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) |
Registrants telephone number, including area code: | 800-846-7526 |
Date of fiscal year end: 9/30
Date of reporting period: 3/31/17
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 Registrants audited annual financial reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:
March 31, 2017
Dear Shareholder:
Thank you for being a part of the Timothy Plan family. We take our responsibility seriously for the trust you have placed in us to morally, ethically, and economically look after your investment assets. The following is a brief explanation of the screening procedures we employ to provide you peace of mind about the portfolio you have with us.
Each company in every Fund portfolio has been carefully vetted at the time of its initial purchase. The vetting process incorporates in excess of a sixty (60) point screening exercise based upon the Biblical principles published in our prospectus. The screening continues even after companies are placed in our portfolios.
Subsequent to being placed in a portfolio, the companies are subject to random re-reviews as we monitor for changes in the policies and procedures that were in place when the companies were purchased, and once a year the entire portfolio of every fund is revisited. The Funds portfolios are also subjected to a quarterly internal audit to reaffirm that each company has a record of its vetting, and documentation verifying that it passed muster. The result is what we consider to be the most actively engaged morally screened fund family in existence. We hope you agree.
We again thank you for the honor of you trusting us to maintain a morally responsible portfolio that allows you to align your investments with your moral convictions.
Sincerely,
Arthur D. Ally,
President
1
Fund Profile
As of March 31, 2017 (Unaudited)
2
Fund Profile
As of March 31, 2017 (Unaudited)(Continued)
3
Schedule of Investments | Aggressive Growth Fund
As of March 31, 2017 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 96.6 % | ||||||
AEROSPACE/DEFENSE - 1.6 % | ||||||
5,010 |
HEICO Corp. | $ | 436,872 | |||
|
|
|||||
AIRLINES - 3.1 % | ||||||
4,079 |
Copa Holdings SA | 457,868 | ||||
7,810 |
Spirit Airlines, Inc. * | 414,477 | ||||
|
|
|||||
872,345 | ||||||
|
|
|||||
BANKS - 5.4 % | ||||||
5,995 |
Bank of the Ozarks, Inc. | 311,800 | ||||
10,855 |
CenterState Banks, Inc. | 281,145 | ||||
2,735 |
SVB Financial Group * | 508,956 | ||||
8,861 |
Western Alliance Bancorp * | 434,986 | ||||
|
|
|||||
1,536,887 | ||||||
|
|
|||||
BIOTECHNOLOGY - 3.4 % | ||||||
3,775 |
BioMarin Pharmaceutical, Inc. * | 331,370 | ||||
4,019 |
Charles River Laboratories International, Inc. * | 361,509 | ||||
2,065 |
Incyte Corp. * | 276,029 | ||||
|
|
|||||
968,908 | ||||||
|
|
|||||
BUILDING MATERIALS - 0.6 % | ||||||
2,840 |
Apogee Enterprises, Inc. | 169,292 | ||||
|
|
|||||
CHEMICALS - 3.5 % | ||||||
3,740 |
Ablemarle Corp. | 395,094 | ||||
15,525 |
Chemours Co. | 597,712 | ||||
|
|
|||||
992,806 | ||||||
|
|
|||||
COMMERCIAL SERVICES - 5.9 % | ||||||
3,165 |
Grand Canyon Education, Inc. * | 226,646 | ||||
6,120 |
INC Research Holdings, Inc. - Cl. A * | 280,602 | ||||
7,665 |
KAR Auction Services, Inc. | 334,731 | ||||
10,745 |
On Assignment, Inc. * | 521,455 | ||||
2,985 |
WEX, Inc. * | 308,947 | ||||
|
|
|||||
1,672,381 | ||||||
|
|
|||||
COMPUTERS - 4.4 % | ||||||
14,905 |
Electronics For Imaging, Inc. * | 727,811 | ||||
12,910 |
Mercury Systems, Inc. * | 504,135 | ||||
|
|
|||||
1,231,946 | ||||||
|
|
|||||
DISTRIBUTION/WHOLESALE - 0.6 % | ||||||
7,190 |
H&E Equipment Services, Inc. | 176,299 | ||||
|
|
|||||
DIVERSIFIED FINANCIAL SERVICES - 2.3 % | ||||||
33,330 |
SLM Corp. * | 403,293 | ||||
3,465 |
WageWorks, Inc. * | 250,519 | ||||
|
|
|||||
653,812 | ||||||
|
|
|||||
ELECTRICAL COMPONENTS & EQUIPMENT - 1.5 % | ||||||
6,020 |
Belden, Inc. | 416,524 | ||||
|
|
|||||
ELECTRONICS - 7.0 % | ||||||
6,700 |
Agilent Technologies, Inc. | 354,229 | ||||
4,450 |
Coherent, Inc. * | 915,098 | ||||
875 |
Mettler-Toledo International, Inc. * | 419,046 | ||||
8,795 |
Trimble, Inc. * | 281,528 | ||||
|
|
|||||
1,969,901 | ||||||
|
|
|||||
ENGINEERING & CONSTRUCTION - 2.1 % | ||||||
10,250 |
MasTec, Inc. * | 410,513 | ||||
5,140 |
NV5 Global, Inc. * | 193,264 | ||||
|
|
|||||
603,777 | ||||||
|
|
The accompanying notes are an integral part of these financial statements.
4
Schedule of Investments | Aggressive Growth Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||
ENTERTAINMENT - 3.6 % | ||||||
5,305 |
Vail Resorts, Inc. | $ | 1,018,030 | |||
|
|
|||||
HEALTHCARE - PRODUCTS - 8.1 % | ||||||
6,480 |
Glaukos Corp. * | 332,424 | ||||
3,985 |
Henry Schein, Inc. * | 677,330 | ||||
450 |
Intuitive Surgical, Inc. * | 344,912 | ||||
6,800 |
NxStage Medical, Inc. * | 182,444 | ||||
9,815 |
Spectranetics Corp. * | 285,862 | ||||
2,378 |
Teleflex, Inc. | 460,690 | ||||
|
|
|||||
2,283,662 | ||||||
|
|
|||||
HEALTHCARE - SERVICES - 0.4 % | ||||||
7,570 |
Brookdale Senior Living, Inc. * | 101,665 | ||||
|
|
|||||
HOME BUILDERS - 1.0 % | ||||||
8,120 |
Toll Brothers, Inc. * | 293,213 | ||||
|
|
|||||
INSURANCE - 1.9 % | ||||||
6,995 |
Assured Guaranty Ltd. | 259,584 | ||||
14,860 |
Radian Group, Inc. | 266,886 | ||||
|
|
|||||
526,470 | ||||||
|
|
|||||
INTERNET - 3.2 % | ||||||
1,800 |
Palo Alto Networks, Inc. * | 202,824 | ||||
2,095 |
Proofpoint, Inc. * | 155,784 | ||||
10,985 |
RingCentral, Inc. * | 310,876 | ||||
1,875 |
Stamps.com, Inc. * | 221,906 | ||||
|
|
|||||
891,390 | ||||||
|
|
|||||
LEISURE TIME - 1.0 % | ||||||
4,557 |
Brunswick Corp. | 278,888 | ||||
|
|
|||||
MACHINERY - DIVERSIFIED - 1.9 % | ||||||
3,980 |
Middleby Corp. * | 543,071 | ||||
|
|
|||||
MEDIA - 0.7 % | ||||||
4,785 |
Sinclair Broadcast Group, Inc. | 193,793 | ||||
|
|
|||||
MINING - 1.8 % | ||||||
10,523 |
US Silica Holdings, Inc. | 504,999 | ||||
|
|
|||||
MISCELLANEOUS MANUFACTURER - 1.2 % | ||||||
5,025 |
Trinseo SA | 337,177 | ||||
|
|
|||||
OIL & GAS - 4.2 % | ||||||
2,080 |
Concho Resources, Inc. * | 266,947 | ||||
4,085 |
Diamondback Energy, Inc. * | 423,676 | ||||
11,270 |
Matador Resources Co. * | 268,113 | ||||
9,920 |
Patterson-UTI Energy, Inc. | 240,758 | ||||
|
|
|||||
1,199,494 | ||||||
|
|
|||||
PACKAGING & CONTAINERS - 1.2 % | ||||||
4,710 |
Ball Corp. | 349,765 | ||||
|
|
|||||
PHARMACEUTICALS - 4.3 % | ||||||
1,325 |
GW Pharmaceuticals PLC (ADR) * | 160,245 | ||||
5,378 |
Neurocrihne Biosciences, Inc. * | 232,867 | ||||
7,785 |
PRA Health Sciences, Inc. * | 507,816 | ||||
1,015 |
TESARO, Inc. * | 156,178 | ||||
7,860 |
Zynerba Pharmaceuticals, Inc. * | 157,986 | ||||
|
|
|||||
1,215,092 | ||||||
|
|
The accompanying notes are an integral part of these financial statements.
5
Schedule of Investments | Aggressive Growth Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||
RETAIL - 7.0 % | ||||||
4,955 |
Burlington Stores, Inc. * | $ | 482,072 | |||
15,190 |
Fiesta Restaurant Group, Inc. * | 367,598 | ||||
8,040 |
Kate Spade & Co. * | 186,769 | ||||
1,290 |
OReilly Automotive, Inc. * | 348,094 | ||||
1,195 |
Panera Bread Co. - Cl. A * | 312,935 | ||||
6,580 |
Texas Roadhouse, Inc. | 293,007 | ||||
|
|
|||||
1,990,475 | ||||||
|
|
|||||
SAVINGS & LOANS - 1.0 % | ||||||
6,995 |
Pacific Premier Bancorp, Inc. * | |||||
269,657 | ||||||
|
|
|||||
SEMICONDUCTORS - 7.2 % | ||||||
33,970 |
Advanced Micro Devices, Inc. * | 494,264 | ||||
5,190 |
Cavium, Inc. * | 371,915 | ||||
21,815 |
Cypress Semiconductor Corp. | 300,174 | ||||
3,865 |
Lam Research Corp. | 496,111 | ||||
3,885 |
Monolithic Power System, Inc. | 357,809 | ||||
|
|
|||||
2,020,273 | ||||||
|
|
|||||
SOFTWARE - 3.1 % | ||||||
10,170 |
Callidus Software, Inc. * | 217,130 | ||||
4,875 |
Fidelity National Information Services, Inc. | 388,147 | ||||
5,115 |
PTC, Inc. * | 268,793 | ||||
|
|
|||||
874,070 | ||||||
|
|
|||||
TELECOMMUNICATIONS - 1.1 % | ||||||
5,245 |
Acacia Communications, Inc. * | 307,462 | ||||
|
|
|||||
TRANSPORTATION - 1.3 % | ||||||
5,610 |
Genesee & Wyoming, Inc. * | 380,695 | ||||
|
|
|||||
TOTAL COMMON STOCK (Cost $25,327,848) | 27,281,091 | |||||
|
|
|||||
MONEY MARKET FUND - 5.6 % | ||||||
1,574,014 |
Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (A) (Cost $1,574,014) |
1,574,014 | ||||
|
|
|||||
TOTAL INVESTMENTS - 102.2 % (Cost $26,901,862) (B) | $ | 28,855,105 | ||||
OTHER ASSETS LESS LIABILITIES - NET - (2.2) % | (623,540) | |||||
|
|
|||||
NET ASSETS - 100.0 % | $ | 28,231,565 | ||||
|
|
* | Non-income producing securities. |
ADR - American Depositary Receipt.
(A) Variable rate security; the rate shown represents the yield at March 31, 2017.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $27,188,067 and differs from fair value by net unrealized appreciation of securities as follows:
Unrealized appreciation | $ | 2,320,090 | ||||
Unrealized depreciation | (653,052) | |||||
|
|
|||||
Net unrealized appreciation | $ | 1,667,038 | ||||
|
|
The accompanying notes are an integral part of these financial statements.
6
Schedule of Investments | International Fund
As of March 31, 2017 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 87.7 % | ||||||
AIRLINES - 1.4 % | ||||||
73,100 |
Japan Airlines Co. Ltd. (ADR) * | $ | 1,159,001 | |||
|
|
|||||
AUTO PARTS & EQUIPMENT - 8.7 % | ||||||
37,400 |
Continental AG (ADR) | 1,645,974 | ||||
52,000 |
Magna International, Inc. | 2,244,320 | ||||
73,100 |
Valeo SA (ADR) | 2,437,300 | ||||
41,600 |
Xinyi Glass Holdings Ltd. (ADR) | 728,208 | ||||
|
|
|||||
7,055,802 | ||||||
|
|
|||||
BANKS - 9.9 % | ||||||
10,000 |
Banco Macro SA - Cl. B (ADR) | 867,000 | ||||
39,339 |
DBS Group Holdings Ltd. (ADR) | 2,190,002 | ||||
7,200 |
DNB ASA (ADR) | 1,149,660 | ||||
61,000 |
KBC Group NV (ADR) | 2,020,930 | ||||
229,806 |
Mizuho Financial Group, Inc. (ADR) | 847,984 | ||||
44,100 |
Swedbank AB (ADR) | 1,024,002 | ||||
|
|
|||||
8,099,578 | ||||||
|
|
|||||
BUILDING MATERIALS - 2.9 % | ||||||
175,000 |
Asahi Glass Co. Ltd. (ADR) | 1,419,250 | ||||
102,000 |
Cemex SAB de CV (ADR) * | 925,140 | ||||
|
|
|||||
2,344,390 | ||||||
|
|
|||||
CHEMICALS - 2.5 % | ||||||
20,700 |
Arkema SA (ADR) | 2,045,160 | ||||
|
|
|||||
COMMERCIAL SERVICES - 1.2 % | ||||||
21,000 |
AerCap Holdings NV * | 965,370 | ||||
|
|
|||||
DIVERSIFIED FINANCIAL SERVICES - 5.2 % | ||||||
175,500 |
Daiwa Securities Group, Inc. (ADR) | 1,066,163 | ||||
42,800 |
ORIX Corp. (ADR) | 3,181,324 | ||||
|
|
|||||
4,247,487 | ||||||
|
|
|||||
ELECTRIC - 0.5 % | ||||||
47,900 |
Power Assets Holdings Ltd. (ADR) | 409,066 | ||||
|
|
|||||
ELECTRONICS - 2.0 % | ||||||
13,600 |
Alps Electric Co. Ltd. (ADR) | 773,160 | ||||
27,400 |
Orbotech Ltd. * | 883,650 | ||||
|
|
|||||
1,656,810 | ||||||
|
|
|||||
ENGINEERING & CONSTRUCTION - 2.9 % | ||||||
120,000 |
Vinci SA (ADR) | 2,379,600 | ||||
|
|
|||||
FOOD - 6.1 % | ||||||
132,800 |
Cencosud SA (ADR) | 1,231,056 | ||||
243,000 |
First Pacific Co. Ltd. (ADR) | 886,950 | ||||
14,000 |
Kerry Group PLC (ADR) | 1,133,580 | ||||
109,800 |
Marine Harvest ASA (ADR) | 1,681,587 | ||||
|
|
|||||
4,933,173 | ||||||
|
|
|||||
HAND/MACHINE TOOLS - 1.8 % | ||||||
71,650 |
Techtronic Industries Co. (ADR) | 1,446,255 | ||||
|
|
|||||
HEALTHCARE - PRODUCTS - 2.6 % | ||||||
69,000 |
Smith & Nephew PLC (ADR) | 2,134,170 | ||||
|
|
|||||
HEALTHCARE - SERVICES - 3.0 % | ||||||
58,000 |
Fresenius Medical Care AG & Co. (ADR) | 2,443,540 | ||||
|
|
|||||
HOME BUILDERS - 0.9 % | ||||||
46,000 |
Sekisui House Ltd. (ADR) | 758,080 | ||||
|
|
|||||
INSURANCE - 5.5 % | ||||||
51,100 |
Ageas (ADR) | 1,996,988 | ||||
57,200 |
Muenchener Rueckversicherungs AG (ADR) | 1,121,120 | ||||
51,900 |
Zurich Insurance Group AG (ADR) | 1,384,173 | ||||
|
|
|||||
4,502,281 | ||||||
|
|
The accompanying notes are an integral part of these financial statements.
7
Schedule of Investments | International Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||
INTERNET - 1.6 % | ||||||
44,000 |
Tencent Holdings Ltd. (ADR) | $ | 1,269,840 | |||
|
|
|||||
MACHINERY - CONSTRUCTION & MINING - 1.8 % | ||||||
46,000 |
Atlas Copco AB (ADR) | 1,464,295 | ||||
|
|
|||||
MINING - 1.1 % | ||||||
21,500 |
Rio Tinto PLC (ADR) | 874,620 | ||||
|
|
|||||
MISCELLANEOUS MANUFACTURING - 1.7 % | ||||||
35,538 |
FUJIFILM Holdings Corp. (ADR) | 1,391,490 | ||||
|
|
|||||
OIL & GAS - 4.3 % | ||||||
49,100 |
Eni SpA (ADR) | 1,607,043 | ||||
112,000 |
Statoil ASA (ADR) | 1,924,160 | ||||
|
|
|||||
3,531,203 | ||||||
|
|
|||||
OIL & GAS SERVICES - 1.3 % | ||||||
32,100 |
Technip SA * | 1,043,250 | ||||
|
|
|||||
PHARMACEUTICALS - 6.1 % | ||||||
99,000 |
Ipsen SA (ADR) | 2,453,220 | ||||
14,600 |
Shire PLC (ADR) | 2,543,758 | ||||
|
|
|||||
4,996,978 | ||||||
|
|
|||||
RETAIL - 0.9 % | ||||||
83,600 |
Kingfisher PLC (ADR) | 697,224 | ||||
|
|
|||||
SEMICONDUCTORS - 2.2 % | ||||||
17,100 |
NXP Semiconductors NV * | 1,769,850 | ||||
|
|
|||||
SOFTWARE - 3.5 % | ||||||
28,000 |
Amadeus IT Holdings SA (ADR) | 1,422,400 | ||||
42,940 |
Open Text Corp. | 1,460,389 | ||||
|
|
|||||
2,882,789 | ||||||
|
|
|||||
TELECOMMUNICATIONS - 2.8 % | ||||||
53,000 |
Nippon Telegraph & Telephone Corp. (ADR) | 2,270,520 | ||||
|
|
|||||
TRANSPORTATION - 1.8 % | ||||||
5,000 |
Canadian Pacific Railway Ltd. | 734,600 | ||||
48,000 |
East Japan Railway Co. (ADR) | 696,960 | ||||
|
|
|||||
1,431,560 | ||||||
|
|
|||||
WATER - 1.5 % | ||||||
119,000 |
Cia de Saneamento Basico do Estado de Sao Paulo (ADR) * | 1,238,791 | ||||
|
|
|||||
TOTAL COMMON STOCK (Cost $59,807,817) | 71,442,173 | |||||
|
|
|||||
MONEY MARKET FUND - 12.4 % | ||||||
10,123,601 |
Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (A) (Cost $10,123,601) |
10,123,601 | ||||
|
|
|||||
TOTAL INVESTMENTS - 100.1 % (Cost $69,931,418) (B) | $ | 81,565,774 | ||||
OTHER ASSETS LESS LIABILITIES - NET - (0.1) % | (89,075) | |||||
|
|
|||||
NET ASSETS - 100.0 % | $ | 81,476,699 | ||||
|
|
* | Non-income producing securities. |
(ADR) | American Depositary Receipt. |
(A) Variable rate security; the rate shown represents the yield at March 31, 2017.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $70,930,126 and differs from fair value by net unrealized appreciation of securities as follows:
Unrealized appreciation | $ | 12,220,538 | ||||
Unrealized depreciation | (1,584,890) | |||||
|
|
|||||
Net unrealized appreciation | $ | 10,635,648 | ||||
|
|
The accompanying notes are an integral part of these financial statements.
8
Schedule of Investments | International Fund
As of March 31, 2017 (Unaudited) (Continued)
Diversification of Assets | ||||
Country | % of Net Assets | |||
Japan |
16.6% | |||
France |
11.4% | |||
Germany |
6.4% | |||
Norway |
5.8% | |||
Britain |
5.8% | |||
Canada |
5.5% | |||
Belgium |
4.9% | |||
Hong Kong |
4.3% | |||
United States |
3.1% | |||
Sweden |
3.1% | |||
Singapore |
2.7% | |||
Ireland |
2.6% | |||
Netherlands |
2.2% | |||
Italy |
2.0% | |||
Spain |
1.7% | |||
Switzerland |
1.7% | |||
China |
1.6% | |||
Brazil |
1.5% | |||
Chile |
1.5% | |||
Mexico |
1.1% | |||
Israel |
1.1% | |||
Argentina |
1.1% | |||
|
|
|||
Total |
87.7% | |||
Money Market Fund |
12.4% | |||
Other Assets Less Liabilities - Net |
(0.1)% | |||
|
|
|||
Grand Total |
100.0% | |||
|
|
The accompanying notes are an integral part of these financial statements.
9
Schedule of Investments | Large/Mid Cap Growth Fund
As of March 31, 2017 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 93.9 % | ||||||
AEROSPACE/DEFENSE - 3.1 % | ||||||
12,465 |
General Dynamics Corp. |
$ | 2,333,448 | |||
|
|
|||||
AIRLINES - 0.8 % | ||||||
5,190 |
Copa Holdings SA |
582,578 | ||||
|
|
|||||
BANKS - 4.2 % | ||||||
9,060 |
Bank of the Ozarks, Inc. |
471,211 | ||||
3,965 |
First Republic Bank |
371,957 | ||||
23,285 |
PacWest Bancorp |
1,240,159 | ||||
2,345 |
SVB Financial Group * |
436,381 | ||||
3,221 |
Webster Financial Corp. |
161,179 | ||||
10,400 |
Western Alliance Bancorp * |
510,536 | ||||
|
|
|||||
3,191,423 | ||||||
|
|
|||||
BIOTECHNOLOGY - 6.8 % | ||||||
1,494 |
Alexion Pharmaceuticals, Inc. * |
181,133 | ||||
8,395 |
BioMarin Pharmaceutical, Inc. * |
736,913 | ||||
24,170 |
Celgene Corp. * |
3,007,473 | ||||
5,497 |
Charles River Laboratories International, Inc. * |
494,455 | ||||
2,705 |
Incyte Corp. * |
361,577 | ||||
3,475 |
Sage Therapeutics, Inc. * |
246,968 | ||||
1,090 |
Vertex Pharmaceuticals, Inc. * |
119,192 | ||||
|
|
|||||
5,147,711 | ||||||
|
|
|||||
CHEMICALS - 5.6 % | ||||||
6,445 |
Albemarle Corp. |
680,850 | ||||
18,510 |
Chemours Co. |
712,635 | ||||
11,015 |
LyondellBasell Industries NV |
1,004,458 | ||||
15,550 |
Praxair, Inc. |
1,844,230 | ||||
|
|
|||||
4,242,173 | ||||||
|
|
|||||
COMMERCIAL SERVICES - 1.7 % | ||||||
8,165 |
INC Research Holdings, Inc. * |
374,365 | ||||
6,671 |
KAR Auction Services, Inc. |
291,323 | ||||
960 |
MarketAxess Holdings, Inc. |
179,990 | ||||
4,142 |
WEX, Inc. * |
428,697 | ||||
|
|
|||||
1,274,375 | ||||||
|
|
|||||
COMPUTERS - 4.4 % | ||||||
20,445 |
Check Point Software Technologies Ltd. * |
2,098,884 | ||||
16,530 |
Electronics for Imaging, Inc. * |
807,160 | ||||
10,480 |
Mercury Systems, Inc. * |
409,244 | ||||
|
|
|||||
3,315,288 | ||||||
|
|
|||||
DIVERSIFIED FINANCIAL SERVICES - 2.7 % | ||||||
50,060 |
Invesco Ltd. |
1,533,338 | ||||
38,820 |
SLM Corp. * |
469,722 | ||||
|
|
|||||
2,003,060 | ||||||
|
|
|||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.5 % | ||||||
5,080 |
Belden, Inc. |
351,485 | ||||
|
|
|||||
ELECTRONICS - 9.5 % | ||||||
29,465 |
Amphenol Corp. - Cl. A |
2,097,024 | ||||
3,435 |
Avnet, Inc. |
157,186 | ||||
22,515 |
Honeywell International, Inc. |
2,811,448 | ||||
786 |
Mettler-Toledo International, Inc. * |
376,423 | ||||
18,915 |
TE Connectivity Ltd. |
1,410,113 | ||||
10,920 |
Trimble, Inc. * |
349,549 | ||||
|
|
|||||
7,201,743 | ||||||
|
|
|||||
ENGINEERING & CONSTRUCTION - 0.5 % | ||||||
10,165 |
MasTec, Inc. * |
407,108 | ||||
|
|
|||||
ENTERTAINMENT - 1.2 % | ||||||
4,845 |
Vail Resorts, Inc. |
929,756 | ||||
|
|
The accompanying notes are an integral part of these financial statements.
10
Schedule of Investments | Large/Mid Cap Growth Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||
FOOD - 8.6 % | ||||||
34,950 |
Hain Celestial Group, Inc. * |
$ | 1,300,140 | |||
19,550 |
JM Smucker Co. |
2,562,614 | ||||
27,205 |
McCormick & Co., Inc. |
2,653,848 | ||||
|
|
|||||
6,516,602 | ||||||
|
|
|||||
HEALTHCARE - PRODUCTS - 3.7 % | ||||||
4,345 |
Edwards Lifesciences Corp. * |
408,734 | ||||
7,521 |
Glaukos Corp. * |
385,827 | ||||
2,741 |
Henry Schein, Inc. * |
465,888 | ||||
440 |
Intuitive Surgical, Inc. * |
337,247 | ||||
7,215 |
Masimo Corp. * |
672,871 | ||||
2,650 |
Teleflex, Inc. |
513,385 | ||||
|
|
|||||
2,783,952 | ||||||
|
|
|||||
HEALTHCARE - SERVICES - 0.4 % | ||||||
4,412 |
Centene Corp. * |
314,399 | ||||
|
|
|||||
HOME BUILDERS - 0.7 % | ||||||
13,790 |
Toll Brothers, Inc. * |
497,957 | ||||
|
|
|||||
INSURANCE - 0.6 % | ||||||
5,774 |
Assured Guaranty, Ltd. |
214,273 | ||||
13,755 |
Radian Group, Inc. |
247,040 | ||||
|
|
|||||
461,313 | ||||||
|
|
|||||
INTERNET - 0.5 % | ||||||
13,720 |
8x8, Inc. * |
209,230 | ||||
1,295 |
Palo Alto Networks, Inc. * |
145,921 | ||||
|
|
|||||
355,151 | ||||||
|
|
|||||
LEISURE TIME - 0.7 % | ||||||
8,394 |
Brunswick Corp. |
513,713 | ||||
|
|
|||||
MACHINERY - DIVERSIFIED - 0.6 % | ||||||
3,592 |
Middleby Corp. * |
490,128 | ||||
|
|
|||||
MEDIA - 0.3 % | ||||||
5,205 |
Sinclair Broadcast Group, Inc. |
210,803 | ||||
|
|
|||||
MINING - 0.5 % | ||||||
7,585 |
US Silica Holdings, Inc. |
364,004 | ||||
|
|
|||||
OIL & GAS - 3.9 % | ||||||
1,845 |
Concho Resources, Inc. * |
236,787 | ||||
31,650 |
ConocoPhillips |
1,578,385 | ||||
5,530 |
Diamondback Energy, Inc. * |
573,544 | ||||
15,170 |
Patterson-UTI Energy, Inc. |
368,176 | ||||
9,505 |
SM Energy Co. |
228,310 | ||||
|
|
|||||
2,985,202 | ||||||
|
|
|||||
OIL & GAS SERVICES- 0.5 % | ||||||
20,250 |
RPC, Inc. |
370,777 | ||||
|
|
|||||
PACKAGING & CONTAINERS - 0.6 % | ||||||
5,980 |
Ball Corp. |
444,075 | ||||
|
|
|||||
PHARMACEUTICALS - 4.2 % | ||||||
33,815 |
AbbVie, Inc. |
2,203,385 | ||||
6,021 |
Neurocrine Biosciences, Inc. * |
260,709 | ||||
8,075 |
VCA, Inc. * |
738,862 | ||||
|
|
|||||
3,202,956 | ||||||
|
|
The accompanying notes are an integral part of these financial statements.
11
Schedule of Investments | Large/Mid Cap Growth Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||
RETAIL - 15.7 % | ||||||
3,715 |
AutoZone, Inc. * |
$ | 2,686,131 | |||
1,130 |
Buffalo Wild Wings, Inc. * |
172,607 | ||||
6,285 |
Burlington Stores, Inc. * |
611,468 | ||||
14,620 |
Costco Wholesale Corp. |
2,451,628 | ||||
4,705 |
Dicks Sporting Goods, Inc. |
228,945 | ||||
20,225 |
Foot Locker, Inc. |
1,513,032 | ||||
32,825 |
Lowes Cos, Inc. |
2,698,543 | ||||
1,585 |
OReilly Automotive, Inc. * |
427,696 | ||||
2,070 |
Panera Bread Co. - Cl. A * |
542,071 | ||||
5,505 |
Texas Roadhouse, Inc. |
245,138 | ||||
3,675 |
Tractor Supply Co. |
253,465 | ||||
|
|
|||||
11,830,724 | ||||||
|
|
|||||
SEMICONDUCTORS - 7.2 % | ||||||
9,700 |
Cavium, Inc. * |
695,102 | ||||
2,655 |
Lam Research Corp. |
340,796 | ||||
16,082 |
Marvell Technology Group Ltd. |
245,411 | ||||
44,055 |
Maxim Integrated Products, Inc. |
1,980,713 | ||||
5,505 |
Monolithic Power Systems, Inc. |
507,010 | ||||
11,265 |
NVIDIA Corp. |
1,227,096 | ||||
6,205 |
Qorvo, Inc. * |
425,415 | ||||
|
|
|||||
5,421,543 | ||||||
|
|
|||||
SOFTWARE - 2.9 % | ||||||
18,300 |
Callidus Software, Inc. * |
390,705 | ||||
5,685 |
Fidelity National Information Services, Inc. |
452,640 | ||||
12,835 |
PTC, Inc. * |
674,479 | ||||
7,305 |
ServiceNow, Inc. * |
638,968 | ||||
|
|
|||||
2,156,792 | ||||||
|
|
|||||
TELECOMMUNICATIONS - 0.7 % | ||||||
3,990 |
LogMeIn, Inc. |
389,025 | ||||
2,170 |
Nice Ltd. (ADR) |
147,517 | ||||
|
|
|||||
536,542 | ||||||
|
|
|||||
TRANSPORTATION - 0.6 % | ||||||
7,119 |
Genesee & Wyoming, Inc. * |
483,094 | ||||
|
|
|||||
TOTAL COMMON STOCK (Cost $62,483,137) | 70,919,875 | |||||
|
|
|||||
MONEY MARKET FUND - 6.6 % | ||||||
4,987,505 |
Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (A) |
4,987,505 | ||||
|
|
|||||
(Cost $4,987,505) |
||||||
TOTAL INVESTMENTS - 100.5 % (Cost $67,470,642)(B) | $ | 75,907,380 | ||||
OTHER ASSETS LESS LIABILITIES - NET - (0.5) % | (395,122) | |||||
|
|
|||||
NET ASSETS - 100.0 % | $ | 75,512,258 | ||||
|
|
* Non-income producing securities.
ADR - American Depositary Receipt.
(A) Variable rate security; the rate shown represents the yield at March 31, 2017.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $67,447,842 and differs from fair value by net unrealized appreciation of securities as follows:
Unrealized appreciation |
$ | 9,521,497 | ||||
Unrealized depreciation |
(1,061,959) | |||||
|
|
|||||
Net unrealized appreciation |
$ | 8,459,538 | ||||
|
|
The accompanying notes are an integral part of these financial statements.
12
Schedule of Investments | Small Cap Value Fund
As of March 31, 2017 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 84.2 % | ||||||
AEROSPACE/DEFENSE - 4.0 % | ||||||
29,610 |
Esterline Technologies Corp. * |
$ | 2,547,941 | |||
53,500 |
Kaman Corp. |
2,574,955 | ||||
|
|
|||||
5,122,896 | ||||||
|
|
|||||
APPAREL - 1.9 % | ||||||
43,073 |
Oxford Industries, Inc. |
2,466,360 | ||||
|
|
|||||
APPAREL - 0.4 % | ||||||
18,000 |
Douglas Dynamics, Inc. |
551,700 | ||||
|
|
|||||
BANKS - 15.4 % | ||||||
48,417 |
Chemical Financial Corp. |
2,476,530 | ||||
66,363 |
Columbia Banking System, Inc. |
2,587,493 | ||||
73,675 |
Glacier Bancorp, Inc. |
2,499,793 | ||||
58,680 |
Great Western Bancorp, Inc. |
2,488,619 | ||||
135,644 |
Heritage Commerce Corp. |
1,912,580 | ||||
63,404 |
Legacy Texas Financial Group, Inc. |
2,529,820 | ||||
39,400 |
ServisFirst Bancshares, Inc. |
1,433,372 | ||||
16,200 |
South State Corp. |
1,447,470 | ||||
37,154 |
Wintrust Financial Corp. |
2,568,084 | ||||
|
|
|||||
19,943,761 | ||||||
|
|
|||||
BUILDING MATERIALS - 8.1 % | ||||||
43,836 |
Apogee Enterprises, Inc. |
2,613,064 | ||||
97,496 |
Continental Building Products, Inc. * |
2,388,652 | ||||
109,510 |
Summit Materials, Inc. * |
2,705,992 | ||||
39,101 |
Trex Co., Inc. * |
2,713,218 | ||||
|
|
|||||
10,420,926 | ||||||
|
|
|||||
COMMERCIAL SERVICES - 1.5 % | ||||||
54,985 |
Carriage Services, Inc. |
1,491,193 | ||||
20,089 |
Kelly Services, Inc. - Cl. A |
439,146 | ||||
|
|
|||||
1,930,339 | ||||||
|
|
|||||
COMPUTERS - 2.1 % | ||||||
56,300 |
Electronics For Imaging, Inc. * |
2,749,129 | ||||
|
|
|||||
ELECTRIC - 4.0 % | ||||||
37,810 |
ALLETE, Inc. |
2,560,115 | ||||
45,300 |
NorthWestern Corp. |
2,659,110 | ||||
|
|
|||||
5,219,225 | ||||||
|
|
|||||
ELECTRICAL COMPONENTS & EQUIPMENT - 3.8 % | ||||||
15,420 |
Littelfuse, Inc. |
2,465,812 | ||||
92,811 |
Novanta, Inc. * |
2,464,132 | ||||
|
|
|||||
4,929,944 | ||||||
|
|
|||||
ELECTRONICS - 1.0 % | ||||||
18,025 |
OSI Systems, Inc. * |
1,315,645 | ||||
|
|
|||||
ENGINEERING & CONSTRUCTION - 2.0 % | ||||||
70,300 |
Comfort Systems USA, Inc. |
2,576,495 | ||||
|
|
|||||
ENTERTAINMENT - 2.1 % | ||||||
71,642 |
International Speedway Corp. |
2,647,172 | ||||
|
|
|||||
FOOD - 2.0 % | ||||||
19,033 |
J & J Snack Foods Corp. |
2,580,113 | ||||
|
|
|||||
HEALTHCARE - PRODUCTS - 3.6 % | ||||||
42,231 |
CONMED Corp. |
1,875,479 | ||||
32,007 |
Integra LifeSciences Holdings Corp. * |
1,348,455 | ||||
50,873 |
Merit Medical Systems, Inc. * |
1,470,230 | ||||
|
|
|||||
4,694,164 | ||||||
|
|
The accompanying notes are an integral part of these financial statements.
13
Schedule of Investments | Small Cap Value Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||
INSURANCE - 4.5 % | ||||||
19,745 |
AMERISAFE, Inc. |
$ | 1,281,451 | |||
68,029 |
Employers Holdings, Inc. |
2,581,701 | ||||
18,500 |
Kemper Corp. |
738,150 | ||||
17,897 |
Safety Insurance Group, Inc. |
1,254,580 | ||||
|
|
|||||
5,855,882 | ||||||
|
|
|||||
LEISURE TIME - 1.0 % | ||||||
79,562 |
ClubCorp Holdings, Inc. |
1,276,970 | ||||
|
|
|||||
MACHINERY - 2.1 % | ||||||
17,462 |
Alamo Group, Inc. |
1,330,430 | ||||
42,443 |
Gorman-Rupp Co. |
1,332,710 | ||||
|
|
|||||
2,663,140 | ||||||
|
|
|||||
OFFICE FURNISHINGS - 3.7 % | ||||||
132,100 |
Interface, Inc. |
2,516,505 | ||||
95,715 |
Knoll, Inc. |
2,278,974 | ||||
|
|
|||||
4,795,479 | ||||||
|
|
|||||
OIL & GAS - 6.6 % | ||||||
218,340 |
Callon Petroleum Co. * |
2,873,354 | ||||
68,025 |
Resolute Energy Corp. * |
2,748,210 | ||||
336,207 |
SRC Energy, Inc. * |
2,837,587 | ||||
|
|
|||||
8,459,151 | ||||||
|
|
|||||
PACKAGING & CONTAINERS - 1.6 % | ||||||
89,590 |
KapStone Paper and Packaging Corp. |
2,069,529 | ||||
|
|
|||||
RETAIL - 4.0 % | ||||||
28,010 |
Lithia Motors, Inc. |
2,399,056 | ||||
109,000 |
Sonic Corp. |
2,764,240 | ||||
|
|
|||||
5,163,296 | ||||||
|
|
|||||
SAVINGS & LOANS - 2.0 % | ||||||
71,423 |
Berkshire Hills Bancorp, Inc. |
2,574,799 | ||||
|
|
|||||
SEMICONDUCTORS - 2.0 % | ||||||
38,535 |
MKS Instruments, Inc. |
2,649,281 | ||||
|
|
|||||
SOFTWARE - 2.0 % | ||||||
63,196 |
Omnicell, Inc. * |
2,568,917 | ||||
|
|
|||||
TRANSPORTATION - 1.7 % | ||||||
107,415 |
Heartland Express, Inc. |
2,153,671 | ||||
|
|
|||||
WATER - 1.1 % | ||||||
26,205 |
Connecticut Water Service, Inc. |
1,392,796 | ||||
|
|
|||||
TOTAL COMMON STOCK (Cost $92,359,661) | 108,770,780 | |||||
|
|
|||||
REITs - 11.9 % | ||||||
92,144 |
Easterly Government Properties, Inc. |
1,823,530 | ||||
42,200 |
Potlatch Corp. |
1,928,540 | ||||
11,300 |
PS Business Parks, Inc. |
1,296,788 | ||||
172,725 |
Ramco-Gershenson Properties Trust |
2,421,604 | ||||
105,155 |
STAG Industrial, Inc. |
2,630,978 | ||||
163,197 |
Summit Hotel Properties, Inc. |
2,607,888 | ||||
96,518 |
Terreno Realty Corp. |
2,702,504 | ||||
|
|
|||||
TOTAL REITs (Cost $13,889,889) |
15,411,832 | |||||
|
|
The accompanying notes are an integral part of these financial statements.
