-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MM4e7yP1/VZoSrHq+6CWX7WON7CEZyuFI/2535pVnWbsipZQpmOsyJNGnFTjvyPY 7x1QoA8QfA2Gx6R+nz9MKA== /in/edgar/work/20000907/0001000579-00-000086/0001000579-00-000086.txt : 20000922 0001000579-00-000086.hdr.sgml : 20000922 ACCESSION NUMBER: 0001000579-00-000086 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000907 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIMOTHY PLAN CENTRAL INDEX KEY: 0000916490 STANDARD INDUSTRIAL CLASSIFICATION: [0000 ] IRS NUMBER: 597016828 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-08228 FILM NUMBER: 718140 BUSINESS ADDRESS: STREET 1: 1304 W FAIRBANKS AVE CITY: WINTER PARK STATE: FL ZIP: 32789 BUSINESS PHONE: 4076441986 MAIL ADDRESS: STREET 1: 1304 W FAIRBANKS AVE CITY: WINTER PARK STATE: FL ZIP: 32789 N-30D 1 0001.txt TIMOTHY PLAN TRUST Timothy Plan Family of Funds 1999 Annual Report - page 2 THE TIMOTHY PLAN 1304 West Fairbanks Avenue Winter Park, FL 32789 BOARD OF TRUSTEES Arthur D. Ally Joseph E. Boatwright W. Thomas Fyler, Jr. Wesley W. Pennington Jock M. Sneddon OFFICERS Arthur D. Ally, President Joseph E. Boatwright, Secretary Wesley W. Pennington, Treasurer INVESTMENT ADVISOR Timothy Partners, LTD. 1304 West Fairbanks Avenue Winter Park, FL 32789 DISTRIBUTOR Timothy Partners, LTD. 1304 West Fairbanks Avenue Winter Park, FL 32789 TRANSFER AGENT Unified Fund Services, Inc. 431 N Pennsylvania Street Indianapolis, IN 46204 AUDITORS Tait, Weller & Baker Eight Penn Center Plaza, Suite 800 Philadelphia, PA 19103 LEGAL COUNSEL The Law Offices of David D. Jones, P.C. Suite 180, Box 303 The Woodlands, TX 77381 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 Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus which includes details regarding the Fund's objectives, policies, expenses and other information. Distributed by Timothy Partners, Ltd. Family of Funds SEMI-ANNUAL REPORT JUNE 30, 2000 (UNAUDITED) REPORT TO SHAREHOLDERS June 30, 2000 ARTHUR D. ALLY Dear Shareholder: I am pleased to report that all four of our funds are performing very well in this unsettled market environment. It certainly looks as if some measure of sanity has finally returned to the stock market, a trend that we believe chould be dominant for the foreseeable future. As I have stated in the past, the key to good investment results is good investment management and we feel blessed to have quality, top-tier firms managing our various funds. Our plan is to continue to expand our family of funds in order to give our shareholders a wide variety of investment options but to only do so if we can secure the services of highly respected successful money management firms. While economics and investment returns are important, we are called to a higher mission. My concern is that the moral decay represented by abortion, pornography and the growing trend of non-married lifestyles have been around so long that we might be getting used to it. The outrage and brokenness over these issues that we previously felt seems to have eroded into tolerance and acceptance. Let me make one thing perfectly clear: our Lord commands us to love the sinner (and we do) but to detest the sin (and we do.) As a result, companies that see fit to support or fund practices that are leading to the moral destruction of America will find that Timothy has a zero tolerance for owning shares of their stock. Scripture admonishes us to "come out from among them and be separate" and we intend to continue to do just that. Just as it appears that the market may be returning to some measure of sanity, our prayer is that our culture will follow suit and avoid collapsing into a moral abyss. I believe we truly are in a war for the soul of America. Thank you for partnering with us in this endeavor. Sincerely, ARTHUR D. ALLY President Timothy Plan Small-Cap Value Fund (June 30, 2000 Semi-Annual Report) - page 11 THE TIMOTHY PLAN small-cap value fund
SCHEDULE OF INVESTMENTS As of June 30, 2000 (Unaudited) COMMON STOCKS - 79.15% - ----------------------------------------------------------------------------------------------------------- NUMBER OF SHARES MARKET VALUE - ----------------------------------------------------------------------------------------------------------- BANKS - 3.08% 40,000 Capital Crossing Bank *......................................... $ 410,000 35,000 North Fork Bancorp.............................................. 540,312 ------- 950,312 BROADCASTING - 2.03% 15,000 American Tower Corp, Class A *.................................. 625,313 ------- COMMERCIAL SERVICES - 7.07% 69,500 Health Mgmt. Systems Inc. * .................................... 217,187 20,000 Iron Mountain *................................................. 656,250 23,000 Nova Corp/Georgia *............................................. 642,563 7,000 StarTek, Inc. *................................................. 352,625 10,000 Teletech *...................................................... 310,625 ------- 2,179,250 COMPONENTS - 1.61% 23,000 Kaydon Corp..................................................... 497,375 ------- COMPUTER SERVICES AND SOFTWARE - 5.79% 15,000 Affiliated Computer Services, Inc., Class A *................... 495,937 35,000 New Horizons Worldwide, Inc. *.................................. 813,204 15,500 The Descartes Systems Group, Inc. *............................. 476,625 ------- 1,785,766 COMPUTER HARDWARE - 4.37% 10,000 Kronos, Inc. *.................................................. 260,000 40,000 Maxtor Corp. *.................................................. 422,500 60,000 Quantum Corp-Hard Disk Drive Group *............................ 663,750 ------- 1,346,250 COMPUTER SYSTEMS - 2.01% 7,000 Silicon Storage *............................................... 618,188 ------- CONSULTING SERVICES - 1.13% 7,000 BARRA, Inc. *................................................... 346,937 ------- DIVERSIFIED SERVICES - 5.81% 10,000 F.Y.I., Inc. *.................................................. 336,875 30,000 Korn & Ferry International *.................................... 952,500 45,000 Ventiv Health, Inc. *........................................... 500,625 ------- 1,790,000 ELECTRONIC EQUIPMENT - 3.50% 25,000 C-Cube Microsystems *........................................... 490,625 13,000 Research in Motion *............................................ 588,250 ------- 1,078,875
SCHEDULE OF INVESTMENTS As of June 30, 2000 (Unaudited) COMMON STOCKS - 79.15% (CONT.) - ----------------------------------------------------------------------------------------------------------- NUMBER OF SHARES MARKET VALUE - ----------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES - 8.63% 58,900 Doral Financial Corp ........................................... $ 673,669 50,000 Investor's Financial Services Corp.............................. 1,984,375 --------- 2,658,044 FOOD & BEVERAGE - 1.56% 18,000 Corn Products Intl.............................................. 480,375 ------- INSURANCE - 3.11% 25,000 Annuity and Life Reinsurance (HLDGS) Ltd........................ 612,500 25,000 Presidential Life Corp.......................................... 346,875 ------- 959,375 INTERNET SERVICES - .73% 54,000 Audible, Inc. *................................................. 224,440 ------- INVESTMENT SERVICES - 3.45% 25,000 Investment Technology Group..................................... 1,064,063 --------- MACHINERY, GENERAL INDUSTRIAL - 2.01% 14,000 Astec Industries, Inc.*......................................... 355,250 6,000 Zebra Tech Class A*............................................. 265,875 ------- 621,125 MANUFACTURING, WIRE & CABLE - 1.23% 10,000 CommScope, Inc.*................................................ 380,000 ------- MATERIALS & CONSTRUCTION - 2.10% 16,000 Martin Marietta Materials, Inc.................................. 648,000 ------- MEDIA - 1.65% 42,500 Avid Technology, Inc.*.......................................... 510,000 ------- PRINTING - .78% 18,300 Printronix, Inc.*............................................... 240,187 ------- PUBLISHING - 8.66% 15,500 Houghton Mifflin Co............................................. 723,656 27,400 Penton Media, Inc. ............................................. 955,575 44,000 Wiley (John) & Sons, Inc. Class A............................... 990,000 ------- 2,669,231 RETAIL STORES - 1.09% 60,000 Bradlees Inc. *................................................. 337,500 -------
