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 |
(Exact name of registrant as specified in charter)
The Timothy Plan
| 1055 Maitland Center Commons |
| (Address of principal executive offices) | (Zip code) |
Art Ally
The Timothy Plan
1055 Maitland Center Commons
(Name and address of agent for service)
| Registrant's telephone number, including area code: | 800-846-7526 |
| Date of fiscal year end: | 9/30 |
| Date of reporting period: | 9/30/09 |
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. Reports to Stockholders.
The Registrant’s audited annual financial reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:
ANNUAL REPORT
SEPETEMBER 30, 2009
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 High Yield Bond Fund International Fund |
LETTER FROM THE PRESIDENT
September 30, 2009
ARTHUR D. ALLY
Dear Shareholder,
In order to provide more efficient and accurate tax reporting to our shareholders, Timothy Plan’s Board of Trustees approved changing the Fund Family’s fiscal year from December 31st to September 30th. As a result, this Annual Report will cover the nine-month period from January 1, 2009 through September 30, 2009. All future Annual Reports will cover a full 12-month period beginning October 1st and ending September 30th of each year.
The past sixteen months have provided a very interesting roller coaster ride in the capital markets, to say the least. To give you a bit of a historical flavor, simply as a result of the significant market decline, Timothy Plan Family of Fund’s total asset level went from a high of $636 million on May 19, 2008 to a low of $347 million on March 9, 2009!
With the market recovery over the past six months, our shareholders are bound to be feeling a little better. With that having been said, we remain somewhat cautious about the economic policies being put forward in Washington as they appear to be convinced that we can borrow our way to prosperity.
To that end, we plan to launch our new Defensive Strategies Fund November 1, 2009. This has been structured to attempt to protect shareholder capital (to the degree possible) in the event of either hyper-inflation or serious deflation, either of which could result from Washington's ongoing machinations. Unlike our other funds, this one will invest in a blend of hard assets (i.e. precious metals, energy, etc.), real estate (via REIT’s) and TIP’s (Treasury Inflation Protected bonds.)
Meanwhile, we continue to have total confidence in all of the money management sub-advisors to our various funds and I would refer you to their individual commentaries which you will find within the pages of this report. Once again, thank you for being part of the Timothy Plan family.
Yours in Christ,
Art
Timothy Plan Fund Performance [1]
LETTER FROM THE MANAGER
September 30, 2009
AGGRESSIVE GROWTH FUND
We are pleased to report that the Fund has advanced 21.56% through the first nine-months of 2009. This impressive rebound in performance began in mid-March of this year and coincided with the realization among investors that economic activity had likely bottomed. The stock market has historically been a leading indicator of economic activity, rallying on cue as investors perceive that a recovery is on the horizon. This latest episode merely confirms the market’s historical pattern. Also consistent with past recoveries, the poorest quality companies, many of which had one foot in the proverbial grave in early ’09, have led the rally off the bottom. The performance of these ugly-ducklings should not be not sustainable, and we believe that it has run its course. Eventually, investors shift their focus to traditional measures of fundamental strength and growth as they make their capital allocation decisions. Throughout this year and last, we have held-fast to our time-tested focus on well managed companies, with strong balance sheets and appealing growth prospects. These are the companies that extend their performance as the economy gradually improves and should produce lasting returns against the broader market indexes. A gradual improvement is precisely where we believe this current economic recovery will diverge from those experienced in the past. We believe unemployment will remain unacceptably high and will prove difficult to reduce, unless and until Congress and the Administration modify their anti-entrepreneur policies. History has proven that entrepreneurs are responsible for starting and managing the small and medium-sized businesses that employ the vast majority of American workers, and we believe that will continue to be the case.
CHARTWELL INVESTMENT PARTNERS, LP
Timothy Plan Fund Performance [2]
FUND PERFORMANCE – (Unaudited)
September 30, 2009
AGGRESSIVE GROWTH FUND
| 9 Months | | | | 5 year | | Average | |
| (1/1/09 - 9/30/09) | | 1 Year | | Average | | Annual Return | |
Fund/Index | Total Return | | Total Return | | Annual Return | | Since Inception | |
Timothy Aggressive Growth Fund - Class A (With Sales Charge) | 14.76% | | -18.19% | | -1.61% | | -6.43% | (a) |
Russell Mid-Cap Growth Index | 37.12% | | -0.40% | | 3.75% | | -2.10% | (a) |
Timothy Aggressive Growth Fund - Class B | 20.87% | | -14.77% | | -1.17% | | -6.52% | (b) |
Russell Mid-Cap Growth Index | 37.12% | | -0.40% | | 3.75% | | -1.90% | (b) |
Timothy Aggressive Growth Fund - Class C* | 19.60% | | -14.74% | | -1.17% | | -2.31% | (c) |
Russell Mid-Cap Growth Index | 37.12% | | -0.40% | | 3.75% | | 2.98% | (c) |
| | | | | | | | | |
(a) For the period October 5, 2000 (commencement of investment in accordance with objective) to September 30, 2009. | | | |
(b) For the Period October 9, 2000 (commencement of share class operations) to September 30, 2009. | | | | | |
(c) For the Period February 3, 2004 (commencement of share class operations) to September 30, 2009. | | | | | |
*With Maximum Deferred Sales Charge | | | | | | | | |
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s A shares, and the Russell Mid-Cap Growth Index on October 5, 2000 and held through September 30, 2009. The Russell Mid-Cap Growth Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
Timothy Plan Fund Performance [3]
LETTER FROM THE MANAGER
September 30, 2009
INTERNATIONAL FUND
The global equity markets began the year similar to the 2nd half of 2008, volatile and declining. Most European, Asian, and emerging equity markets bottomed in the first half of 2009 and began a sharp rebound as economic fundamentals stopped getting worse and as investors bet on improving fundamentals in the 2nd half of the year.
The Fund’s sector weightings tended to be more defensive during the beginning of the year including a large cash weighting that peaked in March. With low equity valuations and as economic evidence began to trickle in from areas around the world that we were nearing the trough of the crisis and the global recession, we began to invest the Fund’s cash weighting and shift the Fund’s exposure away from defensive sectors and into more cyclical sectors. We decreased the Fund’s weightings in the utilities, telecom services, and staples sectors. We increased the weight to the financials sector aggressively after March as well as adding to the materials, energy, and industrials sectors.
An increased allocation to the emerging markets helped the fund’s performance thus far in 2009 as these markets have bounced faster than developed markets and show very attractive returns with Fund holdings from Brazil, India, and Mexico providing strong performance. The Fund’s underweight stance for most of the year to the energy sector was additive as the energy sector lagged the MSCI EAFE index performance. Stock selection in the industrials and IT sectors added the most benefit to the portfolio with strong performance from the Fund’s holding in a Singapore offshore rig builder and a Swedish construction and mining tools manufacturer.
Although we added to our weights in the financials and materials sectors throughout the year, an underweight stance on average for the year detracted from the Fund’s performance as these proved to be the two best performing sectors in the EAFE index for this time period. Our stock selection in the financials and energy sectors also hurt relative performance. The Fund’s Japanese holdings in the financials sector lagged the rebound seen across other markets in Europe and Asia as the Japanese market has disappointed so far in the year.
The massive selloff in global equity prices into 2009 created great opportunities for long term investors. The Fund began taking advantage of this earlier in the year and moved to invest its cash and rotate its holdings from defensive to more cyclical sectors. We still believe that valuations in the developed and emerging markets are attractive and equity prices are well below their most recent highs.
Eagle Global Advisors
Timothy Plan Fund Performance [4]
FUND PERFORMANCE – (Unaudited)
September 30, 2009
INTERNATIONAL FUND
| 9 Months | | | | 5 year | | Average | |
| (1/1/09 - 9/30/09) | | 1 Year | | Average | | Annual Return | |
Fund/Index | Total Return | | Total Return | | Annual Return | | Since Inception | (a) |
Timothy International Fund - Class A (With Sales Charge) | 20.04% | | -9.40% | | N/A | | -12.53% | |
MSCI EAFE Index | 29.16% | | 3.43% | | N/A | | -11.06% | |
Timothy International Fund - Class C* | 24.97% | | -5.80% | | N/A | | -25.67% | |
MSCI EAFE Index | 29.16% | | 3.43% | | N/A | | -11.06% | |
| | | | | | | | | |
(a) For the period May 3, 2007 (commencement of investment in accordance with objective) to September 30, 2009. | | | | | |
*With Maximum Deferred Sales Charge | | | | | | | | |
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s A shares, and the MSCI EAFE Index on May 3, 2007 and held through September 30, 2009. The MSCI EAFE Index is a widely recognized unmanaged index of equity prices and is representative of equity market performance of developed countries, excluding the U.S. and Canada. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
Timothy Plan Fund Performance [5]
LETTER FROM THE MANAGER
September 30, 2009
LARGE / MID CAP GROWTH FUND
We are pleased to report that the Fund has advanced 22.60% through the first nine-months of 2009. This impressive rebound in performance began in mid-March of this year and coincided with the realization among investors that economic activity had likely bottomed. The stock market has historically been a leading indicator of economic activity, rallying on cue as investors perceive that a recovery is on the horizon. This latest episode merely confirms the market’s historical pattern. Also consistent with past recoveries, the poorest quality companies, many of which had one foot in the proverbial grave in early ’09, have led the rally off the bottom. The performance of these ugly-ducklings should not be sustainable and we believe that it has run its course. Eventually, investors shift their focus to traditional measures of fundamental strength and growth as they make their capital allocation decisions. Throughout this year and last, we have held-fast to our time-tested focus on well managed companies, with strong balance sheets and appealing growth prospects. These are the companies that extend their performance as the economy gradually improves and should produce lasting returns against the broader market indexes. A gradual improvement is precisely where we believe this current economic recovery will diverge from those experienced in the past. We are of the opinion that unemployment will remain unacceptably high and will prove difficult to reduce, unless and until Congress and the Administration modify their anti-entrepreneur policies. History has proven that entrepreneurs are responsible for starting and managing the small and medium-sized businesses employ the vast majority of American workers, and we believe that will continue to be the case.
CHARTWELL INVESTMENT PARTNERS, LP
Timothy Plan Fund Performance [6]
FUND PERFORMANCE
September 30, 2009
LARGE / MID CAP GROWTH FUND
| 9 Months | | | | 5 year | | Average | |
| (1/1/09 - 9/30/09) | | 1 Year | | Average | | Annual Return | |
Fund/Index | Total Return | | Total Return | | Annual Return | | Since Inception | |
Timothy Large / Mid Cap Growth Fund - Class A (With Sales Charge) | 15.98% | | -9.11% | | -2.08% | | -6.20% | (a) |
Russell 1000 Index | 27.11% | | -1.85% | | 1.86% | | -4.87% | (a) |
Timothy Large / Mid Cap Growth Fund - Class B | 21.65% | | 5.51% | | -1.73% | | -6.30% | (b) |
Russell 1000 Index | 27.11% | | -1.85% | | 1.86% | | -4.58% | (b) |
Timothy Large / Mid Cap Growth Fund - Class C* | 20.39% | | -5.50% | | -1.76% | | -1.89% | (c) |
Russell 1000 Index | 27.11% | | -1.85% | | 1.86% | | 0.81% | (c) |
| | | | | | | | | |
(a) For the period October 5, 2000 (commencement of investment in accordance with objective) to September 30, 2009. | | | |
(b) For the Period October 9, 2000 (commencement of share class operations) to September 30, 2009. | | | | | |
(c) For the Period February 3, 2004 (commencement of share class operations) to September 30, 2009. | | | | | |
*With Maximum Deferred Sales Charge | | | | | | | | |
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s A shares, and the Russell 1000 Growth Index on October 5, 2000 and held through September 30, 2009. The Russell 1000 Growth Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
Timothy Plan Fund Performance [7]
LETTER FROM THE MANAGER
September 30, 2009
SMALL CAP VALUE FUND
We are pleased to provide you with our report for the Timothy Plan Small Cap Value Fund for the nine months ending September 30, 2009.
The year 2008 was filled with upheaval and the U.S. financial system was changed forever. The environment of the last several years, where risk premiums and volatility had fallen to historically low levels aided by a glut of excess liquidity, has drastically changed. We have since seen 2009 encompass implementation of policy responses to the extraordinary 2008 events in the financial markets and actions by the U.S. Treasury and Federal Reserve. In early March of 2009, the market bottomed and investor sentiment, which had been extremely poor, improved rapidly as the government’s “stress test” concluded that the major U.S. banks were healthy, and a historically high level of federal stimulus resulted in more positive economic data in scattered areas. The measures taken by government and a few positive economic reports markedly boosted confidence and lowered the perception of market risk.
In a reversal of 2008, a year in which high quality stocks outperformed, a renewed appetite for risk led investors to seek out low-priced and economically sensitive securities – regardless of highly leveraged balanced sheets and lack of profits, resulting in a very strong “low quality” rally in the major stock indices. Renewed hope for a turn in the economy primarily benefited the Technology and Consumer Discretionary sectors. The Financial Services sector was the worst performer on the whole, due to the problems faced by the majority of banks during the credit crisis.
Our management teams remained true to Westwood’s time-tested investment discipline and to our decades old investment philosophy that seeks to deliver a superior rate of return while controlling risk. It remains our firm belief that the discipline of quantifying and managing downside risk is paramount and it shall remain a hallmark of the Westwood investment process. Looking for high-quality companies that are typically characterized by strong free cash flow generation, declining debt levels, and rising return on equity will continue to define the core of our process.
For the nine months ending September 30, 2009, the Timothy Plan Small Cap Value Fund produced a return of 15.43%, while the Russell 2000 Index produced a return of 22.43%.
Performance in Technology, Materials & Processing and Consumer Discretionary detracted from relative performance. The low quality, high beta nature of the market rally did not favor our security selection discipline and the objective of the fund, and drove our relative underperformance. Among the worst performing securities were Northwest Pipe, whose industrial markets have been slower to bottom and Penn Virginia, which was impacted early in the year, along with Marcus Corp., Gentiva Health Services and Financial Services firms National Penn Bancshares, United Bankshares and First Niagara. Our holdings in the banking sector were impacted as fundamentals remain challenging for many banks and the markets fear that more charge-offs and capital raises may be necessary for many within the sector.
Conversely, strong performance in the Financial Services, REITs and Consumer Staples aided performance. As the banking sector underperformed, non-bank holdings such as Knight Capital and Stifel Financial have performed well. With strength across all of their divisions, including financial advisory business, fixed income, equity and investment banking, Stifel continues to be well positioned for future endeavors. Knight Capital posted better than expected revenues and was bid up by investors as they reported future opportunities and initiatives for Knight to expand their market share internationally. Other contributors to relative performance included Mack-Cali Realty and Taubman Centers, as well as stable revenue generating companies such as Casey’s General Stores and Diamond Foods. Finally, BE Aerospace and Middleby benefited from the markets attraction to economically sensitive companies.
While we recognize that our bias towards quality has been out of favor in the recent rally, we believe our portfolio is positioned appropriately for the current uncertainties in the environment and we have not deviated from our investment process. Emphasis on our investment process, philosophy, and risk control has been the historical driver of our success and will drive future success. As a result, we continue to focus on companies with attractive fundamentals, including strong free cash flow, low debt, revenue visibility, and exposure to faster growing foreign markets.
Westwood Management Corporation
Timothy Plan Fund Performance [8]
FUND PERFORMANCE – (Unaudited)
September 30, 2009
SMALL CAP VALUE FUND
| 9 Months | | | | 5 year | | 10 Year | |
| (1/1/09 - 9/30/09) | | 1 Year | | Average | | Average | |
Fund/Index | Total Return | | Total Return | | Annual Return | | Annual Return | |
Timothy Small Cap Value Fund - Class A (With Sales Charge) | 9.04% | | -20.34% | | -0.24% | | 4.76% | |
Russell 2000 Index | 22.43% | | -9.55% | | 2.41% | | 4.88% | |
Timothy Small Cap Value Fund - Class B | 14.65% | | -17.18% | | 0.17% | | 4.61% | |
Russell 2000 Index | 22.43% | | -9.55% | | 2.41% | | 4.88% | |
Timothy Small Cap Value Fund - Class C* | 13.67% | | -17.16% | | 0.15% | | -0.18% | (a) |
Russell 2000 Index | 22.43% | | -9.55% | | 2.41% | | 2.07% | (a) |
| | | | | | | | | |
(a) For the period February 3, 2004 (commencement of share class operations) to September 30, 2009. | | | | | |
*With Maximum Deferred Sales Charge | | | | | | | | |
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s A shares, and the Russell 2000 Index on September 30, 1999 and held through September 30, 2009. The Russell 2000 Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
Timothy Plan Fund Performance [9]
LETTER FROM THE MANAGER
September 30, 2009
LARGE / MID CAP VALUE FUND
We are pleased to provide you with our report for the Timothy Plan Large / Mid Cap Value Fund for the nine months ending September 30, 2009.
The year 2008 was filled with upheaval and the U.S. financial system was changed forever. The environment of the last several years, where risk premiums and volatility had fallen to historically low levels aided by a glut of excess liquidity, has drastically changed. We have since seen 2009 encompass implementation of policy responses to the extraordinary 2008 events in the financial markets and actions by the U.S. Treasury and Federal Reserve. In early March of 2009, the market bottomed and investor sentiment, which had been extremely poor, improved rapidly as the government’s “stress test” concluded that the major U.S. banks were healthy, and a historically high level of federal stimulus resulted in more positive economic data in scattered areas. The measures taken by government and a few positive economic reports markedly boosted confidence and lowered the perception of market risk.
In a reversal of 2008, a year in which high quality stocks outperformed, a renewed appetite for risk led investors to seek out low-priced and economically sensitive securities – regardless of highly leveraged balanced sheets and lack of profits, resulting in a very strong “low quality” rally in the major stock indices. Renewed hope for a turn in the economy primarily benefited the Technology and Consumer Discretionary sectors. The Financial Services sector was the worst performer on the whole, due to the problems faced by the majority of banks during the credit crisis.
Our management teams remained true to Westwood’s time-tested investment discipline and to our decades old investment philosophy that seeks to deliver a superior rate of return while controlling risk. It remains our firm belief that the discipline of quantifying and managing downside risk is paramount and it shall remain a hallmark of the Westwood investment process. Looking for high-quality companies that are typically characterized by strong free cash flow generation, declining debt levels, and rising return on equity will continue to define the core of our process.
For the nine months ending September 30, 2009, the Timothy Plan Large / Mid Cap Value Fund produced a return of 17.80%, while the S&P 500 Index produced a return of 19.27%.
Security selection in the Technology and Consumer Discretionary sectors were the largest detractors to relative performance. The low quality, high beta, small company nature of the market rally did not favor our security selection discipline and the objective of the fund, and drove our relative underperformance. Among the worst performing securities was Financial Services firm PNC Financial Services, which had been sold from the portfolio prior to the 2009 rebound in that sector when the downside potential for the stock was not quantifiable, violating our asymmetric reward-to-risk requirement, and we sought to protect the portfolio from further capital loss. Mattel was impacted by slow holiday sales to consumers and was sold early in the year. Technology names Research in Motion fell on slower smartphone sales growth, and Harris Corp. has been hurt by fears of a decline in defense spending with the new Presidential administration.
Strong security selection in Consumer Staples, Producer Durables and Health Care aided relative performance. Best performing stocks included asset managers Blackrock and INVESCO, which reported solid AUM growth over the period. Also, Blackrock announced the purchase of Barclays Global Investors, which will make it the largest institutional asset management firm in the world. Dr. Pepper Snapple benefitted from acquisition activity in the industry as well as strong earnings growth as costs were well controlled and volumes increased. Finally, Flowserve and Union Pacific benefitted from the market’s rally and investor desire for companies that might benefit from an economic recovery.
As interest rates on Treasuries rise, risk appetites typically decline and capital flows into higher quality securities. Such an environment has historically led to relative outperformance for Westwood. With the Fed Funds short rate at zero today, rates can only rise from here; as such, we believe that we are poised for outperformance. This environment is reminiscent of the low quality rally in 2003 in which Westwood also lagged. However, for the 5-year period 2003-2007, Westwood was among the best relative performers in terms of high return, low risk, and superior risk-adjusted returns.
Westwood Management Corporation
Timothy Plan Fund Performance [10]
FUND PERFORMANCE – (Unaudited)
September 30, 2009
LARGE / MID CAP VALUE FUND
| 9 Months | | | | 5 year | | 10 Year | |
| (1/1/09 - 9/30/09) | | 1 Year | | Average | | Average | |
Fund/Index | Total Return | | Total Return | | Annual Return | | Annual Return | |
Timothy Large / Mid Cap Value Fund - Class A (With Sales Charge) | 11.32% | | -15.19% | | 3.53% | | 4.06% | |
S&P 500 Index | 19.27% | | -6.91% | | 1.01% | | -5.43% | |
Timothy Large / Mid Cap Value Fund - Class B | 17.19% | | -11.89% | | 3.94% | | 3.85% | |
S&P 500 Index | 19.27% | | -6.91% | | 1.01% | | -5.43% | |
Timothy Large / Mid Cap Value Fund - Class C* | 15.92% | | -11.90% | | 3.93% | | 2.63% | (a) |
S&P 500 Index | 19.27% | | -6.91% | | 1.01% | | 0.76% | (a) |
| | | | | | | | | |
(a) For the period February 3, 2004 (commencement of share class operations) to September 30, 2009. | | | | | |
*With Maximum Deferred Sales Charge | | | | | | | | |
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s A shares, and the S&P 500 Index on September 30, 1999 and held through September 30, 2009. The S&P 500 Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
Timothy Plan Fund Performance [11]
LETTER FROM THE MANAGER
September 30, 2009
FIXED INCOME FUND
The recession that began in December of 2007 is showing signs of being over, and the economy will likely demonstrate modest growth during the second half of 2009. Manufacturing is poised for a strong rebound as the inventory cycle swings toward a higher production to alleviate the largest gap in new orders to current inventories since 1975. However, the economy displays mixed signals about a recovery. Retail sales are still down 5.3% from a year ago as the negative wealth effect from falling home prices and higher unemployment keep consumer spending constrained. Unemployment has weakened significantly throughout the year reaching 9.8% in September while nearly 17% are underemployed.
The government has responded to the severe 2008-09 recession with unprecedented level of fiscal stimulus to try and restart the economy. However, the $787B stimulus package and other government measures like the Cash for Clunkers program have yet to lead to job growth. Support programs from Washington have helped housing in the lower priced end of the market to a modest recovery, but higher end home prices remain under pressure and mortgage delinquencies continue to rise. On the monetary front, the Federal Reserve has maintained an effective 0% Fed Funds Rate since last December coupled with quantitative easing programs including purchasing Agency MBS and U.S. Treasuries to keep rates low.
The bond market’s reaction to this environment for 2009 was mixed as Treasury rates generally moved higher over the last nine months. For example, the Treasury ten year yield started the year at 2.2% and reached 3.3 % on September 30th. On the other hand, the Federal Reserve held short rates low with the 3-month Treasury bill moving only 3 basis points (bp) higher to 0.1%. These changes produced a dramatically steeper yield curve, and the Barclays Treasury index generated a (2.3%) return year to date as of September 30. The non-government sectors of the bond market generated positive returns. For example, the Barclays investment grade credit index’s yield spread dropped sharply from 493 bp at the start of the year to 198bp on September 30 producing a 14.9% return.
Timothy Fixed Income Fund A shares generated an 8.70% return outperforming the 5.72% return of the Barclays Aggregate index benchmark year-to date through September 30. This was due in part to the over-weight in non-government sectors especially corporate bonds. While the Fund did not keep pace with the 12.50% return of the median Intermediate fund in Morningstar’s universe year-to-date 2009, the results in 2008 were 466 bp ahead when the median fund’s return was (4.70%).
The portfolio is conservatively structured with an average credit quality of AA and an average maturity of 5.3 years. Corporate bonds continue to be over-weighted to add yield and the portfolio has an 8.3% position in Treasury Inflation Protected Securities as of September 30. The portfolio has no exposure to subprime loans or CMBS, and the mortgage holdings are GNMA issues having the full faith and credit of the U.S. Treasury.
Barrow, Hanley, Mewhinney & Strauss
Timothy Plan Fund Performance [12]
FUND PERFORMANCE – (Unaudited)
September 30, 2009
FIXED INCOME FUND
| 9 Months | | | | 5 year | | 10 Year | |
| (1/1/09 - 9/30/09) | | 1 Year | | Average | | Average | |
Fund/Index | Total Return | | Total Return | | Annual Return | | Annual Return | |
Timothy Fixed Income Fund - Class A (With Sales Charge) | 3.81% | | 4.49% | | 2.79% | | 3.99% | |
Barclays Capital U.S. Aggregate Bond Index | 5.72% | | 10.56% | | 5.11% | | 6.18% | |
Timothy Fixed Income Fund - Class B | 7.98% | | 7.42% | | 2.99% | | 3.65% | |
Barclays Capital U.S. Aggregate Bond Index | 5.72% | | 10.56% | | 5.11% | | 6.18% | |
Timothy Fixed Income Fund - Class C* | 6.94% | | 7.47% | | 2.96% | | 2.88% | (a) |
Barclays Capital U.S. Aggregate Bond Index | 5.72% | | 10.56% | | 5.11% | | 4.94% | (a) |
| | | | | | | | | |
(a) For the period February 3, 2004 (commencement of share class operations) to September 30, 2009. | | | | | |
*With Maximum Deferred Sales Charge | | | | | | | | |
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s A shares, and the Barclays Capital U.S. Aggregate Bond Index on September 30, 1999 and held through September 30, 2009. The Barclays Capital U.S. Aggregate Bond Index is a widely recognized, unmanaged index of bond prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
Timothy Plan Fund Performance [13]
LETTER FROM THE MANAGER
September 30, 2009
HIGH YIELD BOND FUND
The High Yield (HY) credit market moved significantly higher as did the equity market in 2Q09 and 3Q09 as signs increased that the economy will likely demonstrate modest growth during the second half of 2009. Along with the improved sentiment, cash inflows of $26 billion to HY funds helped create a significant rally driving yields lower. The Barclays Ba/B HY index started the year at a yield of 15.86% and moved to an 8.50% yield by September 30th. This generated a 38.77% return for the Barclays Ba/B Index year-to-date. The Barclays HY index that includes CCC rated bonds generated 50% for the year ahead of the 1991 record of 46%.
HY issuers readily took advantage of favorable market conditions. During 3Q09, the fifth most active quarter on record, the strong demand from investors easily absorbed $52B in new issuance. The issuance window for the HY market has been wide open for the last two quarters, a dramatic difference from just a year ago and a major contributor to good returns in 2009. Many HY issuers have taken advantage of the demand and greatly improved pricing to refinance and eliminate potential liquidity problems. Interestingly, many companies refinanced debt maturing in 24 to 36 months rather than the usual practice of waiting until just several months prior to maturity. Corporate treasurers are content to pay a small premium today for the security of knowing they will not have to face the uncertain conditions of 2008 over the next few years.
The Timothy High Yield Fund A shares returned 45.11% for the first nine months of 2009 ahead of both the 38.77% return from the Barclays Ba/B index benchmark and the 38.9% result of the Morningstar median HY fund. Issuers aiding performance included the following names which all more than doubled their 12/31/08 values: Helix Energy, Momentive Performance, Sanmina-SCI, Tyson Foods, and Vimplecom. Holdings that detracted from relative performance being up less than 25% included: Cricket Communications, Kansas City Southern, Tesoro, and Videotron.
The portfolio is typically maintained in a somewhat defensive posture within the HY market, and this strategy is heightened in the current environment where we believe it is prudent to become even more cautious. Security selection focuses heavily on manageable debt levels, decent growth prospects, and good liquidity. We maintain our theme of consumers seeking to spend less by “trading down” (pre-paid wireless), yet spending on necessities (Energy). Secured bonds that pledge solid collateral to back the securities and good covenant protection are stressed in the portfolio holdings. The portfolio is moderately diversified in 48 issuers having an average quality of Ba3/BB- with an average maturity of 6.1 years. We believe that the Fund provides an attractive risk/reward opportunity for investors able to withstand volatility.
Barrow, Hanley, Mewhinney & Strauss
Timothy Plan Fund Performance [14]
FUND PERFORMANCE – (Unaudited)
September 30, 2009
HIGH YIELD BOND FUND
| 9 Months | | | | 5 year | | Average | |
| (1/1/09 - 9/30/09) | | 1 Year | | Average | | Annual Return | |
Fund/Index | Total Return | | Total Return | | Annual Return | | Since Inception | (a) |
Timothy High Yield Bond Fund - Class A (With Sales Charge) | 38.58% | | 8.71% | | N/A | | -1.47% | |
Barclays Capital U.S. Corporate High-Yield Bond Index | 38.77% | | 17.43% | | N/A | | 2.83% | |
Timothy High Yield Bond Fund - Class C* | 42.46% | | 11.61% | | N/A | | -1.90% | |
Barclays Capital U.S. Corporate High-Yield Bond Index | 38.77% | | 17.43% | | N/A | | 2.83% | |
| | | | | | | | | |
(a) For the period May 7, 2007 (commencement of investment in accordance with objective) to September 30, 2009. | | | | | |
*With Maximum Deferred Sales Charge | | | | | | | | |
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s A shares, and the Barclays Capital U.S. Corporate High Yield Bond Index on May 7, 2007 and held through September 30, 2009. The Barclays Capital U.S. Corporate High Yield Bond Index is a widely recognized, unmanaged index of non-investment grade, fixed rate, taxable corporate bonds. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
Timothy Plan Fund Performance [15]
LETTER FROM THE MANAGER
September 30, 2009
STRATEGIC GROWTH FUND
Dear Strategic Growth Fund Shareholder,
As I stated in my President’s Letter at the front of this report, 2008 was, by far, the worst year – in terms of financial market performance – in modern history. Your Strategic Growth Fund is a compilation of several of Timothy’s underlying funds and, as such, its performance is directly related to the performance of those underlying funds. As a review, your specific asset mix is approximately as follows:
· Large/Mid-Cap Value Fund = 20.0 %
· Small-Cap Value Fund = 12.5 %
· Large/Mid-Cap Growth Fund = 20.0 %
· Aggressive Growth Fund = 12.5 %
· International Fund = 25.0 %
· High-Yield Bond Fund = 10.0 %
Since your performance is so directly related to our underlying funds, you will be pleased to know that we have completed our efforts to upgrade the managers of all our funds and, in my opinion, all of our funds are now managed by firms that are as good as, if not better than, any mutual fund family in the industry. Please refer to each individual manager’s comments within this report for more detailed information as to why the funds under their responsibility performed as they did.
For what it is worth, all of our various managers believe we are either at or very near the bottom of this violent market. If they are right, as I believe they are – although no one can know for sure, then the potential rewards for current and new investments could far outweigh the risks. We fully expect 2009 to be rather rocky but also believe we could see a sustained recovery begin sometime during the last half of the year. As you well know, however, no one can guarantee future results. The one thing I can assure you of is that every one of our managers will be working very hard on your behalf.
Arthur D. Ally
President, The Timothy Plan
Timothy Plan Fund Performance [16]
FUND PERFORMANCE – (Unaudited)
September 30, 2009
STRATEGIC GROWTH FUND
| 9 Months | | | | 5 year | | Average | |
| (1/1/09 - 9/30/09) | | 1 Year | | Average | | Annual Return | |
Fund/Index | Total Return | | Total Return | | Annual Return | | Since Inception | |
Timothy Strategic Growth Fund - Class A (With Sales Charge) | 16.15% | | -12.21% | | -0.20% | | -2.53% | (a) |
DJ Global Moderately Aggressive Portfolio Index | 26.42% | | 2.79% | | 5.16% | | 3.87% | (a) |
Timothy Strategic Growth Fund - Class B | 22.25% | | -8.81% | | 0.21% | | -2.63% | (b) |
DJ Global Moderately Aggressive Portfolio Index | 26.42% | | 2.79% | | 5.16% | | 4.06% | (b) |
Timothy Strategic Growth Fund - Class C* | 20.86% | | -8.92% | | 0.19% | | -0.37% | (c) |
DJ Global Moderately Aggressive Portfolio Index | 26.42% | | 2.79% | | 5.16% | | 4.84% | (c) |
| | | | | | | | | |
(a) For the period October 5, 2000 (commencement of investment in accordance with objective) to September 30, 2009. | | | |
(b) For the Period October 9, 2000 (commencement of share class operations) to September 30, 2009. | | | | | |
(c) For the Period February 3, 2004 (commencement of share class operations) to September 30, 2009. | | | | | |
*With Maximum Deferred Sales Charge | | | | | | | | |
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s A shares, and the Dow Jones Global Moderately Aggressive Portfolio Index on October 5, 2000 and held through September 30, 2009. The Dow Jones Global Moderately Aggressive Portfolio Index is a widely recognized index that measures global stocks, bonds, and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the indexes and the reinvestment of dividends. The index returns do not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
Timothy Plan Fund Performance [17]
LETTER FROM THE MANAGER
September 30, 2009
CONSERVATIVE GROWTH FUND
Dear Conservative Growth Fund Shareholder,
As I stated in my President’s Letter at the front of this report, 2008 was, by far, the worst year – in terms of financial market performance – in modern history. Your Conservative Growth Fund is a compilation of several of Timothy’s underlying funds and, as such, its performance is directly related to the performance of those underlying funds. As a review, your specific asset mix is approximately as follows:
· Large/Mid-Cap Value Fund = 20.0 %
· Small-Cap Value Fund = 10.0 %
· Large/Mid-Cap Growth Fund = 10.0 %
· Aggressive Growth Fund = 5.0 %
· International Fund = 15.0 %
· High-Yield Bond Fund = 10.0 %
· Fixed Income Fund = 30.0 %
Since your performance is so directly related to our underlying funds, you will be pleased to know that we have completed our efforts to upgrade the managers of all our funds and, in my opinion, all of our funds are now managed by firms that are as good as, if not better than, any mutual fund family in the industry. Please refer to each individual manager’s comments within this report for more detailed information as to why the funds under their responsibility performed as they did.
For what it is worth, all of our various managers believe we are either at or very near the bottom of this violent market. If they are right, as I believe they are – although no one can know for sure, then the potential rewards for current and new investments could far outweigh the risks. We fully expect 2009 to be rather rocky but also believe we could see a sustained recovery begin sometime during the last half of the year. As you well know, however, no one can guarantee future results. The one thing I can assure you of is that every one of our managers will be working very hard on your behalf.
