united states
securities and exchange commission
washington, d.c. 20549

form n-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08228

The Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL 32751

(Address of principal executive offices) (Zip code)

Gemini Fund Services, LLC., 80 Arkay Drive, Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-800-846-7526

Date of fiscal year end: 9/30

Date of reporting period: 6/30/17

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Schedule of Investments.

Schedule of Investments | Aggressive Growth Fund

As of June 30, 2017  (Unaudited)

Shares			Fair Value
		COMMON STOCK - 96.0%
		AEROSPACE/DEFENSE - 1.6%
	6,262	HEICO Corp.	$	449,862
		AIRLINES - 2.5%
	4,079	Copa Holdings SA		477,243
	4,100	Spirit Airlines, Inc. *		211,765
				689,008
		AUTO PARTS & EQUIPMENT - 2.0%
	6,480	Delphi Automotive PLC		567,972
		BANKS - 3.6%
	5,995	Bank of the Ozarks, Inc.		280,987
	10,855	CenterState Banks, Inc.		269,855
	8,861	Western Alliance Bancorp *		435,961
				986,803
		BIOTECHNOLOGY - 4.3%
	3,775	BioMarin Pharmaceutical, Inc. *		342,846
	4,019	Charles River Laboratories International, Inc. *		406,522
	2,065	Incyte Corp. *		260,004
	10,185	Insmed, Inc. *		174,775
				1,184,147
		BUILDING MATERIALS - 0.6%
	2,840	Apogee Enterprises, Inc.		161,426
		CHEMICALS - 6.1%
	7,750	Ablemarle Corp.		817,935
	22,560	Chemours Co.		855,475
				1,673,410
		COMMERCIAL SERVICES - 4.1%
	3,165	Grand Canyon Education, Inc. *		248,168
	10,745	On Assignment, Inc. *		581,842
	2,985	WEX, Inc. *		311,246
				1,141,256
		COMPUTERS - 2.0%
	12,910	Mercury Systems, Inc. *		543,382
		DIVERSIFIED FINANCIAL SERVICES - 2.2%
	33,330	SLM Corp. *		383,295
	3,465	WageWorks, Inc. *		232,848
				616,143
		ELECTRICAL COMPONENTS & EQUIPMENT - 1.6%
	6,020	Belden, Inc.		454,089
		ELECTRONICS - 9.7%
	6,700	Agilent Technologies, Inc.		397,377
	2,975	Coherent, Inc. *		669,345
	7,415	Fortive Corp.		469,740
	7,685	Keysight Technologies, Inc. *		299,177
	875	Mettler-Toledo International, Inc. *		514,973
	8,795	Trimble, Inc. *		313,718
				2,664,330
		ENGINEERING & CONSTRUCTION - 3.7%
	3,640	Dycom Industries, Inc.*		325,853
	10,250	MasTec, Inc. *		462,788
	5,140	NV5 Global, Inc. *		218,450
				1,007,091

Schedule of Investments | Aggressive Growth Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		ENTERTAINMENT - 3.9%
	5,305	Vail Resorts, Inc.	$	1,076,013
		HEALTHCARE - PRODUCTS - 9.6%
	6,480	Glaukos Corp. *		268,726
	3,985	Henry Schein, Inc. *		729,335
	3,365	Integra LifeSciences Holdings Corp. *		183,426
	450	Intuitive Surgical, Inc. *		420,916
	6,800	NxStage Medical, Inc. *		170,476
	9,815	Spectranetics Corp. *		376,896
	2,378	Teleflex, Inc.		494,053
				2,643,828
		HEALTHCARE - SERVICES - 3.4%
	6,600	Acadia Health Co., Inc. *		325,908
	31,120	Community Health Systems Inc.*		309,955
	6,100	HealthSouth Corp.		295,240
				931,103
		HOME BUILDERS - 1.2%
	8,120	Toll Brothers, Inc.		320,821
		INSURANCE - 1.1%
	6,995	Assured Guaranty Ltd.		291,971
		INTERNET - 3.0%
	1,800	Palo Alto Networks, Inc. *		240,858
	2,095	Proofpoint, Inc. *		181,909
	10,985	RingCentral, Inc. *		401,502
				824,269
		LEISURE TIME - 0.8%
	3,482	Brunswick Corp.		218,426
		LODGING - 1.0%
	9,790	ILG, Inc.		269,127
		MACHINERY - DIVERSIFIED - 0.5%
	7,515	Ichor Holdings Ltd. *		151,502
		MINING - 1.4%
	10,523	US Silica Holdings, Inc.		373,461
		OIL & GAS - 1.8%
	2,080	Concho Resources, Inc. *		252,782
	11,270	Matador Resources Co. *		240,840
				493,622
		PACKAGING & CONTAINERS - 3.5%
	9,420	Ball Corp.		397,618
	10,065	Berry Global Group, Inc. *		573,806
				971,424
		PHARMACEUTICALS - 3.7%
	2,495	Clovis Oncology, Inc.*		233,607
	1,325	GW Pharmaceuticals PLC (ADR) *		132,831
	4,108	Neurocrihne Biosciences, Inc. *		188,968
	4,445	PRA Health Sciences, Inc. *		333,419
	7,860	Zynerba Pharmaceuticals, Inc. *		133,384
				1,022,209

Schedule of Investments | Aggressive Growth Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		RETAIL - 5.2%
	4,955	Burlington Stores, Inc. *	$	455,810
	3,875	Children’s Place, Inc.		395,637
	15,190	Fiesta Restaurant Group, Inc. *		313,673
	5,150	Texas Roadhouse, Inc.		262,392
				1,427,512
		SAVINGS & LOANS - 0.9%
	6,995	Pacific Premier Bancorp, Inc. *		258,115
		SEMICONDUCTORS - 5.0%
	27,225	Advanced Micro Devices, Inc. *		339,768
	3,955	Cavium, Inc. *		245,724
	3,865	Lam Research Corp.		546,627
	2,559	Monolithic Power System, Inc.		246,688
				1,378,807
		SOFTWARE - 3.2%
	10,170	Callidus Software, Inc. *		246,114
	4,875	Fidelity National Information Services, Inc.		416,325
	3,825	PTC, Inc. *		210,834
				873,273
		TELECOMMUNICATIONS - 2.1%
	4,200	LogMeIn, Inc.		438,900
	12,525	Viavi Solutions, Inc. *		131,888
				570,788
		TRANSPORTATION - 0.7%
	3,058	Genesee & Wyoming, Inc. *		209,137
		TOTAL COMMON STOCK (Cost $24,225,732)		26,444,327
		REITS - 0.8%
	10,425	Easterly Government Properties Inc. (Cost $206,009)		218,404
		MONEY MARKET FUND - 2.5%
	679,675	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (A)
		(Cost $679,675)		679,675
		TOTAL INVESTMENTS - 99.3% (Cost $25,111,416) (B)	$	27,342,406
		OTHER ASSETS LESS LIABILITIES - NET - 0.7%		199,755
		NET ASSETS - 100.0%	$	27,542,161

* Non-income producing securities.

ADR - American Depositary Receipt.

REIT - Real Estate Investment Trust

(A) Variable rate security; the rate shown represents the yield at June 30, 2017.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $25,397,621 and differs from fair value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	2,808,856
Unrealized depreciation		(864,071	)
Net unrealized appreciation	$	1,944,785

Schedule of Investments | International Fund 

As of June 30, 2017 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 89.6%
		AIRLINES - 1.3%
	73,100	Japan Airlines Co. Ltd. (ADR)	$	1,128,664
		AUTO PARTS & EQUIPMENT - 8.8%
	41,400	Continental AG (ADR)		1,798,416
	58,500	Magna International, Inc.		2,710,305
	77,000	Valeo SA (ADR)		2,605,295
	41,600	Xinyi Glass Holdings Ltd. (ADR)		813,280
				7,927,296
		BANKS - 10.6%
	11,000	Banco Macro SA - Cl. B (ADR)		1,014,090
	39,339	DBS Group Holdings Ltd. (ADR)		2,380,009
	98,000	DNB ASA (ADR)		1,672,860
	63,000	KBC Group NV (ADR)		2,405,970
	274,000	Mizuho Financial Group, Inc. (ADR)		1,005,580
	44,100	Swedbank AB (ADR)		1,082,214
				9,560,723
		BUILDING MATERIALS - 2.9%
	175,000	Asahi Glass Co. Ltd. (ADR)		1,575,000
	106,080	Cemex SAB de CV (ADR) *		999,274
				2,574,274
		CHEMICALS - 3.3%
	20,700	Arkema SA (ADR)		2,224,422
	63,000	Brenntag AG (ADR)		734,580
				2,959,002
		COMMERCIAL SERVICES - 1.1%
	21,000	AerCap Holdings NV *		975,030
		DIVERSIFIED FINANCIAL SERVICES - 4.9%
	175,500	Daiwa Securities Group, Inc. (ADR)		1,040,715
	42,800	ORIX Corp. (ADR)		3,335,404
				4,376,119
		ELECTRIC - 0.7%
	73,900	Power Assets Holdings Ltd. (ADR)		653,645
		ELECTRONICS - 1.9%
	13,600	Alps Electric Co. Ltd. (ADR)		787,236
	27,400	Orbotech Ltd. *		893,788
				1,681,024
		ENGINEERING & CONSTRUCTION - 2.8%
	120,000	Vinci SA (ADR)		2,570,400
		FOOD - 4.4%
	243,000	First Pacific Co. Ltd. (ADR)		889,100
	14,000	Kerry Group PLC (ADR)		1,223,670
	109,800	Marine Harvest ASA (ADR)		1,878,678
				3,991,448
		FOREST PRODUCTS & PAPER - 0.9%
	16,000	Mondi PLC (ADR)		865,760
		HAND/MACHINE TOOLS - 2.2%
	86,650	Techtronic Industries Co. (ADR)		1,992,950
		HEALTHCARE - PRODUCTS - 2.7%
	69,000	Smith & Nephew PLC (ADR)		2,404,650
		HEALTHCARE - SERVICES - 3.1%
	57,000	Fresenius Medical Care AG & Co. (ADR)		2,754,810
		HOME BUILDERS - 0.9
	46,000	Sekisui House Ltd. (ADR)		817,190