SCHEDULE OF INVESTMENTS As of June 30, 2000 (Unaudited) COMMON STOCKS - 79.15% (CONT.) - ----------------------------------------------------------------------------------------------------------- NUMBER OF SHARES MARKET VALUE - ----------------------------------------------------------------------------------------------------------- SEMI CONDUCTORS - 3.54% 16,500 LTX Corp. *..................................................... $ 576,469 35,000 S3 Incorporated *............................................... 516,250 ------- 1,092,719 TELECOMMUNICATIONS - 4.21% 35,000 Alaska Communications Group, Inc. *............................. 363,125 35,000 Ancor Communications *.......................................... 715,312 8,798 Harmonic, Inc. *................................................ 219,950 ------- 1,298,387 Total Common Stocks (COST $20,347,157).......................... $ 24,401,712 ---------- WARRANTS - 0.00% 53 Morrison Knuesen................................................ 106 --- SHORT-TERM INVESTMENTS - 20.78% 6,406,094 Firstar Bank Treasury Fund (COST $6,406,094).................... 6,406,094 --------- TOTAL INVESTMENTS - 99.93% (IDENTIFIED COST $26,753,250)........ $ 30,807,912 ---------- OTHER ASSETS AND LIABILITIES, NET - 0.07% ...................... 22,191 NET ASSETS - 100% .............................................. $ 30,830,103 ----------
STATEMENT OF ASSETS AND LIABILITIES For the Period Ended June 30, 2000 (Unaudited) and the Period Ended December 31, 1999(A) ASSETS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Investments in Securities at Market at Value (IDENTIFIED COST $26,753,250) [NOTE 1] $ 30,807,912 Cash......................................................................... 139,963 Receivables: Interest................................................................... 29,540 Dividends.................................................................. 7,505 Fund Shares Sold........................................................... 277,769 Due from Advisor........................................................... 110,656 Investments Sold........................................................... 149,995 Other Assets............................................................... 139,805 ------- TOTAL ASSETS................................................................. $ 31,663,145 ---------- LIABILITIES - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Payable for Shares Purchased................................................. 409,719 Payable for Investments Purchase............................................. 368,646 Accrued Expenses............................................................. 28,535 Accrued Service Fee.......................................................... 1,660 Other Payable................................................................ 24,482 ------ TOTAL LIABILITIES ........................................................... $ 833,042 ------- NET ASSETS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Class A Shares: Net Assets (UNLIMITED SHARES OF $0.001PAR BENEFICIAL INTEREST AUTHORIZED; 1,081,377 SHARES OUTSTANDING) 14,552,938 Net Asset Value and Redemption Price Per Class A Share ($14,552,938/1,081,377 SHARES) 13.46 Offering Price Per Share ($13.46 /0.945)................................... 14.24 Class B Shares: Net Assets (UNLIMITED SHARES OF $0.001PAR BENEFICIAL INTEREST AUTHORIZED; 1,248,090 SHARES OUTSTANDING) 16,277,165 Net Asset Value and Offering Price Per Class B Share ($16,277,165/1,248,090 SHARES) 13.04 Redemption Price Per Share ($13.04 X 0.95)................................. 12.39 NET ASSETS .................................................................. $ 30,830,103 ---------- SOURCES OF NET ASSETS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- At June 20, 2000, Net Assets Consisted of: Paid-in Capital............................................................ 26,124,108 Net Accumulated Undistributed Investment Income............................ (138,960) Net Accumulated Realized Gain on Investment................................ 790,293 Net Unrealized Appreciation in Value of Investments ....................... 4,054,662 --------- NET ASSETS .................................................................. $ 30,830,103 ----------
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2000 (Unaudited) INVESTMENT INCOME - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Interest..................................................................... $ 50,068 Dividends.................................................................... 161,059 ------- TOTAL INVESTMENT INCOME...................................................... $ 211,127 ------- EXPENSES - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Investment Advisory Fees [NOTE 3]............................................ 127,263 Transfer Agent Fees (CLASS A=$11,438, CLASS B=$12,303, CLASS C=$189)......... 23,930 Administration Fees.......................................................... 4,246 12b-1 Fees (CLASS A=$17,891, CLASS B=$57,736, CLASS C=$881) [NOTE 3]......... 76,508 Accounting Fees.............................................................. 15,795 Registration Fees............................................................ 9,728 Custodian Fees............................................................... 4,377 Printing Expense............................................................. 9,728 Out of Pocket Expense........................................................ 29,183 Services Fees (CLASS B=$19,245, CLASS C=$294) [NOTE 3]...................... 19,539 Auditing Fees................................................................ 4,864 Insurance Expense............................................................ 5,763 Legal Expense................................................................ 12,840 Miscellaneous Expense........................................................ 6,323 ----- TOTAL EXPENSES............................................................... $ 350,087 ------- NET INVESTMENT LOSS.......................................................... $ (138,960) --------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Net Realized Gain on Investments............................................. 4,136,596 Change in Unrealized Appreciation of Investments ............................ (1,324,974) ----------- Net Realized and Unrealized Gain (Loss) on Investments.............................. 2,811,622 ========= INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................ $ 2,672,662 ---------
STATEMENT OF CHANGES IN NET ASSETS For the Six Months Ended June 30, 2000 and Year Ended December 31, 1999 INCREASE (DECREASE) IN NET ASSETS - ----------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JUNE 20 2000 DEC. 31, 1999 - ----------------------------------------------------------------------------------------------------------- OPERATIONS: Net Investment Loss............................................. $ (138,960) $ (153,596) Net Change in Unrealized Appreciation of Investments............ (1,324,974) 5,469,363 Net Realized Loss on Investments................................ 4,136,596 (2,321,822) --------- ----------- Increase (Decrease) in Net Assets (RESULTING FROM OPERATIONS)... 2,672,662 2,993,945 --------- --------- DISTRIBUTIONS TO SHAREHOLDERS: Net Capital Gains: Class A....................................................... ----- ----- Class B....................................................... ----- ----- Class C....................................................... ----- ----- ----------------------- Total Net Decrease.............................................. ----- ----- ----------------------- CAPITAL SHARE TRANSACTION: Proceeds from Shares Sold: Class A....................................................... 1,523,066 3,121,258 Class B....................................................... 1,990,501 2,412,768 Class C....................................................... 208,478 157,951 Dividend Reinvested: Class A ...................................................... ----- ----- Class B....................................................... ----- ----- Class C....................................................... ----- ----- Cost of Shares Redeemed: Class A....................................................... (1,634,665) (4,460,818) Class B....................................................... (1,420,132) (3,732,982) Class C....................................................... (357,732) (45,938) Increase (Decrease) in Net Assets (RESULTING FROM CAPITAL SHARE TRANSACTIONS).................... $ 309,516 $ 2,547,761 -------- --------- Total Increase in Net Assets.................................... $ 2,982,178 $ 446,184 ========= ======= NET ASSETS: Beginning of Year............................................... 27,847,925 27,401,741 End of Year $ 30,830,103 $ 27,847,925 (INCLUDING ACCUMULATED UNDISTRIBUTED NET INVESTMENT LOSS OF $138,96) ========== ========== SHARES OF CAPITAL STOCK OF THE FUND SOLD AND REDEEMED: Shares Sold: Class A ...................................................... 114,264 293,144 Class B....................................................... 151,255 251,060 Class C....................................................... 19,040 16,311 Shares Reinvested: Class A....................................................... ----- ----- Class B....................................................... ----- ----- Class C....................................................... ----- ----- Shares Redeemed: Class A....................................................... (123,843) (421,383) Class B....................................................... (111,077) (362,823) Class C....................................................... (30,224) (5,127) -------------------------- Net Increase (Decrease) in Number of Shares Outstanding......... 19,415 (228,818) ====== =========
