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: 9/30/16
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, 2016
Dear Shareholder,
As you review the details on the following pages, you will see that most of our Funds experienced reasonably good performance over the past fiscal year (10-1-15 thru 9-30-16). This, once again, has been a somewhat turbulent period in the capital markets but, I am pleased to report, most of our Funds were reasonably competitive with their various benchmark indexes which represent a segment of the capital markets most closely aligned with each Funds’ investment objective.
Due to the uncertainty that has prevailed in the markets for the past several months, Timothy Partners, Ltd, (the “Advisor”) has taken a conservative approach to the markets. For that reason, and because of concern about the political environment, the Advisor encouraged the sub-advisors for each Fund to take a moderately defensive position in their approaches to the Funds’ investment portfolios, and to allow the Funds’ cash positions to expand to higher levels than might otherwise be taken. The sub-advisors were generally receptive to the Advisor’s request and maintained defensive positions through the end of the fiscal year. For more complete information about the individual Funds, please read each of the sub-advisors’ annual review letters in the pages that follow. They more fully detail the various factors that impacted this fiscal year’s performance along with their economic outlook for the coming year.
As I write this, we continue to be concerned that the year ahead could be even more turbulent than the past year has been, so we continue to remain conservatively cautious. However, the Advisor has terminated its request that the Funds maintain higher than normal cash positions, and each sub-advisor may now invest as it sees fit. Although we cannot guarantee any actual outcome, I remain confident that all 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 continued conservative bias.
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
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Aggressive Growth Fund Letter from the Manager – September 30, 2016 |  | |
The past year defied the expectations of many market strategists and participants, as all four quarters showed a positive return, and the cumulative gains were +14-15% on both the Russell 1000 Growth and the S&P500. This, during a time when corporate earnings not only didn’t grow but contracted, the domestic economy struggled to produce GDP growth of 2%, the Fed stayed “on-hold” for the most part (owing to this lack of economic momentum), the 10-year Treasury yield dropped nearly 100 basis points from high to low, the U.K. “Brexited” from Europe, worldwide terrorism accelerated, the Zika virus proliferated, and political polarization reached a fever pitch in the U.S.
As to what likely provided the strong returns, first and foremost it was ongoing accommodative policy by central banks; the low interest-rate environment likely had some investors feeling that equities were the only place to invest. The recovery and relative stability of oil prices (vs. the prior year) helped market sentiment. China also seems to have avoided a hard-landing, as their economic growth has been in the 6-7% range.
The Fund performance was -1.0 for Class A over the last 12 months ended September 30, 2016, while the return of the benchmark, the Russell Mid Cap Growth Index, was +11.2% for the same period. Our cash level was the biggest detriment to total return. Cash was 30.5% of the portfolio at 9/30/16 and averaged ~20% over the last twelve months. It was a drag on performance by about -4.61% relative to being fully invested. Stock selection in the Business Services and Healthcare sectors were also headwinds to returns. In Business Services, our holdings in MDC Partners (MDCA) and On Assignment (ASGN) were large detractors from performance. And in Healthcare, our holdings, Advisory Board Company (ABCO) and Team Health Holdings (TMH), created additional headwinds. On the other hand, the Consumer Services and Technology sectors were bright spots in the period. Our underweight position in Consumer Services provided our largest source of positive contribution in the period. Solid stock selection in the technology sector also benefited relative performance. Wageworks (WAGE), Proofpoint (PFPT) and LogMeIn (LOGM) and not owning LinkedIn (LNKD) and Pandora (P) were some of the larger standouts in the sector performance for the period.
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
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Letter From The Manager
The Timothy Plan International Fund
September 30, 2016
These last twelve months provided volatile times for international equity markets. The Timothy Plan International Fund managed an absolute positive performance but fell slightly short of the performance of the MSCI EAFE index during this period.
In what may have been the most analyzed, talked about, speculated, and anticipated quarter point change in the Federal Reserve’s interest rate that we can remember, just like the current presidential election cycle, we were just glad that it was over. The divergence on global central bank monetary policies is likely to continue to provide significant volatility to equity and currency markets alike. While the Federal Reserve has tapered its bond buying and is now in an interest rate increase cycle, other major central banks remain highly vested in their extraordinary monetary policy experiment. The Bank of Japan has announced plans to target the yield curve and a 10-year bond rate of 0% while the European Central Bank (ECB) remains highly accommodative as well. Even with these ultra-accommodative policies, recent chatter begins to question the efficacy of all of this experiment as well as the potential for the ECB to begin to taper its bond buying in 2017. Economic data in Europe has remained in expansionary mode for most of the year while inflation remains well below desired levels. The Brexit vote in the UK sent shockwaves across the world sending equity markets in a tailspin and the British pound to its weakest level in 30 years. Most markets have recovered though as economic data was not as negatively affected by the Brexit vote as had been feared. Current economic indicators continue to suggest a fairly stable environment in Europe and weaker than desired growth in Japan.
Stock selection in the Fund proved fruitful as good stock selection in the Information Technology, Consumer Discretionary, and Consumer Staples sectors provided positive alpha relative to the EAFE index. The underperformance mainly came from sector allocation with a higher cash weight hurting returns in a positive equity market while underweights to Materials and Industrials sectors also hurting results given their strong performance for the year. From a country perspective France provided the best positive alpha while stock selection in Japan was less than ideal. Good performers for this period included Norwegian food company Marine Harvest as well as Japanese telecom company NTT and French auto parts provider Valeo SA. On the negative side, the portfolio was hurt from poor performance from Chinese utility Huaneng Power and Japanese companies ONO Pharma and Japan Airlines.
Volatility is likely to remain elevated in the near term similar to the previous year given the turbulent political environment in the US and abroad as well the uncertainty of changes and efficacy of unorthodox monetary policies around the globe. Yet, with all of this uncertainty, we believe economic data is better than investors give markets credit for and we continue to find attractive investment opportunities across the globe. We remain committed to a consistent investment approach dedicated to finding long-term investments for the Fund. We thank you for your continued investment in the Fund.
Eagle Global Advisors, LLC
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Large/Mid Cap Growth Fund Letter from the Manager – September 30, 2016 | | |
The past year defied the expectations of many market strategists and participants, as all four quarters showed a positive return, and the cumulative gains were +14-15% on both the Russell 1000 Growth and the S&P500. This, during a time when corporate earnings not only didn’t grow but contracted, the domestic economy struggled to produce GDP growth of 2%, the Fed stayed “on-hold” for the most part (owing to this lack of economic momentum), the 10-year Treasury yield dropped nearly 100 basis points from high to low, the U.K. “Brexited” from Europe, worldwide terrorism accelerated, the Zika virus proliferated, and political polarization reached a fever pitch in the U.S.
As to what likely provided the strong returns, first and foremost it was ongoing accommodative policy by central banks; the low interest-rate environment likely had some investors feeling that equities were the only place to invest. The recovery and relative stability of oil prices (vs. the prior year) helped market sentiment. China also seems to have avoided a hard-landing, as their economic growth has been in the 6-7% range.
The Timothy Plan Large Cap Growth advanced 6.7% in Class A for the 12 months ending September 30, 2016, while the return of the benchmark, the Russell 1000 Growth Index, was +13.8%. Our cash balance was the biggest detriment to total return: it averaged 22% over the year, and it was a drag on performance by about four percentage points, relative to being fully-invested (put another way, it accounted for 80% of the performance shortfall). The financial sector also was a headwind; our holdings in SEI Investments (SEIC), MGIC Investment Corp. (MTG), and Lazard (LAZ) had negative impacts. In Consumer Discretionary, not being able to own Amazon (AMZN) was almost a full percentage point hit to performance, as the stock climbed 63% and is a huge weight in the benchmark. The technology sector was a bright spot. We can’t invest in most of the large-cap stocks, and that provided us with an uphill climb, as Microsoft (MSFT) and Facebook (FB) were up 34% and 43% respectively. Yet we were able to make up for that with excellent selection in what we owned: NVIDIA (NVDA), a semiconductor company, was a home-run – up 181%, which added 2.5 percentage points to our return, and Linear Tech (LLTC) was up 51%.
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
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LETTER FROM THE MANAGER
September 30, 2016
TIMOTHY PLAN SMALL CAP VALUE FUND
We are pleased to provide you with our report for the Timothy Plan Small Cap Value Fund (the “Fund”) for the twelve months ended September 30, 2016 and would like to thank you for entrusting your assets with us.
What a long journey the last twelve months have been for the markets! The broken record of volatility, central bank intervention, and global growth concerns remains largely unchanged. The past twelve months saw violent sell-offs, torrid rallies off the bottom, and subsequent new all-time highs for the vast majority of the major indices across the market capitalization spectrum. Further, a new paradigm emerged as the previous zero boundaries for interest rates were pierced early in 2016 by the Bank of Japan and the effectiveness of their efforts on that front continues to be a major topic of discussion today. The Federal Reserve here in the U.S. remains unchanged on the rate front though probabilities for another rate hike after their first in years in December of 2015 remains just over the horizon. Following the approval of the United Kingdom’s referendum to exit the European Union, uncertainty rose and markets fell for the briefest of times before another round of central bank commentary pledging their support should it be necessary sparked another strong rally and the aforementioned new all-time highs in the indices.
For the twelve months ended September 30, 2016, the Timothy Plan Small Cap Value Fund produced a return of 10.67% for Class A, while the Russell 2000 Index produced a return of 15.47%. Security selection in Energy, Health Care, Real Estate Investment Trusts (REITs) and Financial Services aided relative performance.
Within Energy, Callon Petroleum and RSP Permian were top contributors and moved higher with an increase in crude oil prices. Trex Company, in Materials, rose after reporting a series of positive earnings surprises. Last, CyrusOne and STAG Industrial, both REITs, benefitted from investor preference for securities in sectors that traditionally provide higher yields.
The Fund’s high cash position, which while providing an offset against the volatility in the markets, created a negative drag on relative performance. Security selection in Materials and Producer Durables detracted from relative performance. Both sectors saw strong absolute returns but failed to keep pace with the larger gains seen in the index. Shifting foreign currencies allowed for pressure on certain holdings in both groups as a result of the aforementioned interest rate environment. As well, lower quality, higher beta names saw strong rallies on the back of the continued multiple expansion of the broad market with little improvement seen in their underlying fundamental results.
The Westwood team remains focused on high-quality companies trading at a discount to intrinsic value. Market returns continue to be bolstered by a central bank-obsessed market focused on unprecedented monetary stimulus rather than fundamentals; this has pushed valuation ranges to the top end of, or even above in some cases, historical precedents. The foray into negative interest rates has forced even more capital flows into expensive asset classes with debatable positive impacts. Potential improvement of economic data, even if only marginally, may allow for some upward pressure on interest rates to occur which could be a catalyst to return investors’ focus to fundamentals and corporate profits. 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
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LETTER FROM THE MANAGER
September 30, 2016
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 (the “Fund”) for the twelve months ended September 30, 2016 and would like to thank you for entrusting your assets with us.
What a long journey the last twelve months have been for the markets! The broken record of volatility, central bank intervention, and global growth concerns remains largely unchanged. The past twelve months saw violent sell-offs, torrid rallies off the bottom, and subsequent new all-time highs for the vast majority of the major indices across the market capitalization spectrum. Further, a new paradigm emerged as the previous zero boundaries for interest rates were pierced early in 2016 by the Bank of Japan and the effectiveness of their efforts on that front continues to be a major topic of discussion today. The Federal Reserve here in the U.S. remains unchanged on the rate front though probabilities for another rate hike after their first in years in December of 2015 remains just over the horizon. Following the approval of the United Kingdom’s referendum to exit the European Union, uncertainty rose and markets fell for the briefest of times before another round of central bank commentary pledging their support should it be necessary sparked another strong rally and the aforementioned new all-time highs in the indices.
For the twelve months ended September 30, 2016, the Timothy Plan Large/Mid Cap Value Fund produced a return of 6.40% for Class A, while the S&P 500 Index produced a return of 15.47%. Security selection in Producer Durables and Consumer Staples along with an underweight in Health Care aided relative performance.
The Producer Durables sector saw several strong contributors though A.O. Smith takes top honors as the number one performer for the fund. Their continued strong margin performance and combination of stable replacement demand in North America coupled with the growth potential in the Rest of World continues to deliver upside results. Shares of McCormick & Company and J.M. Smucker were looked on favorably by investors due to their defensive growth characteristics. McCormick & Company continued positing solid results as their dominant market share position in a category growing globally. Execution remains strong with potential acquisitions and cost takeouts to further expand their markets and their margins. J.M. Smucker has posted better-than-expected earnings results with solid organic sales growth and strong free cash flow conversion. While guidance was reaffirmed, most recently management did note some slight reductions in their sales estimates for their Pet segment.
The Fund’s high cash position created a negative drag on relative performance as the S&P 500 saw strong appreciation, largely driven by multiple expansion. Further, security selection in Financial Services and Technology were the largest detractors to relative performance in the period. Individual detractors to performance included several financial institutions that were pressured by the fall in interest rates including Lazard and CIT Group. Concerns over growth and commodity prices were also a factor in CIT Group’s decline and weighed on others like Marathon Petroleum.
The Westwood team remains focused on high-quality companies trading at a discount to intrinsic value. Market returns continue to be bolstered by a central bank-obsessed market focused on unprecedented monetary stimulus rather than fundamentals; this has pushed valuation ranges to the top end of, or even above in some cases, historical precedents. The foray into negative interest rates has forced even more capital flows into expensive asset classes with debatable positive impacts. Potential improvement of economic data, even if only marginally, may allow for some upward pressure on interest rates to occur which could be a catalyst to return investors’ focus to fundamentals and corporate profits. 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
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LETTER FROM THE MANAGER
September 30, 2016
TIMOTHY PLAN FIXED INCOME FUND
The Timothy Plan Fixed Income Fund invests in the broad U.S. investment grade bond market as defined by the Barclays Capital Aggregate Bond Index which began the last 12 months with a yield of 2.31% and ended at 1.96% on September 30, 2016. This decline in rates was unexpected as the fiscal year began with bond investors expecting a Federal Reserve rate hike and then getting one on December 16th. Initially rates rose as shown in the U.S. Treasury (UST) 10 year rate moving from 2.04% on October 1st up to 2.30% on December 16th.
However, bond market expectations quickly changed as weaker commodity prices and slowing global economies generated policy actions by central banks around the world that significantly lowered rates. This development put further Federal Reserve actions toward normalization and higher rates on hold, and with that UST ten year rates fell in lock step with European and Asian rates. Concerns about global economies slowing and even the potential for recessions showed up in continued declines in the price of commodities with oil prices dropping below $35 a barrel in January and talk of oil in the $20s by February. The UST 10 year fell almost 100 basis points to 1.36% at the low point.
The risk off bond market environment with UST rates falling generated the opposite effect on Investment Grade Corporate bond yield spreads as they rose to 215 bps by February higher by 44 bps since October 1st as reported by Barclays. The fund’s portfolio was admittedly out of position with a shorter average maturity and an overweight to corporate bonds, but conditions changed over the summer. Global economies began to stabilize as indicated by oil moving back above $50 a barrel in June. U.S. rates began to rise over the summer as conditions began to favor a return of the Federal Reserve toward policy normalization. Foreign investors still starved for yield became the dominant buyer of U.S corporate bonds and GNMA MBS driving yield spreads lower.
The Timothy Fixed Income Fund Class A shares returned 3.47% over the 12 months ended September 30, 2016 trailing the Barclays Capital Aggregate Bond Index return of 5.19% in large part due to the portfolio’s defensive bias relative to the potential for higher rates. The fiscal year ended on September 30th with the UST 10 year at 1.60% which was 44 bps lower over the past year, but perhaps rates are poised to move higher as the Federal Reserve probabilities of a December rate hike have increased which is interestingly similar to last year. Looking ahead the portfolio is positioned with less interest rate risk than the market, a modest over-weight in corporate bonds and GNMA MBS for income.
BARROW, HANLEY, MEWHINNEY & STRAUSS
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LETTER FROM THE MANAGER
September 30, 2016
TIMOTHY PLAN HIGH YIELD BOND FUND
The Timothy Plan High Yield Bond Fund (the “Fund”) invests primarily in Ba and B rated corporate bonds. The fund’s benchmark for the High Yield (HY) market is the Barclays BA/B HY index which had a yield of 7.09% on October 1st 2015 and a yield spread over U.S. Treasuries of 539 basis points (bps). By 1Q16 concerns about a global economic slowdown were accelerating as evidenced by the drop in commodity prices. Oil dropped into the mid to low $30’s per barrel in January and forecasts of mid $20’s by February put tremendous pressure on the portfolio’s overweight in energy holdings. By February 11th the yield on the Barclays BA/B index had risen to 8.37% with a yield spread of 685 bps.
Global economic conditions stabilized during 2Q16 and HY prices began to rally especially in the energy and basic industry sectors but from very low levels. In response to global central banks’ monetary stimulus at one point there was $13 trillion in Sovereign debt trading at negative yields. Despite challenging credit fundamentals investors moved money into the HY market in search of yield. Yield spreads moved steadily lower through the summer and ended September at 385 bps some 154bps lower than at the start of the fund’s fiscal year. With the yield spreads lower and the Barclays BA/B index yield close to only 5% the portfolio was positioned with about 15% of the holdings in BAA investment grade bonds. Valuations in HY were stretched and a more conservative position seemed warranted.
The Timothy High Yield Bond Fund Class A shares generated a total return of 9.8% over the 12 months ended September 30, 2016. While this was an attractive nominal return, the fund trailed the Barclays Ba/B index total return of 11.7%. The portfolio’s BAA rated issues did not keep pace with HY market’s lower quality issues. Looking ahead, with HY yields at the lowest level since 2Q14 and with default rates higher a more defensive position makes sense. The portfolio remains focused on generating an attractive income with reasonable level of risk.
BARROW, HANLEY, MEWHINNEY & STRAUSS
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September 30, 2016
Dear Shareholder,
The Timothy Plan Defensive Strategies Fund (the “Fund”) was designed and is managed to do what its name implies, 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. The Fund was also designed with built-in flexibility that allows it to be adjusted to address a possible risk of extreme deflation, with the ability to convert the inflation sensitive assets to cash and fixed income securities during a deflationary environment, and to be adjusted to a more normal, traditional investment strategy.
The Fund’s portfolio is comprised of four inflation sensitive investment sleeves: commodities (commodity company stocks and ETF’s), real estate (in the form of REITs), precious metals, and TIPs (Treasury Inflation Protected Bonds), with the balance in cash. Timothy Partners, Ltd. (the “Advisor”) is responsible for setting the percentages of the Fund that will be allocated to each investment sleeve. Different sub-advisors manage the holdings in each sleeve. Because of the uncertainty of the markets, at the Advisor’s request, the managers of the investment sleeves employed a moderately defensive approach over the past year. The Fund’s 9.01% total return for Class A for the fiscal year ended September 30, 2016 was to the result of a combination of the sub-advisors’ approach and the Advisor’s moderately conservative allocation of the five sleeves implemented in response to the uncertainty. While we are not sure the uncertainty will continue, we anticipate continuing the moderately conservative allocation and approach until we are more comfortable with the future of the investment arena. For a more complete description of the elements that impacted Fund performance and the outlook for the future, please read the sub-advisors’ reports in the pages that follow.
I would 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. We believe the blend offers a much more accurate reflection and comparison of the composition of the Fund. For the fiscal year ended September 30, 2016, the blended index had a total return of 2.14%.
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. 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.
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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
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 | ||
| Annual Letter from the Manager | September 30, 2016 | |
We are pleased to provide you with our annual report for the Timothy Plan Defensive Strategies Fund Commodity Sleeve for the twelve months ending September 30, 2016. The CoreCommodity sleeve of the Timothy Defensive Fund rose 21.53% on a net basis. Overall, the strongest performing sectors were precious metals and energy while agriculture stocks lagged.
Energy
Global energy stocks had a relatively strong year, rallying over 19% during the period despite energy futures investments falling more than (18%) over the same time horizon. The surge in Energy companies was driven primarily by the significant oil price rally of nearly 50% from its February low. Timothy Plan Defensive Strategies Fund Commodity Sleeve’s top energy holdings as of September 30th were Lukoil, Inpex, Statoil, Rosneft and Canadian Natural Resources.
Metals & Mining
In general, precious metals finished a very strong year. The underlying precious metals commodities rose over 21% for the period, while gold miners rose over 108% during the same period. Much of this precious metals demand was fueled by investors seeking alternatives to fiat currencies with events like Brexit, and the negative interest rates looming over markets. Timothy Plan Defensive Strategies Fund Commodity Sleeve’s top precious metal miner holdings as of September 30th were Randgold Resources, Newmont Mining, Franco-Nevada, Compania de Minas Buenaventura and Gold Fields.
Industrial metal commodities rose about 3.5% for the period, meanwhile the industrial metal equities performed better than their underlying commodities returning almost 29% for the period. Zinc outperformed on capacity cuts taking hold while Nickel appreciated on audits of mines in the Philippines – the world’s largest producer of Nickel ore. Timothy Plan Defensive Strategies Fund Commodity Sleeve’s top industrial metal holdings as of September 30th were MMC Norilsk Nickel, Sumitomo Metal Mining, Rio Tinto, Hitachi Metals and BHP Billiton.
Agriculture
Over the past year agricultural commodities were roughly flat, rising 2%, while agricultural equities as a group appreciated nearly 13%. In the Agriculture space, significant M&A activity has occurred within fertilizer and seed companies driven by sustained lower crop prices. Timothy Plan Defensive Strategies Fund Commodity Sleeve’s top Agriculture holdings as of September 30th were Sanderson Farms, Mosaic, Syngenta, Cal-Maine Foods and K+S.
Past performance if not indicative of future results. “Bloomberg®” and “Bloomberg Commodity IndexSM” are service marks of Bloomberg L.P. (“Bloomberg”) as the case may be. Source for all Index data: Bloomberg L.P. Global. Gold miners are represented by the MSCI ACWI Select Gold Miners IMI Net Return Index. Energy equities are represented by the MSCI ACWI Select Energy Producers IMI Net Return Index. Base metal equities are represented by the MSCI ACWI Select Metal & Mining Commodity Producers Ex Gold and Silver Net Return Index. Agriculture equities are represented by the MSCI ACWI Select Agriculture Producers IMI Net Return Index. Oil prices are represented by the front-month WTI Crude Oil futures contract. This document does not constitute an offer of any commodities, securities or investment advisory services. Any such offer may be made only by means of a disclosure document or similar materials which contain a description of material terms and risks. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The economic statistics presented herein are subject to revision by the agencies that issue them. Any indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and do not reflect the impact of advisory fees. Investors cannot invest directly in an index. Commodity Sectors and Futures Investments are represented by the Bloomberg Commodity Index Sector Sub-Indices. All investments are subject to risk.
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The Timothy Plan Defensive fund’s allocation of U.S. Treasury Inflation Protected Securities (TIPS) is designed to help protect assets from higher rates of inflation. Over the past 12 months ended September 30, 2016 global central banks have continued their efforts to generate higher inflation rates. At one point this summer there were over $13 trillion in global Sovereign debt trading at negative yields. This attempt to stimulate European and Asian economies with massive monetary stimulus has had only modest success. The U.S. Federal Reserve has been slow to change their monetary policy toward normalization in this environment.
However, inflation has been on the rise in the U.S and with a better employment picture the Federal Reserve may move soon. The headline Core CPI (ex food and energy) was 1.9% as the fiscal year began and is now running at 2.2%. TIPS use a different inflation measure. The All Urban Non-Seasonally adjusted CPI was flat at the beginning of the year based largely on the decline in energy prices, but is now catching up to Core CPI at 1.5%. Investors’ inflation expectations can be measured as the rate difference between the U.S. Treasury 10 year and the U.S. TIPS 10 year. This “breakeven rate” of inflation rose modestly over the course of the fiscal year ending at 1.6%. With modestly higher CPI and increased investor expectations of inflation the U.S. TIPS market generated a 6.58% total return as reported by Barclays over the past 12 months. The primary goal of the TIPS allocation remains to protect assets from rising inflation rates.
BARROW, HANLEY, MEWHINNEY & STRAUSS
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September 30, 2016
Dear Strategic Growth Fund Shareholder:
The Timothy Plan Strategic Growth Fund (the “Fund”) is an asset allocation fund that invests in Timothy Plan underlying funds. The allocation percentages vary from time to time due to Timothy Partners, Ltd“s (the “Advisor”) observations and perceptions of changing economic conditions. As of September 30, 2016, the allocation was as follows:
● | Large/Mid-Cap Growth Fund | 6.25 | % | * | Small-Cap Value Fund | 3.25% | ||||||
● | Large/Mid-Cap Value Fund | 6.75 | % | * | Aggressive Growth Fund | 2.25% | ||||||
● | International Fund | 10.50 | % | * | High-Yield Bond Fund | 6.00% | ||||||
● | Defensive Strategies Fund | 22.00 | % | * | Israel Common Values | 2.75% | ||||||
● | Emerging Markets Fund | 2.25 | % | * | Growth & Income | 15.00% | ||||||
● | Fixed Income | 12.50 | % | * | Cash | 10.50% | ||||||
The Fund’s allocation was relatively conservative for the majority of the fiscal year as the Advisor considered the uncertain impact the political environment might have on the nation’s economy. At fiscal year end, the Fund’s conservative allocation structure resulted in approximately 40.5% invested in the bond and Defensive Strategies funds, and an additional 15% in Growth & Income, which also incorporates a relatively significant bond portfolio, and 10.5% in cash. The bond and Defensive Funds performed well, resulting in The Strategic Growth Fund posting an approximately 4.03% positive return for the fiscal year. I believe that performance was respectable (considering our conservative posture) over the past twelve months and reasonably comparable to the Fund’s market benchmark, the DJ Moderately Aggressive Global Index, which had a total return of 12.17% over the same period. Detailed descriptions of events that contributed to this past year’s performance of the underlying Funds is contained in each sub-advisor’s letter, found within the pages of this Annual Report.
We realize the volatility and uncertainty of the markets over the past couple of years may have been unsettling for many investors; unfortunately, many of our sub-advisors expect this pattern to continue into 2017 and, as a result, we are committed to manage our 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
13
September 30, 2016
Dear Conservative Growth Fund Shareholder:
The Timothy Plan Conservative Growth Fund “the “Fund”) is an asset allocation fund that invests in Timothy Plan underlying funds. The allocation percentages vary from time to time due to Timothy Partners Ltd’s (the “Advisor”) observations and perceptions of changing economic conditions; the allocation on September 30, 2016 was as follows:
● | Large/Mid-Cap Growth Fund | 3.75 | % | * | Small-Cap Value Fund | 3.00% | ||||||
● | Large/Mid-Cap Value Fund | 4.25 | % | * | Aggressive Growth Fund | 1.50% | ||||||
● | International Fund | 8.25 | % | * | High-Yield Bond Fund | 4.25% | ||||||
● | Defensive Strategies Fund | 18.00 | % | * | Israel Common Values | 2.75% | ||||||
● | Emerging Markets Fund | 1.75 | % | * | Growth & Income | 15.00% | ||||||
● | Fixed Income | 25.00 | % | * | Cash | 12.50% | ||||||
The allocation maintained was relatively conservative as the Advisor considered the uncertain impact the political environment might have on the nation’s economy. At fiscal year end, the Fund’s conservative allocation structure resulted in approximately 47.25% invested in the bond and Defensive Strategies funds, and an additional 15% in Growth & Income, which also incorporates a relatively significant bond portfolio, and 12.5% cash. The bond and Defensive Funds performed well, resulting in The Conservative Growth Fund posting an approximately 4.22% positive return for the fiscal year. I believe that performance was respectable (considering our conservative posture) over the past twelve months and reasonably comparable to the fund’s market benchmark - the Dow Jones Global Moderate Index, which had a total return of 10.98% for the same period. Detailed descriptions of events that contributed to this past year’s performance of the underlying Funds is contained in each sub-advisor’s letter, found within the pages of this Annual Report.
We plan to continue to manage this Fund conservatively as we attempt to adjust to (what could be) rapidly changing economic conditions. We realize the volatility and uncertainty of the markets over the past couple of years may have been unsettling for many investors; unfortunately, many of our sub-advisors expect this pattern to continue into 2017 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
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Letter From The Manager
The Timothy Plan Israel Common Values Fund
September 30, 2016
Israel’s economy remains on a stable footing with low inflation, low unemployment, good wage growth, and a strong housing market all forming the underpinnings for a strong domestic economy. The Bank of Israel has maintained an ultra-accommodative interest rate policy with short rates at 0.10% given below than desired inflation, the weaker external environment, and the stronger than desired Shekel. One weak area in the economy has been that focused on the export market. Global trade continues to disappoint and is expected to end 2016 at the weakest levels since the global financial crisis. This has led to weaker export growth. In spite of this, GDP growth in Israel has positively surprised on the back of strong domestic spending.
The Timothy Plan Israel Common Values Fund performed quite well on an absolute and relative basis to the TA-100 index in the year ended September. The key to outperformance this year was related to sector allocation where the Fund’s significant underweight to the Health Care sector and overweight to the Information Technology sector paid off. Health Care has been weak as disappointing M&A and operating results has dented performance there whereas the IT sector has benefitted from strong demand for Israeli technology. Key outperformers in the IT sector included Orbotech Ltd and Silicom Ltd. Other notable outperformers during this time period were top holding Frutarom Industries and real estate companies Bayside Land and Amot Investments.
The Fund continues to invest alongside the innovate spirit of Israeli companies providing ample investment opportunities. While the global external environment remains uncertain, the Israeli domestic economy rests on a stable growth path. We remain committed to a consistent investment approach dedicated to finding long-term investments for the Fund. We thank you for your continued investment in the Fund.
Eagle Global Advisors, LLC
15
LETTER FROM THE MANAGER
September 30, 2016
Timothy Plan Emerging Markets 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, 2016. In addition, we will share insight into how the Fund is currently positioned for the future.
The Markets
Reversing the downturn of the last few years, emerging markets continued to deliver gains in the quarter and year to date, with Brazil and China leading the advance. In Brazil, investor confidence has returned following the August impeachment of President Dilma Rousseff, helping clear market uncertainty and fanning hopes of economic reforms and renewed growth. Chinese equities benefited from the People’s Bank of China’s $278-billion stimulus package aimed at increasing gross domestic product growth.
Additionally, low interest rates globally and the rebound in commodity prices helped boost equity returns, aiding companies in the metals and mining industry and the energy sector.
Meanwhile, Turkey’s equity market declined in the quarter due to political instability following a military coup and an airport bombing, which contributed to a credit-rating downgrade.
The Fund
Year to date through September 30, 2016, the Brandes Emerging Markets Equity Strategy generated strong absolute returns and outperformed the MSCI Emerging Markets Index*, which returned 14.07%.
Holdings in Brazil were major performance drivers, led by food retailer CBD and water utility Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP).
Moreover, a number of holdings rebounded from their poor 2015 performance, including metals and mining companies POSCO and Ternium, as well as Panamanian airline Copa Holdings and Mexico-based Cemex.
Meanwhile, detractors for the period were similar to those for the third quarter, including Embraer and Enersis Chile. Automotive manufacturer South Korean Kia Motors also weighed on returns.
Outlook
Over the past year, we have added new companies and increased our allocation to existing holdings in Turkey. Our weighting to the country as of September 30 was similar to what it was in late 2013 and early 2014, when Turkey’s current account deficit, currency depreciation and position among the Fragile Five** posed a strong buying opportunity for select businesses there. While our allocation back in early 2014 was primarily to commercial banks, our holdings today are more diversified. We still have banking exposure, but have added, a real-estate developer (Emlak Konut Gayrimenkul Yatirim Ortakligi) and an airport operator (TAV Havalimanlari).
16
From a general perspective, we believe the Turkish market, as represented by the MSCI Turkey Index, is attractively valued, trading at 9x earnings at quarter end. Moreover, in our opinion, it is a country where the strategy’s flexibility to invest in companies of any market-capitalization is a benefit. The largest Turkish company held in the strategy has a $12-billion market cap and the majority of the opportunities are among small and mid-cap businesses.
At quarter end, Brazil remained our largest country weighting and relative overweight versus the benchmark, even though we have sold a number of our holdings there over the past year. The real’s appreciation has been a headwind for select Brazilian holdings that derive the majority of their sales outside Brazil. In recent months, we took advantage of the share-price declines to add to our existing positions.
The strategy’s underweight positions were largely unchanged from previous quarters, namely to China, Taiwan and India. From a sector standpoint, the strategy had a lower allocation than the benchmark to technology companies.
The strong performance of many emerging markets thus far in 2016 following the downturn that preceded their recovery serve as a good reminder that market performance and investor sentiment shift constantly, and investors may be best served by focusing on company value. In our view, navigating this dynamic and exciting asset class requires a selective, flexible investment approach that an actively managed strategy such as the Brandes Emerging Markets Equity offers.
As always, thank you for your business and continued trust.
*In September 2016 the strategy benchmark changed from gross of withholding tax to net of withholding tax, effective back to the inception date of the strategy. For periods where the net dividend returns are not available gross benchmark returns are used and linked to the net benchmark returns. The change was made to better reflect our expectation for an investor’s actual experience.
**A term coined by Morgan Stanley in 2013; represented five emerging countries with troubled currencies (Brazil, Indonesia, South Africa, India and Turkey)
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.
17
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 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
18
LETTER FROM THE MANAGER
September 30, 2016
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, 2016. 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 period starting 1 October 2015 through 30 September 2016, the fund returned 2.36%. During the past year, the stock and bond allocation positively contributed to performance. The Basic Materials and Technology sectors were the top performers while the Industrial and Consumer Cyclical sectors did the worst. Two top contributors were Orbotech, which makes electronic components, and Newmont Mining, which mines precious metals and commodities.
We continue to see divergences in the indices and underlying stock returns. Bargain stocks, those with inexpensive valuation ratios, positive and growing earnings, and relative price strength, underperformed stocks with the opposite characteristics. This is not normal and 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.
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.
19
Fund Performance - (Unaudited)
September 30, 2016
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) | (6.42)% | 9.83% | 3.93% | |||||
Russell Mid-Cap Growth Index | 11.24% | 15.85% | 8.51% | |||||
Timothy Aggressive Growth Fund - Class C * | (2.55)% | 10.24% | 3.76% | |||||
Russell Mid-Cap Growth Index | 11.24% | 15.85% | 8.51% | |||||
Timothy Aggressive Growth Fund - Class I | (0.75)% | N/A | 2.16% (a) | |||||
Russell Mid-Cap Growth Index | 11.24% | 15.85% | 8.78% (a) | |||||
| (a) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2016. |
| * | 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, 2006 and held through September 30, 2016. 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.
20
Fund Performance - (Unaudited)
September 30, 2016
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) | (3.72)% | 5.80% | (1.12)% (a) | |||||
MSCI EAFE Index | 3.48% | 4.38% | (2.86)% (a) | |||||
Timothy International Fund - Class C * | 0.09% | 6.21% | (1.27)% (a) | |||||
MSCI EAFE Index | 3.48% | 4.38% | (2.86)% (a) | |||||
Timothy International Fund - Class I | 2.08% | N/A | 1.44% (b) | |||||
MSCI EAFE Index | 3.48% | 4.38% | (0.73)% (b) | |||||
| (a) | For the period May 3, 2007 (commencement of investment in accordance with objective) to September 30, 2016. |
| (b) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2016. |
| * | 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, 2016. 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.
21
Fund Performance - (Unaudited)
September 30, 2016
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) | 0.79% | 12.10% | 5.48% | |||||
Russell 1000 Growth Index | 13.76% | 16.60% | 8.85% | |||||
Timothy Large/Mid Cap Growth Fund - Class C * | 5.10% | 12.50% | 5.27% | |||||
Russell 1000 Growth Index | 13.76% | 16.60% | 8.85% | |||||
Timothy Large/Mid Cap Growth Fund - Class I | 7.01% | N/A | 6.89% (a) | |||||
Russell 1000 Growth Index | 13.76% | 16.60% | 11.61% (a) | |||||
| (a) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2016. |
| * | 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, 2006 and held through September 30, 2016. 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.
22
Fund Performance - (Unaudited)
September 30, 2016
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) | 4.56% | 16.55% | 7.35% | |||||
Russell 2000 Index | 15.47% | 15.82% | 7.07% | |||||
Timothy Small Cap Value Fund - Class C * | 8.83% | 16.98% | 7.15% | |||||
Russell 2000 Index | 15.47% | 15.82% | 7.07% | |||||
Timothy Small Cap Value Fund - Class I | 10.92% | N/A | 7.53% (a) | |||||
Russell 2000 Index | 15.47% | 15.82% | 6.88% (a) | |||||
| (a) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2016. |
| * | 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, 2006 and held through September 30, 2016. 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.
23
Fund Performance - (Unaudited)
September 30, 2016
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) | 0.55% | 12.83% | 6.10% | |||||
S&P 500 Index | 15.43% | 16.37% | 7.24% | |||||
Timothy Large/Mid Cap Value Fund - Class C * | 4.73% | 13.26% | 5.91% | |||||
S&P 500 Index | 15.43% | 16.37% | 7.24% | |||||
Timothy Large/Mid Cap Value Fund - Class I | 6.74% | N/A | 7.61% (a) | |||||
S&P 500 Index | 15.43% | 16.37% | 10.17% (a) | |||||
| (a) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2016. |
| * | 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, 2006 and held through September 30, 2016. 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.
