# EDGAR Filing Document

**Accession Number:** 0000916490
**File Stem:** 0001752724-23-044053
**Filing Date:** 2023-2
**Character Count:** 149968
**Document Hash:** 5927cc78c5a00ad3cb1f3aaf70d8d4de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044053.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044053

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08228
- **FILM NUMBER:** 23678806

**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 Small Cap Value Fund (Series ID: S000004479)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000012330 | Timothy Plan Small Cap Value Fund Class A | TPLNX           |
| C000012332 | Timothy Plan Small Cap Value Fund Class C | TSVCX           |
| C000126993 | Timothy Plan Small Cap Value Fund Class I | TPVIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN AGGRESSIVE GROWTH FUND** | **TIMOTHY PLAN AGGRESSIVE GROWTH FUND** | **TIMOTHY PLAN AGGRESSIVE GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.6%** |  |
|  | **AEROSPACE & DEFENSE - 1.1%** |  |
| 639 | TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp; $402346 |
|  | **APPAREL & TEXTILE PRODUCTS - 11.6%** |  |
| 26304 | Capri Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1507745 |
| 4109 | Deckers Outdoor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1640148 |
| 29749 | Tapestry, Inc. | &nbsp;&nbsp;&nbsp; 1132842 |
|  |  | &nbsp;&nbsp; 4280735 |
|  | **BIOTECH & PHARMA - 3.8%** |  |
| 2460 | Argenx S.E. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 931922 |
| 1678 | United Therapeutics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 466635 |
|  |  | &nbsp;&nbsp; 1398557 |
|  | **CHEMICALS - 4.1%** |  |
| 7030 | Albemarle Corporation | &nbsp;&nbsp;&nbsp; 1524526 |
|  | **CONSTRUCTION MATERIALS - 1.8%** |  |
| 1947 | Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp; 658028 |
|  | **ELECTRICAL EQUIPMENT - 1.7%** |  |
| 3671 | Trane Technologies PLC | &nbsp;&nbsp;&nbsp; 617058 |
|  | **ENGINEERING & CONSTRUCTION - 2.5%** |  |
| 6411 | Quanta Services, Inc. | &nbsp;&nbsp;&nbsp; 913568 |
|  | **FOOD - 1.7%** |  |
| 10181 | Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 637229 |
|  | **HEALTH CARE FACILITIES & SERVICES - 7.3%** |  |
| 19555 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 1503193 |
| 7389 | HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 455458 |
| 3787 | ICON plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 735625 |
|  |  | &nbsp;&nbsp; 2694275 |
|  | **INDUSTRIAL SUPPORT SERVICES - 5.3%** |  |
| 5503 | United Rentals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1955876 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN AGGRESSIVE GROWTH FUND** | **TIMOTHY PLAN AGGRESSIVE GROWTH FUND** | **TIMOTHY PLAN AGGRESSIVE GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.6% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.2%** |  |
| 40303 | Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp; $810896 |
|  | **MACHINERY - 6.9%** |  |
| 6510 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp; 940630 |
| 9435 | Oshkosh Corporation | &nbsp;&nbsp;&nbsp; 832073 |
| 2663 | Parker-Hannifin Corporation | &nbsp;&nbsp;&nbsp; 774933 |
|  |  | &nbsp;&nbsp; 2547636 |
|  | **MEDICAL EQUIPMENT & DEVICES - 6.9%** |  |
| 46042 | Avantor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 971026 |
| 4244 | DexCom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 480591 |
| 3755 | Insulet Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1105434 |
|  |  | &nbsp;&nbsp; 2557051 |
|  | **OIL & GAS PRODUCERS - 8.0%** |  |
| 7072 | Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp; 1060517 |
| 7239 | Devon Energy Corporation | &nbsp;&nbsp;&nbsp; 445271 |
| 4290 | Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp; 586786 |
| 13055 | EQT Corporation | &nbsp;&nbsp;&nbsp; 441651 |
| 10653 | New Fortress Energy, Inc. | &nbsp;&nbsp;&nbsp; 451900 |
|  |  | &nbsp;&nbsp; 2986125 |
|  | **RENEWABLE ENERGY - 3.4%** |  |
| 8253 | First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1236217 |
|  | **RETAIL - CONSUMER STAPLES - 1.7%** |  |
| 4338 | Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 613567 |
|  | **SEMICONDUCTORS - 6.8%** |  |
| 1932 | KLA Corporation | &nbsp;&nbsp;&nbsp; 728422 |
| 4239 | Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp; 1498953 |
| 3217 | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp; 293165 |
|  |  | &nbsp;&nbsp; 2520540 |
|  | **SOFTWARE - 10.6%** |  |
| 4864 | Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 781353 |
| 26735 | Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1307074 |
| 8700 | Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1213998 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN AGGRESSIVE GROWTH FUND** | **TIMOTHY PLAN AGGRESSIVE GROWTH FUND** | **TIMOTHY PLAN AGGRESSIVE GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** | | **Fair Value** |
|  | **COMMON STOCKS — 92.6% (Continued)** |  |
|  | **SOFTWARE - 10.6% (Continued)** |  |
| 17373 | Rapid7, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $590335 |
|  |  | &nbsp;&nbsp; 3892760 |
|  | **TECHNOLOGY HARDWARE - 3.1%** |  |
| 4649 | Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 564156 |
| 10886 | Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp; 572712 |
|  |  | &nbsp;&nbsp; 1136868 |
|  | **TECHNOLOGY SERVICES - 2.1%** |  |
| 1678 | MSCI, Inc. | &nbsp;&nbsp;&nbsp; 780555 |
|  | **TOTAL COMMON STOCKS (Cost $31,840,084)** | &nbsp;&nbsp; 34164413 |
|  | **SHORT-TERM INVESTMENTS — 7.5%** |  |
|  | **MONEY MARKET FUNDS - 7.5%** |  |
| 2758948 | Fidelity Government Portfolio, Class I, 4.06% (Cost $2,758,948)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2758948 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $34,599,032)** | &nbsp;&nbsp;&nbsp; $36923361 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (26942) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $36896419 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN INTERNATIONAL FUND** | **TIMOTHY PLAN INTERNATIONAL FUND** | **TIMOTHY PLAN INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4%** |  |
|  | **AEROSPACE & DEFENSE - 2.3%** |  |
| 78000 | Safran S.A. - ADR | &nbsp;&nbsp;&nbsp; $2436720 |
| 29000 | Thales S.A. - ADR | &nbsp;&nbsp;&nbsp; 739790 |
|  |  | &nbsp;&nbsp; 3176510 |
|  | **AUTOMOTIVE - 2.8%** |  |
| 69300 | Magna International, Inc. | &nbsp;&nbsp;&nbsp; 3893274 |
|  | **BANKING - 11.4%** |  |
| 42739 | DBS Group Holdings Ltd. - ADR | &nbsp;&nbsp;&nbsp; 4332452 |
| 110000 | DNB Bank ASA - ADR | &nbsp;&nbsp;&nbsp; 2174700 |
| 35200 | HDFC Bank Ltd. - ADR | &nbsp;&nbsp;&nbsp; 2408032 |
| 120100 | ICICI Bank Ltd. - ADR | &nbsp;&nbsp;&nbsp; 2628989 |
| 234000 | Itau Unibanco Holding S.A. - ADR | &nbsp;&nbsp;&nbsp; 1102140 |
| 93600 | KBC Group N.V. - ADR | &nbsp;&nbsp;&nbsp; 3011112 |
|  |  | &nbsp;&nbsp; 15657425 |
|  | **CHEMICALS - 2.9%** |  |
| 83420 | Air Liquide S.A. - ADR | &nbsp;&nbsp;&nbsp; 2359326 |
| 18100 | Arkema S.A. - ADR | &nbsp;&nbsp;&nbsp; 1625018 |
|  |  | &nbsp;&nbsp; 3984344 |
|  | **CONSTRUCTION MATERIALS - 2.3%** |  |
| 55000 | CRH plc - ADR | &nbsp;&nbsp;&nbsp; 2188450 |
| 27500 | Xinyi Glass Holdings Ltd. - ADR | &nbsp;&nbsp;&nbsp; 1016125 |
|  |  | &nbsp;&nbsp; 3204575 |
|  | **ELECTRIC UTILITIES - 3.2%** |  |
| 407000 | Enel SpA - ADR | &nbsp;&nbsp;&nbsp; 2173380 |
| 47200 | Iberdrola S.A. - ADR | &nbsp;&nbsp;&nbsp; 2207072 |
|  |  | &nbsp;&nbsp; 4380452 |
|  | **ELECTRICAL EQUIPMENT - 2.7%** |  |
| 131600 | Schneider Electric S.E. - ADR | &nbsp;&nbsp;&nbsp; 3679536 |
|  | **ENGINEERING & CONSTRUCTION - 4.0%** |  |
| 79000 | Cellnex Telecom S.A. - ADR | &nbsp;&nbsp;&nbsp; 1303500 |
| 168000 | Vinci S.A. - ADR | &nbsp;&nbsp;&nbsp; 4188240 |
|  |  | &nbsp;&nbsp; 5491740 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN INTERNATIONAL FUND** | **TIMOTHY PLAN INTERNATIONAL FUND** | **TIMOTHY PLAN INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **FOOD - 2.4%** |  |
| 26700 | Kerry Group plc - ADR | &nbsp;&nbsp;&nbsp; $2389650 |
| 57000 | Mowi ASA - ADR | &nbsp;&nbsp;&nbsp; 970140 |
|  |  | &nbsp;&nbsp; 3359790 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.2%** |  |
| 15200 | ICON plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2952600 |
|  | **HOUSEHOLD PRODUCTS - 1.4%** |  |
| 85000 | Beiersdorf A.G. - ADR | &nbsp;&nbsp;&nbsp; 1943100 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.7%** |  |
| 10000 | Ashtead Group plc - ADR | &nbsp;&nbsp;&nbsp; 2261900 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.4%** |  |
| 188500 | Deutsche Boerse A.G. - ADR | &nbsp;&nbsp;&nbsp; 3234660 |
|  | **INSURANCE - 6.2%** |  |
| 45100 | Ageas S.A./NV - ADR | &nbsp;&nbsp;&nbsp; 1992969 |
| 64500 | AIA Group Ltd. - ADR | &nbsp;&nbsp;&nbsp; 2865735 |
| 66400 | Muenchener Rueckversicherungs-Gesellschaft A.G. in - ADR | &nbsp;&nbsp;&nbsp; 2151028 |
| 59600 | Sampo OYJ - ADR | &nbsp;&nbsp;&nbsp; 1554368 |
|  |  | &nbsp;&nbsp; 8564100 |
|  | **INTERNET MEDIA & SERVICES - 1.6%** |  |
| 161000 | Prosus N.V. - ADR | &nbsp;&nbsp;&nbsp; 2210530 |
| 43600 | Yandex N.V., Class A<sup>(a) (h) (c)</sup> | &nbsp;&nbsp;&nbsp; 43600 |
|  |  | &nbsp;&nbsp; 2254130 |
|  | **LEISURE PRODUCTS - 0.9%** |  |
| 77000 | Shimano, Inc. - ADR | &nbsp;&nbsp;&nbsp; 1208515 |
|  | **MACHINERY - 5.9%** |  |
| 239000 | Atlas Copco A.B. - ADR | &nbsp;&nbsp;&nbsp; 2544155 |
| 79000 | FANUC Corporation - ADR | &nbsp;&nbsp;&nbsp; 1174730 |
| 78350 | Techtronic Industries Company Ltd. - ADR | &nbsp;&nbsp;&nbsp; 4351559 |
|  |  | &nbsp;&nbsp; 8070444 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN INTERNATIONAL FUND** | **TIMOTHY PLAN INTERNATIONAL FUND** | **TIMOTHY PLAN INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 7.8%** |  |
| 51400 | Alcon, Inc. | &nbsp;&nbsp;&nbsp; $3523470 |
| 31500 | Hoya Corporation - ADR | &nbsp;&nbsp;&nbsp; 3005100 |
| 69000 | Olympus Corporation - ADR | &nbsp;&nbsp;&nbsp; 1233720 |
| 59900 | Smith & Nephew plc - ADR | &nbsp;&nbsp;&nbsp; 1610711 |
| 43000 | Sysmex Corporation - ADR | &nbsp;&nbsp;&nbsp; 1292580 |
|  |  | &nbsp;&nbsp; 10665581 |
|  | **METALS & MINING - 1.6%** |  |
| 29900 | Rio Tinto plc - ADR | &nbsp;&nbsp;&nbsp; 2128880 |
|  | **OIL & GAS PRODUCERS - 6.2%** |  |
| 146000 | Equinor ASA - ADR | &nbsp;&nbsp;&nbsp; 5228260 |
| 438000 | Galp Energia SGPS S.A. - ADR | &nbsp;&nbsp;&nbsp; 2943360 |
| 30500 | Petroleo Brasileiro S.A. - ADR | &nbsp;&nbsp;&nbsp; 324825 |
|  |  | &nbsp;&nbsp; 8496445 |
|  | **RETAIL - CONSUMER STAPLES - 1.6%** |  |
| 100000 | Seven & i Holdings Company Ltd. - ADR | &nbsp;&nbsp;&nbsp; 2139500 |
|  | **RETAIL - DISCRETIONARY - 1.5%** |  |
| 6200 | ANTA Sports Products Ltd. - ADR | &nbsp;&nbsp;&nbsp; 2022936 |
|  | **SEMICONDUCTORS - 4.6%** |  |
| 5850 | ASML Holding N.V. - ADR | &nbsp;&nbsp;&nbsp; 3196440 |
| 10000 | NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp; 1580300 |
| 22800 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;&nbsp; 1698372 |
|  |  | &nbsp;&nbsp; 6475112 |
|  | **SOFTWARE - 2.6%** |  |
| 13300 | Nice Ltd. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2557590 |
| 30640 | Open Text Corporation | &nbsp;&nbsp;&nbsp; 908170 |
|  |  | &nbsp;&nbsp; 3465760 |
|  | **SPECIALTY FINANCE - 2.2%** |  |
| 37400 | ORIX Corporation - ADR | &nbsp;&nbsp;&nbsp; 3011448 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN INTERNATIONAL FUND** | **TIMOTHY PLAN INTERNATIONAL FUND** | **TIMOTHY PLAN INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 1.5%** |  |
| 40338 | FUJIFILM Holdings Corporation - ADR | &nbsp;&nbsp;&nbsp; $2019724 |
|  | **TECHNOLOGY SERVICES - 3.2%** |  |
| 54000 | Amadeus IT Group S.A. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2764260 |
| 89000 | Infosys Ltd. - ADR | &nbsp;&nbsp;&nbsp; 1602890 |
|  |  | &nbsp;&nbsp; 4367150 |
|  | **TELECOMMUNICATIONS - 2.0%** |  |
| 95300 | Nippon Telegraph & Telephone Corporation - ADR | &nbsp;&nbsp;&nbsp; 2692225 |
|  | **TRANSPORTATION & LOGISTICS - 3.4%** |  |
| 60800 | Canadian Pacific Railway Ltd. | &nbsp;&nbsp;&nbsp; 4535072 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.9%** |  |
| 19000 | ITOCHU Corporation - ADR | &nbsp;&nbsp;&nbsp; 1187500 |
|  | **TOTAL COMMON STOCKS (Cost $116,896,473)** | &nbsp;&nbsp; 130524428 |
|  | **SHORT-TERM INVESTMENTS — 4.6%** |  |
|  | **MONEY MARKET FUNDS - 4.6%** |  |
| 6268881 | Fidelity Government Portfolio, Class I, 4.06% (Cost $6,268,881)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 6268881 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $123,165,354)** | &nbsp;&nbsp;&nbsp; $136793309 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** | &nbsp;&nbsp; (54750) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $136738559 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |

---

---

| | |
|:---|:---|
| <sup>(a)</sup><br> <sup>(b)</sup><br> <sup>(c)</sup> | Non-income producing security.<br> Illiquid security. At December 31, 2022, the illiquid security amounted to 0.03% of net assets.<br> The value of this security has been determined in good faith under policies approved by the Board of Trustees. |

