N-Q

OMB APPROVAL
OMB Number:	3235-0578
Expires:	May 31, 2007
Estimated average burden
hours per response . . .21.09

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)

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

Date of reporting period: 9/30/2006

Item 1. Schedule of Investments.

Schedule of Investments

September 30, 2006 (Unaudited)

Timothy Aggressive Growth Fund

	Shares	Value
COMMON STOCKS - 93.70%
Advertising Services - 1.22%
Getty Images, Inc. (a)	6,300	$	312,984
Air Delivery & Frieght Services - 3.35%
UTI Worldwide, Inc.	30,700		858,679
Building Products - Cement/Aggregation - 1.98%
Martin Marietta Materials, Inc.	6,000		507,720
Business Services - 1.56%
CBOT Holdings, Inc. (a)	3,300		398,607
Cellular Telecom - 4.80%
NII Holdings, Inc. (a)	19,800		1,230,768
Computer Services - 2.14%
Cognizant Technology Solutions Corp. (a)	7,400		548,044
Computers - Memory Devices - 2.01%
Network Appliance, Inc. (a)	13,950		516,289
Diagnostic Equipment - 3.96%
Cytyc Corp. (a)	17,700		433,296
Gen Probe, Inc. (a)	12,400		581,436
			1,014,732
Disposable Medical Products - 1.55%
C.R. Bard, Inc.	5,300		397,500
Diversified Communication Services - 4.07%
American Tower Corp. (a)	28,600		1,043,900
Drugs & Pharmaceuticals - 3.02%
Herbalife Ltd. (a)	20,400		772,752
E-Commerce/Services - 2.98%
Monster Worldwide, Inc. (a)	21,100		763,609
Education Services - 1.99%
ITT Educational Services, Inc. (a)	7,700		510,510
Electronic Components - Semiconductors - 7.28%
Integrated Device Technology, Inc. (a)	49,500		794,970
Nvidia Corp. (a)	17,000		503,030
Silicon Laboratories, Inc. (a)	18,300		567,666
			1,865,666
Finance - Investment Banker/Broker - 3.84%
Ameritrade Holding Corp. (a)	22,300		420,355
Legg Mason, Inc.	5,600		564,816
			985,171
Financial Guarantee Insurance - 2.81%
Ambac Financial Group, Inc.	8,700		719,925
Footwear - 1.67%
Iconix Brand Group, Inc. (a)	26,600		428,260
Health Care Distributors - 2.13%
Henry Schein, Inc. (a)	10,900		546,526
Leisure Products - 2.45%
Pool Corp.	16,300		627,550
Medical - Biomedical/Genetics - 5.00%
Celgene Corp. (a)	16,700		723,110
PDL Biopharma, Inc. (a)	29,100		558,720
			1,281,830

Medical Labs & Testing Services - 3.39%
Covance, Inc. (a)	13,100		869,578
Metal Processors & Fabrication - 3.75%
Precision Castparts Corp.	15,200		960,032
Oil & Gas Drilling - 2.26%
Diamond Offshore Drilling, Inc.	3,300		238,821
Ultra Petroleum Corp. (a)	7,100		341,581
			580,402
Oil Company - Exploration & Production - 0.89%
Denbury Resources, Inc. (a)	7,900		228,310
Oil Field Machinery & Equipment - 2.58%
Grant Prideco, Inc. (a)	7,200		273,816
National Oilwell Varco, Inc. (a)	6,600		386,430
			660,246
Physical Therapy/Rehabilitation Centers - 1.09%
Psychiatric Solutions, Inc. (a)	8,200		279,538
Real Estate Management/Services - 1.89%
CB Richard Ellis Group, Inc. (a)	19,650		483,390
Respiratory Products - 1.01%
Resmed, Inc. (a)	6,400		257,600
Restaurants - 1.48%
Panera Bread Co. (a)	6,500		378,625
Retail - Apparel/Shoe - 1.63%
Urban Outfitters, Inc. (a)	23,600		417,484
Retail - Specialty - 0.96%
Tractor Supply Co. (a)	5,100		246,126
Software & Programming - 2.98%
Amdocs Ltd. (a)	19,300		764,280
Specialty Stores - 1.05%
Dick’s Sporting Goods, Inc. (a)	5,900		268,568
Sporting Activities - 1.57%
Life Time Fitness, Inc. (a)	8,700		402,723
Telecommunication Equipment - 2.33%
Comverse Technology, Inc. (a)	27,900		598,176
Trading Companies & Distributors - 2.06%
Fastenal Co.	13,700		528,409
Veterinary Diagnostics - 2.97%
VCA Antech, Inc. (a)	21,100		760,866
TOTAL COMMON STOCKS (Cost $22,242,026)			24,015,375
SHORT TERM INVESTMENTS - 4.18%
Money Market Funds - 4.18%
Fidelity Institution Money Market, 5.16% (b)	1,071,057		1,071,057
TOTAL SHORT TERM INVESTMENTS (Cost $1,071,057)			1,071,057
Total Investments (Cost $23,313,083) - 97.88%			25,086,432
Other Assets in Excess of Liabilities, Net 2.12%			543,127
TOTAL NET ASSETS - 100.00%		$	25,629,559

Footnotes

The following information for the Funds is presented on an income tax basis as of September 30,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Aggressive Growth Fund	23,319,876	3,032,316	(1,265,760	)	1,766,556

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at September 30, 2006

Schedule of Investments

September 30, 2006 (Unaudited)

