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) | ||||||||
1055 Maitland Center Commons, Maitland, FL 32751 | ||||||||
| (Address of principal executive offices) (Zip code) | ||||||||
Art Ally, The Timothy Plan | ||||||||
| 1055 Maitland Center Commons, Maitland, FL 32751 | ||||||||
| (Name and address of agent for service) | ||||||||
| Registrant’s telephone number, including area code: | 800-846-7526 | |||||||
| Date of fiscal year end: 9/30 | ||||||||
| Date of reporting period: 9/30/15 | ||||||||
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:
September 30, 2015
Dear Shareholder,
As you review the details on the following pages, you will see that most of our funds experienced slightly negative performance over the past fiscal year (10-1-14 thru 9-30-15). Of course this has been a particularly turbulent period in the capital markets where, upon review, you can see that nearly all of our funds were, at least, fairly competitive with our various benchmark indices that represent fairly broad segments of the capital markets.
As I write this, we remain concerned that the year ahead could be as turbulent as the past year has been so we continue to remain conservatively cautious. Although we cannot guarantee any actual outcome, I remain confident that all of our sub-advisors are, in our opinion, among the best in the industry and they each continue to honor our overall policy to manage their respective funds both in accordance with our screening restrictions and with a conservative bias.
Please find each of our sub-advisors’ annual review letters along with their economic outlook in the pages that follow.
Finally, I would once again like to thank you for your moral convictions that led you to becoming part of the Timothy Plan Family.
Yours in Christ,
Arthur D. Ally
President
1
Aggressive Growth Fund Letter from the Manager – September 30, 2015 |  |
We wrote in this letter last year that, “volatility in energy markets and the normalization of interest rates could well provide the script for the year to come.” The energy volatility certainly came to pass: Brent Crude was $95 on 9/30/14, bottomed at $45 in January ’15, bounced back up to $70 in May, made a lower low of $42 in August, and then finally recovered some to $49 at quarter-end. Demand for crude actually surprised to the upside, especially given the economic slowdown in many emerging markets, but supply stayed stubbornly high, providing a downward bias to the commodity. Consequently, the Energy sector in the S&P500 was down about 30% for the full-year period. As to the normalization of rates, the story remains the same – the Fed is in a holding pattern – claiming to be “data-dependent” – and still concerned that inflation has been almost non-existent. While labor-market conditions have significantly improved, global uncertainty was cited by Chair Yellen in her last press conference as another reason to stay accommodative (leaving some to wonder how many mandates the Fed really has these days). Reported U.S. GDP growth had a wide range over the past year (+0.6% to +3.9%), but the bigger picture is that growth has only been slightly above 2% for the entire period since the financial crisis. Additionally under the heading of “the more things change, the more they stay the same,” both Greece and China were sources of turmoil to financial markets. Greece defaulted on payments due to the IMF, had a referendum vote that rejected bailout conditions from their European creditors, but in the end accepted the terms. China – like so many other emerging markets – has seen its economy contract, but in contrast to other countries that can weaken their currencies to spur exports, the yuan was pegged to the dollar. Hence, in August they decided to let it float (to a certain degree); this rattled markets, especially since there was little additional commentary as to future expectations. Volatility in U.S. equity markets, along with credit spreads, spiked in the third quarter of 2015, and in late August/early September the S&P500 dropped about 12% from its July high. There was some recovery before the quarter closed, but we’ll go out on a limb and predict that heightened volatility is here for the foreseeable future.
The Timothy Plan Aggressive Growth Fund’s performance was -2.35% (Class A) over the last 12 months ended September 30, 2015, while the return of the benchmark, the Russell Mid Cap Growth Index, was +1.45% for the same period. Cash was 31% of the portfolio at 9/30/15 and averaged 11% over the last two quarters. The cash was additive to performance during that period, adding 1.4% to returns, as the RMG index was down 9.1% for those six months.
For the portfolio, there has been no change to our time-tested, bottom up fundamental approach to managing large and mid-cap growth investments. As an overview, the portfolio remains well diversified by issuers and by sectors as all areas of the economy have been impacted by broad macroeconomic trends. We have investments that blend growth potential with durability for an environment that will reward the former if conditions continue to improve and appreciate the latter if they don’t. Applying our model to the current environment with all the threats to stability – financial and geopolitical – we remain committed to our growth mandates but with a responsible eye toward valuation and risk. Above all, three factors remain central to our management of the portfolio: Growth, Valuation, & Execution. And we are particularly keen on Execution, which can be the “last mile” connecting financial forecasts to investment outcomes.
Chartwell Investment Partners, LLC
2
Letter From The Manager
The Timothy Plan International Fund
September 30, 2015
Although the last twelve months were difficult ones for global equities, The Timothy Plan International Fund (the “Fund”) performed well relative to the MSCI EAFE index performance during this time period.
Volatility was back in equity markets as diverging monetary conditions from the U.S. to Europe and Japan increased investor anxiety during this period. China’s economic slowdown also led to significant declines for global trade values, commodity markets, and emerging market equities and currencies. The decision from the People’s Bank of China to devalue the RMB currency was an unexpected curveball for equity and currency markets leading to significant volatility. As the euro zone has joined the quantitative easing party and Europe appears to have successfully navigated Greek debt negotiations, European equities performed better even though also succumbing to the volatility of global markets. The sharp decline in commodity prices during this period also led to significant declines for prices of companies in the Materials and Energy sectors. Japan provided a bit of self-help stories during the year as the government there pressures the corporate sector to focus more on ROE and shareholder-friendly capital allocation while at the same time pushing for better wage increases going forward to support private consumption.
The outperformance of the Fund relative to the EAFE index was due to a combination of strong sector allocation and stock selection. The Fund had good sector allocation in 7 of the 10 sectors with the strongest contribution coming from the overweight in the outperforming Consumer Discretionary sector and underweight to underperforming Energy and Materials sectors. The only meaningful negative sector attribution occurred as a result of an underweight to the Consumer Staples sector which outperformed due to its safer haven status in a difficult market. Strong stock selection occurred in 8 of the 10 sectors with significant outperformance from stock picks in the Consumer Discretionary sector. Stock picks in the Energy and Industrials sectors proved less than stellar though. Of note in the Consumer Discretionary sector was the portfolio’s holdings in the auto parts sectors helped performance as car sales continued to positively surprise and as sector consolidation has driven better margins with Fund holdings of note Valeo SA in France and Magna International in Canada. Other notable outperformers included Sekisui House benefitting from rising housing activity in Japan and Techtronic Industries from Hong Kong benefitting from improved sales of its products at U.S. home improvement stores and continued strong execution on margins.
Leading up to the last months of this year, the Fund raised cash above normal levels due to very elevated macro and market risks. While we ended the fiscal year with high cash levels, we expect to reduce these cash levels accordingly as opportunities present themselves. International equities remain attractive and we believe the European Central Bank and Bank of Japan will remain quite accommodative leading to additional support for equity markets in Europe and Japan. We thank you for your continued investment in the Fund.
Eagle Global Advisors, LLC
3
Large/Mid Cap Growth Fund Letter from the Manager – September 30, 2015 |  |
We wrote in this letter last year that, “volatility in energy markets and the normalization of interest rates could well provide the script for the year to come.” The energy volatility certainly came to pass: Brent Crude was $95 on 9/30/14, bottomed at $45 in January ’15, bounced back up to $70 in May, made a lower low of $42 in August, and then finally recovered some to $49 at quarter-end. Demand for crude actually surprised to the upside, especially given the economic slowdown in many emerging markets, but supply stayed stubbornly high, providing a downward bias to the commodity. Consequently, the Energy sector in the S&P500 was down about 30% for the full-year period. As to the normalization of rates, the story remains the same – the Fed is in a holding pattern – claiming to be “data-dependent” – and still concerned that inflation has been almost non-existent. While labor-market conditions have significantly improved, global uncertainty was cited by Chair Yellen in her last press conference as another reason to stay accommodative (leaving some to wonder how many mandates the Fed really has these days). Reported U.S. GDP growth had a wide range over the past year (+0.6% to +3.9%), but the bigger picture is that growth has only been slightly above 2% for the entire period since the financial crisis. Additionally under the heading of “the more things change, the more they stay the same,” both Greece and China were sources of turmoil to financial markets. Greece defaulted on payments due to the IMF, had a referendum vote that rejected bailout conditions from their European creditors, but in the end accepted the terms. China – like so many other emerging markets – has seen its economy contract, but in contrast to other countries that can weaken their currencies to spur exports, the yuan was pegged to the dollar. Hence, in August they decided to let it float (to a certain degree); this rattled markets, especially since there was little additional commentary as to future expectations. Volatility in U.S. equity markets, along with credit spreads, spiked in the third quarter of 2015, and in late August/early September the S&P500 dropped about 12% from its July high. There was some recovery before the quarter closed, but we’ll go out on a limb and predict that heightened volatility is here for the foreseeable future.
The Timothy Plan Large/Mid Cap Growth Fund’s performance decreased 0.35% (Class A) over the last 12 months ended September 30, 2015, while the return of the benchmark, the Russell 1000 Growth Index, was up 3.17% for the same period. Cash was 30% of the portfolio at 9/30/15 and averaged 17% over the last two quarters. The cash was additive to performance during that period, adding 0.9% to returns, as the R1G index was down 5.2% for those six months.
For the portfolio, there has been no change to our time-tested, bottom up fundamental approach to managing large and mid-cap growth investments. As an overview, the portfolio remains well diversified by issuers and by sectors as all areas of the economy have been impacted by broad macroeconomic trends. We have investments that blend growth potential with durability for an environment that will reward the former if conditions continue to improve and appreciate the latter if they don’t. Applying our model to the current environment with all the threats to stability – financial and geopolitical – we remain committed to our growth mandates but with a responsible eye toward valuation and risk. Above all, three factors remain central to our management of the portfolio: Growth, Valuation, & Execution. And we are particularly keen on Execution, which can be the “last mile” connecting financial forecasts to investment outcomes.
Chartwell Investment Partners, LLC
4
LETTER FROM THE MANAGER
September 30, 2015
TIMOTHY PLAN LARGE/MID-CAP VALUE FUND
We are pleased to provide you with our report for the Timothy Plan Large/Mid-Cap Value Fund for the twelve months ended September 30, 2015 and would like to thank you for entrusting your assets with us.
The past twelve months have been challenging for the equity markets as many themes have weighed on investor sentiment. A sell-off in commodities gained momentum as recessionary fears deepened and crude oil fell below US$50 per barrel for the first time in ten years. The sustainability of global growth was once again in question following the critical Fed policy decision to leave rates unchanged, signaling a lack of confidence in outlook and concerns regarding the impact of a China growth slowdown.
For the twelve months ended September 30, 2015, the Timothy Plan Large/Mid-Cap Value Fund produced a return of 1.59% (Class A), while the S&P 500 Index produced a return of -0.61%. Security selection in Technology, Health Care and Utilities aided relative performance. Furthermore, the portfolio’s higher cash position served as a cushion against market volatility and contributed positively to relative performance.
The Technology sector was again a strong performer for the fund and many of the top performers were in this sector. Top performers in the Technology sector included Skyworks Solutions, Avago Technologies and Amdocs Limited. The “Internet of Things” trend continues to benefit Skyworks Solutions and Amdocs has posted strong quarters with better-than-expected guidance. The company generates and returns significant amounts of cash flow to shareholders through buybacks and dividends. Shares of C.R. Bard, J.M. Smucker, McCormick & Company and Dr Pepper Snapple Group were looked on favorably by investors due to their defensive growth characteristics. J.M. Smucker has posted better-than-expected earnings results with solid organic sales growth and strong free cash flow conversion. Management expects significant synergies from the Big Heart Pet Brands acquisition, and the core coffee business saw nice improvement from the prior quarter. McCormick & Company’s management team made positive comments at a sell-side conference that helped shares rally ahead of its earnings results in early October.
Security selection in Producer Durables and Financial Services was the largest detractor to relative performance in the period. Individual detractors to performance included Energy companies Oasis Petroleum, Occidental Petroleum and EOG Resources, which have fallen with crude oil and natural gas prices. Other underperforming securities included Flowserve, Garmin and B/E Aerospace which are levered to economic growth.
The Westwood team remains focused on high-quality business trading at a discount to intrinsic value. Market returns had been bolstered by a Fed-centric market focused on unprecedented monetary stimulus rather than fundamentals pushing valuations to the upper end of historical averages. As the economic cycle matures and the FOMC prepares to start tightening monetary policy with higher interest rates, investors will likely turn their focus back to fundamentals and corporate profits will become the key driver of future returns. We will continue to leverage our intensive research driven process to identify securities with company-specific opportunities and visible earnings growth that provide attractive risk adjusted returns for the portfolio. As has always been our practice, we look to invest in companies with conservative balance sheets, robust free cash flow generation, and high returns as these characteristics help protect capital in a downside scenario. Given the above-average market returns over the past few years, we are mindful of the potential for downside risk and are focusing on opportunities which we feel have measurable and limited potential for loss.
We thank you for your continued confidence in the Westwood process and investment teams and we look forward to serving your investment needs through the years ahead.
Westwood Management Corporation
5
LETTER FROM THE MANAGER
September 30, 2015
TIMOTHY PLAN SMALL-CAP VALUE FUND
We are pleased to provide you with our report for the Timothy Plan Small Cap Value Fund for the twelve months ended September 30, 2015 and would like to thank you for entrusting your assets with us.
The past twelve months have been challenging for the equity markets as many themes have weighed on investor sentiment. A sell-off in commodities gained momentum as recessionary fears deepened and crude oil fell below US$50 per barrel for the first time in ten years. The sustainability of global growth was once again in question following the critical Fed policy decision to leave rates unchanged, signaling a lack of confidence in outlook and concerns regarding the impact of a China growth slowdown.
For the twelve months ended September 30, 2015, the Timothy Plan Small Cap Value Fund produced a return of 1.9% (Class A), while the Russell 2000 Index produced a return of 1.25%. Small caps, however, have outperformed their large cap counterparts over this time period. Security selection was the primary driver of relative outperformance and centered in the Materials, Consumer Discretionary and Health Care sectors. The portfolio’s higher cash position served as a cushion against market volatility and also contributed positively to relative performance.
Security selection in Energy and Health Care detracted from relative performance. Energy was the largest declining sector with several holdings, including Bonanza Creek Energy, Rex Energy and CONE Midstream Partners, producing returns over 50% for the last 12 months. Holdings in this sector, while strong fundamentally sound operators have fallen along with crude oil and natural gas prices.
The Small Cap Value team is focusing on well-run companies with growth prospects that are underappreciated by the marketplace. We look for companies with above average growth and strong balance sheets that are generating good cash flows and superior relative returns. As economic growth continues, we feel our companies are positioned to achieve higher earnings and our portfolio should perform well.
We thank you for your continued confidence in the Westwood process and investment teams and we look forward to serving your investment needs through the years ahead.
Westwood Management Corporation
6
TIMOTHY PLAN FIXED INCOME MANAGER’S COMMENTARY SEPTEMBER 2015
BARROW, HANLEY, MEWHINNEY & STRAUSS
The Timothy Plan Fixed Income Fund invests in the broad U.S. investment grade bond market as defined by the Barclays Capital U.S. Aggregate Bond Index which began the last 12 months with a yield of 2.36% and ended at 2.31% on September 30, 2015. This modest change in yield does not explain the underlying volatility in the market.
The U.S. Treasury (UST) 10 year rate started the year at 2.49%. Slowing global growth and lower inflation had global central banks engaged in massive monetary stimulus. These global concerns led to demand for UST bonds as a safe haven driving their yields sharply lower with the UST 10 year at 1.64% by January 31st the low rate for the year. However, as the U.S. economy showed strength in 2Q15 more investors became convinced the Federal Reserve would finally raise rates and the UST 10 year rose to 2.35% by June 30th. As the Federal Reserve continued to delay increasing rates the UST 10 year settled down to 2.04% by September 30, 2015 for a decline of 0.45% for the year. Even with the decline in UST rates they remain well above their developed market sovereign peers.
Corporate bonds also exhibited rate volatility but moved in the opposite direction as yield spreads increased 0.53% by September 30th. Credit quality was threatened by a dramatic increase in M&A along with company managements’ shareholder friendly actions like debt financed share buy backs. Energy credits were challenged by the significant decline in the price of oil and other types of commodity oriented companies were also under pressure. Similarly GNMA MBS yield spreads increased by 0.54% ending the year close to their highest level. Structural changes in the GNMA mortgage program led to increased prepayments which hurt returns and drove spreads higher.
The Timothy Fixed Income Fund A shares returned 1.08% over the 12 months ended September 30, 2015 with income partially offset from lower prices. The Barclays Capital U.S. Aggregate Bond Index was 2.94% over the trailing 12 months. The portfolio overweight in investment grade corporate bonds detracted from results as yield spreads increased especially in Energy and Basic Industry holdings. Results were aided by UST holdings returning over 5% and a slight underweight in MBS was beneficial last year. We are keeping a close watch on the timing of the Fed’s first policy-rate increase and what they decide to do to unwind a balance sheet four times larger than ever before. Looking ahead the portfolio is positioned with modestly less interest rate risk than the market, an over-weight in corporate bonds with yield spreads at the most attractive level in three years, and a slight overweight in GNMA MBS. We remain focused on generating income consistent with a prudent level of risk.
BARROW, HANLEY, MEWHINNEY & STRAUSS
7
TIMOTHY PLAN HIGH YIELD BOND FUND MANAGER’S COMMENTARY SEPTEMBER
2015
BARROW, HANLEY, MEWHINNEY & STRAUSS
The Timothy Plan High Yield Bond Fund invests primarily in BB and B rated High Yield (HY) bonds. Our benchmark for the HY market is the Barclays BA/B High Yield index which began the last 12 months yielding 5.51% and ended at 7.09% on September 30, 2015. High Yield market yields began rising in 4Q14 led by Energy companies under pressure from declining oil prices and ended at 6.49%. A “relief rally” in oil prices during 1Q15 helped move prices higher and rates lower so that by June 30th the HY market’s yield was 5.81%. However, 3Q15 saw significant with HY rates up 1.28% to 7.09% by quarter’s end. Yields were initially led higher by the energy sector as oil prices renewed their decline, but as global economic concerns increased other sectors were impacted especially Basic Industry. Technical factors also contributed to the rapid rise in rates as mutual fund and ETF HY investors became net sellers.
By September 30th the yield of the HY market was at the highest level since 2Q12 generating negative 3Q15 returns. Higher yields in part reflect concern for default rates moving higher in the future. Fitch recently reported that while the HY market default rates are up to 2.7% from 2.2% they remain significantly lower than their long term average. HY market yields are still primarily skewed higher by just a few out of favor industry groups. For example, the HY Energy sector yield spread above U.S. Treasury bonds was 823 basis points compared to 499 basis points for the entire HY market ex-energy. Removing this one industry lowers the yield 0.41% for the Barclays BA/B index ex-energy.
The Timothy Plan High Yield Bond Fund (A shares) in this difficult environment generated a total return of -4.88% over the 12 months ended September 30, 2015. Barclays Ba/B (3% cap) High Yield Index total return was -2.09%. The portfolio’s overweight in Energy and Basic Industries detracted from results. Holdings in Consumer Cyclicals and Non-Cyclicals were additive to returns. We continue to hold Energy names especially MLP issues that we believe are less impacted by the price of the oil. Looking ahead, with HY yields at the highest level since 2Q12 and an improved U.S. economy we believe the HY market should have a better year, but we are keeping a close watch on upticks in the default rate. The portfolio remains focused on generating a high level of income consistent with a reasonable level of risk.
BARROW, HANLEY, MEWHINNEY & STRAUSS
8
September 30, 2015
Dear Shareholder,
The Timothy Plan Defensive Strategies Fund has been designed and managed to do what its name implies, i.e. hedge against a possible scenario of hyper-inflation which could result from our nation’s leadership’s proven unwillingness to address our core problems of too much spending, too much taxation and too many onerous government regulations. We have, therefore, built in the flexibility to either adjust to a possible risk of extreme deflation with the ability to convert our inflation sensitive assets to cash and fixed income securities that should perform well during a deflationary environment or to a more normal, traditional investment strategy. As I stated in last year’s report, although we will do our very best to be successful, we cannot guarantee results in any of these scenarios.
I would also like to point out that, since there does not exist an appropriate benchmark index with which to compare our performance, we have created a blended index comprised of roughly 1/3 each of U.S. Government TIPs, FTSE NAREIT Equity Index and Dow Jones UBS Commodity Index.
I am also pleased to report that, effective this year, we have added physical gold and silver bullion (custodied at Brinks, New York) to our diversified holdings.
While no one can predict future events, I remain confident that our sub-advisors (i.e. money management firms that manage the various sleeves of this Fund) are, in our opinion, among the best in the industry and they each continue to honor our overall policy that they manage their respective Fund sleeve both in accordance with our screening restrictions and with a conservative bias.
Finally, I would once again like to thank you for your moral convictions that led you to become part of the Timothy Plan Family.
Yours in Christ,
Arthur D. Ally
Fund Advisor
9
TIMOTHY PLAN DEFENSIVE STRATEGIES FUND TIPS MANAGER’S COMMENTARY SEPTEMBER 2015
BARROW, HANLEY, MEWHINNEY & STRAUSS
The Timothy Plan Defensive Strategies Fund has an allocation of U.S. Treasury Inflation Protected Securities (TIPS) designed to help protect assets from higher rates of inflation. Over the past 12 months ended September 30th, 2015 Global economic growth slowed especially Chinese and emerging market economies. Economic weakness led to tepid inflation data from slumping commodity prices. Investors’ future inflation expectations declined in this environment leading to weak returns for TIPS securities. We measure investors’ inflation expectations as the difference between the U.S. Treasury 10 year and the U.S. TIPS 10 year. This “breakeven rate” of inflation is what would be required to make these two securities have the same yield. The “breakeven rate” of inflation started at 1.97% but declined over 12 months to 1.43%.
While the Core CPI (ex food and energy) was up 1.9% over the past 12 months, TIPS use a different inflation measure. The All Urban Non-Seasonally adjusted CPI was up only 0.2% as this inflation measure used in TIPS calculations included declining oil and commodity prices. Over the long term these inflation measurements should narrow. The U.S. TIPS market generated a -0.83% total return as reported by Barclays over the past 12 months. TIPS returns were lowered by an inflation benchmark up only 0.2% and investors’ lower inflation expectations.
The TIPS allocation we manage held 10 to 20% in investment grade corporate bonds and GNMA mortgages for their higher nominal yield, and the portfolio will hold these positions until the TIPS inflation measure increases. Looking ahead, we are concerned about the potential impact on inflation from Global central banks engaging in massive monetary stimulus and the extreme size of the Federal Reserve’s balance sheet. The primary goal of the TIPS allocation continues to be protection from rising inflation rates.
BARROW, HANLEY, MEWHINNEY & STRAUSS
10
September 30, 2015
Dear Strategic Growth Fund Shareholder:
The Timothy Plan Strategic Growth Fund (the “Fund”) is simply an asset allocation fund that invests in a number of Timothy Plan underlying funds. Although the allocation percentages will vary somewhat from time to time as a result of changing economic conditions, the allocation based on net assets at September 30, 2015 was as follows:
| ● | Large/Mid-Cap Growth Fund | 9.00% | ● | Small-Cap Value Fund | 3.50% | |||||||||||
| ● | Large/Mid-Cap Value Fund | 9.00% | ● | Aggressive Growth Fund | 3.25% | |||||||||||
| ● | International Fund | 10.50% | ● | High-Yield Bond Fund | 8.50% | |||||||||||
| ● | Defensive Strategies Fund | 25.50% | ● | Israel Common Values | 2.75% | |||||||||||
| ● | Emerging Markets Fund | 3.25% | ● | Growth & Income | 9.25% | |||||||||||
| ● | Cash | 15.50% | ||||||||||||||
I am pleased to report that performance was, in our opinion, somewhat respectable – albeit a little negative – over the past twelve months and reasonably comparable to the fund’s market benchmark - the Dow Jones Global Moderately Aggressive Portfolio Index. We plan to continue to manage this fund conservatively as we attempt to adjust to (what could be) rapidly changing economic conditions.
We continue to realize that the volatility and uncertainty of the markets may have been unsettling for many investors; however all our sub-advisors expect this pattern to continue into 2016 and, as a result, they are committed to manage their various funds with a definite conservative bias.
As you know, no one can guarantee future performance. However, the one thing that I can assure you of is that every one of our sub-advisors is doing their very best and our team here at Timothy is working very hard to provide you an investment with which you can feel comfortable.
Sincerely,
Arthur D. Ally
Fund Advisor
11
September 30, 2015
Dear Conservative Growth Fund Shareholder:
The Timothy Plan Conservative Growth Fund (the “Fund”) is simply an asset allocation fund that invests in a number of Timothy Plan underlying funds. Although the allocation percentages will vary somewhat from time to time as a result of changing economic conditions, the allocation based on net assets at September 30, 2015 was as follows:
● | Large/Mid-Cap Growth Fund | 4.50% | ● | Small-Cap Value Fund | 3.00% | |||||||||||
● | Large/Mid-Cap Value Fund | 5.00% | ● | Aggressive Growth Fund | 1.00% | |||||||||||
● | International Fund | 6.00% | ● | High-Yield Bond Fund | 4.50% | |||||||||||
● | Defensive Strategies Fund | 22.50% | ● | Israel Common Values Fund | 2.00% | |||||||||||
● | Emerging Markets Fund | 1.50% | ● | Growth & Income Fund | 7.25% | |||||||||||
● | Fixed Income Fund | 22.50% | ● | Cash | 20.25% | |||||||||||
I am pleased to report that performance was, in our opinion, somewhat respectable – albeit a little negative –over the past twelve months and reasonably comparable to the fund’s market benchmark - the Dow Jones Global Moderate Portfolio Index. We plan to continue to manage this fund conservatively as we attempt to adjust to (what could be) rapidly changing economic conditions.
We continue to realize that the volatility and uncertainty of the markets may have been unsettling for many investors; however all our sub-advisors expect this pattern to continue into 2016 and, as a result, they are committed to manage their various funds with a definite conservative bias.
As you know, no one can guarantee future performance. However, the one thing that I can assure you of is that every one of our sub-advisors is doing their very best and our team here at Timothy is working very hard to provide you an investment with which you can feel comfortable.
Yours in Christ,
Arthur D. Ally
Fund Advisor
12
Letter From The Manager
Timothy Plan Israel Common Values Fund
September 30, 2015
Israel’s economy bounced back nicely after the weakness caused by Operation Protective Edge. Strong private consumption throughout most of the year supported the economy as strong wage growth and employment levels led to rising income levels in the country. While the private sector provided a nice tailwind, continued weak trade and a relatively strong shekel dented corporate performance and economic activity for the export sector. The Bank of Israel maintained its highly accommodative monetary policy throughout the year, lowering interest rates to 0.10%. Increased episodes of violence toward year end as well as uncertainty related to the Iran nuclear deal continues to place some pressure on economic activity and equity prices.
The Timothy Plan Israel Common Values Fund (the “Fund”) performed strongly in the first half of the year but succumbed to weaker equity markets with the global selloff in the third calendar quarter of 2015. The Fund’s overweight allocation to the Information Technology sector was positive but was partly offset from negative stock selection in that sector. Negative stock selection in the Energy and Telecom Services sector for the year also dented relative performance. In Energy, the negative developments coming from the antitrust government agency against the industry dented hopes of a start to the development of the Leviathan field while weak oil and gas prices also contributed to the weaker performance. The new parliamentary elections held earlier in 2015 led to a razor thin coalition for Benjamin Netanyahu. The Prime Minister was able to form this coalition with more business-friendly factions but also some more polarizing figures that may lead to new political wrangling in the coming year.
The Fund ended the year with higher than average cash levels as elevated macro, market, and geopolitical risks surfaced. We expect to diligently reinvest this cash into the opportunities afforded the Fund from the innovation of Israeli companies. Although near term economic performance may be dented from increased episodes of violence in the country, we see increased signs of better global trade conditions in the coming year and continued accommodative monetary policy providing a nice tailwind for Israel’s economy. We thank you for your continued investment in the Fund.
Eagle Global Advisors, LLC
13
LETTER FROM THE MANAGER
September 30, 2015
Timothy Plan Emerging Markets Fund (the “Fund”)
We will discuss sector-, country- and stock-specific factors that affected the Fund’s performance and describe changes in the Fund’s composition during the 12 months ended September 30th, 2015. In addition, we will share insight into how the Fund is currently positioned for the future.
The Markets
The last year proved to be a continuation of challenging conditions for emerging markets. News on China’s slowing economic growth intensified worries on its ramifications to the global economy. The renminbi devaluation, although relatively minor, generated fears of potential spillovers to other emerging countries. In late August, the Shanghai Composite and the Shenzhen Composite indices lost a combined $1.2 trillion in market capitalization over the course of four days, putting a stop to their upward trajectory that started in late 2014. The selloff prompted the People’s Bank of China to cut its interest rate and lower reserve requirement for banks—in the hope of easing market concerns about the slowdown.
Meanwhile, investor sentiment took a turn for the worse in Brazil as the country continued to face political and economic challenges, including falling commodity prices and rising inflation. The Brazilian real lost over 20% (vs. the U.S. dollar), making it one of the worst-performing currencies in the quarter. The MSCI Brazil Index fell over 30% in the last three months and more than 40% year to date (in U.S. dollar terms). Despite the general market decline, Brazil remains home to select companies with what we view as attractive valuations and appealing long-term prospects.
Another headwind during the year was oil prices, which continued to drop due to a weak outlook for the global economy and continued high supply from major oil producers. Uncertainties surrounding the world economy also compelled the Federal Reserve to keep U.S. interest rates unchanged in its September meeting, causing questions about the potential rate-hike timing to remain.
The Fund
Year to date through September 30, 2015, the Brandes Emerging Markets Equity Strategy underperformed the MSCI Emerging Markets Index, which declined 21.21%.
Holdings in Brazil, namely Petrobras, Sabesp and Banco do Brasil, were the main detractors for the nine-month period. As was the case for the quarter, Copa Holdings, POSCO, and XL Axiata negatively impacted returns for the year. Moreover, while our underweight to Chinese companies aided returns in the quarter, it weighed on performance relative to the benchmark for the year to date.
Contributors during the period included holdings in Russia, led by Sberbank. Austria-based Erste Bank and Hong Kong’s Yue Yuen also helped performance.
14
Outlook
In the midst of significant volatility in emerging markets, our strategy weighting has not changed dramatically in the quarter. As noted, we added to a number of our positions in Brazil, and the country remained the strategy’s largest overweight as of September 30, 2015.
Although the Chinese equity market—as represented by the MSCI China Index—declined over 20% in the quarter, it has still been one of the better-performing emerging markets in recent years. We remained cautious on the valuations of many China-based companies and continued to hold a significant underweight at quarter end, especially since we did not own any Chinese financials, which made up approximately 40% of the benchmark’s China allocation.
The past year has not only been difficult for the Brandes Emerging Markets Equity Strategy, but for value investing in emerging markets in general. For the 12 months ended September 30, 2015, the MSCI Emerging Markets Value Index underperformed the MSCI Emerging Markets Growth Index by 6.6%, representing one of the worst relative performances for value investing since the inception of both indices in 1997.
In our opinion, current valuation levels for the MSCI Emerging Markets Index, such as price-to-book and price-to-cash flow ratios, indicate that emerging markets is one of the most undervalued asset classes. As of September 30, 2015, the Brandes Emerging Markets Equity Strategy presented attractive valuations vs. the benchmark—with 0.7x price-to-book ratio vs. 1.4x for the MSCI Emerging Markets Index.
Looking ahead, we believe company fundamentals, while seemingly obscured by the market’s preoccupation with volatility, will eventually gain investor recognition. In the current market environment, we hold the view that selectivity, discipline and a focus on margin of safety remain paramount as we invest in companies worthy of inclusion in the Brandes Emerging Markets Equity Strategy.
As always, thank you for your business and continued trust.
This material is intended for informational purposes only. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Portfolio holdings and allocations are subject to change at any time. Strategies discussed herein are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance.
International and emerging markets investing is subject to certain risks such as currency fluctuation and social and political changes, differences in financial reporting standards and less stringent regulation of securities markets which may result in greater share price volatility; such risks are increased when investing in emerging markets. Additional risks associated with emerging markets investing include smaller-sized markets, liquidity risks, and less established legal, political, social, and business systems to
15
support securities markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. The foregoing reflects the thoughts and opinions of Brandes Investment Partners® exclusively and is subject to change without notice.
Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.
Index Guide
The MSCI Emerging Markets Index with gross dividends measures equity market performance of emerging markets.
Brandes Investment Partners, L.P.
11988 El Camino Real | Suite 600 | P.O. Box 919048 | San Diego, CA 92191-9048
858.755.0239 | 800.237.7119 | Fax 858.755.0916
www.brandes.com | info@brandes.com
16
LETTER FROM THE MANAGER
September 30, 2015
Timothy Plan Growth and Income Fund
We are pleased to provide you our annual report for the Timothy Plan Growth and Income Fund (the “Fund”) for the period ending September 30, 2015. Like you, our company and some officers continue to hold corporate retirement and personal assets in the fund. We certainly thank you for entrusting your assets with us.
For the year starting 1 October 2014 through 30 September 2015, the Fund returned -3.75% (Class A). During the past year, large and small capitalization stock indices experienced a lot of volatility but not much return. The Utility and Consumer Cyclical sectors were the top performers while the Industrial and Energy sectors did the worst. Two top contributors were Vonage, which is a telecommunications provider, and Footlocker, which sells shoes and apparel.
We continue to see divergences in the indices and underlying stock returns. For example, even though the S&P 500 was down 6.94% over the past three months, the median stock in our database was down 10.89%. Value stocks, those with inexpensive valuation ratios, continued to underperform growth stocks but we expect this to reverse as it has in the past.
Bond prices were also volatile but provided positive returns during the past year. This is one reason why we continue to advocate a balanced portfolio approach. We are also continuing to favor high quality bonds over lower quality bonds. They tend to hold up better in times of uncertainty.
One major contributor to market volatility was the Federal Reserve’s well publicized debate regarding when to raise short term interest rates. Surprisingly, our research shows stocks have typically done well in the early stages of Fed tightening. However, we will continue to watch our indicators for guidance.
This fund has two main objectives, growth and income but also preserving capital in declining markets. We have been managing similar assets for over 40 years. We will adjust equity and fixed income levels according to our risk analysis. We do this on a weekly basis. We see opportunities for small capitalization stocks going forward as they typically have less exposure to international economies and more opportunities for growth.
We don’t think interest rates will surge higher, but we think the best returns in bonds are probably behind us. At the same time, if stocks suffer another setback, having bonds in the portfolio should help. We think volatility will continue but if our research works well, this actually could give us opportunities to take advantage of these moves.
We thank you for your trust in the James Investment Research Inc., we are grateful for the opportunity to serve you.
James Investment Research Inc.