---

<sup>(d)</sup> Rate disclosed is the seven-day effective yield as of December 31, 2022.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **TIMOTHY PLAN INTERNATIONAL FUND** | **TIMOTHY PLAN INTERNATIONAL FUND** |
| **DECEMBER 31, 2022** | **DECEMBER 31, 2022** |
| Diversification of Assets | Diversification of Assets |
| Country | % of Net Assets |
| Japan | 13.9% |
| France | 11.0% |
| Canada | 6.8% |
| Norway | 6.1% |
| Hong Kong | 6.0% |
| Ireland | 5.5% |
| Germany | 5.4% |
| Netherlands | 5.1% |
| India | 4.9% |
| Spain | 4.6% |
| United Kingdom | 4.4% |
| Belgium | 3.6% |
| Singapore | 3.2% |
| Switzerland | 2.6% |
| Portugal | 2.2% |
| Israel | 1.9% |
| Sweden | 1.9% |
| Italy | 1.6% |
| China | 1.4% |
| Taiwan Province Of China | 1.2% |
| Finland | 1.1% |
| Brazil | 1.0% |
| Total | 95.4% |
| Money Market Funds | 4.6% |
| Other Assets Less Liabilities - Net | 0.0% |
| Grand Total | 100.0% |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN LARGE/MID CAP GROWTH FUND** | **TIMOTHY PLAN LARGE/MID CAP GROWTH FUND** | **TIMOTHY PLAN LARGE/MID CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.3%** |  |
|  | **AEROSPACE & DEFENSE - 1.4%** |  |
| 2605 | TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp; $1640238 |
|  | **AUTOMOTIVE - 1.1%** |  |
| 10523 | Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1296223 |
|  | **BANKING - 1.2%** |  |
| 3231 | SVB Financial Group<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 743582 |
| 11617 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp; 691909 |
|  |  | &nbsp;&nbsp; 1435491 |
|  | **BIOTECH & PHARMA - 3.9%** |  |
| 9889 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2855745 |
| 12696 | Zoetis, Inc. | &nbsp;&nbsp;&nbsp; 1860599 |
|  |  | &nbsp;&nbsp; 4716344 |
|  | **CABLE & SATELLITE - 0.8%** |  |
| 1361 | Cable One, Inc. | &nbsp;&nbsp;&nbsp; 968841 |
|  | **CHEMICALS - 4.7%** |  |
| 28804 | FMC Corporation | &nbsp;&nbsp;&nbsp; 3594739 |
| 6420 | Linde plc | &nbsp;&nbsp;&nbsp; 2094076 |
|  |  | &nbsp;&nbsp; 5688815 |
|  | **CONSTRUCTION MATERIALS - 2.0%** |  |
| 3574 | Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp; 1207905 |
| 13688 | Owens Corning | &nbsp;&nbsp;&nbsp; 1167586 |
|  |  | &nbsp;&nbsp; 2375491 |
|  | **DIVERSIFIED INDUSTRIALS - 2.1%** |  |
| 11889 | Honeywell International, Inc. | &nbsp;&nbsp;&nbsp; 2547813 |
|  | **ELECTRIC UTILITIES - 1.6%** |  |
| 23016 | NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp; 1924138 |
|  | **ELECTRICAL EQUIPMENT - 5.4%** |  |
| 34912 | Amphenol Corporation, Class A | &nbsp;&nbsp;&nbsp; 2658200 |
| 15291 | Fortive Corporation | &nbsp;&nbsp;&nbsp; 982447 |
| 8708 | Keysight Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1489678 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN LARGE/MID CAP GROWTH FUND** | **TIMOTHY PLAN LARGE/MID CAP GROWTH FUND** | **TIMOTHY PLAN LARGE/MID CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.3% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 5.4% (Continued)** |  |
| 8802 | Trane Technologies PLC | &nbsp;&nbsp;&nbsp; $1479528 |
|  |  | &nbsp;&nbsp; 6609853 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.4%** |  |
| 7978 | IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1634612 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.5%** |  |
| 18387 | Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp; 1886322 |
|  | **INSURANCE - 4.1%** |  |
| 16987 | Arthur J Gallagher & Company | &nbsp;&nbsp;&nbsp; 3202729 |
| 61346 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1760630 |
|  |  | &nbsp;&nbsp; 4963359 |
|  | **LEISURE FACILITIES & SERVICES - 0.7%** |  |
| 635 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 881056 |
|  | **MACHINERY - 2.3%** |  |
| 5959 | Caterpillar, Inc. | &nbsp;&nbsp;&nbsp; 1427538 |
| 15489 | Oshkosh Corporation | &nbsp;&nbsp;&nbsp; 1365975 |
|  |  | &nbsp;&nbsp; 2793513 |
|  | **MEDICAL EQUIPMENT & DEVICES - 5.8%** |  |
| 3988 | Danaher Corporation | &nbsp;&nbsp;&nbsp; 1058495 |
| 17746 | Edwards Lifesciences Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1324029 |
| 6398 | Insulet Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1883507 |
| 7646 | Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2028866 |
| 10819 | Merit Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 764038 |
|  |  | &nbsp;&nbsp; 7058935 |
|  | **OIL & GAS PRODUCERS - 1.8%** |  |
| 18934 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 2234212 |
|  | **RETAIL - CONSUMER STAPLES - 4.3%** |  |
| 5540 | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 2529010 |
| 10909 | Dollar General Corporation | &nbsp;&nbsp;&nbsp; 2686341 |
|  |  | &nbsp;&nbsp; 5215351 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN LARGE/MID CAP GROWTH FUND** | **TIMOTHY PLAN LARGE/MID CAP GROWTH FUND** | **TIMOTHY PLAN LARGE/MID CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.3% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 5.5%** |  |
| 9803 | Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp; $1953150 |
| 2819 | Lululemon Athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 903151 |
| 4511 | O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3807419 |
|  |  | &nbsp;&nbsp; 6663720 |
|  | **SEMICONDUCTORS - 11.0%** |  |
| 21323 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1381091 |
| 12482 | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp; 2047422 |
| 5930 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 3315641 |
| 3873 | Lam Research Corporation | &nbsp;&nbsp;&nbsp; 1627822 |
| 11878 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 1735851 |
| 11107 | NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp; 1755239 |
| 24764 | ON Semiconductor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1544531 |
|  |  | &nbsp;&nbsp; 13407597 |
|  | **SOFTWARE - 5.4%** |  |
| 16197 | Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2260129 |
| 4642 | ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1802349 |
| 7820 | Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2496849 |
|  |  | &nbsp;&nbsp; 6559327 |
|  | **TECHNOLOGY HARDWARE - 4.2%** |  |
| 19267 | Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2338050 |
| 30306 | Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp; 1594399 |
| 36596 | Western Digital Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1154604 |
|  |  | &nbsp;&nbsp; 5087053 |
|  | **TECHNOLOGY SERVICES - 1.7%** |  |
| 11519 | CDW Corporation | &nbsp;&nbsp;&nbsp; 2057063 |
|  | **TRANSPORTATION & LOGISTICS - 1.4%** |  |
| 23317 | Canadian Pacific Railway Ltd. | &nbsp;&nbsp;&nbsp; 1739215 |
|  | **TRANSPORTATION EQUIPMENT - 2.0%** |  |
| 24371 | PACCAR, Inc. | &nbsp;&nbsp;&nbsp; 2411998 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN LARGE/MID CAP GROWTH FUND** | **TIMOTHY PLAN LARGE/MID CAP GROWTH FUND** | **TIMOTHY PLAN LARGE/MID CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.3% (Continued)** |  |
|  | **TOTAL COMMON STOCKS (Cost $80,163,284)** | &nbsp;&nbsp; $93796580 |
|  | **EXCHANGE-TRADED FUNDS — 18.0%** |  |
|  | **EQUITY - 18.0%** |  |
| 624000 | Timothy Plan US Large/Mid Cap Core Enhanced ETF<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 14816318 |
| 209000 | Timothy Plan US Large/Mid Cap Core ETF<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7001500 |
|  |  | &nbsp;&nbsp; 21817818 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $21,565,045)** | &nbsp;&nbsp; 21817818 |
|  | **SHORT-TERM INVESTMENTS — 4.7%** |  |
|  | **MONEY MARKET FUNDS - 4.7%** |  |
| 5659748 | Fidelity Government Portfolio, Class I, 4.06% (Cost $5,659,748)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 5659748 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $107,388,077)** | &nbsp;&nbsp;&nbsp; $121274146 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%** | &nbsp;&nbsp; (16816) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $121257330 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Investment in affiliate. <br> <sup>(c)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN SMALL CAP VALUE FUND** | **TIMOTHY PLAN SMALL CAP VALUE FUND** | **TIMOTHY PLAN SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 87.6%** |  |
|  | **AEROSPACE & DEFENSE - 1.8%** |  |
| 31382 | Moog, Inc., Class A | &nbsp;&nbsp;&nbsp; $2754084 |
|  | **AUTOMOTIVE - 1.0%** |  |
| 36330 | Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp; 1611962 |
|  | **BANKING - 15.9%** |  |
| 86891 | Atlantic Union Bankshares Corporation | &nbsp;&nbsp;&nbsp; 3053349 |
| 29957 | City Holding Company | &nbsp;&nbsp;&nbsp; 2788697 |
| 91905 | Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp; 2769098 |
| 35896 | First Bancorp | &nbsp;&nbsp;&nbsp; 1537785 |
| 62071 | Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp; 1325837 |
| 75064 | Renasant Corporation | &nbsp;&nbsp;&nbsp; 2821655 |
| 79043 | Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 2784685 |
| 87794 | Seacoast Banking Corp of Florida | &nbsp;&nbsp;&nbsp; 2738295 |
| 43692 | Triumph Bancorp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2135228 |
| 100154 | Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp; 2812324 |
|  |  | &nbsp;&nbsp; 24766953 |
|  | **CHEMICALS - 4.7%** |  |
| 41001 | Avient Corporation | &nbsp;&nbsp;&nbsp; 1384194 |
| 206395 | Ecovyst, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1828660 |
| 13026 | Innospec, Inc. | &nbsp;&nbsp;&nbsp; 1339854 |
| 26894 | Stepan Company | &nbsp;&nbsp;&nbsp; 2863135 |
|  |  | &nbsp;&nbsp; 7415843 |
|  | **ELECTRIC UTILITIES - 3.6%** |  |
| 62547 | Avista Corporation | &nbsp;&nbsp;&nbsp; 2773334 |
| 48083 | NorthWestern Corporation | &nbsp;&nbsp;&nbsp; 2853245 |
|  |  | &nbsp;&nbsp; 5626579 |
|  | **ENGINEERING & CONSTRUCTION - 1.8%** |  |
| 24632 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp; 2834651 |
|  | **FOOD - 3.6%** |  |
| 126251 | Hostess Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2833073 |
| 18011 | J & J Snack Foods Corporation | &nbsp;&nbsp;&nbsp; 2696427 |
|  |  | &nbsp;&nbsp; 5529500 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN SMALL CAP VALUE FUND** | **TIMOTHY PLAN SMALL CAP VALUE FUND** | **TIMOTHY PLAN SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 87.6% (Continued)** |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.4%** |  |
| 27480 | UFP Industries, Inc. | &nbsp;&nbsp;&nbsp; $2177790 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.8%** |  |
| 101169 | Patterson Companies, Inc. | &nbsp;&nbsp;&nbsp; 2835767 |
|  | **HOME CONSTRUCTION - 3.8%** |  |
| 57733 | Century Communities, Inc. | &nbsp;&nbsp;&nbsp; 2887228 |
| 35616 | Masonite International Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2871006 |
|  |  | &nbsp;&nbsp; 5758234 |
|  | **HOUSEHOLD PRODUCTS - 1.7%** |  |
| 74388 | Central Garden & Pet Company, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2663090 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.0%** |  |
| 38788 | AZZ, Inc. | &nbsp;&nbsp;&nbsp; 1559278 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.3%** |  |
| 68387 | Moelis & Company, Class A | &nbsp;&nbsp;&nbsp; 2624009 |
| 19705 | Piper Sandler Cos | &nbsp;&nbsp;&nbsp; 2565394 |
|  |  | &nbsp;&nbsp; 5189403 |
|  | **INSURANCE - 0.9%** |  |
| 28380 | AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp; 1474909 |
|  | **LEISURE FACILITIES & SERVICES - 3.1%** |  |
| 65998 | Chuy's Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1867743 |
| 36097 | Papa John's International, Inc. | &nbsp;&nbsp;&nbsp; 2971144 |
|  |  | &nbsp;&nbsp; 4838887 |
|  | **MACHINERY - 5.5%** |  |
| 20166 | Alamo Group, Inc. | &nbsp;&nbsp;&nbsp; 2855506 |
| 29105 | Albany International Corporation, Class A | &nbsp;&nbsp;&nbsp; 2869462 |
| 63088 | Federal Signal Corporation | &nbsp;&nbsp;&nbsp; 2931698 |
|  |  | &nbsp;&nbsp; 8656666 |
|  | **MEDICAL EQUIPMENT & DEVICES - 5.1%** |  |
| 82636 | Avanos Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2236130 |
| 32301 | CONMED Corporation | &nbsp;&nbsp;&nbsp; 2863161 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN SMALL CAP VALUE FUND** | **TIMOTHY PLAN SMALL CAP VALUE FUND** | **TIMOTHY PLAN SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 87.6% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 5.1% (Continued)** |  |
| 39890 | Merit Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $2817032 |
|  |  | &nbsp;&nbsp; 7916323 |
|  | **METALS & MINING - 1.9%** |  |
| 9948 | Encore Wire Corporation | &nbsp;&nbsp;&nbsp; 1368447 |
| 76693 | Livent Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1523890 |
|  |  | &nbsp;&nbsp; 2892337 |
|  | **OFFICE REIT - 2.8%** |  |
| 111562 | Corporate Office Properties Trust | &nbsp;&nbsp;&nbsp; 2893918 |
| 93724 | Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp; 1337441 |
|  |  | &nbsp;&nbsp; 4231359 |
|  | **OIL & GAS PRODUCERS - 6.3%** |  |
| 21245 | Chord Energy Corporation | &nbsp;&nbsp;&nbsp; 2906529 |
| 89675 | Enerplus Corporation | &nbsp;&nbsp;&nbsp; 1582764 |
| 87911 | Northern Oil and Gas, Inc. | &nbsp;&nbsp;&nbsp; 2709417 |
| 90809 | Sitio Royalties Corporation | &nbsp;&nbsp;&nbsp; 2619834 |
|  |  | &nbsp;&nbsp; 9818544 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 5.3%** |  |
| 152245 | Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp; 2920059 |
| 30068 | PotlatchDeltic Corporation | &nbsp;&nbsp;&nbsp; 1322691 |
