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.

2960 N Meridian Street, Suite 300

Indianapolis, IN 46208

(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: 09/30/2007

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.

HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

BONDS AND NOTES—90.63%

par value			market value
		CORPORATE BONDS—90.63%
$	250,000	Actuant Corp, 6.875%, 06/15/2017 (A)	$	247,500
	500,000	Allied Waste NA, 7.125%, 05/15/2016		513,750
	500,000	American Axle & Manufacturing Inc., 7.875%, 03/01/2017		485,000
	500,000	Ashtead Holdings plc, 8.625%, 08/01/2015 (A)		488,750
	500,000	Berry Petroleum Co., 8.25%, 11/01/2016		507,500
	500,000	China Properties Group, 9.125%, 05/04/2014 (A)		451,250
	500,000	Cimarex Energy Co., 7.125%, 05/01/2017		498,750
	500,000	Crum & Forster Holding Corp., 7.75%, 05/01/2017		477,500
	500,000	Dynegy Holdings, 7.75%, 06/01/2019 (A)		480,625
	500,000	Felcor Lodging LP, 7.26%, 12/01/2011 (B)		498,750
	500,000	Forest Oil Corp., 7.25%, 06//15/2019 (A)		502,500
	500,000	Georgia-Pacific Corp., 7.70%, 06/15/2015		500,000
	501,000	Goodyear Tire & Rubber Co., 8.625%, 12/01/2011 (A)		526,050
	500,000	Idearc, Inc., 8.00%, 11/15/2016		501,250
	500,000	Intergen NV, 9.00%, 06/30/2017 (A)		527,500
	500,000	Janus Capital Group, Inc., 6.70%, 06/15/2017		505,180
	500,000	Lyondell Chemical Co., 8.25%, 09/15/2016		566,250
	500,000	Markwest Energy Partners, 6.875%, 11/01/2014		465,000
	500,000	Momentive Performance, 9.75%, 12/01/2014 (A)		497,500
	500,000	Noranda Aluminum Acquisition, 9.36%, 05/15/2015 (A) (B)		472,500
	500,000	Pilgrim’s Pride, 7.625%, 05/01/2015		510,000
	500,000	Quebecor World, Inc., 8.75%, 03/15/2016 (A)		456,250
	500,000	R.H. Donnelley Corp., 8.875%, 10/15/2017 (A)		510,000
	500,000	Reliant Energy, Inc., 7.625%, 06/15/2014		506,250
	500,000	Rent-A-Center, 7.5%, 05/01/2010		477,500
	500,000	Sanmina-SCI Corp., 8.125%, 03/01/2016		435,000
	500,000	Sealy Mattress Co., 8.25%, 06/15/2014		506,250
	500,000	Seitel, Inc., 9.75%, 02/15/2014		475,000
	500,000	Smithfield Foods, Inc., 7.00%, 08/01/2011		508,750
	500,000	Swift Energy Co., 7.125%, 06/01/2017		476,250
	500,000	Terra Capital, Inc., 7.00%, 02/01/2017		490,000
	500,000	Tesoro Corp., 6.50%, 06/01/2017 (A)		498,750
	500,000	USG Corp., 7.75%, 01/15/2018		501,653
	500,000	W & T Offshore, Inc., 8.25%, 06/15/2014 (A)		483,750
	500,000	Whiting Petroleum Corp., 7.00%, 02/01/2014		482,500
		TOTAL CORPORATE BONDS (cost $17,451,279)		17,031,008

HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

SHORT-TERM INVESTMENTS—8.77%

number of shares		market value
1,647,546	Timothy Plan Money Market Fund, 4.45% (B) (C)	$	1,647,546
	Total Short-Term Investments (cost $1,647,546)		1,647,546
	TOTAL INVESTMENTS (cost $19,098,825) - 99.40%	$	18,678,554
	OTHER ASSETS LESS LIABILITIES - 0.60%		112,505
	NET ASSETS - 100.00%	$	18,791,059

(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(B) Variable rate security; the yield shown represents the rate at September 30, 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 September 30, 2007:

Gross Unrealized Appreciation	$	131,569
Gross Unrealized Depreciation		(551,840	)
Net Unrealized Gain/(Loss)	$	(420,271	)
Cost of Investments	$	19,098,825

INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—100.97%

number of shares		market value
	AGRICULTURAL CHEMICALS - 1.63%
12,000	Agrium, Inc.	$	652,560
	AIR TRANSPORTATION, SCHEDULED - 0.64%
7,000	Air France - KLM (ADR)		257,530
	BRACHES AND AGENCIES OF FOREIGN BANKS - 3.90%
16,500	DBS Group Holdings, Ltd. (ADR)		960,356
18,000	Societe Generale (ADR)		602,492
			1,562,848
	COMMERCIAL BANKS - 7.46%
4,000	Australia & New Zealand Banking Group, Ltd. (ADR)		525,659
70,000	Banco Santander Central Hispano S.A. (ADR)		1,351,700
20,000	Erste Bank der oesterreichischen Sparkassen AG (ADR)		760,140
5,200	Woori Finance Holdings Co., Ltd. (ADR)		355,628
			2,993,127
	COMPUTER SERVICES - 0.92%
12,000	Cap Gemini S.A. (ADR)		368,792
	CONSTRUCTION MACHINERY & EQUIPMENT - 2.34%
7,000	KOMATSU, Ltd. (ADR)		939,704
	CRUDE PETROLEUM & NATURAL GAS - 9.13%
15,000	Nexen, Inc.		458,100
22,000	Norsk Hydro ASA (ADR)		953,700
13,000	Petroleo Brasileiro S.A. (ADR)		841,100
17,400	Total SA (ADR)		1,409,922
			3,662,822
	DIVERSIFIED MINERALS - 1.19%
10,000	Teck Cominco, Ltd. - Class B		477,100
	ELECTRIC - INTEGRATED - 3.48%
8,200	RWE AG (ADR)		1,026,691
12,000	Scottish & Southern Energy plc (ADR)		369,415
			1,396,106
	ELECTRIC SERVICES - 4.11%
14,500	Enel S.p.A. (ADR)		817,365
8,000	Fortis (ADR)		234,939
6,500	International Power plc (ADR)		597,585
			1,649,889
	ELECTRONIC & OTHER ELECTRICAL EQUIPMENT - 2.80%
25,000	Koninklijke (Royal) Philips Electronics N.V.		1,123,500
	ENGINEERING/R&D SERVICES - 1.18%
18,000	ABB, Ltd. (ADR)		472,140
	GENERAL INDUSTRIAL MACHINERY & EQUIPMENT - 1.19%
30,000	Atlas Copco AB (ADR)		477,660

INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—100.97% (continued)

number of shares		market value
	GOLD AND SILVER ORES - 6.24%
16,380	Anglo American plc (ADR)	$	547,911
4,300	Rio Tinto plc (ADR)		1,476,620
34,000	Silver Wheaton Corp. *		476,680
			2,501,211
	IMPORT/EXPORT - 1.57%
10,000	Mitsubishi Corp. (ADR)		631,500
	LAND SUBDIVIDERS & DEVELOPERS - 3.63%
75,000	Keppel Corp., Ltd. (ADR)		1,455,083
	LIFE INSURANCE - 3.34%
30,000	Axa (ADR)		1,338,300
	METAL MINING - 3.87%
32,000	Companhia Vale do Rio Doce (ADR)		910,400
2,500	MMC Norilsk Nickel (ADR)		640,000
			1,550,400
	MISCELLANEOUS BUSINESS CREDIT INSTITUTION - 1.70%
6,000	ORIX Corp. (ADR)		680,820
	MORTGAGE BANKS - 1.28%
9,000	Hypo Real Estate Holding AG (ADR)		511,975
	MOTOR VEHICLES & PASSENGER CAR BODIES - 1.50%
20,000	Fiat S.p.A. (ADR)		601,000
	NATIONAL COMMERCIAL BANKS - 1.95%
18,000	Danske Bank A/S (ADR)		364,457
9,000	Intesa Sanpaolo (ADR)		415,851
			780,308
	NATURAL GAS LIQUIDS - 1.09%
10,000	OAO Gazprom (ADR)		438,500
	OIL & GAS FIELD SERVICES - 2.30%
31,000	Acergy S.A. (ADR)		920,700
	OPERATIVE BUILDERS - 1.68%
40,000	Sun Hung Kai Properties, Ltd. (ADR)		674,504
	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES - 2.29%
15,000	Smith & Nephew plc (ADR)		918,600
	PAPER & ALLIED PRODUCTS - 1.01%
21,000	Stora Enso Oyj (ADR)		406,140
	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS - 1.11%
20,000	Shiseido Co., Ltd. (ADR)		443,420
	PHARMACEUTICAL PREPARATIONS - 2.41%
8,000	Novo Nordisk A/S (ADR)		968,320

INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—100.97% (continued)

number of shares		market value
	PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 2.57%
19,000	CANON, Inc. (ADR)	$	1,031,510
	RADIOTELEPHONE COMMUNICATIONS - 2.36%
35,000	Singapore Telecommunications, Ltd. (ADR)		947,825
	RAILROADS, LINE-HAUL OPERATING - 1.23%
7,000	Canadian Pacific Railway, Ltd.		492,030
	SERVICES - MISCELLANEOUS HEALTH & ALLIED SERVICES - 1.99%
15,000	Fresenius Medical Care AG & Co. KGaA (ADR)		795,900
	SPECIAL INDUSTRY MACHINERY - 1.07%
13,000	ASML Holding N.V. *		427,180
	STRUCTURAL CLAY PRODUCTS - 1.00%
32,000	Wienerberger AG (ADR)		399,203
	TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE) - 10.50%
13,000	America Movil SAB de C.V. (ADR)		832,000
9,000	China Mobile Ltd. (ADR)		738,360
7,500	Philippine Long Distance Telephone Co. (ADR)		482,550
15,600	Telefonica S.A. (ADR)		1,306,968
40,000	Turkcell Iletisim Hizmetleri AS (ADR)		851,200
			4,211,078
	WHOLESALE - INDUSTRIAL MACHINERY & EQUIPMENT - 3.31%
14,500	Marubeni Corp. (ADR)		1,328,783
	Total Common Stocks (cost $36,603,372)		40,488,068
SHORT-TERM INVESTMENTS—0.60%
number of shares		market value
242,416	Timothy Plan Money Market Fund, 4.45% (A) (B)		242,416
	Total Short-Term Investments (cost $242,416)		242,416
	TOTAL INVESTMENTS (cost $36,845,788) - 101.57%	$	40,730,484
	LIABILITIES IN EXCESS OF OTHER ASSETS - (1.57)%		(631,053	)
	NET ASSETS - 100.00%	$	40,099,431

(ADR) American Depositary Receipt.

* Non-income producing securities.

(A) Variable rate security; the yield shown represents the rate at September 30, 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 September 30, 2007:

Gross Unrealized Appreciation	$	4,997,422
Gross Unrealized Depreciation		(1,112,726	)
Net Unrealized Gain/(Loss)	$	3,884,696
Cost of Investments	$	36,845,788

INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

DIVERSIFICATION OF ASSETS

country	percentage of net assets
Japan	12.61	%
France	9.92	%
United Kingdom	9.75	%
Singapore	8.39	%
Spain	6.63	%
Canada	6.38	%
Germany	5.82	%
Italy	4.57	%
Brazil	4.37	%
Netherlands	3.87	%
Hong Kong	3.52	%
Denmark	3.32	%
Austria	2.89	%
Russia	2.69	%
Norway	2.38	%
Luxembourg	2.30	%
Turkey	2.12	%
Mexico	2.07	%
Australia	1.31	%
Philippines	1.20	%
Sweden	1.19	%
Switzerland	1.18	%
Finland	1.01	%
South Korea	0.89	%
Belgium	0.59	%
Total	100.97	%
Money Market Securities	0.60	%
Liabilities in excess of other assets	(1.57	)%
Grand Total	100.00	%

