-----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, DFxjRv177BFbmbVRBKqwoJ6G8pv2FlCmfoL62m8uUNsp99J7oKwS1XH+t5rGSFbs iNdwB6AT0AvCxKkJacJyCg== 0001035449-01-500186.txt : 20010830 0001035449-01-500186.hdr.sgml : 20010830 ACCESSION NUMBER: 0001035449-01-500186 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIMOTHY PLAN CENTRAL INDEX KEY: 0000916490 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 597016828 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-08228 FILM NUMBER: 1726722 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 timothy0601.txt TIMOTHY PLAN FUNDS THE TIMOTHY PLAN 1304 West Fairbanks Avenue Winter Park, FL 32789 BOARD OF TRUSTEES Arthur D. Ally Joseph E. Boatwright Randy R. Brunson W. Thomas Fyler, Jr. Mark A. Minnella Charley Nelson Wesley W. Pennington Jock M. Sneddon Mat D. Staver 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 Brown, Cummins & Brown Co, L.P.A. 3500 Carew Tower 441 Vine Street Cincinnati, OH 45202 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.
SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) COMMON STOCKS - 86.13% number of shares market value ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO - 0.87% 18,000 EGL, Inc. * $ 314,280 ------------------ BALL & ROLLER BEARINGS - 2.66% 37,600 Kaydon Corp. 964,440 ------------------ BOOKS: PUBLISHING OR PUBLISHING & PRINTING - 2.61% 40,000 Wiley (John) & Sons, Inc. - Class A 946,000 ------------------ CANNED, FROZEN & PRESERVED FRUIT, VEGETABLES & FOOD SPECIALTIES - 3.00% 34,000 Corn Products International, Inc. 1,088,000 ------------------ CANNED FRUITS, VEGETABLES & PRESERVES, JAMS & JELLIES - 1.34% 58,000 Del Monte Foods Co. * 486,040 ------------------ COMMUNICATION SERVICES - 1.77% 31,000 American Tower Corp. - Class A * 640,770 ------------------ DRAWING & INSULATING NONFERROUS WIRE - 1.48% 20,000 Belden, Inc. 535,000 ------------------ ELECTRIC & OTHER SERVICES COMBINED - 2.27% 36,500 ALLETE, Inc. 821,250 ------------------ INVESTMENT ADVICE - 3.29% 17,800 Investors Financial Services Corp. 1,192,600 ------------------ LIFE INSURANCE - 5.12% 30,000 Annuity & Life Re Holdings Ltd. 1,072,500 35,000 Presidential Life Corp. 784,000 ------------------ 1,856,500 ------------------ MINING MACHINERY & EQUIPMENT (NO OIL & GAS FIELD MACHINERY & EQUIPMENT) - 2.71% 60,000 Harnischfeger Industries, Inc. * 984,000 ------------------ MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) - 1.98% 14,500 Martin Marietta Materials, Inc. 717,605 ------------------ MISCELLANEOUS PLASTIC PRODUCTS - 1.33% 20,000 Spartech Corp. 483,000 ------------------ MORTGAGE BANKERS & LOAN CORRESPONDENTS - 1.93% 20,400 Doral Financial Corp. 699,720 ------------------ MOTOR VEHICLE PARTS & ACCESSORIES - 2.61% 34,000 Gentex Corp. * 947,580 ------------------ OPHTHALMIC GOODS - 2.92% 75,000 Sola International, Inc. * 1,058,250 ------------------ PERIODICALS: PUBLISHING OR PUBLISHING & PRINTING - 2.17% 44,900 Penton Media, Inc. 785,750 ----------------- The accompanying notes are an integral part of these financial statements. Timothy Plan Small-Cap Value Fund [1] SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) COMMON STOCKS - 86.13% (cont.) number of shares market value PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 0.48% 29,300 Concord Camera Corp. * $ 172,870 ------------------ PLASTIC PRODUCTS - 1.09% 12,200 AptarGroup, Inc. 395,646 ------------------ PUBLIC WAREHOUSING & STORAGE - 3.09% 25,000 Iron Mountain, Inc. * 1,121,000 ------------------ RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT - 1.56% 24,000 Commscope, Inc. * 564,000 ------------------ RAILROADS, LINE-HAUL OPERATING - 3.49% 80,000 Kansas City Southern Industries, Inc. * 1,264,000 ------------------ SECURITY BROKERS, DEALERS & FLOTATION COMPANIES - 2.50% 18,000 Investment Technology Group, Inc. * 905,220 ------------------ SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 2.36% 95,000 Interactive Data Corp. * 855,000 ------------------ SERVICES - ADVERTISING - 2.12% 21,500 Valassis Communications, Inc. * 769,700 ------------------ SERVICES - BUSINESS SERVICES - 7.80% 58,000 StarTek, Inc. * 1,310,800 71,800 TeleTech Holdings, Inc. * 645,482 33,000 Viad Corp. 871,200 ------------------ 2,827,482 ------------------ SERVICES - COMPUTER PROGRAMMING SERVICES - 1.13% 51,000 Hall, Kinion & Associates, Inc. * 411,060 ------------------ SERVICES - EMPLOYMENT AGENCIES - 1.90% 44,500 Korn / Ferry International * 689,750 ------------------ SERVICES - HOME HEALTH CARE SERVICES - 2.67% 95,000 Hooper Holmes, Inc. 969,000 ------------------ SERVICES - MANAGEMENT CONSULTING SERVICES - 1.00% 9,000 Maximus, Inc. * 360,810 ------------------ SERVICES - PERSONAL SERVICES - 2.35% 40,500 Regis Corp. 850,095 ------------------ STATE COMMERCIAL BANKS - 3.59% 42,000 North Fork Bancorp, Inc. 1,302,000 ------------------ TELEPHONE & TELEGRAPH APPARATUS - 2.75% 43,000 Plantronics, Inc. * 995,450 ------------------ WHOLESALE - COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE - 2.76% 30,000 Tech Data Corp. * 1,000,800 ------------------ WHOLESALE - DURABLE GOODS - 1.04% 22,600 Handleman Co. * 378,550 ------------------ The accompanying notes are an integral part of these financial statements. Timothy Plan Small-Cap Value Fund [2] SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) COMMON STOCKS - 86.13% (cont.) number of shares market value WHOLESALE - PAPER & PAPER PRODUCTS - 2.39% 27,500 United Stationers, Inc. * $ 867,900 ------------------ Total Common Stocks (cost $26,513,976) 31,221,118 ------------------ RIGHTS & WARRANTS - 0.00% number of shares market value RIGHTS & WARRANTS - 0.00% 53 Washington Group International, Inc. - Warrants * 2 ------------------ SHORT TERM INVESTMENTS - 15.53% number of shares market value 5,631,332 Firstar Bank Treasury Fund (cost $5,631,332) 5,631,332 ------------------ TOTAL INVESTMENTS - 101.66% (identified cost $32,145,308) 36,852,452 OTHER ASSETS AND LIABILITIES, NET - (1.66)% (605,040) ------------------ NET ASSETS - 100.00% $36,247,412 ================== * Non-income producing securities The accompanying notes are an integral part of these financial statements. Timothy Plan Small-Cap Value Fund [3]
STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2001 (Unaudited) ASSETS amount Investments in Securities at Value (identified cost $32,145,308) [NOTE 1] $ 36,852,452 Cash 339,596 Receivables: Interest 15,129 Dividends 11,832 Fund Shares Sold 141,241 Fund Share Commissions 785 Prepaid Expenses 76,063 Miscellaneous Assets 16,313 -------------------- Total Assets $37,453,411 ==================== LIABILITIES amount Payable for Investments Purchased $ 982,632 Payable for Fund Shares Redeemed 135,389 Accrued Expenses 87,978 -------------------- Total Liabilities $1,205,999 ==================== NET ASSETS amount Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 1,373,472 shares outstanding) $ 18,721,630 Net Asset Value and Redemption Price Per Class A Share ($18,721,630 / 1,373,472 shares) $ 13.63 Offering Price Per Share ($13.63 / 0.945) $ 14.42 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 1,334,955 shares outstanding) $ 17,525,782 Net Asset Value and Offering Price Per Class B Share ($17,525,782 / 1,334,955 shares) $ 13.13 Maximum Redemption Price Per Class B Share ($13.13 x 0.95) $ 12.47 Net Assets $36,247,412 ==================== SOURCES OF NET ASSETS amount At June 30, 2001, Net Assets Consisted of: Paid-in Capital $ 30,844,478 Accumulated Net Investment Loss (189,828) Accumulated Net Realized Gain on Investments 885,618 Net Unrealized Appreciation in Value of Investments 4,707,144 -------------------- Net Assets $36,247,412 ==================== The accompanying notes are an integral part of these financial statements. Timothy Plan Small-Cap Value Fund [4]
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2001 (Unaudited) INVESTMENT INCOME amount Interest $ 126,640 Dividends 76,581 ---------------- Total Investment Income 203,221 ---------------- EXPENSES amount Investment Advisory Fees [NOTE 3] 141,973 12b-1 Fess (Class A = $20,884, Class B =$62,906) [NOTE 3] 83,790 Transfer Agent Fees (Class A = $26,492, Class B = $27,607) 54,099 Auditing Fees 27,992 Service Fees (Class B) [NOTE 3] 20,969 Accounting Fees 14,056 Legal Expense 13,079 Printing Expense 9,984 Registration Fees 9,984 Insurance Expense 5,868 Custodian Fees 4,493 Administration Fees 4,357 Pricing Expense 2,097 Miscellaneous Expense 308 ---------------- Total Net Expenses 393,049 Net Investment Loss (189,828) ---------------- REALIZED AND UNREALIZED GAIN ON INVESTMENTS amount Net Realized Gain on Investments 823,840 Change in Unrealized Appreciation of Investments 1,997,128 ---------------- Net Realized and Unrealized Gain on Investments 2,820,968 ---------------- Increase in Net Assets Resulting from Operations 2,631,140 ================ The accompanying notes are an integral part of these financial statements. Timothy Plan Small-Cap Value Fund [5]
STATEMENT OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS six months year ended ended 6/30/01 12/31/00 (Unaudited) Operations: Net Investment Loss (189,828) (198,821) Net Change in Unrealized Appreciation (Depreciation) of Investments 1,997,128 (2,669,620) Net Realized Gain on Investments 823,840 6,003,643 ---------------- ----------------- Increase in Net Assets (resulting from operations) 2,631,140 3,135,202 ---------------- ----------------- Distributions to Shareholders From: Net Capital Gains: Class A - (1,148,640) Class B - (1,245,360) ---------------- ----------------- Total Net Distributions - (2,394,000) ---------------- ----------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 4,047,969 3,011,710 Class B 1,433,547 3,745,971 Class C - 208,478 Dividends Reinvested: Class A 3,502 1,104,960 Class B (761) 1,172,428 Class C - - Cost of Shares Redeemed: Class A (1,917,689) (2,668,524) Class B (1,798,690) (2,958,024) Class C - (357,732) ---------------- ----------------- Increase in Net Assets (resulting from capital share transactions) 1,767,878 3,259,267 ---------------- ----------------- Total Increase in Net Assets 4,399,018 4,000,469 Net Assets: Beginning of Period 31,848,394 27,847,925 ---------------- ----------------- End of Period (Including undistributed net investment loss of $189,828 and $0, respectively) 36,247,412 31,848,394 ================ ================= Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold: Class A 318,450 228,487 Class B 115,993 290,225 Class C - 19,040 Shares Reinvested: Class A 277 87,626 Class B - 96,180 Class C - - Shares Redeemed: Class A (151,754) (201,041) Class B (145,563) (229,678) Class C - (30,224) ---------------- ----------------- Net Increase in Number of Shares Outstanding 137,403 260,615 ================ ================= The accompanying notes are an integral part of these financial statements. Timothy Plan Small-Cap Value Fund [6]
