N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08228

The Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons

Maitland, FL 32759

(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: 800-846-7526

Date of fiscal year end: December 31

Date of reporting period: March 31, 2006

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

Schedule of Investments

March 31, 2006 (Unaudited)

Timothy Aggressive Growth Fund

	Shares	Value
COMMON STOCKS - 98.25%
Advertising Services - 1.93%
Getty Images, Inc. (a)	6,500	$	486,720
Air Delivery & Frieght Services - 2.44%
UTI Worldwide, Inc.	19,500		616,200
Airlines - 1.34%
Southwest Airlines Co.	18,800		338,212
Building Products - Cement/Aggregation - 2.93%
Martin Marietta Materials, Inc.	6,900		738,507
Business Services - 1.70%
CBOT Holdings, Inc. (a)	3,600		429,840
Cellular Telecom - 4.23%
NII Holdings, Inc. (a)	18,100		1,067,357
Coal - 2.68%
Peabody Energy Corp.	13,400		675,494
Commercial Services - 2.17%
Alliance Data Systems Corp. (a)	11,700		547,209
Computer Services - 3.70%
Cognizant Technology Solutions Corp. (a)	15,700		933,993
Computers - Memory Devices - 1.68%
Network Appliance, Inc. (a)	11,750		423,352
Data Processing/Management - 2.76%
Navteq Corp. (a)	13,750		696,438
Decision Support Software - 2.13%
Cognos, Inc. (a)	13,800		536,820
Diagnostic Equipment - 3.99%
Cytyc Corp. (a)	17,700		498,786
Gen Probe, Inc. (a)	9,200		507,104
			1,005,890
Disposable Medical Products - 0.86%
C R Bard, Inc.	3,200		216,992
Diversified Communication Services - 2.57%
American Tower Corp. (a)	21,400		648,848
Drugs & Pharmaceuticals - 2.47%
Herbalife Ltd. (a)	18,500		624,745
E-Commerce/Services - 4.19%
Monster Worldwide, Inc. (a)	21,200		1,057,032
Electronic Components - Semiconductors - 7.57%
Broadcom Corp. (a)	7,750		334,490
Integrated Device Technology, Inc. (a)	32,000		475,520
Marvell Technology Group Ltd. (a)	6,100		330,010
Nvidia Corp. (a)	7,300		417,998
Silicon Laboratories, Inc. (a)	6,400		351,680
			1,909,698
Finance - Investment Banker/Broker - 1.89%
Legg Mason, Inc.	3,800		476,254
Financial Guarantee Insurance - 2.40%
Ambac Financial Group, Inc.	7,600		604,960
Industrial Automation/Robotics - 2.99%
Rockwell Automation, Inc.	10,500		755,055

Medical - Biomedical/Genetics - 4.23%
Biogen Idec, Inc. (a)	8,600		405,060
Celgene Corp. (a)	8,300		367,026
PDL Biopharma, Inc. (a)	9,000		295,200
			1,067,286
Metal Processors & Fabrication - 2.87%
Precision Castparts Corp.	12,200		724,680
Multi-line Insurance - 1.78%
HCC Insurance Holdings, Inc.	12,900		448,920
Oil & Gas Drilling - 1.81%
Diamond Offshore Drilling, Inc.	5,100		456,450
Oil Company - Exploration & Production - 3.28%
Denbury Resources, Inc. (a)	13,300		421,211
Southwestern Energy Co. (a)	12,600		405,594
			826,805
Oil Field Machinery & Equipment - 2.79%
Grant Prideco, Inc. (a)	4,600		197,064
National Oilwell Varco, Inc. (a)	7,900		506,548
			703,612
Pharmacy Services - 0.82%
Caremark RX, Inc. (a)	4,200		206,556
Real Estate Management/Services - 2.16%
CB Richard Ellis Group, Inc. (a)	6,750		544,725
Respiratory Products - 2.37%
Resmed, Inc. (a)	13,600		598,128
Retail - Apparel/Shoe - 4.93%
Chicos Fas, Inc. (a)	17,600		715,264
Urban Outfitters, Inc. (a)	21,600		530,064
			1,245,328
Retail - Restaurants - 1.89%
P. F. Chang’s China Bistro, Inc. (a)	9,700		478,113
Retail - Specialty - 1.00%
Tractor Supply Co. (a)	3,800		252,092
Software & Programming - 1.36%
Amdocs Ltd. (a)	9,500		342,570
Sporting Activities - 1.02%
Life Time Fitness, Inc. (a)	5,500		257,675
Staffing & Outsourcing Services - 2.82%
Paychex, Inc.	17,100		712,386
Telecommunication Equipment - 2.25%
Comverse Technology, Inc. (a)	24,100		567,073
Veterinary Diagnostics - 2.25%
VCA Antech, Inc. (a)	19,900		566,752
TOTAL COMMON STOCKS (Cost $19,577,379)			24,788,767
SHORT TERM INVESTMENTS - 4.62%
Money Market Funds - 4.62%
Fidelity Institutional Money Market 4.56% (b)	1,166,768		1,166,768
TOTAL SHORT TERM INVESTMENTS (Cost $1,166,768)			1,166,768
Total Investments (Cost $20,744,147) - 102.87%			25,955,535
Liabilities in Excess of Other Assets, Net (2.87)%			(723,833	)
TOTAL NET ASSETS - 100.00%		$	25,231,702

Footnotes

The following information for the Funds is presented on an income tax basis as of March 31, 2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Aggressive Growth Fund	20,747,303	5,398,329	(190,097	)	5,208,232

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

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at March 31, 2006

Schedule of Investments

March 31, 2006 (Unaudited)

