Timothy Plan US Large/Mid Cap Core ETF (TPLC) N-CSRCertified annual shareholder report (management investment company)

united states

securities and exchange commission

washington, d.c. 20549

form n-csr

certified shareholder report of registered management

investment companies

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)

Art Ally, The Timothy Plan

1055 Maitland Center Commons, Maitland, FL 32751

(Name and address of agent for service)

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

Date of fiscal year end: 9/30

Date of reporting period: 9/30/22

Amended to correct the language in response to Item 11(b) of Form N-CSR on the initial filing. There is no change to the financial statements and no impact to the documents made available to shareholders.

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

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

Item 1. Reports to Stockholders.

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

Table of Contents

Section 1 |   Shareholder Letters

SHAREHOLDER LETTER

September 30, 2022

Dear Shareholder,

This report covers our fiscal year ending September 30, 2022. As you review the details of our funds on the following pages, including remarks by our various sub-advisors who serve as the money managers for the specific funds under their purview, you will see that this fiscal year has been negatively impacted by the economic recession that has plagued the markets for the past nine months or so. While our performance (10-1-21 thru 9-30-22) was negative among all market segments, six of our funds, although down, were down less than their respective indexes. On an absolute return basis, three of our funds were down less than 10%; five were down between 10% and 20%, while two were down over 20% for the fiscal year. All of that simply underscores the wisdom of asset allocation since different market segments perform differently over differing periods.

Timothy Partners, Ltd. (the “Advisor”) has always attempted to take a conservative approach to the markets as we believe our shareholders prefer a preservation of principal course to that of chasing returns. I do need to reiterate, however, that, in the capital markets in general and our funds in particular, returns can never be guaranteed.

For complete information about the individual funds, please read each of the sub-advisors' annual review letters on the following pages. They more fully detail the various factors that impacted this fiscal year’s performance and their economic outlook for the coming year.

Although we cannot guarantee any actual outcome, I remain confident that all our sub-advisors are, in our opinion, among the best in the industry. They each continue to honor our overall policy to manage their respective funds both in accordance with our screening restrictions and with a continued conservative bias.

Since 2019, Timothy Plan has added six Exchange Traded Funds (ETFs) to our diversified product line. These ETFs are all smart-beta index funds traded on the New York Stock Exchange:

Thank you for your moral convictions that led you to become part of the Timothy Plan family.

Yours in Christ,

Arthur D. Ally
President

AGGRESSIVE GROWTH FUND

September 30, 2022

This time last year, the market was in the midst of a remarkable “post-Covid” surge, and the S&P500 had gained 30% in the prior 12-month period (9/30/20-9/30/21). Fiscal and monetary stimulus combined to create a very constructive scenario for equity markets: real GDP grew over 6%, the unemployment rate was below 5%, and the 10-year Treasury yield was 1.5% (9/30/21). The only “fly in the ointment” was inflation; it had spiked to over 5%, a level not seen in a decade. Supply-chain issues were thought to be the main contributor and many, including Fed chair Jerome Powell, espoused the view that inflation was going to be “transitory.” Inflation accelerated – and has stayed stubbornly high around 8%*-- the Fed has raised Fed Funds rates by 300 basis points, the Russia/Ukraine war has wreaked havoc in energy markets, we have seen two quarters of GDP contraction in 2022, and the 10-year Treasury bond now yields 3.8%. Key debates now coalesce around: 1) has inflation already peaked; 2) when, and at what level, will the Fed cease raising rates; 3) will the rate increases bring about a recession, or could we pull off a “soft landing;” 4) will corporate earnings fall more than is being currently envisioned, likely bringing about further equity-market downside.

This past year has been challenging for small-cap and mid-cap growth investors, especially when compared to large-cap growth. The Russell 2000 Growth Index and the Russell Midcap Growth were both down approximately 29%, while the Russell 1000 Growth Index was ‘only’ down 22.6%. The value style was again in favor, notably outperforming growth, although each style and subset of the equity market has suffered double-digit losses.

The Fund’s gross return was -25.6%, outperforming the -29.5% return of the benchmark Russell Midcap Growth for the 12-month period. Analyzing the sector returns, the Consumer Discretionary return performed very well due to excellent stock selection and a modest underweighting. We also generated good relative outperformance in the Communication Services, Materials, and Tech Sectors. Outperformance in the Communication Services and Tech sectors resulted from not owning many stocks that had significant corrections over the past year. Within the Materials sector, outperformance was largely driven by the ownership of Albemarle, a US based lithium producer. Conversely, the healthcare sector had the worst performance, due an equal amount of subpar stock selection and sector overweighting.

For the portfolio, there has been no change to our time-tested, bottom-up fundamental approach to managing mid-cap growth investments. As an overview, the Fund remains well diversified across all sectors and industries, as all areas of the economy are impacted by broad macroeconomic trends. We have taken opportunities throughout the year to add to positions (or to initiate new ones) where we have conviction in the long-term investment thesis and the market has given us an attractive buying opportunity. Industrials were an area of particular interest. On the other side of the coin, we have exited or reduced positions where fundamentals have deteriorated, and valuations suggest risk of additional downside. We remain focused on generating alpha and producing the strongest investment results over the long run. We thank you for your continuing support and investment.

Chartwell Investment Partners, LLC

INTERNATONAL FUND

September 30, 2022

The last twelve months have been a very challenging period for global investors and the Fund. Equity markets reversed course and fell precipitously during this period as inflation expectations rose and central banks reacted aggressively with sharp interest rate hikes. The Fund underperformed the benchmark MSCI ACWI ex. US during this period mostly as a result of a sharp reversal away from secular growth and quality companies into value stocks as interest rates rose sharply. Sector allocation was slightly positive while stock selection was more challenging during this fiscal year. An underweight to Consumer Discretionary and Communications Servicers was helpful while an overweight to Technology and Industrials hurt performance.

From a stock selection standpoint, positive attribution in Financials and Energy was outweighed by negative selection in Technology, Communication Services, and Health Care. Russia’s invasion of Ukraine led to the halting of all Russian stocks and affected the Fund’s position in Yandex (Communication Services), which we have now written down significantly and are fair valuing given it remains halted. Positive attributors included Norwegian energy company Equinor, Singapore bank DBS Group, and North American railway operator Canadian Pacific. Notable negatives for the year included Russian company Yandex, Hong Kong power tools manufacturer Techtronic Industries, and Brazilian digital payments company PagSeguro. Stock selection was positive in Germany, Norway, and Singapore, but outweighed by negative selection in Russia, Canada, and Hong Kong.

Claims of transitory inflation were proven wrong and central banks pivoted hard to an extreme hawkish stance, raising rates very aggressively during this fiscal year. This sharp pivot spooked equity markets and increased equity volatility significantly. With the Fed leading this hike cycle, the US dollar appreciated considerably during the year, hurting international equity returns for US dollar investors. Russia’s invasion of Ukraine added an additional variable as commodity prices rose sharply, in particular natural gas prices in Europe and agricultural commodity prices such as wheat. Europe’s reliance on Russian natural gas became a heated debate in the continent with countries pledging to diversify energy sources and increase defense spending.

The near term remains uncertain as central bank policies are sure to affect global growth over the coming year. Despite that, international equity valuations are at historic lows, the dollar is nearing historic highs, and investor sentiment is quite poor. This combination may provide long term investors good opportunities in international equities over the coming year. We remain committed to a disciplined and consistent investment approach dedicated to finding long-term investments for shareholders and we thank you for your continued investment in the Fund.

Eagle Global Advisors, LLC 

LARGE/MID CAP GROWTH FUND

September 30, 2022

Dear Timothy Plan Large/Mid-Cap Growth Fund Shareholder:

As mentioned in my letter to shareholders, we have added six Exchange Traded Funds (ETFs) to our diversified product line. Since two of these ETFs fit nicely into the investment objective of our Large/Mid-Cap Growth Fund, we incorporated them into the holdings of this fund so that:

In addition to greatly increasing the diversification of the holdings in this fund, we believe this addition should have the positive effect of lowering our expense ratio over both the near and longer term.