Schedule of Investments | International Fund 

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		INSURANCE - 6.4%
	53,100	Ageas (ADR)	$	2,152,674
	30,000	AIA Group, Ltd. (ADR)		881,250
	57,200	Muenchener Rueckversicherungs AG (ADR)		1,169,444
	51,900	Zurich Insurance Group AG (ADR)		1,511,847
				5,715,215
		INTERNET - 3.2%
	20,600	SINA Corp. *		1,750,382
	29,300	Tencent Holdings Ltd. (ADR)		1,053,628
	1,160	Weibo Corp. (ADR) *		77,105
				2,881,115
		MACHINERY - CONSTRUCTION & MINING - 1.8%
	46,000	Atlas Copco AB (ADR)		1,592,065
		MINING - 1.0%
	21,500	Rio Tinto PLC (ADR)		909,665
		MISCELLANEOUS MANUFACTURING - 1.4%
	35,538	FUJIFILM Holdings Corp. (ADR)		1,279,013
		OIL & GAS - 3.7%
	49,100	Eni SpA (ADR)		1,475,946
	112,000	Statoil ASA (ADR)		1,851,360
				3,327,306
		OIL & GAS SERVICES - 1.0%
	32,100	Technip SA *		873,120
		PHARMACEUTICALS - 4.7%
	47,000	Ipsen SA (ADR)		1,589,545
	16,100	Shire PLC (ADR)		2,660,847
				4,250,392
		RETAIL - 1.2%
	133,600	Kingfisher PLC (ADR)		1,067,464
		SEMICONDUCTORS - 2.1%
	17,100	NXP Semiconductors NV *		1,871,595
		SOFTWARE - 3.4%
	28,000	Amadeus IT Holdings SA (ADR)		1,680,000
	42,940	Open Text Corp.		1,354,327
				3,034,327
		TELECOMMUNICATIONS - 4.1%
	14,600	Nice Ltd. (ADR)		1,149,312
	53,000	Nippon Telegraph & Telephone Corp. (ADR)		2,497,360
				3,646,672
		TRANSPORTATION - 1.8%
	5,000	Canadian Pacific Railway Ltd.		804,050
	52,000	East Japan Railway Co. (ADR)		825,500
				1,629,550
		WATER - 1.3%
	119,000	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		1,132,880
		TOTAL COMMON STOCK (Cost $70,588,997)		80,443,364
		MONEY MARKET FUND - 10.6%
	9,528,778	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (A)		9,528,778
		(Cost $9,528,778)
		TOTAL INVESTMENTS - 100.2% (Cost $80,117,775) (B)	$	89,972,142
		OTHER ASSETS LESS LIABILITIES - NET - (0.2)%		(161,279	)
		NET ASSETS - 100.0%	$	89,810,863

ADR - American Depositary Receipt.

* Non-income producing securities.

(A) Variable rate security; the rate shown represents the yield at June 30, 2017.

(B) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $81,116,483 and differs from fair value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	10,885,192
Unrealized depreciation		(2,029,533	)
Net unrealized appreciation	$	8,855,659

Schedule of Investments | International Fund

As of June 30, 2017 (Unaudited) (Continued)

Diversification of Assets
Country	% of Net Assets
Japan		15.9	%
France		10.0	%
Germany		7.2	%
Norway		6.0	%
Britian		5.9	%
Hong Kong		5.8	%
Canada		5.4	%
Belgium		5.1	%
China		3.2	%
Sweden		3.0	%
United States		3.0	%
Singapore		2.7	%
Ireland		2.5	%
Israel		2.3	%
Netherlands		2.1	%
Spain		1.9	%
Switzerland		1.7	%
Italy		1.6	%
Brazil		1.3	%
Argentina		1.1	%
Mexico		1.1	%
South Africa		1.0	%
Total		89.6	%
Money Market Fund		10.6	%
Other Assets Less Liabilities - Net		(0.2	)%
Grand Total		100.0	%

Schedule of Investments | Large/Mid Cap Growth Fund

As of June 30, 2017 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 91.6%
		AEROSPACE/DEFENSE - 2.4%
	9,470	General Dynamics Corp.	$	1,876,007
		AIRLINES - 0.8%
	5,190	Copa Holdings SA		607,230
		AUTOPARTS & EQUIPMENT - 0.8%
	7,070	Delphi Automotive PLC		619,686
		BANKS - 2.5%
	9,060	Bank of the Ozarks, Inc.		424,642
	23,285	PacWest Bancorp		1,087,409
	8,410	Western Alliance Bancorp *		413,772
				1,925,823
		BIOTECHNOLOGY - 7.2%
	8,395	BioMarin Pharmaceutical, Inc. *		762,434
	23,310	Celgene Corp. *		3,027,270
	5,497	Charles River Laboratories International, Inc. *		556,022
	2,980	Incyte Corp. *		375,212
	5,650	Sage Therapeutics, Inc. *		449,966
	3,241	Vertex Pharmaceuticals, Inc. *		417,668
				5,588,572
		CHEMICALS - 3.7%
	8,825	Albemarle Corp.		931,391
	9,535	Axalta Coating Systems Ltd. *		305,501
	18,510	Chemours Co.		701,899
	11,015	LyondellBasell Industries NV		929,556
				2,868,347
		COMMERCIAL SERVICES - 1.1%
	2,110	MarketAxess Holdings, Inc.		424,321
	4,142	WEX, Inc. *		431,886
				856,207
		COMPUTERS - 3.6%
	20,445	Check Point Software Technologies Ltd. *		2,230,141
	12,565	Mercury Systems, Inc. *		528,861
				2,759,002
		DIVERSIFIED FINANCIAL SERVICES - 4.5%
	19,465	Intercontinental Exchange, Inc.		1,283,133
	50,060	Invesco Ltd.		1,761,611
	38,820	SLM Corp. *		446,430
				3,491,174
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.5%
	5,080	Belden, Inc.		383,184
		ELECTRONICS - 13.3%
	12,350	Agilent Technologies, Inc.		732,478
	29,465	Amphenol Corp. - Cl. A		2,175,106
	3,770	Coherent, Inc. *		848,212
	8,860	Fortive Corp.		561,281
	22,515	Honeywell International, Inc.		3,001,024
	1,081	Mettler-Toledo International, Inc. *		636,212
	24,695	TE Connectivity Ltd.		1,943,003
	10,920	Trimble, Inc. *		389,516
				10,286,832
		ENGINEERING & CONSTRUCTION - 0.8%
	13,765	MasTec, Inc. *		621,490
		ENTERTAINMENT - 1.3%
	4,845	Vail Resorts, Inc.		982,711

Schedule of Investments | Large/Mid Cap Growth Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		FOOD - 5.4%
	16,305	JM Smucker Co.	$	1,929,371
	22,780	McCormick & Co., Inc.		2,221,278
				4,150,649
		HEALTHCARE - PRODUCTS - 2.9%
	4,345	Edwards Lifesciences Corp. *		513,753
	3,446	Henry Schein, Inc. *		630,687
	550	Intuitive Surgical, Inc. *		514,454
	2,650	Teleflex, Inc.		550,564
				2,209,458
		HEALTHCARE - SERVICES - 0.4%
	4,412	Centene Corp. *		352,431
		HOME BUILDERS - 0.6%
	12,098	Toll Brothers, Inc.		477,992
		INSURANCE - 0.5%
	9,974	Assured Guaranty Ltd.		416,315
		MACHINERY - DIVERSIFIED - 0.6%
	3,592	Middleby Corp. *		436,464
		MINING - 0.4%
	9,760	US Silica Holdings, Inc.		346,382
		MISCELLANEOUS MANUFACTURING - 2.6%
	13,865	Illinois Tool Works, Inc.		1,986,161
		OIL & GAS - 3.3%
	2,945	Concho Resources, Inc. *		357,906
	31,650	ConocoPhillips		1,391,334
	5,530	Diamondback Energy, Inc. *		491,119
	17,346	Patterson-UTI Energy, Inc.		350,216
				2,590,575
		PACKAGING & CONTAINERS - 1.8%
	19,260	Ball Corp.		812,965
	10,730	Berry Global Group, Inc. *		611,717
				1,424,682
		PHARMACEUTICALS - 3.6%
	33,815	AbbVie, Inc.		2,451,926
	7,143	Neurocrine Biosciences, Inc. *		328,578
				2,780,504
		RETAIL - 13.1%
	3,715	AutoZone, Inc. *		2,119,259
	2,485	Buffalo Wild Wings, Inc. *		314,849
	6,285	Burlington Stores, Inc. *		578,157
	14,620	Costco Wholesale Corp.		2,338,177
	4,705	Dick’s Sporting Goods, Inc.		187,400
	34,145	Foot Locker, Inc.		1,682,666
	32,825	Lowe’s Cos, Inc.		2,544,922
	7,930	Texas Roadhouse, Inc.		404,033
				10,169,463

Schedule of Investments | Large/Mid Cap Growth Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		SEMICONDUCTORS - 10.7%
	41,765	Advanced Micro Devices, Inc. *	$	521,227
	8,065	Broadcom Ltd.		1,879,548
	9,700	Cavium, Inc. *		602,661
	2,655	Lam Research Corp.		375,497
	24,707	Marvell Technology Group Ltd.		408,160
	44,055	Maxim Integrated Products, Inc.		1,978,069
	5,505	Monolithic Power Systems, Inc.		530,682
	11,265	NVIDIA Corp.		1,628,468
	6,280	Qorvo, Inc. *		397,650
				8,321,962
		SOFTWARE - 2.7%
	18,300	Callidus Software, Inc. *		442,860
	5,685	Fidelity National Information Services, Inc.		485,499
	7,485	PTC, Inc. *		412,573
	7,305	ServiceNow, Inc. *		774,330
				2,115,262
		TELECOMMUNICATIONS - 0.5%
	3,990	LogMeIn, Inc.		416,955
		TOTAL COMMON STOCK (Cost $63,008,516)		71,061,520
		MONEY MARKET FUND - 8.5%
	6,571,108	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (A)		6,571,108
		(Cost $6,571,108)
		TOTAL INVESTMENTS - 100.1% (Cost $69,579,624)(B)	$	77,632,628
		OTHER ASSETS LESS LIABILITIES - NET - (0.1)%		(48,357	)
		NET ASSETS - 100.0%	$	77,584,271

* Non-income producing securities.

(A) Variable rate security; the rate shown represents the yield at June 30, 2017.

(B) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $69,556,824 and differs from fair value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	9,997,161
Unrealized depreciation		(1,921,357	)
Net unrealized appreciation	$	8,075,804

Schedule of Investments | Small Cap Value Fund

As of June 30, 2017 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 86.3%
		AEROSPACE/DEFENSE - 4.0%
	29,760	Esterline Technologies Corp. *	$	2,821,248
	53,500	Kaman Corp.		2,668,045
				5,489,293
		APPAREL - 2.1%
	46,073	Oxford Industries, Inc.		2,879,102
		AUTOPARTS & EQUIPMENT - 2.1%
	88,750	Douglas Dynamics, Inc.		2,919,875
		BANKS - 16.6%
	58,117	Chemical Financial Corp.		2,813,444
	67,863	Columbia Banking System, Inc.		2,704,340
	79,375	Glacier Bancorp, Inc.		2,905,919
	69,880	Great Western Bancorp, Inc.		2,851,803
	135,644	Heritage Commerce Corp.		1,869,174
	72,404	Legacy Texas Financial Group, Inc.		2,760,765
	62,000	Renasant Corp.		2,711,880
	39,400	ServisFirst Bancshares, Inc.		1,453,466
	31,200	South State Corp.		2,673,840
				22,744,631
		BUILDING MATERIALS - 9.3%
	51,736	Apogee Enterprises, Inc.		2,940,674
	118,896	Continental Building Products, Inc. *		2,770,277
	33,420	Gibraltar Industries, Inc. *		1,191,423
	98,210	Summit Materials, Inc. *		2,835,323
	42,101	Trex Co., Inc. *		2,848,554
	2,000	Universal Forest Products, Inc.		174,620
				12,760,871
		COMMERCIAL SERVICES - 1.0%
	20,550	Innospec, Inc.		1,347,052
		COMMERCIAL SERVICES - 1.1%
	54,985	Carriage Services, Inc.		1,482,396
		COMPUTERS - 1.9%
	56,000	Electronics For Imaging, Inc. *		2,653,280
		ELECTRIC - 4.0%
	37,810	ALLETE, Inc.		2,710,221
	45,300	NorthWestern Corp.		2,764,206
				5,474,427
		ELECTRICAL COMPONENTS & EQUIPMENT - 4.2%
	17,020	Littelfuse, Inc.		2,808,300
	81,711	Novanta, Inc. *		2,941,596
				5,749,896
		ELECTRONICS - 1.0%
	18,025	OSI Systems, Inc. *		1,354,579
		ENGINEERING & CONSTRUCTION - 2.1%
	77,700	Comfort Systems USA, Inc.		2,882,670
		ENTERTAINMENT - 1.0%
	37,342	International Speedway Corp.		1,402,192
		FOOD - 4.1%
	168,300	Hostess Brands, Inc. *		2,709,630
	21,933	J&J Snack Foods Corp.		2,896,691
				5,606,321

