NPORT-EX 2 timothynport.htm TIMOTHY SMALL CAP
Schedule of Investments |Aggressive Growth Fund
As of June 30, 2020 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 93.5%     
     APPAREL - 2.9%     
 4,305   Deckers Outdoor Corp. *  $845,459 
           
     BIOTECHNOLOGY - 2.7%     
 6,341   United Therapeutics Corp. *   767,261 
           
     COMMERCIAL SERVICES - 6.8%     
 4,937   ASGN, Inc. *   329,199 
 6,580   FTI Consulting, Inc. *   753,739 
 1,134   MarketAxess Holdings, Inc.   568,043 
 3,775   TransUnion   328,576 
         1,979,557 
     COMPUTERS - 7.0%     
 3,801   EPAM Systems, Inc. *   957,890 
 6,428   Genpact Ltd.   234,751 
 16,314   Rapid7, Inc. *   832,340 
         2,024,981 
     DISTRIBUTION/WHOLESALE - 0.9%     
 6,410   IAA, Inc. *   247,234 
           
     ELECTRONICS - 1.2%     
 3,462   Fortive Corp.   234,239 
 1,539   Woodward, Inc.   119,349 
         353,588 
     HEALTHCARE - PRODUCTS - 13.0%     
 5,736   DENTSPLY SIRONA, Inc.   252,728 
 9,138   Edwards Lifesciences Corp. *   631,527 
 2,400   Hill-Rom Holdings, Inc.   263,472 
 2,888   Insulet Corp. *   561,023 
 4,293   Quidel Corp. *   960,517 
 1,666   STERIS PLC   255,631 
 2,278   Teleflex, Inc.   829,146 
         3,754,044 
     HEALTHCARE - SERVICES - 5.1%     
 5,846   Addus HomeCare Corp. *   541,106 
 3,801   ICON PLC *   640,316 
 1,739   LHC Group, Inc*   303,143 
         1,484,565 
     HOUSEHOLD PRODUCTS/WARES - 2.2%     
 3,417   Helen of Troy Ltd. *   644,310 
           
     INSURANCE - 0.9%     
 2,563   Arthur J Gallagher & Co.   249,867 
           
     MACHINERY - CONSTRUCTION & MINING - 0.9%     
 3,759   Oshkosh Corp.   269,220 
           
     MISCELLANEOUS MANUFACTURING - 1.1%     
 3,448   Trane Technologies PLC   306,803 
           
     PACKAGING & CONTAINERS - 3.6%     
 16,106   Crown Holdings, Inc. *   1,048,984 

 

 

Schedule of Investments |Aggressive Growth Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     PHARMACEUTICALS - 6.9%     
 997   DexCom, Inc. *  $404,184 
 23,954   Horizon Therapeutics PLC *   1,331,363 
 1,596   Sarepta Therapeutics, Inc. *   255,903 
         1,991,450 
     RETAIL - 4.9%     
 19,076   Bloomin’ Brands, Inc.   203,350 
 2,527   Burlington Stores, Inc. *   497,642 
 650   Domino’s Pizza, Inc.   240,136 
 4,854   Ollie’s Bargain Outlet Holdings, Inc. *   473,993 
         1,415,121 
     SEMICONDUCTORS - 9.5%     
 11,175   Advanced Micro Devices, Inc. *   587,917 
 1,742   Lam Research Corp.   563,467 
 8,672   Marvell Technology Group Ltd.   304,040 
 3,981   Monolithic Power System, Inc.   943,497 
 3,442   Xilinx, Inc.   338,658 
         2,737,579 
     SOFTWARE - 23.2%     
 6,481   Akamai Technologies, Inc. *   694,050 
 1,091   ANSYS, Inc. *   318,277 
 2,356   DocuSign, Inc. *   405,727 
 6,744   Fidelity National Information Services, Inc.   904,303 
 4,792   Fiserv, Inc. *   467,795 
 1,576   MSCI, Inc.   526,100 
 27,450   Nutanix, Inc. *   650,702 
 4,703   RingCentral, Inc. *   1,340,402 
 1,851   ServiceNow, Inc. *   749,766 
 2,869   Twilio, Inc. *   629,516 
         6,686,638 
     TEXTILES - 0.7%     
 1,164   UniFirst Corp.   208,298 
           
     TOTAL COMMON STOCK (Cost $20,728,976)   27,014,959 
           
     REITs - 3.2%     
 19,102   Physicians Realty Trust   334,667 
 3,173   Prologis, Inc.   296,136 
 9,259   STAG Industrial, Inc.   271,474 
     TOTAL REITs (Cost $808,140)   902,277 
           
     MONEY MARKET FUND - 3.4%     
 986,752   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (A)
(Cost $986,752)		   986,752 
           
     TOTAL INVESTMENTS - 100.1% (Cost $22,523,868)  $28,903,988 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%   (15,734)
     NET ASSETS - 100.0%  $28,888,254 
           
*Non-income producing securities.

 

PLC - Public Limited Co.

 

REITs - Real Estate Investment Trust.

 

(A)Variable rate security; the rate shown represents the yield at June 30, 2020.

 

 

Schedule of Investments | International Fund
As of June 30, 2020 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 95.7%     
     AUTO PARTS & EQUIPMENT - 3.3%     
 37,300   Magna International, Inc. - Class A  $1,660,969 
 83,300   Valeo SA (ADR)   1,090,397 
         2,751,366 
     BANKS - 7.8%     
 123,700   Banco Bradesco SA (ADR)   471,297 
 36,839   DBS Group Holdings Ltd. (ADR)   2,215,866 
 91,000   DNB ASA (ADR) *   1,202,110 
 119,300   ICICI Bank Ltd. (ADR)   1,108,297 
 50,600   KBC Group NV (ADR)   1,461,328 
         6,458,898 
     BUILDING MATERIALS - 1.5%     
 52,600   Xinyi Glass Holdings Ltd. (ADR)   1,225,580 
           
     CHEMICALS - 1.8%     
 15,900   Arkema SA (ADR)   1,512,058 
           
     COMMERCIAL SERVICES - 3.6%     
 33,700   Amadeus IT Group SA (ADR)   1,763,184 
 9,000   Ashtead Group PLC (ADR)   1,210,230 
         2,973,414 
     COSMETICS/PERSONAL CARE - 1.7%     
 90,000   Kao Corp. (ADR)   1,424,700 
           
     DIVERSIFIED FINANCIAL SERVICES - 5.6%     
 124,000   Deutsche Boerse AG (ADR)   2,246,880 
 21,000   ORIX Corp. (ADR)   1,293,600 
 31,500   Pagseguro Digital Ltd. *   1,113,210 
         4,653,690 
     ELECTRIC - 3.5%     
 258,000   Enel SpA (ADR)   2,211,060 
 128,900   Power Assets Holdings Ltd. (ADR)   703,794 
         2,914,854 
     ELECTRONICS - 2.1%     
 18,000   Hoya Corp. (ADR)   1,720,260 
           
     ENGINEERING & CONSTRUCTION - 3.4%     
 121,000   Vinci SA (ADR)   2,831,400 
           
     FOOD - 4.5%     
 18,000   Kerry Group PLC (ADR)   2,287,800 
 75,000   Mowi ASA (ADR)   1,428,000 
         3,715,800 
     HAND/MACHINE TOOLS - 4.5%     
 76,650   Techtronic Industries Co. (ADR)   3,732,855 
           
     HEALTHCARE - PRODUCTS - 4.6%     
 35,300   Alcon, Inc. *   2,023,396 
 45,400   Smith & Nephew PLC (ADR)   1,730,648 
         3,754,044 
     HEALTHCARE - SERVICES - 2.4%     
 46,000   Fresenius Medical Care AG & Co. (ADR) *   1,990,880 
           
     INSURANCE - 7.2%     
 30,700   Ageas (ADR)   1,085,859 
 69,000   AIA Group Ltd. (ADR)   2,580,600 
 40,200   Muenchener Rueckversicherungs AG (ADR)   1,050,627 
 72,600   Sampo Oyj (ADR)   1,248,357 
         5,965,443 

 

 

Schedule of Investments | International Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     INTERNET - 6.8%     
 12,900   Pinduoduo, Inc. (ADR) *  $1,107,336 
 34,000   Tencent Holdings Ltd. (ADR)   2,176,000 
 45,700   Yandex NV *   2,285,914 
         5,569,250 
     LEISURE TIME - 2.3%     
 99,000   Shimano, Inc. (ADR)   1,901,790 
           
     MACHINERY - DIVERSIFIED - 3.7%     
 53,500   Atlas Copco AB (ADR)   1,988,595 
 57,000   FANUC Corp. (ADR)   1,015,740 
         3,004,335 
     MINING - 1.7%     
 24,500   Rio Tinto PLC (ADR)   1,376,410 
           
     OFFICE/BUSINESS EQUIPMENT - 1.1%     
 21,438   FUJIFILM Holdings Corp. (ADR)   918,404 
           
     OIL & GAS - 3.6%     
 55,100   Eni SpA (ADR)   1,061,777 
 103,000   Equinor ASA (ADR)   1,491,440 
 49,659   Petroleo Brasileiro SA (ADR)   395,782 
         2,948,999 
     RETAIL - 1.8%     
 66,000   Pan Pacific International Holdings Corp. (ADR)   1,457,280 
           
     SEMICONDUCTORS - 5.8%     
 6,550   ASML Holding NV (ADR)   2,410,597 
 11,000   NXP Semiconductors NV   1,254,440 
 20,000   Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)   1,135,400 
         4,800,437 
     SOFTWARE - 2.2%     
 42,640   Open Text Corp.   1,811,347 
           
     TELECOMMUNICATIONS - 5.7%     
 14,200   Nice Ltd. (ADR) *   2,687,208 
 86,300   Nippon Telegraph & Telephone Corp. (ADR)   2,005,612 
         4,692,820 
     TRANSPORTATION - 3.5%     
 11,300   Canadian Pacific Railway Ltd.   2,885,342 
           
     TOTAL COMMON STOCK (Cost $69,419,988)   78,991,656 
           
     MONEY MARKET FUND - 4.1%     
 3,366,191   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (A)
(Cost $3,366,191)		   3,366,191 
           
     TOTAL INVESTMENTS - 99.8% (Cost $72,786,179)  $82,357,847 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.2%   128,793 
     NET ASSETS - 100.0%  $82,486,640 
           
*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, 2020.

