N-30D 1 timn30d.txt TIMOTHY PLAN December 31, 2001 Dear Shareholder: The year 2001 has been anything but a "normal year" in America. We have been through a fairly major recession, a terrorist attack on American soil, a questioning of corporate accounting accuracy in view of the Enron scandal, massive layoffs at major corporations, etc. It is not my intent to minimize these tragic events that have had such a painful impact in the lives of so many of our fellow Americans but there are some positives. Romans 8:28 tells us that God works all things together for good and I believe we are seeing the truth of that passage being lived out in the aftermath of these tragedies. I believe 9/11/01 was a wake up call for America and we responded in a very unified, positive manner. We have moved from being an opulent, self-absorbed society to one that is expressing more concern for our fellow man, our nation, and our traditional value system. These values define the essence of what the Timothy Plan is all about. In market terms, the past two years have been rather messy with a negative pall overhanging general market performance. In spite of this, I am pleased to report that I believe our funds, when compared with their indexes, have performed quite well during this unsettled period. A close review of the material contained in the following pages should confirm the accuracy of this statement. Although historical performance can not be considered a guarantee of future results, market history generally shows that the year following negative market performance of an 18 to 24 month duration has normally been very positive in terms of performance. I would be surprised if that wasn't the case this year - although, as stated above, there is no guarantee of that happening. I draw strength and encouragement from two venues in times like this. First, I believe the firms we have selected to manage our various funds are among the best in the industry and, second, I am intimately acquainted with the One who is really in charge of our mission. Thank you for being part of the Timothy Plan family. Yours in Christ, Arthur D. Ally President Returns for the Year Ended December 31, 2001 ---------------------------------------- ------------------ ------------- --------------------------- Fund/Index 12 Months 5 Years Average Annual Total Total Return Average Return Annual Since Inception Return ---------------------------------------- ------------------ ------------- --------------------------- ---------------------------------------- ------------------ ------------- --------------------------- Timothy Small Cap Value Fund - Class A (a) (With sales charge) 3.63% 7.11% 6.66% ---------------------------------------- ---------------------------------------- ------------------ ------------- --------------------------- Russell 2000 Index (a) 2.49% 7.52% 9.60% ---------------------------------------- ------------------ ------------- --------------------------- ---------------------------------------- ------------------ ------------- --------------------------- Timothy Small Cap Value Fund - Class B (b) (With CDSC) 3.77% 7.46% 7.45% ---------------------------------------- ------------------ ------------- --------------------------- ---------------------------------------- ------------------ ------------- --------------------------- Russell 2000 Index (b) 2.49% 7.52% 8.95% ---------------------------------------- ------------------ ------------- ---------------------------
(a) For the period March 24, 1994 (commencement of investment in accordance with objective) to December 31, 2001. (b) For the period August 25, 1995 (commencement of investment in accordance with objective) to December 31, 2001. Timothy Small-Cap Value Fund Russell 2000 Index A - $16,510 - $20,403 3/24/94 9,450.00 10,000.00 3/31/94 9,440.55 9,406.32 6/30/94 9,005.85 9,038.29 9/30/94 9,289.35 9,666.22 12/31/94 9,181.27 9,487.46 3/31/95 9,361.86 9,925.49 6/30/95 9,837.08 10,856.03 9/30/95 10,036.67 11,928.16 12/31/95 9,909.09 12,186.72 3/31/96 10,263.34 12,808.57 6/30/96 10,469.98 13,449.29 9/30/96 10,401.10 13,494.78 12/31/96 11,068.96 14,196.82 3/31/97 10,990.18 13,462.74 6/30/97 12,496.90 15,645.12 9/30/97 13,786.96 17,973.58 12/31/97 13,432.06 17,371.71 3/31/98 14,144.78 19,119.00 6/30/98 13,574.60 18,227.70 9/30/98 10,427.66 14,555.61 12/31/98 12,022.30 16,929.47 3/31/99 10,222.82 16,011.16 6/30/99 12,254.13 18,501.15 9/30/99 11,646.94 17,331.35 12/31/99 13,534.74 20,528.10 3/31/00 15,411.50 21,982.28 6/30/00 14,859.51 21,151.41 9/30/00 14,870.55 21,385.24 12/31/00 15,054.81 19,907.94 3/31/01 14,386.23 18,612.87 6/30/01 16,272.56 21,272.27 9/30/01 14,249.84 16,849.92 12/31/01 16,509.65 20,402.82 The chart shows the value of a hypothetical initial investment of $10,000 in the Fund A shares, and the Russell 2000 Index on March 24, 1994 and held through December 31, 2001. The Russell 2000 Index is widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Timothy Small-Cap B Russell 2000 Index - $15,974 - $17,478 8/25/95 10,000.00 10,000.00 9/30/95 10,066.73 10,218.04 12/31/95 9,954.12 10,439.54 3/31/96 10,299.75 10,972.24 6/30/96 10,487.38 11,521.09 9/30/96 10,398.50 11,560.06 12/31/96 11,147.06 12,161.45 3/31/97 11,057.64 11,532.62 6/30/97 12,528.02 13,402.11 9/30/97 13,799.70 15,396.75 12/31/97 13,431.85 14,881.16 3/31/98 14,107.32 16,377.95 6/30/98 13,509.37 15,614.43 9/30/98 10,353.49 12,468.81 12/31/98 11,930.73 14,502.33 3/31/99 10,113.24 13,715.68 6/30/99 12,109.13 15,848.68 9/30/99 11,417.82 14,846.59 12/31/99 13,246.45 17,585.03 3/31/00 15,086.24 18,830.73 6/30/00 14,539.88 18,118.98 9/30/00 14,539.88 18,319.29 12/31/00 14,686.39 17,053.78 3/31/01 13,999.66 15,944.38 6/30/01 15,818.90 18,222.51 9/30/01 13,825.89 14,434.18 12/31/01 15,973.72 17,477.72 The chart shows the value of a hypothetical initial investment of $10,000 in the Fund B shares, and the Russell 2000 Index on August 25, 1995 and held through December 31, 2001. The Russell 2000 Index is widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Returns for the Year Ended December 31, 2001 -------------------------------------------- ------------------ ----------------------------- Fund/Index 12 Months Average Annual Total Return Total Return Since Inception -------------------------------------------- ------------------ ----------------------------- -------------------------------------------- ------------------ ----------------------------- Timothy Large/Mid- Cap Value Fund - Class A (e)(With sales charge) -5.19% 1.43% -------------------------------------------- -------------------------------------------- ------------------ ----------------------------- S&P 500 Index (e) -11.88% -6.52% -------------------------------------------- ------------------ ----------------------------- -------------------------------------------- ------------------ ----------------------------- Timothy Large/Mid- Cap Value Fund - Class B (f)(With CDSC) -5.61% 0.51% -------------------------------------------- ------------------ ----------------------------- -------------------------------------------- ------------------ ----------------------------- S&P 500 Index (f) -11.88% -6.84% -------------------------------------------- ------------------ -----------------------------
(e) For the period July 14, 1999 (commencement of investment in accordance with objective) to December 31, 2001. (f) For the period July 15, 1999 (commencement of investment in accordance with objective) to December 31, 2001. Timothy Large/Mid-Cap Value Fund S&P 500 Index A - $10,356 - $8,466 7/14/99 9,450.00 10,000.00 7/31/99 9,468.90 9,506.95 8/31/99 9,383.85 9,459.90 9/30/99 8,996.40 9,200.87 10/31/99 9,081.45 9,782.87 11/30/99 8,958.60 9,981.73 12/31/99 9,187.46 10,569.26 1/31/00 8,399.70 10,038.29 2/29/00 7,830.23 9,848.46 3/31/00 8,855.27 10,811.31 4/28/00 8,988.15 10,486.17 5/31/00 9,329.83 10,270.90 6/30/00 9,035.61 10,524.15 7/31/00 9,045.10 10,359.75 8/31/00 9,813.88 11,002.87 9/30/00 9,605.08 10,422.14 10/31/00 10,032.18 10,377.93 11/30/00 9,491.18 9,560.34 12/31/00 10,321.76 9,607.24 1/31/01 10,550.49 9,947.89 2/28/01 10,188.33 9,041.40 3/31/01 9,911.94 8,468.71 4/30/01 10,950.78 9,126.29 5/31/01 11,093.74 9,187.47 6/30/01 10,741.11 8,963.94 7/31/01 10,712.51 8,875.66 8/31/01 10,359.88 8,320.58 9/30/01 9,092.29 7,648.94 10/31/01 9,540.24 7,794.88 11/30/01 10,121.61 8,392.65 12/31/01 10,355.65 8,466.29 The chart shows the value of a hypothetical initial investment of $10,000 in the Fund A shares, and the S&P 500 Index on July 14, 1999 and held through December 31, 2001. The S&P 500 Index is widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Timothy Large/Mid-Cap S&P 500 INDEX B Value Fund - $10,627 - $8,397 7/15/99 10,000.00 10,000.00 7/31/99 9,520.00 9,429.48 8/31/99 9,348.00 9,382.82 9/30/99 8,939.50 9,125.90 10/31/99 9,015.50 9,703.16 11/30/99 8,863.50 9,900.40 12/31/99 8,931.41 10,483.14 1/31/00 8,301.64 9,956.50 2/29/00 7,738.65 9,768.21 3/31/00 8,750.11 10,723.22 4/28/00 8,902.79 10,400.73 5/31/00 9,227.22 10,187.22 6/30/00 8,931.41 10,438.40 7/31/00 8,940.96 10,275.33 8/31/00 9,705.03 10,913.21 9/30/00 9,465.77 10,337.21 10/31/00 9,895.88 10,293.37 11/30/00 9,341.72 9,482.44 12/31/00 10,192.39 9,528.96 1/31/01 10,934.48 9,866.83 2/28/01 10,541.08 8,967.73 3/31/01 10,248.55 8,399.70 4/30/01 11,317.79 9,051.93 5/31/01 11,459.01 9,112.61 6/30/01 11,085.78 8,890.90 7/31/01 11,035.35 8,803.34 8/31/01 10,662.12 8,252.79 9/30/01 9,350.79 7,586.62 10/31/01 9,814.80 7,731.36 11/30/01 10,409.94 8,324.27 12/31/01 10,627.36 8,397.31 The chart shows the value of a hypothetical initial investment of $10,000 in the Fund B shares, and the S&P 500 Index on July 15, 1999 and held through December 31, 2001. The S&P 500 Index is widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Returns for the Year Ended December 31, 2001 ---------------------------------------------- -------------- ------------------------- Fund/Index 12 Months Average Annual Total Total Return Return Since Inception ---------------------------------------------- -------------- ------------------------- ---------------------------------------------- -------------- ------------------------- Timothy Fixed Income Fund - Class A (c) (With sales charge) 1.85% 1.43% ---------------------------------------------- ---------------------------------------------- -------------- ------------------------- Dow Jones Bond Index (c) 6.04% 0.58% ---------------------------------------------- -------------- ------------------------- ---------------------------------------------- -------------- ------------------------- Timothy Fixed Income Fund - Class B (d) (With CDSC) -0.87% 0.24% ---------------------------------------------- -------------- ------------------------- ---------------------------------------------- -------------- ------------------------- Dow Jones Bond Index (d) 6.04% 1.04% ---------------------------------------------- -------------- -------------------------
(c) For the period July 14, 1999 (commencement of investment in accordance with objective) to December 31, 2001. (d) For the period August 5, 1999 (commencement of investment in accordance with objective) to December 31, 2001. Timothy Fixed Income Dowm Jones Bond Index Fund A - $10,357 - $10,144 7/14/99 9,575.00 10,000.00 7/31/99 9,517.55 9,906.70 8/31/99 9,594.15 9,849.73 9/30/99 9,613.30 9,795.72 10/31/99 9,603.73 9,727.95 11/30/99 9,575.00 9,662.15 12/31/99 9,515.80 9,543.31 1/31/00 9,486.70 9,390.10 2/29/00 9,544.91 9,415.64 3/31/00 9,397.32 9,351.80 4/28/00 9,171.70 9,342.96 5/31/00 9,152.09 9,228.05 6/30/00 9,358.22 9,352.78 7/31/00 9,407.94 9,399.92 8/31/00 9,467.61 9,519.74 9/30/00 9,556.42 9,440.19 10/31/00 9,606.93 9,363.58 11/30/00 9,647.34 9,454.92 12/31/00 9,736.19 9,566.88 1/31/01 9,879.22 9,847.77 2/28/01 9,991.60 9,914.56 3/31/01 10,069.96 9,982.32 4/30/01 9,935.83 9,893.93 5/31/01 10,018.37 9,994.11 6/30/01 10,124.95 10,054.02 7/31/01 10,281.20 10,155.18 8/31/01 10,395.79 10,187.59 9/30/01 10,287.98 10,105.09 10/31/01 10,509.34 10,235.71 11/30/01 10,382.84 10,208.21 12/31/01 10,356.81 10,144.37 The chart shows the value of a hypothetical initial investment of $10,000 in the Fund A shares, and the Dow Jones Bond Index on July 14, 1999 and held through December 31, 2001. The Dow Jones Bond Index is widely recognized, unmanaged index of bond prices. Performance figures include the change in value of the bonds in the index and the reinvestment of interests. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Timothy Fixed Income Fund B- $10,817 Dow Jones Bond Index - $10,357 8/5/99 10,000.00 10,000.00 8/31/99 9,980.00 9,962.25 9/30/99 10,000.00 9,907.62 10/31/99 9,990.00 9,839.08 11/30/99 9,960.00 9,772.52 12/31/99 9,928.83 9,652.33 1/31/00 9,847.78 9,497.37 2/29/00 9,898.44 9,523.19 3/31/00 9,744.34 9,458.63 4/28/00 9,508.67 9,449.69 5/31/00 9,518.92 9,333.47 6/30/00 9,713.60 9,459.62 7/31/00 9,765.49 9,507.30 8/31/00 9,827.75 9,628.49 9/30/00 9,922.40 9,548.03 10/31/00 9,954.00 9,470.55 11/30/00 9,985.60 9,562.93 12/31/00 10,139.62 9,676.17 1/31/01 10,139.62 9,960.27 2/28/01 10,235.27 10,027.81 3/31/01 10,262.91 10,096.35 4/30/01 10,091.32 10,006.95 5/31/01 10,134.22 10,108.27 6/30/01 10,201.35 10,168.87 7/31/01 10,406.89 10,271.18 8/31/01 10,612.43 10,303.96 9/30/01 10,586.58 10,220.52 10/31/01 10,805.54 10,352.64 11/30/01 10,674.16 10,324.82 12/31/01 10,558.88 10,260.26 12/31/01 10,816.51 10,356.81
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund B shares, and the Dow Jones Bond Index on August 5, 1999 and held through December 31, 2001. The Dow Jones Bond Index is widely recognized, unmanaged index of bond prices. Performance figures include the change in value of the bonds in the index and the reinvestment of interests. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Returns for the Year Ended December 31, 2001 ----------------------------------------------- --------------- ----------------------------- Fund/Index 12 Months Average Annual Total Return Total Return Since Inception ----------------------------------------------- --------------- ----------------------------- ----------------------------------------------- --------------- ----------------------------- Timothy Aggressive Growth Fund - Class A (g)(With sales charge) -25.23% -31.55% ----------------------------------------------- ----------------------------------------------- --------------- ----------------------------- Russell Mid Cap Growth Index (g) -20.15% -28.94% ----------------------------------------------- --------------- ----------------------------- ----------------------------------------------- --------------- ----------------------------- Timothy Aggressive Growth Fund - Class B (h)(With CDSC) -26.34% -33.45% ----------------------------------------------- --------------- ----------------------------- ----------------------------------------------- --------------- ----------------------------- Russell Mid Cap Growth Index (h) -20.15% -28.05% ----------------------------------------------- --------------- ----------------------------- (g) For the period October 5, 2000 (commencement of investment in accordance with objective) to December 31, 2001. (h) For the period October 9, 2000 (commencement of investment in accordance with objective) to December 31, 2001.