Timothy Conservative Growth

	Shares	Value
MUTUAL FUNDS - 99.39%
Timothy Plan Fund Fixed Income Fund Class A	1,383,952	$	13,687,284
Timothy Plan Fund Large/Mid Cap Growth Fund Class A (a)	1,291,625		9,325,535
Timothy Plan Fund Large/Mid Cap Value Fund Class A (a)	1,009,580		14,164,403
Timothy Plan Fund Small Cap Value Fund Class A (a)	579,949		9,876,534
TOTAL MUTUAL FUNDS (Cost $41,313,681)			47,053,756
SHORT TERM INVESTMENTS - 0.26%
Money Market Funds - 0.26%
Fidelity Institutional Money Market, 4.56% (b)	122,414		122,414
TOTAL SHORT TERM INVESTMENTS (Cost $122,414)			122,414
Total Investments (Cost $41,436,095) - 99.65%			47,176,170
Other Assets in Excess of Liabilities, Net 0.35%			164,602
TOTAL NET ASSETS - 100.00%		$	47,340,772

Footnotes

The following information for the Funds is presented on an income tax basis as of March 31, 2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Conservative Growth	41,490,858	6,036,735	(351,423	)	5,685,312

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

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at March 31, 2006

Schedule of Investments

March 31, 2006 (Unaudited)

Timothy Conservative Growth Variable

	Shares	Value
MUTUAL FUNDS - 99.40%
Timothy Plan Fund Fixed Income Fund Class A	442,443	$	4,375,759
Timothy Plan Fund Large/Mid Cap Growth Fund Class A (a)	448,332		3,236,955
Timothy Plan Fund Large/Mid Cap Value Fund Class A (a)	317,967		4,461,080
Timothy Plan Fund Shs Money Market Fund	1,612,075		1,612,075
Timothy Plan Fund Small Cap Value Fund Class A (a)	143,506		2,443,901
TOTAL MUTUAL FUNDS (Cost $15,062,209)			16,129,770
SHORT TERM INVESTMENTS - 0.33%
Money Market Funds - 0.33%
Fidelity Institutional Money Market, 4.56% (b)	53,228		53,228
TOTAL SHORT TERM INVESTMENTS (Cost $53,228)			53,228
Total Investments (Cost $15,115,437) - 99.73%			16,182,998
Other Assets in Excess of Liabilities, Net 0.27%			43,867
TOTAL NET ASSETS - 100.00%		$	16,226,865

Footnotes

The following information for the Funds is presented on an income tax basis as of March 31, 2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Conservative Growth Variable	15,120,470	1,203,112	(140,584	)	1,062,528

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

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at March 31, 2006

Schedule of Investments

March 31, 2006 (Unaudited)

Timothy Fixed Income Fund

	Principal Amount		Value
CORPORATE BONDS - 40.75%
Agricultural Operations - 0.59%
Archer-Daniels Midland Co.
6.625%, 05/01/2029	$	200,000	$	214,321
Credit Services - 0.65%
SLM Holding Corp.
4.00%, 01/15/2010		250,000		235,993
Diversified Operational/Commercial Services - 1.76%
Cendant Corp.
6.25%, 01/15/2008		375,000		379,542
CUC International, Inc.
6.25%, 03/15/2010		250,000		256,691
				636,233
Education - 1.36%
California Baptist
5.70%, 01/02/2011		250,000		245,000
Western Baptist College
6.10%, 12/15/2012		250,000		245,000
				490,000
Electric - Integrated - 6.41%
Appalachian Power Co.
3.60%, 05/15/2008		250,000		241,022
Dominion Resources Inc.
5.00%, 03/15/2013		950,000		900,941
Jersey Central Power & Light Co.
6.75%, 11/01/2025		300,000		300,067
Nisource Finance Corp.
5.40%, 07/15/2014		750,000		728,672
Wisconsin Energy Corp.
6.50%, 04/01/2011		135,000		140,277
				2,310,979
Finance - Commercial - 1.32%
CIT Group, Inc.
5.00%, 02/13/2014		500,000		475,314
Finance - Consumer Loans - 0.82%
American General Finance Corp.
5.375%, 10/01/2012		300,000		294,686
Finance - Diversified Services - 2.75%
Ameriprise Financial, Inc.
5.65%, 11/15/2015		750,000		740,666
National Rural Utilities Cooperative Finance Corp.
5.75%, 08/28/2009		250,000		252,896
				993,562
Finance - Investment Banker/Broker - 1.07%
Bear Stearns Companies, Inc.
4.50%, 10/28/2010		400,000		385,017

Finance - Leasing Company - 1.25%
International Lease Finance Corp.
5.75%, 02/15/2007	250,000	250,841
Sunrise International Leasing Corp.
5.80%, 08/15/2007	200,000	200,691
		451,532
Gas - Distribution - 0.70%
MidAmerican Energy Holdings Co.
5.875%, 10/01/2012	250,000	252,654
Investment Companies - 2.78%
Credit Suisse First Boston USA, Inc.
5.125%, 01/15/2014	200,000	193,527
5.50%, 08/15/2013	500,000	496,350
6.50%, 01/15/2012	300,000	313,675
		1,003,552
Life/Health Insurance - 2.76%
Genworth Financial, Inc.
4.95%, 10/01/2015	750,000	710,239
Protective Life
5.75%, 01/15/2019	300,000	286,823
		997,062
Money Center Banks - 0.73%
Republic NY Capital II
7.53%, 12/04/2026	250,000	261,801
Multi-line Insurance - 1.64%
Unitrin, Inc.
4.875%, 11/01/2010	300,000	289,518
5.75%, 07/01/2007	300,000	300,558
		590,076
Oil Refining & Marketing - 0.69%
USX-Marathon Group, Inc.
5.375%, 06/01/2007	250,000	250,199
Paper & Related Products - 0.67%
International Paper Co.
4.25%, 01/15/2009	250,000	241,317
Pipelines - 1.89%
Duke Energy Field Services LLC
5.668%, 08/15/2014	500,000	494,861
5.75%, 11/15/2006	187,000	187,353
		682,214
REITS - Office Property - 1.38%
Equity Office Properties Trust
5.875%, 01/15/2013	500,000	498,049
Super - Regional Banks - US - 1.32%
Huntington Bancshares, Inc.
3.125%, 05/15/2008	500,000	477,881
Telephone - Integrated - 1.34%
Deutsche Telekom International Finance BV
3.875%, 07/22/2008	500,000	484,852
Transport - Rail - 4.90%
CSX Corp.
4.875%, 11/01/2009	920,000	901,105
Southern Pacific Rail Corp.
3.875%, 02/15/2009	900,000	866,198
		1,767,303