Arthur D. Ally
President, The Timothy Plan
Timothy Plan Fund Performance [18]
FUND PERFORMANCE – (Unaudited)
September 30, 2009
CONSERVATIVE GROWTH FUND
| 9 Months | | | | 5 year | | Average | |
| (1/1/09 - 9/30/09) | | 1 Year | | Average | | Annual Return | |
Fund/Index | Total Return | | Total Return | | Annual Return | | Since Inception | |
Timothy Conservative Growth Fund - Class A (With Sales Charge) | 12.40% | | -6.75% | | 1.27% | | 0.64% | (a) |
Dow Jones Global Moderate Portfolio Index | 20.55% | | 5.02% | | 5.09% | | 4.63% | (a) |
Timothy Conservative Growth Fund - Class B | 18.22% | | -3.03% | | 1.67% | | 0.51% | (b) |
Dow Jones Global Moderate Portfolio Index | 20.55% | | 5.02% | | 5.09% | | 4.77% | (b) |
Timothy Conservative Growth Fund - Class C* | 17.27% | | -2.93% | | 1.70% | | 1.39% | (c) |
Dow Jones Global Moderate Portfolio Index | 20.55% | | 5.02% | | 5.09% | | 4.79% | (c) |
| | | | | | | | | |
(a) For the period October 5, 2000 (commencement of investment in accordance with objective) to September 30, 2009. | | | |
(b) For the Period October 9, 2000 (commencement of share class operations) to September 30, 2009. | | | | | |
(c) For the Period February 3, 2004 (commencement of share class operations) to September 30, 2009. | | | | | |
*With Maximum Deferred Sales Charge | | | | | | | | |
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s A shares, and the Dow Jones Global Moderate Portfolio Index on October 5, 2000 and held through September 30, 2009. The Dow Jones Global Moderate Portfolio Index is a widely recognized index that measures stocks, bonds, and cash which in turn are represented by multiple sub-indexes. Performance figures include the change in value of the investments in the indexes and the reinvestment of dividends. The index returns do not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
Timothy Plan Fund Performance [19]
FUND PROFILE
September 30, 2009
TIMOTHY PLAN AGGRESSIVE GROWTH FUND
FUND PROFILE (unaudited):
Top Ten Holdings | | | Industries | |
(% of Net Assets) | | | (% of Net Assets) | |
| | | | | |
SBA Communications Corp. - Class A | 3.02% | | Information Technology | 32.53% |
Timothy Plan Money Market Fund | 2.41% | | Health Care | 19.50% |
Alexion Pharmaceuticals, Inc. | 2.03% | | Consumer Discretionary | 13.00% |
Jarden Corp. | 1.98% | | Financials | 8.91% |
Microsemi Corp. | 1.83% | | Industrials | 8.77% |
NICE Systems, Ltd. (ADR) | 1.76% | | Energy | 7.20% |
Marvell Technology Group, Ltd. | 1.71% | | Materials | 4.94% |
Informatica Corp. | 1.58% | | Telecommunication | 4.78% |
Ashland, Inc. | 1.57% | | Short-Term Investments | 2.41% |
Atlas Air Worldwide Holdings, Inc. | 1.57% | | Liabilities in Excess of Other Assets | (2.04)% |
| | 19.46% | | | 100.00% |
TIMOTHY PLAN INTERNATIONAL FUND
FUND PROFILE (unaudited):
Top Ten Holdings | | Industries |
(% of Net Assets) | | (% of Net Assets) |
| | | | | |
Banco Santander SA (ADR) | 4.80% | | Financials | 22.56% |
Henkel AG & Co. KGaA (ADR) | 4.52% | | Industrials | 11.91% |
Total S.A. (ADR) | 3.45% | | Materials | 11.19% |
Singapore Telecommunications, Ltd. (ADR) | 3.44% | | Consumer Staples | 10.90% |
Canon, Inc. (ADR) | 3.31% | | Telecommunication | 9.56% |
Smith & Nephew plc (ADR) | 3.15% | | Energy | 8.10% |
Fresenius Medical Care AG & Co. KGaA(ADR) | 3.09% | | Health Care | 7.19% |
Petroleo Brasileiro S.A. (ADR) | 2.92% | | Consumer Discretionary | 6.30% |
Keppel Corp., Ltd. (ADR) | 2.91% | | Utilities | 5.11% |
ABB, Ltd. (ADR) | 2.80% | | Information Technology | 4.92% |
| | 34.39% | | Short-Term Investments | 2.40% |
| | | | Liabilities in Excess of Other Assets | (0.14)% |
| | | | | 100.00% |
Timothy Plan Top Ten Holdings/ Industries [20]
FUND PROFILE
September 30, 2009
TIMOTHY PLAN LARGE / MID CAP GROWTH FUND
FUND PROFILE (unaudited):
Top Ten Holdings | | Industries |
(% of Net Assets) | | (% of Net Assets) |
| | | | | |
Timothy Plan Money Market Fund | 5.44% | | Information Technology | 19.46% |
Exxon Mobil Corp. | 4.58% | | Health Care | 18.82% |
Paychex, Inc. | 3.74% | | Financials | 16.01% |
Lowe's Companies, Inc. | 3.03% | | Energy | 14.71% |
T. Rowe Price Group, Inc. | 2.48% | | Consumer Discretionary | 9.92% |
Occidental Petroleum Corp. | 2.27% | | Industrials | 7.73% |
Medco Health Solutions, Inc. | 2.24% | | Short-Term Investments | 5.44% |
Franklin Resources, Inc. | 2.07% | | Materials | 3.68% |
SBA Communications Corp. - Class A | 2.07% | | Telecommunication | 2.97% |
L-3 Communications Holdings, Inc. | 2.05% | | Consumer Staples | 1.78% |
| | 29.97% | | Liabilities in Excess of Other Assets | (0.52)% |
| | | | | 100.00% |
TIMOTHY PLAN SMALL CAP VALUE FUND
FUND PROFILE (unaudited):
Top Ten Holdings | | Industries |
(% of Net Assets) | | (% of Net Assets) |
| | | | | |
Timothy Plan Money Market Fund | 4.51% | | Industrials | 28.94% |
BE Aerospace, Inc. | 2.64% | | Financials | 17.41% |
Atlas America, Inc. | 2.58% | | Information Technology | 12.17% |
Middleby Corp. | 2.49% | | Consumer Discretionary | 11.74% |
Casey's General Stores, Inc. | 2.48% | | Consumer Staples | 9.88% |
Texas Capital Bancshares, Inc. | 2.46% | | Utilities | 6.54% |
AptarGroup, Inc. | 2.43% | | Materials | 4.72% |
Moog, Inc. - Class A | 2.42% | | Short-Term Investments | 4.51% |
Equity Lifestyle Properties, Inc. | 2.36% | | Energy | 3.06% |
Teledyne Technologies, Inc. | 2.36% | | Health Care | 1.99% |
| | 26.73% | | Liabilities in Excess of Other Assets | (0.96)% |
| | | | | 100.00% |
Timothy Plan Top Ten Holdings/ Industries [21]
FUND PROFILE
September 30, 2009
TIMOTHY PLAN LARGE / MID CAP VALUE FUND
FUND PROFILE (unaudited):
Top Ten Holdings | | | Industries | |
(% of Net Assets) | | | (% of Net Assets) | |
| | | | | |
Exxon Mobil Corp. | 4.38% | | Financials | 24.25% |
BlackRock, Inc. | 3.00% | | Energy | 17.91% |
Occidental Petroleum Corp. | 2.92% | | Consumer Staples | 13.38% |
Flowserve Corp. | 2.85% | | Industrials | 12.43% |
McKesson Corp. | 2.81% | | Utilities | 10.90% |
Dr Pepper Snapple Group, Inc. | 2.78% | | Health Care | 7.88% |
Covidien PLC | 2.75% | | Information Technology | 7.56% |
McAfee, Inc. | 2.75% | | Short-Term Investments | 2.39% |
Emerson Electric Co. | 2.65% | | Consumer Discretionary | 2.26% |
CA, Inc. | 2.56% | | Materials | 1.00% |
| | 29.45% | | Other Assets Less Liabilities | 0.04% |
| | | | | 100.00% |
Timothy Plan Top Ten Holdings/ Industries [22]
FUND PROFILE
September 30, 2009
TIMOTHY PLAN FIXED INCOME FUND
FUND PROFILE (unaudited):
Top Ten Holdings | | Industries |
(% of Net Assets) | | (% of Net Assets) |
| | | | | |
Timothy Plan Money Market Fund | 9.74% | | Mortgage-Backed Securities | 33.42% |
U.S. Treasury Bond, 7.25%, 08/15/2022 | 6.24% | | Government | 17.48% |
GNMA Pool 717072, 5.00%, 05/15/2039 | 5.69% | | Financials | 11.10% |
TIP, 2.00%, 01/15/2014 | 5.03% | | Short-Term Investments | 9.74% |
GNMA Pool 4541, 5.00%, 09/20/2039 | 3.83% | | TIPS | 8.20% |
GNMA Pool 4072, 5.50%, 01/20/2038 | 3.58% | | Utilities | 5.97% |
TIP, 2.50%, 07/15/2016 | 3.17% | | Energy | 5.82% |
Federal Home Loan Bank, 5.50%, 08/13/2014 | 3.15% | | Consumer Discretionary | 3.02% |
GNMA Pool 4058, 5.00%, 12/20/2037 | 2.81% | | Industrials | 3.00% |
GNMA Pool 3939, 5.00%, 01/20/2037 | 2.52% | | Other Assets Less Liabilities | 1.26% |
| | 45.76% | | Information Technology | 0.99% |
| | | | | 100.00% |
TIMOTHY PLAN HIGH YIELD BOND FUND
FUND PROFILE (unaudited):
Top Ten Holdings | | Industries |
(% of Net Assets) | | (% of Net Assets) |
| | | | | |
Timothy Plan Money Market Fund | 5.37% | | Energy | 26.21% |
Cricket Communications, Inc., 9.375% 11/01/2014 | 3.04% | | Financials | 14.17% |
Goodyear Tire & Rubber Co., 10.50%, 05/15/2016 | 2.83% | | Industrials | 12.46% |
Intergen NV, 9.00%, 06/30/2017 | 2.68% | | Consumer Discretionary | 11.15% |
Prologis, 7.625%, 08/15/2014 | 2.65% | | Utilities | 10.14% |
Helix Energy Solutions Group, Inc., 9.50%, 01/15/2016 | 2.61% | | Materials | 8.24% |
Case New Holland, Inc., 7.75%, 09/01/2013 | 2.59% | | Telecommunication | 6.35% |
Felcor Lodging LP, 3.135%, 12/01/2011 | 2.58% | | Short-Term Investments | 5.37% |
USG Corp., 7.75%, 01/15/2018 | 2.51% | | Other Assets Less Liabilities | 3.41% |
Ashtead Holdings PLC, 8.625%, 08/01/2015 | 2.50% | | Consumer Staples | 2.50% |
| | 29.36% | | | 100.00% |
Timothy Plan Top Ten Holdings/ Industries [23]
FUND PROFILE
September 30, 2009
TIMOTHY PLAN MONEY MARKET FUND
FUND PROFILE (unaudited):
Top Ten Holdings | | Industries |
(% of Net Assets) | | (% of Net Assets) |
| | | | | |
Federal Home Loan Bank, 0.19%, 11/06/2009 | 9.20% | | U.S. Treasuries | 79.12% |
U.S. Treasury Bill, 0.16%, 10/29/2009 | 9.20% | | U.S. Government Agencies | 9.20% |
U.S. Treasury Bill, 0.18%, 10/22/2009 | 9.20% | | Money Market Instruments | 8.00% |
Fidelity Institutional Money Market Portfolio | 8.00% | | Asset-Backed Securities | 3.82% |
U.S. Treasury Bill, 0.13%, 12/31/2009 | 7.73% | | Liabilities in Excess of Other Assets | (0.14)% |
U.S. Treasury Bill, 0.13%, 12/10/2009 | 7.36% | | | 100.00% |
U.S. Treasury Bill, 0.14%, 12/17/2009 | 7.36% | | | |
U.S. Treasury Bill, 0.15%, 11/27/2009 | 7.36% | | | |
U.S. Treasury Bill, 0.17%, 11/19/2009 | 7.36% | | | |
U.S. Treasury Bill, 0.15%, 12/24/2009 | 6.44% | | | |
| | 79.21% | | | |
TIMOTHY PLAN STRATEGIC GROWTH FUND | TIMOTHY PLAN CONSERVATIVE GROWTH FUND |
FUND PROFILE (unaudited): | FUND PROFILE (unaudited): |
Asset Allocation | | Asset Allocation |
(% of Net Assets) | | (% of Net Assets) |
| | | | | |
International | 25.06% | | Fixed Income | 30.14% |
Large / Mid Cap Growth | 19.99% | | Large / Mid Cap Value | 19.92% |
Large / Mid Cap Value | 19.97% | | International | 15.00% |
Aggressive Growth | 12.47% | | High Yield Bond | 10.14% |
Small Cap Value | 12.43% | | Large / Mid Cap Growth | 9.97% |
High Yield Bond | 10.16% | | Small Cap Value | 9.92% |
Liabilities in Excess of Other Assets | (0.08)% | | Aggressive Growth | 4.97% |
| | 100.00% | | Short-Term Investments | 0.09% |
| | | | Liabilities in Excess of Other Assets | (0.15)% |
| | | | | 100.00% |
Timothy Plan Top Ten Holdings/ Industries [24]
EXPENSE EXAMPLES
September 30, 2009
EXPENSE EXAMPLE (unaudited):
As a shareholder of a 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 each 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 April 1, 2009, through September 30, 2009.
Actual Expenses
The first line of the following tables 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.
Hypothetical example for comparison purposes (unaudited)
The second line of the tables provides information about hypothetical account values and hypothetical expenses based on each 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 each 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 tables 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.
Timothy Plan Top Ten Expense Examples [25]
EXPENSE EXAMPLES
September 30, 2009
Timothy Plan Aggressive Growth Fund
| | | Beginning Account Value | | Ending Account Value | | Expenses Paid During Period |
| | | | | | | 4/1/2009 through |
| | | 4/1/2009 | | 9/30/2009 | | 9/30/2009 |
| | | | | | | |
Actual - Class A | | $ 1,000.00 | | $ 1,322.58 | | $ 10.52 |
| | | | | | | |
Hypothetical - Class A ** | | $ 1,000.00 | | $ 1,016.01 | | $ 9.13 |
| | | | | | | |
Actual - Class B | | $ 1,000.00 | | $ 1,319.62 | | $ 14.89 |
| | | | | | | |
Hypothetical - Class B ** | | $ 1,000.00 | | $ 1,012.23 | | $ 12.91 |
| | | | | | | |
Actual - Class C | | $ 1,000.00 | | $ 1,318.61 | | $ 14.86 |
| | | | | | | |
Hypothetical - Class C ** | | $ 1,000.00 | | $ 1,012.25 | | $ 12.89 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.81% for Class A, 2.56% for Class B, and 2.56% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period.) The Aggressive Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 32.26% for Class A, 31.96% for Class B, and 31.86% for Class C for the six-month period of April 1, 2009, to September 30, 2009. |
** Assumes a 5% return before expenses.
Timothy Plan International Fund
| | | Beginning Account Value | | Ending Account Value | | Expenses Paid During Period |
| | | | | | | 4/1/2009 through |
| | | 4/1/2009 | | 9/30/2009 | | 9/30/2009 |
| | | | | | |
| | | | | | | |
Actual - Class A | | $ 1,000.00 | | $ 1,408.24 | | $ 10.21 |
| | | | | | | |
Hypothetical - Class A ** | | $ 1,000.00 | | $ 1,016.59 | | $ 8.55 |
| | | | | | | |
Actual - Class C | | $ 1,000.00 | | $ 1,403.41 | | $ 14.69 |
| | | | | | | |
Hypothetical - Class C ** | | $ 1,000.00 | | $ 1,012.85 | | $ 12.30 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.69% for Class A and 2.44% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period.) The International Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 40.82% for Class A and 40.34% for Class C for the six-month period of April 1, 2009, to September 30, 2009. |
** Assumes a 5% return before expenses.
Timothy Plan Top Ten Expense Examples [26]
EXPENSE EXAMPLES
September 30, 2009
Timothy Plan Large / Mid Cap Growth Fund
| | | Beginning Account Value | | Ending Account Value | | Expenses Paid During Period |
| | | | | | | 4/1/2009 through |
| | | 4/1/2009 | | 9/30/2009 | | 9/30/2009 |
| | | | | | | |
| | | | | | | |
Actual - Class A | | $ 1,000.00 | | $ 1,312.96 | | $ 9.74 |
| | | | | | | |
Hypothetical - Class A ** | | $ 1,000.00 | | $ 1,016.65 | | $ 8.49 |
| | | | | | | |
Actual - Class B | | $ 1,000.00 | | $ 1,305.48 | | $ 14.04 |
| | | | | | | |
Hypothetical - Class B ** | | $ 1,000.00 | | $ 1,012.89 | | $ 12.26 |
| | | | | | | |
Actual - Class C | | $ 1,000.00 | | $ 1,308.09 | | $ 14.05 |
| | | | | | | |
Hypothetical - Class C ** | | $ 1,000.00 | | $ 1,012.90 | | $ 12.25 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.68% for Class A, 2.43% for Class B, and 2.43% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period.) The Large / Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 31.30% for Class A, 30.55% for Class B, and 30.81% for Class C for the six-month period of April 1, 2009, to September 30, 2009. |
** Assumes a 5% return before expenses.
Timothy Plan Small Cap Value Fund
| | | Beginning Account Value | | Ending Account Value | | Expenses Paid During Period |
| | | | | | | 4/1/2009 through |
| | | 4/1/2009 | | 9/30/2009 | | 9/30/2009 |
| | | | | | | |
Actual - Class A | | $ 1,000.00 | | $ 1,327.72 | | $ 9.06 |
| | | | | | | |
Hypothetical - Class A ** | | $ 1,000.00 | | $ 1,017.28 | | $ 7.85 |
| | | | | | | |
Actual - Class B | | $ 1,000.00 | | $ 1,323.44 | | $ 13.41 |
| | | | | | | |
Hypothetical - Class B ** | | $ 1,000.00 | | $ 1,013.52 | | $ 11.62 |
| | | | | | | |
Actual - Class C | | $ 1,000.00 | | $ 1,322.06 | | $ 13.40 |
| | | | | | | |
Hypothetical - Class C ** | | $ 1,000.00 | | $ 1,013.52 | | $ 11.62 |
* | 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 183 days/365 days (to reflect the partial year period.) The Small Cap Value Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 32.77% for Class A, 32.34% for Class B, and 32.21% for Class C for the six-month period of April 1, 2009, to September 30, 2009. |
** Assumes a 5% return before expenses.
Timothy Plan Top Ten Expense Examples [27]
EXPENSE EXAMPLES
September 30, 2009
| | | Beginning Account Value | | Ending Account Value | | Expenses Paid During Period |
| | | | | | | 4/1/2009 through |
| | | 4/1/2009 | | 9/30/2009 | | 9/30/2009 |
| | | | | | | |
| | | | | | | |
Actual - Class A | | $ 1,000.00 | | $ 1,315.34 | | $ 8.90 |
| | | | | | | |
Hypothetical - Class A ** | | $ 1,000.00 | | $ 1,017.38 | | $ 7.76 |
| | | | | | | |
Actual - Class B | | $ 1,000.00 | | $ 1,310.48 | | $ 13.25 |
| | | | | | | |
Hypothetical - Class B ** | | $ 1,000.00 | | $ 1,013.60 | | $ 11.55 |
| | | | | | | |
Actual - Class C | | $ 1,000.00 | | $ 1,311.32 | | $ 13.22 |
| | | | | | | |
Hypothetical - Class C ** | | $ 1,000.00 | | $ 1,013.63 | | $ 11.52 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.53% for Class A, 2.29% for Class B, and 2.28% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period.) The Large / Mid Cap Value Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 31.53% for Class A, 31.05% for Class B, and 31.13% for Class C for the six-month period of April 1, 2009, to September 30, 2009. |
** Assumes a 5% return before expenses.
Timothy Plan Fixed Income Fund
| | | Beginning Account Value | | Ending Account Value | | Expenses Paid During Period |
| | | | | | | 4/1/2009 through |
| | | 4/1/2009 | | 9/30/2009 | | 9/30/2009 |
| | | | | | | |
Actual - Class A | | $ 1,000.00 | | $ 1,064.90 | | $ 6.18 |
| | | | | | | |
Hypothetical - Class A ** | | $ 1,000.00 | | $ 1,019.08 | | $ 6.04 |
| | | | | | | |
Actual - Class B | | $ 1,000.00 | | $ 1,060.25 | | $ 10.06 |
| | | | | | | |
Hypothetical - Class B ** | | $ 1,000.00 | | $ 1,015.30 | | $ 9.84 |
| | | | | | | |
Actual - Class C | | $ 1,000.00 | | $ 1,060.40 | | $ 10.03 |
| | | | | | | |
Hypothetical - Class C ** | | $ 1,000.00 | | $ 1,015.33 | | $ 9.81 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.19% for Class A, 1.95% for Class B, and 1.94% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period.) The Fixed Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 6.49% for Class A, 6.03% for Class B, and 6.04% for Class C for the six-month period of April 1, 2009, to September 30, 2009. |
** Assumes a 5% return before expenses.Timothy Plan Top Ten Expense Examples [28]
EXPENSE EXAMPLES
September 30, 2009
Timothy Plan High Yield Bond Fund
| | | Beginning Account Value | | Ending Account Value | | Expenses Paid During Period |
| | | | | | | 4/1/2009 through |
| | | 4/1/2009 | | 9/30/2009 | | 9/30/2009 |
| | | | | | | |
| | | | | | | |
Actual - Class A | | $ 1,000.00 | | $ 1,421.38 | | $ 8.66 |
| | | | | | | |
Hypothetical - Class A ** | | $ 1,000.00 | | $ 1,017.92 | | $ 7.21 |
| | | | | | | |
Actual - Class C | | $ 1,000.00 | | $ 1,414.27 | | $ 13.11 |
| | | | | | | |
Hypothetical - Class C ** | | $ 1,000.00 | | $ 1,014.21 | | $ 10.93 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.43% for Class A and 2.17% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period.) The High Yield Bond Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 42.14% for Class A and 41.43% for Class C for the six-month period of April 1, 2009, to September 30, 2009. |
** Assumes a 5% return before expenses.
Timothy Plan Money Market Fund
| | | Beginning Account Value | | Ending Account Value | | Expenses Paid During Period |
| | | | | | | 4/1/2009 through |
| | | 4/1/2009 | | 9/30/2009 | | 9/30/2009 |
| | | | | | | |
Actual | | $ 1,000.00 | | $ 1,000.40 | | $ 1.22 |
| | | | | | | |
Hypothetical ** | | $ 1,000.00 | | $ 1,023.85 | | $ 1.23 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.24%, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period.) The Money Market Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 0.04% for the six-month period of April 1, 2009, to September 30, 2009. |
** Assumes a 5% return before expenses.
Timothy Plan Top Ten Expense Examples [29]
EXPENSE EXAMPLES
September 30, 2009
Timothy Plan Strategic Growth Fund
| | | Beginning Account Value | | Ending Account Value | | Expenses Paid During Period |
| | | | | | | 4/1/2009 through |
| | | 4/1/2009 | | 9/30/2009 | | 9/30/2009 |
| | | | | | | |
Actual - Class A | | $ 1,000.00 | | $ 1,344.59 | | $ 6.22 |
| | | | | | | |
Hypothetical - Class A ** | | $ 1,000.00 | | $ 1,019.76 | | $ 5.36 |
| | | | | | | |
Actual - Class B | | $ 1,000.00 | | $ 1,341.23 | | $ 10.64 |
| | | | | | | |
Hypothetical - Class B ** | | $ 1,000.00 | | $ 1,015.98 | | $ 9.16 |
| | | | | | | |
Actual - Class C | | $ 1,000.00 | | $ 1,339.67 | | $ 10.60 |
| | | | | | | |
Hypothetical - Class C ** | | $ 1,000.00 | | $ 1,016.00 | | $ 9.14 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.06% for Class A, 1.81% for Class B, and 1.81% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period.) The Strategic Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 34.46% for Class A, 34.12% for Class B, and 33.97% for Class C for the six-month period of April 1, 2009, to September 30, 2009. |
** Assumes a 5% return before expenses.
Timothy Plan Conservative Growth Fund
| | | Beginning Account Value | | Ending Account Value | | Expenses Paid During Period |
| | | | | | | 4/1/2009 through |
| | | 4/1/2009 | | 9/30/2009 | | 9/30/2009 |
| | | | | | | |
Actual - Class A | | $ 1,000.00 | | $ 1,255.71 | | $ 6.05 |
| | | | | | | |
Hypothetical - Class A ** | | $ 1,000.00 | | $ 1,019.70 | | $ 5.42 |
| | | | | | | |
Actual - Class B | | $ 1,000.00 | | $ 1,251.99 | | $ 10.29 |
| | | | | | | |
Hypothetical - Class B ** | | $ 1,000.00 | | $ 1,015.93 | | $ 9.21 |
| | | | | | | |
Actual - Class C | | $ 1,000.00 | | $ 1,252.80 | | $ 10.29 |
| | | | | | | |
Hypothetical - Class C ** | | $ 1,000.00 | | $ 1,015.94 | | $ 9.20 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.07% for Class A, 1.82% for Class B, and 1.82% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, |
multiplied by 183 days/365 days (to reflect the partial year period.) The Conservative Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 25.57% for Class A, 25.20% for Class B, and 25.28% for Class C for the six-month period of April 1, 2009, to September 30, 2009.
** Assumes a 5% return before expenses.
Timothy Plan Top Ten Expense Examples [30]
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
COMMON STOCKS - 99.63% | | |
number of shares | | fair value |
| | | | |
| | BANKS - 2.34% | | |
5,344 | | Prosperity Bancshares, Inc. | | $ 185,918 |
4,590 | | Signature Bank * | | 133,110 |
9,352 | | TCF Financial Corp. | | 121,950 |
| | | | 440,978 |
| | | | |
| | CHEMICALS - 3.04% | | |
6,850 | | Ashland, Inc. | | 296,057 |
23,984 | | Solutia, Inc. * | | 277,735 |
| | | | 573,792 |
| | | | |
| | CONSUMER GOODS - 3.68% | | |
4,000 | | Coach, Inc. | | 131,680 |
13,665 | | FGX International Holdings, Ltd. * | | 190,627 |
13,277 | | Jarden Corp. | | 372,685 |
| | | | 694,992 |
| | | | |
| | EDUCATION - 2.39% | | |
5,146 | | DeVry, Inc. | | 284,677 |
10,121 | | K12, Inc. * | | 166,794 |
| | | | 451,471 |
| | | | |
| | FINANCIAL / INVESTMENT SERVICES - 5.29% | |
15,000 | | Broadpoint Gleacher Securities, Inc. * | | 125,100 |
9,150 | | Invesco, Ltd. | | 208,254 |
7,916 | | MSCI, Inc. - Class A * | | 234,472 |
3,302 | | Stifel Financial Corp. * | | 181,280 |
12,647 | | TD Ameritrade Holding Corp.* | | 248,134 |
| | | | 997,240 |
| | | | |
| | HEALTHCARE - 10.09% | | |
3,754 | | Amedisys, Inc. * | | 163,787 |
5,200 | | Catalyst Health Solutions, Inc. * | | 151,580 |
3,934 | | Henry Schein, Inc. * | | 216,016 |
6,986 | | ICON plc (ADR) * | | 171,087 |
6,060 | | Immucor, Inc. * | | 107,262 |
4,468 | | IPC The Hospitalist Co. * | | 140,519 |
3,875 | | NuVasive, Inc. * | | 161,820 |
7,800 | | Psychiatric Solutions, Inc. * | | 208,728 |
8,467 | | Sirona Dental Systems, Inc. * | | 251,893 |
3,515 | | SXC Health Solutions Corp. * | | 164,467 |
9,304 | | Wright Medical Group, Inc. * | | 166,169 |
| | | | 1,903,328 |
| | | | |
| | INDUSTRIALS / MACHINERY - 1.66% | | |
4,550 | | Gardner Denver, Inc. * | | 158,704 |
2,800 | | Grief, Inc. - Class A | | 154,140 |
| | | | 312,844 |
| | | | |
| | INFORMATION TECHNOLOGY - 15.74% | | |
5,399 | | Amphenol Corp. - Class A | | 203,434 |
45,614 | | Art Technology Group, Inc. * | | 176,070 |
7,065 | | Atheros Communications * | | 187,434 |
7,525 | | Cognizant Technology Solutions Corp. - Class A* | 290,917 |
5,746 | | Concur Technologies, Inc. * | | 228,461 |
3,012 | | Equinix, Inc.* | | 277,104 |
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
COMMON STOCKS - 99.63% (continued) | | |
number of shares | | fair value |
| | | | |
| | INFORMATION TECHNOLOGY - 15.74% (continued) |
4,800 | | F5 Networks, Inc. * | | $ 190,224 |
13,208 | | Informatica Corp. * | | 298,237 |
6,500 | | Juniper Networks, Inc. * | | 175,630 |
3,940 | | McAfee, Inc. * | | 172,533 |
8,891 | | Starent Networks Corp. * | | 226,009 |
8,527 | | Switch & Data Facilities Co.* | | 116,052 |
5,713 | | Sybase, Inc. * | | 222,236 |
10,452 | | VanceInfo Technologies, Inc. (ADR) * | | 203,187 |
| | | | 2,967,528 |
| | | | |
| | INSTRUMENTS - 0.93% | | |
1,948 | | Mettler-Toledo International, Inc. * | | 176,469 |
| | | | |
| | INSURANCE - 1.28% | | |
13,883 | | XL Capital, Ltd. - Class A | | 242,397 |
| | | | |
| | MISCELLANEOUS SERVICES - 8.27% | | |
4,822 | | Alliance Data Systems Corp. * | | 294,528 |
8,000 | | Constant Contact, Inc.* | | 154,000 |
10,041 | | EnergySolutions, Inc. | | 92,578 |
5,924 | | FTI Consulting, Inc. * | | 252,422 |
13,791 | | GSI Commerce, Inc. * | | 266,304 |
20,266 | | Sapient Corp. * | | 162,939 |
335 | | Shanda Games, Ltd. (ADR) * | | 3,919 |
2,705 | | VistaPrint NV * | | 137,279 |
6,803 | | Waste Connections, Inc. * | | 196,335 |
| | | | 1,560,304 |
| | | | |
| | OIL / NATURAL GAS - 7.20% | | |
4,895 | | Cabot Oil & Gas Corp. | | 174,996 |
14,000 | | Clean Energy Fuels Corp.* | | 201,740 |
7,967 | | Superior Energy Services, Inc. * | | 179,417 |
20,325 | | Venoco, Inc. * | | 233,941 |
13,741 | | Weatherford International, Ltd. * | | 284,851 |
4,900 | | Whiting Petroleum Corp. * | | 282,142 |
| | | | 1,357,087 |
| | | | |
| | PHARMACEUTICALS - 8.47% | | |
8,590 | | Alexion Pharmaceuticals, Inc. * | | 382,599 |
8,829 | | BioMarin Pharmaceutical, Inc. * | | 159,628 |
4,349 | | Cephalon, Inc. * | | 253,286 |
13,863 | | Eurand NV * | | 209,886 |
17,000 | | Impax Laboratoris, Inc. * | | 148,580 |
4,801 | | Onyx Pharmaceuticals, Inc. * | | 143,886 |
2,740 | | Regeneron Pharmaceuticals, Inc. * | | 52,882 |
5,020 | | United Therapeutics Corp. * | | 245,930 |
| | | | 1,596,677 |
| | | | |
| | RESTAURANTS - 0.85% | | |
15,020 | | Texas Roadhouse, Inc. * | | 159,512 |
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
COMMON STOCKS - 99.63% (continued) | | |
number of shares | | fair value |
| | | | |
| | RETAIL - 6.08% | | |
6,400 | | Aeropostale, Inc. * | | $ 278,208 |
22,561 | | Coldwater Creek, Inc. * | | 185,000 |
3,796 | | Kohl's Corp. * | | 216,562 |
11,354 | | Lumber Liquidators, Inc. * | | 246,268 |
4,601 | | Ross Stores, Inc. | | 219,790 |
| | | | 1,145,828 |
| | | | |
| | SEMICONDUCTORS - 13.54% | | |
7,000 | | Broadcom Corp. - Class A * | | 214,830 |
12,000 | | Cypress Semiconductor Corp. * | | 123,960 |
20,730 | | Fairchild Semiconductor International, Inc.* | | 212,068 |
8,410 | | FormFactor, Inc. * | | 201,167 |
19,900 | | Marvell Technology Group, Ltd. * | | 322,181 |
5,571 | | McDermott International, Inc. * | �� | 140,779 |
21,851 | | Microsemi Corp. * | | 345,027 |
7,125 | | Monolithic Power Systems, Inc. * | | 167,081 |
3,850 | | Netlogic Microsystems, Inc.* | | 173,250 |
26,548 | | ON Semiconductor Corp.* | | 219,021 |
19,109 | | PMC-Sierra, Inc. * | | 182,682 |
5,415 | | Silicon Laboratories, Inc.* | | 251,039 |
| | | | 2,553,085 |
| | | | |
| | STEEL PRODUCERS - 1.08% | | |
13,284 | | Steel Dynamics, Inc. | | 203,777 |
| | | | |
| | TELECOMMUNICATIONS - 4.93% | | |
3,200 | | Aruba Networks, Inc. * | | 28,288 |
10,883 | | NICE Systems, Ltd. (ADR) * | | 331,278 |
21,080 | | SBA Communications Corp. - Class A * | | 569,792 |
| | | | 929,358 |
| | | | |
| | TRANSPORTATION - 2.77% | | |
9,274 | | Atlas Air Worldwide Holdings, Inc. * | | 296,490 |
6,134 | | Kirby Corp.* | | 225,854 |
| | | | 522,344 |
| | | | |
| | Total Common Stocks (cost $15,292,522) | | 18,789,011 |
| | | | |
MONEY MARKET FUNDS - 2.41% | | |
number of shares | | fair value |
| | | | |
454,894 | | Timothy Plan Money Market Fund, 0.07%(A) (B) | 454,894 |
| | | | |
| | Total Money Market Funds (cost $454,894) | | 454,894 |
| | | | |
| | TOTAL INVESTMENTS (cost $15,747,416) - 102.04% | $ 19,243,905 |
| | | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS - (2.04)% | (385,740) |
| | | | |
| | NET ASSETS - 100.00% | | $ 18,858,165 |
| | | | |
(ADR) American Depositary Receipt. | | |
* Non-income producing securities. | | |
(A) Variable rate security; the rate shown represents the yield at September 30, 2009. |
(B) Affiliated fund. | | |
INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
COMMON STOCKS - 97.74% | | |
number of shares | | fair value |
| | | | |
| | AUTOMOTIVE - 2.55% | | |
32,500 | | Honda Motor Co., Ltd. (ADR) | | $ 985,075 |
| | | | |
| | BANKS - 16.27% | | |
115,000 | | Banco Santander SA (ADR) | | 1,857,250 |
19,200 | | BNP Paribas (ADR) (B) | | 792,960 |
17,800 | | BOC Hong Kong (Holdings), Ltd. (ADR) (B) | | 788,540 |
20,000 | | Credit Agricole S.A. (ADR) (B) | | 206,800 |
26,000 | | DBS Group Holdings, Ltd. (ADR) (B) | | 978,900 |
29,400 | | Intesa Sanpaolo (ADR) * (B) | | 786,156 |
122,000 | | National Bank of Greece S.A. (ADR) * | | 879,620 |
| | | | 6,290,226 |
| | | | |
| | BUILDING & CONSTRUCTION - 4.37% | | |
21,000 | | Desarrolladora Homex S.A. de C.V. (ADR) * | | 793,380 |
28,000 | | Vinci SA (ADR) (B) | | 396,200 |
109,000 | | Wienerberger AG (ADR) * (B) | | 501,400 |
| | | | 1,690,980 |
| | | | |
| | CHEMICALS - 6.45% | | |
15,000 | | Agrium, Inc. | | 746,850 |
47,900 | | Henkel AG & Co. KGaA (ADR) (B) | | 1,748,350 |
| | | | 2,495,200 |
| | | | |
| | CONSUMER GOODS - 6.36% | | |
58,000 | | Cosan, Ltd. - Class A * | | 458,200 |
22,000 | | FUJIFILM Holdings Corp. (ADR) (B) | | 655,600 |
21,000 | | Kerry Group plc (ADR) (B) | | 600,075 |
43,000 | | Shiseido Co, Ltd. (ADR) (B) | | 744,760 |
| | | | 2,458,635 |
| | | | |
| | DIVERSIFIED OPERATIONS - 5.62% | | |
98,000 | | Keppel Corp., Ltd. (ADR) (B) | | 1,127,000 |
26,000 | | Mitsubishi Corp. (ADR) (B) | | 1,047,800 |
| | | | 2,174,800 |
| | | | |
| | ELECTRIC POWER - 5.11% | | |
15,000 | | International Power plc (ADR) (B) | | 697,650 |
9,700 | | RWE AG (ADR) (B) | | 904,234 |
20,000 | | Scottish & Southern Energy plc (ADR) (B) | | 373,000 |
| | | | 1,974,884 |
| | | | |
| | FINANCIAL / INVESTMENT SERVICES - 2.83% | | |
84,000 | | 3i Group PLC (ADR) (B) | | 176,400 |
75,100 | | Mitsubishi UFJ Financial Group, Inc. (ADR) | | 401,034 |
17,000 | | ORIX Corp. (ADR) | | 516,460 |
| | | | 1,093,894 |
| | | | |
| | HEALTHCARE - 6.24% | | |
24,000 | | Fresenius Medical Care AG & Co. KGaA (ADR) | | 1,193,760 |
27,000 | | Smith & Nephew plc (ADR) | | 1,217,970 |
| | | | 2,411,730 |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [34]
INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
COMMON STOCKS - 97.74% (continued) | | |
number of shares | | fair value |
| | | | |
| | INDUSTRIALS - 3.35% | | |
39,000 | | Atlas Copco AB - Class B (ADR) (B) | | $ 450,450 |
52,900 | | Sterlite Industries (India), Ltd. (ADR) | | 844,813 |
| | | | 1,295,263 |
| | | | |
| | INFORMATION TECHNOLOGY - 4.92% | | |
32,000 | | Canon, Inc. (ADR) | | 1,279,680 |
24,000 | | Cap Gemini (ADR) (B) | | 624,000 |
| | | | 1,903,680 |
| | | | |
| | INSURANCE - 3.47% | | |
19,000 | | Tokio Marine Holdings, Inc. (ADR) (B) | | 545,300 |
33,500 | | Zurich Financial Services AG (ADR) (B) | | 795,625 |
| | | | 1,340,925 |
| | | | |
| | MINERALS & MINING - 6.08% | | |
47,380 | | Anglo American plc (ADR) * (B) | | 752,394 |
2,800 | | Rio Tinto plc (ADR) | | 476,812 |
35,000 | | Thompson Creek Metals Co., Inc. * | | 422,450 |
34,000 | | Vale SA (ADR) | | 697,340 |
| | | | 2,348,996 |
| | | | |
| | OIL / NATURAL GAS - 8.10% | | |
28,700 | | Petroleo Brasileiro S.A. (ADR) | | 1,128,197 |
29,668 | | StatoilHydro ASA (ADR) | | 668,717 |
22,500 | | Total S.A. (ADR) | | 1,333,350 |
| | | | 3,130,264 |
| | | | |
| | PHARMACEUTICALS - 0.95% | | |
18,000 | | Takeda Pharmaceutical Co., Ltd. (ADR) (B) | | 368,640 |
| | | | |
| | RETAIL - 1.72% | | |
30,000 | | William Morrison Supermarkets plc (ADR) (B) | | 664,500 |
| | | | |
| | SERVICES - 2.80% | | |
54,000 | | ABB, Ltd. (ADR) * | | 1,082,160 |
| | | | |
| | STEEL - 0.99% | | |
10,800 | | Tenaris S.A. (ADR) | | 384,696 |
| | | | |
| | TELECOMMUNICATIONS - 9.56% | | |
23,500 | | America Movil SAB de C.V. - Series L (ADR) | | 1,030,005 |
1,693 | | Chunghwa Telecom Co., Ltd. (ADR) | | 30,542 |
25,000 | | NTT DoCoMo, Inc. (ADR) | | 396,500 |
58,000 | | Singapore Telecommunications, Ltd. (ADR) (B) | | 1,328,200 |
51,000 | | Turkcell Iletisim Hizmetleri AS (ADR) | | 911,370 |
| | | | 3,696,617 |
| | | | |
| | Total Common Stocks (cost $36,872,820) | | 37,791,165 |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [35]
INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
MONEY MARKET FUNDS - 2.40% | | |
number of shares | | fair value |
| | | | |
926,250 | | Timothy Plan Money Market Fund, 0.07%(A)(C) | | $ 926,250 |
| | | | |
| | Total Money Market Funds (cost $926,250) | | 926,250 |
| | | | |
| | TOTAL INVESTMENTS (cost $37,799,070) - 100.14% | | $ 38,717,415 |
| | | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.14)% | | (52,478) |
| | | | |
| | | | |
| | NET ASSETS - 100.00% | | $ 38,664,937 |
| | | | |
(ADR) American Depositary Receipt. | | |
(A) Variable rate security; the rate shown represents the yield at September 30, 2009. | |
(B) Securities are priced using an evaluated bid provided by an independent pricing source, which is based on the Fund's Good Faith Pricing Guidelines. |
| Such values are approved by the Board of Trustees and are considered Level 2 securities in accordance with GAAP valuation methods. |
| The total value of such securities at September 30, 2009 is $18,054,934, which represents 47% of net assets. |
