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)

J. Michael Landis

Unified Fund Services, Inc.

431 N Pennsylvania Street

Indianapolis, IN 46237

(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: 03/31/2007

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.

SMALL-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 82.73%
number of shares		market value
	AEROSPACE/DEFENSE - 4.14%
46,800	Moog, Inc. - Class A *	$	1,949,220
45,800	Teledyne Technologies, Inc. *		1,714,752
			3,663,972
	BUILDING & CONSTRUCTION PRODUCTS - 0.81%
15,100	NCI Building Systems, Inc. *		720,874
	BUILDING PRODUCTS - LIGHT FIXTURES - 1.97%
24,800	The Genlyte Group, Inc. *		1,749,640
	CHEMICALS - SPECIALTY - 0.91%
55,800	Tronox, Inc. - Class A		803,520
	COAL - 2.14%
55,300	Foundation Coal Holdings, Inc.		1,899,002
	COMMERCIAL BANKS - WESTERN US - 3.96%
51,700	Cathay General Bancorp		1,756,766
56,100	Sterling Financial Corp.		1,749,759
			3,506,525
	COMMERCIAL SERVICES - FINANCE - 2.23%
50,200	Macquarie Infrastructure Co. Trust		1,972,860
	COSMETICS & TOILETRIES - 1.05%
40,600	Alberto-Culver Co.		928,928
	ELECTRIC UTILITIES - 1.92%
65,900	Cleco Corp.		1,702,197
	ELECTRONICS COMPONENTS - MISCELLANEOUS - 1.88%
80,700	Benchmark Electronics, Inc. *		1,667,262
	ENGINEERING / R&D SERVICES - 1.98%
41,200	URS Corp. *		1,754,708
	ENTERPRISE SOFTWARE/SERVICES - 2.78%
48,000	ManTech International Corp. - Class A *		1,603,680
16,600	Hyperion Solutions Corp. *		860,378
			2,464,058
	FIDUCIARY BANKS - 1.98%
62,800	Boston Private Financial Holdings, Inc.		1,753,376
	FINANCE - INVESTMENT BANKER/BROKER - 1.97%
39,300	Stifel Financial Corp. *		1,740,990

SMALL-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 82.73% (continued)

number of shares		market value
	GENERAL CONTRACTORS - 2.03%
49,400	Layne Christensen Co. *	$	1,799,148
	HEALTH CARE FACILITIES - 1.93%
166,700	Five Star Quality Care, Inc. *		1,713,676
	HOTELS & MOTELS - 4.28%
78,300	The Marcus Corp.		1,821,258
33,000	Orient-Express Hotels, Ltd. - Class A		1,974,060
			3,795,318
	INDUSTRIAL AUTOMATION/ROBOTICS - 0.98%
20,200	Hurco Companies, Inc. *		865,570
	INTIMATE APPAREL - 2.15%
67,000	The Warnaco Group, Inc. *		1,902,800
	LONG DISTANCE CARRIERS - 1.84%
116,200	General Communication, Inc. - Class A *		1,626,800
	MACHINERY - GENERAL INDUSTRY - 2.05%
13,800	The Middleby Corp.		1,819,392
	MACHINERY TOOLS & RELATED PRODUCTS - 2.13%
27,900	Kennametal, Inc.		1,886,319
	NON-FERROUS METALS - 2.00%
19,500	RTI International Metals, Inc. *		1,774,695
	OFFICE FURNISHINGS - ORIGINAL - 2.32%
86,400	Knoll, Inc.		2,058,912
	OIL COMPANY - EXPLORATION & PRODUCTION - 2.69%
17,300	Unit Corp. *		875,207
38,200	Whiting Petroleum Corp. *		1,505,462
			2,380,669
	OIL FIELD MACHINERY & EQUIPMENT - 1.13%
10,400	Hydril *		1,000,896
	OIL - FIELD SERVICES - 2.09%
57,800	Oil States International, Inc. *		1,854,802

SMALL-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 82.73% (continued)

number of shares		market value
	PAPER & RELATED PRODUCTS - 0.95%
34,316	Longview Fibre Co.	$	845,203
	PROCESSED & PACKAGED GOODS - 2.19%
49,102	J & J Snack Foods Corp.		1,939,038
	PROPERTY/CASUALTY INSURANCE - 2.01%
96,700	Seabright Insurance Holdings *		1,779,280
	RETAIL - APPAREL/SHOE - 2.03%
32,200	The Children's Place Retail Stores, Inc. *		1,795,472
	SOFTWARE & PROGRAMMING - 2.10%
64,700	SI International, Inc. *		1,857,537
	STEEL PIPE & TUBE - 2.26%
50,200	Northwest Pipe Co. *		1,999,466
	STEEL - PRODUCERS - 1.94%
86,100	Claymont Steel Holdings, Inc. *		1,715,973
	STEEL & IRON - 1.13%
15,600	Cleveland-Cliffs, Inc.		998,556
	TECHNICAL SERVICES - 2.26%
30,100	Washington Group International, Inc. *		1,999,242
	TELECOMMUNICATIONS SERVICES - 1.91%
84,800	Iowa Telecommunications Services, Inc.		1,696,000
	TRANSPORT - MARINE - 2.15%
59,809	Genco Shipping & Trading, Ltd. *		1,900,730