14
Schedule of Investments | Small Cap Value Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||
MONEY MARKET FUND - 3.1 % | ||||||
3,929,669 |
Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (A) |
$ | 3,929,669 | |||
|
|
|||||
(Cost $3,929,669) |
||||||
TOTAL INVESTMENTS - 99.2 % (Cost $110,179,219)(B) | $ | 128,112,281 | ||||
OTHER ASSETS LESS LIABILITIES - NET - 0.8 % | 1,043,070 | |||||
|
|
|||||
NET ASSETS - 100.0 % | $ | 129,155,351 | ||||
|
|
* Non-income producing securities.
REITs - Real Estate Investment Trust.
(A) Variable rate security; the rate shown represents the yield at March 31, 2017.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $110,551,437 and differs from fair value by net unrealized appreciation of securities as follows:
Unrealized appreciation |
$ | 19,144,314 | ||||
Unrealized depreciation |
(1,583,470) | |||||
|
|
|||||
Net unrealized appreciation |
$ | 17,560,844 | ||||
|
|
The accompanying notes are an integral part of these financial statements.
15
Schedule of Investments | Large/Mid Cap Value Fund
As of March 31, 2017 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 92.3 % | ||||||
AEROSPACE/DEFENSE - 2.6 % | ||||||
27,300 |
General Dynamics Corp. |
$ | 5,110,560 | |||
|
|
|||||
APPAREL - 2.6 % | ||||||
94,665 |
VF Corp. |
5,203,735 | ||||
|
|
|||||
AUTO PARTS & EQUIPMENT - 1.2 % | ||||||
58,600 |
BorgWarner, Inc. |
2,448,894 | ||||
|
|
|||||
BANKS - 4.2 % | ||||||
53,900 |
East West Bancorp, Inc. |
2,781,779 | ||||
16,986 |
SVB Financial Group * |
3,160,925 | ||||
48,315 |
Western Alliance Bancorp * |
2,371,783 | ||||
|
|
|||||
8,314,487 | ||||||
|
|
|||||
BEVERAGES - 2.6 % | ||||||
52,460 |
Dr. Pepper Snapple Group, Inc. |
5,136,883 | ||||
|
|
|||||
CHEMICALS - 2.7 % | ||||||
17,350 |
Sherwin-Williams Co. |
5,381,797 | ||||
|
|
|||||
COMPUTERS - 2.5 % | ||||||
80,785 |
Amdocs Ltd. |
4,927,077 | ||||
|
|
|||||
DIVERSIFIED FINANCIAL SERVICES - 5.3 % | ||||||
21,400 |
Alliance Data Systems Corp. |
5,328,600 | ||||
84,870 |
Intercontinental Exchange, Inc. |
5,081,167 | ||||
|
|
|||||
10,409,767 | ||||||
|
|
|||||
ELECTRIC - 3.7 % | ||||||
48,050 |
DTE Energy Co. |
4,906,386 | ||||
41,465 |
NorthWestern Corp. |
2,433,996 | ||||
|
|
|||||
7,340,382 | ||||||
|
|
|||||
ELECTRIC COMPONENTS & EQUIPMENT - 2.5 % | ||||||
40,500 |
Hubbell, Inc. |
4,862,025 | ||||
|
|
|||||
ELECTRONICS - 14.7 % | ||||||
70,740 |
Amphenol Corp. - Cl. A |
5,034,566 | ||||
96,800 |
Avnet, Inc. |
4,429,568 | ||||
126,300 |
FLIR Systems, Inc. |
4,582,164 | ||||
39,300 |
Honeywell International, Inc. |
4,907,391 | ||||
88,200 |
PerkinElmer, Inc. |
5,120,892 | ||||
68,300 |
TE Connectivity, Ltd. |
5,091,765 | ||||
|
|
|||||
29,166,346 | ||||||
|
|
|||||
FOOD - 4.9 % | ||||||
35,490 |
JM Smucker Co. |
4,652,029 | ||||
52,300 |
McCormick & Co., Inc. |
5,101,865 | ||||
|
|
|||||
9,753,894 | ||||||
|
|
|||||
HEALTHCARE - PRODUCTS - 7.5 % | ||||||
20,100 |
CR Bard, Inc. |
4,995,654 | ||||
114,800 |
Patterson Companies, Inc. |
5,192,404 | ||||
67,400 |
STERIS PLC |
4,681,604 | ||||
|
|
|||||
14,869,662 | ||||||
|
|
|||||
INSURANCE 2.4 % | ||||||
120,100 |
XL Group Ltd. |
4,787,186 | ||||
|
|
|||||
MACHINERY - 1.1 % | ||||||
45,300 |
Flowserve Corp. |
2,193,426 | ||||
|
|
|||||
MISCELLANEOUS MANUFACTURING - 2.5 % | ||||||
94,600 |
AO Smith Corp. |
4,839,736 | ||||
|
|
The accompanying notes are an integral part of these financial statements.
16
Schedule of Investments | Large/Mid Cap Value Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||
OIL & NATURAL GAS - 5.2 % | ||||||
50,585 |
EOG Resources, Inc. |
$ | 4,934,567 | |||
52,200 |
Marathon Petroleum Corp. |
2,638,188 | ||||
63,140 |
RSP Permian, Inc. * |
2,615,890 | ||||
|
|
|||||
10,188,645 | ||||||
|
|
|||||
OIL & GAS SERVICES - 1.2 % | ||||||
46,305 |
Halliburton Co. |
2,278,669 | ||||
|
|
|||||
PHARMACEUTICALS - 2.3 % | ||||||
69,700 |
Express Scripts Holding Co. * |
4,593,927 | ||||
|
|
|||||
RETAIL - 5.6 % | ||||||
31,875 |
Advance Auto Parts, Inc. |
4,725,787 | ||||
37,800 |
Dicks Sporting Goods, Inc. |
1,839,348 | ||||
49,900 |
Genuine Parts Co. |
4,611,259 | ||||
|
|
|||||
11,176,394 | ||||||
|
|
|||||
SEMICONDUCTORS - 8.6 % | ||||||
25,400 |
Broadcom Ltd. |
5,561,584 | ||||
58,700 |
KLA - Tencor Corp. |
5,580,609 | ||||
45,200 |
Lam Research Corp. |
5,801,872 | ||||
|
|
|||||
16,944,065 | ||||||
|
|
|||||
SOFTWARE - 1.2 % | ||||||
36,350 |
Broadridge Financial Solutions, Inc. |
2,469,982 | ||||
|
|
|||||
TEXTILES - 2.6 % | ||||||
22,600 |
Mohawk Industries, Inc. * |
5,186,474 | ||||
|
|
|||||
TRANSPORTATION - 2.6 % | ||||||
47,900 |
Union Pacific Corp. |
5,073,568 | ||||
|
|
|||||
TOTAL COMMON STOCK (Cost $147,710,979) |
182,657,581 | |||||
|
|
|||||
REITs - 4.9 % | ||||||
21,900 |
Public Storage |
4,794,129 | ||||
27,800 |
Simon Property Group, Inc. |
4,782,434 | ||||
|
|
|||||
TOTAL REITs (Cost $10,652,376) |
9,576,563 | |||||
|
|
|||||
MONEY MARKET FUND - 2.8 % | ||||||
5,580,710 |
Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (A) |
5,580,710 | ||||
|
|
|||||
(Cost $5,580,710) |
||||||
TOTAL INVESTMENTS - 100.0 % (Cost $163,944,065)(B) | $ | 197,814,854 | ||||
OTHER ASSETS LESS LIABILITIES - NET - 0.0 % | 8,386 | |||||
|
|
|||||
NET ASSETS - 100.0 % | $ | 197,823,240 | ||||
|
|
* Non-income producing securities.
REITs - Real Estate Investment Trust.
(A) Variable rate security; the rate shown represents the yield at March 31, 2017.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $163,946,591 and differs from fair value by net unrealized appreciation of securities as follows:
Unrealized appreciation |
$ | 35,763,533 | ||||
Unrealized depreciation |
(1,895,270) | |||||
|
|
|||||
Net unrealized appreciation |
$ | 33,868,263 | ||||
|
|
The accompanying notes are an integral part of these financial statements.
17
Schedule of Investments | Fixed Income Fund
As of March 31, 2017 (Unaudited)
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
BONDS & NOTES - 97.3 % | ||||||||||||||
CORPORATE BONDS - 27.5 % | ||||||||||||||
$1,000,000 |
ABB Finance USA, Inc. | 2.875 | 5/8/2022 | $ | 1,012,036 | |||||||||
1,000,000 |
Boardwalk Pipelines LP | 5.750 | 9/15/2019 | 1,073,876 | ||||||||||
1,000,000 |
Broadridge Financial Solutions, Inc. | 3.400 | 6/27/2026 | 976,721 | ||||||||||
1,000,000 |
Canadian Pacific RR Co. | 2.900 | 2/1/2025 | 982,255 | ||||||||||
1,000,000 |
Celgene Corp. | 3.875 | 8/15/2025 | 1,023,878 | ||||||||||
1,000,000 |
CME Group, Inc. | 3.000 | 3/15/2025 | 1,001,444 | ||||||||||
1,000,000 |
Delphi Automotive Systems Corp. | 4.150 | 3/15/2024 | 1,045,749 | ||||||||||
325,000 |
Eaton Corp. | 5.600 | 5/15/2018 | 338,627 | ||||||||||
750,000 |
Eaton Corp. | 2.750 | 11/2/2022 | 745,732 | ||||||||||
1,000,000 |
Enable Midstream Partners LP | 3.900 | 5/15/2024 | 977,422 | ||||||||||
1,000,000 |
Energy Transfer Partners LP | 6.700 | 7/1/2018 | 1,054,984 | ||||||||||
500,000 |
Enterprise Products Operating, LLC | 6.125 | 10/15/2039 | 582,806 | ||||||||||
750,000 |
Husky Energy, Inc. | 3.950 | 4/15/2022 | 777,775 | ||||||||||
930,227 |
John Sevier Combined Cycle Generation LLC | 4.626 | 1/15/2042 | 999,028 | ||||||||||
750,000 |
Johnson Controls, Inc. | 5.000 | 3/30/2020 | 805,757 | ||||||||||
1,000,000 |
Kennametal, Inc. | 3.875 | 2/15/2022 | 998,167 | ||||||||||
800,000 |
LYB International Finance BV | 4.000 | 7/15/2023 | 834,951 | ||||||||||
1,250,000 |
Pentair Finance SA | 4.650 | 9/15/2025 | 1,300,935 | ||||||||||
1,000,000 |
Phillips 66 | 3.605 | 2/15/2025 | 975,462 | ||||||||||
1,000,000 |
Plains All American Pipeline LP | 3.650 | 6/1/2022 | 1,015,062 | ||||||||||
1,000,000 |
Potash Corp. | 4.000 | 12/15/2026 | 1,025,773 | ||||||||||
128,000 |
Rio Tinto Finance USA PLC | 2.875 | 8/21/2022 | 129,025 | ||||||||||
1,000,000 |
Stanley Black & Decker, Inc. | 2.900 | 11/1/2022 | 1,011,517 | ||||||||||
1,200,000 |
Sunoco Logistics Partners LP | 4.250 | 4/1/2024 | 1,223,378 | ||||||||||
750,000 |
Tyco Electronics Group SA | 6.550 | 10/1/2017 | 768,326 | ||||||||||
1,200,000 |
Ventas Realty LP/CAP Corp. | 3.250 | 8/15/2022 | 1,208,885 | ||||||||||
1,000,000 |
Zimmer Biomet Holdings, Inc. | 2.700 | 4/1/2020 | 1,007,772 | ||||||||||
|
|
|||||||||||||
TOTAL CORPORATE BONDS (Cost $24,611,367) | 24,897,343 | |||||||||||||
|
|
|||||||||||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 69.8 % | ||||||||||||||
GOVERNMENT NOTES & BONDS - 40.0 % | ||||||||||||||
2,400,000 |
United States Treasury Note | 2.125 | 8/31/2020 | 2,438,156 | ||||||||||
7,000,000 |
United States Treasury Note | 3.125 | 5/15/2021 | 7,365,449 | ||||||||||
7,000,000 |
United States Treasury Note | 2.125 | 6/30/2022 | 7,049,494 | ||||||||||
6,750,000 |
United States Treasury Note | 2.250 | 11/15/2024 | 6,734,576 | ||||||||||
3,000,000 |
United States Treasury Note | 2.000 | 8/15/2025 | 2,921,837 | ||||||||||
7,000,000 |
United States Treasury Note | 1.625 | 2/15/2026 | 6,582,597 | ||||||||||
2,500,000 |
United States Treasury Note | 4.500 | 2/15/2036 | 3,171,435 | ||||||||||
|
|
|||||||||||||
TOTAL GOVERNMENT NOTES & BONDS (Cost $36,775,194) | 36,263,544 | |||||||||||||
|
|
|||||||||||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 29.8 % | ||||||||||||||
843 |
GNMA Pool 585163 | 5.000 | 2/15/2018 | 858 | ||||||||||
1,358 |
GNMA Pool 585180 | 5.000 | 2/15/2018 | 1,387 | ||||||||||
563 |
GNMA Pool 592492 | 5.000 | 3/15/2018 | 577 | ||||||||||
832 |
GNMA Pool 599821 | 5.000 | 1/15/2018 | 850 | ||||||||||
315,278 |
GNMA Pool 701857 | 4.500 | 5/15/2039 | 337,511 | ||||||||||
767,386 |
GNMA Pool 701961 | 4.500 | 6/15/2039 | 822,742 | ||||||||||
726,227 |
GNMA Pool 783060 | 4.000 | 8/15/2040 | 769,610 | ||||||||||
364,403 |
GNMA Pool 783403 | 3.500 | 9/15/2041 | 378,092 | ||||||||||
3,033,543 |
GNMA Pool AD 8801 | 3.500 | 3/15/2043 | 3,161,406 | ||||||||||
967,875 |
GNMA Pool AQ0562 | 4.000 | 12/15/2046 | 1,023,623 |
The accompanying notes are an integral part of these financial statements.
18
Schedule of Investments | Fixed Income Fund
As of March 31, 2017 (Unaudited) (Continued)
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 29.8 % (Cont.) | ||||||||||||||
$ 478,925 |
GNMA Pool G2 4520 | 5.000 | 8/20/2039 | $ | 526,980 | |||||||||
567,165 |
GNMA Pool G2 4947 | 5.000 | 2/20/2041 | 622,833 | ||||||||||
612,676 |
GNMA Pool G2 752631 | 4.500 | 10/20/2040 | 667,519 | ||||||||||
1,475,960 |
GNMA Pool G2 AL 9364 | 3.500 | 3/20/2045 | 1,534,717 | ||||||||||
2,112,743 |
GNMA Pool G2 MA0155 | 4.000 | 6/20/2042 | 2,243,266 | ||||||||||
1,381,582 |
GNMA Pool G2 MA0220 | 3.500 | 7/20/2042 | 1,439,112 | ||||||||||
1,480,906 |
GNMA Pool G2 MA3376 | 3.500 | 1/20/2046 | 1,537,712 | ||||||||||
2,645,787 |
GNMA Pool G2 MA3663 | 3.500 | 5/20/2046 | 2,747,277 | ||||||||||
1,152,009 |
GNMA Pool G2 MA3735 | 3.000 | 6/20/2046 | 1,163,827 | ||||||||||
958,462 |
GNMA Pool G2 MA3736 | 3.500 | 6/20/2046 | 995,227 | ||||||||||
1,582,907 |
GNMA Pool G2 MA3803 | 3.500 | 7/20/2046 | 1,643,626 | ||||||||||
1,417,663 |
GNMA Pool G2 MA3804 | 4.000 | 7/20/2046 | 1,499,065 | ||||||||||
1,552,874 |
GNMA Pool G2 MA4004 | 3.500 | 10/20/2046 | 1,612,440 | ||||||||||
1,592,498 |
GNMA Pool G2 MA4197 | 4.000 | 1/20/2047 | 1,684,304 | ||||||||||
543,436 |
GNMA Pool G2 MA4264 | 4.500 | 2/20/2047 | 581,600 | ||||||||||
|
|
|||||||||||||
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $27,335,850) | 26,996,161 | |||||||||||||
|
|
|||||||||||||
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $64,111,044) | 63,259,705 | |||||||||||||
|
|
|||||||||||||
TOTAL BONDS AND NOTES (Cost $88,722,411) | 88,157,048 | |||||||||||||
|
|
|||||||||||||
Shares |
||||||||||||||
MONEY MARKET FUND - 2.3 % | ||||||||||||||
2,034,489 |
Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (A) | 2,034,489 | ||||||||||||
|
|
|||||||||||||
(Cost $2,034,489) | ||||||||||||||
TOTAL INVESTMENTS - 99.6 % (Cost $90,756,900)(B) | $ | 90,191,537 | ||||||||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.4 % | 394,206 | |||||||||||||
|
|
|||||||||||||
NET ASSETS - 100.0 % | $ | 90,585,743 | ||||||||||||
|
|
GNMA - Government National Mortgage Association.
(A) Variable rate security; the rate shown represents the yield at March 31, 2017.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $90,756,900 and differs from fair value by net unrealized depreciation of securities as follows:
Unrealized appreciation |
$ | 648,594 | ||||
Unrealized depreciation |
(1,213,957) | |||||
|
|
|||||
Net unrealized depreciation |
$ | (565,363) | ||||
|
|
The accompanying notes are an integral part of these financial statements.
19
Schedule of Investments | High Yield Bond Fund
As of March 31, 2017 (Unaudited)
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
CORPORATE BONDS - 94.8 % | ||||||||||||||
$ 750,000 | AerCap Ireland Capital Ltd. |
4.625 | 7/1/2022 | $ | 792,056 | |||||||||
600,000 | AmeriGas Finance, LP |
5.875 | 8/20/2026 | 600,000 | ||||||||||
500,000 | Amsted Industries, Inc. (A) |
5.000 | 3/15/2022 | 505,000 | ||||||||||
500,000 | Amsted Industries, Inc. (A) |
5.375 | 9/15/2024 | 503,750 | ||||||||||
500,000 | Anixter, Inc. |
5.625 | 5/1/2019 | 526,250 | ||||||||||
500,000 | ArcelorMittal |
7.000 | 2/25/2022 | 571,190 | ||||||||||
400,000 | Aston Martin Capital Holdings Ltd. (A) |
6.500 | 4/15/2022 | 402,500 | ||||||||||
250,000 | B&G Foods, Inc. |
5.250 | 4/1/2025 | 252,813 | ||||||||||
1,000,000 | Berry Plastics Corp. |
5.125 | 7/15/2023 | 1,028,750 | ||||||||||
500,000 | Bombardier, Inc. (A) |
6.125 | 1/15/2023 | 491,250 | ||||||||||
500,000 | Braskem Finance, Ltd. |
6.450 | 2/3/2024 | 540,150 | ||||||||||
250,000 | Calpine Corp. |
5.750 | 1/15/2025 | 249,688 | ||||||||||
500,000 | Cascades, Inc. (A) |
5.500 | 7/15/2022 | 501,250 | ||||||||||
500,000 | Cemex Finance LLC (A) |
6.000 | 4/1/2024 | 527,000 | ||||||||||
500,000 | Centene Corp. |
4.750 | 1/15/2025 | 504,065 | ||||||||||
500,000 | CommScope, Inc. (A) |
5.000 | 6/15/2021 | 515,625 | ||||||||||
600,000 | Community Health Systems, Inc. |
6.250 | 3/31/2023 | 612,750 | ||||||||||
750,000 | Covanta Holding Corp. |
5.875 | 3/1/2024 | 763,125 | ||||||||||
250,000 | Crestwood Midstream Finance Corp. (A) |
5.750 | 4/1/2025 | 255,937 | ||||||||||
500,000 | CyrusOne Finance Corp. (A) |
5.000 | 3/15/2024 | 515,000 | ||||||||||
1,000,000 | Dana, Inc. |
5.500 | 12/15/2024 | 1,017,500 | ||||||||||
750,000 | DaVita HealthCare Partners, Inc. |
5.000 | 5/1/2025 | 753,750 | ||||||||||
500,000 | DCP Midstream, LLC (A) (B) |
5.850 | 5/21/2043 | 458,750 | ||||||||||
750,000 | Digicel, Ltd. (A) |
6.000 | 4/15/2021 | 685,313 | ||||||||||
500,000 | Dollar Tree, Inc. |
5.750 | 3/1/2023 | 535,000 | ||||||||||
500,000 | DR Horton, Inc. |
4.750 | 2/15/2023 | 532,742 | ||||||||||
750,000 | Eagle Materials, Inc. |
4.500 | 8/1/2026 | 750,000 | ||||||||||
500,000 | Eldorado Gold Corp. (A) |
6.125 | 12/15/2020 | 515,000 | ||||||||||
750,000 | Energy Transfer Equity LP |
5.875 | 1/15/2024 | 800,625 | ||||||||||
750,000 | Equinix, Inc. |
5.375 | 5/15/2027 | 776,250 | ||||||||||
500,000 | Ferrellgas LP |
6.750 | 1/15/2022 | 475,000 | ||||||||||
250,000 | Ferrellgas LP |
6.750 | 6/15/2023 | 236,250 | ||||||||||
500,000 | FTI Consulting, Inc. |
6.000 | 11/15/2022 | 519,375 | ||||||||||
500,000 | Gartner, Inc. (A) |
5.125 | 4/1/2025 | 510,625 | ||||||||||
500,000 | General Cable Corp. |
5.750 | 10/1/2022 | 490,590 | ||||||||||
250,000 | Genesis Energy LP |
5.750 | 2/15/2021 | 254,375 | ||||||||||
500,000 | Genesis Energy LP |
6.750 | 8/1/2022 | 518,000 | ||||||||||
500,000 | Geo Group, Inc. |
5.125 | 4/1/2023 | 498,750 | ||||||||||
500,000 | Gibraltar Industries, Inc. |
6.250 | 2/1/2021 | 515,312 | ||||||||||
500,000 | Global Partners LP/ Global Finance Corp. |
6.250 | 7/15/2022 | 492,500 | ||||||||||
1,000,000 | Goodyear Tire & Rubber Co. |
4.875 | 3/15/2027 | 1,002,500 | ||||||||||
500,000 | Group 1 Automotive, Inc. |
5.000 | 6/1/2022 | 506,250 | ||||||||||
750,000 | HCA, Inc. |
5.250 | 4/15/2025 | 798,750 | ||||||||||
500,000 | IHS Markit Ltd. (A) |
4.750 | 2/15/2025 | 516,250 | ||||||||||
500,000 | Kaiser Aluminum Corp. |
5.875 | 5/15/2024 | 522,345 | ||||||||||
1,000,000 | Koppers, Inc. (A) |
6.000 | 2/15/2025 | 1,035,000 | ||||||||||
500,000 | Land O Lakes, Inc. (A) |
6.000 | 11/15/2022 | 553,750 | ||||||||||
625,000 | LKQ Corp. |
4.750 | 5/15/2023 | 625,000 | ||||||||||
500,000 | Mednax, Inc. (A) |
5.250 | 12/1/2023 | 511,250 | ||||||||||
1,000,000 | Molina Healthcare, Inc. |
5.375 | 11/15/2022 | 1,041,870 | ||||||||||
500,000 | MPT Operating Partnership LP |
5.250 | 8/1/2026 | 495,000 | ||||||||||
750,000 | Navient Corp. |
4.875 | 6/17/2019 | 769,687 | ||||||||||
500,000 | NGL Energy Partners LP |
6.875 | 10/15/2021 | 511,250 | ||||||||||
500,000 | NGL Energy Partners LP (A) |
6.125 | 3/1/2025 | 487,500 | ||||||||||
250,000 | NRG Energy, Inc. |
7.250 | 5/15/2026 | 258,750 | ||||||||||
500,000 | NuStar Logistics LP |
6.750 | 2/1/2021 | 532,500 | ||||||||||
500,000 | NXP BV / NXP Funding, LLC (A) |
4.625 | 6/1/2023 | 530,625 | ||||||||||
850,000 | Olin Corp. |
5.125 | 9/15/2027 | 866,490 | ||||||||||
500,000 | Omega Healthcare Investors, Inc. |
4.375 | 8/1/2023 | 507,414 | ||||||||||
500,000 | Oshkosh Corp. |
5.375 | 3/1/2025 | 518,750 |
The accompanying notes are an integral part of these financial statements.
20
Schedule of Investments | High Yield Bond Fund
As of March 31, 2017 (Unaudited) (Continued)
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
CORPORATE BONDS - 94.8 % (Cont.) | ||||||||||||||
$ 250,000 | Parker Drilling Co. |
7.500 | 8/1/2020 | $ | 223,125 | |||||||||
250,000 | Parker Drilling Co. |
6.750 | 7/15/2022 | 235,000 | ||||||||||
500,000 | Parsley Finance Corp. (A) |
5.250 | 8/15/2025 | 507,500 | ||||||||||
750,000 | Reynolds Group Issuer, Inc. |
5.750 | 10/15/2020 | 772,508 | ||||||||||
500,000 | Rose Rock Midstream LP |
5.625 | 7/15/2022 | 496,565 | ||||||||||
500,000 | RSP Permian, Inc. (A) |
5.250 | 1/15/2025 | 506,250 | ||||||||||
750,000 | Scotts Miracle-Gro Co. (A) |
5.250 | 12/15/2026 | 761,250 | ||||||||||
500,000 | Sealed Air Corp. (A) |
5.250 | 4/1/2023 | 527,500 | ||||||||||
500,000 | SemGroup LP (A) |
6.375 | 3/15/2025 | 493,750 | ||||||||||
1,000,000 | Standard Industries, Inc. (A) |
5.000 | 2/15/2027 | 982,500 | ||||||||||
500,000 | Steel Dynamics, Inc. |
5.250 | 4/15/2023 | 521,250 | ||||||||||
1,000,000 | Suburban Propane Partners LP |
5.875 | 3/1/2027 | 990,000 | ||||||||||
1,000,000 | Summit Midstream Holdings LLC |
5.750 | 4/15/2025 | 1,000,000 | ||||||||||
100,000 | Sunoco LP Finance Corp. |
6.375 | 4/1/2023 | 102,000 | ||||||||||
500,000 | Targa Resources Partners LP |
4.250 | 11/15/2023 | 491,250 | ||||||||||
500,000 | Targa Resources Partners LP (A) |
5.375 | 2/1/2027 | 520,000 | ||||||||||
500,000 | Teleflex, Inc. |
4.875 | 6/1/2026 | 505,000 | ||||||||||
500,000 | Tempur Sealy International, Inc. |
5.625 | 10/15/2023 | 505,000 | ||||||||||
750,000 | Tenet Healthcare Corp. |
4.375 | 10/1/2021 | 753,750 | ||||||||||
500,000 | Tesoro Corp. (A) |
5.125 | 12/15/2026 | 527,000 | ||||||||||
750,000 | Toll Brothers Finance Corp. |
4.875 | 11/15/2025 | 757,500 | ||||||||||
500,000 | TreeHouse Foods, Inc. (A) |
6.000 | 2/15/2024 | 526,250 | ||||||||||
750,000 | TRI Pointe Group, Inc. |
5.875 | 6/15/2024 | 776,250 | ||||||||||
500,000 | Tullow Oil PLC (A) |
6.000 | 11/1/2020 | 486,250 | ||||||||||
500,000 | United Rentals North America, Inc. |
4.625 | 7/15/2023 | 516,875 | ||||||||||
500,000 | USG Corp. |
8.250 | 1/15/2018 | 526,250 | ||||||||||
500,000 | Valvoline, Inc. (A) |
5.500 | 7/15/2024 | 526,250 | ||||||||||
1,000,000 | VeriSign, Inc. |
4.625 | 5/1/2023 | 1,016,250 | ||||||||||
500,000 | WPX Energy, Inc. |
5.250 | 9/15/2024 | 486,250 | ||||||||||
750,000 | WR Grace & Co. (A) |
5.125 | 10/1/2021 | 788,437 | ||||||||||
|
|
| ||||||||||||
TOTAL BONDS & NOTES (Cost $51,730,242) | 52,412,547 | |||||||||||||
|
|
| ||||||||||||
Shares |
||||||||||||||
MONEY MARKET FUND - 5.2 % | ||||||||||||||
2,869,856 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (B) |
|
||||||||||||
(Cost $2,869,856) |
2,869,856 | |||||||||||||
|
|
| ||||||||||||
TOTAL INVESTMENTS - 100.0 % (Cost $54,600,098)(C) | $ | 55,282,403 | ||||||||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.0 % | (5,467 | ) | ||||||||||||
|
|
| ||||||||||||
NET ASSETS - 100.0 % | $ | 55,276,936 | ||||||||||||
|
|
|
(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 31.1% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(B) Variable rate security; the rate shown represents the yield at March 31, 2017.
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $54,600,098 and differs from fair value by net unrealized appreciation of securities as follows:
Unrealized appreciation | $ | 1,011,608 | ||||||||||
Unrealized depreciation | (329,303 | ) | ||||||||||
|
|
| ||||||||||
Net unrealized appreciation | $ | 682,305 | ||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
21
Schedule of Investments | Israel Common Values Fund
As of March 31, 2017 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 90.3 % |
||||||
AEROSPACE/DEFENSE - 2.7 % | ||||||
7,801 | Elbit Systems Ltd. |
$ | 886,584 | |||
|
|
| ||||
APPAREL - 1.6 % | ||||||
19,500 | Delta-Galil Industries Ltd. |
530,671 | ||||
|
|
| ||||
AUTO PARTS & EQUIPMENT - 2.1 % | ||||||
10,900 | Mobileye NV * |
669,260 | ||||
|
|
| ||||
BANKS - 13.7 % | ||||||
33,300 | Bank Hapoalim BM (ADR) |
1,009,489 | ||||
207,000 | Bank Leumi Le-Israel BM * |
912,271 | ||||
36,300 | First International Bank Of Israel Ltd. |
589,419 | ||||
377,000 | Israel Discount Bank Ltd. * |
883,699 | ||||
64,000 | Mizrahi Tefahot Bank Ltd. |
1,083,090 | ||||
|
|
| ||||
4,477,968 | ||||||
|
|
| ||||
BUILDING MATERIALS - 1.2 % | ||||||
10,500 | CaesarStone Ltd. * |
380,625 | ||||
|
|
| ||||
CHEMICALS - 1.5 % | ||||||
116,000 | Israel Chemicals Ltd. |
494,160 | ||||
|
|
| ||||
COMMERCIAL SERVICES - 0.5 % | ||||||
18,000 | Pointer Telocation Ltd. * |
159,300 | ||||
|
|
| ||||
COMPUTERS - 4.8 % | ||||||
6,600 | Check Point Software Technologies Ltd. * |
677,556 | ||||
34,266 | Kornit Digital Ltd. * |
654,481 | ||||
24,210 | Matrix IT Ltd. |
227,796 | ||||
|
|
| ||||
1,559,833 | ||||||
|
|
| ||||
ELECTRIC - 1.2 % | ||||||
4,200 | Kenon Holdings Ltd. * |
48,484 | ||||
6,200 | Ormat Technologies, Inc. |
353,917 | ||||
|
|
| ||||
402,401 | ||||||
|
|
| ||||
ELECTRONICS - 4.4 % | ||||||
24,396 | Ituran Location and Control Ltd. |
752,617 | ||||
21,300 | Orbotech Ltd. * |
686,925 | ||||
|
|
| ||||
1,439,542 | ||||||
|
|
| ||||
ENERGY-ALTERNATE SOURCES - 0.0 % | ||||||
6,360 | Energix-Renewable Energies Ltd. |
4,409 | ||||
|
|
| ||||
FOOD - 7.4 % | ||||||
21,000 | Frutarom Industries Ltd. |
1,171,326 | ||||
13,200 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. |
559,923 | ||||
145,000 | Shufersal Ltd. |
700,937 | ||||
|
|
| ||||
2,432,186 | ||||||
|
|
| ||||
HEALTHCARE - PRODUCTS - 3.4 % | ||||||
62,000 | OPKO Health, Inc. * |
496,000 | ||||
59,100 | Syneron Medical Ltd. * |
623,505 | ||||
|
|
| ||||
1,119,505 | ||||||
|
|
| ||||
HOME BUILDERS - 1.8 % | ||||||
1,300 | Bayside Land Corp. |
603,360 | ||||
|
|
| ||||
INSURANCE - 6.2 % | ||||||
38,600 | Clal Insurance Enterprises Holdings Ltd. * |
606,564 | ||||
107,000 | Harel Insurance Investments & Financial Services Ltd. |
562,925 | ||||
880,000 | Migdal Insurance & Financial Holding Ltd. |
848,368 | ||||
|
|
| ||||
2,017,857 | ||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
22
Schedule of Investments | Israel Common Values Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||
OIL & NATURAL GAS - 7.1 % | ||||||
620,000 | Avner Oil Exploration LP |
$ | 420,107 | |||
129,000 | Delek Drilling LP |
468,671 | ||||
2,436,664 | Isramco Negev 2 LP |
425,519 | ||||
770,000 | Oil Refineries Ltd. |
304,140 | ||||
1,900 | Paz Oil Co. Ltd. |
314,006 | ||||
537,500 | Ratio Oil Exploration 1992 LP * |
396,481 | ||||
|
|
| ||||
2,328,924 | ||||||
|
|
| ||||
REAL ESTATE - 10.7 % | ||||||
70,000 | Alony Hetz Properties & Investments Ltd. |
657,871 | ||||
121,000 | Amot Investments Ltd. |
582,920 | ||||
12,300 | Azrieli Group Ltd. |
651,167 | ||||
40,000 | Gazit-Globe Ltd. |
410,412 | ||||
241,522 | Jerusalem Economy Ltd. * |
564,804 | ||||
11,366 | Melisron Ltd. |
630,809 | ||||
|
|
| ||||
3,497,983 | ||||||
|
|
| ||||
SEMICONDUCTORS - 3.2 % | ||||||
7,500 | Mellanox Technologies Ltd. * |
382,125 | ||||
19,000 | Nova Measuring Instruments Ltd. * |
353,210 | ||||
1 | Tower Semiconductor Ltd. * |
14 | ||||
13,100 | Tower Semiconductor Ltd. * |
301,955 | ||||
|
|
| ||||
1,037,304 | ||||||
|
|
| ||||
SOFTWARE - 4.5 % | ||||||
7,500 | CyberArk Software Ltd. * |
381,525 | ||||
70,783 | Magic Software Enterprises Ltd. |
552,107 | ||||
40,600 | Sapiens International Corp. N.V. |
522,928 | ||||
|
|
| ||||
1,456,560 | ||||||
|
|
| ||||
TELECOMMUNICATIONS - 8.2 % | ||||||
86,000 | AudioCodes Ltd. * |
602,860 | ||||
65,000 | Cellcom Israel Ltd. * |
668,200 | ||||
46,000 | Ceragon Networks Ltd. * |
150,420 | ||||
11,400 | Nice Ltd. (ADR) |
774,972 | ||||
9,917 | Silicom Ltd. |
492,577 | ||||
|
|
| ||||
2,689,029 | ||||||
|
|
| ||||
TEXTILES - 2.2 % | ||||||
35,800 | Fox Wizel Ltd. |
718,268 | ||||
|
|
| ||||
TRANSPORTATION - 1.9 % | ||||||
1,280,000 | Novolog Ltd. * |
609,943 | ||||
|
|
| ||||
TOTAL COMMON STOCK (Cost $22,223,648) |
29,515,672 | |||||
|
|
| ||||
MONEY MARKET FUND - 10.8 % | ||||||
3,550,436 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (A) |
3,550,436 | ||||
|
|
| ||||
(Cost $3,550,436) |
||||||
TOTAL INVESTMENTS - 101.2 % (Cost $25,774,084) (B) | $ | 33,066,108 | ||||
OTHER ASSETS LESS LIABILITIES - NET - (1.2) % | (361,800 | ) | ||||
|
|
| ||||
NET ASSETS - 100.0 % | $ | 32,704,308 | ||||
|
|
|
*Non-income producing securities.
ADR American Depositary Receipt.
(A) Variable rate security; the rate shown represents the yield at March 31, 2017.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $26,991,139 and differs from fair value by net unrealized appreciation of securities as follows:
Unrealized appreciation | $ | 7,501,204 | ||||
Unrealized depreciation | (1,426,235 | ) | ||||
|
|
| ||||
Net unrealized appreciation | $ | 6,074,969 | ||||
|
|
|
The accompanying notes are an integral part of these financial statements.
23
Schedule of Investments | Israel Common Values Fund
As of March 31, 2017 (Unaudited) (Continued)
Diversification of Assets | ||||
Country | % of Net Assets | |||
Israel |
87.6% | |||
United States |
2.6% | |||
Singapore |
0.1% | |||
| ||||
Total |
90.3% | |||
Money Market Fund |
10.8% | |||
Other Assets Less Liabilities - Net |
(1.1)% | |||
| ||||
Grand Total |
100.0% | |||
|
The accompanying notes are an integral part of these financial statements.
