# EDGAR Filing Document

**Accession Number:** 0000916490
**File Stem:** 0001580642-23-000986
**Filing Date:** 2023-2
**Character Count:** 149996
**Document Hash:** bed184d591b529148508e30d4bd66e7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000986.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001580642-23-000986

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIMOTHY PLAN
- **CENTRAL INDEX KEY:** 0000916490
- **IRS NUMBER:** 597016828
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08228
- **FILM NUMBER:** 23658458

**BUSINESS ADDRESS:**
- **STREET 1:** 1055 MAITLAND CENTER COMMONS
- **CITY:** MAITLAND
- **STATE:** FL
- **ZIP:** 32759
- **BUSINESS PHONE:** 4076441986

**MAIL ADDRESS:**
- **STREET 1:** 1055 MAITLAND CENTER COMMONS
- **CITY:** MAITLAND
- **STATE:** FL
- **ZIP:** 32759

## Series and Classes Contracts Data

### Timothy Plan Conservative Growth Portfolio Variable Series (Series ID: S000011344)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000031436 | Timothy Plan Conservative Growth Portfolio Variable Series |  |

### Timothy Plan Strategic Growth Portfolio Variable Series (Series ID: S000011345)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000031437 | Timothy Plan Strategic Growth Portfolio Variable Series |  |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

Investment Company Act file number <u>811-08228</u> 

<u>The Timothy Plan</u> 

(Exact name of registrant as specified in charter)

<u>1055 Maitland Center Commons, Maitland, FL 32751</u> 

(Address of principal executive offices) (Zip code)

<u>Art Ally, The Timothy Plan</u> 

<u>1055 Maitland Center Commons, Maitland, FL 32751</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>800-846-7526</u> 

Date of fiscal year end: <u>12/31</u>

Date of reporting period: <u>12/31/22</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.** 

The Registrant's audited annual financial reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:

![(IMAGE)](tp001_v1.jpg)

ANNUAL REPORT <br> December 31, 2022

**TIMOTHY PLAN VARIABLE SERIES**

Conservative Growth

Strategic Growth

September 30, 2022

Dear Timothy Plan Strategic Growth and Conservative Growth Variable Shareholder:

This report covers the fiscal year (01-01-22 thru 12-31-22). Asset allocation has normally been, and we believe it continues to be, a very prudent approach to investing. As a review, your Timothy Plan investment was a compilation of many of Timothy's underlying funds (including four of our ETF's) and, as such, your performance was directly related to the performance of those underlying funds. I believe you are aware that this has been a very difficult period in the capital markets with the economic recession which created a lot of turbulence in both the equity and fixed income markets. As a result, performance in all our underlying funds was negative for this past fiscal year which contributed to the negative returns for the Strategic Growth and Conservative Growth Portfolios. While I am never happy with negative performance, at least both these asset allocation funds were down less than their respective indexes. You can find the specific details in the financial highlights of the main body of this report.

After careful consideration and with the consent of the Board of Trustees, we have initiated the withdrawal of the Funds from the marketplace. The withdrawal will be completed on the 17<sup>th</sup> day of April, 2023.

As you know, no one can guarantee future performance. However, the one thing that I can assure you of is every one of our sub-advisors has done their very best and our team here at Timothy has worked very hard to provide you an investment in which we hope you felt comfortable.

Thank you for trusting us with a part of your financial future.

Sincerely,

Arthur D. Ally

President

---

| |
|:---|
| **Fund Performance - (Unaudited)** |
| **December 31, 2022** |
| **Conservative Growth Portfolio Variable Series** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | 5 Year | 10 Year | Average Annual |
|  | 1 Year | Average | Average | Total Return |
| Fund/Index | Total Return | Annual Return | Annual Return | Since Inception (a) |
| Timothy Conservative Growth Portfolio Variable Series | (12.67)% | 1.49% | 3.17% | 3.60% |
| Dow Jones Moderate Portfolio Index (b) | (14.97)% | 3.26% | 5.66% | 6.28% |

---

(a) For
the period May 1, 2002 (commencement of investment in accordance with objective) to December 31, 2022.

(b) Dow
Jones Moderate Portfolio Index is based on the Dow Jones Relative Risk Index and consists of 60% equities and 40% fixed income.

Timothy Plan Conservative Growth Portfolio Variable Series vs. Dow Jones Moderate Portfolio Index

![(LINE GRAPH)](tp002_v1.jpg)

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund and the Dow Jones Moderate Portfolio Index on December 31, 2012 and held through December 31, 2022. The Dow Jones Moderate Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the indexes and the reinvestment of dividends. The total operating expense ratio (including indirect expenses), as stated in the Fund's Prospectus dated April 30, 2022, is 1.56%. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares as well as other charges and expenses of the insurance contract, or separate account. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.

---

| |
|:---|
| **Fund Performance - (Unaudited)** |
| **December 31, 2022** |
| **Strategic Growth Portfolio Variable Series** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | 5 Year | 10 Year | Average Annual |
|  | 1 Year | Average | Average | Total Return |
| Fund/Index | Total Return | Annual Return | Annual Return | Since Inception (a) |
| Timothy Strategic Growth Portfolio Variable Series | (12.96)% | 2.44% | 4.43% | 3.75% |
| Dow Jones Moderately Aggressive Portfolio Index (b) | (15.59)% | 4.58% | 7.40% | 7.24% |

---

(a) For
the period May 1, 2002 (commencement of investment in accordance with objective) to December 31, 2022.

(b) Dow
Jones Moderately Aggressive Portfolio Index is based on the Dow Jones Relative Risk Index and consists of 80% equities and 20% fixed
income.

Timothy Plan Strategic Growth Portfolio Variable Series vs. Dow Jones Moderately Aggressive Portfolio Index

![(LINE GRAPH)](tp003_v1.jpg)

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund and the Dow Jones Moderately Aggressive Portfolio Index on December 31, 2012 and held through December 31, 2022. The Dow Jones Moderately Aggressive Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the indexes and the reinvestment of dividends. The total operating expense ratio (including indirect expenses), as stated in the Fund's Prospectus dated April 30, 2022, is 1.38%. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares as well as other charges and expenses of the insurance contract, or separate account. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.

---

| |
|:---|
| **Fund Profile - Conservative Growth Portfolio Variable Series** |
| **December 31, 2022 (Unaudited)** |

---

---

| | |
|:---|:---|
| **Underlying Fund Allocations** | **Underlying Fund Allocations** |
| (% of Net Assets) | (% of Net Assets) |
| Fixed Income Fund | 38.34% |
| U.S. Large/Mid Cap Core Enhanced ETF | 16.28% |
| International ETF | 13.52% |
| Defensive Strategies Fund | 7.33% |
| U.S. Small Cap Core ETF | 7.20% |
| High Yield Bond Fund | 6.73% |
| International Fund | 6.22% |
| High Dividend Stock Enhanced ETF | 4.42% |
| Money Market and Liabilities In Excess of Other Assets - Net | (0.04)% |
|  | **100.00%** |

---

**Expense Example (Unaudited):**

As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as "ongoing costs" (in dollars), of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares as well as other charges and expenses of the insurance contract, or separate account.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of July 1, 2022 through December 31, 2022.

**Actual Expenses**

The first line of the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning Account<br>Value | Ending Account<br>Value | Expenses Paid<br>During Period\* |
|  | | | 7/1/2022 through |
|  | 7/1/2022 | 12/31/2022 | 12/31/2022 |
| **Actual** | $1000.00 | $998.90 | $3.50 |
| **Hypothetical\*\*** | $1000.00 | $1021.70 | $3.54 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.70%, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 184 days/365 days (to reflect the partial year period). The Fund's ending account value on the first line in the table is based on its actual total return of (0.11)% for the six-month period of July 1, 2022 through December 31, 2022.

\*\* Assumes a 5% return before expenses.

---

| |
|:---|
| **Fund Profile - Strategic Growth Portfolio Variable Series** |
| **December 31, 2022 (Unaudited)** |

---

---

| | |
|:---|:---|
| **Underlying Fund Allocations** | **Underlying Fund Allocations** |
| (% of Net Assets) | (% of Net Assets) |
| International ETF | 21.86% |
| Fixed Income Fund | 17.68% |
| U.S. Large/Mid Cap Core Enhanced ETF | 17.45% |
| Defensive Strategies Fund | 9.18% |
| U.S. Small Cap Core ETF | 8.89% |
| High Dividend Stock Enhanced ETF | 8.52% |
| International Fund | 8.08% |
| High Yield Bond Fund | 6.06% |
| Money Market and Other Assets Less Liabilities - Net | 2.28% |
|  | **100.00%** |

---

**Expense Example (Unaudited):**

As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as "ongoing costs" (in dollars), of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares as well as other charges and expenses of the insurance contract, or separate account.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of July 1, 2022 through December 31, 2022.

**Actual Expenses**

The first line of the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning Account<br>Value | Ending Account<br>Value | Expenses Paid<br>During Period\* |
|  | | | 7/1/2022 through |
|  | 7/1/2022 | 12/31/2022 | 12/31/2022 |
| **Actual** | $1000.00 | $1013.70 | $2.70 |
| **Hypothetical\*\*** | $1000.00 | $1022.52 | $2.72 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.53%, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 184 days/365 days (to reflect the partial year period). The Fund's ending account value on the first line in the table is based on its actual total return of 1.37% for the six-month period of July 1, 2022 through December 31, 2022.

\*\* Assumes a 5% return before expenses.

---

| |
|:---|
| **TIMOTHY PLAN CONSERVATIVE GROWTH - VARIABLE** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 41.4%** |  |
|  | **EQUITY - 41.4%** |  |
| 16481 | Timothy Plan High Dividend Stock Enhanced ETF<sup>(a)</sup> | $386681 |
| 50831 | Timothy Plan International ETF<sup>(a)</sup> | 1182329 |
| 59927 | Timothy Plan US Large/Mid Cap Core Enhanced ETF<sup>(a)</sup> | 1422913 |
| 20677 | Timothy Plan US Small Cap Core ETF<sup>(a)</sup> | 629178 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost$3,683,621)** | 3621101 |
|  | **OPEN END FUNDS — 58.6%** |  |
|  | **EQUITY - 6.2%** |  |
| 51624 | Timothy Plan International Fund, Class A<sup>(a)</sup> | 543602 |
|  | **FIXED INCOME - 45.1%** |  |
| 371521 | Timothy Plan Fixed Income Fund, Class A<sup>(a)</sup> | 3351117 |
| 71312 | Timothy Plan High Yield Bond Fund, Class A<sup>(a)</sup> | 588320 |
|  |  | 3939437 |
|  | **MIXED ALLOCATION - 7.3%** |  |
| 50058 | Timothy Plan Defensive Strategies Fund, Class A<sup>(a)</sup> | 640737 |
|  | **TOTAL OPEN END FUNDS (Cost $5,633,626)** | 5123776 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 22244 | Fidelity Investments Money Market Government Portfolio, Class I, 4.06% (Cost $22,244)<sup>(b)</sup> | 22244 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $9,339,491)** | $8767121 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (26004) |
|  | **NET ASSETS - 100.0%** | $8741117 |

---

ETF - Exchange-Traded Fund

(a) Affiliated
Company.

