UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number - 811-08228

The Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons

Maitland, FL 32751

(Address of principal executive offices) (Zip code)

John Swhear

Unified Fund Services, Inc.

2960 N Meridian Street, Suite 300

Indianapolis, IN 46208

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 03/31/2008

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44

U.S.C. § 3507.

Item 1. Schedule of Investments.

SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 86.05%

number of shares		market value
	AEROSPACE/DEFENSE - 4.50%
36,800	Moog, Inc. - Class A *	$	1,553,328
34,000	Teledyne Technologies, Inc. *		1,598,000
			3,151,328
	BUILDING & CONSTRUCTION - MISCELLANEOUS - 2.15%
42,900	Layne Christensen Co. *		1,502,358
	COAL - 1.07%
14,900	Foundation Coal Holdings, Inc.		749,917
	COMMERCIAL BANKS - SOUTHERN US - 1.21%
73,600	Virginia Commerce Bancorp, Inc. *		844,928
	COMMERCIAL BANKS - WESTERN US - 1.80%
30,200	Cathay General Bancorp		626,046
28,200	Columbia Banking System, Inc.		631,116
			1,257,162
	COMMERCIAL SERVICES - 2.16%
52,000	Macquarie Infrastructure Co. LLC		1,514,760
	COMPUTER SERVICES - 1.82%
66,400	SI International, Inc. *		1,274,216
	CONSUMER PRODUCTS - MISCELLANEOUS - 2.35%
42,500	Tupperware Brands Corp.		1,643,900
	COSMETICS & TOILETRIES - 1.33%
33,900	Alberto-Culver Co.		929,199
	DIVERSIFIED MANUFACTURING OPERATIONS - 2.15%
45,900	A.O. Smith Corp.		1,508,733
	ELECTRIC - INTEGRATED - 2.25%
70,900	Cleco Corp.		1,572,562
	ELECTRONICS COMPONENTS - MISCELLANEOUS - 2.54%
99,200	Benchmark Electronics, Inc. *		1,780,640
	ENTERPRISE SOFTWARE/SERVICES - 4.54%
135,100	Epicor Software Corp. *		1,513,120
36,700	ManTech International Corp. - Class A *		1,664,712
			3,177,832
	FINANCE - INVESTMENT BANKER/BROKER - 3.34%
30,800	KBW, Inc. *		679,140
37,000	Stifel Financial Corp. *		1,661,300
			2,340,440

SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 86.05% (continued)

number of shares		market value
	FOOD - MISCELLANEOUS/DIVERSIFIED - 4.48%
87,500	Diamond Foods, Inc.	$	1,587,250
56,402	J & J Snack Foods Corp.		1,549,363
			3,136,613
	HOTELS & MOTELS - 4.94%
98,200	Marcus Corp.		1,885,440
36,500	Orient-Express Hotels, Ltd. - Class A		1,575,340
			3,460,780
	INDUSTRIAL AUTOMATION/ROBOTICS - 2.26%
33,800	Hurco Companies, Inc. *		1,581,164
	INTIMATE APPAREL - 2.48%
44,100	Warnaco Group, Inc. *		1,739,304
	MACHINERY - GENERAL INDUSTRY - 2.51%
28,200	Middleby Corp. *		1,759,398
	MEDICAL - OUTPATIENT/HOME MEDICAL CARE - 2.63%
84,600	Gentiva Health Services, Inc. *		1,840,896
	METAL PROCESSORS & FABRICATORS - 2.24%
35,700	Kaydon Corp.		1,567,587
	NON-FERROUS METALS - 2.22%
34,400	RTI International Metals, Inc. *		1,555,224
	OFFICE FURNISHINGS - ORIGINAL - 2.12%
128,800	Knoll, Inc.		1,486,352
	OIL COMPANY - EXPLORATION & PRODUCTION - 3.67%
37,600	Penn Virginia Corp.		1,657,784
16,100	Unit Corp. *		912,065
			2,569,849
	OIL FIELD MACHINERY & EQUIPMENT - 2.43%
36,400	NATCO Group, Inc. *		1,701,700
	OIL - FIELD SERVICES - 4.49%
86,800	Matrix Service Co. *		1,491,224
36,800	Oil States International, Inc. *		1,649,008
			3,140,232
	PROPERTY/CASUALTY INSURANCE - 2.22%
105,500	SeaBright Insurance Holdings, Inc. *		1,554,015
	REINSURANCE - 2.44%
61,000	IPC Holdings, Ltd.		1,708,000

SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 86.05% (continued)

number of shares		market value
	RETIREMENT/AGED CARE - 1.09%
119,900	Five Star Quality Care, Inc. *	$	761,365
	SEMICONDUCTOR EQUIPMENT - 2.41%
78,900	MKS Instruments, Inc. *		1,688,460
	STEEL PIPE & TUBE - 2.57%
42,300	Northwest Pipe Co. *		1,797,327
	TRANSPORTATION - MARINE - 5.64%
78,000	Arlington Tankers, Ltd.		1,638,000
40,600	Horizon Lines, Inc. - Class A		755,566
71,100	OceanFreight, Inc.		1,556,379
			3,949,945
	Total Common Stocks (cost $59,606,149)		60,246,186
MASTER LIMITED PARTNERSHIPS - 4.39%
number of shares		market value
50,500	MarkWest Energy Partners LP		1,557,420
65,100	Targa Resource Partners LP		1,513,575
	Total Master Limited Partnerships (cost $3,417,810)		3,070,995
REITs - 5.71%
number of shares		market value
	APARTMENTS - 2.23%
40,500	Post Properties, Inc.		1,564,110
	DIVERSIFIED - 1.14%
55,300	Lexington Realty Trust		796,873
	WAREHOUSE/INDUSTRIAL - 2.34%
164,500	DCT Industrial Trust, Inc.		1,638,420
	Total REITs (cost $4,241,990)		3,999,403

SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

SHORT-TERM INVESTMENTS - 5.46%

number of shares		market value
3,819,497	Timothy Plan Money Market Fund, 2.15% (A) (B)	$	3,819,497
	Total Short-Term Investments (cost $3,819,497)		3,819,497
	TOTAL INVESTMENTS (cost $71,085,446) - 101.61%	$	71,136,081
	LIABILITIES IN EXCESS OF CASH & OTHER ASSETS - (1.61)%		(1,127,197	)
	NET ASSETS - 100.00%	$	70,008,884
	*       Non-income producing securities. (A)   Variable rate security; the yield shown represents the rate at March 31, 2008. (B)   Fund held is another series within the Timothy Plan. The following information for the Fund is presented on an income tax basis as of March 31, 2008.
	Gross Unrealized Appreciation	$	5,929,280
	Gross Unrealized Depreciation		(5,878,645	)
	Net Unrealized Gain/(Loss)	$	50,635
	Cost of Investments	$	71,085,446

LARGE / MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 85.24%

number of shares		market value
	AEROSPACE/DEFENSE - 2.00%
41,500	Rockwell Collins, Inc.	$	2,371,725
	AGRICULTURAL CHEMICALS - 1.84%
21,100	CF Industries Holdings, Inc.		2,186,382
	APPAREL MANUFACTURERS - 1.98%
30,300	VF Corp.		2,348,553
	COMMERCIAL BANKS - SOUTHERN US - 1.92%
70,900	BB&T Corp.		2,273,054
	COMMERCIAL SERVICE - FINANCIAL - 2.08%
104,400	Total System Services, Inc.		2,470,104
	COMPUTER - INTEGRATED SYSTEMS - 1.95%
93,900	Jack Henry & Associates, Inc.		2,316,513
	COSMETICS & TOILETRIES - 1.98%
30,200	Colgate-Palmolive Co.		2,352,882
	DISTRIBUTION/WHOLESALE - 1.98%
58,400	Genuine Parts Co.		2,348,848
	DIVERSIFIED MANUFACTURING OPERATIONS - 2.00%
59,000	Cooper Industries, Ltd. - Class A		2,368,850
	ELECTRIC PRODUCTS - MISCELLANEOUS - 1.97%
45,400	Emerson Electric Co.		2,336,284
	ELECTRIC - INTEGRATED - 6.07%
27,500	Constellation Energy Group, Inc.		2,427,425
58,900	Dominion Resources, Inc.		2,405,476
66,300	Southern Co.		2,360,943
			7,193,844
	ELECTRIC COMPONENTS - SEMICONDUCTORS - 1.87%
31,200	MEMC Electronic Materials, Inc. *		2,212,080
	ENGINEERING/R&D SERVICES - 2.10%
45,400	McDermott International, Inc. *		2,488,828
	ENTERPRISE SOFTWARE/SERVICES - 1.97%
71,700	BMC Software, Inc. *		2,331,684
	INSURANCE BROKERS - 1.93%
68,100	Willis Group Holdings, Ltd.		2,288,841
	INVESTMENT MANAGEMENT/ADVISORY SERVICES - 6.08%
13,000	BlackRock, Inc.		2,654,340
73,100	Eaton Vance Corp.		2,230,281
24,000	Franklin Resources, Inc.		2,327,760
			7,212,381

