NPORT-EX 2 timothy-nq.htm TIMOTHY CAP VALUE 12.31.23
TIMOTHY PLAN SMALL/MID CAP GROWTH FUND
(Formerly known as Timothy Plan Aggressive Growth Fund)
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 96.7%     
     AEROSPACE & DEFENSE - 1.5%     
 942   TransDigm Group, Inc.  $952,927 
           
     APPAREL & TEXTILE PRODUCTS - 3.2%     
 3,078   Deckers Outdoor Corporation(a)   2,057,428 
           
     BIOTECH & PHARMA - 2.1%     
 1,792   Argenx S.E. - ADR(a)   681,731 
 12,982   Ionis Pharmaceuticals, Inc.(a)   656,759 
         1,338,490 
     COMMERCIAL SUPPORT SERVICES - 3.0%     
 11,087   Clean Harbors, Inc.(a)   1,934,792 
           
     DATA CENTER REIT - 2.0%     
 9,400   Digital Realty Trust, Inc.   1,265,052 
           
     DIVERSIFIED INDUSTRIALS - 1.9%     
 8,091   Dover Corporation   1,244,477 
           
     ELECTRICAL EQUIPMENT - 6.0%     
 16,253   Amphenol Corporation, Class A   1,611,161 
 5,407   Trane Technologies PLC   1,318,767 
 19,280   Vertiv Holdings Company   926,018 
         3,855,946 
     ENGINEERING & CONSTRUCTION - 2.2%     
 6,415   Quanta Services, Inc.   1,384,357 
           
     HEALTH CARE FACILITIES & SERVICES - 5.2%     
 9,089   Cardinal Health, Inc.   916,171 
 8,589   ICON plc(a)   2,431,288 
         3,347,459 
     HOME CONSTRUCTION - 6.8%     
 68,940   AZEK Company, Inc. (The)(a)   2,636,955 
 11,430   Lennar Corporation, Class A   1,703,527 
         4,340,482 

 

 

TIMOTHY PLAN SMALL/MID CAP GROWTH FUND
(Formerly known as Timothy Plan Aggressive Growth Fund)
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 96.7% (Continued)     
     INDUSTRIAL SUPPORT SERVICES - 2.2%     
 2,505   United Rentals, Inc.  $1,436,417 
           
     LEISURE FACILITIES & SERVICES - 3.1%     
 4,855   Domino’s Pizza, Inc.   2,001,377 
           
     MACHINERY - 7.3%     
 7,892   Lincoln Electric Holdings, Inc.   1,716,194 
 9,790   Oshkosh Corporation   1,061,334 
 3,921   Parker-Hannifin Corporation   1,806,404 
         4,583,932 
     MEDICAL EQUIPMENT & DEVICES - 6.8%     
 1,886   Align Technology, Inc.(a)   516,764 
 67,813   Avantor, Inc.(a)   1,548,172 
 6,190   DexCom, Inc.(a)   768,117 
 19,210   GE HealthCare Technologies, Inc.   1,485,317 
         4,318,370 
     OIL & GAS PRODUCERS - 6.2%     
 10,415   Cheniere Energy, Inc.   1,777,944 
 10,662   Devon Energy Corporation   482,989 
 6,319   Diamondback Energy, Inc.   979,951 
 19,229   EQT Corporation   743,393 
         3,984,277 
     RENEWABLE ENERGY - 2.6%     
 9,486   First Solar, Inc.(a)   1,634,248 
           
     RETAIL - DISCRETIONARY - 4.1%     
 13,538   Burlington Stores, Inc.(a)   2,632,870 
           
     SEMICONDUCTORS - 8.1%     
 4,467   Monolithic Power Systems, Inc.   2,817,694 
 21,788   ON Semiconductor Corporation(a)   1,819,952 
 4,739   Skyworks Solutions, Inc.   532,758 
         5,170,404 

 

 

TIMOTHY PLAN SMALL/MID CAP GROWTH FUND
(Formerly known as Timothy Plan Aggressive Growth Fund)
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 96.7% (Continued)     
     SOFTWARE - 7.5%     
 5,267   Crowdstrike Holdings, Inc., Class A(a)  $1,344,770 
 11,798   Fortinet, Inc.(a)   690,537 
 1,716   MongoDB, Inc.(a)   701,587 
 9,176   Zscaler, Inc.(a)   2,033,035 
         4,769,929 
     SPECIALTY FINANCE - 2.2%     
 19,011   AerCap Holdings N.V.(a)   1,412,898 
           
     TECHNOLOGY HARDWARE - 8.0%     
 9,136   Arista Networks, Inc.(a)   2,151,618 
 16,034   Seagate Technology Holdings plc   1,368,823 
 5,948   Super Micro Computer, Inc.(a)   1,690,778 
         5,211,219 
     TECHNOLOGY SERVICES - 4.7%     
 10,696   Block, Inc., Class A(a)   827,336 
 3,340   Globant S.A.(a)   794,853 
 2,471   MSCI, Inc.   1,397,721 
         3,019,910 
           
     TOTAL COMMON STOCKS (Cost $51,585,872)   61,897,261 
           
     SHORT-TERM INVESTMENTS — 3.3%     
     MONEY MARKET FUNDS - 3.3%     
 2,101,293   Fidelity Money Market Government Portfolio Class I, 5.24% (Cost $2,101,293)(b)   2,101,293 
           
     TOTAL INVESTMENTS - 100.0% (Cost $53,687,165)  $63,998,554 
     LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%   (30,367)
     NET ASSETS - 100.0%  $63,968,187 
   
ADR - American Depositary Receipt
   
MSCI - Morgan Stanley Capital International
   
NV - Naamioze Vennootschap
   
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 December 31, 2023.

 

 

TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 97.9%     
     AEROSPACE & DEFENSE - 3.3%     
 82,000   Safran S.A. - ADR  $3,618,660 
 73,000   Thales S.A. - ADR   2,156,128 
         5,774,788 
     AUTOMOTIVE - 1.9%     
 55,800   Magna International, Inc.   3,296,664 
           
     BANKING - 10.6%     
 48,339   DBS Group Holdings Ltd. - ADR   4,894,806 
 99,000   DNB Bank ASA - ADR   2,106,720 
 44,900   HDFC Bank Ltd. - ADR   3,013,239 
 120,100   ICICI Bank Ltd. - ADR   2,863,184 
 294,000   Itau Unibanco Holding S.A. - ADR   2,043,300 
 52,500   KBC Group N.V. - ADR   1,705,200 
 208,000   Sumitomo Mitsui Financial Group, Inc. - ADR   2,013,440 
         18,639,889 
     BIOTECH & PHARMA - 1.1%     
 5,200   Argenx S.E. - ADR(a)   1,978,236 
           
     CHEMICALS - 2.2%     
 98,420   Air Liquide S.A. - ADR   3,833,459 
           
     CONSTRUCTION MATERIALS - 2.3%     
 58,000   CRH plc   4,011,280 
           
     ELECTRIC UTILITIES - 3.4%     
 453,000   Enel - Societa per Azioni - ADR   3,349,935 
 50,200   Iberdrola S.A. - ADR   2,635,500 
         5,985,435 
     ELECTRICAL EQUIPMENT - 3.1%     
 72,000   ABB Ltd. - ADR   3,189,600 
 134,000   Daikin Industries Ltd. - ADR   2,166,780 
         5,356,380 
     ENGINEERING & CONSTRUCTION - 4.5%     
 148,000   Cellnex Telecom S.A. - ADR   2,906,720 

 

 

TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 97.9% (Continued)     
     ENGINEERING & CONSTRUCTION - 4.5% (Continued)     
 155,000   Vinci S.A. - ADR  $4,888,700 
         7,795,420 
     FOOD - 1.9%     
 26,300   Kerry Group plc - ADR   2,300,887 
 53,000   Mowi ASA - ADR   947,110 
         3,247,997 
     HEALTH CARE FACILITIES & SERVICES - 2.3%     
 14,400   ICON plc(a)   4,076,208 
           
     HOUSEHOLD PRODUCTS - 3.6%     
 137,000   Beiersdorf A.G. - ADR   4,095,958 
 315,000   Unicharm Corporation - ADR   2,275,875 
         6,371,833 
     INDUSTRIAL SUPPORT SERVICES - 1.6%     
 10,000   Ashtead Group plc - ADR   2,842,500 
           
     INSTITUTIONAL FINANCIAL SERVICES - 5.0%     
 194,500   Deutsche Boerse A.G. - ADR   3,996,003 
 157,000   London Stock Exchange Group plc - ADR   4,706,075 
         8,702,078 
     INSURANCE - 5.4%     
 23,500   Ageas S.A./NV - ADR   1,018,960 
 79,000   AIA Group Ltd. - ADR   2,738,930 
 66,400   Muenchener Rueckversicherungs-Gesellschaft A.G. in - ADR   2,792,784 
 113,000   Tokio Marine Holdings, Inc. - ADR   2,815,960 
         9,366,634 
     INTERNET MEDIA & SERVICES - 2.0%     
 576,181   Prosus N.V. - ADR   3,428,277 
 43,600   Yandex N.V., Class A(a)(b)(c)   43,600 
         3,471,877 
     LEISURE PRODUCTS - 0.8%     
 95,000   Shimano, Inc. - ADR   1,464,900 

 

 

TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 97.9% (Continued)     
     MACHINERY - 4.9%     
 254,000   Atlas Copco A.B. - ADR  $3,792,220 
 82,150   Techtronic Industries Company Ltd. - ADR   4,901,069 
         8,693,289 
     MEDICAL EQUIPMENT & DEVICES - 8.2%     
 61,900   Alcon, Inc.   4,835,628 
 35,600   Hoya Corporation - ADR   4,432,912 
 118,000   Olympus Corporation - ADR   1,695,188 
 76,400   Smith & Nephew plc - ADR   2,084,192 
 39,500   Sysmex Corporation - ADR   1,096,520 
         14,144,440 
     METALS & MINING - 1.4%     
 32,300   Rio Tinto plc - ADR   2,405,058 
           
     OIL & GAS PRODUCERS - 5.7%     
 60,000   Canadian Natural Resources Ltd.   3,931,200 
 151,000   Equinor ASA - ADR   4,777,640 
 81,500   Petroleo Brasileiro S.A. - ADR   1,301,555 
         10,010,395 
     RETAIL - CONSUMER STAPLES - 1.1%     
 100,000   Seven & i Holdings Company Ltd. - ADR   1,984,000 
           
     SEMICONDUCTORS - 6.9%     
 7,400   ASM International N.V. - ADR   3,842,080 
 11,000   NXP Semiconductors N.V.   2,526,480 
 29,900   Taiwan Semiconductor Manufacturing Company Ltd. - ADR   3,109,600 
 28,200   Tokyo Electron Ltd. - ADR   2,505,288 
         11,983,448 
     SOFTWARE - 2.7%     
 17,400   Nice Ltd. - ADR(a)   3,471,474 
 30,640   Open Text Corporation   1,287,493 
         4,758,967 
     SPECIALTY FINANCE - 2.1%     
 39,500   ORIX Corporation - ADR   3,688,905 

 

 

TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 97.9% (Continued)     
     TECHNOLOGY HARDWARE - 1.8%     
 53,138   FUJIFILM Holdings Corporation - ADR  $3,174,464 
           
     TECHNOLOGY SERVICES - 3.8%     
 70,000   Amadeus IT Group S.A. - ADR   5,045,600 
 89,000   Infosys Ltd. - ADR   1,635,820 
         6,681,420 
     TRANSPORTATION & LOGISTICS - 2.8%     
 61,800   Canadian Pacific Kansas City Ltd.   4,885,908 
           
     WHOLESALE - CONSUMER STAPLES - 1.5%     
 32,400   ITOCHU Corporation - ADR   2,638,656 
           
           
     TOTAL COMMON STOCKS (Cost $140,873,631)   171,264,528 
           
     SHORT-TERM INVESTMENTS — 1.9%     
     MONEY MARKET FUNDS - 1.9%     
 3,318,454   Fidelity Money Market Government Portfolio Class I, 5.24% (Cost $3,318,454)(d)   3,318,454 
           
     TOTAL INVESTMENTS - 99.8% (Cost $144,192,085)  $174,582,982 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%   392,059 
     NET ASSETS - 100.0%  $174,975,041 
           
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 December 31, 2023, the illiquid security amounted to 0.02% of net assets.
   
