Inc.   2,137,155 
 78,567   First Hawaiian, Inc.   2,032,528 
 101,190   Western Alliance Bancorp *   4,525,217 
         12,805,695 
     BUILDING MATERIALS - 2.0%     
 47,184   Eagle Materials, Inc.   4,373,957 
           
     CHEMICALS - 2.1%     
 10,008   Sherwin-Williams Co.   4,586,566 
           
     COMPUTERS - 2.0%     
 69,279   Amdocs Ltd.   4,301,533 
           
     DIVERSIFIED FINANCIAL SERVICES - 2.1%     
 52,900   Intercontinental Exchange, Inc.   4,546,226 
           
     ELECTRIC - 4.4%     
 78,370   CMS Energy Corp.   4,538,407 
 39,090   DTE Energy Co.   4,998,829 
         9,537,236 
     ELECTRIC COMPONENTS & EQUIPMENT - 3.1%     
 49,695   Energizer Holdings, Inc.   1,920,215 
 37,180   Hubbell, Inc.   4,848,272 
         6,768,487 
     ELECTRONICS - 11.4%     
 45,580   Amphenol Corp. - Class A   4,372,945 
 99,125   Avnet, Inc.   4,487,389 
 88,650   FLIR Systems, Inc.   4,795,965 
 24,546   Honeywell International, Inc.   4,285,486 
 84,425   nVent Electric PLC   2,092,896 
 48,575   PerkinElmer, Inc.   4,679,716 
         24,714,397 
     ENVIRONMENTAL CONTROL - 1.2%     
 72,101   Pentair PLC   2,682,157 
           
     FOOD - 4.8%     
 93,223   Flowers Foods, Inc.   2,169,299 
 33,419   JM Smucker Co.   3,849,535 
 27,541   McCormick & Co., Inc.   4,269,131 
         10,287,965 
     HEALTHCARE - PRODUCTS - 5.6%     
 81,715   Dentsply Sirona, Inc.   4,768,887 
 117,560   Patterson Companies, Inc.   2,692,124 
 30,923   STERIS PLC   4,603,816 
         12,064,827 
     INSURANCE - 4.0%     
 49,863   Arthur J. Gallagher & Co.   4,367,500 
 17,146   Everest Re Group Ltd.   4,238,148 
         8,605,648 
     MACHINERY - DIVERSIFIED - 2.2%     
 37,139   Curtiss-Wright Corp.   4,721,481 
           
     MEDIA - 2.0%     
 3,779   Cable One, Inc.   4,425,171 
           
     MISCELLANEOUS MANUFACTURING - 1.1%     
 27,300   Eaton Corp. PLC   2,273,544 

 

 

Schedule of Investments | Large/Mid Cap Value Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares      Fair Value 
           
     OIL & GAS - 4.9%     
 38,805   Diamondback Energy, Inc.  $4,228,581 
 44,205   EOG Resources, Inc.   4,118,138 
 39,725   Marathon Petroleum Corp.   2,219,833 
         10,566,552 
     RETAIL - 3.0%     
 13,266   Advance Auto Parts, Inc.   2,044,821 
 43,542   Genuine Parts Co.   4,510,080 
         6,554,901 
     SEMICONDUCTORS - 6.1%     
 36,635   KLA - Tencor Corp.   4,330,257 
 11,210   Lam Research Corp.   2,105,686 
 90,313   Marvell Technology Group Ltd.   2,155,771 
 77,555   Maxim Integrated Products, Inc.   4,639,340 
         13,231,054 
     SOFTWARE - 1.0%     
 16,378   Broadridge Financial Solutions, Inc.   2,091,143 
           
     TEXTILES - 1.3%     
 19,250   Mohawk Industries, Inc. *   2,838,798 
           
     TRANSPORTATION - 1.9%     
 24,173   Union Pacific Corp.   4,087,896 
           
     TOTAL COMMON STOCK (Cost $135,717,136)   160,771,645 
           
     EXCHANGE TRADED FUNDS (A) - 21.4%     
 920,000   Timothy Plan High Dividend Stock ETF   22,898,800 
 920,000   Timothy Plan U.S. Large Cap Core ETF   23,298,540 
     TOTAL EXCHANGE TRADED FUNDS (Cost $46,064,400)   46,197,340 
           
     REITs - 3.9%     
 18,232   Public Storage   4,342,316 
 25,770   Simon Property Group, Inc.   4,117,015 
     TOTAL REITs (Cost $8,471,406)   8,459,331 
           
     MONEY MARKET FUND - 0.4%     
 981,397   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (B)   981,397 
     (Cost $981,397)     
           
     TOTAL INVESTMENTS - 100.0% (Cost $191,234,339)  $216,409,713 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.0% **   (84,069)
     NET ASSETS - 100.0%  $216,325,644 

 

*Non-income producing securities.

 

**Less than 0.05%.

 

ETF - Exchange Traded Funds.

 

PLC - Public Limited Co.

 

REITs - Real Estate Investment Trust.

 

(A)Affiliated Funds.

 

(B)Variable rate security; the rate shown represents the yield at June 30, 2019.

 

 

Schedule of Investments | Fixed Income Fund
As of June 30, 2019 (Unaudited)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     BONDS & NOTES - 95.4%           
     CORPORATE BONDS - 34.7%           
$1,000,000   ABB Finance USA, Inc.  2.875  5/8/2022  $1,017,315 
 1,000,000   American Electric Power  3.200  11/13/2027   1,021,306 
 500,000   Analog Devices, Inc.  3.900  12/15/2025   528,554 
 1,000,000   Aptiv Corp.  4.150  3/15/2024   1,053,289 
 1,000,000   Boardwalk Pipelines LP  5.750  9/15/2019   1,005,208 
 1,000,000   Broadridge Financial Solutions, Inc.  3.400  6/27/2026   1,017,817 
 1,000,000   Buckeye Partners LP  3.950  12/1/2026   887,094 
 1,000,000   Canadian Pacific RR Co.  2.900  2/1/2025   1,027,828 
 1,000,000   CBOE Holdings, Inc.  3.650  1/12/2027   1,050,675 
 1,000,000   Columbia Pipeline Group, Inc.  4.500  6/1/2025   1,077,018 
 1,000,000   CSX Corp.  3.250  6/1/2027   1,033,390 
 500,000   Digital Realty Trust LP  3.700  8/15/2027   514,349 
 500,000   Dollar General Corp.  4.125  5/1/2028   532,606 
 865,000   Dominion Energy, Inc.  2.579  7/1/2020   863,934 
 750,000   Eaton Corp.  2.750  11/2/2022   760,181 
 1,000,000   Enable Midstream Partners LP  3.900  5/15/2024   1,014,008 
 855,000   European Investment Bank  2.375  6/15/2022   869,225 
 880,000   HCP, Inc.  3.500  7/15/2029   884,976 
 897,651   John Sevier Combined Cycle Generation LLC  4.626  1/15/2042   1,060,390 
 750,000   Johnson Controls, Inc.  5.000  3/30/2020   763,875 
 1,000,000   Kennametal, Inc.  3.875  2/15/2022   1,022,051 
 865,000   KFW  2.125  6/15/2022   873,571 
 800,000   LYB International Finance BV  4.000  7/15/2023   842,551 
 855,000   National Rural Utilities Cooperative Finance Corp.  2.950  2/7/2024   877,616 
 1,500,000   NiSource Finance Corp.  3.490  5/15/2027   1,552,920 
 1,000,000   Nutrien Ltd.  4.000  12/15/2026   1,044,120 
 1,000,000   Phillips 66 Partners LP  3.605  2/15/2025   1,031,097 
 870,000   Province of Ontario Canada  2.500  4/27/2026   885,489 
 865,000   Province of Quebec Canada  2.375  1/31/2022   875,214 
 1,000,000   Stanley Black & Decker, Inc.  2.900  11/1/2022   1,016,579 
 700,000   Sunoco Logistics Partners LP  4.250  4/1/2024   734,630 
 1,200,000   Ventas Realty LP/CAP Corp.  3.250  8/15/2022   1,227,644 
 830,000   WEC Energy Group, Inc.  3.550  6/15/2025   872,269 
 1,000,000   Zimmer Biomet Holdings, Inc.  3.700  3/19/2023   1,032,625 
     TOTAL CORPORATE BONDS (Cost $31,218,818)      31,871,414 
              
