<PAGE>
PRESIDENT'S REPORT
Dear Investor:
There are years when the President's letter is easy to write . . . and years
when it's not. This year's letter clearly falls into the latter category. We
are confident that your Timothy Plan portfolio is managed by one of the
nation's best money management firms, yet this past year's performance was
well below most major market indexes.
There's a reason for our less-than-ideal performance in '95: Speculation drove
much of the market to what we believe are unsustainable levels. And that
speculation was focused on large cap and highly leveraged companies that
simply do not fit our money manager's conservative selection criteria. The
good news is that our undervalued Fund--in a predominantly overvalued market--
should be able to outperform nearly everyone in 1996.
Although the Timothy Plan's performance is important to all of us, it is vital
that we do not lose sight of our main objective: Moral responsibility. We are
committed to honoring our moral screening principles. We refuse to invest in
any company for which we can document support or funding of abortion,
pornography, alcohol, tobacco, or casino gambling. This is a tough moral stand
to take, and we appreciate your support of and belief in these vital moral
principles.
We are confident that God will reward the faithfulness and diligence we
exercise in honoring the Biblical principles upon which the Timothy Plan was
founded. The Lord has a long history of honoring those who honor Him (refer to
I Sam 2:30).
Thanks again for being a part of the Timothy Plan family. In years to come, we
believe you will be very pleased with the growth of your Timothy Plan
investment.
May God richly bless you.
Yours in Christ,
/s/ Arthur D. Ally
Arthur D. Ally
President
December 31, 1995
<PAGE>
SYSTEMATIC FINANCIAL MANAGEMENT, L.P.
MARKET COMMENTARY
DECEMBER 31, 1995
RING IN THE NEW YEAR!
We look forward to a new year and a new investment climate in 1996. An
accommodative Federal Reserve in an election year, and expected continuing
favorable supply/demand characteristics bode well for equity investors.
However, the good news is largely discounted into certain equity valuations.
For instance, the S&P Industrials' four year average Free Cash Flow multiple
now stands at 30, well to the high end of its historic range.
Your portfolio is invested in a diversified group of high quality Free Cash
Flow generating companies. These companies trade at substantially discounted
Free Cash Flow multiples and have the ability to service readily their fixed
debts. Those attributes have enabled our investments to fare well in down to
sideways markets--neither of which was experienced in 1995.
The U.S. equity markets enjoyed strong increases in 1995. The advances were
anomalous in that they principally affected very large capitalization
companies over small to mid-cap companies, highly leveraged companies over
less leveraged companies, and companies perceived to have the ability to grow
rapidly over those which have sustained their business over time. Each of
those effects of 1995's market caused the Timothy Plan's advance to be more
moderate than that of market benchmarks (especially the Dow Jones Industrial
Average and the S&P 500 Index).
Looking ahead to 1996, we see a much different scenario for the broad
market. We expect overall market returns to be substantially more modest.
Nonetheless, within the market we continue to find excellent values in basic
industrial and service companies. While these companies have not shared the
fanfare afforded enterprises involved in the Internet, we strongly expect by
this time next year investors in these established and financially undervalued
companies will feel richly rewarded. The inevitable market correction should
result in a rotation out of super large capitalization growth companies into
the companies we hold in the Timothy Plan.
Best wishes for a happy, healthy
1996.