SMALL-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—84.32%

number of shares		market value
	AEROSPACE/DEFENSE - 4.37%
36,800	Moog, Inc. - Class A *	$	1,616,992
36,300	Teledyne Technologies, Inc. *		1,938,057
			3,555,049
	BUILDING & CONSTRUCTION PRODUCTS - 0.80%
15,100	NCI Building Systems, Inc. *		652,471
	BUILDING PRODUCTS - LIGHT FIXTURES - 1.57%
19,900	Genlyte Group, Inc. *		1,278,774
	CHEMICALS - SPECIALTY - 0.86%
75,100	Tronox, Inc. - Class A		698,430
	COAL - 2.05%
42,400	Foundation Coal Holdings, Inc.		1,662,080
	COMMERCIAL BANKS - SOUTHERN US - 0.85%
48,200	Virginia Commerce Bancorp, Inc. *		691,188
	COMMERCIAL BANKS - WESTERN US - 4.71%
48,700	Cathay General Bancorp		1,568,627
24,200	Columbia Banking System, Inc.		770,044
55,200	Sterling Financial Corp.		1,485,432
			3,824,103
	COMMERCIAL SERVICES - FINANCE - 1.98%
41,800	Macquarie Infrastructure Co. LLC		1,613,062
	COMMUNICATIONS EQUIPMENT - 1.80%
77,300	LoJack Corp. *		1,465,608
	COSMETICS & TOILETRIES - 1.03%
33,900	Alberto-Culver Co.		840,381
	CRUDE PETROLEUM & NATURAL GAS - 2.03%
37,600	Penn Virginia Corp.		1,653,648
	ELECTRIC UTILITIES - 2.20%
70,900	Cleco Corp.		1,791,643
	ELECTRONICS COMPONENTS - MISCELLANEOUS - 2.18%
74,200	Benchmark Electronics, Inc. *		1,771,154
	ENGINEERING / R&D SERVICES - 2.51%
36,100	URS Corp. *		2,037,845
	ENTERPRISE SOFTWARE/SERVICES - 2.38%
53,800	ManTech International Corp. - Class A *		1,935,724
	FIDUCIARY BANKS - 2.10%
61,300	Boston Private Financial Holdings, Inc.		1,706,592
	FINANCE - INVESTMENT BANKER/BROKER - 2.08%
29,200	Stifel Financial Corp. *		1,688,928
	FINANCE SERVICES - 0.96%
27,000	KBW, Inc. *		777,060
	GENERAL CONTRACTORS - 1.96%
28,700	Layne Christensen Co. *		1,592,276

SMALL-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—84.32% (continued)

number of shares		market value
	HEALTH CARE FACILITIES - 1.54%
151,900	Five Star Quality Care, Inc. *	$	1,248,618
	HOTELS & MOTELS - 3.68%
72,000	The Marcus Corp.		1,382,400
31,300	Orient-Express Hotels, Ltd. - Class A		1,604,751
			2,987,151
	INDUSTRIAL AUTOMATION/ROBOTICS - 1.24%
18,700	Hurco Companies, Inc. *		1,010,922
	INTIMATE APPAREL - 2.69%
55,900	The Warnaco Group, Inc. *		2,184,013
	LIFE INSURANCE - 1.16%
32,700	IPC Holdings, Ltd.		943,395
	LONG DISTANCE CARRIERS - 1.92%
128,300	General Communication, Inc. - Class A *		1,557,562
	MACHINERY - GENERAL INDUSTRY - 0.88%
11,100	The Middleby Corp. *		716,394
	MACHINERY TOOLS & RELATED PRODUCTS - 2.39%
23,100	Kennametal, Inc.		1,939,938
	NON-FERROUS METALS - 0.98%
10,000	RTI International Metals, Inc. *		792,600
	OFFICE FURNISHINGS - ORIGINAL - 1.81%
82,700	Knoll, Inc.		1,467,098
	OIL COMPANY - EXPLORATION & PRODUCTION - 0.99%
16,600	Unit Corp. *		803,440
	OIL FIELD MACHINERY & EQUIPMENT - 1.14%
17,900	NATCO Group, Inc. *		926,325
	OIL & GAS FIELD SERVICES - 1.25%
90,400	Superior Offshore International, Inc. *		1,017,000
	OIL - FIELD SERVICES - 2.82%
47,500	Oil States International, Inc. *		2,294,250
	PROCESSED & PACKAGED GOODS - 1.75%
40,802	J & J Snack Foods Corp.		1,420,726
	PROPERTY/CASUALTY INSURANCE - 2.16%
102,900	Seabright Insurance Holdings *		1,756,503
	RETAIL - DEPARTMENT STORES - 0.76%
39,000	Maidenform Brands, Inc. *		619,320
	SERVICES - PREPACKAGED SOFTWARE - 0.95%
55,800	Epicor Software Corp. *		768,366
	SOFTWARE & PROGRAMMING - 1.92%
54,500	SI International, Inc. *		1,557,065
	STEEL PIPE & TUBE - 1.97%
42,300	Northwest Pipe Co. *		1,599,786

SMALL-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—84.32% (continued)

number of shares		market value
	STEEL - PRODUCERS - 1.06%
42,400	Claymont Steel Holdings, Inc. *	$	858,600
	TECHNICAL SERVICES - 2.58%
23,900	Washington Group International, Inc. *		2,098,659
	TELECOMMUNICATIONS SERVICES - 2.09%
85,700	Iowa Telecommunications Services, Inc.		1,701,145
	TRANSPORT - MARINE - 2.16%
75,400	OceanFreight, Inc.		1,752,296
	TRANSPORT - SERVICES - 4.01%
64,100	Arlington Tankers, Ltd.		1,578,783
55,000	Horizon Lines, Inc. - Class A		1,679,150
			3,257,933
	Total Common Stocks (cost $60,610,090)		68,515,121
REITs—7.60%
number of shares		market value
	REITS - DIVERSIFIED - 0.98%
39,700	Lexington Realty Trust		794,397
	REITS - HOTELS - 3.01%
42,800	Equity Inns, Inc.		966,424
57,800	Sunstone Hotel Investors, Inc.		1,481,992
			2,448,416
	REITS - RESIDENTIAL - 1.60%
33,600	Post Properties, Inc.		1,300,320
	REITS - RETAIL - 2.01%
60,000	Getty Realty Corporation		1,632,000
	Total REITs (cost $6,229,632)		6,175,133
SHORT-TERM INVESTMENTS—8.20%
number of shares		market value
6,660,195	Timothy Plan Money Market Fund, 4.45% (A) (B)		6,660,195
	Total Short-Term Investments (cost $6,660,195)		6,660,195
	TOTAL INVESTMENTS (cost $73,499,917) - 100.12%	$	81,350,449
	LIABILITIES IN EXCESS OF CASH & OTHER ASSETS - (0.12)%		(100,014	)
	NET ASSETS - 100.00%	$	81,250,435

* Non-income producing securities.

(A) Variable rate security; the yield shown represents the rate at September 30, 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 September 30, 2007.