Timothy Conservative Growth

	Shares	Value
MUTUAL FUNDS - 99.80%
Timothy Plan Fund Fixed Income Fund Class A (a)	1,393,694	$	13,853,320
Timothy Plan Fund Large/Mid Cap Growth Fund Class A (a)	1,372,192		9,550,460
Timothy Plan Fund Large/Mid Cap Value Fund Class A (a)	1,001,670		14,313,866
Timothy Plan Fund Small Cap Value Fund Class A (a)	577,647		9,456,080
TOTAL MUTUAL FUNDS (Cost $41,952,413)			47,173,726
SHORT TERM INVESTMENTS - 0.01%
Money Market Funds - 0.01%
Fidelity Institution Money Market, 5.16% (b)	5,364		5,364
TOTAL SHORT TERM INVESTMENTS (Cost $5,364)			5,364
Total Investments (Cost $41,957,777) - 99.81%			47,179,090
Other Assets in Excess of Liabilities, Net 0.19%			91,871
TOTAL NET ASSETS - 100.00%		$	47,270,961

Footnotes

The following information for the Funds is presented on an income tax basis as of September 30,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Conservative Growth	42,017,682	5,640,179	(478,771	)	5,161,408

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at September 30, 2006

Schedule of Investments

September 30, 2006 (Unaudited)

Timothy Conservative Growth Variable

	Shares	Value
MUTUAL FUNDS - 99.70%
Timothy Plan Fund Fixed Income Fund Class A (a)	632,020	$	6,282,279
Timothy Plan Fund Large/Mid Cap Growth Fund Class A (a)	674,363		4,693,564
Timothy Plan Fund Large/Mid Cap Value Fund Class A (a)	455,275		6,505,873
Timothy Plan Fund Shs Money Market Fund	2,309,807		2,309,807
Timothy Plan Fund Small Cap Value Fund Class A (a)	214,507		3,511,474
TOTAL MUTUAL FUNDS (Cost $22,335,365)			23,302,997
SHORT TERM INVESTMENTS - 0.09%
Money Market Funds - 0.09%
Fidelity Institution Money Market, 5.16% (b)	19,979		19,979
TOTAL SHORT TERM INVESTMENTS (Cost $19,979)			19,979
Total Investments (Cost $22,355,344) - 99.79%			23,322,976
Other Assets in Excess of Liabilities, Net 0.21%			50,189
TOTAL NET ASSETS - 100.00%		$	23,373,165

Footnotes

The following information for the Funds is presented on an income tax basis as of September 30,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Conservative Growth Variable	23,360,377	1,152,826	(190,227	)	962,599

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at September 30, 2006

Schedule of Investments

September 30, 2006 (Unaudited)

Timothy Fixed Income Fund

	Principal
	Amount	Value
CORPORATE BONDS - 49.36%
Agricultural Operations - 0.53%
Archer-Daniels Midland Co.
6.625%, 05/01/2029	200,000	$	221,823
Air Freight & Logistics - 1.82%
Fedex Corp.
5.50%, 08/15/2009	750,000		755,312
Aluminum - 1.94%
Alcoa, Inc.
7.375%, 08/01/2010	750,000		805,895
Asset Management & Custody Banks - 1.82%
Ameriprise Financial, Inc.
5.65%, 11/15/2015	750,000		755,784
Building & Construction Products-Misc. - 1.81%
CRH America Inc
6.00%, 09/30/2016	750,000		752,450
Credit Services - 1.74%
SLM Holding Corp.
4.00%, 01/15/2010	750,000		723,155
Education - 0.94%
California Baptist
5.70%, 01/02/2011	250,000		245,000
Western Baptist College Salem Oregon
6.10%, 12/15/2012	150,000		147,000
			392,000
Electric - Integrated - 7.53%
Appalachian Power Co.
3.60%, 05/15/2008	250,000		243,333
Dominion Resources Inc. VA New
5.00%, 03/15/2013	950,000		917,583
FPL Group Capital, Inc.
5.551%, 02/16/2008	800,000		801,576
Jersey Central Power & Light Co.
6.75%, 11/01/2025	300,000		302,933
Nisource Finance Corp.
5.40%, 07/15/2014	750,000		726,949
Wisconsin Energy Corp.
6.50%, 04/01/2011	135,000		140,994
			3,133,368
Electric Utilities - 1.85%
PSI Energy, Inc.
6.05%, 06/15/2016	750,000		768,824
Finance - Commercial - 1.16%
CIT Group, Inc.
5.00%, 02/13/2014	500,000		484,084
Finance - Consumer Loans - 1.92%
American General Finance Corp.
5.375%, 10/01/2012	800,000		798,354
Finance - Diversified Services - 0.61%
National Rural Utilities Cooperative Finance Corp
5.75%, 08/28/2009	250,000		254,241

Finance - Leasing Company - 1.08%
International Lease Finance Corp.
5.75%, 02/15/2007	250,000	250,272
Sunrise International Leasing Corp
5.80%, 08/15/2007	200,000	200,395
		450,667
Gas - Distribution - 1.84%
MidAmerican Energy Holdings Company (new)
5.875%, 10/01/2012	750,000	764,647
Life/Health Insurance - 0.70%
Protective Life
5.75%, 01/15/2019	300,000	290,933
Money Center Banks - 0.62%
Republic NY Capital II
7.53%, 12/04/2026	250,000	259,970
Multi-line Insurance - 4.95%
Assurant, Inc.
5.625%, 02/15/2014	750,000	747,964
Genworth Financial, Inc.
4.95%, 10/01/2015	750,000	721,271
Unitrin, Inc.
4.875%, 11/01/2010	300,000	291,451
5.75%, 07/01/2007	300,000	300,023
		2,060,709
Oil Comp-Exploration & Production - 1.90%
Anadarko Finance Co.
6.75%, 05/01/2011	750,000	788,816
Oil & Gas Storage & Transportation - 1.72%
Kinder Morgan Energy Partners LP
5.125%, 11/15/2014	750,000	714,058
Paper & Related Products - 0.59%
International Paper Co.
4.25%, 01/15/2009	250,000	244,417
Pipelines - 1.64%
Duke Energy Field Services LLC
5.75%, 11/15/2006	187,000	187,039
DUKE CAP LLC
5.668%, 08/15/2014	500,000	495,918
		682,957
Railroads - 1.87%
Canadian National Railway Co.
5.80%, 06/01/2016	750,000	777,543
Real Estate Management/Service - 1.22%
EOP Operating LP
5.875%, 01/15/2013	500,000	506,482
Real Estate Operation/Development - 1.74%
Equity Residential
5.125%, 03/15/2016	750,000	725,839
Super - Regional Banks - US - 1.16%
Huntington Bancshares, Inc.
3.125%, 05/15/2008	500,000	484,060
Telephone - Integrated - 2.92%
Deutsche Telekom International Finance BV
3.875%, 07/22/2008	500,000	488,859
Telecom Italia Capital SA
4.00%, 11/15/2008	750,000	727,886
		1,216,745

