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: 12/31/2005
Date of reporting period: 6/30/2005
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. The Semi- Annual Report to Shareholders for the period ended June 30, 2005 pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended, (the “1940 Act”) C17 CFR 270.30e-1 is filed herewith.
Semi-Annual Report | ||||
June 30, 2005 | ||||
(UNAUDITED) | ||||
Timothy Plan Family of Funds: | ||||
Small-Cap Value Fund
Large/Mid-Cap Value Fund
Fixed-Income Fund
Aggressive Growth Fund
Large/Mid-Cap Growth Fund
Strategic Growth Fund
Conservative Growth Fund
Money Market Fund
Patriot Fund |
LETTER FROM THE PRESIDENT
June 30, 2005
ARTHUR D. ALLY
Dear Timothy Plan Shareholder:
As you have probably noticed, the first six months of 2005 have been rather volatile in terms of overall market performance. The first four months were quite negative while performance improved significantly in May and June, not only for the market as a whole but also for our funds in particular. Market behavior thus far this year (and actually thus far this decade) continues to validate the old adage: “It takes time to make money in the stock market.”
Our instructions to each of our sub-advisors, however, have been consistent and are simply this (in order of priority):
1) | Comply with our screening research, |
2) | Preservation of principal is job #1, and |
3) | Out-perform your index, net of operating costs, over full market cycles. |
Although there is no way to guarantee points two and three above, each of our managers has done a pretty good job in their respective asset class categories. While future investment performance can only be prognosticated and certainly not guaranteed, our managers have also expressed confidence that our funds should close the year of 2005 in positive territory.
Regardless of how we close this year, we have complete confidence in each of our managers (all of which have long, established, and respectable investment management histories.) The non-negotiable at Timothy remains the non-negotiable; i.e., we will not invest one dollar of our shareholders’ money in any publicly traded company that has a pattern of funding or otherwise contributing to the moral disintegration of our culture. Please see Note #7 for a temporary and unavoidable exception due to our acquisition of the assets of the Noah Fund June 10, 2005.
Once again, thank you for your conviction that has made you part of the Timothy Plan family.
Sincerely,
Arthur D. Ally,
President
Letter From The President [1]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN SMALL CAP VALUE FUND
FUND PROFILE:
Top Ten Holdings
(% of Net Assets)
URS Corp. | 4.04 | % | |
John Wiley & Sons, Inc. | 3.79 | % | |
Swift Energy Corp. | 3.47 | % | |
CommScope, Inc. | 3.40 | % | |
UNOVA, Inc. | 3.35 | % | |
Tech Data Corp. | 3.34 | % | |
Interactive Data Corp. | 3.33 | % | |
Lennox International, Inc. | 2.99 | % | |
Stage Stores, Inc. | 2.99 | % | |
Aames Investment Corp. | 2.93 | % | |
33.63 | % | ||
Industries
(% of Net Assets)
Industrial | 20.95 | % | |
Consumer, Cyclical | 17.10 | % | |
Financial | 13.64 | % | |
Consumer, Non-cyclical | 12.28 | % | |
Communications | 8.76 | % | |
Energy | 8.41 | % | |
Technology | 8.11 | % | |
Healthcare | 2.69 | % | |
Other Assets less Liabilities, Net | 8.06 | % | |
100.00 | % | ||
EXPENSE EXAMPLE:
As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs,” (in dollars) of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of January 1, 2005, through June 30, 2005.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Timothy Plan Top Ten Holdings / Industries [2]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN SMALL CAP VALUE FUND
Hypothetical example for comparison purposes
The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.
Beginning Account Value January 1, 2005 | Ending Account Value June 30, 2005 | Expenses Paid June 30, 2005 | |||||||
Actual - Class A | $ | 1,000.00 | $ | 931.40 | $ | 7.47 | |||
Hypothetical - Class A (5% return before expenses) | 1,000.00 | 1,017.20 | 7.80 | ||||||
Actual - Class B | $ | 1,000.00 | $ | 928.30 | $ | 11.04 | |||
Hypothetical - Class B (5% return before expenses) | 1,000.00 | 1,013.45 | 11.53 | ||||||
Actual - Class C | $ | 1,000.00 | $ | 927.80 | $ | 11.04 | |||
Hypothetical - Class C (5% return before expenses) | 1,000.00 | 1,013.45 | 11.53 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.56% for Class A, 2.31% for Class B, and 2.31% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 181 days/365 days (to reflect the one-half year period). The Fund’s ending account value on the first line in the table is based on its actual total return of (6.86)% for Class A, (7.17)% for Class B, and (7.22)% for Class C for the six-month period of January 1, 2005, to June 30, 2005. |
Timothy Plan Top Ten Holdings / Industries [3]
SMALL-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 91.94%
number of shares | market value | ||||
AIR DELIVERY & FREIGHT SERVICES - 0.32% | |||||
8,000 | Hub Group, Inc.* | $ | 200,400 | ||
AUCTION HOUSE/ART DEALER - 2.63% | |||||
76,000 | Adesa, Inc. | 1,654,520 | |||
BUILDING - MOBILE HOME/MANUFACTURED HOUSING - 1.78% | |||||
113,000 | Champion Enterprises, Inc.* | 1,123,220 | |||
BUILDING PRODUCTS - AIR & HEATING - 2.99% | |||||
89,000 | Lennox International, Inc. | 1,884,130 | |||
CIRCUIT BOARDS - 1.18% | |||||
98,000 | TTM Technologies, Inc.* | 745,780 | |||
COMMERCIAL SERVICES - FINANCE - 5.25% | |||||
101,000 | Interactive Data Corp.* | 2,098,780 | |||
55,700 | NCO Group, Inc.* | 1,204,791 | |||
3,303,571 | |||||
DATA PROCESSING/MANAGEMENT - 4.12% | |||||
153,000 | InfoUSA, Inc. | 1,790,100 | |||
42,000 | MoneyGram International, Inc. | 803,040 | |||
2,593,140 | |||||
DISTRIBUTION/WHOLESALE - 6.60% | |||||
50,000 | Hughes Supply, Inc. | 1,405,000 | |||
15,000 | Scansource, Inc.* | 644,100 | |||
57,500 | Tech Data Corp.* | 2,105,075 | |||
4,154,175 | |||||
DIVERSIFIED MANUFACTURING OPERATIONS - 4.21% | |||||
59,000 | Federal Signal Corp. | 920,400 | |||
161,000 | Jacuzzi Brands, Inc.* | 1,727,530 | |||
2,647,930 | |||||
E-COMMERCE/PRODUCTS - 1.57% | |||||
140,000 | 1-800-Flowers.Com, Inc.* | 985,600 | |||
ELECTRONIC COMPONENTS - MISC - 1.69% | |||||
35,000 | Benchmark Electronics, Inc.* | 1,064,700 | |||
ENGINEERING / R&D SERVICES - 4.03% | |||||
68,000 | URS Corp.* | 2,539,800 | |||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Small-Cap Value Fund [4]
SMALL-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 91.94% (cont.)
number of shares | market value | ||||
FINANCIAL GUARANTEE INSURANCE - 2.72% | |||||
44,000 | PMI Group, Inc. | $ | 1,715,120 | ||
INDUSTRIAL AUTOMATION/ROBOTICS - 3.35% | |||||
79,100 | Unova, Inc.* | 2,106,433 | |||
INVESTMENT COMPANIES - 2.50% | |||||
92,000 | MCG Capital Corp. | 1,571,360 | |||
MEDICAL - BIOMEDICAL/GENETICS - 3.07% | |||||
4,100 | Bio-Rad Laboratories, Inc.* | 242,761 | |||
35,040 | Charles River Laboratories International, Inc.* | 1,690,680 | |||
1,933,441 | |||||
MEDICAL - DRUGS - 1.37% | |||||
51,300 | K-V Pharmaceutical Co.* | 859,275 | |||
MEDICAL INFORMATION SYSTEMS - 1.58% | |||||
72,000 | Dendrite International, Inc.* | 993,600 | |||
METAL PROCESSORS & FABRICATION - 2.61% | |||||
59,100 | Kaydon Corp. | 1,645,935 | |||
OIL COMPANY - EXPLORATION & PRODUCTION - 8.41% | |||||
71,000 | Comstock Resources, Inc.* | 1,795,590 | |||
50,000 | Energy Partners Ltd.* | 1,310,500 | |||
61,000 | Swift Energy Corp.* | 2,185,020 | |||
5,291,110 | |||||
PUBLISHING - BOOKS - 3.79% | |||||
60,000 | John Wiley & Sons, Inc. | 2,383,800 | |||
REITS - DIVERSIFIED - 1.43% | |||||
48,000 | Crescent Real Estate Equities Trust | 900,000 | |||
REITS - HOTELS - 2.20% | |||||
132,500 | Highland Hospitality Corp. | 1,384,625 | |||
REITS - MORTGAGE - 2.93% | |||||
190,000 | Aames Investment Corp. | 1,846,800 | |||
RETAIL - APPAREL/SHOE - 2.99% | |||||
43,200 | Stage Stores, Inc.* | 1,883,520 | |||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Small-Cap Value Fund [5]
SMALL-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 91.94% (cont.)
number of shares | market value | ||||
RETAIL - AUTOMOBILE - 2.89% | |||||
61,000 | United Auto Group, Inc. | $ | 1,817,800 | ||
RETAIL - RESTAURANTS - 2.84% | |||||
46,000 | CBRL Group, Inc. | 1,787,560 | |||
S&L/THRIFTS - 1.86% | |||||
70,000 | Commercial Capital Bancorp, Inc. | 1,169,700 | |||
SEMICONDUCTOR EQUIPMENT - 2.41% | |||||
138,000 | Axcelis, Inc.* | 946,680 | |||
80,000 | Mattson Technology, Inc.* | 572,800 | |||
1,519,480 | |||||
TELECOMMUNICATION EQUIPMENT - 3.40% | |||||
123,000 | Commscope, Inc.* | 2,141,430 | |||
VITAMINS & NUTRITION PRODUCTS - 2.34% | |||||
56,700 | NBTY, Inc.* | 1,470,798 | |||
WIRE & CABLE PRODUCTS - 0.88% | |||||
26,000 | Belden CDT, Inc. | 551,200 | |||
Total Common Stocks (cost $49,789,115) | 57,869,953 | ||||
SHORT-TERM INVESTMENTS - 7.91% | |||||
number of shares | market value | ||||
2,177,801 | Federated Cash Trust Series II Treasury | 2,177,801 | |||
2,800,000 | First American Treasury Obligations Fund Class A | 2,800,000 | |||
Total Short-Term Investments (cost $4,977,801) | 4,977,801 | ||||
TOTAL INVESTMENTS - 99.85% (identified cost $54,766,916) | 62,847,754 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES, NET 0.15% | 94,660 | ||||
NET ASSETS - 100.00% | $ | 62,942,414 | |||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Small-Cap Value Fund [6]
SMALL-CAP VALUE FUND
STATEMENT OF ASSETS AND LIABILITIES
As of June 30, 2005 (unaudited)
ASSETS
| ||||
amount | ||||
Investments in Securities at Value (identified cost $54,766,916) [NOTE 1] | $ | 62,847,754 | ||
Receivables: | ||||
Interest | 7,169 | |||
Dividends | 162,462 | |||
Fund Shares Sold | 46,709 | |||
Securities Sold | 56,934 | |||
Prepaid expenses | 9,408 | |||
Total Assets | $ | 63,130,436 | ||
LIABILITIES
| ||||
amount | ||||
Accrued Advisory Fees | $ | 41,456 | ||
Accrued 12b-1 Fees Class A | 8,682 | |||
Accrued 12b-1 Fees Class B | 12,549 | |||
Accrued 12b-1 Fees Class C | 1,495 | |||
Payable for Fund Shares Redeemed | 110,812 | |||
Accrued Expenses | 13,028 | |||
Total Liabilities | $ | 188,022 | ||
NET ASSETS
| ||||
amount | ||||
Class A Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 3,084,102 shares outstanding) | $ | 44,794,162 | ||
Net Asset Value and Redemption Price Per Class A Share ($44,794,162 / 3,084,102 shares) | $ | 14.52 | ||
Offering Price Per Share ($14.52 / 0.9475) | $ | 15.32 | ||
Class B Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 1,206,128 shares outstanding) | $ | 16,238,452 | ||
Net Asset Value and Offering Price Per Class B Share ($16,238,452 / 1,206,128 shares) | $ | 13.46 | ||
Maximum Redemption Price Per Class B Share ($13.46 x 0.95) | $ | 12.79 | ||
Class C Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 141,556 shares outstanding) | $ | 1,909,800 | ||
Net Asset Value and Offering Price Per Class C Share ($1,909,800 / 141,556 shares) | $ | 13.49 | ||
Maximum Redemption Price Per Class C Share ($13.49 x 0.99) | $ | 13.36 | ||
Net Assets | $ | 62,942,414 | ||
SOURCES OF NET ASSETS
| ||||
amount | ||||
At June 30, 2005, Net Assets Consisted of: | ||||
Paid-in Capital | $ | 54,552,798 | ||
Undistributed Net Investment Loss | (64,342 | ) | ||
Accumulated Net Realized Gain on Investments | 373,120 | |||
Net Unrealized Appreciation in Value of Investments | 8,080,838 | |||
Net Assets | $ | 62,942,414 | ||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Small-Cap Value Fund [7]
SMALL-CAP VALUE FUND
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2005 (unaudited)
INVESTMENT INCOME
| ||||
amount | ||||
Interest | $ | 38,978 | ||
Dividends (net foreign tax of $339) | 440,706 | |||
Total Investment Income | 479,684 | |||
EXPENSES
| ||||
amount | ||||
Investment Advisory Fees [NOTE 3] | 258,392 | |||
Fund Accounting, Transfer Agency, & Administration Fees | 75,223 | |||
12b-1 Fess (Class A = $53,014, Class B =$62,967, Class C=$5,985) [NOTE 3] | 121,966 | |||
Services Fees (Class B = $20,989, Class C = $1,995) [NOTE 3] | 22,984 | |||
Custodian Fees | 5,839 | |||
Audit Fees | 11,184 | |||
Registration Fees | 17,427 | |||
Printing Expense | 5,169 | |||
Legal Expense | 7,419 | |||
Insurnace Expense | 2,306 | |||
Miscellaneous Expense | 16,117 | |||
Total Net Expenses | 544,026 | |||
Net Investment Loss | (64,342 | ) | ||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
| ||||
amount | ||||
Net Realized Gain on Investments | 357,749 | |||
Change in Unrealized Appreciation of Investments | (4,752,021 | ) | ||
Net Realized and Unrealized Gain on Investments | (4,394,272 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (4,458,614 | ) | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Small-Cap Value Fund [8]
SMALL-CAP VALUE FUND
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
| ||||||||
six months ended | year ended | |||||||
(unaudited) | ||||||||
Operations: | ||||||||
Net Investment Loss | $ | (64,342 | ) | $ | (316,368 | ) | ||
Net Change in Unrealized Appreciation of Investments | (4,752,021 | ) | 324,071 | |||||
Net Realized Gain on Investments | 357,749 | 6,384,899 | ||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | (4,458,614 | ) | 6,392,602 | |||||
Distributions to Shareholders From: | ||||||||
Net Capital Gains: | ||||||||
Class A | — | (4,258,469 | ) | |||||
Class B | — | (1,991,237 | ) | |||||
Class C | — | (146,897 | ) | |||||
Total Distributions | — | (6,396,603 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from Shares Sold: | ||||||||
Class A | 7,795,762 | 10,647,610 | ||||||
Class B | 127,648 | 1,071,107 | ||||||
Class C | 791,013 | 1,368,600 | ||||||
Dividends Reinvested: | ||||||||
Class A | 25 | 2,329,931 | ||||||
Class B | — | 1,823,234 | ||||||
Class C | 24,991 | 144,696 | ||||||
Cost of Shares Redeemed: | ||||||||
Class A | (2,608,478 | ) | (4,733,101 | ) | ||||
Class B | (1,767,817 | ) | (2,254,072 | ) | ||||
Class C | (251,802 | ) | (26,833 | ) | ||||
Net Increase in Net Assets (resulting from capital share transactions) | 4,111,342 | 10,371,172 | ||||||
Total Increase (Decrease) in Net Assets | (347,272 | ) | 10,367,171 | |||||
Net Assets: | ||||||||
Beginning of Period | 63,289,686 | 52,922,515 | ||||||
End of Period | $ | 62,942,414 | $ | 63,289,686 | ||||
Undistributed Net Investment Income | $ | (64,342 | ) | $ | 15,371 | |||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||
Shares Sold: | ||||||||
Class A | 540,024 | 663,367 | ||||||
Class B | 9,799 | 70,431 | ||||||
Class C | 59,820 | 90,914 | ||||||
Shares Reinvested: | ||||||||
Class A | 1 | 149,450 | ||||||
Class B | — | 125,740 | ||||||
Class C | 1,719 | 9,952 | ||||||
Shares Redeemed: | ||||||||
Class A | (184,308 | ) | (296,635 | ) | ||||
Class B | (134,478 | ) | (149,763 | ) | ||||
Class C | (19,087 | ) | (1,761 | ) | ||||
Net Increase in Number of Shares Outstanding | 273,490 | 661,695 | ||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Small-Cap Value Fund [9]
SMALL-CAP VALUE FUND
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
six months ended 06/30/05 (D) | year ended 12/31/04 | year ended 12/31/03 | year ended 12/31/02 | year ended 12/31/01 | year ended 12/31/00 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 15.59 | $ | 15.45 | $ | 11.13 | $ | 13.79 | $ | 12.61 | $ | 12.26 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss | — | (0.04 | ) | (0.07 | ) | (0.05 | ) | (0.09 | ) | (0.05 | ) | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (1.07 | ) | 1.83 | 4.39 | (2.60 | ) | 1.30 | 1.43 | ||||||||||||||||
Total from Investment Operations | (1.07 | ) | 1.79 | 4.32 | (2.65 | ) | 1.21 | 1.38 | ||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Realized Gains | — | (1.65 | ) | — | (0.01 | ) | (0.03 | ) | (1.03 | ) | ||||||||||||||
Dividends from Net Investment Income | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | — | (1.65 | ) | — | (0.01 | ) | (0.03 | ) | (1.03 | ) | ||||||||||||||
Net Asset Value at End of Period | $ | 14.52 | $ | 15.59 | $ | 15.45 | $ | 11.13 | $ | 13.79 | $ | 12.61 | ||||||||||||
Total Return (A) (B) | (6.86 | )% | 11.60 | % | 38.81 | % | (19.25 | )% | 9.66 | % | 11.23 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 44,794 | $ | 42,542 | $ | 34,185 | $ | 22,603 | $ | 21,632 | $ | 15,217 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement of Expenses by Advisor | 1.56 | %(C) | 1.48 | % | 1.71 | % | 1.75 | % | 1.89 | % | 1.97 | % | ||||||||||||
After Reimbursement of Expenses by Advisor | 1.56 | %(C) | 1.48 | % | 1.71 | % | 1.75 | % | 1.89 | % | 1.76 | % | ||||||||||||
Ratio of Net Investment (Loss) to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement of Expenses by Advisor | 0.02 | %(C) | (0.30 | )% | (0.55 | )% | (0.46 | )% | (0.80 | )% | (0.48 | )% | ||||||||||||
After Reimbursement of Expenses by Advisor | 0.02 | %(C) | (0.30 | )% | (0.55 | )% | (0.46 | )% | (0.80 | )% | (0.27 | )% | ||||||||||||
Portfolio Turnover | 31.64 | % | 57.59 | % | 47.99 | % | 66.95 | % | 61.41 | % | 99.17 | % |
(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) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Small-Cap Value Fund [10]
SMALL-CAP VALUE FUND
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
six months ended 06/30/05 (D) | year ended 12/31/04 | year ended 12/31/03 | year ended 12/31/02 | year ended 12/31/01 | year ended 12/31/00 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 14.51 | $ | 14.59 | $ | 10.59 | $ | 13.22 | $ | 12.19 | $ | 11.88 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss | (0.05 | ) | (0.15 | ) | (0.16 | ) | (0.14 | ) | (0.22 | ) | (0.10 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (1.00 | ) | 1.72 | 4.16 | (2.48 | ) | 1.28 | 1.39 | ||||||||||||||||
Total from Investment Operations | (1.05 | ) | 1.57 | 4.00 | (2.62 | ) | 1.06 | 1.29 | ||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Realized Gains | — | (1.65 | ) | — | (0.01 | ) | (0.03 | ) | (0.98 | ) | ||||||||||||||
Dividends from Net Investment Income | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | — | (1.65 | ) | — | (0.01 | ) | (0.03 | ) | (0.98 | ) | ||||||||||||||
Net Asset Value at End of Period | $ | 13.46 | $ | 14.51 | $ | 14.59 | $ | 10.59 | $ | 13.22 | $ | 12.19 | ||||||||||||
Total Return (A) (B) | (7.17 | )% | 10.78 | % | 37.77 | % | (19.85 | )% | 8.77 | % | 10.87 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 16,238 | $ | 19,306 | $ | 18,738 | $ | 14,509 | $ | 17,651 | $ | 16,631 | ||||||||||||
Ratio of Expenses to Average Net Assets: | �� | |||||||||||||||||||||||
Before Reimbursement of Expenses by Advisor | 2.31 | %(C) | 2.23 | % | 2.47 | % | 2.49 | % | 2.72 | % | 2.72 | % | ||||||||||||
After Reimbursement of Expenses by Advisor | 2.31 | %(C) | 2.23 | % | 2.47 | % | 2.49 | % | 2.72 | % | 2.51 | % | ||||||||||||
Ratio of Net Investment (Loss) to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement of Expenses by Advisor | (0.73 | )%(C) | (1.05 | )% | (1.39 | )% | (1.12 | )% | (1.78 | )% | (1.23 | )% | ||||||||||||
After Reimbursement of Expenses by Advisor | (0.73 | )%(C) | (1.05 | )% | (1.39 | )% | (1.12 | )% | (1.78 | )% | (1.02 | )% | ||||||||||||
Portfolio Turnover | 31.64 | % | 57.59 | % | 47.99 | % | 66.95 | % | 61.41 | % | 99.17 | % |
(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) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Small-Cap Value Fund [11]
SMALL-CAP VALUE FUND
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 C SHARES
six months ended 06/30/05 (E) | period Ended 12/31/04 (D) | |||||||
Per Share Operating Performance: | ||||||||
Net Asset Value at Beginning of Period | $ | 14.55 | $ | 15.00 | ||||
Income from Investment Operations: | ||||||||
Net Investment Loss | (0.05 | ) | (0.05 | ) | ||||
Net Realized and Unrealized Gain on Investments | (1.01 | ) | 1.25 | |||||
Total from Investment Operations | (1.06 | ) | 1.20 | |||||
Less Distributions: | ||||||||
Dividends from Realized Gains | — | (1.65 | ) | |||||
Dividends from Net Investment Income | — | — | ||||||
Total Distributions | — | (1.65 | ) | |||||
Net Asset Value at End of Period | $ | 13.49 | $ | 14.55 | ||||
Total Return (A) (B) | (7.22 | )% | 8.02 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in 000s) | $ | 1,910 | $ | 1,442 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Reimbursement of Expenses by Advisor | 2.31 | %(C) | 2.23 | %(C) | ||||
After Reimbursement of Expenses by Advisor | 2.31 | %(C) | 2.23 | %(C) | ||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||
Before Reimbursement of Expenses by Advisor | (0.73 | )%(C) | (1.05 | )%(C) | ||||
After Reimbursement of Expenses by Advisor | (0.73 | )%(C) | (1.05 | )%(C) | ||||
Portfolio Turnover | 31.64 | % | 57.59 | % |
(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) | Annualized |
(D) | For the Priod February 3, 2004 (Commencement of Operations) to December 31, 2004 |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Small-Cap Value Fund [12]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN LARGE/MID CAP VALUE FUND
FUND PROFILE:
Top Ten Holdings (% of Net Assets) |
| ||
Murphy Oil Corp. | 2.21 | % | |
Baker Hughes, Inc. | 2.20 | % | |
Marathon Oil Corp. | 2.19 | % | |
Franklin Resources, Inc. | 2.18 | % | |
ConocoPhillips | 2.16 | % | |
Occidental Petroleum Corp. | 2.14 | % | |
Legg Mason, Inc. | 2.13 | % | |
Constellation Energy Group, Inc. | 2.08 | % | |
Overseas Shipholding Group, Inc. | 2.07 | % | |
Blackrock, Inc. | 2.05 | % | |
21.41 | % | ||
Industries (% of Net Assets) |
| ||
Financial | 21.34 | % | |
Industrial | 19.34 | % | |
Energy | 19.09 | % | |
Consumer, Non-cyclical | 12.65 | % | |
Utilities | 6.02 | % | |
Basic Materials | 5.89 | % | |
Communications | 3.99 | % | |
Technology | 3.94 | % | |
Consumer, Cyclical | 2.94 | % | |
Healthcare | 1.85 | % | |
Other Assets less Liabilities, Net | 2.95 | % | |
100.00 | % | ||
EXPENSE EXAMPLE:
As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs,” (in dollars) of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of January 1, 2005, through June 30, 2005.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Timothy Plan Top Ten Holdings / Industries [13]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN LARGE/MID CAP VALUE FUND
Hypothetical example for comparison purposes
The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.
