<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 000916490
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 THE TIMOTHY PLAN
001 B000000 811-8228
001 C000000 4076441986
002 A000000 1304 WEST FAIRBANKS AVENUE
002 B000000 WINTER PARK
002 C000000 FL
002 D010000 32789
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 THE TIMOTHY PLAN
007 C030100 N
007 C010200 2
007 C020200 THE TIMOTHY PLAN VARIABLE SERIES
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 TIMOTHY PARTNERS, LTD.
008 B00AA01 A
008 C00AA01 801-45766
008 D01AA01 WINTER PARK
008 D02AA01 FL
008 D03AA01 32789
008 A00AA02 AWAD & ASSOCIATES
008 B00AA02 S
008 C00AA02 801-10418
008 D01AA02 NEW YORK
008 D02AA02 NY
008 D03AA02 10022
020 A000001 RAYMOND JAMES & ASSOCIATES
020 B000001 59-1237041
020 C000001 43
<PAGE> PAGE 2
020 A000002 EISNER NATIONAL FINANCIAL SERVICE
020 B000002 04-2785576
020 C000002 11
020 A000003 ROBINSON HUMPHREY
020 B000003 58-1472560
020 C000003 2
020 A000004 MCDONALD & COMPANY
020 C000004 2
020 A000005 PAINE WEBBER
020 B000005 13-2638166
020 C000005 2
020 A000006 FIRST ANALYSIS
020 C000006 2
020 A000007 SCHROEDER SECURITIES
020 C000007 1
020 A000008 MERRILL LYNCH
020 B000008 13-5674085
020 C000008 1
020 A000009 BREAN MURRAY
020 B000009 13-2760052
020 C000009 1
020 A000010 BEAR STEARNS & CO
020 B000010 13-3299429
020 C000010 1
021 000000 67
022 A000001 BREAN MURRAY
022 B000001 13-2760052
022 C000001 2020
022 D000001 341
022 A000002 JEFFRIES & CO
022 B000002 95-2622900
022 C000002 640
022 D000002 14
022 A000003 PRUDENTIAL BACHE
022 C000003 333
022 D000003 0
022 A000004 RAYMOND JAMES & ASSOC
022 B000004 59-1237041
022 C000004 300
022 D000004 0
022 A000005 SCHRODER SECURITIES
022 C000005 285
022 D000005 0
022 A000006 ROBINSON, HUMPHREY
022 B000006 58-1472560
022 C000006 145
022 D000006 275
022 A000007 FIRST ALBANY CORP
022 B000007 14-1391446
022 C000007 127
022 D000007 0
<PAGE> PAGE 3
022 A000008 HERZOG, HEINE
022 B000008 13-1955436
022 C000008 40
022 D000008 0
022 A000009 MCDONALD & COMPANY
022 C000009 12
022 D000009 0
022 A000010 EVEREN SECURITIES
022 B000010 34-1542819
022 C000010 0
022 D000010 8
023 C000000 4558
023 D000000 1185
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 N
066 D00AA00 Y
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 Y
080 A00AA00 RELIANCE INSURANCE COMPANY
080 C00AA00 500
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
<PAGE> PAGE 4
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 1043
028 A020100 0
028 A030100 1043
028 A040100 596
028 B010100 998
028 B020100 0
028 B030100 998
028 B040100 385
028 C010100 763
028 C020100 0
028 C030100 763
028 C040100 229
028 D010100 708
028 D020100 0
028 D030100 708
028 D040100 404
028 E010100 734
028 E020100 0
028 E030100 734
028 E040100 190
028 F010100 709
028 F020100 181
028 F030100 890
028 F040100 480
028 G010100 4955
028 G020100 181
028 G030100 5136
028 G040100 2284
028 H000100 3453
029 000100 Y
030 A000100 96
030 B000100 5.50
030 C000100 0.00
031 A000100 32
031 B000100 0
032 000100 64
033 000100 0
034 000100 Y
035 000100 19
036 A000100 N
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
<PAGE> PAGE 5
042 A000100 0
042 B000100 25
042 C000100 0
042 D000100 758
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 161
044 000100 0
071 A000100 23445
071 B000100 15763
071 C000100 22705
071 D000100 69
072 A000100 12
072 B000100 148
072 C000100 250
072 D000100 0
072 E000100 0
072 F000100 215
072 G000100 48
072 H000100 0
072 I000100 65
072 J000100 10
072 K000100 0
072 L000100 15
072 M000100 0
072 N000100 25
072 O000100 0
072 P000100 0
072 Q000100 42
072 R000100 10
072 S000100 4
072 T000100 161
072 U000100 12
072 V000100 0
072 W000100 19
072 X000100 626
072 Y000100 124
072 Z000100 -104
072AA000100 0
072BB000100 1024
072CC010100 0
072CC020100 1805
072DD010100 0
072DD020100 0
072EE000100 187
073 A010100 0.0000
073 A020100 0.0000
073 B000100 1.2900
073 C000100 0.0000
<PAGE> PAGE 6
074 A000100 143
074 B000100 0
074 C000100 0
074 D000100 431
074 E000100 0
074 F000100 24466
074 G000100 0
074 H000100 0
074 I000100 2411
074 J000100 0
074 K000100 14
074 L000100 96
074 M000100 5
074 N000100 27566
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 164
074 S000100 0
074 T000100 27402
074 U010100 1220
074 U020100 1320
074 V010100 10.89
074 V020100 10.70
074 W000100 0.0000
074 X000100 3183
074 Y000100 0
075 A000100 0
075 B000100 25312
076 000100 0.00
028 A010200 76
028 A020200 0
028 A030200 76
028 A040200 5
028 B010200 41
028 B020200 0
028 B030200 41
028 B040200 0
028 C010200 55
028 C020200 0
028 C030200 55
028 C040200 25