24
Fund Performance - (Unaudited)
September 30, 2016
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) | (1.15)% | 0.66% | 2.83% | |||||
Barclays Capital U.S. Aggregate Bond Index | 5.19% | 3.08% | 4.79% | |||||
Timothy Fixed Income Fund - Class C * | 1.66% | 0.84% | 2.64% | |||||
Barclays Capital U.S. Aggregate Bond Index | 5.19% | 3.08% | 4.79% | |||||
Timothy Fixed Income Fund - Class I | 3.91% | N/A | 2.92% (a) | |||||
Barclays Capital U.S. Aggregate Bond Index | 5.19% | 3.08% | 4.13% (a) | |||||
| (a) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2016. |
| * | 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, 2006 and held through September 30, 2016. 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.
25
Fund Performance - (Unaudited)
September 30, 2016
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) | 4.83% | 4.86% | 4.25% (a) | |||||
Barclays Ba/B High Yield Index | 11.70% | 8.02% | 6.96% (a) | |||||
Timothy High Yield Bond Fund - Class C * | 8.04% | 5.04% | 4.10% (a) | |||||
Barclays Ba/B High Yield Index | 11.70% | 8.02% | 6.96% (a) | |||||
Timothy High Yield Bond Fund - Class I | 10.12% | N/A | 3.52% (b) | |||||
Barclays Ba/B High Yield Index | 11.70% | 8.02% | 5.27% (b) | |||||
| (a) | For the period May 7, 2007 (commencement of investment in accordance with objective) to September 30, 2016. |
| (b) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2016. |
| * | 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, 2016. 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.
26
Fund Performance - (Unaudited)
September 30, 2016
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) | 3.05% | 0.98% | 3.05% (a) | |||||
Dow Jones Moderately Conservative U.S. Portfolio Index | 10.54% | 11.07% | 10.29% (a) | |||||
Timothy Defensive Strategies Fund Blended Index (c) | 2.14% | (3.65)% | (1.03)% (a) | |||||
Timothy Defensive Strategies Fund - Class C * | 7.32% | 1.36% | 3.18% (a) | |||||
Dow Jones Moderately Conservative U.S. Portfolio Index | 10.54% | 11.07% | 10.29% (a) | |||||
Timothy Defensive Strategies Fund Blended Index (c) | 2.14% | (3.65)% | (1.03)% (a) | |||||
Timothy Defensive Strategies Fund - Class I | 9.41% | N/A | 1.93% (b) | |||||
Dow Jones Moderately Conservative U.S. Portfolio Index | 10.54% | 11.07% | 7.11% (b) | |||||
Timothy Defensive Strategies Fund Blended Index (c) | 2.14% | (3.65)% | (4.56)% (b) | |||||
| (a) | For the period November 4, 2009 (commencement of investment in accordance with objective) to September 30, 2016. |
| (b) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2016. |
| (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, 2016. 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.
27
Fund Performance - (Unaudited)
September 30, 2016
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) | (1.69)% | 6.15% | 2.08% | |||
Dow Jones Global Moderately Aggressive Portfolio Index | 12.17% | 10.69% | 6.00% | |||
Timothy Strategic Growth Fund - Class C * | 2.25% | 6.58% | 1.86% | |||
Dow Jones Global Moderately Aggressive Portfolio Index | 12.17% | 10.69% | 6.00% |
| * | 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, 2006 and held through September 30, 2016. 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.
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Fund Performance - (Unaudited)
September 30, 2016
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) | (1.50)% | 4.03% | 2.57% | |||
Dow Jones Global Moderate Portfolio Index | 10.98% | 8.66% | 5.69% | |||
Timothy Conservative Growth Fund - Class C * | 2.42% | 4.42% | 2.39% | |||
Dow Jones Global Moderate Portfolio Index | 10.98% | 8.66% | 5.69% |
| * | 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, 2006 and held through September 30, 2016. 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.
29
Fund Performance - (Unaudited)
September 30, 2016
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) | 5.96% | 4.42% (a) | ||||
Israel Tel Aviv 100 Index | (2.97)% | 5.19% (a) | ||||
Timothy Israel Common Values Fund - Class C * | 10.41% | 4.82% (a) | ||||
Israel Tel Aviv 100 Index | (2.97)% | 5.19% (a) | ||||
Timothy Israel Common Values Fund - Class I | 12.51% | 2.50% (b) | ||||
Israel Tel Aviv 100 Index | (2.97)% | 4.47% (b) | ||||
| (a) | For the period October 12, 2011 (commencement of investment in accordance with objective) to September 30, 2016. |
| (b) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2016. |
| * | 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, 2016. 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.
30
Fund Performance - (Unaudited)
September 30, 2016
Emerging Markets Fund
| Fund/Index | 1 Year
Total Return | Average
Annual Return
Since Inception | ||||
Timothy Emerging Markets Fund - Class A (With Sales Charge) | 20.30% | (4.37)% (a) | ||||
MSCI Emerging Markets Index | 14.07% | (2.81)% (a) | ||||
Timothy Emerging Markets Fund - Class C * | 25.53% | (3.64)% (a) | ||||
MSCI Emerging Markets Index | 14.07% | (2.81)% (a) | ||||
Timothy Emerging Markets Fund - Class I | 27.76% | (3.20)% (b) | ||||
MSCI Emerging Markets Index | 14.07% | (1.71)% (b) | ||||
| (a) | For the period December 3, 2012 (commencement of investment in accordance with objective) to September 30, 2016. |
| (b) | For the period August 1, 2013 (commencement of investment in accordance with objective) to September 30, 2016. |
| * | 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, 2016. 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.
31
Fund Performance - (Unaudited)
September 30, 2016
Growth & Income Fund
| Fund/Index | 1 Year
Total Return | Average
Annual Return
Since Inception | ||||
Timothy Growth & Income Fund - Class A (With Sales Charge) | (3.24)% | 0.65% (a) | ||||
Timothy Growth & Income Fund Blended Index (b) | 9.32% | 6.58% (a) | ||||
Timothy Growth & Income Fund - Class C * | 0.54% | 1.80% (a) | ||||
Timothy Growth & Income Fund Blended Index (b) | 9.32% | 6.58% (a) | ||||
Timothy Growth & Income Fund - Class I | 2.61% | 2.77% (a) | ||||
Timothy Growth & Income Fund Blended Index (b) | 9.32% | 6.58% (a) | ||||
| (a) | For the period October 1, 2013 (commencement of investment in accordance with objective) to September 30, 2016. |
| (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, 2016. 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.
32
Schedule of Investments | Aggressive Growth
As of September 30, 2016
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 68.4 % | ||||||||
ADVERTISING - 2.2 % | ||||||||
| 52,400 | MDC Partners, Inc. - Cl. A | $ | 561,728 | |||||
|
| |||||||
AIRLINES - 0.4 % | ||||||||
| 2,365 | Spirit Airlines, Inc. * | 100,583 | ||||||
|
| |||||||
AUTO PARTS & EQUIPMENT - 0.1 % | ||||||||
| 675 | Mobileye NV * | 28,735 | ||||||
|
| |||||||
BANKS - 6.6 % | ||||||||
| 183,865 | First Bancorp. * | 956,098 | ||||||
| 17,750 | Popular, Inc. | 678,405 | ||||||
| 675 | Western Alliance Bancorp * | 25,340 | ||||||
|
| |||||||
| 1,659,843 | ||||||||
|
| |||||||
BIOTECHNOLOGY - 2.0 % | ||||||||
| 480 | Alexion Pharmaceuticals, Inc. * | 58,819 | ||||||
| 2,935 | BioMarin Pharmaceutical, Inc. * | 271,546 | ||||||
| 400 | Bluebird Bio, Inc. * | 27,112 | ||||||
| 1,630 | Exact Sciences Corp. * | 30,269 | ||||||
| 410 | Incyte Corp. * | 38,659 | ||||||
| 320 | Intercept Pharmaceuticals, Inc. * | 52,669 | ||||||
| 335 | Vertex Pharmaceuticals, Inc. * | 29,215 | ||||||
|
| |||||||
| 508,289 | ||||||||
|
| |||||||
BUILDING MATERIALS - 0.4 % | ||||||||
| 900 | Apogee Enterprises, Inc. | 40,221 | ||||||
| 3,950 | Quanex Building Products Corp. | 68,177 | ||||||
|
| |||||||
| 108,398 | ||||||||
|
| |||||||
COMMERCIAL SERVICES - 6.3 % | ||||||||
| 850 | Advisory Board Co. * | 38,029 | ||||||
| 3,805 | Cardtronics PLC - Cl. A * | 169,703 | ||||||
| 395 | CoStar Group, Inc. * | 85,529 | ||||||
| 3,125 | Cross Country Healthcare, Inc. * | 36,813 | ||||||
| 2,340 | Euronet Worldwide, Inc. * | 191,482 | ||||||
| 20 | FTI Consulting Inc. * | 891 | ||||||
| 1,535 | Grand Canyon Education, Inc. * | 61,999 | ||||||
| 2,410 | INC Research Holdings, Inc. - Cl. A * | 107,438 | ||||||
| 64,918 | Information Services Group, Inc. * | 259,023 | ||||||
| 3,965 | KAR Auction Services, Inc. | 171,129 | ||||||
| 775 | Lending Tree, Inc. * | 75,105 | ||||||
| 375 | MarketAxess Holdings, Inc. | 62,096 | ||||||
| 8,380 | On Assignment, Inc. * | 304,110 | ||||||
|
| |||||||
| 1,563,347 | ||||||||
|
| |||||||
COMPUTERS - 6.1 % | ||||||||
| 9,960 | Electronics For Imaging, Inc. * | 487,243 | ||||||
| 1,270 | Fortinet, Inc. * | 46,901 | ||||||
| 7,415 | Manhattan Associates, Inc. * | 427,252 | ||||||
| 3,715 | MAXIMUS, Inc. | 210,120 | ||||||
| 11,850 | WNS Holdings Ltd. (ADR) * | 354,908 | ||||||
|
| |||||||
| 1,526,424 | ||||||||
|
| |||||||
DISTRIBUTION/WHOLESALE - 3.8 % | ||||||||
| 55,545 | H&E Equipment Services, Inc. | 930,934 | ||||||
| 705 | HD Supply Holdings, Inc. * | 22,546 | ||||||
|
| |||||||
| 953,480 | ||||||||
|
| |||||||
33
Schedule of Investments | Aggressive Growth
As of September 30, 2016 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES - 4.8 % | ||||||||
| 505 | CME Group, Inc. - Cl. A | $ | 52,783 | |||||
| 55,825 | Cowen Group, Inc. - Cl. A * | 202,645 | ||||||
| 10,675 | LendingClub Corp. * | 65,972 | ||||||
| 14,160 | SEI Investments Co. | 645,838 | ||||||
| 17,800 | SLM Corp. * | 132,966 | ||||||
| 1,905 | WageWorks, Inc. * | 116,033 | ||||||
|
| |||||||
| 1,216,237 | ||||||||
|
| |||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.9 % | ||||||||
| 3,115 | Belden, Inc. | 214,904 | ||||||
|
| |||||||
ELECTRONICS - 0.4 % | ||||||||
| 3,140 | Trimble, Inc. * | 89,678 | ||||||
|
| |||||||
HEALTHCARE - PRODUCTS - 2.8 % | ||||||||
| 2,075 | Bruker Corp. | 46,999 | ||||||
| 650 | Edwards Lifesciences Corp. * | 78,365 | ||||||
| 2,085 | Globus Medical, Inc. - Cl. A * | 47,058 | ||||||
| 3,290 | Masimo Corp. * | 195,722 | ||||||
| 1,200 | NuVasive, Inc. * | 79,992 | ||||||
| 3,515 | NxStage Medical, Inc. * | 87,840 | ||||||
| 4,555 | Spectranetics Corp. * | 114,285 | ||||||
| 1,825 | Wright Medical Group NV * | 44,767 | ||||||
|
| |||||||
| 695,028 | ||||||||
|
| |||||||
HEALTHCARE - SERVICES - 1.9 % | ||||||||
| 910 | Almost Family, Inc. * | 33,461 | ||||||
| 840 | Amedisys, Inc. * | 39,850 | ||||||
| 6,095 | Centene Corp. * | 408,121 | ||||||
|
| |||||||
| 481,432 | ||||||||
|
| |||||||
HOME BUILDERS - 0.8 % | ||||||||
| 7,055 | Toll Brothers, Inc. * | 210,662 | ||||||
|
| |||||||
INSURANCE - 3.9 % | ||||||||
| 20,005 | Assured Guaranty Ltd. | 555,139 | ||||||
| 27,170 | Radian Group, Inc. | 368,154 | ||||||
| 1,275 | XL Group Ltd. | 42,878 | ||||||
|
| |||||||
| 966,171 | ||||||||
|
| |||||||
INTERNET - 0.3 % | ||||||||
| 5,170 | 8X8, Inc. * | 79,773 | ||||||
|
| |||||||
LEISURE TIME - 2.9 % | ||||||||
| 14,790 | Brunswick Corp. | 721,456 | ||||||
|
| |||||||
OIL & GAS - 1.6 % | ||||||||
| 450 | Concho Resources, Inc. * | 61,808 | ||||||
| 2,545 | Diamondback Energy, Inc. * | 245,694 | ||||||
| 4,195 | Matador Resources Co. * | 102,106 | ||||||
|
| |||||||
| 409,608 | ||||||||
|
| |||||||
OIL & GAS SERVICES - 2.0 % | ||||||||
| 27,290 | Superior Energy Services, Inc. | 488,491 | ||||||
|
| |||||||
PHARMACEUTICALS - 0.8 % | ||||||||
| 935 | Aerie Pharmaceuticals, Inc. * | 35,287 | ||||||
| 1,345 | Cempra, Inc. * | 32,549 | ||||||
| 2,000 | CoLucid Pharmaceuticals, Inc. * | 76,300 | ||||||
| 1,375 | Horizon Pharma PLC * | 24,929 | ||||||
| 575 | Neurocrine Biosciences, Inc. * | 29,118 | ||||||
|
| |||||||
| 198,183 | ||||||||
|
| |||||||
34
Schedule of Investments | Aggressive Growth
As of September 30, 2016 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
RETAIL - 3.2 % | ||||||||
| 1,390 | Dick’s Sporting Goods, Inc. | $ | 78,841 | |||||
| 950 | Five Below, Inc. * | 38,276 | ||||||
| 2,250 | Francesca’s Holdings Corp. * | 34,718 | ||||||
| 2,570 | Kate Spade & Co. * | 44,024 | ||||||
| 22,060 | MarineMax, Inc. * | 462,157 | ||||||
| 310 | Panera Bread Co. - Cl. A * | 60,363 | ||||||
| 1,700 | Sonic Corp. | 44,506 | ||||||
| 710 | Tractor Supply Co. | 47,818 | ||||||
|
| |||||||
| 810,703 | ||||||||
|
| |||||||
SEMICONDUCTORS - 4.8 % | ||||||||
| 705 | Broadcom Ltd. | 121,627 | ||||||
| 3,675 | Brooks Automation, Inc. | 50,016 | ||||||
| 5,810 | Cavium, Inc. * | 338,142 | ||||||
| 2,255 | Cypress Semiconductor Corp. | 27,421 | ||||||
| 6,450 | FormFactor, Inc. * | 69,983 | ||||||
| 9,560 | Inegrated Device Technology, Inc. * | 220,836 | ||||||
| 720 | Lam Research Corp. | 68,191 | ||||||
| 3,310 | Monolithic Power System, Inc. | 266,455 | ||||||
| 575 | Qorvo, Inc. * | 32,050 | ||||||
|
| |||||||
| 1,194,721 | ||||||||
|
| |||||||
SOFTWARE - 8.3 % | ||||||||
| 975 | Aspen Technology, Inc. * | 45,620 | ||||||
| 5,215 | Callidus Software, Inc. * | 95,695 | ||||||
| 575 | Cornerstone OnDemand, Inc. * | 26,421 | ||||||
| 600 | Fidelity National Information Services, Inc. | 46,218 | ||||||
| 2,400 | Imperva, Inc. * | 128,904 | ||||||
| 1,125 | Paycom Software, Inc. * | 56,396 | ||||||
| 3,170 | Proofpoint, Inc. * | 237,274 | ||||||
| 7,725 | PTC, Inc. * | 342,295 | ||||||
| 2,185 | ServiceNow, Inc. * | 172,943 | ||||||
| 13,625 | SS&C Technologies Holdings, Inc. | 438,044 | ||||||
| 1,295 | Tableau Software, Inc. Cl. A * | 71,575 | ||||||
| 2,385 | Tyler Technologies, Inc. * | 408,384 | ||||||
|
| |||||||
| 2,069,769 | ||||||||
|
| |||||||
TELECOMMUNICATIONS - 1.1 % | ||||||||
| 1,685 | LogMeIn, Inc. | 152,307 | ||||||
| 725 | Palo Alto Networks, Inc. * | 115,514 | ||||||
|
| |||||||
| 267,821 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $16,145,772) | 17,125,464 | |||||||
|
| |||||||
MASTER LIMITED PARTNERSHIPS - 0.9 % | ||||||||
| 5,925 | Lazard Ltd. - Cl. A (Cost $258,781) | 215,433 | ||||||
|
| |||||||
REITs - 0.4 % | ||||||||
| 625 | CyrusOne, Inc. | |||||||
| 215 | Equinix, Inc. | 29,731 | ||||||
TOTAL REITs (Cost $113,492) | 77,454 | |||||||
|
| |||||||
| 107,185 | ||||||||
|
| |||||||
MONEY MARKET FUND - 29.2 % | ||||||||
| 7,313,100 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (A) | 7,313,100 | ||||||
|
| |||||||
(Cost $7,313,100) | ||||||||
TOTAL INVESTMENTS - 98.9 % (Cost $23,831,145) (B) | $ | 24,761,182 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 1.1 % | 268,047 | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 25,029,229 | ||||||
|
| |||||||
* Non-income producing securities.
ADR - American Depositary Receipt.
REITs - Real Estate Investment Trust.
(A) Variable rate security; the rate shown represents the yield at September 30, 2016.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $24,117,350 and differs from fair value by net unrealized depreciation of securities as follows:
| Unrealized appreciation | $ | 1,648,383 | ||
| Unrealized depreciation | (1,004,551 | ) | ||
|
| |||
| Net unrealized appreciation | $ | 643,832 | ||
|
|
35
Schedule of Investments | International
As of September 30, 2016
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 78.7 % | ||||||||
AIRLINES - 1.4 % | ||||||||
| 73,100 | Japan Airlines Co. Ltd. (ADR) | $ | 1,073,839 | |||||
|
| |||||||
AUTO PARTS & EQUIPMENT - 7.7 % | ||||||||
| 37,400 | Continental AG (ADR) | 1,583,516 | ||||||
| 52,000 | Magna International, Inc. | 2,233,400 | ||||||
| 73,100 | Valeo SA (ADR) | 2,122,093 | ||||||
|
| |||||||
| 5,939,009 | ||||||||
|
| |||||||
BANKS - 6.9 % | ||||||||
| 10,500 | Banco Macro SA - Cl. B (ADR) | 821,625 | ||||||
| 32,739 | DBS Group Holdings Ltd. (ADR) | 1,492,244 | ||||||
| 50,200 | KBC Group NV (ADR) * | 1,459,816 | ||||||
| 224,000 | Mizuho Financial Group, Inc. (ADR) | 752,640 | ||||||
| 35,100 | Swedbank AB (ADR) | 822,042 | ||||||
|
| |||||||
| 5,348,367 | ||||||||
|
| |||||||
BUILDING MATERIALS - 0.8 % | ||||||||
| 100,000 | Asahi Glass Co. Ltd. (ADR) | 641,000 | ||||||
|
| |||||||
COMMERCIAL SERVICES - 0.7 % | ||||||||
| 14,000 | AerCap Holdings NV * | 538,860 | ||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES - 5.6 % | ||||||||
| 175,500 | Daiwa Securities Group, Inc. (ADR) | 984,555 | ||||||
| 44,800 | ORIX Corp. (ADR) | 3,322,368 | ||||||
|
| |||||||
| 4,306,923 | ||||||||
|
| |||||||
ELECTRIC - 0.6 % | ||||||||
| 47,900 | Power Assets Holdings Ltd. (ADR) | 472,773 | ||||||
|
| |||||||
ELECTRONICS - 1.8 % | ||||||||
| 45,900 | Orbotech Ltd. * | 1,359,099 | ||||||
|
| |||||||
ENGINEERING & CONSTRUCTION - 2.5 % | ||||||||
| 103,000 | Vinci SA (ADR) | 1,967,815 | ||||||
|
| |||||||
FOOD - 8.7 % | ||||||||
| 132,800 | Cencosud SA (ADR) | 1,196,528 | ||||||
| 198,000 | First Pacific Co. Ltd. (ADR) | 706,860 | ||||||
| 14,000 | Kerry Group PLC (ADR) | 1,193,500 | ||||||
| 109,800 | Marine Harvest ASA (ADR) | 1,967,616 | ||||||
| 73,100 | Seven & I Holdings Co. Ltd. (ADR) | 1,660,832 | ||||||
|
| |||||||
| 6,725,336 | ||||||||
|
| |||||||
HAND/MACHINE TOOLS - 1.8 % | ||||||||
| 71,650 | Techtronic Industries Co. (ADR) | 1,405,773 | ||||||
|
| |||||||
HEALTHCARE - PRODUCTS - 3.7 % | ||||||||
| 87,000 | Smith & Nephew PLC (ADR) | 2,851,860 | ||||||
|
| |||||||
HEALTHCARE - SERVICES - 3.7 % | ||||||||
| 65,000 | Fresenius Medical Care AG & Co. (ADR) | 2,845,050 | ||||||
|
| |||||||
HOME BUILDERS - 1.0 % | ||||||||
| 46,000 | Sekisui House Ltd. (ADR) | 781,609 | ||||||
|
| |||||||
INSURANCE - 5.3 % | ||||||||
| 43,300 | Ageas (ADR) | 1,580,883 | ||||||
| 75,200 | Muenchener Rueckversicherungs AG (ADR) | 1,399,472 | ||||||
| 43,900 | Zurich Insurance Group AG (ADR) | 1,127,791 | ||||||
|
| |||||||
| 4,108,146 | ||||||||
|
| |||||||
36
Schedule of Investments | International
As of September 30, 2016 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
INTERNET - 1.6 % | ||||||||
| 44,000 | Tencent Holdings Ltd. (ADR) | $ | 1,226,500 | |||||
|
| |||||||
MACHINERY-CONSTRUCTION&MINING - 1.2 % | ||||||||
| 33,000 | Atlas Copco AB (ADR) | 901,725 | ||||||
|
| |||||||
MINING - 0.4 % | ||||||||
| 10,000 | Rio Tinto PLC (ADR) | 334,000 | ||||||
|
| |||||||
MISCELLANEOUS MANUFACTURING - 1.7 % | ||||||||
| 35,538 | FUJIFILM Holdings Corp. (ADR) | 1,313,129 | ||||||
|
| |||||||
OIL & GAS - 3.1 % | ||||||||
| 26,200 | Eni SpA (ADR) | 756,394 | ||||||
| 97,500 | Statoil ASA (ADR) | 1,638,000 | ||||||
|
| |||||||
| 2,394,394 | ||||||||
|
| |||||||
PHARMACEUTICALS - 7.4 % | ||||||||
| 103,000 | Ipsen SA (ADR) | 1,832,370 | ||||||
| 73,700 | Ono Pharmaceutical Co. Ltd. (ADR) | 685,410 | ||||||
| 16,700 | Shire PLC (ADR) | 3,237,462 | ||||||
|
| |||||||
| 5,755,242 | ||||||||
|
| |||||||
SEMICONDUCTORS - 2.4 % | ||||||||
| 18,100 | NXP Semiconductors NV * | 1,846,381 | ||||||
|
| |||||||
SOFTWARE - 3.0 % | ||||||||
| 17,000 | Amadeus IT Holdings SA (ADR) | 846,090 | ||||||
| 22,970 | Open Text Corp. | 1,489,834 | ||||||
|
| |||||||
| 2,335,924 | ||||||||
|
| |||||||
TELECOMMUNICATIONS - 3.6 % | ||||||||
| 10,000 | Globe Telecom, Inc. (ADR) | 424,950 | ||||||
| 51,000 | Nippon Telegraph & Telephone Corp. (ADR) | 2,336,310 | ||||||
|
| |||||||
| 2,761,260 | ||||||||
|
| |||||||
TRANSPORTATION - 1.0 % | ||||||||
| 5,000 | Canadian Pacific Railway Ltd. | 763,500 | ||||||
|
| |||||||
WATER - 1.1 % | ||||||||
| 96,000 | Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 888,960 | ||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $50,660,019) | 60,886,474 | |||||||
|
| |||||||
MONEY MARKET FUND - 21.0 % | ||||||||
| 16,235,578 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (A) | 16,235,578 | ||||||
|
| |||||||
(Cost $16,235,578) | ||||||||
TOTAL INVESTMENTS - 99.7 % (Cost $66,895,597) (B) | $ | 77,122,052 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.3 % | 266,022 | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 77,388,074 | ||||||
|
| |||||||
*Non-income producing securities.
(ADR) American Depositary Receipt.
(A) Variable rate security; the rate shown represents the yield at September 30, 2016.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $67,894,305 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
| Unrealized appreciation | $ | 11,718,488 | ||
| Unrealized depreciation | (2,490,741 | ) | ||
|
| |||
| Net unrealized appreciation | $ | 9,227,747 | ||
|
|
37
Schedule of Investments | International
As of September 30, 2016 (Continued)
| Diversification of Assets | ||||
| ||||
| Country | % of Net Assets | |||
| ||||
| Japan | 17.5% | |||
| France | 7.6% | |||
| Germany | 7.5% | |||
| Canada | 5.8% | |||
| Norway | 4.7% | |||
| United States | 4.2% | |||
| Britain | 4.1% | |||
| Belgium | 3.9% | |||
| Hong Kong | 3.4% | |||
| Netherlands | 2.4% | |||
| Ireland | 2.2% | |||
| Sweden | 2.2% | |||
| Singapore | 1.9% | |||
| Israel | 1.7% | |||
| China | 1.6% | |||
| Chile | 1.6% | |||
| Switzerland | 1.5% | |||
| Brazil | 1.1% | |||
| Spain | 1.1% | |||
| Argentina | 1.1% | |||
| Italy | 1.0% | |||
| Philippines | 0.6% | |||
|
| |||
| Total | 78.7% | |||
| Money Market Fund | 21.0% | |||
| Other Assets in Excess of Liabilities | 0.3% | |||
|
| |||
| Grand Total | 100.0% | |||
|
| |||
38
Schedule of Investments | Large/Mid Cap Growth
As of September 30, 2016
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 70.1 % | ||||||||
AEROSPACE/DEFENSE - 1.9 % | ||||||||
| 7,740 | General Dynamics Corp. | $ | 1,200,938 | |||||
|
| |||||||
APPAREL - 1.8 % | ||||||||
| 19,930 | VF Corp. | 1,117,077 | ||||||
|
| |||||||
AUTO PARTS & EQUIPMENT - 0.1 % | ||||||||
| 1,525 | Mobileye NV * | 64,919 | ||||||
|
| |||||||
BANKS - 2.0 % | ||||||||
| 30,570 | Popular, Inc. | 1,168,385 | ||||||
| 1,350 | Western Alliance Bancorporation * | 50,679 | ||||||
|
| |||||||
| 1,219,064 | ||||||||
|
| |||||||
BIOTECHNOLOGY - 4.2 % | ||||||||
| 1,125 | Alexion Pharmaceuticals, Inc. * | 137,858 | ||||||
| 6,760 | BioMarin Pharmaceutical, Inc. * | 625,435 | ||||||
| 15,010 | Celgene Corp. * | 1,568,995 | ||||||
| 950 | Incyte Corp. * | 89,575 | ||||||
| 675 | Intercept Pharmaceuticals, Inc. * | 111,098 | ||||||
| 750 | Vertex Pharmaceuticals, Inc. * | 65,408 | ||||||
|
| |||||||
| 2,598,369 | ||||||||
|
| |||||||
CHEMICALS - 3.5 % | ||||||||
| 6,840 | LyondellBasell Industries NV | 551,714 | ||||||
| 13,435 | Praxair, Inc. | 1,623,351 | ||||||
|
| |||||||
| 2,175,065 | ||||||||
|
| |||||||
COMMERCIAL SERVICES - 2.9 % | ||||||||
| 920 | CoStar Group, Inc. * | 199,208 | ||||||
| 13,505 | Euronet Worldwide, Inc. * | 1,105,114 | ||||||
| 9,140 | KAR Auction Services, Inc. | 394,482 | ||||||
| 750 | MarketAxess Holdings, Inc. | 124,193 | ||||||
|
| |||||||
| 1,822,997 | ||||||||
|
| |||||||
COMPUTERS - 1.4 % | ||||||||
| 6,470 | Electronics for Imaging, Inc. * | 316,512 | ||||||
| 2,175 | Fortinet, Inc. * | 80,323 | ||||||
| 8,535 | Manhattan Associates, Inc. * | 491,787 | ||||||
|
| |||||||
| 888,622 | ||||||||
|
| |||||||
DISTRIBUTION/WHOLESALE - 0.1 % | ||||||||
| 1,565 | HD Supply Holdings, Inc. * | 50,049 | ||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES - 3.8 % | ||||||||
| 1,150 | CME Group, Inc. - Class A | 120,198 | ||||||
| 44,975 | SEI Investments Co. | 2,051,310 | ||||||
| 26,820 | SLM Corp. * | 200,345 | ||||||
|
| |||||||
| 2,371,853 | ||||||||
|
| |||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.4 % | ||||||||
| 3,510 | Belden, Inc. | 242,155 | ||||||
|
| |||||||
ELECTRONICS - 4.8 % | ||||||||
| 18,300 | Amphenol Corp. - Class A | 1,188,036 | ||||||
| 13,985 | Honeywell International, Inc. | 1,630,511 | ||||||
| 7,540 | Trimble Navigation Ltd. * | 215,342 | ||||||
|
| |||||||
| 3,033,889 | ||||||||
|
| |||||||
FOOD - 6.6 % | ||||||||
| 21,710 | Hain Celestial Group, Inc. * | 772,442 | ||||||
| 12,140 | JM Smucker Co. | 1,645,456 | ||||||
| 16,900 | McCormick & Co., Inc. | 1,688,648 | ||||||
|
| |||||||
| 4,106,546 | ||||||||
|
| |||||||
HEALTHCARE - PRODUCTS - 0.1 % | ||||||||
| 725 | Edwards Lifesciences Corp. * | 87,406 | ||||||
|
| |||||||
HEALTHCARE - SERVICES - 0.7 % | ||||||||
| 7,052 | Centene Corp. * | 472,202 | ||||||
|
| |||||||
39
Schedule of Investments | Large/Mid Cap Growth
As of September 30, 2016 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
HOME BUILDERS - 0.8 % | ||||||||
| 16,275 | Toll Brothers, Inc. * | $ | 485,972 | |||||
|
| |||||||
HOUSEWARES - 1.7 % | ||||||||
| 19,942 | Newell Brands, Inc. | 1,050,146 | ||||||
|
| |||||||
INSURANCE - 5.8 % | ||||||||
| 39,380 | Assured Guaranty, Ltd. | 1,092,795 | ||||||
| 16,675 | Chubb Ltd. | 2,095,214 | ||||||
| 27,500 | Radian Group, Inc. | 372,625 | ||||||
| 2,850 | XL Group Ltd. | 95,846 | ||||||
|
| |||||||
| 3,656,480 | ||||||||
|
| |||||||
LEISURE TIME - 1.4 % | ||||||||
| 18,585 | Brunswick Corp. | 906,576 | ||||||
|
| |||||||
OIL & GAS - 1.4 % | ||||||||
| 1,105 | Concho Resources, Inc. * | 151,772 | ||||||
| 8,010 | ConocoPhillips | 348,195 | ||||||
| 3,820 | Diamondback Energy, Inc. * | 368,783 | ||||||
|
| |||||||
| 868,750 | ||||||||
|
| |||||||
OIL & GAS SERVICES - 0.9 % | ||||||||
| 30,670 | Superior Energy Services, Inc. | 548,993 | ||||||
|
| |||||||
PHARMACEUTICALS - 3.9 % | ||||||||
| 21,000 | AbbVie, Inc. | 1,324,470 | ||||||
| 14,810 | Express Scripts Holding Co. * | 1,044,549 | ||||||
| 1,325 | Neurocrine Biosciences, Inc. * | 67,098 | ||||||
|
| |||||||
| 2,436,117 | ||||||||
|
| |||||||
RETAIL - 8.4 % | ||||||||
| 2,310 | AutoZone, Inc. * | 1,774,865 | ||||||
| 9,080 | Costco Wholesale Corp. | 1,384,791 | ||||||
| 3,250 | Dick’s Sporting Goods, Inc. | 184,340 | ||||||
| 23,540 | Lowe’s Cos, Inc. | 1,699,823 | ||||||
| 700 | Panera Bread Co. - Cl. A * | 136,304 | ||||||
| 1,465 | Tractor Supply Co. | 98,668 | ||||||
|
| |||||||
| 5,278,791 | ||||||||
|
| |||||||
SEMICONDUCTORS - 5.5 % | ||||||||
| 1,505 | Broadcom Ltd. | 259,643 | ||||||
| 6,700 | Cavium, Inc. * | 389,940 | ||||||
| 1,650 | Lam Research Corp. | 156,271 | ||||||
| 23,075 | Maxim Integrated Products, Inc. | 921,385 | ||||||
| 3,800 | Monolithic Power Systems, Inc. | 305,900 | ||||||
| 19,680 | NVIDIA Corp. | 1,348,474 | ||||||
| 1,325 | Qorvo, Inc. * | 73,855 | ||||||
|
| |||||||
| 3,455,468 | ||||||||
|
| |||||||
SOFTWARE - 4.6 % | ||||||||
| 12,700 | Check Point Software Technologies Ltd. * | 985,647 | ||||||
| 1,325 | Fidelity National Information Services, Inc. | 102,065 | ||||||
| 8,870 | PTC, Inc. * | 393,030 | ||||||
| 15,320 | SS&C Technologies Holdings, Inc. | 492,538 | ||||||
| 5,050 | ServiceNow, Inc. * | 399,707 | ||||||
| 1,450 | Tableau Software, Inc. - Cl. A * | 80,141 | ||||||
| 2,375 | Tyler Technologies, Inc. * | 406,671 | ||||||
|
| |||||||
| 2,859,799 | ||||||||
|
| |||||||
TELECOMMUNICATIONS - 0.6 % | ||||||||
| 900 | LogMeIn, Inc. | 81,351 | ||||||
| 1,850 | Palo Alto Networks, Inc. * | 294,760 | ||||||
|
| |||||||
| 376,111 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $38,173,091) | 43,374,354 | |||||||
|
| |||||||
40
Schedule of Investments | Large/Mid Cap Growth
As of September 30, 2016 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
MASTER LIMITED PARTNERSHIPS - 0.8 % | ||||||||
| 13,725 | Lazard Ltd. Cl. A (Cost $673,231) | $ | 499,041 | |||||
|
| |||||||
REITS - 0.3 % | ||||||||
| 480 | Equinix, Inc. (Cost $182,095) | 172,920 | ||||||
|
| |||||||
MONEY MARKET FUND - 29.5 % | ||||||||
| 18,448,920 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (A) | 18,448,920 | ||||||
|
| |||||||
(Cost $18,448,920) | ||||||||
TOTAL INVESTMENTS - 99.9 % (Cost $57,477,337)(B) | $ | 62,495,235 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.1 % | 55,813 | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 62,551,048 | ||||||
|
| |||||||
*Non-income producing securities.
REIT - Real Estate Investment Trust.