24
Schedule of Investments | Defensive Strategies Fund
As of March 31, 2017 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 24.9 % | ||||||
AGRICULTURE - 0.7 % | ||||||
559 | Andersons, Inc. |
$ | 21,186 | |||
5,348 | Bunge Ltd. |
423,882 | ||||
|
|
| ||||
445,068 | ||||||
|
|
| ||||
CHEMICALS - 2.8 % | ||||||
158 | Agrium, Inc. |
15,097 | ||||
2,295 | CF Industries Holdings, Inc. |
67,358 | ||||
1,067 | FMC Corp. |
74,253 | ||||
9,209 | K+S AG |
214,620 | ||||
16,150 | Mosaic Co. |
471,257 | ||||
33,343 | Potash Corp. of Saskatchewan, Inc. |
569,498 | ||||
2,969 | Sociedad Quimica Y Minera de Chile, SA (ADR) |
102,045 | ||||
3,083 | Syngenta AG (ADR) |
272,846 | ||||
|
|
| ||||
1,786,974 | ||||||
|
|
| ||||
ENVIRONMENTAL CONTROL - 0.1 % | ||||||
1,300 | Kurita Water Industries Ltd. |
31,418 | ||||
|
|
| ||||
FOOD - 2.3 % | ||||||
5,133 | BRF (ADR) |
62,879 | ||||
6,386 | Cal-Maine Foods, Inc. |
235,005 | ||||
403 | Darling Ingredients, Inc. * |
5,852 | ||||
2,625 | Ingredion, Inc. |
316,129 | ||||
1,900 | Megmilk Snow Brand Co. Ltd. |
52,261 | ||||
12,300 | Nippon Suisan Kaisha Ltd. |
61,263 | ||||
12,214 | Pilgrims Pride Corp. |
274,876 | ||||
4,993 | Sanderson Farms, Inc. |
518,473 | ||||
|
|
| ||||
1,526,738 | ||||||
|
|
| ||||
HEALTHCARE - SERVICES - 0.5 % | ||||||
25,300 | Brookdale Senior Living, Inc. * |
339,779 | ||||
|
|
| ||||
IRON/STEEL - 2.3 % | ||||||
7,056 | AK Steel Holding Corp. * |
50,733 | ||||
1,178 | Allegheny Technologies, Inc. |
21,157 | ||||
6,888 | ArcelorMittal (ADR) * |
57,515 | ||||
7,145 | Cliffs Natural Resources, Inc. * |
58,660 | ||||
7,035 | Commercial Metals Co. |
134,580 | ||||
4,300 | Hitachi Metals Ltd. |
60,276 | ||||
7,282 | Nippon Steel & Sumitomo Metal Corp. |
167,624 | ||||
2,640 | Nucor Corp. |
157,661 | ||||
1,839 | POSCO (ADR) |
118,615 | ||||
1,132 | Reliance Steel & Aluminum Co. |
90,583 | ||||
5,690 | Severstal PAO (GDR) |
81,993 | ||||
6,166 | Steel Dynamics, Inc. |
214,330 | ||||
2,358 | ThyssenKrupp AG |
57,905 | ||||
9,500 | Tokyo Steel Manufacturing Co. Ltd. |
79,714 | ||||
1,660 | United States Steel Corp. |
56,125 | ||||
7,443 | Vale SA (ADR) |
70,708 | ||||
|
|
| ||||
1,478,179 | ||||||
|
|
| ||||
MACHINERY - CONSTRUCTION & MINING - 0.1 % | ||||||
1,750 | Joy Global, Inc. |
49,437 | ||||
|
|
| ||||
MACHINERY - DIVERSIFIED - 0.7 % | ||||||
3,310 | AGCO Corp. |
199,196 | ||||
15,900 | Kubota Corp. |
238,436 | ||||
|
|
| ||||
437,632 | ||||||
|
|
| ||||
METAL FABRICATE/HARDWARE - 0.2 % | ||||||
4,627 | Tenaris SA (ADR) |
157,966 | ||||
|
|
| ||||
MINING - 4.5 % | ||||||
3,452 | Agnico Eagle Mines Ltd. |
146,503 | ||||
6,796 | Alamos Gold, Inc. |
54,572 | ||||
6,943 | Anglo American PLC * |
105,875 |
The accompanying notes are an integral part of these financial statements.
25
Schedule of Investments | Defensive Strategies Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||
MINING - 4.5 % (Continued) | ||||||
1,459 | AngloGold Ashanti Ltd. (ADR) * |
$ | 15,713 | |||
1,039 | BHP Billiton Ltd. |
37,736 | ||||
234 | BHP Billiton PLC (ADR) |
7,289 | ||||
451 | Cameco Corp. |
4,993 | ||||
3,247 | Cia De Minas Buenaventura (ADR) |
39,094 | ||||
1,877 | Coeur Mining, Inc. * |
15,166 | ||||
4,800 | Detour Gold Corp. * |
54,851 | ||||
23,391 | Eldorado Gold Corp. |
79,763 | ||||
10,698 | First Quantum Minerals Ltd. |
113,345 | ||||
1,932 | Franco-Nevada Corp. |
126,565 | ||||
1,351 | Freeport-McMoRan, Inc. * |
18,049 | ||||
38,680 | Glencore PLC * |
151,463 | ||||
4,103 | Gold Fields Ltd. (ADR) |
14,484 | ||||
6,732 | Goldcorp, Inc. |
98,220 | ||||
664 | Kaiser Aluminum Corp. |
53,054 | ||||
1,139 | Kinross Gold Corp. * |
3,998 | ||||
15,800 | Lundin Mining Corp. |
88,735 | ||||
3,400 | Mitsubishi Materials Corp. |
102,827 | ||||
24,510 | MMC Norilsk Nickel PJSC (ADR) |
385,297 | ||||
4,683 | Newmont Mining Corp. |
154,352 | ||||
276 | Pan American Silver Corp. |
4,836 | ||||
662 | Randgold Resources Ltd. (ADR) |
57,779 | ||||
7,962 | Rio Tinto PLC (ADR) |
323,894 | ||||
145 | Royal Gold, Inc. |
10,157 | ||||
2,893 | Silver Wheaton Corp. |
60,290 | ||||
4,590 | Southern Copper Corp. |
164,735 | ||||
3,082 | Stillwater Mining Co. * |
53,226 | ||||
12,000 | Sumitomo Metal Mining Co. Ltd. |
170,529 | ||||
11,300 | Tahoe Resources, Inc. |
90,492 | ||||
2,643 | Teck Resources Ltd. |
57,630 | ||||
21,857 | Turquoise Hill Resources Ltd. * |
67,101 | ||||
4,405 | Yamana Gold, Inc. |
12,158 | ||||
|
|
| ||||
2,944,771 | ||||||
|
|
| ||||
OIL & GAS - 8.2 % | ||||||
492 | Anadarko Petroleum Corp. |
30,504 | ||||
588 | Apache Corp. |
30,217 | ||||
7,000 | ARC Resources Ltd |
99,726 | ||||
2,896 | Cabot Oil & Gas Corp. |
69,243 | ||||
4,192 | Callon Petroleum Co. * |
55,167 | ||||
7,700 | Canadian Natural Resources Ltd. |
252,483 | ||||
5,866 | Cenovus Energy, Inc. |
66,197 | ||||
901 | Chesapeake Energy Corp. * |
5,352 | ||||
240 | Cimarex Energy Co. |
28,678 | ||||
5,673 | ConocoPhillips |
282,913 | ||||
1,515 | Continental Resources, Inc. * |
68,811 | ||||
13,300 | Crescent Point Energy Corp. |
143,307 | ||||
1,835 | Devon Energy Corp. |
76,556 | ||||
436 | Diamondback Energy, Inc. * |
45,220 | ||||
1,026 | Ecopetrol SA (ADR) * |
9,562 | ||||
1,870 | Encana Corp. |
21,897 | ||||
1,574 | Energen Corp. * |
85,689 | ||||
1,233 | Ensco PLC - Cl. A |
11,035 | ||||
667 | EOG Resources, Inc. |
65,066 | ||||
2,438 | EQT Corp. |
148,962 | ||||
1,280 | Gulftport Energy Corp. * |
22,003 | ||||
1,944 | Helmerich & Payne, Inc. |
129,412 | ||||
2,362 | Hess Corp. |
113,872 | ||||
8,400 | Husky Energy, Inc. * |
94,541 | ||||
28,100 | Inpex Corp. |
276,007 | ||||
8,611 | Lukoil PJSC (ADR) |
456,039 | ||||
3,978 | Marathon Oil Corp. |
62,852 | ||||
1,821 | Murphy Oil Corp. |
52,062 |
The accompanying notes are an integral part of these financial statements.
26
Schedule of Investments | Defensive Strategies Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||||
OIL & GAS - 8.2 % (Continued) | ||||||||
1,295 | Newfield Exploration Co. * |
$ | 47,798 | |||||
20,860 | Noble Corp. PLC |
129,123 | ||||||
5,138 | Noble Energy, Inc. |
176,439 | ||||||
1,766 | Novatek OJSC (GDR) |
219,867 | ||||||
838 | Occidental Petroleum Corp. |
53,096 | ||||||
1,958 | Parsley Energy, Inc. * |
63,655 | ||||||
1,939 | PDC Energy, Inc. * |
120,897 | ||||||
3,018 | Petroleo Brasileiro SA (ADR) * |
29,244 | ||||||
4,600 | Peyto Exploration & Development Corp. |
94,335 | ||||||
839 | Pioneer Natural Resources Co. |
156,247 | ||||||
3,059 | PrairieSky Royalty Ltd. |
64,361 | ||||||
2,659 | QEP Resources, Inc. * |
33,796 | ||||||
3,069 | Range Resources Corp. |
89,308 | ||||||
37,205 | Rosneft Oil Company (GDR) |
211,696 | ||||||
3,678 | Rowan Cos PLC * |
57,303 | ||||||
2,417 | RSP Permian, Inc. * |
100,136 | ||||||
1,864 | Sasol Ltd. (ADR) |
54,802 | ||||||
1,829 | Southwestern Energy Co. * |
14,943 | ||||||
107 | Statoil ASA (ADR) |
1,838 | ||||||
7,200 | Suncor Energy, Inc. |
220,430 | ||||||
1,805 | Tatneft PJSC (ADR) |
66,514 | ||||||
4,900 | Tourmaline Oil Corp. * |
108,938 | ||||||
8,371 | Transocean Ltd. * |
104,219 | ||||||
2,400 | Vermillion Energy, Inc. |
89,745 | ||||||
19,300 | Whitecap Resources, Inc. |
149,781 | ||||||
5,777 | WPX Energy, Inc. * |
77,354 | ||||||
971 | YPF SA (ADR) |
23,576 | ||||||
|
|
| ||||||
5,362,814 | ||||||||
|
|
| ||||||
OIL & GAS SERVICES - 2.2 % | ||||||||
2,815 | Baker Hughes, Inc. |
168,393 | ||||||
1,425 | Core Laboratories NV |
164,616 | ||||||
2,298 | Dril-Quip, Inc. * |
125,356 | ||||||
1,198 | Halliburton Co. |
58,954 | ||||||
2,964 | National Oilwell Varco, Inc. |
118,827 | ||||||
5,155 | Oceaneering International, Inc. |
139,597 | ||||||
1,959 | Oil States International, Inc. * |
64,941 | ||||||
4,656 | Schlumberger Ltd. |
363,634 | ||||||
2,512 | TechnipFMC PLC (France) * |
82,186 | ||||||
4,675 | TechnipFMC PLC * |
151,937 | ||||||
|
|
| ||||||
1,438,441 | ||||||||
|
|
| ||||||
WATER - 0.3 % | ||||||||
821 | American Water Works Co. |
63,849 | ||||||
8,680 | Cia de Saneamento Basico do Estado de Sao Paulo (ADR) |
90,359 | ||||||
553 | Severn Trent PLC |
16,471 | ||||||
1,344 | United Utilities Group PLC |
16,697 | ||||||
|
|
| ||||||
187,376 | ||||||||
|
|
| ||||||
TOTAL COMMON STOCK (Cost $16,063,651) | 16,186,593 | |||||||
|
|
| ||||||
EXCHANGE TRADED FUNDS - 4.0 % |
||||||||
137,200 | PowerShares DB Commodity Index Tracking Fund * |
2,086,812 | ||||||
26,300 | PowerShares DB US Dollar Endex Bearish Fund * |
547,303 | ||||||
|
|
| ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $2,777,841) |
2,634,115 | |||||||
|
|
| ||||||
REITs - 18.0 % | ||||||||
2,700 | Alexandria Real Estate Equities, Inc. |
298,404 | ||||||
2,430 | American Campus Communities, Inc. |
115,644 | ||||||
7,200 | Apartment Investment & Management Co. |
319,320 | ||||||
3,950 | AvalonBay Communities, Inc. |
725,220 | ||||||
2,500 | Boston Properties, Inc. |
331,025 | ||||||
9,000 | Brandywine Realty Trust |
146,070 | ||||||
7,500 | Brixmor Property Group, Inc. |
160,950 |
The accompanying notes are an integral part of these financial statements.
27
Schedule of Investments | Defensive Strategies Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||||||||||
REITs - 18.0 % (Continued) | ||||||||||||||
5,300 | Columbia Property Trust, Inc. |
$ | 117,925 | |||||||||||
2,800 | Crown Castle International Corp. |
264,460 | ||||||||||||
8,200 | CubeSmart |
212,872 | ||||||||||||
7,200 | DCT Industrial Trust, Inc. |
346,464 | ||||||||||||
15,100 | DDR Corp. |
189,203 | ||||||||||||
2,200 | Digital Realty Trust, Inc. |
234,058 | ||||||||||||
4,100 | Douglas Emmett, Inc. |
157,440 | ||||||||||||
1,500 | Equinix, Inc. |
600,555 | ||||||||||||
2,800 | Equity Lifestyle Properties, Inc. |
215,768 | ||||||||||||
7,500 | Equity Residential |
466,650 | ||||||||||||
1,054 | Essex Property Trust, Inc. |
244,033 | ||||||||||||
1,800 | Federal Realty Investment Trust |
240,300 | ||||||||||||
34,400 | FelCor Lodging Trust, Inc. |
258,344 | ||||||||||||
12,100 | HCP, Inc. |
378,488 | ||||||||||||
12,900 | Hospitality Properties Trust |
406,737 | ||||||||||||
5,100 | Invitation Homes, Inc. * |
111,333 | ||||||||||||
3,500 | Kilroy Realty Corp. |
252,280 | ||||||||||||
3,863 | Macerich Co. |
248,777 | ||||||||||||
4,008 | Mid-America Apartment Communities, Inc. |
407,774 | ||||||||||||
1,600 | National Health Investors, Inc. |
116,208 | ||||||||||||
4,500 | National Retail Properties, Inc. |
196,290 | ||||||||||||
8,794 | Prologis, Inc. |
456,233 | ||||||||||||
2,400 | PS Business Parks, Inc. |
275,424 | ||||||||||||
2,100 | Public Storage |
459,711 | ||||||||||||
2,233 | Rayonier, Inc. |
63,283 | ||||||||||||
2,600 | Regency Centers Corp. |
172,614 | ||||||||||||
5,429 | Simon Property Group, Inc. |
933,951 | ||||||||||||
1,950 | SL Green Realty Corp. |
207,909 | ||||||||||||
6,900 | Store Capital Corp. |
164,772 | ||||||||||||
4,300 | Summit Hotel Properties, Inc. |
68,714 | ||||||||||||
3,200 | Taubman Centers, Inc. |
211,264 | ||||||||||||
8,600 | UDR, Inc. |
311,836 | ||||||||||||
6,700 | Weingarten Realty Investors |
223,713 | ||||||||||||
5,300 | Welltower, Inc. |
375,346 | ||||||||||||
1,726 | Weyerhaeuser Co. |
58,649 | ||||||||||||
|
|
| ||||||||||||
TOTAL REITS (Cost $10,369,299) | 11,746,011 | |||||||||||||
|
|
| ||||||||||||
Par Value |
Coupon Rate % | Maturity | ||||||||||||
BONDS & NOTES - 32.3 % | ||||||||||||||
COPORATE BONDS - 2.1 % | ||||||||||||||
$ 400,000 | Energy Transfer Partners LP |
6.700 | 7/1/2018 | 421,994 | ||||||||||
400,000 | LYB International Finance BV |
4.000 | 7/15/2023 | 417,475 | ||||||||||
500,000 | Welltower, Inc. |
3.750 | 3/15/2023 | 512,786 | ||||||||||
|
|
| ||||||||||||
TOTAL CORPORATE BONDS (Cost $1,310,071) | 1,352,255 | |||||||||||||
|
|
| ||||||||||||
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 30.2 % |
| |||||||||||||
1,300,000 | TIPS |
0.125 | 4/15/2019 | 1,367,426 | ||||||||||
2,095,000 | TIPS |
1.375 | 1/15/2020 | 2,479,399 | ||||||||||
40,000 | TIPS |
1.250 | 7/15/2020 | 47,150 | ||||||||||
440,000 | TIPS |
1.125 | 1/15/2021 | 514,511 | ||||||||||
2,770,000 | TIPS |
0.125 | 1/15/2023 | 2,914,796 | ||||||||||
3,230,000 | TIPS |
0.625 | 1/15/2024 | 3,444,073 | ||||||||||
1,460,000 | TIPS |
2.375 | 1/15/2025 | 2,170,802 | ||||||||||
700,000 | TIPS |
2.000 | 1/15/2026 | 972,501 | ||||||||||
200,000 | TIPS |
2.375 | 1/15/2027 | 284,896 | ||||||||||
950,000 | TIPS |
1.750 | 1/15/2028 | 1,246,356 | ||||||||||
1,350,000 | TIPS |
2.500 | 1/15/2029 | 1,868,863 | ||||||||||
1,660,000 | TIPS |
2.125 | 2/15/2041 | 2,336,994 | ||||||||||
|
|
| ||||||||||||
TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $19,506,110) |
|
19,647,767 | ||||||||||||
|
|
| ||||||||||||
TOTAL BONDS AND NOTES (Cost $20,816,181) |
|
21,000,022 | ||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
28
Schedule of Investments | Defensive Strategies Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||||||||||
WARRANTS - 0.0 % |
||||||||||||||
312 | Hycroft Mining Corp. * (Cost $54,161) |
$ | 94 | |||||||||||
|
|
|||||||||||||
Ounces |
||||||||||||||
ALTERNATIVE INVESTMENTS - 14.6 % |
||||||||||||||
6,743 | Gold Bars * |
8,419,138 | ||||||||||||
57,827 | Silver Bars * |
1,055,530 | ||||||||||||
|
|
|||||||||||||
TOTAL ALTERNATIVE INVESTMENTS (Cost $8,900,255) |
9,474,668 | |||||||||||||
|
|
|||||||||||||
Shares |
||||||||||||||
MONEY MARKET FUND - 6.6 % |
|
|||||||||||||
4,264,845 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (A) (Cost $4,264,845) |
|
4,264,845 | |||||||||||
|
|
|||||||||||||
TOTAL INVESTMENTS - 100.4 % (Cost $63,246,233) (B) |
|
$ | 65,306,348 | |||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.4) % |
|
(273,911) | ||||||||||||
|
|
|||||||||||||
NET ASSETS - 100.0 % |
$ | 65,032,437 | ||||||||||||
|
|
ADR - American Depositary Receipt.
ETF - Exchange Traded Fund.
REITs - Real Estate Investment Trust.
GDR - Global Depositary Receipt.
* Non-income producing securities/investments.
(A) Variable rate security; the rate shown represents the yield at March 31, 2017.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $60,881,883 and differs from fair value by net unrealized appreciation of securities as follows:
Unrealized appreciation | $ 6,220,620 | |||||||||
Unrealized depreciation | (1,796,155) | |||||||||
| ||||||||||
Net unrealized appreciation | $ 4,424,465 | |||||||||
|
The accompanying notes are an integral part of these financial statements.
29
Schedule of Investments | Strategic Growth Fund
As of March 31, 2017 (Unaudited)
Shares | Fair Value | |||||
MUTUAL FUNDS - 99.9 % (A) |
||||||
318,540 | Timothy Plan Aggressive Growth Fund * |
$ | 2,401,788 | |||
540,006 | Timothy Plan Defensive Strategies Fund |
6,102,072 | ||||
229,401 | Timothy Plan Emerging Markets Fund |
2,023,316 | ||||
198,532 | Timothy Plan Fixed Income Fund |
2,017,081 | ||||
366,245 | Timothy Plan Growth & Income Fund |
4,003,054 | ||||
305,332 | Timothy Plan High Yield Bond Fund |
2,809,059 | ||||
821,788 | Timothy Plan International Fund |
7,190,649 | ||||
143,629 | Timothy Plan Israel Common Values Fund |
1,993,571 | ||||
491,295 | Timothy Plan Large/Mid Cap Growth Fund |
3,959,834 | ||||
238,167 | Timothy Plan Large/Mid Cap Value Fund |
4,348,924 | ||||
127,830 | Timothy Plan Small Cap Value Fund |
2,401,935 | ||||
|
|
|||||
TOTAL MUTUAL FUNDS (Cost $38,249,259) |
39,251,283 | |||||
|
|
|||||
MONEY MARKET FUND - 0.6 % |
||||||
246,967 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (B) |
246,967 | ||||
|
|
|||||
(Cost $246,967) |
||||||
TOTAL INVESTMENTS - 100.5 % (Cost $38,496,226) (C) |
$ | 39,498,250 | ||||
OTHER ASSETS LESS LIABILITIES - NET - (0.5) % |
(221,306) | |||||
|
|
|||||
NET ASSETS - 100.0 % |
$ | 39,276,944 | ||||
|
|
* Non-income producing securities.
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at March 31, 2017.
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $38,734,504 and differs from fair value by net unrealized appreciation of securities as follows:
Unrealized appreciation |
$ | 1,079,375 | ||||
Unrealized depreciation |
(315,629) | |||||
|
|
|||||
Net unrealized appreciation |
$ | 763,746 | ||||
|
|
The accompanying notes are an integral part of these financial statements.
30
Schedule of Investments | Conservative Growth Fund
As of March 31, 2017 (Unaudited)
Shares | Fair Value | |||||
MUTUAL FUNDS - 97.5 % (A) |
||||||
293,356 | Timothy Plan Aggressive Growth Fund * |
$ | 2,211,906 | |||
743,134 | Timothy Plan Defensive Strategies Fund |
8,397,418 | ||||
222,097 | Timothy Plan Emerging Markets Fund |
1,958,893 | ||||
1,306,353 | Timothy Plan Fixed Income Fund |
13,272,551 | ||||
505,658 | Timothy Plan Growth & Income Fund |
5,526,844 | ||||
421,304 | Timothy Plan High Yield Bond Fund |
3,875,992 | ||||
632,306 | Timothy Plan International Fund |
5,532,673 | ||||
99,755 | Timothy Plan Israel Common Values Fund |
1,384,598 | ||||
542,239 | Timothy Plan Large/Mid Cap Growth Fund |
4,370,449 | ||||
239,398 | Timothy Plan Large/Mid Cap Value Fund |
4,371,404 | ||||
147,391 | Timothy Plan Small Cap Value Fund |
2,769,478 | ||||
|
|
|||||
TOTAL MUTUAL FUNDS (Cost $52,668,843) |
53,672,206 | |||||
|
|
|||||
MONEY MARKET FUND - 2.7 % |
||||||
1,463,711 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (B) |
1,463,711 | ||||
|
|
|||||
(Cost $1,463,711) |
||||||
TOTAL INVESTMENTS - 100.2 % (Cost $54,132,554) (C) |
$ | 55,135,917 | ||||
OTHER ASSETS LESS LIABILITIES - NET - (0.2) % |
(94,399) | |||||
|
|
|||||
NET ASSETS - 100.0 % |
$ | 55,041,518 | ||||
|
|
* Non-income producing securities.
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at March 31, 2017.
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $54,370,832 and differs from fair value by net unrealized appreciation of securities as follows:
Unrealized appreciation |
$ | 1,522,801 | ||||
Unrealized depreciation |
(757,716) | |||||
|
|
|||||
Net unrealized appreciation |
$ | 765,085 | ||||
|
|
The accompanying notes are an integral part of these financial statements.
31
Schedule of Investments | Emerging Markets Fund
As of March 31, 2017 (Unaudited)
Shares | Fair Value | |||||
COMMON STOCK - 67.7 % | ||||||
AEROSPACE/DEFENSE - 2.9 % | ||||||
18,916 | Embraer SA (ADR) | $ | 417,665 | |||
|
|
|||||
AGRICULTURE - 0.4 % | ||||||
5,029 | Adecoagro SA * | 57,632 | ||||
|
|
|||||
APPAREL - 1.3 % | ||||||
49,500 | Yue Yuen Industrial Holdings Ltd. | 194,586 | ||||
|
|
|||||
AUTO MANUFACTURERS - 1.9 % | ||||||
8,393 | Kia Motors Corp. | 278,065 | ||||
|
|
|||||
AUTO PARTS & EQUIPMENT - 2.8 % | ||||||
2,268 | China Tuchai International Ltd. | 41,981 | ||||
1,690 | Hyundai Mobis Co. Ltd. | 363,449 | ||||
|
|
|||||
405,430 | ||||||
|
|
|||||
BANKS - 14.4 % | ||||||
73,314 | AkBank TAS | 171,727 | ||||
14,500 | Banco do Brasil SA | 153,954 | ||||
42,100 | Bangkok Bank PCL | 222,369 | ||||
11,357 | Erste Group Bank AG | 370,784 | ||||
18,990 | Grupo Aval Acciones y Valores SA (ADR) | 155,148 | ||||
32,800 | Kasikornbank PCL | 180,406 | ||||
32,474 | Sberbank of Russia (ADR) | 374,425 | ||||
72,989 | Turkiye Garanti Bankasi AS | 177,580 | ||||
183,322 | Turkiye Vakiflar Bankasi Tao | 269,824 | ||||
|
|
|||||
2,076,217 | ||||||
|
|
|||||
BUILDING MATERIALS - 3.3 % | ||||||
49,723 | Cemex SAB de CV (ADR) * | 450,988 | ||||
85,571 | Urbi Desarrollos Urbanos SAB de CV * | 22,717 | ||||
|
|
|||||
473,705 | ||||||
|
|
|||||
COMMERCIAL SERVICES - 4.4 % | ||||||
45,900 | Estacio Participacoes SA | 228,130 | ||||
96,352 | ITE Group PLC | 193,978 | ||||
51,900 | Kroton Educacional SA | 216,921 | ||||
|
|
|||||
639,029 | ||||||
|
|
|||||
COMPUTERS - 1.0 % | ||||||
39,001 | DataTec Ltd. | 150,114 | ||||
|
|
|||||
DIVERSIFIED FINANCIAL SERVICES - 2.2 % | ||||||
3,299 | Hana Financial Group, Inc. | 109,003 | ||||
1,639 | KB Financial Group, Inc. | 71,815 | ||||
3,420 | Shinhan Financial Group Co. Ltd. | 142,513 | ||||
|
|
|||||
323,331 | ||||||
|
|
|||||
ELECTRIC - 4.2 % | ||||||
8,600 | Cia Paranaense de Energia | 69,749 | ||||
2,600,044 | Enel Chile SA | 286,823 | ||||
9,548 | Reliance Infrastructure Ltd. (GDR) | 251,590 | ||||
|
|
|||||
608,162 | ||||||
|
|
|||||
FOOD - 4.9 % | ||||||
2,429 | Binggrae Co. Ltd. | 148,785 | ||||
394,000 | First Pacific Co. Ltd. | 285,937 | ||||
149,200 | Marfrig Global Foods SA * | 272,089 | ||||
|
|
|||||
706,811 | ||||||
|
|
|||||
HOLDING COMPANIES - 1.3 % | ||||||
549,800 | Jasmine Broadband Internet Infrastructure Fund | 185,600 | ||||
|
|
The accompanying notes are an integral part of these financial statements.
32
Schedule of Investments | Emerging Markets Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||||
IRON/STEEL - 2.2 % | ||||||||
707 | POSCO | $ | 183,973 | |||||
5,446 | Ternium SA (ADR) | 142,250 | ||||||
|
|
|||||||
326,223 | ||||||||
|
|
|||||||
MULTI-NATIONAL - 2.0 % | ||||||||
10,253 | Banco Latinoamericano de Comercio Exterior SA | 284,418 | ||||||
|
|
|||||||
OIL & GAS - 3.1 % | ||||||||
6,893 | Lukoil PJSC (ADR) | 365,743 | ||||||
8,501 | Petroleo Brasileiro SA (ADR) * | 78,379 | ||||||
|
|
|||||||
444,122 | ||||||||
|
|
|||||||
RETAIL - 6.2 % | ||||||||
21,303 | Arcos Dorados Holdings, Inc. * | 171,489 | ||||||
1,828,000 | Bosideng International Holdings Ltd. | 157,596 | ||||||
171,200 | Chow Tai Fook Jewellery Group Ltd. | 166,321 | ||||||
157,500 | Lifestyle China Group Ltd. * | 47,221 | ||||||
136,500 | Lifestyle International Holdings Ltd. | 185,126 | ||||||
54,000 | Luk Fook Holdings International Ltd. | 171,627 | ||||||
|
|
|||||||
899,380 | ||||||||
|
|
|||||||
SEMICONDUCTORS - 2.0 % | ||||||||
155 | Samsung Electronics Co., Ltd. | 285,523 | ||||||
|
|
|||||||
TELECOMMUNICATIONS - 6.6 % | ||||||||
17,978 | Empresa Nacional de Telecomunicaciones SA * | 216,576 | ||||||
1,404 | Mobile TeleSystems PJSC (ADR) | 15,486 | ||||||
78,206 | Mobile TeleSystems PJSC | 378,385 | ||||||
1,496,375 | XL Axiata TBK PT * | 343,620 | ||||||
|
|
|||||||
954,067 | ||||||||
|
|
|||||||
TEXTILES - 0.6 % | ||||||||
119,500 | Weiqiao Textile Co. | 85,802 | ||||||
|
|
|||||||
TOTAL COMMON STOCK (Cost $9,773,586) | 9,795,882 | |||||||
|
|
|||||||
PREFERRED STOCK - 10.3 % | ||||||||
17,482 | Banco Bradesco SA | 177,741 | ||||||
24,700 | Cia Brasileira de Distribuicao | 468,957 | ||||||
9,081 | Cia Paranaense de Energia | 92,728 | ||||||
317,688 | Grupo Aval Acciones y Valores SA | 128,442 | ||||||
3,102 | Hyundai Motor Co. | 275,444 | ||||||
24,500 | Petroleo Brasileiro SA * | 112,432 | ||||||
407,040 | Surgutneftegas OJSC | 232,821 | ||||||
|
|
|||||||
TOTAL PREFERRED STOCK (Cost $1,299,291) | 1,488,565 | |||||||
|
|
|||||||
REITs - 8.1 % | ||||||||
427,169 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 340,173 | ||||||
113,106 | Fibra Uno Administracion SA de CV | 192,232 | ||||||
282,124 | Macquarie Mexico Real Estate Management SA de CV | 314,567 | ||||||
201,630 | PLA Administradora Industrial S de RL de CV | 327,054 | ||||||
|
|
|||||||
TOTAL REITs (Cost $1,222,282) | 1,174,026 | |||||||
|
|
|||||||
MONEY MARKET FUND - 13.3 % | ||||||||
1,918,770 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (A) (Cost $1,918,770) |
1,918,770 | ||||||
|
|
|||||||
TOTAL INVESTMENTS - 99.4 % (Cost $14,213,929) (B) | $ | 14,377,243 | ||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.6 % | 92,524 | |||||||
|
|
|||||||
NET ASSETS - 100.0 % | $ | 14,469,767 | ||||||
|
|
* Non-income producing securities.
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
REITs - Real Estate Investment Trust
The accompanying notes are an integral part of these financial statements.
33
Schedule of Investments | Emerging Markets Fund
As of March 31, 2017 (Unaudited) (Continued)
(A) Variable rate security; the rate shown represents the yield at March 31, 2017.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $14,268,270 and differs from fair value by net unrealized appreciation of securities as follows:
Unrealized appreciation | $ | 1,122,944 | ||||
Unrealized depreciation | (1,013,971) | |||||
|
|
|||||
Net unrealized appreciation | $ | 108,973 | ||||
|
|
Diversification of Assets | ||||
Country | % of Net Assets | |||
Brazil |
15.8% | |||
South Korea |
13.9% | |||
Russia |
9.4% | |||
Mexico |
9.0% | |||
Hong Kong |
8.3% | |||
Turkey |
6.6% | |||
Thailand |
4.1% | |||
Chile |
3.5% | |||
Austria |
2.6% | |||
Indonesia |
2.4% | |||
Panama |
2.0% | |||
Colombia |
2.0% | |||
India |
1.7% | |||
Britain |
1.3% | |||
Uruguay |
1.2% | |||
Luxembourg |
1.0% | |||
China |
0.6% | |||
Argentina |
0.4% | |||
Singapore |
0.3% | |||
|
|
|||
Total |
86.1% | |||
Money Market Fund |
13.3% | |||
Other Assets in Excess of Liabilities - Net |
0.6% | |||
|
|
|||
Grand Total |
100.0% | |||
|
|
The accompanying notes are an integral part of these financial statements.
34
Schedule of Investments | Growth & Income Fund
As of March 31, 2017 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCK - 50.0 % | ||||||||
AEROSPACE/DEFENSE - 0.6 % | ||||||||
3,500 | Spirit AeroSystems Holdings, Inc. |
$ | 202,720 | |||||
|
|
|||||||
AUTO PARTS & EQUIPMENT - 3.5 % | ||||||||
2,200 | Delphi Automotive PLC |
177,078 | ||||||
6,000 | Goodyear Tire & Rubber Co. |
216,000 | ||||||
1,500 | Lear Corp. |
212,370 | ||||||
10,000 | Magna International, Inc. |
431,600 | ||||||
3,000 | Tenneco, Inc. |
187,260 | ||||||
|
|
|||||||
1,224,308 | ||||||||
|
|
|||||||
CHEMICALS - 5.1 % | ||||||||
5,000 | Cabot Corp. |
299,550 | ||||||
2,500 | Celanese Corp. |
224,625 | ||||||
8,000 | Chemours Co. |
308,000 | ||||||
3,000 | Eastman Chemical Co. |
242,400 | ||||||
10,000 | Huntsman Corp. |
245,400 | ||||||
4,000 | Innospec, Inc. |
259,000 | ||||||
2,300 | LyondellBasell Industries NV |
209,737 | ||||||
|
|
|||||||
1,788,712 | ||||||||
|
|
|||||||
COMMERCIAL SERVICES - 0.7 % | ||||||||
2,000 | United Rentals, Inc. * |
250,100 | ||||||
|
|
|||||||
COMPUTERS - 3.5 % | ||||||||
1,700 | CACI International, Inc. * |
199,410 | ||||||
7,500 | Insight Enterprises, Inc. * |
308,175 | ||||||
5,000 | Leidos Holdings, Inc. |
255,700 | ||||||
5,500 | Seagate Technology PLC |
252,615 | ||||||
2,800 | Western Digital Corp. |
231,084 | ||||||
|
|
|||||||
1,246,984 | ||||||||
|
|
|||||||
DIVERSIFIED FINANCIAL SERVICES - 3.8 % | ||||||||
5,500 | Air Lease Corp. |
213,125 | ||||||
3,500 | Credit Acceptance Corp. * |
697,935 | ||||||
10,000 | Franklin Resources, Inc. |
421,400 | ||||||
|
|
|||||||
1,332,460 | ||||||||
|
|
|||||||
ELECTRIC - 2.4 % | ||||||||
17,000 | AES Corp. |
190,060 | ||||||
2,000 | DTE Energy Co. |
204,220 | ||||||
3,000 | Entergy Corp. |
227,880 | ||||||
12,500 | NRG Energy, Inc. |
233,750 | ||||||
|
|
|||||||
855,910 | ||||||||
|
|
|||||||
ELECTRONICS - 2.4 % | ||||||||
2,900 | Arrow Electronics, Inc. * |
212,889 | ||||||
10,000 | Orbotech Ltd. * |
322,500 | ||||||
2,900 | Synnex Corp. |
324,626 | ||||||
|
|
|||||||
860,015 | ||||||||
|
|
|||||||
ENERGY - ALTERNATE SOURCES - 0.5 % | ||||||||
6,000 | First Solar, Inc. * |
162,600 | ||||||
|
|
|||||||
ENGINEERING & CONSTRUCTION - 0.5 % | ||||||||
4,400 | MasTec, Inc. * |
176,220 | ||||||
|
|
|||||||
FOOD - 2.1 % | ||||||||
3,500 | Fresh Del Monte Produce, Inc. |
207,305 | ||||||
2,500 | Post Holdings, Inc. * |
218,800 | ||||||
3,000 | Sanderson Farms, Inc. |
311,520 | ||||||
|
|
|||||||
737,625 | ||||||||
|
|
|||||||
FOREST PRODUCTS & PAPER - 0.5 % | ||||||||
5,000 | Domtar Corp. |
182,600 | ||||||
|
|
The accompanying notes are an integral part of these financial statements.
35
Schedule of Investments | Growth & Income Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||
GAS - 1.2 % | ||||||
9,000 | CenterPoint Energy, Inc. |
$ | 248,130 | |||
2,900 | National Fuel Gas Co. |
172,898 | ||||
|
|
|||||
421,028 | ||||||
|
|
|||||
HEALTHCARE - SERVICES - 0.6 % | ||||||
2,500 | HCA Holdings, Inc. * |
222,475 | ||||
|
|
|||||
HOME BUILDERS - 1.7 % | ||||||
4,500 | Lennar Corp. |
230,355 | ||||
7,500 | PulteGroup, Inc. |
176,625 | ||||
2,000 | Thor Industries, Inc. |
192,260 | ||||
|
|
|||||
599,240 | ||||||
|
|
|||||
HOUSEHOLD PRODUCTS/WARES - 1.6 % | ||||||
21,000 | ACCO Brands Corp. * |
276,150 | ||||
3,000 | Helen of Troy Ltd. * |
282,600 | ||||
|
|
|||||
558,750 | ||||||
|
|
|||||
HOUSEWARES - 0.6 % | ||||||
3,500 | Toro Co. |
218,610 | ||||
|
|
|||||
INSURANCE - 5.4 % | ||||||
6,600 | Argo Group International Holdings Ltd. |
447,480 | ||||
5,000 | Assured Guaranty Ltd. |
185,550 | ||||
3,200 | Axis Capital Holdings Ltd. |
214,496 | ||||
1,000 | Enstar Group Ltd. * |
191,300 | ||||
1,000 | Everest Re Group Ltd. |
233,810 | ||||
20,000 | MGIC Investment Corp. * |
202,600 | ||||
11,000 | Radian Group, Inc. |
197,560 | ||||
5,000 | Unum Group |
234,450 | ||||
|
|
|||||
1,907,246 | ||||||
|
|
|||||
INVESTMENT COMPANIES - 1.9 % | ||||||
12,000 | Ares Capital Corp. |
208,560 | ||||
50,000 | Prospect Capital Corp. |
452,000 | ||||
|
|
|||||
660,560 | ||||||
|
|
|||||
MACHINERY - DIVERSIFIED - 1.1 % | ||||||
2,000 | Deere & Co. |
217,720 | ||||
2,000 | Zebra Technologies Corp. * |
182,500 | ||||
|
|
|||||
400,220 | ||||||
|
|
|||||
METAL FABRICATE/HARDWARE - 0.5 % | ||||||
4,200 | Worthington Industries, Inc. |
189,378 | ||||
|
|
|||||
MISCELLANEOUS MANUFACTURER - 0.6 % | ||||||
7,300 | Trinity Industries, Inc. |
193,815 | ||||
|
|
|||||
OIL & GAS - 1.5 % | ||||||
30,000 | Chesapeake Energy Corp. * |
178,200 | ||||
18,000 | Ensco PLC |
161,100 | ||||
14,000 | Transocean Ltd. * |
174,300 | ||||
|
|
|||||
513,600 | ||||||
|
|
|||||
OIL & GAS SERVICES - 1.4 % | ||||||
75,000 | McDermott International, Inc. * |
506,250 | ||||
|
|
|||||
PHARMACEUTICALS - 0.8 % | ||||||
15,000 | Omega Protein Corp. |
300,750 | ||||
|
|
|||||
RETAIL - 1.4 % | ||||||
4,000 | Foot Locker, Inc. |
299,240 | ||||
5,000 | Kohls Corp. |
199,050 | ||||
|
|
|||||
498,290 | ||||||
|
|
|||||
SEMICONDUCTORS - 0.5 % | ||||||
11,000 | ON Semiconductor Corp. * |
170,390 | ||||
|
|
The accompanying notes are an integral part of these financial statements.