(c) The value of this security has been determined in good faith under policies approved by the Board of Trustees. This is a level 3 security.
   
(d) Rate disclosed is the seven day effective yield as of December 31, 2023.

 

 

SCHEDULE OF INVESTMENTS
TIMOTHY PLAN INTERNATIONAL FUND
DECEMBER 31, 2023
               
Diversification of Assets
Country  % of Net Assets 
Japan   18.3%
France   8.3%
Canada   7.7%
United Kingdom   6.9%
Netherlands   6.7%
Germany   6.2%
Spain   6.0%
Ireland   5.9%
Switzerland   4.6%
Norway   4.5%
Hong Kong   4.4%
India   4.3%
Singapore   2.8%
Sweden   2.2%
Israel   2.0%
Italy   1.9%
Brazil   1.9%
Taiwan Province Of China   1.8%
Belgium   1.5%
Russia   0.0%*
Total   97.9%
Money Market Funds   1.9%
Other Assets Less Liabilities - Net   0.2%
Grand Total   100.0%

 

*Less than 0.05%.

 

 

TIMOTHY PLAN LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 84.8%     
     AEROSPACE & DEFENSE - 1.9%     
 3,239   TransDigm Group, Inc.  $3,276,572 
           
     APPAREL & TEXTILE PRODUCTS - 0.5%     
 34,132   On Holding A.G.(a)   920,540 
           
     AUTOMOTIVE - 0.4%     
 2,530   Tesla, Inc.(a)   628,654 
           
     BANKING - 1.8%     
 45,096   Western Alliance Bancorp   2,966,866 
           
     BIOTECH & PHARMA - 1.9%     
 1,333   Regeneron Pharmaceuticals, Inc.(a)   1,170,761 
 10,661   Zoetis, Inc.   2,104,161 
         3,274,922 
     CABLE & SATELLITE - 1.6%     
 4,867   Cable One, Inc.   2,708,924 
           
     CHEMICALS - 3.6%     
 19,904   FMC Corporation   1,254,947 
 11,560   Linde plc   4,747,808 
         6,002,755 
     CONSTRUCTION MATERIALS - 2.9%     
 9,990   Martin Marietta Materials, Inc.   4,984,111 
           
     DATA CENTER REIT - 1.8%     
 22,867   Digital Realty Trust, Inc.   3,077,441 
           
     ELECTRIC UTILITIES - 0.9%     
 25,433   NextEra Energy, Inc.   1,544,800 
           
     ELECTRICAL EQUIPMENT - 4.7%     
 43,431   Amphenol Corporation, Class A   4,305,315 
 19,022   Fortive Corporation   1,400,590 

 

 

TIMOTHY PLAN LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 84.8% (Continued)     
     ELECTRICAL EQUIPMENT - 4.7% (Continued)     
 14,207   Keysight Technologies, Inc.(a)  $2,260,192 
         7,966,097 
     HEALTH CARE FACILITIES & SERVICES - 0.8%     
 2,788   Humana, Inc.   1,276,374 
           
     INFRASTRUCTURE REIT - 0.9%     
 13,204   Crown Castle, Inc.   1,520,969 
           
     INSTITUTIONAL FINANCIAL SERVICES - 1.5%     
 20,318   Intercontinental Exchange, Inc.   2,609,441 
           
     INSURANCE - 4.8%     
 20,183   Arthur J Gallagher & Company   4,538,753 
 107,010   Equitable Holdings, Inc.   3,563,433 
         8,102,186 
     LEISURE FACILITIES & SERVICES - 2.1%     
 1,535   Chipotle Mexican Grill, Inc.(a)   3,510,484 
           
     MACHINERY - 1.8%     
 27,432   Oshkosh Corporation   2,973,903 
           
     MEDICAL EQUIPMENT & DEVICES - 6.9%     
 4,960   Danaher Corporation   1,147,446 
 17,416   Insulet Corporation(a)   3,778,924 
 9,511   Intuitive Surgical, Inc.(a)   3,208,631 
 46,825   Merit Medical Systems, Inc.(a)   3,556,827 
         11,691,828 
     OIL & GAS PRODUCERS - 2.9%     
 23,554   ConocoPhillips   2,733,913 
 13,713   Diamondback Energy, Inc.   2,126,612 
         4,860,525 
     RETAIL - CONSUMER STAPLES - 1.6%     
 4,071   Costco Wholesale Corporation   2,687,186 

 

 

TIMOTHY PLAN LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 84.8% (Continued)     
     RETAIL - DISCRETIONARY - 3.2%     
 7,627   Lowe’s Companies, Inc.  $1,697,389 
 3,960   O’Reilly Automotive, Inc.(a)   3,762,317 
         5,459,706 
     SEMICONDUCTORS - 13.9%     
 24,663   Advanced Micro Devices, Inc.(a)   3,635,573 
 10,155   Analog Devices, Inc.   2,016,377 
 5,779   Broadcom, Inc.   6,450,808 
 4,029   KLA Corporation   2,342,058 
 10,072   NVIDIA Corporation   4,987,855 
 7,512   NXP Semiconductors N.V.   1,725,356 
 30,806   ON Semiconductor Corporation(a)   2,573,225 
         23,731,252 
     SOFTWARE - 13.7%     
 43,735   DocuSign, Inc.(a)   2,600,046 
 3,037   HubSpot, Inc.(a)   1,763,100 
 1,752   MongoDB, Inc.(a)   716,305 
 20,149   Palo Alto Networks, Inc.(a)   5,941,538 
 5,774   ServiceNow, Inc.(a)   4,079,273 
 7,851   Synopsys, Inc.(a)   4,042,558 
 9,560   Tyler Technologies, Inc.(a)   3,997,227 
         23,140,047 
     TECHNOLOGY HARDWARE - 4.1%     
 12,245   Arista Networks, Inc.(a)   2,883,820 
 49,510   Ciena Corporation(a)   2,228,445 
 20,529   Seagate Technology Holdings plc   1,752,561 
         6,864,826 
     TECHNOLOGY SERVICES - 2.3%     
 16,971   CDW Corporation   3,857,848 
           
     TRANSPORTATION & LOGISTICS - 1.4%     
 29,006   Canadian Pacific Kansas City Ltd.   2,293,214 
           

 

 

TIMOTHY PLAN LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 84.8% (Continued)     
     TRANSPORTATION EQUIPMENT - 0.9%     
 16,394   PACCAR, Inc.  $1,600,874 
           
     TOTAL COMMON STOCKS (Cost $108,074,359)   143,532,345 
           
     EXCHANGE-TRADED FUNDS — 13.1%     
     EQUITY - 13.1%     
 624,000   Timothy Plan US Large/Mid Cap Core Enhanced ETF(b)   14,220,898 
 209,000   Timothy Plan US Large/Mid Cap Core ETF(b)   7,986,266 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $21,565,045)   22,207,164 
           
     SHORT-TERM INVESTMENTS — 2.1%     
     MONEY MARKET FUNDS - 2.1%     
 3,616,211   Fidelity Money Market Government Portfolio Class I, 5.24% (Cost $3,616,211)(c)   3,616,211 
           
     TOTAL INVESTMENTS - 100.0% (Cost $133,255,615)  $169,355,720 
     LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%   (11,813)
     NET ASSETS - 100.0%  $169,343,907 
           
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 December 31, 2023.

 

 

TIMOTHY PLAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 88.0%     
     AEROSPACE & DEFENSE - 2.6%     
 43,064   Mercury Systems, Inc.(a)  $1,574,850 
 22,431   Moog, Inc., Class A   3,247,561 
         4,822,411 
     BANKING - 15.0%     
 95,144   Atlantic Union Bankshares Corporation   3,476,562 
 40,392   Banner Corporation   2,163,396 
 29,571   City Holding Company   3,260,498 
 94,772   First Bancorp   3,507,512 
 48,180   National Bank Holdings Corporation, Class A   1,791,814 
 98,660   Provident Financial Services, Inc.   1,778,840 
 98,742   Renasant Corporation   3,325,631 
 117,585   Seacoast Banking Corporation of Florida   3,346,469 
 44,159   Triumph Financial, Inc.(a)   3,540,668 
 74,099   Veritex Holdings, Inc.   1,724,284 
         27,915,674 
     BIOTECH & PHARMA - 1.7%     
 52,156   Prestige Consumer Healthcare, Inc.(a)   3,192,990 
           
     CHEMICALS - 4.7%     
 40,015   Avient Corporation   1,663,424 
 185,765   Ecovyst, Inc.(a)   1,814,924 
 15,172   Innospec, Inc.   1,869,797 
 36,326   Stepan Company   3,434,623 
         8,782,768 
     COMMERCIAL SUPPORT SERVICES - 0.8%     
 136,303   Legalzoom.com, Inc.(a)   1,540,224 
           
     CONSTRUCTION MATERIALS - 0.9%     
 44,729   Summit Materials, Inc., Class A(a)   1,720,277 
           
     ELECTRIC UTILITIES - 3.4%     
 90,801   Avista Corporation   3,245,227 
 61,467   NorthWestern Corporation   3,128,056 
         6,373,283 

 

 

TIMOTHY PLAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 88.0% (Continued)     
     ENGINEERING & CONSTRUCTION - 0.9%     
 7,764   Comfort Systems USA, Inc.  $1,596,822 
           
     FOOD - 1.8%     
 20,042   J & J Snack Foods Corporation   3,349,820 
           
     FORESTRY, PAPER & WOOD PRODUCTS - 1.8%     
 26,145   Boise Cascade Company   3,382,117 
           
     HEALTH CARE FACILITIES & SERVICES - 1.9%     
 122,904   Patterson Companies, Inc.   3,496,619 
           
     HOME CONSTRUCTION - 2.8%     
 20,729   Century Communities, Inc.   1,889,241 
 40,764   Masonite International Corporation(a)   3,451,080 
         5,340,321 
     HOUSEHOLD PRODUCTS - 0.9%     
 39,006   Central Garden & Pet Company, Class A(a)   1,717,824 
           
     INDUSTRIAL INTERMEDIATE PROD - 0.9%     
 29,841   AZZ, Inc.   1,733,464 
           
     INSTITUTIONAL FINANCIAL SERVICES - 3.5%     
 56,971   Moelis & Co., Class A   3,197,782 
 19,167   Piper Sandler Cos   3,351,734 
         6,549,516 
     INSURANCE - 2.8%     
 37,225   AMERISAFE, Inc.   1,741,386 
 146,772   BRP Group, Inc., Class A(a)   3,525,463 
         5,266,849 
     LEISURE FACILITIES & SERVICES - 2.6%     
 42,955   Chuy’s Holdings, Inc.(a)   1,642,170 
 43,069   Papa John’s International, Inc.   3,283,150 
         4,925,320 

 

 

TIMOTHY PLAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 88.0% (Continued)     
     MACHINERY - 5.5%     
 16,352   Alamo Group, Inc.  $3,437,027 
 34,680   Albany International Corporation, Class A   3,406,270 
 42,529   Federal Signal Corporation   3,263,675 
         10,106,972 
     MEDICAL EQUIPMENT & DEVICES - 4.5%     
 111,763   Avanos Medical, Inc.(a)   2,506,844 
 28,904   CONMED Corporation   3,165,277 
 38,347   Merit Medical Systems, Inc.(a)   2,912,838 
         8,584,959 
     METALS & MINING - 2.7%     
 87,359   Constellium S.E.(a)   1,743,686 
 15,880   Encore Wire Corporation   3,391,968 
         5,135,654 
     OFFICE REIT - 2.6%     
 126,820   COPT Defense Properties   3,250,397 
 128,214   Easterly Government Properties, Inc.   1,723,196 
         4,973,593 
     OIL & GAS PRODUCERS - 6.6%     
 217,271   Enerplus Corporation   3,332,937 
 87,439   Northern Oil and Gas, Inc.   3,241,364 
 140,685   Sitio Royalties Corporation, Class A   3,307,504 
 64,803   SM Energy Company   2,509,172 
         12,390,977 
     OIL & GAS SERVICES & EQUIPMENT - 0.9%     
 17,465   Weatherford International plc(a)   1,708,601 
           
     REAL ESTATE INVESTMENT TRUSTS - 6.4%     
 134,816   Plymouth Industrial REIT, Inc.   3,245,021 
 68,538   PotlatchDeltic Corporation   3,365,216 
 261,884   Summit Hotel Properties, Inc.   1,759,860 
 189,629   Urban Edge Properties   3,470,211 
         11,840,308 
     RETAIL - DISCRETIONARY - 3.7%     
 52,205   Academy Sports & Outdoors, Inc.   3,445,530 