Schedule of Investments | Small Cap Value Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		HEALTHCARE - PRODUCTS - 2.8%
	42,231	CONMED Corp.	$	2,151,247
	42,973	Merit Medical Systems, Inc. *		1,639,420
				3,790,667
		INSURANCE - 3.9%
	64,529	Employers Holdings, Inc.		2,729,577
	37,215	Kemper Corp.		1,436,499
	17,897	Safety Insurance Group, Inc.		1,222,365
				5,388,441
		MACHINERY - 3.2%
	17,462	Alamo Group, Inc.		1,585,724
	53,049	Albany International Corp.		2,832,817
				4,418,541
		MISCELLANEOUS MANUFACTURING - 1.0%
	25,769	Lydall, Inc. *		1,332,257
		OFFICE FURNISHINGS - 2.1%
	143,400	Interface, Inc.		2,817,810
		OIL & GAS - 6.6%
	273,340	Callon Petroleum Co. *		2,900,137
	97,975	Resolute Energy Corp. *		2,916,716
	32,962	Rosehill Resources, Inc. *		274,903
	429,807	SRC Energy, Inc. *		2,892,601
				8,984,357
		PACKAGING & CONTAINERS - 1.5%
	99,190	KapStone Paper and Packaging Corp.		2,046,290
		RETAIL - 4.0%
	31,010	Lithia Motors, Inc.		2,922,072
	97,425	Sonic Corp.		2,580,788
				5,502,860
		SAVINGS & LOANS - 1.0%
	36,923	Berkshire Hills Bancorp, Inc.		1,297,843
		SEMICONDUCTORS - 1.6%
	32,635	MKS Instruments, Inc.		2,196,335
		SOFTWARE - 2.0%
	63,196	Omnicell, Inc. *		2,723,748
		TRANSPORTATION - 1.0%
	65,515	Heartland Express, Inc.		1,364,022
		WATER - 1.1%
	26,205	Connecticut Water Service, Inc.		1,454,640
		TOTAL COMMON STOCK (Cost $101,948,985)		118,064,396
		REITs - 10.9%
	105,844	Easterly Government Properties, Inc.		2,217,432
	46,650	Potlatch Corp.		2,131,905
	172,725	Ramco-Gershenson Properties Trust		2,228,152
	103,155	STAG Industrial, Inc.		2,847,078
	151,697	Summit Hotel Properties, Inc.		2,829,149
	80,418	Terreno Realty Corp.		2,706,870
		TOTAL REITs (Cost $12,651,947)		14,960,586

Schedule of Investments | Small Cap Value Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		MONEY MARKET FUND - 2.7%
	3,674,046	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (A)	$	3,674,046
		(Cost $3,674,046)
		TOTAL INVESTMENTS - 99.9% (Cost $118,274,978)(B)	$	136,699,028
		OTHER ASSETS LESS LIABILITIES  - NET - 0.1%		96,718
		NET ASSETS - 100.0%	$	136,795,746

* Non-income producing securities.

REITs - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at June 30, 2017.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $118,647,196 and differs from fair value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	20,661,771
Unrealized depreciation		(2,609,939	)
Net unrealized appreciation	$	18,051,832

Schedule of Investments | Large/Mid Cap Value Fund

As of June 30, 2017 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 92.5%
		AEROSPACE/DEFENSE - 5.1%
	54,300	Curtiss-Wright Corp.	$	4,983,654
	27,300	General Dynamics Corp.		5,408,130
				10,391,784
		APPAREL - 2.7%
	94,665	VF Corp.		5,452,704
		BANKS - 4.2%
	53,900	East West Bancorp, Inc.		3,157,462
	16,986	SVB Financial Group *		2,985,969
	48,315	Western Alliance Bancorp *		2,377,098
				8,520,529
		BEVERAGES - 2.4%
	52,460	Dr. Pepper Snapple Group, Inc.		4,779,631
		CHEMICALS - 3.0%
	17,350	Sherwin-Williams Co.		6,089,156
		COMPUTERS - 2.6%
	80,785	Amdocs Ltd.		5,207,401
		DIVERSIFIED FINANCIAL SERVICES - 5.4%
	21,400	Alliance Data Systems Corp.		5,493,166
	84,870	Intercontinental Exchange, Inc.		5,594,630
				11,087,796
		ELECTRIC - 3.7%
	48,050	DTE Energy Co.		5,083,209
	41,465	NorthWestern Corp.		2,530,194
				7,613,403
		ELECTRIC COMPONENTS & EQUIPMENT - 2.2%
	40,500	Hubbell, Inc.		4,583,385
		ELECTRONICS - 14.7%
	70,740	Amphenol Corp. - Cl. A		5,222,027
	96,800	Avnet, Inc.		3,763,584
	126,300	FLIR Systems, Inc.		4,377,558
	39,300	Honeywell International, Inc.		5,238,297
	88,200	PerkinElmer, Inc.		6,009,948
	68,300	TE Connectivity Ltd.		5,373,844
				29,985,258
		FOOD - 4.6%
	35,490	JM Smucker Co.		4,199,532
	52,300	McCormick & Co., Inc.		5,099,773
				9,299,305
		HEALTHCARE - PRODUCTS - 9.2%
	8,300	CR Bard, Inc.		2,623,713
	79,800	DENTSPLY SIRONA, Inc.		5,174,232
	114,800	Patterson Companies, Inc.		5,389,860
	67,400	STERIS PLC		5,493,100
				18,680,905
		INSURANCE 2.6%
	120,100	XL Group Ltd.		5,260,380
		MISCELLANEOUS MANUFACTURING - 5.2%
	94,600	AO Smith Corp.		5,328,818
	78,500	Pentair PLC		5,223,390
				10,552,208

Schedule of Investments | Large/Mid Cap Value Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		OIL & NATURAL GAS - 4.6%
	50,585	EOG Resources, Inc.	$	4,578,954
	52,200	Marathon Petroleum Corp.		2,731,626
	63,140	RSP Permian, Inc. *		2,037,528
				9,348,108
		OIL & GAS SERVICES - 1.0%
	46,305	Halliburton Co.		1,977,687
		PHARMACEUTICALS - 2.7%
	85,500	Express Scripts Holding Co. *		5,458,320
		RETAIL - 4.1%
	31,875	Advance Auto Parts, Inc.		3,716,306
	49,900	Genuine Parts Co.		4,628,724
				8,345,030
		SEMICONDUCTORS - 6.0%
	22,600	Broadcom Ltd.		5,266,930
	51,200	KLA - Tencor Corp.		4,685,312
	16,500	Lam Research Corp.		2,333,595
				12,285,837
		SOFTWARE - 1.3%
	36,350	Broadridge Financial Solutions, Inc.		2,746,606
		TEXTILES - 2.6%
	21,600	Mohawk Industries, Inc. *		5,220,504
		TRANSPORTATION - 2.6%
	47,900	Union Pacific Corp.		5,216,789
		TOTAL COMMON STOCK (Cost $153,437,676)		188,102,726
		REITs - 4.4%
	21,900	Public Storage		4,566,807
	27,800	Simon Property Group, Inc.		4,496,928
		TOTAL REITs (Cost $10,652,376)		9,063,735
		MONEY MARKET FUND - 3.1%
	6,355,225	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (A)		6,355,225
		(Cost $6,355,225)
		TOTAL INVESTMENTS - 100.0% (Cost $170,445,277)(B)	$	203,521,686
		OTHER ASSETS LESS LIABILITIES - NET - 0.0%		(54,597	)
		NET ASSETS - 100.0%	$	203,467,089

* Non-income producing securities.

REITs - Real Estate Investment Trust.

(A) Variable rate security; the rate shown represents the yield at June 30, 2017.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $170,447,803 and differs from fair value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	37,562,792
Unrealized depreciation		(4,488,909	)
Net unrealized appreciation	$	33,073,883

Schedule of Investments | Fixed Income Fund

As of June 30, 2017 (Unaudited)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		BONDS & NOTES - 95.1%
		CORPORATE BONDS - 26.8%
$	1,000,000	ABB Finance USA, Inc.	2.875	5/8/2022	$	1,023,427
	1,000,000	Boardwalk Pipelines LP	5.750	9/15/2019		1,065,458
	1,000,000	Broadridge Financial Solutions, Inc.	3.400	6/27/2026		986,450
	1,000,000	Canadian Pacific RR Co.	2.900	2/1/2025		992,741
	1,000,000	Celgene Corp.	3.875	8/15/2025		1,046,120
	1,000,000	CME Group, Inc.	3.000	3/15/2025		1,009,939
	1,000,000	Delphi Automotive Systems Corp.	4.150	3/15/2024		1,051,626
	325,000	Eaton Corp.	5.600	5/15/2018		335,943
	750,000	Eaton Corp.	2.750	11/2/2022		755,018
	1,000,000	Enable Midstream Partners LP	3.900	5/15/2024		993,165
	1,000,000	Energy Transfer Partners LP	6.700	7/1/2018		1,045,080
	500,000	Enterprise Products Operating, LLC	6.125	10/15/2039		601,339
	750,000	Husky Energy, Inc.	3.950	4/15/2022		776,067
	930,227	John Sevier Combined Cycle Generation LLC	4.626	1/15/2042		1,012,445
	750,000	Johnson Controls, Inc.	5.000	3/30/2020		801,597
	1,000,000	Kennametal, Inc.	3.875	2/15/2022		1,003,100
	800,000	LYB International Finance BV	4.000	7/15/2023		848,721
	1,000,000	Phillips 66	3.605	2/15/2025		991,891
	1,000,000	Plains All American Pipeline LP	3.650	6/1/2022		1,021,246
	1,000,000	Potash Corp.	4.000	12/15/2026		1,033,093
	128,000	Rio Tinto Finance USA PLC	2.875	8/21/2022		130,142
	1,000,000	Stanley Black & Decker, Inc.	2.900	11/1/2022		1,015,047
	1,200,000	Sunoco Logistics Partners LP	4.250	4/1/2024		1,215,440
	750,000	Tyco Electronics Group SA	6.550	10/1/2017		758,931
	1,200,000	Ventas Realty LP/CAP Corp.	3.250	8/15/2022		1,216,431
	1,000,000	Zimmer Biomet Holdings, Inc.	2.700	4/1/2020		1,009,760
		TOTAL CORPORATE BONDS (Cost $23,335,410)				23,740,217
		U.S. GOVERNMENT & AGENCY OBLIGATIONS - 68.3%
		GOVERNMENT NOTES & BONDS - 39.0%
	2,400,000	United States Treasury Note	2.125	8/31/2020		2,439,047
	7,000,000	United States Treasury Note	3.125	5/15/2021		7,365,995
	8,300,000	United States Treasury Note	2.125	6/30/2022		8,391,429
	6,750,000	United States Treasury Note	2.250	11/15/2024		6,788,495
	3,000,000	United States Treasury Note	2.000	8/15/2025		2,949,550
	3,500,000	United States Treasury Note	1.625	2/15/2026		3,326,983
	2,500,000	United States Treasury Note	4.500	2/15/2036		3,227,782
		TOTAL GOVERNMENT NOTES & BONDS (Cost $34,644,580)				34,489,281
		GOVERNMENT MORTGAGE-BACKED SECURITIES - 29.3%
	533	GNMA Pool 585163	5.000	2/15/2018		540
	719	GNMA Pool 585180	5.000	2/15/2018		728
	410	GNMA Pool 592492	5.000	3/15/2018		415
	519	GNMA Pool 599821	5.000	1/15/2018		524
	681,388	GNMA Pool 783060	4.000	8/15/2040		719,463
	348,028	GNMA Pool 783403	3.500	9/15/2041		360,893
	2,923,786	GNMA Pool AD 8801	3.500	3/15/2043		3,045,890
	963,807	GNMA Pool AQ0562	4.000	12/15/2046		1,015,585

