N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number - 811-08228

The Timothy Plan

 (Exact name of registrant as specified in charter)

1055 Maitland Center Commons

Maitland, FL 32751

(Address of principal executive offices) (Zip code)

Art Ally

Timothy Partners, Ltd.

105 Maitland Center Commons

Maitland, FL 32751

(Name and address of agent for service)

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

Date of fiscal year end: 09/30

Date of reporting period: 06/30/2011

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

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

U.S.C. § 3507.

Item 1. Schedule of Investments.

Schedule of Investments | Aggressive Growth
As of June 30, 2011 - (Unaudited)
Common Stocks - 100.12%
Number of Shares			Fair Value
		BANKS - 3.17%
	8,075	First Midwest Bancorp, Inc.	$	99,242
	24,360	Nara Bancorp, Inc. *		198,047
	3,340	Signature Bank *		191,048
	8,898	Webster Financial Corp.		187,036
				675,373
		CHEMICALS - 3.35%
	6,225	Airgas, Inc.		435,999
	5,000	Rockwood Holdings, Inc. *		276,450
				712,449
		CONSUMER GOODS - 2.69%
	3,500	Coach, Inc.		223,755
	5,025	Crocs, Inc. *		129,394
	975	Polaris Industries, Inc.		108,391
	2,965	Steven Madden, Ltd. *		111,217
				572,757
		EDUCATION - 0.56%
	3,595	K12, Inc. *		119,138
		FINANCIAL / INVESTMENT SERVICES - 6.05%
	2,425	Affliiated Managers Group, Inc. *		246,016
	13,250	Cardtronics, Inc. *		310,712
	12,484	Discover Financial Services		333,947
	6,811	FleetCor Technologies, Inc. *		201,878
	1,550	IntercontinentalExchange, Inc. *		193,301
				1,285,854
		HEALTHCARE - 13.06%
	4,575	Accretive Health, Inc. *		131,714
	31,050	Akorn, Inc. *		217,350
	4,250	AmericsourceBergen Corp.		175,950
	24,520	Bruker Corp.*		499,227
	7,925	Caliper Life Sciences, Inc. *		64,272
	3,825	Catalyst Health Solutions, Inc. *		213,512
	3,805	Cepheid, Inc. *		131,805
	4,550	Cerner Corp. *		278,050
	7,125	ExamWorks Group, Inc. *		180,904
	2,075	IPC The Hospitalist Co., Inc. *		96,176
	8,350	NxStage Medical, Inc. *		173,847
	850	Quality Systems, Inc.		74,205
	5,697	Sirona Dental Systems, Inc. *		302,511
	13,650	Skilled Healthcare Group, Inc. - Class A *		129,129
	1,855	SXC Health Solutions Corp. *		109,297
				2,777,949

Schedule of Investments | Aggressive Growth

As of June 30, 2011 - (Unaudited)

Common Stocks - 100.12%(continued)
Number of Shares			Fair Value
		INDUSTRIALS / MACHINERY - 10.94%
	9,885	Altra Holdings, Inc. *	$	237,141
	5,194	Babcock & Wilcox Co. *		143,926
	3,940	Clean Harbors, Inc. *		406,805
	2,513	Gardner Denver, Inc.		211,218
	2,941	Goodrich Corp.		280,865
	1,875	HEICO Corp.		102,638
	2,500	HEICO Corp. - Class A		99,400
	5,300	Robbins & Myers, Inc.		280,105
	7,675	Rush Enterprises, Inc. - Class A *		146,055
	16,525	United Rentals, Inc. *		419,735
				2,327,888
		INFORMATION TECHNOLOGY - 20.11%
	4,542	Advent Software, Inc. *		127,948
	3,450	Anixter International, Inc.		225,423
	7,711	Ariba, Inc. *		265,798
	5,415	Belden, Inc.		188,767
	2,780	Cognizant Technology Solutions Corp. - Class A *		203,885
	7,525	comScore, Inc. *		194,898
	3,216	Concur Technologies, Inc. *		161,025
	18,255	DemandTec, Inc. *		166,121
	5,637	Gartner, Inc. *		227,115
	7,125	Informatica Corp. *		416,314
	14,800	KIT Digital, Inc. *		176,712
	3,325	LogMein, Inc. *		128,245
	11,445	Parametric Technology Corp. *		262,434
	7,100	Polycom, Inc. *		456,530
	7,875	Super Micro Computer, Inc. *		126,709
	11,700	Synchronoss Technologies, Inc. *		371,241
	4,975	Syntel, Inc.		294,122
	6,415	VeriFone Systems, Inc. *		284,505
				4,277,792
		INSTRUMENTS - 0.83%
	1,047	Mettler-Toledo International, Inc. *		176,597
		MISCELLANEOUS SERVICES - 9.17%
	7,300	Alterra Capital Holdings Ltd.		162,790
	12,765	AMN Healthcare Services, Inc. *		106,205
	5,325	Ancestry.com, Inc. *		220,402
	9,600	Gaylord Entertainment Co. *		288,000
	7,225	HFF, Inc. - Class A *		109,025
	5,300	InnerWorkings, Inc. *		44,202
	27,430	Kforce, Inc. *		358,784
	12,625	MDC Partners, Inc. - Class A		228,007
	7,725	SuccessFactors, Inc. *		227,115
	5,550	Taleo Corp. - Class A *		205,517
				1,950,047

Schedule of Investments | Aggressive Growth

As of June 30, 2011 - (Unaudited)

Common Stocks - 100.12%(continued)
Number of Shares			Fair Value
		OIL / NATURAL GAS - 4.89%
	13,530	Key Energy Services, Inc. *	$	243,540
	25,675	Kodiak Oil & Gas Corp. *		148,145
	3,225	Oil States International, Inc. *		257,710
	13,034	Rex Energy Corp. *		133,859
	4,522	Whiting Petroleum Corp. *		257,347
				1,040,601
		PHARMACEUTICALS - 3.12%
	37,650	Ista Pharmaceuticals, Inc.		287,834
	16,900	NPS Pharmaceuticals, Inc. *		159,705
	8,975	Questcor Pharmaceutical, Inc. *		216,297
				663,836
		RESTAURANTS - 4.10%
	15,825	Cheesecake Factory, Inc. *		496,430
	6,925	Domino's Pizza, Inc. *		174,787
	11,458	Texas Roadhouse, Inc.		200,916
				872,133
		RETAIL - 7.56%
	15,855	Express, Inc.		345,639
	4,225	Family Dollar Stores, Inc.		222,066
	1,622	Fossil, Inc. *		190,942
	3,735	Group 1 Automotive, Inc.		153,807
	21,125	Pier 1 Imports, Inc. *		244,416
	1,950	Ross Stores, Inc.		156,234
	2,205	Tractor Supply Co.		147,470
	2,300	Ulta Salon Cosmetics & Fragrance, Inc. *		148,534
				1,609,108
		SEMICONDUCTORS - 6.98%
	9,525	Avago Technologies, Ltd.		361,950
	22,143	Cypress Semiconductor Corp. *		468,103
	2,812	Netlogic Microsystems, Inc. *		113,661
	4,475	OmniVision Technologies, Inc. *		155,775
	19,425	ON Semiconductor Corp. *		203,380
	7,940	Skyworks Solutions, Inc. *		182,461
				1,485,330
		TELECOMMUNICATIONS - 0.84%
	2,652	Aruba Networks, Inc. *		78,367
	975	Interactive Intelligence Group *		34,174
	1,675	SAVVIS, Inc. *		66,213
				178,754
		TRANSPORTATION - 2.70%
	5,132	Atlas Air Worldwide Holdings, Inc. *		305,405
	4,950	Hub Group, Inc. - Class A *		186,417
	5,435	RailAmerica, Inc. *		81,525
				573,347
		Total Common Stocks (cost $18,960,889)		21,298,953

Schedule of Investments | Aggressive Growth

As of June 30, 2011 - (Unaudited)

REITs - 1.23%
Number of Shares			Fair Value
	1,925	Essex Property Trust, Inc.	$	260,433
		Total REITs (cost $258,335)		260,433
Money Market Fund - 0.42%
Number of Shares			Fair Value
	89,924	Fidelity Institutional Money Market Portfolio, 0.08% (A)		89,924
		Total Money Market Fund (cost $89,924)		89,924
		TOTAL INVESTMENTS (cost $19,309,148) - 101.77%	$	21,649,310
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.77)%		(376,517	)
		NET ASSETS - 100.00%	$	21,272,793
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at June 30, 2011.