Wireless Telecommunication Services - 1.73%
America Movil SA de CV
6.375%, 03/01/2035	750,000		720,528
TOTAL CORPORATE BONDS (Amortized Cost $20,569,226)			20,533,661
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 23.06%
GNMA I & II - Single Issuer
GNSF, 5.50%, 04/15/2033	1,289,495		1,282,550
GNMA Pool 585163, 5.00%, 01/15/2018	111,671		110,507
GNMA Pool 585180, 5.00%, 02/15/2018	113,472		112,290
GNMA Pool 592492, 5.00%, 03/15/2018	108,820		107,686
GNMA Pool 599821, 5.00%, 01/15/2018	96,987		95,976
GNMA Pool 3584, 6.00%, 07/20/2034	295,426		298,866
GNMA Pool 781694, 6.00%, 12/15/2031	270,678		274,473
GNMA Pool 3637, 5.50%, 11/20/2034	753,258		746,734
GNMA Pool 3665, 5.50%, 01/20/2035	1,171,954		1,160,959
GNMA Pool 3679, 6.00%, 02/20/2035	683,620		690,731
GNMA Pool 3625, 6.00%, 10/20/2034	1,938,623		1,961,195
GNMA Pool 3865, 6.00%, 06/20/2036	1,988,440		2,009,110
GNMA Pool 3612, 6.50%, 09/20/2034	726,338		744,130
			9,595,207
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Amortized Cost $9,665,961)			9,595,207
MUNICIPAL BONDS - 0.48%
North Carolina - 0.48%
North Carolina Eastern Municipal Power Agency
3.98%, 01/01/2007	200,000		198,984
TOTAL MUNICIPAL BONDS (Amortized Cost $200,170)			198,984
U.S. Treasury Note/Bond - 21.69%
3.375%, 09/15/2009	745,000		720,031
4.25%, 10/15/2010	1,715,000		1,694,233
4.50%, 02/15/2016	1,055,000		1,044,739
5.125%, 05/15/2016	765,000		793,808
5.375%, 02/15/2031	1,000,000		1,080,391
4.50%, 02/28/2011	760,000		757,388
14.00%, 11/15/2011	2,900,000		2,932,628
			9,023,218
TOTAL U.S. TREASURY NOTE/BOND (Amortized Cost $9,057,459)			9,023,218
SHORT TERM INVESTMENTS - 5.23%
Money Market Funds - 5.23%
Fidelity Institution Money Market, 5.16% (b)	1,844,495		1,844,495
First American Treasury Obligations Fund, 4.75% (b)	330,225		330,225
			2,174,720
TOTAL SHORT TERM INVESTMENTS (Amortized Cost $2,174,720)			2,174,720
Total Investments (Amortized Cost $41,667,536) - 99.82%			41,525,790
Other Assets in Excess of Liabilities, Net 0.18%			76,850
TOTAL NET ASSETS - 100.00%		$	41,602,640

Footnotes

The following information for the Funds is presented on an income tax basis as of September 30,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Fixed Income Fund	41,667,536	293,467	(435,214	)	(141,747	)

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at September 30, 2006

Schedule of Investments

September 30, 2006 (Unaudited)

Timothy Large/Mid Cap Growth Fund

	Shares	Value
COMMON STOCKS - 98.56%
Advertising Services - 0.49%
Getty Images, Inc. (a)	6,500	$	322,920
Aerospace/Defense - Equipment - 3.27%
United Technologies Corp.	34,000		2,153,900
Apparel Manufacturers - 0.78%
Coach, Inc. (a)	15,000		516,000
Audio/Video Products - 1.14%
Harman International Industries, Inc.	9,000		750,960
Business Services - 2.48%
Cintas Corp.	40,000		1,633,200
Chemicals-Specialty - 0.65%
Ecolab, Inc.	10,000		428,200
Communications Equipment - 1.06%
F5 Networks, Inc. (a)	13,000		698,360
Communications Technology - 0.62%
Research In Motion Ltd. (a)	4,000		410,640
Computers - Memory Devices - 1.12%
Network Appliance, Inc. (a)	20,000		740,200
Cosmetics & Toiletries - 1.89%
Colgate-Palmolive Co.	20,000		1,242,000
Dialysis Centers - 1.23%
Davita, Inc. (a)	14,000		810,180
Diversified Manufacturing Operations - 7.20%
Danaher Corp.	25,000		1,716,750
Illinois Tool Works, Inc.	14,000		628,600
Ingersoll-Rand Co.	28,000		1,063,440
ITT Industries, Inc.	26,000		1,333,020
			4,741,810
E-Commerce/Services - 0.73%
eBay, Inc. (a)	17,000		482,120
Electric Products - Miscellaneous - 2.68%
Emerson Electric Co.	21,000		1,761,060
Electronic Components - Semiconductor - 0.99%
Microchip Technology, Inc.	20,000		648,400
Electronic Components - Semiconductors - 1.90%
Broadcom Corp. (a)	22,000		667,480
Marvell Technology Group Ltd. (a)	30,000		581,100
			1,248,580
Electronics - Military - 3.18%
L-3 Communications Holdings, Inc.	26,700		2,091,411
Enterprise Software/Services - 3.08%
SAP AG ADR	41,000		2,029,500
Food - Confectionery - 1.95%
The Hershey Co.	24,000		1,282,800
Food - Wholesale/Distribution - 2.59%
Sysco Corp.	51,000		1,705,950
Industrial Automation/Robotics - 2.97%
Intermec, Inc. (a)	19,000		500,840
Rockwell Automation, Inc.	25,050		1,455,405
			1,956,245