(C) Affiliated fund. | | |
| | | | |
| | | | |
DIVERSIFICATION OF ASSETS | | |
country | | | | percentage of net assets |
Austria | | | | 1.30% |
Brazil | | | | 5.91% |
Canada | | | | 3.02% |
France | | | | 8.67% |
Germany | | | | 9.95% |
Greece | | | | 2.27% |
Hong Kong | | | | 2.04% |
India | | | | 2.18% |
Ireland | | | | 1.55% |
Italy | | | | 2.03% |
Japan | | | | 17.95% |
Luxembourg | | | 1.00% |
Mexico | | | | 4.72% |
Norway | | | | 1.73% |
Singapore | | | | 8.88% |
Spain | | | | 4.80% |
Sweden | | | | 1.17% |
Switzerland | | | | 4.86% |
Taiwan | | | | 0.08% |
Turkey | | | | 2.36% |
United Kingdom | | 11.27% |
Total | | | | 97.74% |
Money Market Funds | | 2.40% |
Liabilities in excess of other assets | | (0.14)% |
Grand Total | | | | 100.00% |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [36]
LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
COMMON STOCKS - 95.08% | | |
number of shares | | fair value |
| | | | |
| | BANKS- 0.24% | | |
7,350 | | TCF Financial Corp. | | $ 95,844 |
| | | | |
| | CHEMICALS - 1.84% | | |
16,690 | | Ashland, Inc. | | 721,342 |
| | | | |
| | CONSUMER GOODS - 3.56% | | |
7,300 | | Coach, Inc. | | 240,316 |
9,150 | | Colgate-Palmolive Co. | | 697,962 |
16,350 | | Jarden Corp.* | | 458,944 |
| | | | 1,397,222 |
| | | | |
| | DIVERSIFIED OPERATIONS - 1.19% | | |
15,250 | | Ingersoll-Rand PLC | | 467,717 |
| | | | |
| | EDUCATION - 1.48% | | |
10,479 | | DeVry, Inc. | | 579,698 |
| | | | |
| | FINANCIAL / INVESTMENT SERVICES - 9.51% | | |
8,060 | | Franklin Resources, Inc. | | 810,836 |
22,630 | | Invesco, Ltd. | | 515,059 |
18,260 | | MSCI, Inc. - Class A * | | 540,861 |
16,050 | | SEI Investments Co. | | 315,864 |
21,250 | | T. Rowe Price Group, Inc. | | 971,125 |
29,330 | | TD Ameritrade Holding Corp. * | | 575,455 |
| | | | 3,729,200 |
| | | | |
| | HEALTHCARE - 13.55% | | |
23,860 | | AmerisourceBergen Corp. | | 533,987 |
6,870 | | C.R. Bard, Inc. | | 540,051 |
11,230 | | Covidien PLC | | 485,810 |
7,110 | | DaVita, Inc. * | | 402,710 |
6,880 | | Express Scripts, Inc. * | | 533,750 |
5,863 | | Henry Schein, Inc. * | | 321,937 |
5,270 | | Laboratory Corp. of America Holdings * | | 346,239 |
15,900 | | Medco Health Solutions, Inc. * | | 879,429 |
12,600 | | St. Jude Medical, Inc. * | | 491,526 |
14,545 | | Zimmer Holdings, Inc. * | | 777,430 |
| | | | 5,312,869 |
| | | | |
| | INDUSTRIALS - 4.80% | | |
9,297 | | Amphenol Corp. - Class A | | 350,311 |
8,330 | | Danaher Corp. | | 560,776 |
10,600 | | Gardner Denver, Inc. * | | 369,728 |
4,625 | | Grief, Inc. - Class A | | 254,606 |
13,630 | | Johnson Controls, Inc. | | 348,383 |
| | | | 1,883,804 |
| | | | |
| | INFORMATION TECHNOLOGY - 8.06% | | |
17,600 | | Cognizant Technology Solutions Corp. - Class A * | | 680,416 |
6,650 | | Equinix, Inc.* | | 611,800 |
10,825 | | F5 Networks, Inc. * | | 428,995 |
13,475 | | Juniper Networks, Inc. * | | 364,094 |
8,900 | | McAfee, Inc. * | | 389,731 |
LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
COMMON STOCKS - 95.08% (continued) | | |
number of shares | | fair value |
| | | | |
| | INFORMATION TECHNOLOGY - 8.06% (continued) | | |
380 | | Shanda Games, Ltd. (ADR) * | | $ 4,446 |
8,575 | | Starent Networks Corp. * | | 217,977 |
11,950 | | Sybase, Inc. * | | 464,855 |
| | | | 3,162,314 |
| | | | |
| | INSTRUMENTS - 2.05% | | |
2,600 | | Mettler-Toledo International, Inc. * | | 235,534 |
13,000 | | Thermo Fisher Scientific, Inc. * | | 567,710 |
| | | | 803,244 |
| | | | |
| | INSURANCE - 2.52% | | |
8,890 | | Aflac, Inc. | | 379,959 |
34,775 | | XL Capital, Ltd. - Class A | | 607,172 |
| | | | 987,131 |
| | | | |
| | MISCELLANEOUS SERVICES - 7.13% | | |
11,645 | | Alliance Data Systems Corp. * | | 711,277 |
7,671 | | FTI Consulting, Inc. * | | 326,861 |
11,570 | | McDermott International, Inc. * | | 292,374 |
50,490 | | Paychex, Inc. | | 1,466,734 |
| | | | 2,797,246 |
| | | | |
| | OIL & NATURAL GAS - 13.96% | | |
10,500 | | Cabot Oil & Gas Corp. | | 375,375 |
11,140 | | Cameron International Corp. * | | 421,315 |
26,170 | | Exxon Mobil Corp. | | 1,795,524 |
11,350 | | Occidental Petroleum Corp. | | 889,840 |
30,870 | | StatoilHydro ASA (ADR) | | 695,810 |
32,950 | | Weatherford International, Ltd. * | | 683,054 |
10,700 | | Whiting Petroleum Corp. * | | 616,106 |
| | | | 5,477,024 |
| �� | | | |
| | PHARMACEUTICALS - 3.83% | | |
13,420 | | Alexion Pharmaceuticals, Inc. * | | 597,727 |
10,085 | | Cephalon, Inc. * | | 587,350 |
6,470 | | United Therapeutics Corp. * | | 316,965 |
| | | | 1,502,042 |
| | | | |
| | RETAIL - 5.77% | | |
4,950 | | Aeropostale, Inc. * | | 215,176 |
9,400 | | Kohl's Corp. * | | 536,270 |
56,800 | | Lowe's Companies, Inc. | | 1,189,392 |
6,725 | | Ross Stores, Inc. | | 321,253 |
| | | | 2,262,091 |
| | | | |
| | SEMICONDUCTORS - 8.47% | | |
16,505 | | Broadcom Corp. - Class A * | | 506,538 |
40,925 | | Marvell Technology Group, Ltd. * | | 662,576 |
25,225 | | Microsemi Corp. * | | 398,303 |
21,120 | | NVIDIA Corp. * | | 317,434 |
55,425 | | ON Semiconductor Corp. * | | 457,256 |
| | | | |
LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
COMMON STOCKS - 95.08% (continued) | | |
number of shares | | fair value |
| | | | |
| | SEMICONDUCTORS - 8.47% (continued) | | |
53,553 | | PMC-Sierra, Inc. * | | $ 511,967 |
10,075 | | Silicon Laboratories, Inc.* | | 467,077 |
| | | | 3,321,151 |
| | | | |
| | STEEL PRODUCERS - 1.19% | | |
30,420 | | Steel Dynamics, Inc. | | 466,643 |
| | | | |
| | TELECOMMUNICATIONS - 5.01% | | |
10,000 | | L-3 Communications Holdings, Inc. | | 803,200 |
11,600 | | NICE Systems, Ltd. (ADR) * | | 353,104 |
29,975 | | SBA Communications Corp. - Class A * | | 810,224 |
| | | | 1,966,528 |
| | | | |
| | TRANSPORTATION - 0.92% | | |
9,760 | | Kirby Corp. * | | 359,363 |
| | | | |
| | Total Common Stocks (cost $34,296,972) | | 37,292,473 |
| | | | |
MONEY MARKET FUNDS - 5.44% | | |
number of shares | | fair value |
| | | | |
2,134,552 | | Timothy Plan Money Market Fund, 0.07%(A)(B) | | 2,134,552 |
| | | | |
| | Total Money Market Funds (cost $2,134,552) | | 2,134,552 |
| | | | |
| | TOTAL INVESTMENTS (cost $36,431,524) - 100.52% | | $ 39,427,025 |
| | | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.52)% | | (204,151) |
| | | | |
| | NET ASSETS - 100.00% | | $ 39,222,874 |
| | | | |
| | | | |
*Non-income producing securities. | | |
(ADR) American Depositary Receipt. | | |
(A) Variable rate security; the rate shown represents the yield at September 30, 2009. | |
(B) Affiliated fund. | | |
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
COMMON STOCKS - 91.76% | | |
number of shares | | fair value |
| | | | |
| | AEROSPACE EQUIPMENT - 7.42% | | |
72,300 | | BE Aerospace, Inc. * | | $ 1,456,122 |
45,300 | | Moog, Inc. - Class A * | | 1,336,350 |
36,200 | | Teledyne Technologies, Inc. * | | 1,302,838 |
| | | | 4,095,310 |
| | | | |
| | BANKS - 8.28% | | |
15,308 | | BancFirst Corp. | | 565,324 |
98,400 | | First Niagara Financial Group, Inc. | | 1,213,272 |
9,473 | | Suffolk Bancorp | | 280,496 |
80,526 | | Texas Capital Bancshares, Inc. * | | 1,356,058 |
28,600 | | UMB Financial Corp. | | 1,156,584 |
| | | | 4,571,734 |
| | | | |
| | CONSTRUCTION - 3.04% | | |
42,900 | | Astec Industries, Inc. * | | 1,092,663 |
18,200 | | Layne Christensen Co. * | | 583,310 |
| | | | 1,675,973 |
| | | | |
| | CONSUMER GOODS - 9.83% | | |
18,000 | | Chattem, Inc. * | | 1,195,380 |
17,200 | | Diamond Foods, Inc. | | 545,584 |
28,802 | | J & J Snack Foods Corp. | | 1,243,958 |
44,400 | | Jarden Corp. | | 1,246,308 |
48,100 | | Wolverine World Wide, Inc. | | 1,194,804 |
| | | | 5,426,034 |
| | | | |
| | ELECTRIC POWER - 6.54% | | |
57,600 | | Avista Corp. | | 1,164,672 |
50,100 | | Cleco Corp. | | 1,256,508 |
60,900 | | Westar Energy, Inc. | | 1,188,159 |
| | | | 3,609,339 |
| | | | |
| | FINANCIAL & INVESTMENT SERVICES - 4.44% | | |
56,900 | | Knight Capital Group, Inc. - Class A * | | 1,237,575 |
22,100 | | Stifel Financial Corp. * | | 1,213,290 |
| | | | 2,450,865 |
| | | | |
| | HEALTHCARE - 1.99% | | |
137,600 | | CryoLife, Inc. * | | 1,096,672 |
| | | | |
| | INDUSTRIALS - 14.74% | | |
29,398 | | A.O. Smith Corp. | | 1,120,064 |
35,900 | | AptarGroup, Inc. | | 1,341,224 |
86,200 | | Gentex Corp. | | 1,219,730 |
39,600 | | Kaydon Corp. | | 1,283,832 |
16,100 | | Lennox International, Inc. | | 581,532 |
25,000 | | Middleby Corp. * | | 1,375,250 |
32,300 | | Wabtec Corp | | 1,212,219 |
| | | | 8,133,851 |
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
COMMON STOCKS - 91.76% (continued) | | |
number of shares | | fair value |
| | | | |
| | INFORMATION TECHNOLOGY - 5.43% | | |
25,100 | | ManTech International Corp. - Class A * | | $ 1,183,716 |
19,100 | | Perot Systems Corp. - Class A * | | 567,270 |
55,000 | | Progress Software Corp. * | | 1,245,750 |
| | | | 2,996,736 |
| | | | |
| | MINING - 2.29% | | |
104,700 | | Thompson Creek Metals Company, Inc. * | | 1,263,729 |
| | | | |
| | MISCELLANEOUS SERVICES - 10.72% | | |
38,000 | | Brink's Home Security Holdings, Inc. * | | 1,170,020 |
32,500 | | John Wiley & Sons, Inc. - Class A | | 1,130,350 |
94,100 | | Marcus Corp. | | 1,203,539 |
62,200 | | Rollins, Inc. | | 1,172,470 |
94,100 | | ValueClick, Inc. * | | 1,241,179 |
| | | | 5,917,558 |
| | | | |
| | OIL & NATURAL GAS - 3.06% | | |
29,600 | | Approach Resources, Inc. * | | 268,768 |
52,500 | | Atlas Energy, Inc. | | 1,421,175 |
| | | | 1,689,943 |
| | | | |
| | RETAIL - 5.44% | | |
30,300 | | BJ's Wholesale Club, Inc. * | | 1,097,466 |
43,600 | | Casey's General Stores, Inc. | | 1,368,168 |
17,900 | | Childrens Place Retail Stores, Inc. * | | 536,284 |
| | | | 3,001,918 |
| | | | |
| | SEMICONDUCTORS - 2.28% | | |
65,200 | | MKS Instruments, Inc. * | | 1,257,708 |
| | | | |
| | STEEL - 1.97% | | |
32,400 | | Northwest Pipe Co. * | | 1,086,372 |
| | | | |
| | TRANSPORTATION - 4.29% | | |
40,900 | | Genesee & Wyoming, Inc. - Class A * | | 1,240,088 |
29,600 | | Landstar System, Inc. | | 1,126,576 |
| | | | 2,366,664 |
| | | | |
| | Total Common Stocks (cost $45,477,651) | | 50,640,406 |
| | | | |
REITs - 4.69% | | |
number of shares | | fair value |
| | | | |
30,400 | | Equity Lifestyle Properties, Inc. | | 1,300,816 |
39,800 | | Mack-Cali Realty Corp. | | 1,286,734 |
| | | | |
| | Total REITs (cost $2,436,627) | | 2,587,550 |
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
MONEY MARKET FUNDS - 4.51% | | |
number of shares | | fair value |
| | | | |
2,489,135 | | Timothy Plan Money Market Fund, 0.07%(A) (B) | | $ 2,489,135 |
| | | | |
| | Total Money Market Funds (cost $2,489,135) | | 2,489,135 |
| | | | |
| | TOTAL INVESTMENTS (cost $50,403,413) - 100.96% | | $ 55,717,091 |
| | | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.96)% | | (530,617) |
| | | | |
| | NET ASSETS - 100.00% | | $ 55,186,474 |
| | | | |
| | | | |
* Non-income producing securities. | | |
(A) Variable rate security; the rate shown represents the yield at September 30, 2009. | |
(B) Affiliated fund. | | |
LARGE / MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS | | |
As of September 30, 009 | | |
| | | | |
COMMON STOCKS - 90.75% | | |
number of shares | | fair value |
| | | | |
| | BANKS - 1.50% | | |
52,000 | | BB&T Corp | | $ 1,416,480 |
| | | | |
| | CONSUMER GOODS - 13.87% | | |
32,900 | | Bunge, Ltd. | | 2,059,869 |
30,600 | | Colgate-Palmolive Co. | | 2,334,168 |
91,100 | | Dr Pepper Snapple Group, Inc. * | | 2,619,125 |
62,100 | | Emerson Electric Co. | | 2,488,968 |
72,200 | | Sysco Corp. | | 1,794,170 |
33,100 | | The JM Smucker Co. | | 1,754,631 |
| | | | 13,050,931 |
| | | | |
| | ELECTRIC POWER - 10.90% | | |
62,700 | | American Electric Power Co., Inc. | | 1,943,073 |
67,500 | | Dominion Resources, Inc. | | 2,328,750 |
38,700 | | FirstEnergy Corp. | | 1,769,364 |
41,500 | | FPL Group, Inc. | | 2,292,045 |
60,500 | | Southern Co. | | 1,916,035 |
| | | | 10,249,267 |
| | | | |
| | FINANCIAL & INVESTMENT SERVICES - 7.55% | | |
13,000 | | BlackRock, Inc. | | 2,818,660 |
67,800 | | Eaton Vance Corp. | | 1,897,722 |
104,800 | | Invesco, Ltd. | | 2,385,248 |
| | | | 7,101,630 |
| | | | |
| | HEALTHCARE - 7.88% | | |
59,800 | | Covidien PLC | | 2,586,948 |
28,800 | | DENTSPLY International, Inc. | | 994,752 |
18,100 | | Laboratory Corp. of America Holdings * | | 1,189,170 |
44,300 | | McKesson Corp. | | 2,638,065 |
| | | | 7,408,935 |
| | | | |
| | INDUSTRIALS - 1.00% | | |
11,500 | | Praxair, Inc. | | 939,435 |
| | | | |
| | INFORMATION TECHNOLOGY - 7.56% | | |
109,700 | | CA, Inc. | | 2,412,303 |
59,100 | | McAfee, Inc. * | | 2,587,989 |
54,300 | | Sybase, Inc. * | | 2,112,270 |
| | | | 7,112,562 |
| | | | |
| | INSURANCE - 8.38% | | |
37,700 | | ACE, Ltd. | | 2,015,442 |
28,700 | | Arch Capital Group, Ltd. * | | 1,938,398 |
66,200 | | Axis Capital Holdings, Ltd. | | 1,997,916 |
68,300 | | Willis Group Holdings, Ltd. | | 1,927,426 |
| | | | 7,879,182 |
| | | | |
| | MACHINERY - 5.13% | | |
50,000 | | Deere & Co. | | 2,146,000 |
27,200 | | Flowserve Corp. | | 2,680,288 |
| | | | 4,826,288 |
LARGE / MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
COMMON STOCKS - 90.75% | | |
number of shares | | fair value |
| | | | |
| | MISCELLANEOUS SERVICES - 2.38% | | |
70,100 | | Foster Wheeler AG * | | $ 2,236,891 |
| | | | |
| | OIL & NATURAL GAS - 17.91% | | |
35,600 | | Anadarko Petroleum Corp. | | 2,233,188 |
20,700 | | Apache Corp. | | 1,900,881 |
20,600 | | ConocoPhillips | | 930,296 |
14,000 | | Devon Energy Corp. | | 942,620 |
60,100 | | Exxon Mobil Corp. | | 4,123,461 |
57,300 | | Marathon Oil Corp. | | 1,827,870 |
37,300 | | Murphy Oil Corp. | | 2,147,361 |
35,000 | | Occidental Petroleum Corp. | | 2,744,000 |
| | | | 16,849,677 |
| | | | |
| | RETAIL - 4.41% | | |
54,100 | | Advance Auto Parts, Inc. | | 2,125,048 |
35,800 | | Costco Wholesale Corp. | | 2,021,268 |
| | | | 4,146,316 |
| | | | |
| | TRANSPORTATION - 2.28% | | |
36,700 | | Union Pacific Corp. | | 2,141,445 |
| | | | |
| | Total Common Stocks (cost $78,297,751) | | 85,359,039 |
| | | | |
MASTER LIMITED PARTNERSHIPS - 2.23% | | |
number of shares | | fair value |
| | | | |
50,800 | | Lazard, Ltd. - Class A | | 2,098,548 |
| | | | |
| | Total Master Limited Partnerships (cost $2,025,518) | | 2,098,548 |
| | | | |
| | | | |
REITs - 4.59% | | |
number of shares | | fair value |
| | | | |
81,100 | | HCP, Inc. | | 2,330,814 |
26,400 | | Public Storage | | 1,986,336 |
| | | | |
| | Total REITs (cost $4,577,838) | | 4,317,150 |
| | | | |
MONEY MARKET FUNDS - 2.39% | | |
number of shares | | fair value |
| | | | |
2,248,006 | | Timothy Plan Money Market Fund, 0.07%(A) (B) | | 2,248,006 |
| | | | |
| | Total Money Market Funds (cost $2,248,006) | | 2,248,006 |
| | | | |
| | TOTAL INVESTMENTS (cost $87,149,113) -99.96% | | $ 94,022,743 |
| | | | |
| | OTHER ASSETS LESS LIABILITIES - 0.04% | | 35,755 |
| | | | |
| | NET ASSETS - 100.00% | | $ 94,058,498 |
| | | | |
* Non-income producing securities. | | |
(A) Variable rate security; the rate shown represents the yield at September 30, 2009. |
(B) Affiliated fund. | | |
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
BONDS AND NOTES - 89.00% | | |
par value | | | | fair value |
| | | | |
| | ASSET-BACKED SECURITIES - 1.03% | | |
$ 130,000 | | Honda Auto Receivables Owner Trust, 3.30%, 09/15/2015 | | $ 130,968 |
270,000 | | John Deere Owner Trust, 2.59%, 10/15/2013 | | 274,671 |
145,000 | | John Deere Owner Trust, 3.96%, 05/16/2016 | | 151,415 |
| | | | |
| | Total Asset-Backed Securities (cost $545,092) | | 557,054 |
| | | | |
| | CORPORATE BONDS - 28.87% | | |
750,000 | | Anadarko Finance Co., 6.75%, 05/01/2011 | | 797,334 |
750,000 | | Canadian National Railway Co., 5.80%, 06/01/2016 | | 826,592 |
750,000 | | ConocoPhillips, 4.60%, 01/15/2015 | | 801,411 |
500,000 | | Covidien International Finance SA, 5.45%, 10/15/2012 | | 544,735 |
910,000 | | CRH America, Inc., 6.00%, 09/30/2016 | | 934,221 |
950,000 | | Dominion Resources, Inc., 5.00%, 03/15/2013 | | 997,575 |
500,000 | | Entergy Gulf States, Inc., 5.70%, 06/01/2015 | | 504,803 |
900,000 | | ERP Operating LP, 5.125%, 03/15/2016 | | 879,384 |
500,000 | | Express Scripts, Inc., 5.25%, 06/15/2012 | | 531,104 |
750,000 | | Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014 | | 780,178 |
750,000 | | Marathon Oil Corp., 6.00%, 10/01/2017 | | 789,553 |
750,000 | | Nisource Finance Corp., 5.40%, 07/15/2014 | | 762,960 |
500,000 | | Oneok, Inc., 5.20%, 06/15/2015 | | 518,774 |
750,000 | | PC Financial Partnership, 5.00%, 11/15/2014 | | 774,000 |
300,000 | | Protective Life Secured Trusts, 5.75%, 01/15/2019 | | 285,336 |
750,000 | | PSI Energy, Inc., 6.05%, 06/15/2016 | | 826,326 |
750,000 | | Simon Property Group LP, 5.75%, 12/01/2015 | | 768,172 |
500,000 | | Transocean, Inc., 6.00%, 03/15/2018 | | 535,005 |
750,000 | | Tyco Electronics Group SA, 6.00%, 10/01/2012 | | 794,027 |
300,000 | | Unitrin, Inc., 4.875%, 11/01/2010 | | 297,084 |
750,000 | | Weatherford International, Ltd., 4.95%, 10/15/2013 | | 780,643 |
750,000 | | Willis North America, Inc., 6.20%, 03/28/2017 | | 735,245 |
135,000 | | Wisconsin Energy Corp., 6.50%, 04/01/2011 | | 143,590 |
| | | | |
| | Total Corporate Bonds (cost $14,935,969) | | 15,608,052 |
| | | | |
| | U.S. GOVERNMENT & AGENCY OBLIGATIONS - 59.10% | | |
| | Government Notes & Bonds - 17.48% | | |
1,000,000 | | Federal Home Loan Bank, 5.00%, 11/17/2017 | | 1,094,266 |
1,500,000 | | Federal Home Loan Bank, 5.50%, 08/13/2014 | | 1,701,846 |
1,000,000 | | U.S. Treasury Bond, 3.125%, 05/15/2019 | | 984,297 |
1,000,000 | | U.S. Treasury Bond, 5.00%, 05/15/2037 | | 1,159,219 |
2,500,000 | | U.S. Treasury Bond, 7.25%, 08/15/2022 | | 3,373,047 |
500,000 | | U.S. Treasury Note, 3.875%, 05/15/2018 | | 524,180 |
550,000 | | U.S. Treasury Note, 4.75%, 05/15/2014 | | 613,251 |
| | | | |
| | Total Government Notes & Bonds (cost $9,004,253) | | 9,450,106 |
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
BONDS AND NOTES - 89.00% (continued) | | |
par value | | | | fair value |
| | | | |
| | U.S. GOVERNMENT & AGENCY OBLIGATIONS - 59.10% (continued) | | |
| | Government Mortgage-Backed Securities - 33.42% | | |
$ 162,827 | | GNMA Pool 3584, 6.00%, 07/20/2034 | | $ 174,689 |
362,996 | | GNMA Pool 3612, 6.50%, 09/20/2034 | | 387,620 |
1,091,874 | | GNMA Pool 3625, 6.00%, 10/20/2034 | | 1,163,978 |
458,715 | | GNMA Pool 3637, 5.50%, 11/20/2034 | | 484,671 |
721,207 | | GNMA Pool 3665, 5.50%, 01/20/2035 | | 761,384 |
365,181 | | GNMA Pool 3679, 6.00%, 02/20/2035 | | 388,297 |
940,718 | | GNMA Pool 3711, 5.50%, 05/20/2035 | | 993,123 |
1,059,681 | | GNMA Pool 3865, 6.00%, 06/20/2036 | | 1,125,102 |
779,526 | | GNMA Pool 3910, 6.00%, 10/20/2036 | | 827,651 |
1,314,024 | | GNMA Pool 3939, 5.00%, 01/20/2037 | | 1,362,778 |
1,464,055 | | GNMA Pool 4058, 5.00%, 12/20/2037 | | 1,518,374 |
1,837,941 | | GNMA Pool 4072, 5.50%, 01/20/2038 | | 1,934,380 |
2,000,000 | | GNMA Pool 4541, 5.00%, 09/20/2039 | | 2,072,952 |
60,077 | | GNMA Pool 585163, 5.00%, 02/15/2018 | | 63,780 |
61,151 | | GNMA Pool 585180, 5.00%, 02/15/2018 | | 64,919 |
66,755 | | GNMA Pool 592492, 5.00%, 03/15/2018 | | 70,870 |
49,633 | | GNMA Pool 599821, 5.00%, 01/15/2018 | | 52,692 |
750,514 | | GNMA Pool 604182, 5.50%, 04/15/2033 | | 793,200 |
550,660 | | GNMA Pool 663776, 6.50%, 01/15/2037 | | 585,868 |
2,967,060 | | GNMA Pool 717072, 5.00%, 05/15/2039 | | 3,077,583 |
156,066 | | GNMA Pool 781694, 6.00%, 12/15/2031 | | 166,684 |
| | | | |
| | Total Government Mortgage-Backed Securities (cost $17,355,948) | 18,070,595 |
| | | | |
| | Treasury Inflation Indexed Bonds - 8.20% | | |
2,622,465 | | TIP, 2.00%, 01/15/2014 | | 2,719,168 |
1,599,615 | | TIP, 2.50%, 07/15/2016 | | 1,716,587 |
| | | | |
| | Total Treasury Inflation Indexed Bonds (cost $4,279,660) | | 4,435,755 |
| | | | |
| | Total U.S. Government & Agency Obligations (cost $30,639,861) | | 31,956,456 |
| | | | |
| | Total Bonds and Notes (cost $46,120,922) | | 48,121,562 |
| | | | |
| | | | |
MONEY MARKET FUNDS - 9.74% | | |
number of shares | | | fair value |
| | | | |
5,268,261 | | Timothy Plan Money Market Fund, 0.07% (A) (B) | | 5,268,261 |
| | | | |
| | Total Money Market Funds (cost $5,268,261) | | 5,268,261 |
| | | | |
| | TOTAL INVESTMENTS (cost $51,389,183)- 98.74% | | $53,389,823 |
| | | | |
| | OTHER ASSETS LESS LIABILITIES - 1.26% | | 679,334 |
| | | | |
| | NET ASSETS - 100.00% | | $54,069,157 |
|
(A) Variable rate security; the rate shown represents the yield at September 30, 2009. |
(B) Affiliated fund. |
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
BONDS AND NOTES - 91.22% | | |
par value | | | | fair value |
| | | | |
| | CORPORATE BONDS - 91.22% | | |
$ 250,000 | | Actuant Corp., 6.875%, 06/15/2017 | | $ 233,750 |
250,000 | | Arch Coal, Inc., 8.75%, 08/01/2016 (A) | | 258,750 |
500,000 | | Ashtead Holdings PLC, 8.625%, 08/01/2015 (A) | | 482,500 |
500,000 | | Atlas Pipeline Partners LP, 8.125%, 12/15/2015 | | 405,000 |
500,000 | | Berry Petroleum Co., 8.25%, 11/01/2016 | | 482,500 |
275,000 | | Black Hills Corp., 9.00%, 05/15/2014 | | 311,972 |
500,000 | | Case New Holland, Inc., 7.75%, 09/01/2013 (A) | | 500,000 |
100,000 | | Concho Resources, Inc., 8.625%, 10/01/2017 | | 103,000 |
200,000 | | Copano Energy LLC, 7.75%, 06/01/2018 | | 191,000 |
575,000 | | Cricket Communications, Inc., 9.375% 11/01/2014 | | 586,500 |
500,000 | | Crum & Forster Holdings Corp., 7.75%, 05/01/2017 | | 462,500 |
500,000 | | Dynegy Holdings, Inc., 7.75%, 06/01/2019 | | 428,750 |
150,000 | | El Paso Corp., 12.00%, 12/12/2013 | | 171,750 |
500,000 | | Energy Future Holdings Corp., 10.875%, 11/01/2017 | | 380,000 |
500,000 | | Felcor Lodging LP, 3.135%, 12/01/2011 (B) | | 497,500 |
500,000 | | Forest Oil Corp., 7.25%, 06/15/2019 | | 470,000 |
250,000 | | Georgia-Pacific LLC, 7.70%, 06/15/2015 | | 253,750 |
500,000 | | Goodyear Tire & Rubber Co., 10.50%, 05/15/2016 | | 545,000 |
500,000 | | Helix Energy Solutions Group, Inc., 9.50%, 01/15/2016 (A) | | 502,500 |
500,000 | | Intergen NV, 9.00%, 06/30/2017 (A) | | 517,500 |
420,000 | | Ipalco Enterprises, Inc., 7.25%, 04/01/2016 (A) | | 423,150 |
250,000 | | Iron Mountain, Inc., 6.625%, 01/01/2016 | | 242,500 |
500,000 | | Janus Capital Group, Inc., 6.70%, 06/15/2017 | | 476,485 |
200,000 | | Kansas City Southern Railway, 13.00%, 12/15/2013 | | 231,000 |
400,000 | | Liberty Mutual Group, Inc., 10.75%, 06/15/2058 (A)(B) | | 386,000 |
500,000 | | MarkWest Energy Partners LP, 6.875%, 11/01/2014 | | 472,500 |
500,000 | | Momentive Performance Materials, Inc., 9.75%, 12/01/2014 | | 390,000 |
275,000 | | Nisource Finance Corp., 10.75%, 03/15/2016 | | 323,705 |
500,000 | | Prologis, 7.625%, 08/15/2014 | | 511,495 |
100,000 | | Range Resources Corp., 8.00%, 05/15/2019 | | 103,000 |
500,000 | | Sanmina-SCI Corp., 8.125%, 03/01/2016 | | 470,000 |
500,000 | | Sealy Mattress Co., 8.25%, 06/15/2014 | | 465,000 |
250,000 | | Service Corp. International, 7.00%, 06/15/2017 | | 245,000 |
500,000 | | Smithfield Foods, Inc., 7.00%, 08/01/2011 | | 482,500 |
500,000 | | Swift Energy Co., 7.125%, 06/01/2017 | | 437,500 |
190,000 | | Teck Resources, Ltd., 10.25%, 05/15/2016 | | 215,650 |
250,000 | | Terra Capital, Inc., 7.00%, 02/01/2017 | | 261,875 |
310,000 | | Tesoro Corp., 9.75%, 06/01/2019 | | 323,950 |
500,000 | | Texas Industries, Inc., 7.25%, 07/15/2013 | | 482,500 |
400,000 | | Toll Brothers Finance Corp., 6.75%, 11/01/2019 | | 399,494 |
150,000 | | Tyson Foods, Inc., 10.50%, 03/01/2014 | | 170,625 |
500,000 | | United States Steel Corp., 6.05%, 06/01/2017 | | 467,694 |
500,000 | | USG Corp., 7.75%, 01/15/2018 | | 485,000 |
200,000 | | Videotron, Ltd., 9.125%, 04/15/2018 | | 217,500 |
400,000 | | Vimpel Communications, 9.125%, 04/30/2018 (A) | | 420,500 |
500,000 | | W & T Offshore, Inc., 8.25%, 06/15/2014 (A) | | 457,500 |
250,000 | | Whiting Petroleum Corp., 7.00%, 02/01/2014 | | 248,125 |
| | | | |
| | TOTAL CORPORATE BONDS (cost $17,590,160) | | 17,594,470 |
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
MONEY MARKET FUNDS - 5.37% | | |
number of shares | | fair value |
| | | | |
1,034,441 | | Timothy Plan Money Market Fund, 0.07%(C) (D) | | $ 1,034,441 |
| | | | |
| | Total Money Market Funds (cost $1,034,441) | | 1,034,441 |
| | | | |
| | TOTAL INVESTMENTS (cost $18,624,601) - 96.59% | | $ 18,628,911 |
| | | | |
| | OTHER ASSETS LESS LIABILITIES - 3.41% | | 658,254 |
| | | | |
| | NET ASSETS - 100.00% | | $ 19,287,165 |
| | | | |
(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. |
(B) Variable rate security; the rate shown represents the rate at September 30, 2009. | |
(C) Affiliated fund. | | |
(D) Variable rate security; the rate shown represents the yield at September 30, 2009. |
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
SHORT-TERM INVESTMENTS - 100.14% | | |
par value | | | | fair value |
| | | | |
| | Asset-Backed Securities - 3.82% | | |
$ 84,957 | | CNH Equipment Trust, 1.35%, 06/04/2010 | | $ 84,957 |
457,879 | | Harley-Davidson Motorcycle Trust, 1.49%, 05/15/2010 | | 457,879 |
495,564 | | Honda Auto Receivables Owner Trust, 1.32%, 05/17/2010 | | 495,564 |
| | | | |
| | Total Asset-Backed Securities (amortized cost $1,038,400) | | 1,038,400 |
| | | | |
| | Money Market Funds - 8.00% | | |
2,173,377 | | Fidelity Institutional Money Market Portfolio, 0.37% (B) | | 2,173,377 |
| | | | |
| | Total Money Market Funds (cost $2,173,377) | | 2,173,377 |
| | | | |
| | U.S. Government & Government Agencies (A) - 88.32% | | |
2,500,000 | | Federal Home Loan Bank, 0.19%, 11/06/2009 | | 2,499,525 |
1,000,000 | | U.S. Treasury Bill, 0.09%, 01/21/2010 | | 999,736 |
1,000,000 | | U.S. Treasury Bill, 0.14%, 01/28/2010 | | 999,560 |
2,100,000 | | U.S. Treasury Bill, 0.13%, 12/31/2009 | | 2,099,336 |
1,750,000 | | U.S. Treasury Bill, 0.15%, 12/24/2009 | | 1,749,414 |
2,000,000 | | U.S. Treasury Bill, 0.14%, 12/17/2009 | | 1,999,423 |
2,000,000 | | U.S. Treasury Bill, 0.13%, 12/10/2009 | | 1,999,494 |
1,100,000 | | U.S. Treasury Bill, 0.14%, 12/03/2009 | | 1,099,730 |
2,000,000 | | U.S. Treasury Bill, 0.15%, 11/27/2009 | | 1,999,531 |
2,000,000 | | U.S. Treasury Bill, 0.17%, 11/19/2009 | | 1,999,537 |
1,550,000 | | U.S. Treasury Bill, 0.18%, 11/12/2009 | | 1,549,683 |
2,500,000 | | U.S. Treasury Bill, 0.16%, 10/29/2009 | | 2,499,696 |
2,500,000 | | U.S. Treasury Bill, 0.18%, 10/22/2009 | | 2,499,745 |
| | | | |
| | Total U.S. Government Agencies (amortized cost $23,994,410) | | 23,994,410 |
| | | | |
| | TOTAL INVESTMENTS (cost $27,206,187) - 100.14% | | $ 27,206,187 |
| | | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.14)% | | (37,980) |
| | | | |
| | TOTAL NET ASSETS - 100.00% | | $ 27,168,207 |
| | | | |
(A) Discount note; the rate shown represents the yield at September 30, 2009. | | |
(B) Variable rate security; the rate shown represents the yield at September 30, 2009. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Scheduled of Investments [49]
STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
MUTUAL FUNDS (A) - 100.08% | | |
number of shares | | fair value |
| | | | |
1,212,952 | | Timothy Plan Aggressive Growth Fund | | $ 5,470,413 |
526,737 | | Timothy Plan High Yield Bond Fund | | 4,456,195 |
1,462,078 | | Timothy Plan International Fund | | 10,994,827 |
1,633,626 | | Timothy Plan Large/Mid Cap Growth Fund | | 8,772,575 |
817,575 | | Timothy Plan Large/Mid Cap Value Fund | | 8,764,405 |
532,284 | | Timothy Plan Small Cap Value Fund | | 5,455,909 |
| | | | |
| | Total Mutual Funds (cost $56,438,100) | | 43,914,324 |
| | | | |
| | Total Investments (cost $56,438,100)- 100.08% | | $ 43,914,324 |
| | | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.08)% | | (33,884) |
| | | | |
| | TOTAL NET ASSETS - 100.00% | | $ 43,880,440 |
| | | | |
| | | | |
| | | | |
| | | | |
(A) Affiliated Funds - Class A. |
(B) Variable rate security; the rate shown represents the yield at September 30, 2009. |
CONSERVATIVE GROWTH FUND
SCHEDULE OF INVESTMENTS | | |
As of September 30, 2009 | | |
| | | | |
MUTUAL FUNDS (A) - 100.06% | | |
number of shares | | fair value |
| | | | |
506,794 | | Timothy Plan Aggressive Growth Fund | | $ 2,285,641 |
1,365,851 | | Timothy Plan Fixed Income Fund | | 13,849,730 |
550,490 | | Timothy Plan High Yield Bond Fund | | 4,657,141 |
916,256 | | Timothy Plan International Fund | | 6,890,242 |
853,144 | | Timothy Plan Large/Mid Cap Growth Fund | | 4,581,386 |
853,934 | | Timothy Plan Large/Mid Cap Value Fund | | 9,154,175 |
444,793 | | Timothy Plan Small Cap Value Fund | | 4,559,126 |
| | | | |
| | Total Mutual Funds (cost $52,110,956) | | 45,977,441 |
| | | | |
MONEY MARKET FUNDS - 0.09% | | |
number of shares | | fair value |
| | | | |
40,213 | | Timothy Plan Money Market Fund, 0.07%(A) (B) | | 40,213 |
| | | | |
| | Total Money Market Funds (cost $40,213) | | 40,213 |
| | | | |
| | TOTAL INVESTMENTS (cost $52,151,169)- 100.15% | | $ 46,017,654 |
| | | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.15)% | | (67,336) |
| | | | |
| | NET ASSETS - 100.00% | | $ 45,950,318 |
| | | | |
(A) Affiliated Funds - Class A. | | |
(B) Variable rate security; the rate shown represents the yield at September 30, 2009. | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [51]
STATEMENTS OF ASSETS AND LIABILITIES | | | | |
As of September 30, 2009 | | | | |
| | | | | |
ASSETS | | | | |
| | | Aggressive Growth Fund | | International Fund |
| | | | | |
| Cost, Investments in Unaffiliated Securities [NOTE 1] | | $ 15,292,522 | | $ 36,872,820 |
| Cost, Investments in Affiliated Securities[NOTE 1] | 454,894 | | 926,250 |
| Total Cost, Investments | | 15,747,416 | | 37,799,070 |
| | | | | |
| Fair Value, Investments in Unaffiliated Securities [NOTE 1] | $ 18,789,011 | | $ 37,791,165 |
| Fair Value, Investments in Affiliated Securities[NOTE 1] | 454,894 | | 926,250 |
| Total Fair Value, Investments | | 19,243,905 | | 38,717,415 |
| | | | | |
| Receivable for: | | | | |
| Investments Sold | | 38,174 | | 151,960 |
| Fund Shares Sold | | 6,956 | | 145,573 |
| Interest | | 19 | | 27 |
| Dividends | | 3,901 | | 60,771 |
| Tax Reclaim | | - | | 12,371 |
| Prepaid Expenses | | 9,671 | | 10,446 |
| | | | | |
| Total Assets | | 19,302,626 | | 39,098,563 |
| | | | | |
LIABILITIES | | | | |
| | | | | |
| | | | | |
| Accrued Advisory Fees | | 13,080 | | 31,390 |
| Accrued 12b-1 Fees | | 4,971 | | 8,698 |
| Accrued Expenses | | 17,980 | | 24,777 |
| Payable for: | | | | |
| Investments Purchased | | 167,814 | | 268,583 |
| Fund Shares Redeemed | | 240,616 | | 100,178 |
| | | | | |
| Total Liabilities | | 444,461 | | 433,626 |
| | | | | |
| Net Assets | | $ 18,858,165 | | $ 38,664,937 |
| | | | | |
SOURCES OF NET ASSETS | | | | |
| | | | | |
| | | | | |
| Net Assets Consisted of: | | | | |
| Paid-in Capital | | $ 25,617,591 | | $ 50,895,343 |
| Accumulated Undistributed Net Investment Income (Loss) | - | | 426,390 |
| Accumulated Net Realized Gain (Loss) on Investments | | (10,255,915) | | (13,575,141) |
| Net Unrealized Appreciation (Depreciation) on Investments | | 3,496,489 | | 918,345 |
| | | | | |
| Net Assets | | $18,858,165 | | $ 38,664,937 |
STATEMENTS OF ASSETS AND LIABILITIES | | |
As of September 30, 2009 | | | | |
| | | | | |
ASSETS | | | | |
| | | Large / Mid Cap Growth Fund | Small Cap Value Fund |
| | | | | |
| Cost, Investments in Unaffiliated Securities [NOTE 1] | | $ 34,296,972 | | $ 47,914,278 |
| Cost, Investments in Affiliated Securities[NOTE 1] | 2,134,552 | | 2,489,135 |
| Total Cost, Investments | | 36,431,524 | | 50,403,413 |
| | | | | |
| Fair Value, Investments in Unaffiliated Securities [NOTE 1] | $ 37,292,473 | | $ 53,227,956 |
| Fair Value, Investments in Affiliated Securities[NOTE 1] | 2,134,552 | | 2,489,135 |
| Total Fair Value, Investments | | 39,427,025 | | 55,717,091 |
| | | | | |
| Receivable for: | | | | |
| Investments Sold | | 168,355 | | - |
| Fund Shares Sold | | 22,431 | | 22,144 |
| Interest | | 77 | | 88 |
| Dividends | | 11,830 | | 61,107 |
| Prepaid Expenses | | 12,372 | | 10,331 |
| | | | | |
| Total Assets | | 39,642,090 | | 55,810,761 |
| | | | | |
LIABILITIES | | | | |
| | | | | |
| | | | | |
| Accrued Advisory Fees | | 27,122 | | 38,145 |
| Accrued 12b-1 Fees | | 9,975 | | 16,023 |
| Accrued Expenses | | 26,573 | | 38,331 |
| Payable for: | | | | |
| Investments Purchased | | 217,777 | | 9,966 |
| Fund Shares Redeemed | | 137,769 | | 521,822 |
| | | | | |
| Total Liabilities | | 419,216 | | 624,287 |
| | | | | |
| Net Assets | | $ 39,222,874 | | $ 55,186,474 |
| | | | | |
SOURCES OF NET ASSETS | | | | |
| | | | | |
| | | | | |
| Net Assets Consisted of: | | | | |
| Paid-in Capital | | $ 47,394,452 | | $ 70,249,134 |
| Accumulated Net Realized Gain (Loss) on Investments | | (11,167,079) | | (20,376,338) |
| Net Unrealized Appreciation (Depreciation) on Investments | | 2,995,501 | | 5,313,678 |
| | | | | |
| Net Assets | | $ 39,222,874 | | $ 55,186,474 |
STATEMENTS OF ASSETS AND LIABILITIES | | |
As of September 30, 2009 | | | | |
| | | | | |
ASSETS | | | | |
| | | Large / Mid Cap Value Fund | Fixed Income Fund |
| | | | | |
| Cost, Investments in Unaffiliated Securities [NOTE 1] | | $ 84,901,107 | | $ 46,120,922 |
| Cost, Investments in Affiliated Securities[NOTE 1] | 2,248,006 | | 5,268,261 |
| Total Cost, Investments | | 87,149,113 | | 51,389,183 |
| | | | | |
