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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08228
The Timothy Plan
(Exact name of registrant as specified in charter)
1304 West Fairbanks Avenue Winter Park, FL | 32789 | |
| (Address of principal executive offices) | (Zip code) |
Citco Mutual Fund Services
83 General Warren Blvd., Suite 200
Malvern, PA 19355
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-846-7526
Date of fiscal year end: 12/31/2004
Date of reporting period: 6/30/2004
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| ITEM 1. |
Report to Stockholders
| Semi – Annual Report | ||
| June 30, 2004 | ||
| (Unaudited) | ||
| Timothy Plan Family of Funds: | ||
Small-Cap Variable Series | ||
LETTER FROM THE PRESIDENT
June 30, 2004 (Unaudited)
ARTHUR D. ALLY
Dear Timothy Plan Variable Series Shareholder:
To say that we are living in an unsettled topsy-turvy world would be an understatement. Let’s review some of the ‘stuff’ that is going on at this writing:
| • | We remain in a war against terrorism – not only in Iraq and Afghanistan – but also in many other parts of our world. |
| • | We are in, what we believe to be, the early stages of an economic recovery but there are liberal voices in our land that claim this is simply not so. |
| • | Although interest rates remain at historic lows, they are beginning to move upward. We believe, however that this will prove to be gradual and not excessive. |
| • | We are in a presidential election year and the media is heavily selling the fact that this will be a very close race. As you probably know, the stock market does not like uncertainty. |
| • | In addition to all that, we live in a time where another terrorist attack within our borders is a distinct possibility and, in fact, could come at any time. |
In spite of all that we, along with the managers of our underlying funds, maintain a positive outlook for the remainder of this year and into next year. We believe the markets will remain choppy as a result of the above issues but that the bias will be upward. Although there is no guarantee that this will be the case, the increasing strength of our overall economy gives us a lot of confidence.
As you can see from the report following this letter, our performance is in positive territory for the first six months of this year. We are hopeful that this trend will continue as an extension of our market recovery that began last year.
Nevertheless, please understand that we remain steadfast in our mission of providing a competitive investment vehicle while honoring our commitment to morally responsible investing.
Thank you for joining us in this endeavor and never forget who is the true Owner of this investment.
Sincerely, |
 |
Arthur D. Ally, President |
SMALL CAP VARIABLE SERIES
SCHEDULE OF INVESTMENTS
As of June 30, 2004 (unaudited)
COMMON STOCKS - 92.51%
| number of shares | market value | ||||
BALL & ROLLER BEARINGS - 3.28% | |||||
| 6,000 | Kaydon Corp. | $ | 185,580 | ||
BUILDING-MOBILE HOME/MANUFACTURING HOUSING - 3.64% | |||||
| 22,400 | Champion Enterprises* | 205,632 | |||
BUSINESS SERVICES - 2.69% | |||||
| 5,700 | NCO Group, Inc.* | 152,133 | |||
CANNED, FROZEN & PRESERVED FRUIT, VEGETABLES & FOOD SPECIALTIES - 2.06% | |||||
| 2,500 | Corn Products International, Inc. | 116,375 | |||
DIVERSIFIED MANUFACTURING - 3.29% | |||||
| 10,000 | Federal Signal Corp. | 186,100 | |||
ELECTRIC & OTHER SERVICES COMBINED - 3.54% | |||||
| 6,000 | ALLETE, Inc. | 199,800 | |||
HEALTH CARE SERVICES - 2.35% | |||||
| 3,000 | Covance, Inc.* | 115,740 | |||
| 1,000 | Sola International, Inc.* | 17,230 | |||
| 132,970 | |||||
INDUSTRIAL AUTOMATION & ROBOTICS - 0.36% | |||||
| 1,000 | UNOVA, Inc.* | 20,250 | |||
INVESTMENT COMPANIES - 2.59% | |||||
| 9,500 | MCG Capital Corp. | 146,110 | |||
MEDICAL - GENERIC DRUGS - 3.85% | |||||
| 5,000 | Taro Pharmaceutical Industries Ltd.* | 217,500 | |||
MEDICAL SERVICES - 3.82% | |||||
| 7,000 | Inverseek Research Group, Inc.* | 215,880 | |||
MISCELLANEOUS PLASTIC PRODUCTS - 4.13% | |||||
| 9,000 | Spartech Corp. | 233,460 | |||
PHARMACEUTICAL PREPARATIONS - 2.14% | |||||
| 5,250 | K-V Pharmaceutical Co. - Class A* | 121,223 | |||
PROPERTY/CASUALTY INSURANCE - 2.85% | |||||
| 15,000 | Quanta Capital Holdings Ltd.* | 161,100 | |||
PUBLISHING - 4.73% | |||||
| 8,000 | Interactive Data Corp.* | 139,360 | |||
| 4,000 | John Wiley & Sons, Inc. - Class A | 128,000 | |||
| 267,360 | |||||
RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT - 4.48% | |||||
| 11,800 | CommScope, Inc.* | 253,110 | |||
REIT - DIVERSIFIED - 0.97% | |||||
| 2,500 | Global Signal, Inc. | 54,875 | |||
REIT - HOTELS - 2.58% | |||||
| 14,500 | Highland Hospitality Corp. | 145,725 | |||
The accompanying notes are an integral part of these financial statements.
