timncsr093010.htm

(a) For the period October 5, 2000 (commencement of investment in accordance with objective) to September 30, 2010.

(b) For the Period October 9, 2000 (commencement of share class operations) to September 30, 2010.

(c) For the Period February 3, 2004 (commencement of share class operations) to September 30, 2010.

*With Maximum Deferred Sales Charge

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

Timothy Plan Financial Highlights

Financial Highlights | International (Class A Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year		Period		Year	Period
		ended		ended		ended	ended
		9/30/10		9/30/09	(A)	12/31/08	12/31/07	(B)

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 7.52		$ 5.92		$ 11.00	$ 10.00

Income from Investment Operations:
Net Investment Income (Loss)		0.04	(C)	0.08		0.09	0.04
Net Realized and Unrealized
Gain (Loss) on Investments		0.26		1.52		(5.08)	1.00
Total from Investment Operations		0.30		1.60		(4.99)	1.04

Less Distributions:
Dividends from Net Investment
Income		(0.11)		-		(0.09)	(0.04)
Total Distributions		(0.11)		-		(0.09)	(0.04)

Net Asset Value at End of Period		$ 7.71		$ 7.52		$ 5.92	$ 11.00

Total Return (D)(E)		3.93%		27.03%	(F)	-45.38%	10.39%	(F)

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 35,206		$ 37,248		$ 31,214	$ 42,298

Ratio of Expenses to Average
Net Assets:

After Reimbursement and		1.74%		1.72%		1.66%	1.69%
Waiver/Recoupment of					(G)			(G)
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

After Reimbursement and		0.58%		1.68%		1.12%	0.58%
Waiver/Recoupment of					(G)			(G)
Expenses by Adviser

Portfolio Turnover		40.51%		38.27%		32.36%	13.18%






(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period May 3, 2007 (Commencement of Operations) to December 31, 2007.
(C)	Per share amounts calculated using average shares method.
(D)	Total return calculation does not reflect sales load.
(E)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | International (Class C Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year		Period		Year	Period
		ended		ended		ended	ended
		9/30/10		9/30/09	(A)	12/31/08	12/31/07	(B)

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 7.41		$ 5.87		$ 10.97	$ 10.00

Income from Investment Operations:
Net Investment Income (Loss)		(0.01)	(C)	0.04		0.04	(0.02)
Net Realized and Unrealized
Gain (Loss) on Investments		0.25		1.50		(5.07)	0.99
Total from Investment Operations		0.24		1.54		(5.03)	0.97

Less Distributions:
Dividends from Net Investment
Income		(0.07)		-		(0.07)	-	*
Total Distributions		(0.07)		-		(0.07)	-

Net Asset Value at End of Period		$ 7.58		$ 7.41		$ 5.87	$ 10.97

Total Return (D)(E)		3.27%		26.24%	(F)	-45.79%	9.71%	(F)

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 1,941		$ 1,417		$ 984	$ 1,318

Ratio of Expenses to Average
Net Assets:

After Reimbursement and		2.49%		2.47%		2.40%	2.48%
Waiver/Recoupment of					(G)			(G)
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

After Reimbursement and		(0.15)%		0.85%		0.45%	(0.44)%
Waiver/Recoupment of					(G)			(G)
Expenses by Adviser

Portfolio Turnover		40.51%		38.27%		32.36%	13.18%




	*Amount is less than $0.005 per share.

(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period May 3, 2007 (Commencement of Operations) to December 31, 2007.
(C)	Per share amounts calculated using average shares method.
(D)	Total return calculation does not reflect redemption fee.
(E)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Large/Mid Cap Growth (Class A Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year		Year	Year	Year
		ended	ended		ended		ended	ended	ended
		9/30/10	9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 5.37	$ 4.38		$ 6.89		$ 7.25	$ 6.92	$ 6.69

Income from Investment Operations:
Net Investment Income (Loss)		(0.04)	(0.02)		(0.04)		(0.03)	(0.04)	(0.05)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.66	1.01		(2.46)		0.39	0.37	0.28
Total from Investment Operations		0.62	0.99		(2.50)		0.36	0.33	0.23

Less Distributions:
Dividends from Realized Gains		-	-		(0.01)		(0.72)	-	-
Total Distributions		-	-		(0.01)		(0.72)	-	-

Net Asset Value at End of Period		$ 5.99	$ 5.37		$ 4.38		$ 6.89	$ 7.25	$ 6.92

Total Return (C)(D)		11.55%	22.60%	(F)	-36.30%		5.09%	4.77%	3.44%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 38,865	$ 35,973		$ 32,484		$ 53,183	$ 65,510	$ 53,901

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		1.66%	1.67%	(G)	1.56%		1.46%	1.52%	1.60%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		1.66%	1.67%	(G)	1.56%		1.46%	1.53%	1.60%
Waiver/Recoupment of
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		(0.74)%	(0.58)%	(G)	(0.64)%		(0.37)%	(0.56)%	(0.80)%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		(0.74)%	(0.58)%	(G)	(0.64)%		(0.37)%	(0.57)%	(0.80)%
Waiver/Recoupment of
Expenses by Adviser

Portfolio Turnover		77.68%	77.98%		176.94%	(E)	44.62%	60.46%	38.61%




(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Large/Mid Cap Growth (Class B Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year		Period		Year		Year	Year	Year
		ended		ended		ended		ended	ended	ended
		9/30/10		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 5.00		$ 4.11		$ 6.50		$ 6.94	$ 6.68	$ 6.50

Income from Investment Operations:
Net Investment Income (Loss)		(0.08)	(B)	(0.04)		(0.08)		(0.08)	(0.09)	(0.10)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.62		0.93		(2.30)		0.36	0.35	0.28
Total from Investment Operations		0.54		0.89		(2.38)		0.28	0.26	0.18

Less Distributions:
Dividends from Realized Gains		-		-		(0.01)		(0.72)	-	-
Total Distributions		-		-		(0.01)		(0.72)	-	-

Net Asset Value at End of Period		$ 5.54		$ 5.00		$ 4.11		$ 6.50	$ 6.94	$ 6.68

Total Return (C)(D)		10.80%		21.65%	(F)	-36.63%		4.16%	3.89%	2.77%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 700		$ 1,130		$ 1,022		$ 1,935	$ 2,245	$ 2,307

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		2.40%		2.42%	(G)	2.30%		2.21%	2.26%	2.35%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		2.40%		2.42%	(G)	2.30%		2.21%	2.28%	2.35%
Waiver/Recoupment of
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		(1.51)%		(1.32)%	(G)	(1.38)%		(1.10)%	(1.31)%	(1.55)%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		(1.51)%		(1.32)%	(G)	(1.38)%		(1.10)%	(1.33)%	(1.55)%
Waiver/Recoupment of
Expenses by Adviser

Portfolio Turnover		77.68%		77.98%		176.94%	(E)	44.62%	60.46%	38.61%




(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Large/Mid Cap Growth (Class C Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year		Year	Year	Year
		ended	ended		ended		ended	ended	ended
		9/30/10	9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 5.01	$ 4.11		$ 6.51		$ 6.95	$ 6.69	$ 6.52

Income from Investment Operations:
Net Investment Income (Loss)		(0.08)	(0.04)		(0.08)		(0.07)	(0.07)	(0.08)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.62	0.94		(2.31)		0.35	0.33	0.25
Total from Investment Operations		0.54	0.90		(2.39)		0.28	0.26	0.17

Less Distributions:
Dividends from Realized Gains		-	-		(0.01)		(0.72)	-	-
Total Distributions		-	-		(0.01)		(0.72)	-	-

Net Asset Value at End of Period		$ 5.55	$ 5.01		$ 4.11		$ 6.51	$ 6.95	$ 6.69

Total Return (C)(D)		10.78%	21.90%	(F)	-36.73%		4.15%	3.89%	2.61%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 2,523	$ 2,120		$ 1,971		$ 3,097	$ 2,222	$ 1,496

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		2.41%	2.42%	(G)	2.31%		2.22%	2.27%	2.35%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		2.41%	2.42%	(G)	2.31%		2.22%	2.27%	2.35%
Waiver/Recoupment of
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		(1.49)%	(1.33)%	(G)	(1.39)%		(1.12)%	(1.31)%	(1.55)%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		(1.49)%	(1.33)%	(G)	(1.39)%		(1.12)%	(1.31)%	(1.55)%
Waiver/Recoupment of
Expenses by Adviser

Portfolio Turnover		77.68%	77.98%		176.94%	(E)	44.62%	60.46%	38.61%



(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Small Cap Value (Class A Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year	Year	Year	Year
		ended	ended		ended	ended	ended	ended
		9/30/10	9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 10.25	$ 8.88		$ 13.27	$ 14.94	$ 15.27	$ 15.59

Income from Investment Operations:
Net Investment Income (Loss)		(0.06)	(0.05)		0.01	0.04	0.22	0.01	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		1.09	1.42		(4.33)	0.36	2.77	(0.17)
Total from Investment Operations		1.03	1.37		(4.32)	0.40	2.99	(0.16)

Less Distributions:
Dividends from Net Investment
Income		-	-		-	(0.03)	(0.22)	-
Dividends from Realized Gains		-	-		(0.07)	(2.04)	(3.10)	(0.16)
Total Distributions		-	-		(0.07)	(2.07)	(3.32)	(0.16)

Net Asset Value at End of Period		$ 11.28	$ 10.25		$ 8.88	$ 13.27	$ 14.94	$ 15.27

Total Return (C)(D)		10.05%	15.43%	(E)	-32.50%	2.87%	19.69%	-1.01%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 40,482	$ 47,268		$ 42,651	$ 62,525	$ 66,097	$ 49,008

Ratio of Expenses to Average
Net Assets:

After Reimbursement and		1.59%	1.59%	(F)	1.50%	1.44%	1.52%	1.56%
Waiver/Recoupment of
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

After Reimbursement and		(0.51)%	(0.71)%	(F)	0.05%	0.24%	1.39%	0.05%
Waiver/Recoupment of
Expenses by Adviser

Portfolio Turnover		64.37%	57.15%		110.16%	59.84%	148.02%	44.24%





(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Small Cap Value (Class B Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year		Period		Year	Year	Year	Year
		ended		ended		ended	ended	ended	ended
		9/30/10		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 8.92		$ 7.78		$ 11.72	$ 13.49	$ 14.09	$ 14.51

Income from Investment Operations:
Net Investment Income (Loss)		(0.12)	(B)	(0.09)		(0.08)	(0.08)	0.14	(0.10)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.94		1.23		(3.79)	0.35	2.50	(0.16)
Total from Investment Operations		0.82		1.14		(3.87)	0.27	2.64	(0.26)

Less Distributions:
Dividends from Net Investment
Income		-		-		-	-	(0.14)	-
Dividends from Realized Gains		-		-		(0.07)	(2.04)	(3.10)	(0.16)
Total Distributions		-		-		(0.07)	(2.04)	(3.24)	(0.16)

Net Asset Value at End of Period		$ 9.74		$ 8.92		$ 7.78	$ 11.72	$ 13.49	$ 14.09

Total Return (C)(D)		9.19%		14.65%	(E)	-32.95%	2.22%	18.82%	-1.77%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 3,114		$ 4,052		$ 4,173	$ 7,370	$ 11,750	$ 16,072

Ratio of Expenses to Average
Net Assets:

After Reimbursement and		2.34%		2.34%	(F)	2.24%	2.19%	2.27%	2.31%
Waiver/Recoupment of
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

After Reimbursement and		(1.25)%		(1.45)%	(F)	(0.69)%	(0.57)%	0.69%	(0.70)%
Waiver/Recoupment of
Expenses by Adviser

Portfolio Turnover		64.37%		57.15%		110.16%	59.84%	148.02%	44.24%





(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Small Cap Value (Class C Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year	Year	Year	Year
		ended	ended		ended	ended	ended	ended
		9/30/10	9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 8.99	$ 7.83		$ 11.80	$ 13.58	$ 14.12	$ 14.55

Income from Investment Operations:
Net Investment Income (Loss)		(0.12)	(0.09)		(0.07)	(0.05)	0.09	(0.10)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.95	1.25		(3.83)	0.31	2.56	(0.17)
Total from Investment Operations		0.83	1.16		(3.90)	0.26	2.65	(0.27)

Less Distributions:
Dividends from Net Investment
Income		-	-		-	-	(0.09)	-
Dividends from Realized Gains		-	-		(0.07)	(2.04)	(3.10)	(0.16)
Total Distributions		-	-		(0.07)	(2.04)	(3.19)	(0.16)

Net Asset Value at End of Period		$ 9.82	$ 8.99		$ 7.83	$ 11.80	$ 13.58	$ 14.12

Total Return (C)(D)		9.23%	14.81%	(E)	-32.99%	2.13%	18.80%	-1.84%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 4,186	$ 3,867		$ 3,901	$ 6,341	$ 4,054	$ 2,258

Ratio of Expenses to Average
Net Assets:

After Reimbursement and		2.34%	2.34%	(F)	2.25%	2.19%	2.27%	2.31%
Waiver/Recoupment of
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

After Reimbursement and		(1.26)%	(1.45)%	(F)	(0.70)%	(0.47)%	0.61%	(0.70)%
Waiver/Recoupment of
Expenses by Adviser

Portfolio Turnover		64.37%	57.15%		110.16%	59.84%	148.02%	44.24%




(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Large/Mid Cap Value (Class A Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year	Year	Year	Year
		ended	ended		ended	ended	ended	ended
		9/30/10	9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 10.72	$ 9.10		$ 15.48	$ 14.31	$ 12.99	$ 12.68

Income from Investment Operations:
Net Investment Income (Loss)		0.05	0.04		0.05	0.15	0.16	0.02	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		1.12	1.58		(6.26)	2.26	2.24	2.44
Total from Investment Operations		1.17	1.62		(6.21)	2.41	2.40	2.46

Less Distributions:
Dividends from Net Investment
Income		(0.05)	-		(0.03)	(0.16)	(0.16)	-	*
Dividends from Realized Gains		-	-		(0.14)	(1.08)	(0.90)	(2.15)
Distributions from Return of
Capital		-	-		-	-	(0.02)	-
Total Distributions		(0.05)	-		(0.17)	(1.24)	(1.08)	(2.15)

Net Asset Value at End of Period		$ 11.84	$ 10.72		$ 9.10	$ 15.48	$ 14.31	$ 12.99

Total Return (C)(D)		10.94%	17.80%	(E)	-40.05%	17.02%	18.41%	19.42%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 80,700	$ 82,784		$ 69,695	$ 103,828	$ 84,203	$ 51,753

Ratio of Expenses to Average
Net Assets:

After Reimbursement and		1.58%	1.57%	(F)	1.51%	1.44%	1.51%	1.55%
Waiver/Recoupment of
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

After Reimbursement and		0.39%	0.57%	(F)	0.39%	0.99%	1.20%	0.15%
Waiver/Recoupment of
Expenses by Adviser

Portfolio Turnover		38.31%	32.46%		76.74%	47.52%	52.16%	129.22%


	*Amount is less than $0.005 per share.

(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Large/Mid Cap Value (Class B Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year		Period		Year		Year	Year	Year
		ended		ended		ended		ended	ended	ended
		9/30/10		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 9.75		$ 8.32		$ 14.27		$ 13.26	$ 12.10	$ 12.02

Income from Investment Operations:
Net Investment Income (Loss)		(0.04)	(B)	(0.03)		(0.04)	(B)	0.04	0.05	(0.08)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		1.02		1.46		(5.75)		2.08	2.08	2.31
Total from Investment Operations		0.98		1.43		(5.79)		2.12	2.13	2.23

Less Distributions:
Dividends from Net Investment
Income		(0.03)		-		(0.02)		(0.03)	(0.05)	-
Dividends from Realized Gains		-		-		(0.14)		(1.08)	(0.90)	(2.15)
Distributions from Return of
Capital		-		-		-		-	(0.02)	-
Total Distributions		(0.03)		-		(0.16)		(1.11)	(0.97)	(2.15)

Net Asset Value at End of Period		$ 10.70		$ 9.75		$ 8.32		$ 14.27	$ 13.26	$ 12.10

Total Return (C)(D)		10.10%		17.19%	(E)	-40.55%		16.21%	17.54%	18.56%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 1,095		$ 1,722		$ 2,236		$ 5,945	$ 6,470	$ 6,496

Ratio of Expenses to Average
Net Assets:

After Reimbursement and		2.32%		2.33%	(F)	2.24%		2.19%	2.26%	2.30%
Waiver/Recoupment of
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

After Reimbursement and		(0.38)%		(0.17)%	(F)	(0.37)%		0.24%	0.28%	(0.60)%
Waiver/Recoupment of
Expenses by Adviser

Portfolio Turnover		38.31%		32.46%		76.74%		47.52%	52.16%	129.22%




(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Large/Mid Cap Value (Class C Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year	Year	Year	Year
		ended	ended		ended	ended	ended	ended
		9/30/10	9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 9.73	$ 8.31		$ 14.24	$ 13.28	$ 12.12	$ 12.04

Income from Investment Operations:
Net Investment Income (Loss)		(0.05)	(0.01)		(0.04)	0.02	0.07	(0.08)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		1.03	1.43		(5.73)	2.10	2.08	2.31
Total from Investment Operations		0.98	1.42		(5.77)	2.12	2.15	2.23

Less Distributions:
Dividends from Net Investment
Income		(0.03)	-		(0.02)	(0.08)	(0.07)	-
Dividends from Realized Gains		-	-		(0.14)	(1.08)	(0.90)	(2.15)
Distributions from Return of
Capital		-	-		-	-	(0.02)	-
Total Distributions		(0.03)	-		(0.16)	(1.16)	(0.99)	(2.15)

Net Asset Value at End of Period		$ 10.68	$ 9.73		$ 8.31	$ 14.24	$ 13.28	$ 12.12

Total Return (C)(D)		10.12%	17.09%	(E)	-40.49%	16.13%	17.63%	18.53%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 9,484	$ 9,552		$ 8,544	$ 12,722	$ 6,353	$ 2,774

Ratio of Expenses to Average
Net Assets:

After Reimbursement and		2.33%	2.32%	(F)	2.26%	2.19%	2.25%	2.30%
Waiver/Recoupment of
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

After Reimbursement and		(0.35)%	(0.18)%	(F)	(0.35)%	0.18%	0.53%	(0.60)%
Waiver/Recoupment of
Expenses by Adviser

Portfolio Turnover		38.31%	32.46%		76.74%	47.52%	52.16%	129.22%


(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Fixed Income (Class A Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year		Period		Year	Year	Year	Year
		ended		ended		ended	ended	ended	ended
		9/30/10		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 10.14		$ 9.56		$ 9.99	$ 9.94	$ 10.06	$ 10.32