Timothy Aggressive Russell Mid Cap Growth Growth Fund A-$6,246 - $6,544 10/5/00 9,450.00 10,000.00 10/31/00 9,459.45 9,946.89 11/30/00 7,663.95 7,785.33 12/31/00 7,890.75 8,195.28 1/31/01 7,711.20 8,663.46 2/28/01 6,794.55 7,164.93 3/31/01 6,114.15 6,139.50 4/30/01 7,049.70 7,162.92 5/31/01 6,993.00 7,129.25 6/30/01 7,106.40 7,132.99 7/31/01 6,652.80 6,651.94 8/31/01 6,123.60 6,169.80 9/30/01 5,197.50 5,150.13 10/31/01 5,395.95 5,691.50 11/30/01 6,029.10 6,304.23 12/31/01 6,246.45 6,543.89 The chart shows the value of a hypothetical initial investment of $10,000 in the Fund A shares, and the Russell Mid Cap Growth Index on October 5, 2000 and held through December 31, 2001. The Russell Mid Cap Growth Index is widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Timothy Aggressvie Growth Fund B - $6,560 Russell Mid Cap Growth Index - $6,670 10/9/00 10,000.00 10,000.00 10/31/00 10,010.00 10,138.98 11/30/00 8,110.00 7,935.68 12/31/00 8,340.00 8,353.55 1/31/01 8,140.00 8,830.77 2/28/01 7,170.00 7,303.30 3/31/01 6,450.00 6,258.07 4/30/01 7,430.00 7,301.25 5/31/01 7,370.00 7,266.93 6/30/01 7,480.00 7,270.74 7/31/01 7,000.00 6,780.41 8/31/01 6,440.00 6,288.95 9/30/01 5,470.00 5,249.59 10/31/01 5,680.00 5,801.41 11/30/01 6,340.00 6,425.98 12/31/01 6,560.00 6,670.26
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund B shares, and the Russell Mid Cap Growth Index on October 9, 2000 and held through December 31, 2001. The Russell Mid Cap Growth Index is widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Returns for the Year Ended December 31, 2001 ----------------------------------------------- --------------- ----------------------------- Fund/Index 12 Months Average Annual Total Return Total Return Since Inception ----------------------------------------------- --------------- ----------------------------- ----------------------------------------------- --------------- ----------------------------- Timothy Large/Mid Cap Growth Fund - Class A (i)(With sales charge) -27.05% -26.00% ----------------------------------------------- ----------------------------------------------- --------------- ----------------------------- Russell 1000 Growth Index (i) -20.42% -30.30% ----------------------------------------------- --------------- ----------------------------- ----------------------------------------------- --------------- ----------------------------- Timothy Large/Mid Cap Growth Fund - Class B (j)(With CDSC) -28.27% -27.61% ----------------------------------------------- --------------- ----------------------------- ----------------------------------------------- --------------- ----------------------------- Russell 1000 Growth Index (j) -20.42% -28.94% ----------------------------------------------- --------------- -----------------------------
(i) For the period October 5, 2000 (commencement of investment in accordance with objective) to December 31, 2001. (j) For the period October 9, 2000 (commencement of investment in accordance with objective) to December 31, 2001. Timothy Large/Mid Cap Russell 1000 Growth Index A - $6,880 - $6,389 10/5/00 9,450.00 10,000.00 10/31/00 9,535.05 9,724.13 11/30/00 8,920.80 8,290.71 12/31/00 8,912.39 8,028.32 1/31/01 8,997.45 8,582.98 2/28/01 7,825.51 7,125.85 3/31/01 6,766.99 6,350.37 4/30/01 7,589.24 7,153.62 5/31/01 7,419.12 7,048.24 6/30/01 7,059.97 6,885.06 7/31/01 7,012.72 6,712.94 8/31/01 6,417.30 6,164.13 9/30/01 5,906.94 5,548.57 10/31/01 6,228.28 5,839.71 11/30/01 6,880.40 6,400.70 12/31/01 6,880.40 6,388.69 The chart shows the value of a hypothetical initial investment of $10,000 in the Fund A shares, and the Russell 1000 Growth Index on October 5, 2000 and held through December 31, 2001. The Russell 1000 Growth Index is widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Timothy Large/Mid-Cap Growth Fund Russell,1000 Growth Index B - $7,220 - $6,569 10/9/00 10,000.00 10,000.00 10/31/00 10,090.00 9,998.00 11/30/00 9,440.00 8,524.21 12/31/00 9,410.60 8,254.42 1/31/01 9,500.61 8,824.71 2/28/01 8,260.53 7,326.54 3/31/01 7,140.45 6,529.22 4/30/01 8,000.51 7,355.09 5/31/01 7,830.50 7,246.74 6/30/01 7,440.47 7,078.96 7/31/01 7,390.47 6,902.00 8/31/01 6,750.43 6,337.73 9/30/01 6,220.40 5,704.84 10/31/01 6,540.42 6,004.17 11/30/01 7,230.46 6,580.97 12/31/01 7,220.46 6,568.61
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund B shares, and the Russell 1000 Growth Index on October 9, 2000 and held through December 31, 2001. The Russell 1000 Growth Index is widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Returns for the Year Ended December 31, 2001 ----------------------------------------------- --------------- ----------------------------- Fund/Index 12 Months Average Annual Total Return Total Return Since Inception ----------------------------------------------- --------------- ----------------------------- ----------------------------------------------- --------------- ----------------------------- Timothy Strategic Growth Fund - Class A (m)(With sales charge) -16.58% -16.30% ----------------------------------------------- ----------------------------------------------- --------------- ----------------------------- S&P 500 Index (m) -11.88% -15.42% ----------------------------------------------- --------------- ----------------------------- ----------------------------------------------- --------------- ----------------------------- Timothy Strategic Growth Fund - Class B (n)(With CDSC) -17.24% -17.15% ----------------------------------------------- --------------- ----------------------------- ----------------------------------------------- --------------- ----------------------------- S&P 500 Index (n) -11.88% -13.88% ----------------------------------------------- --------------- -----------------------------
(m) For the period October 5, 2000 (commencement of investment in accordance with objective) to December 31, 2001. (n) For the period October 9, 2000 (commencement of investment in accordance with objective) to December 31, 2001. Timothy Strategic Growth Fund A - $8,017 S&P 500 Index - $8,123 10/5/00 9,450.00 10,000.00 10/31/00 9,563.40 9,957.55 11/30/00 8,816.85 9,173.07 12/31/00 9,081.45 9,218.08 1/31/01 9,175.95 9,544.93 2/28/01 8,495.55 8,675.16 3/31/01 7,749.00 8,125.66 4/30/01 8,505.00 8,756.61 5/31/01 8,514.45 8,815.31 6/30/01 8,334.90 8,600.84 7/31/01 8,155.35 8,516.13 8/31/01 7,720.65 7,983.54 9/30/01 6,907.95 7,339.11 10/31/01 7,172.55 7,479.13 11/30/01 7,777.35 8,052.69 12/31/01 8,017.06 8,123.35 The chart shows the value of a hypothetical initial investment of $10,000 in the Fund A shares, and the S&P 500 Index on October 5, 2000 and held through December 31, 2001. The S&P 500 Index is widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Timothy Strategic Growth Fund B S&P 500 Index - $8,434 - $8,320 10/9/00 10,000.00 10,000.00 10/31/00 10,120.00 10,198.95 11/30/00 9,320.00 9,395.46 12/31/00 9,610.00 9,441.55 1/31/01 9,700.00 9,776.33 2/28/01 8,980.00 8,885.47 3/31/01 8,180.00 8,322.66 4/30/01 8,970.00 8,968.90 5/31/01 8,970.00 9,029.03 6/30/01 8,780.00 8,809.35 7/31/01 8,590.00 8,722.59 8/31/01 8,130.00 8,177.09 9/30/01 7,270.00 7,517.03 10/31/01 7,550.00 7,660.45 11/30/01 8,180.00 8,247.92 12/31/01 8,433.68 8,320.29 The chart shows the value of a hypothetical initial investment of $10,000 in the Fund B shares, and the S&P 500 Index on October 9, 2000 and held through December 31, 2001. The S&P 500 Index is widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Returns for the Year Ended December 31, 2001 ----------------------------------------------- --------------- ----------------------------- Fund/Index 12 Months Average Annual Total Return Total Return Since Inception ----------------------------------------------- --------------- ----------------------------- ----------------------------------------------- --------------- ----------------------------- Timothy Conservative Growth Fund - Class A (k)(With sales charge) -10.61% -8.77% ----------------------------------------------- ----------------------------------------------- --------------- ----------------------------- S&P 500 Index (k) -11.88% -15.42% ----------------------------------------------- --------------- ----------------------------- ----------------------------------------------- --------------- ----------------------------- Timothy Conservative Growth Fund - Class B (l)(With CDSC) -11.23% -9.55% ----------------------------------------------- --------------- ----------------------------- ----------------------------------------------- --------------- ----------------------------- S&P 500 Index (l) -11.88% -13.88% ----------------------------------------------- --------------- -----------------------------
(k) For the period October 5, 2000 (commencement of investment in accordance with objective) to December 31, 2001. (l) For the period October 9, 2000 (commencement of investment in accordance with objective) to December 31, 2001. Timothy Conservative Growth Fund A - $8,921 S&P 500 Index- $8,123 10/5/00 9,450.00 10,000.00 10/31/00 9,639.00 9,957.55 11/30/00 9,147.60 9,173.07 12/31/00 9,421.65 9,218.08 1/31/01 9,544.50 9,544.93 2/28/01 9,081.45 8,675.16 3/31/01 8,599.50 8,125.66 4/30/01 9,034.20 8,756.61 5/31/01 9,100.35 8,815.31 6/30/01 8,968.05 8,600.84 7/31/01 8,939.70 8,516.13 8/31/01 8,722.35 7,983.54 9/30/01 8,070.30 7,339.11 10/31/01 8,334.90 7,479.13 11/30/01 8,712.90 8,052.69 12/31/01 8,921.10 8,123.35 The chart shows the value of a hypothetical initial investment of $10,000 in the Fund A shares, and the S&P 500 Index on October 5, 2000 and held through December 31, 2001. The S&P 500 Index is widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results. Timothy Conservative Growth Fund B - $9,339 S&P 500 Index - $8,320 10/9/00 10,000.00 10,000.00 10/31/00 10,200.00 10,198.95 11/30/00 9,670.00 9,395.46 12/31/00 9,960.00 9,441.55 1/31/01 10,080.00 9,776.33 2/28/01 9,580.00 8,885.47 3/31/01 9,070.00 8,322.66 4/30/01 9,520.00 8,968.90 5/31/01 9,580.00 9,029.03 6/30/01 9,440.00 8,809.35 7/31/01 9,400.00 8,722.59 8/31/01 9,160.00 8,177.09 9/30/01 8,470.00 7,517.03 10/31/01 8,730.00 7,660.45 11/30/01 9,120.00 8,247.92 12/31/01 9,339.32 8,320.29 The chart shows the value of a hypothetical initial investment of $10,000 in the Fund B shares, and the S&P 500 Index on October 9, 2000 and held through December 31, 2001. The S&P 500 Index is widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund's return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. The Fund's return represents past performance and is not predictive of future results.
