N-Q 1 dnq.htm THE TIMOTHY PLAN FORM N-Q THE TIMOTHY PLAN FORM N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

 

Investment Company Act file number 811-08228

 

 

The Timothy Plan

(Exact name of registrant as specified in charter)

 

 

1304 West Fairbanks Avenue

Winter Park, FL

   32789
(Address of principal executive offices)   (Zip code)

 

 

CITCO Mutual Fund Services, Inc.

83 General Warren Blvd., Suite 200

Malvern, PA 19355

(Name and address of agent for service)

 

 

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

 

 

Date of fiscal year end: 12/31/2005

 

 

Date of reporting period: 3/31/2005

Item 1. Schedule of Investments.

 

 

Schedule of Investments

March 31, 2005 (Unaudited)

Aggressive Growth Fund

 

     Shares
    Value

COMMON STOCKS - 98.32%

            

Advertising Services - 2.52%

            

Getty Images, Inc. (a)

    6,300    $ 447,993
         

Aerospace/Defense - Equipment - 1.50%

            

Rockwell Collins, Inc.

    5,600      266,504
         

Agricultural Chemicals - 1.38%

            

Potash Corporation of Saskatchewan, Inc.

    2,800      245,028
         

Airlines - 2.50%

            

Southwest Airlines Co.

    31,100      442,864
         

Auto/Truck Parts & Equipment - Original - 2.36%

            

Borg Warner, Inc.

    8,600      418,648
         

Broadcast Services/Program - 2.15%

            

UnitedGlobalcom, Inc. (a)

    40,400      382,184
         

Cellular Telecom - 5.92%

            

Nextel Partners, Inc. (a)

    26,200      575,352

NII Holdings, Inc. (a)

    8,250      474,375
         
            1,049,727
         

Coal - 1.36%

            

Peabody Energy Corp.

    5,200      241,072
         

Commercial Banks - Western US - 1.01%

            

UCBH Holdings, Inc.

    4,500      179,550
         

Commercial Services - 2.44%

            

Alliance Data Systems Corp. (a)

    10,700      432,280
         

Computer Services - 4.81%

            

Affiliated Computer Services, Inc. (a)

    5,400      287,496

Anteon International Corp. (a)

    7,900      307,547

Cognizant Technology Solutions Corp. (a)

    5,600      258,720
         
            853,763
         

Computers - Memory Devices - 1.50%

            

Network Appliance, Inc. (a)

    9,650      266,919
         

Consumer Products - Misc - 1.46%

            

Fossil, Inc. (a)

    10,000      259,250
         

Data Processing/Management - 1.06%

            

Navteq Corp. (a)

    4,350      188,573
         

Diagnostic Equipment - 2.84%

            

Cytyc Corp. (a)

    13,600      312,936

Gen Probe, Inc. (a)

    4,300      191,608
         
            504,544
         

Disposable Medical Products - 1.50%

            

C R Bard, Inc.

    3,900      265,512
         

E-Commerce/Services - 1.31%

            

Monster Worldwide, Inc. (a)

    8,300      232,815
         

Electronic Components - Misc - 1.99%

            

Jabil Circuit, Inc. (a)

    12,385      353,220
         

Electronic Components - Semiconductor - 5.33%

            

International Rectifier Corp. (a)

    6,900      313,950

Nvidia Corp. (a)

    15,700      373,032

Q Logic Corp. (a)

    6,400      259,200
         
            946,182
         

Electronic Measuring Instruments - 5.48%

            

Flir Systems, Inc. (a)

    12,200      369,660

Garmin Ltd.

    6,800      314,976

Tektronix, Inc.

    11,750      288,227
         
            972,863
         

Hazardous Waste Disposal - 0.91%

            

Stericycle, Inc. (a)

    3,650      161,330
         

Hospital Beds/Equipment - 1.46%

            

Kinetic Concepts, Inc. (a)

    4,350      259,478
         

Human Resources - 1.79%

            

Manpower, Inc.

    7,300      317,696
         

Industrial Automation/Robotics - 2.36%

            

Rockwell Automation

    7,400      419,136
         

Internet Security - 1.86%

            

Verisign, Inc. (a)

    11,500      330,050
         

Medical - Biomedical/Genetics - 1.39%

            

Protein Design Labs, Inc. (a)

    15,400      246,246
         

Medical Labs & Testing Services - 1.96%

            

Laboratory Corporation of America Holdings (a)

    7,200      347,040
         

Medical Products - 3.60%

            

Cooper Companies, Inc.

    5,300      386,370

Inamed Corp. (a)

    3,600      251,568
         
            637,938
         

Metal Processors & Fabrication - 2.99%

            

Precision Castparts Corp.

    6,900      531,369
         

Oil & Gas Drilling - 3.64%

            

Ensco International, Inc.

    8,950      337,057

Transocean, Inc. (a)

    6,000      308,760
         
            645,817
         

Oil Field Machinery & Equipment - 1.16%

            

National-Oilwell, Inc. (a)

    4,400      205,480
         

Pharmacy Services - 1.82%

            

Caremark RX, Inc. (a)

    8,100      322,218
         

Physical Practice Management - 1.55%

            

Pediatrix Medical Group, Inc. (a)

    4,000      274,360
         

Real Estate Management/Services - 2.49%

            

CB Richard Ellis Group, Inc. (a)

    12,650      442,623
         

Retail - Apparel/Shoe - 3.37%

            

Ross Stores, Inc.

    12,100      352,594

Urban Outfitters, Inc. (a)

    5,100      244,647
         
            597,241
         

Retail - Discount - 1.90%

            

Family Dollar Stores, Inc.

    11,100      336,996
         

Retail - Pet Food & Supplies - 2.37%

            

Petco Animal Supplies, Inc. (a)

    11,400      419,634
         

Schools - 1.97%

            

Education Management Corp. (a)

    6,200      173,290

Strayer Education, Inc.

    1,550      175,646
         
            348,936
         

Software & Programming - 1.97%

            

Amdocs Ltd. (a)

    12,300      349,320
         

Telecommunication Equipment - 3.84%

            

Comverse Technology, Inc. (a)

    19,800      499,356

Plantronics, Inc.