| 192412 | Summit Hotel Properties, Inc. | &nbsp;&nbsp;&nbsp; 1389215 |
| 194086 | Urban Edge Properties | &nbsp;&nbsp;&nbsp; 2734672 |
|  |  | &nbsp;&nbsp; 8366637 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.7%** |  |
| 221606 | Radius Global Infrastructure, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2619383 |
|  | **RETAIL - DISCRETIONARY - 3.2%** |  |
| 42595 | Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp; 2237941 |
| 61529 | Monro, Inc. | &nbsp;&nbsp;&nbsp; 2781111 |
|  |  | &nbsp;&nbsp; 5019052 |
|  | **RETAIL REIT - 1.8%** |  |
| 108359 | Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp; 2809749 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN SMALL CAP VALUE FUND** | **TIMOTHY PLAN SMALL CAP VALUE FUND** | **TIMOTHY PLAN SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 87.6% (Continued)** |  |
|  | **SEMICONDUCTORS - 1.8%** |  |
| 79954 | Rambus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $2863952 |
|  | **TECHNOLOGY HARDWARE - 2.8%** |  |
| 84492 | ADTRAN Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1587605 |
| 255477 | Viavi Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2685063 |
|  |  | &nbsp;&nbsp; 4272668 |
|  | **TOTAL COMMON STOCKS (Cost $136,391,376)** | &nbsp;&nbsp; 136503600 |
|  | **EXCHANGE-TRADED FUNDS — 11.3%** |  |
|  | **EQUITY - 11.3%** |  |
| 580000 | Timothy Plan US Small Cap Core ETF (Cost $14,834,080) <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 17648762 |
|  | **SHORT-TERM INVESTMENTS — 1.1%** |  |
|  | **MONEY MARKET FUNDS - 1.1%** |  |
| 1647287 | Fidelity Government Portfolio, Class I, 4.06% (Cost $1,647,287)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1647287 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $152,872,743)** | &nbsp;&nbsp;&nbsp; $155799649 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%** | &nbsp;&nbsp; 34240 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $155833889 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| REIT | - Real Estate Investment Trust |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Investment in affiliate. |
| <sup>(c)</sup> | Rate disclosed is the seven day effective yield as of December 31, 2022. |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN LARGE/MID CAP VALUE FUND** | **TIMOTHY PLAN LARGE/MID CAP VALUE FUND** | **TIMOTHY PLAN LARGE/MID CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 76.4%** |  |
|  | **AEROSPACE & DEFENSE - 1.9%** |  |
| 20381 | General Dynamics Corporation | &nbsp;&nbsp;&nbsp; $5056730 |
|  | **BANKING - 3.8%** |  |
| 50836 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp; 5276269 |
| 79433 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp; 4731029 |
|  |  | &nbsp;&nbsp; 10007298 |
|  | **CABLE & SATELLITE - 0.6%** |  |
| 2382 | Cable One, Inc. | &nbsp;&nbsp;&nbsp; 1695651 |
|  | **CHEMICALS - 3.6%** |  |
| 152481 | Huntsman Corporation | &nbsp;&nbsp;&nbsp; 4190178 |
| 22223 | Sherwin-Williams Company (The) | &nbsp;&nbsp;&nbsp; 5274184 |
|  |  | &nbsp;&nbsp; 9464362 |
|  | **DIVERSIFIED INDUSTRIALS - 4.4%** |  |
| 35704 | Eaton Corp PLC | &nbsp;&nbsp;&nbsp; 5603743 |
| 28187 | Honeywell International, Inc. | &nbsp;&nbsp;&nbsp; 6040474 |
|  |  | &nbsp;&nbsp; 11644217 |
|  | **ELECTRIC UTILITIES - 3.9%** |  |
| 80613 | CMS Energy Corporation | &nbsp;&nbsp;&nbsp; 5105221 |
| 55555 | WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp; 5208837 |
|  |  | &nbsp;&nbsp; 10314058 |
|  | **FOOD - 4.4%** |  |
| 38411 | J M Smucker Company (The) | &nbsp;&nbsp;&nbsp; 6086607 |
| 67434 | McCormick & Company, Inc. | &nbsp;&nbsp;&nbsp; 5589604 |
|  |  | &nbsp;&nbsp; 11676211 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.9%** |  |
| 48072 | Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp; 4931706 |
|  | **INSURANCE - 2.1%** |  |
| 30074 | Arthur J Gallagher & Company | &nbsp;&nbsp;&nbsp; 5670152 |
|  | **LEISURE FACILITIES & SERVICES - 1.9%** |  |
| 14315 | Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp; 4958716 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN LARGE/MID CAP VALUE FUND** | **TIMOTHY PLAN LARGE/MID CAP VALUE FUND** | **TIMOTHY PLAN LARGE/MID CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 76.4% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 6.9%** |  |
| 20630 | Danaher Corporation | &nbsp;&nbsp;&nbsp; $5475615 |
| 39198 | PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp; 5496343 |
| 21538 | STERIS PLC | &nbsp;&nbsp;&nbsp; 3977853 |
| 26921 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp; 3432428 |
|  |  | &nbsp;&nbsp; 18382239 |
|  | **OIL & GAS PRODUCERS - 5.8%** |  |
| 44945 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 5303509 |
| 38044 | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp; 4927459 |
| 40310 | Valero Energy Corporation | &nbsp;&nbsp;&nbsp; 5113727 |
|  |  | &nbsp;&nbsp; 15344695 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 3.7%** |  |
| 32109 | Crown Castle, Inc. | &nbsp;&nbsp;&nbsp; 4355265 |
| 47188 | Prologis, Inc. | &nbsp;&nbsp;&nbsp; 5319503 |
|  |  | &nbsp;&nbsp; 9674768 |
|  | **RETAIL - CONSUMER STAPLES - 3.8%** |  |
| 10630 | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 4852595 |
| 20607 | Dollar General Corporation | &nbsp;&nbsp;&nbsp; 5074474 |
|  |  | &nbsp;&nbsp; 9927069 |
|  | **RETAIL - DISCRETIONARY - 4.7%** |  |
| 8006 | O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6757305 |
| 25417 | Tractor Supply Company | &nbsp;&nbsp;&nbsp; 5718062 |
|  |  | &nbsp;&nbsp; 12475367 |
|  | **SEMICONDUCTORS - 13.4%** |  |
| 10828 | ASML Holding N.V. - ADR | &nbsp;&nbsp;&nbsp; 5916419 |
| 9051 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 5060686 |
| 93501 | Lattice Semiconductor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6066345 |
| 75189 | Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp; 5282027 |
| 10949 | Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp; 3871676 |
| 30093 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 4397791 |
| 54002 | Teradyne, Inc. | &nbsp;&nbsp;&nbsp; 4717075 |
|  |  | &nbsp;&nbsp; 35312019 |
|  | **SOFTWARE - 5.4%** |  |
| 35281 | Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5667541 |
| 16143 | Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5154298 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN LARGE/MID CAP VALUE FUND** | **TIMOTHY PLAN LARGE/MID CAP VALUE FUND** | **TIMOTHY PLAN LARGE/MID CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 76.4% (Continued)** |  |
|  | **SOFTWARE - 5.4% (Continued)** |  |
| 11035 | Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $3557794 |
|  |  | &nbsp;&nbsp; 14379633 |
|  | **TECHNOLOGY SERVICES - 2.2%** |  |
| 19382 | CACI International, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5826035 |
|  | **TRANSPORTATION & LOGISTICS - 2.0%** |  |
| 25422 | Union Pacific Corporation | &nbsp;&nbsp;&nbsp; 5264134 |
|  | **TOTAL COMMON STOCKS (Cost $161,965,810)** | &nbsp;&nbsp; 202005060 |
|  | **EXCHANGE-TRADED FUNDS — 19.3%** |  |
|  | **EQUITY - 19.3%** |  |
| 573000 | Timothy Plan High Dividend Stock Enhanced ETF<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 13443841 |
| 382500 | Timothy Plan High Dividend Stock ETF<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11908449 |
| 634000 | Timothy Plan US Large/Mid Cap Core Enhanced ETF<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 15053759 |
| 318000 | Timothy Plan US Large/Mid Cap Core ETF<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 10653000 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $48,945,129)** | &nbsp;&nbsp; 51059049 |
|  | **SHORT-TERM INVESTMENTS — 4.4%** |  |
|  | **MONEY MARKET FUNDS - 4.4%** |  |
| 11741222 | Fidelity Government Portfolio, Class I, 4.06% (Cost $11,741,222)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 11741222 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $222,652,161)** | &nbsp;&nbsp;&nbsp; $264805331 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (235680) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $264569651 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Investment in affiliate. <br> <sup>(c)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 21.9%** |  |  |  |
|  | **CHEMICALS** — **2.4%** |  |  |  |
| 1212000 | LYB International Finance BV | 4.0000 | &nbsp;&nbsp;&nbsp;07/15/23 | $1203019 |
| 1570000 | Nutrien Ltd. | 4.0000 | &nbsp;&nbsp;&nbsp;12/15/26 | 1513784 |
|  |  |  |  | 2716803 |
|  | **ELECTRIC UTILITIES** — **3.7%** |  |  |  |
| 2205000 | American Electric Power Company, Inc. | 3.2000 | &nbsp;&nbsp;&nbsp;11/13/27 | 2032535 |
| 832956 | John Sevier Combined Cycle Generation, LLC | 4.6260 | &nbsp;&nbsp;&nbsp;01/15/42 | 789497 |
| 855000 | National Rural Utilities Cooperative Finance | 2.9500 | &nbsp;&nbsp;&nbsp;02/07/24 | 836091 |
| 442000 | WEC Energy Group, Inc. | 3.5500 | &nbsp;&nbsp;&nbsp;06/15/25 | 424393 |
|  |  |  |  | 4082516 |
|  | **GAS & WATER UTILITIES** — **1.8%** |  |  |  |
| 2185000 | NiSource, Inc. | 3.4900 | &nbsp;&nbsp;&nbsp;05/15/27 | 2064302 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **0.9%** |  |  |  |
| 1000000 | Cboe Global Markets, Inc. | 3.6500 | &nbsp;&nbsp;&nbsp;01/12/27 | 957692 |
|  | **OIL & GAS PRODUCERS** — **6.1%** |  |  |  |
| 1580000 | Columbia Pipeline Group, Inc. | 4.5000 | &nbsp;&nbsp;&nbsp;06/01/25 | 1558367 |
| 3150000 | Energy Transfer Operating, L.P. | 5.2500 | &nbsp;&nbsp;&nbsp;04/15/29 | 3061931 |
| 2240000 | Phillips 66 Company<sup>(a)</sup> | 3.6050 | &nbsp;&nbsp;&nbsp;02/15/25 | 2171803 |
|  |  |  |  | 6792101 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **3.0%** |  |  |  |
| 1520000 | Digital Realty Trust, L.P. | 3.7000 | &nbsp;&nbsp;&nbsp;08/15/27 | 1415644 |
| 2200000 | Healthpeak Properties, Inc. | 3.5000 | &nbsp;&nbsp;&nbsp;07/15/29 | 1969458 |
|  |  |  |  | 3385102 |
|  | **RETAIL - CONSUMER STAPLES** — **1.3%** |  |  |  |
| 1575000 | Dollar General Corporation | 4.1250 | &nbsp;&nbsp;&nbsp;05/01/28 | 1505450 |
|  | **TRANSPORTATION & LOGISTICS** — **2.7%** |  |  |  |
| 1000000 | Canadian Pacific Railway Company | 2.9000 | &nbsp;&nbsp;&nbsp;02/01/25 | 956836 |
| 2190000 | CSX Corporation | 3.2500 | &nbsp;&nbsp;&nbsp;06/01/27 | 2052316 |
|  |  |  |  | 3009152 |
|  | **TOTAL CORPORATE BONDS (Cost $26,554,124)** |  |  | 24513118 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 1.9%** |  |  |  |
|  | **LOCAL AUTHORITY** — **1.9%** |  |  |  |
| 2235000 | Province of Ontario Canada **(Cost $2,306,539)** | 2.5000 | &nbsp;&nbsp;&nbsp;04/27/26 | $2100388 |
|  | **U.S. GOVERNMENT & AGENCIES — 72.2%** |  |  |  |
|  | **AGENCY FIXED RATE** — **29.0%** |  |  |  |
| 1367442 | Fannie Mae Pool FM5537 | 2.0000 | &nbsp;&nbsp;&nbsp;01/01/36 | 1222867 |
| 1040419 | Fannie Mae Pool MA4316 | 2.5000 | &nbsp;&nbsp;&nbsp;04/01/36 | 959453 |
| 1511949 | Fannie Mae Pool MA4333 | 2.0000 | &nbsp;&nbsp;&nbsp;05/01/41 | 1291658 |
| 729363 | Fannie Mae Pool MA4366 | 2.5000 | &nbsp;&nbsp;&nbsp;06/01/41 | 641491 |
| 434355 | Fannie Mae Pool MA4475 | 2.5000 | &nbsp;&nbsp;&nbsp;10/01/41 | 382016 |
| 1252422 | Fannie Mae Pool MA4617 | 3.0000 | &nbsp;&nbsp;&nbsp;04/01/42 | 1121832 |
| 1048542 | Fannie Mae Pool FM4053 | 2.5000 | &nbsp;&nbsp;&nbsp;08/01/50 | 900944 |
| 1362841 | Fannie Mae Pool CA8897 | 3.0000 | &nbsp;&nbsp;&nbsp;02/01/51 | 1210492 |
| 912107 | Fannie Mae Pool MA4258 | 3.5000 | &nbsp;&nbsp;&nbsp;02/01/51 | 835970 |
| 465004 | Fannie Mae Pool FM6550 | 2.0000 | &nbsp;&nbsp;&nbsp;03/01/51 | 383326 |
| 857509 | Fannie Mae Pool CB0855 | 3.0000 | &nbsp;&nbsp;&nbsp;06/01/51 | 755000 |
| 534651 | Fannie Mae Pool FS1807 | 3.5000 | &nbsp;&nbsp;&nbsp;07/01/51 | 491877 |
| 537931 | Fannie Mae Pool FS1704 | 4.0000 | &nbsp;&nbsp;&nbsp;05/01/52 | 510097 |
| 1095000 | Fannie Mae Pool FS3392 | 4.0000 | &nbsp;&nbsp;&nbsp;09/01/52 | 1029713 |
| 61668 | Ginnie Mae I Pool 723248 | 5.0000 | &nbsp;&nbsp;&nbsp;10/15/39 | 63017 |
| 264184 | Ginnie Mae I Pool 783060 | 4.0000 | &nbsp;&nbsp;&nbsp;08/15/40 | 252213 |
| 146352 | Ginnie Mae I Pool 783403 | 3.5000 | &nbsp;&nbsp;&nbsp;09/15/41 | 137979 |
| 112070 | Ginnie Mae II Pool 4520 | 5.0000 | &nbsp;&nbsp;&nbsp;08/20/39 | 114180 |
| 147306 | Ginnie Mae II Pool 4947 | 5.0000 | &nbsp;&nbsp;&nbsp;02/20/41 | 148968 |
| 265412 | Ginnie Mae II Pool MA3376 | 3.5000 | &nbsp;&nbsp;&nbsp;01/20/46 | 248551 |
| 169795 | Ginnie Mae II Pool MA3596 | 3.0000 | &nbsp;&nbsp;&nbsp;04/20/46 | 154787 |
| 455497 | Ginnie Mae II Pool MA3663 | 3.5000 | &nbsp;&nbsp;&nbsp;05/20/46 | 426292 |
| 163496 | Ginnie Mae II Pool MA3736 | 3.5000 | &nbsp;&nbsp;&nbsp;06/20/46 | 152929 |
| 278763 | Ginnie Mae II Pool MA4004 | 3.5000 | &nbsp;&nbsp;&nbsp;10/20/46 | 260604 |
| 189427 | Ginnie Mae II Pool MA4509 | 3.0000 | &nbsp;&nbsp;&nbsp;06/20/47 | 171134 |
| 225692 | Ginnie Mae II Pool MA4652 | 3.5000 | &nbsp;&nbsp;&nbsp;08/20/47 | 210873 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 72.2% (Continued)** |  |  |  |
|  | **AGENCY FIXED RATE** — **29.0% (Continued)** |  |  |  |
| 278442 | Ginnie Mae II Pool MA4719 | 3.5000 | &nbsp;&nbsp;&nbsp;09/20/47 | $261344 |
| 285552 | Ginnie Mae II Pool MA4778 | 3.5000 | &nbsp;&nbsp;&nbsp;10/20/47 | 266765 |
| 226566 | Ginnie Mae II Pool MA4901 | 4.0000 | &nbsp;&nbsp;&nbsp;12/20/47 | 218009 |
| 196991 | Ginnie Mae II Pool MA4963 | 4.0000 | &nbsp;&nbsp;&nbsp;01/20/48 | 189534 |
| 191474 | Ginnie Mae II Pool MA6092 | 4.5000 | &nbsp;&nbsp;&nbsp;08/20/49 | 187172 |
