Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number     811-08228                                                                                                           

The Timothy Plan                                                                                                                                       

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL 32751                                                                                          

(Address of principal executive offices)                         (Zip code)

Art Ally, The Timothy Plan                                                                                                      

1055 Maitland Center Commons, Maitland, FL 32751

(Name and address of agent for service)

Registrant’s telephone number, including area code:    800-846-7526                                                                 

Date of fiscal year end:    9/30

Date of reporting period: 3/31/20

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 


Item 1. Reports to Stockholders.

The Registrant’s audited annual financial reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:


 

 

LOGO

 

SEMI-ANNUAL REPORT

March 31, 2020

TIMOTHY PLAN FAMILY OF FUNDS

 

LOGO


 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, www.timothyplan.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically or to continue receiving paper copies of shareholder reports, which are available free of charge, by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Funds documents that have been mailed to you.

 

[1]


 

Fund Profile

As of March 31, 2020 - (Unaudited)

 

 

 

Aggressive Growth Fund

 

Top Ten Industries       
(% of Net Assets)       

Software

     17.2%  

Healthcare-Products

     17.1%  

Money Market Fund

     8.8%  

Semiconductors

     7.7%  

Computers

     6.6%  

Commercial Services

     6.5%  

Healthcare - Services

     6.0%  

REITS

     4.4%  

Pharmaceuticals

     4.2%  

Packaging & Containers

     3.8%  

Other Assets Less Liabilities - Net

     17.7%  
  

 

 

 
     100.0%  
  

 

 

 

Large/Mid Cap Growth Fund

 

Top Ten Industries       
(% of Net Assets)       

Exchange Traded Fund

     22.2%  

Semiconductors

     13.4%  

Retail

     8.5%  

Money Market Fund

     7.2%  

Software

     5.8%  

Healthcare - Products

     5.7%  

Electronics

     5.6%  

Pharmaceuticals

     4.6%  

Computers

     4.0%  

Internet

     3.7%  

Other Assets Less Liabilities - Net

     19.3%  
  

 

 

 
     100.0%  
  

 

 

 

Large/Mid Cap Value Fund

 

Top Ten Industries       
(% of Net Assets)       

Exchange Traded Funds

     22.8%  

Semiconductors

     6.8%  

Electronics

     6.7%  

Food

     5.7%  

Insurance

     5.7%  

Money Market Fund

     5.0%  

Healthcare-Products

     4.9%  

REITS

     4.3%  

Aerospace/Defense

     4.2%  

Banks

     4.2%  

Other Assets Less Liabilities - Net

     29.7%  
  

 

 

 
     100.0%  
  

 

 

 

International Fund

 

Top Ten Industries       
(% of Net Assets)       

Insurance

     8.3%  

Banks

     7.3%  

Internet

     6.6%  

Semiconductors

     6.4%  

Telecommunications

     5.9%  

Diversified Financial Services

     4.8%  

Healthcare - Products

     4.7%  

Money Market Fund

     4.7%  

Food

     4.6%  

Electric

     3.6%  

Other Assets Less Liabilities - Net

     43.1%  
  

 

 

 
     100.0%  
  

 

 

 

Small Cap Value Fund

 

Top Ten Industries       
(% of Net Assets)       

Exchange Traded Fund

     10.4%  

Banks

     10.2%  

REITS

     7.6%  

Retail

     6.0%  

Insurance

     5.5%  

Money Market Fund

     4.3%  

Electric

     3.9%  

Food

     3.9%  

Healthcare - Products

     3.2%  

Savings & Loans

     3.2%  

Other Assets Less Liabilities - Net

     41.8%  
  

 

 

 
     100.0%  
  

 

 

 

Fixed Income Fund

 

Top Ten Industries       
(% of Net Assets)       

Government Notes & Bonds

     43.4%  

Corporate Bonds

     26.8%  

Government Mortgage - Backed Securities

     26.5%  

Money Market Fund

     2.9%  

Other Assets Less Liabilities - Net

     0.4%  
  

 

 

 
     100.0%  
  

 

 

 
 

 

[2]


 

Fund Profile

As of March 31, 2020 - (Unaudited) (Continued)

 

 

 

High Yield Bond Fund

 

Top Ten Industries       
(% of Net Assets)       

Corporate Bonds

     92.0%  

Money Market Fund

     5.2%  

Convertible Bonds

     0.7%  

Other Assets Less Liabilities - Net

     2.1%  
  

 

 

 
     100.0%  
  

 

 

 

Defensive Strategies Fund

 

Top Ten Industries       
(% of Net Assets)       

Alternative Investments

     28.2%  

Treasury Inflation Protected Securities (TIPS)

     27.7%  

REITS

     16.6%  

Money Market Fund

     6.4%  

Mining

     5.3%  

Oil & Gas

     4.9%  

Water

     2.1%  

Chemicals

     1.6%  

Food

     1.4%  

Machinery - Diversified

     1.3%  

Other Assets Less Liabilities - Net

     4.5%  
  

 

 

 
     100.0%  
  

 

 

 

Conservative Growth Fund

 

Top Ten Industries       
(% of Net Assets)       

Mutual Funds

     54.0%  

Exchange Traded Funds

     41.8%  

Money Market Fund

     4.3%  

Other Assets Less Liabilities - Net

     (0.1 )% 
  

 

 

 
     100.0%  
  

 

 

 

Israel Common Values Fund

 

Top Ten Industries       
(% of Net Assets)       

Banks

     20.4%  

Real Estate

     10.9%  

Food

     7.2%  

Telecommunications

     6.7%  

Software

     5.7%  

Semiconductors

     5.2%  

Computers

     4.8%  

Insurance

     4.6%  

Oil & Natural Gas

     4.2%  

Aerospace/Defense

     4.0%  

Other Assets Less Liabilities - Net

     26.3%  
  

 

 

 
     100.0%  
  

 

 

 

Strategic Growth Fund

 

Top Ten Industries       
(% of Net Assets)       

Exchange Traded Funds

     57.7%  

Mutual Funds

     37.8%  

Money Market Fund

     4.6%  

Other Assets Less Liabilities - Net

     (0.1 )% 
  

 

 

 
     100.0%  
  

 

 

 

Growth & Income Fund

 

Top Ten Industries       
(% of Net Assets)       

Exchange Traded Fund

     47.7%  

Corporate Bonds

     20.2%  

Government Notes, Bonds & Agencies

     16.1%  

Government Mortgage - Backed Securities

     13.8%  

Money Market Fund

     2.1%  

Other Assets Less Liabilities - Net

     0.1%  
  

 

 

 
     100.0%  
  

 

 

 
 

 

[3]


Schedule of Investments | Aggressive Growth Fund

As of March 31, 2020 (Unaudited)

 

     
Shares        Fair Value
    COMMON STOCK – 86.7%    
   

AEROSPACE/DEFENSE – 2.3%

   
    2,765  

L3Harris Technologies, Inc.

    $      498,032
       

 

 

 
   

APPAREL – 2.4%

   
    3,874  

Deckers Outdoor Corp. *

      519,116
       

 

 

 
   

COMMERCIAL SERVICES – 6.5%

   
    4,437  

ASGN, Inc. *

      156,715
    5,922  

FTI Consulting, Inc. *

      709,278
    1,021  

MarketAxess Holdings, Inc.

      339,554
    3,397  

TransUnion

      224,813
       

 

 

 
          1,430,360
       

 

 

 
   

COMPUTERS – 6.6%

   
    3,421  

EPAM Systems, Inc. *

      635,143
    5,785  

Genpact Ltd. *

      168,922
    14,682  

Rapid7, Inc. *

      636,171
       

 

 

 
          1,440,236
       

 

 

 
   

DISTRIBUTION/WHOLESALE – 0.8%

   
    5,769  

IAA, Inc. *

      172,839
       

 

 

 
   

ELECTRONICS – 1.1%

   
    3,116  

Fortive Corp.

      171,972
    1,385  

Woodward, Inc.

      82,324
       

 

 

 
          254,296
       

 

 

 
   

ENVIRONMENTAL CONTROL – 0.7%

   
    2,892  

Clean Harbors, Inc. *

      148,475
       

 

 

 
   

HEALTHCARE – PRODUCTS – 17.1%

   
    5,162  

DENTSPLY SIRONA, Inc.

      200,440
    2,741  

Edwards Lifesciences Corp. *

      517,007
    7,066  

Haemonetics Corp. *

      704,198
    2,160  

Hill-Rom Holdings, Inc.

      217,296
    2,347  

ICU Medical, Inc. *

      473,554
    2,599  

Insulet Corp. *

      430,602
    4,041  

Quidel Corp. *

      395,250
    1,499  

STERIS PLC

      209,815
    2,050  

Teleflex, Inc.

      600,363
       

 

 

 
          3,748,525
       

 

 

 
   

HEALTHCARE – SERVICES – 6.0%

   
    5,261  

Addus HomeCare Corp. *

      355,644
    3,421  

ICON PLC *

      465,256
    1,565  

LHC Group, Inc *

      219,413
    1,681  

Teladoc Health, Inc. *

      260,572
       

 

 

 
          1,300,885
       

 

 

 
   

HOUSEHOLD PRODUCTS/WARES – 2.0%

   
    3,075  

Helen of Troy Ltd. *

      442,892
       

 

 

 
   

INSURANCE – 1.4%

   
    3,771  

Arthur J Gallagher & Co.

      307,374
       

 

 

 
   

INTERNET – 1.4%

   
    2,975  

Proofpoint, Inc. *

      305,205
       

 

 

 
   

MACHINERY – CONSTRUCTION & MINING – 1.0%

   
    3,383  

Oshkosh Corp.

      217,629
       

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [4]  


Schedule of Investments | Aggressive Growth Fund

As of March 31, 2020 (Unaudited) (Continued)

 

     
Shares        Fair Value
   

MISCELLANEOUS MANUFACTURING – 1.2%

   
    3,103  

Trane Technologies PLC

    $      256,277
       

 

 

 
   

PACKAGING & CONTAINERS – 3.8%

   
    14,495  

Crown Holdings, Inc. *

      841,290
       

 

 

 
   

PHARMACEUTICALS – 4.2%

   
    897  

DexCom, Inc. *

      241,535
    17,964  

Horizon Therapeutics Plc *

      532,094
    1,436  

Sarepta Therapeutics, Inc. *

      140,470
       

 

 

 
          914,099
       

 

 

 
   

RETAIL – 2.2%

   
    17,168  

Bloomin’ Brands, Inc.

      122,580
    2,274  

Burlington Stores, Inc. *

      360,338
       

 

 

 
          482,918
       

 

 

 
   

SEMICONDUCTORS – 7.7%

   
    10,055  

Advanced Micro Devices, Inc. *

      457,302
    1,568  

Lam Research Corp.

      376,320
    3,583  

Monolithic Power System, Inc.

      600,009
    3,098  

Xilinx, Inc.

      241,458
       

 

 

 
          1,675,089
       

 

 

 
   

SOFTWARE – 17.2%

   
    2,405  

Akamai Technologies, Inc. *

      220,033
    981  

ANSYS, Inc. *

      228,053
    6,069  

Fidelity National Information Services, Inc.

      738,234
    4,313  

Fiserv, Inc. *

      409,692
    1,418  

MSCI, Inc.

      409,745
    24,704  

Nutanix, Inc. *

      390,323
    3,140  

RingCentral, Inc. *

      665,398
    1,666  

ServiceNow, Inc. *

      477,442
    2,582  

Twilio, Inc. *

      231,063
       

 

 

 
          3,769,983
       

 

 

 
   

TEXTILES – 1.1%

   
    1,598  

UniFirst Corp.

      241,442
       

 

 

 
   

TOTAL COMMON STOCK (Cost $18,439,592)

      18,966,962
       

 

 

 
   

REITs – 4.4%

   
    8,596  

Americold Realty Trust

      292,608
    17,191  

Physicians Realty Trust

      239,642
    2,856  

Prologis, Inc.

      229,537
    8,333  

STAG Industrial, Inc.

      187,659
       

 

 

 
   

TOTAL REITs (Cost $1,020,246)

      949,446
       

 

 

 
   

MONEY MARKET FUND – 8.8%

   
    1,926,263  

Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (A)
(Cost $1,926,263)

      1,926,263
       

 

 

 
   

TOTAL INVESTMENTS – 99.9% (Cost $21,386,101)

    $ 21,842,671
   

OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.1%

      29,929
       

 

 

 
   

NET ASSETS – 100.0%

    $ 21,872,600
       

 

 

 

 

 

 

*

Non-income producing securities.

PLC

Public Limited Co.

REITs

Real Estate Investment Trust.

(A)

Variable rate security; the rate shown represents the yield at March 31, 2020.

 

The accompanying notes are an integral part of these financial statements.

 

  [5]  


Schedule of Investments | International Fund

As of March 31, 2020 (Unaudited)

 

     
Shares        Fair Value
   

COMMON STOCK – 94.7 %

   
   

AUTO PARTS & EQUIPMENT – 2.6 %

   
    37,300  

Magna International, Inc. – Class A

    $   1,190,616
    78,300  

Valeo SA (ADR)

      632,860
       

 

 

 
          1,823,476
       

 

 

 
   

BANKS – 7.3 %

   
    97,000  

Banco Bradesco SA (ADR)

      393,820
    36,839  

DBS Group Holdings Ltd. (ADR)

      1,904,944
    91,000  

DNB ASA (ADR)

      1,009,190
    77,200  

ICICI Bank Ltd. (ADR)

      656,200
    50,600  

KBC Group NV (ADR)

      1,133,946
       

 

 

 
          5,098,100
       

 

 

 
   

BUILDING MATERIALS – 1.7 %

   
    52,600  

Xinyi Glass Holdings Ltd. (ADR)

      1,173,506
       

 

 

 
   

CHEMICALS – 1.4 %

   
    14,900  

Arkema SA (ADR)

      1,001,876
       

 

 

 
   

COMMERCIAL SERVICES – 3.4 %

   
    33,700  

Amadeus IT Group SA (ADR)

      1,580,530
    9,000  

Ashtead Group PLC (ADR)

      792,990
       

 

 

 
          2,373,520
       

 

 

 
   

COSMETICS/PERSONAL CARE – 2.1 %

   
    90,000  

Kao Corp. (ADR)

      1,465,200
       

 

 

 
   

DIVERSIFIED FINANCIAL SERVICES – 4.8 %

   
    120,000  

Deutsche Boerse AG (ADR)

      1,622,400
    21,000  

ORIX Corp. (ADR)

      1,241,100
    24,000  

Pagseguro Digital Ltd. *

      463,920
       

 

 

 
          3,327,420
       

 

 

 
   

ELECTRIC – 3.6 %

   
    251,000  

Enel SpA (ADR)

      1,762,020
    128,900  

Power Assets Holdings Ltd. (ADR)

      751,874
       

 

 

 
          2,513,894
       

 

 

 
   

ELECTRONICS – 2.2 %

   
    18,000  

Hoya Corp. (ADR)

      1,529,820
       

 

 

 
   

ENGINEERING & CONSTRUCTION – 3.5 %

   
    121,000  

Vinci SA (ADR)

      2,465,980
       

 

 

 
   

FOOD – 4.6 %

   
    18,000  

Kerry Group PLC (ADR)

      2,040,660
    75,000  

Mowi ASA (ADR)

      1,133,250
       

 

 

 
          3,173,910
       

 

 

 
   

HAND/MACHINE TOOLS – 3.5 %

   
    76,650  

Techtronic Industries Co. (ADR)

      2,463,033
       

 

 

 
   

HEALTHCARE – PRODUCTS – 4.7 %

   
    32,200  

Alcon, Inc. *

      1,636,404
    45,400  

Smith & Nephew PLC (ADR)

      1,628,498
       

 

 

 
          3,264,902
       

 

 

 
   

HEALTHCARE – SERVICES – 2.5 %

   
    53,000  

Fresenius Medical Care AG & Co. (ADR)

      1,738,400
       

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [6]  


Schedule of Investments | International Fund

As of March 31, 2020 (Unaudited) (Continued)

 

     
Shares        Fair Value
   

INSURANCE – 8.3 %

   
    35,700  

Ageas (ADR)

    $   1,471,036
    69,000  

AIA Group Ltd. (ADR)

      2,483,310
    40,200  

Muenchener Rueckversicherungs AG (ADR)

      797,488
    68,600  

Sampo Oyj (ADR)

      990,584
       

 

 

 
          5,742,418
       

 

 

 
   

INTERNET – 6.6 %

   
    14,100  

Pinduoduo, Inc. (ADR) *

      508,023
    50,100  

Tencent Holdings Ltd. (ADR)

      2,459,409
    46,700  

Yandex NV *

      1,590,135
       

 

 

 
          4,557,567
       

 

 

 
   

LEISURE TIME – 2.0 %

   
    99,000  

Shimano, Inc. (ADR)

      1,398,672
       

 

 

 
   

MACHINERY – DIVERSIFIED – 3.3 %

   
    53,500  

Atlas Copco AB (ADR)

      1,554,710
    57,000  

FANUC Corp. (ADR)

      753,540
       

 

 

 
          2,308,250
       

 

 

 
   

MINING – 1.3 %

   
    19,500  

Rio Tinto PLC (ADR)

      888,420
       

 

 

 
   

OFFICE/BUSINESS EQUIPMENT – 1.7 %

   
    22,938  

FUJIFILM Holdings Corp. (ADR)

      1,147,359
       

 

 

 
   

OIL & GAS – 3.4 %

   
    55,100  

Eni SpA (ADR)

      1,092,082
    89,000  

Equinor ASA (ADR)

      1,084,020
    36,000  

Petroleo Brasileiro SA (ADR)

      194,040
       

 

 

 
          2,370,142
       

 

 

 
   

RETAIL – 2.2 %

   
    81,000  

Pan Pacific International Holdings Corp. (ADR)

      1,522,395
       

 

 

 
   

SEMICONDUCTORS – 6.4 %

   
    6,550  

ASML Holding NV (ADR)

      1,713,742
    6,900  

Mellanox Technologies Ltd. *

      837,108
    11,000  

NXP Semiconductors NV

      912,230
    20,000  

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

      955,800
       

 

 

 
          4,418,880
       

 

 

 
   

SOFTWARE – 2.1 %

   
    42,640  

Open Text Corp.