 

 

TIMOTHY PLAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 88.0% (Continued)     
     RETAIL - DISCRETIONARY - 3.7% (Continued)     
 8,657   Boot Barn Holdings, Inc.(a)  $664,511 
 31,101   Monro, Inc.   912,503 
 32,560   Sonic Automotive, Inc., Class A   1,830,198 
         6,852,742 
     RETAIL REIT - 1.7%     
 127,517   Four Corners Property Trust, Inc.   3,226,180 
           
     TECHNOLOGY HARDWARE - 1.9%     
 353,074   Viavi Solutions, Inc.(a)   3,555,455 
           
     TELECOMMUNICATIONS - 0.9%     
 22,531   Cogent Communications Holdings, Inc.   1,713,708 
           
     TRANSPORTATION & LOGISTICS - 1.6%     
 25,458   ArcBest Corporation   3,060,306 
           
     TOTAL COMMON STOCKS (Cost $148,644,304)   164,855,754 
           
     EXCHANGE-TRADED FUNDS — 10.9%     
     EQUITY - 10.9%     
 580,000   Timothy Plan US Small Cap Core ETF(b) (Cost $14,834,080)   20,520,400 
           
     SHORT-TERM INVESTMENTS — 1.5%     
     MONEY MARKET FUNDS - 1.5%     
 2,756,529   Fidelity Money Market Government Portfolio Class I, 5.24% (Cost $2,756,529)(c)   2,756,529 
           
     TOTAL INVESTMENTS - 100.4% (Cost $166,234,913)  $188,132,683 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%   (666,460)
     NET ASSETS - 100.0%  $187,466,223 
           
ETF - Exchange-Traded Fund
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
S.E - Societas Europea
   
(a) Non-income producing security.
   
(b) Investment in affiliate.
   
(c) Rate disclosed is the seven day effective yield as of December 31, 2023.

 

 

TIMOTHY PLAN LARGE/MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 78.8%     
     AEROSPACE & DEFENSE - 1.8%     
 21,813   General Dynamics Corporation  $5,664,182 
           
     BANKING - 3.4%     
 61,433   BOK Financial Corporation   5,261,736 
 47,794   Cullen/Frost Bankers, Inc.   5,185,171 
         10,446,907 
     CHEMICALS - 2.3%     
 22,268   Sherwin-Williams Company (The)   6,945,389 
           
     COMMERCIAL SUPPORT SERVICES - 1.9%     
 39,871   Waste Connections, Inc.   5,951,544 
           
     CONTAINERS & PACKAGING - 1.6%     
 55,114   Crown Holdings, Inc.   5,075,448 
           
     DIVERSIFIED INDUSTRIALS - 2.6%     
 32,487   Eaton Corporation PLC   7,823,519 
           
     ELECTRIC UTILITIES - 3.5%     
 89,542   CMS Energy Corporation   5,199,704 
 66,304   WEC Energy Group, Inc.   5,580,808 
         10,780,512 
     FOOD - 3.7%     
 45,194   J M Smucker Company (The)   5,711,618 
 83,359   McCormick & Company, Inc.   5,703,423 
         11,415,041 
     HEALTH CARE FACILITIES & SERVICES - 1.7%     
 19,366   HCA Healthcare, Inc.   5,241,989 
           
     INSTITUTIONAL FINANCIAL SERVICES - 2.1%     
 51,569   Intercontinental Exchange, Inc.   6,623,007 

 

 

TIMOTHY PLAN LARGE/MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 78.8% (Continued)     
     INSURANCE - 2.2%     
 30,074   Arthur J Gallagher & Company  $6,763,041 
           
     LEISURE FACILITIES & SERVICES - 4.6%     
 2,812   Chipotle Mexican Grill, Inc.(a)   6,430,932 
 18,731   Domino’s Pizza, Inc.   7,721,480 
         14,152,412 
     MEDICAL EQUIPMENT & DEVICES - 6.0%     
 28,024   Danaher Corporation   6,483,072 
 65,307   Revvity, Inc.   7,138,708 
 23,046   STERIS plc   5,066,663 
         18,688,443 
     OIL & GAS PRODUCERS - 3.9%     
 54,647   ConocoPhillips   6,342,877 
 48,266   EOG Resources, Inc.   5,837,773 
         12,180,650 
     REAL ESTATE INVESTMENT TRUSTS - 4.2%     
 49,812   Crown Castle, Inc.   5,737,844 
 54,075   Prologis, Inc.   7,208,198 
         12,946,042 
     RETAIL - CONSUMER STAPLES - 4.3%     
 9,508   Costco Wholesale Corporation   6,276,041 
 51,036   Dollar General Corporation   6,938,343 
         13,214,384 
     RETAIL - DISCRETIONARY - 6.5%     
 28,619   Lowe’s Companies, Inc.   6,369,158 
 8,006   O’Reilly Automotive, Inc.(a)   7,606,341 
 28,837   Tractor Supply Company   6,200,820 
         20,176,319 
     SEMICONDUCTORS - 11.8%     
 7,708   Broadcom, Inc.   8,604,056 
 79,794   Lattice Semiconductor Corporation(a)   5,504,988 
 75,189   Microchip Technology, Inc.   6,780,544 
 12,515   Monolithic Power Systems, Inc.   7,894,212 

 

 

TIMOTHY PLAN LARGE/MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     COMMON STOCKS — 78.8% (Continued)     
     SEMICONDUCTORS - 11.8% (Continued)     
 15,678   NVIDIA Corporation  $7,764,059 
         36,547,859 
     SOFTWARE - 6.1%     
 24,878   Cadence Design Systems, Inc.(a)   6,776,022 
 11,229   Synopsys, Inc.(a)   5,781,924 
 14,719   Tyler Technologies, Inc.(a)   6,154,308 
         18,712,254 
     TECHNOLOGY SERVICES - 2.1%     
 20,120   CACI International, Inc., Class A(a)   6,516,063 
           
     TRANSPORTATION & LOGISTICS - 2.5%     
 31,118   Union Pacific Corporation   7,643,203 
           
     TOTAL COMMON STOCKS (Cost $175,008,302)   243,508,208 
           
     EXCHANGE-TRADED FUNDS — 16.9%     
     EQUITY - 16.9%     
 573,000   Timothy Plan High Dividend Stock Enhanced ETF(b)   12,959,255 
 382,500   Timothy Plan High Dividend Stock ETF(b)   12,666,908 
 634,000   Timothy Plan US Large/Mid Cap Core Enhanced ETF(b)   14,448,797 
 318,000   Timothy Plan US Large/Mid Cap Core ETF(b)   12,151,352 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $48,945,129)   52,226,312 
           

 

 

TIMOTHY PLAN LARGE/MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 4.3%     
     MONEY MARKET FUNDS - 4.3%     
 13,402,344   Fidelity Money Market Government Portfolio Class I, 5.24% (Cost $13,402,344)(c)  $13,402,344 
           
     TOTAL INVESTMENTS - 100.0% (Cost $237,355,775)  $309,136,864 
     LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%   (63,178)
     NET ASSETS - 100.0%  $309,073,686 
           
ETF - Exchange-Traded Fund
   
PLC - Public Limited Company
 
(a) Non-income producing security.
   
(b) Investment in affiliate.
   
(c) Rate disclosed is the seven day effective yield as of December 31, 2023.

 

 

TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Principal
Amount ($)		      Coupon Rate
(%)		  Maturity  Fair Value 
     CORPORATE BONDS — 29.9%           
     CHEMICALS — 2.1%           
 1,570,000   Nutrien Ltd.  4.0000  12/15/26  $1,535,565 
 805,000   Nutrien Ltd.  2.9500  05/13/30   728,414 
               2,263,979 
     COMMERCIAL SUPPORT SERVICES — 0.8%           
 450,000   Republic Services, Inc.  5.0000  04/01/34   461,920 
 450,000   Waste Management, Inc.  4.6250  02/15/33   452,541 
               914,461 
     ELECTRIC UTILITIES — 4.5%           
 2,205,000   American Electric Power Company, Inc.  3.2000  11/13/27   2,102,206 
 1,000,000   Electricite de France S.A.(a)  5.7000  05/23/28   1,036,435 
 855,000   National Rural Utilities Cooperative Finance  2.9500  02/07/24   852,482 
 405,000   National Rural Utilities Cooperative Finance  5.0500  09/15/28   415,822 
 442,000   WEC Energy Group, Inc.  3.5500  06/15/25   430,328 
               4,837,273 
     GAS & WATER UTILITIES — 1.9%           
 2,185,000   NiSource, Inc.  3.4900  05/15/27   2,107,125 
                 
     INSTITUTIONAL FINANCIAL SERVICES — 0.9%           
 1,000,000   Cboe Global Markets, Inc.  3.6500  01/12/27   971,234 
                 
     MACHINERY — 1.6%           
 900,000   Caterpillar Financial Services Corporation  4.3500  05/15/26   898,788 
 900,000   John Deere Capital Corporation  3.9000  06/07/32   869,687 
               1,768,475 
     METALS & MINING — 1.8%           
 1,430,000   BHP Billiton Finance USA Ltd.  5.2500  09/08/33   1,487,004 
 450,000   Rio Tinto Finance USA plc  5.0000  03/09/33   469,189 
               1,956,193 
     OIL & GAS PRODUCERS — 7.1%           
 1,815,000   Columbia Pipelines Holding Company, LLC(a)  6.0420  08/15/28   1,876,415 
 1,980,000   Energy Transfer Operating, L.P.  6.2500  04/15/49   2,056,959 
 1,125,000   Energy Transfer, L.P.  5.7500  02/15/33   1,162,123 
 450,000   Enterprise Products Operating, LLC  5.3500  01/31/33   472,095 

 

 

TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Principal
Amount ($)		      Coupon Rate
(%)		  Maturity  Fair Value 
     CORPORATE BONDS — 29.9% (Continued)           
     OIL & GAS PRODUCERS — 7.1% (Continued)           
 2,240,000   Phillips 66 Company  3.6050  02/15/25  $2,202,625 
               7,770,217 
     REAL ESTATE INVESTMENT TRUSTS — 3.2%           
 1,520,000   Digital Realty Trust, L.P.  3.7000  08/15/27   1,467,669 
 2,200,000   Healthpeak Properties, Inc.  3.5000  07/15/29   2,056,306 
               3,523,975 
     RETAIL - CONSUMER STAPLES — 1.4%           
 1,575,000   Dollar General Corporation  4.1250  05/01/28   1,545,546 
                 
     RETAIL - DISCRETIONARY — 1.7%           
 1,795,000   Tractor Supply Company  5.2500  05/15/33   1,841,298 
                 
     TRANSPORTATION & LOGISTICS — 2.9%           
 1,000,000   Canadian Pacific Railway Company  2.9000  02/01/25   976,623 
 2,190,000   CSX Corporation  3.2500  06/01/27   2,112,678 
               3,089,301 
                 
     TOTAL CORPORATE BONDS (Cost $33,223,127)         32,589,077 
                 
     NON U.S. GOVERNMENT & AGENCIES — 2.0%           
     LOCAL AUTHORITY — 2.0%           
 2,235,000   Province of Ontario Canada (Cost $2,285,285)  2.5000  04/27/26   2,145,586 
                 
     U.S. GOVERNMENT & AGENCIES — 66.7%           
     AGENCY FIXED RATE — 36.8%           
 1,209,045   Fannie Mae Pool FM5537  2.0000  01/01/36   1,093,159 
 909,528   Fannie Mae Pool MA4316  2.5000  04/01/36   838,535 
 670,354   Fannie Mae Pool MA4366  2.5000  06/01/41   597,641 
 395,369   Fannie Mae Pool MA4475  2.5000  10/01/41   350,921 
 1,144,760   Fannie Mae Pool MA4617  3.0000  04/01/42   1,047,270 

 

 

TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Principal
Amount ($)		      Coupon Rate
(%)		  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 66.7% (Continued)           
     AGENCY FIXED RATE — 36.8% (Continued)           
 930,654   Fannie Mae Pool FM4053  2.5000  08/01/50  $804,081 
 1,250,045   Fannie Mae Pool CA8897  3.0000  02/01/51   1,120,350 
 818,145   Fannie Mae Pool MA4258  3.5000  02/01/51   762,553 
 435,083   Fannie Mae Pool FM6550  2.0000  03/01/51   362,211 
 793,525   Fannie Mae Pool CB0855  3.0000  06/01/51   704,624 
 1,461,052   Fannie Mae Pool FS3744  2.0000  07/01/51   1,201,538 
 486,086   Fannie Mae Pool FS1807  3.5000  07/01/51   453,183 
 1,342,936   Fannie Mae Pool FS6141  2.0000  01/01/52   1,107,913 
 926,126   Fannie Mae Pool CB3486  3.5000  05/01/52   851,180 
 504,797   Fannie Mae Pool FS1704  4.0000  05/01/52   482,992 
 847,792   Fannie Mae Pool BV9960  4.0000  06/01/52   806,600 
 1,705,701   Fannie Mae Pool FS3392  4.0000  09/01/52   1,616,133 
 877,141   Fannie Mae Pool FS3159  4.5000  10/01/52   854,865 
 864,996   Fannie Mae Pool FS4075  5.0000  04/01/53   862,190 
 871,333   Fannie Mae Pool FS5044  4.5000  06/01/53   851,026 
 1,004,508   Fannie Mae Pool FS5850  6.0000  09/01/53   1,021,831 
 56,591   Ginnie Mae I Pool 723248  5.0000  10/15/39   57,172 
 232,676   Ginnie Mae I Pool 783060  4.0000  08/15/40   226,342 
 128,113   Ginnie Mae I Pool 783403  3.5000  09/15/41   120,901 
 99,787   Ginnie Mae II Pool 4520  5.0000  08/20/39   101,783 
 134,062   Ginnie Mae II Pool 4947  5.0000  02/20/41   135,731 
 238,542   Ginnie Mae II Pool MA3376  3.5000  01/20/46   225,563 
 152,502   Ginnie Mae II Pool MA3596  3.0000  04/20/46   140,488 
 407,533   Ginnie Mae II Pool MA3663  3.5000  05/20/46   384,679 
 146,550   Ginnie Mae II Pool MA3736  3.5000  06/20/46   138,311 
 250,635   Ginnie Mae II Pool MA4004  3.5000  10/20/46   236,488 
 168,913   Ginnie Mae II Pool MA4509  3.0000  06/20/47   155,239 
 202,603   Ginnie Mae II Pool MA4652  3.5000  08/20/47   191,029 
 249,002   Ginnie Mae II Pool MA4719  3.5000  09/20/47   234,759 
 255,522   Ginnie Mae II Pool MA4778  3.5000  10/20/47   240,886 
 204,089   Ginnie Mae II Pool MA4901  4.0000  12/20/47   196,880 
 174,657   Ginnie Mae II Pool MA4963  4.0000  01/20/48   168,809 
 168,196   Ginnie Mae II Pool MA6092  4.5000  08/20/49   165,475 
 180,341   Ginnie Mae II Pool MA6156  4.5000  09/20/49   177,581 

 

 

TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Principal
Amount ($)		      Coupon Rate
(%)		  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 66.7% (Continued)           
     AGENCY FIXED RATE — 36.8% (Continued)           
 621,561   Ginnie Mae II Pool BN2662  3.0000  10/20/49  $564,097 
 165,775   Ginnie Mae II Pool MA6221  4.5000  10/20/49   163,953 
 168,534   Ginnie Mae II Pool MA6477  4.5000  02/20/50   166,654 
 261,204   Ginnie Mae II Pool MA6478  5.0000  02/20/50   263,703 
 272,352   Ginnie Mae II Pool MA6544  4.5000  03/20/50   269,245 
 188,577   Ginnie Mae II Pool MA6545  5.0000  03/20/50   190,431 
 1,076,345   Ginnie Mae II Pool MA6598  2.5000  04/20/50   946,351 
 270,446   Ginnie Mae II Pool MA6600  3.5000  04/20/50   254,444 
 228,945   Ginnie Mae II Pool MA6601  4.0000  04/20/50   220,955 
 207,902   Ginnie Mae II Pool MA6603  5.0000  04/20/50   209,890 
 964,284   Ginnie Mae II Pool MA7255  2.5000  03/20/51   844,621 
 712,168   Ginnie Mae II Pool MA7418  2.5000  06/20/51   623,886 
 1,191,857   Ginnie Mae II Pool MA7419  3.0000  06/20/51   1,083,375 
 1,076,252   Ginnie Mae II Pool MA7472  2.5000  07/20/51   943,283 
 1,247,527   Ginnie Mae II Pool CE1974  3.0000  08/20/51   1,144,394 
 1,071,713   Ginnie Mae II Pool CE1990  2.5000  09/20/51   937,655 
 1,261,076   Ginnie Mae II Pool MA7705  2.5000  11/20/51   1,104,436 
 1,015,911   Ginnie Mae II Pool MA7768  3.0000  12/20/51   920,997 
 1,035,951   Ginnie Mae II Pool MA7829  3.5000  01/20/52   965,263 
 1,019,394   Ginnie Mae II Pool MA7939  4.0000  03/20/52   973,725 
 1,125,305   Ginnie Mae II Pool MA7987  2.5000  04/20/52   985,253 
 1,110,390   Ginnie Mae II Pool MA8098  3.0000  06/20/52   1,006,534 
 1,084,594   Ginnie Mae II Pool MA8268  4.5000  09/20/52   1,059,702 
 1,001,135   Ginnie Mae II Pool MA8800  5.0000  04/20/53   995,864 
 1,209,660   Ginnie Mae II Pool MA8943  3.0000  06/20/53   1,099,056 
 1,047,585   Ginnie Mae II Pool MA9017  5.5000  07/20/53   1,054,971 
     TOTAL AGENCY FIXED RATE (Cost $43,247,036)         40,081,650 
                 
     U.S. TREASURY NOTES — 29.9%           
 700,000   United States Treasury Note  2.2500  11/15/24   684,361 
 1,525,000   United States Treasury Note  2.0000  08/15/25   1,467,991 
 3,530,000   United States Treasury Note  0.6250  07/31/26   3,234,845 
 6,325,000   United States Treasury Note  1.2500  09/30/28   5,612,079 
 3,015,000   United States Treasury Note  1.2500  08/15/31   2,499,918 

 

 

TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Principal
Amount ($)		      Coupon Rate
(%)		  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 66.7% (Continued)           
     U.S. TREASURY NOTES — 29.9% (Continued)           
 7,810,000   United States Treasury Note  3.5000  02/15/33   7,589,886 
 5,215,000   United States Treasury Note  1.7500  08/15/41   3,643,065 
 2,570,000   United States Treasury Note  2.0000  08/15/51   1,687,717 
 6,635,000   United States Treasury Note  3.6250  02/15/53   6,157,720 
     TOTAL U.S. TREASURY NOTES (Cost $34,621,565)         32,577,582 
                 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $77,868,601)         72,659,232 
                 
Shares               
     SHORT-TERM INVESTMENTS — 0.7%           
     MONEY MARKET FUNDS - 0.7%           
 845,961   Fidelity Money Market Government Portfolio Class I, 5.24% (Cost $845,961)(b)         845,961 
                 
     TOTAL INVESTMENTS - 99.3% (Cost $114,222,974)        $108,239,856 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%         734,963 
     NET ASSETS - 100.0%        $108,974,819 
                 
LLC - Limited Liability Company
   
LP - Limited Partnership
   
LTD - Limited Company
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
S.A. - Société Anonyme
 
(a) 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 December 31, 2023 the total market value of 144A securities is 2,912,850 or 2.7% of net assets.
   
(b) Rate disclosed is the seven day effective yield as of December 31, 2023.

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Principal
Amount ($)		      Spread  Coupon Rate
(%)		  Maturity  Fair Value 
     CORPORATE BONDS — 91.3%              
     AEROSPACE & DEFENSE — 0.7%              
 1,250,000   TransDigm, Inc.(a)     6.8750  12/15/30  $1,288,319 
                    
     ASSET MANAGEMENT — 1.5%              
 1,600,000   AG TTMT Escrow Issuer, LLC(a)     8.6250  09/30/27   1,683,845 
 1,000,000   NFP Corporation(a)     8.5000  10/01/31   1,083,226 
                  2,767,071 
     AUTOMOTIVE — 3.7%              
 2,250,000   Adient Global Holdings Ltd.(a)     8.2500  04/15/31   2,383,958 
 2,000,000   Goodyear Tire & Rubber Company (The)     5.6250  04/30/33   1,795,665 
 3,000,000   Tenneco, Inc.(a)     8.0000  11/17/28   2,563,981 
                  6,743,604 
     BIOTECH & PHARMA — 0.3%              
 439,000   Bausch Health Americas, Inc.(a)     8.5000  01/31/27   244,329 
 579,000   Emergent BioSolutions, Inc.(a)     3.8750  08/15/28   237,514 
                  481,843 
     CHEMICALS — 6.0%              
 2,000,000   Avient Corporation(a)     7.1250  08/01/30   2,083,018 
 1,500,000   Axalta Coating Systems Dutch Holding B BV(a)     7.2500  02/15/31   1,580,625 
 2,500,000   Axalta Coating Systems LLC(a)     3.3750  02/15/29   2,248,006 
 3,000,000   Chemours Company (The)(a)     4.6250  11/15/29   2,636,674 
 2,000,000   Polar US Borrower, LLC / Schenectady International(a)     6.7500  05/15/26   651,920 
 1,750,000   WR Grace Holdings, LLC(a)     7.3750  03/01/31   1,753,325 
                  10,953,568 
     COMMERCIAL SUPPORT SERVICES — 8.6%              
 125,000   Atlas LuxCompany 4 S.A.RL / Allied Universal(a)     4.6250  06/01/28   114,388 
 1,625,000   Clean Harbors, Inc.(a)     6.3750  02/01/31   1,654,097 
 2,250,000   Covanta Holding Corporation     5.0000  09/01/30   1,920,004 
 1,625,000   Covert Mergeco, Inc.(a)     4.8750  12/01/29   1,421,680 
 3,300,000   GFL Environmental Inc(a)     4.0000  08/01/28   3,052,845 
 500,000   GFL Environmental, Inc.(a)     6.7500  01/15/31   515,862 
 3,255,000   Harsco Corporation(a)     5.7500  07/31/27   3,038,728 
 2,200,000   Waste Pro USA, Inc.(a)     5.5000  02/15/26   2,119,986 
 1,750,000   Williams Scotsman, Inc.(a)     7.3750  10/01/31   1,837,131 
                  15,674,721 

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
  
Principal
Amount ($)		      Spread  Coupon Rate
(%)		  Maturity  Fair Value 
    CORPORATE BONDS — 91.3% (Continued)             
     CONSTRUCTION MATERIALS — 0.5%              
 500,000   Cemex S.A.B. de C.V.(a)     5.2000  09/17/30  $482,128 
 500,000   Cemex S.A.B. de C.V.(a)     3.8750  07/11/31   447,663 
                  929,791 
     CONSUMER SERVICES — 2.0%              
 2,500,000   PROG Holdings, Inc.(a)     6.0000  11/15/29   2,306,987 
 1,500,000   Rent-A-Center, Inc.(a)     6.3750  02/15/29   1,409,348 
                  3,716,335 
     CONTAINERS & PACKAGING — 9.7%              
 875,000   Ardagh Metal Packaging Finance USA, LLC / Ardagh(a)     6.0000  06/15/27   872,249 
 2,000,000   Ardagh Metal Packaging Finance USA, LLC / Ardagh(a)     4.0000  09/01/29   1,697,002 
 1,750,000   Canpack S.A. / Canpack US, LLC(a)     3.8750  11/15/29   1,501,999 
 2,000,000   Graham Packaging Company, Inc.(a)     7.1250  08/15/28   1,802,410 
 1,250,000   Graphic Packaging International, LLC(a)     3.7500  02/01/30   1,126,694 
 1,250,000   LABL, Inc.(a)     5.8750  11/01/28   1,136,719 
 625,000   LABL, Inc.(a)     9.5000  11/01/28   632,031 
 1,000,000   LABL, Inc.(a)     8.2500  11/01/29   844,375 
 3,300,000   Mauser Packaging Solutions Holding Company(a)     7.8750  08/15/26   3,361,031 
 3,500,000   Pactiv Evergreen Group Issuer, LLC / Pactiv(a)     4.3750  10/15/28   3,264,376 
 1,750,000   TriMas Corporation(a)     4.1250  04/15/29   1,574,453 
                  17,813,339 
     ELECTRIC UTILITIES — 1.2%              
 2,000,000   Vistra Corporation(a),(b)  H15T5Y + 5.740%  7.0000  06/15/70   1,972,740 
 250,000   Vistra Operations Company, LLC(a)     4.3750  05/01/29   233,596 
                  2,206,336 
     ELECTRICAL EQUIPMENT — 0.5%              
 500,000   BWX Technologies, Inc.(a)     4.1250  06/30/28   464,147 
 500,000   BWX Technologies, Inc.(a)     4.1250  04/15/29   456,793 
                  920,940 
     ENGINEERING & CONSTRUCTION — 1.1%              
 2,194,000   Dycom Industries, Inc.(a)     4.5000  04/15/29   2,038,444 
                    
