N-CSR

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-08228

The Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL 32751

(Address of principal executive offices) (Zip code)

Art Ally, The Timothy Plan

1055 Maitland Center Commons, Maitland, FL 32751

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 12/31/17

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public.  A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. Reports to Stockholders.

The Registrant’s audited annual financial reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:

	ANNUAL REPORT
	December 31, 2017
TIMOTHY PLAN VARIABLE SERIES
Conservative Growth Strategic Growth

December 31, 2017

Dear Timothy Plan Strategic Growth Variable and Conservative Growth Variable Shareholder:

Asset allocation has normally been, and we believe it continues to be, a very prudent approach to investing. As a review, your Timothy Plan Variable Fund investment is a compilation of most of Timothy’s underlying funds and, as such, your performance is directly related to the performance of those underlying funds, which performed well last year. The traditional funds were led by the International, Emerging Markets, and Israel Common Values Funds, all of which had total returns in excess of twenty percent (20%). Our larger domestic equity funds each had total returns over fifteen percent (15%), which also helped the allocation portfolios to do relatively well. Bonds were not in favor in 2017, so the allocations into the bond funds tended to cause pressure on the returns of the portfolios. For more complete details on the underlying traditional funds, please see the managers’ reports presented on the following pages.

Due to our fairly positive outlook for the economy in the year ahead, we have adjusted our positions in the underlying funds to the allocations shown below:

		Conservative Growth			Strategic Growth
·	Large/Mid-Cap Growth Fund		7.50	%		10.00	%
·	Large/Mid-Cap Value Fund		8.50	%		11.00	%
·	Small-Cap Value Fund		5.00	%		6.00	%
·	Aggressive Growth Fund		4.00	%		5.50	%
·	International Fund		10.50	%		19.50	%
·	High-Yield Bond Fund		6.50	%		6.50	%
·	Defensive Strategies Fund		11.00	%		12.00	%
·	Fixed Income Fund		24.50	%		5.00	%
·	Israel Common Values Fund		3.50	%		5.00	%
·	Emerging Markets Fund		4.50	%		7.00	%
·	Growth & Income Fund		9.50	%		9.50	%
·	Cash		5.00	%		3.00	%

Even though the Portfolios have been designed to be conservatively allocated, we understand that expectations for a market correction following the market’s 2017 nearly unprecedented run-up may be unsettling for some investors. Please understand that our #1 concern is preservation of principal, and, even though we want to participate in the market’s strong upward trend, we will attempt to adjust our allocation above to changing market conditions.

As you know, no one can guarantee future performance. However, the one thing that I can assure you of is every one of our sub-advisors is doing their very best and our team here at Timothy is working very hard to provide you an investment in which you can feel comfortable.

Sincerely,

Arthur D. Ally

President

1

Fund Performance - (Unaudited)

December 31, 2017

Conservative Growth Portfolio Variable Series

		5 Year	10 Year	Average Annual
	1 Year	Average	Average	Total Return
Fund/Index	Total Return	Annual Return	Annual Return	Since Inception (a)
Timothy Conservative Growth Portfolio Variable Series	9.32%	4.89%	3.24%	4.28%
Dow Jones Global Moderate Portfolio Index (b)	15.14%	8.11%	5.75%	7.26%

(a) For the period May 1, 2002 (commencement of investment in accordance with objective) to December 31, 2017.

(b) Dow Jones Global Moderate Portfolio Index is based on the Dow Jones Relative Risk Index and consists of 60% equities and 40% fixed income.

Timothy Plan Conservative Growth Portfolio Variable Series vs. Dow Jones Global Moderate Portfolio Index

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund and the Dow Jones Global Moderate Portfolio Index on December 31, 2007 and held through December 31, 2017. The Dow Jones Global Moderate Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the indexes and the reinvestment of dividends. The total operating expense ratio (including indirect expenses), as stated in the Fund’s Prospectus dated April 30, 2017, is 1.73%. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares as well as other charges and expenses of the insurance contract, or separate account. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.

2

Fund Performance - (Unaudited)

December 31, 2017

Strategic Growth Portfolio Variable Series

		5 Year	10 Year	Average Annual
	1 Year	Average	Average	Total Return
Fund/Index	Total Return	Annual Return	Annual Return	Since Inception (a)
Timothy Strategic Growth Portfolio Variable Series	12.12%	6.45%	2.85%	4.17%
Dow Jones Global Moderately Aggressive Portfolio Index (b)	19.08%	10.30%	6.37%	8.10%

(a) For the period May 1, 2002 (commencement of investment in accordance with objective) to December 31, 2017.

(b) Dow Jones Global Moderately Aggressive Portfolio Index is based on the Dow Jones Relative Risk Index and consists of 80% equities and 20% fixed income.

Timothy Plan Strategic Growth Portfolio Variable Series vs. Dow Jones Global Moderately Aggressive Portfolio Index

The chart shows the value of a hypothetical initial investment of $10,000 in the Fund and the Dow Jones Global Moderately Aggressive Portfolio Index on December 31, 2007 and held through December 31, 2017. The Dow Jones Global Moderately Aggressive Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the indexes and the reinvestment of dividends. The total operating expense ratio (including indirect expenses), as stated in the Fund’s Prospectus dated April 30, 2017, is 1.77%. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares as well as other charges and expenses of the insurance contract, or separate account. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.

3

Fund Profile - Conservative Growth Portfolio Variable Series

December 31, 2017 (Unaudited)

Underlying Fund Allocations
(% of Net Assets)
Fixed Income Fund	24.85	%
Defensive Strategies Fund	11.44	%
International Fund	10.92	%
Growth & Income Fund	9.74	%
Large/Mid Cap Value Fund	8.79	%
Large/Mid Cap Growth Fund	7.74	%
High Yield Bond Fund	6.61	%
Small Cap Value Fund	5.18	%
Emerging Markets Fund	4.78	%
Aggressive Growth Fund	4.16	%
Israel Common Values Fund	3.68	%
Money Market and Other Assets
Less Liabilities	2.11	%
	100.00	%

Expense Example (Unaudited):

As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs” (in dollars), of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of July 1, 2017 through December 31, 2017.

Actual Expenses

The first line of the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.

	Beginning Account		Ending Account		Expenses Paid
	Value		Value		During Period*
					7/1/2017 through
	7/1/2017		12/31/2017		12/31/2017
Actual	$	1,000.00	$	1,057.80	$	1.50
Hypothetical**	$	1,000.00	$	1,023.74	$	1.48

* Expenses are equal to the Fund’s annualized expense ratio of 0.29%, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 184 days/365 days (to reflect the partial year period). The Fund’s ending account value on the first line in the table is based on its actual total return of 5.78% for the six-month period of July 1, 2017 through December 31, 2017.

** Assumes a 5% return before expenses.

4

Fund Profile - Strategic Growth Portfolio Variable Series

December 31, 2017 (Unaudited)

Underlying Fund Allocations
(% of Net Assets)
International Fund	19.72	%
Defensive Strategies Fund	12.13	%
Large/Mid Cap Value Fund	11.06	%
Large/Mid Cap Growth Fund	10.03	%
Growth & Income Fund	9.47	%
Emerging Markets Fund	7.23	%
High Yield Bond Fund	6.43	%
Small Cap Value	6.04	%
Aggressive Growth Fund	5.55	%
Israel Common Values Fund	5.12	%
Fixed Income Fund	4.93	%
Money Market and Other Assets
Less Liabilities	2.29	%
	100.00	%

Expense Example (Unaudited):

As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs” (in dollars), of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of July 1, 2017 through December 31, 2017.

Actual Expenses

The first line of the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.

	Beginning Account		Ending Account		Expenses Paid
	Value		Value		During Period*
					7/1/2017 through
	7/1/2017		12/31/2017		12/31/2017
Actual	$	1,000.00	$	1,076.40	$	2.56
Hypothetical**	$	1,000.00	$	1,022.74	$	2.50

* Expenses are equal to the Fund’s annualized expense ratio of 0.49%, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 184 days/365 days (to reflect the partial year period). The Fund’s ending account value on the first line in the table is based on its actual total return of 7.64% for the six-month period of July 1, 2017 through December 31, 2017.

** Assumes a 5% return before expenses.

5

Schedule of Investments

Conservative Growth Portfolio Variable Series

As of December 31, 2017

Shares			Fair Value
		MUTUAL FUNDS (A) - 97.9%
	94,889	Timothy Plan Aggressive Growth Fund *	$	792,327
	186,368	Timothy Plan Defensive Strategies Fund		2,178,638
	92,023	Timothy Plan Emerging Markets Fund		911,032
	466,241	Timothy Plan Fixed Income Fund		4,732,343
	165,387	Timothy Plan Growth & Income Fund		1,855,640
	134,882	Timothy Plan High Yield Bond Fund		1,259,796
	206,588	Timothy Plan International Fund		2,080,339
	45,328	Timothy Plan Israel Common Values Fund		701,678
	169,284	Timothy Plan Large/Mid Cap Growth Fund		1,474,464
	87,285	Timothy Plan Large/Mid Cap Value Fund		1,674,120
	50,700	Timothy Plan Small Cap Value Fund		986,117
		TOTAL MUTUAL FUNDS (Cost $17,396,588)		18,646,494
		MONEY MARKET FUND - 2.3%
	432,933	Fidelity Institutional Money Market Funds - Government Portfolio, 1.14% (B) (Cost $432,933)		432,933
		TOTAL INVESTMENTS (Cost $17,829,521) - 100.2%	$	19,079,427
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.2)%		(33,087	)
		TOTAL NET ASSETS - 100.0%	$	19,046,340

* Non-income producing security.