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Fund Performance - (Unaudited)
September 30, 2015
Aggressive Growth Fund
| Fund/Index | 1 Year
Total Return |
5 Year
Average
Annual Return |
10 Year
Average
Annual Return | |||||
Timothy Aggressive Growth Fund - Class A (With Sales Charge) | (7.68)% | 10.63% | 4.70% | |||||
Russell Mid-Cap Growth Index | 1.45% | 13.58% | 8.09% | |||||
Timothy Aggressive Growth Fund - Class C * | (3.95)% | 11.07% | 4.51% | |||||
Russell Mid-Cap Growth Index | 1.45% | 13.58% | 8.09% | |||||
Timothy Aggressive Growth Fund - Class I | (2.10)% | N/A | 3.54% | (a) | ||||
Russell Mid-Cap Growth Index | 1.45% | 13.58% | 7.66% | (a) |
| (a) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2015. |
| * | With Maximum Deferred Sales Charge |
Timothy Plan Aggressive Growth Fund vs. Russell Mid-Cap Growth Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Russell Mid-Cap Growth Index on September 30, 2005 and held through September 30, 2015. The Russell Mid-Cap Growth Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
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Fund Performance - (Unaudited)
September 30, 2015
International Fund
| Fund/Index | 1 Year
Total Return |
5 Year
Average
Annual Return | Average
Annual Return
Since Inception | |||||||
Timothy International Fund - Class A (With Sales Charge) | (9.99)% | 2.10% | (1.46 | )% | (a) | |||||
MSCI EAFE Index | (10.92)% | 1.05% | (3.59 | )% | (a) | |||||
Timothy International Fund - Class C * | (6.25)% | 2.49% | (1.55 | )% | (a) | |||||
MSCI EAFE Index | (10.92)% | 1.05% | (3.59 | )% | (a) | |||||
Timothy International Fund - Class I | (4.39)% | N/A | 1.14 | % | (b) | |||||
MSCI EAFE Index | (10.92)% | 1.05% | (2.62 | )% | (b) | |||||
| (a) | For the period May 3, 2007 (commencement of investment in accordance with objective) to September 30, 2015. |
| (b) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2015. |
| * | With Maximum Deferred Sales Charge |
Timothy Plan International Fund vs. MSCI EAFE Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the MSCI EAFE Index on May 3, 2007 and held through September 30, 2015. The MSCI EAFE Index is a widely recognized unmanaged index of equity prices and is representative of equity market performance of developed countries, excluding the U.S. and Canada. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
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Fund Performance - (Unaudited)
September 30, 2015
Large/Mid Cap Growth Fund
| Fund/Index | 1 Year
Total Return |
5 Year
Average
Annual Return | 10 Year
Average
Annual Return | |||||||||
Timothy Large/Mid Cap Growth Fund - Class A (With Sales Charge) | (5.79)% | 10.87% | 5.16 | % | ||||||||
Russell 1000 Growth Index | 3.17% | 14.47% | 8.09 | % | ||||||||
Timothy Large/Mid Cap Growth Fund - Class C * | (2.01)% | 11.27% | 4.93 | % | ||||||||
Russell 1000 Growth Index | 3.17% | 14.47% | 8.09 | % | ||||||||
Timothy Large/Mid Cap Growth Fund - Class I | (0.10)% | N/A | 6.83 | % | (a | ) | ||||||
Russell 1000 Growth Index | 3.17% | 14.47% | 10.63 | % | (a | ) | ||||||
| (a) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2015. |
| * | With Maximum Deferred Sales Charge |
Timothy Plan Large/Mid Cap Growth Fund vs. Russell 1000 Growth Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Russell 1000 Growth Index on September 30, 2005 and held through September 30, 2015. The Russell 1000 Growth Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
20
Fund Performance - (Unaudited)
September 30, 2015
Small Cap Value Fund
| Fund/Index | 1 Year
Total Return |
5 Year
Average
Annual Return |
10 Year
Average
Annual Return | |||
Timothy Small Cap Value Fund - Class A (With Sales Charge) | (3.65)% | 13.26% | 7.22% | |||
Russell 2000 Index | 1.25% | 11.73% | 6.55% | |||
Timothy Small Cap Value Fund - Class C * | 0.39% | 13.69% | 7.03% | |||
Russell 2000 Index | 1.25% | 11.73% | 6.55% | |||
Timothy Small Cap Value Fund - Class I | 2.18% | N/A | 6.00% (a) | |||
Russell 2000 Index | 1.25% | 11.73% | 3.12% (a) |
| (a) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2015. |
| * | With Maximum Deferred Sales Charge |
Timothy Plan Small Cap Value Fund vs. Russell 2000 Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Russell 2000 Index on September 30, 2005 and held through September 30, 2015. The Russell 2000 Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
21
Fund Performance - (Unaudited)
September 30, 2015
Large/Mid Cap Value Fund
| Fund/Index | 1 Year
Total Return |
5 Year
Average
Annual Return |
10 Year
Average
Annual Return | |||
Timothy Large/Mid Cap Value Fund - Class A (With Sales Charge) | (3.99)% | 11.49% | 6.80% | |||
S&P 500 Index | (0.61)% | 13.34% | 6.80% | |||
Timothy Large/Mid Cap Value Fund - Class C * | (0.09)% | 11.91% | 6.61% | |||
S&P 500 Index | (0.61)% | 13.34% | 6.80% | |||
Timothy Large/Mid Cap Value Fund - Class I | 1.81% | N/A | 8.01% (a) | |||
S&P 500 Index | (0.61)% | 13.34% | 7.82% (a) |
| (a) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2015. |
| * | With Maximum Deferred Sales Charge |
Timothy Plan Large/Mid Cap Value Fund vs. S&P 500 Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the S&P 500 Index on September 30, 2005 and held through September 30, 2015. The S&P 500 Index is a widely recognized, unmanaged index of common stock prices. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
22
Fund Performance - (Unaudited)
September 30, 2015
Fixed Income Fund
| Fund/Index | 1 Year
Total Return |
5 Year
Average
Annual Return |
10 Year
Average
Annual Return | |||
Timothy Fixed Income Fund - Class A (With Sales Charge) | (3.45)% | 0.65% | 2.71% | |||
Barclays Capital U.S. Aggregate Bond Index | 2.94% | 3.10% | 4.64% | |||
Timothy Fixed Income Fund - Class C * | (0.62)% | 1.04% | 2.54% | |||
Barclays Capital U.S. Aggregate Bond Index | 2.94% | 3.10% | 4.64% | |||
Timothy Fixed Income Fund - Class I | 1.28% | N/A | 2.47% (a) | |||
Barclays Capital U.S. Aggregate Bond Index | 2.94% | 3.10% | 3.65% (a) |
| (a) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2015. |
| * | With Maximum Deferred Sales Charge |
Timothy Plan Fixed Income Fund vs. Barclays Capital U.S. Aggregate Bond Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Barclays Capital U.S. Aggregate Bond Index on September 30, 2005 and held through September 30, 2015. The Barclays Capital U.S. Aggregate Bond Index is a widely recognized, unmanaged index of bond prices. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
23
Fund Performance - (Unaudited)
September 30, 2015
High Yield Bond Fund
| Fund/Index | 1 Year
Total Return |
5 Year
Average
Annual Return |
Average
Annual Return
Since Inception | |||
Timothy High Yield Bond Fund - Class A (With Sales Charge) | (9.18)% | 3.00% | 3.62% (a) | |||
Barclays Ba/B High Yield Index | (2.09)% | 6.19% | 6.41% (a) | |||
Timothy High Yield Bond Fund - Class C * | (6.49)% | 3.38% | 3.53% (a) | |||
Barclays Ba/B High Yield Index | (2.09)% | 6.19% | 6.41% (a) | |||
Timothy High Yield Bond Fund - Class I | (4.62)% | N/A | 0.61% (b) | |||
Barclays Ba/B High Yield Index | (2.09)% | 6.19% | 2.43% (b) |
| (a) | For the period May 7, 2007 (commencement of investment in accordance with objective) to September 30, 2015. |
| (b) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2015. |
| * | With Maximum Deferred Sales Charge |
Timothy Plan High Yield Bond Fund vs. Barclays Ba/B High Yield Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Barclays Ba/B High Yield Index on May 7, 2007 and held through September 30, 2015. The Barclays Ba/B High Yield Index measures the performance of bonds with Ba or B ratings. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
24
Fund Performance - (Unaudited)
September 30, 2015
Defensive Strategies Fund
| Fund/Index | 1 Year
Total Return | 5 Year
Total Return |
Average
Annual Return
Since Inception | |||
Timothy Defensive Strategies Fund - Class A (With Sales Charge) | (11.44)% | 0.40% | 2.08% (a) | |||
Dow Jones Moderately Conservative U.S. Portfolio Index | 1.35% | 9.36% | 10.25% (a) | |||
Timothy Defensive Strategies Fund Blended Index (c) | (7.17)% | 1.76% | 3.98% (a) | |||
Timothy Defensive Strategies Fund - Class C * | (7.99)% | 0.79% | 2.34% (a) | |||
Dow Jones Moderately Conservative U.S. Portfolio Index | 1.35% | 9.36% | 10.25% (a) | |||
Timothy Defensive Strategies Fund Blended Index (c) | (7.17)% | 1.76% | 3.98% (a) | |||
Timothy Defensive Strategies Fund - Class I | (6.09)% | N/A | (1.35)% (b) | |||
Dow Jones Moderately Conservative U.S. Portfolio Index | 1.35% | 9.36% | 5.56% (b) | |||
Timothy Defensive Strategies Fund Blended Index (c) | (7.17)% | 1.76% | (2.38)% (b) |
| (a) | For the period November 4, 2009 (commencement of investment in accordance with objective) to September 30, 2015. |
| (b) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2015. |
| (c) | The Timothy Defensive Strategies Fund Blended Index reflects an unmanaged portfolio of 33% of the Barclays U.S. TIPs Index, 33% of the FTSE NAREIT ALL REITs Index and 34% of the Dow Jones Commodity Total Return Index. |
| * | With Maximum Deferred Sales Charge |
Timothy Plan Defensive Strategies Fund vs. Dow Jones Moderately Conservative U.S. Portfolio Index vs. The Timothy Defensive Strategies Fund Blended Index (c)
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares, Dow Jones Moderately Conservative U.S. Portfolio Index and the Timothy Defensive Strategies Fund Blended Index (c) on November 4, 2009 and held through September 30, 2015. The Dow Jones Moderately Conservative U.S. Portfolio Index is a widely recognized unmanaged index of stocks, bonds and cash. Performance figures include the change in value of the asset classes in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
25
Fund Performance - (Unaudited)
September 30, 2015
Strategic Growth Fund
| Fund/Index | 1 Year
Total Return |
5 Year
Average
Annual Return |
10 Year
Average
Annual Return | |||
Timothy Strategic Growth Fund - Class A (With Sales Charge) | (9.45)% | 4.59% | 2.32% | |||
Dow Jones Global Moderately Aggressive Portfolio Index | (3.10)% | 7.83% | 5.85% | |||
Timothy Strategic Growth Fund - Class C * | (5.83)% | 4.94% | 2.10% | |||
Dow Jones Global Moderately Aggressive Portfolio Index | (3.10)% | 7.83% | 5.85% |
| * | With Maximum Deferred Sales Charge |
Timothy Plan Strategic Growth Fund vs. Dow Jones Global Moderately Aggressive Portfolio Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Dow Jones Global Moderately Aggressive Portfolio Index on September 30, 2005 and held through September 30, 2015. The Dow Jones Global Moderately Aggressive Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
26
Fund Performance - (Unaudited)
September 30, 2015
Conservative Growth Fund
| Fund/Index | 1 Year
Total Return |
5 Year
Average
Annual Return |
10 Year
Average
Annual Return | |||
Timothy Conservative Growth Fund - Class A (With Sales Charge) | (7.82)% | 3.28% | 2.75% | |||
Dow Jones Global Moderate Portfolio Index | (1.83)% | 6.52% | 5.44% | |||
Timothy Conservative Growth Fund - Class C * | (4.12)% | 3.67% | 2.57% | |||
Dow Jones Global Moderate Portfolio Index | (1.83)% | 6.52% | 5.44% |
| * | With Maximum Deferred Sales Charge |
Timothy Plan Conservative Growth Fund vs. Dow Jones Global Moderate Portfolio Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Dow Jones Global Moderate Portfolio Index on September 30, 2005 and held through September 30, 2015. The Dow Jones Global Moderate Portfolio Index is a widely recognized index that measures global stocks, bonds and cash which are in turn represented by multiple sub-indexes. Performance figures include the change in value of the investments in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
27
Fund Performance - (Unaudited)
September 30, 2015
Israel Common Values Fund
| Fund/Index | 1 Year
Total Return |
Average
Annual Return
Since Inception | ||
Timothy Israel Common Values Fund - Class A (With Sales Charge) | (14.81)% | 2.56% (a) | ||
Israel Tel Aviv 100 Index | (0.43)% | 7.35% (a) | ||
Timothy Israel Common Values Fund - Class C * | (11.43)% | 3.22% (a) | ||
Israel Tel Aviv 100 Index | (0.43)% | 7.35% (a) | ||
Timothy Israel Common Values Fund - Class I | (9.60)% | (1.82)% (b) | ||
Israel Tel Aviv 100 Index | (0.43)% | 8.09% (b) |
| (a) | For the period October 12, 2011 (commencement of investment in accordance with objective) to September 30, 2015. |
| (b) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2015. |
| * | With Maximum Deferred Sales Charge |
Timothy Plan Israel Common Values Fund vs. Israel Tel Aviv 100 Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Israel Tel Aviv 100 Index on October 12, 2011 and held through September 30, 2015. The Israel Tel Aviv 100 Index is an unmanaged index of equity prices representing the 100 most highly capitalized companies listed on the Tel Aviv Stock Exchange . Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
28
Fund Performance - (Unaudited)
September 30, 2015
Emerging Markets Fund
| Fund/Index | 1 Year
Total Return |
Average
Annual Return
Since Inception | ||||||
Timothy Emerging Markets Fund - Class A (With Sales Charge) | (37.55)% | (13.58)% | (a) | |||||
MSCI Emerging Markets Index | (21.21)% | (8.17)% | (a) | |||||
Timothy Emerging Markets Fund - Class C * | (35.01)% | (12.50)% | (a) | |||||
MSCI Emerging Markets Index | (21.21)% | (8.17)% | (a) | |||||
Timothy Emerging Markets Fund - Class I | (33.04)% | (14.85)% | (b) | |||||
MSCI Emerging Markets Index | (21.21)% | (8.24)% | (b) | |||||
| (a) | For the period December 3, 2012 (commencement of investment in accordance with objective) to September 30, 2015. |
| (b) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2015. |
| * | With Maximum Deferred Sales Charge |
Timothy Plan Emerging Markets Fund vs. MSCI Emerging Markets Index
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the MSCI Emerging Markets Index on December 3, 2012 and held through September 30, 2015. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
29
Fund Performance - (Unaudited)
September 30, 2015
Growth & Income Fund
| Fund/Index | 1 Year
Total Return |
Average
Annual Return
Since Inception | ||||||
Timothy Growth & Income Fund - Class A (With Sales Charge) | (9.06)% | (0.19)% | (a) | |||||
Timothy Growth & Income Fund Blended Index (b) | 1.24% | 5.23% | (a) | |||||
Timothy Growth & Income Fund - Class C * | (5.37)% | 1.93% | (a) | |||||
Timothy Growth & Income Fund Blended Index (b) | 1.24% | 5.23% | (a) | |||||
Timothy Growth & Income Fund - Class I | (3.50)% | 2.85% | (a) | |||||
Timothy Growth & Income Fund Blended Index (b) | 1.24% | 5.23% | (a) | |||||
| (a) | For the period October 1, 2013 (commencement of investment in accordance with objective) to September 30, 2015. |
| (b) | The Timothy Growth & Income Fund Blended Index reflects an unmanaged portfolio of 50% of the Barclays Intermediate Government/Credit Index and 50% of the Russell 3000 Total Return Index. |
| * | With Maximum Deferred Sales Charge |
Timothy Growth & Income Fund vs. Timothy Growth & Income Fund Blended Index (b)
The chart shows the value of a hypothetical initial investment of $10,000 in the Fund’s Class A shares and the Timothy Growth & Income Fund Blended Index on October 1, 2013 and held through September 30, 2015. The Timothy Growth & Income Fund Blended Index reflects an unmanaged portfolio of 50% of the Barclays Intermediate Government/Credit Index and 50% of the Russell 3000 Total Return Index. Performance figures include the change in value of the stocks in the index and the reinvestment of dividends. The index return does not reflect expenses, which have been deducted from the Fund’s return. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. THE FUND’S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
30
Schedule of Investments | Aggressive Growth
As of September 30, 2015
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 68.5 % | ||||||||
ADVERTISING - 1.0 % | ||||||||
| 11,155 | MDC Partners, Inc. Class A | $ | 205,587 | |||||
|
| |||||||
APPAREL - 1.8 % | ||||||||
| 955 | Carter’s, Inc. | 86,561 | ||||||
| 4,570 | Crocs, Inc. * | 59,067 | ||||||
| 5,640 | Steven Madden Ltd. * | 206,537 | ||||||
|
| |||||||
| 352,165 | ||||||||
|
| |||||||
AUTO PARTS & EQUIPMENT - 0.9 % | ||||||||
| 3,655 | Dorman Products, Inc. * | 186,003 | ||||||
|
| |||||||
BANKS - 6.8 % | ||||||||
| 2,075 | Boston Private Financial Holdings, Inc. | 24,277 | ||||||
| 4,680 | Cardinal Financial Corp. | 107,687 | ||||||
| 156,415 | First BanCorp. * | 556,838 | ||||||
| 2,025 | Hancock Holding Co. | 54,776 | ||||||
| 1,350 | Iberiabank Corp. | 78,583 | ||||||
| 13,130 | Popular, Inc. | 396,920 | ||||||
| 1,975 | PrivateBancorp., Inc. | 75,702 | ||||||
| 3,525 | State Bank Financial Corp. | 72,897 | ||||||
|
| |||||||
| 1,367,680 | ||||||||
|
| |||||||
BIOTECHNOLOGY - 1.5 % | ||||||||
| 1,060 | BioMarin Pharmaceutical, Inc. * | 111,639 | ||||||
| 1,275 | Charles River Laboratories International, Inc. * | 80,988 | ||||||
| 380 | Incyte Corp. * | 41,926 | ||||||
| 1,745 | Isis Pharmaceuticals Inc. * | 70,533 | ||||||
|
| |||||||
| 305,086 | ||||||||
|
| |||||||
COMMERCIAL SERVICES - 15.1 % | ||||||||
| 3,775 | Advisory Board Co. * | 171,914 | ||||||
| 8,340 | Cardtronics, Inc. * | 272,718 | ||||||
| 1,320 | FTI Consulting Inc. * | 54,793 | ||||||
| 4,575 | Grand Canyon Education, Inc. * | 173,804 | ||||||
| 3,485 | INC Research Holdings, Inc. - Cl. A * | 139,400 | ||||||
| 75,910 | Information Services Group, Inc. | 296,808 | ||||||
| 14,430 | KAR Auction Services, Inc. | 512,265 | ||||||
| 9,675 | On Assignment, Inc. * | 357,007 | ||||||
| 13,900 | SEI Investments Co. | 670,397 | ||||||
| 3,120 | Team Health Holdings, Inc. * | 168,574 | ||||||
| 9,430 | TrueBlue, Inc. * | 211,892 | ||||||
|
| |||||||
| 3,029,572 | ||||||||
|
| |||||||
COMPUTERS - 5.1 % | ||||||||
| 5,830 | Cognizant Technology Solutions Corp. - Cl. A * | 365,016 | ||||||
| 3,250 | Electronics For Imaging, Inc. | 140,660 | ||||||
| 4,140 | Manhattan Associates, Inc. * | 257,922 | ||||||
| 1,520 | MAXIMUS, Inc. | 90,531 | ||||||
| 6,280 | WNS Holdings Ltd. (ADR) * | 175,526 | ||||||
|
| |||||||
| 1,029,655 | ||||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
31
Schedule of Investments | Aggressive Growth
As of September 30, 2015 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
DISTRIBUTION/WHOLESALE - 2.4 % | ||||||||
| 20,210 | H&E Equipment Services, Inc. | $ | 337,911 | |||||
| 3,690 | HD Supply Holdings, Inc. * | 105,608 | ||||||
| 570 | Pool Corp. | 41,211 | ||||||
|
| |||||||
| 484,730 | ||||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES - 2.9 % | ||||||||
| 25,255 | Cowen Group, Inc. * | 115,163 | ||||||
| 7,230 | E*TRADE Financial Corp. * | 190,366 | ||||||
| 2,875 | Evercore Partners, Inc. - Cl. A | 144,440 | ||||||
| 2,845 | WageWorks, Inc. * | 128,252 | ||||||
|
| |||||||
| 578,221 | ||||||||
|
| |||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.2 % | ||||||||
| 1,070 | Belden, Inc. | 49,958 | ||||||
|
| |||||||
| 49,958 | ||||||||
|
| |||||||
ENGINEERING & CONSTRUCTION - 0.5 % | ||||||||
| 860 | SBA Communications Corp. - Cl. A * | 90,077 | ||||||
|
| |||||||
HEALTHCARE - PRODUCTS - 2.3 % | ||||||||
| 3,755 | Globus Medical, Inc. - Cl. A * | 77,578 | ||||||
| 2,065 | LDR Holding Corp. * | 71,305 | ||||||
| 1,315 | Masimo Corp. | 50,707 | ||||||
| 1,860 | NuVasive, Inc. * | 89,689 | ||||||
| 4,200 | NxStage Medical, Inc. * | 66,234 | ||||||
| 570 | Sirona Dental Systems, Inc. * | 53,204 | ||||||
| 4,470 | Spectranetics Corp. * | 52,701 | ||||||
|
| |||||||
| 461,418 | ||||||||
|
| |||||||
HEALTHCARE - SERVICES - 0.4 % | ||||||||
| 1,075 | HCA Holdings, Inc. * | 83,162 | ||||||
|
| |||||||
HOLDING COMPANIES - DIVERSIFIED - 0.3 % | ||||||||
| 525 | Chimerix, Inc. * | 20,055 | ||||||
| 2,990 | Horizon Pharma PLC * | 59,262 | ||||||
|
| |||||||
| 79,317 | ||||||||
|
| |||||||
HOME BUILDERS - 0.4 % | ||||||||
| 1,695 | Lennar Corp. Class A | 81,580 | ||||||
|
| |||||||
HOME FURNISHINGS - 0.3 % | ||||||||
| 600 | Harman International Industries, Inc. | 57,594 | ||||||
|
| |||||||
INSURANCE - 3.0 % | ||||||||
| 8,205 | Assured Guaranty Ltd. | 205,125 | ||||||
| 42,710 | MGIC Investment Corp. * | 395,495 | ||||||
|
| |||||||
| 600,620 | ||||||||
|
| |||||||
LEISURE TIME - 3.1 % | ||||||||
| 12,860 | Brunswick Corp. | 615,866 | ||||||
|
| |||||||
MEDIA - 0.2 % | ||||||||
| 5,625 | Tribune Publishing Co. | 44,100 | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
32
Schedule of Investments | Aggressive Growth
As of September 30, 2015(Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
OIL & GAS - 1.3 % | ||||||||
| 1,145 | Carrizo Oil & Gas, Inc. * | $ | 34,968 | |||||
| 3,310 | Diamondback Energy, Inc. * | 213,826 | ||||||
|
| |||||||
| 248,794 | ||||||||
|
| |||||||
OIL & GAS SERVICES - 1.3 % | ||||||||
| 20,045 | Superior Energy Services, Inc. | 253,168 | ||||||
|
| |||||||
PHARMACEUTICALS - 1.6 % | ||||||||
| 5,912 | Akorn, Inc. * | 168,522 | ||||||
| 2,050 | Flamel Technologies SA (ADR) * | 33,435 | ||||||
| 3,925 | PharMerica Corp. * | 111,745 | ||||||
|
| |||||||
| 313,702 | ||||||||
|
| |||||||
RETAIL - 6.1 % | ||||||||
| 1,225 | Advance Auto Parts, Inc. | 232,174 | ||||||
| 2,275 | Bloomin’ Brands, Inc. | 41,360 | ||||||
| 8,325 | Express, Inc. * | 148,768 | ||||||
| 2,975 | Kona Grill, Inc. * | 46,856 | ||||||
| 14,470 | MarineMax, Inc. * | 204,461 | ||||||
| 2,970 | Men’s Wearhouse, Inc. | 126,284 | ||||||
| 6,275 | Sonic Corp. | 144,011 | ||||||
| 3,315 | Tractor Supply Co. | 279,521 | ||||||
|
| |||||||
| 1,223,435 | ||||||||
|
| |||||||
SEMICONDUCTORS - 4.1 % | ||||||||
| 575 | Avago Technologies Ltd. | 71,881 | ||||||
| 655 | Cavium, Inc. * | 40,197 | ||||||
| 22,740 | Cypress Semiconductor Corp. | 193,745 | ||||||
| 3,680 | Integrated Device Technology, Inc. * | 74,704 | ||||||
| 1,000 | IPG Photonics Corp. * | 75,970 | ||||||
| 1,450 | Monolithic Power System, Inc. | 74,240 | ||||||
| 3,305 | NXP Semiconductor NV * | 287,767 | ||||||
|
| |||||||
| 818,504 | ||||||||
|
| |||||||
SOFTWARE - 5.0 % | ||||||||
| 675 | Citrix Systems, Inc. * | 46,764 | ||||||
| 1,640 | Proofpoint, Inc. * | 98,925 | ||||||
| 6,125 | PTC, Inc. * | 194,407 | ||||||
| 3,135 | Qlik Teachnologies, Inc. * | 114,271 | ||||||
| 2,400 | SPS Commerce, Inc. * | 162,936 | ||||||
| 5,355 | SS&C Technologies Holdings, Inc. | 375,064 | ||||||
|
| |||||||
| 992,367 | ||||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
33
Schedule of Investments | Aggressive Growth
As of September 30, 2015 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
TRANSPORTATION - 0.9 % | ||||||||
| 3,005 | Old Dominion Freight Line, Inc. * | $ | 183,305 | |||||
|
| |||||||
TOTAL COMMON STOCK (Cost $14,648,299) | 13,735,666 | |||||||
|
| |||||||
MASTER LIMITED PARTNERSHIPS - 1.1 % | ||||||||
| 5,285 | Lazard Ltd. - Cl. A (Cost $271,795) | 228,840 | ||||||
|
| |||||||
REITs - 0.2 % | ||||||||
| 5,675 | Lexington Realty Trust - REIT (Cost $48,843) | 45,967 | ||||||
|
| |||||||
MONEY MARKET FUND - 31.1 % | ||||||||
| 6,228,288 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (A) (Cost $6,228,288) | 6,228,288 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.9 % (Cost $21,197,225) (B) | $ | 20,238,761 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - (0.9) % | (187,750) | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 20,051,011 | ||||||
|
| |||||||
| * Non-income producing securities. | ||||||||
| ADR - American Depositary Receipt | ||||||||
| REIT - Real Estate Investment Trust | ||||||||
| (A) Variable rate security; the rate shown represents the yield at September 30, 2015. | ||||||||
| | (B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $21,311,842 and differs from fair value by net unrealized depreciation of securities as follows: | | ||||||
| Unrealized appreciation | $ | 752,116 | ||||||
| Unrealized depreciation | (1,825,197) | |||||||
|
| |||||||
| Net unrealized depreciation | $ | (1,073,081) | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
34
Schedule of Investments | International
As of September 30, 2015
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 77.6 % | ||||||||
AIRLINES - 1.6 % | ||||||||
| 53,100 | Japan Airlines Co. Ltd. (ADR) | $ | 939,339 | |||||
|
| |||||||
AUTO PARTS & EQUIPMENT - 7.9 % | ||||||||
| 28,400 | Continental AG (ADR) | 1,204,444 | ||||||
| 45,200 | Magna International, Inc. | 2,170,052 | ||||||
| 18,700 | Valeo SA (ADR) | 1,263,559 | ||||||
|
| |||||||
| 4,638,055 | ||||||||
|
| |||||||
BANKS - 6.6 % | ||||||||
| 24,439 | DBS Group Holdings Ltd. (ADR) | 1,112,952 | ||||||
| 55,100 | Intesa Sanpaolo SpA (ADR) | 1,171,977 | ||||||
| 33,700 | KBC Groep NV (ADR) | 1,064,583 | ||||||
| 24,100 | Swedbank AB (ADR) | 534,779 | ||||||
|
| |||||||
| 3,884,291 | ||||||||
|
| |||||||
BUILDING MATERIALS - 1.0 % | ||||||||
| 100,000 | Asahi Glass Co. Ltd. (ADR) | 581,000 | ||||||
|
| |||||||
CHEMICALS - 0.5 % | ||||||||
| 3,000 | Agrium, Inc. | 268,500 | ||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES - 4.3 % | ||||||||
| 105,500 | Daiwa Securities Group, Inc. (ADR) | 689,970 | ||||||
| 28,500 | ORIX Corp. (ADR) | 1,850,505 | ||||||
|
| |||||||
| 2,540,475 | ||||||||
|
| |||||||
ELECTRIC - 2.7 % | ||||||||
| 26,100 | Huaneng Power International, Inc. (ADR) | 1,104,030 | ||||||
| 47,900 | Power Assets Holdings Ltd. (ADR) | 456,008 | ||||||
|
| |||||||
| 1,560,038 | ||||||||
|
| |||||||
ELECTRONICS - 1.0 % | ||||||||
| 34,400 | Orbotech Ltd. * | 531,480 | ||||||
|
| |||||||
ENGINEERING & CONSTRUCTION - 1.2 % | ||||||||
| 45,000 | Vinci SA (ADR) | 713,250 | ||||||
|
| |||||||
FOOD - 6.3 % | ||||||||
| 14,000 | Kerry Group PLC (ADR) | 1,055,250 | ||||||
| 87,800 | Marine Harvest ASA (ADR) | 1,108,914 | ||||||
| 66,200 | Seven & I Holdings Co. Ltd. (ADR) | 1,508,698 | ||||||
|
| |||||||
| 3,672,862 | ||||||||
|
| |||||||
HAND/MACHINE TOOLS - 2.7 % | ||||||||
| 85,100 | Techtronic Industries Co. (ADR) | 1,576,903 | ||||||
|
| |||||||
HEALTHCARE - PRODUCTS - 5.3 % | ||||||||
| 88,000 | Smith & Nephew PLC (ADR) | 3,080,000 | ||||||
|
| |||||||
HEALTHCARE - SERVICES - 3.5 % | ||||||||
| 52,800 | Fresenius Medical Care AG & Co. (ADR) | 2,059,728 | ||||||
|
| |||||||
HOME BUILDERS - 2.2 % | ||||||||
| 82,000 | Sekisui House Ltd. (ADR) | 1,289,860 | ||||||
|
| |||||||
INSURANCE - 6.8 % | ||||||||
| 183,000 | Aegon NV (ADR) | 1,052,250 | ||||||
| 37,900 | Ageas (ADR) | 1,550,868 | ||||||
| 43,200 | Muenchener Rueckversicherungs AG (ADR) | 807,840 | ||||||
| 22,900 | Zurich Insurance Group AG (ADR) | 562,424 | ||||||
|
| |||||||
| 3,973,382 | ||||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
35
Schedule of Investments | International
As of September 30, 2015 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
INTERNET - 1.0 % | ||||||||
| 36,000 | Tencent Holdings Ltd. (ADR) | $ | 607,680 | |||||
|
| |||||||
METAL FABRICATE/HARDWARE - 1.0 % | ||||||||
| 66,000 | Assa Abloy AB (ADR) | 588,060 | ||||||
|
| |||||||
MISCELLANEOUS MANUFACTURING - 2.4 % | ||||||||
| 38,038 | FUJIFILM Holdings Corp. (ADR) | 1,422,621 | ||||||
|
| |||||||
OIL & GAS - 4.1 % | ||||||||
| 16,500 | Eni SpA (ADR) | 517,605 | ||||||
| 31,000 | TOTAL SA (ADR) | 1,386,010 | ||||||
| 22,800 | Woodside Petroleum Ltd. (ADR) | 464,664 | ||||||
|
| |||||||
| 2,368,279 | ||||||||
|
| |||||||
PHARMACEUTICALS - 5.9 % | ||||||||
| 77,000 | Ipsen SA | 1,183,490 | ||||||
| 11,100 | Shire PLC (ADR) | 2,278,053 | ||||||
|
| |||||||
| 3,461,543 | ||||||||
|
| |||||||
RETAIL - 1.3 % | ||||||||
| 60,402 | CK Hutchinson | 785,830 | ||||||
|
| |||||||
SEMICONDUCTORS - 2.7 % | ||||||||
| 18,400 | NXP Semiconductors NV * | 1,602,088 | ||||||
|
| |||||||
SOFTWARE - 1.5 % | ||||||||
| 15,000 | Amadeus IT Holdings SA | 640,500 | ||||||
| 5,670 | Open Text Corp. | 253,733 | ||||||
|
| |||||||
| 894,233 | ||||||||
|
| |||||||
TELECOMMUNICATIONS - 4.1 % | ||||||||
| 10,000 | Globe Telecom, Inc. (ADR) | 505,300 | ||||||
| 43,000 | Nippon Telegraph & Telephone Corp. (ADR) | 1,518,330 | ||||||
| 8,000 | Philippine Long Distance Telephone Co. (ADR) | 369,280 | ||||||
|
| |||||||
| 2,392,910 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $39,439,419) | 45,432,407 | |||||||
|
| |||||||
MONEY MARKET FUND - 21.5 % | ||||||||
| 12,580,078 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (A) | $ | 12,580,078 | |||||
|
| |||||||
(Cost $12,580,078) | ||||||||
TOTAL INVESTMENTS - 99.1 % (Cost $52,019,497) (B) | $ | 58,012,485 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.9 % | 524,793 | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 58,537,278 | ||||||
|
| |||||||
| *Non-income producing securities. | ||||||||
| (ADR) American Depositary Receipt. | ||||||||
| (A) Variable rate security; the rate shown represents the yield at September 30, 2015. | ||||||||
| | (B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $52,291,408 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | | ||||||
| Unrealized appreciation | $ | 7,744,824 | ||||||
| Unrealized depreciation | (2,023,747) | |||||||
|
| |||||||
| Net unrealized appreciation | $ | 5,721,077 | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
36
Schedule of Investments | International
As of September 30, 2015 (Continued)
| Diversification of Assets | ||||
| ||||
Country | % of Net Assets | |||
| ||||
Japan | 16.74% | |||
France | 7.77% | |||
Germany | 6.96% | |||
Ireland | 5.69% | |||
Britain | 5.26% | |||
Hong Kong | 4.82% | |||
Canada | 4.60% | |||
Netherlands | 4.53% | |||
Belgium | 4.47% | |||
China | 2.92% | |||
Italy | 2.89% | |||
Sweden | 1.92% | |||
Singapore | 1.90% | |||
Norway | 1.89% | |||
Philippines | 1.49% | |||
Spain | 1.09% | |||
Switzerland | 0.96% | |||
Israel | 0.91% | |||
Australia | 0.79% | |||
|
| |||
Total | 77.60% | |||
Money Market Fund | 21.50% | |||
Other Assets in Excess of Liabilities | 0.90% | |||
|
| |||
Grand Total | 100.00% | |||
|
| |||
The accompanying notes are an integral part of these financial statements.