six months year year year year year ended ended ended ended ended ended 6/30/01 12/31/00 12/31/99 12/31/98 12/31/97 12/31/96 (Unaudited) Per Share Operating Performance: Net Asset Value at Beginning of Year $12.61 $12.26 $10.89 $12.25 $11.24 $10.07 ----------- ----------- ----------- ---------- ---------- ---------- Income from Investment Operations: Net Investment Income (Loss) (0.05) (0.05) (0.02) 0.01 0.02 0.10 Net Realized and Unrealized Gain (Loss) on Investment1.07 1.43 1.39 (1.30) 2.37 1.17 ----------- ----------- ----------- ---------- ---------- ---------- Total from Investment Operations 1.02 1.38 1.37 (1.29) 2.39 1.27 ----------- ----------- ----------- ---------- ---------- ---------- Less Distributions: Dividends from Realized Gains - (1.03) - (0.07) (1.38) - Dividends from Net Investment Income - - - - - (0.10) ----------- ----------- ----------- ---------- ---------- ---------- Total Distributions - (1.03) - (0.07) (1.38) (0.10) ----------- ----------- ----------- ---------- ---------- ---------- Net Asset Value at End of Year $13.63 $12.61 $12.26 $10.89 $12.25 $11.24 =========== =========== =========== ========== ========== ========== Total Return (A)(B) 8.09% 11.23% 12.58% (10.50)% 21.35% 12.59% Ratios/Supplemental Data: Net Assets, End of Year (in 000s) $18,722 $15,217 $13,377 $13,287 $11,208 $7,760 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 1.99% (C) 1.97% 2.22% 2.09% 2.75% 3.70% After Reimbursement of Expenses by Advisor 1.99% (C) 1.76% 1.60% 1.60% 1.60% 1.60% Ratio of Net Investment Income (Loss) to Average Net Assets: Before Reimbursement of Expenses by Advisor (0.76)%(C) (0.48)% (0.82)% (1.15)% (0.90)% (1.05)% After Reimbursement of Expenses by Advisor (0.76)%(C) (0.27)% (0.20)% (0.66)% 0.25% 1.05% Portfolio Turnover 74.02% 99.17% 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, The Total Return Is Not Annualized. (C) Annualized. The accompanying notes are an integral part of these financial statements. Timothy Plan Small-Cap Value Fund [7]
six months year year year year year ended ended ended ended ended ended 6/30/01 12/31/00 12/31/99 12/31/98 12/31/97 12/31/96 (Unaudited) Per Share Operating Performance: Net Asset Value at Beginning of Year $12.19 $11.88 $10.70 $12.13 $11.22 $ 10.08 ----------- ----------- ----------- ---------- ---------- --------- Income from Investment Operations: Net Investment Income (Loss) (0.09) (0.10) (0.11) (0.07) (0.03) 0.07 Net Realized and Unrealized Gain (Loss) on Investment1.03 1.39 1.29 (1.29) 2.32 1.14 ----------- ----------- ----------- ---------- ---------- --------- Total from Investment Operations 0.94 1.29 1.18 (1.36) 2.29 1.21 ----------- ----------- ----------- ---------- ---------- -------- Less Distributions: Dividends from Realized Gains - (0.98) - (0.07) (1.38) - Dividends from Net Investment Income - - - - - (0.07) ----------- ----------- ----------- ---------- ---------- --------- Total Distributions - (0.98) - (0.07) (1.38) (0.07) ----------- ----------- ----------- ---------- ---------- --------- Net Asset Value at End of Year $13.13 $12.19 $11.88 $10.70 $12.13 $ 11.22 =========== =========== =========== ========== ========== ========= Total Return (A)(B) 7.71% 10.87% 11.03% (11.18)% 20.50% 11.98% Ratios/Supplemental Data: Net Assets, End of Year (in 000s) $17,526 $16,631 $14,351 $14,114 $11,389 $ 3,929 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.74% (C) 2.72% 2.72% 2.84% 3.41% 4.30% After Reimbursement of Expenses by Advisor 2.74% (C) 2.51% 2.35% 2.35% 2.26% 2.20% Ratio of Net Investment Income (Loss) to Average Net Assets: Before Reimbursement of Expenses by Advisor (1.51)%(C) (1.23)% (1.34)% (1.90)% (1.56)% 1.65% After Reimbursement of Expenses by Advisor (1.51)%(C) (1.02)% (0.97)% (1.41)% (0.41)% 0.45% Portfolio Turnover 74.02% 99.17% 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, The Total Return Is Not Annualized. (C) Annualized. The accompanying notes are an integral part of these financial statements. Timothy Plan Small-Cap Value Fund [8]
SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) COMMON STOCKS - 93.21% number of shares market value ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS - 1.77% 2,000 Minnesota Mining & Manufacturing Co. $ 228,200 ------------------- CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES - 2.22% 7,000 Heinz (H. J.) Co. 286,230 ------------------- COMMERCIAL BANKS - 2.44% 5,000 Golden State Bancorp., Inc. 154,000 5,052 Royal Bnak of Canada* 160,906 ------------------- 314,906 ------------------- COMPUTER STORAGE DEVICES - 1.61% 12,000 Advanced Digital Information Corp.* 207,600 ------------------- CONSTRUCTION, MINING & MATERIALS HANDLING MACHINERY & EQUIP - 2.48% 8,500 Dover Corp. 320,025 ------------------- CRUDE PETROLEUM & NATURAL GAS - 8.13% 7,200 Apache Corp. 365,400 6,500 Anadarko Petroleum Corp. 350,415 5,000 Kerr-Mcgee Corp. 331,350 ------------------- 1,047,165 ------------------- DRILLING OIL & GAS WELLS - 2.40% 14,000 Rowan Companies, Inc.* 309,400 ------------------- ELECTRIC SERVICES - 2.03% 10,000 Puget Energy, Inc. 262,000 ------------------- ELECTRONIC COMPONENTS & ACCESSORIES - 2.59% 8,000 Kemet Corp. * 160,800 7,500 Vishay Intertechnology, Inc. * 172,500 ------------------- 333,300 ------------------- GENERAL INDUSTRIAL MACHINERY & EQUIPMENT - 4.96% 7,500 Ingersoll-Rand Co. 309,000 11,000 ATMI, Inc.* 330,000 ------------------- 639,000 ------------------- INDUSTRIAL INORGANIC CHEMICALS - 2.13% 6,000 Air Products & Chemicals, Inc. 274,500 ------------------- INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL - 3.76% 8,000 Emerson Electric Co. 484,000 ------------------- LIFE INSURANCE - 3.12% 10,000 Torchmark Corp. 402,100 ------------------- The accompanying notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Value Fund [9] SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) COMMON STOCKS - 93.21% (Cont.) number of shares market value MACHINE TOOLS, METAL CUTTING TYPES - 1.15% 4,000 Kennametal, Inc. $ 147,600 ------------------- METAL MINING - 1.41% 2,500 Rio Tinto Plc ADR 181,625 ------------------- METAL WORKING MACHINERY & EQUIPMENT - 3.40% 3,500 SPX Corp.* 438,130 ------------------- MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS - 1.55% 8,000 Masco Corp. 199,680 ------------------- MISCELLANEOUS FABRICATED METAL PRODUCTS - 1.81% 5,500 Parker Hannifin Corp. 233,420 ------------------- MISCELLANEOUS INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT - 2.40% 7,000 ITT Industries, Inc. 309,750 ------------------- MISCELLANEOUS PLASTIC PRODUCTS - 2.89% 10,000 Sealed Air Corp* 372,500 ------------------- MOTOR VEHICLE PARTS & ACCESSORIES - 2.55% 8,000 TRW, Inc. 328,000 ------------------- NATIONAL COMMERCIAL BANKS - 1.67% 7,000 National City Corp. 215,460 ------------------- NATURAL GAS TRANSMISSION - 1.63% 4,000 El Paso Energy Corp. 210,160 ------------------- OPTICAL INSTRUMENTS & LENSES - 4.09% 9,000 Kla-Tencor Corp. * 526,230 ------------------- PAPER MILLS - 3.47% 8,000 Kimberly Clark Corp. 447,200 ------------------- PETROLEUM REFINING - 2.65% 6,000 Phillips Petroleum Co. 342,000 ------------------- PHARMACEUTICAL PREPARATIONS - 4.73% 6,000 Abbott Labs 288,000 5,000 Merck & Co. 319,550 ------------------- 607,550 ------------------- PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS -1.02% 4,000 Rohm & Haas Co. 131,600 ------------------- The accompanying notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Value Fund [10] SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) COMMON STOCKS - 93.21% (Cont.) number of shares market value PUBLIC BUILDING AND RELATED FURNITURE - 2.03% 7,500 Lear Corp. * $ 261,750 ------------------- RETAIL-EATING PLACES - 2.12% 9,500 Outback Steakhouse, Inc. * 273,600 ------------------- RETAIL-GROCERY STORES - 3.88% 20,000 Kroger Co.* 500,000 ------------------- SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS - 1.78% 9,000 Church & Dwight Co., Inc. 229,050 ------------------- SPECIAL INDUSTRY MACHINERY, NEC - 5.70% 8,000 Novellus Systems, Inc. * 454,110 7,000 Veeco Instruments, Inc.* 278,250 ------------------- 732,360 ------------------- TRUCKING (NO LOCAL) - 1.64% 7,500 CNF Transportation, Inc. 211,875 ------------------- Total Common Stocks (cost $10,990,020) $ 12,007,966 ------------------- SHORT-TERM INVESTMENTS - 8.53% number of shares market value 1,099,343 Firstar Bank Treasury Fund (cost $1,099,343) 1,099,343 ------------------- TOTAL INVESTMENTS - 101.74% (identified cost $12,089,363) 13,107,309 OTHER ASSETS AND LIABILITIES, NET - (1.74)% (224,455) ------------------- NET ASSETS - 100.00% $12,882,854 =================== The accompanying notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Value Fund [11]
STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2001 (Unaudited) ASSETS amount Investments in Securities at Value (identified cost $12,089,363) [NOTE 1] $ 13,107,309 Cash 86,530 Receivables: Interest 4,702 Dividends 7,561 Fund Shares Sold 42,850 Investments Sold 400 Prepaid Expenses 2,273 Other Assets 12,388 ----------------- Total Assets $13,264,013 ================= LIABILITIES amount Payable for Fund Shares Redeemed $ 23,001 Payable for Investment Securities Purchased 351,056 Accrued Expenses 7,102 ----------------- Total Liabilities $ 381,159 ================= NET ASSETS amount Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized;850,064 shares outstanding) $ 9,584,427 Net Asset Value and Redemption price Per Class A Share ($9,584,427 / 850,064 shares) $ 11.27 Offering Price Per Share ($11.27 / 0.945) $ 11.93 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 300,151 shares outstanding) $ 3,298,427 Net Asset Value and Offering Price Per Class B Share ($3,298,427 / 300,151 shares) $ 10.99 Redemption Price Per Share ($10.99 x 0.95) $ 10.44 Net Assets $12,882,854 ================= SOURCES OF NET ASSETS amount At June 31, 2001, Net Assets Consisted of: Paid-in Capital $ 11,702,821 Accumulated Undistributed Net Investment Loss (6,562) Net Accumulated Realized Gain on Investments 168,569 Net Unrealized Appreciation in Value of Investments 1,018,026 ----------------- Net Assets $12,882,854 ================= The accompanying notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Value Fund [12]
STATEMENT OF OPERATIONS As of June 30, 2001 (Unaudited) INVESTMENT INCOME amount Interest $ 3,665 Dividends 79,082 ---------------- Total Investment Income 82,747 ---------------- EXPENSES amount Investment Advisory Fees [NOTE 3] 41,538 Transfer Agent Fees (Class A = $4,754, Class B = $3,117) 7,871 Administration Fees 2,108 12b-1 Fees (Class A = $8,661, Class B = $10,574) [NOTE 3] 19,235 Accounting Fees 7,864 Registration Fees 375 Custodian Fees 234 Auditing Fees 937 Pricing Fees 1,688 Servicing Fees (Class B) [NOTE 3] 3,525 Miscellaneous Expense 3,977 ---------------- Total Net Expenses 89,352 ---------------- Net Investment Income (6,605) ---------------- REALIZED AND UNREALIZED GAIN ON INVESTMENTS amount Net Realized Gain on Investments 197,097 Change in Unrealized Appreciation of Investments 178,998 ---------------- Net Realized and Unrealized Gain on Investments 376,095 ---------------- Increase in Net Assets Resulting from Operations $369,490 ================ The accompanying notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Value Fund [13]
STATEMENT OF CHANGES IN NET ASSETS INCREASE IN NET ASSETS six months ended 6/30/01 year ended (Unaudited) 12/31/00 Operations: Net Investment Income (Loss) $ (6,605) $ 15,894 Net Change in Unrealized Appreciation (Depreciation) of Investments 197,097 1,500 Net Realized Gain (Loss) on Investments 178,998 839,378 ----------------- ----------------- Increase (Decrease) in Net Assets (resulting from operations) 369,490 856,772 ----------------- ----------------- Distributions to Shareholders From: Net Realized Gains Class A - (7,543) Class B - (4,267) Class C - - Net Income: Class A - (12,468) Class B - (7,012) Class C - - ----------------- ----------------- Total Distribution - (31,290) ----------------- ----------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 5,251,864 3,714,059 Class B 619,834 2,104,479 Class C - 14,996 Dividends Reinvested: Class A - 16,832 Class B - 10,099 Class C - - Cost of Shares Redeemed: Class A (869,064) (157,559) Class B (98,047) (277,869) Class C - (171,405) ----------------- ----------------- Increase in Net Assets (resulting from capital share transactions) 4,904,587 5,253,632 ----------------- ----------------- Total Increase in Net Assets 5,274,077 6,079,114 Net Assets: Beginning of Period 7,608,777 1,529,663 ----------------- ----------------- End of Period (Including undistributed net investment loss of $6,562 and $0, respectively) $ 12,882,854 $ 7,608,777 ================= ================= Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold: Class A 473,353 383,562 Class B 57,629 223,586 Class C - 1,864 Shares Rinvested: Class A - 1,553 Class B - 953 Class C - - Shares Redeemed: Class A (79,864) (15,946) Class B (8,966) (29,107) Class C - (18,194) ----------------- ----------------- Net Increase in Number of Shares Outstanding 442,152 548,271 ================= ================= The accompanying notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Value Fund [14]