For past performance of this fund and future market outlook, please read Chartwell’s Sub-Advisor’s letter.

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

Sincerely,

Arthur D. Ally
President

LARGE/MID CAP GROWTH FUND

September 30, 2022

This time last year, the market was in the midst of a remarkable “post-Covid” surge, and the S&P500 had gained 30% in the prior 12-month period (9/30/20-9/30/21). Fiscal and monetary stimulus combined to create a very constructive scenario for equity markets: real GDP grew over 6%, the unemployment rate was below 5%, and the 10-year Treasury yield was 1.5% (9/30/21). The only “fly in the ointment” was inflation; it had spiked to over 5%, a level not seen in a decade. Supply-chain issues were thought to be the main contributor and many, including Fed chair Jerome Powell, espoused the view that inflation was going to be “transitory.” Here we are a year later, and the S&P500 has fallen 15.5% over the prior 12 months (and 23.9% calendar year-to-date). Inflation accelerated – and has stayed stubbornly high around 8% – the Fed has raised Fed Funds rates by 300 basis points, the Russia/Ukraine war has wreaked havoc in energy markets, we have seen two quarters of GDP contraction in 2022, and the 10-year Treasury bond now yields 3.8%. Key debates now coalesce around: 1) has inflation already peaked; 2) when, and at what level, will the Fed cease raising rates; 3) will the rate increases bring about a recession, or could we pull off a “soft landing;” 4) will corporate earnings fall more than is being currently envisioned, likely bringing about further equity-market downside.

For the second year running, Russell 1000 Value stocks have outperformed Russell 1000 Growth stocks; last year ending 9/30/21 it was up-market outperformance (+35% vs. +27.3%), this year, value held up much better in a down market: Russell 1000 Value -11.4% vs. Russell 1000 Growth -22.6%. This helped the Fund’s relative performance, as it is usually challenging when growth leads, given that we can’t own many of the largest growth stocks in the benchmark index. On the other hand, size did not work in our favor, with large stocks (Russell Top 200 -16.4%) outperforming small (Russell 2000 -23.5%); the restrictions on many large-cap stocks create a significant lower-cap “skew” for the Fund.

The Fund’s gross return was -19.8%, ahead of the -22.6% return of the benchmark Russell 1000 Growth for the 12-month period. Cash, averaging 5.6% throughout the year, added almost a full percentage point to relative performance. There was an extreme range of outcomes at the sector level in the benchmark, with Energy gaining 45.9% and Communication Services falling by 44.2%. Our positioning took advantage of this with a small overweight of Energy but, more importantly, an almost-9-percentage-point underweight of Communication Services (largely due to restrictions), which alone added 230 basis points to our relative performance – primarily by not owning Meta Platforms, Netflix, and Alphabet (the first two were down about 60%). Selection was also positive in the Materials sector, where the Fund’s holdings were up 5.3%, as compared to the benchmark sector’s decline of 20.7%. Technology was the sector with the most negative impact. The Fund’s holdings were down 30.3%, vs. the benchmark Tech decline of 22.3%. Our shortfall, however, was largely due to not owning Apple (restricted), which has a very large weight in the benchmark and was only down 1.8% in the 12-month period (this accounted for 215 basis points of the 288-basis-point negative stock-selection effect).

For the portfolio, there has been no change to our time-tested, bottom-up fundamental approach to managing large and mid-cap growth investments. As an overview, the Fund remains well diversified by issuers and sectors, as all areas of the economy are impacted by broad macroeconomic trends. We have taken opportunities throughout the year to add to positions (or to initiate new ones) where we have conviction in the long-term investment thesis and the market has given us an attractive buying opportunity. Tech and Industrials were areas of particular interest, though we remain significantly underweight Tech due to restrictions. On the other side of the coin, we have exited or reduced positions where fundamentals have deteriorated, and valuations suggest risk of additional downside. We remain focused on generating alpha and producing the strongest investment results over the long run. We thank you for your continuing support and investment.

Chartwell Investment Partners, LLC

SMALL CAP VALUE FUND

September 30, 2022

Dear Timothy Plan Small-Cap Value Fund Shareholder:

As mentioned in my letter to shareholders, we have added six Exchange Traded Funds (ETFs) to our diversified product line. Since our Small Cap Core ETF fits nicely into the investment objective of our Small Cap Value Fund, we incorporated it into the holdings of this fund so that:

In addition to greatly increasing the diversification of the holdings in this fund, we believe this addition should have the positive effect of lowering our expense ratio over both the near and longer term.

For past performance of this fund and future market outlook, please read Westwood’s Sub-Advisor’s letter.

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

Sincerely,

Arthur D. Ally
President

SMALL CAP VALUE FUND

September 30, 2022

We are pleased to provide you with our report for the Timothy Plan Small Cap Value Fund for the twelve months ending September 30, 2022 and would like to thank you for entrusting your assets with us.

Last September, a consumer-led rally helped drive the economy, pushing stock prices to new highs while fears of COVID-19 were beginning to fade. The S&P 500® Index gained over 9% in the last quarter of 2021, and U.S. Gross Domestic Product (“GDP”) surged 6.9%, as the U.S. economy seemed to find its footing after the forced closures of 2020 receded into the rear-view mirror; however, storm clouds were on the horizon for those who were looking. Inflation was soon to become a significant problem, accelerating from an average of 3.3% for the previous twelve months from October 2020 through September 2021 to 6.7% for the fourth quarter of 2021. Part of that inflation figure came from strained supply chains which continued to be a nuisance and a concern. New shortages seemed to pop up every few weeks. A diverse list of products, such as chicken wings, diapers, baby formula, computer chips, rental cars, palm oil, lumber, toilet paper, bacon and coffee, were all cited as being in short supply at one point during the past twelve months.

As the calendar turned to 2021, inflation became the top story, growing from already elevated levels and reaching 9.0% year-over-year in June which was the highest rate in over forty years. Gasoline prices spiked, reaching a national average of more than five dollars per gallon in June which, at the time, was the highest price on record. The Federal Reserve (the “Fed”), concerned that higher prices could lead to graver issues in the economy, began a series of steps designed to contain inflation and, hopefully, stave off a recession. The Fed began to increase its benchmark Fed Funds rate in March 2022, showing increasing aggressiveness in rate increases and pushing rates up by 300 basis points in the twelve-month period, with more increases expected.

After months of saber-rattling, Russia invaded Ukraine in February 2022, authorizing what that government refers to as its special military operation by sending troops and missiles into the sovereign nation. As bombs rained down on Kyiv, Kharkiv and Dnipro, many nations banded together to denounce the aggression and provide support to the people and the defenders of Ukraine. The war caused oil and natural gas prices to rise from already elevated levels and threatened supply chains of natural gas and foodstuffs to Europe and elsewhere.

The troubles related to inflation, supply chains, interest rates and international tensions began to weigh heavily on the economy and stock markets. With these headwinds, the economy quickly slumped, with GDP coming in negative for the first and second quarters of 2022. Equity markets declined, as the S&P 500® Index fell by more than 25% from its peak in December 2021. As interest rates rose rapidly, bond markets also declined. There was no safe haven for investors in the market. As expected in a “risk-off” environment, growth stocks fared substantially worse than value stocks and small-cap stocks trailed large-cap stocks.

For the twelve months ending September 30, 2022, the Timothy Plan Small Cap Value Fund produced a net return of -17.23% while the Russell 2000® Index produced a return of -23.50%. While returns were negative, the portfolio outperformed the benchmark and provided some support to the downside during a volatile period.