37
Schedule of Investments | Large/Mid Cap Growth
As of September 30, 2015
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 68.7 % | ||||||||
AEROSPACE/DEFENSE - 1.4 % | ||||||||
| 6,265 | General Dynamics Corp. | $ | 864,257 | |||||
|
| |||||||
APPAREL - 2.4 % | ||||||||
| 5,790 | Carter’s, Inc. | 524,806 | ||||||
| 3,250 | Steven Madden Ltd. * | 119,015 | ||||||
| 11,885 | VF Corp. | 810,676 | ||||||
|
| |||||||
| 1,454,497 | ||||||||
|
| |||||||
BANKS - 3.6 % | ||||||||
| 33,560 | BB&T Corp. | 1,194,736 | ||||||
| 4,325 | Iberiabank Corp. | 251,758 | ||||||
| 24,995 | Popular, Inc. | 755,599 | ||||||
|
| |||||||
| 2,202,093 | ||||||||
|
| |||||||
BIOTECHNOLOGY - 3.3 % | ||||||||
| 3,100 | BioMarin Pharmaceutical, Inc. * | 326,492 | ||||||
| 12,135 | Celgene Corp. * | 1,312,643 | ||||||
| 4,050 | Charles River Laboratories International, Inc. * | 257,256 | ||||||
| 825 | Incyte Corp. * | 91,022 | ||||||
|
| |||||||
| 1,987,413 | ||||||||
|
| |||||||
CHEMICALS - 2.6 % | ||||||||
| 5,515 | LyondellBasell Industries NV | 459,730 | ||||||
| 10,860 | Praxair, Inc. | 1,106,200 | ||||||
|
| |||||||
| 1,565,930 | ||||||||
|
| |||||||
COMMERCIAL SERVICES - 4.6 % | ||||||||
| 23,885 | KAR Auction Services, Inc. | 847,918 | ||||||
| 34,775 | SEI Investments Co. | 1,677,198 | ||||||
| 4,575 | Team Health Holdings, Inc. * | 247,187 | ||||||
|
| |||||||
| 2,772,303 | ||||||||
|
| |||||||
COMPUTERS - 2.0 % | ||||||||
| 12,860 | Cognizant Technology Solutions Corp. - Cl. A * | 805,165 | ||||||
| 4,375 | Manhattan Associates, Inc. * | 272,562 | ||||||
| 1,850 | MAXIMUS, Inc. | 110,186 | ||||||
|
| |||||||
| 1,187,913 | ||||||||
|
| |||||||
DISTRIBUTION/WHOLESALE - 0.8 % | ||||||||
| 17,510 | HD Supply Holdings, Inc. * | 501,136 | ||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES - 1.2 % | ||||||||
| 26,400 | E*TRADE Financial Corp. * | 695,112 | ||||||
|
| |||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.2 % | ||||||||
| 2,635 | Belden, Inc. | 123,028 | ||||||
|
| |||||||
ELECTRONICS - 2.9 % | ||||||||
| 20,530 | Amphenol Corp. | 1,046,209 | ||||||
| 7,570 | Honeywell International, Inc. | 716,803 | ||||||
|
| |||||||
| 1,763,012 | ||||||||
|
| |||||||
ENGINEERING & CONSTRUCTION - 0.4 % | ||||||||
| 2,500 | SBA Communications Corp. * | 261,850 | ||||||
|
| |||||||
FOOD - 3.7 % | ||||||||
| 9,815 | JM Smucker Co. | 1,119,793 | ||||||
| 13,650 | McCormick & Co., Inc. | 1,121,757 | ||||||
|
| |||||||
| 2,241,550 | ||||||||
|
| |||||||
HEALTHCARE - PRODUCTS - 0.6 % | ||||||||
| 4,150 | Sirona Dental Systems, Inc. * | 387,361 | ||||||
|
| |||||||
HEALTHCARE - SERVICES - 0.4 % | ||||||||
| 2,750 | HCA Holdings, Inc. * | 212,740 | ||||||
|
| |||||||
HOME BUILDERS - 0.4 % | ||||||||
| 5,035 | Lennar Corp. | 242,335 | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
38
Schedule of Investments | Large/Mid Cap Growth
As of September 30, 2015 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
HOME FURNISHINGS - 0.3 % | ||||||||
| 1,725 | Harman International Industries, Inc. | $ | 165,583 | |||||
|
| |||||||
INSURANCE - 4.4 % | ||||||||
| 13,475 | ACE, Ltd. | 1,393,315 | ||||||
| 28,985 | Assured Guaranty, Ltd. | 724,625 | ||||||
| 59,950 | MGIC Investment Corp. * | 555,137 | ||||||
|
| |||||||
| 2,673,077 | ||||||||
|
| |||||||
LEISURE TIME - 1.4 % | ||||||||
| 17,220 | Brunswick Corp. | 824,666 | ||||||
|
| |||||||
OIL & GAS - 3.3 % | ||||||||
| 6,460 | ConocoPhillips | 309,822 | ||||||
| 4,695 | Diamondback Energy, Inc. * | 303,297 | ||||||
| 11,410 | Exxon Mobil Corp. | 848,334 | ||||||
| 7,640 | Occidental Petroleum Corp. | 505,386 | ||||||
|
| |||||||
| 1,966,839 | ||||||||
|
| |||||||
OIL & GAS SERVICES- 0.8 % | ||||||||
| 37,525 | Superior Energy Services, Inc. | 473,941 | ||||||
|
| |||||||
PHARMACEUTICALS - 3.6 % | ||||||||
| 16,975 | AbbVie, Inc. | 923,610 | ||||||
| 10,240 | Akorn, Inc. * | 291,891 | ||||||
| 11,985 | Express Scripts Holding Co. * | 970,306 | ||||||
|
| |||||||
| 2,185,807 | ||||||||
|
| |||||||
RETAIL - 11.1 % | ||||||||
| 6,725 | Advance Auto Parts, Inc. | 1,274,589 | ||||||
| 1,860 | AutoZone, Inc. * | 1,346,324 | ||||||
| 5,935 | Costco Wholesale Corp. | 858,023 | ||||||
| 23,455 | Kohl’s Corp. | 1,086,201 | ||||||
| 19,015 | Lowe’s Cos, Inc. | 1,310,514 | ||||||
| 9,525 | Tractor Supply Co. | 803,148 | ||||||
|
| |||||||
| 6,678,799 | ||||||||
|
| |||||||
SEMICONDUCTORS - 8.7 % | ||||||||
| 1,800 | Avago Technologies Ltd. | 225,018 | ||||||
| 30,480 | Cypress Semiconductor Corp. | 259,690 | ||||||
| 2,890 | IPG Photonics Corp. * | 219,553 | ||||||
| 13,195 | Linear Technology Corp. | 532,418 | ||||||
| 32,580 | Maxim Integrated Products, Inc. | 1,088,172 | ||||||
| 35,975 | Micron Technology, Inc. * | 538,906 | ||||||
| 2,350 | Monolithic Power Systems, Inc. | 120,320 | ||||||
| 72,250 | NVIDIA Corp. | 1,780,963 | ||||||
| 5,270 | NXP Semiconductor NV * | 458,856 | ||||||
|
| |||||||
| 5,223,896 | ||||||||
|
| |||||||
SOFTWARE - 2.4 % | ||||||||
| 10,275 | Check Point Software Technologies Ltd. * | 815,116 | ||||||
| 1,825 | Citrix Systems, Inc. * | 126,436 | ||||||
| 6,170 | PTC, Inc. * | 195,836 | ||||||
| 4,550 | SS&C Technologies Holdings, Inc. | 318,682 | ||||||
|
| |||||||
| 1,456,070 | ||||||||
|
| |||||||
TRANSPORTATION - 2.2 % | ||||||||
| 6,775 | Norfolk Southern Corp. | 517,610 | ||||||
| 13,745 | Old Dominion Freight Line, Inc. * | 838,445 | ||||||
|
| |||||||
| 1,356,055 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $40,184,647) | 41,467,263 | |||||||
|
| |||||||
MASTER LIMITED PARTNERSHIPS - 1.4 % | ||||||||
| 19,780 | Lazard, Ltd. MLP - Cl. A (Cost $958,167) | 856,474 | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
39
Schedule of Investments | Large/Mid Cap Growth
As of September 30, 2015 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
MONEY MARKET FUND - 29.9 % | ||||||||
| 18,045,485 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (A) | $ | 18,045,485 | |||||
|
| |||||||
(Cost $18,045,485) | ||||||||
TOTAL INVESTMENTS - 100.0 % (Cost $59,188,299)(B) | $ | 60,369,222 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.0 % | 4,684 | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 60,373,906 | ||||||
|
| |||||||
| MLP - Master Limited Partnership | ||||||||
| *Non-income producing securities. | ||||||||
| (A) Variable rate security; the rate shown represents the yield at September 30, 2015. | ||||||||
| | (B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $59,248,619 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | | ||||||
| Unrealized appreciation | $ | 4,443,254 | ||||||
| Unrealized depreciation | (3,322,651) | |||||||
|
| |||||||
| Net unrealized appreciation | $ | 1,120,603 | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
40
Schedule of Investments | Small Cap Value
As of September 30, 2015
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 44.9 % | ||||||||
AEROSPACE/DEFENSE - 1.1 % | ||||||||
| 25,822 | Kaman Corp. | $ | 925,719 | |||||
|
| |||||||
BANKS - 7.2 % | ||||||||
| 8,323 | BancFirst Corp. | 525,181 | ||||||
| 25,647 | Chemical Financial Corp. | 829,680 | ||||||
| 33,608 | Columbia Banking System, Inc. | 1,048,906 | ||||||
| 39,600 | Glacier Bancorp, Inc. | 1,045,044 | ||||||
| 13,977 | Opus Bank | 534,480 | ||||||
| 33,030 | WesBanco, Inc. | 1,038,794 | ||||||
| 15,954 | Wintrust Financial Corp. | 852,421 | ||||||
|
| |||||||
| 5,874,506 | ||||||||
|
| |||||||
BUILDING MATERIALS - 3.5 % | ||||||||
| 15,811 | Apogee Enterprises, Inc. | 705,961 | ||||||
| 25,150 | Boise Cascade Co. * | 634,283 | ||||||
| 34,086 | Continental Building Products, Inc. * | 700,126 | ||||||
| 25,326 | Trex Co., Inc. * | 844,116 | ||||||
|
| |||||||
| 2,884,486 | ||||||||
|
| |||||||
CHEMICALS - 1.2 % | ||||||||
| 29,990 | A. Schulman, Inc. | 973,775 | ||||||
|
| |||||||
COMMERCIAL SERVICES - 1.3 % | ||||||||
| 35,800 | Kelly Services, Inc. - Cl. A | 506,212 | ||||||
| 23,436 | TrueBlue, Inc. * | 526,607 | ||||||
|
| |||||||
| 1,032,819 | ||||||||
|
| |||||||
DISTRIBUTION/WHOLESALE - 0.8 % | ||||||||
| 19,267 | Beacon Roofing Supply, Inc. * | 625,985 | ||||||
|
| |||||||
ELECTRIC - 2.5 % | ||||||||
| 20,300 | ALLETE, Inc. | 1,024,947 | ||||||
| 18,500 | NorthWestern Corp. | 995,855 | ||||||
|
| |||||||
| 2,020,802 | ||||||||
|
| |||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 1.3 % | ||||||||
| 11,745 | Littelfuse, Inc. | 1,070,557 | ||||||
|
| |||||||
ELECTRONICS - 2.3 % | ||||||||
| 24,811 | OSI Systems, Inc. * | 1,909,455 | ||||||
|
| |||||||
ENTERTAINMENT - 1.3 % | ||||||||
| 32,229 | International Speedway Corp. | 1,022,304 | ||||||
|
| |||||||
FOOD - 1.2 % | ||||||||
| 8,863 | J & J Snack Foods Corp. | 1,007,369 | ||||||
|
| |||||||
HEALTHCARE - PRODUCTS - 1.3 % | ||||||||
| 8,365 | Integra LifeSciences Holdings Corp. * | 498,136 | ||||||
| 22,653 | Merit Medical Systems, Inc. * | 541,633 | ||||||
|
| |||||||
| 1,039,769 | ||||||||
|
| |||||||
HOME FURNISHINGS - 1.3 % | ||||||||
| 39,328 | DTS, Inc. * | 1,050,058 | ||||||
|
| |||||||
INSURANCE - 2.5 % | ||||||||
| 10,445 | AMERISAFE, Inc. | 519,430 | ||||||
| 44,300 | Employers Holdings, Inc. | 987,447 | ||||||
| 9,397 | Safety Insurance Group, Inc. | 508,847 | ||||||
|
| |||||||
| 2,015,724 | ||||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
41
Schedule of Investments | Small Cap Value
As of September 30, 2015 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
LEISURE TIME - 1.0 % | ||||||||
| 37,762 | ClubCorp Holdings, Inc. | $ | 810,373 | |||||
|
| |||||||
MACHINERY - 1.8 % | ||||||||
| 12,662 | Alamo Group, Inc. | 591,949 | ||||||
| 35,293 | Gorman-Rupp Co. | 845,973 | ||||||
|
| |||||||
| 1,437,922 | ||||||||
|
| |||||||
OFFICE FURNISHINGS - 0.8 % | ||||||||
| 28,315 | Knoll, Inc. | 622,364 | ||||||
|
| |||||||
OIL & GAS - 2.2 % | ||||||||
| 75,772 | Bonanza Creek Energy, Inc. * | 308,392 | ||||||
| 35,000 | RSP Permian, Inc. * | 708,750 | ||||||
| 80,392 | Synergy Resources Corp. * | 787,842 | ||||||
|
| |||||||
| 1,804,984 | ||||||||
|
| |||||||
OIL & GAS SERVICES - 0.8 % | ||||||||
| 27,531 | Matrix Service Co. * | 618,622 | ||||||
|
| |||||||
PACKAGING & CONTAINERS - 0.9 % | ||||||||
| 46,000 | KapStone Paper and Packaging Corp. | 759,460 | ||||||
|
| |||||||
RETAIL - 2.1 % | ||||||||
| 9,700 | Lithia Motors, Inc. | 1,048,667 | ||||||
| 27,382 | Rush Enterprises, Inc. * | 662,644 | ||||||
|
| |||||||
| 1,711,311 | ||||||||
|
| |||||||
SEMICONDUCTORS - 1.2 % | ||||||||
| 28,100 | MKS Instruments, Inc. | 942,193 | ||||||
|
| |||||||
SOFTWARE - 3.1 % | ||||||||
| 44,400 | AVG Technologies NV * | 965,700 | ||||||
| 71,650 | Everyday Health, Inc.* | 654,881 | ||||||
| 29,921 | Omnicell, Inc. * | 930,542 | ||||||
|
| |||||||
| 2,551,123 | ||||||||
|
| |||||||
TRANSPORTATION - 2.2 % | ||||||||
| 49,015 | Heartland Express, Inc. | 977,359 | ||||||
| 46,600 | Roadrunner Transportation Systems, Inc. * | 857,440 | ||||||
|
| |||||||
| 1,834,799 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $36,533,352) | 36,546,479 | |||||||
|
| |||||||
MASTER LIMITED PARTNERSHIPS - 0.9 % | ||||||||
| 29,000 | Cone Midstream Partners LP | 287,970 | ||||||
| 35,170 | World Point Terminals LP | 471,278 | ||||||
|
| |||||||
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $1,510,340) | 759,248 | |||||||
|
| |||||||
REITs - 6.3 % | ||||||||
| 23,793 | CyrusOne, Inc. | 777,079 | ||||||
| 56,000 | Inland Real Estate Corp. | 453,600 | ||||||
| 21,000 | Potlatch Corp. | 604,590 | ||||||
| 58,108 | STAG Industrial, Inc. | 1,058,147 | ||||||
| 84,997 | Summit Hotel Properties, Inc. | 991,915 | ||||||
| 63,773 | Terreno Realty Corp. | 1,252,502 | ||||||
|
| |||||||
TOTAL REITs (Cost $5,083,466) | 5,137,833 | |||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
42
Schedule of Investments | Small Cap Value
As of September 30, 2015 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
MONEY MARKET FUND - 48.1 % | ||||||||
| 39,258,935 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (A) | $ | 39,258,935 | |||||
|
| |||||||
(Cost $39,258,935) | ||||||||
TOTAL INVESTMENTS - 100.2 % (Cost $82,386,093)(B) | $ | 81,702,495 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - (0.2) % | (10,622) | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 81,691,873 | ||||||
|
| |||||||
| * Non-income producing securities. | ||||||||
|
LP - Limited Partnership | |||||||
|
REIT - Real Estate Investment Trust. | |||||||
|
(A) Variable rate security; the rate shown represents the yield at September 30, 2015. | |||||||
|
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $82,504,649 and differs from fair value by net unrealized appreciation |
| ||||||
| Unrealized appreciation | $ | 4,946,703 | ||||||
| Unrealized depreciation | (5,748,857) | |||||||
|
| |||||||
| Net unrealized depreciation | $ | (802,154) | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
43
Schedule of Investments | Large/Mid Cap Value
As of September 30, 2015
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 46.6 % | ||||||||
AEROSPACE/DEFENSE - 1.5 % | ||||||||
| 55,050 | B/E Aerospace, Inc. | $ | 2,416,695 | |||||
|
| |||||||
AUTO PARTS & EQUIPMENT - 0.8 % | ||||||||
| 31,800 | BorgWarner, Inc. | 1,322,562 | ||||||
|
| |||||||
BANKS - 3.0 % | ||||||||
| 37,100 | CIT Group, Inc. | 1,485,113 | ||||||
| 42,300 | East West Bancorp, Inc. | 1,625,166 | ||||||
| 14,086 | SVB Financial Group * | 1,627,496 | ||||||
|
| |||||||
| 4,737,775 | ||||||||
|
| |||||||
BEVERAGES - 2.3 % | ||||||||
| 45,800 | Dr. Pepper Snapple Group, Inc. | 3,620,490 | ||||||
|
| |||||||
CHEMICALS - 1.7 % | ||||||||
| 12,150 | Sherwin-Williams Co. | 2,706,777 | ||||||
|
| |||||||
COMPUTERS - 2.2 % | ||||||||
| 61,000 | Amdocs Ltd. | 3,469,680 | ||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES - 5.1 % | ||||||||
| 85,800 | Eaton Vance Corp. | 2,867,436 | ||||||
| 64,500 | Franklin Resources, Inc. | 2,403,270 | ||||||
| 84,000 | Invesco, Ltd. | 2,623,320 | ||||||
|
| |||||||
| 7,894,026 | ||||||||
|
| |||||||
ELECTRIC - 2.1 % | ||||||||
| 63,200 | WEC Energy Group, Inc | 3,300,304 | ||||||
|
| |||||||
ELECTRONICS - 4.5 % | ||||||||
| 66,200 | Amphenol Corp. | 3,373,552 | ||||||
| 25,200 | TE Connectivity, Ltd. | 1,509,228 | ||||||
| 54,400 | Woodward, Inc. | 2,214,080 | ||||||
|
| |||||||
| 7,096,860 | ||||||||
|
| |||||||
FOOD - 5.1 % | ||||||||
| 32,500 | JM Smucker Co. | 3,707,925 | ||||||
| 52,300 | McCormick & Co., Inc. | 4,298,014 | ||||||
|
| |||||||
| 8,005,939 | ||||||||
|
| |||||||
HEALTHCARE - PRODUCTS - 2.1 % | ||||||||
| 17,300 | CR Bard, Inc. | 3,223,163 | ||||||
|
| |||||||
MACHINERY - 1.0 % | ||||||||
| 36,200 | Flowserve Corp. | 1,489,268 | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
44
Schedule of Investments | Large/Mid Cap Value
As of September 30, 2015 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
MISCELLANEOUS MANUFACTURING - 2.1 % | ||||||||
| 50,300 | AO Smith Corp. | $ | 3,279,057 | |||||
|
| |||||||
OIL & NATURAL GAS - 5.3 % | ||||||||
| 33,750 | EOG Resources, Inc. | 2,457,000 | ||||||
| 14,700 | EQT Corp. | 952,119 | ||||||
| 57,600 | Marathon Petroleum Corp. | 2,668,608 | ||||||
| 32,500 | Occidental Petroleum Corp. | 2,149,875 | ||||||
|
| |||||||
| 8,227,602 | ||||||||
|
| |||||||
PHARMACEUTICALS - 2.0 % | ||||||||
| 39,000 | Express Scripts Holding Co. * | 3,157,440 | ||||||
| 1 | Mallinckrodt PLC * | 64 | ||||||
|
| |||||||
| 3,157,504 | ||||||||
|
| |||||||
RETAIL - 1.1 % | ||||||||
| 9,175 | Advance Auto Parts, Inc. | 1,738,938 | ||||||
|
| |||||||
SEMICONDUCTORS - 1.0 % | ||||||||
| 12,400 | Avago Technologies, Ltd. | 1,550,124 | ||||||
|
| |||||||
TEXTILES - 2.0 % | ||||||||
| 16,800 | Mohawk Industries, Inc. * | 3,054,072 | ||||||
|
| |||||||
TRANSPORTATION - 1.7 % | ||||||||
| 30,800 | Union Pacific Corp. | 2,723,028 | ||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $57,133,922) | 73,013,864 | |||||||
|
| |||||||
MASTER LIMITED PATNERSHIPS - 0.9 % | ||||||||
| 34,200 | Lazard, Ltd. MLP - Cl. A (Cost $1,530,729) | 1,480,860 | ||||||
|
| |||||||
REITs - 2.1 % | ||||||||
| 26,600 | Regency Centers Corp. | 1,653,190 | ||||||
| 28,700 | Ventas, Inc. | 1,608,922 | ||||||
|
| |||||||
TOTAL REITs (Cost $3,070,316) | 3,262,112 | |||||||
|
| |||||||
MONEY MARKET FUND - 50.5 % | ||||||||
| 79,227,486 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (A) | 79,227,486 | ||||||
|
| |||||||
(Cost $79,227,486) | ||||||||
TOTAL INVESTMENTS - 100.1% (Cost $140,962,453)(B) | $ | 156,984,322 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - (0.1) % | (11,413) | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 156,972,909 | ||||||
|
| |||||||
| MLP - Master Limited Partnership. | ||||||||
|
* Non-income producing securities. | |||||||
|
REIT - Real Estate Investment Trust | |||||||
|
(A) Variable rate security; the rate shown represents the yield at September 30, 2015. | |||||||
|
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $140,843,642 and differs from fair value by net |
| ||||||
| Unrealized appreciation | $ | 19,131,414 | ||||||
| Unrealized depreciation | (2,990,734) | |||||||
|
| |||||||
| Net unrealized appreciation | $ | 16,140,680 | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
45
Schedule of Investments | Fixed Income
As of September 30, 2015
|
| |||||||||||||
| Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
|
| |||||||||||||
BONDS & NOTES - 97.1 % | ||||||||||||||
CORPORATE BONDS - 31.4 % | ||||||||||||||
| $ 1,000,000 | ABB Finance USA, Inc. | 2.875 | 5/8/2022 | $ | 991,923 | |||||||||
| 1,000,000 | Altera Corp. | 1.750 | 5/15/2017 | 1,005,217 | ||||||||||
| 740,000 | Analog Devices, Inc. | 3.000 | 4/15/2016 | 749,077 | ||||||||||
| 1,000,000 | Boardwalk Pipelines LP | 5.750 | 9/15/2019 | 1,055,949 | ||||||||||
| 750,000 | Canadian National Railway Co. | 5.800 | 6/1/2016 | 775,360 | ||||||||||
| 1,000,000 | Delphi Automotive Systems Corp. | 4.150 | 3/15/2024 | 1,010,168 | ||||||||||
| 325,000 | Eaton Corp. | 5.600 | 5/15/2018 | 354,300 | ||||||||||
| 1,170,000 | Enable Midstream Partners LP (A) | 3.900 | 5/15/2024 | 1,033,615 | ||||||||||
| 1,000,000 | Energy Transfer Partners LP | 6.700 | 7/1/2018 | 1,098,020 | ||||||||||
| 500,000 | Enterprise Products Operating, LLC | 6.125 | 10/15/2039 | 527,804 | ||||||||||
| 900,000 | Equity Residential | 5.125 | 3/15/2016 | 916,793 | ||||||||||
| 1,000,000 | Glencore Funding, LLC (A) | 4.125 | 5/30/2023 | 788,103 | ||||||||||
| 750,000 | Husky Energy, Inc. | 3.950 | 4/15/2022 | 725,365 | ||||||||||
| 952,777 | John Sevier Combined Cycle Generation LLC | 4.626 | 1/15/2042 | 1,050,692 | ||||||||||
| 750,000 | Johnson Controls, Inc. | 5.000 | 3/30/2020 | 823,268 | ||||||||||
| 1,000,000 | Kennametal, Inc. | 3.875 | 2/15/2022 | 1,015,703 | ||||||||||
| 800,000 | LYB International Finance BV | 4.000 | 7/15/2023 | 805,053 | ||||||||||
| 500,000 | ONEOK, Inc. | 4.250 | 2/1/2022 | 432,500 | ||||||||||
| 1,250,000 | Pentair Finance SA | 4.650 | 9/15/2025 | 1,265,989 | ||||||||||
| 1,000,000 | Phillips 66 | 2.950 | 5/1/2017 | 1,023,435 | ||||||||||
| 1,000,000 | Plains All American Pipeline LP | 3.650 | 6/1/2022 | 979,651 | ||||||||||
| 1,000,000 | Simon Property Group LP | 6.125 | 5/30/2018 | 1,105,566 | ||||||||||
| 1,200,000 | Sunoco Logistics Partners LP | 4.250 | 4/1/2024 | 1,093,390 | ||||||||||
| 750,000 | Tyco Electronics Group SA | 6.550 | 10/1/2017 | 822,242 | ||||||||||
| 1,200,000 | Ventas Realty LP/CAP Corp. | 3.250 | 8/15/2022 | 1,176,834 | ||||||||||
| 1,000,000 | Welltower, Inc. | 3.750 | 3/15/2023 | 998,619 | ||||||||||
|
| |||||||||||||
TOTAL CORPORATE BONDS (Cost $23,902,725) | 23,624,636 | |||||||||||||
|
| |||||||||||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 65.7 % | ||||||||||||||
GOVERNMENT NOTES & BONDS - 32.6 % | ||||||||||||||
| 1,000,000 | Federal Home Loan Banks | 5.000 | 11/17/2017 | 1,088,919 | ||||||||||
| 2,400,000 | United States Treasury Note | 2.125 | 8/31/2020 | 2,483,938 | ||||||||||
| 7,000,000 | United States Treasury Note | 3.125 | 5/15/2021 | 7,591,990 | ||||||||||
| 2,900,000 | United States Treasury Note | 3.875 | 5/15/2018 | 3,129,903 | ||||||||||
| 6,750,000 | United States Treasury Note | 2.250 | 11/15/2024 | 6,877,791 | ||||||||||
| 2,500,000 | United States Treasury Note | 4.500 | 2/15/2036 | 3,279,037 | ||||||||||
|
| |||||||||||||
TOTAL GOVERNMENT NOTES & BONDS (Cost $24,162,608) | 24,451,578 | |||||||||||||
|
| |||||||||||||
GOVERNMENT MORTGAGE-BACKED SECURITIES -33.1 % | ||||||||||||||
| 204,551 | GNMA Pool 3584 | 5.500 | 1/20/2038 | 230,119 | ||||||||||
| 147,113 | GNMA Pool 3612 | 6.000 | 6/20/2036 | 165,376 | ||||||||||
| 83,719 | GNMA Pool 3612 | 6.500 | 1/15/2037 | 99,005 | ||||||||||
| 35,102 | GNMA Pool 3625 | 6.000 | 7/20/2034 | 40,074 | ||||||||||
| 3,200 | GNMA Pool 3637 | 5.000 | 3/15/2018 | 3,311 | ||||||||||
| 165,005 | GNMA Pool 3665 | 5.000 | 12/20/2037 | 179,092 | ||||||||||
| 37,806 | GNMA Pool 3679 | 6.000 | 12/15/2031 | 42,777 | ||||||||||
| 343,847 | GNMA Pool 3711 | 5.500 | 2/15/2040 | 385,914 | ||||||||||
| 268,444 | GNMA Pool 3865 | 6.000 | 10/20/2034 | 306,548 | ||||||||||
| 90,828 | GNMA Pool 3910 | 6.000 | 2/20/2035 | 104,250 | ||||||||||
| 101,372 | GNMA Pool 3910 | 6.000 | 10/20/2036 | 114,703 | ||||||||||
| 143,074 | GNMA Pool 4072 | 5.500 | 4/15/2033 | 163,828 | ||||||||||
| 169,993 | GNMA Pool 4072 | 5.500 | 1/20/2035 | 192,052 | ||||||||||
| 768,059 | GNMA Pool 4520 | 5.000 | 8/20/2039 | 852,804 | ||||||||||
| 484,451 | GNMA Pool 4541 | 5.000 | 9/20/2039 | 540,308 | ||||||||||
| 885,872 | GNMA Pool 4947 | 5.000 | 2/20/2041 | 985,493 | ||||||||||
| 376,359 | GNMA Pool 5204 | 4.500 | 10/20/2041 | 410,174 | ||||||||||
| 3,379 | GNMA Pool 599821 | 5.000 | 1/15/2018 | 3,488 | ||||||||||
| 5,466 | GNMA Pool 604182 | 5.000 | 2/15/2018 | 5,654 | ||||||||||
The accompanying notes are an integral part of these financial statements.
46
Schedule of Investments | Fixed Income
As of September 30, 2015 (Continued)
|
| |||||||||||||
| Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
|
| |||||||||||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 33.1 % (Cont.) | ||||||||||||||
| $ | 91,344 | GNMA Pool 663776 | 6.500 | 9/20/2034 | $ | 108,866 | ||||||||
| 1,109,812 | GNMA Pool 701961 | 4.500 | 6/15/2039 | 1,206,992 | ||||||||||
| 331,073 | GNMA Pool 734437 | 4.500 | 5/15/2041 | 359,716 | ||||||||||
| 888,909 | GNMA Pool 737556 | 4.500 | 10/15/2040 | 966,758 | ||||||||||
| 797,892 | GNMA Pool 752631 | 4.500 | 10/20/2040 | 873,974 | ||||||||||
| 100,687 | GNMA Pool 781694 | 5.500 | 11/20/2034 | 113,621 | ||||||||||
| 187,926 | GNMA Pool 781694 | 5.500 | 5/20/2035 | 212,071 | ||||||||||
| 976,292 | GNMA Pool 783060 | 4.000 | 8/15/2040 | 1,044,335 | ||||||||||
| 509,933 | GNMA Pool 783403 | 3.500 | 9/15/2041 | 536,071 | ||||||||||
| 3,471,881 | GNMA Pool AD8801 | 3.500 | 3/15/2043 | 3,660,154 | ||||||||||
| 1,103,208 | GNMA Pool AL9364 | 3.500 | 3/20/2045 | 1,160,322 | ||||||||||
| 3,114,040 | GNMA Pool MA0155 | 4.000 | 6/20/2042 | 3,339,045 | ||||||||||
| 1,942,160 | GNMA Pool MA0220 | 3.500 | 7/20/2042 | 2,041,916 | ||||||||||
| 5,060 | GNMA Pool MA2681 | 5.000 | 2/15/2018 | 5,222 | ||||||||||
| 1,015,979 | GNMA Pool MA2681 | 5.000 | 3/20/2045 | 1,110,203 | ||||||||||
| 732,770 | GNMA Pool MA2892 | 3.500 | 6/20/2045 | 769,271 | ||||||||||
| 1,367,749 | GNMA Pool MA2893 | 4.000 | 6/20/2045 | 1,461,852 | ||||||||||
| 1,028,382 | GNMA Pool MA2962 | 4.000 | 7/20/2045 | 1,099,246 | ||||||||||
|
| |||||||||||||
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $24,603,468) | 24,894,605 | |||||||||||||
|
| |||||||||||||
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $48,766,076) | 49,346,183 | |||||||||||||
|
| |||||||||||||
TOTAL BONDS AND NOTES (Cost $72,668,801) | 72,970,819 | |||||||||||||
|
| |||||||||||||
| Shares | ||||||||||||||
MONEY MARKET FUND - 2.1 % | ||||||||||||||
| 1,551,614 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (B) | 1,551,614 | ||||||||||||
|
| |||||||||||||
(Cost $1,551,614) | ||||||||||||||
TOTAL INVESTMENTS - 99.2 % (Cost $74,220,415)(C) | $ | 74,522,433 | ||||||||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.8 % | 577,035 | |||||||||||||
|
| |||||||||||||
NET ASSETS - 100.0 % | $ | 75,099,468 | ||||||||||||
|
| |||||||||||||
| GNMA - Government National Mortgage Association | ||||||||||||||
| | (A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 2.4% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. | | ||||||||||||
|
(B) Variable rate security; the rate shown represents the yield at September 30, 2015. |
| ||||||||||||
|
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $74,220,415 and differs from fair value by net |
| ||||||||||||
| Unrealized appreciation | $ | 1,152,869 | ||||||||||||
| Unrealized depreciation | (850,851) | |||||||||||||
|
| |||||||||||||
| Net unrealized appreciation | $ | 302,018 | ||||||||||||
|
| |||||||||||||
The accompanying notes are an integral part of these financial statements.
47
Schedule of Investments | High Yield Bond
As of September 30, 2015
|
| |||||||||||||
| Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
|
| |||||||||||||
CORPORATE BONDS - 93.5 % | ||||||||||||||
| $ 750,000 | Ally Financial, Inc. | 3.500 | 1/27/2019 | $ | 741,563 | |||||||||
| 500,000 | AmeriGas Finance LLC | 7.000 | 5/20/2022 | 515,000 | ||||||||||
| 500,000 | Amsted Industries, Inc. (A) | 5.000 | 3/15/2022 | 495,000 | ||||||||||
| 250,000 | Amsted Industries, Inc. (A) | 5.375 | 9/15/2024 | 244,375 | ||||||||||
| 500,000 | Anixter, Inc. | 5.625 | 5/1/2019 | 526,250 | ||||||||||
| 500,000 | ArcelorMittal (B) | 7.000 | 2/25/2022 | 457,500 | ||||||||||
| 1,000,000 | Berry Plastics Corp. | 5.125 | 7/15/2023 | 945,000 | ||||||||||
| 500,000 | Bombardier, Inc. (A) | 6.125 | 1/15/2023 | 370,000 | ||||||||||
| 500,000 | Braskem Finance, Ltd. | 6.450 | 2/3/2024 | 415,000 | ||||||||||
| 500,000 | Calfrac Holdings LP (A) | 7.500 | 12/1/2020 | 315,000 | ||||||||||
| 500,000 | California Resources Corp. | 6.000 | 11/15/2024 | 299,687 | ||||||||||
| 500,000 | Calumet Specialty Product Partners | 6.500 | 4/15/2021 | 452,500 | ||||||||||
| 500,000 | Cascades, Inc. (A) | 5.500 | 7/15/2022 | 476,875 | ||||||||||
| 500,000 | Cemex Finance LLC (A) | 6.000 | 4/1/2024 | 456,250 | ||||||||||
| 750,000 | CIT Group, Inc. | 3.875 | 2/19/2019 | 747,656 | ||||||||||
| 500,000 | Cloud Peak Energy Resources LLC | 8.500 | 12/15/2019 | 315,000 | ||||||||||
| 500,000 | CommScope, Inc. (A) | 5.000 | 6/15/2021 | 490,625 | ||||||||||
| 775,000 | Corrections Corp. of America | 4.125 | 4/1/2020 | 775,000 | ||||||||||
| 500,000 | D.R. Horton, Inc. | 4.750 | 2/15/2023 | 505,000 | ||||||||||
| 750,000 | DaVita HealthCare Partners, Inc. | 5.000 | 5/1/2025 | 721,875 | ||||||||||
| 500,000 | DCP Midstream, LLC (A) | 5.850 | 5/21/2043 | 402,500 | ||||||||||
| 500,000 | Denbury Resources, Inc. | 5.500 | 5/1/2022 | 300,000 | ||||||||||
| 500,000 | Digicel, Ltd. (A) | 6.000 | 4/15/2021 | 458,750 | ||||||||||
| 500,000 | Family Tree Escrow, LLC. (A) | 5.750 | 3/1/2023 | 521,250 | ||||||||||
| 500,000 | DuPont Fabros Technology LP | 5.875 | 9/15/2021 | 515,000 | ||||||||||
| 500,000 | Eldorado Gold Corp. (A) | 6.125 | 12/15/2020 | 440,000 | ||||||||||
| 750,000 | Energy Transfer Equity LP | 5.875 | 1/15/2024 | 679,125 | ||||||||||
| 500,000 | EV Energy Partners | 8.000 | 4/15/2019 | 342,500 | ||||||||||
| 500,000 | Ferrellgas LP | 6.750 | 1/15/2022 | 467,500 | ||||||||||
| 500,000 | Ferrellgas LP (A) | 6.750 | 6/15/2023 | 457,500 | ||||||||||
| 500,000 | FTI Consulting, Inc. | 6.000 | 11/15/2022 | 519,375 | ||||||||||
| 500,000 | General Cable Corp. (B) | 5.750 | 10/1/2022 | 427,500 | ||||||||||
| 500,000 | Genesis Energy LP | 5.750 | 2/15/2021 | 457,500 | ||||||||||
| 500,000 | Geo Group, Inc. | 5.125 | 4/1/2023 | 497,500 | ||||||||||
| 500,000 | Gibraltar Industries, Inc. (B) | 6.250 | 2/1/2021 | 510,000 | ||||||||||
| 500,000 | Global Part / GLP Finance (A) | 6.250 | 7/15/2022 | 442,500 | ||||||||||
| 500,000 | Group 1 Automotive, Inc. (A) | 5.000 | 6/1/2022 | 495,000 | ||||||||||
| 750,000 | Iron Mountain | 6.000 | 8/15/2023 | 752,813 | ||||||||||
| 500,000 | Iron Mountain | 7.750 | 10/1/2019 | 520,750 | ||||||||||
| 500,000 | Kinder Morgan, Inc. (A) | 5.000 | 2/15/2021 | 511,510 | ||||||||||
| 335,000 | Kraft Heinz Foods Co. (A) | 4.875 | 2/15/2025 | 357,863 | ||||||||||
| 500,000 | Land O’ Lakes, Inc. (A) | 6.000 | 11/15/2022 | 527,500 | ||||||||||
| 625,000 | LKQ Corp. | 4.750 | 5/15/2023 | 604,688 | ||||||||||
| 500,000 | MedAssets, Inc. | 8.000 | 11/15/2018 | 511,250 | ||||||||||
| 500,000 | Men’s Wearhouse, Inc. | 7.000 | 7/1/2022 | 517,565 | ||||||||||
| 750,000 | Millicom International Cellular SA (A) | 4.750 | 5/22/2020 | 720,150 | ||||||||||
| 500,000 | MPT Operating Partnership LP | 6.375 | 2/15/2022 | 524,375 | ||||||||||
| 500,000 | Martin Midstream Partners LP | 7.250 | 2/15/2021 | 465,000 | ||||||||||
| 250,000 | NGL Energy Partners LP | 5.125 | 7/15/2019 | 228,750 | ||||||||||
| 500,000 | NGL Energy Partners LP | 6.875 | 10/15/2021 | 472,500 | ||||||||||
| 1,000,000 | Noble Energy INC | 5.875 | 6/1/2024 | 996,669 | ||||||||||
| 500,000 | NuStar Logistics LP | 6.750 | 2/1/2021 | 496,091 | ||||||||||
| 500,000 | Oshkosh Corp. | 5.375 | 3/1/2025 | 500,000 | ||||||||||
| 500,000 | Pacific Drilling V, Ltd. (A) | 5.375 | 6/1/2020 | 297,500 | ||||||||||
| 250,000 | Parker Drilling Co. | 6.750 | 7/15/2022 | 196,250 | ||||||||||
| 250,000 | Parker Drilling Co. | 7.500 | 8/1/2020 | 206,250 | ||||||||||
The accompanying notes are an integral part of these financial statements.
48
Schedule of Investments | High Yield Bond
As of September 30, 2015 (Continued)
|
| |||||||||||
| Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||
|
| |||||||||||
CORPORATE BONDS - 93.5 % (Cont.) | ||||||||||||
| $ 500,000 | PolyOne Corp. | 7.375 | 9/15/2020 | $ 519,375 | ||||||||
| 500,000 | Regency Energy Partners LP | 4.500 | 11/1/2023 | 462,992 | ||||||||
| 500,000 | Reynolds Group Issuer, Inc. | 5.750 | 10/15/2020 | 506,250 | ||||||||
| 500,000 | Rose Rock Midstream LP | 5.625 | 7/15/2022 | 442,500 | ||||||||
| 500,000 | Sealed Air Corp. (A) | 5.250 | 4/1/2023 | 503,750 | ||||||||
| 200,000 | Sealed Air Corp. (A) | 6.500 | 12/1/2020 | 220,000 | ||||||||
| 500,000 | SemGroup LP | 7.500 | 6/15/2021 | 472,500 | ||||||||
| 750,000 | SLM Corp. | 4.875 | 6/17/2019 | 684,375 | ||||||||
| 500,000 | Steel Dynamics, Inc. | 5.250 | 4/15/2023 | 460,000 | ||||||||
| 500,000 | Suburban Propane Partners LP | 5.500 | 6/1/2024 | 465,000 | ||||||||
| 500,000 | Summit Midstream Holdings LLC | 7.500 | 7/1/2021 | 482,500 | ||||||||
| 500,000 | Sunoco LP (A) | 5.500 | 8/1/2020 | 495,000 | ||||||||
| 100,000 | Sunoco LP (A) | 6.375 | 4/1/2023 | 98,000 | ||||||||
| 500,000 | Targa Resources Partners LP | 4.250 | 11/15/2023 | 418,750 | ||||||||
| 500,000 | Tempur Sealy International, Inc. (A) | 5.625 | 10/15/2023 | 504,375 | ||||||||
| 500,000 | Tesoro Corp. | 5.375 | 10/1/2022 | 492,500 | ||||||||
| 391,000 | Tesoro Logistics LP | 5.875 | 10/1/2020 | 381,225 | ||||||||
| 500,000 | Tullow Oil PLC (A) | 6.000 | 11/1/2020 | 353,750 | ||||||||
| 500,000 | United Rentals North America, Inc. | 4.625 | 7/15/2023 | 486,250 | ||||||||
| 500,000 | United States Steel Corp. | 7.500 | 3/15/2022 | 397,500 | ||||||||
| 100,000 | USG Corp. (A) | 5.875 | 11/1/2021 | 104,250 | ||||||||
| 500,000 | USG Corp. (B) | 9.750 | 1/15/2018 | 558,750 | ||||||||
| 500,000 | VeriSign, Inc. | 4.625 | 5/1/2023 | 488,750 | ||||||||
| 500,000 | WhiteWave Foods Co. | 5.375 | 10/1/2022 | 520,000 | ||||||||
| 500,000 | WPX Energy, Inc. | 5.250 | 9/15/2024 | 405,000 | ||||||||
| 500,000 | WR Grace & Co. (A) | 5.125 | 10/1/2021 | 495,000 | ||||||||
| ||||||||||||
TOTAL BONDS & NOTES (Cost $41,998,403) | 39,024,472 | |||||||||||
| ||||||||||||
| Shares | ||||||||||||
MONEY MARKET FUND - 5.1 % | ||||||||||||
| 2,146,964 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (B) |
| ||||||||||
(Cost $2,146,964) | 2,146,964 | |||||||||||
| ||||||||||||
TOTAL INVESTMENTS - 98.6 % (Cost $44,145,367)(C) | $ 41,171,436 | |||||||||||
OTHER ASSETS LESS LIABILITIES - NET - 1.4 % | 578,960 | |||||||||||
| ||||||||||||
NET ASSETS - 100.0 % | $ 41,750,396 | |||||||||||
| ||||||||||||
(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 27.0% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(B) Variable rate security; the rate shown represents the yield at September 30, 2015.
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $44,145,367 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
| Unrealized appreciation | $ 316,137 | |||||||
| Unrealized depreciation | (3,290,068) | |||||||
| ||||||||
| Net unrealized depreciation | $ (2,973,931) | |||||||
| ||||||||
The accompanying notes are an integral part of these financial statements.
49
Schedule of Investments | Israel Common Values
As of September 30, 2015
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 76.3 % | ||||||||
AEROSPACE/DEFENSE - 3.3 % | ||||||||
| 6,501 | Elbit Systems Ltd. | $ | 485,040 | |||||
|
| |||||||
APPAREL - 2.3 % | ||||||||
| 11,100 | Delta-Galil Industries Ltd. | 332,429 | ||||||
|
| |||||||
AUTO PARTS & EQUIPMENT - 2.5 % | ||||||||
| 8,000 | Mobileye NV * | 363,840 | ||||||
|
| |||||||
BANKS - 11.5 % | ||||||||
| 16,400 | Bank Hapoalim BM (ADR) | 407,868 | ||||||
| 92,000 | Bank Leumi Le-Israel BM * | 343,294 | ||||||
| 19,300 | First International Bank Of Israel | 239,910 | ||||||
| 215,000 | Israel Discount Bank Ltd. * | 392,692 | ||||||
| 26,000 | Mizrahi Tefahot Bank Ltd. * | 307,223 | ||||||
|
| |||||||
| 1,690,987 | ||||||||
|
| |||||||
BUILDING MATERIALS - 1.3 % | ||||||||
| 6,500 | Caesar Stone Sdot-Yam Ltd. | 197,600 | ||||||
|
| |||||||
COMPUTERS - 1.0 % | ||||||||
| 24,210 | Matrix IT Ltd. | 142,481 | ||||||
|
| |||||||
ELECTRIC - 0.4 % | ||||||||
| 4,200 | Kenon Holdings Ltd. * | 55,141 | ||||||
| 1 | Ormat Technologies, Inc. | 12 | ||||||
|
| |||||||
| 55,153 | ||||||||
|
| |||||||
ELECTRONICS - 4.0 % | ||||||||
| 14,896 | Ituran Location and Control Ltd. | 305,964 | ||||||
| 18,500 | Orbotech Ltd. * | 285,825 | ||||||
|
| |||||||
| 591,789 | ||||||||
|
| |||||||
ENERGY-ALTERNATE SOURCES - 0.0 % | ||||||||
| 6,360 | Energix-Renewable Energies Ltd. * | 4,215 | ||||||
|
| |||||||
FOOD - 8.2 % | ||||||||
| 17,000 | Frutarom Industries Ltd. | 642,580 | ||||||
| 13,000 | Osem Investments Ltd. | 250,961 | ||||||
| 7,300 | Rami Levi Chain Stores | 311,656 | ||||||
|
| |||||||
| 1,205,197 | ||||||||
|
| |||||||
HOME BUILDERS - 2.0 % | ||||||||
| 1,000 | Bayside Land Corp. | 293,878 | ||||||
|
| |||||||
INVESTMENT COMPANIES - 1.0 % | ||||||||
| 600 | Israel Corp. Ltd. | 143,753 | ||||||
|
| |||||||
OIL & NATURAL GAS - 7.4 % | ||||||||
| 338,000 | Avner Oil Exploration LP | 187,720 | ||||||
| 76,000 | Delek Drilling LP | 223,734 | ||||||
| 1,536,664 | Isramco Negev 2 LP | 268,683 | ||||||
| 1,900 | Paz Oil Co. Ltd. | 282,719 | ||||||
| 2,100,000 | Ratio Oil Exploration 1992 LP * | 130,601 | ||||||
|
| |||||||
| 1,093,457 | ||||||||
|
| |||||||
PHARMACEUTICALS - 2.5 % | ||||||||
| 2,600 | Taro Pharmaceutical Industries Ltd. * | 371,514 | ||||||
|
| |||||||
REAL ESTATE - 10.0 % | ||||||||
| 105,000 | Amot Investments Ltd. | 323,291 | ||||||
| 7,500 | Azrieli Group | 299,740 | ||||||
| 27,000 | Gazit-Globe Ltd. | 270,454 | ||||||
| 86,789 | Jerusalem Economy Ltd. * | 235,145 | ||||||
| 9,366 | Melisron Ltd. | 348,516 | ||||||
|
| |||||||
| 1,477,146 | ||||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
50
Schedule of Investments | Israel Common Values
As of September 30, 2015 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
SEMICONDUCTORS - 4.7 % | ||||||||
| 7,600 | Mellanox Technologies Ltd. * | $ | 287,204 | |||||
| 30,100 | Tower Semiconductor Ltd. * | 387,387 | ||||||
| 1,411 | Tower Semiconductor Ltd. * | 18,015 | ||||||
|
| |||||||
| 692,606 | ||||||||
|
| |||||||
SOFTWARE - 6.4 % | ||||||||
| 5,100 | Check Point Software Technologies Ltd. * | 404,583 | ||||||
| 54,783 | Magic Software Enterprises Ltd. | 297,472 | ||||||
| 20,900 | SapiEns International Corp. | 240,768 | ||||||
|
| |||||||
| 942,823 | ||||||||
|
| |||||||
TELECOMMUNICATIONS - 5.7 % | ||||||||
| 56,000 | Cellcom Israel, Ltd. * | 348,320 | ||||||
| 8,700 | NICE Systems Ltd. (ADR) | 490,071 | ||||||
|
| |||||||
| 838,391 | ||||||||
|
| |||||||
TEXTILES - 2.1 % | ||||||||
| 17,100 | Fox Wizel Ltd | 309,930 | ||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $9,700,776) | 11,232,229 | |||||||
|
| |||||||
REITs - 2.2 % | ||||||||
| 45,000 | Alony Hetz Properties & Investments Ltd. (Cost $274,334) | 324,132 | ||||||
|
| |||||||
MONEY MARKET FUND - 20.8 % | ||||||||
| 3,051,032 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (A) | 3,051,032 | ||||||
|
| |||||||
(Cost $3,051,032) | ||||||||
TOTAL INVESTMENTS - 99.3 % (Cost $13,026,142) (B) | $ | 14,607,393 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.7 % | 106,792 | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 14,714,185 | ||||||
|
| |||||||
| *Non-income producing securities. | ||||||||
| (ADR) American Depositary Receipt. | ||||||||
| (A) Variable rate security; the rate shown represents the yield at September 30, 2015. | ||||||||
| | (B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $13,626,460 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | | ||||||
Unrealized appreciation | $ | 2,531,641 | ||||||
Unrealized depreciation | (1,550,708) | |||||||
|
| |||||||
Net unrealized appreciation | $ | 980,933 | ||||||
|
| |||||||
| Diversification of Assets | ||||||||
|
| |||||||
| Country | % of Net Assets | |||||||
|
| |||||||
| Israel | 78.16% | ||||||
| Singapore | 0.37% | ||||||
|
| |||||||
| Total | 78.53% | ||||||
| Money Market Fund | 20.74% | ||||||
| Other Assets Less Liabilities - Net | 0.73% | ||||||
|
| |||||||
| Grand Total | 100.00% | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
51
Schedule of Investments | Defensive Strategies Fund
As of September 30, 2015
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 14.5 % | ||||||||
AGRICULTURE - 0.2 % | ||||||||
| 2,256 | Bunge Ltd. | $ | 165,365 | |||||
|
| |||||||
CHEMICALS - 2.4 % | ||||||||
| 261 | Agrium, Inc. | 23,360 | ||||||
| 959 | American Vanguard Corp. | 11,086 | ||||||
| 10,651 | CF Industries Holdings, Inc. | 478,230 | ||||||
| 5,730 | FMC Corp. | 194,304 | ||||||
| 5,759 | Intrepid Potash, Inc. * | 31,905 | ||||||
| 10,151 | K+S AG | 338,975 | ||||||
| 12,416 | Mosaic Co. | 386,262 | ||||||
| 12,938 | Potash Corp. of Saskatchewan, Inc. | 265,876 | ||||||
| 768 | Rayonier Advanced Materials, Inc. | 4,700 | ||||||
| 4,735 | Sociedad Quimica Y Minera de (ADR) | 68,847 | ||||||
| 2,227 | Syngenta AG (ADR) | 142,038 | ||||||
| 5,904 | Uralkali (ADR) * | 87,556 | ||||||
|
| |||||||
| 2,033,139 | ||||||||
|
| |||||||
COAL - 0.0 % | ||||||||
| 1,103 | Peabody Energy Corp. | 1,522 | ||||||
|
| |||||||
FOOD - 0.6 % | ||||||||
| 897 | Cal-Maine Foods, Inc. | 48,985 | ||||||
| 867 | Darling Ingredients, Inc * | 9,745 | ||||||
| 2,468 | Ingredion, Inc. | 215,481 | ||||||
| 4,199 | Pilgrim’s Pride Corp. | 87,255 | ||||||
| 2,941 | Tyson Foods, Inc. | 126,757 | ||||||
|
| |||||||
| 488,223 | ||||||||
|
| |||||||
IRON/STEEL - 0.5 % | ||||||||
| 1,178 | Allegheny Technologies, Inc. | 16,704 | ||||||
| 6,888 | ArcelorMittal (ADR) | 35,473 | ||||||
| 11,215 | Cherepovets MK Severstal (ADR) | 118,879 | ||||||
| 3,701 | JFE Holdings, Inc. | 48,279 | ||||||
| 5,583 | Nippon Steel & Sumitomo Metal Corp. | 101,071 | ||||||
| 979 | POSCO (ADR) | 34,285 | ||||||
| 502 | Reliance Steel & Aluminum Co. | 27,113 | ||||||
| 2,358 | ThyssenKrupp AG | 41,259 | ||||||
|
| |||||||
| 423,063 | ||||||||
|
| |||||||
MACHINERY - CONSTRUCTION & MINING - 0.0 % | ||||||||
| 2,525 | Joy Global, Inc. | 37,698 | ||||||
|
| |||||||
MACHINERY - DIVERSIFIED - 0.4 % | ||||||||
| 6,314 | AGCO Corp. | 294,422 | ||||||
| 2,315 | CNH Industrial NV | 15,094 | ||||||
| 5,000 | Kubota Corp. | 68,271 | ||||||
|
| |||||||
| 377,787 | ||||||||
|
| |||||||
MINING - 3.9 % | ||||||||
| 4,028 | Agnico Eagle Mines Ltd. | 101,989 | ||||||
| 3,102 | Allied Nevada Gold Corp. * | 140 | ||||||
| 7,252 | Anglo American PLC | 60,510 | ||||||
| 21,817 | AngloGold Ashanti Ltd. (ADR) * | 178,681 | ||||||
| 2,159 | Antofagasta PLC | 16,340 | ||||||
| 13,695 | BHP Billiton Ltd. | 433,036 | ||||||
| 234 | BHP Billiton PLC (ADR) | 7,177 | ||||||
| 451 | Cameco Corp. | 5,489 | ||||||
| 1,877 | Coeur d’Alene Mines Corp. * | 5,293 | ||||||
| 3,790 | Compania de Minas Buenaventura | 22,588 | ||||||
| 2,600 | Detour Gold Corp. * | 27,600 | ||||||
| 856 | Eldorado Gold Corp. | 2,756 | ||||||
| 1,198 | First Quantum Minerals Ltd. | 4,370 | ||||||
| 3,802 | Franco-Nevada Corp. | 167,364 | ||||||
| 1,351 | Freeport-McMoRan Copper & Gold, Inc. | 13,091 | ||||||
| 47,005 | Glencore International PLC | 65,178 | ||||||
| 94,405 | Gold Fields Limited (ADR) | 251,117 | ||||||
| 1,346 | Goldcorp, Inc. | 16,852 | ||||||
| 7,047 | Harmony Gold Mining Co Ltd. (ADR) * | 4,249 | ||||||
| 5,932 | Hecla Mining Co. | 11,686 | ||||||
| 6,495 | IAMGOLD Corp. * | 10,587 | ||||||
The accompanying notes are an integral part of these financial statements.
