NPORT-EX 2 timothy-nq.htm TIMOTHY ISRAEL 6.30.23
TIMOTHY PLAN AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 94.3%     
     AEROSPACE & DEFENSE - 1.2%     
 639   TransDigm Group, Inc.  $571,375 
           
     APPAREL & TEXTILE PRODUCTS - 6.7%     
 26,304   Capri Holdings Ltd.(a)   944,051 
 4,109   Deckers Outdoor Corporation(a)   2,168,154 
         3,112,205 
     BIOTECH & PHARMA - 2.1%     
 2,460   Argenx S.E. - ADR(a)   958,736 
           
     CHEMICALS - 1.5%     
 3,081   Albemarle Corporation   687,340 
           
     DATA CENTER REIT - 1.6%     
 6,383   Digital Realty Trust, Inc.   726,832 
           
     DIVERSIFIED INDUSTRIALS - 1.8%     
 5,493   Dover Corporation   811,041 
           
     ELECTRICAL EQUIPMENT - 1.5%     
 3,671   Trane Technologies PLC   702,115 
           
     ENGINEERING & CONSTRUCTION - 2.7%     
 6,411   Quanta Services, Inc.   1,259,441 
           
     HEALTH CARE FACILITIES & SERVICES - 7.2%     
 19,555   Cardinal Health, Inc.   1,849,317 
 5,831   ICON PLC(a)   1,458,916 
         3,308,233 
     HOME CONSTRUCTION - 1.0%     
 3,674   Lennar Corporation, Class A   460,389 
           
     INDUSTRIAL SUPPORT SERVICES - 4.2%     
 4,355   United Rentals, Inc.   1,939,586 

 

 

TIMOTHY PLAN AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 94.3% (Continued)     
     LEISURE FACILITIES & SERVICES - 2.4%     
 40,303   Bloomin’ Brands, Inc.  $1,083,748 
           
     MACHINERY - 8.1%     
 6,510   Lincoln Electric Holdings, Inc.   1,293,081 
 15,683   Oshkosh Corporation   1,357,992 
 2,663   Parker-Hannifin Corporation   1,038,677 
         3,689,750 
     MEDICAL EQUIPMENT & DEVICES - 14.7%     
 1,280   Align Technology, Inc.(a)   452,659 
 46,042   Avantor, Inc.(a)   945,703 
 10,100   DexCom, Inc.(a)   1,297,951 
 20,549   GE HealthCare Technologies, Inc.   1,669,400 
 3,755   Insulet Corporation(a)   1,082,717 
 9,372   Zimmer Biomet Holdings, Inc.   1,364,563 
         6,812,993 
     OIL & GAS PRODUCERS - 5.5%     
 7,072   Cheniere Energy, Inc.   1,077,491 
 7,239   Devon Energy Corporation   349,933 
 4,290   Diamondback Energy, Inc.   563,534 
 13,055   EQT Corporation   536,952 
         2,527,910 
     RENEWABLE ENERGY - 1.4%     
 3,453   First Solar, Inc.(a)   656,381 
           
     RETAIL - CONSUMER STAPLES - 1.4%     
 4,338   Dollar Tree, Inc.(a)   622,503 
           
     RETAIL - DISCRETIONARY - 2.9%     
 8,589   Burlington Stores, Inc.(a)   1,351,823 
           
     SEMICONDUCTORS - 9.4%     
 1,932   KLA Corporation   937,059 
 3,570   Monolithic Power Systems, Inc.   1,928,620 
 11,565   ON Semiconductor Corporation(a)   1,093,818 

 

 

TIMOTHY PLAN AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 94.3% (Continued)     
     SEMICONDUCTORS - 9.4% (Continued)     
 3,217   Skyworks Solutions, Inc.  $356,090 
         4,315,587 
     SOFTWARE - 10.8%     
 4,864   Cadence Design Systems, Inc.(a)   1,140,705 
 9,732   Fortinet, Inc.(a)   735,642 
 8,700   Palo Alto Networks, Inc.(a)   2,222,936 
 6,230   Zscaler, Inc.(a)   911,449 
         5,010,732 
     TECHNOLOGY HARDWARE - 3.6%     
 6,203   Arista Networks, Inc.(a)   1,005,258 
 10,886   Seagate Technology Holdings plc   673,517 
         1,678,775 
     TECHNOLOGY SERVICES - 2.6%     
 2,268   Globant S.A.(a)   407,605 
 1,678   MSCI, Inc.   787,469 
         1,195,074 
           
     TOTAL COMMON STOCKS (Cost $34,461,493)   43,482,569 
           
     SHORT-TERM INVESTMENT — 5.7%     
     MONEY MARKET FUND - 5.7%     
 2,609,907   Fidelity Government Portfolio, Class I, 4.99% (Cost $2,609,907)(b)   2,609,907 
           
     TOTAL INVESTMENTS - 100.0% (Cost $37,071,400)  $46,092,476 
     LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%   (7,793)
     NET ASSETS - 100.0%  $46,084,683 

 

ADR- American Depositary Receipt

 

LTD- Limited Company

 

MSCI- Morgan Stanley Capital International

 

PLC- Public Limited Company

 

REIT- Real Estate Investment Trust

 

S/A- Société Anonyme

 

(a)Non-income producing security.

 

(b)Rate disclosed is the seven day effective yield as of June 30, 2023.

 

 

TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 95.5%     
     AEROSPACE & DEFENSE - 3.0%     
 82,000   Safran S.A. - ADR  $3,217,680 
 58,000   Thales S.A. - ADR   1,740,580 
         4,958,260 
     AUTOMOTIVE - 1.5%     
 42,800   Magna International, Inc.   2,415,632 
           
     BANKING - 11.2%     
 45,739   DBS Group Holdings Ltd. - ADR   4,274,309 
 105,000   DNB Bank ASA - ADR   1,985,550 
 41,800   HDFC Bank Ltd. - ADR   2,913,460 
 120,100   ICICI Bank Ltd. - ADR   2,771,908 
 284,000   Itau Unibanco Holding S.A. - ADR   1,675,600 
 93,600   KBC Group N.V. - ADR   3,267,576 
 202,000   Sumitomo Mitsui Financial Group, Inc. - ADR   1,737,200 
         18,625,603 
     CHEMICALS - 2.0%     
 90,420   Air Liquide S.A. - ADR   3,247,886 
           
     CONSTRUCTION MATERIALS - 2.4%     
 56,000   CRH plc - ADR   3,120,880 
 27,500   Xinyi Glass Holdings Ltd. - ADR   864,325 
         3,985,205 
     ELECTRIC UTILITIES - 3.4%     
 440,000   Enel - Societa per Azioni - ADR   2,943,600 
 51,200   Iberdrola S.A. - ADR   2,676,224 
         5,619,824 
     ELECTRICAL EQUIPMENT - 3.3%     
 79,000   Daikin Industries Ltd. - ADR   1,618,710 
 104,600   Schneider Electric S.E. - ADR   3,803,256 
         5,421,966 
     ENGINEERING & CONSTRUCTION - 4.4%     
 134,000   Cellnex Telecom S.A. - ADR   2,698,760 
 155,000   Vinci S.A. - ADR   4,504,300 
         7,203,060 

 

 

TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 95.5% (Continued)     
     FOOD - 2.9%     
 30,500   Kerry Group plc - ADR  $2,997,235 
 115,000   Mowi ASA - ADR   1,817,000 
         4,814,235 
     HEALTH CARE FACILITIES & SERVICES - 2.3%     
 15,400   ICON PLC(a)   3,853,080 
           
     HOUSEHOLD PRODUCTS - 1.4%     
 89,000   Beiersdorf A.G. - ADR   2,354,940 
           
     INDUSTRIAL SUPPORT SERVICES - 1.7%     
 10,000   Ashtead Group plc - ADR   2,790,000 
           
     INSTITUTIONAL FINANCIAL SERVICES - 3.5%     
 191,500   Deutsche Boerse A.G. - ADR   3,531,260 
 86,000   London Stock Exchange Group plc - ADR   2,301,360 
         5,832,620 
     INSURANCE - 5.3%     
 38,100   Ageas S.A./NV - ADR   1,545,336 
 68,000   AIA Group Ltd. - ADR   2,769,640 
 66,400   Muenchener Rueckversicherungs-Gesellschaft A.G. in - ADR   2,499,960 
 81,000   Tokio Marine Holdings, Inc. - ADR   1,861,380 
         8,676,316 
     INTERNET MEDIA & SERVICES - 2.0%     
 221,000   Prosus N.V. - ADR   3,248,700 
 43,600   Yandex N.V., Class A(a)(b)(c)   43,600 
         3,292,300 
     LEISURE FACILITIES & SERVICES - 1.6%     
 48,000   Yum China Holdings, Inc.   2,712,000 
           
     LEISURE PRODUCTS - 1.0%     
 95,000   Shimano, Inc. - ADR   1,583,650 
           
     MACHINERY - 5.4%     
 244,000   Atlas Copco A.B. - ADR   3,059,760 

 

 

TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 95.5% (Continued)     
     MACHINERY - 5.4% (Continued)     
 98,000   FANUC Corporation - ADR  $1,717,940 
 77,150   Techtronic Industries Company Ltd. - ADR   4,228,592 
         9,006,292 
     MEDICAL EQUIPMENT & DEVICES - 8.4%     
 54,400   Alcon, Inc.   4,466,784 
 30,500   Hoya Corporation - ADR   3,640,480 
 118,000   Olympus Corporation - ADR   1,866,760 
 61,900   Smith & Nephew plc - ADR   1,996,275 
 57,500   Sysmex Corporation - ADR   1,961,325 
         13,931,624 
     METALS & MINING - 1.1%     
 28,300   Rio Tinto plc - ADR   1,806,672 
           
     OIL & GAS PRODUCERS - 4.6%     
 46,000   Canadian Natural Resources Ltd.   2,587,960 
 155,000   Equinor ASA - ADR   4,527,550 
 30,500   Petroleo Brasileiro S.A. - ADR   421,815 
         7,537,325 
     RETAIL - CONSUMER STAPLES - 1.5%     
 115,000   Seven & i Holdings Company Ltd. - ADR   2,474,800 
           
     RETAIL - DISCRETIONARY - 1.4%     
 9,300   ANTA Sports Products Ltd. - ADR   2,382,986 
           
     SEMICONDUCTORS - 6.3%     
 5,750   ASML Holding N.V. - ADR   4,167,313 
 9,000   NXP Semiconductors N.V.   1,842,120 
 26,700   Taiwan Semiconductor Manufacturing Company Ltd. - ADR   2,694,564 
 25,200   Tokyo Electron Ltd. - ADR   1,813,140 
         10,517,137 
     SOFTWARE - 2.7%     
 14,900   Nice Ltd. - ADR(a)   3,076,850 
 30,640   Open Text Corporation   1,273,092 
         4,349,942 

 

 

TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 95.5% (Continued)     
     SPECIALTY FINANCE - 2.1%     
 37,400   ORIX Corporation - ADR  $3,411,254 
           
     TECHNOLOGY HARDWARE - 1.5%     
 40,338   FUJIFILM Holdings Corporation - ADR   2,403,136 
           
     TECHNOLOGY SERVICES - 3.7%     
 62,500   Amadeus IT Group S.A. - ADR(a)   4,760,000 
 89,000   Infosys Ltd. - ADR   1,430,230 
         6,190,230 
     TRANSPORTATION & LOGISTICS - 3.0%     
 61,800   Canadian Pacific Kansas City Ltd.   4,991,586 
           
     WHOLESALE - CONSUMER STAPLES - 0.9%     
 19,000   ITOCHU Corporation - ADR   1,508,980 
           
     TOTAL COMMON STOCKS (Cost $132,099,934)   157,898,541 
           
     SHORT-TERM INVESTMENT — 4.2%     
     MONEY MARKET FUND - 4.2%     
 6,881,557   Fidelity Government Portfolio, Class I, 4.98% (Cost $6,881,557)(d)   6,881,557 
           
     TOTAL INVESTMENTS - 99.7% (Cost $138,981,491)  $164,780,098 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%   460,331 
     NET ASSETS - 100.0%  $165,240,429 

 

ADR- American Depositary Receipt

 

LTD- Limited Company

 

NV- Naamioze Vennootschap

 

PLC- Public Limited Company

 

S/A- Société Anonyme

 

(a)Non-income producing security.