    4,800      182,784
         
            682,140
         

Veterinary Diagnostics - 1.53%

            

VCA Antech, Inc. (a)

    13,400      271,082
         

Web Hosting/Design - 1.97%

            

Macromedia, Inc. (a)

    10,450      350,075
         

TOTAL COMMON STOCKS (Cost $15,005,492)

         $ 17,445,696
         

SHORT TERM INVESTMENTS - 1.78%

              

Money Market Funds - 1.78%

              

First American Treasury Obligations Fund Class A

    $ 315,025    $ 315,025
           

TOTAL SHORT TERM INVESTMENTS (Cost $315,025)

           $ 315,025
           

Total Investments (Cost $15,320,517) - 100.10%

           $ 17,760,721

Liabilities in Excess of Other Assets, Net (0.10)%

             -17,762
           

TOTAL NET ASSETS - 100.00%

           $ 17,742,959
           

 

Footnotes

 

The following information for the Funds is presented on an income tax basis as of March 31,2005:

 

     Cost of Investments
   

Gross Unrealized

Appreciation

   

Gross Unrealized

Depreciation

    

Net Unrealized

Gain/(Loss)

Timothy Aggressive Growth Fund

    15,320,517    2,804,634    (364,430 )   2,440,204

 

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

 

Percentages are stated as a percent of net assets.

 

(a) Non-income producing security

Schedule of Investments

March 31, 2005 (Unaudited)

Large/Mid Cap Growth Fund

 

     Shares
    Value

COMMON STOCKS - 96.29%

            

Advertising Agencies - 3.05%

            

Omnicom Group, Inc.

    14,000    $ 1,239,280
         

Aerospace/Defense - Equipment - 4.26%

            

United Technologies Corp.

    17,000      1,728,220
         

Applications Software - 1.95%

            

Mercury Interactive Corp. (a)

    10,000      473,800

Siebel Systems, Inc. (a)

    34,675      316,583
         
            790,383
         

Building - Residential/Commercial - 1.69%

            

Centex Corp.

    12,000      687,240
         

Computers - Memory Devices - 1.97%

            

EMC Corp. (a)

    65,000      800,800
         

Cosmetics & Toiletries - 4.59%

            

Colgate-Palmolive Co.

    15,000      782,550

Estee Lauder Companies, Inc.

    24,000      1,079,520
         
            1,862,070
         

Diversified Manufacturing Operations - 8.45%

            

Illinois Tool Works, Inc.

    7,000      626,710

Ingersoll-Rand Co.

    14,000      1,115,100

Tyco International Ltd.

    50,000      1,690,000
         
            3,431,810
         

E-Commerce/Services - 1.10%

            

EBay, Inc. (a)

    12,000      447,120
         

Electronics - Military - 3.50%

            

L-3 Communications Holdings, Inc.

    20,000      1,420,400
         

Enterprise Software/Services - 4.05%

            

SAP AG ADR

    41,000      1,643,280
         

Finance - Credit Card - 1.77%

            

MBNA Corp.

    29,250      718,088
         

Finance - Investment Banker/Broker - 1.16%

            

Legg Mason, Inc.

    6,000      468,840
         

Food - Wholesale/Distribution - 4.50%

            

SYSCO Corp.

    51,000      1,825,800
         

Industrial Automation/Robotics - 2.23%

            

Rockwell Automation

    16,000      906,240
         

Life/Health Insurance - 1.93%

            

Aflac, Inc.

    21,000      782,460
         

Machinery - Print Trade - 1.93%

            

Zebra Technologies Corp. (a)

    16,500      783,585
         

Medical - Biomedical/Genetics - 7.01%

            

Biogen IDEC, Inc. (a)

    20,000      690,200

Genzyme Corp. (a)

    26,000      1,488,240

Medimmune, Inc. (a)

    28,000      666,680
         
            2,845,120
         

Medical - Drugs - 1.71%

            

Allergan, Inc.

    10,000      694,700
         

Medical Instruments - 2.84%

            

St. Jude Medical, Inc. (a)

    32,000      1,152,000
         

Medical Products - 7.57%

            

Biomet, Inc.

    16,000      580,800

Stryker Corp.

    28,000      1,249,080

Zimmer Holdings, Inc. (a)

    16,000      1,244,960
         
            3,074,840
         

Multi-line Insurance - 3.09%

              

American International Group, Inc.

      22,650      1,255,036
           

Oil - Field Services - 2.08%

              

Baker Hughes, Inc.

      6,000      266,940

Weatherford International Ltd. (a)

      10,000      579,400
           
              846,340
           

Pharmacy Services - 2.45%

              

Caremark RX, Inc. (a)

      25,000      994,500
           

Publishing - Newspapers - 0.88%

              

Washington Post Co.

      400      357,600
           

Retail - Apparel/Shoe - 4.03%

              

American Eagle Outfitters, Inc.

      20,000      591,000

Chicos Fas, Inc. (a)

      20,000      565,200

Urban Outfitters, Inc. (a)

      10,000      479,700
           
              1,635,900
           

Retail - Bedding - 2.61%

              

Bed Bath Beyond, Inc. (a)

      29,000      1,059,660
           

Retail - Building Products - 4.22%

              

Lowe’s Companies, Inc.

      30,000      1,712,700
           

Retail - Office Supplies - 1.86%

              

Staples, Inc.

      24,000      754,320
           

Semicon Compo - Integrated Circuits - 5.08%

              

Analog Devices, Inc.

      21,000      758,940

Linear Technology Corp.

      34,000      1,302,540
           
              2,061,480
           

Therapeutics - 2.73%

              

Gilead Sciences, Inc. (a)

      31,000      1,109,800
           

TOTAL COMMON STOCKS (Cost $36,741,609)

           $ 39,089,612
           

SHORT TERM INVESTMENTS - 3.65%

              

Money Market Funds - 3.65%

              

First American Treasury Obligations Fund Class A

    $ 1,481,727    $ 1,481,727
           

TOTAL SHORT TERM INVESTMENTS (Cost $1,481,727)

           $ 1,481,727
           

Total Investments (Cost $38,223,336) - 99.94%

           $ 40,571,339

Other Assets in Excess of Liabilities, Net 0.06%

             23,884
           

TOTAL NET ASSETS - 100.00%

           $ 40,595,223
           

 

Footnotes

 

The following information for the Funds is presented on an income tax basis as of March 31,2005:

 

     Cost of
Investments
    Gross Unrealized
Appreciation
    Gross Unrealized
Depreciation
    Net Unrealized
Gain/(Loss)

Timothy Large/Mid Cap Growth Fund

    38,223,336    3,756,843    1,408,840    2,348,003

 

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

 

Percentages are stated as a percent of net assets.

 

ADR American Depository Receipt
(a) Non-income producing security

Schedule of Investments

March 31, 2005 (Unaudited)

Small Cap Value Fund

 

     Shares
    Value

COMMON STOCKS - 95.47%

            

Auction House/Art Dealer - 2.47%

            

Adesa, Inc.