 

 

Schedule of Investments | International Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Diversification of Assets    
Country  % of Net Assets 
Japan   14.2%
Hong Kong   10.0%
Canada   7.7%
France   6.6%
Germany   6.4%
United Kingdom   5.2%
Norway   5.0%
Netherlands   4.4%
China   4.0%
Italy   4.0%
Israel   3.3%
Belgium   3.1%
Ireland   2.8%
Russia   2.8%
Singapore   2.7%
Switzerland   2.4%
Sweden   2.4%
Brazil   2.4%
Spain   2.1%
Finland   1.5%
Taiwan   1.4%
India   1.3%
Total   95.7%
Money Market Fund   4.1%
Other Assets Less Liabilities - Net   0.2%
Grand Total   100.0%

 

 

Schedule of Investments | Large/Mid Cap Growth Fund
As of June 30, 2020 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 76.9%     
     AEROSPACE/DEFENSE - 1.4%     
 8,499   General Dynamics Corp.  $1,270,261 
           
     BANKS - 0.5%     
 11,170   Western Alliance Bancorp   423,008 
           
     BIOTECHNOLOGY - 2.6%     
 2,920   Amgen, Inc.   688,711 
 5,599   Vertex Pharmaceuticals, Inc. *   1,625,446 
         2,314,157 
     CHEMICALS - 2.1%     
 11,057   FMC Corp.   1,101,498 
 3,543   Linde PLC   751,506 
         1,853,004 
     COMMERCIAL SERVICES - 1.7%     
 5,556   Grand Canyon Education, Inc. *   502,985 
 2,013   MarketAxess Holdings, Inc.   1,008,352 
         1,511,337 
     COMPUTERS - 4.1%     
 5,251   EPAM Systems, Inc. *   1,323,305 
 26,736   Rapid7, Inc. *   1,364,071 
 21,663   Western Digital Corp.   956,421 
         3,643,797 
     DIVERSIFIED FINANCIAL SERVICES - 1.6%     
 15,108   Intercontinental Exchange, Inc.   1,383,893 
           
     ELECTRIC - 0.9%     
 31,605   PPL Corp.   816,673 
           
     ELECTRICAL COMPONENTS & EQUIPMENT - 1.2%     
 16,954   Emerson Electric Co.   1,051,657 
           
     ELECTRONICS - 5.6%     
 18,342   Amphenol Corp. - Class A   1,757,347 
 14,302   Fortive Corp.   967,673 
 15,481   Honeywell International, Inc.   2,238,398 
         4,963,418 
     FOOD - 1.5%     
 7,234   McCormick & Co., Inc.   1,297,852 
           
     HEALTHCARE - PRODUCTS - 7.4%     
 6,950   Baxter International, Inc.   598,395 
 5,185   Danaher Corp.   916,864 
 17,062   Edwards Lifesciences Corp. *   1,179,155 
 6,152   Insulet Corp. *   1,195,088 
 2,060   Intuitive Surgical, Inc. *   1,173,850 
 4,108   Teleflex, Inc.   1,495,230 
         6,558,582 
     HEALTHCARE - SERVICES - 1.2%     
 7,672   IQVIA Holdings, Inc. *   1,088,503 
           
     INSURANCE - 2.4%     
 21,680   Arthur J. Gallagher & Co.   2,113,583 
           
     INTERNET - 4.1%     
 20,905   CDW Corp.   2,428,743 
 5,192   Palo Alto Networks, Inc. *   1,192,447 
         3,621,190 
     MACHINERY - CONSTRUCTION & MINING - 1.6%     
 5,730   Caterpillar, Inc.   724,845 
 9,539   Oshkosh Corp.   683,183 
         1,408,028 
     MACHINERY - DIVERSIFIED - 1.1%     
 14,942   Xylem, Inc.   970,632 

 

 

Schedule of Investments | Large/Mid Cap Growth Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     OIL & GAS - 0.6%     
 13,772   ConocoPhillips  $578,699 
           
     PHARMACEUTICALS - 5.1%     
 6,813   Neurocrine Biosciences, Inc. *   831,186 
 6,183   Sarepta Therapeutics, Inc. *   991,382 
 19,378   Zoetis, Inc.   2,655,561 
         4,478,129 
     RETAIL - 7.9%     
 5,993   Burlington Stores, Inc. *   1,180,201 
 6,435   Costco Wholesale Corp.   1,951,156 
 10,490   Dollar General Corp.   1,998,450 
 2,516   Lululemon Athletica, Inc. *   785,017 
 2,506   O’Reilly Automotive, Inc. *   1,056,705 
         6,971,529 
     SEMICONDUCTORS - 14.3%     
 34,540   Advanced Micro Devices, Inc. *   1,817,149 
 5,821   Broadcom Ltd.   1,837,166 
 23,741   Maxim Integrated Products, Inc.   1,438,942 
 28,516   Micron Technology, Inc. *   1,469,144 
 5,253   Monolithic Power Systems, Inc.   1,244,961 
 8,428   NVIDIA Corp.   3,201,881 
 14,726   NXP Semiconductors NV   1,679,353 
         12,688,596 
     SOFTWARE - 6.7%     
 9,399   Fidelity National Information Services, Inc.   1,260,312 
 6,777   ServiceNow, Inc. *   2,745,092 
 9,698   Synopsys, Inc. *   1,891,110 
         5,896,514 
     TRANSPORTATION - 1.3%     
 4,483   Canadian Pacific Railway Ltd.   1,144,689 
           
     TOTAL COMMON STOCK (Cost $52,215,486)   68,047,731 
           
     EXCHANGE TRADED FUND (A) - 20.2%     
 720,000   Timothy Plan U.S. Large Cap Core ETF (Cost $18,061,200)   17,870,400 
           
     MONEY MARKET FUND - 3.0%     
 2,626,916   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (B)
(Cost $2,626,916)		   2,626,916 
           
     TOTAL INVESTMENTS - 100.1% (Cost $72,903,602)  $88,545,047 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%   (59,093)
     NET ASSETS - 100.0%  $88,485,954 
           
*Non-income producing securities.

 

ETF - Exchange Traded Fund.

 

PLC - Public Limited Co.

 

(A)Affiliated Fund.

 

(B)Variable rate security; the rate shown represents the yield at June 30, 2020.

 

 

Schedule of Investments | Small Cap Value Fund
As of June 30, 2020 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 79.4%     
     AEROSPACE/DEFENSE - 1.6%     
 42,559   Kaman Corp.  $1,853,654 
           
     APPAREL - 1.6%     
 41,293   Oxford Industries, Inc.   1,817,305 
           
     AUTO PARTS & EQUIPMENT - 0.5%     
 15,135   Douglas Dynamics, Inc.   531,541 
           
     BANKS - 10.6%     
 41,870   Central Pacific Financial Corp.   671,176 
 43,591   Columbia Banking System, Inc.   1,235,587 
 129,902   Great Western Bancorp, Inc.   1,787,452 
 75,353   Heritage Commerce Corp.   565,524 
 113,857   Hilltop Holdings, Inc.   2,100,662 
 31,888   International Bancshares Corp.   1,021,054 
 85,390   Renasant Corp.   2,126,211 
 77,114   Sandy Spring Bancorp, Inc.   1,910,885 
 34,900   Trustmark Corp.   855,748 
         12,274,299 
     BUILDING MATERIALS - 2.0%     
 45,880   UFP Industries, Inc.   2,271,519 
           
     CHEMICALS - 2.5%     
 23,468   Innospec, Inc.   1,812,903 
 40,165   PolyOne Corp.   1,053,528 
         2,866,431 
     COMMERCIAL SERVICES - 3.0%     
 26,100   Monro, Inc.   1,433,934 
 82,091   Repay Holdings Corp. *   2,021,901 
         3,455,835 
     DIVERSIFIED FINANCIAL SERVICES - 2.4%     
 16,613   Houlihan Lokey, Inc.   924,347 
 58,271   Moelis & Co.   1,815,724 
         2,740,071 
     ELECTRIC - 5.2%     
 57,534   Avista Corp.   2,093,662 
 36,263   NorthWestern Corp.   1,977,059 
 52,140   PNM Resources, Inc.   2,004,262 
         6,074,983 
     ELECTRICAL COMPONENTS & EQUIPMENT - 1.8%     
 13,511   Novanta, Inc. *   2,083,190 
           
     ENGINEERING & CONSTRUCTION - 1.9%     
 54,142   Comfort Systems USA, Inc.   2,206,287 
           
     FOOD - 3.6%     
 174,221   Hostess Brands, Inc. *   2,128,981 
 16,115   J & J Snack Foods Corp.   2,048,700 
         4,177,681 
     GAS - 1.5%     
 67,648   South Jersey Industries, Inc.   1,690,524 
           
     HEALTHCARE - PRODUCTS - 4.4%     
 25,664   CONMED Corp.   1,847,551 
 49,404   Merit Medical Systems, Inc. *   2,255,293 
 47,351   Patterson Cos, Inc.   1,041,722 
         5,144,566 
     HEALTHCARE - SERVICES - 1.8%     
 29,361   Magellan Health, Inc. *   2,142,766 
           
     HOME BUILDERS - 2.7%     
 70,055   Century Communities, Inc. *   2,147,886 
 14,672   Installed Building Products, Inc. *   1,009,140 
         3,157,026 

 

 

Schedule of Investments | Small Cap Value Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     HOUSEHOLD PRODUCTS/WARES - 1.8%     
 63,286   Central Garden & Pet Co. *  $2,138,434 
           