Income from Investment Operations:
Net Investment Income (Loss)		0.29	(B)	0.24		0.43	0.44	0.42	0.34	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.42		0.58		(0.43)	0.06	(0.12)	(0.23)
Total from Investment Operations		0.71		0.82		-	0.50	0.30	0.11

Less Distributions:
Dividends from Net Investment
Income		(0.29)		(0.24)		(0.43)	(0.45)	(0.41)	(0.34)
Dividends from Realized Gains		-		-		-	-	(0.01)	(0.03)
Total Distributions		(0.29)		(0.24)		(0.43)	(0.45)	(0.42)	(0.37)

Net Asset Value at End of Period		$ 10.56		$ 10.14		$ 9.56	$ 9.99	$ 9.94	$ 10.06

Total Return (C)(D)		7.07%		8.70%	(E)	-0.05%	5.19%	3.11%	1.11%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 58,831		$ 48,074		$ 37,367	$ 45,371	$ 39,023	$ 29,402

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		1.36%		1.35%	(F)	1.29%	1.21%	1.32%	1.31%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		1.21%		1.20%	(F)	1.14%	1.06%	1.35%	1.35%
Waiver/Recoupment of
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		2.63%		3.24%	(F)	4.11%	4.33%	4.42%	3.33%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		2.78%		3.39%	(F)	4.26%	4.48%	4.39%	3.29%
Waiver/Recoupment of
Expenses by Adviser

Portfolio Turnover		25.68%		22.18%		35.01%	44.98%	76.28%	39.46%





(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Fixed Income (Class B Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year		Period		Year	Year	Year	Year
		ended		ended		ended	ended	ended	ended
		9/30/10		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 9.83		$ 9.28		$ 9.70	$ 9.66	$ 9.81	$ 10.06

Income from Investment Operations:
Net Investment Income (Loss)		0.21	(B)	0.20		0.35	0.37	0.36	0.25	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.40		0.53		(0.41)	0.05	(0.15)	(0.20)
Total from Investment Operations		0.61		0.73		(0.06)	0.42	0.21	0.05

Less Distributions:
Dividends from Net Investment
Income		(0.20)		(0.18)		(0.36)	(0.38)	(0.35)	(0.27)
Dividends from Realized Gains		-		-		-	-	(0.01)	(0.03)
Total Distributions		(0.20)		(0.18)		(0.36)	(0.38)	(0.36)	(0.30)

Net Asset Value at End of Period		$ 10.24		$ 9.83		$ 9.28	$ 9.70	$ 9.66	$ 9.81

Total Return (C)(D)		6.28%		7.98%	(E)	-0.66%	4.47%	2.20%	0.47%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 311		$ 783		$ 1,230	$ 1,951	$ 2,786	$ 3,126

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		2.11%		2.10%	(F)	2.04%	1.93%	1.99%	2.07%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		1.96%		1.95%	(F)	1.89%	1.78%	2.10%	2.10%
Waiver/Recoupment of
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		1.91%		2.49%	(F)	3.34%	3.62%	3.74%	2.57%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		2.06%		2.64%	(F)	3.49%	3.77%	3.63%	2.54%
Waiver/Recoupment of
Expenses by Adviser

Portfolio Turnover		25.68%		22.18%		35.01%	44.98%	76.28%	39.46%





(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Fixed Income (Class C Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year	Year	Year	Year
		ended	ended		ended	ended	ended	ended
		9/30/10	9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 9.82	$ 9.28		$ 9.69	$ 9.66	$ 9.78	$ 10.04

Income from Investment Operations:
Net Investment Income (Loss)		0.21	0.18		0.33	0.37	0.33	0.25	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.41	0.56		(0.40)	0.04	(0.12)	(0.20)
Total from Investment Operations		0.62	0.74		(0.07)	0.41	0.21	0.05

Less Distributions:
Dividends from Net Investment
Income		(0.22)	(0.20)		(0.34)	(0.38)	(0.32)	(0.28)
Dividends from Realized Gains		-	-		-	-	(0.01)	(0.03)
Total Distributions		(0.22)	(0.20)		(0.34)	(0.38)	(0.33)	(0.31)

Net Asset Value at End of Period		$ 10.22	$ 9.82		$ 9.28	$ 9.69	$ 9.66	$ 9.78

Total Return (D)(E)		6.36%	8.02%	(E)	-0.72%	4.37%	2.26%	0.47%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 8,438	$ 5,212		$ 2,883	$ 2,842	$ 3,019	$ 1,927

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		2.12%	2.10%	(F)	2.06%	1.96%	2.10%	2.07%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		1.97%	1.95%	(F)	1.91%	1.81%	2.10%	2.10%
Waiver/Recoupment of
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		1.88%	2.50%	(F)	3.33%	3.59%	3.64%	2.57%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		2.03%	2.65%	(F)	3.48%	3.74%	3.64%	2.54%
Waiver/Recoupment of
Expenses by Adviser

Portfolio Turnover		25.68%	22.18%		35.01%	44.98%	76.28%	39.46%



(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | High Yield Bond (Class A Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year	Period
		ended	ended		ended	ended
		9/30/10	9/30/09	(A)	12/31/08	12/31/07	(B)

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 8.46	$ 6.23		$ 9.53	$ 10.00

Income from Investment Operations:
Net Investment Income (Loss)		0.60	0.48		0.61	0.36
Net Realized and Unrealized
Gain (Loss) on Investments		0.63	2.23		(3.30)	(0.47)
Total from Investment Operations		1.23	2.71		(2.69)	(0.11)

Less Distributions:
Dividends from Net Investment
Income		(0.59)	(0.48)		(0.60)	(0.36)
Dividends from Realized Gains		-	-		(0.01)	-
Total Distributions		(0.59)	(0.48)		(0.61)	(0.36)

Net Asset Value at End of Period		$ 9.10	$ 8.46		$ 6.23	$ 9.53

Total Return (C)(D)		14.98%	45.11%	(E)	-29.55%	-1.14%	(E)

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 21,617	$ 18,740		$ 13,283	$ 20,284

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		1.43%	1.46%		1.41%	1.45%
Waiver/Recoupment of				(F)			(F)
Expenses by Adviser
After Reimbursement and		1.43%	1.46%		1.41%	1.35%
Waiver/Recoupment of				(F)			(F)
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		6.72%	8.75%		7.06%	5.67%
Waiver/Recoupment of				(F)			(F)
Expenses by Adviser
After Reimbursement and		6.72%	8.75%		7.06%	5.77%
Waiver/Recoupment of				(F)			(F)
Expenses by Adviser

Portfolio Turnover		39.84%	33.82%		27.85%	23.46%




(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period May 7, 2007 (Commencement of Operations) to December 31, 2007.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | High Yield Bond (Class C Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year		Period		Year	Period
		ended		ended		ended	ended
		9/30/10		9/30/09	(A)	12/31/08	12/31/07	(B)

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 8.51		$ 6.29		$ 9.60	$ 10.00

Income from Investment Operations:
Net Investment Income (Loss)		0.53	(C)	0.43	(C)	0.53	0.26
Net Realized and Unrealized
Gain (Loss) on Investments		0.66		2.24		(3.33)	(0.40)
Total from Investment Operations		1.19		2.67		(2.80)	(0.14)

Less Distributions:
Dividends from Net Investment
Income		(0.53)		(0.45)		(0.50)	(0.26)
Dividends from Realized Gains		-		-		(0.01)	-
Total Distributions		(0.53)		(0.45)		(0.51)	(0.26)

Net Asset Value at End of Period		$ 9.17		$ 8.51		$ 6.29	$ 9.60

Total Return (D)(E)		14.36%		43.90%	(F)	-30.17%	-1.38%	(F)

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 1,039		$ 547		$ 141	$ 241

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		2.18%		2.20%		2.14%	2.20%
Waiver/Recoupment of					(G)			(G)
Expenses by Adviser
After Reimbursement and		2.18%		2.20%		2.14%	2.10%
Waiver/Recoupment of					(G)			(G)
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		5.99%		7.55%		6.26%	5.24%
Waiver/Recoupment of					(G)			(G)
Expenses by Adviser
After Reimbursement and		5.99%		7.55%		6.26%	5.34%
Waiver/Recoupment of					(G)			(G)
Expenses by Adviser

Portfolio Turnover		39.84%		33.82%		27.85%	23.46%



(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period May 7, 2007 (Commencement of Operations) to December 31, 2007.
(C)	Per share amounts calculated using average shares method.
(D)	Total return calculation does not reflect redemption fee.
(E)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Defensive Strategies (Class A Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.

Period

ended

9/30/10

(A)

Per Share Operating Performance:

Net Asset Value at Beginning of Period

$ 10.00

Income from Investment Operations:

Net Investment Income (Loss)

0.02

Net Realized and Unrealized

Gain (Loss) on Investments

1.08

Total from Investment Operations

1.10

Less Distributions:

Dividends from Net Investment

Income

Dividends from Realized Gains

(0.21)

Distributions from Return of

Capital

(0.19)

Total Distributions

(0.40)

Net Asset Value at End of Period

$ 10.70

Total Return (B)(C)

10.97%

(D)

Ratios/Supplemental Data:

Net Assets,

End of Period (in 000s)

$ 23,360

Ratio of Expenses to Average

Net Assets:

After Reimbursement and

1.51%

Waiver/Recoupment of

(E)

Expenses by Adviser

Ratio of Net Investment Income

(Loss) to Average Net Assets:

After Reimbursement and

0.13%

Waiver/Recoupment of

(E)

Expenses by Adviser

Portfolio Turnover

41.21%

(A)

For the period November 4, 2009 (Commencement of Operations) to September 30, 2010.

(B)

Total return calculation does not reflect sales load.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return is not annualized.

(E)

Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Defensive Strategies (Class C Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.

Period

ended

9/30/10

(A)

Per Share Operating Performance:

Net Asset Value at Beginning of Period

$ 10.00

Income from Investment Operations:

Net Investment Income (Loss)

(0.06)

(B)

Net Realized and Unrealized

Gain (Loss) on Investments

1.08

Total from Investment Operations

1.02

Less Distributions:

Dividends from Net Investment

Income

Dividends from Realized Gains

(0.21)

Distributions from Return of

Capital

(0.23)

Total Distributions

(0.44)

Net Asset Value at End of Period

$ 10.58

Total Return (C)(D)

10.18%

(E)

Ratios/Supplemental Data:

Net Assets,

End of Period (in 000s)

$ 5,527

Ratio of Expenses to Average

Net Assets:

Before Reimbursement and

2.28%

Waiver/Recoupment of

(F)

Expenses by Adviser

After Reimbursement and

2.28%

Waiver/Recoupment of

(F)

Expenses by Adviser

Ratio of Net Investment Income

(Loss) to Average Net Assets:

Before Reimbursement and

(0.64)%

Waiver/Recoupment of

(F)

Expenses by Adviser

After Reimbursement and

(0.64)%

Waiver/Recoupment of

(F)

Expenses by Adviser

Portfolio Turnover

41.21%

(A)

For the period November 4, 2009 (Commencement of Operations) to September 30, 2010.

(B)

Per share amounts calculated using average shares method.

(C)

Total return calculation does not reflect redemption fee.

(D)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E)

For periods of less than one full year, total return is not annualized.

(F)

Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Money Market

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year		Period		Year		Year	Year	Year
		ended		ended		ended		ended	ended	ended
		9/30/10		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 1.00		$ 1.00		$ 1.00		$ 1.00	$ 1.00	$ 1.00

Income from Investment Operations:
Net Investment Income (Loss)		-	*	-	*	0.02		0.04	0.04	0.03	(B)
Total from Investment Operations		-		-		0.02		0.04	0.04	0.03

Less Distributions:
Dividends from Net Investment
Income		-	*	-	*	(0.02)		(0.04)	(0.04)	(0.03)
Dividends from Realized Gains		-		-		-		-	-	-	*
Total Distributions		-		-		(0.02)		(0.04)	(0.04)	(0.03)

Net Asset Value at End of Period		$ 1.00		$ 1.00		$ 1.00		$ 1.00	$ 1.00	$ 1.00

Total Return (C)(D)		0.07%		0.07%	(E)	1.82%		4.26%	4.17%	2.48%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 13,390		$ 27,168		$ 33,860		$ 45,433	$ 19,813	$ 5,195

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		1.15%		1.05%	(F)	1.00%		0.99%	1.21%	1.13%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		0.08%		0.33%	(F)	0.64%		0.78%	0.85%	0.66%
Waiver/Recoupment of							(D)
Expenses by Adviser

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		(1.02)%		(0.63)%	(F)	1.45%		3.85%	3.85%	2.03%
Waiver/Recoupment of
Expenses by Adviser
After Reimbursement and		0.05%		0.09%	(F)	1.81%		4.05%	4.21%	2.50%
Waiver/Recoupment of
Expenses by Adviser






	*Amount is less than $0.005 per share.

(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D)	The expense ratio after reimbursement of expenses by Adviser includes a 0.01% reimbursement of expenses by the Administrator for a processing error.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Strategic Growth (Class A Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year	Year	Year	Year
		ended	ended		ended	ended	ended	ended
		9/30/10	9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 5.97	$ 4.86		$ 9.12	$ 9.69	$ 9.18	$ 8.64

Income from Investment Operations:
Net Investment Income (Loss)		0.02	(0.01)		0.01	0.10	0.14	(0.10)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.50	1.12		(3.66)	0.90	0.82	0.64
Total from Investment Operations		0.52	1.11		(3.65)	1.00	0.96	0.54

Less Distributions:
Dividends from Net Investment
Income		-	-		(0.09)	(0.10)	(0.05)	-
Dividends from Realized Gains		-	-		(0.52)	(1.47)	(0.40)	-	*
Total Distributions		-	-		(0.61)	(1.57)	(0.45)	-

Net Asset Value at End of Period		$ 6.49	$ 5.97		$ 4.86	$ 9.12	$ 9.69	$ 9.18

Total Return (C)(D)		8.71%	22.84%	(G)	-39.82%	10.45%	10.41%	6.25%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 34,098	$ 30,066		$ 25,440	$ 44,231	$ 37,204	$ 26,451

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		1.11%	1.11%	(H)	1.03%	1.00%	1.07%	1.11%
Waiver/Recoupment of
Expenses by Adviser (E)
After Reimbursement and		1.11%	1.11%	(H)	1.03%	1.00%	1.07%	1.15%
Waiver/Recoupment of
Expenses by Adviser (E)

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		0.30%	(0.25)%	(H)	0.12%	1.10%	1.49%	(1.10)%
Waiver/Recoupment of
Expenses by Adviser (E)(F)
After Reimbursement and		0.30%	(0.25)%	(H)	0.12%	1.10%	1.49%	(1.14)%
Waiver/Recoupment of
Expenses by Adviser (E)(F)

Portfolio Turnover		25.36%	5.21%		16.61%	45.00%	10.55%	1.61%

*Amount is less than $0.005 per share.

(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(F)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
	in which the Fund invests.
(G)	For periods of less than one full year, total return is not annualized.
(H)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Strategic Growth (Class B Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year	Year	Year	Year
		ended	ended		ended	ended	ended	ended
		9/30/10	9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 5.66	$ 4.63		$ 8.70	$ 9.30	$ 8.85	$ 8.39

Income from Investment Operations:
Net Investment Income (Loss)		(0.03)	(0.04)		(0.04)	0.01	0.05	(0.16)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.48	1.07		(3.48)	0.87	0.80	0.62
Total from Investment Operations		0.45	1.03		(3.52)	0.88	0.85	0.46

Less Distributions:
Dividends from Net Investment
Income		-	-		(0.03)	(0.01)	-	-
Dividends from Realized Gains		-	-		(0.52)	(1.47)	(0.40)	-	*
Total Distributions		-	-		(0.55)	(1.48)	(0.40)	-

Net Asset Value at End of Period		$ 6.11	$ 5.66		$ 4.63	$ 8.70	$ 9.30	$ 8.85

Total Return (C)(D)		7.95%	22.25%	(G)	-40.33%	9.65%	9.53%	5.49%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 4,683	$ 6,207		$ 6,511	$ 14,219	$ 16,177	$ 17,467

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		1.86%	1.86%	(H)	1.77%	1.74%	1.81%	1.86%
Waiver/Recoupment of
Expenses by Adviser (E)
After Reimbursement and		1.86%	1.86%	(H)	1.77%	1.74%	1.82%	1.90%
Waiver/Recoupment of
Expenses by Adviser (E)

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		(0.46)%	(1.02)%	(H)	(0.70)%	0.06%	0.44%	(1.85)%
Waiver/Recoupment of
Expenses by Adviser (E)(F)
After Reimbursement and		(0.46)%	(1.02)%	(H)	(0.70)%	0.06%	0.43%	(1.89)%
Waiver/Recoupment of
Expenses by Adviser (E)(F)

Portfolio Turnover		25.36%	5.21%		16.61%	45.00%	10.55%	1.61%

*Amount is less than $0.005 per share.

(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(F)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(G)	For periods of less than one full year, total return is not annualized.
(H)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Strategic Growth (Class C Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year	Year	Year	Year
		ended	ended		ended	ended	ended	ended
		9/30/10	9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 5.64	$ 4.62		$ 8.70	$ 9.31	$ 8.86	$ 8.39

Income from Investment Operations:
Net Investment Income (Loss)		(0.03)	(0.04)		(0.05)	0.03	0.06	(0.16)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.48	1.06		(3.47)	0.86	0.79	0.63
Total from Investment Operations		0.45	1.02		(3.52)	0.89	0.85	0.47

Less Distributions:
Dividends from Net Investment
Income		-	-		(0.04)	(0.03)	-	-
Dividends from Realized Gains		-	-		(0.52)	(1.47)	(0.40)	-	*
Total Distributions		-	-		(0.56)	(1.50)	(0.40)	-

Net Asset Value at End of Period		$ 6.09	$ 5.64		$ 4.62	$ 8.70	$ 9.31	$ 8.86

Total Return (C)(D)		7.98%	22.08%	(G)	-40.32%	9.73%	9.51%	5.61%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 6,950	$ 7,608		$ 6,423	$ 9,836	$ 7,609	$ 5,462

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		1.86%	1.85%	(H)	1.78%	1.75%	1.81%	1.86%
Waiver/Recoupment of
Expenses by Adviser (E)
After Reimbursement and		1.86%	1.85%	(H)	1.78%	1.75%	1.81%	1.90%
Waiver/Recoupment of
Expenses by Adviser (E)

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		(0.46)%	(1.00)%	(H)	(0.61)%	0.43%	0.76%	(1.85)%
Waiver/Recoupment of
Expenses by Adviser (E)(F)
After Reimbursement and		(0.46)%	(1.00)%	(H)	(0.61)%	0.43%	0.76%	(1.89)%
Waiver/Recoupment of
Expenses by Adviser (E)(F)

Portfolio Turnover		25.36%	5.21%		16.61%	45.00%	10.55%	1.61%

*Amount is less than $0.005 per share.