Schedule of Investments | International
As of June 30, 2011 - (Unaudited)
Common Stocks - 90.97%
Number of Shares			Fair Value
		AUTOMOTIVE - 5.04%
	92,000	Fiat SpA (ADR) (B)	$	1,016,600
	11,800	Magna International, Ltd.		637,672
	24,000	Tata Motors Ltd. (ADR)		540,240
				2,194,512
		BANKS - 8.96%
	25,600	Banco Bradesco SA (ADR)		524,544
	11,000	BOC Hong Kong Holdings, Ltd. (ADR)(B)		641,630
	30,000	DBS Group Holdings, Ltd. (ADR)(B)		1,440,300
	29,000	Sberbank of Russia (ADR) (B)		419,340
	74,000	Societe Generale (ADR) (B)		879,490
				3,905,304
		BUILDING & CONSTRUCTION - 2.99%
	30,000	Anhui Expressway Co., Ltd. * (B)		250,602
	41,000	Vinci SA (ADR) (B)		658,460
	109,000	Wienerberger AG (ADR) (B)		394,580
				1,303,642
		CHEMICALS - 8.20%
	12,500	Agrium, Inc.		1,097,000
	33,400	Henkel AG & Co. KGaA (ADR)(B)		1,916,158
	8,300	Syngenta AG (ADR)		560,748
				3,573,906
		CONSUMER GOODS - 8.57%
	29,300	Arcos Dorados Holdings, Inc. - Class A		617,937
	13,000	CSM NV (ADR) (B)		437,460
	30,550	FUJIFILM Holdings Corp. (ADR) (B)		954,077
	14,000	Kerry Group PLC (ADR) (B)		578,792
	20,000	Marine Harvest (ADR) (B)		322,508
	20,000	Shiseido Co, Ltd. (ADR)(B)		375,400
	75,000	Techtronic Industries Co. - Class I (ADR) (B)		447,750
				3,733,924
		DIVERSIFIED OPERATIONS - 0.96%
	7,000	Hitachi, Ltd. (ADR)		416,920
		ELECTRIC POWER  - 3.23%
	63,000	Enel S.p.A. (ADR) (B)		413,910
	6,000	International Power PLC (ADR) (B)		308,700
	90,000	Power Asset Holdings, Ltd. (ADR) (B)		684,900
				1,407,510
		FINANCIAL / INVESTMENT SERVICES - 2.89%
	204,000	3i Group PLC (ADR) (B)		460,326
	16,300	ORIX Corp. (ADR)		796,907
				1,257,233
		HEALTHCARE - 8.41%
	21,000	Fresenius Medical Care AG & Co. KGaA (ADR)		1,568,700
	7,000	Shire PLC (ADR)		659,470
	26,500	Smith & Nephew PLC (ADR)		1,435,240
				3,663,410

Schedule of Investments | International

As of June 30, 2011 - (Unaudited)

Common Stocks - 90.97% (continued)
Number of Shares			Fair Value
		INDUSTRIALS - 2.86%
	30,000	Atlas Copco AB - Class B (ADR) (B)	$	708,600
	50,000	Cookson Group PLC (ADR) (B)		539,830
				1,248,430
		INFORMATION TECHNOLOGY - 7.73%
	22,000	AAC Technologies Holdings, Inc. (ADR) (B)		512,307
	17,000	CANON, INC. (ADR)		809,030
	21,000	Globe Telecom, Inc. (ADR) (B)		433,228
	103,300	Infineon Technologies AG (ADR) (B)		1,162,125
	10,200	VeriFone Systems, Inc. *		452,370
				3,369,060
		INSURANCE - 2.01%
	34,500	Zurich Financial Services AG (ADR) * (B)		874,230
		MINERALS & MINING - 5.76%
	32,380	Anglo American PLC (ADR) *(B)		804,643
	11,200	BHP Billiton PLC (ADR)		878,416
	28,600	Vale SA (ADR)		828,256
				2,511,315
		OIL / NATURAL GAS - 8.68%
	57,000	Afren PLC (ADR)* (B)		722,475
	17,000	Lukoil OAO (ADR) (B)		1,083,750
	70,400	Precision Drilling Corp. *		1,010,944
	19,668	Statoil ASA (ADR)		500,551
	18,000	Subsea 7 SA (ADR) (B)		462,960
				3,780,680
		RETAIL - 2.03%
	37,000	William Morrison Supermarkets plc (ADR) (B)		884,670
		SERVICES - 5.61%
	48,000	ABB, Ltd. (ADR) *		1,245,600
	38,600	Focus Media Holding, Ltd. (ADR) *		1,200,460
				2,446,060
		TELECOMMUNICATIONS - 5.28%
	13,200	America Movil SAB de C.V. -  Series L (ADR)		711,216
	62,000	Singapore Telecommunications, Ltd. (ADR) (B)		1,590,920
				2,302,136
		TELEVISION - 1.76%
	36,000	CTC Media, Inc.		767,520
		Total Common Stocks (cost $34,061,651)		39,640,462

Schedule of Investments | International

As of June 30, 2011 - (Unaudited)

Money Market Fund - 10.58%
Number of Shares			Fair Value
	4,608,765	Fidelity Institutional Money Market Portfolio, 0.08% (A)	$	4,608,765
		Total Money Market Fund (cost $4,608,765)		4,608,765
		TOTAL INVESTMENTS (cost $38,670,416) - 101.55%	$	44,249,227
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.55)%		(673,139	)
		NET ASSETS - 100.00%	$	43,576,088
(ADR) American Depositary Receipt.
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at June 30, 2011.
(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 June 30, 2011 is $22,380,721, which represents 51% of net assets.
Diversification of Assets
Country			Percentage of Net Assets
Argentina				1.42	%
Austria				0.91	%
Brazil				3.11	%
Canada				6.30	%
China				4.51	%
France				3.53	%
Germany				10.66	%
Hong Kong				2.50	%
India				1.24	%
Ireland				2.84	%
Italy				3.28	%
Japan				7.69	%
Mexico				1.63	%
Niger				1.00	%
Norway				1.89	%
Philippines				0.99	%
Russia				5.21	%
Singapore				6.96	%
Sweden				1.63	%
Switzerland				6.15	%
United Kingdom				16.48	%
United States				1.04	%
Total				90.97	%
Money Market Funds				10.58	%
Liabilities in excess of Other Assets				(1.55	)%
Grand Total				100.00	%

