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: 3/31/21
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:
Fund Profile
As of March 31, 2021 (Unaudited)
Aggressive Growth Fund | ||||
Top Ten Industries (% of Net Assets) |
|
Software | 14.7% | |||
Medical Equipment & Devices | 13.4% | |||
Semiconductors | 12.5% | |||
Biotech & Pharma | 8.7% | |||
Retail - Discretionary | 7.3% | |||
Money Market Fund | 5.8% | |||
Technology Services | 5.5% | |||
Machinery | 4.9% | |||
Industrial Support Services | 4.5% | |||
Electrical Equipment | 4.0% | |||
Other Assets Less Liabilities - Net | 18.7% | |||
100.0% |
Large/Mid Cap Growth Fund | ||||
Top Ten Industries (% of Net Assets) |
|
Exchange Traded Fund | 20.5% | |||
Semiconductors | 14.0% | |||
Software | 8.8% | |||
Medical Equipment & Devices | 7.3% | |||
Retail - Discretionary | 7.2% | |||
Biotech & Pharma | 6.6% | |||
Technology Services | 6.6% | |||
Retail - Consumer Staples | 3.7% | |||
Electrical Equipment | 3.5% | |||
Money Market Fund | 3.1% | |||
Other Assets Less Liabilities - Net | 18.7% | |||
100.0% |
Large/Mid Cap Value Fund | ||||
Top Ten Industries (% of Net Assets) |
|
Exchange Traded Funds | 25.5% | |||
Semiconductors | 10.1% | |||
Food | 5.4% | |||
Software | 5.2% | |||
Medical Equipment & Devices | 5.1% | |||
REITs | 4.5% | |||
Banking | 4.0% | |||
Cable & Satellite | 3.8% | |||
Retail - Discretionary | 3.8% | |||
Machinery | 3.6% | |||
Other Assets Less Liabilities - Net | 29.0% | |||
100.0% |
High Yield Bond Fund | ||||
Top Ten Industries (% of Net Assets) |
|
Corporate Bonds | 91.8% | |||
Convertible Bonds | 5.1% | |||
Money Market Fund | 4.2% | |||
Preferred Stock | 0.5% | |||
Other Assets Less Liabilities - Net | (1.6)% | |||
100.0% |
International Fund | ||||
Top Ten Industries (% of Net Assets) | ||||
Banking | 9.9% | |||
Machinery | 8.7% | |||
Semiconductors | 7.5% | |||
Insurance | 7.0% | |||
Medical Equipment & Devices | 6.1% | |||
Internet Media & Services | 5.2% | |||
Technology Services | 4.9% | |||
Automotive | 4.6% | |||
Oil & Gas Producers | 3.5% | |||
Software | 3.5% | |||
Other Assets Less Liabilities - Net | 39.1% | |||
100.0% | ||||
Small Cap Value Fund | ||||
Top Ten Industries (% of Net Assets) | ||||
Banking | 13.0% | |||
Exchange Traded Fund | 11.6% | |||
REITs | 5.6% | |||
Machinery | 5.4% | |||
Leisure Facilities & Services | 5.2% | |||
Home Construction | 4.5% | |||
Chemicals | 4.3% | |||
Insurance | 4.3% | |||
Medical Equipment & Devices | 3.8% | |||
Electric Utilities | 3.6% | |||
Other Assets Less Liabilities - Net | 38.7% | |||
100.0% | ||||
Fixed Income Fund | ||||
Top Ten Industries (% of Net Assets) | ||||
Government Notes & Bonds | 58.3% | |||
Corporate Bonds | 21.7% | |||
Government Mortgage - Backed Securities | 17.9% | |||
Money Market Fund | 4.5% | |||
Other Assets Less Liabilities - Net | (2.4)% | |||
100.0% | ||||
Israel Common Values Fund | ||||
Top Ten Industries (% of Net Assets) | ||||
Software | 16.0% | |||
Banking | 15.8% | |||
Real Estate /owners & Developers | 11.0% | |||
Semiconductors | 7.0% | |||
Insurance | 5.3% | |||
Oil & Gas Producers | 4.4% | |||
Retail - Consumer Staples | 4.1% | |||
Health Care Facilities & Services | 3.9% | |||
Apparel & Textile Products | 3.4% | |||
Institutional Financial Services | 2.9% | |||
Other Assets Less Liabilities - Net | 26.2% | |||
100.0% |
1
Fund Profile
As of March 31, 2021 (Unaudited) (Continued)
Defensive Strategies Fund | ||||
Top Ten Industries (% of Net Assets) |
Treasury Inflation Protected Securities (TIPS) | 28.0% | |||
Alternative Investments | 23.4% | |||
REITs | 20.0% | |||
Money Market Fund | 8.2% | |||
Metals & Mining | 4.3% | |||
Oil & Gas Producers | 4.2% | |||
Chemicals | 2.5% | |||
Steel | 1.6% | |||
Machinery | 1.2% | |||
Exchange Traded Fund | 1.2% | |||
Other Assets Less Liabilities - Net | 5.4% | |||
100.0% | ||||
Conservative Growth Fund | ||||
Top Ten Industries | ||||
(% of Net Assets) | ||||
Mutual Funds | 54.3% | |||
Exchange Traded Funds | 41.6% | |||
Money Market Fund | 4.1% | |||
Other Assets Less Liabilities - Net | 0.0% | |||
100.0% |
Strategic Growth Fund | ||||
Top Ten Industries (% of Net Assets) | ||||
Exchange Traded Funds | 59.3% | |||
Mutual Funds | 39.1% | |||
Money Market Fund | 1.7% | |||
Other Assets Less Liabilities - Net | (0.1)% | |||
100.0% | ||||
Growth & Income Fund | ||||
Top Ten Industries (% of Net Assets) | ||||
Exchange Traded Fund | 66.7% | |||
Corporate Bonds | 17.8% | |||
Government Mortgage - Backed Securities | 8.5% | |||
Government Notes, Bonds & Agencies | 6.2% | |||
Money Market Fund | 1.5% | |||
Other Assets Less Liabilities - Net | (0.7)% | |||
100.0% |
2
Schedule of Investments | Aggressive Growth Fund
As of March 31, 2021 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 94.2 % | ||||||
AEROSPACE & DEFENSE - 0.8 % | ||||||
639 | TransDigm Group, Inc. * | $ | 375,681 | |||
APPAREL & TEXTILE PRODUCTS - 3.6 % | ||||||
2,579 | Deckers Outdoor Corp. * | 852,153 | ||||
18,224 | Tapestry, Inc. | 751,011 | ||||
1,603,164 | ||||||
BIOTECH & PHARMA - 8.7 % | ||||||
1,834 | Argenx SE * | 505,065 | ||||
18,633 | Horizon Therapeutics PLC * | 1,714,981 | ||||
2,789 | Novavax, Inc. * | 505,674 | ||||
6,752 | United Therapeutics Corp. * | 1,129,407 | ||||
3,855,127 | ||||||
CONTAINERS & PACKAGING - 2.4 % | ||||||
10,961 | Crown Holdings, Inc. | 1,063,655 | ||||
ELECTRICAL EQUIPMENT - 4.0 % | ||||||
3,686 | Fortive Corp. | 260,379 | ||||
2,744 | Generac Holdings, Inc. * | 898,523 | ||||
3,671 | Trane Technologies PLC | 607,771 | ||||
1,766,673 | ||||||
FOOD - 1.0 % | ||||||
5,853 | Darling Ingredients, Inc. * | 430,664 | ||||
FORESTRY, PAPER & WOOD PRODUCTS - 1.0 % | ||||||
4,816 | Trex Company, Inc. * | 440,857 | ||||
HEALTH CARE FACILITIES & SERVICES - 3.3 % | ||||||
6,460 | Catalent, Inc. * | 680,303 | ||||
4,047 | ICON PLC * | 794,709 | ||||
1,475,012 | ||||||
INDUSTRIAL SUPPORT SERVICES - 4.5 % | ||||||
6,126 | United Rentals, Inc. * | 2,017,353 | ||||
LEISURE FACILITIES & SERVICES - 4.0 % | ||||||
66,212 | Bloomin’ Brands, Inc. * | 1,791,035 | ||||
MACHINERY - 4.9 % | ||||||
4,991 | Lincoln Electric Holdings, Inc. | 613,594 | ||||
9,435 | Oshkosh Corp. | 1,119,557 | ||||
1,376 | Parker-Hannifin Corp. | 434,032 | ||||
2,167,183 | ||||||
MEDICAL EQUIPMENT & DEVICES - 13.4 % | ||||||
23,345 | Avantor, Inc. * | 675,371 | ||||
1,061 | DexCom, Inc. * | 381,313 | ||||
9,731 | Edwards Lifesciences Corp. * | 813,901 | ||||
1,694 | Insulet Corp. * | 441,998 | ||||
14,484 | Natera, Inc. * | 1,470,705 | ||||
2,963 | Novocure Ltd. * | 391,649 | ||||
3,713 | Repligen Corp. * | 721,844 | ||||
1,774 | STERIS PLC | 337,911 | ||||
1,808 | Teleflex, Inc. | 751,152 | ||||
5,985,844 | ||||||
RENEWABLE ENERGY - 2.6 % | ||||||
4,359 | Enphase Energy, Inc. * | 706,855 | ||||
7,369 | Sunrun, Inc. * | 445,677 | ||||
1,152,532 |
The accompanying notes are an integral part of these financial statements.
3
Schedule of Investments | Aggressive Growth Fund
As of March 31, 2021 (Unaudited) (Continued)
Shares | Fair Value | |||||
RETAIL - DISCRETIONARY - 7.3 % | ||||||
15,870 | Builders FirstSource, Inc. * | $ | 735,892 | |||
5,294 | Burlington Stores, Inc. * | 1,581,847 | ||||
16,361 | Foot Locker, Inc. | 920,306 | ||||
3,238,045 | ||||||
SEMICONDUCTORS - 12.5 % | ||||||
1,932 | KLA Corp. | 638,333 | ||||
1,855 | Lam Research Corp. | 1,104,170 | ||||
35,907 | Marvell Technology Group Ltd. | 1,758,725 | ||||
4,239 | Monolithic Power System, Inc. | 1,497,257 | ||||
4,539 | Teradyne, Inc. | 552,305 | ||||
5,550,790 | ||||||
SOFTWARE - 14.7 % | ||||||
1,161 | ANSYS, Inc. * | 394,229 | ||||
5,778 | Five9, Inc. * | 903,275 | ||||
498 | HubSpot, Inc. * | 226,197 | ||||
17,373 | Rapid7, Inc. * | 1,296,199 | ||||
3,787 | RingCentral, Inc. * | 1,128,072 | ||||
1,971 | ServiceNow, Inc. * | 985,717 | ||||
3,055 | Twilio, Inc. * | 1,041,022 | ||||
11,082 | Varonis Systems, Inc. * | 568,950 | ||||
6,543,661 | ||||||
TECHNOLOGY SERVICES - 5.5 % | ||||||
1,940 | EPAM Systems, Inc. * | 769,579 | ||||
1,207 | MarketAxess Holdings, Inc. | 600,989 | ||||
1,678 | MSCI, Inc. | 703,552 | ||||
4,020 | TransUnion | 361,800 | ||||
2,435,920 | ||||||
TOTAL COMMON STOCK (Cost $27,854,904) | 41,893,196 | |||||
MONEY MARKET FUND - 5.8 % | ||||||
2,602,048 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (A) (Cost $2,602,048) | 2,602,048 | ||||
TOTAL INVESTMENTS - 100.0 % (Cost $30,456,952) | $ | 44,495,244 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.0 % | 851 | |||||
NET ASSETS - 100.0 % | $ | 44,496,095 | ||||
* Non-income producing securities.
PLC - Public Limited Co.
(A) Variable rate security; the rate shown represents the yield at March 31, 2021.
The accompanying notes are an integral part of these financial statements.
4
Schedule of Investments | International Fund
As of March 31, 2021 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 96.7 % | ||||||
AEROSPACE & DEFENSE - 1.7 % | ||||||
54,000 | Safran SA (ADR) * | $ | 1,838,160 | |||
AUTOMOTIVE - 4.6 % | ||||||
37,300 | Magna International, Inc. - Class A | 3,283,892 | ||||
106,500 | Valeo SA (ADR) | 1,826,475 | ||||
5,110,367 | ||||||
BANKING - 9.9 % | ||||||
33,839 | DBS Group Holdings Ltd. (ADR) | 2,924,705 | ||||
83,000 | DNB ASA (ADR) | 1,775,702 | ||||
23,300 | HDFC Bank Ltd. (ADR) * | 1,810,177 | ||||
99,100 | ICICI Bank Ltd. (ADR) * | 1,588,573 | ||||
225,000 | Itau Unibanco Holding SA (ADR) | 1,116,000 | ||||
50,600 | KBC Group NV (ADR) * | 1,847,912 | ||||
11,063,069 | ||||||
CHEMICALS - 2.8 % | ||||||
13,400 | Arkema SA (ADR) | 1,634,130 | ||||
74,000 | BASF SE (ADR) | 1,532,540 | ||||
3,166,670 | ||||||
CONSTRUCTION MATERIALS - 1.8 % | ||||||
30,500 | Xinyi Glass Holdings Ltd. (ADR) | 1,971,215 | ||||
CONSUMER SERVICES - 0.6 % | ||||||
47,000 | New Oriental Education & Technology Group, Inc. (ADR) * | 658,000 | ||||
E-COMMERCE DISCRETIONARY - 0.5 % | ||||||
4,400 | Pinduoduo, Inc. (ADR) * | 589,072 | ||||
ELECTRIC UTILITIES - 2.3 % | ||||||
258,000 | Enel SpA (ADR) | 2,554,200 | ||||
ELECTRICAL EQUIPMENT - 1.5 % | ||||||
55,400 | Schneider Electric SE (ADR) | 1,685,268 | ||||
ENGINEERING & CONSTRUCTION - 2.9 % | ||||||
125,000 | Vinci SA (ADR) | 3,222,500 | ||||
FOOD - 2.9 % | ||||||
18,000 | Kerry Group PLC (ADR) | 2,273,580 | ||||
40,000 | Mowi ASA (ADR) | 991,200 | ||||
3,264,780 | ||||||
HEALTH CARE FACILITIES & SERVICES - 1.4 % | ||||||
15,000 | Fresenius Medical Care AG & Co. (ADR) | 553,200 | ||||
5,100 | ICON PLC * | 1,001,487 | ||||
1,554,687 | ||||||
HOUSEHOLD PRODUCTS - 1.0 % | ||||||
85,000 | Kao Corp. (ADR) | 1,127,100 | ||||
INDUSTRIAL SUPPORT SERVICES - 2.0 % | ||||||
9,000 | Ashtead Group PLC (ADR) | 2,196,000 | ||||
INSTITUTIONAL FINANCIAL SERVICES - 2.3 % | ||||||
153,500 | Deutsche Boerse AG (ADR) | 2,540,732 | ||||
INSURANCE - 7.0 % | ||||||
31,100 | Ageas (ADR) | 1,895,856 | ||||
52,000 | AIA Group Ltd. (ADR) | 2,552,680 | ||||
47,400 | Muenchener Rueckversicherungs AG (ADR) | 1,461,342 | ||||
84,600 | Sampo Oyj (ADR) | 1,902,654 | ||||
7,812,532 |
The accompanying notes are an integral part of these financial statements.
5
Schedule of Investments | International Fund
As of March 31, 2021 (Unaudited) (Continued)
Shares | Fair Value | |||||
INTERNET MEDIA & SERVICES - 5.2 % | ||||||
35,000 | Naspers Ltd. (ADR) | $ | 1,678,250 | |||
80,000 | Prosus NV (ADR) | 1,778,400 | ||||
450 | Shopify, Inc. * | 497,925 | ||||
28,200 | Yandex NV * | 1,806,492 | ||||
5,761,067 | ||||||
LEISURE PRODUCTS - 1.5 % | ||||||
71,000 | Shimano, Inc. (ADR) | 1,696,190 | ||||
MACHINERY - 8.7 % | ||||||
47,500 | Atlas Copco AB (ADR) | 2,484,250 | ||||
70,000 | FANUC Corp. (ADR) | 1,687,525 | ||||
64,650 | Techtronic Industries Co. (ADR) | 5,552,789 | ||||
9,724,564 | ||||||
MEDICAL EQUIPMENT & DEVICES - 6.1 % | ||||||
37,200 | Alcon, Inc. * | 2,610,696 | ||||
22,200 | Hoya Corp. (ADR) | 2,642,910 | ||||
41,400 | Smith & Nephew PLC (ADR) | 1,569,060 | ||||
6,822,666 | ||||||
METALS & MINING - 1.8 % | ||||||
26,000 | Rio Tinto PLC (ADR) | 2,018,900 | ||||
OIL & GAS PRODUCERS - 3.5 % | ||||||
136,000 | Equinor ASA (ADR) | 2,646,560 | ||||
209,000 | Galp Energia SGPS SA (ADR) | 1,203,840 | ||||
3,850,400 | ||||||
RETAIL - CONSUMER STAPLES - 1.0 % | ||||||
45,948 | Pan Pacific International Holdings Corp. (ADR) | 1,071,507 | ||||
SEMICONDUCTORS - 7.5 % | ||||||
6,250 | ASML Holding NV (ADR) | 3,858,500 | ||||
12,000 | NXP Semiconductors NV | 2,416,080 | ||||
17,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 2,010,760 | ||||
8,285,340 | ||||||
SOFTWARE - 3.5 % | ||||||
10,200 | Nice Ltd. (ADR) * | 2,223,294 | ||||
34,640 | Open Text Corp. | 1,652,674 | ||||
3,875,968 | ||||||
SPECIALTY FINANCE - 1.6 % | ||||||
21,000 | ORIX Corp. (ADR) | 1,780,590 | ||||
TECHNOLOGY HARDWARE - 1.2 % | ||||||
21,438 | FUJIFILM Holdings Corp. (ADR) | 1,279,849 | ||||
TECHNOLOGY SERVICES - 4.9 % | ||||||
7,400 | Adyen NV (ADR) * | 331,002 | ||||
36,400 | Amadeus IT Group SA (ADR) * | 2,604,129 | ||||
43,000 | Infosys Ltd. (ADR) | 804,960 | ||||
38,000 | Pagseguro Digital Ltd. * | 1,759,400 | ||||
5,499,491 | ||||||
TELECOMMUNICATIONS - 1.8 % | ||||||
77,300 | Nippon Telegraph & Telephone Corp. (ADR) | 2,002,843 | ||||
TRANSPORTATION & LOGISTICS - 3.2 % | ||||||
9,400 | Canadian Pacific Railway Ltd. | 3,565,326 | ||||
TOTAL COMMON STOCK (Cost $73,263,735) | 107,589,053 |
The accompanying notes are an integral part of these financial statements.
6
Schedule of Investments | International Fund
As of March 31, 2021 (Unaudited) (Continued)
Shares | Fair Value | |||||
MONEY MARKET FUND - 3.5 % | ||||||
3,843,176 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (A) (Cost $3,843,176) | $ | 3,843,176 | |||
TOTAL INVESTMENTS - 100.2 % (Cost $77,106,911) | $ | 111,432,229 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.2) % | (204,728) | |||||
NET ASSETS - 100.0 % | $ | 111,227,501 | ||||
*Non-income producing securities.
ADR - American Depositary Receipt.
PLC - Public Limited Co.
(A) Variable rate security; the rate shown represents the yield at March 31, 2021.
Diversification of Assets | ||
Country | % of Net Assets | |
Japan | 12.0% | |
France | 9.2% | |
Hong Kong | 9.1% | |
Canada | 8.1% | |
Netherlands | 7.5% | |
Germany | 5.5% | |
United Kingdom | 5.2% | |
Norway | 4.9% | |
India | 3.8% | |
Belgium | 3.4% | |
Ireland | 2.9% | |
Singapore | 2.6% | |
Brazil | 2.6% | |
Switzerland | 2.3% | |
Spain | 2.3% | |
Italy | 2.3% | |
Sweden | 2.2% | |
Israel | 2.0% | |
Taiwan | 1.8% | |
Finland | 1.7% | |
Russia | 1.6% | |
South Africa | 1.5% | |
China | 1.1% | |
Portugal | 1.1% | |
Total | 96.7% | |
Money Market Fund | 3.5% | |
Other Assets Less Liabilities - Net | (0.2)% | |
Grand Total | 100.0% | |
The accompanying notes are an integral part of these financial statements.
7
Schedule of Investments | Large/Mid Cap Growth Fund
As of March 31, 2021 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 77.1 % | ||||||
BANKING - 0.9 % | ||||||
10,774 | Western Alliance Bancorp | $ | 1,017,497 | |||
BIOTECH & PHARMA - 6.6 % | ||||||
2,816 | Amgen, Inc. | 700,649 | ||||
18,734 | Horizon Therapeutics PLC * | 1,724,277 | ||||
6,572 | Neurocrine Biosciences, Inc. * | 639,127 | ||||
5,964 | Sarepta Therapeutics, Inc. * | 444,497 | ||||
5,401 | Vertex Pharmaceuticals, Inc. * | 1,160,621 | ||||
18,691 | Zoetis, Inc. | 2,943,459 | ||||
7,612,630 | ||||||
CHEMICALS - 2.8 % | ||||||
16,730 | FMC Corp. | 1,850,505 | ||||
4,997 | Linde PLC | 1,399,860 | ||||
3,250,365 | ||||||
CONSUMER SERVICES - 0.5 % | ||||||
5,359 | Grand Canyon Education, Inc. * | 573,949 | ||||
DIVERSIFIED INDUSTRIALS - 2.5 % | ||||||
16,353 | Emerson Electric Co. | 1,475,368 | ||||
6,258 | Honeywell International, Inc. | 1,358,424 | ||||
2,833,792 | ||||||
ELECTRIC UTILITIES - 0.8 % | ||||||
30,484 | PPL Corp. | 879,159 | ||||
ELECTRICAL EQUIPMENT - 3.5 % | ||||||
26,732 | Amphenol Corp. - Class A | 1,763,510 | ||||
13,796 | Fortive Corp. | 974,549 | ||||
8,164 | Trane Technologies PLC | 1,351,632 | ||||
4,089,691 | ||||||
HEALTH CARE FACILITIES & SERVICES - 1.2 % | ||||||
7,400 | IQVIA Holdings, Inc. * | 1,429,236 | ||||
INSTITUTIONAL FINANCIAL SERVICES - 1.4 % | ||||||
14,572 | Intercontinental Exchange, Inc. | 1,627,401 | ||||
INSURANCE - 1.7 % | ||||||
15,754 | Arthur J. Gallagher & Co. | 1,965,627 | ||||
LEISURE FACILITIES & SERVICES - 1.4 % | ||||||
1,160 | Chipotle Mexican Grill, Inc. * | 1,648,151 | ||||
MACHINERY - 2.0 % | ||||||
5,527 | Caterpillar, Inc. | 1,281,545 | ||||
9,104 | Oshkosh Corp. | 1,080,281 | ||||
2,361,826 | ||||||
MEDICAL EQUIPMENT & DEVICES - 7.3 % | ||||||
10,988 | Baxter International, Inc. | 926,728 | ||||
5,002 | Danaher Corp. | 1,125,850 | ||||
16,458 | Edwards Lifesciences Corp. * | 1,376,547 | ||||
5,934 | Insulet Corp. * | 1,548,299 | ||||
2,364 | Intuitive Surgical, Inc. * | 1,746,854 | ||||
3,963 | Teleflex, Inc. | 1,646,468 | ||||
8,370,746 | ||||||
OIL & GAS PRODUCERS - 0.6 % | ||||||
13,284 | ConocoPhillips | 703,653 |
The accompanying notes are an integral part of these financial statements.
8
Schedule of Investments | Large/Mid Cap Growth Fund
As of March 31, 2021 (Unaudited) (Continued)
Shares | Fair Value | |||||
RETAIL - CONSUMER STAPLES - 3.7 % | ||||||
6,208 | Costco Wholesale Corp. | $ | 2,188,196 | |||
10,119 | Dollar General Corp. | 2,050,312 | ||||
4,238,508 | ||||||
RETAIL - DISCRETIONARY - 7.2 % | ||||||
5,781 | Burlington Stores, Inc. * | 1,727,362 | ||||
36,621 | Foot Locker, Inc. | 2,059,931 | ||||
9,092 | Lowe’s Cos, Inc. | 1,729,117 | ||||
3,742 | Lululemon Athletica, Inc. * | 1,147,709 | ||||
3,364 | O’Reilly Automotive, Inc. * | 1,706,389 | ||||
8,370,508 | ||||||
SEMICONDUCTORS - 14.0 % | ||||||
33,315 | Advanced Micro Devices, Inc. * | 2,615,228 | ||||
5,155 | Broadcom Ltd. | 2,390,167 | ||||
17,852 | Maxim Integrated Products, Inc. | 1,631,137 | ||||
18,002 | Micron Technology, Inc. * | 1,587,956 | ||||
5,067 | Monolithic Power Systems, Inc. | 1,789,715 | ||||
6,881 | NVIDIA Corp. | 3,673,972 | ||||
12,199 | NXP Semiconductors NV | 2,456,147 | ||||
16,144,322 | ||||||
SOFTWARE - 8.8 % | ||||||
2,285 | HubSpot, Inc. * | 1,037,870 | ||||
5,008 | Palo Alto Networks, Inc. * | 1,612,876 | ||||
25,788 | Rapid7, Inc. * | 1,924,043 | ||||
6,538 | ServiceNow, Inc. * | 3,269,719 | ||||
9,354 | Synopsys, Inc. * | 2,317,734 | ||||
10,162,242 | ||||||
TECHNOLOGY HARDWARE - 1.2 % | ||||||
20,894 | Western Digital Corp. | 1,394,675 | ||||
TECHNOLOGY SERVICES - 6.6 % | ||||||
20,164 | CDW Corp. | 3,342,183 | ||||
5,066 | EPAM Systems, Inc. * | 2,009,632 | ||||
9,066 | Fidelity National Information Services, Inc. | 1,274,770 | ||||
1,942 | MarketAxess Holdings, Inc. | 966,961 | ||||
7,593,546 | ||||||
TRANSPORTATION & LOGISTICS - 1.4 % | ||||||
4,325 | Canadian Pacific Railway Ltd. | 1,640,429 | ||||
TRANSPORTATION & EQUIPMENT - 1.0 % | ||||||
12,086 | PACCAR, Inc. | 1,123,031 | ||||
TOTAL COMMON STOCK (Cost $56,788,116) | 89,030,984 | |||||
EXCHANGE TRADED FUND (A) - 20.5 % | ||||||
720,000 | Timothy Plan US Large/Mid Cap Core ETF (Cost $18,061,200) | 23,697,432 | ||||
MONEY MARKET FUND - 3.1 % | ||||||
3,568,388 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (B) | 3,568,388 | ||||
(Cost $3,568,388) | ||||||
TOTAL INVESTMENTS - 100.7 % (Cost $78,417,704) | $ | 116,296,804 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.7) % | (876,849 | ) | ||||
NET ASSETS - 100.0 % | $ | 115,419,955 | ||||
*Non-income producing securities.
ETF - Exchange Traded Fund.
PLC - Public Limited Co.
(A) Affiliated Fund.
(B) Variable rate security; the rate shown represents the yield at March 31, 2021.
The accompanying notes are an integral part of these financial statements.
9
Schedule of Investments | Small Cap Value Fund
As of March 31, 2021 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 79.3 % | ||||||
AEROSPACE/DEFENSE - 3.1 % | ||||||
43,167 | Kaman Corp. | $ | 2,214,035 | |||
34,745 | Moog, Inc. | 2,889,047 | ||||
5,103,082 | ||||||
APPAREL & TEXTILE PRODUCTS - 1.8 % | ||||||
33,366 | Oxford Industries, Inc. | 2,916,856 | ||||
BANKING - 13.0 % | ||||||
59,421 | Columbia Banking System, Inc. | 2,560,451 | ||||
92,308 | Great Western Bancorp, Inc. | 2,796,009 | ||||
77,267 | Hilltop Holdings, Inc. | 2,637,123 | ||||
32,488 | International Bancshares Corp. | 1,508,093 | ||||
73,500 | Provident Financial Services, Inc. | 1,637,580 | ||||
65,169 | Renasant Corp. | 2,696,693 | ||||
69,196 | Sandy Spring Bancorp, Inc. | 3,005,182 | ||||
94,227 | Simmons First National Corp. | 2,795,715 | ||||
42,722 | Trustmark Corp. | 1,438,023 | ||||
21,074,869 | ||||||
CHEMICALS - 4.3 % | ||||||
56,279 | Avient Corp. | 2,660,308 | ||||
14,731 | Innospec, Inc. | 1,512,726 | ||||
22,749 | Stepan Co. | 2,891,625 | ||||
7,064,659 | ||||||
COMMERCIAL SUPPORT SERVICES - 1.8 % | ||||||
105,245 | Healthcare Services Group, Inc. | 2,950,017 | ||||
ELECTRIC UTILITIES - 3.6 % | ||||||
62,727 | Avista Corp. | 2,995,214 | ||||
44,097 | NorthWestern Corp. | 2,875,124 | ||||
5,870,338 | ||||||
ENGINEERING & CONSTRUCTION - 1.8 % | ||||||
39,721 | Comfort Systems USA, Inc. | 2,969,939 | ||||
FOOD - 3.4 % | ||||||
194,392 | Hostess Brands, Inc. * | 2,787,581 | ||||
17,381 | J & J Snack Foods Corp. | 2,729,339 | ||||
5,516,920 | ||||||
FORESTRY, PAPER & WOOD PRODUCTS - 2.1 % | ||||||
44,145 | UFP Industries, Inc. | 3,347,957 | ||||
GAS & WATER UTILITIES - 1.7 % | ||||||
119,257 | South Jersey Industries, Inc. | 2,692,823 | ||||
HEALTH CARE FACILITIES & SERVICES - 0.9 % | ||||||
45,347 | Patterson Companies, Inc. | 1,448,837 | ||||
HOME & OFFICE PRODUCTS - 1.6 % | ||||||
155,623 | Knoll, Inc. | 2,569,336 | ||||
HOME CONSTRUCTION - 4.5 % | ||||||
49,264 | Century Communities, Inc. * | 2,971,605 | ||||
51,854 | Griffon Corp. | 1,408,873 | ||||
25,615 | Masonite International Corp. * | 2,951,873 | ||||
7,332,351 | ||||||
HOUSEHOLD PRODUCTS - 2.0 % | ||||||
61,399 | Central Garden & Pet Co. * | 3,185,994 |
The accompanying notes are an integral part of these financial statements.
