0001752724-21-185581.txt : 20210825 0001752724-21-185581.hdr.sgml : 20210825 20210825154034 ACCESSION NUMBER: 0001752724-21-185581 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210825 PERIOD START: 20210930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIMOTHY PLAN CENTRAL INDEX KEY: 0000916490 IRS NUMBER: 597016828 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-08228 FILM NUMBER: 211206514 BUSINESS ADDRESS: STREET 1: 1055 MAITLAND CENTER COMMONS CITY: MAITLAND STATE: FL ZIP: 32759 BUSINESS PHONE: 4076441986 MAIL ADDRESS: STREET 1: 1055 MAITLAND CENTER COMMONS CITY: MAITLAND STATE: FL ZIP: 32759 0000916490 S000004481 Timothy Fixed Income Fund C000012336 Timothy Fixed Income Fund Class A TFIAX C000012338 Timothy Fixed Income Fund Class C TFICX C000126995 Timothy Fixed Income Fund Class I TPFIX NPORT-P 1 primary_doc.xml NPORT-P false 0000916490 XXXXXXXX S000004481 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2024-04-01 Fixed 4.25000000 N N N N N N Government National Mortgage Association 549300M8ZYFG0OCMTT87 GN 723248 3620A9P96 26217.51000000 PA USD 30482.07000000 0.025167351885 Long ABS-MBS USGA US N 2 2039-10-15 Fixed 5.00000000 N N N N N N 2021-07-28 TIMOTHY PLAN Arthur D. Ally Arthur D. Ally President & Treasurer XXXX NPORT-EX 2 timothy-nq.htm TIMOTHY NPORT-EX
Schedule of Investments |Aggressive Growth Fund
As of June 30, 2021 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 95.0%     
     AEROSPACE & DEFENSE - 0.8%     
 639   TransDigm Group, Inc. *  $413,618 
           
     APPAREL & TEXTILE PRODUCTS - 5.8%     
 2,579   Deckers Outdoor Corp. *   990,517 
 29,749   Tapestry, Inc. *   1,293,487 
 8,596   VF Corp.   705,216 
         2,989,220 
     BANKING - 1.0%     
 2,027   Signature Bank   497,933 
           
     BIOTECH & PHARMA - 7.2%     
 1,834   Argenx SE - ADR *   552,162 
 20,294   Horizon Therapeutics PLC *   1,900,330 
 6,752   United Therapeutics Corp. *   1,211,376 
         3,663,868 
     CONSTRUCTION MATERIALS - 2.0%     
 10,193   Owens Corning   997,895 
           
     CONTAINERS & PACKAGING - 2.2%     
 10,961   Crown Holdings, Inc.   1,120,324 
           
     ELECTRICAL EQUIPMENT - 6.5%     
 11,434   Fortive Corp.   797,407 
 4,506   Generac Holdings, Inc. *   1,870,666 
 3,671   Trane Technologies PLC   675,978 
         3,344,051 
     ENGINEERING & CONSTRUCTION - 1.1%     
 6,411   Darling Ingredients, Inc. *   580,644 
           
     FOOD - 1.3%     
 10,181   Darling Ingredients, Inc. *   687,218 
           
     FORESTRY, PAPER & WOOD PRODUCTS - 1.0%     
 4,816   Trex Company, Inc. *   492,243 
           
     HEALTH CARE FACILITIES & SERVICES - 3.0%     
 6,460   Catalent, Inc. *   698,455 
 4,047   ICON PLC *   836,555 
         1,535,010 
     INDUSTRIAL SUPPORT SERVICES - 3.8%     
 6,126   United Rentals, Inc. *   1,954,255 
           
     LEISURE FACILITIES & SERVICES - 3.5%     
 66,212   Bloomin’ Brands, Inc. *   1,796,994 
           
     MACHINERY - 4.4%     
 4,991   Lincoln Electric Holdings, Inc.   657,365 
 9,435   Oshkosh Corp.   1,175,978 
 1,376   Parker-Hannifin Corp.   422,583 
         2,255,926 
     MEDICAL EQUIPMENT & DEVICES - 13.0%     
 46,042   Avantor, Inc. *   1,634,951 
 1,061   DexCom, Inc. *   453,047 
 1,694   Insulet Corp. *   465,020 
 14,484   Natera, Inc. *   1,644,369 
 2,963   Novocure Ltd. *   657,253 
 3,713   Repligen Corp. *   741,189 
 1,774   STERIS PLC   365,976 
 1,808   Teleflex, Inc.   726,436 
         6,688,241 
     RENEWABLE ENERGY - 2.4%     
 4,359   Enphase Energy, Inc. *   800,443 
 7,369   Sunrun, Inc. *   411,043 
         1,211,486 

 

 

Schedule of Investments |Aggressive Growth Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     RETAIL - DISCRETIONARY - 5.3%     
 5,294   Burlington Stores, Inc. *  $1,704,615 
 16,361   Foot Locker, Inc.   1,008,328 
         2,712,943 
     SEMICONDUCTORS - 10.8%     
 1,932   KLA Corp.   626,374 
 35,907   Marvell Technology Group Ltd.   2,094,455 
 4,239   Monolithic Power System, Inc.   1,583,055 
 3,217   Skyworks Solutions, Inc.   616,860 
 4,539   Teradyne, Inc.   608,044 
         5,528,788 
     SOFTWARE - 12.4%     
 1,161   ANSYS, Inc. *   402,937 
 5,778   Five9, Inc. *   1,059,627 
 498   HubSpot, Inc. *   290,195 
 17,373   Rapid7, Inc. *   1,644,007 
 3,787   RingCentral, Inc. *   1,100,426 
 3,055   Twilio, Inc. *   1,204,159 
 11,082   Varonis Systems, Inc. *   638,545 
         6,339,896 
     TECHNOLOGY HARDWARE - 3.0%     
 17,773   Seagate Technology Holdings PLC   1,562,780 
           
     TECHNOLOGY SERVICES - 4.5%     
 1,940   EPAM Systems, Inc. *   991,262 
 1,678   MSCI, Inc.   894,508 
 4,020   TransUnion   441,437 
         2,327,207 
           
     TOTAL COMMON STOCK (Cost $32,708,253)   48,700,540 
           
     MONEY MARKET FUND - 5.7%     
 2,939,954   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (A)     
     (Cost $2,939,954)   2,939,954 
           
     TOTAL INVESTMENTS - 100.7% (Cost $35,648,207)  $51,640,494 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.7)%   (369,014)
     NET ASSETS - 100.0%  $51,271,480 

 

*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, 2021.

 

 

 

Schedule of Investments | International Fund
As of June 30, 2021 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 95.1%     
     AEROSPACE & DEFENSE - 1.4%     
 56,000   Safran SA (ADR)  $1,944,320 
           
     AUTOMOTIVE - 4.0%     
 45,000   Magna International, Inc. - Class A   4,168,800 
 79,500   Valeo SA (ADR)   1,196,475 
         5,365,275 
     BANKING - 9.7%     
 41,539   DBS Group Holdings Ltd. (ADR)   3,702,786 
 83,000   DNB ASA (ADR)   1,810,645 
 28,700   HDFC Bank Ltd. (ADR) *   2,098,544 
 104,100   ICICI Bank Ltd. (ADR) *   1,780,110 
 189,000   Itau Unibanco Holding SA (ADR)   1,135,890 
 63,100   KBC Group NV (ADR)   2,410,105 
         12,938,080 
     CHEMICALS - 2.7%     
 13,400   Arkema SA (ADR)   1,674,464 
 95,000   BASF SE (ADR)   1,883,850 
         3,558,314 
     CONSTRUCTION MATERIALS - 1.8%     
 30,500   Xinyi Glass Holdings Ltd. (ADR)   2,450,675 
           
     E-COMMERCE DISCRETIONARY - 0.4%     
 4,400   Pinduoduo, Inc. (ADR) *   558,888 
           
     ELECTRIC UTILITIES - 1.8%     
 267,000   Enel SpA (ADR)   2,475,090 
           
     ELECTRICAL EQUIPMENT - 1.8%     
 76,400   Schneider Electric SE (ADR)   2,413,476 
           
     ENGINEERING & CONSTRUCTION - 3.0%     
 148,000   Vinci SA (ADR)   3,959,740 
           
     FOOD - 3.0%     
 21,000   Kerry Group PLC (ADR)   2,958,375 
 40,000   Mowi ASA (ADR)   1,016,000 
         3,974,375 
     HEALTH CARE FACILITIES & SERVICES - 1.9%     
 10,000   Fresenius Medical Care AG & Co. (ADR)   415,700 
 10,100   ICON PLC *   2,087,771 
         2,503,471 
     HOUSEHOLD PRODUCTS - 0.8%     
 85,000   Kao Corp. (ADR)   1,044,650 
           
     INDUSTRIAL SUPPORT SERVICES - 1.8%     
 8,100   Ashtead Group PLC (ADR)   2,413,071 
           
     INSTITUTIONAL FINANCIAL SERVICES - 2.0%     
 156,500   Deutsche Boerse AG (ADR)   2,727,795 
           
     INSURANCE - 6.9%     
 36,200   Ageas (ADR)   2,017,064 
 66,500   AIA Group Ltd. (ADR)   3,307,045 
 57,400   Muenchener Rueckversicherungs AG (ADR)   1,571,038 
 103,600   Sampo Oyj (ADR)   2,382,541 
         9,277,688 

 

 

Schedule of Investments | International Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     INTERNET MEDIA & SERVICES - 6.0%     
 49,200   Naspers Ltd. (ADR)  $2,075,256 
 103,000   Prosus NV (ADR)   2,018,800 
 850   Shopify, Inc. *   1,241,833 
 38,400   Yandex NV *   2,716,800 
         8,052,689 
     LEISURE PRODUCTS - 1.3%     
 71,000   Shimano, Inc. (ADR)   1,689,800 
           
     MACHINERY - 7.5%     
 58,500   Atlas Copco AB (ADR)   3,085,729 
 70,000   FANUC Corp. (ADR)   1,677,900 
 60,850   Techtronic Industries Co. (ADR)   5,332,286 
         10,095,915 
     MEDICAL EQUIPMENT & DEVICES - 6.4%     
 41,200   Alcon, Inc.   2,894,712 
 26,800   Hoya Corp. (ADR)   3,559,308 
 47,400   Smith & Nephew PLC (ADR)   2,059,056 
         8,513,076 
     METALS & MINING - 1.8%     
 29,000   Rio Tinto PLC (ADR)   2,432,810 
           