Schedule of Investments | Fixed Income Fund

As of June 30, 2017 (Unaudited) (Continued)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		GOVERNMENT MORTGAGE-BACKED SECURITIES - 29.3% (Cont.)
$	445,623	GNMA Pool G2 4520	5.000	8/20/2039	$	491,250
	533,211	GNMA Pool G2 4947	5.000	2/20/2041		586,385
	1,403,622	GNMA Pool G2 AL 9364	3.500	3/20/2045		1,458,190
	1,995,812	GNMA Pool G2 MA0155	4.000	6/20/2042		2,111,248
	1,311,896	GNMA Pool G2 MA0220	3.500	7/20/2042		1,365,006
	1,425,716	GNMA Pool G2 MA3376	3.500	1/20/2046		1,478,731
	2,553,234	GNMA Pool G2 MA3663	3.500	5/20/2046		2,648,174
	1,124,277	GNMA Pool G2 MA3735	3.000	6/20/2046		1,137,150
	927,046	GNMA Pool G2 MA3736	3.500	6/20/2046		961,517
	1,530,487	GNMA Pool G2 MA3803	3.500	7/20/2046		1,587,397
	1,502,234	GNMA Pool G2 MA4004	3.500	10/20/2046		1,558,094
	1,564,207	GNMA Pool G2 MA4197	4.000	1/20/2047		1,648,405
	528,192	GNMA Pool G2 MA4264	4.500	2/20/2047		562,070
	1,347,890	GNMA Pool G2 MA4322	4.000	3/20/2047		1,420,394
	1,636,482	GNMA Pool G2 MA4453	4.500	5/20/2047		1,742,959
		TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $26,275,760)				25,901,008
		TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $60,920,340)				60,390,289
		TOTAL BONDS AND NOTES (Cost $84,255,750)				84,130,506
Shares
		MONEY MARKET FUND - 4.4%
	3,882,716	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (A)				3,882,716
		(Cost $3,882,716)
		TOTAL INVESTMENTS - 99.5% (Cost $88,138,466)(B)			$	88,013,222
		OTHER ASSETS LESS LIABILITIES - NET - 0.5%				438,685
		NET ASSETS - 100.0%			$	88,451,907

GNMA - Government National Mortgage Association.

(A) Variable rate security; the rate shown represents the yield at  June 30, 2017.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $88,138,466 and differs from fair value by net unrealized depreciation of securities as follows:

Unrealized appreciation	$	692,165
Unrealized depreciation		(817,409	)
Net unrealized depreciation	$	(125,244	)

Schedule of Investments | High Yield Bond Fund

As of June 30, 2017 (Unaudited)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS - 93.8%
$	750,000	AerCap Ireland Capital Ltd.	4.625	7/1/2022	$	804,695
	1,000,000	Alliance Resource Finance Corp. (A)	7.500	5/1/2025		1,055,000
	500,000	Amsted Industries, Inc. (A)	5.000	3/15/2022		518,750
	500,000	Amsted Industries, Inc. (A)	5.375	9/15/2024		520,000
	500,000	Anixter, Inc.	5.625	5/1/2019		528,125
	500,000	ArcelorMittal	6.750	2/25/2022		565,000
	950,000	B&G Foods, Inc.	5.250	4/1/2025		971,375
	1,000,000	Berry Plastics Corp.	5.125	7/15/2023		1,045,000
	500,000	Bombardier, Inc. (A)	6.125	1/15/2023		502,500
	500,000	Braskem Finance Ltd.	6.450	2/3/2024		535,000
	250,000	Calpine Corp.	5.750	1/15/2025		235,625
	500,000	Cascades, Inc. (A)	5.500	7/15/2022		512,500
	500,000	Cemex Finance LLC (A)	6.000	4/1/2024		532,550
	500,000	Centene Corp.	4.750	1/15/2025		515,000
	600,000	Community Health Systems, Inc.	6.250	3/31/2023		621,660
	750,000	CommScope, Inc. (A)	5.000	6/15/2021		769,687
	750,000	Covanta Holding Corp.	5.875	3/1/2024		733,125
	250,000	Crestwood Midstream Finance Corp. (A)	5.750	4/1/2025		250,000
	500,000	CyrusOne Finance Corp. (A)	5.000	3/15/2024		516,250
	1,000,000	Dana, Inc.	5.500	12/15/2024		1,042,500
	750,000	DaVita HealthCare Partners, Inc.	5.000	5/1/2025		753,750
	500,000	DCP Midstream, LLC (A) (B)	5.850	5/21/2043		465,000
	500,000	Dollar Tree, Inc.	5.750	3/1/2023		530,150
	500,000	DR Horton, Inc.	4.750	2/15/2023		540,374
	750,000	Eagle Materials, Inc.	4.500	8/1/2026		770,625
	500,000	Eldorado Gold Corp. (A)	6.125	12/15/2020		514,375
	750,000	Energy Transfer Equity LP	5.875	1/15/2024		798,750
	750,000	Equinix, Inc.	5.375	5/15/2027		801,563
	500,000	Ferrellgas LP	6.750	1/15/2022		472,500
	750,000	FMG Resources Ltd. (A)	5.125	5/15/2024		751,875
	500,000	FTI Consulting, Inc.	6.000	11/15/2022		520,625
	500,000	Gartner, Inc. (A)	5.125	4/1/2025		526,455
	500,000	General Cable Corp.	5.750	10/1/2022		502,500
	250,000	Genesis Energy LP	5.750	2/15/2021		250,625
	500,000	Genesis Energy LP	6.750	8/1/2022		503,750
	500,000	Geo Group, Inc.	5.125	4/1/2023		505,000
	500,000	Gibraltar Industries, Inc.	6.250	2/1/2021		517,750
	500,000	Global Partners LP/ Global Finance Corp.	6.250	7/15/2022		505,000
	1,000,000	Goodyear Tire & Rubber Co.	4.875	3/15/2027		1,017,500
	500,000	Group 1 Automotive, Inc.	5.000	6/1/2022		510,000
	750,000	HCA, Inc.	5.250	4/15/2025		808,125
	500,000	IHS Markit Ltd. (A)	4.750	2/15/2025		538,125
	500,000	Kaiser Aluminum Corp.	5.875	5/15/2024		527,500
	1,000,000	Koppers, Inc. (A)	6.000	2/15/2025		1,065,000
	500,000	Land O’ Lakes, Inc. (A)	6.000	11/15/2022		557,500
	625,000	LKQ Corp.	4.750	5/15/2023		640,625
	500,000	Mednax, Inc. (A)	5.250	12/1/2023		516,250
	1,000,000	Molina Healthcare, Inc.	5.375	11/15/2022		1,063,750
	500,000	MPT Operating Partnership LP	5.250	8/1/2026		522,295
	750,000	Navient Corp.	4.875	6/17/2019		781,875
	500,000	New Gold, Inc. (A)	6.375	5/15/2025		516,250
	500,000	NGL Energy Partners LP	6.875	10/15/2021		498,750
	500,000	NGL Energy Partners LP (A)	6.125	3/1/2025		460,000
	500,000	Nova Chemicals Corp. (A)	5.250	6/1/2027		498,750
	250,000	NRG Energy, Inc.	7.250	5/15/2026		260,000
	1,000,000	NuStar Logistics LP	5.625	4/28/2027		1,052,500
	500,000	NXP BV / NXP Funding, LLC (A)	4.625	6/1/2023		540,625
	850,000	Olin Corp.	5.125	9/15/2027		877,625
	500,000	Omega Healthcare Investors, Inc.	4.375	8/1/2023		513,389
	500,000	Oshkosh Corp.	5.375	3/1/2025		527,500

Schedule of Investments | High Yield Bond Fund

As of June 30, 2017 (Unaudited) (Continued)

Par Value			Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS - 93.8% (Cont.)
$	250,000	Parker Drilling Co.	7.500	8/1/2020	$	217,500
	250,000	Parker Drilling Co.	6.750	7/15/2022		193,125
	500,000	Parsley Finance Corp. (A)	5.250	8/15/2025		501,250
	1,000,000	PBF Finance Corp. (A)	7.250	6/15/2025		968,750
	750,000	Reynolds Group Issuer, Inc.	5.750	10/15/2020		768,443
	500,000	Rose Rock Finance Corp.	5.625	7/15/2022		483,750
	500,000	RSP Permian, Inc. (A)	5.250	1/15/2025		503,125
	750,000	Scotts Miracle-Gro Co.	5.250	12/15/2026		787,500
	500,000	Sealed Air Corp. (A)	5.250	4/1/2023		538,750
	500,000	SemGroup LP (A)	6.375	3/15/2025		486,250
	1,000,000	Standard Industries, Inc. (A)	5.000	2/15/2027		1,022,500
	500,000	Steel Dynamics, Inc.	5.250	4/15/2023		521,875
	1,000,000	Suburban Propane Partners LP	5.875	3/1/2027		1,000,000
	1,000,000	Summit Midstream Holdings LLC	5.750	4/15/2025		1,010,000
	100,000	Sunoco LP Finance Corp.	6.375	4/1/2023		105,580
	500,000	Targa Resources Partners LP	4.250	11/15/2023		490,625
	500,000	Targa Resources Partners LP (A)	5.375	2/1/2027		520,000
	500,000	Teleflex, Inc.	4.875	6/1/2026		513,750
	500,000	Tempur Sealy International, Inc.	5.625	10/15/2023		521,250
	750,000	Tenet Healthcare Corp.	4.375	10/1/2021		765,000
	750,000	Toll Brothers Finance Corp.	4.875	11/15/2025		780,000
	500,000	TreeHouse Foods, Inc. (A)	6.000	2/15/2024		535,000
	750,000	TRI Pointe Group, Inc.	5.875	6/15/2024		795,000
	500,000	Tullow Oil PLC (A)	6.000	11/1/2020		477,500
	500,000	United Rentals North America, Inc.	4.625	7/15/2023		521,000
	500,000	Valvoline, Inc. (A)	5.500	7/15/2024		530,000
	1,000,000	VeriSign, Inc.	4.625	5/1/2023		1,030,000
	500,000	WPX Energy, Inc.	5.250	9/15/2024		477,500
	750,000	WR Grace & Co. (A)	5.125	10/1/2021		806,250
		TOTAL BONDS & NOTES (Cost $53,991,118)				55,170,216
Shares
		MONEY MARKET FUND - 7.4%
	4,375,389	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (B)
		(Cost $4,375,389)				4,375,389
		TOTAL INVESTMENTS - 101.2% (Cost $58,366,507)(C)			$	59,545,605
		OTHER ASSETS LESS LIABILITIES - NET - (1.2)%				(730,035	)
		NET ASSETS - 100.0%			$	58,815,570

(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 32.3% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(B) Variable rate security; the rate shown represents the yield at June 30, 2017.