(A) Variable rate security; the rate shown represents the yield at September 30, 2016.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $57,454,537 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
Unrealized appreciation | $ | 6,178,117 | ||
Unrealized depreciation | (1,137,419) | |||
|
| |||
Net unrealized appreciation | $ | 5,040,698 | ||
|
|
41
Schedule of Investments | Small Cap Value
As of September 30, 2016
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 68.5 % | ||||||||
AEROSPACE/DEFENSE - 2.0 % | ||||||||
| 28,200 | Esterline Technologies Corp. * | $ | 2,144,328 | |||||
|
| |||||||
APPAREL - 1.9 % | ||||||||
| 30,655 | Oxford Industries, Inc. | 2,075,344 | ||||||
|
| |||||||
BANKS - 11.2 % | ||||||||
| 44,717 | Chemical Financial Corp. | 1,973,361 | ||||||
| 57,108 | Columbia Banking System, Inc. | 1,868,574 | ||||||
| 63,500 | Glacier Bancorp, Inc. | 1,811,020 | ||||||
| 62,644 | Heritage Commerce Corp. | 685,325 | ||||||
| 66,204 | Legacy Texas Financial Group, Inc. | 2,094,033 | ||||||
| 50,274 | Opus Bank | 1,778,191 | ||||||
| 33,654 | Wintrust Financial Corp. | 1,870,153 | ||||||
|
| |||||||
| 12,080,657 | ||||||||
|
| |||||||
BUILDING MATERIALS - 4.9 % | ||||||||
| 42,611 | Apogee Enterprises, Inc. | 1,904,286 | ||||||
| 73,686 | Continental Building Products, Inc. * | 1,546,669 | ||||||
| 30,526 | Trex Co., Inc. * | 1,792,487 | ||||||
|
| |||||||
| 5,243,442 | ||||||||
|
| |||||||
CHEMICALS - 1.6 % | ||||||||
| 59,050 | A. Schulman, Inc. | 1,719,536 | ||||||
|
| |||||||
COMMERCIAL SERVICES - 1.8 % | ||||||||
| 50,118 | Kelly Services, Inc. - Cl. A | 963,268 | ||||||
| 42,936 | TrueBlue, Inc. * | 972,930 | ||||||
|
| |||||||
| 1,936,198 | ||||||||
|
| |||||||
ELECTRIC - 3.2 % | ||||||||
| 29,300 | ALLETE, Inc. | 1,746,866 | ||||||
| 30,300 | NorthWestern Corp. | 1,743,159 | ||||||
|
| |||||||
| 3,490,025 | ||||||||
|
| |||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 2.7 % | ||||||||
| 13,445 | Littelfuse, Inc. | 1,731,850 | ||||||
| 69,700 | Novanta, Inc. * | 1,209,295 | ||||||
|
| |||||||
| 2,941,145 | ||||||||
|
| |||||||
ELECTRONICS - 0.8 % | ||||||||
| 13,025 | OSI Systems, Inc. * | 851,575 | ||||||
|
| |||||||
ENGINEERING & CONSTRUCTION - 2.1 % | ||||||||
| 75,800 | Comfort Systems USA, Inc. | 2,221,698 | ||||||
|
| |||||||
ENTERTAINMENT - 1.8 % | ||||||||
| 57,933 | International Speedway Corp. | 1,936,121 | ||||||
|
| |||||||
FOOD - 1.6 % | ||||||||
| 14,763 | J & J Snack Foods Corp. | 1,758,569 | ||||||
|
| |||||||
HEALTHCARE - PRODUCTS - 4.2 % | ||||||||
| 35,256 | CONMED Corp. | 1,412,355 | ||||||
| 22,526 | Integra LifeSciences Holdings Corp. * | 1,859,521 | ||||||
| 50,873 | Merit Medical Systems, Inc. * | 1,235,705 | ||||||
|
| |||||||
| 4,507,581 | ||||||||
|
| |||||||
INSURANCE - 3.9 % | ||||||||
| 27,145 | AMERISAFE, Inc. | 1,595,583 | ||||||
| 57,729 | Employers Holdings, Inc. | 1,722,056 | ||||||
| 12,197 | Safety Insurance Group, Inc. | 819,882 | ||||||
|
| |||||||
| 4,137,521 | ||||||||
|
| |||||||
42
Schedule of Investments | Small Cap Value
As of September 30, 2016 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
LEISURE TIME - 1.2 % | ||||||||
| 88,862 | ClubCorp Holdings, Inc. | $ | 1,285,833 | |||||
|
| |||||||
MACHINERY - 1.4 % | ||||||||
| 11,862 | Alamo Group, Inc. | 781,587 | ||||||
| 26,293 | Gorman-Rupp Co. | 673,364 | ||||||
|
| |||||||
| 1,454,951 | ||||||||
|
| |||||||
OFFICE FURNISHINGS - 2.9 % | ||||||||
| 129,300 | Interface, Inc. | 2,158,017 | ||||||
| 43,315 | Knoll, Inc. | 989,748 | ||||||
|
| |||||||
| 3,147,765 | ||||||||
|
| |||||||
OIL & GAS - 5.1 % | ||||||||
| 143,300 | Callon Petroleum Co. * | 2,249,810 | ||||||
| 32,800 | RSP Permian, Inc. * | 1,271,984 | ||||||
| 288,692 | Synergy Resources Corp. * | 2,000,636 | ||||||
|
| |||||||
| 5,522,430 | ||||||||
|
| |||||||
PACKAGING & CONTAINERS - 1.7 % | ||||||||
| 93,600 | KapStone Paper and Packaging Corp. | 1,770,912 | ||||||
|
| |||||||
RETAIL - 3.6 % | ||||||||
| 22,200 | Lithia Motors, Inc. | 2,120,544 | ||||||
| 68,200 | Sonic Corp. | 1,785,476 | ||||||
|
| |||||||
| 3,906,020 | ||||||||
|
| |||||||
SAVINGS & LOANS - 1.6 % | ||||||||
| 62,323 | Berkshire Hills Bancorp, Inc. | 1,726,970 | ||||||
|
| |||||||
SEMICONDUCTORS - 2.0 % | ||||||||
| 43,300 | MKS Instruments, Inc. | 2,153,309 | ||||||
|
| |||||||
SOFTWARE - 2.6 % | ||||||||
| 105,450 | Everyday Health, Inc.* | 810,910 | ||||||
| 51,121 | Omnicell, Inc. * | 1,957,934 | ||||||
|
| |||||||
| 2,768,844 | ||||||||
|
| |||||||
TRANSPORTATION - 1.6 % | ||||||||
| 89,915 | Heartland Express, Inc. | 1,697,595 | ||||||
|
| |||||||
WATER - 1.1 % | ||||||||
| 22,605 | Connecticut Water Service, Inc. | 1,124,147 | ||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $67,146,096) | 73,602,516 | |||||||
|
| |||||||
REITs - 7.0 % | ||||||||
| 21,293 | CyrusOne, Inc. | 1,012,908 | ||||||
| 62,574 | Easterly Government Properties, Inc. | 1,193,912 | ||||||
| 75,000 | STAG Industrial, Inc. | 1,838,250 | ||||||
| 124,397 | Summit Hotel Properties, Inc. | 1,637,065 | ||||||
| 68,173 | Terreno Realty Corp. | 1,875,439 | ||||||
|
| |||||||
TOTAL REITs (Cost $6,145,682) | 7,557,574 | |||||||
|
| |||||||
43
Schedule of Investments | Small Cap Value
As of September 30, 2016 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
MONEY MARKET FUND - 25.9 % | ||||||||
| 27,854,139 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (A) | $ | 27,854,139 | |||||
|
| |||||||
(Cost $27,854,139) | ||||||||
TOTAL INVESTMENTS - 101.4 % (Cost $101,145,917)(B) | $ | 109,014,229 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - (1.4) % | (1,561,652) | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 107,452,577 | ||||||
|
| |||||||
* Non-income producing securities.
REITs - Real Estate Investment Trust.
(A) Variable rate security; the rate shown represents the yield at September 30, 2016.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $101,518,135 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
Unrealized appreciation | $ | 9,850,772 | ||
Unrealized depreciation | (2,354,678) | |||
|
| |||
Net unrealized appreciation | $ | 7,496,094 | ||
|
|
44
Schedule of Investments | Large/Mid Cap Value
As of September 30, 2016
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 67.9 % | ||||||||
AEROSPACE/DEFENSE - 2.1 % | ||||||||
| 24,100 | General Dynamics Corp. | $ | 3,739,356 | |||||
|
| |||||||
APPAREL - 2.3 % | ||||||||
| 72,550 | VF Corp. | 4,066,428 | ||||||
|
| |||||||
AUTO PARTS & EQUIPMENT - 1.7 % | ||||||||
| 89,600 | BorgWarner, Inc. | 3,152,128 | ||||||
|
| |||||||
BANKS - 3.6 % | ||||||||
| 88,200 | East West Bancorp, Inc. | 3,237,822 | ||||||
| 28,886 | SVB Financial Group * | 3,193,059 | ||||||
|
| |||||||
| 6,430,881 | ||||||||
|
| |||||||
BEVERAGES - 2.3 % | ||||||||
| 45,800 | Dr. Pepper Snapple Group, Inc. | 4,181,998 | ||||||
|
| |||||||
CHEMICALS - 2.1 % | ||||||||
| 13,850 | Sherwin-Williams Co. | 3,831,741 | ||||||
|
| |||||||
COMPUTERS - 4.3 % | ||||||||
| 61,600 | Amdocs Ltd. | 3,563,560 | ||||||
| 36,300 | DST Systems, Inc. | 4,280,496 | ||||||
|
| |||||||
| 7,844,056 | ||||||||
|
| |||||||
DIVERSIFIED FINANCIAL SERVICES - 1.9 % | ||||||||
| 16,000 | Alliance Data Systems Corp. * | 3,432,480 | ||||||
|
| |||||||
ELECTRIC - 2.6 % | ||||||||
| 77,600 | WEC Energy Group, Inc. | 4,646,688 | ||||||
|
| |||||||
ELECTRONICS - 11.0 % | ||||||||
| 69,500 | Amphenol Corp. - Cl. A | 4,511,940 | ||||||
| 84,400 | Avnet, Inc. | 3,465,464 | ||||||
| 125,200 | FLIR Systems, Inc. | 3,933,784 | ||||||
| 36,800 | Honeywell International, Inc. | 4,290,512 | ||||||
| 57,000 | TE Connectivity, Ltd. | 3,669,660 | ||||||
|
| |||||||
| 19,871,360 | ||||||||
|
| |||||||
FOOD - 4.0 % | ||||||||
| 15,100 | JM Smucker Co. | 2,046,654 | ||||||
| 52,300 | McCormick & Co., Inc. | 5,225,816 | ||||||
|
| |||||||
| 7,272,470 | ||||||||
|
| |||||||
HEALTHCARE - PRODUCTS - 1.5 % | ||||||||
| 11,900 | CR Bard, Inc. | 2,668,932 | ||||||
|
| |||||||
INSURANCE 2.3 % | ||||||||
| 33,300 | Chubb Ltd. | 4,184,145 | ||||||
|
| |||||||
MACHINERY - 1.0 % | ||||||||
| 36,800 | Flowserve Corp. | 1,775,232 | ||||||
|
| |||||||
MISCELLANEOUS MANUFACTURING - 2.7 % | ||||||||
| 50,300 | AO Smith Corp. | 4,969,137 | ||||||
|
| |||||||
45
Schedule of Investments | Large/Mid Cap Value
As of September 30, 2016 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
OIL & NATURAL GAS - 5.8 % | ||||||||
| 45,900 | EOG Resources, Inc. | $ | 4,438,989 | |||||
| 39,100 | Exxon Mobil Corp. | 3,412,648 | ||||||
| 65,500 | Marathon Petroleum Corp. | 2,658,645 | ||||||
|
| |||||||
| 10,510,282 | ||||||||
|
| |||||||
PHARMACEUTICALS - 3.1 % | ||||||||
| 44,800 | Express Scripts Holding Co. * | 3,159,744 | ||||||
| 30,200 | Mead Johnson Nutrition Co. | 2,386,102 | ||||||
|
| |||||||
| 5,545,846 | ||||||||
|
| |||||||
RETAIL - 5.9 % | ||||||||
| 23,475 | Advance Auto Parts, Inc. | 3,500,592 | ||||||
| 50,000 | Dick’s Sporting Goods, Inc. | 2,836,000 | ||||||
| 42,200 | Genuine Parts Co. | 4,238,990 | ||||||
|
| |||||||
| 10,575,582 | ||||||||
|
| |||||||
SEMICONDUCTORS - 2.8 % | ||||||||
| 29,300 | Broadcom Ltd. | 5,054,836 | ||||||
|
| |||||||
TEXTILES - 2.2 % | ||||||||
| 20,100 | Mohawk Industries, Inc. * | 4,026,834 | ||||||
|
| |||||||
TRANSPORTATION - 2.7 % | ||||||||
| 49,600 | Union Pacific Corp. | 4,837,488 | ||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $99,526,373) | 122,617,900 | |||||||
|
| |||||||
REITs - 7.7 % | ||||||||
| 41,572 | Alexandria Real Estate Equities, Inc. | 4,521,786 | ||||||
| 14,100 | Public Storage | 3,146,274 | ||||||
| 26,600 | Regency Centers Corp. | 2,061,234 | ||||||
| 20,500 | Simon Property Group, Inc. | 4,243,705 | ||||||
|
| |||||||
TOTAL REITs (Cost $12,775,518) | 13,972,999 | |||||||
|
| |||||||
MONEY MARKET FUND - 24.6 % | ||||||||
| 44,356,753 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (A) | 44,356,753 | ||||||
|
| |||||||
(Cost $44,356,753) | ||||||||
TOTAL INVESTMENTS - 100.2 % (Cost $156,658,644)(B) | $ | 180,947,652 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - (0.2) % | (450,141) | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 180,497,511 | ||||||
|
| |||||||
* Non-income producing securities.
REITs - Real Estate Investment Trust.
(A) Variable rate security; the rate shown represents the yield at September 30, 2016.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $156,661,170 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
Unrealized appreciation | $ | 26,667,399 | ||
Unrealized depreciation | (2,380,917) | |||
|
| |||
Net unrealized appreciation | $ | 24,286,482 | ||
|
|
46
Schedule of Investments | Fixed Income
As of September 30, 2016
|
| |||||||||||||||||||
| Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||||||||
|
| |||||||||||||||||||
BONDS & NOTES - 93.1 % | ||||||||||||||||||||
CORPORATE BONDS - 25.3 % | ||||||||||||||||||||
| $ 1,000,000 | ABB Finance USA, Inc. | 2.875 | 5/8/2022 | $ | 1,046,046 | |||||||||||||||
| 1,000,000 | Boardwalk Pipelines LP | 5.750 | 9/15/2019 | 1,066,242 | ||||||||||||||||
| 1,000,000 | Broadridge Financial Solutions, Inc. | 3.400 | 6/27/2026 | 1,027,768 | ||||||||||||||||
| 1,000,000 | CME Group, Inc. | 3.000 | 3/15/2025 | 1,050,609 | ||||||||||||||||
| 1,000,000 | Delphi Automotive Systems Corp. | 4.150 | 3/15/2024 | 1,075,150 | ||||||||||||||||
| 325,000 | Eaton Corp. | 5.600 | 5/15/2018 | 346,547 | ||||||||||||||||
| 750,000 | Eaton Corp. | 2.750 | 11/2/2022 | 776,390 | ||||||||||||||||
| 1,000,000 | Enable Midstream Partners LP | 3.900 | 5/15/2024 | 934,038 | ||||||||||||||||
| 1,000,000 | Energy Transfer Partners LP | 6.700 | 7/1/2018 | 1,073,018 | ||||||||||||||||
| 500,000 | Enterprise Products Operating, LLC | 6.125 | 10/15/2039 | 574,982 | ||||||||||||||||
| 750,000 | Husky Energy, Inc. | 3.950 | 4/15/2022 | 795,164 | ||||||||||||||||
| 937,916 | John Sevier Combined Cycle Generation LLC | 4.626 | 1/15/2042 | 1,088,561 | ||||||||||||||||
| 750,000 | Johnson Controls, Inc. | 5.000 | 3/30/2020 | 824,302 | ||||||||||||||||
| 1,000,000 | Kennametal, Inc. | 3.875 | 2/15/2022 | 1,023,946 | ||||||||||||||||
| 1,000,000 | Lam Research Corp. | 3.900 | 6/15/2026 | 1,043,301 | ||||||||||||||||
| 800,000 | LYB International Finance BV | 4.000 | 7/15/2023 | 868,458 | ||||||||||||||||
| 1,250,000 | Pentair Finance SA | 4.650 | 9/15/2025 | 1,320,564 | ||||||||||||||||
| 1,000,000 | Phillips 66 | 3.605 | 2/15/2025 | 1,007,488 | ||||||||||||||||
| 1,000,000 | Plains All American Pipeline LP | 3.650 | 6/1/2022 | 1,014,915 | ||||||||||||||||
| 1,000,000 | Rio Tinto Finance USA PLC | 2.875 | 8/21/2022 | 1,051,369 | ||||||||||||||||
| 1,000,000 | Stanley Black & Decker, Inc. | 2.900 | 11/1/2022 | 1,050,259 | ||||||||||||||||
| 1,200,000 | Sunoco Logistics Partners LP | 4.250 | 4/1/2024 | 1,248,433 | ||||||||||||||||
| 750,000 | Tyco Electronics Group SA | 6.550 | 10/1/2017 | 788,198 | ||||||||||||||||
| 1,200,000 | Ventas Realty LP/CAP Corp. | 3.250 | 8/15/2022 | 1,252,102 | ||||||||||||||||
| 1,000,000 | Zimmer Biomet Holdings, Inc. | 2.700 | 4/1/2020 | 1,022,659 | ||||||||||||||||
|
| |||||||||||||||||||
TOTAL CORPORATE BONDS (Cost $23,605,691) | 24,370,509 | |||||||||||||||||||
|
| |||||||||||||||||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 67.8 % | ||||||||||||||||||||
GOVERNMENT NOTES & BONDS - 36.1 % | ||||||||||||||||||||
| 7,000,000 | United States Treasury Note | 1.375 | 4/30/2021 | 7,074,375 | ||||||||||||||||
| 7,000,000 | United States Treasury Note | 1.625 | 2/15/2026 | 7,013,535 | ||||||||||||||||
| 2,400,000 | United States Treasury Note | 2.125 | 8/31/2020 | 2,497,453 | ||||||||||||||||
| 6,750,000 | United States Treasury Note | 2.250 | 11/15/2024 | 7,128,105 | ||||||||||||||||
| 7,000,000 | United States Treasury Note | 3.125 | 5/15/2021 | 7,617,834 | ||||||||||||||||
| 2,500,000 | United States Treasury Note | 4.500 | 2/15/2036 | 3,519,482 | ||||||||||||||||
|
| |||||||||||||||||||
TOTAL GOVERNMENT NOTES & BONDS (Cost $33,912,163) | 34,850,784 | |||||||||||||||||||
|
| |||||||||||||||||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 31.7 % | ||||||||||||||||||||
| 1,847 | GNMA Pool 585163 | 5.000 | 2/15/2018 | 1,877 | ||||||||||||||||
| 2,600 | GNMA Pool 585180 | 5.000 | 2/15/2018 | 2,651 | ||||||||||||||||
| 1,133 | GNMA Pool 592492 | 5.000 | 3/15/2018 | 1,155 | ||||||||||||||||
| 1,654 | GNMA Pool 599821 | 5.000 | 1/15/2018 | 1,677 | ||||||||||||||||
| 124,962 | GNMA Pool 604182 | 5.500 | 4/15/2033 | 143,141 | ||||||||||||||||
| 81,928 | GNMA Pool 663776 | 6.500 | 1/15/2037 | 97,017 | ||||||||||||||||
| 376,439 | GNMA Pool 701857 | 4.500 | 5/15/2039 | 416,083 | ||||||||||||||||
| 856,397 | GNMA Pool 701961 | 4.500 | 6/15/2039 | 947,592 | ||||||||||||||||
| 239,886 | GNMA Pool 734437 | 4.500 | 5/15/2041 | 265,227 | ||||||||||||||||
| 655,497 | GNMA Pool 737556 | 4.500 | 10/15/2040 | 725,269 | ||||||||||||||||
| 31,121 | GNMA Pool 781694 | 6.000 | 12/15/2031 | 35,745 | ||||||||||||||||
| 278,638 | GNMA Pool 782916 | 5.500 | 2/15/2040 | 315,608 | ||||||||||||||||
| 813,038 | GNMA Pool 783060 | 4.000 | 8/15/2040 | 877,193 | ||||||||||||||||
| 412,160 | GNMA Pool 783403 | 3.500 | 9/15/2041 | 438,582 | ||||||||||||||||
| 3,200,008 | GNMA Pool AD 8801 | 3.500 | 3/15/2043 | 3,425,661 | ||||||||||||||||
| 28,304 | GNMA Pool G2 3584 | 6.000 | 7/20/2034 | 32,619 | ||||||||||||||||
| 76,356 | GNMA Pool G2 3612 | 6.500 | 9/20/2034 | 91,156 | ||||||||||||||||
| 220,245 | GNMA Pool G2 3625 | 6.000 | 10/20/2034 | 260,021 | ||||||||||||||||
| 80,001 | GNMA Pool G2 3637 | 5.500 | 11/20/2034 | 90,891 | ||||||||||||||||
| 137,074 | GNMA Pool G2 3665 | 5.500 | 1/20/2035 | 155,496 | ||||||||||||||||
| 75,827 | GNMA Pool G2 3679 | 6.000 | 2/20/2035 | 89,500 | ||||||||||||||||
| 149,660 | GNMA Pool G2 3711 | 5.500 | 5/20/2035 | 169,054 | ||||||||||||||||
47
Schedule of Investments | Fixed Income
As of September 30, 2016 (Continued)
|
| |||||||||||||||||||
| Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||||||||
|
| |||||||||||||||||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 31.7 % (Cont.) | ||||||||||||||||||||
| $ 116,319 | GNMA Pool G2 3865 | 6.000 | 6/20/2036 | $ | 132,807 | |||||||||||||||
| 77,190 | GNMA Pool G2 3910 | 6.000 | 10/20/2036 | 89,724 | ||||||||||||||||
| 90,041 | GNMA Pool G2 4058 | 5.000 | 12/20/2037 | 97,815 | ||||||||||||||||
| 154,212 | GNMA Pool G2 4072 | 5.500 | 1/20/2038 | 172,523 | ||||||||||||||||
| 556,615 | GNMA Pool G2 4520 | 5.000 | 8/20/2039 | 618,514 | ||||||||||||||||
| 355,246 | GNMA Pool G2 4541 | 5.000 | 9/20/2039 | 397,247 | ||||||||||||||||
| 661,244 | GNMA Pool G2 4947 | 5.000 | 2/20/2041 | 734,638 | ||||||||||||||||
| 289,323 | GNMA Pool G2 5204 | 4.500 | 10/20/2041 | 317,514 | ||||||||||||||||
| 689,958 | GNMA Pool G2 752631 | 4.500 | 10/20/2040 | 754,238 | ||||||||||||||||
| 1,580,609 | GNMA Pool G2 AL 9364 | 3.500 | 3/20/2045 | 1,696,181 | ||||||||||||||||
| 2,384,935 | GNMA Pool G2 MA0155 | 4.000 | 6/20/2042 | 2,564,149 | ||||||||||||||||
| 1,555,694 | GNMA Pool G2 MA0220 | 3.500 | 7/20/2042 | 1,657,247 | ||||||||||||||||
| 651,549 | GNMA Pool G2 MA2681 | 5.000 | 3/20/2045 | 707,419 | ||||||||||||||||
| 1,703,133 | GNMA Pool G2 MA3376 | 3.500 | 1/20/2046 | 1,810,986 | ||||||||||||||||
| 2,910,480 | GNMA Pool G2 MA3663 | 3.500 | 5/20/2046 | 3,096,239 | ||||||||||||||||
| 1,227,704 | GNMA Pool G2 MA3735 | 3.000 | 6/20/2046 | 1,288,207 | ||||||||||||||||
| 1,037,449 | GNMA Pool G2 MA3736 | 3.500 | 6/20/2046 | 1,103,950 | ||||||||||||||||
| 1,050,006 | GNMA Pool G2 MA3737 | 4.000 | 6/20/2046 | 1,128,788 | ||||||||||||||||
| 1,697,103 | GNMA Pool G2 MA3803 | 3.500 | 7/20/2046 | 1,806,244 | ||||||||||||||||
| 1,633,973 | GNMA Pool G2 MA3804 | 4.000 | 7/20/2046 | 1,757,213 | ||||||||||||||||
|
| |||||||||||||||||||
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $30,061,500) |
| 30,514,858 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $63,973,663) |
| 65,365,642 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL BONDS AND NOTES (Cost $87,579,354) |
| 89,736,151 | ||||||||||||||||||
|
| |||||||||||||||||||
| Shares | ||||||||||||||||||||
|
| |||||||||||||||||||
MONEY MARKET FUND - 6.1 % | ||||||||||||||||||||
| 5,836,698 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (A) |
| 5,836,698 | |||||||||||||||||
|
| |||||||||||||||||||
(Cost $5,836,698) |
| |||||||||||||||||||
TOTAL INVESTMENTS - 99.2 % (Cost $93,416,052)(B) | $ | 95,572,849 | ||||||||||||||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.8 % | 793,574 | |||||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS - 100.0 % | $ | 96,366,423 | ||||||||||||||||||
|
| |||||||||||||||||||
GNMA - Government National Mortgage Association.
(A) Variable rate security; the rate shown represents the yield at September 30, 2016.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $93,416,052 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
Unrealized appreciation | $ | 2,289,134 | ||
Unrealized depreciation | (132,337) | |||
|
| |||
Net unrealized appreciation | $ | 2,156,797 | ||
|
|
48
Schedule of Investments | High Yield Bond
As of September 30, 2016
|
| |||||||||||||
| Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
|
| |||||||||||||
CORPORATE BONDS - 95.8 % | ||||||||||||||
| $ 1,000,000 | AerCap Ireland Capital Ltd. | 4.625 | 7/1/2022 | $ | 1,053,750 | |||||||||
| 1,000,000 | Ally Financial, Inc. | 3.500 | 1/27/2019 | 1,011,250 | ||||||||||
| 500,000 | AmeriGas Finance, LLC | 7.000 | 5/20/2022 | 531,250 | ||||||||||
| 600,000 | AmeriGas Finance, LP | 5.875 | 8/20/2026 | 637,500 | ||||||||||
| 500,000 | Amsted Industries, Inc. (A) | 5.000 | 3/15/2022 | 505,000 | ||||||||||
| 250,000 | Amsted Industries, Inc. (A) | 5.375 | 9/15/2024 | 250,000 | ||||||||||
| 500,000 | Anixter, Inc. | 5.625 | 5/1/2019 | 533,125 | ||||||||||
| 500,000 | ArcelorMittal | 7.250 | 2/25/2022 | 570,000 | ||||||||||
| 1,000,000 | Berry Plastics Corp. | 5.125 | 7/15/2023 | 1,020,000 | ||||||||||
| 500,000 | Bombardier, Inc. (A) | 6.125 | 1/15/2023 | 446,250 | ||||||||||
| 500,000 | Braskem Finance, Ltd. | 6.450 | 2/3/2024 | 543,750 | ||||||||||
| 250,000 | Calpine Corp. | 5.750 | 1/15/2025 | 247,813 | ||||||||||
| 500,000 | Cascades, Inc. (A) | 5.500 | 7/15/2022 | 510,625 | ||||||||||
| 500,000 | Cemex Finance LLC (A) | 6.000 | 4/1/2024 | 513,750 | ||||||||||
| 500,000 | Centene Corp. | 6.125 | 2/15/2024 | 543,750 | ||||||||||
| 1,000,000 | CIT Group, Inc. | 3.875 | 2/19/2019 | 1,023,750 | ||||||||||
| 500,000 | Cloud Peak Energy Resources LLC | 8.500 | 12/15/2019 | 402,500 | ||||||||||
| 500,000 | CommScope, Inc. (A) | 5.000 | 6/15/2021 | 519,375 | ||||||||||
| 775,000 | Corrections Corp. of America | 4.125 | 4/1/2020 | 732,375 | ||||||||||
| 750,000 | Covanta Holding Corp. | 5.875 | 3/1/2024 | 755,625 | ||||||||||
| 250,000 | Dana, Inc. | 5.500 | 12/15/2024 | 256,250 | ||||||||||
| 750,000 | DaVita HealthCare Partners, Inc. | 5.000 | 5/1/2025 | 754,687 | ||||||||||
| 500,000 | DCP Midstream, LLC (A) | 5.850 | 5/21/2043 | 417,500 | ||||||||||
| 750,000 | Digicel, Ltd. (A) | 6.000 | 4/15/2021 | 666,300 | ||||||||||
| 500,000 | Dollar Tree, Inc. | 5.750 | 3/1/2023 | 540,625 | ||||||||||
| 500,000 | DR Horton, Inc. | 4.750 | 2/15/2023 | 545,000 | ||||||||||
| 500,000 | DuPont Fabros Technology LP | 5.875 | 9/15/2021 | 523,438 | ||||||||||
| 500,000 | Eagle Materials, Inc. | 4.500 | 8/1/2026 | 507,539 | ||||||||||
| 500,000 | Eldorado Gold Corp. (A) | 6.125 | 12/15/2020 | 506,000 | ||||||||||
| 750,000 | Energy Transfer Equity LP | 5.875 | 1/15/2024 | 781,875 | ||||||||||
| 500,000 | Ferrellgas LP | 6.750 | 1/15/2022 | 447,500 | ||||||||||
| 500,000 | Ferrellgas LP | 6.750 | 6/15/2023 | 442,500 | ||||||||||
| 500,000 | FTI Consulting, Inc. | 6.000 | 11/15/2022 | 526,875 | ||||||||||
| 500,000 | General Cable Corp. | 5.750 | 10/1/2022 | 477,500 | ||||||||||
| 500,000 | Genesis Energy LP | 5.750 | 2/15/2021 | 502,500 | ||||||||||
| 500,000 | Genesis Energy LP | 6.750 | 8/1/2021 | 517,690 | ||||||||||
| 500,000 | Geo Group, Inc. | 5.125 | 4/1/2023 | 427,500 | ||||||||||
| 500,000 | Gibraltar Industries, Inc. | 6.250 | 2/1/2021 | 518,750 | ||||||||||
| 500,000 | Global Partners LP/ Global Finance Corp. | 6.250 | 7/15/2022 | 466,250 | ||||||||||
| 500,000 | Group 1 Automotive, Inc. | 5.000 | 6/1/2022 | 504,060 | ||||||||||
| 1,000,000 | HCA, Inc. | 5.250 | 4/15/2025 | 1,068,750 | ||||||||||
| 500,000 | Kaiser Aluminum Corp. | 5.875 | 5/15/2024 | 523,750 | ||||||||||
| 500,000 | Land O’ Lakes, Inc. (A) | 6.000 | 11/15/2022 | 557,000 | ||||||||||
| 500,000 | Legg Mason, Inc. | 4.750 | 3/15/2026 | 541,283 | ||||||||||
| 625,000 | LKQ Corp. | 4.750 | 5/15/2023 | 645,312 | ||||||||||
| 500,000 | Martin Midstream Partners LP | 7.250 | 2/15/2021 | 472,500 | ||||||||||
| 500,000 | Mednax, Inc. (A) | 5.250 | 12/1/2023 | 526,875 | ||||||||||
| 750,000 | Millicom International Cellular SA (A) | 4.750 | 5/22/2020 | 761,287 | ||||||||||
| 500,000 | Molina Healthcare, Inc. | 5.375 | 11/15/2022 | 518,750 | ||||||||||
| 500,000 | MPLX LP | 4.875 | 6/1/2025 | 517,807 | ||||||||||
| 500,000 | MPT Operating Partnership LP | 5.250 | 8/1/2026 | 520,000 | ||||||||||
| 750,000 | Navient Corp. | 4.875 | 6/17/2019 | 749,062 | ||||||||||
| 250,000 | NGL Energy Partners LP | 5.125 | 7/15/2019 | 236,250 | ||||||||||
| 500,000 | NGL Energy Partners LP | 6.875 | 10/15/2021 | 476,250 | ||||||||||
| 250,000 | NRG Energy, Inc. (A) | 7.250 | 5/15/2026 | 255,625 | ||||||||||
| 500,000 | NuStar Logistics LP | 6.750 | 2/1/2021 | 541,250 | ||||||||||
| 500,000 | NXP BV / NXP Funding, LLC (A) | 4.625 | 6/1/2023 | 548,125 | ||||||||||
| 500,000 | Omega Healthcare Investors, Inc. | 5.875 | 3/15/2024 | 522,430 | ||||||||||
| 500,000 | Omega Healthcare Investors, Inc. | 4.375 | 8/1/2023 | 515,262 | ||||||||||
| 500,000 | Oshkosh Corp. | 5.375 | 3/1/2025 | 525,625 | ||||||||||
| 250,000 | Parker Drilling Co. | 7.500 | 8/1/2020 | 200,625 | ||||||||||
| 250,000 | Parker Drilling Co. | 6.750 | 7/15/2022 | 196,250 | ||||||||||
49
Schedule of Investments | High Yield Bond
As of September 30, 2016 (Continued)
|
| |||||||||||||
| Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
|
| |||||||||||||
CORPORATE BONDS - 95.8 % (Cont.) |
| |||||||||||||
| $ 500,000 | Regency Energy Partners LP | 4.500 | 11/1/2023 | $ 504,102 | ||||||||||
| 750,000 | Reynolds Group Issuer, Inc. | 5.750 | 10/15/2020 | 774,375 | ||||||||||
| 500,000 | Rose Rock Midstream LP | 5.625 | 7/15/2022 | 462,500 | ||||||||||
| 500,000 | Scotts Miracle-Gro Co. (A) | 6.000 | 10/15/2023 | 535,000 | ||||||||||
| 500,000 | Sealed Air Corp. (A) | 5.250 | 4/1/2023 | 535,000 | ||||||||||
| 500,000 | SemGroup LP | 7.500 | 6/15/2021 | 502,500 | ||||||||||
| 500,000 | Steel Dynamics, Inc. | 5.250 | 4/15/2023 | 521,250 | ||||||||||
| 500,000 | Suburban Propane Partners LP | 5.500 | 6/1/2024 | 510,000 | ||||||||||
| 500,000 | Summit Midstream Holdings LLC | 7.500 | 7/1/2021 | 520,000 | ||||||||||
| 500,000 | Sunoco LP Finance Corp. (A) | 5.500 | 8/1/2020 | 508,750 | ||||||||||
| 100,000 | Sunoco LP Finance Corp. (A) | 6.375 | 4/1/2023 | 103,250 | ||||||||||
| 500,000 | Targa Resources Partners LP | 4.250 | 11/15/2023 | 485,625 | ||||||||||
| 500,000 | Targa Resources Partners LP | 5.375 | 11/15/2023 | 504,375 | ||||||||||
| 250,000 | Teck Resources, LTD (A) | 8.000 | 6/1/2021 | 272,500 | ||||||||||
| 500,000 | Teleflex, Inc. | 4.875 | 6/1/2026 | 518,750 | ||||||||||
| 500,000 | Tempur Sealy International, Inc. | 5.625 | 10/15/2023 | 528,750 | ||||||||||
| 1,000,000 | Tenet Healthcare Corp. | 4.375 | 10/1/2021 | 1,000,000 | ||||||||||
| 500,000 | Tesoro Corp. | 5.375 | 10/1/2022 | 521,875 | ||||||||||
| 391,000 | Tesoro Logistics LP | 5.875 | 10/1/2020 | 403,219 | ||||||||||
| 500,000 | Toll Brothers Finance Corp. | 4.875 | 11/15/2025 | 513,750 | ||||||||||
| 500,000 | TreeHouse Foods, Inc. (A) | 6.000 | 2/15/2024 | 540,625 | ||||||||||
| 750,000 | TRI Pointe Group, Inc. | 4.875 | 7/1/2021 | 770,625 | ||||||||||
| 500,000 | Tullow Oil PLC (A) | 6.000 | 11/1/2020 | 453,750 | ||||||||||
| 500,000 | United Rentals North America, Inc. | 4.625 | 7/15/2023 | 514,375 | ||||||||||
| 500,000 | United States Steel Corp. | 7.500 | 3/15/2022 | 495,000 | ||||||||||
| 100,000 | USG Corp. (A) | 5.875 | 11/1/2021 | 104,750 | ||||||||||
| 500,000 | USG Corp. | 9.500 | 1/15/2018 | 545,500 | ||||||||||
| 1,000,000 | Valvoline, Inc. (A) | 5.500 | 7/15/2024 | 1,050,000 | ||||||||||
| 1,000,000 | VeriSign, Inc. | 4.625 | 5/1/2023 | 1,018,750 | ||||||||||
| 500,000 | Western Gas Partners LP | 4.650 | 7/1/2026 | 518,441 | ||||||||||
| 500,000 | WPX Energy, Inc. | 5.250 | 9/15/2024 | 473,750 | ||||||||||
| 750,000 | WR Grace & Co. (A) | 5.125 | 10/1/2021 | 798,750 | ||||||||||
| ||||||||||||||
TOTAL BONDS & NOTES (Cost $51,124,432) | 51,611,732 | |||||||||||||
| ||||||||||||||
| Shares | ||||||||||||||
MONEY MARKET FUND - 3.7 % | ||||||||||||||
| 1,967,903 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (B) |
| ||||||||||||
| ||||||||||||||
(Cost $1,967,903) | 1,967,903 | |||||||||||||
TOTAL INVESTMENTS - 99.5 % (Cost $53,092,335)(C) | $ 53,579,635 | |||||||||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.5 % | 275,483 | |||||||||||||
| ||||||||||||||
NET ASSETS - 100.0 % | $ 53,855,118 | |||||||||||||
| ||||||||||||||
(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 26.5% 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, 2016.