 

(b)Illiquid security. At June 30, 2023, the illiquid security amounted to 0.03% of net assets.

 

(c)The value of this security has been determined in good faith under policies approved by the Board of Trustees.

 

(d)Rate disclosed is the seven day effective yield as of June 30, 2023.

 

 

TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
JUNE 30, 2023

 

Diversification of Assets    
Country  % of Net Assets 
Japan   16.7%
France   10.0%
Canada   6.8%
Spain   6.1%
Ireland   6.0%
Netherlands   5.6%
United Kingdom   5.4%
Germany   5.1%
Norway   5.0%
India   4.3%
Hong Kong   4.2%
Belgium   2.9%
Switzerland   2.7%
Singapore   2.6%
Cayman Islands   2.0%
Israel   1.9%
Sweden   1.9%
Italy   1.8%
United States   1.6%
Taiwan Province Of China   1.6%
Brazil   1.3%
Total   95.5%
Money Market Funds   4.2%
Other Assets Less Liabilities - Net   0.3%
Grand Total   100.0%

 

 

TIMOTHY PLAN LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 84.1%     
     AEROSPACE & DEFENSE - 1.7%     
 2,878   TransDigm Group, Inc.  $2,573,421 
           
     AUTOMOTIVE - 0.4%     
 2,530   Tesla, Inc.(a)   662,278 
           
     BANKING - 1.0%     
 40,058   Western Alliance Bancorp   1,460,915 
           
     BIOTECH & PHARMA - 4.4%     
 10,927   Vertex Pharmaceuticals, Inc.(a)   3,845,321 
 16,776   Zoetis, Inc.   2,888,995 
         6,734,316 
     CABLE & SATELLITE - 1.3%     
 3,137   Cable One, Inc.   2,061,260 
           
     CHEMICALS - 3.9%     
 19,904   FMC Corporation   2,076,783 
 10,269   New Linde plc   3,913,311 
         5,990,094 
     CONSTRUCTION MATERIALS - 4.0%     
 8,874   Martin Marietta Materials, Inc.   4,097,037 
 15,126   Owens Corning   1,973,943 
         6,070,980 
     DATA CENTER REIT - 0.9%     
 12,244   Digital Realty Trust, Inc.   1,394,224 
           
     ELECTRIC UTILITIES - 1.2%     
 25,433   NextEra Energy, Inc.   1,887,129 
           
     ELECTRICAL EQUIPMENT - 4.3%     
 38,579   Amphenol Corporation, Class A   3,277,286 
 16,897   Fortive Corporation   1,263,389 
 12,620   Keysight Technologies, Inc.(a)   2,113,219 
         6,653,894 

 

 

TIMOTHY PLAN LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 84.1% (Continued)     
     INFRASTRUCTURE REIT - 1.4%     
 18,221   Crown Castle, Inc.  $2,076,101 
           
     INSTITUTIONAL FINANCIAL SERVICES - 1.5%     
 20,318   Intercontinental Exchange, Inc.   2,297,559 
           
     INSURANCE - 4.2%     
 17,929   Arthur J Gallagher & Company   3,936,671 
 95,055   Equitable Holdings, Inc.   2,581,694 
         6,518,365 
     LEISURE FACILITIES & SERVICES - 1.0%     
 701   Chipotle Mexican Grill, Inc.(a)   1,499,439 
           
     MACHINERY - 2.4%     
 6,585   Caterpillar, Inc.   1,620,239 
 24,368   Oshkosh Corporation   2,110,025 
         3,730,264 
     MEDICAL EQUIPMENT & DEVICES - 9.4%     
 4,406   Danaher Corporation   1,057,440 
 22,363   Edwards Lifesciences Corporation(a)   2,109,502 
 9,709   Insulet Corporation(a)   2,799,493 
 8,449   Intuitive Surgical, Inc.(a)   2,889,050 
 32,626   Merit Medical Systems, Inc.(a)   2,728,839 
 18,869   Zimmer Biomet Holdings, Inc.   2,747,326 
         14,331,650 
     OIL & GAS PRODUCERS - 2.5%     
 20,923   ConocoPhillips   2,167,832 
 12,181   Diamondback Energy, Inc.   1,600,096 
         3,767,928 
     RETAIL - CONSUMER STAPLES - 2.6%     
 3,617   Costco Wholesale Corporation   1,947,320 
 12,055   Dollar General Corporation   2,046,698 
         3,994,018 
     RETAIL - DISCRETIONARY - 3.4%     
 10,832   Lowe’s Companies, Inc.   2,444,782 

 

 

TIMOTHY PLAN LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 84.1% (Continued)     
     RETAIL - DISCRETIONARY - 3.4% (Continued)     
 2,814   O’Reilly Automotive, Inc.(a)  $2,688,215 
         5,132,997 
     SEMICONDUCTORS - 15.1%     
 21,908   Advanced Micro Devices, Inc.(a)   2,495,540 
 16,595   Analog Devices, Inc.   3,232,872 
 6,552   Broadcom, Inc.   5,683,401 
 15,396   NVIDIA Corporation   6,512,816 
 12,273   NXP Semiconductors N.V.   2,512,038 
 27,365   ON Semiconductor Corporation(a)   2,588,182 
         23,024,849 
     SOFTWARE - 10.3%     
 38,849   DocuSign, Inc.(a)   1,984,795 
 17,898   Palo Alto Networks, Inc.(a)   4,573,118 
 5,129   ServiceNow, Inc.(a)   2,882,344 
 10,642   Synopsys, Inc.(a)   4,633,634 
 3,894   Tyler Technologies, Inc.(a)   1,621,734 
         15,695,625 
     TECHNOLOGY HARDWARE - 3.1%     
 10,877   Arista Networks, Inc.(a)   1,762,727 
 43,979   Ciena Corporation(a)   1,868,668 
 18,236   Seagate Technology Holdings plc   1,128,261 
         4,759,656 
     TECHNOLOGY SERVICES - 1.8%     
 15,075   CDW Corporation   2,766,263 
           
     TRANSPORTATION & LOGISTICS - 1.4%     
 25,766   Canadian Pacific Kansas City Ltd.   2,081,120 
           
     TRANSPORTATION EQUIPMENT - 0.9%     
 16,394   PACCAR, Inc.   1,371,358 
           
           
     TOTAL COMMON STOCKS (Cost $98,122,380)   128,535,703 

 

 

TIMOTHY PLAN LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 14.3%     
     EQUITY - 14.3%     
 624,000   Timothy Plan US Large/Mid Cap Core Enhanced ETF(b)  $14,345,635 
 209,000   Timothy Plan US Large/Mid Cap Core ETF(b)   7,518,942 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $21,565,045)   21,864,577 
           
     SHORT-TERM INVESTMENTS — 1.7%     
     MONEY MARKET FUND - 1.7%     
 2,672,785   Fidelity Government Portfolio, Class I, 4.99% (Cost $2,672,785)(c)   2,672,785 
           
     TOTAL INVESTMENTS - 100.1% (Cost $122,360,210)  $153,073,065 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%   (86,566)
     NET ASSETS - 100.0%  $152,986,499 

 

ETF- Exchange-Traded Fund

 

LTD- Limited Company

 

NV- Naamioze Vennootschap

 

PLC- Public Limited Company

 

REIT- Real Estate Investment Trust

 

(a)Non-income producing security.

 

(b)Investment in affiliate.

 

(c)Rate disclosed is the seven day effective yield as of June 30, 2023.

 

 

TIMOTHY PLAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 86.2%     
     AEROSPACE & DEFENSE - 2.3%     
 25,468   Mercury Systems, Inc.(a)  $880,938 
 27,822   Moog, Inc., Class A   3,016,740 
         3,897,678 
     AUTOMOTIVE - 0.7%     
 36,330   Methode Electronics, Inc.   1,217,782 
           
     BANKING - 14.1%     
 107,265   Atlantic Union Bankshares Corporation   2,783,527 
 34,780   Banner Corporation   1,518,843 
 32,315   City Holding Company   2,908,027 
 94,325   First Bancorp   2,806,169 
 48,966   National Bank Holdings Corporation, Class A   1,421,973 
 83,660   Provident Financial Services, Inc.   1,367,004 
 107,696   Renasant Corporation   2,814,096 
 43,000   Sandy Spring Bancorp, Inc.   975,240 
 134,760   Seacoast Banking Corp of Florida   2,978,196 
 49,115   Triumph Financial, Inc.(a)   2,982,263 
 71,588   Veritex Holdings, Inc.   1,283,573 
         23,838,911 
     BIOTECH & PHARMA - 1.8%     
 51,213   Prestige Consumer Healthcare, Inc.(a)   3,043,589 
           
     CHEMICALS - 4.6%     
 39,470   Avient Corporation   1,614,323 
 141,900   Ecovyst, Inc.(a)   1,626,174 
 15,172   Innospec, Inc.   1,523,876 
 31,325   Stepan Company   2,993,416 
         7,757,789 
     CONSTRUCTION MATERIALS - 0.9%     
 39,502   Summit Materials, Inc., Class A(a)   1,495,151 
           
     ELECTRIC UTILITIES - 3.5%     
 74,611   Avista Corporation   2,929,974 

 

 

TIMOTHY PLAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 86.2% (Continued)     
     ELECTRIC UTILITIES - 3.5% (Continued)     
 51,976   NorthWestern Corporation  $2,950,158 
         5,880,132 
     ENGINEERING & CONSTRUCTION - 1.8%     
 18,877   Comfort Systems USA, Inc.   3,099,603 
           
     FOOD - 3.6%     
 117,111   Hostess Brands, Inc.(a)   2,965,251 
 18,894   J & J Snack Foods Corporation   2,992,053 
         5,957,304 
     FORESTRY, PAPER & WOOD PRODUCTS - 1.8%     
 33,893   Boise Cascade Company   3,062,233 
           
     HEALTH CARE FACILITIES & SERVICES - 1.8%     
 90,831   Patterson Companies, Inc.   3,021,039 
           
     HOME CONSTRUCTION - 2.7%     
 20,204   Century Communities, Inc.   1,548,030 
 29,979   Masonite International Corporation(a)   3,071,049 
         4,619,079 
     HOUSEHOLD PRODUCTS - 0.8%     
 38,384   Central Garden & Pet Company, Class A(a)   1,399,481 
           
     INDUSTRIAL INTERMEDIATE PROD - 1.0%     
 38,788   AZZ, Inc.   1,685,726 
           
     INSTITUTIONAL FINANCIAL SERVICES - 3.4%     
 68,387   Moelis & Company, Class A   3,100,666 
 21,303   Piper Sandler Cos   2,753,626 
         5,854,292 
     INSURANCE - 2.9%     
 27,205   AMERISAFE, Inc.   1,450,571 
 69,682   BRP Group, Inc., Class A(a)   1,726,719 
 65,697   Skyward Specialty Insurance Group, Inc.(a)   1,668,704 
         4,845,994 

 

 

TIMOTHY PLAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 86.2% (Continued)     
     LEISURE FACILITIES & SERVICES - 2.7%     
 36,073   Chuy’s Holdings, Inc.(a)  $1,472,500 
 40,675   Papa John’s International, Inc.   3,003,035 
         4,475,535 
     MACHINERY - 5.5%     
 16,348   Alamo Group, Inc.   3,006,561 
 31,618   Albany International Corporation, Class A   2,949,327 
 49,313   Federal Signal Corporation   3,157,512 
         9,113,400 
     MEDICAL EQUIPMENT & DEVICES - 3.9%     
 83,948   Avanos Medical, Inc.(a)   2,145,711 
 21,777   CONMED Corporation   2,959,276 
 16,963   Merit Medical Systems, Inc.(a)   1,418,785 
         6,523,772 
     METALS & MINING - 2.3%     
 12,198   Encore Wire Corporation   2,267,974 
 56,545   Livent Corporation(a)   1,551,029 
         3,819,003 
     OFFICE REIT - 2.7%     
 129,556   Corporate Office Properties Trust   3,076,955 
 110,007   Easterly Government Properties, Inc.   1,595,102 
         4,672,057 
     OIL & GAS PRODUCERS - 6.5%     
 9,736   Chord Energy Corporation   1,497,397 
 203,560   Enerplus Corporation   2,945,513 
 95,663   Northern Oil and Gas, Inc.   3,283,154 
 123,191   Sitio Royalties Corporation, Class A   3,236,228 
         10,962,292 
     REAL ESTATE INVESTMENT TRUSTS - 6.5%     
 129,526   Plymouth Industrial REIT, Inc.   2,981,689 
 59,074   PotlatchDeltic Corporation   3,122,061 
 224,180   Summit Hotel Properties, Inc.   1,459,412 
 209,428   Urban Edge Properties   3,231,473 
         10,794,635 