(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(F)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
	in which the Fund invests.
(G)	For periods of less than one full year, total return is not annualized.
(H)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Conservative Growth (Class A Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year	Year	Year	Year
		ended	ended		ended	ended	ended	ended
		9/30/10	9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 8.25	$ 6.94		$ 10.49	$ 11.10	$ 10.83	$ 10.26

Income from Investment Operations:
Net Investment Income (Loss)		0.09	0.04		0.13	0.22	0.32	(0.01)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.60	1.27		(3.18)	0.75	0.75	0.58
Total from Investment Operations		0.69	1.31		(3.05)	0.97	1.07	0.57

Less Distributions:
Dividends from Net Investment
Income		(0.11)	-		(0.15)	(0.20)	(0.22)	-
Dividends from Realized Gains		-	-		(0.35)	(1.38)	(0.58)	-
Distributions from Return of
Capital		-	-		-	-	-	-
Total Distributions		(0.11)	-		(0.50)	(1.58)	(0.80)	-

Net Asset Value at End of Period		$ 8.83	$ 8.25		$ 6.94	$ 10.49	$ 11.10	$ 10.83

Total Return (C)(D)		8.47%	18.88%	(G)	-28.88%	8.85%	9.86%	5.56%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 35,031	$ 33,128		$ 26,206	$ 38,102	$ 33,189	$ 27,765

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		1.13%	1.10%	(H)	1.02%	1.02%	1.08%	1.13%
Waiver/Recoupment of
Expenses by Adviser (E)
After Reimbursement and		1.13%	1.10%	(H)	1.02%	1.02%	1.09%	1.15%
Waiver/Recoupment of
Expenses by Adviser (E)

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		1.07%	0.82%	(H)	1.36%	2.09%	2.98%	(0.11)%
Waiver/Recoupment of
Expenses by Adviser (E)(F)
After Reimbursement and		1.07%	0.82%	(H)	1.36%	2.09%	2.97%	(0.13)%
Waiver/Recoupment of
Expenses by Adviser (E)(F)

Portfolio Turnover		30.89%	15.74%		25.72%	40.54%	6.12%	3.61%

(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(F)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
	in which the Fund invests.
(G)	For periods of less than one full year, total return is not annualized.
(H)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Conservative Growth (Class B Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year		Period		Year		Year	Year	Year
		ended		ended		ended		ended	ended	ended
		9/30/10		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 7.85		$ 6.64		$ 10.03		$ 10.67	$ 10.43	$ 9.96

Income from Investment Operations:
Net Investment Income (Loss)		0.01	(B)	-	(B)	0.05	(B)	0.14	0.22	(0.09)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.59		1.21		(3.01)		0.71	0.72	0.56
Total from Investment Operations		0.60		1.21		(2.96)		0.85	0.94	0.47

Less Distributions:
Dividends from Net Investment
Income		(0.10)		-		(0.08)		(0.11)	(0.12)	-
Dividends from Realized Gains		-		-		(0.35)		(1.38)	(0.58)	-
Total Distributions		(0.10)		-		(0.43)		(1.49)	(0.70)	-

Net Asset Value at End of Period		$ 8.35		$ 7.85		$ 6.64		$ 10.03	$ 10.67	$ 10.43

Total Return (C)(D)		7.68%		18.22%	(G)	-29.37%		8.05%	9.00%	4.72%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 3,330		$ 5,322		$ 5,556		$ 9,740	$ 10,423	$ 11,652

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		1.87%		1.85%	(H)	1.76%		1.76%	1.82%	1.88%
Waiver/Recoupment of
Expenses by Adviser (E)
After Reimbursement and		1.87%		1.85%	(H)	1.76%		1.76%	1.85%	1.90%
Waiver/Recoupment of
Expenses by Adviser (E)

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		0.15%		(0.01)%	(H)	0.53%		1.14%	1.88%	(0.86)%
Waiver/Recoupment of
Expenses by Adviser (E)(F)
After Reimbursement and		0.15%		(0.01)%	(H)	0.53%		1.14%	1.85%	(0.88)%
Waiver/Recoupment of
Expenses by Adviser (E)(F)

Portfolio Turnover		30.89%		15.74%		25.72%		40.54%	6.12%	3.61%


(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(F)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
	in which the Fund invests.
(G)	For periods of less than one full year, total return is not annualized.
(H)	Annualized.

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

Timothy Plan Financial Highlights

Financial Highlights | Conservative Growth (Class C Shares)

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.


		Year	Period		Year		Year	Year	Year
		ended	ended		ended		ended	ended	ended
		9/30/10	9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05

Per Share Operating Performance:
Net Asset Value at Beginning of Period		$ 7.83	$ 6.61		$ 10.02		$ 10.68	$ 10.44	$ 9.97

Income from Investment Operations:
Net Investment Income (Loss)		0.02	-	*	0.06	(B)	0.12	0.23	(0.09)	(B)
Net Realized and Unrealized
Gain (Loss) on Investments		0.57	1.22		(3.03)		0.72	0.73	0.56
Total from Investment Operations		0.59	1.22		(2.97)		0.84	0.96	0.47

Less Distributions:
Dividends from Net Investment
Income		(0.10)	-		(0.09)		(0.12)	(0.14)	-
Dividends from Realized Gains		-	-		(0.35)		(1.38)	(0.58)	-
Total Distributions		(0.10)	-		(0.44)		(1.50)	(0.72)	-

Net Asset Value at End of Period		$ 8.32	$ 7.83		$ 6.61		$ 10.02	$ 10.68	$ 10.44

Total Return (C)(D)		7.57%	18.46%	(G)	-29.45%		7.98%	9.16%	4.71%

Ratios/Supplemental Data:
Net Assets,
End of Period (in 000s)		$ 7,365	$ 7,500		$ 6,438		$ 7,164	$ 5,833	$ 4,361

Ratio of Expenses to Average
Net Assets:

Before Reimbursement and		1.88%	1.85%	(H)	1.77%		1.77%	1.84%	1.88%
Waiver/Recoupment of
Expenses by Adviser (E)
After Reimbursement and		1.88%	1.85%	(H)	1.77%		1.77%	1.84%	1.90%
Waiver/Recoupment of
Expenses by Adviser (E)

Ratio of Net Investment Income
(Loss) to Average Net Assets:

Before Reimbursement and		0.29%	0.05%	(H)	0.72%		1.40%	2.36%	(0.86)%
Waiver/Recoupment of
Expenses by Adviser (E)(F)
After Reimbursement and		0.29%	0.05%	(H)	0.72%		1.40%	2.36%	(0.88)%
Waiver/Recoupment of
Expenses by Adviser (E)(F)

Portfolio Turnover		30.89%	15.74%		25.72%		40.54%	6.12%	3.61%

*Amount is less than $0.005 per share.
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(F)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
	in which the Fund invests.
(G)	For periods of less than one full year, total return is not annualized.
(H)	Annualized.

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

Timothy Plan Financial Highlights

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

Note 1 | Significant Accounting Policies

The Timothy Plan (the “Trust”) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end diversified management investment company. As of September 30, 2010, the Trust consisted of thirteen series. These financial statements include the following eleven series: Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Money Market Fund, Timothy Plan Strategic Growth Fund and Timothy Plan Conservative Growth Fund (the &# 8220;Funds”).

The Timothy Plan Aggressive Growth Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks without regard to market capitalizations and investing in the securities of a limited number of companies which the Fund’s Adviser believes show a high probability for superior growth.

The Timothy Plan International Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in the common stock and similar securities of foreign companies through the purchase of American Depositary Receipts (“ADRs”) without regard to market capitalization, investing its assets in the ADRs of companies which the Fund’s investment manager believes show a high probability for superior growth, and allocating investments across countries and regions considering the size of the market in each country and region relative to the size of the international market as a whole. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particul ar country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

The Timothy Plan Large/Mid Cap Growth Fund’s investment objective is long-term growth of capital. Current income is not a significant investment consideration and any such income realized will be considered incidental to the Fund’s investment objective. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks with market capitalizations in excess of $2 billion.

The Timothy Plan Small Cap Value Fund’s primary objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing at least 80% of its assets in U.S. common stocks whose market capitalization is generally less than $2 billion.

The Timothy Plan Large/Mid Cap Value Fund’s investment objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing in U.S. common stocks. The Fund will invest at least 80% of its assets in the common stock of companies whose total market capitalization generally exceeds $2 billion.

The Timothy Plan Fixed Income Fund seeks to generate a high level of current income consistent with prudent investment risk. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally only purchase high quality securities.

The Timothy Plan High Yield Bond Fund’s investment objective is to generate a high level of current income. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally purchase securities that are not investment-grade, meaning securities with a rating of “BBB” or lower as rated by Standard and Poor’s or a comparable rating by another nationally recognized rating agency. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse ec onomic and competitive industry conditions than investment-grade securities.

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

The Timothy Plan Defensive Strategies Fund’s investment objective is the protection of principal through aggressive, proactive reactions to prevailing economic conditions. To achieve its investment objectives, the Fund normally invests in Real Estate Investment Trusts (“REITs”), commodities based exchange-traded funds (“ETFs”), and Treasury Inflation Protection Securities (“TIPS”).

The Timothy Plan Money Market Fund seeks to generate a high level of current income consistent with the preservation of capital. To achieve its investment objective, the Fund normally invests in short-term debt instruments, such as obligations of the U.S. Government and its agencies, certificates of deposit, banker’s acceptances, commercial paper and short-term corporate notes.

The Timothy Plan Strategic Growth Fund seeks to generate medium to high levels of long-term capital growth. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust: approximately 5-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 15-25% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 15-25% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 20-30% of its net assets in the Timothy Plan International Fund; approximately 5%-10% of its net assets in the Timothy Plan Aggressive Growth Fund; and approximately 5%-15% of its net assets in the Timothy Plan Defensiv e Strategies Fund. The Fund may also invest in the Timothy Plan Money Market Fund.

The Timothy Plan Conservative Growth Fund seeks to generate moderate levels of long-term capital growth with a secondary objective of current income. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust: approximately 0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 10-20% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 5-15% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 0-5% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 5-15% of its net assets in the Timothy Plan International Fund; approximately 20%-40% of its net assets in the Timothy Plan Fixed Income Fund; and approximately 10-30% of its net assets in the Timothy Plan Defensive Strategies Fund . The Fund may also invest in the Timothy Plan Money Market Fund.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies.

A. Security Valuation and Fair Value Measurements

All investments in securities are recorded at their estimated fair value as described in Note 2.

B. Investment Income and Securities Transactions

Security transactions are accounted for on the date the securities are purchased or sold (trade date). Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Large/Mid Cap Growth Fund, Large/Mid Cap Value Fund, Small Cap Value Fund and Defensive Strategies Fund have made certain investments in REITs and master limited partnerships (“MLPs”). Dividend income from REITs and MLPs is recognized on the ex-dividend date. It is common for distributions from REITs and MLPs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. Income or loss from the MLPs is reclassified upon receipt of the MLPs’ K-1. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

Investment securities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

C. Net Asset Value Per Share

The Net Asset Value (“NAV”) per share of the capital stock of the Funds is determined daily as of the close of trading on the New York Stock Exchange by dividing the value of its net assets by the number of Fund shares outstanding. The NAV is calculated separately for each class of the following Funds: Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Money Market Fund, Timothy Plan Strategic Growth Fund and Timothy Plan Conservative Growth Fund. The asset value of the classes may differ because of different fees and expenses charged to each class.

D. Expenses

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

E. Classes

There are three classes of shares currently offered by the Trust: Class A shares are offered with a front-end sales charge and ongoing service/distribution fees; Class C shares are offered with a contingent deferred sales charge (“CDSC”) that ends after the first year and ongoing service and distribution fees; No-Load shares are offered without sales charges or ongoing service/distribution fees (The Timothy Plan Money Market Fund only). The Trust previously has offered Class B shares to the public, which contain a contingent deferred sales charge that declines to zero over a period of years and are subject to an ongoing service/distribution fee. Sales of Class B shares to new shareholders were suspended by the Board during their meeting on February 27, 2004, with the suspension effective May, 2004, therefore, the CDSC fee n o longer applies to Class B shares.

Class B shares automatically convert to Class A shares once the economic equivalent of the highest front-end sales charge paid at time of purchase has been received by a Fund, in the form of Rule 12b-1 distribution fees, paid by all Class B shares owned by an investor.

Class specific expenses are borne by each specific class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.

F. Use of Estimates

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

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

G. Federal Income Taxes

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

As of September 30, 2010, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statements of operations. During the fiscal year ended September 30, 2010, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. federal tax authorities for tax years before 2007 and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially within the next twelve months.

H. Distributions to Shareholders

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or NAVs per share of the Funds. Reclassifications for the fiscal year ended September 30, 2010 are as follows:

	Amount			Reclassified from:	Reclassified to:
Aggressive Growth Fund	$	254,555		Net Investment Loss	Paid-in Capital
Aggressive Growth Fund	$	(1,099	)	Accumulated Realized Loss	Paid-in Capital
Large/Mid Cap Growth Fund	$	332,565		Net Investment Loss	Paid-in Capital
Large/Mid Cap Growth Fund	$	(2,074	)	Accumulated Realized Loss	Paid-in Capital
Small Cap Value Fund	$	311,453		Net Investment Loss	Paid-in Capital
Small Cap Value Fund	$	515		Accumulated Realized Gains	Net Investment Loss
Large/Mid Cap Value Fund	$	52,513		Net Investment Loss	Paid-in Capital
Large/Mid Cap Value Fund	$	(77,389	)	Accumulated Realized Loss	Paid-in Capital
Fixed Income Fund	$	76,395		Net Investment Loss	Accumulated Realized Loss
Money Market Fund	$	182		Net Investment Income	Paid-in Capital
Defensive Strategies	$	315,883		Net Investment Income	Paid-in Capital
Defensive Strategies	$	161,606		Accumulated Realized Loss	Net Investment Income

Note 2 | Security Valuation and Fair Value Measurements

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.

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

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.

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below.

·Level 1 – quoted prices in active markets for identical securities

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

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

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

Each Fund 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, and ETFs are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser or Sub-Adviser 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. Sometimes, when the market is considered inactive, an equity security (such as some ADRs owned by the International Fund) owned by the Funds will be valued by the pricing service at an evaluated bid, with inputs such as the underlying securities price, the exchange rate for the currency and the ADR factor. When this happens, the security will generally be classified as a Level 2 security. When market quotations are not readily available, when the Adviser or Sub-Adviser 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 Adviser or Sub-Adviser, in conformity with guidelines adopted by and subject to review b y the Board. These securities will generally be categorized as Level 3 securities.

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 and U.S. government agency 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 Adviser or Sub-Adviser 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 Adviser or Sub-Advi ser 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 Adviser or Sub-Adviser, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

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), are 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 Timothy Plan Money Market Fund uses the amortized cost method to compute its NAV. This means that securities purchased by the Fund are not marked to market. Instead, any premium paid or discount realized will be amortized or accrued over the life of the security and credited/debited daily against the total assets of the Fund. This also means that, under most circumstances, the Money Market Fund will not sell securities prior to maturity date except to satisfy redemption requests.

The Board has delegated to the Adviser and/or Sub-Advisers responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Adviser or Sub-Adviser 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 Adviser 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 Adviser and Sub-Advisers 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 assets as of September 30, 2010:

Aggressive Growth Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Common Stocks *	$	14,219,064	$	-	$	-	$	14,219,064
American Depositary Receipts *	$	474,832	$	-	$	-	$	474,832
Money Market Funds	$	461,632	$	-	$	-	$	461,632
Total	$	15,155,528	$	-	$	-	$	15,155,528
*Refer to the Schedule of Investments for industry classifications.

International Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Common Stocks *	$	1,562,615	$	-	$	-	$	1,562,615
American Depositary Receipts *	$	15,095,391	$	18,876,472	$	-	$	33,971,863
Money Market Funds	$	1,760,671	$	-	$	-	$	1,760,671
Total	$	18,418,677	$	18,876,472	$	-	$	37,295,149
*Refer to the Schedule of Investments for industry classifications.

Large/Mid Cap Growth Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Common Stocks *	$	38,434,426	$	-	$	-	$	38,434,426
American Depositary Receipts *	$	1,300,049	$	-	$	-	$	1,300,049
Money Market Funds	$	1,447,190	$	-	$	-	$	1,447,190
Total	$	41,181,665	$	-	$	-	$	41,181,665

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

Small Cap Value Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Common Stocks *	$	43,057,903	$	-	$	-	$	43,057,903
REITs	$	1,962,962	$	-	$	-	$	1,962,962
Money Market Funds	$	3,195,474	$	-	$	-	$	3,195,474
Total	$	48,216,339	$	-	$	-	$	48,216,339
*Refer to the Schedule of Investments for industry classifications.

Large/Mid Cap Value Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Common Stocks *	$	82,801,046	$	-	$	-	$	82,801,046
Master Limited Partnerships	$	1,883,796	$	-	$	-	$	1,883,796
REITs	$	4,479,908	$	-	$	-	$	4,479,908
Money Market Funds	$	1,975,210	$	-	$	-	$	1,975,210
Total	$	91,139,960	$	-	$	-	$	91,139,960
*Refer to the Schedule of Investments for industry classifications.

Fixed Income Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Asset-Backed Securities	$	-	$	345,299	$	-	$	345,299
Corporate Bonds	$	-	$	19,468,439	$	-	$	19,468,439
U.S. Government Agencies	$	-	$	6,469,212	$	-	$	6,469,212
Mortgaged-Backed Securities	$	-	$	17,081,840	$	-	$	17,081,840
U.S. Government Treasuries	$	-	$	12,364,661	$	-	$	12,364,661
U.S. Treasury TIPS	$	-	$	4,685,506	$	-	$	4,685,506
Money Market Funds	$	10,951,503	$	-	$	-	$	10,951,503
Total	$	10,951,503	$	60,414,957	$	-	$	71,366,460

High Yield Bond Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Convertible Corporate Bonds	$	-	$	435,700	$	-	$	435,700
Corporate Bonds	$	-	$	15,654,339	$	-	$	15,654,339
144A Securities	$	-	$	5,792,671	$	-	$	5,792,671
Money Market Funds	$	279,072	$	-	$	-	$	279,072
Total	$	279,072	$	21,882,710	$	-	$	22,161,782

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

Defensive Strategies Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Common Stocks *	$	51,850	$	-	$	-	$	51,850
REITs	$	5,350,055	$	-	$	-	$	5,350,055
Exchange-Traded Funds	$	8,930,830	$	-	$	-	$	8,930,830
U.S. Treasury TIPS	$	-	$	12,731,437	$	-	$	12,731,437
Money Market Funds	$	1,770,275	$	-	$	-	$	1,770,275
Total	$	16,103,010	$	12,731,437	$	-	$	28,834,447
*Refer to the Schedule of Investments for industry classifications.

