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)

1304 West Fairbanks Avenue

Winter Park, FL 32789

(Address of principal executive offices) (Zip code)

CITCO Mutual Fund Services, Inc.

83 General Warren Blvd., Suite 200

Malvern, PA 19355

(Name and address of agent for service)

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

Date of fiscal year end: 12/31/2004

Date of reporting period: 9/30/2004

Item 1. Schedule of Investments.

SMALL-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2004 (unaudited)

COMMON STOCKS - 95.27%

number of shares		market value
	BALL & ROLLER BEARINGS - 2.91%
59,100	Kaydon Corp.	$	1,700,307
	BITUMINOUS COAL & LIGNITE SURFACE - 2.95%
57,200	Pittston Brink’s Group		1,725,724
	BUILDING-MOBILE HOME MANUFACTURED HOUSING - 4.17%
237,000	Champion Enterprises, Inc.*		2,438,730
	CONSUMER CREDIT REPORTING, COLLECTION AGENCIES - 3.36%
72,900	NCO Group, Inc.*		1,964,655
	DIVERSIFIED HOLDINGS - 2.27%
163,000	Quanta Capital Holdings, Ltd.*		1,328,450
	DIVERSIFIED MANUFACTURING - 3.91%
123,000	Federal Signal Corp.		2,285,340
	ELECTRIC & OTHER SERVICES COMBINED - 0.92%
16,500	ALLETE, Inc.		536,250
	HEALTH CARE SUPPLIES - 0.23%
7,000	Sola International, Inc.*		133,350
	INDUSTRIAL AUTOMATION/ROBOTICS - 2.21%
92,100	UNOVA, Inc.*		1,294,005
	INVESTMENT COMPANIES - 3.27%
110,000	MCG Capital Corp.		1,909,600
	MEDICAL - GENERIC DRUGS - 2.24%
56,000	Taro Pharmaceutical Industries, Ltd.*		1,309,280
	MEDICAL SERVICES - 4.61%
73,000	Inverseek Research Group, Inc.*		2,692,970
	MISCELLANEOUS PLASTIC PRODUCTS - 4.12%
96,000	Spartech Corp.		2,409,600
	PHARMACEUTICAL PREPARATIONS - 3.01%
98,300	K-V Pharmaceutical Co. - Class A*		1,759,570
	PUBLISHING - 6.53%
101,000	Interactive Data Corp.*		1,900,820
60,000	John Wiley & Sons, Inc. - Class A		1,917,000
			3,817,820
	REIT - DIVERSIFIED - 0.71%
18,000	Global Signal, Inc.	$	412,200
	REIT - HOTELS - 2.59%
132,500	Highland Hospitality Corp.		1,510,500

SMALL-CAP VALUE FUND

	RETAIL - EATING PLACES - 10.52%
67,000	Brinker International, Inc.*		2,087,050
55,000	CBRL Group, Inc.		1,984,400
74,500	Ruby Tuesday, Inc.		2,076,315
			6,147,765
	RETAIL-FAMILY CLOTHING STORES - 3.50%
59,700	Stage Stores, Inc.*		2,042,934
	SERVICES - BUSINESS SERVICES - 5.13%
58,900	Sourcecorp, Inc.*		1,304,046
54,000	Startek, Inc.		1,693,440
			2,997,486
	SERVICES - DATA PROCESSING - 2.87%
188,000	infoUSA, Inc.*		1,675,080
	SPECIAL INDUSTRY MACHINERY - 1.96%
138,000	Axcelis Technologies, Inc.*		1,142,640
	SPECIALTY STORES - 4.41%
48,500	Sonic Automotive, Inc.		972,425
64,000	United Auto Group, Inc.		1,605,760
			2,578,185
	STATE COMMERCIAL BANKS - 3.20%
42,000	North Fork Bancorp, Inc.		1,866,900
	TECHNOLOGY DISTRIBUTION - 2.38%
36,000	Tech Data Corp.*		1,387,800
	TELECOMMUNICATIONS EQUIPMENT - 4.18%
113,000	CommScope, Inc.*		2,440,800
	TELECOMMUNICATIONS SERVICES - 2.04%
35,454	Manitoba Telecome Services, Inc.*	$	1,191,963
	THRIFTS & MORTGAGE FINANCE - 3.40%
49,000	The PMI Group, Inc.		1,988,420
	WHOLESALE-MOTOR VEHICLE & PARTS - 1.67%
59,500	Adesa, Inc.		977,585
	Total Common Stocks (cost $47,853,968)		55,665,909
SHORT-TERM INVESTMENTS - 4.64%
number of shares		market value
2,710,588	First American Treasury Obligations Fund Class A	$	2,710,588
	Total Short-Term Investments (cost $2,710,588)		2,710,588
	TOTAL INVESTMENTS - 99.91% (identified cost $50,564,556)		58,376,497
	OTHER ASSETS LESS LIABILITIES, NET - 0.09%		53,952
	NET ASSETS - 100.00%		$58,430,449

SMALL CAP VARIABLE SERIES

SCHEDULE OF INVESTMENTS

As of September 30, 2004 (unaudited)

