UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08228
The Timothy Plan
(Exact name of registrant as specified in charter)
The Timothy Plan
1055 Maitland Center Commons
Maitland, FL 32751
(Address of principal executive offices) (Zip code)
William Murphy
Unified Fund Services, Inc.
2960 N. Meridian St, Ste 300.
Indianapolis, IN 46208
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-846-7526
Date of fiscal year end: 09/30
Date of reporting period: 03/31/2011
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:
Letter from the President
March 31, 2011
Arthur D. Ally
Dear Shareholder,
I am pleased to report that, since our September 30, 2010 Annual Report, the market has continued to produce positive returns in spite of the fact that we are in a period of economic uncertainty.
Our sub-advisors remain fairly positive on the market but they do look for a somewhat more moderate performance for the remainder of this year and into 2012. I would like to remind you, however, as respected and knowledgeable as we believe our sub-advisors to be, it is simply their opinion and cannot be considered to be a guarantee of future results.
As I mentioned in my last letter, our relatively new Defensive Strategies Fund, which invests primarily in Treasury Inflation-Protected Securities (TIPS), Real Estate Investment Trusts (REITs) and Commodities (precious metals, agriculture, energy, etc.), has been constructed to serve as a partial hedge against high inflation – which we believe to be a potential serious future risk due to the high level of spending which has contributed to (in our opinion) an unsustainable national debt level that has resulted from the economic policies of our current Federal Government.
Please do not consider that statement to be touting any particular fund in our fund family. Asset allocation has always tended to be and should continue to be considered by investors as a prudent approach to investing.
Once again, we hope you understand just how seriously we take our responsibility for the trust you have placed in us to morally, ethically and economically look after your investment assets. Thank you for being part of the Timothy Plan family.
Sincerely,
Arthur D. Ally,
President
Timothy Plan Fund Performance [1]
Fund Profile - (Unaudited) |
March 31, 2011
Aggressive Growth Fund
Top Ten Holdings | ||||
(% of Net Assets) | ||||
Bruker Corp. | 2.27% | |||
United Rentals, Inc. | 2.00% | |||
Informatica Corp. | 1.81% | |||
Gartner, Inc. | 1.80% | |||
Kforce, Inc. | 1.63% | |||
Patterson UTI Energy, Inc. | 1.52% | |||
Gaylord Entertainment Co. | 1.50% | |||
Airgas, Inc. | 1.47% | |||
Texas Roadhouse, Inc. | 1.34% | |||
VeriFone Systems, Inc. | 1.31% | |||
16.65% | ||||
Industries | ||||
(% of Net Assets) | ||||
Information Technology | 23.93% | |||
Health Care | 15.18% | |||
Industrials | 14.87% | |||
Consumer Discretionary | 11.76% | |||
Financials | 7.52% | |||
Energy | 5.27% | |||
Materials | 3.64% | |||
Telecommunications | 2.67% | |||
Short-Term Investments | 0.92% | |||
Other Assets Less Liabilities | 14.24% | |||
100.00% | ||||
International Fund
Top Ten Holdings | ||||
(% of Net Assets) | ||||
Keppel Corp., Ltd. (ADR) | 4.52% | |||
Henkel AG & Co. KGaA (ADR) | 4.03% | |||
Fresenius Medical Care AG & Co. KGaA (ADR) | 3.42% | |||
Singapore Telecommunications, Ltd. (ADR) | 3.33% | |||
DBS Group Holdings, Ltd. (ADR) | 3.20% | |||
Mitsubishi Corp. (ADR) | 3.18% | |||
Smith & Nephew PLC (ADR) | 3.18% | |||
Focus Media Holding, Ltd. (ADR) | 3.07% | |||
Honda Motor Co., Ltd. (ADR) | 2.93% | |||
Total S.A. (ADR) | 2.80% | |||
33.66% | ||||
Industries | ||||
(% of Net Assets) | ||||
Industrials | 15.76% | |||
Financials | 13.76% | |||
Consumer Discretionary | 13.52% | |||
Energy | 12.91% | |||
Materials | 11.30% | |||
Consumer Staples | 8.61% | |||
Telecommunications | 6.65% | |||
Health Care | 6.59% | |||
Information Technology | 4.44% | |||
Utilities | 2.75% | |||
Short-Term Investments | 1.20% | |||
Other Assets Less Liabilities | 2.51% | |||
100.00% | ||||
Large/Mid Cap Growth Fund
Top Ten Holdings | ||||
(% of Net Assets) | ||||
Fidelity Int’l MMkt Portfolio | 10.72% | |||
Exxon Mobil Corp. | 4.77% | |||
AmerisourceBergen Corp. | 3.72% | |||
Paychex, Inc. | 3.26% | |||
Occidental Petroleum Corp. | 3.20% | |||
Emerson Electric Co. | 3.09% | |||
T. Rowe Price Group, Inc. | 2.96% | |||
Whiting Petroleum Corp. | 2.66% | |||
Johnson Controls, Inc. | 2.36% | |||
Aptargroup, Inc. | 2.18% | |||
38.92% | ||||
Industries | ||||
(% of Net Assets) | ||||
Information Technology | 16.58% | |||
Energy | 16.27% | |||
Health Care | 16.12% | |||
Financials | 14.90% | |||
Consumer Discretionary | 11.31% | |||
Short-Term Investments | 10.72% | |||
Industrials | 10.22% | |||
Materials | 5.83% | |||
Telecommunications | 2.43% | |||
Liabilities in Excess of Other Assets | (4.38)% | |||
100.00% | ||||
Timothy Plan Top Ten Holdings / Industries [2]
Fund Profile - (Unaudited) |
March 31, 2011
Small Cap Value Fund
Top Ten Holdings | ||||
(% of Net Assets) | ||||
Veeco Instruments, Inc. | 2.33% | |||
Wolverine World Wide, Inc. | 2.28% | |||
Benchmark Electronics, Inc. | 2.25% | |||
Wintrust Financial Corp. | 2.24% | |||
SYNNEX Corp. | 2.24% | |||
Cleco Corp. | 2.23% | |||
Matrix Service, Co. | 2.19% | |||
NorthWestern Corp. | 2.19% | |||
Calamos Asset Management, Inc. - Class A | 2.19% | |||
Landstar System, Inc. | 2.19% | |||
22.33% | ||||
Industries | ||||
(% of Net Assets) | ||||
Financials | 32.36% | |||
Industrials | 22.28% | |||
Energy | 13.53% | |||
Information Technology | 12.63% | |||
Consumer Discretionary | 6.49% | |||
Utilities | 5.54% | |||
Health Care | 3.23% | |||
Materials | 2.15% | |||
Consumer Staples | 1.11% | |||
Short-Term Investments | 0.66% | |||
Other Assets Less Liabilities | 0.02% | |||
100.00% | ||||
Large/Mid Cap Value Fund
Top Ten Holdings | ||||
(% of Net Assets) | ||||
Exxon Mobil Corp. | 4.03% | |||
BorgWarner, Inc. | 3.42% | |||
Deere & Co. | 3.01% | |||
Union Pacific Corp. | 2.92% | |||
Occidental Petroleum Corp. | 2.77% | |||
Covidien PLC | 2.69% | |||
Invesco, Ltd. | 2.63% | |||
Flowserve Corp. | 2.62% | |||
Emerson Electric Co. | 2.61% | |||
Anadarko Petroleum Corp. | 2.56% | |||
29.26% | ||||
Industries | ||||
(% of Net Assets) | ||||
Financials | 27.15% | |||
Energy | 21.46% | |||
Industrials | 13.16% | |||
Consumer Discretionary | 8.08% | |||
Consumer Staples | 8.06% | |||
Health Care | 7.79% | |||
Utilities | 5.59% | |||
Information Technology | 4.41% | |||
Short-Term Investments | 2.20% | |||
Materials | 2.05% | |||
Other Assets Less Liabilities | 0.05% | |||
100.00% | ||||
Fixed Income Fund
Top Ten Holdings | ||||
(% of Net Assets) | ||||
GNMA Pool 701961, 4.50%, 06/15/39 | 6.54% | |||
GNMA Pool 4947, 5.00%, 02/20/41 | 5.14% | |||
TIPS, 2.00%, 01/15/14 | 4.54% | |||
Federal Farm Credit Bank, 5.125%, 08/25/16 | 4.41% | |||
GNMA Pool 4520, 5.00%, 08/20/39 | 4.27% | |||
U.S. Treasury Note, 3.50%, 05/15/20 | 3.93% | |||
Federal Home Loan Bank, 5.00%, 11/17/17 | 3.48% | |||
U.S. Treasury Note, 3.875%, 05/15/18 | 3.30% | |||
U.S. Treasury Bond, 3.125%, 05/15/19 | 3.10% | |||
GNMA Pool 717072, 5.00%, 05/15/39 | 3.02% | |||
41.73% | ||||
Industries | ||||
(% of Net Assets) | ||||
Mortgage-Backed Securities | 34.60% | |||
Government | 30.08% | |||
TIPS | 7.42% | |||
Financials | 6.85% | |||
Energy | 6.34% | |||
Utilities | 5.06% | |||
Consumer Discretionary | 3.65% | |||
Industrials | 2.97% | |||
Information Technology | 0.84% | |||
Telecommunications | 0.80% | |||
Short-Term Investments | 0.58% | |||
Other Assets Less Liabilities | 0.81% | |||
100.00% | ||||
Timothy Plan Top Ten Holdings / Industries [3]
Fund Profile - (Unaudited) |
March 31, 2011
High Yield Bond Fund
Top Ten Holdings | ||||
(% of Net Assets) | ||||
Fidelity Int’l MMkt Portfolio | 9.08% | |||
Texas Industries, Inc., 9.25%, 08/15/20 | 3.09% | |||
Goodyear Tire & Rubber Co., 10.50%, 05/15/16 | 2.14% | |||
Nova Chemicals Corp., 8.625%, 11/01/19 | 2.13% | |||
United Rentals No. America, Inc., 9.25%, 12/15/19 | 2.12% | |||
Navistar International Corp., 8.25%, 11/01/21 | 2.11% | |||
Cloud Peak Energy Resources LLC, 8.50%, 12/15/19 | 2.11% | |||
Crosstex Energy LP, 8.875%, 02/15/18 | 2.08% | |||
Energy Transfer Equity LP, 7.50%, 10/15/20 | 2.07% | |||
Navios Maritime Holdings, Inc., 8.875%, 11/01/17 | 2.07% | |||
29.00% | ||||
Industries | ||||
(% of Net Assets) | ||||
Energy | 34.77% | |||
Industrials | 21.19% | |||
Consumer Discretionary | 10.15% | |||
Short-Term Investments | 9.08% | |||
Utilities | 6.58% | |||
Financials | 6.12% | |||
Health Care | 4.94% | |||
Materials | 3.97% | |||
Telecommunications | 1.17% | |||
Other Assets Less Liabilities | 2.03% | |||
100.00% | ||||
Defensive Strategies Fund
Top Ten Holdings | ||||
(% of Net Assets) | ||||
PowerShares DB Agriculture Fund | 8.70% | |||
PowerShares DB Commodity Index Tracking Fund | 7.69% | |||
SPDR Gold Shares | 6.92% | |||
PowerShares DB Energy Fund | 5.26% | |||
Fidelity Int’l MMkt Portfolio | 5.00% | |||
TIPS, 2.375%, 01/15/17 | 4.82% | |||
TIPS, 2.375%, 01/15/25 | 3.80% | |||
TIPS, 2.125%, 01/15/19 | 3.62% | |||
TIPS, 2.00%, 07/15/14 | 3.40% | |||
TIPS, 2.00%, 01/15/16 | 3.24% | |||
52.45% | ||||
Industries | ||||
(% of Net Assets) | ||||
TIPS | 37.37% | |||
ETFs | 32.20% | |||
REITs | 21.72% | |||
Short-Term Investments | 5.00% | |||
Government | 3.16% | |||
Other Assets Less Liabilities | 0.55% | |||
100.00% | ||||
Money Market Fund
Top Ten Holdings | ||||
(% of Net Assets) | ||||
U.S. Treasury Bill, 0.01%, 04/07/11 | 13.87% | |||
U.S. Treasury Bill, 0.03%, 04/28/11 | 13.87% | |||
U.S. Treasury Bill, 0.04%, 04/14/11 | 13.87% | |||
U.S. Treasury Bill, 0.05%, 05/19/12 | 13.87% | |||
U.S. Treasury Bill, 0.04%, 05/05/11 | 13.87% | |||
Fidelity Int’l MMkt Portfolio | 12.39% | |||
U.S. Treasury Bill, 0.05%, 05/12/11 | 9.25% | |||
U.S. Treasury Bill, 0.06%, 04/21/11 | 4.62% | |||
CNH Equipment Trust, 0.42677%, 12/09/11 | 3.02% | |||
98.63% | ||||
Industries | ||||
(% of Net Assets) | ||||
U.S. Treasuries | 86.26% | |||
Money Market Instruments | 12.39% | |||
Other Assets Less Liabilities | 1.35% | |||
100.00% | ||||
Timothy Plan Top Ten Holdings / Industries [4]
Fund Profile - (Unaudited) |
March 31, 2011
Strategic Growth Fund
Asset Allocation | ||||
(% of Net Assets) | ||||
International | 24.81% | |||
Large/Mid Cap Growth | 19.98% | |||
Large/Mid Cap Value | 19.96% | |||
Defensive Strategies | 9.77% | |||
High Yield Bond | 9.72% | |||
Aggressive Growth | 7.60% | |||
Small Cap Value | 7.48% | |||
Short-Term Investments | 0.37% | |||
Other Assets Less Liabilities | 0.31% | |||
100.00% | ||||
Conservative Growth Fund
Asset Allocation | ||||
(% of Net Assets) | ||||
Fixed Income | 28.99% | |||
Large/Mid Cap Value | 15.21% | |||
Defensive Strategies | 14.73% | |||
Large/Mid Cap Growth | 12.25% | |||
International | 10.18% | |||
High Yield Bond | 9.78% | |||
Small Cap Value | 5.10% | |||
Aggressive Growth | 3.13% | |||
Short-Term Investments | 0.55% | |||
Other Assets Less Liabilities | 0.08% | |||
100.00% | ||||
Timothy Plan Top Ten Holdings / Industries [5]
Expense Examples – (Unaudited)
March 31, 2011
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 October 1, 2010, through March 31, 2011.
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
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.
AGGRESSIVE GROWTH FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2010 through | ||||||||||
10/1/2010
| 3/31/2011
| 3/31/2011
| ||||||||
Actual - Class A * | $1,000.00 | $1,276.75 | $9.91 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,016.22 | $8.78 | |||||||
Actual - Class B * | $1,000.00 | $1,272.18 | $14.14 | |||||||
Hypothetical - Class B ** | $1,000.00 | $1,012.48 | $12.52 | |||||||
Actual - Class C * | $1,000.00 | $1,271.08 | $14.13 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,012.48 | $12.52 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.75% for Class A, 2.50% for Class B, and 2.50% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 27.68% for Class A, 27.22% for Class B, and 27.11% for Class C for the six-month period of October 1, 2010, to March 31, 2011. |
** | Assumes a 5% return before expenses. |
INTERNATIONAL FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2010 through | ||||||||||
10/1/2010
| 3/31/2011
| 3/31/2011
| ||||||||
Actual - Class A * | $1,000.00 | $1,118.80 | $8.79 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,016.63 | $8.37 | |||||||
Actual - Class C * | $1,000.00 | $1,114.70 | $12.73 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,012.89 | $12.12 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.66% for Class A and 2.41% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 11.88% for Class A and 11.47% for Class C for the six-month period of October 1, 2010, to March 31, 2011. |
** | Assumes a 5% return before expenses. |
Timothy Plan Expense Examples [6]
Expense Examples – (Unaudited)
March 31, 2011
LARGE/MID CAP GROWTH FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2010 through | ||||||||||
10/1/2010
| 3/31/2011
| 3/31/2011
| ||||||||
Actual - Class A * | $1,000.00 | $1,225.38 | $8.82 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,017.00 | $8.00 | |||||||
Actual - Class B * | $1,000.00 | $1,220.22 | $12.95 | |||||||
Hypothetical - Class B ** | $1,000.00 | $1,013.26 | $11.75 | |||||||
Actual - Class C * | $1,000.00 | $1,221.62 | $12.96 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,013.26 | $11.75 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.59% for Class A, 2.34% for Class B, and 2.34% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 22.54% for Class A, 22.02% for Class B, and 22.16% for Class C for the six-month period of October 1, 2010, to March 31, 2011. |
** | Assumes a 5% return before expenses. |
SMALL CAP VALUE FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2010 through | ||||||||||
10/1/2010
| 3/31/2011
| 3/31/2011
| ||||||||
Actual - Class A * | $1,000.00 | $1,269.50 | $8.71 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,017.26 | $7.74 | |||||||
Actual - Class B * | $1,000.00 | $1,265.91 | $12.93 | |||||||
Hypothetical - Class B ** | $1,000.00 | $1,013.52 | $11.49 | |||||||
Actual - Class C * | $1,000.00 | $1,263.75 | $12.92 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,013.52 | $11.49 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.54% for Class A, 2.29% for Class B, and 2.29% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 26.95% for Class A, 26.59% for Class B, and 26.38% for Class C for the six-month period of October 1, 2010, to March 31, 2011. |
** | Assumes a 5% return before expenses. |
LARGE/MID CAP VALUE FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2010 through | ||||||||||
10/1/2010
| 3/31/2011
| 3/31/2011
| ||||||||
Actual - Class A * | $1,000.00 | $1,205.30 | $8.37 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,017.34 | $7.65 | |||||||
Actual - Class B * | $1,000.00 | $1,204.82 | $12.49 | |||||||
Hypothetical - Class B ** | $1,000.00 | $1,013.60 | $11.41 | |||||||
Actual - Class C * | $1,000.00 | $1,201.11 | $12.47 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,013.60 | $11.41 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.52% for Class A, 2.27% for Class B, and 2.27% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 20.53 % for Class A, 20.48% for Class B, and 20.11% for Class C for the six-month period of October 1, 2010, to March 31, 2011. |
** | Assumes a 5% return before expenses. |
Timothy Plan Expense Examples [7]
Expense Examples – (Unaudited)
March 31, 2011
FIXED INCOME FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2010 through | ||||||||||
10/1/2010
| 3/31/2011
| 3/31/2011
| ||||||||
Actual - Class A * | $1,000.00 | $987.48 | $5.85 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,019.05 | $5.94 | |||||||
Actual - Class B * | $1,000.00 | $984.35 | $9.55 | |||||||
Hypothetical - Class B ** | $1,000.00 | $1,015.31 | $9.70 | |||||||
Actual - Class C * | $1,000.00 | $983.15 | $9.54 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,015.31 | $9.70 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.18% for Class A, 1.93% for Class B, and 1.93% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 -1.25% for Class A, -1.57% for Class B, and -1.69% for Class C for the six-month period of October 1, 2010, to March 31, 2011. |
** | Assumes a 5% return before expenses. |
HIGH YIELD BOND FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2010 through | ||||||||||
10/1/2010
| 3/31/2011
| 3/31/2011
| ||||||||
Actual - Class A * | $1,000.00 | $1,063.20 | $6.95 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,018.19 | $6.80 | |||||||
Actual - Class C * | $1,000.00 | $1,057.58 | $10.78 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,014.45 | $10.56 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.35% for Class A and 2.10% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 6.32% for Class A and 5.76% for Class C for the six-month period of October 1, 2010, to March 31, 2011. |
** | Assumes a 5% return before expenses. |
DEFENSIVE STRATEGIES FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2010 through | ||||||||||
10/1/2010
| 3/31/2011
| 3/31/2011
| ||||||||
Actual - Class A * | $1,000.00 | $1,098.21 | $7.06 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,018.20 | $6.79 | |||||||
Actual - Class C * | $1,000.00 | $1,095.54 | $10.97 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,014.46 | $10.55 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.35% for Class A and 2.10% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Defensive Strategies Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 9.82% for Class A and 9.55% for Class C for the period of October 1, 2010, to March 31, 2011. |
** | Assumes a 5% return before expenses. |
Timothy Plan Expense Examples [8]
Expense Examples – (Unaudited)
March 31, 2011
MONEY MARKET FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2010 through | ||||||||||
10/1/2010
| 3/31/2011
| 3/31/2011
| ||||||||
Actual * | $1,000.00 | $1,000.35 | $0.25 | |||||||
Hypothetical ** | $1,000.00 | $1,024.68 | $0.25 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.05%, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Money Market Fund’s ending account value is based on its actual total return of 0.03% for the six-month period of October 1, 2010, to March 31, 2011. |
** | Assumes a 5% return before expenses. |
STRATEGIC GROWTH FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2010 through | ||||||||||
10/1/2010
| 3/31/2011
| 3/31/2011
| ||||||||
Actual - Class A * | $1,000.00 | $1,164.53 | $5.76 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,019.61 | $5.38 | |||||||
Actual - Class B * | $1,000.00 | $1,165.30 | $9.81 | |||||||
Hypothetical - Class B ** | $1,000.00 | $1,015.87 | $9.13 | |||||||
Actual - Class C * | $1,000.00 | $1,165.85 | $9.81 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,015.87 | $9.13 |
* | 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 182 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 16.45% for Class A, 16.53% for Class B, and 16.59% for Class C for the six-month period of October 1, 2010, to March 31, 2011. |
** | Assumes a 5% return before expenses. |
CONSERVATIVE GROWTH FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2010 through | ||||||||||
10/1/2010
| 3/31/2011
| 3/31/2011
| ||||||||
Actual - Class A * | $1,000.00 | $1,100.96 | $5.65 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,019.56 | $5.43 | |||||||
Actual - Class B * | $1,000.00 | $1,095.62 | $9.55 | |||||||
Hypothetical - Class B ** | $1,000.00 | $1,015.82 | $9.19 | |||||||
Actual - Class C * | $1,000.00 | $1,096.73 | $9.56 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,015.82 | $9.19 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.08% for Class A, 1.83% for Class B, and 1.83% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 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 10.10% for Class A, 9.56% for Class B, and 9.67% for Class C for the six-month period of October 1, 2010, to March 31, 2011. |
** | Assumes a 5% return before expenses. |
Timothy Plan Expense Examples [9]
Schedule of Investments | Aggressive Growth
As of March 31, 2011 - (Unaudited)
Common Stocks - 84.84%
Number of Shares | Fair Value | |||||||
BANKS - 2.25% | ||||||||
7,000 | First Midwest Bancorp, Inc. | $ | 82,530 | |||||
10,225 | Nara Bancorp, Inc. * | 98,364 | ||||||
2,890 | Signature Bank * | 162,996 | ||||||
6,773 | Webster Financial Corp. | 145,145 | ||||||
489,035 | ||||||||
CHEMICALS - 3.64% | ||||||||
4,800 | Airgas, Inc. | 318,816 | ||||||
4,950 | Rockwood Holdings, Inc. * | 243,639 | ||||||
8,892 | Solutia, Inc. * | 225,857 | ||||||
788,312 | ||||||||
CONSUMER GOODS - 1.86% | ||||||||
2,200 | BorgWarner, Inc. * | 175,318 | ||||||
2,900 | Coach, Inc. | 150,916 | ||||||
1,650 | Steven Madden, Ltd. * | 77,434 | ||||||
403,668 | ||||||||
EDUCATION - 0.94% | ||||||||
6,095 | K12, Inc. * | 205,402 | ||||||
FINANCIAL / INVESTMENT SERVICES - 4.98% | ||||||||
1,650 | Affliiated Managers Group, Inc. * | 180,460 | ||||||
10,775 | Cardtronics, Inc. * | 219,271 | ||||||
7,009 | Discover Financial Services | 169,057 | ||||||
5,511 | FleetCor Technologies, Inc. * | 179,989 | ||||||
1,125 | IntercontinentalExchange, Inc. * | 138,982 | ||||||
4,000 | Provident Financial Services, Inc. | 59,200 | ||||||
2,000 | T. Rowe Price Group, Inc. | 132,840 | ||||||
1,079,799 | ||||||||
HEALTHCARE - 12.17% | ||||||||
5,000 | Accretive Health, Inc. * | 138,800 | ||||||
6,749 | American Medical Systems Holdings, Inc. * | 146,048 | ||||||
4,375 | AmericsourceBergen Corp. | 173,075 | ||||||
23,570 | Bruker Corp.* | 491,434 | ||||||
3,075 | Catalyst Health Solutions, Inc. * | 171,985 | ||||||
4,630 | Cepheid, Inc. * | 129,733 | ||||||
1,950 | Cerner Corp. * | 216,840 | ||||||
4,675 | ExamWorks Group, Inc. * | 103,925 | ||||||
1,800 | IPC The Hospitalist Co., Inc. * | 81,738 | ||||||
3,225 | Medco Health Solutions, Inc. * | 181,116 | ||||||
4,200 | Medidata Solutions, Inc. * | 107,394 | ||||||
5,775 | NxStage Medical, Inc. * | 126,934 | ||||||
975 | Quality Systems, Inc. | 81,256 | ||||||
3,547 | Sirona Dental Systems, Inc. * | 177,918 | ||||||
3,150 | Skilled Healthcare Group, Inc. * | 45,328 | ||||||
1,855 | SXC Health Solutions Corp. * | 101,654 | ||||||
2,415 | Varian Medical Systems, Inc. * | 163,351 | ||||||
2,638,529 | ||||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [10]
Schedule of Investments | Aggressive Growth
As of March 31, 2011 - (Unaudited)
Common Stocks - 84.84% (continued)
Number of Shares | Fair Value | |||||||
INDUSTRIALS / MACHINERY - 10.26% | ||||||||
9,175 | AerCap Holdings NV * | $ | 115,330 | |||||
7,150 | Altra Holdings, Inc. * | 168,883 | ||||||
5,569 | Babcock & Wilcox Co. * | 185,893 | ||||||
1,175 | Clean Harbors, Inc. * | 115,925 | ||||||
2,188 | Gardner Denver, Inc. | 170,730 | ||||||
2,541 | Goodrich Corp. | 217,332 | ||||||
1,300 | HEICO Corp. | 81,276 | ||||||
1,725 | HEICO Corp. - Class A | 77,591 | ||||||
1,425 | IHS, Inc. - Class A * | 126,469 | ||||||
4,875 | JB Hunt Transport Services, Inc. | 221,423 | ||||||
4,600 | Robbins & Myers, Inc. | 211,554 | ||||||
4,925 | Rush Enterprises, Inc. - Class A * | 97,515 | ||||||
13,050 | United Rentals, Inc. * | 434,304 | ||||||
2,224,225 | ||||||||
INFORMATION TECHNOLOGY - 16.90% | ||||||||
5,967 | Advent Software, Inc. * | 171,074 | ||||||
6,686 | Ariba, Inc. * | 228,260 | ||||||
2,006 | Cognizant Technology Solutions Corp. - Class A * | 163,288 | ||||||
7,225 | comScore, Inc. * | 213,210 | ||||||
2,791 | Concur Technologies, Inc. * | 154,761 | ||||||
4,175 | Cymer, Inc. * | 236,222 | ||||||
9,550 | DemandTec, Inc. * | 125,678 | ||||||
956 | F5 Networks, Inc. * | 98,057 | ||||||
9,362 | Gartner, Inc. * | 390,115 | ||||||
7,500 | Informatica Corp. * | 391,725 | ||||||
3,175 | LogMein, Inc. * | 133,858 | ||||||
11,545 | Parametric Technology Corp. * | 259,647 | ||||||
5,375 | Polycom, Inc. * | 278,694 | ||||||
8,825 | QLIK Technologies, Inc. * | 229,450 | ||||||
3,175 | Synchronoss Technologies, Inc. * | 110,331 | ||||||
3,750 | Syntel, Inc. | 195,863 | ||||||
5,165 | VeriFone Systems, Inc. * | 283,817 | ||||||
3,664,050 | ||||||||
INSTRUMENTS - 1.03% | ||||||||
1,297 | Mettler-Toledo International, Inc. * | 223,084 | ||||||
MISCELLANEOUS SERVICES - 6.53% | ||||||||
8,575 | AMN Healthcare Services, Inc. * | 74,259 | ||||||
5,375 | Ancestry.com, Inc. * | 190,544 | ||||||
1,750 | Constant Contact, Inc. * | 61,075 | ||||||
9,350 | Gaylord Entertainment Co. * | 324,258 | ||||||
4,000 | HFF, Inc. * | 60,160 | ||||||
19,280 | Kforce, Inc. * | 352,824 | ||||||
8,725 | MDC Partners, Inc. - Class A | 146,318 | ||||||
5,255 | SuccessFactors, Inc. * | 205,418 | ||||||
1,414,856 | ||||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [11]
Schedule of Investments | Aggressive Growth
As of March 31, 2011 - (Unaudited)
Common Stocks - 84.84% (continued)
Number of Shares | Fair Value | |||||
OIL / NATURAL GAS - 5.27% | ||||||
9,250 | Key Energy Services, Inc. * | $ | 143,837 | |||
17,925 | Kodiak Oil & Gas Corp. * | 120,097 | ||||
2,300 | Newfield Exploration Co. * | 174,823 | ||||
11,200 | Patterson UTI Energy, Inc. | 329,168 | ||||
9,559 | Rex Energy Corp. * | 111,362 | ||||
3,597 | Whiting Petroleum Corp. * | 264,200 | ||||
1,143,487 | ||||||
PHARMACEUTICALS - 1.64% | ||||||
914 | Alexion Pharmaceuticals, Inc. * | 90,194 | ||||
4,525 | Questcor Pharmaceutical, Inc. * | 65,205 | ||||
2,989 | United Therapeutics Corp. * | 200,323 | ||||
355,722 | ||||||
RESTAURANTS - 2.30% | ||||||
11,275 | Domino’s Pizza, Inc. * | 207,798 | ||||
17,133 | Texas Roadhouse, Inc. | 291,090 | ||||
498,888 | ||||||
RETAIL - 4.48% | ||||||
8,875 | Express, Inc. * | 173,417 | ||||
1,397 | Fossil, Inc. * | 130,829 | ||||
3,685 | Group 1 Automotive, Inc. | 157,718 | ||||
13,450 | Pier 1 Imports, Inc. * | 136,517 | ||||
1,750 | Ross Stores, Inc. | 124,460 | ||||
5,175 | Ulta Salon Cosmetics & Fragrance, Inc. * | 249,073 | ||||
972,014 | ||||||
SEMICONDUCTORS - 4.94% | ||||||
7,575 | Avago Technologies, Ltd. | 235,583 | ||||
12,918 | Cypress Semiconductor Corp. * | 250,351 | ||||
3,637 | Netlogic Microsystems, Inc. * | 152,827 | ||||
2,775 | Omnivision Technologies, Inc. * | 98,596 | ||||
16,825 | ON Semiconductor Corp. * | 166,063 | ||||
5,150 | Skyworks Solutions, Inc. * | 166,963 | ||||
1,070,383 | ||||||
TELECOMMUNICATIONS - 2.67% | ||||||
3,252 | Aruba Networks, Inc. * | 110,048 | ||||
6,321 | NICE Systems, Ltd. (ADR) * | 233,498 | ||||
6,325 | SAVVIS, Inc. * | 234,594 | ||||
578,140 | ||||||
TRANSPORTATION - 2.98% | ||||||
4,057 | Atlas Air Worldwide Holdings, Inc. * | 282,854 | ||||
4,300 | Hub Group, Inc. - Class A * | 155,617 | ||||
12,245 | RailAmerica, Inc. * | 208,655 | ||||
647,126 | ||||||
Total Common Stocks (cost $14,715,736) | 18,396,720 | |||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [12]
Schedule of Investments | Aggressive Growth
As of March 31, 2011 - (Unaudited)
Money Market Fund - 0.92%
| Number of Shares | Fair Value | ||||||
198,663 | Fidelity Institutional Money Market Portfolio, 0.16%(A) | $ | 198,663 | |||||
Total Money Market Fund (cost $198,663) | 198,663 | |||||||
TOTAL INVESTMENTS (cost $14,914,399) - 85.76% | $ | 18,595,383 | ||||||
OTHER ASSETS LESS LIABILITIES - 14.24% | 3,086,857 | |||||||
NET ASSETS - 100.00% | $ | 21,682,240 | ||||||
(ADR) American Depositary Receipt.