36
Schedule of Investments | Growth & Income Fund
As of March 31, 2017 (Unaudited) (Continued)
Shares | Fair Value | |||||||
SHIPBUILDING - 1.1 % | ||||||||
2,000 | Huntington Ingalls Industries, Inc. |
$ | 400,480 | |||||
|
|
|||||||
SOFTWARE - 1.1 % | ||||||||
6,500 | Ebix, Inc. |
398,125 | ||||||
|
|
|||||||
TELECOMMUNICATIONS - 1.4 % | ||||||||
5,500 | CommScope Holding Co., Inc. * |
229,405 | ||||||
40,000 | Vonage Holdings Corp. * |
252,800 | ||||||
|
|
|||||||
482,205 | ||||||||
|
|
|||||||
TOTAL COMMON STOCK (Cost $16,088,641) |
17,661,666 | |||||||
|
|
|||||||
REITs - 2.0 % | ||||||||
35,000 | Chimera Investment Corp. (Cost $539,206) |
706,300 | ||||||
|
|
Par Value | Coupon Rate (%) | Maturity | ||||||||||||
BONDS & NOTES - 28.5 % | ||||||||||||||
CORPORATE BONDS - 1.4 % | ||||||||||||||
$250,000 | ConocoPhillips Co. |
3.350 | 11/15/2024 | 252,428 | ||||||||||
250,000 | Exxon Mobil Corp. |
2.709 | 3/6/2025 | 246,790 | ||||||||||
|
|
|||||||||||||
TOTAL CORPORATE BONDS (Cost $504,997) |
499,218 | |||||||||||||
|
|
|||||||||||||
GOVERNMENT NOTES & BONDS - 23.1 % |
| |||||||||||||
314,815 | Federal Home Loan Banks |
3.000 | 4/18/2031 | 312,119 | ||||||||||
2,250,000 | United States Treasury Note |
1.000 | 3/15/2018 | 2,248,550 | ||||||||||
1,000,000 | United States Treasury Note |
1.250 | 4/30/2019 | 999,472 | ||||||||||
1,500,000 | United States Treasury Note |
1.625 | 8/15/2022 | 1,469,531 | ||||||||||
2,000,000 | United States Treasury Note |
1.750 | 5/15/2023 | 1,956,992 | ||||||||||
1,000,000 | United States Treasury Note |
3.875 | 8/15/2040 | 1,156,426 | ||||||||||
|
|
|||||||||||||
TOTAL GOVERNMENT NOTES & BONDS (Cost $8,011,487) |
8,143,090 | |||||||||||||
|
|
|||||||||||||
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 4.0 % |
|
|||||||||||||
1,000,000 | United States Treasury Note TIPS (Cost $1,396,477) |
2.375 | 1/15/2027 | 1,424,480 | ||||||||||
|
|
|||||||||||||
TOTAL BONDS & NOTES (Cost $9,912,961) |
|
10,066,788 | ||||||||||||
|
|
|||||||||||||
Shares |
MONEY MARKET FUND - 19.5 % | |||||||||||||
6,897,303 | Fidelity Institutional Money Market Funds - Government Portfolio, 0.56% (A) |
|
6,897,303 | |||||||||||
|
|
|||||||||||||
(Cost $6,897,303) |
||||||||||||||
TOTAL INVESTMENTS - 100.0 % (Cost $33,438,111)(B) |
|
$ | 35,332,057 | |||||||||||
OTHER ASSETS LESS LIABILITIES - NET - 0.0 % |
|
(4,302) | ||||||||||||
|
|
|||||||||||||
NET ASSETS - 100.0 % |
$ | 35,327,755 | ||||||||||||
|
|
REITs - Real Estate Investment Trust.
* Non-income producing securities.
(A) Variable rate security; the rate shown represents the yield at March 31, 2017.
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $33,437,563 and differs from fair value by net unrealized appreciation of securities as follows:
Unrealized appreciation | $ | 2,251,131 | ||||||||||
Unrealized depreciation | (356,637) | |||||||||||
|
|
|||||||||||
Net unrealized appreciation | $ | 1,894,494 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements.
37
Timothy Plan Funds
Statements of Assets and Liabilities (Unaudited)
March 31, 2017
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 |
$ | 26,901,862 | $ | 69,931,418 | $ | 67,470,642 | $ | 110,179,219 | $ | 163,944,065 | $ | 90,756,900 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Investments, at value |
$ | 28,855,105 | $ | 81,565,774 | $ | 75,907,380 | $ | 128,112,281 | $ | 197,814,854 | $ | 90,191,537 | ||||||||||||
Cash |
- | 29,079 | - | - | 52,330 | - | ||||||||||||||||||
Dividends and interest receivable |
16,023 | 316,993 | 16,102 | 111,091 | 166,377 | 553,246 | ||||||||||||||||||
Receivable for fund shares sold |
21,863 | 97,534 | 223,717 | 208,566 | 363,307 | 276,539 | ||||||||||||||||||
Receivable for securities sold |
- | - | - | 1,339,064 | - | - | ||||||||||||||||||
Receivable for foreign tax reclaims |
- | 133,630 | - | - | - | - | ||||||||||||||||||
Prepaid expenses and other assets |
23,953 | 24,986 | 26,189 | 25,240 | 36,156 | 17,172 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Assets |
28,916,944 | 82,167,996 | 76,173,388 | 129,796,242 | 198,433,024 | 91,038,494 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
LIABILITIES: |
||||||||||||||||||||||||
Payable for fund shares redeemed |
107,988 | 365,417 | 342,691 | 171,695 | 357,529 | 379,551 | ||||||||||||||||||
Payable to related parties |
4,086 | 13,291 | 13,971 | 16,268 | 32,108 | 14,822 | ||||||||||||||||||
Accrued advisory fees |
16,830 | 63,751 | 50,055 | 86,328 | 126,526 | 30,619 | ||||||||||||||||||
Accrued 12b-1 fees |
7,401 | 17,404 | 20,389 | 31,421 | 52,556 | 24,822 | ||||||||||||||||||
Payable for securities purchased |
531,881 | 215,010 | 211,600 | 313,083 | - | - | ||||||||||||||||||
Accrued expenses and other liabilities |
17,193 | 16,424 | 22,424 | 22,096 | 41,065 | 2,937 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Liabilities |
685,379 | 691,297 | 661,130 | 640,891 | 609,784 | 452,751 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Assets |
$ | 28,231,565 | $ | 81,476,699 | $ | 75,512,258 | $ | 129,155,351 | $ | 197,823,240 | $ | 90,585,743 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) |
$ | 26,973,782 | $ | 86,212,315 | $ | 65,341,874 | $ | 108,949,170 | $ | 159,531,572 | $ | 91,640,665 | ||||||||||||
Accumulated net investment income (loss) |
(238,660 | ) | (994,781 | ) | (372,403 | ) | 92,865 | 94,411 | 121,657 | |||||||||||||||
Accumulated net realized gain (loss) from investment |
(456,800 | ) | (15,375,191 | ) | 2,106,049 | 2,180,254 | 4,327,293 | (611,216 | ) | |||||||||||||||
Net unrealized appreciation (depreciation) on investments |
1,953,243 | 11,634,356 | 8,436,738 | 17,933,062 | 33,869,964 | (565,363 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Assets |
$ | 28,231,565 | $ | 81,476,699 | $ | 75,512,258 | $ | 129,155,351 | $ | 197,823,240 | $ | 90,585,743 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class A |
||||||||||||||||||||||||
Net Assets |
$ | 24,382,674 | $ | 68,693,488 | $ | 64,813,467 | $ | 104,663,361 | $ | 162,301,944 | $ | 79,244,183 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
3,231,823 | 7,848,376 | 8,038,535 | 5,570,776 | 8,887,267 | 7,798,157 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share |
$ | 7.54 | $ | 8.75 | $ | 8.06 | $ | 18.79 | $ | 18.26 | $ | 10.16 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) |
$ | 7.98 | $ | 9.26 | $ | 8.53 | $ | 19.88 | $ | 19.32 | $ | 10.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class C |
||||||||||||||||||||||||
Net Assets |
$ | 3,258,634 | $ | 4,002,436 | $ | 8,775,453 | $ | 11,835,783 | $ | 22,555,904 | $ | 9,795,272 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
517,953 | 470,581 | 1,309,981 | 828,069 | 1,490,296 | 1,000,510 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share |
$ | 6.29 | $ | 8.51 | $ | 6.70 | $ | 14.29 | $ | 15.14 | $ | 9.79 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Minimum Redemption Price Per Share (NAV * 0.99) |
$ | 6.23 | $ | 8.42 | $ | 6.63 | $ | 14.15 | $ | 14.99 | $ | 9.69 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class I |
||||||||||||||||||||||||
Net Assets |
$ | 590,257 | $ | 8,780,775 | $ | 1,923,338 | $ | 12,656,207 | $ | 12,965,392 | $ | 1,546,288 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
77,365 | 1,002,094 | 235,769 | 666,813 | 704,278 | 153,225 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share |
$ | 7.63 | $ | 8.76 | $ | 8.16 | $ | 18.98 | $ | 18.41 | $ | 10.09 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
38
Timothy Plan Funds
Statements of Assets and Liabilities (Unaudited) (Continued)
March 31, 2017
High Yield Fund
|
Israel Common Fund
|
Defensive
|
Strategic Growth Fund
|
Conservative Fund
|
Emerging Fund
|
Growth & Income Fund
| ||||||||||||||||||||||
ASSETS: |
||||||||||||||||||||||||||||
Investments, at cost |
$ | 54,600,098 | $ | 25,774,084 | $ | 54,345,978 | $ | 38,496,226 | $ | 54,132,554 | $ | 14,213,929 | $ | 33,438,111 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Investments, at value |
$ | 55,282,403 | $ | 33,066,108 | $ | 55,831,680 | $ | 39,498,250 | $ | 55,135,917 | $ | 14,377,243 | $ | 35,332,057 | ||||||||||||||
Gold and Silver Investments, at fair value (Cost $8,900,255) |
- | - | 9,474,668 | - | - | - | - | |||||||||||||||||||||
Cash |
- | 18,244 | 189 | - | - | - | - | |||||||||||||||||||||
Brazilian Real (BRL)(Cost $280) |
- | - | - | - | - | 546 | - | |||||||||||||||||||||
Dividends and interest receivable |
695,880 | 93,300 | 121,148 | 339 | 550 | 37,801 | 84,038 | |||||||||||||||||||||
Receivable for fund shares sold |
151,812 | 139,668 | 194,436 | 27,884 | 52,370 | 42,091 | 140,472 | |||||||||||||||||||||
Receivable for securities sold |
- | 184,035 | - | - | - | 195,491 | - | |||||||||||||||||||||
Deposit with broker |
- | - | 39,745 | - | - | - | - | |||||||||||||||||||||
Receivable for foreign tax reclaims |
- | - | 11,050 | - | - | - | 583 | |||||||||||||||||||||
Prepaid expenses and other assets |
28,293 | 16,343 | 15,369 | 14,303 | 18,594 | 30,010 | 15,822 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Assets |
56,158,388 | 33,517,698 | 65,688,285 | 39,540,776 | 55,207,431 | 14,683,182 | 35,572,972 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
LIABILITIES: |
||||||||||||||||||||||||||||
Payable for securities purchased |
650,000 | 677,278 | - | - | - | - | - | |||||||||||||||||||||
Payable for fund shares redeemed |
159,576 | 73,394 | 546,621 | 211,660 | 100,957 | 184,508 | 184,430 | |||||||||||||||||||||
Payable to related parties |
9,399 | 8,640 | 16,181 | 8,781 | 13,237 | 1,443 | 390 | |||||||||||||||||||||
Accrued advisory fees |
24,749 | 26,762 | 31,910 | 21,918 | 30,367 | 13,503 | 26,316 | |||||||||||||||||||||
Accrued 12b-1 fees |
12,004 | 10,519 | 16,658 | 3,878 | 6,281 | 3,759 | 9,774 | |||||||||||||||||||||
Accrued expenses and other liabilities |
25,724 | 16,797 | 44,478 | 17,595 | 15,071 | 10,202 | 24,307 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Liabilities |
881,452 | 813,390 | 655,848 | 263,832 | 165,913 | 213,415 | 245,217 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Assets |
$ | 55,276,936 | $ | 32,704,308 | $ | 65,032,437 | $ | 39,276,944 | $ | 55,041,518 | $ | 14,469,767 | $ | 35,327,755 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) |
$ | 56,814,671 | $ | 27,723,582 | $ | 64,163,453 | $ | 39,802,886 | $ | 54,271,026 | $ | 16,075,934 | $ | 33,979,722 | ||||||||||||||
Accumulated net investment income (loss) |
102,625 | (1,200,800 | ) | 2,744,224 | (166,657 | ) | (146,956 | ) | (51,101 | ) | 38,391 | |||||||||||||||||
Accumulated net realized loss from investments |
(2,322,665) | (1,110,616 | ) | (3,933,449 | ) | (1,361,309 | ) | (85,915 | ) | (1,719,584 | ) | (584,304 | ) | |||||||||||||||
Net unrealized appreciation on investments |
682,305 | 7,292,142 | 2,058,209 | 1,002,024 | 1,003,363 | 164,518 | 1,893,946 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Assets |
$ | 55,276,936 | $ | 32,704,308 | $ | 65,032,437 | $ | 39,276,944 | $ | 55,041,518 | $ | 14,469,767 | $ | 35,327,755 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Class A |
||||||||||||||||||||||||||||
Net Assets |
$ | 46,349,616 | $ | 25,005,880 | $ | 55,140,160 | $ | 32,358,808 | $ | 44,314,909 | $ | 11,562,433 | $ | 30,137,676 | ||||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
5,035,419 | 1,801,928 | 4,877,818 | 3,608,208 | 4,317,439 | 1,311,170 | 2,758,029 | |||||||||||||||||||||
Net Asset Value, offering price and redemption price per share |
$ | 9.20 | $ | 13.88 | $ | 11.30 | $ | 8.97 | $ | 10.26 | $ | 8.82 | $ | 10.93 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) |
$ | 9.63 | * $ | 14.69 | $ | 11.96 | $ | 9.49 | $ | 10.86 | $ | 9.33 | $ | 11.57 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Class C |
||||||||||||||||||||||||||||
Net Assets |
$ | 3,235,463 | $ | 6,586,931 | $ | 8,053,176 | $ | 6,918,136 | $ | 10,726,609 | $ | 1,787,527 | $ | 3,101,489 | ||||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
347,302 | 491,853 | 740,501 | 850,253 | 1,137,742 | 207,276 | 290,408 | |||||||||||||||||||||
Net Asset Value, offering price and redemption price per share |
$ | 9.32 | $ | 13.39 | $ | 10.88 | $ | 8.14 | $ | 9.43 | $ | 8.62 | $ | 10.68 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Minimum Redemption Price Per Share (NAV * 0.99) |
$ | 9.23 | $ | 13.26 | $ | 10.77 | $ | 8.06 | $ | 9.34 | $ | 8.53 | $ | 10.57 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Class I |
||||||||||||||||||||||||||||
Net Assets |
$ | 5,691,857 | $ | 1,111,497 | $ | 1,839,101 | $ | - | $ | - | $ | 1,119,807 | $ | 2,088,590 | ||||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
617,925 | 79,883 | 162,760 | - | - | 126,365 | 190,107 | |||||||||||||||||||||
Net Asset Value, offering price and redemption price per share |
$ | 9.21 | $ | 13.91 | $ | 11.30 | $ | - | $ | - | $ | 8.86 | $ | 10.99 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
39
Timothy Plan Funds
Statements of Operations (Unaudited)
For the Six Months Ended March 31, 2017
Aggressive Fund
|
International
|
Large/Mid Cap Growth
|
Small Cap Value Fund
|
Large/Mid Cap Fund
|
Fixed Income
| |||||||||||||||||||
Investment Income: |
||||||||||||||||||||||||
Interest income |
$ | 5,544 | $ | 17,535 | $ | 16,808 | $ | 16,462 | $ | 27,761 | $ | 1,076,023 | ||||||||||||
Dividend Income |
75,321 | 706,908 | 357,387 | 1,071,453 | 1,543,156 | - | ||||||||||||||||||
Foreign tax withheld |
(260 | ) | (82,466 | ) | (502 | ) | - | 18,316 | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Investment Income |
80,605 | 641,977 | 373,693 | 1,087,915 | 1,589,233 | 1,076,023 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Expenses: |
||||||||||||||||||||||||
Investment advisory fees |
103,551 | 374,739 | 288,052 | 511,832 | 795,266 | 284,957 | ||||||||||||||||||
12b-1 Fees: |
||||||||||||||||||||||||
Class A |
25,952 | 81,501 | 73,200 | 127,051 | 197,790 | 105,721 | ||||||||||||||||||
Class C |
15,903 | 20,013 | 39,227 | 55,685 | 106,437 | 47,737 | ||||||||||||||||||
Administration fees |
29,162 | 82,580 | 71,890 | 125,200 | 201,280 | 109,544 | ||||||||||||||||||
Registration fees |
14,378 | 12,740 | 14,560 | 17,594 | 17,290 | 22,750 | ||||||||||||||||||
Custody fees |
9,151 | 6,006 | 6,303 | 10,192 | 11,537 | 7,539 | ||||||||||||||||||
Non 12b-1 shareholder servicing fees |
5,460 | 38,038 | 23,536 | 24,264 | 72,800 | 30,384 | ||||||||||||||||||
Audit fees |
6,541 | 6,230 | 6,634 | 4,914 | 6,634 | 6,592 | ||||||||||||||||||
Printing expenses |
5,668 | 20,323 | 17,403 | 31,470 | 48,976 | 21,226 | ||||||||||||||||||
Trustees fees |
1,270 | 3,352 | 2,646 | 4,825 | 8,448 | 2,009 | ||||||||||||||||||
Insurance expenses |
364 | 1,820 | 728 | 1,456 | 2,002 | 1,456 | ||||||||||||||||||
Compliance officer fees |
182 | 2,721 | 3,090 | 4,477 | 7,073 | 2,992 | ||||||||||||||||||
Miscellaneous expenses |
1,182 | 1,381 | 1,726 | 3,458 | 4,353 | 2,730 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Operating Expenses |
218,764 | 651,444 | 548,995 | 922,418 | 1,479,886 | 645,637 | ||||||||||||||||||
Less: Expenses waived by Advisor |
(12,182 | ) | (18,737 | ) | (16,944 | ) | (30,108 | ) | (54,335 | ) | (94,986 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Operating Expenses |
206,582 | 632,707 | 532,051 | 892,310 | 1,425,551 | 550,651 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Investment Income (Loss) |
(125,977 | ) | 9,270 | (158,358 | ) | 195,605 | 163,682 | 525,372 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) on Investments: |
||||||||||||||||||||||||
Net realized gain (loss) on investments |
1,523,496 | 1,199,672 | 2,799,377 | 2,500,958 | 4,318,068 | (46,102 | ) | |||||||||||||||||
and foreign currency translations |
- | - | - | - | 21 | - | ||||||||||||||||||
Capital gain dividends from REITs |
- | - | - | 51,707 | 12,204 | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
1,023,206 | 1,407,901 | 3,418,840 | 10,064,750 | 9,581,781 | (2,722,160 | ) | |||||||||||||||||
and foreign currency transactions |
- | - | - | - | (45 | ) | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Realized and Unrealized Gain (Loss) on Investments |
2,546,702 | 2,607,573 | 6,218,217 | 12,617,415 | 13,912,029 | (2,768,262 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting From Operations |
$ | 2,420,725 | $ | 2,616,843 | $ | 6,059,859 | $ | 12,813,020 | $ | 14,075,711 | $ | (2,242,890 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
The accompanying notes are an integral part of these financial statements.
40
Timothy Plan Funds
Statements of Operations (Unaudited) (Continued)
For the Six Months Ended March 31, 2017
High Yield Bond Fund
|
Israel Common Fund
|
Defensive
|
Strategic Growth
|
Conservative Fund |
Emerging
|
Growth & Income
| ||||||||||||||||||||||||
Investment Income: |
||||||||||||||||||||||||||||||
Interest income |
$ | 1,271,459 | $ | 6,286 | $ | 231,907 | $ | 2,826 | $ | 4,522 | $ | 2,987 | $ | 136,161 | ||||||||||||||||
Dividend Income |
- | 325,154 | 311,100 | - | - | 129,589 | 226,207 | |||||||||||||||||||||||
Dividend income from affiliated funds |
- | - | - | 174,942 | 278,698 | - | - | |||||||||||||||||||||||
Foreign tax withheld |
- | (61,850 | ) | (10,891 | ) | - | - | (9,804 | ) | (6 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Investment Income |
1,271,459 | 269,590 | 532,116 | 177,768 | 283,220 | 122,772 | 362,362 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Operating Expenses: |
||||||||||||||||||||||||||||||
Investment advisory fees |
150,660 | 121,582 | 216,438 | 128,296 | 177,185 | 67,947 | 171,342 | |||||||||||||||||||||||
12b-1 fees: |
||||||||||||||||||||||||||||||
Class A |
53,640 | 23,325 | 78,770 | - | - | 11,629 | 44,515 | |||||||||||||||||||||||
Class C |
15,754 | 24,755 | 42,640 | 26,690 | 39,624 | 5,950 | 14,891 | |||||||||||||||||||||||
Administration fees |
64,600 | 28,756 | 92,274 | 45,500 | 62,790 | 14,826 | 40,040 | |||||||||||||||||||||||
Non 12b-1 shareholder servicing fees |
22,834 | 8,398 | 41,132 | 5,294 | 5,182 | 6,370 | 27,000 | |||||||||||||||||||||||
Registration fees |
12,465 | 12,740 | 15,470 | 11,830 | 14,924 | - | 13,650 | |||||||||||||||||||||||
Printing expenses |
12,290 | 6,879 | 23,980 | 8,175 | 11,789 | 3,401 | 5,682 | |||||||||||||||||||||||
Audit fees |
8,736 | 7,462 | 9,828 | 6,370 | 6,141 | 5,460 | 6,188 | |||||||||||||||||||||||
Compliance officer fees |
6,006 | 790 | 4,732 | 1,547 | 2,974 | 182 | 2,184 | |||||||||||||||||||||||
Custody fees |
3,931 | 9,122 | 27,300 | 2,887 | 4,004 | 15,288 | 5,460 | |||||||||||||||||||||||
Trustees fees |
2,681 | 852 | 1,975 | 1,316 | 1,718 | 595 | 2,912 | |||||||||||||||||||||||
Insurance expenses |
730 | 182 | 728 | 728 | 637 | - | 218 | |||||||||||||||||||||||
Miscellaneous expenses |
797 | 3,458 | 9,540 | 1,182 | 182 | 182 | 182 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Operating Expenses |
355,124 | 248,301 | 564,807 | 239,815 | 327,150 | 131,830 | 334,264 | |||||||||||||||||||||||
Less: Expenses waived by Advisor |
(12,555 | ) | - | (18,036 | ) | - | - | (2,831 | ) | (10,079 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net Operating Expenses |
342,569 | 248,301 | 546,771 | 239,815 | 327,150 | 128,999 | 324,185 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net Investment Income (Loss) |
928,890 | 21,289 | (14,655 | ) | (62,047 | ) | (43,930 | ) | (6,227 | ) | 38,177 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Realized and Unrealized Gain (Loss) on Investments: |
||||||||||||||||||||||||||||||
Net realized gain (loss) on investments |
305,857 | 224,571 | (40,499 | ) | - | - | (83,574 | ) | 1,684,964 | |||||||||||||||||||||
and foreign currency translations |
- | (5,066 | ) | (5,052 | ) | - | - | (7,613 | ) | - | ||||||||||||||||||||
affiliated investments |
- | - | - | 158,591 | 168,143 | - | - | |||||||||||||||||||||||
Capital gain distributions from affiliated funds |
- | - | - | 105,401 | 123,576 | - | - | |||||||||||||||||||||||
Capital gain dividends from REITs |
- | - | 43,171 | - | - | - | - | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
195,005 | 3,065,769 | (639,927 | ) | 811,980 | 817,222 | 1,234,560 | (1,073,656 | ) | |||||||||||||||||||||
alternative investments |
- | - | (522,632 | ) | - | - | - | - | ||||||||||||||||||||||
and foreign currency translations |
- | 106 | (1,122 | ) | - | - | 303 | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
500,862 | 3,285,380 | (1,166,061 | ) | 1,075,972 | 1,108,941 | 1,143,676 | 611,308 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations |
$ | 1,429,752 | $ | 3,306,669 | $ | (1,180,716 | ) | $ | 1,013,925 | $ | 1,065,011 | $ | 1,137,449 | $ | 649,485 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
41
Timothy Plan Funds
Statements of Changes in Net Assets
Aggressive Growth Fund | International Fund | Large/Mid Cap Growth Fund | ||||||||||||||||||||||
Six Months Ended March 31, 2017 |
Year Ended September 30, 2016 |
Six Months Ended March 31, 2017 |
Year Ended September 30, 2016 |
Six Months Ended March 31, 2017 |
Year Ended September 30, 2016 | |||||||||||||||||||
Operations: |
(Unaudited | ) | (Unaudited | ) | (Unaudited | ) | ||||||||||||||||||
Net investment income (loss) |
$ | (125,977 | ) | $ | (166,982 | ) | $ | 9,270 | $ | (12,777 | ) | $ | (158,358 | ) | $ | (257,005 | ) | |||||||
Net realized gain (loss) from investments and foreign currency translations |
1,523,496 | (1,831,106 | ) | 1,199,672 | (2,914,476 | ) | 2,799,377 | 228,818 | ||||||||||||||||
Capital gain dividends from REITs |
- | 1,828 | - | - | - | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations |
1,023,206 | 1,888,501 | 1,407,901 | 4,233,491 | 3,418,840 | 3,836,975 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations |
2,420,725 | (107,759 | ) | 2,616,843 | 1,306,238 | 6,059,859 | 3,808,788 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Distributions to Shareholders: |
||||||||||||||||||||||||
Net investment income |
||||||||||||||||||||||||
Class A |
- | - | (651,323 | ) | (726,253 | ) | - | - | ||||||||||||||||
Class C |
- | - | (6,005 | ) | (28,008 | ) | - | - | ||||||||||||||||
Class I |
- | - | (72,240 | ) | (24,306 | ) | - | - | ||||||||||||||||
Net realized gains |
||||||||||||||||||||||||
Class A |
- | (2,544,026 | ) | - | - | (696,373 | ) | (5,603,259 | ) | |||||||||||||||
Class C |
- | (552,804 | ) | - | - | (108,931 | ) | (794,628 | ) | |||||||||||||||
Class I |
- | (41,648 | ) | - | - | (13,562 | ) | (112,991 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total dividends and distributions to shareholders |
- | (3,138,478 | ) | (729,568 | ) | (778,567 | ) | (818,866 | ) | (6,510,878 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||||||||||
Class A |
7,760,923 | 9,757,605 | 12,392,696 | 31,091,113 | 17,925,587 | 14,842,125 | ||||||||||||||||||
Class C |
325,532 | 669,961 | 431,658 | 2,411,129 | 1,428,245 | 1,922,691 | ||||||||||||||||||
Class I |
164,666 | 302,342 | 6,118,998 | 1,489,273 | 786,629 | 810,899 | ||||||||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||||||||||
Class A |
- | 2,452,543 | 555,955 | 642,669 | 671,055 | 5,193,825 | ||||||||||||||||||
Class C |
- | 515,399 | 5,464 | 25,560 | 95,918 | 687,062 | ||||||||||||||||||
Class I |
- | 41,648 | 39,506 | 4,463 | 13,516 | 113,034 | ||||||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||||||
Class A |
(6,661,775 | ) | (4,695,428 | ) | (15,783,990 | ) | (15,678,562 | ) | (12,188,911 | ) | (16,613,778 | ) | ||||||||||||
Class C |
(794,200 | ) | (608,765 | ) | (1,032,078 | ) | (1,426,663 | ) | (940,020 | ) | (1,091,308 | ) | ||||||||||||
Class I |
(13,535 | ) | (210,850 | ) | (526,859 | ) | (235,857 | ) | (71,802 | ) | (985,318 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase in net assets from share transactions of beneficial interest |
781,611 | 8,224,455 | 2,201,350 | 18,323,125 | 7,720,217 | 4,879,232 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Increase in Net Assets |
3,202,336 | 4,978,218 | 4,088,625 | 18,850,796 | 12,961,210 | 2,177,142 | ||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||
Beginning of period |
25,029,229 | 20,051,011 | 77,388,074 | 58,537,278 | 62,551,048 | 60,373,906 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
End of period* |
$ | 28,231,565 | $ | 25,029,229 | $ | 81,476,699 | $ | 77,388,074 | $ | 75,512,258 | $ | 62,551,048 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
* Includes undistributed net investment loss at end of period |
$ | (238,660 | ) | $ | (112,683 | ) | $ | (994,781 | ) | $ | (274,483 | ) | $ | (372,403 | ) | $ | (214,045 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Share Activity: |
||||||||||||||||||||||||
Shares Sold |
||||||||||||||||||||||||
Class A |
1,081,400 | 1,423,889 | 1,444,610 | 3,711,299 | 2,305,108 | 2,009,044 | ||||||||||||||||||
Class C |
54,439 | 114,375 | 51,953 | 292,735 | 218,164 | 314,086 | ||||||||||||||||||
Class I |
22,058 | 44,337 | 722,145 | 178,098 | 99,062 | 110,605 | ||||||||||||||||||
Shares Reinvested |
||||||||||||||||||||||||
Class A |
- | 350,864 | 65,794 | 76,966 | 86,811 | 718,371 | ||||||||||||||||||
Class C |
- | 87,504 | 664 | 3,148 | 14,894 | 113,004 | ||||||||||||||||||
Class I |
- | 5,907 | 4,675 | 534 | 1,731 | 15,505 | ||||||||||||||||||
Shares Redeemed |
||||||||||||||||||||||||
Class A |
(961,486 | ) | (706,090 | ) | (1,868,286 | ) | (1,893,709 | ) | (1,564,056 | ) | (2,317,721 | ) | ||||||||||||
Class C |
(136,848 | ) | (100,152 | ) | (126,987 | ) | (177,184 | ) | (146,710 | ) | (180,263 | ) | ||||||||||||
Class I |
(2,032 | ) | (30,623 | ) | (61,445 | ) | (28,138 | ) | (9,266 | ) | (136,022 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase in shares of beneficial interest outstanding |
57,531 | 1,190,011 | 233,123 | 2,163,749 | 1,005,738 | 646,609 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
The accompanying notes are an integral part of these financial statements.