SMALL-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 82.73% (continued)

number of shares		market value
	TRANSPORT - SERVICES - 4.46%
71,500	Arlington Tankers, Ltd.	$	1,705,990
68,400	Horizon Lines, Inc. - Class A		2,244,888
			3,950,878
	Total Common Stocks (cost $62,698,287)		73,284,284
REITs - 8.41%
number of shares		market value
	REITS - DIVERSIFIED - 0.89%
37,300	Lexington Realty Trust	$	788,149
	REITS - HOTELS - 2.93%
39,100	LaSalle Hotel Properties		1,812,676
28,900	Sunstone Hotel Investors, Inc.		787,814
			2,600,490
	REITS - OFFICE PROPERTY - 0.86%
21,400	Maguire Properties, Inc.		760,984
	REITS - RESIDENTIAL - 1.86%
36,000	Post Properties, Inc.		1,646,280
	REITS - RETAIL - 1.87%
57,600	Getty Realty Corporation		1,655,424
	Total REITs (cost $6,856,282)		7,451,327
SHORT TERM INVESTMENTS - 8.43%
number of shares		market value
7,471,748	Timothy Plan Money Market Fund, 4.51% (A) (B)	$	7,471,748
	Total Short Term Investments (cost $7,471,748)		7,471,748
	TOTAL INVESTMENTS (cost $77,026,317) - 99.57%	$	88,207,359
	OTHER ASSETS LESS LIABILITIES - 0.43%		379,576
	NET ASSETS - 100.00%	$	88,586,935
	* Non-income producing securities.
	(A) Variable rate security; the yield shown represents the rate at March 31, 2007.
	(B) Fund held is another series within the Timothy Plan.
	The following information for the Fund is presented on an income tax basis as of March 31, 2007.
	Gross Unrealized Appreciation	$	12,115,916
	Gross Unrealized Depreciation		(934,874	)
	Net Unrealized Gain/(Loss)	$	11,181,042
	Cost of Investments	$	77,026,317

LARGE / MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 91.44%
number of shares		market value
	AEROSPACE/DEFENSE - 1.96%
31,500	Rockwell Collins, Inc.	$	2,108,295
	BUSINESS SERVICES - 2.04%
91,100	Jack Henry & Associates, Inc.		2,190,955
	COMMERCIAL BANKS - SOUTHERN US - 3.73%
42,600	BB&T Corp.		1,747,452
32,900	Compass Bancshares, Inc.		2,263,520
			4,010,972
	COMMERCIAL BANKS - WESTERN US - 1.86%
23,700	Zions Bancorporation		2,003,124
	COSMETICS & TOILETRIES - 1.88%
30,300	Colgate-Palmolive Co.		2,023,737
	DATA PROCESSING/MANAGEMENT - 1.90%
42,300	Automatic Data Processing, Inc.		2,047,320
	DIVERSIFIED MANUFACTURING OPERATIONS - 3.91%
47,500	Cooper Industries Ltd. - Class A		2,137,025
34,400	ITT Corp.		2,075,008
			4,212,033
	ELECTRIC PRODUCTS - MISCELLANEOUS - 2.01%
50,200	Emerson Electric Co.		2,163,118
	ELECTRIC - UTILITIES - 4.28%
28,600	Constellation Energy Group		2,486,770
57,900	Southern Co.		2,122,035
			4,608,805
	ELECTRIC SERVICES - 1.99%
24,100	Dominion Resources, Inc.		2,139,357
	FABRICATED PLATE WORK (BOILER SHOPS) - 1.94%
42,600	McDermott International, Inc. *		2,086,548
	FINANCE - INVESTMENT BANKER/BROKER - 1.89%
13,500	The Bear Stearns Companies, Inc.		2,029,725
	FINANCE SERVICES - 4.14%
83,200	First Data Corp.		2,238,080
44,100	Lazard Ltd. - Class A		2,212,938
			4,451,018

LARGE / MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 91.44% (continued)

number of shares		market value
	FIRE, MARINE & CASUALTY INSURANCE - 3.89%
36,800	ACE Ltd.	$	2,099,808
61,500	Axis Capital Holdings Ltd.		2,082,390
			4,182,198
	FOOD - DAIRY PRODUCTS - 1.80%
41,500	Dean Foods Co.		1,939,710
	INDUSTRIAL METALS & MINING - 2.12%
63,600	Titanium Metals Corp. *		2,281,968
	INSURANCE BROKERS - 1.92%
52,200	Willis Group Holdings Ltd.		2,066,076
	INVESTMENT MANAGEMENT/ADVISORY SERVICES - 7.85%
25,300	AllianceBernstein Holding LP		2,239,050
12,600	BlackRock, Inc.		1,969,506
59,300	Eaton Vance Corp.		2,113,452
17,600	Franklin Resources, Inc.		2,126,608
			8,448,616
	MACHINERY - CONSTRUCTION & MINING - 1.17%
17,500	Terex Corp. *		1,255,800
	MEDICAL DRUGS - 1.91%
18,500	Allergan, Inc.		2,050,170
	MEDICAL PRODUCTS - 2.13%
26,800	Zimmer Holdings, Inc. *		2,288,988
	METAL - DIVERSIFIED - 1.30%
21,100	Freeport-McMoRan Copper & Gold, Inc.		1,396,609
	METAL PROCESSORS & FABRICATION - 2.24%
23,200	Precision Castparts Corp.		2,413,960
	OIL COMPANY - EXPLORATION & PRODUCTION - 6.10%
29,200	Apache Corp.		2,064,440
40,100	Murphy Oil Corp.		2,141,340
43,100	XTO Energy, Inc.		2,362,311
			6,568,091
	OIL COMPANY - INTEGRATED - 10.06%
31,000	ConocoPhillips		2,118,850
57,200	Exxon Mobil Corp.		4,315,740
22,500	Marathon Oil Corp.		2,223,675
43,800	Occidental Petroleum Corp.		2,159,778
			10,818,043
	RETAIL - BEDDING - 1.89%
50,600	Bed, Bath & Beyond, Inc. *		2,032,602