Gross Unrealized Appreciation	$	11,341,766
Gross Unrealized Depreciation		(3,491,234	)
Net Unrealized Gain/(Loss)	$	7,850,532
Cost of Investments	$	73,499,917

LARGE / MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—91.49%

number of shares		market value
	AEROSPACE/DEFENSE - 1.95%
31,500	Rockwell Collins, Inc.	$	2,300,760
	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) - 1.86%
35,500	Genzyme Corp. *		2,199,580
	BUSINESS SERVICES - 1.99%
90,600	Jack Henry & Associates, Inc.		2,342,916
	COMMERCIAL BANKS - SOUTHERN US - 1.93%
56,500	BB&T Corp.		2,282,035
	COMMERCIAL BANKS - WESTERN US - 1.98%
34,000	Zions Bancorporation		2,334,780
	COMMERCIAL BANKS - SUPER-REGIONAL - 1.94%
44,600	Comerica, Inc.		2,287,088
	COSMETICS & TOILETRIES - 1.96%
32,500	Colgate-Palmolive Co.		2,317,900
	DATA PROCESSING/MANAGEMENT - 2.94%
50,200	Automatic Data Processing, Inc.		2,305,686
41,700	Total System Services, Inc.		1,158,426
			3,464,112
	DIVERSIFIED MANUFACTURING OPERATIONS - 3.98%
46,200	Cooper Industries, Ltd. - Class A		2,360,358
34,400	ITT Corp.		2,336,792
			4,697,150
	ELECTRIC PRODUCTS - MISCELLANEOUS - 2.05%
45,400	Emerson Electric Co.		2,416,188
	ELECTRIC COMPONENTS - SEMICONDUCTORS - 1.99%
39,800	MEMC Electronic Materials, Inc. *		2,342,628
	ELECTRIC - UTILITIES - 3.84%
26,300	Constellation Energy Group		2,256,277
62,700	Southern Co.		2,274,756
			4,531,033
	ELECTRIC SERVICES - 1.92%
26,900	Dominion Resources, Inc.		2,267,670
	FABRICATED PLATE WORK (BOILER SHOPS) - 2.29%
50,000	McDermott International, Inc. *		2,704,000
	FINANCE SERVICES - 2.00%
55,700	Lazard, Ltd. - Class A		2,361,680
	FIRE, MARINE & CASUALTY INSURANCE - 5.00%
39,100	ACE, Ltd.		2,368,287
15,300	Arch Capital Group, Ltd. *		1,138,473
61,500	Axis Capital Holdings, Ltd.		2,392,965
			5,899,725

LARGE / MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—91.49% (continued)

number of shares		market value
	INDUSTRIAL METALS & MINING - 2.00%
70,300	Titanium Metals Corp. *	$	2,359,268
	INSURANCE BROKERS - 1.88%
54,200	Willis Group Holdings, Ltd.		2,218,948
	INVESTMENT MANAGEMENT/ADVISORY SERVICES - 8.11%
26,800	AllianceBernstein Holding LP		2,360,276
14,500	BlackRock, Inc.		2,514,445
58,200	Eaton Vance Corp.		2,325,672
18,600	Franklin Resources, Inc.		2,371,500
			9,571,893
	MACHINERY - CONSTRUCTION & MINING - 1.06%
14,100	Terex Corp. *		1,255,182
	MEDICAL DRUGS - 2.02%
37,000	Allergan, Inc.		2,385,390
	MEDICAL PRODUCTS - 3.78%
54,500	Covidien, Ltd. *		2,261,750
27,100	Zimmer Holdings, Inc. *		2,194,829
			4,456,579
	METAL - DIVERSIFIED - 2.47%
27,800	Freeport-McMoRan Copper & Gold, Inc.		2,915,942
	METAL PROCESSORS & FABRICATION - 2.19%
17,500	Precision Castparts Corp.		2,589,650
	OIL COMPANY - EXPLORATION & PRODUCTION - 6.45%
28,800	Apache Corp.		2,593,728
35,900	Murphy Oil Corp.		2,509,051
40,500	XTO Energy, Inc.		2,504,520
			7,607,299
	OIL COMPANY - INTEGRATED - 10.33%
28,000	ConocoPhillips		2,457,560
52,100	Exxon Mobil Corp.		4,822,376
40,200	Marathon Oil Corp.		2,292,204
40,800	Occidental Petroleum Corp.		2,614,464
			12,186,604
	RETAIL - JEWELRY - 2.11%
47,500	Tiffany & Co.		2,486,625
	SPECIAL INDUSTRY MACHINERY - 1.99%
44,000	Lam Research Corp. *		2,343,440
	TECHNICAL SERVICES - 1.97%
104,700	Cadence Design Systems, Inc. *		2,323,293

LARGE / MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—91.49% (continued)

number of shares		market value
	TELECOMMUNICATION EQUIPMENT - 1.94%
39,700	Harris Corp.	$	2,294,263
	TRANSPORT - SERVICES - 1.73%
19,500	FedEx Corp.		2,042,625
	WATER - 1.84%
95,766	Aqua America, Inc.		2,171,973
	Total Common Stocks (cost $84,314,932)		107,958,219
REITs—3.59%
number of shares		market value
	REITS - DIVERSIFIED - 1.45%
40,500	Equity Residential		1,715,580
	REITS - HEALTHCARE - 2.14%
76,000	HCP, Inc.		2,520,920
	Total REITs (cost $4,666,448)		4,236,500
SHORT-TERM INVESTMENTS—5.95%
number of shares		market value
7,022,163	Timothy Plan Money Market Fund, 4.45% (A) (B)		7,022,163
	Total Short-Term Investments (cost $7,022,163)		7,022,163
	TOTAL INVESTMENTS (cost $96,003,543) - 101.03%	$	119,216,882
	LIABILITIES IN EXCESS OF CASH & OTHER ASSETS - (1.03)%		(1,213,927	)
	NET ASSETS - 100.00%	$	118,002,955

* Non-income producing securities.

(A) Variable rate security; the yield shown represents the rate at September 30, 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 September 30, 2007.

Gross Unrealized Appreciation	$	24,181,801
Gross Unrealized Depreciation		(968,462	)
Net Unrealized Gain/(Loss)	$	23,213,339
Cost of Investments	$	96,003,543