(A) Affiliated Funds - Class A.

(B) Variable rate security; the rate shown represents the yield at December 31, 2017.

The accompanying notes are an integral part of these financial statements.

6

Schedule of Investments

Strategic Growth Portfolio Variable Series

As of December 31, 2017

Shares			Fair Value
		MUTUAL FUNDS (A) - 97.7%
	145,131	Timothy Plan Aggressive Growth Fund *	$	1,211,846
	226,437	Timothy Plan Defensive Strategies Fund		2,647,044
	159,422	Timothy Plan Emerging Markets Fund		1,578,276
	105,977	Timothy Plan Fixed Income Fund		1,075,667
	184,191	Timothy Plan Growth & Income Fund		2,066,628
	150,229	Timothy Plan High Yield Bond Fund		1,403,137
	427,313	Timothy Plan International Fund		4,303,047
	72,159	Timothy Plan Israel Common Values Fund		1,117,020
	251,398	Timothy Plan Large/Mid Cap Growth Fund		2,189,673
	125,894	Timothy Plan Large/Mid Cap Value Fund		2,414,642
	67,766	Timothy Plan Small Cap Value Fund		1,318,051
		TOTAL MUTUAL FUNDS (Cost $19,531,567)		21,325,031
		MONEY MARKET FUND - 2.4%
	522,646	Fidelity Institutional Money Market Funds - Government Portfolio, 1.14% (B) (Cost $522,646)		522,646
		TOTAL INVESTMENTS (Cost $20,054,213) - 100.1%	$	21,847,677
		OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1)%		(24,793	)
		TOTAL NET ASSETS - 100.0%	$	21,822,884

* Non-income producing security.

(A) Affiliated Funds - Class A.

(B) Variable rate security; the rate shown represents the yield at December 31, 2017.

The accompanying notes are an integral part of these financial statements.

7

Statements of Assets and Liabilities

December 31, 2017

	CONSERVATIVE GROWTH			STRATEGIC GROWTH
	PORTFOLIO			PORTFOLIO
	VARIABLE SERIES			VARIABLE SERIES
ASSETS:
Investments in affiliated securities, at cost	$	17,396,588		$	19,531,567
Investments in unaffiliated securities, at cost		432,933			522,646
Investments in affiliated securities, at value	$	18,646,494		$	21,325,031
Investments in unaffiliated securities, at value		432,933			522,646
Receivable for fund shares sold		42			1,485
Dividends and interest receivable		794			715
Prepaid expenses and other assets		6			176
Total Assets		19,080,269			21,850,053
LIABILITIES:
Accrued advisory fees		1,371			1,916
Payable for fund shares redeemed		2,507			3,916
Payable to related parties		7,131			3,532
Accrued expenses		22,920			17,805
Total Liabilities		33,929			27,169
Net Assets	$	19,046,340		$	21,822,884
NET ASSETS CONSIST OF:
Paid in capital ($0 par value, unlimited shares authorized)	$	17,790,063		$	20,530,319
Accumulated undistributed net investment income		172,238			191,600
Accumulated net realized loss from investments		(165,867	)		(692,499	)
Net unrealized appreciation on investments		1,249,906			1,793,464
Net Assets	$	19,046,340		$	21,822,884
Net Assets	$	19,046,340		$	21,822,884
Shares of beneficial interest outstanding		1,675,131			1,935,992
Net Asset Value (Net Assets/shares outstanding), offering price and redemption price per share	$	11.37		$	11.27

The accompanying notes are an integral part of these financial statements.

8

Statements of Operations

For the Year Ended December 31, 2017

	CONSERVATIVE GROWTH		STRATEGIC GROWTH
	PORTFOLIO		PORTFOLIO
	VARIABLE SERIES		VARIABLE SERIES
Investment Income:
Dividend income from affiliated funds	$	253,588	$	281,391
Interest income from unaffiliated funds		7,444		6,044
Total Investment Income		261,032		287,435
Operating Expenses:
Administration fees		34,270		41,000
Investment advisory fees		20,682		22,378
Audit fees		13,000		13,000
Printing expenses		6,920		6,220
Custody fees		4,380		5,160
Compliance officer fees		2,373		2,642
Trustees’ fees		1,748		2,563
Insurance expenses		2,046		970
Other expenses		3,364		1,860
Total Operating Expenses		88,783		95,793
Net Investment Income		172,249		191,642
Net Realized and Unrealized
Gain from Investments:
Capital gain dividends from affiliated funds		204,222		272,825
Net realized gain from investments in affiliated funds		222,001		71,988
Change in unrealized appreciation (depreciation) on affiliated investments		1,238,967		2,037,392
Net Realized and Unrealized Gain from Investments		1,665,190		2,382,205
Net Increase in Net Assets Resulting From Operations	$	1,837,439	$	2,573,847

The accompanying notes are an integral part of these financial statements.

9

Statements of Changes in Net Assets

	CONSERVATIVE GROWTH						STRATEGIC GROWTH
	PORTFOLIO						PORTFOLIO
	VARIABLE SERIES						VARIABLE SERIES
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2017			2016			2017			2016
Operations:
Net investment income	$	172,249		$	108,412		$	191,642		$	82,570
Capital gain dividends from affiliated investments		204,222			53,908			272,825			63,125
Net realized gain (loss) from investments in affiliated funds		222,001			(563,096	)		71,988			(932,636	)
Net change in unrealized appreciation (depreciation) on affiliated investments		1,238,967			1,810,927			2,037,392			2,081,673
Net increase in net assets resulting from operations		1,837,439			1,410,151			2,573,847			1,294,732
Distributions to Shareholders:
Net investment income		(108,268	)		(172,776	)		(82,352	)		(90,200	)
Net realized gain on Investments		—			(1,667,282	)		—			(1,958,053	)
Total dividends and distributions to shareholders		(108,268	)		(1,840,058	)		(82,352	)		(2,048,253	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold		2,191,098			1,170,364			456,205			979,629
Reinvestment of dividends		108,268			1,840,058			82,352			2,048,253
Cost of shares redeemed		(8,079,256	)		(5,471,868	)		(4,738,353	)		(3,079,210	)
Net decrease in net assets from share transactions of beneficial interest		(5,779,890	)		(2,461,446	)		(4,199,796	)		(51,328	)
Total Decrease in Net Assets		(4,050,719	)		(2,891,353	)		(1,708,301	)		(804,849	)
Net Assets:
Beginning of year		23,097,059			25,988,412			23,531,185			24,336,034
End of year*	$	19,046,340		$	23,097,059		$	21,822,884		$	23,531,185
* Includes accumulated undistributed net investment income at end of year	$	172,238		$	108,257		$	191,600		$	82,310
Share Activity:
Shares sold		199,635			108,510			43,086			96,574
Shares reinvested		9,754			176,082			7,562			204,213
Shares redeemed		(741,776	)		(507,956	)		(447,878	)		(293,455	)
Net increase (decrease) in shares of beneficial interest outstanding		(532,387	)		(223,364	)		(397,230	)		7,332

The accompanying notes are an integral part of these financial statements.

10

Financial Highlights

Conservative Growth Portfolio Variable Series

Selected data based on a share outstanding throughout each year presented.

	For the Year			For the Year			For the Year			For the Year			For the Year
	ended			ended			ended			ended			ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of year	$	10.46		$	10.69		$	12.03		$	12.66		$	11.61
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.09			0.05			0.07			0.15			0.23
Net realized and unrealized gain (loss) on investments		0.88			0.57			(0.42	)		0.18			0.94
Total from investment operations		0.97			0.62			(0.35	)		0.33			1.17
LESS DISTRIBUTIONS:
From net investment income		(0.06	)		(0.08	)		(0.16	)		(0.29	)		(0.12	)
From net realized gains on investments		—			(0.77	)		(0.83	)		(0.67	)		—
Total distributions		(0.06	)		(0.85	)		(0.99	)		(0.96	)		(0.12	)
Net asset value, end of year	$	11.37		$	10.46		$	10.69		$	12.03		$	12.66
Total return (B)		9.32	%		5.85	%		(2.90	)%		2.60	%		10.10	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	19,046		$	23,097		$	25,988		$	31,296		$	35,159
Expenses (C)		0.42	%		0.43	%		0.29	%		0.47	%		0.39	%
Net investment income (C)(D)		0.82	%		0.44	%		0.60	%		1.12	%		1.86	%
Portfolio turnover rate		23	%		21	%		33	%		15	%		21	%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the year.

(B) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(C) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(D) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

11

Financial Highlights

Strategic Growth Portfolio Variable Series

Selected data based on a share outstanding throughout each year presented.

