Timothy Plan US Large/Mid Cap Core ETF (TPLC) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number :  811-08228

                    The Timothy Plan                                         

(Exact name of registrant as specified in charter)

The Timothy Plan

1055 Maitland Center Commons   

Maitland, FL  32751

 (Address of principal executive offices) (Zip code)

William Murphy

Unified Fund Services, Inc.

2960 N. Meridian St, Ste 300.

Indianapolis, IN 46208                                                                

(Name and address of agent for service)

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

Date of fiscal year end:    09/30                      

Date of reporting period:  03/31/2010                                

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public.  A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.  Reports to Stockholders.

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

SEMI-ANNUAL REPORT

MARCH 31, 2010 – (UNAUDITED)

TIMOTHY PLAN FAMILY OF FUNDS:

Small Cap Value Fund Large/Mid Cap Value Fund Fixed Income Fund Aggressive Growth Fund Large/Mid Cap Growth Fund Defensive Strategies Fund Strategic Growth Fund Conservative Growth Fund Money Market Fund High Yield Bond Fund International Fund

LETTER FROM THE PRESIDENT

March 31, 2010

 ARTHUR D. ALLY

Dear Shareholder,

I am pleased to report that, since our September 30, 2009 Annual Report, the market has continued to recover a good portion of the value it lost in the severe market decline that spanned the period between November, 2007 and February, 2009.

In polling our various sub-advisers, their consensus expects positive but more moderate performance for the remainder of this year and into 2011.  Please keep in mind, however, as respected and knowledgeable as our sub-advisers are, it is simply their opinion and cannot be considered to be a guarantee of future results.

As you may recall, we launched our new Defensive Strategies Fund November 1, 2009 which invests primarily in Treasury Inflation Protected Bonds (TIPS), Real Estate Investment Trusts (REITs) and Commodities (precious metals, agriculture, energy, etc.) primarily through Exchange Traded Funds (ETFs.)  By design, this Fund has been constructed to serve as a partial hedge against high inflation – which we believe to be a potential risk due to the extremely high level of national debt that has resulted from the economic policies of our current Federal Government.

Once again, we hope you understand just how seriously we take our responsibility for the trust you have placed in us to morally, ethically and economically look after your investment assets.  Thank you for being part of the Timothy Plan family.

Sincerely,

Arthur D. Ally,

President

Timothy Plan Fund Performance [1]

FUND PROFILE

March 31, 2010

TIMOTHY PLAN AGGRESSIVE GROWTH FUND

FUND PROFILE (unaudited):

Top Ten Holdings		Industries
(% of Net Assets)		(% of Net Assets)
Jarden Corp.	3.70%	Information Technology	31.24%
SBA Communications Corp. - Class A	2.72%	Health Care	20.95%
NICE Systems, Ltd. (ADR)	2.16%	Consumer Discretionary	13.22%
GSI Commerce, Inc.	1.97%	Industrials	10.45%
Atlas Air Worldwide Holdings, Inc.	1.96%	Financials	7.94%
Whiting Petroleum Corp.	1.79%	Energy	6.58%
Gartner, Inc.	1.78%	Telecommunication	2.72%
DeVry, Inc.	1.74%	Materials	3.75%
Solutia, Inc.	1.73%	Short-Term Investments	2.78%
Informatica Corp.	1.63%	Other Assets Less Liabilities	0.37%
	21.18%		100.00%

TIMOTHY PLAN INTERNATIONAL FUND

FUND PROFILE (unaudited):

Top Ten Holdings		Industries
(% of Net Assets)		(% of Net Assets)
Henkel AG & Co. KGaA (ADR)	4.58%	Financials	19.56%
Mitsubishi Corp. (ADR)	3.34%	Materials	16.07%
Singapore Telecommunications, Ltd. (ADR)	3.10%	Industrials	13.58%
Smith & Nephew plc (ADR)	3.05%	Consumer Staples	8.81%
Keppel Corp., Ltd. (ADR)	3.02%	Consumer Discretionary	7.79%
Fresenius Medical Care AG & Co. KGaA (ADR)	2.97%	Telecommunication	7.67%
Canon, Inc. (ADR)	2.93%	Energy	7.15%
Total S.A. (ADR)	2.92%	Health Care	6.02%
DBS Group Holdings, Ltd. (ADR)	2.84%	Short-Term Investments	5.42%
BOC Hong Kong (Holdings), Ltd. (ADR)	2.79%	Information Technology	3.97%
	31.54%	Utilities	3.95%
		Other Assets Less Liabilities	0.01%
			100.00%

Timothy Plan Top Ten Holdings / Industries [2]

FUND PROFILE

March 31, 2010

TIMOTHY PLAN LARGE/MID CAP GROWTH FUND

FUND PROFILE (unaudited):

Top Ten Holdings		Industries
(% of Net Assets)		(% of Net Assets)
Fidelity Institutional Money Market Portfolio	6.50%	Health Care	20.69%
Exxon Mobil Corp.	4.01%	Financials	17.49%
Paychex, Inc.	3.54%	Information Technology	17.21%
T. Rowe Price Group, Inc.	2.67%	Energy	14.81%
Medco Health Solutions, Inc.	2.35%	Industrials	9.50%
Occidental Petroleum Corp.	2.19%	Consumer Discretionary	8.16%
SEI Investments Co.	2.14%	Short-Term Investments	6.50%
L-3 Communications Holdings, Inc.	2.10%	Materials	2.80%
Invesco, Ltd.	2.09%	Telecommunication	1.11%
Jarden Corp.	1.98%	Other Assets Less Liabilities	1.73%
	29.57%		100.00%

TIMOTHY PLAN SMALL CAP VALUE FUND

FUND PROFILE (unaudited):

Top Ten Holdings		Industries
(% of Net Assets)		(% of Net Assets)
A.O. Smith Corp.	2.48%	Industrials	29.28%
Middleby Corp.	2.40%	Financials	19.98%
Teledyne Technologies, Inc.	2.37%	Consumer Discretionary	11.84%
Equity Lifestyle Properties, Inc.	2.35%	Consumer Staples	9.48%
Kaydon Corp.	2.31%	Information Technology	6.59%
Progress Software Corp.	2.28%	Utilities	6.28%
Moog, Inc. - Class A	2.27%	Energy	6.02%
Sensient Technologies Corp.	2.26%	Materials	4.24%
Rollins, Inc.	2.24%	Short-Term Investments	3.73%
Spartan Stores, Inc.	2.24%	Health Care	2.16%
	23.20%	Other Assets Less Liabilities	0.40%
			100.00%

Timothy Plan Top Ten Holdings / Industries [3]

FUND PROFILE

March 31, 2010

TIMOTHY PLAN LARGE/MID CAP VALUE FUND

FUND PROFILE (unaudited):

Top Ten Holdings		Industries
(% of Net Assets)		(% of Net Assets)
Exxon Mobil Corp.	4.52%	Financials	23.50%
Anadarko Petroleum Corp.	2.71%	Energy	20.71%
Deere & Co.	2.68%	Industrials	10.42%
Flowserve Corp.	2.68%	Consumer Staples	9.99%
McKesson Corp.	2.64%	Information Technology	8.98%
Covidien PLC	2.62%	Health Care	8.38%
Invesco, Ltd.	2.58%	Consumer Discretionary	7.97%
CA, Inc.	2.57%	Utilities	6.02%
Emerson Electric Co.	2.57%	Materials	3.07%
Occidental Petroleum Corp.	2.57%	Short-Term Investments	0.78%
	28.14%	Other Assets Less Liabilities	0.18%
			100.00%

TIMOTHY PLAN FIXED INCOME FUND

FUND PROFILE (unaudited):

Top Ten Holdings		Industries
(% of Net Assets)		(% of Net Assets)
GNMA Pool 4520, 5.00%, 08/20/2038	5.54%	Mortgage-Backed Securities	31.23%
U.S. Treasury Bond, 7.25%, 08/15/2022	5.42%	Government	20.78%
TIP, 2.00%, 01/15/2014	4.68%	Financials	9.80%
GNMA Pool 717072, 5.00%, 05/15/2039	4.52%	Short-Term Investments	8.71%
GNMA Pool 4541, 5.00%, 09/20/2039	3.38%	TIPS	7.62%
TIP, 2.50%, 07/15/2016	2.94%	Energy	6.65%
Federal Home Loan Bank, 5.50%, 08/13/2014	2.82%	Utilities	6.06%
Federal Farm Credit Bank, 5.13%, 08/25/2016	2.78%	Consumer Discretionary	4.50%
Federal Farm Credit Bank, 4.88%, 01/17/2017	2.72%	Industrials	2.72%
GNMA Pool 4072, 5.50%, 01/20/2038	2.52%	Information Technology	0.90%
	37.32%	Telecommunication	0.83%
		Other Assets Less Liabilities	0.20%
			100.00%

Timothy Plan Top Ten Holdings / Industries [4]

FUND PROFILE

March 31, 2010

TIMOTHY PLAN HIGH YIELD BOND FUND

FUND PROFILE (unaudited):

Top Ten Holdings		Industries
(% of Net Assets)		(% of Net Assets)
Fidelity Institutional Money Market Portfolio	3.02%	Energy	31.07%
Cricket Communications, Inc., 9.375% 11/01/2014	2.78%	Industrials	17.23%
Goodyear Tire & Rubber Co., 10.50%, 05/15/2016	2.57%	Consumer Discretionary	12.93%
Case New Holland, Inc., 7.75%, 09/01/2013	2.47%	Financials	12.34%
Cemex Finance LLC, 9.50%, 12/14/2016	2.46%	Utilities	7.94%
Crosstex Energy, 8.875%, 02/15/2018	2.45%	Materials	7.00%
Helix Energy Solutions Group, Inc., 9.50%, 01/15/2016	2.45%	Telecommunication	4.93%
Intergen NV, 9.00%, 06/30/2017	2.45%	Short-Term Investments	3.02%
Nova Chemicals Corp., 8.625%, 11/01/2019	2.45%	Consumer Staples	2.43%
Comstock Resources, Inc., 8.375%, 10/15/2017	2.44%	Other Assets Less Liabilities	1.11%
	25.54%		100.00%

TIMOTHY PLAN DEFENSIVE STRATEGIES FUND

FUND PROFILE (unaudited):

Top Ten Holdings		Industries
(% of Net Assets)		(% of Net Assets)
TIP, 2.38%, 01/15/2017	6.96%	TIPS	47.49%
Fidelity Institutional Money Market Portfolio	6.81%	ETFs	25.53%
PowerShares DB Base Energy Fund	6.16%	REITs	19.97%
PowerShares DB Agriculture Fund	5.94%	Short-Term Investments	6.81%
TIP, 2.00%, 07/15/2014	5.44%	Other Assets Less Liabilities	0.20%
TIP, 2.38%, 01/15/2025	5.36%		100.00%
PowerShares DB Base Metals Fund	5.29%
TIP, 2.13%, 01/15/2019	5.14%
PowerShares DB Commodity Index Tracking Fund	5.07%
TIP, 2.00%, 01/15/2016	4.68%
	56.85%

Timothy Plan Top Ten Holdings / Industries [5]

FUND PROFILE

March 31, 2010

TIMOTHY PLAN MONEY MARKET FUND

FUND PROFILE (unaudited):

Top Ten Holdings		Industries
(% of Net Assets)		(% of Net Assets)
U.S. Treasury Bill, 0.14%, 05/13/2010	13.88%	U.S. Treasuries	81.57%
U.S. Treasury Bill, 0.14%, 05/20/2010	13.45%	U.S. Government Agencies	8.68%
U.S. Treasury Bill, 0.15%, 04/22/2010	9.98%	Money Market Instruments	7.85%
U.S. Treasury Bill, 0.15%, 04/29/2010	9.98%	Asset-Backed Securities	1.95%
U.S. Treasury Bill, 0.15%, 04/15/2010	9.55%	Liabilities in Excess of Other Assets	(0.05)%
U.S. Treasury Bill, 0.01%, 04/01/2010	8.68%		100.00%
U.S. Treasury Bill, 0.03%, 04/08/2010	8.68%
Fidelity Institutional Money Market Portfolio	7.85%
U.S. Treasury Bill, 0.13%, 05/06/2010	7.38%
Federal Home Loan Bank, 0.09%, 04/14/2010	4.34%
	93.77%

TIMOTHY PLAN STRATEGIC GROWTH FUND		TIMOTHY PLANCONSERVATIVE GROWTH FUND
FUND PROFILE (unaudited):		FUND PROFILE (unaudited):
Asset Allocation		Asset Allocation
(% of Net Assets)		(% of Net Assets)
International	24.97%	Fixed Income	29.98%
Large/Mid Cap Value	20.06%	Defensive Strategies	15.05%
Large/Mid Cap Growth	19.89%	Large/Mid Cap Value	15.00%
High Yield Bond	9.97%	Large/Mid Cap Growth	11.95%
Defensive Strategies	9.94%	International	10.08%
Aggressive Growth	7.48%	High Yield Bond	10.00%
Small Cap Value	7.42%	Small Cap Value	4.96%
Other Assets Less Liabilities	0.20%	Aggressive Growth	2.98%
Short-Term Investments	0.07%	Short-Term Investments	0.24%
	100.00%	Liabilities in Excess of Other Assets	(0.24)%
			100.00%

Timothy Plan Top Ten Holdings / Industries [6]

EXPENSE EXAMPLES

March 31, 2010 (Unaudited)

EXPENSE EXAMPLE

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

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of October 1, 2009, through March 31, 2010.

Actual Expenses

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

Hypothetical example for comparison purposes

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

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

Timothy Plan Expense Examples [7]

EXPENSE EXAMPLES

March 31, 2010 (Unaudited)

Timothy Plan Aggressive Growth Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
					10/1/2009 through
	10/1/2009		3/31/2010		3/31/2010
Actual - Class A	$	1,000.00	$	1,146.34	$	10.20
Hypothetical - Class A **	$	1,000.00	$	1,015.43	$	9.58
Actual - Class B	$	1,000.00	$	1,141.49	$	14.26
Hypothetical - Class B **	$	1,000.00	$	1,011.62	$	13.39
Actual - Class C	$	1,000.00	$	1,141.15	$	14.26
Hypothetical - Class C **	$	1,000.00	$	1,011.61	$	13.39

* Expenses are equal to the  Fund’s annualized expense ratio of 1.91% for Class A, 2.67% for Class B, and 2.67% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Aggressive Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 14.63% for Class A, 14.15% for Class B, and 14.12% for Class C for the six-month period of October 1, 2009, to March 31, 2010.

** Assumes a 5% return before expenses.

Timothy Plan International Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
					10/1/2009 through
	10/1/2009		3/31/2010		3/31/2010
Actual - Class A	$	1,000.00	$	1,054.10	$	8.92
Hypothetical - Class A **	$	1,000.00	$	1,016.26	$	8.75
Actual - Class C	$	1,000.00	$	1,050.38	$	12.77
Hypothetical - Class C **	$	1,000.00	$	1,012.48	$	12.53

* Expenses are equal to the  Fund’s annualized expense ratio of 1.74% for Class A and 2.50% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The International Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 5.41% for Class A and 5.04% for Class C for the six-month period of October 1, 2009, to March 31, 2010.

** Assumes a 5% return before expenses.

Timothy Plan Expense Examples [8]

EXPENSE EXAMPLES

March 31, 2010 (Unaudited)

Timothy Plan Large/Mid Cap Growth Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
					10/1/2009 through
	10/1/2009		3/31/2010		3/31/2010
Actual - Class A	$	1,000.00	$	1,108.01	$	8.68
Hypothetical - Class A **	$	1,000.00	$	1,016.69	$	8.31
Actual - Class B	$	1,000.00	$	1,106.00	$	12.61
Hypothetical - Class B **	$	1,000.00	$	1,012.96	$	12.05
Actual - Class C	$	1,000.00	$	1,103.79	$	12.60
Hypothetical - Class C **	$	1,000.00	$	1,012.95	$	12.05

* Expenses are equal to the  Fund’s annualized expense ratio of 1.65% for Class A, 2.40% for Class B, and 2.40% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 10.80% for Class A, 10.60% for Class B, and 10.38% for Class C for the six-month period of October 1, 2009, to March 31, 2010.

** Assumes a 5% return before expenses.

Timothy Plan Small Cap Value Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
					10/1/2009 through
	10/1/2009		3/31/2010		3/31/2010
Actual - Class A	$	1,000.00	$	1,120.00	$	8.40
Hypothetical - Class A **	$	1,000.00	$	1,017.00	$	8.00
Actual - Class B	$	1,000.00	$	1,116.59	$	12.36
Hypothetical - Class B **	$	1,000.00	$	1,013.25	$	11.76
Actual - Class C	$	1,000.00	$	1,115.68	$	12.36
Hypothetical - Class C **	$	1,000.00	$	1,013.24	$	11.76

* Expenses are equal to the  Fund’s annualized expense ratio of 1.59% for Class A, 2.34% for Class B, and 2.34% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Small Cap Value Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 12.00% for Class A, 11.66% for Class B, and 11.57% for Class C for the six-month period of October 1, 2009, to March 31, 2010.

** Assumes a 5% return before expenses.

Timothy Plan Expense Examples [9]

EXPENSE EXAMPLES

March 31, 2010 (Unaudited)

Timothy Plan Large/Mid Cap Value Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
					10/1/2009 through
	10/1/2009		3/31/2010		3/31/2010
Actual - Class A	$	1,000.00	$	1,084.07	$	8.16
Hypothetical - Class A **	$	1,000.00	$	1,017.10	$	7.90
Actual - Class B	$	1,000.00	$	1,080.37	$	12.01
Hypothetical - Class B **	$	1,000.00	$	1,013.38	$	11.65
Actual - Class C	$	1,000.00	$	1,080.58	$	12.04
Hypothetical - Class C **	$	1,000.00	$	1,013.36	$	11.65

* Expenses are equal to the  Fund’s annualized expense ratio of 1.57% for Class A, 2.32% for Class B, and 2.32% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Large/Mid Cap Value Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 8.41% for Class A, 8.04% for Class B, and 8.06% for Class C for the six-month period of October 1, 2009, to March 31, 2010.

** Assumes a 5% return before expenses.

Timothy Plan Fixed Income Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
					10/1/2009 through
	10/1/2009		3/31/2010		3/31/2010
Actual - Class A	$	1,000.00	$	1,017.38	$	6.13
Hypothetical - Class A **	$	1,000.00	$	1,018.86	$	6.13
Actual - Class B	$	1,000.00	$	1,013.44	$	9.83
Hypothetical - Class B **	$	1,000.00	$	1,015.17	$	9.84
Actual - Class C	$	1,000.00	$	1,013.51	$	9.89
Hypothetical - Class C **	$	1,000.00	$	1,015.11	$	9.90

* Expenses are equal to the  Fund’s annualized expense ratio of 1.22% for Class A, 1.96% for Class B, and 1.97% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Fixed Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 1.74% for Class A, 1.34% for Class B, and 1.35% for Class C for the six-month period of October 1, 2009, to March 31, 2010.

** Assumes a 5% return before expenses.

Timothy Plan Expense Examples [10]

EXPENSE EXAMPLES

March 31, 2010 (Unaudited)

Timothy Plan High Yield Bond Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
					10/1/2009 through
	10/1/2009		3/31/2010		3/31/2010
Actual - Class A	$	1,000.00	$	1,084.64	$	7.47
Hypothetical - Class A **	$	1,000.00	$	1,017.77	$	7.23
Actual - Class C	$	1,000.00	$	1,081.76	$	11.38
Hypothetical - Class C **	$	1,000.00	$	1,014.00	$	11.01

* Expenses are equal to the  Fund’s annualized expense ratio of 1.44% for Class A and 2.19% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The High Yield Bond Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 8.46% for Class A and 8.18% for Class C for the six-month period of October 1, 2009, to March 31, 2010.

** Assumes a 5% return before expenses.

Timothy Plan Defensive Strategies Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period
					11/4/2009 through
	11/4/2009		3/31/2010		3/31/2010
Actual - Class A*	$	1,000.00	$	1,045.65	$	6.32
Hypothetical - Class A **	$	1,000.00	$	1,017.34	$	7.66
Actual - Class C*	$	1,000.00	$	1,043.04	$	9.64
Hypothetical - Class C **	$	1,000.00	$	1,013.33	$	11.68

* Expenses are equal to the  Fund’s annualized expense ratio of 1.52% for Class A and 2.33% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 148 days/365 days (to reflect the partial year period). The High Yield Bond Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 4.57% for Class A and 4.30% for Class C for the period of November 4, 2009 (commencement of operations) to March 31, 2010.

** Assumes a 5% return before expenses. Expenses are equal to the  Fund’s annualized expense ratio of 1.52% for Class A and 2.33% for   Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period).

Timothy Plan Expense Examples [11]

EXPENSE EXAMPLES

March 31, 2010 (Unaudited)

Timothy Plan Money Market Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
					10/1/2009 through
	10/1/2009		3/31/2010		3/31/2010
Actual	$	1,000.00	$	1,000.24	$	0.45
Hypothetical **	$	1,000.00	$	1,024.48	$	0.46

* Expenses are equal to the  Fund’s annualized expense ratio of 0.09%, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Money Market Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 0.02% for the six-month period of October 1, 2009, to March 31, 2010.

** Assumes a 5% return before expenses.

Timothy Plan Strategic Growth Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
					10/1/2009 through
	10/1/2009		3/31/2010		3/31/2010
Actual - Class A	$	1,000.00	$	1,072.03	$	5.81
Hypothetical - Class A **	$	1,000.00	$	1,019.32	$	5.66
Actual - Class B	$	1,000.00	$	1,068.90	$	9.63
Hypothetical - Class B **	$	1,000.00	$	1,015.62	$	9.40
Actual - Class C	$	1,000.00	$	1,069.15	$	9.65
Hypothetical - Class C **	$	1,000.00	$	1,015.60	$	9.40

* Expenses are equal to the  Fund’s annualized expense ratio of 1.12% for Class A, 1.87% for Class B, and 1.87% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Strategic Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 7.20% for Class A, 6.89% for Class B, and 6.92% for Class C for the six-month period of October 1, 2009, to March 31, 2010.

** Assumes a 5% return before expenses.

Timothy Plan Expense Examples [12]

Timothy Plan Conservative Growth Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
					10/1/2009 through
	10/1/2009		3/31/2010		3/31/2010
Actual - Class A	$	1,000.00	$	1,051.57	$	5.84
Hypothetical - Class A **	$	1,000.00	$	1,019.24	$	5.75
Actual - Class B	$	1,000.00	$	1,047.11	$	9.63
Hypothetical - Class B **	$	1,000.00	$	1,015.53	$	9.50
Actual - Class C	$	1,000.00	$	1,047.28	$	9.65
Hypothetical - Class C **	$	1,000.00	$	1,015.50	$	9.50

* Expenses are equal to the  Fund’s annualized expense ratio of 1.14% for Class A, 1.89% for Class B, and 1.89% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Conservative Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 5.16% for Class A, 4.71% for Class B, and 4.73% for Class C for the six-month period of October 1, 2009, to March 31, 2010.

** Assumes a 5% return before expenses.

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
COMMON STOCKS - 96.85%
number of shares			fair value
		BANKS - 1.74%
	3,313	Prosperity Bancshares, Inc.	$	135,833
	3,440	Signature Bank *		127,452
				263,285
		CHEMICALS - 2.78%
	3,013	Ashland, Inc.		158,996
	16,232	Solutia, Inc. *		261,498
				420,494
		CONSUMER GOODS - 4.56%
	3,105	Coach, Inc.		122,710
	16,833	Jarden Corp.		560,371
	150	Steve Madden Ltd. *		7,320
				690,401
		EDUCATION - 2.97%
	4,028	DeVry, Inc.		262,626
	8,395	K12, Inc. *		186,453
				449,079
		FINANCIAL / INVESTMENT SERVICES - 5.12%
	27,437	Broadpoint Gleacher Securities, Inc. *		109,748
	11,154	Discover Financial Services		166,195
	9,452	Invesco, Ltd.		207,093
	1,181	Greenhill & Co., Inc.		96,948
	4,200	SEI Investments Co.		92,274
	1,895	Stifel Financial Corp. *		101,856
				774,114
		HEALTHCARE - 12.05%
	2,063	Amedisys, Inc. *		113,919
	10,000	Bruker Corp.*		146,500
	3,605	Catalyst Health Solutions, Inc. *		149,175
	3,880	Cepheid, Inc. *		67,822
	1,637	Express Scripts, Inc.*		166,581
	1,070	HMS Holdings Corp. *		54,559
	1,400	Human Genome Sciences, Inc. *		42,280
	1,643	IPC The Hospitalist Co., Inc. *		57,686
	3,100	Incyte Corp. Ltd. *		43,276
	2,250	MedAssets, Inc. *		47,250
	2,486	NuVasive, Inc. *		112,367
	5,622	Sirona Dental Systems, Inc. *		213,805
	2,640	SXC Health Solutions Corp. *		177,619
	2,283	Varian Medical Systems, Inc. *		126,318
	7,017	Wright Medical Group, Inc. *		124,692
	3,030	Zimmer Holdings, Inc.*		179,376
				1,823,225
		INDUSTRIALS / MACHINERY - 4.71%
	2,100	AerCap Holdings NV *		24,192
	3,638	Gardner Denver, Inc.		160,217
	2,066	Goodrich Corp.		145,694
	2,395	Grief, Inc. - Class A		131,533
	4,587	Ingersoll-Rand Plc		159,949
	1,800	Kennametal, Inc.		50,616

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

Timothy Plan Schedules of Investments [14]

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
COMMON STOCKS - 96.85% (continued)
number of shares			fair value
		INDUSTRIALS / MACHINERY - 4.71% (continued)
	2,200	Orion Marine Group, Inc.*	$	39,710
				711,911
		INFORMATION TECHNOLOGY - 16.22%
	3,296	Advent Software, Inc. *		147,496
	1,322	Amphenol Corp. - Class A		55,775
	37,099	Art Technology Group, Inc. *		163,607
	5,290	Atheros Communications, Inc. *		204,776
	17,178	Brightpoint, Inc. *		129,350
	3,481	Cognizant Technology Solutions Corp. - Class A *		177,461
	3,126	Concur Technologies, Inc. *		128,197
	2,158	Equinix, Inc.*		210,060
	3,036	F5 Networks, Inc. *		186,744
	12,111	Gartner, Inc. *		269,349
	9,166	Informatica Corp. *		246,199
	1,836	McAfee, Inc. *		73,679
	3,070	Parametric Technology Corp. *		55,413
	2,600	RightNow Technologies, Inc. *		46,436
	3,963	Sybase, Inc. *		184,755
	7,827	VanceInfo Technologies, Inc.  (ADR) *		174,464
				2,453,761
		INSTRUMENTS - 0.90%
	1,242	Mettler-Toledo International, Inc. *		135,626
		INSURANCE - 1.08%
	7,161	Assured Guaranty, Ltd.		157,327
	405	Primerica, Inc. *		6,075
				163,402
		MISCELLANEOUS SERVICES - 7.12%
	2,863	Alliance Data Systems Corp. *		183,203
	6,000	Constant Contact, Inc. *		139,320
	10,756	GSI Commerce, Inc. *		297,618
	3,350	Kforce, Inc. *		50,953
	4,768	McDermott International, Inc. *		128,355
	19,202	Sapient Corp.		175,506
	1,798	VistaPrint NV *		102,936
				1,077,891
		OIL / NATURAL GAS - 6.58%
	7,224	Clean Energy Fuels Corp. *		164,563
	11,075	EXCO Resources, Inc.		203,558
	16,859	Rex Energy Corp. *		192,024
	12,867	Venoco, Inc. *		165,084
	3,341	Whiting Petroleum Corp. *		270,086
				995,315
		PHARMACEUTICALS - 8.00%
	3,913	Alexion Pharmaceuticals, Inc. *		212,750
	4,743	BioMarin Pharmaceutical, Inc. *		110,844
	8,464	Eurand NV *		95,474
	13,082	Impax Laboratories, Inc. *		233,906
	5,800	Isis Pharmaceuticals, Inc. *		63,336
	2,203	Regeneron Pharmaceuticals, Inc. *		58,357

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

Timothy Plan Schedules of Investments [15]

AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
COMMON STOCKS - 96.85% (continued)
number of shares			fair value
		PHARMACEUTICALS - 8.00% (continued)
	6,011	Salix Pharmaceuticals, Ltd. *	$	223,910
	3,838	United Therapeutics Corp. *		212,357
				1,210,934
		RESTAURANTS - 0.91%
	9,958	Texas Roadhouse, Inc. *		138,317
		RETAIL - 4.77%
	1,400	Fossil, Inc. *		52,836
	1,735	Group 1 Automotive, Inc. *		55,277
	4,494	Gymboree Corp. *		232,025
	2,544	J Crew Group, Inc. *		116,770
	3,188	Kohl's Corp. *		174,639
	2,172	O'Reilly Automotive, Inc. *		90,594
				722,141
		SEMICONDUCTORS - 6.90%
	15,688	Cypress Semiconductor Corp. *		180,412
	12,418	Fairchild Semiconductor International, Inc.*		132,252
	11,573	Marvell Technology Group, Ltd. *		235,858
	4,462	Netlogic Microsystems, Inc. *		131,317
	18,937	ON Semiconductor Corp. *		151,496
	4,466	Silicon Laboratories, Inc. *		212,894
				1,044,229
		STEEL PRODUCERS - 0.98%
	8,459	Steel Dynamics, Inc.		147,779
		TELECOMMUNICATIONS - 5.94%
	11,747	Aruba Networks, Inc. *		160,464
	10,296	NICE Systems, Ltd. (ADR) *		326,898
	11,409	SBA Communications Corp. - Class A *		411,523
				898,885
		TRANSPORTATION - 3.52%
	5,584	Atlas Air Worldwide Holdings, Inc. *		296,231
	20,070	RailAmerica, Inc. *		236,826
				533,057
		Total Common Stocks (cost $11,163,508)		14,653,846
MONEY MARKET FUNDS - 2.78%
number of shares			fair value
	420,425	Fidelity Institutional Money Market Portfolio, 0.16% (A)		420,425
		Total Money Market Funds (cost $420,425)		420,425
		TOTAL INVESTMENTS (cost $11,583,933) - 99.63%	$	15,074,271
		OTHER ASSETS LESS LIABILITIES - 0.37%		55,882
		NET ASSETS - 100.00%	$	15,130,153
(ADR) American Depositary Receipt.
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at March 31, 2010.