Money Market Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
U.S. Government Treasuries	$	-	$	12,048,601			$	12,048,601
Money Market Funds	$	1,328,543	$	-	$	-	$	1,328,543
Total	$	1,328,543	$	12,048,601	$	-	$	13,377,144

Strategic Growth Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Mutual Funds	$	45,705,435	$	-	$	-	$	45,705,435
Money Market Funds	$	59,657	$	-	$	-	$	59,657
Total	$	45,765,092	$	-	$	-	$	45,765,092

Conservative Growth Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Mutual Funds	$	45,690,155	$	-	$	-	$	45,690,155
Total	$	45,690,155	$	-	$	-	$	45,690,155

The Funds did not hold any assets at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period. The Funds did not hold any derivative instruments during the reporting period.

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

Note 3 | Purchases and Sales of Securities

The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the fiscal year ended September 30, 2010:

	PURCHASES				SALES
	U.S. Gov't				U.S. Gov't
Funds	Obligations		Other		Obligations		Other
Aggressive Growth Fund	$	-	$	12,762,328	$	-	$	19,439,646
International Fund	$	-	$	13,603,758	$	-	$	16,921,450
Large/Mid Cap Growth Fund	$	-	$	30,103,473	$	-	$	32,550,573
Small Cap Value Fund	$	-	$	29,930,736	$	-	$	42,513,972
Large/Mid Cap Value Fund	$	-	$	33,687,745	$	-	$	44,974,105
Fixed Income Fund	$	18,179,234	$	5,453,987	$	10,856,516	$	2,657,410
High Yield Bond Fund	$	-	$	10,543,023	$	-	$	7,775,873
Defensive Strategies Fund	$	16,583,749	$	17,130,720	$	5,117,700	$	4,051,134
Strategic Growth Fund	$	-	$	11,166,553	$	-	$	12,795,434
Conservative Growth Fund	$	-	$	14,072,845	$	-	$	17,427,696

Note 4 | Investment Management Fee and Other Transactions with Affiliates

Timothy Partners, Ltd., (“TPL”) is the investment adviser for the Funds pursuant to an investment advisory agreement (the “Agreement”) that was renewed by the Board on February 26, 2010. TPL supervises the investment of the assets of each Fund in accordance with the objectives, policies and restrictions of the Trust. Under the terms of the Agreement, as amended, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Timothy Plan International Fund; 0.85% of the average daily net assets of the Timothy Plan Aggressive Growth, the Timothy Plan Small Cap Value, the Timothy Plan Large/Mid Cap Growth, and the Timothy Plan Large/Mid Cap Value Funds; 0.60% of the average daily net assets of the Timothy Plan Fixed Income, the Timothy Plan High Yield Bond, the Timothy Plan Defensive Strategies, and the Timothy Plan Money Market Funds; and 0.65% of the average daily net assets of the Timothy Plan Conservative Growth and the Timothy Plan Strategic Growth Funds. TPL has voluntarily agreed to reduce the fee it receives from the Timothy Plan Fixed Income and the Timothy Plan Money Market to 0.45% and 0.40%, respectively. Additionally, TPL has voluntarily agreed to reduce fees payable to it by the Timothy Plan Money Market Fund and reimburse other expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses as follows:

Voluntary Caps		Period

15 basis points		September 16 - November 4, 2009
10 basis points		November 5 - December 6, 2009
5 basis points		December 7, 2009 - current

Such voluntary fee reductions/reimbursements may be authorized by TPL at any time, but such action shall not obligate TPL to waive any fees in the near future. Such voluntary fee reductions/reimbursements are not subject to future recoupment. An officer and trustee of the Funds is also an officer and owner of the Adviser.

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

For the fiscal year ended September 30, 2010, TPL waived and reimbursed the Funds as follows:

	Fiscal year ended
	September 30, 2010

Fixed Income Fund	$	88,819
Money Market Fund	$	176,981

At September 30, 2010, the Adviser may recapture a portion of the reimbursed amounts no later than the dates as stated below:

	2010

High Yield Bond Fund*	$	12,185

The Timothy Plan High Yield Bond Fund was able to incur recoupment expenses as a result of previous waiver/recoupment agreements.

The Timothy Plan Aggressive Growth, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, Timothy Plan High Yield Bond, and Defensive Strategies Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Under the Class A Plan, the Funds will pay TPL a fee at an annual rate of 0.25%, payable monthly, of the average daily net assets attributable to such class of shares. Under the Class B and C Plans, the Funds will pay TPL a fee at an annual rate of 1.00%, payable monthly, of which, 0.25% m ay be a service fee and 0.75% may be payable to outside broker/dealers, of the average daily net assets attributable to such class of shares.

The Timothy Plan Conservative Growth and Timothy Plan Strategic Growth Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Class A shares of the Funds do not impose a service fee. Under the Class B and C Plans, the Fund will pay TPL a fee at an annual rate of 0.75%, payable monthly to outside broker/dealers, of the average daily net assets attributable to such class of shares. For the fiscal year ended September 30, 2010, the Funds paid TPL under the terms of the Plans as follows:

Funds	12b-1 Fees
	Fiscal Year ended
	September 30, 2010
Aggressive Growth Fund	$	52,011
International Fund	$	103,686
Large/Mid Cap Growth Fund	$	128,900
Small Cap Value Fund	$	179,832
Large/Mid Cap Value Fund	$	312,456
Fixed Income Fund	$	202,658
High Yield Bond Fund	$	57,554
Defensive Strategies Fund	$	79,653
Strategic Growth Fund	$	92,358
Conservative Growth Fund	$	87,857

TPL also serves as the principal underwriter of the Funds’ shares. An officer and trustee of the Funds is also an officer of the principal underwriter. For the fiscal year ended September 30, 2010, TPL received sales charges deducted from the proceeds of sales of Class A capital shares and CDSC fees deducted from the redemption of Class B and C capital shares as follows:

	Sales Charges		CDSC Fees		CDSC Fees
Funds	Class A)		(Class B)		(Class C)
Aggressive Growth Fund	$	3,435	$	-	$	199
International Fund	$	9,658	$	-	$	362
Large/Mid Cap Growth Fund	$	6,743	$	-	$	136
Small Cap Value Fund	$	7,942	$	-	$	519
Large/Mid Cap Value Fund	$	21,983	$	-	$	1,077
Fixed Income Fund	$	29,616	$	-	$	1,135
High Yield Bond Fund	$	6,050	$	-	$	312
Defensive Strategies Fund	$	7,537	$	-	$	782
Strategic Growth Fund	$	14,438	$	-	$	2,980
Conservative Growth Fund	$	20,236	$	-	$	1,808

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

Note 5 | Control Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. As of September 30, 2010, the following shareholders, for the benefit of their customers, may be considered to control the Funds:

Funds	% of Fund	Owned By
Large/Mid Cap Growth Fund, Class B	28.74%	National Financial Services

Certain Timothy Plan Funds own shares of other Timothy Plan Funds. U.S. Bank, N.A., custodian of the Timothy Plan Funds, holds these shares in omnibus accounts, some of which are controlled by National Financial Services, Inc. The following shows the percentage of each Timothy Plan Fund that is held by U.S. Bank, N.A., as custodian of the Timothy Funds. These accounts can be considered affiliated to the Timothy Plan.

	% of Fund Owned by Other
	Timothy Plan Funds
Aggressive Growth Fund, Class A		55.90	%
International Fund, Class A		69.67	%
Large/Mid Cap Growth Fund, Class A		59.46	%
Small Cap Value Fund, Class A		22.50	%
Large/Mid Cap Value Fund, Class A		31.68	%
Fixed Income Fund, Class A		44.46	%
High Yield Bond Fund, Class A		68.65	%
Defensive Strategies Fund, Class A		82.14	%

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

Note 6 | Unrealized Appreciation (Depreciation)

At September 30, 2010, for federal income tax purposes, the cost and the composition of gross unrealized appreciation (depreciation) of investment securities are as follows:

								Net Appreciation
Funds	Cost		Appreciation		(Depreciation)			(Depreciation)
Aggressive Growth Fund	$	12,474,757	$	2,989,104	$	(308,333	)	$	2,680,771
International Fund	$	34,709,782	$	5,501,089	$	(2,915,722	)	$	2,585,367
Large/Mid Cap Growth Fund	$	37,274,736	$	5,508,878	$	(1,601,949	)	$	3,906,929
Small Cap Value Fund	$	44,862,547	$	4,765,664	$	(1,411,872	)	$	3,353,792
Large/Mid Cap Value Fund	$	81,229,112	$	13,227,291	$	(3,316,443	)	$	9,910,848
Fixed Income Fund	$	67,298,176	$	4,071,852	$	(3,568	)	$	4,068,284
High Yield Bond Fund	$	21,147,121	$	1,259,874	$	(245,213	)	$	1,014,661
Defensive Strategies Fund	$	26,811,943	$	2,141,306	$	(118,802	)	$	2,022,504
Money Market Fund	$	13,377,144	$	-	$	-		$	-
Strategic Growth Fund	$	56,241,908	$	723,986	$	(11,200,802	)	$	(10,476,816	)
Conservative Growth Fund	$	50,271,534	$	1,661,363	$	(6,242,742	)	$	(4,581,379	)

Note 7 | Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended September 30, 2010 and the fiscal period ended September 30, 2009 and the fiscal year ended December 31, 2008 were as follows:


	Aggressive Growth		International			Large/Mid Cap Growth		Small Cap Value
Year ended September 30, 2010
Ordinary Income	$	-	$	552,642		$	-	$	-
Short-term Capital Gains		-		-			-		-
Long-term Capital Gains		-		-			-		-
Return of Capital		-		-			-		-
	$	-	$	552,642	*	$	-	$	-

Year ended December 31, 2008
Ordinary Income	$	-	$	445,202		$	-	$	-
Short-term Capital Gains		-		-			-		424,158
Long-term Capital Gains		48,425		-			68,000		-
	$	48,425	$	445,202		$	68,000	$	424,158

* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to $69,467 of allowable foreign tax credits which have been passed through to the Fund’s underlying shareholders.

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds


	Large/Mid Cap Value		Fixed Income		High Yield Bond		Defensive Strategies
Year ended September 30, 2010
Ordinary Income	$	394,793	$	1,626,024	$	1,381,507	$	3,363
Short-term Capital Gains		-		-		-		502,028
Long-term Capital Gains		-		-		-		36,320
Return of Capital		-		-		-		477,490
	$	394,793	$	1,626,024	$	1,381,507	$	1,019,201

Period ended September 30, 2009
Ordinary Income	$	-	$	1,134,412	$	1,014,621	$	-
Short-term Capital Gains		-		-		-		-
Long-term Capital Gains		-		-		-		-
Return of Capital		-		-		-		-
	$	-	$	1,134,412	$	1,014,621	$	-

Year ended December 31, 2008
Ordinary Income	$	287,444	$	2,053,290	$	1,274,024
Short-term Capital Gains		531,542		-		10,357
Long-term Capital Gains		677,192		-		-
	$	1,496,178	$	2,053,290	$	1,284,381



	Money Market		Strategic Growth		Conservative Growth
Year ended September 30, 2010
Ordinary Income	$	4,652	$	-	$	607,967
Short-term Capital Gains		5,396		-		-
Long-term Capital Gains		-		-		-
Return of Capital		-		-		-
	$	10,048	$	-	$	607,967

Period ended September 30, 2009
Ordinary Income	$	17,430	$	-	$	-
Short-term Capital Gains		2,313		-		-
Long-term Capital Gains		-		-		-
Return of Capital		-		-		-
	$	19,743	$	-	$	-

Year ended December 31, 2008
Ordinary Income	$	556,735	$	506,870	$	697,282
Short-term Capital Gains		-		230,982		58,044
Long-term Capital Gains		-		3,451,894		1,808,503
	$	556,735	$	4,189,746	$	2,563,829

There were no distributions by the Aggressive Growth, Large/Mid Cap Growth, Small Cap Value and Strategic Growth Funds during the fiscal year ended September 30, 2010.

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

As of September 30, 2010, the components of distributable earnings on a tax basis were as follows:

	Aggressive						Large/Mid Cap
	Growth			International			Growth			Small Cap Value

Undistributed Ordinary Income	$	-		$	191,289		$	-		$	-
Capital Loss Carryforward		(6,856,419	)		(14,168,126	)		(7,180,559	) *		(14,013,130	)
Unrealized Appreciation (Depreciation)		2,680,771			2,585,367			3,906,929			3,353,792
	$	(4,175,648	)	$	(11,391,470	)	$	(3,273,630	)	$	(10,659,338	)

* Following the 2005 acquisition by the Timothy Plan Large/Mid Cap Growth Fund of the NOAH Fund Equity Portfolio, the Timothy Fund acquired all capital loss carryforwards available to the NOAH Fund. In accordance with Section 382 of the Internal Revenue Code, loss limitations were appropriately applied to the available capital loss carryforward. Of the capital losses subject to Section 382, the Fund may only utilize $358,459 in a given year.


	Large/Mid Cap Value			Fixed Income			High Yield Bond			Defensive Strategies

Undistributed Ordinary Income	$	250,652		$	36,542		$	24		$	-
Capital Loss Carryforward		(20,552,911	)		(1,698,928	)		(2,436,336	)		-
Unrealized Appreciation (Depreciation)		9,910,848			4,068,284			1,014,661			2,022,504
	$	(10,391,411	)	$	2,405,898		$	(1,421,651	)	$	2,022,504


	Money Market			Strategic Growth			Conservative Growth

Undistributed Ordinary Income	$	8,585		$	41,292		$	393,362
Capital Loss Carryforward		-			(3,533,886	)		(1,762,631	)
Unrealized Appreciation (Depreciation)		-			(10,476,816	)		(4,581,379	)
	$	8,585		$	(13,969,410	)	$	(5,950,648	)

Timothy Plan Notes to Financial Statements

Notes to Financial Statements

September 30, 2010

Timothy Plan Family of Funds

Note 8 | Capital Loss Carryforwards

At September 30, 2010, the following capital loss carryforwards are available to offset future capital gains.

Funds	Loss Carryforward		Year Expiring

Aggressive Growth Fund	$	721,254		2016
	$	6,135,166		2017
International Fund	$	498,385		2015
	$	4,243,183		2016
	$	8,833,573		2017
	$	592,985		2018
Large/Mid Cap Growth Fund *	$	269,745		2016
	$	6,910,814		2017
Small Cap Value Fund	$	2,451,379		2016
	$	11,561,751		2017
Large/Mid Cap Value Fund	$	9,111,565		2016
	$	11,441,346		2017
Fixed Income Fund	$	234,407		2014
	$	77,304		2015
	$	252,039		2016
	$	1,135,178		2017
High Yield Bond Fund	$	362,525		2016
	$	2,073,811		2017
Strategic Growth Fund	$	844,160		2016
	$	2,564,555		2017
	$	125,171		2018
Conservative Growth Fund	$	1,762,631		2017

* Please refer to Note 7 for additional information regarding the availability of capital loss carryforwards within the Timothy Large / Mid Cap Growth Fund.

To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount, which is offset, will not be distributed to shareholders.

Note 9 | Payment by Affiliate

During the year ended December 31, 2008, the Sub-Adviser for the Timothy Plan Aggressive Growth Fund reimbursed the Fund $24,684 due to an investing error during the transition of sub-advisers. The Sub-Adviser reimbursed the Fund for the difference in performance relative to the intended portfolio and the transaction costs of rebalancing the portfolio.

Timothy Plan Notes to Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

The Timothy Plan

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Money Market Fund, Timothy Plan Strategic Growth Fund and Timothy Plan Conservative Growth Fund (the “Funds”), eleven of the series constituting The Timothy Plan, as of September 30, 2010, and the related statements of operations for the period then ended, the statements of changes in net assets for each of the periods then ended, and the financial highlights for each of the periods indicated. These fin ancial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2010 by correspondence with the Funds’ custodian and brokers or by other appropriate auditing procedures where the reply from the broker was not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financia l statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Money Market Fund, Timothy Plan Strategic Growth Fund and Timothy Plan Conservative Growth Fund as of September 30, 2010, and the results of their operations, the changes in their net assets and their financial highlights for the periods then ended indicated above, in conformity with accounting principles generally accepted in the United States of America.

COHEN FUND AUDIT SERVICES, LTD.

Westlake, Ohio

November 29, 2010

Officers and Trustees of the Trust

As of September 30, 2010 (Unaudited)

Timothy Plan Family of Funds

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Arthur D. Ally* 1055 Maitland Center Commons Maitland, FL Born: 1942	Chairman and President	Indefinite; Trustee and President since 1994	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	President and controlling shareholder of Covenant Funds, Inc. (“CFI”), a holding company. President and general partner of Timothy Partners, Ltd. (“TPL”), the investment adviser and principal underwriter to each Fund. CFI is also the managing general partner of TPL.		None


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Joseph E. Boatwright** 1410 Hyde Park Drive Winter Park, FL Born: 1930	Trustee, Secretary	Indefinite; Trustee and Secretary since 1995	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996.		None


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Mathew D. Staver** 1055 Maitland Center Commons Maitland , FL Born: 1956	Trustee	Indefinite; Trustee since 2000	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles.		None

* Mr. Ally is an "interested" Trustee, as that term is defined in the 1940 Act, because of his positions with and financial interests in CFI and TPL.
** Messrs. Boatwright and Staver are "interested" Trustees, as that term is defined in the 1940 Act, because each has a limited partnership intereset in TPL.