COMMON STOCKS - 95.01%

number of shares		market value
	BALL & ROLLER BEARINGS - 2.78%
5,000	Kaydon Corp.	$	143,850
	BUILDING-MOBILE HOME/MANUFACTURING HOUSING - 4.65%
23,400	Champion Enterprises*		240,786
	BUSINESS SERVICES - 2.45%
4,700	NCO Group, Inc.*		126,665
	COMPUTER EQUIPMENT & SOFTWARE - 2.24%
3,000	Tech Data Corp.*		115,650
	DIVERSIFIED MANUFACTURING - 3.59%
10,000	Federal Signal Corp.		185,800
	ELECTRIC & OTHER SERVICES COMBINED - 1.26%
2,000	ALLETE, Inc.		65,000
	INDUSTRIAL AUTOMATION & ROBOTICS - 2.44%
9,000	UNOVA, Inc.*		126,450
	INVESTMENT COMPANIES - 3.19%
9,500	MCG Capital Corp.		164,920
	MEDICAL - GENERIC DRUGS - 2.49%
5,500	Taro Pharmaceutical Industries Ltd.*		128,590
	MEDICAL SERVICES - 4.99%
7,000	Inverseek Research Group, Inc.*		258,230
	MISCELLANEOUS PLASTIC PRODUCTS - 4.37%
9,000	Spartech Corp.		225,900
	MOTOR VEHILES & PARTS - 1.91%
6,000	Adesa, Inc.		98,580
	PHARMACEUTICAL PREPARATIONS - 2.85%
8,250	K-V Pharmaceutical Co. - Class A*		147,675
	PROPERTY/CASUALTY INSURANCE - 2.36%
15,000	Quanta Capital Holdings Ltd.*		122,250
	PUBLISHING - 5.38%
8,000	Interactive Data Corp.*		150,560
4,000	John Wiley & Sons, Inc. - Class A		127,800
			278,360
	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT - 4.72%
11,300	CommScope, Inc.*		244,080
	REIT - DIVERSIFIED - 0.80%
1,800	Global Signal, Inc.		41,220
	REIT - HOTELS - 3.20%
14,500	Highland Hospitality Corp.		165,300
	RETAIL - EATING PLACES - 10.36%
6,500	Brinker International, Inc.*		202,475
5,000	CBRL Group, Inc.		180,400

SMALL CAP VARIABLE SERIES

5,500	Ruby Tuesday, Inc.		153,285
			536,160
	RETAIL - FAMILY CLOTHING STORES - 4.56%
6,900	Stage Stores, Inc.*		236,118
	SEMICONDUCTOR EQUIPMENT/MATERIALS - 2.40%
15,000	Axcelis Technologies, Inc.*		124,200
	SERVICES - BUSINESS SERVICES - 5.49%
5,120	SOURCECORP, Inc.*		113,357
5,450	StarTek, Inc.		170,912
			284,269
	SERVICES - DATA PROCESSING - 3.01%
17,500	infoUSA, Inc.*		155,925
	SERVICES - DIVERSIFIED COMMERCIAL - 3.21%
5,500	The Brink’s Co.		165,935
	SPECIALTY STORES - 4.62%
4,900	Sonic Automotive, Inc.		98,245
5,600	United Auto Group, Inc.		140,504
			238,749
	TELECOMMUNICATION SERVICES - 2.55%
3,927	Manitoba Telecom Services Inc.		132,026
	THIFTS & MORTGAGE FINANCE - 3.14%
4,000	The PMI Group, Inc.		162,320
	Total Common Stocks (cost $4,288,780)		4,915,008
SHORT TERM INVESTMENTS - 4.85%
number of shares/principal amount		market value
255,000	Federated Cash Trust Series II Treasury		148,265
165,040	First American Treasury Obligations Fund Cl A		102,368
	Total Short Term Investments (cost $250,633)		250,633
	TOTAL INVESTMENTS - 99.86% (identified cost $4,539,414)		5,165,641
	OTHER ASSETS LESS LIABILITIES, NET - 0.14%		7,416
	NET ASSETS - 100.00%	$	5,173,057

* Non-income producing securities.

LARGE / MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2004 (unaudited)