     INSURANCE - 5.7%     
 61,502   Argo Group International Holdings Ltd.   2,142,115 
 76,685   BRP Group, Inc. *   1,324,350 
 48,365   James River Group Holdings Ltd.   2,176,425 
 23,708   Mercury General Corp.   966,101 
         6,608,991 
     INTERNET - 1.0%     
 59,988   1-800-Flowers.com, Inc. *   1,200,960 
           
     MACHINERY - DIVERSIFIED - 3.9%     
 10,985   Alamo Group, Inc.   1,127,500 
 66,981   Altra Industrial Motion Corp.   2,134,015 
 35,852   Columbus McKinnon Corp.   1,199,249 
         4,460,764 
     MISCELLANEOUS MANUFACTURER - 1.9%     
 72,840   Federal Signal Corp.   2,165,533 
           
     OFFICE FURNISHINGS - 1.6%     
 155,623   Knoll, Inc.   1,897,044 
           
     OIL & GAS - 0.7%     
 69,900   PDC Energy, Inc. *   869,556 
           
     RETAIL - 4.8%     
 51,820   BJ’s Wholesale Club Holdings, Inc. *   1,931,331 
 179,402   Bloomin’ Brands, Inc.   1,912,425 
 21,390   Papa John’s International, Inc.   1,698,580 
         5,542,336 
     SAVINGS & LOANS - 2.3%     
 15,631   Berkshire Hills Bancorp, Inc.   172,254 
 28,500   Provident Financial Services, Inc.   411,825 
 76,966   Washington Federal, Inc.   2,065,767 
         2,649,846 
     SEMICONDUCTORS - 3.2%     
 114,904   Amkor Technology, Inc. *   1,414,468 
 78,932   Lattice Semiconductor Corp. *   2,240,880 
         3,655,348 
     SOFTWARE - 1.9%     
 30,399   Omnicell, Inc. *   2,146,777 
           
     TELECOMMUNICATIONS - 1.8%     
 167,750   Viavi Solutions, Inc. *   2,137,135 
           
     TEXTILES - 1.7%     
 11,115   UniFirst Corp.   1,989,029 
           
     TOTAL COMMON STOCK (Cost $96,921,670)   91,949,431 
           
     EXCHANGE TRADED FUND (A) - 10.5%     
 580,000   Timothy Plan U.S. Small Cap Core ETF (Cost $14,834,080)   12,108,544 
           
     REITs - 8.2%     
 144,344   Columbia Property Trust, Inc.   1,896,680 
 87,110   Easterly Government Properties, Inc.   2,013,983 
 64,377   National Storage Affiliates Trust   1,845,045 
 42,522   PotlatchDeltic Corp.   1,617,112 
 17,666   RPT Realty   122,955 
 173,912   Summit Hotel Properties, Inc.   1,031,298 
 19,159   Terreno Realty Corp.   1,008,530 
     TOTAL REITs (Cost $11,662,028)   9,535,603 

 

 

Schedule of Investments | Small Cap Value Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     MONEY MARKET FUND - 1.8%     
 2,107,001   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (B)
(Cost $2,107,001)		  $2,107,001 
           
     TOTAL INVESTMENTS - 99.9% (Cost $125,524,779)  $115,700,579 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.1%   112,735 
     NET ASSETS - 100.0%  $115,813,314 
           
*Non-income producing securities.

 

ETF - Exchange Traded Fund.

 

REITs - Real Estate Investment Trust.

 

(A)Affiliated Fund.

 

(B)Variable rate security; the rate shown represents the yield at June 30, 2020.

 

 

Schedule of Investments | Large/Mid Cap Value Fund
As of June 30, 2020 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 71.5%     
     AEROSPACE/DEFENSE - 1.9%     
 23,898   General Dynamics Corp.  $3,571,795 
           
     BANKS - 3.8%     
 45,316   East West Bancorp, Inc.   1,642,252 
 88,155   TCF Financial Corp.   2,593,520 
 75,095   Western Alliance Bancorp   2,843,848 
         7,079,620 
     CHEMICALS - 2.2%     
 7,298   Sherwin-Williams Co.   4,217,149 
           
     COMMERCIAL SERVICES - 2.5%     
 27,122   Equifax, Inc.   4,661,729 
           
     COMPUTERS - 4.0%     
 15,401   CACI International, Inc. *   3,340,169 
 112,447   Genpact Ltd.   4,106,565 
         7,446,734 
     DIVERSIFIED FINANCIAL SERVICES - 1.9%     
 39,774   Intercontinental Exchange, Inc.   3,643,298 
           
     ELECTRIC - 3.9%     
 64,757   CMS Energy Corp.   3,783,104 
 41,385   WEC Energy Group, Inc.   3,627,395 
         7,410,499 
     ELECTRONICS - 7.3%     
 43,292   Amphenol Corp. - Class A   4,147,807 
 24,316   Honeywell International, Inc.   3,515,850 
 15,034   Hubbell, Inc.   1,884,662 
 41,990   PerkinElmer, Inc.   4,118,799 
         13,667,118 
     FOOD - 6.3%     
 35,640   JM Smucker Co.   3,771,068 
 57,560   Lamb Weston Holdings, Inc.   3,679,811 
 24,865   McCormick & Co., Inc.   4,461,030 
         11,911,909 
     HEALTHCARE - PRODUCTS - 4.8%     
 40,725   Dentsply Sirona, Inc.   1,794,344 
 23,610   STERIS PLC   3,622,718 
 29,479   Zimmer Biomet Holdings, Inc.   3,518,613 
         8,935,675 
     INSURANCE - 5.7%     
 38,848   Arthur J. Gallagher & Co.   3,787,292 
 33,255   Assurant, Inc.   3,434,909 
 16,942   Everest Re Group Ltd.   3,493,440 
         10,715,641 
     MACHINERY - DIVERSIFIED - 1.6%     
 34,530   Curtiss-Wright Corp.   3,082,838 
           
     MEDIA - 4.0%     
 2,210   Cable One, Inc.   3,922,419 
 29,725   Liberty Broadband Corp. *   3,684,711 
         7,607,130 
     MISCELLANEOUS MANUFACTURING - 1.2%     
 24,701   Eaton Corp. PLC   2,160,844 
           
     OIL & GAS - 1.2%     
 44,205   EOG Resources, Inc.   2,239,425 

 

 

Schedule of Investments | Large/Mid Cap Value Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     RETAIL - 4.6%     
 20,954   Dollar General Corp.  $3,991,947 
 35,258   Tractor Supply Co.   4,646,652 
         8,638,599 
     SEMICONDUCTORS - 8.0%     
 74,045   Micron Technology, Inc. *   3,814,798 
 22,970   Monolithic Power Systems, Inc.   5,443,890 
 15,120   NVIDIA Corp.   5,744,239 
         15,002,927 
     SOFTWARE - 4.4%     
 47,475   Cadence Design Systems, Inc. *   4,555,701 
 10,890   Tyler Technologies, Inc. *   3,777,523 
         8,333,224 
     TRANSPORTATION - 2.2%     
 24,173   Union Pacific Corp.   4,086,929 
           
     TOTAL COMMON STOCK (Cost $115,507,258)   134,413,083 
           
     EXCHANGE TRADED FUNDS (A) - 22.8%     
 920,000   Timothy Plan High Dividend Stock ETF   20,138,800 
 920,000   Timothy Plan U.S. Large Cap Core ETF   22,834,400 
     TOTAL EXCHANGE TRADED FUNDS (Cost $46,064,400)   42,973,200 
           
     REITs - 3.9%     
 22,844   Crown Castle International Corp.   3,822,943 
 18,648   Public Storage   3,578,365 
     TOTAL REITs (Cost $7,173,838)   7,401,308 
           
     MONEY MARKET FUND - 1.9%     
 3,556,161   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (B)
(Cost $3,556,161)		   3,556,161 
           
     TOTAL INVESTMENTS - 100.1% (Cost $172,301,657)  $188,343,752 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%   (200,298)
     NET ASSETS - 100.0%  $188,143,454 
           
*Non-income producing securities.

 

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, 2020.

 

 

Schedule of Investments | Fixed Income Fund
As of June 30, 2020 (Unaudited)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     BONDS & NOTES - 97.5%           
     CORPORATE BONDS - 25.6%           
$1,000,000   ABB Finance USA, Inc.  2.875  5/8/2022  $1,038,978 
 1,000,000   American Electric Power  3.200  11/13/2027   1,099,367 
 500,000   Analog Devices, Inc.  3.900  12/15/2025   570,007 
 1,000,000   Aptiv Corp.  4.150  3/15/2024   1,068,000 
 1,000,000   Canadian Pacific RR Co.  2.900  2/1/2025   1,084,967 
 1,000,000   CBOE Holdings, Inc.  3.650  1/12/2027   1,125,203 
 1,000,000   Columbia Pipeline Group, Inc.  4.500  6/1/2025   1,137,137 
 1,000,000   CSX Corp.  3.250  6/1/2027   1,119,111 
 500,000   Digital Realty Trust LP  3.700  8/15/2027   570,754 
 500,000   Dollar General Corp.  4.125  5/1/2028   585,561 
 865,000   Dominion Energy, Inc.  2.579  7/1/2020   865,000 
 750,000   Eaton Corp.  2.750  11/2/2022   789,223 
 1,000,000   Enable Midstream Partners LP  3.900  5/15/2024   980,051 
 855,000   European Investment Bank  2.375  6/15/2022   890,692 
 880,000   Healthpeak Properties, Inc.  3.500  7/15/2029   959,863 
 880,211   John Sevier Combined Cycle Generation LLC  4.626  1/15/2042   1,117,104 
 1,000,000   Kennametal, Inc.  3.875  2/15/2022   1,037,947 
 865,000   Kreditanstalt fuer Wiederaufbau  2.125  6/15/2022   897,192 
 800,000   LYB International Finance BV  4.000  7/15/2023   868,231 
 855,000   National Rural Utilities Cooperative Finance Corp.  2.950  2/7/2024   915,987 
 1,500,000   NiSource Finance Corp.  3.490  5/15/2027   1,698,844 
 1,000,000   Nutrien Ltd.  4.000  12/15/2026   1,128,841 
 1,000,000   Phillips 66 Partners LP  3.605  2/15/2025   1,068,595 
 870,000   Province of Ontario Canada  2.500  4/27/2026   952,108 
 865,000   Province of Quebec Canada  2.375  1/31/2022   891,947 
 700,000   Sunoco Logistics Partners LP  4.250  4/1/2024   749,346 
 1,200,000   Ventas Realty LP/CAP Corp.  3.250  8/15/2022   1,228,677 
 830,000   WEC Energy Group, Inc.  3.550  6/15/2025   925,456 
 1,000,000   Zimmer Biomet Holdings, Inc.  3.700  3/19/2023   1,063,405 
     TOTAL CORPORATE BONDS (Cost $26,374,733)   28,427,594 
                 