* | Non-income producing securities. |
(A) Variable rate security; the rate shown represents the yield at March 31, 2011.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [13]
Schedule of Investments | International
As of March 31, 2011 - (Unaudited)
Common Stocks - 96.28%
| Number of Shares | Fair Value | ||||||
AUTOMOTIVE - 5.31% | ||||||||
77,000 | Fiat SpA (ADR)(B) | $ | 700,700 | |||||
34,000 | Honda Motor Co., Ltd. (ADR) | 1,275,340 | ||||||
12,000 | Tata Motors Ltd. (ADR) | 333,480 | ||||||
2,309,520 | ||||||||
BANKS - 6.99% | ||||||||
23,600 | Banco Bradesco SA (ADR) | 489,700 | ||||||
5,000 | BOC Hong Kong Holdings, Ltd. (ADR) | 327,000 | ||||||
30,000 | DBS Group Holdings, Ltd. (ADR)(B) | 1,393,200 | ||||||
64,000 | Societe Generale (ADR)(B) | 830,080 | ||||||
3,039,980 | ||||||||
BUILDING & CONSTRUCTION - 2.07% | ||||||||
29,000 | Vinci SA (ADR)(B) | 451,820 | ||||||
109,000 | Wienerberger AG (ADR)(B) * | 447,990 | ||||||
899,810 | ||||||||
CHEMICALS - 6.68% | ||||||||
12,500 | Agrium, Inc. | 1,153,250 | ||||||
33,400 | Henkel AG & Co. KGaA (ADR)(B) | 1,753,500 | ||||||
2,906,750 | ||||||||
CONSUMER GOODS - 6.79% | ||||||||
13,000 | CSM (ADR)(B) * | 460,286 | ||||||
35,550 | FUJIFILM Holdings Corp. (ADR)(B) | 1,102,405 | ||||||
14,000 | Kerry Group PLC (ADR) | 521,919 | ||||||
20,000 | Shiseido Co, Ltd. (ADR)(B) | 346,600 | ||||||
75,000 | Techtronic Industries Co. - Class I (ADR)(B) | 521,250 | ||||||
2,952,460 | ||||||||
DIVERSIFIED OPERATIONS - 7.70% | ||||||||
101,000 | Keppel Corp., Ltd. (ADR)(B) | 1,966,470 | ||||||
25,000 | Mitsubishi Corp. (ADR)(B) | 1,383,250 | ||||||
3,349,720 | ||||||||
ELECTRIC POWER - 2.75% | ||||||||
19,000 | Centrica PLC (ADR)(B) | 401,470 | ||||||
6,000 | International Power PLC (ADR)(B) | 301,200 | ||||||
75,000 | Power Assets Holdings, Ltd. (ADR) | 494,250 | ||||||
1,196,920 | ||||||||
FINANCIAL / INVESTMENT SERVICES - 2.87% | ||||||||
204,000 | 3i Group PLC (ADR) | 488,702 | ||||||
16,300 | ORIX Corp. (ADR) * | 759,091 | ||||||
1,247,793 | ||||||||
HEALTHCARE - 6.59% | ||||||||
22,000 | Fresenius Medical Care AG & Co. KGaA (ADR) | 1,485,440 | ||||||
24,500 | Smith & Nephew PLC (ADR) | 1,382,045 | ||||||
2,867,485 | ||||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [14]
Schedule of Investments | International
As of March 31, 2011 - (Unaudited)
Common Stocks - 96.28% (continued)
Number of Shares | Fair Value | |||||||
INDUSTRIALS - 2.77% | ||||||||
30,000 | Atlas Copco AB - Class B (ADR)(B) | $ | 728,400 | |||||
43,000 | Cookson Group PLC (ADR)(B) * | 475,249 | ||||||
1,203,649 | ||||||||
INFORMATION TECHNOLOGY - 4.44% | ||||||||
20,000 | Canon, Inc. (ADR) | 867,000 | ||||||
103,300 | Infineon Technologies AG (ADR)(B) | 1,065,023 | ||||||
1,932,023 | ||||||||
INSURANCE - 3.89% | ||||||||
27,000 | Tokio Marine Holdings, Inc. (ADR)(B) | 723,060 | ||||||
34,500 | Zurich Financial Services AG (ADR)(B) | 968,760 | ||||||
1,691,820 | ||||||||
MINERALS & MINING - 8.65% | ||||||||
32,380 | Anglo American PLC (ADR)(B) | 836,052 | ||||||
10,000 | BHP Billiton PLC (ADR) | 796,000 | ||||||
77,000 | Thompson Creek Metals Co., Inc. * | 965,580 | ||||||
39,500 | Vale SA (ADR) * | 1,166,040 | ||||||
3,763,672 | ||||||||
OIL / NATURAL GAS - 12.91% | ||||||||
36,000 | Afren PLC (ADR) * | 470,016 | ||||||
17,000 | Lukoil OAO (ADR)(B) | 1,213,630 | ||||||
30,780 | Petroleo Brasileiro S.A. (ADR) | 1,093,921 | ||||||
55,000 | Precision Drilling Corp. * | 744,700 | ||||||
31,668 | Statoil ASA (ADR) | 875,304 | ||||||
20,000 | Total S.A. (ADR) | 1,219,400 | ||||||
5,616,971 | ||||||||
RETAIL - 1.53% | ||||||||
30,000 | William Morrison Supermarkets plc (ADR) | 663,621 | ||||||
SERVICES - 5.52% | ||||||||
44,000 | ABB, Ltd. (ADR) * | 1,064,360 | ||||||
43,600 | Focus Media Holding, Ltd. (ADR) * | 1,337,212 | ||||||
2,401,572 | ||||||||
TELECOMMUNICATIONS - 6.65% | ||||||||
14,700 | America Movil SAB de C.V. - Series L (ADR) | 854,070 | ||||||
22,000 | China Netcom Group Corp. Hong Kong, Ltd. (ADR) * | 593,956 | ||||||
60,000 | Singapore Telecommunications, Ltd. (ADR)(B) | 1,446,600 | ||||||
2,894,626 | ||||||||
TELEVISION - 2.17% | ||||||||
40,000 | CTC Media, Inc. | 942,800 | ||||||
Total Common Stocks (cost $34,870,436) | 41,881,192 | |||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [15]
Schedule of Investments | International
As of March 31, 2011 - (Unaudited)
Money Market Fund - 1.20%
Number of Shares | Fair Value | |||||
523,149 | Fidelity Institutional Money Market Portfolio, 0.16%(A) | $ | 523,149 | |||
Total Money Market Fund (cost $523,149) | 523,149 | |||||
TOTAL INVESTMENTS (cost $35,393,585) - 97.48% | $ | 42,404,341 | ||||
OTHER ASSETS LESS LIABILITIES - 2.52% | 1,092,540 | |||||
NET ASSETS - 100.00% | $ | 43,496,881 | ||||
(ADR) American Depositary Receipt.
* | Non-income producing securities. |
(A) Variable rate security; the rate shown represents the yield at March 31, 2011.
(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 March 31, 2011 is $19,516,995, which represents 45% of net assets.
Diversification of Assets
Country | Percentage of Net Assets | |||
Austria | 1.03% | |||
Brazil | 6.32% | |||
Canada | 6.58% | |||
China | 3.07% | |||
France | 5.75% | |||
Germany | 9.89% | |||
Hong Kong | 3.32% | |||
India | 0.77% | |||
Ireland | 1.20% | |||
Italy | 1.61% | |||
Japan | 14.86% | |||
Mexico | 1.96% | |||
Niger | 1.06% | |||
Norway | 2.01% | |||
Russia | 4.96% | |||
Singapore | 11.05% | |||
Sweden | 1.67% | |||
Switzerland | 4.67% | |||
United Kingdom | 14.50% | |||
Total | 96.28% | |||
Money Market Funds | 1.20% | |||
Other Assets Less Liabilities | 2.52% | |||
Grand Total | 100.00% | |||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [16]
Schedule of Investments | Large/Mid Cap Growth
As of March 31, 2011 - (Unaudited)
Common Stocks - 93.66%
Number of Shares | Fair Value | |||||||
BANKS - 0.61% | ||||||||
13,872 | Webster Financial Corp. | $ | 297,277 | |||||
CHEMICALS - 3.65% | ||||||||
15,455 | Airgas, Inc. | 1,026,521 | ||||||
15,200 | Rockwood Holdings, Inc. * | 748,144 | ||||||
1,774,665 | ||||||||
CONSUMER GOODS - 6.26% | ||||||||
5,290 | BorgWarner, Inc. * | 421,560 | ||||||
5,525 | Coach, Inc. | 287,521 | ||||||
25,730 | Emerson Electric Co. | 1,503,404 | ||||||
17,410 | McCormick & Co., Inc./MD | 832,720 | ||||||
3,045,205 | ||||||||
FINANCIAL / INVESTMENT SERVICES - 11.03% | ||||||||
9,330 | Affliiated Managers Group, Inc. * | 1,020,422 | ||||||
29,600 | Discover Financial Services | 713,952 | ||||||
11,425 | FleetCor Technologies, Inc. * | 373,141 | ||||||
3,800 | IntercontinentalExchange, Inc. * | 469,452 | ||||||
37,800 | Invesco, Ltd. | 966,168 | ||||||
16,050 | SEI Investments Co. | 383,274 | ||||||
21,650 | T. Rowe Price Group, Inc. | 1,437,993 | ||||||
5,364,402 | ||||||||
HEALTHCARE - 14.53% | ||||||||
45,760 | AmerisourceBergen Corp. | 1,810,266 | ||||||
4,425 | Brookdale Senior Living, Inc. * | 123,900 | ||||||
36,270 | Bruker Corp. * | 756,229 | ||||||
7,200 | Catalyst Health Solutions, Inc. * | 402,696 | ||||||
4,200 | Cerner Corp. * | 467,040 | ||||||
6,870 | C.R. Bard, Inc. | 682,260 | ||||||
4,875 | Medco Health Solutions, Inc. * | 273,780 | ||||||
19,560 | Patterson Cos., Inc. | 629,636 | ||||||
15,040 | St. Jude Medical, Inc. | 770,950 | ||||||
9,270 | Sirona Dental Systems, Inc. * | 464,983 | ||||||
10,125 | Varian Medical Systems, Inc. * | 684,855 | ||||||
7,066,595 | ||||||||
INDUSTRIALS / MACHINERY - 10.83% | ||||||||
24,897 | Babcock & Wilcox Co. * | 831,062 | ||||||
9,750 | Gardner Denver, Inc. | 760,792 | ||||||
10,225 | Goodrich Corp. | 874,544 | ||||||
3,850 | IHS, Inc. - Class A * | 341,688 | ||||||
8,950 | JB Hunt Transport Services, Inc. | 406,509 | ||||||
27,600 | Johnson Controls, Inc. | 1,147,332 | ||||||
27,125 | United Rentals, Inc. * | 902,720 | ||||||
5,264,647 | ||||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [17]
Schedule of Investments | Large/Mid Cap Growth
As of March 31, 2011 - (Unaudited)
Common Stocks - 93.66% (Continued)
Number of Shares | Fair Value | |||||||
INFORMATION TECHNOLOGY - 13.22% | ||||||||
18,100 | Avago Technologies Ltd. | $ | 562,910 | |||||
3,400 | Cognizant Technology Solutions Corp. - Class A * | 276,760 | ||||||
7,850 | Cymer, Inc. * | 444,153 | ||||||
4,170 | F5 Networks, Inc. * | 427,717 | ||||||
16,568 | Gartner, Inc. * | 690,389 | ||||||
17,521 | Informatica Corp. * | 915,122 | ||||||
29,000 | Jabil Circuit, Inc. | 592,470 | ||||||
20,725 | Parametric Technology Corp. * | 466,105 | ||||||
13,575 | Polycom, Inc. * | 703,864 | ||||||
26,675 | QLIK Technologies, Inc. * | 693,550 | ||||||
11,950 | VeriFone Systems, Inc. * | 656,652 | ||||||
6,429,692 | ||||||||
INSTRUMENTS - 1.75% | ||||||||
4,945 | Mettler-Toledo International, Inc. * | 850,540 | ||||||
MISCELLANEOUS SERVICES - 5.43% | ||||||||
21,120 | Aptargroup, Inc. | 1,058,746 | ||||||
50,490 | Paychex, Inc. | 1,583,366 | ||||||
2,642,112 | ||||||||
OIL & NATURAL GAS - 16.28% | ||||||||
8,330 | Ensco PLC (ADR) | 481,807 | ||||||
27,550 | Exxon Mobil Corp. | 2,317,781 | ||||||
6,625 | Newfield Exploration Co. * | 503,566 | ||||||
14,910 | Occidental Petroleum Corp. | 1,557,946 | ||||||
30,875 | Patterson UTI Energy, Inc. | 907,416 | ||||||
30,870 | Statoil ASA (ADR) | 853,247 | ||||||
17,580 | Whiting Petroleum Corp. * | 1,291,251 | ||||||
7,913,014 | ||||||||
PHARMACEUTICALS - 1.59% | ||||||||
2,245 | Alexion Pharmaceuticals, Inc. * | 221,537 | ||||||
8,245 | United Therapeutics Corp. * | 552,580 | ||||||
774,117 | ||||||||
RETAIL - 2.69% | ||||||||
3,450 | DSW, Inc. - Class A * | 137,862 | ||||||
8,750 | Ross Stores, Inc. | 622,300 | ||||||
11,345 | Ulta Salon Cosmetics & Fragrance, Inc. * | 546,035 | ||||||
1,306,197 | ||||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [18]
Schedule of Investments | Large/Mid Cap Growth
As of March 31, 2011 - (Unaudited)
Common Stocks - 93.66% (Continued)
Number of Shares | Fair Value | |||||||
SEMICONDUCTORS - 3.36% | ||||||||
22,350 | Cypress Semiconductor Corp. * | $ | 433,143 | |||||
55,450 | ON Semiconductor Corp. * | 547,292 | ||||||
20,210 | Skyworks Solutions, Inc. * | 655,208 | ||||||
1,635,643 | ||||||||
TELECOMMUNICATIONS - 2.43% | ||||||||
10,000 | L-3 Communications Holdings, Inc. | 783,100 | ||||||
1,750 | NICE Systems, Ltd. (ADR) * | 64,645 | ||||||
9,025 | SAVVIS, Inc. * | 334,737 | ||||||
1,182,482 | ||||||||
Total Common Stocks (cost $38,295,269) | 45,546,588 | |||||||
Money Market Fund - 10.72% | ||||||||
Number of Shares | Fair Value | |||||||
5,215,140 | Fidelity Institutional Money Market Portfolio, 0.16%(A) | 5,215,140 | ||||||
Total Money Market Fund (cost $5,215,140) | 5,215,140 | |||||||
TOTAL INVESTMENTS (cost $43,510,409) - 104.38% | $ | 50,761,728 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (4.38)% | (2,130,069 | ) | ||||||
NET ASSETS - 100.00% | $ | 48,631,659 | ||||||
* Non-income producing securities.
(ADR) American Depositary Receipt.
(A) Variable rate security; the rate shown represents the yield at March 31, 2011.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [19]
Schedule of Investments | Small Cap Value
As of March 31, 2011 - (Unaudited)
Common Stocks - 91.93%
Number of Shares | Fair Value | |||||||
AEROSPACE EQUIPMENT - 5.39% | ||||||||
8,900 | Esterline Technologies Corp. * | $ | 629,408 | |||||
27,800 | Moog, Inc. - Class A * | 1,276,298 | ||||||
24,100 | Teledyne Technologies, Inc. * | 1,246,211 | ||||||
3,151,917 | ||||||||
BANKS - 15.69% | ||||||||
28,128 | Bancfirst Corp. | 1,200,503 | ||||||
38,833 | Center Financial Corp. * | 285,034 | ||||||
58,403 | Chemical Financial Corp. | 1,163,972 | ||||||
63,408 | Columbia Banking System, Inc. | 1,215,531 | ||||||
5,989 | First Citizens BancShares, Inc. - Class A | 1,201,274 | ||||||
71,400 | First Financial Bancorp | 1,191,666 | ||||||
29,692 | Nara Bancorp, Inc. * | 285,637 | ||||||
11,900 | SVB Financial Group * | 677,467 | ||||||
25,326 | Texas Capital Bancshares, Inc. * | 658,223 | ||||||
35,700 | Wintrust Financial Corp. | 1,311,975 | ||||||
9,191,282 | ||||||||
COAL - 2.10% | ||||||||
57,100 | Cloud Peak Energy, Inc. * | 1,232,789 | ||||||
CHEMICALS - 2.16% | ||||||||
35,259 | Sensient Technologies Corp. | 1,263,683 | ||||||
CONSTRUCTION - 3.34% | ||||||||
18,074 | Astec Industries, Inc. * | 673,979 | ||||||
37,117 | Layne Christensen Co. * | 1,280,537 | ||||||
1,954,516 | ||||||||
CONSUMER GOODS - 2.28% | ||||||||
35,900 | Wolverine World Wide, Inc. | 1,338,352 | ||||||
ELECTRIC POWER - 5.54% | ||||||||
28,200 | Avista Corp. | 652,266 | ||||||
38,100 | Cleco Corp. * | 1,306,449 | ||||||
42,400 | NorthWestern Corp. | 1,284,720 | ||||||
3,243,435 | ||||||||
FINANCIAL & INVESTMENT SERVICES - 4.15% | ||||||||
77,417 | Calamos Asset Management, Inc. - Class A | 1,284,348 | ||||||
85,400 | Knight Capital Group, Inc. - Class A * | 1,144,360 | ||||||
2,428,708 | ||||||||
HEALTHCARE - 3.23% | ||||||||
38,131 | Natus Medical, Inc. * | 640,601 | ||||||
38,480 | Orthofix International NV * | 1,249,061 | ||||||
1,889,662 | ||||||||
�� |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [20]
Schedule of Investments | Small Cap Value
As of March 31, 2011 - (Unaudited)
Common Stocks - 91.93% (Continued)
Number of Shares | Fair Value | |||||||
INDUSTRIALS - 7.05% | ||||||||
21,797 | AAON, Inc. | $ | 717,121 | |||||
28,497 | A.O. Smith Corp. | 1,263,557 | ||||||
16,705 | Hurco Cos, Inc. * | 509,503 | ||||||
29,300 | Kaydon Corp. | 1,148,267 | ||||||
13,600 | TAL International Group, Inc. | 493,272 | ||||||
4,131,720 | ||||||||
INFORMATION TECHNOLOGY - 8.47% | ||||||||
69,491 | Benchmark Electronics, Inc.* | 1,318,244 | ||||||
69,348 | Heartland Payment Systems, Inc. | 1,215,670 | ||||||
26,400 | ManTech International Corp. - Class A * | 1,119,360 | ||||||
40,000 | SYNNEX Corp. * | 1,309,200 | ||||||
4,962,474 | ||||||||
INSURANCE - 5.14% | ||||||||
53,023 | AMERISAFE, Inc. * | 1,172,339 | ||||||
31,600 | Employers Holdings, Inc. | 652,856 | ||||||
10,112 | Infinity Property & Casualty Corp. | 601,563 | ||||||
12,670 | Safety Insurance Group, Inc. | 584,214 | ||||||
3,010,972 | ||||||||
MISCELLANEOUS SERVICES - 5.59% | ||||||||
20,100 | Complete Production Services, Inc. * | 639,381 | ||||||
92,466 | Matrix Service, Co. * | 1,285,277 | ||||||
48,600 | Pioneer Drilling, Co. * | 670,680 | ||||||
19,500 | Rent-A-Center, Inc. | 680,745 | ||||||
3,276,083 | ||||||||
OIL & NATURAL GAS - 6.99% | ||||||||
129,940 | Gastar Exploration Ltd. * | 631,508 | ||||||
20,861 | Georesources, Inc. * | 652,323 | ||||||
25,550 | Petroleum Development Corp. * | 1,226,655 | ||||||
15,800 | Swift Energy, Co. * | 674,344 | ||||||
178,906 | Warren Resources, Inc. * | 910,632 | ||||||
4,095,462 | ||||||||
RESTAURANTS - 1.09% | ||||||||
20,200 | Papa Johns International, Inc. * | 639,734 | ||||||
RETAIL - 3.06% | ||||||||
74,100 | Kirkland’s, Inc. * | 1,144,104 | ||||||
43,902 | Spartan Stores, Inc. | 649,311 | ||||||
1,793,415 | ||||||||
SEMICONDUCTORS - 4.15% | ||||||||
15,500 | Kraton Performance Polymers, Inc. * | 592,875 | ||||||
14,198 | MKS Instruments, Inc. | 472,793 | ||||||
26,900 | Veeco Instruments, Inc. * | 1,367,596 | ||||||
2,433,264 | ||||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [21]
Schedule of Investments | Small Cap Value
As of March 31, 2011 - (Unaudited)
Common Stocks - 91.93% (Continued)
Number of Shares | Fair Value | |||||||
TRANSPORTATION - 6.51% | ||||||||
21,600 | Genesee & Wyoming, Inc. - Class A * | $ | 1,257,120 | |||||
28,064 | Landstar System, Inc. | 1,281,964 | ||||||
77,863 | Saia Inc. * | 1,276,175 | ||||||
3,815,259 | ||||||||
Total Common Stocks (cost $46,389,971) | 53,852,727 | |||||||
REITs - 7.39% | ||||||||
Number of Shares | Fair Value | |||||||
38,600 | Coresite Realty Corp. | 611,424 | ||||||
223,000 | DCT Industrial Trust, Inc. | 1,237,650 | ||||||
21,000 | Equity Lifestyle Properties, Inc. | 1,210,650 | ||||||
27,200 | Healthcare Realty Trust, Inc. | 617,440 | ||||||
16,200 | Potlatch Corp. | 651,240 | ||||||
Total REITs (cost $3,956,461) | 4,328,404 | |||||||
Money Market Fund - 0.66% | ||||||||
Number of Shares | Fair Value | |||||||
384,036 | Fidelity Institutional Money Market Portfolio, 0.16%(A) | $ | 384,036 | |||||
Total Money Market Fund (cost $384,036) | 384,036 | |||||||
TOTAL INVESTMENTS (cost $50,730,468) - 99.98% | $ | 58,565,167 | ||||||
OTHER ASSETS LESS LIABILITIES - 0.02% | 10,341 | |||||||
NET ASSETS - 100.00% | $ | 58,575,508 | ||||||
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at March 31, 2011.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [22]
Schedule of Investments | Large/Mid Cap Value
As of March 31, 2011 - (Unaudited)
Common Stocks - 91.20%
Number of Shares | Fair Value | |||||||
BANKS - 3.52% | ||||||||
72,000 | BB&T Corp. | $ | 1,976,400 | |||||
43,900 | CIT Group, Inc. * | 1,867,945 | ||||||
3,844,345 | ||||||||
CONSUMER GOODS - 11.85% | ||||||||
46,900 | BorgWarner, Inc. * | 3,737,461 | ||||||
56,900 | Dr Pepper Snapple Group, Inc. | 2,114,404 | ||||||
48,800 | Emerson Electric Co. | 2,851,384 | ||||||
33,400 | JM Smucker Co./The | 2,384,426 | ||||||
66,800 | Sysco Corp. | 1,850,360 | ||||||
12,938,035 | ||||||||
ELECTRIC POWER - 5.59% | ||||||||
57,800 | American Electric Power Co., Inc. | 2,031,092 | ||||||
47,000 | Dominion Resources, Inc. | 2,100,900 | ||||||
53,300 | FirstEnergy Corp. | 1,976,897 | ||||||
6,108,889 | ||||||||
FINANCIAL & INVESTMENT SERVICES - 8.30% | ||||||||
10,900 | BlackRock, Inc. | 2,191,009 | ||||||
57,800 | Eaton Vance Corp. | 1,863,472 | ||||||
17,100 | Franklin Resources, Inc. | 2,138,868 | ||||||
112,600 | Invesco, Ltd. | 2,878,056 | ||||||
9,071,405 | ||||||||
HEALTHCARE - 7.79% | ||||||||
79,700 | CareFusion Corp. * | 2,247,540 | ||||||
56,600 | Covidien PLC | 2,939,804 | ||||||
22,800 | CR Bard, Inc. | 2,264,268 | ||||||
28,800 | DENTSPLY International, Inc. | 1,065,312 | ||||||
8,516,924 | ||||||||
INDUSTRIALS - 4.04% | ||||||||
28,500 | General Dynamics Corp. | 2,181,960 | ||||||
15,200 | Precision Castparts Corp. | 2,237,136 | ||||||
4,419,096 | ||||||||
INFORMATION TECHNOLOGY - 4.41% | ||||||||
110,600 | CA, Inc. | 2,674,308 | ||||||
61,500 | TE Connectviity Ltd. | 2,141,430 | ||||||
4,815,738 | ||||||||
INSURANCE - 8.77% | ||||||||
37,700 | ACE, Ltd. | 2,439,190 | ||||||
25,400 | Arch Capital Group, Ltd. * | 2,519,426 | ||||||
63,000 | Axis Capital Holdings, Ltd. | 2,199,960 | ||||||
60,100 | Willis Group Holdings, PLC | 2,425,636 | ||||||
9,584,212 | ||||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [23]
Schedule of Investments | Large/Mid Cap Value
As of March 31, 2011 - (Unaudited)
Common Stocks - 91.20% (Continued)
Number of Shares | Fair Value | |||||||
MACHINERY - 5.63% | ||||||||
34,000 | Deere & Co. | $ | 3,294,260 | |||||
22,200 | Flowserve Corp. | 2,859,360 | ||||||
6,153,620 | ||||||||
OIL & NATURAL GAS - 21.47% | ||||||||
34,100 | Anadarko Petroleum Corp. | 2,793,472 | ||||||
18,400 | Apache Corp. | 2,408,928 | ||||||
18,600 | ConocoPhillips | 1,485,396 | ||||||
45,200 | EQT Corp. | 2,255,480 | ||||||
52,300 | Exxon Mobil Corp. | 4,399,999 | ||||||
44,400 | Marathon Oil Corp. | 2,366,964 | ||||||
34,700 | Murphy Oil Corp. | 2,547,674 | ||||||
27,300 | National Oilwell Varco, Inc. | 2,164,071 | ||||||
29,000 | Occidental Petroleum Corp. | 3,030,210 | ||||||
23,452,194 | ||||||||
RETAIL - 6.91% | ||||||||
40,100 | Advance Auto Parts, Inc. | 2,631,362 | ||||||
33,500 | Costco Wholesale Corp. | 2,456,220 | ||||||
29,300 | Sherwin-Williams Co./The | 2,460,907 | ||||||
7,548,489 | ||||||||
TRANSPORTATION - 2.92% | ||||||||
32,500 | Union Pacific Corp. | 3,195,725 | ||||||
Total Common Stocks (cost $75,510,782) | 99,648,672 | |||||||
Master Limited Partnerships - 2.04% | ||||||||
Number of Shares | Fair Value | |||||||
53,700 | Lazard, Ltd. - Class A | 2,232,846 | ||||||
Total Master Limited Partnerships (cost $2,107,162) | 2,232,846 | |||||||
REITs - 4.51% | ||||||||
Number of Shares | Fair Value | |||||||
61,400 | HCP, Inc. | 2,329,516 | ||||||
23,400 | Public Storage | 2,595,294 | ||||||
Total REITs (cost $3,613,173) | 4,924,810 | |||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [24]
Schedule of Investments | Large/Mid Cap Value
As of March 31, 2011 - (Unaudited)
Money Market Fund - 2.20%
Number of Shares | Fair Value | |||||||
2,401,677 | Fidelity Institutional Money Market Portfolio, 0.16%(A) | $ | 2,401,677 | |||||
Total Money Market Fund (cost $2,401,677) | 2,401,677 | |||||||
TOTAL INVESTMENTS (cost $83,632,794) - 99.95% | $ | 109,208,005 | ||||||
OTHER ASSETS LESS LIABILITIES - 0.05% | 54,479 | |||||||
NET ASSETS - 100.00% | $ | 109,262,484 | ||||||
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at March 31, 2011.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [25]
Schedule of Investments | Fixed Income
As of March 31, 2011 - (Unaudited)
Bonds and Notes - 98.61%
Par Value | Fair Value | |||||||
ASSET-BACKED SECURITIES - 0.39% | ||||||||
$ | 97,555 | John Deere Owner Trust, 2.59%, 10/15/2013 | $ | 98,303 | ||||
145,000 | John Deere Owner Trust, 3.96%, 05/16/2016 | 150,262 | ||||||
Total Asset-Backed Securities (cost $242,969) | 248,565 | |||||||
CORPORATE BONDS - 26.13% | ||||||||
500,000 | America Movil SAB de C.V., 5.00%, 03/30/2020 | 518,047 | ||||||
1,000,000 | Cameron International Corp., 6.375%, 07/15/2018 | 1,124,479 | ||||||
750,000 | Canadian National Railway Co., 5.80%, 06/01/2016 | 850,505 | ||||||
750,000 | ConocoPhillips, 4.60%, 01/15/2015 | 818,089 | ||||||
500,000 | Covidien International Finance SA, 5.45%, 10/15/2012 | 533,018 | ||||||
950,000 | Dominion Resources, Inc., 5.00%, 03/15/2013 | 1,016,698 | ||||||
350,000 | Energy Transfer Partners LP, 6.70%, 07/01/2018 | 397,118 | ||||||
500,000 | Enterprise Products Operating, LLC, 6.125%, 10/15/2039 | 499,318 | ||||||
900,000 | ERP Operating LP, 5.125%, 03/15/2016 | 967,530 | ||||||
500,000 | Express Scripts, Inc., 5.25%, 06/15/2012 | 524,038 | ||||||
500,000 | Johnson Controls, Inc., 5.00%, 03/30/2020 | 526,047 | ||||||
750,000 | Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014 | 815,020 | ||||||
500,000 | L-3 Communications, Corp., 5.20%, 10/15/2019 | 522,429 | ||||||
750,000 | Marathon Oil Corp., 6.00%, 10/01/2017 | 845,160 | ||||||
1,000,000 | NASDAQ OMX Group, Inc./The, 4.00%, 01/15/2015 | 993,857 | ||||||
750,000 | Nisource Finance Corp., 5.40%, 07/15/2014 | 820,035 | ||||||
500,000 | Oneok, Inc., 5.20%, 06/15/2015 | 536,782 | ||||||
750,000 | Simon Property Group LP, 5.75%, 12/01/2015 | 834,996 | ||||||
500,000 | Transocean, Inc., 6.00%, 03/15/2018 | 540,608 | ||||||
1,000,000 | Tyco Electronics Group SA, 6.00%, 10/01/2012 | 1,066,317 | ||||||
500,000 | Valero Energy Corp., 6.625%, 06/15/2037 | 505,545 | ||||||
750,000 | Weatherford International, Ltd., 4.95%, 10/15/2013 | 795,365 | ||||||
750,000 | Willis North America, Inc., 6.20%, 03/28/2017 | 800,306 | ||||||
Total Corporate Bonds (cost $15,748,474) | 16,851,307 | |||||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 72.09% | ||||||||
Government Notes & Bonds - 30.08% | ||||||||
1,500,000 | Federal Farm Credit Bank, 4.875%, 01/17/2017 | 1,676,799 | ||||||
2,500,000 | Federal Farm Credit Bank, 5.125%, 08/25/2016 | 2,844,870 | ||||||
2,000,000 | Federal Home Loan Bank, 5.00%, 11/17/2017 | 2,246,338 | ||||||
1,500,000 | Federal Home Loan Bank, 5.50%, 08/13/2014 | 1,697,933 | ||||||
2,000,000 | U.S. Treasury Bond, 3.125%, 05/15/2019 | 2,000,156 | ||||||
1,500,000 | U.S. Treasury Bond, 4.375%, 05/15/2040 | 1,466,724 | ||||||
1,000,000 | U.S. Treasury Bond, 5.00%, 05/15/2037 | 1,086,719 | ||||||
2,500,000 | U.S. Treasury Note, 3.50%, 05/15/2020 | 2,534,193 | ||||||
2,000,000 | U.S. Treasury Note, 3.875%, 05/15/2018 | 2,126,876 | ||||||
1,550,000 | U.S. Treasury Note, 4.75%, 05/15/2014 | 1,715,294 | ||||||
Total Government Notes & Bonds (cost $19,497,749) | 19,395,902 | |||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [26]
Schedule of Investments | Fixed Income
As of March 31, 2011 - (Unaudited)
Bonds and Notes - 98.61% (continued)
Par Value | Fair Value | |||||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 72.09% (continued) | ||||||||