COMMON STOCKS - 88.63%

		market value
	COATINGS/PAINT - 2.20%
55,500	RPM International, Inc.	$	979,575
	CRUDE PETROLEUM & NATURAL GAS - 6.79%
21,400	Anadarko Petroleum Corp.		1,420,104
32,000	Apache Corp.		1,603,520
			3,023,624
	DRUG DISTRIBUTION - 3.68%
19,000	AmerisourceBergen Corp.		1,020,490
14,100	Cardinal Health, Inc.		617,157
			1,637,647
	ELECTRIC LIGHTING & WIRING EQUIPMENT - 1.72%
13,000	Cooper Industries, Inc. - Class A		767,000
	ELECTRIC SERVICES - 2.01%
28,000	American Electric Power Co., Inc.		894,880
	ELECTRONIC COMPONENT-SEMICONDUCTOR - 2.92%
38,000	International Rectifer Corp.*		1,303,400
	GENERAL INDUSTRIAL MACHINERY & EQUIPMENT - 3.05%
20,000	Ingersoll-Rand Company Ltd.		1,359,400
	INSURANCE - 5.10%
35,700	Dean Foods Co.*		1,071,714
22,000	PartnerRe Ltd.		1,203,180
			2,274,894
	MEDICAL - HOSPITALS - 4.62%
35,000	Community Health Care*		933,800
55,000	Health Management Associates, Inc.		1,123,650
			2,057,450
	METAL MINING - 5.18%
9,000	Rio Tinto Plc (A)		977,850
39,600	Alcoa, Inc.		1,330,164
			2,308,014
	MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS - 3.26%
42,100	Masco Corp.		1,453,713
	MISCELLANEOUS CHEMICAL PRODUCTS - 1.56%
18,000	Cabot Corp.		694,260
	MISCELLANEOUS INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT - 2.15%
12,000	ITT Industries, Inc.	$	959,880
	NATIONAL COMMERCIAL BANKS - 4.28%
15,000	Compass Bancshares, Inc.		657,300

LARGE / MID-CAP VALUE FUND

30,000	SouthTrust Corp.	1,249,800
		1,907,100
	OIL COMPANY - EXPLORATION & PRODUCTION - 2.95%
18,500	Devon Energy Corp.	1,313,685
	OIL COMPANY - INTEGRATED - 3.15%
34,000	Marathon Oil Corp.	1,403,520
	OIL REFINING & MARKETING - 2.16%
12,000	Valero Energy Corp.	962,520
	PUBLIC BUILDING AND RELATED FURNITURE - 1.95%
16,000	Lear Corp.	871,200
	RADIO TELEPHONE COMMUNICATIONS - 2.93%
20,000	Dominion Resources, Inc.	1,305,000
	REAL ESTATE INVESTMENT TRUSTS - 2.19%
22,000	Mack-Cali Realty Corp.	974,600
	RETAIL - DISCOUNT - 2.45%
40,000	BJ’s Wholesale Club	1,093,600
	RETAIL - DRUG STORES & PROPRIETARY STORES - 3.73%
39,500	CVS Corp.	1,664,135
	RETAIL - EATING PLACES - 1.86%
20,000	Outback Steakhouse, Inc.	830,600
	SCIENTIFIC INSTRUMENTS - 1.98%
20,000	Waters Corp.*	882,000
	SPECIAL INDUSTRY MACHINERY - 1.41%
30,000	Veeco Instruments, Inc.*	629,100
	STATE COMMERCIAL BANK - 2.82%
20,000	Bank of New York, Inc.	583,400
33,000	The Colonial Bancgroup, Inc.	674,850
		1,258,250
	SURETY INSURANCE - 1.18%
9,000	MBIA, Inc.	523,890
	TRANSPORTATION - RAILROAD - 2.63%
20,000	Union Pacific Corp.	1,172,000
	UNSUPPORTED PLASTICS FILM & SHEET - 2.60%
25,000	Sealed Air Corp.*	1,158,750
	UTILITIES - 2.39%
25,000	Public Service Enterprise Group, Inc.	1,065,000
	WHOLESALE - DRUGS PROPRIETARIES & DRUGGISTS’ SUNDRIES - 1.73%
30,000	McKesson Corp.	769,500
	Total Common Stocks (cost $32,007,488)	39,498,187

LARGE / MID-CAP VALUE FUND

SHORT-TERM INVESTMENTS - 10.72%

number of shares		market value
2,100,000	Federated Cash Trust Series II Treasury Fund		2,100,000
2,676,025	First American Treasury Obligations Fund, Class A		2,676,025
	Total Short-Term Investments (cost $4,776,025)		4,776,025
	TOTAL INVESTMENTS - 99.35% (identified cost $36,783,513)		44,274,212
	OTHER ASSETS LESS LIABILITIES, NET - 0.65%		289,713
	NET ASSETS - 100.00%	$	44,563,925

 * Non-income producing securities

(A) American Depositary Receipt

FIXED INCOME FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2004 (unaudited)