    64,000    $ 1,495,040
         

Building - Mobil Home/Manufactured Housing - 2.05%

            

Champion Enterprises, Inc. (a)

    132,000      1,240,800
         

Building Products - Air & Heating - 2.42%

            

Lennox International, Inc.

    67,000      1,468,640
         

Chemicals - Plastics - 2.65%

            

Spartech Corp.

    81,000      1,607,850
         

Circuit Boards - 1.60%

            

TTM Technologies, Inc. (a)

    93,000      972,780
         

Commercial Banks - Eastern US - 2.88%

            

North Fork Bancorporation, Inc.

    63,000      1,747,620
         

Commercial Services - 0.59%

            

Startek, Inc.

    21,200      356,160
         

Commercial Services - Finance - 5.25%

            

Interactive Data Corp. (a)

    101,000      2,095,750

NCO Group, Inc. (a)

    55,700      1,088,935
         
            3,184,685
         

Data Processing/Management - 4.05%

            

InfoUSA, Inc.

    153,000      1,608,030

MoneyGram International, Inc.

    45,000      849,150
         
            2,457,180
         

Distribution/Wholesale - 3.03%

            

Tech Data Corp. (a)

    49,500      1,834,470
         

Diversified Manufacturing Operations - 3.94%

            

Federal Signal Corp.

    81,000      1,228,770

Jacuzzi Brands, Inc. (a)

    119,000      1,161,440
         
            2,390,210
         

E-Commerce/Products - 1.00%

            

1-800-Flowers.Com, Inc. (a)

    80,000      605,600
         

Electronic Components - Misc - 1.58%

            

Benchmark Electronics, Inc. (a)

    30,000      954,900
         

Engineering / R&D Services - 3.56%

            

URS Corp. (a)

    75,000      2,156,250
         

Financial Guarantee Insurance - 2.76%

            

PMI Group, Inc.

    44,000      1,672,440
         

Industrial Automation/Robotics - 2.69%

            

Unova, Inc. (a)

    79,100      1,633,415
         

Investment Companies - 2.67%

            

MCG Capital Corp.

    105,000      1,615,425
         

Medical - Biomedical/Genetics - 3.00%

            

Bio-Rad Laboratories, Inc. (a)

    3,500      170,485

Charles River Laboratories International, Inc. (a)

    35,040      1,648,281
         
            1,818,766
         

Medical - Drugs - 3.38%

            

K-V Pharmaceutical Co. (a)

    88,300      2,048,560
         

Medical Information Systems - 1.67%

            

Dendrite International, Inc. (a)

    72,000      1,010,880
         

Metal Processors & Fabrication - 3.06%

            

Kaydon Corp.

    59,100      1,855,740
         

Networking Products - 1.62%

            

Netgear, Inc. (a)

    65,000      980,850
         

Oil Company - Exploration & Production - 7.75%

              

Comstock Resources, Inc. (a)

      58,000      1,666,920

Energy Partners Ltd. (a)

      50,000      1,298,500

Swift Energy Corp. (a)

      61,000      1,734,840
           
              4,700,260
           

Property/Casualty Insurance - 2.28%

              

Quanta Capital Holdings Ltd. (a)

      173,000      1,384,000
           

Publishing-Books - 3.49%

              

John Wiley & Sons, Inc.

      60,000      2,115,000
           

REITS-Diversified - 1.08%

              

Crescent Real Estate Equities Trust

      40,000      653,600
           

REITS-Hotels - 2.26%

              

Highland Hospitality Corp.

      132,500      1,371,375
           

REITS-Mortgage - 2.50%

              

Aames Investment Corp.

      185,000      1,517,000
           

Retail-Apparel/Shoe - 2.99%

              

Stage Stores, Inc. (a)

      47,200      1,812,008
           

Retail-Automobile - 2.80%

              

United Auto Group, Inc.

      61,000      1,697,630
           

Retail-Restaurants - 3.13%

              

CBRL Group, Inc.

      46,000      1,899,800
           

S&L/Thrifts-Western US - 1.41%

              

Commercial Capital Bancorp, Inc.

      42,000      854,700
           

Semiconductor Equipment - 1.66%

              

Axcelis, Inc. (a)

      138,000      1,007,400
           

Telecommunication Equipment - 3.04%

              

Commscope, Inc. (a)

      123,000      1,840,080
           

Transport-Services - 1.43%

              

Sirva, Inc. (a)

      122,000      867,420
           

Vitamins & Nutrition Products - 1.73%

              

NBTY, Inc. (a)

      41,700      1,046,253
           

TOTAL COMMON STOCKS (Cost $52,853,894)

           $ 57,874,787
           

SHORT TERM INVESTMENTS - 4.51%

              

Money Market Funds - 4.51%

              

Cash Trust Series II-Treasury Cash Series II

    $ 440,245    $ 440,245

First American Treasury Obligations Fund Class A

      2,295,460      2,295,460
           
              2,735,705
           

TOTAL SHORT TERM INVESTMENTS (Cost $2,735,705)

           $ 2,735,705
           

Total Investments (Cost $55,589,599) - 99.98%

           $ 60,610,492

Other Assets in Excess of Liabilities, Net 0.02%

             12,925
           

TOTAL NET ASSETS-100.00%

           $ 60,623,417
           

 

Footnotes

 

The following information for the Funds is presented on an income tax basis as of March 31,2005:

 

    

Cost of

Investments

   

Gross Unrealized

Appreciation

   

Gross Unrealized

Depreciation

    

Net Unrealized

Gain/(Loss)

Timothy Small Cap Value Fund

    55,589,599    8,411,087    (3,390,193 )   5,020,894

 

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

 

Percentages are stated as a percent of net assets.

 

(a) Non-income producing security

Schedule of Investments

March 31, 2005 (Unaudited)

Large/Mid Cap Value Fund

 

     Shares
    Value

COMMON STOCKS - 96.94%

            

Aerospace/Defense - Equipment - 4.01%

            

Rockwell Collins, Inc.

    22,500    $ 1,070,775

United Technologies Corp.

    10,300      1,047,098
         
            2,117,873
         

Coal - 2.15%

            

Consol Energy, Inc.

    24,100      1,133,182
         

Commercial Banks - Southern US - 2.06%

            

BB&T Corp.

    27,800      1,086,424
         

Commercial Banks - Western US - 2.09%

            

Zions Bancorp

    16,000      1,104,320
         

Computer Services - 2.01%

            

Computer Sciences Corp. (a)

    23,200      1,063,720
         

Cosmetics & Toiletries - 2.05%

            

Colgate-Palmolive Co.

    20,800      1,085,136
         

Data Processing/Management - 2.09%

            

Automatic Data Processing, Inc.