     OIL & GAS PRODUCERS - 3.7%     
 148,000   Equinor ASA (ADR)   3,137,600 
 333,000   Galp Energia SGPS SA (ADR)   1,798,200 
         4,935,800 
     RETAIL - CONSUMER STAPLES - 0.7%     
 45,948   Pan Pacific International Holdings Corp. (ADR)   966,286 
           
     SEMICONDUCTORS - 7.5%     
 6,250   ASML Holding NV (ADR)   4,317,750 
 13,000   NXP Semiconductors NV   2,674,360 
 25,900   Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)   3,112,144 
         10,104,254 
     SOFTWARE - 3.9%     
 13,800   Nice Ltd. (ADR) *   3,414,948 
 34,640   Open Text Corp.   1,759,712 
         5,174,660 
     SPECIALTY FINANCE - 1.7%     
 26,700   ORIX Corp. (ADR)   2,260,422 
           
     TECHNOLOGY HARDWARE - 1.2%     
 21,438   FUJIFILM Holdings Corp. (ADR)   1,586,412 
           
     TECHNOLOGY SERVICES - 5.5%     
 7,400   Adyen NV (ADR) *   363,636 
 43,000   Amadeus IT Group SA (ADR) *   3,037,950 
 75,000   Infosys Ltd. (ADR)   1,589,250 
 43,700   Pagseguro Digital Ltd. *   2,443,704 
         7,434,540 
     TELECOMMUNICATIONS - 1.9%     
 95,300   Nippon Telegraph & Telephone Corp. (ADR)   2,496,145 
           
     TRANSPORTATION & LOGISTICS - 3.0%     
 52,800   Canadian Pacific Railway Ltd.   4,060,848 
           
     TOTAL COMMON STOCK (Cost $88,890,691)   127,408,565 

 

 

Schedule of Investments | International Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     MONEY MARKET FUND - 5.6%     
 7,451,195   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (A)  $7,451,195 
     (Cost $7,451,195)     
           
     TOTAL INVESTMENTS - 100.7% (Cost $96,341,886)  $134,859,760 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.7)%   (877,347)
     NET ASSETS - 100.0%  $133,982,413 

 

*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, 2021.

 

Diversification of Assets 
Country  % of Net Assets 
Japan   11.4%
Canada   8.4%
France   8.4%
Hong Kong   8.3%
Netherlands   7.0%
United Kingdom   5.1%
Denmark   4.9%
Norway   4.5%
India   4.1%
Ireland   3.8%
Belgium   3.3%
Singapore   2.8%
Brazil   2.7%
Israel   2.5%
Spain   2.3%
Sweden   2.3%
Taiwan   2.3%
Switzerland   2.2%
Russia   2.0%
Finland   1.8%
Italy   1.8%
South Africa   1.5%
Portugal   1.3%
China   0.4%
Total   95.1%
Money Market Fund   5.6%
Other Assets Less Liabilities - Net   (0.7)%
Grand Total   100.0%

 

 

Schedule of Investments | Large/Mid Cap Growth Fund
As of June 30, 2021 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 76.9%     
     BANKING - 0.8%     
 10,774   Western Alliance Bancorp  $1,000,366 
           
     BIOTECH & PHARMA - 5.4%     
 18,734   Horizon Therapeutics PLC *   1,754,252 
 6,572   Neurocrine Biosciences, Inc. *   639,587 
 5,401   Vertex Pharmaceuticals, Inc. *   1,089,004 
 18,691   Zoetis, Inc.   3,483,255 
         6,966,098 
     CHEMICALS - 2.5%     
 16,730   FMC Corp.   1,810,186 
 4,997   Linde PLC   1,444,633 
         3,254,819 
     CONSTRUCTION MATERIALS - 1.0%     
 12,695   Owens Corning   1,242,841 
           
     DIVERSIFIED INDUSTRIALS - 2.3%     
 16,353   Emerson Electric Co.   1,573,813 
 6,258   Honeywell International, Inc.   1,372,692 
         2,946,505 
     ELECTRIC UTILITIES - 1.2%     
 21,347   NextEra Energy, Inc.   1,564,308 
           
     ELECTRICAL EQUIPMENT - 3.4%     
 26,732   Amphenol Corp. - Class A   1,828,736 
 13,796   Fortive Corp.   962,133 
 8,164   Trane Technologies PLC   1,503,319 
         4,294,188 
     HEALTH CARE FACILITIES & SERVICES - 1.4%     
 7,400   IQVIA Holdings, Inc. *   1,793,168 
           
     INSTITUTIONAL FINANCIAL SERVICES - 1.4%     
 14,572   Intercontinental Exchange, Inc.   1,729,696 
           
     INSURANCE - 2.7%     
 15,754   Arthur J. Gallagher & Co.   2,206,820 
 41,628   Equitable Holdings, Inc.   1,267,573 
         3,474,393 
     LEISURE FACILITIES & SERVICES - 1.4%     
 1,160   Chipotle Mexican Grill, Inc. *   1,798,394 
           
     MACHINERY - 2.3%     
 5,527   Caterpillar, Inc.   1,202,841 
 14,366   Oshkosh Corp.   1,790,578 
         2,993,419 
     MEDICAL EQUIPMENT & DEVICES - 7.3%     
 10,988   Baxter International, Inc.   884,534 
 5,002   Danaher Corp.   1,342,337 
 16,458   Edwards Lifesciences Corp. *   1,704,555 
 5,934   Insulet Corp. *   1,628,942 
 2,364   Intuitive Surgical, Inc. *   2,174,029 
 3,963   Teleflex, Inc.   1,592,294 
         9,326,691 
     OIL & GAS PRODUCERS - 0.6%     
 13,284   ConocoPhillips   808,996 

 

 

Schedule of Investments | Large/Mid Cap Growth Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     RETAIL - CONSUMER STAPLES - 3.6%     
 6,208   Costco Wholesale Corp.  $2,456,319 
 10,119   Dollar General Corp.   2,189,651 
         4,645,970 
     RETAIL - DISCRETIONARY - 7.2%     
 5,781   Burlington Stores, Inc. *   1,861,424 
 36,621   Foot Locker, Inc.   2,256,952 
 9,092   Lowe’s Cos, Inc.   1,763,575 
 3,742   Lululemon Athletica, Inc. *   1,365,718 
 3,364   O’Reilly Automotive, Inc. *   1,904,730 
         9,152,399 
     SEMICONDUCTORS - 12.9%     
 33,315   Advanced Micro Devices, Inc. *   3,129,278 
 5,155   Broadcom Ltd.   2,458,110 
 1,672   Lam Research Corporation   1,087,970 
 11,616   Maxim Integrated Products, Inc.   1,223,862 
 5,067   Monolithic Power Systems, Inc.   1,892,271 
 5,722   NVIDIA Corp.   4,578,172 
 10,302   NXP Semiconductors NV   2,119,327 
         16,488,990 
     SOFTWARE - 9.2%     
 2,285   HubSpot, Inc. *   1,331,515 
 5,008   Palo Alto Networks, Inc. *   1,858,218 
 25,788   Rapid7, Inc. *   2,440,318 
 6,538   ServiceNow, Inc. *   3,592,958 
 9,354   Synopsys, Inc. *   2,579,740 
         11,802,749 
     TECHNOLOGY HARDWARE - 2.4%     
 17,643   Seagate Technology Holdings PLC   1,551,349 
 20,894   Western Digital Corp. *   1,487,026 
         3,038,375 
     TECHNOLOGY SERVICES - 5.8%     
 20,164   CDW Corp.   3,521,643 
 5,066   EPAM Systems, Inc. *   2,588,523 
 9,066   Fidelity National Information Services, Inc.   1,284,380 
         7,394,546 
     TRANSPORTATION & LOGISTICS - 1.3%     
 21,625   Canadian Pacific Railway Ltd.   1,663,179 
           
     TRANSPORTATION & EQUIPMENT - 0.8%     
 12,086   PACCAR, Inc.   1,078,676 
           
     TOTAL COMMON STOCK (Cost $59,191,640)   98,458,766 
           
     EXCHANGE TRADED FUND (A) - 19.6%     
 720,000   Timothy Plan US Large/Mid Cap Core ETF (Cost $18,061,200)   25,136,352 
           
     MONEY MARKET FUND - 5.3%     
 6,815,423   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (B)   6,815,423 
     (Cost $6,815,423)     
           
     TOTAL INVESTMENTS - 101.8% (Cost $84,068,263)  $130,410,541 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (1.8)%   (2,355,873)
     NET ASSETS - 100.0%  $128,054,668 

 

*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, 2021.

 

 

Schedule of Investments | Small Cap Value Fund
As of June 30, 2021 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 80.8%     
     AEROSPACE/DEFENSE - 3.3%     
 56,042   Kaman Corp.  $2,824,517 
 34,745   Moog, Inc.   2,920,665 
         5,745,182 
     APPAREL & TEXTILE PRODUCTS - 1.0%     
 16,613   Oxford Industries, Inc.   1,642,029 
           
     BANKING - 13.9%     
 67,272   Columbia Banking System, Inc.   2,594,008 
 88,816   Great Western Bancorp, Inc.   2,912,277 
 44,834   Hilltop Holdings, Inc.   1,631,958 
 32,488   International Bancshares Corp.   1,395,035 
 73,500   Provident Financial Services, Inc.   1,682,415 
 76,611   Renasant Corp.   3,064,440 
 69,196   Sandy Spring Bancorp, Inc.   3,053,619 
 101,227   Simmons First National Corp.   2,970,000 
 49,754   Trustmark Corp.   1,532,423 
 88,810   Veritex Holdings, Inc.   3,144,762 
         23,980,937 
     CHEMICALS - 5.4%     
 61,219   Avient Corp.   3,009,526 
 17,731   Innospec, Inc.   1,606,606 
 107,960   PQ Group Holdings, Inc.   1,658,266 
 25,149   Stepan Co.   3,024,670 
         9,299,068 
     COMMERCIAL SUPPORT SERVICES - 1.7%     
 94,407   Healthcare Services Group, Inc.   2,980,429 
           
     ELECTRIC UTILITIES - 3.4%     
 67,802   Avista Corp.   2,893,111 
 48,851   NorthWestern Corp.   2,941,807 
         5,834,918 
     ENGINEERING & CONSTRUCTION - 1.7%     
 37,144   Comfort Systems USA, Inc.   2,926,576 
           