FIXED INCOME FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

Bonds and Notes—91.97%

par value			market value
		CORPORATE BONDS - 37.83%
$	750,000	Alcoa, Inc., 5.87%, 02/23/2022	$	715,970
	800,000	American General Finance Corp., 5.375%, 10/01/2012		788,280
	750,000	Anadarko Finance Co., 6.75%, 05/01/2011		784,642
	150,000	Apache Corp., 5.25%, 04/15/2013		149,341
	250,000	Appalachian Power Co., 3.60%, 05/15/2008		246,947
	750,000	Canadian National Railway Co., 5.80%, 06/01/2016		756,840
	500,000	Canadian National Resources Ltd., 5.70%, 05/15/2017		488,979
	500,000	CIT Group, Inc., 5.00%, 02/13/2014		452,072
	910,000	CRH America, Inc., 6.00%, 09/30/2016		885,699
	950,000	Dominion Resources, Inc., 5.00%, 03/15/2013		919,017
	750,000	Duke Energy Indiana, Inc., 6.05%, 06/15/2016		754,754
	500,000	Entergy Gulf States, Inc., 5.70%, 06/01/2015		487,467
	900,000	ERP Operating LP, 5.125%, 03/15/2016		835,497
	750,000	FedEx Corp., 5.50%, 08/15/2009		758,721
	800,000	FPL Group Capital, Inc., 5.551%, 02/16/2008		798,620
	750,000	Genworth Financial, Inc., 4.95%, 10/01/2015		707,117
	500,000	Huntington National Bank, 3.125%, 05/15/2008		494,288
	250,000	International Paper Co., 4.25%, 01/15/2009		246,263
	750,000	Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014		714,358
	750,000	MidAmerican Energy Holdings Co., 5.875%, 10/01/2012		762,397
	250,000	National Rural Utilities Cooperative Finance Corp., 5.75%, 08/28/2009		252,973
	750,000	Nisource Finance Corp., 5.40%, 07/15/2014		729,973
	500,000	Oneok, Inc., 5.20%, 06/15/2015		476,938
	300,000	Protective Life Secured Trusts, 5.75%, 01/15/2019		291,747
	750,000	SLM Corp., 4.00%, 01/15/2010		703,012
	500,000	Spectra Energy Capital LLC, 5.668%, 08/15/2014		489,568
	750,000	Telecom Italia Capital SA, 4.00%, 11/15/2008		739,646
	300,000	Unitrin, Inc., 4.875%, 11/01/2010		297,352
	750,000	Willis North America, Inc., 6.20%, 03/28/2017		745,486
	135,000	Wisconsin Energy Corp., 6.50%, 04/01/2011		140,358
		Total Corporate Bonds (cost $17,923,216)		17,614,322

FIXED INCOME FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

Bonds and Notes—91.97% (continued)

par value			market value
		U.S. GOVERNMENT & AGENCY OBLIGATIONS - 54.14%
$	1,000,000	Federal Home Loan Bank, 5.5%, 08/13/2014	$	1,041,293
	242,349	GNMA Pool 3584, 6.00%, 07/20/2034		243,938
	570,143	GNMA Pool 3612, 6.50%, 09/20/2034		582,742
	1,606,947	GNMA Pool 3625, 6.00%, 10/20/2034		1,617,017
	637,125	GNMA Pool 3637, 5.50%, 11/20/2034		626,926
	1,000,022	GNMA Pool 3665, 5.50%, 01/20/2035		983,606
	555,529	GNMA Pool 3679, 6.00%, 02/20/2035		558,629
	1,334,882	GNMA Pool 3711, 5.50%, 05/20/2035		1,312,968
	1,794,538	GNMA Pool 3865, 6.00%, 06/20/2036		1,803,950
	1,401,637	GNMA Pool 3910, 6.00%, 10/20/2036		1,408,988
	3,266,440	GNMA Pool 3939, 5.00%, 01/20/2037		3,134,391
	88,095	GNMA Pool 585163, 5.00%, 02/15/2018		86,800
	97,113	GNMA Pool 585180, 5.00%, 02/15/2018		95,686
	94,616	GNMA Pool 592492, 5.00%, 03/15/2018		93,226
	81,174	GNMA Pool 599821, 5.00%, 01/15/2018		79,981
	1,075,670	GNMA Pool 604182, 5.50%, 04/15/2033		1,062,334
	1,216,306	GNMA Pool 663776, 6.50%, 01/15/2037		1,243,574
	222,842	GNMA Pool 781694, 6.00%, 12/15/2031		224,978
	3,000,000	US Treasury Bond, 12.00%, 08/15/2013		3,199,455
	1,000,000	US Treasury Bond, 5.375%, 02/15/2031		1,070,782
	680,000	US Treasury Bond, 4.50%, 02/15/2036		644,885
	2,250,000	US Treasury Note, 4.75%, 05/15/2014		2,301,329
	1,785,000	US Treasury Note, 4.625%, 02/15/2017		1,793,786
		Total U.S. Government & Agency Obligations (cost $25,300,872)		25,211,264
		Total Bonds and Notes (cost $43,224,088)		42,825,586
SHORT-TERM INVESTMENTS—8.75%
number of shares			market value
	4,072,812	Timothy Plan Money Market Fund, 4.45% (A) (B)	$	4,072,812
		Total Short-Term Investments (cost $4,072,812)		4,072,812
		TOTAL INVESTMENTS (cost $47,296,900) - 100.72%	$	46,898,398
		LIABILITIES IN EXCESS OF CASH & OTHER ASSETS - (0.72)%		(336,776	)
		NET ASSETS - 100.00%	$	46,561,622

(A) Variable rate security; the yield shown represents the rate at September 30, 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 September 30, 2007.

Gross Unrealized Appreciation	$	211,415
Gross Unrealized Depreciation		(609,917	)
Net Unrealized Gain/(Loss)	$	(398,502	)
Cost of Investments	$	47,296,900

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—98.25%

number of shares		market value
	BITUMINOUS COAL & LIGNITE SURFACE MINING - 1.49%
8,700	Peabody Energy Corp.	$	416,469
	BUILDING PRODUCTS - CEMENT/AGGREGATION - 1.91%
4,000	Martin Marietta Materials, Inc.		534,200
	CELLULAR TELECOM - 4.75%
16,200	NII Holdings, Inc. *		1,330,830
	COMPUTER COMMUNICATION EQUIPMENT - 2.08%
15,700	F5 Networks, Inc. *		583,883
	COMPUTER SERVICES - 0.82%
11,500	Red Hat, Inc. *		228,505
	CONSTRUCTION MACHINERY & EQUIPMENT - 4.11%
26,000	Manitowoc Company, Inc.		1,151,280
	DIAGNOSTIC EQUIPMENT - 1.31%
5,500	Gen-Probe, Inc. *		366,190
	DIVERSIFIED COMMUNICATION SERVICES - 3.06%
19,700	American Tower Corp. - Class A *		857,738
	DRUG DELIVERY SYSTEMS - 1.51%
10,200	Hospira, Inc. *		422,790
	DRUGS & PHARMACEUTICALS - 2.73%
16,800	Herbalife, Ltd.		763,728
	E-COMMERCE/SERVICES - 1.84%
15,100	Monster Worldwide, Inc. *		514,306
	EDUCATIONAL SERVICES - 2.91%
6,700	ITT Educational Services, Inc. *		815,323
	ELECTRONIC COMPONENTS - SEMICONDUCTOR - 6.33%
22,000	Broadcom Corp. - Class A *		801,680
26,850	NVIDIA Corp. *		973,044
			1,774,724
	FINANCIAL GUARANTY INSURANCE - 0.74%
3,300	Ambac Financial Group, Inc.		207,603
	FOOTWEAR - 1.42%
16,700	Iconix Brand Group, Inc. *		397,293
	HEALTH CARE DISTRIBUTORS - 2.17%
10,000	Henry Schein, Inc. *		608,400
	INVESTMENT MANAGEMENT/ADVISORY SERVICES - 1.55%
7,800	T. Rowe Price Group, Inc.		434,382
	MEDICAL - BIOMEDICAL/GENETICS - 3.08%
12,100	Celgene Corp. *		862,851