| Fair Value, Investments in Unaffiliated Securities [NOTE 1] | $ 91,774,737 | | $ 48,121,562 |
| Fair Value, Investments in Affiliated Securities[NOTE 1] | 2,248,006 | | 5,268,261 |
| Total Fair Value, Investments | | 94,022,743 | | 53,389,823 |
| | | | | |
| Receivable for: | | | | |
| Investments Sold | | 793,315 | | - |
| Fund Shares Sold | | 64,927 | | 346,216 |
| Interest | | 88 | | 432,313 |
| Dividends | | 96,690 | | - |
| Prepaid Expenses | | 12,525 | | 13,894 |
| | | | | |
| Total Assets | | 94,990,288 | | 54,182,246 |
| | | | | |
LIABILITIES | | | | |
| | | | | |
| | | | | |
| Accrued Advisory Fees | | 65,433 | | 19,478 |
| Accrued 12b-1 Fees | | 26,109 | | 14,314 |
| Accrued Expenses | | 61,595 | | 31,355 |
| Payable for: | | | | |
| Fund Shares Redeemed | | 778,653 | | 47,942 |
| | | | | |
| Total Liabilities | | 931,790 | | 113,089 |
| | | | | |
| Net Assets | | $ 94,058,498 | | $ 54,069,157 |
| | | | | |
SOURCES OF NET ASSETS | | | | |
| | | | | |
| | | | | |
| Net Assets Consisted of: | | | | |
| Paid-in Capital | | $ 113,096,333 | | $ 54,097,173 |
| Accumulated Undistributed Net Investment Income (Loss) | 318,708 | | (12,064) |
| Accumulated Net Realized Gain (Loss) on Investments | | (26,230,173) | | (2,016,592) |
| Net Unrealized Appreciation (Depreciation) on Investments | | 6,873,630 | | 2,000,640 |
| | | | | |
| Net Assets | | $ 94,058,498 | | $ 54,069,157 |
STATEMENTS OF ASSETS AND LIABILITIES | | |
As of September 30, 2009 | | | | |
| | | | | |
ASSETS | | | | |
| | | High Yield Bond Fund | Money Market Fund |
| | | | | |
| Cost, Investments in Unaffiliated Securities [NOTE 1] | | $ 17,590,160 | | $ 27,206,187 |
| Cost, Investments in Affiliated Securities[NOTE 1] | 1,034,441 | | - |
| Total Cost, Investments | | 18,624,601 | | 27,206,187 |
| | | | | |
| Fair Value, Investments in Unaffiliated Securities [NOTE 1] | $ 17,594,470 | | $ 27,206,187 |
| Fair Value, Investments in Affiliated Securities[NOTE 1] | 1,034,441 | | - |
| Total Fair Value, Investments | | 18,628,911 | | 27,206,187 |
| | | | | |
| Receivable for: | | | | |
| Waiver of Advisory Fees | | - | | 6,399 |
| Fund Shares Sold | | 252,700 | | - |
| Interest | | 427,389 | | 1,462 |
| Prepaid Expenses | | 9,563 | | 9,762 |
| | | | | |
| Total Assets | | 19,318,563 | | 27,223,810 |
| | | | | |
LIABILITIES | | | | |
| | | | | |
| | | | | |
| Accrued Advisory Fees | | 9,050 | | - |
| Accrued 12b-1 Fees | | 4,090 | | - |
| Accrued Expenses | | 18,258 | | 19,666 |
| Payable for: | | | | |
| Fund Shares Redeemed | | - | | 35,194 |
| Fund Distributions | | - | | 743 |
| | | | | |
| Total Liabilities | | 31,398 | | 55,603 |
| | | | | |
| Net Assets | | $ 19,287,165 | | $ 27,168,207 |
| | | | | |
SOURCES OF NET ASSETS | | | | |
| | | | | |
| | | | | |
| Net Assets Consisted of: | | | | |
| Paid-in Capital | | $ 22,171,961 | | $ 27,160,524 |
| Accumulated Undistributed Net Investment Income (Loss) | - | | 7,683 |
| Accumulated Net Realized Gain (Loss) on Investments | | (2,889,106) | | - |
| Net Unrealized Appreciation (Depreciation) on Investments | | 4,310 | | - |
| | | | | |
| Net Assets | | $ 19,287,165 | | $ 27,168,207 |
STATEMENTS OF ASSETS AND LIABILITIES | | |
As of September 30, 2009 | | | | |
| | | | | |
ASSETS | | | | |
| | | Strategic Growth Fund | Conservative Growth Fund |
| | | | | |
| Cost, Investments in Affiliated Securities[NOTE 1] | $ 56,438,100 | | $ 52,151,169 |
| Total Cost, Investments | | 56,438,100 | | 52,151,169 |
| | | | | |
| Fair Value, Investments in Affiliated Securities[NOTE 1] | $ 43,914,324 | | $ 46,017,654 |
| Total Fair Value, Investments | | 43,914,324 | | 46,017,654 |
| | | | | |
| Receivable for: | | | | |
| Investments Sold | | 286,755 | | 100,836 |
| Fund Shares Sold | | 3,039 | | 29,438 |
| Interest | | 3 | | 6 |
| Prepaid Expenses | | 10,920 | | 12,340 |
| | | | | |
| Total Assets | | 44,215,041 | | 46,160,274 |
| | | | | |
LIABILITIES | | | | |
| | | | | |
| | | | | |
| Accrued Advisory Fees | | 23,161 | | 23,720 |
| Accrued 12b-1 Fees | | 8,545 | | 7,872 |
| Accrued Expenses | | 28,224 | | 24,480 |
| Payable for: | | | | |
| Investments Purchased | | 236,755 | | 90,836 |
| Fund Shares Redeemed | | 16,008 | | 63,048 |
| To custodian (overdraft) | | 21,908 | | - |
| | | | | |
| Total Liabilities | | 334,601 | | 209,956 |
| | | | | |
| Net Assets | | $ 43,880,440 | | $ 45,950,318 |
| | | | | |
SOURCES OF NET ASSETS | | | | |
| | | | | |
| | | | | |
| Net Assets Consisted of: | | | | |
| Paid-in Capital | | $ 61,326,364 | | $ 54,777,608 |
| Accumulated Undistributed Net Investment Income (Loss) | - | | 607,877 |
| Accumulated Net Realized Gain (Loss) on Investments | | (4,922,148) | | (3,301,652) |
| Net Unrealized Appreciation (Depreciation) on Investments | | (12,523,776) | | (6,133,515) |
| | | | | |
| Net Assets | | $ 43,880,440 | | $ 45,950,318 |
STATEMENTS OF ASSETS AND LIABILITIES | | | | |
As of September 30, 2009 | | | | | | |
| | | | | | | |
NET ASSETS (unlimited shares of $0.001 par beneficial interest authorized) |
| | | Aggressive Growth Fund | International Fund | Large / Mid Cap Growth Fund |
| | | | | | | |
| Class A Shares: | | | | | | |
| Net Assets | | $ 17,007,432 | | $37,248,039 | | $ 35,972,796 |
| | | | | | | |
| Shares Outstanding | | 3,769,574 | | 4,952,578 | | 6,704,956 |
| | | | | | | |
| Net Asset Value and Redemption Price per Share | | $ 4.51 | | $ 7.52 | | $ 5.37 |
| Offering Price Per Share (NAV / 0.945) | $ 4.77 | | $ 7.96 | | $ 5.68 |
| | | | | | | |
| Class B Shares: | | | | | | |
| Net Assets | | $ 373,437 | | N/A | | $ 1,129,567 |
| | | | | | | |
| Shares Outstanding | | 89,585 | | N/A | | 225,958 |
| | | | | | �� | |
| Net Asset Value, Offering and Redemption | | | | | | |
| Price per Share | | $ 4.17 | | N/A | | $ 5.00 |
| | | | | | | |
| Class C Shares: | | | | | | |
| Net Assets | | $ 1,477,296 | | $ 1,416,898 | | $ 2,120,511 |
| | | | | | | |
| Shares Outstanding | | 353,475 | | 191,131 | | 423,467 |
| | | | | | | |
| Net Asset Value and Offering Price per Share | | $ 4.18 | | $ 7.41 | | $ 5.01 |
| Minimum Redemption Price Per Share (NAV * 0.99) | $ 4.14 | | $ 7.34 | | $ 4.96 |
| | | | | | | |
NET ASSETS (unlimited shares of $0.001 par beneficial interest authorized) |
| | | Small Cap Value Fund | Large / Mid Cap Value Fund | Fixed Income Fund |
| | | | | | | |
| Class A Shares: | | | | | | |
| Net Assets | | $ 47,267,573 | | $82,784,218 | | $ 48,073,600 |
| | | | | | | |
| Shares Outstanding | | 4,612,901 | | 7,722,005 | | 4,741,865 |
| | | | | | | |
| Net Asset Value and Redemption Price per Share | | $ 10.25 | | $ 10.72 | | $ 10.14 |
| Offering Price Per Share * | | $ 10.85 | | $ 11.34 | | $ 10.62 |
| | | | | | | |
| Class B Shares: | | | | | | |
| Net Assets | | $ 4,052,151 | | $1,721,849 | | $ 783,293 |
| | | | | | | |
| Shares Outstanding | | 454,328 | | 176,552 | | 79,656 |
| | | | | | | |
| Net Asset Value, Offering and Redemption | | | | | | |
| Price per Share | | $ 8.92 | | $ 9.75 | | $ 9.83 |
| | | | | | | |
| Class C Shares: | | | | | | |
| Net Assets | | $ 3,866,750 | | $9,552,431 | | $ 5,212,264 |
| | | | | | | |
| Shares Outstanding | | 430,319 | | 981,459 | | 530,513 |
| | | | | | | |
| Net Asset Value and Offering Price per Share | | $ 8.99 | | $ 9.73 | | $ 9.82 |
| Minimum Redemption Price Per Share (NAV * 0.99) | $ 8.90 | | $ 9.63 | | $ 9.72 |
| | | | | | | |
| *NAV / 0.945 for Small Cap Value and Large / Mid Cap Value and 0.955 for Fixed Income |
STATEMENTS OF ASSETS AND LIABILITIES | | | |
As of September 30, 2009 | | | | | |
| | | | | | |
NET ASSETS (unlimited shares of $0.001 par beneficial interest authorized) |
| | | High Yield Bond Fund | Money Market Fund |
| | | | | | |
| Class A Shares: | | | | | |
| Net Assets | | $18,739,690 | | $27,168,207 | |
| | | | | | |
| Shares Outstanding | | 2,215,635 | | 27,160,380 | |
| | | | | | |
| Net Asset Value and Redemption Price per Share | | $ 8.46 | | $1.00 | |
| Offering Price Per Share (NAV / 0.955) * | $8.86 | | N/A | |
| | | | | | |
| Class B Shares: | | | | | |
| Net Assets | | N/A | | N/A | |
| | | | | | |
| Shares Outstanding | | N/A | | N/A | |
| | | | | | |
| Net Asset Value, Offering and Redemption | | | | | |
| Price per Share | | N/A | | N/A | |
| | | | | | |
| Class C Shares: | | | | | |
| Net Assets | | $547,475 | | N/A | |
| | | | | | |
| Shares Outstanding | | 64,302 | | N/A | |
| | | | | | |
| Net Asset Value and Offering Price per Share | | $8.51 | | N/A | |
| Minimum Redemption Price Per Share (NAV * 0.99) | $8.42 | | N/A | |
| | | | | | |
NET ASSETS (unlimited shares of $0.001 par beneficial interest authorized) |
| | | Strategic Growth Fund | Conservative Growth Fund |
| | | | | | |
| Class A Shares: | | | | | |
| Net Assets | | $30,065,668 | | $33,128,489 | |
| | | | | | |
| Shares Outstanding | | 5,037,125 | | 4,014,231 | |
| | | | | | |
| Net Asset Value and Redemption Price per Share | | $5.97 | | $8.25 | |
| Offering Price Per Share (NAV / 0.945) | $ 6.32 | | $ 8.73 | |
| | | | | | |
| Class B Shares: | | | | | |
| Net Assets | | $6,207,207 | | $5,322,152 | |
| | | | | | |
| Shares Outstanding | | 1,096,223 | | 678,287 | |
| | | | | | |
| Net Asset Value, Offering and Redemption | | | | | |
| Price per Share | | $ 5.66 | | $7.85 | |
| | | | | | |
| Class C Shares: | | | | | |
| Net Assets | | $ 7,607,565 | | $7,499,677 | |
| | | | | | |
| Shares Outstanding | | 1,347,921 | | 957,797 | |
| | | | | | |
| Net Asset Value and Offering Price per Share | | $ 5.64 | | $7.83 | |
| Minimum Redemption Price Per Share (NAV * 0.99) | $ 5.58 | | $ 7.75 | |
| | | | |
| *Money Market not subject to a sales load | | | |
STATEMENTS OF OPERATIONS | | | | |
For the Fiscal Period Ended September 30, 2009 and the Fiscal Year Ended December 31, 2008 |
| | | | | |
| | | For the period ended 9/30/09 | * | For the year ended 12/31/08 |
INVESTMENT INCOME | | | | |
| | | | | |
| Interest from: | | | | |
| Affiliated Investments | | $ 513 | | $ 22,474 |
| Dividends from: | | | | |
| Unaffiliated Investments | | 32,522 | | 71,461 |
| | | | | |
| Total Investment Income | | 33,035 | | 93,935 |
| | | | | |
EXPENSES | | | | |
| | | | | |
| Investment Advisory Fees [NOTE 4] | | 103,807 | | 204,332 |
| 12b-1 Fees [NOTE 4] | | | | |
| Class A | | 27,428 | | 53,323 |
| Class B | | 2,847 | | 8,247 |
| Class C | | 9,564 | | 18,852 |
| Fund Accounting, Transfer Agency, & Administration Fees | | 24,449 | | 42,697 |
| Out-of-Pocket Expense | | 18,882 | | 37,315 |
| Registration Fees | | 18,414 | | 24,972 |
| Custodian Fees | | 14,376 | | 23,797 |
| Miscellaneous Expense | | 4,459 | | 5,173 |
| Audit Fees | | 4,261 | | 5,278 |
| Printing Expense | | 2,973 | | 3,111 |
| CCO Expense | | 1,551 | | 2,148 |
| Trustee Fees | | 1,337 | | 2,907 |
| Insurance Expense | | 683 | | 853 |
| | | | | |
| Total Net Expenses | | 235,031 | | 433,005 |
| | | | | |
| Net Investment Income (Loss) | | (201,996) | | (339,070) |
| | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
| | | | | |
| Net Realized Gain (Loss) on Unaffiliated Investments | | (2,667,673) | | (7,557,154) |
| Net Increase from Payment by Affiliate [NOTE 5] | - | | 24,684 |
| Change in Unrealized Appreciation (Depreciation) | | | | |
| of Investments | | 6,229,851 | | (5,095,846) |
| Net Realized and Unrealized Gain (Loss) on Investments | | 3,562,178 | | (12,628,316) |
| | | | | |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | $ 3,360,182 | | $ (12,967,386) |
| | | | | |
| *The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for |
| January 1, 2009 through September 30, 2009. | | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Operations [59]
INTERNATIONAL FUND
STATEMENTS OF OPERATIONS | | | | |
For the Fiscal Period Ended September 30, 2009 and the Fiscal Year Ended December 31, 2008 |
| | | | | |
| | | For the period ended 9/30/09 | * | For the year ended 12/31/08 |
INVESTMENT INCOME | | | | |
| | | | | |
| Interest from: | | | | |
| Affiliated Investments | | $ 2,676 | | $ 52,411 |
| Dividends from: | | | | |
| Unaffiliated Investments (A) | | 848,556 | | 1,102,043 |
| | | | | |
| Total Investment Income | | 851,232 | | 1,154,454 |
| | | | | |
EXPENSES | | | | |
| | | | | |
| Investment Advisory Fees [NOTE 4] | | 250,425 | | 416,037 |
| 12b-1 Fees [NOTE 4] | | | | |
| Class A | | 60,634 | | 100,534 |
| Class C | | 7,889 | | 13,902 |
| Fund Accounting, Transfer Agency, & Administration Fees | | 50,674 | | 73,598 |
| Registration Fees | | 17,467 | | 30,433 |
| Out-of-Pocket Expense | | 16,914 | | 21,515 |
| Audit Fees | | 11,432 | | 12,539 |
| Custodian Fees | | 6,767 | | 12,640 |
| Printing Expense | | 5,081 | | 7,271 |
| CCO Expense | | 2,739 | | 3,716 |
| Miscellaneous Expense | | 2,715 | | 2,634 |
| Trustee Fees | | 2,064 | | 2,800 |
| Insurance Expense | | 1,339 | | 1,472 |
| | | | | |
| | | | | |
| Total Net Expenses | | 436,140 | | 699,091 |
| | | | | |
| Net Investment Income (Loss) | | 415,092 | | 455,363 |
| | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
| | | | | |
| Net Realized Gain (Loss) on Unaffiliated Investments | | (5,756,467) | | (7,208,911) |
| Change in Unrealized Appreciation (Depreciation) | | | | |
| of Investments | | 13,894,617 | | (17,417,187) |
| Net Realized and Unrealized Gain (Loss) on Investments | | 8,138,150 | | (24,626,098) |
| | | | | |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | $ 8,553,242 | | $ (24,170,735) |
| | | | | |
| *The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
| (A) Net of foreign withholding taxes of $118,358 and $44,580, respectively. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Operations [60]
LARGE/MID CAP GROWTH FUND
STATEMENTS OF OPERATIONS | | | | |
For the Fiscal Period Ended September 30, 2009 and the Fiscal Year Ended December 31, 2008 |
| | | | | |
| | | For the period ended 9/30/09 | * | For the year ended 12/31/08 |
INVESTMENT INCOME | | | | |
| | | | | |
| Interest from: | | | | |
| Affiliated Investments | | $ 1,230 | | $ 41,980 |
| Dividends from: | | | | |
| Unaffiliated Investments | | 280,261 | (A) | 402,475 |
| | | | | |
| Total Investment Income | | 281,491 | | 444,455 |
| | | | | |
EXPENSES | | | | |
| | | | | |
| Investment Advisory Fees [NOTE 4] | | 218,826 | | 409,706 |
| 12b-1 Fees [NOTE 4] | | | | |
| Class A | | 59,030 | | 110,009 |
| Class B | | 7,528 | | 15,180 |
| Class C | | 13,794 | | 26,792 |
| Fund Accounting, Transfer Agency, & Administration Fees | | 52,219 | | 85,066 |
| Out-of-Pocket Expense | | 39,406 | | 62,973 |
| Registration Fees | | 20,671 | | 24,764 |
| Custodian Fees | | 10,968 | | 20,549 |
| Audit Fees | | 8,009 | | 10,512 |
| Printing Expense | | 5,818 | | 6,021 |
| Miscellaneous Expense | | 3,765 | | 440 |
| CCO Expense | | 2,867 | | 5,508 |
| Trustee Fees | | 1,906 | | 5,732 |
| Insurance Expense | | 1,459 | | 1,829 |
| | | | | |
| Total Net Expenses | | 446,266 | | 785,081 |
| | | | | |
| Net Investment Income (Loss) | | (164,775) | | (340,626) |
| | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
| | | | | |
| Net Realized Gain (Loss) on Unaffiliated Investments | | (2,950,198) | | (7,879,763) |
| Change in Unrealized Appreciation (Depreciation) | | | | |
| of Investments | | 10,218,574 | | (12,968,068) |
| Net Realized and Unrealized Gain (Loss) on Investments | | 7,268,376 | | (20,847,831) |
| | | | | |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | $ 7,103,601 | | $ (21,188,457) |
| | | | | |
| *The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
| (A) Net of foreign withholding taxes of $5,300. | | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Operations [61]
SMALL CAP VALUE FUND
STATEMENTS OF OPERATIONS | | | | |
For the Fiscal Period Ended September 30, 2009 and the Fiscal Year Ended December 31, 2008 |
| | | | | |
| | | For the period ended 9/30/09 | * | For the year ended 12/31/08 |
INVESTMENT INCOME | | | | |
| | | | | |
| Interest from: | | | | |
| Affiliated Investments | | $ 1,783 | | $ 84,371 |
| Dividends from: | | | | |
| Unaffiliated Investments | | 317,407 | | 959,366 |
| | | | | |
| Total Investment Income | | 319,190 | | 1,043,737 |
| | | | | |
EXPENSES | | | | |
| | | | | |
| Investment Advisory Fees [NOTE 4] | | 307,489 | | 572,983 |
| 12b-1 Fees [NOTE 4] | | | | |
| Class A | | 76,818 | | 140,048 |
| Class B | | 27,931 | | 60,750 |
| Class C | | 26,551 | | 53,156 |
| Fund Accounting, Transfer Agency, & Administration Fees | | 73,346 | | 118,881 |
| Out-of-Pocket Expense | | 42,396 | | 65,327 |
| Registration Fees | | 18,670 | | 27,409 |
| Audit Fees | | 12,696 | | 14,659 |
| Printing Expense | | 8,801 | | 8,025 |
| Custodian Fees | | 8,291 | | 17,798 |
| CCO Expense | | 4,641 | | 6,065 |
| Miscellaneous Expense | | 2,922 | | - |
| Trustee Fees | | 2,770 | | 7,229 |
| Insurance Expense | | 2,000 | | 2,891 |
| | | | | |
| | | | | |
| Total Net Expenses | | 615,322 | | 1,095,221 |
| | | | | |
| Net Investment Income (Loss) | | (296,132) | | (51,484) |
| | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
| | | | | |
| Capital Gain Dividends from REIT's | | 23,271 | | 97,582 |
| Net Realized Gain (Loss) on Unaffiliated Investments | | (1,480,291) | | (18,562,090) |
| Change in Unrealized Appreciation (Depreciation) | | | | |
| of Investments | | 9,015,718 | | (6,072,615) |
| Net Realized and Unrealized Gain (Loss) on Investments | | 7,558,698 | | (24,537,123) |
| | | | | |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | $ 7,262,566 | | $ (24,588,607) |
| | | | | |
| *The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for |
| January 1, 2009 through September 30, 2009. | | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Operations[62]
LARGE / MID CAP VALUE FUND
STATEMENTS OF OPERATIONS | | | | |
For the Fiscal Period Ended September 30, 2009 and the Fiscal Year Ended December 31, 2008 |
| | | | | |
| | | For the period ended 9/30/09 | * | For the year ended 12/31/08 |
INVESTMENT INCOME | | | | |
| | | | | |
| Interest from: | | | | |
| Affiliated Investments | | $ 2,939 | | $ 79,855 |
| Dividends from: | | | | |
| Unaffiliated Investments | | 1,298,833 | | 2,033,093 |
| | | | | |
| Total Investment Income | | 1,301,772 | | 2,112,948 |
| | | | | |
EXPENSES | | | | |
| | | | | |
| Investment Advisory Fees [NOTE 4] | | 517,026 | | 943,946 |
| 12b-1 Fees [NOTE 4] | | | | |
| Class A | | 133,261 | | 236,916 |
| Class B | | 13,873 | | 42,308 |
| Class C | | 61,350 | | 120,552 |
| Fund Accounting, Transfer Agency, & Administration Fees | | 122,606 | | 195,563 |
| Out-of-Pocket Expense | | 75,343 | | 130,384 |
| Registration Fees | | 23,962 | | 34,523 |
| Audit Fees | | 21,270 | | 24,355 |
| Printing Expense | | 12,736 | | 14,403 |
| Custodian Fees | | 11,828 | | 26,002 |
| CCO Expense | | 6,715 | | 9,961 |
| Trustee Fees | | 4,715 | | 13,339 |
| Insurance Expense | | 3,265 | | 4,466 |
| Miscellaneous Expense | | 3,073 | | 827 |
| | | | | |
| Total Net Expenses | | 1,011,023 | | 1,797,545 |
| | | | | |
| Net Investment Income (Loss) | | 290,749 | | 315,403 |
| | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
| | | | | |
| Capital Gain Dividends from REIT's | | 56,992 | | 119,453 |
| Net Realized Gain (Loss) on Unaffiliated Investments | | (5,325,537) | | (21,143,902) |
| Change in Unrealized Appreciation (Depreciation) | | | | |
| of Investments | | 19,278,975 | | (34,286,147) |
| Net Realized and Unrealized Gain (Loss) on Investments | | 14,010,430 | | (55,310,596) |
| | | | | |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | $ 14,301,179 | | $ (54,995,193) |
| | | | | |
| *The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Operations [63]
FIXED INCOME FUND
STATEMENTS OF OPERATIONS | | | | |
For the Fiscal Period Ended September 30, 2009 and the Fiscal Year Ended December 31, 2008 |
| | | | | |
| | | For the period ended 9/30/09 | * | For the year ended 12/31/08 |
INVESTMENT INCOME | | | | |
| | | | | |
| Interest from: | | | | |
| Affiliated Investments | | $ 2,752 | | $ 51,996 |
| Unaffiliated Investments | | 1,551,064 | | 2,592,912 |
| | | | | |
| Total Investment Income | | 1,553,816 | | 2,644,908 |
| | | | | |
EXPENSES | | | | |
| | | | | |
| Investment Advisory Fees [NOTE 4] | | 203,120 | | 294,056 |
| 12b-1 Fees [NOTE 4] | | | | |
| Class A | | 75,849 | | 111,814 |
| Class B | | 7,838 | | 14,885 |
| Class C | | 27,300 | | 27,951 |
| Fund Accounting, Transfer Agency, & Administration Fees | | 67,697 | | 86,977 |
| Out-of-Pocket Expense | | 43,607 | | 52,779 |
| Registration Fees | | 17,778 | | 26,966 |
| Audit Fees | | 10,896 | | 10,592 |
| Custodian Fees | | 7,412 | | 11,660 |
| Printing Expense | | 6,943 | | 6,354 |
| Miscellaneous Expense | | 6,207 | | 8,238 |
| CCO Expense | | 3,862 | | 4,325 |
| Trustee Fees | | 2,738 | | 5,837 |
| Insurance Expense | | 1,721 | | 1,978 |
| | | | | |
| Total Expenses | | 482,968 | | 664,412 |
| | | | | |
| Fees Waived by Adviser [NOTE 4] | | (50,780) | | (73,514) |
| | | | | |
| Total Net Expenses | | 432,188 | | 590,898 |
| | | | | |
| Net Investment Income (Loss) | | 1,121,628 | | 2,054,010 |
| | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
| | | | | |
| Net Realized Gain (Loss) on Unaffiliated Investments | | (363,079) | | (988,457) |
| Change in Unrealized Appreciation (Depreciation) | | | | |
| of Investments | | 3,043,140 | | (1,280,539) |
| Net Realized and Unrealized Gain (Loss) on Investments | | 2,680,061 | | (2,268,996) |
| | | | | |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | $ 3,801,689 | | $ (214,986) |
| | | | | |
| *The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for |
| January 1, 2009 through September 30, 2009. | | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Operations [64]
HIGH YIELD BOND FUND
STATEMENTS OF OPERATIONS | | | | |
For the Fiscal Period Ended September 30, 2009 and the Fiscal Year Ended December 31, 2008 |
| | | | | |
| | | For the period ended 9/30/09 | * | For the year ended 12/31/08 |
INVESTMENT INCOME | | | | |
| | | | | |
| Interest from: | | | | |
| Affiliated Investments | | $ 431 | | $ 14,215 |
| Unaffiliated Investments | | 1,165,935 | | 1,532,151 |
| Dividends from: | | | | |
| Unaffiliated Investments | | - | | 4,648 |
| | | | | |
| Total Investment Income | | 1,166,366 | | 1,551,014 |
| | | | | |
EXPENSES | | | | |
| | | | | |
| Investment Advisory Fees [NOTE 4] | | 68,590 | | 109,836 |
| 12b-1 Fees [NOTE 4] | | | | |
| Class A | | 28,001 | | 45,151 |
| Class C | | 2,312 | | 2,457 |
| Fund Accounting, Transfer Agency, & Administration Fees | | 22,420 | | 32,354 |
| Registration Fees | | 17,631 | | 31,040 |
| Audit Fees | | 11,918 | | 14,482 |
| Out-of-Pocket Expense | | 5,846 | | 8,089 |
| Miscellaneous Expense | | 4,250 | | 5,636 |
| Custodian Fees | | 2,846 | | 4,471 |
| Printing Expense | | 2,449 | | 2,249 |
| CCO Expense | | 1,191 | | 1,643 |
| Trustee Fees | | 858 | | 2,109 |
| Insurance Expense | | 570 | | 673 |
| | | | | |
| Total Net Expenses | | 168,882 | | 260,190 |
| | | | | |
| Net Investment Income (Loss) | | 997,484 | | 1,290,824 |
| | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
| | | | | |
| Net Realized Gain (Loss) on Unaffiliated Investments | | (1,807,422) | | (1,081,685) |
| Change in Unrealized Appreciation (Depreciation) | | | | |
| of Investments | | 6,648,416 | | (5,758,446) |
| Net Realized and Unrealized Gain (Loss) on Investments | | 4,840,994 | | (6,840,131) |
| | | | | |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | $ 5,838,478 | | $ (5,549,307) |
| | | | | |
| *The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statement of Operations [65]
MONEY MARKET FUND
STATEMENTS OF OPERATIONS | | | | | |
For the Fiscal Period Ended September 30, 2009 and the Fiscal Year Ended December 31, 2008 |
| | | | | | |
| | For the period ended 9/30/09 | * | For the year ended 12/31/08 | |
INVESTMENT INCOME | | | | | |
| | | | | | |
| Interest from: | | | | | |
| Unaffiliated Investments | | 92,206 | | 750,287 | |
| | | | | | |
| Total Investment Income | | 92,206 | | 750,287 | |
| | | | | | |
EXPENSES | | | | | |
| | | | | | |
| Investment Advisory Fees [NOTE 4] | | 132,991 | | 183,719 | |
| Fund Accounting, Transfer Agency, & Administration Fees | | 48,035 | | 53,654 | |
| Registration Fees | | 13,882 | | 18,104 | |
| Custodian Fees | | 10,523 | | 18,006 | |
| Out-of-Pocket Expense | | 8,390 | | 13,494 | |
| Audit Fees | | 8,129 | | 6,524 | |
| Printing Expense | | 4,555 | | 5,031 | |
| CCO Expense | | 2,561 | | 2,234 | |
| Trustee Fees | | 1,894 | | 3,430 | |
| Insurance Expense | | 1,305 | | 1,111 | |
| Miscellaneous Expense | | - | | 736 | |
| | | | | | |
| Total Expenses | | 232,265 | | 306,043 | |
| | | | | | |
| Fees Waived by Adviser [NOTE 4] | | (44,330) | | (107,015) | |
| Expenses Reimbursed by Adviser [NOTE 4] | (115,446) | | - | |
| Fees Waived by Administrator | | - | | (4,277) | (A) |
| | | | | | |
| Total Net Expenses | | 72,489 | | 194,751 | |
| | | | | | |
| Net Investment Income (Loss) | | 19,717 | | 555,536 | |
| | | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | |
| | | | | | |
| Net Realized Gain (Loss) on Unaffiliated Investments | | 5,397 | | 2,939 | |
| Net Realized and Unrealized Gain (Loss) on Investments | | 5,397 | | 2,939 | |
| | | | | | |
| Net Increase (Decrease) in Net Assets | | | | | |
| Resulting from Operations | | $ 25,114 | | $ 558,475 | |
| | | | | | |
| *The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for |
| January 1, 2009 through September 30, 2009. | | | |
| (A) The Administrator reimbursed the Fund for a loss caused by a processing error. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statement of Operations [66]
STRATEGIC GROWTH FUND
STATEMENTS OF OPERATIONS | | | | |
For the Fiscal Period Ended September 30, 2009 and the Fiscal Year Ended December 31, 2008 |
| | | | | |
| | | For the period ended 9/30/09 | * | For the year ended 12/31/08 |
INVESTMENT INCOME | | | | |
| | | | | |
| Interest from: | | | | |
| Affiliated Investments | | $ 25 | | $ 1,347 |
| Dividends from: | | | | |
| Affiliated Investments | | 242,012 | | 652,645 |
| | | | | |
| Total Investment Income | | 242,037 | | 653,992 |
| | | | | |
EXPENSES | | | | |
| | | | | |
| Investment Advisory Fees [NOTE 4] | | 184,884 | | 374,071 |
| 12b-1 Fees [NOTE 4] | | | | |
| Class B | | 34,077 | | 81,487 |
| Class C | | 37,285 | | 67,727 |
| Fund Accounting, Transfer Agency, & Administration Fees | | 58,007 | | 102,713 |
| Registration Fees | | 20,913 | | 27,994 |
| Out-of-Pocket Expense | | 19,543 | | 36,558 |
| Audit Fees | | 9,850 | | 12,658 |
| Custodian Fees | | 6,558 | | 15,817 |
| Printing Expense | | 5,147 | | 7,339 |
| CCO Expense | | 3,585 | | 5,201 |
| Trustee Fees | | 3,078 | | 6,967 |
| Insurance Expense | | 1,613 | | 2,451 |
| Miscellaneous Expense | | 1,299 | | - |
| | | | | |
| Total Net Expenses | | 385,839 | | 740,983 |
| | | | | |
| Net Investment Income (Loss) | | (143,802) | | (86,991) |
| | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
| | | | | |
| Capital Gain Dividends from Affiliated Investment | | |
| Companies | | - | | 94,136 |
| Net Realized Gain (Loss) on Affiliated Investments | (2,575,633) | | (2,291,137) |
| Change in Unrealized Appreciation (Depreciation) | | | | |
| of Investments | | 10,776,761 | | (25,435,252) |
| Net Realized and Unrealized Gain (Loss) on Investments | | 8,201,128 | | (27,632,253) |
| | | | | |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | $ 8,057,326 | | $ (27,719,244) |
| | | | | |
| *The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statement of Operations [67]
CONSERVATIVE GROWTH FUND
STATEMENTS OF OPERATIONS | | | | |
For the Fiscal Period Ended September 30, 2009 and the Fiscal Year Ended December 31, 2008 |
| | | | | |
| | | For the period ended 9/30/09 | * | For the year ended 12/31/08 |
INVESTMENT INCOME | | | | |
| | | | | |
| Interest from: | | | | |
| Affiliated Investments | | $ 26 | | $ 1,445 |
| Dividends from: | | | | |
| Affiliated Investments | | 543,784 | | 1,195,721 |
| | | | | |
| Total Investment Income | | 543,810 | | 1,197,166 |
| | | | | |
EXPENSES | | | | |
| | | | | |
| Investment Advisory Fees [NOTE 4] | | 185,398 | | 326,412 |
| 12b-1 Fees [NOTE 4] | | | | |
| Class B | | 28,700 | | 59,950 |
| Class C | | 37,316 | | 55,214 |
| Fund Accounting, Transfer Agency, & Administration Fees | | 57,735 | | 89,476 |
| Registration Fees | | 20,192 | | 28,652 |
| Out-of-Pocket Expense | | 19,450 | | 28,125 |
| Audit Fees | | 10,028 | | 10,935 |
| Custodian Fees | | 5,948 | | 9,420 |
| Printing Expense | | 5,262 | | 6,240 |
| CCO Expense | | 3,633 | | 4,485 |
| Trustee Fees | | 2,423 | | 5,514 |
| Insurance Expense | | 1,575 | | 2,041 |
| Miscellaneous Expense | | 1,293 | | - |
| | | | | |
| Total Net Expenses | | 378,953 | | 626,464 |
| | | | | |
| Net Investment Income (Loss) | | 164,857 | | 570,702 |
| | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
| | | | | |
| Capital Gain Dividends from Affiliated Investment | | |
| Companies | | - | | 78,533 |
| Net Realized Gain (Loss) on Affiliated Investments | (2,036,120) | | (1,179,921) |
| Change in Unrealized Appreciation (Depreciation) | | | | |
| of Investments | | 8,547,732 | | (16,268,127) |
| Net Realized and Unrealized Gain (Loss) on Investments | | 6,511,612 | | (17,369,515) |
| | | | | |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | $ 6,676,469 | | $ (16,798,813) |
| | | | | |
| *The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statement of Operations [68]
AGGRESSIVE GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS | | | | |
| | | | | | |
| | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | |
| | Period ended | Year ended | Year ended |
| | 09/30/09 | (A) | 12/31/08 | | 12/31/07 |
| | | | | | |
| Operations: | | | | | |
| Net Investment Income (Loss) | $ (201,996) | | $ (339,070) | | $ (288,823) |
| Net Realized Gain (Loss) on Investments | (2,667,673) | | (7,557,154) | | 3,055,958 |
| Net Increase from Payment by Affiliate [NOTE 5] | - | | 24,684 | | - |
| Change in Unrealized Appreciation (Depreciation) of Investments | 6,229,851 | | (5,095,846) | | (713,394) |
| Net Increase (Decrease) in Net Assets (resulting from operations) | 3,360,182 | | (12,967,386) | | 2,053,741 |
| | | | | | |
| Distributions to Shareholders From: | | | | | |
| Net Realized Gains: | | | | | |
| Class A | - | | (42,783) | | (2,436,130) |
| Class B | - | | (1,613) | | (119,047) |
| Class C | - | | (4,029) | | (245,732) |
| Total Distributions | - | | (48,425) | | (2,800,909) |
| | | | | | |
| Capital Share Transactions: | | | | | |
| Proceeds from Shares Sold: | | | | | |
| Class A | 1,228,054 | (B) | 7,041,334 | (C) | 8,677,760 |
| Class B | - | | 3,577 | | 2,250 |
| Class C | 190,027 | | 343,835 | | 601,086 |
| Dividends Reinvested: | | | | | |
| Class A | - | | 42,015 | | 2,356,131 |
| Class B | - | | 1,381 | | 101,485 |
| Class C | - | | 3,918 | | 225,263 |
| Cost of Shares Redeemed: | | | | | |
| Class A | (1,839,116) | | (5,038,562) | | (9,581,967) |
| Class B | (179,275) | (B) | (144,927) | (C) | (231,161) |
| Class C | (237,480) | | (306,988) | | (368,948) |
| Net Increase (Decrease) in Net Assets (resulting from | | | | |
| capital share transactions) | (837,790) | | 1,945,583 | | 1,781,899 |
| | | | | | |
| Total Increase (Decrease) in Net Assets | 2,522,392 | | (11,070,228) | | 1,034,731 |
| | | | | | |
| Net Assets: | | | | | |
| Beginning of period | 16,335,773 | | 27,406,001 | | 26,371,270 |
| | | | | | |
| End of period | $ 18,858,165 | | $ 16,335,773 | | $ 27,406,001 |
| | | | | | |
| Accumulated Undistributed Net Investment Income (Loss) | $ - | | $ - | | $ 506,728 |
| | | | | | |
| Shares of Capital Stock of the Fund Sold and Redeemed: | | |
| Shares Sold: | | | | | |
| Class A | 331,324 | (B) | 1,298,923 | (C) | 1,134,927 |
| Class B | - | | 624 | | 280 |
| Class C | 53,423 | | 68,482 | | 84,165 |
| Shares Reinvested: | | | | | |
| Class A | - | | 11,929 | | 351,662 |
| Class B | - | | 422 | | 16,186 |
| Class C | - | | 1,195 | | 35,870 |
| Shares Redeemed: | | | | | |
| Class A | (490,930) | | (916,790) | | (1,244,805) |
| Class B | (52,300) | (B) | (30,246) | (C) | (32,039) |
| Class C | (68,122) | | (58,719) | | (52,200) |
| Net Increase (Decrease) in Number of Shares Outstanding | (226,605) | | 375,820 | | 294,046 |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
(A) | The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Includes automatic conversion of Class B shares ($138,616 representing 40,607 shares) to Class A shares ($138,616 representing 37,670 shares). |
(C) | Includes automatic conversion of Class B shares ($16,599 representing 4,811 shares) to Class A shares ($16,599 representing 4,474 shares). |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Changes [69]
INTERNATIONAL FUND
STATEMENTS OF CHANGES IN NET ASSETS | | | | | |
| | | | | | | |
| | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | |
| | Period ended | | Year ended | | Period ended | |
| | 09/30/09 | (A) | 12/31/08 | | 12/31/07 | (B) |
| | | | | | | |
| Operations: | | | | | | |
| Net Investment Income (Loss) | $ 415,092 | | $ 455,363 | | $ 142,508 | |
| Net Realized Gain (Loss) on Investments | (5,756,467) | | (7,208,911) | | (609,763) | |
| Change in Unrealized Appreciation (Depreciation) of Investments | 13,894,617 | | (17,417,187) | | 4,440,915 | |