    24,600      1,105,770
         

Decision Support Software - 0.94%

            

Cognos, Inc. (a)

    11,900      499,086
         

Disposable Medical Products - 2.09%

            

C R Bard, Inc.

    16,200      1,102,896
         

Diversified Manufacturing Operations - 4.01%

            

Eaton Corp.

    15,800      1,033,320

ITT Industries, Inc.

    12,000      1,082,880
         
            2,116,200
         

Electric - Integrated - 4.07%

            

Entergy Corp.

    15,300      1,081,098

Exelon Corp.

    23,300      1,069,237
         
            2,150,335
         

Electric Products - Misc - 1.97%

            

Emerson Electric Co.

    16,000      1,038,880
         

Finance - Investment Banker/Broker - 3.94%

            

Bear Stearns Companies, Inc.

    10,600      1,058,940

Legg Mason, Inc.

    13,100      1,023,634
         
            2,082,574
         

Food - Dairy Products - 2.01%

            

Dean Foods Co. (a)

    30,900      1,059,870
         

Food - Misc/Diversified - 1.89%

            

Conagra, Inc.

    36,900      997,038
         

Food - Wholesale/Distribution - 2.11%

            

Bunge Ltd.

    20,700      1,115,316
         

Industrial Gases - 2.03%

            

Praxair, Inc.

    22,400      1,072,064
         

Investment Management/Advisory Services - 7.89%

            

Alliance Capital Management Holdings

    22,500      1,060,875

Blackrock, Inc.

    13,600      1,019,048

Eaton Vance Corp.

    45,000      1,054,800

Franklin Resources, Inc.

    15,100      1,036,615
         
            4,171,338
         

Medical Instruments - 2.01%

            

Boston Scientific Corp. (a)

    36,300      1,063,227
         

Metal - Aluminum - 1.97%

              

Alcoa, Inc.

      34,200      1,039,338
           

Metal - Diversified - 1.84%

              

Rio Tinto PLC ADR

      7,500      973,125
           

Metal Processors & Fabrication - 2.00%

              

Precision Castparts Corp.

      13,700      1,055,037
           

Motorcycle/Motor Scooters - 1.80%

              

Harley Davidson, Inc.

      16,500      953,040
           

Oil - Field Services - 1.95%

              

Schlumberger Ltd.

      14,600      1,029,008
           

Oil Company - Exploration & Production - 7.98%

              

Apache Corp.

      17,100      1,047,033

Burlington Resources, Inc.

      21,500      1,076,505

Kerr-McGee Corp.

      13,600      1,065,288

Murphy Oil Corp.

      10,400      1,026,792
           
              4,215,618
           

Oil Company - Integrated - 5.99%

              

ConocoPhillips

      9,800      1,056,832

Exxon Mobil Corp.

      17,300      1,031,080

Marathon Oil Corp.

      23,000      1,079,160
           
              3,167,072
           

Retail - Building Products - 1.95%

              

Lowe’s Companies, Inc.

      18,000      1,027,620
           

Retail - Regional Department Store - 1.97%

              

Neiman-Marcus Group, Inc.

      11,400      1,043,214
           

Retail - Restaurants - 2.06%

              

Wendy’s International, Inc.

      27,900      1,089,216
           

Super - Regional Banks - US - 1.99%

              

Comerica, Inc.

      19,100      1,052,028
           

Telecommunication Equipment - 1.98%

              

Harris Corp.

      32,000      1,044,800
           

Telephone - Integrated - 1.99%

              

Alltel Corp.

      19,200      1,053,120
           

Transport - Marine - 2.05%

              

Overseas Shipholding Group, Inc.

      17,200      1,082,052
           

Transport - Rail - 2.08%

              

Burlington Northern Santa Fe Corp.

      20,400      1,100,172
           

Transport - Services - 1.97%

              

Fedex Corp.

      11,100      1,042,845
           

Transport - Truck - 1.96%

              

Yellow Roadway Corp. (a)

      17,700      1,036,158
           

Water - 1.99%

              

Aqua America, Inc.

      43,200      1,051,920
           

TOTAL COMMON STOCKS (Cost $50,011,875)

           $ 51,220,632
           

SHORT TERM INVESTMENTS - 2.98%

              

Money Market Funds - 2.98%

              

First American Treasury Obligations Fund Class A

    $ 1,577,814    $ 1,577,814
           

TOTAL SHORT TERM INVESTMENTS (Cost $1,577,814)

           $ 1,577,814
           

Total Investments (Cost $51,589,689) - 99.92%

           $ 52,798,446

Other Assets in Excess of Liabilities, Net 0.08%

             41,066
           

TOTAL NET ASSETS - 100.00%

           $ 52,839,512
           

Footnotes

 

The following information for the Funds is presented on an income tax basis as of March 31,2005:

 

    

Cost of

Investments

   

Gross Unrealized

Appreciation

   

Gross Unrealized

Depreciation

   

Net Unrealized

Gain/(Loss)

Timothy Large/Mid Cap Value Fund

    51,589,689    2,145,932    937,175    1,208,757

 

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

 

Percentages are stated as a percent of net assets.

 

ADR American Depository Receipt
(a) Non-income producing security

Schedule of Investments

March 31, 2005 (Unaudited)

Patriot Fund

 

     Shares
    Value

COMMON STOCKS - 76.62%

            

Auction House/Art Dealer - 3.71%

            

Adesa, Inc.

    2,000    $ 46,720
         

Building - Mobil Home/Manufactured Housing - 1.57%

            

Champion Enterprises, Inc. (a)

    2,100      19,740
         

Building Products - Air & Heating - 1.48%

            

Lennox International, Inc.

    850      18,632
         

Chemicals - Plastics - 1.58%

            

Spartech Corp.

    1,000      19,850
         

Circuit Boards - 1.08%

            

TTM Technologies, Inc. (a)

    1,300      13,598
         

Commercial Banks - Eastern US - 3.89%

            

Capital Crossing Bank (a)

    350      11,515

North Fork Bancorporation, Inc.

    1,350      37,449
         
            48,964
         

Commercial Services - 0.40%

            

Startek, Inc.

    300      5,040
         

Commercial Services - Finance - 1.48%

            

Interactive Data Corp. (a)

    900      18,675
         

Data Processing/Management - 1.65%

            

MoneyGram International, Inc.

    1,100      20,779
         

Distribution/Wholesale - 2.35%

            

Tech Data Corp. (a)

    800      29,648
         

Diversified Manufacturing Operations - 5.46%

            

Federal Signal Corp.