| 206447 | Ginnie Mae II Pool MA6156 | 4.5000 | &nbsp;&nbsp;&nbsp;09/20/49 | 202440 |
| 655808 | Ginnie Mae II Pool BN2662 | 3.0000 | &nbsp;&nbsp;&nbsp;10/20/49 | 586549 |
| 188886 | Ginnie Mae II Pool MA6221 | 4.5000 | &nbsp;&nbsp;&nbsp;10/20/49 | 184742 |
| 187100 | Ginnie Mae II Pool MA6477 | 4.5000 | &nbsp;&nbsp;&nbsp;02/20/50 | 183760 |
| 304503 | Ginnie Mae II Pool MA6478 | 5.0000 | &nbsp;&nbsp;&nbsp;02/20/50 | 306431 |
| 311199 | Ginnie Mae II Pool MA6544 | 4.5000 | &nbsp;&nbsp;&nbsp;03/20/50 | 306225 |
| 218294 | Ginnie Mae II Pool MA6545 | 5.0000 | &nbsp;&nbsp;&nbsp;03/20/50 | 220181 |
| 1194251 | Ginnie Mae II Pool MA6598 | 2.5000 | &nbsp;&nbsp;&nbsp;04/20/50 | 1045607 |
| 305456 | Ginnie Mae II Pool MA6600 | 3.5000 | &nbsp;&nbsp;&nbsp;04/20/50 | 284045 |
| 258654 | Ginnie Mae II Pool MA6601 | 4.0000 | &nbsp;&nbsp;&nbsp;04/20/50 | 247280 |
| 234192 | Ginnie Mae II Pool MA6603 | 5.0000 | &nbsp;&nbsp;&nbsp;04/20/50 | 235488 |
| 1059707 | Ginnie Mae II Pool MA7255 | 2.5000 | &nbsp;&nbsp;&nbsp;03/20/51 | 925161 |
| 779713 | Ginnie Mae II Pool MA7418 | 2.5000 | &nbsp;&nbsp;&nbsp;06/20/51 | 679502 |
| 1315180 | Ginnie Mae II Pool MA7419 | 3.0000 | &nbsp;&nbsp;&nbsp;06/20/51 | 1180114 |
| 1175573 | Ginnie Mae II Pool MA7472 | 2.5000 | &nbsp;&nbsp;&nbsp;07/20/51 | 1023915 |
| 1396887 | Ginnie Mae II Pool CE1974 | 3.0000 | &nbsp;&nbsp;&nbsp;08/20/51 | 1262800 |
| 1164152 | Ginnie Mae II Pool CE1990 | 2.5000 | &nbsp;&nbsp;&nbsp;09/20/51 | 1003735 |
| 1370586 | Ginnie Mae II Pool MA7705 | 2.5000 | &nbsp;&nbsp;&nbsp;11/20/51 | 1191213 |
| 1112613 | Ginnie Mae II Pool MA7768 | 3.0000 | &nbsp;&nbsp;&nbsp;12/20/51 | 996869 |
| 1124892 | Ginnie Mae II Pool MA7829 | 3.5000 | &nbsp;&nbsp;&nbsp;01/20/52 | 1036193 |
| 1117212 | Ginnie Mae II Pool MA7939 | 4.0000 | &nbsp;&nbsp;&nbsp;03/20/52 | 1059656 |
| 1219172 | Ginnie Mae II Pool MA7987 | 2.5000 | &nbsp;&nbsp;&nbsp;04/20/52 | 1059286 |
| 1193927 | Ginnie Mae II Pool MA8098 | 3.0000 | &nbsp;&nbsp;&nbsp;06/20/52 | 1066027 |
| 1146860 | Ginnie Mae II Pool MA8268 | 4.5000 | &nbsp;&nbsp;&nbsp;09/20/52 | 1114957 |
|  | **TOTAL AGENCY FIXED RATE (Cost $36,922,098)** |  |  | 32603263 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** | **TIMOTHY PLAN FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 72.2% (Continued)** |  |  |  |
|  | **U.S. TREASURY NOTES** — **43.2%** |  |  |  |
| 7920000 | United States Treasury Note | 2.2500 | &nbsp;&nbsp;&nbsp;11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;$7612481 |
| 8355000 | United States Treasury Note | 2.0000 | &nbsp;&nbsp;&nbsp;08/15/25 | 7897434 |
| 8525000 | United States Treasury Note | 0.6250 | &nbsp;&nbsp;&nbsp;07/31/26 | 7542627 |
| 10205000 | United States Treasury Note | 1.2500 | &nbsp;&nbsp;&nbsp;09/30/28 | 8785069 |
| 9135000 | United States Treasury Note | 1.2500 | &nbsp;&nbsp;&nbsp;08/15/31 | 7434677 |
| 9790000 | United States Treasury Note | 1.7500 | &nbsp;&nbsp;&nbsp;08/15/41 | 6754144 |
| 3625000 | United States Treasury Note | 2.0000 | &nbsp;&nbsp;&nbsp;08/15/51 | 2398306 |
|  | **TOTAL U.S. TREASURY NOTES (Cost $55,670,120)** |  |  | 48424738 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $92,592,218)** |  |  | 81028001 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.5%** |  |  |  |
|  | **MONEY MARKET FUNDS - 3.5%** |  |  |  |
| 3950800 | Fidelity Government Portfolio, Class I, 4.06% (Cost $3,950,800)<sup>(b)</sup> |  |  | &nbsp;&nbsp;&nbsp; 3950800 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $125,403,681)** |  |  | &nbsp;&nbsp;&nbsp; $111592307 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5%** |  |  | &nbsp;&nbsp; 541511 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $112133818 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| REIT | - Real Estate Investment Trust |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022 the total market value of 144A securities is $2,171,803 or 1.9% of net assets.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  |  |  | **Fair Value** |
|  | **PREFERRED STOCKS** — **0.0%<sup>(a)</sup>** |  |  |  |
|  | **INDUSTRIAL SUPPORT SERVICES** — **0.0%<sup>(a)</sup>** |  |  |  |
| 219 | WESCO International, Inc. - Series A, 10.625% (Cost $5,795) |  |  | &nbsp;&nbsp;&nbsp; $5742 |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 91.9%** |  |  |  |
|  | **ASSET MANAGEMENT** — **1.5%** |  |  |  |
| 100000 | AG TTMT Escrow Issuer, LLC<sup>(b)</sup> | 8.6250 | &nbsp;&nbsp;&nbsp;09/30/27 | 100625 |
| 250000 | Icahn Enterprises, L.P. / Icahn Enterprises | 4.7500 | &nbsp;&nbsp;&nbsp;09/15/24 | 240223 |
| 1000000 | Icahn Enterprises, L.P. / Icahn Enterprises | 6.2500 | &nbsp;&nbsp;&nbsp;05/15/26 | 963191 |
| 1000000 | Icahn Enterprises, L.P. / Icahn Enterprises | 4.3750 | &nbsp;&nbsp;&nbsp;02/01/29 | 847095 |
|  |  |  |  | 2151134 |
|  | **AUTOMOTIVE** — **3.1%** |  |  |  |
| 2000000 | Adient Global Holdings Ltd.<sup>(b)</sup> | 4.8750 | &nbsp;&nbsp;&nbsp;08/15/26 | 1864880 |
| 522000 | Clarios Global, L.P. / Clarios US Finance Company<sup>(b)</sup> | 6.2500 | &nbsp;&nbsp;&nbsp;05/15/26 | 510823 |
| 1000000 | Clarios Global, L.P. / Clarios US Finance Company<sup>(b)</sup> | 8.5000 | &nbsp;&nbsp;&nbsp;05/15/27 | 982025 |
| 1500000 | Goodyear Tire & Rubber Company (The) | 5.6250 | &nbsp;&nbsp;&nbsp;04/30/33 | 1226953 |
|  |  |  |  | 4584681 |
|  | **BIOTECH & PHARMA** — **2.0%** |  |  |  |
| 750000 | Bausch Health Companies, Inc.<sup>(b)</sup> | 6.1250 | &nbsp;&nbsp;&nbsp;02/01/27 | 518048 |
| 250000 | Bausch Health Companies, Inc.<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;01/30/28 | 120394 |
| 750000 | Bausch Health Companies, Inc.<sup>(b)</sup> | 4.8750 | &nbsp;&nbsp;&nbsp;06/01/28 | 478434 |
| 125000 | Bausch Health Companies, Inc.<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;02/15/29 | 60073 |
| 1500000 | Bausch Health Companies, Inc.<sup>(b)</sup> | 5.2500 | &nbsp;&nbsp;&nbsp;01/30/30 | 722454 |
| 50000 | Bausch Health Companies, Inc.<sup>(b)</sup> | 5.2500 | &nbsp;&nbsp;&nbsp;02/15/31 | 24069 |
| 1500000 | Emergent BioSolutions, Inc.<sup>(b)</sup> | 3.8750 | &nbsp;&nbsp;&nbsp;08/15/28 | 748042 |
| 250000 | Jazz Securities DAC<sup>(b)</sup> | 4.3750 | &nbsp;&nbsp;&nbsp;01/15/29 | 223269 |
|  |  |  |  | 2894783 |
|  | **CHEMICALS** — **7.1%** |  |  |  |
| 1250000 | Avient Corporation<sup>(b)</sup> | 7.1250 | &nbsp;&nbsp;&nbsp;08/01/30 | 1223574 |
| 2000000 | Axalta Coating Systems LLC<sup>(b)</sup> | 3.3750 | &nbsp;&nbsp;&nbsp;02/15/29 | 1652740 |
| 3000000 | Chemours Company (The)<sup>(b)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;11/15/29 | 2456400 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 91.9% (Continued)** |  |  |  |
|  | **CHEMICALS** — **7.1% (Continued)** |  |  |  |
| 1500000 | Diamond BC BV<sup>(b)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;10/01/29 | $1205700 |
| 1500000 | Koppers, Inc.<sup>(b)</sup> | 6.0000 | &nbsp;&nbsp;&nbsp;02/15/25 | 1427370 |
| 1000000 | Olin Corporation | 5.6250 | &nbsp;&nbsp;&nbsp;08/01/29 | 951775 |
| 2000000 | Polar US Borrower, LLC / Schenectady International<sup>(b)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;05/15/26 | 744550 |
| 1000000 | WR Grace Holdings, LLC<sup>(b)</sup> | 5.6250 | &nbsp;&nbsp;&nbsp;08/15/29 | 809770 |
|  |  |  |  | 10471879 |
|  | **COMMERCIAL SUPPORT SERVICES** — **8.0%** |  |  |  |
| 2125000 | Allied Universal Holdco, LLC / Allied Universal<sup>(b)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;06/01/28 | 1759075 |
| 125000 | Atlas LuxCompany 4 S.A.RL / Allied Universal<sup>(b)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;06/01/28 | 101505 |
| 2000000 | Covanta Holding Corporation | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/30 | 1619426 |
| 1125000 | Covert Mergeco, Inc.<sup>(b)</sup> | 4.8750 | &nbsp;&nbsp;&nbsp;12/01/29 | 923141 |
| 2550000 | GFL Environmental Inc<sup>(b)</sup> | 4.0000 | &nbsp;&nbsp;&nbsp;08/01/28 | 2183603 |
| 50000 | GFL Environmental, Inc.<sup>(b)</sup> | 4.7500 | &nbsp;&nbsp;&nbsp;06/15/29 | 43826 |
| 250000 | GFL Environmental, Inc.<sup>(b)</sup> | 4.3750 | &nbsp;&nbsp;&nbsp;08/15/29 | 212181 |
| 2255000 | Harsco Corporation<sup>(b)</sup> | 5.7500 | &nbsp;&nbsp;&nbsp;07/31/27 | 1784036 |
| 500000 | Sotheby's/Bidfair Holdings, Inc.<sup>(b)</sup> | 5.8750 | &nbsp;&nbsp;&nbsp;06/01/29 | 420500 |
| 3200000 | Waste Pro USA, Inc.<sup>(b)</sup> | 5.5000 | &nbsp;&nbsp;&nbsp;02/15/26 | 2833152 |
|  |  |  |  | 11880445 |
|  | **CONSTRUCTION MATERIALS** — **0.3%** |  |  |  |
| 250000 | Cemex S.A.B. de C.V.<sup>(b)</sup> | 5.2000 | &nbsp;&nbsp;&nbsp;09/17/30 | 232912 |
| 250000 | Cemex S.A.B. de C.V.<sup>(b)</sup> | 3.8750 | &nbsp;&nbsp;&nbsp;07/11/31 | 212379 |
|  |  |  |  | 445291 |
|  | **CONSUMER SERVICES** — **1.9%** |  |  |  |
| 2000000 | PROG Holdings, Inc.<sup>(b)</sup> | 6.0000 | &nbsp;&nbsp;&nbsp;11/15/29 | 1611960 |
| 1500000 | Rent-A-Center, Inc.<sup>(b)</sup> | 6.3750 | &nbsp;&nbsp;&nbsp;02/15/29 | 1215372 |
|  |  |  |  | 2827332 |
|  | **CONTAINERS & PACKAGING** — **6.1%** |  |  |  |
| 625000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh<sup>(b)</sup> | 6.0000 | &nbsp;&nbsp;&nbsp;06/15/27 | 612721 |
| 500000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh<sup>(b)</sup> | 4.0000 | &nbsp;&nbsp;&nbsp;09/01/29 | 397212 |
| 1750000 | Canpack S.A. / Canpack US, LLC<sup>(b)</sup> | 3.8750 | &nbsp;&nbsp;&nbsp;11/15/29 | 1381137 |
| 1000000 | Graham Packaging Company, Inc.<sup>(b)</sup> | 7.1250 | &nbsp;&nbsp;&nbsp;08/15/28 | 835856 |
| 750000 | Graphic Packaging International, LLC<sup>(b)</sup> | 3.7500 | &nbsp;&nbsp;&nbsp;02/01/30 | 638962 |
| 1250000 | LABL, Inc.<sup>(b)</sup> | 5.8750 | &nbsp;&nbsp;&nbsp;11/01/28 | 1091431 |
| 750000 | LABL, Inc.<sup>(b)</sup> | 8.2500 | &nbsp;&nbsp;&nbsp;11/01/29 | 598966 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 91.9% (Continued)** | **CORPORATE BONDS — 91.9% (Continued)** |  |  |  |
|  | **CONTAINERS & PACKAGING** — **6.1% (Continued)** | **CONTAINERS & PACKAGING** — **6.1% (Continued)** |  |  |  |
| 2750000 | Pactiv Evergreen Group Issuer, LLC / Pactiv<sup>(b)</sup> |  | 4.3750 | &nbsp;&nbsp;&nbsp;10/15/28 | $2460357 |
| 1250000 | TriMas Corporation<sup>(b)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;04/15/29 | 1093263 |
|  |  |  |  |  | 9109905 |
|  | **ELECTRIC UTILITIES** — **0.8%** | **ELECTRIC UTILITIES** — **0.8%** |  |  |  |
| 1000000 | Vistra Corporation<sup>(b),(c)</sup> | H15T5Y + 5.740% | 7.0000 | &nbsp;&nbsp;&nbsp;06/15/70 | 911378 |
| 250000 | Vistra Operations Company, LLC<sup>(b)</sup> |  | 4.3750 | &nbsp;&nbsp;&nbsp;05/01/29 | 216199 |
|  |  |  |  |  | 1127577 |
|  | **ELECTRICAL EQUIPMENT** — **0.6%** | **ELECTRICAL EQUIPMENT** — **0.6%** |  |  |  |
| 500000 | BWX Technologies, Inc.<sup>(b)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;06/30/28 | 451013 |
| 500000 | BWX Technologies, Inc.<sup>(b)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;04/15/29 | 438321 |
|  |  |  |  |  | 889334 |
|  | **ENGINEERING & CONSTRUCTION** — **1.3%** | **ENGINEERING & CONSTRUCTION** — **1.3%** |  |  |  |
| 2194000 | Dycom Industries, Inc.<sup>(b)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;04/15/29 | 1912816 |
|  | **FOOD** — **1.4%** | **FOOD** — **1.4%** |  |  |  |
| 2100000 | Darling Ingredients, Inc.<sup>(b)</sup> |  | 6.0000 | &nbsp;&nbsp;&nbsp;06/15/30 | 2055585 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS** — **1.0%** | **FORESTRY, PAPER & WOOD PRODUCTS** — **1.0%** |  |  |  |
| 1750000 | Mercer International, Inc. |  | 5.1250 | &nbsp;&nbsp;&nbsp;02/01/29 | 1465590 |
|  | **GAS & WATER UTILITIES** — **0.6%** | **GAS & WATER UTILITIES** — **0.6%** |  |  |  |
| 1000000 | Suburban Propane Partners, L.P./Suburban Energy |  | 5.8750 | &nbsp;&nbsp;&nbsp;03/01/27 | 956706 |
|  | **HEALTH CARE FACILITIES & SERVICES** — **3.5%** | **HEALTH CARE FACILITIES & SERVICES** — **3.5%** |  |  |  |
| 1391000 | Ardent Health Services, Inc.<sup>(b)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;07/15/29 | 1092560 |
| 500000 | Catalent Pharma Solutions, Inc.<sup>(b)</sup> |  | 3.1250 | &nbsp;&nbsp;&nbsp;02/15/29 | 398750 |
| 1500000 | HCA, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;07/15/51 | 975736 |
| 750000 | Legacy LifePoint Health, LLC<sup>(b)</sup> |  | 4.3750 | &nbsp;&nbsp;&nbsp;02/15/27 | 635550 |
| 250000 | LifePoint Health, Inc.<sup>(b)</sup> |  | 5.3750 | &nbsp;&nbsp;&nbsp;01/15/29 | 141610 |
| 500000 | MEDNAX, Inc.<sup>(b)</sup> |  | 5.3750 | &nbsp;&nbsp;&nbsp;02/15/30 | 435207 |
| 100000 | Option Care Health, Inc.<sup>(b)</sup> |  | 4.3750 | &nbsp;&nbsp;&nbsp;10/31/29 | 87599 |
| 125000 | Owens & Minor, Inc.<sup>(b)</sup> |  | 6.6250 | &nbsp;&nbsp;&nbsp;04/01/30 | 107588 |
| 1000000 | Tenet Healthcare Corporation<sup>(b)</sup> |  | 6.1250 | &nbsp;&nbsp;&nbsp;10/01/28 | 897430 |
| 500000 | Tenet Healthcare Corporation<sup>(b)</sup> |  | 4.3750 | &nbsp;&nbsp;&nbsp;01/15/30 | 433660 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 91.9% (Continued)** |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES** — **3.5% (Continued)** |  |  | $5205690 |
|  | **HOME & OFFICE PRODUCTS** — **0.5%** |  |  |  |
| 500000 | Scotts Miracle-Gro Company (The) | 4.0000 | &nbsp;&nbsp;&nbsp;04/01/31 | 382706 |
| 500000 | Scotts Miracle-Gro Company (The) | 4.3750 | &nbsp;&nbsp;&nbsp;02/01/32 | 377585 |
|  |  |  |  | 760291 |
|  | **HOME CONSTRUCTION** — **5.4%** |  |  |  |