| Net Increase (Decrease) in Net Assets (resulting from operations) | 8,553,242 | | (24,170,735) | | 3,973,660 | |
| | | | | | | |
| Distributions to Shareholders From: | | | | | | |
| Net Investment Income: | | | | | | |
| Class A | - | | (432,699) | | (141,809) | |
| Class C | - | | (12,503) | | (83) | |
| Total Distributions | - | | (445,202) | | (141,892) | |
| | | | | | | |
| Capital Share Transactions: | | | | | | |
| Proceeds from Shares Sold: | | | | | | |
| Class A | 5,238,049 | | 20,334,914 | | 43,574,309 | |
| Class C | 344,856 | | 808,369 | | 1,298,293 | |
| Dividends Reinvested: | | | | | | |
| Class A | - | | 388,442 | | 134,123 | |
| Class C | - | | 12,206 | | 74 | |
| Cost of Shares Redeemed: | | | | | | |
| Class A | (7,490,528) | | (7,993,400) | | (5,166,189) | |
| Class C | (179,451) | | (352,076) | | (56,127) | |
| Net Increase (Decrease) in Net Assets (resulting from | | | | | |
| capital share transactions) | (2,087,074) | | 13,198,455 | | 39,784,483 | |
| | | | | | | |
| Total Increase (Decrease) in Net Assets | 6,466,168 | | (11,417,482) | | 43,616,251 | |
| | | | | | | |
| Net Assets: | | | | | | |
| Beginning of period | 32,198,769 | | 43,616,251 | | - | |
| | | | | | | |
| End of period | $ 38,664,937 | | $ 32,198,769 | | $ 43,616,251 | |
| | | | | | | |
| Accumulated Undistributed Net Investment Income (Loss) | $ 426,390 | | $ 10,777 | | $ 616 | |
| | | | | | | |
| Shares of Capital Stock of the Fund Sold and Redeemed: | | | |
| Shares Sold: | | | | | | |
| Class A | 870,021 | | 2,304,470 | | 4,303,658 | |
| Class C | 54,460 | | 84,402 | | 125,260 | |
| Shares Reinvested: | | | | | | |
| Class A | - | | 67,673 | | 12,642 | |
| Class C | - | | 2,145 | | 7 | |
| Shares Redeemed: | | | | | | |
| Class A | (1,188,414) | | (945,119) | | (472,353) | |
| Class C | (31,068) | | (38,919) | | (5,156) | |
| Net Increase (Decrease) in Number of Shares Outstanding | (295,001) | | 1,474,652 | | 3,964,058 | |
| | | | | | | |
| | | | | | | |
(A) | The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period May 3, 2007 (commencement of operations) through December 31, 2007. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statement of Changes [70]
LARGE/MID CAP GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS | | | | |
| | | | | | |
| | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | |
| | | | |
| | Period ended | | Year ended | | Year ended |
| | 09/30/09 | (A) | 12/31/08 | | 12/31/07 |
| | | | | | |
| Operations: | | | | | |
| Net Investment Income (Loss) | $ (164,775) | | $ (340,626) | | $ (270,411) |
| Net Realized Gain (Loss) on Investments | (2,950,198) | | (7,879,763) | | 6,418,965 |
| Change in Unrealized Appreciation (Depreciation) of Investments | 10,218,574 | | (12,968,068) | | (2,180,509) |
| Net Increase (Decrease) in Net Assets (resulting from operations) | 7,103,601 | | (21,188,457) | | 3,968,045 |
| | | | | | |
| Distributions to Shareholders From: | | | | | |
| Net Realized Gains: | | | | | |
| Class A | - | | (61,850) | | (5,198,735) |
| Class B | | | (2,112) | | (196,179) |
| Class C | - | | (4,038) | | (313,091) |
| Total Distributions | - | | (68,000) | | (5,708,005) |
| | | | | | |
| Capital Share Transactions: | | | | | |
| Proceeds from Shares Sold: | | | | | |
| Class A | 2,870,891 | | 15,166,919 | | 18,312,526 |
| Class B | 3,853 | | 17,054 | | 22,736 |
| Class C | 335,469 | | 775,006 | | 1,307,432 |
| Dividends Reinvested: | | | | | |
| Class A | - | | 56,381 | | 4,726,540 |
| Class B | - | | 1,861 | | 169,167 |
| Class C | - | | 3,555 | | 274,366 |
| Cost of Shares Redeemed: | | | | | |
| Class A | (5,919,458) | | (16,452,855) | | (33,943,282) |
| Class B | (97,613) | | (288,063) | | (408,268) |
| Class C | (550,408) | | (761,081) | | (483,913) |
| Net Increase (Decrease) in Net Assets (resulting from | | | | |
| capital share transactions) | (3,357,266) | | (1,481,223) | | (10,022,696) |
| | | | | | |
| Total Increase (Decrease) in Net Assets | 3,746,335 | | (22,737,680) | | (11,762,656) |
| | | | | | |
| Net Assets: | | | | | |
| Beginning of period | 35,476,539 | | 58,214,219 | | 69,976,875 |
| | | | | | |
| End of period | $ 39,222,874 | | $ 35,476,539 | | $ 58,214,219 |
| | | | | | |
| Accumulated Undistributed Net Investment Income (Loss) | $ - | | $ - | | $ - |
| | | | | | |
| Shares of Capital Stock of the Fund Sold and Redeemed: | | |
| Shares Sold: | | | | | |
| Class A | 640,864 | | 2,613,667 | | 2,375,173 |
| Class B | 928 | | 3,097 | | 2,996 |
| Class C | 78,171 | | 134,417 | | 179,541 |
| Shares Reinvested: | | | | | |
| Class A | - | | 13,424 | | 692,026 |
| Class B | - | | 474 | | 26,227 |
| Class C | - | | 902 | | 42,471 |
| Shares Redeemed: | | | | | |
| Class A | (1,345,096) | | (2,941,853) | | (4,378,224) |
| Class B | (23,674) | | (52,411) | | (55,188) |
| Class C | (133,643) | | (131,734) | | (66,397) |
| Net Increase (Decrease) in Number of Shares Outstanding | (782,450) | | (360,017) | | (1,181,375) |
| | | | | | |
(A) | The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statement of Changes [71]
SMALL CAP VALUE FUND
STATEMENTS OF CHANGES IN NET ASSETS | | | | | |
| | | | | | | |
| | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | |
| | Period ended | | Year ended | | Year ended | |
| | 09/30/09 | (A) | 12/31/08 | | 12/31/07 | |
| | | | | | | |
| Operations: | | | | | | |
| Net Investment Income (Loss) | $ (296,132) | | $ (51,484) | | $ 78,768 | |
| Capital Gain Dividends from REIT's | 23,271 | | 97,582 | | 168,117 | |
| Net Realized Gain (Loss) on Investments | (1,480,291) | | (18,562,090) | | 10,221,870 | |
| Change in Unrealized Appreciation (Depreciation) of Investments | 9,015,718 | | (6,072,615) | | (7,505,450) | |
| Net Increase (Decrease) in Net Assets (resulting from operations) | 7,262,566 | | (24,588,607) | | 2,963,305 | |
| | | | | | | |
| Distributions to Shareholders From: | | | | | | |
| Net Investment Income: | | | | | | |
| Class A | - | | - | | (121,858) | |
| Net Realized Gains: | | | | | | |
| Class A | - | | (349,483) | | (8,305,482) | |
| Class B | - | | (38,730) | | (1,106,005) | |
| Class C | - | | (35,945) | | (932,321) | |
| Total Distributions | - | | (424,158) | | (10,465,666) | |
| | | | | | | |
| Capital Share Transactions: | | | | | | |
| Proceeds from Shares Sold: | | | | | | |
| Class A | 4,308,472 | (B) | 13,566,159 | (C) | 18,486,727 | (D) |
| Class B | - | | 11,760 | | 62,488 | |
| Class C | 424,218 | | 1,147,220 | | 3,383,795 | |
| Dividends Reinvested: | | | | | | |
| Class A | - | | 334,156 | | 8,131,543 | |
| Class B | - | | 36,572 | | 1,032,903 | |
| Class C | - | | 35,715 | | 868,022 | |
| Cost of Shares Redeemed: | | | | | | |
| Class A | (5,977,541) | | (13,027,054) | | (24,191,844) | |
| Class B | (620,618) | (B) | (994,846) | (C) | (4,906,273) | (D) |
| Class C | (935,477) | | (1,608,258) | | (1,029,804) | |
| Net Increase (Decrease) in Net Assets (resulting from | | | | | |
| capital share transactions) | (2,800,946) | | (498,576) | | 1,837,557 | |
| | | | | | | |
| Total Increase (Decrease) in Net Assets | 4,461,620 | | (25,511,341) | | (5,664,804) | |
| | | | | | | |
| Net Assets: | | | | | | |
| Beginning of period | 50,724,854 | | 76,236,195 | | 81,900,999 | |
| | | | | | | |
| End of period | $ 55,186,474 | | $ 50,724,854 | | $ 76,236,195 | |
| | | | | | | |
| Accumulated Undistributed Net Investment Income (Loss) | $ - | | $ - | | $ - | |
| | | | | | | |
| Shares of Capital Stock of the Fund Sold and Redeemed: | | | |
| Shares Sold: | | | | | | |
| Class A | 511,073 | (B) | 1,181,260 | (C) | 1,172,591 | (D) |
| Class B | - | | 1,107 | | 4,292 | |
| Class C | 55,575 | | 112,080 | | 236,102 | |
| Shares Reinvested: | | | | | | |
| Class A | - | | 40,211 | | 622,152 | |
| Class B | - | | 5,030 | | 89,506 | |
| Class C | - | | 4,872 | | 74,699 | |
| Shares Redeemed: | | | | | | |
| Class A | (698,823) | | (1,131,872) | | (1,508,848) | |
| Class B | (82,249) | (B) | (98,662) | (C) | (335,637) | (D) |
| Class C | (123,231) | | (156,226) | | (72,154) | |
| Net Increase (Decrease) in Number of Shares Outstanding | (337,655) | | (42,200) | | 282,703 | |
| | | | | | | |
(A) | The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Includes automatic conversion of Class B shares ($132,891 representing 16,408 shares) to Class A shares ($132,891 representing 14,308 shares). |
(C) | Includes automatic conversion of Class B shares ($54,856 representing 4,594 shares) to Class A shares ($54,856 representing 4,042 shares). |
(D) | Includes automatic conversion of Class B shares ($3,722,878 representing 252,808 shares) to Class A shares ($3,722,878 representing 227,751 shares). |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statement of Changes [72]
LARGE / MID CAP VALUE FUND
STATEMENTS OF CHANGES IN NET ASSETS | | | | | |
| | | | | | | |
| | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | |
| | | | | | |
| | Period ended | | Year ended | | Year ended | |
| | 09/30/09 | (A) | 12/31/08 | | 12/31/07 | |
| | | | | | | |
| Operations: | | | | | | |
| Net Investment Income (Loss) | $ 290,749 | | $ 315,403 | | $ 963,589 | |
| Capital Gain Dividends from REIT's | 56,992 | | 119,453 | | 94,669 | |
| Net Realized Gain (Loss) on Investments | (5,325,537) | | (21,143,902) | | 9,372,484 | |
| Change in Unrealized Appreciation (Depreciation) of Investments | 19,278,975 | | (34,286,147) | | 6,232,108 | |
| Net Increase (Decrease) in Net Assets (resulting from operations) | 14,301,179 | | (54,995,193) | | 16,662,850 | |
| | | | | | | |
| Distributions to Shareholders From: | | | | | | |
| Net Investment Income: | | | | | | |
| Class A | - | | (261,651) | | (974,907) | |
| Class B | - | | (5,389) | | (12,990) | |
| Class C | - | | (20,404) | | (62,881) | |
| Net Realized Gains: | | | | | | |
| Class A | - | | (1,032,217) | | (6,755,829) | |
| Class B | - | | (38,228) | | (427,838) | |
| Class C | - | | (138,289) | | (894,168) | |
| Total Distributions | - | | (1,496,178) | | (9,128,613) | |
| | | | | | | |
| Capital Share Transactions: | | | | | | |
| Proceeds from Shares Sold: | | | | | | |
| Class A | 13,727,988 | (B) | 43,215,602 | (C) | 37,682,954 | (D) |
| Class B | 10,649 | | 50,993 | | 149,745 | |
| Class C | 1,187,000 | | 5,604,263 | | 6,564,189 | |
| Dividends Reinvested: | | | | | | |
| Class A | - | | 1,159,102 | | 6,885,837 | |
| Class B | - | | 40,065 | | 398,079 | |
| Class C | - | | 114,538 | | 804,848 | |
| Cost of Shares Redeemed: | | | | | | |
| Class A | (13,355,139) | | (30,185,260) | | (31,613,048) | |
| Class B | (770,992) | (B) | (1,740,640) | (C) | (1,608,532) | (D) |
| Class C | (1,517,058) | | (3,787,995) | | (1,328,079) | |
| Net Increase (Decrease) in Net Assets (resulting from | | | | | |
| capital share transactions) | (717,552) | | 14,470,668 | | 17,935,993 | |
| | | | | | | |
| Total Increase (Decrease) in Net Assets | 13,583,627 | | (42,020,703) | | 25,470,230 | |
| | | | | | | |
| Net Assets: | | | | | | |
| Beginning of period | 80,474,871 | | 122,495,574 | | 97,025,344 | |
| | | | | | | |
| End of period | $ 94,058,498 | | $ 80,474,871 | | $ 122,495,574 | |
| | | | | | | |
| Accumulated Undistributed Net Investment Income (Loss) | $ 318,708 | | $ 27,959 | | $ - | |
| | | | | | | |
| Shares of Capital Stock of the Fund Sold and Redeemed: | | | | |
| Shares Sold: | | | | | | |
| Class A | 1,527,499 | (B) | 3,330,953 | (C) | 2,372,294 | (D) |
| Class B | 1,346 | | 4,127 | | 10,331 | |
| Class C | 141,471 | | 449,463 | | 447,094 | |
| Shares Reinvested: | | | | | | |
| Class A | - | | 133,382 | | 453,612 | |
| Class B | - | | 5,040 | | 28,434 | |
| Class C | - | | 14,443 | | 57,613 | |
| Shares Redeemed: | | | | | | |
| Class A | (1,464,060) | | (2,512,832) | | (2,002,383) | |
| Class B | (93,370) | (B) | (157,284) | (C) | (109,857) | (D) |
| Class C | (188,471) | | (328,671) | | (89,822) | |
| Net Increase (Decrease) in Number of Shares Outstanding | (75,585) | | 938,621 | | 1,167,316 | |
| | | | | | | |
(A) | The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Includes automatic conversion of Class B shares ($547,116 representing 65,891 shares) to Class A shares ($547,116 representing 60,101 shares). |
(C) | Includes automatic conversion of Class B shares ($826,012 representing 75,819 shares) to Class A shares ($826,012 representing 69,567 shares). |
(D) | Includes automatic conversion of Class B shares ($434,662 representing 29,227 shares) to Class A shares ($434,662 representing 26,988 shares). |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statement of Changes [73]
FIXED INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS | | | | | |
| | | | | | | |
| | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | |
| | Period ended | | Year ended | | Year ended | |
| | 09/30/09 | (A) | 12/31/08 | | 12/31/07 | |
| | | | | | | |
| Operations: | | | | | | |
| Net Investment Income (Loss) | $ 1,121,628 | | $ 2,054,010 | | $ 2,039,013 | |
| Net Realized Gain (Loss) on Investments | (363,079) | | (988,457) | | 7,734 | |
| Change in Unrealized Appreciation (Depreciation) of Investments | 3,043,140 | | (1,280,539) | | 303,475 | |
| Net Increase (Decrease) in Net Assets (resulting from operations) | 3,801,689 | | (214,986) | | 2,350,222 | |
| | | | | | | |
| Distributions to Shareholders From: | | | | | | |
| Net Investment Income: | | | | | | |
| Class A | (1,030,855) | | (1,899,067) | | (1,888,174) | |
| Class B | (18,994) | | (53,131) | | (98,490) | |
| Class C | (84,563) | | (101,092) | | (105,639) | |
| Total Distributions | (1,134,412) | | (2,053,290) | | (2,092,303) | |
| | | | | | | |
| Capital Share Transactions: | | | | | | |
| Proceeds from Shares Sold: | | | | | | |
| Class A | 15,547,916 | (B) | 16,330,862 | (C) | 15,931,332 | (D) |
| Class B | 26,344 | | 200,402 | | 5,513 | |
| Class C | 3,291,479 | | 1,644,103 | | 1,174,029 | |
| Dividends Reinvested: | | | | | | |
| Class A | 971,951 | | 1,755,420 | | 1,725,714 | |
| Class B | 16,644 | | 45,365 | | 78,291 | |
| Class C | 62,936 | | 84,663 | | 87,251 | |
| Cost of Shares Redeemed: | | | | | | |
| Class A | (8,207,233) | | (23,998,355) | | (11,547,204) | |
| Class B | (547,920) | (B) | (910,988) | (C) | (923,283) | (D) |
| Class C | (1,239,605) | | (1,567,477) | | (1,454,401) | |
| Net Increase (Decrease) in Net Assets (resulting from | | | | | |
| capital share transactions) | 9,922,512 | | (6,416,005) | | 5,077,242 | |
| | | | | | | |
| Total Increase (Decrease) in Net Assets | 12,589,789 | | (8,684,281) | | 5,335,161 | |
| | | | | | | |
| Net Assets: | | | | | | |
| Beginning of period | 41,479,368 | | 50,163,649 | | 44,828,488 | |
| | | | | | | |
| End of period | $ 54,069,157 | | $ 41,479,368 | | $ 50,163,649 | |
| | | | | | | |
| Accumulated Undistributed Net Investment Income (Loss) | $ (12,064) | | $ 720 | | $ - | |
| | | | | | | |
| Shares of Capital Stock of the Fund Sold and Redeemed: | | | |
| Shares Sold: | | | | | | |
| Class A | 1,572,537 | (B) | 1,643,240 | (C) | 1,598,004 | (D) |
| Class B | 2,732 | | 21,569 | | 569 | |
| Class C | 342,893 | | 173,695 | | 121,089 | |
| Shares Reinvested: | | | | | | |
| Class A | 98,066 | | 179,043 | | 174,453 | |
| Class B | 1,741 | | 4,761 | | 8,142 | |
| Class C | 6,535 | | 8,898 | | 9,079 | |
| Shares Redeemed: | | | | | | |
| Class A | (836,481) | | (2,456,337) | | (1,158,035) | |
| Class B | (57,366) | (B) | (94,932) | (C) | (95,863) | (D) |
| Class C | (129,520) | | (165,113) | | (149,711) | |
| Net Increase (Decrease) in Number of Shares Outstanding | 1,001,137 | | (685,176) | | 507,727 | |
| | | | | | | |
(A) | The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Includes automatic conversion of Class B shares ($335,825 representing 35,147 shares) to Class A shares ($335,825 representing 34,072 shares). |
(C) | Includes automatic conversion of Class B shares ($357,407 representing 37,235 shares) to Class A shares ($357,407 representing 36,109 shares). |
(D) | Includes automatic conversion of Class B shares ($91,918 representing 9,421 shares) to Class A shares ($91,918 representing 9,149 shares). |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statement of Changes [74]
HIGH YIELD BOND FUND
STATEMENTS OF CHANGES IN NET ASSETS | | | | | |
| | | | | | | |
| | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | |
| | Period ended | | Year ended | | Period ended | |
| | 09/30/09 | (A) | 12/31/08 | | 12/31/07 | (B) |
| | | | | | | |
| Operations: | | | | | | |
| Net Investment Income (Loss) | $ 997,484 | | $ 1,290,824 | | $ 691,810 | |
| Net Realized Gain (Loss) on Investments | (1,807,422) | | (1,081,685) | | 12,797 | |
| Change in Unrealized Appreciation (Depreciation) of Investments | 6,648,416 | | (5,758,446) | | (885,660) | |
| Net Increase (Decrease) in Net Assets (resulting from operations) | 5,838,478 | | (5,549,307) | | (181,053) | |
| | | | | | | |
| Distributions to Shareholders From: | | | | | | |
| Net Investment Income: | | | | | | |
| Class A | (993,063) | | (1,259,132) | | (690,140) | |
| Class C | (21,558) | | (14,892) | | (4,151) | |
| Net Realized Gains: | | | | | | |
| Class A | - | | (10,252) | | - | |
| Class C | - | | (105) | | - | |
| Total Distributions | (1,014,621) | | (1,284,381) | | (694,291) | |
| | | | | | | |
| Capital Share Transactions: | | | | | | |
| Proceeds from Shares Sold: | | | | | | |
| Class A | 6,181,963 | | 5,512,203 | | 21,463,514 | |
| Class C | 379,942 | | 265,375 | | 251,123 | |
| Dividends Reinvested: | | | | | | |
| Class A | 951,405 | | 1,226,938 | | 665,546 | |
| Class C | 15,955 | | 9,733 | | 2,132 | |
| Cost of Shares Redeemed: | | | | | | |
| Class A | (6,409,997) | | (7,001,568) | | (972,985) | |
| Class C | (79,706) | | (280,184) | | (9,049) | |
| Net Increase (Decrease) in Net Assets (resulting from | | | | | |
| capital share transactions) | 1,039,562 | | (267,503) | | 21,400,281 | |
| | | | | | | |
| Total Increase (Decrease) in Net Assets | 5,863,419 | | (7,101,191) | | 20,524,937 | |
| | | | | | | |
| Net Assets: | | | | | | |
| Beginning of period | 13,423,746 | | 20,524,937 | | - | |
| | | | | | | |
| End of period | $ 19,287,165 | | $ 13,423,746 | | $ 20,524,937 | |
| | | | | | | |
| Accumulated Undistributed Net Investment Income (Loss) | $ - | | $ 16,800 | | $ - | |
| | | | | | | |
| Shares of Capital Stock of the Fund Sold and Redeemed: | | | |
| Shares Sold: | | | | | | |
| Class A | 829,334 | | 686,555 | | 2,159,291 | |
| Class C | 50,127 | | 29,745 | | 25,773 | |
| Shares Reinvested: | | | | | | |
| Class A | 131,606 | | 154,308 | | 68,973 | |
| Class C | 2,126 | | 1,237 | | 221 | |
| Shares Redeemed: | | | | | | |
| Class A | (876,583) | | (837,295) | | (100,554) | |
| Class C | (10,343) | | (33,648) | | (936) | |
| Net Increase (Decrease) in Number of Shares Outstanding | 126,267 | | 902 | | 2,152,768 | |
| | | | | | | |
(A) | The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period May 7, 2007 (commencement of operations) through December 31, 2007. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statement of Changes [75]
MONEY MARKET FUND
STATEMENTS OF CHANGES IN NET ASSETS | | | | | |
| | | | | | | |
| | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | |
| | Period ended | | Year ended | | Year ended | |
| | 09/30/09 | (A) | 12/31/08 | | 12/31/07 | |
| | | | | | | |
| Operations: | | | | | | |
| Net Investment Income (Loss) | $ 19,717 | | $ 555,536 | | $ 1,245,341 | |
| Net Realized Gain (Loss) on Investments | 5,397 | | 2,939 | | 1,649 | |
| Net Increase (Decrease) in Net Assets (resulting from operations) | 25,114 | | 558,475 | | 1,246,990 | |
| | | | | | | |
| Distributions to Shareholders From: | | | | | | |
| Net Investment Income: | (19,743) | | (556,735) | | (1,245,883) | |
| Total Distributions | (19,743) | | (556,735) | | (1,245,883) | |
| | | | | | | |
| Capital Share Transactions: | | | | | | |
| Proceeds from Shares Sold: | 66,347,945 | | 134,018,704 | | 178,091,297 | |
| Dividends Reinvested: | 8,798 | | 173,650 | | 232,944 | |
| Cost of Shares Redeemed: | (73,053,550) | | (145,767,742) | | (152,705,330) | |
| Net Increase (Decrease) in Net Assets (resulting from | | | | | |
| capital share transactions) | (6,696,807) | | (11,575,388) | | 25,618,911 | |
| | | | | | | |
| Total Increase (Decrease) in Net Assets | (6,691,436) | | (11,573,648) | | 25,620,018 | |
| | | | | | | |
| Net Assets: | | | | | | |
| Beginning of period | 33,859,643 | | 45,433,291 | | 19,813,273 | |
| | | | | | | |
| End of period | $ 27,168,207 | | $ 33,859,643 | | $ 45,433,291 | |
| | | | | | | |
| Accumulated Undistributed Net Investment Income (Loss) | $ 7,683 | | $ - | | $ - | |
| | | | | | | |
| Shares of Capital Stock of the Fund Sold and Redeemed: | | | |
| Shares Sold: | 66,347,945 | | 134,018,704 | | 178,090,978 | |
| Shares Reinvested: | 8,798 | | 173,650 | | 232,944 | |
| Shares Redeemed: | (73,053,550) | | (145,767,742) | | (152,705,330) | |
| Net Increase (Decrease) in Number of Shares Outstanding | (6,696,807) | | (11,575,388) | | 25,618,592 | |
| | | | | | | |
(A) | The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statement of Changes [76]
STRATEGIC GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS | | | | |
| | | | | | |
| | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | |
| | vPeriod ended | | Year ended | | Year ended |
| | 09/30/09 | (A) | 12/31/08 | | 12/31/07 |
| | | | | | |
| Operations: | | | | | |
| Net Investment Income (Loss) | $ (143,802) | | $ (86,991) | | $ 511,879 |
| Net Realized Gain (Loss) on Investments | (2,575,633) | | (2,291,137) | | 6,565,375 |
| Capital Gain Distributions from Affiliated Funds | - | | 94,136 | | 3,251,955 |
| Change in Unrealized Appreciation (Depreciation) of Investments | 10,776,761 | | (25,435,252) | | (4,039,020) |
| Net Increase (Decrease) in Net Assets (resulting from operations) | 8,057,326 | | (27,719,244) | | 6,290,189 |
| | | | | | |
| Distributions to Shareholders From: | | | | | |
| Net Investment Income: | | | | | |
| Class A | - | | (426,205) | | (405,747) |
| Class B | - | | (34,098) | | (18,421) |
| Class C | - | | (46,567) | | (28,235) |
| Net Realized Gains: | | | | | |
| Class A | - | | (2,393,506) | | (6,021,247) |
| Class B | - | | (647,982) | | (2,063,406) |
| Class C | - | | (641,388) | | (1,404,504) |
| Total Distributions | - | | (4,189,746) | | (9,941,560) |
| | | | | | |
| Capital Share Transactions: | | | | | |
| Proceeds from Shares Sold: | | | | | |
| Class A | 4,315,979 | (B) | 8,353,300 | | 10,300,074 |
| Class B | - | | 40,771 | | 15,469 |
| Class C | 1,239,886 | | 3,061,956 | | 3,622,211 |
| Dividends Reinvested: | | | | | |
| Class A | - | | 2,708,511 | | 6,126,626 |
| Class B | - | | 664,039 | | 1,970,773 |
| Class C | - | | 649,068 | | 1,321,604 |
| Cost of Shares Redeemed: | | | | | |
| Class A | (5,107,122) | | (8,908,535) | | (6,913,320) |
| Class B | (1,520,998) | (B) | (2,618,810) | | (3,430,584) |
| Class C | (1,478,861) | | (1,952,558) | | (2,065,721) |
| Net Increase (Decrease) in Net Assets (resulting from | | | | |
| capital share transactions) | (2,551,116) | | 1,997,742 | | 10,947,132 |
| | | | | | |
| Total Increase (Decrease) in Net Assets | 5,506,210 | | (29,911,248) | | 7,295,761 |
| | | | | | |
| Net Assets: | | | | | |
| Beginning of period | 38,374,230 | | 68,285,478 | | 60,989,717 |
| | | | | | |
| End of period | $ 43,880,440 | | $ 38,374,230 | | $ 68,285,478 |
| | | | | | |
| Accumulated Undistributed Net Investment Income (Loss) | $ - | | $ - | | $ 506,728 |
| | | | | | |
| Shares of Capital Stock of the Fund Sold and Redeemed: | | |
| Shares Sold: | | | | | |
| Class A | 852,285 | (B) | 1,069,597 | | 992,053 |
| Class B | - | | 5,849 | | 1,553 |
| Class C | 261,910 | | 401,854 | | 365,100 |
| Shares Reinvested: | | | | | |
| Class A | - | | 577,508 | | 679,983 |
| Class B | - | | 148,555 | | 229,161 |
| Class C | - | | 145,531 | | 153,854 |
| Shares Redeemed: | | | | | |
| Class A | (1,054,172) | | (1,257,672) | | (661,415) |
| Class B | (309,613) | (B) | (382,517) | | (335,910) |
| Class C | (305,442) | | (287,154) | | (204,654) |
| Net Increase (Decrease) in Number of Shares Outstanding | (555,032) | | 421,551 | | 1,219,725 |
| | | | | | |
(A) | The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Includes automatic conversion of Class B shares ($383,724 representing 75,072 shares) to Class A shares ($383,724 representing 71,387 shares). |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statement of Changes [77]
CONSERVATIVE GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS | | | | |
| | | | | | |
| | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | |
| | Period ended | | Year ended | | Year ended |
| | 09/30/09 | (A) | 12/31/08 | | 12/31/07 |
| | | | | | |
| Operations: | | | | | |
| Net Investment Income (Loss) | $ 164,857 | | $ 570,702 | | $ 966,363 |
| Net Realized Gain (Loss) on Investments | (2,036,120) | | (1,179,921) | | 4,679,415 |
| Capital Gain Distributions from Affiliated Funds | - | | 78,533 | | 1,656,195 |
| Change in Unrealized Appreciation (Depreciation) of Investments | 8,547,732 | | (16,268,127) | | (3,022,147) |
| Net Increase (Decrease) in Net Assets (resulting from operations) | 6,676,469 | | (16,798,813) | | 4,279,826 |
| | | | | | |
| Distributions to Shareholders From: | | | | | |
| Net Investment Income: | | | | | |
| Class A | - | | (549,071) | | (645,101) |
| Class B | - | | (62,140) | | (95,736) |
| Class C | - | | (86,071) | | (77,718) |
| Net Realized Gains: | | | | | |
| Class A | - | | (1,263,508) | | (4,368,631) |
| Class B | - | | (279,532) | | (1,174,644) |
| Class C | - | | (323,507) | | (859,370) |
| Total Distributions | - | | (2,563,829) | | (7,221,200) |
| | | | | | |
| Capital Share Transactions: | | | | | |
| Proceeds from Shares Sold: | | | | | |
| Class A | 8,047,031 | | 9,080,398 | | 8,850,423 |
| Class B | 1,965 | | 125,202 | | 72,819 |
| Class C | 1,565,900 | | 3,387,529 | | 2,466,071 |
| Dividends Reinvested: | | | | | |
| Class A | - | | 1,706,832 | | 4,750,165 |
| Class B | - | | 314,982 | | 1,183,084 |
| Class C | - | | 361,461 | | 887,255 |
| Cost of Shares Redeemed: | | | | | |
| Class A | (5,818,596) | | (9,239,640) | | (6,630,974) |
| Class B | (1,053,283) | | (1,655,818) | | (1,489,383) |
| Class C | (1,669,268) | | (1,524,513) | | (1,586,678) |
| Net Increase (Decrease) in Net Assets (resulting from | | | | |
| capital share transactions) | 1,073,749 | | 2,556,433 | | 8,502,782 |
| | | | | | |
| Total Increase (Decrease) in Net Assets | 7,750,218 | | (16,806,209) | | 5,561,408 |
| | | | | | |
| Net Assets: | | | | | |
| Beginning of period | 38,200,100 | | 55,006,309 | | 49,444,901 |
| | | | | | |
| End of period | $ 45,950,318 | | $ 38,200,100 | | $ 55,006,309 |
| | | | | | |
| Accumulated Undistributed Net Investment Income (Loss) | $ 607,877 | | $ 443,020 | | $ 569,599 |
| | | | | | |
| Shares of Capital Stock of the Fund Sold and Redeemed: | | |
| Shares Sold: | | | | | |
| Class A | 1,088,656 | | 955,118 | | 754,177 |
| Class B | 233 | | 14,045 | | 6,546 |
| Class C | 228,382 | | 382,297 | | 219,423 |
| Shares Reinvested: | | | | | |
| Class A | - | | 251,742 | | 456,309 |
| Class B | - | | 48,608 | | 118,786 |
| Class C | - | | 55,954 | | 89,172 |
| Shares Redeemed: | | | | | |
| Class A | (851,746) | | (1,062,328) | | (567,858) |
| Class B | (159,124) | | (196,137) | | (131,104) |
| Class C | (244,046) | | (179,730) | | (139,998) |
| Net Increase (Decrease) in Number of Shares Outstanding | 62,355 | | 269,569 | | 805,453 |
| | | | | | |
| | | | | | |
(A) | The Fund elected to change its fiscal year end from December 31 to September 30. The information presented is for January 1, 2009 through September 30, 2009. |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | | | |
AGGRESSIVE GROWTH FUND - CLASS A SHARES | | | | | | | |
| | | | Period | | Year | | Year | | Year | | Year | | Year | |
| | | | ended | | ended | | ended | | ended | | ended | | ended | |
| | | | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | |
| of Period | | | $ 3.71 | | $ 6.80 | | $ 7.04 | | $ 7.38 | | $ 6.95 | | $ 6.34 | |
| | | | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | (0.05) | | (0.07) | | (0.06) | | (0.08) | | (0.09) | (B) | (0.07) | (B) |
| Net Realized and Unrealized | | | | | | | | | |
| Gain (Loss) on Investments | 0.85 | | (3.01) | | 0.59 | | 0.65 | | 0.70 | | 0.68 | |
| Total from Investment | | | | | | | | | | | |
| Operations | 0.80 | | (3.08) | | 0.53 | | 0.57 | | 0.61 | | 0.61 | |
| | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | |
| Dividends from Realized Gains | - | | (0.01) | | (0.77) | | (0.91) | | (0.18) | | - | |
| Total Distributions | - | | (0.01) | | (0.77) | | (0.91) | | (0.18) | | - | |
| | | | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 4.51 | | $ 3.71 | | $ 6.80 | | $ 7.04 | | $ 7.38 | | $ 6.95 | |
| | | | | | | | | | | | | | | |
| Total Return (C)(D) | 21.56% | (F) | -45.27% | | 7.66% | | 7.50% | | 8.73% | | 9.62% | |
| | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | | | |
| End of Period (in 000s) | $ 17,007 | | $ 14,575 | | $ 24,041 | | $ 23,187 | | $ 18,403 | | $ 16,453 | |
| | | | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | 1.85% | (G) | 1.72% | | 1.52% | | 1.59% | | 1.59% | | 1.66% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | 1.85% | (G) | 1.72% | | 1.55% | | 1.60% | | 1.60% | | 1.60% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | (1.58)% | (G) | (1.33)% | | (0.94)% | | (1.17)% | | (1.32)% | | (1.38)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | (1.58)% | (G) | (1.33)% | | (0.97)% | | (1.18)% | | (1.33)% | | (1.32)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Portfolio Turnover | 135.90% | | 243.59% | (E) | 58.55% | | 96.39% | | 102.63% | | 102.46% | |
| | | | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | |
(C) | Total return calculation does not reflect sales load. | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund. | |
(F) | For periods of less than one full year, total return is not annualized. | | | | | |
(G) | Annualized. | | | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | | | |
AGGRESSIVE GROWTH FUND - CLASS B SHARES | | | | | | | |
| | | | Period | | Year | | Year | | Year | | Year | | Year | |
| | | | ended | | ended | | ended | | ended | | ended | | ended | |
| | | | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | |
| of Period | | $ 3.45 | | $ 6.36 | | $ 6.68 | | $ 7.09 | | $ 6.74 | | $ 6.19 | |
| | | | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | |
| Net Investment Income (Loss) | (0.07) | | (0.12) | | (0.12) | | (0.14) | | (0.14) | (B) | (0.13) | (B) |
| Net Realized and Unrealized | | | | | | | | | |
| Gain (Loss) on Investments | 0.79 | | (2.78) | | 0.57 | | 0.64 | | 0.67 | | 0.68 | |
| Total from Investment | | | | | | | | | | | |
| Operations | | 0.72 | | (2.90) | | 0.45 | | 0.50 | | 0.53 | | 0.55 | |
| | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | |
| Dividends from Realized Gains | - | | (0.01) | | (0.77) | | (0.91) | | (0.18) | | - | |
| Total Distributions | - | | (0.01) | | (0.77) | | (0.91) | | (0.18) | | - | |
| | | | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 4.17 | | $ 3.45 | | $ 6.36 | | $ 6.68 | | $ 7.09 | | $ 6.74 | |
| | | | | | | | | | | | | | | |
| Total Return (C)(D) | 20.87% | (F) | -45.57% | | 6.87% | | 6.83% | | 7.82% | | 8.89% | |
| | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | | |
| End of Period (in 000s) | $ 373 | | $ 489 | | $ 1,088 | | $ 1,247 | | $ 1,392 | | $ 1,519 | |
| | | | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | 2.60% | (G) | 2.45% | | 2.26% | | 2.32% | | 2.34% | | 2.41% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | 2.60% | (G) | 2.45% | | 2.29% | | 2.35% | | 2.35% | | 2.35% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | (2.33)% | (G) | (2.06)% | | (1.70)% | | (1.90)% | | (2.07)% | | (2.13)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | (2.33)% | (G) | (2.06)% | | (1.73)% | | (1.93)% | | (2.08)% | | (2.07)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Portfolio Turnover | 135.90% | | 243.59% | (E) | 58.55% | | 96.39% | | 102.63% | | 102.46% | |
| | | | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | |
(C) | Total return calculation does not reflect redemption fee. | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund. | |
(F) | For periods of less than one full year, total return is not annualized. | | | | |
(G) | Annualized. | | | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | | | |
AGGRESSIVE GROWTH FUND - CLASS C SHARES | | | | | | | | | | |
| | | | Period | | Year | | Year | | Year | | Year | | Period | |
| | | | ended | | ended | | ended | | ended | | ended | | ended | |
| | | | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | (B) |
| | | | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | | | |
| Net Asset Value at Beginning | | $ 3.46 | | $ 6.37 | | $ 6.69 | | $ 7.11 | | $ 6.75 | | $ 6.24 | |
| of Period | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | (0.06) | | (0.11) | | (0.10) | | (0.11) | | (0.14) | (C) | (0.06) | (C) |
| Net Realized and Unrealized | | | | | | | | | | | | | |
| Gain (Loss) on Investments | | 0.78 | | (2.79) | | 0.55 | | 0.60 | | 0.68 | | 0.57 | |
| Total from Investment | | | | | | | | | | | | | | |
| Operations | | | 0.72 | | (2.90) | | 0.45 | | 0.49 | | 0.54 | | 0.51 | |
| | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | |
| Dividends from Realized Gains | | - | | (0.01) | | (0.77) | | (0.91) | | (0.18) | | - | |
| Total Distributions | | | - | | (0.01) | | (0.77) | | (0.91) | | (0.18) | | - | |
| | | | | | | | | | | | | | | |
| Net Asset Value at End of Period | | $ 4.18 | | $ 3.46 | | $ 6.37 | | $ 6.69 | | $ 7.11 | | $ 6.75 | |
| | | | | | | | | | | | | | | |
| Total Return (D)(E) | | | 20.81% | (G) | -45.50% | | 6.86% | | 6.65% | | 7.96% | | 8.17% | (G) |
| | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | | | |
| End of Period (in 000s) | | | $ 1,477 | | $ 1,272 | | $ 2,277 | | $ 1,937 | | $ 1,358 | | $ 690 | |
| | | | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | 2.60% | (H) | 2.47% | | 2.27% | | 2.35% | | 2.34% | | 2.41% | (H) |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | 2.60% | (H) | 2.47% | | 2.30% | | 2.35% | | 2.35% | | 2.35% | (H) |
| Waiver/Recoupment of | | | | | | | | | | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | (2.33)% | (H) | (2.08)% | | (1.70)% | | (1.94)% | | (2.07)% | | (2.13)% | (H) |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | (2.33)% | (H) | (2.08)% | | (1.73)% | | (1.94)% | | (2.08)% | | (2.07)% | (H) |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Portfolio Turnover | | | 135.90% | | 243.59% | (F) | 58.55% | | 96.39% | | 102.63% | | 102.46% | |
| | | | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period February 3, 2004 (Commencement of Operations) to December 31, 2004. | | | |
(C) | Per share amounts calculated using average shares method. | | | | | | | |
(D) | Total return calculation does not reflect redemption fee. | | | | | | | | | |
(E) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(F) | On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund. | | | |
(G) | For periods of less than one full year, total return is not annualized. | | | | | | | |
(H) | Annualized. | | | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | |
INTERNATIONAL FUND - CLASS A SHARES | | | |
| | Period | | Year | | Period | |
| | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | (B) |
| | | | | | | |
| Per Share Operating Performance: | | | | | | |
| Net Asset Value at Beginning | | | | | |
| of Period | $ 5.92 | | $ 11.00 | | $ 10.00 | |
| | | | | | | |
| | | | | | | |
| Income from Investment | | | | | | |
| Operations: | | | | | | |
| Net Investment Income (Loss) | 0.08 | | 0.09 | | 0.04 | |
| Net Realized and Unrealized | | | | | |
| Gain (Loss) on Investments | 1.52 | | (5.08) | | 1.00 | |
| Total from Investment | | | | | | |
| Operations | 1.60 | | (4.99) | | 1.04 | |
| | | | | | | |
| | | | | | | |
| Less Distributions: | | | | | | |
| Dividends from Net Investment | | | | | |
| Income | - | | (0.09) | | (0.04) | |
| Total Distributions | - | | (0.09) | | (0.04) | |
| | | | | | | |
| | | | | | | |
| Net Asset Value at End of Period | $ 7.52 | | $ 5.92 | | $ 11.00 | |
| | | | | | | |
| | | | | | | |
| Total Return (C)(D) | 27.03% | (E) | -45.38% | | 10.39% | (E) |
| | | | | | | |
| | | | | | | |
| Ratios/Supplemental Data: | | | | | |
| Net Assets, | | | | | | |
| End of Period (in 000s) | $ 37,248 | | $ 31,214 | | $ 42,298 | |
| | | | | | | |
| | | | | | | |
| Ratio of Expenses to Average | | | | | |
| Net Assets: | | | | | | |
| | | | | | | |
| | | | | | | |
| After Reimbursement and | 1.72% | | 1.66% | | 1.69% | |
| Waiver/Recoupment of | (F) | | (F) |
| Expenses by Adviser | | | |
| | | | | | | |
| | | | | | | |
| Ratio of Net Investment Income | | | | | |
| (Loss) to Average Net Assets: | | | | | |
| | | | | | | |
| | | | | | | |
| After Reimbursement and | 1.68% | | 1.12% | | 0.58% | |
| Waiver/Recoupment of | (F) | | (F) |
| Expenses by Adviser | | | |
| | | | | | | |
| Portfolio Turnover | 38.27% | | 32.36% | | 13.18% | |
| | | | | | | |
| | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period May 3, 2007 (Commencement of Operations) to December 31, 2007. |
(C) | Total return calculation does not reflect sales load. | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(E) | For periods of less than one full year, total return is not annualized. |
(F) | Annualized. | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | |
INTERNATIONAL FUND - CLASS C SHARES | | | |
| | Period | | Year | | Period | |
| | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | (B) |
| | | | | | | |
| Per Share Operating Performance: | | | | | | |
| Net Asset Value at Beginning | | | | | |
| of Period | $ 5.87 | | $ 10.97 | | $ 10.00 | |
| | | | | | | |
| Income from Investment | | | | | | |
| Operations: | | | | | | |
| Net Investment Income (Loss) | 0.04 | | 0.04 | | (0.02) | |
| Net Realized and Unrealized | | | | | |
| Gain (Loss) on Investments | 1.50 | | (5.07) | | 0.99 | |
| Total from Investment | | | | | | |
| Operations | 1.54 | | (5.03) | | 0.97 | |
| | | | | | | |
| Less Distributions: | | | | | | |
| Dividends from Net Investment | | | | | |
| Income | - | | (0.07) | | - | * |
| Total Distributions | - | | (0.07) | | - | |
| | | | | | | |
| Net Asset Value at End of Period | $ 7.41 | | $ 5.87 | | $ 10.97 | |
| | | | | | | |
| Total Return (C)(D) | 26.24% | (E) | -45.79% | | 9.71% | (E) |
| | | | | | | |
| Ratios/Supplemental Data: | | | | | |
| Net Assets, | | | | | | |
| End of Period (in 000s) | $ 1,417 | | $ 984 | | $ 1,318 | |
| | | | | | | |
| Ratio of Expenses to Average | | | | | |
| Net Assets: | | | | | | |
| | | | | | | |
| After Reimbursement and | 2.47% | | 2.40% | | 2.48% | |
| Waiver/Recoupment of | (F) | | (F) |
| Expenses by Adviser | | | |
| | | | | | | |
| Ratio of Net Investment Income | | | | | |
| (Loss) to Average Net Assets: | | | | | |
| | | | | | | |
| After Reimbursement and | 0.85% | | 0.45% | | (0.44)% | |
| Waiver/Recoupment of | (F) | | (F) |
| Expenses by Adviser | | | |
| | | | | | | |
| Portfolio Turnover | 38.27% | | 32.36% | | 13.18% | |
| | | | | | | |
| *Amount is less than $0.005 per share. | | | |
| | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period May 3, 2007 (Commencement of Operations) to December 31, 2007. |
(C) | Total return calculation does not reflect redemption fee. | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(E) | For periods of less than one full year, total return is not annualized. |
(F) | Annualized. | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | | | |
LARGE / MID CAP GROWTH FUND - CLASS A SHARES | | | | | | | |
| | | | Period | | Year | | Year | | Year | | Year | | Year | |
| | | | ended | | ended | | ended | | ended | | ended | | ended | |
| | | | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | |
| of Period | | $ 4.38 | | $ 6.89 | | $ 7.25 | | $ 6.92 | | $ 6.69 | | $ 6.17 | |
| | | | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | |
| Net Investment Income (Loss) | (0.02) | | (0.04) | | (0.03) | | (0.04) | | (0.05) | (B) | (0.05) | (B) |
| Net Realized and Unrealized | | | | | | | | | | |
| Gain (Loss) on Investments | 1.01 | | (2.46) | | 0.39 | | 0.37 | | 0.28 | | 0.57 | |
| Total from Investment | | | | | | | | | | | |
| Operations | | 0.99 | | (2.50) | | 0.36 | | 0.33 | | 0.23 | | 0.52 | |
| | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | |
| Dividends from Realized Gains | - | | (0.01) | | (0.72) | | - | | - | | - | |
| Total Distributions | - | | (0.01) | | (0.72) | | - | | - | | - | |
| | | | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 5.37 | | $ 4.38 | | $ 6.89 | | $ 7.25 | | $ 6.92 | | $ 6.69 | |
| | | | | | | | | | | | | | | |
| Total Return (C)(D) | 22.60% | (F) | -36.30% | | 5.09% | | 4.77% | | 3.44% | | 8.43% | |
| | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | | |
| End of Period (in 000s) | $ 35,973 | | $ 32,484 | | $ 53,183 | | $ 65,510 | | $ 53,901 | | $ 36,869 | |
| | | | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | 1.67% | (G) | 1.56% | | 1.46% | | 1.52% | | 1.60% | | 1.55% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | 1.67% | (G) | 1.56% | | 1.46% | | 1.53% | | 1.60% | | 1.60% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | (0.58)% | (G) | (0.64)% | | (0.37)% | | (0.56)% | | (0.80)% | | (0.95)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | (0.58)% | (G) | (0.64)% | | (0.37)% | | (0.57)% | | (0.80)% | | (1.00)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Portfolio Turnover | 77.98% | | 176.94% | (E) | 44.62% | | 60.46% | | 38.61% | | 60.25% | |
| | | | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | |
(C) | Total return calculation does not reflect sales load. | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund. | |
(F) | For periods of less than one full year, total return is not annualized. | | | | | |
(G) | Annualized. | | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | | | |
LARGE / MID CAP GROWTH FUND - CLASS B SHARES | | | | | | | | | |
| | | | Period | | Year | | Year | | Year | | Year | | Year | |
| | | | ended | | ended | | ended | | ended | | ended | | ended | |
| | | | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | | | |
| of Period | | | $ 4.11 | | $ 6.50 | | $ 6.94 | | $ 6.68 | | $ 6.50 | | $ 6.04 | |
| | | | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | (0.04) | | (0.08) | | (0.08) | | (0.09) | | (0.10) | (B) | (0.11) | (B) |
| Net Realized and Unrealized | | | | | | | | | | | | | |
| Gain (Loss) on Investments | | 0.93 | | (2.30) | | 0.36 | | 0.35 | | 0.28 | | 0.57 | |
| Total from Investment | | | | | | | | | | | | | | |
| Operations | | | 0.89 | | (2.38) | | 0.28 | | 0.26 | | 0.18 | | 0.46 | |
| | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | |
| Dividends from Realized Gains | | - | | (0.01) | | (0.72) | | - | | - | | - | |
| Total Distributions | | | - | | (0.01) | | (0.72) | | - | | - | | - | |
| | | | | | | | | | | | | | | |
| Net Asset Value at End of Period | | $ 5.00 | | $ 4.11 | | $ 6.50 | | $ 6.94 | | $ 6.68 | | $ 6.50 | |
| | | | | | | | | | | | | | | |
| Total Return (C)(D) | | | 21.65% | (F) | -36.63% | | 4.16% | | 3.89% | | 2.77% | | 7.62% | |
| | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | | | |
| End of Period (in 000s) | | | $ 1,130 | | $ 1,022 | | $ 1,935 | | $ 2,245 | | $ 2,307 | | $ 2,688 | |
| | | | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | 2.42% | (G) | 2.30% | | 2.21% | | 2.26% | | 2.35% | | 2.30% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | 2.42% | (G) | 2.30% | | 2.21% | | 2.28% | | 2.35% | | 2.35% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | (1.32)% | (G) | (1.38)% | | (1.10)% | | (1.31)% | | (1.55)% | | (1.70)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | (1.32)% | (G) | (1.38)% | | (1.10)% | | (1.33)% | | (1.55)% | | (1.75)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Portfolio Turnover | | | 77.98% | | 176.94% | (E) | 44.62% | | 60.46% | | 38.61% | | 60.25% | |
| | | | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | | | |
(C) | Total return calculation does not reflect redemption fee. | | | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund. | | | |
(F) | For periods of less than one full year, total return is not annualized. | | | | | | | |
(G) | Annualized. | | | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | | | |
LARGE / MID CAP GROWTH FUND - CLASS C SHARES | | | | | | | | | |
| | | | Period | | Year | | Year | | Year | | Year | | Period | |
| | | | ended | | ended | | ended | | ended | | ended | | ended | |
| | | | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | (B) |
| | | | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | | | |
| Net Asset Value at Beginning | | $ 4.11 | | $ 6.51 | | $ 6.95 | | $ 6.69 | | $ 6.52 | | $ 6.22 | |
| of Period | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | (0.04) | | (0.08) | | (0.07) | | (0.07) | | (0.08) | (C) | (0.05) | (C) |
| Net Realized and Unrealized | | | | | | | | | | | | | |
| Gain (Loss) on Investments | | 0.94 | | (2.31) | | 0.35 | | 0.33 | | 0.25 | | 0.35 | |
| Total from Investment | | | | | | | | | | | | | | |
| Operations | | | 0.90 | | (2.39) | | 0.28 | | 0.26 | | 0.17 | | 0.30 | |
| | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | |
| Dividends from Realized Gains | | - | | (0.01) | | (0.72) | | - | | - | | - | |
| Total Distributions | | | - | | (0.01) | | (0.72) | | - | | - | | - | |
| | | | | | | | | | | | | | | |
| Net Asset Value at End of Period | | $ 5.01 | | $ 4.11 | | $ 6.51 | | $ 6.95 | | $ 6.69 | | $ 6.52 | |
| | | | | | | | | | | | | | | |
| Total Return (D)(E) | | | 21.90% | (G) | -36.73% | | 4.15% | | 3.89% | | 2.61% | | 4.82% | (G) |
| | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | | | |
| End of Period (in 000s) | | | $ 2,120 | | $ 1,971 | | $ 3,097 | | $ 2,222 | | $ 1,496 | | $ 967 | |
| | | | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | 2.42% | (H) | 2.31% | | 2.22% | | 2.27% | | 2.35% | | 2.30% | (H) |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | 2.42% | (H) | 2.31% | | 2.22% | | 2.27% | | 2.35% | | 2.35% | (H) |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | (1.33)% | (H) | (1.39)% | | (1.12)% | | (1.31)% | | (1.55)% | | (1.70)% | (H) |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | (1.33)% | (H) | (1.39)% | | (1.12)% | | (1.31)% | | (1.55)% | | (1.75)% | (H) |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Portfolio Turnover | | | 77.98% | | 176.94% | (F) | 44.62% | | 60.46% | | 38.61% | | 60.25% | |
| | | | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period February 3, 2004 (Commencement of Operations) to December 31, 2004. | | | |
(C) | Per share amounts calculated using average shares method. | | | | | | | |
(D) | Total return calculation does not reflect redemption fee. | | | | | | | | | |
(E) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(F) | On January 1, 2008, Chartwell Investment Partners became sub-adviser for the Fund. | | | |
(G) | For periods of less than one full year, total return is not annualized. | | | | | | | |
(H) | Annualized. | | | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | |
SMALL CAP VALUE FUND - CLASS A SHARES | | | | | | | | | |
| | Period | | Year | | Year | | Year | | Year | | Year | |
| | ended | | ended | | ended | | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | |
| of Period | $ 8.88 | | $ 13.27 | | $ 14.94 | | $ 15.27 | | $ 15.59 | | $ 15.45 | |
| | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income (Loss) | (0.05) | | 0.01 | | 0.04 | | 0.22 | | 0.01 | (B) | (0.04) | (B) |
| Net Realized and Unrealized | | | | | | | | | | | |
| Gain (Loss) on Investments | 1.42 | | (4.33) | | 0.36 | | 2.77 | | (0.17) | | 1.83 | |
| Total from Investment | | | | | | | | | | | | |
| Operations | 1.37 | | (4.32) | | 0.40 | | 2.99 | | (0.16) | | 1.79 | |
| | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | |
| Income | - | | - | | (0.03) | | (0.22) | | - | | - | |
| Dividends from Realized Gains | - | | (0.07) | | (2.04) | | (3.10) | | (0.16) | | (1.65) | |
| Total Distributions | - | | (0.07) | | (2.07) | | (3.32) | | (0.16) | | (1.65) | |
| | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 10.25 | | $ 8.88 | | $ 13.27 | | $ 14.94 | | $ 15.27 | | $ 15.59 | |
| | | | | | | | | | | | | |
| Total Return (C)(D) | 15.43% | (E) | -32.50% | | 2.87% | | 19.69% | | -1.01% | | 11.60% | |
| | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | |
| End of Period (in 000s) | $ 47,268 | | $ 42,651 | | $ 62,525 | | $ 66,097 | | $ 49,008 | | $ 42,542 | |
| | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| After Reimbursement and | 1.59% | (F) | 1.50% | | 1.44% | | 1.52% | | 1.56% | | 1.48% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | |
| | | | | | | | | | | | | |
| After Reimbursement and | (0.71)% | (F) | 0.05% | | 0.24% | | 1.39% | | 0.05% | | (0.30)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | |
| Portfolio Turnover | 57.15% | | 110.16% | | 59.84% | | 148.02% | | 44.24% | | 57.59% | |
| | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is forJanuary 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | | | |
(C) | Total return calculation does not reflect sales load. | | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(E) | For periods of less than one full year, total return is not annualized. | | | | | |
(F) | Annualized. | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [87]
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | | | |
SMALL CAP VALUE FUND - CLASS B SHARES | | | | | | | | | | | |
| | | | Period | | Year | | Year | | Year | | Year | | Year | |
| | | | ended | | ended | | ended | | ended | | ended | | ended | |
| | | | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | | | |
| of Period | | | $ 7.78 | | $ 11.72 | | $ 13.49 | | $ 14.09 | | $ 14.51 | | $ 14.59 | |
| | | | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | (0.09) | | (0.08) | | (0.08) | | 0.14 | | (0.10) | (B) | (0.15) | (B) |
| Net Realized and Unrealized | | | | | | | | | | | | | |
| Gain (Loss) on Investments | | 1.23 | | (3.79) | | 0.35 | | 2.50 | | (0.16) | | 1.72 | |
| Total from Investment | | | | | | | | | | | | | | |
| Operations | | | 1.14 | | (3.87) | | 0.27 | | 2.64 | | (0.26) | | 1.57 | |
| | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | | | |
| Income | | | - | | - | | - | | (0.14) | | - | | - | |
| Dividends from Realized Gains | | - | | (0.07) | | (2.04) | | (3.10) | | (0.16) | | (1.65) | |
| Total Distributions | | | - | | (0.07) | | (2.04) | | (3.24) | | (0.16) | | (1.65) | |
| | | | | | | | | | | | | | | |
| Net Asset Value at End of Period | | $ 8.92 | | $ 7.78 | | $ 11.72 | | $ 13.49 | | $ 14.09 | | $ 14.51 | |
| | | | | | | | | | | | | | | |
| Total Return (C)(D) | | | 14.65% | (E) | -32.95% | | 2.22% | | 18.82% | | -1.77% | | 10.78% | |
| | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | | | |
| End of Period (in 000s) | | | $ 4,052 | | $ 4,173 | | $ 7,370 | | $ 11,750 | | $ 16,072 | | $ 19,306 | |
| | | | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| After Reimbursement and | | | 2.34% | (F) | 2.24% | | 2.19% | | 2.27% | | 2.31% | | 2.23% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| After Reimbursement and | | | (1.45)% | (F) | (0.69)% | | (0.57)% | | 0.69% | | (0.70)% | | (1.05)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Portfolio Turnover | | | 57.15% | | 110.16% | | 59.84% | | 148.02% | | 44.24% | | 57.59% | |
| | | | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is forJanuary 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | | | |
(C) | Total return calculation does not reflect redemption fee. | | | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(E) | For periods of less than one full year, total return is not annualized. | | | | | | | |
(F) | Annualized. | | | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | | | |
SMALL CAP VALUE FUND - CLASS C SHARES | | | | | | | | | | | |
| | | | Period | | Year | | Year | | Year | | Year | | Period | |
| | | | ended | | ended | | ended | | ended | | ended | | ended | |
| | | | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | (B) |
| | | | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | | | |
| Net Asset Value at Beginning | | $ 7.83 | | $ 11.80 | | $ 13.58 | | $ 14.12 | | $ 14.55 | | $ 15.00 | |
| of Period | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | (0.09) | | (0.07) | | (0.05) | | 0.09 | | (0.10) | (C) | (0.05) | (C) |
| Net Realized and Unrealized | | | | | | | | | | | | | |
| Gain (Loss) on Investments | | 1.25 | | (3.83) | | 0.31 | | 2.56 | | (0.17) | | 1.25 | |
| Total from Investment | | | | | | | | | | | | | | |
| Operations | | | 1.16 | | (3.90) | | 0.26 | | 2.65 | | (0.27) | | 1.20 | |
| | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | | | |
| Income | | | - | | - | | - | | (0.09) | | - | | - | |
| Dividends from Realized Gains | | - | | (0.07) | | (2.04) | | (3.10) | | (0.16) | | (1.65) | |
| Total Distributions | | | - | | (0.07) | | (2.04) | | (3.19) | | (0.16) | | (1.65) | |
| | | | | | | | | | | | | | | |
| Net Asset Value at End of Period | | $ 8.99 | | $ 7.83 | | $ 11.80 | | $ 13.58 | | $ 14.12 | | $ 14.55 | |
| | | | | | | | | | | | | | | |
| Total Return (D)(E) | | | 14.81% | (F) | -32.99% | | 2.13% | | 18.80% | | -1.84% | | 8.02% | (F) |
| | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | | | |
| End of Period (in 000s) | | | $ 3,867 | | $ 3,901 | | $ 6,341 | | $ 4,054 | | $ 2,258 | | $ 1,442 | |
| | | | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| After Reimbursement and | | | 2.34% | (G) | 2.25% | | 2.19% | | 2.27% | | 2.31% | | 2.23% | (G) |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| After Reimbursement and | | | (1.45)% | (G) | (0.70)% | | (0.47)% | | 0.61% | | (0.70)% | | (1.05)% | (G) |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Portfolio Turnover | | | 57.15% | | 110.16% | | 59.84% | | 148.02% | | 44.24% | | 57.59% | |
| | | | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period February 3, 2004 (Commencement of Operations) to December 31, 2004. | | | |
(C) | Per share amounts calculated using average shares method. | | | | | | | |
(D) | Total return calculation does not reflect redemption fee. | | | | | | | | | |
(E) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(F) | For periods of less than one full year, total return is not annualized. | | | | | | | |
(G) | Annualized. | | | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | |
LARGE / MID CAP VALUE FUND - CLASS A SHARES | | | | | | | | | |
| | | | | | | | | | | | | |
| | Period | | Year | | Year | | Year | | Year | | Year | |
| | ended | | ended | | ended | | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | |
| of Period | $ 9.10 | | $ 15.48 | | $ 14.31 | | $ 12.99 | | $ 12.68 | | $ 11.66 | |
| | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income (Loss) | 0.04 | | 0.05 | | 0.15 | | 0.16 | | 0.02 | (B) | (0.01) | (B) |
| Net Realized and Unrealized | | | | | | | | | | | |
| Gain (Loss) on Investments | 1.58 | | (6.26) | | 2.26 | | 2.24 | | 2.44 | | 1.03 | |
| Total from Investment | | | | | | | | | | | | |
| Operations | 1.62 | | (6.21) | | 2.41 | | 2.40 | | 2.46 | | 1.02 | |
| | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | |
| Income | - | | (0.03) | | (0.16) | | (0.16) | | - | * | - | |
| Dividends from Realized Gains | - | | (0.14) | | (1.08) | | (0.90) | | (2.15) | | - | |
| Distributions from Return of | | | | | | | | | | | |
| Capital | - | | - | | - | | (0.02) | | - | | - | |
| Total Distributions | - | | (0.17) | | (1.24) | | (1.08) | | (2.15) | | - | |
| | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 10.72 | | $ 9.10 | | $ 15.48 | | $ 14.31 | | $ 12.99 | | $ 12.68 | |
| | | | | | | | | | | | | |
| Total Return (C)(D) | 17.80% | (E) | -40.05% | | 17.02% | | 18.41% | | 19.42% | | 8.75% | |
| | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | |
| End of Period (in 000s) | $ 82,784 | | $ 69,695 | | $ 103,828 | | $ 84,203 | | $ 51,753 | | $ 43,120 | |
| | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| After Reimbursement and | 1.57% | (F) | 1.51% | | 1.44% | | 1.51% | | 1.55% | | 1.52% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | |
| | | | | | | | | | | | | |
| After Reimbursement and | 0.57% | (F) | 0.39% | | 0.99% | | 1.20% | | 0.15% | | (0.11)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | |
| Portfolio Turnover | 32.46% | | 76.74% | | 47.52% | | 52.16% | | 129.22% | | 29.09% | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| *Amount is less than $0.005 per share. | | | | | | | | | |
| | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | | | |
(C) | Total return calculation does not reflect sales load. | | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the ] Fund assuming reinvestment of dividends. |
(E) | For periods of less than one full year, total return is not annualized. | | | | | |
(F) | Annualized. | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | |
LARGE / MID CAP VALUE FUND - CLASS B SHARES | | | | | | | | |
| | Period | | Year | | Year | | Year | | Year | | Year | |
| | ended | | ended | | ended | | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | |
| of Period | $ 8.32 | | $ 14.27 | | $ 13.26 | | $ 12.10 | | $ 12.02 | | $ 11.14 | |
| | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income (Loss) | (0.03) | | (0.04) | (B) | 0.04 | | 0.05 | | (0.08) | (B) | (0.10) | (B) |
| Net Realized and Unrealized | | | | | | | | | | | |
| Gain (Loss) on Investments | 1.46 | | (5.75) | | 2.08 | | 2.08 | | 2.31 | | 0.98 | |
| Total from Investment | | | | | | | | | | | | |
| Operations | 1.43 | | (5.79) | | 2.12 | | 2.13 | | 2.23 | | 0.88 | |
| | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | |
| Income | - | | (0.02) | | (0.03) | | (0.05) | | - | | - | |
| Dividends from Realized Gains | - | | (0.14) | | (1.08) | | (0.90) | | (2.15) | | - | |
| Distributions from Return of | | | | | | | | | | | |
| Capital | - | | - | | - | | (0.02) | | - | | - | |
| Total Distributions | - | | (0.16) | | (1.11) | | (0.97) | | (2.15) | | - | |
| | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 9.75 | | $ 8.32 | | $ 14.27 | | $ 13.26 | | $ 12.10 | | $ 12.02 | |
| | | | | | | | | | | | | |
| Total Return (C)(D) | 17.19% | (E) | -40.55% | | 16.21% | | 17.54% | | 18.56% | | 7.90% | |
| | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | |
| End of Period (in 000s) | $ 1,722 | | $ 2,236 | | $ 5,945 | | $ 6,470 | | $ 6,496 | | $ 5,642 | |
| | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| After Reimbursement and | 2.33% | (F) | 2.24% | | 2.19% | | 2.26% | | 2.30% | | 2.27% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | |
| | | | | | | | | | | | | |
| After Reimbursement and | (0.17)% | (F) | (0.37)% | | 0.24% | | 0.28% | | (0.60)% | | (0.86)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | |
| Portfolio Turnover | 32.46% | | 76.74% | | 47.52% | | 52.16% | | 129.22% | | 29.09% | |
| | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | |
(C) | Total return calculation does not reflect redemption fee. | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(E) | For periods of less than one full year, total return is not annualized. | | | | | |
(F) | Annualized. | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | |
LARGE / MID CAP VALUE FUND - CLASS C SHARES | | | | | | | | |
| | Period | | Year | | Year | | Year | | Year | | Period | |
| | ended | | ended | | ended | | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | (B) |
| | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | |
| Net Asset Value at Beginning | $ 8.31 | | $ 14.24 | | $ 13.28 | | $ 12.12 | | $ 12.04 | | $ 11.05 | |
| of Period | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income (Loss) | (0.01) | | (0.04) | | 0.02 | | 0.07 | | (0.08) | (C) | (0.04) | (C) |
| Net Realized and Unrealized | | | | | | | | | | | |
| Gain (Loss) on Investments | 1.43 | | (5.73) | | 2.10 | | 2.08 | | 2.31 | | 1.03 | |
| Total from Investment | | | | | | | | | | | | |
| Operations | 1.42 | | (5.77) | | 2.12 | | 2.15 | | 2.23 | | 0.99 | |
| | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | |
| Income | - | | (0.02) | | (0.08) | | (0.07) | | - | | - | |
| Dividends from Realized Gains | - | | (0.14) | | (1.08) | | (0.90) | | (2.15) | | - | |
| Distributions from Return of | | | | | | | | | | | |
| Capital | - | | - | | - | | (0.02) | | - | | - | |
| Total Distributions | - | | (0.16) | | (1.16) | | (0.99) | | (2.15) | | - | |
| | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 9.73 | | $ 8.31 | | $ 14.24 | | $ 13.28 | | $ 12.12 | | $ 12.04 | |
| | | | | | | | | | | | | |
| Total Return (D)(E) | 17.09% | (F) | -40.49% | | 16.13% | | 17.63% | | 18.53% | | 8.96% | (F) |
| | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | |
| End of Period (in 000s) | $ 9,552 | | $ 8,544 | | $ 12,722 | | $ 6,353 | | $ 2,774 | | $ 1,174 | |
| | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| After Reimbursement and | 2.32% | (G) | 2.26% | | 2.19% | | 2.25% | | 2.30% | | 2.27% | (G) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser | | | | |
| | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | |
| | | | | | | | | | | | | |
| After Reimbursement and | (0.18)% | (G) | (0.35)% | | 0.18% | | 0.53% | | (0.60)% | | (0.86)% | (G) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser | | | | |
| | | | | | | | | | | | | |
| Portfolio Turnover | 32.46% | | 76.74% | | 47.52% | | 52.16% | | 129.22% | | 29.09% | |
| | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period February 3, 2004 (Commencement of Operations) to December 31, 2004. | |
(C) | Per share amounts calculated using average shares method. | | | | | | |
(D) | Total return calculation does not reflect redemption fee. | | | | | | | |
(E) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(F) | For periods of less than one full year, total return is not annualized. | | | | | |
(G) | Annualized. | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | |
FIXED INCOME FUND - CLASS A SHARES | | | | | | | | | | |
| | Period | | Year | | Year | | Year | | Year | | Year | |
| | ended | | ended | | ended | | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | |
| of Period | $ 9.56 | | $ 9.99 | | $ 9.94 | | $ 10.06 | | $ 10.32 | | $ 10.31 | |
| | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income (Loss) | 0.24 | | 0.43 | | 0.44 | | 0.42 | | 0.34 | (B) | 0.34 | (B) |
| Net Realized and Unrealized | | | | | | | | | | | |
| Gain (Loss) on Investments | 0.58 | | (0.43) | | 0.06 | | (0.12) | | (0.23) | | 0.01 | |
| Total from Investment | | | | | | | | | | | | |
| Operations | 0.82 | | - | | 0.50 | | 0.30 | | 0.11 | | 0.35 | |
| | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | |
| Income | (0.24) | | (0.43) | | (0.45) | | (0.41) | | (0.34) | | (0.34) | |
| Dividends from Realized Gains | - | | - | | - | | (0.01) | | (0.03) | | - | |
| Total Distributions | (0.24) | | (0.43) | | (0.45) | | (0.42) | | (0.37) | | (0.34) | |
| | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 10.14 | | $ 9.56 | | $ 9.99 | | $ 9.94 | | $ 10.06 | | $ 10.32 | |
| | | | | | | | | | | | | |
| Total Return (C)(D) | 8.70% | (E) | -0.05% | | 5.19% | | 3.11% | | 1.11% | | 3.44% | |
| | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | |
| End of Period (in 000s) | $ 48,074 | | $ 37,367 | | $ 45,371 | | $ 39,023 | | $ 29,402 | | $ 23,131 | |
| | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Before Reimbursement and | 1.35% | (F) | 1.29% | | 1.21% | | 1.32% | | 1.31% | | 1.31% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | 1.20% | (F) | 1.14% | | 1.06% | | 1.35% | | 1.35% | | 1.35% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Before Reimbursement and | 3.24% | (F) | 4.11% | | 4.33% | | 4.42% | | 3.33% | | 3.49% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | 3.39% | (F) | 4.26% | | 4.48% | | 4.39% | | 3.29% | | 3.45% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | |
| Portfolio Turnover | 22.18% | | 35.01% | | 44.98% | | 76.28% | | 39.46% | | 35.95% | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | | | |
(C) | Total return calculation does not reflect sales load. | | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return is not annualized. | | | | | |
(F) | Annualized. | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | | | |
FIXED INCOME FUND - CLASS B SHARES | | | | | | | | | | | |
| | | | Period | | Year | | Year | | Year | | Year | | Year | |
| | | | ended | | ended | | ended | | ended | | ended | | ended | |
| | | | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | | | |
| of Period | | | $ 9.28 | | $ 9.70 | | $ 9.66 | | $ 9.81 | | $ 10.06 | | $ 10.08 | |
| | | | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | 0.20 | | 0.35 | | 0.37 | | 0.36 | | 0.25 | (B) | 0.27 | (B) |
| Net Realized and Unrealized | | | | | | | | | | | | | |
| Gain (Loss) on Investments | | 0.53 | | (0.41) | | 0.05 | | (0.15) | | (0.20) | | (0.01) | |
| Total from Investment | | | | | | | | | | | | | | |
| Operations | | | 0.73 | | (0.06) | | 0.42 | | 0.21 | | 0.05 | | 0.26 | |
| | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | | | |
| Income | | | (0.18) | | (0.36) | | (0.38) | | (0.35) | | (0.27) | | (0.28) | |
| Dividends from Realized Gains | | - | | - | | - | | (0.01) | | (0.03) | | - | |
| Total Distributions | | | (0.18) | | (0.36) | | (0.38) | | (0.36) | | (0.30) | | (0.28) | |
| | | | | | | | | | | | | | | |
| Net Asset Value at End of Period | | $ 9.83 | | $ 9.28 | | $ 9.70 | | $ 9.66 | | $ 9.81 | | $ 10.06 | |
| | | | | | | | | | | | | | | |
| Total Return (C)(D) | | | 7.98% | (E) | -0.66% | | 4.47% | | 2.20% | | 0.47% | | 2.57% | |
| | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | | | |
| End of Period (in 000s) | | | $ 783 | | $ 1,230 | | $ 1,951 | | $ 2,786 | | $ 3,126 | | $ 3,839 | |
| | | | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | 2.10% | (F) | 2.04% | | 1.93% | | 1.99% | | 2.07% | | 2.06% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | 1.95% | (F) | 1.89% | | 1.78% | | 2.10% | | 2.10% | | 2.10% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | 2.49% | (F) | 3.34% | | 3.62% | | 3.74% | | 2.57% | | 2.74% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | | | 2.64% | (F) | 3.49% | | 3.77% | | 3.63% | | 2.54% | | 2.70% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | | | |
| Portfolio Turnover | | | 22.18% | | 35.01% | | 44.98% | | 76.28% | | 39.46% | | 35.95% | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | | | |
(C) | Total return calculation does not reflect redemption fee. | | | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return is not annualized. | | | | | | | |
(F) | Annualized. | | | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | |
FIXED INCOME FUND - CLASS C SHARES | | | | | | | | | |
| | Period | | Year | | Year | | Year | | Year | | Period | |
| | ended | | ended | | ended | | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | (B) |
| | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | |
| Net Asset Value at Beginning | $ 9.28 | | $ 9.69 | | $ 9.66 | | $ 9.78 | | $ 10.04 | | $ 10.15 | |
| of Period | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income (Loss) | 0.18 | | 0.33 | | 0.37 | | 0.33 | | 0.25 | (C) | 0.26 | (C) |
| Net Realized and Unrealized | | | | | | | | | | | |
| Gain (Loss) on Investments | 0.56 | | (0.40) | | 0.04 | | (0.12) | | (0.20) | | (0.05) | |
| Total from Investment | | | | | | | | | | | | |
| Operations | 0.74 | | (0.07) | | 0.41 | | 0.21 | | 0.05 | | 0.21 | |
| | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | |
| Income | (0.20) | | (0.34) | | (0.38) | | (0.32) | | (0.28) | | (0.32) | |
| Dividends from Realized Gains | - | | - | | - | | (0.01) | | (0.03) | | - | |
| Total Distributions | (0.20) | | (0.34) | | (0.38) | | (0.33) | | (0.31) | | (0.32) | |
| | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 9.82 | | $ 9.28 | | $ 9.69 | | $ 9.66 | | $ 9.78 | | $ 10.04 | |
| | | | | | | | | | | | | |
| Total Return (D)(E) | 8.02% | (F) | -0.72% | | 4.37% | | 2.26% | | 0.47% | | 2.12% | (F) |
| | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | |
| End of Period (in 000s) | $ 5,212 | | $ 2,883 | | $ 2,842 | | $ 3,019 | | $ 1,927 | | $ 907 | |
| | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Before Reimbursement and | 2.10% | (G) | 2.06% | | 1.96% | | 2.10% | | 2.07% | | 2.06% | (G) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser | | | | |
| After Reimbursement and | 1.95% | (G) | 1.91% | | 1.81% | | 2.10% | | 2.10% | | 2.10% | (G) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser | | | | |
| | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Before Reimbursement and | 2.50% | (G) | 3.33% | | 3.59% | | 3.64% | | 2.57% | | 2.74% | (G) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser | | | | | | | | | | | | |
| After Reimbursement and | 2.65% | (G) | 3.48% | | 3.74% | | 3.64% | | 2.54% | | 2.70% | (G) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser | | | | |
| | | | | | | | | | | | | |
| Portfolio Turnover | 22.18% | | 35.01% | | 44.98% | | 76.28% | | 39.46% | | 35.95% | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period February 3, 2004 (Commencement of Operations) to December 31, 2004. | |
(C) | Per share amounts calculated using average shares method. | | | | | |
(D) | Total return calculation does not reflect redemption fee. | | | | | | | |
(E) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(F) | For periods of less than one full year, total return is not annualized. | | | | | |
(G) | Annualized. | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [95]
FINANCIAL HIGHLIGHTS | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | |
HIGH YIELD BOND FUND - CLASS A SHARES | | | |
| | Period | | Year | | Period | |
| | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | (B) |
| | | | | | | |
| Per Share Operating Performance: | | | | | | |
| Net Asset Value at Beginning | | | | | |
| of Period | $ 6.23 | | $ 9.53 | | $ 10.00 | |
| | | | | | | |
| Income from Investment | | | | | | |
| Operations: | | | | | | |
| Net Investment Income (Loss) | 0.48 | | 0.61 | | 0.36 | |
| Net Realized and Unrealized | | | | | |
| Gain (Loss) on Investments | 2.23 | | (3.30) | | (0.47) | |
| Total from Investment | | | | | | |
| Operations | 2.71 | | (2.69) | | (0.11) | |
| | | | | | | |
| Less Distributions: | | | | | | |
| Dividends from Net Investment | | | | | |
| Income | (0.48) | | (0.60) | | (0.36) | |
| Dividends from Realized Gains | - | | (0.01) | | - | |
| Total Distributions | (0.48) | | (0.61) | | (0.36) | |
| | | | | | | |
| Net Asset Value at End of Period | $ 8.46 | | $ 6.23 | | $ 9.53 | |
| | | | | | | |
| Total Return (C)(D) | 45.11% | (E) | -29.55% | | -1.14% | (E) |
| | | | | | | |
| Ratios/Supplemental Data: | | | | | |
| Net Assets, | | | | | | |
| End of Period (in 000s) | $ 18,740 | | $ 13,283 | | $ 20,284 | |
| | | | | | | |
| Ratio of Expenses to Average | | | | | |
| Net Assets: | | | | | | |
| | | | | | | |
| Before Reimbursement and | 1.46% | | 1.41% | | 1.45% | |
| Waiver/Recoupment of | (F) | | (F) |
| Expenses by Adviser | | | |
| After Reimbursement and | 1.46% | | 1.41% | | 1.35% | |
| Waiver/Recoupment of | (F) | | (F) |
| Expenses by Adviser | | | |
| | | | | | | |
| Ratio of Net Investment Income | | | | | |
| (Loss) to Average Net Assets: | | | | | |
| | | | | | | |
| Before Reimbursement and | 8.75% | | 7.06% | | 5.67% | |
| Waiver/Recoupment of | (F) | | (F) |
| Expenses by Adviser | | | |
| After Reimbursement and | 8.75% | | 7.06% | | 5.77% | |
| Waiver/Recoupment of | (F) | | (F) |
| Expenses by Adviser | | | |
| | | | | | | |
| Portfolio Turnover | 33.82% | | 27.85% | | 23.46% | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period May 7, 2007 (Commencement of Operations) to December 31, 2007. |
(C) | Total return calculation does not reflect sales load. | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return is not annualized. |
(F) | Annualized. |
FINANCIAL HIGHLIGHTS | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | |
HIGH YIELD BOND FUND - CLASS C SHARES | | | |
| | Period | | Year | | Period | |
| | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | (B) |
| | | | | | | |
| Per Share Operating Performance: | | | | | | |
| Net Asset Value at Beginning | | | | | |
| of Period | $ 6.29 | | $ 9.60 | | $ 10.00 | |
| | | | | | | |
| Income from Investment | | | | | | |
| Operations: | | | | | | |
| Net Investment Income (Loss) | 0.43 | (C) | 0.53 | | 0.26 | |
| Net Realized and Unrealized | | | | | |
| Gain (Loss) on Investments | 2.24 | | (3.33) | | (0.40) | |
| Total from Investment | | | | | | |
| Operations | 2.67 | | (2.80) | | (0.14) | |
| | | | | | | |
| Less Distributions: | | | | | | |
| Dividends from Net Investment | | | | | |
| Income | (0.45) | | (0.50) | | (0.26) | |
| Dividends from Realized Gains | - | | (0.01) | | - | |
| Total Distributions | (0.45) | | (0.51) | | (0.26) | |
| | | | | | | |
| Net Asset Value at End of Period | $ 8.51 | | $ 6.29 | | $ 9.60 | |
| | | | | | | |
| Total Return (D)(E) | 43.90% | (F) | -30.17% | | -1.38% | (F) |
| | | | | | | |
| Ratios/Supplemental Data: | | | | | |
| Net Assets, | | | | | | |
| End of Period (in 000s) | $ 547 | | $ 141 | | $ 241 | |
| | | | | | | |
| Ratio of Expenses to Average | | | | | |
| Net Assets: | | | | | | |
| | | | | | | |
| Before Reimbursement and | 2.20% | | 2.14% | | 2.20% | |
| Waiver/Recoupment of | (G) | | (G) |
| Expenses by Adviser | | | |
| After Reimbursement and | 2.20% | | 2.14% | | 2.10% | |
| Waiver/Recoupment of | (G) | | (G) |
| Expenses by Adviser | | | |
| | | | | | | |
| Ratio of Net Investment Income | | | | | |
| (Loss) to Average Net Assets: | | | | | |
| | | | | | | |
| Before Reimbursement and | 7.55% | | 6.26% | | 5.24% | |
| Waiver/Recoupment of | (G) | | (G) |
| Expenses by Adviser | | | |
| After Reimbursement and | 7.55% | | 6.26% | | 5.34% | |
| Waiver/Recoupment of | (G) | | (G) |
| Expenses by Adviser | | | |
| | | | | | | |
| Portfolio Turnover | 33.82% | | 27.85% | | 23.46% | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period May 7, 2007 (Commencement of Operations) to December 31, 2007. |
(C) | Per share amounts calculated using average shares method. |
(D) | Total return calculation does not reflect redemption fee. | |
(E) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(F) | For periods of less than one full year, total return is not annualized. |
(G) | Annualized. | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | |
MONEY MARKET FUND | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | Period | | Year | | Year | | Year | | Year | | Year | |
| | ended | | ended | | ended | | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | |
| 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 (Loss) | - | * | 0.02 | | 0.04 | | 0.04 | | 0.03 | (B) | 0.01 | (B) |
| Net Realized and Unrealized | | | | | | | | | | | |
| Gain (Loss) on Investments | - | | - | | - | | - | | - | | - | |
| Total from Investment | | | | | | | | | | | | |
| Operations | - | | 0.02 | | 0.04 | | 0.04 | | 0.03 | | 0.01 | |
| | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | |
| Income | - | * | (0.02) | | (0.04) | | (0.04) | | (0.03) | | (0.01) | |
| Dividends from Realized Gains | - | | - | | - | | - | | - | * | - | |
| Total Distributions | - | | (0.02) | | (0.04) | | (0.04) | | (0.03) | | (0.01) | |
| | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 | | $ 1.00 | |
| | | | | | | | | | | | | |
| Total Return (C)(D) | 0.07% | (F) | 1.82% | | 4.26% | | 4.17% | | 2.48% | | 0.97% | |
| | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | |
| End of Period (in 000s) | $ 27,168 | | $ 33,860 | | $ 45,433 | | $ 19,813 | | $ 5,195 | | $ 3,698 | |
| | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Before Reimbursement and | 1.05% | (G) | 1.00% | | 0.99% | | 1.21% | | 1.13% | | 1.20% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | 0.33% | (G) | 0.64% | (E) | 0.78% | | 0.85% | | 0.66% | | 0.25% | |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Before Reimbursement and | (0.63)% | (G) | 1.45% | | 3.85% | | 3.85% | | 2.03% | | 0.07% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| After Reimbursement and | 0.09% | (G) | 1.81% | | 4.05% | | 4.21% | | 2.50% | | 1.02% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser | | | | | |
| | | | | | | | | | | | | |
| *Amount is less than $0.005 per share. | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | | | |
(C) | Total return calculation does not reflect sales load. | | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | The expense ratio after reimbursement of expenses by Adviser includes a 0.01% reimbursement of expenses by the Administrator for a processing error. |
(F) | For periods of less than one full year, total return is not annualized. | | | | | |
(G) | Annualized. | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | |
STRATEGIC GROWTH FUND - CLASS A SHARES | | | | | | | | | |
| | | | | | | | | | | | | |
| | Period | | Year | | Year | | Year | | Year | | Year | |
| | ended | | ended | | ended | | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | |
| of Period | $ 4.86 | | $ 9.12 | | $ 9.69 | | $ 9.18 | | $ 8.64 | | $ 8.10 | |
| | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income (Loss) | (0.01) | | 0.01 | | 0.10 | | 0.14 | | (0.10) | (B) | (0.05) | (B) |
| Net Realized and Unrealized | | | | | | | | | | | |
| Gain (Loss) on Investments | 1.12 | | (3.66) | | 0.90 | | 0.82 | | 0.64 | | 0.71 | |
| Total from Investment | | | | | | | | | | | | |
| Operations | 1.11 | | (3.65) | | 1.00 | | 0.96 | | 0.54 | | 0.66 | |
| | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | |
| Income | - | | (0.09) | | (0.10) | | (0.05) | | - | | - | |
| Dividends from Realized Gains | - | | (0.52) | | (1.47) | | (0.40) | | - | * | (0.12) | |
| Total Distributions | - | | (0.61) | | (1.57) | | (0.45) | | - | | (0.12) | |
| | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 5.97 | | $ 4.86 | | $ 9.12 | | $ 9.69 | | $ 9.18 | | $ 8.64 | |
| | | | | | | | | | | | | |
| Total Return (C)(D) | 22.84% | (G) | -39.82% | | 10.45% | | 10.41% | | 6.25% | | 8.09% | |
| | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | |
| End of Period (in 000s) | $ 30,066 | | $ 25,440 | | $ 44,231 | | $ 37,204 | | $ 26,451 | | $ 21,019 | |
| | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Before Reimbursement and | 1.11% | (H) | 1.03% | | 1.00% | | 1.07% | | 1.11% | | 1.13% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) | | | | | |
| After Reimbursement and | 1.11% | (H) | 1.03% | | 1.00% | | 1.07% | | 1.15% | | 1.15% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) | | | | | |
| | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Before Reimbursement and | (0.25)% | (H) | 0.12% | | 1.10% | | 1.49% | | (1.10)% | | (0.74)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) (F) | | | | | |
| After Reimbursement and | (0.25)% | (H) | 0.12% | | 1.10% | | 1.49% | | (1.14)% | | (0.76)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) (F) | | | | | |
| | | | | | | | | | | | | |
| Portfolio Turnover | 5.21% | | 16.61% | | 45.00% | | 10.55% | | 1.61% | | 0.46% | |
| | | | | | | | | | | | | |
| *Amount is less than $0.005 per share. | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | | | |
(C) | Total return calculation does not reflect sales load. | | | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies |
| in which the Fund invests. | | | | | | | | | | | |
(G) | For periods of less than one full year, total return is not annualized. | | | | | | |
(H) | Annualized. | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | |
STRATEGIC GROWTH FUND - CLASS B SHARES | | | | | | | | | |
| | Period | | Year | | Year | | Year | | Year | | Year | |
| | ended | | ended | | ended | | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | |
| of Period | $ 4.63 | | $ 8.70 | | $ 9.30 | | $ 8.85 | | $ 8.39 | | $ 7.92 | |
| | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income (Loss) | (0.04) | | (0.04) | | 0.01 | | 0.05 | | (0.16) | (B) | (0.12) | (B) |
| Net Realized and Unrealized | | | | | | | | | | | |
| Gain (Loss) on Investments | 1.07 | | (3.48) | | 0.87 | | 0.80 | | 0.62 | | 0.71 | |
| Total from Investment | | | | | | | | | | | | |
| Operations | 1.03 | | (3.52) | | 0.88 | | 0.85 | | 0.46 | | 0.59 | |
| | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | |
| Income | - | | (0.03) | | (0.01) | | - | | - | | - | |
| Dividends from Realized Gains | - | | (0.52) | | (1.47) | | (0.40) | | - | * | (0.12) | |
| Total Distributions | - | | (0.55) | | (1.48) | | (0.40) | | - | | (0.12) | |
| | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 5.66 | | $ 4.63 | | $ 8.70 | | $ 9.30 | | $ 8.85 | | $ 8.39 | |
| | | | | | | | | | | | | |
| Total Return (C)(D) | 22.25% | (G) | -40.33% | | 9.65% | | 9.53% | | 5.49% | | 7.39% | |
| | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | |
| End of Period (in 000s) | $ 6,207 | | $ 6,511 | | $14,219 | | $ 16,177 | | $ 17,467 | | $ 18,535 | |
| | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Before Reimbursement and | 1.86% | (H) | 1.77% | | 1.74% | | 1.81% | | 1.86% | | 1.88% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) | | | | | |
| After Reimbursement and | 1.86% | (H) | 1.77% | | 1.74% | | 1.82% | | 1.90% | | 1.90% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) | | | | | |
| | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Before Reimbursement and | (1.02)% | (H) | (0.70)% | | 0.06% | | 0.44% | | (1.85)% | | (1.49)% | |
| Waiver/Recoupment of | | | | | | | | | | | | |
| Expenses by Adviser (E) (F) | | | | | |
| After Reimbursement and | (1.02)% | (H) | (0.70)% | | 0.06% | | 0.43% | | (1.89)% | | (1.51)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) (F) | | | | | |
| | | | | | | | | | | | | |
| Portfolio Turnover | 5.21% | | 16.61% | | 45.00% | | 10.55% | | 1.61% | | 0.46% | |
| | | | | | | | | | | | | |
| *Amount is less than $0.005 per share. | | | | | | | | | |
| | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | | |
(C) | Total return calculation does not reflect redemption fee. | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies |
| in which the Fund invests. | | | | | | | | | | | |
(G) | For periods of less than one full year, total return is not annualized. | | | | | |
(H) | Annualized. | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | | | |
STRATEGIC GROWTH FUND - CLASS C SHARES | | | | | | | | | | | |
| | | | Period | | Year | | Year | | Year | | Year | | Period | |
| | | | ended | | ended | | ended | | ended | | ended | | ended | |
| | | | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | (B) |
| | | | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | | | |
| of Period | | | $ 4.62 | | $ 8.70 | | $ 9.31 | | $ 8.86 | | $ 8.39 | | $ 8.03 | |
| | | | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | (0.04) | | (0.05) | | 0.03 | | 0.06 | | (0.16) | (C) | (0.05) | (C) |
| Net Realized and Unrealized | | | | | | | | | | | | | |
| Gain (Loss) on Investments | | 1.06 | | (3.47) | | 0.86 | | 0.79 | | 0.63 | | 0.53 | |
| Total from Investment | | | | | | | | | | | | | | |
| Operations | | | 1.02 | | (3.52) | | 0.89 | | 0.85 | | 0.47 | | 0.48 | |
| | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | | | |
| Income | | | - | | (0.04) | | (0.03) | | - | | - | | - | |
| Dividends from Realized Gains | | - | | (0.52) | | (1.47) | | (0.40) | | - | * | (0.12) | |
| Total Distributions | | | - | | (0.56) | | (1.50) | | (0.40) | | - | | (0.12) | |
| | | | | | | | | | | | | | | |
| Net Asset Value at End of Period | | $ 5.64 | | $ 4.62 | | $ 8.70 | | $ 9.31 | | $ 8.86 | | $ 8.39 | |
| | | | | | | | | | | | | | | |
| Total Return (D)(E) | | | 22.08% | (H) | -40.32% | | 9.73% | | 9.51% | | 5.61% | | 5.92% | (H) |
| | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | | | |
| End of Period (in 000s) | | | $ 7,608 | | $ 6,423 | | $ 9,836 | | $ 7,609 | | $ 5,462 | | $ 2,204 | |
| | | | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | 1.85% | (I) | 1.78% | | 1.75% | | 1.81% | | 1.86% | | 1.88% | (I) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser (F) | | | | | | | | | | | | | | |
| After Reimbursement and | | | 1.85% | (I) | 1.78% | | 1.75% | | 1.81% | | 1.90% | | 1.90% | (I) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser (F) | | | | |
| | | | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| \ Before Reimbursement and | | | (1.00)% | (I) | (0.61)% | | 0.43% | | 0.76% | | (1.85)% | | (1.49)% | (I) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser (F) (G) | | | | |
| After Reimbursement and | | | (1.00)% | (I) | (0.61)% | | 0.43% | | 0.76% | | (1.89)% | | (1.51)% | (I) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser (F) (G) | | | | |
| | | | | | | | | | | | | | | |
| Portfolio Turnover | | | 5.21% | | 16.61% | | 45.00% | | 10.55% | | 1.61% | | 0.46% | |
| | | | | | | | | | | | | | | |
| *Amount is less than $0.005 per share. | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period February 3, 2004 (Commencement of Operations) to December 31, 2004. | | | |
(C) | Per share amounts calculated using average shares method. | | | | | | | |
(D) | Total return calculation does not reflect redemption fee. | | | | | | | | | |
(E) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(F) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies |
| in which the Fund invests. | | | | | | | | | | | | | |
(H) | For periods of less than one full year, total return is not annualized. | | | | | | | |
(I) | Annualized. | | | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | |
CONSERVATIVE GROWTH FUND - CLASS A SHARES | | | | | | | | |
| | | | | | | | | | | | | |
| | Period | | Year | | Year | | Year | | Year | | Year | |
| | ended | | ended | | ended | | ended | | ended | | ended | |
| | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | |
| of Period | $ 6.94 | | $ 10.49 | | $ 11.10 | | $ 10.83 | | $ 10.26 | | $ 9.85 | |
| | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | |
| Net Investment Income (Loss) | 0.04 | | 0.13 | | 0.22 | | 0.32 | | (0.01) | (B) | 0.02 | (B) |
| Net Realized and Unrealized | | | | | | | | | | | |
| Gain (Loss) on Investments | 1.27 | | (3.18) | | 0.75 | | 0.75 | | 0.58 | | 0.61 | |
| Total from Investment | | | | | | | | | | | | |
| Operations | 1.31 | | (3.05) | | 0.97 | | 1.07 | | 0.57 | | 0.63 | |
| | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | |
| Income | - | | (0.15) | | (0.20) | | (0.22) | | - | | - | |
| Dividends from Realized Gains | - | | (0.35) | | (1.38) | | (0.58) | | - | | (0.19) | |
| Distributions from Return of | | | | | | | | | | | |
| Capital | - | | - | | - | | - | | - | | (0.03) | |
| Total Distributions | - | | (0.50) | | (1.58) | | (0.80) | | - | | (0.22) | |
| | | | | | | | | | | | | |
| Net Asset Value at End of Period | $ 8.25 | | $ 6.94 | | $ 10.49 | | $ 11.10 | | $ 10.83 | | $ 10.26 | |
| | | | | | | | | | | | | |
| Total Return (C)(D) | 18.88% | (G) | -28.88% | | 8.85% | | 9.86% | | 5.56% | | 6.41% | |
| | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | |
| End of Period (in 000s) | $33,128 | | $ 26,206 | | $38,102 | | $ 33,189 | | $ 27,765 | | $23,241 | |
| | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Before Reimbursement and | 1.10% | (H) | 1.02% | | 1.02% | | 1.08% | | 1.13% | | 1.14% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) | | | | | |
| After Reimbursement and | 1.10% | (H) | 1.02% | | 1.02% | | 1.09% | | 1.15% | | 1.15% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) | | | | | |
| | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Before Reimbursement and | 0.82% | (H) | 1.36% | | 2.09% | | 2.98% | | (0.11)% | | 0.27% | |
| Waiver/Recoupment of | | | | | | | | | | | | |
| Expenses by Adviser (E) (F) | | | | | |
| After Reimbursement and | 0.82% | (H) | 1.36% | | 2.09% | | 2.97% | | (0.13)% | | 0.26% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) (F) | | | | | |
| | | | | | | | | | | | | |
| Portfolio Turnover | 15.74% | | 25.72% | | 40.54% | | 6.12% | | 3.61% | | 0.00% | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | | | |
(C) | Total return calculation does not reflect sales load. | | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies |
| in which the Fund invests. | | | | | | | | | | | |
(G) | For periods of less than one full year, total return is not annualized. | | | | | |
(H) | Annualized. | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | | | |
CONSERVATIVE GROWTH FUND - CLASS B SHARES | | | | | | | | | |
| | | | Period | | Year | | Year | | Year | | Year | | Year | |
| | | | ended | | ended | | ended | | ended | | ended | | ended | |
| | | | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | |
| | | | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | | | |
| of Period | | | $ 6.64 | | $ 10.03 | | $ 10.67 | | $ 10.43 | | $ 9.96 | | $ 9.60 | |
| | | | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | - | (B) | 0.05 | (B) | 0.14 | | 0.22 | | (0.09) | (B) | (0.05) | (B) |
| Net Realized and Unrealized | | | | | | | | | | | | | |
| Gain (Loss) on Investments | | 1.21 | | (3.01) | | 0.71 | | 0.72 | | 0.56 | | 0.60 | |
| Total from Investment | | | | | | | | | | | | | | |
| Operations | | | 1.21 | | (2.96) | | 0.85 | | 0.94 | | 0.47 | | 0.55 | |
| | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | | | |
| Income | | | - | | (0.08) | | (0.11) | | (0.12) | | - | | - | |
| Dividends from Realized Gains | | - | | (0.35) | | (1.38) | | (0.58) | | - | | (0.19) | |
| Total Distributions | | | - | | (0.43) | | (1.49) | | (0.70) | | - | | (0.19) | |
| | | | | | | | | | | | | | | |
| Net Asset Value at End of Period | | $ 7.85 | | $ 6.64 | | $ 10.03 | | $ 10.67 | | $ 10.43 | | $ 9.96 | |
| | | | | | | | | | | | | | | |
| Total Return (C)(D) | | | 18.22% | (G) | -29.37% | | 8.05% | | 9.00% | | 4.72% | | 5.72% | |
| | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | | | |
| End of Period (in 000s) | | | $ 5,322 | | $ 5,556 | | $ 9,740 | | $ 10,423 | | $ 11,652 | | $ 12,870 | |
| | | | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | 1.85% | (H) | 1.76% | | 1.76% | | 1.82% | | 1.88% | | 1.89% | |
| Waiver/Recoupment of | | | | | | | | | | | | | | |
| Expenses by Adviser (E) | | | | | |
| After Reimbursement and | | | 1.85% | (H) | 1.76% | | 1.76% | | 1.85% | | 1.90% | | 1.90% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) | | | | | |
| | | | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | (0.01)% | (H) | 0.53% | | 1.14% | | 1.88% | | (0.86)% | | (0.48)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) (F) | | | | | |
| After Reimbursement and | | | (0.01)% | (H) | 0.53% | | 1.14% | | 1.85% | | (0.88)% | | (0.49)% | |
| Waiver/Recoupment of | | | | | |
| Expenses by Adviser (E) (F) | | | | | |
| | | | | | | | | | | | | | | |
| Portfolio Turnover | | | 15.74% | | 25.72% | | 40.54% | | 6.12% | | 3.61% | | 0.00% | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | Per share amounts calculated using average shares method. | | | | | | | |
(C) | Total return calculation does not reflect redemption fee. | | | | | | | | | |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies |
| in which the Fund invests. | | | | | | | | | | | | | |
(G) | For periods of less than one full year, total return is not annualized. | | | | | | | |
(H) | Annualized. | | | | | | | | | | | | | | |
FINANCIAL HIGHLIGHTS | | | | | | | | | | | | |
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented. |
| | | | | | | | | | | | | | | |
CONSERVATIVE GROWTH FUND - CLASS C SHARES |
| | | | | | | | | | | | | | | |
| | | | Period | | Year | | Year | | Year | | Year | | Period | |
| | | | ended | | ended | | ended | | ended | | ended | | ended | |
| | | | 9/30/09 | (A) | 12/31/08 | | 12/31/07 | | 12/31/06 | | 12/31/05 | | 12/31/04 | (B) |
| | | | | | | | | | | | | | | |
| Per Share Operating Performance: | | | | | | | | | | | | | | |
| Net Asset Value at Beginning | | | | | | | | | | | | | |
| of Period | | | $ 6.61 | | $ 10.02 | | $ 10.68 | | $ 10.44 | | $ 9.97 | | $ 9.69 | |
| | | | | | | | | | | | | | | |
| Income from Investment | | | | | | | | | | | | | | |
| Operations: | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | - | * | 0.06 | (C) | 0.12 | | 0.23 | | (0.09) | (C) | (0.02) | (C) |
| Net Realized and Unrealized | | | | | | | | | | | | | |
| Gain (Loss) on Investments | | 1.22 | | (3.03) | | 0.72 | | 0.73 | | 0.56 | | 0.49 | |
| Total from Investment | | | | | | | | | | | | | | |
| Operations | | | 1.22 | | (2.97) | | 0.84 | | 0.96 | | 0.47 | | 0.47 | |
| | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | |
| Dividends from Net Investment | | | | | | | | | | | | | |
| Income | | | - | | (0.09) | | (0.12) | | (0.14) | | - | | - | |
| Dividends from Realized Gains | | - | | (0.35) | | (1.38) | | (0.58) | | - | | (0.19) | |
| Total Distributions | | | - | | (0.44) | | (1.50) | | (0.72) | | - | | (0.19) | |
| | | | | | | | | | | | | | | |
| Net Asset Value at End of Period | | $ 7.83 | | $ 6.61 | | $ 10.02 | | $ 10.68 | | $ 10.44 | | $ 9.97 | |
| | | | | | | | | | | | | | | |
| Total Return (D)(E) | | | 18.46% | (H) | -29.45% | | 7.98% | | 9.16% | | 4.71% | | 4.84% | (H) |
| | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | |
| Net Assets, | | | | | | | | | | | | | | |
| End of Period (in 000s) | | | $ 7,500 | | $ 6,438 | | $ 7,164 | | $ 5,833 | | $ 4,361 | | $ 2,638 | |
| | | | | | | | | | | | | | | |
| Ratio of Expenses to Average | | | | | | | | | | | | | |
| Net Assets: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | 1.85% | (I) | 1.77% | | 1.77% | | 1.84% | | 1.88% | | 1.89% | (I) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser (F) | | | | | | | | | | | | | | |
| After Reimbursement and | | | 1.85% | (I) | 1.77% | | 1.77% | | 1.84% | | 1.90% | | 1.90% | (I) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser (F) | | | | |
| | | | | | | | | | | | | | | |
| Ratio of Net Investment Income | | | | | | | | | | | | | |
| (Loss) to Average Net Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Before Reimbursement and | | | 0.05% | (I) | 0.72% | | 1.40% | | 2.36% | | (0.86)% | | (0.48)% | (I) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser (F) (G) | | | | |
| After Reimbursement and | | | 0.05% | (I) | 0.72% | | 1.40% | | 2.36% | | (0.88)% | | (0.49)% | (I) |
| Waiver/Recoupment of | | | | |
| Expenses by Adviser (F) (G) | | | | |
| | | | | | | | | | | | | | | |
| Portfolio Turnover | | | 15.74% | | 25.72% | | 40.54% | | 6.12% | | 3.61% | | 0.00% | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| *Amount is less than $0.005 per share. | | | | | | | | | | | |
(A) | The Fund elected to change its fiscal year end from December to September. The information presented is for January 1, 2009 through September 30, 2009. |
(B) | For the period February 3, 2004 (Commencement of Operations) to December 31, 2004. | | | |
(C) | Per share amounts calculated using average shares method. | | | | | | | |
(D) | Total return calculation does not reflect redemption fee. | | | | | | | | | |
(E) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
| Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(F) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies |
| in which the Fund invests. | | | | | | | | | | | | | |
(H) | For periods of less than one full year, total return is not annualized. | | | | | | | |
(I) | Annualized. | | | | | | | | | | | | | | |
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
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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. As of September 30, 2009, the Trust consisted of twelve series. These financial statements include the following ten series: Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large / Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large / Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Money Market Fund, Timothy Plan Strategic Growth Fund and Timothy Plan Conservative 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 U.S. common stocks without regard to market capitalizations and investing in the securities of a limited number of companies which the Fund’s Adviser believes show a high probability for superior growth.
The Timothy Plan International 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 the common stock and similar securities of foreign companies through the purchase of American Depository Receipts (ADR’s) without regard to market capitalization, investing its assets in the ADR’s of companies which the Fund’s investment manager believes show a high probability for superior growth, and allocating investments across countries and regions considering the size of the market in each country and region relative to the size of the international market as a whole. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.
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 U.S. common stocks with market capitalizations in excess of $2 billion.
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 primarily investing at least 80% of its assets in U.S. common stocks whose market capitalization is generally less than $2 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 investment objective by primarily investing in U.S. common stocks. The Fund will invest at least 80% of its assets in the common stock of companies whose total market capitalization generally exceeds $2 billion.
The Timothy Plan Fixed Income Fund seeks to generate a high level of current income consistent with prudent investment risk. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally only purchase high quality securities.
The Timothy Plan High Yield Bond Fund’s investment objective is to generate a high level of current income. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally purchase securities that are not investment-grade, meaning securities with a rating of “BBB” or lower as rated by Standard and Poor’s or a comparable rating by another nationally recognized rating agency. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
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The Timothy Plan Money Market Fund seeks to generate a high level of current income consistent with the preservation of capital. To achieve its investment objective, 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 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 which are other series of the Trust: approximately 10%-15% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 15%-25% of its net assets in the Timothy Plan Large / Mid Cap Value Fund; approximately 15%-25% of its net assets in the Timothy Plan Large / Mid Cap Growth Fund; approximately 0-20% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 20-30% of its net assets in the Timothy International Fund; and approximately 10%-15% in the Timothy Plan Aggressive Growth Fund. The Fund may also invest in the Timothy Plan Money Market Fund.
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 which are other series of the Trust: approximately 5%-15% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 15%-25% of its net assets in the Timothy Plan Large / Mid Cap Value Fund; approximately 5%-15% of its net assets in the Timothy Plan Large / Mid Cap Growth Fund; approximately 0-10% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5-15% in the Timothy Plan High Yield Bond Fund; approximately 10-20% of its net assets in the Timothy Plan International Fund; and approximately 20%-40% in the Timothy Plan Fixed Income Fund. The Fund may also invest in the Timothy Plan Money Market Fund.