Schedule of Investments | Large/Mid Cap Growth
As of June 30, 2011 - (Unaudited)
Common Stocks - 94.15%
Number of Shares			Fair Value
		BANKS - 1.78%
	41,127	Webster Financial Corp.	$	864,490
		CHEMICALS - 3.54%
	16,555	Airgas, Inc. *		1,159,512
	10,100	Rockwood Holdings, Inc. *		558,429
				1,717,941
		CONSUMER GOODS - 7.98%
	4,430	Coach, Inc.		283,210
	18,000	Crocs, Inc.*		463,500
	25,730	Emerson Electric Co.		1,447,312
	10,450	Family Dollar Stores, Inc.		549,252
	17,270	McCormick & Co., Inc./MD		856,074
	2,450	Polaris Industrials, Inc.		272,367
				3,871,715
		FINANCIAL / INVESTMENT SERVICES - 10.03%
	10,980	Affliiated Managers Group, Inc. *		1,113,921
	36,000	Discover Financial Services		963,000
	18,030	FleetCor Technologies, Inc. *		534,409
	5,990	IntercontinentalExchange, Inc. *		747,013
	29,050	SEI Investments Co.		653,916
	14,150	T. Rowe Price Group, Inc.		853,811
				4,866,070
		HEALTHCARE - 10.81%
	45,135	AmerisourceBergen Corp.		1,868,589
	28,570	Bruker Corp. *		581,685
	11,040	Cerner Corp. *		674,654
	6,870	C.R. Bard, Inc.		754,738
	19,560	Patterson Cos., Inc.		643,328
	15,040	St. Jude Medical, Inc.		717,107
				5,240,101
		INDUSTRIALS / MACHINERY - 12.42%
	18,722	Babcock & Wilcox Co. *		518,787
	10,425	Gardner Denver, Inc.*		876,221
	9,200	General Dynamics Corp.		685,584
	10,950	Goodrich Corp.		1,045,725
	27,600	Johnson Controls, Inc.		1,149,816
	17,970	Sirona Dental Systems, Inc.*		954,207
	31,200	United Rentals, Inc. *		792,480
				6,022,820

Schedule of Investments | Large/Mid Cap Growth

As of June 30, 2011 - (Unaudited)

Common Stocks - 94.15% (Continued)
Number of Shares			Fair Value
		INFORMATION TECHNOLOGY - 10.07%
	9,110	Anixter International, Inc.	$	595,247
	24,200	Ariba, Inc.*		834,174
	3,720	Cognizant Technology Solutions Corp. - Class A *		272,825
	14,321	Informatica Corp. *		836,776
	34,300	Parametric Technology Corp. *		786,499
	21,300	Taleo Corp. - Class A *		788,739
	17,300	VeriFone Systems, Inc. *		767,255
				4,881,515
		INSTRUMENTS - 0.46%
	1,320	Mettler-Toledo International, Inc. *		222,644
		MISCELLANEOUS SERVICES - 6.65%
	21,120	Aptargroup, Inc.		1,105,421
	5,500	Clean Harbors, Inc.*		567,875
	50,490	Paychex, Inc.		1,551,053
				3,224,349
		OIL & NATURAL GAS - 12.17%
	8,330	Ensco PLC (ADR)		443,989
	27,550	Exxon Mobil Corp.		2,242,019
	14,910	Occidental Petroleum Corp.		1,551,236
	7,400	Oil States Internatational, Inc.*		591,334
	18,830	Whiting Petroleum Corp. *		1,071,615
				5,900,193
		RETAIL - 4.39%
	8,150	Ross Stores, Inc.		652,978
	4,790	Tractor Supply Co.		320,355
	5,020	Ultra Salon Cosmetics & Fragrance, Inc. *		324,192
	41,500	Western Union Co.		831,245
				2,128,770

Schedule of Investments | Large/Mid Cap Growth

As of June 30, 2011 - (Unaudited)

Common Stocks - 94.15% (Continued)
Number of Shares			Fair Value
		SEMICONDUCTORS - 7.74%
	21,700	Avago Technologies Ltd.	$	824,600
	36,400	Cypress Semiconductor Corp.*		769,496
	21,600	Microchip Technology, Inc.		818,856
	72,925	ON Semiconductor Corp. *		763,525
	25,125	Skyworks Solutions, Inc. *		577,373
				3,753,850
		TELECOMMUNICATIONS - 6.11%
	16,400	Ampheno Corp. - Class A		885,436
	10,600	L-3 Communications Holdings, Inc.		926,970
	17,890	Polycom, Inc.*		1,150,327
				2,962,733
		Total Common Stocks(cost $40,848,789)		45,657,191
REITs - 1.47%
Number of Shares			Fair Value
	5,270	Essex Property Trust, Inc.		712,978
		Total REITs (cost $707,097)		712,978
Money Market Fund - 3.14%
Number of Shares			Fair Value
	1,522,294	Fidelity Institutional Money Market Portfolio, 0.08% (A)		1,522,294
		Total Money Market Fund(cost $1,522,294)		1,522,294
		TOTAL INVESTMENTS (cost $43,078,180) - 98.76%	$	47,892,463
		OTHER ASSETS LESS LIABILITIES - 1.24%		601,898
		NET ASSETS - 100.00%	$	48,494,361
*Non-income producing securities.
(ADR) American Depositary Receipt.
(A) Variable rate security; the rate shown represents the yield at June 30, 2011.

Schedule of Investments | Small Cap Value
As of June 30, 2011 - (Unaudited)
Common Stocks - 90.06%
Number of Shares			Fair Value
		AEROSPACE EQUIPMENT - 4.72%
	8,900	Esterline Technologies Corp. *	$	679,960
	30,000	Moog, Inc. - Class A *		1,305,600
	12,500	Teledyne Technologies, Inc. *		629,500
				2,615,060
		BANKS - 13.92%
	15,428	Bancfirst Corp.		595,521
	38,833	Center Financial Corp. *		246,589
	62,403	Chemical Financial Corp.		1,170,680
	71,308	Columbia Banking System, Inc.		1,227,924
	5,989	First Citizens BancShares, Inc. - Class A		1,121,260
	74,500	First Financial Bancorp		1,243,405
	29,692	Nara Bancorp, Inc. *		241,396
	11,900	SVB Financial Group *		710,549
	36,000	Wintrust Financial Corp.		1,158,480
				7,715,804
		CHEMICALS - 2.21%
	33,059	Sensient Technologies Corp.		1,225,497
		COAL - 2.26%
	58,700	Cloud Peak Energy, Inc. *		1,250,310
		CONSTRUCTION - 3.25%
	38,070	Layne Christensen Co. *		1,155,044
	49,500	TMS International Corp. - Class A		645,975
				1,801,019
		CONSUMER GOODS - 2.22%
	29,500	Wolverine World Wide, Inc.		1,231,625
		ELECTRIC POWER - 5.66%
	25,000	Avista Corp.		642,250
	35,400	Cleco Corp. *		1,233,690
	38,000	NorthWestern Corp.		1,258,180
				3,134,120
		FINANCIAL & INVESTMENT SERVICES - 4.17%
	85,317	Calamos Asset Management, Inc. - Class A		1,238,803
	97,200	Knight Capital Group, Inc. - Class A *		1,071,144
				2,309,947
		HEALTHCARE - 3.39%
	38,131	Natus Medical, Inc. *		577,685
	30,680	Orthofix International NV *		1,302,980
				1,880,665

Schedule of Investments | Small Cap Value

As of June 30, 2011 - (Unaudited)