| 500000 | Ashton Woods USA, LLC / Ashton Woods Finance<sup>(b)</sup> | 6.6250 | &nbsp;&nbsp;&nbsp;01/15/28 | 442310 |
| 500000 | Ashton Woods USA, LLC / Ashton Woods Finance<sup>(b)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;08/01/29 | 401150 |
| 500000 | Ashton Woods USA, LLC / Ashton Woods Finance<sup>(b)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;04/01/30 | 401711 |
| 3542000 | Interface Inc<sup>(b)</sup> | 5.5000 | &nbsp;&nbsp;&nbsp;12/01/28 | 2929364 |
| 1500000 | PGT Innovations, Inc.<sup>(b)</sup> | 4.3750 | &nbsp;&nbsp;&nbsp;10/01/29 | 1257776 |
| 1500000 | STL Holding Company, LLC<sup>(b)</sup> | 7.5000 | &nbsp;&nbsp;&nbsp;02/15/26 | 1301250 |
| 1000000 | Toll Brothers Finance Corporation | 4.3500 | &nbsp;&nbsp;&nbsp;02/15/28 | 915257 |
| 500000 | Weekley Homes, LLC / Weekley Finance Corporation<sup>(b)</sup> | 4.8750 | &nbsp;&nbsp;&nbsp;09/15/28 | 421020 |
|  |  |  |  | 8069838 |
|  | **HOUSEHOLD PRODUCTS** — **0.0%<sup>(a)</sup>** |  |  |  |
| 50000 | Energizer Holdings, Inc.<sup>(b)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;12/31/27 | 47647 |
|  | **INDUSTRIAL INTERMEDIATE PROD** — **0.1%** |  |  |  |
| 125000 | Roller Bearing Company of America, Inc.<sup>(b)</sup> | 4.3750 | &nbsp;&nbsp;&nbsp;10/15/29 | 108244 |
|  | **INDUSTRIAL SUPPORT SERVICES** — **1.3%** |  |  |  |
| 1000000 | Ashtead Capital, Inc.<sup>(b)</sup> | 4.3750 | &nbsp;&nbsp;&nbsp;08/15/27 | 941399 |
| 1000000 | Ashtead Capital, Inc.<sup>(b)</sup> | 2.4500 | &nbsp;&nbsp;&nbsp;08/12/31 | 774918 |
| 250000 | BCPE Empire Holdings, Inc.<sup>(b)</sup> | 7.6250 | &nbsp;&nbsp;&nbsp;05/01/27 | 224508 |
|  |  |  |  | 1940825 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **1.0%** |  |  |  |
| 1750000 | LPL Holdings, Inc.<sup>(b)</sup> | 4.0000 | &nbsp;&nbsp;&nbsp;03/15/29 | 1525038 |
|  | **LEISURE FACILITIES & SERVICES** — **0.3%** |  |  |  |
| 500000 | Papa John's International, Inc.<sup>(b)</sup> | 3.8750 | &nbsp;&nbsp;&nbsp;09/15/29 | 418138 |
|  | **LEISURE PRODUCTS** — **0.5%** |  |  |  |
| 1000000 | Vista Outdoor, Inc.<sup>(b)</sup> | 4.5000 | &nbsp;&nbsp;&nbsp;03/15/29 | 735540 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 91.9% (Continued)** | **CORPORATE BONDS — 91.9% (Continued)** |  |  |  |
|  | **MACHINERY** — **0.3%** | **MACHINERY** — **0.3%** |  |  |  |
| 250000 | Madison IAQ, LLC<sup>(b)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;06/30/28 | $205318 |
| 250000 | Redwood Star Merger Sub, Inc.<sup>(b)</sup> |  | 8.7500 | &nbsp;&nbsp;&nbsp;04/01/30 | 197490 |
|  |  |  |  |  | 402808 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **0.5%** | **MEDICAL EQUIPMENT & DEVICES** — **0.5%** |  |  |  |
| 500000 | Mozart Debt Merger Sub, Inc.<sup>(b)</sup> |  | 3.8750 | &nbsp;&nbsp;&nbsp;04/01/29 | 403332 |
| 500000 | Mozart Debt Merger Sub, Inc.<sup>(b)</sup> |  | 5.2500 | &nbsp;&nbsp;&nbsp;10/01/29 | 398028 |
|  |  |  |  |  | 801360 |
|  | **METALS & MINING** — **1.3%** | **METALS & MINING** — **1.3%** |  |  |  |
| 1000000 | Compass Minerals International, Inc.<sup>(b)</sup> |  | 6.7500 | &nbsp;&nbsp;&nbsp;12/01/27 | 961550 |
| 1250000 | Kaiser Aluminum Corporation<sup>(b)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;06/01/31 | 1006313 |
|  |  |  |  |  | 1967863 |
|  | **OIL & GAS PRODUCERS** — **8.8%** | **OIL & GAS PRODUCERS** — **8.8%** |  |  |  |
| 1500000 | Colgate Energy Partners III, LLC<sup>(b)</sup> |  | 5.8750 | &nbsp;&nbsp;&nbsp;07/01/29 | 1290241 |
| 3072000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC<sup>(b)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;06/15/31 | 2689167 |
| 250000 | Crestwood Midstream Partners, L.P. / Crestwood |  | 5.7500 | &nbsp;&nbsp;&nbsp;04/01/25 | 243630 |
| 1500000 | Crestwood Midstream Partners, L.P. / Crestwood<sup>(b)</sup> |  | 5.6250 | &nbsp;&nbsp;&nbsp;05/01/27 | 1397580 |
| 500000 | DCP Midstream Operating, L.P.<sup>(b),(c)</sup> | ICE LIBOR USD 3 Month + 3.850% | 5.8500 | &nbsp;&nbsp;&nbsp;05/21/43 | 488975 |
| 250000 | DT Midstream, Inc.<sup>(b)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;06/15/29 | 215259 |
| 750000 | DT Midstream, Inc.<sup>(b)</sup> |  | 4.3750 | &nbsp;&nbsp;&nbsp;06/15/31 | 630188 |
| 100000 | Earthstone Energy Holdings, LLC<sup>(b)</sup> |  | 8.0000 | &nbsp;&nbsp;&nbsp;04/15/27 | 95632 |
| 500000 | Genesis Energy, L.P. / Genesis Energy Finance |  | 7.7500 | &nbsp;&nbsp;&nbsp;02/01/28 | 461030 |
| 1000000 | Global Partners, L.P. / GLP Finance Corporation |  | 7.0000 | &nbsp;&nbsp;&nbsp;08/01/27 | 951207 |
| 1000000 | ITT Holdings, LLC<sup>(b)</sup> |  | 6.5000 | &nbsp;&nbsp;&nbsp;08/01/29 | 844015 |
| 2000000 | Kinetik Holdings, L.P.<sup>(b)</sup> |  | 5.8750 | &nbsp;&nbsp;&nbsp;06/15/30 | 1878266 |
| 1500000 | NuStar Logistics, L.P. B |  | 5.6250 | &nbsp;&nbsp;&nbsp;04/28/27 | 1405026 |
| 275000 | PBF Holding Company, LLC / PBF Finance Corporation |  | 7.2500 | &nbsp;&nbsp;&nbsp;06/15/25 | 272214 |
| 185000 | PBF Holding Company, LLC / PBF Finance Corporation |  | 6.0000 | &nbsp;&nbsp;&nbsp;02/15/28 | 165339 |
|  |  |  |  |  | 13027769 |
|  | **PUBLISHING & BROADCASTING** — **1.1%** | **PUBLISHING & BROADCASTING** — **1.1%** |  |  |  |
| 500000 | Gray Escrow II, Inc.<sup>(b)</sup> |  | 5.3750 | &nbsp;&nbsp;&nbsp;11/15/31 | 361218 |
| 1750000 | Gray Television, Inc.<sup>(b)</sup> |  | 4.7500 | &nbsp;&nbsp;&nbsp;10/15/30 | 1245361 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 91.9% (Continued)** | **CORPORATE BONDS — 91.9% (Continued)** |  |  |  |
|  | **PUBLISHING & BROADCASTING** — **1.1% (Continued)** | **PUBLISHING & BROADCASTING** — **1.1% (Continued)** |  |  | $1606579 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **3.0%** | **REAL ESTATE INVESTMENT TRUSTS** — **3.0%** |  |  |  |
| 1500000 | Diversified Healthcare Trust |  | 9.7500 | &nbsp;&nbsp;&nbsp;06/15/25 | 1439572 |
| 1500000 | iStar, Inc. |  | 5.5000 | &nbsp;&nbsp;&nbsp;02/15/26 | 1498726 |
| 1250000 | Service Properties Trust |  | 7.5000 | &nbsp;&nbsp;&nbsp;09/15/25 | 1192719 |
| 500000 | Service Properties Trust |  | 5.5000 | &nbsp;&nbsp;&nbsp;12/15/27 | 431206 |
|  |  |  |  |  | 4562223 |
|  | **REAL ESTATE OWNERS & DEVELOPERS** — **2.1%** | **REAL ESTATE OWNERS & DEVELOPERS** — **2.1%** |  |  |  |
| 3749000 | Howard Hughes Corporation (The)<sup>(b)</sup> |  | 4.3750 | &nbsp;&nbsp;&nbsp;02/01/31 | 3038616 |
|  | **RETAIL - CONSUMER STAPLES** — **0.1%** | **RETAIL - CONSUMER STAPLES** — **0.1%** |  |  |  |
| 100000 | Ingles Markets, Inc.<sup>(b)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;06/15/31 | 84232 |
|  | **RETAIL - DISCRETIONARY** — **4.5%** | **RETAIL - DISCRETIONARY** — **4.5%** |  |  |  |
| 2050000 | Beacon Roofing Supply, Inc.<sup>(b)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;05/15/29 | 1706145 |
| 1372000 | Ken Garff Automotive, LLC<sup>(b)</sup> |  | 4.8750 | &nbsp;&nbsp;&nbsp;09/15/28 | 1149953 |
| 1250000 | Lithia Motors, Inc.<sup>(b)</sup> |  | 3.8750 | &nbsp;&nbsp;&nbsp;06/01/29 | 1029444 |
| 500000 | Lithia Motors, Inc.<sup>(b)</sup> |  | 4.3750 | &nbsp;&nbsp;&nbsp;01/15/31 | 407690 |
| 1000000 | PetSmart, Inc. / PetSmart Finance Corporation<sup>(b)</sup> |  | 7.7500 | &nbsp;&nbsp;&nbsp;02/15/29 | 941068 |
| 1800000 | Sonic Automotive, Inc.<sup>(b)</sup> |  | 4.8750 | &nbsp;&nbsp;&nbsp;11/15/31 | 1417526 |
|  |  |  |  |  | 6651826 |
|  | **SOFTWARE** — **0.6%** | **SOFTWARE** — **0.6%** |  |  |  |
| 1000000 | Crowdstrike Holdings, Inc. |  | 3.0000 | &nbsp;&nbsp;&nbsp;02/15/29 | 845546 |
|  | **SPECIALTY FINANCE** — **12.2%** | **SPECIALTY FINANCE** — **12.2%** |  |  |  |
| 500000 | AerCap Global Aviation Trust<sup>(b),(c)</sup> | ICE LIBOR USD 3 Month + 4.300% | 6.5000 | &nbsp;&nbsp;&nbsp;06/15/45 | 475280 |
| 3000000 | Air Lease Corporation<sup>(c)</sup> | H15T5Y + 4.076% | 4.6500 | &nbsp;&nbsp;&nbsp;06/15/70 | 2514659 |
| 1000000 | Bread Financial Holdings, Inc.<sup>(b)</sup> |  | 7.0000 | &nbsp;&nbsp;&nbsp;01/15/26 | 875590 |
| 2500000 | Burford Capital Global Finance, LLC<sup>(b)</sup> |  | 6.2500 | &nbsp;&nbsp;&nbsp;04/15/28 | 2228011 |
| 115000 | Freedom Mortgage Corporation<sup>(b)</sup> |  | 8.1250 | &nbsp;&nbsp;&nbsp;11/15/24 | 105982 |
| 786000 | Freedom Mortgage Corporation<sup>(b)</sup> |  | 8.2500 | &nbsp;&nbsp;&nbsp;04/15/25 | 708231 |
| 500000 | Freedom Mortgage Corporation<sup>(b)</sup> |  | 7.6250 | &nbsp;&nbsp;&nbsp;05/01/26 | 417853 |
| 1000000 | Freedom Mortgage Corporation<sup>(b)</sup> |  | 6.6250 | &nbsp;&nbsp;&nbsp;01/15/27 | 779501 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 91.9% (Continued)** | **CORPORATE BONDS — 91.9% (Continued)** |  |  |  |
|  | **SPECIALTY FINANCE** — **12.2% (Continued)** | **SPECIALTY FINANCE** — **12.2% (Continued)** |  |  |  |
| 2955000 | ILFC E-Capital Trust I<sup>(b),(c)</sup> | T30Y + 1.550% | 6.2880 | &nbsp;&nbsp;&nbsp;12/21/65 | $1750838 |
| 1500000 | ILFC E-Capital Trust II<sup>(b),(c)</sup> | T30Y + 1.800% | 6.5380 | &nbsp;&nbsp;&nbsp;12/21/65 | 975000 |
| 750000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(b)</sup> |  | 4.2500 | &nbsp;&nbsp;&nbsp;02/01/27 | 631526 |
| 1700000 | LFS Topco, LLC<sup>(b)</sup> |  | 5.8750 | &nbsp;&nbsp;&nbsp;10/15/26 | 1373960 |
| 500000 | Nationstar Mortgage Holdings, Inc. <sup>(b)</sup> |  | 6.0000 | &nbsp;&nbsp;&nbsp;01/15/27 | 448290 |
| 1250000 | Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;08/15/28 | 1021295 |
| 1250000 | Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;11/15/31 | 973500 |
| 3000000 | New Residential Investment Corporation<sup>(b)</sup> |  | 6.2500 | &nbsp;&nbsp;&nbsp;10/15/25 | 2696638 |
| 125000 | PHH Mortgage Corporation<sup>(b)</sup> |  | 7.8750 | &nbsp;&nbsp;&nbsp;03/15/26 | 111198 |
|  |  |  |  |  | 18087352 |
|  | **STEEL** — **2.8%** | **STEEL** — **2.8%** |  |  |  |
| 1500000 | ATI, Inc. |  | 5.1250 | &nbsp;&nbsp;&nbsp;10/01/31 | 1328174 |
| 500000 | Commercial Metals Company |  | 4.3750 | &nbsp;&nbsp;&nbsp;03/15/32 | 435686 |
| 3399000 | TMS International Corporation<sup>(b)</sup> |  | 6.2500 | &nbsp;&nbsp;&nbsp;04/15/29 | 2439479 |
|  |  |  |  |  | 4203339 |
|  | **TECHNOLOGY HARDWARE** — **1.4%** | **TECHNOLOGY HARDWARE** — **1.4%** |  |  |  |
| 300000 | Ciena Corporation<sup>(b)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;01/31/30 | 264416 |
| 1000000 | CommScope, Inc.<sup>(b)</sup> |  | 8.2500 | &nbsp;&nbsp;&nbsp;03/01/27 | 776580 |
| 750000 | CommScope, Inc.<sup>(b)</sup> |  | 7.1250 | &nbsp;&nbsp;&nbsp;07/01/28 | 537370 |
| 500000 | TTM Technologies, Inc.<sup>(b)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;03/01/29 | 429495 |
|  |  |  |  |  | 2007861 |
|  | **TECHNOLOGY SERVICES** — **2.3%** | **TECHNOLOGY SERVICES** — **2.3%** |  |  |  |
| 260000 | Fair Isaac Corporation<sup>(b)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;06/15/28 | 236412 |
| 1250000 | HealthEquity, Inc.<sup>(b)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;10/01/29 | 1093937 |
| 500000 | MSCI, Inc.<sup>(b)</sup> |  | 3.6250 | &nbsp;&nbsp;&nbsp;11/01/31 | 414213 |
| 2250000 | MSCI, Inc.<sup>(b)</sup> |  | 3.2500 | &nbsp;&nbsp;&nbsp;08/15/33 | 1740832 |
|  |  |  |  |  | 3485394 |
|  | **TRANSPORTATION & LOGISTICS** — **0.7%** | **TRANSPORTATION & LOGISTICS** — **0.7%** |  |  |  |
| 1250000 | First Student Bidco, Inc. / First Transit Parent,<sup>(b)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;07/31/29 | 1035715 |
|  | **TRANSPORTATION EQUIPMENT** — **0.4%** | **TRANSPORTATION EQUIPMENT** — **0.4%** |  |  |  |
| 500000 | Trinity Industries, Inc. |  | 4.5500 | &nbsp;&nbsp;&nbsp;10/01/24 | 486030 |
| 125000 | Wabash National Corporation<sup>(b)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;10/15/28 | 106560 |
|  |  |  |  |  | 592590 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** | **TIMOTHY PLAN HIGH YIELD BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 91.9% (Continued)** | **CORPORATE BONDS — 91.9% (Continued)** |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES** — **1.5%** | **WHOLESALE - CONSUMER STAPLES** — **1.5%** |  |  |  |
| 2000000 | United Natural Foods, Inc.<sup>(b)</sup> |  | 6.7500 | &nbsp;&nbsp;&nbsp;10/15/28 | $1924860 |
| 295000 | US Foods, Inc.<sup>(b)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;06/01/30 | 260157 |
|  |  |  |  |  | 2185017 |
|  | **TOTAL CORPORATE BONDS (Cost $158,423,818)** | **TOTAL CORPORATE BONDS (Cost $158,423,818)** |  |  | 136170399 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 6.7%** | **SHORT-TERM INVESTMENTS — 6.7%** |  |  |  |
|  | **MONEY MARKET FUNDS - 6.7%** | **MONEY MARKET FUNDS - 6.7%** |  |  |  |
| 9936335 | Fidelity Government Portfolio, Class I, 4.06% (Cost $9,936,335)<sup>(d)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 9936335 |
|  | **TOTAL INVESTMENTS - 98.6% (Cost $168,365,948)** | **TOTAL INVESTMENTS - 98.6% (Cost $168,365,948)** |  |  | &nbsp;&nbsp;&nbsp; $146112476 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.4%** |  |  | &nbsp;&nbsp; 2092686 |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $148205162 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| ICE LIBOR USD 3 Month | ICE LIBOR USD 3 Month |
| T30Y | 30 Year Treasury |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022 the total market value of 144A securities is 111,577,392 or 75.3% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on December 31, 2022.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022. 