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. LARGE/MID CAP VALUE FUND - CLASS A SHARES six months year period ended 6/30/01 ended ended (Unaudited) 12/31/00 12/31/99 (B) Per Share Operating Performance: Net Asset Value at Beginning of Period $ 10.83 $ 9.68 $ 10.00 ---------- ---------- ----------- Income from Investment Operations: Net Investment Income - 0.04 0.02 Net Realized and Unrealized Gain (Loss) on Investments 0.44 1.16 (0.30) ---------- ---------- ----------- Total from Investment Operations 0.44 1.20 (0.28) ---------- ---------- ----------- Less Distributions: Dividends from Realized Gains - (0.02) (0.02) Dividends from Net Investment Income - (0.03) (0.02) ---------- ---------- ----------- Total Distributions - (0.05) (0.04) ---------- ---------- ----------- Net Asset Value at End of Period $ 11.27 $ 10.83 # $ 9.68 ========== ========== =========== Total Return (A) (D) 4.06% 12.35% (3.28)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 9,584 $ 4,493 $ 846 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 1.53% (C) 2.70% 4.69% (C) After Reimbursement of Expenses by Advisor 1.53% (C) 1.65% 1.60% (C) Ratio of Net Investment Income (Loss) to Average Net Assets: Before Reimbursement of Expenses by Advisor 0.09% (C) (0.30)% (2.34)(C) After Reimbursement of Expenses by Advisor 0.09% (C) 0.67% 0.75% (C) Portfolio Turnover 34.05% 50.98% 8.02% (A) Total Return Calculation Does Not Reflect Sales Load. (B) For the Period July 14, 1999 (Commencement of Operations) to December 31, 1999. (C) Annualized. (D) For Periods Of Less Than One Full Year, Total Retun Is Not Annualized. The accompanying notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Value Fund [15]
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. LARGE/MID CAP VALUE FUND - CLASS B SHARES six months year period ended 6/30/01 ended ended (Unaudited) 12/31/00 12/31/99 (B) Per Share Operating Performance: Net Asset Value at Beginning of Period $ 10.60 $ 9.36 $ 10.00 ----------- ---------- ---------- Income from Investment Operations: Net Investment Income (0.04) 0.01 0.02 Net Realized and Unrealized Gain (Loss) on Investments 0.43 1.28 (0.62) ----------- ---------- ---------- Total from Investment Operations 0.39 1.29 (0.60) ----------- ---------- ---------- Less Distributions: Dividends from Realized Gains - (0.02) (0.02) Dividends from Net Investment Income - (0.03) (0.02) ----------- ---------- ---------- Total Distributions - (0.05) (0.04) ----------- ---------- ---------- Net Asset Value at End of Year $ 10.99 $ 10.60 # $ 9.36 =========== ========== ========== Total Return (A) (D) 3.68% 13.73% (4.78)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 3,298 $ 2,665 $ 525 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.28% (C) 3.45% 5.87% (C) After Reimbursement of Expenses by Advisor 2.28% (C) 2.40% 2.35% (C) Ratio of Net Investment Income (Loss) to Average Net Assets: Before Reimbursement of Expenses by Advisor (0.66)%(C) (1.13)% (2.34)(C) After Reimbursement of Expenses by Advisor (0.66)%(C) (0.08)% 1.15% (C) Portfolio Turnover 34.05% 50.98% 8.02% (A) Total Return Calculation Does Not Reflect Redemption Fee. (B) For the Period July 15, 1999 (Commencement of Operations) to December 31, 1999. (C) Annualized. (D) For Periods Of Less Than One Full Year, Total Retun Is Not Annualized. The accompanying notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Value Fund [16]
SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) Bonds - 81.37% par value market value CONVERTIBLE CORPORATE BONDS - 4.58% 50,000 National Data Corp. 5.00% 11/01/2003 $ 53,000 50,000 Omnicare, Inc. 5.00% 12/01/2007 44,125 50,000 Penn Treaty America Corp. 6.25% 12/01/2003 24,500 ------------------ 121,625 ------------------ CORPORATE BONDS - 72.97% 10,000 Allegiance Corp.7.30% 10/15/2006 10,470 25,000 Allied Signal, Inc. 6.02% 02/01/2008 24,808 25,000 American General Finance Corp. 7.25% 05/15/2005 26,077 25,000 Boeing/Rockwell Co. 6.625% 06/01/2005 25,516 75,000 Burlington Resources, Inc. 7.375% 03/01/2029 75,092 75,000 CNA Financial Corp. 7.25% 11/15/2023 64,325 100,000 Coca Cola Enterprise, Inc. 6.95% 11/15/2026 98,445 100,000 Computer Sciences Corp. 6.75% 06/15/2006 99,161 50,000 Consolidate Edison, Inc. 6.45% 12/01/2007 48,806 25,000 Cooper Industries 6.70% 09/22/2005 24,812 50,000 Cooper Tire & Rubber Co. 8.00% 12/15/2019 48,637 50,000 CPC International, Unilever 7.25% 12/15/2026 50,082 25,000 CSX Transportation 7.33% 06/01/2005 25,948 75,000 Dell Computer Corp. 7.10% 04/15/2028 67,311 50,000 Donaldson Lufkin Jenrette 5.875% 04/01/2002 50,521 45,000 DuPont EI Nemours 6.00% 03/06/2003 45,710 25,000 Florida Power & Light 6.00% 06/01/2008 24,233 75,000 Georgia Pacific Corp. 8.125% 06/15/2023 69,438 50,000 Goldman Sachs Group, Inc. 7.35% 07/30/2012 51,686 100,000 Household Finance Corp. 6.75% 05/15/2011 98,830 10,000 Household Finance Corp. 7.30% 07/30/2012 10,000 47,000 Kerr McGee Corp. 7.50% 05/15/2014 47,235 25,000 Lehman Brothers Holdings, Inc. 6.625% 02/05/2006 25,333 50,000 Mead Corp. 7.125% 08/01/2025 43,298 25,000 Mellon Financial Co. 6.00% 03/01/2004 25,328 50,000 National Rural Utilities Finance Corp. 6.00% 01/15/2004 50,771 75,000 NationsBank Corp. 6.80% 06/15/2028 70,159 25,000 Pennsylvania P & L 6.55% 03/01/2006 25,229 70,000 Pep Boys Manny Moe & Jack 7.00% 06/01/2005 59,500 11,000 Public Service Electric & Gas Co. 6.25% 01/01/2007 10,846 75,000 Public Service Electric & Gas Co. 7.00% 09/01/2024 70,629 50,000 Quanex Corp. 6.88% 06/30/2007 48,562 50,000 SBC Communications/Pacific Bell 7.375% 07/15/2043 48,314 50,000 Southern Bell Telephone 6.00% 10/01/2004 49,954 The accompanying notes are an integral part of these financial statements. Timothy Plan Fixed Income Fund [17] SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) Bonds - 81.37% (Cont.) par value market value CORPORATE BONDS - 72.97% (cont.) 50,000 Travelers Property & Casualty Corp. 6.75% 11/15/2006 $ 51,205 50,000 TRW, Inc. 6.25% 01/15/2010 45,862 25,000 Union Electric Co. 6.875% 08/01/2004 25,906 50,000 Union Texas Petrol 7.00% 04/15/2008 51,129 50,000 US Leasing International 5.95% 10/15/2003 50,328 100,000 Wisconsin Energy Corp. 6.50% 04/01/2011 98,398 ------------------ 1,937,894 ------------------ MUNICIPAL BONDS - 3.82% 25,000 Hydro-Quebec 7.375% 02/01/2003 25,951 50,000 Province of Manitoba 6.75% 03/01/2003 51,529 25,000 Texas State University 6.41% 03/15/2009 23,828 ------------------ 101,308 ------------------ Total Bonds (cost $2,169,420) 2,160,827 ------------------ SHORT TERM INVESTMENTS - 14.85% numbers of shares market value 394,463 Firstar Bank Treasury Fund (cost $394,463) 394,463 ------------------ TOTAL INVESTMENTS - 96.22% (identified cost $2,563,883) 2,555,290 OTHER ASSETS AND LIABILITIES, NET - 3.78% 100,434 ------------------ NET ASSETS - 100.00% 2,655,724 ================== The accompanying notes are an integral part of these financial statements. Timothy Plan Fixed Income Fund [18]
STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2001 (Unaudited) ASSETS amount Investments in Securities at Value (identified cost $2,563,883 ) [NOTE 1] $ 2,555,290 Cash 66,170 Receivables: Interest 34,576 Fund Shares Sold 23,889 Due from Advisor 3,668 Prepaid Insurance 268 Prepaid Registration & Filing Fees 3,150 Other 2,601 ----------------- Total Assets $2,689,612 ================= LIABILITIES amount Accrued Expenses $ 23,118 Dividend Payable 10,630 Tax Payable 140 ----------------- Total Liabilities $ 33,888 ================= NET ASSETS amount Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 201,443 shares outstanding)$ 1,958,851 Net Asset Value and Redemption price Per Class A Share ($1,958,851 / 201,443 shares) $ 9.72 Offering Price Per Share ($9.72 / 0.9575 ) $ 10.16 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 73,874 shares outstanding) $ 696,873 Net Asset Value and Offering Price Per Class B Share ($696,873 / 73,874 shares) $ 9.43 Redemption Price Per Share ($9.43 X 0.95) $ 9.93 Net Assets 2,655,724 ================= SOURCES OF NET ASSETS amount At June 30, 2001, Net Assets Consisted of: Paid-in Capital $ 2,669,354 Net Undistributed Net Investment Income 2,822 Net Accumulated Realized Loss on Investments (7,859) Net Unrealized Depreciation in Value of Investments (8,593) ----------------- Net Assets 2,655,724 ================= The accompanying notes are an integral part of these financial statements. Timothy Plan Fixed Income Fund [19]
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2001 (Unaudited) INVESTMENT INCOME amount Interest $ 57,292 ---------------- Total Investment Income 57,292 ---------------- EXPENSES amount Investment Advisory Fees [NOTE 3] 6,877 Transfer Agent Fees (Class A = $2,975, Class B = $5,078) 8,053 Administration Fees 2,806 12b-1 Fess (Class A = $1,347, Class B = $2,322 ) [NOTE 3] 3,669 Accounting Fees 9,415 Registration Fees 4,904 Custodian Fees 1,686 Printing Expense 93 Auditing Fees 1,447 Insurance Expense 71 Legal Expense 177 Service Fees (Class B) [NOTE 3] 771 Miscellaneous Expense 679 ---------------- Expenses Waived and Reimbursed by Advisor [NOTE 3] (26,576) ---------------- Total Net Expenses 14,072 ---------------- Net Investment Income 43,220 ---------------- REALIZED AND UNREALIZED LOSS ON INVESTMENTS amount Net Realized Gain on Investments 1,440 Change in Unrealized Appreciation of Investments 4,125 ---------------- Net Realized and Unrealized Gain on Investments 5,565 ---------------- Increase in Net Assets Resulting from Operations $48,785 ================ The accompanying notes are an integral part of these financial statements. Timothy Plan Fixed Income Fund [20]
STATEMENT OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS six months year ended ended 6/30/01 12/31/00 (Unaudited) Operations: Net Investment Income $ 43,220 $ 34,281 Net Change in Unrealized Appreciation (Depreciation) of Investments 4,125 (4,796) Net Realized Gain (Loss) on Investments 1,440 (8,924) --------------- ---------------- Increase in Net Assets (resulting from operations) 48,785 20,561 --------------- ---------------- Distributions to Shareholders: Net Income Class A (28,684) (15,014) Class B (11,714) (20,467) Class C - (649) --------------- ---------------- Total Net Decrease (40,398) (36,130) --------------- ---------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 1,289,659 598,963 Class B 289,014 361,945 Class C - 20,586 Dividends Reinvested: Class A 11,034 12,710 Class B 9,911 19,278 Class C - 649 Cost of Shares Redeemed: Class A (26,747) (64,333) Class B (97,577) (108,650) Class C - (78,511) --------------- ---------------- Increase in Net Assets (resulting from capital share transactions) 1,475,294 762,637 --------------- ---------------- Total Increase in Net Assets 1,483,681 747,068 =============== ================ Net Assets: Beginning of Year 1,172,043 424,975 --------------- ---------------- End of Period (Including undistributed net investment income of $2,822 and $0, respectively) $ 2,655,724 $ 1,172,043 =============== ================ Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold: Class A 133,088 62,671 Class B 30,195 37,579 Class C - 2,152 Shares Rinvested: Class A 1,133 1,337 Class B 1,042 2,045 Class C - 68 Shares Redeemed: Class A (2,738) (6,698) Class B (10,330) (11,465) Class C - (8,147) --------------- ---------------- Net Increase (Decrease) in Number of Shares Outstanding 152,390 79,542 =============== ================ The accompanying notes are an integral part of these financial statements. Timothy Plan Fixed Income Fund [21]