SMALL CAP VARIABLE SERIES
SCHEDULE OF INVESTMENTS
As of June 30, 2004 (unaudited)
COMMON STOCKS - 92.51% (cont.)
| number of shares | market value | ||||
RETAIL - EATING PLACES - 6.11% | |||||
| 6,500 | Brinker International, Inc.* | $ | 221,780 | ||
| 4,500 | Ruby Tuesday, Inc. | 123,525 | |||
| 345,305 | |||||
RETAIL - FAMILY CLOTHING STORES - 4.60% | |||||
| 6,900 | Stage Stores, Inc.* | 259,854 | |||
SEMICONDUCTOR EQUIPMENT/MATERIALS - 3.30% | |||||
| 15,000 | Axcelis Technologies, Inc.* | 186,600 | |||
SERVICES - BUSINESS SERVICES - 5.95% | |||||
| 5,120 | SOURCECORP, Inc.* | 140,902 | |||
| 5,450 | StarTek, Inc. | 195,110 | |||
| 336,012 | |||||
SERVICES - DATA PROCESSING - 3.14% | |||||
| 17,500 | infoUSA, Inc.* | 177,450 | |||
SERVICES - DIVERSIFIED COMMERCIAL - 4.54% | |||||
| 7,500 | The Brink’s Co. | 256,875 | |||
SPECIALTY STORES - 4.96% | |||||
| 4,900 | Sonic Automotive, Inc. | 108,535 | |||
| 5,600 | United Auto Group, Inc. | 171,640 | |||
| 280,175 | |||||
TELECOMMUNICATION SERVICES - 2.33% | |||||
| 3,927 | Manitoba Telecom Services Inc.* | 131,900 | |||
THIFTS & MORTGAGE FINANCE - 4.23% | |||||
| 5,500 | The PMI Group, Inc. | 239,360 | |||
Total Common Stocks (cost $4,047,909) | 5,228,714 | ||||
| SHORT TERM INVESTMENTS - 7.43% | |||||
| number of shares/principal amount | market value | ||||
| 255,000 | Federated Cash Trust Series II Treasury | 255,000 | |||
| 165,040 | First American Treasury Obligations Fund Cl A | 165,040 | |||
Total Short Term Investments (cost $420,040) | 420,040 | ||||
TOTAL INVESTMENTS - 99.94% (identified cost $4,467,949) | 5,648,754 | ||||
OTHER ASSETS LESS LIABILITIES, NET - 0.06% | 3,237 | ||||
NET ASSETS - 100.00% | $ | 5,651,991 | |||
| * | Non-Income producing securities. |
The accompanying notes are an integral part of these financial statements.
SMALL CAP VARIABLE SERIES
STATEMENT OF ASSETS AND LIABILITIES
As of June 30, 2004 (unaudited)
ASSETS | ||||
| amount | ||||
Investments in Securities at Value (identified cost $4,467,949) [NOTE 1] | $ | 5,648,754 | ||
Receivables: | ||||
Interest | 79 | |||
Dividends | 9,161 | |||
Fund Shares Sold | — | |||
Due from Advisor | 7,905 | |||
Prepaid Expenses | 13 | |||
Total Assets | 5,665,912 | |||
| LIABILITIES | ||||
| amount | ||||
Payable for Fund Shares Redeemed | 6,530 | |||
Accrued Expenses | 7,391 | |||
Total Liabilities | 13,921 | |||
| NET ASSETS | ||||
| amount | ||||
Net Assets | $ | 5,651,991 | ||
| SOURCES OF NET ASSETS | ||||
| amount | ||||
At June 30, 2004, Net Assets Consisted of: | ||||
Paid-in Capital | $ | 4,413,434 | ||
Undistributed Net Investment Loss | (8,223 | ) | ||
Accumulated Net Realized Gain | 65,975 | |||
Net Unrealized Appreciation in Value of Investments | 1,180,805 | |||
Net Assets | $ | 5,651,991 | ||
Shares of Capital Stock Outstanding (No Par Value, Unlimited Shares Authorized) | 343,940 | |||
Net Asset Value, Offering and Redemption Price Per Share ($5,651,991 / 343,940 Shares) | $ | 16.43 | ||
The accompanying notes are an integral part of these financial statements.