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

Timothy Plan Schedules of Investments [16]

INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
COMMON STOCKS - 94.57%
number of shares			fair value
		AUTOMOTIVE - 3.69%
	30,000	Fiat SpA (ADR) (B)	$	390,000
	28,500	Honda Motor Co., Ltd. (ADR)		1,005,765
				1,395,765
		BANKS - 13.69%
	76,000	Banco Bilbao Vizcaya Argentaria SA (ADR)		1,040,440
	22,000	BOC Hong Kong (Holdings), Ltd. (ADR) (B)		1,056,000
	36,000	Credit Agricole S.A. (ADR) (B)		310,680
	26,200	DBS Group Holdings, Ltd. (ADR)(B)		1,074,200
	24,400	Intesa Sanpaolo SpA (ADR)(B) *		543,632
	109,500	National Bank of Greece S.A. (ADR)		444,570
	56,000	Societe Generale (ADR) (B)		703,920
				5,173,442
		BUILDING & CONSTRUCTION - 4.08%
	24,900	Desarrolladora Homex SAB de C.V. (ADR) *		704,172
	28,000	Vinci SA (ADR) (B)		413,000
	109,000	Wienerberger AG (ADR) (B)		425,362
				1,542,534
		CHEMICALS - 6.64%
	11,000	Agrium, Inc.		776,930
	37,400	Henkel AG & Co. KGaA (ADR)(B)		1,731,620
				2,508,550
		CONSUMER GOODS - 4.99%
	24,550	FUJIFILM Holdings Corp. (ADR) (B)		843,293
	14,000	Kerry Group plc (ADR) (B)		435,701
	28,000	Shiseido Co, Ltd. (ADR)(B)		607,600
				1,886,594
		DIVERSIFIED OPERATIONS - 6.36%
	87,000	Keppel Corp., Ltd. (ADR) (B)		1,140,570
	24,000	Mitsubishi Corp. (ADR) (B) *		1,262,400
				2,402,970
		ELECTRIC POWER  - 3.95%
	7,500	E.ON AG (ADR) (B)		276,675
	10,000	International Power plc (ADR) (B)		486,300
	8,200	RWE AG (ADR)(B)		728,980
				1,491,955
		FINANCIAL / INVESTMENT SERVICES - 2.10%
	114,000	3i Group PLC (ADR) (B)		220,020
	13,000	ORIX Corp. (ADR)		573,430
				793,450
		HEALTHCARE - 6.02%
	20,000	Fresenius Medical Care AG & Co. KGaA (ADR)		1,123,200
	23,000	Smith & Nephew plc (ADR)		1,151,380
				2,274,580

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

Timothy Plan Schedules of Investments [17]

INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
COMMON STOCKS - 94.57% (continued)
number of shares			fair value
		INDUSTRIALS - 2.46%
	29,000	Atlas Copco AB - Class B (ADR) (B)	$	407,740
	63,000	Cookson Group PLC (ADR) (B) *		522,257
				929,997
		INFORMATION TECHNOLOGY - 3.97%
	24,000	Canon, Inc. (ADR)		1,109,040
	16,000	Cap Gemini SA (ADR) (B)		390,400
				1,499,440
		INSURANCE - 3.77%
	23,000	Tokio Marine Holdings, Inc. (ADR) (B)		648,600
	30,500	Zurich Financial Services AG (ADR) (B)		777,750
				1,426,350
		MINERALS & MINING - 9.54%
	32,380	Anglo American plc (ADR) (B) *		700,703
	3,100	Rio Tinto plc (ADR)		733,863
	23,900	Sterlite Industries (India), Ltd. (ADR)		444,779
	62,800	Thompson Creek Metals Co., Inc. *		849,684
	31,500	Vale SA (ADR)		874,440
				3,603,469
		OIL / NATURAL GAS - 7.15%
	23,500	Petroleo Brasileiro S.A. (ADR)		930,365
	28,668	Statoil ASA (ADR)		668,824
	19,000	Total S.A. (ADR)		1,102,380
				2,701,569
		RETAIL - 1.47%
	25,000	William Morrison Supermarkets plc (ADR) (B)		554,750
		SERVICES - 2.54%
	44,000	ABB, Ltd. (ADR)		960,960
		STEEL - 4.48%
	19,500	ArcelorMittal		856,245
	19,500	Tenaris S.A. (ADR)		837,330
				1,693,575
		TELECOMMUNICATIONS - 7.67%
	20,200	America Movil SAB de C.V. -  Series L (ADR)		1,016,868
	52,000	Singapore Telecommunications, Ltd. (ADR) (B)		1,172,600
	47,000	Turkcell Iletisim Hizmetleri AS (ADR)		707,820
				2,897,288
		Total Common Stocks (cost $32,257,155)		35,737,238

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

Timothy Plan Schedules of Investments [18]

INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
MONEY MARKET FUNDS - 5.42%
number of shares			fair value
	2,049,561	Fidelity Institutional Money Market Portfolio, 0.16% (A)	$	2,049,561
		Total Money Market Funds (cost $2,049,561)		2,049,561
		TOTAL INVESTMENTS (cost $34,306,716) - 99.99%	$	37,786,799
		OTHER ASSETS LESS LIABILITIES - 0.01%		3,237
		NET ASSETS - 100.00%	$	37,790,036
(ADR) American Depositary Receipt.
(A) Variable rate security; the rate shown represents the yield at March 31, 2010.
(B) Securities are priced using an evaluated bid provided by an independent pricing source, which is based on the Fund's Good Faith Pricing Guidelines.
Such values are approved by the Board of Trustees and are considered Level 2 securities in accordance with GAAP valuation methods.
The total value of such securities at March 31, 2010 is $17,824,753, which represents 47% of net assets.
DIVERSIFICATION OF ASSETS
country			percentage of net assets
Austria				1.13	%
Brazil				4.78	%
Canada				4.30	%
France				7.73	%
Germany				10.22	%
Greece				1.18	%
Hong Kong				2.79	%
India				1.18	%
Ireland				1.15	%
Italy				2.47	%
Japan				16.01	%
Luxembourg				4.48	%
Mexico				4.56	%
Norway				1.77	%
Singapore				8.96	%
Spain				2.75	%
Sweden				1.08	%
Switzerland				4.60	%
Turkey				1.87	%
United Kingdom				11.56	%
Total				94.57	%
Money Market Funds				5.42	%
Other assets less liabilities				0.01	%
Grand Total				100.00	%

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

Timothy Plan Schedules of Investments [19]

LARGE/MID CAP GROWTH FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
COMMON STOCKS - 91.77%
number of shares			fair value
		CHEMICALS - 0.61%
	5,065	Ashland, Inc.	$	267,280
		CONSUMER GOODS - 2.78%
	8,850	Coach, Inc.		349,752
	26,050	Jarden Corp.		867,204
				1,216,956
		DIVERSIFIED OPERATIONS - 1.58%
	19,775	Ingersoll-Rand PLC		689,554
		EDUCATION - 1.84%
	12,364	DeVry, Inc.		806,133
		FINANCIAL / INVESTMENT SERVICES - 12.42%
	6,800	Affliiated Managers Group, Inc. *		537,200
	55,625	Discover Financial Services		828,812
	4,250	Franklin Resources, Inc.		471,325
	7,075	Greenhill & Co., Inc.		580,787
	41,705	Invesco, Ltd.		913,757
	42,525	SEI Investments Co.		934,274
	21,250	T. Rowe Price Group, Inc.		1,167,263
				5,433,418
		HEALTHCARE - 16.85%
	3,750	Amedisys, Inc. *		207,075
	28,660	AmerisourceBergen Corp.		828,847
	40,765	Bruker Corp. *		597,207
	6,870	C.R. Bard, Inc.		595,079
	12,230	Covidien PLC		614,924
	7,110	DaVita, Inc. *		450,774
	6,105	Express Scripts, Inc. *		621,245
	15,900	Medco Health Solutions, Inc. *		1,026,504
	12,570	Patterson Cos Inc.		390,298
	12,600	St. Jude Medical, Inc. *		517,230
	7,550	Sirona Dental Systems, Inc. *		287,127
	10,900	Varian Medical Systems, Inc. *		603,097
	10,684	Zimmer Holdings, Inc. *		632,493
				7,371,900
		INDUSTRIALS - 9.16%
	7,515	Amphenol Corp. - Class A		317,058
	8,330	Danaher Corp.		665,650
	12,275	Gardner Denver, Inc.		540,591
	10,550	Goodrich Corp.		743,986
	10,589	Grief, Inc. - Class A		581,548
	13,630	Johnson Controls, Inc.		449,654
	14,500	Kennametal, Inc.		407,740
	7,370	Pall Corp.		298,411
				4,004,638

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

Timothy Plan Schedules of Investments [20]

LARGE/MID CAP GROWTH FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
COMMON STOCKS - 91.77% (continued)
number of shares			fair value
		INFORMATION TECHNOLOGY - 9.09%
	10,850	Cognizant Technology Solutions Corp. - Class A *	$	553,133
	6,390	Equinix, Inc. *		622,003
	9,425	F5 Networks, Inc. *		579,732
	10,000	FLIR Systems, Inc. *		282,000
	29,053	Gartner, Inc. *		646,139
	9,461	Informatica Corp. *		254,122
	10,406	McAfee, Inc. *		417,593
	13,306	Sybase, Inc. *		620,326
				3,975,048
		INSTRUMENTS - 2.42%
	3,550	Mettler-Toledo International, Inc. *		387,660
	13,000	Thermo Fisher Scientific, Inc. *		668,720
				1,056,380
		INSURANCE - 1.52%
	30,301	Assured Guaranty Ltd		665,713
		MISCELLANEOUS SERVICES - 5.65%
	6,560	Alliance Data Systems Corp. *		419,774
	18,545	McDermott International, Inc. *		499,231
	50,490	Paychex, Inc.		1,550,043
				2,469,048
		OIL & NATURAL GAS - 13.67%
	15,890	Cameron International Corp. *		681,045
	39,100	EXCO Resources, Inc.		718,658
	26,170	Exxon Mobil Corp.		1,752,867
	11,350	Occidental Petroleum Corp.		959,529
	30,870	Statoil ASA (ADR)		720,197
	7,650	Sunoco, Inc.		227,282
	12,300	Valero Energy Corp.		242,310
	8,390	Whiting Petroleum Corp. *		678,248
				5,980,136
		PHARMACEUTICALS - 2.31%
	5,070	Alexion Pharmaceuticals, Inc. *		275,656
	13,580	Salix Pharmaceuticals, Ltd. *		505,855
	4,145	United Therapeutics Corp. *		229,343
				1,010,854
		RETAIL - 2.50%
	7,500	J Crew Group, Inc. *		344,250
	7,500	Kohl's Corp. *		410,850
	8,129	O'Reilly Automotive, Inc. *		339,061
				1,094,161
		SEMICONDUCTORS - 3.83%
	23,450	Marvell Technology Group, Ltd. *		477,911
	21,120	NVIDIA Corp. *		367,066
	30,475	ON Semiconductor Corp. *		243,800
	12,275	Silicon Laboratories, Inc. *		585,149
				1,673,926

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

Timothy Plan Schedules of Investments [21]

LARGE/MID CAP GROWTH FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
COMMON STOCKS - 91.77% (continued)
number of shares			fair value
		STEEL PRODUCERS - 0.86%
	21,420	Steel Dynamics, Inc.	$	374,207
		TELECOMMUNICATIONS - 4.68%
	10,000	L-3 Communications Holdings, Inc.		916,300
	20,300	NICE Systems, Ltd. (ADR) *		644,525
	13,475	SBA Communications Corp. - Class A *		486,043
				2,046,868
		Total Common Stocks(cost $35,151,107)		40,136,220
MONEY MARKET FUNDS - 6.50%
number of shares			fair value
	2,842,456	Fidelity Institutional Money Market Portfolio, 0.16% (A)		2,842,456
		Total Money Market Funds(cost $2,842,456)		2,842,456
		TOTAL INVESTMENTS (cost $37,993,563) - 98.27%	$	42,978,676
		OTHER ASSETS LESS LIABILITIES - 1.73%		758,659
		NET ASSETS - 100.00%	$	43,737,335
*Non-income producing securities.
(ADR) American Depositary Receipt.
(A) Variable rate security; the rate shown represents the yield at March 31, 2010.

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

Timothy Plan Schedules of Investments [22]

SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
COMMON STOCKS - 92.40%
number of shares			fair value
		AEROSPACE EQUIPMENT - 4.64%
	32,400	Moog, Inc. - Class A *	$	1,147,608
	29,100	Teledyne Technologies, Inc. *		1,200,957
				2,348,565
		BANKS - 10.23%
	13,908	Bancfirst Corp.		582,884
	22,174	Chemical Financial Corp.		523,750
	2,902	First Citizens BancShares, Inc.		576,801
	50,300	FirstMerit Corp.		1,084,971
	8,073	Suffolk Bancorp		247,922
	57,526	Texas Capital Bancshares, Inc. *		1,092,419
	26,300	UMB Financial Corp.		1,067,780
				5,176,527
		CHEMICALS - 2.26%
	39,359	Sensient Technologies Corp.		1,143,773
		CONSTRUCTION - 4.07%
	35,500	Astec Industries, Inc. *		1,028,080
	38,617	Layne Christensen Co. *		1,031,460
				2,059,540
		CONSUMER GOODS - 7.58%
	13,200	Diamond Foods, Inc.		554,928
	24,802	J & J Snack Foods Corp.		1,078,143
	32,200	Jarden Corp.		1,071,938
	38,800	Wolverine World Wide, Inc.		1,131,408
				3,836,417
		ELECTRIC POWER - 6.28%
	50,300	Avista Corp.		1,041,713
	41,000	Cleco Corp.		1,088,550
	47,100	Westar Energy, Inc.		1,050,330
				3,180,593
		FINANCIAL & INVESTMENT SERVICES - 6.29%
	75,617	Calamos Asset Management, Inc. - Class A		1,084,348
	69,800	Knight Capital Group, Inc. - Class A *		1,064,450
	19,200	Stifel Financial Corp. *		1,032,000
				3,180,798
		HEALTHCARE - 2.16%
	168,920	CryoLife, Inc. *		1,092,912
		INDUSTRIALS  - 12.77%
	23,898	A.O. Smith Corp.		1,256,318
	58,400	Beacon Roofing Supply, Inc.*		1,117,192
	31,100	Kaydon Corp.		1,169,360
	14,400	Lennox International, Inc.		638,208
	21,100	Middleby Corp. *		1,215,149
	25,300	Wabtec Corp.		1,065,636
				6,461,863

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

Timothy Plan Schedules of Investments [23]

SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
COMMON STOCKS - 92.40% (continued)
number of shares			fair value
		INFORMATION TECHNOLOGY - 4.38%
	21,800	ManTech International Corp. - Class A *	$	1,064,494
	36,700	Progress Software Corp. *		1,153,481
				2,217,975
		MINING - 1.98%
	74,000	Thompson Creek Metals Company, Inc. *		1,001,220
		MISCELLANEOUS SERVICES - 6.48%
	18,500	Dawson Geophysical Co. *		540,940
	11,800	John Wiley & Sons, Inc. - Class A		510,704
	46,300	Rent-A-Center, Inc. *		1,094,995
	52,300	Rollins, Inc.		1,133,864
				3,280,503
		OIL & NATURAL GAS - 4.95%
	28,500	Approach Resources, Inc. *		258,780
	35,900	Atlas Energy, Inc. *		1,117,208
	99,100	Rex Energy Corp. *		1,128,749
				2,504,737
		RETAIL - 10.56%
	28,100	BJ's Wholesale Club, Inc. *		1,039,419
	31,600	Casey's General Stores, Inc.		992,240
	24,256	Childrens Place Retail Stores, Inc./The *		1,080,605
	67,300	Finish Line, Inc./The - Class A		1,098,336
	78,597	Spartan Stores, Inc.		1,133,369
				5,343,969
		SEMICONDUCTORS - 2.21%
	57,000	MKS Instruments, Inc. *		1,116,630
		TRANSPORTATION - 5.56%
	33,100	Genesee & Wyoming, Inc. - Class A *		1,129,372
	26,864	Landstar System, Inc.		1,127,751
	40,081	Saia Inc. *		556,324
				2,813,447
		Total Common Stocks (cost $40,039,788)		46,759,469
REITs - 3.47%
number of shares			fair value
	22,100	Equity Lifestyle Properties, Inc.		1,190,748
	16,000	Mack-Cali Realty Corp.		564,000
		Total REITs (cost $1,430,091)		1,754,748

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

Timothy Plan Schedules of Investments [24]

SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
MONEY MARKET FUNDS - 3.73%
number of shares			fair value
	1,887,683	Fidelity Institutional Money Market Portfolio, 0.16% (A)	$	1,887,683
		Total Money Market Funds (cost $1,887,683)		1,887,683
		TOTAL INVESTMENTS (cost $43,357,562) - 99.60%	$	50,401,900
		OTHER ASSETS LESS LIABILITIES - 0.40%		204,504
		NET ASSETS - 100.00%	$	50,606,404
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at March 31, 2010.

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

Timothy Plan Schedules of Investments [25]

LARGE / MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
COMMON STOCKS - 92.86%
number of shares			fair value
		BANKS - 2.54%
	75,000	BB&T Corp.	$	2,429,250
		CHEMICALS - 2.04%
	44,300	Ecolab, Inc.		1,946,985
		CONSUMER GOODS - 12.59%
	50,600	BorgWarner, Inc. *		1,931,908
	31,300	Bunge, Ltd.		1,929,019	��
	51,900	Dr Pepper Snapple Group, Inc.		1,825,323
	48,800	Emerson Electric Co.		2,456,592
	31,800	JM Smucker Co./The		1,916,268
	66,800	Sysco Corp.		1,970,600
				12,029,710
		ELECTRIC POWER - 6.02%
	56,700	American Electric Power Co., Inc.		1,938,006
	47,000	Dominion Resources, Inc.		1,932,170
	48,200	FirstEnergy Corp.		1,884,138
				5,754,314
		FINANCIAL & INVESTMENT SERVICES - 6.72%
	4,400	BlackRock, Inc.		958,144
	60,800	Eaton Vance Corp.		2,039,232
	8,600	Franklin Resources, Inc.		953,740
	112,600	Invesco, Ltd.		2,467,066
				6,418,182
		HEALTHCARE - 8.38%
	49,800	Covidien PLC		2,503,944
	22,800	CR Bard, Inc.		1,974,936
	28,800	DENTSPLY International, Inc.		1,003,680
	38,300	McKesson Corp.		2,517,076
				7,999,636
		INDUSTRIALS - 1.03%
	7,800	Precision Castparts Corp.		988,338
		INFORMATION TECHNOLOGY - 8.98%
	104,700	CA, Inc.		2,457,309
	57,800	McAfee, Inc. *		2,319,514
	40,200	Sybase, Inc. *		1,874,124
	49,300	Western Digital Corp. *		1,922,207
				8,573,154
		INSURANCE - 8.06%
	37,700	ACE, Ltd.		1,971,710
	25,400	Arch Capital Group, Ltd. *		1,936,750
	61,200	Axis Capital Holdings, Ltd.		1,913,112
	60,100	Willis Group Holdings, PLC		1,880,529
				7,702,101

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

Timothy Plan Schedules of Investments [26]

LARGE / MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
COMMON STOCKS - 92.86% (continued)
number of shares			fair value
		MACHINERY - 5.36%
	43,000	Deere & Co.	$	2,556,780
	23,200	Flowserve Corp.		2,558,264
				5,115,044
		OIL & NATURAL GAS - 20.71%
	35,600	Anadarko Petroleum Corp.		2,592,748
	18,700	Apache Corp.		1,898,050
	18,600	ConocoPhillips		951,762
	12,600	Devon Energy Corp.		811,818
	27,600	EQT Corp.		1,131,600
	64,400	Exxon Mobil Corp.		4,313,512
	59,300	Halliburton Co.		1,786,709
	59,700	Marathon Oil Corp.		1,888,908
	34,700	Murphy Oil Corp.		1,949,793
	29,000	Occidental Petroleum Corp.		2,451,660
				19,776,560
		RETAIL - 7.94%
	43,900	Advance Auto Parts, Inc.		1,840,288
	31,800	Costco Wholesale Corp.		1,898,778
	76,800	Lowe's Cos, Inc.		1,861,632
	29,300	Sherwin-Williams Co./The		1,983,024
				7,583,722
		TRANSPORTATION - 2.49%
	32,500	Union Pacific Corp.		2,382,250
		Total Common Stocks (cost $77,570,518)		88,699,246
MASTER LIMITED PARTNERSHIPS - 1.94%
number of shares			fair value
	51,900	Lazard, Ltd. - Class A		1,852,830
		Total Master Limited Partnerships(cost $2,041,486)		1,852,830
REITs - 4.24%
number of shares			fair value
	57,400	HCP, Inc.		1,894,200
	23,400	Public Storage		2,152,566
		Total REITs (cost $3,486,023)		4,046,766

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

Timothy Plan Schedules of Investments [27]

LARGE / MID CAP VALUE FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
MONEY MARKET FUNDS - 0.78%
number of shares			fair value
	741,493	Fidelity Institutional Money Market Portfolio, 0.16% (A)	$	741,493
		Total Money Market Funds (cost $741,493)		741,493
		TOTAL INVESTMENTS (cost $83,839,520) - 99.82%	$	95,340,335
		OTHER ASSETS LESS LIABILITIES - 0.18%		172,199
		NET ASSETS - 100.00%	$	95,512,534
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at March 31, 2010.

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

Timothy Plan Schedules of Investments [28]

FIXED INCOME FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
BONDS AND NOTES - 91.09%
par value			fair value
		ASSET-BACKED SECURITIES - 1.02%
$	180,000	Honda Auto Receivables Owner Trust, 3.30%, 09/15/2015	$	186,505
	270,000	John Deere Owner Trust, 2.59%, 10/15/2013		274,512
	145,000	John Deere Owner Trust, 3.96%, 05/16/2016		152,230
		Total Asset-Backed Securities (cost $596,250)		613,247
		CORPORATE BONDS - 30.44%
	500,000	America Movil SAB de C.V., 5.00%, 03/30/2020		495,433
	500,000	Cameron International Corp., 6.375%, 07/15/2018		540,623
	750,000	Canadian National Railway Co., 5.80%, 06/01/2016		821,017
	750,000	ConocoPhillips, 4.60%, 01/15/2015		805,230
	500,000	Covidien International Finance SA, 5.45%, 10/15/2012		546,160
	910,000	CRH America, Inc., 6.00%, 09/30/2016		979,089
	950,000	Dominion Resources, Inc., 5.00%, 03/15/2013		1,011,265
	500,000	Entergy Gulf States, Inc., 5.70%, 06/01/2015		501,381
	500,000	Enterprise Products Operating, LLC, 6.125%, 10/15/2039		493,271
	900,000	ERP Operating LP, 5.125%, 03/15/2016		926,725
	500,000	Express Scripts, Inc., 5.25%, 06/15/2012		533,404
	500,000	Johnson Controls, Inc., 5.00%, 03/30/2010		499,766
	500,000	Kerr-McGee Corp., 6.95%, 07/01/2024		557,469
	750,000	Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014		796,995
	500,000	L-3 Communications, Corp., 5.20%, 10/15/2019		503,427
	750,000	Marathon Oil Corp., 6.00%, 10/01/2017		806,152
	500,000	NASDAQ OMX Group, Inc./The, 4.00%, 01/15/2015		498,148
	750,000	Nisource Finance Corp., 5.40%, 07/15/2014		791,678
	500,000	Oneok, Inc., 5.20%, 06/15/2015		533,037
	300,000	Protective Life Secured Trusts, 5.75%, 01/15/2019		296,770
	750,000	PSI Energy, Inc., 6.05%, 06/15/2016		817,016
	750,000	Simon Property Group LP, 5.75%, 12/01/2015		794,381
	500,000	Transocean, Inc., 6.00%, 03/15/2018		545,142
	750,000	Tyco Electronics Group SA, 6.00%, 10/01/2012		808,016
	300,000	Unitrin, Inc., 4.875%, 11/01/2010		302,768
	500,000	Valero Energy Corp., 6.625%, 06/15/2037		476,981
	750,000	Weatherford International, Ltd., 4.95%, 10/15/2013		796,784
	750,000	Willis North America, Inc., 6.20%, 03/28/2017		760,886
		Total Corporate Bonds (cost $17,341,623)		18,239,014
		U.S. GOVERNMENT & AGENCY OBLIGATIONS - 59.63%
		Government Notes & Bonds - 20.78%
	1,500,000	Federal Farm Credit Bank, 4.875%, 01/17/2017		1,627,713
	1,500,000	Federal Farm Credit Bank, 5.125%, 08/25/2016		1,664,701
	1,000,000	Federal Home Loan Bank, 5.00%, 11/17/2017		1,094,688
	1,500,000	Federal Home Loan Bank, 5.50%, 08/13/2014		1,689,658
	1,000,000	U.S. Treasury Bond, 3.125%, 05/15/2019		952,735
	1,000,000	U.S. Treasury Bond, 5.00%, 05/15/2037		1,053,282
	2,500,000	U.S. Treasury Bond, 7.25%, 08/15/2022		3,250,000
	500,000	U.S. Treasury Note, 3.875%, 05/15/2018		512,774
	550,000	U.S. Treasury Note, 4.75%, 05/15/2014		607,407
		Total Government Notes & Bonds (cost $12,236,680)		12,452,958

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

Timothy Plan Schedules of Investments [29]

FIXED INCOME FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
BONDS AND NOTES - 91.09% (continued)
par value			fair value
		U.S. GOVERNMENT & AGENCY OBLIGATIONS - 59.63% (continued)
		Government Mortgage-Backed Securities - 31.23%
$	138,556	GNMA Pool 3584, 6.00%, 07/20/2034	$	151,040
	292,562	GNMA Pool 3612, 6.50%, 09/20/2034		320,476
	937,521	GNMA Pool 3625, 6.00%, 10/20/2034		1,013,331
	401,353	GNMA Pool 3637, 5.50%, 11/20/2034		427,153
	629,920	GNMA Pool 3665, 5.50%, 01/20/2035		669,660
	303,370	GNMA Pool 3679, 6.00%, 02/20/2035		326,741
	808,187	GNMA Pool 3711, 5.50%, 05/20/2035		859,174
	838,074	GNMA Pool 3865, 6.00%, 06/20/2036		900,377
	605,038	GNMA Pool 3910, 6.00%, 10/20/2036		650,017
	1,079,174	GNMA Pool 3939, 5.00%, 01/20/2037		1,123,955
	1,169,769	GNMA Pool 4058, 5.00%, 12/20/2037		1,218,310
	1,425,838	GNMA Pool 4072, 5.50%, 01/20/2038		1,509,976
	3,193,589	GNMA Pool 4520, 5.00%, 08/20/2039		3,319,931
	1,949,944	GNMA Pool 4541, 5.00%, 09/20/2039		2,027,086
	51,784	GNMA Pool 585163, 5.00%, 02/15/2018		55,270
	54,691	GNMA Pool 585180, 5.00%, 02/15/2018		58,372
	58,970	GNMA Pool 592492, 5.00%, 03/15/2018		62,940
	44,074	GNMA Pool 599821, 5.00%, 01/15/2018		47,041
	664,185	GNMA Pool 604182, 5.50%, 04/15/2033		708,267
	377,225	GNMA Pool 663776, 6.50%, 01/15/2037		406,860
	2,599,754	GNMA Pool 717072, 5.00%, 05/15/2039		2,708,658
	137,318	GNMA Pool 781694, 6.00%, 12/15/2031		148,925
		Total Government Mortgage-Backed Securities (cost $18,020,220)		18,713,560
		Treasury Inflation Protection Securities - 7.62%
	2,638,305	TIP, 2.00%, 01/15/2014		2,803,816
	1,609,275	TIP, 2.50%, 07/15/2016		1,760,145
		Total Treasury Inflation Protection Securities (cost $4,299,665)		4,563,961
		Total U.S. Government & Agency Obligations (cost $34,556,565)		35,730,479
		Total Bonds and Notes (cost $52,494,438)		54,582,740
MONEY MARKET FUNDS - 8.71%
number of shares			fair value
	5,220,252	Fidelity Institutional Money Market Portfolio, 0.16% (A)		5,220,252
		Total Money Market Funds (cost $5,220,252)		5,220,252
		TOTAL INVESTMENTS (cost $57,714,690) - 99.80%	$	59,802,992
		OTHER ASSETS LESS LIABILITIES - 0.20%		120,670
		NET ASSETS - 100.00%	$	59,923,662
(A) Variable rate security; the rate shown represents the yield at March 31, 2010.