LARGE / MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 91.44% (continued)

number of shares		market value
	RETAIL - JEWELRY - 2.19%
51,800	Tiffany & Co.	$	2,355,864
	TECHNICAL SERVICES - 2.06%
105,000	Cadence Design Systems, Inc. *		2,211,300
	TELECOMMUNICATION EQUIPMENT - 2.12%
44,700	Harris Corp.		2,277,465
	TELEPHONE - INTEGRATED - 1.99%
34,600	ALLTEL Corp.		2,145,200
	TRANSPORT - RAIL - 1.48%
19,800	Burlington Northern Santa Fe Corp.		1,592,514
	TRANSPORT - SERVICES - 1.82%
18,200	FedEx Corp.		1,955,226
	WATER - 1.87%
89,866	Aqua America, Inc.		2,017,492
	Total Common Stocks (cost $79,440,421)		98,372,899
REITs - 3.41%
number of shares		market value
	REITS - DIVERSIFIED - 1.38%
30,900	Equity Residential		1,490,307
	REITS - HEALTHCARE - 2.03%
60,600	Health Care Property Investors, Inc.		2,183,418
	Total REITs (cost $3,828,845)		3,673,725
SHORT-TERM INVESTMENTS - 3.69%
number of shares		market value
3,965,171	Timothy Plan Money Market Fund, 4.51% (A) (B)		3,965,171
	Total Short-Term Investments (cost $3,965,171)		3,965,171
	TOTAL INVESTMENTS (cost $87,234,437) - 98.54%		106,011,795
	OTHER ASSETS LESS LIABILITIES - 1.46%		1,569,603
	NET ASSETS - 100.00%	$	107,581,398
	* Non-income producing securities.
	(A) Variable rate security; the yield shown represents the rate at March 31, 2007.
	(B) Fund held is another series within the Timothy Plan.
	The following information for the Fund is presented on an income tax basis as of March 31, 2007.
	Gross Unrealized Appreciation	$	19,192,383
	Gross Unrealized Depreciation		(415,025	)
	Net Unrealized Gain/(Loss)	$	18,777,358
	Cost of Investments	$	87,234,437

FIXED INCOME FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

Bonds and Notes - 96.40%
par value		market value
	CORPORATE BONDS - 46.62%
$750,000	Alcoa, Inc., 5.87%, 02/23/2022 (A)	$	746,634
800,000	American General Finance Corp., 5.375%, 10/01/2012		804,518
750,000	American Movil SA de CV, 6.375%, 03/01/2035		742,544
750,000	Anadarko Finance Co., 6.75%, 05/01/2011		788,368
250,000	Appalachian Power Co., 3.60%, 05/15/2008		245,338
200,000	Archer-Daniels-Midland Co., 6.625%, 05/01/2029		216,071
750,000	Assurant, Inc., 5.625%, 02/15/2014		750,486
750,000	Canadian National Railway Co., 5.80%, 06/01/2016		768,395
500,000	Canadian National Resources Ltd., 5.70%, 05/15/2017		498,636
500,000	CIT Group, Inc., 5.00%, 02/13/2014		486,560
750,000	CRH America, Inc., 6.00%, 09/30/2016		761,642
500,000	Deutsche Telekom International Finance BV, 3.875%, 07/22/2008		491,604
950,000	Dominion Resources, Inc., 5.00%, 03/15/2013		928,266
750,000	Duke Energy Indiana, Inc., 6.05%, 06/15/2016		771,485
500,000	Entergy Gulf States, Inc., 5.70%, 06/01/2015		492,913
750,000	ERP Operating LP, 5.125%, 03/15/2016		732,737
750,000	FedEx Corp., 5.50%, 08/15/2009		756,141
800,000	FPL Group Capital, Inc., 5.551%, 02/16/2008		800,998
750,000	Genworth Financial, Inc., 4.95%, 10/01/2015		725,483
500,000	Huntington National Bank, 3.125%, 05/15/2008		488,560
200,000	International Lease Finance Corp., 5.80%, 08/15/2007		200,211
250,000	International Paper Co., 4.25%, 01/15/2009		245,456
300,000	Jersey Central Power & Light Co., 6.75%, 11/01/2025		302,441
750,000	Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014		726,466
750,000	MidAmerican Energy Holdings Co., 5.875%, 10/01/2012		773,046
250,000	National Rural Utilities Cooperative Finance Corp., 5.75%, 08/28/2009		254,306
750,000	Nisource Finance Corp., 5.40%, 07/15/2014		733,814
500,000	Oneok, Inc., 5.20%, 06/15/2015		476,683
300,000	Protective Life Secured Trusts, 5.75%, 01/15/2019		291,708
250,000	Republic New York Capital II, 7.53%, 12/04/2026		259,933
750,000	SLM Corp., 4.00%, 01/15/2010		730,387
500,000	Spectra Energy Capital LLC, 5.668%, 08/15/2014		495,496
750,000	Telecom Italia Capital SA, 4.00%, 11/15/2008		735,491
300,000	Unitrin, Inc., 4.875%, 11/01/2010		295,243
300,000	Unitrin, Inc., 5.75%, 07/01/2007		300,167
750,000	Willis North America, Inc., 6.20%, 03/28/2017		753,033
135,000	Wisconsin Energy Corp., 6.50%, 04/01/2011		141,233
	Total Corporate Bonds (cost $20,702,154)		20,712,493

FIXED INCOME FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

Bonds and Notes - 96.40% (Cont.)