     U.S. GOVERNMENT & AGENCY OBLIGATIONS - 60.7%        
     GOVERNMENT MORTGAGE-BACKED SECURITIES - 27.3%        
 294,924   GNMA Pool G2 4520  5.000  8/20/2039   324,606 
 372,681   GNMA Pool G2 4947  5.000  2/20/2041   409,116 
 1,183,452   GNMA Pool G2 MA3375  3.000  1/20/2046   1,213,363 
 994,090   GNMA Pool G2 MA3376  3.500  1/20/2046   1,029,107 
 704,248   GNMA Pool G2 MA3596  3.000  4/20/2046   721,151 
 1,787,720   GNMA Pool G2 MA3663  3.500  5/20/2046   1,850,695 
 843,870   GNMA Pool G2 MA3735  3.000  6/20/2046   863,890 
 658,488   GNMA Pool G2 MA3736  3.500  6/20/2046   681,685 
 1,066,466   GNMA Pool G2 MA4004  3.500  10/20/2046   1,104,036 
 1,052,360   GNMA Pool G2 MA4126  3.000  12/20/2046   1,077,658 
 755,258   GNMA Pool G2 MA4509  3.000  6/20/2047   773,002 
 1,070,588   GNMA Pool G2 MA4652  3.500  8/20/2047   1,107,321 
 1,409,587   GNMA Pool G2 MA4719  3.500  9/20/2047   1,457,791 
 1,427,286   GNMA Pool G2 MA4778  3.500  10/20/2047   1,475,941 
 1,225,770   GNMA Pool G2 MA4901  4.000  12/20/2047   1,277,584 
 1,133,990   GNMA Pool G2 MA4963  4.000  1/20/2048   1,181,323 
 1,182,234   GNMA Pool G2 MA5529  4.500  10/20/2048   1,233,110 
 1,231,052   GNMA Pool G2 MA5596  4.500  11/20/2048   1,284,319 
 1,381,337   GNMA Pool G2 MA5652  4.500  12/20/2048   1,440,780 
 1,274,411   GNMA Pool G2 MA5712  5.000  1/20/2049   1,333,433 
 1,188,042   GNMA Pool G2 MA5764  4.500  2/20/2049   1,242,657 
 625,158   GNMA Pool G2 MA5819  5.000  3/20/2049   656,770 
 394,330   GNMA Pool G2 MA5933  5.000  5/20/2049   415,043 
 555,470   GNMA Pool GN 783060  4.000  8/15/2040   590,382 
 246,796   GNMA Pool GN 783403  3.500  9/15/2041   256,317 
     TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $24,901,550)   25,001,080 

 

 

Schedule of Investments | Fixed Income Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
                 
     GOVERNMENT NOTES & BONDS - 33.4%           
$3,040,000   United States Treasury Note  3.125  5/15/2021  $3,115,347 
 4,190,000   United States Treasury Note  2.125  6/30/2022   4,240,084 
 8,460,000   United States Treasury Note  2.250  11/15/2024   8,658,777 
 5,695,000   United States Treasury Note  2.000  8/15/2025   5,750,615 
 5,435,000   United States Treasury Note  1.625  2/15/2026   5,356,553 
 2,690,000   United States Treasury Note  4.500  2/15/2036   3,549,749 
     TOTAL GOVERNMENT NOTES & BONDS (Cost $29,909,626)      30,671,125 
              
     TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $54,811,176)   55,672,205 
           
     TOTAL BONDS AND NOTES (Cost $86,029,994)     87,543,619 
Shares               
     EXCHANGE TRADED FUND (A) - 2.2%           
 80,000   Timothy Plan High Dividend Stock ETF (Cost $1,934,000)      1,991,200 
                 
     MONEY MARKET FUND - 2.9%           
 2,649,906   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (B)   2,649,906 
     (Cost $2,649,906)        
                 
     TOTAL INVESTMENTS - 100.5% (Cost $90,613,900)     $92,184,725 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.5)%      (424,733)
     NET ASSETS - 100.0%        $91,759,992 

 

ETF - Exchange Traded Fund.

 

GNMA - Government National Mortgage Association.

 

LLC - Limited Liability Company.

 

LP - Limited Partnership.

 

(A)Affiliated Fund.

 

(B)Variable rate security; the rate shown represents the yield at June 30, 2019.

 

 

Schedule of Investments | High Yield Bond Fund
As of June 30, 2019 (Unaudited)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
                 
     CORPORATE BONDS - 95.2%           
$500,000   Adient Global Holdings Ltd. (A)  4.875  8/15/2026  $400,000 
 1,000,000   Adient US LLC (A)  7.000  5/15/2026   1,030,000 
 1,000,000   Alliance Resource Operating Partners LP (A)  7.500  5/1/2025   1,053,750 
 500,000   Amsted Industries, Inc. (A)  5.375  9/15/2024   514,375 
 500,000   Amsted Industries, Inc. (A)  5.625  7/1/2027   522,500 
 1,000,000   Ashtead Capital, Inc. (A)  4.125  8/15/2025   1,017,500 
 950,000   B&G Foods, Inc.  5.250  4/1/2025   963,063 
 750,000   BBA US Holdings, Inc. (A)  5.375  5/1/2026   780,000 
 500,000   BWX Technologies, Inc. (A)  5.375  7/15/2026   518,725 
 500,000   Cascades, Inc. (A)  5.500  7/15/2022   504,375 
 500,000   Cemex Finance LLC (A)  6.000  4/1/2024   516,250 
 500,000   Centene Corp.  4.750  1/15/2025   517,355 
 560,000   Centennial Resource Production LLC (A)  6.875  4/1/2027   568,400 
 250,000   Colfax Corp. (A)  6.375  2/15/2026   268,438 
 250,000   Crestwood Midstream Finance Corp.  5.750  4/1/2025   254,375 
 1,000,000   Crestwood Midstream Finance Corp. (A)  5.625  5/1/2027   1,000,000 
 750,000   DaVita HealthCare Partners, Inc.  5.000  5/1/2025   743,250 
 500,000   DCP Midstream, LLC, 3 mo. LIBOR + 3.85% (A) (B)  5.850  5/21/2043   471,250 
 1,000,000   Energizer Holdings, Inc. (A)  5.500  6/15/2025   1,015,000 
 1,000,000   Freedom Mortgage Corp. (A)  8.250  4/15/2025   865,000 
 500,000   Genesis Energy LP  6.750  8/1/2022   506,250 
 750,000   Geo Group, Inc.  5.125  4/1/2023   675,000 
 500,000   Geo Group, Inc.  6.000  4/15/2026   437,350 
 670,000   GFL Environmental, Inc. (A)  8.500  5/1/2027   722,763 
 500,000   Global Partners LP/ Global Finance Corp.  6.250  7/15/2022   507,500 
 500,000   Go Daddy Operating Co. LLC (A)  5.250  12/1/2027   519,375 
 1,000,000   Goodyear Tire & Rubber Co.  4.875  3/15/2027   953,750 
 1,075,000   Greif, Inc. (A)  6.500  3/1/2027   1,112,625 
 500,000   Hanesbrands, Inc. (A)  4.875  5/15/2026   521,195 
 180,000   IAA, Inc. (A)  5.500  6/15/2027   187,650 
 1,000,000   Icahn Enterprises Finance Corp. (A)  6.250  5/15/2026   1,016,250 
 500,000   Itron, Inc. (A)  5.000  1/15/2026   512,500 
 750,000   Jagged Peak Energy LLC  5.875  5/1/2026   742,500 
 250,000   Jefferies Finance LLC  6.250  6/3/2026   252,812 
 500,000   Kaiser Aluminum Corp.  5.875  5/15/2024   521,250 
 1,000,000   Koppers, Inc. (A)  6.000  2/15/2025   942,500 
 500,000   Magnolia Oil Gas (A)  6.000  8/1/2026   512,500 
 300,000   MEDNAX, Inc. (A)  6.250  1/15/2027   295,875 
 1,000,000   Millicom International Cellular SA (A)  5.125  1/15/2028   1,017,500 
 1,000,000   MPT Operating Partnership LP  5.250  8/1/2026   1,046,250 
 1,500,000   Nationstar Mortgage Holdings, Inc. (A)  9.125  7/15/2026   1,526,250 
 1,500,000   Newmark Group, Inc.  6.125  11/15/2023   1,588,250 
 1,500,000   NGL Energy Partners LP  6.125  3/1/2025   1,492,500 
 1,500,000   Nova Chemicals Corp. (A)  5.250  6/1/2027   1,601,250 
 340,000   NuStar Logistics LP  6.000  6/1/2026   352,750 
 1,000,000   NuStar Logistics LP  5.625  4/28/2027   1,011,250 
 850,000   Olin Corp.  5.125  9/15/2027   876,562 
 580,000   Panther BF Aggregator 2 LP (A)  6.250  5/15/2026   603,925 
 1,080,000   Panther BF Aggregator 2 LP (A)  8.500  5/15/2027   1,115,100 
 500,000   Parsley Finance Corp. (A)  5.250  8/15/2025   510,000 
 1,000,000   PBF Finance Corp.  7.250  6/15/2025   1,051,250 
 1,000,000   Plastipak Holdings, Inc. (A)  6.250  10/15/2025   910,000 
 500,000   Qualitytech LP (A)  4.750  11/15/2025   497,500 
 1,000,000   Reynolds Group Issuer, Inc. (A)  5.125  7/15/2023   1,021,250 
 750,000   Scotts Miracle-Gro Co.  5.250  12/15/2026   763,125 
 500,000   SemGroup LP  5.625  7/15/2022   495,380 
 500,000   SemGroup LP  6.375  3/15/2025   487,500 
 250,000   Service Corp. International  5.125  6/1/2029   264,375 
 1,000,000   Standard Industries, Inc. (A)  5.000  2/15/2027   1,015,000 
 500,000   Steel Dynamics, Inc.  5.250  4/15/2023   509,375 
 1,000,000   Suburban Propane Partners LP  5.875  3/1/2027   1,007,500 
 500,000   Summit Midstream Holdings LLC  5.750  4/15/2025   440,000 