	For the Year			For the Year			For the Year			For the Year			For the Year
	ended			ended			ended			ended			ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of year	$	10.09		$	10.46		$	11.65		$	11.67		$	9.94
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (A)		0.09			0.04			0.04			0.14			0.26
Net realized and unrealized gain (loss) on investments		1.13			0.53			(0.48	)		0.05			1.54
Total from investment operations		1.22			0.57			(0.44	)		0.19			1.80
LESS DISTRIBUTIONS:
From net investment income		(0.04	)		(0.04	)		(0.16	)		(0.21	)		(0.07	)
From net realized gains on investments		—			(0.90	)		(0.59	)		—			—
Total distributions		(0.04	)		(0.94	)		(0.75	)		(0.21	)		(0.07	)
Net asset value, end of year	$	11.27		$	10.09		$	10.46		$	11.65		$	11.67
Total return (B)		12.12	%		5.48	%		(3.73	)%		1.59	%		18.15	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000’s)	$	21,823		$	23,531		$	24,336		$	31,391		$	27,423
Expenses (C)		0.43	%		0.39	%		0.30	%		0.45	%		0.42	%
Net investment income (C)(D)		0.86	%		0.34	%		0.32	%		1.14	%		2.43	%
Portfolio turnover rate		33	%		32	%		33	%		15	%		17	%

(A) Per share amounts calculated using average shares method, which more appropriately presents the per share data for the year.

(B) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(C) These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(D) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

12

Notes to Financial Statements

December 31, 2017

Conservative and Strategic Growth Portfolio Variable Series

Note 1 | Significant Accounting Policies

The Timothy Plan Conservative Growth Portfolio Variable Series (“Conservative Growth Portfolio”) and the Timothy Plan Strategic Growth Portfolio Variable Series (“Strategic Growth Portfolio”) (individually the “Fund”, collectively the “Funds”) were organized as diversified series of The Timothy Plan (the “Trust”). The Trust is an open-ended investment company established under the laws of Delaware by an Agreement and Declaration of Trust dated December 16, 1993 (the “Trust Agreement”). The Funds are intended to serve as investment vehicles for variable life insurance, variable annuity and group annuity products of insurance companies or for qualified plans. They are offered only to separate accounts established by various insurance companies and to certain eligible qualified retirement plans. The Conservative Growth Portfolio’s primary objective is moderate long-term capital growth, with a secondary objective of current income only to the extent that the Timothy Funds in which the Conservative Growth Portfolio invests seek current income. The Strategic Growth Portfolio’s primary investment objective is medium to high levels of long-term capital growth, with a secondary objective of current income only to the extent that the Timothy Funds in which the Strategic Growth Portfolio invests seek current income. The Conservative Growth Portfolio seeks to achieve its investment objectives by investing primarily in the following Timothy Funds which are other series of the Trust: Small Cap Value Fund, Large/Mid Cap Value Fund, Large/Mid Cap Growth Fund, Fixed Income Fund, Aggressive Growth Fund, High Yield Bond Fund, International Fund, Israel Common Values Fund, Defensive Strategies Fund, Emerging Markets Fund and Growth & Income Fund. The Conservative Growth Portfolio also invests in the Fidelity Institutional Money Market Funds – Government Portfolio, an unaffiliated mutual fund. The Strategic Growth Portfolio seeks to achieve its investment objectives by investing primarily in the following Timothy Funds which are other series of the Trust: Small Cap Value Fund, Large/Mid Cap Value Fund, Large/Mid Cap Growth Fund, Fixed Income Fund, Aggressive Growth Fund, High Yield Bond Fund, International Fund, Israel Common Values Fund, Defensive Strategies Fund, Emerging Markets Fund and Growth & Income Fund. The Strategic Growth Portfolio also invests in the Fidelity Institutional Money Market Funds – Government Portfolio, an unaffiliated mutual fund. Each Fund is one of a series of Funds currently authorized by the Board of Trustees (the “Board”). Timothy Partners, Ltd., (“TPL” or the “Advisor”) is the Investment Advisor for the Funds.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The Funds are investment companies and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”.

A. SECURITY VALUATION AND FAIR VALUE MEASUREMENTS

Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

VALUATION OF FUND OF FUNDS

A Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the Board of Trustees of the Underlying Funds.

Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

The Trust utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

● Level 1 – quoted prices in active markets for identical securities

13

Notes to Financial Statements

December 31, 2017

Conservative and Strategic Growth Portfolio Variable Series

● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining fair value of investments based on the best information available)

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Each Fund purchases Class A Shares of the Timothy Funds at net asset value without any sales charges. Investments in mutual funds, including money market mutual funds, are generally priced at the ending Net Asset Value (“NAV”) provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

The Board has delegated to the Advisor responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Advisor will use its best efforts to arrive at the fair value of a security held by each Fund under all reasonably ascertainable facts and circumstances. The Advisor must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Board has adopted written policies and procedures to guide the Advisor with respect to the circumstances under which, and the methods to be used, fair value pricing is utilized. Good faith pricing is permitted if, in the Advisor’s opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Funds’ NAV calculation that may affect a security’s value, or the Advisor is aware of any other data that calls into question the reliability of market quotations.

The following is a summary of the inputs used to value the Conservative Growth Portfolio’s investments as of December 31, 2017:

Assets	Level 1		Level 2		Level 3		Total
Mutual Funds	$	18,646,494	$	—	$	—	$	18,646,494
Money Market Fund		432,933		—		—		432,933
Total	$	19,079,427	$	—	$	—	$	19,079,427

The following is a summary of the inputs used to value the Strategic Growth Portfolio’s investments as of December 31, 2017:

Assets	Level 1		Level 2		Level 3		Total
Mutual Funds	$	21,325,031	$	—	$	—	$	21,325,031
Money Market Fund		522,646		—		—		522,646
Total	$	21,847,677	$	—	$	—	$	21,847,677

Refer to the Schedules of Investments for underlying Fund allocations.

The Conservative Growth Portfolio and the Strategic Growth Portfolio did not hold any assets at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period. During the year ended December 31, 2017, there were no transfers between Levels 1 and 2. The Funds’ policy is to recognize transfers at the end of the period.

B. INVESTMENT INCOME AND SECURITIES TRANSACTIONS

Security transactions are accounted for on the date the securities are purchased or sold (trade date). Cost is determined and gains and losses are based on the identified cost basis for both financial statement and federal income tax purposes. Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis.

C. NET ASSET VALUE PER SHARE

Net asset per share of the capital stock of each Fund is determined daily as of the close of trading on the New York Stock Exchange by dividing the value of its net assets by the number of Fund shares outstanding.

D. FEDERAL INCOME TAXES

It is the policy of each Fund to continue to comply with all requirements under subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income or gains. Therefore, no federal income tax or excise provision is required.

14

Notes to Financial Statements

December 31, 2017

Conservative and Strategic Growth Portfolio Variable Series

Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years (2014-2016) or expected to be taken in the Funds’ 2017 tax returns. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. For the year ended December 31, 2017, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. federal tax authorities for tax years before 2014 and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially within the next twelve months.

E. USE OF ESTIMATES

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

F. DISTRIBUTIONS TO SHAREHOLDERS

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Funds. There were no such reclassifications.

G. EXPENSES

Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Fund’s relative net assets or an appropriate basis (as determined by the Board).

H. INDEMNIFICATION

The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

Note 2 | Purchases and Sales of Securities

The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the year ended December 31, 2017:

Funds	Purchases		Sales
Conservative Growth Portfolio	$	4,680,025	$	9,846,140
Strategic Growth Portfolio		7,246,358		10,777,108

Note 3 | Aggregate Unrealized Appreciation and Depreciation

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at December 31 2017, were as follows:

			Gross Unrealized		Gross Unrealized			Net Unrealized
Funds	Tax Cost		Appreication		Depreciation			Appreciation
Conservative Growth Portfolio	$	17,901,881	$	1,402,425	$	(224,879	)	$	1,177,546
Strategic Growth Portfolio		20,126,814		1,813,014		(92,151	)		1,720,863

Note 4 | Investment Advisory Agreement and Transactions with Related Parties

Timothy Partners, Ltd. is the Investment Advisor for the Funds pursuant to an Amended and Restated Investment Advisory Agreement (the “Agreement”) that was renewed by the Board on February 17, 2017. TPL supervises the investment of the assets of each Fund’s portfolio in accordance with the objectives, policies and restrictions of the Funds. Under the terms of the Agreement, TPL receives a fee, accrued daily and paid

15

Notes to Financial Statements

December 31, 2017

Conservative and Strategic Growth Portfolio Variable Series

monthly, at an annual rate of 0.10% of the average daily net assets of each Fund. Total fees earned by TPL during the year ended December 31, 2017 were $20,682 and $22,378 for the Conservative Growth Portfolio and the Strategic Growth Portfolio, respectively. The Conservative Growth Portfolio and the Strategic Growth Portfolio owed TPL $1,371 and $1,916, respectively, at December 31, 2017. An officer and trustee of the Trust is also an officer of the Advisor.

Gemini Fund Services, LLC (“GFS”) provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Fees are billed monthly as follows:

Fund Accounting and Fund Administration Fees:

Fund Complex Base annual fee:

25 basis points (0.25%) on the first $200 million of net assets

15 basis points (0.15%) on the next $200 million of net assets;

8 basis points (0.08%) on the next $600 million of net assets; and

6 basis points (0.06%) on net assets greater than $1 billion.