par value		market value
	U.S. GOVERNMENT & AGENCY OBLIGATIONS - 49.78%
$269,089	GNMA Pool 3584, 6.00%, 07/20/2034	$	272,742
634,700	GNMA Pool 3612, 6.50%, 09/20/2034		650,891
1,762,805	GNMA Pool 3625, 6.00%, 10/20/2034		1,785,893
693,910	GNMA Pool 3637, 5.50%, 11/20/2034		689,956
1,081,613	GNMA Pool 3665, 5.50%, 01/20/2035		1,074,980
614,992	GNMA Pool 3679, 6.00%, 02/20/2035		622,644
1,447,190	GNMA Pool 3711, 5.50%, 05/20/2035		1,438,315
1,903,270	GNMA Pool 3865, 6.00%, 06/20/2036		1,926,331
1,465,867	GNMA Pool 3910, 6.00%, 10/20/2036		1,483,629
100,942	GNMA Pool 585163, 5.00%, 02/15/2018		100,229
105,967	GNMA Pool 585180, 5.00%, 02/15/2018		105,219
100,467	GNMA Pool 592492, 5.00%, 03/15/2018		99,758
92,504	GNMA Pool 599821, 5.00%, 01/15/2018		91,851
1,177,885	GNMA Pool 604182, 5.50%, 04/15/2033		1,173,341
246,294	GNMA Pool 781694, 6.00%, 12/15/2031		250,357
3,000,000	US Treasury Bond, 12.00%, 08/15/2013		3,286,758
1,000,000	US Treasury Bond, 5.375%, 02/15/2031		1,066,407
745,000	US Treasury Note, 3.375%, 09/15/2009		724,659
1,715,000	US Treasury Note, 4.25%, 10/15/2010		1,700,330
760,000	US Treasury Note, 4.50%, 02/28/2011		759,199
20,000	US Treasury Note, 4.625%, 02/15/2017		19,966
2,800,000	US Treasury Note, 4.625%, 11/15/2016		2,792,672
	Total U.S. Government & Agency Obligations (cost $22,188,140)		22,116,127
	Total Bonds and Notes (cost $42,890,294)		42,828,620
SHORT TERM INVESTMENTS - 2.77%
number of shares		market value
1,229,993	Timothy Plan Money Market Fund, 4.51% (B) (C)		1,229,993
	Total Short-Term Investments (cost $1,229,993)		1,229,993
	TOTAL INVESTMENTS (cost $44,120,287) - 99.17%		44,058,613
	CASH & OTHER ASSETS LESS LIABILITIES - 0.83%		370,653
	NET ASSETS - 100.00%	$	44,429,266
	(A) Issued under Rule 144A. Private Placement.
	(B) Variable rate security; the yield shown represents the rate at March 31, 2007.
	(C) Fund held is another series within the Timothy Plan.
	The following information for the Fund is presented on an income tax basis as of March 31, 2007:
	Gross Unrealized Appreciation	$	265,244
	Gross Unrealized Depreciation		(326,918	)
	Net Unrealized Gain/(Loss)	$	(61,674	)
	Cost of Investments	$	44,120,287

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 97.33%
number of shares		market value
	AIR DELIVERY & FREIGHT SERVICES - 1.40%
15,300	UTI Worldwide, Inc.	$	376,074
	BUILDING PRODUCTS - CEMENT/AGGREGATION - 3.02%
6,000	Martin Marietta Materials, Inc.		811,200
	BUILDING RESIDENTIAL/COMMERCIAL - 0.79%
5,000	Lennar Corp. - Class A		211,050
	CELLULAR TELECOM - 5.47%
19,800	NII Holdings, Inc. *		1,468,764
	COMPUTER COMMUNICATION EQUIPMENT - 1.22%
4,900	F5 Networks, Inc. *		326,732
	COMPUTER SERVICES - 2.43%
7,400	Cognizant Technology Solutions Corp. - Class A *		653,198
	COMPUTERS - MEMORY DEVICES - 1.35%
9,950	Network Appliance, Inc. *		363,374
	DIAGNOSTIC EQUIPMENT - 0.96%
5,500	Gen-Probe, Inc. *		258,940
	DISPOSABLE MEDICAL PRODUCTS - 1.57%
5,300	C.R. Bard, Inc.		421,403
	DIVERSIFIED COMMUNICATION SERVICES - 4.15%
28,600	American Tower Corp. - Class A *		1,113,970
	DRUGS & PHARMACEUTICALS - 1.97%
13,500	Herbalife Ltd. *		529,065
	E-COMMERCE/SERVICES - 2.03%
11,500	Monster Worldwide, Inc. *		544,755
	EDUCATIONAL SERVICES - 3.49%
11,500	ITT Educational Services, Inc. *		937,135
	ELECTRONIC COMPONENTS - SEMICONDUCTOR - 1.32%
12,300	NVIDIA Corp. *		353,994
	FINANCE - INVESTMENT BANKER/BROKER - 2.52%
7,200	Legg Mason, Inc.		678,312
	FINANCIAL GUARANTY INSURANCE - 2.80%
8,700	Ambac Financial Group, Inc.		751,593

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 97.33% (continued)

number of shares		market value
	SERVICES - FINANCE SERVICES - 2.80%
15,000	Lazard Ltd. - Class A	$	752,700
	FOOTWEAR - 2.02%
26,600	Iconix Brand Group, Inc. *		542,640
	HEALTH CARE DISTRIBUTORS - 3.82%
18,600	Henry Schein, Inc. *		1,026,348
	HOUSEHOLD AUDIO & VIDEO EQUIPMENT - 3.22%
9,000	Harman International Industries, Inc.		864,720
	MEDICAL - BIOMEDICAL/GENETICS - 5.61%
16,700	Celgene Corp. *		876,082
29,100	PDL BioPharma, Inc. *		631,470
			1,507,552
	MEDICAL LABS & TESTING SERVICES - 0.97%
4,400	Covance, Inc. *		261,096
	METAL PROCESSORS & FABRICATION - 4.53%
11,700	Precision Castparts Corp.		1,217,385
	OIL & GAS DRILLINGS - 2.64%
3,300	Diamond Offshore Drilling, Inc.		267,135
8,300	Ultra Petroleum Corp. *		440,979
			708,114
	OIL COMPANY - EXPLORATION & PRODUCTION - 3.15%
7,900	Denbury Resources, Inc. *		235,341
14,900	Southwestern Energy Co. *		610,602
			845,943
	OIL FIELD MACHINERY & EQUIPMENT - 3.80%
7,200	Grant Prideco, Inc. *		358,848
8,500	National-Oilwell Varco, Inc. *		661,215
			1,020,063
	OPERATIVE BUILDERS - 2.42%
15,000	D.R. Horton, Inc.		330,000
12,100	Pulte Homes, Inc.		320,166
			650,166
	REAL ESTATE MANAGEMENT/SERVICES - 3.45%
27,150	CB Richard Ellis Group, Inc. - Class A *		927,987
	RETAIL - APPAREL/SHOES - 2.60%
17,400	Aeropostale, Inc. *		700,002
	RETAIL - EATING PLACES - 2.37%
10,800	Panera Bread Co. - Class A *		637,848

