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