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUNDS — 5.9%** |  |
|  | **COMMODITY - 5.9%** |  |
| 579000 | Sprott Physical Silver Trust **(Cost $5,163,934)** <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $4770960 |
|  | **COMMON STOCKS — 41.7%** |  |
|  | **CHEMICALS - 2.2%** |  |
| 2778 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 236686 |
| 3382 | Chemours Company (The) | &nbsp;&nbsp;&nbsp; 103557 |
| 1853 | FMC Corporation | &nbsp;&nbsp;&nbsp; 231254 |
| 6014 | ICL Group Ltd. | &nbsp;&nbsp;&nbsp; 43962 |
| 10002 | K+S A.G. | &nbsp;&nbsp;&nbsp; 196795 |
| 3495 | Mosaic Company (The) | &nbsp;&nbsp;&nbsp; 153326 |
| 5109 | Nutrien Ltd. | &nbsp;&nbsp;&nbsp; 373110 |
| 2879 | OCI N.V. | &nbsp;&nbsp;&nbsp; 103026 |
| 1463 | Sasol Ltd. - ADR | &nbsp;&nbsp;&nbsp; 22984 |
| 1687 | Sociedad Quimica y Minera de Chile S.A. - ADR | &nbsp;&nbsp;&nbsp; 134690 |
| 3555 | Yara International ASA | &nbsp;&nbsp;&nbsp; 156261 |
|  |  | &nbsp;&nbsp; 1755651 |
|  | **DATA CENTER REIT - 0.6%** |  |
| 5050 | Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 506364 |
|  | **DIVERSIFIED INDUSTRIALS - 0.0%<sup>(b)</sup>** |  |
| 638 | Pentair PLC | &nbsp;&nbsp;&nbsp; 28697 |
|  | **ELECTRIC UTILITIES - 0.1%** |  |
| 865 | Neoen S.A. | &nbsp;&nbsp;&nbsp; 34835 |
| 503 | Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp; 43500 |
|  |  | &nbsp;&nbsp; 78335 |
|  | **FOOD - 1.4%** |  |
| 2563 | Adecoagro S.A. | &nbsp;&nbsp;&nbsp; 21247 |
| 428 | Bakkafrost P/F | &nbsp;&nbsp;&nbsp; 26913 |
| 870 | Beyond Meat, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10710 |
| 545 | Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp; 29675 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 41.7% (Continued)** |  |
|  | **FOOD - 1.4% (Continued)** |  |
| 1977 | Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $123740 |
| 1100 | Ezaki Glico Company Ltd. | &nbsp;&nbsp;&nbsp; 30337 |
| 3940 | Hormel Foods Corporation | &nbsp;&nbsp;&nbsp; 179468 |
| 884 | Ingredion, Inc. | &nbsp;&nbsp;&nbsp; 86570 |
| 2700 | MEIJI Holdings Company Ltd. | &nbsp;&nbsp;&nbsp; 138640 |
| 2300 | Morinaga Milk Industry Company Ltd. | &nbsp;&nbsp;&nbsp; 87524 |
| 6365 | Mowi ASA | &nbsp;&nbsp;&nbsp; 108635 |
| 1100 | NH Foods Ltd. | &nbsp;&nbsp;&nbsp; 30797 |
| 4700 | Nissui Corporation | &nbsp;&nbsp;&nbsp; 19658 |
| 1279 | Pilgrim's Pride Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30351 |
| 841 | Salmar ASA | &nbsp;&nbsp;&nbsp; 33034 |
| 5100 | Saputo, Inc. | &nbsp;&nbsp;&nbsp; 126262 |
|  |  | &nbsp;&nbsp; 1083561 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.2%** |  |
| 2400 | Canfor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 37774 |
| 2600 | Interfor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 40326 |
| 3200 | Sumitomo Forestry Company Ltd. | &nbsp;&nbsp;&nbsp; 56876 |
|  |  | &nbsp;&nbsp; 134976 |
|  | **GAS & WATER UTILITIES - 0.5%** |  |
| 403 | American States Water Company | &nbsp;&nbsp;&nbsp; 37298 |
| 181 | American Water Works Company, Inc. | &nbsp;&nbsp;&nbsp; 27588 |
| 1254 | California Water Service Group | &nbsp;&nbsp;&nbsp; 76043 |
| 8014 | Cia de Saneamento Basico do Estado de Sao Paulo - ADR | &nbsp;&nbsp;&nbsp; 85429 |
| 598 | Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp; 28543 |
| 1154 | Severn Trent PLC | &nbsp;&nbsp;&nbsp; 36982 |
| 6590 | United Utilities Group PLC | &nbsp;&nbsp;&nbsp; 78978 |
| 1998 | Veolia Environnement S.A. | &nbsp;&nbsp;&nbsp; 51346 |
|  |  | &nbsp;&nbsp; 422207 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.2%** |  |
| 48754 | Brookdale Senior Living, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 133098 |
|  | **INDUSTRIAL REIT - 0.6%** |  |
| 3400 | EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp; 503404 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 41.7% (Continued)** |  |
|  | **MACHINERY - 1.8%** |  |
| 1310 | AGCO Corporation | &nbsp;&nbsp;&nbsp; $181684 |
| 11595 | CNH Industrial N.V. | &nbsp;&nbsp;&nbsp; 186216 |
| 1426 | Deere & Company | &nbsp;&nbsp;&nbsp; 611411 |
| 1340 | Evoqua Water Technologies Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 53064 |
| 16900 | Kubota Corporation | &nbsp;&nbsp;&nbsp; 233941 |
| 2700 | Kurita Water Industries Ltd. | &nbsp;&nbsp;&nbsp; 112311 |
| 840 | Weir Group PLC (The) | &nbsp;&nbsp;&nbsp; 16948 |
|  |  | &nbsp;&nbsp; 1395575 |
|  | **METALS & MINING - 5.7%** |  |
| 915 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp; 47571 |
| 2934 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp; 152470 |
| 692 | Alamos Gold, Inc., Class A | &nbsp;&nbsp;&nbsp; 6996 |
| 3073 | Alcoa Corporation | &nbsp;&nbsp;&nbsp; 139729 |
| 2553 | Anglo American PLC | &nbsp;&nbsp;&nbsp; 99886 |
| 7567 | AngloGold Ashanti Ltd. - ADR | &nbsp;&nbsp;&nbsp; 146951 |
| 1391 | Antofagasta PLC | &nbsp;&nbsp;&nbsp; 25988 |
| 513 | Aurubis A.G. | &nbsp;&nbsp;&nbsp; 41945 |
| 39739 | B2Gold Corporation | &nbsp;&nbsp;&nbsp; 141868 |
| 6990 | Barrick Gold Corporation | &nbsp;&nbsp;&nbsp; 120088 |
| 4449 | BHP Group Ltd. - ADR | &nbsp;&nbsp;&nbsp; 276060 |
| 2352 | Cameco Corporation | &nbsp;&nbsp;&nbsp; 53320 |
| 4500 | Capstone Copper Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16419 |
| 3247 | Cia de Minas Buenaventura S.A.A - ADR | &nbsp;&nbsp;&nbsp; 24190 |
| 964 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15530 |
| 1125 | Compass Minerals International, Inc. | &nbsp;&nbsp;&nbsp; 46125 |
| 7100 | Endeavour Mining PLC | &nbsp;&nbsp;&nbsp; 151969 |
| 180 | Eramet S.A. | &nbsp;&nbsp;&nbsp; 16161 |
| 807 | First Majestic Silver Corporation | &nbsp;&nbsp;&nbsp; 6730 |
| 5300 | First Quantum Minerals Ltd. | &nbsp;&nbsp;&nbsp; 110740 |
| 859 | Franco-Nevada Corporation | &nbsp;&nbsp;&nbsp; 117236 |
| 8804 | Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp; 334553 |
| 22264 | Glencore PLC | &nbsp;&nbsp;&nbsp; 148674 |
| 22314 | Gold Fields Ltd. - ADR | &nbsp;&nbsp;&nbsp; 230950 |
| 1842 | Hecla Mining Company | &nbsp;&nbsp;&nbsp; 10242 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 41.7% (Continued)** |  |
|  | **METALS & MINING - 5.7% (Continued)** |  |
| 5000 | Hudbay Minerals, Inc. | &nbsp;&nbsp;&nbsp; $25259 |
| 2500 | Ivanhoe Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19757 |
| 33591 | Kinross Gold Corporation | &nbsp;&nbsp;&nbsp; 137387 |
| 1334 | Lithium Americas Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25279 |
| 22 | Livent Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 437 |
| 20800 | Lundin Mining Corporation | &nbsp;&nbsp;&nbsp; 127662 |
| 4500 | Mitsubishi Materials Corporation | &nbsp;&nbsp;&nbsp; 71445 |
| 2026 | MP Materials Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 49191 |
| 6095 | Newmont Corporation | &nbsp;&nbsp;&nbsp; 287685 |
| 9396 | Norsk Hydro ASA | &nbsp;&nbsp;&nbsp; 70324 |
| 538 | Pan American Silver Corporation | &nbsp;&nbsp;&nbsp; 8791 |
| 4063 | Rio Tinto PLC - ADR | &nbsp;&nbsp;&nbsp; 289286 |
| 188 | Royal Gold, Inc. | &nbsp;&nbsp;&nbsp; 21191 |
| 8669 | Sandstorm Gold Ltd. | &nbsp;&nbsp;&nbsp; 45599 |
| 34 | Sibanye Stillwater Ltd. - ADR | &nbsp;&nbsp;&nbsp; 362 |
| 2337 | Southern Copper Corporation | &nbsp;&nbsp;&nbsp; 141131 |
| 10239 | SSR Mining, Inc. | &nbsp;&nbsp;&nbsp; 160446 |
| 800 | Sumitomo Metal Mining Company Ltd. | &nbsp;&nbsp;&nbsp; 28468 |
| 6643 | Teck Resources Ltd., Class B | &nbsp;&nbsp;&nbsp; 251061 |
| 15410 | Vale S.A. - ADR | &nbsp;&nbsp;&nbsp; 261508 |
| 4166 | Wheaton Precious Metals Corporation | &nbsp;&nbsp;&nbsp; 162808 |
| 8737 | Yamana Gold, Inc. | &nbsp;&nbsp;&nbsp; 48490 |
|  |  | &nbsp;&nbsp; 4715958 |
|  | **OIL & GAS PRODUCERS - 6.0%** |  |
| 5196 | Aker BP ASA | &nbsp;&nbsp;&nbsp; 161295 |
| 2677 | APA Corporation | &nbsp;&nbsp;&nbsp; 124962 |
| 8400 | ARC Resources Ltd. | &nbsp;&nbsp;&nbsp; 113224 |
| 18200 | Baytex Energy Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 81728 |
| 2357 | Callon Petroleum Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 87421 |
| 1665 | Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp; 92457 |
| 5100 | Cenovus Energy, Inc. | &nbsp;&nbsp;&nbsp; 98953 |
| 1338 | Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp; 77510 |
| 1701 | CNX Resources Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 28645 |
| 2396 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 282729 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 41.7% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 6.0% (Continued)** |  |
| 1888 | Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp; $46388 |
| 21800 | Crescent Point Energy Corporation | &nbsp;&nbsp;&nbsp; 155536 |
| 3063 | Devon Energy Corporation | &nbsp;&nbsp;&nbsp; 188405 |
| 1189 | Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp; 162631 |
| 3518 | Enerplus Corporation | &nbsp;&nbsp;&nbsp; 62093 |
| 1525 | Eni SpA - ADR | &nbsp;&nbsp;&nbsp; 43707 |
| 1611 | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp; 208657 |
| 127 | EQT Corporation | &nbsp;&nbsp;&nbsp; 4296 |
| 5173 | Equinor ASA - ADR | &nbsp;&nbsp;&nbsp; 185245 |
| 42 | Hess Corporation | &nbsp;&nbsp;&nbsp; 5956 |
| 300 | Imperial Oil Ltd. | &nbsp;&nbsp;&nbsp; 14613 |
| 24000 | Inpex Corporation | &nbsp;&nbsp;&nbsp; 255247 |
| 5174 | Kosmos Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 32907 |
| 1380 | Magnolia Oil & Gas Corporation, CLASS A | &nbsp;&nbsp;&nbsp; 32361 |
| 6233 | Marathon Oil Corporation | &nbsp;&nbsp;&nbsp; 168727 |
| 1615 | Matador Resources Company | &nbsp;&nbsp;&nbsp; 92443 |
| 2800 | MEG Energy Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38982 |
| 1677 | Murphy Oil Corporation | &nbsp;&nbsp;&nbsp; 72128 |
| 1901 | Occidental Petroleum Corporation | &nbsp;&nbsp;&nbsp; 119744 |
| 650 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp; 32962 |
| 2800 | Parex Resources, Inc. | &nbsp;&nbsp;&nbsp; 41671 |
| 1975 | PDC Energy, Inc. | &nbsp;&nbsp;&nbsp; 125373 |
| 13405 | Petroleo Brasileiro S.A. - ADR | &nbsp;&nbsp;&nbsp; 142763 |
| 1256 | Pioneer Natural Resources Company | &nbsp;&nbsp;&nbsp; 286859 |
| 2900 | PrairieSky Royalty Ltd. | &nbsp;&nbsp;&nbsp; 46479 |
| 1670 | Range Resources Corporation | &nbsp;&nbsp;&nbsp; 41783 |
| 3139 | SM Energy Company | &nbsp;&nbsp;&nbsp; 109331 |
| 9131 | Southwestern Energy Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 53416 |
| 7200 | Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp; 228398 |
| 6930 | TotalEnergies S.E. | &nbsp;&nbsp;&nbsp; 435213 |
| 3100 | Tourmaline Oil Corporation | &nbsp;&nbsp;&nbsp; 156425 |
| 7100 | Vermilion Energy, Inc. | &nbsp;&nbsp;&nbsp; 125697 |
| 200 | Whitecap Resources, Inc. | &nbsp;&nbsp;&nbsp; 1586 |
|  |  | &nbsp;&nbsp; 4866946 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 41.7% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.1%** |  |
| 3881 | Baker Hughes Company | &nbsp;&nbsp;&nbsp; $114606 |
| 2561 | ChampionX Corporation | &nbsp;&nbsp;&nbsp; 74243 |
| 3524 | Halliburton Company | &nbsp;&nbsp;&nbsp; 138670 |
| 770 | Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp; 38169 |
| 7939 | Liberty Oilfield Services, Inc., Class A (a) | &nbsp;&nbsp;&nbsp; 127103 |
| 1425 | NOV, Inc. | &nbsp;&nbsp;&nbsp; 29768 |
| 3391 | Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp; 57104 |
| 4683 | Schlumberger Ltd | &nbsp;&nbsp;&nbsp; 250354 |
| 18096 | Transocean Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 82518 |
|  |  | &nbsp;&nbsp; 912535 |
|  | **REAL ESTATE INVESTMENT TRUSTS – 19.0%** |  |
| 25000 | Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp; 468250 |
| 3000 | American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp; 79500 |
| 22000 | American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp; 663080 |
| 3150 | American Tower Corporation | &nbsp;&nbsp;&nbsp; 667359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 498256 |
| 8000 | Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp; 92000 |
| 6000 | AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp; 969120 |
| 5950 | Camden Property Trust | &nbsp;&nbsp;&nbsp; 665686 |
| 10100 | Crown Castle, Inc. | &nbsp;&nbsp;&nbsp; 1369964 |
| 19000 | CTO Realty Growth, Inc. | &nbsp;&nbsp;&nbsp; 347320 |
| 1150 | Equinix, Inc. | &nbsp;&nbsp;&nbsp; 753285 |
| 21300 | InvenTrust Properties Corporation | &nbsp;&nbsp;&nbsp; 504171 |
| 28000 | Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp; 829920 |
| 4800 | Life Storage, Inc. | &nbsp;&nbsp;&nbsp; 472800 |
| 19000 | Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp; 364420 |
| 930 | PotlatchDeltic Corporation | &nbsp;&nbsp;&nbsp; 40911 |
| 12525 | Prologis, Inc. | &nbsp;&nbsp;&nbsp; 1411942 |
| 2900 | Public Storage | &nbsp;&nbsp;&nbsp; 812551 |
| 2865 | Rayonier, Inc. | &nbsp;&nbsp;&nbsp; 94430 |
| 3500 | SBA Communications Corporation, A | &nbsp;&nbsp;&nbsp; 981085 |
| 38000 | SITE Centers Corporation | &nbsp;&nbsp;&nbsp; 519080 |
| 4700 | Sun Communities, Inc. | &nbsp;&nbsp;&nbsp; 672100 |
| 22000 | Ventas, Inc. | &nbsp;&nbsp;&nbsp; 991100 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 41.7% (Continued)** |  |
|  | **REAL ESTATE INVESTMENT TRUSTS – 19.0% (Continued)** |  |
| &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;14500 | Welltower, Inc. | &nbsp;&nbsp;&nbsp; $950475 |
| 5069 | Weyerhaeuser Company | &nbsp;&nbsp;&nbsp; 157139 |
|  |  | &nbsp;&nbsp; 15375944 |
|  | **RENEWABLE ENERGY - 0.7%** |  |
| 155 | Array Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2996 |
| 2006 | Atlantica Sustainable Infrastructure PLC | &nbsp;&nbsp;&nbsp; 51955 |
| 2867 | Daqo New Energy Corporation - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110695 |
| 508 | Enphase Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 134600 |
| 1043 | First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 156231 |
| 1733 | Green Plains, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 52857 |
| 183 | SolarEdge Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 51838 |
|  |  | &nbsp;&nbsp; 561172 |
|  | **RESIDENTIAL REIT - 0.6%** |  |
| 7875 | Equity Residential | &nbsp;&nbsp;&nbsp; 464625 |
|  | **STEEL - 0.8%** |  |
| 873 | ArcelorMittal S.A. - ADR | &nbsp;&nbsp;&nbsp; 22890 |
| 1303 | ATI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38908 |
| 21328 | Cia Siderurgica Nacional S.A. - ADR | &nbsp;&nbsp;&nbsp; 58866 |
| 1309 | Gerdau S.A. - ADR | &nbsp;&nbsp;&nbsp; 7252 |
| 2200 | JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp; 25744 |
| 4900 | Nippon Steel Corporation | &nbsp;&nbsp;&nbsp; 85561 |
| 2000 | OSAKA Titanium Technologies Company Ltd. | &nbsp;&nbsp;&nbsp; 59119 |
| 473 | Reliance Steel & Aluminum Company | &nbsp;&nbsp;&nbsp; 95754 |
| 346 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp; 33804 |
| 1300 | Stelco Holdings, Inc. | &nbsp;&nbsp;&nbsp; 42525 |
| 1624 | Ternium S.A. - ADR | &nbsp;&nbsp;&nbsp; 49629 |
| 4041 | United States Steel Corporation | &nbsp;&nbsp;&nbsp; 101227 |
|  |  | &nbsp;&nbsp; 621279 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.2%** |  |
| 1115 | Andersons, Inc. (The) | &nbsp;&nbsp;&nbsp; 39014 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 41.7% (Continued)** |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES - 0.2% (Continued)** |  |  |  |
| 1456 | Bunge Ltd. |  |  | &nbsp;&nbsp;&nbsp; $145265 |
|  |  |  |  | &nbsp;&nbsp; 184279 |
|  | **TOTAL COMMON STOCKS (Cost $34,032,717)** |  |  | &nbsp;&nbsp; 33744606 |
|  | **EXCHANGE-TRADED FUNDS — 2.1%** |  |  |  |
|  | **SPECIALTY - 2.1%** |  |  |  |
| 92000 | Invesco DB US Dollar Index Bearish Fund (Cost $1,904,438) <sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp; 1702000 |
|  | **PRECIOUS METALS - PHYSICAL HOLDING — 13.8%** |  |  |  |
|  | **PRECIOUS METAL - 13.8%** |  |  |  |
| 6143 | GOLD BARS - XAU BGN CURNCY (Cost $7,240,876) <sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp; 11205958 |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **U.S. GOVERNMENT & AGENCIES — 22.0%** |  |  |  |
|  | **U.S. TREASURY INFLATION PROTECTED** — **22.0%** |  |  |  |
| 2005220 | United States Treasury Inflation Indexed Bonds | 0.6250 | &nbsp;&nbsp;&nbsp;01/15/24 | 1963553 |
| 2031572 | United States Treasury Inflation Indexed Bonds | 2.3750 | &nbsp;&nbsp;&nbsp;01/15/25 | 2034910 |
| 2454936 | United States Treasury Inflation Indexed Bonds | 2.0000 | &nbsp;&nbsp;&nbsp;01/15/26 | 2454624 |
| 2386582 | United States Treasury Inflation Indexed Bonds | 2.3750 | &nbsp;&nbsp;&nbsp;01/15/27 | 2437580 |
| 1963260 | United States Treasury Inflation Indexed Bonds | 0.5000 | &nbsp;&nbsp;&nbsp;01/15/28 | 1849060 |
| 931751 | United States Treasury Inflation Indexed Bonds | 1.7500 | &nbsp;&nbsp;&nbsp;01/15/28 | 932550 |
| 1451683 | United States Treasury Inflation Indexed Bonds | 0.8750 | &nbsp;&nbsp;&nbsp;01/15/29 | 1385337 |
| 1471322 | United States Treasury Inflation Indexed Bonds | 2.5000 | &nbsp;&nbsp;&nbsp;01/15/29 | 1536524 |
| 2026314 | United States Treasury Inflation Indexed Bonds | 0.1250 | &nbsp;&nbsp;&nbsp;01/15/31 | 1803028 |
| 319797 | United States Treasury Inflation Indexed Bonds | 2.1250 | &nbsp;&nbsp;&nbsp;02/15/41 | 339310 |
| 1539554 | United States Treasury Inflation Indexed Bonds | 0.1250 | &nbsp;&nbsp;&nbsp;02/15/51 | 994077 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,792,745)** |  |  | &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;&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;17730553 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** | **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 14.4%** |  |
|  | **MONEY MARKET FUNDS - 14.4%** |  |
| 11649767 | Fidelity Government Portfolio, Class I, 4.06% (Cost $11,649,767)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $11649767 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $79,784,477)** | &nbsp;&nbsp;&nbsp; $80803844 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | &nbsp;&nbsp; 107084 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $80910928 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN STRATEGIC GROWTH FUND** | **TIMOTHY PLAN STRATEGIC GROWTH FUND** | **TIMOTHY PLAN STRATEGIC GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 57.3%** |  |
|  | **EQUITY - 57.3%** |  |
| 117306 | Timothy Plan High Dividend Stock Enhanced ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $2752257 |
| 328756 | Timothy Plan International ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7646865 |
| 262339 | Timothy Plan US Large/Mid Cap Core Enhanced ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6229003 |
| 99923 | Timothy Plan US Small Cap Core ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3040547 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $20,191,542)** | &nbsp;&nbsp; 19668672 |
|  | **OPEN END FUNDS — 40.8%** |  |
|  | **EQUITY - 8.8%** |  |
| 285899 | Timothy Plan International Fund, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3010516 |
|  | **FIXED INCOME - 22.9%** |  |
| 643062 | Timothy Plan Fixed Income Fund, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5800421 |
| 250640 | Timothy Plan High Yield Bond Fund, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2067776 |
|  |  | &nbsp;&nbsp; 7868197 |
|  | **MIXED ALLOCATION - 9.1%** |  |
| 245036 | Timothy Plan Defensive Strategies Fund, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3136457 |
|  | **TOTAL OPEN END FUNDS (Cost $15,070,920)** | &nbsp;&nbsp; 14015170 |
|  | **SHORT-TERM INVESTMENTS — 2.0%** |  |
|  | **MONEY MARKET FUNDS - 2.0%** |  |
| 688025 | Fidelity Government Portfolio, Class I, 4.06% (Cost $688,025)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 688025 |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 100.1% (Cost $35,950,487)** | &nbsp;&nbsp;&nbsp; $34371867 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (36108) |
| **NET ASSETS - 100.0%** | &nbsp;&nbsp; $34335759 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Investment in affiliate.