Transfer agency fees for the Funds are combined with the Fund Accounting and Fund Administration fees under the Trust’s agreement with GFS. Therefore, there is no separate base annual fee per Fund.

Note 5 | Control Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates the presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. As of December 31, 2017, American United Life Insurance Co. (“AUL”) held for the benefit of others, in aggregate, approximately 89% of the Conservative Growth Portfolio and approximately 86% of the Strategic Growth Portfolio.

Note 6 | Distributions to Shareholders and Tax Components of Capital

The tax character of distributions paid during 2017 and 2016 were as follows:

	Conservative Growth		Strategic Growth
	Portfolio		Portfolio
2017
Ordinary Income	$	108,268	$	82,352
	$	108,268	$	82,352
2016
Ordinary Income	$	172,776	$	90,200
Long-Term Capital Gain		1,667,282		1,958,053
	$	1,840,058	$	2,048,253

As of December 31, 2017, the components of distributable earnings on a tax basis were as follows:

	Conservative Growth			Strategic Growth
	Portfolio			Portfolio
Undistributed Ordinary Income	$	172,238		$	191,600
Capital Loss Carry Forward		(93,507	)		(619,898	)
Unrealized Appreciation (Depreciation)		1,177,546			1,720,863
	$	1,256,277		$	1,292,565

The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax deferral of losses on wash sales in the amount of $72,360 and $72,601 for the Conservative Growth Portfolio and the Strategic Growth Portfolio, respectively.

At December 31, 2017, the Portfolios had capital loss carry forwards (“CLCF”) for federal income tax purposes available to offset future capital gains as follows:

	Non-Expiring		Non-Expiring
Funds	Short-Term		Long-Term		Total		CLCF Utilized
Conservative Growth Portfolio	$	2,302	$	91,205	$	93,507	$	418,615
Strategic Growth Portfolio		9,183		610,715		619,898		331,944

16

Notes to Financial Statements

December 31, 2017

Conservative and Strategic Growth Portfolio Variable Series

Note 7| Underlying Investment in Other Investment Companies

The Conservative Growth Portfolio currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan Fixed Income Fund (the “Security”). The Portfolio may redeem its investments from the Security at any time if the Advisor determines that it is in the best interest of the Portfolio and its shareholders to do so.

The performance of the Portfolio may be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of December 31, 2017, 24.8% of the Conservative Growth Portfolio’s net assets were invested in the Timothy Plan Fixed Income Fund.

Note 8 | Investments in Affiliated Companies

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. A company which is an affiliate of the Funds at December 31, 2017, is noted in the Funds’ Schedules of Investments. The Strategic Growth Portfolio, investing primarily in the following Timothy Funds which are other series of the Trust: Small Cap Value Fund, Large/Mid Cap Value Fund, Large/Mid Cap Growth Fund, Fixed Income Fund, Aggressive Growth Fund, High Yield Bond Fund, International Fund, Israel Common Values Fund, Defensive Strategies Fund, Emerging Markets Fund and Growth & Income Fund are mutual funds which are considered affiliates because they are under control of the same investment advisor. The Conservative Growth Portfolio, investing primarily in the following Timothy Funds which are other series of the Trust: Small Cap Value Fund, Large/Mid Cap Value Fund, Large/Mid Cap Growth Fund, Fixed Income Fund, Aggressive Growth Fund, High Yield Bond Fund, International Fund, Israel Common Values Fund, Defensive Strategies Fund, Emerging Markets Fund and Growth & Income Fund are mutual funds which are considered affiliates because they are under control of the same investment advisor.

Strategic Growth	Share Activity										Year Ended December 31, 2017
											Net Change in
	Balance						Balance				Unrealized			Dividends		Amount of Gain
	December 31,						December 31,				Appreciation			Credited to		(Loss) Realized on
Fund	2016		Purchases		Sales		2017		Fair Value		(Depreciation)			Income		Sale of Shares*
Aggressive Growth		116,973		85,260		57,102		145,131	$	1,211,846	$	207,368		$	—	$	(29,235	)
International		298,137		244,877		115,701		427,313		4,303,047		706,290			89,641		28,839
Large/Mid Cap Growth		229,065		75,928		53,595		251,398		2,189,673		263,356			54,281		(5,475	)
Small Cap Value		62,468		35,673		30,375		67,766		1,318,051		(18,192	)		18,908		151,173
Large/Mid Cap Value		103,884		47,338		25,328		125,894		2,414,642		207,089			21,504		124,306
Fixed Income		291,472		44,370		229,865		105,977		1,075,667		33,243			15,898		(33,496	)
High Yield Bond		154,995		40,255		45,021		150,229		1,403,137		57,530			51,341		(18,301	)
Israel Common Values		66,498		19,174		13,513		72,159		1,117,020		205,122			14,574		22,686
Defensive Strategies		464,556		3,494		241,613		226,437		2,647,044		109,496			3,460		(24,379	)
Emerging Markets		96,469		113,118		50,165		159,422		1,578,276		230,806			10,308		20,220
Growth & Income		326,150		7,239		149,198		184,191		2,066,628		35,284			1,476		108,475

Conservative Growth	Share Activity								Year Ended December 31, 2017
											Net Change in
	Balance						Balance				Unrealized			Dividends		Amount of Gain
	December 31,						December 31,				Appreciation			Credited to		(Loss) Realized on
Fund	2016		Purchases		Sales		2017		Fair Value		(Depreciation)			Income		Sale of Shares*
Aggressive Growth		82,077		44,350		31,538		94,889	$	792,327	$	129,468		$	—	$	108
International		230,091		81,008		104,511		206,588		2,080,339		358,648			43,338		47,107
Large/Mid Cap Growth		164,999		77,489		73,204		169,284		1,474,464		171,345			36,551		12,428
Small Cap Value		61,357		10,720		21,377		50,700		986,117		(13,482	)		14,146		117,488
Large/Mid Cap Value		85,578		27,769		26,062		87,285		1,674,120		137,109			14,909		97,877
Fixed Income		572,548		54,653		160,960		466,241		4,732,343		114,770			78,651		(98,543	)
High Yield Bond		107,827		83,403		56,348		134,882		1,259,796		48,570			46,602		(13,104	)
Israel Common Values		65,318		15,076		35,066		45,328		701,678		91,480			9,155		77,761
Defensive Strategies		373,322		6,620		193,574		186,368		2,178,638		60,819			2,848		12,494
Emerging Markets		87,465		42,534		37,976		92,023		911,032		133,451			5,950		42,336
Growth & Income		320,343		19,290		174,246		165,387		1,855,640		6,789			1,438		130,271

* Includes capital gain distributions from affiliated funds.

Note 9 | Subsequent Events

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

17

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

The Timothy Plan

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Timothy Plan Conservative Growth Portfolio Variable Series and Timothy Plan Strategic Growth Portfolio Variable Series (the “Funds”), each a series of The Timothy Plan, as of December 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Timothy Plan Conservative Growth Portfolio Series and Timothy Plan Strategic Growth Portfolio Variable Series, two of the series constituting The Timothy Plan as of December 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits include performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of securities owned as of December 31, 2017, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. We have served as the Funds’ auditor since 2005.

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 14, 2018

18

Officers and Trustees of the Trust (Unaudited)

The Trustees and principal executive officers of the Trust and their principal occupations for the past five years are listed as follows:

INTERESTED TRUSTEES

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Arthur D. Ally* 1055 Maitland Center Commons Maitland, FL	Chairman and  President	Indefinite; Trustee and President since 1994	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1942	President and controlling shareholder of Covenant Funds, Inc. (“CFI”), a holding company. President and general partner of Timothy Partners, Ltd. (“TPL”), the investment Advisor and principal underwriter to each Fund. CFI is also the managing general partner of TPL.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Joseph E. Boatwright** 1055 Maitland Center Commons Maitland, FL	Trustee, Secretary	Indefinite; Trustee and Secretary since 1995	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1930	Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Mathew D. Staver** 1055 Maitland Center Commons Maitland, FL Born: 1956	Trustee	Indefinite; Trustee since 2000	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles.		None

* Mr. Ally is an “interested” Trustee, as that term is defined in the 1940 Act, because of his positions with and financial interests in CFI and TPL.

** Messrs. Boatwright and Staver are “interested” Trustees, as that term is defined in the 1940 Act, because each has a limited partnership interest in TPL.