BONDS - 80.39%

par value		market value
	CORPORATE BONDS - 79.60%
$300,000	American General Finance Corp., 5.375%, 10/01/2012	$	313,657
500,000	Amvescap Plc., 6.60%, 05/15/2005		511,515
250,000	Appalachian Power Co., 3.60%, 05/15/2008		248,570
200,000	Archer Daniels Midland Co., 6.625%, 05/01/2029		225,868
700,000	Arrow Electronics, 6.875%, 07/13/2013		758,670
200,000	Avery Dennison Corp., 4.875%, 01/15/2013		202,843
400,000	Bear Stearns Co., Inc., 4.50%, 10/28/2010		403,818
250,000	California Baptist, 5.70%, 01/02/2011		245,000
375,000	Cendant Corp., 6.25%, 01/15/2008		404,531
250,000	Cendant Corp., 6.25%, 03/15/2010		272,164
500,000	Centex Corp., 5.125%, 10/01/2013		498,928
300,000	Cingular Wireless, 5.625%, 12/15/2006		314,068
250,000	CIT Group, Inc., 4.125%, 02/21/2006		254,466
500,000	CIT Group, Inc., 5.00%, 02/13/2014		498,917
200,000	CNA Financial, 6.50%, 04/15/2005		203,861
310,000	CNA Financial, 6.45%, 01/15/2008		331,776
125,000	Computer Sciences Corp., 6.75%, 06/15/2006		132,793
300,000	Computer Sciences Corp., 3.50%, 04/15/2008		299,352
300,000	Computer Sciences Corp., 5.00%, 02/15/2013		304,591
150,000	Cooper Tire & Rubber Co., 7.625%, 03/15/2027		169,486
300,000	Credit Suisse First Boston, 6.50%, 01/15/2012		333,761
500,000	Credit Suisse First Boston, 5.50%, 08/15/2013		520,647
200,000	Credit Suisse First Boston, 5.125%, 01/15/2014		202,544
920,000	CSX Transportation, 4.875%, 11/01/2009		947,091
300,000	Deere & Co., 6.55%, 10/01/2028		335,016
500,000	Deutsche Telekom, 3.875%, 07/22/2008		502,436
950,000	Dominion Resources, Inc., 5.00%, 03/15/2013		950,360
315,000	Donnelley R R&Son, 6.625%, 04/15/2029		337,780
187,000	Duke Energy Field, 5.75%, 11/15/2006		195,732
500,000	Florida Power Corp., 4.80%, 03/01/2013		503,625
400,000	Household Finance Corp., 6.75%, 05/15/2011		450,831
200,000	Household Finance Corp., 5.60%, 02/15/2013		201,286
250,000	HSBC USA Capital Trust, 7.53%, 12/04/2026		273,258
500,000	Huntington National Bank, 3.125%, 05/15/2008		492,211
250,000	ICI Wilmington, Inc., 5.625%, 12/01/2013		257,368
250,000	International Paper, 4.25%, 01/15/2009		251,103
250,000	International Lease Finance Corp., 5.75%, 02/15/2007		264,822
200,000	International Lease Finance Corp., 5.80%, 08/15/2007		213,118
300,000	Jersey Cent Power & Light Co., 6.75%, 11/01/2025		303,308
100,000	John Deere Capital Corp., 5.10%, 01/15/2013		103,287
300,000	Kraft Food, Inc., 5.25%, 06/01/2007		314,159
600,000	Kraft Food, Inc., 5.625%, 11/01/2011		634,678
500,000	Kroger Co., 5.50%, 02/01/2013		518,707
250,000	Lehman Brothers Holdings, Inc., 7.00%, 2/1/2008		276,101
250,000	National Rural Utilities Finance Corp., 5.75%, 08/28/2009		268,081
750,000	Nisource Finance Corp., 5.40%, 07/15/2014		769,707

FIXED INCOME FUND

500,000	PPL Capital Funding, 4.33%, 03/01/2009		494,555
300,000	Protective Life, 5.75%, 01/15/2019		294,459
250,000	The Sherman-Williams Co., 7.375%, 02/01/2027		296,505
900,000	Union Pacific Corp., 3.875%, 02/15/2009		896,442
300,000	Unitrin, Inc., 5.75%, 07/01/2007		312,283
300,000	Unitrin, Inc., 4.875%, 11/01/2010		298,249
250,000	Western Baptist College, 6.10%, 12/15/2012		245,000
135,000	Wisconsin Energy Corp., 6.50%, 04/01/2011		149,695
			20,003,079
	MUNICIPAL BONDS - 0.79%
200,000	North Carolina Eastern Municipal Power Agency, 3.98%, 01/01/2007		199,312
	Total Bonds (amortized cost $19,683,126)		20,202,391
	GOVERNMENT AGENCIES - 15.00%
173,742	GNMA POOL # 599821, 5.00%, 01/15/2018		169,665
165,202	GNMA POOL # 585163, 5.00%, 01/15/2018		178,435
181,972	GNMA POOL # 585180, 5.00%, 02/15/2018		186,888
194,396	GNMA POOL # 592492, 5.00%, 03/15/2018		199,648
478,831	GNMA POOL # 781694, 6.00%, 12/15/2031		497,647
487,180	GNMA POOL # 3544, 5.50%, 04/20/2034		495,630
496,981	GNMA POOL # 3583, 5.50%, 07/20/2034		505,600
496,571	GNMA POOL # 3584, 6.00%, 07/20/2034		514,851
1,002,880	GNMA POOL # 3596, 5.50%, 08/20/2034		1,020,274
	Total Government Agencies (amortized cost $3,741,653.1)		3,768,638
	MONEY MARKET FUNDS - 4.33%
786,783	Federated Cash Trust Series II Treasury Fund, 0.84% (A)		786,783
302,345	First American Treasury Obligations Fund, Class A, 0.98% (A)		302,345
	Total Money Market Funds (amortized cost $1,089,128)		1,089,128
	TOTAL INVESTMENTS - 99.72% (identified cost $24,513,907)		25,060,157
	OTHER ASSETS LESS LIABILITIES, NET - 0.28%		69,430
	NET ASSETS - 100.00%	$	25,129,587