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 06/30/00 YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED (UNAUDITED) 12/31/99 12/31/98 12/31/97 12/31/96 - ----------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE: Net Asset Value, Beginning.................... $ 12.26 $ 10.89 $ 12.25 $ 11.24 $ 10.07 Income from Investment Operations: Net Investment Income....................... (0.04) (0.02) 0.01 0.02 0.10 Net Realized and Unrealized Gain (Loss) on Investments 1.24 1.39 (1.30) 2.37 1.17 ---------------------------------------------------- Total from Investment Operations............ 1.20 1.37 (1.29) 2.39 1.27 ----------------------------------------------- Less Distributions: Dividends from Realized Gains............... ----- ----- (0.07) (1.38) ----- Dividends from Net Investment Income........ ----- ----- ----- ----- (0.10) ----- ----- ----- ----- ------ Total Distribution.......................... ----- ----- (0.07) (1.38) (0.10) ----- ----- ------ ------ ------ Net Asset Value at End of Year................ $ 13.46 $ 12.26 $ 10.89 $ 12.25 $ 11.24 ===== ===== ===== ===== ===== Total Return (A) (B).......................... 9.79% 12.58% (10.50%) 21.35% 12.59% RATIOS/SUPPLEMENTAL DATA: Net Assets, End of Period (IN 000S)........... $14,553 $13,377 $13,287 $ 11,208 $ 7,760 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor. 1.97%(C) 2.22% 2.09% 2.75% 3.70% After Reimbursement of Expenses by Advisor.. 1.97%(C) 1.60% 1.60% 1.60% 1.60% Ratio of Net Investment Income to Average Net Assets: Before Reimbursement of Expenses by Advisor. (0.56%)(C) (0.82%) (1.15%) (0.90%) (1.05%) After Reimbursement of Expenses by Advisor.. (0.56%)(C) (0.20%) (0.66%) 0.25% 1.05% Portfolio Turnover ........................... 96.62%(C) 78.79% 69.42% 136.36% 93.08%
(A) Total Return Calculation Does Not Reflect Sales Load. (B) For Periods Of Less Than One Full Year, Total Returns Are Not Annualized. (C) Annualized The accompanying notes are an integral part of these financial statements.
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 YEAR YEAR YEAR YEAR - ----------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE: Net Asset Value, Beginning.................... $ 11.88 $ 10.70 $ 12.13 $ 11.22 $ 10.08 Income from Investment Operations: Net Investment Income....................... (0.08) (0.11) (0.07) (0.03) 0.07 Net Realized and Unrealized 1.24 1.29 (1.29) 2.32 1.14 Gain (Loss) on Investments ---- ---- ------ ---- ---- Total from Investment Operations ........... 1.16 1.18 (1.36) 2.29 1.21 ---- ---- ------ ---- ---- Less Distributions: Dividends from Realized Gains............... ----- ----- (0.07) (1.38) ----- Dividend from Net Investment Income......... ----- ----- ----- ----- (0.07) ----- ----- ----- ----- ------ Total Distribution ......................... ----- ----- (0.07) (1.38) (0.07) ----- ----- ------ ------ ------ Net Asset Value at End of Period ............. $ 13.04 $11.88 $ 10.70 $ 12.13 $ 11.22 ===== ===== ===== ===== ===== Total Return (A) (B).......................... 9.76% 11.03% (11.18%) 20.50% 11.98% RATIOS/SUPPLEMENTAL DATA: Net Assets, End of Period (IN 000S)........... $16,277 $14,351 $14,114 $ 11,389 $ 3,929 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor. 2.69%(C) 2.72% 2.84% 3.41% 4.30% After Reimbursement of Expenses by Advisor.. 2.69%(C) 2.35% 2.35% 2.26% 2.20% Ratio of Net Investment Income to Average Net Assets: Before Reimbursement of Expenses by Advisor. (1.28%)(C) (1.34%) (1.90%) (1.56%) 1.65% After Reimbursement of Expenses by Advisor.. (1.28%)(C) (0.97%) (1.41%) (0.41%) 0.45% Portfolio Turnover ........................... 96.62%(C) 78.79% 69.42% 136.36% 93.08%
(A) Total Return Calculation Does Not Reflect Redemption Fee. (B) For Periods Of Less Than One Full Year, Total Returns Are Not Annualized. (C) Annualized. The accompanying notes are an integral part of these financial statements. [This page left intentionally blank.] Timothy Plan Large/Mid-Cap Value Fund (June 30, 2000 Semi-Annual Report) - page 20 THE TIMOTHY PLAN large/mid-cap value fund
SCHEDULE OF INVESTMENTS As of June 30, 2000 (Unaudited) COMMON STOCKS - 92.28% - ----------------------------------------------------------------------------------------------------------- NUMBER OF SHARES MARKET VALUE - ----------------------------------------------------------------------------------------------------------- AUTO PARTS & EQUIP - 8.30% 3,600 Arvin Industries, Inc. ......................................... $ 62,550 4,500 Delphi Automotive Systems Corp. ................................ 66,094 2,500 Genuine Parts Co................................................ 50,938 4,000 TRW Corp........................................................ 173,000 ------- 352,582 BANKS - 4.97% 1,200 Centura Banks, Inc.............................................. 40,875 2,500 Keycorp......................................................... 45,469 3,000 National City Corp.............................................. 51,562 2,500 Washington Mutual Financial Services............................ 73,281 ------ 211,187 CHEMICALS - 10.91% 3,800 Air Products & Chemicals Inc.................................... 117,325 2,500 E I Du Pont De Nemours & Co..................................... 109,375 4,000 Hercules........................................................ 56,750 2,000 Praxair Inc..................................................... 75,000 3,000 Rohm & Haas Company............................................. 105,187 ------- 463,637 COMPONENTS - 2.85% 3,500 Parker Hannifin Corporation..................................... 120,969 ------- CONTAINERS - 1.76% 5,000 Crown Cork & Seal Co Inc........................................ 74,688 ------ COSMETIC & TOILETRIES - 3.38% 2,500 Kimberly Clark Corp............................................. 143,438 ------- DRUGS MANUFACTURING - 1.43% 800 Merck & Co...................................................... 60,700 ------ ELECTRONIC EQUIPMENT - 6.21% 2,500 Emerson Electric Co............................................. 151,406 3,000 Vishay Intertechnology, Inc..................................... 112,500 ------- 263,906 FOOD & BEVERAGE - 8.78% 1,800 Best Foods...................................................... 124,650 5,500 Conagra Inc..................................................... 104,844 2,000 Heinz (H.J.) Co. .............................................. 87,500 3,000 Universal Foods Corp............................................ 56,250 ------ 373,244 INSURANCE - 4.47% 2,000 American General Financial Group................................ 124,125 2,000 Everest Reinsurance Holdings Inc................................ 65,750 ------ 189,875