Beginning Account Value January 1, 2005 | Ending Account Value June 30, 2005 | Expenses Paid June 30, 2005 | |||||||
Actual - Class A | $ | 1,000.00 | $ | 1,063.90 | $ | 7.93 | |||
Hypothetical - Class A (5% return before expenses) | 1,000.00 | 1,017.25 | 7.75 | ||||||
Actual - Class B | $ | 1,000.00 | $ | 1,059.90 | $ | 11.75 | |||
Hypothetical - Class B (5% return before expenses) | 1,000.00 | 1,013.50 | 11.48 | ||||||
Actual - Class C | $ | 1,000.00 | $ | 1,060.60 | $ | 11.75 | |||
Hypothetical - Class C (5% return before expenses) | 1,000.00 | 1,013.50 | 11.48 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.55% for Class A, 2.30% for Class B, and 2.30% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 181 days/365 days (to reflect the one-half year period). The Fund’s ending account value on the first line in the table is based on its actual total return of 6.39% for Class A, 5.99% for Class B, and 6.06% for Class C for the six-month period of January 1, 2005, to June 30, 2005. |
Timothy Plan Top Ten Holdings / Industries [14]
LARGE / MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 97.04%
number of shares | market value | ||||
AEROSPACE/DEFENSE - EQUIPMENT - 3.78% | |||||
22,500 | Rockwell Collins, Inc. | $ | 1,072,800 | ||
20,200 | United Technologies Corp. | 1,037,270 | |||
2,110,070 | |||||
COAL - 2.33% | |||||
12,300 | Arch Coal, Inc. | 669,981 | |||
11,800 | Consol Energy, Inc. | 632,244 | |||
1,302,225 | |||||
COMMERCIAL BANKS - 5.95% | |||||
27,900 | BB&T Corp. | 1,115,163 | |||
25,000 | Compass Bancshares, Inc. | 1,125,000 | |||
14,700 | Zions Bancorp | 1,080,891 | |||
3,321,054 | |||||
COMPUTER SERVICES - 1.99% | |||||
25,400 | Computer Sciences Corp.* | 1,109,980 | |||
COSMETICS & TOILETRIES - 2.03% | |||||
22,700 | Colgate-Palmolive Co. | 1,132,957 | |||
DATA PROCESSING/MANAGEMENT - 1.95% | |||||
25,900 | Automatic Data Processing, Inc. | 1,087,023 | |||
DISPOSABLE MEDICAL PRODUCTS - 1.88% | |||||
15,800 | C R Bard, Inc. | 1,050,858 | |||
DIVERSIFIED MANUFACTURING OPERATIONS - 3.90% | |||||
17,700 | Eaton Corp. | 1,060,230 | |||
11,400 | ITT Industries, Inc. | 1,112,982 | |||
2,173,212 | |||||
DIVERSIFIED OPERATIONAL/COMMERCIAL SERVICES - 2.05% | |||||
51,200 | Cendant Corp. | 1,145,344 | |||
ELECTRIC - INTEGRATED - 4.04% | |||||
20,100 | Constellation Energy Group, Inc. | 1,159,569 | |||
14,500 | Entergy Corp. | 1,095,475 | |||
2,255,044 | |||||
ELECTRIC PRODUCTS - MISC - 1.84% | |||||
16,400 | Emerson Electric Co. | 1,027,132 | |||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Value Fund [15]
LARGE / MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 97.04% (Cont.)
number of shares | market value | ||||
FINANCE - INVESTMENT BANKER/BROKER - 4.14% | |||||
10,800 | Bear Stearns Companies, Inc. | $ | 1,122,552 | ||
11,400 | Legg Mason, Inc. | 1,186,854 | |||
2,309,406 | |||||
FOOD - DAIRY PRODUCTS - 1.71% | |||||
27,100 | Dean Foods Co.* | 955,004 | |||
FOOD - MISC/DIVERSIFIED - 1.92% | |||||
46,300 | Conagra, Inc. | 1,072,308 | |||
FOOD - WHOLESALE/DISTRIBUTION - 2.07% | |||||
18,200 | Bunge Ltd. | 1,153,880 | |||
INDUSTRIAL GASES - 1.90% | |||||
22,700 | Praxair, Inc. | 1,057,820 | |||
INVESTMENT MANAGEMENT/ADVISORY SERVICES - 8.24% | |||||
24,300 | Alliance Capital Management Holdings | 1,135,782 | |||
14,200 | Blackrock, Inc. | 1,142,390 | |||
46,200 | Eaton Vance Corp. | 1,104,642 | |||
15,800 | Franklin Resources, Inc. | 1,216,284 | |||
4,599,098 | |||||
MEDICAL INSTRUMENTS - 1.85% | |||||
38,200 | Boston Scientific Corp.* | 1,031,400 | |||
METAL - DIVERSIFIED - 0.94% | |||||
4,300 | Rio Tinto PLC ADR | 524,256 | |||
METAL PROCESSORS & FABRICATION - 1.97% | |||||
14,100 | Precision Castparts Corp. | 1,098,390 | |||
OIL - FIELD SERVICES - 2.20% | |||||
24,000 | Baker Hughes, Inc. | 1,227,840 | |||
OIL & GAS DRILLING - 2.05% | |||||
15,100 | Noble Energy, Inc. | 1,142,315 | |||
OIL COMPANY - EXPLORATION & PRODUCTION - 6.07% | |||||
16,600 | Apache Corp. | 1,072,360 | |||
19,600 | Burlington Resources, Inc. | 1,082,704 | |||
23,600 | Murphy Oil Corp. | 1,232,628 | |||
3,387,692 | |||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Value Fund [16]
LARGE / MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 97.04% (Cont.)
number of shares | market value | ||||
OIL COMPANY - INTEGRATED - 8.48% | |||||
21,000 | ConocoPhillips | $ | 1,207,290 | ||
19,300 | Exxon Mobil Corp. | 1,109,171 | |||
22,900 | Marathon Oil Corp. | 1,222,173 | |||
15,500 | Occidental Petroleum Corp. | 1,192,415 | |||
4,731,049 | |||||
PAPER & RELATED PRODUCTS - 1.01% | |||||
10,600 | Rayonier, Inc. | 562,118 | |||
REITS - OFFICE PROPERTY - 1.00% | |||||
16,900 | Equity Office Properties Trust | 559,390 | |||
RETAIL - JEWELRY - 0.99% | |||||
16,800 | Tiffany & Co. | 550,368 | |||
RETAIL - REGIONAL DEPARTMENT STORE - 1.93% | |||||
11,100 | Neiman-Marcus Group, Inc. | 1,075,812 | |||
RETAIL - RESTAURANTS - 1.01% | |||||
11,800 | Wendy’s International, Inc. | 562,270 | |||
SUPER - REGIONAL BANKS -2.00% | |||||
19,300 | Comerica, Inc. | 1,115,540 | |||
TELECOMMUNICATION EQUIPMENT - 1.94% | |||||
34,700 | Harris Corp. | 1,082,987 | |||
TELEPHONE - INTEGRATED - 2.05% | |||||
18,400 | Alltel Corp. | 1,145,952 | |||
TRANSPORT - MARINE - 2.07% | |||||
19,400 | Overseas Shipholding Group, Inc. | 1,157,210 | |||
TRANSPORT - RAIL - 1.87% | |||||
22,200 | Burlington Northern Santa Fe Corp. | 1,045,176 | |||
TRANSPORT - SERVICES - 1.95% | |||||
13,400 | Fedex Corp. | 1,085,534 | |||
TRANSPORT - TRUCK - 1.96% | |||||
21,500 | Yellow Roadway Corp.* | 1,092,200 | |||
WATER - 1.98% | |||||
37,200 | Aqua America, Inc. | 1,106,328 | |||
Total Common Stocks (cost $51,607,434) | 54,146,242 | ||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Value Fund [17]
LARGE / MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
SHORT-TERM INVESTMENTS - 2.71%
number of shares | market value | ||||
1,511,753 | First American Treasury Obligations Fund, Class A | $ | 1,511,753 | ||
Total Short-Term Investments (cost $1,511,753) | 1,511,753 | ||||
TOTAL INVESTMENTS - 99.75% (identified cost $53,119,187) | 55,657,995 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES, NET 0.25% | 137,103 | ||||
NET ASSETS - 100.00% | $ | 55,795,098 | |||
* | Non-income producing securities |
(A) | American Depositary Receipt |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Value Fund [18]
LARGE / MID-CAP VALUE FUND
STATEMENT OF ASSETS AND LIABILITIES
As of June 30, 2005 (unaudited)
ASSETS
| |||
amount | |||
Investments in Securities at Value (identified cost $53,119,187) [NOTE 1] | $ | 55,657,995 | |
Receivables: | |||
Interest | 1,912 | ||
Dividends | 54,277 | ||
Fund Shares Sold | 52,350 | ||
Securities Sold | 1,205,158 | ||
Fund Share Commission Receivable from Advisor | 245 | ||
Prepaid Expenses | 9,530 | ||
Total Assets | $ | 56,981,467 | |
LIABILITIES
| |||
amount | |||
Accrued Advisory Fees | $ | 38,422 | |
Accrued 12b-1 Fees Class A | 9,765 | ||
Accrued 12b-1 Fees Class B | 4,922 | ||
Accrued 12b-1 Fees Class C | 1,593 | ||
Payable for Fund Shares Redeemed | 2,206 | ||
Payable for Securities Purchased | 1,121,260 | ||
Accrued Expenses | 8,201 | ||
Total Liabilities | $ | 1,186,369 | |
NET ASSETS
| |||
amount | |||
Class A Shares: | |||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 3,544,569 shares outstanding) | $ | 47,818,812 | |
Net Asset Value and Redemption price Per Class A Share ($47,818,812 / 3,544,569 shares) | $ | 13.49 | |
Offering Price Per Share ($13.49 / 0.9475) | $ | 14.24 | |
Class B Shares: | |||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 471,197 shares outstanding) | $ | 6,006,398 | |
Net Asset Value and Offering Price Per Class B Share ($6,006,398 / 471,197 shares) | $ | 12.75 | |
Redemption Price Per Share ($12.75 x 0.95) | $ | 12.11 | |
Class C Shares: | |||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 154,305 shares outstanding) | $ | 1,969,888 | |
Net Asset Value and Offering Price Per Class C Share ($1,969,888 / 154,305 shares) | $ | 12.77 | |
Redemption Price Per Share ($12.77 x 0.99) | $ | 12.64 | |
Net Assets | $ | 55,795,098 | |
SOURCES OF NET ASSETS
| |||
amount | |||
At June 30, 2005, Net Assets Consisted of: | |||
Paid-in Capital | $ | 44,511,691 | |
Undistributed Net Investment Income | 15,802 | ||
Accumulated Net Realized Gain on Investments | 8,728,797 | ||
Net Unrealized Appreciation in Value of Investments | 2,538,808 | ||
Net Assets | $ | 55,795,098 | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Value Fund [19]
LARGE / MID-CAP VALUE FUND
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2005 (unaudited)
INVESTMENT INCOME
| ||||
amount | ||||
Interest | $ | 17,251 | ||
Dividends (Net foreign tax of $1,246) | 427,029 | |||
Total Investment Income | 444,280 | |||
EXPENSES
| ||||
amount | ||||
Investment Advisory Fees [NOTE 3] | 220,256 | |||
Fund Accounting, Transfer Agency, & Administration Fees | 64,092 | |||
12b-1 Fees (Class A = $55,803, Class B = $20,952, Class C = $5,983) [NOTE 3] | 82,738 | |||
Service Fees (Class B = $6,984, Class C = $1,995) [NOTE 3] | 8,979 | |||
Custodian Fees | 5,628 | |||
Audit Fees | 8,890 | |||
Registration Fees | 10,386 | |||
Printing Expense | 4,344 | |||
Legal Expense | 6,196 | |||
Insurnace Expense | 1,754 | |||
Miscellaneous Expense | 15,215 | |||
Total Net Expenses | 428,478 | |||
Net Investment Income | 15,802 | |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
| ||||
amount | ||||
Net Realized Gain on Investments | 11,361,461 | |||
Change in Unrealized Appreciation of Investments | (8,109,452 | ) | ||
Net Realized and Unrealized Gain on Investments | 3,252,009 | |||
Net Increase in Net Assets Resulting from Operations | $ | 3,267,811 | ||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Value Fund [20]
LARGE / MID-CAP VALUE FUND
STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
six months ended | year ended | |||||||
(unaudited) | ||||||||
Operations: | ||||||||
Net Investment Income (Loss) | $ | 15,802 | $ | (92,070 | ) | |||
Net Realized Gain (Loss) on Investments | 11,361,461 | (246,558 | ) | |||||
Net Change in Unrealized Appreciation of Investments | (8,109,452 | ) | 4,254,204 | |||||
Net Increase in Net Assets (resulting from operations) | 3,267,811 | 3,915,576 | ||||||
Distributions to Shareholders From: | ||||||||
Net Realized Gains | ||||||||
Class A | — | — | ||||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Net Income: | ||||||||
Class A | — | — | ||||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Total Distribution | — | — | ||||||
Capital Share Transactions: | ||||||||
Proceeds from Shares Sold: | ||||||||
Class A | 4,567,725 | 13,750,449 | ||||||
Class B | 684,264 | 548,690 | ||||||
Class C | 786,145 | 1,142,372 | ||||||
Dividends Reinvested: | ||||||||
Class A | — | — | ||||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Cost of Shares Redeemed: | ||||||||
Class A | (2,695,218 | ) | (3,415,800 | ) | ||||
Class B | (660,696 | ) | (580,275 | ) | ||||
Class C | (90,250 | ) | (56,096 | ) | ||||
Net Increase in Net Assets (resulting from capital share transactions) | 2,591,970 | 11,389,340 | ||||||
Total Increase in Net Assets | 5,859,781 | 15,304,916 | ||||||
Net Assets: | ||||||||
Beginning of Period | 49,935,317 | 34,630,401 | ||||||
End of Period | $ | 55,795,098 | $ | 49,935,317 | ||||
Undistributed Net Investment Income | $ | 15,802 | $ | — | ||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||
Shares Sold: | ||||||||
Class A | 351,992 | 1,171,640 | ||||||
Class B | 55,390 | 49,393 | ||||||
Class C | 64,191 | 102,355 | ||||||
Shares Reinvested: | ||||||||
Class A | — | — | ||||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Shares Redeemed: | ||||||||
Class A | (209,076 | ) | (289,957 | ) | ||||
Class B | (53,483 | ) | (52,034 | ) | ||||
Class C | (7,395 | ) | (4,845 | ) | ||||
Net Increase in Number of Shares Outstanding | 201,619 | 976,552 | ||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Value Fund [21]
LARGE / MID-CAP VALUE FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
LARGE/MID-CAP VALUE FUND - CLASS A SHARES
six months ended 06/30/05 (D) | year ended 12/31/04 | year ended 12/31/03 | year ended 12/31/02 | year ended 12/31/01 | year ended 12/31/00 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 12.68 | $ | 11.66 | $ | 9.11 | $ | 10.83 | $ | 10.83 | $ | 9.68 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) | 0.01 | (0.01 | ) | 0.01 | 0.01 | (0.02 | ) | 0.04 | ||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.80 | 1.03 | 2.54 | (1.73 | ) | 0.06 | 1.16 | |||||||||||||||||
Total from Investment Operations | 0.81 | 1.02 | 2.55 | (1.72 | ) | 0.04 | 1.20 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Realized Gains | — | — | — | — | (0.04 | ) | (0.02 | ) | ||||||||||||||||
Dividends from Net Investment Income | — | — | — | — | — | (0.03 | ) | |||||||||||||||||
Total Distributions | — | — | — | — | (0.04 | ) | (0.05 | ) | ||||||||||||||||
Net Asset Value at End of Period | $ | 13.49 | $ | 12.68 | $ | 11.66 | $ | 9.11 | $ | 10.83 | $ | 10.83 | ||||||||||||
Total Return (A) (B) | 6.39 | % | 8.75 | % | 27.99 | % | (15.88 | )% | 0.33 | % | 12.35 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 47,819 | $ | 43,120 | $ | 29,374 | $ | 17,856 | $ | 13,858 | $ | 4,493 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement of Expenses by Advisor | 1.55 | %(C) | 1.52 | % | 1.64 | % | 1.76 | % | 1.70 | % | 2.70 | % | ||||||||||||
After Reimbursement of Expenses by Advisor | 1.55 | %(C) | 1.52 | % | 1.64 | % | 1.76 | % | 1.70 | % | 1.65 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement of Expenses by Advisor | 0.16 | %(C) | (0.11 | )% | 0.10 | % | 0.11 | % | (0.20 | )% | (0.30 | )% | ||||||||||||
After Reimbursement of Expenses by Advisor | 0.16 | %(C) | (0.11 | )% | 0.10 | % | 0.11 | % | (0.20 | )% | 0.67 | % | ||||||||||||
Portfolio Turnover | 112.64 | % | 29.09 | % | 39.44 | % | 36.79 | % | 26.44 | % | 50.98 | % |
(A) | Total Return Calculation Does Not Reflect Sales Load. |
(B) | For Periods Of Less Than One Full Year, Total Returns Are Not Annualized. |
(C) | Annualized. |
(D) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Value Fund [22]
LARGE / MID-CAP VALUE FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
LARGE/MID-CAP VALUE FUND - CLASS B SHARES
six months ended 06/30/05 (D) | year ended 12/31/04 | year ended 12/31/03 | year ended 12/31/02 | year ended 12/31/01 | year ended 12/31/00 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 12.02 | $ | 11.14 | $ | 8.77 | $ | 10.50 | $ | 10.60 | $ | 9.36 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) | (0.04 | ) | (0.10 | ) | (0.06 | ) | (0.06 | ) | (0.12 | ) | 0.01 | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.77 | 0.98 | 2.43 | (1.67 | ) | 0.06 | 1.28 | |||||||||||||||||
Total from Investment Operations | 0.73 | 0.88 | 2.37 | (1.73 | ) | (0.06 | ) | 1.29 | ||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Realized Gains | — | — | — | — | (0.04 | ) | (0.02 | ) | ||||||||||||||||
Dividends from Net Investment Income | — | — | — | — | — | (0.03 | ) | |||||||||||||||||
Total Distributions | — | — | — | — | (0.04 | ) | (0.05 | ) | ||||||||||||||||
Net Asset Value at End of Period | $ | 12.75 | $ | 12.02 | $ | 11.14 | $ | 8.77 | $ | 10.50 | $ | 10.60 | ||||||||||||
Total Return (A) (B) | 5.99 | % | 7.90 | % | 27.02 | % | (16.48 | )% | (0.61 | )% | 13.73 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 6,006 | $ | 5,642 | $ | 5,257 | $ | 3,809 | $ | 3,675 | $ | 2,665 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement of Expenses by Advisor | 2.30 | %(C) | 2.27 | % | 2.42 | % | 2.55 | % | 2.66 | % | 3.45 | % | ||||||||||||
After Reimbursement of Expenses by Advisor | 2.30 | %(C) | 2.27 | % | 2.42 | % | 2.55 | % | 2.66 | % | 2.40 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement of Expenses by Advisor | (0.59 | )%(C) | (0.86 | )% | (0.66 | )% | (0.71 | )% | (1.12 | )% | (1.13 | )% | ||||||||||||
After Reimbursement of Expenses by Advisor | (0.59 | )%(C) | (0.86 | )% | (0.66 | )% | (0.71 | )% | (1.12 | )% | (0.08 | )% | ||||||||||||
Portfolio Turnover | 112.64 | % | 29.09 | % | 39.44 | % | 36.79 | % | 26.44 | % | 50.98 | % |
(A) | Total Return Calculation Does Not Reflect Redemption Fee. |
(B) | For Periods Of Less Than One Full Year, Total Returns Are Not Annualized. |
(C) | Annualized. |
(D) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Value Fund [23]
LARGE / MID-CAP VALUE FUND
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 C SHARES
six months ended 06/30/05 (E) | period ended 12/31/04 (D) | |||||||
Per Share Operating Performance: | ||||||||
Net Asset Value at Beginning of Period | $ | 12.04 | $ | 11.05 | ||||
Income from Investment Operations: | ||||||||
Net Investment Loss | (0.04 | ) | (0.04 | ) | ||||
Net Realized and Unrealized Gain on Investments | 0.77 | 1.03 | ||||||
Total from Investment Operations | 0.73 | 0.99 | ||||||
Less Distributions: | ||||||||
Dividends from Realized Gains | — | — | ||||||
Dividends from Net Investment Income | — | — | ||||||
Total Distributions | — | — | ||||||
Net Asset Value at End of Period | $ | 12.77 | $ | 12.04 | ||||
Total Return (A) (B) | 6.06 | % | 8.96 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in 000s) | $ | 1,970 | $ | 1,174 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Reimbursement of Expenses by Advisor | 2.30 | %(C) | 2.27 | %(C) | ||||
After Reimbursement of Expenses by Advisor | 2.30 | %(C) | 2.27 | %(C) | ||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||
Before Reimbursement of Expenses by Advisor | (0.59 | )%(C) | (0.86 | )%(C) | ||||
After Reimbursement of Expenses by Advisor | (0.59 | )%(C) | (0.86 | )%(C) | ||||
Portfolio Turnover | 112.64 | % | 29.09 | % |
(A) | Total Return Calculation Does Not Reflect Redemption Fee. |
(B) | For Periods Of Less Than One Full Year, Total Returns Are Not Annualized. |
(C) | Annualized. |
(D) | For the Period February 3, 2004 (Commencement of Operations) to December 31, 2004. |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Value Fund [24]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN FIXED INCOME FUND
FUND PROFILE:
Top Ten Holdings
(% of Net Assets)
GNMA, 5.50%, 06/15/2035 | 5.10 | % | |
GNMA, 5.50%, 01/20/2035 | 4.93 | % | |
GNMA, 6.50%, 09/20/2034 | 4.12 | % | |
GNMA, 6.00%, 02/20/2035 | 3.29 | % | |
US Treasury Bill, 3.375%, 09/15/2009 | 3.29 | % | |
GNMA, 5.50%, 11/20/2034 | 3.20 | % | |
Dominion Resources, Inc., 5.00%, 03/15/2013 | 3.19 | % | |
CSX Transportation, 4.875%, 11/01/2009 | 3.11 | % | |
GNMA, 5.50%, 08/20/2034 | 3.01 | % | |
Union Pacific Corp., 3.875%, 02/15/2009 | 2.95 | % | |
36.19 | % |
Industries
(% of Net Assets)
Mortgage Securities | 31.38 | % | |
Financial | 18.37 | % | |
Utilities | 11.45 | % | |
Industrial | 7.26 | % | |
Consumer, Non-cyclical | 6.58 | % | |
Government | 5.56 | % | |
Basic Materials | 2.74 | % | |
Technology | 1.98 | % | |
Consumer, Cyclical | 1.67 | % | |
Communications | 1.65 | % | |
Energy | 0.64 | % | |
Other Assets less Liabilities, Net | 10.72 | % | |
100.00 | % | ||
EXPENSE EXAMPLE:
As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs,” (in dollars) of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of January 1, 2005, through June 30, 2005.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Timothy Plan Top Ten Holdings / Industries [25]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN FIXED INCOME FUND
Hypothetical example for comparison purposes
The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.
Beginning Account Value January 1, 2005 | Ending Account Value June 30, 2005 | Expenses Paid June 30, 2005 | |||||||
Actual - Class A | $ | 1,000.00 | $ | 1,014.20 | $ | 6.74 | |||
Hypothetical - Class A (5% return before expenses) | 1,000.00 | 1,018.25 | 6.76 | ||||||
Actual - Class B | $ | 1,000.00 | $ | 1,011.80 | $ | 10.48 | |||
Hypothetical - Class B (5% return before expenses) | 1,000.00 | 1,014.50 | 10.49 | ||||||
Actual - Class C | $ | 1,000.00 | $ | 1,011.50 | $ | 10.47 | |||
Hypothetical - Class C (5% return before expenses) | 1,000.00 | 1,014.50 | 10.49 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.35% for Class A, 2.10% for Class B, and 2.10% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 181 days/365 days (to reflect the one-half year period). The Fund’s ending account value on the first line in the table is based on its actual total return of 1.42% for Class A, 1.18% for Class B, and 1.15% for Class C for the six-month period of January 1, 2005, to June 30, 2005. |
Timothy Plan Top Ten Holdings / Industries [26]
FIXED INCOME FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
BONDS - 89.28%
par value | market value | ||||
CORPORATE BONDS - 52.33% | |||||
$300,000 | American General Finance Corp., 5.375%, 10/01/2012 | $ | 310,143 | ||
250,000 | Appalachian Power Co., 3.60%, 05/15/2008 | 245,574 | |||
200,000 | Archer Daniels Midland Co., 6.625%, 05/01/2029 | 240,045 | |||
200,000 | Avery Dennison Corp., 4.875%, 01/15/2013 | 204,723 | |||
400,000 | Bear Stearns Co., Inc., 4.50%, 10/28/2010 | 402,596 | |||
250,000 | California Baptist, 5.70%, 01/02/2011 | 245,000 | |||
375,000 | Cendant Corp., 6.25%, 01/15/2008 | 391,397 | |||
250,000 | Cendant Corp., 6.25%, 03/15/2010 | 266,504 | |||
500,000 | Centex Corp., 5.125%, 10/01/2013 | 500,959 | |||
250,000 | CIT Group, Inc., 4.125%, 02/21/2006 | 250,500 | |||
500,000 | CIT Group, Inc., 5.00%, 02/13/2014 | 505,907 | |||
300,000 | Computer Sciences Corp., 3.50%, 04/15/2008 | 293,267 | |||
300,000 | Computer Sciences Corp., 5.00%, 02/15/2013 | 301,620 | |||
300,000 | Credit Suisse First Boston, 6.50%, 01/15/2012 | 333,865 | |||
500,000 | Credit Suisse First Boston, 5.50%, 08/15/2013 | 530,359 | |||
200,000 | Credit Suisse First Boston, 5.125%, 01/15/2014 | 207,146 | |||
920,000 | CSX Transportation, 4.875%, 11/01/2009 | 935,336 | |||
300,000 | Deere & Co., 6.55%, 10/01/2028 | 360,414 | |||
500,000 | Deutsche Telekom, 3.875%, 07/22/2008 | 494,788 | |||
950,000 | Dominion Resources, Inc., 5.00%, 03/15/2013 | 958,445 | |||
315,000 | Donnelley R R & Son, 6.625%, 04/15/2029 | 353,311 | |||
187,000 | Duke Energy Field, 5.75%, 11/15/2006 | 190,802 | |||
500,000 | Florida Power Corp., 4.80%, 03/01/2013 | 508,006 | |||
250,000 | HSBC USA Capital Trust, 7.53%, 12/04/2026 | 268,085 | |||
500,000 | Huntington National Bank, 3.125%, 05/15/2008 | 484,306 | |||
250,000 | ICI Wilmington, Inc., 5.625%, 12/01/2013 | 259,818 | |||
250,000 | International Lease Finance Corp., 5.75%, 02/15/2007 | 255,680 | |||
200,000 | International Lease Finance Corp., 5.80%, 08/15/2007 | 206,472 | |||
250,000 | International Paper, 4.25%, 01/15/2009 | 246,965 | |||
300,000 | Jersey Cent Power & Light Co., 6.75%, 11/01/2025 | 307,269 | |||
100,000 | John Deere Capital Corp., 5.10%, 01/15/2013 | 104,421 | |||
500,000 | Kroger Co., 5.50%, 02/01/2013 | 520,434 | |||
250,000 | National Rural Utilities Finance Corp., 5.75%, 08/28/2009 | 264,144 | |||
750,000 | Nisource Finance Corp., 5.40%, 07/15/2014 | 775,121 | |||
500,000 | PPL Capital Funding, 4.33%, 03/01/2009 | 496,545 | |||
300,000 | Protective Life, 5.75%, 01/15/2019 | 295,833 | |||
250,000 | The Sherman-Williams Co., 7.375%, 02/01/2027 | 316,157 | |||
900,000 | Union Pacific Corp., 3.875%, 02/15/2009 | 886,571 | |||
300,000 | Unitrin, Inc., 5.75%, 07/01/2007 | 307,703 | |||
300,000 | Unitrin, Inc., 4.875%, 11/01/2010 | 299,591 | |||
250,000 | Western Baptist College, 6.10%, 12/15/2012 | 245,000 | |||
135,000 | Wisconsin Energy Corp., 6.50%, 04/01/2011 | 148,527 | |||
Total Corporate Bonds (Amortized Cost $15,375,465) | 15,719,349 | ||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Fixed Income Fund [27]
FIXED INCOME FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
BONDS - 89.28% (Cont.)