 

 

Schedule of Investments | High Yield Bond Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
                 
     CORPORATE BONDS - 95.2% (Cont.)           
$500,000   Targa Resources Partners LP  4.250  11/15/2023  $501,875 
 500,000   Targa Resources Partners LP  5.375  2/1/2027   520,000 
 500,000   Teleflex, Inc.  4.875  6/1/2026   521,250 
 1,000,000   Tenet Healthcare Corp. (A)  6.250  2/1/2027   1,036,250 
 150,000   TransDigm, Inc. (A)  6.250  3/15/2026   158,250 
 750,000   TRI Pointe Group, Inc.  5.875  6/15/2024   776,025 
 1,000,000   TTM Technologies, Inc. (A)  5.625  10/1/2025   980,260 
 750,000   United Rentals North America, Inc.  4.875  1/15/2028   766,875 
 750,000   Vistra Operations Co. LLC (A)  5.625  2/15/2027   796,875 
 1,185,000   Vizient, Inc. (A)  6.250  5/15/2027   1,254,678 
 1,500,000   Waste Pro USA, Inc. (A)  5.500  2/15/2026   1,541,250 
 325,000   Weekley Finance Corp.  6.000  2/1/2023   322,562 
 500,000   Weekley Finance Corp.  6.625  8/15/2025   496,250 
 1,000,000   Whiting Petroleum Corp.  6.625  1/15/2026   969,375 
 500,000   WPX Energy, Inc.  5.250  9/15/2024   515,625 
 250,000   WPX Energy, Inc.  5.750  6/1/2026   260,625 
     TOTAL CORPORATE BONDS (Cost $56,226,451)      57,085,118 
                 
Shares               
     MONEY MARKET FUND - 2.8%           
 2,061,452   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (C)     
     (Cost $2,061,452)         2,061,452 
                 
     TOTAL INVESTMENTS - 98.0% (Cost $58,287,903)  $59,146,570 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 2.0%   819,612 
     NET ASSETS - 100.0%        $59,966,182 

 

LIBOR - London Interbank Offered Rate.

 

LLC - Limited Liability Company.

 

LP - Limited Partnership.

 

PLC - Public Limited Co.

 

(A)144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities had a fair value of $32,974,134 and represent 55.0% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

 

(B)Variable rate security; the interest rate shown reflects the effective rate at June 30, 2019.

 

(C)Variable rate security; the rate shown represents the yield at June 30, 2019.

 

 

Schedule of Investments | Israel Common Values Fund
As of June 30, 2019 (Unaudited)

 

Shares      Fair Value 
           
     COMMON STOCK - 95.1%     
     AEROSPACE/DEFENSE - 3.6%     
 17,501   Elbit Systems Ltd.  $2,616,574 
           
     APPAREL - 0.8%     
 19,500   Delta-Galil Industries Ltd.   574,084 
           
     BANKS - 18.2%     
 87,500   Bank Hapoalim BM (ADR)   3,193,750 
 443,000   Bank Leumi Le-Israel BM   3,199,641 
 69,300   First International Bank Of Israel Ltd. *   1,752,829 
 704,000   Israel Discount Bank Ltd.   2,875,967 
 90,000   Mizrahi Tefahot Bank Ltd. *   2,076,040 
         13,098,227 
     BUILDING MATERIALS - 1.1%     
 18,000   Caesarstone Ltd.   270,540 
 150,000   Inrom Construction Industries Ltd.   526,139 
         796,679 
     CHEMICALS - 4.1%     
 6,001   International Flavors & Fragrances, Inc. *   862,307 
 399,000   Israel Chemicals Ltd.   2,074,800 
         2,937,107 
     COMPUTERS - 5.8%     
 13,200   Check Point Software Technologies Ltd. *   1,526,052 
 12,300   CyberArk Software Ltd. *   1,572,432 
 49,210   Matrix IT Ltd.   708,509 
 6,000   Varonis Systems, Inc. *   371,640 
         4,178,633 
     ELECTRIC - 2.0%     
 7,000   Kenon Holdings Ltd.   148,379 
 20,700   Ormat Technologies, Inc.   1,312,196 
         1,460,575 
     ELECTRONICS - 1.6%     
 38,056   Ituran Location and Control Ltd.   1,145,105 
           
     ENERGY-ALTERNATE SOURCES - 0.4%     
 131,360   Energix-Renewable Energies Ltd. *   265,184 
           
     FOOD - 7.2%     
 29,700   Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.   1,548,892 
 210,000   Shufersal Ltd.   1,398,410 
 62,500   Strauss Group Ltd.   1,796,204 
 34,000   Victory Supermarket Chain Ltd.   455,488 
         5,198,994 
     HEALTHCARE - SERVICES - 0.8%     
 9,000   Danel Adir Yeoshua Ltd.   586,701 
           
     HOLDING COMPANIES - DIVERSIFIED - 1.4%     
 45,000   Elco Ltd.   963,074 
           
     HOME BUILDERS - 1.3%     
 1,800   Bayside Land Corp.   951,844 
           
     INSURANCE - 6.1%     
 59,950   Clal Insurance Enterprises Holdings Ltd. *   1,000,133 
 165,000   Harel Insurance Investments & Financial Services Ltd.   1,236,615 
 1,080,000   Migdal Insurance & Financial Holding Ltd. *   1,132,523 
 167,400   Phoenix Holdings Ltd. *   1,012,881 
         4,382,152 

 

 

Schedule of Investments | Israel Common Values Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares      Fair Value 
           