(Unaudited) The following is a complete listing of all officers and directors of The Timothy Plan. It includes background and biography information for the benefit of the shareholders of the Funds. ------------------- ----------------- --------------- ----------------------- --------------- --------------- Name, Address and Position(s) Term of Principal Number of Other Age Held with Fund Office and Occupation(s) During Portfolios in Directorships Length of Past 5 Years Fund Complex Held by Time Served Overseen by Director Director ------------------- ----------------- --------------- ----------------------- --------------- --------------- ------------------- ----------------- --------------- ----------------------- --------------- --------------- Arthur D. Ally Trustee, Since January President and 10 0 (Year of Birth: President of 1994 controlling 1942)* the Trust, shareholder of 1304 West Chairman of the Covenant Funds, Inc. Fairbanks Avenue Board of ("CFI"), a holding Winter Park, FL Trustees. company. President and general partner of Timothy Partners, Ltd. ("TPL"), the investment adviser and principal underwriter to each Fund. CFI is also the managing general partner of TPL. ------------------- ----------------- --------------- ----------------------- --------------- --------------- ------------------- ----------------- --------------- ----------------------- --------------- --------------- Joseph E. Trustee, Since April Retired Minister. 10 0 Boatwright Secretary 1995 Currently serves as a (Year of Birth: consultant to the 1930)** Greater Orlando 1410 Hyde Park Baptist Association. Drive Served as Senior Winter Park, FL Pastor to the Aloma Baptist Church from 1970-1996. ------------------- ----------------- --------------- ----------------------- --------------- --------------- ------------------- ----------------- --------------- ----------------------- --------------- --------------- Wesley W. Trustee, Since January President, Westwind 10 0 Pennington Treasurer 1994. Holdings, Inc., a (Year of Birth: development company, 1930) since 1997. 442 Raymond Avenue President and Longwood, FL controlling shareholder, Weston, Inc., a fabric treatment company, form 1979-1997. ------------------- ----------------- --------------- ----------------------- --------------- --------------- ------------------- ----------------- --------------- ----------------------- --------------- --------------- Jock M. Sneddon Trustee Since January Physician, Florida 10 0 (Year of Birth: 1997. Hospital Center. 1947)** 6001 Vineland Drive Orlando, FL ------------------- ----------------- --------------- ----------------------- --------------- --------------- ------------------- ----------------- --------------- ----------------------- --------------- --------------- Name, Address and Position(s) Term of Principal Number of Other Age Held with Fund Office and Occupation(s) During Portfolios in Directorships Length of Past 5 Years Fund Complex Held by Time Served Overseen by Director Director ------------------- ----------------- --------------- ----------------------- --------------- --------------- ------------------- ----------------- --------------- ----------------------- --------------- --------------- W. Thomas Fyler, Trustee Since President, 10 0 Jr. December 1998. controlling (Year of Birth: shareholder of W.T. 1957) Fyler, Jr./Ephesus, 90 West Street, Inc., a New York Suite 1820 State registered New York, NY investment advisory 10006 firm. Founding member of the National Association of Christian Financial Consultants. ------------------- ----------------- --------------- ----------------------- --------------- --------------- ------------------- ----------------- --------------- ----------------------- --------------- --------------- Mathew D. Staver Trustee Since June Attorney specializing 10 0 (Year of Birth: 2000. in free speech, 1956)** appellate practice 210 East Palmetto and religious liberty Ave. constitutional law. Longwood, FL 3275 Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles. ------------------- ----------------- --------------- ----------------------- --------------- --------------- ------------------- ----------------- --------------- ----------------------- --------------- --------------- Charles E. Trustee Since June Director of Finance, 10 0 Nelson 2000. Hospice of the (Year of Birth: Comforter, Inc., a 1934) non-profit 1145 Cross Creek organization. Altamonte Formerly Comptroller, Springs, FL Florida United Methodist Children's Home, Inc. Formerly Credit Specialist with the Resolution Trust Corporation and Senior Executive Vice President, Barnett Bank of Central Florida, N.A. Formerly managing partner, Arthur Anderson, CPA firm, Florida branch. ------------------- ----------------- --------------- ----------------------- --------------- --------------- ------------------- ----------------- --------------- ----------------------- --------------- --------------- Name, Address and Position(s) Term of Principal Number of Other Age Held with Fund Office and Occupation(s) During Portfolios in Directorships Length of Past 5 Years Fund Complex Held by Time Served Overseen by Director Director ------------------- ----------------- --------------- ----------------------- --------------- --------------- ------------------- ----------------- --------------- ----------------------- --------------- --------------- Mark A. Minnella Trustee Since June Principal and 10 0 (Year of Birth: 2000. co-founder of The 1955) Financial Engineering 1215 Fern Ridge Center, Inc. a Parkway registered investment Suite 110 advisory firm. Creve Coeur, MO Co-founder, treasurer and director of the National Association of Christian Financial Consultants. Mr. Minnella is a Registered Investment Principal (NASD Series 24), and a registered investment adviser (NASD Series 65). Host of a weekly radio program in St. Louis devoted to financial planning. Frequent lecturer, teacher and author of a variety of financial software products. ------------------- ----------------- --------------- ----------------------- --------------- --------------- ------------------- ----------------- --------------- ----------------------- --------------- --------------- William Dodson Trustee Since Vice-President - 10 0 (Year of Birth: November 2001. Sales, California 1960) Plan of Church 7120 N Whitney Finance, a division Avenue of the Southern Fresno, CA 93720 Baptist Convention of California. An ordained pastor, Mr. Dodson has previously served as a Registered Representative with Merrill Lynch for four years. author of a variety of financial software products. ------------------- ----------------- --------------- ----------------------- --------------- ---------------
* Mr. Ally is an "interested" Trustee, as that term is defined in the 1940 Act, because of his positions with and financial interests in CFI and TPL. ** Messrs. Boatwright, Sneddon and Staver are "interested" Trustees, as that term is defined in the 1940 Act, because each has a limited partnership interest in TPL. The Statement of Additional information includes additional information about Fund directors and is available, without charge, upon request, by calling The Timothy Plan at 1-800-846-7526. SCHEDULE OF INVESTMENTS As of December 31, 2001 COMMON STOCKS - 82.41% APPAREL - 1.84% 31,500 Stage Stores, Inc.* $ 724,500 ------------------- BALL & ROLLER BEARINGS - 2.34% 40,600 Kaydon Corp. 920,808 ------------------- CANNED, FROZEN & PRESERVED FRUIT, VEGETABLES & FOOD SPECIALTIES - 3.50% 39,000 Corn Products International, Inc. 1,374,750 ------------------- CREDIT SERVICES - 2.05% 25,500 Americredit Corp.* 804,525 ------------------- DIVERSIFIED COMMUNICATION SERVICES - 1.36% 50,000 Crown Castle International* 534,000 ------------------- DRAWING & INSULATING NONFERROUS WIRE - 2.37% 39,500 Belden, Inc. 930,225 ------------------- ELECTRIC & OTHER SERVICES COMBINED - 2.34% 36,500 ALLETE, Inc. 919,800 ------------------- FARM/CONSTRUCTION MACHINERY - 2.44% 57,000 Joy Global, Inc.* 957,600 ------------------- INVESTMENT ADVICE - 3.00% 17,800 Investors Financial Services Corp. 1,178,538 ------------------- LIFE INSURANCE - 4.07% 35,000 Annuity & Life Re Holdings Ltd. 878,850 35,000 Presidential Life Corp. 719,600 ------------------- 1,598,450 ------------------- MANAGEMENT SERVICES - 0.94% 11,000 FYI, Inc.* 368,500 ------------------- MISCELLANEOUS PLASTIC PRODUCTS - 1.99% 38,000 Spartech Corp. 780,900 ------------------- MORTGAGE INVESTMENT - 2.45% 71,000 New Century Financial Corp. 960,630 ------------------- MOTOR VEHICLE PARTS & ACCESSORIES - 1.63% 24,000 Gentex Corp. * 641,520 ------------------- OPHTHALMIC GOODS - 3.55% 71,800 Sola International, Inc. * 1,392,920 ------------------- PERIODICALS: PUBLISHING OR PUBLISHING & PRINTING - 0.01% 900 Penton Media, Inc. * 5,634 ------------------- PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 2.26% 112,000 Concord Camera Corp. * 887,040 ------------------- PLASTICS PRODUCTS, NEC - 0.72% 15,000 Quixote Corp. 285,000 ------------------- Timothy Small-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements. SCHEDULE OF INVESTMENTS As of December 31, 2001 COMMON STOCKS - 82.41% (cont.) PUBLIC WAREHOUSING & STORAGE - 2.45% 22,000 Iron Mountain, Inc. * $ 963,600 ------------------- RAILROADS, LINE-HAUL OPERATING - 2.88% 80,000 Kansas City Southern Industries, Inc. * 1,130,400 ------------------- SCIENTIFIC/TECHNICAL INSTRUMENTS - 2.28% 35,000 Cognex Corp.* 896,350 ------------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 3.24% 90,000 Data Broadcasting Corp.* 1,272,600 ------------------- SECURITY BROKERS, DEALERS & FLOTATION COMPANIES - 1.94% 19,500 Investment Technology Group, Inc. * 761,865 ------------------- SEMICONDUCTOR EQUIPMENT/MATERIALS - 1.72% 52,500 Axcelis Technologies, Inc.* 676,725 ------------------- SERVICES - ADVERTISING - 1.46% 16,100 Valassis Communications, Inc. * 573,482 ------------------- SERVICES - BUSINESS SERVICES - 7.35% 53,000 StarTek, Inc. * 1,004,350 71,800 TeleTech Holdings, Inc. * 1,028,894 36,000 Viad Corp. 852,480 ------------------- 2,885,724 ------------------- SERVICES - COMPUTER PROGRAMMING SERVICES - 0.62% 26,000 Hall, Kinion & Associates, Inc. * 243,880 ------------------- SERVICES-CONSUMER CREDIT REPORTING, COLLECTION AGENCIES - 2.09% 35,800 NCO Group, Inc. * 819,820 ------------------- SERVICES - HOME HEALTH CARE SERVICES - 1.25% 55,000 Hooper Holmes, Inc. 492,250 ------------------- SERVICES - PERSONAL SERVICES - 2.66% 40,500 Regis Corp. 1,044,090 ------------------- SPORTING GOODS - 3.17% 65,000 Calloway Golf Co. 1,244,750 ------------------- STATE COMMERCIAL BANKS - 2.77% 34,000 North Fork Bancorp, Inc. 1,087,660 ------------------- TELEPHONE & TELEGRAPH APPARATUS - 2.80% 43,000 Plantronics, Inc. * 1,102,520 ------------------- WHOLESALE - DURABLE GOODS - 2.54% 67,100 Handleman Co. * 996,435 ------------------- WHOLESALE - PAPER & PAPER PRODUCTS - 2.33% 27,200 United Stationers, Inc. * 915,281 ------------------- Total Common Stocks (cost $25,948,152) 32,372,772 ------------------- Timothy Small-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements. SCHEDULE OF INVESTMENTS As of December 31, 2001 SHORT TERM INVESTMENTS - 3.59% 1,412,315 First American Treasury Fund (cost $1,412,315) $ 1,412,315 ------------------- TOTAL INVESTMENTS - 86.00% (identified cost $27,360,467) 33,785,087 OTHER ASSETS AND LIABILITIES, NET - 14.00% 5,498,276 ------------------- NET ASSETS - 100.00% 39,283,363 =================== * Non-income producing securities
STATEMENT OF ASSETS AND LIABILITIES As of December 31, 2001 ASSETS Investments in Securities at Value (identified cost $27,360,467) [NOTE 1] $ 33,785,087 Cash 5,461,744 Receivables: Interest 1,655 Dividends 11,945 Fund Shares Sold 145,139 Fund Share Commissions Receivable From Advisor 616 Prepaid expenses 13,133 -------------------- Total Assets $39,419,319 ==================== LIABILITIES Payable for Fund Shares Redeemed $ 90,318 Accrued Expenses 45,638 -------------------- Total Liabilities $ 135,956 ==================== NET ASSETS Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 1,569,193 shares outstanding) $21,632,477 Net Asset Value and Redemption Price Per Class A Share ($21,632,477 / 1,569,193 shares) $ 13.79 Offering Price Per Share ($13.79/0.945) $ 14.59 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 1,335,644 shares outstanding) $17,650,886 Net Asset Value and Offering Price Per Class B Share ($17,650,886 / 1,335,644 shares) $ 13.22 Maximum Redemption Price Per Class B Share ($13.22 x 0.95) $ 12.56 Net Assets $39,283,363 ==================== SOURCES OF NET ASSETS At December 31, 2001, Net Assets Consisted of: Paid-in Capital $ 32,858,743 Net Unrealized Appreciation in Value of Investments 6,424,620 -------------------- Net Assets $39,283,363 ==================== Timothy Small-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF OPERATIONS For the Year Ended December 31, 2001 INVESTMENT INCOME Interest $ 179,378 Dividends 165,596 Miscellaneous 2,726 ------------------ Total Investment Income 347,700 ------------------ EXPENSES Investment Advisory Fees [NOTE 3] 301,143 12b-1 Fess (Class A = $39,835, Class B =$121,055) [NOTE 3] 160,890 Transfer Agent Fees (Class A = $45,734, Class B = $46,978) 92,712 Auditing Fees 32,903 Service Fees (Class B) [NOTE 3] 42,936 Accounting Fees 22,899 Legal Expense 23,974 Registration Fees 67,732 Insurance Expense 17,013 Custodian Fees 5,900 Administration Fees 4,581 Miscellaneous Expense 12,144 ------------------ Total Net Expenses 784,827 ------------------ Net Investment Loss (437,127) ------------------ REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net Realized Gain on Investments 16,332 Change in Unrealized Appreciation of Investments 3,714,604 ------------------ Net Realized and Unrealized Gain on Investments 3,730,936 ------------------ Increase in Net Assets Resulting from Operations $3,293,809 ================== Timothy Small-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS year ended year ended 12/31/01 12/31/00 Operations: Net Investment Loss $ (437,127) $ (198,821) Net Change in Unrealized Appreciation (Depreciation) of Investments 3,714,604 (2,669,620) Net Realized Gain on Investments 16,332 6,003,643 ---------------- ----------------- Increase in Net Assets (resulting from operations) 3,293,809 3,135,202 ---------------- ----------------- Distributions to Shareholders From: Net Capital Gains: Class A (44,011) (1,148,640) Class B (36,840) (1,245,360) ---------------- ----------------- Total Net Distributions (80,851) (2,394,000) ---------------- ----------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 7,582,801 3,011,710 Class B 2,395,921 3,745,971 Class C - 208,478 Dividends Reinvested: Class A 44,109 1,104,960 Class B 42,968 1,172,428 Class C - - Cost of Shares Redeemed: Class A (3,026,812) (2,668,524) Class B (2,816,976) (2,958,024) Class C - (357,732) ---------------- ----------------- Increase in Net Assets (resulting from capital share transactions) 4,222,011 3,259,267 ---------------- ----------------- Total Increase in Net Assets 7,434,969 4,000,469 Net Assets: Beginning of Year 31,848,394 27,847,925 ---------------- ----------------- End of Year $ 39,283,363 $ 31,848,394 ================ ================= Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold: Class A 598,374 228,487 Class B 195,221 290,225 Class C - 19,040 Shares Reinvested: Class A 3,657 87,626 Class B 3,724 96,180 Class C - - Shares Redeemed: Class A (239,337) (201,041) Class B (227,826) (229,678) Class C - (30,224) ---------------- ----------------- Net Increase in Number of Shares Outstanding 333,813 260,615 ================ ================= Timothy Small-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements.
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each year presented. SMALL-CAP VALUE FUND - CLASS A SHARES year year year year year ended ended ended ended ended 12/31/01 12/31/00 12/31/99 12/31/98 12/31/97 Per Share Operating Performance: Net Asset Value at Beginning of Year $12.61 $12.26 $10.89 $12.25 $11.24 ---------- ---------- ---------- ---------- ---------- Income from Investment Operations: Net Investment Income (Loss) (0.09) (0.05) (0.02) 0.01 0.02 Net Realized and Unrealized Gain (Loss) on Investme1.30 1.43 1.39 (1.30) 2.37 ---------- ---------- ---------- ---------- ---------- Total from Investment Operations 1.21 1.38 1.37 (1.29) 2.39 ---------- ---------- ---------- ---------- ---------- Less Distributions: Dividends from Realized Gains (0.03) (1.03) - (0.07) (1.38) Dividends from Net Investment Income - - - - - ---------- ---------- ---------- ---------- ---------- Total Distributions (0.03) (1.03) - (0.07) (1.38) ---------- ---------- ---------- ---------- ---------- Net Asset Value at End of Year $13.79 $12.61 $12.26 $10.89 $12.25 ========== ========== ========== ========== ========== Total Return (A) 9.66% 11.23% 12.58% (10.50)% 21.35% Ratios/Supplemental Data: Net Assets, End of Year (in 000s) $21,632 $15,217 $13,377 $13,287 $11,208 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 1.89% 1.97% 2.22% 2.09% 2.75% After Reimbursement of Expenses by Advisor 1.89% 1.76% 1.60% 1.60% 1.60% Ratio of Net Investment Income (Loss) to Average Net Assets: Before Reimbursement of Expenses by Advisor (0.80)% (0.48)% (0.82)% (1.15)% (0.90)% After Reimbursement of Expenses by Advisor (0.80)% (0.27)% (0.20)% (0.66)% 0.25% Portfolio Turnover 61.41% 99.17% 78.79% 69.42% 136.36% (A) Total Return Calculation Does Not Reflect Sales Load. Timothy Small-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements.
FINANCIAL HIGHLIGHTS The table below set forth financial data for one share of capital stock outstanding throughout each year presented. SMALL-CAP VALUE FUND - CLASS B SHARES year year year year year ended ended ended ended ended 12/31/01 12/31/00 12/31/99 12/31/98 12/31/97 Per Share Operating Performance: Net Asset Value at Beginning of Year $12.19 $11.88 $10.70 $12.13 $11.22 ---------- ---------- ---------- ---------- ---------- Income from Investment Operations: Net Investment Loss (0.22) (0.10) (0.11) (0.07) (0.03) Net Realized and Unrealized Gain (Loss) on Investme1.28 1.39 1.29 (1.29) 2.32 ---------- ---------- ---------- ---------- ---------- Total from Investment Operations 1.06 1.29 1.18 (1.36) 2.29 ---------- ---------- ---------- ---------- ---------- Less Distributions: Dividends from Realized Gains (0.03) (0.98) - (0.07) (1.38) Dividends from Net Investment Income - - - - - ---------- ---------- ---------- ---------- ---------- Total Distributions (0.03) (0.98) - (0.07) (1.38) ---------- ---------- ---------- ---------- ---------- Net Asset Value at End of Year $13.22 $12.19 $11.88 $10.70 $12.13 ========== ========== ========== ========== ========== Total Return (A) 8.77% 10.87% 11.03% (11.18)% 20.50% Ratios/Supplemental Data: Net Assets, End of Year (in 000s) $17,651 $16,631 $14,351 $14,114 $11,389 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.72% 2.72% 2.72% 2.84% 3.41% After Reimbursement of Expenses by Advisor 2.72% 2.51% 2.35% 2.35% 2.26% Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement of Expenses by Advisor (1.78)% (1.23)% (1.34)% (1.90)% (1.56)% After Reimbursement of Expenses by Advisor (1.78)% (1.02)% (0.97)% (1.41)% (0.41)% Portfolio Turnover 61.41% 99.17% 78.79% 69.42% 136.36% (A) Total Return Calculation Does Not Reflect Redemption Fee. Timothy Small-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements.