Common Stocks - 90.06% (Continued)
Number of Shares			Fair Value
		INDUSTRIALS - 9.26%
	28,495	AAON, Inc.	$	622,331
	30,697	A.O. Smith Corp.		1,298,483
	20,005	Hurco Cos, Inc. *		644,361
	33,000	Kaydon Corp.		1,231,560
	38,600	TAL International Group, Inc.		1,332,858
				5,129,593
		INFORMATION TECHNOLOGY - 6.40%
	69,491	Benchmark Electronics, Inc.*		1,146,601
	27,400	ManTech International Corp. - Class A		1,217,108
	37,200	SYNNEX Corp. *		1,179,240
				3,542,949
		INSURANCE - 5.52%
	53,923	AMERISAFE, Inc. *		1,219,738
	37,400	Employers Holdings, Inc.		627,198
	11,612	Infinity Property & Casualty Corp.		634,712
	13,670	Safety Insurance Group, Inc.		574,687
				3,056,335
		MISCELLANEOUS SERVICES - 5.69%
	98,166	Matrix Service, Co. *		1,313,461
	41,900	Pioneer Drilling, Co. *		638,556
	39,200	Rent-A-Center, Inc.		1,197,952
				3,149,969
		OIL & NATURAL GAS - 6.43%
	173,626	Gastar Exploration Ltd. *		595,537
	25,761	Georesources, Inc. *		579,365
	34,650	Petroleum Development Corp. *		1,036,381
	17,900	Swift Energy, Co. *		667,133
	178,906	Warren Resources, Inc. *		681,632
				3,560,048
		RESTAURANTS - 2.23%
	37,200	Papa Johns International, Inc. *		1,237,272
		RETAIL - 2.78%
	74,100	Kirkland's, Inc. *		890,682
	33,202	Spartan Stores, Inc.		648,435
				1,539,117
		SEMICONDUCTORS - 4.33%
	34,100	Kraton Performance Polymers, Inc. *		1,335,697
	22,000	Veeco Instruments, Inc. *		1,065,020
				2,400,717

Schedule of Investments | Small Cap Value

As of June 30, 2011 - (Unaudited)

Common Stocks - 90.06% (Continued)
Number of Shares			Fair Value
		TRANSPORTATION - 5.62%
	10,400	Genesee & Wyoming, Inc. - Class A *	$	609,856
	28,064	Landstar System, Inc.		1,304,415
	70,763	Saia Inc. *		1,199,433
				3,113,704
		Total Common Stocks (cost $46,697,088)		49,893,751
REITs - 8.43%
Number of Shares			Fair Value
	72,065	Coresite Realty Corp.		1,181,866
	218,500	DCT Industrial Trust, Inc.		1,142,755
	9,400	Equity Lifestyle Properties, Inc.		586,936
	27,200	Healthcare Realty Trust, Inc.		561,136
	16,800	Potlatch Corp.		592,536
	18,600	Washington Real Estate Investment Trust		604,872
		Total REITs (cost $4,512,045)		4,670,101
Money Market Fund - 1.57%
Number of Shares			Fair Value
	869,940	Fidelity Institutional Money Market Portfolio, 0.08% (A)	$	869,940
		Total Money Market Fund (cost $869,940)		869,940
		TOTAL INVESTMENTS (cost $52,079,073) - 100.06%	$	55,433,792
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.06)%		(32,355	)
		NET ASSETS - 100.00%	$	55,401,437
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at June 30, 2011.

Schedule of Investments | Large/Mid Cap Value
As of June 30, 2011 - (Unaudited)
Common Stocks - 89.70%
Number of Shares			Fair Value
		BANKS - 2.11%
	51,400	CIT Group, Inc. *	$	2,274,964
		CONSUMER GOODS - 12.35%
	28,500	BorgWarner, Inc. *		2,302,515
	56,900	Dr Pepper Snapple Group, Inc.		2,385,817
	48,800	Emerson Electric Co.		2,745,000
	33,400	JM Smucker Co./The		2,553,096
	21,300	Lear Corp.		1,139,124
	71,300	Sysco Corp.		2,223,134
				13,348,686
		ELECTRIC POWER - 6.30%
	57,800	American Electric Power Co., Inc.		2,177,904
	47,000	Dominion Resources, Inc.		2,268,690
	53,300	FirstEnergy Corp.		2,353,195
				6,799,789
		FINANCIAL & INVESTMENT SERVICES - 8.07%
	10,900	BlackRock, Inc.		2,090,729
	57,800	Eaton Vance Corp.		1,747,294
	17,100	Franklin Resources, Inc.		2,245,059
	112,600	Invesco, Ltd.		2,634,840
				8,717,922
		HEALTHCARE - 9.05%
	79,700	CareFusion Corp. *		2,165,449
	56,600	Covidien PLC		3,012,818
	22,800	CR Bard, Inc.		2,504,808
	28,800	DENTSPLY International, Inc.		1,096,704
	20,900	St. Jude Medical, Inc.		996,512
				9,776,291
		INDUSTRIALS - 6.43%
	28,500	General Dynamics Corp.		2,123,820
	24,273	Goodrich Corp.		2,318,072
	15,200	Precision Castparts Corp.		2,502,680
				6,944,572
		INFORMATION TECHNOLOGY - 5.38%
	110,600	CA, Inc.		2,526,104
	26,900	Microchip Technology, Inc.		1,019,779
	61,500	TE Connectviity Ltd.		2,260,740
				5,806,623
		INSURANCE - 8.26%
	37,700	ACE, Ltd.		2,481,414
	63,100	Arch Capital Group, Ltd. *		2,014,152
	63,000	Axis Capital Holdings Ltd.		1,950,480
	60,100	Willis Group Holdings, PLC		2,470,711
				8,916,757

Schedule of Investments | Large/Mid Cap Value

As of June 30, 2011 - (Unaudited)

Common Stocks - 89.70% (Continued)
Number of Shares			Fair Value
		MACHINERY - 4.86%
	34,000	Deere & Co.	$	2,803,300
	22,200	Flowserve Corp.		2,439,558
				5,242,858
		OIL & NATURAL GAS - 19.89%
	30,300	Anadarko Petroleum Corp.		2,325,828
	18,400	Apache Corp.		2,270,376
	18,600	ConocoPhillips		1,398,534
	45,200	EQT Corp.		2,373,904
	41,000	Exxon Mobil Corp.		3,336,580
	44,400	Marathon Oil Corp.		2,338,992
	34,700	Murphy Oil Corp.		2,278,402
	27,300	National Oilwell Varco, Inc.		2,135,133
	29,000	Occidental Petroleum Corp.		3,017,160
				21,474,909
		RETAIL - 4.45%
	40,100	Advance Auto Parts, Inc.		2,345,449
	29,300	Sherwin-Williams Co./The		2,457,391
				4,802,840
		TRANSPORTATION - 2.55%
	26,400	Union Pacific Corp.		2,756,160
		Total Common Stocks (cost $75,368,569)		96,862,371
Master Limited Partnerships - 1.84%
Number of Shares			Fair Value
	53,700	Lazard, Ltd. - Class A		1,992,270
		Total Master Limited Partnerships(cost $2,107,162)		1,992,270
REITs - 4.56%
Number of Shares			Fair Value
	61,400	HCP, Inc.		2,252,766
	23,400	Public Storage		2,667,834
		Total REITs (cost $3,613,173)		4,920,600
Money Market Fund - 3.86%
Number of Shares			Fair Value
	4,164,992	Fidelity Institutional Money Market Portfolio, 0.08% (A)	$	4,164,992
		Total Money Market Fund (cost $4,164,992)		4,164,992
		TOTAL INVESTMENTS (cost $85,253,896) - 99.96%	$	107,940,233
		OTHER ASSETS LESS LIABILITIES - 0.04%		45,048
		NET ASSETS - 100.00%	$	107,985,281
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at June 30, 2011.