     FOOD - 3.7%     
 194,392   Hostess Brands, Inc. *   3,147,206 
 18,681   J & J Snack Foods Corp.   3,258,153 
         6,405,359 
     FORESTRY, PAPER & WOOD PRODUCTS - 1.8%     
 42,453   UFP Industries, Inc.   3,155,956 
           
     GAS & WATER UTILITIES - 0.9%     
 57,280   South Jersey Industries, Inc.   1,485,270 
           
     HEALTH CARE FACILITIES & SERVICES - 1.2%     
 40,769   Aveanna Healthcare Holdings, Inc. *   504,313 
 51,347   Patterson Companies, Inc.   1,560,435 
         2,064,748 
     HOME CONSTRUCTION - 4.5%     
 47,319   Century Communities, Inc. *   3,148,606 
 60,854   Griffon Corp.   1,559,688 
 27,526   Masonite International Corp. *   3,077,132 
         7,785,426 
     HOUSEHOLD PRODUCTS - 1.7%     
 61,399   Central Garden & Pet Co. *   2,965,572 

 

 

Schedule of Investments | Small Cap Value Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     INDUSTRIAL INTERMEDIATE PRODUCTS - 0.9%     
 28,208   AZZ, Inc.  $1,460,610 
           
     INSTITUTIONAL FINANCIAL SERVICES - 3.6%     
 54,538   Moelis & Co.   3,102,667 
 23,353   Piper Sandler Companies   3,025,615 
         6,128,282 
     INSURANCE - 3.1%     
 55,251   Argo Group International Holdings Ltd.   2,863,659 
 66,781   James River Group Holdings Ltd.   2,505,623 
         5,369,282 
     LEISURE FACILITIES & SERVICES - 5.2%     
 51,146   Bloomin’ Brands, Inc. *   1,388,102 
 41,611   Chuy’s Holdings, Inc. *   1,550,426 
 27,111   Jack in the Box, Inc.   3,021,250 
 28,942   Papa John’s International, Inc.   3,022,702 
         8,982,480 
     MACHINERY - 5.5%     
 9,579   Alamo Group, Inc.   1,462,522 
 49,831   Altra Industrial Motion Corp.   3,240,012 
 34,776   Columbus McKinnon Corp.   1,677,594 
 76,718   Federal Signal Corp.   3,086,365 
         9,466,493 
     MEDICAL EQUIPMENT & DEVICES - 3.7%     
 21,684   CONMED Corp.   2,980,032 
 51,762   Merit Medical Systems, Inc. *   3,346,931 
         6,326,963 
     METALS & MINING - 1.0%     
 21,568   Encore Wire Corp.   1,634,639 
           
     OIL & GAS PRODUCERS - 2.8%     
 86,202   Brigham Minerals, Inc.   1,835,241 
 65,660   PDC Energy, Inc.   3,006,571 
         4,841,812 
     REAL ESTATE OWNERS & DEVELOPERS - 0.8%     
 99,681   Radius Global Infrastructure, Inc. *   1,445,375 
           
     RETAIL - DISCRETIONARY - 4.3%     
 38,570   Academy Sports & Outdoors, Inc. *   1,590,627 
 49,244   Monro, Inc.   3,127,486 
 60,341   Sonic Automotive, Inc.   2,699,656 
         7,417,769 
     SEMICONDUCTORS - 1.8%     
 133,838   Amkor Technology, Inc. *   3,167,945 
           
     TECHNOLOGY HARDWARE - 2.0%     
 191,447   Viavi Solutions, Inc. *   3,380,954 
           
     TECHNOLOGY SERVICES - 1.9%     
 138,070   Repay Holdings Corp. *   3,319,203 
           
     TOTAL COMMON STOCK (Cost $109,271,392)   139,213,277 
           
     EXCHANGE TRADED FUND (A) - 11.2%     
 580,000   Timothy Plan US Small Cap Core ETF (Cost $14,834,080)   19,335,228 
           
     REITs - 6.6%     
 29,931   Community Healthcare Trust Inc   1,420,525 
 39,001   Easterly Government Properties, Inc.   822,141 
 62,552   National Storage Affiliates Trust   3,162,629 
 82,399   Plymouth Industrial REIT, Inc.   1,649,628 
 29,571   PotlatchDeltic Corp.   1,571,699 
 171,467   Summit Hotel Properties, Inc. *   1,599,787 
 63,258   Urban Edge Properties   1,208,228 
     TOTAL REITs (Cost $10,118,960)   11,434,637 

 

 

Schedule of Investments | Small Cap Value Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     MONEY MARKET FUND - 1.7%     
 2,860,547   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (B)  $2,860,547 
     (Cost $2,860,547)     
           
     TOTAL INVESTMENTS - 100.3% (Cost $137,084,979)  $172,843,689 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.3)%   (563,013)
     NET ASSETS - 100.0%  $172,280,676 

 

*Non-income producing securities.

 

ETF - Exchange Traded Fund.

 

REITs - Real Estate Investment Trusts.

 

(A)Affiliated Fund.

 

(B)Variable rate security; the rate shown represents the yield at June 30, 2021.

 

 

Schedule of Investments | Large/Mid Cap Value Fund
As of June 30, 2021 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 69.8%     
     AEROSPACE/DEFENSE - 1.8%     
 23,063   General Dynamics Corp.  $4,341,840 
           
     ASSET MANAGEMENT - 1.9%     
 61,114   Charles Schwab Corp.   4,449,710 
           
     BANKING - 3.5%     
 49,718   BOK Financial Corp.   4,305,579 
 42,473   Western Alliance Bancorp   3,943,618 
         8,249,197 
     CABLE & SATELLITE - 1.9%     
 2,330   Cable One, Inc.   4,456,847 
           
     CHEMICALS - 2.0%     
 17,211   Sherwin-Williams Co.   4,689,137 
           
     DIVERSIFIED INDUSTRIALS - 3.7%     
 29,061   Eaton Corp. PLC   4,306,259 
 20,741   Honeywell International, Inc.   4,549,538 
         8,855,797 
     ELECTRIC UTILITIES - 3.4%     
 66,757   CMS Energy Corp.   3,944,004 
 47,840   WEC Energy Group, Inc.   4,255,368 
         8,199,372 
     ELECTRICAL EQUIPMENT - 0.9%     
 11,559   Hubbell, Inc.   2,159,684 
           
     FOOD - 3.4%     
 30,466   JM Smucker Co.   3,947,480 
 47,305   McCormick & Co., Inc.   4,177,978 
         8,125,458 
     INSTITUTIONAL FINANCIAL SERVICES - 1.9%     
 37,499   Intercontinental Exchange, Inc.   4,451,131 
           
     INSURANCE - 1.7%     
 29,413   Arthur J. Gallagher & Co.   4,120,173 
           
     MACHINERY - 3.5%     
 34,530   Curtiss-Wright Corp.   4,100,783 
 24,437   Middleby Corp. *   4,233,955 
         8,334,738 
     MEDICAL EQUIPMENT & DEVICES - 5.5%     
 28,845   PerkinElmer, Inc.   4,453,956 
 21,065   STERIS PLC   4,345,710 
 26,329   Zimmer Biomet Holdings, Inc.   4,234,230 
         13,033,896 
     METALS & MINING - 1.9%     
 124,975   Freeport-McMoRan, Inc.   4,637,822 
           
     OIL & GAS PRODUCERS - 3.3%     
 44,205   EOG Resources, Inc.   3,688,465 
 54,685   Valero Energy Corp.   4,269,805 
         7,958,270 
     RETAIL - CONSUMER STAPLES - 1.9%     
 21,164   Dollar General Corp.   4,579,678 
           
     RETAIL - DISCRETIONARY - 5.7%     
 7,830   O’Reilly Automotive, Inc. *   4,433,424 
 35,895   Ross Stores, Inc.   4,450,980 
 24,858   Tractor Supply Co.   4,625,080 
         13,509,484 

 

 

Schedule of Investments | Large/Mid Cap Value Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     SEMICONDUCTORS - 10.3%     
 6,385   ASML Holding N.V. (ADR)  $4,411,013 
 9,957   Broadcom, Inc.   4,747,896 
 30,061   Microchip Technology, Inc.   4,501,334 
 13,515   Monolithic Power Systems, Inc.   5,047,177 
 7,259   NVIDIA Corp.   5,807,926 
         24,515,346 
     SOFTWARE - 6.1%     
 34,505   Cadence Design Systems, Inc. *   4,720,974 
 18,155   Synopsys, Inc. *   5,006,967 
 10,793   Tyler Technologies, Inc. *   4,882,429 
         14,610,370 
     TECHNOLOGY SERVICES - 1.8%     
 16,536   CACI International, Inc. *   4,218,664 
           
     TRANSPORTATION & LOGISTICS - 1.9%     
 20,188   Union Pacific Corp.   4,439,947 
           
     TRANSPORTATION EQUIPMENT - 1.8%     
 53,361   Westinghouse Air Brake Technologies Corp.   4,391,610 
           
     TOTAL COMMON STOCK (Cost $120,085,095)   166,328,171 
           
     EXCHANGE TRADED FUNDS (A) - 25.0%     
 920,000   Timothy Plan High Dividend Stock ETF   27,480,400 
 920,000   Timothy Plan US Large/Mid Cap Core ETF   32,118,672 
     TOTAL EXCHANGE TRADED FUNDS (Cost $46,064,400)   59,599,072 
           
     REITs - 3.9%     
 22,044   Crown Castle International Corp.   4,300,784 
 16,913   Public Storage   5,085,570 
     TOTAL REITs (Cost $6,754,975)   9,386,354 
           
     MONEY MARKET FUND - 1.4%     
 3,207,058   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (B)   3,207,058 
     (Cost $3,207,058)     
           
     TOTAL INVESTMENTS - 100.1% (Cost $176,111,528)  $238,520,655 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - ( 0.1)%   (209,893)
     NET ASSETS - 100.0%  $238,310,762 

 

*Non-income producing securities.

 

ADR - American Depositary Receipt

 

ETF - Exchange Traded Fund.

 

PLC - Public Limited Co.

 

REITs - Real Estate Investment Trusts.

 

(A)Affiliated Funds.

 

(B)Variable rate security; the rate shown represents the yield at June 30, 2021.