Government Mortgage-Backed Securities - 34.60% | ||||||||
$ | 109,431 | GNMA Pool 3584, 6.00%, 07/20/2034 | $ | 119,728 | ||||
242,747 | GNMA Pool 3612, 6.50%, 09/20/2034 | 274,178 | ||||||
758,648 | GNMA Pool 3625, 6.00%, 10/20/2034 | 832,616 | ||||||
321,263 | GNMA Pool 3637, 5.50%, 11/20/2034 | 349,641 | ||||||
496,777 | GNMA Pool 3665, 5.50%, 01/20/2035 | 540,659 | ||||||
250,234 | GNMA Pool 3679, 6.00%, 02/20/2035 | 274,632 | ||||||
639,379 | GNMA Pool 3711, 5.50%, 05/20/2035 | 695,258 | ||||||
604,108 | GNMA Pool 3865, 6.00%, 06/20/2036 | 661,498 | ||||||
433,540 | GNMA Pool 3910, 6.00%, 10/20/2036 | 474,727 | ||||||
819,683 | GNMA Pool 3939, 5.00%, 01/20/2037 | 871,809 | ||||||
916,374 | GNMA Pool 4058, 5.00%, 12/20/2037 | 974,650 | ||||||
1,032,980 | GNMA Pool 4072, 5.50%, 01/20/2038 | 1,118,094 | ||||||
2,587,700 | GNMA Pool 4520, 5.00%, 08/20/2039 | 2,750,644 | ||||||
1,596,166 | GNMA Pool 4541, 5.00%, 09/20/2039 | 1,696,675 | ||||||
3,115,513 | GNMA Pool 4947, 5.00%, 02/20/2041 | 3,311,693 | ||||||
39,834 | GNMA Pool 585163, 5.00%, 02/15/2018 | 42,861 | ||||||
38,408 | GNMA Pool 585180, 5.00%, 02/15/2018 | 41,328 | ||||||
33,368 | GNMA Pool 592492, 5.00%, 03/15/2018 | 35,904 | ||||||
32,492 | GNMA Pool 599821, 5.00%, 01/15/2018 | 34,962 | ||||||
521,571 | GNMA Pool 604182, 5.50%, 04/15/2033 | 568,648 | ||||||
313,752 | GNMA Pool 663776, 6.50%, 01/15/2037 | 354,148 | ||||||
4,078,640 | GNMA Pool 701961, 4.50%, 06/15/2039 | 4,216,506 | ||||||
1,834,032 | GNMA Pool 717072, 5.00%, 05/15/2039 | 1,948,659 | ||||||
109,052 | GNMA Pool 781694, 6.00%, 12/15/2031 | 120,679 | ||||||
Total Government Mortgage-Backed Securities (cost $21,580,569) | 22,310,197 | |||||||
Treasury Inflation Protected Securities - 7.41% | ||||||||
2,250,000 | TIPS, 2.00%, 01/15/2014 | 2,924,688 | ||||||
1,500,000 | TIPS, 2.50%, 07/15/2016 | 1,857,990 | ||||||
Total Treasury Inflation Protected Securities (cost $4,357,150) | 4,782,678 | |||||||
Total U.S. Government & Agency Obligations (cost $45,435,468) | 46,488,777 | |||||||
Total Bonds and Notes (cost $61,426,911) | 63,588,649 | |||||||
Money Market Fund - 0.58% | ||||||||
Number of Shares | Fair Value | |||||||
372,985 | Fidelity Institutional Money Market Portfolio, 0.16%(A) | 372,985 | ||||||
Total Money Market Fund (cost $372,985) | 372,985 | |||||||
TOTAL INVESTMENTS (cost $61,799,896) - 99.19% | $ | 63,961,634 | ||||||
OTHER ASSETS LESS LIABILITIES - 0.81% | 515,277 | |||||||
NET ASSETS - 100.00% | $ | 64,476,911 | ||||||
(A) Variable rate security; the rate shown represents the yield at March 31, 2011.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [27]
Schedule of Investments | High Yield Bond
As of March 31, 2011 - (Unaudited)
Bonds and Notes - 88.89%
Par Value | Fair Value | |||||||
CONVERTIBLE CORPORATE BONDS - 1.87% | ||||||||
$ | 500,000 | Hornbeck Offshore Services, Inc., 1.625%, 11/15/2026(B) | $ | 491,250 | ||||
Total Convertible Corporate Bonds (cost $378,932) | 491,250 | |||||||
CORPORATE BONDS - 87.02% | ||||||||
250,000 | Actuant Corp., 6.875%, 06/15/2017 | 258,750 | ||||||
500,000 | AmeriGas Partners LP, 6.50%, 05/20/2021 | 513,750 | ||||||
500,000 | Ashtead Holdings PLC, 8.625%, 08/01/2015(A) | 524,375 | ||||||
500,000 | Atlas Pipeline Partners LP, 8.125%, 12/15/2015 | 520,312 | ||||||
500,000 | Berry Petroleum Co., 8.25%, 11/01/2016 | 531,250 | ||||||
500,000 | Calfrac Holdings LP, 7.50%, 12/01/2020(A) | 518,750 | ||||||
500,000 | Cemex Finance LLC, 9.50%, 12/14/2016(A) | 541,250 | ||||||
500,000 | Cloud Peak Energy Resources LLC, 8.50%, 12/15/2019 | 556,250 | ||||||
500,000 | CommScope, Inc., 8.25%, 01/15/2019(A) | 525,000 | ||||||
500,000 | Comstock Resources, Inc., 8.375%, 10/15/2017 | 526,250 | ||||||
250,000 | Continental Resources, Inc., 7.125%, 04/01/2021 | 266,875 | ||||||
500,000 | Copano Energy Finance Corp., 7.75%, 06/01/2018 | 525,000 | ||||||
500,000 | Covanta Holding Corp., 7.25%, 12/01/2020 | 526,186 | ||||||
500,000 | Crosstex Energy LP, 8.875%, 02/15/2018 | 547,500 | ||||||
500,000 | Crum & Forster Holdings Corp., 7.75%, 05/01/2017 | 525,625 | ||||||
500,000 | Duquesne Light Holdings, Inc., 6.40%, 09/15/2010(A) | 509,583 | ||||||
500,000 | Energy Transfer Equity LP, 7.50%, 10/15/2020 | 546,250 | ||||||
500,000 | FMG Resources August 2006 Pty Ltd., 7.00%, 11/01/2015(A) | 521,250 | ||||||
500,000 | Forest Oil Corp., 7.25%, 06/15/2019 | 525,000 | ||||||
500,000 | Frac Tech Services LLC, 7.125%, 11/15/2018(A) | 513,750 | ||||||
500,000 | Genesis Energy LP, 7.875%, 12/15/2018(A) | 506,250 | ||||||
500,000 | Goodyear Tire & Rubber Co., 10.50%, 05/15/2016 | 562,500 | ||||||
500,000 | Helix Energy Solutions Group, Inc., 9.50%, 01/15/2016(A) | 530,000 | ||||||
500,000 | Intergen NV, 9.00%, 06/30/2017(A) | 541,250 | ||||||
250,000 | MarkWest Energy Partners L.P., 6.75%, 11/01/2020 | 257,500 | ||||||
500,000 | MedAssets, Inc., 8.00%, 11/15/2018(A) | 513,750 | ||||||
300,000 | MEMC Electronic Materials, Inc., 7.75%, 04/01/2019(A) | 308,625 | ||||||
500,000 | Navios Maritime Holdings, Inc., 8.875%, 11/01/2017 | 544,375 | ||||||
500,000 | Navistar International Corp., 8.25%, 11/01/2021 | 556,875 | ||||||
500,000 | Nova Chemicals Corp., 8.625%, 11/01/2019 | 561,875 | ||||||
500,000 | NRG Energy, Inc., 7.375%, 01/15/2017 | 522,500 | ||||||
500,000 | Omnicare, Inc., 7.75%, 06/01/2020 | 532,500 | ||||||
500,000 | PolyOne Corp., 7.375%, 09/15/2020 | 527,500 | ||||||
250,000 | Polypore International, Inc., 7.50%, 11/15/2017(A) | 263,750 | ||||||
250,000 | Pride International, Inc., 6.875%, 08/15/2020 | 284,688 | ||||||
500,000 | Reynolds Group Issuer, Inc., 9.00%, 04/15/2019(A) | 520,000 | ||||||
500,000 | Sanmina-SCI Corp., 8.125%, 03/01/2016 | 520,000 | ||||||
500,000 | Sealy Mattress Co., 8.25%, 06/15/2014 | 507,500 | ||||||
500,000 | Swift Energy Co., 7.125%, 06/01/2017 | 513,750 | ||||||
150,000 | Targa Resources Partners LP, 7.875%, 10/15/2018(A) | 159,000 | ||||||
410,000 | Tesoro Corp., 9.75%, 06/01/2019 | 467,400 | ||||||
750,000 | Texas Industries, Inc., 9.25%, 08/15/2020 | 813,750 |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [28]
Schedule of Investments | High Yield Bond
As of March 31, 2011 - (Unaudited)
Bonds and Notes - 88.89% (continued)
Par Value | Fair Value | |||||||
CORPORATE BONDS - 87.02% (continued) | ||||||||
$ | 500,000 | United Rentals North America, Inc., 9.25%, 12/15/2019 | $ | 558,750 | ||||
500,000 | United States Steel Corp., 6.05%, 06/01/2017 | 518,125 | ||||||
500,000 | USG Corp., 9.50%, 01/15/2018 | 526,250 | ||||||
250,000 | Vanguard Health Holding Co., LLC, 7.75%, 02/01/2019(A) | 254,375 | ||||||
500,000 | W & T Offshore, Inc., 8.25%, 06/15/2014(A) | 520,000 | ||||||
Total Corporate Bonds (cost $21,503,911) | 22,915,794 | |||||||
Money Market Fund - 9.08% | ||||||||
Number of Shares | Fair Value | |||||||
2,391,955 | Fidelity Institutional Money Market Portfolio, 0.16%(B) | 2,391,955 | ||||||
Total Money Market Fund (cost $2,391,955) | 2,391,955 | |||||||
TOTAL INVESTMENTS (cost $24,274,798) - 97.97% | $ | 25,798,999 | ||||||
OTHER ASSETS LESS LIABILITIES - 2.03% | 535,235 | |||||||
NET ASSETS - 100.00% | $ | 26,334,234 | ||||||
(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 either the rate or the yield at March 31, 2011. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [29]
Schedule of Investments | Defensive Strategies
As of March 31, 2011 - (Unaudited)
REITs - 21.72%
Number of Shares | Fair Value | |||||||
2,600 | Acadia Realty Trust | $ | 49,192 | |||||
2,200 | Alexandria Real Estate Equities, Inc. | 171,534 | ||||||
6,500 | AMB Property Corp. | 233,805 | ||||||
6,100 | Ashford Hospitality Trust, Inc. | 67,222 | ||||||
1,350 | AvalonBay Communities, Inc. | 162,108 | ||||||
4,500 | Boston Properties, Inc. | 426,825 | ||||||
2,700 | Brandywine Realty Trust | 32,778 | ||||||
2,800 | BRE Properties, Inc. | 132,104 | ||||||
4,200 | Brookfield Properties Corp. | 74,424 | ||||||
3,500 | Camden Property Trust | 198,870 | ||||||
1,300 | CBL & Associates Properties, Inc. | 22,646 | ||||||
4,900 | Colonial Properties Trust | 94,325 | ||||||
9,200 | DCT Industrial Trust, Inc. | 51,060 | ||||||
8,000 | DiamondRock Hospitality Co. | 89,360 | ||||||
3,700 | Digital Realty Trust, Inc. | 215,118 | ||||||
3,900 | Douglas Emmett, Inc. | 73,125 | ||||||
5,000 | DuPont Fabros Technology, Inc. | 121,250 | ||||||
2,300 | Entertainment Properties Trust | 107,686 | ||||||
1,000 | Equity Lifestyle Properties, Inc. | 57,650 | ||||||
8,700 | Equity Residential | 490,767 | ||||||
1,650 | Essex Property Trust, Inc. | 204,600 | ||||||
2,700 | Extra Space Storage, Inc. | 55,917 | ||||||
1,400 | Federal Realty Investment Trust | 114,184 | ||||||
5,300 | FelCor Lodging Trust, Inc. * | 32,489 | ||||||
2,200 | First Potomac Realty Trust | 34,650 | ||||||
6,026 | General Growth Properties, Inc. | 93,282 | ||||||
9,200 | HCP, Inc. | 349,048 | ||||||
6,400 | Health Care Realty Trust, Inc. | 335,616 | ||||||
1,500 | Home Properties, Inc. | 88,425 | ||||||
10,800 | Hospitality Properties Trust | 250,020 | ||||||
3,100 | Kilroy Realty Corp. | 120,373 | ||||||
12,000 | Kimco Realty Corp. | 220,080 | ||||||
6,600 | Lexington Realty Trust | 61,710 | ||||||
5,800 | Liberty Property Trust | 190,820 | ||||||
4,363 | Macerich Co./The | 216,099 | ||||||
2,100 | National Retail Properties, Inc. | 54,873 | ||||||
3,000 | Nationwide Health Properties, Inc. | 127,590 | ||||||
2,200 | Omega Healthcare Investors, Inc. | 49,148 | ||||||
900 | Plum Creek Timber Co., Inc. | 39,249 | ||||||
8,500 | ProLogis | 135,830 | ||||||
1,300 | PS Business Parks, Inc. | 75,322 | ||||||
3,700 | Public Storage | 410,367 | ||||||
2,100 | Rayonier, Inc. | 130,851 | ||||||
3,300 | Regency Centers Corp. | 143,484 | ||||||
8,529 | Simon Property Group, Inc. | 913,968 | ||||||
3,250 | SL Green Realty Corp. | 244,400 |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [30]
Schedule of Investments | Defensive Strategies
As of March 31, 2011 - (Unaudited)
REITs - 21.72% (continued)
Number of Shares | Fair Value | |||||||
7,000 | Strategic Hotels & Resorts, Inc. * | $ | 45,150 | |||||
3,800 | UDR, Inc. | 92,606 | ||||||
4,400 | Ventas, Inc. | 238,920 | ||||||
5,616 | Vornado Realty Trust | 491,400 | ||||||
2,100 | Washington Real Estate Investment Trust | 65,289 | ||||||
4,200 | Weingarten Realty Investors | 105,252 | ||||||
Total REITs (cost $7,389,480) | 8,602,861 | |||||||
Exchange Traded Funds - 32.20% | ||||||||
Number of Shares | Fair Value | |||||||
18,300 | iShares Silver Trust * | 673,257 | ||||||
100,700 | PowerShares DB Agriculture Fund * | 3,447,968 | ||||||
31,400 | PowerShares DB Base Metals Fund * | 766,788 | ||||||
99,800 | PowerShares DB Commodity Index Tracking Fund * | 3,044,898 | ||||||
66,300 | PowerShares DB Energy Fund * | 2,085,135 | ||||||
19,600 | SPDR Gold Shares * | 2,740,472 | ||||||
Total Exchange-Traded Funds (cost $10,187,612) | 12,758,518 | |||||||
Bonds and Notes - 40.53% | ||||||||
Par Value | Fair Value | |||||||
Government Mortgage-Backed Securities - 3.16% | ||||||||
1,178,303 | GNMA Pool 4947, 5.00%, 02/20/2041 | 1,252,499 | ||||||
Total Government Mortgage-Backed Securities (cost $1,252,281) | 1,252,499 | |||||||
Treasury Inflation Protected Securities - 37.37% | ||||||||
1,001,255 | TIPS, 1.25%, 07/15/2020 | 1,045,586 | ||||||
325,000 | TIPS, 1.625%, 01/15/2015 | 406,759 | ||||||
650,000 | TIPS, 1.625%, 01/15/2018 | 739,651 | ||||||
735,000 | TIPS, 1.75%, 01/15/2028 | 789,413 | ||||||
675,000 | TIPS, 1.875%, 07/15/2015 | 841,733 | ||||||
645,000 | TIPS, 2.00%, 01/15/2014 | 838,411 | ||||||
1,050,000 | TIPS, 2.00%, 07/15/2014 | 1,347,482 | ||||||
1,045,000 | TIPS, 2.00%, 01/15/2016 | 1,282,269 | ||||||
1,250,000 | TIPS, 2.125%, 01/15/2019 | 1,432,517 | ||||||
1,150,000 | TIPS, 2.375%, 01/15/2025 | 1,507,349 | ||||||
1,550,000 | TIPS, 2.375%, 01/15/2017 | 1,909,736 | ||||||
500,000 | TIPS, 2.50%, 01/15/2029 | 588,040 | ||||||
500,000 | TIPS, 3.00%, 07/15/2012 | 656,427 | ||||||
500,000 | TIPS, 3.625%, 04/15/2028 | 880,141 | ||||||
300,000 | TIPS, 3.875%, 04/15/2029 | 539,026 | ||||||
Total Treasury Inflation Protected Securities (cost $14,117,525) | 14,804,540 | |||||||
Total U.S. Government & Agency Obligations (cost $15,369,806) | 16,057,039 | |||||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [31]
Schedule of Investments | Defensive Strategies
As of March 31, 2011 - (Unaudited)
Money Market Fund - 5.00%
Number of Shares | Fair Value | |||||
1,982,979 | Fidelity Institutional Money Market Portfolio, 0.16%(A) | $ | 1,982,979 | |||
Total Money Market Fund (cost $1,982,979) | 1,982,979 | |||||
TOTAL INVESTMENTS (cost $34,923,042) - 99.45% | $ | 39,401,397 | ||||
OTHER ASSETS LESS LIABILITIES - 0.55% | 225,900 | |||||
NET ASSETS - 100.00% | $ | 39,627,297 | ||||
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at March 31, 2011.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [32]
Schedule of Investments | Money Market
As of March 31, 2011 - (Unaudited)
Short Term Investments - 98.65%
Par Value | Fair Value | |||||||
Asset-Backed Securities - 3.02% | ||||||||
$ | 326,542 | CNH Equipment Trust, 0.42677%, 12/09/2011 | $ | 326,542 | ||||
Total Asset-Backed Securities (amortized cost $326,542) | 326,542 | |||||||
Money Market Fund - 12.39% | ||||||||
1,339,049 | Fidelity Institutional Money Market Portfolio, 0.16% (B) | 1,339,049 | ||||||
Total Money Market Fund (cost $1,339,049) | 1,339,049 | |||||||
U.S. Government & Government Agencies(A) - 83.24% | ||||||||
1,500,000 | U.S. Treasury Bill, 0.01%, 04/07/2011 | 1,499,979 | ||||||
1,500,000 | U.S. Treasury Bill, 0.04%, 04/14/2011 | 1,499,951 | ||||||
500,000 | U.S. Treasury Bill, 0.06%, 04/21/2011 | 499,981 | ||||||
1,500,000 | U.S. Treasury Bill, 0.03%, 04/28/2011 | 1,499,961 | ||||||
1,500,000 | U.S. Treasury Bill, 0.04%, 05/05/2011 | 1,499,928 | ||||||
1,000,000 | U.S. Treasury Bill, 0.05%, 05/12/2011 | 999,949 | ||||||
1,500,000 | U.S. Treasury Bill, 0.05%, 05/19/2012 | 1,499,931 | ||||||
Total U.S. Government Agencies (amortized cost $8,999,680) | 8,999,680 | |||||||
TOTAL INVESTMENTS (cost $10,665,271) - 98.65% | $ | 10,665,271 | ||||||
OTHER ASSETS LESS LIABILITIES - 1.35% | 146,174 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 10,811,445 | ||||||
(A) Discount note; the rate shown represents the yield at March 31, 2011.
(B) Variable rate security; the rate shown represents the yield at March 31, 2011.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [33]
Schedule of Investments | Strategic Growth
As of March 31, 2011 - (Unaudited)
Mutual Funds (A) - 99.32%
Number of Shares | Fair Value | |||||||
534,764 | Timothy Plan Aggressive Growth Fund* | $ | 3,700,564 | |||||
406,540 | Timothy Plan Defensive Strategies Fund | 4,756,519 | ||||||
503,759 | Timothy Plan High Yield Bond Fund | 4,735,335 | ||||||
1,408,133 | Timothy Plan International Fund | 12,081,786 | ||||||
1,325,853 | Timothy Plan Large/Mid Cap Growth Fund* | 9,731,760 | ||||||
683,053 | Timothy Plan Large/Mid Cap Value Fund | 9,719,839 | ||||||
254,485 | Timothy Plan Small Cap Value Fund* | 3,644,230 | ||||||
Total Mutual Funds (cost $45,057,067) | 48,370,033 | |||||||
Money Market Fund - 0.37% | ||||||||
Number of Shares | Fair Value | |||||||
179,354 | Fidelity Institutional Money Market Portfolio, 0.16% (B) | 179,354 | ||||||
Total Money Market Fund (cost $179,354) | 179,354 | |||||||
TOTAL INVESTMENTS (cost $45,236,421) - 99.69% | $ | 48,549,387 | ||||||
OTHER ASSETS LESS LIABILITIES - 0.31% | 151,171 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 48,700,558 | ||||||
* | Non-income producing securities |
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at March 31, 2011.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [34]
Schedule of Investments | Conservative Growth
As of March 31, 2011 - (Unaudited)
| Mutual Funds (A) - 99.37% | |||||||
Number of Shares | Fair Value | |||||||
215,064 | Timothy Plan Aggressive Growth Fund* | $ | 1,488,242 | |||||
599,481 | Timothy Plan Defensive Strategies Fund | 7,013,931 | ||||||
1,342,623 | Timothy Plan Fixed Income Fund | 13,802,168 | ||||||
495,410 | Timothy Plan High Yield Bond Fund | 4,656,853 | ||||||
564,686 | Timothy Plan International Fund | 4,845,001 | ||||||
794,700 | Timothy Plan Large/Mid Cap Growth Fund* | 5,833,096 | ||||||
509,007 | Timothy Plan Large/Mid Cap Value Fund | 7,243,171 | ||||||
169,631 | Timothy Plan Small Cap Value Fund* | 2,429,115 | ||||||
Total Mutual Funds (cost $41,885,879) | 47,311,577 | |||||||
Money Market Funds - 0.55% | ||||||||
Number of Shares | Fair Value | |||||||
264,011 | Fidelity Institutional Money Market Portfolio, 0.16% (B) | 264,011 | ||||||
Total Money Market Funds (cost $264,011) | 264,011 | |||||||
TOTAL INVESTMENTS (cost $42,149,890) - 99.92% | $ | 47,575,588 | ||||||
OTHER ASSETS LESS LIABILITIES - 0.08% | 39,655 | |||||||
NET ASSETS - 100.00% | $ | 47,615,243 | ||||||
* | Non-income producing securities |
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at March 31, 2011.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Schedules of Investments [35]
Statements of Assets & Liabilities
As of March 31, 2011 (Unaudited)
Assets
Aggressive Growth | International | |||||||
Cost, Investments in Unaffiliated Securities [NOTE 1] | $ | 14,914,399 | $ | 35,393,585 | ||||
Fair Value, Investments in Unaffiliated Securities [NOTE 1] | $ | 18,595,383 | $ | 42,404,341 | ||||
Cash | 86,127 | 4,399 | ||||||
Receivable for: | ||||||||
Investments Sold | 32,844 | 1,225,234 | ||||||
Fund Shares Sold | 3,191,349 | 18,748 | ||||||
Interest | 57 | 139 | ||||||
Dividends | 4,820 | 77,973 | ||||||
Tax Reclaim | - | 14,438 | ||||||
Prepaid Expenses | 22,265 | 28,921 | ||||||
Total Assets | 21,932,845 | 43,774,193 | ||||||
Liabilities | ||||||||
Accrued Advisory Fees | 14,207 | 38,228 | ||||||
Accrued 12b-1 Fees | 5,722 | 10,801 | ||||||
Accrued Expenses | 7,362 | 16,578 | ||||||
Payable for: | ||||||||
Investments Purchased | 223,314 | 206,875 | ||||||
Fund Shares Redeemed | - | 4,830 | ||||||
Total Liabilities | 250,605 | 277,312 | ||||||
Net Assets | $ | 21,682,240 | $ | 43,496,881 | ||||
Sources of Net Assets | ||||||||
Net Assets Consisted of: | ||||||||
Paid-in Capital | $ | 21,686,091 | $ | 50,649,884 | ||||
Accumulated Undistributed Net Investment Income (Loss) | (138,942 | ) | 533,160 | |||||
Accumulated Net Realized Gain (Loss) on Investments | (3,545,893 | ) | (14,696,919 | ) | ||||
Net Unrealized Appreciation (Depreciation) on Investments | 3,680,984 | 7,010,756 | ||||||
Net Assets | $ | 21,682,240 | $ | 43,496,881 | ||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Assets and Liabilities [36]
Statements of Assets & Liabilities
As of March 31, 2011 (Unaudited)
Assets | ||||||||
Large/Mid Cap Growth | Small Cap Value | |||||||
Cost, Investments in Unaffiliated Securities [NOTE 1] | $ | 43,510,409 | $ | 50,730,468 | ||||
Fair Value, Investments in Unaffiliated Securities [NOTE 1] | $ | 50,761,728 | $ | 58,565,167 | ||||
Cash | 9,497 | (123,424 | ) | |||||
Receivable for: | ||||||||
Investments Sold | 644,392 | 772,150 | ||||||
Fund Shares Sold | 33,262 | 468,429 | ||||||
Interest | 652 | 83 | ||||||
Dividends | 16,814 | 40,165 | ||||||
Prepaid Expenses | 19,325 | 18,820 | ||||||
Total Assets | 51,485,670 | 59,741,390 | ||||||
Liabilities | ||||||||
Accrued Advisory Fees | 34,539 | 41,124 | ||||||
Accrued 12b-1 Fees | 12,326 | 15,982 | ||||||
Accrued Expenses | 21,213 | 25,047 | ||||||
Payable for: | ||||||||
Investments Purchased | 2,725,430 | 1,074,299 | ||||||
Fund Shares Redeemed | 60,503 | 9,430 | ||||||
Total Liabilities | 2,854,011 | 1,165,882 | ||||||
Net Assets | $ | 48,631,659 | $ | 58,575,508 | ||||
Sources of Net Assets | ||||||||
Net Assets Consisted of: | ||||||||
Paid-in Capital | $ | 42,700,796 | $ | 56,655,070 | ||||
Accumulated Undistributed Net Investment Income (Loss) | (190,178 | ) | (128,703 | ) | ||||
Accumulated Net Realized Gain (Loss) on Investments | (1,130,278 | ) | (5,785,558 | ) | ||||
Net Unrealized Appreciation (Depreciation) on Investments | 7,251,319 | 7,834,699 | ||||||
Net Assets | $ | 48,631,659 | $ | 58,575,508 | ||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Assets and Liabilities [37]
Statements of Assets & Liabilities
As of March 31, 2011 (Unaudited)
Assets | ||||||||
Large/Mid Cap Value | Fixed Income | |||||||
Cost, Investments in Unaffiliated Securities [NOTE 1] | $ | 83,632,794 | $ | 61,799,896 | ||||
Fair Value, Investments in Unaffiliated Securities [NOTE 1] | $ | 109,208,005 | $ | 63,961,634 | ||||
Cash | 6,786 | 28,868 | ||||||
Receivable for: | ||||||||
Fund Shares Sold | 134,936 | 88,440 | ||||||
Interest | 418 | 561,856 | ||||||
Dividends | 127,421 | - | ||||||
Prepaid Expenses | 23,251 | 20,364 | ||||||
Total Assets | 109,500,817 | 64,661,162 | ||||||
Liabilities | ||||||||
Accrued Advisory Fees | 77,380 | 24,952 | ||||||
Accrued 12b-1 Fees | 29,937 | 18,885 | ||||||
Accrued Expenses | 53,815 | 34,290 | ||||||
Payable for: | ||||||||
Fund Shares Redeemed | 77,201 | 106,124 | ||||||
Total Liabilities | 238,333 | 184,251 | ||||||
Net Assets | $ | 109,262,484 | $ | 64,476,911 | ||||
Sources of Net Assets | ||||||||
Net Assets Consisted of: | ||||||||
Paid-in Capital | $ | 101,361,097 | $ | 63,857,930 | ||||
Accumulated Undistributed Net Investment Income (Loss) | 77,454 | (10,227 | ) | |||||
Accumulated Net Realized Gain (Loss) on Investments | (17,751,278 | ) | (1,532,530 | ) | ||||
Net Unrealized Appreciation (Depreciation) on Investments | 25,575,211 | 2,161,738 | ||||||
Net Assets | $ | 109,262,484 | $ | 64,476,911 | ||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Assets and Liabilities [38]
Statements of Assets & Liabilities
As of March 31, 2011 (Unaudited)
Assets
High Yield Bond | Defensive Strategies | |||||||
Cost, Investments in Unaffiliated Securities [NOTE 1] | $ | 24,274,798 | $ | 34,923,042 | ||||
Fair Value, Investments in Unaffiliated Securities [NOTE 1] | $ | 25,798,999 | $ | 39,401,397 | ||||
Cash | 10,289 | 4,558 | ||||||
Receivable for: | ||||||||
Fund Shares Sold | 40,127 | 207,454 | ||||||
Interest | 527,731 | 73,573 | ||||||
Dividends | - | 21,978 | ||||||
Prepaid Expenses | 22,916 | 18,312 | ||||||
Total Assets | 26,400,062 | 39,727,272 | ||||||
Liabilities | ||||||||
Accrued Advisory Fees | 13,323 | 19,935 | ||||||
Accrued 12b-1 Fees | 6,287 | 14,843 | ||||||
Accrued Expenses | 12,233 | 14,165 | ||||||
Payable for: | ||||||||
Fund Shares Redeemed | 33,985 | 51,032 | ||||||
Total Liabilities | 65,828 | 99,975 | ||||||
Net Assets | $ | 26,334,234 | $ | 39,627,297 | ||||
Sources of Net Assets | ||||||||
Net Assets Consisted of: | ||||||||
Paid-in Capital | $ | 27,012,056 | $ | 34,575,165 | ||||
Accumulated Undistributed Net Investment Income (Loss) | (5,154 | ) | 72,458 | |||||
Accumulated Net Realized Gain (Loss) on Investments | (2,196,869 | ) | 501,319 | |||||
Net Unrealized Appreciation (Depreciation) on Investments | 1,524,201 | 4,478,355 | ||||||
Net Assets | $ | 26,334,234 | $ | 39,627,297 | ||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Assets and Liabilities [39]
Statements of Assets & Liabilities
As of March 31, 2011 (Unaudited)
Assets
Money Market | ||||||
Cost, Investments in Unaffiliated Securities [NOTE 1] | $ | 10,665,271 | ||||
Fair Value, Investments in Unaffiliated Securities [NOTE 1] | $ | 10,665,271 | ||||
Cash | 88,107 | |||||
Receivable for: | ||||||
Waiver of Advisory Fees | 5,949 | |||||
Fund Shares Sold | 49,300 | |||||
Interest | 197 | |||||
Prepaid Expenses | 13,383 | |||||
Total Assets | 10,822,207 | |||||
Liabilities | ||||||
Accrued Expenses | 10,327 | |||||
Payable for: | ||||||
Fund Distributions | 435 | |||||
Total Liabilities | 10,762 | |||||
Net Assets | $ | 10,811,445 | ||||
Sources of Net Assets | ||||||
Net Assets Consisted of: | ||||||
Paid-in Capital | $ | 10,804,544 | ||||
Accumulated Undistributed Net Investment Income (Loss) | 7,904 | |||||
Accumulated Net Realized Gain (Loss) on Investments | (1,003 | ) | ||||
Net Assets | $ | 10,811,445 | ||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Assets and Liabilities [40]
Statements of Assets & Liabilities
As of March 31, 2011 (Unaudited)