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $53,092,335 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
| Unrealized appreciation | $ | 1,431,674 | ||
| Unrealized depreciation | (944,374 | ) | ||
|
| |||
| Net unrealized appreciation | $ | 487,300 | ||
|
|
50
Schedule of Investments | Israel Common Values
As of September 30, 2016
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 77.7 % | ||||||||
AEROSPACE/DEFENSE - 3.0 % | ||||||||
| 6,501 | Elbit Systems Ltd. | $ | 622,926 | |||||
|
| |||||||
APPAREL - 2.0 % | ||||||||
| 14,500 | Delta-Galil Industries Ltd. | 409,251 | ||||||
|
| |||||||
AUTO PARTS & EQUIPMENT - 1.8 % | ||||||||
| 8,900 | Mobileye NV * | 378,873 | ||||||
|
| |||||||
BANKS - 11.0 % | ||||||||
| 20,500 | Bank Hapoalim BM (ADR) | 587,325 | ||||||
| 106,000 | Bank Leumi Le-Israel BM * | 402,575 | ||||||
| 33,300 | First International Bank Of Israel Ltd. | 425,114 | ||||||
| 215,000 | Israel Discount Bank Ltd. * | 395,149 | ||||||
| 36,000 | Mizrahi Tefahot Bank Ltd. | 457,184 | ||||||
|
| |||||||
| 2,267,347 | ||||||||
|
| |||||||
BUILDING MATERIALS - 1.9 % | ||||||||
| 10,500 | CaesarStone Ltd. * | 395,955 | ||||||
|
| |||||||
COMPUTERS - 0.8 % | ||||||||
| 24,210 | Matrix IT Ltd. | 174,344 | ||||||
|
| |||||||
ELECTRIC - 0.8 % | ||||||||
| 4,200 | Kenon Holdings Ltd. * | 48,133 | ||||||
| 2,300 | Ormat Technologies, Inc. | 111,360 | ||||||
|
| |||||||
| 159,493 | ||||||||
|
| |||||||
ELECTRONICS - 5.0 % | ||||||||
| 20,896 | Ituran Location and Control Ltd. | 552,908 | ||||||
| 16,500 | Orbotech Ltd. * | 488,565 | ||||||
|
| |||||||
| 1,041,473 | ||||||||
|
| |||||||
ENERGY-ALTERNATE SOURCES - 0.0 % | ||||||||
| 6,360 | Energix-Renewable Energies Ltd. | 4,390 | ||||||
|
| |||||||
FOOD - 8.2 % | ||||||||
| 17,000 | Frutarom Industries Ltd. | 893,926 | ||||||
| 8,500 | Hashikma Marketing 2006 Ltd. | 343,208 | ||||||
| 120,000 | Shufersal Ltd. | 461,821 | ||||||
|
| |||||||
| 1,698,955 | ||||||||
|
| |||||||
HOME BUILDERS - 2.4 % | ||||||||
| 1,200 | Bayside Land Corp. | 485,808 | ||||||
|
| |||||||
OIL & NATURAL GAS - 8.8 % | ||||||||
| 620,000 | Avner Oil Exploration LP | 430,452 | ||||||
| 85,000 | Delek Drilling LP | 313,758 | ||||||
| 1,786,664 | Isramco Negev 2 LP | 326,181 | ||||||
| 770,000 | Oil Refineries Ltd. * | 284,638 | ||||||
| 1,900 | Paz Oil Co. Ltd. | 296,943 | ||||||
| 2,100,000 | Ratio Oil Exploration 1992 LP * | 169,585 | ||||||
|
| |||||||
| 1,821,557 | ||||||||
|
| |||||||
PHARMACEUTICALS - 1.6 % | ||||||||
| 32,000 | OPKO Health, Inc. * | 338,880 | ||||||
|
| |||||||
REAL ESTATE - 8.4 % | ||||||||
| 121,000 | Amot Investments Ltd. | 539,519 | ||||||
| 9,100 | Azrieli Group Ltd. | 398,963 | ||||||
| 126,522 | Jerusalem Economy Ltd. * | 290,568 | ||||||
| 11,366 | Melisron Ltd. | 503,741 | ||||||
|
| |||||||
| 1,732,791 | ||||||||
|
| |||||||
51
Schedule of Investments | Israel Common Values
As of September 30, 2016 (Continued)
| ||||||
| Shares | Fair Value | |||||
| ||||||
SEMICONDUCTORS - 3.5 % | ||||||
| 7,500 | Mellanox Technologies Ltd. - ADR * | $ | 324,375 | |||
| 34,000 | Nova Measuring Instruments Ltd. * | 401,880 | ||||
| 1 | Tower Semiconductor Ltd. * | 9 | ||||
|
| |||||
| 726,264 | ||||||
|
| |||||
SOFTWARE - 7.4 % | ||||||
| 5,100 | Check Point Software Technologies Ltd. * | 395,811 | ||||
| 9,600 | CyberArk Software Ltd. * | 475,872 | ||||
| 63,783 | Magic Software Enterprises Ltd. | 456,049 | ||||
| 15,900 | SapiEns International Corp. N.V. | 203,043 | ||||
|
| |||||
| 1,530,775 | ||||||
|
| |||||
TELECOMMUNICATIONS - 9.0 % | ||||||
| 71,000 | AudioCodes Ltd. * | 379,140 | ||||
| 56,000 | Cellcom Israel Ltd. * | 419,440 | ||||
| 9,900 | NICE Ltd. (ADR) | 662,706 | ||||
| 9,717 | Silicom Ltd. | 402,284 | ||||
|
| |||||
| 1,863,570 | ||||||
|
| |||||
TEXTILES - 2.1 % | ||||||
| 26,100 | Fox Wizel Ltd. | 429,887 | ||||
|
| |||||
TOTAL COMMON STOCK (Cost $12,001,067) | 16,082,539 | |||||
|
| |||||
REITs - 2.3 % | ||||||
| 52,000 | Alony Hetz Properties & Investments Ltd. (Cost $325,311) | 470,094 | ||||
|
| |||||
MONEY MARKET FUND - 20.2 % | ||||||
| 4,178,718 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (A) | 4,178,718 | ||||
|
| |||||
(Cost $4,178,718) | ||||||
TOTAL INVESTMENTS - 100.2 % (Cost $16,505,096) (B) | $ | 20,731,351 | ||||
OTHER ASSETS LESS LIABILITIES - NET - (0.2) % | (36,799) | |||||
|
| |||||
NET ASSETS - 100.0 % | $ | 20,694,552 | ||||
|
| |||||
| *Non-income producing securities. | ||||
| ADR American Depositary Receipt. | ||||
| REITs - Real Estate Investment Trust. | ||||
| (A) Variable rate security; the rate shown represents the yield at September 30, 2016. | ||||
| (B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $17,722,151 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ | 4,469,720 | ||
Unrealized depreciation | (1,460,520 | ) | ||
|
| |||
Net unrealized appreciation | $ | 3,009,200 | ||
|
|
| Diversification of Assets | ||||||
| ||||||
| Country | % of Net Assets | |||||
| ||||||
Israel | 77.6% | |||||
United States | 2.2% | |||||
Singapore | 0.2% | |||||
|
| |||||
Total | 80.0% | |||||
Money Market Fund | 20.2% | |||||
Other Assets Less Liabilities - Net | (0.2)% | |||||
|
| |||||
Grand Total | 100.0% | |||||
|
| |||||
52
Schedule of Investments | Defensive Strategies Fund
As of September 30, 2016
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
COMMON STOCK - 15.9 % | ||||||||
AGRICULTURE - 0.1 % | ||||||||
| 726 | Andersons, Inc. | $ | 26,267 | |||||
| 1,143 | Bunge Ltd. | 67,700 | ||||||
|
| |||||||
| 93,967 | ||||||||
|
| |||||||
CHEMICALS - 1.8 % | ||||||||
| 261 | Agrium, Inc. | 23,670 | ||||||
| 3,930 | CF Industries Holdings, Inc. | 95,695 | ||||||
| 2,298 | FMC Corp. | 111,085 | ||||||
| 12,475 | K+S AG | 236,718 | ||||||
| 13,033 | Mosaic Co. | 318,787 | ||||||
| 10,853 | Potash Corp. of Saskatchewan, Inc. | 177,121 | ||||||
| 4,735 | Sociedad Quimica Y Minera de Chile, SA (ADR) | 127,371 | ||||||
| 3,490 | Syngenta AG (ADR) | 305,724 | ||||||
|
| |||||||
| 1,396,171 | ||||||||
|
| |||||||
ENVIRONMENTAL CONTROL - 0.0 % | ||||||||
| 1,300 | Kurita Water Industries Ltd. | 30,682 | ||||||
|
| |||||||
FOOD - 1.5 % | ||||||||
| 764 | BRF (ADR) | 13,034 | ||||||
| 7,477 | Cal-Maine Foods, Inc. | 288,164 | ||||||
| 867 | Darling Ingredients, Inc. * | 11,713 | ||||||
| 736 | Ingredion, Inc. | 97,932 | ||||||
| 8,641 | Pilgrim’s Pride Corp. | 182,498 | ||||||
| 3,755 | Sanderson Farms, Inc. | 361,719 | ||||||
| 2,849 | Tyson Foods, Inc. - Cl. A | 212,735 | ||||||
|
| |||||||
| 1,167,795 | ||||||||
|
| |||||||
IRON/STEEL - 1.0 % | ||||||||
| 1,178 | Allegheny Technologies, Inc. | 21,286 | ||||||
| 6,888 | ArcelorMittal (ADR) * | 41,604 | ||||||
| 22,100 | Hitachi Metals Ltd. | 268,871 | ||||||
| 1,482 | Nippon Steel & Sumitomo Metal Corp. | 30,097 | ||||||
| 2,640 | Nucor Corp. | 130,548 | ||||||
| 1,839 | POSCO (ADR) | 93,936 | ||||||
| 502 | Reliance Steel & Aluminum Co. | 36,159 | ||||||
| 8,194 | Severstal PAO (GDR) | 98,902 | ||||||
| 841 | Steel Dynamics, Inc. | 21,017 | ||||||
| 2,358 | ThyssenKrupp AG | 56,231 | ||||||
| 1,660 | United States Steel Corp. | 31,308 | ||||||
|
| |||||||
| 829,959 | ||||||||
|
| |||||||
MACHINERY - CONSTRUCTION & MINING - 0.1 % | ||||||||
| 2,525 | Joy Global, Inc. | 70,044 | ||||||
|
| |||||||
MACHINERY - DIVERSIFIED - 0.5 % | ||||||||
| 4,531 | AGCO Corp. | 223,469 | ||||||
| 10,000 | Kubota Corp. | 149,459 | ||||||
|
| |||||||
| 372,928 | ||||||||
|
| |||||||
MINING - 4.1 % | ||||||||
| 1,174 | Agnico Eagle Mines Ltd. | 63,607 | ||||||
| 8,885 | Anglo American PLC * | 111,677 | ||||||
| 1,459 | AngloGold Ashanti Ltd. (ADR) * | 23,227 | ||||||
| 2,159 | Antofagasta PLC | 14,696 | ||||||
| 7,471 | BHP Billiton Ltd. | 258,870 | ||||||
| 234 | BHP Billiton PLC (ADR) | 7,109 | ||||||
| 451 | Cameco Corp. | 3,861 | ||||||
| 6,657 | Cia De Minas Buenaventura (ADR) * | 92,133 | ||||||
| 1,877 | Coeur Mining, Inc. * | 22,205 | ||||||
53
Schedule of Investments | Defensive Strategies Fund
As of September 30, 2016 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
MINING - 4.1 % (Continued) | ||||||||
| 600 | Detour Gold Corp. * | $ | 13,029 | |||||
| 6,686 | Eldorado Gold Corp. * | 26,276 | ||||||
| 4,798 | First Quantum Minerals Ltd. | 39,647 | ||||||
| 1,655 | Franco-Nevada Corp. | 115,635 | ||||||
| 1,351 | Freeport-McMoRan, Inc. | 14,672 | ||||||
| 45,088 | Glencore PLC * | 124,255 | ||||||
| 17,323 | Gold Fields Ltd. (ADR) | 84,016 | ||||||
| 1,417 | Goldcorp, Inc. | 23,409 | ||||||
| 7,062 | Kinross Gold Corp. * | 29,731 | ||||||
| 20,700 | Lundin Mining Corp. * | 81,745 | ||||||
| 3,400 | Mitsubishi Materials Corp. | 91,996 | ||||||
| 30,752 | MMC Norilsk Nickel PJSC (ADR) | 491,417 | ||||||
| 4,211 | New Gold, Inc. * | 18,318 | ||||||
| 4,401 | Newmont Mining Corp. | 172,915 | ||||||
| 1,708 | Pan American Silver Corp. | 30,095 | ||||||
| 1,918 | Randgold Resources Ltd. (ADR) | 191,934 | ||||||
| 8,743 | Rio Tinto PLC (ADR) | 292,016 | ||||||
| 900 | Royal Gold, Inc. | 69,687 | ||||||
| 5,502 | Southern Copper Corp. | 144,703 | ||||||
| 25,000 | Sumitomo Metal Mining Co. Ltd. | 342,295 | ||||||
| 6,100 | Tahoe Resources, Inc. | 78,069 | ||||||
| 2,643 | Teck Resources Ltd. | 47,561 | ||||||
| 21,857 | Turquoise Hill Resources Ltd. * | 64,915 | ||||||
| 4,405 | Yamana Gold, Inc. | 18,986 | ||||||
|
| |||||||
| 3,204,707 | ||||||||
|
| |||||||
OIL & GAS - 5.0 % | ||||||||
| 492 | Anadarko Petroleum Corp. | 31,173 | ||||||
| 712 | Apache Corp. | 45,475 | ||||||
| 3,500 | ARC Resources Ltd | 63,196 | ||||||
| 3,170 | Cabot Oil & Gas Corp. | 81,786 | ||||||
| 7,967 | Canadian Natural Resources Ltd. | 255,263 | ||||||
| 5,866 | Cenovus Energy, Inc. | 84,045 | ||||||
| 901 | Chesapeake Energy Corp. * | 5,649 | ||||||
| 293 | Cimarex Energy Co. | 39,370 | ||||||
| 2,824 | ConocoPhillips | 122,759 | ||||||
| 4,400 | Crescent Point Energy Corp. | 57,919 | ||||||
| 2,320 | Devon Energy Corp. | 102,335 | ||||||
| 544 | Diamondback Energy, Inc. * | 52,518 | ||||||
| 1,026 | Ecopetrol SA (ADR) * | 8,988 | ||||||
| 1,870 | Encana Corp. | 19,579 | ||||||
| 1,233 | Ensco PLC - Cl. A | 10,481 | ||||||
| 1,001 | EQT Corp. | 72,693 | ||||||
| 1,529 | Gulftport Energy Corp. * | 43,194 | ||||||
| 1,004 | Helmerich & Payne, Inc. | 67,569 | ||||||
| 590 | Hess Corp. | 31,636 | ||||||
| 57,100 | Inpex Corp. | 512,668 | ||||||
| 11,864 | Lukoil PJSC (ADR) | 577,658 | ||||||
| 7,920 | Marathon Oil Corp. | 125,215 | ||||||
| 1,821 | Murphy Oil Corp. | 55,358 | ||||||
| 1,611 | Newfield Exploration Co. * | 70,014 | ||||||
| 4,903 | Noble Corp. PLC | 31,085 | ||||||
| 647 | Noble Energy, Inc. | 23,124 | ||||||
| 1,840 | Novatek OJSC (GDR) | 202,400 | ||||||
| 1,087 | Occidental Petroleum Corp. | 79,264 | ||||||
| 3,913 | Petroleo Brasileiro SA (ADR) * | 36,508 | ||||||
| 2,100 | Peyto Exploration & Development Corp. | 58,834 | ||||||
| 244 | Pioneer Natural Resources Co. | 45,299 | ||||||
| 159 | PrairieSky Royalty Ltd. | 3,236 | ||||||
| 2,659 | QEP Resources, Inc. | 51,930 | ||||||
| 1,297 | Range Resources Corp. | 50,259 | ||||||
| 58,714 | Rosneft Oil Company (GDR) | 320,578 | ||||||
| 1,829 | Southwestern Energy Co. * | 25,313 | ||||||
| 19,620 | Statoil ASA (ADR) | 329,616 | ||||||
| 1,900 | Suncor Energy, Inc. | 52,652 | ||||||
| 2,200 | Tourmaline Oil Corp. * | 59,493 | ||||||
| 2,350 | Transocean Ltd. * | 25,051 | ||||||
| 971 | YPF SA (ADR) | 17,692 | ||||||
|
| |||||||
| 3,948,875 | ||||||||
|
| |||||||
54
Schedule of Investments | Defensive Strategies Fund
As of September 30, 2016 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
OIL & GAS SERVICES - 1.4 % | ||||||||
| 3,073 | Baker Hughes, Inc. | $ | 155,094 | |||||
| 439 | Core Laboratories NV | 49,313 | ||||||
| 764 | Dril-Quip, Inc. * | 42,585 | ||||||
| 7,918 | FMC Technologies, Inc. * | 234,927 | ||||||
| 2,900 | Halliburton Co. | 130,152 | ||||||
| 3,527 | National Oilwell Varco, Inc. | 129,582 | ||||||
| 1,700 | Oceaneering International, Inc. | 46,767 | ||||||
| 3,194 | Schlumberger Ltd. | 251,176 | ||||||
| 1,256 | Technip SA | 77,166 | ||||||
|
| |||||||
| 1,116,762 | ||||||||
|
| |||||||
WATER - 0.4 % | ||||||||
| 1,420 | American Water Works Co. | 106,273 | ||||||
| 12,830 | Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 118,808 | ||||||
| 963 | Severn Trent PLC | 31,336 | ||||||
| 2,116 | United Utilities Group PLC | 27,569 | ||||||
|
| |||||||
| 283,986 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $13,056,989) | 12,515,876 | |||||||
|
| |||||||
EXCHANGE TRADED FUNDS - 14.4 % | ||||||||
| 44,300 | iShares Silver Trust * | 806,260 | ||||||
| 153,300 | PowerShares DB Agriculture Fund * | 3,062,934 | ||||||
| 90,400 | PowerShares DB Base Metals Fund * | 1,270,120 | ||||||
| 167,200 | PowerShares DB Commodity Index Tracking Fund * | 2,509,672 | ||||||
| 103,700 | PowerShares DB Energy Fund * | 1,282,769 | ||||||
| 56,300 | PowerShares DB US Dollar Endex Bearish Fund * | 1,243,667 | ||||||
| 9,050 | SPDR Gold Shares * | 1,137,042 | ||||||
|
| |||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $12,231,705) | 11,312,464 | |||||||
|
| |||||||
REITs - 15.4 % | ||||||||
| 2,230 | American Campus Communities, Inc. | 113,440 | ||||||
| 5,900 | Apartment Investment & Management Co. | 270,869 | ||||||
| 2,050 | AvalonBay Communities, Inc. | 364,572 | ||||||
| 4,600 | Boston Properties, Inc. | 626,934 | ||||||
| 29,000 | DDR Corp. | 505,470 | ||||||
| 15,900 | DiamondRock Hospitality Co. | 144,690 | ||||||
| 9,000 | Douglas Emmett, Inc. | 329,670 | ||||||
| 4,833 | Education Realty Trust, Inc. | 208,496 | ||||||
| 2,600 | Equity Lifestyle Properties, Inc. | 200,668 | ||||||
| 10,600 | Equity Residential | 681,898 | ||||||
| 954 | Essex Property Trust, Inc. | 212,456 | ||||||
| 3,800 | Extra Space Storage, Inc. | 301,758 | ||||||
| 1,700 | Federal Realty Investment Trust | 261,681 | ||||||
| 18,100 | FelCor Lodging Trust, Inc. | 116,383 | ||||||
| 17,600 | Hospitality Properties Trust | 523,072 | ||||||
| 14,900 | Kimco Realty Corp. | 431,355 | ||||||
| 4,563 | Macerich Co. | 369,010 | ||||||
| 3,708 | Mid-America Apartment Communities, Inc. | 348,515 | ||||||
| 6,100 | National Retail Properties, Inc. | 310,185 | ||||||
| 15,294 | Prologis, Inc. | 818,841 | ||||||
| 2,200 | PS Business Parks, Inc. | 249,854 | ||||||
| 1,400 | Public Storage | 312,396 | ||||||
| 3,243 | Rayonier, Inc. | 86,069 | ||||||
| 3,200 | Regency Centers Corp. | 247,968 | ||||||
| 5,629 | Simon Property Group, Inc. | 1,165,259 | ||||||
| 6,350 | SL Green Realty Corp. | 686,435 | ||||||
| 9,300 | Summit Hotel Properties, Inc. | 122,388 | ||||||
| 2,500 | Taubman Centers, Inc. | 186,025 | ||||||
| 12,300 | UDR, Inc. | 442,677 | ||||||
| 5,359 | Ventas, Inc. | 378,506 | ||||||
| 10,300 | Weingarten Realty Investors | 401,494 | ||||||
| 4,100 | Welltower, Inc. | 306,557 | ||||||
| 13,000 | Weyerhaeuser Co. | 415,220 | ||||||
|
| |||||||
TOTAL REITS (Cost $9,181,091) | 12,140,811 | |||||||
|
| |||||||
55
Schedule of Investments | Defensive Strategies Fund
As of September 30, 2016 (Continued)
|
| |||||||||||||||
| Par Value | Coupon Rate % | Maturity | Fair Value | |||||||||||||
|
| |||||||||||||||
BONDS & NOTES - 33.3 % | ||||||||||||||||
COPORATE BONDS - 1.8 % | ||||||||||||||||
| $ 400,000 | Energy Transfer Partners LP | 6.700 | 7/1/2018 | $ | 429,207 | |||||||||||
| 400,000 | LYB International Finance BV | 4.000 | 7/15/2023 | 434,229 | ||||||||||||
| 500,000 | Welltower, Inc. | 3.750 | 3/15/2023 | 525,800 | ||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS (Cost $1,316,688) | 1,389,236 | |||||||||||||||
|
| |||||||||||||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 1.5 % |
| |||||||||||||||
| 250,086 | GNMA Pool 4947 | 5.000 | 2/20/2041 | 277,844 | ||||||||||||
| 289,323 | GNMA Pool 5204 | 4.500 | 10/20/2041 | 317,513 | ||||||||||||
| 520,283 | GNMA Pool MA0155 | 4.000 | 6/20/2042 | 559,380 | ||||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $1,128,137) |
| 1,154,737 | ||||||||||||||
|
| |||||||||||||||
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 30.0 % |
| |||||||||||||||
| 1,300,000 | TIPS | 0.125 | 4/15/2019 | 1,358,214 | ||||||||||||
| 2,495,000 | TIPS | 1.375 | 1/15/2020 | 2,949,492 | ||||||||||||
| 40,000 | TIPS | 1.250 | 7/15/2020 | 47,182 | ||||||||||||
| 3,140,000 | TIPS | 1.125 | 1/15/2021 | 3,678,680 | ||||||||||||
| 2,770,000 | TIPS | 0.125 | 1/15/2023 | 2,935,851 | ||||||||||||
| 3,230,000 | TIPS | 0.625 | 1/15/2024 | 3,497,732 | ||||||||||||
| 1,460,000 | TIPS | 2.375 | 1/15/2025 | 2,222,619 | ||||||||||||
| 700,000 | TIPS | 2.000 | 1/15/2026 | 997,690 | ||||||||||||
| 200,000 | TIPS | 2.375 | 1/15/2027 | 292,943 | ||||||||||||
| 950,000 | TIPS | 1.750 | 1/15/2028 | 1,278,479 | ||||||||||||
| 1,350,000 | TIPS | 2.500 | 1/15/2029 | 1,922,987 | ||||||||||||
| 1,660,000 | TIPS | 2.125 | 2/15/2041 | 2,453,132 | ||||||||||||
|
| |||||||||||||||
TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $23,053,725) |
| 23,635,001 | ||||||||||||||
|
| |||||||||||||||
TOTAL BONDS AND NOTES (Cost $25,498,550) | 26,178,974 | |||||||||||||||
|
| |||||||||||||||
| Shares | ||||||||||||||||
WARRANTS - 0.00 % | ||||||||||||||||
| 312 | Hycroft Mining Corp. * (Cost $54,161) | 0 | ||||||||||||||
|
| |||||||||||||||
| Ounces | ||||||||||||||||
ALTERNATIVE INVESTMENTS - 12.7% | ||||||||||||||||
| 6,743 | Gold Bars * | 8,887,355 | ||||||||||||||
| 57,827 | Silver Bars * | 1,109,945 | ||||||||||||||
|
| |||||||||||||||
TOTAL ALTERNATIVE INVESTMENTS (Cost $8,900,255) |
| 9,997,300 | ||||||||||||||
|
| |||||||||||||||
| Shares | ||||||||||||||||
MONEY MARKET FUND - 8.2 % | ||||||||||||||||
| 6,492,485 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (A) |
| 6,492,485 | |||||||||||||
|
| |||||||||||||||
(Cost $6,492,485) | ||||||||||||||||
TOTAL INVESTMENTS - 99.9 % (Cost $75,415,236) (B) |
| $ | 78,637,910 | |||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.1 % |
| 96,265 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0 % | $ | 78,734,175 | ||||||||||||||
|
| |||||||||||||||
ADR - American Depositary Receipt.
GNMA - Government National Mortgage Association.
ETF - Exchange Traded Fund.
REITs - Real Estate Investment Trust.
GDR - Global Depositary Receipt.
* Non-income producing securities/investments.
(A) Variable rate security; the rate shown represents the yield at September 30, 2016.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $73,050,886 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
| Unrealized appreciation | $ 9,525,865 | |
| Unrealized depreciation | (3,938,841) | |
| ||
| Net unrealized appreciation | $ 5,587,024 | |
|
56
Schedule of Investments | Strategic Growth
As of September 30, 2016
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
MUTUAL FUNDS - 91.7 % (A) | ||||||||
| 135,983 | Timothy Plan Aggressive Growth Fund | $ | 927,402 | |||||
| 785,176 | Timothy Plan Defensive Strategies Fund * | 9,021,668 | ||||||
| 114,951 | Timothy Plan Emerging Markets Fund * | 926,507 | ||||||
| 493,062 | Timothy Plan Fixed Income Fund | 5,162,357 | ||||||
| 569,346 | Timothy Plan Growth & Income Fund | 6,126,161 | ||||||
| 273,492 | Timothy Plan High Yield Bond Fund | 2,491,510 | ||||||
| 514,732 | Timothy Plan International Fund | 4,390,667 | ||||||
| 90,290 | Timothy Plan Israel Common Values Fund * | 1,124,108 | ||||||
| 340,307 | Timothy Plan Large/Mid Cap Growth Fund | 2,538,691 | ||||||
| 161,372 | Timothy Plan Large/Mid-Cap Value Fund | 2,767,529 | ||||||
| 79,114 | Timothy Plan Small-Cap Value Fund | 1,352,060 | ||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $36,638,616) | 36,828,660 | |||||||
|
| |||||||
MONEY MARKET FUND - 8.4 % | ||||||||
| 3,388,022 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (B) | 3,388,022 | ||||||
|
| |||||||
(Cost $3,388,022) | ||||||||
TOTAL INVESTMENTS - 100.1 % (Cost $40,026,638) (C) | $ | 40,216,682 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - (0.1) % | (36,812) | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 40,179,870 | ||||||
|
| |||||||
* Non-income producing securities.
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at September 30, 2016.
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $40,264,916 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
| Unrealized appreciation | $ 666,269 | |
| Unrealized depreciation | (714,503) | |
| ||
| Net unrealized depreciation | $ (48,234) | |
|
57
Schedule of Investments | Conservative Growth
As of September 30, 2016
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
MUTUAL FUNDS - 88.2 % (A) | ||||||||
| 122,318 | Timothy Plan Aggressive Growth Fund | $ | 834,207 | |||||
| 866,321 | Timothy Plan Defensive Strategies Fund * | 9,954,026 | ||||||
| 120,632 | Timothy Plan Emerging Markets Fund * | 972,295 | ||||||
| 1,330,529 | Timothy Plan Fixed Income Fund | 13,930,639 | ||||||
| 768,193 | Timothy Plan Growth & Income Fund | 8,265,753 | ||||||
| 261,362 | Timothy Plan High Yield Bond Fund | 2,381,011 | ||||||
| 545,728 | Timothy Plan International Fund | 4,655,064 | ||||||
| 121,824 | Timothy Plan Israel Common Values Fund * | 1,516,705 | ||||||
| 275,570 | Timothy Plan Large/Mid Cap Growth Fund | 2,055,751 | ||||||
| 137,102 | Timothy Plan Large/Mid-Cap Value Fund | 2,351,298 | ||||||
| 98,534 | Timothy Plan Small-Cap Value Fund | 1,683,944 | ||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $48,414,552) | 48,600,693 | |||||||
|
| |||||||
MONEY MARKET FUND - 11.9% | ||||||||
| 6,566,087 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (B) | 6,566,087 | ||||||
|
| |||||||
(Cost $6,566,087) | ||||||||
TOTAL INVESTMENTS - 100.1 % (Cost $54,980,639) (C) | $ | 55,166,780 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - (0.1) % | (32,872) | |||||||
|
| |||||||
NET ASSETS - 100.0 % | $ | 55,133,908 | ||||||
|
| |||||||
* Non-income producing securities.
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at September 30, 2016.
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $55,142,041 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
| Unrealized appreciation | $ 761,216 | |
| Unrealized depreciation | (736,477) | |
| ||
| Net unrealized appreciation | $ 24,739 | |
|
58
Schedule of Investments | Emerging Markets
As of September 30, 2016
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
| COMMON STOCK - 77.2 % | ||||||||
| AEROSPACE/DEFENSE - 2.4 % | ||||||||
| 12,211 | Embraer SA (ADR) | $ | 210,762 | |||||
|
| |||||||
| AGRICULTURE - 0.7 % | ||||||||
| 5,029 | Adecoagro SA * | 57,381 | ||||||
|
| |||||||
| AIRLINES - 2.6 % | ||||||||
| 2,613 | Copa Holdings SA - Cl. A | 229,761 | ||||||
|
| |||||||
| APPAREL - 1.6 % | ||||||||
| 34,000 | Yue Yuen Industrial Holdings Ltd. | 140,279 | ||||||
|
| |||||||
| AUTO MANUFACTURERS - 1.6 % | ||||||||
| 3,700 | Kia Motors Corp. | 141,603 | ||||||
|
| |||||||
| AUTO PARTS & EQUIPMENT - 3.1 % | ||||||||
| 2,268 | China Tuchai International Ltd. | 24,608 | ||||||
| 989 | Hyundai Mobis Co. Ltd. | 246,947 | ||||||
|
| |||||||
| 271,555 | ||||||||
|
| |||||||
| BANKS - 15.0 % | ||||||||
| 35,072 | AkBank TAS | 93,971 | ||||||
| 22,600 | Banco do Brasil SA | 159,717 | ||||||
| 17,500 | Bangkok Bank PCL | 82,071 | ||||||
| 7,888 | Erste Group Bank AG | 233,714 | ||||||
| 18,990 | Grupo Aval Acciones y Valores SA (ADR) | 167,682 | ||||||
| 17,800 | Kasikornbank PCL (ADR) | 96,320 | ||||||
| 20,423 | Sberbank of Russia (ADR) | 192,385 | ||||||
| 5,639 | Standard Chartered PLC * | 46,023 | ||||||
| 34,666 | Turkiye Garanti Bankasi AS | 91,844 | ||||||
| 98,109 | Turkiye Vakiflar Bankasi Tao | 150,072 | ||||||
|
| |||||||
| 1,313,799 | ||||||||
|
| |||||||
| BUILDING MATERIALS - 3.6 % | ||||||||
| 31,240 | Cemex SAB de CV (ADR) * | 248,042 | ||||||
| 85,571 | Urbi Desarrollos Urbanos SAB de CV * (A) | 62,295 | ||||||
|
| |||||||
| 310,337 | ||||||||
|
| |||||||
| CHEMICALS - 0.6 % | ||||||||
| 44,900 | Synthos SA * | 51,031 | ||||||
|
| |||||||
| COMMERCIAL SERVICES - 3.2 % | ||||||||
| 23,500 | Estacio Participacoes SA | 129,477 | ||||||
| 42,900 | ITE Group PLC | 90,557 | ||||||
| 12,300 | Kroton Educacional SA | 56,411 | ||||||
|
| |||||||
| 276,445 | ||||||||
|
| |||||||
| COMPUTERS - 1.0 % | ||||||||
| 24,593 | DataTec Ltd. | 86,738 | ||||||
|
| |||||||
| DIVERSIFIED FINANCIAL SERVICES - 4.2 % | ||||||||
| 5,221 | Hana Financial Group, Inc. | 132,024 | ||||||
| 3,100 | KB Financial Group, Inc. | 106,537 | ||||||
| 3,420 | Shinhan Financial Group Co. Ltd. | 124,677 | ||||||
|
| |||||||
| 363,238 | ||||||||
|
| |||||||
| ELECTRIC - 4.0 % | ||||||||
| 5,180 | Cia Paranaense de Energia (ADR) | 53,717 | ||||||
| 8,600 | Cia Paranaense de Energia | 55,774 | ||||||
| 1,284,162 | Enersis Chile SA | 118,299 | ||||||
| 4,919 | Reliance Infrastructure Ltd. (GDR) | 122,483 | ||||||
|
| |||||||
| 350,273 | ||||||||
|
| |||||||
| Engineering & Construction - 0.8 % | ||||||||
| 16,271 | TAV Havalimanlari Holding AS | 67,075 | ||||||
|
| |||||||
| FOOD - 3.6 % | ||||||||
| 855 | Binggrae Co. Ltd. | 46,191 | ||||||
| 194,000 | First Pacific Co. Ltd. | 138,072 | ||||||
| 82,000 | Marfrig Global Foods SA * | 131,499 | ||||||
|
| |||||||
| 315,762 | ||||||||
|
| |||||||
| HOLDING COMPANIES - 1.3 % | ||||||||
| 336,900 | Jasmine Broadband Internet Infrastructure Fund | 113,758 | ||||||
|
| |||||||
59
Schedule of Investments | Emerging Markets
As of September 30, 2016 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
| IRON/STEEL - 2.4 % | ||||||||
| 571 | POSCO | $ | 117,689 | |||||
| 4,458 | Ternium SA (ADR) | 87,511 | ||||||
|
| |||||||
| 205,200 | ||||||||
|
| |||||||
| MULTI-NATIONAL - 1.0 % | ||||||||
| 3,062 | Banco Latinoamericano de Comercio Exterior SA | 86,287 | ||||||
|
| |||||||
| OIL & GAS - 4.8 % | ||||||||
| 6,624 | Lukoil PJSC (ADR) | 322,788 | ||||||
| 12,101 | Petroleo Brasileiro SA (ADR) * | 100,559 | ||||||
|
| |||||||
| 423,347 | ||||||||
|
| |||||||
| RETAIL - 8.2 % | ||||||||
| 16,061 | Arcos Dorados Holdings, Inc. * | 84,641 | ||||||
| 1,828,000 | Bosideng International Holdings Ltd. | 164,983 | ||||||
| 171,200 | Chow Tai Fook Jewellery Group Ltd. | 124,494 | ||||||
| 124,500 | Lifestyle China Group Ltd. * | 37,723 | ||||||
| 124,500 | Lifestyle International Holdings Ltd. | 170,474 | ||||||
| 54,000 | Luk Fook Holdings International Ltd. * | 132,285 | ||||||
|
| |||||||
| 714,600 | ||||||||
|
| |||||||
| SEMICONDUCTORS - 2.3 % | ||||||||
| 136 | Samsung Electronics Co., Ltd. | 197,329 | ||||||
|
| |||||||
| TELECOMMUNICATIONS - 6.6 % | ||||||||
| 17,978 | Empresa Nacional de Telecomunicaciones SA * | 175,469 | ||||||
| 1,404 | Mobile TeleSystems PJSC (ADR) | 10,713 | ||||||
| 45,701 | Mobile TeleSystems PJSC | 164,976 | ||||||
| 7,163 | TIM Participacoes SA (ADR) | 87,675 | ||||||
| 678,775 | XL Axiata TBK PT * | 140,425 | ||||||
|
| |||||||
| 579,258 | ||||||||
|
| |||||||
| TEXTILES - 1.0 % | ||||||||
| 119,500 | Weiqiao Textile Co. | 84,895 | ||||||
|
| |||||||
| TRANSPORTATION - 1.6 % | ||||||||
| 29,577 | Globaltrans Investment PLC (GDR) | 139,011 | ||||||
|
| |||||||
| TOTAL COMMON STOCK (Cost $7,815,758) | 6,729,724 | |||||||
|
| |||||||
| PREFERRED STOCK - 9.0 % | ||||||||
| 30,900 | Alpargatas SA | 92,733 | ||||||
| 11,782 | Banco Bradesco SA | 108,578 | ||||||
| 15,300 | Cia Brasileira de Distribuicao | 251,762 | ||||||
| 2,781 | Cia Paranaense de Energia | 28,967 | ||||||
| 1,914 | Hyundai Mobis Co. Ltd. | 174,656 | ||||||
| 278,077 | Surgutneftegas OJSC | 128,399 | ||||||
|
| |||||||
| TOTAL PREFERRED STOCK (Cost $742,412) | 785,095 | |||||||
|
| |||||||
| REITs - 6.4 % | ||||||||
| 205,704 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 208,398 | ||||||
| 144,825 | Macquarie Mexico Real Estate Management SA de CV | 177,650 | ||||||
| 107,454 | PLA Administradora Industrial S de RL de CV | 178,225 | ||||||
|
| |||||||
| TOTAL REITs (Cost $592,168) | 564,273 | |||||||
|
| |||||||
| MONEY MARKET FUND - 7.0 % | ||||||||
| 607,641 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (B) | |||||||
| (Cost $607,641) | 607,641 | |||||||
|
| |||||||
| TOTAL INVESTMENTS - 99.6 % (Cost $9,757,979) (C) | $ | 8,686,733 | ||||||
| OTHER ASSETS LESS LIABILITIES - NET - 0.4 % | 31,220 | |||||||
|
| |||||||
| NET ASSETS - 100.0 % | $ | 8,717,953 | ||||||
|
| |||||||
* Non-income producing securities.