Kenneth S. Hackel, CFA
President
<PAGE>
SCHEDULE OF INVESTMENTS DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ----------
<C> <S> <C>
COMMON STOCKS - 77.8%
COMMERCIAL SERVICES - 6.7%
6,300 Angelica Corp.............................................. $ 129,150
2,400 Deluxe Corp................................................ 69,600
3,000 Harland (John H.) Co. ..................................... 62,625
4,300 Moore Corp. Ltd............................................ 80,087
5,600 Pinkerton's, Inc.*......................................... 109,200
----------
450,662
----------
CONSUMER DURABLES - 7.2%
700 Bandag, Inc................................................ 37,887
3,000 Jostens, Inc............................................... 72,750
3,000 National Presto Industries, Inc. .......................... 119,250
4,000 Polaris Industries, Inc. .................................. 117,500
2,700 Stanley Works.............................................. 139,050
----------
486,437
----------
CONSUMER NON-DURABLES - 2.7%
24,000 Stride Rite Corp........................................... 180,000
----------
CONSUMER SERVICES - 2.9%
7,000 Barefoot, Inc. ............................................ 73,500
3,000 Block H & R, Inc. ......................................... 121,500
----------
195,000
----------
ELECTRONIC TECHNOLOGY - 4.5%
12,200 Intergraph Corp.*.......................................... 192,150
8,000 Scitex Corp. Ltd........................................... 109,000
----------
301,150
----------
ENERGY MINERALS - 6.4%
1,600 Atlantic Richfield Co...................................... 177,200
1,500 Imperial Oil Ltd........................................... 54,188
1,600 MAPCO, Inc................................................. 87,400
4,068 Sun Company, Inc. ......................................... 111,362
----------
430,150
----------
FINANCE - 1.1%
2,450 American Financial Group, Inc.............................. 75,031
----------
HEALTH TECHNOLOGY - 3.1%
4,000 Bard (C.R.), Inc. ......................................... 129,000
2,400 Hillenbrand Industries, Inc. .............................. 81,300
----------
210,300
----------
INDUSTRIAL SERVICES - 2.3%
2,000 Lufkin Industries, Inc. ................................... 45,250
5,000 Zurn Industries, Inc. ..................................... 106,875
----------
152,125
----------
NON-ENERGY MINERALS - 5.2%
6,650 CalMat Co.................................................. 121,363
5,000 J & L Specialty Steel, Inc. ............................... 93,750
4,700 Lukens, Inc. .............................................. 135,125
----------
350,238
----------
</TABLE>
<PAGE>
SCHEDULE OF INVESTMENTS DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ----------
<C> <S> <C>
COMMON STOCKS - CONTINUED
PROCESS INDUSTRIES - 6.8%
12,200 Ethyl Corp. .............................................. $ 152,500
3,200 NCH Corp. ................................................ 184,800
5,500 Wellman, Inc. ............................................ 125,125
----------
462,425
----------
PRODUCER MANUFACTURING - 14.0%
4,400 Cooper Industries, Inc. .................................. 161,700
4,500 Cummins Engine Co., Inc. ................................. 166,500
1,500 Johnson Controls, Inc. ................................... 103,125
2,000 Kaydon Corp............................................... 60,750
5,000 Nashua Corp. ............................................. 68,125
2,450 National Service Industries, Inc. ........................ 79,319
5,000 Smith (AO) Corp. ......................................... 103,750
2,400 Tecumseh Products Co. Cl A................................ 124,200
1,500 Tecumseh Products Co. Cl B................................ 78,375
----------
945,844
----------
RETAIL TRADE - 6.0%
16,000 AnnTaylor Stores Corp.*................................... 164,000
3,700 CPI Corp. ................................................ 59,200
8,520 Toys "R" Us, Inc.*........................................ 185,310
----------
408,510
----------
TECHNOLOGY SERVICES - 1.6%
1,500 Business Records Corp. Holding Co.*....................... 59,250
2,000 National Data Corp........................................ 49,500
----------
108,750
----------
TRANSPORTATION - 3.0%
2,800 Roadway Services, Inc. ................................... 136,850
5,400 Yellow Corp. ............................................. 66,825
----------
203,675
----------
UTILITIES - 4.3%
1,800 British Telecommunications PLC ADRs....................... 101,700
1,500 Empresa Nacional de Electriad ADRs........................ 85,875
5,000 Lincoln Telecommunications Co. ........................... 105,625
----------
293,200
----------