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Richard W. Copeland 1112 Glen Falls Road DeLand, FL Born: 1947	Trustee	Indefinite; Trustee since 2005	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Principal of Copeland & Covert, Attorneys at Law; specializing in tax and estate planning. B.A. from Mississippi College, JD from University of Florida and LLM Taxation from University of Miami. Associate Professor Stetson University for past 35 years.		None


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Deborah Honeycutt 160 Deer Forest Trail Fayetteville, GA Born: 1947	Trustee	Indefinite; Trustee since 2010	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Sheperd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois.		None


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Bill Johnson 203 E. Main Street Fremont, MI Born: 1946	Trustee	Indefinite; Trustee since 2005	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	President (and Founder) of American Decency Association, Freemont, MI since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Masters of Religious Education from Grand Rapids Baptist Seminary.		None


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
John C. Mulder 2925 Professional Place Colorado Springs, CO Born: 1950	Trustee	Indefinite; Trustee since 2005	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	President of WaterStone (formerly the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from University of Chicago.		None


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Charles E. Nelson 1145 Cross Creek Circle Altamonte Springs, FL Born: 1934	Trustee	Indefinite; Trustee since 2000	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Certified Public Accountant, semi-retired. Former non-profit industry accounting officer. Former financial executive with commercial bank. Former partner national accounting firm.		None


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Wesley W. Pennington 442 Raymond Avenue Longwood, FL Born: 1930	Trustee	Indefinite; Trustee since 1994	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Retired Air Force Officer. Past President, Westwind Holdings, Inc., a development company, since 1997. Past President and controlling shareholder, Weston, Inc., a fabric treatment company, from 1979-1997. President, Designer Services Group 1980-1988.		None


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Scott Preissler, Ph.D. 608 Pintail Place Flower Mound, TX Born: 1960	Trustee	Indefinite; Trustee since 2004	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Chairman of Stewardship Studies at Southwestern Baptist Theological Seminary, Ft. Worth, TX. Also serves as Founder and Chairman of the International Center for Biblical Stewardship. Previously, President and CEO of Christian Stewardship Association where he was affiliated for 14 years.		None


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Alan M. Ross 11210 West Road Roswell, GA Born: 1951	Trustee	Indefinite; Trustee since 2004	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Founder and CEO of Corporate Development Institute which he founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ and has authored three books: Beyond World Class, Unconditional Excellence, Breaking Through to Prosperity.		None


Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Dr. David J. Tolliver 4000 E. Maplewood Drive Excelsior Springs, MO Born: 1951	Trustee	Indefinite; Trustee since 2005	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Executive Director of Southern Baptist Convention of Missouri since 2007. Previously pastored three churches in St. Louis, MO area (1986-2007). Currently serves on Board of Trustees of Midwestern Baptist Theological Seminary. Past President, Missouri Baptist Convention (2003-2004).		None

Timothy Plan Officers and Trustees

Disclosures

September 30, 2010 – (Unaudited)

Timothy Plan Family of Funds

N-Q Disclosure & Proxy Procedures (Unaudited)

The SEC has adopted the requirement that all Funds file a complete schedule of investments with the SEC for their first and third fiscal quarters on Form N-Q for fiscal quarters ending after July 9, 2004. For the Timothy Plan Funds this would be for the fiscal quarters ending December 31 and June 30. The Form N-Q filing must be made within 60 days of the end of the quarter. The Timothy Plan Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov, or they may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room).

The Trust has adopted Portfolio Proxy Voting Policies and Procedures under which the Portfolio’s vote proxies related to securities (“portfolio proxies”) held by the Portfolios. A description of the Trust’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Company toll-free at 1-800-846-7526 and (ii) on the SEC’s website at www.sec.gov. In addition, the Funds are required to file Form N-PX, with its complete voting record for the 12 months ended June 30th, no later than August 31st of each year. The first such filing was due August 31, 2004. The Trust’s current Form N-PX is available (i) without charge, upon request, by calling the Company toll-free at 1-800-846-7526 and (ii) on the SE C’s website at www.sec.gov.

FEDERAL TAX INFORMATION (Unaudited)

The form 1099-DIV you receive in January 2011 will show the tax status of all distributions paid to your account in the calendar year 2010. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of the Funds’ fiscal year end regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

Qualified Dividend Income:

The table below provides the Qualified Dividend Income percentages for the year:

Conservative Growth	100	%
Large/Mid Cap Value	100	%
International	100	%
Defensive Strategies	24	%

These rates above represent the dividend income paid by the Funds which qualify for the reduced rate of 15% pursuant to the Internal Revenue Code.

Dividend Received Deduction:

Conservative Growth	100	%
Large/Mid Cap Value	100	%
International	100	%
Defensive Strategies	26	%

Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Funds’ dividend distribution that qualifies under tax law. For the Fund’s fiscal 2010 ordinary income dividends, the table above provides the qualifying percentages for the Funds.

Timothy Plan Disclosures

Disclosures

September 30, 2010 – (Unaudited)

Timothy Plan Family of Funds

Foreign Tax Credit (Unaudited)

The Funds’ shareholders may choose either the foreign tax credit or an itemized deduction, if eligible, for a portion of foreign taxes paid by the Fund. Generally, it is more advantageous to report the amount as a foreign tax credit on Form 1116, instead of as an itemized deduction on Form 1040. Information needed to claim the foreign tax credit is presented in the table below for Timothy Plan International Fund.

	Foreign Source			Foreign
Country	Income %			Taxes %

AUSTRIA		4.20	%		0.00	%
BRAZIL		5.09	%		9.13	%
CANADA		0.14	%		0.28	%
FRANCE		7.89	%		20.21	%
GERMANY		10.19	%		19.93	%
HONG KONG		6.40	%		0.00	%
INDIA		0.18	%		0.00	%
IRELAND		0.52	%		0.00	%
ITALY		1.93	%		5.02	%
JAPAN		17.77	%		17.44	%
LUXEMBOURG		1.35	%		2.01	%
MEXICO		2.50	%		0.00	%
NORWAY		2.91	%		5.63	%
SPAIN		3.34	%		7.07	%
SWEDEN		1.24	%		2.41	%
SWITZERLAND		4.96	%		9.58	%
TURKEY		3.07	%		0.00	%
OTHER		26.33	%		1.29	%

TOTAL		100.00	%		100.00	%

Timothy Plan Disclosures

BOARD OF TRUSTEES Arthur D. Ally Joseph E. Boatwright Rick Copeland Deborah Honeycutt Bill Johnson John C. Mulder Charles E. Nelson Wesley W. Pennington Scott Preissler Alan Ross Mathew D. Staver David Tolliver OFFICERS Arthur D. Ally, President Joseph E. Boatwright, Secretary INVESTMENT ADVISER Timothy Partners, Ltd. 1055 Maitland Center Commons Maitland, FL 32751 DISTRIBUTOR Timothy Partners, Ltd. 1055 Maitland Center Commons Maitland, FL 32751 TRANSFER AGENT Huntington Asset Services, Inc. 2960 N Meridian Street, Suite 300 Indianapolis, IN 46208 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Cohen Fund Audit Services, Ltd. 800 Westpoint Parkway, Suite 1100 Westlake, OH 44145-1524 LEGAL COUNSEL David Jones & Assoc., P.C. 395 Sawdust Road, Suite 2148 The Woodlands, TX 77380

For additional information or a prospectus, please call: 1-800-846-7526 Visit the Timothy Plan web site on the internet at: www.timothyplan.com This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which includes details regarding the Funds’ objectives, policies, expenses and other information. Distributed by Timothy Partners, Ltd.	HEADQUARTERS The Timothy Plan 1055 Maitland Center Commons Maitland, Florida 32751 (800) 846-7526 www.timothyplan.com invest@timothyplan.com SHAREHOLDER SERVICES Huntington Asset Services, Inc. 2960 N Meridian Street, Suite 300 Indianapolis, IN 46208 (800) 662-0201

Item 2. Code of Ethics.

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

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

(1)

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2)

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

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

(4)

The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5) Accountability for adherence to the code.

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

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

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

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

Item 3. Audit Committee Financial Expert.

(a) The registrant has an Audit committee currently composed of three independent Trustees, Mr. Wesley Pennington, Mr. John Mulder and Mr. Charles Nelson. The registrant’s board of trustees has determined that Mr. Charles Nelson is qualified to serve as an Audit Committee Financial Expert, and has designated him as such.

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees

The Timothy Plan

FY 2010

$ 125,400

FY 2009

$ 111,400

(b)	Audit-Related Fees

The Timothy Plan Registrant Adviser

FY 2010

$ 0

FY 2009

$ 0

Nature of the fees:

(c)

Tax Fees

The Timothy Plan

FY 2010

$ 0

FY 2009

$ 0

Nature of the fees:

preparation of the 1120 RIC

(d)	All Other Fees

Registrant

The Timothy Plan

FY 2010

$ 0

FY 2009

$ 0

Nature of the fees:

(e)

(1)

Audit Committee’s Pre-Approval Policies

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

(2)

Percentages of Services Approved by the Audit Committee

Registrant

Audit-Related Fees: 0 %

Tax Fees: 0 %

All Other Fees: 0 %

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

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

Registrant

Adviser

FY 2010

$ 0

FY 2009

$ 0

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

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

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

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

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

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

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

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

Item 11. Controls and Procedures.

(a) Based on an evaluation of the registrant’s disclosure controls and procedures as of November 19, 2010, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code is filed herewith

(a)(2)

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

(a)(3) Not Applicable

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

SIGNATURES

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

(Registrant) The Timothy Plan

By	/s/ Arthur D. Ally
	Arthur D. Ally, President

Date	11/30/10

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

Date	11/30/10

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

SECTION 302 CERTIFICATIONS

I, Arthur D. Ally, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date	11/30/10		/s/ Arthur D. Ally
			Arthur D. Ally, President & Treasurer

EX-99.906 CERT 3 cert906.htm SECTION 906 CERTIFICATION cert906.htm

SECTION 906 CERTIFICATION

Arthur D. Ally, President and Treasurer of the Timothy Plan (the "Registrant"), certifies to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2010 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

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

President & Treasurer

Timothy Plan

/s/ Arthur D. Ally
Arthur D. Ally
Date	11/30/10

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

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

EX-99.CODE ETH 4 coe.htm CODE OF ETHICS coe.htm

Code of Ethics

Of The Timothy Plan

I. Introduction

This Code of Ethics, as amended, has been adopted by The Timothy Plan (the “Trust”) in compliance with Rule 17j-1 (the “Rule”) under the Investment Trust Act of 1940, as amended, and Section 406 of the Sarbanes-Oxley Act of 2002 (the “Acts”) to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Trust may abuse their fiduciary duties to the Trust, to deal with other types of conflict-of-interest situations to which the Rule is addressed, and to establish certain standards, policies, and procedures, designed specifically, but not exclusively to address the conduct of the principal executive officer, the principal financial officer, accounting officer, controller, and any other persons actin g in any such capacity:

To promote honest and ethical conduct, including the ethical handling of actual or perceived conflicts of interest between personal and professional relationships;

To effect full, fair, accurate, timely, and understandable disclosures in reports and documents that a company files with, or submits to, the Securities and Exchange Commission, state securities oversight agency(ies), and in other public communications made by the Trust;

To comply with applicable federal and state government laws, rules, and regulations;

To provide for accountability for the policies and procedures set forth herein, and strict adherence thereto, and regulatory compliance by the principal executive officer, the principal financial officer, accounting officer or controller, and any other persons acting in any such capacity.

To establish accountability and encourage reporting of known or perceived transgressions of the Code.

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

II. Principles

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

owe a fiduciary obligation to the Trust;

have the duty at all times to place the interests of Trust shareholders first;

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

should not take inappropriate advantage of their positions in relation to the Trust.

III. Definitions (as used herein)

“Access Person” means:

Any Trustee, officer, including but not limited to the principal executive officer, the principal financial officer, accounting officer or controller of the Trust and any person acting in any such capacity, general partner or Advisory Person of the Trust or any Adviser to the Trust.

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

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

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

“Advisory Person” means:

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

Any natural person in a control relationship to the Trust or an Adviser to the Trust who obtains information concerning recommendations made to the Trust with regard to the purchase or sale of Covered Securities by the Trust

“Affiliated Person” means:

Any officer, including but not limited to the principal executive officer, the principal financial officer, accounting or controller of the Trust and any person acting in any such capacity, Trustee, copartner or employee of the Trust, Adviser and/or Underwriter;

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

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

any person directly or indirectly controlling, controlled by, or under common control with the Trust, Adviser and/or Underwriter.

“Beneficial Interest” means:

Any interest by which an Access Person or any member of his or her immediate family (relative by blood or marriage living in the same household), can directly or indirectly derive a monetary benefit from the purchase, sale (or other

acquisition or disposition) or ownership of a security, except such interests as Clearing Officers shall determine to be too remote for the purpose of this Code of Ethics. (A transaction in which an Access Person acquires or disposes of a security in which he or she has or thereby acquires a direct or indirect Beneficial Interest will be referred to in this Code of Ethics as a “personal securities” transaction or as a transaction for the person’s “own account”). At the written request of a person subject to this Code of Ethics, the Clearing Officers, in their sole discretion or with the advice of counsel, may from time to time issue written interpretations as to whether an Access Person has a “Beneficial Interest” in a security or a transaction, and whether a transaction is or would be considered to be a “personal securities” transaction or a transaction “for the person’s own” account for purposes of the reporting requirements under this Code. Any such written interpretations shall be included in Appendix A attached to and incorporated by reference into this Code of Ethics, and may be relied upon solely by the person(s) seeking such interpretations.

“Clearing Officers” means:

any two officers of the Trust who are not:

parties to the transaction;

related by blood or marriage to a party to the transaction; and

interested in or affiliated persons of the issuer of the securities at issue.

“Control” means:

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

“Covered Security” means:

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

Direct obligations of the Government of the United States;

Banker’s acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and

Shares issued by open-end Funds.

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

“Fund” means:

An investment company registered under the Act, and includes the Trust.

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

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

A security is “being considered for purchase or sale”;

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

IV. The principal executive officer, the principal financial officer, accounting officer or controller any person acting in any such capacity for the Trust as applicable:

shall prepare and submit, or cause to be prepared and submitted, all documents, reports, and other items requested from time to time, to the appropriate regulatory authority(ies) and agency(ies) including federal, state, and self-regulatory organizations, and the public if so required by law or rule. All such reports shall be prepared fairly and accurately, fully disclosing all applicable information in a format that shall be understandable and easily read.

shall maintain the books, records, and documents, and shall at all times conduct the Trust’s business in such a manner so as to fully comply with all applicable government laws, and regulations promulgated thereunder, including all federal, state, and local laws and ordinances.

shall make the Code of Ethics of the Trust available to all parties upon receipt of a request. Requests may be made by calling the Trust at 1-800-846-7526, or by writing the Trust at 1304 West Fairbanks Avenue, Winter Park, FL 32789. Disclosure of the Code’s availability shall be announced on the Trust’s website (www.timothyplan.com) and in its prospectus, semi-annual and annual reports.

V. General Prohibitions

In addition to the officers set forth hereinabove, the provisions and reporting requirements of the Rule and this Code of Ethics are applicable to those investment activities of Access Persons who are associated with the Trust and who thus may benefit from or interfere with the purchase or sale of portfolio securities by the Trust. The Rule and this Code of Ethics shall also apply to all Affiliated Persons of the Trust, the Adviser(s), SubAdviser(s) and the Underwriter (“Covered Persons”), unless specifically stated otherwise.

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

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

employ any device, scheme or artifice to defraud the Trust; or

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

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

engage in any manipulative practice with respect to the Trust.

This Code of Ethics, as amended, has been adopted to establish standards and procedures for the detection and prevention of activities by which Officers of the Trust, and other persons having knowledge of the investments and investment intentions of the Trust, may abuse their fiduciary duties to the Trust, the investors, or both, to deal with other types of conflict-of-interest situations, and to establish certain standards, policies, and procedures, designed specifically, but not exclusively to address the conduct of the principal executive officer, the principal financial officer, accounting officer, controller, and any other officers or persons acting in any such capacity:

i. To promote honest and ethical conduct, including the ethical handling of actual or perceived conflicts of interest between personal and professional relationships;

ii. To effect full, fair, accurate, timely, and understandable disclosures in reports and documents that a company files with, or submits to, the Securities and Exchange Commission, state securities oversight agency(ies), and in other public communications made by the Trust;

iii. To comply with applicable federal and state government laws, rules, and regulations;

iv. To provide for accountability for the policies and procedures set forth herein, and strict adherence thereto, and regulatory compliance by the principal executive officer, the principal financial officer, accounting officer or controller, and any other persons acting in any such capacity.

v. To establish accountability and encourage reporting of known or perceived transgressions of the Code.

It is “unlawful” for certain persons who have affiliations with the Trust to engage in conduct which is deceitful, fraudulent or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by the Trust. This Code of

Ethics is intended to establish policies and procedures designed to insure that persons subject to this Code of Ethics and the Rules do not use any information concerning the investments or investment intentions of the Trust, or his or her ability to influence such investment related information, for personal gain or in a manner detrimental to the interests of the Trust, or the investors, or both.

VI. Prohibited Transactions

Blackout Periods

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

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

reports to the Trust the information described in Paragraph VI of this Code of Ethics.

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

Initial Public Offerings

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

Private Placements

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

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

An Advisory Person who has been authorized to acquire securities in a private placement or an initial public offering shall be required to disclose that investment to the Trust and the appropriate Adviser whenever such Advisory Person participates, either directly or indirectly, in subsequent consideration of an investment in the issuer by any portfolio in the Trust complex. In the event that an Advisory Person has been given approval to acquire securities in a private placement or an initial public offering, any decision of the Trust to purchase securities of the issuer of such private placement or initial public offering shall be subject to prior review by the Trust’s independent Trustees who have no personal interest in the issuer.

Ban On Short-Term Trading Profits

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

Gifts

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

Service as a Trustee to Other Public Companies

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

VII. Advance Clearance Requirement

Procedures

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

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

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

Filing: Copies of all completed Clearance Forms, with all required signatures, shall be provided to the Board of Trustees, and shall retained in accordance with the record keeping requirements set forth in Section XIII of this Code of Ethics.

Factors Considered in Clearance of Personal Transactions

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

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

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

Whether the security proposed to be purchased or sold is one that would qualify for purchase or sale by the Trust.

VIII. Exempt Transactions

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

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

Involuntary purchases or sales;

Purchases which are part of an automatic dividend reinvestment plan; and

Purchases or other acquisitions or dispositions resulting from the exercise of rights required from an issuer as part of a pro rata distribution to all holders of a class of securities of such issuer and the sale of such rights.

IX. Reporting of Securities Transactions

Reporting Requirements of Access Persons

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

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

Any person who qualified as an Access Person prior to March 1, 2000 shall be exempt from filing an Initial Holdings Report.