     FOOD — 0.9%              
 1,600,000   Darling Ingredients, Inc.(a)     6.0000  06/15/30   1,602,123 

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
  
Principal
Amount ($)		      Spread  Coupon Rate
(%)		  Maturity  Fair Value 
     CORPORATE BONDS — 91.3% (Continued)              
     FORESTRY, PAPER & WOOD PRODUCTS — 0.5%              
 1,000,000   Schweitzer-Mauduit International, Inc.(a)     6.8750  10/01/26  $960,362 
                    
     HEALTH CARE FACILITIES & SERVICES — 4.1%              
 1,000,000   Catalent Pharma Solutions, Inc.(a)     3.1250  02/15/29   876,250 
 500,000   Heartland Dental, LLC / Heartland Dental Finance(a)     10.5000  04/30/28   519,395 
 250,000   LifePoint Health, Inc.(a)     5.3750  01/15/29   185,529 
 2,000,000   LifePoint Health, Inc.(a)     9.8750  08/15/30   2,023,259 
 625,000   LifePoint Health, Inc.(a)     11.0000  10/15/30   659,116 
 1,250,000   MEDNAX, Inc.(a)     5.3750  02/15/30   1,114,266 
 500,000   Star Parent, Inc.(a)     9.0000  10/01/30   527,596 
 1,750,000   Tenet Healthcare Corporation     6.1250  10/01/28   1,746,588 
                  7,651,999 
     HOME CONSTRUCTION — 4.3%              
 500,000   Ashton Woods USA, LLC / Ashton Woods Finance(a)     6.6250  01/15/28   487,697 
 1,250,000   Ashton Woods USA, LLC / Ashton Woods Finance(a)     4.6250  08/01/29   1,113,041 
 500,000   Ashton Woods USA, LLC / Ashton Woods Finance(a)     4.6250  04/01/30   446,694 
 3,042,000   Interface Inc(a)     5.5000  12/01/28   2,816,050 
 1,650,000   STL Holding Company, LLC(a)     7.5000  02/15/26   1,608,750 
 1,523,000   Weekley Homes, LLC / Weekley Finance Corporation(a)     4.8750  09/15/28   1,419,404 
                  7,891,636 
     HOUSEHOLD PRODUCTS — 1.1%              
 2,050,000   Energizer Holdings, Inc.(a)     6.5000  12/31/27   2,052,114 
                    
     INDUSTRIAL SUPPORT SERVICES — 0.9%              
 1,500,000   Ashtead Capital, Inc.(a)     2.4500  08/12/31   1,224,589 
 500,000   BCPE Empire Holdings, Inc.(a)     7.6250  05/01/27   483,000 
                  1,707,589 
     INSTITUTIONAL FINANCIAL SERVICES — 1.6%              
 1,250,000   Aretec Escrow Issuer 2, Inc.(a)     10.0000  08/15/30   1,329,875 
 1,750,000   LPL Holdings, Inc.(a)     4.0000  03/15/29   1,619,690 
                  2,949,565 
     INSURANCE — 0.4%              
 750,000   HUB International Ltd.(a)     7.2500  06/15/30   792,679 

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
  
Principal
Amount ($)		      Spread  Coupon Rate
(%)		  Maturity  Fair Value 
     CORPORATE BONDS — 91.3% (Continued)              
     LEISURE FACILITIES & SERVICES — 1.3%              
 1,000,000   Brinker International, Inc.(a)     8.2500  07/15/30  $1,047,070 
 1,250,000   Raising Cane’s Restaurants, LLC(a)     9.3750  05/01/29   1,335,603 
                  2,382,673 
     MACHINERY — 0.3%              
 500,000   Redwood Star Merger Sub, Inc.(a)     8.7500  04/01/30   500,575 
                    
     MEDICAL EQUIPMENT & DEVICES — 1.7%              
 750,000   Bausch & Lomb Escrow Corporation(a)     8.3750  10/01/28   792,143 
 1,000,000   Mozart Debt Merger Sub, Inc.(a)     3.8750  04/01/29   905,212 
 1,500,000   Mozart Debt Merger Sub, Inc.(a)     5.2500  10/01/29   1,415,568 
                  3,112,923 
     METALS & MINING — 1.4%              
 750,000   Arsenal AIC Parent, LLC(a)     8.0000  10/01/30   783,458 
 2,000,000   Kaiser Aluminum Corporation(a)     4.5000  06/01/31   1,727,315 
                  2,510,773 
     OIL & GAS PRODUCERS — 7.1%              
 1,250,000   Colgate Energy Partners III, LLC(a)     5.8750  07/01/29   1,220,331 
 2,822,000   CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC(a)     5.5000  06/15/31   2,677,584 
 1,000,000   CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC     7.5000  12/15/33   1,037,778 
 500,000   Crestwood Midstream Partners, L.P. / Crestwood     5.7500  04/01/25   500,513 
 1,500,000   Crestwood Midstream Partners, L.P. / Crestwood(a)     5.6250  05/01/27   1,495,875 
 500,000   Genesis Energy, L.P. / Genesis Energy Finance     7.7500  02/01/28   502,254 
 100,000   Genesis Energy, L.P. / Genesis Energy Finance     8.2500  01/15/29   102,865 
 750,000   Genesis Energy, L.P. / Genesis Energy Finance     8.8750  04/15/30   776,048 
 1,500,000   Global Partners, L.P. / GLP Finance Corporation     7.0000  08/01/27   1,467,930 
 1,250,000   ITT Holdings, LLC(a)     6.5000  08/01/29   1,107,081 
 2,000,000   NuStar Logistics, L.P.     5.6250  04/28/27   1,993,270 
 100,000   Permian Resources Operating, LLC(a)     7.0000  01/15/32   103,146 
                  12,984,675 
     PUBLISHING & BROADCASTING — 0.3%              
 750,000   Gray Television, Inc.(a)     4.7500  10/15/30   565,632 
                    
     REAL ESTATE INVESTMENT TRUSTS — 1.4%              
 1,500,000   Diversified Healthcare Trust     9.7500  06/15/25   1,473,803 

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
  
Principal
Amount ($)		      Spread  Coupon Rate
(%)		  Maturity  Fair Value 
    CORPORATE BONDS — 91.3% (Continued)          
     REAL ESTATE INVESTMENT TRUSTS — 1.4% (Continued)              
 750,000   Service Properties Trust     5.5000  12/15/27  $687,417 
 375,000   Service Properties Trust(a)     8.6250  11/15/31   393,182 
                  2,554,402 
     REAL ESTATE OWNERS & DEVELOPERS — 2.2%              
 1,000,000   Greystar Real Estate Partners, LLC(a)     7.7500  09/01/30   1,048,850 
 3,499,000   Howard Hughes Corporation (The)(a)     4.3750  02/01/31   3,040,754 
                  4,089,604 
     RETAIL - CONSUMER STAPLES — 0.6%              
 1,250,000   Ingles Markets, Inc.(a)     4.0000  06/15/31   1,104,506 
                    
     RETAIL - DISCRETIONARY — 4.8%              
 2,550,000   Beacon Roofing Supply, Inc.(a)     4.1250  05/15/29   2,320,228 
 3,162,000   Ken Garff Automotive, LLC(a)     4.8750  09/15/28   3,005,452 
 1,500,000   Lithia Motors, Inc.(a)     3.8750  06/01/29   1,356,283 
 750,000   Lithia Motors, Inc.(a)     4.3750  01/15/31   682,391 
 1,550,000   Sonic Automotive, Inc.(a)     4.8750  11/15/31   1,383,360 
                  8,747,714 
     SEMICONDUCTORS — 1.2%              
 2,250,000   Entegris Escrow Corporation(a)     4.7500  04/15/29   2,169,470 
                    
     SOFTWARE — 0.6%              
 1,250,000   Crowdstrike Holdings, Inc.     3.0000  02/15/29   1,131,574 
                    
     SPECIALTY FINANCE — 12.9%              
 2,500,000   Air Lease Corporation(b)  H15T5Y + 4.076%  4.6500  06/15/70   2,250,300 
 1,500,000   Bread Financial Holdings, Inc.(a)     7.0000  01/15/26   1,492,245 
 250,000   Bread Financial Holdings, Inc.(a)     9.7500  03/15/29   258,386 
 1,000,000   Burford Capital Global Finance, LLC(a)     6.2500  04/15/28   960,978 
 3,000,000   Burford Capital Global Finance, LLC(a)     9.2500  07/01/31   3,192,150 
 1,000,000   Freedom Mortgage Corporation(a)     6.6250  01/15/27   953,932 
 1,000,000   Freedom Mortgage Corporation(a)     12.0000  10/01/28   1,092,917 
 2,955,000   ILFC E-Capital Trust I(a),(b)  TSFRM3M + 1.812%  7.1860  12/21/65   2,199,643 
 1,500,000   ILFC E-Capital Trust II(a),(b)  TSFRM3M + 2.062%  7.4360  12/21/65   1,168,307 
 1,250,000   Ladder Capital Finance Holdings LLLP (a)     4.2500  02/01/27   1,178,905 

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
  
Principal
Amount ($)		      Spread  Coupon Rate
(%)		  Maturity  Fair Value 
     CORPORATE BONDS — 91.3% (Continued)              
     SPECIALTY FINANCE — 12.9% (Continued)              
 500,000   Nationstar Mortgage Holdings, Inc.(a)     6.0000  01/15/27  $496,765 
 1,250,000   Nationstar Mortgage Holdings, Inc.(a)     5.5000  08/15/28   1,205,869 
 1,750,000   Nationstar Mortgage Holdings, Inc.(a)     5.7500  11/15/31   1,634,369 
 1,500,000   OneMain Finance Corporation     9.0000  01/15/29   1,587,980 
 500,000   OneMain Finance Corporation     7.8750  03/15/30   515,190 
 3,500,000   Rithm Capital Corporation(a)     6.2500  10/15/25   3,449,145 
                  23,637,081 
     STEEL — 1.8%              
 1,000,000   Commercial Metals Company     4.3750  03/15/32   899,020 
 2,804,000   TMS International Corporation(a)     6.2500  04/15/29   2,317,099 
                  3,216,119 
     TECHNOLOGY HARDWARE — 1.3%              
 550,000   Ciena Corporation(a)     4.0000  01/31/30   501,520 
 1,000,000   CommScope, Inc.(a)     8.2500  03/01/27   528,910 
 750,000   CommScope, Inc.(a)     7.1250  07/01/28   356,989 
 1,000,000   TTM Technologies, Inc.(a)     4.0000  03/01/29   909,590 
                  2,297,009 
     TECHNOLOGY SERVICES — 1.4%              
 250,000   GTCR W-2 Merger Sub, LLC(a)     7.5000  01/15/31   264,343 
 1,750,000   HealthEquity, Inc.(a)     4.5000  10/01/29   1,627,889 
 750,000   VT Topco, Inc.(a)     8.5000  08/15/30   781,076 
                  2,673,308 
     TRANSPORTATION EQUIPMENT — 0.3%              
 625,000   Wabash National Corporation(a)     4.5000  10/15/28   564,729 
                    
     WHOLESALE - CONSUMER STAPLES — 1.1%              
 2,500,000   United Natural Foods, Inc.(a)     6.7500  10/15/28   2,027,150 
                    
     TOTAL CORPORATE BONDS (Cost $171,201,659)            167,412,295 

 

 

TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
  
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 7.1%     
     MONEY MARKET FUNDS - 7.1%     
 13,055,815   Fidelity Money Market Government Portfolio Class I, 5.24% (Cost $13,055,815)(c)  $13,055,815 
           
     TOTAL INVESTMENTS - 98.4% (Cost $184,257,474)  $180,468,110 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%   2,927,269 
     NET ASSETS - 100.0%  $183,395,379 
           
LLC  - Limited Liability Company
   
LP  - Limited Partnership
   
LTD  - Limited Company
   
REIT  - Real Estate Investment Trust
   
H15T5Y US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
   
TSFRM3M CME Term SOFR 3 Month

 

(a) 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 December 31, 2023 the total market value of 144A securities is 147,024,096 or 80.2% of net assets.
   