(b) Rate
disclosed is the seven day effective yield as of December 31, 2022.

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **TIMOTHY PLAN STRATEGIC GROWTH - VARIABLE** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 56.7%** |  |
|  | **EQUITY - 56.7%** |  |
| 49517 | Timothy Plan High Dividend Stock Enhanced ETF<sup>(a)</sup> | $1161778 |
| 128114 | Timothy Plan International ETF<sup>(a)</sup> | 2979931 |
| 100190 | Timothy Plan US Large/Mid Cap Core Enhanced ETF<sup>(a)</sup> | 2378921 |
| 39827 | Timothy Plan US Small Cap Core ETF<sup>(a)</sup> | 1211892 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost$8,040,142)** | 7732522 |
|  | **OPEN END FUNDS — 41.0%** |  |
|  | **EQUITY - 8.1%** |  |
| 104579 | Timothy Plan International Fund, Class A<sup>(a)</sup> | 1101216 |
|  | **FIXED INCOME - 23.7%** |  |
| 267175 | Timothy Plan Fixed Income Fund, Class A<sup>(a)</sup> | 2409915 |
| 100220 | Timothy Plan High Yield Bond Fund, Class A<sup>(a)</sup> | 826818 |
|  |  | 3236733 |
|  | **MIXED ALLOCATION - 9.2%** |  |
| 97836 | Timothy Plan Defensive Strategies Fund, Class A<sup>(a)</sup> | 1252297 |
|  | **TOTAL OPEN END FUNDS (Cost $6,286,763)** | 5590246 |
|  | **SHORT-TERM INVESTMENTS — 2.4%** |  |
|  | **MONEY MARKET FUNDS - 2.4%** |  |
| 325209 | Fidelity Investments Money Market Government Portfolio, Class I, 4.06% (Cost $325,209)<sup>(b)</sup> | 325209 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $14,652,114)** | $13647977 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (14410) |
|  | **NET ASSETS - 100.0%** | $13633567 |

---

ETF - Exchange-Traded Fund

(a) Affiliated
Company.

(b) Rate
disclosed is the seven day effective yield as of December 31, 2022.

*The accompanying notes are an integral part of these financial statements.*

Statements of Assets and Liabilities <br> December 31, 2022

---

| | | |
|:---|:---|:---|
| | **CONSERVATIVE GROWTH**<br>**PORTFOLIO**<br>**VARIABLE SERIES** | **STRATEGIC GROWTH**<br>**PORTFOLIO**<br>**VARIABLE SERIES** |
| **ASSETS:** |  |  |
| Investments in affiliated securities, at cost | $9317247 | $14326905 |
| Investments in unaffiliated securities, at cost | 22244 | 325209 |
| Investments in affiliated securities, at value | $8744877 | $13322768 |
| Investments in unaffiliated securities, at value | 22244 | 325209 |
| Dividends and interest receivable | 169 | 866 |
| Prepaid expenses and other assets | 5045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | **8772335** | **13648843** |
| **LIABILITIES:** |  |  |
| Accrued advisory fees | 267 | 944 |
| Payable for fund shares redeemed | 2061 | 709 |
| Payable to service providers | 3111 | 3445 |
| Accrued expenses | 25779 | 10178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | **31218** | **15276** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**8741117** | $**13633567** |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid in capital ($0 par value, unlimited shares authorized) | $9221186 | $14102276 |
| Accumulated deficit | (480069) | (468709) |
| **Net Assets** | $**8741117** | $**13633567** |
| Net Assets | $8741117 | $13633567 |
| Shares of beneficial interest outstanding | 948511 | 1372162 |
| Net Asset Value (Net Assets/shares outstanding), offering price and redemption price per share | $9.22 | $9.94 |

---

*The accompanying notes are an integral part of these financial statements.*

Statements of Operations <br> For the Year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
| | **CONSERVATIVE GROWTH**<br>**PORTFOLIO**<br>**VARIABLE SERIES** | **STRATEGIC GROWTH**<br>**PORTFOLIO**<br>**VARIABLE SERIES** |
| **Investment Income:** |  |  |
| Dividend income from affiliated funds | $159006 | $274057 |
| Interest income | 2236 | 4259 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **161242** | **278316** |
| **Operating Expenses:** |  |  |
| Investment advisory fees | 9763 | 15765 |
| Administration fees | 23096 | 31909 |
| Audit and tax fees | 12590 | 12864 |
| Printing expenses | 1021 | 2497 |
| Custody fees | 3465 | 3288 |
| Compliance officer fees | 1735 | 1498 |
| Trustees' fees | 1677 | 857 |
| Insurance expenses | 365 | 365 |
| Other expenses | 931 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **54643** | **69773** |
| **Net Investment Income** | **106599** | **208543** |
| **Net Realized and Unrealized Gain (Loss) from Investments:** |  |  |
| Capital gain dividends from affiliated funds | 13316 | 26026 |
| Net realized gain from investments in affiliated funds | 55423 | 318314 |
| Net Change in unrealized depreciation on affiliated investments | (1646513) | (2935472) |
| **Net Realized and Unrealized Loss from Investments** | **(1577774)** | **(2591132)** |
| **Net Decrease in Net Assets Resulting From Operations** | $**(1471175)** | $**(2382589)** |

---

*The accompanying notes are an integral part of these financial statements.*

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CONSERVATIVE GROWTH** | **CONSERVATIVE GROWTH** | **STRATEGIC GROWTH** | **STRATEGIC GROWTH** |
|  | **PORTFOLIO** | **PORTFOLIO** | **PORTFOLIO** | **PORTFOLIO** |
|  | **VARIABLE SERIES** | **VARIABLE SERIES** | **VARIABLE SERIES** | **VARIABLE SERIES** |
|  | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** |
| **Operations:** |  |  |  |  |
| Net investment income | $106599 | $79185 | $208543 | $163125 |
| Capital gain dividends from affiliated investments | 13316 |  | 26026 |  |
| Net realized gain from investments in affiliated funds | 55423 | 1225766 | 318314 | 1825599 |
| Net change in unrealized appreciation (depreciation) on affiliated investments | (1646513) | (278923) | (2935472) | 55956 |
| **Net increase (decrease) in net assets resulting from operations** | **(1471175)** | **1026028** | **(2382589)** | **2044680** |
| **Distributions to Shareholders:** |  |  |  |  |
| Total distributions paid | (1292327) | (174530) | (1974810) | (287799) |
| **Total dividends and distributions to shareholders** | **(1292327)** | **(174530)** | **(1974810)** | **(287799)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| Net proceeds from shares sold | 177665 | 681920 | 253358 | 2092597 |
| Reinvestment of dividends | 1292327 | 174530 | 1974810 | 287799 |
| Cost of shares redeemed | (2259550) | (3308900) | (2877678) | (2523394) |
| **Net decrease in net assets from share transactions of beneficial interest** | **(789558)** | **(2452450)** | **(649510)** | **(142998)** |
| **Total Increase (Decrease) in Net Assets** | **(3553060)** | **(1600952)** | **(5006909)** | **1613883** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 12294177 | 13895129 | 18640476 | 17026593 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of year** | $**8741117** | $**12294177** | $**13633567** | $**18640476** |
| **Share Activity:** |  |  |  |  |
| Shares sold | 16201 | 55938 | 22404 | 159433 |
| Shares reinvested | 144072 | 14236 | 205495 | 22087 |
| Shares redeemed | (202871) | (271654) | (264650) | (197909) |
| Net decrease in shares of beneficial interest outstanding | (42598) | (201480) | (36751) | (16389) |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| Financial Highlights |
| **Conservative Growth Portfolio Variable Series** |

---

Selected data based on a share outstanding throughout each year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year**<br>**ended**<br>**December 31,**<br>**2022** | **For the Year**<br>**ended**<br>**December 31,**<br>**2021** | **For the Year**<br>**ended**<br>**December 31,**<br>**2020** | **For the Year**<br>**ended**<br>**December 31,**<br>**2019** | **For the Year**<br>**ended**<br>**December 31,**<br>**2018** |
| Net asset value, beginning of year | $12.40 | $11.65 | $11.25 | $10.26 | $11.37 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.12 | 0.07 | 0.08 | 0.07 | 0.10 |
| Net realized and unrealized gain (loss) on investments | (1.73) | 0.86 | 0.81 | 1.52 | (1.09) |
| Total from investment operations | (1.61) | 0.93 | 0.89 | 1.59 | (0.99) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.10) | (0.10) | (0.08) | (0.13) | (0.12) |
| From net realized gains on investments | (1.47) | (0.08) | (0.41) | (0.47) |  |
| Total distributions | (1.57) | (0.18) | (0.49) | (0.60) | (0.12) |
| Net asset value, end of year | $9.22 | $12.40 | $11.65 | $11.25 | $10.26 |
| Total return (B) | (12.67)% | 7.93% | 8.24% | 15.68% | (8.77)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $8741 | $12294 | $13895 | $13619 | $14347 |
| Expenses (C) | 0.55% | 0.63% | 0.67% | 0.55% | 0.41% |
| Net investment income (C)(D) | 1.07% | 0.60% | 0.75% | 0.66% | 0.91% |
| Portfolio turnover rate | 4% | 32% | 17% | 63% | 11% |

---

(A) Per
share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total
return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment
of dividends. Total returns do not reflect the fees and expenses of any seperate account that may use the Portfolio as its underlying
investment medium or any variable contract or variable life insurance policy that may be funded in such account. If these fees and expenses
were included, the total returns figures for all periods shown would be reduced.

(C) These
ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(D) Recognition
of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
in which the Fund invests.