On an absolute basis, the Energy and Utilities sectors provided positive returns for the year as both sectors gained ground as companies benefitted from higher oil and natural gas prices. The Consumer Staples sector was close to neutral on the year, losing a small bit of ground for the period as the portfolio benefitted from a producer of certain snack foods that few consumers could live without.

From a relative perspective, stock selection and sector allocation were beneficial to performance with the gains from sector allocation greater than the gains from stock selection. The underweight in both Health Care and Information Technology along with the neutral weight in Energy contributed to the overall performance in the portfolio. We remain underweight in Health Care and Technology, as we tend to avoid lower-quality names with limited to no earnings. Our neutral position in Energy was accomplished in a similar way, as we focus on quality and earnings rather than high growth potential. Stock selection was beneficial in Energy, as our holdings gained nearly twice as much as those in the benchmark. Stock selection in Financials, however, was a disappointment, as several of our holdings in the investment banking industry struggled as interest rates rose much faster than expected, putting a crimp in their mergers and acquisitions business activities.

PDC Energy Inc., which gained over 80% in the year, was the top contributor in the portfolio. The company increased production and also announced it would distribute $1 billion to shareholders, including a higher dividend and a one-time special dividend. The stock was sold in the period as it was growing too large for the portfolio.

Hostess Brands Inc., maker of the iconic Twinkie, among other snack treats, gained over 30% in the year as the company was able to pass on increased costs to consumers and to improve their productivity, which resulted in higher profit margins. Comfort Systems USA Inc., a Houston-based HVAC service and installation company, was a top contributor as the company gained market share through its service capabilities and from a well-managed workforce. Other top-contributing securities included South Jersey Industries Inc., a utility that was able to increase prices through satisfactory regulatory action, and Livent Corp., a lithium miner that gained ground from strong results and increased demand for lithium used in batteries and other electronics.

Top detractors to performance included financial firms Repay Holdings Corp. and Triumph Bancorp Inc. Repay Holdings declined significantly over the last twelve months, largely due to contracting earnings from a slowing economy and growing competition. Triumph Bancorp declined as the company’s primary business is as a payments platform for commercial truckers, and macro concerns over the economy produced a headwind to their future earnings. Radius Global Infrastructure Inc., which installs wireless towers, often moves in a similar manner to real estate investment trusts, or REITs, so the company declined precipitously as interest rates rose over the past six months. CONMED Corp., which makes medical devices for orthopedic surgery, declined as a strong dollar led to reduced earnings on their sales overseas. Altra Industrial Motion Corp., which makes electromechanical power transmission motion control products, struggled in the period as supply chain issues hampered revenues and earnings; however, we believe that the company can work through these short-term challenges.

We expect continued volatility for both equities and fixed income in the fourth quarter, as the effects of the Fed’s bellicose stance towards inflation and subsequent economy-slowing actions are realized, along with an increased number of market participants adjusting forecasts to account for those effects. There is no doubt that the tightening actions of central banks across the globe remain the biggest known risk to the markets. Additional risks that we are monitoring include the ongoing war in Ukraine, and volatility in the global energy markets.

We see a continued slowdown in earnings growth in the U.S. with some analysts already revising their estimates lower to account for slowing economic growth. From our position, we believe that consensus estimates for full-year 2023 are optimistic and are likely to decline going forward. There is a risk that the market has already “factored-in recession” may be too shallow and that could result in an increase in negative earnings surprises.

Our focus will remain on quality and value, seeking high-quality businesses trading at an attractive price. In an uncertain economic environment, with higher interest rates increasing the cost of capital, we believe quality businesses that have sustainable competitive advantages, strong cash flows, attractive dividends and a history of execution, tend to perform better and could limit downside risk. The mid-cycle tends to be where quality emerges as a larger tailwind while persisting until the end of the cycle, as investors gravitate toward companies that are better positioned to navigate slowing growth and the rising cost of capital, and where stock picking tends to be paramount in driving future returns.

We thank you for your continued confidence in the Westwood process and investment teams and we look forward to serving your investment needs through the years ahead.

Westwood Management Corp.

Net returns are net of the sub-adviser’s fees, not the mutual fund fees.

Past performance is not indicative of future results. Portfolio returns reflect the reinvestment of dividend and interest income. All information provided is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/countries that may be mentioned. A description of the methodology used to calculate the attribution analysis or a complete list of each holding’s contribution to overall performance during the measurement period may be obtained by contacting info@westwoodgroup.com. Benchmark Data Source: © 2022 FactSet Research Systems Inc. All Rights Reserved. Russell Investment Group is the owner of the trademarks, service marks, and copyrights related to its indexes, which have been licensed for use by Westwood.

LARGE/MID CAP VALUE FUND

September 30, 2022

Dear Timothy Plan Large/Mid-Cap Value Fund Shareholder:

As mentioned in my letter to shareholders, we have added six Exchange Traded Funds (ETFs) to our diversified product line. Since four of these ETFs fit nicely into the investment objective of our Large/Mid-Cap Value Fund, we incorporated them into the holdings of this fund so that approximately 5% of the fund is invested in each of the following:

In addition to greatly increasing the diversification of the holdings in this fund, we believe this addition should have the positive effect of lowering our expense ratio over both the near and longer term.

For past performance of this fund and future market outlook, please read Westwood’s Sub-Advisor’s letter.

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

Sincerely,

Arthur D. Ally
President

LARGE/MID CAP VALUE FUND

September 30, 2022

We are pleased to provide you with our report for the Timothy Plan Large/Mid Cap Value Fund for the twelve months ending September 30, 2022 and would like to thank you for entrusting your assets with us.

Last September, a consumer-led rally helped drive the economy, pushing stock prices to new highs while fears of COVID-19 were beginning to fade. The S&P 500® Index gained over 9% in the last quarter of 2021, and U.S. Gross Domestic Product (“GDP”) surged 6.9%, as the U.S. economy seemed to find its footing after the forced closures of 2020 receded into the rear-view mirror; however, storm clouds were on the horizon for those who were looking. Inflation was soon to become a significant problem, accelerating from an average of 3.3% for the previous twelve months from October 2020 through September 2021 to 6.7% for the fourth quarter of 2021. Part of that inflation figure came from strained supply chains which continued to be a nuisance and a concern. New shortages seemed to pop up every few weeks. A diverse list of products, such as chicken wings, diapers, baby formula, computer chips, rental cars, palm oil, lumber, toilet paper, bacon and coffee, were all cited as being in short supply at one point during the past twelve months.

As the calendar turned to 2021, inflation became the top story, growing from already elevated levels and reaching 9.0% year-over-year in June which was the highest rate in over forty years. Gasoline prices spiked, reaching a national average of more than five dollars per gallon in June which, at the time, was the highest price on record. The Federal Reserve (the “Fed”), concerned that higher prices could lead to graver issues in the economy, began a series of steps designed to contain inflation and, hopefully, stave off a recession. The Fed began to increase its benchmark Fed Funds rate in March 2022, showing increasing aggressiveness in rate increases and pushing rates up by 300 basis points in the twelve-month period, with more increases expected.

After months of saber-rattling, Russia invaded Ukraine in February 2022, authorizing what that government refers to as its special military operation by sending troops and missiles into the sovereign nation. As bombs rained down on Kyiv, Kharkiv and Dnipro, many nations banded together to denounce the aggression and provide support to the people and the defenders of Ukraine. The war caused oil and natural gas prices to rise from already elevated levels and threatened supply chains of natural gas and foodstuffs to Europe and elsewhere.

The troubles related to inflation, supply chains, interest rates and international tensions began to weigh heavily on the economy and stock markets. With these headwinds, the economy quickly slumped, with GDP coming in negative for the first and second quarters of 2022. Equity markets declined, as the S&P 500® Index fell by more than 25% from its peak in December 2021. As interest rates rose rapidly, bond markets also declined. There was no safe haven for investors in the market. As expected in a “risk-off” environment, growth stocks fared substantially worse than value stocks and small-cap stocks trailed large-cap stocks.