LARGE / MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 85.24% (continued)

number of shares		market value
	MACHINERY - PUMPS - 1.95%
22,100	Flowserve Corp.	$	2,306,798
	MEDICAL - BIOMEDICAL/GENE - 2.23%
35,500	Genzyme Corp. *		2,646,170
	MEDICAL - DRUGS - 1.00%
21,000	Allergan, Inc.		1,184,190
	MEDICAL PRODUCTS - 4.09%
56,000	Covidien, Ltd.		2,478,000
30,400	Zimmer Holdings, Inc. *		2,366,944
			4,844,944
	MEDICAL - WHOLESALE DRUG DISTRIBUTORS - 2.04%
46,100	Cardinal Health, Inc.		2,420,711
	METAL - DIVERSIFIED - 2.09%
25,800	Freeport-McMoRan Copper & Gold, Inc.		2,482,476
	METAL PROCESSORS & FABRICATION - 2.02%
23,400	Precision Castparts Corp.		2,388,672
	MULTI-LINE INSURANCE - 2.00%
43,000	ACE, Ltd.		2,367,580
	OIL COMPANIES - EXPLORATION & PRODUCTION - 6.24%
21,100	Apache Corp.		2,549,302
33,200	Occidental Petroleum Corp.		2,429,244
39,200	XTO Energy, Inc.		2,424,912
			7,403,458
	OIL COMPANIES - INTEGRATED - 9.11%
32,000	ConocoPhillips		2,438,720
41,800	Exxon Mobil Corp.		3,535,444
50,600	Marathon Oil Corp.		2,307,360
30,700	Murphy Oil Corp.		2,521,698
			10,803,222
	PROPERTY/CASUALTY INSURANCE - 0.99%
17,000	Arch Capital Group, Ltd. *		1,167,390
	REINSURANCE - 1.97%
68,600	Axis Capital Holdings, Ltd.		2,331,028

LARGE / MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 85.24% (continued)

number of shares		market value
	SEMICONDUCTOR EQUIPMENT - 1.98%
61,500	Lam Research Corp. *	$	2,350,530
	STEEL - SPECIALTY - 1.90%
31,600	Allegheny Technologies, Inc.		2,254,976
	SUPER-REGIONAL BANKS - U.S. - 1.91%
64,600	Comerica, Inc.		2,266,168
	TELECOMMUNICATION EQUIPMENT - 1.99%
48,600	Harris Corp.		2,358,558
	WATER - 2.01%
127,066	Aqua America, Inc.		2,386,299
	Total Common Stocks (cost $91,432,604)		101,064,023
MASTER LIMITED PARTNERSHIPS - 4.01%
number of shares		market value
38,500	AllianceBernstein Holding LP		2,440,130
60,700	Lazard, Ltd. - Class A		2,318,740
	Total Master Limited Partnerships (cost $4,908,435)		4,758,870
REITs - 6.51%
number of shares		market value
	APARTMENTS - 1.49%
42,400	Equity Residential		1,759,176
	HEALTHCARE - 2.04%
71,600	HCP, Inc.		2,420,796
	STORAGE - 1.00%
13,400	Public Storage		1,187,508
	WAREHOUSE/INDUSTRIAL - 1.98%
39,900	Prologis		2,348,514
	Total REITs (cost $8,064,522)		7,715,994

LARGE / MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

SHORT-TERM INVESTMENTS - 3.89%

number of shares		market value
4,610,240	Timothy Plan Money Market Fund, 2.15% (A) (B)	$	4,610,240
	Total Short-Term Investments (cost $4,610,240)		4,610,240
	TOTAL INVESTMENTS (cost $109,015,801) - 99.65%	$	118,149,127
	CASH & OTHER ASSETS LESS LIABILITIES - 0.35%		418,476
	NET ASSETS - 100.00%	$	118,567,603
	*       Non-income producing securities. (A)   Variable rate security; the yield shown represents the rate at March 31, 2008. (B)   Fund held is another series within the Timothy Plan. The following information for the Fund is presented on an income tax basis as of March 31, 2008.
	Gross Unrealized Appreciation	$	15,277,506
	Gross Unrealized Depreciation		(6,144,180	)
	Net Unrealized Gain/(Loss)	$	9,133,326
	Cost of Investments	$	109,015,801

FIXED INCOME FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

BONDS AND NOTES - 94.53%

par value			market value
		CORPORATE BONDS - 37.10%
$	750,000	Alcoa, Inc., 5.87%, 02/23/2022	$	730,177
	800,000	American General Finance Corp., 5.375%, 10/01/2012		786,116
	750,000	Anadarko Finance Co., 6.75%, 05/01/2011		801,637
	150,000	Apache Corp., 5.25%, 04/15/2013		157,228
	250,000	Appalachian Power Co., 3.60%, 05/15/2008		249,853
	750,000	Canadian National Railway Co., 5.80%, 06/01/2016		777,791
	750,000	CIT Group, Inc., 5.00%, 02/13/2014		590,925
	500,000	Covidien International Finance SA, 5.45%, 10/15/2012 (A)		516,316
	910,000	CRH America, Inc., 6.00%, 09/30/2016		867,268
	950,000	Dominion Resources, Inc., 5.00%, 03/15/2013		971,141
	750,000	Duke Energy Indiana, Inc., 6.05%, 06/15/2016		774,113
	500,000	Entergy Gulf States, Inc., 5.70%, 06/01/2015		484,999
	900,000	ERP Operating LP, 5.125%, 03/15/2016		780,912
	750,000	FedEx Corp., 5.50%, 08/15/2009		768,262
	750,000	Genworth Financial, Inc., 4.95%, 10/01/2015		685,800
	500,000	Huntington National Bank, 3.125%, 05/15/2008		499,423
	250,000	International Paper Co., 4.25%, 01/15/2009		249,959
	750,000	Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014		737,986
	750,000	Marathon Oil Corp., 6.00%, 10/01/2017		762,198
	750,000	MidAmerican Energy Holdings Co., 5.875%, 10/01/2012		793,321
	250,000	National Rural Utilities Cooperative Finance Corp., 5.75%, 08/28/2009		256,784
	750,000	Nisource Finance Corp., 5.40%, 07/15/2014		742,490
	500,000	Oneok, Inc., 5.20%, 06/15/2015		489,541
	500,000	PC Financial Partnership, 5.00%, 11/15/2014		488,830
	300,000	Protective Life Secured Trusts, 5.75%, 01/15/2019		298,651
	750,000	Simon Property Group LP, 5.75%, 12/01/2015		714,533
	750,000	SLM Corp., 4.00%, 01/15/2010		630,592
	500,000	Transocean, Inc., 6.00%, 03/15/2018		515,273
	750,000	Tyco Electronics Group SA, 6.00%, 10/01/2012 (A)		769,455
	300,000	Unitrin, Inc., 4.875%, 11/01/2010		309,791
	750,000	Willis North America, Inc., 6.20%, 03/28/2017		749,735
	135,000	Wisconsin Energy Corp., 6.50%, 04/01/2011		143,874
	500,000	Yum! Brands, Inc., 6.25%, 03/15/2018		503,474
		Total Corporate Bonds (cost $19,881,303)		19,598,448

FIXED INCOME FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

BONDS AND NOTES - 94.53% (continued)

par value			market value
		U.S. GOVERNMENT & AGENCY OBLIGATIONS - 57.43%
$	1,000,000	Federal Home Loan Bank, 5.50%, 08/13/2014	$	1,107,503
	223,350	GNMA Pool 3584, 6.00%, 07/20/2034		231,010
	515,318	GNMA Pool 3612, 6.50%, 09/20/2034		537,855
	1,482,973	GNMA Pool 3625, 6.00%, 10/20/2034		1,533,360
	597,220	GNMA Pool 3637, 5.50%, 11/20/2034		609,146
	930,362	GNMA Pool 3665, 5.50%, 01/20/2035		948,883
	505,472	GNMA Pool 3679, 6.00%, 02/20/2035		522,163
	1,243,014	GNMA Pool 3711, 5.50%, 05/20/2035		1,267,759
	1,645,682	GNMA Pool 3865, 6.00%, 06/20/2036		1,699,384
	1,275,734	GNMA Pool 3910, 6.00%, 10/20/2036		1,317,363
	3,153,062	GNMA Pool 3939, 5.00%, 01/20/2037		3,144,350
	1,633,786	GNMA Pool 4058, 5.00%, 12/20/2037		1,629,272
	2,585,059	GNMA Pool 4072, 5.50%, 01/20/2038		2,635,088
	80,098	GNMA Pool 585163, 5.00%, 02/15/2018		81,463
	88,640	GNMA Pool 585180, 5.00%, 02/15/2018		90,151
	89,136	GNMA Pool 592492, 5.00%, 03/15/2018		90,655
	74,644	GNMA Pool 599821, 5.00%, 01/15/2018		75,916
	1,015,238	GNMA Pool 604182, 5.50%, 04/15/2033		1,038,001
	996,573	GNMA Pool 663776, 6.50%, 01/15/2037		1,037,222
	207,621	GNMA Pool 781694, 6.00%, 12/15/2031		215,359
	3,000,000	U.S. Treasury Bond, 12.00%, 08/15/2013		3,114,612
	1,000,000	U.S. Treasury Bond, 5.375%, 02/15/2031		1,156,876
	680,000	U.S. Treasury Bond, 4.50%, 02/15/2036		702,685
	2,250,000	U.S. Treasury Note, 4.75%, 05/15/2014		2,526,505
	1,785,000	U.S. Treasury Note, 4.625%, 02/15/2017		1,961,130
	1,000,000	U.S. Treasury Note, 4.25%, 11/15/2017		1,067,266
		Total U.S. Government & Agency Obligations (cost $29,347,699)		30,340,977
		Total Bonds and Notes (cost $49,229,002)		49,939,425