 

 

Schedule of Investments | Fixed Income Fund
As of June 30, 2021 (Unaudited)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     BONDS & NOTES - 97.3%           
     CORPORATE BONDS - 34.1%           
$1,000,000   ABB Finance USA, Inc.  2.875  5/8/2022  $1,022,224 
 2,205,000   American Electric Power, Inc.  3.200  11/13/2027   2,385,631 
 2,210,000   Aptiv Corp.  4.150  3/15/2024   2,399,436 
 1,000,000   Canadian Pacific Railway Co.  2.900  2/1/2025   1,062,598 
 1,000,000   CBOE Global Markets, Inc.  3.650  1/12/2027   1,114,367 
 1,580,000   Columbia Pipeline Group, Inc.  4.500  6/1/2025   1,776,207 
 2,190,000   CSX Corp.  3.250  6/1/2027   2,406,295 
 1,520,000   Digital Realty Trust LP  3.700  8/15/2027   1,703,286 
 1,575,000   Dollar General Corp.  4.125  5/1/2028   1,807,196 
 750,000   Eaton Corp.  2.750  11/2/2022   774,371 
 1,000,000   Enable Midstream Partners LP  3.900  5/15/2024   1,063,803 
 855,000   European Investment Bank  2.375  6/15/2022   873,213 
 2,200,000   Healthpeak Properties, Inc.  3.500  7/15/2029   2,437,012 
 861,954   John Sevier Combined Cycle Generation LLC  4.626  1/15/2042   1,047,608 
 865,000   Kreditanstalt fuer Wiederaufbau  2.125  6/15/2022   881,282 
 1,212,000   LYB International Finance BV  4.000  7/15/2023   1,295,488 
 855,000   National Rural Utilities Cooperative Finance Corp.  2.950  2/7/2024   903,638 
 2,185,000   NiSource, Inc.  3.490  5/15/2027   2,406,770 
 1,570,000   Nutrien Ltd.  4.000  12/15/2026   1,772,851 
 2,240,000   Phillips 66 Partners LP  3.605  2/15/2025   2,415,855 
 2,235,000   Province of Ontario Canada  2.500  4/27/2026   2,392,900 
 865,000   Province of Quebec Canada  2.375  1/31/2022   875,974 
 2,235,000   Sunoco Logistics Partners LP  4.250  4/1/2024   2,411,409 
 1,200,000   Ventas Capital Corp.  3.250  8/15/2022   1,228,049 
 1,577,000   WEC Energy Group, Inc.  3.550  6/15/2025   1,725,970 
 1,000,000   Zimmer Biomet Holdings, Inc.  3.700  3/19/2023   1,051,605 
     TOTAL CORPORATE BONDS (Cost $39,455,260)   41,235,038 
                 
     U.S. GOVERNMENT & AGENCY OBLIGATIONS - 63.2%     
     GOVERNMENT MORTGAGE-BACKED SECURITIES - 27.3%     
 1,676,041   FNMA Pool CA8997  3.000  2/1/2051   1,787,838 
 1,118,969   FNMA Pool CB0855  3.000  6/1/2051   1,187,423 
 1,108,784   FNMA Pool CB0867  3.500  6/1/2051   1,182,318 
 1,159,549   FNMA Pool FM4053  2.500  8/1/2050   1,207,891 
 1,722,292   FNMA Pool FM5537  2.000  1/1/2036   1,778,989 
 1,530,351   FNMA Pool MA4258  3.500  2/1/2051   1,628,456 
 1,392,043   FNMA Pool MA4316  2.500  4/1/2036   1,458,537 
 1,442,129   FNMA Pool MA4329  2.000  5/1/2036   1,489,604 
 1,760,998   FNMA Pool MA4333  2.000  5/1/2041   1,794,068 
 871,098   FNMA Pool MA4366  2.500  6/1/2041   906,297 
 165,100   GNMA Pool G2 4520  5.000  8/20/2039   187,210 
 216,821   GNMA Pool G2 4947  5.000  2/20/2041   245,866 
 859,957   GNMA Pool G2 BN2662  3.000  10/20/2049   899,051 
 437,125   GNMA Pool G2 MA3376  3.500  1/20/2046   465,611 
 285,521   GNMA Pool G2 MA3596  3.000  4/20/2046   300,880 
 779,694   GNMA Pool G2 MA3663  3.500  5/20/2046   830,754 
 284,930   GNMA Pool G2 MA3736  3.500  6/20/2046   303,092 
 483,746   GNMA Pool G2 MA4004  3.500  10/20/2046   515,746 
 314,714   GNMA Pool G2 MA4509  3.000  6/20/2047   334,037 
 408,056   GNMA Pool G2 MA4652  3.500  8/20/2047   432,569 
 514,277   GNMA Pool G2 MA4719  3.500  9/20/2047   544,023 
 525,416   GNMA Pool G2 MA4778  3.500  10/20/2047   558,636 
 431,346   GNMA Pool G2 MA4901  4.000  12/20/2047   460,684 
 378,980   GNMA Pool G2 MA4963  4.000  1/20/2048   403,516 
 423,851   GNMA Pool G2 MA6092  4.500  8/20/2049   452,016 
 479,942   GNMA Pool G2 MA6156  4.500  9/20/2049   511,009 
 427,354   GNMA Pool G2 MA6221  4.500  10/20/2049   456,194 
 739,761   GNMA Pool G2 MA6338  3.000  12/20/2049   772,320 
 454,094   GNMA Pool G2 MA6477  4.500  2/20/2050   483,857 
 654,624   GNMA Pool G2 MA6478  5.000  2/20/2050   710,414 
 713,901   GNMA Pool G2 MA6544  4.500  3/20/2050   760,112 
 510,695   GNMA Pool G2 MA6545  5.000  3/20/2050   551,485 
 597,597   GNMA Pool G2 MA6600  3.500  4/20/2050   627,775 

 

 

Schedule of Investments | Fixed Income Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     GOVERNMENT MORTGAGE-BACKED SECURITIES (Continued) - 27.3%     
$525,090   GNMA Pool G2 MA6601  4.000  4/20/2050  $555,742 
 523,096   GNMA Pool G2 MA6603  5.000  4/20/2050   564,767 
 1,434,032   GNMA Pool G2 MA7255  2.500  3/20/2051   1,486,279 
 774,053   GNMA Pool G2 MA7370  4.000  5/20/2051   825,821 
 945,000   GNMA Pool G2 MA7418  2.500  6/20/2051   980,802 
 1,775,000   GNMA Pool G2 MA7419  3.000  6/20/2051   1,864,825 
 26,218   GNMA Pool GN 723248  5.000  10/15/2039   30,482 
 341,499   GNMA Pool GN 783060  4.000  8/15/2040   372,365 
 132,633   GNMA Pool GN 783403  3.500  9/15/2041   142,360 
     TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $32,884,139)   33,051,721 
                 
     GOVERNMENT NOTES & BONDS - 35.9%           
 2,165,000   United States Treasury Note  2.250  11/15/2024   2,289,488 
 13,070,000   United States Treasury Note  2.000  8/15/2025   13,760,770 
 8,260,000   United States Treasury Note  1.625  2/15/2026   8,567,169 
 9,635,000   United States Treasury Note  1.500  2/15/2030   9,738,877 
 4,540,000   United States Treasury Note  4.500  2/15/2036   6,238,421 
 1,000,000   United States Treasury Note  2.250  5/15/2041   1,041,875 
 1,560,000   United States Treasury Note  3.000  2/15/2049   1,869,074 
     TOTAL GOVERNMENT NOTES & BONDS (Cost $42,812,190)   43,505,674 
                 
     TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $75,696,329)   76,557,395 
                 
     TOTAL BONDS AND NOTES (Cost $115,151,589)   117,792,433 
                 
Shares                
     MONEY MARKET FUND - 5.1%           
 6,134,265   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (A)   6,134,265 
     (Cost $6,134,265)           
                 
     TOTAL INVESTMENTS - 102.4% (Cost $121,285,854)  $123,926,698 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (2.4)%         (2,809,188)
     NET ASSETS - 100.0%        $121,117,510 

 

FNMA - Federal National Mortgage Association.

 

GNMA - Government National Mortgage Association.

 

LLC - Limited Liability Company.

 

LP - Limited Partnership.

 

PLC - Public Limited Co.

 

(A)Variable rate security; the rate shown represents the yield at June 30, 2021.

 

 