 

 

TIMOTHY PLAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 86.2% (Continued)     
     RETAIL - DISCRETIONARY - 3.6%     
 56,709   Academy Sports & Outdoors, Inc.  $3,065,121 
 70,858   Monro, Inc.   2,878,961 
         5,944,082 
     RETAIL REIT - 1.8%     
 117,043   Four Corners Property Trust, Inc.   2,972,892 
           
     SOFTWARE - 0.1%     
 5,636   Avid Technology, Inc.(a)   143,718 
           
     TECHNOLOGY HARDWARE - 1.9%     
 282,868   Viavi Solutions, Inc.(a)   3,204,894 
           
     TRANSPORTATION & LOGISTICS - 1.0%     
 17,530   ArcBest Corporation   1,731,964 
           
     TOTAL COMMON STOCKS (Cost $141,495,680)   145,034,027 
           
     EXCHANGE-TRADED FUNDS — 11.0%     
     EQUITY - 11.0%     
 580,000   Timothy Plan US Small Cap Core ETF(b) (Cost$14,834,080)   18,492,720 
           
     SHORT-TERM INVESTMENTS — 1.6%     
     MONEY MARKET FUND - 1.6%     
 2,665,766   Fidelity Government Portfolio, Class I, 4.99% (Cost $2,665,766)(c)   2,665,766 
           
     TOTAL INVESTMENTS - 98.8% (Cost $158,995,526)  $166,192,513 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 1.2%   1,948,842 
     NET ASSETS - 100.0%  $168,141,355 

 

ETF- Exchange-Traded Fund

 

REIT- Real Estate Investment Trust

 

(a)Non-income producing security.

 

(b)Investment in affiliate.

 

(c)Rate disclosed is the seven day effective yield as of June 30, 2023.

 

 

TIMOTHY PLAN LARGE/MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 77.0%     
     AEROSPACE & DEFENSE - 1.8%     
 24,979   General Dynamics Corporation  $5,374,232 
           
     BANKING - 2.8%     
 61,433   BOK Financial Corporation   4,962,559 
 30,297   Cullen/Frost Bankers, Inc.   3,257,836 
         8,220,395 
     CHEMICALS - 2.3%     
 24,982   Sherwin-Williams Company (The)   6,633,221 
           
     COMMERCIAL SUPPORT SERVICES - 1.9%     
 39,871   Waste Connections, Inc.   5,698,762 
           
     CONTAINERS & PACKAGING - 1.6%     
 55,114   Crown Holdings, Inc.   4,787,753 
           
     DIVERSIFIED INDUSTRIALS - 2.5%     
 36,789   Eaton Corp plc   7,398,268 
           
     ELECTRIC UTILITIES - 3.7%     
 89,542   CMS Energy Corporation   5,260,593 
 62,624   WEC Energy Group, Inc.   5,525,941 
         10,786,534 
     FOOD - 4.1%     
 38,411   J M Smucker Company (The)   5,672,152 
 74,329   McCormick & Company, Inc.   6,483,719 
         12,155,871 
     HEALTH CARE FACILITIES & SERVICES - 1.2%     
 11,754   HCA Healthcare, Inc.   3,567,104 
           
     INSTITUTIONAL FINANCIAL SERVICES - 2.2%     
 57,253   Intercontinental Exchange, Inc.   6,474,169 

 

 

TIMOTHY PLAN LARGE/MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 77.0% (Continued)     
     INSURANCE - 2.2%     
 30,074   Arthur J Gallagher & Company  $6,603,348 
           
     LEISURE FACILITIES & SERVICES - 2.1%     
 18,731   Domino’s Pizza, Inc.   6,312,160 
           
     MEDICAL EQUIPMENT & DEVICES - 6.8%     
 25,379   Danaher Corporation   6,090,960 
 42,105   PerkinElmer, Inc.   5,001,653 
 23,046   STERIS plc   5,184,889 
 26,921   Zimmer Biomet Holdings, Inc.   3,919,698 
         20,197,200 
     OIL & GAS PRODUCERS - 3.8%     
 54,647   ConocoPhillips   5,661,975 
 47,470   EOG Resources, Inc.   5,432,467 
         11,094,442 
     REAL ESTATE INVESTMENT TRUSTS - 3.9%     
 49,812   Crown Castle, Inc.   5,675,579 
 47,188   Prologis, Inc.   5,786,665 
         11,462,244 
     RETAIL - CONSUMER STAPLES - 3.8%     
 12,242   Costco Wholesale Corporation   6,590,848 
 27,589   Dollar General Corporation   4,684,060 
         11,274,908 
     RETAIL - DISCRETIONARY - 4.5%     
 8,006   O’Reilly Automotive, Inc.(a)   7,648,131 
 25,417   Tractor Supply Company   5,619,699 
         13,267,830 
     SEMICONDUCTORS - 15.2%     
 10,828   ASML Holding N.V.   7,847,593 
 9,051   Broadcom, Inc.   7,851,109 
 93,501   Lattice Semiconductor Corporation(a)   8,982,641 
 75,189   Microchip Technology, Inc.   6,736,183 
 10,949   Monolithic Power Systems, Inc.   5,914,978 

 

 

TIMOTHY PLAN LARGE/MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 77.0% (Continued)     
     SEMICONDUCTORS - 15.2% (Continued)     
 17,708   NVIDIA Corporation  $7,490,838 
         44,823,342 
     SOFTWARE - 6.1%     
 24,878   Cadence Design Systems, Inc.(a)   5,834,389 
 16,143   Synopsys, Inc.(a)   7,028,823 
 12,713   Tyler Technologies, Inc.(a)   5,294,583 
         18,157,795 
     TECHNOLOGY SERVICES - 2.3%     
 20,120   CACI International, Inc., Class A(a)   6,857,701 
           
     TRANSPORTATION & LOGISTICS - 2.2%     
 31,118   Union Pacific Corporation   6,367,365 
           
     TOTAL COMMON STOCKS (Cost $166,318,109)   227,514,644 
           
     EXCHANGE-TRADED FUNDS — 17.3%     
     EQUITY - 17.3%     
 573,000   Timothy Plan High Dividend Stock Enhanced ETF(b)   13,032,828 
 382,500   Timothy Plan High Dividend Stock ETF(b)   12,048,062 
 634,000   Timothy Plan US Large/Mid Cap Core Enhanced ETF(b)   14,575,533 
 318,000   Timothy Plan US Large/Mid Cap Core ETF(b)   11,440,304 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $48,945,129)   51,096,727 

 

 

TIMOTHY PLAN LARGE/MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 5.8%     
     MONEY MARKET FUND - 5.8%     
 17,005,304   Fidelity Government Portfolio, Class I, 4.99% (Cost $17,005,304)(c)  $17,005,304 
           
     TOTAL INVESTMENTS - 100.1% (Cost $232,268,542)  $295,616,675 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%   (165,143)
     NET ASSETS - 100.0%  $295,451,532 

 

ETF- Exchange-Traded Fund

 

NV- Naamioze Vennootschap

 

PLC- Public Limited Company

 

(a)Non-income producing security.

 

(b)Investment in affiliate.

 

(c)Rate disclosed is the seven day effective yield as of June 30, 2023.

 

 

TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023

 

Shares            Fair Value 
     EXCHANGE-TRADED FUND — 14.4%           
     EQUITY - 14.4%           
 620,000   Timothy Plan Market Neutral ETF (a) (Cost $15,521,700)        $15,085,654 
                 
Principal      Coupon Rate        
Amount ($)      (%)  Maturity     
     CORPORATE BONDS — 28.5%           
     CHEMICALS — 3.2%           
 1,212,000   LYB International Finance BV  4.0000  07/15/23   1,210,359 
 1,570,000   Nutrien Ltd.  4.0000  12/15/26   1,507,721 
 805,000   Nutrien Ltd.  2.9500  05/13/30   699,755 
               3,417,835 
     COMMERCIAL SUPPORT SERVICES — 0.9%           
 450,000   Republic Services, Inc.  5.0000  04/01/34   449,119 
 450,000   Waste Management, Inc.  4.6250  02/15/33   440,914 
               890,033 
     ELECTRIC UTILITIES — 4.5%           
 2,205,000   American Electric Power Company, Inc.  3.2000  11/13/27   2,038,166 
 1,000,000   Electricite de France S.A.(b)  5.7000  05/23/28   998,797 
 855,000   National Rural Utilities Cooperative Finance  2.9500  02/07/24   841,029 
 405,000   National Rural Utilities Cooperative Finance  5.0500  09/15/28   403,967 
 442,000   WEC Energy Group, Inc.  3.5500  06/15/25   424,144 
               4,706,103 
     GAS & WATER UTILITIES — 2.0%           
 2,185,000   NiSource, Inc.  3.4900  05/15/27   2,056,869 
                 
     INSTITUTIONAL FINANCIAL SERVICES — 0.9%           
 1,000,000   Cboe Global Markets, Inc.  3.6500  01/12/27   951,740 
                 
     MACHINERY — 1.7%           
 900,000   Caterpillar Financial Services Corporation  4.3500  05/15/26   886,132 
 900,000   John Deere Capital Corporation  4.3500  09/15/32   883,540 
               1,769,672 

 

 

TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     CORPORATE BONDS — 28.5% (Continued)           
     METALS & MINING — 0.9%           
 450,000   BHP Billiton Finance USA Ltd.  4.9000  02/28/33  $448,217 
 450,000   Rio Tinto Finance USA PLC  5.0000  03/09/33   453,625 
               901,842 
     OIL & GAS PRODUCERS — 7.0%           
 1,580,000   Columbia Pipeline Group, Inc.  4.5000  06/01/25   1,542,401 
 1,980,000   Energy Transfer Operating, L.P.  6.2500  04/15/49   1,931,099 
 1,125,000   Energy Transfer, L.P.  5.7500  02/15/33   1,133,810 
 450,000   Enterprise Products Operating, LLC  5.3500  01/31/33   457,603 
 2,240,000   Phillips 66 Company  3.6050  02/15/25   2,162,232 
               7,227,145 
     REAL ESTATE INVESTMENT TRUSTS — 3.2%           
 1,520,000   Digital Realty Trust, L.P.  3.7000  08/15/27   1,397,287 
 2,200,000   Healthpeak Properties, Inc.  3.5000  07/15/29   1,975,936 
               3,373,223 
     RETAIL - CONSUMER STAPLES — 1.4%           
 1,575,000   Dollar General Corporation  4.1250  05/01/28   1,497,392 
                 
     TRANSPORTATION & LOGISTICS — 2.8%           
 1,000,000   Canadian Pacific Railway Company  2.9000  02/01/25   959,615 
 2,190,000   CSX Corporation  3.2500  06/01/27   2,062,307 
               3,021,922 
                 
     TOTAL CORPORATE BONDS (Cost $31,659,954)         29,813,776 
                 
     NON U.S. GOVERNMENT & AGENCIES — 2.0%           
     LOCAL AUTHORITY — 2.0%           
 2,235,000   Province of Ontario Canada (Cost $2,296,010)  2.5000  04/27/26   2,102,814 

 

 

TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 53.0%           
     AGENCY FIXED RATE — 33.9%           
 1,274,252   Fannie Mae Pool FM5537  2.0000  01/01/36  $1,131,710 
 976,331   Fannie Mae Pool MA4316  2.5000  04/01/36   889,692 
 1,455,321   Fannie Mae Pool MA4333  2.0000  05/01/41   1,240,592 
 701,472   Fannie Mae Pool MA4366  2.5000  06/01/41   610,438 
 416,140   Fannie Mae Pool MA4475  2.5000  10/01/41   362,098 
 1,200,533   Fannie Mae Pool MA4617  3.0000  04/01/42   1,079,105 
 1,015,360   Fannie Mae Pool FM4053  2.5000  08/01/50   870,381 
 1,308,468   Fannie Mae Pool CA8897  3.0000  02/01/51   1,165,289 
 870,610   Fannie Mae Pool MA4258  3.5000  02/01/51   799,267 
 449,879   Fannie Mae Pool FM6550  2.0000  03/01/51   371,134 
 834,357   Fannie Mae Pool CB0855  3.0000  06/01/51   737,163 
 507,225   Fannie Mae Pool FS1807  3.5000  07/01/51   467,823 
 956,761   Fannie Mae Pool CB3486  3.5000  05/01/52   873,440 
 526,935   Fannie Mae Pool FS1704  4.0000  05/01/52   498,217 
 910,667   Fannie Mae Pool BV9960  4.0000  06/01/52   857,053 
 1,059,405   Fannie Mae Pool FS3392  4.0000  09/01/52   995,395 
 897,560   Fannie Mae Pool FS3159  4.5000  10/01/52   867,793 
 879,905   Fannie Mae Pool FS4075  5.0000  04/01/53   868,207 
 58,394   Ginnie Mae I Pool 723248  5.0000  10/15/39   58,770 
 250,858   Ginnie Mae I Pool 783060  4.0000  08/15/40   240,259 
 137,214   Ginnie Mae I Pool 783403  3.5000  09/15/41   129,540 
 105,613   Ginnie Mae II Pool 4520  5.0000  08/20/39   107,459 
 140,538   Ginnie Mae II Pool 4947  5.0000  02/20/41   141,936 
 251,682   Ginnie Mae II Pool MA3376  3.5000  01/20/46   236,325 
 161,112   Ginnie Mae II Pool MA3596  3.0000  04/20/46   146,754 
 431,700   Ginnie Mae II Pool MA3663  3.5000  05/20/46   405,102 
 154,766   Ginnie Mae II Pool MA3736  3.5000  06/20/46   145,283 
 264,240   Ginnie Mae II Pool MA4004  3.5000  10/20/46   247,691 
 179,034   Ginnie Mae II Pool MA4509  3.0000  06/20/47   162,378 
 214,289   Ginnie Mae II Pool MA4652  3.5000  08/20/47   200,415 
 263,494   Ginnie Mae II Pool MA4719  3.5000  09/20/47   246,339 
 270,300   Ginnie Mae II Pool MA4778  3.5000  10/20/47   253,177 
 214,452   Ginnie Mae II Pool MA4901  4.0000  12/20/47   205,953 
 186,187   Ginnie Mae II Pool MA4963  4.0000  01/20/48   178,815 

 

 

TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 53.0% (Continued)           
     AGENCY FIXED RATE — 33.9% (Continued)           
 180,238   Ginnie Mae II Pool MA6092  4.5000  08/20/49  $175,161 
 194,771   Ginnie Mae II Pool MA6156  4.5000  09/20/49   189,932 
 648,341   Ginnie Mae II Pool BN2662  3.0000  10/20/49   580,520 
 176,674   Ginnie Mae II Pool MA6221  4.5000  10/20/49   172,848 
 179,842   Ginnie Mae II Pool MA6477  4.5000  02/20/50   175,913 
 289,273   Ginnie Mae II Pool MA6478  5.0000  02/20/50   289,192 
 288,645   Ginnie Mae II Pool MA6544  4.5000  03/20/50   282,498 
 203,050   Ginnie Mae II Pool MA6545  5.0000  03/20/50   203,029 
 1,133,556   Ginnie Mae II Pool MA6598  2.5000  04/20/50   989,472 
 287,776   Ginnie Mae II Pool MA6600  3.5000  04/20/50   268,337 
 244,421   Ginnie Mae II Pool MA6601  4.0000  04/20/50   233,227 
 219,302   Ginnie Mae II Pool MA6603  5.0000  04/20/50   219,230 
 1,010,850   Ginnie Mae II Pool MA7255  2.5000  03/20/51   879,318 
 747,507   Ginnie Mae II Pool MA7418  2.5000  06/20/51   648,880 
 1,255,102   Ginnie Mae II Pool MA7419  3.0000  06/20/51   1,127,786 
 1,128,604   Ginnie Mae II Pool MA7472  2.5000  07/20/51   977,927 
 1,331,723   Ginnie Mae II Pool CE1974  3.0000  08/20/51   1,205,637 
 1,092,878   Ginnie Mae II Pool CE1990  2.5000  09/20/51   946,213 
 1,316,776   Ginnie Mae II Pool MA7705  2.5000  11/20/51   1,140,796 
 1,066,492   Ginnie Mae II Pool MA7768  3.0000  12/20/51   955,628 
 1,081,629   Ginnie Mae II Pool MA7829  3.5000  01/20/52   999,104 
 1,073,221   Ginnie Mae II Pool MA7939  4.0000  03/20/52   1,016,051 
 1,173,728   Ginnie Mae II Pool MA7987  2.5000  04/20/52   1,017,184 
 1,156,628   Ginnie Mae II Pool MA8098  3.0000  06/20/52   1,035,231 
 1,121,993   Ginnie Mae II Pool MA8268  4.5000  09/20/52   1,084,739 
 885,899   Ginnie Mae II Pool MA8800  5.0000  04/20/53   871,867 
     TOTAL AGENCY FIXED RATE (Cost $39,703,094)         35,476,713 
                 
     U.S. TREASURY NOTES — 19.1%           
 700,000   United States Treasury Note  2.2500  11/15/24   672,314 
 1,180,000   United States Treasury Note  2.0000  08/15/25   1,113,303 
 740,000   United States Treasury Note  0.6250  07/31/26   659,236 
 2,030,000   United States Treasury Note  1.2500  09/30/28   1,757,060 
 2,010,000   United States Treasury Note  1.2500  08/15/31   1,649,299 

 

 

TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 53.0% (Continued)           
     U.S. TREASURY NOTES — 19.1% (Continued)           
$4,575,000   United States Treasury Note  3.5000  02/15/33  $4,454,906 
 5,215,000   United States Treasury Note  1.7500  08/15/41   3,661,399 
 2,570,000   United States Treasury Note  2.0000  08/15/51   1,749,357 
 4,465,000   United States Treasury Note  3.6250  02/15/53   4,279,423 
     TOTAL U.S. TREASURY NOTES (Cost $22,170,345)         19,996,297 
                 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $61,873,439)         55,473,010 
                 
Shares               
     SHORT-TERM INVESTMENT — 1.6%           
     MONEY MARKET FUND - 1.6%           
 1,625,964   Fidelity Government Portfolio, Class I, 4.98% (Cost $1,625,964)(c)         1,625,964 
                 
     TOTAL INVESTMENTS - 99.5% (Cost $112,977,067)        $104,101,218 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5%         536,132 
     NET ASSETS - 100.0%        $104,637,350 

 

ETF- Exchange-Traded Fund

 

LLC- Limited Liability Company

 

LP- Limited Partnership

 

LTD- Limited Company

 

PLC- Public Limited Company

 

REIT- Real Estate Investment Trust

 

S/A- Société Anonyme

 

(a)Investment in affiliate.

 

(b)Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2023 the total market value of 144A securities is $998,797 or 1.0% of net assets.

 

(c)Rate disclosed is the seven day effective yield as of June 30, 2023.

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023

 

Shares              Fair Value 
     EXCHANGE-TRADED FUNDS — 12.2%    
     EQUITY - 12.2%    
 786,900   Timothy Plan Market Neutral ETF (a) (Cost $19,700,042) $19,146,615 
                   
Principal      Coupon Rate       
Amount ($)      (%)  Maturity    
     CORPORATE BONDS — 84.0%           
     AEROSPACE & DEFENSE — 1.3%           
 2,000,000   TransDigm, Inc.(b)  6.7500  08/15/28   2,010,286 
                 
     ASSET MANAGEMENT — 1.4%           
 1,100,000   AG TTMT Escrow Issuer, LLC(b)  8.6250  09/30/27   1,128,518 
 250,000   Icahn Enterprises, L.P. / Icahn Enterprises  4.7500  09/15/24   238,995 
 1,000,000   Icahn Enterprises, L.P. / Icahn Enterprises  4.3750  02/01/29   786,730 
               2,154,243 
     AUTOMOTIVE — 2.5%           
 1,000,000   Adient Global Holdings Ltd.(b)  7.0000  04/15/28   1,011,875 
 1,500,000   Adient Global Holdings Ltd.(b)  8.2500  04/15/31   1,524,947 
 1,500,000   Goodyear Tire & Rubber Company (The)  5.6250  04/30/33   1,304,777 
               3,841,599 
     BIOTECH & PHARMA — 0.6%           
 1,500,000   Emergent BioSolutions, Inc.(b)  3.8750  08/15/28   874,192 
                 
     CHEMICALS — 5.4%           
 1,500,000   Avient Corporation(b)  7.1250  08/01/30   1,514,594 
 2,000,000   Axalta Coating Systems LLC(b)  3.3750  02/15/29   1,704,339 
 2,000,000   Chemours Company (The)(b)  4.6250  11/15/29   1,692,244 
 2,000,000   Polar US Borrower, LLC / Schenectady International(b)  6.7500  05/15/26   1,184,914 
 1,000,000   WR Grace Holdings, LLC(b)  5.6250  08/15/29   820,250 
 1,500,000   WR Grace Holdings, LLC(b)  7.3750  03/01/31   1,471,322 
               8,387,663 
     COMMERCIAL SUPPORT SERVICES — 7.2%           
 1,125,000   Allied Universal Holdco, LLC / Allied Universal(b)  4.6250  06/01/28   953,843 
 125,000   Atlas LuxCompany 4 S.A.RL / Allied Universal(b)  4.6250  06/01/28   105,297 
 1,125,000   Clean Harbors, Inc.(b)  6.3750  02/01/31   1,133,100 

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal         Coupon Rate       
Amount ($)        Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 84.0% (Continued)              
     COMMERCIAL SUPPORT SERVICES — 7.2% (Continued)              
 2,000,000   Covanta Holding Corporation      5.0000  09/01/30  $1,700,600 
 1,125,000   Covert Mergeco, Inc.(b)     4.8750  12/01/29   974,548 
 2,800,000   GFL Environmental Inc(b)     4.0000  08/01/28   2,506,533 
 250,000   GFL Environmental, Inc.(b)     4.3750  08/15/29   222,780 
 2,505,000   Harsco Corporation(b)     5.7500  07/31/27   2,183,383 
 1,700,000   Waste Pro USA, Inc.(b)     5.5000  02/15/26   1,578,914 
                  11,358,998 
     CONSTRUCTION MATERIALS — 0.4%              
 500,000   Cemex S.A.B. de C.V.(b)     5.2000  09/17/30   468,213 
 250,000   Cemex S.A.B. de C.V.(b)     3.8750  07/11/31   210,670 
                  678,883 
     CONSUMER SERVICES — 1.7%              
 2,000,000   PROG Holdings, Inc.(b)     6.0000  11/15/29   1,755,440 
 1,000,000   Rent-A-Center, Inc.(b)     6.3750  02/15/29   888,475 
                  2,643,915 
     CONTAINERS & PACKAGING — 8.5%              
 625,000   Ardagh Metal Packaging Finance USA, LLC / Ardagh(b)     6.0000  06/15/27   614,639 
 1,500,000   Ardagh Metal Packaging Finance USA, LLC / Ardagh(b)     4.0000  09/01/29   1,189,630 
 1,750,000   Canpack S.A. / Canpack US, LLC(b)     3.8750  11/15/29   1,426,468 
 1,000,000   Graham Packaging Company, Inc.(b)     7.1250  08/15/28   855,105 
 750,000   Graphic Packaging International, LLC(b)     3.7500  02/01/30   647,834 
 1,250,000   LABL, Inc.(b)     5.8750  11/01/28   1,139,067 
 375,000   LABL, Inc.(b)     9.5000  11/01/28   381,993 
 750,000   LABL, Inc.(b)     8.2500  11/01/29   628,594 
 2,550,000   Mauser Packaging Solutions Holding Company(b)     7.8750  08/15/26   2,532,849 
 3,000,000   Pactiv Evergreen Group Issuer, LLC / Pactiv(b)     4.3750  10/15/28   2,601,056 
 1,250,000   TriMas Corporation(b)     4.1250  04/15/29   1,115,075 
                  13,132,310 
     ELECTRIC UTILITIES — 0.8%              
 1,250,000   Vistra Corporation(b),(c)  H15T5Y + 5.740%  7.0000  06/15/70   1,092,032 
 250,000   Vistra Operations Company, LLC(b)     4.3750  05/01/29   219,206 
                  1,311,238 
     ELECTRICAL EQUIPMENT — 0.6%              
 500,000   BWX Technologies, Inc.(b)     4.1250  06/30/28   456,538 