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. FIXED INCOME FUND - CLASS A SHARES six months year period ended ended ended 6/30/01 12/31/00 12/31/99 (B) (Unaudited) Per Share Operating Performance: Net Asset Value, Beginning $ 9.53 $ 9.81 $ 10.00 -------------- ------------- ------------- Income from Investment Operations: Net Investment Income (Loss) 0.25 0.49 0.12 Net Realized and Unrealized Gain (Loss) on Investments 0.13 (0.27) (0.18) -------------- ------------- ------------- Total from Investment Operations 0.38 0.22 (0.06) -------------- ------------- ------------- Less Distributions: Dividends from Realized Gains - - - Dividends from Net Investment Income (0.19) (0.50) (0.13) -------------- ------------- ------------- Total Distributions (0.19) (0.50) (0.13) -------------- ------------- ------------- Net Asset Value at End of Year $ 9.72 $ 9.53 $ 9.81 ============== ============= ============= Total Return (A) (D) 3.99% 2.32% (0.42)% Ratios/Supplimental Data: Net Assets, End of Period (in 000s) $ 1,959 $ 667 $ 124 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 3.79% (C) 8.99% 13.92% (C) After Reimbursement of Expenses by Advisor 1.35% (C) 1.35% 1.35% (C) Ratio of Net Investment Income to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.79% (C) (2.19)% (9.88)%(C) After Reimbursement of Expenses by Advisor 5.23% (C) 5.45% 2.70% (C) Portfolio Turnover 1.99% 35.54% 21.25% (A) Total Return Calculation Does Not Reflect Sales Load. (B) For the Period July 14, 1999 (Commencement of Operations) to December 31, 1999. (C) Annualized. (D) For Periods Of Less Than One Full Year, Total Return Is Not Annualized. The accompanying notes are an integral part of these financial statements. Timothy Plan Fixed Income Fund [22]
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. FIXED INCOME FUND - CLASS B SHARES six months year period ended ended ended 6/30/01 12/31/00 12/31/99 (B) (Unaudited) Per Share Operating Performance: Net Asset Value, Beginning $ 9.54 $ 9.80 $ 10.00 ------------- ------------- -------------- Income from Investment Operations: Net Investment Income (Loss) 0.21 0.45 0.15 Net Realized and Unrealized Gain (Loss) on Investments (0.15) (0.25) (0.22) ------------- ------------- -------------- Total from Investment Operations 0.06 0.20 (0.07) ------------- ------------- -------------- Less Distributions: Dividends from Realized Gains - - - Dividends from Net Investment Income (0.17) (0.46) (0.13) ------------- ------------- -------------- Total Distributions (0.17) (0.46) (0.13) ------------- ------------- -------------- Net Asset Value at End of Year $ 9.43 $ 9.54 $ 9.80 ============= ============= ============== Total Return (A) (D) 0.61% 2.12% (0.92)% Ratios/Supplimental Data: Net Assets, End of Period (in 000s) $ 697 $ 697 $ 243 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 4.54% (C) 9.74% 14.73% (C) After Reimbursement of Expenses by Advisor 2.10% (C) 2.10% 2.10% (C) Ratio of Net Investment Income to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.04% (C) (2.94)% (2.20)%(C) After Reimbursement of Expenses by Advisor 4.48% (C) 4.70% 10.42% (C) Portfolio Turnover 1.99% 35.54% 21.25% (A) Total Return Calculation Does Not Reflect Redemption Fee. (B) For the Period August 5, 1999 (Commencement of Operations) to December 31, 1999. (C) Annualized. (D) For Periods Of Less Than One Full Year, Total Return Is Not Annualized. The accompanying notes are an integral part of these financial statements. Timothy Plan Fixed Income Fund [23]
SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) COMMON STOCKS - 90.07% number of shares market value AIR TRANSPORTATION, SCHEDULED - 1.31% 640 Ryanair Holdings PLC * (a) $ 33,248 ----------------- BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) - 7.68% 852 Abgenix, Inc. * 38,340 820 Aviron * 46,740 590 Biogen, Inc. * 32,072 400 Enzon, Inc. * 25,000 600 Protein Design Labs, Inc. * 52,056 ----------------- 194,208 ----------------- COMMUNICATIONS EQUIPMENT - 1.08% 1,550 McDATA Corp. - Class A * 27,203 ----------------- COMPUTER COMMUNICATIONS EQUIPMENT - 1.74% 1,000 Brocade Communications Systems, Inc. * 43,990 ----------------- DRILLING OIL & GAS WELLS - 2.59% 657 Ensco International, Inc. 15,374 1,917 Global Marine, Inc. * 35,714 385 Nabors Industries, Inc. * 14,322 ----------------- 65,410 ----------------- ELECTRIC SERVICES - 3.50% 940 Calpine Corp. * 35,532 1,542 Mirant Corp. * 53,045 ----------------- 88,577 ----------------- FIRE, MARINE & CASUALTY INSURANCE - 1.07% 1,100 HCC Insurance Holdings, Inc. 26,950 ----------------- FUNCTIONS RELATED TO DEPOSITORY BANKING - 1.75% 850 Concord EFS, Inc. * 44,209 ----------------- HOSPITAL & MEDICAL SERVICE PLANS - 1.69% 965 Lifepoint Hospitals Holdings, Inc. * 42,730 ----------------- IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES - 0.71% 300 Human Genome Sciences, Inc. * 18,075 ----------------- INSURANCE AGENTS BROKERS & SERVICES - 1.35% 1,420 First Health Group Corp. * 34,250 ----------------- NATIONAL COMMERCIAL BANKS - 1.11% 400 Commerce Bancorp, Inc. 28,040 ----------------- OIL & GAS FIELD MACHINERY & EQUIPMENT - 0.73% 690 National-Oilwell, Inc. * 18,492 ----------------- ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES - 2.45% 1,290 Biomet, Inc. 61,997 ----------------- PERSONAL CREDIT INSTITUTIONS - 1.73% 1,300 Metris Companies, Inc. 43,823 ----------------- The accompanying notes are an integral part of these financial statements. Timothy Plan Aggressive Growth Fund [24] SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) COMMON STOCKS - 90.07% (cont.) number of shares market value PHARMACEUTICAL PREPARATIONS - 10.00% 731 Allergan, Inc. $ 61,426 523 Andrx Group * 40,271 1,176 IVAX Corp. * 45,874 878 King Pharmaceuticals, Inc. * 47,193 934 Teva Pharmaceutical Industries Ltd. (a) 58,188 ----------------- 252,952 ----------------- PRINTED CIRCUIT BOARDS - 1.93% 1,585 Jabil Circuit, Inc. * 48,913 ----------------- RADIO BROADCASTING STATIONS - 1.70% 800 Entercom Communications Corp. * 42,888 ----------------- RADIO TELEPHONE COMMUNICATIONS - 1.94% 1,200 Triton PCS Holdings, Inc. - Class A * 49,200 ----------------- RETAIL - FAMILY CLOTHING STORES - 0.84% 600 American Eagle Outfitters, Inc. * 21,144 ----------------- RETAIL - HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 1.23% 800 Williams-Sonoma, Inc. * 31,056 ----------------- RETAIL - VARIETY STORES - 1.13% 1,029 Dollar Tree Stores, Inc. * 28,647 ----------------- SECURITY BROKERS, DEALERS & FLOTATION COMPANIES - 0.96% 1,300 Instinet Group, Inc. * 24,232 ----------------- SEMICONDUCTORS & RELATED DEVICES - 7.97% 844 Integrated Device Technology, Inc. * 26,746 1,000 Micrel, Inc. * 33,000 600 Microchip Technology, Inc. * 20,550 750 PMC-Sierra, Inc. * 23,303 616 QLogic Corp. * 39,701 2,590 TriQuint Semiconductor, Inc. * 58,275 ----------------- 201,575 ----------------- SERVICES - ADVERTISING AGENCIES - 0.66% 550 Catalina Marketing Corp. * 16,781 ----------------- SERVICES - ALLIED TO MOTION PICTURE DISTRIBUTION - 1.60% 590 Macrovision Corp. * 40,415 ----------------- SERVICES - COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH - 1.03% 412 Myriad Genetics, Inc. * 26,088 ----------------- SERVICES - COMPUTER INTEGRATED SYSTEMS DESIGN - 0.82% 890 Sonus Networks, Inc. * 20,790 ----------------- SERVICES - COMPUTER PROGRAMMING SERVICES - 2.02% 653 Amdocs Ltd. * 35,164 753 WebMethods, Inc. * 15,949 ----------------- 51,113 ----------------- The accompanying notes are an integral part of these financial statements. Timothy Plan Aggressive Growth Fund [25] SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) COMMON STOCKS - 90.07% (cont.) number of shares market value SERVICES - MEDICAL LABORATORIES - 1.76% 580 Laboratory Corporation of America Holdings * 44,602 ----------------- SERVICES - MISCELLANEOUS AMUSEMENT & RECREATION - 1.70% 2,900 Ticketmaster * $ 42,920 ----------------- SERVICES - PREPACKAGED SOFTWARE - 6.81% 540 Electronic Arts, Inc. * 31,266 1,048 Mercury Interactive Corp. * 62,775 1,100 Peregrine Systems, Inc. * 31,900 1,647 Rational Software Corp. * 46,198 ----------------- 172,139 ----------------- SERVICES - SPECIALTY OUTPATIENT FACILITIES - 1.81% 832 Express Scripts, Inc. - Class A * 45,785 ----------------- SPECIAL INDUSTRY MACHINERY - 3.28% 2,010 Lam Research Corp. * 59,596 410 Novellus Systems, Inc. * 23,284 ----------------- 82,880 ----------------- SURETY INSURANCE - 4.95% 1,039 AMBAC Financial Group, Inc. 60,470 903 PMI Group, Inc. 64,700 ----------------- 125,170 ----------------- TELEPHONE & TELEGRAPH APPARATUS - 1.84% 400 Comverse Technology, Inc. * 22,840 850 ONI Systems Corp. * 23,715 ----------------- 46,555 ----------------- TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) - 0.90% 940 Sprint Corp. - PCS Group * 22,701 ----------------- WHOLESALE - DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES - 2.70% 1,235 AmeriSource Health Corp. - Class A * 68,357 ----------------- Total Common Stocks (cost $2,220,557) 2,278,105 ----------------- SHORT TERM INVESTMENTS - 12.12% number of shares market value 306,585 Firstar Bank Treasury Fund (cost $306,585) 306,585 ----------------- TOTAL INVESTMENTS - 102.19% (identified cost $2,527,142) 2,584,690 OTHER ASSETS AND LIABILITIES, NET - (2.19)% (55,359) ----------------- NET ASSETS - 100.00% $2,529,331 ================= The accompanying notes are an integral part of these financial statements. Timothy Plan Aggressive Growth Fund [26] * Non-income producing securities (a) American Depositary Receipt
STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2001 (Unaudited) ASSETS amount Investments in Securities at Value (identified cost $2,527,142) [NOTE 1] $ 2,584,695 Cash 29,858 Receivables: Interest 524 Dividends 143 Fund Shares Sold 39,009 Investments Sold 31,162 Due from Advisor 5,639 Commissions Receivable from Advisor 216 Other 2,972 ----------------- Total Assets $2,694,218 ================= LIABILITIES amount Payable for Investments Purchased $ 156,026 Accrued Expenses 8,861 ----------------- Total Liabilities $ 164,887 ================= NET ASSETS amount Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 281,399 shares outstanding) $ 2,115,344 Net Asset Value and Redemption price Per Class A Share ($2,115,344 / 281,399 shares) $ 7.52 Offering Price Per Share ($7.52 / 0.945) $ 7.95 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 55,381 shares outstanding) $ 413,987 Net Asset Value and Offering Price Per Class B Share ($413,987 / 55,381 shares) $ 7.48 Maximum Redemption Price Per Class B Share ($7.48 x 0.95) $ 7.10 Net Assets $2,529,331 ================= SOURCES OF NET ASSETS amount At June 30, 2001, Net Assets Consisted of: Paid-in Capital $ 2,694,427 Accumulated Net Investment Loss (10,308) Accumulated Net Realized Loss on Investments (212,341) Net Unrealized Appreciation in Value of Investments 57,553 ----------------- Net Assets $2,529,331 ================= The accompanying notes are an integral part of these financial statements. Timothy Plan Aggressive Growth Fund [27]