SCHEDULE OF INVESTMENTS As of June 30, 2000 (Unaudited) COMMON STOCKS - 92.28% (CONT.) - ----------------------------------------------------------------------------------------------------------- NUMBER OF SHARES MARKET VALUE - ----------------------------------------------------------------------------------------------------------- MACHINERY, GENERAL INDUSTRIAL - 6.70% 3,000 Ingersoll-Rand Company.......................................... $ 121,125 2,000 Kennametal Inc.................................................. 42,875 1,000 SPX Corp. ...................................................... 121,000 ------- 285,000 MEDICAL PRODUCTS - 3.11% 3,000 Abbott Labs. ................................................... 132,375 ------- METALS & MINING - 2.30% 1,500 Rio Tinto Plc ADR............................................... 97,875 ------ OIL AND GAS - 7.33% 2,500 Anadarko Petroleum ............................................. 123,906 5,000 Conoco Inc ..................................................... 110,938 1,500 Phillips Petroleum.............................................. 76,594 ------ 311,438 PIPELINES - 3.96% 3,300 El Paso Energy Corp............................................. 168,300 ------- SEMICONDUCTOR - 8.30% 3,000 Novellus Systems, Inc. ......................................... 169,687 2,500 Veeco Instruments............................................... 183,125 ------- 352,812 RETAIL - 5.71% 4,000 Longs Drugs Stores Corp ........................................ 89,000 7,000 Kroger Co....................................................... 153,562 ------- 242,562 TRANSPORTATION - 1.81% 3,300 CNF Energy Corp................................................. 76,931 ------ Total Common Stocks (COST $3,861,162)........................... $ 3,921,519 --------- SHORT-TERM INVESTMENTS - 9.07% 385,691 Firstar Bank Treasury Fund (COST $385,691)...................... 385,691 ------- TOTAL INVESTMENTS - 101.35% (IDENTIFIED COST $4,246,853)........ $ 4,307,210 --------- LIABILITIES LESS OTHER ASSETS, NET - (1.35)% ................... (57,668) -------- NET ASSETS - 100% .............................................. $ 4,249,542 =========
STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2000 (Unaudited) ASSETS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Investments, at Value (COST $4,246,853)...................................... $ 4,307,210 Receivables: Interest................................................................... 919 Dividends.................................................................. 5,927 Fund Shares Sold........................................................... 208,168 Due from Advisor............................................................. 24,816 ------ TOTAL ASSETS................................................................. $ 4,547,040 --------- LIABILITIES - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Cash Overdraft............................................................... 77,746 Accrued Expenses............................................................. 16,159 Payables for Investments Purchased........................................... 156,242 Payable for Fund Shares Redeemed............................................. 41,441 Other Payable................................................................ 5,910 ----- TOTAL LIABILITIES............................................................ $ 297,498 ------- NET ASSETS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Class A Shares: Net Assets (UNLIMITED SHARES OF $0.001PAR BENEFICIAL INTEREST AUTHORIZED; 278,521 SHARES OUTSTANDING) 2,652,032 Net Asset Value and Redemption Price Per Class A Share ($2,652,032/278,521 SHARES) 9.52 Offering Price Per Share ($9.52 X 1.055)................................... 10.04 Class B Shares: Net Assets (UNLIMITED SHARES OF $0.001PAR BENEFICIAL INTEREST AUTHORIZED; 170,644 SHARES OUTSTANDING) 1,597,510 Net Asset Value and Offering Price Per Class B Share ($1,597,510/170,644 SHARES) 9.36 Redemption Price Per Share ($9.36 X 0.95).................................. 8.89 NET ASSETS................................................................... $ 4,249,542 --------- SOURCES OF NET ASSETS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- At June 30, 2000 Net Assets Consisted of: Paid-in Capital............................................................ 4,190,320 Net Unrealized Appreciation in Value of Investments........................ 60,357 Accumulated Undistributed Net Investment Income............................ 14,038 Accumulated Loss on Investments............................................ (15,173) -------- NET ASSETS................................................................... $ 4,249,542 ---------
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2000 (Unaudited) INVESTMENT INCOME - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Dividend..................................................................... $ 33,650 Interest .................................................................... 6,424 ----- TOTAL INVESTMENT INCOME...................................................... $ 40,074 ------ EXPENSES - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Investment Advisory Fees [NOTE 3]............................................ 11,731 12b-1 Fees (CLASS A=$585, CLASS B=$841, CLASS C=$402) [NOTE 3]............... 6,131 Service Fees (CLASS A=$115, CLASS B=$71, CLASS C=$21) [NOTE 3]............... 1,362 Miscellaneous Expense ....................................................... 6,812 ----- TOTAL EXPENSES............................................................... $ 26,036 ------ NET INVESTMENT INCOME........................................................ $ 14,038 ------ REALIZED AND UNREALIZED LOSS ON INVESTMENTS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Net Realized Loss on Investments............................................. (542) Change in Unrealized Appreciation of Investments ............................ 60,797 ------ Net Realized and Unrealized Gain on Investments.............................. 60,255 ====== INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................ $ 74,293 ------
STATEMENT OF CHANGES IN NET ASSETS For the Period Ended June 20, 2000 (Unaudited) and the Period Ended December 31, 1999 (A) INCREASE (DECREASE) IN NET ASSETS - ----------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED JUNE 30, 2000 PERIOD ENDED (UNAUDITED) DEC. 31, 1999 (A) - ----------------------------------------------------------------------------------------------------------- OPERATIONS: Net Investment Income ..................................... $ 14,038 $ 2,891 Net Change in Unrealized Depreciation of Investments ...... (542) (440) Net Realized Loss on Investments .......................... 60,797 (11,165) ------ -------- Decrease in Net Assets (RESULTING FROM OPERATIONS) ........ 74,293 (8,714) ------ ------- DISTRIBUTIONS TO SHAREHOLDERS: Net Realized Gains......................................... Class A.................................................. ----- (1,913) Class B.................................................. ----- (1,196) Class C.................................................. ----- (357) Net Income ................................................ Class A.................................................. ----- (1,689) Class B.................................................. ----- (1,056) Class C.................................................. ----- (315) ----- ---- Total Net Decrease......................................... ----- (6,526 ------ CAPITAL SHARE TRANSACTIONS: Proceeds from Shares Sold.................................. Class A.................................................. 1,818,704 885,073 Class B.................................................. 1,103,276 531,293 Class C.................................................. 14,996 160,444 Dividend Reinvested ....................................... Class A.................................................. ----- 3,566 Class B.................................................. ----- 2,188 Class C.................................................. ----- 668 Cost of Shares Redeemed.................................... Class A.................................................. (53,848) (34,525) Class B.................................................. (66,137) (3,804) Class C.................................................. (171,405) ----- --------- ----- Increase in Net Assets 2,645,586 1,544,903 (RESULTING FROM CAPITAL SHARE TRANSACTIONS) --------- --------- Total Increase in Net Assets............................... 2,719,879 1,529,663 ========= ========= NET ASSETS: Beginning of Period ....................................... 1,529,663 ----- End of Period.............................................. $ 4,249,542 $ 1,529,663 ========= =========