42
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 September 30, 2016 |
Six Months Ended March 31, 2017 |
Year Ended September 30, 2016 |
Six Months Ended March 31, 2017 |
Year Ended September 30, 2016 | |||||||||||||||||||
Operations: |
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Net investment income (loss) |
$ | 195,605 | $ | (102,494 | ) | $ | 163,682 | $ | (63,043 | ) | $ | 525,372 | $ | 1,132,812 | ||||||||||
Net realized gain (loss) from investments and foreign currency translations |
2,500,958 | 1,403,949 | 4,318,089 | 2,267,246 | (46,102 | ) | 70,867 | |||||||||||||||||
Capital gain dividends from REITs |
51,707 | 9,918 | 12,204 | 65,206 | - | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations |
10,064,750 | 8,551,910 | 9,581,736 | 8,267,200 | (2,722,160 | ) | 1,854,779 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations |
12,813,020 | 9,863,283 | 14,075,711 | 10,536,609 | (2,242,890 | ) | 3,058,458 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Distributions to Shareholders: |
||||||||||||||||||||||||
Net investment income |
||||||||||||||||||||||||
Class A |
- | - | - | - | (674,590 | ) | (1,177,146 | ) | ||||||||||||||||
Class C |
- | - | - | - | (43,837 | ) | (58,563 | ) | ||||||||||||||||
Class I |
- | - | - | - | (9,726 | ) | (5,499 | ) | ||||||||||||||||
Net realized gains |
||||||||||||||||||||||||
Class A |
(1,379,261 | ) | (6,897,842 | ) | (1,940,987 | ) | (16,483,862 | ) | - | - | ||||||||||||||
Class C |
(197,580 | ) | (1,028,884 | ) | (312,832 | ) | (2,525,475 | ) | - | - | ||||||||||||||
Class I |
(95,030 | ) | (137,683 | ) | (78,954 | ) | (420,027 | ) | - | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total dividends and distributions to shareholders |
(1,671,871 | ) | (8,064,409 | ) | (2,332,773 | ) | (19,429,364 | ) | (728,153 | ) | (1,241,208 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||||||||||
Class A |
20,866,260 | 30,092,717 | 24,857,796 | 48,007,995 | 13,595,229 | 32,750,066 | ||||||||||||||||||
Class C |
1,605,234 | 1,930,487 | 2,664,833 | 4,416,018 | 1,922,959 | 3,152,958 | ||||||||||||||||||
Class I |
9,922,344 | 1,688,930 | 7,744,478 | 2,533,303 | 1,087,123 | 683,578 | ||||||||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||||||||||
Class A |
1,332,783 | 6,620,002 | 1,782,051 | 15,246,790 | 609,250 | 1,029,560 | ||||||||||||||||||
Class C |
189,394 | 966,913 | 278,288 | 2,183,543 | 37,042 | 49,825 | ||||||||||||||||||
Class I |
79,725 | 129,683 | 74,221 | 358,505 | 9,243 | 5,499 | ||||||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||||||
Class A |
(21,819,792 | ) | (15,559,182 | ) | (28,674,608 | ) | (36,698,931 | ) | (18,443,362 | ) | (15,357,156 | ) | ||||||||||||
Class C |
(1,147,608 | ) | (1,495,014 | ) | (2,443,147 | ) | (2,801,607 | ) | (1,528,980 | ) | (2,254,369 | ) | ||||||||||||
Class I |
(466,715 | ) | (412,706 | ) | (701,121 | ) | (828,259 | ) | (98,141 | ) | (610,256 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets from share transactions of beneficial interest |
10,561,625 | 23,961,830 | 5,582,791 | 32,417,357 | (2,809,637 | ) | 19,449,705 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Increase (Decrease) in Net Assets |
21,702,774 | 25,760,704 | 17,325,729 | 23,524,602 | (5,780,680 | ) | 21,266,955 | |||||||||||||||||
Net Assets: |
||||||||||||||||||||||||
Beginning of period |
107,452,577 | 81,691,873 | 180,497,511 | 156,972,909 | 96,366,423 | 75,099,468 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
End of period* |
$ | 129,155,351 | $ | 107,452,577 | $ | 197,823,240 | $ | 180,497,511 | $ | 90,585,743 | $ | 96,366,423 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
* Includes undistributed net investment income (loss) at end of period |
$ | 92,865 | $ | (102,740 | ) | $ | 94,411 | $ | (69,271 | ) | $ | 121,657 | $ | 324,438 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Share Activity: |
||||||||||||||||||||||||
Shares Sold |
||||||||||||||||||||||||
Class A |
1,149,536 | 1,882,925 | 1,404,536 | 2,835,690 | 1,328,632 | 3,173,802 | ||||||||||||||||||
Class C |
114,033 | 156,174 | 181,061 | 314,051 | 195,367 | 317,784 | ||||||||||||||||||
Class I |
552,567 | 100,485 | 427,717 | 150,827 | 107,804 | 66,251 | ||||||||||||||||||
Shares Reinvested |
||||||||||||||||||||||||
Class A |
70,705 | 430,150 | 100,624 | 939,420 | 60,155 | 99,386 | ||||||||||||||||||
Class C |
13,180 | 81,459 | 18,918 | 160,319 | 3,797 | 4,987 | ||||||||||||||||||
Class I |
4,189 | 8,371 | 4,160 | 21,981 | 919 | 533 | ||||||||||||||||||
Shares Redeemed |
||||||||||||||||||||||||
Class A |
(1,201,034 | ) | (1,004,301 | ) | (1,611,803 | ) | (2,204,996 | ) | (1,814,237 | ) | (1,487,222 | ) | ||||||||||||
Class C |
(81,932 | ) | (124,194 | ) | (167,688 | ) | (197,741 | ) | (155,639 | ) | (226,631 | ) | ||||||||||||
Class I |
(24,744 | ) | (25,157 | ) | (39,311 | ) | (48,600 | ) | (9,736 | ) | (59,905 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase (decrease) in shares of beneficial interest outstanding |
596,500 | 1,505,912 | 318,214 | 1,970,951 | (282,938 | ) | 1,888,985 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
43
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 September 30, 2016 |
Six Months Ended March 31, 2017 |
Year Ended September 30, 2016 |
Six Months Ended March 31, 2017 |
Year Ended September 30, 2016 | |||||||||||||||||||
Operations: |
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Net investment income (loss) |
$ | 928,890 | $ | 1,935,693 | $ | 21,289 | $ | (176,879 | ) | $ | (14,655 | ) | $ | 237,014 | ||||||||||
Net realized gain (loss) from investments and foreign currency translations |
305,857 | (935,586 | ) | 219,505 | (324,559 | ) | (45,551 | ) | (1,915,896 | ) | ||||||||||||||
Capital gain dividends from REITs |
- | - | - | - | 43,171 | 206,920 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations |
195,005 | 3,461,231 | 3,065,875 | 2,645,020 | (1,163,681 | ) | 8,550,989 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations |
1,429,752 | 4,461,338 | 3,306,669 | 2,143,582 | (1,180,716 | ) | 7,079,027 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Distributions to Shareholders: |
||||||||||||||||||||||||
Net investment income |
||||||||||||||||||||||||
Class A |
(770,755 | ) | (1,790,913 | ) | (265,667 | ) | - | (208,348 | ) | - | ||||||||||||||
Class C |
(45,004 | ) | (87,942 | ) | (49,930 | ) | - | - | - | |||||||||||||||
Class I |
(96,211 | ) | (45,400 | ) | (10,636 | ) | - | (2,838 | ) | - | ||||||||||||||
From net realized gains |
||||||||||||||||||||||||
Class A |
- | - | - | - | - | - | ||||||||||||||||||
Class C |
- | - | - | - | - | - | ||||||||||||||||||
Class I |
- | - | - | - | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total dividends and distributions to shareholders |
(911,970 | ) | (1,924,255 | ) | (326,233 | ) | - | (211,186 | ) | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||||||||||
Class A |
12,800,465 | 24,017,263 | 9,697,131 | 5,321,650 | 5,518,815 | 21,058,691 | ||||||||||||||||||
Class C |
413,572 | 525,354 | 2,209,876 | 1,814,336 | 890,625 | 1,397,370 | ||||||||||||||||||
Class I |
5,934,052 | 845,583 | 504,058 | 270,177 | 1,516,341 | 327,197 | ||||||||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||||||||||
Class A |
673,383 | 1,544,213 | 245,204 | - | 196,408 | - | ||||||||||||||||||
Class C |
40,677 | 79,858 | 43,283 | - | - | - | ||||||||||||||||||
Class I |
54,960 | 14,011 | 8,532 | - | 2,381 | - | ||||||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||||||
Class A |
(16,742,394 | ) | (15,001,868 | ) | (3,241,564 | ) | (2,750,868 | ) | (18,063,366 | ) | (30,050,425 | ) | ||||||||||||
Class C |
(359,738 | ) | (377,771 | ) | (423,953 | ) | (794,156 | ) | (2,292,899 | ) | (7,357,766 | ) | ||||||||||||
Class I |
(1,910,941 | ) | (2,079,004 | ) | (13,247 | ) | (24,354 | ) | (78,141 | ) | (123,433 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets from share transactions of beneficial interest |
904,036 | 9,567,639 | 9,029,320 | 3,836,785 | (12,309,836 | ) | (14,748,366 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Increase (Decrease) in Net Assets |
1,421,818 | 12,104,722 | 12,009,756 | 5,980,367 | (13,701,738 | ) | (7,669,339 | ) | ||||||||||||||||
Net Assets: |
||||||||||||||||||||||||
Beginning of period |
53,855,118 | 41,750,396 | 20,694,552 | 14,714,185 | 78,734,175 | 86,403,514 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
End of period* |
$ | 55,276,936 | $ | 53,855,118 | $ | 32,704,308 | $ | 20,694,552 | $ | 65,032,437 | $ | 78,734,175 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
* Includes undistributed net investment income (loss) at end of period |
$ | 102,625 | $ | 85,705 | $ | (1,200,800 | ) | $ | (895,856 | ) | $ | 2,744,224 | $ | 2,970,065 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Share Activity: |
||||||||||||||||||||||||
Shares Sold |
||||||||||||||||||||||||
Class A |
1,395,082 | 2,742,134 | 741,633 | 461,537 | 489,472 | 1,934,784 | ||||||||||||||||||
Class C |
44,520 | 59,795 | 177,514 | 163,402 | 81,858 | 132,615 | ||||||||||||||||||
Class I |
648,484 | 94,126 | 38,640 | 22,627 | 134,914 | 29,889 | ||||||||||||||||||
Shares Reinvested |
||||||||||||||||||||||||
Class A |
73,738 | 177,482 | 19,538 | - | 17,351 | - | ||||||||||||||||||
Class C |
4,405 | 9,081 | 3,568 | - | - | - | ||||||||||||||||||
Class I |
6,015 | 1,599 | 679 | - | 211 | - | ||||||||||||||||||
Shares Redeemed |
||||||||||||||||||||||||
Class A |
(1,833,328 | ) | (1,718,478 | ) | (246,503 | ) | (233,549 | ) | (1,607,905 | ) | (2,748,219 | ) | ||||||||||||
Class C |
(38,871 | ) | (42,767 | ) | (34,414 | ) | (70,715 | ) | (211,487 | ) | (697,585 | ) | ||||||||||||
Class I |
(207,683 | ) | (243,426 | ) | (1,019 | ) | (2,247 | ) | (6,976 | ) | (10,792 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase (decrease) in shares of beneficial interest outstanding |
92,362 | 1,079,546 | 699,636 | 341,055 | (1,102,562 | ) | (1,359,308 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
44
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
Strategic Growth Fund | Conservative Growth Fund | Emerging Markets Fund | ||||||||||||||||||||||
Six Months Ended |
Year Ended September 30, 2016 |
Six Months Ended March 31, 2017 |
Year Ended September 30, 2016 |
Six Months Ended March 31, 2017 |
Year Ended September 30, 2016 | |||||||||||||||||||
Operations: |
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Net investment income (loss) |
$ | (62,047 | ) | $ | (209,030 | ) | $ | (43,930 | ) | $ | (224,509 | ) | $ | (6,227 | ) | $ | 30,501 | |||||||
Net realized gain (loss) from investments and foreign currency translations |
158,591 | (448,605 | ) | 168,143 | (1,151,302 | ) | (91,187 | ) | (754,177 | ) | ||||||||||||||
Capital gain distributions from affiliated funds |
105,401 | 1,314,297 | 123,576 | 1,035,661 | - | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations |
811,980 | 937,576 | 817,222 | 2,479,474 | 1,234,863 | 2,655,529 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase in net assets resulting from operations |
1,013,925 | 1,594,238 | 1,065,011 | 2,139,324 | 1,137,449 | 1,931,853 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Distributions to Shareholders: |
||||||||||||||||||||||||
Net Investment Income |
||||||||||||||||||||||||
Class A |
- | (112,223 | ) | - | (236,640 | ) | (43,769 | ) | - | |||||||||||||||
Class C |
- | - | - | - | - | - | ||||||||||||||||||
Class I |
- | - | - | - | (4,732 | ) | - | |||||||||||||||||
From net realized gains |
- | |||||||||||||||||||||||
Class A |
- | - | - | (2,639,009 | ) | - | - | |||||||||||||||||
Class C |
- | - | - | (682,167 | ) | - | - | |||||||||||||||||
Class I |
- | - | - | - | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total dividends and distributions to shareholders |
- | (112,223 | ) | - | (3,557,816 | ) | (48,501 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||||||||||
Class A |
2,261,178 | 4,032,536 | 3,611,708 | 5,470,344 | 4,966,504 | 2,572,036 | ||||||||||||||||||
Class C |
378,171 | 787,803 | 1,116,668 | 1,602,781 | 877,236 | 365,496 | ||||||||||||||||||
Class I |
- | - | 363,353 | 507,804 | ||||||||||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||||||||||
Class A |
- | 109,450 | - | 2,757,111 | 41,696 | - | ||||||||||||||||||
Class C |
- | - | - | 646,209 | - | - | ||||||||||||||||||
Class I |
- | - | - | - | 4,324 | - | ||||||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||||||
Class A |
(3,553,789 | ) | (5,652,166 | ) | (4,622,974 | ) | (7,421,419 | ) | (1,451,972 | ) | (3,118,821 | ) | ||||||||||||
Class C |
(1,002,411 | ) | (1,364,045 | ) | (1,262,803 | ) | (2,343,151 | ) | (106,703 | ) | (134,303 | ) | ||||||||||||
Class I |
- | - | - | - | (31,572 | ) | (214,533 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets from share transactions of beneficial interest |
(1,916,851 | ) | (2,086,422 | ) | (1,157,401 | ) | 711,875 | 4,662,866 | (22,321 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Increase (Decrease) in Net Assets |
(902,926 | ) | (604,407 | ) | (92,390 | ) | (706,617 | ) | 5,751,814 | 1,909,532 | ||||||||||||||
Net Assets: |
||||||||||||||||||||||||
Beginning of period |
40,179,870 | 40,784,277 | 55,133,908 | 55,840,525 | 8,717,953 | 6,808,421 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
End of period* |
$ | 39,276,944 | $ | 40,179,870 | $ | 55,041,518 | $ | 55,133,908 | $ | 14,469,767 | $ | 8,717,953 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
* Includes undistributed net investment income (loss) at end of period |
$ | (166,657 | ) | $ | (210,011 | ) | $ | (146,956 | ) | $ | (226,602 | ) | $ | (51,101 | ) | $ | 3,627 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Share Activity: |
||||||||||||||||||||||||
Shares Sold |
||||||||||||||||||||||||
Class A |
255,774 | 480,831 | 360,349 | 554,370 | 594,382 | 363,891 | ||||||||||||||||||
Class C |
47,200 | 102,532 | 120,199 | 175,034 | 106,411 | 53,058 | ||||||||||||||||||
Class I |
- | - | - | - | 42,930 | 65,927 | ||||||||||||||||||
Shares Reinvested |
||||||||||||||||||||||||
Class A |
- | 13,045 | - | 287,499 | 5,122 | - | ||||||||||||||||||
Class C |
- | - | - | 72,689 | - | - | ||||||||||||||||||
Class I |
- | - | - | - | 529 | - | ||||||||||||||||||
Shares Redeemed |
||||||||||||||||||||||||
Class A |
(403,250 | ) | (667,629 | ) | (460,518 | ) | (755,679 | ) | (170,867 | ) | (425,373 | ) | ||||||||||||
Class C |
(124,879 | ) | (176,799 | ) | (135,906 | ) | (256,362 | ) | (13,000 | ) | (19,113 | ) | ||||||||||||
Class I |
- | - | - | - | (3,889 | ) | (31,018 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase (decrease) in shares of beneficial interest outstanding |
(225,155 | ) | (248,020 | ) | (115,876 | ) | 77,551 | 561,618 | 7,372 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
45
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
Growth & Income Fund | ||||||||||||
Six Months Ended March 31, 2017 |
Year Ended September 30, 2016 | |||||||||||
Operations: |
(Unaudited) | |||||||||||
Net investment income |
$ | 38,177 | $ | 68,916 | ||||||||
Net realized gain (loss) from investments |
1,684,964 | (1,285,364 | ) | |||||||||
Net change in unrealized appreciation (depreaciation) on investments |
(1,073,656 | ) | 4,777 2,103,587 | |||||||||
|
|
|
|
|
| |||||||
Net increase in net assets resulting from operations |
649,485 | 891,916 | ||||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders: |
||||||||||||
Net Investment Income |
||||||||||||
Class A |
(675 | ) | (63,627 | ) | ||||||||
Class I |
(1,060 | ) | (3,765 | ) | ||||||||
|
|
|
|
|
| |||||||
Total dividends and distributions to shareholders |
(1,735 | ) | (67,392 | ) | ||||||||
|
|
|
|
|
| |||||||
Share Transactions of Beneficial Interest: |
||||||||||||
Net proceeds from shares sold |
||||||||||||
Class A |
3,533,250 | 15,061,831 | ||||||||||
Class C |
606,760 | 694,150 | ||||||||||
Class I |
604,699 | 314,655 | ||||||||||
Reinvestment of dividends and distributions |
||||||||||||
Class A |
658 | 62,209 | ||||||||||
Class I |
990 | 3,498 | ||||||||||
Cost of shares redeemed |
||||||||||||
Class A |
(10,468,789 | ) | (5,764,625 | ) | ||||||||
Class C |
(566,190 | ) | (1,040,757 | ) | ||||||||
Class I |
(138,606 | ) | (329,849 | ) | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets from share transactions of beneficial interest |
(6,427,228 | ) | 9,001,112 | |||||||||
|
|
|
|
|
| |||||||
Total Increase (Decrease) in Net Assets |
(5,779,478 | ) | 9,825,636 | |||||||||
Net Assets: |
||||||||||||
Beginning of period |
41,107,233 | 31,281,597 | ||||||||||
|
|
|
|
|
| |||||||
End of period* |
$ | 35,327,755 | $ | 41,107,233 | ||||||||
|
|
|
|
|
| |||||||
* Includes accumulated net investment income (loss) at end of period |
$ | 38,391 | $ | 1,949 | ||||||||
|
|
|
|
|
| |||||||
Share Activity: |
||||||||||||
Shares Sold |
||||||||||||
Class A |
326,109 | 1,423,716 | ||||||||||
Class C |
57,309 | 66,702 | ||||||||||
Class I |
55,494 | 29,170 | ||||||||||
Shares Reinvested |
||||||||||||
Class A |
61 | 5,792 | ||||||||||
Class I |
91 | 324 | ||||||||||
Shares Redeemed |
||||||||||||
Class A |
(958,476 | ) | (543,935 | ) | ||||||||
Class C |
(53,794 | ) | (100,357 | ) | ||||||||
Class I |
(12,871 | ) | (31,110 | ) | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in shares of beneficial interest outstanding |
(586,077 | ) | 850,302 | |||||||||
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
46
Timothy Aggressive Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 6.82 | $ | 7.98 | $ | 9.18 | $ | 9.00 | $ | 7.10 | $ | 5.57 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment loss (A) |
(0.03) | (0.04) | (0.08) | (0.11) | (0.09) | (0.12) | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.75 | (0.02) | (B) | (0.05) | 0.84 | 1.99 | 1.65 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
0.72 | (0.06) | (0.13) | 0.73 | 1.90 | 1.53 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net realized gains on investments |
- | (1.10) | (1.07) | (0.55) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
- | (1.10) | (1.07) | (0.55) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 7.54 | $ | 6.82 | $ | 7.98 | $ | 9.18 | $ | 9.00 | $ | 7.10 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (C)(D) |
10.56% | (E) | (1.03)% | (2.35)% | 8.22% | 26.76% | 27.47% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 24,383 | $ | 21,209 | $ | 16,306 | $ | 19,268 | $ | 17,727 | $ | 14,398 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.71% | (F) | 1.69% | 1.77% | 1.74% | - | - | |||||||||||||||||||||
Expenses, net waiver and reimbursement |
1.61% | (F) | 1.59% | 1.67% | 1.73% | 1.86% | 2.12% | |||||||||||||||||||||
Net investment loss, before waiver and reimbursement |
(1.04)% | (F) | (0.73)% | (1.04)% | (1.19)% | - | - | |||||||||||||||||||||
Net investment loss, net waiver and reimbursement |
(0.94)% | (F) | (0.63)% | (0.94)% | (1.18)% | (1.20)% | (1.78)% | |||||||||||||||||||||
Portfolio turnover rate |
100% | (E) | 124% | 144% | 91% | 120% | 147% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | 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. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
47
Timothy Aggressive Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 5.71 | $ | 6.90 | $ | 8.13 | $ | 8.09 | $ | 6.43 | $ | 5.06 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment loss (A) |
(0.05) | (0.08) | (0.13) | (0.16) | (0.14) | (0.16) | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.63 | (0.01) | (B) | (0.03) | 0.75 | 1.80 | 1.53 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
0.58 | (0.09) | (0.16) | 0.59 | 1.66 | 1.37 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net realized gains on investments |
- | (1.10) | (1.07) | (0.55) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
- | (1.10) | (1.07) | (0.55) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 6.29 | $ | 5.71 | $ | 6.90 | $ | 8.13 | $ | 8.09 | $ | 6.43 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (C)(D) |
10.16% | (E) | (1.73)% | (3.10)% | 7.37% | 25.82% | 27.08% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 3,259 | $ | 3,426 | $ | 3,442 | $ | 3,458 | $ | 2,892 | $ | 2,201 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.46% | (F) | 2.44% | 2.52% | 2.49% | - | - | |||||||||||||||||||||
Expenses, net waiver and reimbursement |
2.36% | (F) | 2.34% | 2.42% | 2.48% | 2.60% | 2.87% | |||||||||||||||||||||
Net investment loss, before waiver and reimbursement |
(1.81)% | (F) | (1.47)% | (1.78)% | (1.94)% | - | - | |||||||||||||||||||||
Net investment loss, net waiver and reimbursement |
(1.71)% | (F) | (1.37)% | (1.69)% | (1.93)% | (1.94)% | (2.53)% | |||||||||||||||||||||
Portfolio turnover rate |
100% | (E) | 124% | 144% | 91% | 120% | 147% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | 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. |
The accompanying notes are an integral part of these financial statements.
48
Timothy Aggressive Growth Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Period ended September 30, 2013 (A) |
||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 6.89 | $ | 8.03 | $ | 9.21 | $ | 9.01 | $ | 8.87 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (B) |
(0.02) | (0.03) | (0.06) | (0.07) | |
- |
* |
|||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.76 | (0.01) | (C) | (0.05) | 0.82 | 0.14 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
0.74 | (0.04) | (0.11) | 0.75 | 0.14 | |||||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
- | (1.10) | (1.07) | (0.55) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
- | (1.10) | (1.07) | (0.55) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 7.63 | $ | 6.89 | $ | 8.03 | $ | 9.21 | $ | 9.01 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (D) |
10.74% | (E) | (0.75)% | (2.10)% | 8.43% | 1.58% | (E) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 590 | $ | 395 | $ | 303 | $ | 140 | $ | 102 | + | |||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.46% | (F) | 1.44% | 1.52% | 1.33% | - | ||||||||||||||||||
Expenses, net waiver and reimbursement |
1.36% | (F) | 1.34% | 1.42% | 1.28% | 1.61% | (F) | |||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
(0.79)% | (F) | (0.48)% | (0.74)% | (0.78)% | - | ||||||||||||||||||
Net investment loss, net waiver and reimbursement |
(0.69)% | (F) | (0.38)% | (0.69)% | (0.73)% | (0.95)% | (F) | |||||||||||||||||
Portfolio turnover rate |
100% | (E) | 124% | 144% | 91% | 120% | (E) |
*Amount is less than $0.005 per share.
+ Actual net assets not truncated.
(A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | 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. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
49
Timothy International Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
Months ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.53 | $ | 8.47 | $ | 8.89 | $ | 8.65 | $ | 7.31 | $ | 6.54 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
- * | - * | 0.08 | 0.05 | 0.06 | 0.03 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.31 | 0.15 | (0.50) | 0.36 | 1.34 | 0.97 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
0.31 | 0.15 | (0.42) | 0.41 | 1.40 | 1.00 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.09) | (0.09) | - | (0.17) | (0.06) | (0.23) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.09) | (0.09) | - | (0.17) | (0.06) | (0.23) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 8.75 | $ | 8.53 | $ | 8.47 | $ | 8.89 | $ | 8.65 | $ | 7.31 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total return (B)(C) |
3.64% | (D) | 1.85% | (4.72)% | (E) | 4.74% | 19.25% | 15.73% | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 68,693 | $ | 70,013 | $ | 53,458 | $ | 54,709 | $ | 38,432 | $ | 29,794 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.73% | (F) | 1.68% | 1.67% | 1.69% | - | - | |||||||||||||||||
Expenses, net waiver and reimbursement |
1.68% | (F) | 1.63% | 1.62% | 1.68% | 1.73% | 1.82% | |||||||||||||||||
Net investment income (loss) before waiver and reimbursement |
(0.02)% | (F) | (0.03)% | 0.88% | 0.52% | - | - | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement |
0.03% | (F) | 0.02% | 0.93% | 0.52% | 0.70% | 0.38% | |||||||||||||||||
Portfolio turnover rate |
10% | (D) | 28% | 30% | 31% | 29% | 34% |
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
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) | As a result of a trade error, the Fund experienced a loss totaling $4,927.83 for the year ended September 30, 2015, all of which was reimbursed by the Advisor; there was no effect on total return due to trade error. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
50
Timothy International Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
Months ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.25 | $ | 8.21 | $ | 8.67 | $ | 8.46 | $ | 7.15 | $ | 6.39 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
(0.03) | (0.06) | 0.02 | (0.02) | - | (0.02) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.30 | 0.15 | (0.48) | 0.35 | (B) | 1.31 | 0.95 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
0.27 | 0.09 | (0.46) | 0.33 | 1.31 | 0.93 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.01) | (0.05) | - | (0.12) | - | (0.17) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.01) | (0.05) | - | (0.12) | - | (0.17) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 8.51 | $ | 8.25 | $ | 8.21 | $ | 8.67 | $ | 8.46 | $ | 7.15 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total return (C)(D) |
3.31% | (E) | 1.09% | (5.31)% | (F) | 3.87% | 18.32% | 14.88% | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 4,002 | $ | 4,495 | $ | 3,498 | $ | 3,336 | $ | 2,446 | $ | 1,617 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.48% | (G) | 2.43% | 2.41% | 2.44% | - | - | |||||||||||||||||
Expenses, net waiver and reimbursement |
2.43% | (G) | 2.38% | 2.36% | 2.44% | 2.47% | 2.57% | |||||||||||||||||
Net investment income (loss) before waiver and reimbursement |
(0.80)% | (G) | (0.74)% | 0.17% | (0.21)% | - | - | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement |
(0.75)% | (G) | (0.69)% | 0.18% | (0.20)% | (0.01)% | (0.32)% | |||||||||||||||||
Portfolio turnover rate |
10% | (E) | 28% | 30% | 31% | 29% | 34% |
(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) | As a result of a trade error, the Fund experienced a loss totaling $4,927.83 for the year ended September 30, 2015, all of which was reimbursed by the Advisor; there was no effect on total return due to trade error. |
(G) | Annualized. |
The accompanying notes are an integral part of these financial statements.
51
Timothy International Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six | For the Year | For the Year | For the Year | For the | ||||||||||||||||||||
Months ended | ended | ended | ended | Period ended | ||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, 2013 | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | (A) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.55 | $ | 8.49 | $ | 8.88 | $ | 8.65 | $ | 8.46 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (B) |
0.02 | 0.02 | 0.15 | 0.08 | 0.02 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.30 | 0.15 | (C) | (0.54) | 0.34 | 0.17 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
0.32 | 0.17 | (0.39) | 0.42 | 0.19 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.11) | (0.11) | - | (0.19) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.11) | (0.11) | - | (0.19) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 8.76 | $ | 8.55 | $ | 8.49 | $ | 8.88 | $ | 8.65 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (D) |
3.79% | (E) | 2.08% | (4.39)% | (F) | 4.85% | 2.25% | (E) | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 8,781 | $ | 2,880 | $ | 1,581 | $ | 461 | $ | 102 | + | |||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.48% | (G) | 1.45% | 1.42% | 1.38% | - | ||||||||||||||||||
Expenses, net waiver and reimbursement |
1.43% | (G) | 1.39% | 1.37% | 1.38% | 1.48% | (G) | |||||||||||||||||
Net investment income, before waiver and reimbursement |
0.50% | (G) | 0.22% | 1.13% | 0.85% | - | ||||||||||||||||||
Net investment income, net waiver and reimbursement |
0.55% | (G) | 0.29% | 1.18% | 0.86% | 0.95% | (G) | |||||||||||||||||
Portfolio turnover rate |
10% | (E) | 28% | 30% | 31% | 29% | (E) |
+ | Actual net assets not truncated. |
(A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | 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. |
(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) | As a result of a trade error, the Fund experienced a loss totaling $4,927.83 for the year ended September 30, 2015, all of which was reimbursed by the Advisor; there was no effect on total return due to trade error. |
(G) | Annualized. |
The accompanying notes are an integral part of these financial statements.
52
Timothy Large/Mid Cap Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
Months ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.46 | $ | 7.75 | $ | 8.66 | $ | 8.36 | $ | 7.30 | $ | 6.05 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment loss (A) |
(0.01) | (0.02) | (0.01) | (0.01) | (0.02) | (0.04) | ||||||||||||||||||||||
Net realized and unrealized gain on investments |
0.70 | 0.51 | 0.03(B) | 1.15 | 1.51 | 1.61 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
0.69 | 0.49 | 0.02 | 1.14 | 1.49 | 1.57 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net realized gains on investments |
(0.09) | (0.78) | (0.93) | (0.84) | (0.43) | (0.32) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.09) | (0.78) | (0.93) | (0.84) | (0.43) | (0.32) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 8.06 | $ | 7.46 | $ | 7.75 | $ | 8.66 | $ | 8.36 | $ | 7.30 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (C)(D) |
9.34% | (E) | 6.65% | (0.35)% | 14.70% | 21.62% | 26.61% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 64,813 | $ | 53,827 | $ | 52,682 | $ | 56,073 | $ | 48,411 | $ | 41,446 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.54% | (F) | 1.54% | 1.56% | 1.57% | - | - | |||||||||||||||||||||
Expenses, net waiver and reimbursement |
1.49% | (F) | 1.49% | 1.51% | 1.57% | 1.59% | 1.68% | |||||||||||||||||||||
Net investment loss, before waiver and reimbursement |
(0.44)% | (F) | (0.38)% | (0.14)% | (0.18)% | - | - | |||||||||||||||||||||
Net investment loss, net waiver and reimbursement |
(0.39)% | (F) | (0.33)% | (0.09)% | (0.17)% | (0.24)% | (0.63)% | |||||||||||||||||||||
Portfolio turnover rate |
39% | (E) | 71% | 73% | 61% | 91% | 127% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | 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. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
53
Timothy Large/Mid Cap Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
Months ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 6.24 | $ | 6.64 | $ | 7.60 | $ | 7.49 | $ | 6.63 | $ | 5.57 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment loss (A) |
(0.04) | (0.07) | (0.06) | (0.07) | (0.07) | (0.09) | ||||||||||||||||||||||
Net realized and unrealized gain on investments |
0.59 | 0.45 | 0.03 | (B) | 1.02 | 1.36 | 1.47 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
0.55 | 0.38 | (0.03) | 0.95 | 1.29 | 1.38 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net realized gains on investments |
(0.09) | (0.78) | (0.93) | (0.84) | (0.43) | (0.32) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.09) | (0.78) | (0.93) | (0.84) | (0.43) | (0.32) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 6.70 | $ | 6.24 | $ | 6.64 | $ | 7.60 | $ | 7.49 | $ | 6.63 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (C)(D) |
8.92% | (E) | 6.04% | (1.14)% | 13.84% | 20.74% | 25.47% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 8,775 | $ | 7,636 | $ | 6,490 | $ | 5,929 | $ | 5,041 | $ | 4,483 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.29% | (F) | 2.30% | 2.31% | 2.32% | - | - | |||||||||||||||||||||
Expenses, net waiver and reimbursement |
2.24% | (F) | 2.24% | 2.26% | 2.32% | 2.34% | 2.44% | |||||||||||||||||||||
Net investment loss, before waiver and reimbursement |
(1.19)% | (F) | (1.14)% | (0.88)% | (0.93)% | - | - | |||||||||||||||||||||
Net investment loss, net waiver and reimbursement |
(1.14)% | (F) | (1.08)% | (0.84)% | (0.93)% | (0.99)% | (1.38)% | |||||||||||||||||||||
Portfolio turnover rate |
39% | (E) | 71% | 73% | 61% | 91% | 127% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | 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. |
The accompanying notes are an integral part of these financial statements.
54
Timothy Large/Mid Cap Growth Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six | For the Year | For the Year | For the Year | For the | ||||||||||||||||||||
Months ended | ended | ended | ended | Period ended | ||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 (A) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.54 | $ | 7.80 | $ | 8.69 | $ | 8.37 | $ | 8.31 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (B) |
(0.01) | (0.01) | 0.02 | 0.01 | 0.01 | |||||||||||||||||||
Net realized and unrealized gain on investments |
0.72 | 0.53 | 0.02 | (C) | 1.15(C) | 0.05 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
0.71 | 0.52 | 0.04 | 1.16 | 0.06 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.09) | (0.78) | (0.93) | (0.84) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.09) | (0.78) | (0.93) | (0.84) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 8.16 | $ | 7.54 | $ | 7.80 | $ | 8.69 | $ | 8.37 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (D) |
9.51% | (E) | 7.01% | (0.10)% | 14.94% | 0.72% | (E) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,923 | $ | 1,088 | $ | 1,202 | $ | 190 | $ | 101 | + | |||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.29% | (F) | 1.29% | 1.31% | 1.30% | - | ||||||||||||||||||
Expenses, net waiver and reimbursement |
1.24% | (F) | 1.24% | 1.26% | 1.29% | 1.34% | (F) | |||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
(0.20)% | (F) | (0.12)% | 0.13% | 0.13% | - | ||||||||||||||||||
Net investment income (loss), net waiver and reimbursement |
(0.15)% | (F) | (0.08)% | 0.16% | 0.14% | 0.01% | (F) | |||||||||||||||||
Portfolio turnover rate |
39% | (E) | 71% | 73% | 61% | 91% | (E) |
+ | Actual net assets not truncated. |
(A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | 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. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
55
Timothy Small Cap Value Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
Months ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.09 | $ | 16.93 | $ | 19.79 | $ | 20.30 | $ | 14.74 | $ | 10.82 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
0.03 | (0.01) | (0.07) | (0.04) | 0.02 | 0.03 | ||||||||||||||||||||||
Net realized and unrealized gain on investments |
1.92 | 1.65 | 0.64 | 1.57 | 5.57 | 3.89 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
1.95 | 1.64 | 0.57 | 1.53 | 5.59 | 3.92 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
- | - | - | - | (0.03) | - | ||||||||||||||||||||||
From net realized gains on investments |
(0.25) | (1.48) | (3.43) | (2.04) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.25) | (1.48) | (3.43) | (2.04) | (0.03) | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 18.79 | $ | 17.09 | $ | 16.93 | $ | 19.79 | $ | 20.30 | $ | 14.74 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
11.41% | (D) | 10.67% | 1.90% | 7.61% | 37.97% | 36.23% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 104,663 | $ | 94,871 | $ | 71,840 | $ | 71,997 | $ | 64,972 | $ | 47,976 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.49% | (E) | 1.48% | 1.53% | 1.53% | - | - | |||||||||||||||||||||
Expenses, net waiver and reimbursement |
1.44% | (E) | 1.44% | 1.48% | 1.52% | 1.55% | 1.59% | |||||||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
0.33% | (E) | (0.09)% | (0.45)% | (0.25)% | - | - | |||||||||||||||||||||
Net investment income (loss), net waiver and reimbursement |
0.38% | (E) | (0.04)% | (0.40)% | (0.25)% | 0.11% | 0.19% | |||||||||||||||||||||
Portfolio turnover rate |
22% | (D) | 73% | 30% | 71% | 73% | 65% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
56
Timothy Small Cap Value Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
Months ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.10 | $ | 13.42 | $ | 16.45 | $ | 17.30 | $ | 12.63 | $ | 9.35 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment loss (A) |
(0.03) | (0.10) | (0.17) | (0.17) | (0.10) | (0.06) | ||||||||||||||||||||||
Net realized and unrealized gain on investments |
1.47 | 1.26 | 0.57 | 1.36 | 4.77 | 3.34 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
1.44 | 1.16 | 0.40 | 1.19 | 4.67 | 3.28 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
- | - | - | - | - | - | ||||||||||||||||||||||
From net realized gains on investments |
(0.25) | (1.48) | (3.43) | (2.04) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.25) | (1.48) | (3.43) | (2.04) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 14.29 | $ | 13.10 | $ | 13.42 | $ | 16.45 | $ | 17.30 | $ | 12.63 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
10.99% | (D) | 9.81% | 1.14% | 6.96% | 36.98% | 35.08% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 11,836 | $ | 10,257 | $ | 8,981 | $ | 8,135 | $ | 7,539 | $ | 4,937 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.24% | (E) | 2.23% | 2.28% | 2.28% | - | - | |||||||||||||||||||||
Expenses, net waiver and reimbursement |
2.19% | (E) | 2.18% | 2.23% | 2.27% | 2.30% | 2.34% | |||||||||||||||||||||
Net investment loss, before waiver and reimbursement |
(0.42)% | (E) | (0.84)% | (1.19)% | (1.01)% | - | - | |||||||||||||||||||||
Net investment loss, net waiver and reimbursement |
(0.37)% | (E) | (0.78)% | (1.14)% | (1.01)% | (0.65)% | (0.55)% | |||||||||||||||||||||
Portfolio turnover rate |
22% | (D) | 73% | 30% | 71% | 73% | 65% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(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.
57
Timothy Small Cap Value Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Period ended September 30, 2013 (A) |
||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.24 | $ | 17.03 | $ | 19.84 | $ | 20.29 | $ | 19.68 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (B) |
0.07 | 0.04 | (0.03) | 0.02 | (0.01) | |||||||||||||||||||
Net realized and unrealized gain on investments |
1.92 | 1.65 | 0.65 | 1.57 | (C) | 0.62 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
1.99 | 1.69 | 0.62 | 1.59 | 0.61 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.25) | (1.48) | (3.43) | (2.04) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.25) | (1.48) | (3.43) | (2.04) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 18.98 | $ | 17.24 | $ | 17.03 | $ | 19.84 | $ | 20.29 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (D) |
11.54% | (E) | 10.92% | 2.18% | 7.93% | 3.10% | (D) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 12,656 | $ | 2,324 | $ | 870 | $ | 532 | $ | 103 | + | |||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.24% | (F) | 1.26% | 1.28% | 1.27% | - | ||||||||||||||||||
Expenses, net waiver and reimbursement |
1.19% | (F) | 1.20% | 1.23% | 1.27% | 1.30% | (E) | |||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
0.64% | (F) | 0.18% | (0.19)% | 0.06% | - | ||||||||||||||||||
Net investment income (loss), net waiver and reimbursement |
0.70% | (F) | 0.23% | (0.14)% | 0.07% | 0.36% | (E) | |||||||||||||||||
Portfolio turnover rate |
22% | (E) | 73% | 30% | 71% | 73% | (D) |
+ | Actual net assets not truncated. |
(A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | 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. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
58
Timothy Large/Mid Cap Value Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.15 | $ | 18.20 | $ | 19.61 | $ | 18.14 | $ | 14.80 | $ | 11.83 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
0.02 | 0.01 | (0.01) | (0.01) | 0.09 | 0.06 | ||||||||||||||||||||||
Net realized and unrealized gain on investments (B) |
1.31 | 1.04 | 0.38 | 2.83 | 3.30 | 2.94 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
1.33 | 1.05 | 0.37 | 2.82 | 3.39 | 3.00 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
- | - | - | (0.09) | (0.05) | (0.03) | ||||||||||||||||||||||
From net realized gains on investments |
(0.22) | (2.10) | (1.78) | (1.26) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.22) | (2.10) | (1.78) | (1.35) | (0.05) | (0.03) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 18.26 | $ | 17.15 | $ | 18.20 | $ | 19.61 | $ | 18.14 | $ | 14.80 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (C)(D) |
7.78% | (E) | 6.40% | 1.59% | 16.13% | 23.00% | 25.39% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 162,302 | $ | 154,260 | $ | 135,091 | $ | 138,821 | $ | 114,657 | $ | 100,632 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.51% | (F) | 1.48% | 1.48% | 1.50% | - | - | |||||||||||||||||||||
Expenses, net waiver and reimbursement |
1.45% | (F) | 1.43% | 1.43% | 1.49% | 1.49% | 1.57% | |||||||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
0.19% | (F) | (0.01)% | (0.13)% | (0.03)% | - | - | |||||||||||||||||||||
Net investment income (loss), net waiver and reimbursement |
0.25% | (F) | 0.04% | (0.08)% | (0.03)% | 0.55% | 0.42% | |||||||||||||||||||||
Portfolio turnover rate |
24% | (E) | 45% | 11% | 37% | 64% | 7% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuations in share transactions. |
(C) | Total return calculation does not reflect sales load. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
59
Timothy Large/Mid Cap Value Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.30 | $ | 15.62 | $ | 17.19 | $ | 16.12 | $ | 13.20 | $ | 10.61 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||
Net investment loss (A) |
(0.04) | (0.10) | (0.14) | (0.13) | (0.03) | (0.04) | ||||||||||||||||||||
Net realized and unrealized gain on investments |
1.10 | 0.88 | 0.35 | 2.49 | 2.95 | 2.63 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
1.06 | 0.78 | 0.21 | 2.36 | 2.92 | 2.59 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||
From net investment income |
- | - | - | (0.03) | - | - | ||||||||||||||||||||
From net realized gains on investments |
(0.22) | (2.10) | (1.78) | (1.26) | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.22) | (2.10) | (1.78) | (1.29) | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 15.14 | $ | 14.30 | $ | 15.62 | $ | 17.19 | $ | 16.12 | $ | 13.20 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (B)(C) |
7.45% | (D) | 5.64% | 0.82% | 15.21% | 22.12% | 24.41% | |||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 22,556 | $ | 20,855 | $ | 18,458 | $ | 16,778 | $ | 13,649 | $ | 10,669 | ||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.26% | (E) | 2.23% | 2.23% | 2.25% | - | - | |||||||||||||||||||
Expenses, net waiver and reimbursement |
2.20% | (E) | 2.18% | 2.18% | 2.24% | 2.23% | 2.32% | |||||||||||||||||||
Net investment loss, before waiver and reimbursement |
(0.56)% | (E) | (0.76)% | (0.88)% | (0.78)% | - | - | |||||||||||||||||||
Net investment loss, net waiver and reimbursement |
(0.50)% | (E) | (0.70)% | (0.83)% | (0.77)% | (0.19)% | (0.32)% | |||||||||||||||||||
Portfolio turnover rate |
24% | (D) | 45% | 11% | 37% | 64% | 7% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total | return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(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 Large/Mid Cap Value Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Period ended September 30, 2013 (A) |
||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.27 | $ | 18.26 | $ | 19.63 | $ | 18.13 | $ | 18.19 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (B) |
0.05 | 0.05 | 0.03 | 0.05 | 0.03 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.31 | 1.06 | (C) | 0.38 | 2.82 | (C) | (0.09) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
1.36 | 1.11 | 0.41 | 2.87 | (0.06) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
- | - | - | (0.11) | - | |||||||||||||||||||
From net realized gains on investments |
(0.22) | (2.10) | (1.78) | (1.26) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.22) | (2.10) | (1.78) | (1.37) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 18.41 | $ | 17.27 | $ | 18.26 | $ | 19.63 | $ | 18.13 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (D) |
7.91% | (E) | 6.74% | 1.81% | 16.09% | (0.33)% | (E) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 12,965 | $ | 5,382 | $ | 3,424 | $ | 1,442 | $ | 100 | + | |||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.26% | (F) | 1.25% | 1.23% | 1.23% | - | ||||||||||||||||||
Expenses, net waiver and reimbursement |
1.20% | (F) | 1.19% | 1.18% | 1.23% | 1.24% | (F) | |||||||||||||||||
Net investment income, before waiver and reimbursement |
0.48% | (F) | 0.24% | 0.12% | 0.25% | - | ||||||||||||||||||
Net investment income, net waiver and reimbursement |
0.54% | (F) | 0.30% | 0.18% | 0.26% | 0.80% | (F) | |||||||||||||||||
Portfolio turnover rate |
24% | (E) | 45% | 11% | 37% | 64% | (E) |
+ | Actual net assets not truncated. |
(A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | 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. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total | return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
61
Timothy Fixed Income Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.47 | $ | 10.27 | $ | 10.43 | $ | 10.43 | $ | 10.87 | $ | 10.72 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||
Net investment income (A) |
0.06 | 0.14 | 0.15 | 0.18 | 0.18 | 0.22 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.29) | 0.21 | (0.04) | 0.09 | (0.49) | 0.18 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
(0.23) | 0.35 | 0.11 | 0.27 | (0.31) | 0.40 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||
From net investment income |
(0.08) | (0.15) | (0.25) | (0.25) | (0.13) | (0.22) | ||||||||||||||||||||
From net realized gains on investments |
- | - | (0.02) | (0.03) | - | - | ||||||||||||||||||||
From return of capital |
- | - | - | - | - | (0.03) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.08) | (0.15) | (0.27) | (0.28) | (0.13) | (0.25) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 10.16 | $ | 10.47 | $ | 10.27 | $ | 10.43 | $ | 10.43 | $ | 10.87 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (B)(C) |
(2.16)% | (D) | 3.47% | 1.08% | 2.64% | (2.82)% | 3.73% | |||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 79,244 | $ | 86,142 | $ | 66,107 | $ | 68,274 | $ | 67,558 | $ | 74,685 | ||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.29% | (E) | 1.24% | 1.28% | 1.30% | 1.27% | 1.31% | |||||||||||||||||||
Expenses, net waiver and reimbursement |
1.09% | (E) | 1.04% | 1.11% | 1.14% | 1.12% | 1.16% | |||||||||||||||||||
Net investment income, before waiver and reimbursement |
0.99% | (E) | 1.19% | 1.29% | 1.60% | 1.54% | 1.86% | |||||||||||||||||||
Net investment income, net waiver and reimbursement |
1.19% | (E) | 1.39% | 1.48% | 1.75% | 1.69% | 2.01% | |||||||||||||||||||
Portfolio turnover rate |
19% | (D) | 40% | 28% | 18% | 25% | 19% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total | return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(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 Fixed Income Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.09 | $ | 9.89 | $ | 10.07 | $ | 10.07 | $ | 10.51 | $ | 10.38 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||
Net investment income (A) |
0.02 | 0.07 | 0.08 | 0.10 | 0.10 | 0.13 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.28) | 0.19 | (0.04) | 0.11 | (0.48) | 0.17 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
(0.26) | 0.26 | 0.04 | 0.21 | (0.38) | 0.30 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||
From net investment income |
(0.04) | (0.06) | (0.20) | (0.18) | (0.06) | (0.14) | ||||||||||||||||||||
From net realized gains on investments |
- | - | (0.02) | (0.03) | - | - | ||||||||||||||||||||
From return of capital |
- | - | - | - | - | (0.03) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.04) | (0.06) | (0.22) | (0.21) | (0.06) | (0.17) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 9.79 | $ | 10.09 | $ | 9.89 | $ | 10.07 | $ | 10.07 | $ | 10.51 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (B)(C) |
(2.53)% | (D) | 2.66% | 0.36% | 2.02% | (3.57)% | 2.88% | |||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 9,795 | $ | 9,660 | $ | 8,510 | $ | 7,120 | $ | 7,958 | $ | 8,997 | ||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.04% | (E) | 1.99% | 2.03% | 2.05% | 2.03% | 2.06% | |||||||||||||||||||
Expenses, net waiver and reimbursement |
1.84% | (E) | 1.79% | 1.86% | 1.90% | 1.88% | 1.91% | |||||||||||||||||||
Net investment income, before waiver and reimbursement |
0.23% | (E) | 0.46% | 0.56% | 0.85% | 0.79% | 1.12% | |||||||||||||||||||
Net investment income, net waiver and reimbursement |
0.43% | (E) | 0.65% | 0.73% | 1.00% | 0.94% | 1.27% | |||||||||||||||||||
Portfolio turnover rate |
19% | (D) | 40% | 28% | 18% | 25% | 19% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(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.