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     CORPORATE BONDS — 84.0% (Continued)           
     ELECTRICAL EQUIPMENT — 0.6% (Continued)           
 500,000   BWX Technologies, Inc.(b)  4.1250  04/15/29  $452,000 
               908,538 
     ENGINEERING & CONSTRUCTION — 1.5%           
 2,694,000   Dycom Industries, Inc.(b)  4.5000  04/15/29   2,449,115 
                 
     FOOD — 0.9%           
 1,350,000   Darling Ingredients, Inc.(b)  6.0000  06/15/30   1,319,929 
                 
     FORESTRY, PAPER & WOOD PRODUCTS — 0.9%           
 1,750,000   Mercer International, Inc.  5.1250  02/01/29   1,364,213 
                 
     HEALTH CARE FACILITIES & SERVICES — 3.2%           
 1,391,000   Ardent Health Services, Inc.(b)  5.7500  07/15/29   1,200,739 
 500,000   Catalent Pharma Solutions, Inc.(b)  3.1250  02/15/29   407,005 
 250,000   LifePoint Health, Inc.(b)  5.3750  01/15/29   142,501 
 1,000,000   MEDNAX, Inc.(b)  5.3750  02/15/30   921,050 
 1,500,000   Tenet Healthcare Corporation  6.1250  10/01/28   1,445,490 
 500,000   Tenet Healthcare Corporation  4.3750  01/15/30   451,685 
 500,000   Tenet Healthcare Corporation(b)  6.7500  05/15/31   501,835 
               5,070,305 
     HOME CONSTRUCTION — 4.2%           
 500,000   Ashton Woods USA, LLC / Ashton Woods Finance(b)  6.6250  01/15/28   478,655 
 1,000,000   Ashton Woods USA, LLC / Ashton Woods Finance(b)  4.6250  08/01/29   853,615 
 500,000   Ashton Woods USA, LLC / Ashton Woods Finance(b)  4.6250  04/01/30   427,485 
 2,792,000   Interface Inc(b)  5.5000  12/01/28   2,268,570 
 1,500,000   STL Holding Company, LLC(b)  7.5000  02/15/26   1,380,000 
 1,273,000   Weekley Homes, LLC / Weekley Finance Corporation(b)  4.8750  09/15/28   1,147,634 
               6,555,959 
     HOUSEHOLD PRODUCTS — 0.6%           
 1,050,000   Energizer Holdings, Inc.(b)  6.5000  12/31/27   1,010,622 
                 
     INDUSTRIAL SUPPORT SERVICES — 0.7%           
 1,000,000   Ashtead Capital, Inc.(b)  2.4500  08/12/31   785,117 
 250,000   BCPE Empire Holdings, Inc.(b)  7.6250  05/01/27   232,772 
               1,017,889 

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     CORPORATE BONDS — 84.0% (Continued)           
     INSTITUTIONAL FINANCIAL SERVICES — 1.3%           
 500,000   LPL Holdings, Inc.(b)  4.6250  11/15/27  $469,572 
 1,750,000   LPL Holdings, Inc.(b)  4.0000  03/15/29   1,537,248 
               2,006,820 
     INSURANCE — 0.9%           
 1,000,000   Acrisure, LLC / Acrisure Finance, Inc.(b)  4.2500  02/15/29   864,155 
 500,000   HUB International Ltd.(b)  7.2500  06/15/30   517,405 
               1,381,560 
     LEISURE FACILITIES & SERVICES — 0.6%           
 1,000,000   Brinker International, Inc.(b)  8.2500  07/15/30   986,230 
                 
     LEISURE PRODUCTS — 0.5%           
 1,000,000   Vista Outdoor, Inc.(b)  4.5000  03/15/29   810,956 
                 
     MACHINERY — 0.1%           
 250,000   Redwood Star Merger Sub, Inc.(b)  8.7500  04/01/30   225,287 
                 
     MEDICAL EQUIPMENT & DEVICES — 1.1%           
 1,000,000   Mozart Debt Merger Sub, Inc.(b)  3.8750  04/01/29   867,481 
 1,000,000   Mozart Debt Merger Sub, Inc.(b)  5.2500  10/01/29   868,703 
               1,736,184 
     METALS & MINING — 0.6%           
 1,250,000   Kaiser Aluminum Corporation(b)  4.5000  06/01/31   1,001,388 
                 
     OIL & GAS PRODUCERS — 7.1%           
 1,750,000   Colgate Energy Partners III, LLC(b)  5.8750  07/01/29   1,650,280 
 3,322,000   CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC(b)  5.5000  06/15/31   2,968,011 
 500,000   Crestwood Midstream Partners, L.P. / Crestwood  5.7500  04/01/25   491,703 
 1,500,000   Crestwood Midstream Partners, L.P. / Crestwood(b)  5.6250  05/01/27   1,423,500 
 100,000   Earthstone Energy Holdings, LLC(b)  8.0000  04/15/27   96,439 
 500,000   Genesis Energy, L.P. / Genesis Energy Finance  7.7500  02/01/28   476,179 
 250,000   Genesis Energy, L.P. / Genesis Energy Finance  8.8750  04/15/30   244,483 
 1,000,000   Global Partners, L.P. / GLP Finance Corporation  7.0000  08/01/27   971,701 

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal         Coupon Rate       
Amount ($)        Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 84.0% (Continued)              
     OIL & GAS PRODUCERS — 7.1% (Continued)              
 1,000,000   ITT Holdings, LLC(b)     6.5000  08/01/29  $843,740 
 1,750,000   NuStar Logistics, L.P.     5.6250  04/28/27   1,680,350 
 275,000   PBF Holding Company, LLC / PBF Finance Corporation     7.2500  06/15/25   274,769 
                  11,121,155 
     PUBLISHING & BROADCASTING — 0.2%              
 500,000   Gray Television, Inc.(b)     4.7500  10/15/30   339,608 
                    
     REAL ESTATE INVESTMENT TRUSTS — 2.0%              
 1,500,000   Diversified Healthcare Trust     9.7500  06/15/25   1,440,693 
 1,250,000   Service Properties Trust     7.5000  09/15/25   1,228,196 
 500,000   Service Properties Trust     5.5000  12/15/27   440,090 
                  3,108,979 
     REAL ESTATE OWNERS & DEVELOPERS — 1.4%              
 2,749,000   Howard Hughes Corporation (The)(b)     4.3750  02/01/31   2,196,506 
                    
     RETAIL - CONSUMER STAPLES — 0.5%              
 1,000,000   Ingles Markets, Inc.(b)     4.0000  06/15/31   839,623 
                    
     RETAIL - DISCRETIONARY — 4.8%              
 1,800,000   Beacon Roofing Supply, Inc.(b)     4.1250  05/15/29   1,594,971 
 2,412,000   Ken Garff Automotive, LLC(b)     4.8750  09/15/28   2,124,945 
 1,250,000   Lithia Motors, Inc.(b)     3.8750  06/01/29   1,087,606 
 500,000   Lithia Motors, Inc.(b)     4.3750  01/15/31   432,122 
 1,500,000   PetSmart, Inc. / PetSmart Finance Corporation(b)     7.7500  02/15/29   1,492,089 
 1,050,000   Sonic Automotive, Inc.(b)     4.8750  11/15/31   862,741 
                  7,594,474 
     SEMICONDUCTORS — 0.9%              
 1,500,000   Entegris Escrow Corporation(b)     4.7500  04/15/29   1,389,466 
                    
     SOFTWARE — 0.6%              
 1,000,000   Crowdstrike Holdings, Inc.     3.0000  02/15/29   863,296 
                    
     SPECIALTY FINANCE — 12.3%              
 2,000,000   Air Lease Corporation(c)  H15T5Y + 4.076%  4.6500  06/15/70   1,674,120 

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 84.0% (Continued)              
     SPECIALTY FINANCE — 12.3% (Continued)              
 1,000,000   Bread Financial Holdings, Inc.(b)     7.0000  01/15/26  $943,926 
 2,500,000   Burford Capital Global Finance, LLC(b)     6.2500  04/15/28   2,302,738 
 3,000,000   Burford Capital Global Finance, LLC(b)     9.2500  07/01/31   2,985,300 
 115,000   Freedom Mortgage Corporation(b)     8.1250  11/15/24   114,056 
 786,000   Freedom Mortgage Corporation(b)     8.2500  04/15/25   767,128 
 1,000,000   Freedom Mortgage Corporation(b)     6.6250  01/15/27   866,751 
 2,955,000   ILFC E-Capital Trust I(b),(c)  T30Y + 1.550%  7.0640  12/21/65   1,993,428 
 1,500,000   ILFC E-Capital Trust II(b),(c)  T30Y + 1.800%  7.3140  12/21/65   1,048,810 
 750,000   Ladder Capital Finance Holdings LLLP(b)     4.2500  02/01/27   652,303 
 700,000   LFS Topco, LLC(b)     5.8750  10/15/26   615,780 
 500,000   Nationstar Mortgage Holdings, Inc. (b)     6.0000  01/15/27   465,740 
 1,250,000   Nationstar Mortgage Holdings, Inc.(b)     5.5000  08/15/28   1,090,348 
 1,250,000   Nationstar Mortgage Holdings, Inc.(b)     5.7500  11/15/31   1,033,125 
 3,000,000   New Residential Investment Corporation(b)     6.2500  10/15/25   2,816,010 
                  19,369,563 
     STEEL — 2.1%              
 500,000   Commercial Metals Company     4.3750  03/15/32   432,815 
 3,399,000   TMS International Corporation(b)     6.2500  04/15/29   2,858,661 
                  3,291,476 
     TECHNOLOGY HARDWARE — 1.3%              
 300,000   Ciena Corporation(b)     4.0000  01/31/30   261,645 
 1,000,000   CommScope, Inc.(b)     8.2500  03/01/27   800,982 
 750,000   CommScope, Inc.(b)     7.1250  07/01/28   533,483 
 500,000   TTM Technologies, Inc.(b)     4.0000  03/01/29   425,505 
                  2,021,615 
     TECHNOLOGY SERVICES — 1.1%              
 1,500,000   HealthEquity, Inc.(b)     4.5000  10/01/29   1,323,917 
 500,000   MSCI, Inc.(b)     3.6250  11/01/31   427,633 
                  1,751,550 
     TRANSPORTATION & LOGISTICS — 0.7%              
 1,250,000   First Student Bidco, Inc. / First Transit Parent,(b)     4.0000  07/31/29   1,060,325 
                    
     TRANSPORTATION EQUIPMENT — 0.1%              
 125,000   Wabash National Corporation(b)     4.5000  10/15/28   108,546 

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     CORPORATE BONDS — 84.0% (Continued)           
     WHOLESALE - CONSUMER STAPLES — 1.4%           
 2,500,000   United Natural Foods, Inc.(b)  6.7500  10/15/28  $2,075,313 
                 
     TOTAL CORPORATE BONDS (Cost $143,930,735)         131,369,817 
                 
Shares               
     SHORT-TERM INVESTMENT — 2.7%           
     MONEY MARKET FUND - 2.7%           
 4,228,091   Fidelity Government Portfolio, Class I, 4.98% (Cost $4,228,091)(d)         4,228,091 
                 
     TOTAL INVESTMENTS - 98.9% (Cost $167,858,868)        $154,744,523 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 1.1%         1,664,129 
     NET ASSETS - 100.0%        $156,408,652 

 

ETF - Exchange-Traded Fund
   
LLC - Limited Liability Company
   
LP - Limited Partnership
   
LTD - Limited Company
   
MSCI - Morgan Stanley Capital International
   
REIT - Real Estate Investment Trust
   
H15T5Y US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
   
T30Y 30 Year Treasury

 

(a)Investment in affiliate.

 

(b)Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2023 the total market value of 144A securities is 113,858,932 or 72.8% of net assets.

 

(c)Variable rate security; the rate shown represents the rate on June 30, 2023.

 

(d)Rate disclosed is the seven day effective yield as of June 30, 2023.