par value | market value | ||||
MUNICIPAL BONDS - 0.66% | |||||
$200,000 | North Carolina Eastern Municipal Power Agency, 3.98%, 01/01/2007 | $ | 197,702 | ||
Total Municipal Bonds (Amortized Cost $201,031) | 197,702 | ||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 36.29% | |||||
150,323 | GNMA, 5.00%, 01/15/2018 | 153,066 | |||
136,612 | GNMA, 5.00%, 01/15/2018 | 139,188 | |||
154,780 | GNMA, 5.00%, 02/15/2018 | 157,699 | |||
174,501 | GNMA, 5.00%, 03/15/2018 | 177,792 | |||
376,498 | GNMA, 6.00%, 12/15/2031 | 388,932 | |||
417,038 | GNMA, 5.50%, 04/20/2034 | 425,523 | |||
442,042 | GNMA, 5.50%, 07/20/2034 | 451,036 | |||
417,240 | GNMA, 6.00%, 07/20/2034 | 429,880 | |||
885,424 | GNMA, 5.50%, 08/20/2034 | 903,439 | |||
1,189,391 | GNMA, 6.50%, 09/20/2034 | 1,238,307 | |||
942,717 | GNMA, 5.50%, 11/20/2034 | 961,898 | |||
1,450,633 | GNMA, 5.50%, 01/20/2035 | 1,480,125 | |||
957,974 | GNMA, 6.00%, 02/20/2035 | 986,923 | |||
1,500,000 | GNMA, 5.50%, 06/15/2035 | 1,533,312 | |||
1,000,000 | US Treasury Bill, 3.375%, 09/15/2009 | 986,915 | |||
485,000 | US Treasury Note, 3.99%, 02/15/2015 | 486,876 | |||
Total U.S. Government & Agency Obligations (Amortized Cost $10,889,355) | 10,900,911 | ||||
Total Bonds (Amortized Cost $26,465,851) | 26,817,962 | ||||
SHORT-TERM INVESTMENTS - 8.65% | |||||
number of shares/ principal amount | market value | ||||
1,300,000 | Federated Cash Trust Series II Treasury | 1,300,000 | |||
1,300,000 | First American Treasury Obligations Fund, Class A | 1,300,000 | |||
Total Short-Term Investments (cost $2,600,000) | 2,600,000 | ||||
TOTAL INVESTMENTS - 97.93%(identified cost $29,065,851) | 29,417,962 | ||||
OTHER ASSETS AND LIABILITIES, NET - 2.07% | 621,241 | ||||
NET ASSETS - 100.00% | $ | 30,039,203 | |||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Fixed Income Fund [28]
FIXED INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES
As of June 30, 2005 (unaudited)
ASSETS
| |||
amount | |||
Investments in Securities at Value (identified cost $29,065,851) [NOTE 1] | $ | 29,417,962 | |
Cash | 485,940 | ||
Receivables: | |||
Interest | 314,689 | ||
Fund Shares Sold | 106,811 | ||
Prepaid Expenses | 7,619 | ||
Fund Share Commissions Receivable from Advisor | 709 | ||
Total Assets | $ | 30,333,730 | |
LIABILITIES
| |||
amount | |||
Accrued Advisory Fees | $ | 20,713 | |
Accrued 12b-1 Fees Class A | 5,192 | ||
Accrued 12b-1 Fees Class B | 2,913 | ||
Accrued 12b-1 Fees Class C | 1,232 | ||
Payable for Fund Shares Redeemed | 32,221 | ||
Payable for Distributions | 225,858 | ||
Accrued Expenses | 6,398 | ||
Total Liabilities | $ | 294,527 | |
NET ASSETS
| |||
amount | |||
Class A Shares: | |||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 2,423,676 shares outstanding) | $ | 24,975,055 | |
Net Asset Value and Redemption price Per Class A Share ($24,975,055 / 2,423,676 shares) | $ | 10.30 | |
Offering Price Per Share ($10.30 / 0.9575 ) | $ | 10.76 | |
Class B Shares: | |||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 351,702 shares outstanding) | $ | 3,533,101 | |
Net Asset Value and Offering Price Per Class B Share ($3,533,101 / 351,702 shares) | $ | 10.05 | |
Redemption Price Per Share ($10.05 X 0.95) | $ | 9.55 | |
Class C Shares: | |||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 152,806 shares outstanding) | $ | 1,531,047 | |
Net Asset Value and Offering Price Per Class C Share ($1,531,047 / 152,806 shares) | $ | 10.02 | |
Redemption Price Per Share ($10.02 X 0.99) | $ | 9.92 | |
Net Assets | $ | 30,039,203 | |
SOURCES OF NET ASSETS
| |||
amount | |||
At June 30, 2005, Net Assets Consisted of: | |||
Paid-in Capital | $ | 29,549,569 | |
Undistributed Net Investment Income | 1 | ||
Accumulated Net Realized Gain on Investments | 137,522 | ||
Net Unrealized Appreciation in Value of Investments | 352,111 | ||
Net Assets | $ | 30,039,203 | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Fixed Income Fund [29]
FIXED INCOME FUND
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2005 (unaudited)
INVESTMENT INCOME
| ||||
amount | ||||
Interest | $ | 661,755 | ||
Total Investment Income | 661,755 | |||
EXPENSES
| ||||
amount | ||||
Investment Advisory Fees [NOTE 3] | 85,424 | |||
Fund Accounting, Transfer Agency, & Administration Fees | 35,239 | |||
12b-1 Fees (Class A = $29,682, Class B = $13,462, Class C = $4,271) [NOTE 3] | 47,415 | |||
Service Fees (Class B = $4,487, Class C = $1,424) [NOTE 3] | 5,911 | |||
Custodian Fees | 2,321 | |||
Audit Fees | 5,391 | |||
Registration Fees | 7,299 | |||
Printing Expense | 2,749 | |||
Legal Expense | 4,249 | |||
Insurnace Expense | 873 | |||
Miscellaneous Expense | 8,810 | |||
Total Expenses | 205,681 | |||
Expenses Recouped by Advisor [NOTE 3] | 4,256 | |||
Total Net Expenses | 209,937 | |||
Net Investment Income | 451,818 | |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
| ||||
amount | ||||
Net Realized Gain on Investments | 184,111 | |||
Change in Unrealized Appreciation of Investments | (218,843 | ) | ||
Net Realized and Unrealized Loss on Investments | (34,732 | ) | ||
Net Increase in Net Assets Resulting from Operations | $ | 417,086 | ||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Fixed Income Fund [30]
FIXED INCOME FUND
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
| ||||||||
six months ended 06/30/05 | year ended 12/31/04 | |||||||
(unaudited) | ||||||||
Operations: | ||||||||
Net Investment Income | $ | 451,818 | $ | 794,186 | ||||
Net Change in Unrealized Appreciation of Investments | (218,843 | ) | 11,652 | |||||
Net Realized Gain (Loss) on Investments | 184,111 | (21,401 | ) | |||||
Net Increase in Net Assets (resulting from operations) | 417,086 | 784,437 | ||||||
Distributions to Shareholders: | ||||||||
Net Income | ||||||||
Class A | (389,452 | ) | (680,578 | ) | ||||
Class B | (45,051 | ) | (106,374 | ) | ||||
Class C | (17,314 | ) | (14,810 | ) | ||||
Net Realized Gain | ||||||||
Class A | — | — | ||||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Total Distributions | (451,817 | ) | (801,762 | ) | ||||
Capital Share Transactions: | ||||||||
Proceeds from Shares Sold: | ||||||||
Class A | 3,444,154 | 9,561,283 | ||||||
Class B | 131,816 | 608,698 | ||||||
Class C | 655,396 | 1,029,983 | ||||||
Dividends Reinvested: | ||||||||
Class A | 129,296 | 227,682 | ||||||
Class B | 35,837 | 85,884 | ||||||
Class C | 16,232 | 14,049 | ||||||
Cost of Shares Redeemed: | ||||||||
Class A | (1,702,436 | ) | (2,955,960 | ) | ||||
Class B | (466,819 | ) | (905,381 | ) | ||||
Class C | (46,284 | ) | (141,639 | ) | ||||
Net Increase in Net Assets (resulting from capital share transactions) | 2,197,192 | 7,524,599 | ||||||
Total Increase in Net Assets | 2,162,461 | 7,507,274 | ||||||
Net Assets: | ||||||||
Beginning of Period | 27,876,742 | 20,369,468 | ||||||
End of Period | $ | 30,039,203 | $ | 27,876,742 | ||||
Undistributed Net Investment Income | $ | 1 | $ | — | ||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||
Shares Sold: | ||||||||
Class A | 334,564 | 924,772 | ||||||
Class B | 13,154 | 60,631 | ||||||
Class C | 65,498 | 102,416 | ||||||
Shares Reinvested: | ||||||||
Class A | 12,633 | 22,132 | ||||||
Class B | 3,590 | 8,547 | ||||||
Class C | 1,629 | 1,939 | ||||||
Shares Redeemed: | ||||||||
Class A | (165,307 | ) | (287,430 | ) | ||||
Class B | (46,598 | ) | (90,230 | ) | ||||
Class C | (4,621 | ) | (14,056 | ) | ||||
Net Increase in Number of Shares Outstanding | 214,542 | 728,721 | ||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Fixed Income Fund [31]
FIXED INCOME FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
FIXED INCOME FUND - CLASS A SHARES
six months ended 06/30/05 (D) | year ended 12/31/04 | year ended 12/31/03 | year ended 12/31/02 | year ended 12/31/01 | year ended 12/31/00 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 10.32 | $ | 10.31 | $ | 10.25 | $ | 9.73 | $ | 9.53 | $ | 9.81 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income | 0.09 | 0.34 | 0.37 | 0.45 | 0.40 | 0.49 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.06 | 0.01 | 0.21 | 0.53 | 0.20 | (0.27 | ) | |||||||||||||||||
Total from Investment Operations | 0.15 | 0.35 | 0.58 | 0.98 | 0.60 | 0.22 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Net Investment Income | (0.17 | ) | (0.34 | ) | (0.37 | ) | (0.44 | ) | (0.40 | ) | (0.50 | ) | ||||||||||||
Dividends from Net Realized Gain | — | — | (0.15 | ) | (0.02 | ) | — | — | ||||||||||||||||
Total Distributions | (0.17 | ) | (0.34 | ) | (0.52 | ) | (0.46 | ) | (0.40 | ) | (0.50 | ) | ||||||||||||
Net Asset Value at End of Period | $ | 10.30 | $ | 10.32 | $ | 10.31 | $ | 10.25 | $ | 9.73 | $ | 9.53 | ||||||||||||
Total Return (A) (B) | 1.42 | % | 3.44 | % | 5.70 | % | 10.32 | % | 6.37 | % | 2.32 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 24,975 | $ | 23,131 | $ | 16,313 | $ | 10,374 | $ | 4,773 | $ | 667 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.32 | %(C) | 1.31 | % | 1.43 | % | 1.74 | % | 2.44 | % | 8.99 | % | ||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.35 | %(C) | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.85 | %(C) | 3.49 | % | 3.61 | % | 4.49 | % | 3.91 | % | (2.19 | )% | ||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.82 | %(C) | 3.45 | % | 3.69 | % | 4.88 | % | 5.00 | % | 5.45 | % | ||||||||||||
Portfolio Turnover | 20.27 | % | 35.95 | % | 62.06 | % | 18.10 | % | 20.28 | % | 35.54 | % |
(A) | Total Return Calculation Does Not Reflect Sales Load. |
(B) | For Periods Of Less Than One Full Year, Total Return Is Not Annualized. |
(C) | Annualized. |
(D) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Fixed Income Fund [32]
FIXED INCOME FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
FIXED INCOME FUND - CLASS B SHARES
six months ended 06/30/05 (D) | year ended 12/31/04 | year ended 12/31/03 | year ended 12/31/02 | year ended 12/31/01 | year ended 12/31/00 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 10.06 | $ | 10.08 | $ | 10.02 | $ | 9.55 | $ | 9.54 | $ | 9.80 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income | 0.05 | 0.27 | 0.29 | 0.37 | 0.40 | 0.45 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.07 | (0.01 | ) | 0.21 | 0.52 | (0.01 | ) | (0.25 | ) | |||||||||||||||
Total from Investment Operations | 0.12 | 0.26 | 0.50 | 0.89 | 0.39 | 0.20 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Net Investment Income | (0.13 | ) | (0.28 | ) | (0.29 | ) | (0.40 | ) | (0.38 | ) | (0.46 | ) | ||||||||||||
Dividends from Net Realized Gain | — | — | (0.15 | ) | (0.02 | ) | — | — | ||||||||||||||||
Total Distributions | (0.13 | ) | (0.28 | ) | (0.44 | ) | (0.42 | ) | (0.38 | ) | (0.46 | ) | ||||||||||||
Net Asset Value at End of Period | $ | 10.05 | $ | 10.06 | $ | 10.08 | $ | 10.02 | $ | 9.55 | $ | 9.54 | ||||||||||||
Total Return (A) (B) | 1.18 | % | 2.57 | % | 4.93 | % | 9.52 | % | 4.13 | % | 2.12 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 3,533 | $ | 3,839 | $ | 4,057 | $ | 2,837 | $ | 1,026 | $ | 506 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.07 | %(C) | 2.06 | % | 2.18 | % | 2.61 | % | 3.46 | % | 9.74 | % | ||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.10 | %(C) | 2.10 | % | 2.10 | % | 2.10 | % | 2.10 | % | 2.10 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.10 | %(C) | 2.74 | % | 2.87 | % | 3.57 | % | 2.93 | % | (2.94 | )% | ||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.07 | %(C) | 2.70 | % | 2.95 | % | 4.08 | % | 4.29 | % | 4.70 | % | ||||||||||||
Portfolio Turnover | 20.27 | % | 35.95 | % | 62.06 | % | 18.10 | % | 20.28 | % | 35.54 | % |
(A) | Total Return Calculation Does Not Reflect Sales Load. |
(B) | For Periods Of Less Than One Full Year, Total Return Is Not Annualized. |
(C) | Annualized. |
(D) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Fixed Income Fund [33]
FIXED INCOME FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
FIXED INCOME FUND - CLASS C SHARES | ||||||||
six months ended 06/30/05 (E) | period ended 12/31/04 (D) | |||||||
Per Share Operating Performance: | ||||||||
Net Asset Value, Beginning of Period | $ | 10.04 | $ | 10.15 | ||||
Income from Investment Operations: | ||||||||
Net Investment Income | 0.05 | 0.26 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.06 | (0.05 | ) | |||||
Total from Investment Operations | 0.11 | 0.21 | ||||||
Less Distributions: | ||||||||
Dividends from Net Investment Income | (0.13 | ) | (0.32 | ) | ||||
Dividends from Net Realized Gain | — | — | ||||||
Total Distributions | (0.13 | ) | (0.32 | ) | ||||
Net Asset Value at End of Period | $ | 10.02 | $ | 10.04 | ||||
Total Return (A)(B) | 1.15 | % | 2.12 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in 000s) | $ | 1,531 | $ | 907 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.07 | %(C) | 2.06 | %(C) | ||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.10 | %(C) | 2.10 | %(C) | ||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.10 | %(C) | 2.74 | %(C) | ||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.07 | %(C) | 2.70 | %(C) | ||||
Portfolio Turnover | 20.27 | % | 35.95 | % |
(A) | Total Return Calculation Does Not Reflect Sales Load. |
(B) | For Periods Of Less Than One Full Year, Total Return Is Not Annualized. |
(C) | Annualized. |
(D) | For the Period February 3, 2004 (Commencement of Operations) to December 31, 2004. |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Fixed Income Fund [34]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN AGGRESSIVE GROWTH FUND
FUND PROFILE:
Top Ten Holdings
(% of Net Assets)
Nextel Partners, Inc. | 3.69 | % | |
Alliance Data Systems Corp. | 3.17 | % | |
NII Holdings, Inc. | 2.95 | % | |
C R Bard, Inc. | 2.60 | % | |
Paychex, Inc. | 2.58 | % | |
BorgWarner, Inc. | 2.58 | % | |
Nvidia Corp. | 2.55 | % | |
Anteon International Corp. | 2.50 | % | |
Getty Images, Inc. | 2.32 | % | |
Monster Worldwide, Inc. | 2.29 | % | |
27.23 | % | ||
Industries (% of Net Assets)
| |||
Consumer, Non-cyclical | 21.59 | % | |
Communications | 16.24 | % | |
Technology | 15.62 | % | |
Consumer, Cyclical | 13.07 | % | |
Industrial | 9.53 | % | |
Healthcare | 6.05 | % | |
Energy | 5.69 | % | |
Financial | 3.01 | % | |
Basic Materials | 1.79 | % | |
Other Assets less Liabilities, Net | 7.41 | % | |
100.00 | % | ||
EXPENSE EXAMPLE:
As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs,” (in dollars) of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of January 1, 2005, through June 30, 2005.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Timothy Plan Top Ten Holdings / Industries [35]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN AGGRESSIVE GROWTH FUND
Hypothetical example for comparison purposes
The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.
Beginning Account Value January 1, 2005 | Ending Account Value June 30, 2005 | Expenses Paid June 30, 2005 | |||||||
Actual - Class A | $ | 1,000.00 | $ | 977.00 | $ | 7.84 | |||
Hypothetical - Class A (5% return before expenses) | 1,000.00 | 1,017.00 | 8.00 | ||||||
Actual - Class B | $ | 1,000.00 | $ | 973.30 | $ | 11.50 | |||
Hypothetical - Class B (5% return before expenses) | 1,000.00 | 1,013.25 | 11.73 | ||||||
Actual - Class C | $ | 1,000.00 | $ | 974.80 | $ | 11.51 | |||
Hypothetical - Class C (5% return before expenses) | 1,000.00 | 1,013.25 | 11.73 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.60% for Class A, 2.35% for Class B, and 2.35% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 181 days/365 days (to reflect the one-half year period). The Fund’s ending account value on the first line in the table is based on its actual total return of (2.30)% for Class A, (2.67)% for Class B, and (2.52)% for Class C for the six-month period of January 1, 2005, to June 30, 2005. |
Timothy Plan Top Ten Holdings / Industries [36]
AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 92.57%
number of shares | market value | ||||
ADVERTISING SERVICES - 2.32% | |||||
5,600 | Getty Images, Inc.* | $ | 415,856 | ||
AEROSPACE/DEFENSE - EQUIPMENT - 1.49% | |||||
5,600 | Rockwell Collins, Inc. | 267,008 | |||
AGRICULTURAL CHEMICALS - 1.50% | |||||
2,800 | Potash Corporation of Saskatchewan, Inc. | 267,624 | |||
AIRLINES - 2.90% | |||||
37,200 | Southwest Airlines Co. | 518,196 | |||
AUTO/TRUCK PARTS & EQUIPMENT - 2.58% | |||||
8,600 | Borg Warner, Inc. | 461,562 | |||
CELLULAR TELECOM - 6.63% | |||||
26,200 | Nextel Partners, Inc.* | 659,454 | |||
8,250 | NII Holdings, Inc.* | 527,505 | |||
1,186,959 | |||||
COAL - 1.51% | |||||
5,200 | Peabody Energy Corp. | 270,608 | |||
COMMERCIAL BANKS - 0.82% | |||||
9,000 | UCBH Holdings, Inc. | 146,160 | |||
COMMERCIAL SERVICES - 3.17% | |||||
14,000 | Alliance Data Systems Corp.* | 567,840 | |||
COMPUTER SERVICES - 3.95% | |||||
9,800 | Anteon International Corp.* | 447,076 | |||
5,500 | Cognizant Technology Solutions Corp.* | 259,215 | |||
706,291 | |||||
COMPUTERS - MEMORY DEVICES - 1.86% | |||||
11,750 | Network Appliance, Inc.* | 332,173 | |||
DATA PROCESSING/MANAGEMENT - 2.01% | |||||
9,650 | Navteq Corp.* | 358,787 | |||
DIAGNOSTIC EQUIPMENT - 3.11% | |||||
12,100 | Cytyc Corp.* | 266,926 | |||
8,000 | Gen Probe, Inc.* | 289,840 | |||
556,766 | |||||
DISPOSABLE MEDICAL PRODUCTS - 2.60% | |||||
7,000 | C R Bard, Inc. | 465,570 | |||
DIVERSIFIED ELECTRONICS - 1.38% | |||||
11,200 | Dolby Laboratories, Inc.* | 247,072 | |||
E-COMMERCE/SERVICES - 2.29% | |||||
14,300 | Monster Worldwide, Inc.* | 410,124 | |||
ELECTRONIC COMPONENTS - MISC - 2.13% | |||||
12,385 | Jabil Circuit, Inc.* | 380,591 | |||
The accompanying notes are an integral part of these financial statements.
Timothy Aggressive Growth Fund [37]
AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 92.57% (cont.)
number of shares | market value | ||||
ELECTRONIC COMPONENTS - SEMICONDUCTOR - 4.61% | |||||
7,700 | International Rectifier Corp.* | $ | 367,444 | ||
17,100 | Nvidia Corp.* | 456,912 | |||
824,356 | |||||
ELECTRONIC MEASURING INSTRUMENTS - 1.45% | |||||
8,700 | Flir Systems, Inc.* | 259,608 | |||
HAZARDOUS WASTE DISPOSAL - 1.03% | |||||
3,650 | Stericycle, Inc.* | 183,668 | |||
HOSPITAL BEDS/EQUIPMENT - 1.76% | |||||
5,250 | Kinetic Concepts, Inc.* | 315,000 | |||
INDUSTRIAL AUTOMATION/ROBOTICS - 1.69% | |||||
6,200 | Rockwell Automation | 302,002 | |||
INTERNET SECURITY - 1.14% | |||||
7,100 | Verisign, Inc.* | 204,196 | |||
MEDICAL - BIOMEDICAL/GENETICS - 3.68% | |||||
7,200 | Charles River Laboratories International, Inc.* | 347,400 | |||
15,400 | Protein Design Labs, Inc.* | 311,234 | |||
658,634 | |||||
MEDICAL LABS & TESTING SERVICES - 2.01% | |||||
7,200 | Laboratory Corporation of America Holdings* | 359,280 | |||
MEDICAL PRODUCTS - 1.68% | |||||
4,500 | Inamed Corp.* | 301,365 | |||
METAL PROCESSORS & FABRICATION - 1.74% | |||||
4,000 | Precision Castparts Corp. | 311,600 | |||
OIL & GAS DRILLINGS - 2.74% | |||||
6,350 | Ensco International, Inc. | 227,012 | |||
3,900 | Transocean, Inc.* | 210,483 | |||
1,750 | Ultra Petroleum Corp.* | 53,130 | |||
490,625 | |||||
OIL FIELD MACHINERY & EQUIPMENT - 1.73% | |||||
6,500 | National Oilwell Varco, Inc.* | 309,010 | |||
PHARMACY SERVICES - 1.05% | |||||
4,200 | Caremark RX, Inc.* | 186,984 | |||
PHYSICAL PRACTICE MANAGEMENT - 2.10% | |||||
5,100 | Pediatrix Medical Group, Inc.* | 375,054 | |||
REAL ESTATE MANAGEMENT/SERVICES - 2.19% | |||||
8,950 | CB Richard Ellis Group, Inc.* | 392,547 | |||
RESPIRATORY PRODUCTS - 1.59% | |||||
4,300 | Resmed, Inc.* | 283,757 | |||
The accompanying notes are an integral part of these financial statements.
Timothy Aggressive Growth Fund [38]
AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 92.57% (cont.)
number of shares | market value | |||||
RETAIL - APPAREL/SHOE - 2.81% | ||||||
12,100 | Ross Stores, Inc. | $ | 349,811 | |||
2,700 | Urban Outfitters, Inc.* | 153,063 | ||||
502,874 | ||||||
RETAIL - PET FOOD & SUPPLIES - 2.20% | ||||||
13,400 | Petco Animal Supplies, Inc.* | 392,888 | ||||
RETAIL - RESTAURANTS - 0.99% | ||||||
3,000 | P F Chang’s China Bistro, Inc.* | 176,940 | ||||
SCHOOLS - 1.64% | ||||||
8,700 | Education Management Corp.* | 293,451 | ||||
SOFTWARE & PROGRAMMING - 1.82% | ||||||
12,300 | Amdocs Ltd.* | 325,089 | ||||
STAFFING & OUTSOURCING SERVICES - 2.58% | ||||||
14,200 | Paychex, Inc. | 462,068 | ||||
TELECOMMUNICATION EQUIPMENT - 1.61% | ||||||
12,200 | Comverse Technology, Inc.* | 288,530 | ||||
VETERINARY DIAGNOSTICS - 2.25% | ||||||
16,600 | VCA Antech, Inc.* | 402,550 | ||||
WEB HOSTING/DESIGN - 2.23% | ||||||
10,450 | Macromedia, Inc.* | 399,399 | ||||
Total Common Stocks (cost $14,053,874) | 16,560,662 | |||||
SHORT-TERM INVESTMENTS - 8.88%
| ||||||
number of shares | market value | |||||
794,000 | Federated Cash Trust Series II Treasury | 794,000 | ||||
794,000 | First American Treasury Obligations Fund Class A | 794,000 | ||||
Total Short-Term Investments (cost $1,588,000) | 1,588,000 | |||||
TOTAL INVESTMENTS - 101.45% (identified cost $15,641,874) | 18,148,662 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (1.45)% | (259,745 | ) | ||||
NET ASSETS - 100.00% | $ | 17,888,917 | ||||
* | Non-income producing securities |
(a) | American Depositary Receipt |
The accompanying notes are an integral part of these financial statements.