63
Timothy Fixed Income Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Period ended September 30, 2013 (A) |
||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.41 | $ | 10.20 | $ | 10.36 | $ | 10.34 | $ | 10.35 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (B) |
0.07 | 0.17 | 0.18 | 0.41 | 0.04 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.29) | 0.22 | (0.05) | (0.08) | (C) | 0.05 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
(0.22) | 0.39 | 0.13 | 0.33 | 0.09 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.10) | (0.18) | (0.27) | (0.28) | (0.10) | |||||||||||||||||||
From net realized gains on investments |
- | - | (0.02) | (0.03) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.10) | (0.18) | (0.29) | (0.31) | (0.10) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 10.09 | $ | 10.41 | $ | 10.20 | $ | 10.36 | $ | 10.34 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (D) |
(2.13)% | (E) | 3.91% | 1.28% | 3.16% | 0.90% | (E) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,546 | $ | 564 | $ | 483 | $ | 103 | $ | 101 | + | |||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.12% | (F) | 0.96% | 1.03% | (0.44)% | 1.02% | (F) | |||||||||||||||||
Expenses, net waiver and reimbursement |
0.92% | (F) | 0.78% | 0.87% | (0.64)% | 0.87% | (F) | |||||||||||||||||
Net investment income, before waiver and reimbursement |
1.23% | (F) | 1.45% | 1.58% | 3.72% | 1.79% | (F) | |||||||||||||||||
Net investment income, net waiver and reimbursement |
1.43% | (F) | 1.63% | 1.73% | 3.92% | 1.94% | (F) | |||||||||||||||||
Portfolio turnover rate |
19% | (E) | 40% | 28% | 18% | 25% | (E) |
+ | Actual net assets not truncated. |
(A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | 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. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total | return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
64
Timothy High Yield Bond Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.11 | $ | 8.64 | $ | 9.49 | $ | 9.40 | $ | 9.46 | $ | 8.71 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||
Net investment income (A) |
0.17 | 0.36 | 0.40 | 0.44 | 0.49 | 0.54 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.09 | 0.46 | (0.85) | 0.09 | (0.08) | 0.76 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
0.26 | 0.82 | (0.45) | 0.53 | 0.41 | 1.30 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||
From net investment income |
(0.17) | (0.35) | (0.40) | (0.44) | (0.47) | (0.53) | ||||||||||||||||||||
From return of capital |
- | - | - | - | - | (0.02) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.17) | (0.35) | (0.40) | (0.44) | (0.47) | (0.55) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 9.20 | $ | 9.11 | $ | 8.64 | $ | 9.49 | $ | 9.40 | $ | 9.46 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (B)(C) |
2.86% | (D) | 9.80% | (4.88)% | 5.71% | 4.42% | 15.17% | |||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 46,350 | $ | 49,187 | $ | 36,279 | $ | 41,038 | $ | 35,578 | $ | 33,392 | ||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.39% | (E) | 1.29% | 1.30% | 1.28% | - | - | |||||||||||||||||||
Expenses, net waiver and reimbursement |
1.34% | (E) | 1.24% | 1.25% | 1.28% | 1.33% | 1.39% | |||||||||||||||||||
Net investment income, before waiver and reimbursement |
3.70% | (E) | 4.03% | 4.28% | 4.53% | - | - | |||||||||||||||||||
Net investment income, net waiver and reimbursement |
3.75% | (E) | 4.08% | 4.33% | 4.53% | 5.13% | 5.84% | |||||||||||||||||||
Portfolio turnover rate |
35% | (D) | 27% | 39% | 53% | 56% | 24% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(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.
65
Timothy High Yield Bond Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.22 | $ | 8.72 | $ | 9.57 | $ | 9.48 | $ | 9.55 | $ | 8.79 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||
Net investment income (A) |
0.14 | 0.30 | 0.33 | 0.37 | 0.43 | 0.47 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.09 | 0.47 | (0.86) | 0.09 | (0.09) | 0.77 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
0.23 | 0.77 | (0.53) | 0.46 | 0.34 | 1.24 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||
From net investment income |
(0.13) | (0.27) | (0.32) | (0.37) | (0.41) | (0.46) | ||||||||||||||||||||
From return of capital |
- | - | - | - | - | (0.02) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.13) | (0.27) | (0.32) | (0.37) | (0.41) | (0.48) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 9.32 | $ | 9.22 | $ | 8.72 | $ | 9.57 | $ | 9.48 | $ | 9.55 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (B)(C) |
2.53% | (D) | 9.04% | (5.58)% | 4.89% | 3.54% | 14.33% | |||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 3,235 | $ | 3,108 | $ | 2,714 | $ | 2,771 | $ | 2,236 | $ | 1,683 | ||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.14% | (E) | 2.03% | 2.05% | 2.03% | - | - | |||||||||||||||||||
Expenses, net waiver and reimbursement |
2.09% | (E) | 1.98% | 2.00% | 2.03% | 2.07% | 2.14% | |||||||||||||||||||
Net investment income, before waiver and reimbursement |
2.94% | (E) | 3.30% | 3.53% | 3.78% | - | - | |||||||||||||||||||
Net investment income, net waiver and reimbursement |
2.99% | (E) | 3.35% | 3.57% | 3.79% | 4.39% | 5.08% | |||||||||||||||||||
Portfolio turnover rate |
35% | (D) | 27% | 39% | 53% | 56% | 24% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total | return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(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.
66
Timothy High Yield Bond Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Period ended September 30, 2013 (A) |
||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.12 | $ | 8.65 | $ | 9.50 | $ | 9.40 | $ | 9.48 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (B) |
0.18 | 0.39 | 0.43 | 0.47 | 0.07 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.09 | 0.46 | (0.86) | 0.10 | (0.06) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
0.27 | 0.85 | (0.43) | 0.57 | 0.01 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.18) | (0.38) | (0.42) | (0.47) | (0.09) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.18) | (0.38) | (0.42) | (0.47) | (0.09) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 9.21 | $ | 9.12 | $ | 8.65 | $ | 9.50 | $ | 9.40 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (C) |
3.00% | (D) | 10.12% | (4.62)% | 6.07% | 0.15% | (D) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 5,692 | $ | 1,560 | $ | 2,758 | $ | 241 | $ | 100 | + | |||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.14% | (E) | 0.96% | 1.06% | 0.90% | |||||||||||||||||||
Expenses, net waiver and reimbursement |
1.09% | (E) | 0.92% | 1.00% | 0.89% | 1.08% | (E) | |||||||||||||||||
Net investment income, before waiver and reimbursement |
3.92% | (E) | 4.38% | 4.55% | 4.77% | - | ||||||||||||||||||
Net investment income, net waiver and reimbursement |
3.97% | (E) | 4.42% | 4.58% | 4.78% | 5.38% | (E) | |||||||||||||||||
Portfolio turnover rate |
35% | (D) | 27% | 39% | 53% | 56% | (D) |
+ | Actual net assets not truncated. |
(A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
67
Timothy Israel Common Values Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Period ended September 30, 2012 (A) |
|||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.45 | $ | 11.10 | $ | 12.31 | $ | 12.69 | $ | 10.17 | $ | 10.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||
Net investment income (loss)(B) |
0.02 | (0.09) | (0.10) | (0.08) | (0.06) | (0.15) | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.60 | 1.44 | (1.11) | 0.37 | 2.58 | 0.32 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
1.62 | 1.35 | (1.21) | 0.29 | 2.52 | 0.17 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||
From net investment income |
(0.19) | - | - | (0.67) | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.19) | - | - | (0.67) | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 13.88 | $ | 12.45 | $ | 11.10 | $ | 12.31 | $ | 12.69 | $ | 10.17 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (C)(D) |
13.22% | (E) | 12.16% | (9.83)% | 2.21% | 24.78% | 1.80% | (E) | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 25,006 | $ | 16,030 | $ | 11,756 | $ | 13,792 | $ | 10,295 | $ | 7,983 | ||||||||||||||
Ratio of expenses to average net assets |
1.90% | (F) | 1.96% | 1.93% | 1.98% | 2.24% | 2.82% | (F) | ||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.31% | (F) | (0.82)% | (0.83)% | (0.64)% | (0.57)% | (1.48)% | (F) | ||||||||||||||||||
Portfolio turnover rate |
5% | (E) | 38% | 24% | 11% | 30% | 37% | (E) |
(A) | For the period October 12, 2011 (Commencement of Operations) to September 30, 2012. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | Total return calculation does not reflect sales load. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
68
Timothy Israel Common Values Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Period ended September 30, 2012 (A) |
|||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.01 | $ | 10.78 | $ | 12.05 | $ | 12.50 | $ | 10.09 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment loss (B) |
(0.03) | (0.18) | (0.18) | (0.18) | (0.13) | (0.22) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.54 | 1.41 | (1.09) | 0.37 | 2.54 | 0.31 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
1.51 | 1.23 | (1.27) | 0.19 | 2.41 | 0.09 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.13) | - | - | (0.64) | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.13) | - | - | (0.64) | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 13.39 | $ | 12.01 | $ | 10.78 | $ | 12.05 | $ | 12.50 | $ | 10.09 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total return (C)(D) |
12.69% | (E) | 11.41% | (10.54)% | 1.40% | 23.89% | 1.00% | (E) | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 6,587 | $ | 4,144 | $ | 2,722 | $ | 2,342 | $ | 943 | $ | 217 | ||||||||||||
Ratio of expenses to average net assets |
2.65% | (F) | 2.71% | 2.68% | 2.74% | 2.99% | 3.53% | (F) | ||||||||||||||||
Ratio of net investment loss to average net assets |
(0.42)% | (F) | (1.57)% | (1.59)% | (1.38)% | (1.32)% | (2.21)% | (F) | ||||||||||||||||
Portfolio turnover rate |
5% | (E) | 38% | 24% | 11% | 30% | 37% | (E) |
(A) | For the period October 12, 2011 (Commencement of Operations) to September 30, 2012. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | Total return calculation does not reflect redemption fee. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
69
Timothy Israel Common Values Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the
Six 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Period ended September 30, 2013 (A) |
||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.50 | $ | 11.11 | $ | 12.29 | $ | 12.67 | $ | 12.21 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net investment income (loss) (B) |
0.04 | (0.08) | (0.03) | (0.05) | 0.01 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.59 | 1.47 | (1.15) | 0.37 | 0.45 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
1.63 | 1.39 | (1.18) | 0.32 | 0.46 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
From net investment income |
(0.22) | - | - | (0.70) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(0.22) | - | - | (0.70) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period |
$ | 13.91 | $ | 12.50 | $ | 11.11 | $ | 12.29 | $ | 12.67 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total return (C) |
13.24% | (D) | 12.51% | (9.60)% | 2.36% | 3.77% | (D) | |||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,111 | $ | 520 | $ | 236 | $ | 13 | $ | 104 | + | |||||||||
Ratio of expenses to average net assets |
1.65% | (E) | 1.72% | 1.68% | 1.78% | 1.99% | (E) | |||||||||||||
Ratio of net investment income (loss) to average net assets |
0.68% | (E) | (0.58)% | (0.58)% | (0.36)% | (0.32)% | (E) | |||||||||||||
Portfolio turnover rate |
5% | (D) | 38% | 24% | 11% | 30% | (D) |
+ | Actual net assets not truncated. |
(A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
70
Timothy Defensive Strategies Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the
Six 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.49 | $ | 10.54 | $ | 11.38 | $ | 11.12 | $ | 12.12 | $ | 11.28 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.00 | * | 0.04 | 0.02 | 0.09 | 0.06 | 0.02 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.15) | 0.91 | (0.73) | 0.25 | (1.04) | 1.62 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
(0.15) | 0.95 | (0.71) | 0.34 | (0.98) | 1.64 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.04) | - | (0.12) | (0.05) | - | (0.10) | ||||||||||||||||||
From net realized gains on investments |
- | - | (0.01) | (0.03) | (0.02) | (0.66) | ||||||||||||||||||
From return of capital |
- | - | - | - | - | (0.04) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.04) | - | (0.13) | (0.08) | (0.02) | (0.80) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 11.30 | $ | 11.49 | $ | 10.54 | $ | 11.38 | $ | 11.12 | $ | 12.12 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total return (B)(C) |
(1.33)% | (D) | 9.01% | (6.30)% | 3.06% | (8.09)% | 14.87% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 55,140 | $ | 68,706 | $ | 71,569 | $ | 54,054 | $ | 51,859 | $ | 52,529 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.49% | (E) | 1.35% | 1.26% | 1.28% | - | - | |||||||||||||||||
Expenses, net waiver and reimbursement |
1.44% | (E) | 1.30% | 1.21% | 1.28% | 1.26% | 1.33% | |||||||||||||||||
Net investment income, before waiver and reimbursement |
(0.01)% | (E) | 0.35% | 0.11% | 0.78% | - | - | |||||||||||||||||
Net investment income, net waiver and reimbursement |
0.04% | (E) | 0.40% | 0.16% | 0.78% | 0.52% | 0.20% | |||||||||||||||||
Portfolio turnover rate |
22% | (D) | 58% | 42% | 24% | 56% | 247% |
* | 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. |
The accompanying notes are an integral part of these financial statements.
71
Timothy Defensive Strategies Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the
Six 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.07 | $ | 10.22 | $ | 11.04 | $ | 10.82 | $ | 11.88 | $ | 11.09 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
(0.04) | (0.04) | (0.07) | - | (0.03) | (0.07) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.15) | 0.89 | (B) | (0.71) | 0.25 | (1.01) | 1.58 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
(0.19) | 0.85 | (0.78) | 0.25 | (1.04) | 1.51 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
- | - | (0.03) | - | - | (0.02) | ||||||||||||||||||
From net realized gains on investments |
- | - | (0.01) | (0.03) | (0.02) | (0.66) | ||||||||||||||||||
From return of capital |
- | - | - | - | - | (0.04) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
- | - | (0.04) | (0.03) | (0.02) | (0.72) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 10.88 | $ | 11.07 | $ | 10.22 | $ | 11.04 | $ | 10.82 | $ | 11.88 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total return (C)(D) |
(1.72)% | (E) | 8.32% | (7.06)% | 2.27% | (8.75)% | 13.91% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 8,053 | $ | 9,630 | $ | 14,671 | $ | 14,461 | $ | 16,718 | $ | 18,801 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.24% | (F) | 2.07% | 2.01% | 2.04% | - | - | |||||||||||||||||
Expenses, net waiver and reimbursement |
2.19% | (F) | 2.02% | 1.96% | 2.03% | 2.02% | 2.09% | |||||||||||||||||
Net investment loss, before waiver and reimbursement |
(0.75)% | (F) | (0.46)% | (0.67)% | (0.02)% | - | - | |||||||||||||||||
Net investment loss, net waiver and reimbursement |
(0.70)% | (F) | (0.41)% | (0.62)% | (0.01)% | (0.25)% | (0.60)% | |||||||||||||||||
Portfolio turnover rate |
22% | (E) | 58% | 42% | 24% | 56% | 247% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | 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. |
The accompanying notes are an integral part of these financial statements.
72
Timothy Defensive Strategies Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Period ended September 30, 2013 (A) |
||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.51 | $ | 10.52 | $ | 11.36 | $ | 11.11 | $ | 11.11 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (B) |
0.04 | 0.09 | 0.05 | 0.18 | 0.01 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.18) | 0.90 | (0.73) | 0.20 | (0.01) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
(0.14) | 0.99 | (0.68) | 0.38 | 0.00 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.07) | - | (0.15) | (0.10) | - | |||||||||||||||||||
From net realized gains on investments |
- | - | (0.01) | (0.03) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.07) | - | (0.16) | (0.13) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 11.30 | $ | 11.51 | $ | 10.52 | $ | 11.36 | $ | 11.11 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (C) |
(1.24)% | (D) | 9.41% | (6.09)% | 3.39% | 0.00% | (D) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,839 | $ | 398 | $ | 163 | $ | 97 | $ | 100 | + | |||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.24% | (E) | 1.18% | 1.01% | 0.74% | - | ||||||||||||||||||
Expenses, net waiver and reimbursement |
1.19% | (E) | 1.12% | 0.96% | 0.72% | 1.01% | (E) | |||||||||||||||||
Net investment income, before waiver and reimbursement |
0.66% | (E) | 0.73% | 0.42% | 1.50% | - | ||||||||||||||||||
Net investment income, net waiver and reimbursement |
0.71% | (E) | 0.79% | 0.47% | 1.52% | 0.77% | (E) | |||||||||||||||||
Portfolio turnover rate |
22% | (D) | 58% | 42% | 24% | 56% | (D) |
+ | Actual net assets not truncated. |
(A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
73
Timothy Strategic Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.73 | $ | 8.42 | $ | 8.90 | $ | 8.34 | $ | 7.44 | $ | 6.27 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
(0.01) | (0.03) | 0.03 | 0.12 | 0.02 | 0.04 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.25 | 0.37 | (0.40) | 0.45 | 0.93 | 1.13 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
0.24 | 0.34 | (0.37) | 0.57 | 0.95 | 1.17 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
- | (0.03) | (0.11) | (0.01) | (0.05) | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
- | (0.03) | (0.11) | (0.01) | (0.05) | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 8.97 | $ | 8.73 | $ | 8.42 | $ | 8.90 | $ | 8.34 | $ | 7.44 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
2.75% | (D) | 4.03% | (4.16)% | 6.82% | 12.78% | 18.66% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 32,359 | $ | 32,800 | $ | 33,071 | $ | 36,951 | $ | 34,466 | $ | 32,250 | ||||||||||||||||
Ratio of expenses to average net assets (E) |
1.09% | (F) | 1.05% | 1.08% | 1.07% | 1.08% | 1.15% | |||||||||||||||||||||
Ratio of net investment income (loss), to average net assets (E)(G) |
(0.18)% | (F) | (0.38)% | 0.37% | 1.34% | 0.24% | 0.60% | |||||||||||||||||||||
Portfolio turnover rate |
25% | (D) | 37% | 24% | 14% | 19% | 33% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(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.
74
Timothy Strategic Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.95 | $ | 7.70 | $ | 8.15 | $ | 7.69 | $ | 6.87 | $ | 5.82 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
(0.04) | (0.08) | (0.02) | 0.03 | (0.04) | (0.01) | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.23 | 0.33 | (0.38) | 0.43 | 0.86 | 1.06 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
0.19 | 0.25 | (0.40) | 0.46 | 0.82 | 1.05 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
- | - | (0.05) | - | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
- | - | (0.05) | - | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 8.14 | $ | 7.95 | $ | 7.70 | $ | 8.15 | $ | 7.69 | $ | 6.87 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
2.39% | (D) | 3.25% | (4.89)% | 5.98% | 11.94% | 18.04% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 6,918 | $ | 7,380 | $ | 7,713 | $ | 8,842 | $ | 7,668 | $ | 6,836 | ||||||||||||||||
Ratio of expenses to average net assets (E) |
1.84% | (F) | 1.80% | 1.84% | 1.82% | 1.83% | 1.90% | |||||||||||||||||||||
Ratio of net investment income (loss), to average net assets (E)(G) |
(0.91)% | (F) | (1.09)% | (0.29)% | 0.50% | (0.52)% | (0.22)% | |||||||||||||||||||||
Portfolio turnover rate |
25% | (D) | 37% | 24% | 14% | 19% | 33% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(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.
75
Timothy Conservative Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.06 | $ | 10.32 | $ | 11.01 | $ | 10.51 | $ | 9.95 | $ | 8.80 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
- | (0.03) | 0.06 | 0.14 | 0.03 | 0.07 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.20 | 0.43 | (0.32) | 0.41 | 0.61 | 1.09 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
0.20 | 0.40 | (0.26) | 0.55 | 0.64 | 1.16 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
- | (0.05) | (0.10) | (0.05) | (0.08) | (0.01) | ||||||||||||||||||||||
From net realized gains on investments |
- | (0.61) | (0.33) | - | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
- | (0.66) | (0.43) | (0.05) | (0.08) | (0.01) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 10.26 | $ | 10.06 | $ | 10.32 | $ | 11.01 | $ | 10.51 | $ | 9.95 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
1.99% | (D) | 4.22% | (2.47)% | 5.23% | 6.44% | 13.22% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 44,315 | $ | 44,437 | $ | 44,706 | $ | 47,543 | $ | 44,238 | $ | 40,042 | ||||||||||||||||
Ratio of expenses to average net assets (E) |
1.06% | (F) | 1.02% | 1.07% | 1.05% | 1.05% | 1.11% | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (E)(G) |
(0.01)% | (F) | (0.27)% | 0.53% | 1.26% | 0.25% | 0.71% | |||||||||||||||||||||
Portfolio turnover rate |
13% | (D) | 27% | 25% | 19% | 22% | 32% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(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.
76
Timothy Conservative Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Year ended September 30, 2013 |
For the Year ended September 30, 2012 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.27 | $ | 9.58 | $ | 10.22 | $ | 9.79 | $ | 9.27 | $ | 8.24 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
(0.04) | (0.09) | (0.01) | 0.03 | (0.05) | (0.01) | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.20 | 0.39 | (0.30) | 0.40 | 0.57 | 1.04 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
0.16 | 0.30 | (0.31) | 0.43 | 0.52 | 1.03 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net realized gains on investments |
- | (0.61) | (0.33) | - | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
- | (0.61) | (0.33) | - | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 9.43 | $ | 9.27 | $ | 9.58 | $ | 10.22 | $ | 9.79 | $ | 9.27 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
1.73% | (D) | 3.39% | (3.19)% | 4.39% | 5.61% | 12.50% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 10,727 | $ | 10,697 | $ | 11,135 | $ | 12,359 | $ | 10,419 | $ | 9,191 | ||||||||||||||||
Ratio of expenses to average net assets (E) |
1.81% | (F) | 1.77% | 1.82% | 1.79% | 1.80% | 1.86% | |||||||||||||||||||||
Ratio of net investment income (loss), to average net assets (E)(G) |
(0.78)% | (F) | (1.01)% | (0.14)% | 0.41% | (0.50)% | (0.06)% | |||||||||||||||||||||
Portfolio turnover rate |
13% | (D) | 27% | 25% | 19% | 22% | 32% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fees. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(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.
77
Timothy Emerging Markets Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Period ended September 30, 2013 (A) |
||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.06 | $ | 6.34 | $ | 10.23 | $ | 10.53 | $ | 10.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (B) |
(0.00) | * | 0.03 | 0.04 | (0.02) | (0.08) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.80 | 1.69 | (3.35) | 0.08 | 0.61 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
0.80 | 1.72 | (3.31) | 0.06 | 0.53 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.04) | - | (0.04) | - | - | |||||||||||||||||||
From net realized gains on investments |
- | - | (0.54) | (0.36) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.04) | - | (0.58) | (0.36) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 8.82 | $ | 8.06 | $ | 6.34 | $ | 10.23 | $ | 10.53 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (C)(D) |
9.95% | (E) | 27.13% | (33.78)% | 0.61% | 5.30% | (E) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 11,562 | $ | 7,118 | $ | 5,981 | $ | 10,803 | $ | 8,675 | ||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.27% | (F) | 2.58% | 2.50% | 2.55% | - | ||||||||||||||||||
Expenses, net waiver and reimbursement |
2.22% | (F) | 2.53% | 2.45% | 2.55% | 3.03% (F) | ||||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
(0.10)% | (F) | 0.39% | 0.36% | (0.19)% | - | ||||||||||||||||||
Net investment income (loss), net waiver and reimbursement |
(0.05)% | (F) | 0.44% | 0.41% | (0.19)% | (0.95)% | (F) | |||||||||||||||||
Portfolio turnover rate |
15% | (E) | 24% | 37% | 39% | 19% | (E) |
* | Amount is less than $0.005 per share |
(A) | For the period December 3, 2012 (Commencement of Operations) to September 30, 2013. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | Total return calculation does not reflect sales load. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
78
Timothy Emerging Markets Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Period ended September 30, 2013 (A) |
||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.88 | $ | 6.23 | $ | 10.09 | $ | 10.48 | $ | 10.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment loss(B) |
(0.03) | (0.02) | (0.02) | (0.09) | (0.12) | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.77 | 1.67 | (C) | (3.30) | 0.06 | 0.60 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
0.74 | 1.65 | (3.32) | (0.03) | 0.48 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
- | - | (0.54) | (0.36) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
- | - | (0.54) | (0.36) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 8.62 | $ | 7.88 | $ | 6.23 | $ | 10.09 | $ | 10.48 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (D)(E) |
9.53% | (F) | 26.48% | (34.29)% | (0.27)% | 4.80% | (F) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,788 | $ | 897 | $ | 498 | $ | 883 | $ | 291 | ||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
3.04% | (G) | 3.36% | 3.26% | 3.25% | - | ||||||||||||||||||
Expenses, net waiver and reimbursement |
2.99% | (G) | 3.28% | 3.21% | 3.25% | 3.76% | (G) | |||||||||||||||||
Net investment loss, before waiver and reimbursement |
(0.88)% | (G) | (0.29)% | (0.39)% | (0.83)% | - | ||||||||||||||||||
Net investment loss, net waiver and reimbursement |
(0.83)% | (G) | (0.24)% | (0.34)% | (0.83)% | (1.39)% | (G) | |||||||||||||||||
Portfolio turnover rate |
15% | (F) | 24% | 37% | 39% | 19% | (F) |
(A) | For the period December 3, 2012 (Commencement of Operations) to September 30, 2013. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | 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. |
(D) | Total return calculation does not reflect redemption fee. |
(E) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(F) | For periods of less than one full year, total return and turnover are not annualized. |
(G) | Annualized. |
The accompanying notes are an integral part of these financial statements.
79
Timothy Emerging Markets Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Year ended September 30, 2014 |
For the Period ended September 30, 2013 (A) |
||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.11 | $ | 6.35 | $ | 10.25 | $ | 10.53 | $ | 9.96 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (B) |
0.01 | 0.05 | 0.08 | 0.03 | - | * | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.79 | 1.71 | (3.38) | 0.05 | (C) | 0.57 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
0.80 | 1.76 | (3.30) | 0.08 | 0.57 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.05) | - | (0.06) | - | - | |||||||||||||||||||
From net realized gains on investments |
- | - | (0.54) | (0.36) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.05) | - | (0.60) | (0.36) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 8.86 | $ | 8.11 | $ | 6.35 | $ | 10.25 | $ | 10.53 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (D) |
10.11% | (E) | 27.72% | (33.04)% | 0.81% | 5.72% | (E) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,120 | $ | 703 | $ | 329 | $ | 333 | $ | 106 | + | |||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.02% | (F) | 2.42% | 2.26% | 2.25% | - | ||||||||||||||||||
Expenses, net waiver and reimbursement |
1.97% | (F) | 2.38% | 2.21% | 2.25% | 2.78% | (F) | |||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
0.15% | (F) | 0.61% | 0.90% | 0.25% | - | ||||||||||||||||||
Net investment income (loss), net waiver and reimbursement |
0.20% | (F) | 0.66% | 0.95% | 0.26% | (0.70%) | (F) | |||||||||||||||||
Portfolio turnover rate |
15% | (E) | 24% | 37% | 39% | 19% | (E) |
* | Amount is less than $0.005 per share. |
+ | Actual net assets not truncated. |
(A) | For the period August 1, 2013 (Commencement of Operations) to September 30, 2013. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | 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. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
80
Timothy Growth & Income Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Period ended September 30, 2014 (A) |
|||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.76 | $ | 10.53 | $ | 10.95 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net investment income (loss) (B) |
0.01 | 0.03 | 0.01 | (0.02) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.16 | 0.22 | (0.42) | 0.97 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
0.17 | 0.25 | (0.41) | 0.95 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
From net investment income |
(0.00) | * | (0.02) | (0.01) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.00) | (0.02) | (0.01) | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 10.93 | $ | 10.76 | $ | 10.53 | $ | 10.95 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total return (C)(D) |
1.58% | (E) | 2.36% | (3.75)% | 9.50% | (E) | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 30,138 | $ | 36,486 | $ | 26,378 | $ | 24,272 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.62% | (F) | 1.59% | 1.56% | 1.68% | (F) | ||||||||||||||
Expenses, net waiver and reimbursement |
1.57% | (F) | 1.54% | 1.51% | 1.67% | (F) | ||||||||||||||
Net investment income (loss), before waiver and reimbursement |
0.18% | (F) | 0.20% | 0.08% | (0.21%) | (F) | ||||||||||||||
Net investment income (loss), net waiver and reimbursement |
0.23% | (F) | 0.25% | 0.13% | (0.21%) | (F) | ||||||||||||||
Portfolio turnover rate |
50% | (E) | 45% | 75% | 21% | (E) |
* | Amount is less than $0.005 per share. |
(A) | For the period October 1, 2013 (Commencement of Operations) to September 30, 2014. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | Total return calculation does not reflect sales load. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
81
Timothy Growth & Income Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Period ended September 30, 2014 (A) |
|||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.55 | $ | 10.39 | $ | 10.87 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net investment loss (B) |
(0.03) | (0.06) | (0.06) | (0.08) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.16 | 0.22 | (C) | (0.42) | 0.95 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
0.13 | 0.16 | (0.48) | 0.87 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 10.68 | $ | 10.55 | $ | 10.39 | $ | 10.87 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total return (D)(E) |
1.23% | (F) | 1.54% | (4.42)% | 8.70% | (F) | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 3,101 | $ | 3,028 | $ | 3,330 | $ | 2,081 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.38% | (G) | 2.32% | 2.30% | 2.20% | (G) | ||||||||||||||
Expenses, net waiver and reimbursement |
2.33% | (G) | 2.28% | 2.25% | 2.19% | (G) | ||||||||||||||
Net investment loss, before waiver and reimbursement |
(0.55%) | (G) | (0.61%) | (0.60%) | (0.72%) | (G) | ||||||||||||||
Net investment loss, net waiver and reimbursement |
(0.50%) | (G) | (0.56%) | (0.55%) | (0.70%) | (G) | ||||||||||||||
Portfolio turnover rate |
50% | (F) | 45% | 75% | 21% | (F) |
(A) | For the period October 1, 2013 (Commencement of Operations) to September 30, 2014. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | 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. |
(D) | Total return calculation does not reflect redemption fee. |
(E) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(F) | For periods of less than one full year, total return and turnover are not annualized. |
(G) | Annualized. |
The accompanying notes are an integral part of these financial statements.
82
Timothy Growth & Income Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2017 |
For the Year ended September 30, 2016 |
For the Year ended September 30, 2015 |
For the Period ended September 30, 2014 (A) |
|||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.81 | $ | 10.56 | $ | 10.96 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net investment income (B) |
0.03 | 0.05 | 0.04 | 0.04 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.16 | 0.23 | (0.42) | 0.92 | (C) | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
0.19 | 0.28 | (0.38) | 0.96 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
From net investment income |
(0.01) | (0.03) | (0.02) | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.01) | (0.03) | (0.02) | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 10.99 | $ | 10.81 | $ | 10.56 | $ | 10.96 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total return (D) |
1.73% | (E) | 2.61% | (3.50)% | 9.60% | (E) | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 2,089 | $ | 1,593 | $ | 1,573 | $ | 1,507 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.38% | (F) | 1.32% | 1.31% | 1.18% | (F) | ||||||||||||||
Expenses, net waiver and reimbursement |
1.33% | (F) | 1.28% | 1.26% | 1.16% | (F) | ||||||||||||||
Net investment income, before waiver and reimbursement |
0.47% | (F) | 0.41% | 0.32% | 0.30% | (F) | ||||||||||||||
Net investment income, net waiver and reimbursement |
0.52% | (F) | 0.46% | 0.38% | 0.31% | (F) | ||||||||||||||
Portfolio turnover rate |
50% | (E) | 45% | 75% | 21% | (E) |
(A) | For the period October 1, 2013 (Commencement of Operations) to September 30, 2014. |
(B) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(C) | 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. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
The accompanying notes are an integral part of these financial statements.
83
Notes to Financial Statements
March 31, 2017 (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, 2017, the Trust consisted of fifteen series. These financial statements include the following thirteen series: Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Israel Common Values Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund, Timothy Plan Emerging Markets Fund and Timothy Plan Growth & Income Fund (the Funds). The Funds are diversified funds except for the Timothy Plan Defensive Strategy Fund which is a non-diversified fund.
The Timothy Plan Aggressive Growth Funds investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Funds 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 Funds Advisor believes show a high probability for superior growth.
The Timothy Plan International Funds investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Funds 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 Funds 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 Funds 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 Funds investment objective. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Funds total assets in U.S. common stocks with market capitalizations in excess of $2 billion.
The Timothy Plan Small Cap Value Funds primary objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing at least 80% of its assets in U.S. common stocks whose market capitalization is generally less than $2 billion.
The Timothy Plan Large/Mid Cap Value Funds investment objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing in U.S. common stocks. The Fund will invest at least 80% of its assets in the common stock of companies whose total market capitalization generally exceeds $2 billion.
The Timothy Plan Fixed Income Fund seeks to generate a high level of current income consistent with prudent investment risk. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally only purchase high quality securities.
The Timothy Plan High Yield Bond Funds investment objective is to generate a high level of current income. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally purchase securities that are not investment-grade, meaning securities with a rating of BBB or lower as rated by Standard and Poors 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 Funds 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 Funds investment objective is the protection of principal through aggressive, proactive reactions to prevailing economic conditions. To achieve its investment objective, the Fund normally invests in Real Estate Investment Trusts (REITs), commodities based Exchange-Traded Funds (ETFs), Treasury Inflation Protected Securities (TIPS), and currently holds gold and silver bullion.
The Timothy Plan Strategic Growth Fund seeks to generate medium to high levels of long-term capital growth. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust: approximately 2-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 10-20% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 10-20% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 6-18% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 10-20% of its net assets in the Timothy Plan International Fund; approximately 2-10% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 10-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-10% of its net assets in the Timothy Plan Emerging Markets Fund; approximately 5-20% of its net assets in the Timothy Plan Growth & Income Fund; and approximately 0-15% of its net assets in the Timothy Fixed Income Fund.
84
Notes to Financial Statements
March 31, 2017 (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 2-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 5-15% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 5-15% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 2-5% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 6-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 0-10% of its net assets in the Timothy Plan International Fund; approximately 20%-40% of its net assets in the Timothy Plan Fixed Income Fund; approximately 10-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-10% of its net assets in the Timothy Plan Emerging Markets Fund; and approximately 5-20% of its net assets in the Timothy Plan Growth & Income Fund.
The Timothy Plan Emerging Markets Fund commenced operations on December 3, 2012. The Funds investment objective is long-term growth of capital. The Fund seeks to achieve its investment objectives by normally investing at least 80% of the Funds total assets in the common stock of companies domiciled and/or headquartered in countries that the Funds Advisor/Sub-Advisor believes are experiencing rapid or above average growth or industrialization through the purchase of American Depositary Receipts (ADRs) and direct investments in such companies on foreign stock exchanges, without regard to market capitalizations.
The Timothy Plan Growth & Income Fund commenced operations on October 1, 2013. The Funds investment objective is to provide total return through a combination of growth and income and preservation of capital in declining markets. The Fund seeks to achieve its investment objectives by employing a proprietary investment model to select equity securities for the Fund that the Funds Advisor/Sub-Advisor believes are undervalued and more likely to appreciate. The Funds Advisor/Sub-Advisor focuses on characteristics such as management commitment, value and neglect, and on equity securities that are underrepresented by institutional investors. The Funds Advisor/Sub-Advisor also assesses a number of fundamental factors such as earnings, earnings trends, price earnings multiples, return on assets and other financial statement data, as well as other proprietary calculations. The model evaluates over 8,500 companies of all capitalization ranges. For the Fund, the Funds Advisor/Sub-Advisor refines the model by using a capitalization screen and evaluates thousands of companies within the appropriate capitalization range. The Funds Advisor normally will sell a security when the investment no longer meets the Funds Advisors/Sub-Advisors investment criteria.
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP) for investment companies. The Fund is 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 including FASB Accounting Standard Update ASU 2013-08.