     INTERNET - 0.5%     
 12,300   Fiverr International Ltd. *  $365,310 
           
     LEISURE TIME - 1.1%     
 116,000   Maytronics Ltd.   797,824 
           
     OIL & NATURAL GAS - 7.1%     
 381,541   Delek Drilling LP   1,139,313 
 30,000   Energean Oil & Gas PLC *   317,284 
 3,000   Israel Corp. Ltd. *   727,678 
 13,200   Noble Energy, Inc.   295,680 
 1,845,000   Oil Refineries Ltd. *   946,671 
 8,000   Paz Oil Co. Ltd.   1,124,672 
 737,500   Ratio Oil Exploration 1992 LP *   568,652 
         5,119,950 
     PHARMACEUTICALS - 1.7%     
 1,575,013   Novolog Ltd.   636,355 
 6,500   Taro Pharmaceutical Industries Ltd.   555,230 
         1,191,585 
     REAL ESTATE - 9.3%     
 80,000   Alony Hetz Properties & Investments Ltd.   1,037,641 
 176,000   Amot Investments Ltd.   1,169,534 
 31,000   Azrieli Group Ltd.   2,077,358 
 54,000   Gazit-Globe Ltd.   446,044 
 332,522   Jerusalem Economy Ltd. *   1,274,502 
 12,580   Melisron Ltd.   677,200 
         6,682,279 
     RETAIL - 1.5%     
 34,300   Tadiran Holdings Ltd.   1,102,124 
           
     SEMICONDUCTORS - 5.9%     
 16,200   Mellanox Technologies Ltd. *   1,792,854 
 48,000   Nova Measuring Instruments Ltd. *   1,228,320 
 1   Tower Semiconductor Ltd. *   10 
 76,123   Tower Semiconductor Ltd. *   1,200,460 
         4,221,644 
     SOFTWARE - 5.7%     
 24,935   Hilan Ltd.   810,997 
 78,783   Magic Software Enterprises Ltd.   706,683 
 43,500   Radware Ltd. *   1,075,755 
 47,800   Sapiens International Corp. NV   794,436 
 13,500   Verint Systems, Inc. *   726,030 
         4,113,901 
     TELECOMMUNICATIONS - 6.9%     
 19,300   AudioCodes Ltd.   298,764 
 54,657   Cellcom Israel Ltd. *   157,959 
 25,600   Nice Ltd. (ADR) *   3,507,200 
 73,600   Partner Communications Co. Ltd. *   314,702 
 27,455   Pointer Telocation Ltd. *   418,689 
 8,917   Silicom Ltd. *   291,497 
         4,988,811 
     TEXTILES - 1.0%     
 25,300   Fox Wizel Ltd. *   724,266 
           
     TOTAL COMMON STOCK (Cost $52,209,022)   68,462,627 
           
     REITs - 1.1%     
 159,000   Reit 1 Ltd. * (Cost $707,568)   815,830 

 

 

Schedule of Investments | Israel Common Values Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares      Fair Value 
           
     MONEY MARKET FUND - 4.5%     
 3,235,789   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A)  $3,235,789 
     (Cost $3,235,789)     
           
     TOTAL INVESTMENTS - 100.7% (Cost $56,152,379)  $72,514,246 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.7)%   (479,673)
     NET ASSETS - 100.0%  $72,034,573 

 

*Non-income producing securities.

 

ADR - American Depositary Receipt.

 

LP - Limited Partnership.

 

PLC - Public Limited Co.

 

REITs - Real Estate Investment Trust.

 

(A)Variable rate security; the rate shown represents the yield at June 30, 2019.

 

Diversification of Assets    
     
Country  % of Net Assets 
Israel   90.6%
United States   5.0%
United Kingdom   0.4%
Singapore   0.2%
Total   96.2%
Money Market Fund   4.5%
Other Assets Less Liabilities - Net   (0.7)%
Grand Total   100.0%

 

 

Schedule of Investments | Defensive Strategies Fund
As of June 30, 2019 (Unaudited)

 

Shares      Fair Value 
           
     COMMON STOCK - 21.8%     
     AGRICULTURE - 0.9%     
 1,709   Adecoagro SA *  $12,202 
 1,997   Bunge Ltd.   111,253 
 3,205   Darling Ingredients, Inc. *   63,747 
 3,622   Nutrien Ltd. *   193,632 
         380,834 
     CHEMICALS - 1.6%     
 2,755   CF Industries Holdings, Inc.   128,686 
 1,889   FMC Corp.   156,692 
 5,370   K+S AG   100,169 
 5,762   Mosaic Co.   144,223 
 1,463   Sasol Ltd. (ADR)   36,355 
 1,807   Sociedad Quimica Y Minera de Chile, SA (ADR)   56,216 
 484   Wacker Chemie AG   38,351 
         660,692 
     COMMERCIAL SERVICES - 0.1%     
 1,043   Harsco Corp. *   28,620 
           
     ENVIRONMENTAL CONTROL - 0.2%     
 1,300   Kurita Water Industries Ltd.   32,277 
 1,279   Pentair PLC   47,579 
         79,856 
     FOOD - 0.8%     
 5,133   BRF SA (ADR) *   39,011 
 680   Cal-Maine Foods, Inc.   28,370 
 269   Fresh Del Monte Produce, Inc.   7,249 
 1,040   Ingredion, Inc.   85,790 
 1,900   Megmilk Snow Brand Co. Ltd.   41,654 
 12,300   Nippon Suisan Kaisha Ltd.   76,261 
 350   Sanderson Farms, Inc.   47,796 
         326,131 
     FOREST PRODUCTS & PAPER - 0.0% **     
 900   Sumitomo Forestry Co. Ltd.   10,784 
           
     HEALTHCARE - SERVICES - 0.8%     
 45,370   Brookdale Senior Living, Inc. *   327,118 
           
     IRON/STEEL - 1.2%     
 1,178   Allegheny Technologies, Inc. *   29,686 
 3,413   ArcelorMittal (ADR) *   61,536 
 1,259   Gerdau SA (ADR)   4,897 
 4,300   Hitachi Metals Ltd.   48,572 
 5,600   Kobe Steel Ltd.   36,644 
 2,000   Nippon Steel & Sumitomo Metal Corp.   34,323 
 762   POSCO (ADR)   40,432 
 588   Salzgitter AG   16,861 
 733   Severstal PAO (GDR)   12,351 
 2,055   Steel Dynamics, Inc.   62,061 
 841   Ternium SA (ADR)   18,864 
 7,000   Tokyo Steel Manufacturing Co. Ltd.   52,887 
 4,228   United States Steel Corp.   64,731 
         483,845 
     MACHINERY - DIVERSIFIED - 1.5%     
 1,442   AGCO Corp.   111,856 
 4,046   CNH Industrial NV   41,593 
 1,861   Deere & Co.   308,386 
 9,200   Kubota Corp.   153,106 
         614,941 
     METAL FABRICATE/HARDWARE - 0.2%     
 500   Maruichi Steel Tube Ltd. *   13,890 
 1,843   Rexnord Corp. *   55,695 
 942   Tenaris SA (ADR)   24,784 
         94,369 

 

 

Schedule of Investments | Defensive Strategies Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares      Fair Value 
           