52
Schedule of Investments | Defensive Strategies Fund
As of September 30, 2015 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
MINING - 3.9 % (Continued) | ||||||||
| 23,785 | JSC MMC Norilsk Nickel (ADR) | $ | 341,790 | |||||
| 549 | KAZ Minerals PLC * | 704 | ||||||
| 24,166 | Kinross Gold Corp. * | 41,566 | ||||||
| 507 | Lonmin PLC * | 125 | ||||||
| 4,211 | New Gold, Inc. * | 9,559 | ||||||
| 1,769 | Newmont Mining Corp. | 28,428 | ||||||
| 2,818 | Pan American Silver Corp. | 17,894 | ||||||
| 6,411 | Randgold Resources Ltd. (ADR) | 378,826 | ||||||
| 14,861 | Rio Tinto PLC (ADR) | 502,599 | ||||||
| 1,388 | Royal Gold, Inc. | 65,208 | ||||||
| 12,096 | Silver Wheaton Corp | 145,273 | ||||||
| 5,571 | South32 Ltd. (ADR) * | 26,518 | ||||||
| 9,899 | Southern Copper Corp. | 264,501 | ||||||
| 5,000 | Sumitomo Metal Mining Co. Ltd. | 56,437 | ||||||
| 3,500 | Tahoe Resources, Inc. | 26,919 | ||||||
| 3,943 | Teck Resources Ltd. | 18,825 | ||||||
| 17,317 | Turquoise Hill Resources Ltd. * | 44,158 | ||||||
| 987 | Vedanta Ltd. (ADR) | 5,113 | ||||||
| 7,265 | Yamana Gold, Inc. | 12,351 | ||||||
|
| |||||||
| 3,392,887 | ||||||||
|
| |||||||
OIL & GAS - 4.7 % | ||||||||
| 492 | Anadarko Petroleum Corp. | 29,712 | ||||||
| 2,775 | Apache Corp. | 108,669 | ||||||
| 10,765 | BG Group PLC | 155,057 | ||||||
| 2,172 | California Resources Corp. | 5,647 | ||||||
| 4,578 | Canadian Natural Resources Ltd. | 89,042 | ||||||
| 9,266 | Cenovus Energy, Inc. | 139,906 | ||||||
| 901 | Chesapeake Energy Corp. | 6,604 | ||||||
| 525 | Cimarex Energy Co. | 53,802 | ||||||
| 6,370 | ConocoPhillips | 305,505 | ||||||
| 682 | Devon Energy Corp. | 25,295 | ||||||
| 1,870 | Encana Corp. | 12,043 | ||||||
| 1,233 | Ensco PLC-Cl. A | 17,361 | ||||||
| 8,365 | EOG Resources, Inc. | 608,972 | ||||||
| 44,100 | Inpex Corp. | 391,554 | ||||||
| 19,555 | Lukoil PJSC (ADR) | 664,088 | ||||||
| 9,269 | Marathon Oil Corp. | 142,743 | ||||||
| 647 | Noble Energy, Inc. | 19,526 | ||||||
| 3,611 | NovaTek OAO (GDR) | 334,018 | ||||||
| 5,432 | Occidental Petroleum Corp. | 359,327 | ||||||
| 7,011 | Petroleo Brasileiro SA (ADR) * | 30,498 | ||||||
| 244 | Pioneer Natural Resources Co. | 29,680 | ||||||
| 2,957 | Reliance Industries Ltd. (GDR) (A) | 76,882 | ||||||
| 22,408 | Rosneft Oil Company (GDR) | 82,686 | ||||||
| 64 | Seventy Seven Energy, Inc. * | 88 | ||||||
| 8,061 | Southwestern Energy Co. * | 102,294 | ||||||
| 7,787 | Statoil ASA (ADR) | 113,379 | ||||||
| 2,276 | Total SA | 102,099 | ||||||
| 2,350 | Transocean Ltd. | 30,362 | ||||||
| 834 | Valero Energy Corp. | 50,123 | ||||||
|
| |||||||
| 4,086,962 | ||||||||
|
| |||||||
OIL & GAS SERVICES - 1.6 % | ||||||||
| 2,827 | Baker Hughes, Inc. | 147,117 | ||||||
| 1,449 | Cameron International Corp. * | 88,853 | ||||||
| 5,695 | FMC Technologies, Inc. * | 176,545 | ||||||
| 11,405 | Halliburton Co. | 403,167 | ||||||
| 13,994 | National Oilwell Varco, Inc. | 526,874 | ||||||
| 552 | NOW, Inc. * | 8,170 | ||||||
|
| |||||||
| 1,350,726 | ||||||||
|
| |||||||
PIPELINES - 0.1 % | ||||||||
| 2,338 | Kinder Morgan, Inc. | 64,716 | ||||||
| 1,592 | TransCanada Corp. | 50,117 | ||||||
|
| |||||||
| 114,833 | ||||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
53
Schedule of Investments | Defensive Strategies Fund
As of September 30, 2015 (Continued)
|
| |||||||||||||||
| Shares | Fair Value | |||||||||||||||
|
| |||||||||||||||
WATER - 0.1 % | ||||||||||||||||
| 289 | American Water Works Co. | $ | 15,918 | |||||||||||||
| 10,864 | Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 42,152 | ||||||||||||||
| 1,196 | United Utilities Group PLC | 16,756 | ||||||||||||||
|
| |||||||||||||||
| 74,826 | ||||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCK (Cost $17,558,779) | 12,547,031 | |||||||||||||||
|
| |||||||||||||||
EXCHANGE TRADED FUNDS - 12.2 % | ||||||||||||||||
| 61,300 | iShares Silver Trust * | 850,231 | ||||||||||||||
| 143,200 | PowerShares DB Agriculture Fund * | 2,990,016 | ||||||||||||||
| 81,500 | PowerShares DB Base Metals Fund * | 1,036,680 | ||||||||||||||
| 125,500 | PowerShares DB Commodity Index Tracking Fund * | 1,901,325 | ||||||||||||||
| 122,200 | PowerShares DB Energy Fund * | 1,666,808 | ||||||||||||||
| 58,300 | PowerShares DB US Dollar Endex Bearish Fund * | 1,282,017 | ||||||||||||||
| 7,850 | SPDR Gold Shares * | 838,851 | ||||||||||||||
|
| |||||||||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $13,013,301) | 10,565,928 | |||||||||||||||
|
| |||||||||||||||
REITs - 18.4 % | ||||||||||||||||
| 5,900 | Apartment Investment & Management Co. | 218,418 | ||||||||||||||
| 3,750 | AvalonBay Communities, Inc. | 655,575 | ||||||||||||||
| 6,000 | Boston Properties, Inc. | 710,400 | ||||||||||||||
| 1,339 | Care Capital Properties, Inc. | 44,093 | ||||||||||||||
| 29,000 | DDR Corp. | 446,020 | ||||||||||||||
| 15,900 | DiamondRock Hospitality Co. | 175,695 | ||||||||||||||
| 9,000 | Douglas Emmett, Inc. | 258,480 | ||||||||||||||
| 4,833 | Education Realty Trust, Inc. | 159,247 | ||||||||||||||
| 2,700 | Equity Lifestyle Properties, Inc. | 158,139 | ||||||||||||||
| 10,600 | Equity Residential | 796,272 | ||||||||||||||
| 3,654 | Essex Property Trust, Inc. | 816,377 | ||||||||||||||
| 6,900 | Extra Space Storage, Inc. | 532,404 | ||||||||||||||
| 1,700 | Federal Realty Investment Trust | 231,965 | ||||||||||||||
| 11,700 | FelCor Lodging Trust, Inc. | 82,719 | ||||||||||||||
| 5,400 | HCP, Inc. | 201,150 | ||||||||||||||
| 17,600 | Hospitality Properties Trust | 450,208 | ||||||||||||||
| 4,800 | Kilroy Realty Corp. | 312,768 | ||||||||||||||
| 23,500 | Kimco Realty Corp. | 574,105 | ||||||||||||||
| 8,263 | Macerich Co. | 634,764 | ||||||||||||||
| 3,708 | Mid-America Apartment Communities, Inc. | 303,574 | ||||||||||||||
| 6,100 | National Retail Properties, Inc. | 221,247 | ||||||||||||||
| 22,123 | Plum Creek Timber Co., Inc. | 874,080 | ||||||||||||||
| 18,694 | Prologis, Inc. | 727,197 | ||||||||||||||
| 3,500 | PS Business Parks, Inc. | 277,830 | ||||||||||||||
| 5,000 | Public Storage | 1,058,150 | ||||||||||||||
| 5,920 | Rayonier, Inc. | 130,654 | ||||||||||||||
| 3,200 | Regency Centers Corp. | 198,880 | ||||||||||||||
| 8,929 | Simon Property Group, Inc. | 1,640,436 | ||||||||||||||
| 6,350 | SL Green Realty Corp. | 686,816 | ||||||||||||||
| 23,700 | Strategic Hotels & Resorts, Inc. * | 326,823 | ||||||||||||||
| 6,400 | Summit Hotel Properties, Inc. | 74,688 | ||||||||||||||
| 5,000 | Taubman Centers, Inc. | 345,400 | ||||||||||||||
| 12,300 | UDR, Inc. | 424,104 | ||||||||||||||
| 5,359 | Ventas, Inc. | 300,426 | ||||||||||||||
| 10,300 | Weingarten Realty Investors | 341,033 | ||||||||||||||
| 7,600 | Welltower, Inc. | 514,673 | ||||||||||||||
|
| |||||||||||||||
TOTAL REITS (Cost $13,043,973) | 15,904,810 | |||||||||||||||
|
| |||||||||||||||
Par Value | Coupon Rate % | Maturity | ||||||||||||||
BONDS & NOTES - 23.0 % | ||||||||||||||||
COPORATE BONDS - 1.6 % | ||||||||||||||||
| $ 400,000 | Energy Transfer Partners LP | 6.700 | 7/1/2018 | 439,208 | ||||||||||||
| 400,000 | LYB International Finance BV | 4.000 | 7/15/2023 | 402,526 | ||||||||||||
| 500,000 | Welltower, Inc. | 3.750 | 3/15/2023 | 499,310 | ||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS (Cost $1,329,714) | 1,341,044 | |||||||||||||||
|
| |||||||||||||||
The accompanying notes are an integral part of these financial statements.
54
Schedule of Investments | Defensive Strategies Fund
As of September 30, 2015 (Continued)
|
| |||||||||||||
| Par Value | Coupon Rate % | Maturity | Fair Value | |||||||||||
|
| |||||||||||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 1.7 % | ||||||||||||||
| $ 679,340 | GNMA Pool MA0155 | 4.000 | 6/20/2042 | $ | 728,426 | |||||||||
| 335,041 | GNMA Pool 4947 | 5.000 | 2/20/2041 | 372,719 | ||||||||||
| 376,359 | GNMA Pool 5204 | 4.500 | 10/20/2041 | 410,174 | ||||||||||
|
| |||||||||||||
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $1,483,014) |
| 1,511,319 | ||||||||||||
|
| |||||||||||||
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 19.7 % |
| |||||||||||||
| 2,430,000 | TIPS | 2.000 | 1/15/2016 | 2,914,710 | ||||||||||
| 1,450,000 | TIPS | 2.125 | 1/15/2019 | 1,717,770 | ||||||||||
| 825,000 | TIPS | 1.375 | 1/15/2020 | 956,236 | ||||||||||
| 500,000 | TIPS | 1.250 | 7/15/2020 | 574,937 | ||||||||||
| 2,240,000 | TIPS | 1.125 | 1/15/2021 | 2,541,882 | ||||||||||
| 980,000 | TIPS | 0.625 | 1/15/2024 | 998,647 | ||||||||||
| 395,000 | TIPS | 2.375 | 1/15/2025 | 576,102 | ||||||||||
| 850,000 | TIPS | 2.000 | 1/15/2026 | 1,147,951 | ||||||||||
| 1,835,000 | TIPS | 1.750 | 1/15/2028 | 2,313,656 | ||||||||||
| 1,350,000 | TIPS | 2.500 | 1/15/2029 | 1,803,000 | ||||||||||
| 1,160,000 | TIPS | 2.125 | 2/15/2041 | 1,501,991 | ||||||||||
|
| |||||||||||||
TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $17,412,840) |
| 17,046,882 | ||||||||||||
|
| |||||||||||||
TOTAL BONDS AND NOTES (Cost $20,225,568) |
| 19,899,245 | ||||||||||||
|
| |||||||||||||
| Ounces | ||||||||||||||
ALTERNATIVE INVESTMENTS - 9.7 % | ||||||||||||||
| 6,744 | Gold Bars * | 7,518,581 | ||||||||||||
| 57,827 | Silver Bars * | 840,079 | ||||||||||||
|
| |||||||||||||
TOTAL ALTERNATIVE INVESTMENTS (Cost $8,900,255) | 8,358,660 | |||||||||||||
|
| |||||||||||||
| Contracts ** | ||||||||||||||
PURCHASED PUT OPTIONS - 0.7 % | ||||||||||||||
| 175 | S&P 500 Index | 402,500 | ||||||||||||
Expiration October 2015, Exercise Price $1,875.00 | ||||||||||||||
| 60 | S&P 500 Index | 176,400 | ||||||||||||
Expiration October 2015, Exercise Price $1,900.00 | ||||||||||||||
|
| |||||||||||||
TOTAL PURCHASED PUT OPTIONS (Cost $440,828) | 578,900 | |||||||||||||
|
| |||||||||||||
| Shares | ||||||||||||||
MONEY MARKET FUND - 21.3 % | ||||||||||||||
| 18,443,599 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (B) |
| ||||||||||||
(Cost $18,443,599) | 18,443,599 | |||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS - 99.8 % (Cost $91,624,540) (C) | $ | 86,298,173 | ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.2 % | 105,341 | |||||||||||||
|
| |||||||||||||
NET ASSETS - 100.0 % | $ | 86,403,514 | ||||||||||||
|
| |||||||||||||
| GNMA - Government National Mortgage Association | ||||||||||||||
| REIT - Real Estate Investment Trust. | ||||||||||||||
| (ADR) American Depositary Receipt. | ||||||||||||||
| (GDR) Global Depositary Receipt. | ||||||||||||||
| * Non-income producing securities/investments. | ||||||||||||||
| ** Each put option contract allows the holder of the option to sell 100 shares of the underlying stock. | ||||||||||||||
| | (A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 0.0% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. | | ||||||||||||
| (B) Variable rate security; the rate shown represents the yield at September 30, 2015 | ||||||||||||||
|
| (C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $90,989,300 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
|
| ||||||||||||
| Unrealized appreciation | $ | 4,367,531 | ||||||||||||
| Unrealized depreciation | (9,058,658) | |||||||||||||
|
| |||||||||||||
| Net unrealized depreciation | $ | (4,691,127) | ||||||||||||
|
| |||||||||||||
The accompanying notes are an integral part of these financial statements.
55
Schedule of Investments | Strategic Growth
As of September 30, 2015
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
MUTUAL FUNDS - 84.9 % (A) | ||||||||
| 165,336 | Timothy Plan Aggressive Growth Fund | $ | 1,319,383 | |||||
| 990,321 | Timothy Plan Defensive Strategies Fund | 10,437,985 | ||||||
| 210,790 | Timothy Plan Emerging Markets Fund | 1,334,304 | ||||||
| 358,960 | Timothy Plan Growth & Income Fund * | 3,779,851 | ||||||
| 404,090 | Timothy Plan High Yield Bond Fund | 3,491,337 | ||||||
| 499,340 | Timothy Plan International Fund * | 4,229,412 | ||||||
| 99,387 | Timothy Plan Israel Common Values Fund * | 1,103,200 | ||||||
| 481,390 | Timothy Plan Large/Mid Cap Growth Fund | 3,730,772 | ||||||
| 205,646 | Timothy Plan Large/Mid-Cap Value Fund | 3,742,750 | ||||||
| 85,967 | Timothy Plan Small-Cap Value Fund | 1,455,414 | ||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $35,371,940) | 34,624,408 | |||||||
|
| |||||||
MONEY MARKET FUND - 15.4 % | ||||||||
| 6,264,084 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (B) (Cost $6,264,084) | 6,264,084 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.3 % (Cost $41,636,024) (C) | $ | 40,888,492 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - (0.3) % | (104,215) | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 40,784,277 | ||||||
|
| |||||||
| * Non-income producing securities. | ||||||||
| (A) Affiliated Funds - Class A. | ||||||||
| (B) Variable rate security; the rate shown represents the yield at September 30, 2015. | ||||||||
| | (C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $42,437,530 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | | ||||||
| Unrealized appreciation | $ | 1,155,744 | ||||||
| Unrealized depreciation | (2,704,782) | |||||||
|
| |||||||
| Net unrealized depreciation | $ | (1,549,038) | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
56
Schedule of Investments | Conservative Growth
As of September 30, 2015
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
MUTUAL FUNDS - 80.1 % (A) | ||||||||
| 69,825 | Timothy Plan Aggressive Growth Fund | $ | 557,200 | |||||
| 1,192,998 | Timothy Plan Defensive Strategies Fund | 12,574,200 | ||||||
| 133,123 | Timothy Plan Emerging Markets Fund | 842,671 | ||||||
| 1,228,596 | Timothy Plan Fixed Income Fund | 12,617,677 | ||||||
| 382,086 | Timothy Plan Growth & Income Fund | 4,023,371 | ||||||
| 292,856 | Timothy Plan High Yield Bond Fund | 2,530,277 | ||||||
| 400,241 | Timothy Plan International Fund * | 3,390,039 | ||||||
| 98,855 | Timothy Plan Israel Common Values Fund * | 1,097,289 | ||||||
| 329,289 | Timothy Plan Large/Mid Cap Growth Fund | 2,551,989 | ||||||
| 156,307 | Timothy Plan Large/Mid-Cap Value Fund | 2,844,796 | ||||||
| 100,786 | Timothy Plan Small-Cap Value Fund | 1,706,301 | ||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $47,029,143) | 44,735,810 | |||||||
|
| |||||||
MONEY MARKET FUND - 20.1 % | ||||||||
| 11,248,708 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (B) | 11,248,708 | ||||||
|
| |||||||
(Cost $11,248,708) | ||||||||
TOTAL INVESTMENTS - 100.2 % (Cost $58,277,851) (C) | $ | 55,984,518 | ||||||
|
| |||||||
OTHER ASSETS LESS LIABILITIES - NET - (0.2) % | (143,993) | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 55,840,525 | ||||||
|
| |||||||
| * Non-income producing securities. | ||||||||
| (A) Affiliated Funds - Class A. | ||||||||
| (B) Variable rate security; the rate shown represents the yield at September 30, 2015. | ||||||||
| | (C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $58,416,268 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | | ||||||
Unrealized appreciation | $ | 290,163 | ||||||
Unrealized depreciation | (2,721,913) | |||||||
|
| |||||||
Net unrealized depreciation | $ | (2,431,750) | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
57
Schedule of Investments | Emerging Markets
As of September 30, 2015
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 79.3 % | ||||||||
AEROSPACE/DEFENSE - 2.9 % | ||||||||
| 7,820 | Embraer SA (ADR) | $ | 200,036 | |||||
|
| |||||||
AGRICULTURE - 1.3 % | ||||||||
| 11,530 | Adecoagro SA * | 91,779 | ||||||
|
| |||||||
AIRLINES - 2.0 % | ||||||||
| 3,207 | Copa Holdings SA - Cl. A | 134,470 | ||||||
|
| |||||||
APPAREL - 1.5 % | ||||||||
| 27,500 | Yue Yuen Industrial Holdings Ltd. | 101,661 | ||||||
|
| |||||||
AUTO MANUFACTURERS - 5.9 % | ||||||||
| 2,268 | China Yuchai International LTD | 28,055 | ||||||
| 2,210 | Hyundai Mobis Co. Ltd. | 206,012 | ||||||
| 3,700 | Kia Motors Corp. | 167,304 | ||||||
|
| |||||||
| 401,371 | ||||||||
|
| |||||||
BANKS - 10.0 % | ||||||||
| 22,600 | Banco do Brasil SA | 85,658 | ||||||
| 12,770 | Banco Santander Brasil SA (ADR) | 40,225 | ||||||
| 5,120 | Erste Group Bank AG * | 148,206 | ||||||
| 23,220 | Sberbank of Russia (ADR) | 114,242 | ||||||
| 5,639 | Standard Chartered PLC | 54,730 | ||||||
| 40,490 | Turkiye Garanti Bankasi AS | 94,020 | ||||||
| 111,600 | Turkiye Vakiflar Bankasi Tao | 141,182 | ||||||
|
| |||||||
| 678,263 | ||||||||
|
| |||||||
BUILDING MATERIALS - 2.4 % | ||||||||
| 21,580 | Cemex SAB de CV (ADR) * | 150,844 | ||||||
| 145,724 | Desarrolladora Homex SAB de CV * (A) | 4,181 | ||||||
| 373,450 | Urbi Desarrollos Urbanos SAB de CV * (A) | 5,513 | ||||||
|
| |||||||
| 160,538 | ||||||||
|
| |||||||
CHEMICALS - 2.0 % | ||||||||
| 44,900 | Synthos SA | 44,613 | ||||||
| 218,500 | Yingde Gases | 89,937 | ||||||
|
| |||||||
| 134,550 | ||||||||
|
| |||||||
COMMERCIAL SERVICES - 1.7 % | ||||||||
| 42,900 | ITE Group PLC | 91,617 | ||||||
| 22,400 | Mills Estruturas e Servicos de Engenharia SA * | 25,645 | ||||||
|
| |||||||
| 117,262 | ||||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES - 6.2 % | ||||||||
| 9,440 | Hana Financial Group, Inc. | 210,240 | ||||||
| 3,100 | KB Financial Group, Inc. | 92,185 | ||||||
| 3,420 | Shinhan Financial Group Co. Ltd. | 119,444 | ||||||
|
| |||||||
| 421,869 | ||||||||
|
| |||||||
ELECTRIC - 5.8 % | ||||||||
| 14,780 | APR Energy PLC * | 17,741 | ||||||
| 21,890 | Centrais Eletricas Brasileiras SA (ADR) * | 28,238 | ||||||
| 10,480 | Cia Paranaense de Energia (ADR) | 86,041 | ||||||
| 8,600 | Cia Paranaense de Energia | 46,475 | ||||||
| 13,430 | Reliance Infrastructure Ltd. (GDR) | 214,209 | ||||||
|
| |||||||
| 392,704 | ||||||||
|
| |||||||
FOOD - 4.9 % | ||||||||
| 232,000 | First Pacific Co. Ltd. | 141,595 | ||||||
| 105,800 | Marfrig Alimentos SA * | 191,296 | ||||||
|
| |||||||
| 332,891 | ||||||||
|
| |||||||
INVESTMENT COMPANIES - 2.1 % | ||||||||
| 18,990 | Grupo Aval Acciones y Valores (ADR) | 145,463 | ||||||
|
| |||||||
The accompanying notes are an integral part of these financial statements.
58
Schedule of Investments | Emerging Markets
As of September 30, 2015 (Continued)
|
| |||||||||
| Shares | Fair Value | |||||||||
|
| |||||||||
IRON/STEEL - 4.3 % | ||||||||||
| 890 | POSCO | $ | 126,511 | |||||||
| 13,320 | Ternium SA (ADR) | 163,703 | ||||||||
|
| |||||||||
| 290,214 | ||||||||||
|
| |||||||||
OIL & GAS - 5.8 % | ||||||||||
| 12,230 | Aygaz AS | 39,346 | ||||||||
| 6,624 | Lukoil OAO (ADR) | 225,613 | ||||||||
| 34,969 | Petroleo Brasileiro SA (ADR) * | 128,686 | ||||||||
|
| |||||||||
| 393,645 | ||||||||||
|
| |||||||||
RETAIL - 9.2 % | ||||||||||
| 18,570 | Arcos Dorados Holdings, Inc. | 50,510 | ||||||||
| 1,828,000 | Bosideng International Holdings Ltd. | 162,751 | ||||||||
| 148,200 | Chow Tai Fook Jewellery Group Ltd. | 124,297 | ||||||||
| 107,000 | Lifestyle International Holdings Ltd. | 152,975 | ||||||||
| 54,000 | Luk Fook Holdings International Ltd. | 135,035 | ||||||||
|
| |||||||||
| 625,568 | ||||||||||
|
| |||||||||
SEMICONDUCTORS - 2.3 % | ||||||||||
| 163 | Samsung Electronics Co., Ltd. | 155,933 | ||||||||
|
| |||||||||
TELECOMMUNICATIONS - 3.3 % | ||||||||||
| 30,880 | Mobile TeleSystems PJSC | 100,119 | ||||||||
| 694,700 | XL Axiata TBK PT * | 123,977 | ||||||||
|
| |||||||||
| 224,096 | ||||||||||
|
| |||||||||
TEXTILES - 0.7 % | ||||||||||
| 119,500 | Weiqiao Textile Co. | 48,108 | ||||||||
|
| |||||||||
TRANSPORTATION - 1.7 % | ||||||||||
| 29,577 | Globaltrans Investment PLC (GDR) * | 118,900 | ||||||||
|
| |||||||||
WATER - 3.3 % | ||||||||||
| 55,800 | Cia de Saneamento Basico do Estado de Sao Paulo | 222,187 | ||||||||
|
| |||||||||
TOTAL COMMON STOCK (Cost $8,812,114) | 5,391,508 | |||||||||
|
| |||||||||
PREFERRED STOCK - 7.2 % | ||||||||||
| 34,700 | Alpargatas SA | 58,978 | ||||||||
| 11,320 | Banco Bradesco SA | 60,832 | ||||||||
| 1,090 | Hyundai Mobis Co. Ltd. | 212,871 | ||||||||
| 266,200 | Surgutneftegas OAO * | 160,951 | ||||||||
|
| |||||||||
TOTAL PREFERRED STOCK (Cost $718,655) | 493,632 | |||||||||
|
| |||||||||
REITs - 3.9 % | ||||||||||
| 131,940 | Mexico Real Estate Management SA de CV | 166,324 | ||||||||
| 55,832 | PLA Administradora Industrial S de RL de CV | 101,667 | ||||||||
|
| |||||||||
TOTAL REITs (Cost $337,199) | 267,991 | |||||||||
|
| |||||||||
MONEY MARKET FUND - 9.9 % | ||||||||||
| 672,283 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (B) | |||||||||
(Cost $672,283) | 672,283 | |||||||||
|
| |||||||||
TOTAL INVESTMENTS - 100.3 % (Cost $10,540,251) (C) | $ | 6,825,414 | ||||||||
OTHER ASSETS LESS LIABILITIES - NET - (0.3) % | (16,993) | |||||||||
|
| |||||||||
NET ASSETS - 100.0 % | $ | 6,808,421 | ||||||||
|
| |||||||||
| ADR-American Depositary Receipt | ||||||||||
| GDR-Global Depositary Receipt | ||||||||||
| * Non-income producing securities. | ||||||||||
| (A) Illiquid security; the Advisor has determined the security to be illiquid. At September 30, 2015, the securities amounted to 2.6% of net assets. | ||||||||||
| (B) Variable rate security; the rate shown represents the yield at September 30, 2015. | ||||||||||
| | (C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $10,576,424 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | | ||||||||
Unrealized appreciation | $ | 85,858 | ||||||||
Unrealized depreciation | (3,836,868) | |||||||||
|
| |||||||||
Net unrealized depreciation | $ | (3,751,010) | ||||||||
|
| |||||||||
The accompanying notes are an integral part of these financial statements.
59
Schedule of Investments | Emerging Markets
As of September 30, 2015 (Continued)
| Diversification of Assets | ||||
| ||||
| Country | % of Net Assets | |||
| ||||
South Korea | 18.95% | |||
Brazil | 17.24% | |||
Hong Kong | 13.34% | |||
Russia | 8.82% | |||
Mexico | 6.29% | |||
Turkey | 4.03% | |||
Luxembourg | 3.75% | |||
India | 3.15% | |||
Austria | 2.18% | |||
Britain | 2.15% | |||
Colombia | 2.14% | |||
Panama | 1.98% | |||
Indonesia | 1.82% | |||
Cyprus | 1.75% | |||
Argentina | 0.74% | |||
China | 0.71% | |||
Poland | 0.66% | |||
Singapore | 0.41% | |||
United States | 0.26% | |||
|
| |||
Total | 90.37% | |||
Money Market Fund | 9.88% | |||
Other Assets in Excess of Liabilities - Net | (0.25)% | |||
|
| |||
Grand Total | 100.00% | |||
|
| |||
The accompanying notes are an integral part of these financial statements.
60
Schedule of Investments | Growth & Income
As of September 30, 2015
| ||||||
| Shares | Fair Value | |||||
| ||||||
COMMON STOCK - 47.3 % | ||||||
AUTO PARTS & EQUIPMENT - 5.0 % | ||||||
8,400 | American Axle & Manufacturing Holdings, Inc. * | $ | 167,496 | |||
10,000 | Cooper Tire & Rubber Co. | 395,100 | ||||
12,000 | Goodyear Tire & Rubber Co. | 351,960 | ||||
7,000 | Magna International, Inc. | 336,070 | ||||
30,000 | Meritor, Inc. * | 318,900 | ||||
|
| |||||
| 1,569,526 | ||||||
|
| |||||
BEVERAGES - 1.3 % | ||||||
5,300 | Dr Pepper Snapple Group, Inc. | 418,965 | ||||
|
| |||||
| CHEMICALS - 1.8 % | ||||||
4,700 | Celanese Corp. | 278,099 | ||||
6,000 | CF Industries Holdings, Inc. | 269,400 | ||||
|
| |||||
| 547,499 | ||||||
|
| |||||
COMMERCIAL SERVICES - 3.0 % | ||||||
8,000 | Deluxe Corp. | 445,920 | ||||
6,300 | Multi-Color Corp. | 481,887 | ||||
|
| |||||
| 927,807 | ||||||
|
| |||||
DISTRIBUTION/WHOLESALE - 0.7 % | ||||||
7,900 | Ingram Micro, Inc. | 215,196 | ||||
|
| |||||
| ELECTRIC - 1.5 % | ||||||
7,500 | IDACORP, Inc. | 485,325 | ||||
|
| |||||
| ELECTRONICS - 2.7 % | ||||||
2,900 | Arrow Electronics, Inc. * | 160,312 | ||||
5,900 | Avnet, Inc. | 251,812 | ||||
27,000 | Orbotech Ltd. * | 417,150 | ||||
|
| |||||
| 829,274 | ||||||
|
| |||||
FOOD - 1.4 % | ||||||
6,000 | Ingles Markets, Inc. | 286,980 | ||||
50 | Seaboard Corp. * | 153,950 | ||||
|
| |||||
| 440,930 | ||||||
|
| |||||
HOUSEHOLD PRODUCTS/WARES - 3.3 % | ||||||
21,000 | ACCO Brands Corp. * | 148,470 | ||||
6,000 | Avery Dennison Corp. | 339,420 | ||||
6,000 | Helen of Troy Ltd. * | 535,800 | ||||
|
| |||||
| 1,023,690 | ||||||
|
| |||||
INSURANCE - 7.3 % | ||||||
2,200 | ACE Ltd. | 227,480 | ||||
8,000 | American Financial Group, Inc. | 551,280 | ||||
9,000 | AmTrust Financial Services, Inc. | 566,820 | ||||
6,000 | Argo Group International Holdings Ltd. | 339,540 | ||||
3,000 | FBL Financial Group, Inc. | 184,560 | ||||
12,000 | XL Group PLC | 435,840 | ||||
|
| |||||
| 2,305,520 | ||||||
|
| |||||
The accompanying notes are an integral part of these financial statements.
61
Schedule of Investments | Growth & Income
As of September 30, 2015 (Continued)
| ||||||
| Shares | Fair Value | |||||
| ||||||
LEISURE TIME - 0.6 % | ||||||
4,000 | Jarden Corp. * | $ | 195,520 | |||
|
| |||||
| MINING - 0.5 % | ||||||
10,000 | Newmont Mining Corp. | 160,700 | ||||
|
| |||||
| OIL & GAS - 4.6 % | ||||||
7,000 | HollyFrontier Corp. | 341,880 | ||||
6,000 | Tesoro Corp. | 583,440 | ||||
9,000 | Valero Energy Corp. | 540,900 | ||||
|
| |||||
| 1,466,220 | ||||||
|
| |||||
| PACKAGING & CONTAINERS - 0.5 % | ||||||
3,400 | Crown Holdings, Inc. * | 155,550 | ||||
|
| |||||
| PHARMACEUTICALS - 1.9 % | ||||||
10,000 | Omega Protein Corp. * | 169,700 | ||||
15,000 | PharMerica Corp. * | 427,050 | ||||
|
| |||||
| 596,750 | ||||||
|
| |||||
| RETAIL - 4.4 % | ||||||
6,000 | Asbury Automotive Group, Inc. * | 486,900 | ||||
8,000 | Foot Locker, Inc. | 575,760 | ||||
7,000 | Vista Outdoor, Inc. * | 311,010 | ||||
|
| |||||
| 1,373,670 | ||||||
|
| |||||
| SEMICONDUCTORS - 0.4 % | ||||||
9,500 | Tower Semiconductor Ltd. * | 122,265 | ||||
|
| |||||
| SOFTWARE - 0.8 % | ||||||
2,900 | Synnex Corp. | 246,674 | ||||
|
| |||||
| TELECOMMUNICATIONS - 3.2 % | ||||||
18,000 | Inteliquent, Inc. | 401,940 | ||||
100,000 | Vonage Holdings Corp. * | 588,000 | ||||
|
| |||||
| 989,940 | ||||||
|
| |||||
| TRANSPORTATION - 2.4 % | ||||||
3,400 | Ryder System, Inc. | 251,736 | ||||
60,000 | Tsakos Energy Navigation Ltd. | 487,800 | ||||
|
| |||||
| 739,536 | ||||||
|
| |||||
| TOTAL COMMON STOCK (Cost $14,155,920) | 14,810,557 | |||||
|
| |||||
| EXCHANGE TRADED FUNDS - 0.5 % | ||||||
6,800 | iShares Gold Trust * | 73,304 | ||||
700 | SPDR Gold Shares * | 74,802 | ||||
|
| |||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $171,353) | 148,106 | |||||
|
| |||||
The accompanying notes are an integral part of these financial statements.
62
Schedule of Investments | Growth & Income
As of September 30, 2015 (Continued)
|
| |||||||||||||||
| Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||||
|
| |||||||||||||||
BONDS & NOTES - 44.4 % | ||||||||||||||||
CORPORATE BONDS - 1.6 % | ||||||||||||||||
| $ | 250,000 | ConocoPhillips Co. | 3.350 | 11/15/2024 | $ | 244,514 | ||||||||||
| 250,000 | Exxon Mobil Corp. | 2.709 | 3/6/2025 | 245,016 | ||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS (Cost $505,882) | 489,530 | |||||||||||||||
|
| |||||||||||||||
GOVERNMENT NOTES & BONDS - 42.8 % | ||||||||||||||||
| 250,000 | Federal Farm Credit Banks | 2.850 | 4/3/2025 | 250,067 | ||||||||||||
| 200,000 | Federal Home Loan Banks (A) | 2.000 | 8/22/2024 | 199,177 | ||||||||||||
| 250,000 | Federal Home Loan Banks | 2.780 | 2/19/2025 | 246,056 | ||||||||||||
| 1,000,000 | United States Treasury Note | 0.250 | 11/30/2015 | 1,000,404 | ||||||||||||
| 3,500,000 | United States Treasury Note | 0.375 | 2/15/2016 | 3,503,920 | ||||||||||||
| 3,000,000 | United States Treasury Note | 0.250 | 5/15/2016 | 3,000,645 | ||||||||||||
| 500,000 | United States Treasury Note | 1.000 | 9/30/2016 | 503,066 | ||||||||||||
| 1,500,000 | United States Treasury Note | 1.000 | 3/31/2017 | 1,511,084 | ||||||||||||
| 1,000,000 | United States Treasury Note | 1.625 | 8/15/2022 | 991,738 | ||||||||||||
| 1,000,000 | United States Treasury Note | 1.750 | 5/15/2023 | 991,732 | ||||||||||||
| 1,000,000 | United States Treasury Note | 3.875 | 8/15/2040 | 1,191,374 | ||||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT NOTES & BONDS (Cost 13,140,286) |
| 13,389,263 | ||||||||||||||
|
| |||||||||||||||
TOTAL BONDS & NOTES (Cost $13,646,168) | 13,878,793 | |||||||||||||||
|
| |||||||||||||||
| Shares | MONEY MARKET FUND - 8.4 % | |||||||||||||||
| 2,638,937 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.08% (B) |
| 2,638,937 | |||||||||||||
|
| |||||||||||||||
(Cost $2,638,937) | ||||||||||||||||
TOTAL INVESTMENTS - 100.6 % (Cost $30,612,378)(C) | $ | 31,476,393 | ||||||||||||||
OTHER ASSETS LESS LIABILITIES - NET - (0.6) % | (194,796) | |||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0 % | $ | 31,281,597 | ||||||||||||||
|
| |||||||||||||||
| * Non-income producing securities. | ||||
| (A) Step coupon security; interest rate shown reflects the rate currently in effect. | ||||
| (B) Variable rate security; the rate shown represents the yield at September 30, 2015. | ||||
| (C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $30,629,127 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ | 1,600,522 | ||
Unrealized depreciation | (753,256) | |||
|
| |||
Net unrealized appreciation | $ | 847,266 | ||
|
| |||
The accompanying notes are an integral part of these financial statements.