For the twelve months ending September 30, 2022, the Timothy Plan Large/Mid Cap Value Fund produced a net return of -9.69% while the S&P 500® Index produced a return of -15.47%. Given the volatility in the equity markets, and the overall downward trend of stocks in general, only two sectors, Energy and Consumer Discretionary, delivered a positive absolute total return for the year. The Energy sector was boosted by strong demand, limited production and concerns over further kinks in the global supply chain due to Russia’s invasion of Ukraine. Within Consumer Discretionary, we held a couple of stocks that were supported by a transition in the market, as higher- income consumers traded down from luxury retailers to more thrifty options.

From a relative perspective, asset allocation decisions contributed to the gains for the year, including an overweight in Energy, where we averaged nearly double the weight of the benchmark, and the underweight in

Communication Services, a sector that was down nearly 40% for the year. Stock selection was a minor drag to relative performance as our selections in the Health Care and Materials sectors fared poorly.

The top three individual performers in the portfolio were in the Energy sector. Boosted by higher oil and natural gas prices arising from increasing demand and limitations on supply, shares of energy companies surged in the past twelve months. Our holdings were diverse, touching various parts of the energy value chain, and included Valero Energy Corp.(refining), EOG Resources Inc. (exploration and production), and ConocoPhillips (integrated). We believe each company is well-positioned to maintain their gains and continue to grow as oil prices remain elevated. O’Reilly Automotive Inc., a specialty shop for automotive parts and accessories, appealed to a do-it-yourself crowd. The stock gained ground as consumers have retrenched in the past year, seeking to maintain their vehicles rather than fight through delays and price increases for new and used vehicles. Insurance broker Arthur J. Gallagher & Co. was among the top contributors for the year, as the company executed on its initiatives and captured market share.

Top detractors to performance included semiconductor testing company Teradyne, Inc., and specialty chip maker ASML Holding N.V. Both holdings within the Technology sector struggled with supply chain issues resulting in delays delivering completed goods to customers amid an increasing backlog of orders which impacted earnings and slowed their growth trajectories. Cable One Inc. fell as streaming services continued to cut into market share for traditional cable providers; however, we believe the company remains well-positioned within their business units, providing data and video services to companies as well as residential areas. Western Alliance Bancorp declined as higher interest rates cut into future bank earnings, while Vertiv Holdings Co., an industrial holding that makes power management products and hardware for servers, fell as fears of a slowing economy caused analysts to write down future growth prospects for the company.

The Westwood team remains focused on seeking high-quality companies trading at a discount to intrinsic value. Given the market dislocation of the past several months, we recognize that several key variables will have an outsize impact on future stock prices, including overall economic growth, the Fed, and ongoing international tensions. The “Goldilocks” scenario was that the Fed would hike rates quickly and reach a plateau expeditiously, with a possible rate decline by the end of 2023. It has since become clear that the primary concern is that a longer duration of higher interest rates will have a wider and deeper impact on economic activity. The Fed has pledged to tamp down inflation, regardless of the impact on economic growth.

We expect continued volatility for both equities and fixed income in the fourth quarter, as the effects of the Fed’s bellicose stance towards inflation and subsequent economy-slowing actions are realized, along with an increased number of market participants adjusting forecasts to account for those effects. There is no doubt that the tightening actions of central banks across the globe remain the biggest known risk to the markets. Additional risks that we are monitoring include the ongoing war in Ukraine, and volatility in the global energy markets.

We believe this sort of environment, with uncertainty in abundance and no apparent trend, may be an ideal place for active managers to thrive. We continue to leverage our intensive research-driven process to identify quality businesses with company-specific opportunities and visible earnings growth. As has always been our practice, we look to invest in companies with conservative balance sheets, robust free cash flow generation, and high returns on invested capital, as we believe those characteristics, among others, can help provide attractive risk-adjusted returns for the portfolio. As higher interest rates increase the cost of capital, these quality businesses with sustainable competitive advantages tend to perform better and could limit downside risk.

We thank you for your continued confidence in the Westwood process and investment teams and we look forward to serving your investment needs through the years ahead.

Westwood Management Corp.

Net returns are net of the sub-adviser’s fees, not the mutual fund fees.

Past performance is not indicative of future results. Portfolio returns reflect the reinvestment of dividend and interest income. All information provided is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/countries that may be mentioned. A description of the methodology used to calculate the attribution analysis or a complete list of each holding’s contribution to overall performance during the measurement period may be obtained by contacting info@westwoodgroup.com. Benchmark Data Source: © 2022 FactSet Research Systems Inc. All Rights Reserved. Russell Investment Group is the owner of the trademarks, service marks, and copyrights related to its indexes, which have been licensed for use by Westwood.

FIXED INCOME FUND

September 30, 2022

The fiscal year ending September 30, 2022 saw an increase in U.S. Treasury (UST) yields as the Federal Reserve (Fed) signaled their intent to fight higher prices by hiking rates in 2022. They also accelerated the timeline for tapering additional Quantitative Easing (QE) purchases. The Timothy Plan Fixed Income Fund invests in the broad U.S. investment grade bond market benchmarked to the Bloomberg Aggregate Index which began the last 12 months with a yield of 1.56% and ended at 4.63%.

In an effort to curb inflation, the Fed hiked rates 5 times by September 30th for a total of 300 basis points (bps). These hikes took the Fed Funds rate to 3.25%. UST yields jumped in response to Fed policy and inflation, which remained stubbornly high. The Fed continued to argue its hawkish policies had yet to have an impact on the labor market, which is their necessary pre-condition for reducing the pace of rate hikes. However, many other U.S. and global indicators forewarned of slowing inflation and economic activity. U.S. Purchasing Manager Index (PMI) manufacturing surveys inched closer to the 50.0 level, which signifies a contraction in activity, while the JP Morgan Global PMI did fall below 50.0 in September. U.S. consumer spending slowed in 3Q22 and goods inflation decelerated to a 7.1% y/y rate, much slower than the 10.7% y/y pace of December 2021. While services inflation has offset the deceleration in goods prices, the University of Michigan consumer survey of one-year inflation expectations fell 70bps q/q to 4.70%.

The 10-year UST yield rose after starting the fiscal period at 1.49%, peaking at 3.95% in late September 2022, and ending at 3.83%. By comparison, the 2-year rate started the period at 0.28% and ended the last 12 months at 4.28%, by far the largest increase of any other maturity level. The 2yr UST yield reached its highest level since August 2007, leading the UST curve to become more inverted than at any time since April 1982.

Investment Grade (IG) Credit spreads started the last 12 months at 80bps and ended at 147bps by September 2022. A key driver of the YTD credit spread widening has been the nearly continuous outflows suffered by IG fixed income funds. August was the first month of 2022 in which IG credit funds received net inflows. However, outflows resumed in September and reached $119B YTD. Fortunately, outflows have been partially offset by waning new issue supply. New issuance only reached $397B in 3Q2, a 10.0% decline from 3Q21 and YTD supply now trails the YTD21 pace by 12.8%.

Mortgage-backed securities (MBS) were more resilient than IG Credit during the fiscal year ending September. Over the 12-month period, the MBS sector, within the Bloomberg Aggregate, generated a return of -13.98% versus -17.89% for IG Credit. During 4Q21, issuance grew 8% y/y and 2021 supply of $880B surpassed 2020’s total by 70%, both of which were an all-time high for MBS. However, rate volatility and Fed policy created a difficult environment for MBS in 2022. By the end of September, 30yr mortgage rates reached 6.80% which was a 350bps YTD increase. The level of rates not only reduced MBS issuance but it also lowered MBS prices to the point the sector became positively convex for the first time in its history.