Wireless Equipment - 1.97%
American Movil SA de CV
6.375%, 03/01/2035	750,000		708,925
TOTAL CORPORATE BONDS (Amortized Cost $15,047,167)			14,703,522
MUNICIPAL BONDS - 0.55%
North Carolina - 0.55%
North Carolina Eastern Municipal Power Agency
3.98%, 01/01/2007	200,000		197,094
TOTAL MUNICIPAL BONDS (Amortized Cost $200,514)			197,094
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 53.40%
FHLB - 2.76%
0.00%, 04/27/2006	1,000,000		996,649
FNMA - 2.40%
4.50%, 08/04/2008	875,000		864,577
GNMA - 25.15%
5.50%, 04/01/2033	1,447,628		1,434,876
Pool 3544, 5.50%, 04/01/2034	350,466		346,284
Pool 3583, 5.50%, 07/01/2034	375,181		370,705
Pool 3584, 6.00%, 07/20/2034	331,126		334,135
Pool 3596, 5.50%, 08/20/2034	747,770		738,848
Pool 3612, 6.50%, 09/01/2034	830,225		852,073
Pool 3637, 5.50%, 11/01/2034	816,709		806,965
Pool 3665, 5.50%, 01/01/2035	1,273,894		1,258,336
Pool 3679, 6.00%, 02/01/2035	766,108		773,001
Pool 585163, 5.00%, 02/15/2018	124,902		122,936
Pool 585180, 5.00%, 02/15/2018	128,332		126,312
Pool 592492, 5.50%, 03/15/2018	138,824		136,639
Pool 599821, 5.50%, 01/15/2018	106,954		105,270
Pool 781694, 6.00%, 12/01/2031	301,672		305,535
Series 641577, 5.50%, 06/15/2035	1,375,459		1,362,952
			9,074,867
U.S. Treasury Note/Bond - 23.09%
3.375%, 09/15/2009	1,495,000		1,423,116
4.25%, 10/15/2010	1,715,000		1,675,476
4.50%, 02/28/2011 to 02/15/2016	1,815,000		1,775,565
5.375%, 02/15/2031	500,000		526,485
13.875%, 05/15/2011	2,900,000		2,930,473
			8,331,115
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Amortized Cost $19,711,462)			19,267,208
	Shares	Value
SHORT TERM INVESTMENTS - 5.06%
Money Market Funds - 5.06%
Fidelity Institutional Money Market, 4.56% (a)	1,710,329		1,710,329
First American Funds, Inc., 4.21% (a)	116,339		116,339
			1,826,668
TOTAL SHORT TERM INVESTMENTS (Amortized Cost $1,826,668)			1,826,668
Total Investments (Amortized Cost $36,785,811) - 99.76%			35,994,492
Other Assets in Excess of Liabilities, Net 0.24%			87,646
TOTAL NET ASSETS - 100.00%		$	36,082,138

Footnotes

The following information for the Funds is presented on an income tax basis as of March 31, 2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Fixed Income Fund	36,785,811	55,281	(846,600	)	(791,319	)

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

Percentages are stated as a percent of net assets.

(a) Variable rate security; the yield shown represents the rate at March 31, 2006

Schedule of Investments

March 31, 2006 (Unaudited)

Timothy Large/Mid Cap Growth Fund

	Shares	Value
COMMON STOCKS - 96.30%
Advertising Services - 0.77%
Getty Images, Inc. (a)	6,500	$	486,720
Aerospace/Defense - Equipment - 3.10%
United Technologies Corp.	34,000		1,970,980
Audio/Video Products - 1.57%
Harman International Industries, Inc.	9,000		1,000,170
Business Services - 1.68%
Cintas Corp.	25,000		1,065,500
Communications Technology - 0.53%
Research In Motion Ltd. (a)	4,000		339,520
Computer Services - 0.56%
Cognizant Technology Solutions Corp. (a)	6,000		356,940
Cosmetics & Toiletries - 3.67%
Colgate-Palmolive Co.	20,000		1,142,000
Estee Lauder Companies, Inc.	32,000		1,190,080
			2,332,080
Diversified Manufacturing Operations - 7.51%
Danaher Corp.	25,000		1,588,750
Illinois Tool Works, Inc.	7,000		674,170
Ingersoll-Rand Co.	28,000		1,170,120
Tyco International Ltd.	50,000		1,344,000
			4,777,040
E-Commerce/Services - 1.04%
EBay, Inc. (a)	17,000		664,020
Electric Products - Miscellaneous - 1.97%
Emerson Electric Co.	15,000		1,254,450
Electronic Components - Semiconductors - 4.87%
Marvell Technology Group Ltd. (a)	15,000		811,500
Nvidia Corp. (a)	22,000		1,259,720
Rambus, Inc. (a)	26,000		1,022,840
			3,094,060
Electronics - Military - 3.60%
L-3 Communications Holdings, Inc.	26,700		2,290,593
Enterprise Software/Services - 3.50%
SAP AG ADR	41,000		2,227,120
Finance - Investment Banker/Broker - 0.22%
Bear Stearns Companies, Inc.	1,000		138,700
Food - Confectionery - 1.97%
The Hershey Co.	24,000		1,253,520
Food - Wholesale/Distribution - 2.57%
SYSCO Corp.	51,000		1,634,550
Industrial Automation/Robotics - 3.07%
Intermec, Inc. (a)	19,000		579,690
Rockwell Automation, Inc.	19,050		1,369,886
			1,949,576
Industrial Gases - 1.47%
Praxair, Inc.	17,000		937,550