Internet Application Software - 0.96%
Red Hat, Inc. (a)	30,000	632,400
Investment Management/Advisory Services - 4.24%
Franklin Resources, Inc.	16,000	1,692,000
T. Rowe Price Group, Inc.	23,000	1,100,550
		2,792,550
Life/Health Insurance - 0.95%
Stancorp Financial Group, Inc.	14,000	624,820
Machinery - Print Trade - 0.90%
Zebra Technologies Corp. (a)	16,500	589,710
Medical - Biomedical/Genetics - 4.79%
Genzyme Corp. (a)	26,000	1,754,220
PDL Biopharma, Inc. (a)	36,000	691,200
Vertex Pharmaceuticals, Inc. (a)	21,000	706,650
		3,152,070
Medical Instruments - 1.98%
St. Jude Medical, Inc. (a)	37,000	1,305,730
Medical Products - 5.58%
Baxter International, Inc.	30,000	1,363,800
Biomet, Inc.	21,000	675,990
Stryker Corp.	33,000	1,636,470
		3,676,260
Multi-line Insurance - 2.92%
American International Group, Inc.	29,000	1,921,540
Oil - Field Services - 1.27%
Weatherford International Ltd. (a)	20,000	834,400
Oil Company - Exploration & Production - 2.19%
Chesapeake Energy Corp.	25,000	724,500
XTO Energy, Inc.	17,000	716,210
		1,440,710
Oil Company - Integrated - 2.00%
Total SA ADR	20,000	1,318,800
Oil Field Machinery & Equipment - 0.67%
National Oilwell Varco, Inc. (a)	7,500	439,125
Pharmacy Services - 5.27%
Caremark RX, Inc.	40,000	2,266,800
Medco Health Solutions, Inc. (a)	20,000	1,202,200
		3,469,000
Retail - Apparel/Shoe - 2.09%
Chico’s FAS, Inc. (a)	41,000	882,730
Urban Outfitters, Inc. (a)	28,000	495,320
		1,378,050
Retail - Bedding - 1.69%
Bed Bath Beyond, Inc. (a)	29,000	1,109,540
Retail - Building Products - 2.89%
Lowe’s Cos., Inc.	67,900	1,905,274
Retail - Jewelry - 1.11%
Tiffany & Co.	22,000	730,400
Retail - Pet Food & Supplies - 0.97%
Petsmart, Inc.	23,000	638,250

Retail - Regional Department Store - 3.75%
Kohl’s Corp. (a)	38,000		2,466,960
Semiconductor Equipment - 3.37%
Linear Technology Corp.	49,000		1,524,880
Sandisk Corp. (a)	13,000		696,020
			2,220,900
Therapeutics - 3.55%
Gilead Sciences, Inc. (a)	34,000		2,335,800
Transport - Services - 1.86%
United Parcel Service, Inc.	17,000		1,222,980
Wireless Equipment - 1.56%
Nokia Corp. ADR	52,000		1,023,880
TOTAL COMMON STOCKS (Cost $58,352,983)			64,883,585
SHORT TERM INVESTMENTS - 1.54%
Money Market Funds - 1.54%
Fidelity Institution Money Market, 5.16% (b)	1,011,181		1,011,181
TOTAL SHORT TERM INVESTMENTS (Cost $1,011,181)			1,011,181
Total Investments (Cost $59,364,164) - 100.10%			65,894,766
Liabilities in Excess of Other Assets, Net (0.10)%			-63,862
TOTAL NET ASSETS - 100.00%		$	65,830,904

Footnotes

The following information for the Funds is presented on an income tax basis as of September 30,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Large/Mid Cap Growth Fund	59,364,164	9,202,211	(2,671,609	)	6,530,602

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

Percentages are stated as a percent of net assets.

ADR American Depository Receipt

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at September 30, 2006

Schedule of Investments

September 30, 2006 (Unaudited)

Timothy Large/Mid Cap Value Fund

	Shares	Value
COMMON STOCKS - 96.27%
Aerospace/Defense - Equipment - 4.00%
Rockwell Collins, Inc.	33,100	$	1,815,204
United Technologies Corp.	27,100		1,716,785
			3,531,989
Business Services - 1.10%
Henry Jack & Associates, Inc.	44,500		968,765
Coal - 1.91%
Arch Coal, Inc.	58,300		1,685,453
Commercial Banks - Southern US - 3.74%
BB&T Corp.	39,500		1,729,310
Compass Bancshares, Inc.	27,700		1,578,346
			3,307,656
Commercial Banks - Western US - 1.91%
Zions Bancorp	21,200		1,691,972
Cosmetics & Toiletries - 1.88%
Colgate-Palmolive Co.	26,800		1,664,280
Data Processing/Management - 2.02%
Automatic Data Processing, Inc.	37,700		1,784,718
Disposable Medical Products - 1.93%
C.R. Bard, Inc.	22,700		1,702,500
Diversified Manufacturing Operations - 4.05%
Cooper Industries Ltd.	21,300		1,815,186
ITT Industries, Inc.	34,400		1,763,688
			3,578,874
Electric Products - Miscellaneous - 2.01%
Emerson Electric Co.	21,200		1,777,832
Electric Utilities - 3.89%
Constellation Energy Group, Inc.	28,600		1,693,120
Southern Co.	50,700		1,747,122
			3,440,242
Finance - Investment Banker/Broker - 1.85%
Bear Stearns Companies, Inc.	11,700		1,639,170
Food - Dairy Products - 2.08%
Dean Foods Co. (a)	43,700		1,836,274
Industrial Gases - 2.03%
Praxair, Inc.	30,300		1,792,548
Industrial Metals & Mining - 1.99%
Titanium Metals Corp. (a)	69,600		1,759,488
Insurance Brokers - 2.18%
Willis Group Holdings Ltd.	50,600		1,922,800
Investment Management/Advisory Services - 8.23%
BlackRock, Inc.	12,600		1,877,400
Eaton Vance Corp.	66,900		1,930,734
Franklin Resources, Inc.	16,300		1,723,725
			7,277,306