Schedule of Investments | Fixed Income
As of June 30, 2011 - (Unaudited)
Bonds and Notes - 95.95%
Par Value			Fair Value
		ASSET-BACKED SECURITIES - 0.30%
$	55,080	John Deere Owner Trust, 2.59%, 10/15/2013	$	55,419
	145,000	John Deere Owner Trust, 3.96%, 05/16/2016		149,107
		Total Asset-Backed Securities (cost $200,446)		204,526
		CORPORATE BONDS - 23.38%
	500,000	America Movil SAB de C.V., 5.00%, 03/30/2020		524,100
	1,000,000	Cameron International Corp., 6.375%, 07/15/2018		1,143,995
	750,000	Canadian National Railway Co., 5.80%, 06/01/2016		859,729
	750,000	ConocoPhillips, 4.60%, 01/15/2015		829,090
	500,000	Covidien International Finance SA, 5.45%, 10/15/2012		529,296
	950,000	Dominion Resources, Inc., 5.00%, 03/15/2013		1,013,236
	350,000	Energy Transfer Partners LP, 6.70%, 07/01/2018		394,981
	500,000	Enterprise Products Operating, LLC, 6.125%, 10/15/2039		510,190
	900,000	ERP Operating LP, 5.125%, 03/15/2016		982,195
	500,000	Express Scripts, Inc., 5.25%, 06/15/2012		520,309
	500,000	Johnson Controls, Inc., 5.00%, 03/30/2020		532,233
	750,000	Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014		823,870
	500,000	L-3 Communications, Corp., 5.20%, 10/15/2019		518,571
	750,000	Marathon Oil Corp., 6.00%, 10/01/2017		862,702
	750,000	Nisource Finance Corp., 5.40%, 07/15/2014		825,039
	500,000	Oneok, Inc., 5.20%, 06/15/2015		547,572
	750,000	Simon Property Group LP, 5.75%, 12/01/2015		842,716
	500,000	Transocean, Inc., 6.00%, 03/15/2018		554,361
	1,000,000	Tyco Electronics Group SA, 6.00%, 10/01/2012		1,060,666
	500,000	Valero Energy Corp., 6.625%, 06/15/2037		522,972
	750,000	Weatherford International, Ltd., 4.95%, 10/15/2013		799,303
	750,000	Willis North America, Inc., 6.20%, 03/28/2017		818,746
		Total Corporate Bonds (cost $14,740,059)		16,015,872
		U.S. GOVERNMENT & AGENCY OBLIGATIONS - 72.27%
		Government Notes & Bonds - 31.02%
	1,500,000	Federal Farm Credit Bank, 4.875%, 01/17/2017		1,709,216
	2,500,000	Federal Farm Credit Bank, 5.125%, 08/25/2016		2,874,037
	2,000,000	Federal Home Loan Bank, 5.00%, 11/17/2017		2,300,602
	1,500,000	Federal Home Loan Bank, 5.50%, 08/13/2014		1,710,936
	1,500,000	U.S. Treasury Bond, 4.375%, 05/15/2040		1,499,304
	1,000,000	U.S. Treasury Bond, 5.00%, 05/15/2037		1,110,938
	4,000,000	U.S. Treasury Note, 3.125%, 05/15/2019		4,130,624
	2,000,000	U.S. Treasury Note, 3.125%, 05/15/2021		1,994,692
	2,000,000	U.S. Treasury Note, 3.875%, 05/15/2018		2,191,094
	1,550,000	U.S. Treasury Note, 4.75%, 05/15/2014		1,725,950
		Total Government Notes & Bonds (cost $20,990,995)		21,247,393

Schedule of Investments | Fixed Income

As of June 30, 2011 - (Unaudited)

Bonds and Notes - 95.95% (continued)
Par Value			Fair Value
		U.S. GOVERNMENT & AGENCY OBLIGATIONS - 72.27% (continued)
		Government Mortgage-Backed Securities - 34.15%
$	104,420	GNMA Pool 3584, 6.00%, 07/20/2034	$	115,703
	231,048	GNMA Pool 3612, 6.50%, 09/20/2034		261,782
	732,947	GNMA Pool 3625, 6.00%, 10/20/2034		814,564
	307,302	GNMA Pool 3637, 5.50%, 11/20/2034		340,145
	476,820	GNMA Pool 3665, 5.50%, 01/20/2035		527,780
	240,714	GNMA Pool 3679, 6.00%, 02/20/2035		267,519
	612,911	GNMA Pool 3711, 5.50%, 05/20/2035		677,842
	569,127	GNMA Pool 3865, 6.00%, 06/20/2036		631,435
	404,798	GNMA Pool 3910, 6.00%, 10/20/2036		449,115
	772,429	GNMA Pool 3939, 5.00%, 01/20/2037		841,666
	888,250	GNMA Pool 4058, 5.00%, 12/20/2037		967,868
	974,066	GNMA Pool 4072, 5.50%, 01/20/2038		1,072,081
	2,525,918	GNMA Pool 4520, 5.00%, 08/20/2039		2,747,593
	1,556,275	GNMA Pool 4541, 5.00%, 09/20/2039		1,692,854
	3,054,215	GNMA Pool 4947, 5.00%, 02/20/2041		3,320,345
	37,543	GNMA Pool 585163, 5.00%, 02/15/2018		40,616
	36,663	GNMA Pool 585180, 5.00%, 02/15/2018		39,664
	30,140	GNMA Pool 592492, 5.00%, 03/15/2018		32,607
	30,953	GNMA Pool 599821, 5.00%, 01/15/2018		33,487
	487,153	GNMA Pool 604182, 5.50%, 04/15/2033		539,446
	312,498	GNMA Pool 663776, 6.50%, 01/15/2037		355,369
	4,012,279	GNMA Pool 701961, 4.50%, 06/15/2039		4,252,598
	1,774,570	GNMA Pool 717072, 5.00%, 05/15/2039		1,926,056
	1,196,211	GNMA Pool 782858, 6.00%, 11/15/2039		1,333,838
	101,838	GNMA Pool 781694, 6.00%, 12/15/2031		114,032
		Total Government Mortgage-Backed Securities (cost $22,250,657)		23,396,005
		Treasury Inflation Protected Securities - 7.10%
	2,250,000	TIPS, 2.00%, 01/15/2014		2,952,209
	1,500,000	TIPS, 2.50%, 07/15/2016		1,912,633
		Total Treasury Inflation Protected Securities (cost $3,803,634)		4,864,842
		Total U.S. Government & Agency Obligations (cost $47,045,286)		49,508,240
		Total Bonds and Notes (cost $61,985,791)		65,728,638
Money Market Fund - 3.04%
Number of Shares			Fair Value
	2,085,661	Fidelity Institutional Money Market Portfolio, 0.08% (A)		2,085,661
		Total Money Market Fund(cost $2,085,661)		2,085,661
		TOTAL INVESTMENTS(cost $64,071,452) - 98.99%	$	67,814,299
		OTHER ASSETS LESS LIABILITIES - 1.01%		693,241
		NET ASSETS - 100.00%	$	68,507,540
(A) Variable rate security; the rate shown represents the yield at June 30, 2011.