19

Officers and Trustees of the Trust (Unaudited)(Continued)

INDEPENDENT TRUSTEES

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Kenneth Blackwell 1055 Maitland Center Commons Maitland, FL	Trustee	Indefinite; Trustee since 2011	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1948	Currently serving as an independent consultant or Fellow with the Family Research Council and the American Civil Rights Union, and is a Visiting Professor at Liberty University, Lynchburg, VA. Former Secretary of State for the State of Ohio.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Richard W. Copeland 1055 Maitland Center Commons Maitland, FL	Trustee	Indefinite; Trustee since 2005	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1947	Retired founder of Copeland & Covert, Attorneys at Law; B.A. from Mississippi College, JD from University of Florida and LLM Taxation from University of Miami. Associate Professor Stetson University for past 40 years.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Deborah Honeycutt 1055 Maitland Center Commons Maitland, FL	Trustee	Indefinite; Trustee since 2010	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1947	Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Shepherd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Bill Johnson 1055 Maitland Center Commons Maitland, FL	Trustee	Indefinite; Trustee since 2005	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1946	President (and Founder) of American Decency Association, Freemont, MI since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Masters of Religious Education from Grand Rapids Baptist Seminary.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
John C. Mulder 1055 Maitland Center Commons Maitland, FL	Trustee	Indefinite; Trustee since 2005	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1950	President of WaterStone (formerly the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from University of Chicago.		None

20

Officers and Trustees of the Trust (Unaudited)(Continued)

Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Charles E. Nelson 1055 Maitland Center Commons Maitland, FL	Trustee	Indefinite; Trustee since 2000	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1934	Certified Public Accountant, semi-retired. Former non-profit industry accounting officer. Former financial executive with commercial bank. Former partner national accounting firm.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Scott Preissler, Ph.D. 1055 Maitland Center Commons Maitland, FL	Trustee	Indefinite; Trustee since 2004	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
Born: 1960	Director of Steward Leadership and Professor in Residence at Shorter University. Former Chairman of Stewardship Studies at Southwestern Baptist Theological Seminary, Ft. Worth, TX. Also serves as Founder and Chairman of the International Center for Biblical Stewardship.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Alan M. Ross 1055 Maitland Center Commons Maitland, FL Born: 1951	Trustee, Vice Chairman	Indefinite; Trustee since 2004	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	Founder and CEO of Corporate Development Institute which he founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ and has authored three books: Beyond World Class, Unconditional Excellence, Breaking Through to Prosperity.		None
Name, Age and Address	Position(s) Held With Trust	Term of Office and Length of Time Served	Number of Portfolios in Fund Complex Overseen by Trustee
Patrice Tsague 1055 Maitland Center Commons Maitland, FL Born: 1973	Trustee	Indefinite; Trustee since 2011	13
	Principal Occupation During Past 5 Years		Other Directorships Held by Trustee
	President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999.		None

The Fund’s Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-800-846-7526.

21

Privacy Notice

FACTS	WHAT DOES THE TIMOTHY PLAN DO WITH YOUR PERSONAL INFORMATION?
WHY?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do.
WHAT?	The types of information we collect and share depend on the product or service you have with us. This information can include:
	●    Social Security Number
	●    Assets
	●    Retirement Assets
	●    Transaction History
	●    Checking Account History
	●    Purchase History
	●    Account Balances
	●    Account Transactions
	●    Wire Transfer Instructions
	When you are no longer our customer, we continue to share your information as described in this Notice.
HOW?	All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons The Timothy Plan chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information.	Does The Timothy Plan share?	Can you limit this sharing?
For our everyday business purposes- Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	Yes	No
For our marketing purposes- to offer our products and services to you.	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes- information about your transactions and experiences.	Yes	No
For our affiliates’ everyday business purposes- information about your creditworthiness	No	We don’t share
For non-affiliates to market to you	No	We don’t share
Questions?	Call 800-662-0201

22

  Page 2        

Who we are
Who is providing this Notice?	Timothy Plan Family of Mutual Funds Timothy Partners, Ltd.
What we do
How does The Timothy Plan protect your personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse or your nonpublic personal information.
How does The Timothy Plan collect your           personal information?	We collect your personal information, for example, when you
	●      Open an account
	●      Provide account information
	●      Give us your contact information
	●      Make deposits or withdrawals from your account
	●      Make a wire transfer
	●      Tell us where to send the money
	●      Tell us who receives the money
	●      Show your government-issued ID
	●      Show your drivers’ license
	We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only:
	●      Sharing for affiliates’ everyday business purposes-information about your creditworthiness.
	●      Affiliates from using your information to market to you.
	●      Sharing for non-affiliates to market to you
	State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. Timothy Partners, Ltd. is an affiliate of The Timothy Plan
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ●      The Timothy Plan does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products to you. ●      The Timothy Plan does not jointly market.

23

Customer Identification Program

The Board of Trustees of the Trust has approved procedures designed to prevent and detect attempts to launder money as required under the USA PATRIOT Act. The day-to-day responsibility for monitoring and reporting any such activities has been delegated to the transfer agent, subject to the oversight and supervision of the Board.

Disclosures

HOW TO OBTAIN PROXY VOTING INFORMATION

Information regarding how the Funds voted proxies relating to Fund securities during the period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-800-846-7526 or by referring to the Security and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

HOW TO OBTAIN 1^ST AND 3^RD FISCAL QUARTER PORTFOLIO HOLDINGS

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-Q is available without charge, upon request, by calling 1-800-846-7526.

24

BOARD OF TRUSTEES
Arthur D. Ally
Kenneth Blackwell
Joseph E. Boatwright
Rick Copeland
Deborah Honeycutt
Bill Johnson
John C. Mulder
Charles E. Nelson
Scott Preissler
Alan Ross
Mathew D. Staver
Patrice Tsague
OFFICERS
Arthur D. Ally, President
Joseph E. Boatwright, Secretary
INVESTMENT ADVISOR
Timothy Partners, Ltd.
1055 Maitland Center Commons
Maitland, FL 32751
DISTRIBUTOR
Timothy Partners, Ltd.
1055 Maitland Center Commons
Maitland, FL 32751
TRANSFER AGENT
Gemini Fund Services, LLC
17605 Wright St., Suite 2
Omaha, NE 68130
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, OH 44115
LEGAL COUNSEL
David Jones & Assoc., P.C.
18630 Crosstimber
San Antonio, TX 78258

For additional information or a prospectus, please call: 1-800-846-7526
Visit the Timothy Plan web site on the internet at: www.timothyplan.com This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which includes details regarding the Funds’ objectives, policies, expenses and other information. Distributed by Timothy Partners, Ltd. HEADQUARTERS
The Timothy Plan
1055 Maitland Center Commons
Maitland, Florida 32751
(800) 846-7526
www.timothyplan.com
invest@timothyplan.com SHAREHOLDER SERVICES
Gemini Fund Services, LLC
17605 Wright St., Suite 2
Omaha, NE 68130
(800) 662-0201

Item 2. Code of Ethics.

(a)           As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)           For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

(1)	Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
(2)	Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3)           Compliance with applicable governmental laws, rules, and regulations;

(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5)           Accountability for adherence to the code.

(c)           Amendments:  During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d)           Waivers:  During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e)           Posting:  We do not intend to post the Code of Ethics for the Officers or any amendments or waivers on a website.

(f)           Availability:  The Code of Ethics for the Officers can be obtained, free of charge by calling the toll free number for the appropriate Fund.

Item 3. Audit Committee Financial Expert.

(a)           The registrant has an Audit committee currently composed of three independent Trustees, Mr. Rick Copeland, Mr. John Mulder and Mr. Charles Nelson.  The registrant’s board of trustees has determined that Mr. Charles Nelson is qualified to serve as an Audit Committee Financial Expert, and has designated him as such.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The Timothy Plan
FY 2017 FY 2016 FY 2015 FY 2014 FY 2013	$ 26,000 $ 25,000 $ 25,000 $ 25,000 $ 24,000
FY 2012	$ 24,000

(b) Audit-Related Fees

The Timothy Plan          Registrant        Adviser

FY 2017 FY 2016 FY 2015 FY 2014 FY 2013	$ 0 $ 0 $ 0 $ 0 $ 0	$ 0 $ 0 $ 0 $ 0 $ 0
FY 2012	$ 0	$ 0

Nature of the fees:

 (c) Tax Fees

The Timothy Plan
FY 2017 FY 2016 FY 2015 FY 2014 FY 2013	$ 0 $ 0 $ 0 $ 0 $ 0
FY 2012	$ 0

Nature of the fees: preparation of the 1120 RIC

 (d) All Other Fees

Registrant                            

The Timothy Plan
FY 2017 FY 2016 FY 2015 FY 2014 FY 2013	$ 0 $ 0 $ 0 $ 0 $ 0
FY 2012	$ 0

(e) (1) Audit Committee’s Pre-Approval Policies

The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors’ specific representations as to their independence;

(2) Percentages of Services Approved by the Audit Committee

Registrant

Audit-Related Fees:	0%
Tax Fees:	0%
All Other Fees:	0%

(f)           During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g)           The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

Registrant Adviser

FY 2017 FY 2016 FY 2015 FY 2014 FY 2013	$ 0 $ 0 $ 0 $ 0 $ 0	$ 0 $ 0 $ 0 $ 0 $ 0
FY 2012	$ 0	$ 0

(h)           Not applicable.  The auditor performed no services for the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

Item 5. Audit Committee of Listed Companies.  Not applicable.

Item 6.  Schedule of Investments.   Not applicable – schedule filed with Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.  Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.  Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.  Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11.  Controls and Procedures.

(a)           Based on an evaluation of the registrant’s disclosure controls and procedures as of November 19, 2010, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b)           There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Exhibits.

(a)(1) Code is filed herewith

(a)(2) Certifications  by the  registrant's  principal  executive  officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule  30a-2 under the Investment Company Act of 1940 are filed herewith.