Machinery - Construction & Mining - 1.73%
Caterpillar, Inc.	23,200		1,526,560
Medical Products - 2.05%
Zimmer Holdings, Inc. (a)	26,800		1,809,000
Metal - Diversified - 2.00%
Rio Tinto PLC ADR	9,300		1,763,559
Metal Processors & Fabrication - 2.06%
Precision Castparts Corp.	28,900		1,825,324
Oil - Field Services - 1.01%
Baker Hughes, Inc.	13,100		893,420
Oil Company - Exploration & Production - 6.95%
Apache Corp.	26,600		1,681,120
Chesapeake Energy Corp.	30,100		872,298
Murphy Oil Corp.	37,300		1,773,615
XTO Energy, Inc.	43,100		1,815,803
			6,142,836
Oil Company - Integrated - 9.83%
ConocoPhillips	28,400		1,690,652
Exxon Mobil Corp.	48,500		3,254,350
Marathon Oil Corp.	23,900		1,837,910
Occidental Petroleum Corp.	39,700		1,909,967
			8,692,879
Personal Products - 1.98%
Alberto-Culver Co.	34,600		1,750,414
Retail - Auto Parts - 2.16%
O Reilly Automotive, Inc. (a)	57,600		1,912,896
Retail - Bedding - 1.10%
Bed Bath Beyond, Inc. (a)	25,400		971,804
Retail - Jewelry - 1.95%
Tiffany & Co.	51,800		1,719,760
Retail - Restaurants - 0.98%
Wendy’s International, Inc.	12,900		864,300
Technical Services - 2.01%
Cadence Design Systems, Inc. (a)	105,000		1,780,800
Telecommunication Equipment - 1.89%
Harris Corp.	37,600		1,672,824
Telephone - Integrated - 1.91%
Alltel Corp.	30,500		1,692,750
Transport - Marine - 1.87%
Overseas Shipholding Group, Inc.	26,700		1,649,259
Transport - Rail - 2.09%
Burlington Northern Santa Fe Corp.	25,100		1,843,344
Transport - Services - 1.89%
FedEx Corp.	15,400		1,673,672
Water - 1.97%
Aqua America, Inc.	79,466		1,743,484
Investment Management/Advisory Services - 8.23%
AllianceBernstein Holding LP	25,300		1,745,447
REITS - Diversified - 2.04%
Equity Residential	35,700		1,805,706
TOTAL COMMON STOCKS (Cost $74,472,032)			85,096,458
SHORT TERM INVESTMENTS - 3.71%
Money Market Funds - 3.71%
Fidelity Institution Money Market, 5.16% (b)	3,273,296		3,273,296
TOTAL SHORT TERM INVESTMENTS (Cost $3,273,296)			3,273,296
Total Investments (Cost $77,745,328) - 99.98%			88,369,754
Other Assets in Excess of Liabilities, Net 0.02%			21,112
TOTAL NET ASSETS - 100.00%		$	88,390,866

Footnotes

The following information for the Funds is presented on an income tax basis as of September 30,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Large/Mid Cap Value Fund	77,776,521	11,713,919	(1,120,686	)	10,593,233

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

Percentages are stated as a percent of net assets.

ADR American Depository Receipt

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at September 30, 2006

Schedule of Investments

September 30, 2006 (Unaudited)

Timothy Money Market

	Principal
	Amount		Value
CORPORATE BONDS - 95.90%
Federal Home Loan Bank System Fhlb
0.00%, 10/26/2006 to 12/20/2006	$	5,700,000	$	5,666,726
TOTAL CORPORATE BONDS (Amortized Cost $5,666,726)				5,666,726
MONEY MARKET FUNDS - 4.39%
Fidelity Institution Money Market, 5.16% (a)		259,553		259,553
TOTAL MONEY MARKET FUNDS (Amortized Cost $259,553)				259,553
Total Investments (Amortized Cost $5,926,279) - 100.29%				5,926,279
Liabilities in Excess of Other Assets, Net (0.29)%				-17,186
TOTAL NET ASSETS - 100.00%			$	5,909,093

Footnotes

The following information for the Funds is presented on an income tax basis as of September 30,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Gain/(Loss)
Timothy Money Market	5,926,279	—	—	—

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

Percentages are stated as a percent of net assets.

(a) Variable rate security; the yield shown represents the rate at September 30, 2006

Schedule of Investments

September 30, 2006 (Unaudited)