FIXED INCOME FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

SHORT-TERM INVESTMENTS - 4.89%

number of shares		market value
2,586,529	Timothy Plan Money Market Fund, 2.15% (B) (C)	$	2,586,529
	Total Short-Term Investments (cost $2,586,529)		2,586,529
	TOTAL INVESTMENTS (cost $51,815,531) - 99.42%	$	52,525,954
	OTHER ASSETS LESS LIABILITIES - 0.58%		304,168
	NET ASSETS - 100.00%	$	52,830,122
	(A)   144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. (B)   Variable rate security; the yield shown represents the rate at March 31, 2008. (C)   Fund held is another series within the Timothy Plan. The following information for the Fund is presented on an income tax basis as of March 31, 2008.
	Gross Unrealized Appreciation	$	1,369,290
	Gross Unrealized Depreciation		(658,867	)
	Net Unrealized Gain/(Loss)	$	710,423
	Cost of Investments	$	51,815,531

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 86.58%

number of shares		market value
	AEROSPACE/DEFENSE - EQUIPMENT - 2.04%
15,737	BE Aerospace, Inc. *	$	550,008
	APPAREL MANUFACTURERS - 0.64%
8,545	Volcom, Inc. *		172,695
	BUSINESS-TO-BUSINESS/E-COMMERCE - 0.67%
18,540	Ariba, Inc. *		179,096
	BROADCAST SERVICES/PROGRAMMING - 0.59%
7,425	Discovery Holding Co. - Class A *		157,559
	COMMERCIAL SERVICE/FINANCIAL - 2.87%
6,595	Global Payments, Inc.		272,769
5,112	Morningstar, Inc. *		313,621
8,287	Net 1 UEPS Technologies, Inc. *		186,872
			773,262
	COMMERCIAL SERVICES - 2.70%
18,663	AerCap Holdings NV *		328,095
4,105	Arbitron, Inc.		177,172
9,488	Quanta Services, Inc. *		219,837
			725,104
	COMPUTER MEMORY DEVICES - 1.05%
6,068	Data Domain, Inc. *		144,418
6,885	NetApp, Inc. *		138,044
			282,462
	COMPUTER SERVICES - 2.24%
13,533	Cognizant Technology Solutions Corp. - Class A *		390,156
8,005	Syntel, Inc.		213,333
			603,489
	COMPUTER SOFTWARE - 0.66%
7,605	Omniture, Inc. *		176,512
	CONSULTING SERVICES - 4.06%
3,201	Advisory Board Co. *		175,863
12,895	FTI Consulting, Inc. *		916,061
			1,091,924
	DENTAL SUPPLIES & EQUIPMENT - 0.75%
5,198	Dentsply International, Inc.		200,643
	DIAGNOSTIC EQUIPMENT - 1.35%
7,542	Gen-Probe, Inc. *		363,524
	DIAGNOSTIC KITS - 1.00%
8,960	Inverness Medical Innovations, Inc. *		269,696

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 86.58% (continued)

number of shares		market value
	DIALYSIS CENTERS - 0.88%
4,935	Davita, Inc. *	$	235,696
	DIVERSIFIED MANUFACTURING OPERATIONS - 1.71%
8,286	Harsco Corp.		458,879
	ELECTRIC PRODUCTS - MISCELLANEOUS - 1.77%
10,863	Ametek, Inc.		476,994
	ELECTRONIC COMPONENTS - SEMICONDUCTORS - 2.91%
8,170	Intersil Corp. - Class A		209,724
2,028	MEMC Electronic Materials, Inc. *		143,785
12,970	Microsemi Corp. *		295,716
5,555	Netlogic Microsystems, Inc. *		134,098
			783,323
	ELECTRONIC CONNECTORS - 1.84%
13,294	Amphenol Corp. - Class A		495,201
	ENGINEERING/R&D SERVICES - 3.46%
12,938	McDermott International, Inc. *		709,261
7,505	Stanley, Inc. *		221,097
			930,358
	ENTERPRISE SOFTWARE/SERVICES - 2.73%
9,565	Concur Technologies, Inc. *		296,993
15,865	Informatica Corp. *		270,657
8,545	Taleo Corp. - Class A *		165,773
			733,423
	ENVIRONMENTAL CONSULTING & ENGINEERING - 0.83%
11,422	Tetra Tech, Inc. *		222,843
	FINANCE - INVESTMENT BANKER/BROKER - 2.20%
1,920	Greenhill & Co., Inc.		133,555
5,895	Interactive Brokers Group, Inc. *		151,325
6,639	Investment Technology Group, Inc. *		306,589
			591,469
	FINANCE - OTHER SERVICES - 0.59%
1,740	Nymex Holdings, Inc.		157,696
	HOTELS & MOTELS - 0.69%
6,140	Gaylord Entertainment Co. *		185,981
	INSTRUMENTS - CONTROLS - 0.54%
1,500	Mettler Toledo International, Inc. *		145,680
	INSTRUMENTS - SCIENTIFIC - 1.05%
4,880	Varian, Inc. *		282,650

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 86.58% (continued)

number of shares		market value
	INTERNET APPLICATIONS SOFTWARE - 1.01%
8,295	DealerTrack Holdings, Inc. *	$	167,725
3,940	Vocus, Inc. *		104,016
			271,741
	INTERNET CONNECTIVITY SERVICES - 0.50%
7,350	Cogent Communications Group, Inc. *		134,579
	INVESTMENT MANAGEMENT/ADVISORY SERVICES - 1.29%
2,780	Affiliated Managers Group, Inc. *		252,257
2,952	Waddell & Reed Financial, Inc.		94,848
			347,105
	MACHINERY - GENERAL INDUSTRIAL - 0.91%
4,125	Roper Industries, Inc.		245,190
	MACHINERY - PUMPS - 0.73%
1,874	Flowserve Corp.		195,608
	MEDICAL INFORMATION SYSTEMS - 0.38%
4,935	IMS Health, Inc.		103,684
	MEDICAL INSTRUMENTS - 0.36%
6,375	Bruker Corp. *		98,111
	MEDICAL LABS & TESTING SERVICES - 2.41%
5,037	Covance, Inc. *		417,920
3,568	Icon plc. (ADR) *		231,528
			649,448
	MEDICAL - BIOMEDICAL/GENE - 0.55%
3,738	Arena Pharmaceuticals, Inc. *		25,568
11,735	Incyte Corp. *		123,335
			148,903
	MEDICAL - DRUGS - 0.71%
9,300	Eurand NV *		140,709
2,000	KV Pharmaceutical Co. - Class A *		49,920
			190,629
	MEDICAL - OUTPATIENT/HOME MEDICAL CARE - 0.91%
6,207	Amedisys, Inc. *		244,183
	MEDICAL PRODUCTS - 1.24%
5,805	Henry Schein, Inc. *		333,207
	METAL PROCESSORS & FABRICATORS - 2.24%
3,360	Precision Castparts Corp.		342,989
6,966	RBC Bearings, Inc. *		258,648
			601,637

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 86.58% (continued)

number of shares		market value
	MULTI-LINE INSURANCE - 0.71%
3,140	Assurant, Inc.	$	191,100
	MULTIMEDIA - 1.28%
6,390	Factset Research Systems, Inc.		344,229
	NETWORKING PRODUCTS - 0.59%
7,590	Atheros Communications, Inc. *		158,176
	NON-FERROUS METALS - 0.92%
5,475	RTI International Metals, Inc. *		247,525
	OIL COMPANIES - EXPLORATION & PRODUCTION - 3.11%
5,165	Penn Virginia Corp.		227,725
5,006	Range Resources Corp.		317,631
7,455	SandRidge Energy, Inc. *		291,863
			837,219
	OIL FIELD MACHINERY & EQUIPMENT - 1.74%
3,895	Grant Prideco, Inc. *		191,712
4,730	National Oilwell Varco, Inc. *		276,137
			467,849
	OIL - FIELD SERVICES - 3.02%
4,599	Exterran Holdings, Inc. *		296,819
2,400	Oceaneering International, Inc. *		151,200
9,175	Superior Energy Services *		363,513
			811,532
	PATIENT MONITORING EQUIPMENT - 0.25%
2,574	Masimo Corp. *		66,924
	PRINTING - COMMERCIAL - 1.66%
12,750	VistaPrint, Ltd. *		445,612
	PRIVATE CORRECTIONS - 2.73%
13,190	Corrections Corp. of America *		362,989
13,030	Geo Group, Inc. *		370,573
			733,562
	RECREATIONAL CENTERS - 0.52%
4,445	Life Time Fitness, Inc. *		138,729
	REINSURANCE - 1.15%
4,276	IPC Holdings, Ltd.		119,728
7,255	Max Capital Group, Ltd.		190,009
			309,737
	RENTAL AUTO/EQUIPMENT - 0.65%
16,050	RSC Holdings, Inc. *		174,945