Quarterly Transaction Reports: Not later than ten (10) days after the end of each calendar quarter, each Access Person shall make a written report (“Quarterly Transaction Report’), a form of which is attached to this Code of Ethics as Schedule C, to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as applicable, which with respect to any transaction during the previous calendar quarter in a Covered Security in which the Access Person had any direct or indirect Beneficial Ownership, contains the following information:

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

ii.

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

iii.

The price of the Covered Security at which the transaction was effected;

iv.

The name of the broker, dealer or bank with or through which the transaction was effected; and

The date that the report is submitted by the Access Person.

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

The name of the broker, dealer or bank with whom the Access Person established the account;

The date the account was established; and

The date that the report is submitted by the Access Person.

Annual Holding Reports: Not later than thirty (30) days after the end of the Trust’s fiscal year end, each Access Person shall make a written report, a form of which is attached to this Code of Ethics as Schedule D (“Annual Holdings Report”), to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as applicable, which:

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

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

Contains the date that the report is submitted by the Access Person; and

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

Exemptions from Reporting

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

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

An Initial Holdings Report or an Annual Holdings Report; and

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

An Access Person of the Trust’s Underwriter need not make a report to the Underwriter, if such person makes a report to the Trust and:

The Underwriter is not an affiliated person of the Trust or any Adviser to the Trust; and

The Underwriter has no officer, Trustee or general partner who serves as an officer, Trustee or general partner of the Trust or an Adviser to the Trust.

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

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

Responsibility to Report

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

Where to File Report

All reports must be filed with the principal executive officer, in-house counsel of the Trust, or to such person designated by the principal executive officer as Administrator of the Code.

X. Confidentiality of Trust Transactions

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

XI. Accountability and Sanctions

Failure to report, or the failure to promptly report, a violation of this Code by any person in possession of the knowledge of a violation or who has reasonable grounds to suspect a violation has occurred, shall itself be a violation of the Code, and will result the imposition of sanctions as set forth below.

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

XII. Administration and Construction

The administration of this Code of Ethics shall be the responsibility of the President of the Trust who shall serve as the “Administrator” of this Code of Ethics.

The duties of such Administrator shall include:

Continuous maintenance of a current list of the names of all Access Persons with an appropriate description of their title or employment;

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

upervising the implementation of this Code of Ethics by the Adviser(s) and Underwriter and the enforcement of the terms hereof by the Adviser(s) and Underwriter;

Maintaining or supervising the maintenance of all records and reports required by this Code of Ethics;

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

Determining whether any particular securities transaction should be exempted pursuant to the provisions of this Code of Ethics;

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

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

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

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

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

A record of any violation of such Codes of Ethics and of any action taken as a result of such violation;

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

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

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

XIII. Amendments and Modifications

This Code of Ethics may not be amended or modified except in a written form which is specifically approved by majority vote of the Independent Trustees of the Trust. Modifications or amendments, including waivers to any provision set forth herein, that relate to the principal executive officer, the principal financial officer, accounting officer or controller and any person acting in any such capacity for the Trust,, shall be disclosed on the Timothy Plan website within five (5) days of the modification, amendment or waiver.

This Code of Ethics was first adopted by the Trust’s Board of Trustees, including a majority of the Trust’s “Independent Trustees”, at a meeting held on November 3, 2000, and amended at a meeting held on the 20th day of August, 2003, subject to and receiving final ratification at the meeting held the 21st day of November, 2003.

Witness my Signature:

Joseph Boatwright Secretary to the Trust

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				5 year			Average
	1 Year			Average			Annual Return
Fund/Index	Total Return			Annual Return			Since Inception
Timothy Aggressive Growth Fund - Class A (With Sales Charge)		13.63	%		-2.03	%		-4.06	%	(a)
Russell Mid-Cap Growth Index		18.27	%		2.86	%		-0.23	%	(a)
Timothy Aggressive Growth Fund - Class B		18.94	%		-1.66	%		-4.24	%	(b)
Russell Mid-Cap Growth Index		18.27	%		2.86	%		-0.04	%	(b)
Timothy Aggressive Growth Fund - Class C*		17.95	%		-1.65	%		0.65	%	(c)
Russell Mid-Cap Growth Index		18.27	%		2.86	%		5.14	%	(c)

				5 year		Average
	1 Year			Average		Annual Return
Fund/Index	Total Return			Annual Return		Since Inception			(a)
Timothy International Fund - Class A (With Sales Charge)		-1.79	%		N/A		-8.00	%
MSCI EAFE Index		3.94	%		N/A		-6.90	%
Timothy International Fund - Class C*		2.23	%		N/A		-7.18	%
MSCI EAFE Index		3.94	%		N/A		-6.90	%

(a) For the period May 3, 2007 (commencement of investment in accordance with objective) to September 30, 2010.
*With Maximum Deferred Sales Charge


				5 year			Average
	1 Year			Average			Annual Return
Fund/Index	Total Return			Annual Return			Since Inception
Timothy Large/Mid Cap Growth Fund - Class A (With Sales Charge)		5.46	%		-1.39	%		-4.56	%	(a)
Russell 1000 Growth Index		12.65	%		2.06	%		-3.25	%	(a)
Timothy Large/Mid Cap Growth Fund - Class B		10.80	%		-1.02	%		-4.71	%	(b)
Russell 1000 Growth Index		12.65	%		2.06	%		-2.98	%	(b)
Timothy Large/Mid Cap Growth Fund - Class C*		9.67	%		-1.05	%		-0.09	%	(c)
Russell 1000 Growth Index		12.65	%		2.06	%		2.50	%	(c)

(a) For the period October 5, 2000 (commencement of investment in accordance with objective) to September 30, 2010.
(b) For the Period October 9, 2000 (commencement of share class operations) to September 30, 2010.
(c) For the Period February 3, 2004 (commencement of share class operations) to September 30, 2010.
*With Maximum Deferred Sales Charge

				5 year			10 Year
	1 Year			Average			Average
Fund/Index	Total Return			Annual Return			Annual Return
Timothy Small Cap Value Fund - Class A (With Sales Charge)		3.96	%		0.35	%		3.21	%
Russell 2000 Index		13.35	%		1.60	%		4.00	%
Timothy Small Cap Value Fund - Class B		9.19	%		0.76	%		3.01	%
Russell 2000 Index		13.35	%		1.60	%		4.00	%
Timothy Small Cap Value Fund - Class C*		8.14	%		0.77	%		1.18	%	(a)
Russell 2000 Index		13.35	%		1.60	%		3.69	%	(a)

(a) For the period February 3, 2004 (commencement of share class operations) to September 30, 2010.
*With Maximum Deferred Sales Charge

· Large/Mid Cap Value Fund	=	20.00	%
· Small Cap Value Fund	=	7.50	%
· Large/Mid Cap Growth Fund	=	20.00	%
· Aggressive Growth Fund	=	7.50	%
· International Fund	=	25.00	%
· High Yield Bond Fund	=	10.00	%
· Defensive Strategies Fund	=	10.00	%

· Large/Mid Cap Value Fund	=	15.00	%
· Small Cap Value Fund	=	5.00	%
· Large/Mid Cap Growth Fund	=	12.00	%
· Aggressive Growth Fund	=	3.00	%
· Fixed Income Fund	=	30.00	%
· International Fund	=	10.00	%
· High Yield Bond Fund	=	10.00	%
· Defensive Strategies Fund	=	15.00	%

Top Ten Holdings		Industries
(% of Net Assets)		(% of Net Assets)

SBA Communications Corp. - Class A	3.30%	Information Technology	28.58%
Cash Equivalent - Fidelity Institutional Money Market Portfolio	3.02%	Health Care	17.60%
Gartner, Inc.	2.90%	Industrials	15.28%
Sapient Corp.	2.29%	Consumer Discretionary	13.71%
NICE Systems, Ltd. (ADR)	2.21%	Financials	7.67%
Bruker Corp.	2.07%	Telecommunications	6.24%
Discover Financial Services	1.85%	Energy	6.10%
Informatica Corp.	1.84%	Short-Term Investments	3.02%
Whiting Petroleum Corp.	1.74%	Materials	0.96%
Varian Medical Systems, Inc.	1.58%	Other Assets Less Liabilities	0.84%
	22.80%		100.00%

Strategic Growth Fund		Conservative Growth Fund

Asset Allocation		Asset Allocation
(% of Net Assets)		(% of Net Assets)

International	25.22%	Fixed Income	29.88%
Large/Mid Cap Growth	20.23%	Defensive Strategies	14.97%
Large/Mid Cap Value	19.94%	Large/Mid Cap Value	14.97%
High Yield Bond	9.69%	Large/Mid Cap Growth	12.03%
Defensive Strategies	9.67%	International	10.03%
Aggressive Growth	7.67%	High Yield Bond	9.95%
Small Cap Value	7.52%	Small Cap Value	5.05%
Short-Term Investments	0.13%	Aggressive Growth	3.04%
Liabilities in Excess of Other Assets	(0.07)%	Other Assets Less Liabilities	0.08%
	100.00%		100.00%

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*

					4/1/2010 through
	4/1/2010		9/30/2010		9/30/2010

Actual - Class A	$	1,000.00	$	1,048.36	$	9.46
Hypothetical - Class A **	$	1,000.00	$	1,015.83	$	9.31
Actual - Class B	$	1,000.00	$	1,042.02	$	13.27
Hypothetical - Class B **	$	1,000.00	$	1,012.07	$	13.08
Actual - Class C	$	1,000.00	$	1,044.03	$	13.29
Hypothetical - Class C **	$	1,000.00	$	1,012.07	$	13.08

Schedule of Investments \| Aggressive Growth
As of September 30, 2010

Common Stocks - 96.14%
Number of Shares			Fair Value

		BANKS - 0.93%
	3,640	Signature Bank *	$	141,378

		CHEMICALS - 0.96%
	9,192	Solutia, Inc. *		147,256

		CONSUMER GOODS - 2.27%
	6,899	Jarden Corp.		214,766
	3,200	Steven Madden, Ltd. *		131,392
				346,158

		EDUCATION - 2.18%
	2,738	DeVry, Inc.		134,737
	6,845	K12, Inc. *		198,710
				333,447

		FINANCIAL / INVESTMENT SERVICES - 5.65%
	2,125	Cardtronics, Inc. *		32,789
	16,909	Discover Financial Services		282,042
	1,849	Greenhill & Co., Inc.		146,663
	9,702	Invesco, Ltd.		205,973
	4,515	MSCI, Inc. - Class A *		149,943
	4,375	PennantPark Investment Corp.		46,419
				863,829

		HEALTHCARE - 10.57%
	22,540	Bruker Corp.*		316,236
	3,005	Catalyst Health Solutions, Inc. *		105,806
	3,780	Cepheid, Inc. *		70,724
	888	Dendreon Corp. *		36,568
	4,324	Express Scripts, Inc.*		210,579
	1,570	HMS Holdings Corp. *		92,536
	5,000	Incyte Corp. Ltd. *		79,950
	6,835	MedAssets, Inc. *		143,808
	3,350	Nektar Therapeutics *		49,480
	3,147	Sirona Dental Systems, Inc. *		113,418
	2,730	SXC Health Solutions Corp. *		99,563
	3,990	Varian Medical Systems, Inc. *		241,395
	3,867	Wright Medical Group, Inc. *		55,723
				1,615,786

		INDUSTRIALS / MACHINERY - 8.97%
	13,725	AerCap Holdings NV *		162,367
	4,569	Babcock & Wilcox Co. *		97,228
	3,100	Baldor Electric Co.		125,240
	845	Flowserve Corp.		92,460
	3,888	Gardner Denver, Inc.		208,708

Common Stocks - 96.14% (continued)
Number of Shares			Fair Value

		INDUSTRIALS / MACHINERY - 8.97% (continued)
	2,491	Goodrich Corp.	$	183,661
	2,895	Greif, Inc. - Class A		170,342
	2,887	Ingersoll-Rand Plc		103,095
	5,435	Kennametal, Inc.		168,105
	4,788	Orion Marine Group, Inc.*		59,419
				1,370,625

		INFORMATION TECHNOLOGY - 19.87%
	2,996	Advent Software, Inc. *		156,361
	6,061	Ariba, Inc. *		114,553
	23,199	Art Technology Group, Inc. *		95,812
	11,328	Brightpoint, Inc. *		79,183
	3,481	Cognizant Technology Solutions Corp. - Class A *		224,420
	4,766	Concur Technologies, Inc. *		235,631
	2,258	Equinix, Inc.*		231,106
	926	F5 Networks, Inc. *		96,128
	15,062	Gartner, Inc. *		443,425
	8,410	iGate Corp.		152,557
	7,325	Informatica Corp. *		281,353
	4,065	MICROS Systems, Inc. *		172,071
	7,245	Parametric Technology Corp. *		141,567
	4,750	Plexus Corp. *		139,413
	8,275	Rackspace Hosting, Inc. *		214,985
	7,015	Radiant Systems, Inc. *		119,957
	4,237	VanceInfo Technologies, Inc. (ADR) *		137,025
				3,035,547

		INSTRUMENTS - 1.34%
	1,647	Mettler-Toledo International, Inc. *		204,953

		INSURANCE - 1.09%
	9,761	Assured Guaranty, Ltd.		167,011

		MISCELLANEOUS SERVICES - 8.04%
	2,263	Alliance Data Systems Corp. *		147,683
	2,875	Ancestry.com, Inc. *		65,435
	3,600	Constant Contact, Inc. *		77,148
	1,675	Discovery Communications, Inc. - Class A *		72,946
	6,400	Gaylord Entertainment Co. *		195,200
	4,581	GSI Commerce, Inc. *		113,151
	15,155	Kforce, Inc. *		207,927
	29,189	Sapient Corp.		349,392
				1,228,882

		OIL / NATURAL GAS - 6.09%
	12,575	EXCO Resources, Inc.		186,990
	2,200	Lufkin Industries, Inc.		96,580
	16,859	Rex Energy Corp. *		215,795
	8,467	Venoco, Inc. *		166,207
	2,786	Whiting Petroleum Corp. *		266,091
				931,663

Money Market Fund - 3.02%
Number of Shares			Fair Value

	461,632	Fidelity Institutional Money Market Portfolio, 0.20% (A)	$	461,632

		Total Money Market Fund (cost $461,632)		461,632

		TOTAL INVESTMENTS (cost $12,359,436) - 99.16%	$	15,155,528

		OTHER ASSETS LESS LIABILITIES - 0.84%		128,102

		NET ASSETS - 100.00%	$	15,283,630



(ADR) American Depositary Receipt.
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at September 30, 2010.


Common Stocks - 95.66%
Number of Shares			Fair Value

		AUTOMOTIVE - 5.01%
	40,000	Fiat SpA (ADR) (B)	$	614,000
	35,000	Honda Motor Co., Ltd. (ADR)		1,245,650
				1,859,650

		BANKS - 11.04%
	25,600	Banco Bradesco SA (ADR)		521,728
	20,000	BOC Hong Kong (Holdings), Ltd. (ADR) (B)		1,265,600
	28,000	DBS Group Holdings, Ltd. (ADR) (B)		1,201,200
	19,400	Intesa Sanpaolo SpA (ADR) (B)		377,136
	64,000	Societe Generale (ADR) (B)		734,720
				4,100,384

		BUILDING & CONSTRUCTION - 4.43%
	28,900	Desarrolladora Homex SAB de C.V. (ADR) *		935,493
	28,000	Vinci SA (ADR) (B)		349,440
	109,000	Wienerberger AG (ADR) (B) *		359,068
				1,644,001

		CHEMICALS - 7.06%
	12,500	Agrium, Inc.		937,375
	37,400	Henkel AG & Co. KGaA (ADR) (B)		1,684,870
				2,622,245

		CONSUMER GOODS - 6.49%
	33,550	FUJIFILM Holdings Corp. (ADR) (B)		1,107,150
	14,000	Kerry Group PLC (ADR) (B)		491,870
	36,000	Shiseido Co, Ltd. (ADR)(B)		811,080
				2,410,100

		DIVERSIFIED OPERATIONS - 6.96%
	106,000	Keppel Corp., Ltd. (ADR) (B)		1,449,020
	24,000	Mitsubishi Corp. (ADR) (B)		1,134,720
				2,583,740

		ELECTRIC POWER - 4.44%
	60,000	Hongkong Electric Holdings, Ltd. (ADR) (B)		363,000
	12,000	International Power PLC (ADR) (B)		732,000
	8,200	RWE AG (ADR)(B)		552,680
				1,647,680

		FINANCIAL / INVESTMENT SERVICES - 2.49%
	164,000	3i Group PLC (ADR) (B)		370,197
	14,500	ORIX Corp. (ADR)		554,770
				924,967

		HEALTHCARE - 6.69%
	23,000	Fresenius Medical Care AG & Co. KGaA (ADR)		1,420,020
	23,500	Smith & Nephew PLC (ADR)		1,066,900
				2,486,920

Common Stocks - 95.66% (continued)
Number of Shares			Fair Value

		INDUSTRIALS - 4.40%
	33,000	Atlas Copco AB - Class B (ADR) (B)	$	580,800
	63,000	Cookson Group PLC (ADR) (B) *		543,035
	23,000	Nidec Corp. (ADR)		511,750
				1,635,585

		INFORMATION TECHNOLOGY - 3.14%
	25,000	Canon, Inc. (ADR)		1,168,000

		INSURANCE - 3.80%
	26,000	Tokio Marine Holdings, Inc. (ADR) (B)		698,360
	30,500	Zurich Financial Services AG (ADR) (B)		712,175
				1,410,535

		MINERALS & MINING - 6.44%
	32,380	Anglo American plc (ADR) (B)		643,391
	58,000	Thompson Creek Metals Co., Inc. *		625,240
	40,500	Vale SA (ADR)		1,123,875
				2,392,506

		OIL / NATURAL GAS - 7.38%
	32,780	Petroleo Brasileiro S.A. (ADR)		1,075,840
	33,668	Statoil ASA (ADR)		706,354
	18,600	Total S.A. (ADR)		959,760
				2,741,954

		RETAIL - 2.32%
	37,000	William Morrison Supermarkets plc (ADR) (B)		862,840

		SERVICES - 4.50%
	44,000	ABB, Ltd. (ADR) *		929,280
	30,600	Focus Media Holding, Ltd. (ADR) *		743,580
				1,672,860

		TELECOMMUNICATIONS - 9.07%
	22,700	America Movil SAB de C.V. - Series L (ADR)		1,210,591
	52,000	Singapore Telecommunications, Ltd. (ADR) (B)		1,238,120
	55,000	Turkcell Iletisim Hizmetleri AS (ADR)		921,800
				3,370,511

		Total Common Stocks (cost $31,626,535)		35,534,478

Money Market Fund - 4.74%
Number of Shares			Fair Value

	1,760,671	Fidelity Institutional Money Market Portfolio, 0.20% (A)	$	1,760,671

		Total Money Market Fund (cost $1,760,671)		1,760,671

		TOTAL INVESTMENTS (cost $33,387,206) - 100.40%	$	37,295,149

		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.40)%		(147,541	)


		NET ASSETS - 100.00%	$	37,147,608

(ADR) American Depositary Receipt.
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at September 30, 2010.
(B) Securities are priced using an evaluated bid provided by an independent pricing source, which is based on the Fund's Good Faith Pricing Guidelines.
Such values are approved by the Board of Trustees and are considered Level 2 securities in accordance with GAAP valuation methods.
The total value of such securities at September 30, 2010 is $18,876,472, which represents 51% of net assets.