Timothy Patriot Fund

	Shares	Value
COMMON STOCKS - 86.49%
Aerospace/Defense - 3.68%
EDO Corp.	2,550	$	58,344
Teledyne Technologies, Inc. (a)	800		31,680
			90,024
Application Software - 1.86%
Parametric Technology Corp. (a)	2,600		45,396
Auction House/Art Dealer - 1.70%
Adesa, Inc.	1,800		41,598
Automotive Retail - 1.52%
Lithia Motors, Inc.	1,500		37,080
Building - Mobile Home/Manufactured Housing - 1.02%
Champion Enterprises, Inc. (a)	3,600		24,840
Building Products - Air & Heating - 2.39%
Lennox International, Inc.	2,550		58,395
Business Services - 2.13%
Macrovision Corp. (a)	2,200		52,118
Commercial Banks - Eastern US - 0.77%
Capital Crossing Bank (a)	650		18,915
Commercial Services - Finance - 2.20%
Interactive Data Corp. (a)	2,700		53,865
Consulting Services - 2.71%
Navigant Consulting, Inc. (a)	3,300		66,198
Data Processing/Management - 2.04%
InfoUSA, Inc.	6,000		49,800
Diversified Manufacturing Operations - 5.87%
Blount International, Inc. (a)	3,800		38,076
Federal Signal Corp.	2,000		30,500
Jacuzzi Brands, Inc. (a)	7,500		74,925
			143,501
E-Commerce/Products - 1.16%
1-800-Flowers.Com, Inc. (a)	5,400		28,404
Electronic Components - Misc - 0.44%
Benchmark Electronics, Inc. (a)	400		10,752
Electronics - 1.30%
DTS, Inc. (a)	1,500		31,770
Engineering / R&D Services - 2.23%
URS Corp. (a)	1,400		54,446
Financial Guarantee Insurance - 2.33%
PMI Group, Inc.	1,300		56,953
Household Products - 1.38%
Central Garden & Pet Co. (a)	700		33,782
Industrial Automation/Robotics - 2.10%
Intermec, Inc. (a)	1,950		51,402
Industrial Machinery - 2.15%
Robbins & Myers, Inc.	1,700		52,564
Investment Companies - 3.40%
MCG Capital Corp.	5,100		83,283
Medical - Biomedical/Genetics - 3.63%
Bio-Rad Laboratories, Inc. (a)	150		10,609
Charles River Laboratories International, Inc. (a)	1,800		78,138
			88,747

Medical - Drugs - 1.99%
K-V Pharmaceutical Co. (a)	2,050		48,585
Networking Products - 4.79%
Anixter International, Inc. (a)	900		50,823
Netgear, Inc. (a)	1,200		24,708
Polycom, Inc. (a)	1,700		41,701
			117,232
Oil & Gas Drilling - 2.05%
Grey Wolf, Inc. (a)	7,500		50,100
Oil Company - Exploration & Production - 3.85%
Comstock Resources, Inc. (a)	2,350		63,802
Swift Energy Corp. (a)	725		30,320
			94,122
Publishing - Books - 2.21%
John Wiley & Sons, Inc.	1,500		54,015
Retail - Apparel/Shoe - 0.36%
Stage Stores, Inc.	300		8,802
Retail - Office Supplies - 2.74%
School Specialty, Inc. (a)	1,900		67,051
Retail - Restaurants - 5.44%
Brinker International, Inc.	800		32,072
CBRL Group, Inc.	2,500		101,075
			133,147
Retail - Sporting Goods - 2.73%
K2 Incorporation (a)	5,700		66,861
Technology Distributors - 2.36%
Insight Enterprises, Inc. (a)	2,800		57,708
Telecommunication Equipment - 3.09%
CommScope, Inc. (a)	2,300		75,578
Wire & Cable Products - 1.72%
Belden CDT, Inc.	1,100		42,053
Wireless Telecommunication Services - 2.02%
Syniverse Holdings, Inc. (a)	3,300		49,500
REITS - Diversified - 3.13%
Kite Realty Group Trust	4,500		76,680
TOTAL COMMON STOCKS (Cost $1,955,715)			2,115,267
SHORT TERM INVESTMENTS - 9.03%
Money Market Funds - 9.03%
Fidelity Institution Money Market, 5.16% (b)	110,381		110,381
First American Treasury Obligations Fund, 4.75% (b)	110,382		110,382
			220,763
TOTAL SHORT TERM INVESTMENTS (Cost $220,763)			220,763
Total Investments (Cost $2,176,478) - 95.52%			2,336,030
Other Assets in Excess of Liabilities, Net 4.48%			109,583
TOTAL NET ASSETS - 100.00%		$	2,445,613

Footnotes

The following information for the Funds is presented on an income tax basis as of September 30,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Patriot Fund	2,176,478	267,130	(107,578	)	159,553

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at September 30, 2006

Schedule of Investments

September 30, 2006 (Unaudited)

Timothy Small Cap Value Fund

	Shares	Value
COMMON STOCKS - 97.79%
Aerospace/Defense - 5.30%
DRS Technologies, Inc.	18,500	$	807,895
Moog, Inc. (a)	46,800		1,622,088
Teledyne Technologies, Inc. (a)	38,900		1,540,440
			3,970,423
Building & Construction Products - Misc - 1.08%
NCI Building Systems, Inc. (a)	13,900		808,563
Coal - 2.03%
Foundation Coal Holdings, Inc.	47,000		1,521,390
Commercial Banks - Eastern US - 1.16%
Provident Bankshares Corp.	23,400		866,970
Commercial Banks - Western US - 1.98%
Cathay General Bancorp	41,100		1,483,710
Commercial Services - 1.92%
Macquarie Infrastructure Co.	46,200		1,440,516
Diversified Metals & Mining - 2.06%
RTI International Metals, Inc. (a)	35,500		1,547,090
Electric Utilities - 2.07%
Cleco Corp.	61,500		1,552,260
Electronic Components - Misc - 2.33%
Benchmark Electronics, Inc. (a)	64,900		1,744,512
Engineering / R&D Services - 1.95%
URS Corp. (a)	37,500		1,458,375
Enterprise Software/Services - 4.22%
Hyperion Solutions Corp. (a)	45,700		1,575,736
Mantech International Corp. (a)	48,000		1,584,480
			3,160,216
Fiduciary Banks - 2.19%
Boston Private Bancorp, Inc.	58,900		1,642,132
Finance - Investment Banker/Broker - 2.02%
Stifel Financial Corp. (a)	47,600		1,510,824
Gas - Distribution - 2.20%
Atmos Energy Corp.	57,800		1,650,190
General Contractors - 2.16%
Layne Christensen Co. (a)	56,600		1,617,062
Health Care Facilities - 2.23%
Five Star Quality Care, Inc. (a)	155,100		1,668,876
Hotels & Motels - 4.35%
Marcus Corp.	71,300		1,637,761
Orient Express Hotels Ltd.	43,400		1,622,292
			3,260,053
Intimate Apparel - 1.82%
The Warnaco Group, Inc. (a)	70,700		1,367,338
Investment Management/Advisory Services - 0.94%
Calamos Asset Management, Inc.	24,100		706,612
Long Distance carriers - 1.92%
General Communications, Inc. (a)	116,200		1,439,718
Machinery - General Industry - 4.09%
Idex Corp.	36,300		1,562,715
Middleby Corp. (a)	19,500		1,502,670
			3,065,385