Assets
Strategic Growth | Conservative Growth | |||||||
Cost, Investments in Unaffiliated Securities [NOTE 1] | $ | 179,354 | $ | 264,011 | ||||
Cost, Investments in Affiliated Securities [NOTE 1] | 45,057,067 | 41,885,879 | ||||||
Total Cost, Investments | $ | 45,236,421 | $ | 42,149,890 | ||||
Fair Value, Investments in Unaffiliated Securities [NOTE 1] | $ | 179,354 | $ | 264,011 | ||||
Fair Value, Investments in Affiliated Securities [NOTE 1] | 48,370,033 | 47,311,577 | ||||||
Total Fair Value, Investments | $ | 48,549,387 | $ | 47,575,588 | ||||
Cash | 42,407 | 34,437 | ||||||
Receivable for: | ||||||||
Fund Shares Sold | 175,849 | 107,798 | ||||||
Interest | 9 | 16 | ||||||
Dividends | 70,028 | 191,735 | ||||||
Prepaid Expenses | 21,588 | 16,017 | ||||||
Total Assets | 48,859,268 | 47,925,591 | ||||||
Liabilities | ||||||||
Accrued Advisory Fees | 26,963 | 26,772 | ||||||
Accrued 12b-1 Fees | 6,404 | 6,596 | ||||||
Accrued Expenses | 18,890 | 20,829 | ||||||
Payable for: | ||||||||
Investments Purchased | 70,028 | 191,689 | ||||||
Fund Shares Redeemed | 36,425 | 64,462 | ||||||
Total Liabilities | 158,710 | 310,348 | ||||||
Net Assets | $ | 48,700,558 | $ | 47,615,243 | ||||
Sources of Net Assets | ||||||||
Net Assets Consisted of: | ||||||||
Paid-in Capital | $ | 55,420,472 | $ | 49,485,638 | ||||
Accumulated Undistributed Net Investment Income (Loss) | (44,087 | ) | 114,878 | |||||
Accumulated Net Realized Gain (Loss) on Investments | (9,988,793 | ) | (7,410,971 | ) | ||||
Net Unrealized Appreciation (Depreciation) on Investments | 3,312,966 | 5,425,698 | ||||||
Net Assets | $ | 48,700,558 | $ | 47,615,243 | ||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Assets and Liabilities [41]
Statements of Assets & Liabilities
As of March 31, 2011 (Unaudited)
Net Assets (unlimited shares of $0.001 par beneficial interest authorized)
Aggressive Growth | International | Large/Mid Cap Growth | ||||||||||
Class A Shares: | ||||||||||||
Net Assets | $ | 19,077,839 | $ | 41,540,735 | $ | 45,105,041 | ||||||
Shares Outstanding | 2,758,409 | 4,838,807 | 6,144,141 | |||||||||
Net Asset Value and Redemption Price per Share | $ | 6.92 | $ | 8.58 | $ | 7.34 | ||||||
Offering Price Per Share (NAV / 0.945) | $ | 7.32 | $ | 9.08 | $ | 7.77 | ||||||
Class B Shares: | ||||||||||||
Net Assets | $ | 246,885 | N/A | $ | 350,581 | |||||||
Shares Outstanding | 39,098 | N/A | 51,838 | |||||||||
Net Asset Value, Offering and Redemption | ||||||||||||
Price per Share | $ | 6.31 | N/A | $ | 6.76 | |||||||
Class C Shares: | ||||||||||||
Net Assets | $ | 2,357,516 | $ | 1,956,146 | $ | 3,176,037 | ||||||
Shares Outstanding | 372,155 | 232,365 | 468,812 | |||||||||
Net Asset Value and Offering Price per Share | $ | 6.33 | $ | 8.42 | $ | 6.77 | ||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 6.27 | $ | 8.34 | $ | 6.70 | ||||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized) |
| |||||||||||
Small Cap Value | Large/Mid Cap Value | Fixed Income | ||||||||||
Class A Shares: | ||||||||||||
Net Assets | $ | 52,190,114 | $ | 97,830,746 | $ | 56,650,714 | ||||||
Shares Outstanding | 3,645,508 | 6,876,925 | 5,512,386 | |||||||||
Net Asset Value and Redemption Price per Share | $ | 14.32 | $ | 14.23 | $ | 10.28 | ||||||
Offering Price Per Share * | $ | 15.15 | $ | 15.06 | $ | 10.76 | ||||||
Class B Shares: | ||||||||||||
Net Assets | $ | 976,081 | $ | 555,765 | $ | 111,985 | ||||||
Shares Outstanding | 79,152 | 43,131 | 11,214 | |||||||||
Net Asset Value, Offering and Redemption | ||||||||||||
Price per Share | $ | 12.33 | $ | 12.89 | $ | 9.99 | ||||||
Class C Shares: | ||||||||||||
Net Assets | $ | 5,409,313 | $ | 10,875,973 | $ | 7,714,212 | ||||||
Shares Outstanding | 435,759 | 849,303 | 775,805 | |||||||||
Net Asset Value and Offering Price per Share | $ | 12.41 | $ | 12.81 | $ | 9.94 | ||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 12.29 | $ | 12.68 | $ | 9.84 | ||||||
*NAV / 0.945 for Small Cap Value Fund and Large / Mid Cap Value Fund and 0.955 for Fixed Income Fund.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Assets and Liabilities [42]
Statements of Assets & Liabilities
As of March 31, 2011 (Unaudited)
Net Assets (unlimited shares of $0.001 par beneficial interest authorized)
High Yield Bond | Defensive Strategies | Money Market | ||||||||||
Class A Shares: | ||||||||||||
Net Assets | $ | 25,152,184 | $ | 28,917,948 | $ | 10,811,445 | ||||||
Shares Outstanding | 2,676,645 | 2,471,249 | 10,802,879 | |||||||||
Net Asset Value and Redemption Price per Share | $ | 9.40 | $ | 11.70 | $ | 1.00 | ||||||
Offering Price Per Share * | $ | 9.84 | $ | 12.38 | N/A | |||||||
Class B Shares: | ||||||||||||
Net Assets | N/A | N/A | N/A | |||||||||
Shares Outstanding | N/A | N/A | N/A | |||||||||
Net Asset Value, Offering and Redemption | ||||||||||||
Price per Share | N/A | N/A | N/A | |||||||||
Class C Shares: | ||||||||||||
Net Assets | $ | 1,182,050 | $ | 10,709,349 | N/A | |||||||
Shares Outstanding | 124,893 | 928,444 | N/A | |||||||||
Net Asset Value and Offering Price per Share | $ | 9.46 | $ | 11.53 | N/A | |||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 9.37 | $ | 11.41 | N/A | |||||||
Net Assets (unlimited shares of $0.001 par beneficial interest authorized) |
| |||||||||||
Strategic Growth | Conservative Growth | |||||||||||
Class A Shares: | ||||||||||||
Net Assets | $ | 38,490,849 | $ | 37,117,167 | ||||||||
Shares Outstanding | 5,096,897 | 3,851,991 | ||||||||||
Net Asset Value and Redemption Price per Share | $ | 7.55 | $ | 9.64 | ||||||||
Offering Price Per Share (NAV / 0.945) | $ | 7.99 | $ | 10.20 | ||||||||
Class B Shares: | ||||||||||||
Net Assets | $ | 2,185,187 | $ | 1,753,109 | ||||||||
Shares Outstanding | 306,960 | 192,848 | ||||||||||
Net Asset Value, Offering and Redemption | ||||||||||||
Price per Share | $ | 7.12 | $ | 9.09 | ||||||||
Class C Shares: | ||||||||||||
Net Assets | $ | 8,024,522 | $ | 8,744,967 | ||||||||
Shares Outstanding | 1,130,494 | 965,053 | ||||||||||
Net Asset Value and Offering Price per Share | $ | 7.10 | $ | 9.06 | ||||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 7.03 | $ | 8.97 | ||||||||
*NAV / 0.955 for High Yield Bond Fund and 0.945 for Defensive Strategies Fund. Money Market Fund is not subject to a sales load.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Assets and Liabilities [43]
Statements of Operations
For the Six Months Ended March 31, 2011 (Unaudited)
Aggressive Growth | International | |||||||||
Investment Income | ||||||||||
Interest from: | ||||||||||
Unaffiliated Investments | $ | 424 | $ | 1,807 | ||||||
Dividends from: | ||||||||||
Unaffiliated Investments | 26,104 | 968,422 | (A) | |||||||
Total Investment Income | 26,528 | 970,229 | ||||||||
Expenses | ||||||||||
Investment Advisory Fees [NOTE 4] | 76,475 | 210,697 | ||||||||
12b-1 Fees [NOTE 4] | ||||||||||
Class A | 19,708 | 50,194 | ||||||||
Class B | 1,454 | - | ||||||||
Class C | 9,686 | 9,922 | ||||||||
Fund Accounting, Transfer Agency, & Administration Fees | 17,293 | 38,368 | ||||||||
Registration Fees | 13,104 | 13,650 | ||||||||
Custodian Fees | 9,547 | 3,955 | ||||||||
Sub-Transfer Agency Fees | 12,010 | 15,390 | ||||||||
Audit Fees | 1,775 | 5,884 | ||||||||
Printing Expense | 1,729 | 4,078 | ||||||||
CCO Expense | 1,045 | 2,760 | ||||||||
Trustee Fees | 885 | 2,068 | ||||||||
Miscellaneous Expense | 473 | 472 | ||||||||
Insurance Expense | 286 | 723 | ||||||||
Total Expenses | 165,470 | 358,161 | ||||||||
Total Net Expenses | 165,470 | 358,161 | ||||||||
Net Investment Income (Loss) | (138,942 | ) | 612,068 | |||||||
Realized and Unrealized Gain (Loss) on Investments | ||||||||||
Net Realized Gain (Loss) on Unaffiliated Investments | 3,425,847 | 743,066 | ||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 884,892 | 3,102,813 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 4,310,739 | 3,845,879 | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 4,171,797 | $ | 4,457,947 | ||||||
(A) Net of foreign withholding taxes of $20,823.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Operations [44]
Statements of Operations
For the Six Months Ended March 31, 2011 (Unaudited)
Large/Mid Cap Growth | Small Cap Value | |||||||
Investment Income | ||||||||
Interest from: | ||||||||
Unaffiliated Investments | $ | 2,104 | $ | 1,615 | ||||
Dividends from: | ||||||||
Unaffiliated Investments | 183,993 | 306,322 | ||||||
Total Investment Income | 186,097 | 307,937 | ||||||
Expenses | ||||||||
Investment Advisory Fees [NOTE 4] | 194,461 | 227,656 | ||||||
12b-1 Fees [NOTE 4] | ||||||||
Class A | 53,051 | 58,847 | ||||||
Class B | 2,427 | 8,514 | ||||||
Class C | 14,147 | 23,928 | ||||||
Fund Accounting, Transfer Agency, & Administration Fees | 43,320 | 49,167 | ||||||
Sub-Transfer Agency Fees | 33,628 | 29,766 | ||||||
Registration Fees | 13,832 | 14,378 | ||||||
Custodian Fees | 5,965 | 6,495 | ||||||
Audit Fees | 4,939 | 5,794 | ||||||
Printing Expense | 3,815 | 4,417 | ||||||
CCO Expense | 3,049 | 3,409 | ||||||
Trustee Fees | 2,323 | 2,829 | ||||||
Insurance Expense | 844 | 966 | ||||||
Miscellaneous Expense | 474 | 474 | ||||||
Total Expenses | 376,275 | 436,640 | ||||||
Total Net Expenses | 376,275 | 436,640 | ||||||
Net Investment Income (Loss) | (190,178 | ) | (128,703 | ) | ||||
Realized and Unrealized Gain (Loss) on Investments | ||||||||
Net Realized Gain (Loss) on Unaffiliated Investments | 6,091,357 | 8,263,355 | ||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 3,303,314 | 4,445,124 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | 9,394,671 | 12,708,479 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 9,204,493 | $ | 12,579,776 | ||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Operations [45]
Statements of Operations
For the Six Months Ended March 31, 2011 (Unaudited)
Large/Mid Cap Value | Fixed Income | |||||||
Investment Income | ||||||||
Interest from: | ||||||||
Unaffiliated Investments | $ | 2,591 | $ | 1,278,790 | ||||
Dividends from: | ||||||||
Unaffiliated Investments | 906,250 | - | ||||||
Total Investment Income | 908,841 | 1,278,790 | ||||||
Expenses | ||||||||
Investment Advisory Fees [NOTE 4] | 428,974 | 198,780 | ||||||
12b-1 Fees [NOTE 4] | ||||||||
Class A | 112,500 | 72,413 | ||||||
Class B | 3,847 | 1,238 | ||||||
Class C | 50,828 | 40,409 | ||||||
Fund Accounting, Transfer Agency, & Administration Fees | 92,401 | 70,460 | ||||||
Sub-Transfer Agency Fees | 64,259 | 42,340 | ||||||
Registration Fees | 14,560 | 17,298 | ||||||
Audit Fees | 10,917 | 7,074 | ||||||
Custodian Fees | 8,509 | 7,052 | ||||||
Printing Expense | 7,972 | 5,285 | ||||||
CCO Expense | 6,725 | 4,687 | ||||||
Trustee Fees | 5,213 | 3,190 | ||||||
Insurance Expense | 1,873 | 1,161 | ||||||
Miscellaneous Expense | 473 | 474 | ||||||
Total Expenses | 809,051 | 471,861 | ||||||
Fees Waived by Advisor [NOTE 3] | - | (49,695 | ) | |||||
Total Net Expenses | 809,051 | 422,166 | ||||||
Net Investment Income (Loss) | 99,790 | 856,624 | ||||||
Realized and Unrealized Gain (Loss) on Investments | ||||||||
Net Realized Gain (Loss) on Unaffiliated Investments | 2,880,187 | 169,231 | ||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 15,588,929 | (1,913,754 | ) | |||||
Net Realized and Unrealized Gain (Loss) on Investments | 18,469,116 | (1,744,523 | ) | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 18,568,906 | $ | (887,899 | ) | |||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Operations [46]
Statements of Operations
For the Six Months Ended March 31, 2011 (Unaudited)
High Yield Bond | Defensive Strategies | |||||||
Investment Income | ||||||||
Interest from: | ||||||||
Unaffiliated Investments | $ | 881,667 | $ | 201,579 | ||||
Dividends from: | ||||||||
Unaffiliated Investments | - | 126,843 | ||||||
Total Investment Income | 881,667 | 328,422 | ||||||
Expenses | ||||||||
Investment Advisory Fees [NOTE 4] | 72,557 | 102,033 | ||||||
12b-1 Fees [NOTE 4] | ||||||||
Class A | 28,873 | 32,724 | ||||||
Class C | 5,439 | 39,158 | ||||||
Fund Accounting, Transfer Agency, & Administration Fees | 25,023 | 31,935 | ||||||
Registration Fees | 13,380 | 19,474 | ||||||
Audit Fees | 6,581 | 6,761 | ||||||
Sub-Transfer Agency Fees | 7,452 | 13,270 | ||||||
Printing Expense | 2,250 | 3,379 | ||||||
Custodian Fees | 2,331 | 6,262 | ||||||
CCO Expense | 1,667 | 2,140 | ||||||
Trustee Fees | 1,113 | 929 | ||||||
Miscellaneous Expense | 473 | 446 | ||||||
Insurance Expense | 404 | 480 | ||||||
Total Expenses | 167,543 | 258,991 | ||||||
Total Net Expenses | 167,543 | 258,991 | ||||||
Net Investment Income (Loss) | 714,124 | 69,431 | ||||||
Realized and Unrealized Gain (Loss) on Investments | ||||||||
Net Realized Gain (Loss) on Unaffiliated Investments | 239,467 | 749,996 | ||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 509,540 | 2,355,998 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | 749,007 | 3,105,994 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,463,131 | $ | 3,175,425 | ||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Operations [47]
Statements of Operations
For the Six Months Ended March 31, 2011 (Unaudited)
Money Market | ||||||
Investment Income | ||||||
Interest from: | ||||||
Unaffiliated Investments | $ | 8,064 | ||||
Total Investment Income | 8,064 | |||||
Expenses | ||||||
Investment Advisory Fees [NOTE 4] | 36,667 | |||||
Fund Accounting, Transfer Agency, & Administration Fees | 13,164 | |||||
Registration Fees | 9,646 | |||||
Custodian Fees | 6,283 | |||||
Sub-Transfer Agency Fees | 3,401 | |||||
Audit Fees | 2,019 | |||||
Printing Expense | 1,496 | |||||
CCO Expense | 943 | |||||
Trustee Fees | 1,075 | |||||
Insurance Expense | 231 | |||||
Miscellaneous Expense | 236 | |||||
Total Expenses | 75,161 | |||||
Fees Waived by Advisor [NOTE 3] | (12,222 | ) | ||||
Expenses Reimbursed by Advisor [NOTE 3] | (59,884 | ) | ||||
Total Net Expenses | 3,055 | |||||
Net Investment Income (Loss) | 5,009 | |||||
Realized and Unrealized Gain (Loss) on Investments | ||||||
Net Realized Gain (Loss) on Unaffiliated Investments | (1,704 | ) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | (1,704 | ) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 3,305 | ||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Operations [48]
Statements of Operations
For the Six Months Ended March 31, 2011 (Unaudited)
Strategic Growth | Conservative Growth | |||||||
Investment Income | ||||||||
Interest from: | ||||||||
Unaffiliated Investments | $ | 71 | $ | 97 | ||||
Dividends from: | ||||||||
Affiliated Investments | 254,722 | 412,733 | ||||||
Total Investment Income | 254,793 | 412,830 | ||||||
Expenses | ||||||||
Investment Advisory Fees [NOTE 4] | 157,450 | 156,234 | ||||||
12b-1 Fees [NOTE 4] | ||||||||
Class B | 11,662 | 8,450 | ||||||
Class C | 28,579 | 30,282 | ||||||
Fund Accounting, Transfer Agency, & Administration Fees | 44,543 | 45,643 | ||||||
Sub-Transfer Agency Fees | 19,753 | 20,184 | ||||||
Registration Fees | 13,646 | 13,920 | ||||||
Printing Expense | 4,764 | 5,413 | ||||||
Audit Fees | 6,066 | 5,460 | ||||||
Custodian Fees | 5,037 | 5,099 | ||||||
CCO Expense | 3,446 | 3,200 | ||||||
Trustee Fees | 2,516 | 2,594 | ||||||
Insurance Expense | 877 | 935 | ||||||
Miscellaneous Expense | 474 | 473 | ||||||
Total Expenses | 298,813 | 297,887 | ||||||
Total Net Expenses | 298,813 | 297,887 | ||||||
Net Investment Income (Loss) | (44,020 | ) | 114,943 | |||||
Realized and Unrealized Gain (Loss) on Investments | ||||||||
Net Realized Gain (Loss) on Affiliated Investments | (501,743 | ) | (55,158 | ) | ||||
Change in Unrealized Appreciation (Depreciation) of Investments | 7,836,618 | 4,413,895 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | 7,334,875 | 4,358,737 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 7,290,855 | $ | 4,473,680 | ||||
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Operations [49]
Statements of Changes in Net Assets | Aggressive Growth
Increase (Decrease) in Net Assets
Six months ended 3/31/11 (Unaudited) | Year ended 09/30/10 | Period ended 09/30/09 | (A) | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) | $ | (138,942 | ) | $ | (254,555 | ) | $ | (201,996 | ) | |||||||||||||||
Net Realized Gain (Loss) on Investments | 3,425,847 | 3,285,274 | (2,667,673 | ) | ||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 884,892 | (700,397 | ) | 6,229,851 | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | 4,171,797 | 2,330,322 | 3,360,182 | |||||||||||||||||||||
Capital Share Transactions: | ||||||||||||||||||||||||
Proceeds from Shares Sold: | ||||||||||||||||||||||||
Class A | 7,766,641 | (B | ) | 1,860,320 | (C | ) | 1,228,054 | (D | ) | |||||||||||||||
Class B | - | 23,703 | - | |||||||||||||||||||||
Class C | 418,000 | 354,687 | 190,027 | |||||||||||||||||||||
Cost of Shares Redeemed: | ||||||||||||||||||||||||
Class A | (5,571,434 | ) | (7,615,959 | ) | (1,839,116 | ) | ||||||||||||||||||
Class B | (189,366 | ) | (B | ) | (93,874 | ) | (C | ) | (179,275 | ) | (D | ) | ||||||||||||
Class C | (197,028 | ) | (433,734 | ) | (237,480 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets (resulting from capital share transactions) | 2,226,813 | (5,904,857 | ) | (837,790 | ) | |||||||||||||||||||
Total Increase (Decrease) in Net Assets | 6,398,610 | (3,574,535 | ) | 2,522,392 | ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 15,283,630 | 18,858,165 | 16,335,773 | |||||||||||||||||||||
End of period | $ | 21,682,240 | $ | 15,283,630 | $ | 18,858,165 | ||||||||||||||||||
Accumulated Undistributed Net Investment Income (Loss) | $ | (138,942 | ) | $ | - | $ | - | |||||||||||||||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||||||||||||||||||
Shares Sold: | ||||||||||||||||||||||||
Class A | 1,198,707 | (B | ) | 370,914 | (C | ) | 331,324 | (D | ) | |||||||||||||||
Class B | - | 5,437 | - | |||||||||||||||||||||
Class C | 71,725 | 78,689 | 53,423 | |||||||||||||||||||||
Shares Redeemed: | ||||||||||||||||||||||||
Class A | (886,596 | ) | (1,694,190 | ) | (490,930 | ) | ||||||||||||||||||
Class B | (34,824 | ) | (B | ) | (21,099 | ) | (C | ) | (52,300 | ) | (D | ) | ||||||||||||
Class C | (35,004 | ) | (96,731 | ) | (68,122 | ) | ||||||||||||||||||
Net Increase (Decrease) in Number of Shares Outstanding | 314,008 | (1,356,980 | ) | (226,605 | ) | |||||||||||||||||||
(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 ($167,361 representing 31,072 shares) to Class A shares ($167,361 representing 28,443 shares).
(C) Includes automatic conversion of Class B shares ($32,688 representing 7,631 shares) to Class A shares ($32,688 representing 7,030 shares).
(D) Includes automatic conversion of Class B shares ($138,616 representing 40,607 shares) to Class A shares ($138,616 representing 37,670 shares).
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Changes [50]
Statements of Changes in Net Assets | International
Increase (Decrease) in Net Assets
Six months ended 3/31/11 (Unaudited) | Year ended 09/30/10 | Period ended 09/30/09 | (A) | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income (Loss) | $ | 612,068 | $ | 197,357 | $ | 415,092 | ||||||||||
Net Realized Gain (Loss) on Investments | 743,066 | (1,864,844 | ) | (5,756,467 | ) | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 3,102,813 | 2,989,598 | 13,894,617 | |||||||||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | 4,457,947 | 1,322,111 | 8,553,242 | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||
Net Investment Income: | ||||||||||||||||
Class A | (212,571 | ) | (466,907 | ) | - | |||||||||||
Class C | (6,909 | ) | (16,268 | ) | - | |||||||||||
Total Distributions | (219,480 | ) | (483,175 | ) | - | |||||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from Shares Sold: | ||||||||||||||||
Class A | 11,643,067 | 9,293,475 | 5,238,049 | |||||||||||||
Class C | 255,898 | 857,791 | 344,856 | |||||||||||||
Dividends Reinvested: | ||||||||||||||||
Class A | 195,030 | 428,150 | - | |||||||||||||
Class C | 5,363 | 13,857 | - | |||||||||||||
Cost of Shares Redeemed: | ||||||||||||||||
Class A | (9,533,382 | ) | (12,582,095 | ) | (7,490,528 | ) | ||||||||||
Class C | (455,170 | ) | (367,443 | ) | (179,451 | ) | ||||||||||
Net Increase (Decrease) in Net Assets (resulting from capital share transactions) | 2,110,806 | (2,356,265 | ) | (2,087,074 | ) | |||||||||||
Total Increase (Decrease) in Net Assets | 6,349,273 | (1,517,329 | ) | 6,466,168 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 37,147,608 | 38,664,937 | 32,198,769 | |||||||||||||
End of period | $ | 43,496,881 | $ | 37,147,608 | $ | 38,664,937 | ||||||||||
Accumulated Undistributed Net Investment Income (Loss) | $ | 533,160 | $ | 140,572 | $ | 426,390 | ||||||||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 1,397,290 | 1,254,272 | 870,021 | |||||||||||||
Class C | 31,659 | 113,556 | 54,460 | |||||||||||||
Shares Reinvested: | ||||||||||||||||
Class A | 23,898 | 54,682 | - | |||||||||||||
Class C | 669 | 1,792 | - | |||||||||||||
Shares Redeemed: | ||||||||||||||||
Class A | (1,146,271 | ) | (1,697,642 | ) | (1,188,414 | ) | ||||||||||
Class C | (56,114 | ) | (50,328 | ) | (31,068 | ) | ||||||||||
Net Increase (Decrease) in Number of Shares Outstanding | 251,131 | (323,668 | ) | (295,001 | ) | |||||||||||
(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 Statements of Changes [51]
Statements of Changes in Net Assets | Large/Mid Cap Growth
Increase (Decrease) in Net Assets
Six months ended 3/31/11 (Unaudited) | Year ended 09/30/10 | Period ended 09/30/09 | (A) | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) | $ | (190,178 | ) | $ | (332,565 | ) | $ | (164,775 | ) | |||||||||||||||
Net Realized Gain (Loss) on Investments | 6,091,357 | 3,947,518 | (2,950,198 | ) | ||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 3,303,314 | 952,504 | 10,218,574 | |||||||||||||||||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | 9,204,493 | 4,567,457 | 7,103,601 | |||||||||||||||||||||
Capital Share Transactions: | ||||||||||||||||||||||||
Proceeds from Shares Sold: | ||||||||||||||||||||||||
Class A | 3,391,674 | (B | ) | 6,385,933 | (C | ) | 2,870,891 | |||||||||||||||||
Class B | - | 21,288 | 3,853 | |||||||||||||||||||||
Class C | 724,928 | 691,586 | 335,469 | |||||||||||||||||||||
Cost of Shares Redeemed: | ||||||||||||||||||||||||
Class A | (5,699,178 | ) | (7,716,915 | ) | (5,919,458 | ) | ||||||||||||||||||
Class B | (447,089 | ) | (B | ) | (558,323 | ) | (C | ) | (97,613 | ) | ||||||||||||||
Class C | (631,629 | ) | (525,440 | ) | (550,408 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets (resulting from capital share transactions) | (2,661,294 | ) | (1,701,871 | ) | (3,357,266 | ) | ||||||||||||||||||
Total Increase (Decrease) in Net Assets | 6,543,199 | 2,865,586 | 3,746,335 | |||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 42,088,460 | 39,222,874 | 35,476,539 | |||||||||||||||||||||
End of period | $ | 48,631,659 | $ | 42,088,460 | $ | 39,222,874 | ||||||||||||||||||
Accumulated Undistributed Net Investment Income (Loss) | $ | (190,178 | ) | $ | - | $ | - | |||||||||||||||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||||||||||||||||||
Shares Sold: | ||||||||||||||||||||||||
Class A | 500,259 | (B | ) | 1,144,683 | (C | ) | 640,864 | |||||||||||||||||
Class B | - | 4,052 | 928 | |||||||||||||||||||||
Class C | 114,095 | 130,866 | 78,171 | |||||||||||||||||||||
Shares Redeemed: | ||||||||||||||||||||||||
Class A | (844,717 | ) | (1,361,041 | ) | (1,345,096 | ) | ||||||||||||||||||
Class B | (74,582 | ) | (B | ) | (103,590 | ) | (C | ) | (23,674 | ) | ||||||||||||||
Class C | (100,053 | ) | (99,562 | ) | (133,643 | ) | ||||||||||||||||||
Net Increase (Decrease) in Number of Shares Outstanding | (404,998 | ) | (284,592 | ) | (782,450 | ) | ||||||||||||||||||
(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 ($398,614 representing 66,690 shares) to Class A shares ($398,614 representing 61,638 shares).
(C) Includes automatic conversion of Class B shares ($391,947 representing 71,554 shares) to Class A shares ($391,947 representing 66,349 shares).