10
Schedule of Investments | Small Cap Value Fund
As of March 31, 2021 (Unaudited) (Continued)
Shares | Fair Value | |||||
INSTITUTIONAL FINANCIAL SERVICES - 3.5 % | ||||||
50,038 | Moelis & Co. | $ | 2,746,085 | |||
26,258 | Piper Sandler Companies | 2,879,190 | ||||
5,625,275 | ||||||
INSURANCE - 4.3 % | ||||||
55,251 | Argo Group International Holdings Ltd. | 2,780,230 | ||||
61,746 | James River Group Holdings Ltd. | 2,816,853 | ||||
23,041 | Mercury General Corp. | 1,401,123 | ||||
6,998,206 | ||||||
LEISURE FACILITIES & SERVICES - 5.2 % | ||||||
51,146 | Bloomin’ Brands, Inc. * | 1,383,499 | ||||
33,931 | Chuy’s Holdings, Inc. * | 1,503,822 | ||||
25,436 | Jack in the Box, Inc. | 2,792,364 | ||||
31,042 | Papa John’s International, Inc. | 2,751,563 | ||||
8,431,248 | ||||||
MACHINERY - 5.4 % | ||||||
9,579 | Alamo Group, Inc. | 1,495,761 | ||||
51,595 | Altra Industrial Motion Corp. | 2,854,235 | ||||
26,376 | Columbus McKinnon Corp. | 1,391,598 | ||||
77,938 | Federal Signal Corp. | 2,985,025 | ||||
8,726,619 | ||||||
MEDICAL EQUIPMENT & DEVICES - 3.8 % | ||||||
23,463 | CONMED Corp. | 3,064,033 | ||||
51,762 | Merit Medical Systems, Inc. * | 3,099,509 | ||||
6,163,542 | ||||||
METALS & MINING - 0.9 % | ||||||
21,568 | Encore Wire Corp. | 1,447,860 | ||||
OIL & GAS PRODUCERS - 1.7 % | ||||||
81,562 | PDC Energy, Inc. * | 2,805,733 | ||||
RETAIL - DISCRETIONARY - 3.5 % | ||||||
44,744 | Monro, Inc. | 2,944,155 | ||||
55,841 | Sonic Automotive, Inc. | 2,768,038 | ||||
5,712,193 | ||||||
SEMICONDUCTORS - 1.9 % | ||||||
130,870 | Amkor Technology, Inc. * | 3,102,928 | ||||
TECHNOLOGY HARDWARE - 1.7 % | ||||||
176,811 | Viavi Solutions, Inc. * | 2,775,933 | ||||
TECHNOLOGY SERVICES - 1.8 % | ||||||
125,762 | Repay Holdings Corp. * | 2,952,892 | ||||
TOTAL COMMON STOCK (Cost $100,123,794) | 128,786,407 | |||||
EXCHANGE TRADED FUND (A) - 11.6 % | ||||||
580,000 | Timothy Plan US Small Cap Core ETF (Cost $14,834,080) | 18,848,782 | ||||
REITs - 5.6 % | ||||||
8,922 | Community Healthcare Trust Inc | 411,483 | ||||
66,514 | Easterly Government Properties, Inc. | 1,378,835 | ||||
69,649 | National Storage Affiliates Trust | 2,781,084 | ||||
11,918 | Plymouth Industrial REIT, Inc. | 200,818 | ||||
53,289 | PotlatchDeltic Corp. | 2,820,054 | ||||
147,467 | Summit Hotel Properties, Inc. * | 1,498,265 | ||||
TOTAL REITs (Cost $8,356,838) | 9,090,539 |
The accompanying notes are an integral part of these financial statements.
11
Schedule of Investments | Small Cap Value Fund
As of March 31, 2021 (Unaudited) (Continued)
Shares | Fair Value | |||||
MONEY MARKET FUND - 1.9 % | ||||||
3,077,062 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (B) | $ | 3,077,062 | |||
(Cost $3,077,062) | ||||||
TOTAL INVESTMENTS - 98.4 % (Cost $126,391,774) | $ | 159,802,790 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 1.6 % | 2,568,829 | |||||
NET ASSETS - 100.0 % | $ | 162,371,619 | ||||
* Non-income producing securities.
ETF - Exchange Traded Fund.
REITs - Real Estate Investment Trusts.
(A) Affiliated Fund.
(B) Variable rate security; the rate shown represents the yield at March 31, 2021.
The accompanying notes are an integral part of these financial statements.
12
Schedule of Investments | Large/Mid Cap Value Fund
As of March 31, 2021 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 66.9 % | ||||||
AEROSPACE/DEFENSE - 1.9 % | ||||||
23,898 | General Dynamics Corp. | $ | 4,338,921 | |||
ASSET MANAGEMENT - 1.8 % | ||||||
61,114 | Charles Schwab Corp. | 3,983,411 | ||||
BANKING - 4.0 % | ||||||
55,493 | BOK Financial Corp. | 4,956,635 | ||||
42,473 | Western Alliance Bancorp | 4,011,150 | ||||
8,967,785 | ||||||
CABLE & SATELLITE - 3.8 % | ||||||
2,210 | Cable One, Inc. | 4,040,676 | ||||
29,725 | Liberty Broadband Corp. * | 4,463,209 | ||||
8,503,885 | ||||||
CHEMICALS - 1.9 % | ||||||
5,737 | Sherwin-Williams Co. | 4,233,963 | ||||
DIVERSIFIED INDUSTRIALS - 3.5 % | ||||||
24,701 | Eaton Corp. PLC | 3,415,654 | ||||
20,741 | Honeywell International, Inc. | 4,502,249 | ||||
7,917,903 | ||||||
ELECTRIC UTILITIES - 3.5 % | ||||||
52,787 | CMS Energy Corp. | 3,231,620 | ||||
47,840 | WEC Energy Group, Inc. | 4,477,346 | ||||
7,708,966 | ||||||
ELECTRICAL EQUIPMENT - 1.0 % | ||||||
11,559 | Hubbell, Inc. | 2,160,261 | ||||
FOOD - 5.4 % | ||||||
30,466 | JM Smucker Co. | 3,854,863 | ||||
51,700 | Lamb Weston Holdings, Inc. | 4,005,716 | ||||
46,590 | McCormick & Co., Inc. | 4,153,964 | ||||
12,014,543 | ||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.7 % | ||||||
34,919 | Intercontinental Exchange, Inc. | 3,899,754 | ||||
INSURANCE - 1.6 % | ||||||
29,413 | Arthur J. Gallagher & Co. | 3,669,860 | ||||
MACHINERY - 3.6 % | ||||||
34,530 | Curtiss-Wright Corp. | 4,095,258 | ||||
23,827 | Middleby Corp. * | 3,949,325 | ||||
8,044,583 | ||||||
MEDICAL EQUIPMENT & DEVICES - 5.1 % | ||||||
27,155 | PerkinElmer, Inc. | 3,483,715 | ||||
18,640 | STERIS PLC | 3,550,547 | ||||
27,589 | Zimmer Biomet Holdings, Inc. | 4,416,447 | ||||
11,450,709 | ||||||
OIL & GAS PRODUCERS - 1.4 % | ||||||
44,205 | EOG Resources, Inc. | 3,206,189 | ||||
RETAIL - CONSUMER STAPLES - 1.9 % | ||||||
21,164 | Dollar General Corp. | 4,288,250 | ||||
RETAIL - DISCRETIONARY - 3.8 % | ||||||
7,830 | O’Reilly Automotive, Inc. * | 3,971,767 | ||||
24,858 | Tractor Supply Co. | 4,401,855 | ||||
8,373,622 |
The accompanying notes are an integral part of these financial statements.
13
Schedule of Investments | Large/Mid Cap Value Fund
As of March 31, 2021 (Unaudited) (Continued)
Shares | Fair Value | |||||
SEMICONDUCTORS - 10.1 % | ||||||
8,552 | Broadcom, Inc. | $ | 3,965,220 | |||
27,031 | Microchip Technology, Inc. | 4,195,752 | ||||
74,045 | Micron Technology, Inc. * | 6,531,509 | ||||
11,270 | Monolithic Power Systems, Inc. | 3,980,677 | ||||
7,259 | NVIDIA Corp. | 3,875,798 | ||||
22,548,956 | ||||||
SOFTWARE - 5.2 % | ||||||
30,325 | Cadence Design Systems, Inc. * | 4,154,222 | ||||
15,530 | Synopsys, Inc. * | 3,848,023 | ||||
8,458 | Tyler Technologies, Inc. * | 3,590,675 | ||||
11,592,920 | ||||||
TECHNOLOGY SERVICES - 2.8 % | ||||||
8,876 | CACI International, Inc. * | 2,189,354 | ||||
33,644 | Fiserv, Inc. * | 4,004,982 | ||||
6,194,336 | ||||||
TRANSPORTATION & LOGISTICS - 2.0 % | ||||||
20,188 | Union Pacific Corp. | 4,449,637 | ||||
TRANSPORTATION EQUIPMENT - 0.9 % | ||||||
26,316 | Westinghouse Air Brake Technologies Corp. | 2,083,174 | ||||
TOTAL COMMON STOCK (Cost $106,994,518) | 149,631,628 | |||||
EXCHANGE TRADED FUNDS (A) - 25.5 % | ||||||
920,000 | Timothy Plan High Dividend Stock ETF | 26,634,000 | ||||
920,000 | Timothy Plan US Large/Mid Cap Core ETF | 30,280,052 | ||||
TOTAL EXCHANGE TRADED FUNDS (Cost $46,064,400) | 56,914,052 | |||||
REITs - 4.5 % | ||||||
25,809 | Crown Castle International Corp. | 4,442,503 | ||||
22,205 | CyrusOne, Inc. | 1,503,723 | ||||
16,913 | Public Storage | 4,173,452 | ||||
TOTAL REITs (Cost $9,102,727) | 10,119,678 | |||||
MONEY MARKET FUND - 3.1 % | ||||||
6,923,187 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (B) | 6,923,187 | ||||
(Cost $6,923,187) | ||||||
TOTAL INVESTMENTS - 100.0 % (Cost $169,084,832) | $ | 223,588,545 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.0 % | (69,516 | ) | ||||
NET ASSETS - 100.0 % | $ | 223,519,029 | ||||
* Non-income producing securities.
ETF - Exchange Traded Fund.
PLC - Public Limited Co.
REITs - Real Estate Investment Trusts.
(A) Affiliated Funds.
(B) Variable rate security; the rate shown represents the yield at March 31, 2021.
The accompanying notes are an integral part of these financial statements.
14
Schedule of Investments | Fixed Income Fund
As of March 31, 2021 (Unaudited)
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||
BONDS & NOTES - 97.9 % | ||||||||||||
CORPORATE BONDS - 21.7 % | ||||||||||||
$ 1,000,000 | ABB Finance USA, Inc. | 2.875 | 5/8/2022 | $ | 1,028,413 | |||||||
1,000,000 | American Electric Power | 3.200 | 11/13/2027 | 1,078,371 | ||||||||
500,000 | Analog Devices, Inc. | 3.900 | 12/15/2025 | 554,368 | ||||||||
1,000,000 | Aptiv Corp. | 4.150 | 3/15/2024 | 1,091,479 | ||||||||
1,000,000 | Canadian Pacific RR Co. | 2.900 | 2/1/2025 | 1,062,787 | ||||||||
1,000,000 | CBOE Holdings, Inc. | 3.650 | 1/12/2027 | 1,101,027 | ||||||||
1,000,000 | Columbia Pipeline Group, Inc. | 4.500 | 6/1/2025 | 1,120,317 | ||||||||
1,000,000 | CSX Corp. | 3.250 | 6/1/2027 | 1,088,333 | ||||||||
500,000 | Digital Realty Trust LP | 3.700 | 8/15/2027 | 551,360 | ||||||||
500,000 | Dollar General Corp. | 4.125 | 5/1/2028 | 560,408 | ||||||||
750,000 | Eaton Corp. | 2.750 | 11/2/2022 | 778,355 | ||||||||
1,000,000 | Enable Midstream Partners LP | 3.900 | 5/15/2024 | 1,065,690 | ||||||||
855,000 | European Investment Bank | 2.375 | 6/15/2022 | 877,554 | ||||||||
880,000 | Healthpeak Properties, Inc. | 3.500 | 7/15/2029 | 944,042 | ||||||||
861,955 | John Sevier Combined Cycle Generation LLC | 4.626 | 1/15/2042 | 1,001,928 | ||||||||
865,000 | Kreditanstalt fuer Wiederaufbau | 2.125 | 6/15/2022 | 885,312 | ||||||||
800,000 | LYB International Finance BV | 4.000 | 7/15/2023 | 860,655 | ||||||||
855,000 | National Rural Utilities Cooperative Finance Corp. | 2.950 | 2/7/2024 | 906,013 | ||||||||
1,500,000 | NiSource Finance Corp. | 3.490 | 5/15/2027 | 1,628,974 | ||||||||
1,000,000 | Nutrien Ltd. | 4.000 | 12/15/2026 | 1,121,637 | ||||||||
1,000,000 | Phillips 66 Partners LP | 3.605 | 2/15/2025 | 1,070,589 | ||||||||
870,000 | Province of Ontario Canada | 2.500 | 4/27/2026 | 928,425 | ||||||||
865,000 | Province of Quebec Canada | 2.375 | 1/31/2022 | 880,491 | ||||||||
700,000 | Sunoco Logistics Partners LP | 4.250 | 4/1/2024 | 758,590 | ||||||||
1,200,000 | Ventas Realty LP | 3.250 | 8/15/2022 | 1,235,568 | ||||||||
697,000 | WEC Energy Group, Inc. | 3.550 | 6/15/2025 | 756,177 | ||||||||
1,000,000 | Zimmer Biomet Holdings, Inc. | 3.700 | 3/19/2023 | 1,058,203 | ||||||||
TOTAL CORPORATE BONDS (Cost $24,322,386) | 25,995,066 | |||||||||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 76.2 % | ||||||||||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 17.9 % | ||||||||||||
180,751 | GNMA Pool G2 4520 | 5.000 | 8/20/2039 | 207,931 | ||||||||
238,818 | GNMA Pool G2 4947 | 5.000 | 2/20/2041 | 274,790 | ||||||||
887,213 | GNMA Pool G2 BN2662 | 3.000 | 10/20/2049 | 925,930 | ||||||||
507,267 | GNMA Pool G2 MA3376 | 3.500 | 1/20/2046 | 542,619 | ||||||||
335,181 | GNMA Pool G2 MA3596 | 3.000 | 4/20/2046 | 354,051 | ||||||||
908,237 | GNMA Pool G2 MA3663 | 3.500 | 5/20/2046 | 976,067 | ||||||||
330,274 | GNMA Pool G2 MA3736 | 3.500 | 6/20/2046 | 352,818 | ||||||||
557,453 | GNMA Pool G2 MA4004 | 3.500 | 10/20/2046 | 596,660 | ||||||||
367,601 | GNMA Pool G2 MA4509 | 3.000 | 6/20/2047 | 389,484 | ||||||||
487,923 | GNMA Pool G2 MA4652 | 3.500 | 8/20/2047 | 519,751 | ||||||||
615,077 | GNMA Pool G2 MA4719 | 3.500 | 9/20/2047 | 653,874 | ||||||||
628,386 | GNMA Pool G2 MA4778 | 3.500 | 10/20/2047 | 671,480 | ||||||||
519,829 | GNMA Pool G2 MA4901 | 4.000 | 12/20/2047 | 561,540 | ||||||||
464,904 | GNMA Pool G2 MA4963 | 4.000 | 1/20/2048 | 502,468 | ||||||||
528,374 | GNMA Pool G2 MA6092 | 4.500 | 8/20/2049 | 572,000 | ||||||||
596,869 | GNMA Pool G2 MA6156 | 4.500 | 9/20/2049 | 647,031 | ||||||||
541,392 | GNMA Pool G2 MA6221 | 4.500 | 10/20/2049 | 586,329 | ||||||||
891,949 | GNMA Pool G2 MA6338 | 3.000 | 12/20/2049 | 929,618 | ||||||||
860,340 | GNMA Pool G2 MA6476 | 4.000 | 2/20/2050 | 920,855 | ||||||||
601,285 | GNMA Pool G2 MA6477 | 4.500 | 2/20/2050 | 651,500 | ||||||||
857,787 | GNMA Pool G2 MA6478 | 5.000 | 2/20/2050 | 942,424 | ||||||||
953,851 | GNMA Pool G2 MA6544 | 4.500 | 3/20/2050 | 1,032,364 | ||||||||
675,963 | GNMA Pool G2 MA6545 | 5.000 | 3/20/2050 | 740,438 | ||||||||
743,402 | GNMA Pool G2 MA6600 | 3.500 | 4/20/2050 | 785,364 | ||||||||
674,061 | GNMA Pool G2 MA6601 | 4.000 | 4/20/2050 | 720,048 | ||||||||
688,725 | GNMA Pool G2 MA6603 | 5.000 | 4/20/2050 | 754,375 | ||||||||
1,039,642 | GNMA Pool G2 MA6865 | 2.500 | 9/20/2050 | 1,072,995 | ||||||||
1,443,592 | GNMA Pool G2 MA6932 | 3.000 | 10/20/2050 | 1,507,249 | ||||||||
1,455,000 | GNMA Pool G2 MA7255 | 2.500 | 3/20/2051 | 1,502,279 | ||||||||
27,887 | GNMA Pool GN 723248 | 5.000 | 10/15/2039 | 32,490 | ||||||||
365,955 | GNMA Pool GN 783060 | 4.000 | 8/15/2040 | 402,669 | ||||||||
145,876 | GNMA Pool GN 783403 | 3.500 | 9/15/2041 | 156,540 | ||||||||
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $21,113,020) | 21,486,031 |
The accompanying notes are an integral part of these financial statements.
15
Schedule of Investments | Fixed Income Fund
As of March 31, 2021 (Unaudited) (Continued)
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
GOVERNMENT NOTES & BONDS - 58.3 % | ||||||||||||||
$ 4,280,000 | United States Treasury Note | 3.125 | 5/15/2021 | $ | 4,295,940 | |||||||||
7,290,000 | United States Treasury Note | 2.125 | 6/30/2022 | 7,474,243 | ||||||||||
2,895,000 | United States Treasury Note | 0.250 | 6/15/2023 | 2,898,506 | ||||||||||
8,135,000 | United States Treasury Note | 2.250 | 11/15/2024 | 8,632,474 | ||||||||||
18,015,000 | United States Treasury Note | 2.000 | 8/15/2025 | 18,979,436 | ||||||||||
8,260,000 | United States Treasury Note | 1.625 | 2/15/2026 | 8,540,549 | ||||||||||
11,790,000 | United States Treasury Note | 1.500 | 2/15/2030 | 11,639,862 | ||||||||||
4,540,000 | United States Treasury Note | 4.500 | 2/15/2036 | 6,000,603 | ||||||||||
1,215,000 | United States Treasury Note | 3.000 | 2/15/2049 | 1,361,702 | ||||||||||
TOTAL GOVERNMENT NOTES & BONDS (Cost $69,437,585) |
| 69,823,315 | ||||||||||||
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $90,550,605) |
| 91,309,346 | ||||||||||||
TOTAL BONDS AND NOTES (Cost $114,872,991) | 117,304,412 | |||||||||||||
Shares | ||||||||||||||
MONEY MARKET FUND - 4.5 % | ||||||||||||||
5,335,342 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (A) |
| 5,335,342 | |||||||||||
(Cost $5,335,342) | ||||||||||||||
TOTAL INVESTMENTS - 102.4 % (Cost $120,208,333) | $ | 122,639,754 | ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (2.4) % | (2,839,459 | ) | ||||||||||||
NET ASSETS - 100.0 % | $ | 119,800,295 | ||||||||||||
GNMA - Government National Mortgage Association.
LLC - Limited Liability Company.
LP - Limited Partnership.
(A) Variable rate security; the rate shown represents the yield at March 31, 2020.
The accompanying notes are an integral part of these financial statements.
16
Schedule of Investments | High Yield Bond Fund
As of March 31, 2021 (Unaudited)
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||
CORPORATE BONDS - 91.8 % | ||||||||||||
$ 500,000 | Adient Global Holdings Ltd. (A) | 4.875 | 8/15/2026 | $ | 513,750 | |||||||
500,000 | AerCap Global Aviation Trust, 3 mo. LIBOR + 4.30% (A)(B) | 6.500 | 6/15/2045 | 521,875 | ||||||||
3,000,000 | Air Lease Corp. | 4.650 | 12/15/2069 | 2,962,500 | ||||||||
1,000,000 | Alliance Data Systems Corp. (A) | 4.750 | 12/15/2024 | 1,028,125 | ||||||||
1,000,000 | Alliance Data Systems Corp. (A) | 7.000 | 1/15/2026 | 1,072,075 | ||||||||
1,000,000 | Alliance Resource Operating Partners LP (A) | 7.500 | 5/1/2025 | 933,360 | ||||||||
1,000,000 | Ashtead Capital, Inc. (A) | 4.125 | 8/15/2025 | 1,028,330 | ||||||||
1,000,000 | Ashton Woods Finance Co. (A) | 6.750 | 8/1/2025 | 1,036,145 | ||||||||
293,000 | Ashton Woods Finance Co. (A) | 9.875 | 4/1/2027 | 329,936 | ||||||||
500,000 | Ashton Woods Finance Co. (A) | 6.625 | 1/15/2028 | 533,750 | ||||||||
250,000 | Bausch Health Cos, Inc. (A) | 5.000 | 1/30/2028 | 255,112 | ||||||||
125,000 | Bausch Health Cos, Inc. (A) | 5.000 | 2/15/2029 | 123,672 | ||||||||
50,000 | Bausch Health Cos, Inc. (A) | 5.250 | 2/15/2031 | 49,855 | ||||||||
1,500,000 | Burford Capital Global Finance LLC (A) | 6.250 | 4/15/2028 | 1,539,375 | ||||||||
500,000 | BWX Technologies, Inc. (A) | 5.375 | 7/15/2026 | 516,500 | ||||||||
500,000 | BWX Technologies, Inc. (A) | 4.125 | 6/30/2028 | 506,640 | ||||||||
500,000 | BWX Technologies, Inc. (A) | 4.125 | 4/15/2029 | 507,555 | ||||||||
500,000 | Cascades, Inc. (A) | 5.125 | 1/15/2026 | 532,188 | ||||||||
500,000 | Catalent Pharma Solutions, Inc. (A) | 3.125 | 2/15/2029 | 480,625 | ||||||||
250,000 | Cemex SAB de CV (A) | 3.875 | 7/11/2031 | 244,513 | ||||||||
500,000 | Chemours Co. | 7.000 | 5/15/2025 | 514,750 | ||||||||
1,500,000 | Chemours Co. (A) | 5.750 | 11/15/2028 | 1,582,185 | ||||||||
580,000 | Clarios Global LP (A) | 6.250 | 5/15/2026 | 616,708 | ||||||||
1,080,000 | Clarios Global LP (A) | 8.500 | 5/15/2027 | 1,164,683 | ||||||||
1,000,000 | CommScope, Inc. (A) | 8.250 | 3/1/2027 | 1,071,255 | ||||||||
750,000 | CommScope, Inc. (A) | 7.125 | 7/1/2028 | 797,550 | ||||||||
1,000,000 | Compass Minerals International, Inc. (A) | 6.750 | 12/1/2027 | 1,071,690 | ||||||||
250,000 | Crestwood Midstream Finance Corp. | 5.750 | 4/1/2025 | 252,005 | ||||||||
1,000,000 | Crestwood Midstream Finance Corp. (A) | 5.625 | 5/1/2027 | 984,375 | ||||||||
2,000,000 | Crowdstrike Holdings, Inc. | 3.000 | 2/15/2029 | 1,957,900 | ||||||||
500,000 | DCP Midstream, LLC, 3 mo. LIBOR + 3.85% (A) (B) | 5.850 | 5/21/2043 | 447,353 | ||||||||
350,000 | Diamond Sports Finance Co. (A) | 5.375 | 8/15/2026 | 252,354 | ||||||||
1,000,000 | Diversified Healthcare Trust | 9.750 | 6/15/2025 | 1,133,250 | ||||||||
500,000 | Double Eagle III Midco 1 LLC / Double Eagle Finance Corp. (A) | 7.750 | 12/15/2025 | 534,798 | ||||||||
800,000 | Dycom Industries, Inc. (A) | 4.500 | 4/15/2029 | 803,232 | ||||||||
115,000 | Freedom Mortgage Corp. (A) | 8.125 | 11/15/2024 | 119,528 | ||||||||
1,000,000 | Freedom Mortgage Corp. (A) | 8.250 | 4/15/2025 | 1,043,750 | ||||||||
500,000 | Freedom Mortgage Corp. (A) | 7.625 | 5/1/2026 | 525,300 | ||||||||
500,000 | Genesis Energy LP | 7.750 | 2/1/2028 | 500,775 | ||||||||
2,125,000 | Geo Group, Inc. | 5.125 | 4/1/2023 | 1,881,953 | ||||||||
250,000 | GFL Environmental, Inc. (A) | 3.750 | 8/1/2025 | 254,219 | ||||||||
400,000 | GFL Environmental, Inc. (A) | 8.500 | 5/1/2027 | 441,250 | ||||||||
50,000 | GFL Environmental, Inc. (A) | 4.000 | 8/1/2028 | 48,469 | ||||||||
1,000,000 | Global Partners LP | 7.000 | 8/1/2027 | 1,056,875 | ||||||||
500,000 | Goodyear Tire & Rubber Co. | 5.625 | 4/30/2033 | 500,000 | ||||||||
500,000 | Graham Packaging Co., Inc. (A) | 7.125 | 8/15/2028 | 532,813 | ||||||||
500,000 | Gray Television, Inc. (A) | 7.000 | 5/15/2027 | 544,375 | ||||||||
1,250,000 | Gray Television, Inc. (A) | 4.750 | 10/15/2030 | 1,241,406 | ||||||||
3,000,000 | Howard Hughes Corp. (A) | 4.375 | 2/1/2031 | 2,941,875 | ||||||||
250,000 | Icahn Enterprises Finance Corp. | 4.750 | 9/15/2024 | 260,000 | ||||||||
1,000,000 | Icahn Enterprises Finance Corp. | 6.250 | 5/15/2026 | 1,049,840 | ||||||||
1,000,000 | Icahn Enterprises Finance Corp. (A) | 4.375 | 2/1/2029 | 978,460 | ||||||||
2,455,000 | ILFC E-Capital Trust I (A)(B) | 4.000 | 12/21/2065 | 1,991,619 | ||||||||
1,000,000 | ILFC E-Capital Trust II (A)(B) | 4.220 | 12/21/2065 | 831,250 | ||||||||
1,500,000 | iStar, Inc. | 5.500 | 2/15/2026 | 1,529,063 | ||||||||
500,000 | Itron, Inc. (A) | 5.000 | 1/15/2026 | 513,188 | ||||||||
250,000 | Jefferies Finance LLC (A) | 6.250 | 6/3/2026 | 263,750 | ||||||||
500,000 | Ken Garff Automotive LLC (A) | 4.875 | 9/15/2028 | 500,438 | ||||||||
1,500,000 | Koppers, Inc. (A) | 6.000 | 2/15/2025 | 1,548,997 | ||||||||
750,000 | Ladder Capital Finance Corp. (A) | 4.250 | 2/1/2027 | 740,625 | ||||||||
750,000 | Legacy LifePoint Health LLC (A) | 4.375 | 2/15/2027 | 736,875 | ||||||||
250,000 | LifePoint Health, Inc. (A) | 5.375 | 1/15/2029 | 246,562 | ||||||||
1,000,000 | Lithia Motors, Inc. (A) | 4.375 | 1/15/2031 | 1,039,820 | ||||||||
1,250,000 | LPL Holdings, Inc. (A) | 4.000 | 3/15/2029 | 1,260,937 | ||||||||
500,000 | Magnolia Oil Gas (A) | 6.000 | 8/1/2026 | 518,125 | ||||||||
750,000 | Mercer International, Inc. (A) | 5.125 | 2/1/2029 | 777,937 | ||||||||
1,000,000 | MGIC Investment Corp. | 5.250 | 8/15/2028 | 1,043,125 | ||||||||
250,000 | Michaels Stores, Inc. (A) | 4.750 | 10/1/2027 | 272,250 | ||||||||
2,000,000 | Midwest Connector Capital Co. LLC (A) | 4.625 | 4/1/2029 | 2,029,522 | ||||||||
500,000 | Nationstar Mortgage Holdings, Inc. (A) | 6.000 | 1/15/2027 | 519,610 | ||||||||
250,000 | Nationstar Mortgage Holdings, Inc. (A) | 5.500 | 8/15/2028 | 251,481 |
The accompanying notes are an integral part of these financial statements.
17
Schedule of Investments | High Yield Bond Fund
As of March 31, 2021 (Unaudited) (Continued)
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
CORPORATE BONDS - 91.8 % (Cont.) | ||||||||||||||
$ 500,000 | Navient Corp. | 7.250 | 9/25/2023 | $ | 542,104 | |||||||||
1,500,000 | New Residential Investment Corp. (A) | 6.250 | 10/15/2025 | 1,508,437 | ||||||||||
1,500,000 | Newmark Group, Inc. | 6.125 | 11/15/2023 | 1,649,254 | ||||||||||
250,000 | NRG Energy, Inc. (A) | 3.375 | 2/15/2029 | 244,531 | ||||||||||
250,000 | NRG Energy, Inc. (A) | 3.625 | 2/15/2031 | 244,219 | ||||||||||
1,000,000 | NuStar Logistics LP | 5.625 | 4/28/2027 | 1,047,970 | ||||||||||
1,000,000 | Olin Corp. | 5.625 | 8/1/2029 | 1,079,830 | ||||||||||
1,000,000 | PBF Holding Co. LLC (A) | 9.250 | 5/15/2025 | 1,021,100 | ||||||||||
775,000 | PBF Holding Co. LLC | 7.250 | 6/15/2025 | 632,768 | ||||||||||
1,000,000 | PBF Holding Co. LLC | 6.000 | 2/15/2028 | 740,625 | ||||||||||
125,000 | PHH Mortgage Corp. (A) | 7.875 | 3/15/2026 | 128,281 | ||||||||||
1,500,000 | Plastipak Holdings, Inc. (A) | 6.250 | 10/15/2025 | 1,545,937 | ||||||||||
1,500,000 | Rent-A-Center, Inc. (A) | 6.375 | 2/15/2029 | 1,593,750 | ||||||||||
500,000 | Scotts Miracle-Gro Co. (A) | 4.000 | 4/1/2031 | 493,937 | ||||||||||
1,500,000 | SeaWorld Parks & Entertainment, Inc. (A) | 9.500 | 8/1/2025 | 1,633,050 | ||||||||||
1,250,000 | Service Properties Trust | 7.500 | 9/15/2025 | 1,421,062 | ||||||||||
500,000 | Service Properties Trust | 5.500 | 12/15/2027 | 529,019 | ||||||||||
750,000 | Signature Aviation US Holdings, Inc. (A) | 5.375 | 5/1/2026 | 766,875 | ||||||||||
500,000 | Spirit AeroSystems, Inc. (A) | 5.500 | 1/15/2025 | 529,375 | ||||||||||
1,000,000 | Standard Industries, Inc. (A) | 5.000 | 2/15/2027 | 1,044,375 | ||||||||||
1,500,000 | STL Holding Co. LLC (A) | 7.500 | 2/15/2026 | 1,563,750 | ||||||||||
1,000,000 | Suburban Propane Partners LP | 5.875 | 3/1/2027 | 1,043,125 | ||||||||||
1,250,000 | Targa Resources Partners LP | 5.500 | 3/1/2030 | 1,313,675 | ||||||||||
500,000 | TEGNA, Inc. (A) | 4.750 | 3/15/2026 | 531,250 | ||||||||||
390,000 | Tenet Healthcare Corp. (A) | 4.625 | 9/1/2024 | 401,579 | ||||||||||
1,000,000 | Tenet Healthcare Corp. (A) | 6.250 | 2/1/2027 | 1,057,260 | ||||||||||
1,475,000 | Tms International Holding Corp. (A) | 7.250 | 8/15/2025 | 1,508,187 | ||||||||||
1,250,000 | TriMas Corp. (A) | 4.125 | 4/15/2029 | 1,251,562 | ||||||||||
500,000 | Trinity Industries, Inc. | 4.550 | 10/1/2024 | 521,015 | ||||||||||
500,000 | TTM Technologies, Inc. (A) | 4.000 | 3/1/2029 | 493,750 | ||||||||||
1,000,000 | Twilio, Inc. | 3.625 | 3/15/2029 | 1,014,830 | ||||||||||
1,500,000 | United Natural Foods, Inc. (A) | 6.750 | 10/15/2028 | 1,605,000 | ||||||||||
500,000 | Vista Outdoor, Inc. (A) | 4.500 | 3/15/2029 | 495,665 | ||||||||||
750,000 | Vistra Operations Co. LLC (A) | 5.625 | 2/15/2027 | 780,630 | ||||||||||
1,185,000 | Vizient, Inc. (A) | 6.250 | 5/15/2027 | 1,261,800 | ||||||||||
1,500,000 | Waste Pro USA, Inc. (A) | 5.500 | 2/15/2026 | 1,539,982 | ||||||||||
500,000 | Weekley Finance Corp. (A) | 4.875 | 9/15/2028 | 513,750 | ||||||||||
1,750,000 | Welbilt, Inc. | 9.500 | 2/15/2024 | 1,805,781 | ||||||||||
TOTAL CORPORATE BONDS (Cost $91,938,543) | 95,535,121 | |||||||||||||
CONVERTIBLE BONDS - 5.1 % | ||||||||||||||
OIL & GAS PRODUCERS - 3.0 % | ||||||||||||||
3,775,000 | Cheniere Energy, Inc. | 4.250 | 3/15/2045 | 3,121,842 | ||||||||||
SPECIALTY FINANCE - 2.1 % | ||||||||||||||
500,000 | Arbor Realty Trust, Inc. | 4.750 | 11/1/2022 | 523,125 | ||||||||||
1,275,000 | MGIC Investment Corp. (A) | 9.000 | 4/1/2063 | 1,718,063 | ||||||||||
2,241,188 | ||||||||||||||
TOTAL CONVERTIBLE BONDS (Cost $4,833,154) | 5,363,030 | |||||||||||||
Shares | ||||||||||||||
PREFERRED STOCK - 0.5 % | ||||||||||||||
INDUSTRIAL SUPPORT SERVICES - 0.5 % | ||||||||||||||
17,500 | WESCO International, Inc., 0.625% (Cost $463,058) | 538,650 | ||||||||||||
MONEY MARKET FUND - 4.2 % | ||||||||||||||
4,381,526 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (C) (Cost $4,381,526) |
| 4,381,526 | |||||||||||
TOTAL INVESTMENTS - 101.6 % (Cost $101,616,281) | $ | 105,818,327 | ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (1.6) % | (1,655,725 | ) | ||||||||||||
NET ASSETS - 100.0 % | $ | 104,162,602 | ||||||||||||
The accompanying notes are an integral part of these financial statements.