(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $58,366,507 and differs from fair value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	1,532,886
Unrealized depreciation		(353,788	)
Net unrealized appreciation	$	1,179,098

Schedule of Investments | Israel Common Values Fund

As of June 30, 2017 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 93.5%
		AEROSPACE/DEFENSE - 3.2%
	10,701	Elbit Systems Ltd.	$	1,324,249
		APPAREL - 1.4%
	19,500	Delta-Galil Industries Ltd.		575,551
		AUTO PARTS & EQUIPMENT - 1.9%
	12,900	Mobileye NV *		810,120
		BANKS - 12.1%
	33,300	Bank Hapoalim BM (ADR)		1,088,910
	232,000	Bank Leumi Le-Israel BM		1,128,189
	40,300	First International Bank Of Israel Ltd.		730,544
	377,000	Israel Discount Bank Ltd. *		993,788
	64,000	Mizrahi Tefahot Bank Ltd.		1,164,570
				5,106,001
		BUILDING MATERIALS - 0.9%
	10,500	CaesarStone Ltd. *		368,025
		CHEMICALS - 1.3%
	116,000	Israel Chemicals Ltd.		548,680
		COMMERCIAL SERVICES - 0.6%
	23,055	Pointer Telocation Ltd. *		267,438
		COMPUTERS - 4.6%
	7,800	Check Point Software Technologies Ltd. *		850,824
	42,266	Kornit Digital Ltd. *		817,847
	24,210	Matrix IT Ltd.		248,295
				1,916,966
		ELECTRIC - 1.9%
	13,400	Ormat Technologies, Inc.		786,333
		ELECTRONICS - 3.7%
	27,896	Ituran Location and Control Ltd.		873,145
	21,300	Orbotech Ltd.  *		694,806
				1,567,951
		ENERGY-ALTERNATE SOURCES - 0.0%
	6,360	Energix-Renewable Energies Ltd.		5,351
		FOOD - 9.1%
	21,000	Frutarom Industries Ltd.		1,468,923
	15,700	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		771,121
	145,000	Shufersal Ltd.		760,381
	42,500	Strauss Group Ltd.		832,170
				3,832,595
		HEALTHCARE - PRODUCTS - 2.1%
	62,000	OPKO Health, Inc. *		407,960
	45,100	Syneron Medical Ltd. *		493,845
				901,805
		HOLDING COMPANIES - 1.5%
	134,400	Inrom Construction Industries Ltd.		640,862
		HOME BUILDERS - 1.0%
	900	Bayside Land Corp.		401,037
		INSURANCE - 6.0%
	47,600	Clal Insurance Enterprises Holdings Ltd. *		804,768
	132,000	Harel Insurance Investments & Financial Services Ltd.		781,855
	880,000	Migdal Insurance & Financial Holding Ltd.		940,597
				2,527,220

Schedule of Investments | Israel Common Values Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		OIL & NATURAL GAS - 8.4%
	245,541	Delek Drilling, LP	$	973,103
	1,900	Israel Corp. Ltd. *		403,989
	2,436,664	Isramco Negev 2, LP		366,579
	17,700	Noble Energy, Inc.		500,910
	770,000	Oil Refineries Ltd.		338,917
	2,500	Paz Oil Co. Ltd.		427,042
	737,500	Ratio Oil Exploration 1992, LP *		518,196
				3,528,736
		PHARMACEUTICALS - 1.5%
	5,500	Taro Parmaceutical Industries Ltd. *		616,330
		REAL ESTATE - 10.1%
	80,000	Alony Hetz Properties & Investments Ltd.		809,009
	136,000	Amot Investments Ltd.		713,184
	16,000	Azrieli Group Ltd.		889,475
	40,000	Gazit-Globe Ltd.		386,509
	332,522	Jerusalem Economy Ltd. *		844,907
	11,366	Melisron Ltd.		597,637
				4,240,721
		RETAIL - 1.4%
	21,300	Tadiron Holdings Ltd.		597,794
		SEMICONDUCTORS - 2.4%
	7,500	Mellanox Technologies Ltd. *		324,750
	17,800	Nova Measuring Instruments Ltd. *		393,202
	1	Tower Semiconductor Ltd. *		15
	13,100	Tower Semiconductor Ltd. *		312,435
				1,030,402
		SOFTWARE - 5.6%
	14,000	CyberArk Software Ltd. *		699,300
	79,783	Magic Software Enterprises Ltd.		634,275
	22,500	Radware Ltd. *		394,650
	56,600	Sapiens International Corp. N.V. *		633,354
				2,361,579
		TELECOMMUNICATIONS - 9.0%
	86,000	AudioCodes Ltd. *		515,140
	75,000	Cellcom Israel Ltd. *		723,000
	98,000	Ceragon Networks Ltd. *		249,900
	18,900	Nice Ltd. (ADR)		1,487,808
	73,600	Partner Communications Co Ltd. *		390,809
	9,917	Silicom Ltd.		439,918
				3,806,575
		TEXTILES - 2.1%
	42,300	Fox Wizel Ltd.		889,467
		TRANSPORTATION - 1.7%
	1,490,000	Novolog Ltd.		703,221
		TOTAL COMMON STOCK (Cost $30,661,752)		39,355,009
		MONEY MARKET FUND - 7.0%
	2,947,974	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (A)		2,947,974
		(Cost $2,947,974)
		TOTAL INVESTMENTS - 100.5% (Cost $33,609,726) (B)	$	42,302,983
		OTHER ASSETS LESS LIABILITIES - NET - (0.5)%		(218,054	)
		NET ASSETS - 100.0%	$	42,084,929

* Non-income producing securities.

ADR -  American Depositary Receipt.

(A) Variable rate security; the rate shown represents the yield at June 30, 2017.

(B) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is $34,826,781 and differs from fair value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	9,129,731
Unrealized depreciation		(1,653,529	)
Net unrealized appreciation	$	7,476,202

Schedule of Investments | Israel Common Values Fund

As of June 30, 2017 (Unaudited) (Continued)

Diversification of Assets
Country	% of Net Assets
Israel		89.5	%
United States		4.0	%
Total		93.5	%
Money Market Fund		7.0	%
Other Assets Less Liabilities - Net		(0.5	)%
Grand Total		100.0	%

Schedule of Investments | Defensive Strategies Fund

As of June 30, 2017 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 24.9%
		AGRICULTURE - 0.8%
	559	Andersons, Inc.	$	19,090
	5,348	Bunge Ltd.		398,961
				418,051
		CHEMICALS - 2.5%
	158	Agrium, Inc.		14,297
	2,295	CF Industries Holdings, Inc.		64,168
	1,067	FMC Corp.		77,944
	9,209	K+S AG		235,485
	16,150	Mosaic Co.		368,705
	33,343	Potash Corp. of Saskatchewan, Inc.		543,491
	2,969	Sociedad Quimica Y Minera de Chile, SA (ADR)		98,036
				1,402,126
		ENVIRONMENTAL CONTROL - 0.1%
	1,300	Kurita Water Industries Ltd.		35,404
		FOOD - 2.0%
	5,133	BRF (ADR) *		60,518
	403	Darling Ingredients, Inc. *		6,343
	2,625	Ingredion, Inc.		312,926
	1,900	Megmilk Snow Brand Co. Ltd.		52,928
	12,300	Nippon Suisan Kaisha Ltd.		71,921
	12,214	Pilgrim’s Pride Corp. *		267,731
	3,197	Sanderson Farms, Inc.		369,733
				1,142,100
		HEALTHCARE - SERVICES - 0.7%
	28,400	Brookdale Senior Living, Inc. *		417,764
		IRON/STEEL - 1.7%
	7,056	AK Steel Holding Corp. *		46,358
	1,178	Allegheny Technologies, Inc.		20,038
	1,052	ArcelorMittal (ADR) *		23,912
	7,145	Cliffs Natural Resources, Inc. *		49,443
	5,045	Commercial Metals Co.		98,024
	49,728	Gerdau SA (ADR)		151,670
	4,300	Hitachi Metals Ltd.		59,778
	682	Nippon Steel & Sumitomo Metal Corp.		15,405
	351	Nucor Corp.		20,312
	1,381	POSCO (ADR)		86,437
	1,132	Reliance Steel & Aluminum Co.		82,421
	3,654	Severstal PJSC (GDR)		47,940
	3,790	Steel Dynamics, Inc.		135,720
	1,080	ThyssenKrupp AG		30,641
	7,000	Tokyo Steel Manufacturing Co. Ltd.		59,247
	760	United States Steel Corp.		16,826
	4,079	Vale SA (ADR)		35,691
				979,863
		MACHINERY - DIVERSIFIED - 0.9%
	3,310	AGCO Corp.		223,061
	15,900	Kubota Corp.		267,099
				490,160
		METAL FABRICATE/HARDWARE - 0.1%
	2,119	Tenaris SA (ADR)		65,986
		MINING - 6.5%
	3,452	Agnico Eagle Mines Ltd.		155,754
	6,796	Alamos Gold, Inc.		48,795
	5,540	Anglo American PLC *		73,689
	10,354	AngloGold Ashanti Ltd. (ADR)		100,641
	4,147	BHP Billiton Ltd. (ADR)		147,592