Information Technology Services - 1.38%
Satyam Computer Services Ltd. ADR	20,000	875,200
Instruments - Scientific - 0.46%
Fisher Scientific International, Inc. (a)	4,300	292,615
Internet Application Software - 1.32%
Red Hat, Inc. (a)	30,000	839,400
Machinery - Print Trade - 1.16%
Zebra Technologies Corp. (a)	16,500	737,880
Medical - Biomedical/Genetics - 4.47%
Genzyme Corp. (a)	26,000	1,747,720
Medimmune, Inc. (a)	30,000	1,097,400
		2,845,120
Medical - Drugs - 2.64%
Allergan, Inc.	10,000	1,085,000
Endo Pharmaceuticals Holdings, Inc. (a)	18,000	590,580
		1,675,580
Medical Instruments - 2.39%
St. Jude Medical, Inc. (a)	37,000	1,517,000
Medical Products - 5.18%
Biomet, Inc.	21,000	745,920
Stryker Corp.	33,000	1,463,220
Zimmer Holdings, Inc. (a)	16,000	1,081,600
		3,290,740
Motorcycle/Motor Scooters - 1.63%
Harley Davidson, Inc.	20,000	1,037,600
Multi-line Insurance - 2.49%
American International Group, Inc.	24,000	1,586,160
Oil - Field Services - 2.79%
Baker Hughes, Inc.	11,000	752,400
Halliburton Co.	1,500	109,530
Weatherford International Ltd. (a)	20,000	915,000
		1,776,930
Oil Company - Integrated - 2.07%
Total SA ADR	10,000	1,317,300
Oil Field Machinery & Equipment - 0.76%
National Oilwell Varco, Inc. (a)	7,500	480,900
Oil Refining & Marketing - 0.49%
Valero Energy Corp.	5,200	310,856
Pharmacy Services - 4.89%
Caremark RX, Inc. (a)	40,000	1,967,200
Medco Health Solutions, Inc. (a)	20,000	1,144,400
		3,111,600
Retail - Apparel/Shoe - 2.05%
Chicos Fas, Inc. (a)	20,000	812,800
Urban Outfitters, Inc. (a)	20,000	490,800
		1,303,600
Retail - Bedding - 1.75%
Bed Bath Beyond, Inc. (a)	29,000	1,113,600
Retail - Building Products - 3.44%
Lowe’s Companies, Inc.	33,950	2,187,738
Retail - Pet Food & Supplies - 1.02%

Petsmart, Inc.	23,000		647,220
Retail - Regional Department Store - 2.08%
Kohls Corp. (a)	25,000		1,325,250
Semiconductor Equipment - 4.84%
Cypress Semiconductor Corp. (a)	36,000		610,200
Linear Technology Corp.	49,000		1,718,920
Sandisk Corp. (a)	13,000		747,760
			3,076,880
Therapeutics - 3.33%
Gilead Sciences, Inc. (a)	34,000		2,115,480
TOTAL COMMON STOCKS (Cost $51,435,991)			61,237,738
SHORT TERM INVESTMENTS - 3.75%
Money Market Funds - 3.75%
Fidelity Institutional Money Market, 4.56% (b)	2,382,302		2,382,302
TOTAL SHORT TERM INVESTMENTS (Cost $2,382,302)			2,382,302
Total Investments (Cost $53,818,293) - 100.05%			63,620,040
Liabilities in Excess of Other Assets, Net (0.05)%			(31,310	)
TOTAL NET ASSETS - 100.00%		$	63,588,730

Footnotes

The following information for the Funds is presented on an income tax basis as of March 31, 2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Large/Mid Cap Growth Fund	53,818,293	10,546,186	(744,439	)	9,801,747

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.

ADR American Depository Receipt

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at March 31, 2006

Schedule of Investments

March 31, 2006 (Unaudited)

Timothy Large/Mid Cap Value Fund

	Shares	Value
COMMON STOCKS - 94.46%
Aerospace/Defense - Equipment - 4.09%
Rockwell Collins, Inc.	28,400	$	1,600,340
United Technologies Corp.	26,100		1,513,017
			3,113,357
Business Services - 2.02%
Henry Jack & Associates, Inc.	67,300		1,539,151
Coal - 2.03%
Arch Coal, Inc.	20,300		1,541,582
Commercial Banks - Southern US - 3.97%
BB&T Corp.	38,500		1,509,200
Compass Bancshares, Inc.	29,800		1,508,178
			3,017,378
Commercial Banks - Western US - 1.95%
Zions Bancorp	17,900		1,480,867
Cosmetics & Toiletries - 1.97%
Colgate-Palmolive Co.	26,200		1,496,020
Data Processing/Management - 1.98%
Automatic Data Processing, Inc.	32,900		1,502,872
Disposable Medical Products - 1.91%
C R Bard, Inc.	21,400		1,451,134
Diversified Manufacturing Operations - 6.15%
Cooper Industries Ltd.	18,200		1,581,580
Eaton Corp.	21,100		1,539,667
ITT Industries, Inc.	27,700		1,557,294
			4,678,541
Electric Products - Miscellaneous - 2.00%
Emerson Electric Co.	18,200		1,522,066
Electric Utilities - 3.98%
Constellation Energy Group, Inc.	27,600		1,509,996
Southern Co.	46,300		1,517,251
			3,027,247
Finance - Investment Banker/Broker - 4.01%
Bear Stearns Companies, Inc.	11,700		1,622,790
Legg Mason, Inc.	11,400		1,428,762
			3,051,552
Food - Dairy Products - 1.97%
Dean Foods Co. (a)	38,600		1,498,838
Food - Wholesale/Distribution - 1.07%
Bunge Ltd.	14,600		813,366
Industrial Gases - 1.93%
Praxair, Inc.	26,600		1,466,990
Industrial Metals & Mining - 2.17%
Titanium Metals Corp. (a)	34,000		1,650,700