      1,488,989
       

 

 

 
   

TELECOMMUNICATIONS – 5.9 %

   
    14,200  

Nice Ltd. (ADR) *

      2,038,552
    87,800  

Nippon Telegraph & Telephone Corp. (ADR)

      2,073,836
       

 

 

 
          4,112,388
       

 

 

 
   

TRANSPORTATION – 3.6 %

   
    11,300  

Canadian Pacific Railway Ltd.

      2,481,367
       

 

 

 
   

TOTAL COMMON STOCK (Cost $69,721,792)

      65,849,884
       

 

 

 
   

MONEY MARKET FUND – 4.7 %

   
    3,293,539  

Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (A)
(Cost $3,293,539)

      3,293,539
       

 

 

 
   

TOTAL INVESTMENTS – 99.4 % (Cost $73,015,331)

    $ 69,143,423
   

OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.6 %

      394,587
       

 

 

 
   

NET ASSETS – 100.0 %

    $ 69,538,010
       

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [7]  


Schedule of Investments | International Fund

As of March 31, 2020 (Unaudited) (Continued)

 

 

*

Non-income producing securities.

ADR

American Depositary Receipt.

PLC

Public Limited Co.

(A)

Variable rate security; the rate shown represents the yield at March 31, 2020.

Diversification of Assets

 

Country

   % of Net Assets  

Japan

     16.0%  

Hong Kong

     9.9%  

Canada

     7.4%  

Germany

     6.0%  

France

     5.9%  

United Kingdom

     4.8%  

Norway

     4.6%  

China

     4.3%  

Israel

     4.1%  

Italy

     4.1%  

Netherlands

     3.8%  

Belgium

     3.8%  

Ireland

     2.9%  

Sinapore

     2.7%  

Switzerland

     2.4%  

Russia

     2.3%  

Spain

     2.3%  

Sweden

     2.2%  

Brazil

     1.5%  

Finland

     1.4%  

Taiwan

     1.4%  

India

     0.9%  
  

 

 

 

Total

     94.7%  

Money Market Fund

     4.7%  

Other Assets Less Liabilities – Net

     0.6%  
  

 

 

 

Grand Total

     100.0%  
  

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [8]  


Schedule of Investments | Large/Mid Cap Growth Fund

As of March 31, 2020 (Unaudited)

 

     
Shares        Fair Value
   

COMMON STOCK – 70.8%

   
   

AEROSPACE/DEFENSE – 1.5%

   
    7,639  

General Dynamics Corp.

    $    1,010,716
       

 

 

 
   

BANKS – 0.5%

   
    10,035  

Western Alliance Bancorp

      307,171
       

 

 

 
   

BIOTECHNOLOGY – 1.8%

   
    5,029  

Vertex Pharmaceuticals, Inc. *

      1,196,651
       

 

 

 
   

CHEMICALS – 1.2%

   
    9,932  

FMC Corp.

      811,345
       

 

 

 
   

COMMERCIAL SERVICES – 1.5%

   
    4,991  

Grand Canyon Education, Inc. *

      380,738
    1,808  

MarketAxess Holdings, Inc.

      601,287
       

 

 

 
          982,025
       

 

 

 
   

COMPUTERS – 4.0%

   
    4,716  

EPAM Systems, Inc. *

      875,573
    24,021  

Rapid7, Inc. *

      1,040,830
    19,458  

Western Digital Corp.

      809,842
       

 

 

 
          2,726,245
       

 

 

 
   

DIVERSIFIED FINANCIAL SERVICES – 1.6%

   
    13,573  

Intercontinental Exchange, Inc.

      1,096,020
       

 

 

 
   

ELECTRIC – 1.0%

   
    28,390  

PPL Corp.

      700,665
       

 

 

 
   

ELECTRICAL COMPONENTS & EQUIPMENT – 1.5%

   
    20,893  

Emerson Electric Co.

      995,551
       

 

 

 
   

ELECTRONICS – 5.6%

   
    16,477  

Amphenol Corp. – Class A

      1,200,844
    12,847  

Fortive Corp.

      709,026
    13,906  

Honeywell International, Inc.

      1,860,484
       

 

 

 
          3,770,354
       

 

 

 
   

FOOD – 1.4%

   
    6,499  

McCormick & Co., Inc.

      917,724
       

 

 

 
   

HEALTHCARE – PRODUCTS – 5.7%

   
    5,109  

Edwards Lifesciences Corp. *

      963,660
    5,527  

Insulet Corp. *

      915,713
    1,850  

Intuitive Surgical, Inc. *

      916,138
    3,693  

Teleflex, Inc.

      1,081,532
       

 

 

 
          3,877,043
       

 

 

 
   

HEALTHCARE – SERVICES – 1.1%

   
    6,897  

IQVIA Holdings, Inc. *

      743,910
       

 

 

 
   

INSURANCE – 2.3%

   
    19,475  

Arthur J. Gallagher & Co.

      1,587,407
       

 

 

 
   

INTERNET – 3.7%

   
    18,785  

CDW Corp.

      1,752,077
    4,667  

Palo Alto Networks, Inc. *

      765,201
       

 

 

 
          2,517,278
       

 

 

 
   

MACHINERY – CONSTRUCTION & MINING – 2.2%

   
    7,950  

Caterpillar, Inc.

      922,518
    8,569  

Oshkosh Corp.

      551,244
       

 

 

 
          1,473,762
       

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [9]  


Schedule of Investments | Large/Mid Cap Growth Fund

As of March 31, 2020 (Unaudited) (Continued)

 

     
Shares        Fair Value
   

MACHINERY – DIVERSIFIED – 1.3%

   
    13,422  

Xylem, Inc.

    $ 874,175
       

 

 

 
   

OIL & GAS – 0.6%

   
    12,372  

ConocoPhillips

      381,058
       

 

 

 
   

PHARMACEUTICALS – 4.6%

   
    6,118  

Neurocrine Biosciences, Inc. *

      529,513
    5,558  

Sarepta Therapeutics, Inc. *

      543,684
    17,408  

Zoetis, Inc.

      2,048,748
       

 

 

 
          3,121,945
       

 

 

 
   

RETAIL – 8.5%

   
    5,383  

Burlington Stores, Inc. *

      852,990
    5,785  

Costco Wholesale Corp.

      1,649,477
    9,425  

Dollar General Corp.

      1,423,269
    2,266  

Lululemon Athletica, Inc. *

      429,520
    2,256  

O’Reilly Automotive, Inc. *

      679,169
    18,006  

Restaurant Brands International, Inc.

      720,780
       

 

 

 
          5,755,205
       

 

 

 
   

SEMICONDUCTORS – 13.4%

   
    31,035  

Advanced Micro Devices, Inc. *

      1,411,472
    5,226  

Broadcom Ltd.

      1,239,085
    21,331  

Maxim Integrated Products, Inc.

      1,036,900
    25,621  

Micron Technology, Inc. *

      1,077,619
    4,718  

Monolithic Power Systems, Inc.

      790,076
    9,007  

NVIDIA Corp.

      2,374,245
    13,231  

NXP Semiconductors NV

      1,097,247
       

 

 

 
          9,026,644
       

 

 

 
   

SOFTWARE – 5.8%

   
    8,444  

Fidelity National Information Services, Inc.

      1,027,128
    6,087  

ServiceNow, Inc. *

      1,744,412
    8,713  

Synopsys, Inc. *

      1,122,147
       

 

 

 
          3,893,687
       

 

 

 
   

TOTAL COMMON STOCK (Cost $43,787,435)

      47,766,581
       

 

 

 
   

EXCHANGE TRADED FUND (A) – 22.2%

   
    720,000  

Timothy Plan U.S. Large Cap Core ETF (Cost $18,061,200)

      14,925,600
       

 

 

 
   

MONEY MARKET FUND – 7.2%

   
    4,864,732  

Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (B)
(Cost $4,864,732)

      4,864,732
       

 

 

 
   

TOTAL INVESTMENTS – 100.2% (Cost $66,713,367)

    $ 67,556,913
   

OTHER ASSETS IN EXCESS OF LIABILITIES – NET – (0.2)%

      (121,097 )
       

 

 

 
   

NET ASSETS – 100.0%

    $ 67,435,816
       

 

 

 

 

 

*

Non-income producing securities.

ETF

Exchange Traded Fund.

(A)

Affiliated Fund.

(B)

Variable rate security; the rate shown represents the yield at March 31, 2020.

 

The accompanying notes are an integral part of these financial statements.

 

  [10]  


Schedule of Investments | Small Cap Value Fund

As of March 31, 2020 (Unaudited)

 

     
Shares        Fair Value
    COMMON STOCK – 77.2%    
   

AEROSPACE/DEFENSE – 1.7%

   
    42,559  

Kaman Corp.

    $    1,637,245
       

 

 

 
   

APPAREL – 1.5%

   
    41,293  

Oxford Industries, Inc.

      1,497,284
       

 

 

 
   

AUTO PARTS & EQUIPMENT – 1.5%

   
    40,365  

Douglas Dynamics, Inc.

      1,433,361
       

 

 

 
   

BANKS – 10.2%

   
    75,170  

Central Pacific Financial Corp.

      1,195,203
    31,391  

Columbia Banking System, Inc.

      841,279
    84,069  

Great Western Bancorp, Inc.

      1,721,733
    121,753  

Heritage Commerce Corp.

      933,846
    113,857  

Hilltop Holdings, Inc.

      1,721,518
    82,826  

Renasant Corp.

      1,808,920
    70,412  

Sandy Spring Bancorp, Inc.

      1,594,128
       

 

 

 
          9,816,627
       

 

 

 
   

BUILDING MATERIALS – 3.0%

   
    49,552  

Apogee Enterprises, Inc.

      1,031,673
    49,880  

Universal Forest Products, Inc.

      1,855,037
       

 

 

 
          2,886,710
       

 

 

 
   

CHEMICALS – 1.7%

   
    23,468  

Innospec, Inc.

      1,630,791
       

 

 

 
   

COMMERCIAL SERVICES – 1.9%

   
    130,490  

Repay Holdings Corp. *

      1,872,532
       

 

 

 
   

DIVERSIFIED FINANCIAL SERVICES – 2.5%

   
    16,613  

Houlihan Lokey, Inc.

      865,870
    56,314  

Moelis & Co.

      1,582,423
       

 

 

 
          2,448,293
       

 

 

 
   

ELECTRIC – 3.9%

   
    45,203  

Avista Corp.

      1,920,675
    31,284  

NorthWestern Corp.

      1,871,722
       

 

 

 
          3,792,397
       

 

 

 
   

ELECTRICAL COMPONENTS & EQUIPMENT – 1.8%

   
    21,375  

Novanta, Inc. *

      1,707,435
       

 

 

 
   

ENGINEERING & CONSTRUCTION – 1.8%

   
    47,842  

Comfort Systems USA, Inc.

      1,748,625
       

 

 

 
   

FOOD – 3.9%

   
    197,914  

Hostess Brands, Inc. *

      2,109,763
    13,915  

J & J Snack Foods Corp.

      1,683,715
       

 

 

 
          3,793,478
       

 

 

 
   

GAS – 1.8%

   
    67,648  

South Jersey Industries, Inc.

      1,691,200
       

 

 

 
   

HEALTHCARE – PRODUCTS – 3.2%

   
    25,491  

CONMED Corp.

      1,459,870
    27,397  

Merit Medical Systems, Inc. *

      856,156
    47,351  

Patterson Cos, Inc.

      723,997
       

 

 

 
          3,040,023
       

 

 

 
   

HEALTHCARE – SERVICES – 1.0%

   
    19,290  

Magellan Health, Inc. *

      928,042
       

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [11]  


Schedule of Investments | Small Cap Value Fund

As of March 31, 2020 (Unaudited) (Continued)

 

     
Shares        Fair Value
   

HOME BUILDERS – 1.6%

   
    56,055  

Century Communities, Inc. *

    $ 813,358
    19,079  

Installed Building Products, Inc. *

      760,680
       

 

 

 
          1,574,038
       

 

 

 
   

HOUSEHOLD PRODUCTS/WARES – 1.5%

   
    57,046  

Central Garden & Pet Co. *

      1,458,666
       

 

 

 
   

INSURANCE – 5.5%

   
    41,698  

Argo Group International Holdings Ltd

      1,545,328
    79,685  

BRP Group, Inc. *

      840,677
    53,997  

James River Group Holdings Ltd

      1,956,851
    23,708  

Mercury General Corp.

      965,390
       

 

 

 
          5,308,246
       

 

 

 
   

INTERNET – 0.9%

   
    62,385  

1-800-Flowers.com, Inc. *

      825,354
       

 

 

 
   

MACHINERY – DIVERSIFIED – 2.9%

   
    10,985  

Alamo Group, Inc.

      975,248
    53,721  

Altra Industrial Motion Corp.

      939,580
    35,852  

Columbus McKinnon Corp.

      896,300
       

 

 

 
          2,811,128
       

 

 

 
   

MISCELLANEOUS MANUFACTURER – 2.1%

   
    72,840  

Federal Signal Corp.

      1,987,075
       

 

 

 
   

OFFICE FURNISHINGS – 2.8%

   
    158,369  

Interface, Inc.

      1,197,270
    141,623  

Knoll, Inc.

      1,461,549
       

 

 

 
          2,658,819
       

 

 

 
   

OIL & GAS – 0.8%

   
    119,277  

PDC Energy, Inc. *

      740,710
       

 

 

 
   

RETAIL – 6.0%

   
    73,881  

BJ’s Wholesale Club Holdings, Inc. *

      1,881,749
    166,306  

Bloomin’ Brands, Inc.

      1,187,425
    39,188  

Children’s Place, Inc.

      766,517
    35,675  

Papa John’s International, Inc.

      1,903,975
       

 

 

 
          5,739,666
       

 

 

 
   

SAVINGS & LOANS – 3.2%

   
    104,131  

Berkshire Hills Bancorp, Inc.

      1,547,387
    57,967  

Washington Federal, Inc.

      1,504,823
       

 

 

 
          3,052,210
       

 

 

 
   

SEMICONDUCTORS – 2.7%

   
    114,904  

Amkor Technology, Inc. *

      895,102
    96,421  

Lattice Semiconductor Corp. *

      1,718,222
       

 

 

 
          2,613,324
       

 

 

 
   

SOFTWARE – 1.8%

   
    26,508  

Omnicell, Inc. *

      1,738,395
       

 

 

 
   

TELECOMMUNICATIONS – 2.1%

   
    177,982  

Viavi Solutions, Inc. *

      1,995,178
       

 

 

 
   

TEXTILES – 1.9%

   
    11,983  

UniFirst Corp.

      1,810,511
       

 

 

 
   

TOTAL COMMON STOCK (Cost $102,615,097)

      74,237,363
       

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [12]  


Schedule of Investments | Small Cap Value Fund

As of March 31, 2020 (Unaudited) (Continued)

 

     
Shares        Fair Value
    EXCHANGE TRADED FUND (A) – 10.4%    
    580,000  

Timothy Plan U.S. Small Cap Core ETF (Cost $14,834,080)

    $ 9,950,596
       

 

 

 
    REITs – 7.6%    
    133,208  

Columbia Property Trust, Inc.