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2001 (Unaudited) INVESTMENT INCOME amount Interest $ 3,732 Dividends 721 ---------------- Total Investment Income 4,453 ---------------- EXPENSES amount Investment Advisory Fees [NOTE 3] 7,199 Custodian Fees 11,098 Transfer Agent Fees (Class A =$5,504, Class B = $1,488) 6,992 Accounting Fees 6,397 Registration Fees 3,066 12b-1 Fess (Class A =$1,714, Class B =$403) [NOTE 3] 2,117 Administration Fees 2,380 Auditing Fees 645 Service Fees (Class B) [NOTE 3] 1,210 Legal Expense 223 Printing Expense 205 Insurance Expense 149 Miscellaneous Expense 2,446 ---------------- Total Expenses 44,127 Expenses Waived and Reimbursed by Advisor [NOTE 3] (29,366) ---------------- Total Net Expenses 14,761 ---------------- Net Investment Loss (10,308) ---------------- REALIZED AND UNREALIZED LOSS ON INVESTMENTS amount Net Realized Loss on Investments (168,596) Change in Unrealized Appreciation of Investments 86,118 ---------------- Net Realized and Unrealized Gain (Loss) on Investments (82,478) ---------------- Decrease in Net Assets Resulting from Operations $ (92,786) ================ The accompanying notes are an integral part of these financial statements. Timothy Plan Aggressive Growth Fund [28]
STATEMENT OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS six months period ended ended 6/30/01 12/31/00 (Unaudited) Operations: Net Investment Loss $ (10,308) $ (392) Net Change in Unrealized Appreciation (Depreciation) of Investments 86,118 (28,565) Net Realized Loss on Investments (168,596) (43,745) ----------------- ---------------- Decrease in Net Assets (resulting from operations) (92,786) (72,702) ---------------- ----------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 1,668,239 817,694 Class B 210,801 251,508 Cost of Shares Redeemed: Class A (194,173) (24,834) Class B (28,366) (6,050) ---------------- ----------------- Increase in Net Assets (resulting from capital share transactions) 1,656,501 1,038,318 ---------------- ----------------- Total Increase in Net Assets 1,563,715 965,616 Net Assets: Beginning of Period 965,616 - ---------------- ----------------- End of Period (Including undistributed net investment loss of $10,308 and $0, respectively) $ 2,529,331 $ 965,616 ================ ================= Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold: Class A 225,100 88,394 Class B 29,479 30,381 Shares Redeemed: Class A (29,600) (2,494) Class B (3,874) (605) ---------------- ----------------- Net Increase in Number of Shares Outstanding 221,105 115,676 ================ ================= *Commencement of operations was October 4, 2000. The accompanying notes are an integral part of these financial statements. Timothy Plan Aggressive Growth Fund [29]
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. AGGRESSIVE GROWTH FUND - CLASS A SHARES six months ended period 6/30/01 ended (unaudited) 12/31/00 (B) Per Share Operating Performance: Net Asset Value at Beginning of Period $ 8.35 $ 10.00 ------------- ------------ Income from Investment Operations: Net Investment Loss (0.04) - Net Realized and Unrealized Loss on Investments (0.79) (1.65) ------------- ------------ Total from Investment Operations (0.83) (1.65) ------------- ------------ Less Distributions: Dividends from Realized Gains - - Dividends from Net Investment Income - - ------------- ------------ Total Distributions - - ------------- ------------ Net Asset Value at End of Period $ 7.52 $ 8.35 ============= ============ Total Return (A) (D) (9.94)% (16.50)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 2,115 $ 717 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 3.82% (C) 10.20% (C) After Reimbursement of Expenses by Advisor 1.60% (C) 1.60% (C) Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement of Expenses by Advisor (3.30)%(C) (8.91)%(C) After Reimbursement of Expenses by Advisor (1.07)%(C) (0.31)%(C) Portfolio Turnover 60.72% 19.00% (A) Total Return Calculation Does Not Reflect Sales Load. (B) For The Period October 4, 2000 (commencement of operations) to December 31, 2000. (C) Annualized (D) For Periods Of Less Than A Full Year, The Total Return Is Not Annualized. The accompanying notes are an integral part of these financial statements. Timothy Plan Aggressive Growth Fund [30]
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. AGGRESSIVE GROWTH FUND - CLASS B SHARES six months ended period 6/30/01 ended (unaudited) 12/31/00 (B) Per Share Operating Performance: Net Asset Value at Beginning of Period $ 8.34 $ 10.00 ------------ ------------ Income from Investment Operations: Net Investment Loss (0.07) - Net Realized and Unrealized Loss on Investments (0.79) (1.66) ------------ ------------ Total from Investment Operations (0.86) (1.66) ------------ ------------ Less Distributions: Dividends from Realized Gains - - Dividends from Net Investment Income - - ------------ ------------ Total Distributions - - ------------ ------------ Net Asset Value at End of Period $ 7.48 $ 8.34 ============ ============ Total Return (A) (D) (10.31)% (16.60)% Ratios/Supplimental Data: Net Assets, End of Period (in 000s) $ 414 $ 248 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 4.57% (C) 10.95% (C) After Reimbursement of Expenses by Advisor 2.35% (C) 2.35% (C) Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement of Expenses by Advisor (4.05)%(C) (9.66)%(C) After Reimbursement of Expenses by Advisor (1.82)%(C) (1.06)%(C) Portfolio Turnover 60.72% 19.00% (A) Total Return Calculation Does Not Reflect Redemption Fee. (B) For The Period October 6, 2000 (commencement of operations) to December 31, 2000. (C) Annualized (D) For Periods Of Less Than A Full Year, The Total Return Is Not Annualized. The accompanying notes are an integral part of these financial statements. Timothy Plan Aggressive Growth Fund [31]
SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) COMMON STOCKS - 89.85% Number of shares market value BEVERAGES - 2.31% 2,825 PepsiCo, Inc. $ 124,865 ------------------ BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) - 7.91% 3,925 Amgen, Inc. * 238,169 4,000 MedImmune, Inc. * 188,800 ------------------ 426,969 ------------------ COMPUTER COMMUNICATIONS EQUIPMENT - 1.07% 1,850 Juniper Networks, Inc. * 57,535 ------------------ ELECTRONIC SERVICES - 1.96% 2,800 Calpine Corp. * 105,840 ------------------ ELECTRONIC CONNECTORS - 3.80% 5,625 Molex, Inc. 205,481 FIRE, MARINE & CASUALTY INSURANCE - 4.96% 3,150 American International Group, Inc. 267,781 ------------------ GENERAL INDUSTRIAL MACHINERY & EQUIPMENT - 4.06% 4,025 Tyco International Ltd. 219,403 ------------------ PHARMACEUTICAL PREPARATIONS - 10.17% 4,000 Forest Laboratories, Inc. * 284,000 4,150 Merck & Co. , Inc. 265,227 ------------------ 549,227 ------------------ PRINTED CIRCUIT BOARDS - 2.17% 6,400 Solectron Corp. * 117,120 ------------------ RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT - 1.30% 3,175 Nokia Corp. (a) 70,453 ------------------ RETAIL-DRUG STORES & PROPRIETARY STORES - 3.80% 5,950 Walgreen Co. 205,037 ------------------ RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS - 4.77% 5,450 Home Depot, Inc. 257,458 ------------------ RETAIL-VARIETY STORES - 3.80% 4,200 Wal-Mart Stores, Inc. 204,960 ------------------ SEMICONDUCTORS AND RELATED DEVICES - 5.77% 6,525 Broadcom Corp. - Class A * 279,009 2,550 JDS Uniphase Corp. * 32,512 ------------------ 311,521 ------------------ The accompanying notes are an integral part of these fiancial statements. Timothy Plan Large Mid/Cap Growth Fund [32] SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) COMMON STOCKS - 89.85% (Cont.) Number of shares market value SERVICES-COMPUTER PROCESSING AND DATA PREPARATION - 4.37% 4,750 Automatic Data Processing, Inc. $ 236,075 ------------------ SERVICES-COMPUTER PROGRAMMING SERVICES - 3.54% 3,550 Amdocs Ltd. * 191,167 ------------------ SERVICES-ENGINEERING ACCOUNTING RESEARCH, MANAGEMENT - 2.53% 3,425 Paychex, Inc. 137,000 ------------------ SERVICES-PREPACKAGED SOFTWARE - 5.38% 4,200 Check Point Software Technologies Ltd. * 212,394 1,675 Siebel Systems, Inc. * 78,558 ------------------ 290,952 ------------------ STATE COMMERCIAL BANKS - 3.71% 4,050 State Street Corp. 200,435 ------------------ SURGICAL & MEDICAL INSTRUMENTS & APPARATUS - 6.89% 5,000 Guidant Corp. * 180,000 3,500 Stryker Corp. 191,975 ------------------ 371,975 ------------------ TELEPHONE & TELEGRAPH APPARATUS - 1.14% 1,625 Ciena Corp. * 61,750 ------------------ WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES - 4.44% 3,475 Cardinal Health, Inc. 239,775 ------------------ Total Common Stocks (cost $5,470,986) 4,852,779 ------------------ SHORT-TERM INVESTMENTS - 6.68% 360,764 Firstar Bank Treasury Fund (cost $360,764) 360,764 ------------------ TOTAL INVESTMENTS - 96.53% (identified cost $5,851,750) 5,213,543 OTHER ASSETS IN EXCESS OF LIABILITIES - 3.47% 187,609 ------------------ NET ASSETS - 100.00% $ 5,401,152 ================== *Non-income producing securities (a) American Depositary Receipt The accompanying notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Growth [33]
STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2001 (Unaudited) ASSETS amount Investments in Securities at Value (identified cost $5,831,750 ) [NOTE 1] $ 5,213,543 Cash 103,389 Receivables: Interest 730 Dividends 2,491 Fund Shares Sold 195,053 Fund Shares Commisions 8,373 Due from Advisor 3,891 Prepaid Insurance 321 Prepaid Reg & Filing Fees 4,026 Other Receivables 169 ------------------- Total Assets $ 5,531,986 =================== LIABILITIES amount Payable for Investments Purchased $ 113,830 Accrued Expenses 17,003 ------------------- Total Liabilities $ 130,833 =================== ET ASSETS amount Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 642,860 shares outstanding) $ 4,800,798 Net Asset Value and Redemption Price Per Class A Share ($4,800,798 /642,860 shares) $ 7.47 Offering Price Per Share ($7.47/ 0.945) $ 7.90 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 80,739 shares outstanding) $ 600,355 Net Asset Value and Offering Price Per Class B Share ($600,355 /80,739 shares) $ 7.44 Maximum Redemption Price Per Class B Share ($7.44 x 0.95 ) $ 7.06 Net Assets $ 5,401,153 ================== SOURCES OF NET ASSETS amount At June 30, 2001, Net Assets Consisted of: Paid-in Capital $ 6,234,261 Accumulated Undistributed Net Investment Loss (18,608) Accumulated Net Realized Loss on Investments (196,293) Net Unrealized Depreciation in Value of Investments (618,207) ------------------- Net Assets $ 5,401,153 =================== The accompanying notes are an integral part of these fianancial statements. Timothy Plan Large/Mid-Cap Growth Fund [34]
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2001 (Unaudited) INVESTMENT INCOME amount Interest $ 4,712 Dividends 6,185 ---------------- Total Investment Income 10,897 ---------------- EXPENSES amount Investment Advisory Fees [NOTE 3] 14,661 Transfer Agent Fees (Class A = $8,479 , Class B = $1,608 ) 10,087 Administration Fees 2,856 12b-1 Fess (Class A = $3,676, Class B = $1,908) [NOTE 3] 5,584 Accounting Fees 10,057 Registration Fees 3,471 Custodian Fees 2,440 Printing Expense 439 Auditing Fees 1,190 Insurance Expense 305 Legal Expense 1,190 Service Fees (Class B) [NOTE 3] 636 Miscellaneous Expense 270 ---------------- Total Expenses 53,186 Expenses Waived and Reimbursed by Advisor [NOTE 3] (23,681) ---------------- Total Net Expenses 29,505 ---------------- Net Investment Loss (18,608) ---------------- REALIZED AND UNREALIZED LOSS ON INVESTMENTS amount Net Realized Loss on Investments (194,530) Change in Unrealized Depreciation of Investments (554,982) ---------------- Net Realized and Unrealized Loss on Investments (749,512) ---------------- Decrease in Net Assets Resulting from Operations $ (768,120) ================ The accompanying notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Growth Fund [35]