SCHEDULE OF INVESTMENTS As of December 31, 2001 COMMON STOCKS - 93.21% ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS - 4.06% 10,000 Cabot Corporation $ 357,000 3,000 Minnesota Mining & Manufacturing Co. 354,630 ------------------- 711,630 ------------------- CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES - 1.89% 8,000 H.J. Heinz 328,960 ------------------- COMMERCIAL BANKS - 2.43% 10,000 Golden State Bancorp., Inc. 261,500 5,052 RBC Fininacial Group (formerly Royal Bank of Canada) 164,544 ------------------- 426,044 ------------------- COMPUTER STORAGE DEVICES - 1.83% 20,000 Advanced Digital Information Corp.* 320,800 ------------------- CONSTRUCTION, MINING & MATERIALS HANDLING MACHINERY & EQUIP - 2.33% 11,000 Dover Corp. 407,770 ------------------- CRUDE PETROLEUM & NATURAL GAS - 8.10% 7,200 Apache Corp. 359,136 9,000 Anadarko Petroleum Corp. 511,650 10,000 Kerr-Mcgee Corp. 548,000 ------------------- 1,418,786 ------------------- ELECTRIC SERVICES - 2.54% 17,000 TECO Energy, Inc. 446,080 ------------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIPMENT) - 3.26% 10,000 Emerson Electric Co. 571,000 ------------------- ELECTRONIC COMPONENTS & ACCESSORIES - 2.01% 10,000 KEMET Corp. * 177,500 9,000 Vishay Intertechnology, Inc. * 175,500 ------------------- 353,000 ------------------- FIRE, MARINE & CASUALTY INSURANCE - 1.58% 15,000 The Phoenix Companies, Inc. * 277,500 ------------------- GENERAL INDUSTRIAL MACHINERY & EQUIPMENT - 1.79% 7,500 Ingersoll-Rand Company Ltd. 313,575 ------------------- Timothy Plan Large-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements.
SCHEDULE OF INVESTMENTS As of December 31, 2001 COMMON STOCKS - 93.21% (Cont.) HEAVY CONTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS - 1.49% 7,000 Fluor Corp. $ 261,800 ------------------- INDUSTRIAL INORGANIC CHEMICALS - 3.10% 6,000 Air Products & Chemicals, Inc. 281,460 11,000 ATMI, Inc.* 262,350 ------------------- 543,810 ------------------- LIFE INSURANCE - 2.24% 10,000 Torchmark Corp. 393,300 ------------------- MACHINE TOOLS, METAL CUTTING TYPES - 0.92% 4,000 Kennametal, Inc. 161,080 ------------------- METAL MINING - 2.01% 4,500 Rio Tinto Plc (a) 352,350 ------------------- METAL WORKING MACHINERY & EQUIPMENT - 3.12% 4,000 SPX Corp.* 547,600 ------------------- MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS - 2.12% 15,200 Masco Corp. 372,400 ------------------- MISCELLANEOUS FABRICATED METAL PRODUCTS - 1.44% 5,500 Parker Hannifin Corp. 252,505 ------------------- MISCELLANEOUS INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT - 2.30% 8,000 ITT Industries, Inc. 404,000 ------------------- MOTOR VEHICLE PARTS & ACCESSORIES - 1.90% 9,000 TRW, Inc. 333,360 ------------------- NATIONAL COMMERCIAL BANKS - 1.17% 7,000 National City Corp. 204,680 ------------------- NATURAL GAS TRANSMISSION - 2.60% 10,200 El Paso Energy Corp. 455,022 ------------------- OPTICAL INSTRUMENTS & LENSES - 2.54% 9,000 KLA-Tencor Corp. * 446,040 ------------------- PAPER MILLS - 3.75% 11,000 Kimberly Clark Corp. 657,800 ------------------- Timothy Plan Large-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements.
SCHEDULE OF INVESTMENTS As of December 31, 2001 COMMON STOCKS - 93.21% (Cont.) PHARMACEUTICAL PREPARATIONS - 4.42% 6,000 Abbott Laboratories $ 334,500 7,500 Merck & Co., Inc. 441,000 ------------------- 775,500 ------------------- PLASTIC PRODUCTS - 2.33% 10,000 Sealed Air Corp* 408,200 ------------------- PUBLIC BUILDING AND RELATED FURNITURE - 2.18% 10,000 Lear Corp. * 381,400 ------------------- REAL ESTATE INVESTMENT TRUSTS - 2.65% 15,000 Mack-Cali Realty Corp. 465,300 ------------------- RETAIL - DRUG STORES & PROPRIETARY STORES - 3.85% 22,800 CVS Corp. 674,880 ------------------- RETAIL-EATING PLACES - 2.34% 12,000 Outback Steakhouse, Inc. * 411,000 ------------------- RETAIL-GROCERY STORES - 6.43% 30,000 Kroger Co.* 626,100 12,000 Safeway Inc. * 501,000 ------------------- 1,127,100 ------------------- SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS - 2.43% 16,000 Church & Dwight Co., Inc. 426,080 ------------------- SPECIAL INDUSTRY MACHINERY, NEC - 4.06% 8,000 Novellus Systems, Inc. * 315,600 11,000 Veeco Instruments, Inc.* 396,550 ------------------- 712,150 ------------------- Total Common Stocks (cost $15,348,499) $ 16,342,502 ------------------- SHORT-TERM INVESTMENTS - 5.79% 771,582 Firstar Bank Treasury Fund (cost $771,582) 771,582 243,777 Huntington Money Fund - Investment A (cost $243,777) 243,777 ------------------- 1,015,359 ------------------- TOTAL INVESTMENTS - 99.00% (identified cost $16,363,858) 17,357,861 OTHER ASSETS AND LIABILITIES, NET - 1.00% 175,273 ------------------- NET ASSETS - 100.00% $ 17,533,134 =================== Timothy Plan Large-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements. * Non-income producing securities (a) American Depositary Receipt
STATEMENT OF ASSETS AND LIABILITIES As of December 31, 2001 ASSETS Investments in Securities at Value (identified cost $16,363,858) [NOTE 1] $ 17,357,861 Cash 1,708 Receivables: Interest 1,277 Dividends 18,978 Fund Shares Sold 194,534 Prepaid Expenses 7,885 Other Assets 540 ------------------ Total Assets $17,582,783 ================== LIABILITIES Payable for Fund Shares Redeemed $ 2,617 Payable for Investment Securities Purchased 37,060 Accrued Expenses 9,972 ------------------ Total Liabilities $ 49,649 ================== NET ASSETS Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 1,280,192 share outstanding) $13,858,276 Net Asset Value and Redemption price Per Class A Share ($13,858,276 /1,280,192 shares) $ 10.83 Offering Price Per Share ($10.83 / 0.945) $ 11.46 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 350,065 shares Outstanding) $3,674,858 Net Asset Value and Offering Price Per Class B Share ($3,674,858 / 350,065 shares) $ 10.50 Redemption Price Per Share ($10.50 x 0.95) $ 9.98 Net Assets $17,533,134 ================== SOURCES OF NET ASSETS At December 31, 2001, Net Assets Consisted of: Paid-in Capital $ 16,691,577 Net Accumulated Realized Loss on Investments (152,446) Net Unrealized Appreciation in Value of Investments 994,003 ------------------ Net Assets $17,533,134 ================== Timothy Plan Large-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF OPERATIONS As of December 31, 2001 INVESTMENT INCOME Interest $ 25,317 Dividends 160,369 ---------------- Total Investment Income 185,686 ---------------- EXPENSES Investment Advisory Fees [NOTE 3] 104,742 Transfer Agent Fees (Class A = $18,149, Class B = $8,814) 24,758 Administration Fees 4,626 12b-1 Fees (Class A = $22,474, Class B = $23,640) [NOTE 3] 46,114 Accounting Fees 22,568 Registration Fees 7,145 Custodian Fees 3,230 Auditing Fees 7,281 Servicing Fees (Class B) [NOTE 3] 8,598 Insurance Expense 2,223 Legal fees 5,789 Printing Expense 1,856 Miscellaneous Expense 981 ---------------- Total Net Expenses 239,911 ---------------- Net Investment Loss (54,225) ---------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net Realized Loss on Investments (68,191) Change in Unrealized Appreciation of Investments 155,065 ---------------- Net Realized and Unrealized Gain on Investments 86,874 ---------------- Increase in Net Assets Resulting from Operations $ 32,649 ================ Timothy Plan Large-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF CHANGES IN NET ASSETS INCREASE IN NET ASSETS year ended year ended 12/31/01 12/31/00 Operations: Net Investment Income (Loss) $ (54,225) $ 15,894 Net Change in Unrealized Appreciation (Depreciation) of Investments 155,065 1,500 Net Realized Gain (Loss) on Investments (68,191) 839,378 --------------- ----------------- Increase (Decrease) in Net Assets (resulting from operations) 32,649 856,772 -------------- ----------------- Distributions to Shareholders From: Net Realized Gains Class A (43,614) (7,543) Class B (12,208) (4,267) Class C - - Net Income: Class A - (12,468) Class B - (7,012) Class C - - -------------- ----------------- Total Distribution (55,822) (31,290) -------------- ----------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 10,058,695 3,714,059 Class B 1,402,013 2,104,479 Class C - 14,996 Dividends Reinvested: Class A 24,145 16,832 Class B 11,176 10,099 Class C - - Cost of Shares Redeemed: Class A (1,188,436) (157,559) Class B (360,063) (277,869) Class C - (171,405) -------------- ----------------- Increase in Net Assets (resulting from apital share transactions) 9,947,530 5,253,632 ------------- ----------------- Total Increase in Net Assets 9,924,357 6,079,114 Net Assets: Beginning of Year 7,608,777 1,529,663 ------------ ----------------- End of Year $ 17,533,134 $ 7,608,777 ============== ================= Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold: Class A 931,545 383,562 Class B 133,156 223,586 Class C - 1,864 Shares Reinvested: Class A 2,259 1,553 Class B 1,078 953 Class C - - Shares Redeemed: Class A (110,187) (15,946) Class B (35,658) (29,107) Class C - (18,194) -------------- ----------------- Net Increase in Number of Shares Outstanding 922,193 548,271 ============== ================= Timothy Plan Large-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements.
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 year year period ended ended ended 12/31/01 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 (0.02) 0.04 0.02 Net Realized and Unrealized Gain (Loss) on Investments 0.06 1.16 (0.30) ---------- ---------- ----------- Total from Investment Operations 0.04 1.20 (0.28) ---------- ---------- ----------- Less Distributions: Dividends from Realized Gains (0.04) (0.02) (0.02) Dividends from Net Investment Income - (0.03) (0.02) ---------- ---------- ----------- Total Distributions (0.04) (0.05) (0.04) ---------- ---------- ----------- Net Asset Value at End of Period $ 10.83 $ 10.83 $ 9.68 ========== ========== =========== Total Return (A) (D) 0.33% 12.35% (3.28)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 13,858 $ 4,493 $ 846 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 1.70% 2.70% 4.69% (C) After Reimbursement of Expenses by Advisor 1.70% 1.65% 1.60% (C) Ratio of Net Investment Income (Loss) to Average Net Assets: Before Reimbursement of Expenses by Advisor (0.20)% (0.30)% (2.34)(C) After Reimbursement of Expenses by Advisor (0.20)% 0.67% 0.75% (C) Portfolio Turnover 26.44% 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. Timothy Plan Large-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements.
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 year year period ended ended ended 12/31/01 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 (0.12) 0.01 0.02 Net Realized and Unrealized Gain (Loss) on Investments 0.06 1.28 (0.62) ----------- ---------- ---------- Total from Investment Operations (0.06) 1.29 (0.60) ----------- ---------- ---------- Less Distributions: Dividends from Realized Gains (0.04) (0.02) (0.02) Dividends from Net Investment Income - (0.03) (0.02) ----------- ---------- ---------- Total Distributions (0.04) (0.05) (0.04) ----------- ---------- ---------- Net Asset Value at End of Year $ 10.50 $ 10.60 $ 9.36 =========== ========== ========== Total Return (A) (D) (0.61)% 13.73% (4.78)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 3,675 $ 2,665 $ 525 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.66% 3.45% 5.87% (C) After Reimbursement of Expenses by Advisor 2.66% 2.40% 2.35% (C) Ratio of Net Investment Income (Loss) to Average Net Assets: Before Reimbursement of Expenses by Advisor (1.12)% (1.13)% (2.34)(C) After Reimbursement of Expenses by Advisor (1.12)% (0.08)% 1.15% (C) Portfolio Turnover 26.44% 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. Timothy Plan Large-Cap Value Fund See accompanying notes which are an integral part of the fianncial statements.
SCHEDULE OF INVESTMENTS As of December 31, 2001 Bonds - 85.52% CONVERTIBLE CORPORATE BONDS - 3.91% $ 50,000 National Data Corp., 5.00% 11/01/2003 $ 54,125 150,000 Omnicare, Inc., 5.00% 12/01/2007 139,688 50,000 Penn Treaty America Corp., 6.25% 12/01/2003 33,062 ------------------ 226,875 ------------------ CORPORATE BONDS - 79.85% 10,000 Allegiance Corp., 7.30% 10/15/2006 10,732 25,000 American General Finance Corp., 7.25% 05/15/2005 26,935 200,000 Archer Daniels Midland Co., 6.625% 05/01/2029 196,897 100,000 Bankers Trust Corp. Tranche #0006 Series A, 7.00% 01/29/2018 94,335 150,000 Burlington Northern Santa Fe, 7.00% 12/15/2025 150,178 75,000 Burlington Resources, Inc., 7.375% 03/01/2029 73,377 100,000 Champion International Corp., 7.15% 12/15/2027 94,749 100,000 Coca Cola Enterprise, Inc., 6.95% 11/15/2026 104,127 100,000 Computer Sciences Corp., 6.75% 06/15/2006 104,260 150,000 Conoco Funding Co., 6.35% 10/15/2011 151,588 50,000 Consolidate Edison, Inc., 6.45% 12/01/2007 50,888 25,000 Cooper Industries, 6.70% 09/22/2005 25,541 100,000 Cooper Tire & Rubber Co., 7.625% 03/15/2027 87,251 50,000 Cooper Tire & Rubber Co., 8.00% 12/15/2019 46,337 25,000 CSX Transportation, 7.33% 06/01/2005 26,633 200,000 Deere & Co., 6.55% 10/01/2028 188,043 75,000 Dell Computer Corp., 7.10% 04/15/2028 70,622 50,000 Donaldson Lufkin Jenrette, 5.875% 04/01/2002 50,430 165,000 Donnelley R R&Son, 6.625% 04/15/2029 149,026 100,000 Dow Chemical 6.125%, 02/01/2011 101,080 125,000 DuPont EI Nemours, 6.50% 01/15/2028 126,654 45,000 DuPont EI Nemours, 6.00% 03/06/2003 46,600 150,000 Duke Energy Corp., 6.75% 08/01/2025 142,485 200,000 Georgia Pacific Corp., 7.75% 11/15/2029 173,648 75,000 Georgia Pacific Corp., 8.125% 06/15/2023 69,204 100,000 Household Finance Corp., 6.75% 05/15/2011 99,606 10,000 Household Finance Corp., 7.30% 07/30/2012 10,111 150,000 Inco Ltd, 7.75% 03/15/2016 148,500 200,000 Jersey Cent Power & Light Co., 6.75% 11/01/2025 181,486 25,000 Lehman Brothers Holdings, Inc., 6.625% 02/05/2006 25,941 100,000 Lowes Cos., Inc., 6.875% 02/15/2028 100,347 150,000 MCI Communications Corp., 7.75% 03/15/2024 144,707 50,000 Mead Corp., 7.125% 08/01/2025 43,434 100,000 Merck & Co. Inc., 6.40% 03/01/2028 99,778 100,000 Merck & Co. Inc., 6.30% 01/01/2026 98,866 50,000 National Rural Utilities Finance Corp., 6.00% 01/15/2004 51,832 Timothy Plan Fixed Income Fund See accompanying notes which are an integral part of the fianncial statements.