Machinery Tools & Related Products – 2.11%
Kennametal, Inc.	27,900	1,580,535
Marine – 1.04%
Genco Shipping & Trading Ltd.	34,409	779,708
Office Furnishings-Orig – 2.33%
Knoll, Inc.	86,400	1,745,280
Oil Company – Exploration & Production – 3.92%
Unit Corp. (a)	30,600	1,406,682
Whiting Petroleum Holdings, Inc. (a)	38,200	1,531,820
		2,938,502
Oil Field Machinery & Equipment – 1.78%
Hydril (a)	23,800	1,334,228
Oil-Field Services – 1.90%
Oil States International, Inc. (a)	51,800	1,424,500
Paper & Related Products – 0.93%
Longview Fibre Company REIT	34,316	697,301
Processed & Packaged Goods – 2.04%
J&J Snack Foods Corp.	49,102	1,527,072
Regional Banks – 0.96%
Placer Sierra Bancshares	32,512	722,092
REITS – Diversified – 0.95%
Lexington Corporate Properties Trust	33,600	711,648
REITS – Hotels – 4.27%
Sunstone Hotel Investors, Inc.	54,900	1,631,628
REITS – Office Property – 2.01%
Maguire Properties, Inc.	37,000	1,507,380
REITS – Residential – 2.01%
Post Properties, Inc.	31,700	1,506,384
REITS – Retail – 2.25%
Getty Realty Corporation (Holding Company)	57,600	1,686,528
Retail – Apparel/Shoe – 2.27%
Children’s Place (a)	26,600	1,703,198
Software & Programming – 2.26%
SI International, Inc. (a)	52,900	1,691,742
Steel – Specialty – 2.26%
Oregon Steel Mills, Inc. (a)	34,600	1,690,902
Steel & Iron – 2.12%
Cleveland Cliffs, Inc.	41,800	1,592,998
Technical Services – 2.17%
Washington Group International, Inc. (a)	27,700	1,630,422
Transport – Equipment & Leasng – 2.09%
Greenbrier Companies, Inc.	54,000	1,566,540
Transport – Rail – 1.86%
FreightCar America	26,300	1,393,900
Transport – Services – 4.24%
Arlington Tankers Ltd.	71,500	1,613,040
Horizon Lines, Inc.	93,900	1,568,130
		3,181,170

REITS - Hotels - 4.27%
Lasalle Hotel Properties	36,200		1,568,908
TOTAL COMMON STOCKS (Cost $70,540,874)			73,294,781
SHORT TERM INVESTMENTS - 1.54%
Money Market Funds - 1.54%
Fidelity Institution Money Market, 5.16% (b)	1,150,623		1,150,622
TOTAL SHORT TERM INVESTMENTS (Cost $1,150,622)			1,150,622
Total Investments (Cost $71,691,496) - 99.33%			74,445,403
Other Assets in Excess of Liabilities, Net 0.67%			505,300
TOTAL NET ASSETS - 100.00%		$	74,950,703

Footnotes

The following information for the Funds is presented on an income tax basis as of September 30,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Small Cap Value Fund	71,740,020	5,649,117	(2,943,734	)	2,705,383

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at September 30, 2006

Schedule of Investments

September 30, 2006 (Unaudited)

Timothy Annuity Series Fund

	Shares	Value
COMMON STOCKS - 95.20%
Aerospace/Defense - 4.46%
EDO Corp.	5,300	$	121,264
Teledyne Technologies, Inc. (a)	1,800		71,280
			192,544
Application Software - 2.10%
Parametric Technology Corp. (a)	5,200		90,792
Auction House/Art Dealer - 1.66%
Adesa, Inc.	3,100		71,641
Automotive Retail - 1.26%
Lithia Motors, Inc.	2,200		54,384
Building - Mobile Home/Manufactured Housing - 1.17%
Champion Enterprises, Inc. (a)	7,300		50,370
Building Products - Air & Heating - 2.12%
Lennox International, Inc.	4,000		91,600
Business Services - 2.47%
Macrovision Corp. (a)	4,500		106,605
Commercial Banks - Eastern US - 1.62%
Capital Crossing Bank (a)	2,400		69,840
Commercial Services - Finance - 3.69%
Interactive Data Corp. (a)	8,000		159,600
Consulting Services - 2.09%
Navigant Consulting, Inc. (a)	4,500		90,270
Data Processing/Management - 2.88%
InfoUSA, Inc.	15,000		124,500
Diversified Manufacturing Operations - 5.46%
Blount International, Inc. (a)	3,800		38,076
Federal Signal Corp.	3,000		45,750
Jacuzzi Brands, Inc. (a)	15,200		151,848
			235,674
E-Commerce/Products - 1.10%
1-800-Flowers.Com, Inc. (a)	9,000		47,340
Electric - Integrated - 0.00%
Allete, Inc.	1		43
Electronic Components - Misc - 1.28%
Benchmark Electronics, Inc. (a)	2,050		55,104
Electronics - 2.21%
DTS, Inc. (a)	4,500		95,310
Engineering / R&D Services - 2.57%
URS Corp. (a)	2,850		110,837
Financial Guarantee Insurance - 3.04%
PMI Group, Inc.	3,000		131,430
Household Products - 1.56%
Central Garden & Pet Co. (a)	1,400		67,564
Industrial Automation/Robotics - 2.32%
Intermec, Inc. (a)	3,800		100,168
Industrial Machinery - 2.51%
Robbins & Myers, Inc.	3,500		108,220
Investment Companies - 3.29%
MCG Capital Corp.	8,700		142,071