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

Timothy Plan Schedules of Investments [30]

HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
BONDS AND NOTES - 95.87%
par value			fair value
		CORPORATE BONDS - 95.87%
$	250,000	Actuant Corp., 6.875%, 06/15/2017	$	243,750
	250,000	Arch Coal, Inc., 8.75%, 08/01/2016 (A)		265,625
	500,000	Ashtead Holdings PLC, 8.625%, 08/01/2015 (A)		502,500
	500,000	Atlas Pipeline Partners LP, 8.125%, 12/15/2015		485,000
	500,000	Berry Petroleum Co., 8.25%, 11/01/2016		508,750
	500,000	Case New Holland, Inc., 7.75%, 09/01/2013 (A)		521,250
	500,000	Cemex Finance LLC, 9.50%, 12/14/2016 (A)		520,000
	250,000	Cloud Peak Energy Finance Corp., 8.50%, 12/15/2019 (A)		257,500
	500,000	Comstock Resources, Inc., 8.375%, 10/15/2017		516,250
	100,000	Concho Resources, Inc., 8.625%, 10/01/2017		106,500
	200,000	Copano Energy Finance Corp., 7.75%, 06/01/2018		200,500
	575,000	Cricket Communications, Inc., 9.375% 11/01/2014		587,938
	500,000	Crosstex Energy LP, 8.875%, 02/15/2018 (A)		518,125
	500,000	Crum & Forster Holdings Corp., 7.75%, 05/01/2017		497,500
	250,000	Discover Bank, 8.70%, 11/18/2019		274,271
	500,000	Dynegy Holdings, Inc., 7.75%, 06/01/2019		380,000
	150,000	El Paso Corp., 12.00%, 12/12/2013		176,250
	500,000	Energy Future Holdings Corp., 10.875%, 11/01/2017		373,750
	500,000	Forest Oil Corp., 7.25%, 06/15/2019		505,000
	500,000	Geo Group, Inc., 7.75%, 10/15/2017 (A)		512,500
	250,000	Georgia-Pacific LLC, 7.70%, 06/15/2015		266,250
	500,000	Goodyear Tire & Rubber Co., 10.50%, 05/15/2016		542,500
	500,000	Helix Energy Solutions Group, Inc., 9.50%, 01/15/2016 (A)		517,500
	500,000	Intergen NV, 9.00%, 06/30/2017 (A)		517,500
	420,000	Ipalco Enterprises, Inc., 7.25%, 04/01/2016 (A)		437,850
	250,000	Iron Mountain, Inc., 6.625%, 01/01/2016		249,375
	500,000	Janus Capital Group, Inc., 6.95%, 06/15/2017		497,810
	200,000	Kansas City Southern Railway, 13.00%, 12/15/2013		239,000
	300,000	LBI Escrow Corp., 8.00%, 11/01/2017		311,625
	500,000	MarkWest Energy Finance Corp., 6.875%, 11/01/2014		492,500
	500,000	Momentive Performance Materials, Inc., 9.75%, 12/01/2014		502,500
	100,000	Navios Maritime Finance U.S. Inc., 8.875%, 11/01/2017 (A)		104,000
	100,000	Navistar International Corp., 8.25%, 11/01/2021		102,500
	275,000	Nisource Finance Corp., 10.75%, 03/15/2016		349,967
	500,000	Nova Chemicals Corp., 8.625%, 11/01/2019 (A)		517,500
	100,000	Range Resources Corp., 8.00%, 05/15/2019		107,250
	500,000	Sanmina-SCI Corp., 8.125%, 03/01/2016		505,625
	500,000	Sealy Mattress Co., 8.25%, 06/15/2014		502,500
	250,000	Service Corp. International, 7.00%, 06/15/2017		246,250
	500,000	Smithfield Foods, Inc., 7.00%, 08/01/2011		513,125
	500,000	Swift Energy Co., 7.125%, 06/01/2017		477,500
	190,000	Teck Resources, Ltd., 10.25%, 05/15/2016		227,050
	310,000	Tesoro Corp., 9.75%, 06/01/2019		325,500
	500,000	Texas Industries, Inc., 7.25%, 07/15/2013		493,750
	400,000	Toll Brothers Finance Corp., 6.75%, 11/01/2019		404,874
	150,000	Tyson Foods, Inc., 10.50%, 03/01/2014		178,875
	500,000	United Rentals North America, Inc., 9.25%, 12/15/2019		512,500
	500,000	United States Steel Corp., 6.05%, 06/01/2017		483,750
	500,000	USG Corp., 9.50%, 01/15/2018		508,125

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

Timothy Plan Schedules of Investments [31]

HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
BONDS AND NOTES - 95.87% (continued)
par value			fair value
		CORPORATE BONDS - 95.87% (continued)
$	400,000	Vimpel Communications, 9.125%, 04/30/2018 (A)	$	453,500
	500,000	W & T Offshore, Inc., 8.25%, 06/15/2014 (A)		470,000
	250,000	Whiting Petroleum Corp., 7.00%, 02/01/2014		257,187
		TOTAL CORPORATE BONDS(cost $19,496,862)		20,268,697
MONEY MARKET FUNDS - 3.02%
number of shares			fair value
	638,782	Fidelity Institutional Money Market Portfolio, 0.16% (B)		638,782
		Total Money Market Funds (cost $638,782)		638,782
		TOTAL INVESTMENTS (cost $20,135,644) - 98.89%	$	20,907,479
		OTHER ASSETS LESS LIABILITIES - 1.11%		235,570
		NET ASSETS - 100.00%	$	21,143,049
(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 rate shown represents the yield at March 31, 2010.

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

Timothy Plan Schedules of Investments [32]

DEFENSIVE STRATEGIES FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
REITs - 19.97%
number of shares			fair value
	1,200	Alexandria Real Estate Equities, Inc.	$	81,120
	5,700	AMB Property Corp.		155,268
	3,600	Apartment Investment & Management Co.		66,276
	2,900	AvalonBay Communities, Inc.		250,415
	4,600	Boston Properties, Inc.		347,024
	2,000	BRE Properties, Inc.		71,500
	2,400	Camden Property Trust		99,912
	3,823	Cousins Properties, Inc.		31,773
	3,000	Digital Realty Trust, Inc.		162,600
	4,500	Douglas Emmett, Inc.		69,165
	8,800	Duke Realty Corp.		109,120
	8,500	Equity Residential		332,775
	1,100	Essex Property Trust, Inc.		98,945
	2,400	Federal Realty Investment Trust		174,744
	10,400	HCP, Inc.		343,200
	5,000	Health Care REIT, Inc.		226,150
	11,400	Kimco Realty Corp.		178,296
	4,100	Liberty Property Trust		139,154
	2,263	Macerich Co./The		86,700
	3,000	Mack-Cali Realty Corp.		105,750
	5,000	Public Storage		459,950
	4,200	Regency Centers Corp.		157,374
	5,529	Simon Property Group, Inc.		463,883
	1,800	SL Green Realty Corp.		103,086
	5,200	UDR, Inc.		91,728
	5,500	Ventas, Inc.		261,140
	5,416	Vornado Realty Trust		409,991
	4,100	Weingarten Realty Investors		88,396
		Total REITs (cost $4,259,301)		5,165,435
EXCHANGE-TRADED FUNDS - 25.53%
number of shares			fair value
	23,400	iShares Silver Trust *		401,076
	63,400	PowerShares DB Agriculture Fund *		1,535,548
	60,800	PowerShares DB Base Metals Fund *		1,368,608
	55,800	PowerShares DB Commodity Index Tracking Fund *		1,312,416
	61,800	PowerShares DB Energy Fund *		1,593,204
	3,600	SPDR Gold Trust *		392,220
		Total Exchange-Traded Funds (cost $6,640,388)		6,603,072
BONDS AND NOTES - 47.49%
par value			fair value
		TREASURY  INFLATION PROTECTION SECURITIES
	709,181	TIP, 1.625%, 01/15/2015		741,648
	751,876	TIP, 1.875%, 07/15/2015		796,636
	938,064	TIP, 2.00%, 01/15/2014		996,913
	1,321,844	TIP, 2.00%, 07/15/2014		1,407,455
	1,140,753	TIP, 2.00%, 01/15/2016		1,211,516
	1,261,438	TIP, 2.125%, 01/15/2019		1,330,522

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

Timothy Plan Schedules of Investments [33]

DEFENSIVE STRATEGIES FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
BONDS AND NOTES - 47.49% (continued)
par value			fair value
		TREASURY  INFLATION PROTECTION SECURITIES (continued)
$	1,321,845	TIP, 2.375%, 01/15/2025	$	1,386,181
	1,665,274	TIP, 2.375%, 01/15/2017		1,800,187
	605,490	TIP, 2.50%, 01/15/2029		641,441
	602,510	TIP, 3.00%, 07/15/2012		649,487
	669,790	TIP, 3.625%, 04/15/2028		818,138
	395,388	TIP, 3.875%, 04/15/2029		502,575
		Total Treasury Inflation Protection Securities (cost $12,270,780)		12,282,699
MONEY MARKET FUNDS - 6.81%
number of shares			fair value
	1,761,274	Fidelity Institutional Money Market Portfolio, 0.16% (A)		1,761,274
		Total Money Market Funds (cost $1,761,274)		1,761,274
		TOTAL INVESTMENTS(cost $24,931,743) - 99.80%	$	25,812,480
		OTHER ASSETS LESS LIABILITIES - 0.20%		51,780
		NET ASSETS - 100.00%	$	25,864,260
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at March 31, 2010.

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

Timothy Plan Schedules of Investments [34]

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
SHORT-TERM INVESTMENTS - 100.05%
par value			fair value
		Asset-Backed Securities - 1.95%
$	224,798	John Deere Owner Trust, 0.34%, 11/02/2010	$	224,798
		Total Asset-Backed Securities (amortized cost $224,798)		224,798
		Money Market Funds - 7.85%
	904,746	Fidelity Institutional Money Market Portfolio, 0.16% (B)		904,746
		Total Money Market Funds (cost $904,746)		904,746
		U.S. Government & Government Agencies (A) - 90.25%
	500,000	Federal Home Loan Bank, 0.09%, 04/14/2010		499,978
	500,000	Federal Home Loan Bank, 0.10%, 04/30/2010		499,948
	1,000,000	U.S. Treasury Bill, 0.01%, 04/01/2010		1,000,000
	1,000,000	U.S. Treasury Bill, 0.03%, 04/08/2010		999,987
	1,100,000	U.S. Treasury Bill, 0.15%, 04/15/2010		1,099,958
	1,150,000	U.S. Treasury Bill, 0.15%, 04/22/2010		1,149,941
	1,150,000	U.S. Treasury Bill, 0.15%, 04/29/2010		1,149,912
	850,000	U.S. Treasury Bill, 0.13%, 05/06/2010		849,898
	1,600,000	U.S. Treasury Bill, 0.14%, 05/13/2010		1,599,748
	1,550,000	U.S. Treasury Bill, 0.14%, 05/20/2010		1,549,736
		Total U.S. Government Agencies (amortized cost $10,399,106)		10,399,106
		TOTAL INVESTMENTS (cost $11,528,650) - 100.05%	$	11,528,650
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.05)%		(5,213	)
		TOTAL NET ASSETS - 100.00%	$	11,523,437
(A) Discount note; the rate shown represents the yield at March 31, 2010.
(B) Variable rate security; the rate shown represents the yield at March 31, 2010.

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

Timothy Plan Schedules of Investments [35]

STRATEGIC GROWTH FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
MUTUAL FUNDS (A)- 99.73%
number of shares			fair value
	678,022	Timothy Plan Aggressive Growth Fund*	$	3,505,374
	445,666	Timothy Plan Defensive Strategies Fund		4,657,204
	526,398	Timothy Plan High Yield Bond Fund		4,674,408
	1,496,464	Timothy Plan International Fund		11,702,350
	1,566,911	Timothy Plan Large/Mid Cap Growth Fund*		9,323,121
	812,737	Timothy Plan Large/Mid Cap Value Fund		9,403,371
	302,871	Timothy Plan Small Cap Value Fund*		3,476,961
		Total Mutual Funds(cost $52,492,558)		46,742,789
MONEY MARKET FUNDS - 0.07%
number of shares			fair value
	31,641	Fidelity Institutional Money Market Portfolio, 0.16% (B)		31,641
		Total Money Market Funds (cost $31,641)		31,641
		Total Investments (cost $52,524,199) - 99.80%	$	46,774,430
		OTHER ASSETS LESS LIABILITIES - 0.20%		94,185
		TOTAL NET ASSETS - 100.00%	$	46,868,615
* Non-income producing securities
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at March 31, 2010.

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

Timothy Plan Scheduled of Investments[36]

CONSERVATIVE GROWTH FUND

SCHEDULE OF INVESTMENTS
As of March 31, 2010 - (Unaudited)
MUTUAL FUNDS (A) - 100.00%
number of shares			fair value
	269,836	Timothy Plan Aggressive Growth Fund*	$	1,395,055
	674,045	Timothy Plan Defensive Strategies Fund		7,043,768
	1,379,568	Timothy Plan Fixed Income Fund		14,030,206
	526,980	Timothy Plan High Yield Bond Fund		4,679,584
	603,262	Timothy Plan International Fund		4,717,510
	940,003	Timothy Plan Large/Mid Cap Growth Fund*		5,593,016
	606,669	Timothy Plan Large/Mid Cap Value Fund		7,019,159
	202,063	Timothy Plan Small Cap Value Fund*		2,319,685
		Total Mutual Funds (cost $47,323,563)		46,797,983
MONEY MARKET FUNDS - 0.24%
number of shares			fair value
	111,890	Fidelity Institutional Money Market Portfolio, 0.16% (B)		111,890
		Total Money Market Funds (cost $111,890)		111,890
		TOTAL INVESTMENTS (cost $47,435,453) - 100.24%	$	46,909,873
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.24)%		(110,339	)
		NET ASSETS - 100.00%	$	46,799,534
* Non-income producing securities
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at March 31, 2010.

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

Timothy Plan Scheduled of Investments[37]

AGGRESSIVE GROWTH FUND

INTERNATIONAL FUND

STATEMENTS OF ASSETS AND LIABILITIES
As of March 31, 2010 (Unaudited)
ASSETS
	Aggressive Growth Fund			International Fund
Cost, Investments in Unaffiliated Securities [NOTE 1]	$	11,583,933		$	34,306,716
Fair Value, Investments in Unaffiliated Securities [NOTE 1]	$	15,074,271		$	37,786,799
Receivable for:
Investments Sold		183,434			-
Fund Shares Sold		112,800			58,368
Interest		46			267
Dividends		4,150			48,722
Tax Reclaim		-			12,371
Prepaid Expenses		17,049			19,729
Total Assets		15,391,750			37,926,256
LIABILITIES
Accrued Advisory Fees		10,818			31,640
Accrued 12b-1 Fees		4,496			9,131
Accrued Expenses		14,634			22,631
Payable for:
Investments Purchased		218,546			-
Fund Shares Redeemed		13,103			72,818
Total Liabilities		261,597			136,220
Net Assets	$	15,130,153		$	37,790,036
SOURCES OF NET ASSETS
Net Assets Consisted of:
Paid-in Capital	$	20,206,013		$	48,595,484
Accumulated Undistributed Net Investment Income (Loss)		(131,647	)		(124,861	)
Accumulated Net Realized Gain (Loss) on Investments		(8,434,551	)		(14,160,670	)
Net Unrealized Appreciation (Depreciation) on Investments		3,490,338			3,480,083
Net Assets	$	15,130,153		$	37,790,036

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

Timothy Plan Statements of Assets and Liabilities [38]

LARGE/MID CAP GROWTH FUND

SMALL CAP VALUE FUND

STATEMENTS OF ASSETS AND LIABILITIES
As of March 31, 2010 (Unaudited)
ASSETS
	Large/Mid Cap Growth Fund			Small Cap Value Fund
Cost, Investments in Unaffiliated Securities [NOTE 1]	$	37,993,563		$	43,357,562
Fair Value, Investments in Unaffiliated Securities [NOTE 1]	$	42,978,676		$	50,401,900
Receivable for:
Investments Sold		955,704			238,747
Fund Shares Sold		55,350			266,602
Interest		349			203
Dividends		19,221			50,943
Prepaid Expenses		15,348			16,513
Total Assets		44,024,648			50,974,908
LIABILITIES
Accrued Advisory Fees		31,442			36,508
Accrued 12b-1 Fees		11,500			16,006
Accrued Expenses		26,423			32,178
Payable for:
Investments Purchased		180,578			248,972
Fund Shares Redeemed		37,370			34,840
Total Liabilities		287,313			368,504
Net Assets	$	43,737,335		$	50,606,404
SOURCES OF NET ASSETS
Net Assets Consisted of:
Paid-in Capital	$	47,499,181		$	60,574,644
Accumulated Undistributed Net Investment Income (Loss)		(185,892	)		(124,907	)
Accumulated Net Realized Gain (Loss) on Investments		(8,561,067	)		(16,887,671	)
Net Unrealized Appreciation (Depreciation) on Investments		4,985,113			7,044,338
Net Assets	$	43,737,335		$	50,606,404

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

Timothy Plan Statements of Assets and Liabilities [39]

LARGE/MID CAP VALUE FUND

FIXED INCOME FUND

STATEMENTS OF ASSETS AND LIABILITIES
As of March 31, 2010 (Unaudited)
ASSETS
	Large/Mid Cap Value Fund			Fixed Income Fund
Cost, Investments in Unaffiliated Securities [NOTE 1]	$	83,839,520		$	57,714,690
Fair Value, Investments in Unaffiliated Securities [NOTE 1]	$	95,340,335		$	59,802,992
Receivable for:
Investments Sold		90,655			-
Fund Shares Sold		199,652			62,594
Interest		468			470,395
Dividends		124,968			-
Prepaid Expenses		18,612			22,039
Total Assets		95,774,690			60,358,020
LIABILITIES
Accrued Advisory Fees		68,272			22,642
Accrued 12b-1 Fees		27,291			17,214
Accrued Expenses		60,037			34,064
Payable for:
Fund Shares Redeemed		106,556			360,438
Total Liabilities		262,156			434,358
Net Assets	$	95,512,534		$	59,923,662
SOURCES OF NET ASSETS
Net Assets Consisted of:
Paid-in Capital	$	107,647,895		$	59,810,745
Accumulated Undistributed Net Investment Income (Loss)		62,320			(31,249	)
Accumulated Net Realized Gain (Loss) on Investments		(23,698,496	)		(1,944,136	)
Net Unrealized Appreciation (Depreciation) on Investments		11,500,815			2,088,302
Net Assets	$	95,512,534		$	59,923,662

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

Timothy Plan Statements of Assets and Liabilities [40]

HIGH YIELD BOND FUND

DEFENSIVE STRATEGIES FUND

STATEMENTS OF ASSETS AND LIABILITIES
As of March 31, 2010 (Unaudited)
	High Yield Bond Fund			Defensive Strategies Fund
Cost, Investments in Unaffiliated Securities [NOTE 1]	$	20,135,644		$	24,931,743
Fair Value, Investments in Unaffiliated Securities [NOTE 1]	$	20,907,479		$	25,812,480
Receivable for:
Fund Shares Sold		25,816			94,129
Interest		520,432			65,766
Dividends		-			17,974
Prepaid Expenses		19,080			36,105
Total Assets		21,472,807			26,026,454
Accrued Advisory Fees		10,588			12,971
Accrued 12b-1 Fees		4,919			7,629
Accrued Expenses		14,213			24,926
Payable for:
Investments Purchased		300,000			-
Fund Shares Redeemed		38			116,668
Total Liabilities		329,758			162,194
Net Assets	$	21,143,049		$	25,864,260
Net Assets Consisted of:
Paid-in Capital	$	23,091,399		$	24,928,365
Accumulated Undistributed Net Investment Income (Loss)		(27	)		11,799
Accumulated Net Realized Gain (Loss) on Investments		(2,720,158	)		43,359
Net Unrealized Appreciation (Depreciation) on Investments		771,835			880,737
Net Assets	$	21,143,049		$	25,864,260

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

Timothy Plan Statements of Assets and Liabilities [41]

MONEY MARKET FUND

STATEMENTS OF ASSETS AND LIABILITIES
As of March 31, 2010 (Unaudited)
ASSETS
	Money Market Fund
Cost, Investments in Unaffiliated Securities [NOTE 1]	$	11,528,650
Fair Value, Investments in Unaffiliated Securities [NOTE 1]	$	11,528,650
Receivable for:
Waiver of Advisory Fees		6,186
Fund Shares Sold		354
Interest		192
Prepaid Expenses		12,304
Total Assets		11,547,686
LIABILITIES
Accrued Expenses		14,145
Payable for:
Fund Shares Redeemed		10,058
Fund Distributions		46
Total Liabilities		24,249
Net Assets	$	11,523,437
SOURCES OF NET ASSETS
Net Assets Consisted of:
Paid-in Capital	$	11,515,035
Accumulated Undistributed Net Investment Income (Loss)		7,701
Accumulated Net Realized Gain (Loss) on Investments		701
Net Assets	$	11,523,437

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

Timothy Plan Statements of Assets and Liabilities [42]

STRATEGIC GROWTH FUND

CONSERVATIVE GROWTH FUND

STATEMENTS OF ASSETS AND LIABILITIES
As of March 31, 2010 (Unaudited)
ASSETS
	Strategic Growth Fund			Conservative Growth Fund
Cost, Investments in Unaffiliated Securities [NOTE 1]	$	31,641		$	111,890
Cost, Investments in Affiliated Securities[NOTE 1]	$	52,492,558		$	47,323,563
Total Cost, Investments		52,524,199			47,435,453
Fair Value, Investments in Unaffiliated Securities [NOTE 1]	$	31,641		$	111,890
Fair Value, Investments in Affiliated Securities[NOTE 1]	$	46,742,789		$	46,797,983
Total Fair Value, Investments		46,774,430			46,909,873
Receivable for:
Fund Shares Sold		244,791			58,283
Interest		13			10
Prepaid Expenses		17,774			14,447
Total Assets		47,037,008			46,982,613
LIABILITIES
Accrued Advisory Fees		25,471			25,960
Accrued 12b-1 Fees		7,919			7,714
Accrued Expenses		20,269			21,403
Payable for:
Fund Shares Redeemed		114,734			128,002
Total Liabilities		168,393			183,079
Net Assets	$	46,868,615		$	46,799,534
SOURCES OF NET ASSETS
Net Assets Consisted of:
Paid-in Capital	$	61,202,995		$	53,947,320
Accumulated Undistributed Net Investment Income (Loss)		45,633			137,310
Accumulated Net Realized Gain (Loss) on Investments		(8,630,244	)		(6,759,516	)
Net Unrealized Appreciation (Depreciation) on Investments		(5,749,769	)		(525,580	)
Net Assets	$	46,868,615		$	46,799,534

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

Timothy Plan Statements of Assets and Liabilities [43]

STATEMENTS OF ASSETS AND LIABILITIES
As of March 31, 2010 (Unaudited)
NET ASSETS (unlimited shares of $0.001 par beneficial interest authorized)
	Aggressive Growth Fund		International Fund		Large/Mid Cap Growth Fund
Class A Shares:
Net Assets	$	13,031,899	$	35,868,144	$	40,196,143
Shares Outstanding		2,519,450		4,585,398		6,753,073
Net Asset Value and Redemption Price per Share	$	5.17	$	7.82	$	5.95
Offering Price Per Share (NAV / 0.945)	$	5.47	$	8.28	$	6.30
Class B Shares:
Net Assets	$	405,152		N/A	$	1,070,232
Shares Outstanding		85,119		N/A		193,700
Net Asset Value, Offering and Redemption
Price per Share	$	4.76		N/A	$	5.53
Class C Shares:
Net Assets	$	1,693,102	$	1,921,892	$	2,470,960
Shares Outstanding		354,765		249,169		446,470
Net Asset Value and Offering Price per Share	$	4.77	$	7.71	$	5.53
Minimum Redemption Price Per Share (NAV * 0.99)	$	4.72	$	7.63	$	5.47
NET ASSETS (unlimited shares of $0.001 par beneficial interest authorized)
	Small Cap Value Fund		Large/Mid Cap Value Fund		Fixed Income  Fund
Class A Shares:
Net Assets	$	42,251,430	$	84,109,372	$	52,528,631
Shares Outstanding		3,679,530		7,269,583		5,166,585
Net Asset Value and Redemption Price per Share	$	11.48	$	11.57	$	10.17
Offering Price Per Share *	$	12.15	$	12.24	$	10.65
Class B Shares:
Net Assets	$	3,918,283	$	1,468,218	$	535,263
Shares Outstanding		393,539		139,840		54,268
Net Asset Value, Offering and Redemption
Price per Share	$	9.96	$	10.50	$	9.86
Class C Shares:
Net Assets	$	4,436,691	$	9,934,944	$	6,859,768
Shares Outstanding		442,286		948,216		696,787
Net Asset Value and Offering Price per Share	$	10.03	$	10.48	$	9.84
Minimum Redemption Price Per Share (NAV * 0.99)	$	9.93	$	10.38	$	9.74
*NAV / 0.945 for Small Cap Value Fund and Large / Mid Cap Value Fund and 0.955 for Fixed Income Fund

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

Timothy Plan Statements of Assets and Liabilities [44]

STATEMENTS OF ASSETS AND LIABILITIES
As of March 31, 2010 (Unaudited)
NET ASSETS (unlimited shares of $0.001 par beneficial interest authorized)
	High Yield Bond Fund		Defensive Strategies Fund		Money Market Fund
Class A Shares:
Net Assets	$	20,335,249	$	22,221,785	$	11,523,437
Shares Outstanding		2,290,852		2,126,189		11,514,891
Net Asset Value and Redemption Price per Share	$	8.88	$	10.45	$	1.00
Offering Price Per Share *	$	9.30	$	11.06		N/A
Class B Shares:
Net Assets		N/A		N/A		N/A
Shares Outstanding		N/A		N/A		N/A
Net Asset Value, Offering and Redemption
Price per Share		N/A		N/A		N/A
Class C Shares:
Net Assets	$	807,800	$	3,642,475		N/A
Shares Outstanding		90,379		352,073		N/A
Net Asset Value and Offering Price per Share	$	8.94	$	10.35		N/A
Minimum Redemption Price Per Share (NAV * 0.99)	$	8.85	$	10.25		N/A

NET ASSETS (unlimited shares of $0.001 par beneficial interest authorized)
	Strategic Growth Fund			Conservative Growth Fund
Class A Shares:
Net Assets	$	34,517,327	$	34,779,942
Shares Outstanding		5,390,385		4,062,219
Net Asset Value and Redemption Price per Share	$	6.40	$	8.56
Offering Price Per Share (NAV / 0.945)	$	6.77	$	9.06
Class B Shares:
Net Assets	$	5,121,047	$	4,657,685
Shares Outstanding		846,183		573,371
Net Asset Value, Offering and Redemption
Price per Share	$	6.05	$	8.12
Class C Shares:
Net Assets	$	7,230,241	$	7,361,907
Shares Outstanding		1,198,582		908,671
Net Asset Value and Offering Price per Share	$	6.03	$	8.10
Minimum Redemption Price Per Share (NAV * 0.99)	$	5.97	$	8.02
*NAV / 0.955 for High Yield Bond Fund and 0.945 for Defensive Strategies Fund. Money Market Fund is not subject to a sales load.