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—98.25% (continued)

number of shares		market value
	MEDICAL LABS & TESTING SERVICES - 1.22%
4,400	Covance, Inc. *	$	342,760
	METAL PROCESSORS & FABRICATION - 4.70%
8,900	Precision Castparts Corp.		1,317,022
	MOTOR VEHICLES & PASSENGER CAR BODIES - 2.43%
11,000	Oshkosh Truck Corp.		681,670
	NETWORKING PRODUCTS - 2.65%
20,300	Juniper Networks, Inc. *		743,183
	OIL & GAS DRILLINGS - 3.18%
4,700	Diamond Offshore Drilling, Inc.		532,463
5,800	Ultra Petroleum Corp. *		359,832
			892,295
	OIL COMPANY - EXPLORATION & PRODUCTION - 2.99%
7,900	Denbury Resources, Inc. *		353,051
11,600	Southwestern Energy Co. *		485,460
			838,511
	OIL FIELD MACHINERY & EQUIPMENT - 8.10%
9,100	FMC Technologies, Inc. *		524,706
9,500	Grant Prideco, Inc. *		517,940
8,500	National-Oilwell Varco, Inc. *		1,228,250
			2,270,896
	RAILROAD EQUIPMENT - 2.99%
22,400	Wabtec Corp.		839,104
	REAL ESTATE MANAGEMENT/SERVICES - 1.26%
12,650	CB Richard Ellis Group, Inc. - Class A *		352,176
	RETAIL - MISCELLANEOUS SHOPPING GOODS STORES - 2.35%
9,800	Dick’s Sporting Goods, Inc. *		658,070
	RETAIL - PET FOOD & SUPPLIES - 2.42%
21,300	PetSmart, Inc.		679,470
	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES - 1.68%
12,500	Nasdaq Stock Market, Inc. *		471,000
	SEMICONDUCTOR EQUIPMENT - 2.39%
12,500	Varian Semiconductor Equipment Associates, Inc. *		669,000
	SEMICONDUCTORS & RELATED DEVICES - 2.99%
17,100	Intersil Corp - Class A *		571,653
7,300	Microchip Technology, Inc.		265,136
			836,789
	SPORTING ACTIVITIES - 2.04%
9,300	LIFE TIME FITNESS, Inc. *		570,462
	STEEL PIPE & TUBES - 2.90%
7,400	Allegheny Technologies, Inc.		813,630

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—98.25% (continued)

number of shares		market value
	TRADING COMPANIES & DISTRIBUTORS - 1.81%
11,200	Fastenal Co.	$	508,592
	TRANSPORT - SERVICES - 1.89%
11,200	Expeditors International of Washington, Inc.		529,760
	VETERINARY DIAGNOSTICS - 1.25%
8,400	VCA Antech, Inc. *		350,700
	WEB HOSTING/DESIGN - 1.90%
6,000	Equinix, Inc. *		532,140
	WHOLESALE - MOTOR VEHICLES & PARTS - 1.30%
10,500	LKQ Corp. *		365,505
	Total Common Stocks (cost $21,628,330)		27,533,230
SHORT-TERM INVESTMENTS—2.25%
number of shares		market value
629,925	Timothy Plan Money Market Fund, 4.45% (A) (B)		629,925
	Total Short-Term Investments (cost $629,925)		629,925
	TOTAL INVESTMENTS (cost $22,258,255) - 100.50%	$	28,163,155
	LIABILITIES IN EXCESS OF CASH & OTHER ASSETS - (0.50)%		(138,866	)
	NET ASSETS - 100.00%	$	28,024,289

* Non-income producing securities.

(A) Variable rate security; the yield shown represents the rate at September 30, 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 September 30, 2007:

Gross Unrealized Appreciation	$	6,147,856
Gross Unrealized Depreciation		(242,956	)
Net Unrealized Gain/(Loss)	$	5,904,900
Cost of Investments	$	22,258,255

LARGE / MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—96.39%

number of shares		market value
	APPAREL MANUFACTURERS - 0.98%
12,000	Coach, Inc. *	$	567,240
	BUSINESS SERVICES - 2.84%
32,000	Cintas Corp.		1,187,200
20,000	MoneyGram International, Inc.		451,800
			1,639,000
	CHEMICALS - SPECIALTY - 1.31%
16,000	Ecolab, Inc.		755,200
	COMMERCIAL BANKS - WESTERN US - 1.61%
13,500	Zions Bancorporation		927,045
	COMPUTERS - MEMORY DEVICES - 0.75%
16,000	Network Appliance, Inc. *		430,560
	COMPUTER SERVICES - 1.27%
9,200	Cognizant Technology Solutions Corp. - Class A *		733,884
	COSMETICS & TOILETRIES - 1.98%
16,000	Colgate-Palmolive Co.		1,141,120
	DIVERSIFIED MANUFACTURING OPERATIONS - 2.87%
20,000	Danaher Corp.		1,654,200
	DRILLING OIL & GAS WELLS - 1.07%
20,000	Nabors Industries, Ltd. *		615,400
	E-COMMERCE/SERVICES - 1.12%
19,000	Monster Worldwide, Inc. *		647,140
	ELECTRIC PRODUCTS - MISCELLANEOUS - 3.13%
34,000	Emerson Electric Co.		1,809,480
	ELECTRIC COMPONENTS - SEMICONDUCTORS - 2.19%
24,000	Marvell Technology Group, Ltd. *		392,880
14,800	MEMC Electronic Materials, Inc. *		871,128
			1,264,008
	ELECTRONICS - MILITARY - 2.37%
13,400	L-3 Communications Holdings, Inc.		1,368,676
	ENTERPRISE SOFTWARE/SERVICES - 3.35%
33,000	SAP AG (ADR)		1,936,110
	FOOD - WHOLESALE/DISTRIBUTION - 2.47%
40,000	Sysco Corp.		1,423,600
	INDUSTRIAL AUTOMATION/ROBOTICS - 2.41%
20,050	Rockwell Automation, Inc.		1,393,675
	INVESTMENT MANAGEMENT/ADVISORY SERVICES - 1.78%
18,400	T. Rowe Price Group, Inc.		1,024,696
	LABORATORY ANALYTICAL INSTRUMENTS - 1.84%
14,400	Beckman Coulter, Inc.		1,062,144
	MEASURING & CONTROLLING DEVICES - 1.83%
18,300	Thermo Fisher Scientific, Inc. *		1,056,276