Schedule of Investments | High Yield Bond Fund
As of June 30, 2021 (Unaudited)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     CORPORATE BONDS - 92.3%           
$500,000   Adient Global Holdings Ltd. (A)  4.875  8/15/2026  $515,240 
 500,000   AerCap Global Aviation Trust, 3 mo. LIBOR + 4.30% (A)(B)  6.500  6/15/2045   537,532 
 3,000,000   Air Lease Corp. (B)  4.650  6/15/2170   3,116,250 
 1,000,000   Alliance Data Systems Corp. (A)  7.000  1/15/2026   1,073,250 
 1,000,000   Alliance Resource Operating Partners LP (A)  7.500  5/1/2025   979,890 
 1,125,000   Allied Universal Holdco LLC (A)  4.625  6/1/2028   1,128,648 
 500,000   AHP Health Partners, Inc. (A)  5.750  7/15/2029   507,500 
 1,000,000   Ashton Woods Finance Co. (A)  6.750  8/1/2025   1,039,895 
 293,000   Ashton Woods Finance Co. (A)  9.875  4/1/2027   328,734 
 500,000   Ashton Woods Finance Co. (A)  6.625  1/15/2028   534,598 
 125,000   Atlas LuxCompany (A)  4.625  6/1/2028   125,608 
 250,000   Bausch Health Cos, Inc. (A)  5.000  1/30/2028   237,500 
 250,000   Bausch Health Cos, Inc. (A)  4.875  6/1/2028   255,625 
 125,000   Bausch Health Cos, Inc. (A)  5.000  2/15/2029   116,721 
 1,000,000   Bausch Health Cos, Inc. (A)  5.250  1/30/2030   931,250 
 50,000   Bausch Health Cos, Inc. (A)  5.250  2/15/2031   46,815 
 1,050,000   Beacon Roofing Supply, Inc. (A)  4.125  5/15/2029   1,048,730 
 500,000   Bidfair Holdings, Inc. (A)  5.875  6/1/2029   508,125 
 2,500,000   Burford Capital Global Finance LLC (A)  6.250  4/15/2028   2,629,150 
 500,000   BWX Technologies, Inc. (A)  5.375  7/15/2026   513,537 
 500,000   BWX Technologies, Inc. (A)  4.125  6/30/2028   510,108 
 500,000   BWX Technologies, Inc. (A)  4.125  4/15/2029   510,020 
 500,000   Cascades, Inc. (A)  5.125  1/15/2026   534,152 
 500,000   Catalent Pharma Solutions, Inc. (A)  3.125  2/15/2029   484,908 
 250,000   Cemex SAB de CV (A)  3.875  7/11/2031   254,438 
 1,000,000   Central Garden & Pet Co. (A)  4.125  4/30/2031   1,014,050 
 500,000   Chemours Co.  7.000  5/15/2025   516,640 
 1,500,000   Chemours Co. (A)  5.750  11/15/2028   1,606,875 
 522,000   Clarios Global LP (A)  6.250  5/15/2026   556,583 
 1,000,000   Clarios Global LP (A)  8.500  5/15/2027   1,091,450 
 1,500,000   Colgate Energy Partners III, LLC (A)  5.875  7/1/2029   1,556,250 
 1,000,000   CommScope, Inc. (A)  8.250  3/1/2027   1,070,050 
 750,000   CommScope, Inc. (A)  7.125  7/1/2028   813,832 
 1,000,000   Compass Minerals International, Inc. (A)  6.750  12/1/2027   1,076,250 
 1,072,000   CQP Holdco, LP (A)  5.500  6/15/2031   1,118,353 
 250,000   Crestwood Midstream Finance Corp.  5.750  4/1/2025   257,550 
 1,500,000   Crestwood Midstream Finance Corp. (A)  5.625  5/1/2027   1,543,800 
 1,000,000   Crowdstrike Holdings, Inc.  3.000  2/15/2029   1,002,200 
 500,000   DCP Midstream, LLC, 3 mo. LIBOR + 3.85% (A)(B)  5.850  5/21/2043   464,887 
 350,000   Diamond Sports Finance Co. (A)  5.375  8/15/2026   227,500 
 1,000,000   Diversified Healthcare Trust  9.750  6/15/2025   1,108,815 
 250,000   DT Midstream, Inc. (A)  4.125  6/15/2029   254,145 
 750,000   DT Midstream, Inc. (A)  4.375  6/15/2031   765,000 
 1,694,000   Dycom Industries, Inc. (A)  4.500  4/15/2029   1,710,863 
 500,000   Emergent BioSolutions, Inc. (A)  3.875  8/15/2028   490,505 
 115,000   Freedom Mortgage Corp. (A)  8.125  11/15/2024   119,285 
 1,000,000   Freedom Mortgage Corp. (A)  8.250  4/15/2025   1,047,065 
 500,000   Freedom Mortgage Corp. (A)  7.625  5/1/2026   521,147 
 1,000,000   Freedom Mortgage Corp. (A)  6.625  1/15/2027   1,008,370 
 500,000   Genesis Energy LP  7.750  2/1/2028   515,680 
 2,125,000   Geo Group, Inc.  5.125  4/1/2023   2,021,406 
 250,000   GFL Environmental, Inc. (A)  3.750  8/1/2025   257,188 
 1,550,000   GFL Environmental, Inc. (A)  4.000  8/1/2028   1,533,454 
 50,000   GFL Environmental, Inc. (A)  4.750  6/15/2029   51,760 
 1,000,000   Global Partners LP  7.000  8/1/2027   1,062,000 
 1,000,000   Goodyear Tire & Rubber Co.  5.625  4/30/2033   1,056,060 
 500,000   Graham Packaging Co., Inc. (A)  7.125  8/15/2028   540,155 
 500,000   Gray Television, Inc. (A)  7.000  5/15/2027   542,255 
 1,250,000   Gray Television, Inc. (A)  4.750  10/15/2030   1,247,225 
 3,000,000   Howard Hughes Corp. (A)  4.375  2/1/2031   2,995,140 
 250,000   Icahn Enterprises Finance Corp.  4.750  9/15/2024   261,576 
 1,000,000   Icahn Enterprises Finance Corp.  6.250  5/15/2026   1,062,700 
 1,000,000   Icahn Enterprises Finance Corp. (A)  4.375  2/1/2029   998,275 
 2,455,000   ILFC E-Capital Trust I (A)(B)  3.660  12/21/2065   2,038,215 
 1,000,000   ILFC E-Capital Trust II (A)(B)  3.910  12/21/2065   854,550 
 100,000   Ingles Markets, Inc. (A)  4.000  6/15/2031   100,000 
 1,500,000   iStar, Inc.  5.500  2/15/2026   1,575,413 

 

 

Schedule of Investments | High Yield Bond Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     CORPORATE BONDS - 92.3% (Cont.)           
$125,000   ITT Holdings, LLC (A)  6.500  8/1/2029  $127,858 
 250,000   Jazz Securities (A)  4.375  1/15/2029   259,513 
 250,000   Jefferies Finance LLC (A)  6.250  6/3/2026   262,500 
 750,000   Kaiser Aluminum Corp. (A)  4.500  6/1/2031   770,940 
 500,000   Ken Garff Automotive LLC (A)  4.875  9/15/2028   511,878 
 1,500,000   Koppers, Inc. (A)  6.000  2/15/2025   1,553,273 
 750,000   Ladder Capital Finance Corp. (A)  4.250  2/1/2027   749,400 
 750,000   Legacy LifePoint Health LLC (A)  4.375  2/15/2027   757,688 
 250,000   LifePoint Health, Inc. (A)  5.375  1/15/2029   244,104 
 250,000   Lithia Motors, Inc. (A)  3.875  6/1/2029   259,450 
 1,000,000   Lithia Motors, Inc. (A)  4.375  1/15/2031   1,072,495 
 1,250,000   LPL Holdings, Inc. (A)  4.000  3/15/2029   1,259,706 
 500,000   LPL Holdings, Inc. (A)  4.375  5/15/2031   506,930 
 250,000   Madison IAQ, LLC (A)  4.125  6/30/2028   252,813 
 750,000   Mercer International, Inc. (A)  5.125  2/1/2029   772,688 
 1,000,000   MGIC Investment Corp.  5.250  8/15/2028   1,061,250 
 2,000,000   Midwest Connector Capital Co. LLC (A)  4.625  4/1/2029   2,129,287 
 500,000   MSCI, Inc. (A)  3.625  11/1/2031   513,510 
 500,000   Nationstar Mortgage Holdings, Inc. (A)  6.000  1/15/2027   519,140 
 250,000   Nationstar Mortgage Holdings, Inc. (A)  5.500  8/15/2028   252,825 
 500,000   Navient Corp.  7.250  9/25/2023   553,253 
 2,000,000   New Residential Investment Corp. (A)  6.250  10/15/2025   2,005,900 
 250,000   NRG Energy, Inc. (A)  3.375  2/15/2029   245,503 
 250,000   NRG Energy, Inc. (A)  3.625  2/15/2031   245,988 
 1,000,000   NuStar Logistics LP  5.625  4/28/2027   1,074,220 
 1,000,000   Olin Corp.  5.625  8/1/2029   1,109,406 
 775,000   PBF Holding Co. LLC  7.250  6/15/2025   593,898 
 500,000   PBF Holding Co. LLC  6.000  2/15/2028   343,145 
 1,000,000   PBF Holding Co. LLC (A)  9.250  5/15/2025   1,008,695 
 125,000   PHH Mortgage Corp. (A)  7.875  3/15/2026   129,313 
 1,500,000   Plastipak Holdings, Inc. (A)  6.250  10/15/2025   1,538,887 
 2,000,000   Polar US Borrower, LLC (A)  6.750  5/15/2026   2,006,540 
 1,500,000   Rent-A-Center, Inc. (A)  6.375  2/15/2029   1,613,625 
 500,000   Scotts Miracle-Gro Co. (A)  4.000  4/1/2031   500,050 
 1,500,000   SeaWorld Parks & Entertainment, Inc. (A)  9.500  8/1/2025   1,610,647 
 1,250,000   Service Properties Trust  7.500  9/15/2025   1,416,803 
 500,000   Service Properties Trust  5.500  12/15/2027   534,690 
 500,000   Spirit AeroSystems, Inc. (A)  5.500  1/15/2025   532,775 
 1,000,000   Standard Industries, Inc. (A)  5.000  2/15/2027   1,036,875 
 1,500,000   STL Holding Co. LLC (A)  7.500  2/15/2026   1,582,500 
 1,000,000   Suburban Propane Partners LP  5.875  3/1/2027   1,052,400 
 1,250,000   Targa Resources Partners LP  5.500  3/1/2030   1,376,275 
 500,000   TEGNA, Inc. (A)  4.750  3/15/2026   533,125 
 390,000   Tenet Healthcare Corp. (A)  4.625  9/1/2024   401,060 
 1,000,000   Tenet Healthcare Corp. (A)  6.250  2/1/2027   1,045,000 
 1,759,000   TMS International Holding Corp. (A)  6.250  4/15/2029   1,849,148 
 1,250,000   TriMas Corp. (A)  4.125  4/15/2029   1,268,600 
 500,000   Trinity Industries, Inc.  4.550  10/1/2024   534,165 
 500,000   TTM Technologies, Inc. (A)  4.000  3/1/2029   503,655 
 1,000,000   Twilio, Inc.  3.625  3/15/2029   1,021,250 
 1,500,000   United Natural Foods, Inc. (A)  6.750  10/15/2028   1,617,285 
 500,000   Vista Outdoor, Inc. (A)  4.500  3/15/2029   510,355 
 750,000   Vistra Operations Co. LLC (A)  5.625  2/15/2027   779,062 
 250,000   Vistra Operations Co. LLC (A)  4.375  5/1/2029   251,562 
 1,185,000   Vizient, Inc. (A)  6.250  5/15/2027   1,252,912 
 1,500,000   Waste Pro USA, Inc. (A)  5.500  2/15/2026   1,553,760 
 500,000   Weekley Finance Corp. (A)  4.875  9/15/2028   519,230 
     TOTAL CORPORATE BONDS (Cost $103,301,946)   107,711,546 
                 
     CONVERTIBLE BONDS - 4.2%           
     OIL & GAS PRODUCERS - 2.8%           
 3,775,000   Cheniere Energy, Inc.  4.250  3/15/2045   3,217,085 
                 
     SPECIALTY FINANCE - 1.4%           
 1,275,000   MGIC Investment Corp. (A)  9.000  4/1/2063   1,679,812 
                 
     TOTAL CONVERTIBLE BONDS (Cost $4,333,154)   4,896,897 

 

 

Schedule of Investments | High Yield Bond Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     PREFERRED STOCK - 0.5%     
     INDUSTRIAL SUPPORT SERVICES - 0.5%     
 17,500   WESCO International, Inc., 0.625% (Cost $463,058)  $540,575 
           
     MONEY MARKET FUND - 3.3%     
 3,870,654   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (C)     
     (Cost $3,870,654)   3,870,654 
           
     TOTAL INVESTMENTS - 100.3% (Cost $111,968,812)  $117,019,672 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.3)%   (290,456)
     NET ASSETS - 100.0%  $116,729,216 

 

LIBOR - London Interbank Offered Rate. The 3 month U.S. LIBOR rate as of June 30, 2021 is 0.15%.