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

Timothy Plan Statements of Assets and Liabilities [45]

AGGRESSIVE GROWTH FUND

INTERNATIONAL FUND

STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2010 (Unaudited)
	Aggressive Growth Fund			International Fund
INVESTMENT INCOME
Interest  from:
Affiliated Investments	$	30		$	121
Unaffiliated Investments		127			585
Dividends from:
Unaffiliated Investments		19,964			254,726		(A)
Total Investment Income		20,121			255,432
EXPENSES
Investment Advisory Fees [NOTE 4]		64,358			182,095
12b-1 Fees [NOTE 4]
Class A		16,505			43,385
Class B		1,886			-
Class C		7,809			8,556
Fund Accounting, Transfer Agency, & Administration Fees		15,629			36,201
Registration Fees		14,646			15,188
Out-of-Pocket Expense		12,931			16,106
Custodian Fees		10,341			5,200
Miscellaneous Expense		2,518			2,090
Printing Expense		1,724			3,647
Audit Fees		1,716			6,255
CCO Expense		711			2,026
Trustee Fees		573			1,878
Insurance Expense		421			877
Total Expenses		151,768			323,504
Total Net Expenses		151,768			323,504
Net Investment Income (Loss)		(131,647	)		(68,072	)
	`
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Unaffiliated Investments		1,821,364			(585,529	)
Change in Unrealized Appreciation (Depreciation)
of Investments		(6,151	)		2,561,738
Net Realized and Unrealized Gain (Loss) on Investments		1,815,213			1,976,209
Net Increase (Decrease) in Net Assets
Resulting from Operations	$	1,683,566		$	1,908,137
(A) Net of foreign withholding taxes of $26,111.

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

Timothy Plan Statements of Operations [46]

LARGE/MID GROWTH FUND

SMALL CAP VALUE FUND

STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2010 (Unaudited)
	Large/Mid Cap Growth Fund			Small Cap Value Fund
INVESTMENT INCOME
Interest  from:
Affiliated Investments	$	310		$	140
Unaffiliated Investments		1,095			437
Dividends from:
Unaffiliated Investments		168,399			294,467
Total Investment Income		169,804			295,044
EXPENSES
Investment Advisory Fees [NOTE 4]		176,386			208,712
12b-1 Fees [NOTE 4]
Class A		47,612			51,575
Class B		5,603			19,430
Class C		11,464			19,814
Fund Accounting, Transfer Agency, & Administration Fees		40,660			49,427
Out-of-Pocket Expense		33,302			31,011
Registration Fees		16,371			15,293
Custodian Fees		7,439			6,984
Audit Fees		5,688			5,476
Printing Expense		3,522			3,821
Miscellaneous Expense		2,503			2,129
CCO Expense		2,245			2,196
Trustee Fees		1,907			2,803
Insurance Expense		994			1,280
Total Expenses		355,696			419,951
Total Net Expenses		355,696			419,951
Net Investment Income (Loss)		(185,892	)		(124,907	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Unaffiliated Investments		2,606,012			3,488,667
Change in Unrealized Appreciation (Depreciation)
of Investments		1,989,612			1,730,660
Net Realized and Unrealized Gain (Loss) on Investments		4,595,624			5,219,327
Net Increase (Decrease) in Net Assets
Resulting from Operations	$	4,409,732		$	5,094,420

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

Timothy Plan Statements of Operations [47]

LARGE/MID VALUE FUND

FIXED INCOME FUND

STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2010 (Unaudited)
	Large/Mid Cap Value Fund		Fixed Income Fund
INVESTMENT INCOME
Interest  from:
Affiliated Investments	$	306	$	597
Unaffiliated Investments		1,309		1,148,491
Dividends from:
Unaffiliated Investments		905,086		-
Total Investment Income		906,701		1,149,088
EXPENSES
Investment Advisory Fees [NOTE 4]		392,535		169,253
12b-1 Fees [NOTE 4]
Class A		101,218		62,276
Class B		8,076		3,361
Class C		48,860		29,622
Fund Accounting, Transfer Agency, & Administration Fees		92,393		56,964
Out-of-Pocket Expense		65,334		39,665
Registration Fees		16,026		17,937
Audit Fees		10,967		8,084
Custodian Fees		9,407		6,702
Printing Expense		9,119		5,437
CCO Expense		5,049		2,915
Trustee Fees		4,727		2,538
Miscellaneous Expense		2,348		4,812
Insurance Expense		2,235		1,134
Total Expenses		768,294		410,700
Fees Waived by Adviser [NOTE 4]		-		(42,313	)
Total Net Expenses		768,294		368,387
Net Investment Income (Loss)		138,407		780,701
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Unaffiliated Investments		2,531,677		72,456
Change in Unrealized Appreciation (Depreciation)
of Investments		4,627,185		87,662
Net Realized and Unrealized Gain (Loss) on Investments		7,158,862		160,118
Net Increase (Decrease) in Net Assets
Resulting from Operations	$	7,297,269	$	940,819

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

Timothy Plan Statements of Operations [48]

HIGH YIELD BOND FUND

DEFENSIVE STRATEGIES FUND

STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2010 (Unaudited)
	High Yield Bond Fund		Defensive Strategies Fund *
INVESTMENT INCOME
Interest  from:
Affiliated Investments	$	102	$	131
Unaffiliated Investments		807,527		83,348
Dividends from:
Affiliated Investments		-		91,229
Total Investment Income		807,629		174,708
EXPENSES
Investment Advisory Fees [NOTE 4]		59,329		54,478
12b-1 Fees [NOTE 4]
Class A		23,888		21,041
Class C		3,332		6,634
Fund Accounting, Transfer Agency, & Administration Fees		19,987		18,086
Registration Fees		14,858		14,358
Audit Fees		7,865		7,533
Out-of-Pocket Expense		5,949		8,610
Miscellaneous Expense		3,333		2,315
Custodian Fees		1,998		4,592
Printing Expense		1,665		3,999
CCO Expense		1,071		754
Trustee Fees		907		1,072
Insurance Expense		408		166
Total Expenses		144,590		143,638
Total Net Expenses		144,590		143,638
Net Investment Income (Loss)		663,039		31,070
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Unaffiliated Investments		168,948		43,359
Change in Unrealized Appreciation (Depreciation)
of Investments		767,525		880,737
Net Realized and Unrealized Gain (Loss) on Investments		936,473		924,096
Net Increase (Decrease) in Net Assets
Resulting from Operations	$	1,599,512	$	955,166
* For the period November 4, 2009 (commencement of operations) through March 31, 2010.

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

Timothy Plan Statements of Operations [49]

MONEY MARKET FUND

STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2010 (Unaudited)
	Money Market Fund
INVESTMENT INCOME
Interest  from:
Unaffiliated Investments	$	13,983
Total Investment Income		13,983
EXPENSES
Investment Advisory Fees [NOTE 4]		62,816
Fund Accounting, Transfer Agency, & Administration Fees		20,000
Registration Fees		11,816
Out-of-Pocket Expense		7,919
Custodian Fees		6,829
Printing Expense		2,845
CCO Expense		1,474
Trustee Fees		1,431
Audit Fees		1,422
Insurance Expense		822
Miscellaneous Expense		236
Total Expenses		117,610
Fees Waived by Adviser [NOTE 4]		(20,939	)
Expenses Reimbursed by Adviser [NOTE 4]		(87,191	)
Total Net Expenses		9,480
Net Investment Income (Loss)		4,503
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Unaffiliated Investments		701
Net Realized and Unrealized Gain (Loss) on Investments		701
Net Increase (Decrease) in Net Assets
Resulting from Operations	$	5,204

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

Timothy Plan Statements of Operations [50]

 STRATEGIC GROWTH FUND

CONSERVATIVE GROWTH FUND

STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2010 (Unaudited)
	Strategic Growth Fund			Conservative Growth Fund
INVESTMENT INCOME
Interest  from:
Affiliated Investments	$	6		$	8
Unaffiliated Investments		19			22
Dividends from:
Affiliated Investments		341,807			446,748
Total Investment Income		341,832			446,778
EXPENSES
Investment Advisory Fees [NOTE 4]		143,129			149,889
12b-1 Fees [NOTE 4]
Class B		21,316			18,730
Class C		27,652			27,467
Fund Accounting, Transfer Agency, & Administration Fees		42,252			46,107
Out-of-Pocket Expense		22,344			24,317
Registration Fees		14,656			15,816
Printing Expense		10,098			9,335
Audit Fees		5,093			5,830
Custodian Fees		4,678			6,011
CCO Expense		1,957			2,037
Trustee Fees		1,275			2,009
Insurance Expense		1,014			1,068
Miscellaneous Expense		735			762
Total Expenses		296,199			309,378
Total Net Expenses		296,199			309,378
Net Investment Income (Loss)		45,633			137,400
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Affiliated Investments		(3,708,096	)		(3,457,864	)
Change in Unrealized Appreciation (Depreciation)
of Investments		6,774,007			5,607,935
Net Realized and Unrealized Gain (Loss) on Investments		3,065,911			2,150,071
Net Increase (Decrease) in Net Assets
Resulting from Operations	$	3,111,544		$	2,287,471

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

Timothy Plan Statements of Operations [51]

AGGRESSIVE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
		Six months ended
		03/31/10 (Unaudited)			Period ended 09/30/09		(A)	Year ended 12/31/08
	Operations:
	Net Investment Income (Loss)	$	(131,647	)	$	(201,996	)	$	(339,070	)
	Net Realized Gain (Loss) on Investments		1,821,364			(2,667,673	)		(7,557,154	)
	Net Increase from Payment by Affiliate [NOTE 5]		-			-			24,684
	Change in Unrealized Appreciation (Depreciation) of Investments		(6,151	)		6,229,851			(5,095,846	)
	Net Increase (Decrease) in Net Assets (resulting from operations)		1,683,566			3,360,182			(12,967,386	)
	Distributions to Shareholders From:
	Net Realized Gains:
	Class A		-			-			(42,783	)
	Class B		-			-			(1,613	)
	Class C		-			-			(4,029	)
	Total Distributions		-			-			(48,425	)
	Capital Share Transactions:
	Proceeds from Shares Sold:
	Class A		643,539	(B)		1,228,054	(C)		7,041,334	(D)
	Class B		23,704			-			3,577
	Class C		206,868			190,027			343,835
	Dividends Reinvested:
	Class A		-			-			42,015
	Class B		-			-			1,381
	Class C		-			-			3,918
	Cost of Shares Redeemed:
	Class A		(6,043,802	)		(1,839,116	)		(5,038,562	)
	Class B		(41,809	)(B)		(179,275	) (C)		(144,927	)(D)
	Class C		(200,078	)		(237,480	)		(306,988	)
	Net Increase (Decrease) in Net Assets (resulting from
	capital share transactions)		(5,411,578	)		(837,790	)		1,945,583
	Total Increase (Decrease) in Net Assets		(3,728,012	)		2,522,392			(11,070,228	)
	Net Assets:
	Beginning of period		18,858,165			16,335,773			27,406,001
	End of period	$	15,130,153		$	18,858,165		$	16,335,773
	Accumulated Undistributed Net Investment Income (Loss)	$	(131,647	)	$	-		$	-
	Shares of Capital Stock of the Fund Sold and Redeemed:
	Shares Sold:
	Class A		133,052	(B)		331,324	(C)		1,298,923	(D)
	Class B		5,437			-			624
	Class C		47,433			53,423			68,482
	Shares Reinvested:
	Class A		-			-			11,929
	Class B		-			-			422
	Class C		-			-			1,195
	Shares Redeemed:
	Class A		(1,383,176	)		(490,930	)		(916,790	)
	Class B		(9,903	)(B)		(52,300	)(C)		(30,246	)(D)
	Class C		(46,143	)		(68,122	)		(58,719	)
	Net Increase (Decrease) in Number of Shares Outstanding		(1,253,300	)		(226,605	)		375,820
(A)	The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Includes automatic conversion of Class B shares ($17,126 representing 4,218 shares) to Class A shares ($17,126 representing 3,892 shares).
(C)	Includes automatic conversion of Class B shares ($138,616 representing 40,607 shares) to Class A shares ($138,616 representing 37,670 shares).
(D)	Includes automatic conversion of Class B shares ($16,599 representing 4,811 shares) to Class A shares ($16,599 representing 4,474 shares).

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

Timothy Plan Statements of Changes [52]

INTERNATIONAL FUND

STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
		Six months ended
		03/31/10			Period ended			Year ended
		(Unaudited)			09/30/09		(A)	12/31/08
	Operations:
	Net Investment Income (Loss)	$	(68,072	)	$	415,092		$	455,363
	Net Realized Gain (Loss) on Investments		(585,529	)		(5,756,467	)		(7,208,911	)
	Change in Unrealized Appreciation (Depreciation) of Investments		2,561,738			13,894,617			(17,417,187	)
	Net Increase (Decrease) in Net Assets (resulting from operations)		1,908,137			8,553,242			(24,170,735	)
	Distributions to Shareholders From:
	Net Investment Income:
	Class A		(466,911	)		-			(432,699	)
	Class C		(16,268	)		-			(12,503	)
	Total Distributions		(483,179	)		-			(445,202	)
	Capital Share Transactions:
	Proceeds from Shares Sold:
	Class A		4,466,105			5,238,049			20,334,914
	Class C		651,757			344,856			808,369
	Dividends Reinvested:
	Class A		428,150			-			388,442
	Class C		13,861			-			12,206
	Cost of Shares Redeemed:
	Class A		(7,638,507	)		(7,490,528	)		(7,993,400	)
	Class C		(221,225	)		(179,451	)		(352,076	)
	Net Increase (Decrease) in Net Assets (resulting from
	capital share transactions)		(2,299,859	)		(2,087,074	)		13,198,455
	Total Increase (Decrease) in Net Assets		(874,901	)		6,466,168			(11,417,482	)
	Net Assets:
	Beginning of period		38,664,937			32,198,769			43,616,251
	End of period	$	37,790,036		$	38,664,937		$	32,198,769
	Accumulated Undistributed Net Investment Income (Loss)	$	(124,861	)	$	426,390		$	10,777
	Shares of Capital Stock of the Fund Sold and Redeemed:
	Shares Sold:
	Class A		583,282			870,021			2,304,470
	Class C		85,369			54,460			84,402
	Shares Reinvested:
	Class A		54,681			-			67,673
	Class C		1,793			-			2,145
	Shares Redeemed:
	Class A		(1,005,143	)		(1,188,414	)		(945,119	)
	Class C		(29,124	)		(31,068	)		(38,919	)
	Net Increase (Decrease) in Number of Shares Outstanding		(309,142	)		(295,001	)		1,474,652
(A)	The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009.

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

Timothy Plan Statements of Changes [53]

LARGE/MID CAP GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
		Six months ended
		03/31/10			Period ended			Year ended
		(Unaudited)			09/30/09		(A)	12/31/08
	Operations:
	Net Investment Income (Loss)	$	(185,892	)	$	(164,775	)	$	(340,626	)
	Net Realized Gain (Loss) on Investments		2,606,012			(2,950,198	)		(7,879,763	)
	Change in Unrealized Appreciation (Depreciation) of Investments		1,989,612			10,218,574			(12,968,068	)
	Net Increase (Decrease) in Net Assets (resulting from operations)		4,409,732			7,103,601			(21,188,457	)
	Distributions to Shareholders From:
	Net Realized Gains:
	Class A		-			-			(61,850	)
	Class B		-			-			(2,112	)
	Class C		-			-			(4,038	)
	Total Distributions		-			-			(68,000	)
	Capital Share Transactions:
	Proceeds from Shares Sold:
	Class A		3,837,024	(B)		2,870,891			15,166,919
	Class B		21,288			3,853			17,054
	Class C		382,746			335,469			775,006
	Dividends Reinvested:
	Class A		-			-			56,381
	Class B		-			-			1,861
	Class C		-			-			3,555
	Cost of Shares Redeemed:
	Class A		(3,683,623	)		(5,919,458	)		(16,452,855	)
	Class B		(189,373	)(B)		(97,613	)		(288,063	)
	Class C		(263,333	)		(550,408	)		(761,081	)
	Net Increase (Decrease) in Net Assets (resulting from
	capital share transactions)		104,729			(3,357,266	)		(1,481,223	)
	Total Increase (Decrease) in Net Assets		4,514,461			3,746,335			(22,737,680	)
	Net Assets:
	Beginning of period		39,222,874			35,476,539			58,214,219
	End of period	$	43,737,335		$	39,222,874		$	35,476,539
	Accumulated Undistributed Net Investment Income (Loss)	$	(185,892	)	$	-		$	-
	Shares of Capital Stock of the Fund Sold and Redeemed:
	Shares Sold:
	Class A		701,965	(B)		640,864			2,613,667
	Class B		4,052			928			3,097
	Class C		72,998			78,171			134,417
	Shares Reinvested:
	Class A		-			-			13,424
	Class B		-			-			474
	Class C		-			-			902
	Shares Redeemed:
	Class A		(653,848	)		(1,345,096	)		(2,941,853	)
	Class B		(36,310	)(B)		(23,674	)		(52,411	)
	Class C		(49,995	)		(133,643	)		(131,734	)
	Net Increase (Decrease) in Number of Shares Outstanding		38,862			(782,450	)		(360,017	)
(A)	The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Includes automatic conversion of Class B shares ($112,827 representing 21,569 shares) to Class A shares ($112,827 representing 20,033 shares).

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

Timothy Plan Statements of Changes [54]

SMALL CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
		Six months ended
		03/31/10			Period ended				Year ended
		(Unaudited)			09/30/09		(A)		12/31/08
	Operations:
	Net Investment Income (Loss)	$	(124,907	)	$	(296,132	)		$	(51,484	)
	Capital Gain Dividends from REITs		-			23,271				97,582
	Net Realized Gain (Loss) on Investments		3,488,667			(1,480,291	)			(18,562,090	)
	Change in Unrealized Appreciation (Depreciation) of Investments		1,730,660			9,015,718				(6,072,615	)
	Net Increase (Decrease) in Net Assets (resulting from operations)		5,094,420			7,262,566				(24,588,607	)
	Distributions to Shareholders From:
	Net Realized Gains:
	Class A		-			-				(349,483	)
	Class B		-			-		��		(38,730	)
	Class C		-			-				(35,945	)
	Total Distributions		-			-				(424,158	)
	Capital Share Transactions:
	Proceeds from Shares Sold:
	Class A		2,220,514	(B)		4,308,472	(C)			13,566,159		(D)
	Class B		13,386			-				11,760
	Class C		503,129			424,218				1,147,220
	Dividends Reinvested:
	Class A		-			-				334,156
	Class B		-			-				36,572
	Class C		-			-				35,715
	Cost of Shares Redeemed:
	Class A		(11,460,931	)		(5,977,541	)			(13,027,054	)
	Class B		(572,030	)(B)		(620,618	)(C)			(994,846	)	(D)
	Class C		(378,558	)		(935,477	)			(1,608,258	)
	Net Increase (Decrease) in Net Assets (resulting from
	capital share transactions)		(9,674,490	)		(2,800,946	)			(498,576	)
	Total Increase (Decrease) in Net Assets		(4,580,070	)		4,461,620				(25,511,341	)
	Net Assets:
	Beginning of period		55,186,474			50,724,854				76,236,195
	End of period	$	50,606,404		$	55,186,474			$	50,724,854
	Accumulated Undistributed Net Investment Income (Loss)	$	(124,907	)	$	-			$	-
	Shares of Capital Stock of the Fund Sold and Redeemed:
	Shares Sold:
	Class A		205,410	(B)		511,073	(C)			1,181,260		(D)
	Class B		1,390			-				1,107
	Class C		53,134			55,575				112,080
	Shares Reinvested:
	Class A		-			-				40,211
	Class B		-			-				5,030
	Class C		-			-				4,872
	Shares Redeemed:
	Class A		(1,138,781	)		(698,823	)			(1,131,872	)
	Class B		(62,179	)(B)		(82,249	)(C)			(98,662	)	(D)
	Class C		(41,167	)		(123,231	)			(156,226	)
	Net Increase (Decrease) in Number of Shares Outstanding		(982,193	)		(337,655	)			(42,200	)
(A)	The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Includes automatic conversion of Class B shares ($253,817 representing 28,010 shares) to Class A shares ($253,817 representing 24,333 shares).
(C)	Includes automatic conversion of Class B shares ($132,891 representing 16,408 shares) to Class A shares ($132,891 representing 14,308 shares).
(D)	Includes automatic conversion of Class B shares ($54,856 representing 4,594 shares) to Class A shares ($54,856 representing 4,042 shares).

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

Timothy Plan Statements of Changes [55]

LARGE/MID CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
		Six months ended
		03/31/10 (Unaudited)			Period ended 09/30/09		(A)	Year ended 12/31/08
	Operations:
	Net Investment Income (Loss)	$	138,407		$	290,749		$	315,403
	Capital Gain Dividends from REITs		-			56,992			119,453
	Net Realized Gain (Loss) on Investments		2,531,677			(5,325,537	)		(21,143,902	)
	Change in Unrealized Appreciation (Depreciation) of Investments		4,627,185			19,278,975			(34,286,147	)
	Net Increase (Decrease) in Net Assets (resulting from operations)		7,297,269			14,301,179			(54,995,193	)
	Distributions to Shareholders From:
	Net Investment Income:
	Class A		(356,854	)		-			(261,651	)
	Class B		(5,573	)		-			(5,389	)
	Class C		(32,368	)		-			(20,404	)
	Net Realized Gains:
	Class A		-			-			(1,032,217	)
	Class B		-			-			(38,228	)
	Class C		-			-			(138,289	)
	Total Distributions		(394,795	)		-			(1,496,178	)
	Capital Share Transactions:
	Proceeds from Shares Sold:
	Class A		9,584,738	(B)		13,727,988	(C)		43,215,602	(D)
	Class B		16,574			10,649			50,993
	Class C		966,752			1,187,000			5,604,263
	Dividends Reinvested:
	Class A		307,025			-			1,159,102
	Class B		5,078			-			40,065
	Class C		24,598			-			114,538
	Cost of Shares Redeemed:
	Class A		(14,636,204	)		(13,355,139	)		(30,185,260	)
	Class B		(390,712	)(B)		(770,992	)(C)		(1,740,640	)(D)
	Class C		(1,326,287	)		(1,517,058	)		(3,787,995	)
	Net Increase (Decrease) in Net Assets (resulting from
	capital share transactions)		(5,448,438	)		(717,552	)		14,470,668
	Total Increase (Decrease) in Net Assets		1,454,036			13,583,627			(42,020,703	)
	Net Assets:
	Beginning of period		94,058,498			80,474,871			122,495,574
	End of period	$	95,512,534		$	94,058,498		$	80,474,871
	Accumulated Undistributed Net Investment Income (Loss)	$	62,320		$	318,708		$	27,959
	Shares of Capital Stock of the Fund Sold and Redeemed:
	Shares Sold:
	Class A		859,247	(B)		1,527,499	(C)		3,330,953	(D)
	Class B		1,701			1,346			4,127
	Class C		96,413			141,471			449,463
	Shares Reinvested:
	Class A		27,364			-			133,382
	Class B		497			-			5,040
	Class C		2,416			-			14,443
	Shares Redeemed:
	Class A		(1,339,033	)		(1,464,060	)		(2,512,832	)
	Class B		(38,910	)(B)		(93,370	)(C)		(157,284	)(D)
	Class C		(132,072	)		(188,471	)		(328,671	)
	Net Increase (Decrease) in Number of Shares Outstanding		(522,377	)		(75,585	)		938,621
(A)	The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Includes automatic conversion of Class B shares ($269,701 representing 26,913 shares) to Class A shares ($269,701 representing 24,460 shares).
(C)	Includes automatic conversion of Class B shares ($547,116 representing 65,891 shares) to Class A shares ($547,116 representing 60,101 shares).
(D)	Includes automatic conversion of Class B shares ($826,012 representing 75,819 shares) to Class A shares ($826,012 representing 69,567 shares).