SCHEDULE OF INVESTMENTS As of December 31, 2001 Bonds - 85.52% (Cont.) CORPORATE BONDS - 79.85% (cont.) $ 75,000 NationsBank Corp., 6.80% 03/15/2028 $ 73,376 200,000 Norsk Hydro A.S., 6.80% 01/15/2028 190,825 25,000 Pennsylvania P & L, 6.55% 03/01/2006 25,566 70,000 Pep Boys Manny Moe & Jack, 7.00% 06/01/2005 65,625 100,000 PPG Industries, Inc., 7.40% 08/15/2019 102,498 11,000 Public Service Electric & Gas Co., 6.25% 01/01/2007 11,053 75,000 Public Service Electric & Gas Co., 7.00% 09/01/2024 72,167 50,000 Quanex Corp., 6.88% 06/30/2007 51,813 200,000 Transocean Sedco Forex, Inc., 7.50% 04/15/2031 198,762 50,000 Travelers Property & Casualty Corp., 6.75% 11/15/2006 52,584 150,000 TRW, Inc., 6.25% 01/15/2010 138,950 25,000 Union Electric Co., 6.875% 08/01/2004 26,380 50,000 US Leasing International, 5.95% 10/15/2003 51,151 100,000 Virginia Electic & Power Co., 7.50% 06/01/2023 102,653 100,000 Wisconsin Energy Corp., 6.50% 04/01/2011 100,458 ------------------ 4,630,089 ------------------ MUNICIPAL BONDS - 1.76% 25,000 Hydro-Quebec, 7.375% 02/01/2003 26,006 50,000 Province of Manitoba, 6.75% 03/01/2003 51,956 25,000 Texas State University, 6.41% 03/15/2009 23,905 ------------------ 101,867 ------------------ Total Bonds (cost $4,992,970) 4,958,831 ------------------ SHORT TERM INVESTMENTS - 4.51% market value 261,694 Firstar Bank Treasury Fund (cost $261,694) 261,694 ------------------ TOTAL INVESTMENTS - 90.03% (identified cost $5,254,664) 5,220,525 OTHER ASSETS AND LIABILITIES, NET - 9.97% 578,416 ------------------ NET ASSETS - 100.00% $ 5,798,941 ================== Timothy Plan Fixed Income Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF ASSETS AND LIABILITIES As of December 31, 2001 ASSETS Investments in Securities at Value (identified cost $5,254,664 ) [NOTE 1] $ 5,220,525 Cash 279,109 Receivables: Interest 86,687 Fund Shares Sold 264,737 Other 2,601 ----------------- Total Assets $ 5,853,659 ================= LIABILITIES Payable for Fund Shares Redeemed $ 7,100 Accrued Expenses 13,224 Dividend Payable 34,394 ----------------- Total Liabilities $ 54,718 ================= NET ASSETS Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 490,611 shares outstanding) $4,772,778 Net Asset Value and Redemption price Per Class A Share ($4,772,778 / 490,611 shares) $ 9.73 Offering Price Per Share ($9.73 / 0.9575 ) $ 10.16 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 107,461 shares outstanding) $1,026,163 Net Asset Value and Offering Price Per Class B Share ($1,026,163 / 107,461 shares) $ 9.55 Redemption Price Per Share ($9.55 X 0.95) $ 9.07 Net Assets $ 5,798,941 ================= SOURCES OF NET ASSETS At December 31, 2001, Net Assets Consisted of: Paid-in Capital $ 5,835,994 Net Accumulated Realized Loss on Investments (2,914) Net Unrealized Depreciation in Value of Investments (34,139) ----------------- Net Assets $ 5,798,941 ================= Timothy Plan Fixed Income Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF OPERATIONS For the Year Ended December 31, 2001 INVESTMENT INCOME Interest $ 178,733 ---------------- Total Investment Income 178,733 ---------------- EXPENSES Investment Advisory Fees [NOTE 3] 17,047 Transfer Agent Fees (Class A = $10,500, Class B = $3,671) 14,171 Administration Fees 5,373 12b-1 Fess (Class A = $4,708, Class B = $5,140 ) [NOTE 3] 9,848 Accounting Fees 15,941 Registration Fees 4,616 Custodian Fees 4,181 Printing Expense 1,055 Insurance Expense 277 Legal Expense 1,186 Service Fees (Class B) [NOTE 3] 1,509 Miscellaneous Expense 631 ---------------- Total Expenses 75,835 Expenses Waived and Reimbursed by Advisor [NOTE 3] (32,486) ---------------- Total Net Expenses 43,349 ---------------- Net Investment Income 135,384 ---------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net Realized Gain on Investments 6,385 Change in Unrealized Depreciation of Investments (21,421) ---------------- Net Realized and Unrealized Loss on Investments (15,036) ---------------- Increase in Net Assets Resulting from Operations $ 120,348 ================ Timothy Plan Fixed Income Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS year ended year ended 12/31/01 12/31/00 Operations: Net Investment Income $ 135,384 $ 34,281 Net Change in Unrealized Appreciation (Depreciation) of Investments (21,421) (4,796) Net Realized Gain (Loss) on Investments 6,385 (8,924) --------------- ---------------- Increase in Net Assets (resulting from operations) 120,348 20,561 --------------- ---------------- Distributions to Shareholders: Net Income Class A (105,934) (15,014) Class B (30,858) (20,467) Class C - (649) --------------- ---------------- Total Net Decrease (136,792) (36,130) --------------- ---------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 4,520,926 598,963 Class B 650,127 361,945 Class C - 20,586 Dividends Reinvested: Class A 35,316 12,710 Class B 23,622 19,278 Class C - 649 Cost of Shares Redeemed: Class A (442,396) (64,333) Class B (144,253) (108,650) Class C - (78,511) --------------- ---------------- Increase in Net Assets (resulting from capital share transactions) 4,643,342 762,637 --------------- ---------------- Total Increase in Net Assets 4,626,898 747,068 Net Assets: Beginning of Year 1,172,043 424,975 --------------- ---------------- End of Year $ 5,798,941 $ 1,172,043 =============== ================ Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold: Class A 462,470 62,671 Class B 67,241 37,579 Class C - 2,152 Shares Rinvested: Class A 3,626 1,337 Class B 2,469 2,045 Class C - 68 Shares Redeemed: Class A (45,445) (6,698) Class B (15,216) (11,465) Class C - (8,147) --------------- ---------------- Net Increase in Number of Shares Outstanding 475,145 79,542 =============== ================ Timothy Plan Fixed Income Fund See accompanying notes which are an integral part of the fianncial statements.
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 year year period ended ended ended 12/31/01 12/31/00 12/31/99 (B) Per Share Operating Performance: Net Asset Value, Beginning $ 9.53 $ 9.81 $ 10.00 -------------- ------------- ------------- Income from Investment Operations: Net Investment Income 0.40 0.49 0.12 Net Realized and Unrealized Gain (Loss) on Investments 0.20 (0.27) (0.18) -------------- ------------- ------------- Total from Investment Operations 0.60 0.22 (0.06) -------------- ------------- ------------- Less Distributions: Dividends from Net Investment Income (0.40) (0.50) (0.13) -------------- ------------- ------------- Total Distributions (0.40) (0.50) (0.13) -------------- ------------- ------------- Net Asset Value at End of Year $ 9.73 $ 9.53 $ 9.81 ============== ============= ============= Total Return (A) (D) 6.37% 2.32% (0.42)% Ratios/Supplimental Data: Net Assets, End of Period (in 000s) $ 4,773 $ 667 $ 124 Ratio of Expenses to Average Net Assets: Before Reimbursement and Waiver of Expenses by Advisor 2.44% 8.99% 13.92% (C) After Reimbursement and Waiver of Expenses by Advisor 1.35% 1.35% 1.35% (C) Ratio of Net Investment Income to Average Net Assets: Before Reimbursement and Waiver of Expenses by Advisor 3.91% (2.19)% (9.88)%(C) After Reimbursement and Waiver of Expenses by Advisor 5.00% 5.45% 2.70% (C) Portfolio Turnover 20.28% 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. Timothy Plan Fixed Income Fund See accompanying notes which are an integral part of the fianncial statements.
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 year year period ended ended ended 12/31/01 12/31/00 12/31/99 (B) Per Share Operating Performance: Net Asset Value, Beginning $ 9.54 $ 9.80 $ 10.00 ------------- ------------- -------------- Income from Investment Operations: Net Investment Income 0.40 0.45 0.15 Net Realized and Unrealized Loss on Investments (0.01) (0.25) (0.22) ------------- ------------- -------------- Total from Investment Operations 0.39 0.20 (0.07) ------------- ------------- -------------- Less Distributions: Dividends from Net Investment Income (0.38) (0.46) (0.13) ------------- ------------- -------------- Total Distributions (0.38) (0.46) (0.13) ------------- ------------- -------------- Net Asset Value at End of Year $ 9.55 $ 9.54 $ 9.80 ============= ============= ============== Total Return (A) (D) 4.13% 2.12% (0.92)% Ratios/Supplimental Data: Net Assets, End of Period (in 000s) $ 1,026 $ 506 $ 243 Ratio of Expenses to Average Net Assets: Before Reimbursement and Waiver of Expenses by Advisor 3.46% 9.74% 14.73% (C) After Reimbursement and Waiver of Expenses by Advisor 2.10% 2.10% 2.10% (C) Ratio of Net Investment Income to Average Net Assets: Before Reimbursement and Waiver of Expenses by Advisor 2.93% (2.94)% (2.20)%(C) After Reimbursement and Waiver of Expenses by Advisor 4.29% 4.70% 10.42% (C) Portfolio Turnover 20.28% 35.54% 21.25% Timothy Plan Fixed Income Fund See accompanying notes which are an integral part of the fianncial statements. (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.
SCHEDULE OF INVESTMENTS As of December 31, 2001 COMMON STOCKS - 91.48% number of shares market value AIR TRANSPORTAION, SCHEDULED - 1.13% 1,380 Ryanair Holdings Plc * (a) $ 44,229 --------------- BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) - 5.45% 1,352 Abgenix, Inc. * 45,481 790 Biogen, Inc. * 45,307 750 Enzon, Inc. * 42,210 950 Genzyme Corp. Gen. Div. * 56,867 500 Imclone Systems, Inc. * 23,230 --------------- 213,095 --------------- COMMUNICATIONS EQUIPMENT - 1.19% 1,900 McDATA Corp. - Class A * 46,550 --------------- COMPUTER COMMUNICATIONS EQUIPMENT - 1.40% 1,650 Brocade Communications Systems, Inc. * 54,648 --------------- CREDIT SERVICES - 1.49% 1,850 Americredit Corp. * 58,368 --------------- DIVERSIFIED SERVICES - PERSONAL SERVICES - 0.52% 600 Weight Watchers International, Inc. * 20,292 --------------- DRILING OIL & GAS WELLS - 1.05% 1,200 Nabors Industries, Inc. 41,196 --------------- ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS - 0.89% 450 St. Jude Medical, Inc. 34,943 --------------- FIRE, MARINE & CASUALTY INSURANCE - 1.27% 1,800 HCC Insurance Holdings, Inc. 49,590 --------------- FUNCTIONS RELATED TO DEPOSITORY BANKING - 1.59% 1,900 Concord EFS, Inc. * 62,282 --------------- HOSPITAL & MEDICAL SERVICE PLANS - 2.42% 850 Anthem, Inc. * 42,075 2,120 First Health Group Corp. * 52,449 --------------- 94,524 --------------- INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY AND CONTROL - 1.23% 1,400 Rudolph Technologies, Inc. * 48,048 --------------- IN VITRO & IN VIVO DIAGNOSTIC SERVICES - 0.82% 612 Myriad Genetics, Inc. * 32,216 --------------- INSURANCE AGENTS BROKERS & SERVICES - 1.47% 1,232 Express Scripts, Inc. - Class A * 57,608 --------------- LABORATORY ANALYTICAL INSTRUMENTS - 2.65% 1,900 Cytyc Corp. * 49,590 1,400 Waters Corp. * 54,250 --------------- 103,840 --------------- NATIONAL COMMERCIAL BANKS - 1.01% 1,000 Commerce Bancorp, Inc. 39,340 --------------- NATURAL GAS TRANSMISSION & DISTRIBUTION - 0.78% 550 Kinder Morgan, Inc. 30,630 --------------- OIL, GAS, FIELD SERVICES - 1.04% 1,250 BJ Services Co. * 40,563 --------------- OPTICAL INSTRUMENTS & LENSES - 1.01% 800 KLA-Tencor Corp. * 39,648 --------------- ORTHEPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES - 1.69% 2,135 Biomet, Inc. 65,972 --------------- PERSONAL CREDIT INSTITUTIONS - 2.98% 2,250 Metris Companies, Inc. 57,848 700 USA Education, Inc. 58,814 --------------- 116,662 --------------- SCHEDULE OF INVESTMENTS As of December 31, 2001 COMMON STOCKS - 91.48% (cont.) number of shares market value PHARMACEUTICAL PREPARATIONS - 4.45% 1,031 Allergan, Inc. $ 77,377 1,370 King Pharmaceuticals, Inc. * 57,718 634 Teva Pharmaceutical Industries Ltd. (a) 39,073 --------------- 174,168 --------------- PRINTED CIRCUIT BOARDS * - 1.62% 2,785 Jabil Circuit, Inc. * 63,275 --------------- RADIO BROADCASTING STATIONS - 1.41% 1,100 Entercom Communications Corp. * 55,000 --------------- RADIO TELEPHONE COMMUNICATIONS - 1.16% 1,550 Triton PCS Holdings, Inc. - Class A * 45,493 --------------- RETAIL - HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 1.52% 1,750 Bed Bath & Beyond, Inc. * 59,325 --------------- RETAIL - RADIO, TV & CONSUMER ELECTRONICS STORES - 1.19% 1,800 Circuit City Stores, Inc. 46,710 --------------- RETAIL - VARIETY STORES - 2.47% 3,129 Dollar Tree Stores, Inc. * 96,717 --------------- SEMICONDUCTORS & RELATED DEVICES - 12.84% 3,750 Chartered Semiconductor Manufaturing Ltd. * (a) 99,146 5,950 Conexant Systems, Inc. * 85,442 1,150 Intersil Holding Corp. - Class A * 37,088 1,900 Micrel, Inc. * 49,837 1,000 Microchip Technology, Inc. * 38,740 500 Nvidia Corp. * 33,450 1,950 RF Micro Devices, Inc. * 37,499 1,000 Semtech Corp. * 35,690 916 QLogic Corp. * 40,771 1,150 Xilinx, Inc. * 44,908 --------------- 502,570 --------------- SERVICES - ADVERTISING AGENCIES - 1.08% 1,000 Lamar Advertising Co. - Class A * 42,340 --------------- SERVICES - ALLIED TO MOTION PICTURE DISTRIBUTION - 1.16% 1,290 Macrovision Corp. * 45,434 --------------- SERVICES - BUSINESS SERVICES, NEC - 1.15% 700 Bisys Group, Inc. * 44,793 --------------- SERVICES - COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH - 1.25% 1,300 Affymetrix, Inc. * 49,075 --------------- SERVICES - COMPUTER PROCESSING & DATA PREPARATION - 4.17% 400 Affiliated Computer Services, Inc. - Class A * 42,452 1,700 DST Systems, Inc. * 84,745 850 Sabre Holdings Corp. 35,998 --------------- 163,195 --------------- SERVICES - COMPUTER INTEGRATED SYSTEMS DESIGN - 1.62% 2,900 Network Appliance, Inc. * 63,423 --------------- SERVICES - EDUCATIONAL SERVICES - 0.86% 750 Apollo Group, Inc. * 33,758 --------------- SCHEDULE OF INVESTMENTS As of December 31, 2001 COMMON STOCKS - 91.48% (cont.) number of shares market value SERVICES - GENERAL MEDICAL & SURGICAL HOSPITALS - 1.10% 1,265 Lifepoint Hospitals Holdings, Inc. * $ 43,061 --------------- SERVICES - MEDICAL LABORATORIES - 0.68% 330 Laboratory Corp. Of America Holdings * 26,681 --------------- SERVICES - MISCELLANEOUS AMUSEMENT & RECREATION - 1.47% 3,500 Ticketmaster Online Citysearch, Inc. Class B* 57,365 --------------- SERVICES - PREPACKAGED SOFTWARE - 6.42% 750 Check Point Software Technologies Ltd. * 29,918 1,790 Electronic Arts, Inc. * 107,311 1,498 Mercury Interactive Corp. * 50,902 2,250 Siebel Systems, Inc. * 62,955 --------------- 251,085 --------------- SPECIAL INDUSTRY MACHINERY - 2.28% 1,810 Lam Research Corp. * 42,028 1,200 Novellus Systems, Inc. * 47,340 --------------- 89,368 --------------- STATE COMMERCIAL BANK - 0.80% 1,100 UCBH Holdings, Inc. 31,284 --------------- SURETY INSURANCE - 3.12% 889 AMBAC Financial Group, Inc. 51,438 1,053 PMI Group, Inc. 70,562 --------------- 121,999 --------------- TELEGRAPH & OTHER MESSAGE COMMUNICATIONS - 1.49% 1,700 Certegy, Inc. * 58,174 --------------- TELEVISION BRAODCASTING STATIONS - 1.81% 1,750 Univision Communications, Inc. * 70,805 --------------- WHOLESALE - DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES - 1.28% 785 AmeriSourceBergen Corp. 49,887 --------------- Total Common Stocks (cost $3,306,534) 3,579,224 --------------- SHORT TERM INVESTMENTS - 2.93% number of shares market value 114,706 Firstar Bank Treasury Fund,,12/31/2001 (cost $114,706) 114,706 TOTAL INVESTMENTS - 94.41% (identified cost $3,421,230) 3,693,930 OTHER ASSETS AND LIABILITIES, NET - 5.59% 218,563 --------------- NET ASSETS - 100.00% $ 3,912,493 =============== Timothy Plan Aggressive Growth Fund See accompanying notes which are an integral part of the fianncial statements.