Investment Management/Advisory Services - 5.79%
Blackrock, Inc.	9,700	1,358,000
Eaton Vance Corp.	56,500	1,546,970
Franklin Resources, Inc.	15,900	1,498,416
		4,403,386
Medical Products - 0.96%
Zimmer Holdings, Inc. (a)	10,800	730,080
Metal - Diversified - 2.09%
Rio Tinto PLC ADR	7,700	1,593,900
Metal Processors & Fabrication - 2.08%
Precision Castparts Corp.	26,600	1,580,040
Oil - Field Services - 2.02%
Baker Hughes, Inc.	22,500	1,539,000
Oil Company - Exploration & Production - 6.06%
Apache Corp.	23,200	1,519,832
Murphy Oil Corp.	31,000	1,544,420
XTO Energy, Inc.	35,400	1,542,378
		4,606,630
Oil Company - Integrated - 7.93%
ConocoPhillips	24,500	1,547,175
Exxon Mobil Corp.	24,500	1,491,070
Marathon Oil Corp.	20,500	1,561,485
Occidental Petroleum Corp.	15,500	1,436,075
		6,035,805
Paper & Related Products - 2.00%
Rayonier, Inc.	33,350	1,520,427
REITS - Diversified - 2.04%
Equity Residential	33,200	1,553,428
Retail - Auto Parts - 2.15%
O’ Reilly Automotive, Inc. (a)	44,800	1,637,888
Retail - Bedding - 1.00%
Bed Bath Beyond, Inc. (a)	19,900	764,160
Retail - Jewelry - 1.94%
Tiffany & Co.	39,300	1,475,322
Retail - Restaurants - 0.95%
Wendy’s International, Inc.	11,700	726,102
Technical Services - 2.02%
Cadence Design Systems, Inc. (a)	83,000	1,534,670
Telecommunication Equipment - 2.09%
Harris Corp.	33,700	1,593,673
Telephone - Integrated - 1.98%
Alltel Corp.	23,300	1,508,675
Transport - Marine - 1.93%
Overseas Shipholding Group, Inc.	30,600	1,466,658
Transport - Rail - 2.19%
Burlington Northern Santa Fe Corp.	20,000	1,666,600
Transport - Services - 1.99%
Fedex Corp.	13,400	1,513,396
Water - 2.05%
Aqua America, Inc.	56,066	1,559,756
TOTAL COMMON STOCKS (Cost $60,518,066)		71,861,257
OTHER SECURITIES - 2.08%
Investment Management/Advisory Services - 2.08%
AllianceBernstein Holding LP	23,800	1,576,750
TOTAL OTHER SECURITIES (Cost $1,115,246)		1,576,750

SHORT TERM INVESTMENTS - 4.13%
Money Market Funds - 4.13%
Fidelity Institutional Money Market, 4.56% (b)	3,142,850		3,142,850
TOTAL SHORT TERM INVESTMENTS (Cost $3,142,850)			3,142,850
Total Investments (Cost $64,776,162) - 100.67%			76,580,857
Liabilities in Excess of Other Assets, Net (0.67)%			(506,258	)
TOTAL NET ASSETS - 100.00%		$	76,074,599

Footnotes

The following information for the Funds is presented on an income tax basis as of March 31,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Large/Mid Cap Value Fund	64,788,446	12,283,641	(491,230	)	11,792,411

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

Percentages are stated as a percent of net assets.

ADR American Depository Receipt

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at March 31, 2006

Schedule of Investments

March 31, 2006 (Unaudited)

Timothy Money Market Fund

	Principal Amount		Value
GOVERNMENT AGENCIES - 98.24%
Federal Home Loan Bank System
0.00%, 04/05/2006 to 05/03/2006	$	5,440,000	$	5,429,605
TOTAL GOVERNMENT AGENCIES (Amortized Cost $5,429,605)				5,429,605
	Shares		Value
MONEY MARKET FUNDS - 2.09%
Fidelity Institutional Money Market, 4.56% (a)		115,558		115,558
TOTAL MONEY MARKET FUNDS (Amortized Cost $115,558)				115,558
Total Investments (Amortized Cost $5,545,163) - 100.33%				5,545,163
Liabilities in Excess of Other Assets, Net (0.33)%				(18,159	)
TOTAL NET ASSETS - 100.00%			$	5,527,004

Footnotes

The following information for the Funds is presented on an income tax basis as of March 31, 2006:

	Cost of Investments	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Gain/(Loss)
Timothy Money Market	5,545,163	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.

(a) Variable rate security; the yield shown represents the rate at March 31, 2006

Schedule of Investments

March 31, 2006 (Unaudited)

Timothy Patriot Fund

	Shares	Value
COMMON STOCKS - 85.57%
Aerospace/Defense - 3.09%
EDO Corp.	2,300	$	70,955
Auction House/Art Dealer - 2.10%
Adesa, Inc.	1,800		48,132
Building - Mobile Home/Manufactured Housing - 0.85%
Champion Enterprises, Inc. (a)	1,300		19,448
Building Products - Air & Heating - 2.01%
Lennox International, Inc.	1,550		46,283
Business Services - 1.16%
Macrovision Corp. (a)	1,200		26,580
Commercial Banks - Eastern US - 0.49%
Capital Crossing Bank (a)	350		11,151
Commercial Services - Finance - 2.76%
Interactive Data Corp. (a)	2,700		63,450
Consulting Services - 1.39%
Navigant Consulting, Inc. (a)	1,500		32,025
Data Processing/Management - 5.93%
InfoUSA, Inc.	6,000		77,880
MoneyGram International, Inc.	1,900		58,368
			136,248
Diversified Manufacturing Operations - 7.48%
Blount International, Inc. (a)	3,800		61,218
Federal Signal Corp.	2,000		37,000
Jacuzzi Brands, Inc. (a)	7,500		73,725
			171,943
E-Commerce/Products - 1.67%
1-800-Flowers.Com, Inc. (a)	5,400		38,340
Electronic Components - Misc - 0.50%
Benchmark Electronics, Inc. (a)	300		11,505
Electronics - 1.28%
DTS, Inc. (a)	1,500		29,490
Engineering / R&D Services - 1.23%
URS Corp. (a)	700		28,175
Financial Guarantee Insurance - 2.60%
PMI Group, Inc.	1,300		59,696
Industrial Automation/Robotics - 0.66%
Intermec, Inc. (a)	500		15,255
Investment Companies - 2.52%
MCG Capital Corp.	4,100		57,851
Medical - Biomedical/Genetics - 3.18%
Bio-Rad Laboratories, Inc. (a)	150		9,353
Charles River Laboratories International, Inc. (a)	1,300		63,726
			73,079
Medical - Drugs - 2.78%
K-V Pharmaceutical Co. (a)	2,650		63,918
Networking Products - 2.64%
Anixter International, Inc. (a)	500		23,890
Polycom, Inc. (a)	1,700		36,856
			60,746