Diversification of Assets
Country			Percentage of Net Assets
Austria				0.96	%
Brazil				7.33	%
Canada				4.21	%
China				2.00	%
France				5.50	%
Germany				9.85	%
Hong Kong				4.38	%
Ireland				1.32	%
Italy				2.67	%
Japan				19.47	%
Mexico				5.78	%
Norway				1.90	%
Singapore				10.47	%
Sweden				1.56	%
Switzerland				4.42	%
Turkey				2.48	%
United Kingdom				11.36	%
Total				95.66	%
Money Market Funds				4.74	%
Liabilities in Excess of Other Assets				-0.40	%
Grand Total				100.00	%

Common Stocks - 94.41%
Number of Shares			Fair Value

		CONSUMER GOODS - 3.74%
	14,480	Emerson Electric Co.	$	762,517
	26,050	Jarden Corp.		810,936
				1,573,453

		DIVERSIFIED OPERATIONS - 0.69%
	8,150	Ingersoll-Rand PLC		291,036

		EDUCATION - 0.79%
	6,795	DeVry, Inc.		334,382

		FINANCIAL / INVESTMENT SERVICES - 12.78%
	6,800	Affliiated Managers Group, Inc. *		530,468
	43,050	Discover Financial Services		718,074
	6,000	Franklin Resources, Inc.		641,400
	6,225	Greenhill & Co., Inc.		493,767
	53,355	Invesco, Ltd.		1,132,727
	14,175	MSCI, Inc. - Class A *		470,752
	16,050	SEI Investments Co.		326,457
	21,250	T. Rowe Price Group, Inc.		1,063,881
				5,377,526

		HEALTHCARE - 16.12%
	28,660	AmerisourceBergen Corp.		878,716
	51,565	Bruker Corp. *		723,457
	6,870	C.R. Bard, Inc.		559,424
	12,230	Covidien PLC		491,524
	7,110	DaVita, Inc. *		490,803
	3,498	Dendreon Corp. *		144,048
	14,960	Express Scripts, Inc. *		728,552
	15,900	Medco Health Solutions, Inc. *		827,754
	12,570	Patterson Cos, Inc.		360,130
	12,600	St. Jude Medical, Inc. *		495,684
	9,270	Sirona Dental Systems, Inc. *		334,091
	12,400	Varian Medical Systems, Inc. *		750,200
				6,784,383

		INDUSTRIALS / MACHINERY - 10.51%
	13,422	Babcock & Wilcox Co. *		285,620
	5,200	Danaher Corp.		211,172
	3,150	Flowserve Corp.		344,673
	12,475	Gardner Denver, Inc.		669,658
	10,550	Goodrich Corp.		777,851
	10,589	Greif, Inc. - Class A		623,057
	22,350	Johnson Controls, Inc.		681,675
	16,900	Kennametal, Inc.		522,717
	7,370	Pall Corp.		306,887
				4,423,310

Common Stocks - 94.41% (Continued)
Number of Shares			Fair Value

		INFORMATION TECHNOLOGY - 11.90%
	8,700	Cognizant Technology Solutions Corp. - Class A *	$	560,889
	11,000	Concur Technologies, Inc. *		543,840
	7,140	Equinix, Inc. *		730,779
	2,295	F5 Networks, Inc. *		238,244
	10,000	FLIR Systems, Inc. *		257,000
	29,793	Gartner, Inc. *		877,106
	13,196	Informatica Corp. *		506,858
	29,000	Jabil Circuit, Inc.		417,890
	13,000	MICROS Systems, Inc. *		550,290
	12,475	Rackspace Hosting, Inc. *		324,101
				5,006,997

		INSTRUMENTS - 3.28%
	6,095	Mettler-Toledo International, Inc. *		758,462
	13,000	Thermo Fisher Scientific, Inc. *		622,440
				1,380,902

		INSURANCE - 1.13%
	27,801	Assured Guaranty, Ltd		475,675

		MISCELLANEOUS SERVICES - 6.31%
	6,910	Alliance Data Systems Corp. *		450,947
	5,330	Aptargroup, Inc.		243,421
	3,500	Discovery Communications, Inc. - Class A *		152,425
	50,490	Paychex, Inc.		1,387,970
	35,100	Sapient Corp.		420,147
				2,654,910

		OIL & NATURAL GAS - 12.81%
	9,150	Cameron International Corp. *		393,084
	39,100	EXCO Resources, Inc.		581,417
	26,170	Exxon Mobil Corp.		1,617,044
	11,350	Occidental Petroleum Corp.		888,705
	30,870	Statoil ASA (ADR)		647,653
	7,650	Sunoco, Inc.		279,225
	12,300	Valero Energy Corp.		215,373
	8,040	Whiting Petroleum Corp. *		767,900
				5,390,401

		PHARMACEUTICALS - 2.55%
	3,145	Alexion Pharmaceuticals, Inc. *		202,412
	5,775	Human Genome Sciences, Inc. *		172,037
	9,130	Salix Pharmaceuticals, Ltd. *		362,644
	6,020	United Therapeutics Corp. *		337,180
				1,074,273

		RETAIL - 2.45%
	6,500	Kohl's Corp. *		342,420
	6,164	O'Reilly Automotive, Inc. *		327,925
	12,320	Ulta Salon Cosmetics & Fragrance, Inc. *		359,744
				1,030,089

Common Stocks - 90.11%
Number of Shares			Fair Value

		AEROSPACE EQUIPMENT - 3.24%
	28,500	Moog, Inc. - Class A *	$	1,012,035
	13,500	Teledyne Technologies, Inc. *		537,570
				1,549,605

		BANKS - 13.43%
	13,908	Bancfirst Corp.		562,718
	25,274	Chemical Financial Corp.		521,655
	31,600	East West Bancorp., Inc.		514,448
	2,902	First Citizens BancShares, Inc. - Class A		537,654
	30,200	First Financial Bancorp		503,736
	53,600	FirstMerit Corp.		981,952
	8,073	Suffolk Bancorp		204,408
	12,450	SVB Financial Group *		526,884
	61,726	Texas Capital Bancshares, Inc. *		1,066,008
	28,100	UMB Financial Corp.		997,831
				6,417,294

		CHEMICALS - 2.22%
	34,759	Sensient Technologies Corp.		1,059,802

		CONSTRUCTION - 4.25%
	36,400	Astec Industries, Inc. *		1,038,492
	38,417	Layne Christensen Co. *		994,616
				2,033,108

		CONSUMER GOODS - 4.56%
	13,200	Diamond Foods, Inc.		541,068
	16,400	Jarden Corp.		510,532
	38,800	Wolverine World Wide, Inc.		1,125,588
				2,177,188

		ELECTRIC POWER - 4.12%
	46,900	Avista Corp.		979,272
	33,400	Cleco Corp.		989,308
				1,968,580

		FINANCIAL & INVESTMENT SERVICES - 4.08%
	90,817	Calamos Asset Management, Inc. - Class A		1,044,396
	72,900	Knight Capital Group, Inc. - Class A *		903,231
				1,947,627

		HEALTHCARE - 2.29%
	180,120	CryoLife, Inc. *		1,093,328

		INDUSTRIALS - 11.56%
	41,483	AAON, Inc.		975,680
	17,598	A.O. Smith Corp.		1,018,748
	29,300	Kaydon Corp.		1,013,780
	11,200	Lennox International, Inc.		466,928
	72,787	Twin Disc, Inc.		1,015,379
	21,600	Wabtec Corp.		1,032,264
				5,522,779

Common Stocks - 90.11% (Continued)
Number of Shares			Fair Value

		INFORMATION TECHNOLOGY - 7.46%
	30,791	Benchmark Electronics, Inc.*	$	504,972
	26,400	ManTech International Corp. - Class A *		1,045,440
	40,900	Quest Software, Inc. *		1,005,731
	35,800	SYNNEX Corp. *		1,007,412
				3,563,555

		INSURANCE - 2.09%
	20,482	Infinity Property & Casualty Corp.		998,907

		MINING - 1.01%
	44,700	Thompson Creek Metals Company, Inc. *		481,866

		MISCELLANEOUS SERVICES - 5.63%
	22,500	Dawson Geophysical Co. *		599,625
	12,800	John Wiley & Sons, Inc. - Class A		523,008
	23,300	Rent-A-Center, Inc.		521,454
	44,800	Rollins, Inc.		1,047,424
				2,691,511

		OIL & NATURAL GAS - 7.04%
	22,600	Approach Resources, Inc. *		252,668
	35,900	Atlas Energy, Inc. *		1,028,176
	65,465	Georesources, Inc. *		1,040,894
	81,300	Rex Energy Corp. *		1,040,640
				3,362,378

		RESTAURANTS - 2.18%
	39,500	Papa Johns International, Inc. *		1,042,010

		RETAIL - 7.45%
	12,200	BJ's Wholesale Club, Inc. *		506,300
	10,856	Childrens Place Retail Stores, Inc./The *		529,447
	35,700	Finish Line, Inc./The - Class A		496,587
	22,900	Jo-Ann Stores, Inc. *		1,020,195
	69,597	Spartan Stores, Inc.		1,009,157
				3,561,686

		SEMICONDUCTORS - 2.12%
	56,400	MKS Instruments, Inc. *		1,014,072

		TRANSPORTATION - 5.38%
	24,100	Genesee & Wyoming, Inc. - Class A *		1,045,699
	26,864	Landstar System, Inc.		1,037,488
	32,781	Saia Inc. *		489,420
				2,572,607

		Total Common Stocks (cost $39,797,097)		43,057,903

REITs - 4.11%
Number of Shares			Fair Value

	18,600	Equity Lifestyle Properties, Inc.		1,013,328
	40,600	Healthcare Realty Trust, Inc.		949,634

		Total REITs (cost $1,834,193)		1,962,962

Money Market Fund - 6.69%
Number of Shares			Fair Value

	3,195,474	Fidelity Institutional Money Market Portfolio, 0.20% (A)	$	3,195,474

		Total Money Market Fund (cost $3,195,474)		3,195,474

		TOTAL INVESTMENTS (cost $44,826,764) - 100.91%	$	48,216,339

		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.91)%		(434,466	)

		NET ASSETS - 100.00%	$	47,781,873


* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at September 30, 2010.

Common Stocks - 90.72%
Number of Shares			Fair Value

		BANKS - 1.90%
	72,000	BB&T Corp.	$	1,733,760

		CONSUMER GOODS - 12.04%
	46,900	BorgWarner, Inc. *		2,467,878
	56,900	Dr Pepper Snapple Group, Inc.		2,021,088
	48,800	Emerson Electric Co.		2,569,808
	33,400	JM Smucker Co./The		2,021,702
	66,800	Sysco Corp.		1,905,136
				10,985,612

		ELECTRIC POWER - 6.79%
	57,800	American Electric Power Co., Inc.		2,094,094
	47,000	Dominion Resources, Inc.		2,052,020
	53,300	FirstEnergy Corp.		2,054,182
				6,200,296

		FINANCIAL & INVESTMENT SERVICES - 8.49%
	10,900	BlackRock, Inc.		1,855,725
	57,800	Eaton Vance Corp.		1,678,512
	17,100	Franklin Resources, Inc.		1,827,990
	112,600	Invesco, Ltd.		2,390,498
				7,752,725

		HEALTHCARE - 10.14%
	74,000	CareFusion Corp. *		1,838,160
	56,600	Covidien PLC		2,274,754
	22,800	CR Bard, Inc.		1,856,604
	28,800	DENTSPLY International, Inc.		920,736
	38,300	McKesson Corp.		2,366,174
				9,256,428

		INDUSTRIALS - 2.12%
	15,200	Precision Castparts Corp.		1,935,720


		INFORMATION TECHNOLOGY - 2.56%
	110,600	CA, Inc.		2,335,872

Common Stocks - 90.72% (Continued)
Number of Shares			Fair Value

		INSURANCE - 9.04%
	37,700	ACE, Ltd.	$	2,196,025
	25,400	Arch Capital Group, Ltd. *		2,128,520
	63,000	Axis Capital Holdings, Ltd.		2,075,220
	60,100	Willis Group Holdings, PLC		1,852,282
				8,252,047

		MACHINERY - 5.95%
	43,000	Deere & Co.		3,000,540
	22,200	Flowserve Corp.		2,429,124
				5,429,664

		OIL & NATURAL GAS - 20.42%
	34,100	Anadarko Petroleum Corp.		1,945,405
	18,400	Apache Corp.		1,798,784
	18,600	ConocoPhillips		1,068,198
	7,300	Devon Energy Corp.		472,602
	45,200	EQT Corp.		1,629,912
	52,300	Exxon Mobil Corp.		3,231,617
	60,700	Marathon Oil Corp.		2,009,170
	34,700	Murphy Oil Corp.		2,148,624
	46,300	National Oilwell Varco, Inc.		2,058,961
	29,000	Occidental Petroleum Corp.		2,270,700
				18,633,973

		RETAIL - 8.36%
	40,100	Advance Auto Parts, Inc.		2,353,068
	33,500	Costco Wholesale Corp.		2,160,415
	17,300	Kohls Corp. *		911,364
	29,300	Sherwin-Williams Co./The		2,201,602
				7,626,449

		TRANSPORTATION - 2.91%
	32,500	Union Pacific Corp.		2,658,500

		Total Common Stocks (cost $73,458,133)		82,801,046

Master Limited Partnerships - 2.06%
Number of Shares			Fair Value

	53,700	Lazard, Ltd. - Class A		1,883,796

		Total Master Limited Partnerships (cost $2,107,162)		1,883,796

REITs - 4.91%
Number of Shares			Fair Value

	61,400	HCP, Inc.		2,209,172
	23,400	Public Storage		2,270,736

		Total REITs (cost $3,613,173)		4,479,908

Money Market Fund - 2.16%
Number of Shares			Fair Value

	1,975,210	Fidelity Institutional Money Market Portfolio, 0.20% (A)	$	1,975,210

		Total Money Market Fund (cost $1,975,210)		1,975,210

		TOTAL INVESTMENTS (cost $81,153,678) - 99.85%	$	91,139,960

		OTHER ASSETS LESS LIABILITIES - 0.15%		139,937

		NET ASSETS - 100.00%	$	91,279,897


* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at September 30, 2010.

Bonds and Notes - 89.40%
Par Value			Fair Value

		ASSET-BACKED SECURITIES - 0.51%
$	190,339	John Deere Owner Trust, 2.59%, 10/15/2013	$	192,675
	145,000	John Deere Owner Trust, 3.96%, 05/16/2016		152,624

		Total Asset-Backed Securities (cost $335,991)		345,299

		CORPORATE BONDS - 28.81%
	500,000	America Movil SAB de C.V., 5.00%, 03/30/2020		541,768
	1,000,000	Cameron International Corp., 6.375%, 07/15/2018		1,139,925
	750,000	Canadian National Railway Co., 5.80%, 06/01/2016		893,612
	750,000	ConocoPhillips, 4.60%, 01/15/2015		843,151
	500,000	Covidien International Finance SA, 5.45%, 10/15/2012		544,668
	910,000	CRH America, Inc., 6.00%, 09/30/2016		1,020,143
	950,000	Dominion Resources, Inc., 5.00%, 03/15/2013		1,036,386
	100,000	Entergy Gulf States, Inc., 5.70%, 06/01/2015		100,173
	500,000	Enterprise Products Operating, LLC, 6.125%, 10/15/2039		540,077
	900,000	ERP Operating LP, 5.125%, 03/15/2016		986,637
	500,000	Express Scripts, Inc., 5.25%, 06/15/2012		533,994
	500,000	Johnson Controls, Inc., 5.00%, 03/30/2020		550,550
	750,000	Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014		829,381
	500,000	L-3 Communications, Corp., 5.20%, 10/15/2019		541,459
	750,000	Marathon Oil Corp., 6.00%, 10/01/2017		874,083
	1,000,000	NASDAQ OMX Group, Inc./The, 4.00%, 01/15/2015		1,034,461
	750,000	Nisource Finance Corp., 5.40%, 07/15/2014		835,278
	500,000	Oneok, Inc., 5.20%, 06/15/2015		550,527
	300,000	Protective Life Secured Trusts, 5.75%, 01/15/2019		302,257
	750,000	PSI Energy, Inc., 6.05%, 06/15/2016		886,886
	750,000	Simon Property Group LP, 5.75%, 12/01/2015		855,017
	500,000	Transocean, Inc., 6.00%, 03/15/2018		532,600
	1,000,000	Tyco Electronics Group SA, 6.00%, 10/01/2012		1,081,917
	300,000	Unitrin, Inc., 4.875%, 11/01/2010		300,413
	500,000	Valero Energy Corp., 6.625%, 06/15/2037		503,692
	750,000	Weatherford International, Ltd., 4.95%, 10/15/2013		809,135
	750,000	Willis North America, Inc., 6.20%, 03/28/2017		800,249

		Total Corporate Bonds (cost $17,738,108)		19,468,439

		U.S. GOVERNMENT & AGENCY OBLIGATIONS - 60.08%
		Government Notes & Bonds - 27.87%
	1,500,000	Federal Farm Credit Bank, 4.875%, 01/17/2017		1,745,344
	1,500,000	Federal Farm Credit Bank, 5.125%, 08/25/2016		1,787,878
	1,000,000	Federal Home Loan Bank, 5.00%, 11/17/2017		1,186,364
	1,500,000	Federal Home Loan Bank, 5.50%, 08/13/2014		1,749,626
	2,000,000	U.S. Treasury Bond, 3.125%, 05/15/2019		2,125,470
	1,500,000	U.S. Treasury Bond, 4.375%, 05/15/2040		1,684,931
	1,000,000	U.S. Treasury Bond, 5.00%, 05/15/2037		1,241,875
	2,500,000	U.S. Treasury Note, 3.50%, 05/15/2020		2,714,065
	2,000,000	U.S. Treasury Note, 3.875%, 05/15/2018		2,258,438
	2,050,000	U.S. Treasury Note, 4.75%, 05/15/2014		2,339,882