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Changes [52]
Statements of Changes in Net Assets | Small Cap Value
Increase (Decrease) in Net Assets
Six months ended 3/31/11 (Unaudited) | Year ended 09/30/10 | Period ended 09/30/09 | (A) | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) | $ | (128,703 | ) | $ | (311,453 | ) | $ | (296,132 | ) | |||||||||||||||
Capital Gain Dividends from REITs | - | 16,268 | 23,271 | |||||||||||||||||||||
Net Realized Gain (Loss) on Investments | 8,263,355 | 6,310,642 | (1,480,291 | ) | ||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 4,445,124 | (1,924,103 | ) | 9,015,718 | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | 12,579,776 | 4,091,354 | 7,262,566 | |||||||||||||||||||||
Capital Share Transactions: | ||||||||||||||||||||||||
Proceeds from Shares Sold: | ||||||||||||||||||||||||
Class A | 7,001,123 | (B | ) | 5,432,696 | (C | ) | 4,308,472 | (D | ) | |||||||||||||||
Class B | 4,993 | 15,444 | - | |||||||||||||||||||||
Class C | 544,831 | 869,702 | 424,218 | |||||||||||||||||||||
Cost of Shares Redeemed: | ||||||||||||||||||||||||
Class A | (6,327,492 | ) | (15,636,285 | ) | (5,977,541 | ) | ||||||||||||||||||
Class B | (2,575,949 | ) | (B | ) | (1,288,320 | ) | (C | ) | (620,618 | ) | (D | ) | ||||||||||||
Class C | (433,647 | ) | (889,192 | ) | (935,477 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets (resulting from capital share transactions) | (1,786,141 | ) | (11,495,955 | ) | (2,800,946 | ) | ||||||||||||||||||
Total Increase (Decrease) in Net Assets | 10,793,635 | (7,404,601 | ) | 4,461,620 | ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 47,781,873 | 55,186,474 | 50,724,854 | |||||||||||||||||||||
End of period | $ | 58,575,508 | $ | 47,781,873 | $ | 55,186,474 | ||||||||||||||||||
Accumulated Undistributed Net Investment Income (Loss) | $ | (128,703 | ) | $ | - | $ | - | |||||||||||||||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||||||||||||||||||
Shares Sold: | ||||||||||||||||||||||||
Class A | 540,975 | (B | ) | 491,833 | (C | ) | 511,073 | (D | ) | |||||||||||||||
Class B | 438 | 1,620 | - | |||||||||||||||||||||
Class C | 47,459 | 90,254 | 55,575 | |||||||||||||||||||||
Shares Redeemed: | ||||||||||||||||||||||||
Class A | (484,535 | ) | (1,515,665 | ) | (698,823 | ) | ||||||||||||||||||
Class B | (240,878 | ) | (B | ) | (136,357 | ) | (C | ) | (82,249 | ) | (D | ) | ||||||||||||
Class C | (38,121 | ) | (94,152 | ) | (123,231 | ) | ||||||||||||||||||
Net Increase (Decrease) in Number of Shares Outstanding | (174,662 | ) | (1,162,467 | ) | (337,655 | ) | ||||||||||||||||||
(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 ($2,490,160 representing 233,228 shares) to Class A shares ($2,490,160 representing 201,234 shares).
(C) Includes automatic conversion of Class B shares ($665,559 representing 70,422 shares) to Class A shares ($665,559 representing 61,038 shares).
(D) Includes automatic conversion of Class B shares ($132,891 representing 16,408 shares) to Class A shares ($132,891 representing 14,308 shares).
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Changes [53]
Statements of Changes in Net Assets | Large/Mid Cap Value
Increase (Decrease) in Net Assets
Six months ended 3/31/11 (Unaudited) | Year ended 09/30/10 | Period ended 09/30/09 | (A) | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) | $ | 99,790 | $ | 277,344 | $ | 290,749 | ||||||||||||||||||
Capital Gain Dividends from REITs | - | 14,140 | 56,992 | |||||||||||||||||||||
Net Realized Gain (Loss) on Investments | 2,880,187 | 5,661,957 | (5,325,537 | ) | ||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 15,588,929 | 3,112,652 | 19,278,975 | |||||||||||||||||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | 18,568,906 | 9,066,093 | 14,301,179 | |||||||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||
Class A | (261,906 | ) | (356,852 | ) | - | |||||||||||||||||||
Class B | (81 | ) | (5,573 | ) | - | |||||||||||||||||||
Class C | (14,121 | ) | (32,368 | ) | - | |||||||||||||||||||
Total Distributions | (276,108 | ) | (394,793 | ) | - | |||||||||||||||||||
Capital Share Transactions: | ||||||||||||||||||||||||
Proceeds from Shares Sold: | ||||||||||||||||||||||||
Class A | 13,045,863 | (B | ) | 17,995,566 | (C | ) | 13,727,988 | (D | ) | |||||||||||||||
Class B | 5,970 | 16,897 | 10,649 | |||||||||||||||||||||
Class C | 1,300,190 | 1,801,079 | 1,187,000 | |||||||||||||||||||||
Dividends Reinvested: | ||||||||||||||||||||||||
Class A | 227,626 | 307,025 | - | |||||||||||||||||||||
Class B | 71 | 5,078 | - | |||||||||||||||||||||
Class C | 11,454 | 24,598 | - | |||||||||||||||||||||
Cost of Shares Redeemed: | ||||||||||||||||||||||||
Class A | (12,467,296 | ) | (28,066,046 | ) | (13,355,139 | ) | ||||||||||||||||||
Class B | (688,579 | ) | (B | ) | (766,541 | ) | (C | ) | (770,992 | ) | (D | ) | ||||||||||||
Class C | (1,745,510 | ) | (2,767,557 | ) | (1,517,058 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets (resulting from capital share transactions) | (310,211 | ) | (11,449,901 | ) | (717,552 | ) | ||||||||||||||||||
Total Increase (Decrease) in Net Assets | 17,982,587 | (2,778,601 | ) | 13,583,627 | ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 91,279,897 | 94,058,498 | 80,474,871 | |||||||||||||||||||||
End of period | $ | 109,262,484 | $ | 91,279,897 | $ | 94,058,498 | ||||||||||||||||||
Accumulated Undistributed Net Investment Income (Loss) | $ | 77,454 | $ | 253,772 | $ | 318,708 | ||||||||||||||||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||||||||||||||||||
Shares Sold: | ||||||||||||||||||||||||
Class A | 986,676 | (B | ) | 1,609,716 | (C | ) | 1,527,499 | (D | ) | |||||||||||||||
Class B | 539 | 1,735 | 1,346 | |||||||||||||||||||||
Class C | 109,236 | 178,749 | 141,471 | |||||||||||||||||||||
Shares Reinvested: | ||||||||||||||||||||||||
Class A | 17,216 | 27,364 | - | |||||||||||||||||||||
Class B | 6 | 497 | - | |||||||||||||||||||||
Class C | 960 | 2,416 | - | |||||||||||||||||||||
Shares Redeemed: | ||||||||||||||||||||||||
Class A | (943,439 | ) | (2,542,612 | ) | (1,464,060 | ) | ||||||||||||||||||
Class B | (59,761 | ) | (B | ) | (76,437 | ) | (C | ) | (93,370 | ) | (D | ) | ||||||||||||
Class C | (148,821 | ) | (274,697 | ) | (188,471 | ) | ||||||||||||||||||
Net Increase (Decrease) in Number of Shares Outstanding | (37,388 | ) | (1,073,269 | ) | (75,585 | ) | ||||||||||||||||||
(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 ($607,267 representing 53,155 shares) to Class A shares ($607,267 representing 48,011 shares).
(C) Includes automatic conversion of Class B shares ($485,983 representing 48,535 shares) to Class A shares ($485,983 representing 44,047 shares).
(D) Includes automatic conversion of Class B shares ($547,116 representing 65,891 shares) to Class A shares ($547,116 representing 60,101 shares).
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Changes [54]
Statements of Changes in Net Assets | Fixed Income
Increase (Decrease) in Net Assets
Six months ended 3/31/11 (Unaudited) | Year ended 09/30/10 | Period ended 09/30/09 | (A) | |||||||||||||||
Operations: | ||||||||||||||||||
Net Investment Income (Loss) | $ | 856,624 | $ | 1,593,860 | $ | 1,121,628 | ||||||||||||
Net Realized Gain (Loss) on Investments | 169,231 | 391,226 | (363,079 | ) | ||||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | (1,913,754 | ) | 2,074,852 | 3,043,140 | ||||||||||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | (887,899 | ) | 4,059,938 | 3,801,689 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||
Net Investment Income: | ||||||||||||||||||
Class A | (812,950 | ) | (1,463,500 | ) | (1,030,855 | ) | ||||||||||||
Class B | (1,713 | ) | (10,119 | ) | (18,994 | ) | ||||||||||||
Class C | (84,355 | ) | (152,405 | ) | (84,563 | ) | ||||||||||||
Total Distributions | (899,018 | ) | (1,626,024 | ) | (1,134,412 | ) | ||||||||||||
Capital Share Transactions: | ||||||||||||||||||
Proceeds from Shares Sold: | ||||||||||||||||||
Class A | 7,732,050 | (B) | 23,371,938 | (C) | 15,547,916 | (D) | ||||||||||||
Class B | 10,000 | 11,214 | 26,344 | |||||||||||||||
Class C | 1,043,135 | 4,581,705 | 3,291,479 | |||||||||||||||
Dividends Reinvested: | ||||||||||||||||||
Class A | 756,713 | 1,366,616 | 971,951 | |||||||||||||||
Class B | 1,213 | 8,325 | 16,644 | |||||||||||||||
Class C | 72,945 | 128,869 | 62,936 | |||||||||||||||
Cost of Shares Redeemed: | ||||||||||||||||||
Class A | (9,115,983 | ) | (16,116,013 | ) | (8,207,233 | ) | ||||||||||||
Class B | (203,364 | ) | (B) | (512,736 | ) | (C) | (547,920 | ) | (D) | |||||||||
Class C | (1,613,273 | ) | (1,762,597 | ) | (1,239,605 | ) | ||||||||||||
Net Increase (Decrease) in Net Assets (resulting from capital share transactions) | (1,316,564 | ) | 11,077,321 | 9,922,512 | ||||||||||||||
Total Increase (Decrease) in Net Assets | (3,103,481 | ) | 13,511,235 | 12,589,789 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Beginning of period | 67,580,392 | 54,069,157 | 41,479,368 | |||||||||||||||
End of period | $ | 64,476,911 | $ | 67,580,392 | $ | 54,069,157 | ||||||||||||
Accumulated Undistributed Net Investment Income (Loss) | $ | (10,227 | ) | $ | 32,167 | $ | (12,064 | ) | ||||||||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||||||||||||
Shares Sold: | ||||||||||||||||||
Class A | 741,848 | (B) | 2,264,804 | (C) | 1,572,537 | (D) | ||||||||||||
Class B | 976 | 1,122 | 2,732 | |||||||||||||||
Class C | 103,290 | 459,586 | 342,893 | |||||||||||||||
Shares Reinvested: | ||||||||||||||||||
Class A | 73,583 | 132,845 | 98,066 | |||||||||||||||
Class B | 121 | 839 | 1,741 | |||||||||||||||
Class C | 7,333 | 12,923 | 6,535 | |||||||||||||||
Shares Redeemed: | ||||||||||||||||||
Class A | (874,973 | ) | (1,567,585 | ) | (836,481 | ) | ||||||||||||
Class B | (20,259 | ) | (B) | (51,241 | ) | (C) | (57,366 | ) | (D) | |||||||||
Class C | (160,682 | ) | (177,159 | ) | (129,520 | ) | ||||||||||||
Net Increase (Decrease) in Number of Shares Outstanding | (128,763 | ) | 1,076,134 | 1,001,137 | ||||||||||||||
(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 ($180,121 representing 17,949 shares) to Class A shares ($180,121 representing 17,400 shares).
(C) Includes automatic conversion of Class B shares ($329,284 representing 32,881 shares) to Class A shares ($329,284 representing 31,865 shares).
(D) Includes automatic conversion of Class B shares ($335,825 representing 35,147 shares) to Class A shares ($335,825 representing 34,072 shares).
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Changes [55]
Statements of Changes in Net Assets | High Yield Bond
Increase (Decrease) in Net Assets
Six months ended 3/31/11 (Unaudited) | Year ended 09/30/10 | Period ended 09/30/09 | (A) | |||||||||||
Operations: | ||||||||||||||
Net Investment Income (Loss) | $ | 714,124 | $ | 1,381,531 | $ | 997,484 | ||||||||
Net Realized Gain (Loss) on Investments | 239,467 | 452,770 | (1,807,422 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 509,540 | 1,010,351 | 6,648,416 | |||||||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | 1,463,131 | 2,844,652 | 5,838,478 | |||||||||||
Distributions to Shareholders From: | ||||||||||||||
Net Investment Income: | ||||||||||||||
Class A | (691,148 | ) | (1,331,309 | ) | (993,063 | ) | ||||||||
Class C | (28,154 | ) | (50,198 | ) | (21,558 | ) | ||||||||
Total Distributions | (719,302 | ) | (1,381,507 | ) | (1,014,621 | ) | ||||||||
Capital Share Transactions: | ||||||||||||||
Proceeds from Shares Sold: | ||||||||||||||
Class A | 5,859,249 | 6,933,191 | 6,181,963 | |||||||||||
Class C | 238,319 | 548,832 | 379,942 | |||||||||||
Dividends Reinvested: | ||||||||||||||
Class A | 657,895 | 1,261,483 | 951,405 | |||||||||||
Class C | 19,161 | 35,472 | 15,955 | |||||||||||
Cost of Shares Redeemed: | ||||||||||||||
Class A | (3,692,340 | ) | (6,727,086 | ) | (6,409,997 | ) | ||||||||
Class C | (148,131 | ) | (145,950 | ) | (79,706 | ) | ||||||||
Net Increase (Decrease) in Net Assets (resulting from capital share transactions) | 2,934,153 | 1,905,942 | 1,039,562 | |||||||||||
Total Increase (Decrease) in Net Assets | 3,677,982 | 3,369,087 | 5,863,419 | |||||||||||
Net Assets: | ||||||||||||||
Beginning of period | 22,656,252 | 19,287,165 | 13,423,746 | |||||||||||
End of period | $ | 26,334,234 | $ | 22,656,252 | $ | 19,287,165 | ||||||||
Accumulated Undistributed Net Investment Income (Loss) | $ | (5,154 | ) | $ | 24 | $ | - | |||||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||||||||
Shares Sold: | ||||||||||||||
Class A | 625,139 | 782,374 | 829,334 | |||||||||||
Class C | 25,306 | 61,641 | 50,127 | |||||||||||
Shares Reinvested: | ||||||||||||||
Class A | 70,800 | 142,723 | 131,606 | |||||||||||
Class C | 2,047 | 3,983 | 2,126 | |||||||||||
Shares Redeemed: | ||||||||||||||
Class A | (393,804 | ) | (766,222 | ) | (876,583 | ) | ||||||||
Class C | (15,846 | ) | (16,540 | ) | (10,343 | ) | ||||||||
Net Increase (Decrease) in Number of Shares Outstanding | 313,642 | 207,959 | 126,267 | |||||||||||
(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 Statements of Changes [56]
Statements of Changes in Net Assets | Defensive Strategies
Increase (Decrease) in Net Assets
Six months ended 3/31/11 (Unaudited) | Year ended 09/30/10 | (A) | ||||||||
Operations: | ||||||||||
Net Investment Income (Loss) | $ | 69,431 | $ | 6,391 | ||||||
Capital Gain Dividends from REITs | - | 31,216 | ||||||||
Net Realized Gain (Loss) on Investments | 749,996 | 404,252 | ||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 2,355,998 | 2,122,357 | ||||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | 3,175,425 | 2,564,216 | ||||||||
Distributions to Shareholders From: | ||||||||||
Net Investment Income: | ||||||||||
Class A | - | (2,918) | ||||||||
Class C | - | (445) | ||||||||
Net Realized Gains: | ||||||||||
Class A | (112,375) | (434,295) | ||||||||
Class C | (33,422) | (104,053) | ||||||||
Return of Capital: | ||||||||||
Class A | - | (397,132) | ||||||||
Class C | - | (80,358) | ||||||||
Total Distributions | (145,797) | (1,019,201) | ||||||||
Capital Share Transactions: | ||||||||||
Proceeds from Shares Sold: | ||||||||||
Class A | 6,387,428 | 24,560,497 | ||||||||
Class C | 4,678,206 | 5,422,174 | ||||||||
Dividends Reinvested: | ||||||||||
Class A | 111,243 | 829,995 | ||||||||
Class C | 33,336 | 184,556 | ||||||||
Cost of Shares Redeemed: | ||||||||||
Class A | (3,290,073) | (3,422,455) | ||||||||
Class C | (209,632) | (232,621) | ||||||||
Net Increase (Decrease) in Net Assets (resulting from capital share transactions) | 7,710,508 | 27,342,146 | ||||||||
Total Increase (Decrease) in Net Assets | 10,740,136 | 28,887,161 | ||||||||
Net Assets: | ||||||||||
Beginning of period | 28,887,161 | - | ||||||||
End of period | $ | 39,627,297 | $ | 28,887,161 | ||||||
Accumulated Undistributed Net Investment Income (Loss) | $ | 72,458 | $ | 3,027 | ||||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||||
Shares Sold: | ||||||||||
Class A | 567,341 | 2,434,205 | ||||||||
Class C | 421,845 | 527,240 | ||||||||
Shares Reinvested: | ||||||||||
Class A | 9,995 | 77,678 | ||||||||
Class C | 3,033 | 17,476 | ||||||||
Shares Redeemed: | ||||||||||
Class A | (289,421) | (328,549) | ||||||||
Class C | (18,787) | (22,363) | ||||||||
Net Increase (Decrease) in Number of Shares Outstanding | 694,006 | 2,705,687 | ||||||||
(A) For the period November 4, 2009 (commencement of operations) through September 30, 2010.
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Changes [57]
Statements of Changes in Net Assets | Money Market
Increase (Decrease) in Net Assets
Six months ended 3/31/11 (Unaudited) | Year ended 09/30/10 | Period ended 09/30/09 | (A) | |||||||||||
Operations: | ||||||||||||||
Net Investment Income (Loss) | $ | 5,009 | $ | 10,067 | $ | 19,717 | ||||||||
Net Realized Gain (Loss) on Investments | (1,704 | ) | 701 | 5,397 | ||||||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | 3,305 | 10,768 | 25,114 | |||||||||||
Distributions to Shareholders From: | ||||||||||||||
Net Investment Income: | (4,989 | ) | (10,048 | ) | (19,743 | ) | ||||||||
Total Distributions | (4,989 | ) | (10,048 | ) | (19,743 | ) | ||||||||
Capital Share Transactions: | ||||||||||||||
Proceeds from Shares Sold | 5,664,102 | 62,161,696 | 66,347,945 | |||||||||||
Dividends Reinvested | 4,678 | 8,029 | 8,798 | |||||||||||
Cost of Shares Redeemed | (8,245,371 | ) | (75,948,932 | ) | (73,053,550 | ) | ||||||||
Net Increase (Decrease) in Net Assets (resulting from capital share transactions) | (2,576,591 | ) | (13,779,207 | ) | (6,696,807 | ) | ||||||||
Total Increase (Decrease) in Net Assets | (2,578,275 | ) | (13,778,487 | ) | (6,691,436 | ) | ||||||||
Net Assets: | ||||||||||||||
Beginning of period | 13,389,720 | 27,168,207 | 33,859,643 | |||||||||||
End of period | $ | 10,811,445 | $ | 13,389,720 | $ | 27,168,207 | ||||||||
Accumulated Undistributed Net Investment Income (Loss) | $ | 7,904 | $ | 7,884 | $ | 7,683 | ||||||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||||||||
Shares Sold | 5,666,810 | 62,161,697 | 66,347,945 | |||||||||||
Shares Reinvested | 4,678 | 8,029 | 8,798 | |||||||||||
Shares Redeemed | (8,249,782 | ) | (75,948,933 | ) | (73,053,550 | ) | ||||||||
Net Increase (Decrease) in Number of Shares Outstanding | (2,578,294 | ) | (13,779,207 | ) | (6,696,807 | ) | ||||||||
(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 Statements of Changes [58]
Statements of Changes in Net Assets | Strategic Growth
Increase (Decrease) in Net Assets
Six months ended 3/31/11 (Unaudited) | Year ended 09/30/10 | Period ended 09/30/09 | (A) | |||||||||||||||
Operations: | ||||||||||||||||||
Net Investment Income (Loss) | $ | (44,020 | ) | $ | 41,292 | $ | (143,802 | ) | ||||||||||
Net Realized Gain (Loss) on Investments | (501,743 | ) | (4,580,132 | ) | (2,575,633 | ) | ||||||||||||
Capital Gain Distributions from Affiliated Funds | - | 15,230 | - | |||||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 7,836,618 | 8,000,124 | 10,776,761 | |||||||||||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | 7,290,855 | 3,476,514 | 8,057,326 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||
Net Investment Income: | ||||||||||||||||||
Class A | (41,359 | ) | - | - | ||||||||||||||
Total Distributions | (41,359 | ) | - | - | ||||||||||||||
Capital Share Transactions: | ||||||||||||||||||
Proceeds from Shares Sold: | ||||||||||||||||||
Class A | 6,583,258 | (B) | 10,177,043 | (C) | 4,315,979 | (D) | ||||||||||||
Class B | - | 76,783 | - | |||||||||||||||
Class C | 689,600 | 1,472,104 | 1,239,886 | |||||||||||||||
Dividends Reinvested: | ||||||||||||||||||
Class A | 37,242 | - | - | |||||||||||||||
Class B | - | - | - | |||||||||||||||
Class C | - | - | - | |||||||||||||||
Cost of Shares Redeemed: | ||||||||||||||||||
Class A | (7,878,185 | ) | (8,677,400 | ) | (5,107,122 | ) | ||||||||||||
Class B | (2,943,856 | ) | (B) | (1,985,860 | ) | (C) | (1,520,998 | ) | (D) | |||||||||
Class C | (768,314 | ) | (2,688,307 | ) | (1,478,861 | ) | ||||||||||||
Net Increase (Decrease) in Net Assets (resulting from capital share transactions) | (4,280,255 | ) | (1,625,637 | ) | (2,551,116 | ) | ||||||||||||
Total Increase (Decrease) in Net Assets | 2,969,241 | 1,850,877 | 5,506,210 | |||||||||||||||
Net Assets: | ||||||||||||||||||
Beginning of period | 45,731,317 | 43,880,440 | 38,374,230 | |||||||||||||||
End of period | $ | 48,700,558 | $ | 45,731,317 | $ | 43,880,440 | ||||||||||||
Accumulated Undistributed Net Investment Income (Loss) | $ | (44,087 | ) | $ | 41,292 | $ | - | |||||||||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||||||||||||
Shares Sold: | ||||||||||||||||||
Class A | 940,682 | (B) | 1,638,898 | (C) | 852,285 | (D) | ||||||||||||
Class B | - | 13,219 | - | |||||||||||||||
Class C | 103,534 | 252,813 | 261,910 | |||||||||||||||
Shares Reinvested: | ||||||||||||||||||
Class A | 5,216 | - | - | |||||||||||||||
Class B | - | - | - | |||||||||||||||
Class C | - | - | - | |||||||||||||||
Shares Redeemed: | ||||||||||||||||||
Class A | (1,100,835 | ) | (1,424,189 | ) | (1,054,172 | ) | ||||||||||||
Class B | (459,103 | ) | (B) | (343,379 | ) | (C) | (309,613 | ) | (D) | |||||||||
Class C | (113,488 | ) | (460,286 | ) | (305,442 | ) | ||||||||||||
Net Increase (Decrease) in Number of Shares Outstanding | (623,994 | ) | (322,924 | ) | (555,032 | ) | ||||||||||||
(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 ($2,388,153 representing 374,678 shares) to Class A shares ($2,388,153 representing 352,435 shares).
(C) Includes automatic conversion of Class B shares ($942,809 representing 163,586 shares) to Class A shares ($942,809 representing 154,781 shares).
(D) 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 Statements of Changes [59]
Statements of Changes in Net Assets | Conservative Growth
Increase (Decrease) in Net Assets
Six months ended 3/31/11 (Unaudited) | Year ended 09/30/10 | Period ended 09/30/09 | (A) | |||||||||||||||
Operations: | ||||||||||||||||||
Net Investment Income (Loss) | $ | 114,943 | $ | 393,452 | $ | 164,857 | ||||||||||||
Net Realized Gain (Loss) on Investments | (55,158 | ) | (4,077,746 | ) | (2,036,120 | ) | ||||||||||||
Capital Gain Distributions from Affiliated Funds | - | 23,585 | - | |||||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 4,413,895 | 7,145,318 | 8,547,732 | |||||||||||||||
Net Increase (Decrease) in Net Assets (resulting from operations) | 4,473,680 | 3,484,609 | 6,676,469 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||
Net Investment Income: | ||||||||||||||||||
Class A | (322,689 | ) | (456,632 | ) | - | |||||||||||||
Class B | (12,991 | ) | (61,754 | ) | - | |||||||||||||
Class C | (57,747 | ) | (89,581 | ) | - | |||||||||||||
Total Distributions | (393,427 | ) | (607,967 | ) | - | |||||||||||||
Capital Share Transactions: | ||||||||||||||||||
Proceeds from Shares Sold: | ||||||||||||||||||
Class A | 6,488,120 | (B) | 9,573,831 | (C) | 8,047,031 | |||||||||||||
Class B | 84,890 | 84,058 | 1,965 | |||||||||||||||
Class C | 1,406,553 | 1,948,340 | 1,565,900 | |||||||||||||||
Dividends Reinvested: | ||||||||||||||||||
Class A | 285,257 | 406,673 | - | |||||||||||||||
Class B | 12,537 | 57,996 | - | |||||||||||||||
Class C | 53,050 | 83,067 | - | |||||||||||||||
Cost of Shares Redeemed: | ||||||||||||||||||
Class A | (7,898,219 | ) | (10,282,385 | ) | (5,818,596 | ) | ||||||||||||
Class B | (1,864,658 | ) | (B) | (2,370,007 | ) | (C) | (1,053,283 | ) | ||||||||||
Class C | (759,626 | ) | (2,601,447 | ) | (1,669,268 | ) | ||||||||||||
Net Increase (Decrease) in Net Assets (resulting from capital share transactions) | (2,192,096 | ) | (3,099,874 | ) | 1,073,749 | |||||||||||||
Total Increase (Decrease) in Net Assets | 1,888,157 | (223,232 | ) | 7,750,218 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Beginning of period | 45,727,086 | 45,950,318 | 38,200,100 | |||||||||||||||
End of period | $ | 47,615,243 | $ | 45,727,086 | $ | 45,950,318 | ||||||||||||
Accumulated Undistributed Net Investment Income (Loss) | $ | 114,878 | $ | 393,362 | $ | 607,877 | ||||||||||||
Shares of Capital Stock of the Fund Sold and Redeemed: | ||||||||||||||||||
Shares Sold: | ||||||||||||||||||
Class A | 702,712 | (B) | 1,132,186 | (C) | 1,088,656 | |||||||||||||
Class B | 9,735 | 10,502 | 233 | |||||||||||||||
Class C | 160,725 | 248,499 | 228,382 | |||||||||||||||
Shares Reinvested: | ||||||||||||||||||
Class A | 30,839 | 48,356 | - | |||||||||||||||
Class B | 1,434 | 7,259 | - | |||||||||||||||
Class C | 6,084 | 10,422 | - | |||||||||||||||
Shares Redeemed: | ||||||||||||||||||
Class A | (849,403 | ) | (1,226,929 | ) | (851,746 | ) | ||||||||||||
Class B | (217,389 | ) | (B) | (296,980 | ) | (C) | (159,124 | ) | ||||||||||
Class C | (86,646 | ) | (331,829 | ) | (244,046 | ) | ||||||||||||
Net Increase (Decrease) in Number of Shares Outstanding | (241,909 | ) | (398,514 | ) | 62,355 | |||||||||||||
(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 ($1,649,483 representing 192,773 shares) to Class A shares ($1,649,483 representing 182,066 shares).
(C) Includes automatic conversion of Class B shares ($949,372 representing 118,537 shares) to Class A shares ($949,372 representing 112,309 shares).
The accompanying notes are an integral part of these financial statements.