 

 

TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 95.8%     
     ADVERTISING & MARKETING - 0.3%     
 48,148   Tremor International Ltd. - ADR(a)  $346,666 
           
     AEROSPACE & DEFENSE - 5.7%     
 18,501   Elbit Systems Ltd.   3,865,969 
 109,000   Leonardo DRS, Inc.(a)   1,890,060 
         5,756,029 
     APPAREL & TEXTILE PRODUCTS - 2.5%     
 22,063   Delta Galil Ltd.   863,138 
 20,000   Fox Wizel Ltd.   1,638,787 
         2,501,925 
     BANKING - 17.3%     
 102,000   Bank Hapoalim BM - ADR   4,197,300 
 518,000   Bank Leumi Le-Israel BM   3,855,930 
 63,300   First International Bank Of Israel Ltd.   2,462,729 
 602,000   Israel Discount Bank Ltd., Class A   2,988,560 
 112,000   Mizrahi Tefahot Bank Ltd.   3,725,880 
         17,230,399 
     BIOTECH & PHARMA - 1.2%     
 67,000   Enlight Renewable Energy Ltd.(a)   1,177,706 
           
     CHEMICALS - 2.0%     
 353,902   ICL Group Ltd.   1,939,383 
           
     CONSTRUCTION MATERIALS - 0.7%     
 213,000   Inrom Construction Industries Ltd.   736,167 
           
     ELECTRIC UTILITIES - 2.9%     
 36,200   OrmatTechnologies, Inc.   2,912,681 
           
     ELECTRICAL EQUIPMENT - 0.5%     
 12,800   Camtek Ltd.   456,064 

 

 

TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 95.8% (Continued)     
     ENGINEERING & CONSTRUCTION - 0.2%     
 80,000   Shikun & Binui Ltd.(a)  $170,322 
           
     FOOD - 1.4%     
 63,000   Strauss Group Ltd.(a)   1,418,282 
           
     HEALTH CARE FACILITIES & SERVICES - 1.7%     
 12,769   Danel Adir Yeoshua Ltd.   902,623 
 1,575,013   Novolog Ltd.   764,899 
         1,667,522 
     HOME & OFFICE PRODUCTS - 1.6%     
 116,585   Maytronics Ltd.   1,592,884 
           
     INSTITUTIONAL FINANCIAL SERVICES - 2.3%     
 450,194   Tel Aviv Stock Exchange Ltd.(a)   2,326,035 
           
     INSURANCE - 4.1%     
 132,000   Harel Insurance Investments & Financial Services   1,027,110 
 1,048,628   Migdal Insurance & Financial Holdings Ltd.   1,271,742 
 182,400   Phoenix Holdings Ltd. (The)   1,833,152 
         4,132,004 
     INTERNET MEDIA & SERVICES - 0.9%     
 38,000   Fiverr International Ltd.(a)   988,380 
           
     LEISURE FACILITIES & SERVICES - 2.0%     
 20,300   Fattal Holdings 1998 Ltd.(a)   1,968,986 
           
     MEDICAL EQUIPMENT & DEVICES - 1.5%     
 40,900   Inmode Ltd.(a)   1,527,615 
           
     OIL & GAS PRODUCERS - 7.8%     
 350,000   DelekDrilling, L.P.   975,475 
 92,968   Energean plc   1,208,987 
 102,000   Energean plc   1,307,198 
 5,600   Israel Corp Ltd. (The)   1,467,234 

 

 

TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 95.8% (Continued)     
     OIL & GAS PRODUCERS - 7.8% (Continued)     
 2,350,000   Oil Refineries Ltd.  $670,813 
 8,000   Paz Oil Company Ltd.(a)   859,055 
 1,600,000   Ratio Energies Finance, L.P.   1,217,354 
         7,706,116 
     REAL ESTATE INVESTMENT TRUSTS - 1.3%     
 284,000   Reit 1 Ltd.   1,245,144 
           
     REAL ESTATE OWNERS & DEVELOPERS - 9.2%     
 80,000   Alony HetzProperties & Investments Ltd.   622,923 
 237,000   Amot Investments Ltd.   1,242,421 
 36,500   Azrieli Group Ltd.   2,048,350 
 40,000   Elco Ltd.   1,370,602 
 160,000   Gav-Yam Lands Corp Ltd.   1,127,131 
 20,380   Melisron Ltd.   1,319,632 
 593,430   Mivne Real Estate KD Ltd.   1,444,348 
         9,175,407 
     RENEWABLE ENERGY - 2.2%     
 296,360   Energix-Renewable Energies Ltd.   959,507 
 4,700   SolarEdge Technologies, Inc.(a)   1,264,535 
         2,224,042 
     RETAIL - CONSUMER STAPLES - 2.2%     
 18,700   Rami Levy Chain Stores Hashikma Marketing 2006   1,105,431 
 210,000   Shufersal Ltd.(a)   1,096,347 
         2,201,778 
     SEMICONDUCTORS - 6.3%     
 30,000   Nova Ltd.(a)   3,519,000 
 73,223   Tower Semiconductor Ltd.(a)   2,747,327 
         6,266,327 
     SOFTWARE - 14.1%     
 14,100   CyberArk Software Ltd.(a)   2,204,253 
 29,935   Hilan Ltd.   1,478,820 
 36,300   Mobileye Global, Inc., Class A(a)   1,394,646 
 23,700   Nice Ltd. - ADR(a)   4,894,050 
 41,000   One Software Technologies Ltd.   551,991 

 

 

TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 95.8% (Continued)     
     SOFTWARE - 14.1% (Continued)     
 55,300   Sapiens International Corp N.V.  $1,470,980 
 43,200   Varonis Systems, Inc.(a)   1,151,280 
 21,500   Verint Systems, Inc.(a)   753,790 
         13,899,810 
     TECHNOLOGY SERVICES - 2.1%     
 72,783   Magic Software Enterprises Ltd.   968,014 
 56,210   Matrix IT Ltd.   1,145,462 
         2,113,476 
     TELECOMMUNICATIONS - 0.5%     
 46,000   Cellcom Israel Ltd.(a)   158,736 
 74,000   Partner Communications Company Ltd.(a)   291,496 
         450,232 
     WHOLESALE - DISCRETIONARY - 1.3%     
 17,300   Tadiran Group Ltd.   1,312,996 
           
     TOTAL COMMON STOCKS (Cost $63,061,518)   95,444,378 
           
     SHORT-TERM INVESTMENTS — 4.5%     
     MONEY MARKET FUND - 4.5%     
 4,446,563   Fidelity Government Portfolio, Class I, 4.99% (Cost $4,446,563)(b)   4,446,563 
           
     TOTAL INVESTMENTS - 100.3% (Cost $67,508,081)  $99,890,941 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%   (300,180)
     NET ASSETS - 100.0%  $99,590,761 

 

ADR - American Depositary Receipt
   
LP - Limited Partnership
   
LTD - Limited Company
   
NV - Naamioze Vennootschap
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust

 

(a)Non-income producing security.

 

(b)Rate disclosed is the seven day effective yield as of June 30, 2023.

 

 

SCHEDULE OF INVESTMENTS
TIMOTHY PLAN ISRAEL COMMON VALUES FUND
JUNE 30, 2023

 

Diversification of Assets
Country    % of Net Assets 
Israel   86.6%
United States   6.7%
United Kingdom   2.5%
Total   95.8%
Money Market Funds   4.5%
Other Assets Less Liabilities -Net   (0.3)%
Grand Total   100.0%

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023

 

Shares      Fair Value 
     CLOSED END FUNDS — 5.9%     
     COMMODITY - 5.9%     
 579,000   Sprott Physical Silver Trust(a) (Cost $5,163,934)  $4,510,410 
           
     COMMON STOCKS — 42.4%     
     CHEMICALS - 2.0%     
 375   Albemarle Corporation   83,659 
 2,778   CF Industries Holdings, Inc.   192,849 
 1,853   FMC Corporation   193,342 
 6,014   ICL Group Ltd.   32,957 
 10,002   K+S A.G.   174,140 
 5,282   Mosaic Company (The)   184,870 
 5,109   Nutrien Ltd.   301,686 
 5,206   OCI N.V.   124,810 
 1,687   Sociedad Quimica y Minera de Chile S.A. - ADR   122,510 
 3,555   Yara International ASA   125,528 
         1,536,351 
     DATA CENTER REIT - 1.2%     
 8,000   Digital Realty Trust, Inc.   910,960 
           
     DIVERSIFIED INDUSTRIALS - 0.1%     
 638   Pentair PLC   41,215 
           
     ELECTRIC UTILITIES - 0.1%     
 503   Ormat Technologies, Inc.   40,471 
           
     FOOD - 1.2%     
 2,563   Adecoagro S.A.   23,990 
 545   Cal-Maine Foods, Inc.   24,525 
 1,977   Darling Ingredients, Inc.(a)   126,113 
 3,940   Hormel Foods Corporation   158,467 
 1,749   Ingredion, Inc.   185,306 
 5,400   MEIJI Holdings Company Ltd.   120,443 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 42.4% (Continued)     
     FOOD - 1.2% (Continued)     
 2,300   Morinaga Milk Industry Company Ltd.  $75,212 
 6,365   Mowi ASA   100,930 
 1,100   NH Foods Ltd.   29,742 
 4,700   Nissui Corporation   21,048 
 1,279   Pilgrim’s Pride Corporation(a)   27,486 
 841   Salmar ASA   33,919 
         927,181 
     FORESTRY, PAPER & WOOD PRODUCTS - 0.2%     
 2,400   Canfor Corporation(a)   43,082 
 2,600   Interfor Corporation(a)   49,027 
 3,200   Sumitomo Forestry Company Ltd.   77,252 
         169,361 
     GAS & WATER UTILITIES - 1.0%     
 403   American States Water Company   35,061 
 929   American Water Works Company, Inc.   132,615 
 1,254   California Water Service Group   64,744 
 20,948   Cia de Saneamento Basico do Estado de Sao Paulo - ADR   248,024 
 598   Essential Utilities, Inc.   23,866 
 1,154   Severn Trent plc   37,605 
 6,590   United Utilities Group plc   80,476 
 6,602   Veolia Environnement S.A.   208,565 
         830,956 
     HEALTH CARE FACILITIES & SERVICES - 0.3%     
 48,754   Brookdale Senior Living, Inc.(a)   205,742 
           
     INDUSTRIAL REIT - 0.7%     
 2,900   EastGroup Properties, Inc.   503,440 
           
     MACHINERY - 1.3%     
 1,310   AGCO Corporation   172,160 
 11,595   CNH Industrial N.V.   166,968 
 858   Deere & Company   347,653 
 16,900   Kubota Corporation   245,868 
 2,700   Kurita Water Industries Ltd.   102,815 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 42.4% (Continued)     
     MACHINERY - 1.3% (Continued)     
 840   Weir Group plc (The)  $18,732 
         1,054,196 
     METALS & MINING - 4.2%     
 1,243   Agnico Eagle Mines Ltd.   62,125 
 2,934   Agnico Eagle Mines Ltd.   146,508 
 692   Alamos Gold, Inc., Class A   8,249 
 1,829   Alcoa Corporation   62,058 
 2,553   Anglo American PLC   72,398 
 1,172   AngloGold Ashanti Ltd. - ADR   24,717 
 1,391   Antofagasta plc   25,809 
 513   Aurubis A.G.   43,967 
 59,125   B2Gold Corporation   211,077 
 4,449   BHP Group Ltd. - ADR   265,472 
 2,352   Cameco Corporation   73,688 
 4,500   Capstone Copper Corporation(a)   20,415 
 3,247   Cia de Minas Buenaventura S.A.A - ADR   23,865 
 964   Cleveland-Cliffs, Inc.(a)   16,157 
 1,125   Compass Minerals International, Inc.   38,250 
 600   Endeavour Mining plc   14,380 
 180   Eramet S.A.   16,431 
 5,300   First Quantum Minerals Ltd.   125,386 
 507   Franco-Nevada Corporation   72,298 
 6,238   Freeport-McMoRan, Inc.   249,521 
 1,842   Hecla Mining Company   9,486 
 5,000   Hudbay Minerals, Inc.   23,967 
 2,500   Ivanhoe Mines Ltd.(a)   22,835 
 20,463   Kinross Gold Corporation   97,609 
 1,334   Lithium Americas Corporation(a)   26,960 
 22   Livent Corporation(a)   603 
 4,500   Mitsubishi Materials Corporation   80,579 
 2,026   MP Materials Corporation(a)   46,355 
 993   Newmont Corporation   42,361 
 21,491   Norsk Hydro ASA   127,743 
 1,934   Pan American Silver Corporation   28,198 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 42.4% (Continued)     
     METALS & MINING - 4.2% (Continued)     
 6,548   Rio Tinto plc - ADR  $418,025 
 188   Royal Gold, Inc.   21,579 
 8,669   Sandstorm Gold Ltd.   44,385 
 34   Sibanye Stillwater Ltd. - ADR   212 
 881   Southern Copper Corporation   63,203 
 6,047   SSR Mining, Inc.   85,746 
 800   Sumitomo Metal Mining Company Ltd.   25,678 
 1,143   Teck Resources Ltd., Class B   48,093 
 22,215   Vale S.A. - ADR   298,125 
 1,660   Warrior Met Coal, Inc.   64,657 
 306   Wheaton Precious Metals Corporation   13,225 
         3,162,395 
     OFFICE REIT – 0.6%     
 18,000   Highwoods Properties, Inc.   430,380 
           