    1,000      15,170

Jacuzzi Brands, Inc. (a)

    5,500      53,680
         
            68,850
         

E-Commerce/Products - 0.90%

            

1-800-Flowers.Com, Inc. (a)

    1,500      11,355
         

Electronic Components - Misc - 1.26%

            

Benchmark Electronics, Inc. (a)

    500      15,915
         

Engineering / R&D Services - 1.83%

            

URS Corp. (a)

    800      23,000
         

Financial Guarantee Insurance - 2.72%

            

PMI Group, Inc.

    900      34,209
         

Industrial Automation/Robotics - 1.47%

            

Unova, Inc. (a)

    900      18,585
         

Investment Companies - 2.32%

            

MCG Capital Corp.

    1,900      29,232
         

Medical - Biomedical/Genetics - 4.49%

            

Bio-Rad Laboratories, Inc. (a)

    100      4,871

Charles River Laboratories International, Inc. (a)

    1,100      51,744
         
            56,615
         

Medical - Drugs - 2.49%

            

K-V Pharmaceutical Co. (a)

    1,350      31,320
         

Medical Information Systems - 1.34%

            

Dendrite International, Inc. (a)

    1,200      16,848
         

Networking Products - 1.20%

            

Netgear, Inc. (a)

    1,000      15,090
         

Oil Company - Exploration & Production - 7.00%

            

Comstock Resources, Inc. (a)

    1,250      35,925

Energy Partners Ltd. (a)

    1,000      25,970

Swift Energy Corp. (a)

    925      26,307
         
            88,202
         

Property/Casualty Insurance - 2.22%

              

Quanta Capital Holdings Ltd. (a)

      3,500      28,000
           

Publishing - Books - 1.40%

              

John Wiley & Sons, Inc.

      500      17,625
           

REITS - Diversified - 0.78%

              

Crescent Real Estate Equities Trust

      600      9,804
           

REITS - Mortgage - 4.40%

              

Aames Investment Corp.

      4,250      34,850

Saxon Capital, Inc.

      1,200      20,580
           
              55,430
           

Retail - Apparel/Shoe - 0.61%

              

Stage Stores, Inc. (a)

      200      7,678
           

Retail - Restaurants - 3.86%

              

Brinker International, Inc. (a)

      1,000      36,220

CBRL Group, Inc.

      300      12,390
           
              48,610
           

S&L/Thrifts - Western US - 2.42%

              

Commercial Capital Bancorp, Inc.

      1,500      30,525
           

Semiconductor Equipment - 1.85%

              

Axcelis, Inc. (a)

      3,200      23,360
           

Telecommunication Equipment - 4.27%

              

Commscope, Inc. (a)

      3,600      53,856
           

Transport - Services - 1.75%

              

Sirva, Inc. (a)

      3,100      22,041
           

Vitamins & Nutrition Products - 1.39%

              

NBTY, Inc. (a)

      700      17,563
           

TOTAL COMMON STOCKS (Cost $973,698)

           $ 965,359
           

SHORT TERM INVESTMENTS - 3.57%

              

Money Market Funds - 3.57%

              

First American Prime Obligations Fund Class A

    $ 45,000    $ 45,000
           

TOTAL SHORT TERM INVESTMENTS (Cost $45,000)

           $ 45,000
           

Total Investments (Cost $1,018,698) - 80.19%

           $ 1,010,359

Other Assets in Excess of Liabilities, Net 19.81%

             249,525
           

TOTAL NET ASSETS - 100.00%

           $ 1,259,884
           

 

Footnotes

 

The following information for the Funds is presented on an income tax basis as of March 31,2005:

 

    

Cost of

Investments

   

Gross Unrealized

Appreciation

   

Gross Unrealized

Depreciation

    

Net Unrealized

Gain/(Loss)

  

Timothy Patriot Fund

    1,018,698    64,026    (72,365 )   (8,339 )

 

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

 

Percentages are stated as a percent of net assets.

 

(a) Non-income producing security

Schedule of Investments

March 31, 2005 (Unaudited)

Fixed Income Fund

 

     Principal
Amount
    Value
CORPORATE BONDS - 57.98%              
Agricultural Operations - 0.82%              

Archer-Daniels Midland Co.

              

6.625%, 05/01/2029

    $ 200,000    $ 228,793
           
Building - Residential/Commercial - 1.73%              

Centex Corp.

              

5.125%, 10/01/2013

      500,000      484,943
           
Chemicals - Diversified - 0.91%              

ICI Wilmington, Inc.

              

5.625%, 12/01/2013

      250,000      253,742
           
Coatings/Paint - 1.10%              

Sherwin-Williams Co.

              

7.375%, 02/01/2027

      250,000      308,623
           
Computer Services - 2.12%              

Computer Sciences Corp.

              

3.50%, 04/15/2008

      300,000      292,372

5.00%, 02/15/2013

      300,000      300,474
           
              592,846
           
Diversified Operational/Commercial Services - 2.33%              

Cendant Corp.

              

6.25%, 01/15/2008

      375,000      390,566

CUC International, Inc.

              

6.25%, 03/15/2010

      250,000      262,917
           
              653,483
           
Education - 1.75%              

California Baptist

              

5.70%, 01/02/2011

      250,000      245,000

Western Baptist College Salem Oregon

              

6.10%, 12/15/2012

      250,000      245,000
           
              490,000
           
Electric - Integrated - 12.03%              

Appalachian Power Co.

              

3.60%, 05/15/2008

      250,000      242,778

Dominion Resources Inc. VA New

              

5.00%, 03/15/2013

      950,000      937,672

Florida Power Corp.

              

4.80%, 03/01/2013

      500,000      492,840

Jersey Central Power & Light Co.

              

6.75%, 11/01/2025

      300,000      304,950

Nisource Finance Corp.

              

5.40%, 07/15/2014

      750,000      756,744

PPL CAP FDG INC

              

4.33%, 03/01/2009

      500,000      486,888

Wisconsin Energy Corp.

              

6.50%, 04/01/2011

      135,000      145,723
           
              3,367,595
           
Finance - Commercial - 2.65%              

CIT Group Holdings, Inc.

              

4.125%, 02/21/2006

      250,000      250,650

CIT Group, Inc.

              

5.00%, 02/13/2014

      500,000      492,258
           
              742,908
           

Finance - Consumer Loans - 3.02%

          

American General Finance Corp.

          

5.375%, 10/01/2012

    300,000    304,521

HSBC Finance Corp.

          

6.75%, 05/15/2011

    400,000    438,445

John Deere Capital Corp.

          

5.10%, 01/15/2013

    100,000    101,264
         
          844,230
         
Finance - Investment Banker/Broker - 1.41%          

Bear Stearns Companies, Inc.