TOTAL COMMON STOCKS (COST $5,234,585) - 77.8%............. 5,253,497
----------
PREFERRED STOCKS - 1.1%
2,632 Sun Company, Inc. Depository Shs. ........................ 73,038
----------
TOTAL PREFERRED STOCKS (COST $75,285) - 1.1%.............. 73,038
----------
TOTAL INVESTMENTS (COST $5,309,870)** - 78.9%............. 5,326,535
OTHER ASSETS, LESS OTHER LIABILITIES - 21.1%.............. 1,426,899
----------
NET ASSETS - 100.00%...................................... $6,753,434
==========
* Non-income producing security
** Cost for Federal income tax purposes is $5,309,870 and net unrealized
appreciation consists of:
Gross unrealized appreciation............................. $ 328,865
Gross unrealized depreciation............................. (312,200)
----------
Net unrealized appreciation............................... $ 16,665
==========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS
Investments in securities at market value (identified cost
$5,309,870) (Note 1).............................................. $5,326,535
Cash............................................................... 1,546,299
Receivables:
Dividends and Interest............................................ 13,307
Capital stock sold................................................ 48,954
Deferred organization costs (Note 1)............................... 39,774
Other assets....................................................... 441
----------
TOTAL ASSETS..................................................... 6,975,310
----------
LIABILITIES
Due to Advisor (Note 3)............................................ 2,902
Payables:
Investment securities purchased................................... 177,033
Capital stock redeemed............................................ 8,784
Accrued expenses................................................... 33,157
----------
TOTAL LIABILITIES................................................ 221,876
----------
NET ASSETS.......................................................... $6,753,434
==========
INSTITUTIONAL SHARES:
Net assets (Unlimited shares of $.001 par beneficial
interest authorized; 609,122 shares outstanding)................. $6,133,289
==========
Net asset value, offering and redemption price per Institutional
Share
($6,133,289 / 609,122 shares).................................... $ 10.07
==========
RETAIL SHARES:
Net assets (Unlimited shares of $.001 par beneficial
interest authorized; 61,522 shares outstanding).................. $ 620,145
==========
Net asset value and redemption price per Retail Share
($620,145 / 61,522 shares)....................................... $ 10.08
==========
Offering price per share ($10.08 / .9825)......................... $ 10.26
==========
SOURCE OF NET ASSETS
At December 31, 1995, net assets consisted of:
Paid-in capital................................................... 6,736,769
Net unrealized appreciation on investments........................ 16,665
----------
NET ASSETS....................................................... $6,753,434
==========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends........................................................... $ 100,584
Interest............................................................ 27,494
---------
TOTAL INCOME....................................................... 128,078
---------
EXPENSES
Transfer agent fees................................................. 61,338
Administration fees................................................. 54,297
Investment advisory fees (Note 3)................................... 41,257
Registration fees................................................... 40,430
Accounting fees..................................................... 28,000
Amortization of organization costs (Note 1)......................... 12,344
Distribution fees (Note 3).......................................... 11,606
Custodian fees...................................................... 5,451
Insurance expense................................................... 1,959
Other expenses...................................................... 1,764
Auditing fees....................................................... 1,500
Printing expense.................................................... 1,269
---------
TOTAL EXPENSES..................................................... 261,215
Expenses reimbursed by Advisor (Note 3)........................... (189,534)
---------
NET EXPENSES....................................................... 71,681
---------
NET INVESTMENT INCOME.............................................. 56,397
---------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain from security transactions........................ 157,742
Net change in unrealized appreciation of investments................ 33,350