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2004 (unaudited)

COMMON STOCKS - 96.47%

number of shares		market value
	AIRCRAFT PART AUXILIARY EQUIPMENT, NEC - 1.90%
8,200	Rockwell Collins	$	304,548
	AIRLINES - 1.48%
17,400	Southwest Airlines Co.		236,988
	APPAREL MANUFACTURERS - 1.50%
4,400	Columbia Sportswear Co.*		239,800
	BIOMEDICAL - 3.44%
5,200	Millipore Corp.		248,820
15,400	Protein Design Labs, Inc.*		301,532
			550,352
	BITUMINOUS COAL & LIGNITE SURFACE - 0.97%
2,600	Peabody Energy Corp.		154,700
	COMPUTER STORAGE DEVICES - 1.39%
9,650	Network Appliance, Inc.*		221,950
	CONSUMER PRODUCTS - 1.80%
9,300	Fossil, Inc.*		287,742
	DRILLING OIL & GAS WELLS - 2.82%
8,950	Ensco International, Inc.		292,397
5,200	GlobalSantaFe Corp.		159,380
			451,777
	EDUCATIONAL SERVICES - 1.91%
4,800	Education Management Corp.*		127,872
1,550	Strayer Educational, Inc.		178,266
			306,138
	ELECTRONICS - 2.44%
11,750	Tektronix, Inc.		390,688
	ENTERTAINMENT & LEISURE - 2.09%
7,300	Brunswick Corp.		334,048
	FINANCIAL SERVICES - 1.59%
6,800	CIT Group, Inc.		254,252
	HOUSEHOLD AUDIO & VIDEO EQUIPMENT - 1.08%
1,600	Harman International Industries		172,400
	INTERNET INFRASTRUCTURE SOFTWARE - 1.30%
24,400	TIBCO Software, Inc.*		207,644
	INTERNET SECURITY - 3.42%
3,100	Symantec Corp.*		170,128
19,000	VeriSign, Inc.*		377,720
			547,848
	MACHINERY - 2.39%
9,900	Rockwell Automation, Inc.	$	383,130
	MANUFACTURING - INSTRUMENTS - 2.08%
12,300	Thermo Electron Corp.*		332,346

AGGRESSIVE GROWTH FUND

	MEDICAL - DIAGNOSTIC EQUIPMENT - 1.99%
13,200	Cytyc Corp.*		318,780
	MEDICAL - DRUGS - 1.62%
8,100	Caremark RX, Inc.*		259,767
	MEDICAL PRODUCTS - 6.90%
5,300	Cooper Companies, Inc.		363,315
5,100	Inamed Corp.*		243,117
5,550	Kinetic Concepts, Inc.*		291,653
6,000	Varian Medical Systems, Inc.*		207,420
			1,105,505
	MISC. RETAIL STORES - 2.02%
9,900	Petco Animal Supplies Inc.*		323,334
	MOTOR VEHICLE PARTS & ACCESSORIES - 1.46%
5,400	BorgWarner, Inc.		233,766
	NATIONAL COMMERCIAL BANKS - 1.57%
8,300	TCF Financial Corp.		251,407
	NETWORKING PRODUCTS - 2.00%
16,200	Polycom, Inc.*		321,084
	OIL, GAS, FIELD MACHINERY & EQUIPMENT - 0.90%
4,400	National Oilwell, Inc.		144,584
	OIL, GAS, FIELD SERVICES - 0.99%
8,300	Patterson-UTI Energy, Inc.		158,281
	PRINTED CIRCUIT BOARDS - 2.06%
14,285	Jabil Circuit, Inc.*		328,555
	POTASH, SODA & BORAT MINERALS - 1.12%
2,800	Potash Corporation of Saskatchewan, Inc.		179,676
	RETAIL - APPAREL - 1.88%
12,850	AnnTaylor Stores Corp.*		300,690
	SEARCH, DETECTION, NAVIGATION SYSTEMS - 1.17%
3,200	Flir Systems, Inc.*		187,200
	SERVICES - ADVERTISING - 3.85%
4,800	Getty Images, Inc.*		265,440
14,200	TMP Worldwide, Inc.*		349,888
			615,328
	SERVICES - COMMERCIAL - 2.12%
10,025	Iron Mountain, Inc.*		339,346
	SERVICES - COMPUTER - 1.19%
5,200	Anteon International Corp.*		190,580
	SERVICES - COMPUTER INTEGRATED SYSTEMS DESIGN - 2.21%
11,600	Cognizant Technology Solutions Corp.*	$	353,916
	SERVICES - HELP SUPPLY SERVICES - 2.70%
9,700	Manpower, Inc.		431,553
	SERVICES - MEDICAL LABORATORIES - 0.98%
3,600	Laboratory Corp. Of America Holdings		157,392
	SERVICES - WASTE DISPOSAL - 1.99%
6,950	Stericycle, Inc.*		319,005
	SERVICES - WEB HOSTING/DESIGN - 3.58%
15,450	Macromedia, Inc.*		310,236
7,350	NAVTEQ Corp.		261,954
			572,190