STATEMENT OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS six months period ended ended 6/30/01 12/31/01 (Unaudited) Operations: Net Investment Loss $ (18,608) $ (284) Net Change in Unrealized Depreciation of Investments (194,530) (63,225) Net Realized Loss on Investments (554,982) (1,763) ----------------- ----------------- Decrease in Net Assets (resulting from operations) (768,120) (65,272) ----------------- ----------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 4,055,909 1,607,594 Class B 317,908 449,147 Cost of Shares Redeemed: Class A (153,055) (962) Class B (41,996) - ----------------- ----------------- Increase in Net Assets (resulting from capital share transactions) 4,178,766 2,055,779 ----------------- ----------------- Total Increase in Net Assets 3,410,646 1,990,507 Net Assets: Beginning of Period (including undistributed investment income 1,990,507 - of $(18,608) and $0, respectively) ----------------- ----------------- End of Period $ 5,401,153 $ 1,990,507 ================= ================= Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold: Class A 497,706 164,182 Class B 38,644 47,107 Shares Redeemed: Class A (18,931) (97) Class B (5,012) - ----------------- ----------------- Net Increase in Number of Shares Outstanding 512,407 211,192 ================= ================= (A) For the period October 5, 2000 (Commencement of Operations) to December 31, 2000. The accompanying notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Growth Fund [36]
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. LARGE/MID CAP GROWTH FUND - CLASS A SHARES six months period ended 6/30/01 ended (Unaudited) 12/31/00 (B) Per Share Operating Performance: Net Asset Value at Beginning of Period $ 9.43 $ 10.00 ----------------- ---------------- Income from Investment Operations: Net Investment Loss (0.04) - Net Realized and Unrealized Loss on Investments (1.92) (0.57) ----------------- ---------------- Total from Investment Operations (1.96) (0.57) ----------------- ---------------- Net Asset Value at End of Period $ 7.47 $ 9.43 ================= ================ Total Return (A)(D) (20.78)% (5.69)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 4,801 $ 1,547 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.97% (C) 5.55% (C) After Reimbursement of Expenses by Advisor 1.60% (C) 1.60% (C) Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement of Expenses by Advisor (2.24)(C) (3.98)(C) After Reimbursement of Expenses by Advisor (0.97)(C) (0.03)(C) Portfolio Turnover 6.79% 4.46% (A) Total Return Calculation Does Not Reflect Sales Load. (B) For the period October 5, 2000 (commencement of operations) to December 31, 2000. (C) Annualized (D) For periods of less than a full year, the total return is not annualized. The accompanying notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Growth Fund [37]
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. LARGE/MID CAP GROWTH FUND - CLASS B SHARES six months period ended 6/30/01 ended (Unaudited) 12/31/00 (B) Per Share Operating Performance: Net Asset Value at Beginning of Period $ 9.41 $ 10.00 ---------------- ---------------- Income from Investment Operations: Net Investment Loss (0.07) (0.01) Net Realized and Unrealized Loss on Investments (1.90) (0.58) ---------------- ---------------- Total from Investment Operations (1.97) (0.59) ---------------- ---------------- Net Asset Value at End of Period $ 7.44 $ 9.41 ================ ================ Total Return (A)(D) (20.94)% (5.89)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 600 $ 444 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 3.72% (C) 6.30% (C) After Reimbursement of Expenses by Advisor 2.35% (C) 2.35% (C) Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement of Expenses by Advisor (3.09)(C) (4.73)(C) After Reimbursement of Expenses by Advisor (1.72)(C) (0.78)(C) Portfolio Turnover 6.79% 4.46% (A) Total Return Calculation Does Not Reflect Sales Load. (B) For the period October 9, 2000 (Commencement of operations) to December 31, 2000. (C) Annualized (D) For periods of less than a full year, the total return is not annualized. The accompany notes are an integral part of these financial statements. Timothy Plan Large/Mid-Cap Growth Fund [38]
SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) COMMON STOCKS - 98.82% number of shares market value 164,246 Timothy Aggressive Growth Fund $ 1,235,133 291,544 Timothy Large/Mid-Cap Growth Fund 2,177,839 133,996 Timothy Large/Mid-Cap Value Fund 1,510,131 89,468 Timothy Small Cap Value Fund 1,219,455 ---------------- TOTAL COMMON STOCK (Cost $6,309,963) 6,142,558 SHORT TERM INVESTMENTS - 3.67% number of shares market value 227,932 Firstar Bank Treasury Fund (cost $227,932) $ 227,932 ---------------- TOTAL INVESTMENTS - 102.49% (identified cost $6,537,895) 6,370,490 OTHER ASSETS AND LIABILITIES - (2.49)% (154,647) ---------------- NET ASSETS - 100.00% $ 6,215,843 ================ The accompanying notes are an integral part of the these financial statements. Timothy Plan Strategic Growth Fund [39]
STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2001 (Unaudited) ASSETS Investments in Securities at Value (identified cost 6,537,895 ) [NOTE 1] $ 6,370,490 Receivables: Fund Shares Sold 35,984 Prepaid Registration & Filing Fees 3,930 Accrued Interest 353 Commission Receivable due from Advisor 4,849 Total Assets $ 6,415,606 ================== LIABILITIES Payable for Investments Purchased $ 130,000 Payable to Custodian 56,621 Accrued Expenses 13,142 ------------------ Total Liabilities $ 199,763 ================== NET ASSETS Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; shares outstanding) $ 2,140,325 Net Asset Value and Redemption Price Per Class A Share ($2,140,325 / 242,653 shares) $ 8.82 Offering Price Per Share ($8.82 /0.945) $ 9.33 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; shares outstanding) $ 4,075,518 Net Asset Value and Offering Price Per Class B Share ($4,075,518/ 464,090 shares) $ 8.78 Maximum Redemption Price Per Class B Share ($8.78 x 0.95) $ 8.34 Net Assets $ 6,215,843 ================== SOURCES OF NET ASSETS At June 30, 2001, Net Assets Consisted of: Paid-in Capital $ 6,411,401 Accumulated Undistributed Net Investment Loss (45,861) Net Accumulated Realized Gain on Investments 17,708 Net Unrealized Depreciation in Value of Investments (167,405) ------------------ Net Assets $ 6,215,843 ================== The accompanying notes are an integral part of these financial statements. Timothy Plan Strategic Growth Fund [40]
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2001 (Unaudited) INVESTMENT INCOME amount Interest $ 1,521 ---------------- Total Investment Income 1,521 ---------------- EXPENSES Investment Advisory Fees [NOTE 3] 17,399 Accounting Fees 6,843 Transfer Agent Fees (Class A = $2,529, Class B = $4,463) 8,777 12b-1 Fess (Class A = $1,547, Class B = $8,410) [NOTE 3] 9,957 Custodian Fees 2,083 Administration Fees 2,529 Auditing Fees 1,141 Service Fees (Class B ) [NOTE 3] 2,803 Registrations Expense 6,446 Legan Expense 1,250 Pricing Fees 208 Insurance Expense 242 Printing Expense 407 Miscellaneous Expense 131 ---------------- Total Expenses 60,216 Expenses Waived and Reimbursed by Advisor [NOTE 3] (12,834) ---------------- Total Net Expenses 47,382 ---------------- Net Investment Loss (45,861) ---------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net Realized Loss on Investments (630) Change in Unrealized Depreciation of Investments (131,024) ---------------- Net Realized and Unrealized Loss on Investments (131,654) ---------------- Decrease in Net Assets Resulting from Operations $ (177,515) ================ The accompanying notes are an integral part of these financial statements. Timothy Plan Strategic Growth Fund [41]
STATEMENT OF CHANGES IN NET ASSETS INCREASE IN NET ASSETS six months period ended ended 6/30/01 12/31/00 (A) Unaudited) Operations: Net Investment Loss $ (45,861) $ (1,845) Net Change in Unrealized Depreciation of Investments (131,024) (36,381) Capital Gain Distributions from Other Investment Companies 0 19,973 Net Realized Gain on Investments (630) 209 ----------------- ----------------- Decrease in Net Assets (resulting from operations) (177,515) (18,044) ----------------- ----------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 1,762,936 455,732 Class B 3,300,232 922,774 Dividends Reinvested: Class A - (962) Class B - - Cost of Shares Redeemed: Class A (16,192) - Class B (14,080) - ----------------- ----------------- Increase in Net Assets (resulting from capital share transactions) 5,032,896 1,377,544 ----------------- ----------------- Total Increase in Net Assets 4,855,381 1,359,500 ================= ================= Net Assets: Beginning of period 1,360,462 - ----------------- ----------------- End of period (including undistributed investment loss of $45,861 and $0, respectively) $ 6,215,843 $ 1,359,500 ================= ================= Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold: Class A 196,988 47,462 Class B 371,573 94,129 Shares Redeemed: Class A (1,797) - Class B (1,611) - ----------------- ----------------- Net Increase in Number of Shares Outstanding 565,153 141,591 ================= ================= (A) For the period October 5, 2000 (Commencement of Operations) to December 31, 2000. The accompanying notes are an integral part of these financial statements. Timothy Plan Strategic Growth Fund [42]
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. STRATEGIC GROWTH FUND - CLASS A SHARES six months period ended ended 6/30/01 12/31/00 (D) Per Share Operating Performance: Net Asset Value at Beginning of Period $ 9.61 $ 10.00 -------------- --------------- Income from Investment Operations: Net Investment Loss (0.10) (0.01) Net Realized and Unrealized Loss on Investments (0.69) (0.38) -------------- --------------- Total from Investment Operations (0.79) (0.39) -------------- --------------- Net Asset Value at End of Period $ 8.82 $ 9.61 ============== =============== Total Return (A) (B) (8.22)% (3.90)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 2,140 $ 456 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 3.27% (C) 6.80% (C) After Reimbursement of Expenses by Advisor 1.25% (C) 1.25% (C) Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement of Expenses by Advisor (3.19) (C) (6.22) (C) After Reimbursement of Expenses by Advisor (1.17) (C) (0.67) (C) Portfolio Turnover 0.27% 0.30% (A) Total Return Calculation Does Not Reflect Sales Load. (B) For Periods Of Less Than A Full Year, The Total Return is Not Annualized. (C) Annualized (D) For the Period October 5, 2000 (commencement of operations) to December 31, 2000. The accompanying notes are an integral part of these financial statements. Timothy Plan Strategic Growth Fund [43]
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. STRATEGIC GROWTH FUND - CLASS B SHARES Six months period ended ended 06/30/01 12/31/00 (D) Per Share Operating Performance: Net Asset Value at Beginning of Period $ 9.61 $ 10.00 -------------- -------------- Income from Investment Operations: Net Investment Loss (0.13) (0.03) Net Realized and Unrealized Loss on Investments (0.70) (0.36) -------------- -------------- Total from Investment Operations (0.83) (0.39) -------------- -------------- Net Asset Value at End of Period $ 8.78 $ 9.61 ============== ============== Total Return (A) (B) (8.64)% (3.90)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 4,076 $ 904 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 4.02% (C) 7.55% (C) After Reimbursement of Expenses by Advisor 2.00% (C) 2.00% (C) Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement of Expenses by Advisor (3.94) (C) (6.97) (C) After Reimbursement of Expenses by Advisor (1.92) (C) (1.42) (C) Portfolio Turnover 0.27% 0.30% (A) Total Return Calculation Does Not Reflect Redemption Fee. (B) For Periods Of Less Than A Full Year, The Total Return is Not Annualized (C) Annualzied (D) For the Period October 9, 2000 (commencement of operations) to December 31, 2000. The accompanying notes are an integral part of these financial statements. Timothy Plan Strategic Growth Fund [44]
SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) Common Stocks - 96.12% 127,129 Timothy Fixed Income Fund $ 1,235,693 113,758 Timothy Large/Mid-Cap Growth Fund 849,773 111,128 Timothy Large/Mid-Cap Value Fund 1,252,412 62,685 Timothy Small Cap Value Fund 854,400 ----------------- Total Common Stocks (cost $4,188,619) $ 4,192,278 ----------------- Short Term Investments - 1.21% 52,646 Firstar Bank Treasury Fund (cost $52,646) $ 52,646 ----------------- TOTAL INVESTMENTS - 97.33% (identified cost $4,241,265) 4,244,924 OTHER ASSETS AND LIABILITIES, NET - 2.67% 115,610 ----------------- NET ASSETS - 100.00% $ 4,360,534 ================= The accompanying notes are an integral part of these financial statements. Timothy Plan Conservative Growth Fund [45]
STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2001 (Unaudited) ASSETS amount Investments in Securities at Value (identified cost $4,241,265) [NOTE 1] $ 4,244,924 Cash 39,188 Receivables: Dividends 11,564 Interest 245 Commission Receivable due from Advisor 80 Fund shares sold 117,144 Other 4,220 ------------------- Total Assets $ 4,417,365 =================== LIABILITIES amount Payable for Investments Purchased $ 40,000 Due from Advisor 5,255 Payable for Fund Shares Redeemed 5,911 Accrued Expenses 5,665 ------------------- Total Liabilities $ 56,831 =================== NET ASSETS amount Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 246,636 shares outstanding) $ 2,340,677 Net Asset Value and Redemption price Per Class A Share ($2,340,677 /246,636 shares) $ 9.49 Offering Price Per Share ($9.49 /0.945) $ 10.04 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 214,075 shares outstanding) $ 2,019,857 Net Asset Value and Offering Price Per Class B Share ($2,019,857 / 214,075 shares) $ 9.44 Maximum Redemption Price Per Share ($9.44 x 0.95) $ 8.96 Net Assets $ 4,360,534 ================ SOURCES OF NET ASSETS amount At June 31, 2001, Net Assets Consisted of: Paid-in Capital $ 4,406,257 Undistributed Net Investment Income (8,221) Accumulated Net Realized Gain on Investments (41,161) Net Unrealized Depreciation in Value of Investments 3,659 --------------- Net Assets $ 4,360,534 ================ The accompanying notes are an integral part of these financial statements. Timothy Plan Conservative Growth Fund [46]
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2001 (Unaudited) INVESTMENT INCOME amount Interest $ 1,284 Dividends 15,928 ---------------- Total Investment Income 17,212 ---------------- EXPENSES amount Investment Advisory Fees [NOTE 3] 9,646 Transfer Agent Fees (Class A =$3,273, Class B =$4,046) 7,319 Administration Fees 2,231 12b-1 Fess (Class A =$1,193, Class B =$4,037) [NOTE 3] 5,230 Accounting Fees 6,516 Custodian Fees 2,273 Auditing Fees 645 Servicing Fees (Class B) [NOTE 3] 1,346 Insurance Expense 126 Legal Expense 337 Registration Expense 4,860 Printing Expense 172 Miscellaneous Expense 423 ---------------- Total Expenses 41,124 Expenses Waived and Reimbursed by Advisor [NOTE 3] (14,850) ---------------- Total Net Expenses 26,274 ---------------- Net Investment Income (9,062) ---------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS amount Net Realized Gain on Investments (50,032) Capital Gain Distributions from Other Investment Companies - Change in Unrealized Depreciation of Investments 6,835 ---------------- ---------------- Net Realized and Unrealized Gain on Investments (43,197) ---------------- Increase in Net Assets Resulting from Operations $ (52,259) ================ The accompanying notes are an integral part of these financial statements. Timothy Plan Conservative Growth Fund [47]
STATEMENT OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS six months period ended ended 6/30/01 12/31/00 (Unaudited) Operations: Net Investment Income (Loss) $ (9,062) $ 841 Net Change in Unrealized Depreciation of Investments 6,835 (3,176) Capital Gain Distributions From Other Investment Companies - 8,784 Net Realized Gain on Investments (50,032) 87 --------------- --------------- Increase in Net Assets (resulting from operations) (52,259) 6,536 --------------- --------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 2,093,203 292,033 Class B 1,571,848 479,389 Cost of Shares Redeemed: Class A (17,375) - Class B (12,841) - --------------- --------------- Increase in Net Assets (resulting from capital share transactions) 3,634,835 771,422 --------------- --------------- Total Increase in Net Assets 3,582,576 777,958 Net Assets: Beginning of Period 777,958 - --------------- --------------- End of Period (including undistributed investment loss of $8,221 and $0, respectively) $ 4,360,534 $ 777,958 =============== =============== Shares of Capital Stock of the Fund Sold: Shares Sold: Class A 218,676 29,782 Class B 167,131 48,287 Cost of Shares Redeemed: Class A (1,822) - Class B (1,343) - --------------- --------------- Net Increase in Number of Shares Outstanding 382,642 78,069 =============== =============== * Commencement of operations was October 5, 2000. The accompanying notes are an integral part of these financial statements. Timothy Plan Conservative Growth Fund [48]
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. CONSERVATIVE GROWTH FUND - CLASS A SHARES six months period ended 6/30/01 ended (Unaudited) 12/31/00 (D) Per Share Operating Performance: Net Asset Value at Beginning of Period $ 9.98 $ 10.00 -------------- -------------- Income from Investment Operations: Net Investment Income (Loss) 0.01 0.02 Net Realized and Unrealized Loss on Investments (0.50) (0.04) -------------- -------------- Total from Investment Operations (0.49) (0.02) -------------- -------------- Net Asset Value at End of Period $ 9.49 $ 9.98 ============== ============== Total Return (A) (B) (4.91)% (0.20)% Ratios/Supplimental Data: Net Assets, End of Period (in 000s) $ 2,341 $ 297 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.79% (C) 9.91% (C) After Reimbursement of Expenses by Advisor 1.20% (C) 1.20% (C) Ratio of Net Investment Income (Loss) to Average Net Assets: Before Reimbursement of Expenses by Advisor (0.96) (C) (7.41) (C) After Reimbursement of Expenses by Advisor 0.63% (C) 1.30% (C) Portfolio Turnover (8.85)% 0.56% (A) Total Return Calculation Does Not Reflect Sales Load. (B) For Periods Of Less Than A Full Year, The Total Return Is Not Annualized. (C) Annualized (D) For the period October 5, 2000 (Commencement of Operations) to December 31, 2000. The accompanying notes are an integral part of these financial statements. Timothy Plan Conservative Growth Fund [49] FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. CONSERVATIVE GROWTH FUND - CLASS B SHARES six months period 6/30/01 ended (Unaudited) Per Share Operating Performance: Net Asset Value at Beginning of Period $ 9.96 $ 10.00 -------------- --------------- Income from Investment Operations: Net Investment Income (Loss) (0.02) - Net Realized and Unrealized Loss on Investments (0.50) (0.04) -------------- --------------- Total from Investment Operations (0.52) (0.04) -------------- --------------- Net Asset Value at End of Period $ 9.44 $ 9.96 ============== =============== Total Return (A) (B) (5.22)% (0.40)% Ratios/Supplimental Data: Net Assets, End of Period (in 000s) $ 2,020 $ 481 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 3.54% (C) 10.66% (C) After Reimbursement of Expenses by Advisor 1.95% (C) 1.95% (C) Ratio of Net Investment Income (Loss) to Average Net Assets: Before Reimbursement of Expenses by Advisor (1.71)(C) (8.16) (C) After Reimbursement of Expenses by Advisor (0.12)(C) 0.55% (C) Portfolio Turnover (8.85)% 0.56% (A) Total Return Calculation Does Not Reflect Sales Load. (B) For Periods Of Less Than A Full Year, The Total Return Is Not Annualized. (C) Annualized (D) For the period October 5, 2000 (Commencement of Operations) to December 31, 2000. The accompanying notes are an integral part of these financial statements. Timothy Plan Conservative Growth Fund [50]
SCHEDULE OF INVESTMENTS As of June 30, 2001 (Unaudited) SHORT TERM INVESTMENTS - 98.71% Government Agencies - 76.79% 100,000 Federal Agricultural Mortgage, 4.00%, 08/01/2001 $ 99,655 100,000 Federal Farm Credit, 3.75%, 09/05/2001 99,313 100,000 Federal Home Loan Bank, 5.00%, 07/11/2001 99,862 100,000 Federal Home Loan Bank, 4.53%, 07/17/2001 99,788 200,000 Federal Home Loan Bank, 4.02%, 07/20/2001 199,575 100,000 Federal Home Loan Bank, 4.84%, 08/03/2001 99,556 100,000 Federal Home Loan Bank, 3.58%, 08/17/2001 99,533 100,000 Federal Home Loan Bank, 3.61%, 08/29/2001 99,408 100,000 Federal Home Loan Bank, 4.41%, 09/07/2001 99,167 100,000 Federal Home Loan Bank, 4.25%, 09/14/2001 99,115 100,000 Federal Home Loan Bank, 4.17%, 09/21/2001 99,050 100,000 Freddie Mac, 3.58%, 08/17/2001 99,594 ------------------ 1,293,616 ------------------ Certificates of Deposit - 13.67% 85,000 Beal Bank, 4.00%, 12/27/2001 85,000 85,000 Hudson United Bank, 4.10%, 10/01/2001 85,000 60,000 MBNA America Bank, 6.25%, 09/17/2001 60,235 ------------------ 230,235 ------------------ Money Market Instruments - 8.25% 138,993 Firstar Treasury Fund, 3.04% 07/01/2001 (a) 138,993 ------------------ TOTAL INVESTMENTS - 98.71% (identified cost $1,662,844) 1,662,844 ------------------ OTHER ASSETS AND LIABILITIES, NET - 1.29% 21,750 ------------------ NET ASSETS - 100.00% $ 1,684,594 ================== (a) Variable rate security; the rate shown represents the rate at June 30, 2001. The accompanying notes are an integral part of these financial statements. Timothy Plan Money Market Fund [51]
STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2001 (Unaudited) ASSETS amount Investments in Securities at Value (identified cost $1,662,844) [NOTE 1] $ 1,662,844 Cash 164,809 Receivables: Interest 2,159 Fund Shares Sold 122,451 Due from Advisor 804 Other Assets 1,911 ------------------ Total Assets $ 1,954,978 ================== LIABILITIES amount Payable for Fund Shares Redeemed $ 265,315 Accrued Expenses 4,442 Income Distribution Payable 627 ------------------ Total Liabilities $ 270,384 ================== NET ASSETS amount Shares of Capital Stock Outstanding (par value $0.001, unlimited shares authorized) $ 1,684,544 Net Asset Value, Offering and Redemption Price Per Share ($1,684,594 / 1,684,544 shares) $ 1.00 Net Assets $ 1,684,594 ================== SOURCES OF NET ASSETS amount At June 30, 2001, Net Assets Consisted of: Paid-in Capital $ 1,684,594 ------------------ Net Assets $ 1,684,594 ================== The accompanying notes are an integral part of these financial statements. Timothy Plan Money Market Fund [52]
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2001 (Unaudited) INVESTMENT INCOME amount Interest $ 38,996 ---------------- Total Investment Income 38,996 ---------------- EXPENSES amount Investment Advisory Fees [NOTE 3] 4,643 Transfer Agent Fees 3,719 Administration Fees 2,232 Accounting Fees 4,462 Registration Fees 764 Custodian Fees 1,785 Miscellaneous Expense 2,529 ---------------- Total Expenses 20,134 Expenses Waived and Reimbursed by Advisor [NOTE 3] (13,556) ---------------- Total Net Expenses 6,578 ---------------- Net Investment Income 32,418 ---------------- Increase in Net Assets Resulting from Operations $ 32,418 ================ The accompanying notes are an integral part of these financial statements. Timothy Plan Money Money Market Fund [53]