      1,665,100
    68,837  

Easterly Government Properties, Inc.

      1,696,144
    34,694  

National Storage Affiliates Trust

      1,026,942
    42,522  

PotlatchDeltic Corp.

      1,334,765
    137,666  

RPT Realty

      830,126
    173,912  

Summit Hotel Properties, Inc.

      733,909
       

 

 

 
   

TOTAL REITS (Cost $10,766,080)

      7,286,986
       

 

 

 
    MONEY MARKET FUND – 4.3%    
    4,176,924  

Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (B)
(Cost $4,176,924)

      4,176,924
       

 

 

 
   

TOTAL INVESTMENTS – 99.5% (Cost $132,392,181)

    $ 95,651,869
   

OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.5%

      478,981
       

 

 

 
   

NET ASSETS – 100.0%

    $ 96,130,850
       

 

 

 

 

 

*

Non-income producing securities.

REITs

Real Estate Investment Trust.

(A)

Affiliated Fund.

(B)

Variable rate security; the rate shown represents the yield at March 31, 2020.

 

The accompanying notes are an integral part of these financial statements.

 

  [13]  


Schedule of Investments | Large/Mid Cap Value Fund

As of March 31, 2020 (Unaudited)

 

     
Shares        Fair Value
   

COMMON STOCK – 68.0%

   
   

AEROSPACE/DEFENSE – 4.2%

   
    23,493  

General Dynamics Corp.

    $     3,108,359
    19,915  

L3Harris Technologies, Inc.

      3,587,090
       

 

 

 
          6,695,449
       

 

 

 
   

BANKS – 4.2%

   
    45,316  

East West Bancorp, Inc.

      1,166,434
    78,567  

First Hawaiian, Inc.

      1,298,713
    88,155  

TCF Financial Corp.

      1,997,592
    75,095  

Western Alliance Bancorp

      2,298,658
       

 

 

 
          6,761,397
       

 

 

 
   

CHEMICALS – 2.1%

   
    7,298  

Sherwin-Williams Co.

      3,353,577
       

 

 

 
   

COMMERCIAL SERVICES – 2.0%

   
    26,717  

Equifax, Inc.

      3,191,346
       

 

 

 
   

COMPUTERS – 3.8%

   
    15,401  

CACI International, Inc. *

      3,251,921
    97,142  

Genpact Ltd. *

      2,836,546
       

 

 

 
          6,088,467
       

 

 

 
   

DIVERSIFIED FINANCIAL SERVICES – 2.0%

   
    39,459  

Intercontinental Exchange, Inc.

      3,186,314
       

 

 

 
   

ELECTRIC – 4.1%

   
    62,497  

CMS Energy Corp.

      3,671,699
    33,725  

WEC Energy Group, Inc.

      2,972,184
       

 

 

 
          6,643,883
       

 

 

 
   

ELECTRONICS – 6.7%

   
    37,887  

Amphenol Corp. – Class A

      2,761,205
    23,746  

Honeywell International, Inc.

      3,176,977
    15,034  

Hubbell, Inc.

      1,725,001
    41,990  

PerkinElmer, Inc.

      3,161,007
       

 

 

 
          10,824,190
       

 

 

 
   

FOOD – 5.7%

   
    27,680  

JM Smucker Co.

      3,072,480
    45,240  

Lamb Weston Holdings, Inc.

      2,583,204
    24,865  

McCormick & Co., Inc.

      3,511,187
       

 

 

 
          9,166,871
       

 

 

 
   

HEALTHCARE – PRODUCTS – 4.9%

   
    40,725  

Dentsply Sirona, Inc.

      1,581,352
    25,055  

STERIS PLC

      3,506,948
    27,779  

Zimmer Biomet Holdings, Inc.

      2,807,901
       

 

 

 
          7,896,201
       

 

 

 
   

INSURANCE – 5.7%

   
    38,288  

Arthur J. Gallagher & Co.

      3,120,855
    31,050  

Assurant, Inc.

      3,231,994
    15,012  

Everest Re Group Ltd.

      2,888,609
       

 

 

 
          9,241,458
       

 

 

 
   

MACHINERY – DIVERSIFIED – 1.7%

   
    29,125  

Curtiss-Wright Corp.

      2,691,441
       

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [14]  


Schedule of Investments | Large/Mid Cap Value Fund

As of March 31, 2020 (Unaudited) (Continued)

 

     
Shares        Fair Value
   

MEDIA – 4.0%

   
    1,875  

Cable One, Inc.

    $     3,082,519
    29,725  

Liberty Broadband Corp. *

      3,291,152
       

 

 

 
          6,373,671
       

 

 

 
   

MISCELLANEOUS MANUFACTURING – 1.0%

   
    21,506  

Eaton Corp. PLC

      1,670,801
       

 

 

 
   

OIL & GAS – 1.5%

   
    44,205  

EOG Resources, Inc.

      1,587,844
    34,725  

Marathon Petroleum Corp.

      820,204
       

 

 

 
          2,408,048
       

 

 

 
   

RETAIL – 3.5%

   
    18,884  

Dollar General Corp.

      2,851,673
    33,583  

Tractor Supply Co.

      2,839,443
       

 

 

 
          5,691,116
       

 

 

 
   

SEMICONDUCTORS – 6.8%

   
    74,045  

Micron Technology, Inc. *

      3,114,333
    22,970  

Monolithic Power Systems, Inc.

      3,846,556
    15,120  

NVIDIA Corp.

      3,985,632
       

 

 

 
          10,946,521
       

 

 

 
   

SOFTWARE – 2.0%

   
    47,475  

Cadence Design Systems, Inc. *

      3,135,249
       

 

 

 
   

TRANSPORTATION – 2.1%

   
    24,173  

Union Pacific Corp.

      3,409,360
       

 

 

 
   

TOTAL COMMON STOCK (Cost $113,092,346)

      109,375,360
       

 

 

 
   

EXCHANGE TRADED FUNDS (A) – 22.8%

   
    920,000  

Timothy Plan High Dividend Stock ETF

      17,553,600
    920,000  

Timothy Plan U.S. Large Cap Core ETF

      19,071,600
       

 

 

 
   

TOTAL EXCHANGE TRADED FUNDS (Cost $46,064,400)

      36,625,200
       

 

 

 
   

REITs – 4.3%

   
    22,224  

Crown Castle International Corp.

      3,209,146
    18,363  

Public Storage

      3,647,075
       

 

 

 
   

TOTAL REITS (Cost $6,983,647)

      6,856,221
       

 

 

 
   

MONEY MARKET FUND – 5.0%

   
    8,110,939  

Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (B)
(Cost $8,110,939)

      8,110,939
       

 

 

 
   

TOTAL INVESTMENTS – 100.1% (Cost $174,251,332)

    $ 160,967,720
   

OTHER ASSETS IN EXCESS OF LIABILITIES – NET – (0.1)%

      (235,162 )
       

 

 

 
   

NET ASSETS – 100.0%

    $ 160,732,558
       

 

 

 

 

 

*

Non-income producing securities.

ETF

Exchange Traded Funds.

PLC

Public Limited Co.

REITs

Real Estate Investment Trust.

(A)

Affiliated Funds.

(B)

Variable rate security; the rate shown represents the yield at March 31, 2020.

 

The accompanying notes are an integral part of these financial statements.

 

  [15]  


Schedule of Investments | Fixed Income Fund

As of March 31, 2020 (Unaudited)

 

         
Par Value        Coupon Rate (%)   Maturity   Fair Value
 

BONDS & NOTES – 96.7%

           
 

CORPORATE BONDS – 26.8%

 

$1,000,000  

ABB Finance USA, Inc.

      2.875       5/8/2022     $   1,008,901
1,000,000  

American Electric Power

      3.200       11/13/2027       992,623
500,000  

Analog Devices, Inc.

      3.900       12/15/2025       522,830
1,000,000  

Aptiv Corp.

      4.150       3/15/2024       983,525
1,000,000  

Canadian Pacific RR Co.

      2.900       2/1/2025       959,975
1,000,000  

CBOE Holdings, Inc.

      3.650       1/12/2027       1,049,585
1,000,000  

Columbia Pipeline Group, Inc.

      4.500       6/1/2025       986,992
1,000,000  

CSX Corp.

      3.250       6/1/2027       1,043,320
500,000  

Digital Realty Trust LP

      3.700       8/15/2027       497,531
500,000  

Dollar General Corp.

      4.125       5/1/2028       529,512
865,000  

Dominion Energy, Inc.

      2.579       7/1/2020       864,006
750,000  

Eaton Corp.

      2.750       11/2/2022       750,346
1,000,000  

Enable Midstream Partners LP

      3.900       5/15/2024       555,801
855,000  

European Investment Bank

      2.375       6/15/2022       890,078
880,000  

Healthpeak Properties, Inc.

      3.500       7/15/2029       861,904
880,210  

John Sevier Combined Cycle Generation LLC

      4.626       1/15/2042       1,062,589
1,000,000  

Kennametal, Inc.

      3.875       2/15/2022       1,002,543
865,000  

Kreditanstalt fuer Wiederaufbau

      2.125       6/15/2022       894,993
800,000  

LYB International Finance BV

      4.000       7/15/2023       818,529
855,000  

National Rural Utilities Cooperative Finance Corp.

      2.950       2/7/2024       897,588
1,500,000  

NiSource Finance Corp.

      3.490       5/15/2027       1,519,630
1,000,000  

Nutrien Ltd.

      4.000       12/15/2026       983,850
1,000,000  

Phillips 66 Partners LP

      3.605       2/15/2025       951,285
870,000  

Province of Ontario Canada

      2.500       4/27/2026       939,988
865,000  

Province of Quebec Canada

      2.375       1/31/2022       892,637
700,000  

Sunoco Logistics Partners LP

      4.250       4/1/2024       618,619
1,200,000  

Ventas Realty LP/CAP Corp.

      3.250       8/15/2022       1,209,533
830,000  

WEC Energy Group, Inc.

      3.550       6/15/2025       845,853
1,000,000  

Zimmer Biomet Holdings, Inc.

      3.700       3/19/2023       1,026,736
             

 

 

 
 

TOTAL CORPORATE BONDS (Cost $26,385,012)

              26,161,302
             

 

 

 
 

U.S. GOVERNMENT & AGENCY OBLIGATIONS – 69.9%

 

 

GOVERNMENT MORTGAGE-BACKED SECURITIES – 26.5%

 

252,446  

GNMA Pool G2 4520

      5.000       8/20/2039        280,023
317,943  

GNMA Pool G2 4947

      5.000       2/20/2041       352,147
992,085  

GNMA Pool G2 BN2662

      3.000       10/20/2049       1,052,669
819,996  

GNMA Pool G2 MA3376

      3.500       1/20/2046       873,353
594,298  

GNMA Pool G2 MA3596

      3.000       4/20/2046       636,328
1,465,203  

GNMA Pool G2 MA3663

      3.500       5/20/2046       1,560,436
715,943  

GNMA Pool G2 MA3735

      3.000       6/20/2046       768,758
538,360  

GNMA Pool G2 MA3736

      3.500       6/20/2046       573,370
876,471  

GNMA Pool G2 MA4004

      3.500       10/20/2046       940,560
900,891  

GNMA Pool G2 MA4126

      3.000       12/20/2046       963,874
643,097  

GNMA Pool G2 MA4509

      3.000       6/20/2047       685,978
861,569  

GNMA Pool G2 MA4652

      3.500       8/20/2047       917,087
1,114,442  

GNMA Pool G2 MA4719

      3.500       9/20/2047       1,191,687
1,130,236  

GNMA Pool G2 MA4778

      3.500       10/20/2047       1,202,832
886,081  

GNMA Pool G2 MA4901

      4.000       12/20/2047       945,577
810,135  

GNMA Pool G2 MA4963

      4.000       1/20/2048       874,211
1,072,638  

GNMA Pool G2 MA6092

      4.500       8/20/2049       1,140,406
1,192,824  

GNMA Pool G2 MA6156

      4.500       9/20/2049       1,268,016
565,790  

GNMA Pool G2 MA6157

      5.000       9/20/2049       605,154
1,079,860  

GNMA Pool G2 MA6221

      4.500       10/20/2049       1,153,011
1,077,209  

GNMA Pool G2 MA6338

      3.000       12/20/2049       1,142,589

 

The accompanying notes are an integral part of these financial statements.

 

  [16]  


Schedule of Investments | Fixed Income Fund

As of March 31, 2020 (Unaudited) (Continued)

 

         
Par Value        Coupon Rate (%)   Maturity   Fair Value
 

GOVERNMENT MORTGAGE-BACKED SECURITIES (continued)

 

$1,456,309  

GNMA Pool G2 MA6476

      4.000       2/20/2050     $   1,554,327
1,425,440  

GNMA Pool G2 MA6478

      5.000       2/20/2050       1,532,987
1,550,000  

GNMA Pool G2 MA6544

      4.500       3/20/2050       1,651,636
1,095,000  

GNMA Pool G2 MA6545

      5.000       3/20/2050       1,183,775
493,726  

GNMA Pool GN 783060

      4.000       8/15/2040       535,272
216,132  

GNMA Pool GN 783403

      3.500       9/15/2041       233,388
             

 

 

 
 

TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $25,255,675)

              25,819,451
             

 

 

 
 

GOVERNMENT NOTES & BONDS – 43.4%

 

2,100,000  

United States Treasury Note

      3.125       5/15/2021       2,170,629
5,540,000  

United States Treasury Note

      2.125       6/30/2022       5,779,345
6,510,000  

United States Treasury Note

      2.250       11/15/2024       7,070,216
9,760,000  

United States Treasury Note

      2.000       8/15/2025       10,569,775
8,260,000  

United States Treasury Note

      1.625       2/15/2026       8,798,191
4,540,000  

United States Treasury Note

      4.500       2/15/2036       6,964,112
715,000  

United States Treasury Note

      3.000       2/15/2049       996,391
             

 

 

 
 

TOTAL GOVERNMENT NOTES & BONDS (Cost $39,000,512)

              42,348,659
             

 

 

 
 

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $64,256,187)

              68,168,110
             

 

 

 
 

TOTAL BONDS AND NOTES (Cost $90,641,199)

              94,329,412
             

 

 

 
Shares                    
 

MONEY MARKET FUND – 2.9%

 

2,835,972  

Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (A)
(Cost $2,835,972)

              2,835,972
             

 

 

 
 

TOTAL INVESTMENTS – 99.6% (Cost $93,477,171)

            $ 97,165,384
 

OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.4%

              398,033
             

 

 

 
 

NET ASSETS – 100.0%

            $ 97,563,417
             

 

 

 

 

 

GNMA

Government National Mortgage Association.

LLC

Limited Liability Company.

LP

Limited Partnership.

(A)

Variable rate security; the rate shown represents the yield at March 31, 2020.

 

The accompanying notes are an integral part of these financial statements.

 

  [17]  


Schedule of Investments | High Yield Bond Fund

As of March 31, 2020 (Unaudited)

 

         
Par Value        Coupon Rate (%)   Maturity   Fair Value
    CORPORATE BONDS – 92.0%            
  $ 500,000  

Adient Global Holdings Ltd. (A)

      4.875       8/15/2026     $      346,212
    1,000,000  

Adient US LLC (A)

      7.000       5/15/2026       930,622
    1,055,000  

Alliance Data Systems Corp. (A)

      4.750       12/15/2024       809,712
    1,000,000  

Alliance Resource Operating Partners LP (A)

      7.500       5/1/2025       610,000
    26,000  

Asbury Automotive Group, Inc. (A)

      4.500       3/1/2028       22,295
    292,000  

Asbury Automotive Group, Inc. (A)

      4.750       3/1/2030       250,390
    1,000,000  

Ashtead Capital, Inc. (A)

      4.125       8/15/2025       920,000
    500,000  

Ashtead Capital, Inc. (A)

      4.000       5/1/2028       432,250
    1,000,000  

Ashton Woods Finance Co. (A)

      6.750       8/1/2025       808,745
    500,000  

Ashton Woods Finance Co. (A)

      6.625       1/15/2028       398,750
    250,000  

Bausch Health Cos, Inc. (A)

      5.000       1/30/2028       238,550
    1,000,000  

Beazer Homes USA, Inc.

      5.875       10/15/2027       762,575
    500,000  

BWX Technologies, Inc. (A)

      5.375       7/15/2026       484,271
    500,000  

Cascades, Inc. (A)

      5.125       1/15/2026       487,500
    330,000  

Cemex Finance LLC (A)

      6.000       4/1/2024       286,265
    1,988,000  

Chemours Co.

      6.625       5/15/2023       1,702,235
    500,000  

Chemours Co.