According to Morningstar, the Timothy Fixed Income Fund A shares returned -13.59% over the 12-month period ending September 30, 2022 which was ahead of the Bloomberg Aggregate Index at -14.60%. The overweight allocation to USTs contributed to relative performance as the sector generated better nominal returns than IG Credit bonds and the overall index. In addition, our lower portfolio duration stance helped performance in a period of rising rates. The portfolio’s underweight to Financials detracted from relative performance as the sector had better performance than the other major credit sectors in the index. Lastly, an overweight to Utilities hurt as the sectors posted the worst nominal and excess returns than the Bloomberg Aggregate Index. We remain focused on generating income consistent with a prudent level of risk.

BARROW HANLEY GLOBAL INVESTORS

HIGH YIELD FUND

September 30, 2022

During the fiscal year ending September 30, 2022, Ba/B High Yield (HY) spreads started at 251 basis points (bps), climbed to a high of 511bps by July, and finished the period at 464bps. The Timothy Plan High Yield Fund invests primarily in BB and B rated HY bonds with a benchmark of the Bloomberg US HY Ba/B 3% Issuer Cap Index. The benchmark began the last 12 months with a Yield to Worst (YTW) of 3.68% and ended higher at 8.80%. Over the period, the HY market posted a return of -13.83% which was better than the return of investment grade credit bonds of -17.89%.

As the Fed shifted to a more hawkish monetary policy coming into 2022, the HY market recorded its second worst performance in a first quarter, behind only the 1Q20 pandemic-affected return. The main catalyst of the index’s -4.96% 1Q22 return was increasing inflation, which led to higher UST yields. The war in Ukraine exacerbated global energy and food supply concerns as prices spiked, leading to increasing inflation expectations. The 5-year U.S. Treasury, which is the main HY reference point, increased from 1.26% to 2.46% in 1Q22. As global macro concerns persisted throughout 2022, the HY market continued to decline.

Also impacting the 12-month performance of below investment grade issues has been outflows in HY bond funds. Year-to-date (YTD), HY bond funds have experienced $61B of net outflows. These outflows have put pressure on HY credit spreads resulting in further widening. One offset has been the decline in new issue supply. Supply of HY bonds lags YTD21 by 77%. By the end of September 2022, the YTD return for the US HY Ba/B 3% Issuer Cap Index fell -14.49%.

According to Morningstar, the Timothy High Yield Fund A shares generated a total return of -15.45% over the 12-month period ending September 30, 2022 while the Bloomberg US HY Ba/B 3% Issuer Cap index returned -13.83%. An overweight to Financials detracted from performance as the sector generated the worst nominal and excess returns in the index. In addition, an underweight to Utilities hurt relative performance as this sector posted better returns than the overall index. Security selection in Energy holdings benefited performance. Within Financials, our REIT holdings generated returns ahead of their counterparts in the index, positively contributing to performance. The portfolio remains focused on generating a higher level of carry income consistent with a reasonable level of risk.

BARROW HANLEY GLOBAL INVESTORS

Israel Common Values FUND

September 30, 2022

The Fund began the fiscal year on a firmer footing but eventually succumbed to the global equity selloff. While inflation in the country had remained subdued for some time, it rose above the Bank of Israel’s target level, forcing the bank to hike rates more aggressively. This surprise pivot to a much more hawkish stance hurt the growthier areas of the Fund and has helped more value oriented and defensive sectors. This was a major headwind for the Fund this year leading the Fund to underperform the TA-125 index for the fiscal year ended Sep. 30th after many years of outperformance. Both sector allocation and stock selection contributed to the underperformance. From a sector standpoint, an underweight to Health Care and Real Estate was helpful as both sectors underperformed but was not enough to offset headwinds from an overweight to underperforming Technology and underweight to outperforming Communication Services and Energy. Stock selection was positive in Technology but detrimental in Industrials and Consumer Discretionary. Notable positive attributors for the year included Tadiran (Consumer Discretionary), Tel Aviv Exchange (Financials), and Ratio Oil (Energy). Negative attributors included Kornit Digital (Industrials), Varonis Systems (Technology), and Global-e Online (Consumer Discretionary).

While inflation began the fiscal year of the Fund well below other developed market levels, it subsequently rose quickly, forcing the Bank of Israel (BoI) to begin raising rates aggressively. The BoI has stated now that it intends to “front load” these hikes in order to bring inflation down to its target range of 1-3% by calendar year 2023. Economic growth is still robust in the country with the OECD projecting in June 2022 that Israeli GDP would grow by 4.8% in 2022 and 3.4% in 2023. Employment is strong while housing prices have risen faster than desired by the central bank. The economy is likely to continue to grow above most developed economies for the foreseeable future.

The Russia-Ukraine war has prompted a rethink of its energy security by European countries and handed Israel a much stronger negotiating hand with the region. Israel’s vast new natural gas resources are now highly sought after by its European neighbors, prompting the European Union to sign a Memorandum of Understanding with Israel and Egypt to help get Israeli gas to Europe. It also led to the eventual negotiation between Israel and Lebanon to settle their maritime border disputes. This should provide Israel with a prolonged period of export revenue from its vast resource development.

The Fund continues to invest alongside the innovate spirit of Israeli companies providing ample attractive investment opportunities. While global economic uncertainty is likely to continue in the near term, we are optimistic of the long-term prospects for this robust economic engine. We remain committed to a consistent investment approach dedicated to finding long-term investments for shareholders and we thank you for your continued investment in the Fund.

Eagle Global Advisors, LLC

Defensive Strategies Fund

September 30, 2022

Dear Timothy Plan Defensive Strategies Fund Shareholder:

The Defensive Strategies Fund was designed and is managed to do what its name implies, hedge against a possible scenario of hyper-inflation which could result from our Congress’s proven unwillingness to address our core problems of too much spending and too much debt. The Fund was also designed with built-in flexibility that allows it to be adjusted to address a possible risk of extreme deflation, with the ability to convert the inflation sensitive assets to cash and fixed income securities during a deflationary environment, and to be adjusted to a more normal, traditional investment strategy.

The Fund’s portfolio is primarily comprised of several inflation sensitive investment sleeves: commodities (commodity company stocks and ETF’s), real estate (in the form of REITs), precious metals (primarily gold bullion) and silver ETFs, TIPs (Treasury Inflation Protected Bonds), with the balance in cash. Timothy Partners, Ltd. (the “Advisor”) is responsible for setting the percentages of the Fund that will be allocated to each investment sleeve. Different sub-advisors manage the holdings in each sleeve. I believe you are aware that this past year, especially the past nine months has been a very difficult period in the capital markets with the economic recession creating a lot of turbulence in the real estate, commodity and precious metals markets (that comprise much of our Defensive Strategies portfolio) as well as the equity and fixed income sectors. As a result, this Fund experienced a negative 6.80% return for the fiscal year ended September 30, 2022. For a more complete description of the elements that impacted Fund performance and the outlook for the future, please read the various sub-advisors' reports in the pages that follow.

I would like to point out that, since there does not exist an appropriate benchmark index with which to compare our performance, we have created a blended index comprised of roughly 33% each of U.S. Government TIPs, FTSE NAREIT Equity Index and Bloomberg Commodity Index. We believe the blend offers a fairly accurate reflection and comparison of the composition of the Fund. For the fiscal year ended September 30, 2022, the blended index had a negative return of 3.16%. The difference between the fund’s performance and the blended index was due mainly to the drag our precious metals position had on the fund which is not reflected in the index.

While no one can predict future events, I remain confident that our sub-advisors (i.e. money management firms that manage the various sleeves of this Fund) are, in our opinion, among the best in the industry, and they each continue to honor our overall policy that they manage their respective Fund sleeve both in accordance with our screening restrictions and with a conservative bias. As I stated in last year’s report, although we will do our very best to be successful, we cannot guarantee results in any of these scenarios.

Finally, I would once again like to thank you for your moral convictions that led you to become part of the Timothy Plan Family..