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| Financial Highlights |
| **Strategic Growth Portfolio Variable Series** |

---

Selected data based on a share outstanding throughout each year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year**<br>**ended**<br>**December 31,**<br>**2022** | **For the Year**<br>**ended**<br>**December 31,**<br>**2021** | **For the Year**<br>**ended**<br>**December 31,**<br>**2020** | **For the Year**<br>**ended**<br>**December 31,**<br>**2019** | **For the Year**<br>**ended**<br>**December 31,**<br>**2018** |
| Net asset value, beginning of year | $13.23 | $11.95 | $11.56 | $9.82 | $11.27 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (A) | 0.15 | 0.12 | 0.10 | 0.05 | 0.07 |
| Net realized and unrealized gain (loss) on investments | (1.91) | 1.37 | 0.90 | 1.88 | (1.41) |
| Total from investment operations | (1.76) | 1.49 | 1.00 | 1.93 | (1.34) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.13) | (0.10) | (0.06) | (0.08) | (0.11) |
| From net realized gains on investments | (1.40) | (0.11) | (0.55) | (0.11) |  |
| Total distributions | (1.53) | (0.21) | (0.61) | (0.19) | (0.11) |
| Net asset value, end of year | $9.94 | $13.23 | $11.95 | $11.56 | $9.82 |
| Total return (B) | (12.96)% | 12.52% | 9.18% | 19.78% | (11.90)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $13634 | $18640 | $17027 | $17071 | $15964 |
| Expenses (C) | 0.44% | 0.52% | 0.60% | 0.49% | 0.46% |
| Net investment income (C)(D) | 1.31% | 0.93% | 0.90% | 0.49% | 0.64% |
| Portfolio turnover rate | 20% | 44% | 13% | 78% | 7% |

---

(A) Per
share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B) Total
return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment
of dividends. Total returns do not reflect the fees and expenses of any seperate account that may use the Portfolio as its underlying
investment medium or any variable contract or variable life insurance policy that may be funded in such account. If these fees and expenses
were included, the total returns figures for all periods shown would be reduced.

(C) These
ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(D) Recognition
of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
in which the Fund invests.

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| Notes to Financial Statements |
| December 31, 2022 |
| **Conservative and Strategic Growth Portfolio Variable Series** |

---

Note 1 \| **Significant Accounting Policies**

The Timothy Plan Conservative Growth Portfolio Variable Series ("Conservative Growth Portfolio") and the Timothy Plan Strategic Growth Portfolio Variable Series ("Strategic Growth Portfolio") (individually the "Fund", collectively the "Funds") were organized as diversified series of The Timothy Plan (the "Trust"). The Trust is an open-ended investment company established under the laws of Delaware by an Agreement and Declaration of Trust dated December 16, 1993 (the "Trust Agreement"). The Funds are intended to serve as investment vehicles for variable life insurance, variable annuity and group annuity products of insurance companies or for qualified plans. They are offered only to separate accounts established by various insurance companies and to certain eligible qualified retirement plans. The Conservative Growth Portfolio's primary objective is moderate long-term capital growth. The Strategic Growth Portfolio's primary investment objective is medium to high levels of long-term capital growth. The Conservative Growth Portfolio seeks to achieve its investment objectives by investing primarily in the following Timothy Funds which are other series of the Trust: Small Cap Value Fund, Large/Mid Cap Value Fund, Large/Mid Cap Growth Fund, Fixed Income Fund, Aggressive Growth Fund, High Yield Bond Fund, International Fund, Israel Common Values Fund, Defensive Strategies Fund, Growth & Income Fund, Timothy Plan High Dividend Stock ETF, Timothy Plan International ETF, Timothy Plan U.S. Large Cap Core ETF and Timothy Plan U.S. Small Cap Core ETF. The Conservative Growth Portfolio also invests in the Fidelity Institutional Money Market Funds – Government Portfolio, an unaffiliated mutual fund. The Strategic Growth Portfolio seeks to achieve its investment objectives by investing primarily in the following Timothy Funds which are other series of the Trust: Small Cap Value Fund, Large/Mid Cap Value Fund, Large/Mid Cap Growth Fund, Fixed Income Fund, Aggressive Growth Fund, High Yield Bond Fund, International Fund, Israel Common Values Fund, Defensive Strategies Fund, Growth & Income Fund, Timothy Plan High Dividend Stock ETF, Timothy Plan International ETF, Timothy Plan U.S. Large Cap Core ETF and Timothy Plan U.S. Small Cap Core ETF. The Strategic Growth Portfolio can also invest in the Fidelity Institutional Money Market Funds – Government Portfolio, an unaffiliated mutual fund. Each Fund is one of a series of Funds currently authorized by the Board of Trustees (the "Board"). Timothy Partners, Ltd., ("TPL" or the "Advisor") is the Investment Advisor for the Funds.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 *"Financial Services – Investment Companies".*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. SECURITY VALUATION AND FAIR VALUE MEASUREMENTS**

The Funds value their investments at fair value. Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

**VALUATION OF FUND OF FUNDS**

A Fund may invest in portfolios of open-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the Board of Trustees of the Underlying Funds.

Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

**EXCHANGE TRADED FUNDS**

The Funds may invest in exchange traded funds ("ETFs"). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively traded or represent a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Each ETF is subject to specific risks, depending on the nature of the ETF. Additionally, ETFs have fees and expenses that reduce their value.

---

| |
|:---|
| Notes to Financial Statements |
| December 31, 2022 (Continued) |
| **Conservative and Strategic Growth Portfolio Variable Series** |

---

The Trust utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

● **Level 1** – quoted prices in active markets for identical securities

● **Level 2** – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● **Level 3** – significant unobservable inputs (including each Fund's own assumptions in determining fair value of investments based on the best information available)

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Each Fund purchases Class A Shares of the Timothy Funds at net asset value without any sales charges. Investments in mutual funds, including money market mutual funds, are generally priced at the ending Net Asset Value ("NAV") provided by the service agent of the funds. These securities will be categorized as Level 1 securities. Securities including ETFs, that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price.

The Board has delegated to the advisor responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the advisor will use its best efforts to arrive at the fair value of a security held by the Fund under all reasonably ascertainable facts and circumstances. The advisor must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Board has adopted written policies and procedures to guide the advisor and sub-advisors with respect to the circumstances under which, and the methods to be used, in fair valuing securities.

The following is a summary of the inputs used to value the Conservative Growth Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $3621101 | $— | $— | $3621101 |
| Open End Funds | 5123776 |  |  | 5123776 |
| Money Market Funds | 22244 |  |  | 22244 |
| Total | $8767121 | $— | $— | $8767121 |

---

The following is a summary of the inputs used to value the Strategic Growth Portfolio's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $7732522 | $— | $— | $7732522 |
| Open End Funds | 5590246 |  |  | 5590246 |
| Money Market Funds | 325209 |  |  | 325209 |
| Total | $13647977 | $— | $— | $13647977 |

---

Refer to the Schedules of Investments for underlying Fund allocations.

The Conservative Growth Portfolio and the Strategic Growth Portfolio did not hold any Level 2 or Level 3 securities during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. INVESTMENT INCOME AND SECURITIES TRANSACTIONS**

Security transactions are accounted for on the date the securities are purchased or sold (trade date). Cost is determined and gains and losses are based on the identified cost basis for both financial statement and federal income tax purposes. Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis.

The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments' taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. NET ASSET VALUE PER SHARE**

Net asset per share of the capital stock of each Fund is determined daily as of the close of trading on the New York Stock Exchange by dividing the value of its net assets by the number of Fund shares outstanding.

---

| |
|:---|
| Notes to Financial Statements |
| December 31, 2022 (Continued) |
| **Conservative and Strategic Growth Portfolio Variable Series** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. FEDERAL INCOME TAXES**

It is the policy of each Fund to continue to comply with all requirements under subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income or gains. Therefore, no federal income tax or excise provision is required.

Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2019, to December 31, 2021, or expected to be taken in the Funds' December 31, 2022, year-end tax returns. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. For the year ended December 31, 2022, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. federal tax authorities for tax years before 2019 and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially within the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. USE OF ESTIMATES**

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. DISTRIBUTIONS TO SHAREHOLDERS**

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Funds. There were no such reclassifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. EXPENSES**

Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Fund's relative net assets or an appropriate basis (as determined by the Board).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. INDEMNIFICATION**

The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

Note 2 \| **Purchases and Sales of Securities**

The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds | Purchases | Sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservative Growth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio | $385250 | $2084338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Growth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio | 3171052 | 5508261 |

---

Note 3 \| **Aggregate Unrealized Appreciation and Depreciation**

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at December 31, 2022, were as follows:

---

| |
|:---|
| Notes to Financial Statements |
| December 31, 2022 (Continued) |
| **Conservative and Strategic Growth Portfolio Variable Series** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | Net Unrealized |
|  | | Gross Unrealized | Gross Unrealized | Appreciation/ |
| Funds | Tax Cost | Appreciation | Depreciation | Depreciation |
| Conservative Growth Portfolio | $9390497 | $159258 | $(782634) | $(623376) |
| Strategic Growth Portfolio | 14677820 | 188722 | (1218565) | (1029843) |

---

Note 4 \| **Investment Advisory Agreement and Transactions with Service Providers**

Timothy Partners, Ltd. is the Investment Advisor for the Funds pursuant to an Amended and Restated Investment Advisory Agreement (the "Agreement") that was renewed by the Board on February 17-18, 2022. TPL supervises the investment of the assets of each Fund's portfolio in accordance with the objectives, policies and restrictions of the Funds. Under the terms of the Agreement, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 0.10% of the average daily net assets of each Fund. Total fees earned by TPL during the year ended December 31, 2022 were $9,763 and $15,765 for the Conservative Growth Portfolio and the Strategic Growth Portfolio, respectively. The Conservative Growth Portfolio and the Strategic Growth Portfolio owed TPL $267 and $944, respectively, at December 31, 2022. An officer and trustees of the Trust are also officers/employees of the Advisor.

Ultimus Fund Solutions, LLC ("UFS") provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust (excluding the Timothy Plan ETFs), for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Fees are billed monthly as follows:

Fund Accounting and Fund Administration Fees:

Fund Complex Base annual fee:

25 basis points (0.25%) on the first $200 million of net assets

15 basis points (0.15%) on the next $200 million of net assets;

8 basis points (0.08%) on the next $600 million of net assets; and

6 basis points (0.06%) on net assets greater than $1 billion.