 

LLC - Limited Liability Company.

 

LP - Limited Partnership.

 

(A)144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities had a fair value of $85,164,313 and represent 72.96% 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, 2021.

 

(C)Variable rate security; the rate shown represents the yield at June 30, 2021.

 

 

Schedule of Investments | Israel Common Values Fund
As of June 30, 2021 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK - 95.0%     
     AEROSPACE & DEFENSE - 2.3%     
 18,501   Elbit Systems Ltd.  $2,400,505 
           
     APPAREL & TEXTILE PRODUCTS - 3.3%     
 24,063   Delta Galil Industries Ltd.   996,933 
 21,392   Fox Wizel Ltd.   2,451,365 
         3,448,298 
     AUTOMOTIVE - 0.1%     
 2,333   Electreon Wireless Ltd. *   140,832 
           
     BANKING - 16.1%     
 108,000   Bank Hapoalim BM (ADR) *   4,309,200 
 629,000   Bank Leumi Le-Israel BM *   4,779,512 
 58,300   First International Bank Of Israel Ltd. *   1,867,890 
 532,000   Israel Discount Bank Ltd. *   2,533,878 
 105,000   Mizrahi Tefahot Bank Ltd. *   3,235,231 
         16,725,711 
     BIOTECH & PHARMA - 1.3%     
 39,000   Compugen Ltd. *   322,920 
 450,000   Enlight Renewable Energy Ltd. *   966,012 
 6,000   NRX Pharmaceuticals, Inc. *   69,720 
         1,358,652 
     CHEMICALS - 2.1%     
 309,902   ICL Group Ltd.   2,125,928 
           
     CONSTRUCTION MATERIALS - 0.8%     
 178,000   Inrom Construction Industries Ltd.   819,395 
           
     E-COMMERCE DISCRETIONARY - 0.5%     
 9,100   Global-e Online Ltd. *   519,428 
           
     ELECTRIC UTILITIES - 1.9%     
 28,700   Ormat Technologies, Inc.   1,995,536 
           
     FOOD - 1.4%     
 50,500   Strauss Group Ltd.   1,414,186 
           
     HEALTH CARE FACILITIES & SERVICES - 4.0%     
 12,769   Danel Adir Yeoshua Ltd.   2,676,454 
 1,575,013   Novolog Ltd.   1,450,066 
         4,126,520 
     HOME & OFFICE PRODUCTS - 2.3%     
 116,585   Maytronics Ltd.   2,429,734 
           
     INSTITUTIONAL FINANCIAL SERVICES - 2.5%     
 415,685   Tel Aviv Stock Exchange Ltd.   2,569,248 
           
     INSURANCE - 4.9%     
 184,000   Harel Insurance Investments & Financial Services Ltd.   1,823,907 
 1,230,000   Migdal Insurance & Financial Holding Ltd. *   1,694,860 
 167,400   Phoenix Holdings Ltd. *   1,565,345 
         5,084,112 
     INTERNET MEDIA & SERVICES - 1.2%     
 5,100   Fiverr International Ltd. *   1,236,699 
           
     LEISURE FACILITIES & SERVICES - 0.9%     
 10,300   Fattal Holdings 1998 Ltd. *   979,583 
           
     MEDICAL EQUIPMENT & DEVICES - 1.0%     
 4,700   Novocure Ltd. *   1,042,554 

 

 

Schedule of Investments | Israel Common Values Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     OIL & GAS PRODUCERS - 4.0%     
 62,968   Energean Oil & Gas PLC *  $621,088 
 5,600   Israel Corp. Ltd. *   1,697,272 
 2,000,000   Oil Refineries Ltd. *   515,575 
 7,000   Paz Oil Co. Ltd.   859,721 
 1,175,000   Ratio Oil Exploration 1992 LP *   487,885 
         4,181,541 
     REAL ESTATE OWNERS & DEVELOPERS - 11.8%     
 105,000   Alony Hetz Properties & Investments Ltd.   1,462,943 
 176,000   Amot Investments Ltd.   1,154,789 
 31,000   Azrieli Group Ltd.   2,183,367 
 40,000   Elco Ltd.   2,381,464 
 160,000   Gav-Yam Lands Corp Ltd.   1,532,484 
 100,000   Gazit-Globe Ltd.   721,498 
 16,380   Melisron Ltd. *   1,120,955 
 593,430   Mivne Real Estate KD Ltd.   1,721,011 
         12,278,511 
     RENEWABLE ENERGY - 1.8%     
 216,360   Energix-Renewable Energies Ltd.   830,646 
 3,600   SolarEdge Technologies, Inc. *   994,932 
         1,825,578 
     RETAIL - CONSUMER STAPLES - 3.3%     
 18,200   Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.   1,197,508 
 210,000   Shufersal Ltd.   1,671,751 
 27,315   Victory Supermarket Chain Ltd.   562,730 
         3,431,989 
     SEMICONDUCTORS - 6.0%     
 39,000   Nova Measuring Instruments Ltd. *   4,012,710 
 74,423   Tower Semiconductor Ltd. *   2,190,269 
         6,202,979 
     SOFTWARE - 14.4%     
 29,500   Cognyte Software Ltd. *   722,750 
 13,800   CyberArk Software Ltd. *   1,797,726 
 33,435   Hilan Ltd.   1,613,007 
 600   Monday.com Ltd. *   134,154 
 22,900   Nice Ltd. (ADR) *   5,666,834 
 60,000   One Software Technologies Ltd.   899,678 
 45,300   Sapiens International Corp. NV   1,190,031 
 34,200   Varonis Systems, Inc. *   1,970,604 
 21,500   Verint Systems, Inc. *   969,004 
         14,963,788 
     TECHNOLOGY HARDWARE - 2.0%     
 17,800   AudioCodes Ltd.   589,002 
 11,600   Kornit Digital Ltd. *   1,442,228 
         2,031,230 
     TECHNOLOGY SERVICES - 2.8%     
 86,783   Magic Software Enterprises Ltd.   1,408,488 
 56,210   Matrix IT Ltd.   1,520,093 
         2,928,581 
     WHOLESALE - DISCRETIONARY - 2.3%     
 20,300   Tadiran Holdings Ltd.   2,410,956 
           
     TOTAL COMMON STOCK (Cost $52,307,185)   98,672,074 

 

 

Schedule of Investments | Israel Common Values Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     REITs - 1.3%     
 259,000   Reit 1 Ltd. * (Cost $1,256,747)  $1,368,722 
           
     MONEY MARKET FUND - 3.7%     
 3,835,638   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (A)   3,835,638 
     (Cost $3,835,638)     
           
     TOTAL INVESTMENTS - 100.0% (Cost $57,399,570)  $103,876,434 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.0)%   (40,614)
     NET ASSETS - 100.0%  $103,835,820 

 

*Non-income producing securities.

 

ADR - American Depositary Receipt.

 

LP - Limited Partnership.

 

PLC - Public Limited Co.

 

REITs - Real Estate Investment Trusts.

 

(A)Variable rate security; the rate shown represents the yield at June 30, 2021.

 

Diversification of Assets    
Country  % of Net Assets 
Israel   89.9%
United States   4.8%
Jersey   1.0%
United Kingdom   0.6%
Total   96.3%
Money Market Fund   3.7%
Grand Total   100.0%

 

 

Schedule of Investments | Defensive Strategies Fund
As of June 30, 2021 (Unaudited)

 

Shares      Fair Value 
         
     COMMON STOCK & RIGHTS - 21.3%     
     AEROSPACE & DEFENSE - 0.1%     
 1,863   Suez S.A. *  $44,297 
           
     AUTOMOTIVE - 0.1%     
 2,400   NGK Insulators Ltd.   40,306 
           
     CHEMICALS - 3.0%     
 4,993   CF Industries Holdings, Inc.   256,890 
 1,297   Chemours Co.   45,136 
 6,651   Corteva, Inc.   294,972 
 1,605   FMC Corp.   173,661 
 3,251   K+S AG *   44,260 
 5,702   Mosaic Co.   181,951 
 7,069   Nutrien Ltd   428,452 
 682   OCI N.V. *   16,596 
 1,463   Sasol Ltd. (ADR) *   22,428 
 4,104   Sociedad Quimica Y Minera de Chile, SA (ADR)   194,242 
         1,658,588 
     CONSTRUCTION MATERIALS - 0.2%     
 2,400   AGC, Inc.   100,766 
           
     DIVERSIFIED INDUSTRIALS - 0.2%     
 1,894   Pentair PLC   127,826 
           
     FOOD - 0.9%     
 428   Bakkafrost P/F *   35,363 
 356   Beyond Meat, Inc. *   56,066 
 8,982   BRF SA (ADR) *   49,132 
 545   Cal-Maine Foods, Inc.   19,734 
 948   Darling Ingredients, Inc. *   63,990 
 743   Fresh Del Monte Produce, Inc.   24,430 
 815   Ingredion, Inc.   73,758 
 1,100   Maple Leaf Foods, Inc.   22,856 
 600   Morinaga Milk Industry Co. Ltd.   31,300 
 4,700   Nippon Suisan Kaisha Ltd.   22,401 
 1,279   Pilgrim’s Pride Corp. *   28,368 
 255   Sanderson Farms, Inc.   47,932 
         475,330 
     FORESTRY, PAPER & WOOD PRODUCTS - 0.0% **     
 600   Canfor Corp. *   13,741 
 900   Sumitomo Forestry Co. Ltd.   16,501 
         30,242 
     GAS & WATER UTILITIES - 0.9%     
 403   American States Water Co.   32,063 
 671   American Water Works Co., Inc.   103,421 
 437   California Water Service Group   24,271 
 5,672   Cia de Saneamento Basico do Estado de Sao Paulo (ADR)   41,973 
 539   Essential Utilities, Inc.   24,632 
 1,328   Pennon Group PLC   20,831 
 1,154   Severn Trent PLC   39,871 
 1,944   United Utilities Group PLC   26,168 
 6,518   Veolia Environnement SA   196,875 
         510,105 
     HEALTH CARE FACILITIES & SERVICES - 0.7%     
 48,754   Brookdale Senior Living, Inc. *   385,157 
           