STATEMENT OF CHANGES IN NET ASSETS For the Period Ended June 20, 2000 (Unaudited) and the Period Ended December 31, 1999 (A) INCREASE (DECREASE) IN NET ASSETS (CONT.) - ----------------------------------------------------------------------------------------------------------- SIX MONTHS - ----------------------------------------------------------------------------------------------------------- SHARES OF CAPITAL STOCK OF THE FUND SOLD AND REDEEMED: Shares Sold: Class A.................................................. 196,866 90,654 Class B.................................................. 122,515 56,227 Class C.................................................. 1,864 16,260 Shares Reinvested: Class A.................................................. ----- 375 Class B.................................................. ----- 234 Class C.................................................. ----- 71 Shares Redeemed: Class A.................................................. (5,751) (3,623) Class B.................................................. (7,928) (404) Class C.................................................. (18,195) ----- -------- ----- Net Increase in Number of Shares Outstanding .............. 289,371 159,794 ======= =======
FINANCIAL HIGHLIGHTS LARGE/MID-CAP VALUE FUND - CLASS A - ----------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 06/30/00 PERIOD ENDED (UNAUDITED) 12/31/99 (E) - ----------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE: Net Asset Value, Beginning ................................ $ 9.68 $ 10.00 Income from Investment Operations: Net Investment Income ................................... 0.06 0.02 Net Realized and Unrealized Gain (Loss) on Investments... (0.22) (0.30) Total from Investment Operations.............................. (0.16) (0.28) -------------------- Less Distributions: Dividends from Realized Gains ........................... ----- (0.02) Dividend from Net Investment Income...................... ----- ----- Total Distribution ...................................... ----- (0.04) ------------------- Net Asset Value At End of Period .......................... $ 9.52 $ 9.68 ==== ==== Total Return (A)(B)(C)..................................... (1.65)% (3.28)% RATIOS/SUPPLEMENTAL DATA: Net Assets, End of Period (000's).......................... $ 2,652 $ 846 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor (D).......... 1.60% 4.69% After Reimbursement of Expenses by Advisor (D)........... 1.60% 1.60% Ratio of Net Investment Income to Average Net Assets: Before Reimbursement of Expenses by Advisor (D).......... 1.32% (2.34)% After Reimbursement of Expenses by Advisor (D)........... 1.32% 0.75% Portfolio Turnover ........................................ 8.20% 8.02% (A) For Periods Of Less Than One Full Year, Total Returns Are Not Annualized. (B) Total Return Calculation Does Not Reflect Sales Load. (C) Total Return Calculation Does Not Reflect Redemption Fees. (D) Annualized. (E) For the Period July 14, 1999 (commencement of operations) to December 31, 1999.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Value Fund (June 30, 2000 Semi-Annual Report) - page 21 FINANCIAL HIGHLIGHTS LARGE/MID-CAP VALUE FUND - CLASS B - ----------------------------------------------------------------------------------------------------------- SIX MONTHS - ----------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE: Net Asset Value, Beginning ................................ $ 9.36 $ 10.00 Income from Investment Operations: Net Investment Income ................................... 0.03 0.02 Net Realized and Unrealized Gain (Loss) on Investments... (0.03) (0.62) Total from -------------------- Investment Operations....................................... (0.60) (0.60) -------------------- Less Distributions: Dividends from Realized Gains ........................... ----- (0.02) Dividend from Net Investment Income...................... ----- (0.02) ------------------- Total Distribution ...................................... ----- (0.04) ------------------- Net Asset Value At End of Period .......................... $ 9.36 $ 9.36 ==== ==== Total Return (A)(B)(C)..................................... 0.00% (4.78)% RATIOS/SUPPLEMENTAL DATA: Net Assets, End of Period (000's).......................... $ 1,598 $ 525 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor (D).......... 2.35% 5.87% After Reimbursement of Expenses by Advisor (D)........... 2.35% 2.35% Ratio of Net Investment Income to Average Net Assets: Before Reimbursement of Expenses by Advisor (D).......... 0.59% (2.34)% After Reimbursement of Expenses by Advisor (D)........... 0.59% 0.12% Portfolio Turnover ........................................ 8.20% 8.02% (A) For Periods Of Less Than One Full Year, Total Returns Are Not Annualized.. (B) Total Return Calculation Does Not Reflect Sales Load. (C) Total Return Calculation Does Not Reflect Redemption Fees. (D) Annualized. (E) For the period July 15, 1999 (commencement of operations) to December 31, 1999. The accompanying notes are an integral part of these financial statements.
[This page left intentionally blank.] Timothy Plan Fixed Income Fund (June 30, 2000 Semi-Annual Report) - page 28 THE TIMOTHY PLAN fixed income fund
SCHEDULE OF INVESTMENTS As of June 30, 2000 (Unaudited) BONDS - 95.84% - ----------------------------------------------------------------------------------------------------------- PAR VALUE MARKET VALUE - ----------------------------------------------------------------------------------------------------------- CORPORATE BONDS - 79.33% $ 10,000 Allegiance Corp. 7.30% 10/15/2006............................... $ 9,998 25,000 Allied Signal, Inc. 6.02% 02/01/2008............................ 23,263 25,000 American General Finance 7.25% 05/15/2005....................... 24,613 25,000 Boeing/Rockwell 6.625% 06/01/2005............................... 24,491 25,000 Cooper Industries 6.70% 09/22/2005.............................. 24,006 25,000 CSX Transportation 7.33% 06/01/2005............................. 24,763 20,000 Donaldson Lufkin Jenrette 5.875% 04/01/2002..................... 19,463 25,000 DuPont E.I. Nemours 6.00% 03/06/2003............................ 24,448 25,000 Florida Power & Light 6.00% 06/01/2008.......................... 22,695 10,000 Household Finance 7.30% 07/30/2012.............................. 9,279 25,000 Lehman Brothers Holdings 6.625% 02/05/2006...................... 23,214 25,000 Mellon Financial Co. 6.00% 03/01/2004........................... 23,859 30,000 National Rural Utilities 6.00% 01/15/2004 ...................... 28,855 25,000 Pennsylvania Power & Light 6.55% 03/01/2006..................... 23,912 70,000 Pep Boys Manny Moe & Jack 7.00% 06/01/2005...................... 47,027 11,000 Public Service Electric and Gas 6.25% 01/01/2007................ 10,327 25,000 Southern Bell Telephone 6.00% 10/01/2004........................ 24,032 25,000 Travelers Property & Casualty Corp. 6.75% 11/15/06.............. 23,873 25,000 TRW, Inc. 6.25% 01/15/2010...................................... 21,674 25,000 Union Electric Co, 6.875% 08/01/2004............................ 24,838 25,000 US Leasing International 5.95% 10/15/2003 ...................... 23,670 ------ 482,300 MUNICIPAL BONDS - 12.10% 25,000 Hydro-Quebec 7.375% 02/01/2003.................................. 25,042 25,000 Province of Manitoba 6.75% 03/01/2003........................... 24,846 25,000 Texas State University 6.41% 03/15/2009......................... 23,675 ------ Total Bonds (COST $73,563)...................................... 73,563 ------ SHORT-TERM INVESTMENTS - 4.40% 26,775 Firstar Bank Treasury Fund...................................... 26,775 ------ Total Short-Term Investments (COST $26,775)..................... 26,775 ------ TOTAL INVESTMENTS - 95.84% (IDENTIFIED COST $606,612)........... $ 582,638 ------- OTHER ASSETS AND LIABILITIES, NET - 4.16% ...................... 25,310 ------ NET ASSETS - 100% .............................................. $ 607,948 =======
STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2000 (Unaudited) ASSETS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Investments, at Value (Cost $606,612) ....................................... $ 582,638 Cash......................................................................... 883 Receivables: Interest................................................................... 10,915 Fund Shares Sold........................................................... 9,208 Due from Advisor ............................................................ 13,074 Other Assets................................................................. 4,453 ----- TOTAL ASSETS ................................................................ $ 621,171 ------- LIABILITIES - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Accrued Expenses............................................................. 4,876 Income Distribution Payable.................................................. 7,853 Other Payable................................................................ 494 --- TOTAL LIABILITIES ........................................................... $ 13,223 ------ NET ASSETS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Class A Shares: Net Assets (UNLIMITED SHARES OF $.0001 PAR BENEFICIAL INTEREST AUTHORIZED; 17,959 SHARES OUTSTANDING) 171,319 Net Asset Value and Redemption Price Per Share (171,319/17,959 SHARES)..... 9.41 Offering Price Per Share ($9.41/0.9575).................................... 9.83 Class B Shares: Net Assets (UNLIMITED SHARES OF $.0001 PAR BENEFICIAL INTEREST AUTHORIZED; 24,808 SHARES OUTSTANDING) 436,629 Net Asset Value and Offering Price Per Share (436,629/45,985 SHARES)....... 9.38 Redemption Price Per Share ($9.38 X 0.95).................................. 8.91 NET ASSETS ................................................................ $ 607,948 ------- SOURCES OF NET ASSETS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- At December 31, 1999, Net Assets Consisted of: Paid-in Capital ........................................................... 640,782 Net Undistributed Investment Income ....................................... 440 Net Unrealized Depreciation in Value of Investments ....................... (23,974) Accumulated Net Realized Loss on Investments .............................. (9,300) ------- NET ASSETS .................................................................. $ 607,948 -------
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2000 (Unaudited) INVESTMENT INCOME - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Interest .................................................................... $ 19,121 ------ TOTAL INVESTMENT INCOME ..................................................... $ 19,121 ------ EXPENSES - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Investment Advisory Fees [NOTE 3]............................................ 1,566 Transfer Agent Fees (CLASS A=$2,547, CLASS B=$5,032, CLASS C=$648)........... 8,227 Administration Fees ......................................................... 2,244 12b-1 Fees (CLASS A=$205, CLASS B=$1,166, CLASS C=$178)...................... 1,549 Accounting Fees.............................................................. 10,022 Audit Fees................................................................... 997 Custodian Fees............................................................... 1,795 Service Fees (CLASS B=$388, CLASS C=$60)..................................... 448 Miscellaneous Expense ....................................................... 1,305 ----- TOTAL EXPENSES............................................................... $ 28,153 ------ Expenses Waived and Reimbursed by Advisor [NOTE 3]........................... (23,269) -------- NET EXPENSES ................................................................ $ 4,884 ----- NET INVESTMENT INCOME........................................................ $ 14,237 ------ REALIZED AND UNREALIZED LOSS ON INVESTMENTS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Net Realized Loss on Investments............................................. (8,925) Change in Unrealized Depreciation of Investments ............................ (16,052) -------- Net Realized and Unrealized Loss on Investments.............................. (24,977) ======== DECREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................ $ (10,740) --------
STATEMENT OF CHANGES IN NET ASSETS For the Period Ended June 20, 2000 (Unaudited) and the Period Ended December 31, 1999 (A) INCREASE (DECREASE) IN NET ASSETS - ----------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED JUNE 30, 2000 PERIOD ENDED (UNAUDITED) DEC. 31, 1999 (A) - ----------------------------------------------------------------------------------------------------------- OPERATIONS: Net Investment Income ..................................... $ 14,237 $ 5,561 Net Change in Unrealized Depreciation of Investments ...... (8,925) (7,922 Net Realized Loss on Investments .......................... (16,052) (375) -------- ----- Decrease in Net Assets (RESULTING FROM OPERATIONS) ........ (10,740) (2,736) ------- DISTRIBUTIONS TO SHAREHOLDERS: Net Income................................................. Class A.................................................. (4,213) (1,608) Class B.................................................. (9,042) (3,093) Class C.................................................. (649) (753) ----- ----- Total Net Decrease......................................... (13,904) (5,454) -------- ------- CAPITAL SHARE TRANSACTIONS: Proceeds from Shares Sold.................................. Class A.................................................. 95,933 203,065 Class B.................................................. 234,944 245,990 Class C.................................................. 20,586 58,476 Dividend Reinvested........................................ Class A.................................................. 4,213 1,608 Class B.................................................. 8,978 3,093 Class C.................................................. 649 753 Cost of Shares Redeemed.................................... Class A.................................................. (44,590) (78,042) Class B.................................................. (34,585) (1,778) Class C.................................................. (78,511) ----- ------- ----- Increase in Net Assets (RESULTING FROM CAPITAL SHARE TRANSACTIONS) $ 207,617 $ 433,165 ------- ------- Total Increase in Net Assets............................... $ 182,973 $ 424,975 ======= ======= NET ASSETS: Beginning of Period ....................................... 424,975 ----- ------- End of Period (INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME OF $440) 607,948 $ 424,975 ======= ======= SHARES OF CAPITAL STOCK OF THE FUND SOLD AND REDEEMED: Shares Sold: Class A.................................................. 9,761 20,270 Class B.................................................. 24,382 24,671 Class C.................................................. 2,151 5,850 Shares Reinvested: Class A.................................................. 444 163 Class B.................................................. 953 316 Class C.................................................. 68 77 Shares Redeemed: Class A.................................................. (4,647) (7,783) Class B.................................................. (3,575) (179) Class C.................................................. (8,147) ----- ------- ----- Net Increase in Number of Shares Outstanding............... 21,390 43,385 ====== ======
FINANCIAL HIGHLIGHTS FIXED INCOME FUND - CLASS A - ----------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 06/30/00 PERIOD ENDED (UNAUDITED) 12/31/99 (A) - ----------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE: Net Asset Value, Beginning ................................ $ 9.81 $ 10.00 Income from Investment Operations: Net Investment Income ................................... 0.29 0.12 Net Realized and Unrealized Gain (Loss) on Investments... (0.45) (0.18) -------------------- Total from Investment Operations......................... (0.16) (0.06) -------------------- Less Distributions: Dividend from Net Investment Income...................... (0.24) (0.13) -------------------- Total Distribution ...................................... (0.24) (0.13) -------------------- Net Asset Value At End of Period .......................... $ 9.41 $ 9.81 ==== ==== Total Return (B)(C)(D)..................................... (2.26)% (0.42)% RATIOS/SUPPLEMENTAL DATA: Net Assets, End of Period (000's).......................... $ 171 $ 124 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor (E).......... 10.62% 13.92% After Reimbursement of Expenses by Advisor (E)........... 1.35% 1.35% Ratio of Net Investment Income to Average Net Assets: Before Reimbursement of Expenses by Advisor (E).......... (3.21)% (9.88)% After Reimbursement of Expenses by Advisor (E)........... 6.06% 2.70% Portfolio Turnover ........................................ 8.20% 21.25% (A) For the Period July 14, 1999 (Commencement of Operations) to December 31, 1999. (B) For Periods Of Less Than One Full Year, Total Returns Are Not Annualized. (C) Total Return Calculation Does Not Reflect Sales Load. (D) Total Return Calculation Does Not Reflect Redemption Fee. (E) Annualized.