Transfer agency fees for the Funds are combined with the Fund Accounting and Fund Administration fees under the Trust's agreement with UFS. Therefore, there is no separate base annual fee per Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

Compliance officer fees for the year ended December 31, 2022 were $1,735 and $1,498 for the Conservative Growth Portfolio and the Strategic Growth Portfolio, respectively.

Note 5 \| **Control Ownership**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates the presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. As of December 31, 2022, American United Life Insurance Co. ("AUL") held for the benefit of others, in aggregate, approximately 82% of the Conservative Growth Portfolio and approximately 77% of the Strategic Growth Portfolio.

Note 6 \| **Distributions to Shareholders and Tax Components of Capital**

The tax character of distributions paid for the fiscal years ended December 31, 2022, and December 31, 2021, were as follows:

---

| | | |
|:---|:---|:---|
| | **Conservative Growth**<br>**Portfolio** | **Strategic Growth**<br>**Portfolio** |
| **2022** |  |  |
| Ordinary Income | $94804 | $169006 |
| Long-Term Capital Gain | 1197523 | 1805804 |
|  | $1292327 | $1974810 |
| **2021** |  |  |
| Ordinary Income | $96735 | $141867 |
| Long-Term Capital Gain | 77795 | 145932 |
|  | $174530 | $287799 |

---

---

| |
|:---|
| Notes to Financial Statements |
| December 31, 2022 (Continued) |
| **Conservative and Strategic Growth Portfolio Variable Series** |

---

As of December 31, 2022, the components of accumulated earnings/(loss) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| | **Conservative Growth**<br>**Portfolio** | **Strategic Growth**<br>**Portfolio** |
| Undistributed Ordinary Income | $106509 | $208533 |
| Undistributed Long-Term Capital Gains | 36798 | 352601 |
| Unrealized Appreciation (Depreciation) | (623376) | (1029843) |
|  | $(480069) | $(468709) |

---

The difference between book basis and tax basis undistributed net investment income/(loss) and accumulated earnings/(loss) is primarily attributable to the tax deferral of losses on wash sales.

Note 7\| **Underlying Investment in Other Investment Companies**

The Conservative Growth Portfolio currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan Fixed Income Fund (the "Security"). The Portfolio may redeem its investments from the Security at any time if the Advisor determines that it is in the best interest of the Portfolio and its shareholders to do so.

The performance of the Portfolio will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security's N-CSRs available at www.sec.gov. As of December 31, 2022, 38.3% of the Conservative Growth Portfolio's net assets were invested in the Timothy Plan Fixed Income Fund.

Note 8 \| **Investments in Affiliated Companies**

The Funds' transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee fund's investment advisor is under common control with the Fund's investment advisor.

The Conservative Growth Portfolio and Strategic Growth Portfolio had the following transactions during the year ended December 31, 2022, with affiliates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| **Conservative Growth** | | | | | | | |
| <br>**Fund** |<br>**Fair Value**<br>**December 31,**<br>**2021** |<br><br>**Purchases** |<br><br>**Sales Proceeds** |<br>**Dividends**<br>**Credited to**<br>**Income** |<br>**Amount of Gain**<br>**(Loss) Realized on**<br>**Sale of Shares \*** | **Net Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Fair Value**<br>**December 31,**<br>**2022** |
| Timothy Plan International Fund | $679430 | $79344 | $(99641) | $2456 | $24544 | $(140075) | $543602 |
| Timothy Plan Fixed Income Fund | 4751713 | 161797 | (985524) | 47007 | (53828) | (523041) | 3351117 |
| Timothy Plan High Yield Bond Fund | 807759 | 51248 | (151068) | 27921 | (2785) | (116834) | 588320 |
| Timothy Plan Defensive Strategies Fund | 878530 | 42504 | (214259) | 14160 | 66087 | (118809) | 640737 |
| Timothy Plan International ETF | 1560150 | 36139 | (112904) | 30589 | 5268 | (306324) | 1182329 |
| Timothy Plan US Small Cap Core ETF | 880546 | 14218 | (151201) | 7173 | 38401 | (152786) | 629178 |
| Timothy Plan High Dividend Stock Enhanced ETF | 571338 |  | (122823) | 11743 | 932 | (62766) | 386681 |
| Timothy Plan US Large/Mid Cap Core Enhanced ETF | 1905589 |  | (246918) | 17957 | (9880) | (225878) | 1422913 |
| **Total** | $12035055 | $385250 | $(2084338) | $159006 | $68739 | $(1646513) | $8744877 |
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| **Strategic Growth** |  |  |  |  |  |  |  |
|  |  |  |  |  |  | **Net Change in** |  |
|  | **Fair Value** |  |  | **Dividends** | **Amount of Gain** | **Unrealized** | **Fair Value** |
|  | **December 31,** |  |  | **Credited to** | **(Loss) Realized on** | **Appreciation** | **December 31,** |
| **Fund** | **2021** | **Purchases** | **Sales Proceeds** | **Income** | **Sale of Shares \*** | **(Depreciation)** | **2022** |
| Timothy Plan International Fund | $1487777 | $156957 | $(286330) | $4976 | $29938 | $(287126) | $1101216 |
| Timothy Plan Fixed Income Fund | 3252861 | 498534 | (928127) | 34714 | (59341) | (354012) | 2409915 |
| Timothy Plan High Yield Bond Fund | 1122873 | 168946 | (290192) | 41506 | (2416) | (172393) | 826818 |
| Timothy Plan Defensive Strategies Fund | 1700660 | 1439893 | (1769675) | 27675 | 317778 | (410333) | 1252297 |
| Timothy Plan International ETF | 4037557 | 444688 | (690297) | 84005 | (7714) | (804303) | 2979931 |
| Timothy Plan US Small Cap Core ETF | 1704658 | 153891 | (419986) | 14411 | 101271 | (327942) | 1211892 |
| Timothy Plan High Dividend Stock Enhanced ETF | 1625079 | 94108 | (363929) | 34697 | (405) | (193075) | 1161778 |
| Timothy Plan US Large/Mid Cap Core Enhanced ETF | 3345670 | 214035 | (759725) | 32073 | (34771) | (386288) | 2378921 |
| **Total** | $18277135 | $3171052 | $(5508261) | $274057 | $344340 | $(2935472) | $13322768 |

---

\* Includes capital gain distributions from affiliated funds.

---

| |
|:---|
| Notes to Financial Statements |
| December 31, 2022 (Continued) |
| **Conservative and Strategic Growth Portfolio Variable Series** |

---

Note 9 \| **Subsequent Events**

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements, other than the following:

Based on the recommendation of the Advisor, it has been determined that it is in the best interests of the Conservative and Strategic Growth Variable Series Portfolios and their shareholders that the Portfolios cease operations. This was approved by the Board of Trustees on February 6, 2023. The Portfolios will close and all outstanding shares will be redeemed on April 17, 2023.

Note 10 \| **Tax Information (Unaudited)**

The fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended December 31, 2022, and December 31, 2021, were as follows:

---

| | | |
|:---|:---|:---|
| For the fiscal year ended |  |  |
| 12/31/2022 | Foreign Taxes Paid | Foreign Source Income |
| Conservative Growth Portfolio | 0.01 | 0.03 |
| Strategic Growth Portfolio | 0.01 | 0.05 |
| For the fiscal year ended |  |  |
| 12/31/2021 | Foreign Taxes Paid | Foreign Source Income |
| Conservative Growth Portfolio | 0.00 | 0.04 |
| Strategic Growth Portfolio | 0.01 | 0.07 |

---

![(COHEN & CO LOGO)](tp004_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of

The Timothy Plan

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Timothy Plan Conservative Growth Portfolio Variable Series and Timothy Plan Strategic Growth Portfolio Variable Series (the "Funds"), two of the portfolios constituting The Timothy Plan, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Timothy Partners, Ltd., since 2005.

![(-s- COHEN & COMPANY, LTD.)](tp005_v1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 15, 2023

COHEN & COMPANY, LTD.

800.229.1099 \| 866.818.4538 fax \| cohencpa.com

Registered with the Public Company Accounting Oversight Board

**TRUSTEES AND PRINCIPAL EXECUTIVE OFFICERS OF THE TRUST**

The Trustees and Principal Executive Officers of the Trust and their principal occupations for the past five years are listed as follows:

**INTERESTED TRUSTEES**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Arthur D. Ally<sup>1</sup>**<br> 1055 Maitland Center Commons<br> Maitland, FL 32751<br> Born: 1942 | &nbsp;&nbsp;Trustee, Chairman, President, and Treasurer | &nbsp;&nbsp;Indefinite; Trustee and President since 1994 | &nbsp;&nbsp;20 |
|  | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;President and controlling shareholder of Covenant Funds, Inc. ("CFI"), a holding company. President and general partner of Timothy Partners, Ltd. ("TPL"), the investment Advisor and principal underwriter to each Fund. CFI is also the managing general partner of TPL. | &nbsp;&nbsp;President and controlling shareholder of Covenant Funds, Inc. ("CFI"), a holding company. President and general partner of Timothy Partners, Ltd. ("TPL"), the investment Advisor and principal underwriter to each Fund. CFI is also the managing general partner of TPL. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Mathew D. Staver<sup>2</sup>**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2000 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1956 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION<br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION<br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS<br> HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;An attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles. | &nbsp;&nbsp;An attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Patrice Tsague<sup>3</sup>**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2011 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1973 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION<br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION<br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS<br> HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999. | &nbsp;&nbsp;President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999. |  |

---

1. Mr.
Ally is an "interested" Trustee, as defined in the 1940 Act, because of his positions with and financial interests in CFI
and TPL.

2. Mr.
Staver is an "interested" Trustee, as defined in the 1940 Act, because he has a limited partnership interest in TPL.