STATEMENT OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS six months year ended ended 6/31/01 12/31/01 (Unaudited) Operations: Net Investment Income $ 32,418 $ 56,658 --------------- --------------- Increase in Net Assets (resulting from operations) 32,418 56,658 --------------- --------------- Distributions to Shareholders: Net Income (32,413) (56,658) --------------- --------------- Capital Share Transactions: Proceeds from Shares Sold 1,684,031 2,081,130 Dividends Reinvested 31,658 38,156 Cost of Shares Redeemed (1,434,442) (1,476,128) --------------- --------------- Increase in Net Assets (resulting from capital share transactions) 281,247 643,158 --------------- --------------- Total Increase in Net Assets 281,252 643,158 Net Assets: Beginning of Period 1,403,342 760,184 --------------- --------------- End of Period $1,684,594 $1,403,342 =============== =============== Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold 1,684,031 2,081,085 Shares Reinvested 31,658 38,156 Shares Redeemed (1,434,442) (1,476,128) --------------- --------------- Net Increase in Number of Shares Outstanding 281,247 643,113 =============== =============== The accompanying notes are an integral part of these financial statements. Timothy Plan Money Market Fund [54]
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each period presented. MONEY MARKET FUND - CLASS A SHARES six months year period ended ended ended 6/30/01 12/31/00 12/31/99 (B) (Unaudited) Per Share Operating Performance: Net Asset Value at Beginning of Period $ 1.00 $ 1.00 $ 1.00 ----------- ----------- ----------- Income from Investment Operations: Net Investment Income 0.02 0.05 0.02 ----------- ----------- ----------- Total from Investment Operations 0.02 0.05 0.02 ----------- ----------- ----------- Less Distributions: Dividends from Realized Gains - - - Dividends from Net Investment Income (0.02) (0.05) (0.02) ----------- ----------- ----------- Total Distributions (0.02) (0.05) (0.02) ----------- ----------- ----------- Net Asset Value at End of Period $ 1.00 $ 1.00 $ 1.00 =========== =========== =========== Total Return (A) 2.57% 5.34% 1.78% Ratios/Supplimental Data: Net Assets, End of Period (in 000s) $ 1,685 $ 1,403 $ 760 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.60% (C) 4.53% 5.75% (C) After Reimbursement of Expenses by Advisor 0.85% (C) 0.85% 0.85% (C) Ratio of Net Investment Income (Loss) to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.44% (C) 1.58% (0.73)(C) After Reimbursement of Expenses by Advisor 4.19% (C) 5.25% 4.17% (C) (A) Not Annualized. (B) For the Period July 9, 1999 (Commencement of Operations) to December 31, 1999. (C) Annualized. The accompanying notes are an integral part of the financial statements. Timothy Plan Money Market Fund [55]
NOTES TO FINANCIAL STATEMENTS June 30, 2001 (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 eight series: The Timothy Plan Aggressive Growth Fund, The Timothy Plan Conservative Growth Fund, The Timothy Plan Fixed Income Fund, The Timothy Plan Small-Cap Value Fund, The Timothy Plan Large/Mid-Cap Growth Fund, The Timothy Plan Large/Mid-Cap Value Fund, The Timothy Plan Money Market Fund, and The Timothy Plan Strategic Growth Fund, ("the Funds"). The Timothy Plan Aggressive Growth Fund's investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by normally investing at least 65% of the Fund's total assets in US common stocks without regard to market capitalizations and investing in the securities of a limited number of companies which the Fund's Adviser believes show a high probability for superior growth. The Timothy Plan Conservative Growth Fund seeks to generate moderate levels of long-term capital growth with a secondary objective of current income. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds: approximately 15%-20% of its net assets in the Timothy Plan Small-Cap Value Fund; approximately 25%-30% of its net assets in the Timothy Plan Large/Mid-Cap Value Fund; approximately 15%-20% of its net assets in the Timothy Plan Large/Mid-Cap Growth Fund; and approximately 25%-30% in he Timothy Plan Fixed Income Fund. The Timothy Plan 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, U.S. Government and agency securities and preferred securities. The Fund will only purchase high quality securities. The Timothy Plan Small-Cap Value Fund's primary objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by investing primarily in common stocks and ADRs while abiding by ethical standards established for investments by the Fund. The Timothy Plan Large/Mid-Cap Growth Fund's investment objective is long-term growth of capital. Current income is not a significant investment consideration and any such income realized will be considered incidental to the Fund's investment objective. The Fund seeks to achieve its investment objective by normally investing at least 65% of the Fund's total assets in US common stocks with market capitalizations in excess of $1 billion. The Timothy Plan Large/Mid-Cap Value Fund's investment objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its objectives by primarily investing in common stocks and ADRs. The Fund will invest in the common stock of companies whose total market capitalization generally exceeds $1 billion. Timothy Plan Notes to Financial Statements [56} NOTES TO FINANCIAL STATEMENTS June 30, 2001 (Unaudited) - continued TIMOTHY PLAN FAMILY OF FUNDS - -------------------------------------------------------------------------------- Note 1 - Significant Accounting Policies (cont.) The Timothy Plan 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 Timothy Plan Strategic Growth Fund seeks to generate medium to high levels of long-term capital growth. Current income is a consideration only to the extent that the Funds in which the Portfolio invests seek current income. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds: approximately 15%-20% of net assets in the Timothy Plan Small-Cap Value Fund; approximately 20%-25% of its net assets in the Timothy Plan Large/Mid-Cap Value Fund; approximately 30%-35% of its net assets in the Timothy Plan Large/Mid-Cap Growth Fund; and approximately 15%-20% in the Timothy Plan Aggressive Growth Fund. 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 Plan 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 asset value 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 following Funds, The Timothy Plan Aggressive Growth Fund, The Timothy Plan Conservative Growth Fund, The Timothy Plan Small-Cap Value Fund, The Timothy Plan Large/Mid-Cap Growth Fund, The Timothy Plan Large/Mid-Cap Value Fund, The Timothy Plan Strategic Growth Fund and The Timothy Plan Fixed Income Fund, based on expenses applicable to a particular class. The net Timothy Plan Notes to Financial Statements [57] NOTES TO FINANCIAL STATEMENTS June 30, 2001 (Unaudited) - continued TIMOTHY PLAN FAMILY OF FUNDS - -------------------------------------------------------------------------------- Note 1 - Significant Accounting Policies (cont.) asset value of the classes may differ because of different fees and expenses charged to each class. D. Classes Class specific expenses are borne by that class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets. E. Federal Income Taxes It is the policy of the Funds to comply with all requirements of the Internal Revenue Code applicable to regulate investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. The Timothy Plan Fixed Income has approximately $9,300 in capital losses available to offset future gains of which approximately $400 expires in 2004 and $8,900 expires in 2008. The Timothy Plan Large/Mid-Cap Value Fund, the Timothy Plan Large/Mid-Cap Growth Fund and the Timothy Plan Aggressive Growth Fund had net realized losses of $105,247, $94,530 and $36,882 respectively, during the period November 1, 2000 through December 31, 2000 which are treated for federal income tax purposes as arising during each Fund's tax year ending December 31, 2001. These "post October" losses may be utilized in future years to offset net realized capital gains prior to distributing such gains to shareholders. F. 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 the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the six months ended June 30, 2001: funds purchases sales Aggressive Growth Fund $ 2,494,732 $ 917,440 Conservative Growth Fund $ 3,672,610 $ 170,829 Fixed Income Fund $ 1,193,558 $ 28,521 Large/Mid-Cap Growth Fund $ 4,070,731 $ 211,631 Large/Mid-Cap Value Fund $ 6,145,557 $ 1,592,313 Small-Cap Value Fund $ 13,854,766 $ 8,886,661 Strategic Growth Fund $ 5,008,708 $ 8,708 Timothy Plan Notes to Financial Statements [58] NOTES TO FINANCIAL STATEMENTS June 30, 2001 (Unaudited) - continued TIMOTHY PLAN FAMILY OF FUNDS - -------------------------------------------------------------------------------- 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 Timothy Plan Aggressive Growth, The Timothy Plan Small-Cap Value, The Timothy Plan Large/Mid-Cap Growth and The Timothy Plan Large/Mid-Cap Value Funds; 0.60% of the average daily net assets of The Timothy Plan Fixed Income and Timothy Plan Money Market Funds; 0.15% of the average daily net assets of The Timothy Plan Conservative Growth and The Timothy Plan Strategic Growth Funds. TPL has voluntarily agreed to reduce 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 0.85% for the Timothy Plan Money Market Fund and to the specified percentages listed below for each class of shares: funds Class A Class B Aggressive Growth Fund 1.60% 2.35% Conservative Growth Fund 1.15% 1.90% Fixed Income Fund 1.35% 2.10% Large/Mid-Cap Growth Fund 1.60% 2.35% Large/Mid-Cap Value Fund N/A N/A Small-Cap Value Fund N/A N/A Strategic Growth Fund 1.15% 1.90% For the six months ended June 30, 2001, TPL reimbursed the Funds as follows: funds reimbursements Aggressive Growth Fund $ 29,366 Conservative Growth Fund $ 14,850 Fixed Income Fund $ 26,576 Large/Mid-Cap Growth Fund $ 23,681 Large/Mid-Cap Value Fund $ - Money Market Fund $ 13,556 Small-Cap Value Fund $ - Strategic Growth Fund $ 12,834 Timothy Plan Notes to Financial Statements [59] NOTES TO FINANCIAL STATEMENTS June 30, 2001 (Unaudited) - continued TIMOTHY PLAN FAMILY OF FUNDS - -------------------------------------------------------------------------------- Note 3 -Investment Management Fee and Other Transactions with Affiliates (Cont.) The Timothy Plan Aggressive Growth, Timothy Plan Conservative Growth, Timothy Plan Fixed Income, Timothy Plan Large/Mid-Cap Growth, Timothy Plan Large/Mid-Cap Value, Timothy Plan Small-Cap Value, and Timothy Plan Strategic Growth Funds have adopted shareholder services plans (the "Plans") pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Fund will pay TPL or others for expenses that relate to the promotion or distribution of shares. Under the Class A Plan, the Funds will pay TPL a fee at an annual rate of 0.25%, payable monthly, of the average daily net assets attributable to such class of shares. Under the Class B Plans, the Fund will pay TPL a fee at an annual rate of 1.00%, payable monthly, of which, 0.25% may be a service fee and 0.75% may be payable to outside broker/dealers, of the average daily net assets attributable to such class of shares. For the six months ended June 30, 2001, the Funds paid TPL under the terms of the Plan as follows: funds distribution costs Aggressive Growth Fund $ 3,327 Conservative Growth Fund $ 6,576 Fixed Income Fund $ 4,440 Large/Mid-Cap Growth Fund $ 6,220 Large/Mid-Cap Value Fund $ 22,760 Small-Cap Value Fund $ 104,759 Strategic Growth Fund $ 12,760 Note 4 - Unrealized Appreciation (Depreciation) At June 30, 2001, the cost for federal income tax purposes is and the composition of gross unrealized appreciation (depreciation) of investment securities is as follows: funds cost app dep net app/dep Aggressive Growth Fund $ 2,527,142 $ 202,432 $ (144,879) $ 57,553 Conservative Growth Fund $ 4,241,265 $ 72,022 $ (68,363) $ 3,359 Fixed Income Fund $ 2,563,883 $ 35,713 $ (44,306) $ (8,593) Large/Mid-Cap Growth Fund $ 5,851,750 $ 89,667 $ (707,874) $ (618,207) Large/Mid-Cap Value Fund $ 12,089,363 $ 1,287,762 $ (269,736) $ 1,018,026 Money Market Fund $ 1,662,844 N/A N/A N/A Small-Cap Value Fund $ 32,145,308 $ 6,970,205 $ (2,263,061) $ 4,707,144 Strategic Growth Fund $ 6,537,895 $ 104,017 $ (271,422) % (167,405)
Timothy Plan Notes to Financial Statements [60] -----END PRIVACY-ENHANCED MESSAGE-----