     MINING - 5.7%     
 2,967   Alamos Gold, Inc.  $17,950 
 3,064   Anglo American PLC   87,525 
 1,391   Antofagasta PLC   16,457 
 5,106   BHP Billiton Ltd. (ADR)   296,710 
 234   BHP Billiton PLC (ADR)   11,960 
 2,352   Cameco Corp. *   25,237 
 3,247   Cia De Minas Buenaventura (ADR)   54,127 
 817   Compass Minerals International, Inc.   44,894 
 3,000   Detour Gold Corp. *   37,926 
 145   Eramet   9,653 
 959   Franco-Nevada Corp.   81,400 
 24,174   Glencore PLC   84,100 
 17,287   Gold Fields Ltd. (ADR)   93,523 
 21,521   Hecla Mining Co.   38,738 
 31,631   IAMGOLD Corp. *   106,913 
 1,412   KAZ Minerals PLC   10,851 
 1,766   Livent Corp. *   12,221 
 1,800   Lundin Mining Corp.   9,931 
 3,400   Mitsubishi Materials Corp.   96,724 
 1,635   MMC Norilsk Nickel PJSC (ADR)   37,131 
 5,054   Newmont Mining Corp.   194,427 
 6,874   Pan American Silver Corp. *   88,743 
 3,600   Pretium Resources, Inc. *   36,036 
 5,970   Rio Tinto PLC (ADR)   372,170 
 117   Royal Gold, Inc.   11,991 
 1,948   Southern Copper Corp.   75,680 
 3,300   Sumitomo Metal Mining Co. Ltd.   98,596 
 9,143   Teck Resources Ltd.   211,442 
 1,249   Vedanta Ltd. (ADR)   12,702 
 1,503   Wheaton Precious Metals Corp. *   36,343 
         2,312,101 
     OIL & GAS - 6.4%     
 190   Anadarko Petroleum Corp.   13,406 
 4,506   Antero Resources Corp. *   24,918 
 2,136   Apache Corp.   61,880 
 21,100   ARC Resources Ltd   103,502 
 281   Cabot Oil & Gas Corp.   6,452 
 4,417   Callon Petroleum Co. *   29,108 
 2,464   Canadian Natural Resources Ltd.   66,454 
 6,166   Cenovus Energy, Inc.   54,499 
 1,323   Centennial Resource Development, Inc. *   10,041 
 901   Chesapeake Energy Corp. *   1,757 
 370   Cimarex Energy Co.   21,952 
 1,167   Concho Resources, Inc.   120,411 
 2,567   ConocoPhillips   156,587 
 2,504   Continental Resources, Inc. *   105,393 
 3,900   Crescent Point Energy Corp.   12,923 
 2,369   Devon Energy Corp.   67,564 
 319   Diamondback Energy, Inc.   34,761 
 1,026   Ecopetrol SA (ADR)   18,766 
 2,920   Encana Corp.   14,980 
 17,000   Enerplus Corp.   128,142 
 3,648   Ensco PLC - Class A   31,117 
 1,962   EOG Resources, Inc.   182,780 
 127   EQT Corp.   2,008 
 5,349   Equinor ASA (ADR)   105,803 
 587   Helmerich & Payne, Inc.   29,714 
 628   Hess Corp.   39,922 
 3,600   Husky Energy, Inc.   34,189 
 15,200   Inpex Corp.   137,031 
 904   Lukoil PJSC (ADR)   76,316 
 295   Lukoil PJSC (ADR)   24,904 

 

 

Schedule of Investments | Defensive Strategies Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares      Fair Value 
           
     OIL & GAS - 6.4% (Continued)     
 894   Marathon Oil Corp.  $12,704 
 2,350   Matador Resources Co. *   46,718 
 151   Murphy Oil Corp.   3,722 
 21   Noble Energy, Inc.   470 
 546   Novatek OJSC (GDR)   115,752 
 92   Oasis Petroleum, Inc. *   523 
 435   Occidental Petroleum Corp.   21,872 
 800   Parex Resources, Inc. *   12,862 
 3,768   Parsley Energy, Inc. *   71,630 
 1,939   PDC Energy, Inc. *   69,920 
 3,018   Petroleo Brasileiro SA (ADR)   46,990 
 4,200   Peyto Exploration & Development Corp.   12,599 
 307   Pioneer Natural Resources Co.   47,235 
 3,059   PrairieSky Royalty Ltd.   43,073 
 2,659   QEP Resources, Inc. *   19,225 
 3,069   Range Resources Corp.   21,422 
 4,135   Rosneft Oil Company (GDR) *   27,084 
 9,000   Seven Generations Energy Ltd. *   44,217 
 1,829   Southwestern Energy Co. *   5,780 
 13,289   SRC Energy, Inc. *   65,913 
 2,600   Suncor Energy, Inc.   81,278 
 4,900   Tourmaline Oil Corp.   62,546 
 14,500   Whitecap Resources, Inc.   47,159 
 1,925   WPX Energy, Inc. *   22,157 
 504   YPF SA (ADR)   9,178 
         2,629,309 
     OIL & GAS SERVICES - 1.2%     
 1,569   Baker Hughes, Inc.   38,644 
 682   Core Laboratories NV   35,655 
 1,006   Dril-Quip, Inc. *   48,288 
 2,336   Halliburton Co.   53,121 
 409   National Oilwell Varco, Inc.   9,092 
 3,327   Oceaneering International, Inc. *   67,838 
 5,705   Patterson-UTI Energy, Inc.   65,665 
 2,616   Schlumberger Ltd.   103,960 
 733   TechnipFMC PLC (France)   18,865 
 1,311   TechnipFMC PLC *   34,007 
         475,135 
     WATER - 1.2%     
 459   American States Water Co.   34,535 
 1,356   American Water Works Co., Inc.   157,296 
 818   Aqua America, Inc.   33,841 
 437   California Water Service Group   22,125 
 8,680   Cia de Saneamento Basico do Estado de Sao Paulo (ADR)   105,636 
 1,505   United Utilities Group PLC   14,994 
 5,651   Veolia Environnement SA   137,845 
         506,272 
           
     TOTAL COMMON STOCK (Cost $10,191,594)   8,930,007 
           
     REITs - 17.8%     
 474   American Tower Corp.   96,909 
 4,903   Apartment Investment & Management Co. - Class A   245,738 
 1,680   AvalonBay Communities, Inc.   341,342 
 1,689   Boston Properties, Inc.   217,881 
 3,717   Columbia Property Trust, Inc.   77,091 
 801   Crown Castle International Corp.   104,410 
 4,536   CubeSmart   151,684 
 8,715   Duke Realty Corp.   275,481 
 2,312   EPR Properties   172,452 
 830   Equinix, Inc.   418,561 
 2,366   Equity Lifestyle Properties, Inc.   287,091 

 

 

Schedule of Investments | Defensive Strategies Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares            Fair Value 
                 
     REITs - 17.8% (Continued)           
 4,731   Equity Residential        $359,178 
 637   Essex Property Trust, Inc.         185,959 
 1,333   Federal Realty Investment Trust         171,637 
 6,136   HCP, Inc.         196,229 
 7,382   Hospitality Properties Trust         184,550 
 3,556   Hudson Pacific Properties, Inc.         118,308 
 7,827   Invitation Homes, Inc.         209,216 
 1,689   Kilroy Realty Corp.         124,665 
 1,274   Mid-America Apartment Communities, Inc.         150,026 
 3,634   National Retail Properties, Inc.         192,638 
 998   PotlatchDeltic Corp.         38,902 
 7,045   Prologis, Inc.         564,305 
 1,157   PS Business Parks, Inc.         194,989 
 711   Public Storage         169,339 
 2,233   Rayonier, Inc.         67,660 
 2,579   Regency Centers Corp.         172,123 
 5,115   RLJ Lodging Trust         90,740 
 3,825   Sabra Health Care REIT, Inc.         75,314 
 2,233   Simon Property Group, Inc.         356,744 
 1,225   SL Green Realty Corp.         98,453 
 2,579   Spirit Realty Capital, Inc.         110,020 
 7,648   Store Capital Corp.         253,837 
 889   Sun Communities, Inc.         113,961 
 2,485   UDR, Inc.         111,552 
 1,132   Vornado Realty Trust         72,561 
 1,689   Weingarten Realty Investors         46,312 
 5,022   Welltower, Inc.         409,444 
 1,726   Weyerhaeuser Co.         45,463 
     TOTAL REITS (Cost $6,865,226)         7,272,765 
                 
Principal      Coupon Rate %  Maturity     
     BONDS & NOTES - 27.3%           
     COPORATE BONDS - 2.3%           
$400,000   LYB International Finance BV  4.000  7/15/2023   421,276 
 500,000   Welltower, Inc.  3.750  3/15/2023   521,071 
     TOTAL CORPORATE BONDS (Cost $894,468)         942,347 
                 
     TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 25.0%     
 785,000   TIPS  0.125  4/15/2021   838,723 
 1,010,000   TIPS  0.125  4/15/2022   1,053,192 
 1,075,000   TIPS  0.625  1/15/2024   1,198,217 
 830,000   TIPS  2.375  1/15/2025   1,257,817 
 790,000   TIPS  2.000  1/15/2026   1,132,202 
 870,000   TIPS  2.375  1/15/2027   1,273,750 
 785,000   TIPS  1.750  1/15/2028   1,073,957 
 790,000   TIPS  2.500  1/15/2029   1,131,673 
 855,000   TIPS  2.125  2/15/2041   1,286,509 
     TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $10,018,518)   10,246,040 
                 
     TOTAL BONDS AND NOTES (Cost $10,912,986)   11,188,387 
           
Ounces               
     ALTERNATIVE INVESTMENTS - 21.1%           
 6,143   Gold Bars * (Cost $7,240,875)         8,663,201 
                 
Shares               
    MONEY MARKET FUND - 10.8%           
 4,441,158   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (A)   4,441,158 
     (Cost $4,441,158)           
                 
     TOTAL INVESTMENTS - 98.8% (Cost $39,651,839)  $40,495,518 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 1.2%   482,448 
     NET ASSETS - 100.0%        $40,977,966 

 

*Non-income producing securities/investments.