(a)(3) Not Applicable

(b) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is 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/Principle Executive Officer & Treasurer/Principle Financial Officer
Date	2/27/18

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/Principle Executive Officer & Treasurer/Principle Financial Officer
Date	2/27/18

EX-99.CERT

EX-99.CERT 2 cert99.htm SECTION 302 CERTIFICATIONS

SECTION 302 CERTIFICATIONS

I, Arthur D. Ally, certify that:

1. I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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 second fiscal quarter of the period covered by this report 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	2/27/18	/s/ Arthur D. Ally
		Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer

EX-99.906 CERT

EX-99.906 CERT 3 cert906.htm SECTION 906 CERTIFICATION

SECTION 906 CERTIFICATION

Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer of the Timothy Plan (the "Registrant"), certifies to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2017 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President/Principle Executive Officer & Treasurer/Principle Financial Officer

Timothy Plan                                                       

/s/ Arthur D. Ally
Arthur D. Ally
Date	2/27/18

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Timothy Plan and will be retained by the Timothy Plan and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

EX-99.CODE ETH

CODE OF ETHICS

OF

THE TIMOTHY PLAN

I.       Introduction

This Code of Ethics has been adopted by The Timothy Plan (the "Trust”) in compliance with Rule 17j-1 (the "Rule") under the Investment Trust Act of 1940, as amended (the "Act") to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Trust may abuse their fiduciary duties to the Trust, and to deal with other types of conflict-of-interest situations to which the Rule is addressed.

The Rule makes it "unlawful" for certain persons who have affiliations with the Trust to engage in conduct which is deceitful, fraudulent or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by the Trust. This Code of Ethics is intended to establish policies and procedures designed to insure that persons subject to this Code of Ethics and the Rule do not use any information concerning the investments or investment intentions of the Trust, or his or her ability to influence such investment related information, for personal gain or in a manner detrimental to the interests of the Trust.

II.       Principles

This Code of Ethics acknowledges the general principles that persons affiliated with the Trust:

(A) owe a fiduciary obligation to the Trust;

(B) have the duty at all times to place the interests of Trust shareholders first;

(C) must conduct all of their personal securities transactions in such a manner as to avoid any actual or potential conflict of interest or abuse of such person’s position of trust and responsibility; and

(D) should not take inappropriate advantage of their positions in relation to the Trust.

III.       Definitions (as used herein)

"Access Person" means:

A

(1) any Trustee, officer, general partner or Advisory Person of the Trust or any Adviser to the Trust.

(A) If an Adviser to the Trust is primarily engaged in a business or businesses other than advising Funds or other advisory clients, the term Access Person means any Trustee, officer, general partner or Advisory Person of the Adviser who, with respect to any Fund, makes any recommendation, participates in the determination of which recommendation will be made, or whose principal function or duties relate to the determination of which recommendation will be made, or who, in connection with his or her duties, obtains any information concerning recommendations on Covered Securities being made by the Adviser to any Fund.

(B) An Adviser is “primarily engaged in a business or businesses other than advising Funds or other advisory clients” if, for each of its most recent three fiscal years or for the period of time since its organization, whichever is less, the Adviser derived, on an unconsolidated basis, more than 50% of its income (or loss), before taxes and extraordinary items, from the other business or businesses.

(2) Any Trustee, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Trust for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Trust, regarding the purchase or sale of Covered Securities.

“Advisory Person” means:

(1) Any employee of the Trust or an Adviser to the Trust (or of any Trust in a control relationship to the Trust or an investment adviser to the Trust) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Trust, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and

(2) Any natural person in a control relationship to the Trust or an Adviser to the Trust who obtains information concerning recommendations made to the Trust with regard to the purchase or sale of Covered Securities by the Trust.

"Affiliated Person" means:

(1) Any officer, Trustee, copartner or employee of the Trust, Adviser and/or Underwriter;

(2) any person directly or indirectly owning, controlling or holding with power to vote, 5% or more of the outstanding voting securities of the Trust, Adviser and/or Underwriter;

(3) any person 5% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote, by the Trust, Adviser and/or Underwriter; and

(4) any person directly or indirectly controlling, controlled by, or under common control with the Trust, Adviser and/or Underwriter.

"Beneficial Interest" means:

any interest by which an Access Person or any member of his or her immediate family (relative by blood or marriage living in the same household), can directly or indirectly derive a monetary benefit from the purchase, sale (or other acquisition or disposition) or ownership of a security, except such interests as Clearing Officers shall determine to be too remote for the purpose of this Code of Ethics. (A transaction in which an Access Person acquires or disposes of a security in which he or she has or thereby acquires a direct or indirect Beneficial Interest will be referred to in this Code of Ethics as a "personal securities" transaction or as a transaction for the person's "own account").

At the written request of a person subject to this Code of Ethics, the Clearing Officers, in their sole discretion or with the advice of counsel, may from time to time issue written interpretations as to whether an Access Person has a “Beneficial Interest” in a security or a transaction, and whether a transaction is or would be considered to be a “personal securities” transaction or a transaction “for the person’s own” account for purposes of the reporting requirements under this Code. Any such written interpretations shall be included in Appendix A attached to and incorporated by reference into this Code of Ethics, and may be relied upon solely by the person(s) seeking such interpretations.

“Clearing Officers” means any two officers of the Trust who are not:

(1) parties to the transaction;

(2) related by blood or marriage to a party to the transaction; and

(3) interested in or affiliated persons of the issuer of the securities at issue.

2 

“Control” means:

the power to exercise a controlling influence over the management or policies of a Trust (unless such power is solely the result of an official position with such Trust). Any person who owns beneficially, directly or through one or more controlled companies, more than 25% of the voting securities of a Trust shall be presumed to control such Trust.

“Covered Security” means:

all stock, debt obligations and other instruments comprising the investments of the Trust, including any warrant or option to acquire or sell a security, and financial futures contracts, except that it does not include:

(1) Direct obligations of the Government of the United States;

(2) Banker’s acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and

(3) Shares issued by open-end Funds.

References to a "Security" in this Code of Ethics shall include any warrant for, option in, or security immediately convertible into that "Security."

“Fund” means an investment company registered under the Act, and includes the Trust.

A "security held or to be acquired" by the Trust means:

any Covered Security which, within the most recent 15 calendar days: (i) is or has been held by the Trust; or (ii) is being or has been considered by an Adviser for purchase by the Trust.

A security is "being considered for purchase or sale";

from the time an order is given by or on behalf of the Trust to the order room of the Adviser until all orders with respect to that security are completed or withdrawn.

III.       General Prohibitions

The specific provisions and reporting requirements of the Rule and this Code of Ethics are concerned primarily with those investment activities of Access Persons who are associated with the Trust and who thus may benefit from or interfere with the purchase or sale of portfolio securities by the Trust. However, the Rule and this Code of Ethics shall also apply to all Affiliated Persons of the Trust, the Adviser(s), Sub-Adviser(s) and the Underwriter ("Covered Persons"), unless specifically stated otherwise.

The Rule makes it "unlawful" for Covered Persons to engage in conduct which is deceitful, fraudulent, or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by the Trust. Accordingly, under the Rule and this Code of Ethics, no Covered Person shall use any information concerning the investments or investment intentions of the Trust, or his or her ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Trust.

In addition, no Covered Person shall, directly or indirectly in connection with the purchase or sale of a "security held or to be acquired" by the Trust:

3 

(i) employ any device, scheme or artifice to defraud the Trust; or

(ii) make to the Trust or an Adviser any untrue statement of material fact or omit to state to any of the foregoing a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading; or

(iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust; or

(iv) engage in any manipulative practice with respect to the Trust.

V.        Prohibited Transactions

A. Blackout Periods

Subject to any additional limiting requirements that may be set forth below, an Advisory Person may not effect a personal securities transaction in a “security held or to be acquired” by the Trust unless such person:

(1) executes such transaction at a price equal to or less advantageous than the price obtained for such security by the Trust; and

(2) reports to the Trust the information described in Paragraph VI of this Code of Ethics.

Any profits realized on personal securities transactions in violation of this Section V shall be disgorged.

B. Initial Public Offerings

An Advisory Person may not acquire any security in an initial public offering, unless such Advisory Person (1) obtains advance written clearance of such transaction by two Clearing Officers and (2) reports to the Trust the information described in Paragraph VI of this Code of Ethics.

C. Private Placements

(1) An Advisory Person may not acquire any security in a private placement, unless such Advisory Person (1) obtains advance written clearance of such transaction by two Clearing Officers and (2) reports to the Trust the information described in Paragraph VI of this Code of Ethics.

When considering whether to grant approval to the Advisory Person to engage in these transactions, the Clearing Officers shall consider, among other factors, whether the investment opportunity should be reserved for the Trust, and whether the opportunity is being offered to the Advisory Person by virtue of his or her position with the Trust. If the Clearing Officers find that the investment opportunity should be reserved to the Trust or that the opportunity is being offered to the Advisory Person by virtue of his or her position with the Trust, the Clearing Officers shall refuse permission for the Advisory Person to enter into the transaction.

(2) An Advisory Person who has been authorized to acquire securities in a private placement or an initial public offering shall be required to disclose that investment to the Trust and the appropriate Adviser whenever such Advisory Person participates, either directly or indirectly, in subsequent consideration of an investment in the issuer by any portfolio in the Trust complex.