     INTERNET MEDIA & SERVICES - 0.0% **     
 944   PhosAgro (ADR)   19,107 
           
     MACHINERY - 1.3%     
 779   AGCO Corp.   101,566 
 4,046   CNH Industrial NV *   67,649 
 687   Deere & Co.   242,312 
 3,026   Evoqua Water Technologies Corp. *   102,218 
 7,900   Kubota Corp.   159,936 
 700   Kurita Water Industries Ltd.   33,616 
         707,297 
     METALS & MINING - 4.5%     
 1,501   Agnico Eagle Mines Ltd.   90,735 
 8,525   Alamos Gold, Inc.   65,216 
 2,243   Anglo American PLC   89,007 
 2,708   AngloGold Ashanti Ltd. (ADR)   50,315 
 1,391   Antofagasta PLC   27,585 

 

 

Schedule of Investments | Defensive Strategies Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     METALS & MINING - 4.5% (Continued)     
 22,898   B2Gold Corp.  $96,401 
 1,550   BHP Group Ltd. (ADR)   112,887 
 234   BHP Group PLC (ADR)   13,967 
 2,352   Cameco Corp.   45,111 
 3,247   Cia De Minas Buenaventura (ADR) *   29,385 
 964   Cleveland-Cliffs, Inc. *   20,784 
 413   Compass Minerals International, Inc.   24,474 
 3,700   Endeavour Mining PLC   79,540 
 137   First Majestic Silver Corp.   2,166 
 2,600   First Quantum Minerals Ltd.   59,987 
 542   Franco-Nevada Corp.   78,628 
 2,135   Freeport-McMoRan, Inc.   79,230 
 8,858   Gold Fields Ltd. (ADR)   78,836 
 2,400   Hudbay Minerals, Inc.   15,990 
 21,177   Kinross Gold Corp.   134,474 
 2,802   Kirkland Lake Gold Ltd.   108,093 
 1,334   Lithium Americas Corp. *   19,797 
 3,123   Livent Corp. *   60,461 
 300   Lundin Mining Corp.   2,709 
 4,231   MMC Norilsk Nickel PJSC (ADR)   144,150 
 2,632   Newmont Corp.   166,816 
 3,416   Pan American Silver Corp.   97,595 
 766   Rio Tinto PLC (ADR)   64,260 
 730   Royal Gold, Inc.   83,293 
 1,144   Southern Copper Corp.   73,582 
 835   SSR Mining, Inc.   13,018 
 2,300   Sumitomo Metal Mining Co. Ltd.   89,625 
 2,543   Teck Resources Ltd. *   58,631 
 6,674   Vale SA (ADR)   152,234 
 1,249   Vedanta Ltd. (ADR)   17,736 
 2,489   Wheaton Precious Metals Corp.   109,690 
 8,737   Yamana Gold, Inc.   36,870 
         2,493,278 
     OIL & GAS PRODUCERS - 5.8%     
 4,673   APA Corp.   101,077 
 20,300   ARC Resources Ltd   172,951 
 8,106   Cabot Oil & Gas Corp.   141,531 
 8,383   Canadian Natural Resources Ltd.   304,135 
 290   Cenovus Energy, Inc.   2,778 
 1,701   CNX Resources Corp. *   23,236 
 4,626   ConocoPhillips   281,723 
 4,251   Continental Resources, Inc.   161,666 
 475   Devon Energy Corp.   13,865 
 888   Diamondback Energy, Inc.   83,374 
 1,026   Ecopetrol SA (ADR)   15,000 
 819   Eni SpA (ADR)   19,975 
 2,543   EOG Resources, Inc.   212,188 
 127   EQT Corp. *   2,827 
 463   Hess Corp.   40,429 
 34,900   Inpex Corp.   260,673 
 2,222   Lukoil PJSC (ADR)   205,802 
 1,380   Magnolia Oil & Gas Corp. *   21,569 
 6,109   Marathon Oil Corp.   83,205 
 711   Murphy Oil Corp.   16,552 
 306   Novatek OJSC (GDR)   67,106 
 7,365   Occidental Petroleum Corp.   230,304 
 1,141   Ovintiv, Inc.   35,907 
 2,800   Parex Resources, Inc. *   46,806 
 1,556   PDC Energy, Inc.   71,249 
 3,018   Petroleo Brasileiro SA (ADR)   36,910 
 927   Pioneer Natural Resources Co.   150,656 
 8,242   Rosneft Oil Company (GDR)   63,793 
 2,126   SM Energy Co.   52,363 
 9,131   Southwestern Energy Co. *   51,773 
 4,500   Suncor Energy, Inc.   107,894 
 4,100   Tourmaline Oil Corp.   117,308 
 504   YPF SA (ADR) *   2,359 
         3,198,984 
     OIL & GAS SERVICES & EQUIPMENT - 1.2%     
 2,211   Archrock, Inc.   19,700 
 2,582   Baker Hughes, Inc.   59,050 
 2,561   ChampionX Corp. *   65,690 
 6,953   Halliburton Co.   160,753 

 

 

Schedule of Investments | Defensive Strategies Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Fair Value 
         
     OIL & GAS SERVICES & EQUIPMENT (Continued) - 1.2%     
 3,172   Helmerich & Payne, Inc.  $103,502 
 2,874   NOV, Inc. *   44,030 
 3,391   Patterson-UTI Energy, Inc.   33,707 
 4,683   Schlumberger Ltd.   149,903 
 733   TechnipFMC PLC (France) *   6,575 
 1,311   TechnipFMC PLC *   11,865 
         654,775 
     RENEWABLE ENERGY- 0.8%     
 975   Atlantica Sustainable Infrastructure PLC   36,290 
 1,878   Ballard Power Systems, Inc. *   34,029 
 1,074   Canadian Solar, Inc. *   48,158 
 278   Enphase Energy, Inc. *   51,049 
 438   First Solar, Inc. *   39,643 
 1,300   GS Yuasa Corp.   33,206 
 2,163   Plug Power, Inc. *   73,953 
 476   Renewable Energy Group, Inc. *   29,674 
 183   SolarEdge Technologies, Inc. *   50,576 
 259   Varta AG *   39,929 
         436,507 
     STEEL - 1.1%     
 365   Allegheny Technologies, Inc. *   7,610 
 1,575   ArcelorMittal (ADR)   48,920 
 3,376   Commercial Metals Co.   103,711 
 15,931   Gerdau SA (ADR)   93,993 
 2,300   Hitachi Metals Ltd. *   44,015 
 3,900   JFE Holdings, Inc.   45,715 
 3,100   Kobe Steel Ltd.   19,914 
 6,400   Nippon Steel & Sumitomo Metal Corp.   108,031 
 475   Novolipetskiy Metallurgicheskiy Kombinat PAO (ADR)   14,963 
 782   Severstal (ADR)   16,813 
 841   Ternium S.A. (ADR)   32,345 
 2,893   United States Steel Corp.   69,432 
         605,462 
     TELECOMMUNICATIONS - 0.3%     
 7,020   Switch, Inc.   148,192 
           
     WHOLESALE - CONSUMER STAPLES - 0.2%     
 1,360   Bunge Ltd.   106,284 
           
     TOTAL COMMON STOCK & RIGHTS (Cost $9,039,240)   11,742,503 
           
     EXCHANGE TRADED FUND - 1.9%     
 50,000   Invesco DB US Dollar Index Bearish Fund * (Cost - $1,082,743)   1,054,000 
           
     REITs - 20.0%     
 11,500   Alexander & Baldwin, Inc.   210,680 
 8,000   American Assets Trust, Inc.   298,320 
 5,000   American Campus Communities, Inc.   233,600 
 13,000   American Homes 4 Rent   505,050 
 1,525   American Tower Corp.   411,964 
 10,600   Americold Realty Trust   401,210 
 13,000   Armada Hoffler Properties, Inc.   172,770 
 1,200   AvalonBay Communities, Inc.   250,428 
 3,000   Camden Property Trust   398,010 
 9,000   Cousins Properties, Inc.   331,020 
 4,000   Crown Castle International Corp.   780,400 
 4,000   CTO Realty Growth, Inc.   214,080 
 1,500   Digital Realty Trust, Inc.   225,690 
 1,020   Equinix, Inc.   818,652 
 900   Essex Property Trust, Inc.   270,009 
 12,500   Getty Realty Corp.   389,375 
 8,000   Healthcare Realty Trust, Inc.   241,600 
 14,000   Invitation Homes, Inc.   522,060 
 4,000   Life Storage, Inc.   429,400 
 14,000   Plymouth Industrial REIT, Inc.   280,280 
 998   PotlatchDeltic Corp.   53,044 
 7,300   Prologis, Inc.   872,569 
 1,600   Public Storage   481,104 
 690   Rayonier, Inc.   24,792 
 2,550   SBA Communications Corp.   812,685 
 1,800   Sun Communities, Inc.   308,520 
 7,400   Ventas, Inc.   422,540 

 

 

Schedule of Investments | Defensive Strategies Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Shares      Coupon Rate %  Maturity  Fair Value 
               
     REITs (Continued)- 20.0%           
 6,700   Welltower, Inc.        $556,770 
 1,726   Weyerhaeuser Co.         59,409 
     TOTAL REITS (Cost $9,034,921)         10,976,031 
                 
Principal       Coupon Rate %  Maturity     
     TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 26.6%     
$1,115,917   TIPS  0.125  1/15/2024   1,202,082 
 991,732   TIPS  0.125  1/15/2025   1,152,900 
 867,854   TIPS  0.625  1/15/2026   1,021,570 
 1,066,021   TIPS  2.375  1/15/2027   1,306,923 
 1,245,059   TIPS  2.000  1/15/2028   1,397,286 
 1,236,498   TIPS  2.375  1/15/2028   1,495,831 
 1,274,444   TIPS  1.750  1/15/2029   1,476,357 
 1,007,519   TIPS  2.500  1/15/2029   1,299,172 
 2,426,206   TIPS  0.875  1/15/2031   2,674,314 
 1,073,134   TIPS  0.125  2/15/2041   1,621,587 
     TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $11,809,650)   14,648,022 
                 
Shares                
     CLOSED END FUND - 5.0%           
 299,000   Sprott Physical Silver Trust * (Cost $2,904,152)         2,774,720 
                 
Ounces                
     ALTERNATIVE INVESTMENTS - 19.8%           
 6,143   Gold Bars * (Cost $7,240,876)         10,873,800 
                 
Shares                
     MONEY MARKET FUND - 6.6%           
 3,618,877   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (A)   3,618,877 
     (Cost $3,618,877)           
                 
     TOTAL INVESTMENTS - 101.2% (Cost $44,730,459)  $55,687,953 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (1.2)%   (676,414)
     NET ASSETS - 100.0%        $55,011,539 

 

*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 Trusts.