     U.S. GOVERNMENT & AGENCY OBLIGATIONS - 71.9% 
     GOVERNMENT MORTGAGE-BACKED SECURITIES - 24.0%    
 237,390   GNMA Pool G2 4520  5.000  8/20/2039   268,082 
 305,669   GNMA Pool G2 4947  5.000  2/20/2041   344,890 
 980,353   GNMA Pool G2 BN2662  3.000  10/20/2049   1,041,686 
 757,594   GNMA Pool G2 MA3376  3.500  1/20/2046   811,544 
 536,608   GNMA Pool G2 MA3596  3.000  4/20/2046   571,497 
 1,346,985   GNMA Pool G2 MA3663  3.500  5/20/2046   1,443,950 
 496,013   GNMA Pool G2 MA3736  3.500  6/20/2046   531,036 
 812,156   GNMA Pool G2 MA4004  3.500  10/20/2046   870,716 
 579,514   GNMA Pool G2 MA4509  3.000  6/20/2047   615,693 
 780,260   GNMA Pool G2 MA4652  3.500  8/20/2047   831,174 
 1,004,687   GNMA Pool G2 MA4719  3.500  9/20/2047   1,069,820 
 1,018,115   GNMA Pool G2 MA4778  3.500  10/20/2047   1,083,614 
 798,159   GNMA Pool G2 MA4901  4.000  12/20/2047   855,491 
 727,059   GNMA Pool G2 MA4963  4.000  1/20/2048   779,751 
 849,906   GNMA Pool G2 MA6092  4.500  8/20/2049   908,114 
 992,608   GNMA Pool G2 MA6156  4.500  9/20/2049   1,060,242 
 977,439   GNMA Pool G2 MA6221  4.500  10/20/2049   1,044,069 
 1,523,774   GNMA Pool G2 MA6338  3.000  12/20/2049   1,617,745 
 1,428,609   GNMA Pool G2 MA6476  4.000  2/20/2050   1,516,818 
 1,023,397   GNMA Pool G2 MA6477  4.500  2/20/2050   1,094,454 
 1,427,827   GNMA Pool G2 MA6478  5.000  2/20/2050   1,555,930 
 1,532,685   GNMA Pool G2 MA6544  4.500  3/20/2050   1,639,024 
 1,124,072   GNMA Pool G2 MA6545  5.000  3/20/2050   1,226,256 
 1,024,868   GNMA Pool G2 MA6600  3.500  4/20/2050   1,088,602 
 955,990   GNMA Pool G2 MA6601  4.000  4/20/2050   1,019,368 
 999,890   GNMA Pool G2 MA6603  5.000  4/20/2050   1,090,814 
 36,273   GNMA Pool GN 723248  5.000  10/15/2039   41,557 
 474,775   GNMA Pool GN 783060  4.000  8/15/2040   516,497 
 203,854   GNMA Pool GN 783403  3.500  9/15/2041   217,886 
     TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $26,256,213)   26,756,320 

 

 

Schedule of Investments | Fixed Income Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     GOVERNMENT NOTES & BONDS - 47.9%       
$4,280,000   United States Treasury Note  3.125  5/15/2021  $4,389,759 
 7,290,000   United States Treasury Note  2.125  6/30/2022   7,576,047 
 7,645,000   United States Treasury Note  2.250  11/15/2024   8,313,041 
 11,790,000   United States Treasury Note  2.000  8/15/2025   12,801,591 
 8,260,000   United States Treasury Note  1.625  2/15/2026   8,838,039 
 3,135,000   United States Treasury Note  1.500  2/15/2030   3,389,596 
 4,540,000   United States Treasury Note  4.500  2/15/2036   6,952,407 
 715,000   United States Treasury Note  3.000  2/15/2049   987,440 
     TOTAL GOVERNMENT NOTES & BONDS (Cost $49,795,994)   53,247,920 
                 
     TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $76,052,207)   80,004,240 
                 
     TOTAL BONDS AND NOTES (Cost $102,426,940)   108,431,834 

 

Shares        
     MONEY MARKET FUND - 2.0%     
 2,252,820   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (A)
(Cost $2,252,820)		   2,252,820 
           
     TOTAL INVESTMENTS - 99.5% (Cost $104,679,760)  $110,684,654 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.5%   587,035 
     NET ASSETS - 100.0%  $111,271,689 
           

GNMA - Government National Mortgage Association.

 

LLC - Limited Liability Company.

 

LP - Limited Partnership.

 

(A)Variable rate security; the rate shown represents the yield at June 30, 2020.

 

 

Schedule of Investments | High Yield Bond Fund
As of June 30, 2020 (Unaudited)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     CORPORATE BONDS - 92.9%           
$500,000   Adient Global Holdings Ltd. (A)  4.875  8/15/2026  $412,042 
 1,000,000   Adient US LLC (A)  7.000  5/15/2026   1,036,635 
 1,055,000   Alliance Data Systems Corp. (A)  4.750  12/15/2024   952,797 
 1,000,000   Alliance Resource Operating Partners LP (A)  7.500  5/1/2025   677,500 
 1,000,000   Ashtead Capital, Inc. (A)  4.125  8/15/2025   1,022,500 
 500,000   Ashtead Capital, Inc. (A)  4.000  5/1/2028   498,750 
 1,000,000   Ashton Woods Finance Co. (A)  6.750  8/1/2025   986,145 
 500,000   Ashton Woods Finance Co. (A)  6.625  1/15/2028   492,500 
 500,000   Axalta Coating Systems LLC (A)  4.750  6/15/2027   503,850 
 250,000   Bausch Health Cos, Inc. (A)  5.000  1/30/2028   235,685 
 1,000,000   Beazer Homes USA, Inc.  5.875  10/15/2027   958,155 
 500,000   BWX Technologies, Inc. (A)  5.375  7/15/2026   516,970 
 500,000   BWX Technologies, Inc. (A)  4.125  6/30/2028   500,625 
 500,000   Cascades, Inc. (A)  5.125  1/15/2026   509,062 
 330,000   Cemex Finance LLC (A)  6.000  4/1/2024   327,627 
 1,988,000   Chemours Co.  6.625  5/15/2023   1,913,659 
 500,000   Chemours Co.  5.375  5/15/2027   453,422 
 580,000   Clarios Global LP (A)  6.250  5/15/2026   600,689 
 1,080,000   Clarios Global LP (A)  8.500  5/15/2027   1,088,073 
 1,000,000   CommScope, Inc. (A)  8.250  3/1/2027   1,029,460 
 750,000   CommScope, Inc. (A)  7.125  7/1/2028   751,950 
 1,000,000   Compass Minerals International, Inc. (A)  6.750  12/1/2027   1,051,690 
 250,000   Crestwood Midstream Finance Corp.  5.750  4/1/2025   216,721 
 1,000,000   Crestwood Midstream Finance Corp. (A)  5.625  5/1/2027   836,845 
 500,000   DCP Midstream, LLC, 3 mo. LIBOR + 3.85% (A) (B)  5.850  5/21/2043   352,147 
 500,000   Diamond Sports Finance Co. (A)  5.375  8/15/2026   364,415 
 1,000,000   Diversified Healthcare Trust  9.750  6/15/2025   1,075,625 
 500,000   DPL, Inc. (A)  4.125  7/1/2025   501,390 
 1,000,000   Edgewell Personal Care Co.  4.700  5/24/2022   1,038,135 
 250,000   Edgewell Personal Care Co. (A)  5.500  6/1/2028   257,344 
 1,000,000   Endeavor Energy Resources LP (A)  5.750  1/30/2028   962,315 
 250,000   Energizer Holdings, Inc. (A)  6.375  7/15/2026   259,117 
 500,000   Freedom Mortgage Corp. (A)  10.750  4/1/2024   517,032 
 115,000   Freedom Mortgage Corp. (A)  8.125  11/15/2024   111,969 
 1,000,000   Freedom Mortgage Corp. (A)  8.250  4/15/2025   993,115 
 500,000   Genesis Energy LP  7.750  2/1/2028   445,470 
 294,000   Geo Group, Inc.  5.875  1/15/2022   275,923 
 1,750,000   Geo Group, Inc.  5.125  4/1/2023   1,519,219 
 60,000   GFL Environmental, Inc. (A)  7.000  6/1/2026   62,314 
 400,000   GFL Environmental, Inc. (A)  8.500  5/1/2027   435,926 
 1,000,000   Global Partners LP  7.000  8/1/2027   927,935 
 1,075,000   Greif, Inc. (A)  6.500  3/1/2027   1,096,699 
 250,000   Icahn Enterprises Finance Corp.  4.750  9/15/2024   235,441 
 1,000,000   Icahn Enterprises Finance Corp.  6.250  5/15/2026   1,003,040 
 500,000   Itron, Inc. (A)  5.000  1/15/2026   499,905 
 250,000   Jefferies Finance LLC (A)  6.250  6/3/2026   235,625 
 1,500,000   Koppers, Inc. (A)  6.000  2/15/2025   1,463,415 
 750,000   Ladder Capital Finance Corp. (A)  4.250  2/1/2027   601,875 
 750,000   LifePoint Health, Inc. (A)  4.375  2/15/2027   710,625 
 500,000   Magnolia Oil Gas (A)  6.000  8/1/2026   475,000 
 300,000   MEDNAX, Inc. (A)  6.250  1/15/2027   301,036 
 1,000,000   Michaels Stores, Inc. (A)  8.000  7/15/2027   871,690 
 1,000,000   Millicom International Cellular SA (A)  5.125  1/15/2028   1,008,760 
 1,000,000   MPT Operating Partnership LP  5.250  8/1/2026   1,040,405 
 1,000,000   MSCI, Inc. (A)  4.000  11/15/2029   1,021,690 
 1,000,000   MTS Systems Corp. (A)  5.750  8/15/2027   921,060 
 1,000,000   Nationstar Mortgage Holdings, Inc. (A)  9.125  7/15/2026   1,058,435 
 500,000   Nationstar Mortgage Holdings, Inc. (A)  6.000  1/15/2027   475,860 
 1,000,000   Navient Corp.  5.000  3/15/2027   842,195 
 1,500,000   Newmark Group, Inc.  6.125  11/15/2023   1,493,017 
 1,500,000   NGL Energy Partners LP  6.125  3/1/2025   1,137,967 
 1,000,000   NuStar Logistics LP  5.625  4/28/2027   967,315 
 1,000,000   Olin Corp.  5.625  8/1/2029   921,275 
 1,000,000   Parsley Finance Corp. (A)  4.125  2/15/2028   907,500 
 500,000   PBF Holding Co. LLC (A)  9.250  5/15/2025   534,688 
 1,500,000   PBF Holding Co. LLC (A)  6.000  2/15/2028   1,248,750 
 1,000,000   PetSmart, Inc. (A)  7.125  3/15/2023   987,840 