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

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN CONSERVATIVE GROWTH FUND** | **TIMOTHY PLAN CONSERVATIVE GROWTH FUND** | **TIMOTHY PLAN CONSERVATIVE GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 40.3%** |  |
|  | **EQUITY - 40.3%** |  |
| 77260 | Timothy Plan High Dividend Stock Enhanced ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1812690 |
| 237944 | Timothy Plan International ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5534577 |
| 280086 | Timothy Plan US Large/Mid Cap Core Enhanced ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6650390 |
| 96705 | Timothy Plan US Small Cap Core ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2942627 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $17,305,839)** | &nbsp;&nbsp; 16940284 |
|  | **OPEN END FUNDS — 58.2%** |  |
|  | **EQUITY - 6.2%** |  |
| 246437 | Timothy Plan International Fund, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2594985 |
|  | **FIXED INCOME - 44.7%** |  |
| 1773933 | Timothy Plan Fixed Income Fund, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16000878 |
| 340448 | Timothy Plan High Yield Bond Fund, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2808692 |
|  |  | &nbsp;&nbsp; 18809570 |
|  | **MIXED ALLOCATION - 7.3%** |  |
| 238949 | Timothy Plan Defensive Strategies Fund, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3058545 |
|  | **TOTAL OPEN END FUNDS (Cost $26,860,127)** | &nbsp;&nbsp; 24463100 |
|  | **SHORT-TERM INVESTMENTS — 1.6%** |  |
|  | **MONEY MARKET FUNDS - 1.6%** |  |
| 691271 | Fidelity Government Portfolio, Class I, 4.06% (Cost $691,271)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 691271 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $44,857,237)** | &nbsp;&nbsp;&nbsp; $42094655 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (34398) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $42060257 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** | **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** | **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.8%** |  |
|  | **AEROSPACE & DEFENSE - 4.5%** |  |
| 18501 | Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp; $3034904 |
| 113000 | Leonardo DRS, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1444140 |
|  |  | &nbsp;&nbsp; 4479044 |
|  | **APPAREL & TEXTILE PRODUCTS - 2.6%** |  |
| 22063 | Delta Galil Industries Ltd. | &nbsp;&nbsp;&nbsp; 924259 |
| 18700 | Fox Wizel Ltd. | &nbsp;&nbsp;&nbsp; 1712473 |
|  |  | &nbsp;&nbsp; 2636732 |
|  | **BANKING - 18.1%** |  |
| 106300 | Bank Hapoalim BM - ADR | &nbsp;&nbsp;&nbsp; 4511372 |
| 518000 | Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp; 4317894 |
| 63300 | First International Bank Of Israel Ltd. | &nbsp;&nbsp;&nbsp; 2502332 |
| 602000 | Israel Discount Bank Ltd., Class A | &nbsp;&nbsp;&nbsp; 3163916 |
| 112000 | Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp; 3628008 |
|  |  | &nbsp;&nbsp; 18123522 |
|  | **BIOTECH & PHARMA - 1.0%** |  |
| 490000 | Enlight Renewable Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1003356 |
|  | **CHEMICALS - 2.8%** |  |
| 386902 | ICL Group Ltd. | &nbsp;&nbsp;&nbsp; 2828253 |
|  | **CONSTRUCTION MATERIALS - 0.8%** |  |
| 213000 | Inrom Construction Industries Ltd. | &nbsp;&nbsp;&nbsp; 809306 |
|  | **ELECTRIC UTILITIES - 3.1%** |  |
| 36200 | Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp; 3130607 |
|  | **FOOD - 1.3%** |  |
| 50500 | Strauss Group Ltd. | &nbsp;&nbsp;&nbsp; 1339840 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.2%** |  |
| 12769 | Danel Adir Yeoshua Ltd. | &nbsp;&nbsp;&nbsp; 998656 |
| 1575013 | Novolog Ltd. | &nbsp;&nbsp;&nbsp; 1240767 |
|  |  | &nbsp;&nbsp; 2239423 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** | **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** | **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.8% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 1.2%** |  |
| 116585 | Maytronics Ltd. | &nbsp;&nbsp;&nbsp; $1160479 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.4%** |  |
| 400194 | Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp;&nbsp; 2390101 |
|  | **INSURANCE - 5.3%** |  |
| 184000 | Harel Insurance Investments & Financial Services | &nbsp;&nbsp;&nbsp; 1622729 |
| 1230000 | Migdal Insurance & Financial Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1402736 |
| 220400 | Phoenix Holdings Ltd. (The) | &nbsp;&nbsp;&nbsp; 2350550 |
|  |  | &nbsp;&nbsp; 5376015 |
|  | **LEISURE FACILITIES & SERVICES - 1.5%** |  |
| 18300 | Fattal Holdings 1998 Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1545211 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.5%** |  |
| 33400 | Inmode Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1192380 |
| 4700 | Novocure Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 344745 |
|  |  | &nbsp;&nbsp; 1537125 |
|  | **OIL & GAS PRODUCERS - 7.8%** |  |
| 92968 | Energean plc | &nbsp;&nbsp;&nbsp; 1471134 |
| 102000 | Energean plc | &nbsp;&nbsp;&nbsp; 1627962 |
| 5600 | Israel Corp Ltd. (The) | &nbsp;&nbsp;&nbsp; 1974858 |
| 2350000 | Oil Refineries Ltd. | &nbsp;&nbsp;&nbsp; 822721 |
| 7000 | Paz Oil Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 871765 |
| 1600000 | Ratio Oil Exploration 1992, L.P. | &nbsp;&nbsp;&nbsp; 1057505 |
|  |  | &nbsp;&nbsp; 7825945 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 1.4%** |  |
| 284000 | Reit 1 Ltd. | &nbsp;&nbsp;&nbsp; 1406996 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 11.8%** |  |
| 150000 | Alony Hetz Properties & Investments Ltd. | &nbsp;&nbsp;&nbsp; 1527217 |
| 212000 | Amot Investments Ltd. | &nbsp;&nbsp;&nbsp; 1245037 |
| 34000 | Azrieli Group Ltd. | &nbsp;&nbsp;&nbsp; 2258802 |
| 160000 | Bayside Land Corporation | &nbsp;&nbsp;&nbsp; 1246801 |
| 40000 | Elco Ltd. | &nbsp;&nbsp;&nbsp; 2047665 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** | **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** | **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.8% (Continued)** |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 11.8% (Continued)** |  |
| 175000 | Gazit-Globe Ltd. | &nbsp;&nbsp;&nbsp; $532535 |
| 16380 | Melisron Ltd. | &nbsp;&nbsp;&nbsp; 1172029 |
| 593430 | Mivne Real Estate KD Ltd. | &nbsp;&nbsp;&nbsp; 1890227 |
|  |  | &nbsp;&nbsp; 11920313 |
|  | **RENEWABLE ENERGY - 1.4%** |  |
| 296360 | Energix-Renewable Energies Ltd. | &nbsp;&nbsp;&nbsp; 933868 |
| 1600 | SolarEdge Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 453232 |
|  |  | &nbsp;&nbsp; 1387100 |
|  | **RETAIL - CONSUMER STAPLES - 2.8%** |  |
| 18700 | Rami Levy Chain Stores Hashikma Marketing 2006 | &nbsp;&nbsp;&nbsp; 1308288 |
| 210000 | Shufersal Ltd. | &nbsp;&nbsp;&nbsp; 1211791 |
| 27315 | Victory Supermarket Chain Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 313685 |
|  |  | &nbsp;&nbsp; 2833764 |
|  | **SEMICONDUCTORS - 5.6%** |  |
| 30000 | Nova Measuring Instruments Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2450400 |
| 73223 | Tower Semiconductor Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3163234 |
|  |  | &nbsp;&nbsp; 5613634 |
|  | **SOFTWARE - 10.5%** |  |
| 12600 | CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1633589 |
| 29935 | Hilan Ltd. | &nbsp;&nbsp;&nbsp; 1484746 |
| 23900 | Nice Ltd. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4595970 |
| 41000 | One Software Technologies Ltd. | &nbsp;&nbsp;&nbsp; 570423 |
| 45300 | Sapiens International Corp N.V. | &nbsp;&nbsp;&nbsp; 837144 |
| 34200 | Varonis Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 818748 |
| 21500 | Verint Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 780020 |
|  |  | &nbsp;&nbsp; 10720640 |
|  | **TECHNOLOGY HARDWARE - 0.8%** |  |
| 25800 | AudioCodes Ltd. | &nbsp;&nbsp;&nbsp; 461562 |
| 13000 | Kornit Digital Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 298610 |
|  |  | &nbsp;&nbsp; 760172 |
|  | **TECHNOLOGY SERVICES - 2.3%** |  |
| 72783 | Magic Software Enterprises Ltd. | &nbsp;&nbsp;&nbsp; 1153611 |
| 56210 | Matrix IT Ltd. | &nbsp;&nbsp;&nbsp; 1177209 |
|  |  | &nbsp;&nbsp; 2330820 |

---

---

| | | |
|:---|:---|:---|
| **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** | **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** | **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.8% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 46000 | Cellcom Israel Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $241499 |
| 44000 | Partner Communications Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 318970 |
|  |  | &nbsp;&nbsp; 560469 |
|  | **WHOLESALE - DISCRETIONARY - 1.5%** |  |
| 15300 | Tadiran Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1534264 |
|  | **TOTAL COMMON STOCKS (Cost $59,826,142)** | &nbsp;&nbsp; 95493131 |
|  | **SHORT-TERM INVESTMENTS — 5.2%** |  |
|  | **MONEY MARKET FUNDS - 5.2%** |  |
| 5193272 | Fidelity Government Portfolio, Class I, 4.06% (Cost $5,193,272)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5193272 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $65,019,414)** | &nbsp;&nbsp;&nbsp; $100686403 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%** | &nbsp;&nbsp; (45043) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $100641360 |