AGGRESSIVE GROWTH FUND

	SEMICONDUCTORS - 1.43%
7,700	Qlogic Corp.		227,997
	STATE COMMERCIAL BANKS - 1.10%
4,500	UCBH Holdings, Inc.		175,815
	STEEL INVESTMENT FOUNDRIES - 2.59%
6,900	Precision Castparts Corp.		414,345
	TELECOMMUNICATION EQUIPMENT - 2.33%
19,800	Comverse Technology, Inc.*		372,834
	TELEVISION BROADCASTING STATIONS - 3.68%
33,800	UnitedGlobalCom, Inc.*		252,486
10,650	Univision Communications, Inc.*		336,647
			589,133
	THERAPEUTICS - 2.57%
15,400	MGI Pharma, Inc.*		411,026
	WIRELESS EQUIPMENT - 4.87%
26,200	Nextel Partners, Inc.*		434,396
8,350	NII Holdings, Inc.*		344,104
			778,500
	Total Common Stocks (cost $14,638,616)		15,437,937
SHORT-TERM INVESTMENTS - 4.41%
number of shares		market value
705,900	First American Treasury Obligations Fund Class A		705,901
	Total Short-Term Investments (cost $705,901)		705,901
	TOTAL INVESTMENTS - 100.04% (identified cost $15,344,517)		16,143,838
	LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.88%)		(141,502	)
	NET ASSETS - 100.00%	$	16,002,336

 * Non-income producing securities

(a) American Depositary Receipt

LARGE / MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2004 (unaudited)

COMMON STOCKS - 97.69%

number of shares		market value
	ACCIDENT & HEALTH INSURANCE - 2.04%
18,000	AFLAC, Inc.	$	705,780
	ADVERTISING AGENCIES - 2.33%
11,000	Omnicom Group, Inc.		803,660
	AEROSPACE & DEFENSE - 3.88%
20,000	L-3 Communications Holdings, Inc.		1,340,000
	AIRCRAFT ENGINES & ENGINE PARTS - 1.35%
5,000	United Technologies Corp.		466,900
	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) - 10.41%
29,200	Amgen, Inc.*		1,655,056
24,000	Medimmune, Inc.*		568,800
6,000	Genzyme Corp. - General Division		326,460
28,000	Gilead Sciences, Inc.		1,046,640
			3,596,956
	COMMERCIAL BANKS - REGIONAL - 1.92%
12,000	Commerce Bancorp, Inc.		662,400
	COSMETICS & TOILETRIES - 2.71%
10,000	Avon Products, Inc.		436,800
12,000	The Estee Lauder Companies, Inc.		501,600
			938,400
	DIVERSIFIED MANUFACTURING - 6.30%
14,000	Ingersoll-Rand Co.		951,580
40,000	Tyco International Ltd.		1,226,400
			2,177,980
	E-COMMERCE/SERVICES - 1.06%
4,000	eBay, Inc.*		367,760
	ELECTRONIC CONNECTORS - 1.29%
15,000	Molex, Inc.		447,300
	FINANCE - INVESTMENT BANKING/BROKER - 0.93%
6,000	Legg Mason, Inc.		319,620
	FIRE, MARINE & CASUALTY INSURANCE - 3.87%
19,650	American International Group, Inc.		1,336,003
	FOOD & STAPLES RETAILING - 4.46%
29,000	Wal-Mart Stores, Inc.		1,542,800
	GENERAL INDUSTRIAL MACHINERY & EQUIPMENT - 1.08%
4,000	Illinois Tool Works, Inc.		372,680
	HEALTH CARE EQUIPMENT & SUPPLIES - 3.79%
33,000	Boston Scientific Corp.*		1,311,090
	INDUSTRIAL AUTOMATION/ROBOTICS - 1.23%
11,000	Rockwell Automation, Inc.		425,700
	MULTILINE RETAIL - 0.47%
6,000	Family Dollar Stores, Inc.		162,600