 

 

Schedule of Investments | High Yield Bond Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     CORPORATE BONDS - 92.9% (Cont.)           
$1,500,000   Plastipak Holdings, Inc. (A)  6.250  10/15/2025  $1,459,687 
 390,000   Qorvo, Inc. (A)  4.375  10/15/2029   400,062 
 500,000   Qualitytech LP (A)  4.750  11/15/2025   512,078 
 1,000,000   Reynolds Group Issuer, Inc. (A)  5.125  7/15/2023   1,009,015 
 750,000   Scotts Miracle-Gro Co.  5.250  12/15/2026   781,733 
 500,000   Scotts Miracle-Gro Co.  4.500  10/15/2029   515,953 
 250,000   Service Corp. International  5.125  6/1/2029   269,423 
 1,250,000   Service Properties Trust  7.500  9/15/2025   1,318,274 
 750,000   Signature Aviation US Holdings, Inc. (A)  5.375  5/1/2026   752,704 
 1,000,000   Signature Aviation US Holdings, Inc. (A)  4.000  3/1/2028   905,440 
 1,000,000   Standard Industries, Inc. (A)  5.000  2/15/2027   1,015,405 
 1,000,000   Suburban Propane Partners LP  5.875  3/1/2027   993,560 
 1,250,000   Targa Resources Partners LP (A)  5.500  3/1/2030   1,208,200 
 500,000   Teleflex, Inc.  4.875  6/1/2026   516,780 
 390,000   Tenet Healthcare Corp. (A)  4.625  9/1/2024   381,592 
 1,000,000   Tenet Healthcare Corp. (A)  6.250  2/1/2027   995,620 
 125,000   Tenet Healthcare Corp. (A)  4.625  6/15/2028   122,088 
 750,000   TRI Pointe Group, Inc.  5.875  6/15/2024   772,991 
 1,000,000   TTM Technologies, Inc. (A)  5.625  10/1/2025   995,525 
 750,000   Vistra Operations Co. LLC (A)  5.625  2/15/2027   770,858 
 1,185,000   Vizient, Inc. (A)  6.250  5/15/2027   1,245,506 
 1,500,000   Waste Pro USA, Inc. (A)  5.500  2/15/2026   1,436,093 
 325,000   Weekley Finance Corp.  6.000  2/1/2023   323,747 
 500,000   Weekley Finance Corp.  6.625  8/15/2025   505,573 
 1,750,000   Welbilt, Inc.  9.500  2/15/2024   1,680,000 
     TOTAL CORPORATE BONDS (Cost $72,445,370)     70,621,758 
                 
     CONVERTIBLE BONDS - 2.1%           
     PIPELINES - 1.5%           
 1,779,000   Cheniere Energy, Inc.  4.250  3/15/2045   1,151,611 
                 
     REITs - 0.6%           
 500,000   Arbor Realty Trust, Inc. (A)  4.750  11/1/2022   457,408 
                 
     TOTAL CONVERTIBLE BONDS (Cost $1,705,621)   1,609,019 
           
Shares                
     MONEY MARKET FUND - 3.2%             
 2,468,425   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (C)
(Cost $2,468,425)		    2,468,425 
                   
     TOTAL INVESTMENTS - 98.2% (Cost $76,619,416)   $74,699,202 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 1.8%    1,369,428 
     NET ASSETS - 100.0%          $76,068,630 
                   

LIBOR - London Interbank Offered Rate. The 3 month U.S. LIBOR rate as of June 30, 2020 is 0.30%.

 

LLC - Limited Liability Company.

 

LP - Limited Partnership.

 

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 $46,936,213 and represent 61.7% 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, 2020.

 

(C)Variable rate security; the rate shown represents the yield at June 30, 2020.

 

 

Schedule of Investments | Israel Common Values Fund
As of June 30, 2020 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 95.4%     
     AEROSPACE/DEFENSE - 4.0%     
 19,801   Elbit Systems Ltd.  $2,713,727 
           
     AGRICULTURE - 0.0% **     
 900   Mehadrin Ltd. *   30,429 
           
     APPAREL - 0.4%     
 24,063   Delta Galil Industries Ltd.   275,675 
           
     BANKS - 18.6%     
 103,500   Bank Hapoalim BM (ADR)   2,954,925 
 539,000   Bank Leumi Le-Israel BM   2,695,818 
 58,300   First International Bank Of Israel Ltd.   1,231,376 
 654,000   Israel Discount Bank Ltd.   1,984,137 
 105,000   Mizrahi Tefahot Bank Ltd.   1,960,473 
 415,685   Tel Aviv Stock Exchange Ltd.   1,862,863 
         12,689,592 
     BIOTECHNOLOGY - 0.2%     
 11,000   Compugen Ltd. *   165,220 
           
     BUILDING MATERIALS - 0.9%     
 178,000   Inrom Construction Industries Ltd.   583,741 
           
     CHEMICALS - 3.8%     
 277,902   ICL Group Ltd.   847,601 
 14,257   International Flavors & Fragrances, Inc.   1,739,194 
         2,586,795 
     COMPUTERS - 6.7%     
 20,200   CyberArk Software Ltd. *   2,005,254 
 4,900   Kornit Digital Ltd. *   261,562 
 56,210   Matrix IT Ltd.   1,193,566 
 12,500   Varonis Systems, Inc. *   1,106,000 
         4,566,382 
     ELECTRIC - 2.5%     
 7,000   Kenon Holdings Ltd.   138,141 
 24,700   Ormat Technologies, Inc.   1,568,226 
         1,706,367 
     ELECTRICAL COMPONENTS & EQUIPMENT - 0.7%     
 300,000   Enlight Renewable Energy Ltd. *   455,077 
           
     ELECTRONICS - 0.9%     
 36,396   Ituran Location and Control Ltd.   583,064 
           
     ENERGY-ALTERNATE SOURCES - 1.2%     
 216,360   Energix-Renewable Energies Ltd. *   808,938 
           
     FOOD - 7.0%     
 23,700   Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.   1,313,414 
 210,000   Shufersal Ltd.   1,370,693 
 54,500   Strauss Group Ltd.   1,510,621 
 27,315   Victory Supermarket Chain Ltd.   556,884 
         4,751,612 
     HEALTHCARE - SERVICES - 2.5%     
 14,769   Danel Adir Yeoshua Ltd.   1,378,773 
 170,000   Mediterranean Towers Ltd. *   357,590 
         1,736,363 
     HOLDING COMPANIES - DIVERSIFIED - 2.2%     
 45,000   Elco Ltd.   1,480,952 
           
     HOME BUILDERS - 1.4%     
 1,800   Bayside Land Corp.   934,547 

 

 

Schedule of Investments | Israel Common Values Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     INSURANCE - 3.3%     
 184,000   Harel Insurance Investments & Financial Services Ltd.  $994,178 
 1,230,000   Migdal Insurance & Financial Holding Ltd.   636,866 
 167,400   Phoenix Holdings Ltd. *   619,113 
         2,250,157 
     LEISURE TIME - 2.1%     
 126,585   Maytronics Ltd.   1,433,749 
           
     OIL & NATURAL GAS - 3.2%     
 62,968   Energean Oil & Gas PLC *   478,490 
 5,600   Israel Corp. Ltd. *   458,394 
 1,995,000   Oil Refineries Ltd.   368,340 
 8,000   Paz Oil Co. Ltd.   635,664 
 1,012,500   Ratio Oil Exploration 1992 LP *   244,864 
         2,185,752 
     PHARMACEUTICALS - 1.7%     
 1,575,013   Novolog Ltd.   1,170,469 
           
     REAL ESTATE - 7.8%     
 105,000   Alony Hetz Properties & Investments Ltd.   1,041,520 
 176,000   Amot Investments Ltd.   797,885 
 31,000   Azrieli Group Ltd.   1,403,574 
 91,000   Gazit-Globe Ltd.   428,845 
 12,579   Melisron Ltd.   470,694 
 643,430   Mivne Real Estate KD Ltd. *   1,160,087 
         5,302,605 
     RETAIL - 2.3%     
 32,300   Tadiran Holdings Ltd.   1,585,625 
           