Timothy Aggressive Growth Fund [39]
AGGRESSIVE GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
As of June 30, 2005 (unaudited)
ASSETS
| ||||
amount | ||||
Investments in Securities at Value (identified cost $15,641,874) [NOTE 1] | $ | 18,148,662 | ||
Cash | 427,469 | |||
Receivables: | ||||
Interest | 1,556 | |||
Dividends | 950 | |||
Fund Shares Sold | 9,069 | |||
Prepaid Expenses | 4,670 | |||
Fund Shares Commissions Receivable from Advisor | 386 | |||
Total Assets | $ | 18,592,762 | ||
LIABILITIES
| ||||
amount | ||||
Accrued Advisory Fee | $ | 1,734 | ||
Accrued 12b-1 fees Class A | 3,221 | |||
Accrued 12b-1 fees Class B | 1,084 | |||
Accrued 12b-1 fees Class C | 772 | |||
Payable for Investment Securities Purchased | 674,759 | |||
Payable for Fund Shares Redeemed | 17,852 | |||
Accrued Expenses | 4,423 | |||
Total Liabilities | $ | 703,845 | ||
NET ASSETS
| ||||
amount | ||||
Class A Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 2,303,485 shares outstanding) | $ | 15,645,638 | ||
Net Asset Value and Redemption price Per Class A Share ($15,645,638 / 2,303,485 shares) | $ | 6.79 | ||
Offering Price Per Share ($6.79 / 0.9475) | $ | 7.17 | ||
Class B Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 199,161 shares outstanding) | $ | 1,306,717 | ||
Net Asset Value and Offering Price Per Class B Share ($1,306,717 / 199,161 shares) | $ | 6.56 | ||
Maximum Redemption Price Per Class B Share ($6.56 x 0.95) | $ | 6.23 | ||
Class C Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 142,400 shares outstanding) | $ | 936,562 | ||
Net Asset Value and Offering Price Per Class C Share ($936,562 / 142,400 shares) | $ | 6.58 | ||
Maximum Redemption Price Per Class C Share ($6.58 x 0.99) | $ | 6.51 | ||
Net Assets | $ | 17,888,917 | ||
SOURCES OF NET ASSETS
| ||||
amount | ||||
At June 30, 2005, Net Assets Consisted of: | ||||
Paid-in Capital | $ | 15,835,279 | ||
Undistributed Net Investment Loss | (127,756 | ) | ||
Accumulated Net Realized Loss on Investments | (325,394 | ) | ||
Net Unrealized Appreciation in Value of Investments | 2,506,788 | |||
Net Assets | $ | 17,888,917 | ||
The accompanying notes are an integral part of these financial statements.
Timothy Aggressive Growth Fund [40]
AGGRESSIVE GROWTH FUND
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2005 (unaudited)
INVESTMENT INCOME
| ||||
amount | ||||
Interest | $ | 6,034 | ||
Dividends | 14,805 | |||
Total Investment Income | 20,839 | |||
EXPENSES
| ||||
amount | ||||
Investment Advisory Fees [NOTE 3] | 74,648 | |||
Fund Accounting, Transfer Agency, & Administration Fees | 21,740 | |||
12b-1 Fees (Class A =$19,260, Class B =$5,015, Class C=$3,068) [NOTE 3] | 27,343 | |||
Services Fees (Class B=$1,672, Class C=$1,023) [NOTE 3] | 2,695 | |||
Custodian Fees | 3,511 | |||
Audit Fees | 3,327 | |||
Registration Fees | 5,676 | |||
Printing Expense | 1,664 | |||
Legal Expense | 2,602 | |||
Insurnace Expense | 568 | |||
Miscellaneous Expense | 5,692 | |||
Total Expenses | 149,466 | |||
Expenses Waived and Reimbursed by Advisor [NOTE 3] | (871 | ) | ||
Total Net Expenses | 148,595 | |||
Net Investment Loss | (127,756 | ) | ||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
| ||||
amount | ||||
Net Realized Gain on Investments | 580,362 | |||
Change in Unrealized Appreciation of Investments | (895,301 | ) | ||
Net Realized and Unrealized Gain on Investments | (314,939 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (442,695 | ) | |
The accompanying notes are an integral part of these financial statements.
Timothy Aggressive Growth Fund [41]
AGGRESSIVE GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
| ||||||||
six months ended | year ended | |||||||
(unaudited) | ||||||||
Operations: | ||||||||
Net Investment Loss | $ | (127,756 | ) | $ | (209,707 | ) | ||
Net Realized Gain (Loss) on Investments | 580,362 | (29,910 | ) | |||||
Net Change in Unrealized Appreciation of Investments | (895,301 | ) | 1,977,072 | |||||
Net Increase (Decrease) in Net Assets (resulting from operations) | (442,695 | ) | 1,737,455 | |||||
Capital Share Transactions: | ||||||||
Proceeds from Shares Sold: | ||||||||
Class A | 1,443,425 | 6,695,403 | ||||||
Class B | 4,500 | 352,194 | ||||||
Class C | 297,010 | 638,745 | ||||||
Dividends Reinvested: | ||||||||
Class A | — | — | ||||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Cost of Shares Redeemed: | ||||||||
Class A | (1,865,813 | ) | (1,692,304 | ) | ||||
Class B | (174,344 | ) | (312,399 | ) | ||||
Class C | (35,638 | ) | (32,586 | ) | ||||
Net Increase (Decrease) in Net Assets (resulting from capital share transactions) | (330,860 | ) | 5,649,053 | |||||
Total Increase (Decrease) in Net Assets | (773,555 | ) | 7,386,508 | |||||
Net Assets: | ||||||||
Beginning of Period | 18,662,472 | 11,275,964 | ||||||
End of Period | $ | 17,888,917 | $ | 18,662,472 | ||||
Undistributed Net Investment Income | $ | (127,756 | ) | $ | — | |||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||
Shares Sold: | ||||||||
Class A | 215,822 | 1,077,824 | ||||||
Class B | 693 | 57,497 | ||||||
Class C | 45,725 | 107,744 | ||||||
Shares Reinvested: | ||||||||
Class A | — | — | ||||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Shares Redeemed: | ||||||||
Class A | (280,551 | ) | (275,539 | ) | ||||
Class B | (27,076 | ) | (51,000 | ) | ||||
Class C | (5,521 | ) | (5,548 | ) | ||||
Net Increase (Decrease) in Number of Shares Outstanding | (50,908 | ) | 910,978 | |||||
The accompanying notes are an integral part of these financial statements.
Timothy Aggressive Growth Fund [42]
AGGRESSIVE GROWTH FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period.
AGGRESSIVE GROWTH FUND - CLASS A SHARES
six months ended 06/30/05 (E) | year ended 12/31/04 | year ended 12/31/03 | year ended 12/31/02 | year ended 12/31/01 | period ended 12/31/00 (D) | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 6.95 | $ | 6.34 | $ | 4.56 | $ | 6.61 | $ | 8.35 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss | (0.05 | ) | (0.07 | ) | (0.06 | ) | (0.05 | ) | (0.05 | ) | — | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.11 | ) | 0.68 | 1.84 | (2.00 | ) | (1.69 | ) | (1.65 | ) | ||||||||||||||
Total from Investment Operations | (0.16 | ) | 0.61 | 1.78 | (2.05 | ) | (1.74 | ) | (1.65 | ) | ||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Realized Gains | — | — | — | — | — | — | ||||||||||||||||||
Dividends from Net Investment Income | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | — | — | — | — | — | — | ||||||||||||||||||
Net Asset Value at End of Period | $ | 6.79 | $ | 6.95 | $ | 6.34 | $ | 4.56 | $ | 6.61 | $ | 8.35 | ||||||||||||
Total Return (A) (B) | (2.30 | )% | 9.62 | % | 39.04 | % | (31.01 | )% | (20.84 | )% | (16.50 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 15,646 | $ | 16,453 | $ | 9,920 | $ | 4,878 | $ | 3,510 | $ | 717 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver of Expenses by Advisor | 1.61 | %(C) | 1.66 | % | 1.85 | % | 2.64 | % | 3.87 | % | 10.20 | %(C) | ||||||||||||
After Reimbursement and Waiver of Expenses by Advisor | 1.60 | %(C) | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | %(C) | ||||||||||||
Ratio of Net Investment Loss to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver of Expenses by Advisor | (1.37 | )%(C) | (1.38 | )% | (1.60 | )% | (2.44 | )% | (3.53 | )% | (8.91 | )%(C) | ||||||||||||
After Reimbursement and Waiver of Expenses by Advisor | (1.36 | )%(C) | (1.32 | )% | (1.35 | )% | (1.40 | )% | (1.26 | )% | (0.31 | )%(C) | ||||||||||||
Portfolio Turnover | 44.53 | % | 102.46 | % | 119.33 | % | 134.34 | % | 113.39 | % | 19.00 | % |
(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 4, 2000 (commencement of operations) to December 31, 2000. |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Aggressive Growth Fund [43]
AGGRESSIVE GROWTH FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period.
AGGRESSIVE GROWTH FUND - CLASS B SHARES
six months ended 06/30/05 (E) | year 12/31/04 | year ended 12/31/03 | year ended 12/31/02 | year 12/31/01 | period ended 12/31/00 (D) | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 6.74 | $ | 6.19 | $ | 4.48 | $ | 6.56 | $ | 8.34 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss | (0.07 | ) | (0.13 | ) | (0.08 | ) | (0.08 | ) | (0.11 | ) | — | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.11 | ) | 0.68 | 1.79 | (2.00 | ) | (1.67 | ) | (1.66 | ) | ||||||||||||||
Total from Investment Operations | (0.18 | ) | 0.55 | 1.71 | (2.08 | ) | (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 | $ | 6.74 | $ | 6.19 | $ | 4.48 | $ | 6.56 | $ | 8.34 | ||||||||||||
Total Return (A) (B) | (2.67 | )% | 8.89 | % | 38.17 | % | (31.71 | )% | (21.34 | )% | (16.60 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 1,307 | $ | 1,519 | $ | 1,356 | $ | 525 | $ | 402 | $ | 248 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement of Expenses by Advisor | 2.36 | %(C) | 2.41 | % | 2.60 | % | 3.70 | % | 4.63 | % | 10.95 | %(C) | ||||||||||||
After Reimbursement of Expenses by Advisor | 2.35 | %(C) | 2.35 | % | 2.35 | % | 2.35 | % | 2.35 | % | 2.35 | %(C) | ||||||||||||
Ratio of Net Investment Loss to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement of Expenses by Advisor | (2.12 | )%(C) | (2.13 | )% | (2.35 | )% | (3.50 | )% | (4.24 | )% | (9.66 | )%(C) | ||||||||||||
After Reimbursement of Expenses by Advisor | (2.11 | )%(C) | (2.07 | )% | (2.10 | )% | (2.15 | )% | (1.96 | )% | (1.06 | )%(C) | ||||||||||||
Portfolio Turnover | 44.53 | % | 102.46 | % | 119.33 | % | 134.34 | % | 113.39 | % | 19.00 | % |
(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) | Annualized. |
(D) | For The Period October 6, 2000 (commencement of operations) to December 31, 2000. |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Aggressive Growth Fund [44]
AGGRESSIVE GROWTH FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period.
AGGRESSIVE GROWTH FUND - CLASS C SHARES
six months ended 06/30/05 (E) | period ended 12/31/04 (D) | |||||||
Per Share Operating Performance: | ||||||||
Net Asset Value at Beginning of Period | $ | 6.75 | $ | 6.24 | ||||
Income from Investment Operations: | ||||||||
Net Investment Loss | (0.07 | ) | (0.06 | ) | ||||
Net Realized and Unrealized Gain on Investments | (0.10 | ) | 0.57 | |||||
Total from Investment Operations | (0.17 | ) | 0.51 | |||||
Less Distributions: | ||||||||
Dividends from Realized Gains | — | — | ||||||
Dividends from Net Investment Income | — | — | ||||||
Total Distributions | — | — | ||||||
Net Asset Value at End of Period | $ | 6.58 | $ | 6.75 | ||||
Total Return (A) (B) | (2.52 | )% | 8.17 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in 000s) | $ | 937 | $ | 690 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Reimbursement of Expenses by Advisor | 2.36 | %(C) | 2.41 | %(C) | ||||
After Reimbursement of Expenses by Advisor | 2.35 | %(C) | 2.35 | %(C) | ||||
Ratio of Net Investment Loss to Average Net Assets: | ||||||||
Before Reimbursement of Expenses by Advisor | (2.12 | )%(C) | (2.13 | )%(C) | ||||
After Reimbursement of Expenses by Advisor | (2.11 | )%(C) | (2.07 | )%(C) | ||||
Portfolio Turnover | 44.53 | % | 102.46 | % |
(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) | Annualized |
(D) | For The Period February 3, 2004 (commencement of operations) to December 31, 2004. |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Aggressive Growth Fund [45]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005(unaudited)
TIMOTHY PLAN LARGE / MID CAP GROWTH FUND
FUND PROFILE:
Top Ten Holdings (% of Net Assets) | |||
L-3 Communications Holdings, Inc. | 3.98 | % | |
Lowe’s Companies, Inc. | 3.85 | % | |
American International Group, Inc. | 3.69 | % | |
SYSCO Corp. | 3.59 | % | |
Linear Technology Corp. | 3.50 | % | |
Caremark RX, Inc. | 3.47 | % | |
SAP AG ADR | 3.46 | % | |
United Technologies Corp. | 3.40 | % | |
St. Jude Medical, Inc. | 3.14 | % | |
Stryker Corp. | 3.06 | % | |
35.14 | % | ||
Industries (% of Net Assets) | |||
Consumer, Non-cyclical | 25.54 | % | |
Industrial | 21.03 | % | |
Consumer, Cyclical | 16.86 | % | |
Technology | 10.75 | % | |
Healthcare | 9.25 | % | |
Financial | 5.96 | % | |
Communications | 3.92 | % | |
Energy | 2.76 | % | |
Basic Materials | 0.57 | % | |
Other Assets less Liabilities, Net | 3.36 | % | |
100.00 | % | ||
EXPENSE EXAMPLE:
As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs,” (in dollars) of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of January 1, 2005, through June 30, 2005.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Timothy Plan Top Ten Holdings / Industries [46]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005(unaudited)
TIMOTHY PLAN LARGE / MID CAP GROWTH FUND
Hypothetical example for comparison purposes
The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.
Beginning Account Value January 1, 2005 | Ending Account Value June 30, 2005 | During Period* June 30, 2005 | |||||||
Actual - Class A | $ | 1,000.00 | $ | 965.60 | $ | 7.80 | |||
Hypothetical - Class A (5% return before expenses) | 1,000.00 | 1,017.00 | 8.00 | ||||||
Actual - Class B | $ | 1,000.00 | $ | 961.50 | $ | 11.43 | |||
Hypothetical - Class B (5% return before expenses) | 1,000.00 | 1,013.25 | 11.73 | ||||||
Actual - Class C | $ | 1,000.00 | $ | 961.70 | $ | 11.43 | |||
Hypothetical - Class C (5% return before expenses) | 1,000.00 | 1,013.25 | 11.73 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.60% for Class A, 2.35% for Class B, and 2.35% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 181 days/365 days (to reflect the one-half year period). The Fund’s ending account value on the first line in the table is based on its actual total return of (3.44)% for Class A, (3.85)% for Class B, and (3.83)% for Class C for the six-month period of January 1, 2005, to June 30, 2005. |
Timothy Plan Top Ten Holding / Industries [47]
LARGE / MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 96.66%
number of shares | market value | ||||
ADVERTISING AGENCIES - 2.18% | |||||
14,000 | Omnicom Group, Inc. | $ | 1,118,040 | ||
AEROSPACE & DEFENSE - EQUIPMENT - 3.40% | |||||
34,000 | United Technologies Corp. | 1,745,900 | |||
APPLICATIONS SOFTWARE - 1.35% | |||||
10,000 | Mercury Interactive Corp.* | 383,600 | |||
34,675 | Siebal Systems, Inc. | 308,607 | |||
692,207 | |||||
BATTERIES/BATTERY SYSTEMS - 0.08% | |||||
1,220 | Rayovac Corp.* | 40,260 | |||
BUILDING - RESIDENTIAL/COMMERCIAL - 2.26% | |||||
12,000 | Centex Corp | 848,040 | |||
2,500 | Pulte Homes, Inc. | 210,625 | |||
990 | Toll Brothers, Inc.* | 100,534 | |||
1,159,199 | |||||
CHEMICALS - DIVERSIFIED - 0.15% | |||||
3,010 | Lyondell Chemical Co. | 79,524 | |||
CHEMICALS - SPECIALTY - 0.08% | |||||
3,000 | Hercules, Inc.* | 42,450 | |||
COATINGS/PAINT - 0.15% | |||||
1,610 | Valspar Corp. | 77,747 | |||
COMPUTERS - 0.92% | |||||
12,000 | Dell, Inc.* (SEE NOTE 7) | 474,120 | |||
CONTAINERS - METAL/GLASS - 0.10% | |||||
1,420 | Ball Corp. | 51,063 | |||
COSMETICS & TOILETRIES - 4.38% | |||||
20,000 | Colgate-Palmolive Co. | 998,200 | |||
32,000 | Estee Lauder Companies, Inc. | 1,252,160 | |||
2,250,360 | |||||
DIVERSIFIED MANUFACTURING OPERATIONS - 7.81% | |||||
16,000 | Danaher Corp. | 837,440 | |||
2,620 | Dover Corp. | 95,316 | |||
7,000 | Illinois Tool Works, Inc. | 557,760 | |||
14,000 | Ingersoll-Rand Co. | 998,900 | |||
870 | Roper Industries, Inc. | 62,092 | |||
50,000 | Tyco International Ltd. | 1,460,000 | |||
4,011,508 | |||||
E-COMMERCE/SERVICES - 1.09% | |||||
17,000 | eBay, Inc.* | 561,170 | |||
ELECTRIC PRODUCTS - MISC - 1.83% | |||||
15,000 | Emerson Electric Co. | 939,450 | |||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Growth Fund [48]
LARGE / MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 96.66% (cont.)
number of shares | market value | ||||
ELECTRONICS - MILITARY - 3.98% | |||||
26,700 | L-3 Communications Holdings, Inc. | $ | 2,044,686 | ||
ENTERPRISE SOFTWARE/SERVICES - 3.46% | |||||
41,000 | SAP AG ADR (a) | 1,775,300 | |||
FINANCE - CREDIT CARD - 1.90% | |||||
37,350 | MBNA Corp. | 977,076 | |||
FINANCE - INVESTMENT BANKER/BROKER - 0.27% | |||||
1,000 | Bear Stearns Companies, Inc. | 103,940 | |||
2,500 | Friedman Billings Ramsey Group REIT, Inc. | 35,750 | |||
139,690 | |||||
FOOD - CANNED - 0.26% | |||||
12,440 | Del Monte Foods Co.* | 133,979 | |||
FOOD - WHOLESALE/DISTRIBUTION - 3.59% | |||||
51,000 | SYSCO Corp. | 1,845,690 | |||
INDUSTRIAL AUTOMATION/ROBOTICS - 1.81% | |||||
19,050 | Rockwell Automation | 927,926 | |||
INDUSTRIAL GASES - 0.09% | |||||
1,800 | Airgas, Inc. | 44,406 | |||
INSTRUMENTS - SCIENTIFIC - 0.54% | |||||
4,300 | Fisher Scientific International, Inc.* | 279,070 | |||
INVESTMENT COMPANIES - 0.09% | |||||
1,300 | American Capital Strategies | 46,943 | |||
MACHINERY - PRINT TRADE - 1.41% | |||||
16,500 | Zebra Technologies Corp.* | 722,535 | |||
MEDICAL - BIOMEDICAL/GENETICS - 5.94% | |||||
20,000 | Biogen IDEC, Inc.* | 689,000 | |||
26,000 | Genzyme Corp.* | 1,562,340 | |||
30,000 | Medimmune, Inc.* | 801,600 | |||
3,052,940 | |||||
MEDICAL - DRUGS - 1.66% | |||||
10,000 | Allergan, Inc. | 852,400 | |||
MEDICAL INSTRUMENTS - 3.46% | |||||
2,600 | Beckman Coulter, Inc. | 165,282 | |||
37,000 | St. Jude Medical, Inc.* | 1,613,570 | |||
1,778,852 | |||||
MEDICAL PRODUCTS - 6.85% | |||||
21,000 | Biomet, Inc. | 727,440 | |||
33,000 | Stryker Corp. | 1,569,480 | |||
16,000 | Zimmer Holdings, Inc.* | 1,218,720 | |||
3,515,640 | |||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Growth Fund [49]
LARGE / MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 96.66% (cont.)
number of shares | market value | ||||
MOTORCYCLE/MOTOR SCOOTERS - 1.93% | |||||
20,000 | Harley Davidson, Inc. | $ | 992,000 | ||
MULTI-LINE INSURANCE - 3.69% | |||||
32,650 | American International Group, Inc. | 1,896,965 | |||
NETWORKING PRODUCTS - 0.65% | |||||
17,600 | Cisco Systems, Inc.* (SEE NOTE 7) | 336,336 | |||
OFFICE SUPPLIES & FORMS - 0.19% | |||||
1,820 | Avery Dennison Corp. | 96,387 | |||
OIL - FIELD SERVICES - 2.36% | |||||
11,000 | Baker Hughes, Inc. | 562,760 | |||
1,500 | Halliburton Co. | 71,730 | |||
10,000 | Weatherford International Ltd.* | 579,800 | |||
1,214,290 | |||||
OIL REFINING & MARKETING - 0.40% | |||||
2,600 | Valero Energy Corp. | 205,686 | |||
PHARMACY SERVICES - 5.55% | |||||
40,000 | Caremark RX, Inc.* | 1,780,800 | |||
20,000 | Medco Health Solutions, Inc.* | 1,067,200 | |||
2,848,000 | |||||
POWER CONVERSION/SUPPLY EQUIPMENT - 0.08% | |||||
890 | Hubbell, Inc. | 39,249 | |||
RETAIL - APPAREL/SHOE - 3.75% | |||||
20,000 | American Eagle Outfitters, Inc. | 613,000 | |||
20,000 | Chicos Fas, Inc.* | 685,600 | |||
2,610 | Claire’s Stores, Inc. | 62,770 | |||
10,000 | Urban Outfitters, Inc.* | 566,900 | |||
1,928,270 | |||||
RETAIL - BEDDING - 2.36% | |||||
29,000 | Bed Bath Beyond, Inc.* | 1,211,620 | |||
RETAIL - BUILDING PRODUCTS - 3.85% | |||||
33,950 | Lowe’s Companies, Inc. | 1,976,569 | |||
RETAIL - CATALOG SHOPPING - 0.12% | |||||
1,800 | MSC Industrial Direct Company, Inc. | 60,750 | |||
RETAIL - DRUG STORE - 0.34% | |||||
6,000 | CVS Corp. | 174,420 | |||
RETAIL - OFFICE SUPPLIES - 1.98% | |||||
47,600 | Staples, Inc. | 1,014,832 | |||
RETAIL - RESTAURANTS - 0.28% | |||||
3,000 | Wendy’s International, Inc. | 142,950 | |||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Growth Fund [50]
LARGE / MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 96.66% (cont.)