Schedule of Investments | Defensive Strategies Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		MINING - 6.5% (Continued)
	234	BHP Billiton PLC (ADR)	$	7,198
	451	Cameco Corp.		4,104
	3,247	Cia De Minas Buenaventura (ADR)		37,340
	1,877	Coeur Mining, Inc. *		16,106
	4,800	Detour Gold Corp. *		56,105
	23,391	Eldorado Gold Corp.		61,752
	19,098	First Quantum Minerals Ltd.		161,319
	1,932	Franco-Nevada Corp.		139,413
	1,351	Freeport-McMoRan, Inc. *		16,226
	31,377	Glencore PLC		117,055
	79,611	Gold Fields Ltd. (ADR)		277,046
	6,732	Goldcorp, Inc.		86,910
	664	Kaiser Aluminum Corp.		58,777
	1,139	Kinross Gold Corp. *		4,636
	15,800	Lundin Mining Corp.		89,664
	3,400	Mitsubishi Materials Corp.		102,884
	24,510	MMC Norilsk Nickel PJSC (ADR)		338,238
	9,655	Newmont Mining Corp.		312,725
	276	Pan American Silver Corp.		4,642
	1,891	Randgold Resources Ltd. (ADR)		167,278
	6,667	Rio Tinto PLC (ADR)		282,081
	145	Royal Gold, Inc.		11,335
	2,824	Southern Copper Corp.		97,795
	9,000	Sumitomo Metal Mining Co. Ltd.		120,190
	28,700	Tahoe Resources, Inc.		247,067
	10,043	Teck Resources Ltd.		173,840
	15,894	Turquoise Hill Resources Ltd. *		42,119
	2,893	Wheaton Precious Metals Corp.		57,541
	4,405	Yamana Gold, Inc.		10,704
				3,628,561
		OIL & GAS - 7.9%
	268	Anadarko Petroleum Corp.		12,151
	588	Apache Corp.		28,183
	7,000	ARC Resources Ltd.		91,414
	6,199	Cabot Oil & Gas Corp.		155,471
	4,192	Callon Petroleum Co. *		44,477
	7,700	Canadian Natural Resources Ltd.		222,068
	3,701	Carrizo Oil & Gas Inc. *		64,472
	17,266	Cenovus Energy, Inc.		127,099
	901	Chesapeake Energy Corp. *		4,478
	132	Cimarex Energy Co.		12,409
	268	ConocoPhillips		11,781
	1,515	Continental Resources, Inc. *		48,980
	27,900	Crescent Point Energy Corp.		213,112
	966	Devon Energy Corp.		30,883
	794	Diamondback Energy, Inc. *		70,515
	1,026	Ecopetrol SA (ADR)		9,326
	1,870	Encana Corp.		16,456
	886	Energen Corp. *		43,742
	1,233	Ensco PLC - Cl. A		6,362
	398	EOG Resources, Inc.		36,027
	2,438	EQT Corp.		142,842
	1,280	Gulftport Energy Corp. *		18,880
	1,550	Helmerich & Payne, Inc.		84,227
	2,362	Hess Corp.		103,621
	8,400	Husky Energy, Inc. *		95,209
	22,400	Inpex Corp.		215,507
	6,026	Lukoil PJSC (ADR)		293,466
	2,804	Marathon Oil Corp.		33,227
	4,178	Matador Resources Co. *		89,284

Schedule of Investments | Defensive Strategies Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		OIL & GAS - 7.9% (Continued)
	1,821	Murphy Oil Corp.	$	46,672
	889	Newfield Exploration Co. *		25,301
	15,055	Noble Corp. PLC		54,499
	4,564	Noble Energy, Inc.		129,161
	1,498	Novatek OJSC (GDR)		166,877
	435	Occidental Petroleum Corp.		26,043
	1,958	Parsley Energy, Inc. *		54,335
	1,939	PDC Energy, Inc. *		83,591
	3,018	Petroleo Brasileiro SA (ADR) *		24,114
	4,600	Peyto Exploration & Development Corp.		83,308
	72	Pioneer Natural Resources Co.		11,490
	3,059	PrairieSky Royalty Ltd.		69,556
	2,659	QEP Resources, Inc. *		26,856
	3,069	Range Resources Corp.		71,109
	37,205	Rosneft Oil Company (GDR)		202,209
	3,678	Rowan Cos PLC *		37,663
	2,417	RSP Permian, Inc. *		77,997
	1,463	Sasol Ltd. (ADR)		40,891
	7,200	Seven Generations Energy Ltd. *		123,132
	1,829	Southwestern Energy Co. *		11,120
	107	Statoil ASA (ADR)		1,769
	6,700	Suncor Energy, Inc.		195,475
	4,900	Tourmaline Oil Corp. *		105,191
	8,371	Transocean Ltd. *		68,893
	2,400	Vermillion Energy, Inc.		76,027
	36,900	Whitecap Resources, Inc.		263,105
	3,422	WPX Energy, Inc. *		33,057
	504	YPF SA (ADR)		11,038
				4,446,148
		OIL & GAS SERVICES - 1.4%
	648	Baker Hughes, Inc.		35,323
	1,178	Core Laboratories NV		119,296
	1,814	Dril-Quip, Inc. *		88,523
	621	Halliburton Co.		26,523
	1,538	National Oilwell Varco, Inc.		50,662
	4,594	Oceaneering International, Inc.		104,927
	1,959	Oil States International, Inc. *		53,187
	1,999	Schlumberger Ltd.		131,614
	1,303	TechnipFMC PLC (France) *		35,288
	4,279	TechnipFMC PLC *		116,389
				761,732
		WATER - 0.3%
	821	American Water Works Co.		63,997
	8,680	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		82,634
				146,631
		TOTAL COMMON STOCK (Cost $14,885,408)		13,934,526
		REITs - 22.5%
	2,700	Alexandria Real Estate Equities, Inc.		325,269
	2,430	American Campus Communities, Inc.		114,939
	7,200	Apartment Investment & Management Co.		309,384
	3,950	AvalonBay Communities, Inc.		759,072
	2,500	Boston Properties, Inc.		307,550
	9,000	Brandywine Realty Trust		157,770
	7,500	Brixmor Property Group, Inc.		134,100
	5,300	Columbia Property Trust, Inc.		118,614
	2,800	Crown Castle International Corp.		280,504
	8,200	CubeSmart		197,128
	7,200	DCT Industrial Trust, Inc.		384,768

Schedule of Investments | Defensive Strategies Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		REITs - 22.5% (Continued)
	15,100	DDR Corp.	$	136,957
	2,200	Digital Realty Trust, Inc.		248,490
	4,100	Douglas Emmett, Inc.		156,661
	1,500	Equinix, Inc.		643,740
	2,800	Equity Lifestyle Properties, Inc.		241,752
	7,500	Equity Residential		493,725
	1,054	Essex Property Trust, Inc.		271,163
	2,200	Federal Realty Investment Trust		278,058
	34,400	FelCor Lodging Trust, Inc.		248,024
	14,100	HCP, Inc.		450,636
	12,900	Hospitality Properties Trust		376,035
	5,100	Invitation Homes, Inc. *		110,313
	3,500	Kilroy Realty Corp.		263,025
	3,863	Macerich Co.		224,286
	4,008	Mid-America Apartment Communities, Inc.		422,363
	1,600	National Health Investors, Inc.		126,720
	4,500	National Retail Properties, Inc.		175,950
	8,794	Prologis, Inc.		515,680
	2,400	PS Business Parks, Inc.		317,736
	2,100	Public Storage		437,913
	2,233	Rayonier, Inc.		64,243
	4,400	Regency Centers Corp.		275,616
	7,229	Simon Property Group, Inc.		1,169,363
	1,950	SL Green Realty Corp.		206,310
	8,600	Store Capital Corp.		193,070
	4,300	Summit Hotel Properties, Inc.		80,195
	3,200	Taubman Centers, Inc.		190,560
	11,000	UDR, Inc.		428,670
	6,700	Weingarten Realty Investors		201,670
	6,300	Welltower, Inc.		471,555
	1,726	Weyerhaeuser Co.		57,821
		TOTAL REITS (Cost $11,116,071)		12,567,398

Par Value			Coupon Rate%	Maturity
		BONDS & NOTES - 32.7%
		CORPORATE BONDS - 2.4%
$	400,000	Energy Transfer Partners LP	6.700	7/1/2018	418,032
	400,000	LYB International Finance BV	4.000	7/15/2023	424,361
	500,000	Welltower, Inc.	3.750	3/15/2023	519,453
		TOTAL CORPORATE BONDS (Cost $1,306,688)			1,361,846
		TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 30.3%
	1,650,000	TIPS	0.125	4/15/2019	1,723,107
	695,000	TIPS	1.375	1/15/2020	814,867
	2,000,000	TIPS	0.125	4/15/2021	2,061,042
	1,410,000	TIPS	0.125	1/15/2023	1,480,868
	1,630,000	TIPS	0.625	1/15/2024	1,733,503
	1,460,000	TIPS	2.375	1/15/2025	2,158,802
	1,550,000	TIPS	2.000	1/15/2026	2,141,320
	200,000	TIPS	2.375	1/15/2027	282,818
	950,000	TIPS	1.750	1/15/2028	1,237,103
	850,000	TIPS	2.500	1/15/2029	1,165,211
	1,535,000	TIPS	2.125	2/15/2041	2,144,751
		TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $17,081,386)			16,943,392
		TOTAL BONDS AND NOTES (Cost $18,388,074)			18,305,238

Schedule of Investments | Defensive Strategies Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		WARRANTS - 0.0%
	312	Hycroft Mining Corp. * (Cost $54,161)	$	50
Ounces
		ALTERNATIVE INVESTMENTS - 16.7%
	6,744	Gold Bars *		8,373,079
	57,827	Silver Bars *		961,804
		TOTAL ALTERNATIVE INVESTMENTS (Cost $8,900,255)		9,334,883
Shares
		MONEY MARKET FUND - 3.0%
	1,657,157	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (A)
		(Cost $1,657,157)		1,657,157
		TOTAL INVESTMENTS - 99.8% (Cost $55,001,126) (B)	$	55,799,252
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.2%		120,413
		NET ASSETS - 100.0%	$	55,919,665

* Non-income producing securities/investments.

ADR - American Depositary Receipt.

GDR - Global Depositary Receipt.

REIT - Real Estate Investment Trust

(A) Variable rate security; the rate shown represents the yield at June 30, 2017.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $52,636,776 and differs from fair value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	5,637,377
Unrealized depreciation		(2,474,901	)
Net unrealized appreciation	$	3,162,476

Schedule of Investments | Strategic Growth Fund

As of June 30, 2017 (Unaudited)

Shares			Fair Value
		MUTUAL FUNDS - 94.1% (A)
	257,172	Timothy Plan Aggressive Growth Fund - Class A *	$	1,967,363
	419,458	Timothy Plan Defensive Strategies Fund - Class A		4,647,592
	259,935	Timothy Plan Emerging Markets Fund - Class A		2,329,020
	114,469	Timothy Plan Fixed Income Fund - Class A		1,168,727
	363,509	Timothy Plan Growth & Income Fund - Class A		3,933,171
	292,748	Timothy Plan High Yield Bond Fund - Class A		2,725,483
	809,276	Timothy Plan International Fund - Class A		7,453,437
	134,669	Timothy Plan Israel Common Values Fund - Class A		1,952,695
	476,691	Timothy Plan Large/Mid Cap Growth Fund - Class A		3,875,495
	230,868	Timothy Plan Large/Mid Cap Value Fund - Class A		4,319,536
	123,972	Timothy Plan Small Cap Value Fund - Class A		2,392,664
		TOTAL MUTUAL FUNDS (Cost $35,254,365)		36,765,183
		MONEY MARKET FUND - 6.1%
	2,387,249	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (B) (Cost $2,387,249)		2,387,249
		TOTAL INVESTMENTS - 100.2% (Cost $37,641,614) (C)	$	39,152,432
		OTHER ASSETS LESS LIABILITIES - NET - (0.2)%		(76,553	)
		NET ASSETS - 100.0%	$	39,075,879

* Non-income producing securities.

(A) Affiliated Funds - Class A.