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

Timothy Plan Statements of Changes [56]

FIXED INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
	Six months ended
	03/31/10			Period ended			Year ended
	(Unaudited)			09/30/09(A)			12/31/08
Operations:
Net Investment Income (Loss)	$	780,701		$	1,121,628		$	2,054,010
Net Realized Gain (Loss) on Investments		72,456			(363,079	)		(988,457	)
Change in Unrealized Appreciation (Depreciation) of Investments		87,662			3,043,140			(1,280,539	)
Net Increase (Decrease) in Net Assets (resulting from operations)		940,819			3,801,689			(214,986	)
Distributions to Shareholders From:
Net Investment Income:
Class A		(722,420	)		(1,030,855	)		(1,899,067	)
Class B		(6,148	)		(18,994	)		(53,131	)
Class C		(71,318	)		(84,563	)		(101,092	)
Total Distributions		(799,886	)		(1,134,412	)		(2,053,290	)
Capital Share Transactions:
Proceeds from Shares Sold:
Class A		10,215,725	(B)		15,547,916	(C)		16,330,862	(D)
Class B		8,618			26,344			200,402
Class C		2,633,745			3,291,479			1,644,103
Dividends Reinvested:
Class A		678,054			971,951			1,755,420
Class B		5,165			16,644			45,365
Class C		58,728			62,936			84,663
Cost of Shares Redeemed:
Class A		(6,571,951	)		(8,207,233	)		(23,998,355	)
Class B		(265,878	) (B)		(547,920	) (C)		(910,988	) (D)
Class C		(1,048,634	)		(1,239,605	)		(1,567,477	)
Net Increase (Decrease) in Net Assets (resulting from
capital share transactions)		5,713,572			9,922,512			(6,416,005	)
Total Increase (Decrease) in Net Assets		5,854,505			12,589,789			(8,684,281	)
Net Assets:
Beginning of period		54,069,157			41,479,368			50,163,649
End of period	$	59,923,662		$	54,069,157		$	41,479,368
Accumulated Undistributed Net Investment Income (Loss)	$	(31,249	)	$	(12,064	)	$	720
Shares of Capital Stock of the Fund Sold and Redeemed:
Shares Sold:
Class A		1,001,584	(B)		1,572,537	(C)		1,643,240	(D)
Class B		866			2,732			21,569
Class C		266,414			342,893			173,695
Shares Reinvested:
Class A		67,070			98,066			179,043
Class B		527			1,741			4,761
Class C		5,998			6,535			8,898
Shares Redeemed:
Class A		(643,934	)		(836,481	)		(2,456,337	)
Class B		(26,781	) (B)		(57,366	) (C)		(94,932	) (D)
Class C		(106,138	)		(129,520	)		(165,113	)
Net Increase (Decrease) in Number of Shares Outstanding		565,606			1,001,137			(685,176	)

(A)	The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Includes automatic conversion of Class B shares ($165,000 representing 16,592 shares) to Class A shares ($165,000 representing 16,074 shares).
(C)	Includes automatic conversion of Class B shares ($335,825 representing 35,147 shares) to Class A shares ($335,825 representing 34,072 shares).
(D)	Includes automatic conversion of Class B shares ($357,407 representing 37,235 shares) to Class A shares ($357,407 representing 36,109 shares).

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

Timothy Plan Statements of Changes [57]

HIGH YIELD BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
		Six months ended
		03/31/10			Period ended			Year ended
		(Unaudited)			09/30/09(A)			12/31/08
	Operations:
	Net Investment Income (Loss)	$	663,039		$	997,484		$	1,290,824
	Net Realized Gain (Loss) on Investments		168,948			(1,807,422	)		(1,081,685	)
	Change in Unrealized Appreciation (Depreciation) of Investments		767,525			6,648,416			(5,758,446	)
	Net Increase (Decrease) in Net Assets (resulting from operations)		1,599,512			5,838,478			(5,549,307	)
	Distributions to Shareholders From:
	Net Investment Income:
	Class A		(641,949	)		(993,063	)		(1,259,132	)
	Class C		(21,117	)		(21,558	)		(14,892	)
	Net Realized Gains:
	Class A		-			-			(10,252	)
	Class C		-			-			(105	)
	Total Distributions		(663,066	)		(1,014,621	)		(1,284,381	)
	Capital Share Transactions:
	Proceeds from Shares Sold:
	Class A		3,235,747			6,181,963			5,512,203
	Class C		308,914			379,942			265,375
	Dividends Reinvested:
	Class A		616,548			951,405			1,226,938
	Class C		15,067			15,955			9,733
	Cost of Shares Redeemed:
	Class A		(3,163,965	)		(6,409,997	)		(7,001,568	)
	Class C		(92,873	)		(79,706	)		(280,184	)
	Net Increase (Decrease) in Net Assets (resulting from
	capital share transactions)		919,438			1,039,562			(267,503	)
	Total Increase (Decrease) in Net Assets		1,855,884			5,863,419			(7,101,191	)
	Net Assets:
	Beginning of period		19,287,165			13,423,746			20,524,937
	End of period	$	21,143,049		$	19,287,165		$	13,423,746
	Accumulated Undistributed Net Investment Income (Loss)	$	(27	)	$	-		$	16,800
	Shares of Capital Stock of the Fund Sold and Redeemed:
	Shares Sold:
	Class A		367,996			829,334			686,555
	Class C		34,931			50,127			29,745
	Shares Reinvested:
	Class A		69,951			131,606			154,308
	Class C		1,698			2,126			1,237
	Shares Redeemed:
	Class A		(362,730	)		(876,583	)		(837,295	)
	Class C		(10,552	)		(10,343	)		(33,648	)
	Net Increase (Decrease) in Number of Shares Outstanding		101,294			126,267			902
(A)	The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009.

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

Timothy Plan Statements of Changes [58]

DEFENSIVE STRATEGIES FUND

STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
		Period ended
		03/31/10 (A)
		(Unaudited)			(A)
	Operations:
	Net Investment Income (Loss)	$	31,070
	Net Realized Gain (Loss) on Investments		43,359
	Change in Unrealized Appreciation (Depreciation) of Investments		880,737
	Net Increase (Decrease) in Net Assets (resulting from operations)		955,166
	Distributions to Shareholders From:
	Net Investment Income:
	Class A		(12,879	)
	Class C		(6,392	)
	Total Distributions		(19,271	)
	Capital Share Transactions:
	Proceeds from Shares Sold:
	Class A		22,198,743
	Class C		3,699,603
	Dividends Reinvested:
	Class A		12,871
	Class C		6,392
	Cost of Shares Redeemed:
	Class A		(876,264	)
	Class C		(112,980	)
	Net Increase (Decrease) in Net Assets (resulting from
	capital share transactions)		24,928,365
	Total Increase (Decrease) in Net Assets		25,864,260
	Net Assets:
	Beginning of period		-
	End of period	$	25,864,260
	Accumulated Undistributed Net Investment Income (Loss)	$	11,799
	Shares of Capital Stock of the Fund Sold and Redeemed:
	Shares Sold:
	Class A		2,210,415
	Class C		362,439
	Shares Reinvested:
	Class A		1,240
	Class C		620
	Shares Redeemed:
	Class A		(85,466	)
	Class C		(10,986	)
	Net Increase (Decrease) in Number of Shares Outstanding		2,478,262
(A)	For the period November 4, 2009 (commencement of operations) through March 31, 2010.

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

Timothy Plan Statements of Changes [59]

MONEY MARKET FUND

	Six months ended
	03/31/10			Period ended			Year ended
	(Unaudited)			09/30/09(A)			12/31/08
Operations:
Net Investment Income (Loss)	$	4,503		$	19,717		$	555,536
Net Realized Gain (Loss) on Investments		701			5,397			2,939
Net Increase (Decrease) in Net Assets (resulting from operations)		5,204			25,114			558,475
Distributions to Shareholders From:
Net Investment Income:		(4,485	)		(19,743	)		(556,735	)
Total Distributions		(4,485	)		(19,743	)		(556,735	)
Capital Share Transactions:
Proceeds from Shares Sold		54,962,113			66,347,945			134,018,704
Dividends Reinvested		2,725			8,798			173,650
Cost of Shares Redeemed		(70,610,327	)		(73,053,550	)		(145,767,742	)
Net Increase (Decrease) in Net Assets (resulting from
capital share transactions)		(15,645,489	)		(6,696,807	)		(11,575,388	)
Total Increase (Decrease) in Net Assets		(15,644,770	)		(6,691,436	)		(11,573,648	)
Net Assets:
Beginning of period		27,168,207			33,859,643			45,433,291
End of period	$	11,523,437		$	27,168,207		$	33,859,643
Accumulated Undistributed Net Investment Income (Loss)	$	7,701		$	7,683		$	-
Shares of Capital Stock of the Fund Sold and Redeemed:
Shares Sold		54,962,113			66,347,945			134,018,704
Shares Reinvested		2,725			8,798			173,650
Shares Redeemed		(70,610,327	)		(73,053,550	)		(145,767,742	)
Net Increase (Decrease) in Number of Shares Outstanding		(15,645,489	)		(6,696,807	)		(11,575,388	)

(A) The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009.

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

Timothy Plan Statements of Changes [60]

STRATEGIC GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
	Six months ended
	03/31/10			Period ended			Year ended
	(Unaudited)			09/30/09(A)			12/31/08
Operations:
Net Investment Income (Loss)	$	45,633		$	(143,802	)	$	(86,991	)
Net Realized Gain (Loss) on Investments		(3,708,096	)		(2,575,633	)		(2,291,137	)
Capital Gain Distributions from Affiliated Funds		-			-			94,136
Change in Unrealized Appreciation (Depreciation) of Investments		6,774,007			10,776,761			(25,435,252	)
Net Increase (Decrease) in Net Assets (resulting from operations)		3,111,544			8,057,326			(27,719,244	)
Distributions to Shareholders From:
Net Investment Income:
Class A		-			-			(426,205	)
Class B		-			-			(34,098	)
Class C		-			-			(46,567	)
Net Realized Gains:
Class A		-			-			(2,393,506	)
Class B		-			-			(647,982	)
Class C		-			-			(641,388	)
Total Distributions		-			-			(4,189,746	)
Capital Share Transactions:
Proceeds from Shares Sold:
Class A		6,077,781	(B)		4,315,979	(C)		8,353,300
Class B		74,603			-			40,771
Class C		979,790			1,239,886			3,061,956
Dividends Reinvested:
Class A		-			-			2,708,511
Class B		-			-			664,039
Class C		-			-			649,068
Cost of Shares Redeemed:
Class A		(3,876,643	)		(5,107,122	)		(8,908,535	)
Class B		(1,514,131	)(B)		(1,520,998	)(C)		(2,618,810	)
Class C		(1,864,769	)		(1,478,861	)		(1,952,558	)
Net Increase (Decrease) in Net Assets (resulting from
capital share transactions)		(123,369	)		(2,551,116	)		1,997,742
Total Increase (Decrease) in Net Assets		2,988,175			5,506,210			(29,911,248	)
Net Assets:
Beginning of period		43,880,440			38,374,230			68,285,478
End of period	$	46,868,615		$	43,880,440		$	38,374,230
Accumulated Undistributed Net Investment Income (Loss)	$	45,633		$	-		$	-
Shares of Capital Stock of the Fund Sold and Redeemed:
Shares Sold:
Class A		983,098	(B)		852,285	(C)		1,069,597
Class B		12,853			-			5,849
Class C		169,039			261,910			401,854
Shares Reinvested:
Class A		-			-			577,508
Class B		-			-			148,555
Class C		-			-			145,531
Shares Redeemed:
Class A		(629,838	)		(1,054,172	)		(1,257,672	)
Class B		(262,893	) (B)		(309,613	) (C)		(382,517	)
Class C		(318,378	)		(305,442	)		(287,154	)
Net Increase (Decrease) in Number of Shares Outstanding		(46,119	)		(555,032	)		421,551

(A)	The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Includes automatic conversion of Class B shares ($829,471 representing 145,036 shares) to Class A shares ($829,471 representing 137,318 shares).
(C)	Includes automatic conversion of Class B shares ($383,724 representing 75,072 shares) to Class A shares ($383,724 representing 71,387 shares).

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

Timothy Plan Statements of Changes [61]

CONSERVATIVE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
	Six months ended
	03/31/10			Period ended			Year ended
	(Unaudited)			09/30/09 (A)			12/31/08
Operations:
Net Investment Income (Loss)	$	137,400		$	164,857		$	570,702
Net Realized Gain (Loss) on Investments		(3,457,864	)		(2,036,120	)		(1,179,921	)
Capital Gain Distributions from Affiliated Funds		-			-			78,533
Change in Unrealized Appreciation (Depreciation) of Investments		5,607,935			8,547,732			(16,268,127	)
Net Increase (Decrease) in Net Assets (resulting from operations)		2,287,471			6,676,469			(16,798,813	)
Distributions to Shareholders From:
Net Investment Income:
Class A		(456,632	)		-			(549,071	)
Class B		(61,754	)		-			(62,140	)
Class C		(89,581	)		-			(86,071	)
Net Realized Gains:
Class A		-			-			(1,263,508	)
Class B		-			-			(279,532	)
Class C		-			-			(323,507	)
Total Distributions		(607,967	)		-			(2,563,829	)
Capital Share Transactions:
Proceeds from Shares Sold:
Class A		3,570,715	(B)		8,047,031			9,080,398
Class B		77,284			1,965			125,202
Class C		969,129			1,565,900			3,387,529
Dividends Reinvested:
Class A		406,673			-			1,706,832
Class B		57,996			-			314,982
Class C		83,067			-			361,461
Cost of Shares Redeemed:
Class A		(3,581,200	)		(5,818,596	)		(9,239,640	)
Class B		(969,235	)(B)		(1,053,283	)		(1,655,818	)
Class C		(1,444,717	)		(1,669,268	)		(1,524,513	)
Net Increase (Decrease) in Net Assets (resulting from
capital share transactions)		(830,288	)		1,073,749			2,556,433
Total Increase (Decrease) in Net Assets		849,216			7,750,218			(16,806,209	)
Net Assets:
Beginning of period		45,950,318			38,200,100			55,006,309
End of period	$	46,799,534		$	45,950,318		$	38,200,100
Accumulated Undistributed Net Investment Income (Loss)	$	137,310		$	607,877		$	443,020
Shares of Capital Stock of the Fund Sold and Redeemed:
Shares Sold:
Class A		425,622	(B)		1,088,656			955,118
Class B		9,666			233			14,045
Class C		122,572			228,382			382,297
Shares Reinvested:
Class A		48,356			-			251,742
Class B		7,259			-			48,608
Class C		10,422			-			55,954
Shares Redeemed:
Class A		(425,990	)		(851,746	)		(1,062,328	)
Class B		(121,841	)(B)		(159,124	)		(196,137	)
Class C		(182,120	)		(244,046	)		(179,730	)
Net Increase (Decrease) in Number of Shares Outstanding		(106,054	)		62,355			269,569

(A)	The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Includes automatic conversion of Class B shares ($78,954 representing 9,981 shares) to Class A shares ($78,954 representing 9,478 shares).

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

Timothy Plan Statements of Changes [62]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
AGGRESSIVE GROWTH FUND - CLASS A SHARES
		Six Months
		ended		Period		Year		Year	Year	Year		Year
		3/31/10		ended		ended		ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$           4.51		$           3.71		$          6.80		$          7.04	$          7.38	$          6.95		$          6.34
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.04)		(0.05)		(0.07)		(0.06)	(0.08)	(0.09)	(B)	(0.07)	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.70		0.85		(3.01)		0.59	0.65	0.70		0.68
	Total from Investment
	Operations	0.66		0.80		(3.08)		0.53	0.57	0.61		0.61
	Less Distributions:
	Dividends from Realized Gains	-		-		(0.01)		(0.77)	(0.91)	(0.18)		-
	Total Distributions	-		-		(0.01)		(0.77)	��       (0.91)	(0.18)		-
	Net Asset Value at End of Period	$           5.17		$           4.51		$           3.71		$          6.80	$          7.04	$          7.38		$          6.95
	Total Return (C)(D)	14.63%	(F)	21.56%	(F)	-45.27%		7.66%	7.50%	8.73%		9.62%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$       13,032		$       17,007		$       14,575		$       24,041	$       23,187	$       18,403		$       16,453
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	1.91%	(G)	1.85%	(G)	1.72%		1.52%	1.59%	1.59%		1.66%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	1.91%	(G)	1.85%	(G)	1.72%		1.55%	1.60%	1.60%		1.60%
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	(1.64)%	(G)	(1.58)%	(G)	(1.33)%		(0.94)%	(1.17)%	(1.32)%		(1.38)%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	(1.64)%	(G)	(1.58)%	(G)	(1.33)%		(0.97)%	(1.18)%	(1.33)%		(1.32)%
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	43.35%		135.90%		243.59%	(E)	58.55%	96.39%	102.63%		102.46%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights [63]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
AGGRESSIVE GROWTH FUND - CLASS B SHARES
		Six Months
		ended		Period		Year		Year	Year	Year		Year
		3/31/10		ended		ended		ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$           4.17		$          3.45		$          6.36		$          6.68	$          7.09	$          6.74		$           6.19
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.05)		(0.07)		(0.12)		(0.12)	(0.14)	(0.14)	(B)	(0.13)	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.64		0.79		(2.78)		0.57	0.64	0.67		0.68
	Total from Investment
	Operations	0.59		0.72		(2.90)		0.45	0.50	0.53		0.55
	Less Distributions:
	Dividends from Realized Gains	-		-		(0.01)		(0.77)	(0.91)	(0.18)		-
	Total Distributions	-		-		(0.01)		(0.77)	(0.91)	(0.18)		-
	Net Asset Value at End of Period	$          4.76		$           4.17		$          3.45		$          6.36	$          6.68	$          7.09		$          6.74
	Total Return (C)(D)	14.15%	(F)	20.87%	(F)	-45.57%		6.87%	6.83%	7.82%		8.89%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$           405		$           373		$           489		$         1,088	$         1,247	$         1,392		$          1,519
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	2.67%	(G)	2.60%	(G)	2.45%		2.26%	2.32%	2.34%		2.41%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	2.67%	(G)	2.60%	(G)	2.45%		2.29%	2.35%	2.35%		2.35%
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	(2.39)%	(G)	(2.33)%	(G)	(2.06)%		(1.70)%	(1.90)%	(2.07)%		(2.13)%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	(2.39)%	(G)	(2.33)%	(G)	(2.06)%		(1.73)%	(1.93)%	(2.08)%		(2.07)%
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	43.35%		135.90%		243.59%	(E)	58.55%	96.39%	102.63%		102.46%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights [64]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
AGGRESSIVE GROWTH FUND - CLASS C SHARES
		Six Months
		ended		Period		Year		Year	Year	Year		Period
		3/31/10		ended		ended		ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05		12/31/04	(B)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$           4.18		$          3.46		$          6.37		$          6.69	$            7.11	$          6.75		$          6.24
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.05)		(0.06)		(0.11)		(0.10)	(0.11)	(0.14)	(C)	(0.06)	(C)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.64		0.78		(2.79)		0.55	0.60	0.68		0.57
	Total from Investment
	Operations	0.59		0.72		(2.90)		0.45	0.49	0.54		0.51
	Less Distributions:
	Dividends from Realized Gains	-		-		(0.01)		(0.77)	(0.91)	(0.18)		-
	Total Distributions	-		-		(0.01)		(0.77)	(0.91)	(0.18)		-
	Net Asset Value at End of Period	$          4.77		$           4.18		$          3.46		$          6.37	$          6.69	$            7.11		$          6.75
	Total Return (D)(E)	14.12%	(G)	20.81%	(G)	-45.50%		6.86%	6.65%	7.96%		8.17%	(G)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$         1,693		$         1,477		$         1,272		$        2,277	$         1,937	$         1,358		$           690
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	2.67%	(H)	2.60%	(H)	2.47%		2.27%	2.35%	2.34%		2.41%	(H)
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	2.67%	(H)	2.60%	(H)	2.47%		2.30%	2.35%	2.35%		2.35%	(H)
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	(2.39)%	(H)	(2.33)%	(H)	(2.08)%		(1.70)%	(1.94)%	(2.07)%		(2.13)%	(H)
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	(2.39)%	(H)	(2.33)%	(H)	(2.08)%		(1.73)%	(1.94)%	(2.08)%		(2.07)%	(H)
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	43.35%		135.90%		243.59%	(F)	58.55%	96.39%	102.63%		102.46%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period February 3, 2004 (Commencement of Operations) to December 31, 2004.
(C)	Per share amounts calculated using average shares method.
(D)	Total return calculation does not reflect redemption fee.
(E)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(F)	On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund.
(G)	For periods of less than one full year, total return is not annualized.
(H)	Annualized.

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

Timothy Plan Financial Highlights [65]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
INTERNATIONAL FUND - CLASS A SHARES
		Six Months
		ended		Period		Year	Period
		3/31/10		ended		ended	ended
		(Unaudited)	(A)	9/30/09	(A)	12/31/08	12/31/07	(B)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$          7.52		$          5.92		$          11.00	$         10.00
	Income from Investment
	Operations:
	Net Investment Income (Loss)	-		0.08		0.09	0.04
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.41		1.52		(5.08)	1.00
	Total from Investment
	Operations	0.41		1.60		(4.99)	1.04
	Less Distributions:
	Dividends from Net Investment
	Income	(0.11)		-		(0.09)	(0.04)
	Total Distributions	(0.11)		-		(0.09)	(0.04)
	Net Asset Value at End of Period	$          7.82		$          7.52		$          5.92	$          11.00
	Total Return (C)(D)	5.41%	(E)	27.03%	(E)	-45.38%	10.39%	(E)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$      35,868		$      37,248		$        31,214	$      42,298
	Ratio of Expenses to Average
	Net Assets:
	After Reimbursement and	1.74%		1.72%		1.66%	1.69%
	Waiver/Recoupment of		(F)		(F)			(F)
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	After Reimbursement and	(0.34)%		1.68%		1.12%	0.58%
	Waiver/Recoupment of		(F)		(F)			(F)
	Expenses by Adviser
	Portfolio Turnover	20.67%		38.27%		32.36%	13.18%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period May 3, 2007 (Commencement of Operations) to December 31, 2007.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights [66]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
INTERNATIONAL FUND - CLASS C SHARES
		Six Months
		ended		Period		Year	Period
		3/31/10		ended		ended	ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	(B)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$           7.41		$          5.87		$         10.97	$         10.00
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.03)		0.04		0.04	(0.02)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.40		1.50		(5.07)	0.99
	Total from Investment
	Operations	0.37		1.54		(5.03)	0.97
	Less Distributions:
	Dividends from Net Investment
	Income	(0.07)		-		(0.07)	-	*
	Total Distributions	(0.07)		-		(0.07)	-
	Net Asset Value at End of Period	$           7.71		$           7.41		$          5.87	$         10.97
	Total Return (C)(D)	5.04%	(E)	26.24%	(E)	-45.79%	9.71%	(E)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$         1,922		$          1,417		$           984	$          1,318
	Ratio of Expenses to Average
	Net Assets:
	After Reimbursement and	2.50%		2.47%		2.40%	2.48%
	Waiver/Recoupment of		(F)		(F)			(F)
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	After Reimbursement and	(1.15)%		0.85%		0.45%	(0.44)%
	Waiver/Recoupment of		(F)		(F)			(F)
	Expenses by Adviser
	Portfolio Turnover	20.67%		38.27%		32.36%	13.18%
	*Amount is less than $0.005 per share.
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period May 3, 2007 (Commencement of Operations) to December 31, 2007.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights [67]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
LARGE/MID CAP GROWTH FUND - CLASS A SHARES
		Six Months
		ended		Period		Year		Year	Year	Year		Year
		3/31/10		ended		ended		ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$          5.37		$          4.38		$          6.89		$          7.25	$          6.92	$          6.69		$           6.17
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.02)		(0.02)		(0.04)		(0.03)	(0.04)	(0.05)	(B)	(0.05)	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.60		1.01		(2.46)		0.39	0.37	0.28		0.57
	Total from Investment
	Operations	0.58		0.99		(2.50)		0.36	0.33	0.23		0.52
	Less Distributions:
	Dividends from Realized Gains	-		-		(0.01)		(0.72)	-	��                 -		-
	Total Distributions	-		-		(0.01)		(0.72)	-	-		-
	Net Asset Value at End of Period	$          5.95		$          5.37		$          4.38		$          6.89	$          7.25	$          6.92		$          6.69
	Total Return (C)(D)	10.80%	(F)	22.60%	(F)	-36.30%		5.09%	4.77%	3.44%		8.43%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$       40,196		$      35,973		$      32,484		$       53,183	$       65,510	$       53,901		$      36,869
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	1.65%	(G)	1.67%	(G)	1.56%		1.46%	1.52%	1.60%		1.55%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	1.65%	(G)	1.67%	(G)	1.56%		1.46%	1.53%	1.60%		1.60%
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	(0.83)%	(G)	(0.58)%	(G)	(0.64)%		(0.37)%	(0.56)%	(0.80)%		(0.95)%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	(0.83)%	(G)	(0.58)%	(G)	(0.64)%		(0.37)%	(0.57)%	(0.80)%		(1.00)%
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	52.29%		77.98%		176.94%	(E)	44.62%	60.46%	38.61%		60.25%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights [68]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
LARGE/MID CAP GROWTH FUND - CLASS B SHARES
		Six Months
		ended		Period		Year		Year	Year	Year		Year
		3/31/10		ended		ended		ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$          5.00		$            4.11		$          6.50		$          6.94	$          6.68	$          6.50		$          6.04
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.05)		(0.04)		(0.08)		(0.08)	(0.09)	(0.10)	(B)	(0.11)	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.58		0.93		(2.30)		0.36	0.35	0.28		0.57
	Total from Investment
	Operations	0.53		0.89		(2.38)		0.28	0.26	0.18		0.46
	Less Distributions:
	Dividends from Realized Gains	-		-		(0.01)		(0.72)	-	-		-
	Total Distributions	-		-		(0.01)		(0.72)	-	-		-
	Net Asset Value at End of Period	$          5.53		$          5.00		$            4.11		$          6.50	$          6.94	$          6.68		$          6.50
	Total Return (C)(D)	10.60%	(F)	21.65%	(F)	-36.63%		4.16%	3.89%	2.77%		7.62%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$         1,070		$          1,130		$         1,022		$         1,935	$        2,245	$        2,307		$        2,688
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	2.40%	(G)	2.42%	(G)	2.30%		2.21%	2.26%	2.35%		2.30%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	2.40%	(G)	2.42%	(G)	2.30%		2.21%	2.28%	2.35%		2.35%
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	(1.59)%	(G)	(1.32)%	(G)	(1.38)%		(1.10)%	(1.31)%	(1.55)%		(1.70)%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	(1.59)%	(G)	(1.32)%	(G)	(1.38)%		(1.10)%	(1.33)%	(1.55)%		(1.75)%
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	52.29%		77.98%		176.94%	(E)	44.62%	60.46%	38.61%		60.25%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights [69]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
LARGE/MID CAP GROWTH FUND - CLASS C SHARES
		Six Months
		ended		Period		Year		Year	Year	Year		Period
		3/31/10		ended		ended		ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05		12/31/04	(B)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$           5.01		$            4.11		$           6.51		$          6.95	$          6.69	$          6.52		$          6.22
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.04)		(0.04)		(0.08)		(0.07)	(0.07)	(0.08)	(C)	(0.05)	(C)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.56		0.94		(2.31)		0.35	0.33	0.25		0.35
	Total from Investment
	Operations	0.52		0.90		(2.39)		0.28	0.26	0.17		0.30
	Less Distributions:
	Dividends from Realized Gains	-		-		(0.01)		(0.72)	-	-		-
	Total Distributions	-		-		(0.01)		(0.72)	-	-		-
	Net Asset Value at End of Period	$          5.53		$           5.01		$            4.11		$           6.51	$          6.95	$          6.69		$          6.52
	Total Return (D)(E)	10.38%	(G)	21.90%	(G)	-36.73%		4.15%	3.89%	2.61%		4.82%	(G)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$         2,471		$         2,120		$          1,971		$        3,097	$        2,222	$         1,496		$           967
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	2.40%	(H)	2.42%	(H)	2.31%		2.22%	2.27%	2.35%		2.30%	(H)
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	2.40%	(H)	2.42%	(H)	2.31%		2.22%	2.27%	2.35%		2.35%	(H)
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	(1.58)%	(H)	(1.33)%	(H)	(1.39)%		(1.12)%	(1.31)%	(1.55)%		(1.70)%	(H)
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	(1.58)%	(H)	(1.33)%	(H)	(1.39)%		(1.12)%	(1.31)%	(1.55)%		(1.75)%	(H)
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	52.29%		77.98%		176.94%	(F)	44.62%	60.46%	38.61%		60.25%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period February 3, 2004 (Commencement of Operations) to December 31, 2004.
(C)	Per share amounts calculated using average shares method.
(D)	Total return calculation does not reflect redemption fee.
(E)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(F)	On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund.
(G)	For periods of less than one full year, total return is not annualized.
(H)	Annualized.