          

4.50%, 10/28/2010

    400,000    393,658
         
Finance - Leasing Company - 1.65%          

International Lease Finance Corp.

          

5.75%, 02/15/2007

    250,000    256,715

Sunrise International Leasing Corp

          

5.80%, 08/15/2007

    200,000    206,386
         
          463,101
         
Finance - Other Services - 0.93%          

National Rural Utilities Cooperative Finance Corp

          

5.75%, 08/28/2009

    250,000    260,611
         
Food - Retail - 1.81%          

Kroger Co.

          

5.50%, 02/01/2013

    500,000    507,638
         
Investment Companies - 3.70%          

Credit Suisse First Boston USA, Inc.

          

5.125%, 01/15/2014

    200,000    198,929

5.50%, 08/15/2013

    500,000    511,009

6.50%, 01/15/2012

    300,000    325,057
         
          1,034,995
         
Life/Health Insurance - 1.02%          

PROTECTIVE LIFE SECD TRS

          

5.75%, 01/15/2019

    300,000    285,932
         
Machinery - Farm - 1.22%          

Deere & Co.

          

6.55%, 10/01/2028

    300,000    341,041
         
Money Center Banks - 0.96%          

Republic NY Capital II

          

7.53%, 12/04/2026

    250,000    268,394
         
Multi-line Insurance - 2.85%          

CNA Financial Corp.

          

6.50%, 04/15/2005

    200,000    200,174

Unitrin, Inc.

          

4.875%, 11/01/2010

    300,000    291,963

5.75%, 07/01/2007

    300,000    307,010
         
          799,147
         
Office Supplies & Forms - 0.71%          

Avery Dennison Corp.

          

4.875%, 01/15/2013

    200,000    199,792
         
Paper & Related Products - 0.88%          

International Paper Co.

          

4.25%, 01/15/2009

    250,000    246,818
         
Pipelines - 0.68%          

Duke Energy Field Services LLC

          

5.75%, 11/15/2006

    187,000    191,115
         
Printing - Commercial - 1.23%          

R.R. Donnelley & Sons Co.

          

6.625%, 04/15/2029

    315,000    343,057
         

Rubber - Tires - 0.60%

              

Cooper Tire & Rubber Co.

              

7.625%, 03/15/2027

      150,000      167,777
           
Super - Regional Banks - US - 1.71%              

Huntington Bancshares, Inc.

              

3.125%, 05/15/2008

      500,000      479,460
           
Telephone - Integrated - 1.75%              

Deutsche Telekom International Finance BV

              

3.875%, 07/22/2008

      500,000      490,482
           
Transport - Rail - 6.41%              

CSX Corp.

              

4.875%, 11/01/2009

      920,000      919,593

Southern Pacific Rail Corp

              

3.875%, 02/15/2009

      900,000      874,598
           
              1,794,191
           

TOTAL CORPORATE BONDS (Amortized Cost $16,117,410)

           $ 16,234,372
           
MUNICIPAL BONDS - 0.70%              
North Carolina - 0.70%              

North Carolina Eastern Municipal Power Agency

              

3.98%, 01/01/2007

      200,000      196,468
           

TOTAL MUNICIPAL BONDS (Amortized Cost $201,203)

           $ 196,468
           
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 32.98%              
GNMA - 29.52%              

Pool 585163, 5.00%, 02/15/2018

      156,158      157,959

Pool 585180, 5.00%, 02/15/2018

      162,439      164,311

Pool 3596, 5.50%, 08/20/2034

      934,214      942,676

Pool 592492, 5.50%, 03/15/2018

      177,173      179,215

Pool 599821, 5.50%, 01/15/2018

      140,555      142,176

Pool 3584, 6.00%, 07/20/2034

      446,248      458,237

Pool 781694, 6.00%, 12/15/2031

      407,488      419,753

Pool 3544, 5.50%, 04/01/2034

      445,118      449,150

Pool 3583, 5.50%, 07/01/2034

      463,468      467,666

Pool 3637, 5.50%, 11/01/2034

      977,683      986,539

Pool 3665, 5.50%, 01/01/2035

      1,489,678      1,503,243

Pool 3679, 6.00%, 02/01/2035

      995,772      1,022,364

Pool 3612, 6.50%, 09/01/2034

      1,314,708      1,369,954
           
              8,263,243
           
U.S. Treasury Note/Bond - 3.46%              

3.375%, 09/15/2009

      1,000,000      969,493
           

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Amortized Cost $9,297,691)

           $ 9,232,736
           
     Shares
    Value
SHORT TERM INVESTMENTS - 8.14%              
Money Market Funds - 8.14%              

Cash Trust Series II - Treasury Cash Series II

    $ 1,078,045    $ 1,078,045

First American Treasury Obligations Fund Class A

      1,200,000      1,200,000
           
              2,278,045
           

TOTAL SHORT TERM INVESTMENTS (Amortized Cost $2,278,045)

           $ 2,278,045
           

Total Investments (Amortized Cost $27,894,349) - 99.80%

           $ 27,941,621

Other Assets in Excess of Liabilities, Net 0.20%

             56,894
           

TOTAL NET ASSETS - 100.00%

           $ 27,998,515
           

Footnotes

 

The following information for the Funds is presented on an income tax basis as of March 31,2005:

 

    

Cost of

Investments

   

Gross Unrealized

Appreciation

   

Gross Unrealized

Depreciation

    

Net Unrealized

Gain/(Loss)

Timothy Fixed Income Fund

    27,894,349    369,195    (321,924 )   47,271

 

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

 

Percentages are stated as a percent of net assets.

Schedule of Investments

March 31, 2005 (Unaudited)

Money Market Fund

 

     Principal
Amount
    Value

U.S GOVERNMENT & AGENCY OBLIGATIONS - 95.62%

              

2.03%, 04/05/2005

    $ 400,000    $ 399,887

2.35%, 04/15/2005

      500,000      499,510

2.59%, 05/04/2005 to 05/06/2005

      1,100,000      1,097,215

2.61%, 05/11/2005

      550,000      548,368

2.63%, 05/17/2005

      450,000      448,459

2.67%, 05/13/2005

      300,000      299,048

2.72%, 05/25/2005

      700,000      697,102

2.81%, 06/01/2005

      500,000      497,630
           

TOTAL U.S GOVERNMENT & AGENCY OBLIGATIONS (Amortized Cost $4,487,219)

           $ 4,487,219
           
     Shares
    Value

MONEY MARKET FUNDS - 4.67%

              

Cash Trust Series II - Treasury Cash Series II

      10,145      10,145

First American Treasury Obligations Fund Class A

      209,000      209,000
           

TOTAL MONEY MARKET FUNDS (Amortized Cost $219,145)

           $ 219,145
           

Total Investments (Amortized Cost $4,706,364) - 100.29%

           $ 4,706,364

Liabilities in Excess of Other Assets, Net (0.29)%

             -13,500
           

TOTAL NET ASSETS - 100.00%

           $ 4,692,864
           

 

Footnotes

 

The following information for the Funds is presented on an income tax basis as of March 31,2005:

 

    

Cost of

Investments

   

Gross Unrealized

Appreciation

   

Gross Unrealized

Depreciation

    

Net Unrealized

Gain/(Loss)

  

Timothy Money Market

    4,706,364    0    (0 )   (0 )

 

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

 

Percentages are stated as a percent of net assets.