63
Timothy Plan Funds
Statements of Assets and Liabilities
September 30, 2015
| ||||||||||||||||||||||||
Aggressive Growth Fund
| International Fund
| Large/Mid Cap Fund
| Small Cap Value
| Large/Mid Cap Value Fund
| Fixed Income Fund
| |||||||||||||||||||
| ||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investments, at cost | $ | 21,197,225 | $ | 52,019,497 | $ | 59,188,299 | $ | 82,386,093 | $ | 140,962,453 | $ | 74,220,415 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Investments, at fair value | $ | 20,238,761 | $ | 58,012,485 | $ | 60,369,222 | $ | 81,702,495 | $ | 156,984,322 | $ | 74,522,433 | ||||||||||||
Cash | 272 | - | 819 | - | 5,208 | - | ||||||||||||||||||
Dividends and interest receivable | 12,729 | 66,968 | 36,541 | 45,758 | 81,898 | 561,245 | ||||||||||||||||||
Receivable for fund shares sold | 2,693 | 90,703 | 120,867 | 107,606 | 244,534 | 103,983 | ||||||||||||||||||
Receivable for securities sold | 23,523 | 496,752 | 183,410 | - | - | - | ||||||||||||||||||
Receivable for foreign tax reclaims | - | 114,267 | - | - | 3,901 | - | ||||||||||||||||||
Prepaid expenses and other assets | 19,839 | 14,976 | 16,423 | 11,679 | 17,245 | 33,223 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Assets | 20,297,817 | 58,796,151 | 60,727,282 | 81,867,538 | 157,337,108 | 75,220,884 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for fund shares redeemed | 135,799 | 158,505 | 252,563 | 38,775 | 163,288 | 18,785 | ||||||||||||||||||
Accrued advisory fees | 12,847 | 45,974 | 40,764 | 55,344 | 105,049 | 23,313 | ||||||||||||||||||
Accrued 12b-1 fees | 6,637 | 13,802 | 16,170 | 22,310 | 42,397 | 19,517 | ||||||||||||||||||
Payable for securities purchased | 51,422 | - | - | - | - | - | ||||||||||||||||||
Accrued expenses and other liabilities | 40,101 | 40,592 | 43,879 | 59,236 | 53,465 | 59,801 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Liabilities | 246,806 | 258,873 | 353,376 | 175,665 | 364,199 | 121,416 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 20,051,011 | $ | 58,537,278 | $ | 60,373,906 | $ | 81,691,873 | $ | 156,972,909 | $ | 75,099,468 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid in capital | $ | 18,009,381 | $ | 68,556,395 | $ | 52,740,938 | $ | 74,795,472 | $ | 121,777,095 | $ | 75,000,597 | ||||||||||||
Accumulated net investment income (loss) | 24,675 | 447,456 | 52,366 | (262,528) | (251,267) | 58,688 | ||||||||||||||||||
Accumulated net realized gain (loss) from investments | 2,975,419 | (16,459,537) | 6,399,679 | 7,842,527 | 19,426,053 | (261,835) | ||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | (958,464) | 5,992,964 | 1,180,923 | (683,598) | 16,021,028 | 302,018 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 20,051,011 | $ | 58,537,278 | $ | 60,373,906 | $ | 81,691,873 | $ | 156,972,909 | $ | 75,099,468 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Class A | ||||||||||||||||||||||||
Net Assets | $ | 16,305,636 | $ | 53,458,342 | $ | 52,682,142 | $ | 71,840,271 | $ | 135,090,508 | $ | 66,106,672 | ||||||||||||
Shares of beneficial interest outstanding | 2,043,246 | 6,311,702 | 6,800,978 | 4,242,795 | 7,423,796 | 6,437,641 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 7.98 | $ | 8.47 | $ | 7.75 | $ | 16.93 | $ | 18.20 | $ | 10.27 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) | $ | 8.44 | $ | 8.96 | $ | 8.20 | $ | 17.92 | $ | 19.26 | $ | 10.75 | * | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Class C | ||||||||||||||||||||||||
Net Assets | $ | 3,442,384 | $ | 3,498,067 | $ | 6,489,710 | $ | 8,981,421 | $ | 18,458,003 | $ | 8,509,728 | ||||||||||||
Shares of beneficial interest outstanding | 498,635 | 426,252 | 976,806 | 669,349 | 1,181,376 | 860,845 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 6.90 | $ | 8.21 | $ | 6.64 | $ | 13.42 | $ | 15.62 | $ | 9.89 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 6.83 | $ | 8.13 | $ | 6.57 | $ | 13.29 | $ | 15.46 | $ | 9.79 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Class I | ||||||||||||||||||||||||
Net Assets | $ | 302,991 | $ | 1,580,869 | $ | 1,202,054 | $ | 870,181 | $ | 3,424,398 | $ | 483,068 | ||||||||||||
Shares of beneficial interest outstanding | 37,718 | 186,225 | 154,154 | 51,102 | 187,504 | 47,360 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 8.03 | $ | 8.49 | $ | 7.80 | $ | 17.03 | $ | 18.26 | $ | 10.20 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
The accompanying notes are an integral part of these financial statements.
64
Timothy Plan Funds
Statements of Assets and Liabilities (continued)
September 30, 2015
| ||||||||||||||||||||||||||||||||||
High Yield Bond Fund
| Israel Common Values Fund
| Defensive Strategies Fund
| Strategic Growth Fund
| Conservative Growth Fund
| Emerging Markets Fund
| Growth & Income Fund
| ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||||
Investments, at cost | $ | 44,145,367 | $ | 13,026,142 | $ | 82,724,285 | $ | 41,636,024 | (a) | $ | 58,277,851 | (b) | $ | 10,540,251 | $ | 30,612,378 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Investments, at fair value | $ | 41,171,436 | $ | 14,607,393 | $ | 77,939,513 | $ | 40,888,492 | (a) | $ | 55,984,518 | (b) | $ | 6,825,414 | $ | 31,476,393 | ||||||||||||||||||
Gold and Silver Investments, at fair value (Cost $8,900,255) | - | - | $ | 8,358,660 | - | - | - | - | ||||||||||||||||||||||||||
Cash | - | - | 40,687 | - | - | - | 2,400 | |||||||||||||||||||||||||||
Brazilian Real (BRL)(Cost $2,830) | - | - | - | - | - | 2,881 | - | |||||||||||||||||||||||||||
Hong Kong Dollar (TWD)(Cost $10,154) | - | - | - | - | - | 10,051 | - | |||||||||||||||||||||||||||
Dividends and interest receivable | 703,247 | 3,940 | 135,742 | - | - | (2,432) | 34,158 | |||||||||||||||||||||||||||
Receivable for fund shares sold | 87,830 | 418 | 8,583 | 12,860 | 5,384 | 2,891 | 12,253 | |||||||||||||||||||||||||||
Receivable for securities sold | - | 144,829 | - | - | - | - | - | |||||||||||||||||||||||||||
Receivable for foreign tax reclaims | - | - | 12,246 | - | - | 1,645 | 810 | |||||||||||||||||||||||||||
Prepaid expenses and other assets | 15,536 | 18,123 | 26,811 | 12,610 | 15,000 | 4,861 | 20,096 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total Assets | 41,978,049 | 14,774,703 | 86,522,242 | 40,913,962 | 56,004,902 | 6,845,311 | 31,546,110 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||||||||
Payable for fund shares redeemed | 153,934 | 19,649 | 26,721 | 61,041 | 77,951 | 268 | 205,525 | |||||||||||||||||||||||||||
Accrued advisory fees | 19,082 | 12,633 | 38,817 | 22,137 | 30,092 | 6,439 | 20,483 | |||||||||||||||||||||||||||
Accrued 12b-1 fees | 9,792 | 4,888 | 23,755 | 4,300 | 6,465 | 1,647 | 8,167 | |||||||||||||||||||||||||||
Accrued expenses and other liabilities | 44,845 | 23,348 | 29,435 | 42,207 | 49,869 | 28,536 | 30,338 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total Liabilities | 227,653 | 60,518 | 118,728 | 129,685 | 164,377 | 36,890 | 264,513 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net Assets | $ | 41,750,396 | $ | 14,714,185 | $ | 86,403,514 | $ | 40,784,277 | $ | 55,840,525 | $ | 6,808,421 | $ | 31,281,597 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||
Paid in capital | $ | 46,342,996 | $ | 14,857,477 | $ | 91,219,821 | $ | 43,806,159 | $ | 54,716,552 | $ | 11,435,389 | $ | 31,405,838 | ||||||||||||||||||||
Accumulated net investment income (loss) | 74,267 | (715,119) | 902,324 | 111,242 | 234,612 | (31,948) | - | |||||||||||||||||||||||||||
Accumulated net realized gain (loss) from investments | (1,692,936) | (1,009,420) | (389,532) | (2,385,592) | 3,182,694 | (869,146) | (988,256) | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) investments | (2,973,931) | 1,581,247 | (5,329,099) | (747,532) | (2,293,333) | (3,725,874) | 864,015 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net Assets | $ | 41,750,396 | $ | 14,714,185 | $ | 86,403,514 | $ | 40,784,277 | $ | 55,840,525 | $ | 6,808,421 | $ | 31,281,597 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||
Net Assets | $ | 36,278,525 | $ | 11,756,463 | $ | 71,568,826 | $ | 33,071,192 | $ | 44,705,754 | $ | 5,980,829 | $ | 26,378,193 | ||||||||||||||||||||
Shares of beneficial interest outstanding | 4,198,789 | 1,059,272 | 6,792,334 | 3,929,437 | 4,331,418 | 944,015 | 2,504,762 | |||||||||||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 8.64 | $ | 11.10 | $ | 10.54 | $ | 8.42 | $ | 10.32 | $ | 6.34 | $ | 10.53 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) | $ | 9.05 | * | $ | 11.75 | $ | 11.15 | $ | 8.91 | $ | 10.92 | $ | 6.71 | $ | 11.14 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||
Net Assets | $ | 2,713,659 | $ | 2,722,132 | $ | 14,671,444 | $ | 7,713,085 | $ | 11,134,771 | $ | 498,161 | $ | 3,329,905 | ||||||||||||||||||||
Shares of beneficial interest outstanding | 311,139 | 252,497 | 1,435,101 | 1,002,199 | 1,162,088 | 79,920 | 320,548 | |||||||||||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 8.72 | $ | 10.78 | $ | 10.22 | $ | 7.70 | $ | 9.58 | $ | 6.23 | $ | 10.39 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 8.63 | $ | 10.67 | $ | 10.12 | $ | 7.62 | $ | 9.48 | $ | 6.17 | $ | 10.29 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||
Net Assets | $ | 2,758,212 | $ | 235,590 | $ | 163,244 | $ | - | $ | - | $ | 329,431 | $ | 1,573,499 | ||||||||||||||||||||
Shares of beneficial interest outstanding | 318,810 | 21,204 | 15,514 | - | - | 51,886 | 149,009 | |||||||||||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 8.65 | $ | 11.11 | $ | 10.52 | $ | - | $ | - | $ | 6.35 | $ | 10.56 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
(a) Affiliated investments at fair value and cost are $34,624,408 and $35,371,940, respectively.
(b) Affiliated investments at fair value and cost are $44,735,810 and $47,029,143, respectively.
The accompanying notes are an integral part of these financial statements.
65
Timothy Plan Funds
Statements of Operations
For the Year Ended September 30, 2015
| ||||||||||||||||||||||||
Aggressive | Large/Mid Cap | Large/Mid Cap | ||||||||||||||||||||||
| Growth | International | Growth | Small Cap Value | Value | Fixed Income | |||||||||||||||||||
Fund
| Fund
| Fund
| Fund
| Fund
| Fund
| |||||||||||||||||||
| ||||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||
Interest income | $ | 589 | $ | 2,019 | $ | 2,879 | $ | 7,180 | $ | 15,144 | $ | 1,971,640 | ||||||||||||
Dividend income | 170,013 | 1,793,659 | 943,840 | 963,104 | 2,232,073 | - | ||||||||||||||||||
Foreign tax withheld | - | (206,937) | - | - | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Investment Income | 170,602 | 1,588,741 | 946,719 | 970,284 | 2,247,217 | 1,971,640 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Operating Expenses: | ||||||||||||||||||||||||
Investment advisory fees | 204,083 | 621,040 | 569,437 | 760,092 | 1,432,752 | 460,523 | ||||||||||||||||||
12b-1 Fees: | ||||||||||||||||||||||||
Class A | 50,011 | 143,408 | 148,426 | 198,385 | 367,027 | 171,409 | ||||||||||||||||||
Class C | 37,643 | 35,586 | 67,305 | 91,570 | 186,878 | 78,033 | ||||||||||||||||||
Administration fees | 54,040 | 142,931 | 154,152 | 216,119 | 375,460 | 173,540 | ||||||||||||||||||
Registration fees | 33,725 | 24,999 | 28,999 | 35,285 | 38,934 | 14,998 | ||||||||||||||||||
Custody fees | 21,980 | 12,195 | 16,677 | 16,386 | 24,907 | 14,669 | ||||||||||||||||||
Printing expenses | 13,597 | 24,539 | 26,442 | 38,299 | 66,570 | 29,215 | ||||||||||||||||||
Non 12b-1 shareholder servicing fees | 16,556 | 26,751 | 45,939 | 40,639 | 75,256 | 63,046 | ||||||||||||||||||
Audit fees | 13,469 | 12,899 | 12,964 | 14,525 | 12,963 | 13,337 | ||||||||||||||||||
Compliance officer fees | 365 | 5,639 | 6,592 | 8,979 | 15,348 | 8,180 | ||||||||||||||||||
Miscellaneous expenses | 365 | 1,553 | 2,938 | 3,466 | 6,100 | 1,500 | ||||||||||||||||||
Trustees’ fees | 3,230 | 6,110 | 7,161 | 9,676 | 14,958 | 8,877 | ||||||||||||||||||
Insurance expenses | 613 | 1,245 | 1,828 | 2,370 | 4,365 | 1,247 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Operating Expenses | 449,677 | 1,058,895 | 1,088,860 | 1,435,791 | 2,621,518 | 1,038,574 | ||||||||||||||||||
Less: Expenses waived by Advisor | (24,010) | (31,052) | (33,496) | (44,711) | (84,280) | (154,495) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Operating Expenses | 425,667 | 1,027,843 | 1,055,364 | 1,391,080 | 2,537,238 | 884,079 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Investment Income (Loss) | (255,065) | 560,898 | (108,645) | (420,796) | (290,021) | 1,087,561 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||||||||||
Net realized gain (loss) on investments | 3,401,169 | (2,716,769) | 7,119,184 | 8,058,716 | 19,418,732 | 8,553 | ||||||||||||||||||
and foreign currency translations | - | - | - | - | - | - | ||||||||||||||||||
Capital gain dividends from REITs | 4,590 | - | - | 51,188 | 18,728 | - | ||||||||||||||||||
Distributions of realized gains by underlying investment companies | - | - | - | - | - | - | ||||||||||||||||||
Net change in unrealized depreciation on investments and foreign | (3,446,888) | (913,350) | (7,427,761) | (6,324,232) | (16,669,157) | (288,886) | ||||||||||||||||||
currency translations | - | (10) | - | - | (609) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (41,129) | (3,630,129) | (308,577) | �� | 1,785,672 | 2,767,694 | (280,333) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | $ | (296,194) | $ | (3,069,231) | $ | (417,222) | $ | 1,364,876 | $ | 2,477,673 | $ | 807,228 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| ||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
66
Timothy Plan Funds
Statements of Operations (continued)
For the Year Ended September 30, 2015
| ||||||||||||||||||||||||||
High Yield Bond Fund
| Israel Common Fund
| Defensive Fund
| Strategic Growth
| Conservative Fund
| Emerging Markets Fund
| Growth & Income
| ||||||||||||||||||||
| ||||||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||
Interest income | $ 2,493,419 | $ | 499 | $ | 148,869 | $ | 618 | $ | 2,240 | $ | 89 | $ | 184,106 | |||||||||||||
Dividend income | - | 249,848 | 881,262 | - | - | 337,329 | 343,485 | |||||||||||||||||||
Dividend income from affiliated funds | - | - | - | 662,315 | 959,716 | - | - | |||||||||||||||||||
Foreign tax withheld | - | (67,498) | (42,383) | - | - | (32,144) | (951) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Total Investment Income | 2,493,419 | 182,849 | 987,748 | 662,933 | 961,956 | 305,274 | 526,640 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||
Investment advisory fees | 268,105 | 165,892 | 431,709 | 292,267 | 386,999 | 127,697 | 272,501 | |||||||||||||||||||
12b-1 fees: | ||||||||||||||||||||||||||
Class A | 102,200 | 34,632 | 144,209 | - | - | 23,825 | 67,910 | |||||||||||||||||||
Class C | 27,938 | 26,144 | 141,129 | 63,348 | 90,568 | 7,416 | 32,604 | |||||||||||||||||||
Administration fees | 102,150 | 40,324 | 153,022 | 101,398 | 133,996 | 26,253 | 68,442 | |||||||||||||||||||
Registration fees | 24,999 | 24,999 | 27,999 | 24,605 | 28,410 | 11,834 | 23,725 | |||||||||||||||||||
Printing expenses | 20,637 | 5,975 | 29,520 | 21,855 | 25,459 | 5,505 | 13,826 | |||||||||||||||||||
Non 12b-1 shareholder servicing fees | 14,947 | 3,456 | 17,268 | 12,165 | 15,629 | 6,935 | 2,683 | |||||||||||||||||||
Audit fees | 11,501 | 11,501 | 11,160 | 13,073 | 13,678 | 17,546 | 13,337 | |||||||||||||||||||
Custody fees | 10,884 | 18,294 | 33,831 | 9,555 | 12,753 | 33,666 | 11,859 | |||||||||||||||||||
Compliance officer fees | 7,948 | 1,584 | 7,475 | 5,136 | 6,156 | 1,372 | 2,353 | |||||||||||||||||||
Trustees’ fees | 5,376 | 1,708 | 9,151 | 5,438 | 7,103 | 1,267 | 2,365 | |||||||||||||||||||
Insurance expenses | 1,464 | 310 | - | 1,518 | 1,647 | 296 | 363 | |||||||||||||||||||
Miscellaneous expenses | 1,599 | 3,519 | 10,398 | 365 | 4,646 | 7,025 | 7,000 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Total Operating Expenses | 599,748 | 338,338 | 1,016,871 | 550,723 | 727,044 | 270,637 | 518,968 | |||||||||||||||||||
Less: Expenses waived by Advisor | (22,342) | - | (35,976) | - | - | (5,321) | (16,029) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net Operating Expenses | 577,406 | 338,338 | 980,895 | 550,723 | 727,044 | 265,316 | 502,939 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net Investment Income (Loss) | 1,916,013 | (155,489) | 6,853 | 112,210 | 234,912 | 39,958 | 23,701 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||||||||||||
Net realized gain (loss) on | ||||||||||||||||||||||||||
investments and foreign | (915,954) | (625,093) | 519,023 | - | - | (850,333) | (942,882) | |||||||||||||||||||
currency translations | - | - | - | - | - | - | - | |||||||||||||||||||
affiliated investments | - | - | - | 3,177,931 | 2,630,798 | - | - | |||||||||||||||||||
Capital gain distributions from affiliated funds | - | - | - | 1,697,601 | 1,406,931 | - | - | |||||||||||||||||||
Capital gain dividends from REITs | - | - | 170,660 | - | - | - | - | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (3,186,345) | (783,469) | (5,267,107) | (6,823,834) | (5,762,585) | (3,103,841) | (333,538) | |||||||||||||||||||
options | - | - | 138,072 | - | - | - | - | |||||||||||||||||||
alternative investments | - | - | (541,595) | - | - | - | - | |||||||||||||||||||
and foreign currency translations | - | 26 | (1,813) | - | - | 386 | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net Realized and Unrealized Loss on Investments | (4,102,299) | (1,408,536) | (4,982,760) | (1,948,302) | (1,724,856) | (3,953,788) | (1,276,420) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net Decrease in | ||||||||||||||||||||||||||
Net Assets Resulting From Operations | $ (2,186,286) | $ | (1,564,025) | $ | (4,975,907) | $ | (1,836,092) | $ | (1,489,944) | $ | (3,913,830) | $ | (1,252,719) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| ||||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
67
Timothy Plan Funds
Statements of Changes in Net Assets
| Aggressive Growth Fund | International Fund | Large/Mid Cap Growth Fund | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
| September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | (255,065) | $ | (290,469) | $ | 560,898 | $ | 242,079 | $ | (108,645) | $ | (144,076) | ||||||||||||
Net realized gain from investments and foreign currency translations | 3,401,169 | 3,103,465 | (2,716,769) | 2,085,417 | 7,119,184 | 7,211,427 | ||||||||||||||||||
Capital gain dividends from REITs | 4,590 | 511 | - | - | - | - | ||||||||||||||||||
Net payments by affiliates and net realized loss from trade error (Note 7) | - | - | - | - | - | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (3,446,888) | (1,227,201) | (913,360) | (964,017) | (7,427,761) | 627,222 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (296,194) | 1,586,306 | (3,069,231) | 1,363,479 | (417,222) | 7,694,573 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | - | - | - | (786,429) | - | - | ||||||||||||||||||
Class C | - | - | - | (36,943) | - | - | ||||||||||||||||||
Class I | - | - | - | (2,495) | - | - | ||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||
Class A | (2,245,403) | (1,036,995) | - | - | (5,972,517) | (4,768,553) | ||||||||||||||||||
Class C | (465,520) | (210,803) | - | - | (757,093) | (570,867) | ||||||||||||||||||
Class I | (19,044) | (6) | - | - | (46,342) | (7,416) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions to shareholders | (2,729,967) | (1,247,804) | - | (825,867) | (6,775,952) | (5,346,836) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Class A | 4,384,387 | 6,409,636 | 21,691,812 | 25,864,557 | 20,380,670 | 13,745,035 | ||||||||||||||||||
Class C | 853,373 | 878,189 | 1,129,017 | 1,267,689 | 1,801,449 | 1,589,248 | ||||||||||||||||||
Class I | 185,742 | 140,850 | 1,559,217 | 478,803 | 1,327,987 | 187,251 | ||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Class A | 2,142,316 | 982,936 | - | 668,018 | 5,540,914 | 4,397,355 | ||||||||||||||||||
Class C | 426,926 | 199,968 | - | 29,829 | 632,800 | 457,708 | ||||||||||||||||||
Class I | 19,045 | 6 | - | 865 | 39,030 | 4,941 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Class A | (7,072,594) | (6,177,331) | (20,197,128) | (10,760,223) | (23,111,694) | (12,696,431) | ||||||||||||||||||
Class C | (728,160) | (525,919) | (751,704) | (451,935) | (1,008,801) | (1,284,759) | ||||||||||||||||||
Class I | - | - | (330,281) | (8,160) | (226,660) | (8,100) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | 211,035 | 1,908,335 | 3,100,933 | 17,089,443 | 5,375,695 | 6,392,248 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Increase in Net Assets | (2,815,126) | 2,246,837 | 31,702 | 17,627,055 | (1,817,479) | 8,739,985 | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 22,866,137 | 20,619,300 | 58,505,576 | 40,878,521 | 62,191,385 | 53,451,400 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of year* | $ | 20,051,011 | $ | 22,866,137 | $ | 58,537,278 | $ | 58,505,576 | $ | 60,373,906 | $ | 62,191,385 | ||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
* Includes accumulated investment income (loss) at end of period | $ | 24,675 | $ | 5,312 | $ | 447,456 | $ | (365,861) | $ | 52,366 | $ | 11,070 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Share Activity: | ||||||||||||||||||||||||
Shares Sold | ||||||||||||||||||||||||
Class A | 487,115 | 695,133 | 2,390,305 | 2,793,998 | 2,418,481 | 1,628,883 | ||||||||||||||||||
Class C | 109,463 | 107,432 | 128,056 | 142,416 | 249,944 | 212,413 | ||||||||||||||||||
Class I | 20,321 | 15,193 | 171,564 | 52,600 | 155,695 | 22,116 | ||||||||||||||||||
Shares Reinvested | ||||||||||||||||||||||||
Class A | 247,660 | 109,215 | - | 74,472 | 677,412 | 547,621 | ||||||||||||||||||
Class C | 56,697 | 24,934 | - | 3,386 | 89,632 | 64,557 | ||||||||||||||||||
Class I | 2,192 | 1 | - | 97 | 4,748 | 615 | ||||||||||||||||||
Shares Redeemed | ||||||||||||||||||||||||
Class A | (790,670) | (674,852) | (2,235,870) | (1,152,122) | (2,769,895) | (1,490,365) | ||||||||||||||||||
Class C | (92,849) | (64,605) | (86,397) | (50,205) | (142,435) | (170,215) | ||||||||||||||||||
Class I | - | - | (37,195) | (853) | (28,105) | (927) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in shares of beneficial interest outstanding | 39,929 | 212,451 | 330,463 | 1,863,789 | 655,477 | 814,698 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| ||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
68
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
| Small Cap Value Fund | Large/Mid Cap Value Fund | Fixed Income Fund | ||||||||||||||||||||||
| Year Ended September 30, 2015 | Year Ended September 30, 2014 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | (420,796) | $ | (265,736) | $ | (290,021) | $ | (154,325) | $ | 1,087,561 | $ | 1,228,801 | ||||||||||||
Net realized gain from investments and foreign currency translations | 8,058,716 | 16,166,118 | 19,418,732 | 15,007,372 | 8,553 | 381,634 | ||||||||||||||||||
Capital gain dividends from REITs | 51,188 | 68,810 | 18,728 | 92,262 | - | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (6,324,232) | (10,727,779) | (16,669,766) | 5,781,515 | (288,886) | 266,574 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,364,876 | 5,241,413 | 2,477,673 | 20,726,824 | 807,228 | 1,877,009 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | (402) | (11) | - | (547,767) | (1,638,625) | (1,586,832) | ||||||||||||||||||
Class C | (46) | (1) | - | (24,189) | (154,225) | (127,779) | ||||||||||||||||||
Class I | (5) | - | - | (3,894) | (11,516) | (504) | ||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||
Class A | (12,987,163) | (6,644,863) | (12,823,275) | (7,988,763) | (144,536) | (148,647) | ||||||||||||||||||
Class C | (1,739,103) | (874,075) | (1,790,617) | (1,077,063) | (15,797) | (17,627) | ||||||||||||||||||
Class I | (122,924) | (22,910) | (221,859) | (44,330) | (262) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions to shareholders | (14,849,643) | (7,541,860) | (14,835,751) | (9,686,006) | (1,964,961) | (1,881,389) | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Class A | 22,077,773 | 16,704,368 | 42,954,417 | 36,404,955 | 23,630,170 | 14,643,117 | ||||||||||||||||||
Class C | 2,535,137 | 2,073,355 | 5,119,277 | 3,741,165 | 3,611,763 | 1,555,940 | ||||||||||||||||||
Class I | 942,263 | 545,152 | 3,028,466 | 1,526,368 | 836,467 | 102,000 | ||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Class A | 12,328,169 | 6,271,941 | 11,580,398 | 7,682,226 | 1,588,294 | 1,583,093 | ||||||||||||||||||
Class C | 1,630,327 | 810,924 | 1,532,076 | 930,680 | 144,781 | 119,773 | ||||||||||||||||||
Class I | 56,819 | 20,825 | 198,436 | 45,334 | 11,779 | 503 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Class A | (22,935,171) | (14,065,378) | (47,885,637) | (29,948,477) | (26,395,710) | (15,512,285) | ||||||||||||||||||
Class C | (1,605,010) | (1,895,500) | (3,237,786) | (2,539,469) | (2,214,997) | (2,506,127) | ||||||||||||||||||
Class I | (516,854) | (12,961) | (999,083) | (149,957) | (452,338) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | 14,513,453 | 10,452,726 | 12,290,564 | 17,692,825 | 760,209 | (13,986) | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Increase (Decrease) in Net Assets | 1,028,686 | 8,152,279 | (67,514) | 28,733,643 | (397,524) | (18,366) | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 80,663,187 | 72,510,908 | 157,040,423 | 128,306,780 | 75,496,992 | 75,515,358 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of year* | $ | 81,691,873 | $ | 80,663,187 | $ | 156,972,909 | $ | 157,040,423 | $ | 75,099,468 | $ | 75,496,992 | ||||||||||||
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|
|
|
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|
|
|
|
|
| |||||||||||||
* Includes accumulated undistributed net investment income (loss) at end of period | $ | (262,528) | $ | 38,593 | $ | (251,267) | $ | 38,030 | $ | 58,688 | $ | 505,149 | ||||||||||||
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|
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|
|
|
|
|
|
| |||||||||||||
Share Activity: | ||||||||||||||||||||||||
Shares Sold | ||||||||||||||||||||||||
Class A | 1,172,158 | 818,649 | 2,227,913 | 1,891,091 | 2,265,485 | 1,405,402 | ||||||||||||||||||
Class C | 170,690 | 121,983 | 307,423 | 221,857 | 360,015 | 154,641 | ||||||||||||||||||
Class I | 49,919 | 26,381 | 155,854 | 78,493 | 80,241 | 9,854 | ||||||||||||||||||
Shares Reinvested | ||||||||||||||||||||||||
Class A | 687,556 | 311,572 | 614,025 | 421,869 | 153,837 | 153,197 | ||||||||||||||||||
Class C | 114,089 | 48,183 | 94,050 | 57,950 | 14,559 | 12,022 | ||||||||||||||||||
Class I | 3,156 | 1,034 | 10,505 | 2,492 | 1,153 | 49 | ||||||||||||||||||
Shares Redeemed | ||||||||||||||||||||||||
Class A | (1,255,217) | (692,550) | (2,498,145) | (1,553,204) | (2,530,665) | (1,489,933) | ||||||||||||||||||
Class C | (110,091) | (111,199) | (195,980) | (150,588) | (221,072) | (249,215) | ||||||||||||||||||
Class I | (28,766) | (627) | (52,296) | (7,549) | (43,947) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in shares of beneficial interest outstanding | 803,494 | 523,426 | 663,349 | 962,411 | 79,606 | (3,983) | ||||||||||||||||||
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| |||||||||||||
The accompanying notes are an integral part of these financial statements.
69
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
| High Yield Bond Fund | Israel Common Values Fund | Defensive Strategies Fund | ||||||||||||||||||||||
| Year Ended September 30, 2015 | Year Ended September 30, 2014 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 1,916,013 | $ | 1,898,001 | $ | (155,489) | $ | (105,809) | $ | 6,853 | $ | 403,153 | ||||||||||||
Net realized gain (loss) from investments and foreign currency translations | (915,954) | 594,758 | (625,093) | (55,688) | 519,023 | 34,996 | ||||||||||||||||||
Capital gain dividends from REITs | - | - | - | - | 170,660 | 227,729 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (3,186,345) | (313,447) | (783,443) | 200,446 | (5,672,443) | 978,722 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,186,286) | 2,179,312 | (1,564,025) | 38,949 | (4,975,907) | 1,644,600 | ||||||||||||||||||
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|
|
|
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|
|
|
|
|
| |||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | (1,737,327) | (1,823,248) | - | (566,559) | (567,963) | (229,323) | ||||||||||||||||||
Class C | (97,711) | (100,879) | - | (68,279) | (38,753) | - | ||||||||||||||||||
Class I | (70,509) | (4,871) | - | (429) | (1,699) | (140) | ||||||||||||||||||
From net realized gains | ||||||||||||||||||||||||
Class A | - | - | - | - | (63,377) | (110,890) | ||||||||||||||||||
Class C | - | - | - | - | (16,997) | (35,481) | ||||||||||||||||||
Class I | - | - | - | - | (154) | (37) | ||||||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions to shareholders | (1,905,547) | (1,928,998) | - | (635,267) | (688,943) | (375,871) | ||||||||||||||||||
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|
|
|
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|
|
|
|
|
|
| |||||||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Class A | 15,782,906 | 12,655,436 | 5,757,683 | 5,259,493 | 38,720,525 | 14,684,600 | ||||||||||||||||||
Class C | 923,484 | 964,695 | 1,527,183 | 1,885,221 | 4,448,391 | 2,536,965 | ||||||||||||||||||
Class I | 3,174,528 | 242,798 | 340,234 | 12,976 | 159,290 | 98,526 | ||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Class A | 1,503,151 | 1,587,067 | - | 557,945 | 597,058 | 328,384 | ||||||||||||||||||
Class C | 80,379 | 78,579 | - | 67,882 | 54,476 | 35,220 | ||||||||||||||||||
Class I | 16,093 | 3,261 | - | 429 | 1,122 | 177 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Class A | (18,373,403) | (9,020,977) | (6,568,316) | (1,843,406) | (17,210,854) | (13,798,083) | ||||||||||||||||||
Class C | (806,987) | (525,058) | (832,896) | (435,915) | (3,233,256) | (5,120,707) | ||||||||||||||||||
Class I | (507,405) | (159) | (92,663) | - | (80,163) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | 1,792,746 | 5,985,642 | 131,225 | 5,504,625 | 23,456,589 | (1,234,918) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Increase (Decrease) in Net Assets | (2,299,087) | 6,235,956 | (1,432,800) | 4,908,307 | 17,791,739 | 33,811 | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 44,049,483 | 37,813,527 | 16,146,985 | 11,238,678 | 68,611,775 | 68,577,964 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of year* | $ | 41,750,396 | $ | 44,049,483 | $ | 14,714,185 | $ | 16,146,985 | $ | 86,403,514 | $ | 68,611,775 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
* Includes accumulated undistributed net investment income (loss) at end of period | $ | 74,267 | $ | 63,801 | $ | (715,119) | $ | (801,748) | $ | 902,324 | $ | 652,468 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Share Activity: | ||||||||||||||||||||||||
Shares Sold | ||||||||||||||||||||||||
Class A | 1,706,182 | 1,306,702 | 477,472 | 408,112 | 3,509,093 | 1,278,221 | ||||||||||||||||||
Class C | 100,111 | 99,011 | 130,207 | 148,327 | 414,036 | 225,931 | ||||||||||||||||||
Class I | 347,471 | 25,013 | 27,894 | 993 | 14,166 | 8,520 | ||||||||||||||||||
Shares Reinvested | ||||||||||||||||||||||||
Class A | 166,986 | 165,224 | - | 44,671 | 52,838 | 30,210 | ||||||||||||||||||
Class C | 8,879 | 8,113 | - | 5,519 | 4,939 | 3,323 | ||||||||||||||||||
Class I | 1,775 | 341 | - | 34 | 100 | 16 | ||||||||||||||||||
Shares Redeemed | ||||||||||||||||||||||||
Class A | (1,998,713) | (933,867) | (539,050) | (143,196) | (1,519,535) | (1,220,070) | ||||||||||||||||||
Class C | (87,322) | (53,559) | (72,066) | (34,987) | (293,578) | (464,150) | ||||||||||||||||||
Class I | (55,784) | (16) | (7,725) | - | (7,297) | - | ||||||||||||||||||
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|
| |||||||||||||
Net increase (decrease) in shares of beneficial interest outstanding | 189,585 | 616,962 | 16,732 | 429,473 | 2,174,762 | (137,999) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
The accompanying notes are an integral part of these financial statements.
70
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
| Strategic Growth Fund | Conservative Growth Fund | Emerging Markets Fund | ||||||||||||||||||||||
| Year Ended September 30, 2015 | Year Ended September 30, 2014 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | Year Ended September 30, 2015 | Period Ended September 30, 2014 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 112,210 | $ | 536,952 | $ | 234,912 | $ | 641,704 | $ | 39,958 | $ | (22,654) | ||||||||||||
Net realized gain (loss) from investments and foreign currency translations | 3,177,931 | 1,042,265 | 2,630,798 | 2,930,268 | (850,333) | 756,750 | ||||||||||||||||||
Capital gain distributions from affiliated funds | 1,697,601 | 946,902 | 1,406,931 | 945,023 | - | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (6,823,834) | 274,480 | (5,762,585) | (1,732,417) | (3,103,455) | (748,882) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,836,092) | 2,800,599 | (1,489,944) | 2,784,578 | (3,913,830) | (14,786) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||||
Class A | (477,475) | (35,399) | (449,134) | (207,808) | (47,208) | - | ||||||||||||||||||
Class C | (58,103) | - | (2) | - | - | - | ||||||||||||||||||
Class I | - | - | - | - | (2,129) | - | ||||||||||||||||||
From net realized gains | ||||||||||||||||||||||||
Class A | - | - | (1,411,584) | - | (606,710) | (317,280) | ||||||||||||||||||
Class C | - | - | (396,550) | - | (48,602) | (11,694) | ||||||||||||||||||
Class I | - | - | - | - | (17,737) | (5,929) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions to shareholders | (535,578) | (35,399) | (2,257,270) | (207,808) | (722,386) | (334,903) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Class A | 5,559,885 | 6,219,152 | 8,294,945 | 9,569,686 | 3,445,284 | 4,724,864 | ||||||||||||||||||
Class C | 901,803 | 2,148,616 | 2,708,906 | 3,641,417 | 160,268 | 660,089 | ||||||||||||||||||
Class I | - | - | - | - | 209,483 | 342,547 | ||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Class A | 460,087 | 34,264 | 1,755,125 | 192,204 | 611,234 | 304,324 | ||||||||||||||||||
Class C | 52,537 | - | 370,069 | - | 48,100 | 11,626 | ||||||||||||||||||
Class I | - | - | - | - | 5,114 | 5,375 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Class A | (7,982,990) | (6,076,309) | (9,907,282) | (8,588,545) | (4,745,903) | (2,603,515) | ||||||||||||||||||
Class C | (1,628,260) | (1,431,283) | (3,535,864) | (2,146,521) | (262,588) | (42,881) | ||||||||||||||||||
Class I | - | - | - | - | (45,356) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | (2,636,938) | 894,440 | (314,101) | 2,668,241 | (574,364) | 3,402,429 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Increase (decrease) in Net Assets | (5,008,608) | 3,659,640 | (4,061,315) | 5,245,011 | (5,210,580) | 3,052,740 | ||||||||||||||||||
Net Assets:* | ||||||||||||||||||||||||
Beginning of year | 45,792,885 | 42,133,245 | 59,901,840 | 54,656,829 | 12,019,001 | 8,966,261 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of year* | $ | 40,784,277 | $ | 45,792,885 | $ | 55,840,525 | $ | 59,901,840 | $ | 6,808,421 | $ | 12,019,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
* Includes accumulated undistributed net investment income (loss) at end of period | $ | 111,242 | $ | 534,610 | $ | 234,612 | $ | 448,836 | $ | (31,948) | $ | (18,863) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Share Activity: | ||||||||||||||||||||||||
Shares Sold | ||||||||||||||||||||||||
Class A | 626,513 | 702,938 | 768,826 | 873,829 | 402,678 | 451,606 | ||||||||||||||||||
Class C | 110,834 | 262,144 | 270,014 | 355,488 | 19,528 | 62,680 | ||||||||||||||||||
Class I | - | - | - | - | 24,893 | 31,939 | ||||||||||||||||||
Shares Reinvested | ||||||||||||||||||||||||
Class A | 52,105 | 3,929 | 165,057 | 17,846 | 71,995 | 29,983 | ||||||||||||||||||
Class C | 6,470 | - | 37,268 | - | 5,726 | 1,153 | ||||||||||||||||||
Class I | - | - | - | - | 602 | 530 | ||||||||||||||||||
Shares Redeemed | ||||||||||||||||||||||||
Class A | (901,859) | (685,657) | (921,737) | (782,148) | (587,115) | (249,044) | ||||||||||||||||||
Class C | (200,304) | (174,222) | (354,690) | (210,639) | (32,802) | (4,169) | ||||||||||||||||||
Class I | (6,088) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (306,241) | 109,132 | (35,262) | 254,376 | (100,583) | 324,678 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
The accompanying notes are an integral part of these financial statements.