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS FIXED INCOME FUND - CLASS B - ----------------------------------------------------------------------------------------------------------- SIX MONTHS - ----------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE: Net Asset Value, Beginning ................................ $ 9.80 $ 10.00 Income from Investment Operations: Net Investment Income ................................... 0.24 0.15 Net Realized and Unrealized Gain (Loss) on Investments... (0.43) (0.22) -------------------- Total from Investment Operations......................... (0.19) (0.07) -------------------- Less Distributions: Dividend from Net Investment Income...................... (0.23) (0.13) -------------------- Total Distribution ...................................... (0.23) (0.13) -------------------- Net Asset Value At End of Period .......................... $ 9.38 $ 9.80 ==== ==== Total Return (B)(C)(D)..................................... (2.27)% (0.92)% RATIOS/SUPPLEMENTAL DATA: Net Assets, End of Period (000's).......................... $ 437 $ 243 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor (E).......... 10.83% 14.73% After Reimbursement of Expenses by Advisor (E)........... 2.10% 2.10% Ratio of Net Investment Income to Average Net Assets: Before Reimbursement of Expenses by Advisor (E).......... (3.56)% (2.20)% After Reimbursement of Expenses by Advisor (E)........... 5.16% 10.42% Portfolio Turnover ........................................ 8.20% 21.25% (A) For the Period August 5, 1999 (Commencement of Operations) to December 31, 1999. (B) For Periods Of Less Than One Full Year, Total Returns Are Not Annualized. (C) Total Return Calculation Does Not Reflect Sales Load. (D) Total Return Calculation Does Not Reflect Redemption Fee. (E) Annualized. The accompanying notes are an integral part of these financial statements.
[This page left intentionally blank.] Timothy Plan Money Market Fund (June 30, 2000 Semi-Annual Report) - page 36 THE TIMOTHY PLAN money market fund
SCHEDULE OF INVESTMENTS As of June 30, 2000 (Unaudited) SHORT-TERM INVESTMENTS - 99.26% - ----------------------------------------------------------------------------------------------------------- PAR VALUE MARKET VALUE - ----------------------------------------------------------------------------------------------------------- CORPORATE NOTE - 8.97% $ 100,000 Citibank 5.97% 07/05/2000....................................... $ 99,935 ------ FEDERAL HOME LOAN BANK - 70.87% 100,000 FHLB Discount Note 5.77% 07/26/2000............................. 99,606 100,000 FHLB Discount Note 5.91% 08/04/2000............................. 99,452 100,000 FHLB Discount Note 5.87% 08/09/2000............................. 99,375 100,000 FHLB Discount Note 6.06% 09/15/2000............................. 98,742 100,000 FHLB Discount Note 6.45% 09/19/2000............................. 98,591 100,000 FHLB Discount Note 6.52% 10/02/2000............................. 98,344 100,000 FHLB Discount Note 6.31% 10/25/2000............................. 97,999 100,000 FHLB Discount Note 6.47% 12/14/2000............................. 97,067 ------ 789,176 COMMERCIAL PAPER - 8.77% 100,000 Yorkshire Building 5.29% 11/06/2000............................. 97,614 ------ MUNICIPAL - 8.74% 100,000 La Metro Transit Authority 6.40% 12/01/2000..................... 97,255 ------ SHORT-TERM INVESTMENTS - 1.91% 21,277 Firstar Bank Treasury Fund...................................... 21,277 ------ TOTAL INVESTMENTS - 99.26% (IDENTIFIED COST $1,105,257)......... $ 1,105,257 --------- OTHER ASSETS AND LIABILITIES, NET - .74% ....................... $ 8,255 ----- NET ASSETS - 100% .............................................. $ 1,113,512 =========
STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2000 (Unaudited) ASSETS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Investments, At Value (COST $1,105,257) ..................................... $ 1,105,257 Cash......................................................................... 19,041 Receivables: Interest................................................................... 302 Fund Shares Sold........................................................... 8,667 Due from Advisor ............................................................ 9,716 ----- TOTAL ASSETS ................................................................ $ 1,142,983 --------- LIABILITIES - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Income Distribution Payable ................................................. $ 17,710 Payable for Fund Shares Redeemed............................................. 6,154 Accrued Expenses............................................................. 5,607 ----- TOTAL LIABILITIES ........................................................... $ 29,471 ------ NET ASSETS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Shares of Capital Stock Outstanding (PAR VALUE .001, UNLIMITED SHARES AUTHORIZED) 1,113,512 Net Asset Value, Offering and Redemption Price Per Share (1,113,512/1,113,512 SHARES) 1.00 NET ASSETS .................................................................. $ 1,113,512 --------- SOURCES OF NET ASSETS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- At December 31, 1999, Net Assets Consisted of: Paid-in Capital ............................................................. 1,113,512 --------- NET ASSETS .................................................................. $ 1,113,512 ---------
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2000 (Unaudited) INVESTMENT INCOME - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Interest .................................................................... $ 28,498 ------ TOTAL INVESTMENT INCOME ..................................................... $ 28,498 ------ EXPENSES - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Investment Advisory Fees [NOTE 3]............................................ 2,953 Administration Fees ......................................................... 3,011 Transfer Agent Fees.......................................................... 4,973 Accounting Fees.............................................................. 5,967 Custodian Fees............................................................... 1,479 Miscellaneous Expense ....................................................... 3,125 ----- TOTAL EXPENSES............................................................... $ 21,508 ------ Expenses Waived and Reimbursement by Advisor [NOTE 3]........................ (17,314) -------- NET EXPENSES ................................................................ $ 4,194 ----- NET INVESTMENT INCOME........................................................ $ 24,304 ------ REALIZED AND UNREALIZED GAIN ON INVESTMENTS - ----------------------------------------------------------------------------------------------------------- AMOUNT - ----------------------------------------------------------------------------------------------------------- Net Realized Gain on Investments............................................. $ 46 -- INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................ $ 24,350 ------
STATEMENT OF CHANGES IN NET ASSETS For the Period Ended June 20, 2000 (Unaudited) and the Period Ended December 31, 1999 (A) INCREASE (DECREASE) IN NET ASSETS - ----------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED JUNE 30, 2000 PERIOD ENDED (UNAUDITED) DEC. 31, 1999 (A) - ----------------------------------------------------------------------------------------------------------- OPERATIONS: Net Investment Income ..................................... $ 24,304 $ 6,827 Net Realized Gain.......................................... 46 ----- -- ----- Increase in Net Assets (RESULTING FROM OPERATIONS)......... 24,350 6,827 ------ ----- DISTRIBUTIONS TO SHAREHOLDERS: Net Income................................................. (24,304) (6,827) -------- ------- CAPITAL SHARE TRANSACTIONS: Proceeds from Shares Sold ................................. 1,016,149 1,049,384 Dividend Reinvested ...................................... 7,720 6,827 Cost of Shares Redeemed ................................... (670,587) (296,027) Increase in Net Assets (RESULTING FROM CAPITAL SHARE TRANSACTIONS) --------- --------- Total Increase in Net Assets .............................. 353,328 760,184 ------- ------- 353,282 760,184 ======= ======= NET ASSETS: Beginning of Period ....................................... 760,184 0 End of Period ............................................. $ 1,113,512 $ 760,184 ========= ======= SHARES OF CAPITAL STOCK OF THE FUND SOLD AND REDEEMED: Shares Sold ............................................... 1,016,149 1,049,384 Shares Reinvested.......................................... 7,720 6,827 Shares Redeemed ........................................... (670,587) (296,027) Net Increase in Number of Shares Outstanding .............. 353,282 760,184 ======= =======
FINANCIAL HIGHLIGHTS MONEY MARKET FUND - CLASS A - ----------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED JUNE 30, 2000 PERIOD ENDED (UNAUDITED) DEC. 31, 1999 (A) - ----------------------------------------------------------------------------------------------------------- PER SHARE OPERATING PERFORMANCE: Net Asset Value, Beginning ................................ $ 1.00 $ 1.00 Income from Investment Operations: Net Investment Income ..................................... 0.02 0.02 Net Realized and Unrealized Gain (Loss) on Investments..... ----- ----- Total from Investment Operations........................... 0.02 0.02 ---- ---- Less Distributions: Dividend from Net Investment Income........................ (0.02) (0.02) Total Distribution......................................... ------ ------ (0.02) (0.02) ----- ------ Net Asset Value At End of Period .......................... $ 1.00 $ 1.00 ==== ==== Total Return (B)........................................... 3.04% 1.78% RATIOS/SUPPLEMENTAL DATA: Net Assets, End of Period (000's).......................... $1,114 $ 760 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor (C)......... 4.36% 5.75% After Reimbursement of Expenses by Advisor (C).......... 0.85% 0.85% Ratio of Net Investment Income to Average Net Assets: Before Reimbursement of Expenses by Advisor (C)......... 1.42% (0.73)% After Reimbursement of Expenses by Advisor (C).......... 4.93% 4.17% (A) For the Period July 9, 1999 (Commencement of Operations) to December 31, 1999. (B) Not Annualized (C) Annualized The accompanying notes are an integral part of these financial statements.