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 97.33% (continued)

number of shares		market value
	RETAIL - MISCELLANEOUS SHOPPING GOODS STORES - 1.15%
5,300	Dick’s Sporting Goods, Inc. *	$	308,778
	RETAIL - PET FOOD & SUPPLIES - 2.11%
17,200	PetSmart, Inc.		566,912
	RETAIL - SPECIALTY - 0.98%
5,100	Tractor Supply Co. *		262,650
	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES - 2.81%
25,700	Nasdaq Stock Market, Inc. *		755,837
	SEMICONDUCTORS & RELATED DEVICES - 3.27%
24,600	QLogic Corp. *		418,200
17,900	Xilinx, Inc.		460,567
			878,767
	SPECIALTY OUTPATIENT FACILITIES SERVICES - 1.23%
8,200	Psychiatric Solutions, Inc. *		330,542
	SOFTWARE & PROGRAMMING - 0.73%
5,400	Amdocs Ltd. *		196,992
	SPORTING ACTIVITIES - 1.66%
8,700	LIFE TIME FITNESS, Inc. *		447,267
	TRADING COMPANIES & DISTRIBUTORS - 0.87%
6,700	Fastenal Co.		234,835
	VETERINARY DIAGNOSTICS - 1.13%
8,400	VCA Antech, Inc. *		305,004
	WEB HOSTING/DESIGN - 1.50%
4,700	Equinix, Inc. *		402,461
	Total Common Stocks (cost $22,342,136)		26,152,168
SHORT TERM INVESTMENTS - 2.80%
number of shares		market value
750,931	Timothy Plan Money Market Fund, 4.51% (A) (B)	$	750,931
	Total Short-Term Investments (cost $750,931)		750,931
	TOTAL INVESTMENTS (cost $23,093,067) - 100.13%		26,903,099
	LIABILITIES IN EXCESS OF CASH & OTHER ASSETS - (0.13)%		(33,730	)
	NET ASSETS - 100.00%	$	26,869,369
	* Non-income producing securities.
	(A) Variable rate security; the yield shown represents the rate at March 31, 2007.
	(B) Fund held is another series within the Timothy Plan.
	The following information for the Fund is presented on an income tax basis as of March 31, 2007:
	Gross Unrealized Appreciation	$	4,740,572
	Gross Unrealized Depreciation		(930,540	)
	Net Unrealized Gain/(Loss)	$	3,810,032
	Cost of Investments	$	23,093,067

LARGE / MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 90.70%
number of shares		market value
	APPAREL MANUFACTURERS - 1.02%
15,000	Coach, Inc. *	$	750,750
	AUDIO/VIDEO PRODUCTS - 0.98%
7,500	Harman International Industries, Inc.		720,600
	BEVERAGES - NON-ALCOHOLIC - 1.55%
30,000	Hansen Natural Corp. *		1,136,400
	BUSINESS SERVICES - 1.97%
40,000	Cintas Corp.		1,444,000
	CHEMICALS - SPECIALTY - 0.59%
10,000	Ecolab, Inc.		430,000
	COMMERCIAL BANKS - WESTERN US - 1.96%
17,000	Zions Bancorporation		1,436,840
	COMPUTERS - MEMORY DEVICES - 0.99%
20,000	Network Appliance, Inc. *		730,400
	COMPUTER SERVICES - 1.38%
11,500	Cognizant Technology Solutions Corp. - Class A *		1,015,105
	COSMETICS & TOILETRIES - 1.82%
20,000	Colgate-Palmolive Co.		1,335,800
	DIVERSIFIED MANUFACTURING OPERATIONS - 2.43%
25,000	Danaher Corp.		1,786,250
	ELECTRIC PRODUCTS - MISCELLANEOUS - 2.46%
42,000	Emerson Electric Co.		1,809,780
	ELECTRIC COMPONENTS - SEMICONDUCTORS - 2.21%
30,000	Marvell Technology Group Ltd. *		504,300
18,500	MEMC Electronic Materials, Inc. *		1,120,730
			1,625,030
	ELECTRONICS - MILITARY - 1.99%
16,700	L-3 Communications Holdings, Inc.		1,460,749
	ENTERPRISE SOFTWARE/SERVICES - 2.49%
41,000	SAP AG (ADR)		1,830,650
	FINANCE SERVICES - 1.54%
42,000	First Data Corp.		1,129,800
	FOOD - WHOLESALE/DISTRIBUTION - 2.35%
51,000	Sysco Corp.		1,725,330
	INDUSTRIAL AUTOMATION/ROBOTICS - 2.04%
25,050	Rockwell Automation, Inc.		1,499,744
	INSURANCE BROKERS - 1.46%
27,000	Willis Group Holdings Ltd.		1,068,660
	LABORATORY ANALYTICAL INSTRUMENTS - 1.57%
18,000	Beckman Coulter, Inc.		1,150,020

LARGE / MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 90.70% (continued)

number of shares		market value
	MEDICAL - BIOMEDICAL/GENETICS - 2.12%
26,000	Genzyme Corp. *	$	1,560,520
	MEDICAL INSTRUMENTS - 1.89%
37,000	St. Jude Medical, Inc. *		1,391,570
	MEDICAL PRODUCTS - 6.60%
30,000	Baxter International, Inc.		1,580,100
20,500	Celgene Corp. *		1,075,430
33,000	Stryker Corp.		2,188,560
			4,844,090
	MULTI-LINE INSURANCE - 2.65%
29,000	American International Group, Inc.		1,949,380
	NETWORKING PRODUCTS - 1.02%
38,000	Juniper Networks, Inc. *		747,840
	OIL - FIELD SERVICES - 2.83%
17,000	Schlumberger Ltd.		1,174,700
20,000	Weatherford International Ltd. *		902,000
			2,076,700
	OIL COMPANY - INTEGRATED - 1.90%
20,000	Total SA (ADR)		1,395,600
	OIL FIELD MACHINERY & EQUIPMENT - 0.79%
7,500	National-Oilwell Varco, Inc. *		583,425
	PHARMACEUTICAL PREPARATIONS - 0.80%
21,000	Vertex Pharmaceuticals, Inc. *		588,840
	PHARMACY SERVICES - 1.98%
20,000	Medco Health Solutions, Inc. *		1,450,600
	PUMPS & PUMPING EQUIPMENT - 1.07%
13,000	ITT Corp.		784,160
	RAILROAD EQUIPMENT - 1.03%
18,000	Trinity Industries, Inc.		754,560
	RETAIL - APPAREL/SHOE - 1.36%
41,000	Chico’s FAS, Inc. *		1,001,630
	RETAIL - BEDDING - 2.79%
51,000	Bed Bath & Beyond, Inc. *		2,048,670