Schedule of Investments

March 31, 2005 (Unaudited)

Strategic Growth Fund

 

     Shares
    Value
MUTUAL FUNDS - 100.25%            

Timothy Plan Fund Aggressive Growth Fund Class A (a)

    1,236,500    $ 8,259,823

Timothy Plan Fund Large/Mid Cap Growth Fund Class A (a)

    2,257,693      14,200,886

Timothy Plan Fund Large/Mid Cap Value Fund Class A (a)

    822,511      10,791,342

Timothy Plan Fund Small Cap Value Fund Class A (a)

    576,167      8,095,151
         

TOTAL MUTUAL FUNDS (Cost $38,864,739)

         $ 41,347,202
         

Total Investments (Cost $38,864,739) - 100.25%

         $ 41,347,202

Liabilities in Excess of Other Assets, Net (0.25)%

           -101,181
         

TOTAL NET ASSETS - 100.00%

         $ 41,246,021
         

 

Footnotes

 

The following information for the Funds is presented on an income tax basis as of March 31,2005:

 

    

Cost of

Investments

   

Gross Unrealized

Appreciation

   

Gross Unrealized

Depreciation

    

Net Unrealized

Gain/(Loss)

Timothy Strategic Growth

    38,864,739    3,916,974    (1,434,511 )   2,482,463

 

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

 

Percentages are stated as a percent of net assets.

 

(a) Non-income producing security

Schedule of Investments

March 31, 2005 (Unaudited)

Conservative Growth Fund

 

     Shares
    Value
MUTUAL FUNDS - 98.92%              

Timothy Plan Fund Fixed Income Fund Class A

      1,142,123    $ 11,615,386

Timothy Plan Fund Large/Mid Cap Growth Fund Class A (a)

      1,233,528      7,758,893

Timothy Plan Fund Large/Mid Cap Value Fund Class A (a)

      926,978      12,161,945

Timothy Plan Fund Small Cap Value Fund Class A (a)

      546,101      7,672,720
           

TOTAL MUTUAL FUNDS (Cost $36,701,198)

           $ 39,208,944
           
SHORT TERM INVESTMENTS - 0.76%              
Money Market Funds - 0.76%              

First American Treasury Obligations Fund Class A

    $ 299,748    $ 299,748
           

TOTAL SHORT TERM INVESTMENTS (Cost $299,748)

           $ 299,748
           

Total Investments (Cost $37,000,946) - 99.68%

           $ 39,508,692

Other Assets in Excess of Liabilities, Net 0.32%

             127,876
           

TOTAL NET ASSETS - 100.00%

           $ 39,636,568
           

 

Footnotes

 

The following information for the Funds is presented on an income tax basis as of March 31,2005:

 

    

Cost of

Investments

   

Gross Unrealized

Appreciation

   

Gross Unrealized

Depreciation

    

Net Unrealized

Gain/(Loss)

Timothy Conservative Growth

    37,000,946    3,351,623    (843,876 )   2,507,747

 

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

 

Percentages are stated as a percent of net assets.

 

(a) Non-income producing security

Schedule of Investments

March 31, 2005 (Unaudited)

Small Cap Variable Series

 

     Shares
    Value

COMMON STOCKS - 90.44%

            

Auction House/Art Dealer - 2.65%

            

Adesa, Inc.

    5,600    $ 130,816
         

Building - Mobil Home/Manufactured Housing - 1.90%

            

Champion Enterprises, Inc. (a)

    10,000      94,000
         

Building Products - Air & Heating - 2.66%

            

Lennox International, Inc.

    6,000      131,520
         

Chemicals - Plastics - 3.22%

            

Spartech Corp.

    8,000      158,800
         

Circuit Boards - 1.65%

            

TTM Technologies, Inc. (a)

    7,800      81,588
         

Commercial Services - 0.49%

            

Startek, Inc.

    1,450      24,360
         

Commercial Services - Finance - 4.71%

            

Interactive Data Corp. (a)

    8,000      166,000

NCO Group, Inc. (a)

    3,400      66,470
         
            232,470
         

Data Processing/Management - 4.55%

            

InfoUSA, Inc.

    16,000      168,160

MoneyGram International, Inc.

    3,000      56,610
         
            224,770
         

Distribution/Wholesale - 3.00%

            

Tech Data Corp. (a)

    4,000      148,240
         

Diversified Manufacturing Operations - 3.97%

            

Federal Signal Corp.

    7,000      106,190

Jacuzzi Brands, Inc. (a)

    9,200      89,792
         
            195,982
         

E-Commerce/Products - 1.07%

            

1-800-Flowers.Com, Inc. (a)

    7,000      52,990
         

Electric - Integrated - 0.00%

            

Allete, Inc.

    1      42
         

Electronic Components - Misc - 1.61%

            

Benchmark Electronics, Inc. (a)

    2,500      79,575
         

Engineering / R&D Services - 3.20%

            

URS Corp. (a)

    5,500      158,125
         

Financial Guarantee Insurance - 2.31%

            

PMI Group, Inc.

    3,000      114,030
         

Industrial Automation/Robotics - 2.64%

            

Unova, Inc. (a)

    6,300      130,095
         

Investment Companies - 2.96%

            

MCG Capital Corp.

    9,500      146,158
         

Medical - Biomedical/Genetics - 3.60%

            

Bio-Rad Laboratories, Inc. (a)

    400      19,484

Charles River Laboratories International, Inc. (a)

    3,360      158,054
         
            177,538
         

Medical - Drugs - 3.41%

            

K-V Pharmaceutical Co. (a)

    7,250      168,200
         

Medical Information Systems - 1.82%

            

Dendrite International, Inc. (a)

    6,400      89,856
         

Metal Processors & Fabrication - 3.18%

            

Kaydon Corp.