Timothy Plan Statements of Changes [60]
Financial Highlights | Aggressive Growth (Class A Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 5.42 | $ | 4.51 | $ | 3.71 | $ | 6.80 | $ | 7.04 | $ | 7.38 | $ | 6.95 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.04 | ) | (0.09 | ) | (0.05 | ) | (0.07 | ) | (0.06 | ) | (0.08 | ) | (0.09 | ) | (B) | |||||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Investments | 1.54 | 1.00 | 0.85 | (3.01 | ) | 0.59 | 0.65 | 0.70 | ||||||||||||||||||||||||||||||
Total from Investment Operations | 1.50 | 0.91 | 0.80 | (3.08 | ) | 0.53 | 0.57 | 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 | $ | 6.92 | $ | 5.42 | $ | 4.51 | $ | 3.71 | $ | 6.80 | $ | 7.04 | $ | 7.38 | ||||||||||||||||||||||||
Total Return (C)(D) | 27.68 | % | (F) | 20.18 | % | 21.56 | % | (F) | (45.27 | )% | 7.66 | % | 7.50 | % | 8.73 | % | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 19,078 | $ | 13,247 | $ | 17,007 | $ | 14,575 | $ | 24,041 | $ | 23,187 | $ | 18,403 | ||||||||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.75 | % | (G) | 1.88 | % | 1.85 | % | (G) | 1.72 | % | 1.52 | % | 1.59 | % | 1.59 | % | ||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.75 | % | (G) | 1.88 | % | 1.85 | % | (G) | 1.72 | % | 1.55 | % | 1.60 | % | 1.60 | % | ||||||||||||||||||||||
Ratio of Net Investment Income | ||||||||||||||||||||||||||||||||||||||
(Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | (1.45 | )% | (G) | (1.61 | )% | (1.58 | )% | (G) | (1.33 | )% | (0.94 | )% | (1.17 | )% | (1.32 | )% | ||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | (1.45 | )% | (G) | (1.61 | )% | (1.58 | )% | (G) | (1.33 | )% | (0.97 | )% | (1.18 | )% | (1.33 | )% | ||||||||||||||||||||||
Portfolio Turnover | 107.30 | % | 88.96 | % | 135.90 | % | 243.59 | % | (E) | 58.55 | % | 96.39 | % | 102.63 | % |
(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-advisor for the Fund. |
(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 [61]
Financial Highlights | Aggressive Growth (Class B Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 4.96 | $ | 4.17 | $ | 3.45 | $ | 6.36 | $ | 6.68 | $ | 7.09 | $ | 6.74 | ||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.06 | ) | (B) | (0.12 | ) | (0.07 | ) | (0.12 | ) | (0.12 | ) | (0.14 | ) | (0.14 | ) | (B) | ||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.41 | 0.91 | 0.79 | (2.78 | ) | 0.57 | 0.64 | 0.67 | ||||||||||||||||||||||||||||
Total from Investment Operations | 1.35 | 0.79 | 0.72 | (2.90 | ) | 0.45 | 0.50 | 0.53 | ||||||||||||||||||||||||||||
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 | $ | 6.31 | $ | 4.96 | $ | 4.17 | $ | 3.45 | $ | 6.36 | $ | 6.68 | $ | 7.09 | ||||||||||||||||||||||
Total Return (C)(D) | 27.22 | % | (F) | 18.94 | % | 20.87 | % | (F) | (45.57 | )% | 6.87 | % | 6.83 | % | 7.82 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 247 | $ | 367 | $ | 373 | $ | 489 | $ | 1,088 | $ | 1,247 | $ | 1,392 | ||||||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.50 | % | (G) | 2.63 | % | 2.60 | % | (G) | 2.45 | % | 2.26 | % | 2.32 | % | 2.34 | % | ||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.50 | % | (G) | 2.63 | % | 2.60 | % | (G) | 2.45 | % | 2.29 | % | 2.35 | % | 2.35 | % | ||||||||||||||||||||
Ratio of Net Investment Income | ||||||||||||||||||||||||||||||||||||
(Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | (2.20 | )% | (G) | (2.36 | )% | (2.33 | )% | (G) | (2.06 | )% | (1.70 | )% | (1.90 | )% | (2.07 | )% | ||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | (2.20 | )% | (G) | (2.36 | )% | (2.33 | )% | (G) | (2.06 | )% | (1.73 | )% | (1.93 | )% | (2.08 | )% | ||||||||||||||||||||
Portfolio Turnover | 107.30 | % | 88.96 | % | 135.90 | % | 243.59 | % | (E) | 58.55 | % | 96.39 | % | 102.63 | % |
(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-advisor for the Fund. |
(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 [62]
Financial Highlights | Aggressive Growth (Class C Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year 12/31/05 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 4.98 | $ | 4.18 | $ | 3.46 | $ | 6.37 | $ | 6.69 | $ | 7.11 | $ | 6.75 | ||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.06 | ) | (0.11 | ) | (0.06 | ) | (0.11 | ) | (0.10 | ) | (0.11 | ) | (0.14 | ) | (B) | |||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||||||||||
Gain (Loss) on Investments | 1.41 | 0.91 | 0.78 | (2.79 | ) | 0.55 | 0.60 | 0.68 | ||||||||||||||||||||||||||||
Total from Investment Operations | 1.35 | 0.80 | 0.72 | (2.90 | ) | 0.45 | 0.49 | 0.54 | ||||||||||||||||||||||||||||
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 | $ | 6.33 | $ | 4.98 | $ | 4.18 | $ | 3.46 | $ | 6.37 | $ | 6.69 | $ | 7.11 | ||||||||||||||||||||||
Total Return (C)(D) | 27.11 | % | (F) | 19.14 | % | 20.81 | % | (F) | (45.50 | )% | 6.86 | % | 6.65 | % | 7.96 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 2,358 | $ | 1,670 | $ | 1,477 | $ | 1,272 | $ | 2,277 | $ | 1,937 | $ | 1,358 | ||||||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.50 | % | (G) | 2.63 | % | 2.60 | % | (G) | 2.47 | % | 2.27 | % | 2.35 | % | 2.34 | % | ||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.50 | % | (G) | 2.63 | % | 2.60 | % | (G) | 2.47 | % | 2.30 | % | 2.35 | % | 2.35 | % | ||||||||||||||||||||
Ratio of Net Investment Income | ||||||||||||||||||||||||||||||||||||
(Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | (2.20 | )% | (G) | (2.35 | )% | (2.33 | )% | (G) | (2.08 | )% | (1.70 | )% | (1.94 | )% | (2.07 | )% | ||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | (2.20 | )% | (G) | (2.35 | )% | (2.33 | )% | (G) | (2.08 | )% | (1.73 | )% | (1.94 | )% | (2.08 | )% | ||||||||||||||||||||
Portfolio Turnover | 107.30 | % | 88.96 | % | 135.90 | % | 243.59 | % | (E) | 58.55 | % | 96.39 | % | 102.63 | % |
(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-advisor for the Fund. |
(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 [63]
Financial Highlights | International (Class A Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Period ended 12/31/07 | (B) | ||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 7.71 | $ | 7.52 | $ | 5.92 | $ | 11.00 | $ | 10.00 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.12 | 0.04 | (C) | 0.08 | 0.09 | 0.04 | ||||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||
Gain (Loss) on Investments | 0.79 | 0.26 | 1.52 | (5.08 | ) | 1.00 | ||||||||||||||||||||||
Total from Investment Operations | 0.91 | 0.30 | 1.60 | (4.99 | ) | 1.04 | ||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||
Dividends from Net Investment | ||||||||||||||||||||||||||||
Income | (0.04 | ) | (0.11 | ) | - | (0.09 | ) | (0.04 | ) | |||||||||||||||||||
Total Distributions | (0.04 | ) | (0.11 | ) | - | (0.09 | ) | (0.04 | ) | |||||||||||||||||||
Net Asset Value at End of Period | $ | 8.58 | $ | 7.71 | $ | 7.52 | $ | 5.92 | $ | 11.00 | ||||||||||||||||||
Total Return (D)(E) | 11.88 | % | (F) | 3.93 | % | 27.03 | % | (F) | (45.38 | )% | 10.39 | % | (F) | |||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 41,541 | $ | 35,206 | $ | 37,248 | $ | 31,214 | $ | 42,298 | ||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||
Net Assets: | 1.66 | % | (G) | 1.74 | % | 1.72 | % | (G) | 1.66 | % | 1.69 | % | (G) | |||||||||||||||
Ratio of Net Investment Income | ||||||||||||||||||||||||||||
(Loss) to Average Net Assets: | 2.94 | % | (G) | 0.58 | % | 1.68 | % | (G) | 1.12 | % | 0.58 | % | (G) | |||||||||||||||
Portfolio Turnover | 23.43 | % | 40.51 | % | 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) | Per share amounts calculated using average shares method. |
(D) | Total return calculation does not reflect sales load. |
(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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [64]
Financial Highlights | International (Class C Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Period ended 12/31/07 | (B) | ||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 7.58 | $ | 7.41 | $ | 5.87 | $ | 10.97 | $ | 10.00 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.08 | (0.01 | ) | (C) | 0.04 | 0.04 | (0.02 | ) | ||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||
Gain (Loss) on Investments | 0.79 | 0.25 | 1.50 | (5.07 | ) | 0.99 | ||||||||||||||||||||||
Total from Investment Operations | 0.87 | 0.24 | 1.54 | (5.03 | ) | 0.97 | ||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||
Dividends from Net Investment | ||||||||||||||||||||||||||||
Income | (0.03 | ) | (0.07 | ) | - | (0.07 | ) | - | * | |||||||||||||||||||
Total Distributions | (0.03 | ) | (0.07 | ) | - | (0.07 | ) | - | ||||||||||||||||||||
Net Asset Value at End of Period | $ | 8.42 | $ | 7.58 | $ | 7.41 | $ | 5.87 | $ | 10.97 | ||||||||||||||||||
Total Return (D)(E) | 11.47 | % | (F) | 3.27 | % | 26.24 | % | (F) | (45.79 | )% | 9.71 | % | (F) | |||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 1,956 | $ | 1,941 | $ | 1,417 | $ | 984 | $ | 1,318 | ||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||
Net Assets: | 2.41 | % | (G) | 2.49 | % | 2.47 | % | (G) | 2.40 | % | 2.48 | % | (G) | |||||||||||||||
Ratio of Net Investment Income | ||||||||||||||||||||||||||||
(Loss) to Average Net Assets: | 2.19 | % | (G) | (0.15 | )% | 0.85 | % | (G) | 0.45 | % | (0.44 | )% | (G) | |||||||||||||||
Portfolio Turnover | 23.43 | % | 40.51 | % | 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) | 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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [65]
Financial Highlights | Large/Mid Cap Growth (Class A Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 5.99 | $ | 5.37 | $ | 4.38 | $ | 6.89 | $ | 7.25 | $ | 6.92 | $ | 6.69 | ||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.03 | ) | (0.04 | ) | (0.02 | ) | (0.04 | ) | (0.03 | ) | (0.04 | ) | (0.05 | ) | (B | ) | ||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.38 | 0.66 | 1.01 | (2.46 | ) | 0.39 | 0.37 | 0.28 | ||||||||||||||||||||||||||||||||||||
Total from Investment Operations | 1.35 | 0.62 | 0.99 | (2.50 | ) | 0.36 | 0.33 | 0.23 | ||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.01 | ) | (0.72 | ) | - | - | |||||||||||||||||||||||||||||||||||
Total Distributions | - | - | - | (0.01 | ) | (0.72 | ) | - | - | |||||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 7.34 | $ | 5.99 | $ | 5.37 | �� | $ | 4.38 | $ | 6.89 | $ | 7.25 | $ | 6.92 | |||||||||||||||||||||||||||||
Total Return (C)(D) | 22.54 | % | (F | ) | 11.55 | % | 22.60 | % | (F | ) | (36.30 | )% | 5.09 | % | 4.77 | % | 3.44 | % | ||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 45,105 | $ | 38,865 | $ | 35,973 | $ | 32,484 | $ | 53,183 | $ | 65,510 | $ | 53,901 | ||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.59 | % | (G | ) | 1.66 | % | 1.67 | % | (G | ) | 1.56 | % | 1.46 | % | 1.52 | % | 1.60 | % | ||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.59 | % | (G | ) | 1.66 | % | 1.67 | % | (G | ) | 1.56 | % | 1.46 | % | 1.53 | % | 1.60 | % | ||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | (0.78 | )% | (G | ) | (0.74 | )% | (0.58 | )% | (G | ) | (0.64 | )% | (0.37 | )% | (0.56 | )% | (0.80 | )% | ||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | (0.78 | )% | (G | ) | (0.74 | )% | (0.58 | )% | (G | ) | (0.64 | )% | (0.37 | )% | (0.57 | )% | (0.80 | )% | ||||||||||||||||||||||||||
Portfolio Turnover | 77.33 | % | 77.68 | % | 77.98 | % | 176.94 | % | (E | ) | 44.62 | % | 60.46 | % | 38.61 | % |
(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-advisor for the Fund. |
(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 [66]
Financial Highlights | Large/Mid Cap Growth (Class B Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 5.54 | $ | 5.00 | $ | 4.11 | $ | 6.50 | $ | 6.94 | $ | 6.68 | $ | 6.50 | ||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.05 | ) | (B | ) | (0.08 | ) | (B | ) | (0.04 | ) | (0.08 | ) | (0.08 | ) | (0.09 | ) | (0.10 | ) | (B | ) | ||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.27 | 0.62 | 0.93 | (2.30 | ) | 0.36 | 0.35 | 0.28 | ||||||||||||||||||||||||||||||||||||||||
Total from Investment Operations | 1.22 | 0.54 | 0.89 | (2.38 | ) | 0.28 | 0.26 | 0.18 | ||||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.01 | ) | (0.72 | ) | - | - | |||||||||||||||||||||||||||||||||||||||
Total Distributions | - | - | - | (0.01 | ) | (0.72 | ) | - | - | |||||||||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 6.76 | $ | 5.54 | $ | 5.00 | $ | 4.11 | $ | 6.50 | $ | 6.94 | $ | 6.68 | ||||||||||||||||||||||||||||||||||
Total Return (C)(D) | 22.02 | % | (F | ) | 10.80 | % | 21.65 | % | (F | ) | (36.63 | )% | 4.16 | % | 3.89 | % | 2.77 | % | ||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 351 | $ | 700 | $ | 1,130 | $ | 1,022 | $ | 1,935 | $ | 2,245 | $ | 2,307 | ||||||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.34 | % | (G | ) | 2.40 | % | 2.42 | % | (G | ) | 2.30 | % | 2.21 | % | 2.26 | % | 2.35 | % | ||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.34 | % | (G | ) | 2.40 | % | 2.42 | % | (G | ) | 2.30 | % | 2.21 | % | 2.28 | % | 2.35 | % | ||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | (1.53 | )% | (G | ) | (1.51 | )% | (1.32 | )% | (G | ) | (1.38 | )% | (1.10 | )% | (1.31 | )% | (1.55 | )% | ||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | (1.53 | )% | (G | ) | (1.51 | )% | (1.32 | )% | (G | ) | (1.38 | )% | (1.10 | )% | (1.33 | )% | (1.55 | )% | ||||||||||||||||||||||||||||||
Portfolio Turnover | 77.33 | % | 77.68 | % | 77.98 | % | 176.94 | % | (E | ) | 44.62 | % | 60.46 | % | 38.61 | % |
(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-advisor for the Fund. |
(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 [67]
Financial Highlights | Large/Mid Cap Growth (Class C Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 5.55 | $ | 5.01 | $ | 4.11 | $ | 6.51 | $ | 6.95 | $ | 6.69 | $ | 6.52 | ||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.05 | ) | (0.08 | ) | (0.04 | ) | (0.08 | ) | (0.07 | ) | (0.07 | ) | (0.08 | ) | (B | ) | ||||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.27 | 0.62 | 0.94 | (2.31 | ) | 0.35 | 0.33 | 0.25 | ||||||||||||||||||||||||||||||||||||||||
Total from Investment Operations | 1.22 | 0.54 | 0.90 | (2.39 | ) | 0.28 | 0.26 | 0.17 | ||||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.01 | ) | (0.72 | ) | - | - | |||||||||||||||||||||||||||||||||||||||
Total Distributions | - | - | - | (0.01 | ) | (0.72 | ) | - | - | |||||||||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 6.77 | $ | 5.55 | $ | 5.01 | $ | 4.11 | $ | 6.51 | $ | 6.95 | $ | 6.69 | ||||||||||||||||||||||||||||||||||
Total Return (C)(D) | 22.16 | % | (F | ) | 10.78 | % | 21.90 | % | (F | ) | (36.73 | )% | 4.15 | % | 3.89 | % | 2.61 | % | ||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 3,176 | $ | 2,523 | $ | 2,120 | $ | 1,971 | $ | 3,097 | $ | 2,222 | $ | 1,496 | ||||||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.34 | % | (G | ) | 2.41 | % | 2.42 | % | (G | ) | 2.31 | % | 2.22 | % | 2.27 | % | 2.35 | % | ||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.34 | % | (G | ) | 2.41 | % | 2.42 | % | (G | ) | 2.31 | % | 2.22 | % | 2.27 | % | 2.35 | % | ||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | (1.53 | )% | (G | ) | (1.49 | )% | (1.33 | )% | (G | ) | (1.39 | )% | (1.12 | )% | (1.31 | )% | (1.55 | )% | ||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | (1.53 | )% | (G | ) | (1.49 | )% | (1.33 | )% | (G | ) | (1.39 | )% | (1.12 | )% | (1.31 | )% | (1.55 | )% | ||||||||||||||||||||||||||||||
Portfolio Turnover | 77.33 | % | 77.68 | % | 77.98 | % | 176.94 | % | (E | ) | 44.62 | % | 60.46 | % | 38.61 | % |
(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-advisor for the Fund. |
(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 [68]
Financial Highlights | Small Cap Value (Class A Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 11.28 | $ | 10.25 | $ | 8.88 | $ | 13.27 | $ | 14.94 | $ | 15.27 | $ | 15.59 | ||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.03 | ) | (0.06 | ) | (0.05 | ) | 0.01 | 0.04 | 0.22 | 0.01 | (B | ) | ||||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 3.07 | 1.09 | 1.42 | (4.33 | ) | 0.36 | 2.77 | (0.17 | ) | |||||||||||||||||||||||||||||||||||
Total from Investment Operations | 3.04 | 1.03 | 1.37 | (4.32 | ) | 0.40 | 2.99 | (0.16 | ) | |||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment | ||||||||||||||||||||||||||||||||||||||||||||
Income | - | - | - | - | (0.03 | ) | (0.22 | ) | - | |||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.07 | ) | (2.04 | ) | (3.10 | ) | (0.16 | ) | |||||||||||||||||||||||||||||||||
Total Distributions | - | - | - | (0.07 | ) | (2.07 | ) | (3.32 | ) | (0.16 | ) | |||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 14.32 | $ | 11.28 | $ | 10.25 | $ | 8.88 | $ | 13.27 | $ | 14.94 | $ | 15.27 | ||||||||||||||||||||||||||||||
Total Return (C)(D) | 26.95 | % | (E | ) | 10.05 | % | 15.43 | % | (E | ) | (32.50 | )% | 2.87 | % | 19.69 | % | (1.01 | )% | ||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 52,190 | $ | 40,482 | $ | 47,268 | $ | 42,651 | $ | 62,525 | $ | 66,097 | $ | 49,008 | ||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | 1.54 | % | (F | ) | 1.59 | % | 1.59 | % | (F | ) | 1.50 | % | 1.44 | % | 1.52 | % | 1.56 | % | ||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | (0.39 | )% | (F | ) | (0.51 | )% | (0.71 | )% | (F | ) | 0.05 | % | 0.24 | % | 1.39 | % | 0.05 | % | ||||||||||||||||||||||||||
Portfolio Turnover | 67.02 | % | 64.37 | % | 57.15 | % | 110.16 | % | 59.84 | % | 148.02 | % | 44.24 | % |
(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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [69]
Financial Highlights | Small Cap Value (Class B Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 9.74 | $ | 8.92 | $ | 7.78 | $ | 11.72 | $ | 13.49 | $ | 14.09 | $ | 14.51 | ||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.06 | ) | (B | ) | (0.12 | ) | (B | ) | (0.09 | ) | (0.08 | ) | (0.08 | ) | 0.14 | (0.10 | ) | (B | ) | |||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.65 | 0.94 | 1.23 | (3.79 | ) | 0.35 | 2.50 | (0.16 | ) | |||||||||||||||||||||||||||||||||||
Total from Investment Operations | 2.59 | 0.82 | 1.14 | (3.87 | ) | 0.27 | 2.64 | (0.26 | ) | |||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment | ||||||||||||||||||||||||||||||||||||||||||||
Income | - | - | - | - | - | (0.14 | ) | - | ||||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.07 | ) | (2.04 | ) | (3.10 | ) | (0.16 | ) | |||||||||||||||||||||||||||||||||
Total Distributions | - | - | - | (0.07 | ) | (2.04 | ) | (3.24 | ) | (0.16 | ) | |||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 12.33 | $ | 9.74 | $ | 8.92 | $ | 7.78 | $ | 11.72 | $ | 13.49 | $ | 14.09 | ||||||||||||||||||||||||||||||
Total Return (C)(D) | 26.59 | % | (E | ) | 9.19 | % | 14.65 | % | (E | ) | (32.95 | )% | 2.22 | % | 18.82 | % | (1.77 | )% | ||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 976 | $ | 3,114 | $ | 4,052 | $ | 4,173 | $ | 7,370 | $ | 11,750 | $ | 16,072 | ||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | 2.29 | % | (F | ) | 2.34 | % | 2.34 | % | (F | ) | 2.24 | % | 2.19 | % | 2.27 | % | 2.31 | % | ||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | (1.14 | )% | (F | ) | (1.25 | )% | (1.45 | )% | (F | ) | (0.69 | )% | (0.57 | )% | 0.69 | % | (0.70 | )% | ||||||||||||||||||||||||||
Portfolio Turnover | 67.02 | % | 64.37 | % | 57.15 | % | 110.16 | % | 59.84 | % | 148.02 | % | 44.24 | % |
(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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [70]
Financial Highlights | Small Cap Value (Class C Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 9.82 | $ | 8.99 | $ | 7.83 | $ | 11.80 | $ | 13.58 | $ | 14.12 | $ | 14.55 | ||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.06 | ) | (0.12 | ) | (0.09 | ) | (0.07 | ) | (0.05 | ) | 0.09 | (0.10 | ) | (B | ) | |||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.65 | 0.95 | 1.25 | (3.83 | ) | 0.31 | 2.56 | (0.17 | ) | |||||||||||||||||||||||||||||||
Total from Investment Operations | 2.59 | 0.83 | 1.16 | (3.90 | ) | 0.26 | 2.65 | (0.27 | ) | |||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment | ||||||||||||||||||||||||||||||||||||||||
Income | - | - | - | - | - | (0.09 | ) | - | ||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.07 | ) | (2.04 | ) | (3.10 | ) | (0.16 | ) | |||||||||||||||||||||||||||||
Total Distributions | - | - | - | (0.07 | ) | (2.04 | ) | (3.19 | ) | (0.16 | ) | |||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 12.41 | $ | 9.82 | $ | 8.99 | $ | 7.83 | $ | 11.80 | $ | 13.58 | $ | 14.12 | ||||||||||||||||||||||||||
Total Return (C)(D) | 26.37 | % | (E | ) | 9.23 | % | 14.81 | % | (E | ) | -32.99 | % | 2.13 | % | 18.80 | % | -1.84 | % | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 5,409 | $ | 4,186 | $ | 3,867 | $ | 3,901 | $ | 6,341 | $ | 4,054 | $ | 2,258 | ||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | 2.29 | % | (F | ) | 2.34 | % | 2.34 | % | (F | ) | 2.25 | % | 2.19 | % | 2.27 | % | 2.31 | % | ||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | (1.14 | )% | (F | ) | (1.26 | )% | (1.45 | )% | (F | ) | (0.70 | )% | (0.47 | )% | 0.61 | % | (0.70 | )% | ||||||||||||||||||||||
Portfolio Turnover | 67.02 | % | 64.37 | % | 57.15 | % | 110.16 | % | 59.84 | % | 148.02 | % | 44.24 | % |
(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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [71]
Financial Highlights | Large/Mid Cap Value (Class A Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 11.84 | $ | 10.72 | $ | 9.10 | $ | 15.48 | $ | 14.31 | $ | 12.99 | $ | 12.68 | ||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.02 | 0.05 | 0.04 | 0.05 | 0.15 | 0.16 | 0.02 | (B | ) | |||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.41 | 1.12 | 1.58 | (6.26 | ) | 2.26 | 2.24 | 2.44 | ||||||||||||||||||||||||||||||||
Total from Investment Operations | 2.43 | 1.17 | 1.62 | (6.21 | ) | 2.41 | 2.40 | 2.46 | ||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment | ||||||||||||||||||||||||||||||||||||||||
Income | (0.04 | ) | (0.05 | ) | - | (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 | (0.04 | ) | (0.05 | ) | - | (0.17 | ) | (1.24 | ) | (1.08 | ) | (2.15 | ) | |||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 14.23 | $ | 11.84 | $ | 10.72 | $ | 9.10 | $ | 15.48 | $ | 14.31 | $ | 12.99 | ||||||||||||||||||||||||||
Total Return (C)(D) | 20.53 | % | (E | ) | 10.94 | % | 17.80 | % | (E | ) | (40.05 | )% | 17.02 | % | 18.41 | % | 19.42 | % | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 97,831 | $ | 80,700 | $ | 82,784 | $ | 69,695 | $ | 103,828 | $ | 84,203 | $ | 51,753 | ||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | 1.52 | % | (F | ) | 1.58 | % | 1.57 | % | (F | ) | 1.51 | % | 1.44 | % | 1.51 | % | 1.55 | % | ||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | 0.28 | % | (F | ) | 0.39 | % | 0.57 | % | (F | ) | 0.39 | % | 0.99 | % | 1.20 | % | 0.15 | % | ||||||||||||||||||||||
Portfolio Turnover | 6.73 | % | 38.31 | % | 32.46 | % | 76.74 | % | 47.52 | % | 52.16 | % | 129.22 | % |
*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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [72]
Financial Highlights | Large/Mid Cap Value (Class B Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 10.70 | $ | 9.75 | $ | 8.32 | $ | 14.27 | $ | 13.26 | $ | 12.10 | $ | 12.02 | ||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.03 | ) | (B | ) | (0.04 | ) | (B | ) | (0.03 | ) | (0.04 | ) | (B | ) | 0.04 | 0.05 | (0.08 | ) | (B | ) | ||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.22 | 1.02 | 1.46 | (5.75 | ) | 2.08 | 2.08 | 2.31 | ||||||||||||||||||||||||||||||||||||||||
Total from Investment Operations | 2.19 | 0.98 | 1.43 | (5.79 | ) | 2.12 | 2.13 | 2.23 | ||||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment | ||||||||||||||||||||||||||||||||||||||||||||||||
Income | - | (0.03 | ) | - | (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 | - | (0.03 | ) | - | (0.16 | ) | (1.11 | ) | (0.97 | ) | (2.15 | ) | ||||||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 12.89 | $ | 10.70 | $ | 9.75 | $ | 8.32 | $ | 14.27 | $ | 13.26 | $ | 12.10 | ||||||||||||||||||||||||||||||||||
Total Return (C)(D) | 20.48 | % | (E | ) | 10.10 | % | 17.19 | % | (E | ) | (40.55 | )% | 16.21 | % | 17.54 | % | 18.56 | % | ||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 556 | $ | 1,095 | $ | 1,722 | $ | 2,236 | $ | 5,945 | $ | 6,470 | $ | 6,496 | ||||||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | 2.27 | % | (F | ) | 2.32 | % | 2.33 | % | (F | ) | 2.24 | % | 2.19 | % | 2.26 | % | 2.30 | % | ||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | (0.48 | )% | (F | ) | (0.38 | )% | (0.17 | )% | (F | ) | (0.37 | )% | 0.24 | % | 0.28 | % | (0.60 | )% | ||||||||||||||||||||||||||||||
Portfolio Turnover | 6.73 | % | 38.31 | % | 32.46 | % | 76.74 | % | 47.52 | % | 52.16 | % | 129.22 | % |
(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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [73]
Financial Highlights | Large/Mid Cap Value (Class C Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 10.68 | $ | 9.73 | $ | 8.31 | $ | 14.24 | $ | 13.28 | $ | 12.12 | $ | 12.04 | ||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.03 | ) | (0.05 | ) | (0.01 | ) | (0.04 | ) | 0.02 | 0.07 | (0.08 | ) | (B | ) | ||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.18 | 1.03 | 1.43 | (5.73 | ) | 2.10 | 2.08 | 2.31 | ||||||||||||||||||||||||||||||||
Total from Investment Operations | 2.15 | 0.98 | 1.42 | (5.77 | ) | 2.12 | 2.15 | 2.23 | ||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment | ||||||||||||||||||||||||||||||||||||||||
Income | (0.02 | ) | (0.03 | ) | - | (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 | (0.02 | ) | (0.03 | ) | - | (0.16 | ) | (1.16 | ) | (0.99 | ) | (2.15 | ) | |||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 12.81 | $ | 10.68 | $ | 9.73 | $ | 8.31 | $ | 14.24 | $ | 13.28 | $ | 12.12 | ||||||||||||||||||||||||||
Total Return (C)(D) | 20.11 | % | (E | ) | 10.12 | % | 17.09 | % | (E | ) | (40.49 | )% | 16.13 | % | 17.63 | % | 18.53 | % | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 10,876 | $ | 9,484 | $ | 9,552 | $ | 8,544 | $ | 12,722 | $ | 6,353 | $ | 2,774 | ||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | 2.27 | % | (F | ) | 2.33 | % | 2.32 | % | (F | ) | 2.26 | % | 2.19 | % | 2.25 | % | 2.30 | % | ||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | (0.47 | )% | (F | ) | (0.35 | )% | (0.18 | )% | (F | ) | (0.35 | )% | 0.18 | % | 0.53 | % | (0.60 | )% | ||||||||||||||||||||||
Portfolio Turnover | 6.73 | % | 38.31 | % | 32.46 | % | 76.74 | % | 47.52 | % | 52.16 | % | 129.22 | % |
(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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [74]
Financial Highlights | Fixed Income (Class A Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 10.56 | $ | 10.14 | $ | 9.56 | $ | 9.99 | $ | 9.94 | $ | 10.06 | $ | 10.32 | ||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.14 | 0.29 | (B | ) | 0.24 | 0.43 | 0.44 | 0.42 | 0.34 | (B | ) | |||||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.27 | ) | 0.42 | 0.58 | (0.43 | ) | 0.06 | (0.12 | ) | (0.23 | ) | |||||||||||||||||||||||||||||||||
Total from Investment Operations | (0.13 | ) | 0.71 | 0.82 | - | 0.50 | 0.30 | 0.11 | ||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment | ||||||||||||||||||||||||||||||||||||||||||||
Income | (0.15 | ) | (0.29 | ) | (0.24 | ) | (0.43 | ) | (0.45 | ) | (0.41 | ) | (0.34 | ) | ||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | - | - | (0.01 | ) | (0.03 | ) | |||||||||||||||||||||||||||||||||||
Total Distributions | (0.15 | ) | (0.29 | ) | (0.24 | ) | (0.43 | ) | (0.45 | ) | (0.42 | ) | (0.37 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 10.28 | $ | 10.56 | $ | 10.14 | $ | 9.56 | $ | 9.99 | $ | 9.94 | $ | 10.06 | ||||||||||||||||||||||||||||||
Total Return (C)(D) | (1.25 | )% | (E | ) | 7.07 | % | 8.70 | % | (E | ) | (0.05 | )% | 5.19 | % | 3.11 | % | 1.11 | % | ||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 56,651 | $ | 58,831 | $ | 48,074 | $ | 37,367 | $ | 45,371 | $ | 39,023 | $ | 29,402 | ||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.33 | % | (F | ) | 1.36 | % | 1.35 | % | (F | ) | 1.29 | % | 1.21 | % | 1.32 | % | 1.31 | % | ||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.18 | % | (F | ) | 1.21 | % | 1.20 | % | (F | ) | 1.14 | % | 1.06 | % | 1.35 | % | 1.35 | % | ||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.53 | % | (F | ) | 2.63 | % | 3.24 | % | (F | ) | 4.11 | % | 4.33 | % | 4.42 | % | 3.33 | % | ||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.68 | % | (F | ) | 2.78 | % | 3.39 | % | (F | ) | 4.26 | % | 4.48 | % | 4.39 | % | 3.29 | % | ||||||||||||||||||||||||||
Portfolio Turnover | 11.13 | % | 25.68 | % | 22.18 | % | 35.01 | % | 44.98 | % | 76.28 | % | 39.46 | % |
(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) | 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 [75]
Financial Highlights | Fixed Income (Class B Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 10.24 | $ | 9.83 | $ | 9.28 | $ | 9.70 | $ | 9.66 | $ | 9.81 | $ | 10.06 | ||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.10 | (B | ) | 0.21 | (B | ) | 0.20 | 0.35 | 0.37 | 0.36 | 0.25 | (B | ) | |||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.26 | ) | 0.40 | 0.53 | (0.41 | ) | 0.05 | (0.15 | ) | (0.20 | ) | |||||||||||||||||||||||||||||||||
Total from Investment Operations | (0.16 | ) | 0.61 | 0.73 | (0.06 | ) | 0.42 | 0.21 | 0.05 | |||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment | ||||||||||||||||||||||||||||||||||||||||||||
Income | (0.09 | ) | (0.20 | ) | (0.18 | ) | (0.36 | ) | (0.38 | ) | (0.35 | ) | (0.27 | ) | ||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | - | - | (0.01 | ) | (0.03 | ) | |||||||||||||||||||||||||||||||||||
Total Distributions | (0.09 | ) | (0.20 | ) | (0.18 | ) | (0.36 | ) | (0.38 | ) | (0.36 | ) | (0.30 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 9.99 | $ | 10.24 | $ | 9.83 | $ | 9.28 | $ | 9.70 | $ | 9.66 | $ | 9.81 | ||||||||||||||||||||||||||||||
Total Return (C)(D) | (1.56 | )% | (E | ) | 6.28 | % | 7.98 | % | (E | ) | (0.66 | )% | 4.47 | % | 2.20 | % | 0.47 | % | ||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 112 | $ | 311 | $ | 783 | $ | 1,230 | $ | 1,951 | $ | 2,786 | $ | 3,126 | ||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.08 | % | (F | ) | 2.11 | % | 2.10 | % | (F | ) | 2.04 | % | 1.93 | % | 1.99 | % | 2.07 | % | ||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.93 | % | (F | ) | 1.96 | % | 1.95 | % | (F | ) | 1.89 | % | 1.78 | % | 2.10 | % | 2.10 | % | ||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.78 | % | (F | ) | 1.91 | % | 2.49 | % | (F | ) | 3.34 | % | 3.62 | % | 3.74 | % | 2.57 | % | ||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.93 | % | (F | ) | 2.06 | % | 2.64 | % | (F | ) | 3.49 | % | 3.77 | % | 3.63 | % | 2.54 | % | ||||||||||||||||||||||||||
Portfolio Turnover | 11.13 | % | 25.68 | % | 22.18 | % | 35.01 | % | 44.98 | % | 76.28 | % | 39.46 | % |
(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) | 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 [76]
Financial Highlights | Fixed Income (Class C Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 10.22 | $ | 9.82 | $ | 9.28 | $ | 9.69 | $ | 9.66 | $ | 9.78 | $ | 10.04 | ||||||||||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.10 | 0.21 | 0.18 | 0.33 | 0.37 | 0.33 | 0.25 | (B | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Investments | (0.27 | ) | 0.41 | 0.56 | (0.40 | ) | 0.04 | (0.12 | ) | (0.20 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total from Investment Operations | (0.17 | ) | 0.62 | 0.74 | (0.07 | ) | 0.41 | 0.21 | 0.05 | |||||||||||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment Income | (0.11 | ) | (0.22 | ) | (0.20 | ) | (0.34 | ) | (0.38 | ) | (0.32 | ) | (0.28 | ) | ||||||||||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | - | - | (0.01 | ) | (0.03 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.11 | ) | (0.22 | ) | (0.20 | ) | (0.34 | ) | (0.38 | ) | (0.33 | ) | (0.31 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 9.94 | $ | 10.22 | $ | 9.82 | $ | 9.28 | $ | 9.69 | $ | 9.66 | $ | 9.78 | ||||||||||||||||||||||||||||||||||||||||||
Total Return (D)(E) | (1.69 | )% | (E | ) | 6.36 | % | 8.02 | % | (E | ) | (0.72 | )% | 4.37 | % | 2.26 | % | 0.47 | % | ||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 7,714 | $ | 8,438 | $ | 5,212 | $ | 2,883 | $ | 2,842 | $ | 3,019 | $ | 1,927 | ||||||||||||||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.08 | % | (F | ) | 2.12 | % | 2.10 | % | (F | ) | 2.06 | % | 1.96 | % | 2.10 | % | 2.07 | % | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.93 | % | (F | ) | 1.97 | % | 1.95 | % | (F | ) | 1.91 | % | 1.81 | % | 2.10 | % | 2.10 | % | ||||||||||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.78 | % | (F | ) | 1.88 | % | 2.50 | % | (F | ) | 3.33 | % | 3.59 | % | 3.64 | % | 2.57 | % | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.93 | % | (F | ) | 2.03 | % | 2.65 | % | (F | ) | 3.48 | % | 3.74 | % | 3.64 | % | 2.54 | % | ||||||||||||||||||||||||||||||||||||||
Portfolio Turnover | 11.13 | % | 25.68 | % | 22.18 | % | 35.01 | % | 44.98 | % | 76.28 | % | 39.46 | % |
(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) | 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 [77]
Financial Highlights | High Yield Bond (Class A Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Period ended 12/31/07 | (B) | ||||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 9.10 | $ | 8.46 | $ | 6.23 | $ | 9.53 | $ | 10.00 | ||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.27 | 0.60 | 0.48 | 0.61 | 0.36 | |||||||||||||||||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Investments | 0.30 | 0.63 | 2.23 | (3.30 | ) | (0.47 | ) | |||||||||||||||||||||||||||||||||
Total from Investment Operations | 0.57 | 1.23 | 2.71 | (2.69 | ) | (0.11 | ) | |||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment Income | (0.27 | ) | (0.59 | ) | (0.48 | ) | (0.60 | ) | (0.36 | ) | ||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.01 | ) | - | ||||||||||||||||||||||||||||||||||
Total Distributions | (0.27 | ) | (0.59 | ) | (0.48 | ) | (0.61 | ) | (0.36 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 9.40 | $ | 9.10 | $ | 8.46 | $ | 6.23 | $ | 9.53 | ||||||||||||||||||||||||||||||
Total Return (C)(D) | 6.32 | % | (E | ) | 14.98 | % | 45.11 | % | (E | ) | (29.55 | )% | (1.14 | )% | (E | ) | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 25,152 | $ | 21,617 | $ | 18,740 | $ | 13,283 | $ | 20,284 | ||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.35 | % | (F | ) | 1.43 | % | 1.46 | % | (F | ) | 1.41 | % | 1.45 | % | (F | ) | ||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.35 | % | (F | ) | 1.43 | % | 1.46 | % | (F | ) | 1.41 | % | 1.35 | % | (F | ) | ||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 5.94 | % | (F | ) | 6.72 | % | 8.75 | % | (F | ) | 7.06 | % | 5.67 | % | (F | ) | ||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 5.94 | % | (F | ) | 6.72 | % | 8.75 | % | (F | ) | 7.06 | % | 5.77 | % | (F | ) | ||||||||||||||||||||||||
Portfolio Turnover | 39.80 | % | 39.84 | % | 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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [78]
Financial Highlights | High Yield Bond (Class C Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Period ended 12/31/07 | (B) | ||||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 9.17 | $ | 8.51 | $ | 6.29 | $ | 9.60 | $ | 10.00 | ||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.24 | 0.53 | (C | ) | 0.43 | (C | ) | 0.53 | 0.26 | |||||||||||||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Investments | 0.28 | 0.66 | 2.24 | (3.33 | ) | (0.40 | ) | |||||||||||||||||||||||||||||||||
Total from Investment Operations | 0.52 | 1.19 | 2.67 | (2.80 | ) | (0.14 | ) | |||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment Income | (0.23 | ) | (0.53 | ) | (0.45 | ) | (0.50 | ) | (0.26 | ) | ||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.01 | ) | - | ||||||||||||||||||||||||||||||||||
Total Distributions | (0.23 | ) | (0.53 | ) | (0.45 | ) | (0.51 | ) | (0.26 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 9.46 | $ | 9.17 | $ | 8.51 | $ | 6.29 | $ | 9.60 | ||||||||||||||||||||||||||||||
Total Return (D)(E) | 5.76 | % | (F | ) | 14.36 | % | 43.90 | % | (F | ) | (30.17 | )% | (1.38 | )% | (F | ) | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 1,182 | $ | 1,039 | $ | 547 | $ | 141 | $ | 241 | ||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.10 | % | (G | ) | 2.18 | % | 2.20 | % | (G | ) | 2.14 | % | 2.20 | % | (G | ) | ||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 2.10 | % | (G | ) | 2.18 | % | 2.20 | % | (G | ) | 2.14 | % | 2.10 | % | (G | ) | ||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 5.19 | % | (G | ) | 5.99 | % | 7.55 | % | (G | ) | 6.26 | % | 5.24 | % | (G | ) | ||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 5.19 | % | (G | ) | 5.99 | % | 7.55 | % | (G | ) | 6.26 | % | 5.34 | % | (G | ) | ||||||||||||||||||||||||
Portfolio Turnover | 39.80 | % | 39.84 | % | 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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [79]
Financial Highlights | Defensive Strategies (Class A Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Period ended 9/30/10 | (A) | ||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net Asset Value at Beginning of Period | $ | 10.70 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||
Net Investment Income (Loss) | 0.03 | 0.02 | ||||||||||||||
Net Realized and Unrealized | ||||||||||||||||
Gain (Loss) on Investments | 1.02 | 1.08 | ||||||||||||||
Total from Investment Operations | 1.05 | 1.10 | ||||||||||||||
Less Distributions: | ||||||||||||||||
Dividends from Net Investment Income | - | - | ||||||||||||||
Dividends from Realized Gains | (0.05 | ) | (0.21 | ) | ||||||||||||
Distributions from Return of Capital | (0.19 | ) | ||||||||||||||
Total Distributions | (0.05 | ) | (0.40 | ) | ||||||||||||
Net Asset Value at End of Period | $ | 11.70 | $ | 10.70 | ||||||||||||
Total Return (B)(C) | 9.82 | % | (D | ) | 10.97 | % | (D | ) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net Assets, | ||||||||||||||||
End of Period (in 000s) | $ | 28,918 | $ | 23,360 | ||||||||||||
Ratio of Expenses to Average Net Assets: | 1.35 | % | (E | ) | 1.51 | % | (E | ) | ||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | 0.58 | % | (E | ) | 0.13 | % | (E | ) | ||||||||
Portfolio Turnover | 24.85 | % | 41.21 | % |
(A) | For the period November 4, 2009 (Commencement of Operations) to September 30, 2010. |
(B) | Total return calculation does not reflect sales load. |
(C) | 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.