     OIL & GAS PRODUCERS - 7.7%     
 5,196   Aker BP ASA   121,895 
 3,408   APA Corporation   116,451 
 8,400   ARC Resources Ltd.   112,044 
 40,200   Baytex Energy Corporation(a)   131,094 
 2,357   Callon Petroleum Company(a)   82,660 
 6,224   Canadian Natural Resources Ltd.   350,161 
 12,100   Cenovus Energy, Inc.   205,514 
 592   Chord Energy Corporation   91,050 
 1,338   Civitas Resources, Inc.   92,817 
 1,701   CNX Resources Corporation(a)   30,142 
 3,310   ConocoPhillips   342,949 
 4,962   Coterra Energy, Inc.   125,539 
 21,800   Crescent Point Energy Corporation   146,789 
 5,336   Devon Energy Corporation   257,942 
 1,189   Diamondback Energy, Inc.   156,187 
 3,518   Enerplus Corporation   50,905 
 1,525   Eni SpA - ADR   43,905 
 3,369   EOG Resources, Inc.   385,547 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 42.4% (Continued)     
     OIL & GAS PRODUCERS - 7.7% (Continued)     
 127   EQT Corporation  $5,224 
 8,976   Equinor ASA - ADR   262,189 
 42   Hess Corporation   5,710 
 2,300   Imperial Oil Ltd.   117,680 
 24,000   Inpex Corporation   265,822 
 5,174   Kosmos Energy Ltd.(a)   30,992 
 1,380   Magnolia Oil & Gas Corporation, Class A   28,842 
 6,233   Marathon Oil Corporation   143,484 
 1,615   Matador Resources Company   84,497 
 9,700   MEG Energy Corporation(a)   153,767 
 1,677   Murphy Oil Corporation   64,229 
 1,901   Occidental Petroleum Corporation   111,779 
 650   Ovintiv, Inc.   24,746 
 2,800   Parex Resources, Inc.   56,138 
 1,975   PDC Energy, Inc.   140,502 
 13,405   Petroleo Brasileiro S.A. - ADR   185,391 
 1,256   Pioneer Natural Resources Company   260,218 
 2,900   PrairieSky Royalty Ltd.   50,700 
 1,670   Range Resources Corporation   49,098 
 3,139   SM Energy Company   99,287 
 9,131   Southwestern Energy Company(a)   54,877 
 7,100   Suncor Energy, Inc.   208,273 
 2,403   TotalEnergies S.E.   137,798 
 3,100   Tourmaline Oil Corporation   146,069 
 14,900   Vermilion Energy, Inc.   185,810 
 14,500   Whitecap Resources, Inc.   101,466 
         5,818,179 
     OIL & GAS SERVICES & EQUIPMENT - 1.1%     
 3,881   Baker Hughes Company   122,678 
 2,561   ChampionX Corporation   79,493 
 3,524   Halliburton Company   116,257 
 770   Helmerich & Payne, Inc.   27,297 
 7,939   Liberty Oilfield Services, Inc., Class A   106,144 
 1,425   NOV, Inc.   22,857 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 42.4% (Continued)     
     OIL & GAS SERVICES & EQUIPMENT - 1.1% (Continued)     
 3,391   Patterson-UTI Energy, Inc.  $40,590 
 4,683   Schlumberger Ltd.   230,029 
 18,096   Transocean Ltd.(a)   126,853 
         872,198 
     REAL ESTATE INVESTMENT TRUSTS - 17.1%     
 19,500   American Homes 4 Rent, Class A   691,275 
 16,000   Americold Realty Trust, Inc.   516,800 
 10,000   Armada Hoffler Properties, Inc.   116,800 
 5,800   AvalonBay Communities, Inc.   1,097,766 
 5,500   Camden Property Trust   598,785 
 10,000   Crown Castle, Inc.   1,139,400 
 19,000   CTO Realty Growth, Inc.   325,660 
 1,150   Equinix, Inc.   901,531 
 22,000   InvenTrust Properties Corporation   509,080 
 4,800   Life Storage, Inc.   638,208 
 19,000   Plymouth Industrial REIT, Inc.   437,380 
 930   PotlatchDeltic Corporation   49,151 
 11,000   Prologis, Inc.   1,348,930 
 2,750   Public Storage   802,670 
 2,865   Rayonier, Inc.   89,961 
 3,700   SBA Communications Corporation, A   857,512 
 40,000   SITE Centers Corporation   528,800 
 4,550   Sun Communities, Inc.   593,593 
 18,000   Ventas, Inc.   850,860 
 11,000   Welltower, Inc.   889,790 
 5,069   Weyerhaeuser Company   169,862 
         13,153,814 
     RENEWABLE ENERGY - 0.5%     
 155   Array Technologies, Inc.(a)   3,503 
 2,006   Atlantica Sustainable Infrastructure plc   47,021 
 2,867   Daqo New Energy Corporation - ADR(a)   113,820 
 508   Enphase Energy, Inc.(a)   85,080 
 404   First Solar, Inc.(a)   76,796 
 1,733   Green Plains, Inc.(a)   55,872 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 42.4% (Continued)     
     RENEWABLE ENERGY - 0.5% (Continued)     
 183   SolarEdge Technologies, Inc.(a)  $49,236 
         431,328 
     RESIDENTIAL REIT - 1.9%     
 7,000   Equity Residential   461,790 
 28,000   Invitation Homes, Inc.   963,200 
         1,424,990 
     SEMICONDUCTORS - 0.1%     
 7,400   SUMCO Corporation   104,017 
           
     STEEL - 0.8%     
 873   ArcelorMittal S.A. - ADR   23,868 
 1,303   ATI, Inc.(a)   57,632 
 1,374   Gerdau S.A. - ADR   7,172 
 2,200   JFE Holdings, Inc.   31,259 
 850   Nucor Corporation   139,383 
 2,000   OSAKA Titanium Technologies Company Ltd.   40,755 
 140   Reliance Steel & Aluminum Company   38,023 
 1,024   Steel Dynamics, Inc.   111,544 
 1,300   Stelco Holdings, Inc.   42,413 
 1,624   Ternium S.A. - ADR   64,392 
 4,041   United States Steel Corporation   101,065 
         657,506 
     WHOLESALE - CONSUMER STAPLES - 0.3%     
 2,308   Bunge Ltd.   217,760 
           
     TOTAL COMMON STOCKS (Cost $32,251,140)   32,492,440 
           
     EXCHANGE-TRADED FUNDS — 10.2%     
     EQUITY - 7.6%     
 240,000   Timothy Plan Market Neutral ETF(b)   5,839,608 
           
     SPECIALTY - 2.6%     
 106,000   Invesco DB US Dollar Index Bearish Fund   1,993,860 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Shares            Fair Value 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $8,005,175)  $7,833,468 
                 
     PRECIOUS METALS - PHYSICAL HOLDING — 15.4%     
     PRECIOUS METAL - 15.4%     
 6,143   GOLD BARS - XAU BGN CURNCY(a) (Cost $7,240,876)   11,785,130 
                 
Principal      Coupon Rate        
Amount ($)      (%)  Maturity     
     U.S. GOVERNMENT & AGENCIES — 22.3%           
     U.S. TREASURY INFLATION PROTECTED — 22.3%           
 2,013,007   United States Treasury Inflation Indexed Bonds  0.6250  01/15/24   2,006,587 
 2,039,475   United States Treasury Inflation Indexed Bonds  2.3750  01/15/25   2,046,507 
 2,193,165   United States Treasury Inflation Indexed Bonds  2.0000  01/15/26   2,194,136 
 2,151,075   United States Treasury Inflation Indexed Bonds  2.3750  01/15/27   2,192,114 
 1,970,898   United States Treasury Inflation Indexed Bonds  0.5000  01/15/28   1,869,121 
 935,366   United States Treasury Inflation Indexed Bonds  1.7500  01/15/28   937,456 
 1,457,329   United States Treasury Inflation Indexed Bonds  0.8750  01/15/29   1,398,819 
 1,477,036   United States Treasury Inflation Indexed Bonds  2.5000  01/15/29   1,542,515 
 1,608,964   United States Treasury Inflation Indexed Bonds  0.1250  01/15/31   1,449,547 
 321,041   United States Treasury Inflation Indexed Bonds  2.1250  02/15/41   349,159 
 1,545,540   United States Treasury Inflation Indexed Bonds  0.1250  02/15/51   1,043,673 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $18,972,552)         17,029,634 
                 
Shares               
     SHORT-TERM INVESTMENTS — 3.6%           
     MONEY MARKET FUNDS - 3.6%           
 2,754,122   Fidelity Government Portfolio, Class I, 4.98% (Cost $2,754,122)(c)         2,754,122 
                 
     TOTAL INVESTMENTS - 99.8% (Cost $74,387,799)        $76,405,204 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%         131,707 
     NET ASSETS - 100.0%        $76,536,911 

 

ADR - American Depositary Receipt
   
ETF - Exchange-Traded Fund
   
LTD - Limited Company
   
NV - Naamioze Vennootschap
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
S/A - Société Anonyme

 

(a)Non-income producing security.

 

(b)Investment in affiliate.

 

(c)Rate disclosed is the seven day effective yield as of June 30, 2023.

 

 

TIMOTHY PLAN STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 62.5%     
     EQUITY - 62.5%     
 120,406   Timothy Plan High Dividend Stock Enhanced ETF(a)  $2,738,622 
 220,056   Timothy Plan International ETF(a)   5,551,969 
 212,700   Timothy Plan Market Neutral ETF(a)   5,175,353 
 227,939   Timothy Plan US Large/Mid Cap Core Enhanced ETF(a)   5,240,272 
 94,023   Timothy Plan US Small Cap Core ETF(a)   2,997,829 
     TOTAL EXCHANGE-TRADED FUNDS (Cost$21,897,046)   21,704,045 
           
     OPEN END FUNDS — 35.0%     
     EQUITY -8.3%     
 247,297   Timothy Plan International Fund, Class A(a)   2,871,118 
           
     FIXED INCOME - 17.7%     
 452,351   Timothy Plan Fixed Income Fund, Class A(a)   4,084,726 
 244,247   Timothy Plan High Yield Bond Fund, Class A(a)   2,063,886 
         6,148,612 
     MIXED ALLOCATION -9.0%     
 238,200   Timothy Plan Defensive Strategies Fund, Class A(a)   3,110,887 
           
     TOTAL OPEN END FUNDS (Cost$12,583,323)   12,130,617 
           
     SHORT-TERM INVESTMENTS — 2.4%     
     MONEY MARKET FUNDS -2.4%     
 820,715   Fidelity Government Portfolio, Class I, 4.98% (Cost $820,715)(b)   820,715 
           
     TOTAL INVESTMENTS -99.9% (Cost $35,301,084)  $34,655,377 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%   19,258 
     NET ASSETS -100.0%  $34,674,635 

 

ETF - Exchange-Traded Fund

 

(a)Investment in affiliate.

 

(b)Rate disclosed is the seven day effective yield as of June 30, 2023.