71
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
| Growth & Income Fund | ||||||||
| Year Ended September 30, 2015 | Period Ended September 30, 2014 (1) | |||||||
Operations: | ||||||||
Net investment income (loss) | $ | 23,701 | $ | (40,195) | ||||
Net realized loss from investments | (942,882) | (19,509) | ||||||
Net change in unrealized appreciation on investments | (333,538) | 1,197,553 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (1,252,719) | 1,137,849 | ||||||
|
|
|
| |||||
Distributions to Shareholders: | ||||||||
Net Investment Income | ||||||||
Class A | (24,202) | - | ||||||
Class I | (2,455) | - | ||||||
|
|
|
| |||||
Total dividends and distributions to shareholders | (26,657) | - | ||||||
|
|
|
| |||||
Share Transactions of Beneficial Interest: | ||||||||
Net proceeds from shares sold | ||||||||
Class A | 11,521,642 | 25,295,734 | ||||||
Class C | 2,263,206 | 2,142,623 | ||||||
Class I | 286,306 | 1,571,449 | ||||||
Reinvestment of dividends and distributions | ||||||||
Class A | 23,162 | - | ||||||
Class I | 2,100 | - | ||||||
Cost of shares redeemed | ||||||||
Class A | (8,394,368) | (2,187,755) | ||||||
Class C | (840,997) | (54,308) | ||||||
Class I | (159,795) | (45,875) | ||||||
|
|
|
| |||||
Net increase in net assets from share transactions of beneficial interest | 4,701,256 | 26,721,868 | ||||||
|
|
|
| |||||
Total Increase in Net Assets | 3,421,880 | 27,859,717 | ||||||
Net Assets: | ||||||||
Beginning of period | 27,859,717 | - | ||||||
|
|
|
| |||||
End of period* | $ | 31,281,597 | $ | 27,859,717 | ||||
|
|
|
| |||||
* Includes accumulated net investment loss at end of period | $ | - | $ | (22,909) | ||||
|
|
|
| |||||
Share Activity: | ||||||||
Shares Sold | ||||||||
Class A | 1,057,821 | 2,421,373 | ||||||
Class C | 208,782 | 196,355 | ||||||
Class I | 26,032 | 141,740 | ||||||
Shares Reinvested | ||||||||
Class A | 2,219 | - | ||||||
Class I | 201 | - | ||||||
Shares Redeemed | ||||||||
Class A | (772,531) | (204,120) | ||||||
Class C | (79,639) | (4,950) | ||||||
Class I | (14,797) | (4,167) | ||||||
|
|
|
| |||||
Net increase in shares of beneficial interest outstanding | 428,088 | 2,546,231 | ||||||
|
|
|
| |||||
(1) The Growth & Income Fund commenced operations on October 1, 2013.
The accompanying notes are an integral part of these financial statements.
72
Timothy Aggressive Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 9.18 | $ | 9.00 | $ | 7.10 | $ | 5.57 | $ | 5.42 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.08) | (0.11) | (0.09) | (0.12) | (0.10) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.05) | 0.84 | 1.99 | 1.65 | 0.25 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.13) | 0.73 | 1.90 | 1.53 | 0.15 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (1.07) | (0.55) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.07) | (0.55) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 7.98 | $ | 9.18 | $ | 9.00 | $ | 7.10 | $ | 5.57 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (2.35)% | 8.22% | 26.76% | 27.47% | 2.77% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 16,306 | $ | 19,268 | $ | 17,727 | $ | 14,398 | $ | 12,259 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.77% | 1.74% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.67% | 1.73% | 1.86% | 2.12% | 1.81% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (1.04)% | (1.19)% | - | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (0.94)% | (1.18)% | (1.20)% | (1.78)% | (1.52)% | |||||||||||||||
Portfolio turnover rate | 144% | 91% | 120% | 147% | 201% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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.
The accompanying notes are an integral part of these financial statements.
73
Timothy Aggressive Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 8.13 | $ | 8.09 | $ | 6.43 | $ | 5.06 | $ | 4.98 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.13) | (0.16) | (0.14) | (0.16) | (0.13) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.03) | 0.75 | 1.80 | 1.53 | 0.21 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.16) | 0.59 | 1.66 | 1.37 | 0.08 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (1.07) | (0.55) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.07) | (0.55) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 6.90 | $ | 8.13 | $ | 8.09 | $ | 6.43 | $ | 5.06 | ||||||||||
|
|
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|
|
|
|
|
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| |||||||||||
Total return (B)(C) | (3.10)% | 7.37% | 25.82% | 27.08% | 1.61% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 3,442 | $ | 3,458 | $ | 2,892 | $ | 2,201 | $ | 1,766 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.52% | 2.49% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 2.42% | 2.48% | 2.60% | 2.87% | 2.57% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (1.78)% | (1.94)% | - | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (1.69)% | (1.93)% | (1.94)% | (2.53)% | (2.28)% | |||||||||||||||
Portfolio turnover rate | 144% | 91% | 120% | 147% | 201% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (B) | Total return calculation does not reflect redemption fee. |
| (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. |
The accompanying notes are an integral part of these financial statements.
74
Timothy Aggressive Growth Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended | ||||||||||||
Net asset value, beginning of period | $ | 9.21 | $ | 9.01 | $ | 8.87 | ||||||||
|
|
|
|
|
| |||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||
Net investment income (loss) (B) | (0.06) | (0.07) | - | * | ||||||||||
Net realized and unrealized gain on investments | (0.05) | 0.82 | 0.14 | |||||||||||
|
|
|
|
|
| |||||||||
Total from investment operations | (0.11) | 0.75 | 0.14 | |||||||||||
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||
From net realized gains on investments | (1.07) | (0.55) | - | |||||||||||
|
|
|
|
|
| |||||||||
Total distributions | (1.07) | (0.55) | - | |||||||||||
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 8.03 | $ | 9.21 | $ | 9.01 | ||||||||
|
|
|
|
|
| |||||||||
Total return (C) | (2.10)% | 8.43% | 1.58% | (D) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||
Net assets, end of period (in 000’s) | $ | 303 | $ | 140 | $ | 102 | + | |||||||
Ratios to average net assets | ||||||||||||||
Expenses, before waiver and reimbursement | 1.52% | 1.33% | - | |||||||||||
Expenses, net waiver and reimbursement | 1.42% | 1.28% | 1.61% | (E) | ||||||||||
Net investment loss, before waiver and reimbursement | (0.74)% | (0.78)% | - | |||||||||||
Net investment loss, net waiver and reimbursement | (0.69)% | (0.73)% | (0.95)% | (E) | ||||||||||
Portfolio turnover rate | 144% | 91% | 120% | (D) | ||||||||||
*Amount is less than $0.005 per share.
+ Actual net assets not truncated.
| (A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
75
Timothy International Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 8.89 | $ | 8.65 | $ | 7.31 | $ | 6.54 | $ | 7.71 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.08 | 0.05 | 0.06 | 0.03 | 0.20 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.50) | 0.36 | 1.34 | 0.97 | (1.33) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.42) | 0.41 | 1.40 | 1.00 | (1.13) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | - | (0.17) | (0.06) | (0.23) | (0.04) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | - | (0.17) | (0.06) | (0.23) | (0.04) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 8.47 | $ | 8.89 | $ | 8.65 | $ | 7.31 | $ | 6.54 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (4.72)% | (D) | 4.74% | 19.25% | 15.73% | (14.72)% | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 53,458 | $ | 54,709 | $ | 38,432 | $ | 29,794 | $ | 28,423 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.67% | 1.69% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.62% | 1.68% | 1.73% | 1.82% | 1.70% | |||||||||||||||
Net investment income before waiver and reimbursement | 0.88% | 0.52% | - | - | - | |||||||||||||||
Net investment income, net waiver and reimbursement | 0.93% | 0.52% | 0.70% | 0.38% | 2.45% | |||||||||||||||
Portfolio turnover rate | 30% | 31% | 29% | 34% | 62% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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. |
| (D) | As a result of a trade error, the Fund experienced a loss totaling $4,927.83 for the year ended September 30, 2015, all of which was reimbursed by the Adviser; there was no effect on total return due to trade error. (See Note 7) |
The accompanying notes are an integral part of these financial statements.
76
Timothy International Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 8.67 | $ | 8.46 | $ | 7.15 | $ | 6.39 | $ | 7.58 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.02 | (0.02) | - | (0.02) | 0.13 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.48) | 0.35 | (D) | 1.31 | 0.95 | (1.29) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.46) | 0.33 | 1.31 | 0.93 | (1.16) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | - | (0.12) | - | (0.17) | (0.03) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | - | (0.12) | - | (0.17) | (0.03) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 8.21 | $ | 8.67 | $ | 8.46 | $ | 7.15 | $ | 6.39 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (5.31)% | (E) | 3.87% | 18.32% | 14.88% | (15.40)% | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 3,498 | $ | 3,336 | $ | 2,446 | $ | 1,617 | $ | 1,427 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.41% | 2.44% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 2.36% | 2.44% | 2.47% | 2.57% | 2.45% | |||||||||||||||
Net investment income (loss) before waiver and reimbursement | 0.17% | (0.21)% | - | - | - | |||||||||||||||
Net investment income (loss), net waiver and reimbursement | 0.18% | (0.20)% | (0.01)% | (0.32)% | 1.58% | |||||||||||||||
Portfolio turnover rate | 30% | 31% | 29% | 34% | 62% | |||||||||||||||
*Amount is less than $0.005 per share.
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (B) | Total return calculation does not reflect redemption fee. |
| (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) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
| (E) | As a result of a trade error, the Fund experienced a loss totaling $4,927.83 for the year ended September 30, 2015, all of which was reimbursed by the Adviser; there was no effect on total return due to trade error. (See Note 7) |
The accompanying notes are an integral part of these financial statements.
77
Timothy International Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended September 30, 2013 (A) | ||||||||||||
| ||||||||||||||
Net asset value, beginning of period | $ | 8.88 | $ | 8.65 | $ | 8.46 | ||||||||
|
|
|
|
|
| |||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||
Net investment income gain (loss) (B) | 0.15 | 0.08 | 0.02 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.54) | 0.34 | 0.17 | |||||||||||
|
|
|
|
|
| |||||||||
Total from investment operations | (0.39) | 0.42 | 0.19 | |||||||||||
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||
From net investment income | - | (0.19) | - | |||||||||||
|
|
|
|
|
| |||||||||
Total distributions | - | (0.19) | - | |||||||||||
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 8.49 | $ | 8.88 | $ | 8.65 | ||||||||
|
|
|
|
|
| |||||||||
Total return (C) | (4.39)% | (F) | 4.85% | 2.25% | (D) | |||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||
Net assets, end of period (in 000’s) | $ | 1,581 | $ | 461 | $ | 102 | + | |||||||
Ratios to average net assets | ||||||||||||||
Expenses, before waiver and reimbursement | 1.42% | 1.38% | - | |||||||||||
Expenses, net waiver and reimbursement | 1.37% | 1.38% | 1.48% | (E) | ||||||||||
Net investment income (loss), before waiver and reimbursement | 1.13% | 0.85% | - | |||||||||||
Net investment income (loss), net waiver and reimbursement | 1.18% | 0.86% | 0.95% | (E) | ||||||||||
Portfolio turnover rate | 30% | 31% | 29% | (D) | ||||||||||
+ Actual net assets not truncated.
| (A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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. |
| (D) | For periods of less than one full year, total return and turnover are not annualized. |
| (E) | Annualized. |
| (F) | As a result of a trade error, the Fund experienced a loss totaling $4,927.83 for the year ended September 30, 2015, all of which was reimbursed by the Adviser; there was no effect on total return due to trade error. (See Note 7) |
The accompanying notes are an integral part of these financial statements.
78
Timothy Large/Mid Cap Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.36 | $ | 7.30 | $ | 6.05 | $ | 5.99 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.01) | (0.01) | (0.02) | (0.04) | (0.04) | |||||||||||||||
Net realized and unrealized gain on investments | 0.03 | (D) | 1.15 | 1.51 | 1.61 | 0.10 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.02 | 1.14 | 1.49 | 1.57 | 0.06 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (0.93) | (0.84) | (0.43) | (0.32) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.93) | (0.84) | (0.43) | (0.32) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 7.75 | $ | 8.66 | $ | 8.36 | $ | 7.30 | $ | 6.05 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (0.35)% | 14.70% | 21.62% | 26.61% | 1.00% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 52,682 | $ | 56,073 | $ | 48,411 | $ | 41,446 | $ | 34,252 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.56% | 1.57% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.51% | 1.57% | 1.59% | 1.68% | 1.60% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (0.14)% | (0.18)% | - | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (0.09)% | (0.17)% | (0.24)% | (0.63)% | (0.64)% | |||||||||||||||
Portfolio turnover rate | 73% | 61% | 91% | 127% | 150% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
79
Timothy Large/Mid Cap Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 7.60 | $ | 7.49 | $ | 6.63 | $ | 5.57 | $ | 5.55 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.06) | (0.07) | (0.07) | (0.09) | (0.09) | |||||||||||||||
Net realized and unrealized gain on investments | 0.03 | (D) | 1.02 | 1.36 | 1.47 | 0.11 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.03) | 0.95 | 1.29 | 1.38 | 0.02 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (0.93) | (0.84) | (0.43) | (0.32) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.93) | (0.84) | (0.43) | (0.32) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 6.64 | $ | 7.60 | $ | 7.49 | $ | 6.63 | $ | 5.57 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (1.14)% | 13.84% | 20.74% | 25.47% | 0.36% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 6,490 | $ | 5,929 | $ | 5,041 | $ | 4,483 | $ | 2,726 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.31% | 2.32% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 2.26% | 2.32% | 2.34% | 2.44% | 2.35% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (0.88)% | (0.93)% | - | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (0.84)% | (0.93)% | (0.99)% | (1.38)% | (1.38)% | |||||||||||||||
Portfolio turnover rate | 73% | 61% | 91% | 127% | 150% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (B) | Total return calculation does not reflect redemption fee. |
| (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) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
80
Timothy Large/Mid Cap Growth Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended September 30, 2013 (A) | ||||||||||||
Net asset value, beginning of period | $ | 8.69 | $ | 8.37 | $ | 8.31 | ||||||||
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||
Net investment income (B) | 0.02 | 0.01 | 0.01 | |||||||||||
Net realized and unrealized gain on investments | 0.02 | (F) | 1.15 | (F) | 0.05 | |||||||||
|
|
|
|
|
| |||||||||
Total from investment operations | 0.04 | 1.16 | 0.06 | |||||||||||
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||
From net realized gains on investments | (0.93) | (0.84) | - | |||||||||||
|
|
|
|
|
| |||||||||
Total distributions | (0.93) | (0.84) | - | |||||||||||
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 7.80 | $ | 8.69 | $ | 8.37 | ||||||||
|
|
|
|
|
| |||||||||
Total return (C) | (0.10)% | 14.94% | 0.72% | (D) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||
Net assets, end of period (in 000’s) | $ | 1,202 | $ | 190 | $ | 101 | + | |||||||
Ratios to average net assets | ||||||||||||||
Expenses, before waiver and reimbursement | 1.31% | 1.30% | - | |||||||||||
Expenses, net waiver and reimbursement | 1.26% | 1.29% | 1.34% | (E) | ||||||||||
Net investment income, before waiver and reimbursement | 0.13% | 0.13% | - | |||||||||||
Net investment income, net waiver and reimbursement | 0.16% | 0.14% | 0.01% | (E) | ||||||||||
Portfolio turnover rate | 73% | 61% | 91% | (D) | ||||||||||
+ Actual net assets not truncated.
| (A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (E) | Annualized. |
| (F) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
81
Timothy Small Cap Value Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.79 | $ | 20.30 | $ | 14.74 | $ | 10.82 | $ | 11.28 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.07) | (0.04) | 0.02 | 0.03 | (0.05) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.64 | 1.57 | 5.57 | 3.89 | (0.41) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.57 | 1.53 | 5.59 | 3.92 | (0.46) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | - | - | (0.03) | - | - | |||||||||||||||
From net realized gains on investments | (3.43) | (2.04) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (3.43) | (2.04) | (0.03) | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 16.93 | $ | 19.79 | $ | 20.30 | $ | 14.74 | $ | 10.82 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 1.90% | 7.61% | 37.97% | 36.23% | (4.08)% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 71,840 | $ | 71,997 | $ | 64,972 | $ | 47,976 | $ | 39,145 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.53% | 1.53% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.48% | 1.52% | 1.55% | 1.59% | 1.53% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (0.45)% | (0.25)% | - | - | - | |||||||||||||||
Net investment income (loss), net waiver and reimbursement | (0.40)% | (0.25)% | 0.11% | 0.19% | (0.36)% | |||||||||||||||
Portfolio turnover rate | 30% | 71% | 73% | 65% | 102% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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. |
The accompanying notes are an integral part of these financial statements.
82
Timothy Small Cap Value Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 16.45 | $ | 17.30 | $ | 12.63 | $ | 9.35 | $ | 9.82 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.17) | (0.17) | (0.10) | (0.06) | (0.13) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.57 | 1.36 | 4.77 | 3.34 | (0.34) | (B) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.40 | 1.19 | 4.67 | 3.28 | (0.47) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (3.43) | (2.04) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (3.43) | (2.04) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 13.42 | $ | 16.45 | $ | 17.30 | $ | 12.63 | $ | 9.35 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (C)(D) | 1.14% | 6.96% | 36.98% | 35.08% | (4.79)% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 8,981 | $ | 8,135 | $ | 7,539 | $ | 4,937 | $ | 3,809 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.28% | 2.28% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 2.23% | 2.27% | 2.30% | 2.34% | 2.28% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (1.19)% | (1.01)% | - | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (1.14)% | (1.01)% | (0.65)% | (0.55)% | (1.12)% | |||||||||||||||
Portfolio turnover rate | 30% | 71% | 73% | 65% | 102% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (B) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuations in share transactions. |
| (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.
The accompanying notes are an integral part of these financial statements.
83
Timothy Small Cap Value Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended September 30, 2013 (A) | ||||||||||||
| ||||||||||||||
Net asset value, beginning of period | $ | 19.84 | $ | 20.29 | $ | 19.68 | ||||||||
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||
Net investment income (loss) (B) | (0.03) | 0.02 | (0.01) | |||||||||||
Net realized and unrealized gain on investments | 0.65 | 1.57 | (F) | 0.62 | ||||||||||
|
|
|
|
|
| |||||||||
Total from investment operations | 0.62 | 1.59 | 0.61 | |||||||||||
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||
From net realized gains on investments | (3.43) | (2.04) | - | |||||||||||
|
|
|
|
|
| |||||||||
Total distributions | (3.43) | (2.04) | - | |||||||||||
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 17.03 | $ | 19.84 | $ | 20.29 | ||||||||
|
|
|
|
|
| |||||||||
Total return (C) | 2.18% | 7.93% | 3.10% | (D) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||
Net assets, end of period (in 000’s) | $ | 870 | $ | 532 | $ | 103 | + | |||||||
Ratios to average net assets | ||||||||||||||
Expenses, before waiver and reimbursement | 1.28% | 1.27% | - | |||||||||||
Expenses, net waiver and reimbursement | 1.23% | 1.27% | 1.30% | (E) | ||||||||||
Net investment income (loss), before waiver and reimbursement | (0.19)% | 0.06% | - | |||||||||||
Net investment income (loss), net waiver and reimbursement | (0.14)% | 0.07% | 0.36% | (E) | ||||||||||
Portfolio turnover rate | 30% | 71% | 73% | (D) | ||||||||||
+ Actual net assets not truncated.
| (A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (E) | Annualized. |
| (F) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
84
Timothy Large/Mid Cap Value Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.61 | $ | 18.14 | $ | 14.80 | $ | 11.83 | $ | 11.84 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.01) | (0.01) | 0.09 | 0.06 | 0.04 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.38 | 2.83 | 3.30 | 2.94 | (0.01) | (B) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.37 | 2.82 | 3.39 | 3.00 | 0.03 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | - | (0.09) | (0.05) | (0.03) | (0.04) | |||||||||||||||
From net realized gains on investments | (1.78) | (1.26) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.78) | (1.35) | (0.05) | (0.03) | (0.04) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 18.20 | $ | 19.61 | $ | 18.14 | $ | 14.80 | $ | 11.83 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (C)(D) | 1.59% | 16.13% | 23.00% | 25.39% | 0.20% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 135,091 | $ | 138,821 | $ | 114,657 | $ | 100,632 | $ | 78,255 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.48% | 1.50% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.43% | 1.49% | 1.49% | 1.57% | 1.51% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (0.13)% | (0.03)% | - | - | - | |||||||||||||||
Net investment income (loss), net waiver and reimbursement | (0.08)% | (0.03)% | 0.55% | 0.42% | 0.33% | |||||||||||||||
Portfolio turnover rate | 11% | 37% | 64% | 7% | 19% | |||||||||||||||
*Amount is less than $0.005 per share.
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (B) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuations in share transactions. |
| (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.
The accompanying notes are an integral part of these financial statements.
85
Timothy Large/Mid Cap Value Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 17.19 | $ | 16.12 | $ | 13.20 | $ | 10.61 | $ | 10.68 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.14) | (0.13) | (0.03) | (0.04) | (0.05) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.35 | 2.49 | 2.95 | 2.63 | - | *(B) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.21 | 2.36 | 2.92 | 2.59 | (0.05) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | - | (0.03) | - | - | (0.02) | |||||||||||||||
From net realized gains on investments | (1.78) | (1.26) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.78) | (1.29) | - | - | (0.02) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 15.62 | $ | 17.19 | $ | 16.12 | $ | 13.20 | $ | 10.61 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (C)(D) | 0.82% | 15.21% | 22.12% | 24.41% | (0.52)% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 18,458 | $ | 16,778 | $ | 13,649 | $ | 10,669 | $ | 8,903 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.23% | 2.25% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 2.18% | 2.24% | 2.23% | 2.32% | 2.26% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (0.88)% | (0.78)% | - | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (0.83)% | (0.77)% | (0.19)% | (0.32)% | (0.43)% | |||||||||||||||
Portfolio turnover rate | 11% | 37% | 64% | 7% | 19% | |||||||||||||||
*Amount is less than $0.005 per share.
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (B) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuations in share transactions. |
| (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.
The accompanying notes are an integral part of these financial statements.
86
Timothy Large/Mid Cap Value Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended September 30, 2013 (A) | ||||||||||||
|
| |||||||||||||
Net asset value, beginning of period | $ | 19.63 | $ | 18.13 | $ | 18.19 | ||||||||
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||
Net investment income (B) | 0.03 | 0.05 | 0.03 | |||||||||||
Net realized and unrealized gain (loss) on investments | 0.38 | 2.82 | (F) | (0.09) | ||||||||||
|
|
|
|
|
| |||||||||
Total from investment operations | 0.41 | 2.87 | (0.06) | |||||||||||
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||
From net investment income | - | (0.11) | - | |||||||||||
From net realized gains on investments | (1.78) | (1.26) | - | |||||||||||
|
|
|
|
|
| |||||||||
Total distributions | (1.78) | (1.37) | - | |||||||||||
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 18.26 | $ | 19.63 | $ | 18.13 | ||||||||
|
|
|
|
|
| |||||||||
Total return (C) | 1.81% | 16.09% | (0.33)% | (D) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||
Net assets, end of period (in 000’s) | $ | 3,424 | $ | 1,442 | $ | 100 | + | |||||||
Ratios to average net assets | ||||||||||||||
Expenses, before waiver and reimbursement | 1.23% | 1.23% | - | |||||||||||
Expenses, net waiver and reimbursement | 1.18% | 1.23% | 1.24% | (E) | ||||||||||
Net investment income, before waiver and reimbursement | 0.12% | 0.25% | - | |||||||||||
Net investment income, net waiver and reimbursement | 0.18% | 0.26% | 0.80% | (E) | ||||||||||
Portfolio turnover rate | 11% | 37% | 64% | (D) | ||||||||||
+ Actual net assets not truncated.
| (A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (E) | Annualized. |
| (F) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
87
Timothy Fixed Income Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.43 | $ | 10.43 | $ | 10.87 | $ | 10.72 | $ | 10.56 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.15 | 0.18 | 0.18 | 0.22 | 0.28 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.04) | 0.09 | (0.49) | 0.18 | 0.18 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.11 | 0.27 | (0.31) | 0.40 | 0.46 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.25) | (0.25) | (0.13) | (0.22) | (0.30) | |||||||||||||||
From net realized gains on investments | (0.02) | (0.03) | - | - | - | |||||||||||||||
From return of capital | - | - | - | (0.03) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.27) | (0.28) | (0.13) | (0.25) | (0.30) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 10.27 | $ | 10.43 | $ | 10.43 | $ | 10.87 | $ | 10.72 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 1.08% | 2.64% | (2.82)% | 3.73% | 4.42% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 66,107 | $ | 68,274 | $ | 67,558 | $ | 74,685 | $ | 59,405 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.28% | 1.30% | 1.27% | 1.31% | 1.27% | |||||||||||||||
Expenses, net waiver and reimbursement | 1.11% | 1.14% | 1.12% | 1.16% | 1.15% | |||||||||||||||
Net investment income, before waiver and reimbursement | 1.29% | 1.60% | 1.54% | 1.86% | 2.58% | |||||||||||||||
Net investment income, net waiver and reimbursement | 1.48% | 1.75% | 1.69% | 2.01% | 2.71% | |||||||||||||||
Portfolio turnover rate | 28% | 18% | 25% | 19% | 22% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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.
The accompanying notes are an integral part of these financial statements.
88
Timothy Fixed Income Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.07 | $ | 10.07 | $ | 10.51 | $ | 10.38 | $ | 10.22 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.08 | 0.10 | 0.10 | 0.13 | 0.20 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.04) | 0.11 | (0.48) | 0.17 | 0.17 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.04 | 0.21 | (0.38) | 0.30 | 0.37 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.20) | (0.18) | (0.06) | (0.14) | (0.21) | |||||||||||||||
From net realized gains on investments | (0.02) | (0.03) | - | - | - | |||||||||||||||
From return of capital | - | - | - | (0.03) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.22) | (0.21) | (0.06) | (0.17) | (0.21) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 9.89 | $ | 10.07 | $ | 10.07 | $ | 10.51 | $ | 10.38 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 0.36% | 2.02% | (3.57)% | 2.88% | 3.68% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 8,510 | $ | 7,120 | $ | 7,958 | $ | 8,997 | $ | 8,265 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.03% | 2.05% | 2.03% | 2.06% | 2.23% | |||||||||||||||
Expenses, net waiver and reimbursement | 1.86% | 1.90% | 1.88% | 1.91% | 1.90% | |||||||||||||||
Net investment income, before waiver and reimbursement | 0.56% | 0.85% | 0.79% | 1.12% | 1.61% | |||||||||||||||
Net investment income, net waiver and reimbursement | 0.73% | 1.00% | 0.94% | 1.27% | 1.95% | |||||||||||||||
Portfolio turnover rate | 28% | 18% | 25% | 19% | 22% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (B) | Total return calculation does not reflect redemption fee. |
| (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.
The accompanying notes are an integral part of these financial statements.
89
Timothy Fixed Income Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended September 30, 2013 (A) | ||||||||||||
| ||||||||||||||
Net asset value, beginning of period | $ | 10.36 | $ | 10.34 | $ | 10.35 | ||||||||
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||
Net investment income (B) | 0.18 | 0.41 | 0.04 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.05) | (0.08) | (F) | 0.05 | ||||||||||
|
|
|
|
|
| |||||||||
Total from investment operations | 0.13 | 0.33 | 0.09 | |||||||||||
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||
From net investment income | (0.27) | (0.28) | (0.10) | |||||||||||
From net realized gains on investments | (0.02) | (0.03) | - | |||||||||||
|
|
|
|
|
| |||||||||
Total distributions | (0.29) | (0.31) | (0.10) | |||||||||||
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 10.20 | $ | 10.36 | $ | 10.34 | ||||||||
|
|
|
|
|
| |||||||||
Total return (C) | 1.28% | 3.16% | 0.90% | (D) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||
Net assets, end of period (in 000’s) | $ | 483 | $ | 103 | $ | 101 | + | |||||||
Ratios to average net assets | ||||||||||||||
Expenses, before waiver and reimbursement | 1.03% | (0.44)% | 1.02% | (E) | ||||||||||
Expenses, net waiver and reimbursement | 0.87% | (0.64)% | 0.87% | (E) | ||||||||||
Net investment income, before waiver and reimbursement | 1.58% | 3.72% | 1.79% | (E) | ||||||||||
Net investment income, net waiver and reimbursement | 1.73% | 3.92% | 1.94% | (E) | ||||||||||
Portfolio turnover rate | 28% | 18% | 25% | (D) | ||||||||||
+ Actual net assets not truncated.
| (A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (E) | Annualized. |
| (F) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
90
Timothy High Yield Bond Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 9.49 | $ | 9.40 | $ | 9.46 | $ | 8.71 | $ | 9.10 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.40 | 0.44 | 0.49 | 0.54 | 0.54 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.85) | 0.09 | (0.08) | 0.76 | (0.39) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.45) | 0.53 | 0.41 | 1.30 | 0.15 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.40) | (0.44) | (0.47) | (0.53) | (0.54) | |||||||||||||||
From return of capital | - | - | - | (0.02) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.40) | (0.44) | (0.47) | (0.55) | (0.54) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 8.64 | $ | 9.49 | $ | 9.40 | $ | 9.46 | $ | 8.71 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (4.88)% | 5.71% | 4.42% | 15.17% | 1.48% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 36,279 | $ | 41,038 | $ | 35,578 | $ | 33,392 | $ | 23,110 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.30% | 1.28% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.25% | 1.28% | 1.33% | 1.39% | 1.30% | |||||||||||||||
Net investment income, before waiver and reimbursement | 4.28% | 4.53% | - | - | - | |||||||||||||||
Net investment income, net waiver and reimbursement | 4.33% | 4.53% | 5.13% | 5.84% | 5.81% | |||||||||||||||
Portfolio turnover rate | 39% | 53% | 56% | 24% | 60% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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.
The accompanying notes are an integral part of these financial statements.
91
Timothy High Yield Bond Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 9.57 | $ | 9.48 | $ | 9.55 | $ | 8.79 | $ | 9.17 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.33 | 0.37 | 0.43 | 0.47 | 0.47 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.86) | 0.09 | (0.09) | 0.77 | (0.39) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.53) | 0.46 | 0.34 | 1.24 | 0.08 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.32) | (0.37) | (0.41) | (0.46) | (0.46) | |||||||||||||||
From return of capital | - | - | - | (0.02) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.32) | (0.37) | (0.41) | (0.48) | (0.46) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 8.72 | $ | 9.57 | $ | 9.48 | $ | 9.55 | $ | 8.79 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (5.58)% | 4.89% | 3.54% | 14.33% | 0.72% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,714 | $ | 2,771 | $ | 2,236 | $ | 1,683 | $ | 1,194 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.05% | 2.03% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 2.00% | 2.03% | 2.07% | 2.14% | 2.05% | |||||||||||||||
Net investment income, before waiver and reimbursement | 3.53% | 3.78% | - | - | ||||||||||||||||
Net investment income, net waiver and reimbursement | 3.57% | 3.79% | 4.39% | 5.08% | 5.06% | |||||||||||||||
Portfolio turnover rate | 39% | 53% | 56% | 24% | 60% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (B) | Total return calculation does not reflect redemption fee. |
| (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.
The accompanying notes are an integral part of these financial statements.
92
Timothy High Yield Bond Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended September 30, 2013 (A) | ||||||||||||
| ||||||||||||||
Net asset value, beginning of period | $ | 9.50 | $ | 9.40 | $ | 9.48 | ||||||||
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||
Net investment income (B) | 0.43 | 0.47 | 0.07 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.86) | 0.10 | (0.06) | |||||||||||
|
|
|
|
|
| |||||||||
Total from investment operations | (0.43) | 0.57 | 0.01 | |||||||||||
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||
From net investment income | (0.42) | (0.47) | (0.09) | |||||||||||
|
|
|
|
|
| |||||||||
Total distributions | (0.42) | (0.47) | (0.09) | |||||||||||
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 8.65 | $ | 9.50 | $ | 9.40 | ||||||||
|
|
|
|
|
| |||||||||
Total return (C) | (4.62)% | 6.07% | 0.15% | (D) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,758 | $ | 241 | $ | 100 | + | |||||||
Ratios to average net assets | ||||||||||||||
Expenses, before waiver and reimbursement | 1.06% | 0.90% | ||||||||||||
Expenses, net waiver and reimbursement | 1.00% | 0.89% | 1.08% | (E) | ||||||||||
Net investment income, before waiver and reimbursement | 4.55% | 4.77% | - | |||||||||||
Net investment income, net waiver and reimbursement | 4.58% | 4.78% | 5.38% | (E) | ||||||||||
Portfolio turnover rate | 39% | 53% | 56% | (D) | ||||||||||
+ Actual net assets not truncated.
| (A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
93
Timothy Israel Common Values Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Period ended September 30, 2012 (A) | |||||||||||||||
|
| |||||||||||||||||
Net asset value, beginning of period | $ | 12.31 | $ | 12.69 | $ | 10.17 | $ | 10.00 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
Net investment loss(B) | (0.10) | (0.08) | (0.06) | (0.15) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.11) | 0.37 | 2.58 | 0.32 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (1.21) | 0.29 | 2.52 | 0.17 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||
From net investment income | - | (0.67) | - | - | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total distributions | - | (0.67) | - | - | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 11.10 | $ | 12.31 | $ | 12.69 | $ | 10.17 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total return (C)(D) | (9.83)% | 2.21% | 24.78% | 1.80% | (E) | |||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 11,756 | $ | 13,792 | $ | 10,295 | $ | 7,983 | ||||||||||
Ratio of expenses to average net assets | 1.93% | 1.98% | 2.24% | 2.82% | (F) | |||||||||||||
Ratio of net investment loss to average net assets | (0.83)% | (0.64)% | (0.57)% | (1.48)% | (F) | |||||||||||||
Portfolio turnover rate | 24% | 11% | 30% | 37% | (E) | |||||||||||||
| (A) | For the period October 12, 2011 (Commencement of Operations) to September 30, 2012. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
94
Timothy Israel Common Values Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Period ended September 30, 2012 (A) | |||||||||||||||
|
| |||||||||||||||||
Net asset value, beginning of period | $ | 12.05 | $ | 12.50 | $ | 10.09 | $ | 10.00 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
Net investment loss (B) | (0.18) | (0.18) | (0.13) | (0.22) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.09) | 0.37 | 2.54 | 0.31 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (1.27) | 0.19 | 2.41 | 0.09 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||
From net investment income | - | (0.64) | - | - | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total distributions | - | (0.64) | - | - | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 10.78 | $ | 12.05 | $ | 12.50 | $ | 10.09 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total return (C)(D) | (10.54)% | 1.40% | 23.89% | 1.00% | (E) | |||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,722 | $ | 2,342 | $ | 943 | $ | 217 | ||||||||||
Ratio of expenses to average net assets | 2.68% | 2.74% | 2.99% | 3.53% | (F) | |||||||||||||
Ratio of net investment loss to average net assets | (1.59)% | (1.38)% | (1.32)% | (2.21)% | (F) | |||||||||||||
Portfolio turnover rate | 24% | 11% | 30% | 37% | (E) | |||||||||||||
| (A) | For the period October 12, 2011 (Commencement of Operations) to September 30, 2012. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
95
Timothy Israel Common Values Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended September 30, 2013 (A) | ||||||||||||
|
| |||||||||||||
Net asset value, beginning of period | $ | 12.29 | $ | 12.67 | $ | 12.21 | ||||||||
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||
Net investment income (loss) (B) | (0.03) | (0.05) | 0.01 | |||||||||||
Net realized and unrealized gain (loss) on investments | (1.15) | 0.37 | 0.45 | |||||||||||
|
|
|
|
|
| |||||||||
Total from investment operations | (1.18) | 0.32 | 0.46 | |||||||||||
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||
From net investment income | - | (0.70) | - | |||||||||||
|
|
|
|
|
| |||||||||
Total distributions | - | (0.70) | - | |||||||||||
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 11.11 | $ | 12.29 | $ | 12.67 | ||||||||
|
|
|
|
|
| |||||||||
Total return (C) | (9.60)% | 2.36% | 3.77% | (D) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||
Net assets, end of period (in 000’s) | $ | 236 | $ | 13 | $ | 104 | + | |||||||
Ratio of expenses to average net assets | 1.68% | 1.78% | 1.99% | (E) | ||||||||||
Ratio of net investment loss to average net assets | (0.58)% | (0.36)% | (0.32)% | (E) | ||||||||||
Portfolio turnover rate | 24% | 11% | 30% | (D) | ||||||||||
+ Actual net assets not truncated.
| (A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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. |
| (D) | For periods of less than one full year, total return and turnover are not annualized. |
| (E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
96
Timothy Defensive Strategies Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.38 | $ | 11.12 | $ | 12.12 | $ | 11.28 | $ | 10.70 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.02 | 0.09 | 0.06 | 0.02 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.73) | 0.25 | (1.04) | 1.62 | 0.54 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.71) | 0.34 | (0.98) | 1.64 | 0.63 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.12) | (0.05) | - | (0.10) | - | |||||||||||||||
From net realized gains on investments | (0.01) | (0.03) | (0.02) | (0.66) | (0.05) | |||||||||||||||
From return of capital | - | - | - | (0.04) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.13) | (0.08) | (0.02) | (0.80) | (0.05) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 10.54 | $ | 11.38 | $ | 11.12 | $ | 12.12 | $ | 11.28 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (6.30)% | 3.06% | (8.09)% | 14.87% | 5.88% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 71,569 | $ | 54,054 | $ | 51,859 | $ | 52,529 | $ | 43,670 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.26% | 1.28% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.21% | 1.28% | 1.26% | 1.33% | 1.29% | |||||||||||||||
Net investment income, before waiver and reimbursement | 0.11% | 0.78% | - | - | - | |||||||||||||||
Net investment income, net waiver and reimbursement | 0.16% | 0.78% | 0.52% | 0.20% | 0.75% | |||||||||||||||
Portfolio turnover rate | 42% | 24% | 56% | 247% | 64% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
97
Timothy Defensive Strategies Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.04 | $ | 10.82 | $ | 11.88 | $ | 11.09 | $ | 10.58 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.07) | - | (0.03) | (0.07) | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.71) | 0.25 | (1.01) | 1.58 | 0.54 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.78) | 0.25 | (1.04) | 1.51 | 0.56 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.03) | - | - | (0.02) | - | |||||||||||||||
From net realized gains on investments | (0.01) | (0.03) | (0.02) | (0.66) | (0.05) | |||||||||||||||
From return of capital | - | - | - | (0.04) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.04) | (0.03) | (0.02) | (0.72) | (0.05) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 10.22 | $ | 11.04 | $ | 10.82 | $ | 11.88 | $ | 11.09 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (7.06)% | 2.27% | (8.75)% | 13.91% | 5.28% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 14,671 | $ | 14,461 | $ | 16,718 | $ | 18,801 | $ | 13,100 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.01% | 2.04% | - | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.96% | 2.03% | 2.02% | 2.09% | 2.03% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (0.67)% | (0.02)% | - | - | - | |||||||||||||||
Net investment income (loss), net waiver and reimbursement | (0.62)% | (0.01)% | (0.25)% | (0.60)% | 0.15% | |||||||||||||||
Portfolio turnover rate | 42% | 24% | 56% | 247% | 64% | |||||||||||||||
* Amount is less than $0.005 per share.
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (B) | Total return calculation does not reflect redemption fee. |
| (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. |
The accompanying notes are an integral part of these financial statements.