      5.375       5/15/2027       386,212
    1,000,000  

CommScope, Inc. (A)

      8.250       3/1/2027       969,450
    1,000,000  

Compass Minerals International, Inc. (A)

      6.750       12/1/2027       908,300
    250,000  

Crestwood Midstream Finance Corp.

      5.750       4/1/2025       148,792
    1,000,000  

Crestwood Midstream Finance Corp. (A)

      5.625       5/1/2027       557,285
    1,000,000  

DaVita HealthCare Partners, Inc.

      5.000       5/1/2025       1,004,945
    500,000  

DCP Midstream, LLC, 3 mo. LIBOR + 3.85% (A) (B)

      5.850       5/21/2043       245,152
    500,000  

Diamond Sports Finance Co. (A)

      5.375       8/15/2026       409,071
    1,000,000  

Edgewell Personal Care Co

      4.700       5/24/2022       979,779
    1,000,000  

Endeavor Energy Resources LP (A)

      5.750       1/30/2028       685,550
    1,000,000  

Energizer Holdings, Inc. (A)

      5.500       6/15/2025       976,255
    500,000  

Freedom Mortgage Corp. (A)

      10.750       4/1/2024       439,875
    115,000  

Freedom Mortgage Corp. (A)

      8.125       11/15/2024       93,649
    1,000,000  

Freedom Mortgage Corp. (A)

      8.250       4/15/2025       792,470
    500,000  

Garda World Security Corp. (A)

      4.625       2/15/2027       451,250
    500,000  

Genesis Energy LP

      7.750       2/1/2028       349,975
    294,000  

Geo Group, Inc.

      5.875       1/15/2022       267,080
    1,750,000  

Geo Group, Inc.

      5.125       4/1/2023       1,325,625
    60,000  

GFL Environmental, Inc. (A)

      7.000       6/1/2026       58,587
    400,000  

GFL Environmental, Inc. (A)

      8.500       5/1/2027       404,100
    1,000,000  

Global Finance Corp.

      7.000       8/1/2027       758,542
    1,075,000  

Greif, Inc. (A)

      6.500       3/1/2027       1,036,999
    500,000  

Hanesbrands, Inc. (A)

      4.875       5/15/2026       492,830
    250,000  

Icahn Enterprises Finance Corp.

      4.750       9/15/2024       230,865
    1,000,000  

Icahn Enterprises Finance Corp.

      6.250       5/15/2026       950,622
    500,000  

Itron, Inc. (A)

      5.000       1/15/2026       479,271
    250,000  

Jefferies Finance LLC (A)

      6.250       6/3/2026       233,029
    1,000,000  

Kaiser Aluminum Corp. (A)

      4.625       3/1/2028       893,050
    1,000,000  

Koppers, Inc. (A)

      6.000       2/15/2025       807,470
    750,000  

Ladder Capital Finance Corp. (A)

      4.250       2/1/2027       598,125
    750,000  

LifePoint Health, Inc. (A)

      4.375       2/15/2027       712,125
    500,000  

Magnolia Oil Gas (A)

      6.000       8/1/2026       312,500
    300,000  

MEDNAX, Inc. (A)

      6.250       1/15/2027       243,023
    1,000,000  

Michaels Stores, Inc. (A)

      8.000       7/15/2027       745,550
    1,000,000  

Millicom International Cellular SA (A)

      5.125       1/15/2028       878,542
    1,000,000  

MPT Operating Partnership LP

      5.250       8/1/2026       988,032
    1,000,000  

MSCI, Inc. (A)

      4.000       11/15/2029       998,930
    1,000,000  

MTS Systems Corp. (A)

      5.750       8/15/2027       936,043
    1,000,000  

Nationstar Mortgage Holdings, Inc. (A)

      9.125       7/15/2026       908,750

 

The accompanying notes are an integral part of these financial statements.

 

  [18]  


Schedule of Investments | High Yield Bond Fund

As of March 31, 2020 (Unaudited) (Continued)

 

         
Par Value        Coupon Rate (%)   Maturity   Fair Value
    CORPORATE BONDS (continued)            
  $ 500,000  

Nationstar Mortgage Holdings, Inc. (A)

      6.000       1/15/2027     $      427,812
    1,000,000  

Navient Corp.

      5.000       3/15/2027       867,200
    1,500,000  

Newmark Group, Inc.

      6.125       11/15/2023       1,528,488
    1,500,000  

NGL Energy Partners LP

      6.125       3/1/2025       523,118
    1,000,000  

NuStar Logistics LP

      5.625       4/28/2027       774,350
    1,000,000  

Olin Corp.

      5.625       8/1/2029       925,800
    580,000  

Panther BF Aggregator 2 LP (A)

      6.250       5/15/2026       551,361
    1,080,000  

Panther BF Aggregator 2 LP (A)

      8.500       5/15/2027       948,186
    1,500,000  

Parsley Finance Corp. (A)

      4.125       2/15/2028       1,031,250
    750,000  

Party City Holdings, Inc. (A)

      6.125       8/15/2023       180,000
    250,000  

Party City Holdings, Inc. (A)

      6.625       8/1/2026       26,250
    1,500,000  

PBF Finance Corp. (A)

      6.000       2/15/2028       1,001,250
    1,500,000  

Plastipak Holdings, Inc. (A)

      6.250       10/15/2025       1,353,750
    390,000  

Qorvo, Inc. (A)

      4.375       10/15/2029       364,894
    500,000  

Qualitytech LP (A)

      4.750       11/15/2025       486,872
    1,000,000  

Reynolds Group Issuer, Inc. (A)

      5.125       7/15/2023       996,255
    750,000  

Scotts Miracle-Gro Co.

      5.250       12/15/2026       718,907
    500,000  

Scotts Miracle-Gro Co.

      4.500       10/15/2029       480,038
    250,000  

Service Corp. International

      5.125       6/1/2029       256,388
    750,000  

Signature Aviation US Holdings, Inc. (A)

      5.375       5/1/2026       730,851
    1,000,000  

Signature Aviation US Holdings, Inc. (A)

      4.000       3/1/2028       908,350
    1,000,000  

Standard Industries, Inc. (A)

      5.000       2/15/2027       916,968
    1,000,000  

Suburban Propane Partners LP

      5.875       3/1/2027       929,793
    1,250,000  

Targa Resources Partners LP (A)

      5.500       3/1/2030       970,188
    500,000  

Teleflex, Inc.

      4.875       6/1/2026       499,271
    390,000  

Tenet Healthcare Corp. (A)

      4.625       9/1/2024       375,492
    1,000,000  

Tenet Healthcare Corp. (A)

      6.250       2/1/2027       978,750
    750,000  

TRI Pointe Group, Inc.

      5.875       6/15/2024       703,294
    1,000,000  

TTM Technologies, Inc. (A)

      5.625       10/1/2025       848,745
    250,000  

United Rentals North America, Inc.

      4.875       1/15/2028       243,888
    500,000  

Viper Energy Partners LP (A)

      5.375       11/1/2027       422,775
    750,000  

Vistra Operations Co. LLC (A)

      5.625       2/15/2027       777,600
    1,185,000  

Vizient, Inc. (A)

      6.250       5/15/2027       1,165,990
    1,500,000  

Waste Pro USA, Inc. (A)

      5.500       2/15/2026       1,402,151
    325,000  

Weekley Finance Corp.

      6.000       2/1/2023       308,342
    500,000  

Weekley Finance Corp.

      6.625       8/15/2025       454,373
    750,000  

Welbilt, Inc.

      9.500       2/15/2024       644,059
               

 

 

 
   

TOTAL CORPORATE BONDS (Cost $70,674,131)

              60,871,121
               

 

 

 
   

CONVERTIBLE BOND – 0.7%

           
   

REITs – 0.7 %

           
    500,000  

Arbor Realy Trust, Inc. (A) (Cost $500,000)

      4.750       11/1/2022       437,522
               

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [19]  


Schedule of Investments | High Yield Bond Fund

As of March 31, 2020 (Unaudited) (Continued)

 

         
Shares                  Fair Value
    MONEY MARKET FUND – 5.2 %            
    3,414,278  

Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (C)
(Cost $3,414,278)

            $ 3,414,278
               

 

 

 
   

TOTAL INVESTMENTS – 97.9 % (Cost $74,588,409)

            $ 64,722,921
   

OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 2.1 %

              1,409,034
               

 

 

 
   

NET ASSETS – 100.0 %

            $ 66,131,955
               

 

 

 

 

 

LIBOR

London Interbank Offered Rate. The 3 month U.S. LIBOR rate as of March 31, 2020 is 1.91%.

LLC

Limited Liability Company.

LP

Limited Partnership.

REITs

Real Estate Investment Trust.

(A)

144A Security – Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities had a fair value of $41,596,055 and represent 62.9% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(B)

Variable rate security; the interest rate shown reflects the effective rate at March 31, 2020.

(C)

Variable rate security; the rate shown represents the yield at March 31, 2020.

 

The accompanying notes are an integral part of these financial statements.

 

  [20]  


Schedule of Investments | Israel Common Values Fund

As of March 31, 2020 (Unaudited)

 

     
Shares        Fair Value
 

COMMON STOCK – 94.2%

   
 

AEROSPACE/DEFENSE – 4.0%

   
19,001  

Elbit Systems Ltd.

    $    2,426,238
     

 

 

 
 

AGRICULTURE – 0.0% **

   
900  

Mehadrin Ltd. *

      25,852
     

 

 

 
 

BANKS – 20.4%

   
103,500  

Bank Hapoalim BM (ADR)

      3,001,500
443,000  

Bank Leumi Le-Israel BM

      2,454,537
58,300  

First International Bank Of Israel Ltd.

      1,429,874
754,000  

Israel Discount Bank Ltd.

      2,238,053
105,000  

Mizrahi Tefahot Bank Ltd.

      1,965,865
415,685  

Tel Aviv Stock Exchange Ltd. *

      1,410,117
     

 

 

 
        12,499,946
     

 

 

 
 

BUILDING MATERIALS – 0.8%

   
150,000  

Inrom Construction Industries Ltd.

      519,866
     

 

 

 
 

CHEMICALS – 3.7%

   
13,257  

International Flavors & Fragrances, Inc.

      1,422,584
277,902  

Israel Chemicals Ltd.

      853,159
     

 

 

 
        2,275,743
     

 

 

 
 

COMPUTERS – 4.8%

   
17,600  

CyberArk Software Ltd. *

      1,505,856
56,210  

Matrix IT Ltd.

      923,208
8,500  

Varonis Systems, Inc. *

      541,195
     

 

 

 
        2,970,259
     

 

 

 
 

ELECTRIC – 2.5%

   
7,000  

Kenon Holdings Ltd.

      102,899
20,700  

Ormat Technologies, Inc.

      1,400,586
     

 

 

 
        1,503,485
     

 

 

 
 

ELECTRONICS – 0.5%

   
22,896  

Ituran Location and Control Ltd.

      325,352
     

 

 

 
 

ENERGY-ALTERNATE SOURCES – 1.0%

   
216,360  

Energix-Renewable Energies Ltd. *

      624,471
     

 

 

 
 

FOOD – 7.2%

   
23,700  

Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.

      1,315,829
210,000  

Shufersal Ltd.

      1,193,232
54,500  

Strauss Group Ltd.

      1,425,109
27,315  

Victory Supermarket Chain Ltd.

      492,642
     

 

 

 
        4,426,812
     

 

 

 
 

HEALTHCARE – SERVICES – 2.0%

   
14,769  

Danel Adir Yeoshua Ltd.

      1,034,158
120,000  

Mediterranean Towers Ltd.

      223,551
     

 

 

 
        1,257,709
     

 

 

 
 

HOLDING COMPANIES – DIVERSIFIED – 2.5%

 

45,000  

Elco Ltd.

      1,509,986
     

 

 

 
 

HOME BUILDERS – 1.7%

   
1,800  

Bayside Land Corp.

      1,055,031
     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [21]  


Schedule of Investments | Israel Common Values Fund

As of March 31, 2020 (Unaudited) (Continued)

 

     
Shares        Fair Value
 

INSURANCE – 4.6%

   
50,512  

Clal Insurance Enterprises Holdings Ltd. *

    $      422,522
184,000  

Harel Insurance Investments & Financial Services Ltd.

      1,009,089
1,080,000  

Migdal Insurance & Financial Holding Ltd.

      568,172
167,400  

Phoenix Holdings Ltd.

      804,478
     

 

 

 
        2,804,261
     

 

 

 
 

LEISURE TIME – 1.3%

   
126,585  

Maytronics Ltd.

      800,136
     

 

 

 
 

OIL & NATURAL GAS – 4.2%

   
346,541  

Delek Drilling LP

      290,952
37,968  

Energean Oil & Gas PLC *

      271,643
5,600  

Israel Corp. Ltd. *

      568,319
1,995,000  

Oil Refineries Ltd.

      547,610
8,000  

Paz Oil Co. Ltd.

      674,837
737,500  

Ratio Oil Exploration 1992 LP *

      207,024
     

 

 

 
        2,560,385
     

 

 

 
 

PHARMACEUTICALS – 1.5%

   
1,575,013  

Novolog Ltd.

      927,879
     

 

 

 
 

REAL ESTATE – 10.9%

   
105,000  

Alony Hetz Properties & Investments Ltd.

      1,225,883
176,000  

Amot Investments Ltd.

      1,044,821
31,000  

Azrieli Group Ltd.

      1,794,739
91,000  

Gazit-Globe Ltd.

      699,713
12,580  

Melisron Ltd.

      491,808
643,430  

Mivne Real Estate KD Ltd. *

      1,402,379
     

 

 

 
        6,659,343
     

 

 

 
 

RETAIL – 1.8%

   
32,300  

Tadiran Holdings Ltd.

      1,121,271
     

 

 

 
 

SEMICONDUCTORS – 5.2%

   
2,800  

Mellanox Technologies Ltd. *

      339,696
48,000  

Nova Measuring Instruments Ltd. *

      1,567,200
1  

Tower Semiconductor Ltd. *

      10
78,923  

Tower Semiconductor Ltd. *

      1,256,454
     

 

 

 
        3,163,360
     

 

 

 
 

SOFTWARE – 5.7%

   
33,435  

Hilan Ltd.

      1,054,812
78,783  

Magic Software Enterprises Ltd.

      633,415
45,300  

Sapiens International Corp. NV

      861,606
21,500  

Verint Systems, Inc. *

      924,500
     

 

 

 
        3,474,333
     

 

 

 
 

TELECOMMUNICATIONS – 6.7%

   
17,800  

AudioCodes Ltd.

      425,242
25,600  

Nice Ltd. (ADR) *

      3,675,136
     

 

 

 
        4,100,378
     

 

 

 
 

TEXTILES – 1.2%

   
21,392  

Fox Wizel Ltd.

      712,977
     

 

 

 
 

TOTAL COMMON STOCK (Cost $51,125,083)

      57,745,073
     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [22]  


Schedule of Investments | Israel Common Values Fund

As of March 31, 2020 (Unaudited) (Continued)

 

     
Shares        Fair Value
 

REITs – 2.1%

   
259,000  

Reit 1 Ltd. * (Cost $1,322,540)

    $   1,263,718
     

 

 

 
 

MONEY MARKET FUND – 3.5 %

   
2,119,347  

Fidelity Institutional Money Market Funds – Government Portfolio – ClassI, 0.30% (A)
(Cost $2,119,347)

      2,119,347
     

 

 

 
 

TOTAL INVESTMENTS – 99.8% (Cost $54,566,970)

    $ 61,128,138
 

OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.2%

      149,543
     

 

 

 
 

NET ASSETS – 100.0%

    $ 61,277,681
     

 

 

 

 

 

*

Non-income producing securities.

**

Amount is less than 0.05%

ADR

American Depositary Receipt.

LP

Limited Partnership.

PLC

Public Limited Co.

REITs

Real Estate Investment Trust.

(A)

Variable rate security; the rate shown represents the yield at March 31, 2020.

Diversification of Assets

 

Country

   % of Net Assets  

Israel

     88.6%  

United States

     7.0%  

United Kingdom

     0.5%  

Singapore

     0.2%  

Iceland

     0.0% ** 
  

 

 

 

Total

     96.3%  

Money Market Fund

     3.5%  

Other Assets Less Liabilities – Net

     0.2%  
  

 

 

 

Grand Total

     100.0%  
  

 

 

 

 

**

Amount is less than 0.05%

 

The accompanying notes are an integral part of these financial statements.

 

  [23]  


Schedule of Investments | Defensive Strategies Fund

As of March 31, 2020 (Unaudited)

 

         
Shares                  Fair Value
   

COMMON STOCK – 20.9%

           
   

AGRICULTURE – 0.5%

           
    3,565  

Bunge Ltd.