---------
Net realized and unrealized gain on investments..................... 191,092
---------
Net increase in net assets resulting from operations................ $ 247,489
=========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED PERIOD ENDED
DECEMBER 31, 1995** DECEMBER 31, 1994*
------------------- ------------------
<S> <C> <C>
OPERATIONS
Net investment income.................. $ 56,397 $ 12,129
Net realized gain (loss) on
investments........................... 157,742 (1,596)
Net change in unrealized appreciation
(depreciation) of investments......... 33,350 (16,685)
---------- ----------
Net increase (decrease) in net assets
resulting from operations............ 247,489 (6,152)
---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment
income:
Institutional Shares.................. (64,056) (12,129)
Retail Shares**....................... (5,675) 0
Distributions in excess of net
investment income
Institutional Shares.................. 0 (19)
Retail Shares......................... 0 0
Distributions from net capital gains:
Institutional Shares.................. (143,982) 0
Retail Shares......................... (12,195) 0
---------- ----------
Net decrease in net assets resulting
from distributions................... (225,908) (12,148)
---------- ----------
CAPITAL SHARE TRANSACTIONS
Shares sold:
Institutional Shares.................. 4,233,412 2,188,270
Retail Shares......................... 626,513 0
Shares redeemed:
Institutional Shares.................. (562,782) (69,501)
Retail Shares......................... 0 0
Shares reinvested:
Institutional Shares.................. 202,144 11,425
Retail Shares......................... 15,672 0
---------- ----------
Increase in net assets derived from
capital share transactions (a)........ 4,514,959 2,130,194
---------- ----------
Total increase in net assets.......... 4,536,540 2,111,894
---------- ----------
NET ASSETS
Beginning of period.................... 2,216,894 105,000
---------- ----------
End of period.......................... $6,753,434 $2,216,894
========== ==========
(a)Transactions in capital stock were:
Shares sold:
Institutional Shares................. 414,090 224,954
Retail Shares........................ 59,955 0
Shares redeemed:
Institutional Shares................. (54,594) (7,198)
Retail Shares........................ 0 0
Shares reinvested:
Institutional Shares................. 20,174 1,196
Retail Shares........................ 1,567 0
---------- ----------
Increase in shares outstanding........ 441,192 218,952
========== ==========
</TABLE>
* The Institutional Shares commenced investment operations on March 21, 1994.
** The Retail Shares commenced investment operations on August 25, 1995.
See accompanying notes to financial statements.
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
The table below sets forth financial data for one share of capital stock
outstanding throughout each period presented.
<TABLE>
<CAPTION>
INSTITUTIONAL SHARES RETAIL SHARES
--------------------------- --------------
FOR THE YEAR FOR THE PERIOD FOR THE PERIOD
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1995 1994 * 1995 **
------------ -------------- --------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD............................. $ 9.66 $ 10.00 $10.49
------ ------- ------
Income From Investment Operations:
Net investment income............. 0.11 0.06 0.11
Net gains (losses) on securities
(both realized and unrealized)... 0.66 (0.34) (0.16)
------ ------- ------
Total from investment
operations...................... 0.77 (0.28) (0.05)
------ ------- ------
Less Distributions
Distributions from net investment
income:
Institutional Shares............. (0.11) (0.06) 0.00
Retail Shares.................... 0.00 0.00 (0.11)
Distributions from net capital
gains:
Institutional Shares............. (0.25) 0.00 0.00
Retail Shares.................... 0.00 0.00 (0.25)
------ ------- ------
Total distributions.............. (0.36) (0.06) (0.36)
------ ------- ------
NET ASSET VALUE, END OF PERIOD...... $10.07 $ 9.66 $10.08
====== ======= ======
TOTAL RETURN........................ 7.93% (2.84%) (0.46%)/1/
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
000s)............................. $6,133 $ 2,217 $ 620
Ratio of expenses to average net
assets:
Before expense reimbursement...... 5.84% 18.62% /2/ 6.44% /2/
After expense reimbursement....... 1.60% 1.60% /2/ 2.20% /2/
Ratio of net investment income to
average net assets:
Before expense reimbursement...... (2.96%) (15.49%)/2/ (3.56%)/2/
After expense reimbursement....... 1.28% 1.53% /2/ 0.68% /2/
Portfolio turnover rate............ 34.12% 8.31% 34.12%
</TABLE>
* The Institutional Shares commenced investment operations on March 21, 1994.