98
Timothy Defensive Strategies Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended September 30, 2013 (A) | ||||||||||||
Net asset value, beginning of period | $ | 11.36 | $ | 11.11 | $ | 11.11 | ||||||||
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||
Net investment income (B) | 0.05 | 0.18 | 0.01 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.73) | 0.20 | (0.01) | |||||||||||
|
|
|
|
|
| |||||||||
Total from investment operations | (0.68) | 0.38 | 0.00 | |||||||||||
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||
From net investment income | (0.15) | (0.10) | - | |||||||||||
From net realized gains on investments | (0.01) | (0.03) | - | |||||||||||
|
|
|
|
|
| |||||||||
Total distributions | (0.16) | (0.13) | - | |||||||||||
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 10.52 | $ | 11.36 | $ | 11.11 | ||||||||
|
|
|
|
|
| |||||||||
Total return (C) | (6.09)% | 3.39% | 0.00% | (D) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||
Net assets, end of period (in 000’s) | $ | 163 | $ | 97 | $ | 100 | + | |||||||
Ratios to average net assets | ||||||||||||||
Expenses, before waiver and reimbursement | 1.01% | 0.74% | - | |||||||||||
Expenses, net waiver and reimbursement | 0.96% | 0.72% | 1.01% | (E) | ||||||||||
Net investment income, before waiver and reimbursement | 0.42% | 1.50% | - | |||||||||||
Net investment income, net waiver and reimbursement | 0.47% | 1.52% | 0.77% | (E) | ||||||||||
Portfolio turnover rate | 42% | 24% | 56% | (D) | ||||||||||
+ Actual net assets not truncated.
| (A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
99
Timothy Strategic Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 8.90 | $ | 8.34 | $ | 7.44 | $ | 6.27 | $ | 6.49 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.03 | 0.12 | 0.02 | 0.04 | (0.02) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.40) | 0.45 | 0.93 | 1.13 | (0.19) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.37) | 0.57 | 0.95 | 1.17 | (0.21) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.11) | (0.01) | (0.05) | - | - | |||||||||||||||
From return of capital | - | - | - | - | (0.01) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.11) | (0.01) | (0.05) | - | (0.01) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 8.42 | $ | 8.90 | $ | 8.34 | $ | 7.44 | $ | 6.27 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (4.16)% | 6.82% | 12.78% | 18.66% | (3.29)% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 33,071 | $ | 36,951 | $ | 34,466 | $ | 32,250 | $ | 31,269 | ||||||||||
Ratio of expenses to average net assets (D) | 1.08% | 1.07% | 1.08% | 1.15% | 1.05% | |||||||||||||||
Ratio of net investment income (loss), to average net assets (D)(E) | 0.37% | 1.34% | 0.24% | (0.60)% | (0.23)% | |||||||||||||||
Portfolio turnover rate | 24% | 14% | 19% | 33% | 22% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
| (E) | 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. |
The accompanying notes are an integral part of these financial statements.
100
Timothy Strategic Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 8.15 | $ | 7.69 | $ | 6.87 | $ | 5.82 | $ | 6.09 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.02) | 0.03 | (0.04) | (0.01) | (0.07) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.38) | 0.43 | 0.86 | 1.06 | (0.20) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.40) | 0.46 | 0.82 | 1.05 | (0.27) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.05) | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.05) | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 7.70 | $ | 8.15 | $ | 7.69 | $ | 6.87 | $ | 5.82 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (4.89)% | 5.98% | 11.94% | 18.04% | (4.43)% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 7,713 | $ | 8,842 | $ | 7,668 | $ | 6,836 | $ | 6,446 | ||||||||||
Ratio of expenses to average net assets (D) | 1.84% | 1.82% | 1.83% | 1.90% | 1.82% | |||||||||||||||
Ratio of net investment income (loss), to average net assets (D)(E) | (0.29)% | 0.50% | (0.52)% | (0.22)% | (1.00)% | |||||||||||||||
Portfolio turnover rate | 24% | 14% | 19% | 33% | 22% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (B) | Total return calculation does not reflect redemption fee. |
| (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) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
| (E) | 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. |
The accompanying notes are an integral part of these financial statements.
101
Timothy Conservative Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.01 | $ | 10.51 | $ | 9.95 | $ | 8.80 | $ | 8.83 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.06 | 0.14 | 0.03 | 0.07 | 0.04 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.32) | 0.41 | 0.61 | 1.09 | 0.01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.26) | 0.55 | 0.64 | 1.16 | 0.05 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.10) | (0.05) | (0.08) | (0.01) | (0.08) | |||||||||||||||
From net realized gains on investments | (0.33) | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.43) | (0.05) | (0.08) | (0.01) | (0.08) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 10.32 | $ | 11.01 | $ | 10.51 | $ | 9.95 | $ | 8.80 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (2.47)% | 5.23% | 6.44% | 13.22% | 0.50% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 44,706 | $ | 47,543 | $ | 44,238 | $ | 40,042 | $ | 35,331 | ||||||||||
Ratio of expenses to average net assets (D) | 1.07% | 1.05% | 1.05% | 1.11% | 1.05% | |||||||||||||||
Ratio of net investment income to average net assets (D)(E) | 0.53% | 1.26% | 0.25% | 0.71% | 0.48% | |||||||||||||||
Portfolio turnover rate | 25% | 19% | 22% | 32% | 23% | |||||||||||||||
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
| (E) | 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. |
The accompanying notes are an integral part of these financial statements.
102
Timothy Conservative Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Year ended September 30, 2013 | For the Year ended September 30, 2012 | For the Year ended September 30, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.22 | $ | 9.79 | $ | 9.27 | $ | 8.24 | $ | 8.32 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.01) | 0.03 | (0.05) | (0.01) | (0.02) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.30) | 0.40 | 0.57 | 1.04 | - | * | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.31) | 0.43 | 0.52 | 1.03 | (0.02) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | - | - | - | - | (0.06) | |||||||||||||||
From net realized gains on investments | (0.33) | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.33) | - | - | - | (0.06) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 9.58 | $ | 10.22 | $ | 9.79 | $ | 9.27 | $ | 8.24 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (3.19)% | 4.39% | 5.61% | 12.50% | (0.25)% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 11,135 | $ | 12,359 | $ | 10,419 | $ | 9,191 | $ | 7,963 | ||||||||||
Ratio of expenses to average net assets (D) | 1.82% | 1.79% | 1.80% | 1.86% | 1.80% | |||||||||||||||
Ratio of net investment income (loss), to average net assets (D)(E) | (0.14)% | 0.41% | (0.50)% | (0.06)% | (0.27)% | |||||||||||||||
Portfolio turnover rate | 25% | 19% | 22% | 32% | 23% | |||||||||||||||
*Amount is less than $0.005 per share.
| (A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (B) | Total return calculation does not reflect redemption fees. |
| (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) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
| (E) | 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. |
The accompanying notes are an integral part of these financial statements.
103
Timothy Emerging Markets Fund (Class A Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the 2013 (A) | ||||||||||||
Net asset value, beginning of period | $ | 10.23 | $ | 10.53 | $ | 10.00 | ||||||||
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||
Net investment income (loss) (B) | 0.04 | (0.02) | (0.08) | |||||||||||
Net realized and unrealized gain (loss) on investments | (3.35) | 0.08 | 0.61 | |||||||||||
|
|
|
|
|
| |||||||||
Total from investment operations | (3.31) | 0.06 | 0.53 | |||||||||||
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||
From net investment income | (0.04) | - | - | |||||||||||
From net realized gains on investments | (0.54) | (0.36) | - | |||||||||||
|
|
|
|
|
| |||||||||
Total distributions | (0.58) | (0.36) | - | |||||||||||
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 6.34 | $ | 10.23 | $ | 10.53 | ||||||||
|
|
|
|
|
| |||||||||
Total return (C)(D) | (33.78)% | 0.61% | 5.30% | (E) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||
Net assets, end of period (in 000’s) | $ | 5,981 | $ | 10,803 | $ | 8,675 | ||||||||
Ratios to average net assets | ||||||||||||||
Expenses, before waiver and reimbursement | 2.50% | 2.55% | - | |||||||||||
Expenses, net waiver and reimbursement | 2.45% | 2.55% | 3.03% | (F) | ||||||||||
Net investment income (loss), before waiver and reimbursement | 0.36% | (0.19)% | - | |||||||||||
Net investment income (loss), net waiver and reimbursement | 0.41% | (0.19)% | (0.95)% | (F) | ||||||||||
Portfolio turnover rate | 37% | 39% | 19% | (E) | ||||||||||
| (A) | For the period December 3, 2012 (Commencement of Operations) to September 30, 2013. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
104
Timothy Emerging Markets Fund (Class C Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the 2013 (A) | ||||||||||||
Net asset value, beginning of period | $ | 10.09 | $ | 10.48 | $ | 10.00 | ||||||||
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||
Net investment loss(B) | (0.02) | (0.09) | (0.12) | |||||||||||
Net realized and unrealized gain (loss) on investments | (3.30) | 0.06 | 0.60 | |||||||||||
|
|
|
|
|
| |||||||||
Total from investment operations | (3.32) | (0.03) | 0.48 | |||||||||||
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||
From net realized gains on investments | (0.54) | (0.36) | - | |||||||||||
|
|
|
|
|
| |||||||||
Total distributions | (0.54) | (0.36) | - | |||||||||||
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 6.23 | $ | 10.09 | $ | 10.48 | ||||||||
|
|
|
|
|
| |||||||||
Total return (C)(D) | (34.29)% | (0.27)% | 4.80% | (E) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||
Net assets, end of period (in 000’s) | $ | 498 | $ | 883 | $ | 291 | ||||||||
Ratios to average net assets | ||||||||||||||
Expenses, before waiver and reimbursement | 3.26% | 3.25% | - | |||||||||||
Expenses, net waiver and reimbursement | 3.21% | 3.25% | 3.76% | (F) | ||||||||||
Net investment loss, before waiver and reimbursement | (0.39)% | (0.83)% | - | |||||||||||
Net investment loss, net waiver and reimbursement | (0.34)% | (0.83)% | (1.39)% | (F) | ||||||||||
Portfolio turnover rate | 37% | 39% | 19% | (E) | ||||||||||
| (A) | For the period December 3, 2012 (Commencement of Operations) to September 30, 2013. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
105
Timothy Emerging Markets Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended September 30, 2013 (A) | ||||||||||||
|
| |||||||||||||
Net asset value, beginning of period | $ | 10.25 | $ | 10.53 | $ | 9.96 | ||||||||
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||
Net investment income (loss) (B) | 0.08 | 0.03 | - | * | ||||||||||
Net realized and unrealized gain (loss) on investments | (3.38) | 0.05 | (F) | 0.57 | ||||||||||
|
|
|
|
|
| |||||||||
Total from investment operations | (3.30) | 0.08 | 0.57 | |||||||||||
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||
From net investment income | (0.06) | - | - | |||||||||||
From net realized gains on investments | (0.54) | (0.36) | - | |||||||||||
|
|
|
|
|
| |||||||||
Total distributions | (0.60) | (0.36) | - | |||||||||||
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 6.35 | $ | 10.25 | $ | 10.53 | ||||||||
|
|
|
|
|
| |||||||||
Total return (C) | (33.04)% | 0.81% | 5.72% | (D) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||
Net assets, end of period (in 000’s) | $ | 329 | $ | 333 | $ | 106 | + | |||||||
Ratios to average net assets | ||||||||||||||
Expenses, before waiver and reimbursement | 2.26% | 2.25% | - | |||||||||||
Expenses, before waiver and reimbursement | 2.21% | 2.25% | 2.78% | (E) | ||||||||||
Net investment income (loss), before waiver and reimbursement | 0.90% | 0.25% | - | |||||||||||
Net investment income (loss), net waiver and reimbursement | 0.95% | 0.26% | (0.70%) | (E) | ||||||||||
Portfolio turnover rate | 37% | 39% | 19% | (D) | ||||||||||
* Amount is less than $0.005 per share.
+ Actual net assets not truncated.
| (A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (E) | Annualized. |
| (F) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
106
Timothy Growth & Income Fund (Class A Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Period ended September 30, 2014 (A) | |||||||||
|
| |||||||||
Net asset value, beginning of period | $ | 10.95 | $ | 10.00 | ||||||
|
|
|
| |||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||
Net investment income (loss) (B) | 0.01 | (0.02) | ||||||||
Net realized and unrealized gain (loss) on investments | (0.42) | 0.97 | ||||||||
|
|
|
| |||||||
Total from investment operations | (0.41) | 0.95 | ||||||||
|
|
|
| |||||||
LESS DISTRIBUTIONS: | ||||||||||
From net investment income | (0.01) | - | ||||||||
|
|
|
| |||||||
Total distributions | (0.01) | - | ||||||||
|
|
|
| |||||||
Net asset value, end of period | $ | 10.53 | $ | 10.95 | ||||||
|
|
|
| |||||||
Total return (C,D) | (3.75)% | 9.50% | (E) | |||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||
Net assets, end of period (in 000’s) | $ | 26,378 | $ | 24,272 | ||||||
Ratios to average net assets | ||||||||||
Expenses, before waiver and reimbursement | 1.56% | 1.68% | (F) | |||||||
Expenses, net waiver and reimbursement | 1.51% | 1.67% | (F) | |||||||
Net investment income (loss), before waiver and reimbursement | 0.08% | (0.21%) | (F) | |||||||
Net investment income (loss), net waiver and reimbursement | 0.13% | (0.21%) | (F) | |||||||
Portfolio turnover rate | 75% | 21% | (E) | |||||||
| (A) | For the period October 1, 2013 (Commencement of Operations) to September 30, 2014. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
107
Timothy Growth & Income Fund (Class C Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Period ended September 30, 2014 (A) | |||||||||
| ||||||||||
Net asset value, beginning of period | $ | 10.87 | $ | 10.00 | ||||||
|
|
|
| |||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||
Net investment loss (B) | (0.06) | (0.08) | ||||||||
Net realized and unrealized gain (loss) on investments | (0.42) | 0.95 | ||||||||
|
|
|
| |||||||
Total from investment operations | (0.48) | 0.87 | ||||||||
|
|
|
| |||||||
Net asset value, end of period | $ | 10.39 | $ | 10.87 | ||||||
|
|
|
| |||||||
Total return (C,D) | (4.42)% | 8.70% | (E) | |||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||
Net assets, end of period (in 000’s) | $ | 3,330 | $ | 2,081 | ||||||
Ratios to average net assets | ||||||||||
Expenses, before waiver and reimbursement | 2.30% | 2.20% | (F) | |||||||
Expenses, net waiver and reimbursement | 2.25% | 2.19% | (F) | |||||||
Net investment loss, before waiver and reimbursement | (0.60%) | (0.72%) | (F) | |||||||
Net investment loss, net waiver and reimbursement | (0.62%) | (0.70%) | (F) | |||||||
Portfolio turnover rate | 75% | 21% | (E) | |||||||
| (A) | For the period October 1, 2013 (Commencement of Operations) to September 30, 2014. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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 and turnover are not annualized. |
| (F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
108
Timothy Growth & Income Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2015 | For the Period ended September 30, 2014 (A) | |||||||||
|
| |||||||||
Net asset value, beginning of period | $ | 10.96 | $ | 10.00 | ||||||
|
|
|
| |||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||
Net investment income (B) | 0.04 | 0.04 | ||||||||
Net realized and unrealized gain (loss) on investments | (0.42) | 0.92 | (F) | |||||||
|
|
|
| |||||||
Total from investment operations | (0.38) | 0.96 | ||||||||
|
|
|
| |||||||
LESS DISTRIBUTIONS: | ||||||||||
From net investment income | (0.02) | - | ||||||||
|
|
|
| |||||||
Total distributions | (0.02) | - | ||||||||
|
|
|
| |||||||
Net asset value, end of period | $ | 10.56 | $ | 10.96 | ||||||
|
|
|
| |||||||
Total return (C) | (3.50)% | 9.60% | (D) | |||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||
Net assets, end of period (in 000’s) | $ | 1,573 | $ | 1,507 | ||||||
Ratios to average net assets | ||||||||||
Expenses, before waiver and reimbursement | 1.31% | 1.18% | (E) | |||||||
Expenses, net waiver and reimbursement | 1.26% | 1.16% | (E) | |||||||
Net investment income (loss), before waiver and reimbursement | 0.32% | 0.30% | (E) | |||||||
Net investment income (loss), net waiver and reimbursement | 0.38% | 0.31% | (E) | |||||||
Portfolio turnover rate | 75% | 21% | (D) | |||||||
| (A) | For the period October 1, 2013 (Commencement of Operations) to September 30, 2014. |
| (B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
| (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. |
| (D) | For periods of less than one full year, total return and turnover are not annualized. |
| (E) | Annualized. |
| (F) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
109
Notes to Financial Statements
September 30, 2015
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, 2015, the Trust consisted of fifteen series. These financial statements include the following thirteen 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 Israel Common Values Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund, Timothy Plan Emerging Markets Fund and Timothy Plan Growth & Income 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 Advisor 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.
110
Notes to Financial Statements
September 30, 2015 (Continued)
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”), Treasury Inflation Protected Securities (“TIPS”), and currently holds gold and silver bullion. The fund is non-diversified.
The Timothy Plan Israel Common Values Fund seeks to provide long-term growth of capital. This Fund seeks to achieve its investment objectives by normally investing at least 80% of the Fund’s total assets in the common stock of companies domiciled and/or headquartered in Israel through the purchase of American Depositary Receipts (ADRs) and direct investments in such companies on foreign stock exchanges, without regard to market capitalizations.
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 2-10% 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 10-20% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 6-18% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 10-20% of its net assets in the Timothy Plan International Fund; approximately 2-10% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 10-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-10% of its net assets in the Timothy Plan Emerging Markets Fund; and approximately 5-20% of its net assets in the Timothy Plan Growth & Income 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 2-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 5-15% 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 2-5% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 6-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 0-10% of its net assets in the Timothy Plan International Fund; approximately 20%-40% of its net assets in the Timothy Plan Fixed Income Fund; approximately 10-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-10% of its net assets in the Timothy Plan Emerging Markets Fund; and approximately 5-20% of its net assets in the Timothy Plan Growth & Income Fund.
The Timothy Plan Emerging Markets Fund commenced operations on December 3, 2012. The Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objectives by normally investing at least 80% of the Fund’s total assets in the common stock of companies domiciled and/or headquartered in countries that the Fund’s Advisor believes are experiencing rapid or above average growth or industrialization through the purchase of American Depositary Receipts (ADRs) and direct investments in such companies on foreign stock exchanges, without regard to market capitalizations.
The Timothy Plan Growth & Income Fund commenced operations on October 1, 2013. The Fund’s investment objective is to provide total return through a combination of growth and income and preservation of capital in declining markets. The Fund seeks to achieve its investment objectives by employing a proprietary investment model to select equity securities for the Fund that the Fund’s Advisor believes are undervalued and more likely to appreciate. The Fund’s Advisor focuses on characteristics such as management commitment, value and neglect, and on equity securities that are underrepresented by institutional investors. The Fund’s Advisor also assesses a number of fundamental factors such as earnings, earnings trends, price earnings multiples, return on assets and other financial statement data, as well as other proprietary calculations. The model evaluates over 8,500 companies of all capitalization ranges. For the Fund, the Fund’s Advisor refines the model by using a capitalization screen and evaluates thousands of companies within the appropriate capitalization range. The Fund’s Advisor normally will sell a security when the investment no longer meets the Funds Advisor’s investment criteria.
111
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
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. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to 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). The costing method for the Timothy Plan Funds is FIFO (first-in-first-out). Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Aggressive Growth Fund, Large/Mid Cap Growth Fund, Large/Mid Cap Value Fund, Small Cap Value Fund, Israel Common Values Fund, Defensive Strategies Fund and Emerging Markets 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. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in REITS are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the calendar year. Estimates are based on the most recent REIT distribution information available. 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.
| C. | FOREIGN CURRENCY |
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.
| D. | GOLD/SILVER RISK FACTORS |
There is a risk that some or all of the Trust’s gold and silver bars held by the Custodian or any sub-custodian on behalf of the Trust could be lost, damaged or stolen. Access to the Trust’s gold bars could be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the fund shares.
112
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
Several factors may affect the price of gold and silver, including but not limited to:
| ● | Global or regional political, economic or financial events and situations; |
| ● | Investors’ expectations with respect to the rate of inflation; |
| ● | Currency exchange rates; |
| ● | Interest rates; and |
| ● | Investment and trading activities of hedge funds and commodity funds. |
| E. | 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 each Fund in the Trust. The net asset value of the classes may differ because of different fees and expenses charged to each class.
| F. | 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”).
| G. | 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; Class I shares, which commenced operations on August 1, 2013, are offered without any sales charges or ongoing service distribution fees.
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.
| H. | 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 year ended. Actual results could differ from those estimates.
| I. | FEDERAL INCOME TAXES |
It is the policy of each Fund to continue to comply with all requirements under subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income or gains. Therefore, no federal income tax or excise provision is required.
As of September 30, 2015, 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 year ended September 30, 2015, 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 2012, or since inception if after 2012, 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.
113
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
| J. | INDEMNIFICATION |
The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.
| K. | 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 Net Asset Values (NAVs) per share of the Funds. Reclassifications for the fiscal year ended September 30, 2015 are as follows:
| Fund | Paid In Capital | Undistributed Ordinary Income (Loss) | Accumulated Net Realized Gains (Loss) | |||||||||||
Aggressive Growth Fund | $ | - | $ | 274,428 | $ | (274,428 | ) | |||||||
International Fund | - | 252,419 | (252,419 | ) | ||||||||||
Large/Mid Cap Growth Fund | - | 149,941 | (149,941 | ) | ||||||||||
Small Cap Value Fund | (113,905 | ) | 120,128 | (6,223 | ) | |||||||||
Large/Mid Cap Value Fund | - | 724 | (724 | ) | ||||||||||
Fixed Income Fund | - | 270,344 | (270,344 | ) | ||||||||||
Israel Common Values Fund | (28,148 | ) | 242,118 | (213,970 | ) | |||||||||
Defensive Strategies Fund | (27,965 | ) | 851,418 | (823,453 | ) | |||||||||
Emerging Markets Fund | - | (3,706 | ) | 3,706 | ||||||||||
Growth & Income Fund | - | 25,865 | (25,865 | ) | ||||||||||
| L. | SUB-CUSTODIAN |
Effective May 22, 2015, the Timothy Plan Family of Funds entered into a precious metals storage agreement with Brink’s Global Services U.S.A., Inc. to maintain the custody of the gold and silver held in the Timothy Plan Defensive Strategies Fund.
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.
114
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
VALUATION OF FUND OF FUNDS
A Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the board of directors of the Underlying Funds.
Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.
OPTIONS TRANSACTIONS –The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.
Each Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio.
When the Funds write a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.
The Funds may purchase put and call options. Call options are purchased to hedge against an increase in the value of securities held in a Fund’s portfolio. If such an increase occurs, the call options will permit the Fund to purchase the securities underlying such options at the exercise price, not at the current market price. Put options are purchased to hedge against a decline in the value of securities held in a Fund’s portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty credit risk to the Funds since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.
For the year ended September 30, 2015, The Timothy Plan Defensive Strategies Fund had net unrealized appreciation of $138,072, on purchased options subject to equity price risk and this unrealized appreciation amount is included in the line items marked “Net change in unrealized appreciation (depreciation) on options purchased” on the Statement of Operations. The changes in unrealized gains and losses on derivative instruments during the year as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.
115
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
The Trust utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
●Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.
●Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
●Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Each Fund generally determines the total value of each class of its shares by using market prices for the securities comprising its portfolio. Equity securities, including common stock, ADRs, REITs, MLPs, ETFs and warrants 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. Equity securities traded on inactive markets or valued by reference to similar instruments are categorized as a Level 2. 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 commodities are valued at the spot rate at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy.
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, U.S. government agency securities and treasury inflation protected 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.
116
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
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) may be 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 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.
The following is a summary of the inputs used to value each Fund’s assets as of September 30, 2015:
Aggressive Growth Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 13,735,666 | $ | - | $ | - | $ | 13,735,666 | ||||||||
Master Limited Partnerships | 228,840 | - | - | 228,840 | ||||||||||||
REITs | 45,967 | - | - | 45,967 | ||||||||||||
Money Market Fund | 6,228,288 | - | - | 6,228,288 | ||||||||||||
Total | $ | 20,238,761 | $ | - | $ | - | $ | 20,238,761 | ||||||||
International Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 43,871,857 | $ | 1,560,550 | $ | - | $ | 45,432,407 | ||||||||
Money Market Fund | 12,580,078 | - | - | 12,580,078 | ||||||||||||
Total | $ | 56,451,935 | $ | 1,560,550 | $ | - | $ | 58,012,485 | ||||||||
Large/Mid Cap Growth Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 41,467,263 | $ | - | $ | - | $ | 41,467,263 | ||||||||
Master Limited Partnerships | 856,474 | - | - | 856,474 | ||||||||||||
Money Market Fund | 18,045,485 | - | - | �� | 18,045,485 | |||||||||||
Total | $ | 60,369,222 | $ | - | $ | - | $ | 60,369,222 | ||||||||
Small Cap Value Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 36,546,479 | $ | - | $ | - | $ | 36,546,479 | ||||||||
Master Limited Partnerships | 759,248 | - | - | 759,248 | ||||||||||||
REITs | 5,137,833 | - | - | 5,137,833 | ||||||||||||
Money Market Fund | 39,258,935 | - | - | 39,258,935 | ||||||||||||
Total | $ | 81,702,495 | $ | - | $ | - | $ | 81,702,495 | ||||||||
117
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
Large/Mid Cap Value Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 73,013,864 | $ | - | $ | - | $ | 73,013,864 | ||||||||
Master Limited Partnerships | 1,480,860 | - | - | 1,480,860 | ||||||||||||
REITs | 3,262,112 | - | - | 3,262,112 | ||||||||||||
Money Market Fund | 79,227,486 | - | - | 79,227,486 | ||||||||||||
Total | $ | 156,984,322 | $ | - | $ | - | $ | 156,984,322 | ||||||||
Fixed Income Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | - | $ | 23,624,636 | $ | - | $ | 23,624,636 | ||||||||
Government Notes & Bonds | - | 24,451,578 | - | 24,451,578 | ||||||||||||
Government Mortgage-Backed Securities | - | 24,894,605 | - | 24,894,605 | ||||||||||||
Money Market Fund | 1,551,614 | - | - | 1,551,614 | ||||||||||||
Total | $ | 1,551,614 | $ | 72,970,819 | $ | - | $ | 74,522,433 | ||||||||
High Yield Bond Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | - | $ | 39,024,472 | $ | - | $ | 39,024,472 | ||||||||
Money Market Fund | 2,146,964 | - | - | 2,146,964 | ||||||||||||
Total | $ | 2,146,964 | $ | 39,024,472 | $ | - | $ | 41,171,436 | ||||||||
Israel Common Values Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 10,824,361 | $ | 407,868 | $ | - | $ | 11,232,229 | ||||||||
REITs | 324,132 | 324,132 | ||||||||||||||
Money Market Fund | 3,051,032 | - | - | 3,051,032 | ||||||||||||
Total | $ | 14,199,525 | $ | 407,868 | $ | - | $ | 14,607,393 | ||||||||
Defensive Strategies Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 12,547,031 | $ | - | $ | - | $ | 12,547,031 | ||||||||
REITs | 15,904,810 | - | - | 15,904,810 | ||||||||||||
Exchange Traded Funds | 10,565,928 | - | - | 10,565,928 | ||||||||||||
Government Mortgage-Backed Securities | - | 1,511,319 | - | 1,511,319 | ||||||||||||
Corporate Bonds | - | 1,341,044 | - | 1,341,044 | ||||||||||||
Treasury Inflation Protected Securities (TIPS) | - | 17,046,882 | - | 17,046,882 | ||||||||||||
Alternative Investments | 8,358,660 | - | - | 8,358,660 | ||||||||||||
Purchased Put Options | 578,900 | - | - | 578,900 | ||||||||||||
Money Market Fund | 18,443,599 | - | - | 18,443,599 | ||||||||||||
Total | $ | 66,398,928 | $ | 19,899,245 | $ | - | $ | 86,298,173 | ||||||||
118
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
Strategic Growth Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual Funds | $ | 34,624,408 | $ | - | $ | - | $ | 34,624,408 | ||||||||
Money Market Fund | 6,264,084 | - | - | 6,264,084 | ||||||||||||
Total | $ | 40,888,492 | $ | - | $ | - | $ | 40,888,492 | ||||||||
Conservative Growth Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual Funds | $ | 44,735,810 | $ | - | $ | - | $ | 44,735,810 | ||||||||
Money Market Fund | 11,248,708 | - | - | 11,248,708 | ||||||||||||
Total | $ | 55,984,518 | $ | - | $ | - | $ | 55,984,518 | ||||||||
Emerging Markets Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 5,381,814 | $ | 4,181 | $ | 5,513 | $ | 5,391,508 | ||||||||
Preferred Stock | 493,632 | - | - | 493,632 | ||||||||||||
REITs | 267,991 | - | - | 267,991 | ||||||||||||
Money Market Fund | 672,283 | - | - | 672,283 | ||||||||||||
Total | $ | 6,815,720 | $ | 4,181 | $ | 5,513 | $ | 6,825,414 | ||||||||
Growth & Income Fund | ||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 14,810,557 | $ | - | $ | - | $ | 14,810,557 | ||||||||
Exchange Traded Funds | 148,106 | - | - | 148,106 | ||||||||||||
Corporate Bonds | - | 489,530 | - | 489,530 | ||||||||||||
Government Notes & Bonds | - | 13,389,263 | - | 13,389,263 | ||||||||||||
Money Market Fund | 2,638,937 | - | - | 2,638,937 | ||||||||||||
Total | $ | 17,597,600 | $ | 13,878,793 | $ | - | $ | 31,476,393 | ||||||||
Refer to the Schedules of Investments for industry classifications.
During the year ended September 30, 2015, there were transfers in and out of Level 1 & Level 2. The Funds’ policy is to recognize transfers at the end of the reporting period.
The following amounts were transfers in/(out) of Level 2 assets:
| Israel Common Values Fund |
| |||||||||
| Common Stock | Total | |||||||||
Transfers into Level 2 from Level 1 | $ | 407,868 | $ | 407,868 | ||||||
Transfers from Level 2 into Level 1 | - | - | ||||||||
The reason for transfers is due to lack of market activity. | ||||||||||
119
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
International | ||||||||||
| Common Stock | Total | |||||||||
Transfers into Level 2 from Level 1 | $ | 1,560,550 | $ | 1,560,550 | ||||||
Transfers from Level 2 into Level 1 | - | - | ||||||||
The reason for transfers is due to lack of market activity. | ||||||||||
Emerging Markets Fund | ||||||||||
| Common Stock | Total | |||||||||
Transfers from Level 2 into Level 3 | $ | 5,513 | $ | 5,513 | ||||||
Transfers from Level 2 into Level 1 | 152,975 | 152,975 | ||||||||
The following is a reconciliation of assets in which Level 3 inputs were used in determining value:
| Emerging Markets Fund | ||||||
| Common Stock | ||||||
Beginning Balance | $ - | |||||
Total realized gain (loss) | - | |||||
Cost of Purchases | - | |||||
Proceeds from Sales | - | |||||
Return of Capital | - | |||||
Net transfers in/out of level 3 | 5,513 | |||||
Ending Balance | $ 5,513 | |||||
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 year ended September 30, 2015:
| Purchases | Sales | |||||||||||||||||
Fund | U.S. Gov’t Obligations | Other | U.S. Gov’t Obligations | Other | ||||||||||||||
Aggressive Growth | $ | - | $31,645,079 | $ | - | $40,118,258 | ||||||||||||
International | - | 17,004,698 | - | 23,228,747 | ||||||||||||||
Large/Mid Cap Growth | - | 42,494,025 | - | 59,875,808 | ||||||||||||||
Small Cap Value | - | 20,500,222 | - | 59,730,307 | ||||||||||||||
Large/Mid Cap Value | - | 14,323,807 | - | 88,613,831 | ||||||||||||||
Fixed Income | 20,382,185 | 1,246,050 | 9,246,750 | 10,819,683 | ||||||||||||||
High Yield Bond | - | 16,549,387 | - | 16,278,111 | ||||||||||||||
Israel Common Values | - | 3,625,431 | - | 6,170,841 | ||||||||||||||
Defensive Strategies | 7,204,257 | 17,910,629 | 7,197,637 | 18,682,578 | ||||||||||||||
Strategic Growth * | - | 10,211,525 | - | 17,887,308 | ||||||||||||||
Conservative Growth * | - | 13,838,411 | - | 25,687,783 | ||||||||||||||
Emerging Markets | - | 3,783,060 | - | 5,056,387 | ||||||||||||||
Growth & Income | 8,354,954 | 18,697,642 | 8,502,630 | 14,448,095 | ||||||||||||||
* The security transactions are purchases and sales of affiliated funds.
120
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
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 27, 2015. 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 1.20% of the average daily net assets of the Timothy Plan Emerging Markets Fund; 1.00% of the average daily net assets of the Timothy Plan International Fund and Timothy Plan Israel Common Values 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, the Timothy Plan Growth & Income, 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, and the Timothy Plan Defensive Strategies 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 Emerging Markets Fund to 1.15%; from the International Fund to 0.95%; from the Small Cap Value Fund, the Large/Mid Cap Growth Fund, the Growth & Income Fund, and the Large/Mid Cap Value Fund to 0.80%; from the Aggressive Growth Fund to 0.75%; from the High Yield Bond Fund and the Defensive Strategies Fund to 0.55%; and from the Fixed Income Fund to 0.40%. 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 year ended September 30, 2015, TPL waived and reimbursed the Funds as follows:
| Fund | Year Ended September 30, 2015 | |||||||
Aggressive Growth Fund | $ | 24,010 | ||||||
International Fund | 31,052 | |||||||
Large/Mid Cap Growth Fund | 33,496 | |||||||
Small Cap Value Fund | 44,711 | |||||||
Large/Mid Cap Value Fund | 84,280 | |||||||
Fixed Income Fund | 154,495 | |||||||
High Yield Bond Fund | 22,342 | |||||||
Defensive Strategies Fund | 35,976 | |||||||
Emerging Markets Fund | 5,321 | |||||||
Growth & Income Fund | 16,029 | |||||||
Gemini Fund Services, LLC (“GFS”) provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Fees are billed monthly as follows:
Fund Accounting and Fund Administration Fees:
Fund Complex Base annual fee:
25 basis points (0.25%) on the first $200 million of net assets
15 basis points (0.15%) on the next $200 million of net assets;
8 basis points (0.08%) on the next $600 million of net assets; and
6 basis points (0.06%) on net assets greater than $1 billion.
Transfer agency fees for the Funds are combined with the Fund Accounting and Fund Administration fees under the Trust’s agreement with GFS. Therefore, there is no separate base annual fee per Fund or share class.
An officer of the Trust is also an employee of GFS, and is not paid any fees directly by the Trust for serving in such capacity.
121
Notes to Financial Statements
September 30, 2015 (Continued)
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, Timothy Plan Defensive Strategies, Timothy Plan Israel Common Values, Timothy Plan Emerging Markets, and Timothy Plan Growth & Income 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 C Plan, 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. Class I shares are not subject to the shareholder services plan.
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 C Plan, 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 year ended September 30, 2015, the Funds paid TPL under the terms of the Plans as follows:
| Fund | 12b-1 Fees | |||||||
Year Ended
| ||||||||
Aggressive Growth | $87,654 | |||||||
International | 178,994 | |||||||
Large/Mid Cap Growth | 215,731 | |||||||
Small Cap Value | 289,955 | |||||||
Large/Mid Cap Value | 553,905 | |||||||
Fixed Income | 249,442 | |||||||
High Yield Bond | 130,138 | |||||||
Israel Common Values | 60,776 | |||||||
Defensive Strategies | 285,338 | |||||||
Strategic Growth | 63,348 | |||||||
Conservative Growth | 90,568 | |||||||
Emerging Markets | 31,241 | |||||||
Growth & Income | 100,514 | |||||||
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 year ended September 30, 2015, TPL received sales charges deducted from the proceeds of sales of Class A capital shares and CDSC fees deducted from the redemption of Class C capital shares as follows:
122
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
| Fund | (Class A) | (Class C) | ||||||||||
Aggressive Growth | $10,884 | $623 | ||||||||||
International | 18,014 | 575 | ||||||||||
Large/Mid Cap Growth | 31,387 | 1,457 | ||||||||||
Small Cap Value | 28,434 | 1,685 | ||||||||||
Large/Mid Cap Value | 74,578 | 3,714 | ||||||||||
Fixed Income | 37,832 | 1,240 | ||||||||||
High Yield Bond | 17,173 | 764 | ||||||||||
Israel Common Values | 11,998 | 1,598 | ||||||||||
Defensive Strategies | 34,349 | 2,353 | ||||||||||
Strategic Growth | 23,014 | 798 | ||||||||||
Conservative Growth | 33,674 | 7,490 | ||||||||||
Emerging Markets | 4,264 | 305 | ||||||||||
Growth & Income | 34,227 | 1,737 | ||||||||||
Note 5 | Control Ownership
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates the presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. At September 30, 2015, there were no shareholders with ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund.
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 Plan Funds. These accounts can be considered affiliated to the Timothy Plan.
| Aggressive Growth | 14.31% | |||||||||||
| International | 20.19% | |||||||||||
| Large/Mid Cap Growth | 15.93% | |||||||||||
| Small Cap Value | 5.81% | |||||||||||
| Large/Mid Cap Value | 6.40% | |||||||||||
| Fixed Income | 25.05% | |||||||||||
| High Yield Bond | 22.47% | |||||||||||
| Israel Common Values | 23.03% | |||||||||||
| Defensive Strategies | 40.89% | |||||||||||
| Emerging Markets | 49.88% | |||||||||||
| Growth & Income | 38.54% | |||||||||||
Note 6 | Underlying Investment in Other Investment Companies
The Funds’ transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee fund’s investment advisor is under common control with Fund’s investment advisor.
The Timothy Plan Strategic Growth Fund and Conservative Growth had the following transactions during the year ended September 30, 2015, with affiliates:
123
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
| Strategic Growth | Share Activity | Year Ended September 30, 2015 | ||||||||||||||||||||||||||
| Fund |
Balance | Purchases | Sales | Balance September 30, 2015 | Fair Value | Dividends Credited to Income | Amount of Gain (Loss) Realized on Sale of Shares* | |||||||||||||||||||||
Aggressive Growth | 290,580 | $ | 34,276 | $ | 159,520 | 165,336 | $ | 1,319,383 | $ | 28,739 | $ | 802,667 | ||||||||||||||||
International | 784,166 | 11,932 | 296,758 | 499,340 | 4,229,412 | - | 461,067 | |||||||||||||||||||||
Large/Mid Cap Growth | 726,025 | 86,225 | 330,860 | 481,390 | 3,730,772 | 133,879 | 1,275,010 | |||||||||||||||||||||
Small Cap Value | 143,014 | 27,977 | 85,024 | 85,967 | 1,455,414 | 136,399 | 800,408 | |||||||||||||||||||||
Large/Mid Cap Value | 304,326 | 31,142 | 129,822 | 205,646 | 3,742,750 | 48,459 | 1,498,827 | |||||||||||||||||||||
High Yield Bond | 630,532 | 53,122 | 279,564 | 404,090 | 3,491,337 | 210,536 | 7,295 | |||||||||||||||||||||
Israel Common Values | 187,486 | 12,180 | 100,279 | 99,387 | 1,103,200 | - | 188,647 | |||||||||||||||||||||
Defensive Strategies | 502,579 | 582,877 | 95,135 | 990,321 | 10,437,985 | 58,542 | (88,511 | ) | ||||||||||||||||||||
Emerging Markets | 248,955 | 108,566 | 146,731 | 210,790 | 1,334,304 | 42,318 | (141,934 | ) | ||||||||||||||||||||
Growth & Income | 426,068 | 8,045 | 75,153 | 358,960 | 3,779,851 | 3,443 | 72,056 | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
| Conservative Growth | Share Activity | Year Ended September 30, 2015 | ||||||||||||||||||||||||||
| Fund |
Balance | Purchases | Sales | Balance September 30, 2015 | Fair Value | Dividends Credited to Income | Amount of Gain (Loss) Realized on Sale of Shares* | |||||||||||||||||||||
Aggressive Growth | 146,706 | $ | 24,676 | $ | 101,557 | 69,825 | $ | 557,200 | $ | 14,600 | $ | 336,765 | ||||||||||||||||
International | 666,622 | 43,944 | 310,325 | 400,241 | 3,390,039 | - | 471,118 | |||||||||||||||||||||
Large/Mid Cap Growth | 566,804 | 100,552 | 338,067 | 329,289 | 2,551,989 | 107,044 | 963,142 | |||||||||||||||||||||
Small Cap Value | 157,007 | 39,210 | 95,431 | 100,786 | 1,706,301 | 154,641 | 867,732 | |||||||||||||||||||||
Large/Mid Cap Value | 234,925 | 33,720 | 112,338 | 156,307 | 2,844,796 | 38,074 | 1,112,285 | |||||||||||||||||||||
Fixed Income | 1,672,013 | 167,471 | 610,888 | 1,228,596 | 12,617,677 | 363,831 | 71,243 | |||||||||||||||||||||
High Yield Bond | 537,887 | 53,888 | 298,919 | 292,856 | 2,530,277 | 175,299 | 81,887 | |||||||||||||||||||||
Israel Common Values | 194,497 | 18,626 | 114,268 | 98,855 | 1,097,289 | - | 220,983 | |||||||||||||||||||||
Defensive Strategies | 629,393 | 725,112 | 161,507 | 1,192,998 | 12,574,200 | 75,033 | (150,435 | ) | ||||||||||||||||||||
Emerging Markets | 171,606 | 63,046 | 101,529 | 133,123 | 842,671 | 27,530 | (129,511 | ) | ||||||||||||||||||||
Growth & Income | 544,933 | 17,891 | 180,738 | 382,086 | 4,023,371 | 3,664 | 192,520 | |||||||||||||||||||||
*Includes capital gain distributions from affiliated funds
Note 7 | Underlying Investment in Other Investment Companies
The Timothy Plan Strategic Growth Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan Defensive Strategies Fund. The Timothy Plan Small Cap Value Fund and Timothy Plan Large Mid Cap Value Fund seek to achieve their investment objectives by investing a portion of their assets in the Fidelity Institutional Money Market Fund (the “Investments”), a registered open-end fund incorporated in the USA. The Funds may redeem their investments from the Investments at any time if the Advisor determines that it is in the best interest of the Funds and their shareholders to do so.