 

 

TIMOTHY PLAN CONSERVATIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 47.8%     
     EQUITY - 47.8%     
 108,260   Timothy Plan High Dividend Stock Enhanced ETF(a)  $2,462,363 
 148,144   Timothy Plan International ETF(a)   3,737,643 
 253,600   Timothy Plan Market Neutral ETF(a)   6,170,519 
 218,186   Timothy Plan US Large/Mid Cap Core Enhanced ETF(a)   5,016,053 
 70,305   Timothy Plan US Small Cap Core ETF(a)   2,241,605 
     TOTAL EXCHANGE-TRADED FUNDS (Cost$19,943,998)   19,628,183 
           
     OPEN END FUNDS — 49.2%     
     EQUITY -5.8%     
 203,500   Timothy Plan International Fund, Class A(a)   2,362,635 
           
     FIXED INCOME - 36.3%     
 1,353,057   Timothy Plan Fixed Income Fund, Class A(a)   12,218,102 
 316,595   Timothy Plan High Yield Bond Fund, Class A(a)   2,675,227 
         14,893,329 
     MIXED ALLOCATION - 7.1%     
 221,692   Timothy Plan Defensive Strategies Fund, Class A(a)   2,895,298 
           
     TOTAL OPEN END FUNDS (Cost $21,736,326)   20,151,262 
           
     SHORT-TERM INVESTMENTS — 2.9%     
     MONEY MARKET FUNDS -2.9%     
 1,207,514   Fidelity Government Portfolio, Class I, 4.98% (Cost $1,207,514)(b)   1,207,514 
           
     TOTAL INVESTMENTS -99.9% (Cost $42,887,838)  $40,986,959 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%   59,948 
     NET ASSETS -100.0%  $41,046,907 
           
ETF - Exchange-Traded Fund

 

(a)Investment in affiliate.

 

(b)Rate disclosed is the seven day effective yield as of June 30, 2023.

 

 

TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023

 

Shares            Fair Value 
     EXCHANGE-TRADED FUNDS — 42.9%           
     EQUITY - 42.9%           
 295,000   Timothy Plan High Dividend Stock Enhanced ETF(a)        $6,709,745 
 27,500   Timothy Plan High Dividend Stock ETF(a)         866,200 
     TOTAL EXCHANGE-TRADED FUNDS (Cost$8,197,972)         7,575,945 
                 
Principal      Coupon Rate        
Amount ($)      (%)  Maturity     
     CORPORATE BONDS — 16.5%           
     CHEMICALS —1.7%           
 59,000   LYB International Finance BV  4.0000  07/15/23   58,920 
 85,000   Nutrien Ltd.  4.0000  12/15/26   81,526 
 195,000   Nutrien Ltd.  2.9500  05/13/30   169,215 
               309,661 
     COMMERCIAL SUPPORT SERVICES —0.7%           
 70,000   Republic Services, Inc.  5.0000  04/01/34   69,814 
 50,000   Waste Management, Inc.  4.6250  02/15/33   48,954 
               118,768 
     ELECTRIC UTILITIES — 2.2%           
 245,000   American Electric Power Company, Inc.  3.2000  11/13/27   226,249 
 45,000   National Rural Utilities Cooperative Finance  2.9500  02/07/24   44,255 
 95,000   National Rural Utilities Cooperative Finance  5.0500  09/15/28   94,668 
 22,000   WEC Energy Group, Inc.  3.5500  06/15/25   21,096 
               386,268 
     GAS & WATER UTILITIES —1.3%           
 240,000   NiSource, Inc.  3.4900  05/15/27   225,734 
                 
     INSTITUTIONAL FINANCIAL SERVICES — 0.3%           
 55,000   Cboe Global Markets, Inc.  3.6500  01/12/27   52,290 
                 
     MACHINERY — 1.5%           
 100,000   Caterpillar Financial Services Corporation  4.3500  05/15/26   98,413 
 170,000   John Deere Capital Corporation  4.3500  09/15/32   166,745 
               265,158 

 

 

TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     CORPORATE BONDS — 16.5% (Continued)           
     METALS & MINING — 1.4%           
 120,000   BHP Billiton Finance USA Ltd.  4.9000  02/28/33  $119,476 
 120,000   Rio Tinto Finance USA plc  5.0000  03/09/33   120,913 
               240,389 
     OIL & GAS PRODUCERS —3.4%           
 85,000   Columbia Pipeline Group, Inc.  4.5000  06/01/25   82,940 
 220,000   Energy Transfer Operating, L.P.  6.2500  04/15/49   214,331 
 125,000   Energy Transfer, L.P.  5.7500  02/15/33   125,807 
 70,000   Enterprise Products Operating, LLC  5.3500  01/31/33   71,154 
 115,000   Phillips 66 Company  3.6050  02/15/25   110,945 
               605,177 
     REAL ESTATE INVESTMENT TRUSTS —1.5%           
 170,000   Digital Realty Trust, L.P.  3.7000  08/15/27   156,091 
 120,000   Healthpeak Properties, Inc.  3.5000  07/15/29   107,554 
               263,645 
     RETAIL - CONSUMER STAPLES — 0.9%           
 175,000   Dollar General Corporation  4.1250  05/01/28   166,259 
                 
     TRANSPORTATION & LOGISTICS — 1.6%           
 55,000   Canadian Pacific Railway Company  2.9000  02/01/25   52,750 
 240,000   CSX Corporation  3.2500  06/01/27   225,774 
               278,524 
                 
     TOTAL CORPORATE BONDS (Cost $3,011,800)         2,911,873 
                 
     NON U.S. GOVERNMENT & AGENCIES — 1.3%           
     LOCAL AUTHORITY — 1.3%           
 250,000   Province of Ontario Canada (Cost $245,005)  2.5000  04/27/26   234,986 

 

 

TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 37.9%           
     AGENCY FIXED RATE — 18.1%           
 113,267   Fannie Mae Pool FM5537  2.0000  01/01/36  $100,497 
 75,785   Fannie Mae Pool MA4316  2.5000  04/01/36   69,001 
 61,492   Fannie Mae Pool MA4333  2.0000  05/01/41   52,365 
 21,451   Fannie Mae Pool MA4475  2.5000  10/01/41   18,648 
 63,907   Fannie Mae Pool MA4617  3.0000  04/01/42   57,397 
 50,587   Fannie Mae Pool FM4053  2.5000  08/01/50   43,325 
 53,407   Fannie Mae Pool CA8897  3.0000  02/01/51   47,524 
 8,094   Fannie Mae Pool MA4258  3.5000  02/01/51   7,425 
 20,828   Fannie Mae Pool FM6550  2.0000  03/01/51   17,164 
 46,764   Fannie Mae Pool FS1564  2.0000  04/01/51   38,307 
 40,973   Fannie Mae Pool CB0855  3.0000  06/01/51   36,170 
 108,381   Fannie Mae Pool FS1807  3.5000  07/01/51   99,895 
 49,700   Fannie Mae Pool FS4624  2.5000  11/01/51   42,400 
 54,963   Fannie Mae Pool CB2857  2.5000  02/01/52   46,974 
 103,688   Fannie Mae Pool CB3486  3.5000  05/01/52   94,594 
 73,313   Fannie Mae Pool FS1704  4.0000  05/01/52   69,271 
 130,095   Fannie Mae Pool BV9960  4.0000  06/01/52   122,354 
 109,798   Fannie Mae Pool FS3071  3.0000  07/01/52   97,538 
 106,424   Fannie Mae Pool FS3392  4.0000  09/01/52   99,927 
 95,485   Fannie Mae Pool FS3159  4.5000  10/01/52   92,259 
 93,922   Fannie Mae Pool FS4075  5.0000  04/01/53   92,630 
 44,773   Fannie Mae Pool FS4621  5.0000  06/01/53   44,102 
 50,568   Ginnie Mae I Pool 723248  5.0000  10/15/39   50,862 
 52,424   Ginnie Mae I Pool 783403  3.5000  09/15/41   49,459 
 44,773   Ginnie Mae II Pool MA3376  3.5000  01/20/46   42,013 
 33,506   Ginnie Mae II Pool MA3596  3.0000  04/20/46   30,496 
 28,780   Ginnie Mae II Pool MA3663  3.5000  05/20/46   26,989 
 37,261   Ginnie Mae II Pool MA3736  3.5000  06/20/46   34,955 
 12,690   Ginnie Mae II Pool MA4509  3.0000  06/20/47   11,500 
 35,574   Ginnie Mae II Pool MA4652  3.5000  08/20/47   33,248 
 33,536   Ginnie Mae II Pool MA4719  3.5000  09/20/47   31,331 
 64,083   Ginnie Mae II Pool MA4778  3.5000  10/20/47   59,984 
 24,754   Ginnie Mae II Pool MA6092  4.5000  08/20/49   24,041 
 19,165   Ginnie Mae II Pool MA6156  4.5000  09/20/49   18,677 

 

 

TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 37.9% (Continued)           
     AGENCY FIXED RATE — 18.1% (Continued)           
 45,384   Ginnie Mae II Pool BN2662  3.0000  10/20/49  $40,604 
 20,416   Ginnie Mae II Pool MA6221  4.5000  10/20/49   19,961 
 18,695   Ginnie Mae II Pool MA6478  5.0000  02/20/50   18,678 
 22,347   Ginnie Mae II Pool MA6544  4.5000  03/20/50   21,857 
 14,312   Ginnie Mae II Pool MA6545  5.0000  03/20/50   14,301 
 100,330   Ginnie Mae II Pool MA6598  2.5000  04/20/50   87,499 
 22,352   Ginnie Mae II Pool MA6600  3.5000  04/20/50   20,828 
 20,368   Ginnie Mae II Pool MA6601  4.0000  04/20/50   19,423 
 26,185   Ginnie Mae II Pool MA6603  5.0000  04/20/50   26,160 
 48,632   Ginnie Mae II Pool MA7255  2.5000  03/20/51   42,266 
 39,551   Ginnie Mae II Pool MA7418  2.5000  06/20/51   34,301 
 60,103   Ginnie Mae II Pool MA7419  3.0000  06/20/51   53,963 
 53,352   Ginnie Mae II Pool MA7472  2.5000  07/20/51   46,188 
 67,715   Ginnie Mae II Pool CE1974  3.0000  08/20/51   61,255 
 75,218   Ginnie Mae II Pool CE1990  2.5000  09/20/51   65,065 
 135,615   Ginnie Mae II Pool MA7705  2.5000  11/20/51   117,384 
 140,443   Ginnie Mae II Pool MA7768  3.0000  12/20/51   125,742 
 58,833   Ginnie Mae II Pool MA7829  3.5000  01/20/52   54,308 
 78,304   Ginnie Mae II Pool MA7939  4.0000  03/20/52   74,084 
 143,250   Ginnie Mae II Pool MA7987  2.5000  04/20/52   124,032 
 136,907   Ginnie Mae II Pool MA8098  3.0000  06/20/52   122,438 
 111,714   Ginnie Mae II Pool MA8268  4.5000  09/20/52   107,934 
 94,562   Ginnie Mae II Pool MA8800  5.0000  04/20/53   93,020 
     TOTAL AGENCY FIXED RATE (Cost $3,441,810)         3,194,613 
                 
     U.S. TREASURY NOTES — 19.8%           
 210,000   United States Treasury Note  2.2500  11/15/24   201,641 
 265,000   United States Treasury Note  2.0000  08/15/25   249,959 
 565,000   United States Treasury Note  0.6250  07/31/26   503,225 
 600,000   United States Treasury Note  1.2500  09/30/28   519,211 
 640,000   United States Treasury Note  1.2500  08/15/31   524,950 
 540.000   United States Treasury Note  3.500  02/15/33   525,741 
 430,000   United States Treasury Note  1.7500  08/15/41   301,554 
 250,000   United States Treasury Note  2.0000  08/15/51   170,098 

 

 

TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 37.9% (Continued)           
     U.S. TREASURY NOTES — 19.8% (Continued)           
 520,000   United States Treasury Note  3.6250  02/15/53  $498,225 
     TOTAL U.S. TREASURY NOTES (Cost $3,545,675)         3,494,604 
                 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost$6,987,485 )         6,689,217 
                 
     SHORT-TERM INVESTMENTS — 1.1%           
     MONEY MARKET FUNDS - 1.1%           
 200,992   Fidelity Government Portfolio, Class I, 4.98% (Cost $200,992)(b)         200,992 
                 
     TOTAL INVESTMENTS - 99.7% (Cost $18,643,254)        $17,613,013 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%         52,176 
     NET ASSETS - 100.0%        $17,665,189 

 

ETF - Exchange-Traded Fund
   
LLC - Limited Liability Company
   
LP - Limited Partnership
   
LTD - Limited Company
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust

 

(a)Investment in affiliate.

 

(b)Rate disclosed is the seven day effective yield as of June 30, 2023.