18
Schedule of Investments | High Yield Bond Fund
As of March 31, 2021 (Unaudited) (Continued)
LIBOR - London Interbank Offered Rate. The 3 month U.S. LIBOR rate as of March 31, 2021 is 0.19%.
LLC - Limited Liability Company.
LP - Limited Partnership.
(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities had a fair value of $69,270,090 and represent 66.5% 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 interest rate shown reflects the effective rate at March 31, 2021.
(C) Variable rate security; the rate shown represents the yield at March 31, 2021.
The accompanying notes are an integral part of these financial statements.
19
Schedule of Investments | Israel Common Values Fund
As of March 31, 2021 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 97.2 % | ||||||
AEROSPACE & DEFENSE - 2.8 % | ||||||
17,601 | Elbit Systems Ltd. | $ | 2,516,943 | |||
APPAREL & TEXTILE PRODUCTS - 3.4 % | ||||||
24,063 | Delta Galil Industries Ltd. | 596,109 | ||||
21,392 | Fox Wizel Ltd. | 2,443,462 | ||||
3,039,571 | ||||||
AUTOMOTIVE - 0.3 % | ||||||
4,461 | Electreon Wireless Ltd. * | 290,827 | ||||
BANKING - 15.8 % | ||||||
99,500 | Bank Hapoalim BM (ADR) * | 3,703,390 | ||||
589,000 | Bank Leumi Le-Israel BM | 3,885,807 | ||||
58,300 | First International Bank Of Israel Ltd. | 1,628,176 | ||||
532,000 | Israel Discount Bank Ltd. | 2,215,935 | ||||
105,000 | Mizrahi Tefahot Bank Ltd. | 2,743,785 | ||||
14,177,093 | ||||||
BIOTECH & PHARMA - 1.3 % | ||||||
39,000 | Compugen Ltd. * | 335,010 | ||||
450,000 | Enlight Renewable Energy Ltd. * | 844,754 | ||||
1,179,764 | ||||||
CHEMICALS - 1.9 % | ||||||
287,902 | ICL Group Ltd. | 1,672,711 | ||||
CONSTRUCTION MATERIALS - 1.0 % | ||||||
178,000 | Inrom Construction Industries Ltd. | 881,273 | ||||
ELECTRIC UTILITIES - 1.9 % | ||||||
21,900 | Ormat Technologies, Inc. | 1,719,835 | ||||
FOOD - 1.5 % | ||||||
50,500 | Strauss Group Ltd. | 1,362,941 | ||||
HEALTH CARE FACILITIES & SERVICES - 3.9 % | ||||||
12,769 | Danel Adir Yeoshua Ltd. | 2,098,746 | ||||
1,575,013 | Novolog Ltd. | 1,412,208 | ||||
3,510,954 | ||||||
HOME & OFFICE PRODUCTS - 2.4 % | ||||||
116,585 | Maytronics Ltd. | 2,121,793 | ||||
INSTITUTIONAL FINANCIAL SERVICES - 2.9 % | ||||||
415,685 | Tel Aviv Stock Exchange Ltd. | 2,575,360 | ||||
INSURANCE - 5.3 % | ||||||
184,000 | Harel Insurance Investments & Financial Services Ltd. | 1,861,133 | ||||
1,230,000 | Migdal Insurance & Financial Holding Ltd. * | 1,431,133 | ||||
167,400 | Phoenix Holdings Ltd. * | 1,471,345 | ||||
4,763,611 | ||||||
INTERNET MEDIA & SERVICES - 0.2 % | ||||||
800 | Fiverr International Ltd. * | 173,744 | ||||
LEISURE FACILITIES & SERVICES - 1.1 % | ||||||
9,000 | Fattal Holdings 1998 Ltd. * | 975,380 | ||||
MEDICAL EQUIPMENT & DEVICES - 0.7 % | ||||||
4,700 | Novocure Ltd. * | 621,246 |
The accompanying notes are an integral part of these financial statements.
20
Schedule of Investments | Israel Common Values Fund
As of March 31, 2021 (Unaudited) (Continued)
Shares | Fair Value | |||||
OIL & GAS PRODUCERS - 4.4 % | ||||||
62,968 | Energean Oil & Gas PLC * | $ | 738,281 | |||
5,600 | Israel Corp. Ltd. * | 1,314,901 | ||||
1,995,000 | Oil Refineries Ltd. * | 464,246 | ||||
7,000 | Paz Oil Co. Ltd. | 644,016 | ||||
1,912,500 | Ratio Oil Exploration 1992 LP * | 771,377 | ||||
3,932,821 | ||||||
REAL ESTATE OWNERS & DEVELOPERS - 11.0 % | ||||||
105,000 | Alony Hetz Properties & Investments Ltd. | 1,351,426 | ||||
176,000 | Amot Investments Ltd. | 942,622 | ||||
31,000 | Azrieli Group Ltd. | 1,915,944 | ||||
160,000 | Bayside Land Corp. Ltd. | 1,278,196 | ||||
40,000 | Elco Ltd. | 1,962,395 | ||||
16,380 | Melisron Ltd. | 915,076 | ||||
593,430 | Mivne Real Estate KD Ltd. | 1,461,375 | ||||
9,827,034 | ||||||
RENEWABLE ENERGY - 1.9 % | ||||||
216,360 | Energix-Renewable Energies Ltd. | 820,749 | ||||
3,100 | SolarEdge Technologies, Inc. * | 891,064 | ||||
1,711,813 | ||||||
RETAIL - CONSUMER STAPLES - 4.1 % | ||||||
20,200 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 1,315,087 | ||||
210,000 | Shufersal Ltd. | 1,730,530 | ||||
27,315 | Victory Supermarket Chain Ltd. | 671,182 | ||||
3,716,799 | ||||||
SEMICONDUCTORS - 7.0 % | ||||||
10,000 | CEVA, Inc. * | 561,500 | ||||
40,000 | Nova Measuring Instruments Ltd. * | 3,640,400 | ||||
74,423 | Tower Semiconductor Ltd. * | 2,086,821 | ||||
6,288,721 | ||||||
SOFTWARE - 16.0 % | ||||||
21,500 | Cognyte Software Ltd. * | 597,915 | ||||
16,100 | CyberArk Software Ltd. * | 2,082,374 | ||||
33,435 | Hilan Ltd. | 1,586,175 | ||||
22,900 | Nice Ltd. (ADR) * | 4,991,513 | ||||
6,000 | One Software Technologies Ltd. | 783,039 | ||||
45,300 | Sapiens International Corp. NV | 1,440,087 | ||||
34,200 | Varonis Systems, Inc. * | 1,755,828 | ||||
25,000 | Verint Systems, Inc. * | 1,137,250 | ||||
14,374,181 | ||||||
TECHNOLOGY HARDWARE - 1.1 % | ||||||
17,800 | AudioCodes Ltd. | 480,244 | ||||
4,900 | Kornit Digital Ltd. * | 485,688 | ||||
965,932 | ||||||
TECHNOLOGY SERVICES - 2.8 % | ||||||
78,783 | Magic Software Enterprises Ltd. | 1,198,289 | ||||
56,210 | Matrix IT Ltd. | 1,348,824 | ||||
2,547,113 | ||||||
WHOLESALE - DISCRETIONARY - 2.5 % | ||||||
21,092 | Tadiran Holdings Ltd. | 2,220,710 | ||||
TOTAL COMMON STOCK (Cost $49,758,658) | 87,168,170 |
The accompanying notes are an integral part of these financial statements.
21
Schedule of Investments | Israel Common Values Fund
As of March 31, 2021 (Unaudited) (Continued)
Shares | Fair Value | |||||
REITs - 1.3 % | ||||||
259,000 | Reit 1 Ltd. * (Cost $1,256,747) | $ | 1,199,973 | |||
MONEY MARKET FUND - 1.7 % | ||||||
1,539,419 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (A) (Cost $1,539,419) | 1,539,419 | ||||
TOTAL INVESTMENTS - 100.2 % (Cost $52,554,824) | $ | 89,907,562 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.2) % | (220,034 | ) | ||||
NET ASSETS - 100.0 % | $ | 89,687,528 | ||||
* Non-income producing securities.
ADR - American Depositary Receipt.
LP - Limited Partnership.
PLC - Public Limited Co.
REITs - Real Estate Investment Trusts.
(A) Variable rate security; the rate shown represents the yield at March 31, 2021.
Diversification of Assets | ||||
Country | % of Net Assets | |||
Israel | 91.2 | % | ||
United States | 5.8 | % | ||
United Kingdom | 0.8 | % | ||
Jersey | 0.7 | % | ||
Total | 98.5 | % | ||
Money Market Fund | 1.7 | % | ||
Other Assets Less Liabilities - Net | (0.2) | % | ||
Grand Total | 100.0 | % | ||
The accompanying notes are an integral part of these financial statements.
22
Schedule of Investments | Defensive Strategies Fund
As of March 31, 2021 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK & RIGHTS - 19.1 % | ||||||
AUTOMOTIVE - 0.1 % | ||||||
2,400 | NGK Insulators Ltd. | $ | 43,960 | |||
CHEMICALS - 2.5 % | ||||||
4,626 | CF Industries Holdings, Inc. | 209,928 | ||||
5,671 | Corteva, Inc. | 264,382 | ||||
1,179 | FMC Corp. | 130,409 | ||||
3,251 | K+S AG | 32,371 | ||||
5,214 | Mosaic Co. | 164,815 | ||||
3,777 | Nutrien Ltd | 203,543 | ||||
1,463 | Sasol Ltd. (ADR) * | 21,199 | ||||
1,807 | Sociedad Quimica Y Minera de Chile, SA (ADR) | 95,897 | ||||
337 | Sociedad Quimica Y Minera de Chile, SA - Rights * | 1,044 | ||||
1,123,588 | ||||||
CONSTRUCTION MATERIALS - 0.2 % | ||||||
2,400 | AGC, Inc. | 100,561 | ||||
DIVERSIFIED INDUSTRIALS - 0.2 % | ||||||
1,088 | Pentair PLC | 67,804 | ||||
ENGINEERING & CONSTRUCTION - 0.0 % ** | ||||||
146 | Technip Energies NV * | 2,222 | ||||
262 | Technip Energies NV (ADR) * | 3,922 | ||||
6,144 | ||||||
FOOD - 1.0 % | ||||||
356 | Beyond Meat, Inc. * | 46,323 | ||||
5,133 | BRF SA (ADR) * | 23,047 | ||||
545 | Cal-Maine Foods, Inc. * | 20,939 | ||||
948 | Darling Ingredients, Inc. * | 69,754 | ||||
743 | Fresh Del Monte Produce, Inc. | 21,272 | ||||
815 | Ingredion, Inc. | 73,285 | ||||
1,100 | Maple Leaf Foods, Inc. | 25,075 | ||||
800 | Maruha Nichiro Corp. | 19,005 | ||||
200 | Megmilk Snow Brand Co. Ltd. | 4,071 | ||||
600 | Morinaga Milk Industry Co. Ltd. | 31,602 | ||||
4,700 | Nippon Suisan Kaisha Ltd. | 22,628 | ||||
1,279 | Pilgrim’s Pride Corp. * | 30,427 | ||||
255 | Sanderson Farms, Inc. | 39,724 | ||||
427,152 | ||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.0 % ** | ||||||
900 | Sumitomo Forestry Co. Ltd. | 19,433 | ||||
GAS & WATER UTILITIES - 0.7 % | ||||||
7 | American States Water Co. | 529 | ||||
433 | American Water Works Co., Inc. | 64,915 | ||||
437 | California Water Service Group | 24,621 | ||||
5,672 | Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 41,576 | ||||
188 | Essential Utilities, Inc. | 8,413 | ||||
1,154 | Severn Trent PLC | 36,716 | ||||
1,944 | United Utilities Group PLC | 24,831 | ||||
4,839 | Veolia Environnement SA | 124,324 | ||||
325,925 | ||||||
HEALTH CARE FACILITIES & SERVICES - 0.7 % | ||||||
48,754 | Brookdale Senior Living, Inc. * | 294,962 | ||||
MACHINERY - 1.2 % | ||||||
779 | AGCO Corp. | 111,903 | ||||
4,046 | CNH Industrial NV * | 63,279 | ||||
560 | Deere & Co. | 209,518 | ||||
1,351 | Evoqua Water Technologies Corp. * | 35,531 | ||||
4,200 | Kubota Corp. | 95,764 | ||||
700 | Kurita Water Industries Ltd. | 30,059 | ||||
546,054 | ||||||
METALS & MINING - 4.3 % | ||||||
139 | Agnico Eagle Mines Ltd. | 8,036 | ||||
2,243 | Anglo American PLC | 87,966 | ||||
2,708 | AngloGold Ashanti Ltd. (ADR) | 59,495 | ||||
1,391 | Antofagasta PLC | 32,434 | ||||
17,892 | B2Gold Corp. | 77,115 |
The accompanying notes are an integral part of these financial statements.
23
Schedule of Investments | Defensive Strategies Fund
As of March 31, 2021 (Unaudited) (Continued)
Shares | Fair Value | |||||
METALS & MINING - 4.3 % (Continued) | ||||||
1,093 | BHP Group Ltd. (ADR) | $ | 75,843 | |||
234 | BHP Group PLC (ADR) | 13,539 | ||||
2,352 | Cameco Corp. | 39,067 | ||||
3,247 | Cia De Minas Buenaventura (ADR) * | 32,567 | ||||
964 | Cleveland-Cliffs, Inc. | 19,386 | ||||
413 | Compass Minerals International, Inc. | 25,903 | ||||
137 | First Majestic Silver Corp. * | 2,134 | ||||
5,800 | First Quantum Minerals Ltd. | 110,522 | ||||
3,890 | Freeport-McMoRan, Inc. * | 128,098 | ||||
5,127 | Gold Fields Ltd. (ADR) | 48,655 | ||||
1,412 | KAZ Minerals PLC | 16,890 | ||||
6,656 | Kinross Gold Corp. | 44,396 | ||||
2,402 | Kirkland Lake Gold Ltd. | 81,108 | ||||
3,123 | Livent Corp. * | 54,090 | ||||
300 | Lundin Mining Corp. | 3,086 | ||||
3,539 | MMC Norilsk Nickel PJSC (ADR) | 110,346 | ||||
2,008 | Newmont Corp. | 121,022 | ||||
525 | Pan American Silver Corp. | 15,766 | ||||
1,666 | Rio Tinto PLC (ADR) | 129,365 | ||||
502 | Royal Gold, Inc. | 54,025 | ||||
915 | Southern Copper Corp. | 62,101 | ||||
835 | SSR Mining, Inc. | 11,924 | ||||
1,900 | Sumitomo Metal Mining Co. Ltd. | 82,173 | ||||
2,943 | Teck Resources Ltd. | 56,362 | ||||
10,528 | Vale SA (ADR) | 182,977 | ||||
1,249 | Vedanta Ltd. (ADR) | 15,700 | ||||
2,043 | Wheaton Precious Metals Corp. | 78,063 | ||||
8,737 | Yamana Gold, Inc. | 37,919 | ||||
1,918,073 | ||||||
OIL & GAS PRODUCERS - 4.2 % | ||||||
2,495 | APA Corp. | 44,661 | ||||
4,200 | ARC Resources Ltd | 25,798 | ||||
3,554 | Cabot Oil & Gas Corp. | 66,744 | ||||
5,831 | Canadian Natural Resources Ltd. | 180,003 | ||||
5,990 | Cenovus Energy, Inc. | 44,990 | ||||
3,940 | ConocoPhillips | 208,702 | ||||
2,893 | Continental Resources, Inc. * | 74,842 | ||||
475 | Devon Energy Corp. | 10,379 | ||||
1,026 | Ecopetrol SA (ADR) | 13,153 | ||||
819 | Eni SpA (ADR) | 20,237 | ||||
2,336 | EOG Resources, Inc. | 169,430 | ||||
127 | EQT Corp. * | 2,360 | ||||
463 | Hess Corp. | 32,762 | ||||
20,700 | Inpex Corp. | 141,622 | ||||
2,222 | Lukoil PJSC (ADR) | 179,671 | ||||
6,109 | Marathon Oil Corp. | 65,244 | ||||
711 | Murphy Oil Corp. | 11,667 | ||||
306 | Novatek OJSC (GDR) | 60,435 | ||||
3,169 | Occidental Petroleum Corp. | 84,359 | ||||
2,800 | Parex Resources, Inc. * | 49,925 | ||||
1,556 | PDC Energy, Inc. * | 53,526 | ||||
3,018 | Petroleo Brasileiro SA (ADR) | 25,593 | ||||
927 | Pioneer Natural Resources Co. | 147,226 | ||||
8,242 | Rosneft Oil Company (GDR) | 62,326 | ||||
4,500 | Suncor Energy, Inc. | 94,056 | ||||
1,500 | Tourmaline Oil Corp. | 28,548 | ||||
504 | YPF SA (ADR) * | 2,071 | ||||
1,900,330 | ||||||
OIL & GAS SERVICES & EQUIPMENT - 1.0 % | ||||||
2,582 | Baker Hughes, Inc. | 55,797 | ||||
2,561 | ChampionX Corp. * | 55,651 | ||||
4,810 | Halliburton Co. | 103,223 | ||||
3,172 | Helmerich & Payne, Inc. | 85,517 | ||||
409 | NOV, Inc. | 5,611 | ||||
4,683 | Schlumberger Ltd. | 127,331 | ||||
733 | TechnipFMC PLC (France) | 5,612 | ||||
1,311 | TechnipFMC PLC | 10,121 | ||||
448,863 |
The accompanying notes are an integral part of these financial statements.
24
Schedule of Investments | Defensive Strategies Fund
As of March 31, 2021 (Unaudited) (Continued)
Shares | Fair Value | |||||
RENEWABLE ENERGY- 0.9 % | ||||||
1,878 | Ballard Power Systems, Inc. * | $ | 45,710 | |||
1,074 | Canadian Solar, Inc. * | 53,303 | ||||
278 | Enphase Energy, Inc. * | 45,080 | ||||
438 | First Solar, Inc. * | 38,237 | ||||
1,300 | GS Yuasa Corp. | 35,294 | ||||
2,163 | Plug Power, Inc. * | 77,522 | ||||
476 | Renewable Energy Group, Inc. * | 31,435 | ||||
183 | SolarEdge Technologies, Inc. * | 52,601 | ||||
259 | Varta AG * | 38,202 | ||||
417,384 | ||||||
STEEL - 1.6 % | ||||||
365 | Allegheny Technologies, Inc. * | 7,687 | ||||
1,575 | ArcelorMittal (ADR) * | 45,943 | ||||
2,371 | Commercial Metals Co. | 73,122 | ||||
12,317 | Gerdau SA (ADR) | 65,773 | ||||
2,300 | Hitachi Metals Ltd. | 37,924 | ||||
3,900 | JFE Holdings, Inc. | 48,106 | ||||
3,100 | Kobe Steel Ltd. * | 20,985 | ||||
6,400 | Nippon Steel & Sumitomo Metal Corp. | 109,263 | ||||
2,633 | Steel Dynamics, Inc. | 133,651 | ||||
3,529 | Tenaris SA (ADR) | 80,073 | ||||
841 | Ternium SA (ADR) * | 32,664 | ||||
2,893 | United States Steel Corp. | 75,710 | ||||
730,901 | ||||||
TELECOMMUNICATIONS - 0.3 % | ||||||
7,020 | Switch, Inc. | 114,145 | ||||
WHOLESALE - CONSUMER STAPLES - 0.2 % | ||||||
1,360 | Bunge Ltd. | 107,807 | ||||
TOTAL COMMON STOCK & RIGHTS (Cost $6,262,396) | 8,593,086 | |||||
EXCHANGE TRADED FUND - 1.2 % | ||||||
25,000 | Invesco DB US Dollar Index Bearish Fund * (Cost - $542,187) | 523,500 | ||||
REITs - 20.0 % | ||||||
14,000 | Alexander & Baldwin, Inc. | 235,060 | ||||
6,000 | American Assets Trust, Inc. | 194,640 | ||||
4,000 | American Campus Communities, Inc. | 172,680 | ||||
12,000 | American Homes 4 Rent | 400,080 | ||||
1,350 | American Tower Corp. | 322,731 | ||||
9,000 | Americold Realty Trust | 346,230 | ||||
1,200 | AvalonBay Communities, Inc. | 221,412 | ||||
2,200 | Boston Properties, Inc. | 222,772 | ||||
4,000 | Camden Property Trust | 439,640 | ||||
8,000 | Cousins Properties, Inc. | 282,800 | ||||
3,750 | Crown Castle International Corp. | 645,487 | ||||
4,786 | CTO Realty Growth, Inc. | 248,920 | ||||
1,500 | Digital Realty Trust, Inc. | 211,260 | ||||
820 | Equinix, Inc. | 557,264 | ||||
800 | Essex Property Trust, Inc. | 217,472 | ||||
9,000 | Getty Realty Corp. | 254,880 | ||||
6,000 | Healthcare Realty Trust, Inc. | 181,920 | ||||
12,000 | Invitation Homes, Inc. | 383,880 | ||||
4,000 | Life Storage, Inc. | 343,800 | ||||
14,000 | Plymouth Industrial REIT, Inc. | 235,900 | ||||
998 | PotlatchDeltic Corp. | 52,814 | ||||
6,600 | Prologis, Inc. | 699,600 | ||||
3,700 | QTS Realty Trust, Inc. | 229,548 | ||||
690 | Rayonier, Inc. | 22,252 | ||||
4,500 | Rexford Industrial Realty, Inc. | 226,800 | ||||
2,150 | SBA Communications Corp. | 596,733 | ||||
1,800 | Sun Communities, Inc. | 270,072 | ||||
6,000 | Ventas, Inc. | 320,040 | ||||
5,000 | Welltower, Inc. | 358,150 | ||||
1,726 | Weyerhaeuser Co. | 61,446 | ||||
TOTAL REITS (Cost $8,070,507) | 8,956,283 |
The accompanying notes are an integral part of these financial statements.
25
Schedule of Investments | Defensive Strategies Fund
As of March 31, 2021 (Unaudited) (Continued)
Principal | Coupon Rate % | Maturity | Fair Value | |||||||||||
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 28.0 % |
| |||||||||||||
$ 623,585 | TIPS | 0.125 | 4/15/2021 | $ | 624,854 | |||||||||
1,177,782 | TIPS | 0.125 | 4/15/2022 | 1,211,540 | ||||||||||
1,093,053 | TIPS | 0.625 | 1/15/2024 | 1,185,056 | ||||||||||
971,411 | TIPS | 2.375 | 1/15/2025 | 1,138,205 | ||||||||||
850,071 | TIPS | 2.000 | 1/15/2026 | 1,004,697 | ||||||||||
1,044,174 | TIPS | 2.375 | 1/15/2027 | 1,278,228 | ||||||||||
1,211,161 | TIPS | 1.750 | 1/15/2028 | 1,456,163 | ||||||||||
986,872 | TIPS | 2.500 | 1/15/2029 | 1,262,319 | ||||||||||
1,248,332 | TIPS | 0.875 | 1/15/2029 | 1,431,037 | ||||||||||
432,090 | TIPS | 0.125 | 1/15/2031 | 465,069 | ||||||||||
1,051,151 | TIPS | 2.125 | 2/15/2041 | 1,517,001 | ||||||||||
TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $11,809,650) |
| 12,574,169 | ||||||||||||
Ounces | ||||||||||||||
ALTERNATIVE INVESTMENTS - 23.4 % | ||||||||||||||
6,143 | Gold Bars * (Cost $7,240,876) | 10,488,811 | ||||||||||||
Shares | ||||||||||||||
MONEY MARKET FUND - 8.2 % | ||||||||||||||
3,676,152 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (A) (Cost $3,676,152) | 3,676,152 | ||||||||||||
TOTAL INVESTMENTS - 99.9 % (Cost $37,601,768) | $ | 44,812,001 | ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.1 % | 31,235 | |||||||||||||
NET ASSETS - 100.0 % | $ | 44,843,236 | ||||||||||||
* Non-income producing securities/investments.
** Less than 0.05%.
ADR - American Depositary Receipt.
GDR - Global Depositary Receipt.
PLC - Public Limited Co.
REITs - Real Estate Investment Trusts.
(A) Variable rate security; the rate shown represents the yield at March 31, 2021.
The accompanying notes are an integral part of these financial statements.
26
Schedule of Investments | Strategic Growth Fund
As of March 31, 2021 (Unaudited)
Shares | Fair Value | |||||
EXCHANGE TRADED FUNDS (A) - 59.3 % | ||||||
154,933 | Timothy Plan High Dividend Stock ETF | $ | 4,485,310 | |||
319,361 | Timothy Plan International ETF | 8,882,962 | ||||
208,369 | Timothy Plan US Large/Mid Cap Core ETF | 6,858,070 | ||||
93,831 | Timothy Plan US Small Cap Core ETF | 3,049,311 | ||||
TOTAL EXCHANGE TRADED FUNDS (Cost $18,845,560) | 23,275,653 | |||||
MUTUAL FUNDS - 39.1 % (B) | ||||||
214,752 | Timothy Plan Defensive Strategies Fund * | 2,763,861 | ||||
735,368 | Timothy Plan Fixed Income Fund | 7,677,238 | ||||
223,352 | Timothy Plan High Yield Bond Fund | 2,186,615 | ||||
220,940 | Timothy Plan International Fund * | 2,741,864 | ||||
TOTAL MUTUAL FUNDS (Cost $14,066,204) | 15,369,578 | |||||
MONEY MARKET FUND - 1.7 % | ||||||
687,425 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (C) (Cost $687,425) | 687,425 | ||||
TOTAL INVESTMENTS - 100.1 % (Cost $33,599,189) | $ | 39,332,656 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1) % | (34,513) | |||||
NET ASSETS - 100.0 % | $ | 39,298,143 | ||||
* Non-income producing securities.
ETF - Exchange Traded Fund.
(A) Affiliated Funds.
(B) Affiliated Funds - Class A.
(C) Variable rate security; the rate shown represents the yield at March 31, 2021.
The accompanying notes are an integral part of these financial statements.
27
Schedule of Investments | Conservative Growth Fund
As of March 31, 2021 (Unaudited)
Shares | Fair Value | |||||
EXCHANGE TRADED FUNDS (A) - 41.6 % | ||||||
143,562 | Timothy Plan High Dividend Stock ETF | $ | 4,156,120 | |||
252,144 | Timothy Plan International ETF | 7,013,335 | ||||
222,521 | Timothy Plan US Large/Mid Cap Core ETF | 7,323,856 | ||||
86,923 | Timothy Plan US Small Cap Core ETF | 2,824,815 | ||||
TOTAL EXCHANGE FUNDS (Cost $16,911,610) | 21,318,126 | |||||
MUTUAL FUNDS - 54.3 % (B) | ||||||
238,673 | Timothy Plan Defensive Strategies Fund * | 3,071,728 | ||||
1,883,210 | Timothy Plan Fixed Income Fund | 19,660,713 | ||||
289,612 | Timothy Plan High Yield Bond Fund | 2,835,302 | ||||
184,143 | Timothy Plan International Fund * | 2,285,209 | ||||
TOTAL MUTUAL FUNDS (Cost $26,457,185) | 27,852,952 | |||||
MONEY MARKET FUND - 4.1 % | ||||||
2,104,748 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (C) (Cost $2,104,748) | 2,104,748 | ||||
TOTAL INVESTMENTS - 100.0 % (Cost $45,473,543) | $ | 51,275,826 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.0 % | (5,416) | |||||
NET ASSETS - 100.0 % | $ | 51,270,410 | ||||
* Non-income producing securities.
ETF - Exchange Traded Fund.
(A) Affiliated Funds.
(B) Affiliated Funds - Class A.
(C) Variable rate security; the rate shown represents the yield at March 31, 2021.
The accompanying notes are an integral part of these financial statements.