(3) In the event that an Advisory Person has been given approval to acquire securities in a private placement or an initial public offering, any decision of the Trust to purchase securities of the issuer of such private placement or initial public offering shall be subject to prior review by the Trust’s independent Trustees who have no personal interest in the issuer.

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D. Ban On Short - Term Trading Profits

An Advisory Person may not profit from the purchase and sale, or sale and purchase, of the same (or equivalent) securities within 60 calendar days, unless such transactions fully comply with the restrictions of Section V(A) of this Code of Ethics. Any profits realized on non-complying short-term trades shall be disgorged.

F. Gifts

Advisory Persons may not accept any gift or other thing of more than de minimis value from any person or entity that does business with or on behalf of the Trust.

G. Service as a Trustee to Other Public Companies

Advisory Persons may not serve on the board of directors of any publicly traded company, without prior authorization of a majority of the Trust’s Board of Trustees, which authorization shall be specifically based upon a determination that the board service would be consistent with the interests of the Trust and its shareholders. If and when such board service is authorized, the Advisory Person serving as a director will be isolated from other Advisory Persons who make investment decisions involving that company through "Chinese Wall" or other procedures.

VI. Advance Clearance Requirement

A. Procedures

(1) From Whom Obtained

Persons who desire to enter into personal securities transactions in transactions requiring prior approval under paragraph V above, must obtain the written approval of any two Clearing Officers prior to entering into such transactions.

(2) Time of Clearance

Transaction clearances must be obtained not more than three (3) days prior to the transaction. If the trade is not made within three (3) days of the date of clearance, a new clearance must be obtained.

(3) Form

Persons seeking authorization to enter into transactions requiring prior clearance shall complete and sign a form approved for that purpose by the Trust, which form shall set forth the details of the proposed transaction. An example of such form is annexed hereto as Schedule A (“Clearance Forms”). Upon obtaining authorization to enter into the subject transaction, the Clearing Officers authorizing the transaction shall affix their signatures to the Clearance Form to indicate such approval.

(4) Filing

Copies of all completed Clearance Forms, with all required signatures, shall be retained by the Administrator of this Code of Ethics in accordance with the record keeping requirements set forth in Section XII of this Code of Ethics.

B. Factors Considered in Clearance of Personal Transactions

Clearing Officers may refuse to grant clearance of a personal transaction in their sole discretion without being required to specify any reason for the refusal. Generally, Clearing Officers will consider the following factors in determining whether or not to authorize a proposed transaction:

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(1) Whether the amount or nature of the transaction, or person entering into the transaction, is likely to affect the price or market for the Security;

(2) Whether the individual making the proposed purchase or sale is likely to benefit from purchases or sales in the same or similar security being made or being considered by the Trust; and

(3) Whether the security proposed to be purchased or sold is one that would qualify for purchase or sale by the Trust.

VII. Exempt Transactions

Neither the prohibitions nor the reporting requirements of this Code of Ethics apply to:

(A) Purchases, sales or other acquisitions or dispositions of Securities for an account over which the person has no direct influence or control and does not exercise indirect influence or control;

(B) Purchases, sales or other acquisitions or dispositions of securities which are not eligible for purchase or sale by any portfolio of the Trust;

(C) Involuntary purchases or sales;

(D) Purchases which are part of an automatic dividend reinvestment plan; and

(E) Purchases or other acquisitions or dispositions resulting from the exercise of rights acquired from an issuer as part of a pro rata distribution to all holders of a class of securities of such issuer and the sale of such rights;

VIII.       Reporting of Securities Transactions

A. Reporting Requirements of Access Persons

(1) Reports Required: Unless specifically excepted by other provisions of this Code of Ethics, every Access Person of the Trust, Adviser, Sub-Adviser(s) and Underwriter must provide to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as applicable, the following reports:

(a) Initial Holdings Reports- Not later than ten (10) days after a person becomes an Access Person, such person shall complete, sign and deliver to the Trust, and the Adviser(s) or Underwriter, as applicable, an Initial Holdings Report, a form of which is attached to this Code of Ethics as Schedule B; except that

(i) Any person who qualified as an Access Person prior to March 1, 2000 shall be exempt from filing an Initial Holdings Report.

(b) Quarterly Transaction Reports- Not later than ten (10) days after the end of each calendar quarter, each Access Person shall make a written report (“Quarterly Transaction Report”), a form of which is attached to this Code of Ethics as Schedule C, to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as applicable, which;

(1) With respect to any transaction during the previous calendar quarter in a Covered Security in which the Access Person had any direct or indirect Beneficial Ownership, contains the following information:

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(i) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered Security involved:

(ii) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

(iii) The price of the Covered Security at which the transaction was effected;

(iv) The name of the broker, dealer or bank with or through which the transaction was effected; and

(v) The date that the report is submitted by the Access Person.

(2) With respect to any account established by the Access Person in which any securities were held during the previous quarter for the direct or indirect benefit or the Access Person, contains the following information:

(ii) The name of the broker, dealer or bank with whom the Access Person established the account;

(iii) The date the account was established; and

(iv) The date that the report is submitted by the Access Person.

(c) Annual Holding Reports- Not later than thirty (30) days after the end of the Trust’s fiscal year end, each Access Person shall make a written report, a form of which is attached to this Code of Ethics as Schedule D (“Annual Holdings Report”), to the Administrator of this Code of Ethics and the Adviser(s) or Underwriter, as applicable, which:

(1) Sets forth the title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

(2) Sets forth the name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person;

(3) Contains the date that the report is submitted by the Access Person; and

(4) States that the information contained in the Annual Holdings Report is current as of a date not greater than thirty (30) days prior to the date the report was submitted.

B.       Exemptions from Reporting

(1) A person need not make an Initial Holdings Report with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control.

(2) A Trustee of the Trust who is not an "interested person" of the Trust, as such term is defined in Section 2(a)(19) of the Act, and who would otherwise be required to make a report solely by reason of being a Trustee of the Trust, need not make:

(a) An Initial Holdings Report or an Annual Holdings Report; and

(b) A Quarterly Transaction Report, unless the Trustee knew, or in the ordinary course of fulfilling his or her official duties as a Trustee should have known, that during the fifteen (15) day period immediately before or after the Trustee’s transaction in a Covered Security, the Trust purchased or

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sold the Covered Security, or the Trust or an Adviser considered purchasing or selling the Covered Security.

(3) An Access Person of the Trust’s Underwriter need not make a report to the Underwriter, if such person makes a report to the Trust and:

(a) The Underwriter is not an affiliated person of the Trust or any Adviser to the Trust; and

(b) The Underwriter has no officer, Trustee or general partner who serves as an officer, Trustee or general partner of the Trust or an Adviser to the Trust.

(4) An Access Person of an Adviser need not make a report to the Adviser, if such person makes a report to the Trust and all of the information contained in such report would duplicate information required to be recorded under §§ 275.204-2(a)(12) or 275.204(a)(13) of the Investment Advisers Act of 1940, as amended.

(5) An Access Person need not make a Quarterly Transaction Report if the Report would duplicate information contained in broker trade confirmations or account statements received by the Trust with respect to the Access Person for the applicable quarterly reporting period, but only if such broker trade confirmations or account statements contain ALL of the information required to be reported in the Quarterly Transaction Reports.

C. Responsibility to Report

The responsibility for taking the initiative to report is imposed on each individual required to make a report. Any effort by the Trust to facilitate the reporting process does not change or alter that responsibility.

D. Where to File Report

All reports must be filed with the Administrator of this Code of Ethics.

IX. Confidentiality of Trust Transactions

Until disclosed in a public report to shareholders or to the SEC in the normal course of the Trust’s business, all information concerning Securities "being considered for purchase or sale" by the Trust shall be kept confidential by all Access Persons and disclosed by them only on a "need to know" basis. It shall be the responsibility of the Administrator of this Code of Ethics to report any inadequacy found by him or her to the Board of Trustees of the Trust or any committee appointed by the Board to deal with such information.

X. Sanctions

Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by the Trust as may be deemed appropriate under the circumstances to achieve the purposes of the Rule and this Code of Ethics which may include suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the Trust and the more advantageous price paid or received by the offending person. Sanctions for violation of this Code of Ethics by a Trustee of the Trust will be determined by a majority vote of its independent Trustees.

XI. Administration and Construction

(A) The administration of this Code of Ethics shall be the responsibility of the President of the Trust who shall serve as the "Administrator" of this Code of Ethics.

(B) The duties of such Administrator shall include:

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(1) Continuous maintenance of a current list of the names of all Access Persons with an appropriate description of their title or employment;

(2) Providing each Covered Person a copy of this Code of Ethics and informing them of their duties and obligations thereunder, and assuring that Covered Persons who are not Access Persons are familiar with applicable requirements of this Code of Ethics;

(3) Supervising the implementation of this Code of Ethics by the Adviser(s) and Underwriter and the enforcement of the terms hereof by the Adviser(s) and Underwriter;

(4) Maintaining or supervising the maintenance of all records and reports required by this Code of Ethics;

(5) Preparing listings of all transactions effected by any Access Person within fifteen (15) days of the date on which the same security was held, purchased or sold by the Trust;

(6) Determining whether any particular securities transaction should be exempted pursuant to the provisions of this Code of Ethics;

(7) Issuing either personally, or with the assistance of counsel as may be appropriate, an interpretation of this Code of Ethics which may appear consistent with the objectives of the Rule of this Code of Ethics;

(8) Conducting of such inspections or investigations, including scrutiny of the listings referred to in the preceding subparagraph, as shall reasonably be required to detect and report, with his or her recommendations, any apparent violations of this Code of Ethics to the Board of Trustees of the Trust or any Committee appointed by them to deal with such information;

(9) Submitting a quarterly report to the Trustees of the Trust containing a description of any violation and the sanction imposed; transactions which suggest a possibility of a violation, and any exemptions or waivers found appropriate by the Administrator; and any other significant information concerning the appropriateness of this Code of Ethics.