 

**Less than 0.05%.

 

ADR - American Depositary Receipt.

 

GDR - Global Depositary Receipt.

 

PLC - Public Limited Co.

 

REITs - Real Estate Investment Trust.

 

(A)Variable rate security; the rate shown represents the yield at June 30, 2019.

 

 

Schedule of Investments | Strategic Growth Fund
As of June 30, 2019 (Unaudited)

 

Shares      Fair Value 
           
     EXCHANGE TRADED FUND (A) - 10.6%     
 152,000   Timothy Plan U.S. Large Cap Core ETF (Cost $3,709,069)  $3,849,324 
           
     MUTUAL FUNDS - 87.9% (B)     
 156,484   Timothy Plan Aggressive Growth Fund   1,284,733 
 284,017   Timothy Plan Defensive Strategies Fund   3,288,920 
 281,565   Timothy Plan Emerging Markets Fund   2,593,210 
 419,155   Timothy Plan Fixed Income Fund   4,313,102 
 330,232   Timothy Plan Growth & Income Fund   3,431,108 
 214,130   Timothy Plan High Yield Bond Fund   1,995,695 
 781,796   Timothy Plan International Fund   7,239,434 
 107,602   Timothy Plan Israel Common Values Fund   1,820,626 
 234,177   Timothy Plan Large/Mid Cap Growth Fund   2,032,654 
 107,603   Timothy Plan Large/Mid Cap Value Fund   2,007,873 
 106,891   Timothy Plan Small Cap Value Fund   1,847,070 
     TOTAL MUTUAL FUNDS (Cost $30,467,271)   31,854,425 
           
     MONEY MARKET FUND - 1.6%     
 595,530   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (C)   595,530 
     (Cost $595,530)     
           
     TOTAL INVESTMENTS - 100.1% (Cost $34,771,870)  $36,299,279 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%   (38,444)
     NET ASSETS - 100.0%  $36,260,835 

 

(A)Affiliated Fund.

 

(B)Affiliated Funds - Class A.

 

(C)Variable rate security; the rate shown represents the yield at June 30, 2019.

 

 

Schedule of Investments | Conservative Growth Fund
As of June 30, 2019 (Unaudited)

 

Shares      Fair Value 
           
     EXCHANGE TRADED FUND (A) - 9.2%     
 171,000   Timothy Plan U.S. Large Cap Core ETF (Cost $4,171,750)  $4,330,490 
           
     MUTUAL FUNDS - 86.3% (B)     
 115,497   Timothy Plan Aggressive Growth Fund   948,226 
 326,084   Timothy Plan Defensive Strategies Fund   3,776,054 
 233,780   Timothy Plan Emerging Markets Fund   2,153,110 
 1,421,126   Timothy Plan Fixed Income Fund   14,623,390 
 426,516   Timothy Plan Growth & Income Fund   4,431,499 
 276,571   Timothy Plan High Yield Bond Fund   2,577,645 
 543,736   Timothy Plan International Fund   5,034,996 
 97,281   Timothy Plan Israel Common Values Fund   1,646,001 
 192,477   Timothy Plan Large/Mid Cap Growth Fund   1,670,698 
 88,388   Timothy Plan Large/Mid Cap Value Fund   1,649,322 
 110,449   Timothy Plan Small Cap Value Fund   1,908,562 
     TOTAL MUTUAL FUNDS (Cost $39,276,479)   40,419,503 
           
     MONEY MARKET FUND - 4.6%     
 2,169,115   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (C)   2,169,115 
     (Cost $2,169,115)     
           
     TOTAL INVESTMENTS - 100.1% (Cost $45,617,344)  $46,919,108 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%   (57,828)
     NET ASSETS - 100.0%  $46,861,280 

 

(A)Affiliated Fund.

 

(B)Affiliated Funds - Class A.

 

(C)Variable rate security; the rate shown represents the yield at June 30, 2019.

 

 

Schedule of Investments | Emerging Markets Fund
As of June 30, 2019 (Unaudited)

 

Shares      Fair Value 
           
     COMMON STOCK - 73.5%     
     AEROSPACE/DEFENSE - 4.1%     
 47,885   Embraer SA (ADR)  $963,925 
           
     AGRICULTURE - 2.9%     
 61,589   Adecoagro SA *   439,746 
 21,178   Astral Foods Ltd.   232,802 
         672,548 
     AIRLINES - 1.7%     
 4,134   Copa Holdings SA   403,354 
           
     AUTO MANUFACTURERS - 2.7%     
 16,724   Kia Motors Corp.   637,298 
           
     AUTO PARTS & EQUIPMENT - 2.6%     
 2,268   China Yuchai International Ltd.   33,997 
 2,852   Hyundai Mobis Co. Ltd.   581,688 
         615,685 
     BANKS - 15.3%     
 22,000   Absa Group Ltd.   274,586 
 190,191   AkBank TAS *   223,599 
 65,501   Banco del Bajio SA * (A)   131,059 
 24,600   Bangkok Bank PCL (NVDR)   158,024 
 1,160,200   Bank Rakyat Indonesia Persero Tbk PT   358,059 
 7,980   Erste Group Bank AG   296,620 
 21,200   Hapvida Participacoes E Investimentos SA *   216,445 
 42,546   Nova Ljubljanska Banka dd (GDR)   562,036 
 143,871   Sberbank of Russia   542,733 
 111,100   Siam Commercial Bank Public Company Limited   505,371 
 9,711   TBC Bank Group PLC   196,264 
 88,647   Turkiye Garanti Bankasi AS *   139,469 
         3,604,265 
     BUILDING MATERIALS - 3.4%     
 187,491   Cemex SAB de CV (ADR)   794,962 
 85,571   Urbi Desarrollos Urbanos SAB de CV *   4,405 
         799,367 
     COMMERCIAL SERVICES - 7.3%     
 73,700   Cielo SA   129,415 
 60,300   Estacio Participacoes SA   460,669 
 275,506   ITE Group PLC   250,705 
 121,500   Kroton Educacional SA   348,080 
 174,683   Prosegur Cash SA   346,137 
 2,058   S-1 Corp. *   173,958 
         1,708,964 
     COMPUTERS - 1.8%     
 59,000   Asustek Computer, Inc.   423,606 
           
     ELECTRIC - 1.3%     
 99,000   AES Tiete Energia SA   307,902 
           
     ELECTRONICS - 1.3%     
 30,498   Flex Ltd. *   291,866 
           
     ENGINEERING & CONSTRUCTION - 1.7%     
 1,154,200   Jasmine Broadband Internet Infrastructure Fund   406,468 
           
     FOOD - 2.3%     
 730,000   First Pacific Co. Ltd.   296,205 
 7,137   X5 Retail Group NV (GDR)   244,728 
         540,933 

 

 

Schedule of Investments | Emerging Markets Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Shares      Fair Value 
           