28
Schedule of Investments | Growth & Income Fund
As of March 31, 2021 (Unaudited)
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
BONDS & NOTES - 32.5 % | ||||||||||||||
CORPORATE BONDS - 17.8 % | ||||||||||||||
$ 160,000 | ABB Finance USA, Inc. | 2.875 | 5/8/2022 | $ | 164,502 | |||||||||
160,000 | American Electric Power Company, Inc. | 3.200 | 11/13/2027 | 172,440 | ||||||||||
160,000 | Aptiv Corp. | 4.150 | 3/15/2024 | 174,479 | ||||||||||
160,000 | Canadian Pacific RR Co. | 2.900 | 2/1/2025 | 169,872 | ||||||||||
160,000 | CBOE Holdings, Inc. | 3.650 | 1/12/2027 | 175,943 | ||||||||||
160,000 | CSX Corp. | 3.250 | 6/1/2027 | 173,898 | ||||||||||
80,000 | Digital Realty Trust LP | 3.700 | 8/15/2027 | 88,145 | ||||||||||
80,000 | Dollar General Corp. | 4.125 | 5/1/2028 | 89,558 | ||||||||||
120,000 | Eaton Corp. | 2.750 | 11/2/2022 | 124,498 | ||||||||||
120,000 | European Investment Bank | 2.375 | 6/15/2022 | 123,129 | ||||||||||
120,000 | Healthpeak Properties, Inc. | 3.500 | 7/15/2029 | 128,552 | ||||||||||
120,000 | Kreditanstalt fuer Wiederaufbau | 2.125 | 6/15/2022 | 122,796 | ||||||||||
130,000 | LYB International Finance BV | 4.000 | 7/15/2023 | 139,764 | ||||||||||
120,000 | National Rural Utilities Cooperative Finance Corp. | 2.950 | 2/7/2024 | 127,045 | ||||||||||
240,000 | NiSource Finance Corp. | 3.490 | 5/15/2027 | 260,289 | ||||||||||
160,000 | Nutrien Ltd. | 4.000 | 12/15/2026 | 179,241 | ||||||||||
160,000 | Phillips 66 Partners LP | 3.605 | 2/15/2025 | 171,120 | ||||||||||
120,000 | Province of Ontario Canada | 2.500 | 4/27/2026 | 127,876 | ||||||||||
120,000 | Province of Quebec Canada | 2.375 | 1/31/2022 | 122,119 | ||||||||||
110,000 | Sunoco Logistics Partners LP | 4.250 | 4/1/2024 | 119,160 | ||||||||||
190,000 | Ventas Capital Corp. | 3.250 | 8/15/2022 | 195,589 | ||||||||||
97,000 | WEC Energy Group, Inc. | 3.550 | 6/15/2025 | 105,138 | ||||||||||
TOTAL CORPORATE BONDS (Cost $3,073,028) | 3,255,153 | |||||||||||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 14.7 % | ||||||||||||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 8.5 % |
| |||||||||||||
62,105 | GNMA Pool G2 BN2662 | 3.000 | 10/20/2049 | 64,796 | ||||||||||
90,240 | GNMA Pool G2 MA3376 | 3.500 | 1/20/2046 | 96,501 | ||||||||||
69,706 | GNMA Pool G2 MA3596 | 3.000 | 4/20/2046 | 73,608 | ||||||||||
60,549 | GNMA Pool G2 MA3663 | 3.500 | 5/20/2046 | 65,052 | ||||||||||
79,516 | GNMA Pool G2 MA3736 | 3.500 | 6/20/2046 | 84,919 | ||||||||||
26,056 | GNMA Pool G2 MA4509 | 3.000 | 6/20/2047 | 27,599 | ||||||||||
80,999 | GNMA Pool G2 MA4652 | 3.500 | 8/20/2047 | 86,257 | ||||||||||
78,283 | GNMA Pool G2 MA4719 | 3.500 | 9/20/2047 | 83,196 | ||||||||||
72,566 | GNMA Pool G2 MA6092 | 4.500 | 8/20/2049 | 78,513 | ||||||||||
58,731 | GNMA Pool G2 MA6156 | 4.500 | 9/20/2049 | 63,630 | ||||||||||
62,561 | GNMA Pool G2 MA6221 | 4.500 | 10/20/2049 | 67,714 | ||||||||||
77,436 | GNMA Pool G2 MA6338 | 3.000 | 12/20/2049 | 80,682 | ||||||||||
61,874 | GNMA Pool G2 MA6476 | 4.000 | 2/20/2050 | 66,187 | ||||||||||
55,435 | GNMA Pool G2 MA6478 | 5.000 | 2/20/2050 | 60,853 | ||||||||||
73,846 | GNMA Pool G2 MA6544 | 4.500 | 3/20/2050 | 79,879 | ||||||||||
47,645 | GNMA Pool G2 MA6545 | 5.000 | 3/20/2050 | 52,145 | ||||||||||
57,740 | GNMA Pool G2 MA6600 | 3.500 | 4/20/2050 | 60,981 | ||||||||||
56,172 | GNMA Pool G2 MA6601 | 4.000 | 4/20/2050 | 59,969 | ||||||||||
82,236 | GNMA Pool G2 MA6603 | 5.000 | 4/20/2050 | 89,997 | ||||||||||
58,571 | GNMA Pool G2 MA6865 | 2.500 | 9/20/2050 | 60,432 | ||||||||||
72,421 | GNMA Pool G2 MA6932 | 3.000 | 10/20/2050 | 75,592 | ||||||||||
70,000 | GNMA Pool G2 MA7255 | 2.500 | 3/20/2051 | 72,253 | ||||||||||
4,498 | GNMA Pool GN 723248 | 5.000 | 10/15/2039 | 5,236 | ||||||||||
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $1,525,742) |
| 1,555,991 |
The accompanying notes are an integral part of these financial statements.
29
Schedule of Investments | Growth & Income Fund
As of March 31, 2021 (Unaudited) (Continued)
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
GOVERNMENT NOTES, BONDS & AGENCIES - 6.2 % | ||||||||||||||
$ 195,000 | United States Treasury Note | 0.125 | 1/15/2024 | $ | 193,994 | |||||||||
360,000 | United States Treasury Note | 0.375 | 12/31/2025 | 351,408 | ||||||||||
275,000 | United States Treasury Note | 1.500 | 2/15/2030 | 271,434 | ||||||||||
80,000 | United States Treasury Note | 4.500 | 2/15/2036 | 105,700 | ||||||||||
130,000 | United States Treasury Note | 3.000 | 2/15/2049 | 145,636 | ||||||||||
100,000 | United States Treasury Note | 1.375 | 8/15/2050 | 77,719 | ||||||||||
TOTAL GOVERNMENT NOTES, BONDS & AGENCIES (Cost $1,187,565) |
| 1,145,891 | ||||||||||||
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $2,713,307) |
| 2,701,882 | ||||||||||||
TOTAL BONDS & NOTES (Cost $5,786,335) | 5,957,035 | |||||||||||||
Shares | ||||||||||||||
EXCHANGE TRADED FUND (A) - 66.7 % | ||||||||||||||
422,000 | Timothy Plan High Dividend Stock ETF (Cost $10,365,701) | 12,216,900 | ||||||||||||
MONEY MARKET FUND - 1.5 % | ||||||||||||||
270,265 | Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.01% (B) |
| 270,265 | |||||||||||
(Cost $270,265) | ||||||||||||||
TOTAL INVESTMENTS - 100.7 % (Cost $16,422,301) | $ | 18,444,200 | ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.7) % | (135,654 | ) | ||||||||||||
NET ASSETS - 100.0 % | $ | 18,308,546 | ||||||||||||
|
|
ETF - Exchange Traded Fund.
GNMA - Government National Mortgage Association.
LP - Limited Partnership.
(A) Affiliated Fund.
(B) Variable rate security; the rate shown represents the yield at March 31, 2021.
The accompanying notes are an integral part of these financial statements.
30
Timothy Plan Funds
Statements of Assets and Liabilities (Unaudited)
March 31, 2021
Aggressive Growth Fund
| International Fund
| Large/Mid Cap Growth Fund
| Small Cap Value Fund
| Large/Mid Cap Value Fund
| Fixed Income Fund
| |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investments, at cost | $ | 30,456,952 | $ | 77,106,911 | $ | 60,356,504 | $ | 111,557,694 | $ | 123,020,432 | $ | 120,208,333 | ||||||||||||
Investments in affiliates, at cost | - | - | 18,061,200 | 14,834,080 | 46,064,400 | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Investments, at value | $ | 44,495,244 | $ | 111,432,229 | $ | 92,599,372 | $ | 140,954,008 | $ | 166,674,493 | $ | 122,639,754 | ||||||||||||
Investments in affiliates, at value | - | - | 23,697,432 | 18,848,782 | 56,914,052 | - | ||||||||||||||||||
Cash | 2,166 | - | 6,894 | - | - | - | ||||||||||||||||||
Dividends and interest receivable | 8,578 | 222,656 | 40,031 | 99,887 | 33,973 | 548,620 | ||||||||||||||||||
Receivable for fund shares sold | 19,584 | 61,718 | 96,395 | 90,270 | 165,767 | 41,497 | ||||||||||||||||||
Receivable for securities sold | - | 316,559 | 1,247,208 | 3,822,192 | - | - | ||||||||||||||||||
Receivable for foreign tax reclaims | - | 149,942 | - | - | - | - | ||||||||||||||||||
Prepaid expenses and other assets | 33,358 | 42,244 | 46,281 | 41,758 | 45,783 | 38,967 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Assets | 44,558,930 | 112,225,348 | 117,733,613 | 163,856,897 | 223,834,068 | 123,268,838 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for securities purchased | - | 759,075 | 2,112,033 | 1,247,327 | - | 3,010,834 | ||||||||||||||||||
Payable for fund shares redeemed | 2,001 | 79,111 | 28,686 | 30,902 | 92,850 | 178,595 | ||||||||||||||||||
Payable to service providers | 7,237 | 17,928 | 54,688 | 9,797 | 17,555 | 190,493 | ||||||||||||||||||
Accrued advisory fees | 27,426 | 87,938 | 76,307 | 102,245 | 139,485 | 42,419 | ||||||||||||||||||
Accrued 12b-1 fees | 9,011 | 13,331 | 24,812 | 27,676 | 42,207 | 27,053 | ||||||||||||||||||
Accrued expenses and other liabilities | 17,160 | 40,464 | 17,132 | 67,331 | 22,942 | 19,149 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Liabilities | 62,835 | 997,847 | 2,313,658 | 1,485,278 | 315,039 | 3,468,543 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Assets | $ | 44,496,095 | $ | 111,227,501 | $ | 115,419,955 | $ | 162,371,619 | $ | 223,519,029 | $ | 119,800,295 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) | $ | 29,191,134 | $ | 77,506,688 | $ | 72,412,483 | $ | 124,894,120 | $ | 161,757,204 | $ | 118,802,761 | ||||||||||||
Accumulated earnings | 15,304,961 | 33,720,813 | 43,007,472 | 37,477,499 | 61,761,825 | 997,534 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Assets | $ | 44,496,095 | $ | 111,227,501 | $ | 115,419,955 | $ | 162,371,619 | $ | 223,519,029 | $ | 119,800,295 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class A | ||||||||||||||||||||||||
Net Assets | $ | 33,398,188 | $ | 55,260,579 | $ | 83,308,487 | $ | 104,566,130 | $ | 150,490,925 | $ | 92,214,511 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 2,902,991 | 4,452,249 | 7,313,573 | 5,009,995 | 7,300,532 | 8,829,274 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 11.50 | $ | 12.41 | $ | 11.39 | $ | 20.87 | $ | 20.61 | $ | 10.44 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) | $ | 12.17 | $ | 13.13 | $ | 12.05 | $ | 22.08 | $ | 21.81 | $ | 10.93 | * | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class C | ||||||||||||||||||||||||
Net Assets | $ | 2,518,963 | $ | 2,187,214 | $ | 9,556,800 | $ | 6,878,114 | $ | 14,396,758 | $ | 9,654,166 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 279,126 | 182,517 | 1,076,357 | 494,899 | 933,039 | 960,611 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 9.02 | $ | 11.98 | $ | 8.88 | $ | 13.90 | $ | 15.43 | $ | 10.05 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 8.93 | $ | 11.86 | $ | 8.79 | $ | 13.76 | $ | 15.28 | $ | 9.95 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class I | ||||||||||||||||||||||||
Net Assets | $ | 8,578,944 | $ | 53,779,708 | $ | 22,554,668 | $ | 50,927,375 | $ | 58,631,346 | $ | 17,931,618 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 728,409 | 4,320,938 | 1,933,706 | 2,399,994 | 2,814,197 | 1,732,402 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 11.78 | $ | 12.45 | $ | 11.66 | $ | 21.22 | $ | 20.83 | $ | 10.35 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
31
Timothy Plan Funds
Statements of Assets and Liabilities (Unaudited) (Continued)
March 31, 2021
High Yield Bond Fund
| Israel Common Values Fund
| Defensive
| Strategic Growth Fund
| Conservative Growth Fund
| Growth & Fund
| |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investments, at cost | $ | 101,616,281 | $ | 52,554,824 | $ | 30,360,892 | $ | 687,425 | $ | 2,104,748 | $ | 6,056,600 | ||||||||||||
Investments in affiliates, at cost | - | - | - | 32,911,764 | 43,368,795 | 10,365,701 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Investments, at value | $ | 105,818,327 | $ | 89,907,562 | $ | 34,323,190 | $ | 687,425 | $ | 2,104,748 | $ | 6,227,300 | ||||||||||||
Investments in affiliates, at value | - | - | - | 38,645,231 | 49,171,078 | 12,216,900 | ||||||||||||||||||
Gold Investments, at fair value (Cost $7,240,876) | - | - | 10,488,811 | - | - | - | ||||||||||||||||||
Foreign Cash | ||||||||||||||||||||||||
Canadian Dollar (CAD)(Cost $412) | - | - | 412 | - | - | - | ||||||||||||||||||
Euro (EUR)(Cost $86) | - | - | 83 | - | - | - | ||||||||||||||||||
Great British Pound (GBP)(Cost $127) | - | - | 125 | - | - | - | ||||||||||||||||||
Japanese Yen (JPY)(Cost $172) | - | - | 172 | - | - | - | ||||||||||||||||||
Israel Shekel (ILS)(Cost $8,085) | - | 8,091 | - | - | - | - | ||||||||||||||||||
Dividends and interest receivable | 1,300,162 | 139,556 | 80,789 | 6 | 18 | 34,907 | ||||||||||||||||||
Receivable for fund shares sold | 396,390 | 35,518 | 18,321 | 32,014 | 66,895 | 4,446 | ||||||||||||||||||
Receivable for securities sold | 242,962 | 22,182 | - | - | - | - | ||||||||||||||||||
Receivable for foreign tax reclaims | - | - | 1,054 | - | - | - | ||||||||||||||||||
Prepaid expenses and other assets | 81,492 | 28,536 | 19,388 | 16,488 | 31,002 | 12,743 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Assets | 107,839,333 | 90,141,445 | 44,932,345 | 39,381,164 | 51,373,741 | 18,496,296 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for securities purchased | 3,307,812 | 108,869 | - | - | - | 147,956 | ||||||||||||||||||
Payable for fund shares redeemed | 18,207 | 117,274 | 1,208 | 1,349 | 10,239 | 1,820 | ||||||||||||||||||
Payable to service providers | 282,162 | 78,162 | 39,626 | 39,770 | 40,561 | 5,810 | ||||||||||||||||||
Accrued advisory fees | 47,507 | 75,598 | 20,442 | 18,023 | 26,232 | 7,521 | ||||||||||||||||||
Accrued 12b-1 fees | 13,045 | 18,756 | 6,527 | 1,269 | 3,222 | 4,525 | ||||||||||||||||||
Accrued expenses and other liabilities | 7,998 | 55,258 | 21,306 | 22,610 | 23,077 | 20,118 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Liabilities | 3,676,731 | 453,917 | 89,109 | 83,021 | 103,331 | 187,750 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Assets | $ | 104,162,602 | $ | 89,687,528 | $ | 44,843,236 | $ | 39,298,143 | $ | 51,270,410 | $ | 18,308,546 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) | $ | 100,722,401 | $ | 55,809,198 | $ | 39,250,994 | $ | 33,323,388 | $ | 45,220,810 | $ | 16,799,147 | ||||||||||||
Accumulated earnings | 3,440,201 | 33,878,330 | 5,592,242 | 5,974,755 | 6,049,600 | 1,509,399 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Assets | $ | 104,162,602 | $ | 89,687,528 | $ | 44,843,236 | $ | 39,298,143 | $ | 51,270,410 | $ | 18,308,546 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Class A | ||||||||||||||||||||||||
Net Assets | $ | 52,550,656 | $ | 46,471,904 | $ | 34,444,389 | $ | 36,462,291 | $ | 45,650,281 | $ | 13,977,789 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 5,370,244 | 2,179,715 | 2,675,385 | 3,431,003 | 3,994,741 | 1,199,714 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 9.79 | $ | 21.32 | $ | 12.87 | $ | 10.63 | $ | 11.43 | $ | 11.65 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) | $ | 10.25 | * | $ | 22.56 | $ | 13.62 | $ | 11.25 | $ | 12.10 | $ | 12.33 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Class C | ||||||||||||||||||||||||
Net Assets | $ | 2,765,836 | $ | 10,499,849 | $ | 2,462,061 | $ | 2,835,852 | $ | 5,620,129 | $ | 1,859,773 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 278,085 | 520,174 | 202,283 | 305,555 | 555,156 | 165,779 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 9.95 | $ | 20.19 | $ | 12.17 | $ | 9.28 | $ | 10.12 | $ | 11.22 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Minimum Redemption Price Per Share (NAV * 0.99) | $ | 9.85 | $ | 19.99 | $ | 12.05 | $ | 9.19 | $ | 10.02 | $ | 11.11 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Class I | ||||||||||||||||||||||||
Net Assets | $ | 48,846,110 | $ | 32,715,775 | $ | 7,936,786 | $ | - | $ | - | $ | 2,470,984 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 4,991,207 | 1,520,828 | 616,178 | - | - | 210,544 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share | $ | 9.79 | $ | 21.51 | $ | 12.88 | $ | - | $ | - | $ | 11.74 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
32
Timothy Plan Funds
Statements of Operations (Unaudited)
For the Six Months Ended March 31, 2021
Aggressive Growth Fund
| International
| Large/Mid Cap Growth Fund
| Small Cap Value Fund
| Large/Mid Cap Value Fund
| Fixed Income Fund
| |||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||
Interest income | $ | 68 | $ | 105 | $ | 97 | $ | 107 | $ | 196 | $ | 872,738 | ||||||||||||
Dividend Income | 55,295 | 765,646 | 411,658 | 1,241,691 | 965,718 | - | ||||||||||||||||||
Dividend income from affiliated investments | - | - | 84,123 | 109,396 | 386,716 | - | ||||||||||||||||||
Foreign tax withheld | - | (119,254 | ) | (2,897 | ) | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Investment Income | 55,363 | 646,497 | 492,981 | 1,351,194 | 1,352,630 | 872,738 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Expenses: | ||||||||||||||||||||||||
Investment advisory fees | 171,706 | 501,435 | 469,886 | 598,034 | 872,287 | 355,385 | ||||||||||||||||||
12b-1 Fees: | ||||||||||||||||||||||||
Class A | 40,069 | 65,862 | 97,150 | 113,353 | 175,966 | 116,018 | ||||||||||||||||||
Class C | 12,643 | 11,311 | 45,474 | 32,149 | 72,570 | 46,747 | ||||||||||||||||||
Administration fees | 47,684 | 92,820 | 145,600 | 78,600 | 139,200 | 291,200 | ||||||||||||||||||
Printing expenses | 14,924 | 29,120 | 25,480 | 50,960 | 31,334 | 21,840 | ||||||||||||||||||
Registration fees | 13,468 | 19,110 | 19,110 | 22,750 | 24,570 | 20,020 | ||||||||||||||||||
Audit fees | 6,552 | 6,552 | 6,734 | 7,098 | 6,552 | 6,552 | ||||||||||||||||||
Non 12b-1 shareholder service fees | 4,550 | 18,200 | 17,472 | 33,306 | 18,200 | 48,412 | ||||||||||||||||||
Trustees’ fees | 4,550 | 7,098 | 3,640 | 4,550 | 6,006 | 3,822 | ||||||||||||||||||
Compliance officer fees | 2,366 | 5,824 | 5,824 | 9,828 | 12,376 | 6,552 | ||||||||||||||||||
Custody fees | 2,184 | 8,190 | 7,098 | 14,378 | 14,924 | 9,464 | ||||||||||||||||||
Insurance expenses | 182 | 364 | 364 | 364 | 364 | 910 | ||||||||||||||||||
Miscellaneous expenses | 3,276 | 3,276 | 3,276 | 8,396 | 14,560 | 2,548 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Operating Expenses | 324,154 | 769,162 | 847,108 | 973,766 | 1,388,909 | 929,470 | ||||||||||||||||||
Less: Expenses waived by Advisor | (20,201 | ) | (21,042 | ) | (23,212 | ) | (59,847 | ) | (86,468 | ) | (112,848 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Operating Expenses | 303,953 | 748,120 | 823,896 | 913,919 | 1,302,441 | 816,622 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Investment Income (Loss) | (248,590 | ) | (101,623 | ) | (330,915 | ) | 437,275 | 50,189 | 56,116 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||||||||||
Net realized gain on investments | 1,809,902 | 3,639,551 | 5,952,823 | 10,043,503 | 13,065,221 | 195,691 | ||||||||||||||||||
and foreign currency transactions | - | 95 | 49 | - | - | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 6,175,075 | 18,440,458 | 8,461,134 | 36,461,066 | 16,641,371 | (3,494,467 | ) | |||||||||||||||||
affiliated investments | - | - | 4,390,776 | 6,518,388 | 11,158,128 | - | ||||||||||||||||||
and foreign currency translations | - | (3 | ) | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Realized and Unrealized Gain (Loss) on Investments | 7,984,977 | 22,080,101 | 18,804,782 | 53,022,957 | 40,864,720 | (3,298,776 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | $ | 7,736,387 | $ | 21,978,478 | $ | 18,473,867 | $ | 53,460,232 | $ | 40,914,909 | $ | (3,242,660 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
33
Timothy Plan Funds
Statements of Operations (Unaudited) (Continued)
For the Six Months Ended March 31, 2021
High Yield Bond Fund
| Israel Common Values Fund
| Defensive Strategies Fund
| Strategic Growth Fund
| Conservative Growth Fund
| Growth & Fund
| |||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||
Interest income | $ | 2,606,316 | $ | 53 | $ | 102,150 | $ | 41 | $ | 90 | $ | 56,704 | ||||||||||||
Dividend Income | 23,242 | 513,430 | 226,076 | - | - | - | ||||||||||||||||||
Dividend income from affiliated investments | - | - | - | 260,582 | 334,631 | 134,688 | ||||||||||||||||||
Foreign tax withheld | (34,547 | ) | (126,796 | ) | (6,576 | ) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Investment Income | 2,595,011 | 386,687 | 321,650 | 260,623 | 334,721 | 191,392 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Expenses: | ||||||||||||||||||||||||
Investment advisory fees | 269,472 | 418,315 | 120,248 | 122,261 | 159,705 | 74,628 | ||||||||||||||||||
12b-1 fees: | ||||||||||||||||||||||||
Class A | 60,328 | 53,766 | 38,905 | - | - | 16,939 | ||||||||||||||||||
Class C | 12,787 | 51,661 | 12,396 | 10,354 | 19,373 | 9,225 | ||||||||||||||||||
Administration fees | 364,000 | 145,600 | 78,000 | 72,800 | 81,900 | 36,400 | ||||||||||||||||||
Non 12b-1 shareholder service fees | 30,758 | 26,390 | 9,100 | 1,820 | 2,730 | 182 | ||||||||||||||||||
Registration fees | 15,470 | 15,470 | 11,830 | 10,010 | 13,832 | 13,104 | ||||||||||||||||||
Printing expenses | 9,100 | 25,480 | 25,740 | 13,650 | 14,924 | 9,282 | ||||||||||||||||||
Audit fees | 6,734 | 6,370 | 6,552 | 6,734 | 7,280 | 6,552 | ||||||||||||||||||
Custody fees | 6,188 | 42,042 | 21,476 | 3,276 | 4,004 | 3,276 | ||||||||||||||||||
Compliance officer fees | 4,550 | 5,824 | 2,912 | 2,912 | 3,640 | 1,456 | ||||||||||||||||||
Trustees’ fees | 2,730 | 4,368 | 1,638 | 3,276 | 1,638 | 1,274 | ||||||||||||||||||
Miscellaneous expenses | 910 | 1,820 | 2,184 | 1,456 | 1,274 | 3,276 | ||||||||||||||||||
Insurance expenses | 910 | 910 | 364 | 182 | 364 | 364 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Operating Expenses | 783,937 | 798,016 | 331,345 | 248,731 | 310,664 | 175,958 | ||||||||||||||||||
Less: Expenses waived by Advisor | (22,456 | ) | - | (10,021 | ) | - | - | (30,745 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Operating Expenses | 761,481 | 798,016 | 321,324 | 248,731 | 310,664 | 145,213 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Investment Income (Loss) | 1,833,530 | (411,329 | ) | 326 | 11,892 | 24,057 | 46,179 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||||||||||
Net realized gain (loss) on investments | 280,841 | 1,555,679 | 573,180 | - | - | 30,279 | ||||||||||||||||||
foreign currency transactions | - | 1,324 | (390 | ) | - | - | - | |||||||||||||||||
and affiliated investments | - | - | - | 282,382 | 328,696 | 40,084 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 4,414,829 | 19,103,529 | 3,953,827 | - | - | (187,960 | ) | |||||||||||||||||
affiliated investments | - | - | - | 5,174,378 | 4,422,766 | 2,629,371 | ||||||||||||||||||
alternative investments | - | - | (1,099,618 | ) | - | - | - | |||||||||||||||||
and foreign currency translations | - | (25 | ) | (86 | ) | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Realized and Unrealized Gain on Investments | 4,695,670 | 20,660,507 | 3,426,913 | 5,456,760 | 4,751,462 | 2,511,774 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Increase in Net Assets Resulting From Operations | $ | 6,529,200 | $ | 20,249,178 | $ | 3,427,239 | $ | 5,468,652 | $ | 4,775,519 | $ | 2,557,953 | ||||||||||||
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|
|
The accompanying notes are an integral part of these financial statements.