(B) Variable rate security; the rate shown represents the yield at June 30, 2017.

(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $37,879,892 and differs from fair value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	1,535,252
Unrealized depreciation		(262,712	)
Net unrealized appreciation	$	1,272,540

Schedule of Investments | Conservative Growth Fund

As of June 30, 2017 (Unaudited)

Shares			Fair Value
		MUTUAL FUNDS - 92.8% (A)
	289,663	Timothy Plan Aggressive Growth Fund - Class A *	$	2,215,922
	540,415	Timothy Plan Defensive Strategies Fund - Class A		5,987,799
	243,754	Timothy Plan Emerging Markets Fund - Class A		2,184,032
	1,180,825	Timothy Plan Fixed Income Fund - Class A		12,056,227
	511,248	Timothy Plan Growth & Income Fund - Class A		5,531,706
	352,910	Timothy Plan High Yield Bond Fund - Class A		3,285,594
	599,046	Timothy Plan International Fund - Class A		5,517,215
	113,641	Timothy Plan Israel Common Values Fund - Class A		1,647,794
	536,343	Timothy Plan Large/Mid Cap Growth Fund - Class A		4,360,464
	236,144	Timothy Plan Large/Mid Cap Value Fund - Class A		4,418,251
	145,491	Timothy Plan Small Cap Value Fund - Class A		2,807,977
		TOTAL MUTUAL FUNDS (Cost $48,377,198)		50,012,981
		MONEY MARKET FUND - 7.7%
	4,141,879	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (B) (Cost $4,141,879)		4,141,879
		TOTAL INVESTMENTS - 100.5% (Cost $52,519,077) (C)	$	54,154,860
		OTHER ASSETS LESS LIABILITIES - NET - (0.5)%		(292,786	)
		NET ASSETS - 100.0%	$	53,862,074

* Non-income producing securities.

(A) Affiliated Funds - Class A.

(B) Variable rate security; the rate shown represents the yield at June 30, 2017.

(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $52,680,479 and differs from fair value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	1,811,384
Unrealized depreciation		(337,003	)
Net unrealized appreciation	$	1,474,381

Schedule of Investments | Emerging Markets Fund

As of June 30, 2017 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 70.8%
		AEROSPACE/DEFENSE - 3.1%
	28,964	Embraer SA (ADR)	$	528,014
		AGRICULTURE - 0.3%
	5,029	Adecoagro SA *		50,240
		APPAREL - 1.3%
	54,000	Yue Yuen Industrial Holdings Ltd.		224,122
		AUTO MANUFACTURERS - 1.6%
	8,393	Kia Motors Corp.		280,219
		AUTO PARTS & EQUIPMENT - 2.5%
	2,268	China Yuchai International Ltd.		41,300
	1,804	Hyundai Mobis Co. Ltd.		394,179
				435,479
		BANKS - 17.6%
	84,064	AkBank TAS		233,872
	96,366	Banco del Bajio SA (A) *		169,947
	21,500	Banco do Brasil SA		174,038
	63,300	Bangkok Bank PCL		344,731
	39,927	Barclays Africa Group Ltd.		438,047
	9,217	Erste Group Bank AG		352,430
	18,990	Grupo Aval Acciones y Valores SA (ADR)		157,237
	39,800	Kasikornbank PCL		232,567
	38,809	Sberbank of Russia (ADR)		403,225
	3,927	TBC Bank Group PLC		80,800
	72,989	Turkiye Garanti Bankasi AS		202,854
	137,582	Turkiye Vakiflar Bankasi Tao		252,702
				3,042,450
		BUILDING MATERIALS - 3.0%
	51,711	Cemex SAB de CV (ADR) *		487,118
	85,571	Urbi Desarrollos Urbanos SAB de CV *		30,258
				517,376
		COMMERCIAL SERVICES - 4.2%
	50,800	Estacio Participacoes SA		224,006
	108,526	ITE Group PLC		217,094
	55,800	Kroton Educacional SA		249,927
	39,600	Mills Estruturas e Servicos de Engenharia SA *		43,744
				734,771
		COMPUTERS - 1.8%
	39,001	DataTec Ltd.		179,340
	8,956	Infosys Ltd. (ADR)		134,519
				313,859
		DIVERSIFIED FINANCIAL SERVICES - 2.2%
	6,053	Hana Financial Group, Inc.		239,390
	3,420	Shinhan Financial Group Co. Ltd.		147,363
				386,753
		ELECTRIC - 4.9%
	25,800	AES Tiete Energia SA		106,447
	8,600	Cia Paranaense de Energia		49,343
	3,050,358	Enel Chile SA		334,623
	15,715	Reliance Infrastructure Ltd. (GDR)		355,159
				845,572
		FOOD - 4.5%
	2,720	Binggrae Co. Ltd.		162,133
	434,000	First Pacific Co. Ltd.		320,227
	149,200	Marfrig Global Foods SA *		304,412
				786,772
		HOLDING COMPANIES - 1.1%
	549,800	Jasmine Broadband Internet Infrastructure Fund		181,271

Schedule of Investments | Emerging Markets Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		IRON/STEEL - 2.9%
	931	POSCO	$	233,533
	9,575	Ternium SA (ADR)		268,962
				502,495
		MULTI-NATIONAL - 1.8%
	11,636	Banco Latinoamericano de Comercio Exterior SA		318,594
		OIL & GAS - 4.8%
	11,236	Lukoil PJSC (ADR)		548,204
	8,501	Petroleo Brasileiro SA (ADR) *		63,417
	10,180	YPF SA (ADR)		222,942
				834,563
		RETAIL - 5.7%
	1,828,000	Bosideng International Holdings Ltd.		156,891
	171,200	Chow Tai Fook Jewellery Group Ltd.		181,366
	157,500	Lifestyle China Group Ltd. *		52,860
	164,000	Lifestyle International Holdings Ltd.		225,209
	110,000	Luk Fook Holdings International Ltd.		376,227
				992,553
		SEMICONDUCTORS - 1.0%
	79	Samsung Electronics Co., Ltd.		164,124
		TELECOMMUNICATIONS - 6.0%
	15,708	Empresa Nacional de Telecomunicaciones SA		170,544
	1,404	Mobile TeleSystems PJSC (ADR)		11,766
	97,017	Mobile TeleSystems PJSC		383,853
	1,863,075	XL Axiata TBK PT *		476,690
				1,042,853
		TEXTILES - 0.5%
	119,500	Weiqiao Textile Co. *		85,418
		TOTAL COMMON STOCK (Cost $12,297,222)		12,267,498
		PREFERRED STOCK - 10.7%
	22,630	Banco Bradesco SA		192,270
	25,700	Cia Brasileira de Distribuicao *		505,351
	18,981	Cia Paranaense de Energia		140,356
	464,063	Grupo Aval Acciones y Valores SA		190,634
	3,102	Hyundai Motor Co.		306,364
	73,200	Petroleo Brasileiro SA *		274,617
	507,569	Surgutneftegas OJSC		245,200
		TOTAL PREFERRED STOCK (Cost $1,748,681)		1,854,792
		REITs - 8.3%
	541,150	Emlak Konut Gayrimenkul Yatirim Ortakligi AS *		451,656
	129,574	Fibra Uno Administracion SA de CV		245,836
	310,193	Macquarie Mexico Real Estate Management SA de CV		366,067
	201,630	PLA Administradora Industrial S de RL de CV		372,185
		TOTAL REITs (Cost $1,372,610)		1,435,744
		MONEY MARKET FUND - 9.9%
	1,711,464	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (B)
		(Cost $1,711,464)		1,711,464
		TOTAL INVESTMENTS - 99.7% (Cost $17,129,977) (C)	$	17,269,498
		OTHER ASSETS LESS LIABILITIES - NET - 0.3%		57,469
		NET ASSETS - 100.0%	$	17,326,967

ADR - American Depositary Receipt

* Non-income producing securities.

GDR - Global Depositary Receipt

REITs - Real Estate Investment Trust

(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 1.0% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(B) Variable rate security; the rate shown represents the yield at June 30, 2017.

(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $17,184,318 and differs from fair value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	1,281,201
Unrealized depreciation		(1,196,021	)
Net unrealized appreciation	$	85,180

Schedule of Investments | Emerging Markets Fund

As of June 30, 2017 (Unaudited) (Continued)

Diversification of Assets
Country	% of Net Assets
Brazil		16.5	%
South Korea		11.1	%
Mexico		9.6	%
Russia		9.2	%
Hong Kong		8.9	%
Turkey		6.6	%
Thailand		4.4	%
South Africa		3.6	%
Chile		2.9	%
India		2.8	%
Indonesia		2.8	%
Austria		2.0	%
Colombia		2.0	%
Panama		1.8	%
Argentina		1.6	%
Luxembourg		1.6	%
Britain		1.2	%
China		0.5	%
Georgia		0.5	%
Singapore		0.2	%
Total		89.8	%
Money Market Fund		9.9	%
Other Assets in Excess of Liabilities - Net		0.3	%
Grand Total		100.0	%

Schedule of Investments | Growth & Income Fund

As of June 30, 2017 (Unaudited)

Shares			Fair Value
		COMMON STOCK - 43.6%
		AEROSPACE/DEFENSE - 0.6%
	3,500	Spirit AeroSystems Holdings, Inc.	$	202,790
		AIRLINES - 0.5%
	4,000	Hawaiian Holdings, Inc. *		187,800
		AUTO PARTS & EQUIPMENT - 2.7%
	2,200	Delphi Automotive PLC		192,830
	6,000	Goodyear Tire & Rubber Co.		209,760
	1,500	Lear Corp.		213,120
	10,000	Meritor, Inc. *		166,100
	3,000	Tenneco, Inc.		173,490
				955,300
		CHEMICALS - 5.6%
	5,000	Cabot Corp.		267,150
	2,500	Celanese Corp.		237,350
	8,000	Chemours Co.		303,360
	3,000	Eastman Chemical Co.		251,970
	10,000	Huntsman Corp.		258,400
	4,000	Innospec, Inc.		262,200
	2,300	LyondellBasell Industries NV		194,097
	9,000	Orion Engineered Carbons SA		179,550
				1,954,077
		COMMERCIAL SERVICES - 0.6%
	2,000	United Rentals, Inc. *		225,420
		COMPUTERS - 3.5%
	1,700	CACI International, Inc. *		212,585
	7,500	Insight Enterprises, Inc. *		299,925
	5,000	Leidos Holdings, Inc.		258,450
	5,500	Seagate Technology PLC		213,125
	2,800	Western Digital Corp.		248,080
				1,232,165
		DIVERSIFIED FINANCIAL SERVICES - 3.8%
	5,500	Air Lease Corp.		205,480
	7,500	Aircastle Ltd.		163,125
	2,000	Credit Acceptance Corp. *		514,280
	10,000	Franklin Resources, Inc.		447,900
				1,330,785
		ELECTRIC - 3.1%
	17,000	AES Corp.		188,870
	9,000	CenterPoint Energy, Inc.		246,420
	2,000	DTE Energy Co.		211,580
	3,000	Entergy Corp.		230,310
	12,500	NRG Energy, Inc.		215,250
				1,092,430
		ELECTRONICS - 2.6%
	2,900	Arrow Electronics, Inc. *		227,418
	10,000	Orbotech Ltd. *		326,200
	2,900	Synnex Corp.		347,884
				901,502
		ENERGY - ALTERNATE SOURCES - 0.7%
	6,000	First Solar, Inc. *		239,280
		ENGINEERING & CONSTRUCTION - 0.6%
	4,400	MasTec, Inc. *		198,660
		FOOD - 2.0%
	3,500	Fresh Del Monte Produce, Inc.		178,185
	3,000	Sanderson Farms, Inc.		346,950
	3,000	Tyson Foods, Inc.		187,890
				713,025
		FOREST PRODUCTS & PAPER - 0.6%
	5,000	Domtar Corp.		192,100