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 86.58% (continued)

number of shares		market value
	RETAIL - APPAREL/SHOE - 0.81%
5,765	Phillips-Van Heusen Corp.	$	218,609
	RETAIL - AUTOMOBILE - 0.77%
10,675	Penske Auto Group, Inc.		207,735
	RETAIL - RESTAURANTS - 0.69%
18,820	Texas Roadhouse, Inc. - Class A *		184,436
	RETAIL - SPORTING GOODS - 1.07%
8,205	Dick’s Sporting Goods, Inc. *		219,730
4,355	Zumiez, Inc. *		68,330
			288,060
	RETAIL - SUNGLASSES - 0.24%
5,325	FGX International Holdings, Ltd. *		63,687
	RUBBER - TIRES - 0.66%
6,925	Goodyear Tire & Rubber Co. *		178,665
	SAVINGS AND LOANS/THRIFTS - EASTERN - 0.78%
7,709	Astoria Financial Corp.		209,376
	SCHOOLS - 0.82%
5,280	DeVry, Inc.		220,915
	TELECOM SERVICES - 0.73%
13,290	Clearwire Corp. - Class A *		196,825
	TELECOMMUNICATION EQUIPMENT - 0.78%
7,480	Nice Systems, Ltd. (ADR) *		211,086
	THEATERS - 0.47%
5,600	National CineMedia, Inc.		125,888
	THERAPEUTICS - 0.91%
3,235	BioMarin Pharmaceutical, Inc. *		114,422
5,235	Isis Pharmaceutical, Inc. *		73,866
665	United Therapeutics Corp. *		57,656
			245,944
	TRANSPORTATION - MARINE - 0.34%
1,508	DryShips, Inc.		90,344
	WIRE & CABLE PRODUCTS - 0.99%
4,525	General Cable Corp. *		267,292
	WIRELESS EQUIPMENT - 3.13%
10,585	American Tower Corp. - Class A *		415,038
14,361	SBA Communications Corp. - Class A *		428,389
			843,427
	Total Common Stocks (cost $25,157,747)		23,289,620

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

MASTER LIMITED PARTNERSHIPS - 1.29%

number of shares		market value
9,063	Lazard, Ltd. - Class A	$	346,207
	Total Master Limited Partnerships (cost $352,643)		346,207
REITs - 0.92%
number of shares		market value
	DIVERSIFIED - 0.92%
7,006	Digital Realty Trust, Inc.		248,713
	Total REITs (cost $266,932)		248,713
SHORT-TERM INVESTMENTS - 10.64%
number of shares		market value
2,863,387	Timothy Plan Money Market Fund, 2.15% (A) (B)		2,863,387
	Total Short-Term Investments (cost $2,863,387)		2,863,387
	TOTAL INVESTMENTS (cost $28,640,709) - 99.43%	$	26,747,927
	OTHER ASSETS LESS LIABILITIES - 0.57%		152,429
	NET ASSETS - 100.00%	$	26,900,356
	*       Non-income producing securities. (A)   Variable rate security; the yield shown represents the rate at March 31, 2008. (B)   Fund held is another series within the Timothy Plan. The following information for the Fund is presented on an income tax basis as of March 31, 2008:
	Gross Unrealized Appreciation	$	698,688
	Gross Unrealized Depreciation		(2,591,470	)
	Net Unrealized Gain/(Loss)	$	(1,892,782	)
	Cost of Investments	$	28,640,709

LARGE / MID CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 93.34%

number of shares		market value
	ADVERTISING AGENCIES - 1.31%
15,180	Omnicom Group, Inc.	$	670,652
	AEROSPACE/DEFENSE - EQUIPMENT - 0.72%
10,580	BE Aerospace, Inc. *		369,771
	AUTOMOTIVE/TRUCK PARTS & EQUIPMENT - ORIGINAL - 1.04%
15,730	Johnson Controls, Inc.		531,674
	BROADCAST SERVICES/PROGRAMMING - 0.60%
14,350	Discovery Holding Co. - Class A *		304,507
	COMMERCIAL SERVICE/FINANCIAL - 6.43%
11,300	Global Payments, Inc.		467,368
6,342	Morningstar, Inc. *		389,082
71,000	Paychex, Inc.		2,432,460
			3,288,910
	COMMERCIAL SERVICES - 0.84%
18,641	Quanta Services, Inc. *		431,912
	COMPUTER MEMORY DEVICES - 1.13%
13,030	NetApp, Inc. *		261,251
15,080	Seagate Technology		315,775
			577,026
	COMPUTER SERVICES - 1.27%
22,454	Cognizant Technology Solutions Corp. - Class A *		647,349
	COMPUTER SOFTWARE - 0.50%
11,053	Omniture, Inc. *		256,540
	CONSULTING SERVICES - 2.98%
21,442	FTI Consulting, Inc. *		1,523,240
	COSMETICS & TOILETRIES - 2.80%
18,370	Colgate-Palmolive Co.		1,431,207
	DENTAL SUPPLIES & EQUIPMENT - 0.69%
9,130	Dentsply International, Inc.		352,418
	DIAGNOSTIC EQUIPMENT - 1.21%
12,865	Gen-Probe, Inc. *		620,093
	DIAGNOSTIC KITS - 0.33%
5,658	Inverness Medical Innovations, Inc. *		170,306
	DIALYSIS CENTERS - 1.65%
17,720	DaVita, Inc. *		846,307
	DISPOSABLE MEDICAL PRODUCTS - 1.63%
8,630	C.R. Bard, Inc.		831,932
	DIVERSIFIED MANUFACTURING OPERATIONS - 2.48%
6,460	Danaher Corp.		491,154
14,052	Harsco Corp.		778,200
			1,269,354

LARGE / MID CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 93.34% (continued)

number of shares		market value
	ELECTRIC PRODUCTS - MISCELLANEOUS - 1.50%
17,459	Ametek, Inc.	$	766,625
	ELECTRONIC COMPONENTS - SEMICONDUCTORS - 1.12%
12,810	Intersil Corp. - Class A		328,833
3,459	MEMC Electronic Materials, Inc. *		245,243
			574,076
	ELECTRONIC CONNECTORS - 1.46%
20,022	Amphenol Corp. - Class A		745,819
	ELECTRONIC - MILITARY - 2.11%
9,870	L-3 Communications Holdings, Inc.		1,079,186
	ENGINEERING/R&D SERVICES - 2.35%
21,977	McDermott International, Inc. *		1,204,779
	FINANCE - INVESTMENT BANKER/BROKER - 1.17%
10,090	Interactive Brokers Group, Inc. *		259,010
7,378	Investment Technology Group, Inc. *		340,716
			599,726
	FINANCE - OTHER SERVICES - 0.50%
2,850	Nymex Holdings, Inc.		258,296
	HOTELS & MOTELS - 0.68%
11,561	Gaylord Entertainment Co. *		350,183
	INSTRUMENTS - SCIENTIFIC - 1.80%
16,180	Thermo Fisher Scientific, Inc. *		919,671
	INVESTMENT MANAGEMENT/ADVISORY SERVICES - 5.40%
5,120	Affiliated Managers Group, Inc *		464,589
6,445	Franklin Resources, Inc.		625,101
14,330	Legg Mason, Inc.		802,193
17,390	T. Rowe Price Group, Inc.		869,500
			2,761,383
	LIFE/HEALTH INSURANCE - 1.11%
8,780	Aflac, Inc.		570,261
	MACHINERY - GENERAL INDUSTRIAL - 0.81%
6,970	Roper Industries, Inc.		414,297
	MACHINERY - PUMPS - 0.54%
2,646	Flowserve Corp.		276,189
	MEDICAL INFORMATION SYSTEMS - 1.37%
33,370	IMS Health, Inc.		701,104
	MEDICAL INSTRUMENTS - 1.35%
16,000	St. Jude Medical, Inc. *		691,040
	MEDICAL LABS & TESTING SERVICES - 3.05%
8,424	Covance, Inc. *		698,939
11,690	Laboratory Corp. of America Holdings *		861,319
			1,560,258