LARGE / MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—96.39% (continued)

number of shares		market value
	MEDICAL INSTRUMENTS - 1.34%
17,500	St. Jude Medical, Inc. *	$	771,225
	MEDICAL PRODUCTS - 6.46%
26,800	Celgene Corp. *		1,911,108
26,400	Stryker Corp.		1,815,264
			3,726,372
	MISCELLANEOUS CHEMICAL PRODUCTS - 1.03%
20,000	Nalco Holding Co.		593,000
	MULTI-LINE INSURANCE - 2.69%
23,000	American International Group, Inc.		1,555,950
	NETWORKING PRODUCTS - 1.93%
30,400	Juniper Networks, Inc. *		1,112,944
	OIL - FIELD SERVICES - 1.86%
16,000	Weatherford International, Ltd. *		1,074,880
	OIL COMPANY - INTEGRATED - 2.25%
16,000	Total SA (ADR)		1,296,480
	OIL FIELD MACHINERY & EQUIPMENT - 1.50%
6,000	National-Oilwell Varco, Inc. *		867,000
	PERSONAL CREDIT INSTITUTIONS - 1.05%
16,000	The First Marblehead Corp.		606,880
	PHARMACEUTICAL PREPARATIONS - 1.74%
13,500	Theravance, Inc. *		352,215
17,000	Vertex Pharmaceuticals, Inc. *		652,970
			1,005,185
	PHARMACY SERVICES - 2.50%
16,000	Medco Health Solutions, Inc. *		1,446,240
	PUMPS & PUMPING EQUIPMENT - 1.18%
10,000	ITT Corp.		679,300
	RADIOTELEPHONE COMMUNICATIONS - 1.71%
12,000	NII Holdings, Inc. *		985,800
	RETAIL - APPAREL/SHOE - 0.80%
33,000	Chico’s FAS, Inc. *		463,650
	RETAIL - BUILDING PRODUCTS - 4.48%
54,400	Lowe’s Companies, Inc.		1,524,288
23,000	Tractor Supply Co. *		1,060,070
			2,584,358
	RETAIL - DISCOUNT - 2.17%
20,400	Costco Wholesale Corp.		1,251,948
	RETAIL - EATING PLACES - 0.87%
21,500	The Cheesecake Factory, Inc. *		504,605
	RETAIL - JEWELRY STORES - 2.97%
32,800	Tiffany & Co.		1,717,080

LARGE / MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

COMMON STOCKS—96.39% (continued)

number of shares		market value
	SECURITY BROKERS, DEALERS & FLOTATION - 2.34%
16,000	Legg Mason, Inc.	$	1,348,640
	SEMICONDUCTOR EQUIPMENT - 1.45%
24,000	Linear Technology Corp.		839,760
	SEMICONDUCTORS & RELATED DEVICES - 2.36%
23,000	Analog Devices, Inc.		831,680
18,000	Maxim Integrated Products, Inc.		528,300
			1,359,980
	SERVICES - ADVERTISING AGENCIES - 1.27%
15,000	Lamar Advertising Co.		734,550
	SERVICES - COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH - 0.76%
31,000	Medarex, Inc *		438,960
	TELECOMMUNICATION EQUIPMENT - 1.20%
12,000	Harris Corp.		693,480
	THERAPEUTICS - 2.51%
35,400	Gilead Sciences, Inc. *		1,446,798
	TRUCKING & COURIER SERVICES - 2.47%
19,000	United Parcel Service, Inc. - Class B		1,426,900
	WHOLESALE - DRUGS, PROPRIETARIES & DRUGGISTS’ SUNDRIES - 1.62%
15,000	Cardinal Health, Inc.		937,950
	WIRELESS EQUIPMENT - 4.71%
15,000	Telefonaktiebolaget LM Ericsson (ADR)		597,000
56,000	Nokia Corp. (ADR)		2,124,080
			2,721,080
	Total Common Stocks (cost $46,428,136)		55,640,449
SHORT-TERM INVESTMENTS—3.59%
number of shares		market value
2,072,490	Timothy Plan Money Market Fund, 4.45% (A) (B)		2,072,490
	Total Short-Term Investments (cost $2,072,490)		2,072,490
	TOTAL INVESTMENTS (cost $48,500,626) - 99.98%	$	57,712,939
	CASH & OTHER ASSETS LESS LIABILITIES - 0.02%		9,108
	NET ASSETS - 100.00%	$	57,722,047

* Non-income producing securities.

(ADR) American Depositary Receipt.

(A) Variable rate security; the yield shown represents the rate at September 30, 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 September 30, 2007:

Gross Unrealized Appreciation	$	11,866,350
Gross Unrealized Depreciation		(2,654,037	)
Net Unrealized Gain/(Loss)	$	9,212,313
Cost of Investments	$	48,500,626

STRATEGIC GROWTH FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

MUTUAL FUNDS ^(A)—102.40%

number of shares		market value
1,103,157	Timothy Plan Aggressive Growth Fund - Class A	$	8,825,257
715,776	Timothy Plan High Yield Bond Fund - Class A		6,978,818
1,614,500	Timothy Plan International Fund - Class A*		17,711,067
1,734,785	Timothy Plan Large/Mid Cap Growth Fund - Class A*		14,138,494
847,676	Timothy Plan Large/Mid Cap Value Fund - Class A		14,079,892
542,799	Timothy Plan Small-Cap Value Fund - Class A		8,760,783
	Total Mutual Funds (cost $61,736,040)		70,494,311
SHORT-TERM INVESTMENTS—0.23%
number of shares		market value
155,254	Timothy Plan Money Market Fund, 4.45% (A) (B)		155,254
	Total Short-Term Investments (cost $155,254)		155,254
	TOTAL INVESTMENTS (cost $61,891,294) - 102.63%	$	70,649,565
	LIABILITIES IN EXCESS OF OTHER ASSETS - (2.63)%		(1,807,936	)
	NET ASSETS - 100.00%	$	68,841,629

* 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 September 30, 2007.