     SEMICONDUCTORS - 5.6%     
 48,000   Nova Measuring Instruments Ltd. *   2,313,120 
 1   Tower Semiconductor Ltd. *   12 
 78,923   Tower Semiconductor Ltd. *   1,506,640 
         3,819,772 
     SOFTWARE - 7.4%     
 33,435   Hilan Ltd. *   1,345,727 
 78,783   Magic Software Enterprises Ltd.   890,248 
 4,400   One Software Technologies Ltd.   314,145 
 45,300   Sapiens International Corp. NV   1,267,494 
 27,000   Verint Systems, Inc. *   1,219,860 
         5,037,474 
     TELECOMMUNICATIONS - 7.8%     
 17,800   AudioCodes Ltd.   565,862 
 25,000   Nice Ltd. (ADR) *   4,731,000 
         5,296,862 
     TEXTILES - 1.2%     
 21,392   Fox Wizel Ltd.   784,364 
           
     TOTAL COMMON STOCK (Cost $52,802,370)   64,935,310 
           
     REITs - 1.4%     
 259,000   Reit 1 Ltd. * (Cost $1,322,540)   945,914 
           
     MONEY MARKET FUND - 3.3%     
 2,244,143   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (A)
(Cost $2,244,143)		   2,244,143 

 

 

Schedule of Investments | Israel Common Values Fund
As of June 30, 2020 (Unaudited) (Continued)

 

       Fair Value 
         
     TOTAL INVESTMENTS - 100.1% (Cost $56,369,053)  $68,125,367 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%   (80,116)
     NET ASSETS - 100.0%  $68,045,251 
           
*Non-income producing securities.

 

**Amount is less than 0.05%.

 

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, 2020.

 

Diversification of Assets
Country  % of Net Assets 
Israel   87.6%
United States   8.3%
United Kingdom   0.7%
Singapore   0.2%
Iceland   0.0% **
Total   96.8%
Money Market Fund   3.3%
Other Assets Less Liabilities - Net   (0.1)%
Grand Total   100.0%

 

 

Schedule of Investments | Defensive Strategies Fund
As of June 30, 2020 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 20.0%     
     AGRICULTURE - 0.3%     
 1,933   Bunge Ltd.  $79,504 
 948   Darling Ingredients, Inc. *   23,340 
 743   Fresh Del Monte Produce, Inc.   18,293 
         121,137 
     BIOTECHNOLOGY - 0.6%     
 7,711   Corteva, Inc.   206,578 
           
     CHEMICALS - 1.3%     
 4,396   CF Industries Holdings, Inc.   123,703 
 1,284   FMC Corp.   127,912 
 2,979   Mosaic Co.   37,267 
 3,255   Nutrien Ltd   104,486 
 1,463   Sasol Ltd. (ADR) *   11,280 
 1,807   Sociedad Quimica Y Minera de Chile, SA (ADR)   47,109 
         451,757 
     ELECTRICAL COMPONENTS & EQUIPMENT - 0.1%     
 1,300   GS Yuasa Corp   22,967 
 259   Varta AG *   29,061 
         52,028 
     ENERGY - ALTERNATIVE SOURCES - 0.6%     
 2,772   Ballard Power Systems, Inc. *   42,689 
 1,074   Canadian Solar, Inc. *   20,696 
 1,132   Enphase Energy, Inc. *   53,849 
 709   First Solar, Inc. *   35,096 
 778   Renewable Energy Group, Inc. *   19,279 
 260   SolarEdge Technologies, Inc. *   36,083 
         207,692 
     ENVIRONMENTAL CONTROL - 0.2%     
 1,351   Evoqua Water Technologies Corp. *   25,129 
 1,043   Harsco Corp. *   14,091 
 700   Kurita Water Industries Ltd.   19,407 
 95   Pentair PLC   3,609 
         62,236 
     FOOD - 0.7%     
 5,133   BRF SA (ADR) *   20,378 
 545   Cal-Maine Foods, Inc. *   24,242 
 815   Ingredion, Inc.   67,645 
 1,100   Maple Leaf Foods, Inc.   23,026 
 800   Maruha Nichiro Corp.   16,366 
 200   Megmilk Snow Brand Co. Ltd.   4,653 
 600   Morinaga Milk Industry Co. Ltd.   26,639 
 4,700   Nippon Suisan Kaisha Ltd.   20,388 
 1,279   Pilgrim’s Pride Corp. *   21,602 
 255   Sanderson Farms, Inc.   29,552 
         254,491 
     FOREST PRODUCTS & PAPER - 0.0% **     
 900   Sumitomo Forestry Co. Ltd.   11,287 
           
     HEALTHCARE - SERVICES - 0.4%     
 48,754   Brookdale Senior Living, Inc. *   143,824 
           
     IRON/STEEL - 1.0%     
 365   Allegheny Technologies, Inc. *   3,719 
 3,413   ArcelorMittal (ADR) *   36,621 
 10,906   Cleveland-Cliffs, Inc.   60,201 
 5,293   Gerdau SA (ADR)   15,667 
 2,300   Hitachi Metals Ltd.   27,352 
 3,100   Kobe Steel Ltd. *   10,632 
 2,000   Nippon Steel & Sumitomo Metal Corp.   18,789 
 3,204   Steel Dynamics, Inc.   83,592 
 841   Ternium SA (ADR) *   12,758 
 4,228   United States Steel Corp.   30,526 
 6,686   Vale SA (ADR)   68,933 
         368,790 

 

 

Schedule of Investments | Defensive Strategies Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     MACHINERY - DIVERSIFIED - 1.2%     
 1,442   AGCO Corp.  $79,973 
 4,046   CNH Industrial NV *   28,443 
 1,268   Deere & Co.   199,266 
 8,600   Kubota Corp.   128,181 
         435,863 
     METAL FABRICATE/HARDWARE - 0.0% **     
 942   Tenaris SA (ADR)   12,180 
           
     MINING - 4.8%     
 1,020   Agnico Eagle Mines Ltd.   65,341 
 2,780   Alamos Gold, Inc.   26,076 
 3,064   Anglo American PLC   70,773 
 761   AngloGold Ashanti Ltd. (ADR)   22,442 
 1,391   Antofagasta PLC   16,115 
 5,479   BHP Group Ltd. (ADR)   272,471 
 234   BHP Group PLC (ADR)   9,629 
 2,352   Cameco Corp.   24,108 
 3,247   Cia De Minas Buenaventura (ADR)   29,678 
 817   Compass Minerals International, Inc.   39,829 
 145   Eramet *   5,198 
 137   First Majestic Silver Corp. *   1,363 
 191   Franco-Nevada Corp.   26,671 
 34,714   Glencore PLC   73,441 
 7,021   Gold Fields Ltd. (ADR)   65,997 
 5,729   IAMGOLD Corp. *   22,630 
 1,412   KAZ Minerals PLC   8,723 
 6,656   Kinross Gold Corp. *   48,056 
 1,902   Kirkland Lake Gold Ltd.   78,063 
 4,347   Livent Corp. *   26,778 
 1,800   Lundin Mining Corp.   9,621 
 1,863   MMC Norilsk Nickel PJSC (ADR)   48,792 
 212   Newmont Corp.   13,089 
 1,527   Pan American Silver Corp.   46,406 
 3,600   Pretium Resources, Inc. *   30,240 
 5,447   Rio Tinto PLC (ADR)   306,012 
 213   Royal Gold, Inc.   26,480 
 1,615   Southern Copper Corp.   64,229 
 2,125   SSR Mining, Inc. *   45,326 
 4,100   Sumitomo Metal Mining Co. Ltd.   114,352 
 7,443   Teck Resources Ltd.   77,709 
 1,249   Vedanta Ltd. (ADR)   7,007 
         1,722,645 
     OIL & GAS - 7.1%     
 4,981   Apache Corp.   67,244 
 21,100   ARC Resources Ltd   70,643 
 3,554   Cabot Oil & Gas Corp.   61,058 
 4,856   Canadian Natural Resources Ltd.   84,640 
 17,966   Cenovus Energy, Inc.   83,762 
 1,242   Cimarex Energy Co.   34,143 
 4,818   CNX Resources Corp. *   41,676 
 1,432   Concho Resources, Inc.   73,748 
 5,124   ConocoPhillips   215,310 
 6,184   Continental Resources, Inc.   108,406 
 23,100   Crescent Point Energy Corp.   37,313 
 4,686   Devon Energy Corp.   53,139 
 1,466   Diamondback Energy, Inc.   61,308 
 1,026   Ecopetrol SA (ADR)   11,419 
 819   Eni SpA (ADR)   15,782 
 3,693   EOG Resources, Inc.   187,087 
 127   EQT Corp.   1,511 
 8,014   Equinor ASA (ADR)   116,043 
 4,008   Helmerich & Payne, Inc.   78,196 
 463   Hess Corp.   23,988 
 3,600   Husky Energy, Inc.   11,789 

 

 