LARGE / MID-CAP GROWTH FUND

	NATIONAL COMMERCIAL BANKS - 1.91%
26,250	MBNA Corp.		661,500
	OIL-FIELD SERVICES - 0.76%
6,000	Baker Hughes, Inc.		262,320
	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES - 7.05%
11,000	Biomet, Inc.		515,680
14,000	St Jude Medical, Inc.*		1,053,780
11,000	Zimmer Holdings, Inc.*		869,440
			2,438,900
	OFFICE ELECTRONICS - 2.91%
16,500	Zebra Technologies Corp.*		1,006,665
	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS - 1.96%
15,000	Colgate Palmolive Co.		677,700
	PHARMACEUTICAL PREPARATIONS - 3.35%
7,000	Allergan, Inc.		507,850
25,000	Teva Pharmaceutical Industries		648,750
			1,156,600
	RETAIL - DISCOUNT - 0.76%
5,000	BJ’s Wholesale Club, Inc.*		262,050
	RETAIL-HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 2.25%
21,000	Bed Bath & Beyond, Inc.*		779,310
	RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS - 2.36%
15,000	Lowe’s Companies, Inc.		815,250
	RETAIL-OFFICE SUPPLIES - 1.29%
15,000	Staples, Inc.		447,300
	SEMICONDUCTORS & RELATED DEVICES - 5.92%
21,000	Analog Devices, Inc.		814,380
34,000	Linear Technology Corp.		1,232,160
			2,046,540
	SOFTWARE - 11.15%
10,000	Mercury Interactive Corp.*		348,800
41,000	SAP AG (a)		1,596,950
34,675	Siebel Systems, Inc.*		261,450
30,000	Symantec Corp.*		1,646,400
			3,853,600
	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS - 2.92%
21,000	Stryker Corp.	$	1,009,680
	WHOLESALE-GROCERIES & RELATED PRODUCTS - 3.98%
46,000	Sysco Corp.		1,376,320
	Total Common Stocks (cost $30,585,834)		33,771,364
SHORT-TERM INVESTMENTS - 2.33%
number of shares		market value
8,252	Federated Cash Trust Series II Treasury		8,252
796,776	First American Treasury Obligations Fund Class A		796,776
	Total Short-Term Investments (cost $805,028)		805,028

LARGE / MID-CAP GROWTH FUND

TOTAL INVESTMENTS - 100.02% (identified cost $31,390,862)		34,576,392
LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (.02%)		(5,343	)
NET ASSETS - 100.00%	$	34,571,049

 * Non-income producing securities

(a) American Depositary Receipt

STRATEGIC GROWTH FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2004 (unaudited)

MUTUAL FUNDS - 99.31%

number of shares		market value
1,250,406	Timothy Aggressive Growth Fund, Class A*	$	7,452,418
2,046,561	Timothy Large/Mid-Cap Growth Fund, Class A*		12,791,007
787,541	Timothy Large/Mid-Cap Value Fund, Class A*		9,269,356
467,654	Timothy Small Cap Value Fund, Class A*		7,323,464
	TOTAL MUTUAL FUNDS (Cost $35,558,235)		36,836,244
SHORT-TERM INVESTMENTS - 0.67%
number of shares		market value
249,560	First American Treasury Obligations Fund, Class A (cost $249,560)		249,560
	TOTAL INVESTMENTS - 99.98% (identified cost $35,807,795)		37,085,804
	OTHER ASSETS LESS LIABILITIES, NET - 0.02%		7,084
	NET ASSETS - 100.00%	$	37,092,888

* Non-income producing securities

STRATEGIC GROWTH PORTFOLIO VARIABLE SERIES

SCHEDULE OF INVESTMENTS

As of September 30, 2004 (unaudited)

MUTUAL FUNDS - 98.01%

number of shares		market value
183,526	Timothy Aggressive Growth - Class A*	$	1,093,815
59,557	Timothy Fixed Income - Class A		614,032
320,141	Timothy Large Mid Cap Growth - Class A*		2,000,883
120,459	Timothy Large Mid Cap Value - Class A*		1,417,805
69,217	Timothy Small Cap Value - Class A*		1,083,935
	Total Mutual Funds (cost $5,722,082)		6,210,470
SHORT TERM INVESTMENTS - 2.01%
number of shares		market value
127,445	First American Treasury Obligations Fund, Class A (cost $127,445)		127,445
	Total Investments - 100.02% (identified cost $5,849,527)		6,337,915
	LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.02%)		(1,335	)
	Net Assets - 100.00%	$	6,336,580

CONSERVATIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2004 (unaudited)

MUTUAL FUNDS - 98.99%

number of shares		market value
986,048	Timothy Fixed Income Fund, Class A	$	10,166,159
1,094,139	Timothy Large/Mid-Cap Growth Fund, Class A*		6,838,366
884,195	Timothy Large/Mid-Cap Value Fund, Class A*		10,406,976
437,376	Timothy Small Cap Value Fund, Class A*		6,849,316
	Total Mutual Funds (cost $32,061,198)		34,260,817
SHORT-TERM INVESTMENTS - 0.79%
number of shares		market value
274,538	First American Treasury Obligations Fund, Class A (cost $274,538)		274,538
	TOTAL INVESTMENTS - 99.78% (identified cost $32,335,736)		34,535,355
	OTHER ASSETS LESS LIABILITIES, NET - 0.22%		74,584
	NET ASSETS - 100.00%	$	34,609,939

* Non-income producing securities

CONSERVATIVE GROWTH PORTFOLIO VARIABLE SERIES

SCHEDULE OF INVESTMENTS

As of September 30, 2004 (unaudited)

MUTUAL FUNDS - 99.04%

number of shares		market value
134,666	Timothy Fixed Income Fund - Class A	$	1,388,410
161,984	Timothy Large Mid Cap Growth Fund - Class A*		1,012,403
120,900	Timothy Large Mid Cap Value Fund - Class A*		1,422,990
507,828	Timothy Plan Money Market Fund		507,828
48,768	Timothy Small Cap Value Fund - Class A*		763,711
	Total Mutual Funds (cost $4,272,665)		5,095,342
SHORT TERM INVESTMENTS - 0.86%
number of shares		market value
43,973	Federated Cash Trust Series II Treasury Fund (cost $43,973)		43,973
	Total Investments - 99.90% (identified cost $4,824,466)		5,139,315
	OTHER ASSETS LESS LIABILITIES - 0.10%		5,263
	Net Assets - 100.00%	$	5,144,578