34
Timothy Plan Funds
Statements of Changes in Net Assets
Aggressive Growth Fund | International Fund | Large/Mid Cap Growth Fund | ||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
March 31, 2021 | September 30, 2020 | March 31, 2021 | September 30, 2020 | March 31, 2021 | September 30, 2020 | |||||||||||||||||||
Operations: | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Net investment loss | $ | (248,590 | ) | $ | (313,451 | ) | $ | (101,623 | ) | $ | (232,277 | ) | $ | (330,915 | ) | $ | (401,853 | ) | ||||||
Net realized gain from investments and foreign currency transactions | 1,809,902 | 2,881,501 | 3,639,646 | 1,477,398 | 5,952,872 | 1,895,276 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | 6,175,075 | 4,488,748 | 18,440,455 | 7,128,189 | 12,851,910 | 12,093,448 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase in net assets resulting from operations | 7,736,387 | 7,056,798 | 21,978,478 | 8,373,310 | 18,473,867 | 13,586,871 | ||||||||||||||||||
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|
|
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|
|
|
|
|
| |||||||
Distributions to Shareholders: | ||||||||||||||||||||||||
Return of Capital | ||||||||||||||||||||||||
Class A | - | - | - | (272 | ) | - | - | |||||||||||||||||
Class C | - | - | - | - | - | - | ||||||||||||||||||
Class I | - | - | - | (154 | ) | - | - | |||||||||||||||||
Total distributions paid | ||||||||||||||||||||||||
Class A | (1,759,027 | ) | - | - | (414,996 | ) | (1,333,781 | ) | (2,645,457 | ) | ||||||||||||||
Class C | (179,742 | ) | - | - | - | (201,076 | ) | (411,753 | ) | |||||||||||||||
Class I | (311,960 | ) | - | - | (304,044 | ) | (437,156 | ) | (662,464 | ) | ||||||||||||||
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|
|
|
|
|
| |||||||
Total dividends and distributions to shareholders | (2,250,729 | ) | - | - | (719,466 | ) | (1,972,013 | ) | (3,719,674 | ) | ||||||||||||||
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|
|
|
| |||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Class A | 5,723,708 | 10,263,766 | 6,475,853 | 15,515,619 | 9,955,810 | 16,068,610 | ||||||||||||||||||
Class C | 402,796 | 420,318 | 173,000 | 674,959 | 1,216,130 | 1,333,528 | ||||||||||||||||||
Class I | 6,121,528 | 2,930,563 | 17,832,204 | 19,860,676 | 9,782,893 | 18,044,926 | ||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Class A | 1,710,649 | - | - | 339,337 | 1,294,897 | 2,530,212 | ||||||||||||||||||
Class C | 177,642 | - | - | - | 196,543 | 392,575 | ||||||||||||||||||
Class I | 292,104 | - | - | 188,255 | 406,909 | 626,060 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Class A | (8,789,793 | ) | (7,336,933 | ) | (11,496,664 | ) | (30,058,546 | ) | (10,540,295 | ) | (19,245,020 | ) | ||||||||||||
Class C | (613,726 | ) | (1,111,752 | ) | (602,428 | ) | (1,353,244 | ) | (1,329,428 | ) | (2,236,862 | ) | ||||||||||||
Class I | (2,319,304 | ) | (1,386,692 | ) | (11,089,585 | ) | (14,445,090 | ) | (10,526,442 | ) | (15,036,610 | ) | ||||||||||||
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|
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|
|
|
|
|
|
| |||||||
Net increase in net assets from share transactions of beneficial interest | 2,705,604 | 3,779,270 | 1,292,380 | (9,278,034 | ) | 457,017 | 2,477,419 | |||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|
|
|
| |||||||
Total Increase (Decrease) in Net Assets | 8,191,262 | 10,836,068 | 23,270,858 | (1,624,190 | ) | 16,958,871 | 12,344,616 | |||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 36,304,833 | 25,468,765 | 87,956,643 | 89,580,833 | 98,461,084 | 86,116,468 | ||||||||||||||||||
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| |||||||
End of period | $ | 44,496,095 | $ | 36,304,833 | $ | 111,227,501 | $ | 87,956,643 | $ | 115,419,955 | $ | 98,461,084 | ||||||||||||
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| |||||||
Share Activity: | ||||||||||||||||||||||||
Shares Sold | ||||||||||||||||||||||||
Class A | 510,305 | 1,144,605 | 554,918 | 1,669,718 | 918,594 | 1,824,223 | ||||||||||||||||||
Class C | 45,026 | 61,079 | 15,438 | 74,198 | 144,186 | 196,651 | ||||||||||||||||||
Class I | 527,465 | 370,655 | 1,533,079 | 2,165,480 | 914,081 | 2,018,098 | ||||||||||||||||||
Shares Reinvested | ||||||||||||||||||||||||
Class A | 159,724 | - | - | 35,127 | 122,045 | 282,705 | ||||||||||||||||||
Class C | 21,098 | - | - | - | 23,708 | 55,448 | ||||||||||||||||||
Class I | 26,676 | - | - | 19,488 | 37,469 | 68,497 | ||||||||||||||||||
Shares Redeemed | ||||||||||||||||||||||||
Class A | (822,241 | ) | (860,806 | ) | (1,000,668 | ) | (3,232,658 | ) | (980,186 | ) | (2,231,377 | ) | ||||||||||||
Class C | (68,048 | ) | (163,949 | ) | (53,612 | ) | (153,554 | ) | (157,743 | ) | (328,373 | ) | ||||||||||||
Class I | (196,617 | ) | (153,601 | ) | (957,858 | ) | (1,574,142 | ) | (957,062 | ) | (1,728,840 | ) | ||||||||||||
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|
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|
| |||||||
Net increase (decrease) in shares of beneficial interest outstanding | 203,388 | 397,983 | 91,297 | (996,343 | ) | 65,092 | 157,032 | |||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
35
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
Small Cap Value Fund | Large/Mid Cap Value Fund | Fixed Income Fund | ||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
March 31, 2021 | September 30, 2020 | March 31, 2021 | September 30, 2020 | March 31, 2021 | September 30, 2020 | |||||||||||||||||||
Operations: | (Unaudited | ) | (Unaudited | ) | (Unaudited | ) | ||||||||||||||||||
Net investment income | $ | 437,275 | $ | 404,327 | $ | 50,189 | $ | 320,779 | $ | 56,116 | $ | 1,114,655 | ||||||||||||
Net realized gain (loss) from investments and foreign currency transactions | 10,043,503 | (3,126,054 | ) | 13,065,221 | 803,689 | 195,691 | 719,937 | |||||||||||||||||
Capital gain dividends from REITs | - | 112,588 | - | 1,535 | - | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | 42,979,454 | (15,946,373 | ) | 27,799,499 | 5,706,882 | (3,494,467 | ) | 3,514,629 | ||||||||||||||||
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| |||||||
Net increase (decrease) in net assets resulting from operations | 53,460,232 | (18,555,512 | ) | 40,914,909 | 6,832,885 | (3,242,660 | ) | 5,349,221 | ||||||||||||||||
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| |||||||
Distributions to Shareholders: | ||||||||||||||||||||||||
Total distributions paid | ||||||||||||||||||||||||
Class A | (145,591 | ) | (3,484,745 | ) | (4,723,162 | ) | (16,241,793 | ) | (621,520 | ) | (1,185,130 | ) | ||||||||||||
Class C | - | (444,256 | ) | (629,087 | ) | (2,284,461 | ) | (13,134 | ) | (59,229 | ) | |||||||||||||
Class I | (169,744 | ) | (1,608,471 | ) | (1,718,701 | ) | (5,910,352 | ) | (163,300 | ) | (163,819 | ) | ||||||||||||
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| |||||||
Total dividends and distributions to shareholders | (315,335 | ) | (5,537,472 | ) | (7,070,950 | ) | (24,436,606 | ) | (797,954 | ) | (1,408,178 | ) | ||||||||||||
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| |||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Class A | 7,005,651 | 11,772,086 | 12,330,585 | 24,478,552 | 17,071,926 | 27,874,703 | ||||||||||||||||||
Class C | 501,891 | 1,037,946 | 797,866 | 2,089,087 | 2,089,594 | 3,457,109 | ||||||||||||||||||
Class I | 13,898,648 | 21,243,639 | 14,220,443 | 32,183,968 | 8,249,740 | 12,132,019 | ||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Class A | 139,050 | 3,340,385 | 4,496,466 | 15,085,002 | 569,951 | 1,074,093 | ||||||||||||||||||
Class C | - | 428,980 | 603,732 | 2,150,333 | 9,876 | 46,467 | ||||||||||||||||||
Class I | 134,488 | 1,504,962 | 1,579,911 | 5,493,549 | 138,697 | 140,391 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Class A | (10,868,551 | ) | (23,672,886 | ) | (20,037,197 | ) | (39,660,804 | ) | (13,696,929 | ) | (26,199,346 | ) | ||||||||||||
Class C | (1,717,548 | ) | (3,087,087 | ) | (3,351,206 | ) | (4,917,130 | ) | (1,461,621 | ) | (3,029,571 | ) | ||||||||||||
Class I | (15,134,123 | ) | (18,239,807 | ) | (12,703,329 | ) | (34,084,778 | ) | (3,069,036 | ) | (7,470,668 | ) | ||||||||||||
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|
|
| |||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | (6,040,494 | ) | (5,671,782 | ) | (2,062,729 | ) | 2,817,779 | 9,902,198 | 8,025,197 | |||||||||||||||
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|
|
|
|
|
|
| |||||||
Total Increase (Decrease) in Net Assets | 47,104,403 | (29,764,766 | ) | 31,781,230 | (14,785,942 | ) | 5,861,584 | 11,966,240 | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 115,267,216 | 145,031,982 | 191,737,799 | 206,523,741 | 113,938,711 | 101,972,471 | ||||||||||||||||||
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| |||||||
End of period | $ | 162,371,619 | $ | 115,267,216 | $ | 223,519,029 | $ | 191,737,799 | $ | 119,800,295 | $ | 113,938,711 | ||||||||||||
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| |||||||
Share Activity: | ||||||||||||||||||||||||
Shares Sold | ||||||||||||||||||||||||
Class A | 379,131 | 785,701 | 632,849 | 1,455,831 | 1,594,081 | 2,610,965 | ||||||||||||||||||
Class C | 42,072 | 104,450 | 54,886 | 166,081 | 203,824 | 340,891 | ||||||||||||||||||
Class I | 743,520 | 1,406,282 | 720,818 | 1,875,536 | 776,413 | 1,144,700 | ||||||||||||||||||
Shares Reinvested | ||||||||||||||||||||||||
Class A | 8,089 | 191,647 | 237,030 | 859,544 | 53,781 | 101,469 | ||||||||||||||||||
Class C | - | 36,664 | 42,427 | 160,592 | 982 | 4,594 | ||||||||||||||||||
Class I | 7,698 | 85,026 | 82,459 | 310,020 | 13,188 | 13,307 | ||||||||||||||||||
Shares Redeemed | ||||||||||||||||||||||||
Class A | (610,980 | ) | (1,519,667 | ) | (1,045,989 | ) | (2,392,013 | ) | (1,279,160 | ) | (2,465,061 | ) | ||||||||||||
Class C | (146,402 | ) | (308,384 | ) | (231,655 | ) | (381,304 | ) | (142,186 | ) | (298,562 | ) | ||||||||||||
Class I | (812,030 | ) | (1,150,668 | ) | (674,973 | ) | (1,991,566 | ) | (289,133 | ) | (710,241 | ) | ||||||||||||
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| |||||||
Net increase (decrease) in shares of beneficial interest outstanding | (388,902 | ) | (368,949 | ) | (182,148 | ) | 62,721 | 931,790 | 742,062 | |||||||||||||||
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The accompanying notes are an integral part of these financial statements.
36
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
High Yield Bond Fund | Israel Common Values Fund | Defensive Strategies Fund | ||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
March 31, 2021 | September 30, 2020 | March 31, 2021 | September 30, 2020 | March 31, 2021 | September 30, 2020 | |||||||||||||||||||
Operations: | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Net investment income (loss) | $ | 1,833,530 | $ | 3,415,148 | $ | (411,329 | ) | $ | (471,877 | ) | $ | 326 | $ | (39,904 | ) | |||||||||
Net realized gain (loss) from investments and foreign currency transactions | 280,841 | 233,510 | 1,557,003 | (1,142,847 | ) | 572,790 | (1,948,581 | ) | ||||||||||||||||
Capital gain dividends from REITs | - | - | - | - | - | 33,316 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 4,414,829 | (1,331,098 | ) | 19,103,504 | (3,276,125 | ) | 2,854,123 | 3,186,489 | ||||||||||||||||
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| |||||||
Net increase (decrease) in net assets resulting from operations | 6,529,200 | 2,317,560 | 20,249,178 | (4,890,849 | ) | 3,427,239 | 1,231,320 | |||||||||||||||||
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| |||||||
Distributions to Shareholders: | ||||||||||||||||||||||||
Return of Capital | ||||||||||||||||||||||||
Class A | - | - | - | (9,977 | ) | - | (3,881 | ) | ||||||||||||||||
Class C | - | - | - | (2,414 | ) | - | (365 | ) | ||||||||||||||||
Class I | - | - | - | (5,833 | ) | - | (565 | ) | ||||||||||||||||
Total distributions paid | ||||||||||||||||||||||||
Class A | (978,540 | ) | (2,035,084 | ) | - | (440,041 | ) | - | (919,259 | ) | ||||||||||||||
Class C | (40,023 | ) | (91,711 | ) | - | (31,435 | ) | - | (75,547 | ) | ||||||||||||||
Class I | (879,152 | ) | (1,241,948 | ) | - | (306,642 | ) | - | (130,298 | ) | ||||||||||||||
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| |||||||
Total dividends and distributions to shareholders | (1,897,715 | ) | (3,368,743 | ) | - | (796,342 | ) | - | (1,129,915 | ) | ||||||||||||||
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| |||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Class A | 10,883,367 | 28,629,454 | 4,537,267 | 14,258,338 | 6,257,069 | 4,811,338 | ||||||||||||||||||
Class C | 760,923 | 623,382 | 581,728 | 2,211,779 | 168,399 | 447,075 | ||||||||||||||||||
Class I | 19,658,865 | 24,381,412 | 6,669,806 | 15,841,843 | 4,879,717 | 3,190,306 | ||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Class A | 877,423 | 1,768,156 | - | 406,728 | - | 880,163 | ||||||||||||||||||
Class C | 38,776 | 86,725 | - | 29,270 | - | 70,252 | ||||||||||||||||||
Class I | 651,896 | 947,104 | - | 286,984 | - | 120,968 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Class A | (7,762,718 | ) | (23,219,760 | ) | (5,284,820 | ) | (24,660,411 | ) | (4,047,902 | ) | (10,161,774 | ) | ||||||||||||
Class C | (598,434 | ) | (904,620 | ) | (1,655,207 | ) | (2,091,301 | ) | (379,696 | ) | (1,141,669 | ) | ||||||||||||
Class I | (4,269,590 | ) | (12,770,412 | ) | (5,213,286 | ) | (11,198,744 | ) | (2,715,003 | ) | (1,792,048 | ) | ||||||||||||
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|
|
|
| |||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | 20,240,508 | 19,541,441 | (364,512 | ) | (4,915,514 | ) | 4,162,584 | (3,575,389 | ) | |||||||||||||||
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|
|
|
|
|
| |||||||
Total Increase (Decrease) in Net Assets | 24,871,993 | 18,490,258 | 19,884,666 | (10,602,705 | ) | 7,589,823 | (3,473,984 | ) | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 79,290,609 | 60,800,351 | 69,802,862 | 80,405,567 | 37,253,413 | 40,727,397 | ||||||||||||||||||
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| |||||||
End of period | $ | 104,162,602 | $ | 79,290,609 | $ | 89,687,528 | $ | 69,802,862 | $ | 44,843,236 | $ | 37,253,413 | ||||||||||||
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Share Activity: | ||||||||||||||||||||||||
Shares Sold | ||||||||||||||||||||||||
Class A | 1,128,598 | 3,115,231 | 223,073 | 864,480 | 491,785 | 422,649 | ||||||||||||||||||
Class C | 76,980 | 67,258 | 30,128 | 135,571 | 13,959 | 41,663 | ||||||||||||||||||
Class I | 2,025,543 | 2,646,886 | 333,926 | 922,156 | 390,053 | 277,728 | ||||||||||||||||||
Shares Reinvested | ||||||||||||||||||||||||
Class A | 90,567 | 199,079 | - | 21,973 | - | 77,138 | ||||||||||||||||||
Class C | 3,938 | 9,553 | - | 1,654 | - | 6,451 | ||||||||||||||||||
Class I | 67,224 | 106,165 | - | 15,421 | - | 10,630 | ||||||||||||||||||
Shares Redeemed | ||||||||||||||||||||||||
Class A | (812,334 | ) | (2,586,721 | ) | (266,489 | ) | (1,417,448 | ) | (326,990 | ) | (890,593 | ) | ||||||||||||
Class C | (60,933 | ) | (98,041 | ) | (86,882 | ) | (134,779 | ) | (32,092 | ) | (106,998 | ) | ||||||||||||
Class I | (442,031 | ) | (1,367,605 | ) | (247,504 | ) | (701,466 | ) | (216,644 | ) | (161,469 | ) | ||||||||||||
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| |||||||
Net increase (decrease) in shares of beneficial interest outstanding | 2,077,552 | 2,091,805 | (13,748 | ) | (292,438 | ) | 320,071 | (322,801 | ) | |||||||||||||||
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The accompanying notes are an integral part of these financial statements.
37
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
Strategic Growth Fund | Conservative Growth Fund | Growth & Income Fund | ||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
March 31, 2021 | September 30, 2020 | March 31, 2021 | September 30, 2020 | March 31, 2021 | September 30, 2020 | |||||||||||||||||||
Operations: | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Net investment income | $ | 11,892 | $ | 122,767 | $ | 24,057 | $ | 156,341 | $ | 46,179 | $ | 161,784 | ||||||||||||
Net realized gain (loss) from investments, affiliated investments and foreign currency transactions | 282,382 | 1,231,878 | 328,696 | 1,062,914 | 70,363 | (111,175 | ) | |||||||||||||||||
Capital gain distributions from affiliated investments | - | 38,287 | - | 42,133 | - | - | ||||||||||||||||||
Capital gain dividends from REITs | - | - | - | - | - | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations | 5,174,378 | (652,306 | ) | 4,422,766 | 112,552 | 2,441,411 | (873,565 | ) | ||||||||||||||||
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Net increase (decrease) in net assets resulting from operations | 5,468,652 | 740,626 | 4,775,519 | 1,373,940 | 2,557,953 | (822,956 | ) | |||||||||||||||||
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Distributions to Shareholders: | ||||||||||||||||||||||||
Return of Capital | ||||||||||||||||||||||||
Class A | - | - | - | - | - | (1,185 | ) | |||||||||||||||||
Class C | - | - | - | - | - | (193 | ) | |||||||||||||||||
Class I | - | - | - | - | - | (242 | ) | |||||||||||||||||
Total distributions paid | ||||||||||||||||||||||||
Class A | (1,165,888 | ) | (1,199,081 | ) | (1,105,678 | ) | (1,464,847 | ) | (57,720 | ) | (146,081 | ) | ||||||||||||
Class C | (98,452 | ) | (137,411 | ) | (119,253 | ) | (221,058 | ) | (1,326 | ) | (8,076 | ) | ||||||||||||
Class I | - | - | - | - | (13,009 | ) | (32,030 | ) | ||||||||||||||||
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Total dividends and distributions to shareholders | (1,264,340 | ) | (1,336,492 | ) | (1,224,931 | ) | (1,685,905 | ) | (72,055 | ) | (187,807 | ) | ||||||||||||
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| |||||||
Share Transactions of Beneficial Interest: | ||||||||||||||||||||||||
Net proceeds from shares sold | ||||||||||||||||||||||||
Class A | 1,625,448 | 4,394,265 | 2,747,925 | 7,217,924 | 703,136 | 3,255,251 | ||||||||||||||||||
Class C | 223,372 | 425,625 | 993,968 | 1,069,767 | 197,141 | 225,817 | ||||||||||||||||||
Class I | - | - | - | - | 804,269 | 2,174,045 | ||||||||||||||||||
Reinvestment of dividends and distributions | ||||||||||||||||||||||||
Class A | 1,140,481 | 1,178,596 | 1,064,304 | 1,391,939 | 53,468 | 135,567 | ||||||||||||||||||
Class C | 98,073 | 134,395 | 115,431 | 211,609 | 1,290 | 8,053 | ||||||||||||||||||
Class I | - | - | - | - | 11,897 | 29,055 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
Class A | (2,469,737 | ) | (5,157,240 | ) | (2,903,027 | ) | (7,446,765 | ) | (1,995,537 | ) | (3,965,676 | ) | ||||||||||||
Class C | (527,364 | ) | (941,279 | ) | (556,975 | ) | (1,968,448 | ) | (316,738 | ) | (771,341 | ) | ||||||||||||
Class I | - | - | - | - | (753,003 | ) | (3,032,452 | ) | ||||||||||||||||
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| |||||||
Net increase (decrease) in net assets from share transactions of beneficial interest | 90,273 | 34,362 | 1,461,626 | 476,026 | (1,294,077 | ) | (1,941,681 | ) | ||||||||||||||||
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| |||||||
Total Increase (Decrease) in Net Assets | 4,294,585 | (561,504 | ) | 5,012,214 | 164,061 | 1,191,821 | (2,952,444 | ) | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 35,003,558 | 35,565,062 | 46,258,196 | 46,094,135 | 17,116,725 | 20,069,169 | ||||||||||||||||||
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End of period | $ | 39,298,143 | $ | 35,003,558 | $ | 51,270,410 | $ | 46,258,196 | 18,308,546 | $ | 17,116,725 | |||||||||||||
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| |||||||
Share Activity: | ||||||||||||||||||||||||
Shares Sold | ||||||||||||||||||||||||
Class A | 157,991 | 484,704 | 245,044 | 698,747 | 64,179 | 316,144 | ||||||||||||||||||
Class C | 24,762 | 52,144 | 100,298 | 119,741 | 18,874 | 23,088 | ||||||||||||||||||
Class I | - | - | - | - | 70,380 | 208,374 | ||||||||||||||||||
Shares Reinvested | ||||||||||||||||||||||||
Class A | 112,807 | 121,757 | 95,883 | 131,563 | 4,590 | 14,206 | ||||||||||||||||||
Class C | 11,082 | 15,700 | 11,719 | 22,392 | 115 | 875 | ||||||||||||||||||
Class I | - | - | - | - | 1,013 | 3,022 | ||||||||||||||||||
Shares Redeemed | ||||||||||||||||||||||||
Class A | (241,623 | ) | (557,809 | ) | (260,058 | ) | (722,433 | ) | (183,996 | ) | (383,312 | ) | ||||||||||||
Class C | (59,275 | ) | (117,307 | ) | (56,522 | ) | (216,599 | ) | (29,781 | ) | (81,328 | ) | ||||||||||||
Class I | - | - | - | - | (67,277 | ) | (303,039 | ) | ||||||||||||||||
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| |||||||
Net increase (decrease) in shares of beneficial interest outstanding | 5,744 | (811 | ) | 136,364 | 33,411 | (121,903 | ) | (201,970 | ) | |||||||||||||||
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The accompanying notes are an integral part of these financial statements.
38
Timothy Aggressive Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.92 | $ | 7.87 | $ | 9.27 | $ | 8.10 | $ | 6.82 | $ | 7.98 | ||||||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment loss (A) | (0.07) | (0.09) | (0.07) | (0.09) | (0.08) | (0.04) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.29 | 2.14 | (0.81) | 1.26 | 1.36 | (0.02) | (B) | |||||||||||||||||
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Total from investment operations | 2.22 | 2.05 | (0.88) | 1.17 | 1.28 | (0.06) | ||||||||||||||||||
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LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net realized gains on investments | (0.64) | - | (0.52) | - | - | (1.10) | ||||||||||||||||||
Return of Capital | - | - | (0.00)* | - | - | - | ||||||||||||||||||
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Total distributions | (0.64) | - | (0.52) | - | - | (1.10) | ||||||||||||||||||
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Net asset value, end of period | $ | 11.50 | $ | 9.92 | $ | 7.87 | $ | 9.27 | $ | 8.10 | $ | 6.82 | ||||||||||||
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Total return (C)(D) | 22.88% | (E) | 26.05% | (8.72)% | 14.44% | 18.77% | (1.03)% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 33,398 | $ | 30,316 | $ | 21,802 | $ | 25,926 | $ | 22,549 | $ | 21,209 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.59% | (F) | 1.71% | 1.64% | 1.73% | 1.69% | 1.69% | |||||||||||||||||
Expenses, net waiver and reimbursement (G) | 1.49% | (F) | 1.61% | 1.56% | 1.63% | 1.59% | 1.59% | |||||||||||||||||
Net investment loss, before waiver and reimbursement | (1.32)% | (F) | (1.19)% | (0.91)% | (1.16)% | (1.12)% | (0.73)% | |||||||||||||||||
Net investment loss, net waiver and reimbursement (G) | (1.22)% | (F) | (1.09)% | (0.82)% | (1.06)% | (1.02)% | (0.63)% | |||||||||||||||||
Portfolio turnover rate | 33% | (E) | 96% | 77% | 85% | 151% | 124% |
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains 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. |
(C) | Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value. |
(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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
39
Timothy Aggressive Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.93 | $ | 6.34 | $ | 7.64 | $ | 6.73 | $ | 5.71 | $ | 6.90 | ||||||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment loss (A) | (0.09) | (0.12) | (0.11) | (0.13) | (0.11) | (0.08) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.82 | 1.71 | (0.67) | 1.04 | 1.13 | (0.01) | (B) | |||||||||||||||||
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Total from investment operations | 1.73 | 1.59 | (0.78) | 0.91 | 1.02 | (0.09) | ||||||||||||||||||
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LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net realized gains on investments | (0.64) | - | (0.52) | - | - | (1.10) | ||||||||||||||||||
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Return of Capital | - | - | (0.00) | * | - | - | - | |||||||||||||||||
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Total distributions | (0.64) | - | (0.52) | - | - | (1.10) | ||||||||||||||||||
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Net asset value, end of period | $ | 9.02 | $ | 7.93 | $ | 6.34 | $ | 7.64 | $ | 6.73 | $ | 5.71 | ||||||||||||
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Total return (C)(D) | 22.42% | (E) | 25.08% | (9.33)% | 13.52% | 17.86% | (1.73)% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,519 | $ | 2,230 | $ | 2,433 | $ | 4,358 | $ | 3,584 | $ | 3,426 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.34% | (F) | 2.46% | 2.39% | 2.48% | 2.44% | 2.44% | |||||||||||||||||
Expenses, net waiver and reimbursement (G) | 2.24% | (F) | 2.36% | 2.31% | 2.38% | 2.34% | 2.34% | |||||||||||||||||
Net investment loss, before waiver and reimbursement | (2.08)% | (F) | (1.92)% | (1.73)% | (1.91)% | (1.88)% | (1.47)% | |||||||||||||||||
Net investment loss, net waiver and reimbursement (G) | (1.98)% | (F) | (1.82)% | (1.64)% | (1.81)% | (1.78)% | (1.37)% | |||||||||||||||||
Portfolio turnover rate | 33% | (E) | 96% | 77% | 85% | 151% | 124% |
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains 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. |
(C) | Total return calculation does not reflect redemption fee. Total return represents aggregate total return based on Net Asset Value. |
(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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
40
Timothy Aggressive Growth Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.13 | $ | 8.02 | $ | 9.41 | $ | 8.21 | $ | 6.89 | $ | 8.03 | ||||||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment loss (A) | (0.05) | (0.08) | (0.05) | (0.07) | (0.06) | (0.03) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.34 | 2.19 | (0.82) | 1.27 | 1.38 | (0.01) | (B) | |||||||||||||||||
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Total from investment operations | 2.29 | 2.11 | (0.87) | 1.20 | 1.32 | (0.04) | ||||||||||||||||||
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LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net realized gains on investments | (0.64) | - | (0.52) | - | - | (1.10) | ||||||||||||||||||
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Return of Capital | - | - | (0.00)* | - | - | - | ||||||||||||||||||
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Total distributions | (0.64) | - | (0.52) | - | - | (1.10) | ||||||||||||||||||
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Net asset value, end of period | $ | 11.78 | $ | 10.13 | $ | 8.02 | $ | 9.41 | $ | 8.21 | $ | 6.89 | ||||||||||||
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Total return (C) | 23.11% | (D) | 26.31% | (8.48)% | 14.62% | 19.16% | (0.75)% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 8,579 | $ | 3,759 | $ | 1,233 | $ | 1,273 | $ | 887 | $ | 395 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.34% | (E) | 1.46% | 1.39% | 1.48% | 1.44% | 1.44% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 1.24% | (E) | 1.36% | 1.31% | 1.38% | 1.34% | 1.34% | |||||||||||||||||
Net investment loss, before waiver and reimbursement | (1.07)% | (E) | (1.02)% | (0.67)% | (0.91)% | (0.88)% | (0.48)% | |||||||||||||||||
Net investment loss, net waiver and reimbursement (F) | (0.97)% | (E) | (0.92)% | (0.57)% | (0.81)% | (0.78)% | (0.38)% | |||||||||||||||||
Portfolio turnover rate | 33% | (D) | 96% | 77% | 85% | 151% | 124% |
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains 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. |
(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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
41
Timothy International Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.92 | $ | 9.09 | $ | 9.74 | $ | 9.86 | $ | 8.53 | $ | 8.47 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (A) | (0.02) | (0.03) | 0.09 | 0.11 | 0.04 | 0.00 | * | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.51 | 0.94 | (0.64) | (0.02) | 1.38 | 0.15 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.49 | 0.91 | (0.55) | 0.09 | 1.42 | 0.15 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | - | (0.08) | (0.10) | (0.21) | (0.09) | (0.09) | ||||||||||||||||||
Return of Capital | - | 0.00 | * | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | - | (0.08) | (0.10) | (0.21) | (0.09) | (0.09) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 12.41 | $ | 9.92 | $ | 9.09 | $ | 9.74 | $ | 9.86 | $ | 8.53 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (B)(C) | 25.10% | (D) | 10.00% | (5.55)% | 0.91% | 16.78% | 1.85% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 55,261 | $ | 48,608 | $ | 58,397 | $ | 70,790 | $ | 81,153 | $ | 70,013 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.64% | (E) | 1.76% | 1.71% | 1.71% | 1.69% | 1.68% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 1.59% | (E) | 1.71% | 1.67% | 1.66% | 1.64% | 1.63% | |||||||||||||||||
Net investment income (loss) before waiver and reimbursement | (0.35)% | (E) | (0.38)% | 0.96% | 1.05% | 0.35% | (0.03)% | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F) | (0.30)% | (E) | (0.33)% | 1.01% | 1.10% | 0.40% | 0.02% | |||||||||||||||||
Portfolio turnover rate | 12% | (D) | 25% | 27% | 19% | 42% | 28% |
* | 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. Total return represents aggregate total return based on Net Asset Value. |
(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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
42
Timothy International Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.62 | $ | 8.80 | $ | 9.41 | $ | 9.55 | $ | 8.25 | $ | 8.21 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (A) | (0.06) | (0.10) | 0.01 | 0.03 | (0.03) | (0.06) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.42 | 0.92 | (0.61) | (0.01) | 1.34 | 0.15 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.36 | 0.82 | (0.60) | 0.02 | 1.31 | 0.09 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | - | - | (0.01) | (0.16) | (0.01) | (0.05) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | - | - | (0.01) | (0.16) | (0.01) | (0.05) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 11.98 | $ | 9.62 | $ | 8.80 | $ | 9.41 | $ | 9.55 | $ | 8.25 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (B)(C) | 24.53% | (D) | 9.32% | (6.31)% | 0.12% | 15.93% | 1.09% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,187 | $ | 2,122 | $ | 2,641 | $ | 4,779 | $ | 4,620 | $ | 4,495 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.39% | (E) | 2.51% | 2.46% | 2.46% | 2.44% | 2.43% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 2.34% | (E) | 2.46% | 2.42% | 2.41% | 2.39% | 2.38% | |||||||||||||||||
Net investment income (loss) before waiver and reimbursement | (1.11)% | (E) | (1.17)% | 0.09% | 0.28% | (0.41)% | (0.74)% | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F) | (1.06)% | (E) | (1.12)% | 0.12% | 0.33% | (0.36)% | (0.69)% | |||||||||||||||||
Portfolio turnover rate | 12% | (D) | 25% | 27% | 19% | 42% | 28% |
(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) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
43
Timothy International Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.94 | $ | 9.10 | $ | 9.76 | $ | 9.89 | $ | 8.55 | $ | 8.49 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||||
Net investment income (loss) (A) | 0.00 | * | (0.01) | 0.11 | 0.17 | 0.07 | 0.02 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.51 | 0.96 | (0.64) | (0.06) | 1.38 | 0.15 | (B) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total from investment operations | 2.51 | 0.95 | (0.53) | 0.11 | 1.45 | 0.17 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||||
From net investment income | - | (0.11) | (0.13) | (0.24) | (0.11) | (0.11) | ||||||||||||||||||||
Return of Capital | - | 0.00 | * | - | - | - | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total distributions | - | (0.11) | (0.13) | (0.24) | (0.11) | (0.11) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net asset value, end of period | $ | 12.45 | $ | 9.94 | $ | 9.10 | $ | 9.76 | $ | 9.89 | $ | 8.55 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total return (C) | 25.25% | (D) | 10.42% | (5.33)% | 1.04% | 17.18% | 2.08% | |||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 53,780 | $ | 37,226 | $ | 28,542 | $ | 31,286 | $ | 13,083 | $ | 2,880 | ||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.39% | (E) | 1.51% | 1.46% | 1.45% | 1.43% | 1.45% | |||||||||||||||||||
Expenses, net waiver and reimbursement (F) | 1.34% | (E) | 1.46% | 1.42% | 1.41% | 1.38% | 1.39% | |||||||||||||||||||
Net investment income (loss), before waiver and reimbursement | (0.08)% | (E) | (0.16)% | 1.24% | 1.60% | 0.74% | 0.22% | |||||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F) | (0.03)% | (E) | (0.11)% | 1.28% | 1.65% | 0.79% | 0.29% | |||||||||||||||||||
Portfolio turnover rate | 12% | (D) | 25% | 27% | 19% | 42% | 28% |
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains 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. |
(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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
44
Timothy Large/Mid Cap Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.77 | $ | 8.70 | $ | 9.34 | $ | 8.59 | $ | 7.46 | $ | 7.75 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment loss (A) | (0.03) | (0.04) | (0.03) | (0.02) | (0.01) | (0.02) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.84 | 1.48 | (0.19) | 0.99 | 1.23 | 0.51 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.81 | 1.44 | (0.22) | 0.97 | 1.22 | 0.49 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net realized gains on investments | (0.19) | (0.37) | (0.42) | (0.22) | (0.09) | (0.78) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.19) | (0.37) | (0.42) | (0.22) | (0.09) | (0.78) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 11.39 | $ | 9.77 | $ | 8.70 | $ | 9.34 | $ | 8.59 | $ | 7.46 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (B)(C) | 18.62% | (D) | 16.93% | (1.48)% | 11.49% | 16.53% | 6.65% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 83,308 | $ | 70,891 | $ | 64,150 | $ | 79,897 | $ | 68,291 | $ | 53,827 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.53% | (E) | 1.54% | 1.56% | 1.52% | 1.52% | 1.54% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 1.48% | (E) | 1.49% | 1.52% | 1.47% | 1.47% | 1.49% | |||||||||||||||||