The following information for the Fund is presented on an income tax basis as of September 30, 2007:

Gross Unrealized Appreciation	$	8,928,931
Gross Unrealized Depreciation		(170,660	)
Net Unrealized Gain/(Loss)	$	8,758,271
Cost of Investments	$	61,891,294

CONSERVATIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

MUTUAL FUNDS ^(A)—100.12%

number of shares		market value
345,923	Timothy Plan Aggressive Growth Fund - Class A	$	2,767,384
1,667,241	Timothy Plan Fixed Income Fund - Class A		16,455,664
561,266	Timothy Plan High Yield Bond Fund - Class A		5,472,342
759,503	Timothy Plan International Fund - Class A*		8,331,750
680,036	Timothy Plan Large/Mid Cap Growth Fund - Class A*		5,542,297
664,500	Timothy Plan Large/Mid Cap Value Fund - Class A		11,037,350
340,450	Timothy Plan Small-Cap Value Fund - Class A		5,494,857
	Total Mutual Funds (cost $50,402,125)		55,101,644
SHORT-TERM INVESTMENTS—0.31%
number of shares		market value
171,760	Timothy Plan Money Market Fund, 4.45% (A) (B)		171,760
	Total Short-Term Investments (cost $171,760)		171,760
	TOTAL INVESTMENTS (cost $50,573,885) - 100.43%	$	55,273,404
	CASH & OTHER ASSETS IN EXCESS OF LIABILITIES - (0.43)%		(236,476	)
	NET ASSETS - 100.00%	$	55,036,928

* 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 September 30, 2007.

The following information for the Fund is presented on an income tax basis as of September 30, 2007:

Gross Unrealized Appreciation	$	5,252,761
Gross Unrealized Depreciation		(553,242	)
Net Unrealized Gain/(Loss)	$	4,699,519
Cost of Investments	$	50,573,885

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

SHORT-TERM INVESTMENTS—100.02%

par value			market value
		Asset-Backed Bonds - 5.05%
$	226,990	Americredit Auto Receivables Trust, 5.32%, 05/06/2008	$	226,990
	875,477	Harley-Davidson Motorcycle Trust, 5.59%, 09/15/2008		875,477
	402,192	John Deere Owner Trust, 5.33%, 05/15/2008		402,192
		Total Asset-Backed Bonds (cost $1,504,659)		1,504,659
		Corporate Bonds - 3.35%
	1,000,000	World Savings Bank FSB, 4.125%, 03/10/2008		995,779
		Total Corporate Bonds (cost $995,779)		995,779
		U.S. Government Agencies (A) - 80.03%
	1,000,000	Federal Home Loan Bank, 1.72%, 10/02/2007		999,859
	1,000,000	Federal Home Loan Bank, 3.42%, 10/05/2007		999,438
	1,000,000	Federal Home Loan Bank, 4.44%, 12/04/2007		992,035
	1,000,000	Federal Home Loan Bank, 4.51%, 03/07/2008		997,280
	1,000,000	Federal Home Loan Bank, 4.54%, 12/19/2007		990,037
	1,000,000	Federal Home Loan Bank, 4.55%, 01/25/2008		985,500
	1,000,000	Federal Home Loan Bank, 4.55%, 10/16/2007		997,887
	1,000,000	Federal Home Loan Bank, 4.55%, 12/21/2007		989,763
	1,000,000	Federal Home Loan Bank, 4.57%, 12/26/2007		989,104
	1,000,000	Federal Home Loan Bank, 4.60%, 11/16/2007		993,995
	1,000,000	Federal Home Loan Bank, 4.60%, 12/07/2007		991,383
	1,000,000	Federal Home Loan Bank, 4.61%, 10/26/2007		996,604
	1,000,000	Federal Home Loan Bank, 4.62%, 10/19/2007		997,475
	1,000,000	Federal Home Loan Bank, 4.68%, 12/14/2007		990,359
	1,000,000	Federal Home Loan Bank, 4.81%, 10/24/2007		996,720
	1,000,000	Federal Home Loan Bank, 4.81%, 11/14/2007		993,970
	1,000,000	Federal Home Loan Bank, 4.86%, 10/30/2007		995,892
	1,000,000	Federal Home Loan Bank, 4.92%, 11/02/2007		995,440
	1,000,000	Federal Home Loan Bank, 4.92%, 01/30/2008		983,698
	1,000,000	Federal Home Loan Bank, 5.04%, 11/30/2007		991,525
	1,000,000	Federal Home Loan Bank, 5.05%, 11/21/2007		992,732
	1,000,000	Federal Home Loan Bank, 5.09%, 01/29/2008		983,300
	1,000,000	Federal Home Loan Bank, 5.52%, 11/09/2007		993,846
	1,000,000	Federal Home Loan Bank, 5.94%, 11/07/2007		993,701
		Total U.S. Government Agencies (cost $23,831,543)		23,831,543

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

As of September 30, 2007—(Unaudited)

SHORT-TERM INVESTMENTS—100.02% (continued)

par value			market value
		Supranational Bonds - 3.35%
$	1,000,000	International Bank for Reconstruction & Development (A), 4.37%, 10/15/2007	$	998,091
		Total Supranational Bonds (cost $998,091)		998,091
		Money Market Instruments - 8.24%
	1,390,526	Fidelity Institution Money Market Portfolio, 5.26% (B)		1,390,526
	1,062,530	First American Treasury Obligation Fund, 3.99% (B)		1,062,530
		Total Money Market Instruments (cost $2,453,056)		2,453,056
		TOTAL INVESTMENTS (cost $29,783,128) - 100.02%	$	29,783,128
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.02)%		(5,161	)
		NET ASSETS - 100.00%	$	29,777,967

(A) Discount note; the rate shown represents the yield at September 30, 2007

(B) Variable rate security; the rate shown represents the yield at September 30, 2007

The following information for the Fund is presented on an income tax basis as of September 30, 2007:

Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		—
Net Unrealized Gain/(Loss)	$	—
Cost of Investments	$	29,783,128

NOTES TO THE SCHEDULE OF INVESTMENTS

September 30, 2007

TIMOTHY PLAN

Note 1—Unrealized Appreciation (Depreciation)

At September 30, 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	$	73,499,917	$	11,341,766	$	(3,491,234	)	$	7,850,532
Large / Mid-Cap Value	$	96,003,543	$	24,181,801	$	(968,462	)	$	23,213,339
Fixed Income	$	47,296,900	$	211,415	$	(609,917	)	$	(398,502	)
Aggressive Growth	$	22,258,255	$	6,147,856	$	(242,956	)	$	5,904,900
Large / Mid-Cap Growth	$	48,500,626	$	11,866,350	$	(2,654,037	)	$	9,212,313
Strategic Growth	$	61,891,294	$	8,928,931	$	(170,660	)	$	8,758,271
Conservative Growth	$	50,573,885	$	5,252,761	$	(553,242	)	$	4,699,519
High Yield Bond	$	19,098,825	$	131,569	$	(551,840	)	$	(420,271	)
International	$	36,845,788	$	4,997,422	$	(1,112,726	)	$	3,884,696
Money Market	$	29,783,128	$	—	$	—		$	—

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 26, 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:	November 26, 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:	November 26, 2007