NOTES TO FINANCIAL STATEMENTS June 30, 2000 (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. The Trust currently consists of four series consisting of The Timothy Small-Cap Value Fund, The Timothy Large/Mid-Cap Value Fund, The Timothy Fixed Income Fund and The Timothy Money Market Fund, ("the Funds"). The Timothy 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 investing primarily in common stocks and ADRs while abiding by ethical standards established for investments by the Fund. The Timothy Large/Mid-Cap Value Fund's investment objective is long term capital growth. Its secondary objective is current income. The Fund seeks to achieve its objectives by primarily investing in common stocks and ADRs. The Large/Mid-Cap Value Fund will invest in the common stock of companies whose total market capitalization generally exceeds $1 billion. The Timothy Fixed Income Fund seeks to generate a high level of current income consistent with prudent investment risk. To achieve its goal, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, convertible stocks, U.S. Government and agency securities and preferred securities. The Fund will only purchase high quality securities. The Timothy Money Market Fund seeks to generate a high level of current income consistent with the preservation of capital. To achieve its goal, the Fund normally invests in short-term debt instruments, such as obligations of the U.S. Government and its agencies, certificates of deposit, bankers acceptances, commercial paper and short-term corporate notes. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles for investment companies. A. SECURITY VALUATION. Investments in securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the period. Unlisted securities or listed securities, in which there were no sales, are valued at the mean of the closing bid and ask prices. Short-term obligations with remaining maturities of 60 days or less are valued at cost plus accrued interest, which approximates market value. B. INVESTMENT INCOME AND SECURITIES TRANSACTIONS. Security transactions are accounted for on the date the securities are purchased or sold (trade date). Cost is determined and gains and losses are based on the identified cost basis for both financial statement and federal income tax purposes. Dividend income and distributions to shareholders are reported on the ex-dividend date. Interest income and expenses are accrued daily. The Timothy Small-Cap Value Fund has made certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon available funds from operations. It is quite common for these dividends to exceed the REIT's taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. C. NET ASSET VALUE PER SHARE. Net assets 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. Net Asset Value is calculated separately for each class of the three Funds, The Timothy Small-Cap Value Fund, The Timothy Large/Mid-Cap Fund and The Timothy Fixed Income Fund, based on expenses applicable to a particular class. The net asset value of the classes may differ because of different fees and expenses charged to each class. NOTES TO FINANCIAL STATEMENTS June 30, 2000 (Unaudited) TIMOTHY PLAN FAMILY OF FUNDS (CONT.) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- D. FEDERAL INCOME TAXES. It is the policy of the Funds to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. The Timothy Small-Cap Value Fund has a capital loss carryover available to offset future capital gains, if any, of approximately $3,300,000 of which $1,000,000 expires in 2006 and $2,300,000 expires in 2008. The Timothy Large/Mid-Cap Value Fund has approximately $14,600 in capital losses available to offset future gains which expire in 2008. E. USE OF ESTIMATES. In preparing financial statements in conformity with generally accepted accounting principles, management makes estimates and assumptions that affect the reported amounts of 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. NOTE 2 - PURCHASES AND SALES OF SECURITIES The following is a summary of purchases and sales of securities, other than short-term investments, for the period ended June 30, 2000: FUNDS PURCHASES SALES Small-Cap Value Fund $11,462,065 $13,542,188 Large/Mid-Cap Value Fund $3,168,253 $706,901 Fixed Income Fund $680,916 $43,601 NOTE 3 - INVESTMENT MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Timothy Partners, LTD., ("TPL") is the investment advisor for the Funds pursuant to an investment advisory agreement (the "Agreement") effective May 1, 1998. Under the terms of the Agreement, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 0.85% of the average daily net assets of The Small-Cap Value and The Large/Mid-Cap Value Funds; 0.60% of the average daily net assets of The Fixed Income and Money Market Funds. TPL has voluntarily agreed to reduce fees payable to it by the Funds and reimburse other expenses to the extent necessary to limit the Funds' aggregate annual operating expenses, excluding brokerage commissions and other portfolio transaction expenses, interest, taxes, capital expenditures and extraordinary expenses, to 1.35% with respect to Class A, 2.10%, with respect to Classes B and C, of the Fund's average daily net assets for the Fixed Income Fund; 0.85% with regards to the Money Market Fund. For the period ended June 30, 2000, TPL reimbursed the Funds as follows: FUNDS REIMBURSEMENTS Fixed Income Fund $23,269 Money Market Fund $17,314 NOTES TO FINANCIAL STATEMENTS June 30, 2000 (Unaudited) TIMOTHY PLAN FAMILY OF FUNDS (CONT.) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- The Timothy Small-Cap Value, The Timothy Large/Mid-Cap Value and The Timothy Fixed Income 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 Fund will reimburse TPL or others for expenses actually incurred in the promotion of distribution of shares. Under the Class A Plan, the Funds will reimburse 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 Class C Plans, the Fund will reimburse 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. For the period ended June 30, 2000, the Funds reimbursed TPL $76,508, $6,131 and $1,549, respectively, for distribution costs incurred. NOTE 4 - UNREALIZED APPRECIATION (DEPRECIATION) At June 30, 2000, the cost for federal income tax purposes is and the composition of gross unrealized appreciation (depreciation) of investment securities is as follows:
FUNDS COST APPRECIATION DEPRECIATION NET APP. (DEP.) Small-Cap Value Fund $26,753,250 $6,269,643 ($2,214,981) $4,054,662 Large/Mid-Cap Value Fund 4,246,853 388,723 (328,366 60,357) Fixed Income Fund 606,612 1,116 (25,090) (23,974)
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