Net investment loss, before waiver and reimbursement | (0.63)% | (E) | (0.48)% | (0.35)% | (0.25)% | (0.19)% | (0.38)% | |||||||||||||||||
Net investment loss, net waiver and reimbursement (F) | (0.58)% | (E) | (0.43)% | (0.31)% | (0.20)% | (0.14)% | (0.33)% | |||||||||||||||||
Portfolio turnover rate | 12% | (D) | 23% | 44% | 57% | 76% | 71% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
45
Timothy Large/Mid Cap Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.68 | $ | 6.96 | $ | 7.63 | $ | 7.11 | $ | 6.24 | $ | 6.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment loss (A) | (0.06) | (0.08) | (0.07) | (0.07) | (0.06) | (0.07) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.45 | 1.17 | (0.18) | 0.81 | 1.02 | 0.45 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.39 | 1.09 | (0.25) | 0.74 | 0.96 | 0.38 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net realized gains on investments | (0.19) | (0.37) | (0.42) | (0.22) | (0.09) | (0.78) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.19) | (0.37) | (0.42) | (0.22) | (0.09) | (0.78) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 8.88 | $ | 7.68 | $ | 6.96 | $ | 7.63 | $ | 7.11 | $ | 6.24 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (B)(C) | 18.21% | (D) | 16.09% | (2.24)% | 10.63% | 15.58% | 6.04% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 9,557 | $ | 8,192 | $ | 7,950 | $ | 11,355 | $ | 9,909 | $ | 7,636 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.28% | (E) | 2.29% | 2.31% | 2.27% | 2.27% | 2.30% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 2.23% | (E) | 2.24% | 2.27% | 2.22% | 2.22% | 2.24% | |||||||||||||||||
Net investment loss, before waiver and reimbursement | (1.39)% | (E) | (1.23)% | (1.10)% | (1.00)% | (0.94)% | (1.14)% | |||||||||||||||||
Net investment loss, net waiver and reimbursement (F) | (1.34)% | (E) | (1.18)% | (1.06)% | (0.95)% | (0.89)% | (1.08)% | |||||||||||||||||
Portfolio turnover rate | 12% | (D) | 23% | 44% | 57% | 76% | 71% |
(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) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
46
Timothy Large/Mid Cap Growth Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.99 | $ | 8.86 | $ | 9.48 | $ | 8.70 | $ | 7.54 | $ | 7.80 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (A) | (0.02) | (0.02) | (0.01) | 0.00 | * | 0.01 | (0.01) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.88 | 1.52 | (0.19) | 1.00 | 1.24 | 0.53 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations | 1.86 | 1.50 | (0.20) | 1.00 | 1.25 | 0.52 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net realized gains on investments | (0.19) | (0.37) | (0.42) | (0.22) | (0.09) | (0.78) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total distributions | (0.19) | (0.37) | (0.42) | (0.22) | (0.09) | (0.78) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period | $ | 11.66 | $ | 9.99 | $ | 8.86 | $ | 9.48 | $ | 8.70 | $ | 7.54 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total return (B) | 18.71% | (C) | 17.30% | (1.24)% | 11.69% | 16.75% | 7.01% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 22,555 | $ | 19,378 | $ | 14,016 | $ | 10,551 | $ | 3,936 | $ | 1,088 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.28% | (D) | 1.29% | 1.31% | 1.27% | 1.26% | 1.29% | |||||||||||||||||
Expenses, net waiver and reimbursement (E) | 1.23% | (D) | 1.24% | 1.27% | 1.22% | 1.21% | 1.24% | |||||||||||||||||
Net investment income (loss), before waiver and reimbursement | (0.38)% | (D) | (0.22)% | (0.09)% | (0.03)% | 0.10% | (0.12)% | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement (E) | (0.33)% | (D) | (0.17)% | (0.06)% | 0.02% | 0.15% | (0.08)% | |||||||||||||||||
Portfolio turnover rate | 12% | (C) | 23% | 44% | 57% | 76% | 71% |
* 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 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. |
(C) | For periods of less than one full year, total return and turnover are not annualized. |
(D) | Annualized. |
(E) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
47
Timothy Small Cap Value Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.16 | $ | 17.15 | $ | 20.67 | $ | 20.50 | $ | 17.09 | $ | 16.93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (A) | 0.05 | 0.04 | 0.06 | 0.00 | * | 0.03 | (0.01) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.69 | (2.39) | (1.28) | 1.96 | 3.63 | 1.65 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations | 6.74 | (2.35) | (1.22) | 1.96 | 3.66 | 1.64 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.03) | (0.04) | - | (0.00) | * | - | - | |||||||||||||||||
From net realized gains on investments | - | (0.60) | (2.30) | (1.79) | (0.25) | (1.48) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total distributions | (0.03) | (0.64) | (2.30) | (1.79) | (0.25) | (1.48) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period | $ | 20.87 | $ | 14.16 | $ | 17.15 | $ | 20.67 | $ | 20.50 | $ | 17.09 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total return (B)(C) | 47.63% | (D) | (14.38)% | (3.77)% | 10.11% | 21.55% | 10.67% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 104,566 | $ | 74,130 | $ | 99,077 | $ | 114,985 | $ | 112,953 | $ | 94,871 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.44% | (E) | 1.57% | 1.52% | 1.50% | 1.46% | 1.48% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 1.34% | (E) | 1.47% | 1.43% | 1.44% | 1.41% | 1.44% | |||||||||||||||||
Net investment income (loss), before waiver and reimbursement | 0.49% | (E) | 0.19% | 0.29% | (0.08)% | 0.13% | (0.09)% | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F) | 0.59% | (E) | 0.29% | 0.38% | (0.02)% | 0.18% | (0.04)% | |||||||||||||||||
Portfolio turnover rate | 32% | (D) | 73% | 63% | 58% | 57% | 73% |
* 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. |
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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
48
Timothy Small Cap Value Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.45 | $ | 11.69 | $ | 15.09 | $ | 15.54 | $ | 13.10 | $ | 13.42 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment loss (A) | (0.01) | (0.05) | (0.05) | (0.11) | (0.08) | (0.10) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.46 | (1.59) | (1.05) | 1.45 | 2.77 | 1.26 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 4.45 | (1.64) | (1.10) | 1.34 | 2.69 | 1.16 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net realized gains on investments | - | (0.60) | (2.30) | (1.79) | (0.25) | (1.48) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total distributions | - | (0.60) | (2.30) | (1.79) | (0.25) | (1.48) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 13.90 | $ | 9.45 | $ | 11.69 | $ | 15.09 | $ | 15.54 | $ | 13.10 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total return (B)(C) | 47.09% | (D) | (15.01)% | (4.49)% | 9.24% | 20.70% | 9.81% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 6,878 | $ | 5,663 | $ | 8,963 | $ | 14,603 | $ | 13,210 | $ | 10,257 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.19% | (E) | 2.32% | 2.27% | 2.25% | 2.21% | 2.23% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 2.09% | (E) | 2.22% | 2.18% | 2.19% | 2.16% | 2.18% | |||||||||||||||||
Net investment loss, before waiver and reimbursement | (0.26)% | (E) | (0.55)% | (0.50)% | (0.82)% | (0.62)% | (0.84)% | |||||||||||||||||
Net investment loss, net waiver and reimbursement (F) | (0.16)% | (E) | (0.45)% | (0.42)% | (0.76)% | (0.57)% | (0.78)% | |||||||||||||||||
Portfolio turnover rate | 32% | (D) | 73% | 63% | 58% | 57% | 73% |
(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) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
49
Timothy Small Cap Value Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.42 | $ | 17.45 | $ | 20.93 | $ | 20.74 | $ | 17.24 | $ | 17.03 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.07 | 0.08 | 0.11 | 0.06 | 0.08 | 0.04 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.80 | (2.42) | (1.29) | 1.97 | 3.67 | 1.65 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 6.87 | (2.34) | (1.18) | 2.03 | 3.75 | 1.69 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.07) | (0.09) | - | (0.05) | - | - | ||||||||||||||||||
From net realized gains on investments | - | (0.60) | (2.30) | (1.79) | (0.25) | (1.48) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.07) | (0.69) | (2.30) | (1.84) | (0.25) | (1.48) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 21.22 | $ | 14.42 | $ | 17.45 | $ | 20.93 | $ | 20.74 | $ | 17.24 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total return (B) | 47.74% | (C) | (14.14)% | (3.51)% | 10.37% | 21.89% | 10.92% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 50,927 | $ | 35,473 | $ | 36,993 | $ | 35,140 | $ | 19,103 | $ | 2,324 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.19% | (D) | 1.32% | 1.27% | 1.25% | 1.21% | 1.26% | |||||||||||||||||
Expenses, net waiver and reimbursement (E) | 1.09% | (D) | 1.22% | 1.18% | 1.19% | 1.16% | 1.20% | |||||||||||||||||
Net investment income, before waiver and reimbursement | 0.74% | (D) | 0.44% | 0.56% | 0.21% | 0.38% | 0.18% | |||||||||||||||||
Net investment income, net waiver and reimbursement (E) | 0.84% | (D) | 0.54% | 0.64% | 0.27% | 0.43% | 0.23% | |||||||||||||||||
Portfolio turnover rate | 32% | (C) | 73% | 63% | 58% | 57% | 73% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | 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. |
(C) | For periods of less than one full year, total return and turnover are not annualized. |
(D) | Annualized. |
(E) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
50
Timothy Large/Mid Cap Value Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.43 | $ | 18.86 | $ | 20.38 | $ | 19.16 | $ | 17.15 | $ | 18.20 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.00 | * | 0.03 | 0.09 | 0.07 | 0.05 | 0.01 | |||||||||||||||||
Net realized and unrealized gain on investments (B) | 3.84 | 0.72 | 0.12 | 2.45 | 2.18 | 1.04 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 3.84 | 0.75 | 0.21 | 2.52 | 2.23 | 1.05 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.03) | (0.08) | (0.06) | (0.03) | - | - | ||||||||||||||||||
From net realized gains on investments | (0.63) | (2.10) | (1.67) | (1.27) | (0.22) | (2.10) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.66) | (2.18) | (1.73) | (1.30) | (0.22) | (2.10) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 20.61 | $ | 17.43 | $ | 18.86 | $ | 20.38 | $ | 19.16 | $ | 17.15 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total return (C)(D) | 22.35% | (E) | 3.93% | 2.54% | 13.58% | 13.10% | 6.40% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 150,491 | $ | 130,296 | $ | 142,420 | $ | 172,163 | $ | 167,056 | $ | 154,260 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.38% | (F) | 1.51% | 1.51% | 1.46% | 1.49% | 1.48% | |||||||||||||||||
Expenses, net waiver and reimbursement (G) | 1.28% | (F) | 1.41% | 1.41% | 1.35% | 1.41% | 1.43% | |||||||||||||||||
Net investment income, before waiver and reimbursement | (0.04)% | (F) | 0.06% | 0.42% | 0.27% | 0.18% | (0.01)% | |||||||||||||||||
Net investment income, net waiver and reimbursement (G) | 0.06% | (F) | 0.16% | 0.52% | 0.38% | 0.26% | 0.04% | |||||||||||||||||
Portfolio turnover rate | 19% | (E) | 26% | 51% | 24% | 39% | 45% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuations in share transactions. |
(C) | Total return calculation does not reflect sales load. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
(G) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
51
Timothy Large/Mid Cap Value Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.21 | $ | 14.82 | $ | 16.49 | $ | 15.82 | $ | 14.30 | $ | 15.62 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment loss (A) | (0.05) | (0.08) | (0.03) | (0.06) | (0.07) | (0.10) | ||||||||||||||||||
Net realized and unrealized gain on investments (B) | 2.90 | 0.57 | 0.03 | 2.00 | 1.81 | 0.88 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 2.85 | 0.49 | 0.00 | 1.94 | 1.74 | 0.78 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net realized gains on investments | (0.63) | (2.10) | (1.67) | (1.27) | (0.22) | (2.10) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.63) | (2.10) | (1.67) | (1.27) | (0.22) | (2.10) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 15.43 | $ | 13.21 | $ | 14.82 | $ | 16.49 | $ | 15.82 | $ | 14.30 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total return (C)(D) | 21.95% | (E) | 3.14% | 1.74% | 12.75% | 12.27% | 5.64% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 14,397 | $ | 14,102 | $ | 16,627 | $ | 25,852 | $ | 23,803 | $ | 20,855 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.13% | (F) | 2.26% | 2.26% | 2.21% | 2.24% | 2.23% | |||||||||||||||||
Expenses, net waiver and reimbursement (G) | 2.03% | (F) | 2.16% | 2.16% | 2.10% | 2.16% | 2.18% | |||||||||||||||||
Net investment loss, before waiver and reimbursement | (0.79)% | (F) | (0.69)% | (0.32)% | (0.48)% | (0.57)% | (0.76)% | |||||||||||||||||
Net investment loss, net waiver and reimbursement (G) | (0.69)% | (F) | (0.59)% | (0.22)% | (0.37)% | (0.49)% | (0.70)% | |||||||||||||||||
Portfolio turnover rate | 19% | (E) | 26% | 51% | 24% | 39% | 45% |
(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 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 aggregate gains and losses in the Statement of Operations due to the timing of share transactions 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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
52
Timothy Large/Mid Cap Value Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.63 | $ | 19.05 | $ | 20.58 | $ | 19.34 | $ | 17.27 | $ | 18.26 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.03 | 0.07 | 0.14 | 0.13 | 0.10 | 0.05 | ||||||||||||||||||
Net realized and unrealized gain on investments | 3.88 | 0.74 | 0.11 | 2.45 | 2.19 | 1.06 | (B) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 3.91 | 0.81 | 0.25 | 2.58 | 2.29 | 1.11 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.08) | (0.13) | (0.11) | (0.07) | - | - | ||||||||||||||||||
From net realized gains on investments | (0.63) | (2.10) | (1.67) | (1.27) | (0.22) | (2.10) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.71) | (2.23) | (1.78) | (1.34) | (0.22) | (2.10) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 20.83 | $ | 17.63 | $ | 19.05 | $ | 20.58 | $ | 19.34 | $ | 17.27 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total return (C) | 22.50% | (D) | 4.24% | 2.78% | 13.83% | 13.36% | 6.74% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 58,631 | $ | 47,340 | $ | 47,477 | $ | 35,573 | $ | 19,384 | $ | 5,382 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.13% | (E) | 1.26% | 1.26% | 1.21% | 1.23% | 1.25% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 1.03% | (E) | 1.16% | 1.16% | 1.10% | 1.14% | 1.19% | |||||||||||||||||
Net investment income, before waiver and reimbursement | 0.21% | (E) | 0.31% | 0.66% | 0.54% | 0.46% | 0.24% | |||||||||||||||||
Net investment income, net waiver and reimbursement (F) | 0.31% | (E) | 0.41% | 0.77% | 0.65% | 0.55% | 0.30% | |||||||||||||||||
Portfolio turnover rate | 19% | (D) | 26% | 51% | 24% | 39% | 45% |
(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 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. |
(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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
53
Timothy Fixed Income Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.80 | $ | 10.39 | $ | 9.81 | $ | 10.22 | $ | 10.47 | $ | 10.27 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.01 | 0.12 | 0.16 | 0.16 | 0.13 | 0.14 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.30) | 0.44 | 0.60 | (0.39) | (0.22) | 0.21 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (0.29) | 0.56 | 0.76 | (0.23) | (0.09) | 0.35 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.07) | (0.15) | (0.18) | (0.18) | (0.16) | (0.15) | ||||||||||||||||||
From net realized gains on investments | - | - | - | - | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.07) | (0.15) | (0.18) | (0.18) | (0.16) | (0.15) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 10.44 | $ | 10.80 | $ | 10.39 | $ | 9.81 | $ | 10.22 | $ | 10.47 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total return (B)(C) | (2.68)% | (D) | 5.39% | 7.76% | (2.31)% | (0.81)% | 3.47% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 92,215 | $ | 91,403 | $ | 85,375 | $ | 66,119 | $ | 75,858 | $ | 86,142 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.55% | (E) | 1.30% | 1.30% | 1.30% | 1.30% | 1.24% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 1.35% | (E) | 1.10% | 1.13% | 1.10% | 1.10% | 1.04% | |||||||||||||||||
Net investment income, before waiver and reimbursement | (0.07)% | (E) | 0.90% | 1.46% | 1.40% | 1.05% | 1.19% | |||||||||||||||||
Net investment income, net waiver and reimbursement (F) | 0.13% | (E) | 1.10% | 1.62% | 1.60% | 1.25% | 1.39% | |||||||||||||||||
Portfolio turnover rate | 10% | (D) | 32% | 53% | 30% | 43% | 40% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
54
Timothy Fixed Income Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.38 | $ | 9.99 | $ | 9.44 | $ | 9.85 | $ | 10.09 | $ | 9.89 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss)(A) | (0.03) | 0.04 | 0.09 | 0.08 | 0.05 | 0.07 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.29) | 0.42 | 0.57 | (0.39) | (0.20) | 0.19 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (0.32) | 0.46 | 0.66 | (0.31) | (0.15) | 0.26 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.01) | (0.07) | (0.11) | (0.10) | (0.09) | (0.06) | ||||||||||||||||||
From net realized gains on investments | - | - | - | - | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.01) | (0.07) | (0.11) | (0.10) | (0.09) | (0.06) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 10.05 | $ | 10.38 | $ | 9.99 | $ | 9.44 | $ | 9.85 | $ | 10.09 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total return (B)(C) | (3.05)% | (D) | 4.59% | 7.06% | (3.15)% | (1.49)% | 2.66% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 9,654 | $ | 9,320 | $ | 8,502 | $ | 9,653 | $ | 9,637 | $ | 9,660 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.30% | (E) | 2.05% | 2.05% | 2.05% | 2.06% | 1.99% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 2.10% | (E) | 1.85% | 1.88% | 1.85% | 1.86% | 1.79% | |||||||||||||||||
Net investment income (loss), before waiver and reimbursement | (0.82)% | (E) | 0.15% | 0.72% | 0.65% | 0.30% | 0.46% | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F) | (0.62)% | (E) | 0.35% | 0.89% | 0.85% | 0.50% | 0.65% | |||||||||||||||||
Portfolio turnover rate | 10% | (D) | 32% | 53% | 30% | 43% | 40% |
(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) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
55
Timothy Fixed Income Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.73 | $ | 10.32 | $ | 9.74 | $ | 10.15 | $ | 10.41 | $ | 10.20 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.02 | 0.14 | 0.19 | 0.18 | 0.16 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.30) | 0.44 | 0.59 | (0.39) | (0.23) | 0.22 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (0.28) | 0.58 | 0.78 | (0.21) | (0.07) | 0.39 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.10) | (0.17) | (0.20) | (0.20) | (0.19) | (0.18) | ||||||||||||||||||
From net realized gains on investments | - | - | - | - | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.10) | (0.17) | (0.20) | (0.20) | (0.19) | (0.18) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 10.35 | $ | 10.73 | $ | 10.32 | $ | 9.74 | $ | 10.15 | $ | 10.41 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (B) | (2.59)% | (C) | 5.70% | 8.05% | (2.06)% | (0.64)% | 3.91% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 17,932 | $ | 13,215 | $ | 8,095 | $ | 3,208 | $ | 2,134 | $ | 564 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.30% | (D) | 1.05% | 1.05% | 1.05% | 1.08% | 0.96% | |||||||||||||||||
Expenses, net waiver and reimbursement (E) | 1.10% | (D) | 0.85% | 0.88% | 0.85% | 0.88% | 0.78% | |||||||||||||||||
Net investment income, before waiver and reimbursement | 0.18% | (D) | 1.12% | 1.68% | 1.66% | 1.37% | 1.45% | |||||||||||||||||
Net investment income, net waiver and reimbursement (E) | 0.38% | (D) | 1.32% | 1.86% | 1.86% | 1.57% | 1.63% | |||||||||||||||||
Portfolio turnover rate | 10% | (C) | 32% | 53% | 30% | 43% | 40% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | 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. |
(C) | For periods of less than one full year, total return and turnover are not annualized. |
(D) | Annualized. |
(E) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
56
Timothy High Yield Bond Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.26 | $ | 9.39 | $ | 9.02 | $ | 9.40 | $ | 9.11 | $ | 8.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.19 | 0.43 | 0.39 | 0.34 | 0.34 | 0.36 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.53 | (0.15) | 0.36 | (0.36) | 0.28 | 0.46 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.72 | 0.28 | 0.75 | (0.02) | 0.62 | 0.82 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.19) | (0.41) | (0.38) | (0.36) | (0.33) | (0.35) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.19) | (0.41) | (0.38) | (0.36) | (0.33) | (0.35) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 9.79 | $ | 9.26 | $ | 9.39 | $ | 9.02 | $ | 9.40 | $ | 9.11 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (B)(C) | 7.85% | (D) | 3.26% | 8.50% | (0.17)% | 6.94% | 9.80% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 52,551 | $ | 45,940 | $ | 39,777 | $ | 41,991 | $ | 52,950 | $ | 49,187 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.83% | (E) | 1.34% | 1.35% | 1.44% | 1.32% | 1.29% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 1.78% | (E) | 1.29% | 1.31% | 1.39% | 1.27% | 1.24% | |||||||||||||||||
Net investment income, before waiver and reimbursement | 3.94% | (E) | 4.61% | 4.24% | 3.67% | 3.66% | 4.03% | |||||||||||||||||
Net investment income, net waiver and reimbursement (F) | 3.99% | (E) | 4.66% | 4.28% | 3.72% | 3.71% | 4.08% | |||||||||||||||||
Portfolio turnover rate | 40% | (D) | 91% | 75% | 12% | 45% | 27% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
57
Timothy High Yield Bond Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.40 | $ | 9.52 | $ | 9.14 | $ | 9.51 | $ | 9.22 | $ | 8.72 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.16 | 0.36 | 0.32 | 0.28 | 0.28 | 0.30 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.54 | (0.14) | 0.36 | (0.36) | 0.27 | 0.47 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.70 | 0.22 | 0.68 | (0.08) | 0.55 | 0.77 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.15) | (0.34) | (0.30) | (0.29) | (0.26) | (0.27) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.15) | (0.34) | (0.30) | (0.29) | (0.26) | (0.27) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 9.95 | $ | 9.40 | $ | 9.52 | $ | 9.14 | $ | 9.51 | $ | 9.22 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (B)(C) | 7.52% | (D) | 2.45% | 7.63% | (0.85)% | 6.04% | 9.04% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,766 | $ | 2,427 | $ | 2,660 | $ | 3,219 | $ | 3,539 | $ | 3,108 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.58% | (E) | 2.09% | 2.10% | 2.19% | 2.07% | 2.03% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 2.53% | (E) | 2.04% | 2.06% | 2.14% | 2.02% | 1.98% | |||||||||||||||||
Net investment income, before waiver and reimbursement | 3.19% | (E) | 3.84% | 3.46% | 2.92% | 2.91% | 3.30% | |||||||||||||||||
Net investment income, net waiver and reimbursement (F) | 3.24% | (E) | 3.89% | 3.50% | 2.97% | 2.96% | 3.35% | |||||||||||||||||
Portfolio turnover rate | 40% | (D) | 91% | 75% | 12% | 45% | 27% |
(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) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
58
Timothy High Yield Bond Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.26 | $ | 9.39 | $ | 9.02 | $ | 9.41 | $ | 9.12 | $ | 8.65 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.20 | 0.45 | 0.42 | 0.36 | 0.37 | 0.39 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.54 | (0.14) | 0.35 | (0.36) | 0.28 | 0.46 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.74 | 0.31 | 0.77 | 0.00 | 0.65 | 0.85 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.21) | (0.44) | (0.40) | (0.39) | (0.36) | (0.38) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.21) | (0.44) | (0.40) | (0.39) | (0.36) | (0.38) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 9.79 | $ | 9.26 | $ | 9.39 | $ | 9.02 | $ | 9.41 | $ | 9.12 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (B) | 8.00% | (C) | 3.53% | 8.78% | 0.00% | 7.21% | 10.12% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 48,846 | $ | 30,924 | $ | 18,363 | $ | 11,578 | $ | 9,717 | $ | 1,560 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.58% | (D) | 1.09% | 1.10% | 1.19% | 1.06% | 0.96% | |||||||||||||||||
Expenses, net waiver and reimbursement (E) | 1.53% | (D) | 1.04% | 1.06% | 1.14% | 1.01% | 0.92% | |||||||||||||||||
Net investment income, before waiver and reimbursement | 4.18% | (D) | 4.86% | 4.52% | 3.92% | 3.89% | 4.38% | |||||||||||||||||
Net investment income, net waiver and reimbursement (E) | 4.23% | (D) | 4.91% | 4.56% | 3.97% | 3.94% | 4.42% | |||||||||||||||||
Portfolio turnover rate | 40% | (C) | 91% | 75% | 12% | 45% | 27% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | 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. |
(C) | For periods of less than one full year, total return and turnover are not annualized. |
(D) | Annualized. |
(E) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
59
Timothy Israel Common Values Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.55 | $ | 17.84 | $ | 15.74 | $ | 14.91 | $ | 12.45 | $ | 11.10 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||||||
Net investment income (loss)(A) | (0.10) | (0.10) | 0.00 | * | (0.04) | 0.07 | (0.09) | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.87 | (1.01) | 2.20 | 1.07 | 2.58 | 1.44 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total from investment operations | 4.77 | (1.11) | 2.20 | 1.03 | 2.65 | 1.35 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||||||
From net investment income | - | (0.18) | - | (0.14) | (0.19) | - | ||||||||||||||||||||||
From net realized gains on investments | - | - | (0.10) | - | - | - | ||||||||||||||||||||||
Return of Capital | - | 0.00 | * | - | (0.06) | - | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total distributions | - | (0.18) | (0.10) | (0.20) | (0.19) | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net asset value, end of period | $ | 21.32 | $ | 16.55 | $ | 17.84 | $ | 15.74 | $ | 14.91 | $ | 12.45 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total return (B)(C) | 28.82% | (D) | (6.35)% | 14.12% | 7.00% | 21.62% | 12.16% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 46,472 | $ | 36,800 | $ | 49,123 | $ | 41,137 | $ | 34,958 | $ | 16,030 | ||||||||||||||||
Ratio of expenses to average net assets | 1.90% | (E) | 1.84% | 1.76% | 1.84% | 1.80% | 1.96% | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | (0.98)% | (E) | (0.62)% | 0.02% | (0.27)% | 0.54% | (0.82)% | |||||||||||||||||||||
Portfolio turnover rate | 4% | (D) | 16% | 23% | 9% | 10% | 38% |
* 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) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
60
Timothy Israel Common Values Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.73 | $ | 16.97 | $ | 15.09 | $ | 14.33 | $ | 12.01 | $ | 10.78 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||||||
Net investment loss (A) | (0.16) | (0.22) | (0.12) | (0.15) | (0.03) | (0.18) | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.62 | (0.96) | 2.10 | 1.03 | 2.48 | 1.41 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total from investment operations | 4.46 | (1.18) | 1.98 | 0.88 | 2.45 | 1.23 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||||||
From net investment income | - | (0.06) | - | (0.07) | (0.13) | - | ||||||||||||||||||||||
From net realized gains on investments | - | - | (0.10) | - | - | - | ||||||||||||||||||||||
Return of Capital | - | 0.00 | * | - | (0.05) | - | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | - | (0.06) | (0.10) | (0.12) | (0.13) | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 20.19 | $ | 15.73 | $ | 16.97 | $ | 15.09 | $ | 14.33 | $ | 12.01 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total return (B)(C) | 28.35% | (D) | (7.00)% | 13.26% | 6.20% | 20.60% | 11.41% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 10,500 | $ | 9,076 | $ | 9,750 | $ | 9,220 | $ | 7,905 | $ | 4,144 | ||||||||||||||||
Ratio of expenses to average net assets | 2.65% | (E) | 2.59% | 2.51% | 2.59% | 2.56% | 2.71% | |||||||||||||||||||||
Ratio of net investment loss to average net assets | (1.75)% | (E) | (1.37)% | (0.75)% | (1.01)% | (0.21)% | (1.57)% | |||||||||||||||||||||
Portfolio turnover rate | 4% | (D) | 16% | 23% | 9% | 10% | 38% |
* 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. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
61
Timothy Israel Common Values Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.68 | $ | 17.97 | $ | 15.81 | $ | 14.97 | $ | 12.50 | $ | 11.11 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||||||||
Net investment income (loss) (A) | (0.07) | (0.06) | 0.06 | 0.01 | 0.12 | (0.08) | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.90 | (1.01) | 2.20 | 1.06 | (B) | 2.57 | (B) | 1.47 | (B) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 4.83 | (1.07) | 2.26 | 1.07 | 2.69 | 1.39 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||||||||
From net investment income | - | (0.22) | - | (0.04) | (0.22) | - | ||||||||||||||||||||||||
From net realized gains on investments | - | - | (0.10) | - | - | - | ||||||||||||||||||||||||
Return of Capital | - | 0.00 | * | - | (0.19) | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | - | (0.22) | (0.10) | (0.23) | (0.22) | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value, end of period | $ | 21.51 | $ | 16.68 | $ | 17.97 | $ | 15.81 | $ | 14.97 | $ | 12.50 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total return (C) | 28.96% | (D) | (6.08)% | 14.44% | 7.22% | 21.87% | 12.51% | |||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 32,716 | $ | 23,928 | $ | 21,533 | $ | 10,084 | $ | 2,189 | $ | 520 | ||||||||||||||||||
Ratio of expenses to average net assets | 1.65% | (E) | 1.59% | 1.51% | 1.69% | 1.56% | 1.72% | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | (0.72)% | (E) | (0.37)% | 0.38% | 0.05% | 0.83% | (0.58)% | |||||||||||||||||||||||
Portfolio turnover rate | 4% | (D) | 16% | 23% | 9% | 10% | 38% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains 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 aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
62
Timothy Defensive Strategies Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.78 | $ | 11.69 | $ | 11.44 | $ | 11.37 | $ | 11.49 | $ | 10.54 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (A) | 0.00 | * | (0.01) | 0.06 | 0.10 | 0.00 | * | 0.04 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.09 | 0.44 | 0.48 | (0.01) | (0.08) | 0.91 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.09 | 0.43 | 0.54 | 0.09 | (0.08) | 0.95 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | - | (0.06) | (0.11) | (0.02) | (0.04) | - | ||||||||||||||||||
From net realized gains on investments | - | (0.28) | (0.18) | - | - | - | ||||||||||||||||||
Return of capital | - | 0.00 | * | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | - | (0.34) | (0.29) | (0.02) | (0.04) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 12.87 | $ | 11.78 | $ | 11.69 | $ | 11.44 | $ | 11.37 | $ | 11.49 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (B)(C) | 9.25% | (D) | 3.75% | 4.92% | 0.75% | (0.72)% | 9.01% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 34,444 | $ | 29,577 | $ | 33,926 | $ | 40,573 | $ | 50,080 | $ | 68,706 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.65% | (E) | 1.54% | 1.45% | 1.41% | 1.44% | 1.35% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 1.60% | (E) | 1.49% | 1.41% | 1.36% | 1.39% | 1.30% | |||||||||||||||||
Net investment income (loss), before waiver and reimbursement | (0.05)% | (E) | (0.13)% | 0.52% | 0.86% | (0.05)% | 0.35% | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F) | 0.00% | (E) | (0.08)% | 0.56% | 0.91% | 0.00% | 0.40% | |||||||||||||||||
Portfolio turnover rate | 22% | (D) | 49% | 34% | 35% | 51% | 58% |
* 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. Total return represents aggregate total return based on Net Asset Value. |
(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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
63
Timothy Defensive Strategies Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.18 | $ | 11.13 | $ | 10.90 | $ | 10.90 | $ | 11.07 | $ | 10.22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||||
Net investment income (loss) (A) | (0.05) | (0.09) | (0.03) | 0.02 | (0.08) | (0.04) | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.04 | 0.42 | 0.46 | (0.02) | (0.09) | 0.89 (B) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total from investment operations | 0.99 | 0.33 | 0.43 | 0.00 | (0.17) | 0.85 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||||
From net investment income | - | - | (0.02) | - | - | - | ||||||||||||||||||||
From net realized gains on investments | - | (0.28) | (0.18) | - | - | - | ||||||||||||||||||||
From return of capital | - | 0.00 | * | - | - | - | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total distributions | - | (0.28) | (0.20) | - | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net asset value, end of period | $ | 12.17 | $ | 11.18 | $ | 11.13 | $ | 10.90 | $ | 10.90 | $ | 11.07 | ||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total return (C)(D) | 8.86% | (E) | 3.01% | 4.06% | 0.00% | (1.54)% | 8.32% | |||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,462 | $ | 2,464 | $ | 3,110 | $ | 5,432 | $ | 6,683 | $ | 9,630 | ||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.40% | (F) | 2.29% | 2.20% | 2.16% | 2.21% | 2.07% | |||||||||||||||||||
Expenses, net waiver and reimbursement (G) | 2.35% | (F) | 2.24% | 2.16% | 2.11% | 2.16% | 2.02% | |||||||||||||||||||