(D) | For periods of less than one full year, total return is not annualized. |
(E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [80]
Financial Highlights | Defensive Strategies (Class C Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Period ended 9/30/10 | (A) | ||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net Asset Value at Beginning of Period | $ | 10.58 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||
Net Investment Income (Loss) | (0.01 | ) | (B | ) | (0.06 | ) | (B | ) | ||||||||
Net Realized and Unrealized | ||||||||||||||||
Gain (Loss) on Investments | 1.01 | 1.08 | ||||||||||||||
Total from Investment Operations | 1.00 | 1.02 | ||||||||||||||
Less Distributions: | ||||||||||||||||
Dividends from Net Investment Income | - | - | ||||||||||||||
Dividends from Realized Gains | (0.05 | ) | (0.21 | ) | ||||||||||||
Distributions from Return of Capital | (0.23 | ) | ||||||||||||||
Total Distributions | (0.05 | ) | (0.44 | ) | ||||||||||||
Net Asset Value at End of Period | $ | 11.53 | $ | 10.58 | ||||||||||||
Total Return (C)(D) | 9.55 | % | (E | ) | 10.18 | % | (E | ) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net Assets, | ||||||||||||||||
End of Period (in 000s) | $ | 10,709 | $ | 5,527 | ||||||||||||
Ratio of Expenses to Average Net Assets: | 2.10 | % | (F | ) | 2.28 | % | (F | ) | ||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | (0.17 | )% | (F | ) | (0.64 | )% | (F | ) | ||||||||
Portfolio Turnover | 24.85 | % | 41.21 | % |
(A) | For the period November 4, 2009 (Commencement of Operations) to September 30, 2010. |
(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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [81]
Financial Highlights | Money Market
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 1.00 | $ | 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 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total from Investment Operations | - | - | - | 0.02 | 0.04 | 0.04 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment Income | - | * | - | * | - | * | (0.02 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | ||||||||||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | - | - | - | - | * | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Distributions | - | - | - | (0.02 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||||||||||||||||||||
Total Return (C) | 0.03 | % | (E | ) | 0.07 | % | 0.07 | % | (E | ) | 1.82 | % | 4.26 | % | 4.17 | % | 2.48 | % | ||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 10,811 | $ | 13,390 | $ | 27,168 | $ | 33,860 | $ | 45,433 | $ | 19,813 | $ | 5,195 | ||||||||||||||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | 1.23 | % | (F | ) | 1.15 | % | 1.05 | % | (F | ) | 1.00 | % | 0.99 | % | 1.21 | % | 1.13 | % | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 0.05 | % | (F | ) | 0.08 | % | 0.33 | % | (F | ) | 0.64 | % | (D | ) | 0.78 | % | 0.85 | % | 0.66 | % | ||||||||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor | (1.10 | )% | (F | ) | (1.02 | )% | (0.63 | )% | (F | ) | 1.45 | % | 3.85 | % | 3.85 | % | 2.03 | % | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor | 0.08 | % | (F | ) | 0.05 | % | 0.09 | % | (F | ) | 1.81 | % | 4.05 | % | 4.21 | % | 2.50 | % |
*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 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.
(D) | The expense ratio after reimbursement of expenses by Advisor includes a 0.01% reimbursement of expenses by the Administrator for a processing error. |
(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 [82]
Financial Highlights | Strategic Growth (Class A Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 6.49 | $ | 5.97 | $ | 4.86 | $ | 9.12 | $ | 9.69 | $ | 9.18 | $ | 8.64 | ||||||||||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | - | (B | )* | 0.02 | (0.01 | ) | 0.01 | 0.10 | 0.14 | (0.10 | ) | (B | ) | |||||||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Investments | 1.07 | 0.50 | 1.12 | (3.66 | ) | 0.90 | 0.82 | 0.64 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total from Investment Operations | 1.07 | 0.52 | 1.11 | (3.65 | ) | 1.00 | 0.96 | 0.54 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment Income | (0.01 | ) | - | - | (0.09 | ) | (0.10 | ) | (0.05 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.52 | ) | (1.47 | ) | (0.40 | ) | - | * | |||||||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.01 | ) | - | - | (0.61 | ) | (1.57 | ) | (0.45 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 7.55 | $ | 6.49 | $ | 5.97 | $ | 4.86 | $ | 9.12 | $ | 9.69 | $ | 9.18 | ||||||||||||||||||||||||||||||||||||||||||
Total Return (C)(D) | 16.45 | % | (G | ) | 8.71 | % | 22.84 | % | (G | ) | (39.82 | )% | 10.45 | % | 10.41 | % | 6.25 | % | ||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 38,491 | $ | 34,098 | $ | 30,066 | $ | 25,440 | $ | 44,231 | $ | 37,204 | $ | 26,451 | ||||||||||||||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor (E) | 1.07 | % | (H | ) | 1.11 | % | 1.11 | % | (H | ) | 1.03 | % | 1.00 | % | 1.07 | % | 1.11 | % | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor (E) | 1.07 | % | (H | ) | 1.11 | % | 1.11 | % | (H | ) | 1.03 | % | 1.00 | % | 1.07 | % | 1.15 | % | ||||||||||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor (E)(F) | (0.02 | )% | (H | ) | 0.30 | % | (0.25 | )% | (H | ) | 0.12 | % | 1.10 | % | 1.49 | % | (1.10 | )% | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor (E)(F) | (0.02 | )% | (H | ) | 0.30 | % | (0.25 | )% | (H | ) | 0.12 | % | 1.10 | % | 1.49 | % | (1.14 | )% | ||||||||||||||||||||||||||||||||||||||
Portfolio Turnover | 5.98 | % | 25.36 | % | 5.21 | % | 16.61 | % | 45.00 | % | 10.55 | % | 1.61 | % |
*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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [83]
Financial Highlights | Strategic Growth (Class B Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 6.11 | $ | 5.66 | $ | 4.63 | $ | 8.70 | $ | 9.30 | $ | 8.85 | $ | 8.39 | ||||||||||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.03 | ) | (B | ) | (0.03 | ) | (0.04 | ) | (0.04 | ) | 0.01 | 0.05 | (0.16 | ) | (B | ) | ||||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Investments | 1.04 | 0.48 | 1.07 | (3.48 | ) | 0.87 | 0.80 | 0.62 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total from Investment Operations | 1.01 | 0.45 | 1.03 | (3.52 | ) | 0.88 | 0.85 | 0.46 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment Income | - | - | - | (0.03 | ) | (0.01 | ) | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.52 | ) | (1.47 | ) | (0.40 | ) | - | * | |||||||||||||||||||||||||||||||||||||||||||||
Total Distributions | - | - | - | (0.55 | ) | (1.48 | ) | (0.40 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 7.12 | $ | 6.11 | $ | 5.66 | $ | 4.63 | $ | 8.70 | $ | 9.30 | $ | 8.85 | ||||||||||||||||||||||||||||||||||||||||||
Total Return (C)(D) | 16.53 | % | (G | ) | 7.95 | % | 22.25 | % | (G | ) | (40.33 | )% | 9.65 | % | 9.53 | % | 5.49 | % | ||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 2,185 | $ | 4,683 | $ | 6,207 | $ | 6,511 | $ | 14,219 | $ | 16,177 | $ | 17,467 | ||||||||||||||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor (E) | 1.82 | % | (H | ) | 1.86 | % | 1.86 | % | (H | ) | 1.77 | % | 1.74 | % | 1.81 | % | 1.86 | % | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor (E) | 1.82 | % | (H | ) | 1.86 | % | 1.86 | % | (H | ) | 1.77 | % | 1.74 | % | 1.82 | % | 1.90 | % | ||||||||||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor (E)(F) | (0.77 | )% | (H | ) | (0.46 | )% | (1.02 | )% | (H | ) | (0.70 | )% | 0.06 | % | 0.44 | % | (1.85 | )% | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor (E)(F) | (0.77 | )% | (H | ) | (0.46 | )% | (1.02 | )% | (H | ) | (0.70 | )% | 0.06 | % | 0.43 | % | (1.85 | )% | ||||||||||||||||||||||||||||||||||||||
Portfolio Turnover | 5.98 | % | 25.36 | % | 5.21 | % | 16.61 | % | 45.00 | % | 10.55 | % | 1.61 | % |
*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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [84]
Financial Highlights | Strategic Growth (Class C Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 6.09 | $ | 5.64 | $ | 4.62 | $ | 8.70 | $ | 9.31 | $ | 8.86 | $ | 8.39 | ||||||||||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.03 | ) | (0.03 | ) | (0.04 | ) | (0.05 | ) | 0.03 | 0.06 | (0.16 | ) | (B | ) | ||||||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Investments | 1.04 | 0.48 | 1.06 | (3.47 | ) | 0.86 | 0.79 | 0.63 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total from Investment Operations | 1.01 | 0.45 | 1.02 | (3.52 | ) | 0.89 | 0.85 | 0.47 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment Income | - | - | - | (0.04 | ) | (0.03 | ) | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.52 | ) | (1.47 | ) | (0.40 | ) | - | * | |||||||||||||||||||||||||||||||||||||||||||||
Total Distributions | - | - | - | (0.56 | ) | (1.50 | ) | (0.40 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 7.10 | $ | 6.09 | $ | 5.64 | $ | 4.62 | $ | 8.70 | $ | 9.31 | $ | 8.86 | ||||||||||||||||||||||||||||||||||||||||||
Total Return (C)(D) | 16.58 | % | (G | ) | 7.98 | % | 22.08 | % | (G | ) | (40.32 | )% | 9.73 | % | 9.51 | % | 5.61 | % | ||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 8,025 | $ | 6,950 | $ | 7,608 | $ | 6,423 | $ | 9,836 | $ | 7,609 | $ | 5,462 | ||||||||||||||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor (E) | 1.82 | % | (H | ) | 1.86 | % | 1.85 | % | (H | ) | 1.78 | % | 1.75 | % | 1.81 | % | 1.86 | % | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor (E) | 1.82 | % | (H | ) | 1.86 | % | 1.85 | % | (H | ) | 1.78 | % | 1.75 | % | 1.81 | % | 1.90 | % | ||||||||||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor (E)(F) | (0.77 | )% | (H | ) | (0.46 | )% | (1.00 | )% | (H | ) | (0.61 | )% | 0.43 | % | (1.85 | )% | ||||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor (E)(F) | (0.77 | )% | (H | ) | (0.46 | )% | (1.00 | )% | (H | ) | (0.61 | )% | 0.43 | % | 0.76 | % | (1.89 | )% | ||||||||||||||||||||||||||||||||||||||
Portfolio Turnover | 5.98 | % | 25.36 | % | 5.21 | % | 16.61 | % | 45.00 | % | 10.55 | % | 1.61 | % |
*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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [85]
Financial Highlights | Conservative Growth (Class A Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 8.83 | $ | 8.25 | $ | 6.94 | $ | 10.49 | $ | 11.10 | $ | 10.83 | $ | 10.26 | ||||||||||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.03 | 0.09 | 0.04 | 0.13 | 0.22 | 0.32 | (0.01 | ) | (B | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Investments | 0.86 | 0.60 | 1.27 | (3.18 | ) | 0.75 | 0.75 | 0.58 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total from Investment Operations | 0.89 | 0.69 | 1.31 | (3.05 | ) | 0.97 | 1.07 | 0.57 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment Income | (0.08 | ) | (0.11 | ) | - | (0.15 | ) | (0.20 | ) | (0.22 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.35 | ) | (1.38 | ) | (0.58 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions from Return of Capital | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.08 | ) | (0.11 | ) | - | (0.50 | ) | (1.58 | ) | (0.80 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 9.64 | $ | 8.83 | $ | 8.25 | $ | 6.94 | $ | 10.49 | $ | 11.10 | $ | 10.83 | ||||||||||||||||||||||||||||||||||||||||||
Total Return (C)(D) | 10.10 | % | (G | ) | 8.47 | % | 18.88 | % | (G | ) | (28.88 | )% | 8.85 | % | 9.86 | % | 5.56 | % | ||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 37,117 | $ | 35,031 | $ | 33,128 | $ | 26,206 | $ | 38,102 | $ | 33,189 | $ | 27,765 | ||||||||||||||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor (E) | 1.08 | % | (H | ) | 1.13 | % | 1.10 | % | (H | ) | 1.02 | % | 1.02 | % | 1.08 | % | 1.13 | % | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor (E) | 1.08 | % | (H | ) | 1.13 | % | 1.10 | % | (H | ) | 1.02 | % | 1.02 | % | 1.09 | % | 1.15 | % | ||||||||||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor (E)(F) | 0.64 | % | (H | ) | 1.07 | % | 0.82 | % | (H | ) | 1.36 | % | 2.09 | % | 2.98 | % | (0.11 | )% | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor (E)(F) | 0.64 | % | (H | ) | 1.07 | % | 0.82 | % | (H | ) | 1.36 | % | 2.09 | % | 2.97 | % | (0.13 | )% | ||||||||||||||||||||||||||||||||||||||
Portfolio Turnover | 7.01 | % | 30.89 | % | 15.74 | % | 25.72 | % | 40.54 | % | 6.12 | % | 3.61 | % |
(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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [86]
Financial Highlights | Conservative Growth (Class B Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 8.35 | $ | 7.85 | $ | 6.64 | $ | 10.03 | $ | 10.67 | $ | 10.43 | $ | 9.96 | ||||||||||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | - | (B | )* | 0.01 | (B | ) | - | (B | ) | 0.05 | (B | ) | 0.14 | 0.22 | (0.09 | ) | (B | ) | ||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Investments | 0.80 | 0.59 | 1.21 | (3.01 | ) | 0.71 | 0.72 | 0.56 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total from Investment Operations | 0.80 | 0.60 | 1.21 | (2.96 | ) | 0.85 | 0.94 | 0.47 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment Income | (0.06 | ) | (0.10 | ) | - | (0.08 | ) | (0.11 | ) | (0.12 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.35 | ) | (1.38 | ) | (0.58 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.06 | ) | (0.10 | ) | - | (0.43 | ) | (1.49 | ) | (0.70 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 9.09 | $ | 8.35 | $ | 7.85 | $ | 6.64 | $ | 10.03 | $ | 10.67 | $ | 10.43 | ||||||||||||||||||||||||||||||||||||||||||
Total Return (C)(D) | 9.56 | % | (G | ) | 7.68 | % | 18.22 | % | (G | ) | (29.37 | )% | 8.05 | % | 9.00 | % | 4.72 | % | ||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 1,753 | $ | 3,330 | $ | 5,322 | $ | 5,556 | $ | 9,740 | $ | 10,423 | $ | 11,652 | ||||||||||||||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor (E) | 1.83 | % | (H | ) | 1.87 | % | 1.85 | % | (H | ) | 1.76 | % | 1.76 | % | 1.82 | % | 1.88 | % | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor (E) | 1.83 | % | (H | ) | 1.87 | % | 1.85 | % | (H | ) | 1.76 | % | 1.76 | % | 1.85 | % | 1.90 | % | ||||||||||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor (E)(F) | (0.11 | )% | (H | ) | 0.15 | % | (0.01 | )% | (H | ) | 0.53 | % | 1.14 | % | 1.88 | % | (0.86 | )% | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor (E)(F) | (0.11 | )% | (H | ) | 0.15 | % | (0.01 | )% | (H | ) | 0.53 | % | 1.14 | % | 1.85 | % | (0.86 | )% | ||||||||||||||||||||||||||||||||||||||
Portfolio Turnover | 7.01 | % | 30.89 | % | 15.74 | % | 25.72 | % | 40.54 | % | 6.12 | % | 3.61 | % |
*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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [87]
Financial Highlights | Conservative Growth (Class C Shares)
The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.
Six months ended 3/31/11 (Unaudited) | Year ended 9/30/10 | Period ended 9/30/09 | (A) | Year ended 12/31/08 | Year ended 12/31/07 | Year ended 12/31/06 | Year ended 12/31/05 | |||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at Beginning of Period | $ | 8.32 | $ | 7.83 | $ | 6.61 | $ | 10.02 | $ | 10.68 | $ | 10.44 | $ | 9.97 | ||||||||||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | - | (B | )* | 0.02 | - | * | 0.06 | (B | ) | 0.12 | 0.23 | (0.09 | ) | (B | ) | |||||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Investments | 0.80 | 0.57 | 1.22 | (3.03 | ) | 0.72 | 0.73 | 0.56 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total from Investment Operations | 0.80 | 0.59 | 1.22 | (2.97 | ) | 0.84 | 0.96 | 0.47 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from Net Investment Income | (0.06 | ) | (0.10 | ) | - | (0.09 | ) | (0.12 | ) | (0.14 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||
Dividends from Realized Gains | - | - | - | (0.35 | ) | (1.38 | ) | (0.58 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.06 | ) | (0.10 | ) | - | (0.44 | ) | (1.50 | ) | (0.72 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at End of Period | $ | 9.06 | $ | 8.32 | $ | 7.83 | $ | 6.61 | $ | 10.02 | $ | 10.68 | $ | 10.44 | ||||||||||||||||||||||||||||||||||||||||||
Total Return (C)(D) | 9.67 | % | (G | ) | 7.57 | % | 18.46 | % | (G | ) | (29.45 | )% | 7.98 | % | 9.16 | % | 4.71 | % | ||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End of Period (in 000s) | $ | 8,745 | $ | 7,365 | $ | 7,500 | $ | 6,438 | $ | 7,164 | $ | 5,833 | $ | 4,361 | ||||||||||||||||||||||||||||||||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor (E) | 1.83 | % | (H | ) | 1.88 | % | 1.85 | % | (H | ) | 1.77 | % | 1.77 | % | 1.84 | % | 1.88 | % | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor (E) | 1.83 | % | (H | ) | 1.88 | % | 1.85 | % | (H | ) | 1.77 | % | 1.77 | % | 1.84 | % | 1.90 | % | ||||||||||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Reimbursement and Waiver/Recoupment of Expenses by Advisor (E)(F) | (0.11 | )% | (H | ) | 0.29 | % | 0.05 | % | (H | ) | 0.72 | % | 1.40 | % | 2.36 | % | (0.86 | )% | ||||||||||||||||||||||||||||||||||||||
After Reimbursement and Waiver/Recoupment of Expenses by Advisor (E)(F) | (0.11 | )% | (H | ) | 0.29 | % | 0.05 | % | (H | ) | 0.72 | % | 1.40 | % | 2.36 | % | (0.86 | )% | ||||||||||||||||||||||||||||||||||||||
Portfolio Turnover | 7.01 | % | 30.89 | % | 15.74 | % | 25.72 | % | 40.54 | % | 6.12 | % | 3.61 | % |
*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. |
The accompanying notes are an integral part of these financial statements.
Timothy Plan Financial Highlights [88]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
Note 1 | Significant Accounting Policies
The Timothy Plan (the “Trust”) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end diversified management investment company. As of March 31, 2011, the Trust consisted of thirteen series. These financial statements include the following eleven 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 Defensive Strategies 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 Advisor 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 Depositary Receipts (“ADRs”) without regard to market capitalization, investing its assets in the ADRs 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.
Timothy Plan Notes to Financial Statements [89]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
The Timothy Plan Defensive Strategies Fund’s investment objective is the protection of principal through aggressive, proactive reactions to prevailing economic conditions. To achieve its investment objective, the Fund normally invests in Real Estate Investment Trusts (“REITs”), commodities based exchange-traded funds (“ETFs”), and Treasury Inflation Protected Securities (“TIPS”).
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 5-10% 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 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 20-30% of its net assets in the Timothy Plan International Fund; approximately 5%-10% of its net assets in the Timothy Plan Aggressive Growth Fund; and approximately 5%-15% of its net assets in the Timothy Plan Defensive Strategies 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 0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 10-20% 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 0-5% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 5-15% of its net assets in the Timothy Plan International Fund; approximately 20%-40% of its net assets in the Timothy Plan Fixed Income Fund; and approximately 10-30% of its net assets in the Timothy Plan Defensive Strategies 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 Large/Mid Cap Growth Fund, Large/Mid Cap Value Fund, Small Cap Value Fund and Defensive Strategies Fund have made certain investments in 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.
Timothy Plan Notes to Financial Statements [90]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
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 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 Defensive Strategies 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 (the “Board”).
E. | CLASSES |
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.
F. | USE OF ESTIMATES |
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.
Timothy Plan Notes to Financial Statements [91]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
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 March 31, 2011, 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 six months ended March 31, 2011, 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 2008 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.
H. | 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.
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 (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.
— | 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) |
Timothy Plan Notes to Financial Statements [92]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
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, ADRs, REITs, MLPs, and ETFs are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor 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 ADRs 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 Advisor or Sub-Advisor 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 Advisor or Sub-Advisor, 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, mortgage-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 Advisor or Sub-Advisor 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 Advisor or Sub-Advisor 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 Advisor or Sub-Advisor, 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.
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 Advisor and/or Sub-Advisors responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Advisor or Sub-Advisor 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 Advisor 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 Advisor and Sub-Advisors with respect to the circumstances under which, and the methods to be used, in fair valuing securities.