XII. Required Records

The Administrator shall maintain or cause to be maintained in an easily accessible place, the following records:

(A) A copy of this and any other Code of Ethics adopted pursuant to the Rule which has been in effect during the past five (5) years;

(B) A record of any violation of such Codes of Ethics and of any action taken as a result of such violation;

(C) A copy of each report made by the Administrator within two (2) years from the end of the fiscal year of the Trust in which such report and interpretation is made or issued and for an additional three (3) years in a place which need not be easily accessible;

(D) A list of all persons who are, or within the past five (5) years have been, required to make reports pursuant to the Rule and this Code of Ethics; and

(E) A copy of all Initial Holdings Reports, Quarterly Transactions Reports, and Annual Holdings Reports submitted within the last five (5) years, the first two (2) years in an easily accessible place.

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XIII. Amendments and Modifications

This Code of Ethics may not be amended or modified except in a written form which is specifically approved by majority vote of the Independent Trustees of the Trust.

This Code of Ethics was adopted by the Trust’s Board of Trustees, including a majority of the Trust’s “Independent Trustees”, at a meeting held on November 3, 2000.

Witness my Signature:

___________________________

Joseph Boatwright

Secretary to the Trust

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SCHEDULE A

CONFIDENTIAL TRANSACTION CLEARANCE

REQUEST FORM

Pursuant to the requirements of Section V of the Code of Ethics of The Timothy Plan (the “Trust”), I, ______________________, being an Access Person of the Trust, as that term is defined in the Code, hereby request that the Trust approve the following transaction in Covered Securities:

Name of Security: _________________________________________________________

Number of shares/Principal amount:____________________________________________

Nature of transaction: ___________________________________

(i.e., purchase, sale or other type of acquisition or disposition);

Name of broker/dealer or bank executing transaction: ________________________________

Yes	No
___	___	The security described above represents an investment in an initial public offering.
___	___	The security described above represents an investment in a private placement.

By my signature below, I swear and affirm that I have not engaged in any transactions in the above-described securities in violation of the Trust’s Code of Ethics, that I will invest in the above-described securities only after obtaining clearance to do so from authorized officers of the Trust, will report all such transactions in accordance with the requirements of the Trust’s Code of Ethics, and if I receive clearance to engage in the above-described security, I will execute the transaction not later than three (3) days after receiving clearance or will obtain a new clearance prior to executing the transaction.

__________________________________                 __________________________________

Signature of Applicant Printed Name of Applicant

_____ After due consideration, the proposed transaction described above is APPROVED.

_____ After due consideration, the proposed transaction is DENIED.

_____ (Check only if approving a transaction that represents an investment in an initial public offering or in a private placement). We, the undersigned, in the exercise of our obligations to the Trust under the Trust’s Code of Ethics, have found that the above-described transaction is not a transaction that should be reserved to the Trust, and we further find that the transaction is not being offered to the Applicant as a result of his/her position with the Trust, Adviser or Underwriter.

__________________________________           __________________________________

Signature of Clearing Officer Date Signature of Clearing Officer Date

__________________________________           ___________________________________

Printed Name Printed Name

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SCHEDULE B

CONFIDENTIAL INITIAL

HOLDINGS REPORT

THE TIMOTHY PLAN

The following lists all holdings in Covered Securities in which I had any direct or indirect beneficial ownership as of ________________________. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 10th day after you qualify as an Access Person. Use reverse side if additional space is needed.

HOLDINGS IN COVERED SECURITIES

  Transaction Date Description of Security Number of Shares/ Units   Per Unit Price Total Amount Broker executing Transaction

The following lists all accounts established by me as of _______________________ in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 10th day after you qualify as an Access Person. Use reverse side if additional space is needed.

Name of Broker, Dealer or Bank Date Account Established

	Name: _________________________
Date: _________________________	Signature: _________________________

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SCHEDULE C

QUARTERLY SECURITIES TRANSACTIONS

CONFIDENTIAL REPORT

THE TIMOTHY PLAN

The following lists all transactions in Covered Securities in which I had any direct or indirect beneficial ownership during the last calendar quarter. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 10th day of the month following the end of the calendar quarter. Use reverse side if additional space is needed.

PURCHASES/SALES AND OTHER DISPOSITIONS

    Transaction Date     Description of Security Purchase (P), Sale(S), or Other Disposition (Describe)   Number of Shares/ Units       Per Unit Price     Total Amount     Broker executing Transaction

The following lists all accounts established by me during the last calendar quarter in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 10th day of the month following the end of the calendar quarter. Use reverse side if additional space is needed.

Name of Broker, Dealer or Bank Date Account Established

	Name: _________________________
Date: _________________________	Signature: _________________________

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SCHEDULE B

CONFIDENTIAL ANNUAL

SECURITIES HOLDINGS REPORT

THE TIMOTHY PLAN

The following lists all holdings in Covered Securities in which I had any direct or indirect beneficial ownership as of ________________________. (If no transactions took place write "None".) Sign and return to the Secretary of the Trust not later than the 30th day after the Trust’s fiscal year end. Use reverse side if additional space is needed.

HOLDINGS IN COVERED SECURITIES

  Transaction Date Description of Security Number of Shares/ Units   Per Unit Price Total Amount Broker executing Transaction

The following lists all accounts established by me as of _______________________ in which I had any direct or indirect beneficial ownership in any Securities. (If no accounts were established, write "None".) Sign and return to the Secretary of the Trust not later than the 30th day after the Trust’s fiscal year end. Use reverse side if additional space is needed.

Name of Broker, Dealer or Bank Date Account Established

I swear and affirm that the foregoing information is true and correct to the best of my information and belief, and that the information included in this report is current as of a date not later than thirty (30) days prior to the filing of this report.

	Name: _________________________
Date: _________________________	Signature: _________________________

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VERIFICATION OF ACCESS PERSONS

THE TIMOTHY PLAN

Required Report for

Code of Ethics of The Timothy Plan

As Adopted November 3, 2000

Listed below are the names and current mailing addresses of all persons, as of October 31, 2000, who are considered to be “Access Persons” of The Timothy Plan, as such term is defined in the Code of Ethics of The Timothy Plan (the “Trust”), as adopted on November 3, 2000 (the “Code”).

Name of Access Person Mailing Address

1. __________________ ___________________________________

2. __________________ ___________________________________

3. __________________ ___________________________________

4. __________________ ___________________________________

5. __________________ ___________________________________

6. __________________ ___________________________________

7. __________________ ___________________________________

8. __________________ ___________________________________

9. __________________ ___________________________________

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ACKNOWLEDGEMENT OF RECEIPT

OF CODE OF ETHICS

OF

THE TIMOTHY PLAN

Required Report for

Code of Ethics of The Timothy Plan

As Adopted November 3, 2000

I, ___________________________, certify by my signature below as follows:

1. I have received, read, understand and agree to comply with the Code of Ethics of The Timothy Plan (the “Trust”), as adopted on November 3, 2000 (the “Code”); and

2. I acknowledge that I am an “Access Person” of the Trust, as such term is defined in the Code and that Access Persons of the Trust are generally required make periodic reports of their securities transactions and securities holdings; and

3. I am subject to the reporting requirements of the Code; and

4. On the first day following the end of each calendar quarter (January 1^st, April 1^st, July 1^st, October 1^st ) I will receive a Quarterly Securities Transaction Report from the Trust. I will complete and return the Report to Michael J. Senior not later than the tenth day of the month in which the Report is sent; and

5. I will inform the Trust of any change in my mailing address within ten (10) days of such change.

_________________________	_________________________
Date:	Signature
	_________________________
	Printed Name

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AUTHORIZATION

OF

RESPONSIBLE INDIVIDUAL

THE TIMOTHY PLAN

Pursuant to the requirements of the Code of Ethics of The Timothy Plan, as adopted on November 3, 2000 (the “Code”), Mr. Arthur D. Ally has been appointed, by vote of the Board of Trustees of the Trust to be the person responsible for the review of all transaction and holdings reports required to be filed under the Code.

Mr. Ally will file a quarterly report with the Board of Trustees indicating and/or including:

1. Any reports required to be filed under the Code for the reporting period;

2. The names of each person required to file a report under the Code;

3. The names of any reporting person who failed to timely file a required report;

4. Copies of all submitted reports; and

5. A description of any violations or apparent violations of the Code for the reporting period.

_________________________	_____________________________
Date	By: Joseph Boatwright
	For the Trust
_________________________	_____________________________
Date	By: Arthur D. Ally

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