Oil & Gas Drilling - 3.52%
Grey Wolf, Inc. (a)	6,500		48,360
Todco (a)	825		32,513
			80,873
Oil Company - Exploration & Production - 6.00%
Comstock Resources, Inc. (a)	2,350		69,771
Energy Partners Ltd. (a)	1,500		35,370
Swift Energy Corp. (a)	875		32,778
			137,919
Publishing - Books - 2.47%
John Wiley & Sons, Inc.	1,500		56,775
REITS - Diversified - 3.90%
Crescent Real Estate Equities Trust	1,600		33,712
Kite Realty Group Trust	3,500		55,825
			89,537
REITS - Hotels - 3.21%
Highland Hospitality Corp.	5,800		73,718
Resorts/Theme Parks - 1.37%
Sunterra Corp. (a)	2,200		31,416
Retail - Apparel/Shoe - 0.39%
Stage Stores, Inc.	300		8,925
Retail - Office Supplies - 2.10%
School Specialty, Inc. (a)	1,400		48,300
Retail - Pawn Shops - 2.48%
Cash America International, Inc.	1,900		57,038
Retail - Restaurants - 2.41%
Brinker International, Inc.	1,000		42,250
CBRL Group, Inc.	300		13,173
			55,423
Retail - Sporting Goods - 2.57%
K2 Incorporation (a)	4,700		58,985
S&L/Thrifts - Western US - 2.45%
Commercial Capital Bancorp, Inc.	4,000		56,240
Telecommunication Equipment - 4.72%
CommScope, Inc. (a)	3,800		108,490
Wire & Cable Products - 1.66%
Belden CDT, Inc.	1,400		38,122
TOTAL COMMON STOCKS (Cost $1,670,647)			1,966,031
SHORT TERM INVESTMENTS - 8.50%
Money Market Funds - 8.50%
Fidelity Institutional Money Market, 4.56% (b)	97,630		97,630
First American Funds, Inc., 4.21% (b)	97,630		97,630
			195,260
TOTAL SHORT TERM INVESTMENTS (Cost $195,260)			195,260
Total Investments (Cost $1,865,907) - 94.07%			2,161,291
Other Assets in Excess of Liabilities, Net 5.93%			136,357
TOTAL NET ASSETS - 100.00%		$	2,297,648

Footnotes

The following information for the Funds is presented on an income tax basis as of March 31,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Patriot Fund	1,865,907	331,058	(35,674	)	295,384

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

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at March 31, 2006

Schedule of Investments

March 31, 2006 (Unaudited)

Timothy Small Cap Value Fund

	Shares	Value
COMMON STOCKS - 95.03%
Aerospace/Defense - 6.31%
DRS Technologies, Inc.	29,000	$	1,591,230
Moog, Inc. (a)	46,800		1,660,932
Teledyne Technologies, Inc. (a)	42,500		1,513,000
			4,765,162
Building - Residential/Commercial - 1.00%
Technical Olympic USA, Inc.	37,200		757,020
Coal - 2.18%
Foundation Coal Holdings, Inc.	40,100		1,649,714
Commercial Banks - Central US - 0.98%
Republic Bancorp Inc. Michigan	61,200		736,848
Commercial Banks - Eastern US - 1.94%
Provident Bankshares Corp.	40,100		1,461,645
Commercial Banks - Western US - 3.98%
Cathay General Bancorp	41,100		1,547,004
State National Bancshares, Inc.	53,600		1,460,600
			3,007,604
Dental Supplies & Equipment - 2.07%
Sybron Dental Specialties, Inc. (a)	38,000		1,567,120
Electric Utilities - 0.99%
Cleco Corp.	33,500		748,055
Electronic Components - Misc - 2.01%
Benchmark Electronics, Inc. (a)	39,600		1,518,660
Engineering / R&D Services - 1.87%
URS Corp. (a)	35,000		1,408,750
Enterprise Software/Services - 3.14%
Hyperion Solutions Corp. (a)	22,100		720,460
Mantech International Corp. (a)	49,700		1,651,034
			2,371,494
Fiduciary Banks - 2.10%
Boston Private Bancorp, Inc.	46,900		1,584,751
Finance - Investment Banker/Broker - 1.10%
Stifel Financial Corp. (a)	19,000		829,730
Gas - Distribution - 0.96%
Atmos Energy Corp.	27,400		721,442
General Contractors - 2.01%
Layne Christensen Co. (a)	45,300		1,518,456
Hotels & Motels - 4.22%
Marcus Corp.	85,000		1,695,750
Orient Express Hotels Ltd.	38,100		1,494,663
			3,190,413