number of shares | market value | |||||
SEMICONDUCTORS - 5.03% | ||||||
21,000 | Analog Devices, Inc. | $ | 783,510 | |||
49,000 | Linear Technology Corp. | 1,797,810 | ||||
2,581,320 | ||||||
STEEL - PRODUCERS - 0.10% | ||||||
1,480 | United States Steel Corp. | 50,868 | ||||
THERAPEUTICS - 2.91% | ||||||
34,000 | Gilead Sciences, Inc.* | 1,495,660 | ||||
Total Common Stocks (cost $46,220,062) | 49,646,303 | |||||
SHORT-TERM INVESTMENTS - 6.42%
| ||||||
number of shares | market value | |||||
1,097,439 | Federated Cash Trust Series II Treasury | 1,097,439 | ||||
2,200,000 | First American Treasury Obligations Fund Class A | 2,200,000 | ||||
Total Short-Term Investments (cost $3,297,439) | 3,297,439 | |||||
TOTAL INVESTMENTS - 103.08% (identified cost $49,517,501) | 52,943,742 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS, NET (3.08)% | (1,584,070 | ) | ||||
NET ASSETS - 100.00% | $ | 51,359,672 | ||||
* | Non-income producing securities |
(a) | American Depositary Receipt |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Growth Fund [51]
LARGE / MID-CAP GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
As of June 30, 2005 (unaudited)
ASSETS
| ||||
amount | ||||
Investments in Securities at Value (identified cost $49,517,501) [NOTE 1] | $ | 52,943,742 | ||
Cash | 2,260 | |||
Receivables: | ||||
Interest | 2,947 | |||
Dividends | 32,462 | |||
Fund Shares Sold | 25,368 | |||
Securities Sold | 4,096,007 | |||
Fund Share Commission Receivable from Advisor | 132 | |||
Prepaid Expenses | 14,599 | |||
Total Assets | $ | 57,117,517 | ||
LIABILITIES
| ||||
amount | ||||
Accrued Advisory Fees | $ | 19,821 | ||
Accrued 12b-1 Fees Class A | 9,339 | |||
Accrued 12b-1 Fees Class B | 1,904 | |||
Accrued 12b-1 Fees Class C | 985 | |||
Payable for Investment Securities Purchased | 5,703,133 | |||
Payable for Fund Shares Redeemed | 10,015 | |||
Accrued Expenses | 12,648 | |||
Total Liabilities | $ | 5,757,845 | ||
NET ASSETS
| ||||
amount | ||||
Class A Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 7,409,258 shares outstanding) | $ | 47,885,477 | ||
Net Asset Value and Redemption Price Per Class A Share ($47,885,477 / 7,409,258 shares) | $ | 6.46 | ||
Offering Price Per Share ($6.46 / 0.9475) | $ | 6.82 | ||
Class B Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 365,240 shares outstanding) | $ | 2,284,480 | ||
Net Asset Value and Offering Price Per Class B Share ($2,284,480 / 365,240 shares) | $ | 6.25 | ||
Maximum Redemption Price Per Class B Share ($6.25 x 0.95 ) | $ | 5.94 | ||
Class C Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 189,647 shares outstanding) | $ | 1,189,715 | ||
Net Asset Value and Offering Price Per Class C Share ($1,189,715 / 189,647 shares) | $ | 6.27 | ||
Maximum Redemption Price Per Class C Share ($6.27 x 0.99 ) | $ | 6.21 | ||
Net Assets | $ | 51,359,672 | ||
SOURCES OF NET ASSETS
| ||||
amount | ||||
At June 30, 2005, Net Assets Consisted of: | ||||
Paid-in Capital | $ | 56,255,147 | ||
Undistributed Net Investment Loss | (161,694 | ) | ||
Accumulated Net Realized Loss on Investments | (8,160,022 | ) | ||
Net Unrealized Appreciation in Value of Investments | 3,426,241 | |||
Net Assets | $ | 51,359,672 | ||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Growth Fund [52]
LARGE / MID-CAP GROWTH FUND
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2005 (unaudited)
INVESTMENT INCOME
| ||||
amount | ||||
Interest | $ | 12,402 | ||
Dividends | 152,717 | |||
Total Investment Income | 165,119 | |||
EXPENSES
| ||||
amount | ||||
Investment Advisory Fees [NOTE 3] | 176,780 | |||
Fund Accounting, Transfer Agency, & Administration Fees | 51,445 | |||
12b-1 Fees (Class A = $47,705, Class B = $8,930, Class C = $3,939) [NOTE 3] | 60,574 | |||
Service Fees (Class B = $2,977, Class C = $1,313) | 4,290 | |||
Custodian Fees | 2,877 | |||
Audit Fees | 7,863 | |||
Registration Fees | 8,013 | |||
Printing Expense | 6,477 | |||
Legal Expense | 6,210 | |||
Insurnace Expense | 1,266 | |||
Miscellaneous Expense | 12,275 | |||
Total Expenses | 338,070 | |||
Expenses Recouped by Advisor [NOTE 3] | 7,556 | |||
Total Net Expenses | 345,626 | |||
Net Investment Loss | (180,507 | ) | ||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
| ||||
amount | ||||
Net Realized Gain on Investments | 439,603 | |||
Change in Unrealized Appreciation of Investments | (1,628,037 | ) | ||
Net Realized and Unrealized Gain on Investments | (1,188,434 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (1,368,941 | ) | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Growth Fund [53]
LARGE / MID-CAP GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
| ||||||||
six months ended 06/30/05 | year ended | |||||||
(unaudited) | ||||||||
Operations: | ||||||||
Net Investment Loss | $ | (180,507 | ) | $ | (342,542 | ) | ||
Net Realized Gain on Investments | 439,603 | 1,105,450 | ||||||
Net Change in Unrealized Appreciation of Investments | (1,628,037 | ) | 1,989,624 | |||||
Net Increase (Decrease) in Net Assets (resulting from operations) | (1,368,941 | ) | 2,752,532 | |||||
Capital Share Transactions: | ||||||||
Proceeds from Shares Sold: | ||||||||
Class A | 5,737,830 | 12,854,466 | ||||||
Class B | 26,751 | 446,514 | ||||||
Class C | 390,627 | 948,144 | ||||||
Shares issued in connection with acquisition of the Noah Fund (Note 7): | ||||||||
Class A | 8,201,589 | — | ||||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Cost of Shares Redeemed: | ||||||||
Class A | (1,691,735 | ) | (1,915,932 | ) | ||||
Class B | (324,602 | ) | (326,827 | ) | ||||
Class C | (135,220 | ) | (28,251 | ) | ||||
Net Increase in Net Assets (resulting from capital share transactions) | 12,205,240 | 11,978,114 | ||||||
Total Increase in Net Assets | 10,836,299 | 14,730,646 | ||||||
Net Assets: | ||||||||
Beginning of Period | 40,523,373 | 25,792,727 | ||||||
End of Period | $ | 51,359,672 | $ | 40,523,373 | ||||
Undistributed Net Investment Income | $ | (180,507 | ) | $ | — | |||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||
Shares Sold: | ||||||||
Class A | 897,153 | 2,015,514 | ||||||
Class B | 4,243 | 71,370 | ||||||
Class C | 63,215 | 152,755 | ||||||
Shares issued in connection with acquisition of the Noah Fund (Note 7): | ||||||||
Class A | 1,269,274 | — | ||||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Shares Redeemed: | ||||||||
Class A | (265,778 | ) | (299,549 | ) | ||||
Class B | (52,326 | ) | (52,864 | ) | ||||
Class C | (21,829 | ) | (4,493 | ) | ||||
Net Increase in Number of Shares Outstanding | 1,893,952 | 1,882,733 | ||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Growth Fund [54]
LARGE / MID-CAP GROWTH FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
LARGE/MID CAP GROWTH FUND - CLASS A SHARES
six months ended 06/30/05 (E) | year ended 12/31/04 | year ended 12/31/03 | year ended 12/31/02 | year ended 12/31/01 | period ended 12/31/00 (D) | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 6.69 | $ | 6.17 | $ | 5.14 | $ | 7.28 | $ | 9.43 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss | (0.03 | ) | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.04 | ) | — | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.20 | ) | 0.57 | 1.08 | (2.10 | ) | (2.11 | ) | (0.57 | ) | ||||||||||||||
Total from Investment Operations | (0.23 | ) | 0.52 | 1.03 | (2.14 | ) | (2.15 | ) | (0.57 | ) | ||||||||||||||
Net Asset Value at End of Period | $ | 6.46 | $ | 6.69 | $ | 6.17 | $ | 5.14 | $ | 7.28 | $ | 9.43 | ||||||||||||
Total Return (A) (B) | (3.44 | )% | 8.43 | % | 20.04 | % | (29.40 | )% | (22.80 | )% | (5.69 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 47,885 | $ | 36,869 | $ | 23,407 | $ | 13,044 | $ | 8,854 | $ | 1,547 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.57 | %(C) | 1.55 | % | 1.62 | % | 1.80 | % | 2.32 | % | 5.55 | %(C) | ||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.60 | %(C) | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | %(C) | ||||||||||||
Ratio of Net Investment Loss to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | (0.78 | )%(C) | (0.95 | )% | (1.05 | )% | (1.21 | )% | (1.72 | )% | (3.98 | )%(C) | ||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | (0.81 | )%(C) | (1.00 | )% | (1.03 | )% | (1.01 | )% | (1.00 | )% | (0.03 | )%(C) | ||||||||||||
Portfolio Turnover | 20.53 | % | 60.25 | % | 53.43 | % | 52.28 | % | 20.47 | % | 4.46 | % |
(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. |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Growth Fund [55]
LARGE / MID-CAP GROWTH FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
LARGE/MID CAP GROWTH FUND - CLASS B SHARES
six months ended 06/30/05 (E) | year ended 12/31/03 | year ended 12/31/03 | year ended 12/31/02 | year ended 12/31/01 | period ended 12/31/00 (D) | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 6.50 | $ | 6.04 | $ | 5.07 | $ | 7.22 | $ | 9.41 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss | (0.05 | ) | (0.11 | ) | (0.08 | ) | (0.07 | ) | (0.08 | ) | (0.01 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.20 | ) | 0.57 | 1.05 | (2.08 | ) | (2.11 | ) | (0.58 | ) | ||||||||||||||
Total from Investment Operations | (0.25 | ) | 0.46 | 0.97 | (2.15 | ) | (2.19 | ) | (0.59 | ) | ||||||||||||||
Net Asset Value at End of Period | $ | 6.25 | $ | 6.50 | $ | 6.04 | $ | 5.07 | $ | 7.22 | $ | 9.41 | ||||||||||||
Total Return (A) (B) | (3.85 | )% | 7.62 | % | 19.13 | % | (29.92 | )% | (23.27 | )% | (5.89 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 2,284 | $ | 2,688 | $ | 2,385 | $ | 1,311 | $ | 918 | $ | 444 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.32 | %(C) | 2.30 | % | 2.38 | % | 2.72 | % | 3.66 | % | 6.30 | %(C) | ||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.35 | %(C) | 2.35 | % | 2.35 | % | 2.35 | % | 2.35 | % | 2.35 | %(C) | ||||||||||||
Ratio of Net Investment Loss to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | (1.53 | )%(C) | (1.70 | )% | (1.74 | )% | (2.12 | )% | (3.11 | )% | (4.73 | )%(C) | ||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | (1.56 | )%(C) | (1.75 | )% | (1.71 | )% | (1.75 | )% | (1.80 | )% | (0.78 | )%(C) | ||||||||||||
Portfolio Turnover | 20.53 | % | 60.25 | % | 53.43 | % | 52.28 | % | 20.47 | % | 4.46 | % |
(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 9, 2000 (Commencement of operations) to December 31, 2000. |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Growth Fund [56]
LARGE / MID-CAP GROWTH FUND
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 C SHARES
| ||||||||
six months ended 06/30/05 (E) | period ended 12/31/04 (D) | |||||||
Per Share Operating Performance: | ||||||||
Net Asset Value at Beginning of Period | $ | 6.52 | $ | 6.22 | ||||
Income from Investment Operations: | ||||||||
Net Investment Loss | (0.05 | ) | (0.05 | ) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.20 | ) | 0.35 | |||||
Total from Investment Operations | (0.25 | ) | 0.30 | |||||
Net Asset Value at End of Period | $ | 6.27 | $ | 6.52 | ||||
Total Return (A) (B) | (3.83 | )% | 4.82 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in 000s) | $ | 1,190 | $ | 967 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.32 | %(C) | 2.30 | %(C) | ||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.35 | %(C) | 2.35 | %(C) | ||||
Ratio of Net Investment Loss to Average Net Assets: | ||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | (1.53 | )%(C) | (1.70 | )%(C) | ||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | (1.56 | )%(C) | (1.75 | )%(C) | ||||
Portfolio Turnover | 20.53 | % | 60.25 | % |
(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 February 3, 2004 (Commencement of Operations) to December 31, 2004 |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Large/Mid-Cap Growth Fund [57]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN STRATEGIC GROWTH FUND
FUND PROFILE:
Industries (% of Net Assets) | |||
Mid & Large Cap Growth | 34.93 | % | |
Mid & Large Cap Value | 24.96 | % | |
Small Cap Value | 19.98 | % | |
Small Cap Growth | 19.80 | % | |
Other Assets less Liabilities, Net | 0.33 | % | |
100.00 | % | ||
EXPENSE EXAMPLE:
As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs,” (in dollars) of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of January 1, 2005, through June 30, 2005.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Timothy Plan Top Ten Holdings / Industries [58]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN STRATEGIC GROWTH FUND
Hypothetical example for comparison purposes
The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.
Beginning Account Value January 1, 2005 | Ending Account Value June 30, 2005 | Expenses Paid June 30, 2005 | |||||||
Actual - Class A | $ | 1,000.00 | $ | 981.50 | $ | 5.65 | |||
Hypothetical - Class A (5% return before expenses) | 1,000.00 | 1,019.25 | 5.76 | ||||||
Actual - Class B | $ | 1,000.00 | $ | 977.40 | $ | 9.32 | |||
Hypothetical - Class B (5% return before expenses) | 1,000.00 | 1,015.50 | 9.49 | ||||||
Actual - Class C | $ | 1,000.00 | $ | 978.50 | $ | 9.32 | |||
Hypothetical - Class C (5% return before expenses) | 1,000.00 | 1,015.50 | 9.49 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.15% for Class A, 1.90% for Class B, and 1.90% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 181 days/365 days (to reflect the one-half year period). The Fund’s ending account value on the first line in the table is based on its actual total return of (1.85)% for Class A, (2.26)% for Class B, and (2.15)% for Class C for the six-month period of January 1, 2005, to June 30, 2005. |
Timothy Plan Top Ten Holdings / Industries [59]
STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
MUTUAL FUNDS - 99.67% | |||||
number of shares | market value | ||||
1,254,234 | Timothy Aggressive Growth Fund, Class A* | $ | 8,516,250 | ||
2,325,488 | Timothy Large/Mid-Cap Growth Fund, Class A* | 15,022,652 | |||
795,753 | Timothy Large/Mid-Cap Value Fund, Class A* | 10,734,711 | |||
591,675 | Timothy Small Cap Value Fund, Class A* | 8,591,116 | |||
TOTAL MUTUAL FUNDS (Cost $39,358,795) | 42,864,729 | ||||
SHORT-TERM INVESTMENTS - 0.24% | |||||
number of shares | market value | ||||
104,750 | First American Treasury Obligations Fund, Class A (cost $104,750) | 104,750 | |||
TOTAL INVESTMENTS - 99.91% (identified cost $39,463,545) | 42,969,479 | ||||
OTHER ASSETS AND LIABILITIES, NET - 0.09% | 38,602 | ||||
NET ASSETS - 100.00% | $ | 43,008,081 | |||
* | Non-income producing securities |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Strategic Growth Fund [60]
STRATEGIC GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
As of June 30, 2005 (unaudited)
ASSETS
|
| |||
amount | ||||
Investments in Securities at Value (identified cost $39,463,545) [NOTE 1] | $ | 42,969,479 | ||
Receivables: | ||||
Fund Shares Sold | 70,226 | |||
Interest | 9 | |||
Fund Share Commissions Receivable from Advisor | 1,148 | |||
Prepaid Expenses | 11,653 | |||
Total Assets | $ | 43,052,515 | ||
LIABILITIES
|
| |||
amount | ||||
Accrued Advisory Fees | $ | 18,792 | ||
Accrued 12b-1 Fees Class B | 10,765 | |||
Accrued 12b-1 Fees Class C | 2,171 | |||
Distributions Payable | — | |||
Payable for Fund Shares Redeemed | 1,486 | |||
Payable for Securities Purchased | 2,333 | |||
Accrued Expenses | 8,887 | |||
Total Liabilities | $ | 44,434 | ||
NET ASSETS
|
| |||
amount | ||||
Class A Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 2,608,215 shares outstanding) | $ | 22,105,627 | ||
Net Asset Value and Redemption Price Per Class A Share ($22,105,627 / 2,608,215 shares) | $ | 8.48 | ||
Offering Price Per Share ($8.48 / 0.9475) | $ | 8.95 | ||
Class B Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 2,105,133 shares outstanding) | $ | 17,254,771 | ||
Net Asset Value and Offering Price Per Class B Share ($17,254,771 / 2,105,133 shares) | $ | 8.20 | ||
Maximum Redemption Price Per Class B Share ($8.20 x 0.95) | $ | 7.79 | ||
Class C Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 444,495 shares outstanding) | $ | 3,647,683 | ||
Net Asset Value and Offering Price Per Class C Share ($3,647,683 / 444,495 shares) | $ | 8.21 | ||
Maximum Redemption Price Per Class C Share ($8.21 x 0.99) | $ | 8.13 | ||
Net Assets | $ | 43,008,081 | ||
SOURCES OF NET ASSETS
|
| |||
amount | ||||
At June 30, 2005, Net Assets Consisted of: | ||||
Paid-in Capital | $ | 39,831,378 | ||
Undistributed Net Investment Loss | (310,656 | ) | ||
Accumulated Net Realized Loss on Investments | (18,575 | ) | ||
Net Unrealized Appreciation in Value of Investments | 3,505,934 | |||
Net Assets | $ | 43,008,081 | ||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Strategic Growth Fund [61]
STRATEGIC GROWTH FUND
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2005 (unaudited)
INVESTMENT INCOME
|
| |||
amount | ||||
Interest | $ | 756 | ||
Total Investment Income | 756 | |||
EXPENSES
|
| |||
amount | ||||
Investment Advisory Fees [NOTE 3] | 133,244 | |||
Fund Accounting, Transfer Agency, & Administration Fees | 50,738 | |||
12b-1 Fees (Class B = $65,088, Class C = $10,586) [NOTE 3] | 75,674 | |||
Custodian Fees | 2,792 | |||
Audit Fees | 7,762 | |||
Registration Fees | 10,851 | |||
Printing Expense | 3,923 | |||
Legal Expense | 6,093 | |||
Insurnace Expense | 1,294 | |||
Miscellaneous Expense | 12,252 | |||
Total Expenses | 304,623 | |||
Expenses Recouped by Advisor [NOTE 3] | 6,789 | |||
Total Net Expenses | 311,412 | |||
Net Investment Loss | (310,656 | ) | ||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
| |||
amount | ||||
Net Realized Gain on Investments | 79,056 | |||
Change in Unrealized Appreciation of Investments | (642,734 | ) | ||
Net Realized and Unrealized Loss on Investments | (563,678 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (874,334 | ) | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Strategic Growth Fund [62]
STRATEGIC GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
| ||||||||
six months ended | year ended | |||||||
(unaudited) | ||||||||
Operations: | ||||||||
Net Investment Loss | $ | (310,656 | ) | $ | (406,157 | ) | ||
Capital Gain Distributions from Other Investment Companies | — | 660,566 | ||||||
Net Realized (Gain) Loss on Investments | 79,056 | (48,495 | ) | |||||
Net Change in Unrealized Appreciation of Investments | (642,734 | ) | 2,672,238 | |||||
Net Increase (Decrease) in Net Assets (resulting from operations) | (874,334 | ) | 2,878,152 | |||||
Distributions to Shareholders: | ||||||||
Net Capital Gains: | ||||||||
Class A | — | (277,547 | ) | |||||
Class B | — | (252,147 | ) | |||||
Class C | — | (29,882 | ) | |||||
Total Distributions | — | (559,576 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from Shares Sold: | ||||||||
Class A | 3,843,126 | 8,527,385 | ||||||
Class B | 306,206 | 3,308,859 | ||||||
Class C | 1,640,745 | 2,192,050 | ||||||
Dividends Reinvested: | ||||||||
Class A | — | 266,708 | ||||||
Class B | — | 242,061 | ||||||
Class C | — | 29,142 | ||||||
Cost of Shares Redeemed: | ||||||||
Class A | (2,357,318 | ) | (1,955,855 | ) | ||||
Class B | (1,142,453 | ) | (2,334,628 | ) | ||||
Class C | (165,382 | ) | (134,242 | ) | ||||
Net Increase in Net Assets (resulting from capital share transactions) | 2,124,924 | 10,141,480 | ||||||
Total Increase in Net Assets | 1,250,590 | 12,460,056 | ||||||
Net Assets: | ||||||||
Beginning of Period | 41,757,491 | 29,297,435 | ||||||
End of Period | $ | 43,008,081 | $ | 41,757,491 | ||||
Undistributed Net Investment Income | $ | (310,656 | ) | $ | — | |||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||
Shares Sold: | ||||||||
Class A | 460,632 | 1,042,320 | ||||||
Class B | 37,622 | 410,156 | ||||||
Class C | 202,777 | 276,263 | ||||||
Shares Reinvested: | ||||||||
Class A | — | 30,869 | ||||||
Class B | — | 28,851 | ||||||
Class C | — | 3,474 | ||||||
Shares Redeemed: | ||||||||
Class A | (284,761 | ) | (240,017 | ) | ||||
Class B | (142,168 | ) | (293,684 | ) | ||||
Class C | (20,893 | ) | (17,126 | ) | ||||
Net Increase in Number of Shares Outstanding | 253,209 | 1,241,106 | ||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Strategic Growth Fund [63]
STRATEGIC GROWTH FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
STRATEGIC GROWTH FUND - CLASS A SHARES |
| |||||||||||||||||||||||
six months ended 06/30/05 (E) | year ended 12/31/04 | year ended 12/31/03 | year ended 12/31/02 | year ended 12/31/01 | period ended 12/31/00 (D) | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 8.64 | $ | 8.10 | $ | 6.33 | $ | 8.47 | $ | 9.61 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss | (0.05 | ) | (0.05 | ) | (0.07 | ) | (0.07 | ) | (0.05 | ) | (0.01 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.11 | ) | 0.71 | 1.84 | (2.07 | ) | (1.08 | ) | (0.38 | ) | ||||||||||||||
Total from Investment Operations | (0.16 | ) | 0.66 | 1.77 | (2.14 | ) | (1.13 | ) | (0.39 | ) | ||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Realized Gains | — | (0.12 | ) | — | — | * | (0.01 | ) | — | |||||||||||||||
Dividends from Net Investment Income | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | — | (0.12 | ) | — | — | (0.01 | ) | — | ||||||||||||||||
Net Asset Value at End of Period | $ | 8.48 | $ | 8.64 | $ | 8.10 | $ | 6.33 | $ | 8.47 | $ | 9.61 | ||||||||||||
Total Return (A) (B) | (1.85 | )% | 8.09 | % | 27.96 | % | (25.26 | )% | (11.72 | )% | (3.90 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 22,106 | $ | 21,019 | $ | 12,948 | $ | 7,430 | $ | 4,675 | $ | 456 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement, Waiver or Recoupment of Expenses by Advisor | 1.12 | %(C) | 1.13 | % | 1.17 | % | 1.34 | % | 1.68 | % | 6.80 | %(C) | ||||||||||||
After Reimbursement, Waiver or Recoupment of Expenses by Advisor | 1.15 | %(C) | 1.15 | % | 1.15 | % | 1.25 | % | 1.25 | % | 1.25 | %(C) | ||||||||||||
Ratio of Net Investment Loss to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement, Waiver or Recoupment of Expenses by Advisor | (1.12 | )%(C) | (0.74 | )% | (1.17 | )% | (1.34 | )% | (1.61 | )% | (6.22 | )%(C) | ||||||||||||
After Reimbursement, Waiver or Recoupment of Expenses by Advisor | (1.15 | )%(C) | (0.76 | )% | (1.15 | )% | (1.25 | )% | (1.18 | )% | (0.67 | )%(C) | ||||||||||||
Portfolio Turnover | 0.97 | % | 0.46 | % | 0.53 | % | 0.67 | % | 0.15 | % | 0.30 | % |
(A) | Total Return Calculation Does Not Reflect Sales Load. |
(B) | For Periods Of Less Than A Full Year, The Total Return is Not Annualized. |
(C) | Annualized. |
(D) | For the Period October 5, 2000 (commencement of operations) to December 31, 2000. |
(E) | Unaudited. |
* | Distribution was less than $0.01 per share |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Strategic Growth Fund [64]
STRATEGIC GROWTH FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
STRATEGIC GROWTH FUND - CLASS B SHARES |
| |||||||||||||||||||||||
six months ended | year ended 12/31/04 | year ended 12/31/03 | year ended 12/31/02 | year ended 12/31/01 | period ended 12/31/00 (D) | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 8.39 | $ | 7.92 | $ | 6.25 | $ | 8.42 | $ | 9.61 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss | (0.08 | ) | (0.12 | ) | (0.11 | ) | (0.12 | ) | (0.09 | ) | (0.03 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.11 | ) | 0.71 | 1.78 | (2.05 | ) | (1.09 | ) | (0.36 | ) | ||||||||||||||
Total from Investment Operations | (0.19 | ) | 0.59 | 1.67 | (2.17 | ) | (1.18 | ) | (0.39 | ) | ||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Realized Gains | — | (0.12 | ) | — | — | * | (0.01 | ) | — | |||||||||||||||
Dividends from Net Investment Income | — | — | — | — | — | — | ||||||||||||||||||
Total Distributions | — | (0.12 | ) | — | — | (0.01 | ) | — | ||||||||||||||||
Net Asset Value at End of Period | $ | 8.20 | $ | 8.39 | $ | 7.92 | $ | 6.25 | $ | 8.42 | $ | 9.61 | ||||||||||||
Total Return (A) (B) | (2.26 | )% | 7.39 | % | 26.72 | % | (25.77 | )% | (12.24 | )% | (3.90 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 17,255 | $ | 18,535 | $ | 16,350 | $ | 9,394 | $ | 7,042 | $ | 904 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement, Waiver or Recoupment of Expenses by Advisor | 1.87 | %(C) | 1.88 | % | 1.92 | % | 2.10 | % | 2.27 | % | 7.55 | %(C) | ||||||||||||
After Reimbursement, Waiver or Recoupment of Expenses by Advisor | 1.90 | %(C) | 1.90 | % | 1.90 | % | 2.00 | % | 2.00 | % | 2.00 | %(C) | ||||||||||||
Ratio of Net Investment Loss to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement, Waiver or Recoupment of Expenses by Advisor | (1.87 | )%(C) | (1.49 | )% | (1.92 | )% | (2.10 | )% | (2.21 | )% | (6.97 | )%(C) | ||||||||||||
After Reimbursement, Waiver or Recoupment of Expenses by Advisor | (1.90 | )%(C) | (1.51 | )% | (1.90 | )% | (2.00 | )% | (1.94 | )% | (1.42 | )%(C) | ||||||||||||
Portfolio Turnover | 0.97 | % | 0.46 | % | 0.53 | % | 0.67 | % | 0.15 | % | 0.30 | % |
(A) | Total Return Calculation Does Not Reflect Redemption Fee. |
(B) | For Periods Of Less Than A Full Year, The Total Return is Not Annualized |
(C) | Annualized. |
(D) | For the Period October 9, 2000 (commencement of operations) to December 31, 2000. |
(E) | Unaudited. |
* | Distribution was less than $0.01 per share |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Strategic Growth Fund [65]
STRATEGIC GROWTH FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
STRATEGIC GROWTH FUND - CLASS C SHARES
six months ended 06/30/05 (E) | period ended 12/31/04 (D) | |||||||
Per Share Operating Performance: | ||||||||
Net Asset Value at Beginning of Period | $ | 8.39 | $ | 8.03 | ||||
Income from Investment Operations: | ||||||||
Net Investment Loss | (0.08 | ) | (0.05 | ) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.10 | ) | 0.53 | |||||
Total from Investment Operations | (0.18 | ) | 0.48 | |||||
Less Distributions: | ||||||||
Dividends from Realized Gains | — | (0.12 | ) | |||||
Dividends from Net Investment Income | — | — | ||||||
Total Distributions | — | (0.12 | ) | |||||
Net Asset Value at End of Period | $ | 8.21 | $ | 8.39 | ||||
Total Return (A) (B) | (2.15 | )% | 5.92 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in 000s) | $ | 3,648 | $ | 2,204 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Reimbursement, Waiver or Recoupment of Expenses by Advisor | 1.87 | %(C) | 1.88 | %(C) | ||||
After Reimbursement, Waiver or Recoupment of Expenses by Advisor | 1.90 | %(C) | 1.90 | %(C) | ||||
Ratio of Net Investment Loss to Average Net Assets: | ||||||||
Before Reimbursement, Waiver or Recoupment of Expenses by Advisor | (1.87 | )%(C) | (1.49 | )%(C) | ||||
After Reimbursement, Waiver or Recoupment of Expenses by Advisor | (1.90 | )%(C) | (1.51 | )%(C) | ||||
Portfolio Turnover | 0.97 | % | 0.46 | % |
(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) | Annualized |
(D) | For the period February 3, 2004 (Commencement of Operations) to December 31, 2004 |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Strategic Growth Fund [66]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN CONSERVATIVE GROWTH FUND
FUND PROFILE:
Industries
(% of Net Assets)
Mid & Large Cap Value | 30.47 | % | |
Fixed Income | 29.26 | % | |
Small Cap Value | 20.43 | % | |
Mid & Large Cap Growth | 20.04 | % | |
Other Assets less Liabilities, Net | (0.20 | )% | |
100.00 | % | ||
EXPENSE EXAMPLE:
As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs,” (in dollars) of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of January 1, 2005, through June 30, 2005.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Timothy Plan Top Ten Holdings / Industries [67]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN CONSERVATIVE GROWTH FUND
Hypothetical example for comparison purposes
The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.