Net investment income (loss), before waiver and reimbursement | (0.83)% | (F) | (0.89)% | (0.31)% | 0.09% | (0.79)% | (0.46)% | |||||||||||||||||||
Net investment income (loss), net waiver and reimbursement (G) | (0.78)% | (F) | (0.84)% | (0.27)% | 0.14% | (0.74)% | (0.41)% | |||||||||||||||||||
Portfolio turnover rate | 22% | (E) | 49% | 34% | 35% | 51% | 58% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains 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. |
(C) | Total return calculation does not reflect redemption fee. Total return represents aggregate total return based on Net Asset Value. |
(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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
64
Timothy Defensive Strategies Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.77 | $ | 11.69 | $ | 11.45 | $ | 11.38 | $ | 11.51 | $ | 10.52 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.02 | 0.02 | 0.09 | 0.14 | 0.06 | 0.09 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.09 | 0.43 | 0.47 | (0.02) | (0.12) | 0.90 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations | 1.11 | 0.45 | 0.56 | 0.12 | (0.06) | 0.99 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | - | (0.09) | (0.14) | (0.05) | (0.07) | - | ||||||||||||||||||
From net realized gains on investments | - | (0.28) | (0.18) | - | - | - | ||||||||||||||||||
From return of capital | - | 0.00 | * | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total distributions | - | (0.37) | (0.32) | (0.05) | (0.07) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period | $ | 12.88 | $ | 11.77 | $ | 11.69 | $ | 11.45 | $ | 11.38 | $ | 11.51 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total return (B)(C) | 9.43% | (D) | 3.96% | 5.17% | 1.04% | (0.54)% | 9.41% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 7,937 | $ | 5,212 | $ | 3,692 | $ | 3,071 | $ | 2,661 | $ | 398 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.40% | (E) | 1.29% | 1.20% | 1.16% | 1.14% | 1.18% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 1.35% | (E) | 1.24% | 1.16% | 1.11% | 1.09% | 1.12% | |||||||||||||||||
Net investment income, before waiver and reimbursement | 0.24% | (E) | 0.16% | 0.78% | 1.14% | 0.44% | 0.73% | |||||||||||||||||
Net investment income, net waiver and reimbursement (F) | 0.29% | (E) | 0.21% | 0.82% | 1.19% | 0.49% | 0.79% | |||||||||||||||||
Portfolio turnover rate | 22% | (D) | 49% | 34% | 35% | 51% | 58% |
* 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 represents aggregate total return based on Net Asset Value. |
(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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
65
Timothy Strategic Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.48 | $ | 9.64 | $ | 9.70 | $ | 9.48 | $ | 8.73 | $ | 8.42 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (A) | 0.01 | 0.04 | 0.01 | 0.00 | * | (0.04) | (0.03) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.48 | 0.16 | (0.04) | 0.22 | 0.79 | 0.37 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations | 1.49 | 0.20 | (0.03) | 0.22 | 0.75 | 0.34 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.01) | - | - | - | - | (0.03) | ||||||||||||||||||
From net realized gains on investments | (0.33) | (0.36) | (0.03) | - | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total distributions | (0.34) | (0.36) | (0.03) | - | - | (0.03) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period | $ | 10.63 | $ | 9.48 | $ | 9.64 | $ | 9.70 | $ | 9.48 | $ | 8.73 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total return (B)(C) | 15.99% | (D) | 2.03% | (0.26)% | 2.32% | 8.59% | 4.03% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 36,462 | $ | 32,260 | $ | 32,318 | $ | 32,078 | $ | 32,767 | $ | 32,800 | ||||||||||||
Ratio of expenses to average net assets (E) | 1.27% | (F) | 1.15% | 1.12% | 1.10% | 1.07% | 1.05% | |||||||||||||||||
Ratio of net investment income (loss), to average net assets (E)(G) | 0.12% | (F) | 0.42% | 0.16% | 0.00% | (0.45)% | (0.38)% | |||||||||||||||||
Portfolio turnover rate | 3% | (D) | 47% | 50% | 8% | 36% | 37% |
* 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. |
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) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | Annualized. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
66
Timothy Strategic Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.34 | $ | 8.58 | $ | 8.70 | $ | 8.57 | $ | 7.95 | $ | 7.70 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (A) | (0.03) | (0.03) | 0.03 | (0.06) | (0.10) | (0.08) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.30 | 0.15 | (0.12) | 0.19 | 0.72 | 0.33 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 1.27 | 0.12 | (0.09) | 0.13 | 0.62 | 0.25 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net realized gains on investments | (0.33) | (0.36) | (0.03) | - | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.33) | (0.36) | (0.03) | - | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 9.28 | $ | 8.34 | $ | 8.58 | $ | 8.70 | $ | 8.57 | $ | 7.95 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total return (B)(C) | 15.46% | (D) | 1.33% | (0.99)% | 1.52% | 7.80% | 3.25% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,836 | $ | 2,743 | $ | 3,247 | $ | 6,313 | $ | 6,966 | $ | 7,380 | ||||||||||||
Ratio of expenses to average net assets (E) | 2.02% | (F) | 1.90% | 1.87% | 1.85% | 1.82% | 1.80% | |||||||||||||||||
Ratio of net investment income (loss), to average net assets (E)(G) | (0.64)% | (F) | (0.32)% | 0.35% | (0.70)% | (1.18)% | (1.09)% | |||||||||||||||||
Portfolio turnover rate | 3% | (D) | 47% | 50% | 8% | 36% | 37% |
(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) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | Annualized. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
67
Timothy Conservative Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.62 | $ | 10.66 | $ | 10.75 | $ | 10.67 | $ | 10.06 | $ | 10.32 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (A) | 0.01 | 0.05 | 0.05 | 0.02 | (0.02) | (0.03) | ||||||||||||||||||
Net realized and unrealized gain on investments | 1.09 | 0.30 | 0.10 | 0.09 | 0.63 | 0.43 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 1.10 | 0.35 | 0.15 | 0.11 | 0.61 | 0.40 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.04) | - | - | - | - | (0.05) | ||||||||||||||||||
From net realized gains on investments | (0.25) | (0.39) | (0.24) | (0.03) | - | (0.61) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.29) | (0.39) | (0.24) | (0.03) | - | (0.66) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 11.43 | $ | 10.62 | $ | 10.66 | $ | 10.75 | $ | 10.67 | $ | 10.06 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total return (B)(C) | 10.41% | (D) | 3.27% | 1.61% | 1.06% | 6.06% | 4.22% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 45,650 | $ | 41,546 | $ | 40,590 | $ | 42,040 | $ | 45,110 | $ | 44,437 | ||||||||||||
Ratio of expenses to average net assets (E) | 1.19% | (F) | 1.12% | 1.08% | 1.08% | 1.04% | 1.02% | |||||||||||||||||
Ratio of net investment income (loss) to average net assets (E)(G) | 0.18% | (F) | 0.43% | 0.44% | 0.14% | (0.20)% | (0.27)% | |||||||||||||||||
Portfolio turnover rate | 5% | (D) | 37% | 42% | 7% | 27% | 27% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | Annualized. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
68
Timothy Conservative Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.43 | $ | 9.59 | $ | 9.76 | $ | 9.76 | $ | 9.27 | $ | 9.58 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (A) | (0.03) | (0.03) | 0.01 | (0.06) | (0.09) | (0.09) | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.97 | 0.26 | 0.06 | 0.09 | (B) | 0.58 | (B) | 0.39 | (B) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.94 | 0.23 | 0.07 | 0.03 | 0.49 | 0.30 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net realized gains on investments | (0.25) | (0.39) | (0.24) | (0.03) | - | (0.61) | ||||||||||||||||||
|
|
|
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|
|
|
|
|
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|
|
|
| |||||||||||
Total distributions | (0.25) | (0.39) | (0.24) | (0.03) | - | (0.61) | ||||||||||||||||||
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|
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|
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| |||||||||||
Net asset value, end of period | $ | 10.12 | $ | 9.43 | $ | 9.59 | $ | 9.76 | $ | 9.76 | $ | 9.27 | ||||||||||||
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|
| |||||||||||
Total return (C)(D) | 10.00% | (E) | 2.36% | 0.94% | 0.34% | 5.29% | 3.39% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 5,620 | $ | 4,712 | $ | 5,504 | $ | 9,218 | $ | 9,981 | $ | 10,697 | ||||||||||||
Ratio of expenses to average net assets (F) | 1.94% | (G) | 1.87% | 1.83% | 1.83% | 1.79% | 1.77% | |||||||||||||||||
Ratio of net investment income (loss), to average net assets (F)(H) | (0.58)% | (G) | (0.31)% | 0.14% | (0.63)% | (0.96)% | (1.01)% | |||||||||||||||||
Portfolio turnover rate | 5% | (E) | 37% | 42% | 7% | 27% | 27% |
(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 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 aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period. |
(C) | Total return calculation does not reflect redemption fees. Total return represents aggregate total return based on Net Asset Value. |
(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) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(G) | Annualized. |
(H) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
69
Timothy Growth & Income Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.11 | $ | 10.60 | $ | 10.87 | $ | 11.28 | $ | 10.76 | $ | 10.53 | ||||||||||||
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|
|
|
|
| |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.03 | 0.09 | 0.04 | 0.01 | 0.01 | 0.03 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.56 | (0.47) | (0.07) | (0.14) | 0.52 | 0.22 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.59 | (0.38) | (0.03) | (0.13) | 0.53 | 0.25 | ||||||||||||||||||
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|
|
|
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|
|
| |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.05) | (0.11) | (0.05) | (0.01) | (0.01) | (0.02) | ||||||||||||||||||
From net realized gains on investments | - | - | (0.19) | (0.27) | - | - | ||||||||||||||||||
Return of Capital | - | 0.00 | * | (0.00) | * | - | - | - | ||||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.05) | (0.11) | (0.24) | (0.28) | (0.01) | (0.02) | ||||||||||||||||||
|
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|
| |||||||||||||
Net asset value, end of period | $ | 11.65 | $ | 10.11 | $ | 10.60 | $ | 10.87 | $ | 11.28 | $ | 10.76 | ||||||||||||
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|
|
|
|
|
| |||||||||||||
Total return (B)(C) | 15.71% | (D) | (3.48)% | (0.10)% | (1.22)% | 4.91% | 2.36% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 13,978 | $ | 13,295 | $ | 14,500 | $ | 27,716 | $ | 30,426 | $ | 36,486 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.96% | (E) | 1.85% | 1.69% | 1.70% | 1.59% | 1.59% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 1.61% | (E) | 1.50% | 1.65% | 1.65% | 1.54% | 1.54% | |||||||||||||||||
Net investment income, before waiver and reimbursement | 0.23% | (E) | 0.55% | 0.37% | 0.08% | 0.03% | 0.20% | |||||||||||||||||
Net investment income, net waiver and reimbursement (F) | 0.58% | (E) | 0.90% | 0.42% | 0.13% | 0.08% | 0.25% | |||||||||||||||||
Portfolio turnover rate | 11% | (D) | 39% | 167% | 56% | 118% | 45% |
* 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. |
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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
70
Timothy Growth & Income Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.74 | $ | 10.21 | $ | 10.51 | $ | 10.99 | $ | 10.55 | $ | 10.39 | ||||||||||||
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|
|
|
|
| |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) (A) | (0.01) | 0.02 | (0.03) | (0.07) | (0.07) | (0.06) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.50 | (0.45) | (0.07) | (0.14) | 0.51 | 0.22 | (B) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.49 | (0.43) | (0.10) | (0.21) | 0.44 | 0.16 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.01) | (0.04) | (0.01) | - | - | - | ||||||||||||||||||
From net realized gains on investments | - | - | (0.19) | (0.27) | - | - | ||||||||||||||||||
Return of Capital | - | 0.00 | * | (0.00) | * | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.01) | (0.04) | (0.20) | (0.27) | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 11.22 | $ | 9.74 | $ | 10.21 | $ | 10.51 | $ | 10.99 | $ | 10.55 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (C)(D) | 15.28% | (E) | (4.20)% | (0.82)% | (1.97)% | 4.17% | 1.54% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 1,860 | $ | 1,719 | $ | 2,388 | $ | 3,176 | $ | 3,006 | $ | 3,028 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 2.71% | (F) | 2.60% | 2.44% | 2.45% | 2.34% | 2.32% | |||||||||||||||||
Expenses, net waiver and reimbursement (G) | 2.36% | (F) | 2.25% | 2.40% | 2.40% | 2.29% | 2.28% | |||||||||||||||||
Net investment income (loss), before waiver and reimbursement | (0.54%) | (F) | (0.19%) | (0.34%) | (0.67%) | (0.73%) | (0.61%) | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement (G) | (0.19%) | (F) | 0.16% | (0.29%) | (0.62%) | (0.68%) | (0.56%) | |||||||||||||||||
Portfolio turnover rate | 11% | (E) | 39% | 167% | 56% | 118% | 45% |
* Amount is less than $0.005 per share
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains 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. |
(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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
71
Timothy Growth & Income Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months March 31, 2021 | For the Year ended September 30, 2020 | For the Year ended September 30, 2019 | For the Year ended September 30, 2018 | For the Year ended September 30, 2017 | For the Year ended September 30, 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.18 | $ | 10.67 | $ | 10.94 | $ | 11.34 | $ | 10.81 | $ | 10.56 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (A) | 0.04 | 0.12 | 0.08 | 0.04 | 0.03 | 0.05 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.58 | (0.47) | (0.09) | (0.15) | 0.53 | 0.23 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.62 | (0.35) | (0.01) | (0.11) | 0.56 | 0.28 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
From net investment income | (0.06) | (0.14) | (0.07) | (0.02) | (0.03) | (0.03) | ||||||||||||||||||
From net realized gains on investments | - | - | (0.19) | (0.27) | - | - | ||||||||||||||||||
Return of Capital | - | 0.00 | * | (0.00) | * | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.06) | (0.14) | (0.26) | (0.29) | (0.03) | (0.03) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 11.74 | $ | 10.18 | $ | 10.67 | $ | 10.94 | $ | 11.34 | $ | 10.81 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (B)(C) | 15.93% | (D) | (3.20)% | 0.11% | (0.96)% | 5.19% | 2.61% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,471 | $ | 2,102 | $ | 3,182 | $ | 3,012 | $ | 2,197 | $ | 1,593 | ||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||
Expenses, before waiver and reimbursement | 1.71% | (E) | 1.60% | 1.44% | 1.45% | 1.34% | 1.32% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) | 1.36% | (E) | 1.25% | 1.40% | 1.40% | 1.29% | 1.28% | |||||||||||||||||
Net investment income, before waiver and reimbursement | 0.45% | (E) | 0.86% | 0.70% | 0.33% | 0.27% | 0.41% | |||||||||||||||||
Net investment income, net waiver and reimbursement (F) | 0.80% | (E) | 1.21% | 0.75% | 0.38% | 0.32% | 0.46% | |||||||||||||||||
Portfolio turnover rate | 11% | (D) | 39% | 167% | 56% | 118% | 45% |
* 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 represents aggregate total return based on Net Asset Value. |
(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) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
72
Notes to Financial Statements
March 31, 2021 (Unaudited)
Timothy Plan Family of Funds
Note 1 | Significant Accounting Policies
The Timothy Plan (the “Trust”) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of March 31, 2021, the Trust consisted of eighteen series. These financial statements include the following twelve 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 and Timothy Plan Growth & Income Fund (the “Funds”). The Funds are diversified funds except for the Timothy Plan Defensive Strategy Fund which is a non-diversified fund.
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 the Fund’s total assets in U.S. stocks with market capitalizations that fall within the range of companies included in the Russell 2000 Index.
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 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 high yield fixed income 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 bullion.
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 0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 0-20% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 0-20% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 0-20% of its net assets in the Timothy Plan International Fund; approximately 0-10% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5-30% 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 0-20% of its net assets in the Timothy Fixed Income Fund; approximately 0-40% of its net assets in the Timothy Plan U.S. Large/Mid Cap Core ETF; approximately 0-20% of its net assets in the Timothy Plan High Dividend Stock ETF; approximately 0-30% of its net assets in the Timothy Plan International ETF; and approximately 0-20% of its net assets in the Timothy Plan Small Cap Core ETF.
73
Notes to Financial Statements
March 31, 2021 (Unaudited) (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 0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 0-15% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 0-15% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 0-5% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 0-20% 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 5-30% 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 0-30% of its net assets in the Timothy Plan U.S. Large/Mid Cap Core ETF; approximately 0-25% of its net assets in the Timothy Plan High Dividend Stock ETF; approximately 0-25% of its net assets in the Timothy Plan International ETF; and approximately 0-15% of its net assets in the Timothy Plan Small Cap Core ETF.
The Timothy Plan Growth & Income Fund’s investment objective is to provide total return through a combination of growth and income and preservation of capital in declining markets. To achieve its goals, the Fund primarily invests in equity securities of foreign and domestic companies that the Advisor believes are undervalued, and in fixed income securities. The Fund will normally hold both equity securities and fixed income securities, with at least 25% of its assets in equity securities and at least 25% of its assets in fixed income securities.
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 are an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – 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 specific identification. 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 Value Fund, Israel Common Values Fund, Small Cap Value Fund and Defensive Strategies Fund have made certain investments in REITs. Dividend income from REITs is recognized on the ex-dividend date. It is common for distributions from REITs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. 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 TAXES |
The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.
D. | 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.
E. | GOLD RISK FACTORS |
There is a risk that some or all of the Trust’s gold 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.
74
Notes to Financial Statements
March 31, 2021 (Unaudited) (Continued)
Timothy Plan Family of Funds
Several factors may affect the price of gold, 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. |
F. | 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.
G. | 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”).
H. | 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.
I. | 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.
J. | FEDERAL INCOME TAXES |
It is the policy of each Fund to continue to comply with all requirements under subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income or gains. Therefore, no federal income tax or excise provision is required.
As of March 31, 2021, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months ended March 31, 2021, 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.
K. | 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.
L. | 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.
Permanent book and tax differences, primarily attributable to the book/tax treatment of net operating losses, the adjustments for equalization debits, and the reclassification of Fund distributions resulted in reclassifications for the Funds for the fiscal year ended September 30, 2020 as follows:
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Timothy Plan Family of Funds
Accumulated | ||||||||||
Fund | Paid In Capital | Earnings (Losses) | ||||||||
Aggressive Growth Fund | $ | (209,714 | ) | $ | 209,714 | |||||
International Fund | (171,184 | ) | 171,184 | |||||||
Large/Mid Cap Growth Fund | (345,952 | ) | 345,952 | |||||||
Small Cap Value Fund | - | - | ||||||||
Large/Mid Cap Value Fund | - | - | ||||||||
Fixed Income Fund | - | - | ||||||||
High Yield Bond Fund | - | - | ||||||||
Israel Common Values Fund | (18,224 | ) | 18,224 | |||||||
Defensive Strategies Fund | (4,811 | ) | 4,811 | |||||||
Strategic Growth Fund | 322 | (322 | ) | |||||||
Conservative Growth Fund | - | - | ||||||||
Growth & Income Fund | (1,647 | ) | 1,647 |
M. | 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 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 Trustees 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.
EXCHANGE TRADED FUNDS
The Funds may invest in exchange traded funds (“ETFs”). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively traded or represent a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Each ETF is subject to specific risks, depending on the nature of the ETF. Additionally, ETFs have fees and expenses that reduce their value.
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 Funds’ 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
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Notes to Financial Statements
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Timothy Plan Family of Funds
at the current market price. Put options are purchased to hedge against a decline in the value of securities held in a Fund’s portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty credit risk to the Funds since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.
There were no options held at March 31, 2021, and there were no options transactions for the six months ended March 31, 2021.
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, preferred stock, ADRs, REITs, LPs, LLCs, PLCs, GDRs and NVDRs 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 including ETFs, 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 of Trustees (“Board”). These securities will generally be categorized as Level 3 securities. Foreign investments are not fair valued using fair value triggers.
Investments in alternative investments, such as gold bars, 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, convertible bonds, government mortgage-backed securities, U.S. government notes and bonds, 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 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.
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Notes to Financial Statements
March 31, 2021 (Unaudited) (Continued)
Timothy Plan Family of Funds
The following is a summary of the inputs used to value each Fund’s investments as of March 31, 2021: |
| |||||||||||||||
Aggressive Growth Fund
| ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 41,893,196 | $ | - | $ | - | $ | 41,893,196 | ||||||||
Money Market Fund | 2,602,048 | - | - | 2,602,048 | ||||||||||||
Total | $ | 44,495,244 | $ | - | $ | - | $ | 44,495,244 | ||||||||
International Fund
| ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 107,589,053 | $ | - | $ | - | $ | 107,589,053 | ||||||||
Money Market Fund | 3,843,176 | - | - | 3,843,176 | ||||||||||||
Total | $ | 111,432,229 | $ | - | $ | - | $ | 111,432,229 | ||||||||
Large/Mid Cap Growth Fund
| ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 89,030,984 | $ | - | $ | - | $ | 89,030,984 | ||||||||
Exchange Traded Fund | 23,697,432 | - | - | 23,697,432 | ||||||||||||
Money Market Fund | 3,568,388 | - | - | 3,568,388 | ||||||||||||
Total | $ | 116,296,804 | $ | - | $ | - | $ | 116,296,804 | ||||||||
Small Cap Value Fund
| ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 128,786,407 | $ | - | $ | - | $ | 128,786,407 | ||||||||
Exchange Traded Fund | 18,848,782 | - | - | 18,848,782 | ||||||||||||
REITs | 9,090,539 | - | - | 9,090,539 | ||||||||||||
Money Market Fund | 3,077,062 | - | - | 3,077,062 | ||||||||||||
Total | $ | 159,802,790 | $ | - | $ | - | $ | 159,802,790 | ||||||||
Large/Mid Cap Value Fund
| ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 149,631,628 | $ | - | $ | - | $ | 149,631,628 | ||||||||
Exchange Traded Funds | 56,914,052 | - | - | 56,914,052 | ||||||||||||
REITs | 10,119,678 | - | - | 10,119,678 | ||||||||||||
Money Market Fund | 6,923,187 | - | - | 6,923,187 | ||||||||||||
Total | $ | 223,588,545 | $ | - | $ | - | $ | 223,588,545 | ||||||||
Fixed Income Fund
| ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | - | $ | 25,995,066 | $ | - | $ | 25,995,066 | ||||||||
Government Mortgage-Backed Securities | - | 21,486,031 | - | 21,486,031 | ||||||||||||
Government Notes & Bonds | - | 69,823,315 | - | 69,823,315 | ||||||||||||
Money Market Fund | 5,335,342 | - | - | 5,335,342 | ||||||||||||
Total | $ | 5,335,342 | $ | 117,304,412 | $ | - | $ | 122,639,754 | ||||||||
High Yield Bond Fund
| ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | - | $ | 95,535,121 | $ | - | 95,535,121 | |||||||||
Convertible Bonds | - | 5,363,030 | - | 5,363,030 | ||||||||||||
Preferred Stock | 538,650 | - | - | 538,650 | ||||||||||||
Money Market Fund | 4,381,526 | - | - | 4,381,526 | ||||||||||||
Total | $ | 4,920,176 | $ | 100,898,151 | $ | - | $ | 105,818,327 |
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March 31, 2021 (Unaudited) (Continued)
Timothy Plan Family of Funds
Israel Common Values Fund
| ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 87,168,170 | $ | - | $ | - | $ | 87,168,170 | ||||||||
REITs | 1,199,973 | - | - | 1,199,973 | ||||||||||||
Money Market Fund | 1,539,419 | - | - | 1,539,419 | ||||||||||||
Total | $ | 89,907,562 | $ | - | $ | - | $ | 89,907,562 | ||||||||
Defensive Strategies Fund
| ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock & Rights | $ | 8,592,042 | $ | 1,044 | $ | - | $ | 8,593,086 | ||||||||
Exchange Traded Fund | 523,500 | - | - | 523,500 | ||||||||||||
REITs | 8,956,283 | - | - | 8,956,283 | ||||||||||||
Treasury Inflation Protected Securities (TIPS) | - | 12,574,169 | - | 12,574,169 | ||||||||||||
Alternative Investments | 10,488,811 | - | - | 10,488,811 | ||||||||||||
Money Market Fund | 3,676,152 | - | - | 3,676,152 | ||||||||||||
Total | $ | 32,236,788 | $ | 12,575,213 | $ | - | $ | 44,812,001 | ||||||||
Strategic Growth Fund
| ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange Traded Funds | $ | 23,275,653 | $ | - | $ | - | $ | 23,275,653 | ||||||||
Mutual Funds | 15,369,578 | - | - | 15,369,578 | ||||||||||||
Money Market Fund | 687,425 | - | - | 687,425 | ||||||||||||
Total | $ | 39,332,656 | $ | - | $ | - | $ | 39,332,656 | ||||||||
Conservative Growth Fund
| ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange Traded Funds | $ | 21,318,126 | $ | - | $ | - | $ | 21,318,126 | ||||||||
Mutual Funds | 27,852,952 | - | - | 27,852,952 | ||||||||||||
Money Market Fund | 2,104,748 | - | - | 2,104,748 | ||||||||||||
Total | $ | 51,275,826 | $ | - | $ | - | $ | 51,275,826 | ||||||||
Growth & Income Fund
| ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | - | $ | 3,255,153 | $ | - | $ | 3,255,153 | ||||||||
Government Mortgage-Backed Securities | - | 1,555,991 | - | 1,555,991 | ||||||||||||
Government Notes, Bonds & Agencies | - | 1,145,891 | - | 1,145,891 | ||||||||||||
Exchange Traded Fund | 12,216,900 | - | - | 12,216,900 | ||||||||||||
Money Market Fund | 270,265 | - | - | 270,265 | ||||||||||||
Total | $ | 12,487,165 | $ | 5,957,035 | $ | - | $ | 18,444,200 |
Refer to the Schedules of Investments for industry classifications.
The Funds did not hold any Level 3 securities during the period presented.
Note 3 | Purchases and Sales of Securities
The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the six months ended March 31, 2021:
Purchases | Sales | |||||||||||||||||
Fund | U.S. Gov’t Obligations | Other | U.S. Gov’t Obligations | Other | ||||||||||||||
Aggressive Growth | $ | - | $12,709,263 | $ | - | $ | 13,625,735 | |||||||||||
International | - | 11,488,242 | - | 12,171,249 | ||||||||||||||
Large/Mid Cap Growth * | - | 12,885,846 | - | 14,984,684 | ||||||||||||||
Small Cap Value * | - | 43,659,976 | - | 52,063,502 | ||||||||||||||
Large/Mid Cap Value * | - | 38,320,409 | - | 52,726,707 | ||||||||||||||
Fixed Income | 22,056,891 | - | 10,811,896 | 1,191,252 | ||||||||||||||
High Yield Bond | - | 54,256,504 | - | 34,520,118 | ||||||||||||||
Israel Common Values | - | 3,558,178 | - | 5,201,896 | ||||||||||||||
Defensive Strategies | - | 10,931,101 | - | 8,395,713 | ||||||||||||||
Strategic Growth * | - | 1,264,782 | - | 2,060,471 | ||||||||||||||
Conservative Growth * | - | 2,358,526 | - | 2,444,622 | ||||||||||||||
Growth & Income * | 1,839,139 | - | 2,027,595 | 1,084,755 |
* The security transactions are inclusive of purchases and sales of affiliated funds.
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March 31, 2021 (Unaudited) (Continued)
Timothy Plan Family of Funds
Note 4 | Investment Advisory Agreement and Transactions with Service Providers
Timothy Partners, Ltd., (“TPL”) is the investment advisor for the Funds pursuant to an investment advisory agreement (the “Agreement”) that was renewed by the Board on February 25-26, 2021. TPL supervises the investment of the assets of each Fund in accordance with the objectives, policies and restrictions of the Trust. Under the terms of the Agreement, as amended, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Timothy Plan International Fund 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 International Fund to 0.95%; from the Large/Mid Cap Growth Fund to 0.80%; from the Small Cap Value Fund, the Aggressive Growth Fund and the Large/Mid Cap Value Fund to 0.75%; from the High Yield Bond Fund and the Defensive Strategies Fund to 0.55%; from the Growth & Income Fund to 0.50%; 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 trustees of the Funds is also an officer and owner of the Advisor.
For the six months ended March 31, 2021, TPL waived advisory fees for the Funds as follows:
Fund | Six Months Ended March 31, 2021 | |||||
Aggressive Growth Fund | $ | 20,201 | ||||
International Fund | 21,042 | |||||
Large/Mid Cap Growth Fund | 23,212 | |||||
Small Cap Value Fund | 59,847 | |||||
Large/Mid Cap Value Fund | 86,468 | |||||
Fixed Income Fund | 112,848 | |||||
High Yield Bond Fund | 22,456 | |||||
Defensive Strategies Fund | 10,021 | |||||
Growth & Income Fund | 64,529 |
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.
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 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 six months ended March 31, 2021, the Funds paid TPL under the terms of the Plans as follows:
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March 31, 2021 (Unaudited) (Continued)
Timothy Plan Family of Funds
Fund | 12b-1 Fees | |||||
Six Months Ended | ||||||
March 31, 2021 | ||||||
Aggressive Growth | $ | 52,712 | ||||
International | 77,173 | |||||
Large/Mid Cap Growth | 142,624 | |||||
Small Cap Value | 145,502 | |||||
Large/Mid Cap Value | 248,536 | |||||
Fixed Income | 162,765 | |||||
High Yield Bond | 73,115 | |||||
Israel Common Values | 105,427 | |||||
Defensive Strategies | 51,301 | |||||
Strategic Growth | 10,354 | |||||
Conservative Growth | 19,373 | |||||
Growth & Income | 26,164 |
TPL also serves as the principal underwriter of the Funds’ shares. An officer and trustees of the Funds are also officers of the principal underwriter. For the six months ended March 31, 2021, 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 | CDSC Fees (Class C) | ||||||||
Aggressive Growth | $11,360 | $407 | ||||||||
International | 13,859 | 65 | ||||||||
Large/Mid Cap Growth | 28,717 | 512 | ||||||||
Small Cap Value | 11,692 | 475 | ||||||||
Large/Mid Cap Value | 30,229 | 1,853 | ||||||||
Fixed Income | 23,155 | 1,907 | ||||||||
High Yield Bond | 13,899 | 1,358 | ||||||||
Israel Common Values | 8,869 | 1,569 | ||||||||
Defensive Strategies | 13,952 | 314 | ||||||||
Strategic Growth | 5,468 | 254 | ||||||||
Conservative Growth | 5,439 | 349 | ||||||||
Growth & Income | 2,313 | 212 |
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 March 31, 2021, 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 | |||
International | 12.35% | |||
Fixed Income | 38.81% | |||
High Yield Bond | 12.71% | |||
Defensive Strategies | 22.67% |
Note 6 | Underlying Investment in Other Investment Companies
The 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 “Security”). The Fund may redeem its investments from the Security 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 will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of March 31, 2021, 38.4% of the Conservative Growth Fund’s net assets were invested in the Timothy Plan Fixed Income Fund.
The Growth & Income Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan High Dividend Stock ETF (the “ETF”). The Fund may redeem its investments from the ETF at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.