SMALL CAP VARIABLE SERIES
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2004 (unaudited)
INVESTMENT INCOME | ||||
| amount | ||||
Interest | $ | 585 | ||
Dividends | 24,140 | |||
Total Investment Income | 24,725 | |||
EXPENSES | ||||
| amount | ||||
Investment Advisory Fees [Note 3] | 27,457 | |||
Fund Accounting, Transfer Agency, & Administration Fees | 5,196 | |||
Custodian Fees | 2,721 | |||
Report Printing Fees | 624 | |||
Auditing Fees | 1,813 | |||
Insurance Expense | 533 | |||
Participation Fees | 5,491 | |||
Legal Expense | 541 | |||
Registration Expense | 6 | |||
Miscellaneous Expense | 1,499 | |||
Total Expenses | 45,881 | |||
Expenses Waived by Advisor [Note 3] | (12,933 | ) | ||
Total Net Expenses | 32,948 | |||
Net Investment Loss | (8,223 | ) | ||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||
| amount | ||||
Net Realized Gain on Investments | 486,002 | |||
Change in Unrealized Appreciation of Investments | (14,539 | ) | ||
Net Realized and Unrealized Gain on Investments | 471,463 | |||
Increase in Net Assets Resulting from Operations | $ | 463,240 | ||
The accompanying notes are an integral part of these financial statements.
SMALL CAP VARIABLE SERIES
STATEMENT OF CHANGES IN NET ASSETS
For the Six Months Ended June 30, 2004 (unaudited)
INCREASE (DECREASE) IN NET ASSETS
| six months ended 6/30/04 (unaudited) | year ended 12/31/03 | |||||||
Operations: | ||||||||
Net Investment Loss | $ | (8,868 | ) | $ | (5,887 | ) | ||
Net Realized Gain (Loss) on Investments | (405,169 | ) | 63,638 | |||||
Net Change in Unrealized Appreciation (Depreciation) of Investments | 2,068,297 | (1,186,240 | ) | |||||
Increase (Decrease) in Net Assets (resulting from operations) | 1,654,260 | (1,128,489 | ) | |||||
Distributions to Shareholders: | ||||||||
Return of Capital | — | (35,110 | ) | |||||
Net Realized Gains | — | (2,099 | ) | |||||
Total Distributions to Shareholders | — | (37,209 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from Shares Sold | 259,399 | 2,288,278 | ||||||
Dividends Reinvested | — | 37,209 | ||||||
Cost of Shares Redeemed | (1,452,354 | ) | (1,435,018 | ) | ||||
Increase (Decrease) in Net Assets (resulting from capital share transactions) | (1,192,955 | ) | 890,469 | |||||
Total Increase (Decrease) in Net Assets | 461,305 | (275,229 | ) | |||||
Net Assets: | ||||||||
Beginning of Period | 4,838,911 | 5,114,140 | ||||||
End of Period | $ | 5,300,216 | $ | 4,838,911 | ||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||
Shares Sold | 9,602 | 22,825 | ||||||
Shares Reinvested | — | — | ||||||
Shares Redeemed | (16,755 | ) | (124,115 | ) | ||||
Net Decrease in Number of Shares Outstanding | (7,153 | ) | (101,290 | ) | ||||
The accompanying notes are an integral part of these financial statements.