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

Timothy Plan Financial Highlights [70]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
SMALL CAP VALUE FUND - CLASS A SHARES
		Six Months
		ended		Period		Year	Year	Year	Year		Year
		3/31/10		ended		ended	ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$         10.25		$          8.88		$         13.27	$         14.94	$         15.27	$         15.59		$         15.45
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.02)		(0.05)		0.01	0.04	0.22	0.01	(B)	(0.04)	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	1.25		1.42		(4.33)	0.36	2.77	(0.17)		1.83
	Total from Investment
	Operations	1.23		1.37		(4.32)	0.40	2.99	(0.16)		1.79
	Less Distributions:
	Dividends from Net Investment
	Income	-		-		-	(0.03)	(0.22)	-		-
	Dividends from Realized Gains	-		-		(0.07)	(2.04)	(3.10)	(0.16)		(1.65)
	Total Distributions	-		-		(0.07)	(2.07)	(3.32)	(0.16)		(1.65)
	Net Asset Value at End of Period	$          11.48		$         10.25		$          8.88	$         13.27	$         14.94	$         15.27		$         15.59
	Total Return (C)(D)	12.00%	(E)	15.43%	(E)	-32.50%	2.87%	19.69%	-1.01%		11.60%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$       42,251		$      47,268		$       42,651	$      62,525	$      66,097	$      49,008		$      42,542
	Ratio of Expenses to Average
	Net Assets:
	After Reimbursement and	1.59%	(F)	1.59%	(F)	1.50%	1.44%	1.52%	1.56%		1.48%
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	After Reimbursement and	(0.39)%	(F)	(0.71)%	(F)	0.05%	0.24%	1.39%	0.05%		(0.30)%
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	30.69%		57.15%		110.16%	59.84%	148.02%	44.24%		57.59%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights [71]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
SMALL CAP VALUE FUND - CLASS B SHARES
		Six Months
		ended		Period		Year	Year	Year	Year		Year
		3/31/10		ended		ended	ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$          8.92		$          7.78		$          11.72	$         13.49	$         14.09	$          14.51		$         14.59
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.06)		(0.09)		(0.08)	(0.08)	0.14	(0.10)	(B)	(0.15)	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	1.10		1.23		(3.79)	0.35	2.50	(0.16)		1.72
	Total from Investment
	Operations	1.04		1.14		(3.87)	0.27	2.64	(0.26)		1.57
	Less Distributions:
	Dividends from Net Investment
	Income	-		-		-	-	(0.14)	-		-
	Dividends from Realized Gains	-		-		(0.07)	(2.04)	(3.10)	(0.16)		(1.65)
	Total Distributions	-		-		(0.07)	(2.04)	(3.24)	(0.16)		(1.65)
	Net Asset Value at End of Period	$          9.96		$          8.92		$          7.78	$          11.72	$         13.49	$         14.09		$          14.51
	Total Return (C)(D)	11.66%	(E)	14.65%	(E)	-32.95%	2.22%	18.82%	-1.77%		10.78%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$         3,918		$        4,052		$         4,173	$        7,370	$        11,750	$       16,072		$       19,306
	Ratio of Expenses to Average
	Net Assets:
	After Reimbursement and	2.34%	(F)	2.34%	(F)	2.24%	2.19%	2.27%	2.31%		2.23%
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	After Reimbursement and	(1.14)%	(F)	(1.45)%	(F)	(0.69)%	(0.57)%	0.69%	(0.70)%		(1.05)%
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	30.69%		57.15%		110.16%	59.84%	148.02%	44.24%		57.59%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights [72]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
SMALL CAP VALUE FUND - CLASS C SHARES
		Six Months
		ended		Period		Year	Year	Year	Year		Period
		3/31/10		ended		ended	ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05		12/31/04	(B)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$          8.99		$          7.83		$          11.80	$         13.58	$          14.12	$         14.55		$         15.00
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.05)		(0.09)		(0.07)	(0.05)	0.09	(0.10)	(C)	(0.05)	(C)
	Net Realized and Unrealized
	Gain (Loss) on Investments	1.09		1.25		(3.83)	0.31	2.56	(0.17)		1.25
	Total from Investment
	Operations	1.04		1.16		(3.90)	0.26	2.65	(0.27)		1.20
	Less Distributions:
	Dividends from Net Investment
	Income	-		-		-	-	(0.09)	-		-
	Dividends from Realized Gains	-		-		(0.07)	(2.04)	(3.10)	(0.16)		(1.65)
	Total Distributions	-		-		(0.07)	(2.04)	(3.19)	(0.16)		(1.65)
	Net Asset Value at End of Period	$         10.03		$          8.99		$          7.83	$          11.80	$         13.58	$          14.12		$         14.55
	Total Return (D)(E)	11.57%	(F)	14.81%	(F)	-32.99%	2.13%	18.80%	-1.84%		8.02%	(F)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$        4,437		$        3,867		$         3,901	$         6,341	$        4,054	$        2,258		$         1,442
	Ratio of Expenses to Average
	Net Assets:
	After Reimbursement and	2.34%	(G)	2.34%	(G)	2.25%	2.19%	2.27%	2.31%		2.23%	(G)
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	After Reimbursement and	(1.14)%	(G)	(1.45)%	(G)	(0.70)%	(0.47)%	0.61%	(0.70)%		(1.05)%	(G)
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	30.69%		57.15%		110.16%	59.84%	148.02%	44.24%		57.59%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period February 3, 2004 (Commencement of Operations) to December 31, 2004.
(C)	Per share amounts calculated using average shares method.
(D)	Total return calculation does not reflect redemption fee.
(E)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights [73]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
LARGE/MID CAP VALUE FUND - CLASS A SHARES
		Six Months
		ended		Period		Year	Year	Year	Year		Year
		3/31/10		ended		ended	ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$        10.72		$           9.10		$         15.48	$             14.31	$         12.99	$         12.68		$          11.66
	Income from Investment
	Operations:
	Net Investment Income (Loss)	0.03		0.04		0.05	0.15	0.16	0.02	(B)	(0.01)	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.87		1.58		(6.26)	2.26	2.24	2.44		1.03
	Total from Investment
	Operations	0.90		1.62		(6.21)	2.41	2.40	2.46		1.02
	Less Distributions:
	Dividends from Net Investment
	Income	(0.05)		-		(0.03)	(0.16)	(0.16)	-	*	-
	Dividends from Realized Gains	-		-		(0.14)	(1.08)	(0.90)	(2.15)		-
	Distributions from Return of
	Capital	-		-		-	-	(0.02)	-		-
	Total Distributions	(0.05)		-		(0.17)	(1.24)	(1.08)	(2.15)		-
	Net Asset Value at End of Period	$         11.57		$         10.72		$           9.10	$            15.48	$          14.31	$         12.99		$         12.68
	Total Return (C)(D)	8.41%	(E)	17.80%	(E)	-40.05%	17.02%	18.41%	19.42%		8.75%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$      84,109		$      82,784		$      69,695	$        103,828	$      84,203	$       51,753		$       43,120
	Ratio of Expenses to Average
	Net Assets:
	After Reimbursement and	1.57%	(F)	1.57%	(F)	1.51%	1.44%	1.51%	1.55%		1.52%
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	After Reimbursement and	0.39%	(F)	0.57%	(F)	0.39%	0.99%	1.20%	0.15%		(0.11)%
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	24.91%		32.46%		76.74%	47.52%	52.16%	129.22%		29.09%
	*Amount is less than $0.005 per share.
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights [74]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
LARGE/MID CAP VALUE FUND - CLASS B SHARES
		Six Months
		ended		Period		Year		Year	Year	Year		Year
		3/31/10		ended		ended		ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$         9.75		$          8.32		$         14.27		$            13.26	$          12.10	$         12.02		$          11.14
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.04)		(0.03)		(0.04)	(B)	0.04	0.05	(0.08)	(B)	(0.10)	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.82		1.46		(5.75)		2.08	2.08	2.31		0.98
	Total from Investment
	Operations	0.78		1.43		(5.79)		2.12	2.13	2.23		0.88
	Less Distributions:
	Dividends from Net Investment
	Income	(0.03)		-		(0.02)		(0.03)	(0.05)	-		-
	Dividends from Realized Gains	-		-		(0.14)		(1.08)	(0.90)	(2.15)		-
	Distributions from Return of
	Capital	-		-		-		-	(0.02)	-		-
	Total Distributions	(0.03)		-		(0.16)		(1.11)	(0.97)	(2.15)		-
				��
	Net Asset Value at End of Period	$        10.50		$          9.75		$          8.32		$            14.27	$         13.26	$          12.10		$         12.02
	Total Return (C)(D)	8.04%	(E)	17.19%	(E)	-40.55%		16.21%	17.54%	18.56%		7.90%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$        1,468		$         1,722		$        2,236		$           5,945	$        6,470	$        6,496		$        5,642
	Ratio of Expenses to Average
	Net Assets:
	After Reimbursement and	2.32%	(F)	2.33%	(F)	2.24%		2.19%	2.26%	2.30%		2.27%
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	After Reimbursement and	(0.37)%	(F)	(0.17)%	(F)	(0.37)%		0.24%	0.28%	(0.60)%		(0.86)%
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	24.91%		32.46%		76.74%		47.52%	52.16%	129.22%		29.09%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights [75]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
LARGE/MID CAP VALUE FUND - CLASS C SHARES
		Six Months
		ended		Period		Year	Year	Year	Year		Period
		3/31/10		ended		ended	ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05		12/31/04	(B)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$          9.73		$           8.31		$         14.24	$         13.28	$          12.12	$         12.04		$          11.05
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.02)		(0.01)		(0.04)	0.02	0.07	(0.08)	(C)	(0.04)	(C)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.80		1.43		(5.73)	2.10	2.08	2.31		1.03
	Total from Investment
	Operations	0.78		1.42		(5.77)	2.12	2.15	2.23		0.99
	Less Distributions:
	Dividends from Net Investment
	Income	(0.03)		-		(0.02)	(0.08)	(0.07)	-		-
	Dividends from Realized Gains	-		-		(0.14)	(1.08)	(0.90)	(2.15)		-
	Distributions from Return of
	Capital	-		-		-	-	(0.02)	-		-
	Total Distributions	(0.03)		-		(0.16)	(1.16)	(0.99)	(2.15)		-
	Net Asset Value at End of Period	$         10.48		$          9.73		$           8.31	$         14.24	$         13.28	$          12.12		$         12.04
	Total Return (D)(E)	8.06%	(F)	17.09%	(F)	-40.49%	16.13%	17.63%	18.53%		8.96%	(F)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$        9,935		$        9,552		$        8,544	$       12,722	$        6,353	$        2,774		$          1,174
	Ratio of Expenses to Average
	Net Assets:
	After Reimbursement and	2.32%	(G)	2.32%	(G)	2.26%	2.19%	2.25%	2.30%		2.27%	(G)
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	After Reimbursement and	(0.35)%	(G)	(0.18)%	(G)	(0.35)%	0.18%	0.53%	(0.60)%		(0.86)%	(G)
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	24.91%		32.46%		76.74%	47.52%	52.16%	129.22%		29.09%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period February 3, 2004 (Commencement of Operations) to December 31, 2004.
(C)	Per share amounts calculated using average shares method.
(D)	Total return calculation does not reflect redemption fee.
(E)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights [76]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
FIXED INCOME FUND - CLASS A SHARES
		Six Months
		ended		Period		Year	Year	Year	Year		Year
		3/31/10		ended		ended	ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$         10.14		$          9.56		$          9.99	$             9.94	$         10.06	$         10.32		$          10.31
	Income from Investment
	Operations:
	Net Investment Income (Loss)	0.14		0.24		0.43	0.44	0.42	0.34	(B)	0.34	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.03		0.58		(0.43)	0.06	(0.12)	(0.23)		0.01
	Total from Investment
	Operations	0.17		0.82		-	0.50	0.30	0.11		0.35
	Less Distributions:
	Dividends from Net Investment
	Income	(0.14)		(0.24)		(0.43)	(0.45)	(0.41)	(0.34)		(0.34)
	Dividends from Realized Gains	-		-		-	-	(0.01)	(0.03)		-
	Total Distributions	(0.14)		(0.24)		(0.43)	(0.45)	(0.42)	(0.37)		(0.34)
	Net Asset Value at End of Period	$         10.17		$          10.14		$          9.56	$             9.99	$          9.94	$         10.06		$         10.32
	Total Return (C)(D)	1.74%	(E)	8.70%	(E)	-0.05%	5.19%	3.11%	1.11%		3.44%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$     52,529		$      48,074		$      37,367	$          45,371	$      39,023	$      29,402		$        23,131
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	1.37%	(F)	1.35%	(F)	1.29%	1.21%	1.32%	1.31%		1.31%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	1.22%	(F)	1.20%	(F)	1.14%	1.06%	1.35%	1.35%		1.35%
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	2.71%	(F)	3.24%	(F)	4.11%	4.33%	4.42%	3.33%		3.49%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	2.86%	(F)	3.39%	(F)	4.26%	4.48%	4.39%	3.29%		3.45%
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	15.22%		22.18%		35.01%	44.98%	76.28%	39.46%		35.95%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights [77]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
FIXED INCOME FUND - CLASS B SHARES
		Six Months
		ended		Period		Year	Year	Year	Year		Year
		3/31/10		ended		ended	ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$         9.83		$          9.28		$          9.70	$             9.66	$           9.81	$         10.06		$         10.08
	Income from Investment
	Operations:
	Net Investment Income (Loss)	0.10	(B)	0.20		0.35	0.37	0.36	0.25	(B)	0.27	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.03		0.53		(0.41)	0.05	(0.15)	(0.20)		(0.01)
	Total from Investment
	Operations	0.13		0.73		(0.06)	0.42	0.21	0.05		0.26
	Less Distributions:
	Dividends from Net Investment
	Income	(0.10)		(0.18)		(0.36)	(0.38)	(0.35)	(0.27)		(0.28)
	Dividends from Realized Gains	-		-		-	-	(0.01)	(0.03)		-
	Total Distributions	(0.10)		(0.18)		(0.36)	(0.38)	(0.36)	(0.30)		(0.28)
	Net Asset Value at End of Period	$         9.86		$          9.83		$          9.28	$             9.70	$          9.66	$           9.81		$         10.06
	Total Return (C)(D)	1.34%	(E)	7.98%	(E)	-0.66%	4.47%	2.20%	0.47%		2.57%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$          535		$           783		$         1,230	$             1,951	$        2,786	$         3,126		$        3,839
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	2.11%	(F)	2.10%	(F)	2.04%	1.93%	1.99%	2.07%		2.06%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	1.96%	(F)	1.95%	(F)	1.89%	1.78%	2.10%	2.10%		2.10%
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	1.95%	(F)	2.49%	(F)	3.34%	3.62%	3.74%	2.57%		2.74%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	2.10%	(F)	2.64%	(F)	3.49%	3.77%	3.63%	2.54%		2.70%
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	15.22%		22.18%		35.01%	44.98%	76.28%	39.46%		35.95%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights [78]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
FIXED INCOME FUND - CLASS C SHARES
		Six Months
		ended		Period		Year	Year	Year	Year		Period
		3/31/10		ended		ended	ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05		12/31/04	(B)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$          9.82		$          9.28		$          9.69	$          9.66	$          9.78	$         10.04		$          10.15
	Income from Investment
	Operations:
	Net Investment Income (Loss)	0.11		0.18		0.33	0.37	0.33	0.25	(C)	0.26	(C)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.02		0.56		(0.40)	0.04	(0.12)	(0.20)		(0.05)
	Total from Investment
	Operations	0.13		0.74		(0.07)	0.41	0.21	0.05		0.21
	Less Distributions:
	Dividends from Net Investment
	Income	(0.11)		(0.20)		(0.34)	(0.38)	(0.32)	(0.28)		(0.32)
	Dividends from Realized Gains	-		-		-	-	(0.01)	(0.03)		-
	Total Distributions	(0.11)		(0.20)		(0.34)	(0.38)	(0.33)	(0.31)		(0.32)
	Net Asset Value at End of Period	$          9.84		$          9.82		$          9.28	$          9.69	$          9.66	$          9.78		$         10.04
	Total Return (D)(E)	1.35%	(F)	8.02%	(F)	-0.72%	4.37%	2.26%	0.47%		2.12%	(F)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$        6,860		$         5,212		$        2,883	$        2,842	$         3,019	$         1,927		$           907
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	2.12%	(G)	2.10%	(G)	2.06%	1.96%	2.10%	2.07%		2.06%	(G)
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	1.97%	(G)	1.95%	(G)	1.91%	1.81%	2.10%	2.10%		2.10%	(G)
	Waiver/Recoupment of
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	1.96%	(G)	2.50%	(G)	3.33%	3.59%	3.64%	2.57%		2.74%	(G)
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	2.11%	(G)	2.65%	(G)	3.48%	3.74%	3.64%	2.54%		2.70%	(G)
	Waiver/Recoupment of
	Expenses by Adviser
	Portfolio Turnover	15.22%		22.18%		35.01%	44.98%	76.28%	39.46%		35.95%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period February 3, 2004 (Commencement of Operations) to December 31, 2004.
(C)	Per share amounts calculated using average shares method.
(D)	Total return calculation does not reflect redemption fee.
(E)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights [79]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
HIGH YIELD BOND FUND - CLASS A SHARES
		Six Months
		ended		Period		Year	Period
		3/31/10		ended		ended	ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	(B)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$          8.46		$          6.23		$          9.53	$         10.00
	Income from Investment
	Operations:
	Net Investment Income (Loss)	0.29		0.48		0.61	0.36
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.42		2.23		(3.30)	(0.47)
	Total from Investment
	Operations	0.71		2.71		(2.69)	(0.11)
	Less Distributions:
	Dividends from Net Investment
	Income	(0.29)		(0.48)		(0.60)	(0.36)
	Dividends from Realized Gains	-		-		(0.01)	-
	Total Distributions	(0.29)		(0.48)		(0.61)	(0.36)
	Net Asset Value at End of Period	$          8.88		$          8.46		$          6.23	$          9.53
	Total Return (C)(D)	8.46%	(E)	45.11%	(E)	-29.55%	-1.14%	(E)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$      20,335		$       18,740		$       13,283	$      20,284
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	1.44%		1.46%		1.41%	1.45%
	Waiver/Recoupment of		(F)		(F)			(F)
	Expenses by Adviser
	After Reimbursement and	1.44%		1.46%		1.41%	1.35%
	Waiver/Recoupment of		(F)		(F)			(F)
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	6.73%		8.75%		7.06%	5.67%
	Waiver/Recoupment of		(F)		(F)			(F)
	Expenses by Adviser
	After Reimbursement and	6.73%		8.75%		7.06%	5.77%
	Waiver/Recoupment of		(F)		(F)			(F)
	Expenses by Adviser
	Portfolio Turnover	12.23%		33.82%		27.85%	23.46%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period May 7, 2007 (Commencement of Operations) to December 31, 2007.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights [80]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
HIGH YIELD BOND FUND - CLASS C SHARES
		Six Months
		ended		Period		Year	Period
		3/31/10		ended		ended	ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	(B)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$           8.51		$          6.29		$          9.60	$         10.00
	Income from Investment
	Operations:
	Net Investment Income (Loss)	0.26	(C)	0.43	(C)	0.53	0.26
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.43		2.24		(3.33)	(0.40)
	Total from Investment
	Operations	0.69		2.67		(2.80)	(0.14)
	Less Distributions:
	Dividends from Net Investment
	Income	(0.26)		(0.45)		(0.50)	(0.26)
	Dividends from Realized Gains	-		-		(0.01)	-
	Total Distributions	(0.26)		(0.45)		(0.51)	(0.26)
	Net Asset Value at End of Period	$          8.94		$           8.51		$          6.29	$          9.60
	Total Return (D)(E)	8.18%	(F)	43.90%	(F)	-30.17%	-1.38%	(F)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$           808		$           547		$             141	$            241
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	2.19%		2.20%		2.14%	2.20%
	Waiver/Recoupment of		(G)		(G)			(G)
	Expenses by Adviser
	After Reimbursement and	2.19%		2.20%		2.14%	2.10%
	Waiver/Recoupment of		(G)		(G)			(G)
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	6.00%		7.55%		6.26%	5.24%
	Waiver/Recoupment of		(G)		(G)			(G)
	Expenses by Adviser
	After Reimbursement and	6.00%		7.55%		6.26%	5.34%
	Waiver/Recoupment of		(G)		(G)			(G)
	Expenses by Adviser
	Portfolio Turnover	12.23%		33.82%		27.85%	23.46%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period May 7, 2007 (Commencement of Operations) to December 31, 2007.
(C)	Per share amounts calculated using average shares method.
(D)	Total return calculation does not reflect redemption fee.
(E)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights [81]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
DEFENSIVE STRATEGIES FUND - CLASS A SHARES
		Period
		ended
		3/31/10
		(Unaudited)	(A)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$         10.00
	Income from Investment
	Operations:
	Net Investment Income (Loss)	0.02
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.44
	Total from Investment
	Operations	0.46
	Less Distributions:
	Dividends from Net Investment
	Income	(0.01)
	Dividends from Realized Gains	-
	Total Distributions	(0.01)
	Net Asset Value at End of Period	$         10.45
	Total Return (B)(C)	4.57%	(D)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$      22,222
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	1.52%
	Waiver/Recoupment of		(E)
	Expenses by Adviser
	After Reimbursement and	1.52%
	Waiver/Recoupment of		(E)
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	0.39%
	Waiver/Recoupment of		(E)
	Expenses by Adviser
	After Reimbursement and	0.39%
	Waiver/Recoupment of		(E)
	Expenses by Adviser
	Portfolio Turnover	36.93%
(A)	For the period November 4, 2009 (Commencement of Operations) to March 31, 2010.
(B)	Total return calculation does not reflect sales load.
(C)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(D)	For periods of less than one full year, total return is not annualized.
(E)	Annualized.

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

Timothy Plan Financial Highlights [82]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
DEFENSIVE STRATEGIES FUND - CLASS C SHARES
		Period
		ended
		3/31/10
		(Unaudited)	(A)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$         10.00
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.01)	(B)
	�� Net Realized and Unrealized
	Gain (Loss) on Investments	0.44
	Total from Investment
	Operations	0.43
	Less Distributions:
	Dividends from Net Investment
	Income	(0.08)
	Dividends from Realized Gains	-
	Total Distributions	(0.08)
	Net Asset Value at End of Period	$         10.35
	Total Return (C)(D)	4.30%	(E)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$        3,642
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	2.33%
	Waiver/Recoupment of		(F)
	Expenses by Adviser
	After Reimbursement and	2.33%
	Waiver/Recoupment of		(F)
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	(0.27)%
	Waiver/Recoupment of		(F)
	Expenses by Adviser
	After Reimbursement and	(0.27)%
	Waiver/Recoupment of		(F)
	Expenses by Adviser
	Portfolio Turnover	36.93%
(A)	For the period November 4, 2009 (Commencement of Operations) to March 31, 2010.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	For periods of less than one full year, total return is not annualized.
(F)	Annualized.

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

Timothy Plan Financial Highlights [83]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
MONEY MARKET FUND
		Six Months
		ended		Period		Year		Year	Year	Year		Year
		3/31/10		ended		ended		ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$          1.00		$           1.00		$           1.00		$              1.00	$           1.00	$           1.00		$           1.00
	Income from Investment
	Operations:
	Net Investment Income (Loss)	-	*	-	*	0.02		0.04	0.04	0.03	(B)	0.01	(B)
	Total from Investment
	Operations	-		-		0.02		0.04	0.04	0.03		0.01
	Less Distributions:
	Dividends from Net Investment
	Income	-	*	-	*	(0.02)		(0.04)	(0.04)	(0.03)		(0.01)
	Dividends from Realized Gains	-		-		-		-	-	-	*	-
	Total Distributions	-		-		(0.02)		(0.04)	(0.04)	(0.03)		(0.01)
	Net Asset Value at End of Period	$          1.00		$           1.00		$           1.00		$              1.00	$           1.00	$           1.00		$           1.00
	Total Return (C)(D)	0.02%	(F)	0.07%	(F)	1.82%		4.26%	4.17%	2.48%		0.97%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$       11,523		$       27,168		$      33,860		$         45,433	$        19,813	$         5,195		$        3,698
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	1.12%	(G)	1.05%	(G)	1.00%		0.99%	1.21%	1.13%		1.20%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	0.09%	(G)	0.33%	(G)	0.64%		0.78%	0.85%	0.66%		0.25%
	Waiver/Recoupment of						(E)
	Expenses by Adviser
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	(0.99)%	(G)	(0.63)%	(G)	1.45%		3.85%	3.85%	2.03%		0.07%
	Waiver/Recoupment of
	Expenses by Adviser
	After Reimbursement and	0.04%	(G)	0.09%	(G)	1.81%		4.05%	4.21%	2.50%		1.02%
	Waiver/Recoupment of
	Expenses by Adviser
	*Amount is less than $0.005 per share.
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	The expense ratio after reimbursement of expenses by Adviser includes a 0.01% reimbursement of expenses by the Administrator for a processing error.
(F)	For periods of less than one full year, total return is not annualized.
(G)	Annualized.

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

Timothy Plan Financial Highlights [84]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
STRATEGIC GROWTH FUND - CLASS A SHARES
		Six Months
		ended		Period		Year	Year	Year	Year		Year
		3/31/10		ended		ended	ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$         5.97		$          4.86		$           9.12	$             9.69	$           9.18	$          8.64		$           8.10
	Income from Investment
	Operations:
	Net Investment Income (Loss)	0.01		(0.01)		0.01	0.10	0.14	(0.10)	(B)	(0.05)	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.42		1.12		(3.66)	0.90	0.82	0.64		0.71
	Total from Investment
	Operations	0.43		1.11		(3.65)	1.00	0.96	0.54		0.66
	Less Distributions:
	Dividends from Net Investment
	Income	-		-		(0.09)	(0.10)	(0.05)	-		-
	Dividends from Realized Gains	-		-		(0.52)	(1.47)	(0.40)	-	*	(0.12)
	Total Distributions	-		-		(0.61)	(1.57)	(0.45)	-		(0.12)
	Net Asset Value at End of Period	$         6.40		$          5.97		$          4.86	$              9.12	$          9.69	$           9.18		$          8.64
	Total Return (C)(D)	7.20%	(G)	22.84%	(G)	-39.82%	10.45%	10.41%	6.25%		8.09%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$      34,517		$      30,066		$      25,440	$          44,231	$      37,204	$       26,451		$        21,019
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	1.12%	(H)	1.11%	(H)	1.03%	1.00%	1.07%	1.11%		1.13%
	Waiver/Recoupment of
	Expenses by Adviser (E)
	After Reimbursement and	1.12%	(H)	1.11%	(H)	1.03%	1.00%	1.07%	1.15%		1.15%
	Waiver/Recoupment of
	Expenses by Adviser (E)
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	0.44%	(H)	(0.25)%	(H)	0.12%	1.10%	1.49%	(1.10)%		(0.74)%
	Waiver/Recoupment of
	Expenses by Adviser (E) (F)
	After Reimbursement and	0.44%	(H)	(0.25)%	(H)	0.12%	1.10%	1.49%	(1.14)%		(0.76)%
	Waiver/Recoupment of
	Expenses by Adviser (E) (F)
	Portfolio Turnover	18.79%		5.21%		16.61%	45.00%	10.55%	1.61%		0.46%
	*Amount is less than $0.005 per share.
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(F)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
	in which the Fund invests.
(G)	For periods of less than one full year, total return is not annualized.
(H)	Annualized.