LARGE / MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 90.70% (continued)

number of shares		market value
	RETAIL - BUILDING PRODUCTS - 2.91%
67,900	Lowe’s Companies, Inc.	$	2,138,171
	RETAIL - DISCOUNT - 0.95%
13,000	Costco Wholesale Corp.		699,920
	RETAIL - EATING PLACES - 0.98%
27,000	The Cheesecake Factory, Inc. *		719,550
	RETAIL - JEWELRY STORES - 2.54%
41,000	Tiffany & Co.		1,864,680
	RETAIL - PET FOOD & SUPPLIES - 1.03%
23,000	PetSmart, Inc.		758,080
	SECURITY BROKERS, DEALERS & FLOTATION - 2.57%
20,000	Legg Mason, Inc.		1,884,200
	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.48%
23,000	T. Rowe Price Group, Inc.		1,085,370
	SEMICONDUCTOR EQUIPMENT - 2.07%
30,000	Linear Technology Corp.		947,700
13,000	SanDisk Corp. *		569,400
			1,517,100
	SEMICONDUCTORS & RELATED DEVICES - 1.36%
29,000	Analog Devices, Inc.		1,000,210
	SERVICES - ADVERTISING AGENCIES - 1.03%
16,000	Monster Worldwide, Inc. *		757,920
	SERVICES - MISC. HEALTH & ALLIED SERVICES - 2.03%
28,000	DaVita, Inc. *		1,492,960
	TELECOMMUNICATION EQUIPMENT - 1.04%
15,000	Harris Corp.		764,250
	THERAPEUTICS - 3.54%
34,000	Gilead Sciences, Inc. *		2,601,000
	TRUCKING & COURIER SERVICES - 2.29%
24,000	United Parcel Service, Inc. - Class B		1,682,400
	WIRELESS EQUIPMENT - 3.25%
104,000	Nokia Corp. (ADR)		2,383,680
	Total Common Stocks (cost $58,617,922)		66,612,984
SHORT-TERM INVESTMENTS - 6.25%
number of shares		market value
4,587,809	Timothy Plan Money Market, 4.51% (A) (B)		4,587,809
	Total Short-Term Investments (cost $4,587,809)		4,587,809
	TOTAL INVESTMENTS (cost $63,205,731) - 96.95%		71,200,793
	CASH & OTHER ASSETS LESS LIABILITIES - 3.05%		2,243,379
	NET ASSETS - 100.00%	$	73,444,172
	*Non-income producing securities.
	(ADR) American Depositary Receipt.
	(A) Variable rate security; the yield shown represents the rate at March 31, 2007.
	(B) Fund held is another series within the Timothy Plan.
	The following information for the Fund is presented on an income tax basis as of March 31, 2007:
	Gross Unrealized Appreciation	$	9,315,742
	Gross Unrealized Depreciation		(1,320,680	)
	Net Unrealized Gain/(Loss)	$	7,995,062
	Cost of Investments	$	63,205,731

STRATEGIC GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

MUTUAL FUNDS - 100.07%
number of shares		market value
1,734,500	Timothy Plan Fund Aggressive Growth Fund - Class A (A)	$	12,679,194
2,984,792	Timothy Plan Fund Large/Mid Cap Growth Fund - Class A* (A)		22,326,246
1,061,093	Timothy Plan Fund Large/Mid Cap Value Fund - Class A (A)		15,980,065
819,292	Timothy Plan Fund Small-Cap Value Fund - Class A (A)		12,830,106
	Total Mutual Funds (cost $55,132,191)		63,815,611
SHORT-TERM INVESTMENTS - 0.11%
number of shares		market value
67,830	Timothy Plan Money Market, 4.51%(A) (B)		67,830
	Total Short-Term Investments (cost $67,830)		67,830
	Total Investments (cost $55,200,021) - 100.18%		63,883,441
	LIABILITIES IN EXCESS OF CASH & OTHER ASSETS - (0.18)%		(113,374	)
	TOTAL NET ASSETS - 100.00%	$	63,770,067
	* Non-income producing securities
	(A) Fund held is another series within the Timothy Plan.
	(B) Variable rate security; the yield shown represents the rate at March 31, 2007.
	The following information for the Fund is presented on an income tax basis as of March 31, 2007:
	Gross Unrealized Appreciation	$	8,683,420
	Gross Unrealized Depreciation		—
	Net Unrealized Gain/(Loss)	$	8,683,420
	Cost of Investments	$	55,200,021

CONSERVATIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

MUTUAL FUNDS - 99.68%
number of shares		market value
1,514,192	Timothy Plan Fund Fixed Income Fund - Class A (A)	$	15,066,206
1,362,888	Timothy Plan Fund Large/Mid Cap Growth Fund - Class A* (A)		10,194,401
1,016,277	Timothy Plan Fund Large/Mid Cap Value Fund - Class A (A)		15,305,133
655,330	Timothy Plan Fund Small-Cap Value Fund - Class A (A)		10,262,475
	Total Mutual Funds (cost $44,805,296)		50,828,215
SHORT-TERM INVESTMENTS - 0.03%
number of shares		market value
15,436	Timothy Plan Money Market, 4.51% (A) (B)		15,436
	Total Short-Term Investments (cost $15,436)		15,436
	Total Investments (cost $44,820,732) - 99.71%		50,843,651
	CASH & OTHER ASSETS LESS LIABILITIES - 0.29%		147,801
	TOTAL NET ASSETS - 100.00%	$	50,991,452
	* Non-income producing securities
	(A) Fund held is another series within the Timothy Plan.
	(B) Variable rate security; the yield shown represents the rate at March 31, 2007.
	The following information for the Fund is presented on an income tax basis as of March 31, 2007:
	Gross Unrealized Appreciation	$	6,310,641
	Gross Unrealized Depreciation		(287,722	)
	Net Unrealized Gain/(Loss)	$	6,022,919
	Cost of Investments	$	44,820,732