SMALL CAP VARIABLE SERIES
FINANCIAL HIGHLIGHTS
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
| six months ended 6/30/04 (unaudited) | year ended 12/31/03 | year ended 37621 | year ended 12/31/01 | year ended 12/31/00 | year ended 12/31/99 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 15.10 | $ | 10.70 | $ | 13.05 | $ | 12.29 | $ | 12.37 | $ | 10.38 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) | (0.02 | ) | (0.03 | ) | (0.01 | ) | (0.02 | ) | 0.07 | (0.06 | ) | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.35 | 4.43 | (2.26 | ) | 1.42 | 0.94 | 2.07 | |||||||||||||||||
Total from Investment Operations | 1.33 | 4.40 | (2.27 | ) | 1.40 | 1.01 | 2.01 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Net Investment Income | — | — | — | — | (0.08 | ) | (0.02 | ) | ||||||||||||||||
Dividends from Realized Gains | — | — | — | (0.64 | ) | (1.01 | ) | — | ||||||||||||||||
Return of Capital | — | — | (0.08 | ) | — | — | — | |||||||||||||||||
Total Distributions | — | — | (0.08 | ) | (0.64 | ) | (1.09 | ) | (0.02 | ) | ||||||||||||||
Net Asset Value at End of Period | $ | 16.43 | $ | 15.10 | $ | 10.70 | $ | 13.05 | $ | 12.29 | $ | 12.37 | ||||||||||||
Total Return (a) | 8.81 | % | (41.12 | )% | 17.38 | % | 11.48 | % | 8.16 | % | 19.38 | % | ||||||||||||
Ratios/Supplimental Data: | ||||||||||||||||||||||||
Net Assets, End of Year (in 000s) | $ | 5,652 | $ | 5,300 | $ | 4,839 | $ | 5,114 | $ | 3,326 | $ | 1,137 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver of Expenses by Advisor | 1.67 | %(b) | 1.56 | % | 1.82 | % | 2.00 | % | 1.83 | % | 2.60 | % | ||||||||||||
After Reimbursement and Waiver of Expenses by Advisor | 1.20 | %(b) | 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.18 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver of Expenses by Advisor | (0.77 | )%(b) | (0.55 | )% | (0.73 | )% | 0.94 | % | (0.11 | )% | (1.47 | )% | ||||||||||||
After Reimbursement and Waiver of Expenses by Advisor | (0.30 | )%(b) | (0.19 | )% | (0.11 | )% | 0.14 | % | (0.74 | )% | (0.05 | )% | ||||||||||||
Portfolio Turnover | 29.58 | % | 51.95 | % | 69.14 | % | 67.40 | % | 85.82 | % | 65.60 | % | ||||||||||||
| (a) | For Periods of Less Than One Full Year, Total Returns Are Not Annualized. |
| (b) | Annualized. |
The accompanying notes are an integral part of these financial statements.
NOTES TO FINANCIAL STATEMENTS
June 30, 2004 (Unaudited)
SMALL CAP VARIABLE SERIES
Note 1 – Significant Accounting Policies
The Timothy Plan Small-Cap Variable Series (the “Fund”) was organized as a diversified series of The Timothy Plan (the “Trust”). The Trust is an open-ended investment company established under the laws of Delaware by an Agreement and Declaration of Trust dated December 14, 1993 (the “Trust Agreement”). The 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 American Depositary Receipts (ADRs) while abiding by ethical standards established for investments by the Fund. The Fund is one of one series of funds currently authorized by the Board of Trustees. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with 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 NASDAQ official closing price on the last business day of the period. Securities for which quotations are not available are valued at fair market value is determined in good faith by each Fund’s investment manager, in conformity with guidelines adopted by and subject to the review and supervision of the Board of Trustees. 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. Securities for which quotations are not available are valued at fair market value as determined in good faith by each Fund’s investment manager, in conformity with guidelines adopted by and subject to the review and supervision of the Board of Trustees.
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.
C. Net Asset Value Per Share.
Net asset per share of the capital stock of the Fund 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.
D. Federal Income Taxes.
It is the policy of the Fund to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.
E. 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.
F. Reclassifications.
The Fund has recorded a reclassification in the capital accounts. As of December 31, 2003, the Fund recorded permanent book/tax differences of $8,868 from net investment loss to paid-in-capital. This reclassification has no impact on the net asset value of the Fund and is designed generally to present undistributed income and realized gains on a tax basis, which is considered to be more informative to shareholders.
NOTES TO FINANCIAL STATEMENTS
June 30, 2004 (Unaudited)
SMALL CAP VARIABLE SERIES
G. Repurchase Agreements.
In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited.