Medical - Biomedical/Genetics - 3.76%
Bio-Rad Laboratories, Inc. (a)	600		42,438
Charles River Laboratories International, Inc. (a)	2,760		119,812
			162,250
Medical - Drugs - 2.39%
K-V Pharmaceutical Co. (a)	4,350		103,095
Metal Processors & Fabrication - 1.97%
Kaydon Corp.	2,300		85,146
Networking Products - 4.90%
Anixter International, Inc. (a)	1,100		62,117
Netgear, Inc. (a)	2,500		51,475
Polycom, Inc. (a)	4,000		98,120
			211,712
Oil & Gas Drilling - 2.16%
Grey Wolf, Inc. (a)	14,000		93,520
Oil Company - Exploration & Production - 3.63%
Comstock Resources, Inc. (a)	3,000		81,450
Swift Energy Corp. (a)	1,800		75,276
			156,726
Publishing - Books - 2.50%
John Wiley & Sons, Inc.	3,000		108,030
Retail - Apparel/Shoe - 2.68%
Stage Stores, Inc.	3,950		115,893
Retail - Office Supplies - 3.10%
School Specialty, Inc. (a)	3,800		134,102
Retail - Restaurants - 2.24%
Brinker International, Inc.	800		32,072
CBRL Group, Inc.	1,600		64,688
			96,760
Retail - Sporting Goods - 3.07%
K2 Incorporation (a)	11,300		132,549
Technology Distributors - 1.72%
Insight Enterprises, Inc. (a)	3,600		74,196
Telecommunication Equipment - 3.42%
CommScope, Inc. (a)	4,500		147,870
Wire & Cable Products - 1.86%
Belden CDT, Inc.	2,100		80,283
Wireless Telecommunication Services - 1.63%
Syniverse Holdings, Inc. (a)	4,700		70,500
REITS - Diversified - 3.31%
Kite Realty Group Trust	8,400		143,136
TOTAL COMMON STOCKS (Cost $3,498,980)			4,111,675
SHORT TERM INVESTMENTS - 4.82%
Money Market Funds - 4.82%
Fidelity Institution Money Market, 5.16% (b)	208,095		208,095
TOTAL SHORT TERM INVESTMENTS (Cost $208,095)			208,095
Total Investments (Cost $3,707,075) - 100.02%			4,319,770
Liabilities in Excess of Other Assets, Net (0.02)%			-661
TOTAL NET ASSETS - 100.00%		$	4,319,109

Footnotes

The following information for the Funds is presented on an income tax basis as of September 30,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Annuity Series Fund	3,707,075	784,810	(172,115	)	612,695

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at September 30, 2006

Schedule of Investments

September 30, 2006 (Unaudited)

Timothy Strategic Growth

	Shares	Value
MUTUAL FUNDS - 100.05%
Timothy Plan Fund Aggressive Growth Fund Class A (a)	1,526,215	$	11,629,760
Timothy Plan Fund Large/Mid Cap Growth Fund Class A (a)	2,882,782		20,064,161
Timothy Plan Fund Large/Mid Cap Value Fund Class A (a)	1,016,758		14,529,467
Timothy Plan Fund Small Cap Value Fund Class A (a)	703,408		11,514,782
TOTAL MUTUAL FUNDS (Cost $50,373,834)			57,738,170
SHORT TERM INVESTMENTS - 0.02%
Money Market Funds - 0.02%
Fidelity Institution Money Market, 5.16% (b)	12,864		12,864
TOTAL SHORT TERM INVESTMENTS (Cost $12,864)			12,864
Total Investments (Cost $50,386,698) - 100.07%			57,751,034
Liabilities in Excess of Other Assets, Net (0.07)%			-42,562
TOTAL NET ASSETS - 100.00%		$	57,708,472

Footnotes

The following information for the Funds is presented on an income tax basis as of September 30,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Strategic Growth	50,487,749	7,593,606	(330,321	)	7,263,285

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at September 30, 2006

Schedule of Investments

September 30, 2006 (Unaudited)

Timothy Strategic Growth Variable

	Shares	Value
MUTUAL FUNDS - 99.98%
Timothy Plan Fund Aggressive Growth Fund Class A (a)	297,124	$	2,264,084
Timothy Plan Fund Fixed Income Fund Class A (a)	126,704		1,259,442
Timothy Plan Fund Large/Mid Cap Growth Fund Class A (a)	604,141		4,204,823
Timothy Plan Fund Large/Mid Cap Value Fund Class A (a)	205,346		2,934,393
Timothy Plan Fund Small Cap Value Fund Class A (a)	137,974		2,258,629
TOTAL MUTUAL FUNDS (Cost $11,529,215)			12,921,371
SHORT TERM INVESTMENTS - 0.01%
Money Market Funds - 0.01%
Fidelity Institution Money Market, 5.16% (b)	1,564		1,564
TOTAL SHORT TERM INVESTMENTS (Cost $1,564)			1,564
Total Investments (Cost $11,530,779) - 99.99%			12,922,935
Other Assets in Excess of Liabilities, Net 0.01%			1,819
TOTAL NET ASSETS - 100.00%		$	12,924,754

Footnotes

The following information for the Funds is presented on an income tax basis as of September 30,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Strategic Growth Variable	11,564,394	1,420,058	(61,517	)	1,358,541

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at September 30, 2006

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: November 16, 2006

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

Date: November 16, 2006

By	/s/ Arthur D. Ally
	Arthur D. Ally, Treasurer/Principal Financial Officer

Date: November 16, 2006

EX-99.CERT

Exhibit 99.302 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.

	/s/ Arthur D. Ally
Date: November 16, 2006	Arthur D. Ally, President/
	Principal Executive Officer

Exhibit 99.302 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.

Date: November 16, 2006	/s/ Arthur D. Ally
	Arthur D. Ally, Treasurer/
	Principal Financial Officer