Schedule of Investments | Growth & Income Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		GAS - 0.5%
	2,900	National Fuel Gas Co.	$	161,936
		HEALTHCARE - SERVICES - 0.6%
	2,500	HCA Holdings, Inc. *		218,000
		HOME BUILDERS - 1.8%
	4,500	Lennar Corp.		239,940
	7,500	PulteGroup, Inc.		183,975
	2,000	Thor Industries, Inc.		209,040
				632,955
		HOUSEHOLD PRODUCTS/WARES - 1.5%
	21,000	ACCO Brands Corp. *		244,650
	3,000	Helen of Troy Ltd. *		282,300
				526,950
		HOUSEWARES - 0.7%
	3,500	Toro Co.		242,515
		INSURANCE - 3.7%
	5,000	Assured Guaranty Ltd.		208,700
	1,000	Enstar Group Ltd. *		198,650
	1,000	Everest Re Group Ltd.		254,590
	20,000	MGIC Investment Corp. *		224,000
	11,000	Radian Group, Inc.		179,850
	5,000	Unum Group		233,150
				1,298,940
		IRON/STEELE - 0.5%
	4,958	Steele Dynamics, Inc.		177,546
		MACHINERY - DIVERSIFIED - 1.3%
	2,000	Deere & Co.		247,180
	2,000	Zebra Technologies Corp. *		201,040
				448,220
		MISCELLANEOUS MANUFACTURER - 0.6%
	7,300	Trinity Industries, Inc.		204,619
		OIL & GAS - 0.7%
	30,000	Chesapeake Energy Corp. *		149,100
	14,000	Transocean Ltd. *		115,220
				264,320
		OIL & GAS SERVICES - 1.5%
	75,000	McDermott International, Inc. *		537,750
		PHARMACEUTICALS - 0.8%
	15,000	Omega Protein Corp.		268,500
		RETAIL - 0.5%
	5,000	Kohl’s Corp.		193,350
		SEMICONDUCTORS - 0.9%
	11,000	ON Semiconductor Corp. *		154,440
	5,000	Teradyne, Inc.		150,150
				304,590

Schedule of Investments | Growth & Income Fund

As of June 30, 2017 (Unaudited) (Continued)

Shares			Fair Value
		TELECOMMUNICATIONS - 1.1%
	5,500	CommScope Holding Co., Inc. *	$	209,165
	2,200	InterDigital, Inc.		170,060
				379,225
		TOTAL COMMON STOCK (Cost $13,939,059)		15,284,750
		REITs - 1.3%
	25,000	Chimera Investment Corp. (Cost $382,748)		465,750

Par Value			Coupon Rate (%)	Maturity
		BONDS & NOTES - 49.3%
		CORPORATE BONDS - 0.7%
$	250,000	ConocoPhillips Co. (Cost $254,749)	3.350	11/15/2024	255,291
		GOVERNMENT NOTES & BONDS - 36.5%
	314,815	Federal Home Loan Banks	3.000	4/18/2031	315,007
	3,000,000	United States Treasury Note	1.000	3/15/2018	2,995,196
	3,000,000	United States Treasury Note	1.183	1/31/2019	3,004,521
	1,000,000	United States Treasury Note	1.250	4/30/2019	997,656
	1,500,000	United States Treasury Note	1.625	8/15/2022	1,480,019
	3,000,000	United States Treasury Note	1.750	5/15/2023	2,956,113
	1,000,000	United States Treasury Note	3.125	2/15/2042	1,059,238
		TOTAL GOVERNMENT NOTES & BONDS (Cost $12,781,173)			12,807,750
		TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 12.1%
	3,000,000	United States Treasury Note TIPS (Cost $4,258,341)	2.375	1/15/2027	4,242,267
		TOTAL BONDS & NOTES (Cost $17,294,263)			17,305,308

Shares
		MONEY MARKET FUND - 5.6%
	1,961,174	Fidelity Institutional Money Market Funds - Government Portfolio, 0.81% (A) (Cost $1,961,174)		1,961,174
		TOTAL INVESTMENTS - 99.8% (Cost $33,577,244)(B)	$	35,016,982
		OTHER ASSETS LESS LIABILITIES - NET - 0.2%		84,650
		NET ASSETS - 100.0%	$	35,101,632

REITs - Real Estate Investment Trust.

* Non-income producing securities.

(A) Variable rate security; the rate shown represents the yield at June 30, 2017.

(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $33,576,696 and differs from fair value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	1,958,694
Unrealized depreciation		(518,408	)
Net unrealized appreciation	$	1,440,286

SCHEDULE OF INVESTMENTS I The Timothy Plan

June 30, 2017 (Unaudited)

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

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

A Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the board of directors of the Underlying Funds. Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

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

• Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

• Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

• Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

Each Fund generally determines the total value of each class of its shares by using market prices for the securities comprising its portfolio. Equity securities, including common stock, ADRs, REITs, MLPs, ETFs and warrants are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. When market quotations are not readily available, when the Advisor or Sub-Advisor determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review by the Board. These securities will generally be categorized as Level 3 securities.

Commodities (such as physical metal) are valued at the spot price at 4:00 p.m. E.S.T., as provided by an independent pricing source.

SCHEDULE OF INVESTMENTS I The Timothy Plan

June 30, 2017 (Unaudited) (Continued)

Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

Fixed income securities such as corporate bonds, restricted corporate bonds, asset-backed securities, mortgage-backed securities, U.S. government securities, U.S. government agency securities and treasury inflation protected securities, when valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the Advisor or Sub-Advisor decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3

Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity) may be valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

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

The following is a summary of the inputs used to value each Fund’s investments as of June 30, 2017:

Aggressive Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	26,444,327	$	—	$	—	$	26,444,327
REITS		218,404		—		—		218,404
Money Market Fund		679,675		—		—		679,675
Total	$	27,342,406	$	—	$	—	$	27,342,406

International Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	80,443,364	$	—	$	—	$	80,443,364
Money Market Fund		9,528,778		—		—		9,528,778
Total	$	89,972,142	$	—	$	—	$	89,972,142

Large/Mid Cap Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	71,061,520	$	—	$	—	$	71,061,520
Money Market Fund		6,571,108		—		—		6,571,108
Total	$	77,632,628	$	—	$	—	$	77,632,628

SCHEDULE OF INVESTMENTS I The Timothy Plan

June 30, 2017 (Unaudited) (Continued)

Small Cap Value Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	118,064,396	$	—	$	—	$	118,064,396
REITS		14,960,586		—		—		14,960,586
Money Market Fund		3,674,046		—		—		3,674,046
Total	$	136,699,028	$	—	$	—	$	136,699,028

Large/Mid Cap Value Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	188,102,726	$	—	$	—	$	188,102,726
REITS		9,063,735		—		—		9,063,735
Money Market Fund		6,355,225		—		—		6,355,225
Total	$	203,521,686	$	—	$	—	$	203,521,686

Fixed Income Fund

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	23,740,217	$	—	$	23,740,217
Government Notes & Bonds		—		34,489,281		—		34,489,281
Government Mortage-Backed Securities		—		25,901,008		—		25,901,008
Money Market Fund		3,882,716		—		—		3,882,716
Total	$	3,882,716	$	84,130,506	$	—	$	88,013,222

High Yield Bond Fund

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	55,170,216	$	—	$	55,170,216
Money Market Fund		4,375,389		—		—		4,375,389
Total	$	4,375,389	$	55,170,216	$	—	$	59,545,605

Israel Common Values Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	39,355,009	$	—	$	—	$	39,355,009
Money Market Fund		2,947,974		—		—		2,947,974
Total	$	42,302,983	$	—	$	—	$	42,302,983

Defensive Strategies Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	13,934,526	$	—	$	—	$	13,934,526
REITS		12,567,398		—		—		12,567,398
Corporate Bonds		—		1,361,846		—		1,361,846
Treasury Inflation Protected Securities (TIPS)		—		16,943,392		—		16,943,392
Warrants		50		—		—		50
Alternative Investments *		9,334,883		—		—		9,334,883
Money Market Fund		1,657,157		—		—		1,657,157
Total	$	37,494,014	$	18,305,238	$	—	$	55,799,252

* Reflects the fund’s investment in gold and silver.

SCHEDULE OF INVESTMENTS I The Timothy Plan

June 30, 2017 (Unaudited) (Continued)

Strategic Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Mutual Funds	$	36,765,183	$	—	$	—	$	36,765,183
Money Market Fund		2,387,249		—		—		2,387,249
Total	$	39,152,432	$	—	$	—	$	39,152,432

Conservative Growth Fund

Assets	Level 1		Level 2		Level 3		Total
Mutual Funds	$	50,012,981	$	—	$	—	$	50,012,981
Money Market Fund		4,141,879		—		—		4,141,879
Total	$	54,154,860	$	—	$	—	$	54,154,860

Emerging Markets Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	12,182,080	$	85,418	$	—	$	12,267,498
Preferred Stock		1,854,792		—		—		1,854,792
REITs		1,435,744		—		—		1,435,744
Money Market Fund		1,711,464		—		—		1,711,464
Total	$	17,184,080	$	85,418	$	—	$	17,269,498

Growth & Income Fund

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	15,284,750	$	—	$	—	$	15,284,750
REITS		465,750		—		—		465,750
Corporate Bonds		—		255,291		—		255,291
Government Notes & Bonds		—		12,807,750		—		12,807,750
Treasury Inflation Protected Securities (TIPS)				4,242,267				4,242,267
Money Market Fund		1,961,174		—		—		1,961,174
Total	$	17,711,674	$	17,305,308	$	—	$	35,016,982

The Funds did not hold any Level 3 securities during the period presented. There were transfers into Level 1 during the current period presented. It is the Trust’s policy to record transfers between Level 1 and Level 2 at the end of the reporting period.

The following is a reconciliation of assets in which Level 3 inputs were used in determining value:

Emerging Markets Fund

	Common Stock		Total
Transfer into Level 1 from Level 2	$	30,258	$	30,258
Transfer from Level 1 into Level 2		85,418		85,418
Net transfers in/out of level 2		115,676		115,676

Transfers were due to the availability of pricing.

Item 2. Controls and Procedures.

(a)       The Registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)       There were no changes to the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) are filed herewith.

SIGNATURES

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

Timothy Plan Funds

By

*/s/ Arthur D. Ally

Arthur D. Ally, President / Principal Executive Officer, Treasurer / Principal Financial Officer

Date 8/24/17

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

By

*/s/ Arthur D. Ally

Arthur D. Ally, President / Principal Executive Officer, Treasurer / Principal Financial Officer

Date 8/24/17