Schedule of Investments | High Yield Bond
As of June 30, 2011 - (Unaudited)
Bonds and Notes - 91.83%
Par Value			Fair Value
		CONVERTIBLE CORPORATE BONDS - 1.71%
$	500,000	Hornbeck Offshore Services, Inc., 1.625%, 11/15/2026 (B)	$	476,250
		Total Convertible Corporate Bonds (cost $377,500)		476,250
		CORPORATE BONDS - 90.12%
	250,000	Actuant Corp., 6.875%, 06/15/2017		256,875
	500,000	AmeriGas Partners LP, 6.50%, 05/20/2021		505,625
	500,000	Berry Petroleum Co., 8.25%, 11/01/2016		523,750
	500,000	Calfrac Holdings LP, 7.50%, 12/01/2020 (A)		506,250
	500,000	Calumet Specialty Products Partners LP, 9.375%, 05/01/2019 (A)		517,500
	500,000	Cemex Finance LLC, 9.50%, 12/14/2016 (A)		519,375
	500,000	Cloud Peak Energy Resources LLC, 8.50%, 12/15/2019		543,125
	500,000	CommScope, Inc., 8.25%, 01/15/2019 (A)		517,500
	500,000	Comstock Resources, Inc., 8.375%, 10/15/2017		527,500
	250,000	Continental Resources, Inc., 7.125%, 04/01/2021		265,000
	500,000	Copano Energy Finance Corp., 7.75%, 06/01/2018		517,500
	500,000	Covanta Holding Corp., 7.25%, 12/01/2020		525,469
	500,000	Crosstex Energy LP, 8.875%, 02/15/2018		535,000
	500,000	Duquesne Light Holdings, Inc., 6.40%, 09/15/2010 (A)		518,098
	500,000	Energy Transfer Equity LP, 7.50%, 10/15/2020		532,500
	500,000	FMG Resources August 2006 Pty Ltd., 7.00%, 11/01/2015 (A)		512,500
	500,000	Forest Oil Corp., 7.25%, 06/15/2019		512,500
	500,000	Frac Tech Services LLC, 7.125%, 11/15/2018 (A)		508,750
	750,000	Genesis Energy LP, 7.875%, 12/15/2018 (A)		748,125
	500,000	Geo Group, Inc., 6.625%, 02/15/2021 (A)		498,750
	329,000	Goodyear Tire & Rubber Co., 10.50%, 05/15/2016		371,770
	500,000	Helix Energy Solutions Group, Inc., 9.50%, 01/15/2016 (A)		517,500
	500,000	Hypermarcas SA, 6.50%, 04/20/2021 (A)		501,875
	500,000	Intergen NV, 9.00%, 06/30/2017 (A)		531,250
	500,000	Kindred Healthcare, Inc., 8.25%, 06/01/2019 (A)		500,000
	500,000	MarkWest Energy Partners L.P., 6.75%, 11/01/2020		512,500
	500,000	MedAssets, Inc., 8.00%, 11/15/2018 (A)		497,500
	500,000	MEMC Electronic Materials, Inc., 7.75%, 04/01/2019 (A)		496,250
	500,000	MPT Operating Partners LP, 6.875%, 05/01/2021 (A)		493,750
	500,000	Navios Maritime Holdings, Inc., 8.875%, 11/01/2017		517,500
	500,000	Navistar International Corp., 8.25%, 11/01/2021		537,500
	500,000	Nova Chemicals Corp., 8.625%, 11/01/2019		559,375
	500,000	NRG Energy, Inc., 7.375%, 01/15/2017		525,000
	500,000	Omnicare, Inc., 7.75%, 06/01/2020		533,125
	500,000	OGX Petroleo E Gas Participacoes SA., 8.50%, 06/01/2018 (A)		516,750
	500,000	PolyOne Corp., 7.375%, 09/15/2020		525,000
	250,000	Polypore International, Inc., 7.50%, 11/15/2017		265,625
	250,000	Pride International, Inc., 6.875%, 08/15/2020		291,369
	500,000	QBE Capital Funding III, LTd.., 7.25%, 05/24/2041 (A) (B)		502,563
	500,000	Reynolds Group Issuer, Inc., 9.00%, 04/15/2019 (A)		496,250
	250,000	RR Donnelley & Sons Co., 7.25%, 05/15/2018		250,063
	500,000	Sanmina-SCI Corp., 7.00%, 05/15/2019 (A)		475,000
	500,000	Sealy Mattress Co., 8.25%, 06/15/2014		503,750
	500,000	Swift Energy Co., 7.125%, 06/01/2017		508,750
	500,000	Targa Resources Partners LP, 7.875%, 10/15/2018 (A)		530,000
	410,000	Tesoro Corp., 9.75%, 06/01/2019		460,225
	750,000	Texas Industries, Inc., 9.25%, 08/15/2020		729,375

Schedule of Investments | High Yield Bond

As of June 30, 2011 - (Unaudited)

Bonds and Notes - 91.83% (continued)
Par Value			Fair Value
		CORPORATE BONDS - 90.12% (continued)
$	500,000	United Rentals North America, Inc., 9.25%, 12/15/2019	$	545,000
	500,000	United States Steel Corp., 6.05%, 06/01/2017		498,750
	500,000	USG Corp., 7.75%, 01/15/2018		495,000
	250,000	Vanguard Health Holding Co., LLC, 7.75%, 02/01/2019		254,375
		Total Corporate Bonds(cost $24,291,876)		25,034,432
Money Market Fund - 6.93%
Number of Shares			Fair Value
	1,925,835	Fidelity Institutional Money Market Portfolio, 0.08% (B)		1,925,835
		Total Money Market Fund (cost $1,925,835)		1,925,835
		TOTAL INVESTMENTS (cost $26,595,211) - 98.76%	$	27,436,517
		OTHER ASSETS LESS LIABILITIES - 1.24%		343,379
		NET ASSETS - 100.00%	$	27,779,896
(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 June 30, 2011.

Schedule of Investments | Defensive Strategies
As of June 30, 2011 - (Unaudited)
REITs - 20.38%
Number of Shares			Fair Value
	2,600	Acadia Realty Trust	$	52,858
	2,200	Alexandria Real Estate Equities, Inc.		170,324
	1,350	AvalonBay Communities, Inc.		173,340
	4,500	Boston Properties, Inc.		477,720
	2,700	Brandywine Realty Trust		31,293
	2,800	BRE Properties, Inc.		139,664
	4,200	Brookfield Properties Corp.		80,976
	3,500	Camden Property Trust		222,670
	1,300	CBL &  Associates Properties, Inc.		23,569
	6,200	Colonial Properties Trust		126,480
	9,200	DCT Industrial Trust, Inc.		48,116
	2,500	Developers Diversified Realty Corp.		35,250
	8,000	DiamondRock Hospitality Co.		85,840
	2,400	Digital Realty Trust, Inc.		148,272
	3,900	Douglas Emmett, Inc.		77,571
	2,500	Duke Realty Corp.		35,025
	5,000	DuPont Fabros Technology, Inc.		126,000
	4,600	Education Realty Trust, Inc.		39,422
	2,300	Entertainment Properties Trust		107,410
	8,700	Equity Residential		522,000
	1,650	Essex Property Trust, Inc.		223,228
	4,200	Extra Space Storage, Inc.		89,586
	1,400	Federal Realty Investment Trust		119,252
	5,300	FelCor Lodging Trust, Inc. *		28,249
	2,200	First Potomac Realty Trust		33,682
	13,526	General Growth Properties, Inc.		225,749
	9,200	HCP, Inc.		337,548
	6,400	Health Care REIT, Inc.		335,552
	2,200	Home Properties, Inc.		133,936
	10,800	Hospitality Properties Trust		261,900
	3,100	Kilroy Realty Corp.		122,419
	12,000	Kimco Realty Corp.		223,680
	6,600	Lexington Realty Trust		60,258
	5,800	Liberty Property Trust		188,964
	5,563	Macerich Co./The		297,620
	2,100	National Retail Properties, Inc.		51,471
	3,000	Nationwide Health Properties, Inc.		124,230
	2,200	Omega Healthcare Investors, Inc.		46,222
	11,794	Prologis, Inc.		422,697
	1,300	PS Business Parks, Inc.		71,630
	3,700	Public Storage		421,837
	2,100	Rayonier, Inc.		137,235
	1,900	Regency Centers Corp.		83,543
	8,529	Simon Property Group, Inc.		991,326
	3,650	SL Green Realty Corp.		302,475