Industrial Metals & Mining - 2.24%
Titanium Metals Corp. (a)	34,800	1,689,540
Investment Management/Advisory Services - 1.03%
Calamos Asset Management, Inc.	20,800	777,920
Long Distance carriers - 2.12%
General Communications, Inc. (a)	132,300	1,599,507
Machinery - General Industry - 4.09%
Idex Corp.	28,900	1,507,713
Middleby Corp. (a)	18,900	1,582,308
		3,090,021
Machinery Tools & Related Products - 2.00%
Kennametal, Inc.	24,700	1,510,158
Medical - Appliances & Equipment - 1.84%
Symmetry Medical, Inc. (a)	65,700	1,393,497
Office Furnishings-Orig - 2.06%
Knoll, Inc.	72,900	1,554,228
Oil Company - Exploration & Production - 5.02%
Remington Oil And Gas Corp. (a)	17,300	747,706
Unit Corp. (a)	26,500	1,477,375
Whiting Petroleum Holdings, Inc. (a)	38,200	1,565,818
		3,790,899
Oil Field Machinery & Equipment - 2.04%
Hydril (a)	19,800	1,543,410
Paper & Related Products - 1.02%
Longview Fibre Company REIT	29,800	770,032
Processed & Packaged Goods - 2.05%
J&J Snack Foods Corp.	46,202	1,551,925
Recreational Vehicles - 1.01%
Arctic Cat, Inc.	31,800	765,108
REITS - Diversified - 2.86%
Heritage Property Investment Trust	36,900	1,460,871
Lexington Corporate Properties Trust	33,600	700,560
		2,161,431
REITS - Hotels - 3.87%
Lasalle Hotel Properties	36,200	1,484,200
Sunstone Hotel Investors, Inc.	49,700	1,439,809
		2,924,009
REITS - Office Property - 2.00%
Maguire Properties, Inc.	41,400	1,511,100
REITS - Residential - 1.96%
Post Properties, Inc.	33,300	1,481,850
REITS - Retail - 1.94%
Getty Realty Corporation (Holding Company)	50,300	1,463,730
Retail - Apparel/Shoe - 1.19%
Children’s Place (a)	15,500	897,450
Software & Programming - 2.26%
SI International, Inc. (a)	48,600	1,708,290
Steel - Specialty - 2.10%
Oregon Steel Mills, Inc. (a)	31,000	1,586,270
Steel & Iron - 1.93%
Cleveland Cliffs, Inc.	16,700	1,454,904
Technical Services - 1.88%
Washington Group International, Inc. (a)	24,700	1,417,533

Telcom Services - 2.07%
Valor Communications Group, Inc.	119,100		1,567,356
Transport - Equipment & Leasng - 1.82%
Greenbrier Companies, Inc.	34,400		1,377,720
Transport - Rail - 1.94%
FreightCar America	23,000		1,462,800
Transport - Services - 3.83%
Arlington Tankers Ltd.	64,300		1,478,900
Horizon Lines, Inc.	109,000		1,412,640
			2,891,540
TOTAL COMMON STOCKS (Cost $64,706,275)			71,779,092
SHORT TERM INVESTMENTS - 1.91%
Money Market Funds - 1.91%
Fidelity Institutional Money Market, 4.56% (b)	1,444,989		1,444,989
TOTAL SHORT TERM INVESTMENTS (Cost $1,444,989)			1,444,989
Total Investments (Cost $66,151,264) - 96.94%			73,224,081
Other Assets in Excess of Liabilities, Net 3.06%			2,309,206
TOTAL NET ASSETS - 100.00%		$	75,533,287

Footnotes

The following information for the Funds is presented on an income tax basis as of March 31,2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Small Cap Value Fund	66,151,264	7,702,312	(629,495	)	7,072,817

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

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at March 31, 2006

Schedule of Investments

March 31, 2006 (Unaudited)

Timothy Small-Cap Variable Series

	Shares	Value
COMMON STOCKS - 99.37%
Aerospace/Defense - 2.46%
EDO Corp.	4,000	$	123,400
Auction House/Art Dealer - 2.19%
Adesa, Inc.	4,100		109,634
Building - Mobile Home/Manufactured Housing - 1.88%
Champion Enterprises, Inc. (a)	6,300		94,248
Building Products - Air & Heating - 3.57%
Lennox International, Inc.	6,000		179,160
Business Services - 1.33%
Macrovision Corp. (a)	3,000		66,450
Commercial Banks - Eastern US - 0.89%
Capital Crossing Bank (a)	1,400		44,604
Commercial Services - Finance - 3.75%
Interactive Data Corp. (a)	8,000		188,000
Consulting Services - 1.28%
Navigant Consulting, Inc. (a)	3,000		64,050
Data Processing/Management - 5.37%
InfoUSA, Inc.	16,000		207,680
MoneyGram International, Inc.	2,000		61,440
			269,120
Diversified Manufacturing Operations - 6.11%
Blount International, Inc. (a)	6,300		101,493
Federal Signal Corp.	3,000		55,500
Jacuzzi Brands, Inc. (a)	15,200		149,416
			306,409
E-Commerce/Products - 1.42%
1-800-Flowers.Com, Inc. (a)	10,000		71,000
Electric - Integrated - 0.00%
Allete, Inc.	1		47
Electronic Components - Misc - 1.15%
Benchmark Electronics, Inc. (a)	1,500		57,525
Electronics - 1.76%
DTS, Inc. (a)	4,500		88,470
Engineering / R&D Services - 3.37%
URS Corp. (a)	4,200		169,050
Financial Guarantee Insurance - 2.75%
PMI Group, Inc.	3,000		137,760
Industrial Automation/Robotics - 1.28%
Intermec, Inc. (a)	2,100		64,071
Investment Companies - 2.45%
MCG Capital Corp.	8,700		122,757
Medical - Biomedical/Genetics - 4.03%
Bio-Rad Laboratories, Inc. (a)	600		37,410
Charles River Laboratories International, Inc. (a)	3,360		164,707
			202,117
Medical - Drugs - 2.77%
K-V Pharmaceutical Co. (a)	5,750		138,690