ADR-American Depositary Receipt
* Non-income producing securities.
GDR-Global Depositary Receipt
REITs - Real Estate Investment Trust
60
Schedule of Investments | Emerging Markets
As of September 30, 2016 (Continued)
(A) Illiquid security; the Advisor has determined the security to be illiquid. At September 30, 2016 the securities amounted to 0.7% of net assets.
(B) Variable rate security; the rate shown represents the yield at September 30, 2016.
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $9,812,320 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
Unrealized appreciation | $ | 511,956 | ||
Unrealized depreciation | (1,637,543 | ) | ||
|
| |||
Net unrealized depreciation | $ | (1,125,587 | ) | |
|
|
| Diversification of Assets | ||||
| ||||
| Country | % of Net Assets | |||
| ||||
Brazil | 16.8% | |||
South Korea | 14.8% | |||
Hong Kong | 10.4% | |||
Russia | 9.4% | |||
Mexico | 7.6% | |||
Turkey | 7.0% | |||
Panama | 3.6% | |||
Chile | 3.4% | |||
Thailand | 3.3% | |||
Austria | 2.7% | |||
Colombia | 1.9% | |||
Indonesia | 1.6% | |||
Cyprus | 1.6% | |||
Britain | 1.6% | |||
India | 1.4% | |||
Luxembourg | 1.0% | |||
China | 1.0% | |||
South Africa | 1.0% | |||
Uruguay | 1.0% | |||
Argentina | 0.6% | |||
Poland | 0.6% | |||
Singapore | 0.3% | |||
|
| |||
Total | 92.6% | |||
Money Market Fund | 7.0% | |||
Other Assets in Excess of Liabilities - Net | 0.4% | |||
|
| |||
Grand Total | 100.0% | |||
|
| |||
61
Schedule of Investments | Growth & Income
As of September 30, 2016
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
| COMMON STOCK - 40.7 % | ||||||||
| AUTO PARTS & EQUIPMENT - 1.0 % | ||||||||
| 12,000 | Goodyear Tire & Rubber Co. | $ | 387,600 | |||||
|
| |||||||
| BEVERAGES - 1.2 % | ||||||||
| 5,300 | Dr Pepper Snapple Group, Inc. | 483,943 | ||||||
|
| |||||||
| CHEMICALS - 2.1 % | ||||||||
| 4,700 | Celanese Corp. | 312,832 | ||||||
| 9,000 | Innospec, Inc. | 547,290 | ||||||
|
| |||||||
| 860,122 | ||||||||
|
| |||||||
| COMMERCIAL SERVICES - 1.3 % | ||||||||
| 8,000 | Deluxe Corp. | 534,560 | ||||||
|
| |||||||
| COMPUTERS - 1.1 % | ||||||||
| 10,000 | Leisdos Holdings, Inc. | 432,800 | ||||||
|
| |||||||
| DISTRIBUTION/WHOLESALE - 0.7 % | ||||||||
| 7,900 | Ingram Micro, Inc. | 281,714 | ||||||
|
| |||||||
| ELECTRIC - 1.4 % | ||||||||
| 7,500 | IDACORP, Inc. | 587,100 | ||||||
|
| |||||||
| ELECTRONICS - 2.4 % | ||||||||
| 2,900 | Arrow Electronics, Inc. * | 185,513 | ||||||
| 27,000 | Orbotech Ltd. * | 799,470 | ||||||
|
| |||||||
| 984,983 | ||||||||
|
| |||||||
| FOOD - 2.5 % | ||||||||
| 8,000 | Cal-Maine Foods, Inc. | 308,320 | ||||||
| 3,000 | Ingredion, Inc. | 399,180 | ||||||
| 3,500 | Sanderson Farms, Inc. | 337,155 | ||||||
|
| |||||||
| 1,044,655 | ||||||||
|
| |||||||
| GAS - 1.0 % | ||||||||
| 18,500 | CenterPoint Energy, Inc. | 429,755 | ||||||
|
| |||||||
| HOME BUILDERS - 0.8 % | ||||||||
| 10,000 | Meritage Homes Corp. * | 347,000 | ||||||
|
| |||||||
| HOME FURNISHINGS - 0.9 % | ||||||||
| 4,500 | American Woodmark Corp. * | 362,565 | ||||||
|
| |||||||
| HOUSEHOLD PRODUCTS/WARES - 2.9 % | ||||||||
| 21,000 | ACCO Brands Corp. * | 202,440 | ||||||
| 6,000 | Avery Dennison Corp. | 466,740 | ||||||
| 6,000 | Helen of Troy Ltd. * | 517,020 | ||||||
|
| |||||||
| 1,186,200 | ||||||||
|
| |||||||
| INSURANCE - 3.0 % | ||||||||
| 8,000 | American Financial Group, Inc. | 600,000 | ||||||
| 6,600 | Argo Group International Holdings Ltd. | 372,372 | ||||||
| 2,200 | Chubb Ltd. | 276,430 | ||||||
|
| |||||||
| 1,248,802 | ||||||||
|
| |||||||
62
Schedule of Investments | Growth & Income
As of September 30, 2016 (Continued)
|
| |||||||
| Shares | Fair Value | |||||||
|
| |||||||
| MINING - 3.5 % | ||||||||
| 9,000 | Agnico Eagle Mines Ltd. | $ | 487,620 | |||||
| 10,000 | Newmont Mining Corp. | 392,900 | ||||||
| 21,000 | Silver Wheaton Corp. | 567,630 | ||||||
|
| |||||||
| 1,448,150 | ||||||||
|
| |||||||
| MISCELLANEOUS MANUFACTURER - 1.0 % | ||||||||
| 15,000 | Smith & Wesson Holding Corp. * | 398,850 | ||||||
|
| |||||||
| OIL & GAS - 4.0 % | ||||||||
| 6,000 | Exxon Mobil Corp. | 523,680 | ||||||
| 7,000 | HollyFrontier Corp. | 171,500 | ||||||
| 6,000 | Tesoro Corp. | 477,360 | ||||||
| 9,000 | Valero Energy Corp. | 477,000 | ||||||
|
| |||||||
| 1,649,540 | ||||||||
|
| |||||||
| OIL & GAS SERVICES - 1.2 % | ||||||||
| 100,000 | McDermott International, Inc. * | 501,000 | ||||||
|
| |||||||
| PACKAGING & CONTAINERS - 0.5 % | ||||||||
| 3,400 | Crown Holdings, Inc. * | 194,106 | ||||||
|
| |||||||
| PHARMACEUTICALS - 0.9 % | ||||||||
| 15,000 | Omega Protein Corp. * | 350,550 | ||||||
|
| |||||||
| RETAIL - 1.9 % | ||||||||
| 20,000 | Express, Inc. * | 235,800 | ||||||
| 8,000 | Foot Locker, Inc. | 541,760 | ||||||
|
| |||||||
| 777,560 | ||||||||
|
| |||||||
| SHIPBUILDING - 1.3 % | ||||||||
| 3,500 | Huntington Ingalls Industries, Inc. | 536,970 | ||||||
|
| |||||||
| SOFTWARE - 2.5 % | ||||||||
| 12,500 | Ebix, Inc. | 710,625 | ||||||
| 2,900 | Synnex Corp. | 330,919 | ||||||
|
| |||||||
| 1,041,544 | ||||||||
|
| |||||||
| TELECOMMUNICATIONS - 1.6 % | ||||||||
| 100,000 | Vonage Holdings Corp. * | 661,001 | ||||||
|
| |||||||
| TOTAL COMMON STOCK (Cost $14,595,489) | 16,731,070 | |||||||
|
| |||||||
| EXCHANGE TRADED FUNDS - 3.4 % | ||||||||
| 30,000 | iShares Gold Trust * | 380,700 | ||||||
| 30,000 | iShares Silver Trust * | 546,000 | ||||||
| 3,700 | SPDR Gold Shares * | 464,868 | ||||||
|
| |||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $1,163,723) | 1,391,568 | |||||||
|
| |||||||
| REITs - 4.1 % | ||||||||
| 34,000 | Brandywine Realty Trust | 531,080 | ||||||
| 35,000 | Chimera Investment Corp. | 558,250 | ||||||
| 25,000 | Government Properties Income Trust | 565,500 | ||||||
|
| |||||||
| TOTAL REITs (Cost $1,650,791) | 1,654,830 | |||||||
|
| |||||||
63
Schedule of Investments | Growth & Income
As of September 30, 2016 (Continued)
|
| |||||||||||||||
| Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||||
|
| |||||||||||||||
| BONDS & NOTES - 47.0 % | ||||||||||||||||
| CORPORATE BONDS - 1.2 % | ||||||||||||||||
| $ 250,000 | ConocoPhillips Co. | 3.350 | 11/15/2024 | $ | 256,395 | |||||||||||
| 250,000 | Exxon Mobil Corp. | 2.709 | 3/6/2025 | 257,171 | ||||||||||||
|
| |||||||||||||||
| TOTAL CORPORATE BONDS (Cost $505,296) | 513,566 | |||||||||||||||
|
| |||||||||||||||
| GOVERNMENT NOTES & BONDS - 45.8 % | ||||||||||||||||
| 500,000 | Federal Home Loan Banks | 3.000 | 4/18/2031 | 500,020 | ||||||||||||
| 3,000,000 | United States Treasury Note | 0.875 | 11/30/2016 | 3,003,324 | ||||||||||||
| 2,000,000 | United States Treasury Note | 1.000 | 3/31/2017 | 2,005,151 | ||||||||||||
| 2,000,000 | United States Treasury Note | 1.000 | 9/15/2017 | 2,006,484 | ||||||||||||
| 2,000,000 | United States Treasury Note | 1.000 | 2/15/2018 | 2,007,891 | ||||||||||||
| 500,000 | United States Treasury Note | 1.000 | 3/15/2018 | 502,041 | ||||||||||||
| 1,000,000 | United States Treasury Note | 1.250 | 1/31/2019 | 1,009,864 | ||||||||||||
| 2,000,000 | United States Treasury Note | 1.625 | 8/15/2022 | 2,036,485 | ||||||||||||
| 2,000,000 | United States Treasury Note | 1.750 | 5/15/2023 | 2,045,391 | ||||||||||||
| 1,000,000 | United States Treasury Note | 3.875 | 8/15/2040 | 1,304,961 | ||||||||||||
| 1,000,000 | United States Treasury Note | 3.125 | 2/15/2042 | 1,165,039 | ||||||||||||
| 1,250,000 | United States Treasury Note | 2.250 | 8/15/2046 | 1,227,393 | ||||||||||||
|
| |||||||||||||||
| TOTAL GOVERNMENT NOTES & BONDS (Cost 18,222,177) | 18,814,044 | |||||||||||||||
|
| |||||||||||||||
| TOTAL BONDS & NOTES (Cost $18,727,473) | 19,327,610 | |||||||||||||||
|
| |||||||||||||||
| Shares | MONEY MARKET FUND - 4.5 % | |||||||||||||||
| 1,868,962 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.27% (A) | 1,868,962 | ||||||||||||||
|
| |||||||||||||||
| (Cost $1,868,962) | ||||||||||||||||
| TOTAL INVESTMENTS - 99.7% (Cost $38,006,438)(B) | $ | 40,974,040 | ||||||||||||||
| OTHER ASSETS LESS LIABILITIES - NET - 0.3 % | 133,193 | |||||||||||||||
|
| |||||||||||||||
| NET ASSETS - 100.0 % | $ | 41,107,233 | ||||||||||||||
|
| |||||||||||||||
REITs - Real Estate Investment Trust.
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at September 30, 2016.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $38,005,890 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
Unrealized appreciation | $ | 3,516,041 | ||
Unrealized depreciation | (547,891 | ) | ||
|
| |||
Net unrealized appreciation | $ | 2,968,150 | ||
|
|
64
Timothy Plan Funds
Statements of Assets and Liabilities
September 30, 2016
| ||||||||||||||||||||||||
Aggressive Growth Fund | International Fund | Large/Mid Cap Fund | Small Cap Value Fund | Large/Mid Cap Fund | Fixed Income | |||||||||||||||||||
| ||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investments, at cost | $ | 23,831,145 | $ | 66,895,597 | $ | 57,477,337 | $ | 101,145,917 | $ | 156,658,644 | $ | 93,416,052 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Investments, at value | $ | 24,761,182 | $ | 77,122,052 | $ | 62,495,235 | $ | 109,014,229 | $ | 180,947,652 | $ | 95,572,849 | ||||||||||||
Cash | 614 | - | 1,338 | - | 14,939 | - | ||||||||||||||||||
Dividends and interest receivable | 7,024 | 73,387 | 23,220 | 46,555 | 154,734 | 546,406 | ||||||||||||||||||
Receivable for fund shares sold | 4,680 | 217,775 | 63,394 | 122,041 | 197,671 | 353,834 | ||||||||||||||||||
Receivable for securities sold | 502,212 | - | 151,195 | - | 285,135 | - | ||||||||||||||||||
Receivable for foreign tax reclaims | - | 111,239 | - | - | - | - | ||||||||||||||||||
Prepaid expenses and other assets | 16,466 | 15,407 | 16,506 | 14,851 | 21,101 | 15,678 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Assets | 25,292,178 | 77,539,860 | 62,750,888 | 109,197,676 | 181,621,232 | 96,488,767 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for fund shares redeemed | 33,990 | 39,372 | 20,254 | 67,794 | 146,892 | 31,264 | ||||||||||||||||||
Payable to related parties | 3,745 | 14,734 | 15,349 | 18,898 | 32,859 | 17,994 | ||||||||||||||||||
Accrued advisory fees | 14,271 | 59,179 | 40,751 | 70,047 | 119,532 | 30,388 | ||||||||||||||||||
Accrued 12b-1 fees | 6,624 | 17,617 | 16,865 | 27,285 | 47,835 | 24,705 | ||||||||||||||||||
Payable for securities purchased | 176,613 | - | 79,390 | 1,529,564 | 751,897 | - | ||||||||||||||||||
Accrued expenses and other liabilities | 27,706 | 20,884 | 27,231 | 31,511 | 24,706 | 17,993 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Liabilities | 262,949 | 151,786 | 199,840 | 1,745,099 | 1,123,721 | 122,344 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 25,029,229 | $ | 77,388,074 | $ | 62,551,048 | $ | 107,452,577 | $ | 180,497,511 | $ | 96,366,423 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) | $ | 26,192,171 | $ | 84,010,965 | $ | 57,621,657 | $ | 98,387,545 | $ | 153,948,781 | $ | 94,450,302 | ||||||||||||
Accumulated net investment income (loss) | (112,683) | (274,483) | (214,045) | (102,740) | (69,271) | 324,438 | ||||||||||||||||||
Accumulated net realized gain (loss) from investments | (1,980,296) | (16,574,863) | 125,538 | 1,299,460 | 2,329,773 | (565,114) | ||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 930,037 | 10,226,455 | 5,017,898 | 7,868,312 | 24,288,228 | 2,156,797 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 25,029,229 | $ | 77,388,074 | $ | 62,551,048 | $ | 107,452,577 | $ | 180,497,511 | $ | 96,366,423 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Class A | ||||||||||||||||||||||||
Net Assets | $ | 21,208,862 | $ | 70,012,865 | $ | 53,827,367 | $ | 94,871,094 | $ | 154,260,321 | $ | 86,141,547 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3,111,909 | 8,206,258 | 7,210,672 | 5,551,569 | 8,993,910 | 8,223,607 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 6.82 | $ | 8.53 | $ | 7.46 | $ | 17.09 | $ | 17.15 | $ | 10.47 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) | $ | 7.22 | $ | 9.03 | $ | 7.89 | $ | 18.08 | $ | 18.15 | $ | 10.96 | * | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Class C | ||||||||||||||||||||||||
Net Assets | $ | 3,425,549 | $ | 4,494,916 | $ | 7,635,760 | $ | 10,257,243 | $ | 20,854,763 | $ | 9,660,493 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 600,362 | 544,951 | 1,223,633 | 782,788 | 1,458,005 | 956,985 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 5.71 | $ | 8.25 | $ | 6.24 | $ | 13.10 | $ | 14.30 | $ | 10.09 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 5.65 | $ | 8.17 | $ | 6.18 | $ | 12.97 | $ | 14.16 | $ | 9.99 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Class I | ||||||||||||||||||||||||
Net Assets | $ | 394,818 | $ | 2,880,293 | $ | 1,087,921 | $ | 2,324,240 | $ | 5,382,427 | $ | 564,383 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 57,339 | 336,719 | 144,242 | 134,801 | 311,712 | 54,239 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 6.89 | $ | 8.55 | $ | 7.54 | $ | 17.24 | $ | 17.27 | $ | 10.41 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
The accompanying notes are an integral part of these financial statements.
65
Timothy Plan Funds
Statements of Assets and Liabilities (Continued)
September 30, 2016
| ||||||||||||||||||||||||||||
High Yield Fund | Israel Common Fund | Defensive Strategies Fund | Strategic Growth Fund | Conservative Fund | Emerging Fund | Growth & Income Fund | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments, at cost | $ | 53,092,335 | $ | 16,505,096 | $ | 66,514,981 | $ | 40,026,638 | * | $ | 54,980,639 | * | $ | 9,757,979 | $ | 38,006,438 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Investments, at value | $ | 53,579,635 | $ | 20,731,351 | $ | 68,640,610 | $ | 40,216,682 | $ | 55,166,780 | $ | 8,686,733 | $ | 40,974,040 | ||||||||||||||
Gold and Silver Investments, at fair value (Cost $8,900,255) | - | - | 9,997,300 | - | - | - | - | |||||||||||||||||||||
Cash | - | - | 73 | - | - | - | 930 | |||||||||||||||||||||
Canadian (CAN)(Cost $167) | - | - | - | - | - | - | - | |||||||||||||||||||||
Brazilian Real (BRL)(Cost $749) | - | - | - | - | - | 749 | - | |||||||||||||||||||||
Hong Kong Dollar (HKD)(Cost $12,768) | - | - | - | - | - | 12,768 | - | |||||||||||||||||||||
Thai Bhat (THB)(Cost $2,139) | - | - | - | - | - | 2,139 | - | |||||||||||||||||||||
Dividends and interest receivable | 785,045 | 13,397 | 155,357 | 50,809 | 79,647 | 5,075 | 82,732 | |||||||||||||||||||||
Receivable for fund shares sold | 109,070 | 23,088 | 46,929 | 10,043 | 41,573 | 70,681 | 115,827 | |||||||||||||||||||||
Receivable for securities sold | - | - | - | - | - | 8,867 | - | |||||||||||||||||||||
Deposit with broker | - | - | 39,745 | - | - | - | - | |||||||||||||||||||||
Receivable for foreign tax reclaims | - | - | 9,946 | - | - | - | 809 | |||||||||||||||||||||
Prepaid expenses and other assets | 18,661 | 20,414 | 21,493 | 13,329 | 16,929 | 23,209 | 16,977 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Assets | 54,492,411 | 20,788,250 | 78,911,453 | 40,290,863 | 55,304,929 | 8,810,221 | 41,191,315 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to Custodian | - | - | - | - | - | 35,677 | - | |||||||||||||||||||||
Payable for securities purchased | 500,000 | - | - | 50,031 | 78,066 | 9,034 | - | |||||||||||||||||||||
Payable for fund shares redeemed | 63,801 | 40,190 | 87,080 | 1,989 | 22,230 | 3,476 | 11,144 | |||||||||||||||||||||
Payable to related parties | 9,256 | 6,754 | 11,285 | 8,279 | 11,577 | 1,475 | 8,145 | |||||||||||||||||||||
Accrued advisory fees | 24,279 | 16,811 | 35,433 | 21,425 | 29,366 | 8,105 | 26,972 | |||||||||||||||||||||
Accrued 12b-1 fees | 12,532 | 6,586 | 19,328 | 4,021 | 6,034 | 2,186 | 9,955 | |||||||||||||||||||||
Accrued expenses and other liabilities | 27,425 | 23,357 | 24,152 | 25,248 | 23,748 | 32,315 | 27,866 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Liabilities | 637,293 | 93,698 | 177,278 | 110,993 | 171,021 | 92,268 | 84,082 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Assets | $ | 53,855,118 | $ | 20,694,552 | $ | 78,734,175 | $ | 40,179,870 | $ | 55,133,908 | $ | 8,717,953 | $ | 41,107,233 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) | $ | 55,910,635 | $ | 18,694,262 | $ | 76,473,289 | $ | 41,719,737 | $ | 55,428,427 | $ | 11,413,068 | $ | 40,406,950 | ||||||||||||||
Accumulated net investment income (loss) | 85,705 | (895,856) | 2,970,065 | (210,011) | (226,602) | 3,627 | 1,949 | |||||||||||||||||||||
Accumulated net realized loss from investments | (2,628,522) | (1,330,121) | (3,931,069) | (1,519,900) | (254,058) | (1,628,397) | (2,269,268) | |||||||||||||||||||||
Net unrealized appreciation (depreciation) investments | 487,300 | 4,226,267 | 3,221,890 | 190,044 | 186,141 | (1,070,345) | 2,967,602 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Assets | $ | 53,855,118 | $ | 20,694,552 | $ | 78,734,175 | $ | 40,179,870 | $ | 55,133,908 | $ | 8,717,953 | $ | 41,107,233 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Class A | ||||||||||||||||||||||||||||
Net Assets | $ | 49,186,933 | $ | 16,030,413 | $ | 68,706,348 | $ | 32,799,888 | $ | 44,436,501 | $ | 7,117,551 | $ | 36,485,639 | ||||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 5,399,927 | 1,287,260 | 5,978,900 | 3,755,684 | 4,417,608 | 882,533 | 3,390,335 | |||||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 9.11 | $ | 12.45 | $ | 11.49 | $ | 8.73 | $ | 10.06 | $ | 8.06 | $ | 10.76 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) | $ | 9.54 | * | $ | 13.17 | $ | 12.16 | $ | 9.24 | $ | 10.65 | $ | 8.53 | $ | 11.39 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Class C | ||||||||||||||||||||||||||||
Net Assets | $ | 3,107,770 | $ | 4,144,442 | $ | 9,629,606 | $ | 7,379,983 | $ | 10,697,407 | $ | 896,839 | $ | 3,028,150 | ||||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 337,248 | 345,185 | 870,130 | 927,932 | 1,153,449 | 113,865 | 286,893 | |||||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 9.22 | $ | 12.01 | $ | 11.07 | $ | 7.95 | $ | 9.27 | $ | 7.88 | $ | 10.55 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 9.13 | $ | 11.89 | $ | 10.96 | $ | 7.87 | $ | 9.18 | $ | 7.80 | $ | 10.44 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Class I | ||||||||||||||||||||||||||||
Net Assets | $ | 1,560,415 | $ | 519,697 | $ | 398,221 | $ | - | $ | 703,563 | $ | 1,593,444 | ||||||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 171,109 | 41,583 | 34,611 | - | - | 86,795 | 147,393 | |||||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 9.12 | $ | 12.50 | $ | 11.51 | $ | - | �� | $ | - | $ | 8.11 | $ | 10.81 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| * | Investments includes investments in affiliates with costs of $36,638,616 and $48,414,552 for Strategic Growth Fund and Conservative Growth Fund, respectively. |
The accompanying notes are an integral part of these financial statements.
66
Timothy Plan Funds
Statements of Operations
For the Year Ended September 30, 2016
| ||||||||||||||||||||||||
Aggressive Fund | International Fund | Large/Mid Cap Fund | Small Cap Value Fund | Large/Mid Cap Fund | Fixed Income Fund | |||||||||||||||||||
| ||||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||
Interest income | $ | 10,394 | $ | 29,129 | $ | 32,667 | $ | 38,624 | $ | 84,466 | $ | 2,105,394 | ||||||||||||
Dividend Income | 210,355 | 1,394,907 | 705,051 | 1,254,335 | 2,454,899 | - | ||||||||||||||||||
Foreign tax withheld | (4,272) | (208,471) | (4,644) | - | (11,489) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Investment Income | 216,477 | 1,215,565 | 733,074 | 1,292,959 | 2,527,876 | 2,105,394 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Operating Expenses: | ||||||||||||||||||||||||
Investment advisory fees | 191,075 | 733,787 | 533,369 | 785,011 | 1,454,338 | 516,566 | ||||||||||||||||||
12b-1 Fees: | ||||||||||||||||||||||||
Class A | 46,823 | 165,974 | 136,326 | 203,409 | 367,982 | 191,434 | ||||||||||||||||||
Class C | 34,451 | 47,601 | 71,846 | 93,422 | 196,176 | 91,787 | ||||||||||||||||||
Administration fees | 47,656 | 157,090 | 136,720 | 196,600 | 364,686 | 182,696 | ||||||||||||||||||
Registration fees | 28,271 | 25,481 | 29,230 | 25,381 | 27,844 | 44,055 | ||||||||||||||||||
Custody fees | 15,917 | 12,766 | 13,692 | 19,126 | 23,845 | 16,047 | ||||||||||||||||||
Non 12b-1 shareholder servicing fees | 14,533 | 61,105 | 47,013 | 40,750 | 128,300 | 48,288 | ||||||||||||||||||
Audit fees | 13,896 | 12,630 | 13,483 | 14,132 | 13,483 | 13,880 | ||||||||||||||||||
Printing expenses | 9,155 | 29,238 | 23,642 | 36,610 | 66,859 | 22,253 | ||||||||||||||||||
Trustees’ fees | 2,727 | 6,587 | 5,789 | 9,303 | 13,026 | 5,263 | ||||||||||||||||||
Insurance expenses | 702 | 3,054 | 1,557 | 2,928 | 4,114 | 2,928 | ||||||||||||||||||
Compliance officer fees | 366 | 6,718 | 6,314 | 8,504 | 14,604 | 6,566 | ||||||||||||||||||
Miscellaneous expenses | 366 | 3,000 | 2,473 | 6,454 | 1,211 | 3,008 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Operating Expenses | 405,938 | 1,265,031 | 1,021,454 | 1,441,630 | 2,676,468 | 1,144,771 | ||||||||||||||||||
Less: Expenses waived by Advisor | (22,479) | (36,689) | (31,375) | (46,177) | (85,549) | (172,189) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Operating Expenses | 383,459 | 1,228,342 | 990,079 | 1,395,453 | 2,590,919 | 972,582 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Investment Income (Loss) | (166,982) | (12,777) | (257,005) | (102,494) | (63,043) | 1,132,812 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Realized and Unrealized | ||||||||||||||||||||||||
Net realized gain (loss) on investments | (1,831,106) | (2,914,420) | 228,818 | 1,403,949 | 2,267,246 | 70,867 | ||||||||||||||||||
and foreign currency translations | - | (56) | - | - | - | - | ||||||||||||||||||
Capital gain dividends from REITs | 1,828 | - | - | 9,918 | 65,206 | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 1,888,501 | 4,233,467 | 3,836,975 | 8,551,910 | 8,267,139 | 1,854,779 | ||||||||||||||||||
and foreign currency transactions | - | 24 | - | - | 61 | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 59,223 | 1,319,015 | 4,065,793 | 9,965,777 | 10,599,652 | 1,925,646 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | $ | (107,759) | $ | 1,306,238 | $ | 3,808,788 | $ | 9,863,283 | $ | 10,536,609 | $ | 3,058,458 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| ||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
67
Timothy Plan Funds
Statements of Operations
For the Year Ended September 30, 2016
| ||||||||||||||||||||||||||||
High Yield Bond Fund | Israel Common Values Fund | Defensive Strategies Fund | Strategic Growth Fund | Conservative Growth Fund | Emerging Markets Fund | Growth & Income Fund | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||||
Interest income | $ | 2,545,036 | $ | 6,490 | $ | 636,715 | $ | 5,545 | $ | 9,686 | $ | 1,527 | $ | 252,079 | ||||||||||||||
Dividend income | 288 | 263,117 | 802,177 | - | - | 253,667 | 397,291 | |||||||||||||||||||||
Dividend income from affiliated funds | - | - | - | 268,958 | 407,421 | - | - | |||||||||||||||||||||
Foreign tax withheld | - | (58,926) | (37,383) | - | - | (23,441) | (1,320) | |||||||||||||||||||||
Other income | - | - | - | - | - | 1,210 | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Investment Income | 2,545,324 | 210,681 | 1,401,509 | 274,503 | 417,107 | 232,963 | 648,050 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||
Investment advisory fees | 285,913 | 184,335 | 496,801 | 263,792 | 356,592 | 93,062 | 308,316 | |||||||||||||||||||||
12b-1 fees: | ||||||||||||||||||||||||||||
Class A | 108,767 | 36,487 | 175,903 | - | - | 16,789 | 78,985 | |||||||||||||||||||||
Class C | 28,459 | 35,120 | 121,600 | 56,238 | 79,009 | 6,828 | 31,783 | |||||||||||||||||||||
Administration fees | 102,500 | 42,643 | 182,188 | 87,192 | 121,020 | 15,089 | 83,013 | |||||||||||||||||||||
Registration fees | 25,067 | 25,481 | 30,347 | 21,912 | 24,616 | 3,925 | 25,080 | |||||||||||||||||||||
Printing expenses | 17,694 | 10,191 | 42,910 | 13,246 | 16,637 | 5,017 | 3,759 | |||||||||||||||||||||
Non 12b-1 shareholder servicing fees | 33,513 | 11,554 | 68,439 | 11,037 | 9,263 | 10,114 | 40,834 | |||||||||||||||||||||
Compliance officer fees | 2,078 | 1,588 | 7,432 | 3,623 | 5,857 | 624 | 3,607 | |||||||||||||||||||||
Custody fees | 6,906 | 21,844 | 52,026 | 6,154 | 8,660 | 35,345 | 3,379 | |||||||||||||||||||||
Audit fees | 12,298 | 12,798 | 14,538 | 14,142 | 13,661 | 18,108 | 13,272 | |||||||||||||||||||||
Trustees’ fees | 5,391 | 1,713 | 5,280 | 3,352 | 4,377 | 1,219 | 4,043 | |||||||||||||||||||||
Miscellaneous expenses | 3,403 | 3,454 | 7,435 | 1,366 | 689 | - | 778 | |||||||||||||||||||||
Insurance expenses | 1,468 | 352 | 996 | 1,479 | 1,235 | 220 | 421 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Operating Expenses | 633,457 | 387,560 | 1,205,895 | 483,533 | 641,616 | 206,340 | 597,270 | |||||||||||||||||||||
Less: Expenses waived by Advisor | (23,826) | - | (41,400) | - | - | (3,878) | (18,136) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Operating Expenses | 609,631 | 387,560 | 1,164,495 | 483,533 | 641,616 | 202,462 | 579,134 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Investment Income (Loss) | 1,935,693 | (176,879) | 237,014 | (209,030) | (224,509) | 30,501 | 68,916 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments | (935,586) | (255,757) | (1,337,514) | - | - | (430,214) | (1,285,364) | |||||||||||||||||||||
and foreign currency translations | - | (68,802) | (137,554) | - | - | (323,963) | - | |||||||||||||||||||||
affiliated investments | - | - | - | (448,605) | (1,151,302) | - | - | |||||||||||||||||||||
options purchased | - | - | (440,828) | - | - | - | - | |||||||||||||||||||||
Capital gain distributions from affiliated funds | - | - | - | 1,314,297 | 1,035,661 | - | - | |||||||||||||||||||||
Capital gain dividends from REITs | - | - | 206,920 | - | - | - | 4,777 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 3,461,231 | 2,645,004 | 7,048,473 | 937,576 | 2,479,474 | 2,643,591 | 2,103,587 | |||||||||||||||||||||
options | - | - | (138,072) | - | - | - | - | |||||||||||||||||||||
alternative investments | - | - | 1,638,640 | - | - | - | - | |||||||||||||||||||||
and foreign currency transactions | - | 16 | 1,948 | - | - | 11,938 | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Realized and Unrealized Gain (loss) on Investments | 2,525,645 | 2,320,461 | 6,842,013 | 1,803,268 | 2,363,833 | 1,901,352 | 823,000 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | $ | 4,461,338 | $ | 2,143,582 | $ | 7,079,027 | $ | 1,594,238 | $ | 2,139,324 | $ | 1,931,853 | $ | 891,916 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
The accompanying notes are an integral part of these financial statements.
68
Timothy Plan Funds
Statements of Changes in Net Assets
| Aggressive Growth Fund | International Fund | Large/Mid Cap Growth Fund | ||||||||||||||||||||||
| Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | (166,982) | $ | (255,065) | $ | (12,777) | $ | 560,898 | $ | (257,005) | $ | (108,645) | ||||||||||||
Net realized gain (loss) from investments and foreign currency translations | (1,831,106) | 3,401,169 | (2,914,476) | (2,716,769) | 228,818 | 7,119,184 | ||||||||||||||||||
Capital gain dividends from REITs | 1,828 | 4,590 | - | - | - | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 1,888,501 | (3,446,888) | 4,233,491 | (913,360) | 3,836,975 | (7,427,761) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (107,759) | (296,194) | 1,306,238 | (3,069,231) | 3,808,788 | (417,222) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | - | - | (726,253) | - | - | - | ||||||||||||||||||
Class C | - | - | (28,008) | - | - | - | ||||||||||||||||||
Class I | - | - | (24,306) | - | - | - | ||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||
Class A | (2,544,026) | (2,245,403) | - | - | (5,603,259) | (5,972,517) | ||||||||||||||||||
Class C | (552,804) | (465,520) | - | - | (794,628) | (757,093) | ||||||||||||||||||
Class I | (41,648) | (19,044) | - | - | (112,991) | (46,342) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions to shareholders | (3,138,478) | (2,729,967) | (778,567) | - | (6,510,878) | (6,775,952) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Class A | 9,757,605 | 4,384,387 | 31,091,113 | 21,691,812 | 14,842,125 | 20,380,670 | ||||||||||||||||||
Class C | 669,961 | 853,373 | 2,411,129 | 1,129,017 | 1,922,691 | 1,801,449 | ||||||||||||||||||
Class I | 302,342 | 185,742 | 1,489,273 | 1,559,217 | 810,899 | 1,327,987 | ||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Class A | 2,452,543 | 2,142,316 | 642,669 | - | 5,193,825 | 5,540,914 | ||||||||||||||||||
Class C | 515,399 | 426,926 | 25,560 | - | 687,062 | 632,800 | ||||||||||||||||||
Class I | 41,648 | 19,045 | 4,463 | - | 113,034 | 39,030 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Class A | (4,695,428) | (7,072,594) | (15,678,562) | (20,197,128) | (16,613,778) | (23,111,694) | ||||||||||||||||||
Class C | (608,765) | (728,160) | (1,426,663) | (751,704) | (1,091,308) | (1,008,801) | ||||||||||||||||||
Class I | (210,850) | - | (235,857) | (330,281) | (985,318) | (226,660) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | 8,224,455 | 211,035 | 18,323,125 | 3,100,933 | 4,879,232 | 5,375,695 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Increase (Decrease) in Net Assets | 4,978,218 | (2,815,126) | 18,850,796 | 31,702 | 2,177,142 | (1,817,479) | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 20,051,011 | 22,866,137 | 58,537,278 | 58,505,576 | 60,373,906 | 62,191,385 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period* | $ | 25,029,229 | $ | 20,051,011 | $ | 77,388,074 | $ | 58,537,278 | $ | 62,551,048 | $ | 60,373,906 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
* Includes undistributed net investment income (loss) at end of period | $ | (112,683) | $ | 24,675 | $ | (274,483) | $ | 447,456 | $ | (214,045) | $ | 52,366 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Share Activity: | ||||||||||||||||||||||||
Shares Sold | ||||||||||||||||||||||||
Class A | 1,423,889 | 487,115 | 3,711,299 | 2,390,305 | 2,009,044 | 2,418,481 | ||||||||||||||||||
Class C | 114,375 | 109,463 | 292,735 | 128,056 | 314,086 | 249,944 | ||||||||||||||||||
Class I | 44,337 | 20,321 | 178,098 | 171,564 | 110,605 | 155,695 | ||||||||||||||||||
Shares Reinvested | ||||||||||||||||||||||||
Class A | 350,864 | 247,660 | 76,966 | - | 718,371 | 677,412 | ||||||||||||||||||
Class C | 87,504 | 56,697 | 3,148 | - | 113,004 | 89,632 | ||||||||||||||||||
Class I | 5,907 | 2,192 | 534 | - | 15,505 | 4,748 | ||||||||||||||||||
Shares Redeemed | ||||||||||||||||||||||||
Class A | (706,090) | (790,670) | (1,893,709) | (2,235,870) | (2,317,721) | (2,769,895) | ||||||||||||||||||
Class C | (100,152) | (92,849) | (177,184) | (86,397) | (180,263) | (142,435) | ||||||||||||||||||
Class I | (30,623) | - | (28,138) | (37,195) | (136,022) | (28,105) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase in shares of beneficial interest outstanding | 1,190,011 | 39,929 | 2,163,749 | 330,463 | 646,609 | 655,477 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| ||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
69
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, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | (102,494) | $ | (420,796) | $ | (63,043) | $ | (290,021) | $ | 1,132,812 | $ | 1,087,561 | ||||||||||||
Net realized gain (loss) from investments and foreign currency translations | 1,403,949 | 8,058,716 | 2,267,246 | 19,418,732 | 70,867 | 8,553 | ||||||||||||||||||
Capital gain dividends from REITs | 9,918 | 51,188 | 65,206 | 18,728 | - | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 8,551,910 | (6,324,232) | 8,267,200 | (16,669,766) | 1,854,779 | (288,886) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 9,863,283 | 1,364,876 | 10,536,609 | 2,477,673 | 3,058,458 | 807,228 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | - | (402) | - | - | (1,177,146) | (1,638,625) | ||||||||||||||||||
Class C | - | (46) | - | - | (58,563) | (154,225) | ||||||||||||||||||
Class I | - | (5) | - | - | (5,499) | (11,516) | ||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||
Class A | (6,897,842) | (12,987,163) | (16,483,862) | (12,823,275) | - | (144,536) | ||||||||||||||||||
Class C | (1,028,884) | (1,739,103) | (2,525,475) | (1,790,617) | - | (15,797) | ||||||||||||||||||
Class I | (137,683) | (122,924) | (420,027) | (221,859) | - | (262) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions to shareholders | (8,064,409) | (14,849,643) | (19,429,364) | (14,835,751) | (1,241,208) | (1,964,961) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Class A | 30,092,717 | 22,077,773 | 48,007,995 | 42,954,417 | 32,750,066 | 23,630,170 | ||||||||||||||||||
Class C | 1,930,487 | 2,535,137 | 4,416,018 | 5,119,277 | 3,152,958 | 3,611,763 | ||||||||||||||||||
Class I | 1,688,930 | 942,263 | 2,533,303 | 3,028,466 | 683,578 | 836,467 | ||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Class A | 6,620,002 | 12,328,169 | 15,246,790 | 11,580,398 | 1,029,560 | 1,588,294 | ||||||||||||||||||
Class C | 966,913 | 1,630,327 | 2,183,543 | 1,532,076 | 49,825 | 144,781 | ||||||||||||||||||
Class I | 129,683 | 56,819 | 358,505 | 198,436 | 5,499 | 11,779 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Class A | (15,559,182) | (22,935,171) | (36,698,931) | (47,885,637) | (15,357,156) | (26,395,710) | ||||||||||||||||||
Class C | (1,495,014) | (1,605,010) | (2,801,607) | (3,237,786) | (2,254,369) | (2,214,997) | ||||||||||||||||||
Class I | (412,706) | (516,854) | (828,259) | (999,083) | (610,256) | (452,338) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets from share transactions of beneficial interest | 23,961,830 | 14,513,453 | 32,417,357 | 12,290,564 | 19,449,705 | 760,209 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Increase (Decrease) in Net Assets | 25,760,704 | 1,028,686 | 23,524,602 | (67,514) | 21,266,955 | (397,524) | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 81,691,873 | 80,663,187 | 156,972,909 | 157,040,423 | 75,099,468 | 75,496,992 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period* | $ | 107,452,577 | $ | 81,691,873 | $ | 180,497,511 | $ | 156,972,909 | $ | 96,366,423 | $ | 75,099,468 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
* Includes undistributed net investment income (loss) at end of period | $ | (102,740) | $ | (262,528) | $ | (69,271) | $ | (251,267) | $ | 324,438 | $ | 58,688 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Share Activity: | ||||||||||||||||||||||||
Shares Sold | ||||||||||||||||||||||||
Class A | 1,882,925 | 1,172,158 | 2,835,690 | 2,227,913 | 3,173,802 | 2,265,485 | ||||||||||||||||||
Class C | 156,174 | 170,690 | 314,051 | 307,423 | 317,784 | 360,015 | ||||||||||||||||||
Class I | 100,485 | 49,919 | 150,827 | 155,854 | 66,251 | 80,241 | ||||||||||||||||||
Shares Reinvested | ||||||||||||||||||||||||
Class A | 430,150 | 687,556 | 939,420 | 614,025 | 99,386 | 153,837 | ||||||||||||||||||
Class C | 81,459 | 114,089 | 160,319 | 94,050 | 4,987 | 14,559 | ||||||||||||||||||
Class I | 8,371 | 3,156 | 21,981 | 10,505 | 533 | 1,153 | ||||||||||||||||||
Shares Redeemed | ||||||||||||||||||||||||
Class A | (1,004,301) | (1,255,217) | (2,204,996) | (2,498,145) | (1,487,222) | (2,530,665) | ||||||||||||||||||
Class C | (124,194) | (110,091) | (197,741) | (195,980) | (226,631) | (221,072) | ||||||||||||||||||
Class I | (25,157) | (28,766) | (48,600) | (52,296) | (59,905) | (43,947) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase in shares of beneficial interest outstanding | 1,505,912 | 803,494 | 1,970,951 | 663,349 | 1,888,985 | 79,606 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
The accompanying notes are an integral part of these financial statements.