     INSURANCE - 1.2%     
 36,773   Korean Reinsurance Company *  $277,712 
           
     IRON/STEEL - 1.8%     
 1,991   POSCO   421,599 
           
     MINING - 0.4%     
 6,559   NAC Kazatomprom JSC (GDR)   93,794 
           
     MULTI-NATIONAL - 2.9%     
 32,563   Banco Latinoamericano de Comercio Exterior SA   678,287 
           
     OIL & GAS - 5.4%     
 265,277   Vivo Energy PLC (A)   447,682 
 44,904   YPF SA (ADR)   817,702 
         1,265,384 
     RETAIL - 2.6%     
 202,500   Lifestyle International Holdings Ltd.   296,006 
 101,000   Luk Fook Holdings International Ltd.   316,736 
         612,742 
     SEMICONDUCTORS - 2.7%     
 11,235   Samsung Electronics Co., Ltd.   457,320 
 28,000   Taiwan Semiconductor Manufacturing Co. Ltd. *   215,458 
         672,778 
     SOFTWARE - 1.9%     
 914,000   Chinasoft International Ltd.   449,249 
           
     TELECOMMUNICATIONS - 6.2%     
 21,306   Empresa Nacional de Telecomunicaciones SA *   216,534 
 118,438   Mobile TeleSystems PJSC *   534,966 
 3,275,675   XL Axiata TBK PT *   690,958 
         1,442,458 
           
     TOTAL COMMON STOCK (Cost $18,789,385)   17,290,184 
           
     PREFERRED STOCK - 7.6%     
 11,600   Cia Brasileira de Distribuicao   286,016 
 1,268,738   Grupo Aval Acciones y Valores SA   508,366 
 60,700   Petroleo Brasileiro SA *   432,208 
 836,971   Surgutneftegas OJSC *   563,970 
     TOTAL PREFERRED STOCK (Cost $1,522,479)   1,790,560 
           
     REITs - 7.6%     
 1,102,377   Emlak Konut Gayrimenkul Yatirim Ortakligi AS   215,368 
 443,043   Fibra Uno Administracion SA de CV   587,137 
 286,350   Macquarie Mexico Real Estate Management SA de CV (A)   326,420 
 420,201   PLA Administradora Industrial S de RL de CV   658,134 
     TOTAL REITs (Cost $2,553,956)   1,787,059 
           
     MONEY MARKET FUND - 12.1%     
 2,853,958   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (B)     
     (Cost $2,853,958)   2,853,958 
           
     TOTAL INVESTMENTS - 100.8% (Cost $25,719,778)  $23,721,761 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.8)%   (181,446)
     NET ASSETS - 100.0%  $23,540,315 

 

*Non-income producing securities.

 

ADR - American Depositary Receipt.

 

GDR - Global Depositary Receipt.

 

NVDR - Non-Voting Depositary Receipt.

 

PLC - Public Limited Co.

 

REITs - Real Estate Investment Trust.

 

(A)144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities had a fair value of $905,161 and represent 3.8% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

 

(B)Variable rate security; the rate shown represents the yield at June 30, 2019.

 

 

Schedule of Investments | Emerging Markets Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Diversification of Assets    
     
Country  % of Net Assets 
Brazil   13.4%
South Korea   10.8%
Mexico   10.6%
Russia   8.0%
Argentina   5.3%
Panama   4.6%
Thailand   4.5%
Indonesia   4.5%
Hong Kong   3.9%
United Kingdom   3.0%
Taiwan   2.7%
Turkey   2.5%
Slovenia   2.4%
Colombia   2.2%
South Africa   2.2%
China   1.9%
Spain   1.5%
Austria   1.3%
United States   1.2%
Chile   0.9%
Georgia   0.8%
Kazakhstan   0.4%
Singapore   0.1%
Total   88.7%
Money Market Fund   12.1%
Other Assets in Excess of Liabilities - Net   (0.8)%
Grand Total   100.0%

 

 

Schedule of Investments | Growth & Income Fund
As of June 30, 2019 (Unaudited)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
                 
     BONDS & NOTES - 38.8%           
     CORPORATE BONDS - 10.8%           
$160,000   ABB Finance USA, Inc.  2.875  5/8/2022  $162,708 
 160,000   American Electric Power  3.200  11/13/2027   163,263 
 160,000   Aptiv Corp.  4.150  3/15/2024   168,417 
 160,000   Canadian Pacific RR Co.  2.900  2/1/2025   164,343 
 160,000   CBOE Holdings, Inc.  3.650  1/12/2027   167,968 
 160,000   CSX Corp.  3.250  6/1/2027   165,197 
 80,000   Digital Realty Trust LP  3.700  8/15/2027   82,221 
 80,000   Dollar General Corp.  4.125  5/1/2028   85,143 
 120,000   Dominion Energy, Inc.  2.579  7/1/2020   119,828 
 120,000   Eaton Corp.  2.750  11/2/2022   121,583 
 120,000   European Investment Bank  2.375  6/15/2022   121,950 
 120,000   HCP, Inc.  3.500  7/15/2029   120,530 
 120,000   KFW  2.125  6/15/2022   121,142 
 130,000   LYB International Finance BV  4.000  7/15/2023   136,823 
 120,000   National Rural Utilities Cooperative Finance Corp.  2.950  2/7/2024   123,093 
 240,000   NiSource Finance Corp.  3.490  5/15/2027   248,252 
 160,000   Nutrien Ltd.  4.000  12/15/2026   166,918 
 160,000   Phillips 66 Partners LP  3.605  2/15/2025   164,867 
 120,000   Province of Ontario Canada  2.500  4/27/2026   122,033 
 120,000   Province of Quebec Canada  2.375  1/31/2022   121,370 
 110,000   Sunoco Logistics Partners LP  4.250  4/1/2024   115,366 
 190,000   Ventas Realty LP/CAP Corp.  3.250  8/15/2022   194,308 
 115,000   WEC Energy Group, Inc.  3.550  6/15/2025   120,763 
     TOTAL CORPORATE BONDS (Cost $3,225,830)     3,278,086 
                 
     U.S. GOVERNMENT & AGENCY OBLIGATIONS - 28.0%     
     GOVERNMENT MORTGAGE-BACKED SECURITIES - 8.0%     
 147,165   GNMA Pool G2 MA3375  3.000  1/20/2046   150,839 
 176,843   GNMA Pool G2 MA3376  3.500  1/20/2046   183,017 
 146,459   GNMA Pool G2 MA3596  3.000  4/20/2046   149,928 
 119,181   GNMA Pool G2 MA3663  3.500  5/20/2046   123,342 
 158,537   GNMA Pool G2 MA3736  3.500  6/20/2046   164,072 
 148,166   GNMA Pool G2 MA4126  3.000  12/20/2046   151,682 
 53,533   GNMA Pool G2 MA4509  3.000  6/20/2047   54,774 
 177,726   GNMA Pool G2 MA4652  3.500  8/20/2047   183,768 
 179,402   GNMA Pool G2 MA4719  3.500  9/20/2047   185,481 
 176,550   GNMA Pool G2 MA5529  4.500  10/20/2048   184,065 
 143,703   GNMA Pool G2 MA5596  4.500  11/20/2048   149,853 
 141,052   GNMA Pool G2 MA5652  4.500  12/20/2048   147,056 
 98,032   GNMA Pool G2 MA5712  5.000  1/20/2049   102,518 
 140,386   GNMA Pool G2 MA5764  4.500  2/20/2049   146,774 
 143,885   GNMA Pool G2 MA5819  5.000  3/20/2049   151,083 
 84,856   GNMA Pool G2 MA5933  5.000  5/20/2049   89,267 
 115,000   GNMA Pool G2 MA5986  4.000  6/20/2049   119,803 
     TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $2,427,974)   2,437,322 

 

 

Schedule of Investments | Growth & Income Fund
As of June 30, 2019 (Unaudited) (Continued)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
                 
     GOVERNMENT NOTES, BONDS & AGENCIES - 20.0%           
$1,360,000   United States Treasury Note  3.125  5/15/2021  $1,393,469 
 1,165,000   United States Treasury Note  2.125  6/30/2022   1,178,743 
 1,230,000   United States Treasury Note  2.250  11/15/2024   1,258,636 
 850,000   United States Treasury Note  2.000  8/15/2025   858,135 
 720,000   United States Treasury Note  1.625  2/15/2026   709,481 
 495,000   United States Treasury Note  4.500  2/15/2036   653,110 
     TOTAL GOVERNMENT NOTES, BONDS & AGENCIES (Cost $5,926,485)   6,051,574 
                 
     TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $8,354,459)   8,488,896 
                 
     TOTAL BONDS & NOTES (Cost $11,580,289)   11,766,982 
           
Shares               
     EXCHANGE TRADED FUND (A) - 60.6%           
 737,000   Timothy Plan High Dividend Stock ETF (Cost $18,404,298)   18,343,930 
                 
     MONEY MARKET FUND - 0.9%           
 272,281   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.25% (B)   272,281 
     (Cost $272,281)           
                 
     TOTAL INVESTMENTS - 100.3% (Cost $30,256,868)  $30,383,193 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.3)%   (86,805)
     NET ASSETS - 100.0%        $30,296,388 

 

ETF - Exchange Traded Fund.