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2004 (unaudited)

SHORT TERM INVESTMENTS - 98.77%

par value		market value
	Government Agencies - 94.88%
$300,000	FHLB DISC CORP 10/01/2004	$	300,000
500,000	FHLB DISC CORP 10/08/2004		499,858
500,000	FHLB DISC CORP 10/15/2004		499,703
500,000	FHLB DISC CORP 10/22/2004		499,549
250,000	FHLB DISC CORP 10/27/2004		249,715
400,000	FHLB DISC CORP 11/05/2004		399,374
500,000	FHLB DISC CORP 11/12/2004		499,019
300,000	FHLB DISC CORP 11/17/2004		299,315
300,000	FHLB DISC CORP 11/26/2004		299,188
	Total Government Agencies (amortized cost $3,545,721)		3,545,721
	Money Market Instruments - 3.89%
11,756	Federated Cash Trust Series II Treasury Fund, 0.84%, (A)		11,756
133,525	First American Treasury Obligations Fund, Class A, 0.98% (A)		133,525
	Total Money Market Instruments (amortized cost $145,281)		145,281
	TOTAL INVESTMENTS - 98.77% (identified cost $3,691,002)		3,691,002
	OTHER ASSETS LESS LIABILITIES, NET - 1.23%		46,008
	NET ASSETS - 100.00%	$	3,737,010

(A) Variable rate security; the rate shown represents the rate at September 30, 2004.

PATRIOT FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2004 (unaudited)

COMMON STOCKS - 30.10%

number of shares		market value
	BITUMINOUS COAL & LIGNITE SURFACE - 1.66%
400	Pittston Brink’s Group	12,068
	BUILDING - MOBILE HOME MANUFACTURED HOUSING - 1.27%
900	Champion Enterprises, Inc.*	9,261
	DIVERSIFIED HOLDINGS - 0.84%
750	Quanta Capital Holdings, Ltd.*	6,113
	DIVERSIFIED MANUFACTURING - 1.79%
700	Federal Signal Corp.	13,006
	INDUSTRIAL AUTOMATION/ROBOTICS - 1.54%
800	UNOVA, Inc.*	11,240
	INVESTMENT COMPANIES - 0.72%
300	MCG Capital Corp.	5,208
	MEDICAL - GENERIC DRUGS - 0.32%
100	Taro Pharmaceutical Industries, Ltd.*	2,338
	PHARMACEUTICAL PREPARATIONS - 1.60%
650	K-V Pharmaceutical Co. - Class A*	11,635
	PUBLISHING - 2.20%
500	John Wiley & Sons, Inc. - Class A	15,975
	RETAIL - EATING PLACES - 5.33%
450	Brinker International, Inc.*	14,017
300	CBRL Group, Inc.	10,824
500	Ruby Tuesday, Inc.	13,935
		38,776
	RETAIL - FAMILY CLOTHING STORES - 0.94%
200	Stage Stores, Inc.*	6,844
	SERVICES - BUSINESS SERVICES - 5.21%
700	Moneygram International, Inc.	11,956
450	Startek, Inc.	14,112
500	Viad Corp.	11,865
		37,933
	SPECIAL INDUSTRY MACHINERY - 1.14%
1,000	Axcelis Technologies, Inc.*	8,280
	STATE COMMERCIAL BANKS - 1.84%
350	Capital Crossing Bank	8,904
100	North Fork Bancorp, Inc.	4,445
		13,349

PATRIOT FUND

	TECHNOLOGY DISTRIBUTION - 2.12%
400	Tech Data Corp.*		15,420
	WHOLESALE-MOTOR VEHICLE & PARTS - 1.58%
700	Adesa, Inc.		11,501
	Total Common Stocks (cost $219,563)		218,947
SHORT-TERM INVESTMENTS - 15.52%
112,864	First American Treasury Obligations Fund Class A	$	112,864
	Total Short-Term Investments (cost $112,684)		112,864
	TOTAL INVESTMENTS - 45.62% (identified cost $332,427)		331,811
	OTHER ASSETS LESS LIABILITIES, NET - 54.38%		395,540
	NET ASSETS - 100.00%	$	727,351

Item 2. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant’s internal control over financial reporting (as defined in Rule 30a- 3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940

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

Date: November 29, 2004

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: November 29, 2004

By	/s/ Wesley W. Pennington
	Wesley W. Pennington, Treasurer

Date: November 29, 2004

EX-99.CERT

Exhibit 99.302CERT

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) 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) 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

c) 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.

Date: November 29, 2004	/s/ Arthur D. Ally
	Arthur D. Ally, President

Exhibit 99.302CERT

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

I, Wesley W. Pennington, 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) 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) 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

c) 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.

Date: November 29, 2004	/s/ Wesley W. Pennington
	Wesley W. Pennington, Treasurer