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

SHORT-TERM INVESTMENTS - 100.10%

par value		market value
	U.S. Government Agencies - 45.72%
$1,050,000	Federal Home Loan Bank, 5.03%, 04/03/2007	$	1,049,700
1,000,000	Federal Home Loan Bank, 5.12%, 06/13/2007		989,719
290,000	Federal Home Loan Bank, 5.13%, 08/22/2007		284,113
1,050,000	Federal Home Loan Bank, 5.14%, 04/27/2007		1,046,083
1,000,000	Federal Home Loan Bank, 5.14%, 06/18/2007		988,972
1,050,000	Federal Home Loan Bank, 5.15%, 05/04/2007		1,045,052
1,275,000	Federal Home Loan Bank, 5.15%, 06/08/2007		1,262,639
1,050,000	Federal Home Loan Bank, 5.16%, 04/10/2007		1,048,653
1,050,000	Federal Home Loan Bank, 5.16%, 04/30/2007		1,045,721
1,150,000	Federal Home Loan Bank, 5.16%, 05/25/2007		1,141,441
1,050,000	Federal Home Loan Bank, 5.17%, 04/25/2007		1,046,476
1,000,000	International Bank for Reconstruction & Development, 5.06%, 05/21/2007		992,889
	Total U.S. Government Agencies (amortized cost $11,941,458)		11,941,458
	Money Market Instruments - 7.57%
1,185,115	Fidelity Institution Money Market Portfolio, 5.18% (A)		1,185,115
793,152	First American Treasury Obligation Fund, 4.82% (A)		793,152
	Total Money Market Instruments (cost $1,978,267)		1,978,267
	U.S. Treasury Bills - 46.81%
5,760,000	U.S. Treasury Bill, 4.53%, 04/19/2007		5,745,476
6,555,000	U.S. Treasury Bill, 4.53%, 06/21/2007		6,482,709
	Total U.S. Treasury Bills (cost $12,228,185)		12,228,185
	TOTAL INVESTMENTS (cost $26,147,910) - 100.10%		26,147,910
	LIABILITIES IN EXCESS OF OTHER ASSETS - (0.10)%		(26,970	)
	TOTAL NET ASSETS - 100.00%	$	26,120,940
	(A) Variable rate security; the yield shown represents the rate at December 31, 2006
	The following information for the Fund is presented on an income tax basis as of March 31, 2007:
	Gross Unrealized Appreciation	$	—
	Gross Unrealized Depreciation		—
	Net Unrealized Gain/(Loss)	$	—
	Cost of Investments	$	26,147,910

PATRIOT FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 89.06%
number of shares
	AEROSPACE/DEFENSE - 4.03%
2,075	EDO Corp.	$	54,365
350	Teledyne Technologies, Inc. *		13,104
			67,469
	AUDIO/VIDEO PRODUCTS - 2.17%
1,500	DTS, Inc. *		36,345
	AUCTION HOUSE/ART DEALER - 2.97%
1,800	Adesa, Inc.		49,734
	AUTOMOTIVE RETAIL - 1.38%
840	Lithia Motors, Inc. - Class A		23,024
	BUILDING PRODUCTS - AIR & HEATING - 3.59%
1,685	Lennox International, Inc.		60,154
	BUSINESS SERVICES - 2.50%
1,670	Macrovision Corp. *		41,833
	COMMERCIAL BANKS - CENTRAL US - 1.47%
1,176	Sterling Bancshares, Inc.		13,148
560	Texas Capital Bancshares, Inc. *		11,480
			24,628
	COMMERCIAL BANKS - EASTERN US - 1.58%
815	Signature Bank *		26,520
	COMMERCIAL BANKS - SOUTHERN US - 1.32%
1,108	Cadence Financial Corp.		22,160
	COMMERCIAL SERVICES - FINANCE - 3.27%
1,545	Interactive Data Corp.		38,239
665	Net 1 UEPS Technologies, Inc. *		16,545
			54,784
	COMPUTER AIDED DESIGN - 1.63%
2,101	Aspen Technology, Inc. *		27,313
	COMPUTERS - MEMORY DEVICES - 0.33%
425	Smart Modular Technologies (WWH), Inc. *		5,436
	COMPUTERS - PERIPHERAL EQUIPMENT - 0.88%
630	Electronics for Imaging, Inc. *		14,773
	CONSULTING SERVICES - 0.94%
800	Navigant Consulting, Inc. *		15,808
	DATA PROCESSING/MANAGEMENT - 1.33%
2,312	InfoUSA, Inc.		22,241
	DIVERSIFIED MANUFACTURING OPERATIONS - 1.40%
1,885	Blount International, Inc. *		23,468
	E-COMMERCE/PRODUCTS - 2.07%
4,450	1-800-FLOWERS.COM, Inc. - Class A *		34,621
	ELECTRONIC COMPONENTS - 1.68%
400	Benchmark Electronics, Inc. *		8,264
955	Microsemi Corp. *		19,874
			28,138
	ENGINEERING / R&D SERVICES - 2.62%
1,030	URS Corp. *		43,868
	GOLD AND SILVER ORES - 1.23%
2,680	IAMGOLD Corp.		20,663
	HOUSEHOLD PRODUCTS - 1.40%
530	Central Garden & Pet Co. *		7,828
1,060	Central Garden & Pet Co. - Class A *		15,582
			23,410
	INDUSTRIAL AUTOMATION/ROBOTICS - 1.87%
1,405	Intermec, Inc. *		31,388
	INDUSTRIAL AUDIO & VIDEO PRODUCTS - 1.14%
1,355	Sonic Solutions *		19,105