            $      146,272
    948  

Darling Ingredients, Inc. *

              18,173
    743  

Fresh Del Monte Produce, Inc.

              20,514
               

 

 

 
                  184,959
               

 

 

 
   

BIOTECHNOLOGY – 0.9%

           
    12,526  

Corteva, Inc.

              294,361
               

 

 

 
   

CHEMICALS – 1.6%

           
    5,466  

CF Industries Holdings, Inc.

              148,675
    1,780  

FMC Corp.

              145,408
    7,279  

Mosaic Co.

              78,759
    4,281  

Nutrien Ltd

              145,297
    1,463  

Sasol Ltd. (ADR) *

              2,941
    1,807  

Sociedad Quimica Y Minera de Chile, SA (ADR)

              40,748
               

 

 

 
                  561,828
               

 

 

 
   

COAL – 0.0% **

           
    1,506  

Alliance Resource Partners LP (MLP)

              4,669
               

 

 

 
   

COMMERCIAL SERVICES – 0.0% **

           
    1,043  

Harsco Corp. *

              7,270
               

 

 

 
   

ELECTRICAL COMPONENETS & EQUIPMENT – 0.1%

           
    1,300  

GS Yuasa Corp

              17,509
               

 

 

 
   

ENERGY – ALTERNATIVE SOURCES – 0.2%

           
    1,132  

Enphase Energy, Inc. *

              36,552
    260  

SolarEdge Technologies, Inc. *

              21,289
    259  

Varta AG *

              18,671
               

 

 

 
                  76,512
               

 

 

 
   

ENVIRONMENTAL CONTROL – 0.3%

           
    3,576  

Evoqua Water Technologies Corp. *

              40,087
    1,300  

Kurita Water Industries Ltd.

              30,081
    1,279  

Pentair PLC

              38,063
               

 

 

 
                  108,231
               

 

 

 
   

FOOD – 1.4%

           
    5,133  

BRF SA (ADR) *

              14,886
    1,021  

Cal-Maine Foods, Inc.

              44,904
    1,477  

Ingredion, Inc.

              111,514
    1,100  

Maple Leaf Foods, Inc.

              19,722
    800  

Maruha Nichiro Corp.

              16,733
    1,900  

Megmilk Snow Brand Co. Ltd.

              43,225
    600  

Morinaga Milk Industry Co. Ltd.

              23,232
    12,300  

Nippon Suisan Kaisha Ltd.

              54,462
    3,295  

Pilgrim’s Pride Corp. *

              59,705
    716  

Sanderson Farms, Inc.

              88,297
               

 

 

 
                  476,680
               

 

 

 
   

FOREST PRODUCTS & PAPER – 0.0% **

           
    900  

Sumitomo Forestry Co. Ltd.

              11,546
               

 

 

 
   

HEALTHCARE – SERVICES – 0.7%

           
    73,190  

Brookdale Senior Living, Inc. *

              228,353
               

 

 

 
   

IRON/STEEL – 0.8%

           
    365  

Allegheny Technologies, Inc. *

              3,102
    3,413  

ArcelorMittal (ADR)

              31,843

 

The accompanying notes are an integral part of these financial statements.

 

  [24]  


Schedule of Investments | Defensive Strategies Fund

As of March 31, 2020 (Unaudited) (Continued)

 

         
Shares                  Fair Value
   

IRON/STEEL (continued)

           
    10,906  

Cleveland-Cliffs, Inc.

            $        43,079
    5,293  

Gerdau SA (ADR)

              10,110
    2,300  

Hitachi Metals Ltd.

              24,267
    3,100  

Kobe Steel Ltd.

              9,591
    2,000  

Nippon Steel & Sumitomo Metal Corp.

              17,144
    349  

POSCO (ADR)

              11,395
    588  

Salzgitter AG *

              6,974
    3,204  

Steel Dynamics, Inc.

              72,218
    841  

Ternium SA (ADR)

              10,008
    1,800  

Tokyo Steel Manufacturing Co. Ltd.

              11,271
    4,228  

United States Steel Corp.

              26,679
               

 

 

 
                  277,681
               

 

 

 
   

MACHINERY – DIVERSIFIED – 1.3%

           
    1,442  

AGCO Corp.

              68,134
    4,046  

CNH Industrial NV

              22,698
    1,268  

Deere & Co.

              175,187
    14,400  

Kubota Corp.

              184,277
               

 

 

 
                  450,296
               

 

 

 
   

METAL FABRICATE/HARDWARE – 0.0% **

           
    942  

Tenaris SA (ADR)

              11,351
               

 

 

 
   

MINING – 5.3%

           
    1,408  

Agnico Eagle Mines Ltd.

              56,024
    6,688  

Alamos Gold, Inc.

              33,440
    3,064  

Anglo American PLC

              53,812
    3,241  

AngloGold Ashanti Ltd. (ADR)

              53,898
    1,391  

Antofagasta PLC

              13,332
    5,479  

BHP Group Ltd. (ADR)

              201,025
    234  

BHP Group PLC (ADR)

              7,100
    2,352  

Cameco Corp.

              17,969
    3,247  

Cia De Minas Buenaventura (ADR)

              23,671
    817  

Compass Minerals International, Inc.

              31,430
    145  

Eramet *

              4,633
    4,058  

First Majestic Silver Corp. *

              25,119
    873  

Franco-Nevada Corp.

              86,881
    34,714  

Glencore PLC

              53,288
    17,287  

Gold Fields Ltd. (ADR)

              82,113
    5,729  

IAMGOLD Corp. *

              13,062
    1,412  

KAZ Minerals PLC

              6,149
    11,526  

Kinross Gold Corp. *

              45,873
    3,303  

Kirkland Lake Gold Ltd.

              96,185
    4,347  

Livent Corp. *

              22,822
    1,800  

Lundin Mining Corp.

              6,690
    1,863  

MMC Norilsk Nickel PJSC (ADR) *

              46,426
    2,083  

Newmont Corp.

              94,318
    1,527  

Pan American Silver Corp.

              21,882
    3,600  

Pretium Resources, Inc. *

              20,412
    8,161  

Rio Tinto PLC (ADR)

              371,815
    536  

Royal Gold, Inc.

              47,013
    1,615  

Southern Copper Corp.

              45,478
    2,125  

SSR Mining, Inc. *

              24,182
    4,100  

Sumitomo Metal Mining Co. Ltd.

              84,237
    7,443  

Teck Resources Ltd.

              55,796
    1,249  

Vedanta Ltd. (ADR)

              4,446

 

The accompanying notes are an integral part of these financial statements.

 

  [25]  


Schedule of Investments | Defensive Strategies Fund

As of March 31, 2020 (Unaudited) (Continued)

 

         
Shares                  Fair Value
   

MINING (continued)

           
    2,065  

Wheaton Precious Metals Corp.

            $        56,849
               

 

 

 
                  1,807,370
               

 

 

 
   

OIL & GAS – 4.9%

           
    1,452  

Apache Corp.

              6,069
    21,100  

ARC Resources Ltd

              60,038
    3,554  

Cabot Oil & Gas Corp.

              61,093
    16,155  

Callon Petroleum Co. *

              8,851
    4,856  

Canadian Natural Resources Ltd.

              65,799
    6,166  

Cenovus Energy, Inc.

              12,303
    1,242  

Cimarex Energy Co.

              20,903
    1,432  

Concho Resources, Inc.

              61,361
    4,516  

ConocoPhillips

              139,093
    8,592  

Continental Resources, Inc.

              65,643
    42,200  

Crescent Point Energy Corp.

              32,317
    6,651  

Devon Energy Corp.

              45,958
    1,466  

Diamondback Energy, Inc.

              38,409
    1,026  

Ecopetrol SA (ADR)

              9,757
    4,600  

Enerplus Corp.

              6,690
    819  

Eni SpA (ADR)

              16,233
    3,866  

EOG Resources, Inc.

              138,867
    127  

EQT Corp.

              898
    8,014  

Equinor ASA (ADR)

              97,611
    2,328  

Helmerich & Payne, Inc.

              36,433
    463  

Hess Corp.

              15,418
    3,600  

Husky Energy, Inc.

              8,954
    10,200  

Inpex Corp.

              57,522
    3,977  

Kosmos Energy Ltd

              3,562
    2,024  

Lukoil PJSC (ADR) *

              121,440
    8,520  

Marathon Oil Corp.

              28,031
    1,550  

Matador Resources Co. *

              3,844
    3,420  

Murphy Oil Corp.

              20,965
    21  

Noble Energy, Inc.

              127
    306  

Novatek OJSC (GDR) *

              35,282
    197  

Occidental Petroleum Corp.

              2,281
    1,892  

Ovintiv, Inc.

              5,108
    2,800  

Parex Resources, Inc. *

              23,410
    8,827  

Parsley Energy, Inc.

              50,579
    5,705  

Patterson-UTI Energy, Inc.

              13,407
    5,469  

PDC Energy, Inc. *

              33,962
    3,018  

Petroleo Brasileiro SA (ADR)

              16,599
    1,706  

Pioneer Natural Resources Co.

              119,676
    3,059  

PrairieSky Royalty Ltd.

              15,968
    8,242  

Rosneft Oil Company (GDR) *

              33,537
    6,800  

Seven Generations Energy Ltd. *

              7,405
    17,986  

SM Energy Co.

              21,943
    2,100  

Suncor Energy, Inc.

              33,137
    4,900  

Tourmaline Oil Corp.

              29,744
    6,680  

Transocean Ltd. *

              7,749
    3,648  

Valaris PLC

              1,642
    1,062  

Viper Energy Partners LP

              7,041
    9,225  

WPX Energy, Inc. *

              28,136
    504  

YPF SA (ADR)

              2,102
               

 

 

 
                  1,672,897
               

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [26]  


Schedule of Investments | Defensive Strategies Fund

As of March 31, 2020 (Unaudited) (Continued)

 

         
Shares                  Fair Value
   

OIL & GAS SERVICES – 0.5%

 

    2,435  

Archrock, Inc.

            $ 9,156
    3,092  

Baker Hughes, Inc.

              32,466
    12,798  

CGG SA *

              11,726
    682  

Core Laboratories NV

              7,052
    463  

Dril-Quip, Inc. *

              14,121
    5,000  

Halliburton Co.

              34,250
    409  

National Oilwell Varco, Inc.

              4,020
    2,632  

Oceaneering International, Inc. *

              7,738
    3,399  

Schlumberger Ltd.

              45,853
    733  

TechnipFMC PLC (France) *

              5,041
    1,311  

TechnipFMC PLC

              8,836
               

 

 

 
                  180,259
               

 

 

 
   

TELECOMMUNICATIONS – 0.3%

 

    7,903  

Switch, Inc.

              114,040
               

 

 

 
   

WATER – 2.1%

           
    459  

American States Water Co.

              37,519
    1,999  

American Water Works Co., Inc.

              239,000
    437  

California Water Service Group

              21,990
    5,672  

Cia de Saneamento Basico do Estado de Sao Paulo (ADR)

              41,859
    2,906  

Essential Utilities, Inc.

              118,274
    1,154  

Severn Trent PLC

              32,625
    256  

SJW Group

              14,789
    3,649  

United Utilities Group PLC

              40,848
    7,301  

Veolia Environnement SA *

              156,015
               

 

 

 
                  702,919
               

 

 

 
   

TOTAL COMMON STOCK (Cost $11,383,845)

                7,188,731
               

 

 

 
   

REITs – 16.6%

           
    1,672  

Alexandria Real Estate Equities, Inc.

              229,164
    800  

American Tower Corp.

              174,200
    2,201  

Apartment Investment & Management Co. – Class A

              77,365
    1,357  

AvalonBay Communities, Inc.

              199,710
    1,078  

Boston Properties, Inc.

              99,424
    2,583  

Cousins Properties, Inc.

              75,604
    6,192  

Duke Realty Corp.

              200,497
    523  

EPR Properties

              12,667
    807  

Equinix, Inc.

              504,028
    3,033  

Equity Lifestyle Properties, Inc.

              174,337
    3,481  

Equity Residential

              214,812
    949  

Essex Property Trust, Inc.

              209,008
    1,130  

Federal Realty Investment Trust

              84,309
    8,044  

Healthpeak Properties, Inc.

              191,849
    5,091  

Hudson Pacific Properties, Inc.

              129,108
    10,116  

Invitation Homes, Inc.

              216,179
    2,892  

Kilroy Realty Corp.

              184,220
    2,881  

Kite Realty Group Trust

              27,283
    1,622  

Life Storage, Inc.

              153,360
    4,672  

Medical Properties Trust, Inc.

              80,779
    2,307  

Mid-America Apartment Communities, Inc.

              237,690
    1,836  

National Retail Properties, Inc.

              59,101
    3,748  

Outfront Media, Inc.

              50,523
    998  

PotlatchDeltic Corp.

              31,327
    6,868  

Prologis, Inc.

              551,981
    475  

PS Business Parks, Inc.

              64,372

 

The accompanying notes are an integral part of these financial statements.

 

  [27]  


Schedule of Investments | Defensive Strategies Fund

As of March 31, 2020 (Unaudited) (Continued)

 

         
Shares                  Fair Value
   

REITs (continued)

           
    567  

Public Storage

            $ 112,612
    2,177  

QTS Realty Trust, Inc.

              126,288
    1,450  

Rayonier, Inc.

              34,147
    1,120  

Regency Centers Corp.

              43,042
    845  

Ryman Hospitality Properties, Inc.

              30,293
    6,352  

Sabra Health Care REIT, Inc.

              69,364
    510  

SBA Communications Corp.

              137,685
    1,193  

Simon Property Group, Inc.

              65,448
    2,304  

Spirit Realty Capital, Inc.

              60,250
    5,515  

Store Capital Corp.

              99,932
    2,035  

Sun Communities, Inc.

              254,070
    1,800  

Terreno Realty Corp.

              93,150
    5,468  

UDR, Inc.

              199,801
    2,940  

Welltower, Inc.

              134,593
    1,726  

Weyerhaeuser Co.

              29,257
               

 

 

 
   

TOTAL REITs (Cost $6,732,822)

              5,722,829
               

 

 

 
Principal        Coupon Rate %   Maturity     
    TREASURY INFLATION PROTECTED SECURITIES (TIPS) – 27.7%            
  $ 925,183  

TIPS

      0.125       4/15/2021       906,792
    1,161,532  

TIPS

      0.125       4/15/2022       1,145,648
    1,243,800  

TIPS

      0.625       1/15/2024       1,264,210
    1,176,970  

TIPS

      2.375       1/15/2025       1,305,471
    1,085,291  

TIPS

      2.000       1/15/2026       1,207,365
    524,476  

TIPS

      2.375       1/15/2027       607,830
    671,108  

TIPS

      1.750       1/15/2028       763,068
    732,939  

TIPS

      2.500       1/15/2029       898,850
    1,036,640  

TIPS

      2.125       2/15/2041       1,443,985
               

 

 

 
   

TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $9,234,978)

              9,543,219
               

 

 

 
Ounces                    
    ALTERNATIVE INVESTMENTS – 28.2%            
    6,143  

Gold Bars * (Cost $7,240,876)

              9,689,408
               

 

 

 
Shares                    
    MONEY MARKET FUND – 6.4%            
    2,207,649  

Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (A)
(Cost $2,207,649)

              2,207,649
               

 

 

 
   

TOTAL INVESTMENTS – 99.8% (Cost $36,800,170)

            $ 34,351,836
   

OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.2%

              64,699
               

 

 

 
   

NET ASSETS – 100.0%

            $ 34,416,535
               

 

 

 

 

 

*

Non-income producing securities/investments.

**

Less than 0.05%.

ADR

American Depositary Receipt.

GDR

Global Depositary Receipt.

LP

Limited Partnership.

MLP

Master Limited Partnership.

PLC

Public Limited Co.

REITs

Real Estate Investment Trust.

(A)

Variable rate security; the rate shown represents the yield at March 31, 2020.

 

The accompanying notes are an integral part of these financial statements.