		Total Government Notes & Bonds (cost $17,830,147)		18,833,873

Bonds and Notes - 89.40% (continued)
Par Value			Fair Value

		U.S. GOVERNMENT & AGENCY OBLIGATIONS - 60.08% (continued)
		Government Mortgage-Backed Securities - 25.28%
$	122,907	GNMA Pool 3584, 6.00%, 07/20/2034	$	134,378
	269,366	GNMA Pool 3612, 6.50%, 09/20/2034		299,447
	838,479	GNMA Pool 3625, 6.00%, 10/20/2034		917,741
	362,095	GNMA Pool 3637, 5.50%, 11/20/2034		390,942
	562,381	GNMA Pool 3665, 5.50%, 01/20/2035		606,749
	278,160	GNMA Pool 3679, 6.00%, 02/20/2035		303,718
	725,734	GNMA Pool 3711, 5.50%, 05/20/2035		782,990
	717,869	GNMA Pool 3865, 6.00%, 06/20/2036		781,850
	519,424	GNMA Pool 3910, 6.00%, 10/20/2036		565,719
	954,792	GNMA Pool 3939, 5.00%, 01/20/2037		1,020,353
	1,059,428	GNMA Pool 4058, 5.00%, 12/20/2037		1,132,174
	1,217,040	GNMA Pool 4072, 5.50%, 01/20/2038		1,309,049
	2,965,834	GNMA Pool 4520, 5.00%, 08/20/2039		3,169,228
	1,818,266	GNMA Pool 4541, 5.00%, 09/20/2039		1,942,961
	46,407	GNMA Pool 585163, 5.00%, 02/15/2018		49,696
	47,660	GNMA Pool 585180, 5.00%, 02/15/2018		51,039
	41,454	GNMA Pool 592492, 5.00%, 03/15/2018		44,393
	39,501	GNMA Pool 599821, 5.00%, 01/15/2018		42,301
	599,540	GNMA Pool 604182, 5.50%, 04/15/2033		648,501
	326,331	GNMA Pool 663776, 6.50%, 01/15/2037		359,354
	2,247,676	GNMA Pool 717072, 5.00%, 05/15/2039		2,397,299
	120,235	GNMA Pool 781694, 6.00%, 12/15/2031		131,958

		Total Government Mortgage-Backed Securities (cost $16,114,688)		17,081,840

		Treasury Inflation Protection Securities - 6.93%
	2,654,708	TIPS, 2.00%, 01/15/2014		2,849,664
	1,619,265	TIPS, 2.50%, 07/15/2016		1,835,842

		Total Treasury Inflation Protection Securities (cost $4,320,531)		4,685,506

		Total U.S. Government & Agency Obligations (cost $38,265,366)		40,601,219

		Total Bonds and Notes (cost $56,339,464)		60,414,957


Money Market Fund - 16.21%
Number of Shares			Fair Value

	10,951,503	Fidelity Institutional Money Market Portfolio, 0.20% (A)		10,951,503

		Total Money Market Fund (cost $10,951,503)		10,951,503

		TOTAL INVESTMENTS (cost $67,290,968) - 105.61%	$	71,366,460

		LIABILITIES IN EXCESS OF OTHER ASSETS - (5.61)%		(3,786,068	)

		NET ASSETS - 100.00%	$	67,580,392

(A) Variable rate security; the rate shown represents the yield at September 30, 2010.


Bonds and Notes - 96.58%
Par Value			Fair Value

		CONVERTIBLE CORPORATE BONDS - 1.92%
$	500,000	Hornbeck Offshore Services, Inc., 1.625%, 11/15/2026 (B)	$	435,700

		Total Convertible Corporate Bonds (cost $377,500)		435,700

		CORPORATE BONDS - 94.66%
	250,000	Actuant Corp., 6.875%, 06/15/2017		256,250
	250,000	Arch Coal, Inc., 8.75%, 08/01/2016		276,875
	500,000	Ashtead Holdings PLC, 8.625%, 08/01/2015 (A)		517,500
	500,000	Atlas Pipeline Partners LP, 8.125%, 12/15/2015		507,500
	500,000	Berry Petroleum Co., 8.25%, 11/01/2016		515,000
	500,000	Cemex Finance LLC, 9.50%, 12/14/2016 (A)		505,600
	500,000	Cloud Peak Energy Resources LLC, 8.50%, 12/15/2019		538,750
	500,000	Comstock Resources, Inc., 8.375%, 10/15/2017		518,125
	100,000	Concho Resources, Inc., 8.625%, 10/01/2017		106,500
	250,000	Continental Resources, Inc., 7.125%, 04/01/2021 (A)		261,250
	500,000	Copano Energy Finance Corp., 7.75%, 06/01/2018		507,500
	575,000	Cricket Communications, Inc., 9.375% 11/01/2014		598,000
	500,000	Crosstex Energy LP, 8.875%, 02/15/2018		526,250
	500,000	Crum & Forster Holdings Corp., 7.75%, 05/01/2017		523,125
	500,000	Duquesne Light Holdings, Inc., 6.40%, 09/15/2010 (A)		509,471
	500,000	Dynegy Holdings, Inc., 7.75%, 06/01/2019		345,000
	99,000	Energy Future Holdings Corp., 10.875%, 11/01/2017		59,895
	256,000	Energy Future Intermediate Holding Co., LLC, 10.00%, 12/01/2020		255,338
	500,000	Forest Oil Corp., 7.25%, 06/15/2019		513,750
	500,000	Geo Group, Inc., 7.75%, 10/15/2017 (A)		527,500
	500,000	Goodyear Tire & Rubber Co., 10.50%, 05/15/2016		568,750
	500,000	Helix Energy Solutions Group, Inc., 9.50%, 01/15/2016 (A)		508,750
	500,000	Intergen NV, 9.00%, 06/30/2017 (A)		531,250
	420,000	Ipalco Enterprises, Inc., 7.25%, 04/01/2016 (A)		453,600
	500,000	Janus Capital Group, Inc., 6.95%, 06/15/2017		523,006
	130,000	Kansas City Southern Railway, 13.00%, 12/15/2013		158,112
	500,000	Lyondell Chemical Co., 8.00%, 11/01/2017 (A)		547,500
	250,000	MarkWest Energy Partners L.P., 6.875%, 11/01/2014		254,687
	500,000	MetroPCS Wireless, Inc., 7.875%, 09/01/2018		517,500
	500,000	Momentive Performance Materials, Inc., 9.75%, 12/01/2014		515,000
	500,000	Navios Maritime Holdings, Inc., 8.875%, 11/01/2017 (A)		530,000
	500,000	Navistar International Corp., 8.25%, 11/01/2021		536,250
	500,000	Nova Chemicals Corp., 8.625%, 11/01/2019		533,125
	500,000	NRG Energy, Inc., 7.375%, 01/15/2017		513,750
	1,000,000	Omnicare, Inc., 7.75%, 06/01/2020		1,027,500
	250,000	PolyOne Corp., 7.375%, 09/15/2020		258,438
	250,000	Pride International, Inc., 6.875%, 08/15/2020		273,438
	500,000	Sanmina-SCI Corp., 8.125%, 03/01/2016		515,000
	500,000	Sealy Mattress Co., 8.25%, 06/15/2014		506,250
	250,000	Service Corp. International, 7.00%, 06/15/2017		265,625
	500,000	Swift Energy Co., 7.125%, 06/01/2017		497,500
	150,000	Targa Resources Partners LP, 7.875%, 10/15/2018 (A)		157,125
	310,000	Tesoro Corp., 9.75%, 06/01/2019		342,550
	250,000	Texas Industries, Inc., 9.25%, 08/15/2020 (A)		260,625

Bonds and Notes - 96.58% (continued)
Par Value			Fair Value

		CORPORATE BONDS - 94.66% (continued)
$	500,000	United Rentals North America, Inc., 9.25%, 12/15/2019	$	543,750
	500,000	United States Steel Corp., 6.05%, 06/01/2017		498,125
	500,000	USG Corp., 9.50%, 01/15/2018		493,125
	500,000	W & T Offshore, Inc., 8.25%, 06/15/2014 (A)		482,500
	250,000	Whiting Petroleum Corp., 7.00%, 02/01/2014		265,000

		Total Corporate Bonds (cost $20,490,549)		21,447,010

Money Market Fund - 1.23%
Number of Shares			Fair Value

	279,072	Fidelity Institutional Money Market Portfolio, 0.20% (B)		279,072

		Total Money Market Fund (cost $279,072)		279,072

		TOTAL INVESTMENTS (cost $21,147,121) - 97.81%	$	22,161,782

		OTHER ASSETS LESS LIABILITIES - 2.19%		494,470

		NET ASSETS - 100.00%	$	22,656,252



(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. 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 either the rate or the yield at September 30, 2010.

Common Stocks - 0.18%
Number of Shares			Fair Value

		MISCELLANEOUS SERVICES - 0.18%
	1,700	Gaylord Enterntainment Co. *	$	51,850

		Total Common Stocks (cost $45,999)		51,850

REITs - 18.52%
Number of Shares			Fair Value

	2,600	Acadia Realty Trust		49,400
	1,500	Alexandria Real Estate Equities, Inc.		105,000
	2,200	AMB Property Corp.		58,234
	2,600	Apartment Investment & Management Co. - Class A		55,588
	2,600	Associated Estates Realty Corp.		36,348
	1,250	AvalonBay Communities, Inc.		129,913
	4,000	BioMed Realty Trust, Inc.		71,680
	3,000	Boston Properties, Inc.		249,360
	2,700	BRE Properties, Inc.		112,050
	2,600	Camden Property Trust		124,722
	1,300	CBL & Associates Properties, Inc.		16,978
	2,100	Cogdell Spencer, Inc.		13,272
	3,600	Colonial Properties Trust		58,284
	700	CommonWealth REIT		17,920
	26	Cousins Properties, Inc.		186
	14,200	DiamondRock Hospitality Co. *		134,758
	2,900	Digital Realty Trust, Inc.		178,930
	2,100	DuPont Fabros Technology, Inc.		52,815
	2,800	Entertainment Properties Trust		120,904
	1,100	Equity Lifestyle Properties, Inc.		59,928
	4,900	Equity Residential		233,093
	850	Essex Property Trust, Inc.		93,024
	2,100	Extra Space Storage, Inc.		33,684
	1,700	Federal Realty Investment Trust		138,822
	2,200	First Potomac Realty Trust		33,000
	5,000	HCP, Inc.		179,900
	3,300	Health Care Realty Trust, Inc.		77,187
	1,200	Highwoods Properties, Inc.		38,964
	4,300	Hospitality Properties Trust		96,019
	1,600	Kilroy Realty Corp.		53,024
	8,000	Kimco Realty Corp.		126,000
	2,863	Macerich Co./The		122,966
	3,000	National Retail Properties, Inc.		75,330
	4,300	Nationwide Health Properties, Inc.		166,281
	3,600	Omega Healthcare Investors, Inc.		80,820
	1,600	Plum Creek Timber Co., Inc.		56,480
	5,400	ProLogis		63,612
	900	PS Business Parks, Inc.		50,913
	3,200	Public Storage		310,528
	2,100	Ramco-Gershenson Properties Trust		22,491
	1,700	Rayonier, Inc.		85,204
	2,400	Regency Centers Corp.		94,728
	6,629	Simon Property Group, Inc.		614,773
	1,850	SL Green Realty Corp.		117,160
	1,600	Taubman Centers, Inc.		71,376
	3,800	UDR, Inc.		80,256
	4,300	Ventas, Inc.		221,751

REITs - 18.52% (Continued)
Number of Shares			Fair Value

	2,816	Vornado Realty Trust	$	240,852
	2,100	Washington Real Estate Investment Trust		66,633
	2,700	Weingarten Realty Investors		58,914

		Total REITs (cost $4,425,308)		5,350,055

Exchange Traded Funds - 30.92%
Number of Shares			Fair Value

	30,100	iShares Silver Trust *		641,431
	3,500	iShares Dow Jones US Real Estate Index Fund		185,080
	92,700	PowerShares DB Agriculture Fund *		2,547,396
	72,300	PowerShares DB Base Metals Fund *		1,583,370
	50,000	PowerShares DB Commodity Index Tracking Fund *		1,205,500
	79,100	PowerShares DB Energy Fund *		1,911,056
	6,700	SPDR Gold Shares *		856,997

		Total Exchange-Traded Funds (cost $8,415,983)		8,930,830




Bonds and Notes - 44.07%
Par Value			Fair Value

		TREASURY INFLATION PROTECTION SECURITIES
$	713,588	TIPS, 1.625%, 01/15/2015		763,483
	756,554	TIPS, 1.875%, 07/15/2015		823,402
	943,896	TIPS, 2.00%, 01/15/2014		1,013,214
	1,214,399	TIPS, 2.00%, 07/15/2014		1,314,776
	1,147,838	TIPS, 2.00%, 01/15/2016		1,259,395
	1,269,275	TIPS, 2.125%, 01/15/2019		1,430,712
	1,330,056	TIPS, 2.375%, 01/15/2025		1,532,785
	1,675,628	TIPS, 2.375%, 01/15/2017		1,890,842
	507,710	TIPS, 2.50%, 01/15/2029		600,525
	606,255	TIPS, 3.00%, 07/15/2012		644,240
	673,950	TIPS, 3.625%, 04/15/2028		903,567
	397,845	TIPS, 3.875%, 04/15/2029		554,496

		Total Treasury Inflation Protection Securities (cost $12,054,525)		12,731,437

Money Market Fund - 6.13%
Number of Shares			Fair Value

	1,770,275	Fidelity Institutional Money Market Portfolio, 0.20% (A)		1,770,275

		Total Money Market Fund (cost $1,770,275)		1,770,275

		TOTAL INVESTMENTS (cost $26,712,090) - 99.82%	$	28,834,447

		OTHER ASSETS LESS LIABILITIES - 0.18%		52,714

		NET ASSETS - 100.00%	$	28,887,161



* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at September 30, 2010.

Short Term Investments - 99.91%
Par Value			Fair Value

		Money Market Fund - 9.92%
$	1,328,543	Fidelity Institutional Money Market Portfolio, 0.20% (B)	$	1,328,543

		Total Money Market Fund (cost $1,328,543)		1,328,543

		U.S. Government & Government Agencies (A) - 89.99%
	1,550,000	U.S. Treasury Bill, 0.12%, 10/07/2010		1,549,965
	1,500,000	U.S. Treasury Bill, 0.10%, 10/14/2010		1,499,926
	1,500,000	U.S. Treasury Bill, 0.13%, 10/21/2010		1,499,887
	1,500,000	U.S. Treasury Bill, 0.14%, 10/28/2010		1,499,869
	1,500,000	U.S. Treasury Bill, 0.13%, 11/04/2010		1,499,823
	1,500,000	U.S. Treasury Bill, 0.13%, 11/12/2010		1,499,746
	1,500,000	U.S. Treasury Bill, 0.13%, 11/18/2010		1,499,700
	1,500,000	U.S. Treasury Bill, 0.15%, 11/26/2010		1,499,685

		Total U.S. Government Agencies (amortized cost $12,048,601)		12,048,601

		TOTAL INVESTMENTS (cost $13,377,144) - 99.91%	$	13,377,144

		OTHER ASSETS LESS LIABILITIES - 0.09%		12,576

		TOTAL NET ASSETS - 100.00%	$	13,389,720

(A) Discount note; the rate shown represents the yield at September 30, 2010.
(B) Variable rate security; the rate shown represents the yield at September 30, 2010.

Mutual Funds (A) - 99.94%
Number of Shares			Fair Value

	647,689	Timothy Plan Aggressive Growth Fund*	$	3,510,474
	413,214	Timothy Plan Defensive Strategies Fund		4,421,387
	486,788	Timothy Plan High Yield Bond Fund		4,429,768
	1,496,194	Timothy Plan International Fund		11,535,656
	1,544,240	Timothy Plan Large/Mid Cap Growth Fund*		9,249,998
	770,133	Timothy Plan Large/Mid Cap Value Fund		9,118,380
	304,944	Timothy Plan Small Cap Value Fund*		3,439,772

		Total Mutual Funds (cost $50,229,087)		45,705,435

Money Market Fund - 0.13%
Number of Shares			Fair Value

	59,657	Fidelity Institutional Money Market Portfolio, 0.20% (B)		59,657

		Total Money Market Fund (cost $59,657)		59,657

		Total Investments (cost $50,288,744) - 100.07%	$	45,765,092

		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.07)%		(33,775	)

		TOTAL NET ASSETS - 100.00%	$	45,731,317



* Non-income producing securities
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at September 30, 2010.

Mutual Funds (A) - 99.92%
Number of Shares			Fair Value

	256,664	Timothy Plan Aggressive Growth Fund*	$	1,391,120
	639,880	Timothy Plan Defensive Strategies Fund		6,846,720
	1,294,050	Timothy Plan Fixed Income Fund		13,665,164
	500,159	Timothy Plan High Yield Bond Fund		4,551,447
	594,705	Timothy Plan International Fund		4,585,175
	917,285	Timothy Plan Large/Mid Cap Growth Fund*		5,494,536
	578,251	Timothy Plan Large/Mid Cap Value Fund		6,846,492
	204,743	Timothy Plan Small Cap Value Fund*		2,309,501

		Total Mutual Funds (cost $44,678,352)		45,690,155

		TOTAL INVESTMENTS (cost $44,678,352) - 99.92%	$	45,690,155

		OTHER ASSETS LESS LIABILITIES - 0.08%		36,931

		NET ASSETS - 100.00%	$	45,727,086



* Non-income producing securities
(A) Affiliated Funds - Class A.

Assets
	Money Market

Cost, Investments in Unaffiliated Securities [NOTE 1]	$	13,377,144

Fair Value, Investments in Unaffiliated Securities [NOTE 1]	$	13,377,144

Receivable for:
Waiver of Advisory Fees		5,004
Fund Shares Sold		29,534
Interest		216
Prepaid Expenses		8,616

Total Assets		13,420,514

Liabilities


Accrued Expenses		11,062
Payable for:
Fund Shares Redeemed		19,622
Fund Distributions		110

Total Liabilities		30,794

Net Assets	$	13,389,720

Sources of Net Assets


Net Assets Consisted of:
Paid-in Capital	$	13,381,135
Accumulated Undistributed Net Investment Income (Loss)		7,884
Accumulated Net Realized Gain (Loss) on Investments		701

Net Assets	$	13,389,720