3. Mr.
Tsague is an "interested" Trustee, as defined in the 1940 Act, because of a charitable relationship with TPL.

**INDEPENDENT TRUSTEES**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Richard W. Copeland**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2005 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1947 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;Retired. Associate Professor of Law Stetson University. Retired Principal of Copeland & Covert, Attorneys at Law, specializing in tax and estate planning. B.A. from Mississippi College, JD from the University of Florida and LLM Taxation from the University of Miami. | &nbsp;&nbsp;Retired. Associate Professor of Law Stetson University. Retired Principal of Copeland & Covert, Attorneys at Law, specializing in tax and estate planning. B.A. from Mississippi College, JD from the University of Florida and LLM Taxation from the University of Miami. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Deborah Honeycutt**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2010 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1947 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Shepherd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois. | &nbsp;&nbsp;Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Shepherd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Bill Johnson**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2005 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1946 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;President (and Founder) of the American Decency Association, Freemont, MI, since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Master of Religious Education from Grand Rapids Baptist Seminary. | &nbsp;&nbsp;President (and Founder) of the American Decency Association, Freemont, MI, since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Master of Religious Education from Grand Rapids Baptist Seminary. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **John C. Mulder**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2005 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1950 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;President of WaterStone (FKA the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from the University of Chicago. | &nbsp;&nbsp;President of WaterStone (FKA the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from the University of Chicago. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Scott Preissler, Ph.D.**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2004 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1960 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;Scott Preissler, Ph.D., is the Executive Director of Friendship Christian School in Suwanee, Georgia and The National Center for Stewardship & Generosity. He is a former professor and past President and CEO of The Christian Stewardship Association (CSA) and Southern Baptist state headquarters in Texas and Georgia. | &nbsp;&nbsp;Scott Preissler, Ph.D., is the Executive Director of Friendship Christian School in Suwanee, Georgia and The National Center for Stewardship & Generosity. He is a former professor and past President and CEO of The Christian Stewardship Association (CSA) and Southern Baptist state headquarters in Texas and Georgia. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Alan M. Ross** | Trustee, Vice | Indefinite; Trustee since 2004 | 20 |
| &nbsp;&nbsp;1055 Maitland Center Commons | &nbsp;&nbsp;Chairman |  |  |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1951 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;Founder and CEO Kingdom Companies founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ. Alan is currently the President of the Electric Power Reliability Alliance (EPRA), a nonprofit serving industrial, commercial and grid-edge electrical reliability practitioners. | &nbsp;&nbsp;Founder and CEO Kingdom Companies founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ. Alan is currently the President of the Electric Power Reliability Alliance (EPRA), a nonprofit serving industrial, commercial and grid-edge electrical reliability practitioners. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Kenneth Blackwell** | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee from 2011 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;1055 Maitland Center Commons |  | &nbsp;&nbsp;to 2020 and 2022 to present |  |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1948 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;Self-Employed Independent Public Policy Consultant; Other Directorships: Public Interest Legal Foundation; National Rifle Association; Columbia International University; International Foundation For Electoral Systems; Law Enforcement Legal Defense Fund; American Constitution Rights Union. | &nbsp;&nbsp;Self-Employed Independent Public Policy Consultant; Other Directorships: Public Interest Legal Foundation; National Rifle Association; Columbia International University; International Foundation For Electoral Systems; Law Enforcement Legal Defense Fund; American Constitution Rights Union. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Abraham M. Rivera**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2020 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1969 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;Pastor / President / Director, for La Puerta Life Center, Inc., a Florida corporation. | &nbsp;&nbsp;Pastor / President / Director, for La Puerta Life Center, Inc., a Florida corporation. | &nbsp;&nbsp;1 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Dale A. Bissonette**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2020 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1958 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;President, Good Place Holdings, a Christian Centered Business Holding Company. | &nbsp;&nbsp;President, Good Place Holdings, a Christian Centered Business Holding Company. |  |

---

**PRINCIPAL EXECUTIVE OFFICERS**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Terry Covert**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Executive Officer, Vice President | &nbsp;&nbsp;Officer since 2019 Indefinite<br> Term | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1947 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;Chief Compliance Officer and General Counsel for the Advisor, Timothy Partners, Ltd; Partner, Copeland Covert & Smith PLLC, law firm. | &nbsp;&nbsp;Chief Compliance Officer and General Counsel for the Advisor, Timothy Partners, Ltd; Partner, Copeland Covert & Smith PLLC, law firm. | &nbsp;&nbsp;N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Cheryl Mumbert**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Executive Officer, Vice President | &nbsp;&nbsp;Officer since 2019 Indefinite Term | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1970 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;Chief Marketing Officer for Advisor, Timothy Partners, Ltd. | &nbsp;&nbsp;Chief Marketing Officer for Advisor, Timothy Partners, Ltd. | &nbsp;&nbsp;N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **David D. Jones**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Since 2004, Indefinite Term | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Maitland, FL 32751<br> Born: 1957 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;Co-founder and Managing Member, Drake Compliance, LLC (compliance consulting); founder and controlling shareholder, David Jones & Associates (law firm), 1998 to 2015. | &nbsp;&nbsp;Co-founder and Managing Member, Drake Compliance, LLC (compliance consulting); founder and controlling shareholder, David Jones & Associates (law firm), 1998 to 2015. | &nbsp;&nbsp;N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **David James**<br> 225 Pictoria Drive, Suite 450 | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;Assistant Secretary since 2022, Indefinite Term | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Cincinnati, Ohio 45246<br> Born: 1970 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;As Executive Vice President, Chief Legal and Risk Officer at Ultimus Fund Solutions, since 2018; Department Head of State Street Bank and Trust Company's Fund Administration Legal Department -2003-2018. | &nbsp;&nbsp;As Executive Vice President, Chief Legal and Risk Officer at Ultimus Fund Solutions, since 2018; Department Head of State Street Bank and Trust Company's Fund Administration Legal Department -2003-2018. | &nbsp;&nbsp;N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Deryk Jones**<br> 4221 North 203rd St. Suite 100 | &nbsp;&nbsp;Trust AML Officer | &nbsp;&nbsp;AML Officer since 2022, Indefinate Term | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Elkhorn**,** NE 68022<br> Born: 1988 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;Compliance Analyst since March 2018 | &nbsp;&nbsp;Compliance Analyst since March 2018 | &nbsp;&nbsp;N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S)**<br> **HELD WITH**<br> **TRUST** | &nbsp;&nbsp;**TERM OF OFFICE**<br> **& LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS**<br> **IN FUND COMPLEX**<br> **OVERSEEN BY TRUSTEE** |
| **Joseph E. Boatwright**<br> 1055 Maitland Center Commons | &nbsp;&nbsp;Trustee Emeritus and Secretary | &nbsp;&nbsp;Indefinite; Trustee and Secretary since 1995, Trustee Emeritus as of 2020 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Maitland, FL<br> Born: 1930 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION**<br> **DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS**<br> **HELD BY TRUSTEE** |
|  | &nbsp;&nbsp;Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996. | &nbsp;&nbsp;Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996. | &nbsp;&nbsp;N/A |

---

The Fund's Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-800-846-7526.

**Privacy Notice**

 ● Social Security Number

 ● Assets

 ● Retirement Assets

 ● Transaction History

 ● Checking Account History

 ● Purchase History

 ● Account Balances

 ● Account Transactions

 ● Wire Transfer Instructions

 When you are *no longer* our customer, we continue to share your information as described in this Notice.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;*Reasons we can share your personal information.* | *Does The Timothy Plan share?* | *Can you limit this sharing?* |
| &nbsp;&nbsp;&nbsp;**For our everyday business purposes-**<br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | Yes | No |
| &nbsp;&nbsp;&nbsp;**For our marketing purposes-**<br> to offer our products and services to you. | No | We don't share |
| &nbsp;&nbsp;&nbsp;**For joint marketing with other financial companies** | No | We don't share |
| &nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes-**<br> information about your transactions and experiences. | Yes | No |
| &nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes-**<br> information about your creditworthiness | No | We don't share |
| &nbsp;&nbsp;&nbsp;**For non-affiliates to market to you** | No | We don't share |
| &nbsp;&nbsp;&nbsp;**Questions?** | **Call 800-662-0201** | **Call 800-662-0201** |

---

 **Page 2** 

 ● Give us your contact information <br>

 ● Make deposits or withdrawals from your account <br>

 ● Make a wire transfer <br>

 ● Tell us where to send the money <br>

 ● Tell us who receives the money <br>

 ● Show your government-issued ID <br>

 ● Show your drivers' license <br>

 We also collect your personal information from other companies.

 ● Sharing for affiliates' everyday business purposes-information about your creditworthiness.

 ● Affiliates from using your information to market to you.

 ● Sharing for non-affiliates to market to you

 State laws and individual companies may give you additional rights to limit sharing.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Definitions** | |
| &nbsp;&nbsp;&nbsp;**Affiliates** | Companies related by common ownership or control. They can be financial and non-financial companies.<br>*Timothy Partners, Ltd. is an affiliate of The Timothy Plan* |
| &nbsp;&nbsp;&nbsp;**Non-affiliates** | Companies not related by common ownership or control. They can be financial and non-financial companies.<br>● *The Timothy Plan does not share with non-affiliates so they can market to you.* |
| &nbsp;&nbsp;&nbsp;**Joint marketing** | A formal agreement between non-affiliated financial companies that together market financial products to you.<br>● *The Timothy Plan does not jointly market.* |

---

**Customer Identification Program**

The Board of Trustees of the Trust has approved procedures designed to prevent and detect attempts to launder money as required under the USA PATRIOT Act. The day-to-day responsibility for monitoring and reporting any such activities has been delegated to the transfer agent, subject to the oversight and supervision of the Board.

**Disclosures**

**HOW TO OBTAIN PROXY VOTING INFORMATION**

Information regarding how the Funds voted proxies relating to Fund securities during the period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-800-846-7526 or by referring to the Security and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

**HOW TO OBTAIN 1<sup>ST</sup> AND 3<sup>RD</sup> FISCAL QUARTER PORTFOLIO HOLDINGS**

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

---

| | |
|:---|:---|
| **BOARD OF TRUSTEES** |  |
| Arthur D. Ally |  |
| Rick Copeland |  |
| Deborah Honeycutt |  |
| Bill Johnson |  |
| John C. Mulder |  |
| Scott Preissler |  |
| Alan Ross |  |
| Mathew D. Staver |  |
| Patrice Tsague |  |
| Abraham M. Rivera |  |
| Dale A. Bissonette |  |
| Kenneth Blackwell |  |
| **OFFICERS** |  |
| Arthur D. Ally, President |  |
| Joseph E. Boatwright, Secretary |  |
| Terry Covert, Vice President |  |
| Cheryl Mumbert, Vice President |  |
| David D. Jones, Chief Compliance Officer |  |
| **INVESTMENT ADVISOR** |  |
| Timothy Partners, Ltd. |  |
| 1055 Maitland Center Commons |  |
| Maitland, FL 32751 |  |
| **DISTRIBUTOR** |  |
| Timothy Partners, Ltd. |  |
| 1055 Maitland Center Commons |  |
| Maitland, FL 32751 |  |
| **TRANSFER AGENT** |  |
| Ultimus Fund Solutions, LLC |  |
| 4221 N. 203rd St, Suite 100 |  |
| Elkhorn, NE 68022-3474 |  |
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** |  |
| Cohen & Company, Ltd. |  |
| 1350 Euclid Ave., Suite 800 |  |
| Cleveland, OH 44115 | ![(TIMOTHY PLAN)](tp006_v1.jpg) |
|  | ![(TIMOTHY PLAN)](tp006_v1.jpg) |
| **LEGAL COUNSEL** | ![(TIMOTHY PLAN)](tp006_v1.jpg) |
| David D Jones, Esq. | ![(TIMOTHY PLAN)](tp006_v1.jpg) |
| 20770 Hwy 281 N., Suite 108-619 | ![(TIMOTHY PLAN)](tp006_v1.jpg) |
| San Antonio, TX 78258 | ![(TIMOTHY PLAN)](tp006_v1.jpg) |
|  | ![(TIMOTHY PLAN)](tp006_v1.jpg) |

---

For additional information or a prospectus, please call: **1-800-846-7526** Visit the Timothy Plan web site on the internet at: www.timothyplan.com

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which includes details regarding the Funds' objectives, policies, expenses and other information. Distributed by Timothy Partners, Ltd.