70
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, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 1,935,693 | $ | 1,916,013 | $ | (176,879) | $ | (155,489) | $ | 237,014 | $ | 6,853 | ||||||||||||
Net realized gain (loss) from investments foreign currency translations, and options | (935,586) | (915,954) | (324,559) | (625,093) | (1,915,896) | 519,023 | ||||||||||||||||||
Capital gain dividends from REITs | - | - | - | - | 206,920 | 170,660 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 3,461,231 | (3,186,345) | 2,645,020 | (783,443) | 8,550,989 | (5,672,443) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 4,461,338 | (2,186,286) | 2,143,582 | (1,564,025) | 7,079,027 | (4,975,907) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | (1,790,913) | (1,737,327) | - | - | - | (567,963) | ||||||||||||||||||
Class C | (87,942) | (97,711) | - | - | - | (38,753) | ||||||||||||||||||
Class I | (45,400) | (70,509) | - | - | - | (1,699) | ||||||||||||||||||
From net realized gains | ||||||||||||||||||||||||
Class A | - | - | - | - | - | (63,377) | ||||||||||||||||||
Class C | - | - | - | - | - | (16,997) | ||||||||||||||||||
Class I | - | - | - | - | - | (154) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions to shareholders | (1,924,255) | (1,905,547) | - | - | - | (688,943) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Class A | 24,017,263 | 15,782,906 | 5,321,650 | 5,757,683 | 21,058,691 | 38,720,525 | ||||||||||||||||||
Class C | 525,354 | 923,484 | 1,814,336 | 1,527,183 | 1,397,370 | 4,448,391 | ||||||||||||||||||
Class I | 845,583 | 3,174,528 | 270,177 | 340,234 | 327,197 | 159,290 | ||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Class A | 1,544,213 | 1,503,151 | - | - | - | 597,058 | ||||||||||||||||||
Class C | 79,858 | 80,379 | - | - | - | 54,476 | ||||||||||||||||||
Class I | 14,011 | 16,093 | - | - | - | 1,122 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Class A | (15,001,868) | (18,373,403) | (2,750,868) | (6,568,316) | (30,050,425) | (17,210,854) | ||||||||||||||||||
Class C | (377,771) | (806,987) | (794,156) | (832,896) | (7,357,766) | (3,233,256) | ||||||||||||||||||
Class I | (2,079,004) | (507,405) | (24,354) | (92,663) | (123,433) | (80,163) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | 9,567,639 | 1,792,746 | 3,836,785 | 131,225 | (14,748,366) | 23,456,589 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Increase (Decrease) in Net Assets | 12,104,722 | (2,299,087) | 5,980,367 | (1,432,800) | (7,669,339) | 17,791,739 | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 41,750,396 | 44,049,483 | 14,714,185 | 16,146,985 | $ | 86,403,514 | 68,611,775 | |||||||||||||||||
|
|
|
|
|
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|
|
|
| |||||||||||||
End of period* | $ | 53,855,118 | $ | 41,750,396 | $ | 20,694,552 | $ | 14,714,185 | $ | 78,734,175 | $ | 86,403,514 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
* Includes undistributed net investment income (loss) at end of period | $ | 85,705 | $ | 74,267 | $ | (895,856) | $ | (715,119) | $ | 2,970,065 | $ | 902,324 | ||||||||||||
|
|
|
|
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|
|
|
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|
|
| |||||||||||||
| Share Activity: | ||||||||||||||||||||||||
Shares Sold | ||||||||||||||||||||||||
Class A | 2,742,134 | 1,706,182 | 461,537 | 477,472 | 1,934,784 | 3,509,093 | ||||||||||||||||||
Class C | 59,795 | 100,111 | 163,402 | 130,207 | 132,615 | 414,036 | ||||||||||||||||||
Class I | 94,126 | 347,471 | 22,627 | 27,894 | 29,889 | 14,166 | ||||||||||||||||||
Shares Reinvested | ||||||||||||||||||||||||
Class A | 177,482 | 166,986 | - | - | - | 52,838 | ||||||||||||||||||
Class C | 9,081 | 8,879 | - | - | - | 4,939 | ||||||||||||||||||
Class I | 1,599 | 1,775 | - | - | - | 100 | ||||||||||||||||||
Shares Redeemed | ||||||||||||||||||||||||
Class A | (1,718,478) | (1,998,713) | (233,549) | (539,050) | (2,748,219) | (1,519,535) | ||||||||||||||||||
Class C | (42,767) | (87,322) | (70,715) | (72,066) | (697,585) | (293,578) | ||||||||||||||||||
Class I | (243,426) | (55,784) | (2,247) | (7,725) | (10,792) | (7,297) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in shares of beneficial interest outstanding | 1,079,546 | 189,585 | 341,055 | 16,732 | (1,359,308) | 2,174,762 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
The accompanying notes are an integral part of these financial statements.
71
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
| Strategic Growth Fund | Conservative Growth Fund | Emerging Markets Fund | ||||||||||||||||||||||
| Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | (209,030) | $ | 112,210 | $ | (224,509) | $ | 234,912 | $ | 30,501 | $ | 39,958 | ||||||||||||
Net realized gain (loss) from investments and foreign currency translations | (448,605) | 3,177,931 | (1,151,302) | 2,630,798 | (754,177) | (850,333) | ||||||||||||||||||
Capital gain distributions from affiliated funds | 1,314,297 | 1,697,601 | 1,035,661 | 1,406,931 | - | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 937,576 | (6,823,834) | 2,479,474 | (5,762,585) | 2,655,529 | (3,103,455) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,594,238 | (1,836,092) | 2,139,324 | (1,489,944) | 1,931,853 | (3,913,830) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||||
Class A | (112,223) | (477,475)�� | (236,640) | (449,134) | - | (47,208) | ||||||||||||||||||
Class C | - | (58,103) | - | (2) | - | - | ||||||||||||||||||
Class I | - | - | - | - | - | (2,129) | ||||||||||||||||||
From net realized gains | ||||||||||||||||||||||||
Class A | - | - | (2,639,009) | (1,411,584) | - | (606,710) | ||||||||||||||||||
Class C | - | - | (682,167) | (396,550) | - | (48,602) | ||||||||||||||||||
Class I | - | - | - | - | - | (17,737) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions to shareholders | (112,223) | (535,578) | (3,557,816) | (2,257,270) | - | (722,386) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Class A | 4,032,536 | 5,559,885 | 5,470,344 | 8,294,945 | 2,572,036 | 3,445,284 | ||||||||||||||||||
Class C | 787,803 | 901,803 | 1,602,781 | 2,708,906 | 365,496 | 160,268 | ||||||||||||||||||
Class I | - | - | - | 507,804 | 209,483 | |||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Class A | 109,450 | 460,087 | 2,757,111 | 1,755,125 | - | 611,234 | ||||||||||||||||||
Class C | - | 52,537 | 646,209 | 370,069 | - | 48,100 | ||||||||||||||||||
Class I | - | - | - | - | - | 5,114 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Class A | (5,652,166) | (7,982,990) | (7,421,419) | (9,907,282) | (3,118,821) | (4,745,903) | ||||||||||||||||||
Class C | (1,364,045) | (1,628,260) | (2,343,151) | (3,535,864) | (134,303) | (262,588) | ||||||||||||||||||
Class I | - | - | - | - | (214,533) | (45,356) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | (2,086,422) | (2,636,938) | 711,875 | (314,101) | (22,321) | (574,364) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Increase (Decrease) in Net Assets | (604,407) | (5,008,608) | (706,617) | (4,061,315) | 1,909,532 | (5,210,580) | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 40,784,277 | 45,792,885 | 55,840,525 | 59,901,840 | 6,808,421 | 12,019,001 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period* | $ | 40,179,870 | $ | 40,784,277 | $ | 55,133,908 | $ | 55,840,525 | $ | 8,717,953 | $ | 6,808,421 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
* Includes undistributed net investment income (loss) at end of period | $ | (210,011) | $ | 111,242 | $ | (226,602) | $ | 234,612 | $ | 3,627 | $ | (31,948) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Share Activity: | ||||||||||||||||||||||||
Shares Sold | ||||||||||||||||||||||||
Class A | 480,831 | 626,513 | 554,370 | 768,826 | 363,891 | 402,678 | ||||||||||||||||||
Class C | 102,532 | 110,834 | 175,034 | 270,014 | 53,058 | 19,528 | ||||||||||||||||||
Class I | - | - | - | - | 65,927 | 24,893 | ||||||||||||||||||
Shares Reinvested | ||||||||||||||||||||||||
Class A | 13,045 | 52,105 | 287,499 | 165,057 | - | 71,995 | ||||||||||||||||||
Class C | - | 6,470 | 72,689 | 37,268 | - | 5,726 | ||||||||||||||||||
Class I | - | - | - | - | - | 602 | ||||||||||||||||||
Shares Redeemed | ||||||||||||||||||||||||
Class A | (667,629) | (901,859) | (755,679) | (921,737) | (425,373) | (587,115) | ||||||||||||||||||
Class C | (176,799) | (200,304) | (256,362) | (354,690) | (19,113) | (32,802) | ||||||||||||||||||
Class I | - | - | - | - | (31,018) | (6,088) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in shares of beneficial interest outstanding | (248,020) | (306,241) | 77,551 | (35,262) | 7,372 | (100,583) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
The accompanying notes are an integral part of these financial statements.
72
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
| Growth & Income Fund | ||||||||
| Year Ended September 30, 2016 | Year Ended September 30, 2015 | |||||||
Operations: | ||||||||
Net investment income (loss) | $ | 68,916 | $ | 23,701 | ||||
Net realized loss from investments | (1,285,364) | (942,882) | ||||||
Capital gain dividends from REITs | 4,777 | |||||||
Net change in unrealized appreciation (depreaciation) on investments | 2,103,587 | (333,538) | ||||||
|
|
|
| |||||
Net decrease in net assets resulting from operations | 891,916 | (1,252,719) | ||||||
|
|
|
| |||||
Distributions to Shareholders: | ||||||||
Net Investment Income | ||||||||
Class A | (63,627) | (24,202) | ||||||
Class I | (3,765) | (2,455) | ||||||
|
|
|
| |||||
Total dividends and distributions to shareholders | (67,392) | (26,657) | ||||||
|
|
|
| |||||
Share Transactions of Beneficial Interest: | ||||||||
Net proceeds from shares sold | ||||||||
Class A | 15,061,831 | 11,521,642 | ||||||
Class C | 694,150 | 2,263,206 | ||||||
Class I | 314,655 | 286,306 | ||||||
Reinvestment of dividends and distributions | ||||||||
Class A | 62,209 | 23,162 | ||||||
Class I | 3,498 | 2,100 | ||||||
Cost of shares redeemed | ||||||||
Class A | (5,764,625) | (8,394,368) | ||||||
Class C | (1,040,757) | (840,997) | ||||||
Class I | (329,849) | (159,795) | ||||||
|
|
|
| |||||
Net increase in net assets from share transactions of beneficial interest | 9,001,112 | 4,701,256 | ||||||
|
|
|
| |||||
Total Increase in Net Assets | 9,825,636 | 3,421,880 | ||||||
Net Assets: | ||||||||
Beginning of period | 31,281,597 | 27,859,717 | ||||||
|
|
|
| |||||
End of period* | $ | 41,107,233 | $ | 31,281,597 | ||||
|
|
|
| |||||
* Includes accumulated net investment loss at end of period | $ | 1,949 | $ | - | ||||
|
|
|
| |||||
Share Activity: | ||||||||
Shares Sold | ||||||||
Class A | 1,423,716 | 1,057,821 | ||||||
Class C | 66,702 | 208,782 | ||||||
Class I | 29,170 | 26,032 | ||||||
Shares Reinvested | ||||||||
Class A | 5,792 | 2,219 | ||||||
Class I | 324 | 201 | ||||||
Shares Redeemed | ||||||||
Class A | (543,935) | (772,531) | ||||||
Class C | (100,357) | (79,639) | ||||||
Class I | (31,110) | (14,797) | ||||||
|
|
|
| |||||
Net increase in shares of beneficial interest outstanding | 850,302 | 428,088 | ||||||
|
|
|
| |||||
The accompanying notes are an integral part of these financial statements.
73
Timothy Aggressive Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year | For the Year | For the Year | For the Year | For the Year | ||||||||||||||||
| ended | ended | ended | ended | ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Net asset value, beginning of year | $ | 7.98 | $ | 9.18 | $ | 9.00 | $ | 7.10 | $ | 5.57 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.04) | (0.08) | (0.11) | (0.09) | (0.12) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.02) | (D) | (0.05) | 0.84 | 1.99 | 1.65 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.06) | (0.13) | 0.73 | 1.90 | 1.53 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (1.10) | (1.07) | (0.55) | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.10) | (1.07) | (0.55) | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 6.82 | $ | 7.98 | $ | 9.18 | $ | 9.00 | $ | 7.10 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (1.03)% | (2.35)% | 8.22% | 26.76% | 27.47% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 21,209 | $ | 16,306 | $ | 19,268 | $ | 17,727 | $ | 14,398 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.69% | 1.77% | 1.74% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.59% | 1.67% | 1.73% | 1.86% | 2.12% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (0.73)% | (1.04)% | (1.19)% | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (0.63)% | (0.94)% | (1.18)% | (1.20)% | (1.78)% | |||||||||||||||
Portfolio turnover rate | 124% | 144% | 91% | 120% | 147% | |||||||||||||||
| (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. |
74
Timothy Aggressive Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year | For the Year | For the Year | For the Year | For the Year | ||||||||||||||||
| ended | ended | ended | ended | ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Net asset value, beginning of year | $ | 6.90 | $ | 8.13 | $ | 8.09 | $ | 6.43 | $ | 5.06 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.08) | (0.13) | (0.16) | (0.14) | (0.16) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.01) | (D) | (0.03) | 0.75 | 1.80 | 1.53 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.09) | (0.16) | 0.59 | 1.66 | 1.37 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (1.10) | (1.07) | (0.55) | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.10) | (1.07) | (0.55) | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 5.71 | $ | 6.90 | $ | 8.13 | $ | 8.09 | $ | 6.43 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | (1.73)% | (3.10)% | 7.37% | 25.82% | 27.08% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 3,426 | $ | 3,442 | $ | 3,458 | $ | 2,892 | $ | 2,201 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.44% | 2.52% | 2.49% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 2.34% | 2.42% | 2.48% | 2.60% | 2.87% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (1.47)% | (1.78)% | (1.94)% | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (1.37)% | (1.69)% | (1.93)% | (1.94)% | (2.53)% | |||||||||||||||
Portfolio turnover rate | 124% | 144% | 91% | 120% | 147% | |||||||||||||||
| (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. |
75
Timothy Aggressive Growth Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year | For the Year | For the Year | For the | |||||||||||||
| ended | ended | ended | Period ended | |||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| 2016 | 2015 | 2014 | 2013 (A) | |||||||||||||
Net asset value, beginning of period | $ | 8.03 | $ | 9.21 | $ | 9.01 | $ | 8.87 | ||||||||
|
|
|
|
|
|
|
| |||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (loss) (B) | (0.03) | (0.06) | (0.07) | - | * | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.01) | (F) | (0.05) | 0.82 | 0.14 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (0.04) | (0.11) | 0.75 | 0.14 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net realized gains on investments | (1.10) | (1.07) | (0.55) | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (1.10) | (1.07) | (0.55) | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 6.89 | $ | 8.03 | $ | 9.21 | $ | 9.01 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return (C) | (0.75)% | (2.10)% | 8.43% | 1.58% | (D) | |||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 395 | $ | 303 | $ | 140 | $ | 102 | + | |||||||
Ratios to average net assets | ||||||||||||||||
Expenses, before waiver and reimbursement | 1.44% | 1.52% | 1.33% | - | ||||||||||||
Expenses, net waiver and reimbursement | 1.34% | 1.42% | 1.28% | 1.61% | (E) | |||||||||||
Net investment loss, before waiver and reimbursement | (0.48)% | (0.74)% | (0.78)% | - | ||||||||||||
Net investment loss, net waiver and reimbursement | (0.38)% | (0.69)% | (0.73)% | (0.95)% | (E) | |||||||||||
Portfolio turnover rate | 124% | 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. |
| (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. |
76
Timothy International Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year | For the Year | For the Year | For the Year | For the Year | ||||||||||||||||
| ended | ended | ended | ended | ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.47 | $ | 8.89 | $ | 8.65 | $ | 7.31 | $ | 6.54 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | - | * | 0.08 | 0.05 | 0.06 | 0.03 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.15 | (0.50) | 0.36 | 1.34 | 0.97 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.15 | (0.42) | 0.41 | 1.40 | 1.00 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.09) | - | (0.17) | (0.06) | (0.23) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.09) | - | (0.17) | (0.06) | (0.23) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 8.53 | $ | 8.47 | $ | 8.89 | $ | 8.65 | $ | 7.31 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 1.85% | (4.72)% | (D) | 4.74% | 19.25% | 15.73% | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 70,013 | $ | 53,458 | $ | 54,709 | $ | 38,432 | $ | 29,794 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.68% | 1.67% | 1.69% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.63% | 1.62% | 1.68% | 1.73% | 1.82% | |||||||||||||||
Net investment income (loss) before waiver and reimbursement | (0.03)% | 0.88% | 0.52% | - | - | |||||||||||||||
Net investment income (loss), net waiver and reimbursement | 0.02% | 0.93% | 0.52% | 0.70% | 0.38% | |||||||||||||||
Portfolio turnover rate | 28% | 30% | 31% | 29% | 34% | |||||||||||||||
* 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 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 Advisor; there was no effect on total return due to trade error. |
77
Timothy International Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year | For the Year | For the Year | For the Year | For the Year | ||||||||||||||||
| ended | ended | ended | ended | ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.21 | $ | 8.67 | $ | 8.46 | $ | 7.15 | $ | 6.39 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.06) | 0.02 | (0.02) | - | (0.02) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.15 | (0.48) | 0.35 | (D) | 1.31 | 0.95 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.09 | (0.46) | 0.33 | 1.31 | 0.93 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.05) | - | (0.12) | - | (0.17) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.05) | - | (0.12) | - | (0.17) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 8.25 | $ | 8.21 | $ | 8.67 | $ | 8.46 | $ | 7.15 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 1.09% | (5.31)% | (E) | 3.87% | 18.32% | 14.88% | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 4,495 | $ | 3,498 | $ | 3,336 | $ | 2,446 | $ | 1,617 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.43% | 2.41% | 2.44% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 2.38% | 2.36% | 2.44% | 2.47% | 2.57% | |||||||||||||||
Net investment income (loss) before waiver and reimbursement | (0.74)% | 0.17% | (0.21)% | - | - | |||||||||||||||
Net investment income (loss), net waiver and reimbursement | (0.69)% | 0.18% | (0.20)% | (0.01)% | (0.32)% | |||||||||||||||
Portfolio turnover rate | 28% | 30% | 31% | 29% | 34% | |||||||||||||||
* 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. |
78
Timothy International Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year | For the Year | For the Year | For the | |||||||||||||
| ended | ended | ended | Period ended | |||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| 2016 | 2015 | 2014 | 2013 (A) | |||||||||||||
Net asset value, beginning of period | $ | 8.49 | $ | 8.88 | $ | 8.65 | $ | 8.46 | ||||||||
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (B) | 0.02 | 0.15 | 0.08 | 0.02 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.15 | (G) | (0.54) | 0.34 | 0.17 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.17 | (0.39) | 0.42 | 0.19 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net investment income | (0.11) | - | (0.19) | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.11) | - | (0.19) | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 8.55 | $ | 8.49 | $ | 8.88 | $ | 8.65 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return (C) | 2.08% | (4.39)% | (F) | 4.85% | 2.25% | (D) | ||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,880 | $ | 1,581 | $ | 461 | $ | 102 | + | |||||||
Ratios to average net assets | ||||||||||||||||
Expenses, before waiver and reimbursement | 1.45% | 1.42% | 1.38% | - | ||||||||||||
Expenses, net waiver and reimbursement | 1.39% | 1.37% | 1.38% | 1.48% | (E) | |||||||||||
Net investment income, before waiver and reimbursement | 0.22% | 1.13% | 0.85% | - | ||||||||||||
Net investment income, net waiver and reimbursement | 0.29% | 1.18% | 0.86% | 0.95% | (E) | |||||||||||
Portfolio turnover rate | 28% | 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. |
| (G) | 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. |
79
Timothy Large/Mid Cap Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year | For the Year | For the Year | For the Year | For the Year | ||||||||||||||||
| ended | ended | ended | ended | ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Net asset value, beginning of year | $ | 7.75 | $ | 8.66 | $ | 8.36 | $ | 7.30 | $ | 6.05 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.02) | (0.01) | (0.01) | (0.02) | (0.04) | |||||||||||||||
Net realized and unrealized gain on investments | 0.51 | 0.03 | (D) | 1.15 | 1.51 | 1.61 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.49 | 0.02 | 1.14 | 1.49 | 1.57 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (0.78) | (0.93) | (0.84) | (0.43) | (0.32) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.78) | (0.93) | (0.84) | (0.43) | (0.32) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 7.46 | $ | 7.75 | $ | 8.66 | $ | 8.36 | $ | 7.30 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 6.65% | (0.35)% | 14.70% | 21.62% | 26.61% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 53,827 | $ | 52,682 | $ | 56,073 | $ | 48,411 | $ | 41,446 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.54% | 1.56% | 1.57% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.49% | 1.51% | 1.57% | 1.59% | 1.68% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (0.38)% | (0.14)% | (0.18)% | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (0.33)% | (0.09)% | (0.17)% | (0.24)% | (0.63)% | |||||||||||||||
Portfolio turnover rate | 71% | 73% | 61% | 91% | 127% | |||||||||||||||
| (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. |
80
Timothy Large/Mid Cap Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year | For the Year | For the Year | For the Year | For the Year | ||||||||||||||||
| ended | ended | ended | ended | ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Net asset value, beginning of year | $ | 6.64 | $ | 7.60 | $ | 7.49 | $ | 6.63 | $ | 5.57 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.07) | (0.06) | (0.07) | (0.07) | (0.09) | |||||||||||||||
Net realized and unrealized gain on investments | 0.45 | 0.03 | (D) | 1.02 | 1.36 | 1.47 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.38 | (0.03) | 0.95 | 1.29 | 1.38 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (0.78) | (0.93) | (0.84) | (0.43) | (0.32) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.78) | (0.93) | (0.84) | (0.43) | (0.32) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 6.24 | $ | 6.64 | $ | 7.60 | $ | 7.49 | $ | 6.63 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 6.04% | (1.14)% | 13.84% | 20.74% | 25.47% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 7,636 | $ | 6,490 | $ | 5,929 | $ | 5,041 | $ | 4,483 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.30% | 2.31% | 2.32% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 2.24% | 2.26% | 2.32% | 2.34% | 2.44% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (1.14)% | (0.88)% | (0.93)% | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (1.08)% | (0.84)% | (0.93)% | (0.99)% | (1.38)% | |||||||||||||||
Portfolio turnover rate | 71% | 73% | 61% | 91% | 127% | |||||||||||||||
| (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. |
81
Timothy Large/Mid Cap Growth Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year | For the Year | For the Year | For the | |||||||||||||
| ended | ended | ended | Period ended | |||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| 2016 | 2015 | 2014 | 2013 (A) | |||||||||||||
Net asset value, beginning of period | $ | 7.80 | $ | 8.69 | $ | 8.37 | $ | 8.31 | ||||||||
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (loss) (B) | (0.01) | 0.02 | 0.01 | 0.01 | ||||||||||||
Net realized and unrealized gain on investments | 0.53 | �� | 0.02 | (F) | 1.15 | (F) | 0.05 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.52 | 0.04 | 1.16 | 0.06 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net realized gains on investments | (0.78) | (0.93) | (0.84) | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.78) | (0.93) | (0.84) | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 7.54 | $ | 7.80 | $ | 8.69 | $ | 8.37 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return (C) | 7.01% | (0.10)% | 14.94% | 0.72% | (D) | |||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 1,088 | $ | 1,202 | $ | 190 | $ | 101 | + | |||||||
Ratios to average net assets | ||||||||||||||||
Expenses, before waiver and reimbursement | 1.29% | 1.31% | 1.30% | - | ||||||||||||
Expenses, net waiver and reimbursement | 1.24% | 1.26% | 1.29% | 1.34% | (E) | |||||||||||
Net investment income (loss), before waiver and reimbursement | (0.12)% | 0.13% | 0.13% | - | ||||||||||||
Net investment income (loss), net waiver and reimbursement | (0.08)% | 0.16% | 0.14% | 0.01% | (E) | |||||||||||
Portfolio turnover rate | 71% | 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. |
82
Timothy Small Cap Value Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year | For the Year | For the Year | For the Year | For the Year | ||||||||||||||||
| ended | ended | ended | ended | ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Net asset value, beginning of year | $ | 16.93 | $ | 19.79 | $ | 20.30 | $ | 14.74 | $ | 10.82 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.01) | (0.07) | (0.04) | 0.02 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.65 | 0.64 | 1.57 | 5.57 | 3.89 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.64 | 0.57 | 1.53 | 5.59 | 3.92 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | - | - | - | (0.03) | - | |||||||||||||||
From net realized gains on investments | (1.48) | (3.43) | (2.04) | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.48) | (3.43) | (2.04) | (0.03) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 17.09 | $ | 16.93 | $ | 19.79 | $ | 20.30 | $ | 14.74 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 10.67% | 1.90% | 7.61% | 37.97% | 36.23% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 94,871 | $ | 71,840 | $ | 71,997 | $ | 64,972 | $ | 47,976 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.48% | 1.53% | 1.53% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.44% | 1.48% | 1.52% | 1.55% | 1.59% | |||||||||||||||
Net investment income (loss), before waiver and reimbursement | (0.09)% | (0.45)% | (0.25)% | - | - | |||||||||||||||
Net investment income (loss), net waiver and reimbursement | (0.04)% | (0.40)% | (0.25)% | 0.11% | 0.19% | |||||||||||||||
Portfolio turnover rate | 73% | 30% | 71% | 73% | 65% | |||||||||||||||
| (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. |
83
Timothy Small Cap Value Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year | For the Year | For the Year | For the Year | For the Year | ||||||||||||||||
| ended | ended | ended | ended | ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Net asset value, beginning of year | $ | 13.42 | $ | 16.45 | $ | 17.30 | $ | 12.63 | $ | 9.35 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.10) | (0.17) | (0.17) | (0.10) | (0.06) | |||||||||||||||
Net realized and unrealized gain on investments | 1.26 | 0.57 | 1.36 | 4.77 | 3.34 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.16 | 0.40 | 1.19 | 4.67 | 3.28 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (1.48) | (3.43) | (2.04) | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.48) | (3.43) | (2.04) | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 13.10 | $ | 13.42 | $ | 16.45 | $ | 17.30 | $ | 12.63 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 9.81% | 1.14% | 6.96% | 36.98% | 35.08% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 10,257 | $ | 8,981 | $ | 8,135 | $ | 7,539 | $ | 4,937 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.23% | 2.28% | 2.28% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 2.18% | 2.23% | 2.27% | 2.30% | 2.34% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (0.84)% | (1.19)% | (1.01)% | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (0.78)% | (1.14)% | (1.01)% | (0.65)% | (0.55)% | |||||||||||||||
Portfolio turnover rate | 73% | 30% | 71% | 73% | 65% | |||||||||||||||
| (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. |
84
Timothy Small Cap Value Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year | For the Year | For the Year | For the | |||||||||||||
| ended | ended | ended | Period ended | |||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| 2016 | 2015 | 2014 | 2013 (A) | |||||||||||||
Net asset value, beginning of period | $ | 17.03 | $ | 19.84 | $ | 20.29 | $ | 19.68 | ||||||||
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (loss) (B) | 0.04 | (0.03) | 0.02 | (0.01) | ||||||||||||
Net realized and unrealized gain on investments | 1.65 | 0.65 | 1.57 | (F) | 0.62 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 1.69 | 0.62 | 1.59 | 0.61 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net realized gains on investments | (1.48) | (3.43) | (2.04) | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (1.48) | (3.43) | (2.04) | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 17.24 | $ | 17.03 | $ | 19.84 | $ | 20.29 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return (C) | 10.92% | 2.18% | 7.93% | 3.10% | (D) | |||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,324 | $ | 870 | $ | 532 | $ | 103 | + | |||||||
Ratios to average net assets | ||||||||||||||||
Expenses, before waiver and reimbursement | 1.26% | 1.28% | 1.27% | - | ||||||||||||
Expenses, net waiver and reimbursement | 1.20% | 1.23% | 1.27% | 1.30% | (E) | |||||||||||
Net investment income (loss), before waiver and reimbursement | 0.18% | (0.19)% | 0.06% | - | ||||||||||||
Net investment income (loss), net waiver and reimbursement | 0.23% | (0.14)% | 0.07% | 0.36% | (E) | |||||||||||
Portfolio turnover rate | 73% | 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. |
85
Timothy Large/Mid Cap Value Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year | For the Year | For the Year | For the Year | For the Year | ||||||||||||||||
| ended | ended | ended | ended | ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Net asset value, beginning of year | $ | 18.20 | $ | 19.61 | $ | 18.14 | $ | 14.80 | $ | 11.83 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | 0.01 | (0.01) | (0.01) | 0.09 | 0.06 | |||||||||||||||
Net realized and unrealized gain on investments (B) | 1.04 | 0.38 | 2.83 | 3.30 | 2.94 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.05 | 0.37 | 2.82 | 3.39 | 3.00 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | - | - | (0.09) | (0.05) | (0.03) | |||||||||||||||
From net realized gains on investments | (2.10) | (1.78) | (1.26) | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (2.10) | (1.78) | (1.35) | (0.05) | (0.03) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 17.15 | $ | 18.20 | $ | 19.61 | $ | 18.14 | $ | 14.80 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (C)(D) | 6.40% | 1.59% | 16.13% | 23.00% | 25.39% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 154,260 | $ | 135,091 | $ | 138,821 | $ | 114,657 | $ | 100,632 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.48% | 1.48% | 1.50% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.43% | 1.43% | 1.49% | 1.49% | 1.57% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (0.01)% | (0.13)% | (0.03)% | - | - | |||||||||||||||
Net investment income (loss), net waiver and reimbursement | 0.04% | (0.08)% | (0.03)% | 0.55% | 0.42% | |||||||||||||||
Portfolio turnover rate | 45% | 11% | 37% | 64% | 7% | |||||||||||||||
| (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. |
86
Timothy Large/Mid Cap Value Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year | For the Year | For the Year | For the Year | For the Year | ||||||||||||||||
| ended | ended | ended | ended | ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Net asset value, beginning of year | $ | 15.62 | $ | 17.19 | $ | 16.12 | $ | 13.20 | $ | 10.61 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (A) | (0.10) | (0.14) | (0.13) | (0.03) | (0.04) | |||||||||||||||
Net realized and unrealized gain on investments | 0.88 | 0.35 | 2.49 | 2.95 | 2.63 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.78 | 0.21 | 2.36 | 2.92 | 2.59 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | - | - | (0.03) | - | - | |||||||||||||||
From net realized gains on investments | (2.10) | (1.78) | (1.26) | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (2.10) | (1.78) | (1.29) | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 14.30 | $ | 15.62 | $ | 17.19 | $ | 16.12 | $ | 13.20 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 5.64% | 0.82% | 15.21% | 22.12% | 24.41% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 20,855 | $ | 18,458 | $ | 16,778 | $ | 13,649 | $ | 10,669 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.23% | 2.23% | 2.25% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 2.18% | 2.18% | 2.24% | 2.23% | 2.32% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (0.76)% | (0.88)% | (0.78)% | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (0.70)% | (0.83)% | (0.77)% | (0.19)% | (0.32)% | |||||||||||||||
Portfolio turnover rate | 45% | 11% | 37% | 64% | 7% | |||||||||||||||
| (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. |
87
Timothy Large/Mid Cap Value Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year | For the Year | For the Year | For the | |||||||||||||
| ended | ended | ended | Period ended | |||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| 2016 | 2015 | 2014 | 2013 (A) | |||||||||||||
Net asset value, beginning of period | $ | 18.26 | $ | 19.63 | $ | 18.13 | $ | 18.19 | ||||||||
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (B) | 0.05 | 0.03 | 0.05 | 0.03 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 1.06 | (F) | 0.38 | 2.82 | (F) | (0.09) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 1.11 | 0.41 | 2.87 | (0.06) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net investment income | - | - | (0.11) | - | ||||||||||||
From net realized gains on investments | (2.10) | (1.78) | (1.26) | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (2.10) | (1.78) | (1.37) | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 17.27 | $ | 18.26 | $ | 19.63 | $ | 18.13 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return (C) | 6.74% | 1.81% | 16.09% | (0.33)% | (D) | |||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 5,382 | $ | 3,424 | $ | 1,442 | $ | 100 | + | |||||||
Ratios to average net assets | ||||||||||||||||
Expenses, before waiver and reimbursement | 1.25% | 1.23% | 1.23% | - | ||||||||||||
Expenses, net waiver and reimbursement | 1.19% | 1.18% | 1.23% | 1.24% | (E) | |||||||||||
Net investment income, before waiver and reimbursement | 0.24% | 0.12% | 0.25% | - | ||||||||||||
Net investment income, net waiver and reimbursement | 0.30% | 0.18% | 0.26% | 0.80% | (E) | |||||||||||
Portfolio turnover rate | 45% | 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. |
88
Timothy Fixed Income Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year | For the Year | For the Year | For the Year | For the Year | ||||||||||||||||
| ended | ended | ended | ended | ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Net asset value, beginning of year | $ | 10.27 | $ | 10.43 | $ | 10.43 | $ | 10.87 | $ | 10.72 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.14 | 0.15 | 0.18 | 0.18 | 0.22 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.21 | (0.04) | 0.09 | (0.49) | 0.18 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.35 | 0.11 | 0.27 | (0.31) | 0.40 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.15) | (0.25) | (0.25) | (0.13) | (0.22) | |||||||||||||||
From net realized gains on investments | - | (0.02) | (0.03) | - | - | |||||||||||||||
From return of capital | - | - | - | - | (0.03) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.15) | (0.27) | (0.28) | (0.13) | (0.25) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 10.47 | $ | 10.27 | $ | 10.43 | $ | 10.43 | $ | 10.87 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 3.47% | 1.08% | 2.64% | (2.82)% | 3.73% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 86,142 | $ | 66,107 | $ | 68,274 | $ | 67,558 | $ | 74,685 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.24% | 1.28% | 1.30% | 1.27% | 1.31% | |||||||||||||||
Expenses, net waiver and reimbursement | 1.04% | 1.11% | 1.14% | 1.12% | 1.16% | |||||||||||||||
Net investment income, before waiver and reimbursement | 1.19% | 1.29% | 1.60% | 1.54% | 1.86% | |||||||||||||||
Net investment income, net waiver and reimbursement | 1.39% | 1.48% | 1.75% | 1.69% | 2.01% | |||||||||||||||
Portfolio turnover rate | 40% | 28% | 18% | 25% | 19% | |||||||||||||||
| (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. |
89
Timothy Fixed Income Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2016 | 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 | ||||||||||||||||
Net asset value, beginning of year | $ | 9.89 | $ | 10.07 | $ | 10.07 | $ | 10.51 | $ | 10.38 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.07 | 0.08 | 0.10 | 0.10 | 0.13 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.19 | (0.04) | 0.11 | (0.48) | 0.17 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.26 | 0.04 | 0.21 | (0.38) | 0.30 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.06) | (0.20) | (0.18) | (0.06) | (0.14) | |||||||||||||||
From net realized gains on investments | - | (0.02) | (0.03) | - | - | |||||||||||||||
From return of capital | - | - | - | - | (0.03) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.06) | (0.22) | (0.21) | (0.06) | (0.17) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 10.09 | $ | 9.89 | $ | 10.07 | $ | 10.07 | $ | 10.51 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 2.66% | 0.36% | 2.02% | (3.57)% | 2.88% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 9,660 | $ | 8,510 | $ | 7,120 | $ | 7,958 | $ | 8,997 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.99% | 2.03% | 2.05% | 2.03% | 2.06% | |||||||||||||||
Expenses, net waiver and reimbursement | 1.79% | 1.86% | 1.90% | 1.88% | 1.91% | |||||||||||||||
Net investment income, before waiver and reimbursement | 0.46% | 0.56% | 0.85% | 0.79% | 1.12% | |||||||||||||||
Net investment income, net waiver and reimbursement | 0.65% | 0.73% | 1.00% | 0.94% | 1.27% | |||||||||||||||
Portfolio turnover rate | 40% | 28% | 18% | 25% | 19% | |||||||||||||||