028 D010200 27
028 D020200 0
028 D030200 27
028 D040200 12
028 E010200 16
028 E020200 0
<PAGE> PAGE 7
028 E030200 16
028 E040200 0
028 F010200 88
028 F020200 0
028 F030200 88
028 F040200 9
028 G010200 303
028 G020200 0
028 G030200 303
028 G040200 51
028 H000200 0
071 A000200 175
071 B000200 3
071 C000200 84
071 D000200 4
072 A000200 8
072 B000200 3
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 1
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 2
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 3
072 Y000200 2
072 Z000200 2
072AA000200 0
072BB000200 2
072CC010200 9
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
<PAGE> PAGE 8
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 179
074 G000200 0
074 H000200 0
074 I000200 116
074 J000200 0
074 K000200 1
074 L000200 19
074 M000200 0
074 N000200 315
074 O000200 13
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1
074 S000200 0
074 T000200 301
074 U010200 29
074 U020200 0
074 V010200 10.38
074 V020200 0.00
074 W000200 0.0000
074 X000200 1
074 Y000200 0
075 A000200 0
075 B000200 144
076 000200 0.00
SIGNATURE ARTHUR D. ALLY
TITLE PRESIDENT
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
SHAREHOLDERS AND BOARD OF TRUSTEES
THE TIMOTHY PLAN
WINTER PARK, FLORIDA
In planning and performing our audit of the financial statements of The Timothy
Plan for the year ended December 31, 1998, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
December 31, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
TAIT, WELLER & BAKER
PHILADELPHIA, PENNSYLVANIA
FEBRUARY 19, 1999
<PAGE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
SHAREHOLDERS AND BOARD OF TRUSTEES
THE TIMOTHY PLAN VARIABLE SERIES
WINTER PARK, FLORIDA
In planning and performing our audit of the financial statements of The Timothy
Plan Variable Series for the period ended December 31, 1998, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
December 31, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
TAIT, WELLER & BAKER
PHILADELPHIA, PENNSYLVANIA
FEBRUARY 18, 1999
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000916490
<NAME> The Timothy Plan
<SERIES>
<NUMBER> 1
<NAME> The Timothy Plan
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 27,398
<INVESTMENTS-AT-VALUE> 27,308
<RECEIVABLES> 110
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,566
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 164
<TOTAL-LIABILITIES> 164
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,516
<SHARES-COMMON-STOCK> 2,539
<SHARES-COMMON-PRIOR> 1,854
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,024)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (90)
<NET-ASSETS> 27,402
<DIVIDEND-INCOME> 250
<INTEREST-INCOME> 148
<OTHER-INCOME> 0
<EXPENSES-NET> 502
<NET-INVESTMENT-INCOME> (104)
<REALIZED-GAINS-CURRENT> (1,024)
<APPREC-INCREASE-CURRENT> (1,805)
<NET-CHANGE-FROM-OPS> (2,934)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 187
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,050
<NUMBER-OF-SHARES-REDEEMED> 381
<SHARES-REINVESTED> 17
<NET-CHANGE-IN-ASSETS> 4,805
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 187
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 215
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 626
<AVERAGE-NET-ASSETS> 25,312
<PER-SHARE-NAV-BEGIN> 12.25
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (1.29)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.89
<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000916490
<NAME> The Timothy Plan
<SERIES>
<NUMBER> 2
<NAME> The Timothy Plan Variable Series
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 286
<INVESTMENTS-AT-VALUE> 295
<RECEIVABLES> 20
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 315
<PAYABLE-FOR-SECURITIES> 13
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1
<TOTAL-LIABILITIES> 14
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 292
<SHARES-COMMON-STOCK> 29
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9
<NET-ASSETS> 301
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3
<OTHER-INCOME> 0
<EXPENSES-NET> 1
<NET-INVESTMENT-INCOME> 2
<REALIZED-GAINS-CURRENT> (2)
<APPREC-INCREASE-CURRENT> 9
<NET-CHANGE-FROM-OPS> 9
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34
<NUMBER-OF-SHARES-REDEEMED> 5
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 301
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3
<AVERAGE-NET-ASSETS> 144
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.30
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.38
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