(b) Variable rate security; the rate shown represents the rate on December 31, 2023.
   
(c) Rate disclosed is the seven day effective yield as of December 31, 2023.

 

 

TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 98.4%     
     AEROSPACE & DEFENSE - 5.7%     
 18,501   Elbit Systems Ltd.  $3,945,338 
 94,000   Leonardo DRS, Inc.(a)   1,883,760 
         5,829,098 
     APPAREL & TEXTILE PRODUCTS - 2.4%     
 23,816   Delta Galil Ltd.   1,064,156 
 20,000   Fox Wizel Ltd.   1,359,008 
         2,423,164 
     BANKING - 16.9%     
 92,000   Bank Hapoalim BM - ADR   3,985,440 
 505,000   Bank Leumi Le-Israel BM   4,067,216 
 55,300   First International Bank Of Israel Ltd.   2,261,327 
 602,000   Israel Discount Bank Ltd., Class A   3,014,664 
 95,000   Mizrahi Tefahot Bank Ltd.   3,679,726 
         17,008,373 
     BIOTECH & PHARMA - 1.3%     
 67,000   Enlight Renewable Energy Ltd.(a)   1,300,368 
           
     CHEMICALS - 1.7%     
 338,902   ICL Group Ltd.   1,697,899 
           
     CONSTRUCTION MATERIALS - 0.6%     
 213,000   Inrom Construction Industries Ltd.   624,668 
           
     ELECTRIC UTILITIES - 2.6%     
 34,700   Ormat Technologies, Inc.   2,629,940 
           
     ELECTRICAL EQUIPMENT - 1.7%     
 24,300   Camtek Ltd.(a)   1,685,934 
           
     FOOD - 1.3%     
 68,000   Strauss Group Ltd.(a)   1,279,515 
           
     HEALTH CARE FACILITIES & SERVICES - 1.6%     
 12,769   Danel Adir Yeoshua Ltd.   1,056,311 

 

 

TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 98.4% (Continued)     
     HEALTH CARE FACILITIES & SERVICES - 1.6% (Continued)     
 1,575,013   Novolog Ltd.  $630,110 
         1,686,421 
     HOME & OFFICE PRODUCTS - 1.3%     
 116,585   Maytronics Ltd.   1,323,451 
           
     INSTITUTIONAL FINANCIAL SERVICES - 2.2%     
 425,194   Tel Aviv Stock Exchange Ltd.(a)   2,265,725 
           
     INSURANCE - 4.0%     
 132,000   Harel Insurance Investments & Financial Services   1,036,454 
 1,048,628   Migdal Insurance & Financial Holdings Ltd.   1,193,574 
 182,400   Phoenix Holdings Ltd. (The)   1,849,536 
         4,079,564 
     INTERNET MEDIA & SERVICES - 1.1%     
 38,000   Fiverr International Ltd.(a)   1,034,360 
           
     LEISURE FACILITIES & SERVICES - 1.4%     
 12,800   Fattal Holdings 1998 Ltd.(a)   1,413,015 
           
     MEDICAL EQUIPMENT & DEVICES - 0.7%     
 30,900   Inmode Ltd.(a)   687,216 
           
     OIL & GAS PRODUCERS - 8.0%     
 350,000   Delek Drilling, L.P.   985,779 
 104,968   Energean plc   1,397,022 
 102,000   Energean plc   1,348,938 
 5,600   Israel Corp Ltd. (The)(a)   1,425,254 
 2,350,000   Oil Refineries Ltd.   794,516 
 8,000   Paz Ashdod Refinery Ltd.(a)   178,154 
 8,000   Paz Oil Company Ltd. (a)   670,872 
 1,600,000   Ratio Energies Finance, L.P.   1,320,053 
         8,120,588 

 

 

TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 98.4% (Continued)     
     REAL ESTATE INVESTMENT TRUSTS - 1.7%     
 369,000   Reit 1 Ltd.  $1,711,056 
           
     REAL ESTATE OWNERS & DEVELOPERS - 10.8%     
 62,000   Alony Hetz Properties & Investments Ltd.   507,918 
 237,000   Amot Investments Ltd.   1,277,324 
 42,000   Azrieli Group Ltd.   2,721,448 
 40,000   Elco Ltd.   1,262,727 
 160,000   Gav-Yam Lands Corp Ltd.   1,301,904 
 24,380   Melisron Ltd.   1,888,630 
 643,430   Mivne Real Estate KD Ltd.   1,913,699 
         10,873,650 
     RENEWABLE ENERGY - 1.4%     
 296,360   Energix-Renewable Energies Ltd.   1,089,703 
 3,000   SolarEdge Technologies, Inc.(a)   280,800 
         1,370,503 
     RETAIL - CONSUMER STAPLES - 2.0%     
 18,700   Rami Levy Chain Stores Hashikma Marketing 2006   1,044,063 
 210,000   Shufersal Ltd.(a)   1,002,241 
         2,046,304 
     SEMICONDUCTORS - 6.5%     
 30,000   Nova Ltd.(a)   4,121,700 
 79,223   Tower Semiconductor Ltd.(a)   2,417,886 
         6,539,586 
     SOFTWARE - 17.7%     
 14,100   CyberArk Software Ltd.(a)   3,088,605 
 29,935   Hilan Ltd.   1,576,093 
 48,800   Mobileye Global, Inc., Class A(a)   2,114,016 
 6,500   Monday.com Ltd.(a)   1,220,765 
 22,600   Nice Ltd. - ADR(a)   4,508,926 
 9,100   Oddity Tech Ltd.(a)   423,423 
 41,000   One Software Technologies Ltd.   524,184 
 55,300   Sapiens International Corp N.V.   1,600,382 
 48,200   Varonis Systems, Inc.(a)   2,182,496 

 

 

TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 98.4% (Continued)     
     SOFTWARE - 17.7% (Continued)     
 21,500   Verint Systems, Inc.(a)  $581,145 
         17,820,035 
     TECHNOLOGY HARDWARE - 0.3%     
 28,000   AudioCodes Ltd.   337,960 
           
     TECHNOLOGY SERVICES - 1.7%     
 72,783   Magic Software Enterprises Ltd.   705,267 
 56,210   Matrix IT Ltd.   1,060,625 
         1,765,892 
     TELECOMMUNICATIONS - 0.5%     
 46,000   Cellcom Israel Ltd.(a)   188,358 
 74,000   Partner Communications Company Ltd.(a)   365,864 
         554,222 
     WHOLESALE - DISCRETIONARY - 1.3%     
 17,300   Tadiran Group Ltd.   1,283,715 
           
           
     TOTAL COMMON STOCKS (Cost $62,448,103)   99,392,222 
           
     SHORT-TERM INVESTMENTS — 1.5%     
     MONEY MARKET FUNDS - 1.5%     
 1,520,131   Fidelity Money Market Government Portfolio Class I, 5.24% (Cost $1,520,131)(b)   1,520,131 
           
     TOTAL INVESTMENTS - 99.9% (Cost $63,968,234)  $100,912,353 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%   109,904 
     NET ASSETS - 100.0%  $101,022,257 

 

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 December 31, 2023.

 

 

TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023

 

Diversification of Assets
Country  % of Net Assets 
Israel   88.5%
United States   7.2%
United Kingdom   2.7%
Total   98.4%
Money Market Funds   1.5%
Other Assets Less Liabilities - Net   0.1%
Grand Total   100.0%

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 37.2%     
     CHEMICALS - 1.6%     
 375   Albemarle Corporation  $54,180 
 2,778   CF Industries Holdings, Inc.   220,851 
 1,853   FMC Corporation   116,832 
 6,014   ICL Group Ltd.   30,130 
 7,069   K+S A.G.   111,677 
 4,962   Mosaic Company (The)   177,292 
 5,109   Nutrien Ltd.   287,790 
 3,601   OCI N.V.   104,317 
 171   Sociedad Quimica y Minera de Chile S.A. - ADR   10,298 
 3,087   Yara International ASA   109,752 
         1,223,119 
     DATA CENTER REIT - 1.0%     
 6,000   Digital Realty Trust, Inc.   807,480 
           
     FOOD - 1.2%     
 2,563   Adecoagro S.A.   28,449 
 545   Cal-Maine Foods, Inc.   31,278 
 1,977   Darling Ingredients, Inc.(a)   98,534 
 2,408   Hormel Foods Corporation   77,321 
 1,385   Ingredion, Inc.   150,314 
 4,300   MEIJI Holdings Company Ltd.   102,143 
 2,600   Morinaga Milk Industry Company Ltd.   50,309 
 5,082   Mowi ASA   91,040 
 1,100   NH Foods Ltd.   37,295 
 4,300   Nisshin Seifun Group, Inc.   57,904 
 4,700   Nissui Corporation   25,306 
 1,279   Pilgrim’s Pride Corporation(a)   35,377 
 841   Salmar ASA   47,118 
         832,388 
     FORESTRY, PAPER & WOOD PRODUCTS - 0.3%     
 2,400   Canfor Corporation(a)   32,333 
 932   Louisiana-Pacific Corporation   66,014 
 2,600   Sumitomo Forestry Company Ltd.   77,510 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 37.2% (Continued)     
     FORESTRY, PAPER & WOOD PRODUCTS - 0.3% (Continued)     
 900   West Fraser Timber Company Ltd.  $77,001 
         252,858 
     GAS & WATER UTILITIES - 0.8%     
 403   American States Water Company   32,409 
 559   American Water Works Company, Inc.   73,782 
 910   California Water Service Group   47,202 
 8,755   Cia de Saneamento Basico do Estado de Sao Paulo - ADR   133,339 
 598   Essential Utilities, Inc.   22,335 
 1,154   Severn Trent plc   37,940 
 4,078   United Utilities Group plc   55,080 
 5,278   Veolia Environnement S.A.   166,417 
         568,504 
     HEALTH CARE FACILITIES & SERVICES - 0.4%     
 48,754  

Brookdale Senior Living, Inc.(a)