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies.
| A. | Security Valuation and Fair Value Measurements |
All investments in securities are recorded at their estimated fair value as described in Note 2.
| B. | Investment Income and Securities Transactions |
Security transactions are accounted for on the date the securities are purchased or sold (trade date). Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Aggressive Growth Fund, Large / Mid Cap Growth Fund, Large / Mid Cap Value Fund, and Small Cap Value Fund have made certain investments in real estate investment trusts (“REITs”) and master limited partnerships (“MLPs”). Dividend income from REITs and MLPs is recognized on the ex-dividend date. It is common for distributions from REITs and MLPs to exceed taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Income or loss from the MLPs is reclassified upon receipt of the MLPs’ K-1. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.
Investment securities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
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taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
C. Net Asset Value Per Share
The Net Asset Value (“NAV”) 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. The NAV is calculated separately for each class of the following Funds, Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large / Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large / Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Money Market Fund, Timothy Plan Strategic Growth Fund and Timothy Plan Conservative Growth Fund. The asset value of the classes may differ because of different fees and expenses charged to each class.
D. Expenses
Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Fund’s relative net assets or another appropriate basis (as determined by the Board of Trustees).
There are three Classes of shares currently offered by the Trust; Class A shares are offered with a front-end sales charge and ongoing service/distribution fees; Class C shares are offered with a contingent deferred sales charge (“CDSC”) that ends after the first year and ongoing service and distribution fees; No-Load shares are offered without sales charges or ongoing service/distribution fees (The Timothy Plan Money Market Fund only). The Trust previously has offered Class B shares to the public, which contain a contingent deferred sales charge that declines to zero over a period of years and are subject to an ongoing service/distribution fee. Sales of Class B shares to new shareholders were suspended by the Board during their meeting on February 27, 2004, with the suspension effective May, 2004, therefore, the CDSC fee no longer applies to Class B shares.
Class B shares automatically convert to Class A shares once the economic equivalent of the highest front-end sales charge paid at time of purchase has been received by a Fund, in the form of Rule 12b-1 distribution fees, paid by all Class B shares owned by an investor.
Class specific expenses are borne by each specific class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.
In the preparation of financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent 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.
G. Federal Income Taxes
It is the policy of each Fund to continue to comply with all requirements under subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income or gains. Therefore, no federal income tax or excise provision is required.
As of September 30, 2009, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statements of operations. During the periods ended September 30, 2009 and December 31, 2008, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. federal tax authorities for tax years before 2006 and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially within the next twelve months.
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
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H. Subsequent Events
In accordance with GAAP, management has evaluated subsequent events through November 30, 2009, the date the financial statements were issued and determined there were no material subsequent events for the Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large / Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large / Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, and Timothy Plan Money Market Fund. Please see Note 10 for information regarding the Timothy Plan Strategic Growth Fund and Timothy Plan Conservative Growth Fund.
I. Distributions to Shareholders
Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or NAVs per share of the Funds. For the fiscal period ended September 30, 2009, the following reclassifications were done:
| Amount | Reclassified from: | Reclassified to: |
Aggressive Growth Fund | $ 201,996 | Net Investment Loss | Paid-in Capital |
Large / Mid Cap Growth Fund | $ 164,775 | Net Investment Loss | Paid-in Capital |
Large / Mid Cap Growth Fund | $ 1,380,010 | Accumulated Realized Loss | Paid-in Capital |
Small Cap Value Fund | $ 296,132 | Net Investment Loss | Paid-in Capital |
High Yield Bond Fund | $ 378 | Excess Distribution from Undistributed Net Investment Income | Paid-in Capital |
Money Market Fund | $ 7,709 | Accumulated Realized Gains | Net Investment Income |
Strategic Growth Fund | $ 143,802 | Net Investment Loss | Paid-in Capital |
Note 2 – Security Valuation and Fair Value Measurements
Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below.
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
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| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining fair value of investments based on the best information available) |
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Each Fund generally determines the total value of each Class of its shares by using market prices for the securities comprising its portfolio. Equity securities, including common stock, American Depositary Receipts (ADR), real estate investment trusts, and master limited partnerships, are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser or Sub-Adviser believes such prices more accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, when the market is considered inactive, an equity security (such as some ADR’s owned by the International Fund) owned by the Funds will be valued by the pricing service at an evaluated bid, with inputs such as the underlying securities price, the exchange rate for the currency and the ADR factor. When this happens, the security will generally be classified as a Level 2 security. When market quotations are not readily available, when the Adviser or Sub-Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser or Sub-Adviser, in conformity with guidelines adopted by and subject to review by the Board. These securities will generally be categorized as Level 3 securities.
Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.
Fixed income securities such as corporate bonds, restricted corporate bonds, asset-backed securities, U.S. Government securities and U.S. government agency securities, when valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Adviser or Sub-Adviser believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the Adviser or Sub-Adviser decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser or Sub-Adviser, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.
Short-term investments in fixed income securities, (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity), are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
The Timothy Plan Money Market Fund uses the amortized cost method to compute its NAV. This means that securities purchased by the Fund are not marked to market. Instead, any premium paid or discount realized will be amortized or accrued over the life of the security and credited/debited daily against the total assets of the Fund. This also means that, under most circumstances, the Money Market Fund will not sell securities prior to maturity date except to satisfy redemption requests.
The Board has delegated to the Adviser and/or Sub-Advisers responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Adviser or Sub-Adviser will use its best efforts to arrive at the fair value of a security held by the Fund under all reasonably ascertainable facts and circumstances. The Adviser must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Board has adopted written policies and procedures to guide the Adviser and Sub-Advisers with respect to the circumstances under which, and the methods to be used, in fair valuing securities.
The following is a summary of the inputs used to value each Fund’s assets as of September 30, 2009:
Aggressive Growth Fund | VALUATION INPUTS | | |
Assets | Level 1: Quoted Prices in Active Markets | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total |
Common Stocks * | $ 18,079,540 | $ - | $ - | $ 18,079,540 |
American Depositary Receipts * | $ 709,471 | $ - | $ - | $ 709,471 |
Money Market Funds | $ 454,894 | $ - | $ - | $ 454,894 |
Total | $ 19,243,905 | $ - | $ - | $ 19,243,905 |
*Refer to the Schedule of Investments for industry classifications. | | |
International Fund | VALUATION INPUTS | | |
Assets | Level 1: Quoted Prices in Active Markets | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total |
American Depositary Receipts * | $ 18,108,731 | $ 18,054,934 | $ - | $ 36,163,665 |
Common Stocks * | $ 1,627,500 | $ - | $ - | $ 1,627,500 |
Money Market Funds | $ 926,250 | $ - | $ - | $ 926,250 |
Total | $ 20,662,481 | $ 18,054,934 | $ - | $ 38,717,415 |
*Refer to the Schedule of Investments for industry classifications. | | |
| | | | | | | | |
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
Large/Mid Cap Growth Fund | VALUATION INPUTS | | |
Assets | Level 1: Quoted Prices in Active Markets | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total |
Common Stocks * | $ 36,239,113 | $ - | $ - | $ 36,239,113 |
American Depositary Receipts * | $ 1,053,360 | $ - | $ - | $ 1,053,360 |
Money Market Funds | $ 2,134,552 | $ - | $ - | $ 2,134,552 |
Total | $ 39,427,025 | $ - | $ - | $ 39,427,025 |
*Refer to the Schedule of Investments for industry classifications. | | |
| | | | |
Small Cap Value Fund | VALUATION INPUTS | | |
Assets | Level 1: Quoted Prices in Active Markets | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total |
Common Stocks * | $ 50,640,406 | $ - | $ - | $ 50,640,406 |
REITS | $ 2,587,550 | $ - | $ - | $ 2,587,550 |
Money Market Funds | $ 2,489,135 | $ - | $ - | $ 2,489,135 |
Total | $ 55,717,091 | $ - | $ - | $ 55,717,091 |
*Refer to the Schedule of Investments for industry classifications. | | |
| | | | |
Large/Mid Cap Value Fund | VALUATION INPUTS | | |
Assets | Level 1: Quoted Prices in Active Markets | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total |
Common Stocks * | $ 85,359,039 | $ - | $ - | $ 85,359,039 |
Master Limited Partnerships | $ 2,098,548 | $ - | $ - | $ 2,098,548 |
REITS | $ 4,317,150 | $ - | $ - | $ 4,317,150 |
Money Market Funds | $ 2,248,006 | $ - | $ - | $ 2,248,006 |
Total | $ 94,022,743 | $ - | $ - | $ 94,022,743 |
*Refer to the Schedule of Investments for industry classifications. | | |
| | | | | | | | |
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
Fixed Income Fund | VALUATION INPUTS | | |
Assets | Level 1: Quoted Prices in Active Markets | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total |
Asset-Backed Securities | $ - | $ 557,054 | $ - | $ 557,054 |
Corporate Bonds | $ - | $ 15,608,052 | $ - | $ 15,608,052 |
U.S. Government Agencies | $ - | $ 2,796,112 | $ - | $ 2,796,112 |
Mortgaged-Backed Securities | $ - | $ 18,070,595 | $ - | $ 18,070,595 |
U.S. Treasuries | $ - | $ 6,653,994 | $ - | $ 6,653,994 |
U.S. Treasury TIPs | $ - | $ 4,435,755 | $ - | $ 4,435,755 |
Money Market Funds | $ 5,268,261 | $ - | $ - | $ 5,268,261 |
Total | $ 5,268,261 | $ 48,121,562 | $ - | $ 53,389,823 |
High Yield Bond Fund | VALUATION INPUTS | | |
Assets | Level 1: Quoted Prices in Active Markets | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total |
Corporate Bonds | $ - | $ 13,646,070 | $ - | $ 13,646,070 |
144A Securities | $ - | $ 3,948,400 | $ - | $ 3,948,400 |
Money Market Funds | $ 1,034,441 | $ - | $ - | $ 1,034,441 |
Total | $ 1,034,441 | $ 17,594,470 | $ - | $ 18,628,911 |
Money Market Fund | VALUATION INPUTS | | |
Assets | Level 1: Quoted Prices in Active Markets | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total |
U.S. Government Agencies | $ - | $ 2,499,525 | $ - | $ 2,499,525 |
U.S. Treasuries | $ - | $ 21,494,885 | | $ 21,494,885 |
Asset-Backed Securities | $ - | $ 1,038,400 | $ - | $ 1,038,400 |
Money Market Funds | $ 2,173,377 | $ - | $ - | $ 2,173,377 |
Total | $ 2,173,377 | $ 25,032,810 | $ - | $ 27,206,187 |
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
Strategic Growth Fund | VALUATION INPUTS | | |
Assets | Level 1: Quoted Prices in Active Markets | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total |
Mutual Funds | $ 43,914,324 | $ - | $ - | $ 43,914,324 |
Total | $ 43,914,324 | $ - | $ - | $ 43,914,324 |
Conservative Growth Fund | VALUATION INPUTS | | |
Assets | Level 1: Quoted Prices in Active Markets | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total |
Mutual Funds | $ 45,977,441 | $ - | $ - | $ 45,977,441 |
Money Market Funds | $ 40,213 | $ - | $ - | $ 40,213 |
Total | $ 46,017,654 | $ - | $ - | $ 46,017,654 |
The Funds did not hold any assets at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period. The Funds did not hold any derivative instruments during the reporting period.
Note 3 – 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 fiscal period ended September 30, 2009:
| | | | |
| PURCHASES | | SALES | |
Funds | U.S. Gov't Obligations | Other | U.S. Gov't Obligations | Other |
Aggressive Growth Fund | | $ 21,578,133 | | $ 22,106,655 |
International Fund | | $ 14,072,826 | | $ 11,672,509 |
Large / Mid Cap Growth Fund | | $ 25,717,356 | | $ 29,952,540 |
Small Cap Value Fund | | $ 26,639,893 | | $ 29,438,190 |
Large / Mid Cap Value Fund | | $ 26,755,061 | | $ 25,560,164 |
Fixed Income Fund | $ 11,933,617 | $ 3,557,271 | $ 5,237,847 | $ 3,864,350 |
High Yield Bond Fund | | $ 4,861,819 | | $ 4,908,782 |
Strategic Growth Fund | | $ 1,996,094 | | $ 4,754,080 |
Conservative Growth Fund | | $ 7,278,516 | | $ 6,069,731 |
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
Note 4 – Investment Management Fee and Other Transactions with Affiliates
Timothy Partners, Ltd., (“TPL”) is the investment adviser for the Funds pursuant to an investment advisory agreement (the “Agreement”) that was renewed by the Board on February 27, 2009. TPL supervises the investment of the assets of each Fund in accordance with the objectives, policies and restrictions of the Trust. Under the terms of the Agreement, as amended, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Timothy Plan International Fund; 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, and Timothy Plan Large / Mid Cap Value Funds; 0.60% of the average daily net assets of the Timothy Plan Fixed Income, the Timothy Plan High Yield Bond 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 the fee it receives from Timothy Plan Fixed Income and Timothy Plan Money Market to 0.45% and 0.40%, respectively. Additionally, TPL has voluntarily agreed to reduce fees payable to it by the Timothy Plan Money Market Fund and reimburse other expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses as follows:
Voluntary Caps | Period |
| |
65 bps | January 1, 2008 - January 22, 2009 |
45 bps | January 23 – March 24, 2009 |
30 bps | March 25 – April 14, 2009 |
25 bps 20 bps 15 bps | April 15 – September 8, 2009 September 9 – September 15, 2009 September 16 - current |
Such voluntary fee reductions/reimbursements may be authorized by TPL at any time, but such action shall not obligate TPL to waive any fees in the near future. An officer and trustee of the Funds is also an officer and owner of the Adviser.
For the periods ended September 30, 2009 and December 31, 2008, TPL waived and reimbursed the Funds as follows:
Funds | Waivers and Reimbursements |
| Period ended | Year ended |
| September 30, | December 31, |
| 2009 | 2008 |
| | |
Fixed Income Fund | $ 50,780 | $ 73,514 |
Money Market Fund | $159,776 | $107,015 |
At September 30, 2009, the Adviser may recapture a portion of the reimbursed amounts no later than the dates as stated below:
| |
Funds | 2009 | 2010 |
High Yield Bond Fund* | $- | $12,185 |
Money Market Fund * | $ 21,997 | $- |
| * | The Timothy Plan High Yield Bond Fund and the Timothy Plan Money Market Fund were able to incur recoupment expenses as a result of previous waiver/recoupment agreements. |
The Timothy Plan Aggressive Growth, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, and Timothy Plan High Yield Bond Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
Investment Company Act of 1940, as amended. The Plans provide that the Funds 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 Funds 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 Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Class A shares of the Funds do not impose a service fee. 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 periods ended September 30, 2009 and December 31, 2008, the Funds paid TPL under the terms of the Plan’s as follows:
Funds | | 12b-1 Fees | |
| | Period ended | Year ended |
| | September 30, 2009 | December 31, 2008 |
Aggressive Growth Fund | | $ 39,839 | $ 80,422 |
International Fund | | $ 68,523 | $ 114,436 |
Large / Mid Cap Growth Fund | | $ 80,352 | $ 151,981 |
Small Cap Value Fund | | $ 131,300 | $ 253,954 |
Large / Mid Cap Value Fund | | $ 208,484 | $ 399,776 |
Fixed Income Fund | | $ 110,987 | $ 154,650 |
High Yield Bond Fund | | $ 30,313 | $ 47,608 |
Strategic Growth Fund | | $ 71,362 | $ 149,214 |
Conservative Growth Fund | | $ 66,016 | $ 115,164 |
TPL also serves as the principal underwriter of the Funds’ shares. An officer and trustee of the Funds is also an officer of the principal underwriter. For the fiscal period ended September 30, 2009, TPL received sales charges deducted from the proceeds of sales of Class A capital shares and CDSC fees deducted from the redemption of Class B and C capital shares as follows:
Funds | Sales Charges (Class A) | CDSC Fees (Class B) | CDSC Fees (Class C) |
Aggressive Growth Fund | $ 1,289 | $ 9 | $ 155 |
International Fund | $ 3,468 | $ - | $ 206 |
Large / Mid Cap Growth Fund | $ 3,506 | $ 14 | $ 426 |
Small Cap Value Fund | $ 4,564 | $ 50 | $ 1,395 |
Large / Mid Cap Value Fund | $ 12,867 | $ 27 | $ 3,763 |
Fixed Income Fund | $ 17,865 | $ 27 | $ 2,986 |
High Yield Bond Fund | $ 2,968 | $ - | $ 150 |
Strategic Growth Fund | $ 11,367 | $ 104 | $ 1,768 |
Conservative Growth Fund | $ 15,402 | $ 200 | $ 1,255 |
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
Note 5 – Payment by Affiliate
During the year ended December 31, 2008, the Sub-Adviser for the Timothy Plan Aggressive Growth Fund reimbursed the Fund $24,684 due to an investing error during the transition of sub-advisers. The Sub-Adviser reimbursed the Fund for the difference in performance relative to the intended portfolio and the transaction costs of rebalancing the portfolio.
Note 6 – Control Ownership
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. As of September 30, 2009, the following shareholders, for the benefit of their customers, may be considered to control the Funds:
Funds | % of Fund | Owned By: |
Large / Mid Cap Growth Fund, Class B | 28.77% | National Financial Services |
Certain Timothy Plan Funds own shares of other Timothy Plan Funds. U.S. Bank, N.A., custodian of the Timothy Plan Funds, holds these shares in omnibus accounts, some of which are controlled by National Financial Services, Inc. The following shows the percentage of each Timothy Plan Fund that is held by U.S. Bank, N.A., as custodian of the Timothy Funds. These accounts can be considered affiliated to the Timothy Plan.
| % of Fund Owned by Other Timothy Plan Funds: |
Aggressive Growth Fund, Class A | 71.37% |
International Fund, Class A | 77.18% |
Large / Mid Cap Growth Fund, Class A | 58.89% |
Small Cap Value Fund, Class A | 34.77% |
Large / Mid Cap Value Fund, Class A | 36.07% |
Fixed Income Fund, Class A | 54.61% |
High Yield Bond Fund, Class A | 81.07% |
Money Market Fund | 53.74% |
Note 7 - Unrealized Appreciation (Depreciation)
At September 30, 2009, for federal income tax purposes, the cost and the composition of gross unrealized appreciation (depreciation) of investment securities are as follows:
Funds | Cost | Appreciation | (Depreciation) | Net Appreciation (Depreciation) |
Aggressive Growth Fund | $ 16,146,053 | $ 3,289,077 | $ (191,225) | $ 3,097,852 |
International Fund | $ 37,799,070 | $ 3,796,226 | $ (2,877,881) | $ 918,345 |
Large / Mid Cap Growth Fund | $ 36,788,926 | $ 4,307,938 | $ (1,669,839) | $ 2,638,099 |
Small Cap Value Fund | $ 50,605,912 | $ 6,612,984 | $ (1,501,805) | $ 5,111,179 |
Large / Mid Cap Value Fund | $ 87,439,290 | $ 11,096,342 | $ (4,512,889) | $ 6,583,453 |
Fixed Income Fund | $ 51,410,436 | $ 2,029,083 | $ (49,696) | $ 1,979,387 |
High Yield Bond Fund | $ 18,624,601 | $ 761,939 | $ (757,629) | $ 4,310 |
Money Market Fund | $ 27,206,187 | $ - | $ - | $ - |
Strategic Growth Fund | $ 57,951,532 | $ - | $ (14,037,208) | $ (14,037,208) |
Conservative Growth Fund | $ 53,690,190 | $ 129,629 | $ (7,802,165) | $ (7,672,536) |
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
The differences between book basis and tax basis appreciation (depreciation) are primarily attributable to the deferral on wash sales and the tax treatment of certain positions, including U.S. Treasury TIPS and passive foreign investment companies.
Note 8 – Distributions to Shareholders
The tax character of distributions paid during the fiscal period ended September 30, 2009, the fiscal year ended December 31, 2008 and the fiscal period ended December 31, 2007 were as follows:
| Aggressive Growth Fund | International Fund | Large / Mid Cap Growth Fund | Small Cap Value Fund |
Year ended December 31, 2008 | | | | |
Ordinary Income | $ - | $ 445,202 | $ - | $ - |
Short-term Capital Gains | - | - | - | 424,158 |
Long-term Capital Gains | 48,425 | - | 68,000 | - |
| $ 48,425 | $ 445,202 | $ 68,000 | $ 424,158 |
| | | | |
Year ended December 31, 2007 | | | | |
Ordinary Income | $ - | $ 141,892 | $ - | $ 121,858 |
Long-term Capital Gains | 2,800,909 | - | 757,225 | 5,348,060 |
Return of Capital | - | - | 4,950,780 | 4,995,748 |
| $ 2,800,909 | $ 141,892 | $ 5,708,005 | $ 10,465,666 |
| Large / Mid Cap Value Fund | Fixed Income Fund | High Yield Bond Fund |
Period ended September 30, 2009 | | | |
Ordinary Income | $ - | $ 1,134,412 | $ 1,014,621 |
| $ - | $ 1,134,412 | $ 1,014,621 |
| | | |
Year ended December 31, 2008 | | | |
Ordinary Income | $ 287,444 | $ 2,053,290 | $ 1,274,024 |
Short-term Capital Gains | 531,542 | - | 10,357 |
Long-term Capital Gains | 677,192 | - | - |
| $ 1,496,178 | $ 2,053,290 | $ 1,284,381 |
| | | |
Year ended December 31, 2007 | | | |
Ordinary Income | $ 1,050,778 | $ 2,092,303 | $ 694,291 |
Long-term Capital Gains | 1,244,931 | - | - |
Return of Capital | 6,832,904 | - | - |
| $ 9,128,613 | $ 2,092,303 | $ 694,291 |
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
| Money Market Fund | Strategic Growth Fund | Conservative Growth Fund |
Period ended September 30, 2009 | | | |
Ordinary Income | $ 17,430 | $ - | $ - |
Short-term Capital Gains | 2,313 | - | - |
| $ 19,743 | $ - | $ - |
| | | |
Year ended December 31, 2008 | | | |
Ordinary Income | $ 556,735 | $ 506,870 | $ 697,282 |
Short-term Capital Gains | - | 230,982 | 58,044 |
Long-term Capital Gains | - | 3,451,894 | 1,808,503 |
| $ 556,735 | $ 4,189,746 | $ 2,563,829 |
| | | |
Year ended December 31, 2007 | | | |
Ordinary Income | $ 1,245,883 | $ 452,403 | $ 818,555 |
Short-term Capital Gains | - | - | 85,576 |
Long-term Capital Gains | - | - | 6,317,069 |
Return of Capital | - | 9,489,157 | - |
| $ 1,245,883 | $ 9,941,560 | $ 7,221,200 |
There were no distributions by the Aggressive Growth, International, Large / Mid Cap Growth, Small Cap Value, Large / Mid Cap Value, Strategic Growth and Conservative Growth Funds during the fiscal period ended September 30, 2009.
As of September 30, 2009, the components of distributable earnings on a tax basis were as follows:
| Aggressive Growth Fund | International Fund | Large / Mid Cap Growth Fund | Small Cap Value Fund |
| | | | | |
Undistributed Ordinary Income | $ - | $ 426,390 | $ - | | $ - |
Capital Loss Carryforward | (9,857,278) | (13,575,141) | (10,809,677) | * | (20,173,839) |
Unrealized Appreciation (Depreciation) | 3,097,852 | 918,345 | 2,638,099 | | 5,111,179 |
| $ (6,759,426) | $ (12,230,406) | $ (8,171,578) | | $ (15,062,660) |
* Following the 2005 acquisition by the Timothy Plan Large/Mid Cap Growth Fund of the NOAH Fund Equity Portfolio,
the Timothy Fund acquired all capital loss carryforwards available to the NOAH Fund. In accordance with Section 382
of the Internal Revenue Code, loss limitations were appropriately applied to the available capital loss carryforward.
Of the capital losses subject to Section 382, the Fund may only utilize $358,459 in a given year.
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
| Large / Mid Cap Value Fund | Fixed Income Fund | High Yield Bond Fund |
| | | |
Undistributed Ordinary Income | $ 395,126 | $ 6,356 | $ - |
Capital Loss Carryforward | (26,016,414) | (2,013,759) | (2,889,106) |
Unrealized Appreciation (Depreciation) | 6,583,453 | 1,979,387 | 4,310 |
| $ (19,037,835) | $ (28,016) | $ (2,884,796) |
| Money Market Fund | Strategic Growth Fund | Conservative Growth Fund |
| | | |
Undistributed Ordinary Income | $ 7,683 | $ - | $ 607,877 |
Capital Loss Carryforward | - | (3,408,716) | (1,762,631) |
Unrealized Appreciation (Depreciation) | - | (14,037,208) | (7,672,536) |
| $ 7,683 | $ (17,445,924) | $ (8,827,290) |
Note 9 – Capital Loss Carryforwards
At September 30, 2009, the following capital loss carryforwards are available to offset futures capital gains.
Funds | Loss Carryforward | Year Expiring |
| | |
Aggressive Growth Fund | $ 3,723,197 | 2016 |
| $ 6,134,081 | 2017 |
International Fund | $ 498,385 | 2015 |
| $ 4,243,183 | 2016 |
| $ 8,833,573 | 2017 |
Large / Mid Cap Growth Fund * | $ 3,900,936 | 2016 |
| $ 6,908,741 | 2017 |
Small Cap Value Fund | $ 8,605,876 | 2016 |
| $ 11,567,963 | 2017 |
Funds | Loss Carryforward | Year Expiring |
| | |
Large / Mid Cap Value Fund | $ 14,600,172 | 2016 |
| $ 11,416,242 | 2017 |
Fixed Income Fund | $ 569,273 | 2014 |
| $ 77,304 | 2015 |
| $ 252,039 | 2016 |
| $ 1,115,143 | 2017 |
High Yield Bond Fund | $ 815,295 | 2016 |
| $ 2,073,811 | 2017 |
Strategic Growth Fund | $ 844,160 | 2016 |
| $ 2,564,556 | 2017 |
Conservative Growth Fund | $ 1,762,631 | 2017 |
* Please refer to Note 8 for additional information regarding the availability of capital loss carryforwards within the Timothy Large / Mid Cap Growth Fund. |
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
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.
In 2009, the following capital loss carryforwards expired:
| Loss Carryforward |
| | |
Large/Mid Cap Growth Fund | | $1,380,010 |
Note 10 – Subsequent Events
On October 28, 2009, the shareholders of the Strategic Growth and Conservative Growth Funds voted to add a newly created Fund, the Timothy Plan Defensive Strategies Fund (“Defensive Strategies Fund”) to their portfolio and amend the portfolio allocations to allow for investment in the Defensive Strategies Fund.
OFFICERS AND TRUSTEES OF THE TRUST | | |
As of September 30, 2009 (Unaudited) | | |
| | | |
TIMOTHY PLAN FAMILY OF FUNDS | | |
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Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee |
Arthur D. Ally* 1055 Maitland Center Commons Maitland, FL Born: 1942 | Chairman and President | Indefinite; Trustee and President since 1994 | 12 |
| Principal Occupation During Past 5 Years | Other Directorships Held by Trustee |
| President and controlling shareholder of Covenant Funds, Inc. (“CFI”), a holding company. President and general partner of Timothy Partners, Ltd. (“TPL”), the investment adviser and principal underwriter to each Fund. CFI is also the managing general partner of TPL. | None |
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Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee |
Joseph E. Boatwright** 1410 Hyde Park Drive Winter Park, FL Born: 1930 | Trustee, Secretary | Indefinite; Trustee and Secretary since 1995 | 12 |
| Principal Occupation During Past 5 Years | Other Directorships Held by Trustee |
| Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996. | None |
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Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee |
Mathew D. Staver** 1055 Maitland Center Commons Maitland , FL Born: 1956 | Trustee | Indefinite; Trustee since 2000 | 12 |
| Principal Occupation During Past 5 Years | Other Directorships Held by Trustee |
| Attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles. | None |
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* Mr. Ally is an "interested" Trustee, as that term is defined in the 1940 Act, because of his positions with and financial interests in CFI and TPL. |
** Messrs. Boatwright and Staver are "interested" Trustees, as that term is defined in the 1940 Act, because each has a limited partnership intereset in TPL. |
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Timothy Plan Officers and Trustees
Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee |
Richard W. Copeland 631 Palm Springs Drive Altamonte Springs, FL Born: 1947 | Trustee | Indefinite; Trustee since 2005 | 12 |
| Principal Occupation During Past 5 Years | Other Directorships Held by Trustee |
| Principal of Richard W. Copeland, Attorney at Law for 33 years specializing in tax and estate planning. B.A. from Mississippi College, JD and LLM Taxation from University of Miami. Associate Professor Stetson University for past 31 years. | None |
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Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee |
Bill Johnson 203 E. Main Street Fremont, MI Born: 1946 | Trustee | Indefinite; Trustee since 2005 | 12 |
| Principal Occupation During Past 5 Years | Other Directorships Held by Trustee |
| President (and Founder) of American Decency Association, Freemont, MI since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Masters of Religious Education from Grand Rapids Baptist Seminary. | None |
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Timothy Plan Officers and Trustees
Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee |
Kathryn Tindal Martinez 4398 New Broad Street Orlando, FL Born: 1949 | Trustee | Indefinite; Trustee since 2005 | 12 |
| Principal Occupation During Past 5 Years | Other Directorships Held by Trustee |
| Served on board of directors from 1991 to present, including House of Hope, B.E.T.A., Childrens' Home Society, and Susan B. Anthony List. Previously a private school teacher and insurance adjuster. B.A. received from Florida State University State University and MAT from Rollins College, FL. | None |
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Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee |
John C. Mulder 2925 Professional Place Colorado Springs, CO Born: 1950 | Trustee | Indefinite; Trustee since 2005 | 12 |
| Principal Occupation During Past 5 Years | Other Directorships Held by Trustee |
| President WaterStone (previously the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from University of Chicago. | None |
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Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee |
Charles E. Nelson 1145 Cross Creek Circle Altamonte Springs, FL Born: 1934 | Trustee | Indefinite; Trustee since 2000 | 12 |
| Principal Occupation During Past 5 Years | Other Directorships Held by Trustee |
| Certified Public Accountant. Director of Operations, National Multiple Sclerosis Society Mid Florida Chapter. Formerly Director of Finance, Hospice of the Comforter, Inc. Formerly Comptroller, Florida United Methodist Children’s Home, Inc. Formerly Credit Specialist with the Resolution Trust Corporation and Senior Executive Vice President, Barnett Bank of Central Florida, N.A. Formerly managing partner, Arthur Andersen, CPA firm, Orlando, Florida branch. | None |
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Timothy Plan Officers and Trustees
Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee |
Wesley W. Pennington 442 Raymond Avenue Longwood, FL Born: 1930 | Trustee | Indefinite; Trustee since 1994 | 12 |
| Principal Occupation During Past 5 Years | Other Directorships Held by Trustee |
| Retired Air Force Officer. Past President, Westwind Holdings, Inc., a development company, since 1997. Past President and controlling shareholder, Weston, Inc., a fabric treatment company, from 1979-1997. President, Designer Services Group 1980-1988. | None |
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Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee |
Scott Preissler, Ph.D. 608 Pintail Place Flower Mound, TX Born: 1960 | Trustee | Indefinite; Trustee since 2004 | 12 |
| Principal Occupation During Past 5 Years | Other Directorships Held by Trustee |
| Chairman of Stewardship Studies at Southwestern Baptist Theological Seminary, Ft. Worth, TX. Also serves as Founder and Chairman of the International Center for Biblical Stewardship. Previously, President and CEO of Christian Stewardship Association where he was affiliated for 14 years. | None |
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Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee |
Alan M. Ross 11210 West Road Roswell, GA Born: 1951 | Trustee | Indefinite; Trustee since 2004 | 12 |
| Principal Occupation During Past 5 Years | Other Directorships Held by Trustee |
| Founder and CEO of Corporate Development Institute which he founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ and has authored three books: Beyond World Class, Unconditional Excellence, Breaking Through to Prosperity. | None |
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Timothy Plan Officers and Trustees
| | | |
Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee |
Dr. David J. Tolliver 4000 E. Maplewood Drive Excelsior Springs, MO Born: 1951 | Trustee | Indefinite; Trustee since 2005 | 12 |
| Principal Occupation During Past 5 Years | Other Directorships Held by Trustee |
| Executive Director of Southern Baptist Convention of Missouri since 2007. Previously pastored three churches in St. Louis, MO area (1986-2007). Currently serves on Board of Trustees of Midwestern Baptist Theological Seminary. Past President, Missouri Baptist Convention (2003-2004). | None |
Timothy Plan Officers and Trustees
DISCLOSURES
September 30, 2009 – (Unaudited)
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
N-Q Disclosure & Proxy Procedures (Unaudited)
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 are available on the SEC’s website at www.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 1-800-846-7526 and (ii) on the SEC’s website at www.sec.gov. In addition, the Funds are required to file 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. The Trust’s current Form N-PX is available (i) without charge, upon request, by calling the Company toll-free at 1-800-846-7526 and (ii) on the SEC’s website at www.sec.gov.
Foreign Tax Credit (Unaudited)
As a shareholder of the Timothy Plan International Fund, you may be entitled to either foreign tax credit or an itemized deduction for a portion of the foreign taxes paid by the Fund. The amount of credit or deduction to which you may be entitled is reported in Box 6 of Form 1099-DIV.
Please consult a tax advisor or the Internal Revenue Service for information on how this foreign tax amount should be reported on your Federal income tax return. It may be more advantageous for you to report the amount as a foreign tax credit on Form 1116, rather than as an itemized deduction on your Form 1040. If you choose to claim the foreign tax credit, please refer to the information in the following table.
DISCLOSURES
September 30, 2009 – (Unaudited)
TIMOTHY PLAN FAMILY OF FUNDS | |
| |
| | |
Country | Gross Income | Foreign Tax Paid |
| | |
Austria | 3.63% | 0.00% |
Brazil | 4.69% | 3.92% |
Canada | 0.09% | 0.10% |
China | 4.14% | 3.36% |
Denmark | 2.49% | 5.96% |
France | 7.70% | 16.93% |
Germany | 11.57% | 24.90% |
Hong Kong | 3.16% | 2.00% |
India | 0.37% | 0.61% |
Japan | 11.04% | 12.08% |
Luxembourg | 0.45% | 0.23% |
Mexico | 1.11% | 0.00% |
Norway | 2.47% | 3.23% |
Russia | 0.00% | 0.00% |
Singapore | 18.91% | 0.95% |
Spain | 10.93% | 17.82% |
Sweden | 1.76% | 2.40% |
Taiwan | 1.87% | 3.49% |
Turkey | 4.22% | 0.00% |
United Kingdom | 9.40% | 2.02% |
Total | 100.00% | 100.00% |
For the nine months ended September 30, 2009, the gross dividend income from foreign investments was $966,914 and the gross foreign withholding tax on those dividends was $118,358.
Note: You may be able to claim the foreign tax credit without filing Form 1116. To determine if you are eligible to make this election, refer to the instructions for Form 1116 or consult a tax advisor or the Internal Revenue Service. Timothy Plan does not recommend investment or reporting methods for specific tax situations. For advice on your particular tax situation, please consult a tax advisor, the Internal Revenue Service or your state tax authority.
BOARD OF TRUSTEES Arthur D. Ally Rick Copeland Bill Johnson Kathryn T. Martinez John C. Mulder Charles E. Nelson Wesley W. Pennington Scott Preissler Alan Ross David Tolliver OFFICERS Arthur D. Ally, President Joseph E. Boatwright, Secretary INVESTMENT ADVISER Timothy Partners, LTD. 1055 Maitland Center Commons Maitland, FL 32751c DISTRIBUTOR Timothy Partners, LTD. 1055 Maitland Center Commons Maitland, FL 32751 TRANSFER AGENT Unified Fund Services, Inc. 2960 N Meridian Street, Suite 300 Indianapolis, IN 46208 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Cohen Fund Audit Services, Ltd. 800 Westpoint Parkway, Suite 1100 Westlake, OH 44145-1524 LEGAL COUNSEL David Jones & Assoc., P.C. 395 Sawdust Road, Suite 2148 The Woodlands, TX 77380 | 
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| HEADQUARTERS The Timothy Plan 1055 Maitland Center Commons Maitland, Florida 32751 (800) 846-7526 www.timothyplan.com invest@timothyplan.com SHAREHOLDER SERVICES Unified Fund Services, Inc. 2960 N Meridian Street, Suite 300 Indianapolis, IN 46208 (800) 662-0201 |
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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. |
Item 2. Code of Ethics.
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b) For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:
| (1) | Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
| (2) | Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant; |
| (3) | Compliance with applicable governmental laws, rules, and regulations; |
| (4) | The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and |
| (5) | Accountability for adherence to the code. |
(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.
(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.
(e) Posting: We do not intend to post the Code of Ethics for the Officers or any amendments or waivers on a website.
(f) Availability: The Code of Ethics for the Officers can be obtained, free of charge by calling the toll free number for the appropriate Fund.
Item 3. Audit Committee Financial Expert.
(a) The registrant has an Audit committee currently composed of three independent Trustees, Mr. Wesley Pennington, Mr. John Mulder and Mr. Charles Nelson. The registrant’s board of trustees has determined that Mr. Charles Nelson is qualified to serve as an Audit Committee Financial Expert, and has designated him as such.
Item 4. Principal Accountant Fees and Services.
The Timothy Plan
| The Timothy Plan | Registrant | Adviser |
Nature of the fees:
| Nature of the fees: | preparation of the 1120 RIC |
| (e) | (1) | Audit Committee’s Pre-Approval Policies |
The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors’ specific representations as to their independence;
| (2) | Percentages of Services Approved by the Audit Committee |
(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:
(h) Not applicable. The auditor performed no services for the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.
Item 5. Audit Committee of Listed Companies. Not applicable.
| Item 6. Schedule of Investments. | Not applicable – schedule filed with Item 1. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable.
Item 9. Purchases 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
The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) Based on an evaluation of the registrant’s disclosure controls and procedures as of November 20, 2009, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this 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) | Code is filed herewith |
(a)(2) | Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith. |
(b) | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith. |
SIGNATURES
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 | 12/3/09 |
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 & Treasurer |
| |
Date | 12/3/09 |