Sincerely,

Arthur D. Ally
President

Defensive Strategies Fund | TIPS SLEEVE

September 30, 2022

Stubbornly high inflation led to the Federal Reserve’s (Fed) decision to press ahead with tighter U.S. monetary policy in 2022. The pace of rate hikes that began in March of 2022 is the fastest level since the early 1980’s. According to the Bureau of Labor Statistics, the Consumer Price Index for All Urban Consumers (CPI) accelerated by 8.2% year-over-year (y/y) in September 2022. The Timothy Defensive Fund has an allocation of U.S. Treasury Inflation Protected Securities (TIPS) designed to help protect assets from higher rates of inflation.

As of year-end 2021, investors had priced in three rate hikes for 2022 via the Fed Funds futures curve. However, by the end of 1Q22, futures were projecting more than eight additional 25 basis points (bps) hikes, which would take the Fed Funds rate to 2.00-2.25%. Despite three rate hikes totaling 1.50 bps by the end of June 2022, inflation continued to persist. The Fed kept responding with further rate hikes, which continued to lift the Fed Funds rate by another 150bps, bringing its total increases to 300bps by the end of September 2022.

The Fed continued to argue its hawkish policies had yet to have an impact on the labor market, which is their necessary pre-condition for reducing the pace of rate hikes. However, many other U.S. and global indicators forewarned of slowing inflation and economic activity. U.S. Purchasing Manager Index (PMI) manufacturing surveys inched closer to the 50.0 level, which signifies a contraction in activity, while the JP Morgan Global PMI did fall below 50.0 in September. U.S. consumer spending slowed in 3Q and goods inflation decelerated to a 7.1% y/y rate, much slower than the 10.7% y/y pace of December 2021. While services inflation has offset the deceleration in goods prices, the University of Michigan consumer survey of one-year inflation expectations fell 70bps q/q to 4.70%.

Over the previous 12-month period, investors’ future inflation expectations climbed significantly. We measure investors’ inflation expectations as the difference between the U.S. Treasury 10-year and the U.S. TIPS 10-year. This “breakeven rate” of inflation is what would be required to make these two securities have the same yield. The “breakeven rate” of inflation started the fiscal period at 2.38%, reached a 12-month high of 3.04% in April 2022 but subsequently declined to 2.15% by the end of September. The Bloomberg U.S. TIPS Index generated a 12-month return of -11.57% versus -10.00% for the Timothy Plan’s TIPS portfolio. The TIPS portfolio ended the fiscal year-end period with an overweight to the 1 to 4.99-year maturity segment, overweight to the 5 to 9.99-year, and underweight to 20+ year securities. The primary goal of the TIPS allocation continues to be protection from rising inflation rates.

BARROW HANLEY GLOBAL INVESTORS

Defensive Strategies Fund | REIT SLEEVE

September 30, 2022

While the fourth quarter of 2021 was extremely strong, the story in the first nine months of 2022 has been completely different. The Federal Reserve (‘Fed’) has gone from being accommodative to the markets to having an explicit goal of quashing inflation at any cost. The result has been the quickest increase in the Fed Funds Rate in at least 35 years. As a result, the 10 yr US Treasury yield rose from 1.52% on September 30, 2021 to 3.83% as of September 30, 2022. The rapid rise in the risk-free rate also caused equities, bonds, and REITs to have lower prices.

In the year ending September 30, 2022, the MSCI US REIT Index (Bloomberg: RMZ) produced a total return of -16.6%. While the economy appears to be strong on the surface, still producing job growth as of September, nominal GDP growth has not been able to keep up with inflation, leading to negative real GDP growth. Combined with the aggressive Fed policy to bring down inflation, the market is expecting for the economy to go through a recession in the next 12 months. The severity and duration of the recession is not yet known, but we believe the current pricing of REITs reflects a severe downturn that may or may not materialize.

Importantly, construction starts are already starting to fall as banks pull back from lending and developers can’t achieve positive returns with such high cost of debt. As such, the supply and demand environment appears favorable for the next several years. While interest rates beget higher interest expense, REITs have very little floating rate debt and minimal fixed rate debt maturing in the next 18 months. Furthermore, REITs balance sheets have the lowest Debt/Gross Asset Value and Net Debt/EBITDA ratios in history. Therefore, REIT earnings are mostly insulated from rising interest rates. Finally, the ‘re-rating’ of REIT multiples may be justified under the assumption that interest rates will remain high for a prolonged period; however, the Fed projects to be done with its hiking cycle in February of 2023, and we believe long term rates will begin to fall well ahead of this date. In short, this pullback could be the beginning of a multi-year recovery.

The portfolio outperformed the benchmark over the year ending September 30, 2022. The Timothy Fund REIT Sleeve produced a total return of -15.0% in the relevant period, which compared to the RMZ total return of -16.6%. The top contributors to relative performance were stock selection in the residential and shopping center sectors, as well as an underweight allocation to the office sector. The top detractors from relative performance over the same period were an underweight allocations to the triple net and specialty sectors, as well an overweight allocation to the diversified sector.

In particular, the performance of triple net has been surprising. Historically, triple net has had the highest correlation to interest rates, meaning the sector would have the worst performance during times of rising interest rates. In this case, triple net is the best performing sector in 2022. We believe this is due to fears of a recession, in which case the long term leases with investment grade tenants should be defensive. We believe our portfolio should outperform in a recession despite an underweight allocation to triple net as our exposure to cell towers, data centers, industrial, and residential should prove defensive. Several of these sectors are among the worst performers in 2022, which is a head-scratcher. We look forward to getting 3Q22 earnings reports, and, more importantly, 2023 guidance figures so that many of these companies can show how durable their earnings streams are today.

Chilton Capital Management

An investment cannot be made directly in an index. The information contained herein should be considered to be current only as of the date indicated, and we do not undertake any obligation to update the information contained herein in light of later circumstances or events. This publication may contain forward looking statements and projections that are based on the current beliefs and assumptions of Chilton Capital Management and on information currently available that we believe to be reasonable, however, such statements necessarily involve risks, uncertainties and assumptions, and prospective investors may not put undue reliance on any of these statements. This communication is provided for informational purposes only and does not constitute an offer or a solicitation to buy, hold, or sell an interest in any Chilton investment or any other security. Past performance does not guarantee future results.

Defensive Strategies Fund | COMMODITY SLEEVE

September 30, 2022

We are pleased to provide you with our annual report for the Timothy Plan Defensive Strategies Fund Commodity Sleeve (the “Portfolio”) for the twelve months ending September 30, 2022. Markets in general were more volatile during these twelve months with both stocks and bonds falling roughly (15%). However, commodities broadly posted strong gains with the Bloomberg Commodity Index Total Return (the “BCOM”) gaining 11.8%. The Portfolio rose 3.42% on a gross basis, generating (8.38%) of underperformance versus the BCOM benchmark. Negative contributions came from energy, agriculture, and industrial metals, with a small amount of relative outperformance being generated by precious metals.

Energy

Energy was the best performing sector in absolute terms, for the prior year, with the Bloomberg Energy Subindex Total Return rising 30.3%. The Portfolio’s energy holdings were also the best performing sector in absolute terms, gaining 26.4% for the period but were responsible for roughly a quarter of the Portfolio’s overall relative underperformance versus the BCOM. US WTI crude oil futures prices spiked up over $120/barrel following Russia’s invasion of Ukraine earlier in 2022 before falling back towards the levels seen prior to the war. Russia slashed supplies of natural gas to Europe – which relies heavily on Russia for its energy needs – in retaliation for sanctions imposed over Ukraine, which drove natural gas prices there significantly higher during the period. Natural gas prices in the US rose 15% in response; constrained by LNG export capacity to Europe being fully utilized with no ability to increase it further in the near-term. Upstream E&P companies held in the Portfolio benefited the most from these higher prices with profitability and earnings reaching record levels though capital expenditures and investment in production growth have not materialized. This focus on restraint comes in response to shareholder pressure against increased investment in production, preferring instead for producers to pay down debt and return capital in the form of increased dividends and share buybacks. The Portfolio’s largest energy holdings as of September 30th were TotalEnergies (TTE FP), EOG Resources (EOG US), and Petrobras (PBR US).