---

---

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

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

---

| | |
|:---|:---|
| **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** | **TIMOTHY PLAN ISRAEL COMMON VALUES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** |
| Diversification of Assets | Diversification of Assets |
| Country | % of Net Assets |
| Israel | 85.3% |
| United States | 6.1% |
| United Kingdom | 3.1% |
| Jersey | 0.3% |
| Total | 94.8% |
| Money Market Funds | 5.2% |
| Other Assets Less Liabilities - Net | 0.0% |
| Grand Total | 100.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN GROWTH & INCOME FUND** | **TIMOTHY PLAN GROWTH & INCOME FUND** | **TIMOTHY PLAN GROWTH & INCOME FUND** | **TIMOTHY PLAN GROWTH & INCOME FUND** | **TIMOTHY PLAN GROWTH & INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 49.5%** |  |  |  |
|  | **EQUITY - 49.5%** |  |  |  |
| 295000 | Timothy Plan High Dividend Stock Enhanced ETF<sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp; $6921348 |
| 76500 | Timothy Plan High Dividend Stock ETF<sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp; 2381690 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $9,315,652)** |  |  | &nbsp;&nbsp; 9303038 |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 6.7%** |  |  |  |
|  | **CHEMICALS** — **0.7%** |  |  |  |
| 59000 | LYB International Finance BV | 4.0000 | &nbsp;&nbsp;&nbsp;07/15/23 | 58558 |
| 85000 | Nutrien Ltd. | 4.0000 | &nbsp;&nbsp;&nbsp;12/15/26 | 81834 |
|  |  |  |  | 140392 |
|  | **ELECTRIC UTILITIES** — **0.8%** |  |  |  |
| 110000 | American Electric Power Company, Inc. | 3.2000 | &nbsp;&nbsp;&nbsp;11/13/27 | 101210 |
| 45000 | National Rural Utilities Cooperative Finance | 2.9500 | &nbsp;&nbsp;&nbsp;02/07/24 | 43985 |
| 22000 | WEC Energy Group, Inc. | 3.5500 | &nbsp;&nbsp;&nbsp;06/15/25 | 21100 |
|  |  |  |  | 166295 |
|  | **GAS & WATER UTILITIES** — **0.6%** |  |  |  |
| 110000 | NiSource, Inc. | 3.4900 | &nbsp;&nbsp;&nbsp;05/15/27 | 103751 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **0.3%** |  |  |  |
| 55000 | Cboe Global Markets, Inc. | 3.6500 | &nbsp;&nbsp;&nbsp;01/12/27 | 52592 |
|  | **OIL & GAS PRODUCERS** — **2.2%** |  |  |  |
| 85000 | Columbia Pipeline Group, Inc. | 4.5000 | &nbsp;&nbsp;&nbsp;06/01/25 | 83755 |
| 200000 | Energy Transfer Operating, L.P. | 5.2500 | &nbsp;&nbsp;&nbsp;04/15/29 | 193982 |
| 115000 | Phillips 66 Company<sup>(b)</sup> | 3.6050 | &nbsp;&nbsp;&nbsp;02/15/25 | 111405 |
|  |  |  |  | 389142 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.9%** |  |  |  |
| 75000 | Digital Realty Trust, L.P. | 3.7000 | &nbsp;&nbsp;&nbsp;08/15/27 | 69730 |
| 120000 | Healthpeak Properties, Inc. | 3.5000 | &nbsp;&nbsp;&nbsp;07/15/29 | 107156 |
|  |  |  |  | 176886 |
|  | **RETAIL - CONSUMER STAPLES** — **0.4%** |  |  |  |
| 80000 | Dollar General Corporation | 4.1250 | &nbsp;&nbsp;&nbsp;05/01/28 | 76317 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN GROWTH & INCOME FUND** | **TIMOTHY PLAN GROWTH & INCOME FUND** | **TIMOTHY PLAN GROWTH & INCOME FUND** | **TIMOTHY PLAN GROWTH & INCOME FUND** | **TIMOTHY PLAN GROWTH & INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 6.7% (Continued)** |  |  |  |
|  | **TRANSPORTATION & LOGISTICS** — **0.8%** |  |  |  |
| 55000 | Canadian Pacific Railway Company | 2.9000 | &nbsp;&nbsp;&nbsp;02/01/25 | $52583 |
| 110000 | CSX Corporation | 3.2500 | &nbsp;&nbsp;&nbsp;06/01/27 | 102910 |
|  |  |  |  | 155493 |
|  | **TOTAL CORPORATE BONDS (Cost $1,350,225)** |  |  | 1260868 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 0.6%** |  |  |  |
|  | **LOCAL AUTHORITY** — **0.6%** |  |  |  |
| 120000 | Province of Ontario Canada (Cost $120,835) | 2.5000 | &nbsp;&nbsp;&nbsp;04/27/26 | 112597 |
|  | **U.S. GOVERNMENT & AGENCIES — 42.3%** |  |  |  |
|  | **AGENCY FIXED RATE** — **10.8%** |  |  |  |
| 56977 | Fannie Mae Pool FM5537 | 2.0000 | &nbsp;&nbsp;&nbsp;01/01/36 | 50885 |
| 40016 | Fannie Mae Pool MA4316 | 2.5000 | &nbsp;&nbsp;&nbsp;04/01/36 | 36858 |
| 63885 | Fannie Mae Pool MA4333 | 2.0000 | &nbsp;&nbsp;&nbsp;05/01/41 | 54501 |
| 22389 | Fannie Mae Pool MA4475 | 2.5000 | &nbsp;&nbsp;&nbsp;10/01/41 | 19667 |
| 66669 | Fannie Mae Pool MA4617 | 3.0000 | &nbsp;&nbsp;&nbsp;04/01/42 | 59648 |
| 52241 | Fannie Mae Pool FM4053 | 2.5000 | &nbsp;&nbsp;&nbsp;08/01/50 | 44830 |
| 55626 | Fannie Mae Pool CA8897 | 3.0000 | &nbsp;&nbsp;&nbsp;02/01/51 | 49350 |
| 8479 | Fannie Mae Pool MA4258 | 3.5000 | &nbsp;&nbsp;&nbsp;02/01/51 | 7764 |
| 21528 | Fannie Mae Pool FM6550 | 2.0000 | &nbsp;&nbsp;&nbsp;03/01/51 | 17721 |
| 42110 | Fannie Mae Pool CB0855 | 3.0000 | &nbsp;&nbsp;&nbsp;06/01/51 | 37032 |
| 73115 | Fannie Mae Pool FS1807 | 3.5000 | &nbsp;&nbsp;&nbsp;07/01/51 | 67197 |
| 74843 | Fannie Mae Pool FS1704 | 4.0000 | &nbsp;&nbsp;&nbsp;05/01/52 | 70900 |
| 15000 | Fannie Mae Pool FS3392 | 4.0000 | &nbsp;&nbsp;&nbsp;09/01/52 | 14092 |
| 53403 | Ginnie Mae I Pool 723248 | 5.0000 | &nbsp;&nbsp;&nbsp;10/15/39 | 54521 |
| 55915 | Ginnie Mae I Pool 783403 | 3.5000 | &nbsp;&nbsp;&nbsp;09/15/41 | 52664 |
| 47215 | Ginnie Mae II Pool MA3376 | 3.5000 | &nbsp;&nbsp;&nbsp;01/20/46 | 44172 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **TIMOTHY PLAN GROWTH & INCOME FUND** | <br> **TIMOTHY PLAN GROWTH & INCOME FUND** | <br> **TIMOTHY PLAN GROWTH & INCOME FUND** | <br> **TIMOTHY PLAN GROWTH & INCOME FUND** | <br> **TIMOTHY PLAN GROWTH & INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 42.3% (Continued)** |  |  |  |
|  | **AGENCY FIXED RATE** — **10.8% (Continued)** |  |  |  |
| 35311 | Ginnie Mae II Pool MA3596 | 3.0000 | &nbsp;&nbsp;&nbsp;04/20/46 | $32154 |
| 30366 | Ginnie Mae II Pool MA3663 | 3.5000 | &nbsp;&nbsp;&nbsp;05/20/46 | 28391 |
| 39363 | Ginnie Mae II Pool MA3736 | 3.5000 | &nbsp;&nbsp;&nbsp;06/20/46 | 36782 |
| 13427 | Ginnie Mae II Pool MA4509 | 3.0000 | &nbsp;&nbsp;&nbsp;06/20/47 | 12116 |
| 37467 | Ginnie Mae II Pool MA4652 | 3.5000 | &nbsp;&nbsp;&nbsp;08/20/47 | 34971 |
| 35438 | Ginnie Mae II Pool MA4719 | 3.5000 | &nbsp;&nbsp;&nbsp;09/20/47 | 33229 |
| 26297 | Ginnie Mae II Pool MA6092 | 4.5000 | &nbsp;&nbsp;&nbsp;08/20/49 | 25681 |
| 20314 | Ginnie Mae II Pool MA6156 | 4.5000 | &nbsp;&nbsp;&nbsp;09/20/49 | 19901 |
| 45907 | Ginnie Mae II Pool BN2662 | 3.0000 | &nbsp;&nbsp;&nbsp;10/20/49 | 41011 |
| 21827 | Ginnie Mae II Pool MA6221 | 4.5000 | &nbsp;&nbsp;&nbsp;10/20/49 | 21328 |
| 19679 | Ginnie Mae II Pool MA6478 | 5.0000 | &nbsp;&nbsp;&nbsp;02/20/50 | 19785 |
| 24093 | Ginnie Mae II Pool MA6544 | 4.5000 | &nbsp;&nbsp;&nbsp;03/20/50 | 23685 |
| 15386 | Ginnie Mae II Pool MA6545 | 5.0000 | &nbsp;&nbsp;&nbsp;03/20/50 | 15505 |
| 105702 | Ginnie Mae II Pool MA6598 | 2.5000 | &nbsp;&nbsp;&nbsp;04/20/50 | 92430 |
| 23725 | Ginnie Mae II Pool MA6600 | 3.5000 | &nbsp;&nbsp;&nbsp;04/20/50 | 22039 |
| 21554 | Ginnie Mae II Pool MA6601 | 4.0000 | &nbsp;&nbsp;&nbsp;04/20/50 | 20586 |
| 27963 | Ginnie Mae II Pool MA6603 | 5.0000 | &nbsp;&nbsp;&nbsp;04/20/50 | 28092 |
| 50982 | Ginnie Mae II Pool MA7255 | 2.5000 | &nbsp;&nbsp;&nbsp;03/20/51 | 44454 |
| 41255 | Ginnie Mae II Pool MA7418 | 2.5000 | &nbsp;&nbsp;&nbsp;06/20/51 | 35907 |
| 62980 | Ginnie Mae II Pool MA7419 | 3.0000 | &nbsp;&nbsp;&nbsp;06/20/51 | 56447 |
| 55573 | Ginnie Mae II Pool MA7472 | 2.5000 | &nbsp;&nbsp;&nbsp;07/20/51 | 48342 |
| 71028 | Ginnie Mae II Pool CE1974 | 3.0000 | &nbsp;&nbsp;&nbsp;08/20/51 | 64137 |
| 80124 | Ginnie Mae II Pool CE1990 | 2.5000 | &nbsp;&nbsp;&nbsp;09/20/51 | 68995 |
| 72855 | Ginnie Mae II Pool MA7705 | 2.5000 | &nbsp;&nbsp;&nbsp;11/20/51 | 63241 |
| 77837 | Ginnie Mae II Pool MA7768 | 3.0000 | &nbsp;&nbsp;&nbsp;12/20/51 | 69659 |
| 61187 | Ginnie Mae II Pool MA7829 | 3.5000 | &nbsp;&nbsp;&nbsp;01/20/52 | 56305 |
| 81513 | Ginnie Mae II Pool MA7939 | 4.0000 | &nbsp;&nbsp;&nbsp;03/20/52 | 77238 |
| 86398 | Ginnie Mae II Pool MA7987 | 2.5000 | &nbsp;&nbsp;&nbsp;04/20/52 | 74973 |
| 82844 | Ginnie Mae II Pool MA8098 | 3.0000 | &nbsp;&nbsp;&nbsp;06/20/52 | 73884 |
| 114190 | Ginnie Mae II Pool MA8268 | 4.5000 | &nbsp;&nbsp;&nbsp;09/20/52 | 110905 |
|  | **TOTAL AGENCY FIXED RATE (Cost $2,274,854)** |  |  | 2033975 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TIMOTHY PLAN GROWTH & INCOME FUND** | **TIMOTHY PLAN GROWTH & INCOME FUND** | **TIMOTHY PLAN GROWTH & INCOME FUND** | **TIMOTHY PLAN GROWTH & INCOME FUND** | **TIMOTHY PLAN GROWTH & INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 42.3% (continued)** |  |  |  |
|  | **U.S. TREASURY NOTES** — **31.5%** |  |  |  |
| 1065000 | United States Treasury Note | 2.2500 | &nbsp;&nbsp;&nbsp;11/15/24 | $1023398 |
| 1145000 | United States Treasury Note | 2.0000 | &nbsp;&nbsp;&nbsp;08/15/25 | 1082025 |
| 1120000 | United States Treasury Note | 0.6250 | &nbsp;&nbsp;&nbsp;07/31/26 | 990850 |
| 1260000 | United States Treasury Note | 1.2500 | &nbsp;&nbsp;&nbsp;09/30/28 | 1084486 |
| 1160000 | United States Treasury Note | 1.2500 | &nbsp;&nbsp;&nbsp;08/15/31 | 943814 |
| 630000 | United States Treasury Note | 1.7500 | &nbsp;&nbsp;&nbsp;08/15/41 | 434331 |
| 545000 | United States Treasury Note | 2.0000 | &nbsp;&nbsp;&nbsp;08/15/51 | 360381 |
|  | **TOTAL U.S. TREASURY NOTES (Cost $6,367,949)** |  |  | 5919285 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,642,803)** |  |  | 7953260 |
|  | **SHORT-TERM INVESTMENTS — 0.7%** |  |  |  |
|  | **MONEY MARKET FUNDS - 0.7%** |  |  |  |
| 129396 | Fidelity Government Portfolio, Class I, 4.06% (Cost $129,396)<sup>(c)</sup> |  |  | &nbsp;&nbsp;&nbsp; 129396 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $19,558,911)** |  |  | &nbsp;&nbsp;&nbsp; $18759159 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** |  |  | &nbsp;&nbsp; 35671 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $18794830 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| REIT | - Real Estate Investment Trust |

---

<sup>(a)</sup> Investment in affiliate.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022 the total market value of 144A securities is $111,405 or 0.6% of net assets.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** TIMOTHY PLAN

- **b. Investment Company Act file number:** 811-08228

- **c. CIK number of Registrant:** 0000916490

- **d. LEI of Registrant:** 549300TW26XMX8DL8P98

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1055 MAITLAND CENTER COMMONS

  - **City:** MAITLAND

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 32759

  - **Telephone number:** 407-644-1986

**Item A.2. Information about the Series.**

- **a. Name of Series:** Timothy Plan Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000004479

- **c. LEI of Series:** 549300X1RG2F787VPK25

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $156024591.89

**Total Liabilities:** $190702.80

**Net Assets:** $155833889.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000126993 | 13.71%               | 5.35%                | -5.43%               |
| Class ID C000012330 | 13.64%               | 5.34%                | -5.45%               |
| Class ID C000012332 | 13.62%               | 5.25%                | -5.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1114708.73             | $20124428.89                               |
| Month 2  | $-614544.95              | $8727977.46                                |
| Month 3  | $280569.72               | $-9644994.55                               |

### Schedule of Portfolio Investments

| Name                                    | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 1ST Bancorp NC                          | FIRST BANCORP/NC          | CUSIP: 318910106<br>LEI: 549300QGC3EY3EV0NS72 | Long             | EC               | CORP              | US        |     35896 | NS      | $1537784.64   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                         | CITY HOLDING CO           | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29957 | NS      | $2788697.13   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Hostess Brands Inc                      | HOSTESS BRANDS            | CUSIP: 44109J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    126251 | NS      | $2833072.44   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc                      | UFP INDUSTRIES I          | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     27480 | NS      | $2177790.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corporation Of Florida | SEACOAST BANK/FL          | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     87794 | NS      | $2738294.86   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp          | ATLANTIC UNION BANKSHARES | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86891 | NS      | $3053349.74   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.           | SUMMIT HOTEL PRO          | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |    192412 | NS      | $1389214.64   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc      | EASTERLY GOVERNM          | CUSIP: 27616P103<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |     93724 | NS      | $1337441.48   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitio Royalties Corp                    | SITIO ROYALTIE-A          | CUSIP: 82983N108<br>LEI: 549300OILIONON7XK623 | Long             | EC               | CORP              | US        |     90809 | NS      | $2619834.37   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc.                | COMFORT SYSTEMS           | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     24632 | NS      | $2834650.56   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corporation                      | AVIENT CORP               | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     41001 | NS      | $1384193.76   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                 | PIPER SANDLER CO          | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |     19705 | NS      | $2565393.95   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports and Outdoors Inc         | ACADEMY SPORTS &          | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42595 | NS      | $2237941.30   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc.                | METHODE ELEC              | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |     36330 | NS      | $1611962.10   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Corporate Office Properties Trust       | CORP OFFICE PROP          | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |    111562 | NS      | $2893918.28   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc.        | FOUR CORNERS PRO          | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |    108359 | NS      | $2809748.87   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwestern Corporation                | NORTHWESTERN COR          | CUSIP: 668074305<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | EC               | CORP              | US        |     48083 | NS      | $2853245.22   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerisafe Inc                           | AMERISAFE INC             | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |     28380 | NS      | $1474908.60   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                            | INNOSPEC INC              | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |     13026 | NS      | $1339854.36   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                         | ALAMO GROUP               | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |     20166 | NS      | $2855505.60   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co                               | STEPAN CO                 | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |     26894 | NS      | $2863135.24   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Chuys Holdings Inc                      | CHUY'S HOLDINGS           | CUSIP: 171604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65998 | NS      | $1867743.40   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerplus Corp                           | ENERPLUS CORP             | CUSIP: 292766102<br>LEI: 549300OEXJU0X6FYBQ42 | Long             | EC               | CORP              | CA        |     89675 | NS      | $1582763.75   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Radius Global Infrastructure Inc.       | RADIUS GLOBAL-A           | CUSIP: 750481103<br>LEI: 213800NT341MQ5USBX63 | Long             | EC               | CORP              | US        |    221606 | NS      | $2619382.92   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc.                               | MOOG INC-CLASS A          | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |     31382 | NS      | $2754084.32   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc                 | CENTURY COMMUNIT          | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |     57733 | NS      | $2887227.33   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson Companies Inc.                | PATTERSON COS             | CUSIP: 703395103<br>LEI: YM48Q2087CUE26GWEK09 | Long             | EC               | CORP              | US        |    101169 | NS      | $2835767.07   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc.              | MERIT MEDICAL             | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     39890 | NS      | $2817031.80   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| J&J Snack Foods Corp                    | J & J SNACK FOOD          | CUSIP: 466032109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18011 | NS      | $2696426.81   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Timothy Plan                            | TIMOTHY PLAN US SMALL CAP | CUSIP: 887432342<br>LEI: 549300TW26XMX8DL8P98 | Long             | EC               | RF                | US        |    580000 | NS      | $17648762.00  | 11.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc                   | TRIUMPH FINANCIA          | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |     43692 | NS      | $2135228.04   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services Inc.       | PROVIDENT FINANC          | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     62071 | NS      | $1325836.56   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp.              | ALBANY INTL CORP          | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |     29105 | NS      | $2869461.95   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc.                             | RAMBUS INC                | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     79954 | NS      | $2863952.28   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Potlatchdeltic Corp.                    | POTLATCHDELTIC C          | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |     30068 | NS      | $1322691.32   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil And Gas, Inc.              | NORTHERN OIL AND          | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     87911 | NS      | $2709417.02   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Papa John's International Inc.          | PAPA JOHN'S INTL          | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               | CORP              | US        |     36097 | NS      | $2971144.07   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                     | VIAVI SOLUTIONS           | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |    255477 | NS      | $2685063.27   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                   | URBAN EDGE P              | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    194086 | NS      | $2734671.74   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                      | CHORD ENERGY COR          | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     21245 | NS      | $2906528.45   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Incorporation   | COLUMBIA BANKING          | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91905 | NS      | $2769097.65   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Masonite International Corporation      | MASONITE INTERNA          | CUSIP: 575385109<br>LEI: 549300H0H07ZFT4JYM32 | Long             | EC               | CORP              | CA        |     35616 | NS      | $2871005.76   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                                 | AZZ INC                   | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     38788 | NS      | $1559277.60   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Conmed Corporation                      | CONMED CORP               | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |     32301 | NS      | $2863160.64   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                             | ECOVYST INC               | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    206395 | NS      | $1828659.70   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc.           | PLYMOUTH INDUSTRIAL REIT  | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    152245 | NS      | $2920059.10   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Institutional Cash Portfolios  | FID-MM GOVT-I             | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   1647287 | PA      | $1647286.97   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritex Holdings Inc.                   | VERITEX HOLDINGS          | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |    100154 | NS      | $2812324.32   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                      | AVISTA CORP               | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     62547 | NS      | $2773333.98   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co.                            | MOELIS & CO-CL A          | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     68387 | NS      | $2624009.19   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corporation                    | RENASANT CORP             | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |     75064 | NS      | $2821655.76   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc                      | AVANOS MEDICAL I          | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |     82636 | NS      | $2236130.16   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                               | MONRO INC                 | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61529 | NS      | $2781110.80   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company            | CENTRAL GARDEN-A          | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     74388 | NS      | $2663090.40   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc                     | ADTRAN HOLDINGS           | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |     84492 | NS      | $1587604.68   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp                        | ENCORE WIRE               | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9948 | NS      | $1368446.88   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| FED Signal Corp                         | FED SIGNAL CORP           | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     63088 | NS      | $2931699.36   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandy Spring Bancorp Inc.               | SANDY SPRING BAN          | CUSIP: 800363103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79043 | NS      | $2784684.89   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Livent Corporation                      | LIVENT CORP               | CUSIP: 53814L108<br>LEI: 254900OOLQ2VNMZTJL47 | Long             | EC               | CORP              | US        |     76693 | NS      | $1523889.91   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-27

**Name of Applicant:** TIMOTHY PLAN

**Signature:** Arthur D. Ally

**Name of Signer:** Arthur D. Ally

**Title:** President & Treasurer