* Non-income producing securities (a) American Depositary Receipt See accompanying notes which are an integral part of the financial statements. STATEMENT OF ASSETS AND LIABILITIES As of December 31, 2001 ASSETS amount Investments in Securities at Value (identified cost $2,527,142) [NOTE 1] $ 3,693,930 Cash 160,892 Receivables: Interest 135 Dividends 230 Fund Shares Sold 56,546 Due from Advisor 8,478 Total Assets $ 3,920,211 ================== LIABILITIES amount Payable for Investments Purchased $ 2,449 Accrued Expenses 5,269 ------------------ Total Liabilities $ 7,718 ================== NET ASSETS amount Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 281,399 shares $3,510,237 Net Asset Value and Redemption price Per Class A Share ($3,510,487 / 531,177 shares) $ 6.61 Offering Price Per Share ($6.61/ 0.945) $ 6.99 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 55,381 shares $402,256 Net Asset Value and Offering Price Per Class B Share ($402,256 / 61,322 shares) $ 6.56 Maximum Redemption Price Per Class B Share ($6.56 x 0.95) $ 6.23 Net Assets $ 3,912,493 ================== SOURCES OF NET ASSETS amount At December 31, 2001, Net Assets Consisted of: Paid-in Capital $ 4,313,656 Accumulated Net Investment Loss (31,956) Accumulated Net Realized Loss on Investments (641,897) Net Unrealized Appreciation in Value of Investments 272,690 ------------------ Net Assets $ 3,912,493 ================== Timothy Plan Aggressive Growth Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF OPERATIONS For the Period Ended December 31, 2001 INVESTMENT INCOME amount Interest $ 6,139 Dividends 2,073 ---------------- Total Investment Income 8,212 ---------------- EXPENSES amount Investment Advisory Fees [NOTE 3] 19,848 Custodian Fees 14,879 Transfer Agent Fees (Class A =$12,893, Class B = $2,497) 15,390 Accounting Fees 13,661 Registration Fees 6,498 12b-1 Fess (Class A =$5,046, Class B =$2,686) [NOTE 3] 7,732 Administration Fees 5,028 Auditing Fees 1,767 Service Fees (Class B) [NOTE 3] 1,169 Legal Expense 1,263 Printing Expense 652 Pricing Fees 4,587 24F-2 Expense 91 Insurance Expense 262 Miscellaneous Expense 350 ---------------- Total Expenses 93,177 Expenses Waived and Reimbursed by Advisor [NOTE 3] (53,162) ---------------- Total Net Expenses 40,015 ---------------- Net Investment Loss (31,803) ---------------- REALIZED AND UNREALIZED LOSS ON INVESTMENTS amount Net Realized Loss on Investments (598,152) Change in Unrealized Appreciation of Investments 301,255 ---------------- Net Realized and Unrealized Gain (Loss) on Investments (296,897) ---------------- Decrease in Net Assets Resulting from Operations $ (328,700) ================ Timothy Plan Aggressive Growth Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS period ended period ended 12/31/01 12/31/00 Operations: Net Investment Loss $ (31,803) $ (392) Net Change in Unrealized Appreciation (Depreciation) of Investments 301,255 (28,565) Net Realized Loss on Investments (598,152) (43,745) ---------------- ----------------- Decrease in Net Assets (resulting from operations) (328,700) (72,702) ---------------- ----------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 3,299,422 817,694 Class B 299,660 251,508 Cost of Shares Redeemed: Class A (242,322) (24,834) Class B (81,183) (6,050) ---------------- ----------------- Increase in Net Assets (resulting from capital share transactions) 3,275,577 1,038,318 ---------------- ----------------- Total Increase in Net Assets 2,946,877 965,616 Net Assets: Beginning of Period 965,616 - ---------------- ----------------- End of Period (Including undistributed net investment loss of $31,803 and $10,308 respectively) $ 3,912,493 $ 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 ================ ================= Timothy Plan Aggressive Growth Fund See accompanying notes which are an integral part of the fianncial statements. *Commencement of operations was October 4, 2000.
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 period period ended ended 12/31/01 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 (0.08) - Net Realized and Unrealized Loss on Investments (1.66) (1.65) ------------- ------------ Total from Investment Operations (1.74) (1.65) ------------- ------------ Less Distributions: Dividends from Realized Gains - - Dividends from Net Investment Income - - ------------- ------------ Total Distributions - - ------------- ------------ Net Asset Value at End of Period $ 6.61 $ 8.35 ============= ============ Total Return (A) (D) (20.84)% (16.50)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 3,510 $ 717 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 3.77% 10.20% (C) After Reimbursement of Expenses by Advisor 1.60% 1.60% (C) Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement of Expenses by Advisor (3.42)% (8.91)%(C) After Reimbursement of Expenses by Advisor (1.26)% (0.31)%(C) Portfolio Turnover 112.45% 19.00% Timothy Plan Aggressive Growth Fund See accompanying notes which are an integral part of the fianncial statements.
(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. 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 period period ended ended 12/31/01 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 (0.13) - Net Realized and Unrealized Loss on Investments (1.65) (1.66) ------------ ------------ Total from Investment Operations (1.78) (1.66) ------------ ------------ Less Distributions: Dividends from Realized Gains - - Dividends from Net Investment Income - - ------------ ------------ Total Distributions - - ------------ ------------ Net Asset Value at End of Period $ 6.56 $ 8.34 ============ ============ Total Return (A) (D) (21.34)% (16.60)% Ratios/Supplimental Data: Net Assets, End of Period (in 000s) $ 402 $ 248 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 5.24% 10.95% (C) After Reimbursement of Expenses by Advisor 2.35% 2.35% (C) Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement of Expenses by Advisor (4.86)% (9.66)%(C) After Reimbursement of Expenses by Advisor (1.96)% (1.06)%(C) Portfolio Turnover 112.45% 19.00% Timothy Plan Aggressive Growth Fund See accompanying notes which are an integral part of the fianncial statements.
(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. SCHEDULE OF INVESTMENTS As of December 31, 2001 COMMON STOCKS - 94.29% BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) - 6.27% 5,925 Amgen, Inc. * $ 334,407 6,000 MedImmune, Inc. * 278,100 ---------------------- 612,507 ---------------------- COMPUTER COMMUNICATIONS EQUIPMENT - 1.33% 6,850 Juniper Networks, Inc. * 129,808 ---------------------- ELECTRONIC CONNECTORS - 1.78% 5,625 Molex, Inc. 174,094 ---------------------- FIRE, MARINE & CASUALTY INSURANCE - 2.96% 3,650 American International Group, Inc. 289,810 ---------------------- GENERAL INDUSTRIAL MACHINERY & EQUIPMENT - 4.23% 7,025 Tyco International Ltd. 413,772 ---------------------- NATIONAL COMMERCIAL BANKS - 1.26% 3,500 MBNA Corp. 123,200 ---------------------- ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES - 3.95% 12,500 Biomet, Inc. 386,250 ---------------------- PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS - 1.77% 3,000 Colgate Palmolive Co. 173,250 ---------------------- PERSONAL CREDIT INSTITUTIONS - 2.58% 3,000 USA Education, Inc. 252,060 ---------------------- PHARMACEUTICAL PREPARATIONS - 7.99% 2,000 Allergan, Inc. 150,100 4,000 Forest Laboratories, Inc. * 327,800 5,150 Merck & Co., Inc. 302,820 ---------------------- 780,720 ---------------------- PRINTED CIRCUIT BOARDS - 2.47% 21,400 Solectron Corp. * 241,392 ---------------------- RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT - 3.31% 13,175 Nokia Corp. (a) 323,183 ---------------------- RETAIL - LUMBER & OTHER BUILDING MATERIALS DEALERS - 3.80% 8,000 Lowe's Companies, Inc. 371,280 ---------------------- RETAIL-DEPARTMENT STORES - 2.16% 3,000 Kohl's Corp.* 211,320 ---------------------- RETAIL-DRUG STORES & PROPRIETARY STORES - 3.43% 9,950 Walgreen Co. 334,917 ---------------------- RETAIL-HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 1.73% 5,000 Bed Bath & Beyond, Inc. * 169,500 ---------------------- RETAIL-VARIETY STORES - 7.22% 8,500 Target Corp. 348,925 6,200 Wal-Mart Stores, Inc. 356,810 ---------------------- 705,735 ---------------------- SEMICONDUCTORS AND RELATED DEVICES - 2.73% 6,525 Broadcom Corp. - Class A * 266,677 ---------------------- SERVICES-COMPUTER PROCESSING AND DATA PREPARATION - 3.77% 6,250 Automatic Data Processing, Inc. 368,125 ---------------------- SERVICES-COMPUTER PROGRAMMING SERVICES - 4.02% 11,550 Amdocs Ltd. * 392,353 ----------------------
SCHEDULE OF INVESTMENTS As of December 31, 2001 COMMON STOCKS - 94.29% SERVICES-ENGINEERING ACCOUNTING RESEARCH, MANAGEMENT - 2.11% 5,925 Paychex, Inc. $ 206,486 ---------------------- SERVICES-PREPACKAGED SOFTWARE - 7.96% 9,200 Check Point Software Technologies Ltd. * 366,988 14,675 Siebel Systems, Inc. * 410,606 ---------------------- 777,594 ---------------------- STATE COMMERCIAL BANKS - 2.70% 5,050 State Street Corp. 263,863 ---------------------- SURGICAL & MEDICAL INSTRUMENTS & APPARATUS - 5.43% 5,000 Baxter International, Inc. 268,150 4,500 Stryker Corp. 262,665 ---------------------- 530,815 ---------------------- TELEPHONE & TELEGRAPH APPARATUS - 1.56% 10,625 Ciena Corp. * 152,044 ---------------------- WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES - 3.62% 5,475 Cardinal Health, Inc. 354,013 ---------------------- WHOLESALE-GROCERIES & RELATED PRODUCTS - 2.15% 8,000 Sysco Corp. 209,760 ---------------------- Total Common Stocks (cost $9,424,247) $ 9,214,528 ---------------------- SHORT-TERM INVESTMENTS - 3.88% 378,782 Star Bank Treasury Fund (cost $378,782) 378,782 ---------------------- TOTAL INVESTMENTS - 98.17% (identified cost $9,803,029) 9,593,310 OTHER ASSETS AND LIABILITIES - 1.83% 178,765 ---------------------- NET ASSETS - 100.00% $ 9,772,075 ====================== Timothy Plan Large/Mid Cap Growth Fund See accompanying notes which are an integral part of the fianncial statements. *Non-income producing securities (a) American Depositary Receipt
STATEMENT OF ASSETS AND LIABILITIES As of December 31, 2001 ASSETS Investments in Securities at Value (identified cost $9,803,029 ) [NOTE 1] $ 9,593,310 Cash 9,482 Receivables: Interest 412 Dividends 6,969 Fund Shares Sold 173,364 Other Receivables 2,915 ------------------ Total Assets $9,786,452 ================== LIABILITIES Accrued Expenses $ 14,377 ------------------ Total Liabilities $ 14,377 ================== NET ASSETS Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 1,216,593 shares outstanding) $8,854,128 Net Asset Value and Redemption Price Per Class A Share ($8,854,128/1,216,593 shares) $ 7.28 Offering Price Per Share ($7.28/0.945) $ 7.70 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 127,109 shares outstanidng $917,947 Net Asset Value and Offering Price Per Class B Share ($917,947/127,109 shares) $ 7.22 Maximum Redemption Price Per Class B Share ($7.22 x 0.95 ) $ 6.86 Net Assets $9,772,075 ================== SOURCES OF NET ASSETS At December 31, 2001, Net Assets Consisted of: Paid-in Capital $ 10,489,531 Accumulated Net Realized Loss on Investments (507,737) Net Unrealized Depreciation in Value of Investments (209,719) ------------------ Net Assets $9,772,075 ================== Timothy Plan Large/Mid Cap Growth Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF OPERATIONS For the Year Ended December 31, 2001 INVESTMENT INCOME Interest $ 8,974 Dividends 20,840 Miscellaneous Income 1,093 ---------------- Total Investment Income 30,907 ---------------- EXPENSES Investment Advisory Fees (Class A = $39,666 , Class B = $5,102 ) [NOTE 3] 44,768 Transfer Agent Fees (Class A = $14,670, Class B = $1,577 ) 21,487 Administration Fees 5,325 12b-1 Fees (Class A = $11,856 , Class B = $4,587) [NOTE 3] 16,443 Accounting Fees 19,476 Registration Fees 8,116 Custodian Fees 3,415 Printing Expense 1,455 Auditing Fees 3,716 Insurance Expense 579 Legal Expense 2,619 Service Fees (Class B) [NOTE 3] 2,101 Miscellaneous Expense 633 ---------------- Total Expenses 130,133 Expenses Waived and Reimbursed by Advisor [NOTE 3] (41,329) ---------------- Total Net Expenses 88,804 ---------------- Net Investment Loss (57,897) ---------------- REALIZED AND UNREALIZED LOSS ON INVESTMENTS Net Realized Loss on Investments (505,974) Change in Unrealized Depreciation of Investments (146,495) ---------------- Net Realized and Unrealized Loss on Investments (652,469) ---------------- Decrease in Net Assets Resulting from Operations $(710,366) ================ Timothy Plan Large/Mid Cap Growth Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS year ended period ended 12/31/01 12/31/00 (A) Operations: Net Investment Loss $ (57,897) $ (284) Net Change in Unrealized Depreciation of Investments (146,495) (63,225) Net Realized Loss on Investments (505,974) (1,763) ----------------- ----------------- Decrease in Net Assets (resulting from operations) (710,366) (65,272) ----------------- ----------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 8,195,887 1,607,594 Class B 735,212 449,147 Cost of Shares Redeemed: Class A (302,549) (962) Class B (136,616) - ----------------- ----------------- Increase in Net Assets (resulting from capital share transactions) 8,491,934 2,055,779 ----------------- ----------------- Total Increase in Net Assets 7,781,568 1,990,507 Net Assets: Beginning of Period 1,990,507 - ----------------- ----------------- End of Period $ 9,772,075 $ 1,990,507 ================= ================= Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold: Class A 1,091,786 164,182 Class B 98,379 47,107 Shares Redeemed: Class A (39,278) (97) Class B (18,377) - ----------------- ----------------- Net Increase in Number of Shares Outstanding 1,132,510 211,192 ================= ================= Timothy Plan Large/Mid Cap Growth Fund See accompanying notes which are an integral part of the fianncial statements. (A) For the period October 5, 2000 (Commencement of Operations) to December 31, 2000.