** The Retail Shares commenced investment operations on August 25, 1995.
/1/ Total return calculation does not reflect sales load
/2/ Annualized
See accompanying notes to financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995
- -------------------------------------------------------------------------------
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
The Timothy Plan (the "Fund" ) is organized as a series Delaware business
trust pursuant to a trust agreement dated December 16, 1993. The Fund is
registered under the Investment Company Act of 1940, as amended, as an open-
end diversified management investment company. The Fund's objective is long-
term capital growth, with a secondary objective of current income. The Fund
seeks to achieve its investment objective by investing primarily in common
stocks and ADRs while abiding by ethical standards established for investments
by the Fund. The Fund currently consists of one series comprised of two
separate classes of shares (Institutional Class shares and Retail Class
shares) which vary with respect to sales charges, distribution costs, voting
rights and dividends. Shareholders of Retail Class shares are subject to a
sales charge and each class is subject to different 12b-1 Plan expenses. The
following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles for
investment companies.
A. SECURITY VALUATION. Investments in securities traded on a national
securities exchange are valued at the last reported sales price on the last
business day of the period. Unlisted securities, or listed securities in which
there were no sales, are valued at the mean of the closing bid and ask prices.
Short-term obligations with remaining maturities of 60 days or less are valued
at cost plus accrued interest which approximates market value.
B. INVESTMENT INCOME AND SECURITIES TRANSACTIONS. Security transactions are
accounted for on the date the securities are purchased or sold (trade date).
Cost is determined and gains and losses are based on the identified cost basis
for both financial statement and federal income tax purposes. Dividend income
and distributions to shareholders are reported on the ex-dividend date.
Interest income and expenses are accrued daily.
C. NET ASSET VALUE PER SHARE. Net asset value per share of the capital stock
of the Fund is determined daily as of the close of trading on the New York
Stock Exchange by dividing the value of its net assets by the number of Fund
shares outstanding. Net Asset Value is calculated separately for each class of
the Fund based on expenses applicable to a particular class. The net asset
value of the classes may differ because of different fees and expenses charged
to each class.
D. ORGANIZATION COSTS. Organization costs are being amortized on a straight
line basis over five years.
E. FEDERAL INCOME TAXES. It is the policy of the Fund to comply with all
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no federal income tax provision is required.
F. USE OF ESTIMATES. In preparing financial statements in conformity with
generally accepted accounting principles, management makes estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements, as well as the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from
those estimates.
NOTE 2 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities, other than short-term investments,
aggregated $4,364,997 and $1,175,263, respectively, for the year ended
December 31, 1995.
<PAGE>
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995
- -------------------------------------------------------------------------------
NOTE 3 - INVESTMENT MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Timothy Partners, LTD., (the "Advisor") is the investment advisor for the Fund
pursuant to an Investment Advisory Agreement (the "Agreement") effective March
21, 1994. Under the terms of the Agreement, the Advisor receives a fee,
accrued daily and paid monthly, at an annual rate of 0.85% of the average
daily net assets of the Fund. The Advisor has voluntarily agreed to waive its
fees to the extent total annualized expenses, inclusive of distribution
expenses, exceed 1.60%, with respect to the Institutional Class, and 2.20%,
with respect to the Retail Class, of the Fund's average daily net assets. For
the year ended December 31, 1995, Advisory fees of $41,257 were paid to the
Advisor and the Advisor reimbursed the Fund $189,534. The Fund has adopted a
Distribution Plan (the "Plan"), on behalf of each class of shares, pursuant to
Rule 12b-1 under the Investment Company Act of 1940, as amended, which permits
the Fund to pay certain expenses associated with the distribution of its
shares. The Plan provides that the Fund will reimburse Fund/Plan Broker
Services, Inc. (the "Distributor"), the Fund's sole Underwriter and
Distributor, for actual distribution and shareholder servicing expenses
incurred by the Distributor not exceeding, on an annual basis, 0.25%, with
respect to the Institutional Class and 0.85%, with respect to the Retail
Class, of the Fund's average daily net assets. For the year ended December 31,
1995, the Fund reimbursed the Distributor $11,606 for distribution costs
incurred. Certain officers and trustees of the Fund are affiliated persons of
the Advisor.