---

| |
|:---|
| **HEADQUARTERS** |
| The Timothy Plan |
| 1055 Maitland Center Commons |
| Maitland, Florida 32751 |
| (800) 846-7526 |
| www.timothyplan.com |
| invest@timothyplan.com |
| **SHAREHOLDER SERVICES** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| (800) 662-0201 |

---

TPVIT-AR22

(a) Include a copy of the report transmitted to stockholders pursuant to Rule
30e-1 under the Act (17 CFR 270.30e-1).

(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains
disclosures specified by paragraph (c)(3) of that rule

**Item 2. Code of Ethics.**

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) Posting: We do not intend to post the Code of Ethics for the Officers or any amendments or waivers on a website.

(f) Availability: The Code of Ethics for the Officers can be obtained, free of charge by calling the toll free number for the appropriate Fund.

**Item 3. Audit Committee Financial Expert.**

(a) The registrant has an Audit committee currently composed of three independent Trustees, Mr. Alan Ross, Mr. John Mulder and Mr. Richard Copeland. The registrant's board of trustees has determined that Mr. Alan Ross is qualified to serve as an Audit Committee Financial Expert, and has designated him as such.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Audit Fees</u>** 

**<u>The Timothy Plan</u>**

---

| | |
|:---|:---|
| FY 2022 | $29000 |
| FY 2021 | $26000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Audit-Related Fees</u>** 

**<u>The Timothy Plan</u>** <u>Registrant</u> <u>Adviser</u>

---

| | |
|:---|:---|
| FY 2022 | $0 |
| FY 2021 | $0 |

---

Nature of the fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Tax Fees</u>** 

---

| | |
|:---|:---|
| **<u>The Timothy Plan</u>** | **<u>The Timothy Plan</u>** |
| FY 2022 | $0 |
| FY 2021 | $0 |

---

Nature of the fees: preparation of the 1120 RIC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>All Other Fees</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Registrant</u>

---

| | |
|:---|:---|
| **<u>The Timothy Plan</u>** | **<u>The Timothy Plan</u>** |
| FY 2022 | $0 |
| FY 2021 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors' specific representations as to their independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

<u>Registrant</u>

Audit-Related Fees: 0 %

Tax Fees: 0 %

All Other Fees: 0 %

(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

<u>Registrant</u> <u>Adviser</u>

---

| | |
|:---|:---|
| FY 2022 | $0 |
| FY 2021 | $0 |

---

(h) Not applicable. The auditor performed no services for the registrant's investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i) Not applicable

(j) Not applicable

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.** Not applicable – schedule filed with Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 11. Controls and Procedures.**

(a) Based on an evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no significant changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 13. Exhibits.**

(a)(1) [Code is filed herewith](coe.htm)

(a)(2) [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.](cert1.htm)

<br> (a)(3) Not Applicable

(b) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>The Timothy Plan</u>

---

| | |
|:---|:---|
| By | /s/ Arthur D. Ally |
|  | Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer |
| Date | 2/21/2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Arthur D. Ally |
|  | Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer |
| Date | 2/21/2023 |

---

## Ex-99.Cert

EX-99.CERT 2 cert99.htm SECTION 302 CERTIFICATIONS

**SECTION 302 CERTIFICATIONS**

I, Arthur D. Ally, certify that:

1. I have reviewed this report on Form N-CSR of the Timothy Plan;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date | 2/21/2023 | /s/ Arthur D. Ally |
|  |  | Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer |

---

## Exhibit 99.906

EX-99.906 CERT 3 cert906.htm SECTION 906 CERTIFICATION

**SECTION 906 CERTIFICATION**

Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer of the Timothy Plan (the "Registrant"), certifies to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President/Principle Executive Officer & Treasurer/Principle Financial Officer

Timothy Plan

---

| | |
|:---|:---|
| /s/ Arthur D. Ally | /s/ Arthur D. Ally |
| Arthur D. Ally | Arthur D. Ally |
| Date | 2/21/2023 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Timothy Plan and will be retained by the Timothy Plan and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**CODE OF ETHICS**

**OF** 

**THE TIMOTHY PLAN**

**I. Introduction**

This Code of Ethics has been adopted by The Timothy Plan (the "Trust") in compliance with Rule 17j-1 (the "Rule") under the Investment Trust Act of 1940, as amended (the "Act") to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Trust may abuse their fiduciary duties to the Trust, and to deal with other types of conflict-of-interest situations to which the Rule is addressed.

The Rule makes it "unlawful" for certain persons who have affiliations with the Trust to engage in conduct which is deceitful, fraudulent or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by the Trust. This Code of Ethics is intended to establish policies and procedures designed to insure that persons subject to this Code of Ethics and the Rule do not use any information concerning the investments or investment intentions of the Trust, or his or her ability to influence such investment related information, for personal gain or in a manner detrimental to the interests of the Trust.

II. Principles

This Code of Ethics acknowledges the general principles that persons affiliated with the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) owe a fiduciary obligation to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) have the duty at all times to place the interests of Trust shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) must conduct all of their personal securities transactions in such a manner as to avoid any actual
or potential conflict of interest or abuse of such person's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) should not take inappropriate advantage of their positions in relation to
the Trust.

**III. Definitions (as used herein)**

"*Access Person*" means:

**A**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any Trustee, officer, general partner or Advisory Person of the Trust or any Adviser to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If an Adviser to the Trust is primarily engaged in a business or businesses other than advising
Funds or other advisory clients, the term Access Person means any Trustee, officer, general partner or Advisory Person of the Adviser
who, with respect to any Fund, makes any recommendation, participates in the determination of which recommendation will be made,
or whose principal function or duties relate to the determination of which recommendation will be made, or who, in connection with
his or her duties, obtains any information concerning recommendations on Covered Securities being made by the Adviser to any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) An Adviser is "primarily engaged in a business or businesses other than advising Funds
or other advisory clients" if, for each of its most recent three fiscal years or for the period of time since its organization,
whichever is less, the Adviser derived, on an unconsolidated basis, more than 50% of its income (or loss), before taxes and extraordinary
items, from the other business or businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any Trustee, officer or general partner of a principal underwriter who, in the ordinary course
of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Trust for
which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any
recommendation to the Trust, regarding the purchase or sale of Covered Securities.

*"Advisory Person"* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any employee of the Trust or an Adviser to the Trust (or of any Trust in a control relationship
to the Trust or an investment adviser to the Trust) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Trust, or whose functions relate to the
making of any recommendations with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any natural person in a control relationship to the Trust or an Adviser to the Trust who obtains
information concerning recommendations made to the Trust with regard to the purchase or sale of Covered Securities by the Trust.

"*Affiliated Person*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any officer, Trustee, copartner or employee of the Trust, Adviser and/or Underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any person directly or indirectly owning, controlling or holding with power to vote, 5% or more
of the outstanding voting securities of the Trust, Adviser and/or Underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any person 5% or more of whose outstanding voting securities are directly or indirectly owned,
controlled or held with power to vote, by the Trust, Adviser and/or Underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any person directly or indirectly controlling, controlled by, or under common control with the
Trust, Adviser and/or Underwriter.

"*Beneficial Interest*" means:

any interest by which an Access Person or any member of his or her immediate family (relative by blood or marriage living in the same household), can directly or indirectly derive a monetary benefit from the purchase, sale (or other acquisition or disposition) or ownership of a security, except such interests as Clearing Officers shall determine to be too remote for the purpose of this Code of Ethics. (A transaction in which an Access Person acquires or disposes of a security in which he or she has or thereby acquires a direct or indirect Beneficial Interest will be referred to in this Code of Ethics as a "personal securities" transaction or as a transaction for the person's "own account").

At the written request of a person subject to this Code of Ethics, the Clearing Officers, in their sole discretion or with the advice of counsel, may from time to time issue written interpretations as to whether an Access Person has a "Beneficial Interest" in a security or a transaction, and whether a transaction is or would be considered to be a "personal securities" transaction or a transaction "for the person's own" account for purposes of the reporting requirements under this Code. Any such written interpretations shall be included in Appendix A attached to and incorporated by reference into this Code of Ethics, and may be relied upon solely by the person(s) seeking such interpretations.

*"Clearing Officers"* means any two officers of the Trust who are not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) parties to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) related by blood or marriage to a party to the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) interested in or affiliated persons of the issuer of the securities at issue.

"*Control*" means:

the power to exercise a controlling influence over the management or policies of a Trust (unless such power is solely the result of an official position with such Trust). Any person who owns beneficially, directly or through one or more controlled companies, more than 25% of the voting securities of a Trust shall be presumed to control such Trust.

"Covered Security" means:

all stock, debt obligations and other instruments comprising the investments of the Trust, including any warrant or option to acquire or sell a security, and financial futures contracts, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term
debt instruments, including repurchase agreements, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Shares issued by open-end Funds.

References to a "Security" in this Code of Ethics shall include any warrant for, option in, or security immediately convertible into that "Security."

"Fund" means an investment company registered under the Act, and includes the Trust.

A "security held or to be acquired" by the Trust means:

any Covered Security which, within the most recent 15 calendar days: (i) is or has been held by the Trust; or (ii) is being or has been considered by an Adviser for purchase by the Trust.