Schedule of Investments | Defensive Strategies

As of June 30, 2011 - (Unaudited)

REITs - 20.38% (continued)
Number of Shares			Fair Value
	7,000	Strategic Hotels & Resorts, Inc. *	$	49,560
	3,800	UDR, Inc.		93,290
	6,400	Ventas, Inc.		337,344
	5,616	Vornado Realty Trust		523,299
	3,300	Washington Real Estate Investment Trust		107,316
	5,300	Weingarten Realty Investors		133,348
		Total REITs (cost $7,764,769)		9,302,246
Exchange Traded Funds - 30.51%
Number of Shares			Fair Value
	18,600	iShares Silver Trust *		629,610
	123,000	PowerShares DB Agriculture Fund *		3,904,020
	37,500	PowerShares DB Base Metals Fund *		895,500
	112,300	PowerShares DB Commodity Index Tracking Fund *		3,252,208
	73,300	PowerShares DB Energy Fund *		2,179,209
	21,000	SPDR Gold Shares *		3,065,580
		Total Exchange-Traded Funds (cost $11,950,365)		13,926,127
Bonds and Notes - 40.59%
Par Value			Fair Value
		Government Mortgage-Backed Securities - 4.22%
	598,106	GNMA Pool 782858, 6.00%, 11/15/2039	$	666,919
	1,155,120	GNMA Pool 4947, 5.00%, 02/20/2041		1,255,772
		Total Government Mortgage-Backed Securities (cost $1,893,255)		1,922,691
		Treasury Inflation Protected Securities - 36.37%
	2,040,000	TIPS, 1.125%, 01/15/2021		2,179,970
	1,001,255	TIPS, 1.25%, 07/15/2020		1,093,238
	325,000	TIPS, 1.625%, 01/15/2015		415,442
	650,000	TIPS, 1.625%, 01/15/2018		768,031
	735,000	TIPS, 1.75%, 01/15/2028		827,163
	645,000	TIPS, 2.00%, 01/15/2014		846,300
	1,050,000	TIPS, 2.00%, 07/15/2014		1,367,040
	1,045,000	TIPS, 2.00%, 01/15/2016		1,317,500
	1,250,000	TIPS, 2.125%, 01/15/2019		1,489,062
	1,550,000	TIPS, 2.375%, 01/15/2017		1,973,707
	1,150,000	TIPS, 2.375%, 01/15/2025		1,574,794
	500,000	TIPS, 2.50%, 01/15/2029		615,204
	500,000	TIPS, 3.00%, 07/15/2012		652,798
	500,000	TIPS, 3.625%, 04/15/2028		916,833
	300,000	TIPS, 3.875%, 04/15/2029		563,155
		Total Treasury Inflation Protected Securities (cost $14,135,651)		16,600,237
		Total U.S. Government & Agency Obligations (cost $16,028,906)		18,522,928

Schedule of Investments | Defensive Strategies

As of June 30, 2011 - (Unaudited)

Money Market Fund - 7.76%
Number of Shares		Fair Value
3,542,850	Fidelity Institutional Money Market Portfolio, 0.08% (A)	$              3,542,850
	Total Money Market Fund(cost $3,542,850)	3,542,850
	TOTAL INVESTMENTS(cost $39,286,890) - 99.24%	$            45,294,151
	OTHER ASSETS LESS LIABILITIES - 0.76%	346,828
	NET ASSETS - 100.00%	$            45,640,979
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at June 30, 2011.

Schedule of Investments | Money Market
As of June 30, 2011 - (Unaudited)
Short Term Investments - 99.76%
Par Value			Fair Value
		Asset-Backed Securities - 2.07%
$	210,503	CNH Equipment Trust, 0.42677%, 12/09/2011	$	210,503
		Total Asset-Backed Securities (amortized cost $210,503)		210,503
		Money Market Fund - 6.94%
	706,188	Fidelity Institutional Money Market Portfolio, 0.08% (B)		706,188
		Total Money Market Fund (cost $706,188)		706,188
		U.S. Government & Government Agencies (A) - 90.75%
	400,000	Federal Home Loan Bank, 0.02%, 07/06/2011		399,997
	435,000	Federal Home Loan Bank, 0.02%, 07/13/2011		434,991
	665,000	Federal Home Loan Bank, 0.02%, 07/20/2011		664,982
	655,000	Federal Home Loan Bank, 0.01%, 07/28/2011		654,980
	725,000	Federal Home Loan Bank, 0.02%, 08/01/2011		724,981
	830,000	Federal Home Loan Bank, 0.02%, 08/03/2011		829,974
	940,000	Federal Home Loan Bank, 0.02%, 08/10/2011		939,950
	735,000	Federal Home Loan Bank, 0.03%, 08/12/2011		734,950
	895,000	Federal Home Loan Bank, 0.02%, 08/17/2011		894,930
	650,000	Federal Home Loan Bank, 0.01%, 08/24/2011		649,927
	100,000	Federal Home Loan Bank, 0.03%, 09/09/2011		99,985
	700,000	U.S. Treasury Bill, 0.01%, 08/11/2011		699,987
	1,500,000	U.S. Treasury Bill, 0.02%, 09/01/2011		1,499,959
		Total U.S. Government Agencies (amortized cost $9,229,090)		9,229,593
		TOTAL INVESTMENTS (cost $10,145,781) - 99.76%	$	10,146,284
		OTHER ASSETS LESS LIABILITIES - 0.24%		24,275
		TOTAL NET ASSETS - 100.00%	$	10,170,559
(A) Discount note; the rate shown represents the yield at June 30, 2011.
(B) Variable rate security; the rate shown represents the yield at June 30, 2011.

Schedule of Investments | Strategic Growth
As of June 30, 2011 - (Unaudited)
Mutual Funds(A)- 99.95%
Number of Shares			Fair Value
	535,949	Timothy Plan Aggressive Growth Fund*	$	3,692,687
	400,842	Timothy Plan Defensive Strategies Fund		4,737,955
	505,939	Timothy Plan High Yield Bond Fund		4,690,058
	1,431,869	Timothy Plan International Fund		12,328,388
	1,337,278	Timothy Plan Large/Mid Cap Growth Fund*		9,802,245
	690,062	Timothy Plan Large/Mid Cap Value Fund		9,764,383
	268,689	Timothy Plan Small Cap Value Fund*		3,721,337
		Total Mutual Funds(cost $45,567,593)		48,737,053
Money Market Fund - 0.13%
Number of Shares			Fair Value
	64,040	Fidelity Institutional Money Market Portfolio, 0.08% (B)		64,040
		Total Money Market Fund (cost $64,040)		64,040
		TOTAL INVESTMENTS (cost $45,631,633) - 100.08%	$	48,801,093
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.08)%		(41,350	)
		TOTAL NET ASSETS - 100.00%	$	48,759,743
* Non-income producing securities
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at June 30, 2011.