 

(A)Variable rate security; the rate shown represents the yield at June 30, 2021.

 

 

Schedule of Investments | Strategic Growth Fund
As of June 30, 2021 (Unaudited)

 

Shares      Fair Value 
         
     EXCHANGE TRADED FUNDS (A) - 56.9%     
 101,933   Timothy Plan High Dividend Stock ETF  $3,044,739 
 324,361   Timothy Plan International ETF   9,429,174 
 199,969   Timothy Plan US Large/Mid Cap Core ETF   6,981,238 
 111,831   Timothy Plan US Small Cap Core ETF   3,728,065 
     TOTAL EXCHANGE TRADED FUNDS (Cost $18,042,070)   23,183,216 
           
     MUTUAL FUNDS - 40.5% (B)     
 213,508   Timothy Plan Defensive Strategies Fund *   2,907,978 
 711,276   Timothy Plan Fixed Income Fund   7,461,282 
 204,553   Timothy Plan High Yield Bond Fund   2,033,252 
 317,554   Timothy Plan International Fund *   4,093,265 
     TOTAL MUTUAL FUNDS (Cost $14,890,741)   16,495,777 
           
     MONEY MARKET FUND - 2.7%     
 1,085,118   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (C)   1,085,118 
     (Cost $1,085,118)     
           
     TOTAL INVESTMENTS - 100.1% (Cost $34,017,929)  $40,764,111 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%   (23,642)
     NET ASSETS - 100.0%  $40,740,469 

 

*Non-income producing securities.

 

ETF - Exchange Traded Fund.

 

(A)Affiliated Funds.

 

(B)Affiliated Funds - Class A.

 

(C)Variable rate security; the rate shown represents the yield at June 30, 2021.

 

 

Schedule of Investments | Conservative Growth Fund
As of June 30, 2021 (Unaudited)

 

Shares      Fair Value 
         
     EXCHANGE TRADED FUNDS (A) - 39.2%     
 62,062   Timothy Plan High Dividend Stock ETF  $1,853,792 
 258,144   Timothy Plan International ETF   7,504,246 
 215,521   Timothy Plan US Large/Mid Cap Core ETF   7,524,183 
 113,423   Timothy Plan US Small Cap Core ETF   3,781,137 
     TOTAL EXCHANGE FUNDS (Cost $15,733,963)   20,663,358 
           
     MUTUAL FUNDS - 57.8% (B)     
 239,372   Timothy Plan Defensive Strategies Fund *   3,260,253 
 1,987,049   Timothy Plan Fixed Income Fund   20,844,141 
 294,267   Timothy Plan High Yield Bond Fund   2,925,010 
 269,931   Timothy Plan International Fund *   3,479,412 
     TOTAL MUTUAL FUNDS (Cost $28,707,519)   30,508,816 
           
     MONEY MARKET FUND - 3.0%     
 1,569,270   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (C)   1,569,270 
     (Cost $1,569,270)     
           
     TOTAL INVESTMENTS - 100.0% (Cost $46,010,752)  $52,741,444 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.0)%   (381)
     NET ASSETS - 100.0%  $52,741,063 

 

*Non-income producing securities.

 

ETF - Exchange Traded Fund.

 

(A)Affiliated Funds.

 

(B)Affiliated Funds - Class A.

 

(C)Variable rate security; the rate shown represents the yield at June 30, 2021.

 

 

Schedule of Investments | Growth & Income Fund
As of June 30, 2021 (Unaudited)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     BONDS & NOTES - 30.6%           
     CORPORATE BONDS - 14.7%           
$60,000   ABB Finance USA, Inc.  2.875  5/8/2022  $61,322 
 160,000   American Electric Power Company, Inc.  3.200  11/13/2027   172,871 
 160,000   Aptiv Corp.  4.150  3/15/2024   173,612 
 55,000   Canadian Pacific Railway Co.  2.900  2/1/2025   58,393 
 55,000   CBOE Global Markets, Inc.  3.650  1/12/2027   61,206 
 85,000   Columbia Pipeline Group, Inc.  4.500  6/1/2025   95,435 
 160,000   CSX Corp.  3.250  6/1/2027   175,618 
 135,000   Digital Realty Trust LP  3.700  8/15/2027   151,182 
 80,000   Dollar General Corp.  4.125  5/1/2028   91,687 
 120,000   Eaton Corp.  2.750  11/2/2022   123,875 
 110,000   Energy Transfer LP  4.250  4/1/2024   118,624 
 45,000   European Investment Bank  2.375  6/15/2022   45,948 
 120,000   Healthpeak Properties, Inc.  3.500  7/15/2029   132,628 
 45,000   Kreditanstalt fuer Wiederaufbau  2.125  6/15/2022   45,837 
 114,000   LYB International Finance BV  4.000  7/15/2023   121,806 
 120,000   National Rural Utilities Cooperative Finance Corp.  2.950  2/7/2024   126,710 
 110,000   NiSource, Inc.  3.490  5/15/2027   121,049 
 85,000   Nutrien Ltd.  4.000  12/15/2026   95,825 
 160,000   Phillips 66 Partners LP  3.605  2/15/2025   172,390 
 120,000   Province of Ontario Canada  2.500  4/27/2026   128,274 
 45,000   Province of Quebec Canada  2.375  1/31/2022   45,562 
 190,000   Ventas Capital Corp.  3.250  8/15/2022   194,408 
 142,000   WEC Energy Group, Inc.  3.550  6/15/2025   155,242 
 60,000   Zimmer Biomet Holdings, Inc.  3.700  3/19/2023   63,063 
     TOTAL CORPORATE BONDS (Cost $2,584,896)         2,732,567 
                 
     U.S. GOVERNMENT & AGENCY OBLIGATIONS - 15.9%     
     GOVERNMENT MORTGAGE-BACKED SECURITIES - 9.4%     
 68,410   FNMA FN CA8897  3.000  2/1/2051   72,952 
 54,949   FNMA FN CB0855  3.000  6/1/2051   58,294 
 54,693   FNMA FN CB0867  3.500  6/1/2051   58,304 
 71,762   FNMA FN FM5537  2.000  1/1/2036   74,102 
 14,227   FNMA FN MA4258  3.500  2/1/2051   15,134 
 53,540   FNMA FN MA4316  2.500  4/1/2036   56,081 
 24,694   FNMA FN MA4329  2.000  5/1/2036   25,499 
 74,408   FNMA FN MA4333  2.000  5/1/2041   75,782 
 60,197   GNMA Pool G2 BN2662  3.000  10/20/2049   62,915 
 77,762   GNMA Pool G2 MA3376  3.500  1/20/2046   82,805 
 59,378   GNMA Pool G2 MA3596  3.000  4/20/2046   62,554 
 51,980   GNMA Pool G2 MA3663  3.500  5/20/2046   55,367 
 68,599   GNMA Pool G2 MA3736  3.500  6/20/2046   72,950 
 22,307   GNMA Pool G2 MA4509  3.000  6/20/2047   23,670 
 67,740   GNMA Pool G2 MA4652  3.500  8/20/2047   71,789 
 65,453   GNMA Pool G2 MA4719  3.500  9/20/2047   69,219 
 58,211   GNMA Pool G2 MA6092  4.500  8/20/2049   62,043 
 47,225   GNMA Pool G2 MA6156  4.500  9/20/2049   50,253 
 49,383   GNMA Pool G2 MA6221  4.500  10/20/2049   52,685 
 64,224   GNMA Pool G2 MA6338  3.000  12/20/2049   67,030 
 42,306   GNMA Pool G2 MA6478  5.000  2/20/2050   45,871 
 55,270   GNMA Pool G2 MA6544  4.500  3/20/2050   58,813 
 35,996   GNMA Pool G2 MA6545  5.000  3/20/2050   38,837 
 46,415   GNMA Pool G2 MA6600  3.500  4/20/2050   48,745 
 43,758   GNMA Pool G2 MA6601  4.000  4/20/2050   46,284 
 62,459   GNMA Pool G2 MA6603  5.000  4/20/2050   67,376 
 68,991   GNMA Pool G2 MA7255  2.500  3/20/2051   71,483 
 54,581   GNMA Pool G2 MA7370  4.000  5/20/2051   58,197 
 50,000   GNMA Pool G2 MA7418  2.500  6/20/2051   51,879 
 85,000   GNMA Pool G2 MA7419  3.000  6/20/2051   89,275 
 4,229   GNMA Pool GN 723248  5.000  10/15/2039   4,913 
     TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $1,735,791)   1,751,101 

 

 

Schedule of Investments | Growth & Income Fund
As of June 30, 2021 (Unaudited) (Continued)

 

Par Value      Coupon Rate (%)  Maturity  Fair Value 
               
     GOVERNMENT NOTES, BONDS & AGENCIES - 6.5%     
$70,000   United States Treasury Note  0.125  1/15/2024  $69,576 
 240,000   United States Treasury Note  0.375  12/31/2025   235,547 
 120,000   United States Treasury Note  1.625  2/15/2026   124,430 
 295,000   United States Treasury Note  1.500  2/15/2030   298,134 
 80,000   United States Treasury Note  4.500  2/15/2036   109,903 
 50,000   United States Treasury Note  2.250  5/15/2041   52,078 
 130,000   United States Treasury Note  3.000  2/15/2049   155,716 
 190,000   United States Treasury Note  1.375  8/15/2050   160,283 
     TOTAL GOVERNMENT NOTES, BONDS & AGENCIES (Cost $1,209,972)   1,205,667 
                 
     TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $2,945,763)   2,956,768 
                 
     TOTAL BONDS & NOTES (Cost $5,530,659)   5,689,335 
           
Shares               
     EXCHANGE TRADED FUND (A) - 67.8%           
 422,000   Timothy Plan High Dividend Stock ETF (Cost $10,365,701)   12,605,140 
                 
     MONEY MARKET FUND - 1.9%           
 350,700   Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (B)   350,700 
     (Cost $350,700)           
                 
     TOTAL INVESTMENTS - 100.3% (Cost $16,247,060)  $18,645,175 
     OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.3)%   (42,293)
     NET ASSETS - 100.0%        $18,602,882 

 

ETF - Exchange Traded Fund.

 

FNMA - Federal National Mortgage Association.

 

GNMA - Government National Mortgage Association.

 

LP - Limited Partnership.

 

(A)Affiliated Fund.

 

(B)Variable rate security; the rate shown represents the yield at June 30, 2021.