Beginning Account Value | Ending Account Value June 30, 2005 | Expenses Paid During Period* January 1, 2005 Through June 30, 2005 | |||||||
Actual - Class A | $ | 1,000.00 | $ | 998.10 | $ | 5.70 | |||
Hypothetical - Class A (5% return before expenses) | 1,000.00 | 1,019.25 | 5.76 | ||||||
Actual - Class B | $ | 1,000.00 | $ | 994.00 | $ | 9.39 | |||
Hypothetical - Class B (5% return before expenses) | 1,000.00 | 1,015.50 | 9.49 | ||||||
Actual - Class C | $ | 1,000.00 | $ | 995.00 | $ | 9.40 | |||
Hypothetical - Class C (5% return before expenses) | 1,000.00 | 1,015.50 | 9.49 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.15% for Class A, 1.90% for Class B, and 1.90% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 181 days/365 days (to reflect the one-half year period). The Fund’s ending account value on the first line in the table is based on its actual total return of (0.19)% for Class A, (0.60)% for Class B, and (0.50)% for Class C for the six-month period of January 1, 2005, to June 30, 2005. |
Timothy Plan Top Ten Holdings / Industries [68]
CONSERVATIVE GROWTH FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
MUTUAL FUNDS - 100.20%
number of shares | market value | |||||
1,172,255 | Timothy Fixed Income Fund, Class A | $ | 12,074,226 | |||
1,279,920 | Timothy Large/Mid-Cap Growth Fund, Class A* | 8,268,286 | ||||
932,099 | Timothy Large/Mid-Cap Value Fund, Class A* | 12,574,021 | ||||
580,565 | Timothy Small Cap Value Fund, Class A* | 8,429,801 | ||||
Total Mutual Funds (cost $37,851,515) | 41,346,334 | |||||
TOTAL INVESTMENTS - 100.20% (identified cost $37,851,515) | 41,346,334 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS, NET (0.20)% | (82,105 | ) | ||||
NET ASSETS - 100.00% | $ | 41,264,229 | ||||
* | Non-income producing securities |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Conservative Growth Fund [69]
CONSERVATIVE GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
As of June 30, 2005 (unaudited)
ASSETS
| ||||
amount | ||||
Investments in Securities at Value (identified cost $37,851,515) [NOTE 1] | $ | 41,346,334 | ||
Receivables: | ||||
Dividends | 94,368 | |||
Interest | 2 | |||
Fund Shares Sold | 28,395 | |||
Prepaid Expenses | 12,678 | |||
Total Assets | $ | 41,481,777 | ||
LIABILITIES
| ||||
amount | ||||
Accrued Advisory Fees | $ | 19,366 | ||
Cash Overdraft | 164,789 | |||
Accrued 12b-1 fees Class B | 7,446 | |||
Accrued 12b-1 fees Class C | 2,492 | |||
Payable for Fund Shares Redeemed | 17,281 | |||
Accrued Expenses | 6,174 | |||
Total Liabilities | $ | 217,548 | ||
NET ASSETS
| ||||
amount | ||||
Class A Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 2,467,683 shares outstanding) | $ | 25,278,533 | ||
Net Asset Value and Redemption price Per Class A Share ($25,278,533 / 2,467,683 shares) | $ | 10.24 | ||
Offering Price Per Share ($10.24 / 0.9475) | $ | 10.81 | ||
Class B Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 1,205,343 shares outstanding) | $ | 11,936,339 | ||
Net Asset Value and Offering Price Per Class B Share ($11,936,339 / 1,205,343 shares) | $ | 9.90 | ||
Maximum Redemption Price Per Share ($9.90 x 0.95) | $ | 9.41 | ||
Class C Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 408,272 shares outstanding) | $ | 4,049,357 | ||
Net Asset Value and Offering Price Per Class C Share ($4,049,357 / 408,272 shares) | $ | 9.92 | ||
Maximum Redemption Price Per Share ($9.92 x 0.99) | $ | 9.82 | ||
Net Assets | $ | 41,264,229 | ||
SOURCES OF NET ASSETS
| ||||
amount | ||||
At June 30, 2005, Net Assets Consisted of: | ||||
Paid-in Capital | $ | 37,870,914 | ||
Net Investment Loss | (92,344 | ) | ||
Accumulated Net Realized Loss on Investments | (9,160 | ) | ||
Net Unrealized Appreciation in Value of Investments | 3,494,819 | |||
Net Assets | $ | 41,264,229 | ||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Conservative Growth Fund [70]
CONSERVATIVE GROWTH FUND
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2005 (unaudited)
INVESTMENT INCOME
| ||||
amount | ||||
Interest | $ | 901 | ||
Dividends | 191,118 | |||
Total Investment Income | 192,019 | |||
EXPENSES
| ||||
amount | ||||
Investment Advisory Fees [NOTE 3] | 127,722 | |||
Fund Accounting, Transfer Agency, & Administration Fees | 48,633 | |||
12b-1 Fees (Class B = $45,606, Class C = $12,788) [NOTE 3] | 58,394 | |||
Custodian Fees | 2,638 | |||
Audit Fees | 7,440 | |||
Registration Fees | 14,294 | |||
Printing Expense | 3,788 | |||
Legal Expense | 5,858 | |||
Insurnace Expense | 1,206 | |||
Miscellaneous Expense | 11,513 | |||
Total Expenses | 281,486 | |||
Expenses Recouped by Advisor [NOTE 3] | 2,877 | |||
Total Net Expenses | 284,363 | |||
Net Investment Loss | (92,344 | ) | ||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
| ||||
amount | ||||
Net Realized Gain on Investments | 10,317 | |||
Change in Unrealized Appreciation of Investments | (584 | ) | ||
Net Realized and Unrealized Gain on Investments | 9,733 | |||
Net Decrease in Net Assets Resulting from Operations | $ | (82,611 | ) | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Conservative Growth Fund [71]
CONSERVATIVE GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
six months ended 06/30/05 | year ended 12/31/04 | |||||||
(unaudited) | ||||||||
Operations: | ||||||||
Net Investment Loss | $ | (92,344 | ) | $ | (16,439 | ) | ||
Net Change in Unrealized Appreciation of Investments | (584 | ) | 1,516,378 | |||||
Capital Gain Distributions From Other Investment Companies | — | 615,658 | ||||||
Net Realized Gain on Investments | 10,317 | — | ||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | (82,611 | ) | 2,115,597 | |||||
Distributions to shareholders: | ||||||||
Return of Capital | ||||||||
Class A | — | (72,996 | ) | |||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Capital Gains | ||||||||
Class A | — | (418,318 | ) | |||||
Class B | — | (239,602 | ) | |||||
Class C | — | (48,950 | ) | |||||
Total Distributions | — | (779,866 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from Shares Sold: | ||||||||
Class A | 4,202,601 | 8,749,338 | ||||||
Class B | 144,882 | 1,925,154 | ||||||
Class C | 1,595,311 | 2,587,613 | ||||||
Dividends Reinvested: | ||||||||
Class A | — | 445,649 | ||||||
Class B | — | 222,129 | ||||||
Class C | — | 45,748 | ||||||
Dividends Redeemed: | ||||||||
Class A | (2,164,253 | ) | (2,537,694 | ) | ||||
Class B | (986,560 | ) | (1,639,566 | ) | ||||
Class C | (193,759 | ) | (68,762 | ) | ||||
Net Increase in Net Assets (resulting from capital share transactions) | 2,598,222 | 9,729,609 | ||||||
Total Increase in Net Assets | 2,515,611 | 11,065,340 | ||||||
Net Assets: | ||||||||
Beginning of Period | 38,748,618 | 27,683,278 | ||||||
End of Period | $ | 41,264,229 | $ | 38,748,618 | ||||
Undistributed Net Investment Income | $ | (92,344 | ) | $ | — | |||
Shares of Capital Stock of the Fund Sold: | ||||||||
Shares Sold: | ||||||||
Class A | 418,316 | 875,709 | ||||||
Class B | 14,950 | 197,733 | ||||||
Class C | 163,671 | 267,276 | ||||||
Shares Reinvested | ||||||||
Class A | — | 43,436 | ||||||
Class B | — | 22,302 | ||||||
Class C | — | 4,589 | ||||||
Shares Redeemed: | ||||||||
Class A | (215,130 | ) | (255,787 | ) | ||||
Class B | (101,897 | ) | (169,495 | ) | ||||
Class C | (19,945 | ) | (7,319 | ) | ||||
Net Increase in Number of Shares Outstanding | 259,965 | 978,444 | ||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Conservative Growth Fund [72]
CONSERVATIVE GROWTH FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
CONSERVATIVE GROWTH FUND - CLASS A SHARES
six months ended 06/30/05 (E) | year ended | year ended | year ended | year ended | period ended | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 10.26 | $ | 9.85 | $ | 8.20 | $ | 9.43 | $ | 9.98 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) | (0.01 | ) | 0.02 | — | 0.02 | (0.01 | ) | 0.02 | ||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.01 | ) | 0.61 | 1.66 | (1.25 | ) | (0.53 | ) | (0.04 | ) | ||||||||||||||
Total from Investment Operations | (0.02 | ) | 0.63 | 1.66 | (1.23 | ) | (0.54 | ) | (0.02 | ) | ||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Realized Gains | — | (0.19 | ) | (0.01 | ) | — | (0.01 | ) | — | |||||||||||||||
Dividends from Net Investment Income | — | — | — | — | * | — | * | — | ||||||||||||||||
Distributions from Paid-in-Capital | — | (0.03 | ) | — | — | — | — | |||||||||||||||||
Total Distributions | — | (0.22 | ) | (0.01 | ) | — | (0.01 | ) | — | |||||||||||||||
Net Asset Value at End of Period | $ | 10.24 | $ | 10.26 | $ | 9.85 | $ | 8.20 | $ | 9.43 | $ | 9.98 | ||||||||||||
Total Return (A) (B) | (0.19 | )% | 6.41 | % | 20.22 | % | (13.03 | )% | (5.41 | )% | (0.20 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 25,279 | $ | 23,241 | $ | 15,765 | $ | 9,573 | $ | 5,787 | $ | 297 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.14 | %(C) | 1.14 | % | 1.18 | % | 1.38 | % | 1.74 | % | 9.91 | %(C) | ||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.15 | %(C) | 1.15 | % | 1.15 | % | 1.20 | % | 1.20 | % | 1.20 | %(C) | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | (0.16 | )%(C) | 0.27 | % | 0.02 | % | 0.06 | % | (0.17 | )% | (7.41 | )%(C) | ||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | (0.17 | )%(C) | 0.26 | % | 0.05 | % | 0.24 | % | 0.37 | % | 1.30 | %(C) | ||||||||||||
Portfolio Turnover | 1.27 | % | 0.00 | % | 2.51 | % | 0.00 | % | 4.03 | % | 0.56 | %(C) |
(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. |
(E) | Unaudited. |
* | Distribution was less than $0.01 per share. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Conservative Growth Fund [73]
CONSERVATIVE GROWTH FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
CONSERVATIVE GROWTH FUND - CLASS B SHARES
six months ended 06/30/05 (E) | year ended | year ended | year ended | year ended | period ended | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 9.96 | $ | 9.60 | $ | 8.06 | $ | 9.33 | $ | 9.96 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss | (0.04 | ) | (0.05 | ) | (0.06 | ) | (0.03 | ) | (0.02 | ) | — | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.02 | ) | 0.60 | 1.61 | (1.24 | ) | (0.60 | ) | (0.04 | ) | ||||||||||||||
Total from Investment Operations | (0.06 | ) | 0.55 | 1.55 | (1.27 | ) | (0.62 | ) | (0.04 | ) | ||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Realized Gains | — | (0.19 | ) | (0.01 | ) | — | (0.01 | ) | — | |||||||||||||||
Dividends from Net Investment Income | — | — | — | — | * | — | * | — | ||||||||||||||||
Total Distributions | — | (0.19 | ) | (0.01 | ) | — | (0.01 | ) | — | |||||||||||||||
Net Asset Value at End of Period | $ | 9.90 | $ | 9.96 | $ | 9.60 | $ | 8.06 | $ | 9.33 | $ | 9.96 | ||||||||||||
Total Return (A) (B) | (0.60 | )% | 5.72 | % | 19.20 | % | (13.64 | )% | (6.23 | )% | (0.40 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 11,936 | $ | 12,870 | $ | 11,918 | $ | 7,846 | $ | 4,340 | $ | 481 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver of Expenses by Advisor | 1.89 | %(C) | 1.89 | % | 1.94 | % | 2.13 | % | 2.70 | % | 10.66 | %(C) | ||||||||||||
After Reimbursement and Waiver of Expenses by Advisor | 1.90 | %(C) | 1.90 | % | 1.90 | % | 1.95 | % | 1.95 | % | 1.95 | %(C) | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement and Waiver of Expenses by Advisor | (0.91 | )%(C) | (0.48 | )% | (0.76 | )% | (0.67 | )% | (1.19 | )% | (8.16 | )%(C) | ||||||||||||
After Reimbursement and Waiver of Expenses by Advisor | (0.92 | )%(C) | (0.49 | )% | (0.72 | )% | (0.49 | )% | (0.44 | )% | 0.55 | %(C) | ||||||||||||
Portfolio Turnover | 1.27 | % | 0.00 | % | 2.51 | % | 0.00 | % | 4.03 | % | 0.56 | % |
(A) | Total Return Calculation Does Not Reflect Sales Load. |
(B) | For Periods Of Less Than A Full Year, The Total Return Is Not Annualized. |
(C) | Annualized. |
(D) | For the period October 9, 2000 (Commencement of Operations) to December 31, 2000. |
(E) | Unaudited. |
* | Distribution was less than $0.01 per share. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Conservative Growth Fund [74]
CONSERVATIVE GROWTH FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
CONSERVATIVE GROWTH FUND - CLASS C SHARES
six months ended 06/30/05 (E) | period ended 12/31/04 (D) | |||||||
Per Share Operating Performance: | ||||||||
Net Asset Value at Beginning of Period | $ | 9.97 | $ | 9.69 | ||||
Income from Investment Operations: | ||||||||
Net Investment Loss | (0.04 | ) | (0.02 | ) | ||||
Net Realized and Unrealized Gain on Investments | (0.01 | ) | 0.49 | |||||
Total from Investment Operations | (0.05 | ) | 0.47 | |||||
Less Distributions: | ||||||||
Dividends from Realized Gains | — | (0.19 | ) | |||||
Dividends from Net Investment Income | — | — | ||||||
Total Distributions | — | (0.19 | ) | |||||
Net Asset Value at End of Period | $ | 9.92 | $ | 9.97 | ||||
Total Return (A) (B) | (0.50 | )% | 4.84 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in 000s) | $ | 4,049 | $ | 2,638 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Reimbursement and Waiver of Expenses by Advisor | 1.89 | %(C) | 1.89 | %(C) | ||||
After Reimbursement and Waiver of Expenses by Advisor | 1.90 | %(C) | 1.90 | %(C) | ||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||
Before Reimbursement and Waiver of Expenses by Advisor | (0.91 | )%(C) | (0.48 | )%(C) | ||||
After Reimbursement and Waiver of Expenses by Advisor | (0.92 | )%(C) | (0.49 | )%(C) | ||||
Portfolio Turnover | 1.27 | % | 0.00 | % |
(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 February 3, 2004 (Commencement of Operations) to December 31, 2004. |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Conservative Growth Fund [75]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN MONEY MARKET FUND
FUND PROFILE:
Top Ten Holdings | |||
(% of Net Assets) | |||
Federal Home Loan Bank, 2.801%, 07/14/2005 | 16.32 | % | |
Federal Home Loan Bank, 2.480%, 07/06/2005 | 14.00 | % | |
Federal Home Loan Bank, 2.877%, 07/20/2005 | 11.65 | % | |
Federal Home Loan Bank, 3.071%, 08/02/2005 | 11.63 | % | |
Federal Home Loan Bank, 3.143%, 08/12/2005 | 11.62 | % | |
Federal Home Loan Bank, 3.253%, 08/24/2005 | 11.60 | % | |
Federal Home Loan Bank, 2.929%, 07/22/2005 | 9.32 | % | |
Federal Home Loan Bank, 2.928%, 07/27/2005 | 6.99 | % | |
Federal Home Loan Bank, 3.191%, 08/16/2005 | 4.65 | % | |
97.78 | % | ||
Industries | |||
(% of Net Assets) | |||
Government | 97.78 | % | |
Other Assets less Liabilities, Net | 2.22 | % | |
100.00 | % | ||
EXPENSE EXAMPLE:
As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs,” (in dollars) of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of January 1, 2005, through June 30, 2005.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Timothy Plan Top Ten Holdings / Industries [76]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN MONEY MARKET FUND
Hypothetical example for comparison purposes
The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.
Beginning Account Value January 1, 2005 | Ending Account Value June 30, 2005 | Expenses Paid June 30, 2005 | |||||||
Actual | $ | 1,000.00 | $ | 1,011.00 | $ | 2.24 | |||
Hypothetical - (5% return before expenses) | 1,000.00 | 1,022.75 | 2.26 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.45%, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 181 days/365 days (to reflect the one-half year period). The Fund’s ending account value on the first line in the table is based on its actual total return of 1.10% for the six-month period of January 1, 2005, to June 30, 2005. |
Timothy Plan Top Ten Holdings / Industries [77]
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
SHORT TERM INVESTMENTS - 100.05%
par value | market value | |||||
Government Agencies - 97.78% | ||||||
$600,000 | Federal Home Loan Bank, 2.480%, 07/06/2005 | $ | 599,756 | |||
700,000 | Federal Home Loan Bank, 2.801%, 07/14/2005 | 699,249 | ||||
500,000 | Federal Home Loan Bank, 2.877%, 07/20/2005 | 499,214 | ||||
400,000 | Federal Home Loan Bank, 2.929%, 07/22/2005 | 399,295 | ||||
300,000 | Federal Home Loan Bank, 2.928%, 07/27/2005 | 299,352 | ||||
500,000 | Federal Home Loan Bank, 3.071%, 08/03/2005 | 498,575 | ||||
500,000 | Federal Home Loan Bank, 3.143%, 08/12/2005 | 498,157 | ||||
200,000 | Federal Home Loan Bank, 3.191%, 08/16/2005 | 199,182 | ||||
500,000 | Federal Home Loan Bank, 3.253%, 08/24/2005 | 497,562 | ||||
Total Government Agencies (amortized cost $4,190,342) | 4,190,342 | |||||
Money Market Instruments - 2.27% | ||||||
69,925 | Federated Cash Trust Series II Treasury, 1.58%, (a) | 69,925 | ||||
27,194 | First American Treasury Obligation Fund Class A, 1.67%, (a) | 27,194 | ||||
Total Money Market Instruments (cost $97,119) | 97,119 | |||||
TOTAL INVESTMENTS - 100.05% (identified cost $4,287,461) | 4,287,461 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.05%) | (2,238 | ) | ||||
NET ASSETS - 100.00% | $ | 4,285,223 | ||||
(a) | Variable rate security; the rate shown represents the rate at June 30, 2005 |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Money Market Fund [78]
MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2005 (unaudited)
| ||||
ASSETS
| ||||
amount | ||||
Investments in Securities at Value (identified cost $4,287,461) [NOTE 1] | $ | 4,287,461 | ||
Receivables: | ||||
Interest | 285 | |||
Fund Shares Sold | 16,270 | |||
Prepaid Expenses | 1,863 | |||
Total Assets | $ | 4,305,879 | ||
LIABILITIES
| ||||
amount | ||||
Accrued Advisory Fees | $ | 2,650 | ||
Payable for Fund Shares Redeemed | 1,161 | |||
Distribution Payable | 15,888 | |||
Accrued Expenses | 957 | |||
Total Liabilities | $ | 20,656 | ||
NET ASSETS
| ||||
amount | ||||
Net Assets | $ | 4,285,223 | ||
Shares of Capital Stock Outstanding (par value $0.001, unlimited shares authorized) | 4,285,016 | |||
Net Asset Value, Offering and Redemption Price Per Share ($4,285,223 / 4,285,016 shares) | $ | 1.00 | ||
SOURCES OF NET ASSETS
| ||||
amount | ||||
At June 30, 2005, Net Assets Consisted of: | ||||
Paid-in Capital | $ | 4,285,090 | ||
Accumulated Undistributed Net Investment Income | 491 | |||
Accumulated Net Realized Loss on Investments | (358 | ) | ||
Net Assets | $ | 4,285,223 | ||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Money Market Fund [79]
MONEY MARKET FUND
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2005 (unaudited)
INVESTMENT INCOME
amount | ||||
Interest | $ | 58,504 | ||
Total Investment Income | 58,504 | |||
EXPENSES
| ||||
amount | ||||
Investment Advisory Fees [NOTE 3] | 13,177 | |||
Fund Accounting, Transfer Agency, & Administration Fees | 5,436 | |||
Custodian Fees | 1,383 | |||
Audit Fees | 832 | |||
Registration Fees | 1,897 | |||
Printing Expense | 420 | |||
Legal Expense | 663 | |||
Insurnace Expense | 127 | |||
Miscellaneous Expense | 1,186 | |||
Total Expenses | 25,121 | |||
Expenses Waived and Reimbursed by Advisor [NOTE 3] | (15,244 | ) | ||
Total Net Expenses | 9,877 | |||
Net Investment Income | 48,627 | |||
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS | ||||
amount | ||||
Net Realized Loss on Investments | (162 | ) | ||
Net Increase in Net Assets Resulting from Operations | $ | 48,465 | ||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Money Market Fund [80]
MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
| ||||||||
INCREASE IN NET ASSETS | ||||||||
six months ended | year ended | |||||||
(unaudited) | ||||||||
Operations: | ||||||||
Net Investment Income | $ | 48,627 | $ | 35,778 | ||||
Net Realized Gains (Losses) on Investments | (162 | ) | — | |||||
Net Increase in Net Assets (resulting from operations) | 48,465 | 35,778 | ||||||
Distributions to Shareholders: | ||||||||
From Net Investment Income | (49,764 | ) | (34,361 | ) | ||||
Capital Share Transactions: | ||||||||
Proceeds from Shares Sold | 3,938,031 | 3,265,872 | ||||||
Dividends Reinvested | — | 29,317 | ||||||
Cost of Shares Redeemed | (3,349,727 | ) | (3,152,395 | ) | ||||
Net Increase in Net Assets (resulting from capital share transactions) | 588,304 | 142,794 | ||||||
Total Increase in Net Assets | 587,005 | 144,211 | ||||||
Net Assets: | ||||||||
Beginning of Period | 3,698,218 | 3,554,007 | ||||||
End of Period | ||||||||
$ | 4,285,223 | $ | 3,698,218 | |||||
Undistributed Net Investment Income | $ | 491 | $ | 1,629 | ||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||
Shares Sold | 3,938,031 | 3,265,872 | ||||||
Shares Reinvested | — | 29,317 | ||||||
Shares Redeemed | (3,349,727 | ) | (3,152,395 | ) | ||||
Net Increase in Number of Shares Outstanding | 588,304 | 142,794 | ||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Money Market Fund [81]
MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
MONEY MARKET FUND |
| |||||||||||||||||||||||
six months ended 06/30/05 (C) | year ended 12/31/04 | year ended 12/31/03 | year ended 12/31/02 | year ended 12/31/01 | year ended 12/31/00 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.05 | ||||||||||||||||||
Total from Investment Operations | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.05 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Dividends from Realized Gains | — | — | — | — | — | — | ||||||||||||||||||
Dividends from Net Investment Income | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.03 | ) | (0.05 | ) | ||||||||||||
Total Distributions | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.03 | ) | (0.05 | ) | ||||||||||||
Net Asset Value at End of Period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Return (A) | 1.10 | % | 0.97 | % | 0.59 | % | 0.80 | % | 3.34 | % | 5.34 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in 000s) | $ | 4,285 | $ | 3,698 | $ | 3,554 | $ | 3,544 | $ | 2,774 | $ | 1,403 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement of Expenses by Advisor | 1.15 | %(B) | 1.20 | % | 1.40 | % | 1.85 | % | 2.33 | % | 4.53 | % | ||||||||||||
After Reimbursement of Expenses by Advisor | 0.45 | %(B) | 0.25 | % | 0.48 | % | 0.85 | % | 0.73 | % | 0.85 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||
Before Reimbursement of Expenses by Advisor | 1.57 | %(B) | 0.07 | % | (0.36 | )% | (0.22 | )% | 1.45 | % | 1.58 | % | ||||||||||||
After Reimbursement of Expenses by Advisor | 2.27 | %(B) | 1.02 | % | 0.56 | % | 0.78 | % | 3.05 | % | 5.25 | % |
(A) | Not Annualized. |
(B) | Annualized. |
(C) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Money Market Fund [82]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN PATRIOT FUND
FUND PROFILE:
Top Ten Holdings | |||
(% of Net Assets) | |||
Comstock Resources, Inc. | 4.45 | % | |
CommScope, Inc. | 4.32 | % | |
Jacuzzi Brands, Inc. | 4.02 | % | |
Commercial Capital Bancorp, Inc. | 3.86 | % | |
Adesa, Inc. | 3.52 | % | |
NBTY, Inc. | 3.44 | % | |
Charles River Laboratories, Inc. | 3.34 | % | |
Hughes Supply, Inc. | 3.24 | % | |
Lennox International, Inc. | 3.12 | % | |
PMI Group, Inc. | 2.92 | % | |
36.23 | % | ||
Industries | |||
(% of Net Assets) | |||
Industrial | 16.30 | % | |
Financial | 15.84 | % | |
Consumer, Non-cyclical | 10.95 | % | |
Consumer, Cyclical | 10.95 | % | |
Energy | 8.63 | % | |
Communications | 6.69 | % | |
Technology | 4.89 | % | |
Healthcare | 3.34 | % | |
Other Assets less Liabilities, Net | 22.41 | % | |
100.00 | % | ||
EXPENSE EXAMPLE:
As a shareholder of the Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs,” (in dollars) of investing in the Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of January 1, 2005, through June 30, 2005.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Timothy Plan Top Ten Holdings / Industries [83]
TOP TEN HOLDINGS/INDUSTRIES
June 30, 2005 (unaudited)
TIMOTHY PLAN PATRIOT FUND
Hypothetical example for comparison purposes
The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.