Schedule of Investments | Conservative Growth
As of June 30, 2011 - (Unaudited)
Mutual Funds(A)- 99.76%
Number of Shares			Fair Value
	218,594	Timothy Plan Aggressive Growth Fund*	$	1,506,116
	608,572	Timothy Plan Defensive Strategies Fund		7,193,319
	1,374,920	Timothy Plan Fixed Income Fund		14,340,419
	509,390	Timothy Plan High Yield Bond Fund		4,722,049
	564,598	Timothy Plan International Fund		4,861,192
	820,024	Timothy Plan Large/Mid Cap Growth Fund*		6,010,777
	520,564	Timothy Plan Large/Mid Cap Value Fund		7,365,981
	179,973	Timothy Plan Small Cap Value Fund*		2,492,619
		Total Mutual Funds (cost $42,950,743)		48,492,472
Money Market Funds - 0.36%
Number of Shares			Fair Value
	175,994	Fidelity Institutional Money Market Portfolio, 0.08% (B)		175,994
		Total Money Market Funds (cost $175,994)		175,994
		TOTAL INVESTMENTS (cost $43,126,737) - 100.12%	$	48,668,466
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.12)%		(60,017	)
		NET ASSETS - 100.00%	$	48,608,449
* Non-income producing securities
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at June 30, 2011.

Notes to the Schedule of Investments

June 30, 2011 – (Unaudited)

Timothy Plan Family of Funds

Note 1 | Unrealized Appreciation (Depreciation)

At June 30, 2011, the cost for federal income tax purposes is and the composition of gross unrealized appreciation (depreciation) of investment securities is as follows:

								Net Appreciation
Funds	Cost		Appreciation		(Depreciation)			(Depreciation)
Aggressive Growth Fund	$	19,424,469	$	2,716,521	$	(491,680	)	$	2,224,841
International Fund	$	39,992,992	$	5,087,778	$	(831,543	)	$	4,256,235
Large/Mid Cap Growth Fund	$	43,119,256	$	5,542,478	$	(769,271	)	$	4,773,207
Small Cap Value Fund	$	52,114,856	$	5,903,286	$	(2,584,350	)	$	3,318,936
Large/Mid Cap Value Fund	$	85,329,330	$	23,931,187	$	(1,320,284	)	$	22,610,903
Fixed Income Fund	$	64,078,660	$	4,013,198	$	(277,559	)	$	3,735,639
High Yield Bond Fund	$	26,595,211	$	1,009,720	$	(168,414	)	$	841,306
Defensive Strategies Fund	$	39,386,743	$	5,924,598	$	(17,190	)	$	5,907,408
Money Market Fund	$	10,145,781	$	503	$	-		$	503
Strategic Growth Fund	$	51,584,797	$	3,330,912	$	(6,114,616	)	$	(2,783,704	)
Conservative Growth Fund	$	48,719,919	$	5,541,729	$	(5,593,182	)	$	(51,453	)

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.  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 by the Board. These securities will generally be categorized as Level 3 securities.

Notes to the Schedule of Investments

June 30, 2011 – (Unaudited)

Timothy Plan Family of Funds

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, 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-Adviser 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.

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 June 30, 2011:

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 *	$	21,298,953	$	-	$	-	$	21,298,953
REITs	$	260,433	$	-	$	-	$	260,433
Money Market Funds	$	89,924	$	-	$	-	$	89,924
Total	$	21,649,310	$	-	$	-	$	21,649,310
*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 *	$	4,583,443	$	250,602	$	-	$	4,834,045
American Depositary Receipts *	$	12,676,298	$	22,130,119	$	-	$	34,806,417
Money Market Funds	$	4,608,765	$	-	$	-	$	4,608,765
Total	$	21,868,506	$	22,380,721	$	-	$	44,249,227
*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 *	$	45,213,202	$	-	$	-	$	45,213,202
American Depositary Receipts *	$	443,989	$	-	$	-	$	443,989
REITs	$	712,978	$	-	$	-	$	712,978
Money Market Funds	$	1,522,294	$	-	$	-	$	1,522,294
Total	$	47,892,463	$	-	$	-	$	47,892,463
*Refer to the Schedule of Investments for industry classifications.
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 *	$	49,893,751	$	-	$	-	$	49,893,751
REITs	$	4,670,101	$	-	$	-	$	4,670,101
Money Market Funds	$	869,940	$	-	$	-	$	869,940
Total	$	55,433,792	$	-	$	-	$	55,433,792
*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 *	$	96,862,371	$	-	$	-	$	96,862,371
Master Limited Partnerships	$	1,992,270	$	-	$	-	$	1,992,270
REITs	$	4,920,600	$	-	$	-	$	4,920,600
Money Market Funds	$	4,164,992	$	-	$	-	$	4,164,992
Total	$	107,940,233	$	-	$	-	$	107,940,233
*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	$	-	$	204,526	$	-	$	204,526
Corporate Bonds	$	-	$	16,015,872	$	-	$	16,015,872
U.S. Government Agencies	$	-	$	8,594,791	$	-	$	8,594,791
U.S. Treasury TIPS	$	-	$	4,864,842	$	-	$	4,864,842
Mortgaged-Backed Securities	$	-	$	23,396,005	$	-	$	23,396,005
U.S. Government Treasuries	$	-	$	12,652,602	$	-	$	12,652,602
Money Market Funds	$	2,085,661	$	-	$	-	$	2,085,661
Total	$	2,085,661	$	65,728,638	$	-	$	67,814,299
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	$	-	$	476,250	$	-	$	476,250
Corporate Bonds	$	-	$	14,128,896	$	-	$	14,128,896
144A Securities	$	-	$	10,905,536	$	-	$	10,905,536
Money Market Funds	$	1,925,835	$	-	$	-	$	1,925,835
Total	$	1,925,835	$	25,510,682	$	-	$	27,436,517

Notes to the Schedule of Investments

June 30, 2011 – (Unaudited)

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
REITs	$	9,302,246	$	-	$	-	$	9,302,246
Exchange-Traded Funds	$	13,926,127	$	-	$	-	$	13,926,127
U.S. Treasury TIPS	$	-	$	16,600,237	$	-	$	16,600,237
Mortgage-Backed Securities	$	-	$	1,922,691	$	-	$	1,922,691
Money Market Funds	$	3,542,850	$	-	$	-	$	3,542,850
Total	$	26,771,223	$	18,522,928	$	-	$	45,294,151
*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
Asset-Backed Securities	$	-	$	210,503	$	-	$	210,503
U.S. Government Treasuries	$	-	$	9,229,593	$	-	$	9,229,593
Money Market Funds	$	706,188	$	-	$	-	$	706,188
Total	$	706,188	$	9,440,096	$	-	$	10,146,284
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	$	48,737,053	$	-	$	-	$	48,737,053
Money Market Funds	$	64,040	$	-	$	-	$	64,040
Total	$	48,801,093	$	-	$	-	$	48,801,093
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	$	48,492,472	$	-	$	-	$	48,492,472
Money Market Funds	$	175,994	$	-	$	-	$	175,994
Total	$	48,668,466	$	-	$	-	$	48,668,466

The Funds did not hold any investments 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.  During the period ended June 30, 2011, there were no significant transfers between Levels 1 and 2.  The Funds’ policy is to recognize transfers at the end of the period.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

Separate certifications for the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 1940 are filed herewith.

SIGNATURES

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

(Registrant) The Timothy Plan

By	/s/ Arthur D. Ally
	Arthur D. Ally, President / Principal Executive Officer
Date:	08/05/2011

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

By	/s/ Arthur D. Ally
	Arthur D. Ally, President / Principal Executive Officer, Treasurer / Principal Financial Officer
Date:	08/05/2011

EX-99.CERT

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Arthur D. Ally, certify that:

1. I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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 registrant’s most recent fiscal quarter 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.

By	/s/ Arthur D. Ally
	Arthur D. Ally, President / Principal Executive Officer, Treasurer / Principal Financial Officer
Date:	08/05/2011