 

  [28]  


Schedule of Investments | Strategic Growth Fund

As of March 31, 2020 (Unaudited)

 

     
Shares        Fair Value
   

EXCHANGE TRADED FUNDS (A) – 57.7%

   
    159,533  

Timothy Plan High Dividend Stock ETF

    $ 3,043,890
    364,861  

Timothy Plan International ETF

      7,189,002
    242,469  

Timothy Plan U.S. Large Cap Core ETF

      5,026,382
    123,031  

Timothy Plan U.S. Small Cap Core ETF

      2,110,744
       

 

 

 
   

TOTAL EXCHANGE TRADED FUNDS (Cost $21,669,819)

      17,370,018
       

 

 

 
    MUTUAL FUNDS – 37.8% (B)    
    206,184  

Timothy Plan Defensive Strategies Fund

      2,092,767
    527,557  

Timothy Plan Fixed Income Fund

      5,581,556
    188,043  

Timothy Plan High Yield Bond Fund

      1,500,582
    284,838  

Timothy Plan International Fund

      2,193,254
       

 

 

 
   

TOTAL MUTUAL FUNDS (Cost $11,922,000)

      11,368,159
       

 

 

 
   

MONEY MARKET FUND – 4.6%

   
    1,392,991  

Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (C)
(Cost $1,392,991)

      1,392,991
       

 

 

 
   

TOTAL INVESTMENTS – 100.1% (Cost $34,984,810)

    $ 30,131,168
   

OTHER ASSETS IN EXCESS OF LIABILITIES – NET – (0.1)%

      (29,892 )
       

 

 

 
   

NET ASSETS – 100.0%

    $ 30,101,276
       

 

 

 

 

 

ETF

Exchange Traded Funds.

(A)

Affiliated Funds.

(B)

Affiliated Funds – Class A.

(C)

Variable rate security; the rate shown represents the yield at March 31, 2020.

 

The accompanying notes are an integral part of these financial statements.

 

  [29]  


Schedule of Investments | Conservative Growth Fund

As of March 31, 2020 (Unaudited)

 

     
Shares        Fair Value
    EXCHANGE TRADED FUNDS (A) – 41.8%    
    156,262  

Timothy Plan High Dividend Stock ETF

    $ 2,981,479
    304,244  

Timothy Plan International ETF

      5,994,641
    273,821  

Timothy Plan US Large Cap Core ETF

      5,676,309
    120,523  

Timothy Plan US Small Cap Core ETF

      2,067,717
       

 

 

 
   

TOTAL EXCHANGE FUNDS (Cost $20,602,426)

      16,720,146
       

 

 

 
    MUTUAL FUNDS – 54.0% (B)    
    242,092  

Timothy Plan Defensive Strategies Fund

      2,457,238
    1,428,650  

Timothy Plan Fixed Income Fund

      15,115,117
    257,875  

Timothy Plan High Yield Bond Fund

      2,057,842
    250,626  

Timothy Plan International Fund

      1,929,822
       

 

 

 
   

TOTAL MUTUAL FUNDS (Cost $21,893,724)

      21,560,019
       

 

 

 
    MONEY MARKET FUND – 4.3%    
    1,706,198  

Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (C)
(Cost $1,706,198)

      1,706,198
       

 

 

 
   

TOTAL INVESTMENTS – 100.1% (Cost $44,202,348)

    $ 39,986,363
   

OTHER ASSETS IN EXCESS OF LIABILITIES – NET – (0.1)%

      (38,573 )
       

 

 

 
   

NET ASSETS – 100.0%

    $ 39,947,790
       

 

 

 

 

 

ETF

Exchange Traded Funds.

(A)

Affiliated Funds.

(B)

Affiliated Funds – Class A.

(C)

Variable rate security; the rate shown represents the yield at March 31, 2020.

 

The accompanying notes are an integral part of these financial statements.

 

  [30]  


Schedule of Investments | Growth & Income Fund

As of March 31, 2020 (Unaudited)

 

         
Par Value        Coupon Rate (%)   Maturity   Fair Value
   

BONDS & NOTES – 50.1%

           
   

CORPORATE BONDS – 20.2%

           
  $ 160,000  

ABB Finance USA, Inc.

      2.875       5/8/2022     $      161,293
    160,000  

American Electric Power

      3.200       11/13/2027       158,447
    160,000  

Aptiv Corp.

      4.150       3/15/2024       157,081
    160,000  

Canadian Pacific RR Co.

      2.900       2/1/2025       153,289
    160,000  

CBOE Holdings, Inc.

      3.650       1/12/2027       167,544
    160,000  

CSX Corp.

      3.250       6/1/2027       166,570
    80,000  

Digital Realty Trust LP

      3.700       8/15/2027       79,427
    80,000  

Dollar General Corp.

      4.125       5/1/2028       84,552
    120,000  

Dominion Energy, Inc.

      2.579       7/1/2020       119,856
    120,000  

Eaton Corp.

      2.750       11/2/2022       119,892
    120,000  

European Investment Bank

      2.375       6/15/2022       124,816
    120,000  

Healthpeak Properties, Inc.

      3.500       7/15/2029       117,256
    120,000  

Kreditanstalt fuer Wiederaufbau

      2.125       6/15/2022       124,054
    130,000  

LYB International Finance BV

      4.000       7/15/2023       132,767
    120,000  

National Rural Utilities Cooperative Finance Corp.

      2.950       2/7/2024       125,735
    240,000  

NiSource Finance Corp.

      3.490       5/15/2027       242,625
    160,000  

Nutrien Ltd.

      4.000       12/15/2026       157,050
    160,000  

Phillips 66 Partners LP

      3.605       2/15/2025       151,938
    120,000  

Province of Ontario Canada

      2.500       4/27/2026       129,361
    120,000  

Province of Quebec Canada

      2.375       1/31/2022       123,734
    110,000  

Sunoco Logistics Partners LP

      4.250       4/1/2024       97,039
    190,000  

Ventas Capital Corp.

      3.250       8/15/2022       191,295
    115,000  

WEC Energy Group, Inc.

      3.550       6/15/2025       116,985
               

 

 

 
   

TOTAL CORPORATE BONDS (Cost $3,219,841)

              3,202,606
               

 

 

 
   

U.S. GOVERNMENT & AGENCY OBLIGATIONS – 29.9%

           
   

GOVERNMENT MORTGAGE-BACKED SECURITIES – 13.8%

           
    69,446  

GNMA Pool G2 BN2662

      3.000       10/20/2049       73,557
    145,873  

GNMA Pool G2 MA3376

      3.500       1/20/2046       155,091
    123,593  

GNMA Pool G2 MA3596

      3.000       4/20/2046       132,102
    97,680  

GNMA Pool G2 MA3663

      3.500       5/20/2046       103,846
    129,615  

GNMA Pool G2 MA3736

      3.500       6/20/2046       137,801
    126,840  

GNMA Pool G2 MA4126

      3.000       12/20/2046       135,470
    45,583  

GNMA Pool G2 MA4509

      3.000       6/20/2047       48,537
    143,027  

GNMA Pool G2 MA4652

      3.500       8/20/2047       151,975
    141,838  

GNMA Pool G2 MA4719

      3.500       9/20/2047       151,403
    147,315  

GNMA Pool G2 MA6092

      4.500       8/20/2049       156,346
    117,371  

GNMA Pool G2 MA6156

      4.500       9/20/2049       124,550
    126,251  

GNMA Pool G2 MA6157

      5.000       9/20/2049       134,719
    124,784  

GNMA Pool G2 MA6221

      4.500       10/20/2049       133,003
    134,031  

GNMA Pool G2 MA6338

      3.000       12/20/2049       141,914
    104,734  

GNMA Pool G2 MA6476

      4.000       2/20/2050       111,587
    69,777  

GNMA Pool G2 MA6478

      5.000       2/20/2050       74,867
    120,000  

GNMA Pool G2 MA6544

      4.500       3/20/2050       127,644
    80,000  

GNMA Pool G2 MA6545

      5.000       3/20/2050       86,286
               

 

 

 
   

TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $2,132,853)

              2,180,698
               

 

 

 
   

GOVERNMENT NOTES, BONDS & AGENCIES – 16.1%

           
    245,000  

United States Treasury Note

      3.125       5/15/2021       253,211
    145,000  

United States Treasury Note

      1.125       2/28/2022       147,407
    205,000  

United States Treasury Note

      2.125       6/30/2022       213,825
    90,000  

United States Treasury Note

      2.250       11/15/2024       97,727
    500,000  

United States Treasury Note

      1.125       2/28/2025       518,340
    210,000  

United States Treasury Note

      2.000       8/15/2025       227,382

 

The accompanying notes are an integral part of these financial statements.

 

  [31]  


Schedule of Investments | Growth & Income Fund

As of March 31, 2020 (Unaudited) (Continued)

 

         
Par Value        Coupon Rate (%)   Maturity   Fair Value
   

GOVERNMENT NOTES, BONDS & AGENCIES (continued)

           
  $ 410,000  

United States Treasury Note

      1.625       2/15/2026     $ 436,634
    340,000  

United States Treasury Note

      4.500       2/15/2036       521,449
    100,000  

United States Treasury Note

      3.000       2/15/2049       139,324
               

 

 

 
   

TOTAL GOVERNMENT NOTES, BONDS & AGENCIES (Cost $2,377,627)

              2,555,299
               

 

 

 
   

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $4,510,480)

              4,735,997
               

 

 

 
   

TOTAL BONDS & NOTES (Cost $7,730,321)

              7,938,603
               

 

 

 
Shares                    
   

EXCHANGE TRADED FUND (A) – 47.7 %

           
    396,000  

Timothy Plan High Dividend Stock ETF (Cost $9,884,413)

              7,555,680
               

 

 

 
    MONEY MARKET FUND – 2.1%            
    338,388  

Fidelity Institutional Money Market Funds – Government Portfolio – Class I, 0.30% (B) (Cost $338,388)

                   338,388
               

 

 

 
   

TOTAL INVESTMENTS – 99.9% (Cost $17,953,122)

            $ 15,832,671
   

OTHER ASSETS IN EXCESS OF LIABILITIES – NET – 0.1%

              10,137
               

 

 

 
   

NET ASSETS – 100.0%

            $ 15,842,808
               

 

 

 

 

 

ETF

Exchange Traded Fund.

GNMA

Government National Mortgage Association.

LP

Limited Partnership.

(A)

Affiliated Fund.

(B)

Variable rate security; the rate shown represents the yield at March 31, 2020.

 

The accompanying notes are an integral part of these financial statements.

 

  [32]  


Timothy Plan Funds

 

Statements of Assets and Liabilities (Unaudited)

March 31, 2020

 

    

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

    $ 21,386,101     $ 73,015,331     $ 48,652,167     $ 117,558,101     $ 128,186,932     $ 93,477,171

Investments in affiliates, at cost

                  18,061,200       14,834,080       46,064,400      
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Investments, at value

    $ 21,842,671     $ 69,143,423     $ 52,631,313     $ 85,701,273     $ 124,342,520     $ 97,165,384

Investments in affiliates, at value

                  14,925,600       9,950,596       36,625,200      

Cash

                        16,199            

Dividends and interest receivable

      10,911       166,208       37,277       94,341       45,278       498,078

Receivable for fund shares sold

      138,472       140,016       9,914       69,458       68,734       55,659

Receivable for securities sold

      121,085                   1,110,813            

Receivable for foreign tax reclaims

            200,391                        

Prepaid expenses and other assets

      21,557       31,784       28,658       37,285       25,487       28,168
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total assets

      22,134,696       69,681,822       67,632,762       96,979,965       161,107,219       97,747,289
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Liabilities:

                       

Payable for securities purchased

      220,554                   676,043            

Payable for fund shares redeemed

      3,682       8,861       82,402       26,901       118,009       72,681

Payable to service providers

      5,129       36,688       20,801       41,172       77,642       29,107

Accrued advisory fees

      13,841       56,671       48,325       65,317       107,540       36,872

Accrued 12b-1 fees

      5,554       11,212       16,830       19,399       33,815       25,093

Accrued expenses and other liabilities

      13,336       30,380       28,588       20,283       37,655       20,119
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total liabilities

      262,096       143,812       196,946       849,115       374,661       183,872
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net assets

    $ 21,872,600     $ 69,538,010     $ 67,435,816     $ 96,130,850     $ 160,732,558     $ 97,563,417
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net assets consist of:

                       

Paid in capital ($0 par value, unlimited shares authorized)

    $ 21,080,684     $ 77,704,317     $ 65,238,255     $ 132,053,363     $ 175,166,695     $ 94,640,406

Accumulated earnings/(losses)

      791,916       (8,166,307 )       2,197,561       (35,922,513 )       (14,434,137 )       2,923,011
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net assets

    $ 21,872,600     $ 69,538,010     $ 67,435,816     $ 96,130,850     $ 160,732,558     $ 97,563,417
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Class A

                       

Net assets

    $ 18,332,183     $ 43,587,514     $ 52,642,983     $ 63,587,903     $ 108,499,095     $ 79,701,077

Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)

      2,534,349       5,663,173       7,251,908       5,429,457       7,906,770       7,533,300

Net Asset Value, offering price and redemption price per share

    $ 7.23     $ 7.70     $ 7.26     $ 11.71     $ 13.72     $ 10.58
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Offering price per share (NAV / 0.945)
*(NAV / 0.955)

    $ 7.65     $ 8.15     $ 7.68     $ 12.39     $ 14.52     $ 11.08 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Class C

                       

Net assets

    $ 2,110,745     $ 2,114,442     $ 6,419,591     $ 5,575,653     $ 12,356,021     $ 8,933,417

Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)

      363,589       282,421       1,120,714       710,803       1,183,312       878,660

Net Asset Value, offering price and redemption price per share

    $ 5.81     $ 7.49     $ 5.73     $ 7.84     $ 10.44     $ 10.17
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Minimum redemption Price Per Share
(NAV * 0.99)

    $ 5.75     $ 7.42     $ 5.67     $ 7.76     $ 10.34     $ 10.07
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Class I

                       

Net assets

    $ 1,429,672     $ 23,836,054     $ 8,373,242     $ 26,967,294     $ 39,877,442     $ 8,928,923

Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)

      193,695       3,096,292       1,129,489       2,265,300       2,876,753       849,956

Net Asset Value, offering price and redemption price per share

    $ 7.38     $ 7.70     $ 7.41     $ 11.90     $ 13.86     $ 10.51
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [33]  


Timothy Plan Funds

 

Statements of Assets and Liabilities (Unaudited) (Continued)

March 31, 2020

 

    

High Yield

Bond

Fund

 

Israel Common
Values

Fund

  Defensive
Strategies
Fund
 

Strategic

Growth

Fund

 

Conservative
Growth

Fund

 

Growth &
Income

Fund

Assets:

                       

Investments, at cost

    $ 74,588,409     $ 54,566,970     $ 29,559,294     $ 1,392,991     $ 1,706,198     $ 8,068,709

Investments in affiliates, at cost

                        33,591,819       42,496,150       9,884,413
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Investments, at value

    $ 64,722,921     $ 61,128,138     $ 24,662,428     $ 1,392,991     $ 1,706,198     $ 8,276,991

Investments in affiliates, at value

                        28,738,177       38,280,165       7,555,680

Gold Investments, at fair value (Cost $7,240,876)

                  9,689,408                  

Foreign Cash

                       

Canadian Dollar (CAD)(Cost $804)

                  804                  

Euro (EUR)(Cost $76)

                  78                  

Great British Pound (GBP)(Cost $(1,078))

                  112                  

Israel Shekel (ILS)(Cost $22,178)

            22,193                        

Dividends and interest receivable

      1,190,479       29,790       80,909       987       1,323       45,859

Receivable for fund shares sold

      83,531       178,257       4,431       4,032       4,860       3,435

Receivable for securities sold

      259,700       50,516       65,566                  

Receivable for foreign tax reclaims

                  7,458                  

Prepaid expenses and other assets

      32,950       21,888       13,070       13,873       17,768       14,598
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total assets

      66,289,581       61,430,782       34,524,264       30,150,060       40,010,314       15,896,563
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Liabilities:

                       

Payable for fund shares redeemed

      98,199       67,478       39,898       7,886       9,898       8,684

Payable to service providers

      3,065       2,796       18,809       10,040       12,978       12,106

Accrued advisory fees

      32,273       52,760       16,399       13,315       20,352       7,102

Accrued 12b-1 fees

      11,422       13,785       5,352       1,169       2,698       4,357

Accrued expenses and other liabilities

      12,667       16,282       27,271       16,374       16,598       21,506
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Liabilities

      157,626       153,101       107,729       48,784       62,524       53,755
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net assets

    $ 66,131,955     $ 61,277,681     $ 34,416,535     $ 30,101,276     $ 39,947,790     $ 15,842,808
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net assets consist of:

                       

Paid in capital ($0 par value, unlimited shares authorized)

    $ 77,931,434     $ 57,193,535     $ 37,576,002     $ 33,841,991     $ 43,078,016     $ 18,593,712

Accumulated earnings/(losses)

      (11,799,479 )       4,084,146       (3,159,467 )       (3,740,715 )       (3,130,226 )       (2,750,904 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net assets

    $ 66,131,955     $ 61,277,681     $ 34,416,535     $ 30,101,276     $ 39,947,790     $ 15,842,808
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Class A