A. | SECURITY VALUATION AND FAIR VALUE MEASUREMENTS |
All investments in securities are recorded at their estimated fair value as described in Note 2.
B. | INVESTMENT INCOME AND SECURITIES TRANSACTIONS |
Security transactions are accounted for on the date the securities are purchased or sold (trade date). The costing method for the Timothy Plan Funds is FIFO (first-in-first-out). Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Aggressive Growth Fund, Large/Mid Cap Growth Fund, Large/Mid Cap Value Fund, Small Cap Value Fund, Israel Common Values Fund, Defensive Strategies Fund and Emerging Markets Fund have made certain investments in REITs and Master Limited Partnerships (MLPs). Dividend income from REITs and MLPs is recognized on the ex-dividend date. It is common for distributions from REITs and MLPs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. Income or loss from the MLPs is reclassified upon receipt of the MLPs K-1. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds investments in REITS are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the calendar year. Estimates are based on the most recent REIT distribution information available. Withholding taxes on foreign dividends have been provided for in accordance with the Funds understanding of the applicable countrys tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.
C. | FOREIGN CURRENCY |
Investment securities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
85
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
D. | GOLD/SILVER RISK FACTORS |
There is a risk that some or all of the Trusts gold and silver bars held by the custodian or any sub-custodian on behalf of the Trust could be lost, damaged or stolen. Access to the Trusts 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.
Several factors may affect the price of gold and silver, including but not limited to:
● | Global or regional political, economic or financial events and situations; |
● | Investors expectations with respect to the rate of inflation; |
● | Currency exchange rates; |
● | Interest rates; and |
● | Investment and trading activities of hedge funds and commodity funds. |
E. | NET ASSET VALUE PER SHARE |
The Net Asset Value (NAV) per share of the capital stock of the Funds is determined daily as of the close of trading on the New York Stock Exchange by dividing the value of its net assets by the number of Fund shares outstanding. The NAV is calculated separately for each class of each Fund in the Trust. The net asset value of the classes may differ because of different fees and expenses charged to each class.
F. | EXPENSES |
Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Funds relative net assets or another appropriate basis as determined by the Board of Trustees (the Board).
G. | CLASSES |
There are three classes of shares currently offered by all Funds in the Trust, except Strategic Growth Fund and Conservative Growth Fund: Class A shares are offered with a front-end sales charge and ongoing service/distribution fees; Class C shares are offered with a contingent deferred sales charge (CDSC) that ends after the first year and ongoing service and distribution fees; Class I shares, which commenced operations on August 1, 2013, are offered without any sales charges or ongoing service distribution fees.
Class specific expenses are borne by each specific class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.
H. | USE OF ESTIMATES |
In the preparation of financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the year ended. Actual results could differ from those estimates.
I. | FEDERAL INCOME TAXES |
It is the policy of each Fund to continue to comply with all requirements under subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income or gains. Therefore, no federal income tax or excise provision is required.
As of March 31, 2017, 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, 2017, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially within the next twelve months.
J. | INDEMNIFICATION |
The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.
K. | DISTRIBUTIONS TO SHAREHOLDERS |
Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or Net Asset Values (NAVs) per share of the Funds.
86
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
Reclassifications for the fiscal year ended September 30, 2016 are as follows:
Fund
|
Paid In Capital
|
Undistributed
|
Accumulated Net (Loss)
|
| ||||||||||
Aggressive Growth Fund |
$ | (41,665 | ) | $ | 29,624 | $ | 12,041 | |||||||
International Fund |
(2,868,555 | ) | 69,405 | 2,799,150 | ||||||||||
Large/Mid Cap Growth Fund |
1,487 | (9,406 | ) | 7,919 | ||||||||||
Small Cap Value Fund |
(369,757 | ) | 262,282 | 107,475 | ||||||||||
Large/Mid Cap Value Fund |
(245,671 | ) | 245,039 | 632 | ||||||||||
Fixed Income Fund |
- | 374,146 | (374,146 | ) | ||||||||||
Israel Common Values Fund |
- | (3,858 | ) | 3,858 | ||||||||||
Defensive Strategies Fund |
1,834 | 1,830,727 | (1,832,561 | ) | ||||||||||
Conservative Growth Fund |
- | (65 | ) | 65 | ||||||||||
Emerging Markets Fund |
- | 5,074 | (5,074 | ) | ||||||||||
Growth & Income Fund |
- | 425 | (425 | ) |
L. | SUB-CUSTODIAN |
Effective May 22, 2015, the Timothy Plan Family of Funds entered into a precious metals storage agreement with Brinks Global Services U.S.A., Inc. to maintain the custody of the gold and silver held in the Timothy Plan Defensive Strategies Fund.
Note 2 | Security Valuation and Fair Value Measurements
Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
VALUATION OF FUND OF FUNDS
A Fund may invest in portfolios of open-end or closed-end investment companies (the Underlying Funds). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the Board of Directors of the Underlying Funds.
Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.
OPTIONS TRANSACTIONS The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.
Each Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio.
When the Funds write a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.
The Funds may purchase put and call options. Call options are purchased to hedge against an increase in the value of securities held in a 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 at the current market price. Put options are purchased to hedge against a decline in the value of securities held in a Funds 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
87
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
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 exchanges clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.
There were no options held at March 31, 2017, and there were no options transactions for the six month period ended March 31, 2017.
The changes in unrealized gains and losses on derivative instruments during the year as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.
The Trust utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
●Level 1 Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.
●Level 2 Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
●Level 3 Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Each Fund generally determines the total value of each class of its shares by using market prices for the securities comprising its portfolio. Equity securities, including common stock, ADRs, REITs, MLPs, ETFs and warrants are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Equity securities traded on inactive markets or valued by reference to similar instruments are categorized as a Level 2. When market quotations are not readily available, when the Advisor or Sub-Advisor determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review by the Board. These securities will generally be categorized as Level 3 securities.
Investments in commodities are valued at the spot rate at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy.
Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.
Fixed income securities such as corporate bonds, restricted corporate bonds, asset-backed securities, mortgage-backed securities, U.S. government securities, U.S. government agency securities and treasury inflation protected securities, when valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the Advisor or Sub-Advisor decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.
Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity) may be valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.
The Board has delegated to the Advisor and/or Sub-Advisors responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Advisor or Sub-Advisor will use its best efforts to arrive at the fair value of a security held by the Fund under all reasonably ascertainable facts and circumstances. The Advisor must prepare a report for the Board not less than quarterly containing a 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.
88
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
The following is a summary of the inputs used to value each Funds assets as of March 31, 2017:
Aggressive Growth Fund | ||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock |
$ | 27,281,091 | $ | - | $ | - | $ | 27,281,091 | ||||||||||
Money Market Fund |
1,574,014 | - | - | 1,574,014 | ||||||||||||||
Total |
$ | 28,855,105 | $ | - | $ | - | $ | 28,855,105 | ||||||||||
International Fund |
||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock |
$ | 71,442,173 | $ | - | $ | - | $ | 71,442,173 | ||||||||||
Money Market Fund |
10,123,601 | - | - | 10,123,601 | ||||||||||||||
Total |
$ | 81,565,774 | $ | - | $ | - | $ | 81,565,774 | ||||||||||
Large/Mid Cap Growth Fund |
||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock |
$ | 70,919,875 | $ | - | $ | - | $ | 70,919,875 | ||||||||||
Money Market Fund |
4,987,505 | - | - | 4,987,505 | ||||||||||||||
Total |
$ | 75,907,380 | $ | - | $ | - | $ | 75,907,380 | ||||||||||
Small Cap Value Fund |
||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock |
$ | 108,770,780 | $ | - | $ | - | $ | 108,770,780 | ||||||||||
REITs |
15,411,832 | - | - | 15,411,832 | ||||||||||||||
Money Market Fund |
3,929,669 | - | - | 3,929,669 | ||||||||||||||
Total |
$ | 128,112,281 | $ | - | $ | - | $ | 128,112,281 | ||||||||||
Large/Mid Cap Value Fund |
||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock |
$ | 182,657,581 | $ | - | $ | - | $ | 182,657,581 | ||||||||||
REITs |
9,576,563 | - | - | 9,576,563 | ||||||||||||||
Money Market Fund |
5,580,710 | - | - | 5,580,710 | ||||||||||||||
Total |
$ | 197,814,854 | $ | - | $ | - | $ | 197,814,854 | ||||||||||
Fixed Income Fund |
||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Corporate Bonds |
$ | - | $ | 24,897,343 | $ | - | $ | 24,897,343 | ||||||||||
Government Notes & Bonds |
- | 36,263,544 | - | 36,263,544 | ||||||||||||||
Government Mortgage-Backed Securities |
- | 26,996,161 | - | 26,996,161 | ||||||||||||||
Money Market Fund |
2,034,489 | - | - | 2,034,489 | ||||||||||||||
Total |
$ | 2,034,489 | $ | 88,157,048 | $ | - | $ | 90,191,537 | ||||||||||
High Yield Bond Fund |
||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Corporate Bonds |
$ | - | $ | 52,412,547 | $ | - | $ | 52,412,547 | ||||||||||
Money Market Fund |
2,869,856 | - | - | 2,869,856 | ||||||||||||||
Total |
$ | 2,869,856 | $ | 52,412,547 | $ | - | $ | 55,282,403 | ||||||||||
Israel Common Values Fund |
||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock |
$ | 29,515,672 | $ | - | $ | - | $ | 29,515,672 | ||||||||||
Money Market Fund |
3,550,436 | - | - | 3,550,436 | ||||||||||||||
Total |
$ | 33,066,108 | $ | - | $ | - | $ | 33,066,108 |
89
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
Defensive Strategies Fund | ||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock |
$ | 16,186,593 | $ | - | $ | - | $ | 16,186,593 | ||||||||||
REITs |
11,746,011 | - | - | 11,746,011 | ||||||||||||||
Exchange Traded Funds |
2,634,115 | - | - | 2,634,115 | ||||||||||||||
Corporate Bonds |
- | 1,352,255 | - | 1,352,255 | ||||||||||||||
Treasury Inflation Protected Securities (TIPS) |
- | 19,647,767 | - | 19,647,767 | ||||||||||||||
Alternative Investments |
9,474,668 | - | - | 9,474,668 | ||||||||||||||
Warrants |
94 | - | - | 94 | ||||||||||||||
Money Market Fund |
4,264,845 | - | - | 4,264,845 | ||||||||||||||
Total |
$ | 44,306,326 | $ | 21,000,022 | $ | - | $ | 65,306,348 |
Strategic Growth Fund | ||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Mutual Funds |
$ | 39,251,283 | $ | - | $ | - | $ | 39,251,283 | ||||||||||
Money Market Fund |
246,967 | - | - | 246,967 | ||||||||||||||
Total |
$ | 39,498,250 | $ | - | $ | - | $ | 39,498,250 |
Conservative Growth Fund | ||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Mutual Funds |
$ | 53,672,206 | $ | - | $ | - | $ | 53,672,206 | ||||||||||
Money Market Fund |
1,463,711 | - | - | 1,463,711 | ||||||||||||||
Total |
$ | 55,135,917 | $ | - | $ | - | $ | 55,135,917 |
Emerging Markets Fund | ||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock |
$ | 9,773,165 | $ | 22,717 | $ | - | $ | 9,795,882 | ||||||||||
Preferred Stock |
1,488,565 | - | - | 1,488,565 | ||||||||||||||
REITs |
1,174,026 | - | - | 1,174,026 | ||||||||||||||
Money Market Fund |
1,918,770 | - | - | 1,918,770 | ||||||||||||||
Total |
$ | 14,354,526 | $ | 22,717 | $ | - | $ | 14,377,243 |
Growth & Income Fund | ||||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stock |
$ | 17,661,666 | $ | - | $ | - | $ | 17,661,666 | ||||||||||
REITs |
706,300 | 706,300 | ||||||||||||||||
Corporate Bonds |
- | 499,218 | - | 499,218 | ||||||||||||||
Government Notes & Bonds |
- | 8,143,090 | - | 8,143,090 | ||||||||||||||
Treasury Inflation Protected Securities (TIPS) |
- | 1,424,480 | 1,424,480 | |||||||||||||||
Money Market Fund |
6,897,303 | - | - | 6,897,303 | ||||||||||||||
Total |
$ | 25,265,269 | $ | 10,066,788 | $ | - | $ | 35,332,057 |
Refer to the Schedules of Investments for industry classifications.
During the six months ended March 31, 2017, there were no transfers into and out of Level 1, Level 2 and Level 3. The Funds policy is to recognize transfers at the end of the reporting period.
90
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
Note 3 | Purchases and Sales of Securities
The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the six months ended March 31, 2017:
Purchases | Sales | |||||||||||||||||
Fund | U.S. Govt Obligations |
Other | U.S. Govt Obligations |
Other | ||||||||||||||
Aggressive Growth |
$ | - | $ | 28,508,834 | $ | - | $21,222,527 | |||||||||||
International |
- | 14,416,504 | - | 6,468,332 | ||||||||||||||
Large/Mid Cap Growth |
- | 42,971,346 | - | 22,316,002 | ||||||||||||||
Small Cap Value |
- | 54,800,783 | - | 24,343,968 | ||||||||||||||
Large/Mid Cap Value |
- | 81,798,364 | - | 40,054,967 | ||||||||||||||
Fixed Income |
14,896,847 | 2,988,980 | 14,440,449 | 1,930,124 | ||||||||||||||
High Yield Bond |
- | 17,485,240 | - | 17,149,906 | ||||||||||||||
Israel Common Values |
- | 10,694,441 | - | 1,021,741 | ||||||||||||||
Defensive Strategies |
- | 13,007,799 | 1,127,375 | 21,835,888 | ||||||||||||||
Strategic Growth * |
- | 10,781,420 | - | 9,329,368 | ||||||||||||||
Conservative Growth * |
- | 11,057,802 | - | 6,971,654 | ||||||||||||||
Emerging Markets |
- | 4,694,362 | - | 1,465,967 | ||||||||||||||
Growth & Income |
2,748,467 | 15,910,722 | 12,531,758 | 17,404,324 |
* The security transactions are purchases and sales of affiliated funds.
Note 4 | Investment Management Fee and Other Transactions with Related Parties
Timothy Partners, Ltd., (TPL) is the investment advisor for the Funds pursuant to an investment advisory agreement (the Agreement) that was renewed by the Board on February 26, 2017. TPL supervises the investment of the assets of each Fund in accordance with the objectives, policies and restrictions of the Trust. Under the terms of the Agreement, as amended, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 1.20% of the average daily net assets of the Timothy Plan Emerging Markets Fund; 1.00% of the average daily net assets of the Timothy Plan International Fund and Timothy Plan Israel Common Values Fund; 0.85% of the average daily net assets of the Timothy Plan Aggressive Growth, the Timothy Plan Small Cap Value, the Timothy Plan Large/Mid Cap Growth, the Timothy Plan Growth & Income and the Timothy Plan Large/Mid Cap Value Funds; 0.60% of the average daily net assets of the Timothy Plan Fixed Income, the Timothy Plan High Yield Bond, and the Timothy Plan Defensive Strategies Funds; and 0.65% of the average daily net assets of the Timothy Plan Conservative Growth and the Timothy Plan Strategic Growth Funds. TPL has voluntarily agreed to reduce the fee it receives from the Emerging Markets Fund to 1.15%; from the International Fund to 0.95%; from the Small Cap Value Fund, the Large/Mid Cap Growth Fund and the Growth & Income Fund to 0.80%; from the Aggressive Growth Fund to 0.75%; from the High Yield Bond Fund and the Defensive Strategies Fund to 0.55%; and from the Fixed Income Fund to 0.40%. Effective March 1, 2017, the Large/Mid Cap Value Fund reduced the fee it receives to 0.75% from 0.80%. Such voluntary fee reductions/reimbursements may be authorized by TPL at any time, but such action shall not obligate TPL to waive any fees in the near future. Such voluntary fee reductions/reimbursements are not subject to future recoupment. An officer and trustee of the Funds is also an officer and owner of the Advisor.
For the six months ended March 31, 2017, TPL waived and reimbursed the Funds as follows:
Fund | Six Months Ended March 31, 2017 |
|||||||
Aggressive Growth Fund |
$ | 12,182 | ||||||
International Fund |
18,737 | |||||||
Large/Mid Cap Growth Fund |
16,944 | |||||||
Small Cap Value Fund |
30,108 | |||||||
Large/Mid Cap Value Fund |
54,335 | |||||||
Fixed Income Fund |
94,986 | |||||||
High Yield Bond Fund |
12,555 | |||||||
Defensive Strategies Fund |
18,036 | |||||||
Emerging Markets Fund |
2,831 | |||||||
Growth & Income Fund |
10,079 |
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.
91
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
Transfer agency fees for the Funds are combined with the Fund Accounting and Fund Administration fees under the Trusts agreement with GFS. Therefore, there is no separate base annual fee per Fund or share class.
An officer of the Trust is also an employee of GFS, and is not paid any fees directly by the Trust for serving in such capacity.
The Timothy Plan Aggressive Growth, Timothy Plan International, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, Timothy Plan High Yield Bond, Timothy Plan Defensive Strategies, Timothy Plan Israel Common Values, Timothy Plan Emerging Markets, and Timothy Plan Growth & Income Funds have adopted shareholder services plans (the Plans) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Under the Class A Plan, the Funds will pay TPL a fee at an annual rate of 0.25%, payable monthly, of the average daily net assets attributable to such class of shares. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 1.00%, payable monthly, of which, 0.25% may be a service fee and 0.75% may be payable to outside broker/dealers, of the average daily net assets attributable to such class of shares. Class I shares are not subject to the shareholder services plan.
The Timothy Plan Conservative Growth and Timothy Plan Strategic Growth Funds have adopted shareholder services plans (the Plans) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Class A shares of the Funds do not impose a service fee. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 0.75%, payable monthly to outside broker/dealers, of the average daily net assets attributable to such class of shares.
For the six months ended March 31, 2017, the Funds paid TPL under the terms of the Plans as follows:
Fund | 12b-1 Fees | |||||
Six Months Ended |
||||||
Aggressive Growth |
$ 41,855 | |||||
International |
101,514 | |||||
Large/Mid Cap Growth |
112,427 | |||||
Small Cap Value |
182,736 | |||||
Large/Mid Cap Value |
304,227 | |||||
Fixed Income |
153,458 | |||||
High Yield Bond |
69,394 | |||||
Israel Common Values |
48,080 | |||||
Defensive Strategies |
121,410 | |||||
Strategic Growth |
26,690 | |||||
Conservative Growth |
39,624 | |||||
Emerging Markets |
17,579 | |||||
Growth & Income |
59,406 |
TPL also serves as the principal underwriter of the Funds shares. An officer and trustee of the Funds is also an officer of the principal underwriter. For the six months ended March 31, 2017, TPL received sales charges deducted from the proceeds of sales of Class A capital shares and CDSC fees deducted from the redemption of Class C capital shares as follows:
Fund | Sales Charges (Class A) |
CDSC Fees (Class C) |
||||||||||
Aggressive Growth |
$3,458 | $876 | ||||||||||
International |
7,400 | 244 | ||||||||||
Large/Mid Cap Growth |
22,013 | 1,076 | ||||||||||
Small Cap Value |
18,768 | 683 | ||||||||||
Large/Mid Cap Value |
34,489 | 1,599 | ||||||||||
Fixed Income |
25,765 | 2,325 | ||||||||||
High Yield Bond |
12,207 | 170 | ||||||||||
Israel Common Values |
11,351 | 1,137 | ||||||||||
Defensive Strategies |
10,007 | 95 | ||||||||||
Strategic Growth |
7,130 | 48 | ||||||||||
Conservative Growth |
14,822 | 380 | ||||||||||
Emerging Markets |
4,738 | 135 | ||||||||||
Growth & Income |
12,465 | 576 |
92
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
Note 5 | Control Ownership
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates the presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. At March 31, 2017, there were no shareholders with ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund.
Certain Timothy Plan Funds own shares of other Timothy Plan Funds. U.S. Bank, N.A., custodian of the Timothy Plan Funds, holds these shares in omnibus accounts, some of which are controlled by National Financial Services, Inc. The following shows the percentage of each Timothy Plan Fund that is held by U.S. Bank, N.A., as custodian of the Timothy Plan Funds. These accounts can be considered affiliated to the Timothy Plan.
Fund - Class A | % of Fund Owned by Other Timothy Plan Funds |
|||
Aggressive Growth |
28.27% | |||
International |
27.67% | |||
Large/Mid Cap Growth |
19.24% | |||
Small Cap Value |
7.32% | |||
Large/Mid Cap Value |
8.07% | |||
Fixed Income |
27.55% | |||
High Yield Bond |
21.37% | |||
Israel Common Values |
20.32% | |||
Defensive Strategies |
38.25% | |||
Emerging Markets |
50.27% | |||
Growth & Income |
46.58% |
Note 6 | Underlying Investment in Other Investment Companies
The Funds transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee funds investment advisor is under common control with the Funds investment advisor.
The Timothy Plan Strategic Growth Fund and Conservative Growth Fund had the following transactions during the six months ended March 31, 2017, with affiliates:
Strategic Growth |
Share Activity | Six Months Ended March 31, 2017 | ||||||||||||||||||||||||||||
Fund |
Balance |
Purchases | Sales | Balance March 31, 2017 |
Fair Value | Dividends Credited to Income |
Amount of Gain (Loss) Realized on Sale of Shares* |
|||||||||||||||||||||||
Aggressive Growth |
135,983 | 198,686 | 16,129 | 318,540 | $ | 2,401,788 | $ | - | $ | (25,322 | ) | |||||||||||||||||||
International |
514,732 | 331,066 | 24,010 | 821,788 | 7,190,649 | 43,206 | 32,700 | |||||||||||||||||||||||
Large/Mid Cap Growth |
340,307 | 173,759 | 22,771 | 491,295 | 3,959,834 | 36,943 | 8,585 | |||||||||||||||||||||||
Small Cap Value |
79,114 | 62,545 | 13,829 | 127,830 | 2,401,935 | 29,159 | 12,584 | |||||||||||||||||||||||
Large/Mid Cap Value |
161,372 | 86,265 | 9,470 | 238,167 | 4,348,924 | 39,298 | 32,644 | |||||||||||||||||||||||
Fixed Income |
493,062 | 15,840 | 310,370 | 198,532 | 2,017,081 | 29,559 | (41,807 | ) | ||||||||||||||||||||||
High Yield Bond |
273,492 | 50,484 | 18,644 | 305,332 | 2,809,059 | 46,351 | (4,946 | ) | ||||||||||||||||||||||
Israel Common Values |
90,290 | 55,761 | 2,422 | 143,629 | 1,993,571 | 21,668 | 872 | |||||||||||||||||||||||
Defensive Strategies |
785,176 | 8,278 | 253,448 | 540,006 | 6,102,072 | 28,127 | (14,517 | ) | ||||||||||||||||||||||
Emerging Markets |
114,951 | 114,450 | 229,401 | 2,023,316 | 5,920 | - | ||||||||||||||||||||||||
Growth & Income |
569,346 | 11 | 203,112 | 366,245 | 4,003,054 | 112 | 157,798 | |||||||||||||||||||||||
Conservative Growth |
Share Activity | Six Months Ended March 31, 2017 | ||||||||||||||||||||||||||||
Fund |
Balance |
Purchases | Sales | Balance March 31, 2017 |
Fair Value | Dividends Credited to Income |
Amount of Gain (Loss) Realized on Sale of Shares* |
|||||||||||||||||||||||
Aggressive Growth |
122,318 | 186,916 | 15,878 | 293,356 | $ | 2,211,906 | $ | - | $ | (20,925 | ) | |||||||||||||||||||
International |
545,728 | 97,660 | 11,082 | 632,306 | 5,532,673 | 47,108 | (14,445 | ) | ||||||||||||||||||||||
Large/Mid Cap Growth |
275,570 | 289,193 | 22,524 | 542,239 | 4,370,449 | 37,509 | (5,692 | ) | ||||||||||||||||||||||
Small Cap Value |
98,534 | 67,916 | 19,059 | 147,391 | 2,769,478 | 40,405 | 18,810 | |||||||||||||||||||||||
Large/Mid Cap Value |
137,102 | 113,116 | 10,820 | 239,398 | 4,371,404 | 45,662 | (7,033 | ) | ||||||||||||||||||||||
Fixed Income |
1,330,529 | 45,194 | 69,370 | 1,306,353 | 13,272,551 | 108,402 | (41,681 | ) | ||||||||||||||||||||||
High Yield Bond |
261,362 | 170,991 | 11,049 | 421,304 | 3,875,992 | 53,421 | (6,835 | ) | ||||||||||||||||||||||
Israel Common Values |
121,824 | 35,010 | 57,079 | 99,755 | 1,384,598 | 30,069 | 75,141 | |||||||||||||||||||||||
Defensive Strategies |
866,321 | 10,226 | 133,413 | 743,134 | 8,397,418 | 31,939 | (12,177 | ) | ||||||||||||||||||||||
Emerging Markets |
120,632 | 101,465 | - | 222,097 | 1,958,893 | 7,604 | - | |||||||||||||||||||||||
Growth & Income |
768,193 | 6,659 | 269,194 | 505,658 | 5,526,844 | 155 | 182,980 | |||||||||||||||||||||||
*Includes capital gain distributions from affiliated funds |
93
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
Note 7 | Distributions to Shareholders and Tax Components of Capital
The tax character of distributions paid during the fiscal year ended September 30, 2016 and the fiscal year ended September 30, 2015 were as follows:
|
|
|||||||||||||||||
Aggressive Growth | International * | Large/Mid Cap Growth | Small Cap Value | |||||||||||||||
|
|
|||||||||||||||||
Year ended September 30, 2016 |
||||||||||||||||||
Ordinary Income |
$ | 78,956 | $ | 987,038 | $ | 84,166 | $ | - | ||||||||||
Long-term Capital Gains |
3,059,522 | - | 6,426,712 | 8,064,409 | ||||||||||||||
Return of Capital |
- | - | - | - | ||||||||||||||
|
|
|||||||||||||||||
$ | 3,138,478 | $ | 987,038 | $ | 6,510,878 | $ | 8,064,409 | |||||||||||
|
|
|||||||||||||||||
Year ended September 30, 2015 |
||||||||||||||||||
Ordinary Income |
$ | 266,245 | $ | - | $ | 1,410,928 | $ | 4,374,626 | ||||||||||
Long-term Capital Gains |
2,463,722 | - | 5,365,024 | 10,475,017 | ||||||||||||||
Return of Capital |
- | - | - | - | ||||||||||||||
|
|
|||||||||||||||||
$ | 2,729,967 | $ | - | $ | 6,775,952 | $ | 14,849,643 | |||||||||||
|
|
|
|
|||||||||||||||||||
Large/Mid Cap Value | Fixed Income | High Yield Bond | Israel Common Values* | Defensive Strategies | ||||||||||||||||
|
|
|||||||||||||||||||
Year ended September 30, 2016 |
||||||||||||||||||||
Ordinary Income |
$ | - | $ | 1,241,208 | $ | 1,924,255 | $ | 58,926 | $ | - | ||||||||||
Long-term Capital Gains |
19,429,364 | - | - | - | - | |||||||||||||||
Return of Capital |
- | - | - | - | - | |||||||||||||||
|
|
|||||||||||||||||||
$ | 19,429,364 | $ | 1,241,208 | $ | 1,924,255 | $ | 58,926 | $ | - | |||||||||||
|
|
|||||||||||||||||||
Year ended September 30, 2015 |
||||||||||||||||||||
Ordinary Income |
$ | 1,359,637 | $ | 1,804,410 | $ | 1,905,547 | $ | - | $ | 399,307 | ||||||||||
Long-term Capital Gains |
13,476,114 | 160,551 | - | - | 289,636 | |||||||||||||||
Return of Capital |
- | - | - | - | - | |||||||||||||||
|
|
|||||||||||||||||||
$ | 14,835,751 | $ | 1,964,961 | $ | 1,905,547 | $ | - | $ | 688,943 | |||||||||||
|
|
|||||||||||||||||||
|
|
|||||||||||||||||
Strategic Growth | Conservative Growth | Emerging Markets* | Growth & Income Fund | |||||||||||||||
|
|
|||||||||||||||||
Year ended September 30, 2016 |
||||||||||||||||||
Ordinary Income |
$ | 112,223 | $ | 236,705 | $ | 23,441 | $ | 67,392 | ||||||||||
Long-term Capital Gains |
- | 3,321,111 | - | - | ||||||||||||||
Return of Capital |
- | - | - | - | ||||||||||||||
|
|
|||||||||||||||||
$ | 112,223 | $ | 3,557,816 | $ | 23,441 | $ | 67,392 | |||||||||||
|
|
|||||||||||||||||
Year ended September 30, 2015 |
||||||||||||||||||
Ordinary Income |
$ | 535,578 | $ | 449,136 | $ | 216,184 | $ | 792 | ||||||||||
Long-term Capital Gains |
- | 1,808,134 | 538,346 | 25,865 | ||||||||||||||
Return of Capital |
- | - | - | - | ||||||||||||||
|
|
|||||||||||||||||
$ | 535,578 | $ | 2,257,270 | $ | 754,530 | $ | 26,657 | |||||||||||
|
|
* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $23,441, $58,926 and $208,471 for fiscal year ended September 30, 2016 for the Emerging Markets, Israel Common Values and International Funds, respectively, and $32,144 for the fiscal year ended September 30, 2015 for the Emerging Markets Fund, which have been passed through to the Funds underlying shareholders and are deemed dividends for tax purposes.
94
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
As of September 30, 2016, the components of distributable earnings on a tax basis were as follows:
|
|
|||||||||||||||||
Aggressive Growth Fund |
International Fund |
Large/Mid Cap Growth Fund |
Small Cap Value Fund |
|||||||||||||||
|
|
|||||||||||||||||
Undistributed Ordinary Income |
$ | - | $ | 724,225 | $ | - | $ | - | ||||||||||
Long-Term Capital Gains |
- | - | 154,833 | 1,671,678 | ||||||||||||||
Capital Loss Carry Forward |
(128,846) | (13,590,982 | ) | - | - | |||||||||||||
Post October and Other Losses |
(1,677,928) | (2,983,881 | ) | (266,140 | ) | (102,740) | ||||||||||||
Unrealized Appreciation (Depreciation) |
643,832 | 9,227,747 | 5,040,698 | 7,496,094 | ||||||||||||||
|
|
|||||||||||||||||
$ | (1,162,942) | $ | (6,622,891 | ) | $ | 4,929,391 | $ | 9,065,032 | ||||||||||
|
|
|||||||||||||||||
|
|
|||||||||||||||||
Large/Mid Cap Value Fund |
Fixed Income Fund |
High Yield Bond Fund |
Israel Common Values Fund |
|||||||||||||||
|
|
|||||||||||||||||
Undistributed Ordinary Income |
$ | - | $ | 324,438 | $ | 85,705 | $ | 321,199 | ||||||||||
Long-Term Capital Gains |
2,332,299 | - | - | - | ||||||||||||||
Capital Loss Carry Forward |
- | (286,765 | ) | (2,071,373 | ) | (1,009,420) | ||||||||||||
Post October and Other Losses |
(69,271) | (278,349 | ) | (557,149 | ) | (320,701) | ||||||||||||
Unrealized Appreciation (Depreciation) |
24,285,702 | 2,156,797 | 487,300 | 3,009,212 | ||||||||||||||
|
|
|||||||||||||||||
$ | 26,548,730 | $ | 1,916,121 | $ | (2,055,517 | ) | $ | 2,000,290 | ||||||||||
|
|
|||||||||||||||||
|
|
|||||||||||||||||
Defensive Strategies Fund |
Strategic Growth Fund |
Conservative Growth Fund |
Emerging Markets Fund |
|||||||||||||||
|
|
|||||||||||||||||
Undistributed Ordinary Income |
$ | 197,571 | $ | - | $ | - | $ | 21,392 | ||||||||||
Long-Term Capital Gains |
- | - | - | - | ||||||||||||||
Capital Loss Carry Forward |
(366,726) | (1,280,712 | ) | (23,142 | ) | (817,351) | ||||||||||||
Post October and Other Losses |
(3,156,199) | (210,921 | ) | (296,116 | ) | (774,470) | ||||||||||||
Unrealized Appreciation (Depreciation) |
5,586,240 | (48,234 | ) | 24,739 | (1,124,686) | |||||||||||||
|
|
|||||||||||||||||
$ | 2,260,886 | $ | (1,539,867 | ) | $ | (294,519 | ) | $ | (2,695,115) | |||||||||
|
|
|||||||||||||||||
|
|
|||||
Growth & Income Fund |
||||||
|
|
|||||
Undistributed Ordinary Income |
$ | 1,401 | ||||
Long-Term Capital Gains |
- | |||||
Capital Loss Carry Forward |
(961,211) | |||||
Post October and Other Losses |
(1,308,057) | |||||
Unrealized Appreciation (Depreciation) |
2,968,150 | |||||
|
|
|||||
$ | 700,283 | |||||
|
|
The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gain (loss) from investments are primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, and adjustments for grantor trusts, partnerships, Treasury Inflation Protected Securities, and C-Corporation return of capital distributions. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of ($780), $12, ($784), and $901 for the Large/Mid Cap Value, Israel Common Values, Defensive Strategies, and Emerging Markets Funds, respectively.
Note 8 | Capital Loss Carryforwards, Post October and Other Losses
Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:
Fund |
Late Year Losses | |||||
Aggressive Growth Fund |
$ | 161,511 | ||||
Large/Mid Cap Growth Fund |
266,140 | |||||
Small Cap Value Fund |
102,740 | |||||
Large/Mid Cap Value Fund |
69,271 | |||||
Strategic Growth Fund |
210,011 | |||||
Conservative Growth Fund |
226,602 |
95
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:
Fund |
Late Year Losses | |||||
Aggressive Growth Fund |
$ | 1,516,417 | ||||
International Fund |
2,983,881 | |||||
Fixed Income Fund |
278,349 | |||||
High Yield Bond Fund |
557,149 | |||||
Israel Common Values Fund |
320,701 | |||||
Defensive Strategies Fund |
3,156,199 | |||||
Strategic Growth Fund |
910 | |||||
Conservative Growth Fund |
69,514 | |||||
Emerging Markets Fund |
774,470 | |||||
Growth & Income Fund |
1,308,057 |
At September 30, 2016, the following capital loss carryforwards are available to offset future capital gains.
Capital Loss Carry Forward | Year | CLCF | CLCF | |||||||||||||||||||||
Fund
|
Short-Term
|
Long-Term
|
Expiring
|
Utilized
|
Expired
|
Total
|
||||||||||||||||||
Aggressive Growth Fund |
$ | 128,846 | $ | - | Unlimited | $ | - | $ | - | $ | 128,846 | |||||||||||||
International Fund |
- | - | 2016 | - | 2,868,555 | |||||||||||||||||||
8,833,573 | - | 2017 | - | - | 8,833,573 | |||||||||||||||||||
592,985 | - | 2018 | - | - | 592,985 | |||||||||||||||||||
844,129 | - | 2019 | - | - | 844,129 | |||||||||||||||||||
2,841,041 | 479,254 | Unlimited | - | 3,320,295 | ||||||||||||||||||||
Fixed Income Fund |
106,256 | 180,509 | Unlimited | - | - | 286,765 | ||||||||||||||||||
High Yield Bond Fund |
776,982 | - | 2017 | - | - | 776,982 | ||||||||||||||||||
178,903 | 1,115,488 | Unlimited | - | - | 1,294,391 | |||||||||||||||||||
Israel Common Values Fund |
641,056 | 368,364 | Unlimited | - | - | 1,009,420 | ||||||||||||||||||
Defensive Strategies Fund |
342,190 | 24,536 | Unlimited | - | - | 366,726 | ||||||||||||||||||
Strategic Growth Fund |
1,280,712 | - | 2019 | 303,374 | - | 1,280,712 | ||||||||||||||||||
Conservative Growth Fund |
- | 23,142 | Unlimited | - | - | 23,142 | ||||||||||||||||||
Emerging Markets Fund |
21,230 | 796,121 | Unlimited | - | - | 817,351 | ||||||||||||||||||
Growth & Income Fund |
961,211 | - | Unlimited | - | - | 961,211 |
To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount, which is offset, will not be distributed to shareholders.
Note 9 | ACCOUNTING PRONOUNCEMENT
On October 13, 2016 the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.
Note 10 | SUBSEQUENT EVENTS
Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment or disclosure in the financial statements
Note 11 | TAX INFORMATION (Unaudited)
The Strategic and Conservative Growth Funds designate the following for federal income tax purposes for the year ended September 30, 2016.
Strategic Growth Fund | Foreign Taxes paid | Foreign Source Income | ||||||||
|
|
|
||||||||
Timothy Israel Common Values Fund |
$ | 3,178 | $ | 14,159 | ||||||
Timothy Emerging Markets Fund |
2,368 | 26,650 | ||||||||
Timothy International Fund |
10,509 | 78,998 | ||||||||
Conservative Growth Fund |
Foreign Taxes paid | Foreign Source Income | ||||||||
|
|
|
||||||||
Timothy Israel Common Values Fund |
$ | 4,288 | $ | 19,105 | ||||||
Timothy Emerging Markets Fund |
2,485 | 27,968 | ||||||||
Timothy International Fund |
11,142 | 83,755 |
96
Notes to Financial Statements
March 31, 2017 (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 an in-person meeting held on February 17, 2017. The Trusts Board considered, among others, the factors described below prior to approving the Agreement.
The Trustees, including the Independent Trustees, noted the Advisors experience in incorporating and implementing the unique, biblically-based management style that is a stated objective as set forth in the Funds prospectus.
To further assist the Board in making its determination as to whether the IA Agreement should be renewed, the Board requested and received the following information: a description of TPLs business and any personnel changes, a description of the compensation received by TPL from the Funds, information relating to the Advisors compliance and operational policies and procedures, and a description of any material legal proceedings or securities enforcement proceedings regarding TPL or its personnel (there were none of either). In addition, the Board requested and received financial statements of TPL for its fiscal year ended December 31, 2016.
The Board also received a report from TPL relating to the fees charged by TPL, both as an aggregate and in relation to fees charged by other advisors to similar funds. The materials prepared by TPL were provided to the Board in advance of the meeting. The Board considered the fees charged by TPL in light of the services provided to the Funds by TPL, the unique nature of the Funds and their moral screening requirements, which are maintained by TPL, and TPLs 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 TPLs services to the Funds. In particular, the Board noted with approval TPLs 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 TPLs current fee structure and whether such structure would allow the Funds to realize economies of scale as they grow. The Board next considered the investment performance of each Fund and the Advisors performance in monitoring the investment managers of the underlying funds. The Board generally approved of each Funds 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 Funds assets, and that each Fund was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval the Advisors ongoing efforts to maintain such consistent investment discipline. The Board also noted with approval that the Advisors 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 Advisors 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 Boards attention and responsible remedies offered and executed. After careful discussion and consideration, the Board, including the separate concurrence of the independent Trustees, unanimously cast an affirmative vote, and determined that the renewal of the IA Agreement for another one-year period would be in the best interests of the Funds shareholders. In approving the renewal of the IA Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the IA Agreement renewal.