Metal Processors & Fabrication - 4.03%
Kaydon Corp.	5,000		201,800
Networking Products - 2.78%
Anixter International, Inc. (a)	1,100		52,558
Polycom, Inc. (a)	4,000		86,720
			139,278
Oil & Gas Drilling - 2.15%
Grey Wolf, Inc. (a)	14,500		107,880
Oil Company - Exploration & Production - 6.13%
Comstock Resources, Inc. (a)	4,000		118,760
Energy Partners Ltd. (a)	4,500		106,110
Swift Energy Corp. (a)	2,200		82,412
			307,282
Publishing - Books - 2.26%
John Wiley & Sons, Inc.	3,000		113,550
REITS - Diversified - 3.93%
Crescent Real Estate Equities Trust	3,000		63,210
Kite Realty Group Trust	8,400		133,980
			197,190
REITS - Hotels - 3.42%
Highland Hospitality Corp.	13,500		171,585
Resorts/Theme Parks - 1.34%
Sunterra Corp. (a)	4,700		67,116
Retail - Apparel/Shoe - 2.34%
Stage Stores, Inc.	3,950		117,512
Retail - Automobile - 3.09%
United Auto Group, Inc.	3,600		154,800
Retail - Office Supplies - 2.27%
School Specialty, Inc. (a)	3,300		113,850
Retail - Pawn Shops - 1.50%
Cash America International, Inc.	2,500		75,050
Retail - Restaurants - 2.59%
Brinker International, Inc.	1,000		42,250
CBRL Group, Inc.	2,000		87,820
			130,070
Retail - Sporting Goods - 2.83%
K2 Incorporation (a)	11,300		141,815
S&L/Thrifts - Western US - 2.24%
Commercial Capital Bancorp, Inc.	8,000		112,480
Telecommunication Equipment - 5.30%
CommScope, Inc. (a)	9,300		265,515
Wire & Cable Products - 1.36%
Belden CDT, Inc.	2,500		68,075
TOTAL COMMON STOCKS (Cost $3,812,584)			4,981,410
SHORT TERM INVESTMENTS - 0.59%
Money Market Funds - 0.59%
Fidelity Institutional Money Market, 4.56% (b)	29,827		29,827
TOTAL SHORT TERM INVESTMENTS (Cost $29,827)			29,827
Total Investments (Cost $3,842,411) - 99.96%			5,011,237
Other Assets in Excess of Liabilities, Net 0.04%			1,842
TOTAL NET ASSETS - 100.00%		$	5,013,079

Footnotes

The following information for the Funds is presented on an income tax basis as of March 31, 2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Annuity Series Fund	3,842,411	1,247,274	(78,448	)	1,168,826

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

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at March 31, 2006

Schedule of Investments

March 31, 2006 (Unaudited)

Timothy Strategic Growth

	Shares	Value
MUTUAL FUNDS - 99.79%
Timothy Plan Fund Aggressive Growth Fund Class A (a)	1,398,747	$	11,553,650
Timothy Plan Fund Large/Mid Cap Growth Fund Class A (a)	2,731,513		19,721,527
Timothy Plan Fund Large/Mid Cap Value Fund Class A (a)	1,012,752		14,208,904
Timothy Plan Fund Small Cap Value Fund Class A (a)	678,983		11,563,076
TOTAL MUTUAL FUNDS (Cost $47,603,577)			57,047,157
SHORT TERM INVESTMENTS - 0.14%
Money Market Funds - 0.14%
Fidelity Institutional Money Market, 4.56% (b)	79,738		79,738
TOTAL SHORT TERM INVESTMENTS (Cost $79,738)			79,738
Total Investments (Cost $47,683,315) - 99.93%			57,126,895
Other Assets in Excess of Liabilities, Net 0.07%			40,836
TOTAL NET ASSETS - 100.00%		$	57,167,731

Footnotes

The following information for the Funds is presented on an income tax basis as of March 31, 2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Gain/(Loss)
Timothy Strategic Growth	47,760,892	9,366,003	—	9,366,003

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.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at March 31, 2006

Schedule of Investments

March 31, 2006 (Unaudited)

Timothy Strategic Growth Variable

	Shares	Value
MUTUAL FUNDS - 99.71%
Timothy Plan Fund Aggressive Growth Fund Class A (a)	238,255	$	1,967,989
Timothy Plan Fund Fixed Income Fund Class A	107,851		1,066,647
Timothy Plan Fund Large/Mid Cap Growth Fund Class A (a)	494,725		3,571,914
Timothy Plan Fund Large/Mid Cap Value Fund Class A (a)	177,631		2,492,169
Timothy Plan Fund Small Cap Value Fund Class A (a)	117,317		1,997,904
TOTAL MUTUAL FUNDS (Cost $9,412,820)			11,096,623
SHORT TERM INVESTMENTS - 0.25%
Money Market Funds - 0.25%
Fidelity Institutional Money Market, 4.56% (b)	27,615		27,615
TOTAL SHORT TERM INVESTMENTS (Cost $27,615)			27,615
Total Investments (Cost $9,440,435) - 99.96%			11,124,238
Other Assets in Excess of Liabilities, Net 0.04%			4,819
TOTAL NET ASSETS - 100.00%		$	11,129,057

Footnotes

The following information for the Funds is presented on an income tax basis as of March 31, 2006:

	Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Gain/(Loss)
Timothy Strategic Growth Variable	9,474,050	1,694,389	(44,201	)	1,650,188

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

Percentages are stated as a percent of net assets.

(a) Non-income producing security

(b) Variable rate security; the yield shown represents the rate at March 31, 2006

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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 (Signature and Title)*	/s/ Arthur D Ally
	Arthur D Ally, President
	(principal executive officer)
Date  May     , 2006

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

By (Signature and Title)*	/s/ Arthur D Ally
	Arthur D Ally, President
	(principal executive officer)
Date  May     , 2006
By (Signature and Title)*	/s/ Arthur D Ally
	Arthur D Ally, Treasurer
	(principal financial officer)
Date  May     , 2006

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Arthur D Ally, certify that:

1. I have reviewed this report on Form N-Q of The Timothy Plan;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May     , 2006	/s/ Arthur D Ally
	Arthur D Ally, President
	(principal executive officer)

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Arthur D Ally, certify that:

1. I have reviewed this report on Form N-Q of The Timothy Plan;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 2, 2006	/s/ Arthur D Ally
	Arthur D Ally, Treasurer
	(principal financial officer)