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 year ended period ended 12/31/01 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 (2.11) (0.57) ---------------- ----------------- Total from Investment Operations (2.15) (0.57) ---------------- ----------------- Net Asset Value at End of Period $ 7.28 $ 9.43 ================ ================= Total Return (A)(D) (22.80)% (5.69)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 8,854 $ 1,547 Ratio of Expenses to Average Net Assets: Before Reimbursement and Waiver of Expenses by Advisor 2.32% 5.55% (C) After Reimbursement and Waiver of Expenses by Advisor 1.60% 1.60% (C) Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement and Waiver of Expenses by Advisor (1.72)% (3.98)%(C) After Reimbursement and Waiver of Expenses by Advisor (1.00)% (0.03)%(C) Portfolio Turnover 20.47% 4.46% Timothy Plan Large/Mid Cap Growth Fund See accompanying notes which are an integral part of the fianncial statements. (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.
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 year ended period ended 12/31/01 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 (0.08) (0.01) Net Realized and Unrealized Loss on Investments (2.11) (0.58) ---------------- ----------------- Total from Investment Operations (2.19) (0.59) ---------------- ----------------- Net Asset Value at End of Period $ 7.22 $ 9.41 ================ ================= Total Return (A)(D) (23.27)% (5.89)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 918 $ 444 Ratio of Expenses to Average Net Assets: Before Reimbursement and Waiver of Expenses by Advisor 3.66% 6.30% (C) After Reimbursement and Waiver of Expenses by Advisor 2.35% 2.35% (C) Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement and Waiver of Expenses by Advisor (3.11)% (4.73)%(C) After Reimbursement and Waiver of Expenses by Advisor (1.80)% (0.78)%(C) Portfolio Turnover 20.47% 4.46% Timothy Plan Large/Mid Cap Growth Fund See accompanying notes which are an integral part of the fianncial statements. (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.
SCHEDULE OF INVESTMENTS As of December 31, 2001 COMMON STOCKS - 99.02% number of shares market value 353,751 Timothy Aggressive Growth Fund $ 2,338,295 556,979 Timothy Large/Mid-Cap Growth Fund 4,054,806 268,961 Timothy Large/Mid-Cap Value Fund 2,912,847 166,440 Timothy Small Cap Value Fund 2,295,204 ----------- TOTAL COMMON STOCK (Cost $11,729,963) 11,601,152 ----------- TOTAL INVESTMENTS - 99.02% (identified cost $11,729,963) 11,601,152 OTHER ASSETS AND LIABILITIES - 0.98% 115,138 ----------- NET ASSETS - 100.00% $ 11,716,290 =========== Timothy Plan Strategic Growth Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF ASSETS AND LIABILITIES As of December 31, 2001 ASSETS Investments in Securities at Value (identified cost $11,729,963)[NOTE 1] $11,601,152 Receivables: Fund Shares Sold 125,228 Accrued Interest 208 Commission Receivable due from Advisor 3,917 Due From Advisor 3,759 Prepaid Expenses 1,970 -------------- Total Assets $ 11,736,234 ============== LIABILITIES Payable to Custodian $ 4,140 Accrued Expenses 15,804 -------------- Total Liabilities $ 19,944 ============== NET ASSETS Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial intereted; 551,654 shares outstanding) $4,674,590 Net Asset Value and Redemption Price Per Class A Share ($4,674,590/551,654 shares) $ 8.47 Offering Price Per Share ($8.47/0.945) $ 8.96 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial intereted; 836,543 shares outstanding) $7,041,700 Net Asset Value and Offering Price Per Class B Share ($7,041,700/836,543 shares) $ 8.42 Maximum Redemption Price Per Class B Share ($8.42 x 0.95) $ 8.00 Net Assets $ 11,716,290 ============== SOURCES OF NET ASSETS At December 31, 2001, Net Assets Consisted of: Paid-in Capital $ 11,844,527 Net Accumulated Realized Gain on Investments 574 Net Unrealized Depreciation in Value of Investments (128,811) -------------- Net Assets $ 11,716,290 ============== Timothy Plan Strategic Growth Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF OPERATIONS For the Year Ended December 31, 2001 INVESTMENT INCOME Interest $ 4,005 ----------- Total Investment Income 4,005 ----------- EXPENSES Investment Advisory Fees [NOTE 3] 9,041 Accounting Fees 18,629 Transfer Agent Fees (Class A = $8,137, Class B = $14,973) 23,110 12b-1 Fess (Class A = $5,834, Class B = $30,632) [NOTE 3] 36,466 Custodian Fees 4,254 Administration Fees 6,611 Auditing Fees 3,727 Service Fees (ClassB = $9,836) [NOTE 3] 9,836 Registrations Expense 8,716 Legal Expense 2,792 Insurance Expense 440 Printing Expense 1,678 Miscellaneous Expense 455 ----------- Total Expenses 125,755 Expenses Waived and Reimbursed by Advisor [NOTE 3] (19,993) ----------- Total Net Expenses 105,762 ----------- Net Investment Loss (101,757) ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS amount Net Realized Loss on Investments (630) Capital Gain Distribution from Other Investment Companies 13,115 Change in Unrealized Depreciation of Investments (92,430) ----------- Net Realized and Unrealized Loss on Investments (79,945) ----------- Decrease in Net Assets Resulting from Operations $ (181,702) =========== Timothy Plan Strategic Growth Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF CHANGES IN NET ASSETS INCREASE IN NET ASSETS year ended period ended 12/31/01 12/31/00 (A) Operations: Net Investment Loss $ (101,757) $ (1,845) Net Change in Unrealized Depreciation of Investments (92,430) (36,381) Capital Gain Distributions from Other Investment Companies 13,115 19,973 Net Realized Loss on Investments (630) 209 ------------ ------------ Decrease in Net Assets (resulting from operations) (181,702) (18,044) ------------ ------------ Distributions to Shareholders: Net Capital Gains: Class A (7,201) - Class B (11,483) - ------------ ------------ Total Distributions (18,684) - ------------ ------------ Capital Share Transactions: Proceeds from Shares Sold: Class A 4,330,628 455,732 Class B 6,707,533 922,774 Dividends Reinvested: Class A 7,101 - Class B 10,787 - Cost of Shares Redeemed: Class A (114,860) - Class B (384,975) - ------------ ------------ Increase in Net Assets (resulting from capital share transactions) 10,556,214 1,378,506 ------------ ------------ Total Increase in Net Assets 10,355,828 1,360,462 Net Assets: Beginning of period 1,360,462 - ------------ ------------ End of period $ 11,716,290 $ 1,360,462 ============ ============ Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold: Class A 517,676 47,462 Class B 788,513 94,129 Cost of Shares Reinvested: Class A 848 - Class B 1,298 - Shares Redeemed: Class A (14,332) - Class B (47,397) - ------------ ------------ Net Increase in Number of Shares Outstanding 1,246,606 141,591 ============ ============ Timothy Plan Strategic Growth Fund See accompanying notes which are an integral part of the fianncial statements.
(A) For the period October 5, 2000 (Commencement of Operations) to December 31, 2000. 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 year period ended ended 12/31/01 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 (0.05) (0.01) Net Realized and Unrealized Loss on In (1.08) (0.38) ---------- ---------- Total from Investment Operations (1.13) (0.39) ---------- ---------- Less Distributions: Dividends from Realized Gains (0.01) - Dividends from Net Investment Income - - ---------- ---------- Total Distributions (0.01) - ---------- ---------- Net Asset Value at End of Period $ 8.47 $ 9.61 ========== ========== Total Return (A)(B) (11.72)% (3.90)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 4,675 $ 456 Ratio of Expenses to Average Net Assets: Before Reimbursement and waiver of Expenses by Advisor 1.68% 6.80% (C) After Reimbursement and waiver of Expenses by Advisor 1.25% 1.25% (C) Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement and waiver of Expenses by Advisor (1.61)% (6.22)%(C) After Reimbursement and waiver of Expenses by Advisor (1.18)% (0.67)%(C) Portfolio Turnover 0.15% 0.30% Timothy Plan Strategic Growth Fund See accompanying notes which are an integral part of the fianncial statements.
(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. 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 year period ended ended 12/31/01 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 (0.09) (0.03) Net Realized and Unrealized Loss on Investments (1.09) (0.36) ---------- --------- Total from Investment Operations (1.18) (0.39) ---------- --------- Less Distributions: Dividends from Realized Gains (0.01) - Dividends from Net Investment Income - - ---------- --------- Total Distributions (0.01) - ---------- --------- Net Asset Value at End of Period $ 8.42 $ 9.61 ========== ========= Total Return (A)(B) (12.24)% (3.90)% Ratios/Supplemental Data: Net Assets, End of Period (in 000s) $ 7,042 $ 904 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.27% 7.55% (C) After Reimbursement of Expenses by Advisor 2.00% 2.00% (C) Ratio of Net Investment Loss to Average Net Assets: Before Reimbursement of Expenses by Advisor (2.21)% (6.97)%(C) After Reimbursement of Expenses by Advisor (1.94)% (1.42)%(C) Portfolio Turnover 0.15% 0.30% Timothy Plan Strategic Growth Fund See accompanying notes which are an integral part of the fianncial statements.
(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. See accompanying notes which are anintegral part of the financial statements. SCHEDULE OF INVESTMENTS As of December 31, 2001 Common Stocks - 98.37% 310,673 Timothy Fixed Income Fund $ 3,022,850 272,394 Timothy Large/Mid-Cap Growth Fund 1,983,025 276,448 Timothy Large/Mid-Cap Value Fund 2,993,937 142,308 Timothy Small Cap Value Fund 1,962,433 ----------------- Total Common Stocks (cost $9,813,620) $ 9,962,245 ----------------- Short Term Investments - 2.96% 300,267 First American Treasury Fund (cost $300,267) $ 300,267 ----------------- TOTAL INVESTMENTS - 101.33% (identified cost $10,113,887) 10,262,512 LIABILITIES IN EXCESS OF OTHER ASSETS - (1.33)% (135,010) ----------------- NET ASSETS - 100.00% $ 10,127,502 ================= Timothy Plan Conservative Growth Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF ASSETS AND LIABILITIES As of December 31, 2001 ASSETS Investments in Securities at Value (identified cost $10,113,887) [NOTE 1] $ 10,262,512 Cash 18,230 Receivables: Dividends 28,356 Interest 160 Commission Receivable due from Advisor 5,295 Due From Advisor 4,571 Fund shares sold 108,635 Prepaid expenses 943 ----------------- Total Assets $ 10,428,702 ================= LIABILITIES Payable for Investments Purchased $ 290,000 Payable for Fund Shares Redeemed 400 Accrued Expenses 10,800 ----------------- Total Liabilities $ 301,200 ================= NET ASSETS amount Class A Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 613,798 shares outstanding) $5,787,010 Net Asset Value and Redemption price Per Class A Share ($5,787,010 / 613,798 shares) $ 9.43 Offering Price Per Share ($9.43 / 0.945) $ 9.98 Class B Shares: Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 465,221 shares outstanding $4,340,492 Net Asset Value and Offering Price Per Class B Share ($4,340,492 / 465,221 shares) $ 9.33 Maximum Redemption Price Per Share ($9.33 x 0.95) $ 8.86 Net Assets $ 10,127,502 ================= SOURCES OF NET ASSETS amount At December 31, 2001, Net Assets Consisted of: Paid-in Capital $ 10,015,939 Undistributed Net Investment Income 333 Accumulated Net Realized Loss on Investments (37,395) Net Unrealized Appreciation in Value of Investments 148,625 ----------------- Net Assets $ 10,127,502 ================= Timothy Plan Strategic Growth Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF OPERATIONS As of December 31, 2001 INVESTMENT INCOME amount Interest $ 2,677 Dividends 64,690 ---------------- Total Investment Income 67,367 ---------------- EXPENSES amount Investment Advisory Fees [NOTE 3] 6,255 Transfer Agent Fees (Class A =$10,320, Class B =$9,789) 20,109 Administration Fees 5,748 12b-1 Fess (Class A =$6,373, Class B =$14,949) [NOTE 3] 21,322 Accounting Fees 17,355 Custodian Fees 4,371 Auditing Fees 1,911 Servicing Fees (Class B = 4,819) [NOTE 3] 4,819 Insurance Expense 221 Legal Expense 1,598 Registration Expense 8,730 Printing Expense 1,202 Miscellaneous Expense 792 ---------------- Total Expenses 94,433 Expenses Waived and Reimbursed by Advisor [NOTE 3] (27,566) ---------------- Total Net Expenses 66,867 ---------------- Net Investment Income 500 ---------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS amount Net Realized Loss on Investments (50,032) Capital Gain Distributions from Other Investment Companies 12,637 Change in Unrealized Appreciation of Investments 151,801 ---------------- Net Realized and Unrealized Gain on Investments 114,406 ---------------- Increase in Net Assets Resulting from Operations $ 114,906 ================ Timothy Plan Strategic Growth Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS year ended period ended Dec. 31, 2001 Dec. 31, 2000 * Operations: Net Investment Income $ 500 $ 841 Net Change in Unrealized Appreciation (Depreciation) of Investments 151,801 (3,176) Capital Gain Distributions From Other Investment Companies 12,637 8,784 Net Realized Gain (Loss) on Investments (50,032) 87 -------------- -------------- Increase in Net Assets (resulting from operations) 114,906 6,536 -------------- -------------- Distributions to shareholders: Net Income Class A (645) - Class B (42) - Capital Gains Class A (5,335) - Class B (3,857) - -------------- -------------- Total Distributions (9,879) - -------------- -------------- Capital Share Transactions: Proceeds from Shares Sold: Class A 5,611,527 292,033 Class B 3,920,643 479,389 Cost of Shares Redeemed: Class A (198,550) - Class B (98,233) - Cost of Shares Reinvested: Class A 5,497 - Class B 3,633 - -------------- -------------- Increase in Net Assets (resulting from capital 9,244,517 771,422 capital share transactions -------------- -------------- Total Increase in Net Assets 9,349,544 777,958 Net Assets: Beginning of Period 777,958 - -------------- -------------- End of Period (including undistributed investment income of $333 and $841, respectively) $ 10,127,502 $ 777,958 ============== ============== Shares of Capital Stock of the Fund Sold: Shares Sold: Class A 604,976 29,782 Class B 427,286 48,287 Cost of Shares Redeemed: Class A (21,550) - Class B (10,746) - Cost of Shares Reinvested: Class A 590 - Class B 394 - -------------- -------------- Net Increase in Number of Shares Outstanding 1,000,950 78,069 ============== ============== Timothy Plan Strategic Growth Fund See accompanying notes which are an integral part of the fianncial statements.
* Commencement of operations was October 5, 2000. 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 year period ended 12/31/01 ended 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 (0.53) (0.04) -------------- --------------- Total from Investment Operations (0.54) (0.02) -------------- --------------- Less Distributions: Dividends from Realized Gains (0.01) - Dividends from Net Investment Income (0.00) * - -------------- --------------- Total Distributions (0.01) - -------------- --------------- Net Asset Value at End of Period $ 9.43 $ 9.98 ============== =============== Total Return (A) (B) (5.41)% (0.20)% Ratios/Supplimental Data: Net Assets, End of Period (in 000s) $ 5,787 $ 297 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 1.74% (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 (0.17)%(C) (7.41)%(C) After Reimbursement of Expenses by Advisor 0.37% (C) 1.30% (C) Portfolio Turnover 4.03% 0.56% Timothy Plan Strategic Growth Fund See accompanying notes which are an integral part of the fianncial statements.
(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. * Distribution was less than $0.01 per share. 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 year ended period 12/31/2001 ended Per Share Operating Performance: Net Asset Value at Beginning of Period $ 9.96 $ 10.00 ---------------- --------------- Income from Investment Operations: Net Investment Loss (0.02) - Net Realized and Unrealized Loss on Investments (0.60) (0.04) ---------------- --------------- Total from Investment Operations (0.62) (0.04) ---------------- --------------- Less Distributions: Dividends from Realized Gains (0.01) - Dividends from Net Investment Income 0.00 * - ---------------- --------------- Total Distributions (0.01) - ---------------- --------------- Net Asset Value at End of Period $ 9.33 $ 9.96 ================ =============== Total Return (A) (B) (6.23)% (0.40)% Ratios/Supplimental Data: Net Assets, End of Period (in 000s) $ 4,340 $ 481 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.70% (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 (1.19)%(C) (8.16)%(C) After Reimbursement of Expenses by Advisor (0.44)%(C) 0.55% (C) Portfolio Turnover 4.03% 0.56% Timothy Plan Strategic Growth Fund See accompanying notes which are an integral part of the fianncial statements.