LARGE / MID CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 93.34% (continued)

number of shares		market value
	MEDICAL PRODUCTS - 2.20%
9,168	Henry Schein, Inc. *	$	526,243
7,700	Zimmer Holdings, Inc. *		599,522
			1,125,765
	METAL PROCESSORS & FABRICATORS - 1.09%
5,460	Precision Castparts Corp.		557,357
	MULTI-LINE INSURANCE - 3.14%
28,490	American International Group, Inc.		1,232,193
6,166	Assurant, Inc.		375,263
			1,607,456
	MULTIMEDIA - 1.57%
10,840	Factset Research Systems, Inc.		583,951
16,300	Pearson plc (ADR)		221,354
			805,305
	NON-FERROUS METALS - 0.86%
9,790	RTI International Metals, Inc. *		442,606
	OIL COMPANIES - EXPLORATION & PRODUCTION - 1.95%
8,201	Range Resources Corp.		520,353
12,164	SandRidge Energy, Inc. *		476,221
			996,574
	OIL COMPANIES - INTEGRATED - 5.06%
30,640	Exxon Mobil Corp.		2,591,531
	OIL FIELD MACHINERY & EQUIPMENT - 1.51%
6,620	Grant Prideco, Inc. *		325,836
7,640	National Oilwell Varco, Inc. *		446,023
			771,859
	OIL FIELD MACHINERY & EQUIPMENT - 2.63%
7,804	Exterran Holdings, Inc. *		503,670
3,800	Oceaneering International, Inc. *		239,400
15,250	Superior Energy Services *		604,205
			1,347,275
	PHARMACY SERVICES - 1.71%
19,940	Medco Health Solutions, Inc. *		873,173
	PRINTING - COMMERCIAL - 1.50%
22,036	VistaPrint, Ltd. *		770,158
	PRIVATE CORRECTIONS - 1.18%
21,989	Corrections Corp. of America *		605,137
	RECREATIONAL CENTERS - 0.45%
7,321	Life Time Fitness, Inc. *		228,488
	RENTAL AUTO/EQUIPMENT - 0.64%
29,810	RSC Holdings, Inc. *		324,929
	RETAIL - APPAREL/SHOE - 0.82%
11,020	Phillips-Van Heusen Corp.		417,878

LARGE / MID CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 93.34% (continued)

number of shares		market value
	RETAIL - BUILDING PRODUCTS - 3.75%
83,650	Lowe’s Companies, Inc.	$	1,918,931
	RETAIL - SPORTING GOODS - 0.77%
14,690	Dick’s Sporting Goods, Inc. *		393,398
	RUBBER - TIRES - 0.66%
13,010	Goodyear Tire & Rubber Co. *		335,658
	SCHOOLS - 0.71%
8,694	DeVry, Inc.		363,757
	SUPER-REGIONAL BANKS - U.S. - 0.92%
7,200	PNC Financial Services Group, Inc.		472,104
	TELECOM SERVICES - 0.65%
22,330	Clearwire Corp. - Class A *		330,707
	THEATERS - 0.47%
10,745	National CineMedia, Inc.		241,548
	TRANSPORTATION - MARINE - 0.27%
2,325	DryShips, Inc.		139,291
	TRANSPORTATION - SERVICES - 2.60%
18,240	United Parcel Service, Inc. - Class B		1,331,885
	WIRE & CABLE PRODUCTS - 0.94%
8,100	General Cable Corp. *		478,467
	WIRELESS EQUIPMENT - 1.36%
17,812	American Tower Corp. - Class A *		698,408
	Total Common Stocks (cost $49,449,060)		47,765,736
MASTER LIMITED PARTNERSHIPS - 1.11%
number of shares		market value
14,928	Lazard, Ltd. - Class A		570,250
	Total Master Limited Partnerships (cost $589,716)		570,250
REITs - 0.87%
number of shares		market value
	DIVERSIFIED - 0.87%
12,597	Digital Realty Trust, Inc.		447,193
	Total REITs (cost $472,946)		447,193

LARGE / MID CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

SHORT-TERM INVESTMENTS - 4.54%

number of shares		market value
2,321,921	Timothy Plan Money Market Fund, 2.15% (A) (B)	$	2,321,921
	Total Short-Term Investments (cost $2,321,921)		2,321,921
	TOTAL INVESTMENTS (cost $52,833,643) - 99.86%	$	51,105,100
	OTHER ASSETS LESS LIABILITIES - 0.14%		72,961
	NET ASSETS - 100.00%	$	51,178,061
	*       Non-income producing securities.
	(ADR) American Depositary Receipt.
	(A)   Variable rate security; the yield shown represents the rate at March 31, 2008. (B)    Fund held is another series within the Timothy Plan.
	The following information for the Fund is presented on an income tax basis as of March 31, 2008:
	Gross Unrealized Appreciation	$	2,925,303
	Gross Unrealized Depreciation		(4,653,846	)
	Net Unrealized Gain/(Loss)	$	(1,728,543	)
	Cost of Investments	$	52,833,643

STRATEGIC GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

MUTUAL FUNDS _(A) - 99.98%

number of shares		market value
1,313,545	Timothy Plan Aggressive Growth Fund - Class A	$	7,854,999
674,218	Timothy Plan High Yield Bond Fund - Class A		6,169,094
1,535,699	Timothy Plan International Fund - Class A		15,725,562
2,010,958	Timothy Plan Large/Mid Cap Growth Fund - Class A		12,568,488
891,380	Timothy Plan Large/Mid Cap Value Fund - Class A		12,523,889
633,585	Timothy Plan Small-Cap Value Fund - Class A		7,837,443
	Total Mutual Funds (cost $65,989,668)		62,679,475
	TOTAL INVESTMENTS (cost $65,989,668) - 99.98%	$	62,679,475
	CASH & OTHER ASSETS LESS LIABILITIES - 0.02%		14,179
	NET ASSETS - 100.00%	$	62,693,654
	(A)   Fund held is another series within the Timothy Plan.
	(B)   Variable rate security; the yield shown represents the rate at March 31, 2008.
	The following information for the Fund is presented on an income tax basis as of March 31, 2008:
	Gross Unrealized Appreciation	$	1,425,332
	Gross Unrealized Depreciation		(4,735,525	)
	Net Unrealized Gain/(Loss)	$	(3,310,193	)
	Cost of Investments	$	65,989,668

CONSERVATIVE GROWTH FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

MUTUAL FUNDS _(A) - 99.20%

number of shares		market value
445,064	Timothy Plan Aggressive Growth Fund - Class A	$	2,661,485
1,574,861	Timothy Plan Fixed Income Fund - Class A		15,890,350
571,139	Timothy Plan High Yield Bond Fund - Class A		5,225,918
780,458	Timothy Plan International Fund - Class A		7,991,886
851,703	Timothy Plan Large/Mid Cap Growth Fund - Class A		5,323,145
755,062	Timothy Plan Large/Mid Cap Value Fund - Class A		10,608,614
429,335	Timothy Plan Small-Cap Value Fund - Class A		5,310,879
	Total Mutual Funds (cost $54,385,369)		53,012,277
SHORT-TERM INVESTMENTS - 0.16%
number of shares		market value
86,956	Timothy Plan Money Market Fund, 2.15% (A) (B)		86,956
	Total Short-Term Investments (cost $86,956)		86,956
	TOTAL INVESTMENTS (cost $54,472,325) - 99.36%	$	53,099,233
	OTHER ASSETS LESS LIABILITIES - 0.64%		340,893
	NET ASSETS - 100.00%	$	53,440,126
	(A)   Fund held is another series within the Timothy Plan
	(B)   Variable rate security; the yield shown represents the rate at March 31, 2008.
	The following information for the Fund is presented on an income tax basis as of March 31, 2008:
	Gross Unrealized Appreciation	$	1,031,635
	Gross Unrealized Depreciation		(2,404,727	)
	Net Unrealized Gain/(Loss)	$	(1,373,092	)
	Cost of Investments	$	54,472,325

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

SHORT-TERM INVESTMENTS - 99.92%

par value		market value
	Corporate Bonds - 3.54%
$1,050,000	American International Group, Inc., 2.875%, 05/15/2008	$	1,047,250
	Total Corporate Bonds (cost $1,047,250)		1,047,250
	U.S. Government Agencies (A) - 81.58%
1,400,000	Federal Home Loan Bank, 2.92%, 04/04/2008		1,399,664
1,500,000	Federal Home Loan Bank, 2.82%, 04/23/2008		1,497,461
1,500,000	Federal Home Loan Bank, 2.79%, 04/25/2008		1,497,253
1,500,000	Federal Home Loan Bank, 2.79%, 04/18/2008		1,498,052
1,500,000	Federal Home Loan Bank, 2.78%, 04/08/2008		1,499,201
1,500,000	Federal Home Loan Bank, 2.72%, 05/02/2008		1,496,543
1,500,000	Federal Home Loan Bank, 2.71%, 05/09/2008		1,495,788
1,545,000	Federal Home Loan Bank, 2.71%, 04/16/2008		1,543,283
1,500,000	Federal Home Loan Bank, 2.64%, 04/30/2008		1,496,863
1,500,000	Federal Home Loan Bank, 2.55%, 04/02/2008		1,499,895
850,000	Federal Home Loan Bank, 2.38%, 05/30/2008		846,743
1,500,000	Federal Home Loan Bank, 2.34%, 04/11/2008		1,499,042
1,500,000	Federal Home Loan Bank, 2.26%, 06/06/2008		1,493,895
1,500,000	Federal Home Loan Bank, 2.09%, 05/28/2008		1,495,131
1,500,000	Federal Home Loan Bank, 1.98%, 05/20/2008		1,496,019
1,125,000	Federal Home Loan Bank, 1.94%, 05/07/2008		1,122,849
1,045,000	Federal Home Loan Bank, 1.93%, 05/23/2008		1,042,132
200,000	Federal Home Loan Bank, 1.73%, 06/20/2008		199,244
	Total U.S. Government Agencies (cost $24,119,058)		24,119,058