A security is "being considered for purchase or sale";

from the time an order is given by or on behalf of the Trust to the order room of the Adviser until all orders with respect to that security are completed or withdrawn.

III. General Prohibitions

The specific provisions and reporting requirements of the Rule and this Code of Ethics are concerned primarily with those investment activities of **Access Persons** who are associated with the Trust and who thus may benefit from or interfere with the purchase or sale of portfolio securities by the Trust. However, the Rule and this Code of Ethics shall also apply to all Affiliated Persons of the Trust, the Adviser(s), Sub-Adviser(s) and the Underwriter ("Covered Persons"), unless specifically stated otherwise.

The Rule makes it "unlawful" for Covered Persons to engage in conduct which is deceitful, fraudulent, or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by the Trust. Accordingly, under the Rule and this Code of Ethics, no Covered Person shall use any information concerning the investments or investment intentions of the Trust, or his or her ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Trust.

In addition, no Covered Person shall, directly or indirectly in connection with the purchase or sale of a "security held or to be acquired" by the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make to the Trust or an Adviser any untrue statement of material fact or omit to state to any
of the foregoing a material fact necessary in order to make the statements made, in light of the circumstances under which they
are made, not misleading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice, or course of business which operates or would operate as a fraud
or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to the Trust.

**V. Prohibited Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Blackout Periods

Subject to any additional limiting requirements that may be set forth below, an **Advisory Person** may not effect a personal securities transaction in a "security held or to be acquired" by the Trust unless such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) executes such transaction at a price equal to or less advantageous than the price obtained for
such security by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reports to the Trust the information described in Paragraph VI of this Code of Ethics.

Any profits realized on personal securities transactions in violation of this Section V shall be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;**B. *Initial Public Offerings***

An **Advisory Person** may not acquire any security in an initial public offering, unless such **Advisory Person** (1) obtains advance written clearance of such transaction by two Clearing Officers and (2) reports to the Trust the information described in Paragraph VI of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;**C. *Private Placements***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) An **Advisory Person** may not acquire any security in a private placement, unless such **Advisory Person** (1) obtains advance written clearance of such transaction by two Clearing Officers and (2) reports to the Trust the
information described in Paragraph VI of this Code of Ethics.

When considering whether to grant approval to the **Advisory Person** to engage in these transactions, the Clearing Officers shall consider, among other factors, whether the investment opportunity should be reserved for the Trust, and whether the opportunity is being offered to the **Advisory Person** by virtue of his or her position with the Trust. If the Clearing Officers find that the investment opportunity should be reserved to the Trust or that the opportunity is being offered to the **Advisory Person** by virtue of his or her position with the Trust, the Clearing Officers shall refuse permission for the **Advisory Person** to enter into the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An **Advisory Person** who has been authorized to acquire securities in a private placement
or an initial public offering shall be required to *disclose* that investment to the Trust and the appropriate Adviser whenever
such **Advisory Person** participates, either directly or indirectly, in subsequent consideration of an investment in the issuer
by any portfolio in the Trust complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** In the event that an **Advisory Person** has been given approval to acquire securities in
a private placement or an initial public offering, any decision of the Trust to purchase securities of the issuer of such private
placement or initial public offering shall be subject to *prior review* by the Trust's independent Trustees who have
no personal interest in the issuer.

**D. *Ban On Short - Term Trading Profits***

An **Advisory Person** may not profit from the purchase and sale, or sale and purchase, of the same (or equivalent) securities within 60 calendar days, unless such transactions fully comply with the restrictions of Section V(A) of this Code of Ethics. Any profits realized on non-complying short-term trades shall be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;**F. *Gifts***

**Advisory Persons** may not accept any gift or other thing of more than *de minimis* value from any person or entity that does business with or on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**G. *Service as a Trustee to Other Public Companies***

**Advisory Persons** may not serve on the board of directors of any publicly traded company, without prior authorization of a majority of the Trust's Board of Trustees, which authorization shall be specifically based upon a determination that the board service would be consistent with the interests of the Trust and its shareholders. If and when such board service is authorized, the **Advisory Person** serving as a director will be isolated from other **Advisory Persons** who make investment decisions involving that company through "Chinese Wall" or other procedures.

**VI. Advance Clearance Requirement**

&nbsp;&nbsp;&nbsp;&nbsp;**A. *Procedures***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *From Whom Obtained*

Persons who desire to enter into personal securities transactions in transactions requiring prior approval under paragraph V above, must obtain the written approval of any two Clearing Officers prior to entering into such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Time of Clearance*

Transaction clearances must be obtained not more than three (3) days prior to the transaction. If the trade is not made within three (3) days of the date of clearance, a new clearance must be obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Form*

Persons seeking authorization to enter into transactions requiring prior clearance shall complete and sign a form approved for that purpose by the Trust, which form shall set forth the details of the proposed transaction. An example of such form is annexed hereto as Schedule A ("Clearance Forms"). Upon obtaining authorization to enter into the subject transaction, the Clearing Officers authorizing the transaction shall affix their signatures to the Clearance Form to indicate such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Filing*

Copies of all completed Clearance Forms, with all required signatures, shall be retained by the Administrator of this Code of Ethics in accordance with the record keeping requirements set forth in Section XII of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;**B. *Factors Considered in Clearance of Personal Transactions***

Clearing Officers may refuse to grant clearance of a personal transaction in their sole discretion without being required to specify any reason for the refusal. Generally, Clearing Officers will consider the following factors in determining whether or not to authorize a proposed transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Whether the amount or nature of the transaction, or person entering into the transaction, is
likely to affect the price or market for the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Whether the individual making the proposed purchase or sale is likely to benefit from purchases
or sales in the same or similar security being made or being considered by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Whether the security proposed to be purchased or sold is one that would qualify for purchase
or sale by the Trust.

**VII. Exempt Transactions**

Neither the prohibitions nor the reporting requirements of this Code of Ethics apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Purchases, sales or other acquisitions or dispositions of Securities for an account over which
the person has no direct influence or control and does not exercise indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Purchases, sales or other acquisitions or dispositions of securities which are not eligible for
purchase or sale by any portfolio of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Involuntary purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Purchases which are part of an automatic dividend reinvestment plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Purchases or other acquisitions or dispositions resulting from the exercise of rights acquired
from an issuer as part of a pro rata distribution to all holders of a class of securities of such issuer and the sale of such rights;

**VIII. Reporting of Securities Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Reporting Requirements of Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *<u>Reports Required</u>* : Unless specifically excepted by other provisions of this Code
of Ethics, every **Access Person** of the Trust, Adviser, Sub-Adviser(s) and Underwriter must provide to the Administrator of
this Code of Ethics and the Adviser(s) or Underwriter, as applicable, the following reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Holdings Reports</u> - Not later than ten (10) days after a person becomes an **Access Person**, such person shall complete, sign and deliver to the Trust, and the Adviser(s) or Underwriter, as applicable, an Initial
Holdings Report, a form of which is attached to this Code of Ethics as Schedule B; except that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any person who qualified as an **Access Person** prior to March 1, 2000 shall be exempt from
filing an Initial Holdings Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Transaction Reports</u> - Not later than ten (10) days after the end of each calendar
quarter, each **Access Person** shall make a written report ("Quarterly Transaction Report"), a form of which is
attached to this Code of Ethics as Schedule C, to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as
applicable, which;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) With respect to any transaction during the previous calendar quarter in a Covered Security in
which the **Access Person** had any direct or indirect Beneficial Ownership, contains the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date of the transaction, the title, the interest rate and maturity date (if applicable),
the number of shares and the principal amount of each Covered Security involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The date that the report is submitted by the **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to any account established by the **Access Person** in which any securities were
held during the previous quarter for the direct or indirect benefit or the **Access Person**, contains the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The name of the broker, dealer or bank with whom the **Access Person** established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The date that the report is submitted by the **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Annual Holding Reports</u> - Not later than thirty (30) days after the end of the Trust's
fiscal year end, each **Access Person** shall make a written report, a form of which is attached to this Code of Ethics as Schedule
D ("Annual Holdings Report"), to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as applicable,
which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Sets forth the title, number of shares and principal amount of each Covered Security in which
the **Access Person** had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Sets forth the name of any broker, dealer or bank with whom the **Access Person** maintains
an account in which any securities are held for the direct or indirect benefit of the **Access Person**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Contains the date that the report is submitted by the **Access Person**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) States that the information contained in the Annual Holdings Report is current as of a date not
greater than thirty (30) days prior to the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. *Exemptions from Reporting***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A person need not make an Initial Holdings Report with respect to transactions effected for,
and Covered Securities held in, any account over which the person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Trustee of the Trust who is not an "interested person" of the Trust, as such term
is defined in Section 2(a)(19) of the Act, and who would otherwise be required to make a report solely by reason of being a Trustee
of the Trust, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Initial Holdings Report or an Annual Holdings Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Quarterly Transaction Report, unless the Trustee knew, or in the ordinary course of fulfilling
his or her official duties as a Trustee should have known, that during the fifteen (15) day period immediately before or after
the Trustee's transaction in a Covered Security, the Trust purchased or sold the Covered Security, or the Trust or an Adviser
considered purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) An **Access Person** of the Trust's Underwriter need not make a report to the Underwriter,
if such person makes a report to the Trust and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Underwriter is not an affiliated person of the Trust or any Adviser to the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriter has no officer, Trustee or general partner who serves as an officer, Trustee
or general partner of the Trust or an Adviser to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) An **Access Person** of an Adviser need not make a report to the Adviser, if such person makes
a report to the Trust and all of the information contained in such report would duplicate information required to be recorded under
§§ 275.204-2(a)(12) or 275.204(a)(13) of the Investment Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) An **Access Person** need not make a Quarterly Transaction Report if the Report would duplicate
information contained in broker trade confirmations or account statements received by the Trust with respect to the **Access Person** for the applicable quarterly reporting period, but only if such broker trade confirmations or account statements contain ALL of
the information required to be reported in the Quarterly Transaction Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. *Responsibility to Report***

The responsibility for taking the initiative to report is imposed on each individual required to make a report. Any effort by the Trust to facilitate the reporting process does not change or alter that responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. *Where to File Report***

All reports must be filed with the Administrator of this Code of Ethics.

**IX. Confidentiality of Trust Transactions**

Until disclosed in a public report to shareholders or to the SEC in the normal course of the Trust's business, all information concerning Securities "being considered for purchase or sale" by the Trust shall be kept confidential by all **Access Persons** and disclosed by them only on a "need to know" basis. It shall be the responsibility of the Administrator of this Code of Ethics to report any inadequacy found by him or her to the Board of Trustees of the Trust or any committee appointed by the Board to deal with such information.