(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. * Distribution was less than $0.01 per share. SCHEDULE OF INVESTMENTS As of December 31, 2001 SHORT TERM INVESTMENTS - 97.38% Government Agencies - 75.40% 300,000 Federal Agricultural Mortgage Corp., 2.16%, 01/07/2002 $ 299,892 100,000 Federal Farm Credit Bank, 3.21%, 01/15/2002 99,876 100,000 Federal Farm Credit Bank, 3.40%, 01/18/2002 99,839 100,000 Federal Farm Credit Bank, 2.00%, 07/08/2002 98,956 150,000 Federal Home Loan Bank, 1.72%, 01/11/2002 149,928 100,000 Federal Home Loan Bank, 3.35%, 01/23/2002 99,796 100,000 Federal Home Loan Bank, 3.32%, 02/08/2002 99,649 200,000 Federal Home Loan Bank, 3.21%, 02/12/2002 199,251 180,000 Federal Home Loan Bank, 1.71%, 02/15/2002 179,615 100,000 Federal Home Loan Bank, 3.34%, 04/22/2002 98,970 300,000 Federal Home Loan Bank, 1.43%, 07/07/2002 297,779 370,000 Student Loan Mktg, 1.64%, 04/15/2002 368,247 ------------------ Total Short Term Investments (cost $2,091,798) 2,091,798 ------------------ Money Market Instruments - 21.99% 610,011 Firstar Treasury Fund, , 01/01/2002 (a) (Cost $610,011) 610,011 ------------------ TOTAL INVESTMENTS - 97.38% (identified cost $2,701,809) 2,701,809 ------------------ OTHER ASSETS AND LIABILITIES, NET - 2.62% 72,622 ------------------ NET ASSETS - 100.00% $ 2,774,431 ================== Timothy Plan Money Market Fund See accompanying notes which are an integral part of the fianncial statements.
(a) Variable rate security; the rate shown represents the rate at December 31, 2001. STATEMENT OF ASSETS AND LIABILITIES As of December 31, 2001 ASSETS Investments in Securities at Value (identified cost $2,701,809) [NOTE 1] $ 2,701,809 Cash 5,498 Receivables: Interest 2,487 Security Shares Sold 85,000 Fund Shares Sold 17,707 Prepaid Registration 1,612 Prepaid Insurance 45 Prepaid Printing 20 Total Assets $ 2,814,178 ================== LIABILITIES Payable for Fund Shares Redeemed $ 29,087 Accrued Expenses 6,117 Income Distribution Payable 4,543 ------------------ Total Liabilities $ 39,747 ================== NET ASSETS Shares of Capital Stock Outstanding (par value $0.001, unlimited shares authorized) $ 2,774,431 Net Asset Value, Offering and Redemption Price Per Share ($2,774,431 / 2,774,431 shares) $ 1.00 Net Assets $ 2,774,431 ================== SOURCES OF NET ASSETS At December 31, 2001, Net Assets Consisted of: Paid-in Capital $ 2,774,431 Net Assets $ 2,774,431 ================== Timothy Plan Money Market Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF OPERATIONS For the Year Ended December 31, 2001 INVESTMENT INCOME Interest $ 76,274 ---------------- Total Investment Income 76,274 ---------------- EXPENSES Investment Advisory Fees [NOTE 3] 12,066 Transfer Agent Fees 8,157 Administration Fees 1,977 Accounting Fees 9,293 Auditing Fees 485 Insurance Fees 347 Legal Fees 142 Registration Fees 8,028 Custodian Fees 2,738 Pricing Fees 175 Printing Fees (1,454) Miscellaneous Expense 5,102 ---------------- Total Expenses 47,056 Expenses Waived and Reimbursed by Advisor [NOTE 3] (32,358) ---------------- Total Net Expenses 14,698 ---------------- Net Investment Income 61,576 ---------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Increase in Net Assets Resulting from Operations $ 61,576 ================ Timothy Plan Money Market Fund See accompanying notes which are an integral part of the fianncial statements.
STATEMENT OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS year ended year ended 12/31/01 12/31/00 Operations: Net Investment Income $ 61,576 $ 56,658 -------------- -------------- Increase in Net Assets (resulting from operations) 61,576 56,658 -------------- -------------- Distributions to Shareholders: Net Income (61,546) (56,658) -------------- -------------- Capital Share Transactions: Proceeds from Shares Sold 4,203,813 2,081,130 Dividends Reinvested 60,191 38,156 Cost of Shares Redeemed (2,892,945) (1,476,128) -------------- -------------- Increase in Net Assets (resulting from capital share transactions) 1,371,059 643,158 -------------- -------------- Total Increase in Net Assets 1,371,089 643,158 Net Assets: Beginning of Period 1,403,342 760,184 -------------- -------------- End of Period $2,774,431 $1,403,342 ============== ============== Shares of Capital Stock of the Fund Sold and Redeemed: Shares Sold 4,203,813 2,081,085 Shares Reinvested 60,191 38,156 Shares Redeemed (2,892,945) (1,476,128) -------------- -------------- Net Increase in Number of Shares Outstanding 1,371,059 643,113 ============== ============== Timothy Plan Money Market Fund See accompanying notes which are an integral part of the fianncial statements.
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 year year period ended ended ended 12/31/01 12/31/00 12/31/99 (B) Per Share Operating Performance: Net Asset Value at Beginning of Period $ 1.00 $ 1.00 $ 1.00 ----------- ----------- ----------- Income from Investment Operations: Net Investment Income 0.03 0.05 0.02 ----------- ----------- ----------- Total from Investment Operations 0.03 0.05 0.02 ----------- ----------- ----------- Less Distributions: Dividends from Realized Gains - - - Dividends from Net Investment Income (0.03) (0.05) (0.02) ----------- ----------- ----------- Total Distributions (0.03) (0.05) (0.02) ----------- ----------- ----------- Net Asset Value at End of Period $ 1.00 $ 1.00 $ 1.00 =========== =========== =========== Total Return (A) 3.81% 7.22% 1.78% Ratios/Supplimental Data: Net Assets, End of Period (in 000s) $ 2,774 $ 1,403 $ 760 Ratio of Expenses to Average Net Assets: Before Reimbursement of Expenses by Advisor 2.33% 4.53% 5.75% (C) After Reimbursement of Expenses by Advisor 0.73% 0.85% 0.85% (C) Ratio of Net Investment Income (Loss) to Average Net Assets: Before Reimbursement of Expenses by Advisor 1.45% 1.58% (0.73)%(C) After Reimbursement of Expenses by Advisor 3.05% 5.25% 4.17% (C) Timothy Plan Money Market Fund See accompanying notes which are an integral part of the fianncial statements.
(A) Not Annualized. (B) For the Period July 9, 1999 (Commencement of Operations) to December 31, 1999. (C) Annualized. NOTES TO FINANCIAL STATEMENTS December 31, 2001 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 the 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. NOTES TO FINANCIAL STATEMENTS December 31, 2001 - 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 generally accepted in the United States of America 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. NOTES TO FINANCIAL STATEMENTS December 31, 2001 - continued TIMOTHY PLAN FAMILY OF FUNDS -------------------------------------------------------------------------------- Note 1 - Significant Accounting Policies (cont.) 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 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 $2,913 in capital losses available to offset future gains that expire in 2008. The Timothy Plan Large/Mid-Cap Value has $141,935 in capital losses available to offset future gains that expire in 2009. The Timothy Plan Large/Mid-Cap Growth Fund has $278,925 in capital losses available to offset future gains that expire in 2009. The Timothy Plan Conservative Growth Fund has $17,917 in capital losses available to offset against future gains that expire in 2009. The Timothy Plan Aggressive Growth Fund has $544,723 in capital losses available to offset against future capital gains that expire in 2009. 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 $10,511, $228,817 and $61,358 respectively, during the period November 1, 2001 through December 31, 2001 which are treated for federal income tax purposes as arising during each Fund's tax year ending December 31, 2002. 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 accounting principles generally accepted in the United States of America, 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. -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS December 31, 2001 - continued TIMOTHY PLAN FAMILY OF FUNDS 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 year ended December 31, 2001: funds purchases sales ----------------------------------------------------------------------------- Agggressive Growth Fund $ 5,478,165 $ 2,385,339 ----------------------------------------------------------------------------- Conservative Growth Fund $ 9,297,610 $ 170,829 ----------------------------------------------------------------------------- Fixed Income Fund $ 4,471,921 $ 493,476 ----------------------------------------------------------------------------- Large/Mid-Cap Growth Fund $ 9,129,077 $ 1,005,272 ----------------------------------------------------------------------------- Large/Mid-Cap Value Fund $ 12,198,675 $ 3,021,664 ----------------------------------------------------------------------------- Small-Cap Value Fund $ 22,929,306 $ 17,719,518 ----------------------------------------------------------------------------- Strategic Growth Fund $ 10,428,708 $ 8,708 ----------------------------------------------------------------------------- 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; and 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 -------------------------------------------------------------------------- Agggressive Growth Fund 1.60% 2.35% -------------------------------------------------------------------------- Conservative Growth Fund 1.20% 1.95% -------------------------------------------------------------------------- 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 1.25% 2.00% -------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS December 31, 2001 - continued TIMOTHY PLAN FAMILY OF FUNDS -------------------------------------------------------------------------------- Note 3 - Investment Management Fee and Other Transactions with Affiliates (Cont.) For the year ended December 31, 2001, TPL waived and reimbursed the Funds as follows: waivers and funds reimbursements -------------------------------------------------------------------------- Agggressive Growth Fund $ 53,162 -------------------------------------------------------------------------- Conservative Growth Fund $ 27,566 -------------------------------------------------------------------------- Fixed Income Fund $ 32,486 -------------------------------------------------------------------------- Large/Mid-Cap Growth Fund $ 41,329 -------------------------------------------------------------------------- Large/Mid-Cap Value Fund $ - -------------------------------------------------------------------------- Money Market Fund $ 32,358 -------------------------------------------------------------------------- Small-Cap Value Fund $ - -------------------------------------------------------------------------- Strategic Growth Fund $ 19,993 -------------------------------------------------------------------------- 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 year ended December 31, 2001, the Funds paid TPL under the terms of the Plan as follows: funds distribution costs service fees ----------------------------------------------------------------------------- Aggressive Growth Fund $ 7,732 $ 1,169 ----------------------------------------------------------------------------- Conservative Growth Fund $ 21,322 $ 4,819 ----------------------------------------------------------------------------- Fixed Income Fund $ 9,848 $ 1,509 ----------------------------------------------------------------------------- Large/Mid-Cap Growth Fund $ 16,443 $ 2,101 ----------------------------------------------------------------------------- Large/Mid-Cap Value Fund $ 46,114 $ 8,598 ----------------------------------------------------------------------------- Small-Cap Value Fund $ 160,890 $ 42,936 ----------------------------------------------------------------------------- Strategic Growth Fund $ 36,466 $ 9,836 ----------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS December 31, 2001 - continued TIMOTHY PLAN FAMILY OF FUNDS -------------------------------------------------------------------------------- Note 4 - Unrealized Appreciation (Depreciation) At December 31, 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 $ 3,457,056 $ 362,505 $ (125,631) $ 236,874 --------------------------------------------------------------------------------------------------- Conservative Growth Fund $ 10,133,365 $ 190,894 $ (61,747) $ 129,147 --------------------------------------------------------------------------------------------------- Fixed Income Fund $ 5,254,664 $ 63,757 $ (97,896) $ (34,139) --------------------------------------------------------------------------------------------------- Large/Mid-Cap Growth Fund $ 9,803,029 $ 636,991 $ (846,710) $ (209,719) --------------------------------------------------------------------------------------------------- Large/Mid-Cap Value Fund $ 16,363,858 $ 1,379,414 $ (385,411) $ 994,003 --------------------------------------------------------------------------------------------------- Money Market Fund $ 2,701,809 N/A N/A N/A --------------------------------------------------------------------------------------------------- Small-Cap Value Fund $ 27,360,467 $ 7,632,701 $ (1,208,081) $ 6,424,620 --------------------------------------------------------------------------------------------------- Strategic Growth Fund $ 11,730,692 $ 192,523 $ (322,063) $ (129,540) ---------------------------------------------------------------------------------------------------
Note 5 - Distributions to Shareholders The tax character of distributions paid during 2001 and 2000 were as follows: Aggressive Conservative Fixed Income Large/Mid-Cap Growth Fund Growth Fund Fund Growth Fund ------------------------------------ 2001 Ordinary Income $ - $ 2,303 $ 136,792 $ - Long-term Capital Gains - 7,576 - - --------------------------------------------------------------- $ - $ 9,879 $ 136,792 $ - =============================================================== 2000 Ordinary Income $ - $ - $ 36,130 $ - Long-term Capital Gains - - - - --------------------------------------------------------------- $ - $ - $ 36,130 $ - =============================================================== As of December 31, 2001, the components of distributable earnings on a tax basis were as follows: Undistributed Ordinary Income $ - $ 333 $ - $ - Undistributed Long-term Captial Gains - - - - Unrealized Appreciation (Depreciation) 236,874 129,147 (34,139) (209,719) --------------------------------------------------------------- $ 236,874 $ 129,480 $ (34,139) $ (209,719) ===============================================================
NOTES TO FINANCIAL STATEMENTS December 31, 2001 - continued TIMOTHY PLAN FAMILY OF FUNDS -------------------------------------------------------------------------------- Note 5 - Distributions to Shareholders - (Cont.) The tax character of distributions paid during 2001 and 2000 were as follows: Large/Mid-Cap Money Small-Cap Strategic Value Fund Market Fund Value Fund Growth Fund -------------------------------------- 2001 Ordinary Income $ 55,822 $ 61,546 $ 64,519 $ 1,343 Long-term Capital Gains - - 16,332 17,341 --------------------------------------------------------------- $ 55,822 $ 61,546 $ 80,851 $ 18,684 =============================================================== 2000 Ordinary Income $ 23,962 $ 56,658 $ 343,849 $ - Long-term Capital Gains 7,328 - 2,050,151 - --------------------------------------------------------------- $ 31,290 $ 56,658 $ 2,394,000 $ - =============================================================== As of December 31, 2001, the components of distributable earnings on a tax basis were as follows: Undistributed Ordinary Income $ - $ - $ - $ - Undistributed Long-term Captial Gains - - - 574 Unrealized Appreciation (Depreciation) 994,003 - 6,424,620 (129,540) --------------------------------------------------------------- $ 994,003 $ - $ 6,424,620 $ (128,966) ===============================================================
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- To the Shareholders and Board of Trustees The Timothy Plan Winter Park, Florida We have audited the accompanying statements of assets and liabilities of The Timothy Plan (comprising respectively; The Timothy Aggressive Growth Fund, The Timothy Conservative Growth Fund, The Timothy Fixed Income Fund, The Timothy Small-Cap Value Fund, The Timothy Large/Mid-Cap Growth Fund, The Timothy Large/Mid-Cap Value Fund, The Timothy Money Market Fund and The Timothy Strategic Growth Fund), including the portfolios of investments as of December 31, 2001, the related statements of operations for the year then ended and the statements of changes in net assets and the financial highlights for each of the periods indicated thereon. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2001, by correspondence with the custodian and brokers or by other appropriate procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Timothy Plan as of December 31, 2001, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the periods indicated thereon, in conformity with accounting principles generally accepted in the United States of America. TAIT, WELLER & BAKER Philadelphia, Pennsylvania February 13, 2002