| (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. |
90
Timothy Fixed Income Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2016 | 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 | $ | 10.20 | $ | 10.36 | $ | 10.34 | $ | 10.35 | ||||||||
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (B) | 0.17 | 0.18 | 0.41 | 0.04 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.22 | (0.05) | (0.08) | (F) | 0.05 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.39 | 0.13 | 0.33 | 0.09 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net investment income | (0.18) | (0.27) | (0.28) | (0.10) | ||||||||||||
From net realized gains on investments | - | (0.02) | (0.03) | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.18) | (0.29) | (0.31) | (0.10) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 10.41 | $ | 10.20 | $ | 10.36 | $ | 10.34 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return (C) | 3.91% | 1.28% | 3.16% | 0.90% | (D) | |||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 564 | $ | 483 | $ | 103 | $ | 101 | + | |||||||
Ratios to average net assets | ||||||||||||||||
Expenses, before waiver and reimbursement | 0.96% | 1.03% | (0.44)% | 1.02% | (E) | |||||||||||
Expenses, net waiver and reimbursement | 0.78% | 0.87% | (0.64)% | 0.87% | (E) | |||||||||||
Net investment income, before waiver and reimbursement | 1.45% | 1.58% | 3.72% | 1.79% | (E) | |||||||||||
Net investment income, net waiver and reimbursement | 1.63% | 1.73% | 3.92% | 1.94% | (E) | |||||||||||
Portfolio turnover rate | 40% | 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. |
91
Timothy High Yield Bond Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2016 | 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 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.64 | $ | 9.49 | $ | 9.40 | $ | 9.46 | $ | 8.71 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.36 | 0.40 | 0.44 | 0.49 | 0.54 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.46 | (0.85) | 0.09 | (0.08) | 0.76 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.82 | (0.45) | 0.53 | 0.41 | 1.30 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.35) | (0.40) | (0.44) | (0.47) | (0.53) | |||||||||||||||
From return of capital | - | - | - | - | (0.02) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.35) | (0.40) | (0.44) | (0.47) | (0.55) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 9.11 | $ | 8.64 | $ | 9.49 | $ | 9.40 | $ | 9.46 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 9.80% | (4.88)% | 5.71% | 4.42% | 15.17% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 49,187 | $ | 36,279 | $ | 41,038 | $ | 35,578 | $ | 33,392 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.29% | 1.30% | 1.28% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.24% | 1.25% | 1.28% | 1.33% | 1.39% | |||||||||||||||
Net investment income, before waiver and reimbursement | 4.03% | 4.28% | 4.53% | - | - | |||||||||||||||
Net investment income, net waiver and reimbursement | 4.08% | 4.33% | 4.53% | 5.13% | 5.84% | |||||||||||||||
Portfolio turnover rate | 27% | 39% | 53% | 56% | 24% | |||||||||||||||
| (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. |
92
Timothy High Yield Bond Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2016 | 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 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.72 | $ | 9.57 | $ | 9.48 | $ | 9.55 | $ | 8.79 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.30 | 0.33 | 0.37 | 0.43 | 0.47 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.47 | (0.86) | 0.09 | (0.09) | 0.77 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.77 | (0.53) | 0.46 | 0.34 | 1.24 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.27) | (0.32) | (0.37) | (0.41) | (0.46) | |||||||||||||||
From return of capital | - | - | - | - | (0.02) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.27) | (0.32) | (0.37) | (0.41) | (0.48) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 9.22 | $ | 8.72 | $ | 9.57 | $ | 9.48 | $ | 9.55 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (B)(C) | 9.04% | (5.58)% | 4.89% | 3.54% | 14.33% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 3,108 | $ | 2,714 | $ | 2,771 | $ | 2,236 | $ | 1,683 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.03% | 2.05% | 2.03% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.98% | 2.00% | 2.03% | 2.07% | 2.14% | |||||||||||||||
Net investment income, before waiver and reimbursement | 3.30% | 3.53% | 3.78% | - | - | |||||||||||||||
Net investment income, net waiver and reimbursement | 3.35% | 3.57% | 3.79% | 4.39% | 5.08% | |||||||||||||||
Portfolio turnover rate | 27% | 39% | 53% | 56% | 24% | |||||||||||||||
| (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. |
93
Timothy High Yield Bond Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2016 | 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 | $ | 8.65 | $ | 9.50 | $ | 9.40 | $ | 9.48 | ||||||||
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (B) | 0.39 | 0.43 | 0.47 | 0.07 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.46 | (0.86) | 0.10 | (0.06) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.85 | (0.43) | 0.57 | 0.01 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
From net investment income | (0.38) | (0.42) | (0.47) | (0.09) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.38) | (0.42) | (0.47) | (0.09) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 9.12 | $ | 8.65 | $ | 9.50 | $ | 9.40 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return (C) | 10.12% | (4.62)% | 6.07% | 0.15% | (D) | |||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 1,560 | $ | 2,758 | $ | 241 | $ | 100 | + | |||||||
Ratios to average net assets | ||||||||||||||||
Expenses, before waiver and reimbursement | 0.96% | 1.06% | 0.90% | |||||||||||||
Expenses, net waiver and reimbursement | 0.92% | 1.00% | 0.89% | 1.08% | (E) | |||||||||||
Net investment income, before waiver and reimbursement | 4.38% | 4.55% | 4.77% | - | ||||||||||||
Net investment income, net waiver and reimbursement | 4.42% | 4.58% | 4.78% | 5.38% | (E) | |||||||||||
Portfolio turnover rate | 27% | 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. |
94
Timothy Israel Common Values Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2016 | 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 | $ | 11.10 | $ | 12.31 | $ | 12.69 | $ | 10.17 | $ | 10.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss(B) | (0.09) | (0.10) | (0.08) | (0.06) | (0.15) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.44 | (1.11) | 0.37 | 2.58 | 0.32 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.35 | (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 | $ | 12.45 | $ | 11.10 | $ | 12.31 | $ | 12.69 | $ | 10.17 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (C)(D) | 12.16% | (9.83)% | 2.21% | 24.78% | 1.80% | (E) | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 16,030 | $ | 11,756 | $ | 13,792 | $ | 10,295 | $ | 7,983 | ||||||||||
Ratio of expenses to average net assets | 1.96% | 1.93% | 1.98% | 2.24% | 2.82% | (F) | ||||||||||||||
Ratio of net investment loss to average net assets | (0.82)% | (0.83)% | (0.64)% | (0.57)% | (1.48)% | (F) | ||||||||||||||
Portfolio turnover rate | 38% | 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. |
95
Timothy Israel Common Values Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2016 | 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 | $ | 10.78 | $ | 12.05 | $ | 12.50 | $ | 10.09 | $ | 10.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment loss (B) | (0.18) | (0.18) | (0.18) | (0.13) | (0.22) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.41 | (1.09) | 0.37 | 2.54 | 0.31 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.23 | (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 | $ | 12.01 | $ | 10.78 | $ | 12.05 | $ | 12.50 | $ | 10.09 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return (C)(D) | 11.41% | (10.54)% | 1.40% | 23.89% | 1.00% | (E) | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 4,144 | $ | 2,722 | $ | 2,342 | $ | 943 | $ | 217 | ||||||||||
Ratio of expenses to average net assets | 2.71% | 2.68% | 2.74% | 2.99% | 3.53% | (F) | ||||||||||||||
Ratio of net investment loss to average net assets | (1.57)% | (1.59)% | (1.38)% | (1.32)% | (2.21)% | (F) | ||||||||||||||
Portfolio turnover rate | 38% | 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. |
96
Timothy Israel Common Values Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2016 | For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended | |||||||||||||
Net asset value, beginning of period | $ | 11.11 | $ | 12.29 | $ | 12.67 | $ | 12.21 | ||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (loss) (B) | (0.08) | (0.03) | (0.05) | 0.01 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 1.47 | (1.15) | 0.37 | 0.45 | ||||||||||||
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Total from investment operations | 1.39 | (1.18) | 0.32 | 0.46 | ||||||||||||
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LESS DISTRIBUTIONS: | ||||||||||||||||
From net investment income | - | - | (0.70) | - | ||||||||||||
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Total distributions | - | - | (0.70) | - | ||||||||||||
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Net asset value, end of period | $ | 12.50 | $ | 11.11 | $ | 12.29 | $ | 12.67 | ||||||||
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Total return (C) | 12.51% | (9.60)% | 2.36% | 3.77% | (D) | |||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 520 | $ | 236 | $ | 13 | $ | 104 | + | |||||||
Ratio of expenses to average net assets | 1.72% | 1.68% | 1.78% | 1.99% | (E) | |||||||||||
Ratio of net investment loss to average net assets | (0.58)% | (0.58)% | (0.36)% | (0.32)% | (E) | |||||||||||
Portfolio turnover rate | 38% | 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. |
97
Timothy Defensive Strategies Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2016 | 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 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.54 | $ | 11.38 | $ | 11.12 | $ | 12.12 | $ | 11.28 | ||||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (A) | 0.04 | 0.02 | 0.09 | 0.06 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.91 | (0.73) | 0.25 | (1.04) | 1.62 | |||||||||||||||
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Total from investment operations | 0.95 | (0.71) | 0.34 | (0.98) | 1.64 | |||||||||||||||
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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) | |||||||||||||||
From return of capital | - | - | - | - | (0.04) | |||||||||||||||
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Total distributions | - | (0.13) | (0.08) | (0.02) | (0.80) | |||||||||||||||
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Net asset value, end of period | $ | 11.49 | $ | 10.54 | $ | 11.38 | $ | 11.12 | $ | 12.12 | ||||||||||
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Total return (B)(C) | 9.01% | (6.30)% | 3.06% | (8.09)% | 14.87% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 68,706 | $ | 71,569 | $ | 54,054 | $ | 51,859 | $ | 52,529 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.35% | 1.26% | 1.28% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 1.30% | 1.21% | 1.28% | 1.26% | 1.33% | |||||||||||||||
Net investment income, before waiver and reimbursement | 0.35% | 0.11% | 0.78% | - | - | |||||||||||||||
Net investment income, net waiver and reimbursement | 0.40% | 0.16% | 0.78% | 0.52% | 0.20% | |||||||||||||||
Portfolio turnover rate | 58% | 42% | 24% | 56% | 247% | |||||||||||||||
| (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. |
98
Timothy Defensive Strategies Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2016 | 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 | ||||||||||||||||
Net asset value, beginning of year | $ | 10.22 | $ | 11.04 | $ | 10.82 | $ | 11.88 | $ | 11.09 | ||||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.04) | (0.07) | - | (0.03) | (0.07) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.89 | (D) | (0.71) | 0.25 | (1.01) | 1.58 | ||||||||||||||
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Total from investment operations | 0.85 | (0.78) | 0.25 | (1.04) | 1.51 | |||||||||||||||
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LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | - | (0.03) | - | - | (0.02) | |||||||||||||||
From net realized gains on investments | - | (0.01) | (0.03) | (0.02) | (0.66) | |||||||||||||||
From return of capital | - | - | - | - | (0.04) | |||||||||||||||
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Total distributions | - | (0.04) | (0.03) | (0.02) | (0.72) | |||||||||||||||
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Net asset value, end of year | $ | 11.07 | $ | 10.22 | $ | 11.04 | $ | 10.82 | $ | 11.88 | ||||||||||
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Total return (B)(C) | 8.32% | (7.06)% | 2.27% | (8.75)% | 13.91% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 9,630 | $ | 14,671 | $ | 14,461 | $ | 16,718 | $ | 18,801 | ||||||||||
Ratios to average net assets | ||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.07% | 2.01% | 2.04% | - | - | |||||||||||||||
Expenses, net waiver and reimbursement | 2.02% | 1.96% | 2.03% | 2.02% | 2.09% | |||||||||||||||
Net investment loss, before waiver and reimbursement | (0.46)% | (0.67)% | (0.02)% | - | - | |||||||||||||||
Net investment loss, net waiver and reimbursement | (0.41)% | (0.62)% | (0.01)% | (0.25)% | (0.60)% | |||||||||||||||
Portfolio turnover rate | 58% | 42% | 24% | 56% | 247% | |||||||||||||||
| (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. |
99
Timothy Defensive Strategies Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2016 | 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 | $ | 10.52 | $ | 11.36 | $ | 11.11 | $ | 11.11 | ||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (B) | 0.09 | 0.05 | 0.18 | 0.01 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.90 | (0.73) | 0.20 | (0.01) | ||||||||||||
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Total from investment operations | 0.99 | (0.68) | 0.38 | 0.00 | ||||||||||||
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LESS DISTRIBUTIONS: | ||||||||||||||||
From net investment income | - | (0.15) | (0.10) | - | ||||||||||||
From net realized gains on investments | - | (0.01) | (0.03) | - | ||||||||||||
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Total distributions | - | (0.16) | (0.13) | - | ||||||||||||
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Net asset value, end of period | $ | 11.51 | $ | 10.52 | $ | 11.36 | $ | 11.11 | ||||||||
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| |||||||||
Total return (C) | 9.41% | (6.09)% | 3.39% | 0.00% | (D) | |||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 398 | $ | 163 | $ | 97 | $ | 100 | + | |||||||
Ratios to average net assets | ||||||||||||||||
Expenses, before waiver and reimbursement | 1.18% | 1.01% | 0.74% | - | ||||||||||||
Expenses, net waiver and reimbursement | 1.12% | 0.96% | 0.72% | 1.01% | (E) | |||||||||||
Net investment income, before waiver and reimbursement | 0.73% | 0.42% | 1.50% | - | ||||||||||||
Net investment income, net waiver and reimbursement | 0.79% | 0.47% | 1.52% | 0.77% | (E) | |||||||||||
Portfolio turnover rate | 58% | 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. |
100
Timothy Strategic Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2016 | 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 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.42 | $ | 8.90 | $ | 8.34 | $ | 7.44 | $ | 6.27 | ||||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.03) | 0.03 | 0.12 | 0.02 | 0.04 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.37 | (0.40) | 0.45 | 0.93 | 1.13 | |||||||||||||||
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Total from investment operations | 0.34 | (0.37) | 0.57 | 0.95 | 1.17 | |||||||||||||||
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LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.03) | (0.11) | (0.01) | (0.05) | - | |||||||||||||||
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Total distributions | (0.03) | (0.11) | (0.01) | (0.05) | - | |||||||||||||||
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Net asset value, end of year | $ | 8.73 | $ | 8.42 | $ | 8.90 | $ | 8.34 | $ | 7.44 | ||||||||||
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Total return (B)(C) | 4.03% | (4.16)% | 6.82% | 12.78% | 18.66% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 32,800 | $ | 33,071 | $ | 36,951 | $ | 34,466 | $ | 32,250 | ||||||||||
Ratio of expenses to average net assets (D) | 1.05% | 1.08% | 1.07% | 1.08% | 1.15% | |||||||||||||||
Ratio of net investment income (loss), to average net | (0.38)% | 0.37% | 1.34% | 0.24% | 0.60% | |||||||||||||||
Portfolio turnover rate | 37% | 24% | 14% | 19% | 33% | |||||||||||||||
| (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. |
101
Timothy Strategic Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2016 | 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 | ||||||||||||||||
Net asset value, beginning of year | $ | 7.70 | $ | 8.15 | $ | 7.69 | $ | 6.87 | $ | 5.82 | ||||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.08) | (0.02) | 0.03 | (0.04) | (0.01) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.33 | (0.38) | 0.43 | 0.86 | 1.06 | |||||||||||||||
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Total from investment operations | 0.25 | (0.40) | 0.46 | 0.82 | 1.05 | |||||||||||||||
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LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | - | (0.05) | - | - | - | |||||||||||||||
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Total distributions | - | (0.05) | - | - | - | |||||||||||||||
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Net asset value, end of year | $ | 7.95 | $ | 7.70 | $ | 8.15 | $ | 7.69 | $ | 6.87 | ||||||||||
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Total return (B)(C) | 3.25% | (4.89)% | 5.98% | 11.94% | 18.04% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 7,380 | $ | 7,713 | $ | 8,842 | $ | 7,668 | $ | 6,836 | ||||||||||
Ratio of expenses to average net assets (D) | 1.80% | 1.84% | 1.82% | 1.83% | 1.90% | |||||||||||||||
Ratio of net investment income (loss), to average net | (1.09)% | (0.29)% | 0.50% | (0.52)% | (0.22)% | |||||||||||||||
Portfolio turnover rate | 37% | 24% | 14% | 19% | 33% | |||||||||||||||
| (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. |
102
Timothy Conservative Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2016 | 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 | ||||||||||||||||
Net asset value, beginning of year | $ | 10.32 | $ | 11.01 | $ | 10.51 | $ | 9.95 | $ | 8.80 | ||||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.03) | 0.06 | 0.14 | 0.03 | 0.07 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.43 | (0.32) | 0.41 | 0.61 | 1.09 | |||||||||||||||
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Total from investment operations | 0.40 | (0.26) | 0.55 | 0.64 | 1.16 | |||||||||||||||
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LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net investment income | (0.05) | (0.10) | (0.05) | (0.08) | (0.01) | |||||||||||||||
From net realized gains on investments | (0.61) | (0.33) | - | - | - | |||||||||||||||
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Total distributions | (0.66) | (0.43) | (0.05) | (0.08) | (0.01) | |||||||||||||||
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Net asset value, end of year | $ | 10.06 | $ | 10.32 | $ | 11.01 | $ | 10.51 | $ | 9.95 | ||||||||||
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Total return (B)(C) | 4.22% | (2.47)% | 5.23% | 6.44% | 13.22% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 44,437 | $ | 44,706 | $ | 47,543 | $ | 44,238 | $ | 40,042 | ||||||||||
Ratio of expenses to average net assets (D) | 1.02% | 1.07% | 1.05% | 1.05% | 1.11% | |||||||||||||||
Ratio of net investment income (loss) to average net | (0.27)% | 0.53% | 1.26% | 0.25% | 0.71% | |||||||||||||||
Portfolio turnover rate | 27% | 25% | 19% | 22% | 32% | |||||||||||||||
| (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. |
103
Timothy Conservative Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
| For the Year ended September 30, 2016 | 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 | ||||||||||||||||
Net asset value, beginning of year | $ | 9.58 | $ | 10.22 | $ | 9.79 | $ | 9.27 | $ | 8.24 | ||||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) (A) | (0.09) | (0.01) | 0.03 | (0.05) | (0.01) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.39 | (0.30) | 0.40 | 0.57 | 1.04 | |||||||||||||||
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| |||||||||||
Total from investment operations | 0.30 | (0.31) | 0.43 | 0.52 | 1.03 | |||||||||||||||
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LESS DISTRIBUTIONS: | ||||||||||||||||||||
From net realized gains on investments | (0.61) | (0.33) | - | - | - | |||||||||||||||
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Total distributions | (0.61) | (0.33) | - | - | - | |||||||||||||||
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| |||||||||||
Net asset value, end of year | $ | 9.27 | $ | 9.58 | $ | 10.22 | $ | 9.79 | $ | 9.27 | ||||||||||
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|
| |||||||||||
Total return (B)(C) | 3.39% | (3.19)% | 4.39% | 5.61% | 12.50% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 10,697 | $ | 11,135 | �� | $ | 12,359 | $ | 10,419 | $ | 9,191 | |||||||||
Ratio of expenses to average net assets (D) | 1.77% | 1.82% | 1.79% | 1.80% | 1.86% | |||||||||||||||
Ratio of net investment income (loss), to average net | (1.01)% | (0.14)% | 0.41% | (0.50)% | (0.06)% | |||||||||||||||
Portfolio turnover rate | 27% | 25% | 19% | 22% | 32% | |||||||||||||||
| (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. |
104
Timothy Emerging Markets Fund (Class A Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2016 | For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended | |||||||||||||
Net asset value, beginning of year | $ | 6.34 | $ | 10.23 | $ | 10.53 | $ | 10.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (loss) (B) | 0.03 | 0.04 | (0.02) | (0.08) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 1.69 | (3.35) | 0.08 | 0.61 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 1.72 | (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 year | $ | 8.06 | $ | 6.34 | $ | 10.23 | $ | 10.53 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return (C)(D) | 27.13% | (33.78)% | 0.61% | 5.30% | (E) | |||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of year (in 000’s) | $ | 7,118 | $ | 5,981 | $ | 10,803 | $ | 8,675 | ||||||||
Ratios to average net assets | ||||||||||||||||
Expenses, before waiver and reimbursement | 2.58% | 2.50% | 2.55% | - | ||||||||||||
Expenses, net waiver and reimbursement | 2.53% | 2.45% | 2.55% | 3.03% | (F) | |||||||||||
Net investment income (loss), before waiver and reimbursement | 0.39% | 0.36% | (0.19)% | - | ||||||||||||
Net investment income (loss), net waiver and reimbursement | 0.44% | 0.41% | (0.19)% | (0.95)% | (F) | |||||||||||
Portfolio turnover rate | 24% | 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. |
105
Timothy Emerging Markets Fund (Class C Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2016 | For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended | |||||||||||||
Net asset value, beginning of period | $ | 6.23 | $ | 10.09 | $ | 10.48 | $ | 10.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment loss(B) | (0.02) | (0.02) | (0.09) | (0.12) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 1.67 | (G) | (3.30) | 0.06 | 0.60 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 1.65 | (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 | $ | 7.88 | $ | 6.23 | $ | 10.09 | $ | 10.48 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return (C)(D) | 26.48% | (34.29)% | (0.27)% | 4.80% | (E) | |||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 897 | $ | 498 | $ | 883 | $ | 291 | ||||||||
Ratios to average net assets | ||||||||||||||||
Expenses, before waiver and reimbursement | 3.36% | 3.26% | 3.25% | - | ||||||||||||
Expenses, net waiver and reimbursement | 3.28% | 3.21% | 3.25% | 3.76% | (F) | |||||||||||
Net investment loss, before waiver and reimbursement | (0.29)% | (0.39)% | (0.83)% | - | ||||||||||||
Net investment loss, net waiver and reimbursement | (0.24)% | (0.34)% | (0.83)% | (1.39)% | (F) | |||||||||||
Portfolio turnover rate | 24% | 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. |
| (G) | 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. |
106
Timothy Emerging Markets Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2016 | For the Year ended September 30, 2015 | For the Year ended September 30, 2014 | For the Period ended | |||||||||||||
Net asset value, beginning of period | $ | 6.35 | $ | 10.25 | $ | 10.53 | $ | 9.96 | ||||||||
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net investment income (loss) (B) | 0.05 | 0.08 | 0.03 | - | * | |||||||||||
Net realized and unrealized gain (loss) on investments | 1.71 | (3.38) | 0.05 | (F) | 0.57 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 1.76 | (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 | $ | 8.11 | $ | 6.35 | $ | 10.25 | $ | 10.53 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return (C) | 27.72% | (33.04)% | 0.81% | 5.72% | (D) | |||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 703 | $ | 329 | $ | 333 | $ | 106 | + | |||||||
Ratios to average net assets | ||||||||||||||||
Expenses, before waiver and reimbursement | 2.42% | 2.26% | 2.25% | - | ||||||||||||
Expenses, net waiver and reimbursement | 2.38% | 2.21% | 2.25% | 2.78% | (E) | |||||||||||
Net investment income (loss), before waiver and reimbursement | 0.61% | 0.90% | 0.25% | - | ||||||||||||
Net investment income (loss), net waiver and reimbursement | 0.66% | 0.95% | 0.26% | (0.70%) | (E) | |||||||||||
Portfolio turnover rate | 24% | 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. |
107
Timothy Growth & Income Fund (Class A Shares)
Selected data based on a share outstanding throughout the period
For the Year ended 2016 | For the Year ended September 30, 2015 | For the Period ended | ||||||||||
Net asset value, beginning of period | $ | 10.53 | $ | 10.95 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||
Net investment income (loss) (B) | 0.03 | 0.01 | (0.02) | |||||||||
Net realized and unrealized gain (loss) on investments | 0.22 | (0.42) | 0.97 | |||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.25 | (0.41) | 0.95 | |||||||||
|
|
|
|
|
| |||||||
LESS DISTRIBUTIONS: | ||||||||||||
From net investment income | (0.02) | (0.01) | - | |||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.02) | (0.01) | - | |||||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 10.76 | $ | 10.53 | $ | 10.95 | ||||||
|
|
|
|
|
| |||||||
Total return (C)(D) | 2.36% | (3.75)% | 9.50% | (E) | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
Net assets, end of period (in 000’s) | $ | 36,486 | $ | 26,378 | $ | 24,272 | ||||||
Ratios to average net assets | ||||||||||||
Expenses, before waiver and reimbursement | 1.59% | 1.56% | 1.68% | (F) | ||||||||
Expenses, net waiver and reimbursement | 1.54% | 1.51% | 1.67% | (F) | ||||||||
Net investment income (loss), before waiver and reimbursement | 0.20% | 0.08% | (0.21%) | (F) | ||||||||
Net investment income (loss), net waiver and reimbursement | 0.25% | 0.13% | (0.21%) | (F) | ||||||||
Portfolio turnover rate | 45% | 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. |
108
Timothy Growth & Income Fund (Class C Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2016 | For the Year ended September 30, 2015 | For the Period ended | ||||||||||
Net asset value, beginning of period | $ | 10.39 | $ | 10.87 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||
Net investment loss (B) | (0.06) | (0.06) | (0.08) | |||||||||
Net realized and unrealized gain (loss) on investments | 0.22 | (G) | (0.42) | 0.95 | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.16 | (0.48) | 0.87 | |||||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 10.55 | $ | 10.39 | $ | 10.87 | ||||||
|
|
|
|
|
| |||||||
Total return (C)(D) | 1.54% | (4.42)% | 8.70% | (E) | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
Net assets, end of period (in 000’s) | $ | 3,028 | $ | 3,330 | $ | 2,081 | ||||||
Ratios to average net assets | ||||||||||||
Expenses, before waiver and reimbursement | 2.32% | 2.30% | 2.20% | (F) | ||||||||
Expenses, net waiver and reimbursement | 2.28% | 2.25% | 2.19% | (F) | ||||||||
Net investment loss, before waiver and reimbursement | (0.61%) | (0.60%) | (0.72%) | (F) | ||||||||
Net investment loss, net waiver and reimbursement | (0.56%) | (0.55%) | (0.70%) | (F) | ||||||||
Portfolio turnover rate | 45% | 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. |
| (G) | 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. |
109
Timothy Growth & Income Fund (Class I Shares)
Selected data based on a share outstanding throughout the period
| For the Year ended September 30, 2016 | For the Year ended September 30, 2015 | For the Period ended | ||||||||||
Net asset value, beginning of period | $ | 10.56 | $ | 10.96 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||
Net investment income (B) | 0.05 | 0.04 | 0.04 | |||||||||
Net realized and unrealized gain (loss) on investments | 0.23 | (0.42) | 0.92 | (G) | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.28 | (0.38) | 0.96 | |||||||||
|
|
|
|
|
| |||||||
LESS DISTRIBUTIONS: | ||||||||||||
From net investment income | (0.03) | (0.02) | - | |||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.03) | (0.02) | - | |||||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 10.81 | $ | 10.56 | $ | 10.96 | ||||||
|
|
|
|
|
| |||||||
Total return (C)(D) | 2.61% | (3.50)% | 9.60% | (E) | ||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||
Net assets, end of period (in 000’s) | $ | 1,593 | $ | 1,573 | $ | 1,507 | ||||||
Ratios to average net assets | ||||||||||||
Expenses, before waiver and reimbursement | 1.32% | 1.31% | 1.18% | (F) | ||||||||
Expenses, net waiver and reimbursement | 1.28% | 1.26% | 1.16% | (F) | ||||||||
Net investment income (loss), before waiver and reimbursement | 0.41% | 0.32% | 0.30% | (F) | ||||||||
Net investment income (loss), net waiver and reimbursement | 0.46% | 0.38% | 0.31% | (F) | ||||||||
Portfolio turnover rate | 45% | 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. |
| (G) | 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. |
110
Notes to Financial Statements
September 30, 2016
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 September 30, 2016, 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 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”).
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.
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 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 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.
111
Notes to Financial Statements
September 30, 2016 (Continued)
Timothy Plan Family of Funds
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.
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.
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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 all Funds in the Trust, except Strategic Growth Fund and Conservative Growth Fund: 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, 2016, 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, 2016, the Funds did not incur any interest or penalties. The Funds 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.
| 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, 2016 are as follows:
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Reclassifications for the fiscal year ended September 30, 2016 are as follows:
| Fund | Paid In Capital | Undistributed Ordinary Income (Loss) | Accumulated Net Realized Gains (Loss) | |||||||||||
Aggressive Growth Fund | $ | (41,665 | ) | $ | 29,624 | $ | 12,041 | |||||||
International Fund | (2,868,555 | ) | 69,405 | 2,799,150 | ||||||||||
Large/Mid Cap Growth Fund | 1,487 | (9,406 | ) | 7,919 | ||||||||||
Small Cap Value Fund | (369,757 | ) | 262,282 | 107,475 | ||||||||||
Large/Mid Cap Value Fund | (245,671 | ) | 245,039 | 632 | ||||||||||
Fixed Income Fund | - | 374,146 | (374,146 | ) | ||||||||||
Israel Common Values Fund | - | (3,858 | ) | 3,858 | ||||||||||
Defensive Strategies Fund | 1,834 | 1,830,727 | (1,832,561 | ) | ||||||||||
Conservative Growth Fund | - | (65 | ) | 65 | ||||||||||
Emerging Markets Fund | - | 5,074 | (5,074 | ) | ||||||||||
Growth & Income Fund | - | 425 | (425 | ) | ||||||||||
| 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.
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
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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, 2016, The Timothy Plan Defensive Strategies Fund had net change in unrealized depreciation of $138,072 and realized losses of $440,828 on purchased options subject to equity price risk and these amounts are included in the line items marked “Net change in unrealized appreciation (depreciation) on options purchased” and “Net realized gain(loss) on options purchased” on the Statement of Operations. There were no options at September 30, 2016.
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.
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.
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
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Timothy Plan Family of Funds
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, 2016:
| Aggressive Growth Fund | ||||||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Common Stock | $ | 17,125,464 | $ | - | $ | - | $ | 17,125,464 | ||||||||||||
Master Limited Partnerships | 215,433 | - | - | 215,433 | ||||||||||||||||
REITs | 107,185 | - | - | 107,185 | ||||||||||||||||
Money Market Fund | 7,313,100 | - | - | 7,313,100 | ||||||||||||||||
Total | $ | 24,761,182 | $ | - | $ | - | $ | 24,761,182 | ||||||||||||
International Fund | ||||||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Common Stock | $ | 60,461,524 | $ | 424,950 | $ | - | $ | 60,886,474 | ||||||||||||
Money Market Fund | 16,235,578 | - | - | 16,235,578 | ||||||||||||||||
Total | $ | 76,697,102 | $ | 424,950 | $ | - | $ | 77,122,052 | ||||||||||||
Large/Mid Cap Growth Fund | ||||||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Common Stock | $ | 43,374,354 | $ | - | $ | - | $ | 43,374,354 | ||||||||||||
Master Limited Partnerships | 499,041 | - | - | 499,041 | ||||||||||||||||
REITs | 172,920 | - | - | 172,920 | ||||||||||||||||
Money Market Fund | 18,448,920 | - | - | 18,448,920 | ||||||||||||||||
Total | $ | 62,495,235 | $ | - | $ | - | $ | 62,495,235 | ||||||||||||
Small Cap Value Fund | ||||||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Common Stock | $ | 73,602,516 | $ | - | $ | - | $ | 73,602,516 | ||||||||||||
REITs | 7,557,574 | - | - | 7,557,574 | ||||||||||||||||
Money Market Fund | 27,854,139 | - | - | 27,854,139 | ||||||||||||||||
Total | $ | 109,014,229 | $ | - | $ | - | $ | 109,014,229 | ||||||||||||
Large/Mid Cap Value Fund | ||||||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Common Stock | $ | 122,617,900 | $ | - | $ | - | $ | 122,617,900 | ||||||||||||
REITs | 13,972,999 | - | - | 13,972,999 | ||||||||||||||||
Money Market Fund | 44,356,753 | - | - | 44,356,753 | ||||||||||||||||
Total | $ | 180,947,652 | $ | - | $ | - | $ | 180,947,652 | ||||||||||||
Fixed Income Fund | ||||||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Corporate Bonds | $ | - | $ | 24,370,509 | $ | - | $ | 24,370,509 | ||||||||||||
Government Notes & Bonds | - | 34,850,784 | - | 34,850,784 | ||||||||||||||||
Government Mortgage-Backed Securities | - | 30,514,858 | - | 30,514,858 | ||||||||||||||||
Money Market Fund | 5,836,698 | - | - | 5,836,698 | ||||||||||||||||
Total | $ | 5,836,698 | $ | 89,736,151 | $ | - | $ | 95,572,849 | ||||||||||||
High Yield Bond Fund | ||||||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Corporate Bonds | $ | - | $ | 51,611,732 | $ | - | $ | 51,611,732 | ||||||||||||
Money Market Fund | 1,967,903 | - | - | 1,967,903 | ||||||||||||||||
Total | $ | 1,967,903 | $ | 51,611,732 | $ | - | $ | 53,579,635 | ||||||||||||
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| Israel Common Values Fund | ||||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock | $ | 16,082,539 | $ | - | $ | - | $ | 16,082,539 | ||||||||||
REITs | 470,094 | - | - | 470,094 | ||||||||||||||
Money Market Fund | 4,178,718 | - | - | 4,178,718 | ||||||||||||||
Total | $ | 20,731,351 | $ | - | $ | - | $ | 20,731,351 | ||||||||||
Defensive Strategies Fund |
| |||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock | $ | 12,515,876 | $ | - | $ | - | $ | 12,515,876 | ||||||||||
REITs | 12,140,811 | - | - | 12,140,811 | ||||||||||||||
Exchange Traded Funds | 11,312,464 | - | - | 11,312,464 | ||||||||||||||
Government Mortgage-Backed Securities | - | 1,154,737 | - | 1,154,737 | ||||||||||||||
Corporate Bonds | - | 1,389,236 | - | 1,389,236 | ||||||||||||||
Treasury Inflation Protected Securities (TIPS) | - | 23,635,001 | - | 23,635,001 | ||||||||||||||
Alternative Investments | 9,997,300 | - | - | 9,997,300 | ||||||||||||||
Money Market Fund | 6,492,485 | - | - | 6,492,485 | ||||||||||||||
Total | $ | 52,458,936 | $ | 26,178,974 | $ | - | $ | 78,637,910 | ||||||||||
Strategic Growth Fund |
| |||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Mutual Funds | $ | 36,828,660 | $ | - | $ | - | $ | 36,828,660 | ||||||||||
Money Market Fund | 3,388,022 | - | - | 3,388,022 | ||||||||||||||
Total | $ | 40,216,682 | $ | - | $ | - | $ | 40,216,682 | ||||||||||
Conservative Growth Fund |
| |||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Mutual Funds | $ | 48,600,693 | $ | - | $ | - | $ | 48,600,693 | ||||||||||
Money Market Fund | 6,566,087 | - | - | 6,566,087 | ||||||||||||||
Total | $ | 55,166,780 | $ | - | $ | - | $ | 55,166,780 | ||||||||||
Emerging Markets Fund |
| |||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock | $ | 6,667,429 | $ | 62,295 | $ | - | $ | 6,729,724 | ||||||||||
Preferred Stock | 785,095 | - | - | 785,095 | ||||||||||||||
REITs | 564,273 | - | - | 564,273 | ||||||||||||||
Money Market Fund | 607,641 | - | - | 607,641 | ||||||||||||||
Total | $ | 8,624,438 | $ | 62,295 | $ | - | $ | 8,686,733 | ||||||||||
Growth & Income Fund |
| |||||||||||||||||
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock | $ | 16,731,070 | $ | - | $ | - | $ | 16,731,070 | ||||||||||
Exchange Traded Funds | 1,391,568 | - | - | 1,391,568 | ||||||||||||||
REITs | 1,654,830 | 1,654,830 | ||||||||||||||||
Corporate Bonds | - | 513,566 | - | 513,566 | ||||||||||||||
Government Notes & Bonds | - | 18,814,044 | - | 18,814,044 | ||||||||||||||
Money Market Fund | 1,868,962 | - | - | 1,868,962 | ||||||||||||||
Total | $ | 21,646,430 | $ | 19,327,610 | $ | - | $ | 40,974,040 | ||||||||||
Refer to the Schedules of Investments for industry classifications.