Beginning Account Value January 1, 2005 | Ending Account Value June 30, 2005 | Expenses Paid June 30, 2005 | |||||||
Actual - Class A | $ | 1,000.00 | $ | 960.10 | $ | 7.78 | |||
Hypothetical - Class A (5% return before expenses) | 1,000.00 | 1,017.09 | 8.00 | ||||||
Actual - Class C | $ | 1,000.00 | $ | 956.10 | $ | 11.40 | |||
Hypothetical - Class C (5% return before expenses) | 1,000.00 | 1,013.32 | 11.73 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.60% for Class A and 2.35% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 181 days/365 days (to reflect the one-half year period). The Fund’s ending account value on the first line in the table is based on its actual total return of (3.99)% for Class A and (4.39)% for Class C for the six-month period of January 1, 2005, to June 30, 2005. |
Timothy Plan Top Ten Holdings / Industries [84]
PATRIOT FUND
SCHEDULE OF INVESTMENTS As of June 30, 2005 (unaudited)
| |||||
COMMON STOCKS - 77.59%
| |||||
number of shares | market value | ||||
AIR DELIVERY & FREIGHT SERVICES - 0.72% | |||||
500 | Hub Group, Inc.* | $ | 12,525 | ||
AUCTION HOUSE/ART DEALER - 3.52% | |||||
2,800 | Adesa, Inc. | 60,956 | |||
BUILDING - MOBILE HOME/MANUFACTURED HOUSING - 0.98% | |||||
1,700 | Champion Enterprises, Inc.* | 16,898 | |||
BUILDING PRODUCTS - AIR & HEATING - 3.12% | |||||
2,550 | Lennox International, Inc. | 53,984 | |||
CIRCUIT BOARDS - 1.45% | |||||
3,300 | TTM Technologies, Inc.* | 25,113 | |||
COMMERCIAL BANKS - EASTERN US - 0.69% | |||||
350 | Capital Crossing Bank* | 11,935 | |||
COMMERCIAL SERVICES - FINANCE - 2.04% | |||||
1,700 | Interactive Data Corp.* | 35,326 | |||
DATA PROCESSING/MANAGEMENT - 0.99% | |||||
900 | MoneyGram International, Inc. | 17,208 | |||
DISTRIBUTION/WHOLESALE - 6.49% | |||||
2,000 | Hughes Supply, Inc. | 56,200 | |||
200 | Scansource, Inc.* | 8,588 | |||
1,300 | Tech Data Corp.* | 47,593 | |||
112,381 | |||||
DIVERSIFIED MANUFACTURING OPERATIONS - 5.38% | |||||
1,500 | Federal Signal Corp. | 23,400 | |||
6,500 | Jacuzzi Brands, Inc.* | 69,745 | |||
93,145 | |||||
E-COMMERCE/PRODUCTS - 1.22% | |||||
3,000 | 1-800-Flowers.Com, Inc.* | 21,120 | |||
ELECTRONIC COMPONENTS - 1.76% | |||||
1,000 | Benchmark Electronics, Inc.* | 30,420 | |||
ENGINEERING/R&D SERVICES - 1.51% | |||||
700 | URS Corp.* | 26,145 | |||
FINANCIAL GUARANTEE INSURANCE - 2.92% | |||||
1,300 | PMI Group, Inc. | 50,674 | |||
INDUSTRIAL AUTOMATION/ROBOTICS - 1.38% | |||||
900 | Unova, Inc* | 23,967 | |||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Patriot Fund [85]
PATRIOT FUND
SCHEDULE OF INVESTMENTS
As of June 30, 2005 (unaudited)
COMMON STOCKS - 77.59% (cont.)
number of shares | market value | ||||
INVESTMENT COMPANIES - 1.87% | |||||
1,900 | MCG Capital Corp. | $ | 32,452 | ||
MEDICAL - BIOMEDICAL/GENETICS - 3.85% | |||||
150 | Bio-Rad Laboratories, Inc.* | 8,881 | |||
1,200 | Charles River Laboratories International, Inc.* | 57,900 | |||
66,781 | |||||
MEDICAL - DRUGS - 0.82% | |||||
850 | K-V Pharmaceutical Co,* | 14,238 | |||
MEDICAL INFORMATION SYSTEMS - 1.59% | |||||
2,000 | Dendrite International, Inc.* | 27,600 | |||
OIL - EXPLORATION & PRODUCTION - 8.63% | |||||
3,050 | Comstock Resources, Inc.* | 77,134 | |||
1,500 | Energy Partners Ltd* | 39,315 | |||
925 | Swift Energy Corp.* | 33,134 | |||
149,583 | |||||
PUBLISHING - BOOKS - 1.15% | |||||
500 | John Wiley & Sons, Inc. | 19,865 | |||
REITS - DIVERSIFIED - 1.73% | |||||
1,600 | Crescent Real Estate Equities Trust | 30,000 | |||
REITS - HOTELS - 2.29% | |||||
3,800 | Highland Hospitality Corp. | 39,710 | |||
REITS - MORTGAGE - 2.38% | |||||
4,250 | Aames Investment Corp. | 41,310 | |||
RETAIL - APPAREL/SHOE - 0.50% | |||||
200 | Stage Stores, Inc.* | 8,720 | |||
RETAIL - RESTAURANTS - 2.98% | |||||
1,000 | Brinker International, Inc.* | 40,050 | |||
300 | CBRL Group, Inc. | 11,658 | |||
51,708 | |||||
S&L/THRIFTS - 3.86% | |||||
4,000 | Commercial Capital Bancorp, Inc. | 66,840 | |||
SEMICONDUCTOR EQUIPMENT - 2.30% | |||||
3,200 | Axcelis, Inc.* | 21,952 | |||
2,500 | Mattson Technology, Inc.* | 17,900 | |||
39,852 | |||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Patriot Fund [86]
PATRIOT FUND
SCHEDULE OF INVESTMENTS As of June 30, 2005 (unaudited)
| |||||
COMMON STOCKS - 77.59% (cont.)
| |||||
number of shares | market value | ||||
TELECOMMUNICATIONS EQUIPMENT - 4.32% | |||||
4,300 | Commscope, Inc.* | $ | 74,863 | ||
VITAMINS & NUTRITION PRODUCTS - 3.44% | |||||
2,300 | NBTY, Inc.* | 59,662 | |||
WIRE & CABLE PRODUCTS - 1.71% | |||||
1,400 | Belden CDT, Inc. | 29,680 | |||
Total Common Stocks (cost $1,267,994) | 1,344,661 | ||||
SHORT-TERM INVESTMENTS - 3.58%
| |||||
number of shares | market value | ||||
62,000 | First American Treasury Obligations Fund Class A | 62,000 | |||
Total Short-Term Investments (cost $62,000) | 62,000 | ||||
TOTAL INVESTMENTS - 81.17% (identified cost $1,329,994) | 1,406,661 | ||||
OTHER ASSETS AND LIABILITIES, NET - 18.83% | 326,218 | ||||
NET ASSETS - 100.00% | $ | 1,732,879 | |||
* | Non-income producing securities |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Patriot Fund [87]
PATRIOT FUND
STATEMENT OF ASSETS AND LIABILITIES |
| |||
As of June 30, 2005 (unaudited) |
| |||
ASSETS
| ||||
amount | ||||
Investments in Securities at Value (identified cost $1,329,994) [NOTE 1] | $ | 1,406,661 | ||
Cash | 308,270 | |||
Receivables: | ||||
Interest | 77 | |||
Dividends | 2,392 | |||
Fund Shares Sold | 20,607 | |||
Securities Sold | 18,978 | |||
Prepaid Expenses | 1,858 | |||
Fund Share Commissions Receivable from Advisor | 287 | |||
Total Assets | $ | 1,759,130 | ||
LIABILITIES
| ||||
amount | ||||
Accrued Advisory Fee | $ | 261 | ||
Accrued 12b-1 Fee Class A | 248 | |||
Accrued 12b-1 Fee Class C | 356 | |||
Payable for Investment Securities Purchased | 24,350 | |||
Accrued Expenses | 1,036 | |||
Total Liabilities | $ | 26,251 | ||
NET ASSETS
| ||||
amount | ||||
Class A Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 128,510 shares outstanding) | $ | 1,298,878 | ||
Net Asset Value and Redemption Price Per Class A Share ($1,298,878 / 128,510 shares) | $ | 10.11 | ||
Offering Price Per Share ($10.11 / 0.9475) | $ | 10.67 | ||
Class C Shares: | ||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized; 43,282 shares outstanding) | $ | 434,001 | ||
Net Asset Value and Offering Price Per Class C Share ($434,001 / 43,282 shares) | $ | 10.03 | ||
Maximum Redemption Price Per Class C Share ($10.03 x 0.99 ) | $ | 9.93 | ||
Net Assets | $ | 1,732,879 | ||
SOURCES OF NET ASSETS
| ||||
amount | ||||
At June 30, 2005, Net Assets Consisted of: | ||||
Paid-in Capital | $ | 1,702,132 | ||
Undistributed Net Investment Loss | (3,950 | ) | ||
Accumulated Net Realized Loss on Investments | (41,969 | ) | ||
Net Unrealized Appreciation in Value of Investments | 76,666 | |||
Net Assets | $ | 1,732,879 | ||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Patriot Fund [88]
PATRIOT FUND
STATEMENT OF OPERATIONS | ||||
For the Six Months Ended June 30, 2005 (unaudited) |
| |||
INVESTMENT INCOME
| ||||
amount | ||||
Interest | $ | 392 | ||
Dividends | 7,093 | |||
Total Investment Income | 7,485 | |||
EXPENSES
| ||||
amount | ||||
Investment Advisory Fees [NOTE 3] | 5,381 | |||
Fund Accounting, Transfer Agency, & Administration Fees | 1,565 | |||
12b-1 Fees (Class A = $1,148, Class C = $1,305) [NOTE 3] | 2,453 | |||
Service Fees (Class C) [NOTE 3] | 435 | |||
Custodian Fees | 1,552 | |||
Audit Fees | 239 | |||
Registration Fees | 834 | |||
Printing Expense | 132 | |||
Legal Expense | 192 | |||
Insurnace Expense | 32 | |||
Miscellaneous Expense | 1,099 | |||
Total Expenses | 13,914 | |||
Expenses Waived and Reimbursed by Advisor [NOTE 3] | (2,479 | ) | ||
Total Net Expenses | 11,435 | |||
Net Investment Loss | (3,950 | ) | ||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
| ||||
amount | ||||
Net Realized Loss on Investments | (40,111 | ) | ||
Change in Unrealized Appreciation of Investments | 15,014 | |||
Net Realized and Unrealized Loss on Investments | (25,097 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (29,047 | ) | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Patriot Fund [89]
PATRIOT FUND
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS
|
| |||||||
six months ended | period ended | |||||||
(unaudited) | ||||||||
Operations: | ||||||||
Net Investment Loss | $ | (3,950 | ) | $ | (2,958 | ) | ||
Net Realized Loss on Investments | (40,111 | ) | (1,858 | ) | ||||
Net Change in Unrealized Appreciation of Investments | 15,014 | 61,652 | ||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | (29,047 | ) | 56,836 | |||||
Capital Share Transactions: | ||||||||
Proceeds from Shares Sold: | ||||||||
Class A | 690,278 | 652,989 | ||||||
Class C | 169,927 | 264,536 | ||||||
Cost of Shares Redeemed: | ||||||||
Class A | (54,820 | ) | (8,343 | ) | ||||
Class C | (6,074 | ) | (3,403 | ) | ||||
Net Increase in Net Assets (resulting from capital share transactions) | 799,311 | 905,779 | ||||||
Total Increase in Net Assets | 770,264 | 962,615 | ||||||
Net Assets: | ||||||||
Beginning of Period | 962,615 | — | ||||||
End of Period | $ | 1,732,879 | $ | 962,615 | ||||
Undistributed Net Investment Income | $ | (3,950 | ) | $ | — | |||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||
Shares Sold: | ||||||||
Class A | 69,228 | 65,661 | ||||||
Class C | 17,236 | 26,991 | ||||||
Shares Redeemed: | ||||||||
Class A | (5,562 | ) | (816 | ) | ||||
Class C | (606 | ) | (338 | ) | ||||
Net Increase in Number of Shares Outstanding | 80,296 | 91,498 | ||||||
(A) | For the period May 5, 2004 (commencement of operations) to December 31, 2004. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Patriot Fund [90]
PATRIOT FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
PATRIOT FUND - CLASS A SHARES
six months ended 06/30/05 (E) | period ended 12/31/04 (B) | |||||||
Per Share Operating Performance: | ||||||||
Net Asset Value at Beginning of Period | $ | 10.53 | $ | 10.00 | ||||
Income from Investment Operations: | ||||||||
Net Investment Loss | (0.02 | ) | (0.03 | ) | ||||
Net Realized and Unrealized Gain on Investments | (0.40 | ) | 0.56 | |||||
Total from Investment Operations | (0.42 | ) | 0.53 | |||||
Net Asset Value at End of Period | $ | 10.11 | $ | 10.53 | ||||
Total Return (A) (D) | (3.99 | )% | 5.30 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in 000s) | $ | 1,299 | $ | 683 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Reimbursement and Waiver of Expenses by Advisor | 1.99 | %(C) | 5.00 | %(C) | ||||
After Reimbursement and Waiver of Expenses by Advisor | 1.60 | %(C) | 1.60 | %(C) | ||||
Ratio of Net Investment Loss to Average Net Assets: | ||||||||
Before Reimbursement and Waiver of Expenses by Advisor | (0.81 | )%(C) | (4.11 | )%(C) | ||||
After Reimbursement and Waiver of Expenses by Advisor | (0.42 | )%(C) | (0.71 | )%(C) | ||||
Portfolio Turnover | 31.25 | % | 20.76 | % |
(A) | Total Return Calculation Does Not Reflect Sales Load. |
(B) | For the period May 5, 2004 (commencement of operations) to December 31, 2004. |
(C) | Annualized. |
(D) | For periods of less than a full year, the total return is not annualized. |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Patriot Fund [91]
PATRIOT FUND
FINANCIAL HIGHLIGHTS
The table below set forth financial data for one share of capital stock outstanding throughout each period presented.
PATRIOT FUND - CLASS C SHARES
six months ended 06/30/05 (E) | period ended 12/31/04 (B) | |||||||
Per Share Operating Performance: | ||||||||
Net Asset Value at Beginning of Period | $ | 10.49 | $ | 10.00 | ||||
Income from Investment Operations: | ||||||||
Net Investment Loss | (0.06 | ) | (0.05 | ) | ||||
Net Realized and Unrealized Gain on Investments | (0.40 | ) | 0.54 | |||||
Total from Investment Operations | (0.46 | ) | 0.49 | |||||
Net Asset Value at End of Period | $ | 10.03 | $ | 10.49 | ||||
Total Return (A) (D) | (4.39 | )% | 4.90 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in 000s) | $ | 434 | $ | 280 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Reimbursement and Waiver of Expenses by Advisor | 2.74 | %(C) | 5.75 | %(C) | ||||
After Reimbursement and Waiver of Expenses by Advisor | 2.35 | %(C) | 2.35 | %(C) | ||||
Ratio of Net Investment Loss to Average Net Assets: | ||||||||
Before Reimbursement and Waiver of Expenses by Advisor | (1.17 | )%(C) | (4.86 | )%(C) | ||||
After Reimbursement and Waiver of Expenses by Advisor | (1.56 | )%(C) | (1.46 | )%(C) | ||||
Portfolio Turnover | 31.25 | % | 20.76 | % |
(A) | Total Return Calculation Does Not Reflect Sales Load. |
(B) | For the period May 5, 2004 (commencement of operations) to December 31, 2004. |
(C) | Annualized. |
(D) | For periods of less than a full year, the total return is not annualized. |
(E) | Unaudited. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Patriot Fund [92]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
TIMOTHY PLAN FAMILY OF FUNDS
Note 1 – Significant Accounting Policies
The Timothy Plan (the “Trust”) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end diversified management investment company. The Trust currently consists of twelve series. These financials include the following nine 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, The Timothy Plan Patriot 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 80% 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 Advisor 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 at least 80% in U.S. small-cap stocks.
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 80% of the Fund’s total assets in US common stocks with market capitalizations in excess of $ 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 U.S. common stocks. The Fund will invest in the common stock of companies whose total market capitalization generally exceeds $2 billion.
��
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, banker’s acceptances, commercial paper and short-term corporate notes.
The Timothy Plan Patriot Fund’s investment objective is long-term capital growth. The Fund seeks to achieve its objective by primarily investing in common stocks. The Fund will invest in the common stock of companies who seek out and invest in products and services representing the core strengths of America’s economy.
The Timothy Plan Strategic Growth Fund seeks to generate medium to high levels of long-term capital growth. 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 20%-25%
Timothy Plan Notes to Financial Statements [93]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
TIMOTHY PLAN FAMILY OF FUNDS
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 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 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. 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 and The Timothy Plan Large/Mid-Cap Value Fund have made certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon available funds from operations. It is quite common for these dividends to exceed the REIT’s taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital.
C. Net Asset Value Per Share
Net asset value per share of the capital stock of the Funds is determined daily as of the close of trading on the New York Stock Exchange by dividing the value of its net assets by the number of Fund shares outstanding. Net Asset Value is calculated separately for each class of the following Funds, The Timothy Plan Aggressive Growth Fund, The Timothy Plan Conservative Growth Fund, The Timothy Plan 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 Patriot Fund, and The Timothy Plan Strategic Growth Fund. 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. 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. Federal Income Taxes
It is the policy of the Funds to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.
Timothy Plan Notes to Financial Statements [94]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
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 June 30, 2005:
funds | purchases | sales | ||||
Agggressive Growth Fund | $ | 7,639,672 | $ | 9,185,537 | ||
Conservative Growth Fund | $ | — | $ | — | ||
Fixed Income Fund | $ | 9,076,046 | $ | 5,353,077 | ||
Large/Mid-Cap Growth Fund | $ | 11,215,212 | $ | 8,377,124 | ||
Large/Mid-Cap Value Fund | $ | 60,668,436 | $ | 56,356,949 | ||
Patriot Fund | $ | 977,813 | $ | 303,194 | ||
Small-Cap Value Fund | $ | 18,114,644 | $ | 18,469,847 | ||
Strategic Growth Fund | $ | — | $ | — |
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 February 27, 2004. Under the terms of the Agreement, as amended, 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, Timothy Plan Small-Cap Value, Timothy Plan Large/Mid-Cap Growth, Timothy Plan Large/Mid-Cap Value Funds, and Timothy Plan Patriot Fund; 0.60% of the average daily net assets of the Timothy Plan Fixed Income and Timothy Plan Money Market Funds; and 0.65% of the average daily net assets of the Timothy Plan Conservative Growth and 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 | Class C | ||||||
Agggressive Growth Fund | 1.60 | % | 2.35 | % | 2.35 | % | |||
Conservative Growth Fund | 1.15 | % | 1.90 | % | 1.90 | % | |||
Fixed Income Fund | 1.35 | % | 2.10 | % | 2.10 | % | |||
Large/Mid-Cap Growth Fund | 1.60 | % | 2.35 | % | 2.35 | % | |||
Large/Mid-Cap Value Fund | N/A | N/A | N/A | ||||||
Patriot Fund | 1.60 | % | N/A | 2.35 | % | ||||
Small-Cap Value Fund | N/A | N/A | N/A | ||||||
Strategic Growth Fund | 1.15 | % | 1.90 | % | 1.90 | % |
Timothy Plan Notes to Financial Statements [95]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
TIMOTHY PLAN FAMILY OF FUNDS
For the six months ended June 30, 2005, TPL waived and reimbursed the Funds as follows:
funds | waivers and reimbursements (recoupments) | |||
Agggressive Growth Fund | $ | (871 | ) | |
Conservative Growth Fund | $ | (2,877 | ) | |
Fixed Income Fund | $ | (4,256 | ) | |
Large/Mid-Cap Growth Fund | $ | (7,556 | ) | |
Large/Mid-Cap Value Fund | $ | — | ||
Money Market Fund | $ | 15,244 | ||
Patriot Fund | $ | 2,479 | ||
Small-Cap Value Fund | $ | — | ||
Strategic Growth Fund | $ | (6,789 | ) |
For the Timothy Plan Aggressive Growth Fund, Timothy Plan Conservative Growth Fund, Timothy Plan Fixed Income Fund, Timothy Plan Large/Mid-Cap Growth Fund, Timothy Plan Money Market Fund, Timothy Patriot Fund and Timothy Plan Strategic Growth Fund; the Funds have agreed to repay these expenses within the following three years provided the Funds are able to effect such reimbursements and remain in compliance with applicable limitations.
At June 30, 2005, the cumulative amounts available for reimbursement that has been paid and/or waived by the Advisor on behalf of the Funds are as follows:
funds | |||
Agggressive Growth Fund | $ | 74,853 | |
Conservative Growth Fund | $ | 30,482 | |
Fixed Income Fund | $ | 49,202 | |
Large/Mid-Cap Growth Fund | $ | 24,022 | |
Money Market Fund | $ | 115,502 | |
Patriot Fund | $ | 13,732 | |
Strategic Growth Fund | $ | 11,201 |
At June 30, 2005, the Advisor may recapture a portion of the above amounts no later than the dates as stated below:
December 31, | ||||||||||||
funds | 2005 | 2006 | 2007 | 2008 | ||||||||
Aggressive Growth Fund | $ | 48,341 | $ | 18,414 | $ | 8,098 | $ | — | ||||
Conservative Growth Fund | $ | 23,401 | $ | 7,081 | $ | — | $ | — | ||||
Fixed Income Fund | $ | 34,978 | $ | 14,224 | $ | — | $ | — | ||||
Large/Mid-Cap Growth Fund | $ | 19,085 | $ | 4,937 | $ | — | $ | — | ||||
Money Market Fund | $ | 33,176 | $ | 33,904 | $ | 33,178 | $ | 15,244 | ||||
Patriot Fund | $ | — | $ | — | $ | 11,253 | $ | 2,479 | ||||
Strategic Growth Fund | $ | 6,920 | $ | 4,281 | $ | — | $ | — |
The Timothy Plan Aggressive 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 Patriot have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans
Timothy Plan Notes to Financial Statements [96]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
TIMOTHY PLAN FAMILY OF FUNDS
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 and C 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.
The Timothy Plan Conservative Growth 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 B and C Plans, the Fund will pay TPL a fee at an annual rate of 0.75%, payable monthly to outside broker/dealers, of the average daily net assets attributable to such class of shares. For the six months ended June 30, 2005, the Funds paid TPL under the terms of the Plan as follows.
funds | distribution costs | service fees | ||||
Aggressive Growth Fund | $ | 27,343 | $ | 2,695 | ||
Conservative Growth Fund | $ | 58,394 | $ | — | ||
Fixed Income Fund | $ | 47,415 | $ | 5,911 | ||
Large/Mid-Cap Growth Fund | $ | 60,574 | $ | 4,290 | ||
Large/Mid-Cap Value Fund | $ | 82,738 | $ | 8,979 | ||
Patriot Fund | $ | 2,453 | $ | 435 | ||
Small-Cap Value Fund | $ | 121,966 | $ | 22,984 | ||
Strategic Growth Fund | $ | 75,674 | $ | — |
Note 4 – Unrealized Appreciation (Depreciation)
At June 30, 2005, 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 | $ | 15,641,874 | $ | 2,785,227 | $ | (278,439 | ) | $ | 2,506,788 | ||||
Conservative Growth Fund | $ | 37,851,515 | $ | 4,017,727 | $ | (522,908 | ) | $ | 3,494,819 | ||||
Fixed Income Fund | $ | 29,065,851 | $ | 494,179 | $ | (142,068 | ) | $ | 352,111 | ||||
Large/Mid-Cap Growth Fund | $ | 49,517,501 | $ | 5,637,028 | $ | (2,210,786 | ) | $ | 3,426,242 | ||||
Large/Mid-Cap Value Fund | $ | 51,071,407 | $ | 4,103,034 | $ | (1,564,226 | ) | $ | 2,538,808 | ||||
Patriot Fund | $ | 1,329,994 | $ | 113,315 | $ | (36,649 | ) | $ | 76,666 | ||||
Money Market Fund | $ | 4,287,461 | N/A | N/A | N/A | ||||||||
Small-Cap Value Fund | $ | 54,766,916 | $ | 9,906,528 | $ | (1,825,690 | ) | $ | 8,080,838 | ||||
Strategic Growth Fund | $ | 39,463,545 | $ | 4,594,595 | $ | (1,088,661 | ) | $ | 3,505,934 |
Timothy Plan Notes to Financial Statements [97]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
TIMOTHY PLAN FAMILY OF FUNDS
Note 5 – Distributions to Shareholders
The tax character of distributions paid during 2004 and 2003 were as follows:
Aggressive Growth Fund | Conservative Growth Fund | Fixed Income Fund | Large/Mid-Cap Growth Fund | ||||||||||||
2004 | |||||||||||||||
Ordinary Income | $ | — | $ | — | $ | 801,762 | $ | — | |||||||
Long-term Capital Gains | — | 706,870 | — | — | |||||||||||
Return of Capital | — | 72,996 | — | — | |||||||||||
$ | — | $ | 779,866 | $ | 801,762 | $ | — | ||||||||
2003 | |||||||||||||||
Ordinary Income | $ | — | $ | — | $ | 661,331 | $ | — | |||||||
Long-term Capital Gains | — | 21,889 | 231,862 | — | |||||||||||
$ | — | $ | 21,889 | $ | 893,193 | $ | — | ||||||||
As of December 31, 2004, the components of distributable earnings on a tax basis were as follows: |
| ||||||||||||||
Undistributed Ordinary Income | $ | — | $ | — | $ | — | $ | — | |||||||
Undistributed Long-term Capital Gains | — | — | — | — | |||||||||||
Post-October Losses* | — | — | — | — | |||||||||||
Capital Loss Carryforward | (898,695 | ) | — | (46,589 | ) | (2,827,787 | ) | ||||||||
Unrealized Appreciation | 3,395,028 | 3,475,926 | 570,954 | 4,866,852 | |||||||||||
$ | 2,496,333 | $ | 3,475,926 | $ | 524,365 | $ | 2,039,065 | ||||||||
The tax character of distributions paid during 2004 and 2003 were as follows:
Large/Mid-Cap Value Fund | Money Market Fund | Patriot Fund | Small-Cap Value Fund | Strategic Growth Fund | ||||||||||||||
2004 | ||||||||||||||||||
Ordinary Income | $ | — | $ | 34,361 | $ | — | $ | 1,104,804 | $ | — | ||||||||
Long-term Capital Gains | — | — | — | 5,291,799 | 559,576 | |||||||||||||
$ | — | $ | 34,361 | $ | — | $ | 6,396,603 | $ | 559,576 | |||||||||
2003 | ||||||||||||||||||
Ordinary Income | $ | — | $ | 20,720 | $ | — | $ | — | $ | — | ||||||||
Long-term Capital Gains | — | — | — | — | — | |||||||||||||
$ | — | $ | 20,720 | $ | — | $ | — | $ | — | |||||||||
As of December 31, 2004, the components of distributable earnings on a tax basis were as follows: | ||||||||||||||||||
Undistributed Ordinary Income | $ | — | $ | 1,629 | $ | — | $ | 15,371 | $ | — | ||||||||
Undistributed Long-term Capital Gains | — | — | — | — | 1,597 | |||||||||||||
Post-October Loss* | — | (197 | ) | — | — | — | ||||||||||||
Capital Loss Carryforward | (2,632,664 | ) | — | (1,858 | ) | — | — | |||||||||||
Unrealized Appreciation | 10,648,260 | — | 61,652 | 18,832,859 | 4,049,440 | |||||||||||||
$ | 8,015,596 | $ | 1,432 | $ | 59,794 | $ | 18,848,230 | $ | 4,051,037 | |||||||||
* | For U.S. federal income tax purposes, net realized capital losses from investments incurred after October 31, 2004, within the prior fiscal year are deemed to arise on the first day of the current fiscal year. |
Timothy Plan Notes to Financial Statements [98]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
TIMOTHY PLAN FAMILY OF FUNDS
The components of net assets are estimated because final tax characteristics cannot be determined until fiscal year end.