NOTES TO FINANCIAL STATEMENTS
June 30, 2004 (Unaudited)
SMALL CAP VARIABLE SERIES
Note 2 – Purchases and Sales of Securities
Purchases and sales of securities, other than short-term investments, aggregated $1,458,530 and $1,636,187 respectively, for the six month period ended June 30, 2004.
Note 3 – Investment Management Fee and Other Transactions with Affiliates
Timothy Partners, LTD., (“TPL”) is the investment Advisor for the Fund pursuant to an Amended and Restated Investment Advisory Agreement (the “Agreement”) effective June 11, 2001. Under the terms of the Agreement, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Fund. The Advisor has voluntarily agreed to reduce fees payable to it by the Fund and reimburse other expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses, excluding brokerage commissions and other portfolio transaction expenses, interest, taxes, capital expenditures and extraordinary expenses, to 1.20% of average daily net assets through June 30, 2004. As a result, the Advisor has waived a portion of their fee and reimbursed the Fund for expenses in excess of the limit in the amount of $12,933 for the six month period ended June 30, 2004. There is no guarantee that the Advisor will waive fees and/or reimburse expenses in the future.
Note 4 – Unrealized Appreciation (Depreciation)
At June 30, 2004, the cost for federal income tax purposes is $4,467,949. At June 30, 2004, the composition of gross unrealized appreciation (depreciation) of investment securities for tax purposes is as follows:
| Appreciation | Depreciation | Net Appreciation | ||||||||
The Timothy Plan Small-Cap Variable Series | $ | 1,266,414 | ($ | 85,609 | ) | $ | 1,180,805 | |||
Note 5 – Distributions to Shareholders
The tax character of distributions paid during 2003 and 2002 were as follows:
| Small-Cap Variable Fund | ||||
2003 | ||||
Ordinary Income | $ | — | ||
Long-term Capital Gains | — | |||
Return of Capital | — | |||
| $ | — | |||
2002 | ||||
Ordinary Income | $ | 2,099 | ||
Long-term Capital Gains | — | |||
Return of Capital | 35,110 | |||
| $ | 37,209 | |||
As of December 31, 2003, the components of distributable earnings on a tax basis were as follows:
| ||||
Undistributed Ordinary Income | $ | — | ||
Undistributed Long-term Capital Gains | (413,553 | ) | ||
Unrealized Appreciation | 1,188,870 | |||
| $ | 775,317 | |||
The difference between book basis and tax basis unrealized depreciation is attributable to the tax deferral of losses on post-October losses.
Note 6 – Capital Loss Carryforward
At December 31, 2003, the Fund had capital loss carryforwards of $413,553, which expires in 2011. To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount, which is offset, will not be distributed to shareholders. The Fund has elected to defer post-October losses of $6,474, which will be available to offset gains in 2004.
1304 West Fairbanks Avenue
Winter Park, FL 32789
(800) TIM-PLAN
(800) 846-7526
Visit the Timothy Plan web site on the internet at:
www.timothyplan.com
This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus which includes details regarding the Fund’s objectives, policies, expenses and other information. Distributed by Timothy Partners, Ltd.
| ITEM 2. | CODE OF ETHICS. |
Not applicable at this time.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable at this time.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable at this time.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS |
Included in Semi-Annual Report to Shareholders filed under Item 1 of this form.
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 8. | PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 9. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
Not applicable.
| ITEM 10. | CONTROLS AND PROCEDURES |
Based on their evaluation of registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c)) as of August 26, 2004 registrant’s principal executive officer and principal financial officer found registrant’s disclosure controls and procedures to be appropriately designed to ensure that information required to be disclosed by registrant in the reports that it files under the Securities Exchange Act of 1934 (i) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (ii) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There has been no change in registrant’s internal control that occurred during the reporting period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| ITEM 11. | EXHIBITS. |
(a) File the exhibits below as part of this form
INSERT CERTIFICATIONS
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Timothy Plan. | ||
| By (Signature and Title)* | /s/ ARTHUR D. ALLY | |
Arthur D. Ally PRESIDENT | ||
Date | 8/26/2004 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ ARTHUR D. ALLY | |
Arthur D. Ally PRESIDENT | ||
Date | 8/26/2004 | |
| By (Signature and Title)* | /s/ WESLEY W. PENNINGTON | |
Wesley W. Pennington TREASURER | ||
Date | 08/26/2004 | |
| * | Print the name and title of each signing officer under his or her signature. |