During the year ended September 30, 2016, there were transfers into and out of Level 1, Level 2 and Level 3. The Funds’ policy is to recognize transfers at the end of the reporting period.
International | ||||||||||
| Common Stock | Total | |||||||||
Transfers into Level 1 from Level 2 | $ | 1,193,500 | $ | 1,193,500 | ||||||
Transfer was due to the availability of daily pricing from an approved pricing source.
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Israel Common Values Fund | ||||||||||
| Common Stock | Total | |||||||||
Transfers into Level 1 from Level 2 | $ | 587,325 | $ | 587,325 | ||||||
| Transfer was due to the availability of daily pricing from an approved pricing source. | ||||||||||
Emerging Markets Fund | ||||||||||
| Common Stock | Total | |||||||||
Transfers from Level 3 into Level 2 | $ | 62,295 | $ | 62,295 | ||||||
Transfer was due to the availability of pricing as the security resumed trading.
The following is a reconciliation of assets in which Level 3 inputs were used in determining value:
Emerging Markets Fund | ||||||||
| Common Stock | ||||||||
Beginning Balance | $ | 5,513 | ||||||
Total realized gain (loss) | - | |||||||
Cost of Purchases | 53,357 | |||||||
Proceeds from Sales | - | |||||||
Return of Capital | - | |||||||
Change in unrealized appreciation (depreciation) | 3,425 | |||||||
Net transfers in/out of level 3 | (62,295 | ) | ||||||
Ending Balance | $ | - | ||||||
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, 2016:
| Purchases | Sales | |||||||||||||||||
| Fund | U.S. Gov’t Obligations | Other | U.S. Gov’t Obligations | Other | ||||||||||||||
Aggressive Growth | $ - | $25,641,866 | $ - | $22,256,274 | ||||||||||||||
International | - | 31,112,851 | - | 16,977,830 | ||||||||||||||
Large/Mid Cap Growth | - | 34,907,551 | - | 37,247,190 | ||||||||||||||
Small Cap Value | - | 81,719,926 | - | 52,860,298 | ||||||||||||||
Large/Mid Cap Value | - | 105,850,319 | - | 57,540,127 | ||||||||||||||
Fixed Income | 26,906,616 | 20,489,103 | 20,068,505 | 11,831,950 | ||||||||||||||
High Yield Bond | - | 22,379,968 | - | 12,252,742 | ||||||||||||||
Israel Common Values | - | 8,728,847 | - | 5,901,250 | ||||||||||||||
Defensive Strategies | 14,550,021 | 31,120,691 | 19,626,208 | 23,408,368 | ||||||||||||||
Strategic Growth * | - | 15,817,013 | - | 14,104,821 | ||||||||||||||
Conservative Growth * | - | 16,200,828 | - | 13,667,793 | ||||||||||||||
Emerging Markets | - | 1,761,067 | - | 1,726,414 | ||||||||||||||
Growth & Income | 14,788,484 | 9,795,953 | 9,762,539 | 5,377,863 | ||||||||||||||
* The security transactions are purchases and sales of affiliated funds.
Note 4 | Investment Management Fee and Other Transactions with Related Parties
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 26, 2016. 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.
118
Notes to Financial Statements
September 30, 2016 (Continued)
Timothy Plan Family of Funds
For the year ended September 30, 2016, TPL waived and reimbursed the Funds as follows:
| Fund | Year Ended September 30, 2016 | |||||
Aggressive Growth Fund | $ | 22,479 | ||||
International Fund | 36,689 | |||||
Large/Mid Cap Growth Fund | 31,375 | |||||
Small Cap Value Fund | 46,177 | |||||
Large/Mid Cap Value Fund | 85,549 | |||||
Fixed Income Fund | 172,189 | |||||
High Yield Bond Fund | 23,826 | |||||
Defensive Strategies Fund | 41,400 | |||||
Emerging Markets Fund | 3,878 | |||||
Growth & Income Fund | 18,136 | |||||
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.
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, 2016, the Funds paid TPL under the terms of the Plans as follows:
| Fund | 12b-1 Fees | |||||
| Year Ended September 30, 2016 | ||||||
Aggressive Growth | $ | 81,274 | ||||
International | 213,575 | |||||
Large/Mid Cap Growth | 208,172 | |||||
Small Cap Value | 296,831 | |||||
Large/Mid Cap Value | 564,158 | |||||
Fixed Income | 283,221 | |||||
High Yield Bond | 137,226 | |||||
Israel Common Values | 71,607 | |||||
Defensive Strategies | 297,503 | |||||
Strategic Growth | 56,238 | |||||
Conservative Growth | 79,009 | |||||
Emerging Markets | 23,617 | |||||
Growth & Income | 110,768 | |||||
119
Notes to Financial Statements
September 30, 2016 (Continued)
Timothy Plan Family of Funds
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, 2016, 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:
| Fund | Sales Charges (Class A) | CDSC Fees (Class C) | ||||||||||
Aggressive Growth | $7,456 | $360 | ||||||||||
International | 15,060 | 227 | ||||||||||
Large/Mid Cap Growth | 30,259 | 1,340 | ||||||||||
Small Cap Value | 25,093 | 1,822 | ||||||||||
Large/Mid Cap Value | 58,896 | 2,531 | ||||||||||
Fixed Income | 40,238 | 1,133 | ||||||||||
High Yield Bond | 16,156 | 146 | ||||||||||
Israel Common Values | 12,295 | 945 | ||||||||||
Defensive Strategies | 17,357 | 1,169 | ||||||||||
Strategic Growth | 15,207 | 433 | ||||||||||
Conservative Growth | 18,711 | 1,892 | ||||||||||
Emerging Markets | 2,415 | 363 | ||||||||||
Growth & Income | 14,693 | 616 | ||||||||||
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, 2016, 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.
| Fund - Class A | % of Fund Owned by Other Timothy Plan Funds | |||
Aggressive Growth | 10.43% | |||
International | 17.69% | |||
Large/Mid Cap Growth | 10.96% | |||
Small Cap Value | 4.15% | |||
Large/Mid Cap Value | 4.23% | |||
Fixed Income | 29.31% | |||
High Yield Bond | 13.76% | |||
Israel Common Values | 19.10% | |||
Defensive Strategies | 36.34% | |||
Emerging Markets | 32.98% | |||
Growth & Income | 52.71% |
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 the Fund’s investment advisor.
120
Notes to Financial Statements
September 30, 2016 (Continued)
Timothy Plan Family of Funds
The Timothy Plan Strategic Growth Fund and Conservative Growth Fund had the following transactions during the year ended September 30, 2016, with affiliates:
| Strategic Growth | Share Activity | Year Ended September 30, 2016 | ||||||||||||||||||||||||||||
| Fund | Balance September 30, 2015 | Purchases | Sales | Balance September 30, 2016 | Fair Value | Dividends Credited to Income |
Amount of Gain | |||||||||||||||||||||||
Aggressive Growth | 165,336 | 115,549 | 144,902 | 135,983 | $ | 927,402 | $ | 6,495 | $ | 49,759 | ||||||||||||||||||||
International | 499,340 | 276,860 | 261,468 | 514,732 | 4,390,667 | 72,378 | 181,637 | |||||||||||||||||||||||
Large/Mid Cap Growth | 481,390 | 92,848 | 233,931 | 340,307 | 2,538,691 | 5,143 | 494,943 | |||||||||||||||||||||||
Small Cap Value | 85,967 | 57,268 | 64,121 | 79,114 | 1,352,060 | - | 22,642 | |||||||||||||||||||||||
Large/Mid Cap Value | 205,646 | 59,348 | 103,622 | 161,372 | 2,767,529 | - | 849,038 | |||||||||||||||||||||||
Fixed Income | - | 509,894 | 16,832 | 493,062 | 5,162,357 | 48,919 | 3,871 | |||||||||||||||||||||||
High Yield Bond | 404,090 | 50,141 | 180,739 | 273,492 | 2,491,510 | 125,337 | (150,216 | ) | ||||||||||||||||||||||
Israel Common Values | 99,387 | 28,348 | 37,445 | 90,290 | 1,124,108 | - | 51,866 | |||||||||||||||||||||||
Defensive Strategies | 990,321 | 101,550 | 306,695 | 785,176 | 9,021,668 | - | (347,753 | ) | ||||||||||||||||||||||
Emerging Markets | 210,790 | 16,339 | 112,178 | 114,951 | 926,507 | - | (309,152 | ) | ||||||||||||||||||||||
Growth & Income | 358,960 | 240,514 | 30,128 | 569,346 | 6,126,161 | 10,685 | 12,892 | |||||||||||||||||||||||
| Conservative Growth | Share Activity | Year Ended September 30, 2016 | ||||||||||||||||||||||||||||
| Fund | Balance September 30, 2015 | Purchases | Sales | Balance September 30, 2016 | Fair Value | Dividends Credited to Income |
Amount of Gain | |||||||||||||||||||||||
Aggressive Growth | 69,825 | 119,681 | 67,188 | 122,318 | $ | 834,207 | $ | 3,709 | $ | 16,129 | ||||||||||||||||||||
International | 400,241 | 434,236 | 288,749 | 545,728 | 4,655,064 | 73,626 | (373,724 | ) | ||||||||||||||||||||||
Large/Mid Cap Growth | 329,289 | 129,192 | 182,911 | 275,570 | 2,055,751 | 3,836 | 247,789 | |||||||||||||||||||||||
Small Cap Value | 100,786 | 76,566 | 78,818 | 98,534 | 1,683,944 | - | (18,471 | ) | ||||||||||||||||||||||
Large/Mid Cap Value | 156,307 | 57,314 | 76,519 | 137,102 | 2,351,298 | - | 516,036 | |||||||||||||||||||||||
Fixed Income | 1,228,596 | 226,491 | 124,558 | 1,330,529 | 13,930,639 | 205,330 | (51,362 | ) | ||||||||||||||||||||||
High Yield Bond | 292,856 | 50,130 | 81,624 | 261,362 | 2,381,011 | 106,504 | (34,116 | ) | ||||||||||||||||||||||
Israel Common Values | 98,855 | 52,886 | 29,917 | 121,824 | 1,516,705 | - | 41,776 | |||||||||||||||||||||||
Defensive Strategies | 1,192,998 | 31,417 | 358,094 | 866,321 | 9,954,026 | - | (310,077 | ) | ||||||||||||||||||||||
Emerging Markets | 133,123 | 53,831 | 66,322 | 120,632 | 972,295 | - | (162,815 | ) | ||||||||||||||||||||||
Growth & Income | 382,086 | 404,444 | 18,337 | 768,193 | 8,265,753 | 14,417 | 13,194 | |||||||||||||||||||||||
*Includes capital gain distributions from affiliated funds |
| |||||||||||||||||||||||||||||
Note 7 | Underlying Investment in Other Investment Companies
The Timothy Plan Conservative Growth Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan Fixed Income Fund. The Fund may redeem its investments from the Fixed Income Fund at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.
The performance of the Fund may be directly affected by the performance of the Fixed Income Fund.. As of September 30, 2016, the percentage of the Fund’s net assets invested in the Fixed Income Fund was 25.3%.
Note 8 | Distributions to Shareholders and Tax Components of Capital
The tax character of distributions paid during the fiscal year ended September 30, 2016 and the fiscal year ended September 30, 2015 were as follows:
|
| |||||||||||||||||
| Aggressive Growth | International * | Large/Mid Cap Growth | Small Cap Value | |||||||||||||||
|
| |||||||||||||||||
Year ended September 30, 2016 | ||||||||||||||||||
Ordinary Income | $ | 78,956 | $ | 987,038 | $ | 84,166 | $ | - | ||||||||||
Long-term Capital Gains | 3,059,522 | - | 6,426,712 | 8,064,409 | ||||||||||||||
Return of Capital | - | - | - | - | ||||||||||||||
|
| |||||||||||||||||
| $ | 3,138,478 | $ | 987,038 | $ | 6,510,878 | $ | 8,064,409 | |||||||||||
|
| |||||||||||||||||
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 | |||||||||||
|
| |||||||||||||||||
121
Notes to Financial Statements
September 30, 2016 (Continued)
Timothy Plan Family of Funds
|
| |||||||||||||||||||
| Large/Mid Cap Value | Fixed Income | High Yield Bond | Israel Common Values* | Defensive Strategies | ||||||||||||||||
|
| |||||||||||||||||||
Year ended September 30, 2016 | ||||||||||||||||||||
Ordinary Income | $ | - | $ | 1,241,208 | $ | 1,924,255 | $ | 58,926 | $ | - | ||||||||||
Long-term Capital Gains | 19,429,364 | - | - | - | - | |||||||||||||||
Return of Capital | - | - | - | - | - | |||||||||||||||
|
| |||||||||||||||||||
| $ | 19,429,364 | $ | 1,241,208 | $ | 1,924,255 | $ | 58,926 | $ | - | |||||||||||
|
| |||||||||||||||||||
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 | |||||||||||
|
| |||||||||||||||||||
|
| |||||||||||||||||||
| Strategic Growth | Conservative Growth | Emerging Markets* | Growth & Income Fund | |||||||||||||||||
|
| |||||||||||||||||||
Year ended September 30, 2016 | ||||||||||||||||||||
Ordinary Income | $ | 112,223 | $ | 236,705 | $ | 23,441 | $ | 67,392 | ||||||||||||
Long-term Capital Gains | - | 3,321,111 | - | - | ||||||||||||||||
Return of Capital | - | - | - | - | ||||||||||||||||
|
| |||||||||||||||||||
| $ | 112,223 | $ | 3,557,816 | $ | 23,441 | $ | 67,392 | |||||||||||||
|
| |||||||||||||||||||
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 | |||||||||||||
|
| |||||||||||||||||||
* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $23,441, $58,926 and $208,471 for fiscal year ended September 30, 2016 for the Emerging Markets, Israel Common Values and International Funds, respectively, and $32,144 for the fiscal year ended September 30, 2015 for the Emerging Markets Fund, which have been passed through to the Funds’ underlying shareholders and are deemed dividends for tax purposes.
As of September 30, 2016, the components of distributable earnings on a tax basis were as follows:
|
| |||||||||||||||||
| Aggressive Growth | International | Large/Mid Cap | Small Cap Value | |||||||||||||||
| Fund | Fund | Growth Fund | Fund | |||||||||||||||
|
| |||||||||||||||||
Undistributed Ordinary Income | $ | - | $ | 724,225 | $ | - | $ | - | ||||||||||
Long-Term Capital Gains | - | �� | - | 154,833 | 1,671,678 | |||||||||||||
Capital Loss Carry Forward | (128,846 | ) | (13,590,982 | ) | - | - | ||||||||||||
Post October and Other Losses | (1,677,928 | ) | (2,983,881 | ) | (266,140 | ) | (102,740) | |||||||||||
Unrealized Appreciation (Depreciation) | 643,832 | 9,227,747 | 5,040,698 | 7,496,094 | ||||||||||||||
|
| |||||||||||||||||
| $ | (1,162,942 | ) | $ | (6,622,891 | ) | $ | 4,929,391 | $ | 9,065,032 | |||||||||
|
| |||||||||||||||||
|
| |||||||||||||||||
| Large/Mid Cap | Fixed Income | High Yield Bond | Israel Common | |||||||||||||||
| Value Fund | Fund | Fund | Values Fund | |||||||||||||||
|
| |||||||||||||||||
Undistributed Ordinary Income | $ | - | $ | 324,438 | $ | 85,705 | $ | 321,199 | ||||||||||
Long-Term Capital Gains | 2,332,299 | - | - | - | ||||||||||||||
Capital Loss Carry Forward | - | (286,765 | ) | (2,071,373 | ) | (1,009,420) | ||||||||||||
Post October and Other Losses | (69,271 | ) | (278,349 | ) | (557,149 | ) | (320,701) | |||||||||||
Unrealized Appreciation (Depreciation) | 24,285,702 | 2,156,797 | 487,300 | 3,009,212 | ||||||||||||||
|
| |||||||||||||||||
| $ | 26,548,730 | $ | 1,916,121 | $ | (2,055,517 | ) | $ | 2,000,290 | ||||||||||
|
| |||||||||||||||||
|
| |||||||||||||||||
| Defensive | Strategic Growth | Conservative | Emerging Markets | |||||||||||||||
| Strategies Fund | Fund | Growth Fund | Fund | |||||||||||||||
|
| |||||||||||||||||
Undistributed Ordinary Income | $ | 197,571 | $ | - | $ | - | $ | 21,392 | ||||||||||
Long-Term Capital Gains | - | - | - | - | ||||||||||||||
Capital Loss Carry Forward | (366,726 | ) | (1,280,712 | ) | (23,142 | ) | (817,351) | |||||||||||
Post October and Other Losses | (3,156,199 | ) | (210,921 | ) | (296,116 | ) | (774,470) | |||||||||||
Unrealized Appreciation (Depreciation) | 5,586,240 | (48,234 | ) | 24,739 | (1,124,686) | |||||||||||||
|
| |||||||||||||||||
| $ | 2,260,886 | $ | (1,539,867 | ) | $ | (294,519 | ) | $ | (2,695,115) | |||||||||
|
| |||||||||||||||||
|
| |||||||||||||||||
| Growth & Income | ||||||||||||||||||
| Fund | ||||||||||||||||||
|
| |||||||||||||||||
Undistributed Ordinary Income | $ | 1,401 | ||||||||||||||||
Long-Term Capital Gains | - | |||||||||||||||||
Capital Loss Carry Forward | (961,211) | |||||||||||||||||
Post October and Other Losses | (1,308,057) | |||||||||||||||||
Unrealized Appreciation (Depreciation) | 2,968,150 | |||||||||||||||||
|
| |||||||||||||||||
| $ | 700,283 | |||||||||||||||||
|
| |||||||||||||||||
122
Notes to Financial Statements
September 30, 2016 (Continued)
Timothy Plan Family of Funds
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 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 gains (losses) of ($780), $12, ($784), and $901 for the Large/Mid Cap Value, Israel Common Values, Defensive Strategies, and Emerging Markets Funds, respectively.
Note 9 | 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 | |||||
Aggressive Growth Fund | $ | 161,511 | ||||
Large/Mid Cap Growth Fund | 266,140 | |||||
Small Cap Value Fund | 102,740 | |||||
Large/Mid Cap Value Fund | 69,271 | |||||
Strategic Growth Fund | 210,011 | |||||
Conservative Growth Fund | 226,602 | |||||
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 | |||||
Aggressive Growth Fund | $ | 1,516,417 | ||||
International Fund | 2,983,881 | |||||
Fixed Income Fund | 278,349 | |||||
High Yield Bond Fund | 557,149 | |||||
Israel Common Values Fund | 320,701 | |||||
Defensive Strategies Fund | 3,156,199 | |||||
Strategic Growth Fund | 910 | |||||
Conservative Growth Fund | 69,514 | |||||
Emerging Markets Fund | 774,470 | |||||
Growth & Income Fund | 1,308,057 | |||||
At September 30, 2016, the following capital loss carryforwards are available to offset future capital gains.
| Capital Loss Carry Forward | Year | CLCF | CLCF | |||||||||||||||||||
| Fund | Short-Term | Long-Term | Expiring | Utilized | Expired | Total | ||||||||||||||||
Aggressive Growth Fund | $ | 128,846 | $ | - | Unlimited | $ | - | $ | - | $ | 128,846 | |||||||||||
International Fund | - | - | 2016 | - | 2,868,555 | |||||||||||||||||
| 8,833,573 | - | 2017 | - | - | 8,833,573 | |||||||||||||||||
| 592,985 | - | 2018 | - | - | 592,985 | |||||||||||||||||
| 844,129 | - | 2019 | - | - | 844,129 | |||||||||||||||||
| 2,841,041 | 479,254 | Unlimited | - | 3,320,295 | ||||||||||||||||||
Fixed Income Fund | 106,256 | 180,509 | Unlimited | - | - | 286,765 | ||||||||||||||||
High Yield Bond Fund | 776,982 | - | 2017 | - | - | 776,982 | ||||||||||||||||
| 178,903 | 1,115,488 | Unlimited | - | - | 1,294,391 | |||||||||||||||||
Israel Common Values Fund | 641,056 | 368,364 | Unlimited | - | - | 1,009,420 | ||||||||||||||||
Defensive Strategies Fund | 342,190 | 24,536 | Unlimited | - | - | 366,726 | ||||||||||||||||
Strategic Growth Fund | 1,280,712 | - | 2019 | 303,374 | - | 1,280,712 | ||||||||||||||||
Conservative Growth Fund | - | 23,142 | Unlimited | - | - | 23,142 | ||||||||||||||||
Emerging Markets Fund | 21,230 | 796,121 | Unlimited | - | - | 817,351 | ||||||||||||||||
Growth & Income Fund | 961,211 | - | Unlimited | - | - | 961,211 | ||||||||||||||||
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.
Note 10 | ACCOUNTING PRONOUNCEMENT
In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)”, modifying ASC 946 “Financial Services – Investment Companies”. Under the modifications, investments in affiliated and private investment funds valued at Net Asset Value are no longer included in the fair value hierarchy disclosed in Footnote 2. ASU 2015-07 is effective for fiscal years beginning on or after December 15, 2015, and interim periods within those annual periods. Early application is permitted. Management is currently evaluating the implications of ASU 2015-07 and its impact on financial statement disclosures.
123
Notes to Financial Statements
September 30, 2016 (Continued)
Timothy Plan Family of Funds
Note 11 | 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
Note 12 | TAX INFORMATION (Unaudited)
The Strategic and Conservative Growth Funds designate the following for federal income tax purposes for the year ended September 30, 2016.
Strategic Growth Fund | Foreign Taxes paid | Foreign Source Income | ||||||||
|
| |||||||||
Timothy Israel Common Values Fund | $ | 3,178 | $ | 14,159 | ||||||
Timothy Emerging Markets Fund | 2,368 | 26,650 | ||||||||
Timothy International Fund | 10,509 | 78,998 | ||||||||
Conservative Growth Fund | Foreign Taxes paid | Foreign Source Income | ||||||||
|
| |||||||||
Timothy Israel Common Values Fund | $ | 4,288 | $ | 19,105 | ||||||
Timothy Emerging Markets Fund | 2,485 | 27,968 | ||||||||
Timothy International Fund | 11,142 | 83,755 | ||||||||
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 26, 2016. 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 six-months ended December 31, 2015.
The Board also received a report from TPL relating to the fees charged by TPL, both as an aggregate and in relation to fees charged by other advisors to similar funds. The materials prepared by TPL were provided to the Board in advance of the meeting. The Board considered the fees charged by TPL in light of the services provided to the Funds by TPL, the unique nature of the Funds and their moral screening requirements, which are maintained by TPL, and TPL’s role as a manager of managers. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by TPL were fair and reasonable in light of the services provided to the Funds.
The Board also discussed the nature, extent and quality of TPL’s services to the Funds. In particular, the Board noted with approval TPL’s commitment to maintaining certain targeted expense ratios for the Funds, its efforts in providing comprehensive and consistent moral screens to the investment managers, its efforts in maintaining appropriate oversight of the investment managers to each Fund, and its efforts to maintain ongoing regulatory compliance for the Funds. The Board also discussed TPL’s current fee structure and whether such structure would allow the Funds to realize economies of scale as they grow. The Board next considered the investment performance of each Fund and the Advisor’s performance in monitoring the investment managers of the underlying Funds. The Board generally approved of each Fund’s performance, noting that the Funds invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that the investment managers of each Fund did not succumb to “style drift” in their management of each Fund’s assets, and that each Fund was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval the Advisor’s ongoing efforts to maintain such consistent investment discipline. The Board also noted with approval that the Advisor’s business was devoted exclusively to serving the Funds, and that the Advisor did not realize any ancillary benefits or profits deriving from its relationship with the Funds. The Board further noted with approval the Advisor’s past activities on monitoring the performance of the underlying Funds’ various investment managers and the promptness and efficiency with which problems were brought to the Board’s attention and responsible remedies offered and executed. After careful discussion and consideration, the Board, including the separate concurrence of the independent Trustees, unanimously cast an affirmative vote, and determined that the renewal of the IA Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the IA Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the IA Agreement renewal.
124
Notes to Financial Statements
September 30, 2016 (Continued)
Timothy Plan Family of Funds
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 26, 2016. 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.
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 26, 2016. 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 26, 2016. 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.
125
Notes to Financial Statements
September 30, 2016 (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 26, 2016. 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 26, 2016. 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 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 26, 2016. 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
126
Notes to Financial Statements
September 30, 2016 (Continued)
Timothy Plan Family of Funds
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 26, 2016. 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 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 26, 2016. 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.
127
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, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years 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, 2016, 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, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years 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 & COMPANY, LTD.
Cleveland, Ohio
November 28, 2016
128
Expense Examples – (Unaudited)
September 30, 2016
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, 2016, through September 30, 2016.
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 | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,033.30 | $ 8.03 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,017.10 | $ 7.97 | |||||||
Actual - Class C * | $1,000.00 | $1,028.80 | $11.77 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,013.40 | $11.68 | |||||||
Actual - Class I * | $1,000.00 | $1,034.50 | $ 6.76 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,018.35 | $ 6.71 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.58% for Class A, 2.32% for Class C and 1.33% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 3.33% for Class A, 2.88% for Class C and 3.45% for Class I for the period of April 1, 2016, to September 30, 2016. |
| ** | Assumes a 5% return before expenses. |
129
Expense Examples – (Unaudited)(Continued)
September 30, 2016
INTERNATIONAL FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,026.50 | $ 8.71 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,016.40 | $ 8.67 | |||||||
Actual - Class C * | $1,000.00 | $1,023.60 | $ 12.50 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,012.65 | $ 12.43 | |||||||
Actual - Class I * | $1,000.00 | $1,027.60 | $ 7.50 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,017.60 | $ 7.47 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.72% for Class A, 2.47% 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/366 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 2.65% for Class A, 2.36% for Class C, and 2.76% for Class I for the period of April 1, 2016, to September 30, 2016. |
| ** | Assumes a 5% return before expenses. |
LARGE/MID CAP GROWTH FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,049.20 | $ 7.68 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,017.50 | $ 7.57 | |||||||
Actual - Class C * | $1,000.00 | $1,045.20 | $11.45 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,013.80 | $11.28 | |||||||
Actual - Class I * | $1,000.00 | $1,050.10 | $ 6.46 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,018.70 | $ 6.36 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.50% for Class A, 2.24% for Class C and 1.26% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 4.92% for Class A, 4.52% for Class C, and 5.01% for Class I for the period of April 1, 2016, to September 30, 2016. |
| ** | Assumes a 5% return before expenses. |
SMALL CAP VALUE FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,122.10 | $12.68 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,013.05 | $12.03 | |||||||
Actual - Class C * | $1,000.00 | $1,117.70 | $22.29 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,003.95 | $21.09 | |||||||
Actual - Class I * | $1,000.00 | $1,123.10 | $14.38 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,011.45 | $13.63 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 2.39% for Class A, 4.21% for Class C and 2.71% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 12.21% for Class A, 11.77% for Class C, and 12.31% for Class I for the period of April 1, 2016, to September 30, 2016. |
| ** | Assumes a 5% return before expenses. |
130
Expense Examples – (Unaudited)(Continued)
September 30, 2016
LARGE/MID CAP VALUE FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,036.90 | $ 5.04 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,020.05 | $ 5.00 | |||||||
Actual - Class C * | $1,000.00 | $1,032.50 | $ 6.66 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,018.45 | $ 6.61 | |||||||
Actual - Class I * | $1,000.00 | $1,037.90 | $ 3.36 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,021.70 | $ 3.34 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 0.99% for Class A, 1.31% for Class C, and 0.66% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 3.69% for Class A, 3.25% for Class C, and 3.79% for Class I for the period of April 1, 2016, to September 30, 2016. |
| ** | Assumes a 5% return before expenses. |
FIXED INCOME FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,036.90 | $5.41 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,019.65 | $5.40 | |||||||
Actual - Class C * | $1,000.00 | $1,018.90 | $9.14 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,015.95 | $9.12 | |||||||
Actual - Class I * | $1,000.00 | $1,024.20 | $4.30 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,020.75 | $4.29 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.07% for Class A, 1.81% for Class C, and 0.85% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 2.18% for Class A, 1.89% for Class C, and 2.42% for Class I for the period of April 1, 2016, to September 30, 2016. |
| ** | Assumes a 5% return before expenses. |
HIGH YIELD BOND FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,083.00 | $6.87 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,018.40 | $6.66 | |||||||
Actual - Class C * | $1,000.00 | $1,079.20 | $10.76 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,014.65 | $10.43 | |||||||
Actual - Class I * | $1,000.00 | $1,084.30 | $5.58 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,019.65 | $5.40 | |||||||
| ** | Expenses are equal to the Fund’s annualized expense ratio of 1.32% for Class A, 2.07% for Class C, and 1.07% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 8.30% for Class A, 7.92% for Class C, and 8.43% for Class I for the period of April 1, 2016, to September 30, 2016. |
| ** | Assumes a 5% return before expenses. |
131
Expense Examples – (Unaudited)(Continued)
September 30, 2016
DEFENSIVE STRATEGIES FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,054.10 | $7.24 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,017.95 | $7.11 | |||||||
Actual - Class C * | $1,000.00 | $1,050.30 | $11.07 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,014.20 | $10.88 | |||||||
Actual - Class I * | $1,000.00 | $1,056.00 | $6.01 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,019.15 | $5.91 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.41% for Class A, 2.16% for Class C and 1.17% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 5.45% for Class A, 5.03% for Class C and 5.60% for Class I for the period of April 1, 2016, to September 30, 2016. |
| ** | Assumes a 5% return before expenses. |
STRATEGIC GROWTH FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,036.80 | $5.35 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,019.15 | $5.30 | |||||||
Actual - Class C * | $1,000.00 | $1,033.80 | $9.15 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,016.00 | $9.07 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.05% for Class A and 1.80% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 3.68% for Class A and 3.38% for Class C for the six-month period of April 1, 2016, to September 30, 2016. |
| ** | Assumes a 5% return before expenses. |
CONSERVATIVE GROWTH FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,032.90 | $5.23 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,019.85 | $5.20 | |||||||
Actual - Class C * | $1,000.00 | $1,028.90 | $9.03 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,016.10 | $8.97 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.03% for Class A and 1.78% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 3.29% for Class A and 2.89% for Class C for the six-month period of April 1, 2016, to September 30, 2016. |
| ** | Assumes a 5% return before expenses. |
132
Expense Examples – (Unaudited)(Continued)
September 30, 2016
ISRAEL COMMON VALUES FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,070.50 | $10.56 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,014.80 | $10.28 | |||||||
Actual - Class C * | $1,000.00 | $1066.60 | $14.36 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,011.10 | $13.98 | |||||||
Actual - Class I * | $1,000.00 | $1,072.00 | $ 9.38 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,015.95 | $ 9.12 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 2.04% for Class A, 2.78% for Class C and 1.81% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 7.05% for Class A, 6.66% for Class C and 7.20% for the period of April 1, 2016, to September 30, 2016 |
| ** | Assumes a 5% return before expenses. |
EMERGING MARKETS FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,105.60 | $13.21 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,012.45 | $12.63 | |||||||
Actual - Class C * | $1,000.00 | $1,100.70 | $17.23 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,008.60 | $16.47 | |||||||
Actual - Class I * | $1,000.00 | $1,106.60 | $12.38 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,013.25 | $11.83 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 2.51% for Class A, 3.28% for Class C and 2.35% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 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 10.56% for Class A, 10.07% for Class C and 10.66% for Class I for the period of April 1, 2016, to September 30, 2016. |
| ** | Assumes a 5% return before expenses. |
GROWTH & INCOME FUND
| Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
4/1/2016
| 9/30/2016
| 4/1/2016 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,022.70 | $8.14 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,016.95 | $8.12 | |||||||
Actual - Class C * | $1,000.00 | $1,018.30 | $11.91 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,013.20 | $11.88 | |||||||
Actual - Class I *** | $1,000.00 | $1,024.20 | $6.88 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,018.20 | $6.86 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.61% for Class A, 2.36% for Class C and 1.36% for Class I , which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The Growth & 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 2.27% for Class A, 1.83% for Class C and 2.42% for Class I, for the period of April 1, 2016, to September 30, 2016. |
| ** | Assumes a 5% return before expenses. |
133
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 Held by Trustee | |||||
| Principal Occupation During Past 5 Years | ||||||
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** 1055 Maitland Center | Trustee, Secretary | Indefinite; Trustee and Secretary since 1995 | 13 | |||
Commons Maitland, FL | Other Directorships Held by Trustee | |||||
| Principal Occupation During Past 5 Years | ||||||
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 Held by Trustee | |||||
| Principal Occupation During Past 5 Years | ||||||
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.
134
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 | ||||
135
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 | ||||
136
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 | ||||
137
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
|
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 of 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 driver’s 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.
Disclosures
HOW TO OBTAIN PROXY VOTING INFORMATION
Information regarding how the Funds voted proxies relating to Fund securities during the period ended June 30 of 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.
| 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 & Company, Ltd. | ||
1350 Euclid Ave., Suite 800 | ||
Cleveland, OH 44115 | ||
LEGAL COUNSEL |
| |
David Jones & Assoc., P.C. | ||
18630 Crosstimber | ||
San Antonio, TX 78258 |
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
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. | (800) 846-7526
www.timothyplan.com 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 2016 | $ | 170,900 | ||
FY 2015 | $ | 168,900 | ||
FY 2014 | $ | 168,400, | ||
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| (b) | Audit-Related Fees |
The Timothy Plan | Registrant | Adviser | ||||||||||
FY 2016 | $ | 0 | $ | 0 | ||||||||
FY 2014 | $ | 0 | $ | 0 | ||||||||
FY 2015 | $ | 0 | $ | 0 | ||||||||
Nature of the fees:
| (c) | Tax Fees |
| The Timothy Plan | ||
FY 2016 | $ 0 | |
FY 2015 | $ 0 | |
FY 2014 | $ 0 | |
Nature of the preparation of the 1120 RIC
fees:
| (d) | All Other Fees |
| Registrant | ||||
| The Timothy Plan | ||||
FY 2016 | $ 0 | |||
FY 2015 | $ 0 | |||
FY 2014 | $ 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 2016 | $ 0 | $0 | ||||
FY 2015 | $ 0 | $0 | ||||
FY 2014 | $ 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/Principle Executive Officer & Treasurer/Principle Financial Officer | ||||
| Date | 12/7/2016 | |||
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/Principle Executive Officer & Treasurer/Principle Financial Officer | ||||
| Date | 12/7/2016 | |||
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