 

GNMA - Government National Mortgage Association.

 

LP - Limited Partnership.

 

(A)Affiliated Fund.

 

(B) Variable rate security; the rate shown represents the yield at June 30, 2019.

 

 

SCHEDULE OF INVESTMENTS I The Timothy Plan
June 30, 2019 (Unaudited)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

SCHEDULE OF INVESTMENTS I The Timothy Plan
June 30, 2019 (Unaudited) (Continued)

 

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

 

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

 

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

 

The following is a summary of the inputs used to value each Fund’s investments as of June 30, 2019:

 

Aggressive Growth Fund       
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $23,959,090   $—   $—   $23,959,090 
Money Market Fund   2,108,627    —    —    2,108,627 
Total  $26,067,717   $—   $—   $26,067,717 
                     
International Fund       
                     
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $91,602,655   $—   $—   $91,602,655 
Money Market Fund   4,862,455    —    —    4,862,455 
Total  $96,465,110   $—   $—   $96,465,110 
                     
Large/Mid Cap Growth Fund    
                     
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $69,085,084   $—   $—   $69,085,084 
Exchange Traded Fund   18,233,640    —    —    18,233,640 
Money Market Fund   1,521,242    —    —    1,521,242 
Total  $88,839,966   $—   $—   $88,839,966 
                     
Small Cap Value Fund     
                     
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $127,442,601   $—   $—   $127,442,601 
REITS   17,616,170    —    —    17,616,170 
Money Market Fund   4,094,422    —    —    4,094,422 
Total  $149,153,193   $—   $—   $149,153,193 

 

 

SCHEDULE OF INVESTMENTS I The Timothy Plan
June 30, 2019 (Unaudited) (Continued)

 

Large/Mid Cap Value Fund   
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $160,771,645   $—   $—   $160,771,645 
Exchange Traded Funds   46,197,340    —    —    46,197,340 
REITS   8,459,331    —    —    8,459,331 
Money Market Fund   981,397    —    —    981,397 
Total  $216,409,713   $—   $—   $216,409,713 
                     
Fixed Income Fund  
                     
Assets  Level 1   Level 2   Level 3   Total 
Corporate Bonds  $—   $31,871,414   $—   $31,871,414 
Government Mortage-Backed Securities   —    25,001,080    —    25,001,080 
Government Notes & Bonds   —    30,671,125    —    30,671,125 
Exchange Traded Fund   1,991,200    —    —    1,991,200 
Money Market Fund   2,649,906    —    —    2,649,906 
Total  $4,641,106   $87,543,619   $—   $92,184,725 
                     
High Yield Bond Fund    
                     
Assets  Level 1   Level 2   Level 3   Total 
Corporate Bonds  $—   $57,085,118   $—   $57,085,118 
Money Market Fund   2,061,452    —    —    2,061,452 
Total  $2,061,452   $57,085,118   $—   $59,146,570 
                     
Israel Common Values Fund      
                     
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $68,462,627   $—   $—   $68,462,627 
REITS   815,830    —    —    815,830 
Money Market Fund   3,235,789    —    —    3,235,789 
Total  $72,514,246   $—   $—   $72,514,246 
                     
Defensive Strategies Fund  
                     
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $8,930,007   $—   $—   $8,930,007 
REITS   7,272,765    —    —    7,272,765 
Corporate Bonds   —    942,347    —    942,347 
Treasury Inflation Protected Securities (TIPS)   —    10,246,040    —    10,246,040 
Alternative Investments *   8,663,201    —    —    8,663,201 
Money Market Fund   4,441,158    —    —    4,441,158 
Total  $29,307,131   $11,188,387   $—   $40,495,518 
                     
*    Reflects the fund’s investment in gold.      
                     
Strategic Growth Fund    
                     
Assets  Level 1   Level 2   Level 3   Total 
Exchange Traded Fund  $3,849,324   $—   $—   $3,849,324 
Mutual Funds   31,854,425    —    —    31,854,425 
Money Market Fund   595,530    —    —    595,530 
Total  $36,299,279   $—   $—   $36,299,279 

 

 

SCHEDULE OF INVESTMENTS I The Timothy Plan
June 30, 2019 (Unaudited) (Continued)

 

Conservative Growth Fund   
                 
Assets  Level 1   Level 2   Level 3   Total 
Exchange Traded Fund  $4,330,490   $—   $—   $4,330,490 
Mutual Funds   40,419,503    —    —    40,419,503 
Money Market Fund   2,169,115    —    —    2,169,115 
Total  $46,919,108   $—   $—   $46,919,108 
                     
Emerging Markets Fund    
                     
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $15,835,612   $1,454,572   $—   $17,290,184 
Preferred Stock   1,226,590    563,970    —    1,790,560 
REITs   1,787,059    —    —    1,787,059 
Money Market Fund   2,853,958    —    —    2,853,958 
Total  $21,703,219   $2,018,542   $—   $23,721,761 
                     
Growth & Income Fund    
                     
Assets  Level 1   Level 2   Level 3   Total 
Corporate Bonds  $—   $3,278,086   $—   $3,278,086 
Government Mortage-Backed Securities   —    2,437,322    —    2,437,322 
Government Notes & Bonds   —    6,051,574    —    6,051,574 
Exchange Traded Fund   18,343,930    —    —    18,343,930 
Money Market Fund   272,281    —    —    272,281 
Total  $18,616,211   $11,766,982   $—   $30,383,193 

 

The Funds did not hold any Level 3 securities during the period presented. There were no transfers into or out of Level 1 or Level 2 during the current period presented. It is the Trust’s policy to record transfers between Level 1 and Level 2 at the end of the reporting period.

 

The identified cost of investments in securities (including written options and short sales) owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at June 30, 2019, were as follows:

 

               Net Unrealized 
       Gross Unrealized   Gross Unrealized   Appreciation/ 
Fund  Tax Cost   Appreciation   Depreciation   (Depreciation) 
Aggressive Growth  $21,229,761   $5,479,038   $(641,082)  $4,837,956 
International   88,379,460    14,504,914    (6,419,264)   8,085,650 
Large/Mid Cap Growth   76,032,197    15,151,676    (2,343,907)   12,807,769 
Small Cap Value   141,716,624    17,070,668    (9,634,099)   7,436,569 
Large/Mid Cap Value   191,165,534    34,281,955    (9,037,776)   25,244,179 
Fixed Income   90,613,900    1,814,517    (243,692)   1,570,825 
High Yield Bond   58,287,903    1,301,834    (443,167)   858,667 
Israel Common Values   57,651,807    17,307,247    (2,444,808)   14,862,439 
Defensive Strategies   39,738,322    2,919,487    (2,162,291)   757,196 
Strategic Growth   34,879,403    1,677,304    (257,428)   1,419,876 
Conservative Growth   45,733,567    1,492,377    (306,836)   1,185,541 
Emerging Markets   25,823,317    1,293,844    (3,395,400)   (2,101,556)
Growth & Income   30,251,914    192,484    (61,205)   131,279