                       

Net assets

    $ 42,715,835     $ 33,754,797     $ 27,336,883     $ 27,604,501     $ 35,234,948     $ 11,798,487

Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)

      5,353,880       2,349,434       2,692,746       3,445,803       3,788,404       1,297,735

Net Asset Value, offering price and redemption price per share

    $ 7.98     $ 14.37     $ 10.15     $ 8.01     $ 9.30     $ 9.09
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Offering price per share (NAV / 0.945)
*(NAV / 0.955)

    $ 8.36 *     $ 15.21     $ 10.74     $ 8.48     $ 9.84     $ 9.62
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Class C

                       

Net assets

    $ 2,253,390     $ 7,939,124     $ 2,383,240     $ 2,496,775     $ 4,712,842     $ 2,004,041

Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)

      278,130       579,298       246,471       353,105       568,213       228,809

Net Asset Value, offering price and redemption price per share

    $ 8.10     $ 13.70     $ 9.67     $ 7.07     $ 8.29     $ 8.76
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Minimum redemption Price Per Share
(NAV * 0.99)

    $ 8.02     $ 13.56     $ 9.57     $ 7.00     $ 8.21     $ 8.67
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Class I

                       

Net assets

    $ 21,162,730     $ 19,583,760     $ 4,696,412     $     $     $ 2,040,280

Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)

      2,652,130       1,354,315       463,595                   222,848

Net Asset Value, offering price and redemption price per share

    $ 7.98     $ 14.46     $ 10.13     $     $     $ 9.16
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [34]  


Timothy Plan Funds

 

Statements of Operations (Unaudited)

For the Six Months Ended March 31, 2020

 

     

Aggressive
Growth

Fund

  International
Fund
 

Large/Mid Cap
Growth

Fund

 

Small Cap

Value

Fund

 

Large/Mid Cap
Value

Fund

 

Fixed

Income

Fund

Investment Income:

                        

Interest income

     $ 11,242     $ 21,658     $ 29,777     $ 22,589     $ 34,953     $ 1,255,176

Dividend income

       83,725       534,411       383,864       1,425,691       1,241,770      

Dividend income from affiliated investments

                   87,861       30,134       393,793      

Foreign tax withheld

       (308 )       (180,342 )       (5,364 )                  
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total investment income

       94,659       375,727       496,138       1,478,414       1,670,516       1,255,176
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Operating expenses:

                        

Investment advisory fees

       106,049       421,806       377,880       589,840       876,937       306,597

12b-1 Fees:

                        

Class A

       26,261       68,615       81,973       116,574       175,097       106,525

Class C

       12,507       13,594       40,088       42,048       80,296       44,211

Administration fees

       32,524       106,103       102,546       157,703       239,110       123,287

Registration fees

       16,836       22,938       22,107       31,892       34,190       21,748

Audit fees

       6,588       6,588       6,771       6,108       6,588       6,588

Non 12b-1 shareholder service fees

       5,781       38,528       20,998       32,289       51,790       34,664

Printing expenses

       5,458       18,480       17,779       24,641       40,411       13,722

Compliance officer fees

       1,840       5,023       4,925       7,726       11,513       5,412

Custody fees

       1,461       7,056       7,614       12,448       16,868       8,536

Trustees’ fees

       951       5,620       5,228       9,358       10,841       4,774

Insurance expenses

       183       507       1,941       3,173       4,888       915

Miscellaneous expenses

       4,274       2,813       4,617       2,598       2,493       3,395
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total operating expenses

       220,713       717,671       694,467       1,036,398       1,551,022       680,374

Less: Expenses waived by Advisor

       (12,476 )       (21,090 )       (22,228 )       (69,393 )       (103,169 )       (102,199 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net operating expenses

       208,237       696,581       672,239       967,005       1,447,853       578,175
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income (loss)

       (113,578 )       (320,854 )       (176,101 )       511,409       222,663       677,001
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Realized and unrealized gain (loss) on investments:

                        

Net realized gain (loss) on

                        

investments

       1,270,602       1,585,308       1,891,143       3,796,211       (1,461,432 )       639,978

and foreign currency transactions

             75                        

Net change in unrealized appreciation (depreciation) on investments

       (2,917,899 )       (12,628,591 )       (8,616,638 )       (38,234,763 )       (23,902,240 )       1,276,954

affiliated investments

                   (3,473,568 )       (4,883,484 )       (10,378,704 )      

and foreign currency translations

             (86 )                        
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net realized and unrealized gain (loss) on investments

       (1,647,297 )       (11,043,294 )       (10,199,063 )       (39,322,036 )       (35,742,376 )       1,916,932
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

     $ (1,760,875 )     $ (11,364,148 )     $ (10,375,164 )     $ (38,810,627 )     $ (35,519,713 )     $ 2,593,933
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [35]  


Timothy Plan Funds

 

Statements of Operations (Unaudited) (Continued)

For the Six Months Ended March 31, 2020

 

     

High Yield

Bond

Fund

 

Israel Common
Values

Fund

  Defensive
Strategies
Fund
  Strategic
Growth
Fund
  Conservative
Growth
Fund
  Growth &
Income
Fund

Investment Income:

                        

Interest income

     $ 1,967,430     $ 21,580     $ 114,421     $ 10,349     $ 15,691     $ 100,402

Dividend income

             661,168       238,700                  

Dividend income from affiliated investments

                         285,911       379,312       139,618

Foreign tax withheld

             (164,209 )       (7,953 )                   (2,012 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total investment income

       1,967,430       518,539       345,168       296,260       395,003       238,008
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Operating expenses:

                        

Investment advisory fees

       206,585       398,231       117,953       115,253       148,301       84,192

12b-1 fees:

                        

Class A

       54,069       55,885       40,100                   17,717

Class C

       13,451       49,768       14,989       12,005       20,317       11,824

Administration fees

       78,466       91,668       56,842       44,835       54,208       33,771

Non 12b-1 shareholder service fees

       20,735       20,364       13,311       703       1,863       6,406

Registration fees

       20,474       24,992       16,796       15,381       18,610       16,162

Printing expenses

       10,326       14,411       7,954       6,040       8,242       6,526

Audit fees

       6,771       6,993       7,176       6,771       6,588       6,588

Custody fees

       4,605       31,537       22,427       2,951       3,340       3,392

Compliance officer fees

       3,007       4,386       2,291       2,144       2,827       1,562

Trustees’ fees

       2,745       4,081       2,186       1,784       2,382       1,085

Miscellaneous expenses

       2,287       1,781       3,764       2,248       2,212       4,274

Insurance expenses

       474       1,503       928       183       928       732
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total operating expenses

       423,995       705,600       306,717       210,298       269,818       194,231

Less: Expenses waived by advisor

       (17,215 )             (9,829 )                   (34,667 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net operating expenses

       406,780       705,600       296,888       210,298       269,818       159,564
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income (loss)

       1,560,650       (187,061 )       48,280       85,962       125,185       78,444
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Realized and unrealized gain (loss) on investments:

                        

Net realized gain (loss) on

                        

investments

       (724,313 )       743,168       (518,177 )                   46,128

foreign currency transactions

             (10,113 )       (1,507 )                   1

and affiliated investments

                         1,208,221       1,102,467       (246,359 )

Net change in unrealized appreciation (depreciation) on investments

       (10,983,803 )       (14,963,835 )       (4,260,982 )                   26,502

affiliated investments

                         (6,065,037 )       (5,482,950 )       (2,601,037 )

alternative investments

                   642,815                  

and foreign currency translations

             210       1,231                   31
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net realized and unrealized loss on investments

       (11,708,116 )       (14,230,570 )       (4,136,620 )       (4,856,816 )       (4,380,483 )       (2,774,734 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net decrease in net assets resulting from operations

     $ (10,147,466 )     $ (14,417,631 )     $ (4,088,340 )     $ (4,770,854 )     $ (4,255,298 )     $ (2,696,290 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [36]  


Timothy Plan Funds

 

Statements of Changes in Net Assets

 

    Aggressive Growth Fund   International Fund   Large/Mid Cap Growth Fund
    Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019

Operations:

                       

Net investment income (loss)

    $ (113,578 )     $ (241,350 )     $ (320,854 )     $ 995,620     $ (176,101 )     $ (314,776 )

Net realized gain (loss) from investments and foreign currency transactions

      1,270,602       (657,613 )       1,585,383       (3,463,536 )       1,891,143       3,640,176

Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations

      (2,917,899 )       (2,362,602 )       (12,628,677 )       (3,661,313 )       (12,090,206 )       (5,864,309 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net decrease in net assets resulting from operations

      (1,760,875 )       (3,261,565 )       (11,364,148 )       (6,129,229 )       (10,375,164 )       (2,538,909 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders:

                       

Return of Capital

                       

Class A

            (363 )                        

Class C

            (40 )                        

Class I

            (21 )                        

Total distributions paid

                       

Class A

            (1,499,415 )       (415,268 )       (708,387 )       (2,645,527 )       (3,489,484 )

Class C

            (288,448 )             (6,387 )       (411,753 )       (615,960 )

Class I

            (73,870 )       (304,198 )       (385,842 )       (662,464 )       (360,231 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total dividends and distributions to shareholders

            (1,862,157 )       (719,466 )       (1,100,616 )       (3,719,744 )       (4,465,675 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Share transactions of beneficial interest:

                       

Net proceeds from shares sold

                       

Class A

      3,441,682       7,677,448       9,887,760       9,719,151       9,219,042       16,861,703

Class C

      276,356       598,286       549,254       487,937       666,539       1,375,432

Class I

      530,971       334,672       8,666,149       12,092,068       5,771,179       10,550,381

Reinvestment of dividends and distributions

                       

Class A

            1,464,627       339,337       589,421       2,530,212       3,336,072

Class C

            275,499             5,743       392,575       572,523

Class I

            67,868       188,255       245,561       626,060       328,907

Cost of shares redeemed

                       

Class A

      (5,487,020 )       (8,980,506 )       (17,405,955 )       (17,850,706 )       (12,827,929 )       (30,537,990 )

Class C

      (389,465 )       (2,135,525 )       (681,916 )       (2,332,459 )       (1,192,103 )       (4,394,174 )

Class I

      (207,814 )       (267,041 )       (9,502,093 )       (13,001,207 )       (9,771,319 )       (6,775,094 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net decrease in net assets from share transactions of beneficial interest

      (1,835,290 )       (964,672 )       (7,959,209 )       (10,044,491 )       (4,585,744 )       (8,682,240 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Decrease in Net Assets

      (3,596,165 )       (6,088,394 )       (20,042,823 )       (17,274,336 )       (18,680,652 )       (15,686,824 )

Net Assets:

                       

Beginning of period

      25,468,765       31,557,159       89,580,833       106,855,169       86,116,468       101,803,292
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

End of period

    $ 21,872,600     $ 25,468,765     $ 69,538,010     $ 89,580,833     $ 67,435,816     $ 86,116,468
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [37]  


Timothy Plan Funds

 

Statements of Changes in Net Assets (Continued)

 

    Aggressive Growth Fund   International Fund   Large/Mid Cap Growth Fund
    Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019

Share Activity:

                       

Shares Sold

                       

Class A

      416,794       953,759       1,062,045       1,092,071       1,050,194       2,002,309

Class C

      40,886       92,555       60,122       56,309       98,689       203,906

Class I

      64,153       41,644       957,056       1,354,200       632,454       1,232,870

Shares Reinvested

                       

Class A

            213,192       35,128       72,589       282,704       454,506

Class C

            49,462             726       55,448       96,874

Class I

            9,709       19,488       30,241       68,497       44,031

Shares Redeemed

                       

Class A

      (653,850 )       (1,192,228 )       (1,859,811 )       (2,008,393 )       (1,458,559 )       (3,636,280 )

Class C

      (61,217 )       (328,106 )       (77,749 )       (264,990 )       (175,902 )       (646,675 )

Class I

      (24,289 )       (32,820 )       (1,015,144 )       (1,454,079 )       (1,152,926 )       (807,955 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net decrease in shares of beneficial interest outstanding

      (217,523 )       (192,833 )       (818,865 )       (1,121,326 )       (599,401 )       (1,056,414 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [38]  


Timothy Plan Funds

 

Statements of Changes in Net Assets

 

    Small Cap Value Fund   Large/Mid Cap Value Fund   Fixed Income Fund
    Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019

Operations:

                       

Net investment income

    $ 511,409     $ 544,000     $ 222,663     $ 1,041,919     $ 677,001     $ 1,351,956

Net realized gain (loss) from investments and foreign currency transactions

      3,796,211       2,564,882       (1,461,432 )       23,401,368       639,978       (60,200 )

Capital gain dividends from REITs

            118,100             12,891            

Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations

      (43,118,247 )       (10,298,517 )       (34,280,944 )       (20,650,465 )       1,276,954       5,200,724
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

      (38,810,627 )       (7,071,535 )       (35,519,713 )       3,805,713       2,593,933       6,492,480
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders:

                       

Total distributions paid

                       

Class A

      (3,484,745 )       (12,397,401 )       (16,241,198 )       (14,065,260 )       (655,696 )       (1,270,649 )

Class C

      (444,256 )       (2,186,667 )       (2,284,461 )       (2,541,277 )       (36,776 )       (103,735 )

Class I

      (1,608,471 )       (3,941,007 )       (5,910,352 )       (3,049,819 )       (75,555 )       (100,824 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total dividends and distributions to shareholders

      (5,537,472 )       (18,525,075 )       (24,436,011 )       (19,656,356 )       (768,027 )       (1,475,208 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Share transactions of beneficial interest:

                       

Net proceeds from shares sold

                       

Class A

      7,510,687       17,337,139       15,832,820       35,570,961       10,367,702       33,469,517

Class C

      637,349       1,491,795       1,180,711       2,507,557       2,216,598       3,045,521

Class I

      13,498,607       14,472,068       18,776,297       22,824,218       5,949,782       5,617,316

Reinvestment of dividends and distributions

                       

Class A

      3,340,386       11,849,967       15,085,002       13,102,756       586,806       1,128,758

Class C

      428,980       2,115,445       2,150,333       2,373,937       29,265       85,898

Class I

      1,504,962       3,695,999       5,493,549       2,724,948       65,632       87,826

Cost of shares redeemed

                       

Class A

      (16,846,560 )       (27,525,777 )       (24,660,818 )       (66,666,482 )       (18,168,658 )       (19,588,969 )

Class C

      (1,652,159 )       (6,267,871 )       (2,553,043 )       (11,659,902 )       (1,971,571 )       (4,788,268 )

Class I

      (12,975,285 )       (11,268,023 )       (17,140,310 )       (11,992,169 )       (5,310,516 )       (1,082,881 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets from share transactions of beneficial interest

      (4,553,033 )       5,900,742       14,164,541       (11,214,176 )       (6,234,960 )       17,974,718
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Increase (Decrease) in Net Assets

      (48,901,132 )       (19,695,868 )       (45,791,183 )       (27,064,819 )       (4,409,054 )       22,991,990

Net Assets:

                       

Beginning of period

      145,031,982       164,727,850       206,523,741       233,588,560       101,972,471       78,980,481
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

End of period

    $ 96,130,850     $ 145,031,982     $ 160,732,558     $ 206,523,741     $ 97,563,417     $ 101,972,471
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [39]  


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
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019

Share Activity:

                       

Shares Sold

                       

Class A

      471,289       1,029,152       917,557       1,965,482       985,621       3,307,246

Class C

      60,168       127,840       89,471       174,277       220,884       314,165

Class I

      836,078       848,925       1,056,446       1,245,993       567,912       555,144

Shares Reinvested

                       

Class A

      191,646       822,914       859,544       818,924       56,434       111,290

Class C

      36,665       214,114       160,593       187,663       2,939       8,847

Class I

      85,026       252,804       310,020       168,832       6,350       8,672

Shares Redeemed

                       

Class A

      (1,009,554 )       (1,639,322 )       (1,423,611 )       (3,679,480 )       (1,721,954 )       (1,947,266 )

Class C

      (152,528 )       (543,038 )       (188,764 )       (807,950 )       (196,231 )       (494,340 )

Class I

      (775,970 )       (660,690 )       (981,616 )       (651,174 )       (508,474 )       (109,114 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in shares of beneficial interest outstanding

      (257,180 )       452,699       799,640       (577,433 )       (586,519 )       1,754,644
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [40]  


Timothy Plan Funds

 

Statements of Changes in Net Assets

 

    High Yield Bond Fund   Israel Common Values Fund   Defensive Strategies Fund
    Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019

Operations:

                       

Net investment income (loss)

    $ 1,560,650     $ 2,327,917     $ (187,061 )     $ (3,115 )     $ 48,280     $ 214,573