Schedule of Investments | Defensive Strategies Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     OIL & GAS - 7.1% (Continued)     
 10,200   Inpex Corp.  $63,052 
 2,814   Lukoil PJSC (ADR)   208,968 
 19,448   Marathon Oil Corp.   119,022 
 2,235   Murphy Oil Corp.   30,843 
 21   Noble Energy, Inc.   188 
 306   Novatek OJSC (GDR)   43,513 
 197   Occidental Petroleum Corp.   3,605 
 6,734   Ovintiv, Inc.   64,310 
 2,800   Parex Resources, Inc. *   33,633 
 8,998   Parsley Energy, Inc.   96,099 
 5,469   PDC Energy, Inc. *   68,034 
 3,018   Petroleo Brasileiro SA (ADR)   24,959 
 1,706   Pioneer Natural Resources Co.   166,676 
 3,059   PrairieSky Royalty Ltd.   19,270 
 8,242   Rosneft Oil Company (GDR)   41,441 
 5,800   Suncor Energy, Inc.   97,476 
 3,831   Surgutneftegas PJSC (ADR)   20,458 
 1,500   Tourmaline Oil Corp.   13,073 
 4,166   WPX Energy, Inc. *   26,579 
 504   YPF SA (ADR)   2,898 
         2,582,302 
     OIL & GAS SERVICES - 0.9%     
 3,554   Baker Hughes, Inc.   54,696 
 12,798   CGG SA *   13,997 
 463   Dril-Quip, Inc. *   13,793 
 6,325   Halliburton Co.   82,099 
 409   National Oilwell Varco, Inc.   5,010 
 7,153   Schlumberger Ltd.   131,544 
 733   TechnipFMC PLC (France)   5,043 
 1,311   TechnipFMC PLC   8,967 
         315,149 
     TELECOMMUNICATIONS - 0.4%     
 7,020   Switch, Inc.   125,096 
           
     WATER - 0.4%     
 7   American States Water Co.   550 
 31   American Water Works Co., Inc.   3,988 
 437   California Water Service Group   20,845 
 5,672   Cia de Saneamento Basico do Estado de Sao Paulo (ADR)   59,613 
 188   Essential Utilities, Inc.   7,941 
 1,154   Severn Trent PLC   35,348 
 4   SJW Group   248 
 1,944   United Utilities Group PLC   21,863 
 73   Veolia Environnement SA   1,641 
         152,037 
           
     TOTAL COMMON STOCK (Cost $8,137,594)   7,225,092 
           
     REITs - 17.5%     
 1,954   Alexandria Real Estate Equities, Inc.   317,036 
 800   American Tower Corp.   206,832 
 2,025   Americold Realty Trust   73,508 
 1,496   AvalonBay Communities, Inc.   231,341 
 1,078   Boston Properties, Inc.   97,430 
 1,668   Camden Property Trust   152,155 
 2,583   Cousins Properties, Inc.   77,051 
 6,192   Duke Realty Corp.   219,135 
 807   Equinix, Inc.   566,756 
 3,033   Equity Lifestyle Properties, Inc.   189,502 
 3,244   Equity Residential   190,812 
 1,057   Essex Property Trust, Inc.   242,233 
 429   Federal Realty Investment Trust   36,555 
 4,153   Four Corners Property Trust, Inc.   101,333 
 8,044   Healthpeak Properties, Inc.   221,693 

 

 

Schedule of Investments | Defensive Strategies Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     REITs - 17.5% (Continued)     
 4,155   Hudson Pacific Properties, Inc.  $104,540 
 10,116   Invitation Homes, Inc.   278,493 
 2,892   Kilroy Realty Corp.   169,760 
 1,622   Life Storage, Inc.   154,009 
 2,307   Mid-America Apartment Communities, Inc.   264,544 
 998   PotlatchDeltic Corp.   37,954 
 7,716   Prologis, Inc.   720,134 
 475   PS Business Parks, Inc.   62,890 
 664   Public Storage   127,415 
 2,622   QTS Realty Trust, Inc.   168,044 
 690   Rayonier, Inc.   17,105 
 2,270   Realty Income Corp.   135,065 
 1,120   Regency Centers Corp.   51,397 
 845   Ryman Hospitality Properties, Inc.   29,237 
 4,266   Sabra Health Care REIT, Inc.   61,558 
 589   SBA Communications Corp.   175,475 
 1,193   Simon Property Group, Inc.   81,577 
 1,859   Sun Communities, Inc.   252,229 
 1,800   Terreno Realty Corp.   94,752 
 6,431   UDR, Inc.   240,391 
 2,940   Welltower, Inc.   152,145 
 1,726   Weyerhaeuser Co.   38,766 
     TOTAL REITS (Cost $6,377,188)   6,340,852 

 

Principal      Coupon Rate %  Maturity    
     TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 28.0%  
$919,513   TIPS  0.125  4/15/2021   923,886 
 1,154,404   TIPS  0.125  4/15/2022   1,171,286 
 1,236,173   TIPS  0.625  1/15/2024   1,302,109 
 1,169,755   TIPS  2.375  1/15/2025   1,346,214 
 865,493   TIPS  2.000  1/15/2026   1,006,074 
 578,469   TIPS  2.375  1/15/2027   702,543 
 1,028,017   TIPS  1.750  1/15/2028   1,226,698 
 728,444   TIPS  2.500  1/15/2029   934,002 
 1,030,278   TIPS  2.125  2/15/2041   1,538,571 
     TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $9,450,649)   10,151,383 

 

Ounces        
     ALTERNATIVE INVESTMENTS - 30.2%     
 6,143   Gold Bars * (Cost $7,240,875)   10,939,777 

 

Shares        
    MONEY MARKET FUND - 4.2%    
 1,524,153   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (A)
(Cost $1,524,153)		   1,524,153 
           
     TOTAL INVESTMENTS - 99.9% (Cost $32,730,459)  $36,181,257 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.1%   25,759 
     NET ASSETS - 100.0%  $36,207,016 
           
*Non-income producing securities/investments.

 

**Less than 0.05%.

 

ADR - American Depositary Receipt.

 

GDR - Global 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, 2020.

 

 

Schedule of Investments | Strategic Growth Fund
As of June 30, 2020 (Unaudited)

 

Shares      Fair Value 
         
     EXCHANGE TRADED FUNDS (A) - 55.9%     
 153,533   Timothy Plan High Dividend Stock ETF  $3,360,837 
 345,861   Timothy Plan International ETF   7,835,170 
 227,469   Timothy Plan U.S. Large Cap Core ETF   5,645,781 
 110,031   Timothy Plan U.S. Small Cap Core ETF   2,297,095 
     TOTAL EXCHANGE TRADED FUNDS (Cost $20,364,841)   19,138,883 
           
     MUTUAL FUNDS - 40.8% (B)     
 213,253   Timothy Plan Defensive Strategies Fund   2,435,351 
 662,858   Timothy Plan Fixed Income Fund   7,172,119 
 214,182   Timothy Plan High Yield Bond Fund   1,919,075 
 261,052   Timothy Plan International Fund   2,433,002 
     TOTAL MUTUAL FUNDS (Cost $13,500,190)   13,959,547 
           
     MONEY MARKET FUND - 3.4%     
 1,177,686   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (C)
(Cost $1,177,686)		   1,177,686 
           
     TOTAL INVESTMENTS - 100.1% (Cost $35,042,717)  $34,276,116 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%   (30,530)
     NET ASSETS - 100.0%  $34,245,586 
           

ETF - Exchange Traded Funds.

 

(A)Affiliated Funds.

 

(B)Affiliated Funds - Class A.

 

(C)Variable rate security; the rate shown represents the yield at June 30, 2020.

 

 

Schedule of Investments | Conservative Growth Fund
As of June 30, 2020 (Unaudited)

 

Shares      Fair Value 
         
     EXCHANGE TRADED FUNDS (A) - 40.4%     
 149,262   Timothy Plan High Dividend Stock ETF  $3,267,345 
 274,244   Timothy Plan International ETF   6,212,751 
 247,821   Timothy Plan US Large Cap Core ETF   6,150,917 
 108,523   Timothy Plan US Small Cap Core ETF   2,265,613 
     TOTAL EXCHANGE FUNDS (Cost $18,756,576)   17,896,626 
           
     MUTUAL FUNDS - 56.0% (B)     
 234,911   Timothy Plan Defensive Strategies Fund   2,682,678 
 1,631,836   Timothy Plan Fixed Income Fund   17,656,469 
 274,143   Timothy Plan High Yield Bond Fund   2,456,321 
 219,422   Timothy Plan International Fund   2,045,010 
     TOTAL MUTUAL FUNDS (Cost $23,883,876)   24,840,478 
           
     MONEY MARKET FUND - 3.7%     
 1,622,183   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (C)
(Cost $1,622,183)		   1,622,183 
           
     TOTAL INVESTMENTS - 100.1% (Cost $44,262,635)  $44,359,287 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%   (30,908)
     NET ASSETS - 100.0%  $44,328,379 

 

ETF - Exchange Traded Funds.

 

(A)Affiliated Funds.

 

(B)Affiliated Funds - Class A.

 

(C)Variable rate security; the rate shown represents the yield at June 30, 2020.

 

 

Schedule of Investments | Growth & Income Fund
As of June 30, 2020 (Unaudited)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     BONDS & NOTES - 40.3%           
     CORPORATE BONDS - 19.7%           
$160,000   ABB Finance USA, Inc.  2.875  5/8/2022  $166,161 
 160,000   American Electric Power  3.200  11/13/2027   175,786 
 160,000   Aptiv Corp.  4.150  3/15/2024   170,687 
 160,000   Canadian Pacific RR Co.  2.900  2/1/2025   173,382 
 160,000   CBOE Holdings, Inc.  3.650  1/12/2027   179,778 
 160,000   CSX Corp.  3.250  6/1/2027   178,787 
 80,000   Digital Realty Trust LP  3.700  8/15/2027   91,265 
 80,000   Dollar General Corp.  4.125  5/1/2028   93,566 
 120,000   Dominion Energy, Inc.  2.579  7/1/2020   120,000 
 120,000   Eaton Corp.  2.750  11/2/2022   126,218 
 120,000   European Investment Bank  2.375  6/15/2022   124,950 
 120,000   Healthpeak Properties, Inc.  3.500  7/15/2029   130,691 
 120,000   Kreditanstalt fuer Wiederaufbau  2.125  6/15/2022   124,406 
 130,000   LYB International Finance BV  4.000  7/15/2023   140,925 
 120,000   National Rural Utilities Cooperative Finance Corp.  2.950  2/7/2024   128,412 
 240,000   NiSource Finance Corp.  3.490  5/15/2027   271,409 
 160,000   Nutrien Ltd.  4.000  12/15/2026   180,364 
 160,000   Phillips 66 Partners LP  3.605  2/15/2025   170,767 
 120,000   Province of Ontario Canada  2.500  4/27/2026   131,111 
 120,000   Province of Quebec Canada  2.375  1/31/2022   123,681 
 110,000   Sunoco Logistics Partners LP  4.250  4/1/2024   117,697 
 190,000   Ventas Capital Corp.  3.250  8/15/2022   194,470 
 115,000   WEC Energy Group, Inc.  3.550  6/15/2025   128,086 
     TOTAL CORPORATE BONDS (Cost $3,217,827)   3,442,599 
                 