   283,748 
           
     HEALTH CARE REIT - 0.4%     
 18,450   Healthcare Realty Trust, Inc.   317,894 
           
     INDUSTRIAL REIT - 0.5%     
 7,000   Rexford Industrial Realty, Inc.   392,700 
           
     MACHINERY - 1.0%     
 748   AGCO Corporation   90,815 
 7,354   CNH Industrial N.V.   89,572 
 746   Deere & Company   298,303 
 10,900   Kubota Corporation   164,097 
 1,700   Kurita Water Industries Ltd.   66,560 
 840   Weir Group plc (The)   20,201 
         729,548 
     METALS & MINING - 4.7%     
 413   Agnico Eagle Mines Ltd.   22,653 
 1,834   Agnico Eagle Mines Ltd.   100,561 
 5,121   Alamos Gold, Inc., Class A   68,980 
 1,829   Alcoa Corporation   62,186 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 37.2% (Continued)     
     METALS & MINING - 4.7% (Continued)     
 2,139   Anglo American PLC  $53,735 
 3,813   Anglogold Ashanti plc   71,265 
 1,391   Antofagasta plc   29,782 
 513   Aurubis A.G.   42,057 
 44,540   B2Gold Corporation   140,746 
 8,971   Barrick Gold Corporation   162,285 
 3,493   BHP Group Ltd. - ADR   238,607 
 2,352   Cameco Corporation   101,371 
 4,500   Capstone Copper Corporation(a)   21,906 
 8,700   Centerra Gold, Inc.   51,939 
 3,247   Cia de Minas Buenaventura S.A.A - ADR   49,484 
 964   Cleveland-Cliffs, Inc.(a)   19,685 
 795   Compass Minerals International, Inc.   20,129 
 600   Endeavour Mining plc   13,481 
 16,100   First Quantum Minerals Ltd.   131,841 
 1,264   Franco-Nevada Corporation   140,064 
 6,685   Freeport-McMoRan, Inc.   284,580 
 9,263   Gold Fields Ltd. - ADR   133,943 
 19,422   Hecla Mining Company   93,420 
 5,000   Hudbay Minerals, Inc.   27,510 
 2,500   Ivanhoe Mines Ltd. (a)   24,246 
 20,463   Kinross Gold Corp.   123,801 
 2,500   Mitsubishi Materials Corporation   43,400 
 2,026   MP Materials Corporation(a)   40,216 
 4,573   Newmont Corporation   189,276 
 642   Pan American Silver Corporation   10,484 
 4,975   Rio Tinto plc - ADR   370,438 
 62   Royal Gold, Inc.   7,500 
 6,049   Sandstorm Gold Ltd.   30,426 
 509   Southern Copper Corporation   43,810 
 5,042   SSR Mining, Inc.   54,252 
 800   Sumitomo Metal Mining Company Ltd.   24,093 
 4,943   Teck Resources Ltd., Class B   208,954 
 17,157   Vale S.A. - ADR   272,110 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 37.2%% (Continued)     
     METALS & MINING - 4.7% (Continued)     
 306   Wheaton Precious Metals Corporation  $15,098 
         3,540,314 
     OIL & GAS PRODUCERS - 5.5%     
 5,196   Aker BP ASA   151,131 
 1,807   APA Corporation   64,835 
 6,300   ARC Resources Ltd.   93,527 
 14,900   Baytex Energy Corporation   49,255 
 3,492   Callon Petroleum Company(a)   113,141 
 946   Canadian Natural Resources Ltd.   61,982 
 7,600   Cenovus Energy, Inc.   126,650 
 400   Chord Energy Corporation   66,492 
 735   Civitas Resources, Inc.   50,259 
 549   CNX Resources Corporation(a)   10,980 
 1,127   ConocoPhillips   130,811 
 4,962   Coterra Energy, Inc.   126,630 
 21,700   Crescent Point Energy Corporation   150,511 
 4,251   Devon Energy Corporation   192,570 
 1,248   Diamondback Energy, Inc.   193,540 
 7,447   Enerplus Corporation   114,237 
 1,525   Eni SpA - ADR   51,865 
 1,772   EOG Resources, Inc.   214,324 
 1,232   EQT Corporation   47,629 
 6,311   Equinor ASA - ADR   199,681 
 42   Hess Corporation   6,055 
 200   Imperial Oil Ltd.   11,393 
 8,800   Inpex Corporation   118,875 
 1,313   Kosmos Energy Ltd. (a)   8,810 
 1,380   Magnolia Oil & Gas Corporation, Class A   29,380 
 4,038   Marathon Oil Corporation   97,558 
 1,615   Matador Resources Company   91,829 
 2,900   MEG Energy Corporation(a)   51,807 
 2,759   Murphy Oil Corporation   117,699 
 1,901   Occidental Petroleum Corporation   113,509 
 255   Ovintiv, Inc.   11,200 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 37.2% (Continued)     
     OIL & GAS PRODUCERS - 5.5% (Continued)     
 2,000   Parex Resources, Inc.  $37,661 
 7,187   Petroleo Brasileiro S.A. - ADR   114,776 
 904   Pioneer Natural Resources Company   203,292 
 2,000   PrairieSky Royalty Ltd.   35,020 
 546   Range Resources Corporation   16,620 
 18,856   Southwestern Energy Company(a)   123,507 
 6,000   Suncor Energy, Inc.   192,231 
 3,796   TotalEnergies S.E.   258,152 
 1,000   Tourmaline Oil Corporation   44,975 
 13,900   Vermilion Energy, Inc.   167,538 
 14,500   Whitecap Resources, Inc.   97,070 
         4,159,007 
     OIL & GAS SERVICES & EQUIPMENT - 1.2%     
 3,881   Baker Hughes Company   132,653 
 2,140   ChampionX Corporation   62,509 
 3,524   Halliburton Company   127,393 
 770   Helmerich & Payne, Inc.   27,889 
 6,476   Liberty Oilfield Services, Inc., Class A   117,475 
 969   Noble Corp plc   46,667 
 1,425   NOV, Inc.   28,899 
 8,724   Patterson-UTI Energy, Inc.   94,219 
 3,908   Schlumberger Ltd.   203,373 
 4,187   Transocean Ltd.(a)   26,587 
         867,664 
     REAL ESTATE INVESTMENT TRUSTS - 14.5%     
 19,700   American Homes 4 Rent, Class A   708,412 
 4,000   American Tower Corporation, A   863,520 
 15,000   Americold Realty Trust, Inc.   454,050 
 4,500   AvalonBay Communities, Inc.   842,490 
 5,500   Camden Property Trust   546,095 
 18,000   CTO Realty Growth, Inc.   311,940 
 1,000   Equinix, Inc.   805,390 
 15,300   Highwoods Properties, Inc.   351,288 
 20,000   InvenTrust Properties Corporation   506,800 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 37.2% (Continued)     
     REAL ESTATE INVESTMENT TRUSTS - 14.5% (Continued)     
 14,500   Plymouth Industrial REIT, Inc.  $349,015 
 378   PotlatchDeltic Corporation   18,560 
 6,500   Prologis, Inc.   866,450 
 2,750   Public Storage   838,750 
 1,623   Rayonier, Inc.   54,224 
 3,700   SBA Communications Corporation, A   938,653 
 5,400   Sun Communities, Inc.   721,710 
 17,500   Ventas, Inc.   872,200 
 7,300   Welltower, Inc.   658,241 
 2,682   Weyerhaeuser Company   93,253 
         10,801,041 
     RENEWABLE ENERGY - 0.1%     
 155   Array Technologies, Inc.(a)   2,604 
 266   Enphase Energy, Inc.(a)   35,149 
 223   First Solar, Inc.(a)   38,419 
 2,163   Shoals Technologies Group, Inc., Class A(a)   33,613 
         109,785 
     RESIDENTIAL REIT - 1.1%     
 6,750   Equity Residential   412,830 
 11,000   Invitation Homes, Inc.   375,210 
         788,040 
     RETAIL REIT - 0.8%     
 6,000   Brixmor Property Group, Inc.   139,620 
 10,300   NNN REIT, Inc.   443,930 
         583,550 
     SELF-STORAGE REIT - 0.9%     
 4,100   Extra Space Storage, Inc.   657,353 
           
     SEMICONDUCTORS - 0.1%     
 6,500   SUMCO Corporation   97,487 
           
     STEEL - 0.9%     
 873   ArcelorMittal S.A. - ADR   24,784 
 1,303   ATI, Inc. (a)   59,247 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023

 

Shares      Fair Value 
     COMMON STOCKS — 37.2% (Continued)     
     STEEL - 0.9% (Continued)     
 22,576   Gerdau S.A. - ADR  $109,493 
 2,200   JFE Holdings, Inc.   34,135 
 4,200   Nippon Steel Corporation   96,222 
 539   Nucor Corporation   93,808 
 1,400   OSAKA Titanium Technologies Company Ltd.   26,931 
 60   Reliance Steel & Aluminum Company   16,781 
 740   Steel Dynamics, Inc.   87,394 
 1,095   Ternium S.A. - ADR   46,505 
 1,847   United States Steel Corporation   89,857 
         685,157 
     WHOLESALE - CONSUMER STAPLES - 0.2%     
 1,772   Bunge Global S.A.   178,883 
           
     TOTAL COMMON STOCKS (Cost $26,503,962)   27,876,520 
           
     EXCHANGE-TRADED FUNDS — 19.3%     
     EQUITY - 19.3%     
 588,600   Timothy Plan Market Neutral ETF (b) (Cost $14,652,774)   14,374,730 
           
     PRECIOUS METALS - PHYSICAL HOLDING — 16.9%     
     PRECIOUS METAL - 16.9%     
 6,143   GOLD BARS - XAU BGN CURNCY (a) (Cost $7,240,876)   12,673,732 

 

 

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023

 

Principal
Amount ($)		      Coupon Rate
(%)		  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 23.7%           
     U.S. TREASURY INFLATION PROTECTED — 23.7%           
 1,654,856   United States Treasury Inflation Indexed Bonds  0.6250  01/15/24   1,650,466 
 1,730,164   United States Treasury Inflation Indexed Bonds  2.3750  01/15/25   1,716,979 
 2,255,483   United States Treasury Inflation Indexed Bonds  2.0000  01/15/26   2,239,032 
 2,212,207   United States Treasury Inflation Indexed Bonds  2.3750  01/15/27   2,233,965 
 2,026,895   United States Treasury Inflation Indexed Bonds  0.5000  01/15/28   1,920,716 
 961,946   United States Treasury Inflation Indexed Bonds  1.7500  01/15/28   957,357 
 1,498,743   United States Treasury Inflation Indexed Bonds  0.8750  01/15/29   1,437,052 
 1,519,012   United States Treasury Inflation Indexed Bonds  2.5000  01/15/29   1,573,173 
 2,903,598   United States Treasury Inflation Indexed Bonds  0.1250  01/15/31   2,599,506 
 330,163   United States Treasury Inflation Indexed Bonds  2.1250  02/15/41   341,306 
 1,589,454   United States Treasury Inflation Indexed Bonds  0.1250  02/15/51   995,495 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,383,030)         17,665,047 
                 
Shares               
     SHORT-TERM INVESTMENTS — 2.5%           
     MONEY MARKET FUNDS - 2.5%           
 1,890,336   Fidelity Money Market Government Portfolio Class I, 5.24% (Cost $1,890,336)(c)   1,890,336 
                 
     TOTAL INVESTMENTS - 99.6% (Cost $69,670,978)  $74,480,365 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%   293,286 
     NET ASSETS - 100.0%        $74,773,651 

 

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 December 31, 2023.

 

 

TIMOTHY PLAN STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
  
Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 65.9%     
     EQUITY - 65.9%     
 121,006   Timothy Plan High Dividend Stock Enhanced ETF(a)  $2,736,732 
 207,956   Timothy Plan International ETF(a)   5,499,646 
 209,700   Timothy Plan Market Neutral ETF(a)   5,121,272 
 225,039   Timothy Plan US Large/Mid Cap Core Enhanced ETF(a)   5,128,616 
 114,923   Timothy Plan US Small Cap Core ETF(a)   4,065,976 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $22,249,616)   22,552,242 
           
     OPEN END FUNDS — 31.6%     
     EQUITY - 13.3%     
 382,363   Timothy Plan International Fund, Class A(a)   4,565,419 
           
     FIXED INCOME - 18.3%     
 453,808   Timothy Plan Fixed Income Fund, Class A(a)   4,184,113 
 236,656   Timothy Plan High Yield Bond Fund, Class A(a)   2,073,107 
         6,257,220 
           
     TOTAL OPEN END FUNDS (Cost $11,199,532)   10,822,639 
           
     SHORT-TERM INVESTMENTS — 2.6%     
     MONEY MARKET FUNDS - 2.6%     
 872,780   Fidelity Money Market Government Portfolio Class I, 5.24% (Cost $872,780)(b)   872,780 
           
     TOTAL INVESTMENTS - 100.1% (Cost $34,321,928)  $34,247,661 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%   (40,552)
     NET ASSETS - 100.0%  $34,207,109 
           
ETF  - Exchange-Traded Fund
 
(a) Investment in affiliate.
   
(b) Rate disclosed is the seven day effective yield as of December 31, 2023.

 

 

TIMOTHY PLAN CONSERVATIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
  
Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 48.8%     
     EQUITY - 48.8%     
 102,160   Timothy Plan High Dividend Stock Enhanced ETF(a)  $2,310,502 
 131,744   Timothy Plan International ETF(a)   3,484,128 
 236,100   Timothy Plan Market Neutral ETF(a)   5,766,010 
 202,686   Timothy Plan US Large/Mid Cap Core Enhanced ETF(a)   4,619,194 
 75,405   Timothy Plan US Small Cap Core ETF(a)   2,667,829 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $18,839,641)   18,847,663 
           
     OPEN END FUNDS — 48.2%     
     EQUITY - 11.6%     
 374,052   Timothy Plan International Fund, Class A(a)   4,466,181 
           
     FIXED INCOME - 36.6%     
 1,260,743   Timothy Plan Fixed Income Fund, Class A(a)   11,624,052 
 286,914   Timothy Plan High Yield Bond Fund, Class A(a)   2,513,369 
         14,137,421 
           
     TOTAL OPEN END FUNDS (Cost $20,099,481)   18,603,602 
           
     SHORT-TERM INVESTMENTS — 3.1%     
     MONEY MARKET FUNDS - 3.1%     
 1,202,887   Fidelity Money Market Government Portfolio Class I, 5.24% (Cost $1,202,887)(b)   1,202,887 
           
     TOTAL INVESTMENTS - 100.1% (Cost $40,142,009)  $38,654,152 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%   (37,293)
     NET ASSETS - 100.0%  $38,616,859 
           
ETF  - Exchange-Traded Fund
 
(a) Investment in affiliate.
   