NOTE 4 - SPECIAL MEETING OF SHAREHOLDERS. A special meeting of shareholders
was held on April 20, 1995 to approve a new sub-investment advisory agreement
between the Fund, Timothy Partners, Ltd., the Fund's Advisor, and Systematic
Financial Management, L.P., the Fund's investment manager, with substantially
the same terms and conditions as the previously approved sub-investment
advisory agreement.
The results of the matter voted on by shareholders at the Special Meeting held
on April 20, 1995 were as follows:
APPROVAL OF THE NEW SUB-INVESTMENT ADVISORY AGREEMENT FOR THE FUND:
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
--- ------- -------
<S> <C> <C>
200,338 557 7,700
</TABLE>
- -------------------------------------------------------------------------------
ILLUSTRATION OF $10,000 INVESTMENT
TIMOTHY PLAN PERFORMANCE GRAPH
[GRAPH APPEARS HERE] [GRAPH APPEARS HERE]
<PAGE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
- -------------------------------------------------------------------------------
BOARD OF TRUSTEES AND SHAREHOLDERS
THE TIMOTHY PLAN
WINTER PARK, FLORIDA
We have audited the accompanying statement of assets and liabilities of The
Timothy Plan, including the schedule of investments, as of December 31, 1995,
and the related statement of operations for the year then ended, and the
statement of changes in net assets and the financial highlights for the year
then ended and for the period March 21, 1994 (commencement of operations) to
December 31, 1994. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of December 31, 1995, by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
Timothy Plan as of December 31, 1995, the results of its operations, the
changes in its net assets and the financial highlights for the period March
21, 1994 to December 31, 1994, in conformity with generally accepted
accounting principles.
/s/ TAIT, WELLER & BAKER
PHILADELPHIA, PENNSYLVANIA
JANUARY 11, 1996
<PAGE>
THE TIMOTHY PLAN
1304 West Fairbanks Avenue
Winter Park, FL 32789
BOARD OF TRUSTEES
Arthur D. Ally
Joseph E. Boatwright
Wesley W. Pennington
Mark Schweizer
Leonard J. Wroten
OFFICERS
Arthur D. Ally, President
Joseph E. Boatwright, Secretary
Leonard J. Wroten, Treasurer
INVESTMENT ADVISOR
Timothy Partners, LTD.
1304 West Fairbanks Avenue
Winter Park, FL 32789
DISTRIBUTOR
Fund/Plan Broker Services, Inc.
P.O. Box 874
Conshohocken, PA 19428
TRANSFER AGENT
Fund/Plan Services, Inc.
P.O. Box 874
Conshohocken, PA 19428
AUDITORS
Tait, Weller & Baker
Two Penn Center Plaza, Suite 700
Philadelphia, PA 19102
LEGAL COUNSEL
Stradley, Ronon, Stevens, & Young
2600 One Commerce Square
Philadelphia, PA 19103
FOR ADDITIONAL INFORMATION OR
A PROSPECTUS, PLEASE CALL:
1-800-TIM-PLAN
(1-800-846-7526)
This report is submitted for the general information of the shareholders of
the Fund. It is not authorized for distribution to prospective investors in
the Fund unless preceded or accompanied by an effective Prospectus which
includes details regarding the Fund's objectives, policies, expenses and other
information.
(ART)
ANNUAL
REPORT
December 31, 1995