Agriculture

Over the past year agricultural commodities, as proxied by the Bloomberg Commodity Agriculture and Livestock Subindex Total Return, rose by 16.9%. Over the same period the Portfolio’s agricultural holdings underperformed, rising just 0.8% and generating over half of the Portfolio’s overall relative underperformance. While the more upstream industries within the sector – such as fertilizer and seed companies – posted strong outperformance on rising crop prices, animal and fish producers fell significantly as the cost of feed and labor pressured margins. The Portfolio’s largest agriculture holdings as of September 30th were Deere & Co (DE US), Nutrien Ltd (NTR US), and CF Industries Holdings (CF US).

Metals & Mining

Industrial metal commodity futures were down for the period as recession fears escalated with central banks raising interest rates to fight inflation. The Bloomberg Industrial Metals Subindex Total Return fell (9%), and the Portfolio’s industrial metal holdings fell further, dropping (13.6%) over the same period and generating roughly a quarter of the Portfolio’s overall relative underperformance. The Portfolio’s largest industrial metal holdings as of September 30th were BHP Group (BHP US), Rio Tinto (RIO US), and Teck Resources (TECK/B CN).

Despite falling as real interest rates rose, precious metals were the only sector to contribute positively to relative performance over the prior year: the Portfolio’s precious metals miners fell (7.6%) while the Bloomberg Precious Metals Subindex Total Return fell (7.8%). The Portfolio’s largest precious metal holdings as of September 30th were Gold Fields (GFI US), Newmont (NEM US), and B2Gold Corp (BTG US).

Market Outlook

The Timothy Plan Defensive Strategy Fund Commodity Sleeve currently utilizes a diversified portfolio of natural resource equities that is intended to capture commodity price movements. We believe that the lack of investment in the global supply of many important commodities, in addition to geopolitical risks, has resulted in a precarious supply situation unable to respond effectively to increases in demand. Recent events – especially the war in Ukraine – have also exposed vulnerabilities in supply chains for many of the worlds essential commodities and have driven prices and volatility higher. To the extent this growing uncertainty in future supply continues and global demand continues to increase over time, we expect the Portfolio to perform positively.

CoreCommodity Management, LLC

Past performance is not indicative of future results. STANDARD & POOR’S, and S&P are registered trademarks of Standard & Poor’s Financial Services LLC. “Bloomberg®,” “Bloomberg Commodity IndexSM” and the names of the other indexes and sub-indexes that are part of the Bloomberg Commodity Index family are service marks of Bloomberg Finance L.P. and its affiliates. Source for all Index data: Bloomberg L.P. Commodity Sectors are represented by the Bloomberg Commodity Sector Sub-Indices. This document does not constitute an offer of any commodities, securities or investment advisory services. Any such offer may be made only by means of a disclosure document or similar materials which contain a description of material terms and risks. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The economic statistics presented herein are subject to revision by the agencies that issue them. This information is accurate only as of the date hereof, or as of historical dates otherwise indicated herein, and we do not undertake any obligation to update this material Any indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and do not reflect the impact of advisory fees. Investors cannot invest directly in an index. All investments are subject to risk.

Strategic Growth & Conservative Growth Funds

September 30, 2022

Dear Timothy Plan Strategic Growth and Conservative Growth Fund Shareholder:

This report covers the fiscal year (10-1-21 thru 9-30-22). Asset allocation has normally been, and we believe it continues to be, a very prudent approach to investing. As a review, your Timothy Plan investment is a compilation of many of Timothy’s underlying funds (including four of our ETF’s) and, as such, your performance is directly related to the performance of those underlying funds. I believe you are aware that this has been a very difficult period in the capital markets with the economic recession which created a lot of turbulence in both the equity and fixed income markets. As a result, performance in all our underlying funds was negative for this past fiscal year which contributed to our (-15.82%) for Strategic Growth and (-14.48%) for Conservative Growth. While I am never happy with negative performance, at least both these asset allocation funds were down less than their respective indexes. You can find the specific details in the financial highlights of the main body of this report. Having said that, we intend to participate in this market while maintaining a more cautious outlook for the economy in the year ahead. As a result, we have adjusted our positions in the underlying funds to the allocations shown below:

Even though the Portfolios have been designed to be conservatively allocated, we understand that recent market gyrations may be unsettling for some investors. Please understand that our #1 concern is preservation of principal, and, even though we do want to participate in the markets’ hoped for potential recovery, we will attempt to adjust our allocation above to changing market conditions.

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

Sincerely,

Arthur D. Ally
President

Growth & Income Fund

September 30, 2022

Dear Timothy Plan Growth and Income Fund Shareholder:

Since two of our ETFs (TPHD and TPHE) fit nicely into the investment objective of our Growth & Income Fund, we incorporated them into the holdings of this fund so that:

It is our belief that this dual managed arrangement will result in both better performance and a reduction of this fund’s expense ratio.

As you can see from the performance portion of this Annual Report, this fund had a negative return of (-7.79%) while its best fit index (a blended of 60% Russell 1000 Value Index and 40% of Bloomberg Aggregate Bond Index) was down (-12.45%) for the 12 months ending 9-30-22. This negative performance is primarily the result of the impact the economic recession has had on the markets for the past nine months or so.

For a comprehensive review and a future market outlook for this fund, please read Barrow Hanley’s Sub-Advisor’s letter in this Annual Report.

As you know, no one can guarantee future performance. However, the one thing that I can assure you of is, for every one of our Timothy Plan Funds, all of our sub-advisors are doing their very best and our team here at Timothy is working very hard to provide you an investment in which you can feel comfortable.

Sincerely,

Arthur D. Ally
President

Growth & Income Fund | Fixed Income Allocation

September 30, 2022

The fiscal year ending September 30, 2022 saw an increase in U.S. Treasury (UST) yields as the Federal Reserve (Fed) signaled their intent to fight higher prices by hiking rates in 2022. They also accelerated the timeline for tapering additional Quantitative Easing (QE) purchases. The fixed income allocation of the Timothy Plan Growth & Income Fund invests in the broad U.S. investment grade bond market benchmarked to the Bloomberg Aggregate Index which began the last 12- months with a yield of 1.56% and ended at 4.63%.

In an effort to curb inflation, the Fed hiked rates 5 times by September 30th for a total of 300 basis points (bps). These hikes took the Fed Funds rate to 3.25%. UST yields jumped in response to Fed policy and inflation, which remained stubbornly high. The Fed continued to argue its hawkish policies had yet to have an impact on the labor market, which is their necessary pre-condition for reducing the pace of rate hikes. However, many other U.S. and global indicators forewarned of slowing inflation and economic activity. U.S. Purchasing Manager Index (PMI) manufacturing surveys inched closer to the 50.0 level, which signifies a contraction in activity, while the JP Morgan Global PMI did fall below 50.0 in September. U.S. consumer spending slowed in 3Q22 and goods inflation decelerated to a 7.1% y/y rate, much slower than the 10.7% y/y pace of December 2021. While services inflation has offset the deceleration in goods prices, the University of Michigan consumer survey of one-year inflation expectations fell 70bps q/q to 4.70%.

The 10-year UST yield rose after starting the fiscal period at 1.49%, peaking at 3.95% in late September 2022, and ending at 3.83%. By comparison, the 2-year rate started the period at 0.28% and ended the last 12 months at 4.28%, by far the largest increase of any other maturity level. The 2yr UST yield reached its highest level since August 2007, leading the UST curve to become more inverted than at any time since April 1982.