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

SHORT-TERM INVESTMENTS - 99.92% (continued)

par value			market value
		U.S. Treasury Bills - 5.07%
$	1,500,000	U.S. Treasury Bill (A), 1.37%, 05/01/2008	$	1,498,319
		Total Supranational Bonds (cost $1,498,319)		1,498,319
number of shares
		Money Market Instruments - 9.73%
	2,876,671	Fidelity Institution Money Market Portfolio, 3.13% (B)		2,876,671
		Total Money Market Instruments (cost $2,876,671)		2,876,671
		TOTAL INVESTMENTS (cost $29,541,298) - 99.92%	$	29,541,298
		CASH & OTHER ASSETS LESS LIABILITIES - 0.08%		22,307
		NET ASSETS - 100.00%	$	29,563,605
		(A)   Discount note; the rate shown represents the yield at March 31, 2008.
		(B)    Variable rate security; the rate shown represents the yield at March 31, 2008.
		The following information for the Fund is presented on an income tax basis as of March 31, 2008:
		Gross Unrealized Appreciation	$	—
		Gross Unrealized Depreciation		—
		Net Unrealized Gain/(Loss)	$	—
		Cost of Investments	$	29,541,298

HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

BONDS AND NOTES- 89.22%

par value			market value
		CORPORATE BONDS - 89.22%
$	250,000	Actuant Corp, 6.875%, 06/15/2017 (A)	$	248,125
	500,000	Allied Waste NA, Inc., 7.125%, 05/15/2016		501,250
	500,000	American Axle & Manufacturing Inc., 7.875%, 03/01/2017		426,250
	500,000	Ashtead Holdings plc, 8.625%, 08/01/2015 (A)		402,500
	500,000	Berry Petroleum Co., 8.25%, 11/01/2016		513,750
	500,000	China Properties Group, Ltd., 9.125%, 05/04/2014 (A)		326,250
	500,000	Cimarex Energy Co., 7.125%, 05/01/2017		498,750
	500,000	Crum & Forster Holding Corp., 7.75%, 05/01/2017		476,250
	500,000	Dynegy Holdings, Inc., 7.75%, 06/01/2019		470,000
	500,000	Energy Future Holdings Corp., 10.88%, 11/01/2017 (A)		507,500
	500,000	Felcor Lodging LP, 6.788%, 12/01/2011 (B)		443,750
	500,000	Forest Oil Corp., 7.25%, 06//15/2019		511,250
	500,000	Georgia-Pacific LLC, 7.70%, 06/15/2015		472,500
	501,000	Goodyear Tire & Rubber Co., 8.625%, 12/01/2011		527,929
	500,000	Hawker Beechcraft Acquisition Co. LLC, 8.50%, 04/01/2015		516,250
	500,000	Helix Energy Solutions Group, Inc., 9.50%, 01/15/2016 (A)		502,500
	500,000	Hertz Corp., 8.875%, 01/01/2014		476,250
	500,000	Intergen NV, 9.00%, 06/30/2017 (A)		525,000
	500,000	Janus Capital Group, Inc., 6.70%, 06/15/2017		487,668
	500,000	MarkWest Energy Partners LP, 6.875%, 11/01/2014		475,000
	500,000	Momentive Performance Materials, Inc., 9.75%, 12/01/2014		451,250
	500,000	Noranda Aluminum Acquisition Corp., 8.738%, 05/15/2015 (A) (B)		395,000
	500,000	NRG Energy, Inc., 7.375%, 01/15/2017		487,500
	500,000	Pilgrim’s Pride Corp., 7.625%, 05/01/2015		483,750
	500,000	Quebecor World Capital Corp., 8.75%, 03/15/2016 (A)(C)		240,000
	500,000	R.H. Donnelley Corp., 8.875%, 10/15/2017 (A)		315,000
	500,000	Reliant Energy, Inc., 7.625%, 06/15/2014		498,750
	500,000	Rent-A-Center, Inc., 7.50%, 05/01/2010		465,000
	500,000	Sanmina-SCI Corp., 8.125%, 03/01/2016		445,000
	500,000	Sealy Mattress Co., 8.25%, 06/15/2014		420,000
	500,000	Seitel, Inc., 9.75%, 02/15/2014		423,750
	500,000	SLM Corp., 5.00%, 04/15/2015		356,750
	500,000	Smithfield Foods, Inc., 7.00%, 08/01/2011		495,000
	500,000	SPX Corp., 7.625%, 12/15/2014 (A)		515,625
	250,000	Steel Dynamics, Inc., 7.375%, 11/01/2012 (A)		253,750
	500,000	Swift Energy Co., 7.125%, 06/01/2017		461,250
	500,000	Terra Capital, Inc., 7.00%, 02/01/2017		495,625

HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

BONDS AND NOTES - 89.22% (continued)

par value		market value
	CORPORATE BONDS- 89.22% (continued)
500,000	USG Corp., 8.00%, 01/15/2018	$	447,500
500,000	W & T Offshore, Inc., 8.25%, 06/15/2014 (A)		466,250
500,000	Whiting Petroleum Corp., 7.00%, 02/01/2014		497,500
	TOTAL CORPORATE BONDS (cost $19,541,738)		17,922,972
SHORT-TERM INVESTMENTS - 8.42%
number of shares		market value
1,690,644	Timothy Plan Money Market Fund, 2.15% (B) (D)		1,690,644
	Total Short-Term Investments (cost $1,690,644)		1,690,644
	TOTAL INVESTMENTS (cost $21,232,382) - 97.64%	$	19,613,616
	OTHER ASSETS LESS LIABILITIES - 2.36%		473,963
	NET ASSETS - 100.00%	$	20,087,579
	(A)   144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
	(B)   Variable rate security; the yield shown represents the rate at March 31, 2008.
	(C)   Security is in default.
	(D)   Fund held is another series within the Timothy Plan.
	The following information for the Fund is presented on an income tax basis as of March 31, 2008:
	Gross Unrealized Appreciation	$	104,672
	Gross Unrealized Depreciation		(1,723,438	)
	Net Unrealized Gain/(Loss)	$	(1,618,766	)
	Cost of Investments	$	21,232,382

INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 95.06%

number of shares		market value
	AGRICULTURAL CHEMICALS - 1.76%
12,500	Agrium, Inc.	$	776,375
	AUTOMOTIVE - CARS & LT. TRUCKS - 2.66%
27,000	Fiat SpA (ADR)		626,773
19,000	Honda Motor Co., Ltd. (ADR)		547,390
			1,174,163
	BUILDING & CONSTRUCTION PRODUCTS - MISCELLANEOUS - 0.41%
17,000	Wienerberger AG (ADR)		181,507
	CELLULAR TELECOMMUNICATION - 5.48%
13,000	America Movil SAB de C.V. - Series L (ADR)		827,970
9,000	China Mobile, Ltd. (ADR)		675,090
44,000	Turkcell Iletisim Hizmetleri AS (ADR)		919,160
			2,422,220
	COMMERCIAL BANKS - NON U.S. - 10.91%
4,500	Australia & New Zealand Banking Group, Ltd. (ADR)		463,157
70,000	Banco Santander S.A. (ADR)		1,395,800
18,000	Danske Bank A/S (ADR)		333,227
17,500	DBS Group Holdings, Ltd. (ADR)		914,270
20,000	Erste Bank der Oesterreichischen Sparkassen AG (ADR)		650,462
14,000	Intesa Sanpaolo SpA (ADR)		594,306
53,900	Mitsubishi UFJ Financial Group, Inc. (ADR)		468,930
			4,820,152
	COMPUTER SERVICES - 1.29%
20,000	Cap Gemini S.A. (ADR)		571,550
	COMSETICS & TOILETRIES - 2.16%
36,000	Shiseido Co, Ltd. (ADR)		953,031
	DIALYSIS CENTERS - 1.94%
17,000	Fresenius Medical Care AG & Co. KGaA (ADR)		855,440
	DIVERSIFIED MINERALS - 3.36%
24,380	Anglo American plc (ADR)		725,792
26,000	Companhia Vale do Rio Doce (ADR)		757,900
			1,483,692
	DIVERSIFIED OPERATIONS - 2.93%
90,000	Keppel Corp., Ltd. (ADR)		1,293,039

INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 95.06% (continued)

number of shares		market value
	ELECTRIC - INTEGRATED - 5.90%
9,500	International Power plc (ADR)	$	751,480
8,200	RWE AG (ADR)		1,016,603
30,000	Scottish & Southern Energy plc (ADR)		837,144
			2,605,227
	ELECTRONIC COMPONENTS - MISCELLANEOUS - 1.39%
16,000	Koninklijke (Royal) Philips Electronics N.V.		613,440
	ENGINEERING/R&D SERVICES - 2.01%
33,000	ABB, Ltd. (ADR)		888,360
	FINANCE - LEASING COMPANIES - 0.77%
5,000	ORIX Corp. (ADR)		341,800
	FOOD - MISCELLANEOUS/DIVERSIFIED - 2.72%
67,000	Group Danone (ADR)		1,202,643
	IMPORT/EXPORT - 5.71%
15,500	Marubeni Corp. (ADR)		1,130,558
23,000	Mitsubishi Corp. (ADR)		1,391,068
			2,521,626
	MACHINERY - CONSTRUCTION/MINING - 3.01%
35,000	Atlas Copco AB (ADR)		550,385
7,000	Komatsu, Ltd. (ADR)		777,817
			1,328,202
	MEDICAL PRODUCTS - 2.24%
15,000	Smith & Nephew plc (ADR)		989,850
	MEDICAL - DRUGS - 2.51%
16,000	Novo Nordisk A/S (ADR)		1,107,840
	METAL - DIVERSIFIED - 6.28%
31,000	MMC Norilsk Nickel (ADR)		878,850
4,600	Rio Tinto plc (ADR)		1,894,464
			2,773,314
	MULTI-LINE INSURANCE - 2.45%
30,000	AXA S.A. (ADR)		1,083,300
	OIL COMPANIES - EXPLORATION & PRODUCTION - 3.42%
17,000	OAO Gazprom (ADR)		858,500
22,000	Nexen, Inc.		651,420
			1,509,920

INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

COMMON STOCKS - 95.06% (continued)

number of shares		market value
	OIL COMPANIES - EXPLORATION & PRODUCTION - 7.66%
14,500	Petroleo Brasileiro S.A. (ADR)	$	1,228,005
18,968	StatoilHydro ASA (ADR)		566,574
21,500	Total S.A. (ADR)		1,591,215
			3,385,794
	OIL - FIELD SERVICES - 2.03%
42,000	Acergy S.A. (ADR)		896,700
	REAL ESTATE OPERATING/DEVELOPMENT - 1.41%
40,000	Sun Hung Kai Properties, Ltd. (ADR)		623,936
	SEISMIC DATA COLLECTION - 0.90%
8,000	CGGVeritas (ADR) *		396,080
	SILVER MINING - 1.83%
52,000	Silver Wheaton Corp. *		807,560
	TELECOM SERVICES - 4.87%
27,000	Chunghwa Telecom Co., Ltd. (ADR)		702,540
51,000	Singapore Telecommunications, Ltd. (ADR)		1,446,941
			2,149,481
	TELEPHONE - INTEGRATED - 5.05%
10,000	Philippine Long Distance Telephone Co. (ADR)		664,600
18,100	Telefonica S.A. (ADR)		1,565,831
			2,230,431
	Total Common Stocks (cost $39,211,772)		41,986,673

INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

SHORT-TERM INVESTMENTS - 3.59%

number of shares		market value
1,585,535	Timothy Plan Money Market Fund, 2.15% (A) (B)	$	1,585,535
	Total Short-Term Investments (cost $1,585,535)		1,585,535
	TOTAL INVESTMENTS (cost $40,797,307) - 98.65%	$	43,572,208
	OTHER ASSETS LESS LIABILITIES - 1.35%		594,705
	NET ASSETS - 100.00%	$	44,166,913
	(ADR) American Depositary Receipt.
	*       Non-income producing securities.
	(A)   Variable rate security; the yield shown represents the rate at March 31, 2008.
	(B)    Fund held is another series within the Timothy Plan.
	The following information for the Fund is presented on an income tax basis as of March 31, 2008:
	Gross Unrealized Appreciation	$	4,595,497
	Gross Unrealized Depreciation		(1,820,596	)
	Net Unrealized Gain/(Loss)	$	2,774,901
	Cost of Investments	$	40,797,307

INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS

As of March 31, 2008 - (Unaudited)

DIVERSIFICATION OF ASSETS

country	percentage of net assets
United Kingdom	13.80	%
Japan	12.70	%
France	10.97	%
Singapore	8.27	%
Spain	6.71	%
Canada	5.06	%
Brazil	4.50	%
Germany	4.24	%
Russia	3.93	%
Denmark	3.26	%
Hong Kong	2.94	%
Italy	2.76	%
Turkey	2.08	%
Switzerland	2.01	%
Austria	1.88	%
Mexico	1.88	%
Taiwan	1.59	%
Philippines	1.51	%
Netherlands	1.39	%
Norway	1.28	%
Sweden	1.25	%
Australia	1.05	%
Total	95.06	%
Money Market Securities	3.59	%
Other assets in excess of liabilities	1.35	%
Grand Total	100.00	%

NOTES TO THE SCHEDULE OF INVESTMENTS

March 31, 2008 – (Unaudited)

TIMOTHY PLAN

Note 1—Unrealized Appreciation (Depreciation)

At March 31, 2008, the cost for federal income tax purposes is and the composition of gross unrealized appreciation (depreciation) of investment securities is as follows:

funds	cost		app		dep			net app. / dep.
Small-Cap Value	$	71,085,446	$	5,929,280	$	(5,878,645	)	$	50,635
Large / Mid-Cap Value	$	109,015,801	$	15,277,506	$	(6,144,180	)	$	9,133,326
Fixed Income	$	51,815,531	$	1,369,290	$	(658,867	)	$	710,423
Aggressive Growth	$	28,640,709	$	698,688	$	(2,591,470	)	$	(1,892,782	)
Large / Mid-Cap Growth	$	52,833,643	$	2,925,303	$	(4,653,846	)	$	(1,728,543	)
Strategic Growth	$	65,989,668	$	1,425,332	$	(4,735,525	)	$	(3,310,193	)
Conservative Growth	$	54,472,325	$	1,031,635	$	(2,404,727	)	$	(1,373,092	)
High Yield Bond	$	21,232,382	$	104,672	$	(1,723,438	)	$	(1,618,766	)
International	$	40,797,307	$	4,595,497	$	(1,820,596	)	$	2,774,901
Money Market	$	29,541,298	$	—	$	—		$	—

Note 2 – Fair Value Measurements

The Funds adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below.

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

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)

The following is a summary of the inputs used to value the Timothy Plan Small Cap Value Fund’s assets as of March 31, 2008:

Valuation Inputs	Investments in Securities		Other Financial Instruments (i.e., off-balance sheet items)*
Level 1 – Quoted Prices in Active Markets	$	67,316,584	$	—
Level 2 – Other Significant Observable Inputs	$	3,819,497	$	—
Level 3 – Significant Unobservable Inputs	$	—	$	—
Total	$	71,136,081	$	—

* Other financial instruments include futures, forwards, and swap contracts.

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Timothy Plan Small Cap Value Fund:

	Investments in Securities		Other Financial Instruments (OFI)			OFI – Market Value
Balance as of 12/31/2007	$	—	$	—		$	—
Realized Gain (Loss)		—		—	*		—
Change in unrealized appreciation (depreciation)		—		—			—
Net purchases (sales)		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance as of 3/31/2008	$	—	$	—		$	—

* The realized gain (loss) earned during the quarter ended 3/31/2008 for other financial instruments was $ 0.

NOTES TO THE SCHEDULE OF INVESTMENTS

March 31, 2008 - (Unaudited)

TIMOTHY PLAN

The following is a summary of the inputs used to value the Timothy Plan Large /Mid Cap Value Fund’s assets as of March 31, 2008:

Valuation Inputs	Investments in Securities		Other Financial Instruments (i.e., off-balance sheet items)*
Level 1 - Quoted Prices in Active Markets	$	113,538,887	$	—
Level 2 - Other Significant Observable Inputs	$	4,610,240	$	—
Level 3 - Significant Unobservable Inputs	$	—	$	—
Total	$	118,149,127	$	—

* Other financial instruments include futures, forwards, and swap contracts.

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Timothy Plan Large /Mid Cap Value Fund:

	Investments in Securities		Other Financial Instruments (OFI)			OFI - Market Value
Balance as of 12/31/2007	$	—	$	—		$	—
Realized Gain (Loss)		—		—	*		—
Change in unrealized appreciation (depreciation)		—		—			—
Net purchases (sales)		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance as of 3/31/2008	$	—	$	—		$	—

* The realized gain (loss) earned during the quarter ended 3/31/2008 for other financial instruments was $ 0.