     U.S. GOVERNMENT & AGENCY OBLIGATIONS - 20.6%    
     GOVERNMENT MORTGAGE-BACKED SECURITIES - 12.0%    
 68,625   GNMA Pool G2 BN2662  3.000  10/20/2049   72,875 
 134,772   GNMA Pool G2 MA3376  3.500  1/20/2046   144,285 
 111,596   GNMA Pool G2 MA3596  3.000  4/20/2046   118,781 
 89,799   GNMA Pool G2 MA3663  3.500  5/20/2046   96,207 
 119,419   GNMA Pool G2 MA3736  3.500  6/20/2046   127,777 
 41,076   GNMA Pool G2 MA4509  3.000  6/20/2047   43,615 
 129,529   GNMA Pool G2 MA4652  3.500  8/20/2047   137,900 
 127,869   GNMA Pool G2 MA4719  3.500  9/20/2047   136,079 
 116,725   GNMA Pool G2 MA6092  4.500  8/20/2049   124,647 
 97,671   GNMA Pool G2 MA6156  4.500  9/20/2049   104,265 
 112,949   GNMA Pool G2 MA6221  4.500  10/20/2049   120,577 
 132,289   GNMA Pool G2 MA6338  3.000  12/20/2049   140,365 
 102,742   GNMA Pool G2 MA6476  4.000  2/20/2050   109,022 
 92,275   GNMA Pool G2 MA6478  5.000  2/20/2050   100,467 
 118,659   GNMA Pool G2 MA6544  4.500  3/20/2050   126,818 
 79,230   GNMA Pool G2 MA6545  5.000  3/20/2050   86,358 
 79,601   GNMA Pool G2 MA6600  3.500  4/20/2050   84,502 
 79,666   GNMA Pool G2 MA6601  4.000  4/20/2050   84,897 
 119,390   GNMA Pool G2 MA6603  5.000  4/20/2050   130,135 
 5,851   GNMA Pool GN 723248  5.000  10/15/2039   6,697 
     TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $2,051,492)   2,096,269 

 

 

Schedule of Investments | Growth & Income Fund
As of June 30, 2020 (Unaudited) (Continued)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     GOVERNMENT NOTES, BONDS & AGENCIES - 8.6%       
$85,000   United States Treasury Note  2.125  6/30/2022  $88,320 
 90,000   United States Treasury Note  2.250  11/15/2024   97,843 
 210,000   United States Treasury Note  2.000  8/15/2025   227,965 
 300,000   United States Treasury Note  1.625  2/15/2026   320,930 
 175,000   United States Treasury Note  1.500  2/15/2030   189,178 
 300,000   United States Treasury Note  4.500  2/15/2036   459,235 
 85,000   United States Treasury Note  3.000  2/15/2049   117,353 
     TOTAL GOVERNMENT NOTES, BONDS & AGENCIES (Cost $1,362,210)   1,500,824 
                 
     TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $3,413,702)   3,597,093 
                 
     TOTAL BONDS & NOTES (Cost $6,631,529)   7,039,692 
           
Shares                
     EXCHANGE TRADED FUND (A) - 58.7%             
 468,000   Timothy Plan High Dividend Stock ETF (Cost $11,515,011)    10,244,520 
                   
     MONEY MARKET FUND - 0.9%             
 151,529   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.06% (B)
(Cost $151,529)		    151,529 
                   
     TOTAL INVESTMENTS - 99.9% (Cost $18,298,069)   $17,435,741 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.1%    22,192 
     NET ASSETS - 100.0%          $17,457,933 
                   

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, 2020.

 

 

SCHEDULE OF INVESTMENTS I The Timothy Plan
June 30, 2020 (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, 2020 (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, 2020:

 

Aggressive Growth Fund 
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $27,014,959   $—   $—   $27,014,959 
REITs   902,277    —    —    902,277 
Money Market Fund   986,752    —    —    986,752 
Total  $28,903,988   $—   $—   $28,903,988 
                     
International Fund 
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $78,991,656   $—   $—   $78,991,656 
Money Market Fund   3,366,191    —    —    3,366,191 
Total  $82,357,847   $—   $—   $82,357,847 
                     
Large/Mid Cap Growth Fund 
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $68,047,731   $—   $—   $68,047,731 
Exchange Traded Fund   17,870,400    —    —    17,870,400 
Money Market Fund   2,626,916    —    —    2,626,916 
Total  $88,545,047   $—   $—   $88,545,047 
                     
Small Cap Value Fund 
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $91,949,431   $—   $—   $91,949,431 
Exchange Traded Fund   12,108,544    —    —    12,108,544 
REITs   9,535,603    —    —    9,535,603 
Money Market Fund   2,107,001    —    —    2,107,001 
Total  $115,700,579   $—   $—   $115,700,579 

 

 

SCHEDULE OF INVESTMENTS I The Timothy Plan
June 30, 2020 (Unaudited) (Continued)

 

Large/Mid Cap Value Fund 
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $134,413,083   $—   $—   $134,413,083 
Exchange Traded Funds   42,973,200    —    —    42,973,200 
REITs   7,401,308    —    —    7,401,308 
Money Market Fund   3,556,161    —    —    3,556,161 
Total  $188,343,752   $—   $—   $188,343,752 
                     
Fixed Income Fund 
                 
Assets  Level 1   Level 2   Level 3   Total 
Corporate Bonds  $—   $28,427,594   $—   $28,427,594 
Government Mortage-Backed Securities   —    26,756,320    —    26,756,320 
Government Notes & Bonds   —    53,247,920    —    53,247,920 
Money Market Fund   2,252,820    —    —    2,252,820 
Total  $2,252,820   $108,431,834   $—   $110,684,654 
                     
High Yield Bond Fund 
                 
Assets  Level 1   Level 2   Level 3   Total 
Corporate Bonds  $—   $70,621,758   $—   $70,621,758 
Convertible Bonds   —    1,609,019    —    1,609,019 
Money Market Fund   2,468,425    —    —    2,468,425 
Total  $2,468,425   $72,230,777   $—   $74,699,202 
                     
Israel Common Values Fund 
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $64,935,310   $—   $—   $64,935,310 
REITs   945,914    —    —    945,914 
Money Market Fund   2,244,143    —    —    2,244,143 
Total  $68,125,367   $—   $—   $68,125,367 
                     
Defensive Strategies Fund
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stock  $7,225,092   $—   $—   $7,225,092 
REITs   6,340,852    —    —    6,340,852 
Treasury Inflation Protected Securities (TIPS)   —    10,151,383    —    10,151,383 
Alternative Investments *   10,939,777    —    —    10,939,777 
Money Market Fund   1,524,153    —    —    1,524,153 
Total  $26,029,874   $10,151,383   $—   $36,181,257 

 

*Reflects the fund’s investment in gold.

 

Strategic Growth Fund 
                 
Assets  Level 1   Level 2   Level 3   Total 
Exchange Traded Funds  $19,138,883   $—   $—   $19,138,883 
Mutual Funds   13,959,547    —    —    13,959,547 
Money Market Fund   1,177,686    —    —    1,177,686 
Total   $34,276,116   $—   $—   $34,276,116 

 

 

SCHEDULE OF INVESTMENTS I The Timothy Plan
June 30, 2020 (Unaudited) (Continued)

 

Conservative Growth Fund 
                 
Assets  Level 1   Level 2   Level 3   Total 
Exchange Traded Funds  $17,896,626   $—   $—   $17,896,626 
Mutual Funds   24,840,478    —    —    24,840,478 
Money Market Fund   1,622,183    —    —    1,622,183 
Total  $44,359,287   $—   $—   $44,359,287 
                     
Growth & Income Fund 
                 
Assets  Level 1   Level 2   Level 3   Total 
Corporate Bonds  $—   $3,442,599   $—   $3,442,599 
Government Mortage-Backed Securities   —    2,096,269    —    2,096,269 
Government Notes & Bonds   —    1,500,824    —    1,500,824 
Exchange Traded Fund   10,244,520    —    —    10,244,520 
Money Market Fund   151,529    —    —    151,529 
Total  $10,396,049   $7,039,692   $—   $17,435,741 

 

The Funds did not hold any Level 3 securities during the period presented.

 

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, 2020, were as follows:

 

               Net Unrealized 
       Gross Unrealized   Gross Unrealized   Appreciation/ 
Fund  Tax Cost   Appreciation   Depreciation   (Depreciation) 
Aggressive Growth  $22,527,961   $6,781,221   $(405,194)  $6,376,027 
International   73,279,035    14,433,125    (5,354,313)   9,078,812 
Large/Mid Cap Growth   72,974,925    17,696,417    (2,126,295)   15,570,122 
Small Cap Value   129,004,362    8,673,185    (21,976,968)   (13,303,783)
Large/Mid Cap Value   172,207,778    28,620,888    (12,484,914)   16,135,974 
Fixed Income   104,774,377    6,030,023    (119,746)   5,910,277 
High Yield Bond   76,619,416    1,096,785    (3,016,999)   (1,920,214)
Israel Common Values   58,461,698    17,031,774    (7,368,105)   9,663,669 
Defensive Strategies   32,965,528    5,709,932    (2,494,203)   3,215,729 
Strategic Growth   35,148,029    496,450    (1,368,363)   (871,913)
Conservative Growth   44,404,127    1,085,376    (1,130,216)   (44,840)
Growth & Income   18,298,069    408,415    (1,270,743)   (862,328)