(b) Rate disclosed is the seven day effective yield as of December 31, 2023.

 

 

TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
  
Shares              Fair Value 
     EXCHANGE-TRADED FUNDS — 41.3%     
     EQUITY - 41.3%     
 295,000   Timothy Plan High Dividend Stock Enhanced ETF(a)  $6,671,867 
 27,500   Timothy Plan High Dividend Stock ETF(a)   910,693 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $8,197,973)   7,582,560 
                   
Principal
Amount ($)		      Coupon Rate
(%)		  Maturity  Fair Value 
     CORPORATE BONDS — 17.9%           
     CHEMICALS — 1.4%           
 85,000   Nutrien Ltd.  4.0000  12/15/26   83,079 
 195,000   Nutrien Ltd.  2.9500  05/13/30   176,314 
               259,393 
     COMMERCIAL SUPPORT SERVICES — 0.7%           
 70,000   Republic Services, Inc.  5.0000  04/01/34   71,805 
 50,000   Waste Management, Inc.  4.6250  02/15/33   50,252 
               122,057 
     ELECTRIC UTILITIES — 2.1%           
 245,000   American Electric Power Company, Inc.  3.2000  11/13/27   233,354 
 45,000   National Rural Utilities Cooperative Finance  2.9500  02/07/24   44,865 
 95,000   National Rural Utilities Cooperative Finance  5.0500  09/15/28   97,448 
 22,000   WEC Energy Group, Inc.  3.5500  06/15/25   21,406 
               397,073 
     GAS & WATER UTILITIES — 1.3%           
 240,000   NiSource, Inc.  3.4900  05/15/27   231,252 
                 
     INSTITUTIONAL FINANCIAL SERVICES — 0.3%           
 55,000   Cboe Global Markets, Inc.  3.6500  01/12/27   53,378 
                 
     MACHINERY — 1.4%           
 100,000   Caterpillar Financial Services Corporation  4.3500  05/15/26   99,820 
 170,000   John Deere Capital Corporation  3.9000  06/07/32   164,169 
               263,989 

 

 

TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
  
Principal
Amount ($)		      Coupon Rate
(%)		  Maturity  Fair Value 
     CORPORATE BONDS — 17.9% (Continued)           
     METALS & MINING — 1.5%           
 140,000   BHP Billiton Finance USA Ltd.  5.2500  09/08/33  $145,511 
 120,000   Rio Tinto Finance USA plc  5.0000  03/09/33   125,033 
               270,544 
     OIL & GAS PRODUCERS — 4.1%           
 185,000   Columbia Pipelines Holding Company, LLC(b)  6.0420  08/15/28   191,118 
 220,000   Energy Transfer Operating, L.P.  6.2500  04/15/49   228,047 
 125,000   Energy Transfer, L.P.  5.7500  02/15/33   128,957 
 70,000   Enterprise Products Operating, LLC  5.3500  01/31/33   73,400 
 115,000   Phillips 66 Company  3.6050  02/15/25   112,993 
               734,515 
     REAL ESTATE INVESTMENT TRUSTS — 1.5%           
 170,000   Digital Realty Trust, L.P.  3.7000  08/15/27   163,977 
 120,000   Healthpeak Properties, Inc.  3.5000  07/15/29   112,041 
               276,018 
     RETAIL - CONSUMER STAPLES — 0.9%           
 175,000   Dollar General Corporation  4.1250  05/01/28   171,511 
                 
     RETAIL - DISCRETIONARY — 1.1%           
 205,000   Tractor Supply Company  5.2500  05/15/33   210,181 
                 
     TRANSPORTATION & LOGISTICS — 1.6%           
 55,000   Canadian Pacific Railway Company  2.9000  02/01/25   53,672 
 240,000   CSX Corporation  3.2500  06/01/27   231,302 
               284,974 
                 
     TOTAL CORPORATE BONDS (Cost $3,256,796)         3,274,885 
                 
     NON U.S. GOVERNMENT & AGENCIES — 1.3%           
     LOCAL AUTHORITY — 1.3%           
 250,000   Province of Ontario Canada (Cost $245,850)  2.5000  04/27/26   239,851 

 

 

TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
  
Principal
Amount ($)		      Coupon Rate
(%)		  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 38.1%           
     AGENCY FIXED RATE — 20.4%           
 107,471   Fannie Mae Pool FM5537  2.0000  01/01/36  $97,111 
 70,600   Fannie Mae Pool MA4316  2.5000  04/01/36   65,056 
 20,380   Fannie Mae Pool MA4475  2.5000  10/01/41   18,079 
 60,938   Fannie Mae Pool MA4617  3.0000  04/01/42   55,720 
 46,367   Fannie Mae Pool FM4053  2.5000  08/01/50   40,039 
 51,022   Fannie Mae Pool CA8897  3.0000  02/01/51   45,705 
 7,606   Fannie Mae Pool MA4258  3.5000  02/01/51   7,086 
 20,143   Fannie Mae Pool FM6550  2.0000  03/01/51   16,758 
 46,012   Fannie Mae Pool FS1564  2.0000  04/01/51   37,724 
 38,968   Fannie Mae Pool CB0855  3.0000  06/01/51   34,584 
 61,668   Fannie Mae Pool FS3744  2.0000  07/01/51   50,681 
 103,864   Fannie Mae Pool FS1807  3.5000  07/01/51   96,793 
 47,640   Fannie Mae Pool FS4624  2.5000  11/01/51   40,796 
 162,333   Fannie Mae Pool FS6141  2.0000  01/01/52   133,835 
 52,806   Fannie Mae Pool CB2857  2.5000  02/01/52   45,401 
 100,368   Fannie Mae Pool CB3486  3.5000  05/01/52   92,207 
 70,233   Fannie Mae Pool FS1704  4.0000  05/01/52   67,171 
 121,113   Fannie Mae Pool BV9960  4.0000  06/01/52   115,181 
 104,804   Fannie Mae Pool FS3071  3.0000  07/01/52   93,766 
 164,010   Fannie Mae Pool FS3392  4.0000  09/01/52   155,334 
 93,313   Fannie Mae Pool FS3159  4.5000  10/01/52   90,907 
 92,331   Fannie Mae Pool FS4075  5.0000  04/01/53   91,995 
 101,094   Fannie Mae Pool FS5044  4.5000  06/01/53   98,698 
 43,256   Fannie Mae Pool FS4621  5.0000  06/01/53   43,261 
 101,907   Fannie Mae Pool FS5850  6.0000  09/01/53   103,640 
 49,007   Ginnie Mae I Pool 723248  5.0000  10/15/39   49,490 
 48,947   Ginnie Mae I Pool 783403  3.5000  09/15/41   46,172 
 42,435   Ginnie Mae II Pool MA3376  3.5000  01/20/46   40,110 
 31,715   Ginnie Mae II Pool MA3596  3.0000  04/20/46   29,202 
 27,169   Ginnie Mae II Pool MA3663  3.5000  05/20/46   25,635 
 35,283   Ginnie Mae II Pool MA3736  3.5000  06/20/46   33,286 
 11,973   Ginnie Mae II Pool MA4509  3.0000  06/20/47   10,998 
 33,634   Ginnie Mae II Pool MA4652  3.5000  08/20/47   31,699 
 31,691   Ginnie Mae II Pool MA4719  3.5000  09/20/47   29,866 

 

 

TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
  
Principal
Amount ($)		      Coupon Rate
(%)		  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 38.1% (Continued)           
     AGENCY FIXED RATE — 20.4% (Continued)           
 60,580   Ginnie Mae II Pool MA4778  3.5000  10/20/47  $57,086 
 23,100   Ginnie Mae II Pool MA6092  4.5000  08/20/49   22,717 
 17,745   Ginnie Mae II Pool MA6156  4.5000  09/20/49   17,467 
 43,509   Ginnie Mae II Pool BN2662  3.0000  10/20/49   39,466 
 19,156   Ginnie Mae II Pool MA6221  4.5000  10/20/49   18,938 
 16,881   Ginnie Mae II Pool MA6478  5.0000  02/20/50   17,035 
 21,085   Ginnie Mae II Pool MA6544  4.5000  03/20/50   20,837 
 13,292   Ginnie Mae II Pool MA6545  5.0000  03/20/50   13,417 
 95,267   Ginnie Mae II Pool MA6598  2.5000  04/20/50   83,716 
 21,006   Ginnie Mae II Pool MA6600  3.5000  04/20/50   19,754 
 19,079   Ginnie Mae II Pool MA6601  4.0000  04/20/50   18,405 
 24,824   Ginnie Mae II Pool MA6603  5.0000  04/20/50   25,052 
 46,392   Ginnie Mae II Pool MA7255  2.5000  03/20/51   40,613 
 37,681   Ginnie Mae II Pool MA7418  2.5000  06/20/51   32,992 
 57,075   Ginnie Mae II Pool MA7419  3.0000  06/20/51   51,853 
 50,877   Ginnie Mae II Pool MA7472  2.5000  07/20/51   44,568 
 63,434   Ginnie Mae II Pool CE1974  3.0000  08/20/51   58,160 
 73,762   Ginnie Mae II Pool CE1990  2.5000  09/20/51   64,500 
 129,878   Ginnie Mae II Pool MA7705  2.5000  11/20/51   113,685 
 133,783   Ginnie Mae II Pool MA7768  3.0000  12/20/51   121,221 
 56,349   Ginnie Mae II Pool MA7829  3.5000  01/20/52   52,482 
 74,376   Ginnie Mae II Pool MA7939  4.0000  03/20/52   71,015 
 137,340   Ginnie Mae II Pool MA7987  2.5000  04/20/52   120,183 
 131,434   Ginnie Mae II Pool MA8098  3.0000  06/20/52   119,079 
 107,990   Ginnie Mae II Pool MA8268  4.5000  09/20/52   105,469 
 92,788   Ginnie Mae II Pool MA8800  5.0000  04/20/53   92,278 
 172,809   Ginnie Mae II Pool MA8943  3.0000  06/20/53   156,928 
 103,770   Ginnie Mae II Pool MA9017  5.5000  07/20/53   104,479 
     TOTAL AGENCY FIXED RATE (Cost $3,905,309)         3,737,381 
                 
     U.S. TREASURY NOTES — 17.7%           
 280,000   United States Treasury Note  2.2500  11/15/24   273,733 
 70,000   United States Treasury Note  2.0000  08/15/25   67,372 
 565,000   United States Treasury Note  0.6250  07/31/26   517,703 

 

 

TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
  
Principal
Amount ($)		      Coupon Rate
(%)		  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 38.1% (Continued)           
     U.S. TREASURY NOTES — 17.7% (Continued)           
 475,000   United States Treasury Note  1.2500  09/30/28  $421,414 
 515,000   United States Treasury Note  1.2500  08/15/31   426,907 
 435,000   United States Treasury Note  3.5000  02/15/33   422,664 
 430,000   United States Treasury Note  1.7500  08/15/41   300,278 
 250,000   United States Treasury Note  2.0000  08/15/51   164,121 
 700,000   United States Treasury Note  3.6250  02/15/53   649,523 
     TOTAL U.S. TREASURY NOTES (Cost $3,288,363)         3,243,715 
                 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $7,193,672)         6,981,096 
                 
Shares                
     SHORT-TERM INVESTMENTS — 1.2%     
     MONEY MARKET FUNDS - 1.2%     
 223,033   Fidelity Money Market Government Portfolio Class I, 5.24% (Cost $223,033)(c)   223,033 
                   
     TOTAL INVESTMENTS - 99.8% (Cost $19,117,324)  $18,301,425 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%   39,444 
     NET ASSETS - 100.0%  $18,340,869 
                   
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) 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 December 31, 2023 the total market value of 144A securities is 191,118 or 1.0% of net assets.
   
(c) Rate disclosed is the seven day effective yield as of December 31, 2023.