PATRIOT FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 89.06% (continued)

number of shares
	LIFE INSURANCE - 2.96%
1,688	American Equity Investment Life Holding Co.	$	22,163
948	IPC Holdings Ltd.		27,350
			49,513
	MEDICAL - BIOMEDICAL/GENETICS - 3.11%
150	Bio-Rad Laboratories, Inc. - Class A*		10,476
900	Charles River Laboratories International, Inc. *		41,634
			52,110
	MEDICAL - DRUGS - 2.30%
1,555	K-V Pharmaceutical Co. - Class A *		38,455
	MEDICAL - OUTPATIENT/HOME MEDICAL - 0.47%
320	AmSurg Corp. *		7,837
	NETWORKING PRODUCTS - 0.78%
390	Polycom, Inc. *		12,999
	OIL & GAS DRILLING - 2.21%
5,530	Grey Wolf, Inc. *		37,051
	OIL & GAS FIELD SERVICES - 2.77%
1,100	Oceaneering International, Inc. *		46,332
	OIL COMPANY - EXPLORATION & PRODUCTION - 3.83%
1,505	Comstock Resources, Inc. *		41,207
550	Swift Energy Co.*		22,973
			64,180
	PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 2.26%
1,085	Avid Technology, Inc. *		37,845
	PUBLISHING - BOOKS - 2.19%
969	John Wiley & Sons, Inc. - Class A		36,589
	RETAIL - APPAREL/SHOE - 0.63%
450	Stage Stores, Inc.		10,490
	RETAIL - OFFICE SUPPLIES - 1.84%
855	School Specialty, Inc. *		30,874
	RETAIL - RADIO, TV & CONSUMER ELECTRONICS - 0.90%
335	Guitar Center, Inc. *		15,115
	RETAIL - RESTAURANTS - 1.63%
295	Brinker International, Inc.		9,647
380	CBRL Group, Inc.		17,594
			27,241
	SAVINGS INSTITUTION, FEDERALLY CHARTERED - 0.65%
998	BankAtlantic Bancorp, Inc. - Class A		10,938
	SERVICES - BUSINESS SERVICES - 1.12%
2,235	SonicWALL, Inc. *		18,685
	SERVICES - HELP SUPPLY SERVICES - 1.65%
1,512	Cross Country Healthcare, Inc. *		27,564
	SERVICES - HOSPITALS - 2.05%
2,765	On Assignment, Inc. *		34,314

PATRIOT FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2007 - (Unaudited)

COMMON STOCKS - 89.06%% (continued)

number of shares		market value
	SERVICES - PREPACKAGED SOFTWARE - 1.10%
965	Parametric Technology Corp. *	$	18,422
	SERVICES - SOCIAL SERVICES - 1.67%
1,180	Providence Service Corp. *		27,990
	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS - 1.58%
2,105	Merit Medical System, Inc. *		26,418
	SURETY INSURANCE - 0.73%
450	Assured Guaranty Ltd.		12,294
	TECHNOLOGY DISTRIBUTORS - 1.71%
1,590	Insight Enterprises, Inc. *		28,588
	TELECOMMUNICATIONS EQUIPMENT - 2.36%
920	CommScope, Inc. *		39,468
	WIRE & CABLE PRODUCTS - 2.19%
685	Belden CDT, Inc.		36,709
	WIRELESS TELECOMMUNICATIONS SERVICES - 1.57%
2,500	Syniverse Holdings, Inc. *		26,350
	Total Common Stocks (cost $1,341,299)		1,491,254
INVESTMENT COMPANIES - 5.27%
number of shares		market value
1,660	Apollo Investment Corp.		35,524
2,815	MCG Capital Corp.		52,809
	Total Investment Companies (cost $79,282)		88,333
REITs - 4.29%
number of shares		market value
1,600	Annaly Capital Management, Inc.		24,768
1,796	Deerfield Triarc Capital Corp.		26,922
1,011	Kite Realty Group Trust		20,170
	Total REITs (cost $66,105)		71,860
SHORT-TERM INVESTMENTS - 0.21%
number of shares		market value
3,454	Timothy Plan Money Market, 4.51% (A) (B)		3,454
	Total Short-Term Investments (cost $3,454)		3,454
	TOTAL INVESTMENTS (cost $1,490,140) - 98.83%		1,654,901
	OTHER ASSETS LESS LIABILITIES - 1.17%		19,564
	NET ASSETS - 100.00%	$	1,674,465
	*Non-income producing securities.
	(A) Variable rate security; the yield shown represents the rate at March 31, 2007.
	(B) Fund held is another series within the Timothy Plan.
	The following information for the Fund is presented on an income tax basis as of March 31, 2007:
	Gross Unrealized Appreciation	$	225,456
	Gross Unrealized Depreciation		(60,695	)
	Net Unrealized Gain/(Loss)	$	164,761
	Cost of Investments	$	1,490,140

NOTES TO THE SCHEDULE OF INVESTMENTS

March 31, 2007

TIMOTHY PLAN

Note 1 – Unrealized Appreciation (Depreciation)

At March 31, 2007, the cost for federal income tax purposes is and the composition of gross unrealized appreciation (depreciation) of investment securities is as follows:

funds	cost		app		dep			net app. / dep.
Small-Cap Value	$	77,026,317	$	12,115,916	$	(934,874	)	$	11,181,042
Large / Mid-Cap Value	$	87,234,437	$	19,192,383	$	(415,025	)	$	18,777,358
Fixed Income	$	44,120,287	$	265,244	$	(326,918	)	$	(61,674	)
Aggressive Growth	$	23,093,067	$	4,740,572	$	(930,540	)	$	3,810,032
Large / Mid-Cap Growth	$	63,205,731	$	9,315,742	$	(1,320,680	)	$	7,995,062
Strategic Growth	$	55,200,021	$	8,683,420	$	—		$	8,683,420
Conservative Growth	$	44,820,732	$	6,310,641	$	(287,722	)	$	6,022,919
Money Market	$	26,147,910	$	—	$	—		$	—
Patriot	$	1,490,140	$	225,456	$	(60,695	)	$	164,761

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:	May 21, 2007

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:	May 21, 2007

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:	May 21, 2007