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States of America. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in-capital or accumulated net realized gain, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of December 31, 2004, primarily attributable to certain net operating losses, which for tax purposes are not available to offset future income, were reclassified to the following accounts:
ordinary income | realized gain/(loss) | paid-in-capital | |||||||||
Agggressive Growth Fund | $ | 209,707 | $ | — | $ | (209,707 | ) | ||||
Conservative Growth Fund | $ | 16,439 | $ | — | $ | (16,439 | ) | ||||
Fixed Income Fund | $ | 7,576 | $ | — | $ | (7,576 | ) | ||||
Large/Mid-Cap Growth Fund | $ | 342,542 | $ | — | $ | (342,542 | ) | ||||
Large/Mid-Cap Value Fund | $ | 92,070 | $ | — | $ | (92,070 | ) | ||||
Money Market Fund | $ | — | $ | — | $ | — | |||||
Patriot Fund | $ | 2,958 | $ | — | $ | (2,958 | ) | ||||
Small-Cap Value Fund | $ | 316,368 | $ | (316,368 | ) | $ | — | ||||
Strategic Growth Fund | $ | 406,157 | $ | — | $ | (406,157 | ) |
Note 6 – Capital Loss Carryforwards
loss carryforward | year expiring | ||||
Aggressive Growth Fund | $ | 861,710 | 2010 | ||
36,985 | 2012 | ||||
Fixed Income | $ | 46,589 | 2012 | ||
Money Market | $ | 197 | 2012 | ||
Large/Mid-Cap Growth Fund | $ | 2,135,703 | 2010 | ||
692,084 | 2011 | ||||
Large/Mid-Cap Value Fund | $ | 141,935 | 2009 | ||
82,427 | 2010 | ||||
2,058,444 | 2011 | ||||
349,858 | 2012 |
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.
Timothy Plan Notes to Financial Statements [99]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
TIMOTHY PLAN FAMILY OF FUNDS
Note 7 – Acquisition of Noah Fund
On June 13th, 2005, The Timothy Plan Large-Mid Cap Growth Fund (the “Timothy Fund”) acquired substantially all of the assets and liabilities of the NOAH Fund Equity Portfolio (the “Noah Fund”) under an Agreement and Plan of Reorganization (the “Reorganization”) approved by the Noah Fund shareholders on May 18, 2005. The acquisition was accomplished by a tax-free exchange of 1,269,274 shares of Timothy Plan Large Mid-Cap Growth (valued at $8,201,589) for the 586,844 shares of the Noah Fund outstanding on June 10, 2005. The Noah Fund’s net assets at that date ($8,201,589), including $187,426 of unrealized appreciation, were combined with those of the Timothy Plan Large/Mid Cap Growth Fund The aggregate net assets of the Timothy Plan Large/Mid Growth Fund and the Noah Fund immediately before the acquisition were $43,141,340 and $8,201,589, respectively. After the Reorganization was completed, the Timothy Fund held all of the portfolio holdings previously held by the NOAH Fund, including many holdings that appear on the Timothy Fund screen list. Under applicable Internal Revenue Service (“IRS”) rules and regulations, the Timothy Fund is required to hold a certain percentage of Noah Fund portfolio holdings for a prescribed period of time. Because of this holding requirement, the Timothy Fund was able to immediately liquidate all but two violating companies, Cisco and Dell, that appear on the Timothy Fund screen list. The Timothy Fund will liquidate these two companies immediately upon the expiration of the IRS holding period.
Note 8 – Board Approval of Advisory and Sub-Advisory Agreements
The latest continuance of the Advisory Agreement with Timothy Partners, Ltd. (“TPL”) was approved by the Trustees, including a majority of the Trustees who are not “interested persons” of the Trust or any person who is a party to the Agreement, at an in-person meeting held on February 25, 2004. The Trust’s Board of Trustees considered the factors described below prior to approving the Agreement.
The Trustees, including the Independent Trustees, noted the Adviser’s experience incorporating and implementing the unique, Biblically-based management style that is a stated objective as set forth in the Funds’ prospectus. Also considered was TPL’s agreement to waive fees and/or reimburse fund expenses for the Aggressive Growth Fund, the Large/Mid-Cap Growth Fund, and the Fixed-Income Fund through April 30, 2006 to maintain total annual operating expenses at 1.60%, 1.60%, and 1.35%, respectively, of the applicable Fund’s Class A shares’ average daily net assets, and at 2.35%, 2.35%, and 2.10%, respectively, of the applicable Fund’s Class C shares’ average daily net assets, 0.85% for the Money Market Fund through April 30, 2006, and the Small-Cap Variable Series at 1.20% through April 30, 2006. An additional consideration was TPL’s agreement to waive fees and/or reimburse fund expenses for the Patriot Fund through April 30, 2007 to maintain total annual operating expenses at 1.60% for the Class A shares and at 2.35% for the Class C shares’ average daily net assets.
To further assist the Board in making its determination as to whether the Advisory Agreement should be renewed, the Board requested and received the following information: a description of the Adviser’s business and any personnel changes, a description of the compensation received by the Adviser from the Funds, information relating to the Adviser’s policies and procedures regarding best execution, trade allocation, soft dollars, Code of Ethics and insider trading, and a description of any material legal proceedings or securities enforcement proceedings regarding the Adviser or its personnel. In addition, the Board requested and received audited financial statements of the Adviser for its fiscal year ended December 31, 2004. The Board also received a report from the Adviser relating to the fees charged by the Adviser, both as an aggregate and in relation to fees charged by other advisers to similar funds. The materials prepared by the Adviser were provided to the Trustees in advance of the meeting.
The Board considered the fees charged by the Adviser in light of the services provided to the Funds by the Adviser, the unique nature of the Funds and their moral screening requirements, which are maintained by the Adviser, and the Adviser’s role as a “manager of managers”. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by the Adviser were fair and reasonable in light of the services provided to the Funds. The Board also discussed the nature, extent and quality of the Adviser’s services to the
Timothy Plan Notes to Financial Statements [100]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
TIMOTHY PLAN FAMILY OF FUNDS
Fund. In particular, the Board noted with approval the Adviser’s commitment to maintaining certain targeted expense ratios for the Funds, its efforts in providing comprehensive and consistent moral screens to the investment managers, its efforts in maintaining appropriate oversight of the investment managers to each Fund, and its efforts to maintain ongoing regulatory compliance for the Funds. The Board also discussed the Adviser’s current fee structure and whether such structure would allow the Funds to realize economies of scale as they grow. The Board noted that the Adviser currently is paid a flat rate on all Fund assets, and as the Funds grow, that rate structure may need to be revisited and a “breakpoint” structure imposed. However, the Board also noted that the Adviser had been subsidizing the Funds’ operations since their inception at significant expense to the Adviser, and that any future restructuring of the Advisory Agreement fee rates would be undertaken recognizing the need to insure that the Adviser’s contributions to the Funds were balanced with the interests of the Funds then current shareholders. The Board next considered the investment performance of each Fund and the Adviser’s performance in monitoring the investment managers. The Board generally approved of each Fund’s performance, noting that the Funds invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that the investment managers of each Fund did not succumb to “style drift” in their management of each Fund’s assets, and that each Fund was committed to maintain its investment mandate, even if that meant underperformance during periods when that style was out of favor. The Board noted with approval the Adviser’s ongoing efforts to maintain such consistent investment discipline. The Board also noted with approval that the Adviser’s business was devoted exclusively to serving the Funds, and that the Adviser did not realize any ancillary benefits or profits deriving from its relationship with the Funds. The Board further noted with approval the Adviser’s past activities on monitoring the performance of the Funds’ various investment managers and the promptness and efficiency with which problems were brought to the Board’s attention and responsible remedies proffered and executed.
After careful discussion and consideration, the Board of Trustees, including the independent Trustees who unanimously cast an affirmative vote, determined that the renewal of the Agreement for another one-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Advisory Agreement renewal.
Awad Asset Management (“Awad”); Sub-Advisor for the Patriot Fund and the Small Cap Value Fund.
The Awad Sub-Advisory Agreement was last renewed by the Board at a meeting held for that purpose, among others, on February 25, 2005. The Board considered the following factors in arriving at its conclusions to renew the Awad Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Awad in light of the services provided by Awad. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Awad and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Awad. In reaching that determination, the Board relied on reports describing the fees paid to Awad and comparing those fees against fees paid to other investment advisers operating under similar circumstances. The Board also received a report from an independent consulting firm which had conducted its own analysis of fee structures for the Trust. Finally, the Board also heard reports from TPL with respect to its ongoing experiences with recruiting experienced sub-advisers and the fees required to successfully recruit such persons. Next, the Board discussed the nature, extent and quality of Awad’s services to the Fund, including the investment performance of the Funds under Awad’s investment management. The Board generally approved of Awad’s performance, noting that the Funds managed by Awad invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Awad did not succumb to “style drift” in its management of each Fund’s assets, and that Awad was committed to maintain its investment mandate, even if that meant underperformance during periods when that style was out of favor. The Board noted with approval Awad’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Awad’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Awad Sub-Advisory Agreement because Awad was paid out of the fees paid to TPL.
Timothy Plan Notes to Financial Statements [101]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
TIMOTHY PLAN FAMILY OF FUNDS
After careful discussion and consideration, the Board of Trustees, including the independent Trustees who unanimously cast an affirmative vote, determined that the renewal of the Awad Sub-Advisory Agreement for another one-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the Awad Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Awad Sub-Advisory Agreement renewal.
Barrow, Hanley Mewhinney & Strauss (“BHM&S”); Sub-Advisor for the Fixed Income and Money Market Funds.
On May 20th and 21st, 2004, the Board met to consider, among other matters, a new sub-investment advisor for the Fixed Income Fund, and after full deliberation, selected BHM&S to serve in that capacity.
During its deliberations, the Board reviewed the qualifications of BHM&S and heard a presentation by representatives of UBS PRIME Consultant and TPL relating to BHM&S. UBS and TPL both reported that prior to the Board meeting, John S. Williams, CFA, Chief Investment Officer of Fixed Income investments for BHM&S, had traveled to the Trust’s offices in Florida and made a formal presentation. Mr. Wesley Pennington, the Board’s senior independent Trustee, had attended the presentation. The Board received written information relating to the experience, strengths, other clients and past investment performance of BHM&S and noted with approval the firm’s consistently above-average investment performance, its size and level of expertise, and quality of clientele. The Board noted with further approval that no officer or trustee of the Fund or Trust was affiliated with BHM&S, and that no compensation was to be paid to BHM&S other than advisory fees under the agreement. The Board also reviewed the financial condition of BHM&S and questioned both TPL and UBS at length to assure themselves that BHM&S was financially capable of undertaking the responsibilities of serving the Fund.
The Board then turned its attention to the terms of the proposed Sub-Advisory Agreement. Under the terms of the proposed Sub-Advisory Agreement with BHM&S, BHM&S would be responsible for providing day-to-day investment advice and choosing the securities in which the Fixed Income Fund invests. BHM&S would report directly to TPL, and TPL would be responsible to report to the Board for any errors or omissions made by BHM&S. BHM&S would not be responsible for mistakes or errors of judgment in its management of the investments of the Fund unless those mistakes or errors of judgment resulted from gross negligence, willful misfeasance or intentional wrongdoing. The proposed Sub-Advisory Agreement would have an initial term of two years, and could be renewed annually thereafter by affirmative vote of a majority of the Board of Trustees and a separate concurring majority vote of the Trust’s independent Trustees. The proposed Sub-Advisory Agreement may be terminated by any party at any time, without penalty, upon sixty (60) days written notice. The proposed Sub-Advisory Agreement would become effective immediately upon receipt of shareholder approval.
The Board then discussed the proposed fees payable to BHM&S for its services to the Fund. Since those fees would be paid to BHM&S by TPL out of the fees it received from the Fund, the Board sought TPL’s opinion concerning the reasonableness of the proposed fee structure. TPL reported to the Board that BHM&S was at least as competitive as the other candidates it had interviewed with respect to its proposed fees. TPL further reported that because BHM&S’s proposed fees were so reasonable, TPL would be able to maintain its current level of service to the Funds without the need to seek an overall fee increase.
Based on the Board’s review and UBS and TPL’s recommendation, the Board unanimously voted to approve BHM&S as sub-advisor to the Fixed Income Fund and to seek shareholder approval of their choice. The Board then entered into an interim agreement with BHM&S to provide sub-advisory services to the Fund for a period not to exceed 150 days, commencing on July 1, 2004. The interim agreement would expire at the end of that time or immediately upon approval of a permanent agreement by the Fund’s shareholders, whichever shall first occur. On August 13, 2004, the shareholders of the Fixed Income Fund and the Money Market Fund each approved the BHMS Sub-Advisory Agreement.
Timothy Plan Notes to Financial Statements [102]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
TIMOTHY PLAN FAMILY OF FUNDS
Westwood Holdings Group; Sub-Advisor to the Large Mid Cap Value Fund.
Pursuant to an Investment Sub-Advisory Agreement between TPL, the Trust and Westwood Holdings Group (“Westwood”), dated May 01, 2005, Westwood provides advice and assistance to TPL in the selection of appropriate investments for the Large/Mid-Cap Value Fund, subject to the supervision and direction of the Funds’ Board of Trustees. Based on the Board’s review and UBS and TPL’s recommendation, the Board, including the independent members of the Board, unanimously voted to approve Westwood as sub-advisor to the Large/Mid Cap Value Fund and to seek shareholder approval of their choice.
In its consideration the Board reviewed Westwood’s qualifications and heard a presentation by representatives of UBS PRIME Consultant and TPL relating to Westwood, as well as reviewing written information relating to the experience, strengths, other clients and past investment performance experienced by Westwood. The Board noted the firm’s consistent investment performance, its size and level of expertise, and the quality of its clientele. In addition, the Board noted with further approval that no officer or trustee of the Fund or Trust was affiliated with Westwood, and that no compensation was to be paid to Westwood other than advisory fees under the agreement. The Board also reviewed Westwood’s financial condition and questioned both TPL and UBS at length to assure themselves that Westwood was financially capable of undertaking the responsibilities of serving the Fund.
As a part of its consideration, the Board discussed the proposed fees payable to Westwood for its services to the Fund. Because the fees would be paid to Westwood by TPL out of the fees it received from the Fund, the Board sought TPL’s opinion concerning the reasonableness of the proposed fee structure. TPL reported to the Board that Westwood was competitive with respect to its proposed fees when compared to other candidates. TPL further reported that because Westwood’s proposed fees were reasonable, TPL would be able to maintain its current level of service to the Funds without the need to seek an overall fee increase.
The Board also visited the terms of the proposed Sub-Advisory Agreement under which Westwood would be responsible for providing day-to-day investment advice and choosing the securities in which the Large/Mid Cap Value Fund invests. Westwood would report directly to TPL, and TPL would be responsible to report to the Board for any errors or omissions made by Westwood. Westwood would not be responsible for mistakes or errors of judgment in its management of the investments of the Fund unless those mistakes or errors of judgment resulted from gross negligence, willful misfeasance or intentional wrongdoing. The proposed Sub-Advisory Agreement would have an initial term of two years, and could be renewed annually thereafter by affirmative vote of a majority of the Board of Trustees and a separate concurring majority vote of the Trust’s independent Trustees. The proposed Sub-Advisory Agreement could be terminated by any party at any time, without penalty, upon sixty (60) days written notice. The proposed Sub-Advisory Agreement would become effective immediately upon receipt of shareholder approval.
Upon satisfactory review of the Sub-Advisory Agreement, the Board approved entry into an interim agreement with Westwood to provide sub-advisory services to the Fund for a period not to exceed 150 days, commencing on Feb 28, 2005. The interim agreement would expire at the end of that time or immediately upon approval of a permanent agreement by the Fund’s shareholders, whichever shall first occur. On, April 29, 2005, the shareholders of the Large Mid Cap Value Fund approved the Westwood Sub-Advisory Agreement.
Rittenhouse Asset Management, Inc.; Sub-Advisor to the Large Mid Cap Growth Fund.
Pursuant to an Investment Sub-Advisory Agreement between TPL, the Trust and Rittenhouse Financial Services, Inc. (“Rittenhouse”), dated October 2, 2000, Rittenhouse, a wholly-owned subsidiary of the John Nuveen Company, provides advice and assistance to TPL in the selection of appropriate investments for the Large/Mid-Cap Growth Fund, subject to the supervision and direction of the Funds’ Board of Trustees.
The Sub-Advisory Agreement with Rittenhouse was renewed by the Board at a meeting held for that purpose, among others, on February 25, 2005. In arriving at its conclusions to renew the Rittenhouse Sub-Advisory Agreement for an additional year, the Board considered, among other things, the following areas. The first consideration by the Board was the fee structure charged by Rittenhouse in light of the services provided to the Fund. With the independent
Timothy Plan Notes to Financial Statements [103]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
TIMOTHY PLAN FAMILY OF FUNDS
trustees separately concurring, the Board agreed that the fees charged by Rittenhouse and paid out of the fees received by TPL were fair and reasonable in light of the services provided by the Sub-Advisor. In reaching that determination, the Board relied on a report from an independent consulting firm which had conducted its own analysis of fee structures for the Trust, and reports describing the fees paid to Rittenhouse comparing those fees against fees paid to other investment advisers operating under similar circumstances. The Board also heard reports from TPL with respect to its ongoing experiences with recruiting experienced sub-advisers and the fees required to successfully recruit such persons. The Board’s next consideration and discussion included the nature, extent and quality of Rittenhouse’s services to the Fund, including the investment performance of the Fund under Rittenhouse’s investment management. The Board generally approved of Rittenhouse’s performance, noting that the Fund managed by Rittenhouse invested in a manner that did not rely exclusively on investment performance. The Board noted that Rittenhouse did not succumb to “style drift” in its management of the Fund’s assets, and that the Sub-Advisor was committed to maintain its investment mandate, even if that meant underperformance during periods when that style was out of favor. The Board noted with approval Rittenhouse ‘s ongoing efforts to maintain such consistent investment discipline. Another consideration by the Board was Rittenhouse ‘s current fee structure, and took note that as contracted, the structure would allow the Fund to realize economies of scale as it grows. The Board further noted, however, that this particular factor was moot with respect to the Rittenhouse Sub-Advisory Agreement in light of the fact that Rittenhouse was compensated out of fees paid to TPL.
After careful discussion and consideration, the Board of Trustees, including the independent Trustees who unanimously cast an affirmative vote, determined that the renewal of the Rittenhouse Sub-Advisory Agreement for another one-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the Rittenhouse Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Rittenhouse Sub-Advisory Agreement renewal.
Provident Investment Counsel; Sub-Advisor to the Large Mid Cap Value Fund.
The Sub-Advisory Agreement between TPL, the Trust and Provident Investment Counsel (“Provident”), dated October 2, 2000, was renewed by the Board at a meeting held for that purpose, among others, on February 25, 2005. Pursuant to that Sub-Advisory Agreement, subject to the supervision and direction of the Funds’ Board of Trustees, Provident provides advice and assistance to TPL in the selection of appropriate investments for the Aggressive Growth Fund.
The Board first considered the fee structure charged by Provident in light of the services provided to the Fund and agreed, with the independent trustees separately concurring, that the fees charged by Provident and paid out of the fees received by TPL were fair and reasonable in light of the services provided by the Sub-advisor. That determination by the Board was made partially in reliance upon a report from an independent consulting firm which had conducted its own analysis of fee structures for the Trust, and, in addition, upon reports describing the fees paid to Provident as compared to paid to other investment advisers operating under similar circumstances. TPL also reported to the Board with respect to its ongoing experiences and activities as the Advisor recruits experienced sub-advisers, and the fees required to successfully recruit such persons. The extent and quality of Provident’s services to the Fund, including the investment performance of the Fund under Provident’s investment management were then considered and discussed by the Board. Upon noting general approval of Provident’s performance, the Board further took notice that the Fund managed by Provident was invested in a manner that did not rely exclusively on investment performance as evidenced by the fact that Provident did not succumb to “style drift” in its management of the Fund’s assets. The Board looked favorably upon the fact that the Sub-Advisor was committed to maintain its investment mandate, even if that meant underperformance during periods when that style was out of favor, and was pleased with Provident’s ongoing efforts to maintain such consistent investment discipline. Although moot with respect to the Provident Sub-Advisory Agreement in light of the fact that Provident was compensated out of fees paid to TPL, the Board took note that as constructed, the fee structure agreed upon by Provident allowed the Fund to realize economies of scale as they grow.
The Board of Trustees, including the independent Trustees who unanimously cast an affirmative vote, after careful discussion and consideration, determined that the renewal of the Provident Sub-Advisory Agreement for another one-year
Timothy Plan Notes to Financial Statements [104]
NOTES TO FINANCIAL STATEMENTS
June 30, 2005 (unaudited)
TIMOTHY PLAN FAMILY OF FUNDS
period would be in the best interests of the Fund’s shareholders. In approving the renewal of the Provident Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Provident Sub-Advisory Agreement renewal.
Note 9 – N-Q Disclosure & Proxy Procedures
The SEC has adopted the requirement that all Funds file a complete schedule of investments with the SEC for their first and third fiscal quarters on Form N-Q for fiscal quarters ending after July 9, 2004. For the Timothy Plan Funds this would be for the fiscal quarters ending March 31 and September 30. The Form N-Q filing must be made within 60 days of the end of the quarter. The Timothy Plan Funds’ Forms N-Q will be available on the SEC’s website at http://sec.gov, or they may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room).
The Trust has adopted Portfolio Proxy Voting Policies and Procedures under which the Portfolio’s vote proxies related to securities (‘portfolio proxies”) held by the Portfolios. A description of the Trust’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Company toll-free at 800-846-7526 and (ii) on the SEC’s website at www.sec.gov in addition, the fund will be required to file new Form N-PX, with its complete voting record for the 12 months ended June 30th, no later than August 31st of each year. The first such filing was due August 31, 2004. Once filed, the Trust’s Form N-PX will be available (i) without charge, upon request, by calling the Company toll-free at 800-846-7526 and (ii) on the SEC’s website at www.sec.gov.
Timothy Plan Notes to Financial Statements [105]
BOARD OF TRUSTEES
Arthur D. Ally
Joseph E. Boatwright
Rick Copeland
Bill Johnson
Kathryn T. Martinez
John C. Mulder
Charles E. Nelson
Wesley W. Pennington
Scott Preissler
Alan Ross
Mathew D. Staver
David Tolliver
OFFICERS
Arthur D. Ally, President
Joseph E. Boatwright, Secretary
INVESTMENT ADVISOR
Timothy Partners, LTD.
1304 West Fairbanks Avenue
Winter Park, FL 32789
DISTRIBUTOR
Timothy Partners, LTD.
1304 West Fairbanks Avenue
Winter Park, FL 32789
TRANSFER AGENT
Citco Mutual Fund Services, Inc.
83 General Warren Boulevard, Suite 200
Malvern, PA 19355
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker
1818 Market Street, Suite 2400
Philadelphia, PA 19103
LEGAL COUNSEL
David Jones & Assoc., P.C.
395 Sawdust Road, Suite 2148
The Woodlands, TX 77380
For additional information or a prospectus, please call: 1-800-846-7526
Visit the Timothy Plan web site on the internet at: www.timothyplan.com
This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which includes details regarding the Funds’ objectives, policies, expenses and other information. Distributed by Timothy Partners, Ltd.
The Timothy Plan
1304 West Fairbanks Avenue
Winter Park, FL 32789
www.timothyplan.com
E-mail invest@timothyplan.com
Tel (800) 846-7526
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 the 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. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANY
Not Applicable
ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There has been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
ITEM 11. CONTROLS AND PROCEDURES
a. | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment |
Company Act of 1940, as amended (the “1940 Act”) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
b. | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. EXHIBITS.
(a)(1) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.
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: | /s/ Arthur D. Ally | |
Arthur D. Ally, PRESIDENT | ||
Date 8/31/2005 |
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: | /s/ Arthur D. Ally | |
Arthur D. Ally, PRESIDENT | ||
Date 8/31/2005 |
By: | /s/ Arthur D. Ally | |
Arthur D. Ally, TREASURER | ||
Date 8/31/2005 |
* Print the name and title of each signing officer under his or her signature.