81
Notes to Financial Statements
March 31, 2021 (Unaudited) (Continued)
Timothy Plan Family of Funds
The performance of the Fund will be directly affected by the performance of the ETF. The annual report of the ETF, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of March 31, 2021, 66.7% of the Growth & Income Fund’s net assets were invested in the Timothy Plan High Dividend Stock ETF.
Note 7 | Investments in Affiliated 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.
The Timothy Plan Large/Mid Cap Growth Fund, Small Cap Value Fund, Large/Mid Cap Value Fund, Strategic Growth Fund, Conservative Growth Fund and Growth & Income Fund had the following transactions during the six months ended March 31, 2021, with affiliates:
Large/Mid Cap Growth | Six Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Fund | Balance September 30, 2020 | Purchases | Sales | Dividends Credited to Income | Amount of Gain (Loss) Realized on Sale of Shares | Net Change in Unrealized Appreciation (Depreciation) | Fair Value March 31, 2021 | |||||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core ETF | $ | 19,306,656 | $ | - | $ | - | $ | 84,123 | $ | - | $ | 4,390,776 | $ | 23,697,432 | ||||||||||||||||
Small Cap Value | Six Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Fund | Balance September 30, 2020 | Purchases | Sales | Dividends Credited to Income | Amount of Gain (Loss) Realized on | Net Change in Unrealized Appreciation (Depreciation) | Fair Value March 31, 2021 | |||||||||||||||||||||||
Timothy Plan US Small Cap Core ETF | $ | 12,330,394 | $ | - | $ | - | $ | 109,396 | $ | - | $ | 6,518,388 | $ | 18,848,782 | ||||||||||||||||
Large/Mid Cap Value | Six Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Fund | Balance September 30, 2020 | Purchases | Sales | Dividends Credited to Income | Amount of Gain (Loss) Realized on | Net Change in Unrealized Appreciation (Depreciation) | Fair Value March 31, 2021 | |||||||||||||||||||||||
Timothy Plan High Dividend Stock ETF | $ | 21,086,308 | $ | - | $ | - | $ | 279,226 | $ | - | $ | 5,547,692 | $ | 26,634,000 | ||||||||||||||||
Timothy Plan US Large/Mid Cap Core ETF | 24,669,616 | - | - | 107,490 | - | 5,610,436 | 30,280,052 | |||||||||||||||||||||||
Total | $ | 45,755,924 | $ | 386,716 | $ | - | $ | 11,158,128 | $ | 56,914,052 | ||||||||||||||||||||
Strategic Growth | Six Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Fund | Balance September 30, 2020 | Purchases | Sales | Dividends Credited to Income | Amount of Gain (Loss) Realized on | Net Change in Unrealized Appreciation (Depreciation) | Fair Value March 31, 2021 | |||||||||||||||||||||||
International | $ | 2,462,011 | $ | - | $ | 312,771 | $ | - | $ | 74,635 | $ | 517,989 | $ | 2,741,864 | ||||||||||||||||
Fixed Income | 6,916,817 | 1,015,307 | - | 50,212 | - | (254,886 | ) | 7,677,238 | ||||||||||||||||||||||
High Yield Bond | 1,916,780 | 157,968 | - | 41,856 | - | 111,867 | 2,186,615 | |||||||||||||||||||||||
Defensive Strategies | 2,442,481 | 91,506 | - | - | - | 229,874 | 2,763,861 | |||||||||||||||||||||||
Timothy Plan High Dividend Stock ETF | 3,679,400 | - | 143,448 | 47,622 | 2,587 | 946,771 | 4,485,310 | |||||||||||||||||||||||
Timothy Plan International ETF | 8,078,257 | - | 500,038 | 75,937 | 43,740 | 1,261,003 | 8,882,962 | |||||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core ETF | 6,011,047 | - | 475,617 | 19,960 | 89,347 | 1,233,293 | 6,858,070 | |||||||||||||||||||||||
Timothy Plan US Small Cap Core ETF | 2,477,367 | - | 628,596 | 24,995 | 72,073 | 1,128,467 | 3,049,311 | |||||||||||||||||||||||
Total | $ | 33,984,160 | $ | 260,582 | $ | 282,382 | $ | 5,174,378 | $ | 38,645,231 | ||||||||||||||||||||
Conservative Growth | Six Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Fund | Balance September 30, 2020 | Purchases | Sales | Dividends Credited to Income | Amount of Gain (Loss) Realized on Sale of Shares* | Net Change in Unrealized Appreciation (Depreciation) | Fair Value March 31, 2021 | |||||||||||||||||||||||
International | $ | 2,100,853 | $ | - | $ | 316,486 | $ | - | $ | 65,818 | $ | 435,024 $ | 2,285,209 | |||||||||||||||||
Fixed Income | 18,136,503 | 2,180,323 | - | 129,120 | - | (656,113 | ) | 19,660,713 | ||||||||||||||||||||||
High Yield Bond | 2,544,601 | 143,613 | - | 54,522 | - | 147,088 | 2,835,302 | |||||||||||||||||||||||
Defensive Strategies | 2,778,571 | 34,590 | - | - | - | 258,567 | 3,071,728 | |||||||||||||||||||||||
Timothy Plan High Dividend Stock ETF | 3,498,998 | - | 234,144 | 44,673 | 5,245 | 886,021 | 4,156,120 | |||||||||||||||||||||||
Timothy Plan International ETF | 6,528,482 | - | 563,003 | 60,571 | 47,511 | 1,000,345 | 7,013,335 | |||||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core ETF | 6,570,189 | - | 681,376 | 27,034 | 136,646 | 1,298,397 | 7,323,856 | |||||||||||||||||||||||
Timothy Plan US Small Cap Core ETF | 2,347,515 | - | 649,613 | 18,711 | 73,476 | 1,053,437 | 2,824,815 | |||||||||||||||||||||||
Total | $ | 44,505,712 | $ | 334,631 | $ | 328,696 | $ | 4,422,766 | $ | 49,171,078 |
82
Notes to Financial Statements
March 31, 2021 (Unaudited) (Continued)
Timothy Plan Family of Funds
Growth & Income | Six Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Fund | Balance September 30, 2020 | Purchases | Sales | Dividends Credited to Income | Amount of Gain (Loss) Realized on Sale of Shares | Net Change in Unrealized Appreciation (Depreciation) | Fair Value March 31, 2021 | |||||||||||||||||||||||
Timothy Plan High Dividend Stock ETF | $ | 10,611,914 | $ | - | $ | 1,064,469 | $ | 134,688 | $ | 40,084 | $ | 2,629,371 | $ | 12,216,900 |
Note 8 | Aggregate Unrealized Appreciation and Depreciation
The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at March 31, 2021, were as follows:
Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | ||||||||||||||
Aggressive Growth | $ | 30,465,659 | $ | 14,356,825 | $ | (327,240) | $ | 14,029,585 | ||||||||||
International | 77,145,545 | 34,925,177 | (638,493) | 34,286,684 | ||||||||||||||
Large/Mid Cap Growth | 78,538,922 | 38,321,265 | (563,383) | 37,757,882 | ||||||||||||||
Small Cap Value | 127,762,511 | 35,201,990 | (3,161,711) | 32,040,279 | ||||||||||||||
Large/Mid Cap Value | 169,006,380 | 55,727,309 | (1,145,144) | 54,582,165 | ||||||||||||||
Fixed Income | 120,272,201 | 3,269,998 | (902,445) | 2,367,553 | ||||||||||||||
High Yield Bond | 101,616,562 | 4,919,388 | (717,623) | 4,201,765 | ||||||||||||||
Israel Common Values | 53,718,748 | 38,751,741 | (2,570,902) | 36,180,839 | ||||||||||||||
Defensive Strategies | 38,277,340 | 7,533,849 | (999,188) | 6,534,661 | ||||||||||||||
Strategic Growth | 33,649,747 | 5,731,680 | (48,771) | 5,682,909 | ||||||||||||||
Conservative Growth | 45,578,054 | 5,800,127 | (102,355) | 5,697,772 | ||||||||||||||
Growth & Income | 16,434,938 | 2,064,968 | (55,706) | 2,009,262 |
Note 9 | Distributions to Shareholders and Tax Components of Capital
The tax character of distributions paid during the fiscal year ended September 30, 2020 and the fiscal year ended September 30, 2019 were as follows:
Aggressive Growth | International * | Large/Mid Cap Growth | Small Cap Value | |||||||||||||||
Year ended September 30, 2020 | ||||||||||||||||||
Ordinary Income | $ | - | $ | 719,040 | $ | - | $ | 401,399 | ||||||||||
Long-term Capital Gains | - | - | 3,719,674 | 5,136,073 | ||||||||||||||
Return of Capital | - | 426 | - | - | ||||||||||||||
$ | - | $ | 719,466 | $ | 3,719,674 | $ | 5,537,472 | |||||||||||
Year ended September 30, 2019 | ||||||||||||||||||
Ordinary Income | $ | 43,474 | $ | 1,317,512 | $ | - | $ | 4,515,051 | ||||||||||
Long-term Capital Gains | 1,818,259 | - | 4,465,675 | 14,010,024 | ||||||||||||||
Return of Capital | 424 | - | - | - | ||||||||||||||
$ | 1,862,157 | $ | 1,317,512 | $ | 4,465,675 | $ | 18,525,075 | |||||||||||
83
Notes to Financial Statements
March 31, 2021 (Unaudited) (Continued)
Timothy Plan Family of Funds
Large/Mid Cap Value | Fixed Income | High Yield Bond | Israel Common Values* | Defensive Strategies | ||||||||||||||||||
Year ended September 30, 2020 | ||||||||||||||||||||||
Ordinary Income | $ | 980,213 | $ | 1,408,178 | $ | 3,368,743 | $ | 876,698 | $ | 538,485 | ||||||||||||
Long-term Capital Gains | 23,456,393 | - | - | 3,222 | 586,619 | |||||||||||||||||
Return of Capital | - | - | - | 18,224 | 4,811 | |||||||||||||||||
$ | 24,436,606 | $ | 1,408,178 | $ | 3,368,743 | $ | 898,144 | $ | 1,129,915 | |||||||||||||
Year ended September 30, 2019 | ||||||||||||||||||||||
Ordinary Income | $ | 1,656,902 | $ | 1,475,208 | $ | 2,290,049 | $ | 338,491 | $ | 655,005 | ||||||||||||
Long-term Capital Gains | 17,999,454 | - | - | 362,645 | 451,837 | |||||||||||||||||
$ | 19,656,356 | $ | 1,475,208 | $ | 2,290,049 | $ | 701,136 | $ | 1,106,842 | |||||||||||||
Strategic Growth | Conservative Growth | Growth & Income Fund | ||||||||||||||||||||
Year ended September 30, 2020 | ||||||||||||||||||||||
Ordinary Income | $ | - | $ | 96,249 | $ | 186,187 | ||||||||||||||||
Long-term Capital Gains | 1,336,492 | 1,589,656 | - | |||||||||||||||||||
Return of Capital | - | - | 1,620 | |||||||||||||||||||
$ | 1,336,492 | $ | 1,685,905 | $ | 187,807 | |||||||||||||||||
Year ended September 30, 2019 | ||||||||||||||||||||||
Ordinary Income | $ | - | $ | - | $ | 328,500 | ||||||||||||||||
Long-term Capital Gains | 122,381 | 1,113,055 | 363,977 | |||||||||||||||||||
Return of Capital | - | - | 7,989 | |||||||||||||||||||
$ | 122,381 | $ | 1,113,055 | $ | 700,466 | |||||||||||||||||
* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $101,802 for fiscal year ended September 30, 2020 for Israel Common Values Fund, and $329,510, and $216,896 for the fiscal year ended September 30, 2019 for the Israel Common Values, and International Funds, which have been passed through to the Funds’ underlying shareholders and are deemed dividends for tax purposes.
As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:
Aggressive Growth | International Fund | Large/Mid Cap Growth Fund | Small Cap Value Fund | |||||||||||||||
Undistributed Ordinary Income | $ | - | $ | - | $ | - | $ | 312,916 | ||||||||||
Long-Term Capital Gains | 2,242,127 | - | 1,927,780 | - | ||||||||||||||
Capital Loss Carry Forward | - | (3,956,205 | ) | - | (5,041,139 | ) | ||||||||||||
Post October and Other Losses | (277,334 | ) | (147,710 | ) | (328,144 | ) | - | |||||||||||
Unrealized Appreciation (Depreciation) | 7,854,510 | 15,846,250 | 24,905,982 | (10,939,175 | ) | |||||||||||||
$ | 9,819,303 | $ | 11,742,335 | $ | 26,505,618 | $ | (15,667,398 | ) | ||||||||||
Large/Mid Cap Value Fund | Fixed Income Fund | High Yield Bond Fund | Israel Common Values Fund | |||||||||||||||
Undistributed Ordinary Income | $ | 1,135,200 | $ | 411,219 | $ | 118,860 | $ | - | ||||||||||
Long-Term Capital Gains | - | - | - | - | ||||||||||||||
Capital Loss Carry Forward | - | (1,235,091 | ) | (1,097,080 | ) | (427,501 | ) | |||||||||||
Post October and Other Losses | - | - | - | (3,020,657 | ) | |||||||||||||
Unrealized Appreciation (Depreciation) | 26,782,666 | 5,862,020 | (213,064 | ) | 17,077,310 | |||||||||||||
$ | 27,917,866 | $ | 5,038,148 | $ | (1,191,284 | ) | $ | 13,629,152 | ||||||||||
Defensive Strategies Fund | Strategic Growth Fund | Conservative Growth Fund | Growth & Income Fund | |||||||||||||||
Undistributed Ordinary Income | $ | - | $ | 55,029 | $ | 156,173 | $ | - | ||||||||||
Long-Term Capital Gains | - | 1,206,883 | 1,067,833 | - | ||||||||||||||
Capital Loss Carry Forward | (1,464,957 | ) | - | - | (421,773 | ) | ||||||||||||
Post October and Other Losses | (50,547 | ) | - | - | (122,577 | ) | ||||||||||||
Unrealized Appreciation (Depreciation) | 3,680,507 | 508,531 | 1,275,006 | (432,149 | ) | |||||||||||||
$ | 2,165,003 | $ | 1,770,443 | $ | 2,499,012 | $ | (976,499 | ) | ||||||||||
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 C-Corporation return of capital distributions and Section 305(c) deemed dividend distributions. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $24, $55, $10, for the International, Defensive Strategies, Large-Mid Cap Growth Funds, respectively.
Note 10 | Capital Loss Carryforwards, Post October and Other Losses
Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:
84
Notes to Financial Statements
March 31, 2021 (Unaudited) (Continued)
Timothy Plan Family of Funds
Fund | Late Year Losses | |||||
Aggressive Growth Fund | $ | 277,334 | ||||
International Fund | 147,710 | |||||
Large/Mid Cap Growth Fund | 328,144 | |||||
Israel Common Values Fund | 1,787,893 | |||||
Defensive Strategies Fund | 50,547 |
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 | Post October Losses | |||||
Israel Common Values Fund | $ | 1,232,764 | ||||
Growth & Income Fund | 122,577 |
At September 30, 2020, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, and utilized capital loss carryforwards as follows:
Capital Loss Carry Forward | ||||||||||||||||||||
Fund | Short-Term | Long-Term | Total | Utilized | ||||||||||||||||
Aggressive Growth Fund | $ | - | $ | - | $ | - | $ | 139,560 | ||||||||||||
International Fund | 3,956,205 | - | 3,956,205 | - | ||||||||||||||||
Small Cap Value Fund | - | 5,041,139 | 5,041,139 | - | ||||||||||||||||
Fixed Income Fund | 876,110 | 358,981 | 1,235,091 | 275,896 | ||||||||||||||||
High Yield Bond Fund | - | 1,097,080 | 1,097,080 | 132,781 | ||||||||||||||||
Israel Common Values Fund | 427,501 | - | 427,501 | - | ||||||||||||||||
Defensive Strategies Fund | 447,602 | 1,017,355 | 1,464,957 | - | ||||||||||||||||
Growth & Income Fund | 113,641 | 308,132 | 421,773 | - |
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 11 | SUBSEQUENT EVENTS
Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial issues were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.
Note 12 | TAX INFORMATION (Unaudited)
The Strategic Growth and Conservative Growth Funds designate the following for federal income tax purposes for the year ended September 30, 2020:
Foreign Taxes paid | Foreign Source Income | |||||||||||
Strategic Growth Fund | $ | 25,252 | $ | 131,402 | ||||||||
Conservative Growth Fund | 20,352 | 105,901 |
85
Notes to Financial Statements
March 31, 2021 (Unaudited) (Continued)
Timothy Plan Family of Funds
Board Annual Approval/Renewals of Advisory and Sub-Advisory Agreements (Unaudited)
Timothy Partners, Ltd; Investment Advisor to all Funds.
The continuance of the Investment Advisory Agreement (the “IA Agreement”) on behalf of each series of the Trust between the Trust and Timothy Partners, Ltd. (“TPL”) was last approved by the Board of Trustees (“the Board”), including a majority of the trustees who are not interested persons of the Trust or any person who is a party to the Agreement, at a meeting held on February 25-26, 2021. A description of the factors considered by the Board in renewing the IA Agreement are set forth below.
The Trustees, including the Independent Trustees, noted with approval the Advisor’s experience and consistency in incorporating and implementing the unique, Biblically-based management style that is a stated objective of all the Funds, as set forth in the Funds’ prospectus.
The Board also received and reviewed 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. In addition, the Board requested and received financial statements of TPL for its fiscal year ended December 31, 2020, and noted that updated financial statements were provided at each Board Meeting.
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 TPL maintains, 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 noted with approval that TPL was voluntarily waiving a portion of its fees for certain Funds in order to lower overall expenses. 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 underperformance 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.
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, 2021. 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. 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 underperformance 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 Fund’s 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
86
Notes to Financial Statements
March 31, 2021 (Unaudited) (Continued)
Timothy Plan Family of Funds
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.
Barrow, Hanley, Mewhinney & Strauss; Sub-Advisor for the Fixed Income, High Yield Bond, and Defensive Strategies 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, 2021. 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 to other similar clients. 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. 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 underperformance 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.
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, 2021. 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. 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 underperformance 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.
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, 2021. The Board considered the following factors in arriving at its conclusions to renew the Core Sub-Advisory Agreement. 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. 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 underperformance 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 would be in the best interests of the Fund’s shareholders. In approving the renewal of the Core Sub-Advisory Agreement, 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.
87
Notes to Financial Statements
March 31, 2021 (Unaudited) (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, 2021. 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. 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 underperformance 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.
88
Expense Examples – (Unaudited)
March 31, 2021
As a shareholder of a Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as “ongoing costs”, (in dollars) of investing in each Fund, and to compare these costs with the ongoing costs of investing in other mutual funds. This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of October 1, 2020, through March 31, 2021.
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 | ||||||||
10/1/2020
| 3/31/2021
|
10/1/2020 through 3/31/2021
| ||||||||
Actual - Class A * | $1,000.00 | $1,228.80 | $ 8.28 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,017.50 | $7.49 | |||||||
Actual - Class C * | $1,000.00 | $1,224.20 | $12.42 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,013.76 | $11.25 | |||||||
Actual - Class I * | $1,000.00 | $1,231.10 | $ 6.90 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,018.75 | $ 6.24 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.49% for Class A, 2.24% for Class C and 1.24% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Aggressive Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 22.88% for Class A, 22.42% for Class C and 23.11% for Class I for the period of October 1, 2020, to March 31, 2021. |
** | Assumes a 5% return before expenses. |
89
Expense Examples – (Unaudited)(Continued)
March 31, 2021
INTERNATIONAL FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
10/1/2020
| 3/31/2021
|
10/1/2020 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,251.00 | $8.92 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,017.00 | $8.00 | |||||||
Actual - Class C * | $1,000.00 | $1,245.30 | $13.10 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,013.26 | $11.75 | |||||||
Actual - Class I * | $1,000.00 | $1,252.50 | $7.53 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,018.25 | $6.74 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.59% for Class A, 2.34% for Class C and 1.34% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The International Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 25.10% for Class A, 24.53% for Class C, and 25.25% for Class I for the period of October 1, 2020, to March 31, 2021. |
** | Assumes a 5% return before expenses. |
LARGE/MID CAP GROWTH FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
10/1/2020
| 3/31/2021
|
10/1/2020 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,186.20 | $8.07 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,017.55 | $7.44 | |||||||
Actual - Class C * | $1,000.00 | $1,182.10 | $12.13 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,013.81 | $11.20 | |||||||
Actual - Class I * | $1,000.00 | $1,187.10 | $6.71 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,018.80 | $6.19 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.48% for Class A, 2.23% for Class C and 1.23% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 18.62% for Class A, 18.21% for Class C, and 18.71% for Class I for the period of October 1, 2020, to March 31, 2021. |
** | Assumes a 5% return before expenses. |
SMALL CAP VALUE FUND
Beginning Account Value | Ending Account Value | Expenses Paid During Period | ||||||||
10/1/2020
| 3/31/2021
|
10/1/2020 through
| ||||||||
Actual - Class A * | $1,000.00 | $1,476.30 | $8.27 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,018.25 | $6.74 | |||||||
Actual - Class C * | $1,000.00 | $1,470.90 | $12.88 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,014.51 | $10.50 | |||||||
Actual - Class I * | $1,000.00 | $1,477.40 | $6.73 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,019.50 | $5.49 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.34% for Class A, 2.09% for Class C and 1.09% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 47.63% for Class A, 47.09% for Class C, and 47.74% for Class I for the period of October 1, 2020, to March 31, 2021. |
** | Assumes a 5% return before expenses. |
90
Expense Examples – (Unaudited)(Continued)
March 31, 2021
LARGE/MID CAP VALUE FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2020 through | ||||||||||
10/1/2020
| 3/31/2021
| 3/31/2021
| ||||||||
Actual - Class A * | $1,000.00 | $1,223.50 | $ 7.10 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,018.55 | $ 6.44 | |||||||
Actual - Class C * | $1,000.00 | $1,219.50 | $11.23 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,014.81 | $10.20 | |||||||
Actual - Class I * | $1,000.00 | $1,225.00 | $ 5.71 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,019.80 | $ 5.19 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.28% for Class A, 2.03% for Class C, and 1.03% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Large/Mid Cap Value Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 22.35% for Class A, 21.95% for Class C, and 22.50% for Class I for the period of October 1, 2020, to March 31, 2021. |
** | Assumes a 5% return before expenses. |
FIXED INCOME FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2020 through | ||||||||||
10/1/2020
| 3/31/2021
| 3/31/2021
| ||||||||
Actual - Class A * | $1,000.00 | $ 973.20 | $ 6.64 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,018.20 | $ 6.79 | |||||||
Actual - Class C * | $1,000.00 | $ 969.50 | $10.31 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,014.46 | $10.55 | |||||||
Actual - Class I * | $1,000.00 | $ 974.10 | $ 5.41 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,019.45 | $ 5.54 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.35% for Class A, 2.10% for Class C, and 1.10% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Fixed Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (2.68)% for Class A, (3.05)% for Class C, and (2.59)% for Class I for the period of October 1, 2020, to March 31, 2021. |
** | Assumes a 5% return before expenses. |
HIGH YIELD BOND FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2020 through | ||||||||||
10/1/2020
| 3/31/2021
| 3/31/2021
| ||||||||
Actual - Class A * | $1,000.00 | $1,078.50 | $ 9.22 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,016.06 | $ 8.95 | |||||||
Actual - Class C * | $1,000.00 | $1,075.20 | $13.09 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,012.32 | $12.69 | |||||||
Actual - Class I * | $1,000.00 | $1,080.00 | $ 7.93 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,017.30 | $ 7.70 |
** | Expenses are equal to the Fund’s annualized expense ratio of 1.78% for Class A, 2.53% for Class C, and 1.53% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The High Yield Bond Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 7.85% for Class A, 7.52% for Class C, and 8.00% for Class I for the period of October 1, 2020, to March 31, 2021. |
** | Assumes a 5% return before expenses. |
91
Expense Examples – (Unaudited)(Continued)
March 31, 2021
DEFENSIVE STRATEGIES FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2020 through | ||||||||||
10/1/2020
| 3/31/2021
| 3/31/2021
| ||||||||
Actual - Class A * | $1,000.00 | $1,092.50 | $ 8.35 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,016.95 | $ 8.05 | |||||||
Actual - Class C * | $1,000.00 | $1,088.60 | $12.24 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,013.21 | $11.80 | |||||||
Actual - Class I * | $1,000.00 | $1,094.30 | $ 7.05 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,018.20 | $ 6.79 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.60% for Class A, 2.35% for Class C and 1.35% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Defensive Strategies Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 9.25% for Class A, 8.86% for Class C and 9.43% for Class I for the period of October 1, 2020, to March 31, 2021. |
** | Assumes a 5% return before expenses. |
STRATEGIC GROWTH FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2020 through | ||||||||||
10/1/2020
| 3/31/2021
| 3/31/2021
| ||||||||
Actual - Class A * | $1,000.00 | $1,159.90 | $ 6.84 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,018.60 | $ 6.39 | |||||||
Actual - Class C * | $1,000.00 | $1,154.60 | $10.85 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,014.86 | $10.15 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.27% for Class A and 2.02% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Strategic Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 15.99% for Class A and 15.46% for Class C for the six-month period of October 1, 2020, to March 31, 2021. |
** | Assumes a 5% return before expenses. |
CONSERVATIVE GROWTH FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2020 through | ||||||||||
10/1/2020
| 3/31/2021
| 3/31/2021
| ||||||||
Actual - Class A * | $1,000.00 | $1,104.10 | $ 6.24 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,019.00 | $ 5.99 | |||||||
Actual - Class C * | $1,000.00 | $1,100.00 | $10.16 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,015.26 | $ 9.75 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.19% for Class A and 1.94% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Conservative Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 10.41% for Class A and 10.00% for Class C for the six-month period of October 1, 2020, to March 31, 2021. |
** | Assumes a 5% return before expenses. |
92
Expense Examples – (Unaudited)(Continued)
March 31, 2021
ISRAEL COMMON VALUES FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2020 through | ||||||||||
10/1/2020
| 3/31/2021
| 3/31/2021
| ||||||||
Actual - Class A * | $1,000.00 | $1,288.20 | $10.84 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,015.46 | $ 9.55 | |||||||
Actual - Class C * | $1,000.00 | $1,283.50 | $15.09 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,011.72 | $13.29 | |||||||
Actual - Class I * | $1,000.00 | $1,289.60 | $ 9.42 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,016.70 | $ 8.30 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.90% for Class A, 2.65% for Class C and 1.65% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The 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 28.82% for Class A, 28.35% for Class C and 28.96% for Class I for the period of October 1, 2020, to March 31, 2021. |
** | Assumes a 5% return before expenses. |
GROWTH & INCOME FUND
Beginning Account | Ending Account | Expenses Paid | ||||||||
Value | Value | During Period | ||||||||
10/1/2020 through | ||||||||||
10/1/2020
| 3/31/2021
| 3/31/2021
| ||||||||
Actual - Class A * | $1,000.00 | $1,157.10 | $ 8.66 | |||||||
Hypothetical - Class A ** | $1,000.00 | $1,016.90 | $ 8.10 | |||||||
Actual - Class C * | $1,000.00 | $1,152.80 | $12.67 | |||||||
Hypothetical - Class C ** | $1,000.00 | $1,013.16 | $11.85 | |||||||
Actual - Class I *** | $1,000.00 | $1,159.30 | $ 7.32 | |||||||
Hypothetical - Class I ** | $1,000.00 | $1,018.15 | $ 6.84 |
* | 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 182 days/365 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 15.71% for Class A, 15.28% for Class C and 15.93% for Class I for the period of October 1, 2020, to March 31, 2021. |
** | Assumes a 5% return before expenses. |
93
Liquidity Risk Management Program (Unaudited)
March 31, 2021
Timothy Plan Family of Funds
The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of a Liquidity Program Administrator (LPA) comprised of the Trust’s Liquidity Risk Management Program Committee, which includes representatives from the Funds’ investment adviser and liquidity consultant. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The LPA updated its assessment of each Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended November 30, 2020 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception on December 1, 2018 (the “Review Period”) in order to prepare a written report for the Board of Trustees (the “Report”) for consideration at its meeting held in February, 2021.
During the Review Period, none of the Funds experienced unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. None of the Funds had a significant amount of illiquid investments and none required a determination as to a highly liquid investment minimum. The Report concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.
94
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?
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Call 800-662-0201
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Who we are
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Who is providing this Notice? | Timothy Plan Family of Mutual Funds | |
Timothy Partners, Ltd.
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What we do
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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.
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How does The Timothy Plan collect your | We collect your personal information, for example, when you | |
personal information? | • 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.
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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.
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Definitions
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Affiliates | Companies related by common ownership or control. They can be financial and non- financial companies.
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Timothy Partners, Ltd. is an affiliate of The Timothy Plan
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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.
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Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products to you.
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• The Timothy Plan does not jointly market.
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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.
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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
The Trust files a complete listing of the Fund’s portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-Q’s successor form, Form N-PORT. The filings are available free of charge, upon request, by calling the Trust toll-free at 1-800-662-0201. Furthermore, you may obtain a copy of these filings on the SEC’s website at www.sec.gov.
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BOARD OF TRUSTEES | ||
Arthur D. Ally | ||
Rick Copeland | ||
Deborah Honeycutt | ||
Bill Johnson | ||
John C. Mulder | ||
Scott Preissler | ||
Alan Ross | ||
Mathew D. Staver | ||
Patrice Tsague | ||
Abraham M. Rivera | ||
Dale A. Bissonette | ||
OFFICERS | ||
Arthur D. Ally, President | ||
Joseph E. Boatwright, Secretary | ||
Terry Covert, Vice President | ||
Cheryl Mumbert, Vice President | ||
David D. Jones, Chief Compliance Officer | ||
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 | ||
Ultimus Fund Solutions, LLC | ||
4221 N. 203rd St, Suite 100 | ||
Elkhorn, NE 68022-3474 | ||
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | ||
Cohen & Company, Ltd. | ||
1350 Euclid Ave., Suite 800 | ||
Cleveland, OH 44115 | ||
LEGAL COUNSEL | ||
David D Jones, Esq. | ||
20770 Hwy 281 N., Suite 108-619 | ||
San Antonio, TX 78258 | ||
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HEADQUARTERS | ||
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. | The Timothy Plan 1055 Maitland Center Commons Maitland, Florida 32751
(800) 846-7526
www.timothyplan.com invest@timothyplan.com
SHAREHOLDER SERVICES
Ultimus Fund Solutions, LLC 4221 N. 203rd St, Suite 100 Elkhorn, NE 68022-3474
(800) 662-0201 |
(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Item 2. Code of Ethics. NOT APPLICABLE – disclosed with annual report
Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report
Item 4. Principal Accountant Fees and Services. NOT APPLICABLE – disclosed with annual report
Item 5. Audit Committee of Listed Companies. NOT APPLICABLE – applies to listed companies only
Item 6. Schedule of Investments. NOT APPLICABLE – schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. NOT APPLICABLE – applies to closed-end funds only
Item 8. Portfolio Managers of Closed-End Management Investment Companies. NOT APPLICABLE – applies to closed-end funds only
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE – applies to closed-end funds only
Item 10. Submission of Matters to a Vote of Security Holders. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) Based on an evaluation of the registrant’s disclosure controls and procedures within 90 days, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. NOT APPLICABLE.
Item 13. Exhibits.
(a)(1) | Not Applicable – filed with annual report |
(a)(2) |
(a)(3) | Not Applicable |
(b) |
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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 | 6/8/21 |
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 | 6/8/21 |
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