The performance of the Funds may be directly affected by the performance of the Investments. The annual reports of the Timothy Plan Defensive Strategies Fund and the Fidelity Institutional Money Market Fund, along with the reports of the independent registered public accounting firm are included in the Investments’ N-CSR filings dated September 30, 2014 and March 31, 2015, respectively, at ‘www.sec.gov’. As of September 30, 2015, the percentage of each Fund’s net assets invested in the Investments were 25.6% for Timothy Plan Strategic Growth and 48.1% and 50.5%, respectively, for Timothy Plan Small Cap Value Fund and Timothy Plan Large Mid Cap Value Fund
Note 8 | Payments by Affiliates
As a result of a trade error, the Timothy Plan International Fund experienced a loss of $4,927.83, all of which was reimbursed by the Advisor.
124
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
Note 9 | Distributions to Shareholders and Tax Components of Capital
The tax character of distributions paid during the fiscal year ended September 30, 2015 and the fiscal year ended September 30, 2014 were as follows:
|
| |||||||||||||||||||||
| Aggressive Growth | International * | Large/Mid Cap Growth | Small Cap Value | |||||||||||||||||||
|
| |||||||||||||||||||||
Year ended September 30, 2015 | ||||||||||||||||||||||
Ordinary Income | $ | 266,245 | $ | - | $ | 1,410,928 | $ | 4,374,626 | ||||||||||||||
Long-term Capital Gains | 2,463,722 | - | 5,365,024 | 10,475,017 | ||||||||||||||||||
Return of Capital | - | - | - | - | ||||||||||||||||||
|
| |||||||||||||||||||||
| $ | 2,729,967 | $ | - | $ | 6,775,952 | $ | 14,849,643 | |||||||||||||||
|
| |||||||||||||||||||||
Year ended September 30, 2014 | ||||||||||||||||||||||
Ordinary Income | $ | - | $ | 1,012,067 | $ | 2,876,614 | $ | 3,326,167 | ||||||||||||||
Long-term Capital Gains | 1,247,804 | - | 2,470,222 | 4,215,693 | ||||||||||||||||||
Return of Capital | - | - | - | - | ||||||||||||||||||
|
| |||||||||||||||||||||
| $ | 1,247,804 | $ | 1,012,067 | $ | 5,346,836 | $ | 7,541,860 | |||||||||||||||
|
| |||||||||||||||||||||
|
| |||||||||||||||||||||
| Large/Mid Cap Value | Fixed Income | High Yield Bond | Israel Common Values* | Defensive Strategies | ||||||||||||||||||
|
| |||||||||||||||||||||
Year ended September 30, 2015 | ||||||||||||||||||||||
Ordinary Income | $ | 1,359,637 | $ | 1,804,410 | $ | 1,905,547 | $ | - | $ | 399,307 | ||||||||||||
Long-term Capital Gains | 13,476,114 | 160,551 | - | - | 289,636 | |||||||||||||||||
Return of Capital | - | - | - | - | - | |||||||||||||||||
|
| |||||||||||||||||||||
| $ | 14,835,751 | $ | 1,964,961 | $ | 1,905,547 | $ | - | $ | 688,943 | |||||||||||||
|
| |||||||||||||||||||||
Year ended September 30, 2014 | ||||||||||||||||||||||
Ordinary Income | $ | 575,850 | $ | 1,715,115 | $ | 1,928,998 | $ | 683,503 | $ | 375,871 | ||||||||||||
Long-term Capital Gains | 9,110,156 | 166,274 | - | 8,066 | - | |||||||||||||||||
Return of Capital | - | - | - | - | - | |||||||||||||||||
|
| |||||||||||||||||||||
| $ | 9,686,006 | $ | 1,881,389 | $ | 1,928,998 | $ | 691,569 | $ | 375,871 | |||||||||||||
|
| |||||||||||||||||||||
|
| |||||||||||||||||||||
| Strategic Growth | onservative Growt | Emerging Markets* | Growth & Income Fund | |||||||||||||||||||
|
| |||||||||||||||||||||
Year ended September 30, 2015 | ||||||||||||||||||||||
Ordinary Income | $ | 535,578 | $ | 449,136 | $ | 216,184 | $ | 792 | ||||||||||||||
Long-term Capital Gains | - | 1,808,134 | 538,346 | 25,865 | ||||||||||||||||||
Return of Capital | - | - | - | - | ||||||||||||||||||
|
| |||||||||||||||||||||
| $ | 535,578 | $ | 2,257,270 | $ | 754,530 | $ | 26,657 | |||||||||||||||
|
| |||||||||||||||||||||
Year ended September 30, 2014 | ||||||||||||||||||||||
Ordinary Income | $ | 35,399 | $ | 207,808 | $ | 363,300 | $ | - | ||||||||||||||
Long-term Capital Gains | - | - | - | - | ||||||||||||||||||
Return of Capital | - | - | - | - | ||||||||||||||||||
|
| |||||||||||||||||||||
| $ | 35,399 | $ | 207,808 | $ | 363,300 | $ | - | |||||||||||||||
|
| |||||||||||||||||||||
125
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $186,200 and $56,302 for the fiscal year ended September 30, 2014 for the International Fund and Israel Common Values Fund, respectively, and $32,144 and $28,397 for fiscal years ended September 30, 2015 and September 30, 2014, respectively, for the Emerging Markets Fund which have been passed through to the Funds’ underlying shareholders.
As of September 30, 2015, 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 | $ | 78,558 | $ | 719,367 | $ | 84,166 | $ | - | ||||||||||||
Long-Term Capital Gains | 3,036,153 | - | 6,428,199 | 8,063,971 | ||||||||||||||||
Capital Loss Carry Forward | - | (13,943,870) | - | - | ||||||||||||||||
Post October and Other Losses | - | (2,515,667) | - | (365,416) | ||||||||||||||||
Unrealized Appreciation (Depreciation) | (1,073,081) | 5,721,053 | 1,120,603 | (802,154) | ||||||||||||||||
|
| |||||||||||||||||||
| $ | 2,041,630 | $ | (10,019,117) | $ | 7,632,968 | $ | 6,896,401 | |||||||||||||
|
| |||||||||||||||||||
| ||||||||||||||||||||
|
| |||||||||||||||||||
| Large/Mid Cap Value | Fixed Income | High Yield Bond | Israel Common Values | |||||||||||||||||
|
| |||||||||||||||||||
Undistributed Ordinary Income | $ | - | $ | 58,688 | $ | 74,267 | $ | - | ||||||||||||
Long-Term Capital Gains | 19,428,579 | - | - | - | ||||||||||||||||
Capital Loss Carry Forward | - | - | (776,982) | (235,646) | ||||||||||||||||
Post October and Other Losses | (372,604) | (261,835) | (915,954) | (888,575) | ||||||||||||||||
Unrealized Appreciation (Depreciation) | 16,139,839 | 302,018 | (2,973,931) | 980,929 | ||||||||||||||||
|
| |||||||||||||||||||
| $ | 35,195,814 | $ | 98,871 | $ | (4,592,600) | $ | (143,292) | |||||||||||||
|
| |||||||||||||||||||
| ||||||||||||||||||||
|
| |||||||||||||||||||
| Defensive Strategies | Strategic Growth | Conservative Growth | Emerging Markets | |||||||||||||||||
|
| |||||||||||||||||||
Undistributed Ordinary Income | $ | - | $ | 111,242 | $ | 234,612 | $ | - | ||||||||||||
Long-Term Capital Gains | - | - | 3,321,111 | - | ||||||||||||||||
Capital Loss Carry Forward | - | (1,584,086) | - | - | ||||||||||||||||
Post October and Other Losses | (122,448) | - | - | (864,921) | ||||||||||||||||
Unrealized Appreciation (Depreciation) | (4,693,859) | (1,549,038) | (2,431,750) | (3,762,047) | ||||||||||||||||
|
| |||||||||||||||||||
| $ | (4,816,307) | $ | (3,021,882) | $ | 1,123,973 | $ | (4,626,968) | |||||||||||||
|
| |||||||||||||||||||
| ||||||||||||||||||||
|
| |||||||||||||||||||
| Growth & Income | ||||||||||||||||||||
|
| |||||||||||||||||||
Undistributed Ordinary Income | $ | - | ||||||||||||||||||
Long-Term Capital Gains | - | |||||||||||||||||||
Capital Loss Carry Forward | - | |||||||||||||||||||
Post October and Other Losses | (971,507) | |||||||||||||||||||
Unrealized Appreciation (Depreciation) | 847,266 | |||||||||||||||||||
|
| |||||||||||||||||||
| $ | (124,241) | |||||||||||||||||||
|
| |||||||||||||||||||
The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gain (loss) from investments are primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, and open 1256 contracts, and adjustments for grantor trusts, partnerships, Treasury Inflation Protected Securities, and C-Corporation return of capital distributions. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency losses of $24, $841, $4, $2,732 and $11,037 for the International Fund, Large/Mid Cap Value, Israel Common Values, Defensive Strategies Fund and Emerging Markets, respectively.
126
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
Note 10 | Capital Loss Carryforwards, Post October and Other Losses
Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows.
Fund | Late Year Losses | |||||||
Small Cap Value | $ | 365,416 | ||||||
Large/Mid Cap Value Fund | 372,604 | |||||||
Israel Common Values Fund | 114,801 | |||||||
Emerging Markets Fund | 42,375 | |||||||
Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:
Fund | Late Year Losses | |||||||
International Fund | $ | 2,515,667 | ||||||
Fixed Income Fund | 261,835 | |||||||
High Yield Bond Fund | 915,954 | |||||||
Israel Common Values Fund | 773,774 | |||||||
Defensive Strategies Fund | 122,448 | |||||||
Emerging Markets Fund | 822,546 | |||||||
Growth & Income Fund | 971,507 | |||||||
At September 30, 2015, the following capital loss carryforwards are available to offset future capital gains.
| Capital Loss Carry Forward | Year | CLCF | ||||||||||||||||
Fund
| Short-Term
| Long-Term
| Expiring
| Utilized
| ||||||||||||||
International Fund | $ | 2,868,555 | $ | - | 2016 | $ | - | |||||||||||
| 8,833,573 | - | 2017 | - | |||||||||||||||
| 592,985 | - | 2018 | - | |||||||||||||||
| 844,129 | - | 2019 | - | |||||||||||||||
| 567,723 | 236,905 | Unlimited | ||||||||||||||||
High Yield Bond Fund | 776,982 | - | 2017 | - | ||||||||||||||
Strategic Growth Fund | 1,584,086 | - | 2019 | 4,230,159 | ||||||||||||||
Israel Common Values Fund | 235,646 | - | Unlimited | |||||||||||||||
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.
127
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
Note 11 | ACCOUNTING PRONOUNCEMENT
In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07 “Disclosure for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)”. The amendments in ASU No. 2015-07 remove the requirement to categorize within the fair value hierarchy investments measured using the NAV practical expedient. The ASU also removes certain disclosure requirements for investments that qualify, but do not utilize, the NAV practical expedient. The amendments in the ASU are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Management is currently evaluating the impact these changes will have on the Funds’ financial statements and related disclosures.
Note 12 | SUBSEQUENT EVENTS
Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment or disclosure in the financial statements
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 27, 2015. The Trust’s Board considered, among others, 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 compliance and operational policies and procedures, and a description of any material legal proceedings or securities enforcement proceedings regarding TPL or its personnel (there were none of either). In addition, the Board requested and received financial statements of TPL for its fiscal year ended December 31, 2014.
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
128
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
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 Fund, High Yield Bond Fund, and Defensive Strategies Fund TIPS sleeve.
The Sub-Advisory Agreement between the Trust, TPL and Barrow, Hanley, Mewhinney & Strauss (“BHM&S”), on behalf of the Timothy Plan Fixed Income, High Yield Bond and Defensive Strategies TIPS sleeve Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 27, 2015. The Board considered the following factors in arriving at its conclusions to renew the BHM&S Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by BHM&S in light of the services provided by BHM&S. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by BHM&S and paid out of the fees received by TPL were fair and reasonable in light of the services provided by BHM&S. In reaching that determination, the Board relied on reports describing the fees paid to BHM&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 BHM&S’s services to each Fund, including the investment performance of the Funds under BHM&S’s investment management. The Board generally approved of BHM&S’s performance, noting that the Funds managed by BHM&S invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that BHM&S did not succumb to “style drift” in its management of each Fund’s assets, and that BHM&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 BHM&S’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether BHM&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 BHM&S Sub-Advisory Agreement because BHM&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 BHM&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 BHM&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 BHM&S Sub-Advisory Agreement renewal.
129
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
Westwood Management Corporation; Sub-Advisor to the Large/Mid Cap Value and the Small Cap Value Funds.
The Sub-Advisory Agreement between the Trust, TPL and Westwood Management Corporation (“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 27, 2015. 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.
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 27, 2015. 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.
130
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
Eagle Global Advisors; Sub-Advisor to the International Fund and Israel Common Values Fund.
The Sub-Advisory Agreement between the Trust, TPL and Eagle Global Advisors (“Eagle”), on behalf of the Timothy Plan International Fund and Israel Common Values Fund, was last renewed by the Board at a meeting held for that purpose, among others, on February 27, 2015. 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 Funds, including the investment performance of the Funds under Eagle’s investment management. The Board generally approved of Eagle’s performance, noting that the Funds 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 Funds’ 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 Funds 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 Funds’ 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.
Brandes Investment Partners; Sub-Advisor to the Emerging Markets Fund.
The Sub-Advisory Agreement between the Trust, TPL and Brandes Investment Partners (“Brandes”), on behalf of the Timothy Plan Emerging Markets Fund, was last renewed by the Board at a meeting held for that purpose, among others, on February 27, 2015. The Board considered the following factors in arriving at its conclusions to renew the Brandes Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Brandes in light of the services provided by Brandes. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Brandes and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Brandes. In reaching that determination, the Board relied on reports describing the fees paid to Brandes 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 Brandes’s services to the Fund, including the investment performance of the Fund under Brandes’s investment management. The Board generally approved of Brandes’s performance, noting that the Fund managed by Brandes invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Brandes did not succumb to “style drift” in its management of the Funds’ assets, and that Brandes 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 Brandes’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Brandes’s current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the Brandes Sub-Advisory Agreement because Brandes 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 Brandes 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 Brandes Sub-Advisory Agreement for an additional one year period, the Board did not place
131
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
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 Brandes Sub-Advisory Agreement renewal.
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 27, 2015. 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 it grows. 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.
CoreCommodity Management, LLC; Sub-Advisor to the Defensive Strategies Fund commodities sleeve.
The Sub-Advisory Agreement between the Trust, TPL and CoreCommodity Management, LLC (“Core”), on behalf of the Timothy Plan Defensive Strategies Fund commodity sleeve, was last renewed by the Board at a meeting held for that purpose, among others, on February 27, 2015. The Board considered the following factors in arriving at its conclusions to renew the Core Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Core in light of the services provided by Core. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Core and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Core. In reaching that determination, the Board relied on reports describing the fees paid to Core 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 Core’s services to the Fund, including the investment performance of the Fund under Core’s investment management. The Board generally approved of Core’s performance, noting that the Fund managed by Core invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Core did not succumb to “style drift” in its management of the Fund’s assets, and that Core 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 Core’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Core’s current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the Core Sub-Advisory Agreement because Core 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 Core Sub-Advisory Agreement for another one-year
132
Notes to Financial Statements
September 30, 2015 (Continued)
Timothy Plan Family of Funds
period would be in the best interests of the Fund’s shareholders. In approving the renewal of the Core 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 Core Sub-Advisory Agreement renewal.
James Investment Research, Inc; Sub-Advisor to the Growth and Income Fund.
The Sub-Advisory Agreement between the Trust, TPL and James Investment Research, Inc. (“James”), on behalf of the Timothy Plan Growth and Income Fund, was last renewed by the Board at a meeting held for that purpose, among others, on February 27, 2015. The Board considered the following factors in arriving at its conclusions to renew the James Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by James in light of the services provided by James. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by James and paid out of the fees received by TPL were fair and reasonable in light of the services provided by James. In reaching that determination, the Board relied on reports describing the fees paid to James 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 James’s services to the Fund, including the investment performance of the Fund under James’s investment management. The Board generally approved of James’s performance, noting that the Fund managed by James invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that James did not succumb to “style drift” in its management of the Fund’s assets, and that James 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 James’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether James’s current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the James Sub-Advisory Agreement because James 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 James 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 James 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 James Sub-Advisory Agreement renewal.
133
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
The Timothy Plan
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The Timothy Plan, comprising 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 Israel Common Values Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund, Timothy Plan Emerging Markets Fund and Timothy Plan Growth & Income Fund (the “Funds”), as of September 30, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two periods in the period then ended, and the financial highlights for each of the years or periods indicated. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2015, including physical observation of precious metals, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers or counterparties were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of 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 Israel Common Values Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund, Timothy Plan Emerging Markets Fund and Timothy Plan Growth & Income Fund as of September 30, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the two periods in the period then ended, and the financial highlights for each of the years or periods indicated, in conformity with accounting principles generally accepted in the United States of America.
COHEN FUND AUDIT SERVICES, LTD.
Cleveland, Ohio
November 30, 2015
134
Expense Examples – (Unaudited)
September 30, 2015
As a shareholder of a Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs”, (in dollars) of investing in each Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of April 1, 2015, through September 30, 2015.
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 Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through
| ||||||||
Actual - Class A * | $1,000.00 | $ 873.10 | $ 7.04 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,017.55 | $ 7.59 | |||||||
Actual - Class C * | $1,000.00 | $ 870.10 | $10.55 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,013.79 | $11.36 | |||||||
Actual - Class I * | $1,000.00 | $ 874.70 | $ 5.87 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,018.80 | $ 6.33 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.50% for Class A, 2.25% for Class C and 1.25% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Aggressive Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (12.69)% for Class A,(12.99)% for Class C and (12.53)% for Class I for the period of April 1, 2015, to September 30, 2015. |
| ** | Assumes a 5% return before expenses. |
135
Expense Examples – (Unaudited)(Continued)
September 30, 2015
INTERNATIONAL FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through
| ||||||||
Actual - Class A * | $1,000.00 | $ 934.90 | $ 7.03 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,017.80 | $ 7.33 | |||||||
Actual - Class C * | $1,000.00 | $ 931.90 | $ 10.65 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,014.04 | $ 11.11 | |||||||
Actual - Class I * | $1,000.00 | $ 936.10 | $ 5.82 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,019.05 | $ 6.07 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.44% for Class A, 2.19% for Class C and 1.19% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The International Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (6.51)% for Class A, (6.81)% for Class C, and (6.39)% for Class I for the period of April 1, 2015, to September 30, 2015. |
** Assumes a 5% return before expenses.
LARGE/MID CAP GROWTH FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through
| ||||||||
Actual - Class A * | $1,000.00 | $ 920.40 | $ 6.31 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,018.50 | $ 6.63 | |||||||
Actual - Class C * | $1,000.00 | $ 915.90 | $ 9.89 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,014.74 | $10.40 | |||||||
Actual - Class I * | $1,000.00 | $ 922.00 | $ 5.11 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,019.75 | $ 5.37 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.30% for Class A, 2.05% for Class C and 1.05% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (7.96)% for Class A, (8.41)% for Class C, and (7.80)% for Class I for the period of April 1, 2015, to September 30, 2015. |
** Assumes a 5% return before expenses.
SMALL CAP VALUE FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through
| ||||||||
Actual - Class A * | $1,000.00 | $ 917.10 | $ 6.20 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,018.60 | $ 6.53 | |||||||
Actual - Class C * | $1,000.00 | $ 914.20 | $ 9.79 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,014.84 | $ 10.30 | |||||||
Actual - Class I * | $1,000.00 | $ 918.60 | $ 5.00 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,019.85 | $ 5.27 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.28% for Class A, 2.03% for Class C, and 1.03% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Small Cap Value Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (8.29)% for Class A, (8.58)% for Class C and (8.14)% for the period of April 1, 2015, to September 30, 2015. |
** Assumes a 5% return before expenses.
136
Expense Examples – (Unaudited)(Continued)
September 30, 2015
LARGE/MID CAP VALUE FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through 9/30/2015
| ||||||||
Actual - Class A * | $1,000.00 | $ 940.60 | $ 6.03 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,018.85 | $ 6.28 | |||||||
Actual - Class C * | $1,000.00 | $ 937.00 | $ 9.66 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,015.09 | $10.05 | |||||||
Actual - Class I * | $1,000.00 | $ 941.70 | $ 4.82 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,020.10 | $ 5.01 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.23% for Class A, 1.98% for Class C, and 0.98% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Large/Mid Cap Value Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (5.94)% for Class A, (6.30)% for Class C, and (5.83)% for Class I for the period of April 1, 2015, to September 30, 2015. |
** Assumes a 5% return before expenses.
FIXED INCOME FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through 9/30/2015
| ||||||||
Actual - Class A * | $1,000.00 | $ 990.60 | $4.34 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,020.10 | $4.41 | |||||||
Actual - Class C * | $1,000.00 | $ 987.60 | $8.07 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,016.95 | $8.19 | |||||||
Actual - Class I * | $1,000.00 | $1,008.20 | $3.12 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,021.96 | $3.14 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 0.87% for Class A, 1.62% for Class C, and 0.62% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Fixed Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (0.94)% for Class A, (1.24)% for Class C, and (0.82)% for Class I for the period of April 1, 2015, to September 30, 2015. |
** Assumes a 5% return before expenses.
HIGH YIELD BOND FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through 9/30/2015
| ||||||||
Actual - Class A * | $1,000.00 | $ 956.30 | $5.15 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,019.80 | $5.32 | |||||||
Actual - Class C * | $1,000.00 | $ 953.00 | $8.81 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,016.04 | $9.10 | |||||||
Actual - Class I * | $1,000.00 | $ 957.60 | $3.93 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,021.06 | $4.05 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.05% for Class A, 1.80% for Class C, and 0.80% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The High Yield Bond Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (4.37)% for Class A, (4.70)% for Class C, and (4.24)% for Class I for the period of April 1, 2015, to September 30, 2015. |
** Assumes a 5% return before expenses.
137
Expense Examples – (Unaudited)(Continued)
September 30, 2015
DEFENSIVE STRATEGIES FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through
| ||||||||
Actual - Class A * | $1,000.00 | $ 929.50 | $4.84 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,020.05 | $5.06 | |||||||
Actual - Class C * | $1,000.00 | $ 925.70 | $8.45 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,016.29 | $8.85 | |||||||
Actual - Class I * | $1,000.00 | $ 930.10 | $3.63 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,021.31 | $3.80 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.00% for Class A, 1.75% for Class C and 0.75% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The 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 (7.05)% for Class A, (7.43)% for Class C and (6.99)% for Class I for the period of April 1, 2015, to September 30, 2015. |
** Assumes a 5% return before expenses.
STRATEGIC GROWTH FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through 9/30/2015
| ||||||||
Actual - Class A * | $1,000.00 | $ 938.70 | $4.18 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,020.76 | $4.36 | |||||||
Actual - Class C * | $1,000.00 | $ 934.50 | $7.81 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,017.00 | $8.14 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 0.85% for Class A and 1.60% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Strategic Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (6.13)% for Class A and (6.55)% for Class C for the six-month period of April 1, 2015, to September 30, 2015. |
** Assumes a 5% return before expenses.
CONSERVATIVE GROWTH FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through
| ||||||||
Actual - Class A * | $1,000.00 | $ 956.50 | $4.22 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,020.76 | $4.36 | |||||||
Actual - Class C * | $1,000.00 | $ 953.20 | $7.88 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,017.00 | $8.14 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 0.86% for Class A and 1.61% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Conservative Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (4.35)% for Class A and (4.68)% for Class C for the six-month period of April 1, 2015, to September 30, 2015. |
** Assumes a 5% return before expenses.
138
Expense Examples – (Unaudited)(Continued)
September 30, 2015
ISRAEL COMMON VALUES FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through 9/30/2015
| ||||||||
Actual - Class A * | $1,000.00 | $ 922.70 | $ 8.39 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,016.34 | $ 8.80 | |||||||
Actual - Class C * | $1,000.00 | $ 919.00 | $11.98 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,012.58 | $12.56 | |||||||
Actual - Class I * | $1,000.00 | $ 923.50 | $ 7.18 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,017.60 | $ 7.54 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.73% for Class A, 2.48% for Class C and 1.48% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Israel Common Values Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (7.73)% for Class A, (8.10)% for Class C and (7.65)% for the period of April 1, 2015, to September 30, 2015. |
| ** | Assumes a 5% return before expenses. |
EMERGING MARKETS FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through 9/30/2015
| ||||||||
Actual - Class A * | $1,000.00 | $ 796.20 | $11.62 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,012.13 | $13.01 | |||||||
Actual - Class C * | $1,000.00 | $ 791.30 | $14.95 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,008.37 | $16.77 | |||||||
Actual - Class I * | $1,000.00 | $ 796.50 | $10.49 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,013.39 | $11.76 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 2.57% for Class A, 3.32% for Class C and 2.32% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Emerging Markets Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (20.38)% for Class A, (20.87)% for Class C and (20.35)% for Class I for the period of April 1, 2015, to September 30, 2015. |
| ** | Assumes a 5% return before expenses. |
GROWTH & INCOME FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2015
| 9/30/2015
| 4/1/2015 through 9/30/2015
| ||||||||
Actual - Class A * | $1,000.00 | $ 947.80 | $ 6.59 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,018.30 | $ 6.83 | |||||||
Actual - Class C * | $1,000.00 | $ 944.50 | $10.24 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,014.54 | $10.61 | |||||||
Actual - Class I *** | $1,000.00 | $ 948.60 | $ 5.37 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,019.55 | $ 5.57 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.34% for Class A, 2.09% for Class C and 1.09% for Class I , which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the partial year period). The Emerging Markets Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (5.22)%% for Class A, (5.55)% for Class C and (5.14)% for Class I, for the period of April 1, 2015, to September 30, 2015. |
| ** | Assumes a 5% return before expenses. |
139
Officers and Trustees of the Trust (Unaudited)
The Trustees and principal executive officers of the Trust and their principal occupations for the past five years are listed as follows:
INTERESTED TRUSTEES
| Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee | |||
Arthur D. Ally* | Chairman and President | Indefinite; Trustee and President since 1994 | 13 | |||
1055 Maitland Center Commons Maitland, FL | Other Directorships | |||||
| Principal Occupation During Past 5 Years | Held by Trustee | |||||
Born: 1942 | President and controlling shareholder of Covenant Funds, Inc. (“CFI”), a holding company. President and general partner of Timothy Partners, Ltd. (“TPL”), the investment Advisor and principal underwriter to each Fund. CFI is also the managing general partner of TPL. | None | ||||
| Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee | |||
Joseph E. Boatwright** | Trustee, Secretary | Indefinite; Trustee and Secretary since 1995 | 13 | |||
1055 Maitland Center Commons Maitland, FL | Other Directorships | |||||
| Principal Occupation During Past 5 Years | Held by Trustee | |||||
Born: 1930 | Retired Minister. Currently serves as a consultant to the Greater Orlando Baptist Association. Served as Senior Pastor to Aloma Baptist Church from 1970-1996. | None | ||||
| Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee | |||
Mathew D. Staver** | Trustee | Indefinite; Trustee since 2000 | 13 | |||
1055 Maitland Center Commons Maitland, FL | Other Directorships | |||||
| Principal Occupation During Past 5 Years | Held by Trustee | |||||
Born: 1956 | Attorney specializing in free speech, appellate practice and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles. | None | ||||
* Mr. Ally is an “interested” Trustee, as that term is defined in the 1940 Act, because of his positions with and financial interests in CFI and TPL.
** Messrs. Boatwright and Staver are “interested” Trustees, as that term is defined in the 1940 Act, because each has a limited partnership interest in TPL.
140
Officers and Trustees of the Trust
(Unaudited)(Continued)
INDEPENDENT TRUSTEES
| Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee | |||
Kenneth Blackwell | Trustee | Indefinite; Trustee since 2011 | 13 | |||
1055 Maitland Center Commons Maitland, FL | Other Directorships
| |||||
| Principal Occupation During Past 5 Years | Held by Trustee | |||||
Born: 1948 | Currently serving as an independent consultant or Fellow with the Family Research Council and the American Civil Rights Union, and is a Visiting Professor at Liberty University, Lynchburg, VA. Former Secretary of State for the State of Ohio. | None | ||||
| Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee | |||
Richard W. Copeland | Trustee | Indefinite; Trustee since 2005 | 13 | |||
1055 Maitland Center Commons Maitland, FL | Other Directorships
| |||||
| Principal Occupation During Past 5 Years | Held by Trustee | |||||
Born: 1947 | Retired founder of Copeland & Covert, Attorneys at Law; B.A. from Mississippi College, JD from University of Florida and LLM Taxation from University of Miami. Associate Professor Stetson University for past 39 years. | None | ||||
| Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee | |||
Deborah Honeycutt | Trustee | Indefinite; Trustee since 2010 | 13 | |||
1055 Maitland Center Commons Maitland, FL | Other Directorships
| |||||
| Principal Occupation During Past 5 Years | Held by Trustee | |||||
Born: 1947 | Dr. Honeycutt is a licensed physician currently serving as Medical Director of Clayton State University Health Services in Morrow, GA, CEO of Minority Health Services in Atlanta, and as a volunteer at Good Shepherd Clinic. Dr. Honeycutt received her B.A. and M.D. at the University of Illinois. | None | ||||
| Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee | |||
Bill Johnson | Trustee | Indefinite; Trustee since 2005 | 13 | |||
1055 Maitland Center Commons Maitland, FL | Other Directorships
| |||||
| Principal Occupation During Past 5 Years | Held by Trustee | |||||
Born: 1946 | President (and Founder) of American Decency Association, Freemont, MI since 1999. Previously served as Michigan State Director for American Family Association (1987-1999). Previously a public school teacher for 18 years. B.S. from Michigan State University and a Masters of Religious Education from Grand Rapids Baptist Seminary. | None | ||||
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Officers and Trustees of the Trust
(Unaudited)(Continued)
| Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee | |||
John C. Mulder
| Trustee | Indefinite; Trustee since 2005 | 13 | |||
1055 Maitland Center Commons Maitland, FL | Other Directorships
| |||||
| Principal Occupation During Past 5 Years | Held by Trustee | |||||
Born: 1950 | President of WaterStone (formerly the Christian Community Foundation and National Foundation) since 2001. Prior: 22 years of executive experience for a group of banks and a trust company. B.A. in Economics from Wheaton College and MBA from University of Chicago. | None | ||||
142
Officers and Trustees of the Trust
(Unaudited)(Continued)
| Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee | |||
Charles E. Nelson | Trustee | Indefinite; Trustee since 2000 | 13 | |||
1055 Maitland Center Commons Maitland, FL | Other Directorships | |||||
| Principal Occupation During Past 5 Years | Held by Trustee | |||||
Born: 1934 | Certified Public Accountant, semi-retired. Former non-profit industry accounting officer. Former financial executive with commercial bank. Former partner national accounting firm. | None | ||||
| Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee | |||
Scott Preissler, Ph.D. | Trustee | Indefinite; Trustee since 2004 | 13 | |||
1055 Maitland Center Commons Maitland, FL | Other Directorships | |||||
| Principal Occupation During Past 5 Years | Held by Trustee | |||||
Born: 1960 | Director of Steward Leadership and Professor in Residence at Shorter University. Former Chairman of Stewardship Studies at Southwestern Baptist Theological Seminary, Ft. Worth, TX. Also serves as Founder and Chairman of the International Center for Biblical Stewardship. | None | ||||
| Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee | |||
Alan M. Ross | Trustee, Vice Chairman | Indefinite; Trustee since 2004 | 13 | |||
1055 Maitland Center Commons Maitland, FL | Other Directorships | |||||
| Principal Occupation During Past 5 Years | Held by Trustee | |||||
Born: 1951 | Founder and CEO of Corporate Development Institute which he founded in 2000. Previously he served as President and CEO of Fellowship of Companies for Christ and has authored three books: Beyond World Class, Unconditional Excellence, Breaking Through to Prosperity. | None | ||||
| Name, Age and Address | Position(s) Held With Trust | Term of Office and Length of Time Served | Number of Portfolios in Fund Complex Overseen by Trustee | |||
Patrice Tsague | Trustee | Indefinite; Trustee since 2011 | 13 | |||
1055 Maitland Center Commons Maitland, FL | Other Directorships | |||||
| Principal Occupation During Past 5 Years | Held by Trustee | |||||
Born: 1973 | President and Chief Servant Officer of the Nehemiah Project International Ministries Inc. since 1999. | None | ||||
143
Privacy Notice
FACTS | WHAT DOES THE TIMOTHY PLAN DO WITH YOUR PERSONAL INFORMATION? | |
| WHY? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do.
| |
| WHAT? | The types of information we collect and share depend on the product or service you have with us. This information can include: • Social Security Number • Assets • Retirement Assets • Transaction History • Checking Account History • Purchase History • Account Balances • Account Transactions • Wire Transfer Instructions When you are no longer our customer, we continue to share your information as described in this Notice.
| |
| HOW? | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons The Timothy Plan chooses to share; and whether you can limit this sharing.
|
Reasons we can share your personal information.
|
Does The Timothy Plan share?
|
Can you limit this sharing?
| ||
For our everyday business purposes- Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.
| Yes | No | ||
For our marketing purposes- to offer our products and services to you.
| No | We don’t share | ||
For joint marketing with other financial companies
| No | We don’t share | ||
For our affiliates’ everyday business purposes- information about your transactions and experiences.
| Yes | No | ||
For our affiliates’ everyday business purposes- information about your creditworthiness
| No | We don’t share | ||
For non-affiliates to market to you
| No | We don’t share | ||
Questions?
|
Call 800-662-0201
|
144
| Page 2 |
|
Who we are
| ||
Who is providing this Notice? |
Timothy Plan Family of Mutual Funds Timothy Partners, Ltd.
| |
What we do
| ||
How does The Timothy Plan protect your personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse or your nonpublic personal information.
| |
| How does The Timothy Plan collect your personal information? |
We collect your personal information, for example, when you • Open an account • Provide account information • Give us your contact information • Make deposits or withdrawals from your account • Make a wire transfer • Tell us where to send the money • Tell us who receives the money • Show your government-issued ID • Show your drivers’ license We also collect your personal information from other companies.
| |
| Why can’t I limit all sharing? |
Federal law gives you the right to limit only: • Sharing for affiliates’ everyday business purposes-information about your creditworthiness. • Affiliates from using your information to market to you. • Sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
|
| Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and non- financial companies. Timothy Partners, Ltd. is an affiliate of The Timothy Plan
| |
| Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. • The Timothy Plan does not share with non-affiliates so they can market to you.
| |
| Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products to you. • The Timothy Plan does not jointly market.
|
Customer Identification Program
The Board of Trustees of the Trust has approved procedures designed to prevent and detect attempts to launder money as required under the USA PATRIOT Act. The day-to-day responsibility for monitoring and reporting any such activities has been delegated to the transfer agent, subject to the oversight and supervision of the Board.
145
Disclosures
HOW TO OBTAIN PROXY VOTING INFORMATION
Information regarding how the Funds voted proxies relating to Fund securities during the period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-800-732-0330 or by referring to the Security and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
HOW TO OBTAIN 1ST AND 3RD FISCAL QUARTER PORTFOLIO HOLDINGS
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.
Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-Q is available without charge, upon request, by calling 1-800-732-0330.
146
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147
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148
| 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 | ||
Gemini Fund Services, LLC | ||
17605 Wright St., Suite 2 | ||
Omaha, NE 68130 | ||
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | ||
Cohen Fund Audit Services, Ltd. | ||
1350 Euclid Ave., Suite 800 | ||
Cleveland, OH 44115 | ||
LEGAL COUNSEL David Jones & Assoc., P.C. 422 Fleming St. Key West, FL 33040 |  | |
| HEADQUARTERS | ||
| The Timothy Plan | ||
| 1055 Maitland Center Commons | ||
| Maitland, Florida 32751 | ||
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 |
(800) 846-7526 | |
| 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. | invest@timothyplan.com
SHAREHOLDER SERVICES
Gemini Fund Services, LLC | |
17605 Wright St., Suite 2 Omaha, NE 68130 | ||
| (800) 662-0201 | ||
Item 2. Code of Ethics.
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b) For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:
| (1) | Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
| (2) | Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant; |
| (3) | Compliance with applicable governmental laws, rules, and regulations; |
| (4) | The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and |
| (5) | Accountability for adherence to the code. |
(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.
(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.
(e) Posting: We do not intend to post the Code of Ethics for the Officers or any amendments or waivers on a website.
(f) Availability: The Code of Ethics for the Officers can be obtained, free of charge by calling the toll free number for the appropriate Fund.
Item 3. Audit Committee Financial Expert.
(a) The registrant has an Audit committee currently composed of three independent Trustees, Mr. Wesley Pennington, Mr. John Mulder and Mr. Charles Nelson. The registrant’s board of trustees has determined that Mr. Charles Nelson is qualified to serve as an Audit Committee Financial Expert, and has designated him as such.
Item 4. Principal Accountant Fees and Services.
| (a) | Audit Fees |
| The Timothy Plan | ||||
FY 2015 | $ | 193,900 | ||
FY 2014 | $ | 166,400 | ||
FY 2013 | $ | 142,700 | ||
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| (b) | Audit-Related Fees |
The Timothy Plan | Registrant | Adviser | ||||||||||
FY 2014 | $ | 0 | $ | 0 | ||||||||
FY 2013 | $ | 0 | $ | 0 | ||||||||
FY 2012 | $ | 0 | $ | 0 | ||||||||
Nature of the fees:
| (c) | Tax Fees |
| The Timothy Plan | ||
FY 2014 | $ 0 | |
FY 2013 | $ 0 | |
FY 2012 | $ 0 | |
Nature of the preparation of the 1120 RIC
fees:
| (d) | All Other Fees |
| Registrant | ||||
| The Timothy Plan | ||||
FY 2014 | $ 0 | |||
FY 2013 | $ 0 | |||
FY 2012 | $ 0 | |||
| (e) | (1) Audit Committee’s Pre-Approval Policies |
The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust’s investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors’ specific representations as to their independence;
(2) Percentages of Services Approved by the Audit Committee |
Registrant |
Audit-Related Fees: | 0 | % | ||||||
Tax Fees: | 0 | % | ||||||
All Other Fees: | 0 | % | ||||||
(f) During audit of registrant’s financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant’s engagement were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
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(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:
| Registrant Adviser | ||||||
FY 2014 | $ 0 | $0 | ||||
FY 2013 | $ 0 | $0 | ||||
FY 2012 | $ 0 | $0 |
(h) Not applicable. The auditor performed no services for the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Schedule of Investments. Not applicable – schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) Based on an evaluation of the registrant’s disclosure controls and procedures as of November 19, 2010, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
| (a)(1) | Code is filed herewith | |
| (a)(2) | Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith. | |
| (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. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) The Timothy Plan | ||||
| By | /s/ Arthur D. Ally | |||
| Arthur D. Ally, President | ||||
| Date | 12/8/15 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | /s/ Arthur D. Ally | |||
| Arthur D. Ally, President | ||||
| Date | 12/8/15 | |||
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