    5,000      157,000
         

Networking Products - 1.68%

            

Netgear, Inc. (a)

    5,500      82,995
         

Oil Company - Exploration & Production - 8.36%

              

Comstock Resources, Inc. (a)

      5,000      143,700

Energy Partners Ltd. (a)

      5,000      129,850

Swift Energy Corp. (a)

      4,900      139,356
           
              412,906
           

Property/Casualty Insurance - 2.43%

              

Quanta Capital Holdings Ltd. (a)

      15,000      120,000
           

Publishing - Books - 2.86%

              

John Wiley & Sons, Inc.

      4,000      141,000
           

REITS - Diversified - 0.99%

              

Crescent Real Estate Equities Trust

      3,000      49,020
           

Retail - Apparel/Shoe - 2.64%

              

Stage Stores, Inc. (a)

      3,400      130,526
           

Retail - Automobile - 3.16%

              

United Auto Group, Inc.

      5,600      155,848
           

Retail - Restaurants - 2.09%

              

CBRL Group, Inc.

      2,500      103,250
           

S&L/Thrifts - Western US - 2.06%

              

Commercial Capital Bancorp, Inc.

      5,000      101,750
           

Semiconductor Equipment - 2.22%

              

Axcelis, Inc. (a)

      15,000      109,500
           

Telecommunication Equipment - 3.58%

              

Commscope, Inc. (a)

      11,800      176,528
           

Transport - Services - 1.58%

              

Sirva, Inc. (a)

      11,000      78,210
           

Vitamins & Nutrition Products - 2.19%

              

NBTY, Inc. (a)

      4,300      107,887
           

TOTAL COMMON STOCKS (Cost $4,125,730)

           $ 4,465,575
           

SHORT TERM INVESTMENTS - 8.83%

              

Money Market Funds - 8.83%

              

Cash Trust Series II - Treasury Cash Series II

    $ 218,000    $ 218,000

First American Treasury Obligations Fund Class A

      218,000      218,000
           
              436,000
           

TOTAL SHORT TERM INVESTMENTS (Cost $436,000)

           $ 436,000
           

Total Investments (Cost $4,561,730) - 99.27%

           $ 4,901,575

Other Assets in Excess of Liabilities, Net 0.73%

             36,029
           

TOTAL NET ASSETS - 100.00%

           $ 4,937,604
           

 

Footnotes

 

The following information for the Funds is presented on an income tax basis as of March 31,2005:

 

     Cost of
Investments
    Gross Unrealized
Appreciation
    Gross Unrealized
Depreciation
     Net Unrealized
Gain/(Loss)

Small Cap Variable Series

    4,561,730    632,780    (292,935 )   339,845

 

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

 

Percentages are stated as a percent of net assets.

 

(a) Non-income producing security

Schedule of Investments

March 31, 2005 (Unaudited)

Conservative Growth Portfolio Variable Series

 

     Shares
    Value
MUTUAL FUNDS - 99.04%              

Timothy Plan Fund Fixed Income Fund Class A

      174,367    $ 1,773,311

Timothy Plan Fund Large/Mid Cap Growth Fund Class A (a)

      200,211      1,259,325

Timothy Plan Fund Large/Mid Cap Value Fund Class A (a)

      146,196      1,918,087

Timothy Plan Fund Shs Money Market Fund

      654,400      654,400

Timothy Plan Fund Small Cap Value Fund Class A (a)

      66,199      930,094
           

TOTAL MUTUAL FUNDS (Cost $6,179,732)

           $ 6,535,217
           
SHORT TERM INVESTMENTS - 0.74%              
Money Market Funds - 0.74%              

First American Government Obligations Fund Class A

    $ 49,086    $ 49,086
           

TOTAL SHORT TERM INVESTMENTS (Cost $49,086)

           $ 49,086
           

Total Investments (Cost $6,228,818) - 99.78%

           $ 6,584,303

Other Assets in Excess of Liabilities, Net 0.22%

             14,282
           

TOTAL NET ASSETS - 100.00%

           $ 6,598,585
           

 

Footnotes

 

The following information for the Funds is presented on an income tax basis as of March 31,2005:

 

    

Cost of

Investments

   

Gross Unrealized

Appreciation

   

Gross Unrealized

Depreciation

    

Net Unrealized

Gain/(Loss)

Timothy Conservative Growth Variable

    6,228,818    460,696    (105,211 )   355,485

 

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

 

Percentages are stated as a percent of net assets.

 

(a) Non-income producing security

Schedule of Investments

March 31, 2005 (Unaudited)

Strategic Growth Portfolio Variable Series

 

     Shares
    Value
MUTUAL FUNDS - 99.89%              

Timothy Plan Fund Aggressive Growth Fund Class A (a)

      194,367    $ 1,298,370

Timothy Plan Fund Fixed Income Fund Class A (a)

      72,689      739,249

Timothy Plan Fund Large/Mid Cap Growth Fund Class A (a)

      374,458      2,355,342

Timothy Plan Fund Large/Mid Cap Value Fund Class A (a)

      131,404      1,724,022

Timothy Plan Fund Small Cap Value Fund Class A (a)

      89,901      1,263,107
           

TOTAL MUTUAL FUNDS (Cost $6,819,072)

           $ 7,380,090
           
SHORT TERM INVESTMENTS - 0.13%              
Money Market Funds - 0.13%              

First American Government Obligations Fund Class A

    $ 9,304    $ 9,304
           

TOTAL SHORT TERM INVESTMENTS (Cost $9,304)

           $ 9,304
           

Total Investments (Cost $6,828,376) - 100.02%

           $ 7,389,394

Liabilities in Excess of Other Assets, Net (0.02)%

             -1,486
           

TOTAL NET ASSETS - 100.00%

           $ 7,387,908
           

 

Footnotes

 

The following information for the Funds is presented on an income tax basis as of March 31,2005:

 

    

Cost of

Investments

   

Gross Unrealized

Appreciation

   

Gross Unrealized

Depreciation

    

Net Unrealized

Gain/(Loss)

Timothy Strategic Growth Variable

    6,828,376    676,185    (115,167 )   561,018

 

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

 

Percentages are stated as a percent of net assets.

 

(a) Non-income producing security

Item 2. Controls and Procedures.

 

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

 

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

 

Item 3. Exhibits.

 

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

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) The Timothy Plan

By

  

/s/ Arthur D. Ally

   

Arthur D. Ally

 

Date: May 21, 2005

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By

  

/s/ Arthur D. Ally

   

Arthur D. Ally, President

 

Date: May 21, 2005

 

By

  

/s/ Arthur D. Ally

   

Arthur D. Ally, Treasurer

 

Date: May 21, 2005