Investment Grade (IG) Credit spreads started the last 12 months at 80bps and ended at 147bps by September 2022. A key driver of the YTD credit spread widening has been the nearly continuous outflows suffered by IG fixed income funds. August was the first month of 2022 in which IG credit funds received net inflows. However, outflows resumed in September and reached $119B YTD. Fortunately, outflows have been partially offset by waning new issue supply. New issuance only reached $397B in 3Q2, a 10.0% decline from 3Q21 and YTD supply now trails the YTD21 pace by 12.8%.

Mortgage-backed securities (MBS) were more resilient than IG Credit during the fiscal year ending September. Over the 12-month period, the MBS sector, within the Bloomberg Aggregate, generated a return of -13.98% versus -17.89% for IG Credit. During 4Q21, issuance grew 8% y/y and 2021 supply of $880B surpassed 2020’s total by 70%, both of which were an all-time high for MBS. However, rate volatility and Fed policy created a difficult environment for MBS in 2022. By the end of September, 30yr mortgage rates reached 6.80% which was a 350bps YTD increase. The level of rates not only reduced MBS issuance but it also lowered MBS prices to the point the sector became positively convex for the first time in its history.

The fixed income allocation, of the Timothy Plan Growth & Income, generated a return of -12.52% versus the Bloomberg Aggregate of -14.60% for the 12-month period ending September 30th. For the same time period, the overweight allocation to USTs contributed to relative performance as the sector generated better nominal returns than IG Credit bonds and the overall index. In addition, our lower portfolio duration stance helped performance in a period of rising rates. The portfolio’s underweight to Financials detracted from relative performance as the sector had better performance than the other major credit sectors in the index. Lastly, an overweight to Utilities hurt as the sectors posted the worst nominal and excess returns than the Bloomberg Aggregate Index. We remain focused on generating income consistent with a prudent level of risk.

BARROW HANLEY GLOBAL INVESTORS

Section 2 | Fund Performance

SEPTEMBER 30, 2022 (UNAUDITED)

Aggressive Growth Fund

TIMOTHY PLAN AGGRESSIVE GROWTH FUND VS.
RUSSELL MID-CAP GROWTH INDEX

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Russell Mid-Cap Growth Index on September 30, 2012 and held through September 30, 2022. The Russell Mid-Cap Growth Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

FUND PERFORMANCE (UNAUDITED)

International Fund

TIMOTHY PLAN INTERNATIONAL FUND VS. MSCI EAFE INDEX VS.
MSCI AC WORLD INDEX EX USA NET (USD)

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares, the MSCI EAFE Index and the MSCI AC World Index ex USA Net (USD) on September 30, 2012 and held through September 30, 2022. The MSCI EAFE Index is a widely recognized unmanaged index of equity prices and is representative of equity market performance of developed countries, excluding the U.S. and Canada. The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries. With 2,377 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

FUND PERFORMANCE (UNAUDITED)

Large/Mid Cap Growth Fund

TIMOTHY PLAN LARGE/MID CAP GROWTH FUND VS.
RUSSELL 1000 GROWTH TOTAL RETURN INDEX

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Russell 1000 Growth Total Return Index on September 30, 2012 and held through September 30, 2022. The Russell 1000 Growth Total Return Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

FUND PERFORMANCE (UNAUDITED)

Small Cap Value Fund

TIMOTHY PLAN SMALL CAP VALUE FUND VS.
RUSSELL 2000 INDEX

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Russell 2000 Index on September 30, 2012 and held through September 30, 2022. The Russell 2000 Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.

FUND PERFORMANCE (UNAUDITED)

Large/Mid Cap Value Fund

TIMOTHY PLAN LARGE/MID CAP VALUE FUND VS.
S&P 500 INDEX

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the S&P 500 Index on September 30, 2012 and held through September 30, 2022. The S&P 500 Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

FUND PERFORMANCE (UNAUDITED)

Fixed Income Fund

TIMOTHY PLAN FIXED INCOME FUND VS.
BLOOMBERG U.S. AGGREGATE BOND INDEX

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Bloomberg U.S. Aggregate Bond Index on September 30, 2012 and held through September 30, 2022. The Bloomberg U.S. Aggregate Bond Index is a widely recognized, unmanaged index of bond prices. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

FUND PERFORMANCE (UNAUDITED)

High Yield Bond Fund

TIMOTHY PLAN HIGH YIELD BOND FUND VS.
BLOOMBERG U.S. HIGH YIELD BA/B 3% INDEX

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and Bloomberg U.S. High Yield Ba/B 3% Index on September 30, 2012 and held through September 30, 2022. The Bloomberg U.S. High Yield Ba/B 3% Index is an issuer-constrained version of the flagship U.S. Corporate High Yield Index, which measures the USD-denominated, high yield, fixed-rate corporate bond market. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

FUND PERFORMANCE (UNAUDITED)

Israel Common Values Fund

TIMOTHY PLAN ISRAEL COMMON VALUES FUND VS.

TA - 125 INDEX

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the TA - 125 Index on September 30, 2012 and held through September 30, 2022. The TA - 125 Index is an unmanaged index of equity prices representing the 125 most highly capitalized companies listed on the Tel Aviv Stock Exchange . Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

FUND PERFORMANCE (UNAUDITED)

Defensive Strategies Fund

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND VS. THE TIMOTHY DEFENSIVE

STRATEGIES FUND BLENDED INDEX

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Timothy Defensive Strategies Fund Blended Index on September 30, 2012 and held through September 30, 2022. The Timothy Defensive Strategies Fund Blended Index reflects an unmanaged portfolio of 33% of the Bloomberg Barclays U.S. Treasury: 1-3 years Index, 33% of the Bloomberg Commodity Index Total Return and 34% of the MSCI U.S. REIT Gross (USD) Index. Performance figures include the change in value of the asset classes in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

FUND PERFORMANCE (UNAUDITED)

Strategic Growth Fund

TIMOTHY PLAN STRATEGIC GROWTH FUND VS. DOW JONES MODERATELY

AGGRESSIVE PORTFOLIO INDEX

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Dow Jones Moderately Aggressive Portfolio Index on September 30, 2012 and held through September 30, 2022. The Dow Jones Moderately Aggressive Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

FUND PERFORMANCE (UNAUDITED)

Conservative Growth Fund

TIMOTHY PLAN CONSERVATIVE GROWTH FUND VS.
DOW JONES MODERATE PORTFOLIO INDEX

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Dow Jones Moderate Portfolio Index on September 30, 2012 and held through September 30, 2022. The Dow Jones Moderate Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS. 

FUND PERFORMANCE (UNAUDITED)

Growth & Income Fund

TIMOTHY GROWTH & INCOME FUND VS.
TIMOTHY GROWTH & INCOME FUND BLENDED INDEX

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund's Class A shares and the Timothy Growth & Income Fund Blended Index on October 1, 2013 and held through September 30, 2022. The Timothy Growth & Income Fund Blended Index reflects an unmanaged portfolio of 40% of the Barclays U.S. Aggregate Bond Index and 60% of the Russell 1000 Value Index. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.

FUND PERFORMANCE (UNAUDITED)

Section 3 | Schedule of Investments

SEPTEMBER 30, 2022

Aggressive Growth Fund

SCHEDULE OF INVESTMENTS

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

Aggressive Growth Fund

SCHEDULE OF INVESTMENTS

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

Aggressive Growth Fund

SCHEDULE OF INVESTMENTS

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

International Fund

SCHEDULE OF INVESTMENTS

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

International Fund

SCHEDULE OF INVESTMENTS

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

International Fund

SCHEDULE OF INVESTMENTS

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

International Fund

SCHEDULE OF INVESTMENTS

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

Large/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS

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

Large/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS

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

Large/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS

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

Small Cap Value Fund

SCHEDULE OF INVESTMENTS

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

Small Cap Value Fund

SCHEDULE OF INVESTMENTS

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

Small Cap Value Fund

SCHEDULE OF INVESTMENTS

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

Small Cap Value Fund

SCHEDULE OF INVESTMENTS

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

Large/Mid Cap Value Fund