The following is a summary of the inputs used to value the Timothy Plan Fixed Income Fund’s assets as of March 31, 2008:

Valuation Inputs	Investments in Securities		Other Financial Instruments (i.e., off-balance sheet items)*
Level 1 - Quoted Prices in Active Markets	$	—	$	—
Level 2 - Other Significant Observable Inputs	$	52,525,954	$	—
Level 3 - Significant Unobservable Inputs	$	—	$	—
Total	$	52,525,954	$	—

* Other financial instruments include futures, forwards, and swap contracts.

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Timothy Plan Fixed Income Fund:

	Investments in Securities		Other Financial Instruments (OFI)			OFI - Market Value
Balance as of 12/31/2007	$	—	$	—		$	—
Realized Gain (Loss)		—		—	*		—
Change in unrealized appreciation (depreciation)		—		—			—
Net purchases (sales)		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance as of 3/31/2008	$	—	$	—		$	—

* The realized gain (loss) earned during the quarter ended 3/31/2008 for other financial instruments was $ 0.

The following is a summary of the inputs used to value the Timothy Plan Aggressive Growth Fund’s assets as of March 31, 2008:

Valuation Inputs	Investments in Securities		Other Financial Instruments (i.e., off-balance sheet items)*
Level 1 - Quoted Prices in Active Markets	$	23,884,540	$	—
Level 2 - Other Significant Observable Inputs	$	2,863,387	$	—
Level 3 - Significant Unobservable Inputs	$	—	$	—
Total	$	26,747,927	$	—

* Other financial instruments include futures, forwards, and swap contracts.

NOTES TO THE SCHEDULE OF INVESTMENTS

March 31, 2008 – (Unaudited)

TIMOTHY PLAN

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Timothy Plan Aggressive Growth Fund:

	Investments in Securities		Other Financial Instruments (OFI)			OFI – Market Value
Balance as of 12/31/2007	$	—	$	—		$	—
Realized Gain (Loss)		—		—	*		—
Change in unrealized appreciation (depreciation)		—		—			—
Net purchases (sales)		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance as of 3/31/2008	$	—	$	—		$	—

* The realized gain (loss) earned during the quarter ended 3/31/2008 for other financial instruments was $ 0.

The following is a summary of the inputs used to value the Timothy Plan Large/Mid Cap Growth Fund’s assets as of March 31, 2008:

Valuation Inputs	Investments in Securities		Other Financial Instruments (i.e., off-balance sheet items)*
Level 1 – Quoted Prices in Active Markets	$	48,783,179	$	—
Level 2 – Other Significant Observable Inputs	$	2,321,921	$	—
Level 3 – Significant Unobservable Inputs	$	—	$	—
Total	$	51,105,100	$	—

* Other financial instruments include futures, forwards, and swap contracts.

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Timothy Plan Large/Mid Cap Growth Fund:

	Investments in Securities		Other Financial Instruments (OFI)			OFI – Market Value
Balance as of 12/31/2007	$	—	$	—		$	—
Realized Gain (Loss)		—		—	*		—
Change in unrealized appreciation (depreciation)		—		—			—
Net purchases (sales)		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance as of 3/31/2008	$	—	$	—		$	—

* The realized gain (loss) earned during the quarter ended 3/31/2008 for other financial instruments was $ 0.

The following is a summary of the inputs used to value the Timothy Plan Strategic Growth Fund’s assets as of March 31, 2008:

Valuation Inputs	Investments in Securities		Other Financial Instruments (i.e., off-balance sheet items)*
Level 1 – Quoted Prices in Active Markets	$	62,679,475	$	—
Level 2 – Other Significant Observable Inputs	$	—	$	—
Level 3 – Significant Unobservable Inputs	$	—	$	—
Total	$	62,679,475	$	—

* Other financial instruments include futures, forwards, and swap contracts.

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Timothy Plan Strategic Growth Fund:

	Investments in Securities		Other Financial Instruments (OFI)			OFI – Market Value
Balance as of 12/31/2007	$	—	$	—		$	—
Realized Gain (Loss)		—		—	*		—
Change in unrealized appreciation (depreciation)		—		—			—
Net purchases (sales)		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance as of 3/31/2008	$	—	$	—		$	—

* The realized gain (loss) earned during the quarter ended 3/31/2008 for other financial instruments was $ 0.

NOTES TO THE SCHEDULE OF INVESTMENTS

March 31, 2008 – (Unaudited)

TIMOTHY PLAN

The following is a summary of the inputs used to value the Timothy Plan Conservative Growth Fund’s assets as of March 31, 2008:

Valuation Inputs	Investments in Securities		Other Financial Instruments (i.e., off-balance sheet items)*
Level 1 – Quoted Prices in Active Markets	$	53,012,277	$	—
Level 2 – Other Significant Observable Inputs	$	86,956	$	—
Level 3 – Significant Unobservable Inputs	$	—	$	—
Total	$	53,099,233	$	—

* Other financial instruments include futures, forwards, and swap contracts.

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Timothy Plan Conservative Growth Fund:

	Investments in Securities		Other Financial Instruments (OFI)			OFI – Market Value
Balance as of 12/31/2007	$	—	$	—		$	—
Realized Gain (Loss)		—		—	*		—
Change in unrealized appreciation (depreciation)		—		—			—
Net purchases (sales)		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance as of 3/31/2008	$	—	$	—		$	—

* The realized gain (loss) earned during the quarter ended 3/31/2008 for other financial instruments was $ 0.

The following is a summary of the inputs used to value the Timothy Plan Money Market Fund’s assets as of March 31, 2008:

Valuation Inputs	Investments in Securities		Other Financial Instruments (i.e., off-balance sheet items)*
Level 1 – Quoted Prices in Active Markets	$	—	$	—
Level 2 – Other Significant Observable Inputs	$	29,541,298	$	—
Level 3 – Significant Unobservable Inputs	$	—	$	—
Total	$	29,541,298	$	—

* Other financial instruments include futures, forwards, and swap contracts.

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Timothy Plan Money Market Fund:

	Investments in Securities		Other Financial Instruments (OFI)			OFI – Market Value
Balance as of 12/31/2007	$	—	$	—		$	—
Realized Gain (Loss)		—		—	*		—
Change in unrealized appreciation (depreciation)		—		—			—
Net purchases (sales)		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance as of 3/31/2008	$	—	$	—		$	—

* The realized gain (loss) earned during the quarter ended 3/31/2008 for other financial instruments was $ 0.

The following is a summary of the inputs used to value the Timothy Plan International Fund’s assets as of March 31, 2008:

Valuation Inputs	Investments in Securities		Other Financial Instruments (i.e., off-balance sheet items)*
Level 1 – Quoted Prices in Active Markets	$	23,939,426	$	—
Level 2 – Other Significant Observable Inputs	$	19,632,782	$	—
Level 3 – Significant Unobservable Inputs	$	—	$	—
Total	$	43,572,208	$	—

* Other financial instruments include futures, forwards, and swap contracts.

NOTES TO THE SCHEDULE OF INVESTMENTS

March 31, 2008 – (Unaudited)

TIMOTHY PLAN

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Timothy Plan International Fund:

	Investments in Securities		Other Financial Instruments (OFI)			OFI – Market Value
Balance as of 12/31/2007	$	—	$	—		$	—
Realized Gain (Loss)		—		—	*		—
Change in unrealized appreciation (depreciation)		—		—			—
Net purchases (sales)		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance as of 3/31/2008	$	—	$	—		$	—

* The realized gain (loss) earned during the quarter ended 3/31/2008 for other financial instruments was $ 0.

The following is a summary of the inputs used to value the Timothy Plan High Yield Bond Fund’s assets as of March 31, 2008:

Valuation Inputs	Investments in Securities		Other Financial Instruments (i.e., off-balance sheet items)*
Level 1 – Quoted Prices in Active Markets	$	—	$	—
Level 2 – Other Significant Observable Inputs	$	19,613,616	$	—
Level 3 – Significant Unobservable Inputs	$	—	$	—
Total	$	19,613,616	$	—

* Other financial instruments include futures, forwards, and swap contracts.

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Timothy Plan High Yield Bond Fund:

	Investments in Securities		Other Financial Instruments (OFI)			OFI – Market Value
Balance as of 12/31/2007	$	—	$	—		$	—
Realized Gain (Loss)		—		—	*		—
Change in unrealized appreciation (depreciation)		—		—			—
Net purchases (sales)		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance as of 3/31/2008	$	—	$	—		$	—

* The realized gain (loss) earned during the quarter ended 3/31/2008 for other financial instruments was $ 0.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

Separate certifications for the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 1940 are filed herewith.

SIGNATURES

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

(Registrant) The Timothy Plan
By	/s/ Arthur D. Ally
	Arthur D. Ally, President / Principal Executive Officer
Date: 5/28/2008

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

By	/s/ Arthur D. Ally
	Arthur D. Ally, President / Principal Executive Officer, Treasurer / Principal Financial Officer
Date: 5/28/2008