Timothy Plan Notes to Financial Statements [93]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
The following is a summary of the inputs used to value each Fund’s assets as of March 31, 2011:
Aggressive Growth Fund | VALUATION INPUTS | |||||||||||||||
Assets | Level 1: Quoted Prices in | Level 2: Other Significant Observable Inputs | Level 3: Significant | Total | ||||||||||||
Common Stocks * | $ | 18,163,222 | $ | – | $ | – | $ | 18,163,222 | ||||||||
American Depositary Receipts * | $ | 233,498 | $ | – | $ | – | $ | 233,498 | ||||||||
Money Market Funds | $ | 198,663 | $ | – | $ | – | $ | 198,663 | ||||||||
Total | $ | 18,595,383 | $ | – | $ | – | $ | 18,595,383 | ||||||||
*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 | ||||||||||||
Common Stocks * | $ | 3,806,330 | $ | – | $ | – | $ | 3,806,330 | ||||||||
American Depositary Receipts * | $ | 18,557,867 | $ | 19,516,995 | $ | – | $ | 38,074,862 | ||||||||
Money Market Funds | $ | 523,149 | $ | – | $ | – | $ | 523,149 | ||||||||
Total | $ | 22,887,346 | $ | 19,516,995 | $ | – | $ | 42,404,341 | ||||||||
*Refer to the Schedule of Investments for industry classifications.
|
| |||||||||||||||
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 * | $ | 44,146,889 | $ | – | $ | – | $ | 44,146,889 | ||||||||
American Depositary Receipts * | $ | 1,399,699 | $ | – | $ | – | $ | 1,399,699 | ||||||||
Money Market Funds | $ | 5,215,140 | $ | – | $ | – | $ | 5,215,140 | ||||||||
Total | $ | 50,761,728 | $ | – | $ | – | $ | 50,761,728 | ||||||||
*Refer to the Schedule of Investments for industry classifications.
|
| |||||||||||||||
Small Cap Value Fund | VALUATION INPUTS | |||||||||||||||
Assets | Level 1: Quoted Prices in | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks * | $ | 53,852,727 | $ | – | $ | – | $ | 53,852,727 | ||||||||
REITs | $ | 4,328,404 | $ | – | $ | – | $ | 4,328,404 | ||||||||
Money Market Funds | $ | 384,036 | $ | – | $ | – | $ | 384,036 | ||||||||
Total | $ | 58,565,167 | $ | – | $ | – | $ | 58,565,167 | ||||||||
*Refer to the Schedule of Investments for industry classifications. |
Timothy Plan Notes to Financial Statements [94]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
Large/Mid Cap Value Fund | VALUATION INPUTS | |||||||||||||||
Assets | Level 1: Quoted Prices in | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks * | $ | 99,648,672 | $ | – | $ | – | $ | 99,648,672 | ||||||||
Master Limited Partnerships | $ | 2,232,846 | $ | – | $ | – | $ | 2,232,846 | ||||||||
REITs | $ | 4,924,810 | $ | – | $ | – | $ | 4,924,810 | ||||||||
Money Market Funds | $ | 2,401,677 | $ | – | $ | – | $ | 2,401,677 | ||||||||
Total | $ | 109,208,005 | $ | – | $ | – | $ | 109,208,005 | ||||||||
*Refer to the Schedule of Investments for industry classifications.
|
| |||||||||||||||
Fixed Income Fund | VALUATION INPUTS | |||||||||||||||
Assets | Level 1: Quoted Prices | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total | ||||||||||||
Asset-Backed Securities | $ | – | $ | 248,565 | $ | – | $ | 248,565 | ||||||||
Corporate Bonds | $ | – | $ | 16,851,307 | $ | – | $ | 16,851,307 | ||||||||
U.S. Government Agencies | $ | – | $ | 8,465,940 | $ | – | $ | 8,465,940 | ||||||||
Mortgaged-Backed Securities | $ | – | $ | 22,310,197 | $ | – | $ | 22,310,197 | ||||||||
U.S. Government Treasuries | $ | – | $ | 10,929,962 | $ | – | $ | 10,929,962 | ||||||||
U.S. Treasury TIPS | $ | – | $ | 4,782,678 | $ | – | $ | 4,782,678 | ||||||||
Money Market Funds | $ | 372,985 | $ | – | $ | – | $ | 372,985 | ||||||||
Total | $ | 372,985 | $ | 63,588,649 | $ | – | $ | 63,961,634 | ||||||||
High Yield Bond Fund | VALUATION INPUTS | |||||||||||||||
Assets | Level 1: Quoted Prices in | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total | ||||||||||||
Convertible Corporate Bonds | $ | – | $ | 491,250 | $ | – | $ | 491,250 | ||||||||
Corporate Bonds | $ | – | $ | 15,144,836 | $ | – | $ | 15,144,836 | ||||||||
144A Securities | $ | – | $ | 7,770,958 | $ | – | $ | 7,770,958 | ||||||||
Money Market Funds | $ | 2,391,955 | $ | – | $ | – | $ | 2,391,955 | ||||||||
Total | $ | 2,391,955 | $ | 23,407,044 | $ | – | $ | 25,798,999 | ||||||||
Defensive Strategies Fund | VALUATION INPUTS | |||||||||||||||
Assets | Level 1: Quoted Prices in | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total | ||||||||||||
REITs | $ | 8,602,861 | $ | – | $ | – | $ | 8,602,861 | ||||||||
Exchange-Traded Funds | $ | 12,758,518 | $ | – | $ | – | $ | 12,758,518 | ||||||||
Mortgaged-Backed Securities | $ | – | $ | 1,252,499 | $ | – | $ | 1,252,499 | ||||||||
U.S. Treasury TIPS | $ | – | $ | 14,804,540 | $ | – | $ | 14,804,540 | ||||||||
Money Market Funds | $ | 1,982,979 | $ | – | $ | – | $ | 1,982,979 | ||||||||
Total | $ | 23,344,358 | $ | 16,057,039 | $ | – | $ | 39,401,397 | ||||||||
*Refer to the Schedule of Investments for industry classifications. |
Timothy Plan Notes to Financial Statements [95]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
Money Market Fund | VALUATION INPUTS | |||||||||||||||
Assets | Level 1: Quoted Prices | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total | ||||||||||||
U.S. Government Treasuries | $ | – | $ | 8,999,680 | $ | – | $ | 8,999,680 | ||||||||
Asset-Backed Securities | $ | – | $ | 326,542 | $ | – | $ | 326,542 | ||||||||
Money Market Funds | $ | 1,339,049 | $ | – | $ | – | $ | 1,339,049 | ||||||||
Total | $ | 1,339,049 | $ | 9,326,222 | $ | – | $ | 10,665,271 | ||||||||
Strategic Growth Fund | VALUATION INPUTS | |||||||||||||||
Assets | Level 1: Quoted Prices in | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total | ||||||||||||
Mutual Funds | $ | 48,370,033 | $ | – | $ | – | $ | 48,370,033 | ||||||||
Money Market Funds | $ | 179,354 | $ | – | $ | – | $ | 179,354 | ||||||||
Total | $ | 48,549,387 | $ | – | $ | – | $ | 48,549,387 | ||||||||
Conservative Growth Fund | VALUATION INPUTS | |||||||||||||||
Assets | Level 1: Quoted Prices in | Level 2: Other Significant Observable Inputs | Level 3: Significant Unobservable Inputs | Total | ||||||||||||
Mutual Funds | $ | 47,311,577 | $ | – | $ | – | $ | 47,311,577 | ||||||||
Money Market Funds | $ | 264,011 | $ | – | $ | – | $ | 264,011 | ||||||||
Total | $ | 47,575,588 | $ | – | $ | – | $ | 47,575,588 |
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. During the six months ended March 31, 2011, there were no significant transfers between Levels 1 and 2. The Funds’ policy is to recognize transfers at the end of the period.
Timothy Plan Notes to Financial Statements [96]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
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 six months ended March 31, 2011:
PURCHASES | SALES | |||||||||||||||
Funds | U.S. Gov’t Obligations | Other | U.S. Gov’t Obligations | Other | ||||||||||||
Aggressive Growth Fund | $ | – | $ | 18,501,779 | $ | – | $ | 19,111,544 | ||||||||
International Fund | $ | – | $ | 11,826,592 | $ | – | $ | 9,317,059 | ||||||||
Large/Mid Cap Growth Fund | $ | – | $ | 33,102,934 | $ | – | $ | 36,682,844 | ||||||||
Small Cap Value Fund | $ | – | $ | 35,013,327 | $ | – | $ | 34,586,292 | ||||||||
Large/Mid Cap Value Fund | $ | – | $ | 6,586,379 | $ | – | $ | 7,403,897 | ||||||||
Fixed Income Fund | $ | 11,144,124 | $ | 395,248 | $ | 4,254,273 | $ | 2,677,458 | ||||||||
High Yield Bond Fund | $ | – | $ | 9,851,370 | $ | – | $ | 9,083,828 | ||||||||
Defensive Strategies Fund | $ | 3,796,620 | $ | 10,839,238 | $ | 946,983 | $ | 7,689,378 | ||||||||
Strategic Growth Fund | $ | – | $ | 2,873,332 | $ | – | $ | 7,543,609 | ||||||||
Conservative Growth Fund | $ | – | $ | 3,349,930 | $ | – | $ | 6,087,244 |
Note 4 | Investment Management Fee and Other Transactions with Affiliates
Timothy Partners, Ltd., (“TPL”) is the investment advisor for the Funds pursuant to an investment advisory agreement (the “Agreement”) that was renewed by the Board on February 25, 2011. 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, the Timothy Plan Small Cap Value, the Timothy Plan Large/Mid Cap Growth, and the Timothy Plan Large/Mid Cap Value Funds; 0.60% of the average daily net assets of the Timothy Plan Fixed Income, the Timothy Plan High Yield Bond, the Timothy Plan Defensive Strategies, and the Timothy Plan Money Market Funds; and 0.65% of the average daily net assets of the Timothy Plan Conservative Growth and the Timothy Plan Strategic Growth Funds. TPL has voluntarily agreed to reduce the fee it receives from the Timothy Plan Fixed Income and the 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 | |
15 basis points | September 16 - November 4, 2009 | |
10 basis points | November 5 - December 6, 2009 | |
5 basis points | December 7, 2009 - 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. Such voluntary fee reductions/reimbursements are not subject to future recoupment. An officer and trustee of the Funds is also an officer and owner of the Advisor.
For the six months ended March 31, 2011, TPL waived and reimbursed the Funds as follows:
Six months ended March 31, 2011 | ||||
Fixed Income Fund | $ | 49,695 | ||
Money Market Fund | $ | 72,106 |
The Timothy Plan High Yield Bond Fund was able to incur recoupment expenses as a result of previous waiver/recoupment agreements.
Timothy Plan Notes to Financial Statements [97]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
The Timothy Plan Aggressive Growth, Timothy Plan International, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, Timothy Plan High Yield Bond, and Defensive Strategies 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. 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 Funds will pay TPL a fee at an annual rate of 0.75%, payable monthly to outside broker/dealers, of the average daily net assets attributable to such class of shares. For the six months ended March 31, 2011, the Funds paid TPL under the terms of the Plans as follows:
Funds | 12b-1 Fees | |||
Six months ended March 31, 2011 | ||||
Aggressive Growth Fund | $ | 30,848 | ||
International Fund | $ | 60,116 | ||
Large/Mid Cap Growth Fund | $ | 69,625 | ||
Small Cap Value Fund | $ | 91,289 | ||
Large/Mid Cap Value Fund | $ | 167,175 | ||
Fixed Income Fund | $ | 114,060 | ||
High Yield Bond Fund | $ | 34,312 | ||
Defensive Strategies Fund | $ | 71,882 | ||
Strategic Growth Fund | $ | 40,241 | ||
Conservative Growth Fund | $ | 38,732 |
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 six months ended March 31, 2011, 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 | $ | 2,610 | $ | – | $ | 89 | ||||||
International Fund | $ | 4,374 | $ | – | $ | 538 | ||||||
Large/Mid Cap Growth Fund | $ | 4,802 | $ | – | $ | 548 | ||||||
Small Cap Value Fund | $ | 4,507 | $ | – | $ | 691 | ||||||
Large/Mid Cap Value Fund | $ | 12,682 | $ | – | $ | 893 | ||||||
Fixed Income Fund | $ | 12,096 | $ | – | $ | 3,252 | ||||||
High Yield Bond Fund | $ | 5,175 | $ | – | $ | 138 | ||||||
Defensive Strategies Fund | $ | 14,554 | $ | – | $ | 432 | ||||||
Strategic Growth Fund | $ | 7,188 | $ | – | $ | 820 | ||||||
Conservative Growth Fund | $ | 12,562 | $ | – | $ | 338 |
Timothy Plan Notes to Financial Statements [98]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
Note 5 | 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 March 31, 2011, the following shareholders, for the benefit of their customers, may be considered to control the Funds:
Funds | % of Fund | Owned By | ||||
Aggressive Growth Fund, Class B | 26.31% | LPL Financial Services | ||||
Fixed Income Fund, Class B | 34.45% | LPL 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 | 43.33 | % | ||||
International Fund, Class A | 66.09 | % | ||||
Large/Mid Cap Growth Fund, Class A | 56.03 | % | ||||
Small Cap Value Fund, Class A | 14.92 | % | ||||
Large/Mid Cap Value Fund, Class A | 28.51 | % | ||||
Fixed Income Fund, Class A | 45.40 | % | ||||
High Yield Bond Fund, Class A | 61.93 | % | ||||
Defensive Strategies Fund, Class A | 69.52 | % |
Timothy Plan Notes to Financial Statements [99]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
Note 6 | Unrealized Appreciation (Depreciation)
At March 31, 2011, 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 | $ | 15,029,719 | $ | 3,739,532 | $ | (173,868 | ) | $ | 3,565,664 | |||||||
International Fund | $ | 36,716,161 | $ | 7,710,502 | $ | (2,022,322 | ) | $ | 5,688,180 | |||||||
Large/Mid Cap Growth Fund | $ | 43,551,485 | $ | 7,589,687 | $ | (379,444 | ) | $ | 7,210,243 | |||||||
Small Cap Value Fund | $ | 50,766,251 | $ | 8,321,864 | $ | (522,948 | ) | $ | 7,798,916 | |||||||
Large/Mid Cap Value Fund | $ | 83,708,228 | $ | 26,937,633 | $ | (1,437,856 | ) | $ | 25,499,777 | |||||||
Fixed Income Fund | $ | 61,807,105 | $ | 2,779,861 | $ | (625,332 | ) | $ | 2,154,529 | |||||||
High Yield Bond Fund | $ | 24,274,798 | $ | 1,541,226 | $ | (17,025 | ) | $ | 1,524,201 | |||||||
Defensive Strategies Fund | $ | 35,022,895 | $ | 4,398,112 | $ | (19,610 | ) | $ | 4,378,502 | |||||||
Money Market Fund | $ | 10,665,271 | $ | - | $ | - | $ | - | ||||||||
Strategic Growth Fund | $ | 51,189,585 | $ | 3,585,918 | $ | (6,226,116 | ) | $ | (2,640,198 | ) | ||||||
Conservative Growth Fund | $ | 47,743,072 | $ | 5,425,698 | $ | (5,593,182 | ) | $ | (167,484 | ) |
Note 7 | Distributions to Shareholders
The tax character of distributions paid during the fiscal year ended September 30, 2010 and the fiscal period ended September 30, 2009 were as follows:
Aggressive Growth | International | Large/Mid Cap Growth | Small Cap Value | |||||||||||||||||
Year ended September 30, 2010 | ||||||||||||||||||||
Ordinary Income | $ | - | $ | 552,642 | $ | - | $ | - | ||||||||||||
Short-term Capital Gains | - | - | - | - | ||||||||||||||||
Long-term Capital Gains | - | - | - | - | ||||||||||||||||
Return of Capital | - | - | - | - | ||||||||||||||||
$ | - | $ | 552,642 | * | $ | - | $ | - | ||||||||||||
* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to $69,467 of allowable foreign tax credits which have been passed through to the Fund’s underlying shareholders.
Timothy Plan Notes to Financial Statements [100]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
Large/Mid Cap Value | Fixed Income | High Yield Bond | Defensive Strategies | |||||||||||||||||
Year ended September 30, 2010 | ||||||||||||||||||||
Ordinary Income | $ | 394,793 | $ | 1,626,024 | $ | 1,381,507 | $ | 3,363 | ||||||||||||
Short-term Capital Gains | - | - | - | 502,028 | ||||||||||||||||
Long-term Capital Gains | - | - | - | 36,320 | ||||||||||||||||
Return of Capital | - | - | - | 477,490 | ||||||||||||||||
$ | 394,793 | $ | 1,626,024 | $ | 1,381,507 | $ | 1,019,201 | |||||||||||||
Period ended September 30, 2009 | ||||||||||||||||||||
Ordinary Income | $ | - | $ | 1,134,412 | $ | 1,014,621 | $ | - | ||||||||||||
Short-term Capital Gains | - | - | - | - | ||||||||||||||||
Long-term Capital Gains | - | - | - | - | ||||||||||||||||
Return of Capital | - | - | - | - | ||||||||||||||||
$ | - | $ | 1,134,412 | $ | 1,014,621 | $ | - | |||||||||||||
Money Market | Strategic Growth | Conservative Growth | ||||||||||||||||||
Year ended September 30, 2010 | ||||||||||||||||||||
Ordinary Income | $ | 4,652 | $ | - | $ | 607,967 | ||||||||||||||
Short-term Capital Gains | 5,396 | - | - | |||||||||||||||||
Long-term Capital Gains | - | - | - | |||||||||||||||||
Return of Capital | - | - | - | |||||||||||||||||
$ | 10,048 | $ | - | $ | 607,967 | |||||||||||||||
Period ended September 30, 2009 | ||||||||||||||||||||
Ordinary Income | $ | 17,430 | $ | - | $ | - | ||||||||||||||
Short-term Capital Gains | 2,313 | - | - | |||||||||||||||||
Long-term Capital Gains | - | - | - | |||||||||||||||||
Return of Capital | - | - | - | |||||||||||||||||
$ | 19,743 | $ | - | $ | - | |||||||||||||||
There were no distributions by the Aggressive Growth, Large/Mid Cap Growth, Small Cap Value and Strategic Growth Funds during the fiscal year ended September 30, 2010.
Timothy Plan Notes to Financial Statements [101]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
For the six months ended March 31, 2011, the Funds made the following ordinary income distributions:
Fund | Total Distribution Per Share | Total Distribution | ||||||||
International Fund, Class A | $ | 0.0437 | $ | 212,571 | ||||||
International Fund, Class C | $ | 0.0280 | $ | 6,909 | ||||||
Large/Mid Cap Value Fund, Class A | $ | 0.0379 | $ | 261,906 | ||||||
Large/Mid Cap Value Fund, Class B | $ | 0.0015 | $ | 81 | ||||||
Large/Mid Cap Value Fund, Class C | $ | 0.0166 | $ | 14,121 | ||||||
Fixed Income Fund, Class A | $ | 0.1473 | $ | 812,950 | ||||||
Fixed Income Fund, Class B | $ | 0.0895 | $ | 1,713 | ||||||
Fixed Income Fund, Class C | $ | 0.1076 | $ | 84,355 | ||||||
High Yield Bond Fund, Class A | $ | 0.2699 | $ | 691,148 | ||||||
High Yield Bond Fund, Class C | $ | 0.2344 | $ | 28,154 | ||||||
Money Market Fund | $ | 0.00038539 | $ | 4,989 | ||||||
Strategic Growth Fund, Class A | $ | 0.0074 | $ | 41,359 | ||||||
Conservative Growth Fund, Class A | $ | 0.0782 | $ | 322,689 | ||||||
Conservative Growth Fund, Class B | $ | 0.0562 | $ | 12,991 | ||||||
Conservative Growth Fund, Class C | $ | 0.0624 | $ | 57,747 | ||||||
For the six months ended March 31, 2011, the Funds made the following short-term capital gain distributions:
| ||||||||||
Fund | Total Distribution Per Share | Total Distribution | ||||||||
Defensive Strategies Fund, Class A | $ | 0.0484 | $ | 112,375 | ||||||
Defensive Strategies Fund, Class C | $ | 0.0484 | $ | 33,422 |
The Aggressive Growth Fund, Large / Mid Cap Growth Fund and Small Cap Value Fund did not pay any distributions during the six months ended March 31, 2011.
Timothy Plan Notes to Financial Statements [102]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
As of September 30, 2010, the components of distributable earnings on a tax basis were as follows:
Aggressive Growth | International | Large/Mid Cap Growth | Small Cap Value | |||||||||||||
Undistributed Ordinary Income | $ | - | $ | 191,289 | $ | - | $ | - | ||||||||
Capital Loss Carryforward | (6,856,419 | ) | (14,168,126 | ) | (7,180,559 | ) * | (14,013,130 | ) | ||||||||
Unrealized Appreciation (Depreciation) | 2,680,771 | 2,585,367 | 3,906,929 | 3,353,792 | ||||||||||||
$ | (4,175,648 | ) | $ | (11,391,470 | ) | $ | (3,273,630 | ) | $ | (10,659,338 | ) | |||||
* 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
|
| |||||||||||||||
Large/Mid Cap Value | Fixed Income | High Yield Bond | Defensive Strategies | |||||||||||||
Undistributed Ordinary Income | $ | 250,652 | $ | 36,542 | $ | 24 | $ | - | ||||||||
Capital Loss Carryforward | (20,552,911 | ) | (1,698,928 | ) | (2,436,336 | ) | - | |||||||||
Unrealized Appreciation (Depreciation) | 9,910,848 | 4,068,284 | 1,014,661 | 2,022,504 | ||||||||||||
$ | (10,391,411 | ) | $ | 2,405,898 | $ | (1,421,651 | ) | $ | 2,022,504 | |||||||
Money Market | Strategic | Conservative Growth | ||||||||||||||
Undistributed Ordinary Income | $ | 8,585 | $ | 41,292 | $ | 393,362 | ||||||||||
Capital Loss Carryforward | - | (3,533,886 | ) | (1,762,631 | ) | |||||||||||
Unrealized Appreciation (Depreciation) | - | (10,476,816 | ) | (4,581,379 | ) | |||||||||||
$ | 8,585 | $ | (13,969,410 | ) | $ | (5,950,648 | ) | |||||||||
Timothy Plan Notes to Financial Statements [103]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
Note 8 | Capital Loss Carryforwards
At September 30, 2010, the following capital loss carryforwards are available to offset future capital gains.
Funds | Loss Carryforward | Year Expiring | ||||||
Aggressive Growth Fund | $ | 721,254 | 2016 | |||||
$ | 6,135,166 | 2017 | ||||||
International Fund | $ | 498,385 | 2015 | |||||
$ | 4,243,183 | 2016 | ||||||
$ | 8,833,573 | 2017 | ||||||
$ | 592,985 | 2018 | ||||||
Large/Mid Cap Growth Fund * | $ | 269,745 | 2016 | |||||
$ | 6,910,814 | 2017 | ||||||
Small Cap Value Fund | $ | 2,451,379 | 2016 | |||||
$ | 11,561,751 | 2017 | ||||||
Large/Mid Cap Value Fund | $ | 9,111,565 | 2016 | |||||
$ | 11,441,346 | 2017 | ||||||
Fixed Income Fund | $ | 234,407 | 2014 | |||||
$ | 77,304 | 2015 | ||||||
$ | 252,039 | 2016 | ||||||
$ | 1,135,178 | 2017 | ||||||
High Yield Bond Fund | $ | 362,525 | 2016 | |||||
$ | 2,073,811 | 2017 | ||||||
Strategic Growth Fund | $ | 844,160 | 2016 | |||||
$ | 2,564,555 | 2017 | ||||||
$ | 125,171 | 2018 | ||||||
Conservative Growth Fund | $ | 1,762,631 | 2017 |
* Please refer to Note 7 for additional information regarding the availability of capital loss carryforwards within the Timothy Large/ Mid Cap Growth Fund.
To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount, which is offset, will not be distributed to shareholders.
Timothy Plan Notes to Financial Statements [104]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
Board Annual Approval/Renewals of Advisory and Sub-Advisory Agreements (Unaudited)
Timothy Partners, Ltd; Investment Advisor to all Funds
The continuance of the Investment Advisory Agreement (the “IA Agreement”) on behalf of each series of the Trust between the Trust and Timothy Partners, Ltd. (“TPL”) was last approved by the Board of Trustees (“the Board”), including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the Agreement, at an in-person meeting held on February 25, 2011. The Trust’s Board considered the factors described below prior to approving the Agreement. The Trustees, including the Independent Trustees, noted the Advisor’s experience in incorporating and implementing the unique, biblically-based management style that is a stated objective as set forth in the Funds’ prospectus.
To further assist the Board in making its determination as to whether the IA Agreement should be renewed, the Board requested and received the following information: a description of TPL’s business and any personnel changes, a description of the compensation received by TPL from the Funds, information relating to the Advisor’s policies and procedures regarding best execution, trade allocation, soft dollars, code of ethics and insider trading, and a description of any material legal proceedings or securities enforcement proceedings regarding TPL or its personnel. In addition, the Board requested and received financial statements of TPL for its fiscal year ended September 30, 2010. The Board also received a report from TPL relating to the fees charged by TPL, both as an aggregate and in relation to fees charged by other advisors to similar funds. The materials prepared by TPL were provided to the Board in advance of the meeting. The Board considered the fees charged by TPL in light of the services provided to the Funds by TPL, the unique nature of the Funds and their moral screening requirements, which are maintained by TPL, and TPL’s role as a manager of managers. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by TPL were fair and reasonable in light of the services provided to the Funds. The Board also discussed the nature, extent and quality of TPL’s services to the Funds. In particular, the Board noted with approval TPL’s commitment to maintaining certain targeted expense ratios for the Funds, its efforts in providing comprehensive and consistent moral screens to the investment managers, its efforts in maintaining appropriate oversight of the investment managers to each Fund, and its efforts to maintain ongoing regulatory compliance for the Funds. The Board also discussed TPL’s current fee structure and whether such structure would allow the Funds to realize economies of scale as they grow. The Board next considered the investment performance of each Fund and the Advisor’s performance in monitoring the investment managers of the underlying funds. The Board generally approved of each Fund’s performance, noting that the Funds invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that the investment managers of each Fund did not succumb to style drift in their management of each Fund’s assets, and that each Fund was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval the Advisor’s ongoing efforts to maintain such consistent investment discipline. The Board also noted with approval that the Advisor’s business was devoted exclusively to serving the Funds, and that the Advisor did not realize any ancillary benefits or profits deriving from its relationship with the Funds. The Board further noted with approval the Advisor’s past activities on monitoring the performance of the underlying Funds’ various investment managers and the promptness and efficiency with which problems were brought to the Board’s attention and responsible remedies offered and executed. After careful discussion and consideration, the Board, including the separate concurrence of the independent Trustees, unanimously cast an affirmative vote, and determined that the renewal of the IA Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the IA Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the IA Agreement renewal.
Barrow, Hanley Mewhinney & Strauss; Sub-Advisor for the Fixed Income, High Yield Bond, Defensive Strategies TIPS sleeve and Money Market Funds.
The Sub-Advisory Agreement between the Trust, TPL and Barrow, Hanley Mewhinney & Strauss (“BHW&S”), on behalf of the Timothy Plan Fixed Income, High Yield Bond, Defensive Strategies TIPS sleeve and Money Market Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 25, 2011. The Board considered the following
Timothy Plan Notes to Financial Statements [105]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
factors in arriving at its conclusions to renew the BHW&S Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by BHW&S in light of the services provided by BHW&S. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by BHW&S and paid out of the fees received by TPL were fair and reasonable in light of the services provided by BHW&S. In reaching that determination, the Board relied on reports describing the fees paid to BHW&S and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of BHW&S’s services to each Fund, including the investment performance of the Funds under BHW&S’s investment management. The Board generally approved of BHW&S’s performance, noting that the Funds managed by BHW&S invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that BHW&S did not succumb to “style drift” in its management of each Fund’s assets, and that BHW&S was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval BHW&S’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether BHW&S’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the BHW&S Sub-Advisory Agreement because BHW&S was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the BHW&S Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the BHW&S Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the BHW&S Sub-Advisory Agreement renewal.
Westwood Holdings Group; Sub-Advisor to the Large/Mid Cap Value and the Small Cap Value Funds.
The Sub-Advisory Agreement between the Trust, TPL and Westwood Holdings Group (“Westwood”), on behalf of the Timothy Plan Small Cap Value and Large/Mid Cap Value Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 25, 2011. The Board considered the following factors in arriving at its conclusions to renew the Westwood Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Westwood in light of the services provided by Westwood. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Westwood and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Westwood. In reaching that determination, the Board relied on reports describing the fees paid to Westwood and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Westwood’s services to each Fund, including the investment performance of the Funds under Westwood’s investment management. The Board generally approved of Westwood’s performance, noting that the Funds managed by Westwood invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Westwood did not succumb to “style drift” in its management of each Fund’s assets, and that Westwood was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Westwood’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Westwood’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Westwood Sub-Advisory Agreement because Westwood was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Westwood Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Westwood Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Westwood Sub-Advisory Agreement renewal.
Timothy Plan Notes to Financial Statements [106]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
Chartwell Investment Partners; Sub-Advisor to the Aggressive Growth and Large/Mid Cap Growth Funds.
The Sub-Advisory Agreement between the Trust, TPL and Chartwell Investment Partners (“Chartwell”), on behalf of the Timothy Plan Aggressive Growth and Large/Mid Cap Growth Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 25, 2011. The Board considered the following factors in arriving at its conclusions to renew the Chartwell Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Chartwell in light of the services provided by Chartwell. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Chartwell and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Chartwell. In reaching that determination, the Board relied on reports describing the fees paid to Chartwell and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Chartwell’s services to each Fund, including the investment performance of the Funds under Chartwell’s investment management. The Board generally approved of Chartwell’s performance, noting that the Funds managed by Chartwell invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Chartwell did not succumb to “style drift” in its management of each Fund’s assets, and that Chartwell was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Chartwell’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Chartwell’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Chartwell Sub-Advisory Agreement because Chartwell was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Chartwell Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Chartwell Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Chartwell Sub-Advisory Agreement renewal.
Eagle Global Advisors; Sub-Advisor to the International Fund.
The Sub-Advisory Agreement between the Trust, TPL and Eagle Global Advisors (“Eagle”), on behalf of the Timothy Plan International Fund, was last renewed by the Board at a meeting held for that purpose, among others, on February 25, 2011. The Board considered the following factors in arriving at its conclusions to renew the Eagle Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Eagle in light of the services provided by Eagle. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Eagle and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Eagle. In reaching that determination, the Board relied on reports describing the fees paid to Eagle and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Eagle’s services to the Fund, including the investment performance of the Fund under Eagle’s investment management. The Board generally approved of Eagle’s performance, noting that the Fund managed by Eagle invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Eagle did not succumb to “style drift” in its management of the Fund’s assets, and that Eagle was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Eagle’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Eagle’s current fee structure would allow the Fund to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Eagle Sub-Advisory Agreement because Eagle was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Eagle Sub-Advisory Agreement for another one-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the Eagle Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Eagle Sub-Advisory Agreement renewal.
Timothy Plan Notes to Financial Statements [107]
Notes to Financial Statements
March 31, 2011 (Unaudited)
Timothy Plan Family of Funds
Delaware Management Company; Sub-Advisor to the Defensive Strategies Fund REITs sleeve.
The Sub-Advisory Agreement between the Trust, TPL and Delaware Management Company (“Delaware”), on behalf of the Timothy Plan Defensive Strategies Fund REITs sleeve, was last renewed by the Board at a meeting held for that purpose, among others, on February 25, 2011. The Board considered the following factors in arriving at its conclusions to renew the Delaware Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Delaware in light of the services provided by Delaware. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Delaware and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Delaware. In reaching that determination, the Board relied on reports describing the fees paid to Delaware and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Delaware’s services to the Fund, including the investment performance of the Fund under Delaware’s investment management. The Board generally approved of Delaware’s performance, noting that the Fund managed by Delaware invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Delaware did not succumb to “style drift” in its management of the Fund’s assets, and that Delaware was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Delaware’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Delaware’s current fee structure would allow the Fund to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Delaware Sub-Advisory Agreement because Delaware was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Delaware Sub-Advisory Agreement for another one-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the Delaware Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Delaware Sub-Advisory Agreement renewal.
Timothy Plan Notes to Financial Statements [108]
BOARD OF TRUSTEES Arthur D. Ally Kenneth Blackwell Joseph E. Boatwright Rick Copeland Deborah Honeycutt Bill Johnson John C. Mulder Charles E. Nelson Scott Preissler Alan Ross Mathew D. Staver Patrice Tsague
OFFICERS Arthur D. Ally, President Joseph E. Boatwright, Secretary
INVESTMENT ADVISOR Timothy Partners, Ltd. 1055 Maitland Center Commons Maitland, FL 32751
DISTRIBUTOR Timothy Partners, Ltd. 1055 Maitland Center Commons Maitland, FL 32751
TRANSFER AGENT Huntington Asset 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
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. |
HEADQUARTERS
The Timothy Plan 1055 Maitland Center Commons Maitland, Florida 32751
(800) 846-7526
www.timothyplan.com invest@timothyplan.com
SHAREHOLDER SERVICES
Huntington Asset Services, Inc. 2960 N Meridian Street, Suite 300 Indianapolis, IN 46208
(800) 662-0201 |
Item 2. Code of Ethics. NOT APPLICABLE – disclosed with annual report
Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report
Item 4. Principal Accountant Fees and Services. NOT APPLICABLE – disclosed with annual report
Item 5. Audit Committee of Listed Companies. NOT APPLICABLE – applies to listed companies only
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 – applies to closed-end funds only
Item 8. Portfolio Managers of Closed-End Management Investment Companies. NOT APPLICABLE – applies to closed-end funds only
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE – applies to closed-end funds only
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 within 90 days, 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) | Not Applicable – filed with annual report | |
(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-2under the Investment Company Act of 1940 are filed herewith. | |
(a)(3) | Not Applicable | |
(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 | 6/2/2011 |
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 | 6/2/2011 |