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

Timothy Plan Financial Highlights [85]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
STRATEGIC GROWTH FUND - CLASS B SHARES
		Six Months
		ended		Period		Year	Year	Year	Year		Year
		3/31/10		ended		ended	ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$         5.66		$          4.63		$          8.70	$             9.30	$          8.85	$          8.39		$          7.92
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.01)		(0.04)		(0.04)	0.01	0.05	(0.16)	(B)	(0.12)	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.40		1.07		(3.48)	0.87	0.80	0.62		0.71
	Total from Investment
	Operations	0.39		1.03		(3.52)	0.88	0.85	0.46		0.59
	Less Distributions:
	Dividends from Net Investment
	Income	-		-		(0.03)	(0.01)	-	-		-
	Dividends from Realized Gains	-		-		(0.52)	(1.47)	(0.40)	-	*	(0.12)
	Total Distributions	-		-		(0.55)	(1.48)	(0.40)	-		(0.12)
	Net Asset Value at End of Period	$         6.05		$          5.66		$          4.63	$             8.70	$          9.30	$          8.85		$          8.39
	Total Return (C)(D)	6.89%	(G)	22.25%	(G)	-40.33%	9.65%	9.53%	5.49%		7.39%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$        5,121		$        6,207		$          6,511	$           14,219	$        16,177	$       17,467		$       18,535
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	1.87%	(H)	1.86%	(H)	1.77%	1.74%	1.81%	1.86%		1.88%
	Waiver/Recoupment of
	Expenses by Adviser (E)
	After Reimbursement and	1.87%	(H)	1.86%	(H)	1.77%	1.74%	1.82%	1.90%		1.90%
	Waiver/Recoupment of
	Expenses by Adviser (E)
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	(0.34)%	(H)	(1.02)%	(H)	(0.70)%	0.06%	0.44%	(1.85)%		(1.49)%
	Waiver/Recoupment of
	Expenses by Adviser (E) (F)
	After Reimbursement and	(0.34)%	(H)	(1.02)%	(H)	(0.70)%	0.06%	0.43%	(1.89)%		(1.51)%
	Waiver/Recoupment of
	Expenses by Adviser (E) (F)
	Portfolio Turnover	18.79%		5.21%		16.61%	45.00%	10.55%	1.61%		0.46%
	*Amount is less than $0.005 per share.
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(F)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
	in which the Fund invests.
(G)	For periods of less than one full year, total return is not annualized.
(H)	Annualized.

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

Timothy Plan Financial Highlights [86] 

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
STRATEGIC GROWTH FUND - CLASS C SHARES
		Six Months
		ended		Period		Year	Year	Year	Year		Period
		3/31/10		ended		ended	ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05		12/31/04	(B)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$         5.64		$          4.62		$          8.70	$              9.31	$          8.86	$          8.39		$          8.03
	Income from Investment
	Operations:
	Net Investment Income (Loss)	(0.01)		(0.04)		(0.05)	0.03	0.06	(0.16)	(C)	(0.05)	(C)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.40		1.06		(3.47)	0.86	0.79	0.63		0.53
	Total from Investment
	Operations	0.39		1.02		(3.52)	0.89	0.85	0.47		0.48
	Less Distributions:
	Dividends from Net Investment
	Income	-		-		(0.04)	(0.03)	-	-		-
	Dividends from Realized Gains	-		-		(0.52)	(1.47)	(0.40)	-	*	(0.12)
	Total Distributions	-		-		(0.56)	(1.50)	(0.40)	-		(0.12)
	Net Asset Value at End of Period	$         6.03		$          5.64		$          4.62	$             8.70	$           9.31	$          8.86		$          8.39
	Total Return (D)(E)	6.92%	(H)	22.08%	(H)	-40.32%	9.73%	9.51%	5.61%		5.92%	(H)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$       7,230		$        7,608		$        6,423	$           9,836	$        7,609	$        5,462		$        2,204
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	1.87%	(I)	1.85%	(I)	1.78%	1.75%	1.81%	1.86%		1.88%	(I)
	Waiver/Recoupment of
	Expenses by Adviser (F)
	After Reimbursement and	1.87%	(I)	1.85%	(I)	1.78%	1.75%	1.81%	1.90%		1.90%	(I)
	Waiver/Recoupment of
	Expenses by Adviser (F)
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	(0.34)%	(I)	(1.00)%	(I)	(0.61)%	0.43%	0.76%	(1.85)%		(1.49)%	(I)
	Waiver/Recoupment of
	Expenses by Adviser (F) (G)
	After Reimbursement and	(0.34)%	(I)	(1.00)%	(I)	(0.61)%	0.43%	0.76%	(1.89)%		(1.51)%	(I)
	Waiver/Recoupment of
	Expenses by Adviser (F) (G)
	Portfolio Turnover	18.79%		5.21%		16.61%	45.00%	10.55%	1.61%		0.46%
	*Amount is less than $0.005 per share.
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period February 3, 2004 (Commencement of Operations) to December 31, 2004.
(C)	Per share amounts calculated using average shares method.
(D)	Total return calculation does not reflect redemption fee.
(E)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(F)	These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(G)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
	in which the Fund invests.
(H)	For periods of less than one full year, total return is not annualized.
(I)	Annualized.

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

Timothy Plan Financial Highlights [87]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
CONSERVATIVE GROWTH FUND - CLASS A SHARES
		Six Months
		ended		Period		Year	Year	Year	Year		Year
		3/31/10		ended		ended	ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08	12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$         8.25		$          6.94		$         10.49	$             11.10	$         10.83	$         10.26		$          9.85
	Income from Investment
	Operations:
	Net Investment Income (Loss)	0.03		0.04		0.13	0.22	0.32	(0.01)	(B)	0.02	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.39		1.27		(3.18)	0.75	0.75	0.58		0.61
	Total from Investment
	Operations	0.42		1.31		(3.05)	0.97	1.07	0.57		0.63
	Less Distributions:
	Dividends from Net Investment
	Income	(0.11)		-		(0.15)	(0.20)	(0.22)	-		-
	Dividends from Realized Gains	-		-		(0.35)	(1.38)	(0.58)	-		(0.19)
	Distributions from Return of
	Capital	-		-		-	-	-	-		(0.03)
	Total Distributions	(0.11)		-		(0.50)	(1.58)	(0.80)	-		(0.22)
	Net Asset Value at End of Period	$         8.56		$          8.25		$          6.94	$            10.49	$          11.10	$         10.83		$         10.26
	Total Return (C)(D)	5.16%	(G)	18.88%	(G)	-28.88%	8.85%	9.86%	5.56%		6.41%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$     34,780		$       33,128		$      26,206	$          38,102	$       33,189	$      27,765		$       23,241
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	1.14%	(H)	1.10%	(H)	1.02%	1.02%	1.08%	1.13%		1.14%
	Waiver/Recoupment of
	Expenses by Adviser (E)
	After Reimbursement and	1.14%	(H)	1.10%	(H)	1.02%	1.02%	1.09%	1.15%		1.15%
	Waiver/Recoupment of
	Expenses by Adviser (E)
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	0.81%	(H)	0.82%	(H)	1.36%	2.09%	2.98%	(0.11)%		0.27%
	Waiver/Recoupment of
	Expenses by Adviser (E) (F)
	After Reimbursement and	0.81%	(H)	0.82%	(H)	1.36%	2.09%	2.97%	(0.13)%		0.26%
	Waiver/Recoupment of
	Expenses by Adviser (E) (F)
	Portfolio Turnover	21.79%		15.74%		25.72%	40.54%	6.12%	3.61%		0.00%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect sales load.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(F)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
	in which the Fund invests.
(G)	For periods of less than one full year, total return is not annualized.
(H)	Annualized.

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

Timothy Plan Financial Highlights [88]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
CONSERVATIVE GROWTH FUND - CLASS B SHARES
		Six Months
		ended		Period		Year		Year	Year	Year		Year
		3/31/10		ended		ended		ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05		12/31/04
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$         7.85		$          6.64		$         10.03		$            10.67	$         10.43	$          9.96		$          9.60
	Income from Investment
	Operations:
	Net Investment Income (Loss)	-	(B)	-	(B)	0.05	(B)	0.14	0.22	(0.09)	(B)	(0.05)	(B)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.37		1.21		(3.01)		0.71	0.72	0.56		0.60
	Total from Investment
	Operations	0.37		1.21		(2.96)		0.85	0.94	0.47		0.55
	Less Distributions:
	Dividends from Net Investment
	Income	(0.10)		-		(0.08)		(0.11)	(0.12)	-		-
	Dividends from Realized Gains	-		-		(0.35)		(1.38)	(0.58)	-		(0.19)
	Total Distributions	(0.10)		-		(0.43)		(1.49)	(0.70)	-		(0.19)
	Net Asset Value at End of Period	$          8.12		$          7.85		$          6.64		$            10.03	$         10.67	$         10.43		$          9.96	��
	Total Return (C)(D)	4.71%	(G)	18.22%	(G)	-29.37%		8.05%	9.00%	4.72%		5.72%
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$       4,658		$        5,322		$        5,556		$           9,740	$       10,423	$        11,652		$       12,870
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	1.89%	(H)	1.85%	(H)	1.76%		1.76%	1.82%	1.88%		1.89%
	Waiver/Recoupment of
	Expenses by Adviser (E)
	After Reimbursement and	1.89%	(H)	1.85%	(H)	1.76%		1.76%	1.85%	1.90%		1.90%
	Waiver/Recoupment of
	Expenses by Adviser (E)
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	0.01%	(H)	(0.01)%	(H)	0.53%		1.14%	1.88%	(0.86)%		(0.48)%
	Waiver/Recoupment of
	Expenses by Adviser (E) (F)
	After Reimbursement and	0.01%	(H)	(0.01)%	(H)	0.53%		1.14%	1.85%	(0.88)%		(0.49)%
	Waiver/Recoupment of
	Expenses by Adviser (E) (F)
	Portfolio Turnover	21.79%		15.74%		25.72%		40.54%	6.12%	3.61%		0.00%
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	Per share amounts calculated using average shares method.
(C)	Total return calculation does not reflect redemption fee.
(D)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(E)	These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(F)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
	in which the Fund invests.
(G)	For periods of less than one full year, total return is not annualized.
(H)	Annualized.

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

Timothy Plan Financial Highlights [89]

FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
CONSERVATIVE GROWTH FUND - CLASS C SHARES
		Six Months
		ended		Period		Year		Year	Year	Year		Period
		3/31/10		ended		ended		ended	ended	ended		ended
		(Unaudited)		9/30/09	(A)	12/31/08		12/31/07	12/31/06	12/31/05		12/31/04	(B)
	Per Share Operating Performance:
	Net Asset Value at Beginning
	of Period	$         7.83		$           6.61		$         10.02		$            10.68	$         10.44	$          9.97		$          9.69
	Income from Investment
	Operations:
	Net Investment Income (Loss)	-	*	-	*	0.06	(C)	0.12	0.23	(0.09)	(C)	(0.02)	(C)
	Net Realized and Unrealized
	Gain (Loss) on Investments	0.37		1.22		(3.03)		0.72	0.73	0.56		0.49
	Total from Investment
	Operations	0.37		1.22		(2.97)		0.84	0.96	0.47		0.47
	Less Distributions:
	Dividends from Net Investment
	Income	(0.10)		-		(0.09)		(0.12)	(0.14)	-		-
	Dividends from Realized Gains	-		-		(0.35)		(1.38)	(0.58)	-		(0.19)
	Total Distributions	(0.10)		-		(0.44)		(1.50)	(0.72)	-		(0.19)
	Net Asset Value at End of Period	$          8.10		$          7.83		$           6.61		$            10.02	$         10.68	$         10.44		$          9.97
	Total Return (D)(E)	4.73%	(H)	18.46%	(H)	-29.45%		7.98%	9.16%	4.71%		4.84%	(H)
	Ratios/Supplemental Data:
	Net Assets,
	End of Period (in 000s)	$       7,362		$        7,500		$        6,438		$            7,164	$        5,833	$         4,361		$        2,638
	Ratio of Expenses to Average
	Net Assets:
	Before Reimbursement and	1.89%	(I)	1.85%	(I)	1.77%		1.77%	1.84%	1.88%		1.89%	(I)
	Waiver/Recoupment of
	Expenses by Adviser (F)
	After Reimbursement and	1.89%	(I)	1.85%	(I)	1.77%		1.77%	1.84%	1.90%		1.90%	(I)
	Waiver/Recoupment of
	Expenses by Adviser (F)
	Ratio of Net Investment Income
	(Loss) to Average Net Assets:
	Before Reimbursement and	0.02%	(I)	0.05%	(I)	0.72%		1.40%	2.36%	(0.86)%		(0.48)%	(I)
	Waiver/Recoupment of
	Expenses by Adviser (F) (G)
	After Reimbursement and	0.02%	(I)	0.05%	(I)	0.72%		1.40%	2.36%	(0.88)%		(0.49)%	(I)
	Waiver/Recoupment of
	Expenses by Adviser (F) (G)
	Portfolio Turnover	21.79%		15.74%		25.72%		40.54%	6.12%	3.61%		0.00%
	*Amount is less than $0.005 per share.
(A)	The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009.
(B)	For the period February 3, 2004 (Commencement of Operations) to December 31, 2004.
(C)	Per share amounts calculated using average shares method.
(D)	Total return calculation does not reflect redemption fee.
(E)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
	Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.
(F)	These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.
(G)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies
	in which the Fund invests.
(H)	For periods of less than one full year, total return is not annualized.
(I)	Annualized.

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

Timothy Plan Financial Highlights [90]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

Note 1 – Significant Accounting Policies

The Timothy Plan (the “Trust”) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993.  The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end diversified management investment company.  As of March 31, 2010, the Trust consisted of thirteen series. These financial statements include the following eleven series: Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Money Market Fund, Timothy Plan Strategic Growth Fund and Timothy Plan Conservative Growth Fund (the R 20;Funds”).

The Timothy Plan Aggressive GrowthFund’s investment objective is long-term growth of capital.  The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks without regard to market capitalizations and investing in the securities of a limited number of companies which the Fund’s Adviser believes show a high probability for superior growth.

The Timothy Plan International Fund’s investment objective is long-term growth of capital.  The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in the common stock and similar securities of foreign companies through the purchase of American Depositary Receipts (“ADRs”) without regard to market capitalization, investing its assets in the ADRs of companies which the Fund’s investment manager believes show a high probability for superior growth, and allocating investments across countries and regions considering the size of the market in each country and region relative to the size of the international market as a whole. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a partic ular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

The Timothy Plan Large/Mid Cap Growth Fund’s investment objective is long-term growth of capital.  Current income is not a significant investment consideration and any such income realized will be considered incidental to the Fund’s investment objective.  The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks with market capitalizations in excess of $2 billion.

The Timothy Plan Small Cap Value Fund’s primary objective is long-term capital growth, with a secondary objective of current income.  The Fund seeks to achieve its investment objective by primarily investing at least 80% of its assets in U.S. common stocks whose market capitalization is generally less than $2 billion.

The Timothy Plan Large/Mid Cap Value Fund’s investment objective is long-term capital growth, with a secondary objective of current income.  The Fund seeks to achieve its investment objective by primarily investing in U.S. common stocks. The Fund will invest at least 80% of its assets in the common stock of companies whose total market capitalization generally exceeds $2 billion.

The Timothy Plan Fixed Income Fund seeks to generate a high level of current income consistent with prudent investment risk.  To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities.  These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities.  The Fund will generally only purchase high quality securities.

Timothy Plan Notes to Financial Statements [91]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

The Timothy Plan High Yield Bond Fund’s investment objective is to generate a high level of current income. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities.  These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities.  The Fund will generally purchase securities that are not investment-grade, meaning securities with a rating of “BBB” or lower as rated by Standard and Poor’s or a comparable rating by another nationally recognized rating agency.  Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities.  Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Timothy Plan Defensive Strategies Fund’s investment objective is the protection of principal through aggressive, proactive reactions to prevailing economic conditions. To achieve its investment objectives, the Fund normally invests in Real Estate Investment Trusts (“REITs”), commodities based exchange-traded funds (“ETFs”), and Treasury Inflation Protection Securities (“TIPS”).

The Timothy Plan Money Market Fund seeks to generate a high level of current income consistent with the preservation of capital.  To achieve its investment objective, the Fund normally invests in short-term debt instruments, such as obligations of the U.S. Government and its agencies, certificates of deposit, banker’s acceptances, commercial paper and short-term corporate notes.

The Timothy Plan Strategic Growth Fund seeks to generate medium to high levels of long-term capital growth. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust:  approximately 5-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 15-25% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 15-25% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 20-30% of its net assets in the Timothy Plan International Fund; approximately 5%-10% of its net assets in the Timothy Plan Aggressive Growth Fund; and approximately 5%-15% of its net assets in the Timothy Plan Defens ive Strategies Fund. The Fund may also invest in the Timothy Plan Money Market Fund.

The Timothy Plan Conservative Growth Fund seeks to generate moderate levels of long-term capital growth with a secondary objective of current income.  The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust:  approximately 0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 10-20% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 5-15% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 0-5% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 5-15% of its net assets in the Timothy Plan International Fund; approximately 20%-40 % of its net assets in the Timothy Plan Fixed Income Fund; and approximately 10-30% of its net assets in the Timothy Plan Defensive Strategies Fund . The Fund may also invest in the Timothy Plan Money Market Fund.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.  The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies.

Timothy Plan Notes to Financial Statements [92]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

A.Security Valuation and Fair Value Measurements

All investments in securities are recorded at their estimated fair value as described in Note 2.

B.Investment Income and Securities Transactions

Security transactions are accounted for on the date the securities are purchased or sold (trade date).  Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Aggressive Growth Fund, Large/Mid Cap Growth Fund, Large/Mid Cap Value Fund, Small Cap Value Fund and Defensive Strategies Fund have made certain investments in REITs and master limited partnerships (“MLPs”).  Dividend income from REITs and MLPs is recognized on the ex-dividend date. It is common for distributions from REITs and MLPs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital.  Income or loss from the MLPs is reclassified upon receipt of the MLPs’ K-1. Withholdi ng taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.  Discounts and premiums on securities purchased are amortized over the lives of the respective securities. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.

Investment securities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference betwee n the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

C.  Net Asset Value Per Share

The Net Asset Value (“NAV”) per share of the capital stock of the Funds is determined daily as of the close of trading on the New York Stock Exchange by dividing the value of its net assets by the number of Fund shares outstanding.  The NAV is calculated separately for each class of the following Funds: Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Money Market Fund, Timothy Plan Strategic Growth Fund and Timothy Plan Conservative Growth Fund. The asset value of the classes may differ because of different fees and expenses charged to each class.

D.  Expenses

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

Timothy Plan Notes to Financial Statements [93]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

E.   Classes

There are three classes of shares currently offered by the Trust: Class A shares are offered with a front-end sales charge and ongoing service/distribution fees; Class C shares are offered with a contingent deferred sales charge (“CDSC”) that ends after the first year and ongoing service and distribution fees; No-Load shares are offered without sales charges or ongoing service/distribution fees (The Timothy Plan Money Market Fund only). The Trust previously has offered Class B shares to the public, which contain a contingent deferred sales charge that declines to zero over a period of years and are subject to an ongoing service/distribution fee. Sales of Class B shares to new shareholders were suspended by the Board during their meeting on February 27, 2004, with the suspension effective May, 2004, therefore, the CDSC fee no longer applies to Class B shares.

Class B shares automatically convert to Class A shares once the economic equivalent of the highest front-end sales charge paid at time of purchase has been received by a Fund, in the form of Rule 12b-1 distribution fees, paid by all Class B shares owned by an investor.

Class specific expenses are borne by each specific class.  Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.

F.   Use of Estimates

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

G.  Federal Income Taxes

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

As of March 31, 2010, the Funds did not have a liability for any unrecognized tax benefits.  The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statements of operations.  During the six month period ended March 31, 2010, the Funds did not incur any interest or penalties.  The Funds are not subject to examination by U.S. federal tax authorities for tax years before 2006 and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially within the next twelve months.

H.  Subsequent Events

In accordance with GAAP, management has evaluated subsequent events through the date the financial statements were issued and determined there were no material subsequent events for the Funds.

Timothy Plan Notes to Financial Statements [94]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

I.  Distributions to Shareholders

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

Note 2 – Security Valuation and Fair Value Measurements

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

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

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, but not limited to, quoted prices for an identical security in an inactive  market,  quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

Each Fund generally determines the total value of each class of its shares by using market prices for the securities comprising its portfolio. Equity securities, including common stock, ADRs, REITs, MLPs, and ETFs are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser or Sub-Adviser believes such prices more accurately reflect the fair value of such securities.  Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price.  Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price.  Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Off icial Closing Price.  When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, when the market is considered inactive, an equity security (such as some ADRs owned by the International Fund) owned by the Funds will be valued by the pricing service at an evaluated bid, with inputs such as the underlying securities price, the exchange rate for the currency and the ADR factor. When this happens, the security will generally be classified as a Level 2 security. When market quotations are not readily available, when the Adviser or Sub-Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser or Sub-Adviser, in conformity with guidelines adopted by and subject to rev iew by the Board. These securities will generally be categorized as Level 3 securities.

Timothy Plan Notes to Financial Statements [95]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

Fixed income securities such as corporate bonds, restricted corporate bonds, asset-backed securities, U.S. Government securities and U.S. government agency securities, when valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Adviser or Sub-Adviser believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the Adviser or Sub-Adviser decides that a pric e provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser or Sub-Adviser, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.

Short-term investments in fixed income securities, (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity), are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

The Timothy Plan Money Market Fund uses the amortized cost method to compute its NAV. This means that securities purchased by the Fund are not marked to market. Instead, any premium paid or discount realized will be amortized or accrued over the life of the security and credited/debited daily against the total assets of the Fund. This also means that, under most circumstances, the Money Market Fund will not sell securities prior to maturity date except to satisfy redemption requests.

The Board has delegated to the Adviser and/or Sub-Advisers responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Adviser or Sub-Adviser will use its best efforts to arrive at the fair value of a security held by the Fund under all reasonably ascertainable facts and circumstances. The Adviser must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing.  The Board has adopted written policies and procedures to guide the Adviser and Sub-Advisers with respect to the circumstances under which, and the methods to be used, in fair valuing securities.

Timothy Plan Notes to Financial Statements [96]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

The following is a summary of the inputs used to value each Fund’s assets as of March 31, 2010:

Aggressive Growth Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Common Stocks *	$	14,152,484	$	-	$	-	$	14,152,484
American Depositary Receipts *	$	501,362	$	-	$	-	$	501,362
Money Market Funds	$	420,425	$	-	$	-	$	420,425
Total	$	15,074,271	$	-	$	-	$	15,074,271
*Refer to the Schedule of Investments for industry classifications.
International Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
American Depositary Receipts *	$	15,429,626	$	17,824,753	$	-	$	33,254,379
Common Stocks *	$	2,482,859	$	-	$	-	$	2,482,859
Money Market Funds	$	2,049,561	$	-	$	-	$	2,049,561
Total	$	19,962,046	$	17,824,753	$	-	$	37,786,799
*Refer to the Schedule of Investments for industry classifications.
Large/Mid Cap Growth Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Common Stocks *	$	38,771,498	$	-	$	-	$	38,771,498
American Depositary Receipts *	$	1,364,722	$	-	$	-	$	1,364,722
Money Market Funds	$	2,842,456	$	-	$	-	$	2,842,456
Total	$	42,978,676	$	-	$	-	$	42,978,676
*Refer to the Schedule of Investments for industry classifications.

Timothy Plan Notes to Financial Statements [97]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

Small Cap Value Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Common Stocks *	$	46,759,469	$	-	$	-	$	46,759,469
REITs	$	1,754,748	$	-	$	-	$	1,754,748
Money Market Funds	$	1,887,683	$	-	$	-	$	1,887,683
Total	$	50,401,900	$	-	$	-	$	50,401,900
*Refer to the Schedule of Investments for industry classifications.
Large/Mid Cap Value Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Common Stocks *	$	88,699,246	$	-	$	-	$	88,699,246
Master Limited Partnerships	$	1,852,830	$	-	$	-	$	1,852,830
REITs	$	4,046,766	$	-	$	-	$	4,046,766
Money Market Funds	$	741,493	$	-	$	-	$	741,493
Total	$	95,340,335	$	-	$	-	$	95,340,335
*Refer to the Schedule of Investments for industry classifications.
Fixed Income Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Asset-Backed Securities	$	-	$	613,247	$	-	$	613,247
Corporate Bonds	$	-	$	18,239,014	$	-	$	18,239,014
U.S. Government Agencies	$	-	$	6,076,760	$	-	$	6,076,760
Mortgaged-Backed Securities	$	-	$	18,713,560	$	-	$	18,713,560
U.S. Government Treasuries	$	-	$	6,376,198	$	-	$	6,376,198
U.S. Treasury TIPS	$	-	$	4,563,961	$	-	$	4,563,961
Money Market Funds	$	5,220,252	$	-	$	-	$	5,220,252
Total	$	5,220,252	$	54,582,740	$	-	$	59,802,992

Timothy Plan Notes to Financial Statements [98]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

High Yield Bond Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Corporate Bonds	$	-	$	14,153,347	$	-	$	14,153,347
144A Securities	$	-	$	6,115,350	$	-	$	6,115,350
Money Market Funds	$	638,782	$	-	$	-	$	638,782
Total	$	638,782	$	20,268,697	$	-	$	20,907,479
Defensive Strategies Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
REITs	$	5,165,435	$	-	$	-	$	5,165,435
Exchange-Traded Funds	$	6,603,072	$	-	$	-	$	6,603,072
U.S. Treasury TIPS	$	-	$	12,282,699	$	-	$	12,282,699
Money Market Funds	$	1,761,274	$	-	$	-	$	1,761,274
Total	$	13,529,781	$	12,282,699	$	-	$	25,812,480
Money Market Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
U.S. Government Agencies	$	-	$	999,926	$	-	$	999,926
U.S. Government Treasuries	$	-	$	9,399,180			$	9,399,180
Asset-Backed Securities	$	-	$	224,798	$	-	$	224,798
Money Market Funds	$	904,746	$	-	$	-	$	904,746
Total	$	904,746	$	10,623,904	$	-	$	11,528,650
Strategic Growth Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Mutual Funds	$	46,742,789	$	-	$	-	$	46,742,789
Money Market Funds	$	31,641	$	-	$	-	$	31,641
Total	$	46,774,430	$	-	$	-	$	46,774,430

Timothy Plan Notes to Financial Statements [99]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

Conservative Growth Fund	VALUATION INPUTS
Assets	Level 1: Quoted Prices in Active Markets		Level 2: Other Significant Observable Inputs		Level 3: Significant Unobservable Inputs		Total
Mutual Funds	$	46,797,983	$	-	$	-	$	46,797,983
Money Market Funds	$	111,890	$	-	$	-	$	111,890
Total	$	46,909,873	$	-	$	-	$	46,909,873

The Funds did not hold any assets at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period. The Funds did not hold any derivative instruments during the reporting period.