Barrow, Hanley, Mewhinney & Strauss; Sub-Advisor for the Fixed Income, High Yield Bond, 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 17, 2017. The Board considered the following factors in arriving at its conclusions to renew the BHM&S Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by BHM&S in light of the services provided by BHM&S. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by BHM&S and paid out of the fees received by TPL were fair and reasonable in light of the services provided by BHM&S. In reaching that determination, the Board relied on reports describing the fees paid to BHM&S and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of BHM&Ss services to each Fund, including the investment performance of the Funds under BHM&Ss investment management. The Board generally approved of BHM&Ss 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 Funds assets, and that BHM&S was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval BHM&Ss ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether BHM&Ss 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.
97
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
Westwood Management Corporation; Sub-Advisor to the Large/Mid Cap Value and the Small Cap Value Funds.
The Sub-Advisory Agreement between the Trust, TPL and Westwood Management Corporation (Westwood), on behalf of the Timothy Plan Small Cap Value and Large/Mid Cap Value Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 17, 2017. The Board considered the following factors in arriving at its conclusions to renew the Westwood Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Westwood in light of the services provided by Westwood. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Westwood and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Westwood. In reaching that determination, the Board relied on reports describing the fees paid to Westwood and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Westwoods services to each Fund, including the investment performance of the Funds under Westwoods investment management. The Board generally approved of Westwoods 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 Funds assets, and that Westwood was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Westwoods ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Westwoods current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Westwood Sub-Advisory Agreement because Westwood was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Westwood Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds shareholders. In approving the renewal of the Westwood Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Westwood Sub-Advisory Agreement renewal.
Chartwell Investment Partners; Sub-Advisor to the Aggressive Growth and Large/Mid Cap Growth Funds.
The Sub-Advisory Agreement between the Trust, TPL and Chartwell Investment Partners (Chartwell), on behalf of the Timothy Plan Aggressive Growth and Large/Mid Cap Growth Funds, was last renewed by the Board at a meeting held for that purpose, among others, on February 17, 2017. The Board considered the following factors in arriving at its conclusions to renew the Chartwell Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Chartwell in light of the services provided by Chartwell. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Chartwell and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Chartwell. In reaching that determination, the Board relied on reports describing the fees paid to Chartwell and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Chartwells services to each Fund, including the investment performance of the Funds under Chartwells investment management. The Board generally approved of Chartwells 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 Funds assets, and that Chartwell was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Chartwells ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Chartwells current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Chartwell Sub-Advisory Agreement because Chartwell was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Chartwell Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds shareholders. In approving the renewal of the Chartwell Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Chartwell Sub-Advisory Agreement renewal.
Eagle Global Advisors; Sub-Advisor to the International Fund 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 17, 2017. The Board considered the following factors in arriving at its conclusions to renew the Eagle Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Eagle in light of the services provided by Eagle. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Eagle and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Eagle. In reaching that determination, the Board relied on reports describing the fees paid to Eagle and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Eagles services to the Funds, including the investment performance of the Funds under Eagles investment management. The Board generally approved of Eagles performance, noting that the Funds managed by Eagle invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Eagle did not succumb to style drift in its management of the Funds assets, and that Eagle was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Eagles ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Eagles 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.
98
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
Brandes Investment Partners; Sub-Advisor to the Emerging Markets Fund.
The Sub-Advisory Agreement between the Trust, TPL and Brandes Investment Partners (Brandes), on behalf of the Timothy Plan Emerging Market Fund, was last renewed by the Board at a meeting held for that purpose, among others, on February 17, 2017. The Board considered the following factors in arriving at its conclusions to renew the Brandes Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Brandes in light of the services provided by Brandes. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Brandes and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Brandes. In reaching that determination, the Board relied on reports describing the fees paid to Brandes and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Brandess services to the Fund, including the investment performance of the Fund under Brandess investment management. The Board generally approved of Brandess performance, noting that the Fund managed by Brandes invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Brandes did not succumb to style drift in its management of the Funds assets, and that Brandes was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Brandess ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Brandess current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the Brandes Sub-Advisory Agreement because Brandes was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Brandes Sub-Advisory Agreement for another one-year period would be in the best interests of the 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 Brandes Sub-Advisory Agreement renewal.
Delaware Investment Fund Advisers; Sub-Advisor to the Defensive Strategies Fund REITs sleeve.
The Sub-Advisory Agreement between the Trust, TPL and Delaware Delaware Investment Fund Advisers (Delaware), on behalf of the Timothy Plan Defensive Strategies Fund REITs sleeve, was last renewed by the Board at a meeting held for that purpose, among others, on February 17, 2017. The Board considered the following factors in arriving at its conclusions to renew the Delaware Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Delaware in light of the services provided by Delaware. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Delaware and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Delaware. In reaching that determination, the Board relied on reports describing the fees paid to Delaware and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Delawares services to the Fund, including the investment performance of the Fund under Delawares investment management. The Board generally approved of Delawares performance, noting that the Fund managed by Delaware invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Delaware did not succumb to style drift in its management of the Funds assets, and that Delaware was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Delawares ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Delawares current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the Delaware Sub-Advisory Agreement because Delaware was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Delaware Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds shareholders. In approving the renewal of the Delaware Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Delaware Sub-Advisory Agreement renewal.
CoreCommodity Management, LLC; Sub-Advisor to the Defensive Strategies Fund commodities sleeve.
The Sub-Advisory Agreement between the Trust, TPL and CoreCommodity Management, LLC (Core), on behalf of the Timothy Plan Defensive Strategies Fund commodity sleeve, was last renewed by the Board at a meeting held for that purpose, among others, on February 17, 2017. The Board considered the following factors in arriving at its conclusions to renew the Core Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Core in light of the services provided by Core. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Core and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Core. In reaching that determination, the Board relied on reports describing the fees paid to Core and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Cores services to the Fund, including the investment performance of the Fund under Cores investment management. The Board generally approved of Cores 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 Funds assets, and that Core was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Cores ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Cores current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the Core Sub-Advisory Agreement because Core was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Core Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds shareholders. In approving the renewal of the Core Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Core Sub-Advisory Agreement renewal.
99
Notes to Financial Statements
March 31, 2017 (Unaudited) (Continued)
Timothy Plan Family of Funds
James Investment Partners; Sub-Advisor to the Growth and Income Fund.
The Sub-Advisory Agreement between the Trust, TPL and James Investment Research, Inc. (James), on behalf of the Timothy Plan Growth and Income Fund, was last renewed by the Board at a meeting held for that purpose, among others, on February 17, 2017. The Board considered the following factors in arriving at its conclusions to renew the James Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by James in light of the services provided by James. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by James and paid out of the fees received by TPL were fair and reasonable in light of the services provided by James. In reaching that determination, the Board relied on reports describing the fees paid to James and comparing those fees against fees paid to other investment advisors operating under similar circumstances. Next, the Board discussed the nature, extent and quality of Jamess services to the Fund, including the investment performance of the Fund under Jamess investment management. The Board generally approved of Jamess performance, noting that the Fund managed by James invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that James did not succumb to style drift in its management of the Funds assets, and that James was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Jamess ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Jamess current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the James Sub-Advisory Agreement because James was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the James Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds shareholders. In approving the renewal of the James Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the James Sub-Advisory Agreement renewal.
100
Expense Examples (Unaudited)
March 31, 2017
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, 2016, through March 31, 2017.
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 Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds 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 | ||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through
| ||||||||
Actual - Class A * |
$1,000.00 | $1,105.60 | $ 8.45 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,016.90 | $ 8.10 | |||||||
Actual - Class C * |
$1,000.00 | $1,101.60 | $12.37 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,013.16 | $11.85 | |||||||
Actual - Class I * |
$1,000.00 | $1,107.40 | $ 7.15 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,018.15 | $ 6.84 |
* | Expenses are equal to the Funds 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 Aggressive Growth Funds ending account value on the first line of each share class in the table is based on its actual total return of 10.56% for Class A, 10.16% for Class C and 10.74% for Class I for the period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
101
Expense Examples (Unaudited)(Continued)
March 31, 2017
INTERNATIONAL FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | |||||||||||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through 3/31/17
| |||||||||||||||||
Actual - Class A * |
$1,000.00 | $1,036.40 | $ 8.53 | ||||||||||||||||
Hypothetical - Class A ** |
$1,000.00 | $1,016.55 | $ 8.45 | ||||||||||||||||
Actual - Class C * |
$1,000.00 | $1,033.10 | $ 12.32 | ||||||||||||||||
Hypothetical - Class C ** |
$1,000.00 | $1,012.81 | $ 12.19 | ||||||||||||||||
Actual - Class I * |
$1,000.00 | $1,037.90 | $ 7.27 | ||||||||||||||||
Hypothetical - Class I ** |
$1,000.00 | $1,017.80 | $ 7.19 |
* | Expenses are equal to the Funds annualized expense ratio of 1.68% for Class A, 2.43% for Class C and 1.43% 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 Funds ending account value on the first line of each share class in the table is based on its actual total return of 3.64% for Class A, 3.31% for Class C, and 3.79% for Class I for the period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
LARGE/MID CAP GROWTH FUND
Beginning Account
Value
|
Ending Account
Value
|
Expenses Paid
During Period
| ||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through 3/31/17
| ||||||||
Actual - Class A * |
$1,000.00 | $1,093.40 | $ 7.78 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,017.50 | $ 7.49 | |||||||
Actual - Class C * |
$1,000.00 | $1,089.20 | $11.67 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,013.76 | $11.25 | |||||||
Actual - Class I * |
$1,000.00 | $1,095.10 | $ 6.48 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,018.75 | $ 6.24 |
* | Expenses are equal to the Funds 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 Large/Mid Cap Growth Funds ending account value on the first line of each share class in the table is based on its actual total return of 9.34% for Class A, 8.92% for Class C, and 9.51% for Class I for the period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
SMALL CAP VALUE FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through 3/31/17
| ||||||||
Actual - Class A * |
$1,000.00 | $1,114.10 | $ 7.59 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,017.75 | $ 7.24 | |||||||
Actual - Class C * |
$1,000.00 | $1,109.90 | $11.52 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,014.01 | $11.00 | |||||||
Actual - Class I * |
$1,000.00 | $1,115.40 | $ 6.28 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,019.00 | $ 5.99 |
* | Expenses are equal to the Funds annualized expense ratio of 1.44% for Class A, 2.19% for Class C and 1.19% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Funds ending account value on the first line of each share class in the table is based on its actual total return of 11.41% for Class A, 10.99% for Class C, and 11.54% for Class I for the period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
102
Expense Examples (Unaudited)(Continued)
March 31, 2017
LARGE/MID CAP VALUE FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through 3/31/17
| ||||||||
Actual - Class A * |
$1,000.00 | $1,077.80 | $ 7.51 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,017.70 | $ 7.29 | |||||||
Actual - Class C * |
$1,000.00 | $1,074.50 | $11.38 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,013.96 | $11.05 | |||||||
Actual - Class I * |
$1,000.00 | $1,079.10 | $ 6.22 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,018.95 | $ 6.04 |
* | Expenses are equal to the Funds annualized expense ratio of 1.45% for Class A, 2.20% for Class C, and 1.20% 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 Funds ending account value on the first line of each share class in the table is based on its actual total return of 7.78% for Class A, 7.45% for Class C, and 7.91% for Class I for the period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
FIXED INCOME FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through 3/31/17
| ||||||||
Actual - Class A * |
$1,000.00 | $ 978.40 | $ 5.38 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,019.50 | $ 5.49 | |||||||
Actual - Class C * |
$1,000.00 | $ 974.70 | $ 9.06 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,015.76 | $ 9.25 | |||||||
Actual - Class I * |
$1,000.00 | $ 978.70 | $ 4.54 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,020.34 | $ 4.63 |
* | Expenses are equal to the Funds annualized expense ratio of 1.09% for Class A, 1.84% for Class C, and 0.92% 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 Funds ending account value on the first line of each share class in the table is based on its actual total return of (2.16)% for Class A, (2.53)% for Class C, and (2.13)% for Class I for the period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
HIGH YIELD BOND FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through 3/31/17
| ||||||||
Actual - Class A * |
$1,000.00 | $1,028.60 | $ 6.78 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,018.25 | $ 6.74 | |||||||
Actual - Class C * |
$1,000.00 | $1,025.30 | $10.55 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,014.51 | $10.50 | |||||||
Actual - Class I * |
$1,000.00 | $1,030.00 | $ 5.52 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,019.50 | $ 5.49 |
** | Expenses are equal to the Funds 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 High Yield Bond Funds ending account value on the first line of each share class in the table is based on its actual total return of 2.86% for Class A, 2.53% for Class C, and 3.00% for Class I for the period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
103
Expense Examples (Unaudited)(Continued)
March 31, 2017
DEFENSIVE STRATEGIES FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through 3/31/17
| ||||||||
Actual - Class A * |
$1,000.00 | $ 986.70 | $ 7.13 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,017.75 | $ 7.24 | |||||||
Actual - Class C * |
$1,000.00 | $ 982.80 | $10.83 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,014.01 | $11.00 | |||||||
Actual - Class I * |
$1,000.00 | $ 987.60 | $ 5.90 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,018.95 | $ 5.99 |
* | Expenses are equal to the Funds annualized expense ratio of 1.44% for Class A, 2.19% for Class C and 1.19% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Defensive Strategies Funds ending account value on the first line of each share class in the table is based on its actual total return of (1.33)% for Class A, (1.72)% for Class C and (1.24)% for Class I for the period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
STRATEGIC GROWTH FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through 3/31/17
| ||||||||
Actual - Class A * |
$1,000.00 | $1,027.50 | $ 5.51 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,019.50 | $ 5.49 | |||||||
Actual - Class C * |
$1,000.00 | $1,023.90 | $ 9.28 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,015.76 | $ 9.25 |
* | Expenses are equal to the Funds annualized expense ratio of 1.09% for Class A and 1.84% 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 Funds ending account value on the first line of each share class in the table is based on its actual total return of 2.75% for Class A and 2.39% for Class C for the six-month period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
CONSERVATIVE GROWTH FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through 3/31/17
| ||||||||
Actual - Class A * |
$1,000.00 | $1,019.90 | $ 5.34 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,019.65 | $ 5.34 | |||||||
Actual - Class C * |
$1,000.00 | $1,017.30 | $ 9.10 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,015.91 | $ 9.10 |
* | Expenses are equal to the Funds annualized expense ratio of 1.06% for Class A and 1.81% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Conservative Growth Funds ending account value on the first line of each share class in the table is based on its actual total return of 1.99% for Class A and 1.73% for Class C for the six-month period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
104
Expense Examples (Unaudited)(Continued)
March 31, 2017
ISRAEL COMMON VALUES FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through 3/31/17
| ||||||||
Actual - Class A * |
$1,000.00 | $1,132.20 | $10.10 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,015.46 | $ 9.55 | |||||||
Actual - Class C * |
$1,000.00 | $1,126.90 | $14.05 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,011.72 | $13.29 | |||||||
Actual - Class I * |
$1,000.00 | $1,132.40 | $ 8.77 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,016.70 | $ 8.30 |
* | Expenses are equal to the Funds 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 Funds ending account value on the first line of each share class in the table is based on its actual total return of 13.22% for Class A, 12.69% for Class C and 13.24% for Class I for the period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
EMERGING MARKETS FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through 3/31/17
| ||||||||
Actual - Class A * |
$1,000.00 | $1,099.50 | $11.62 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,013.86 | $11.15 | |||||||
Actual - Class C * |
$1,000.00 | $1,095.30 | $15.51 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,010.12 | $14.88 | |||||||
Actual - Class I * |
$1,000.00 | $1,101.10 | $10.32 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,015.11 | $ 9.90 |
* | Expenses are equal to the Funds annualized expense ratio of 2.22% for Class A, 2.97% for Class C and 1.97% 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 Emerging Markets Funds ending account value on the first line of each share class in the table is based on its actual total return of 9.95% for Class A, 9.53% for Class C and 10.11% for Class I for the period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
GROWTH & INCOME FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2016
|
3/31/17
|
10/1/2016 through 3/31/17
| ||||||||
Actual - Class A * |
$1,000.00 | $1,015.80 | $ 7.89 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,017.10 | $ 7.90 | |||||||
Actual - Class C * |
$1,000.00 | $1,012.30 | $11.64 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,013.36 | $11.65 | |||||||
Actual - Class I *** |
$1,000.00 | $1,017.30 | $ 6.64 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,018.35 | $ 6.64 |
* | Expenses are equal to the Funds annualized expense ratio of 1.57% for Class A, 2.32% for Class C and 1.32% 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 Funds ending account value on the first line of each share class in the table is based on its actual total return of 1.58% for Class A, 1.23% for Class C and 1.73% for Class I for the period of October 1, 2016, to March 31, 2017. |
** | Assumes a 5% return before expenses. |
105
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 dont share | ||||
For joint marketing with other financial companies
|
No
|
We dont 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 dont share | ||||
For non-affiliates to market to you | No
|
We dont share
| ||||
Questions?
|
Call 800-662-0201
|
Page 2
|
Who we are
|
||
Who is providing this Notice? | Timothy Plan Family of Mutual Funds Timothy Partners, Ltd. | |
What we do
|
||
How does The Timothy Plan protect your personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
| |
How does The Timothy Plan collect your personal information? | We collect your personal information, for example, when you | |
Open an account | ||
Provide account information | ||
Give us your contact information | ||
Make deposits or withdrawals from your account | ||
Make a wire transfer | ||
Tell us where to send the money | ||
Tell us who receives the money | ||
Show your government-issued ID | ||
Show your drivers license | ||
We also collect your personal information from other companies.
| ||
Why cant I limit all sharing? | Federal law gives you the right to limit only: | |
Sharing for affiliates everyday business purposes-information about your creditworthiness. | ||
Affiliates from using your information to market to you. | ||
Sharing for non-affiliates to market to you | ||
State laws and individual companies may give you additional rights to limit sharing.
|
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and non-financial companies. Timothy Partners, Ltd. is an affiliate of The Timothy Plan | |
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. The Timothy Plan does not share with non-affiliates so they can market to you. | |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products to you. The Timothy Plan does not jointly market. |
Customer Identification Program
The Board of Trustees of the Trust has approved procedures designed to prevent and detect attempts to launder money as required under the USA PATRIOT Act. The day-to-day responsibility for monitoring and reporting any such activities has been delegated to the transfer agent, subject to the oversight and supervision of the Board.
Disclosures
HOW TO OBTAIN PROXY VOTING INFORMATION
Information regarding how the Funds voted proxies relating to Fund securities during the period ended June 30 of well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-800-732-0330 or by referring to the Security and Exchange Commissions (SEC) website at http://www.sec.gov
HOW TO OBTAIN 1ST AND 3RD FISCAL QUARTER PORTFOLIO HOLDINGS
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SECs website at http://www.sec.gov and may be reviewed and copied at the SECs Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-Q is available without charge, upon request, by calling 1-800-732-0330.
BOARD OF TRUSTEES
Arthur D. Ally
Kenneth Blackwell
Joseph E. Boatwright
Rick Copeland
Deborah Honeycutt
Bill Johnson
John C. Mulder
Charles E. Nelson
Scott Preissler
Alan Ross
Mathew D. Staver
Patrice Tsague
OFFICERS
Arthur D. Ally, President
Joseph E. Boatwright, Secretary
INVESTMENT ADVISOR
Timothy Partners, Ltd.
1055 Maitland Center Commons
Maitland, FL 32751
DISTRIBUTOR
Timothy Partners, Ltd.
1055 Maitland Center Commons
Maitland, FL 32751
TRANSFER AGENT
Gemini Fund Services, LLC
17605 Wright St., Suite 2
Omaha, NE 68130
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, OH 44115
LEGAL COUNSEL
David Jones & Assoc., P.C. 18630 Crosstimber San Antonio, TX 78258 |
![]() |
For additional information or a prospectus, please call: 1-800-846-7526 Visit the Timothy Plan web site on the internet at: www.timothyplan.com
This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which includes details regarding the Funds objectives, policies, expenses and other information. Distributed by Timothy Partners, Ltd. |
HEADQUARTERS
The Timothy Plan 1055 Maitland Center Commons Maitland, Florida 32751
(800) 846-7526
www.timothyplan.com invest@timothyplan.com
SHAREHOLDER SERVICES
Gemini Fund Services, LLC 17605 Wright St., Suite 2 Omaha, NE 68130
(800) 662-0201 |
Item 2. Code of Ethics. NOT APPLICABLE disclosed with annual report
Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report
Item 4. Principal Accountant Fees and Services. NOT APPLICABLE disclosed with annual report
Item 5. Audit Committee of Listed Companies. NOT APPLICABLE applies to listed companies only
Item 6. Schedule of Investments. NOT APPLICABLE schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. NOT APPLICABLE applies to closed-end funds only
Item 8. Portfolio Managers of Closed-End Management Investment Companies. NOT APPLICABLE applies to closed-end funds only
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE applies to closed-end funds only
Item 10. Submission of Matters to a Vote of Security Holders. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants board of trustees.
Item 11. Controls and Procedures.
(a) Based on an evaluation of the registrants 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 registrants internal control over financial reporting that occurred during the registrants second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 12. Exhibits.
(a)(1) |
Not Applicable filed with annual report | |
(a)(2) |
Certifications by the registrants principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith. | |
(a)(3) |
Not Applicable | |
(b) |
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith |
-2-
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 |
6/8/17 |
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 |
6/8/17 |
-3-
SECTION 302 CERTIFICATIONS
I, Arthur D. Ally, certify that:
1. I have reviewed this report on Form N-CSR of the Timothy Plan;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date |
6/8/17 |
/s/ Arthur D. Ally | ||||
Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer |
-4-
SECTION 906 CERTIFICATION
Arthur D. Ally, Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer of the Timothy Plan (the Registrant), certifies to the best of his knowledge that:
1. The Registrants periodic report on Form N-CSR for the period ended March 31, 2017 (the Form N-CSR) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer
Timothy Plan
/s/ Arthur D. Ally |
||||
Arthur D. Ally | ||||
Date | 6/8/17 |
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Timothy Plan and will be retained by the Timothy Plan and furnished to the Securities and Exchange Commission (the Commission) or its staff upon request.
This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.
-5-
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
(CH!)_E3O4
M4-MMS3SB B.W3),2'B/0-A@-]]NOT]= =9O5/]14!$H )@^2@&W)W 7:'RN6+L;\K51V
M]Y0XD(<-_$VX!]S0'ZQ>@#0!H T : - ?F6_THI?R_5RO =P%#\@F"=Q[C@(
M?J98A]A>T/N;Z T!,'I2@7?RP#8 #=5R B(CT-[A@V'9U#0#\CY<4$P4(J
M!0*4P@4J[_8W4VPC[HAM[!Z> Z [BY#E(]4Q$7&Z0^(%?2"7>!1V_!*(B;8P
M=!V\- 234,W2K!4G]G.$3%,!B@64ER%-U$#%* K
M(E*E[H_IMA PJ^^/0 W#82[%VZ>S;V[^ #7>2:B!@,541'<>_M,H #W=3#L8
M0W -ON== 93.<6$Q=U!Z>YL910.G4O40Z=0W^Z.@'LTD#&2*(+=0WZBJZ$1V
M'N_! P 4 ^YH!5!03$$Q#%W$I@ 04>;?@AT)N42]H%Z;^.P#]&V@.3214(H)
M% * &X"*KL0^@-A !VZ[[_?VT _X"?%L=,P*E(8IP$H@ZD"=PE, @'<7?8?
MH$/#^L!L3X^ ?<- $H;E*")@*8I=]]P' BG(6Q\A^"4RBF:
M%FY.TWAN'RDW=L(;> @._30%JH_D:@KY:I;>KY1RIG'_ (>E"^/@8^T&)@-V
MB'0 'H&@'&MR$9BCW_;+N 0#^6S"&
M07'[9N@4(41 4 (])5!R!I!N;N _0M[?K[]Q1)N!#1G;N;KOX?U= :\\F0?E*+]KE$Y1$0
M$/M X7#H)A$3;M"B8?=Z;@/7IH"BUM23;+*E#L[@,;\%V=3< W#8PB3RP#SQZ: 8BI#]QA$.X0$OU%VV\=
MNT 1Z!O_6WT!BAW;[" @&X!L ;AN4! !'H(#X#[!'I[- 9[<0W,(]P!U -Q
MZ[AL/:!NX0$0 !WZ[]/IT KMS; '4!Z]1*([B =W3?8![?#?QT!*U9-YIT
MRHF* *8;&7.F 80W 3% P^/T!L(: V&<6,&O\ (-N9BJHV0C3+$%<[F?<,
M4R%W @($539+J ;IT, "&P_=T!ZF..?'ZH4>'C#-W<&U732(IW_E8DV*O> ;
M]IS!7%0$Y?NCN/B.^@+D3$RVAX[RTK*W1[4Q O;G&<4\ ZF$H5LH@ B7<1$1
M'VZ IWD">&2*Z#[3( JD)O*%3,,TH/X0?BP[H$!6(=4
MIYTI4C+;"4N398P%.(;',(A#")BFV^@!T!7^^/U95P5%O/)%2-^,*< M&+R2/Y+<0)NN!3" ]OO"
MW<6THDQ97J+EJLJQ%^I#R!D@BUVZZPI;/$0!8X-SIF43.4ABCL!O =]AT IY
M=PU9:%7)%>)%1Y1FTXPDCMWQHDTC7UWRK0J*R:[9RJ+Z'7(! 5*&YDU"D,8!
M 1'0$+.6Y8.9?1Y6ZB;6VLFBS/M(S5 K\LJW R@ )E")I+E VWX/W-M +J[-
M5E%1DJS*NNLS!V1\B"3+L,P4>BDN*8DZ"*"PD. B'3J(=- ,B?0*0XOX\QE
M6 3+(&%H)T5N@J@4$CB02;&WV -R?2/L 8AWB@KBHF)F[@H]PEV2 H=H]3%-
ML8"E$X?A%W /:&@"6%631\Y1- S\-SBZ,FW$R@ !L=/82*%5 1WWZCX^/4
M&<0>QPR*W;F;J-_.44 0(=),Q>XY#IB? X4#;&T!4BY-K/(
M2ZBDFU<->\ZAF[+RD4$T$Q$HG3*DB80\Y41(97N[AW#;?H.P#1/"RS7=RFU,
M"8_ZJ3L*!TT]MP!9L)P[B ;@IU ? -_8 O1ZHH FN*?GJG.DJ)'":(H-SIG
M3-NH8YB^: 90=@,JY!=JQ*'4=P!5-(@E#<1$1$1'?Z=AT!
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M%V#8!$!VSD,U*1RZ2&/51. BFQ3;AMT#V;Z X)XOD!]Y%L^.)C@(G*MCHQP*4![O
M%8W3V^\)= +[:F3K,I040?G1$?P!6Q@HIL ]H=I5.XQ##TWZB _?T Y8^ 7
M2D^"DD3@?M.)#XN)TV 3[>Z/0 #KU =S: EZM5AX!TCF1E#$ VX"+C$P@80-
M[W10#"(E NP@(!] ?3H"9$6KQ)OY1$YH@E('8?R\, (@(#N4HO[=O$>@[^
M'30#6DB29-E#!, !=R@0%,/E,9/K^%V 8W<(?7UZ>&_0"+Y9!\K\44GS<@@/
M;W &)C")AV#N(;;8=A$ $0#QWT!&$J+LOF^8,T8W1,NY,7#N GGE]O3 ,/>/?W 81*!"D$1#Q'KH!V2R!E
M7,*0I@3[X]RL<"B?L34$1 Q1-^#YA04 VX;AL.V@'%'I(K.@\T>P2&06:MU!
M53[UP;>Z5-,.IDB+K&/L/;OVB'CH!^$\X\,:9CR"L^A!1.H)1="*P$4.F?M*
M(>6!"N"B&WT" !X]0+A\1,BMJAE".<&!NVK4TV:2:::AICX0@&5(XD&)461_
M.\ILX!PD4 ]XOCMXZ V>XIKL"SMF78INZ9ECD+I'R,4*C.\*,FK*P0R#XZ+8
M&Z8+)(+KHBH;O 3"90WLT!9F.J+=0>UN:(=D "B((M1R'+V72",7RCN" T* -W1^X=/O=- ,Z(N!V<@0@SJ""('*IWGOUR*
M03 )1 1,#$!$H]NP;CT^O0$?\D D0Z,8N_P V4[0]TV^3(O8!
M[MP'<8PFPCMX!O\ 2/TZ >+=X.P%^;G .T"@4F4X?8-OPNH10@([#X_7]S0"
MJFY.80$)I4=AWZY4B@^GJ'ZDAML B([!OM[-] *[=994Y2)S*HF4-V%(&6(H
M#"(]-MOE(" CML.@+4T.OK(1S4RLVKY@D*8X?EI@4A'<>G?^HJH[]P^/L#8=
M 2&_B# 3N-.KE 2CW=V;H ?#97^X@#M]P= 1[(5\CC\8:=,8@&WZYH@3=Q
MC"'N]PQ28B(B'78.F@'E"/\ Y>V*V^?*%$"]H_\ #A I 0 #MV[4H81,)0'<
M0W\!T!($7,$#?:Q.0'8 $P9T@$R!N ;E #0)N[8"]>O70' =X=RDB
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MN _/,* "!C&]T/@]MNH].N_M]N@%3]4VR/F M.F,;W0_5_"^QNX>IC;(>X7
M[@==OO: X[R[=DHJ9Q/@=4 V,-@PKL)>H[;_ X?@@([!]._W= 5PO*TJ)G!
MS.9PYUC@(",UB,XB.X]QA!-$QC= _2[== 0;%8QR%D:;18HIS+.)[Q\Y5Q-8
MM;*J)B80.4#'(B0NY=@$XF]O0!T!M!PUQU1KD [81
M-N(]H &@%-HBW\@!-(1AB=HCV#:K^F.R?X/:F#(HG4, ]-M@ZCX!H"HO)*;;
M1S=L@DZ9J ?N,!4K+;U2D%-(0V 7C=(![0'<0]N_7H : THWFOWK,N487%^+
M:]+7>Z6A^FPB(*$)(23I1=98$U'3CO)W-I@4<.5NU)%,ICF, !OH#U*<"
MO13QQA:K1E@Y$6.@Y#R.^;M7TA7V\W?V-6K*P;J_+DE8NL$-/.FXFV.L8P-Q
M.'N%,'O& W/)89QM&QY(J-3I4 HB2O;@4=A#Q'??Z= 5]M68S*]Z:5O=)%+_J1QY!)' @@( (%#Y$
M8X 'TZ B57.$]&*>:VN;UP4! 1[\[HB @ [>X(0@;#MMX_0&@)"JO*0'"Q&K
MNY/T7 =I3$4SVBB&P[ ($,>!'NZ"'AXZ L1!YH2?IIB6ZG$INS?_ .44W3[1
M$=C!L:N&+T#ZOH\1T ]29!(Z(4P782F-_IN1S,P".WOCL%= VVV^H!T!ANK
M<.W2XD-W#U[^1K0H[A^F#^YSVEV#Q_0\= (+JUJ;"8+CW"(% "AR-;@ =0\-
MZ_UZ_3UV >N@&F]M:@;G&X#ON /YPS57?VB ]U>\-OHWZ;?3MH!JR%Q. ;_
M &NW'P'NY LA$/I,&U?*([ (;@'Z/T ,B0MR@]P_:HQMB[%WS^W-[P@ #OO"
M;C]8?4.@&+*6PVXD"U;=NY=ORZMAV$?=-OM!C_I=_IW#[N@(ELEI<"54P603
M>YU$ DA+ 'B FLF/^H
M AN;^Q>NQP']#0"ZUD7Q1#M?S!>@B/\ =/CH!V'83 .[;IOXAOM]_0"^A*/A
M_P#+YGH( _:G&X&$-@$>IFV^PB.^X[_ '/9H!23D7IA':0EO .HVG&PA[P&
M]@M0Z=P=/;MX^.@,PL@['8P2$F (;?W3XT.(;;>/]A@ ]WWPT!R-(NQW*5_
M+GZ^!;-C,3"8=^NX--_N>/CH#@9:5[>X%K"!=AW$+/CCKN CU$K+;;8?N]-
M8BBLL ]7$^&P '^Z?'0![PA_IF@ (=0^[H!/4=/RGZO)L!#8-AM&.A]HC_YJ
M [!]&_4.F@.GX]\7K\?," [ (&M>-=Q 1*([%!L'B&X[CL/W= *$>:8>J@W9
M.)U8YA GXJU8W'8#;% 1'X?W0 P]!\/T= ;#,&UNP1T:R4?2$XW,8I?Q)+SA
MY,"[@'NF!RT4V#8=NNX>(== 7E@9=VR23+\ZLA1 "]/R@X*'8H".Y@$\< [&
MVWZ>P-NF@%]_>Y!NU':PV8H '3_A#P48.@#OT+'=PB4H[= $0WT! UMRT]2!
M9)*>LXG P^]]N<+'*!@ !$!,G%".X#[-@$=NF@*Q6C)ID6,#AL< *;M K^R'V*!C?A@= O< !^
MCO\ 1X 4VN=8>)'5%4Z0#V[ .),2E3ZE$2]Y $Q0W]O4 ]F@*]RS-=DH &$
M#$'Q,!G';M[>X5B!OU#I[/T- (R2ICCL)B]H#L&QC]-A#?H)=MMP\0W]F@'Q
M6XLKQPCYGEJ;F#8%#O $"[B.Q1(0I0 2??T!?/$E'03%J
M80H F390^^VW4=] :VLU>H]BZFR,C4%'<%*W6[S)J*"J!R=A2"
M4.IB[: 0[;"MI9@B^:MDCI2+5-R@1,SM0ZB)CF2,F=0P"D1XR7(/>!=Q[@W#
MVZ KXX3D6+EPP=$42%,P#VJ%4 '".W:*R F' =AV -A^@#XW%L\E&S@HB4"*$%??S2
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MR,<8JH@CN8$52[;AY31V!%$S"8Q0[A$-A,&QM] *S28.LB.X)T[00<"S
-"J&,JYCDGJ:Y#E.X4:7(HHD4+VF$7!DS+JE[A[1*
M;\84VVVY= 1?<.,D\V^>MJ;/0;R(GS$5<5BP-+TD2->@853.8V7)%+HH(&5[
M3&(H CW@(E$ ';0'30>&K2G0[F8F):N6*[RAP7<-ED+J6!C6QN[>-8K)L5'1
MS#XG7$-Q-X%V\0'6WQA/Q)SB6LP@*&.)!=)S%O,W03* D'RA&/2=[& 1$=@W
MZ!U\1T VY+%DSYPN'MJ:QS=NLK(IQ[9I:'*#9R8I4TW+8),BH*R" $_%KJ@)
M$3#N0@?0'0C%L:[$G".%OYRAU#+N%E+0L^>+K]RCA\\=G)W.G+L3;F.(==
MO= "[!H!O1X@)UWJZK7W.X2@JK9@%0X&\"F[=@Z!L [^W] "3J[<4$@(T;H1
M"SY
9 _P"E-[-]O$.H%=;/
M&M$E50 &8$V[@#S;6 AN4W
!1$H@ &,
M!(CO(&P>\ []V_T@.@&9*K 85 2EGI2'$P")LGU$"B.VP]A_EP?I1#??81#V
M: A&T,Q+N",NN")A[S@;)=;.7NZB.Q21X]W< ^WPT!!%HAU7: MTI=
'==1=MC&>CRR1CB;L3*U)+&231(;
MH!0[C>TQC?0%#>3F.X>B-X*(1BV["
B!H?0EFXFV,#7< *)C C9 *(=!V NX 78H]=O'KUT
MJ)OVAQ*4HM#F_P"U2LHF'?Q-T,8=_K]@: D"HPZ]EF(J#B&L>\E)V28P\6T/
M]HT2N9*3=),V: N7:K=FV(NNL4HJ+'32( [F, (Z ])D[QQR [](7'/&9%;
M$Q\W07*7\I\KCHN;\8_'-*<*]M,,I\67(14%G0!)HB+4CLS@!/\ ZGT$ TJ
MLZX@R?.8UTC#@\8/'<<\32)=7()/&+A1H\1*Y9JKMG)2N4A*!TE#IFVW(80$
M!T!OD]*7%LECU'.N0[:^QU3JMECCC:*90GTYDBOP;V?GI*22(T9'@[):$YF,
M06.S4_'.&J!0$G4VPAN!J4L&&K%B(T52;['56-L<;78=P\9Q,]-W)FF@LU!)
M(Y)ND3%A@7!CJMC^Z1<3[EW$H%$-P+[Y XS7EMP2Q;$NC8K"1IV<\FYLLU;#
M+->-.Q>.;1B:M1$1-G@4[>:RN)!RYCE>^/2*=XDGVB+<#" : F+D3R&QK>.#
M>'"K--L,N1XSJUC4C37G(+N&\DMB22;XRBGC=H_.F4@.[(
MJ '$P] ,RB\<[?!^E9GGCJL.*HG*-\S)1;E3Z"YS'0F;N2J\++XV
*)6YRG'81V#0$8/Y56=
M345:NYI<1 1 PRN+ >@B/O)(%'<2@ [#H"'IIO(BH?L5E=^\ $WS?&Q-A\/
M$B @82_3?
M/'D[RO; CF#)*S^L>>FZ0I]?A(.G5$CE'M%)56OUQHP;NE40#->O4-Y^UG]W
M8=S>XT$1_!VW !VWT ]6"C(H!_93 H"&VXV2\ (CTW]X&8;"4 \>@== /!F\
M:I@ @]8@;< V"UW3P*.YC?[!_!'8?#J&^@'4PDF@ (&=LP V$#6R\CX#X?[
M$V$1VW^G_, <*3]F([?&1_7H?1H!4>2;IBU."LE. !P.&XW'&"H;D[@**A$VP'*.^X^&P
M^&@(K54?GF89PK(RY2 E,NP*:S8V$"G!D"*9O]C;?A.]NOWO#?0$46UZ^6,Y
M*9]*AL.X>99<>J=P[B "(%0(;83&W^KZ/;H!D0BRPB8HO9,A1,4!$MBHJ>QO
M>\PQ]VPF\ #Z_P"IN!(C9ZY21.87\GV@0NR@V3'QB#V#OWE[6O=U\?TNP[_?
M ZTI03.2%(_FS=0]X;'CTHB8O:(;D*VZ 4H#L ^W]'0#TKL#