X. Sanctions

Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by the Trust as may be deemed appropriate under the circumstances to achieve the purposes of the Rule and this Code of Ethics which may include suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the Trust and the more advantageous price paid or received by the offending person. Sanctions for violation of this Code of Ethics by a Trustee of the Trust will be determined by a majority vote of its independent Trustees.

**XI. Administration and Construction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The administration of this Code of Ethics shall be the responsibility of the President of the
Trust who shall serve as the "Administrator" of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The duties of such Administrator shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Continuous maintenance of a current list of the names of all **Access Persons** with an appropriate description of their title or employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Providing each **Covered Person** a copy of this Code of Ethics and informing them of their duties and obligations thereunder, and assuring that **Covered Persons** who are not **Access Persons** are familiar with applicable requirements of this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Supervising the implementation of this Code of Ethics by the Adviser(s) and Underwriter and the enforcement of the terms hereof by the Adviser(s) and Underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Maintaining or supervising the maintenance of all records and reports required by this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Preparing listings of all transactions effected by any **Access Person** within fifteen (15) days of the date on which the same security was held, purchased or sold by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Determining whether any particular securities transaction should be exempted pursuant to the provisions of this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Issuing either personally, or with the assistance of counsel as may be appropriate, an interpretation of this Code of Ethics which may appear consistent with the objectives of the Rule of this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Conducting of such inspections or investigations, including scrutiny of the listings referred to in the preceding subparagraph, as shall reasonably be required to detect and report, with his or her recommendations, any apparent violations of this Code of Ethics to the Board of Trustees of the Trust or any Committee appointed by them to deal with such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Submitting a quarterly report to the Trustees of the Trust containing a description of any violation and the sanction imposed; transactions which suggest a possibility of a violation, and any exemptions or waivers found appropriate by the Administrator; and any other significant information concerning the appropriateness of this Code of Ethics.

**XII. Required Records**

The Administrator shall maintain or cause to be maintained in an easily accessible place, the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) A copy of this and any other Code of Ethics adopted pursuant to the Rule which has been in effect during the past five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A record of any violation of such Codes of Ethics and of any action taken as a result of such violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) A copy of each report made by the Administrator within two (2) years from the end of the fiscal year of the Trust in which such report and interpretation is made or issued and for an additional three (3) years in a place which need not be easily accessible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) A list of all persons who are, or within the past five (5) years have been, required to make reports pursuant to the Rule and this Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) A copy of all Initial Holdings Reports, Quarterly Transactions Reports, and Annual Holdings Reports submitted within the last five (5) years, the first two (2) years in an easily accessible place.

**XIII. Amendments and Modifications**

This Code of Ethics may not be amended or modified except in a written form which is specifically approved by majority vote of the Independent Trustees of the Trust.

This Code of Ethics was adopted by the Trust's Board of Trustees, including a majority of the Trust's "Independent Trustees", at a meeting held on November 3, 2000.

Witness my Signature:

___________________________

Joseph Boatwright

Secretary to the Trust

**SCHEDULE A**

**CONFIDENTIAL TRANSACTION CLEARANCE**

**REQUEST FORM**

Pursuant to the requirements of Section V of the Code of Ethics of The Timothy Plan (the "Trust"), I, ______________________, being an Access Person of the Trust, as that term is defined in the Code, hereby request that the Trust approve the following transaction in Covered Securities:

Name of Security: _________________________________________________________

Number of shares/Principal amount:____________________________________________

Nature of transaction: ___________________________________

(i.e., purchase, sale or other type of acquisition or disposition);

Name of broker/dealer or bank executing transaction: ________________________________

Yes No

___ ___ The security described above represents an investment in an initial public offering.

___ ___ The security described above represents an investment in a private placement.

By my signature below, I swear and affirm that I have not engaged in any transactions in the above-described securities in violation of the Trust's Code of Ethics, that I will invest in the above-described securities only after obtaining clearance to do so from authorized officers of the Trust, will report all such transactions in accordance with the requirements of the Trust's Code of Ethics, and if I receive clearance to engage in the above-described security, I will execute the transaction not later than three (3) days after receiving clearance or will obtain a new clearance prior to executing the transaction.

__________________________________ __________________________________

Signature of Applicant Printed Name of Applicant

_____ After due consideration, the proposed transaction described above is APPROVED.

_____ After due consideration, the proposed transaction is DENIED.

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| | |
|:---|:---|
| **_____** | (Check only if approving a transaction that represents an investment in an initial public offering or in a private placement). We, the undersigned, in the exercise of our obligations to the Trust under the Trust's Code of Ethics, have found that the above-described transaction is not a transaction that should be reserved to the Trust, and we further find that the transaction is not being offered to the Applicant as a result of his/her position with the Trust, Adviser or Underwriter. |

---

__________________________________ __________________________________

Signature of Clearing Officer Date Signature of Clearing Officer Date

_______________________________ ___________________________________

Printed Name Printed Name

**SCHEDULE B**

**CONFIDENTIAL INITIAL** 

**HOLDINGS REPORT**

**THE TIMOTHY PLAN**

The following lists all holdings in Covered Securities in which I had any direct or indirect beneficial ownership as of ________________________. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 10th day after you qualify as an Access Person. Use reverse side if additional space is needed.

**<u>HOLDINGS IN COVERED SECURITIES</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> Transaction Date | Description of Security | Number of Shares/ Units | <br> Per Unit Price | Total Amount | Broker executing Transaction |

---

The following lists all accounts established by me as of _______________________ in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 10th day after you qualify as an Access Person. Use reverse side if additional space is needed.

---

| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Date Account Established** |

---

Name:

Date: Signature: _________________________

**SCHEDULE C**

**QUARTERLY SECURITIES TRANSACTIONS**

**CONFIDENTIAL REPORT**

**THE TIMOTHY PLAN**

The following lists all transactions in Covered Securities in which I had any direct or indirect beneficial ownership during the last calendar quarter. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 10th day of the month following the end of the calendar quarter. Use reverse side if additional space is needed.

**<u>PURCHASES/SALES AND OTHER DISPOSITIONS</u>**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>Transaction Date | <br>Description of Security | Purchase (P), Sale(S), or Other Disposition (Describe) | <br> Number of Shares/ Units | <br>Per Unit Price | <br>Total Amount | <br>Broker executing Transaction |

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The following lists all accounts established by me during the last calendar quarter in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 10th day of the month following the end of the calendar quarter. Use reverse side if additional space is needed.

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| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Date Account Established** |

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Name:

Date: Signature:

**SCHEDULE B**

**CONFIDENTIAL ANNUAL** 

**SECURITIES HOLDINGS REPORT**

**THE TIMOTHY PLAN**

The following lists all holdings in Covered Securities in which I had any direct or indirect beneficial ownership as of ________________________. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 30th day after the Trust's fiscal year end. Use reverse side if additional space is needed.

**<u>HOLDINGS IN COVERED SECURITIES</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> Transaction Date | Description of Security | Number of Shares/ Units | <br> Per Unit Price | Total Amount | Broker executing Transaction |

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The following lists all accounts established by me as of _______________________ in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 30th day after the Trust's fiscal year end. Use reverse side if additional space is needed.

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| | |
|:---|:---|
| **Name of Broker, Dealer or Bank** | **Date Account Established** |

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I swear and affirm that the foregoing information is true and correct to the best of my information and belief, and that the information included in this report is current as of a date not later than thirty (30) days prior to the filing of this report.

Name:

Date: Signature: _________________________

**VERIFICATION OF ACCESS PERSONS**

**THE TIMOTHY PLAN**

Required Report for

Code of Ethics of The Timothy Plan

As Adopted November 3, 2000

Listed below are the names and current mailing addresses of all persons, as of October 31, 2000, who are considered to be "Access Persons" of The Timothy Plan, as such term is defined in the Code of Ethics of The Timothy Plan (the "Trust"), as adopted on November 3, 2000 (the "Code").

<u>Name of Access Person</u> <u>Mailing Address</u>

1. __________________ ___________________________________

2. __________________ ___________________________________

3. __________________ ___________________________________

4. __________________ ___________________________________

5. __________________ ___________________________________

6. __________________ ___________________________________

7. __________________ ___________________________________

8. __________________ ___________________________________

9. __________________ ___________________________________

**ACKNOWLEDGEMENT OF RECEIPT** 

**OF CODE OF ETHICS**

**OF** 

**THE TIMOTHY PLAN**

Required Report for

Code of Ethics of The Timothy Plan

As Adopted November 3, 2000

I, ___________________________, certify by my signature below as follows:

1. I have received, read, understand and agree to comply with the Code of Ethics of The Timothy
Plan (the "Trust"), as adopted on November 3, 2000 (the "Code"); and

2. I acknowledge that I am an "Access Person" of the Trust, as such term is defined
in the Code and that Access Persons of the Trust are generally required make periodic reports of their securities transactions
and securities holdings; and

3. I am subject to the reporting requirements of the Code; and

4. On the first day following the end of each calendar quarter (January 1<sup>st</sup>, April 1<sup>st</sup>,
July 1<sup>st</sup>, October 1<sup>st</sup>) I will receive a Quarterly Securities Transaction Report from the Trust. I will complete
and return the Report to Michael J. Senior not later than the tenth day of the month in which the Report is sent; and

5. I will inform the Trust of any change in my mailing address within ten (10) days of such change.

__________________________ ______________________________

Date Signature

______________________________

Printed Name

**AUTHORIZATION** 

**OF** 

**RESPONSIBLE INDIVIDUAL**

**THE TIMOTHY PLAN**

Pursuant to the requirements of the Code of Ethics of The Timothy Plan, as adopted on November 3, 2000 (the "Code"), Mr. Arthur D. Ally has been appointed, by vote of the Board of Trustees of the Trust to be the person responsible for the review of all transaction and holdings reports required to be filed under the Code.

Mr. Ally will file a quarterly report with the Board of Trustees indicating and/or including:

1. Any reports required to be filed under the Code for the reporting period;

2. The names of each person required to file a report under the Code;

3. The names of any reporting person who failed to timely file a required report;

4. Copies of all submitted reports; and

5. A description of any violations or apparent violations of the Code for the reporting period.

_________________________ _____________________________

Date By: Joseph Boatwright

For the Trust

________________________ ____________________________

Date By: Arthur D. Ally

Responsible Person