Note 3 – Purchases and Sales of Securities

The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the six months ended March 31, 2010:

	PURCHASES				SALES
Funds	U.S. Gov't Obligations		Other		U.S. Gov't Obligations		Other
Aggressive Growth Fund	$	-	$	6,274,689	$	-	$	12,224,806
International Fund	$	-	$	7,176,265	$	-	$	11,163,504
Large/Mid Cap Growth Fund	$	-	$	19,946,660	$	-	$	21,692,167
Small Cap Value Fund	$	-	$	14,507,414	$	-	$	24,428,651
Large/Mid Cap Value Fund	$	-	$	22,179,577	$	-	$	26,419,918
Fixed Income Fund	$	10,334,168	$	4,105,150	$	6,002,787	$	1,720,249
High Yield Bond Fund	$	-	$	3,996,054	$	-	$	2,285,605
Defensive Strategies Fund	$	17,130,720	$	11,443,656	$	4,880,718	$	562,434
Strategic Growth Fund	$	-	$	8,214,901	$	-	$	8,452,191
Conservative Growth Fund	$	-	$	10,007,325	$	-	$	11,336,845

Note 4 – Investment Management Fee and Other Transactions with Affiliates

Timothy Partners, Ltd., (“TPL”) is the investment adviser for the Funds pursuant to an investment advisory agreement (the “Agreement”) that was renewed by the Board on February 26, 2010. TPL supervises the investment of the assets of each Fund in accordance with the objectives, policies and restrictions of the Trust. Under the terms of the Agreement, as amended, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Timothy Plan International Fund; 0.85% of the average daily net assets of the Timothy Plan Aggressive Growth, the Timothy Plan Small Cap Value, the Timothy Plan Large/Mid Cap Growth, and the Timothy Plan Large/Mid Cap Value Funds; 0.60% of the average daily net assets of the Timothy Plan Fixed Income, the Timothy Plan High Yield Bond, t he Timothy Plan Defensive Strategies, and the Timothy Plan Money Market Funds; and 0.65% of the average daily net assets of the Timothy Plan Conservative Growth and the Timothy Plan Strategic Growth Funds.  TPL has voluntarily agreed to reduce the fee it receives from the Timothy Plan Fixed Income and the Timothy Plan Money Market to 0.45% and 0.40%, respectively.  Additionally, TPL has voluntarily agreed to reduce fees payable to it by the Timothy Plan Money Market Fund and reimburse other expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses as follows:

Timothy Plan Notes to Financial Statements [100]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

Voluntary Caps	Period
15 bps	September 16 - November 4, 2009
10 bps	November 5 - December 6, 2009
5 bps	December 7, 2009 - current

Such voluntary fee reductions/reimbursements may be authorized by TPL at any time, but such action shall not obligate TPL to waive any fees in the near future.  Such voluntary fee reductions/reimbursements are not subject to future recoupment.  An officer and trustee of the Funds is also an officer and owner of the Adviser.

For the six months ended March 31, 2010, TPL waived and reimbursed the Funds as follows:

	Six Months ended
	March 31, 2010
Fixed Income Fund	$	42,313
Money Market Fund	$	108,130

At March 31, 2010, the Adviser may recapture a portion of the reimbursed amounts no later than the dates as stated below:

	2009		2010
High Yield Bond Fund*	$	-	$	12,185

*The Timothy Plan High Yield Bond Fund was able to incur recoupment expenses as a result of previous waiver/recoupment agreements.

The Timothy Plan Aggressive Growth, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, Timothy Plan High Yield Bond, and Defensive Strategies Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended.  The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares.  Under the Class A Plan, the Funds will pay TPL a fee at an annual rate of 0.25%, payable monthly, of the average daily net assets attributable to such class of shares.  Under the Class B and C Plans, the Funds will pay TPL a fee at an annual rate of 1.00%, payable monthly, of which, 0.25% may be a service fee and 0.75% may be payable to outside broker/dealers, of the average daily net assets attributable to such class of shares.

Timothy Plan Notes to Financial Statements [101]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

The Timothy Plan Conservative Growth and Timothy Plan Strategic Growth Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Class A shares of the Funds do not impose a service fee. Under the Class B and C Plans, the Fund will pay TPL a fee at an annual rate of 0.75%, payable monthly to outside broker/dealers, of the average daily net assets attributable to such class of shares. For the six months ended March 31, 2010, the Funds paid TPL under the terms of the Plans as follows:

Funds	12b-1 Fees
	Six Months ended
	March 31, 2010
Aggressive Growth Fund	$	26,200
International Fund	$	51,941
Large/Mid Cap Growth Fund	$	64,679
Small Cap Value Fund	$	90,819
Large/Mid Cap Value Fund	$	158,154
Fixed Income Fund	$	95,259
High Yield Bond Fund	$	27,220
Defensive Strategies Fund	$	27,675
Strategic Growth Fund	$	48,968
Conservative Growth Fund	$	46,197

TPL also serves as the principal underwriter of the Funds’ shares. An officer and trustee of the Funds is also an officer of the principal underwriter. For the six months ended March 31, 2010, TPL received sales charges deducted from the proceeds of sales of Class A capital shares and CDSC fees deducted from the redemption of Class B and C capital shares as follows:

Funds	Sales Charges (Class A)		CDSC Fees (Class B)		CDSC Fees (Class C)
Aggressive Growth Fund	$	1,504	$	-	$	131
International Fund	$	3,891	$	-	$	193
Large/Mid Cap Growth Fund	$	3,762	$	-	$	99
Small Cap Value Fund	$	3,341	$	-	$	314
Large/Mid Cap Value Fund	$	9,196	$	-	$	865
Fixed Income Fund	$	15,866	$	-	$	432
High Yield Bond Fund	$	2,990	$	-	$	289
Defensive Strategies Fund	$	3,591	$	-	$	261
Strategic Growth Fund	$	6,174	$	-	$	1,925
Conservative Growth Fund	$	9,021	$	-	$	788

Timothy Plan Notes to Financial Statements [102]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

Note 5 – Payment by Affiliate

During the year ended December 31, 2008, the Sub-Adviser for the Timothy Plan Aggressive Growth Fund reimbursed the Fund $24,684 due to an investing error during the transition of sub-advisers.  The Sub-Adviser reimbursed the Fund for the difference in performance relative to the intended portfolio and the transaction costs of rebalancing the portfolio.

Note 6 – Control Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. As of March 31, 2010, the following shareholders, for the benefit of their customers, may be considered to control the Funds:

Funds	% of Fund	Owned By
Large/Mid Cap Growth Fund, Class B	26.88%	National Financial Services

Certain Timothy Plan Funds own shares of other Timothy Plan Funds. U.S. Bank, N.A., custodian of the Timothy Plan Funds, holds these shares in omnibus accounts, some of which are controlled by National Financial Services, Inc. The following shows the percentage of each Timothy Plan Fund that is held by U.S. Bank, N.A., as custodian of the Timothy Funds. These accounts can be considered affiliated to the Timothy Plan.

	% of Fund Owned by Other Timothy Plan Funds
Aggressive Growth Fund, Class A	58.52%
International Fund, Class A	71.00%
Large/Mid Cap Growth Fund, Class A	59.20%
Small Cap Value Fund, Class A	22.09%
Large/Mid Cap Value Fund, Class A	31.61%
Fixed Income Fund, Class A	50.69%
High Yield Bond Fund, Class A	75.82%
Defensive Strategies Fund, Class A	89.55%

Timothy Plan Notes to Financial Statements [103]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

Note 7 - Unrealized Appreciation (Depreciation)

At March 31, 2010, for federal income tax purposes, the cost and the composition of gross unrealized appreciation (depreciation) of investment securities are as follows:

Funds	Cost		Appreciation		(Depreciation)			Net Appreciation (Depreciation)
Aggressive Growth Fund	$	11,583,933	$	3,656,881	$	(166,543	)	$	3,490,338
International Fund	$	34,306,716	$	5,246,253	$	(1,766,170	)	$	3,480,083
Large/Mid Cap Growth Fund	$	37,993,563	$	5,833,687	$	(848,574	)	$	4,985,113
Small Cap Value Fund	$	43,357,562	$	7,411,901	$	(367,563	)	$	7,044,338
Large/Mid Cap Value Fund	$	83,839,520	$	14,390,865	$	(2,890,050	)	$	11,500,815
Fixed Income Fund	$	57,714,690	$	2,153,942	$	(65,640	)	$	2,088,302
High Yield Bond Fund	$	20,135,644	$	1,149,910	$	(378,075	)	$	771,835
Defensive Strategies Fund	$	24,931,743	$	1,125,013	$	(244,276	)	$	880,737
Money Market Fund	$	11,528,650	$	-	$	-		$	-
Strategic Growth Fund	$	52,524,199	$	462,801	$	(6,212,570	)	$	(5,749,769	)
Conservative Growth Fund	$	47,435,453	$	852,294	$	(1,377,874	)	$	(525,580	)

Note 8 – Distributions to Shareholders

The tax character of distributions paid during the fiscal period ended September 30, 2009 and the fiscal year ended December 31, 2008 were as follows:

	Aggressive Growth Fund		International Fund		Large/Mid Cap Growth Fund		Small Cap Value Fund
Year ended December 31, 2008
Ordinary Income	$	-	$	445,202	$	-	$	-
Short-term Capital Gains		-		-		-		424,158
Long-term Capital Gains		48,425		-		68,000		-
	$	48,425	$	445,202	$	68,000	$	424,158

Timothy Plan Notes to Financial Statements [104]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

	Large/Mid Cap Value Fund		Fixed Income Fund		High Yield Bond Fund
Period ended September 30, 2009
Ordinary Income	$	-	$	1,134,412	$	1,014,621
	$	-	$	1,134,412	$	1,014,621
Year ended December 31, 2008
Ordinary Income	$	287,444	$	2,053,290	$	1,274,024
Short-term Capital Gains		531,542		-		10,357
Long-term Capital Gains		677,192		-		-
	$	1,496,178	$	2,053,290	$	1,284,381

	Money Market Fund		Strategic Growth Fund		Conservative Growth Fund
Period ended September 30, 2009
Ordinary Income	$	17,430	$	-	$	-
Short-term Capital Gains		2,313		-		-
	$	19,743	$	-	$	-
Year ended December 31, 2008
Ordinary Income	$	556,735	$	506,870	$	697,282
Short-term Capital Gains		-		230,982		58,044
Long-term Capital Gains		-		3,451,894		1,808,503
	$	556,735	$	4,189,746	$	2,563,829

There were no distributions by the Aggressive Growth, International, Large/Mid Cap Growth, Small Cap Value, Large/Mid Cap Value, Strategic Growth and Conservative Growth Funds during the fiscal period ended September 30, 2009.

Timothy Plan Notes to Financial Statements [105]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

For the six months ended March 31, 2010, the Funds made the following ordinary income distributions:

Fund	Total Distribution per share		Total distribution
International Fund, Class A	$	0.1070	$	466,911
International Fund, Class C	$	0.0735	$	16,268
Large/Mid Cap Value Fund, Class A	$	0.0497	$	356,854
Large/Mid Cap Value Fund, Class B	$	0.0327	$	5,573
Large/Mid Cap Value Fund, Class C	$	0.0331	$	32,368
Fixed Income Fund, Class A	$	0.1448	$	722,420
Fixed Income Fund, Class B	$	0.1012	$	6,148
Fixed Income Fund, Class C	$	0.1117	$	71,318
High Yield Bond Fund, Class A	$	0.2914	$	641,949
High Yield Bond Fund, Class C	$	0.2618	$	21,117
Defensive Strategies Fund, Class A	$	0.0065	$	12,879
Defensive Strategies Fund, Class C	$	0.0800	$	6,392
Money Market Fund	$	0.00023908	$	4,485
Conservative Growth Fund, Class A	$	0.1134	$	456,632
Conservative Growth Fund, Class B	$	0.0982	$	61,754
Conservative Growth Fund, Class C	$	0.0986	$	89,581

The Aggressive Growth Fund, Large / Mid Cap Growth Fund, Small Cap Value Fund and Strategic Growth Fund did not pay any distributions during the six months ended March 31, 2010.

As of September 30, 2009, the components of distributable earnings on a tax basis were as follows:

	Aggressive Growth Fund			International Fund			Large/Mid Cap Growth Fund			Small Cap Value Fund
Undistributed Ordinary Income	$	-		$	426,390		$	-		$	-
Capital Loss Carryforward		(9,857,278	)		(13,575,141	)		(10,809,677	) *		(20,173,839	)
Unrealized Appreciation (Depreciation)		3,097,852			918,345			2,638,099			5,111,179
	$	(6,759,426	)	$	(12,230,406	)	$	(8,171,578	)	$	(15,062,660	)
* Following the 2005 acquisition by the Timothy Plan Large/Mid Cap Growth Fund of the NOAH Fund Equity Portfolio,
the Timothy Fund acquired all capital loss carryforwards available to the NOAH Fund. In accordance with Section 382
of the Internal Revenue Code, loss limitations were appropriately applied to the available capital loss carryforward.
Of the capital losses subject to Section 382, the Fund may only utilize $358,459 in a given year.

Timothy Plan Notes to Financial Statements [106]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

	Large/Mid Cap Value Fund			Fixed Income Fund			High Yield Bond Fund
Undistributed Ordinary Income	$	395,126		$	6,356		$	-
Capital Loss Carryforward		(26,016,414	)		(2,013,759	)		(2,889,106	)
Unrealized Appreciation (Depreciation)		6,583,453			1,979,387			4,310
	$	(19,037,835	)	$	(28,016	)	$	(2,884,796	)

	Money Market Fund		Strategic Growth Fund			Conservative Growth Fund
Undistributed Ordinary Income	$	7,683	$	-		$	607,877
Capital Loss Carryforward		-		(3,408,716	)		(1,762,631	)
Unrealized Appreciation (Depreciation)		-		(14,037,208	)		(7,672,536	)
	$	7,683	$	(17,445,924	)	$	(8,827,290	)

Note 9 – Capital Loss Carryforwards

At September 30, 2009, the following capital loss carryforwards are available to offset futures capital gains.

Timothy Plan Notes to Financial Statements [107]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

Funds	Loss Carryforward		Year Expiring
Aggressive Growth Fund	$	3,723,197		2016
	$	6,134,081		2017
International Fund	$	498,385		2015
	$	4,243,183		2016
	$	8,833,573		2017
Large/Mid Cap Growth Fund *	$	3,900,936		2016
	$	6,908,741		2017
Small Cap Value Fund	$	8,605,876		2016
	$	11,567,963		2017
Large/Mid Cap Value Fund	$	14,600,172		2016
	$	11,416,242		2017
Fixed Income Fund	$	569,273		2014
	$	77,304		2015
	$	252,039		2016
	$	1,115,143		2017
High Yield Bond Fund	$	815,295		2016
	$	2,073,811		2017
Strategic Growth Fund	$	844,160		2016
	$	2,564,556		2017
Conservative Growth Fund	$	1,762,631		2017
* Please refer to Note 8 for additional information regarding the availability of capital loss carryforwards within the
Timothy Large / Mid Cap Growth Fund.

To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount, which is offset, will not be distributed to shareholders.

In 2009, the following capital loss carryforwards expired:

	Loss Carryforward
Large/Mid Cap Growth Fund	$	1,380,010

Timothy Plan Notes to Financial Statements [108]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

Board Annual Approval/Renewals of Advisory and Sub-Advisory Agreements (Unaudited)

Timothy Partners, Ltd; Investment Adviser to all Funds

The continuance of the Investment Advisory Agreement (the “IA Agreement”) on behalf of each series of the Trust between the Trust and Timothy Partners, Ltd. (“TPL”) was last approved by the Board of Trustees (“the Board”), including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the Agreement, at an in-person meeting held on February 26, 2010.  The Trust's Board considered the factors described below prior to approving the Agreement. The Trustees, including the Independent Trustees, noted the Adviser's experience in incorporating and implementing the unique, biblically-based management style that is a stated objective as set forth in the Funds' prospectus.

To further assist the Board in making its determination as to whether the IA Agreement should be renewed, the Board requested and received the following information: a description of TPL's business and any personnel changes, a description of the compensation received by TPL from the Funds, information relating to the Adviser's policies and procedures regarding best execution, trade allocation, soft dollars, code of ethics and insider trading, and a description of any material legal proceedings or securities enforcement proceedings regarding TPL or its personnel.  In addition, the Board requested and received financial statements of TPL for its fiscal year ended December 31, 2009. The Board also received a report from TPL relating to the fees charged by TPL, both as an aggregate and in relation to fees charged by other advis ers to similar funds.  The materials prepared by TPL were provided to the Board in advance of the meeting.  The Board considered the fees charged by TPL in light of the services provided to the Funds by TPL, the unique nature of the Funds and their moral screening requirements, which are maintained by TPL, and TPL's role as a manager of managers. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by TPL were fair and reasonable in light of the services provided to the Funds. The Board also discussed the nature, extent and quality of TPL's services to the Funds. In particular, the Board noted with approval TPL's commitment to maintaining certain targeted expense ratios for the Funds, its efforts in providing comprehensive and consistent moral screens to the investment managers, its efforts in maintaining appropriate oversight of the investment managers to each Fund, and its efforts to maintain ongoing regulator y compliance for the Funds. The Board also discussed TPL's current fee structure and whether such structure would allow the Funds to realize economies of scale as they grow. The Board next considered the investment performance of each Fund and the Adviser's performance in monitoring the investment managers of the underlying funds. The Board generally approved of each Fund's performance, noting that the Funds invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that the investment managers of each Fund did not succumb to style drift in their management of each Fund's assets, and that each Fund was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval the Adviser's ongoing efforts to maintain such consistent investment discipline. The Board also noted with approval that the Adviser's business was devoted exclusively to serving the Funds, and that the Adviser did not realize any ancillary benefits or profits deriving from its relationship with the Funds. The Board further noted with approval the Adviser's past activities on monitoring the performance of the underlying Funds' various investment managers and the promptness and efficiency with which problems were brought to the Board's attention and responsible remedies offered and executed.  After careful discussion and consideration, the Board, including the separate concurrence of the independent Trustees, unanimously cast an affirmative vote, determined that the renewal of the IA Agreement for another one-year period would be in the best interests of the Funds' shareholders. In approving the renewal of the IA Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and a vailed itself of the assistance of legal counsel at all times during its consideration of the IA Agreement renewal.

Timothy Plan Notes to Financial Statements [109]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

Barrow, Hanley Mewhinney & Strauss; Sub-Adviser for the Fixed Income, High Yield Bond and Money Market Funds.

The Sub-Advisory Agreement between the Trust, TPL and Barrow, Hanley Mewhinney & Strauss (“BHW&S”), on behalf of the Timothy Plan Fixed Income, High Yield Bond and Money Market Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 26, 2010.  The Board considered the following factors in arriving at its conclusions to renew the BHW&S Sub-Advisory Agreement for an additional year.  First, the Board considered the fees charged by BHW&S in light of the services provided by BHW&S.  After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by BHW&S and paid out of the fees received by TPL were fair and reasonable in light of the services provided by BHW&S .  In reaching that determination, the Board relied on reports describing the fees paid to BHW&S and comparing those fees against fees paid to other investment advisers operating under similar circumstances.  Next, the Board discussed the nature, extent and quality of BHW&S's services to each Fund, including the investment performance of the Funds under BHW&S's investment management.  The Board generally approved of BHW&S's performance, noting that the Funds managed by BHW&S invested in a manner that did not rely exclusively on investment performance.  Further, the Board noted with approval that BHW&S did not succumb to “style drift” in its management of each Fund's assets, and that BHW&S was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval BHW&S's ongoing efforts to maintain such consistent investment discipline.& #160; Next, the Board considered whether BHW&S's current fee structure would allow the Funds to realize economies of scale as they grow.  The Board decided that this particular factor was moot with respect to the BHW&S Sub-Advisory Agreement because BHW&S was paid out of the fees paid to TPL.  After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the BHW&S Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders.  In approving the renewal of the BHW&S Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the BHW&S Sub-Advisory Agreement renewal.

Westwood Holdings Group; Sub-Adviser to the Large/Mid Cap Value and the Small Cap Value Funds.

The Sub-Advisory Agreement between the Trust, TPL and Westwood Holdings Group (“Westwood”), on behalf of the Timothy Plan Small Cap Value and Large/Mid Cap Value Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 26, 2010.  The Board considered the following factors in arriving at its conclusions to renew the Westwood Sub-Advisory Agreement for an additional year.  First, the Board considered the fees charged by Westwood in light of the services provided by Westwood.  After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Westwood and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Westwood.  In reaching tha t determination, the

Timothy Plan Notes to Financial Statements [110]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

Board relied  on reports describing the fees paid to Westwood and comparing those fees against fees paid to other investment advisers operating under similar circumstances.  Next, the Board discussed the nature, extent and quality of Westwood's services to each Fund, including the investment performance of the Funds under Westwood's investment management.  The Board generally approved of Westwood's performance, noting that the Funds managed by Westwood invested in a manner that did not rely exclusively on investment performance.  Further, the Board noted with approval that Westwood did not succumb to “style drift” in its management of each Fund's assets, and that Westwood was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Westwood's ongoing efforts to maintain such consistent investment discipline.  Next, the Board considered whether Westwood's current fee structure would allow the Funds to realize economies of scale as they grow.  The Board decided that this particular factor was moot with respect to the Westwood Sub-Advisory Agreement because Westwood was paid out of the fees paid to TPL.  After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Westwood Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders.  In approving the renewal of the Westwood Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed it self of the assistance of legal counsel at all times during its consideration of the Westwood Sub-Advisory Agreement renewal.

Chartwell Investment Partners; Sub-Adviser to the Aggressive Growth and Large/Mid Cap Growth Funds.

The Sub-Advisory Agreement between the Trust, TPL and Chartwell Investment Partners (“Chartwell”), on behalf of the Timothy Plan Aggressive Growth and Large/Mid Cap Growth Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 26, 2010.  The Board considered the following factors in arriving at its conclusions to renew the Chartwell Sub-Advisory Agreement for an additional year.  First, the Board considered the fees charged by Chartwell in light of the services provided by Chartwell.  After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Chartwell and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Chartwell.   In reaching that determination, the Board relied on reports describing the fees paid to Chartwell and comparing those fees against fees paid to other investment advisers operating under similar circumstances.  Next, the Board discussed the nature, extent and quality of Chartwell's services to each Fund, including the investment performance of the Funds under Chartwell's investment management.  The Board generally approved of Chartwell's performance, noting that the Funds managed by Chartwell invested in a manner that did not rely exclusively on investment performance.  Further, the Board noted with approval that Chartwell did not succumb to “style drift” in its management of each Fund's assets, and that Chartwell was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Chartwell's ongoing efforts to maintain such consistent investment discipline.  Ne xt, the Board considered whether Chartwell's current fee structure would allow the Funds to realize economies of scale as they grow.  The Board decided that this particular factor was moot with respect to the Chartwell Sub-Advisory Agreement because Chartwell was paid out of the fees paid to TPL.  After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Chartwell Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders.  In approving the renewal of the Chartwell Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times durin g its consideration of the Chartwell Sub-Advisory Agreement renewal.

Timothy Plan Notes to Financial Statements [111]

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

TIMOTHY PLAN FAMILY OF FUNDS

Eagle Global Advisors; Sub-Adviser to the International Fund.

The Sub-Advisory Agreement between the Trust, TPL and Eagle Global Advisors (“Eagle”), on behalf of the Timothy Plan International Fund, was last renewed by the Board at a meeting held for that purpose, among others, on February 26, 2010.  The Board considered the following factors in arriving at its conclusions to renew the Eagle Sub-Advisory Agreement for an additional year.  First, the Board considered the fees charged by Eagle in light of the services provided by Eagle.  After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Eagle and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Eagle.  In reaching that determination, the Board relied on reports de scribing the fees paid to Eagle and comparing those fees against fees paid to other investment advisers operating under similar circumstances.  Next, the Board discussed the nature, extent and quality of Eagle's services to the Fund, including the investment performance of the Fund under Eagle's investment management.  The Board generally approved of Eagle's performance, noting that the Fund managed by Eagle invested in a manner that did not rely exclusively on investment performance.  Further, the Board noted with approval that Eagle did not succumb to “style drift” in its management of the Fund's assets, and that Eagle was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Eagle's ongoing efforts to maintain such consistent investment discipline.  Next, the Board considered whether Eagle's current fee structure would allow the Fund to realize eco nomies of scale as they grow.  The Board decided that this particular factor was moot with respect to the Eagle Sub-Advisory Agreement because Eagle was paid out of the fees paid to TPL.  After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Eagle Sub-Advisory Agreement for another one-year period would be in the best interests of the Fund’s shareholders.  In approving the renewal of the Eagle Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Eagle Sub-Advisory Agreement renewal.

Initial Approval of Adviser and Sub-Adviser to the Defensive Strategies Fund

At an in-person meeting held on August 21, 2009, the Board discussed TPL as the Adviser to the new Defensive Strategies Fund, and considered, among other things, that TPL currently serves as Adviser to the other Funds offered by the Trust, the fees charged by TPL are competitive, TPL has a Code of Ethics in place and has not had a violation to the Code, and TPL’s performance as the Adviser is very acceptable. The Board also discussed BHW&S as the sub-adviser for the TIPS sleeve.  The Board considered, among other things, that BHW&S already satisfactorily manages the Timothy Plan Fixed Income Fund, the High Yield Bond Fund and the Money Market Fund, the last of which they do without remuneration. Although paid by TPL out of the adviser’s fee, BHW&S fees are competitive, they have had no violations of their Code of Ethics, and the performance of the other Funds is reasonable as compared to their benchmarks. The Board, including the separate concurrence of the independent Trustees, unanimously cast an affirmative vote, determined that the approval of the IA Agreement and sub-advisory agreement for an initial two-year period would be in the best interests of the Defensive Strategies Fund’s shareholders. In approving the IA and sub-advisory agreements, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the IA and sub-advisory Agreements approval.

Timothy Plan Notes to Financial Statements [112]

BOARD OF TRUSTEES Arthur D. Ally Richard Copeland Bill Johnson John C. Mulder Charles E. Nelson Wesley W. Pennington Scott Preissler Alan Ross David Tolliver Matthew D. Staver Deborah Honeycutt   OFFICERS Arthur D. Ally, President Joseph E. Boatwright, Secretary   INVESTMENT ADVISER Timothy Partners, Ltd. 1055 Maitland Center Commons Maitland, FL  32751   DISTRIBUTOR Timothy Partners, Ltd. 1055 Maitland Center Commons Maitland, FL  32751   TRANSFER AGENT Unified Fund Services, Inc. 2960 N Meridian Street, Suite 300 Indianapolis, IN  46208   INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Cohen Fund Audit Services, Ltd. 800 Westpoint Parkway, Suite 1100 Westlake, OH  44145-1524   LEGAL COUNSEL David Jones & Assoc., P.C. 395 Sawdust Road, Suite 2148 The Woodlands, TX  77380   For additional information or a prospectus, please call: 1-800-846-7526 Visit the Timothy Plan web site on the internet at: www.timothyplan.com   This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which includes details regarding the Funds’ objectives, policies, expenses and other information. Distributed by Timothy Partners, Ltd.                                           HEADQUARTERS The Timothy Plan 1055 Maitland Center Commons Maitland, Florida 32751 (800) 846-7526 www.timothyplan.com invest@timothyplan.com   SHAREHOLDER SERVICES Unified Fund Services, Inc. 2960 N Meridian Street, Suite 300 Indianapolis, IN  46208 (800) 662-0201  

Item 2. Code of Ethics.  NOT APPLICABLE – disclosed with annual report

Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report

Item 4. Principal Accountant Fees and Services. NOT APPLICABLE – disclosed with annual report

Item 5. Audit Committee of Listed Companies.  NOT APPLICABLE – applies to listed companies only

Item 6.  Schedule of Investments.   NOT APPLICABLE – schedule filed with Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.  NOT APPLICABLE – applies to closed-end funds only

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.  NOT APPLICABLE – applies to closed-end funds only

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.  NOT APPLICABLE – applies to closed-end funds only

Item 10.  Submission of Matters to a Vote of Security Holders. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11.  Controls and Procedures.

(a)           Based on an evaluation of the registrant’s disclosure controls and procedures within 90 days, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

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

Item 12.  Exhibits.

(a)(1)                      Not Applicable – filed with annual report

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

(a)(3)                      Not Applicable

(b) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.

SIGNATURES

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

(Registrant)      The Timothy Plan                                           

By
	/s/ Arthur D. Ally
	Arthur D. Ally, President
Date	6/4/10

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 & Treasurer
Date	6/4/10