Net realized gain (loss) from investments and foreign currency transactions

      (724,313 )       (120,540 )       733,055       1,327,753       (519,684 )       696,983

Capital gain dividends from REITs

                                    68,360

Net change in unrealized appreciation (depreciation) on investments and foreign currency translations

      (10,983,803 )       2,025,674       (14,963,625 )       7,771,239       (3,616,936 )       789,691
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

      (10,147,466 )       4,233,051       (14,417,631 )       9,095,877       (4,088,340 )       1,769,607
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders:

                       

Total distributions paid

                       

Class A

      (937,022 )       (1,557,285 )       (450,018 )       (243,814 )       (923,139 )       (935,146 )

Class C

      (43,348 )       (91,853 )       (33,849 )       (60,850 )       (75,912 )       (93,234 )

Class I

      (531,542 )       (640,911 )       (312,475 )       (66,962 )       (130,863 )       (78,462 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total dividends and distributions to shareholders

      (1,511,912 )       (2,290,049 )       (796,342 )       (371,626 )       (1,129,914 )       (1,106,842 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Share transactions of beneficial interest:

                       

Net proceeds from shares sold

                       

Class A

      19,126,143       15,115,879       10,632,560       19,868,088       2,665,650       7,505,953

Class C

      379,612       578,549       1,532,805       1,278,811       300,595       405,740

Class I

      12,621,242       9,071,441       10,309,998       10,931,321       2,303,224       1,383,319

Reinvestment of dividends and distributions

                       

Class A

      790,931       1,312,260       406,728       222,531       880,162       890,434

Class C

      40,439       84,398       29,270       52,260       70,252       87,912

Class I

      431,399       508,873       286,984       63,076       120,968       57,489

Cost of shares redeemed

                       

Class A

      (9,357,206 )       (19,860,715 )       (18,857,288 )       (17,312,111 )       (5,977,565 )       (15,577,577 )

Class C

      (426,020 )       (1,338,739 )       (1,354,571 )       (1,915,130 )       (710,881 )       (2,865,541 )

Class I

      (6,615,558 )       (3,402,024 )       (6,900,399 )       (1,949,665 )       (745,013 )       (898,725 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets from share transactions of beneficial interest

      16,990,982       2,069,922       (3,913,913 )       11,239,181       (1,092,608 )       (9,010,996 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Increase (Decrease) in Net Assets

      5,331,604       4,012,924       (19,127,886 )       19,963,432       (6,310,862 )       (8,348,231 )

Net Assets:

                       

Beginning of period

      60,800,351       56,787,427       80,405,567       60,442,135       40,727,397       49,075,628
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

End of period

    $ 66,131,955     $ 60,800,351     $ 61,277,681     $ 80,405,567     $ 34,416,535     $ 40,727,397
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [41]  


Timothy Plan Funds

 

Statements of Changes in Net Assets (Continued)

 

    High Yield Bond Fund   Israel Common Values Fund   Defensive Strategies Fund
    Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019

Share Activity:

                       

Shares Sold

                       

Class A

      2,065,074       1,652,409       634,057       1,223,010       236,315       659,905

Class C

      39,595       62,759       89,588       82,872       27,878       37,624

Class I

      1,347,712       992,290       576,192       676,199       201,880       121,889

Shares Reinvested

                       

Class A

      91,699       143,994       21,974       15,315       77,140       83,845

Class C

      4,546       9,155       1,654       3,757       6,451       8,644

Class I

      49,564       55,522       15,421       4,317       10,630       5,429

Shares Redeemed

                       

Class A

      (1,038,718 )       (2,215,554 )       (1,060,723 )       (1,098,199 )       (522,104 )       (1,388,078 )

Class C

      (45,340 )       (144,851 )       (86,427 )       (123,096 )       (67,158 )       (265,431 )

Class I

      (700,171 )       (375,994 )       (435,593 )       (119,939 )       (64,796 )       (79,725 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in shares of beneficial interest outstanding

      1,813,961       179,730       (243,857 )       664,236       (93,764 )       (815,898 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [42]  


Timothy Plan Funds

 

Statements of Changes in Net Assets

 

    Strategic Growth Fund   Conservative Growth Fund   Growth & Income Fund
    Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019

Operations:

                       

Net investment income

    $ 85,962     $ 66,106     $ 125,185     $ 183,927     $ 78,444     $ 108,764

Net realized gain from investments, affiliated investments and foreign currency transactions

      1,208,221       537,455       1,102,467       697,815       (200,230 )       (430,082 )

Capital gain distributions from affiliated investments

            922,334             976,773            

Capital gain dividends from REITs

                                    106

Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations

      (6,065,037 )       (1,747,061 )       (5,482,950 )       (1,356,488 )       (2,574,504 )       (49,360 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

      (4,770,854 )       (221,166 )       (4,255,298 )       502,027       (2,696,290 )       (370,572 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders:

                       

Return of Capital

                       

Class A

                                    (5,772 )

Class C

                                    (951 )

Class I

                                    (1,266 )

Total distributions paid

                       

Class A

      (1,199,081 )       (100,346 )       (1,464,847 )       (896,237 )       (68,877 )       (565,583 )

Class C

      (137,411 )       (22,035 )       (221,058 )       (216,818 )       (3,470 )       (56,700 )

Class I

                              (14,884 )       (70,194 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total dividends and distributions to shareholders

      (1,336,492 )       (122,381 )       (1,685,905 )       (1,113,055 )       (87,231 )       (700,466 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Share transactions of beneficial interest:

                       

Net proceeds from shares sold

                       

Class A

      2,689,621       6,003,858       3,716,319       6,203,911       2,050,049       2,652,484

Class C

      210,150       826,373       736,021       950,990       167,979       347,351

Class I

                              1,526,569       1,230,114

Reinvestment of dividends and distributions

                       

Class A

      1,178,596       97,936       1,391,939       860,318       62,914       544,800

Class C

      134,396       21,796       211,608       202,216       3,370       52,310

Class I

                              13,090       66,587

Cost of shares redeemed

                       

Class A

      (3,035,752 )       (5,635,144 )       (5,263,519 )       (8,100,727 )       (2,854,911 )       (15,565,523 )

Class C

      (533,451 )       (3,797,182 )       (997,510 )       (4,669,461 )       (218,995 )       (1,079,663 )

Class I

                              (2,192,905 )       (1,012,494 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets from share transactions of beneficial interest

      643,560       (2,482,363 )       (205,142 )       (4,552,753 )       (1,442,840 )       (12,764,034 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Decrease in Net Assets

      (5,463,786 )       (2,825,910 )       (6,146,345 )       (5,163,781 )       (4,226,361 )       (13,835,072 )

Net Assets:

                       

Beginning of period

      35,565,062       38,390,972       46,094,135       51,257,916       20,069,169       33,904,241
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

End of period

    $ 30,101,276     $ 35,565,062     $ 39,947,790     $ 46,094,135     $ 15,842,808     $ 20,069,169
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [43]  


Timothy Plan Funds

 

Statements of Changes in Net Assets (Continued)

 

    Strategic Growth Fund   Conservative Growth Fund   Growth & Income Fund
    Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019
  Six Months Ended
March  31,

2020
(Unaudited)
  Year Ended
September 30,
2019

Share Activity:

                       

Shares Sold

                       

Class A

      296,997       642,410       362,649       594,953       194,243       258,763

Class C

      25,055       98,951       81,784       102,264       16,934       35,230

Class I

                              141,730       118,099

Shares Reinvested

                       

Class A

      121,756       11,481       131,563       89,617       6,868       55,559

Class C

      15,700       2,857       22,393       23,297       382       5,581

Class I

                              1,419       6,694

Shares Redeemed

                       

Class A

      (326,127 )       (607,077 )       (511,803 )       (787,889 )       (271,279 )       (1,496,576 )

Class C

      (66,098 )       (448,707 )       (110,091 )       (495,509 )       (22,443 )       (109,113 )

Class I

                              (218,372 )       (102,055 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in shares of beneficial interest outstanding

      67,283       (300,085 )       (23,505 )       (473,267 )       (150,518 )       (1,227,818 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

  [44]  


Timothy Aggressive Growth Fund (Class A Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 7.87     $ 9.27     $ 8.10     $ 6.82     $ 7.98     $ 9.18
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment loss (A)

      (0.04 )       (0.07 )       (0.09 )       (0.08 )       (0.04 )       (0.08 )

Net realized and unrealized gain (loss) on investments

      (0.60 )       (0.81 )       1.26       1.36       (0.02 )(B)       (0.05 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (0.64 )       (0.88 )       1.17       1.28       (0.06 )       (0.13 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net realized gains on investments

            (0.52 )                   (1.10 )       (1.07 )

Return of Capital

            (0.00 )*                        
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

            (0.52 )                   (1.10 )       (1.07 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 7.23     $ 7.87     $ 9.27     $ 8.10     $ 6.82     $ 7.98
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)(D)

      (8.13 )%(E)       (8.72 )%       14.44 %       18.77 %       (1.03 )%       (2.35 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 18,332     $ 21,802     $ 25,926     $ 22,549     $ 21,209     $ 16,306

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.71 %(F)       1.64 %       1.73 %       1.69 %       1.69 %       1.77 %

Expenses, net waiver and reimbursement (G)

      1.61 %(F)       1.56 %       1.63 %       1.59 %       1.59 %       1.67 %

Net investment loss, before waiver and reimbursement

      (0.95 )%(F)       (0.91 )%       (1.16 )%       (1.12 )%       (0.73 )%       (1.04 )%

Net investment loss, net waiver and reimbursement (G)

      (0.85 )%(F)       (0.82 )%       (1.06 )%       (1.02 )%       (0.63 )%       (0.94 )%

Portfolio turnover rate

      62 %(E)       77 %       85 %       151 %       124 %       144 %

 

*

Amount is less than $0.005 per share.

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(C)

Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value.

(D)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E)

For periods of less than one full year, total return and turnover are not annualized.

(F)

Annualized.

(G)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [45]  


Timothy Aggressive Growth Fund (Class C Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 6.34     $ 7.64     $ 6.73     $ 5.71     $ 6.90     $ 8.13
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment loss (A)

      (0.05 )       (0.11 )       (0.13 )       (0.11 )       (0.08 )       (0.13 )

Net realized and unrealized gain (loss) on investments

      (0.48 )       (0.67 )       1.04       1.13       (0.01 )(B)       (0.03 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (0.53 )       (0.78 )       0.91       1.02       (0.09 )       (0.16 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net realized gains on investments

            (0.52 )                   (1.10 )       (1.07 )

Return of Capital

            (0.00 )*                        
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

            (0.52 )                   (1.10 )       (1.07 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 5.81     $ 6.34     $ 7.64     $ 6.73     $ 5.71     $ 6.90
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)(D)

      (8.36 )%(E)       (9.33 )%       13.52 %       17.86 %       (1.73 )%       (3.10 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 2,111     $ 2,433     $ 4,358     $ 3,584     $ 3,426     $ 3,442

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      2.46 %(F)       2.39 %       2.48 %       2.44 %       2.44 %       2.52 %

Expenses, net waiver and reimbursement (G)

      2.36 %(F)       2.31 %       2.38 %       2.34 %       2.34 %       2.42 %

Net investment loss, before waiver and reimbursement

      (1.70 )%(F)       (1.73 )%       (1.91 )%       (1.88 )%       (1.47 )%       (1.78 )%

Net investment loss, net waiver and reimbursement (G)

      (1.60 )%(F)       (1.64 )%       (1.81 )%       (1.78 )%       (1.37 )%       (1.69 )%

Portfolio turnover rate

      62 %(E)       77 %       85 %       151 %       124 %       144 %

 

*

Amount is less than $0.005 per share.

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(C)

Total return calculation does not reflect redemption fee. Total return represents aggregate total return based on Net Asset Value.

(D)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E)

For periods of less than one full year, total return and turnover are not annualized.

(F)

Annualized.

(G)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [46]  


Timothy Aggressive Growth Fund (Class I Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 8.02     $ 9.41     $ 8.21     $ 6.89     $ 8.03     $ 9.21
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment loss (A)

      (0.03 )       (0.05 )       (0.07 )       (0.06 )       (0.03 )       (0.06 )

Net realized and unrealized gain (loss) on investments

      (0.61 )       (0.82 )       1.27       1.38       (0.01 )(B)       (0.05 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (0.64 )       (0.87 )       1.20       1.32       (0.04 )       (0.11 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net realized gains on investments

            (0.52 )                   (1.10 )       (1.07 )

Return of Capital

            (0.00 )*                        
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

            (0.52 )                   (1.10 )       (1.07 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 7.38     $ 8.02     $ 9.41     $ 8.21     $ 6.89     $ 8.03
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)

      (7.98 )%(D)       (8.48 )%       14.62 %       19.16 %       (0.75 )%       (2.10 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 1,430     $ 1,233     $ 1,273     $ 887     $ 395     $ 303

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.46 %(E)       1.39 %       1.48 %       1.44 %       1.44 %       1.52 %

Expenses, net waiver and reimbursement (F)

      1.36 %(E)       1.31 %       1.38 %       1.34 %       1.34 %       1.42 %

Net investment loss, before waiver and reimbursement

      (0.70 )%(E)       (0.67 )%       (0.91 )%       (0.88 )%       (0.48 )%       (0.74 )%

Net investment loss, net waiver and reimbursement (F)

      (0.60 )%(E)       (0.57 )%       (0.81 )%       (0.78 )%       (0.38 )%       (0.69 )%

Portfolio turnover rate

      62 %(D)       77 %       85 %       151 %       124 %       144 %

 

*

Amount is less than $0.005 per share.

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [47]  


Timothy International Fund (Class A Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 9.09     $ 9.74     $ 9.86     $ 8.53     $ 8.47     $ 8.89
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      (0.04 )       0.09       0.11       0.04       0.00 *       0.08

Net realized and unrealized gain (loss) on investments

      (1.27 )       (0.64 )       (0.02 )       1.38       0.15       (0.50 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.31 )       (0.55 )       0.09       1.42       0.15       (0.42 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.08 )       (0.10 )       (0.21 )       (0.09 )       (0.09 )      
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.08 )       (0.10 )       (0.21 )       (0.09 )       (0.09 )      
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 7.70     $ 9.09     $ 9.74     $ 9.86     $ 8.53     $ 8.47
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (14.62 )%(D)       (5.55 )%       0.91 %       16.78 %       1.85 %       (4.72 )%(E)

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 43,588     $ 58,397     $ 70,790     $ 81,153     $ 70,013     $ 53,458

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.76 %(F)       1.71 %       1.71 %       1.69 %       1.68 %       1.67 %

Expenses, net waiver and reimbursement (G)

      1.71 %(F)       1.67 %       1.66 %       1.64 %       1.63 %       1.62 %

Net investment income (loss) before waiver and reimbursement

      (0.86 )%(F)       0.96 %       1.05 %       0.35 %       (0.03 )%       0.88 %

Net investment income (loss), net waiver and reimbursement (G)

      (0.81 )%(F)       1.01 %       1.10 %       0.40 %       0.02 %       0.93 %

Portfolio turnover rate

      11 %(D)       27 %       19 %       42 %       28 %       30 %

 

*

Amount is less than $0.005 per share.

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

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.

(G)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [48]  


Timothy International Fund (Class C Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 8.80     $ 9.41     $ 9.55     $ 8.25     $ 8.21     $ 8.67
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      (0.07 )       0.01       0.03       (0.03 )       (0.06 )       0.02

Net realized and unrealized gain (loss) on investments

      (1.24 )       (0.61 )       (0.01 )       1.34       0.15       (0.48 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.31 )       (0.60 )       0.02       1.31       0.09       (0.46 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

            (0.01 )       (0.16 )       (0.01 )       (0.05 )      
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

            (0.01 )       (0.16 )       (0.01 )       (0.05 )      
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 7.49     $ 8.80     $ 9.41     $ 9.55     $ 8.25     $ 8.21
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (14.89 )%(D)       (6.31 )%       0.12 %       15.93 %       1.09 %       (5.31 )%(E)

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 2,114     $ 2,641     $ 4,779     $ 4,620     $ 4,495     $ 3,498

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      2.51 %(F)       2.46 %       2.46 %       2.44 %       2.43 %       2.41 %

Expenses, net waiver and reimbursement (G)

      2.46 %(F)       2.42 %       2.41 %       2.39 %       2.38 %       2.36 %

Net investment income (loss) before waiver and reimbursement

      (1.66 )%(F)       0.09 %       0.28 %       (0.41 )%       (0.74 )%       0.17 %

Net investment income (loss), net waiver and reimbursement (G)

      (1.61 )%(F)       0.12 %       0.33 %       (0.36 )%       (0.69 )%       0.18 %

Portfolio turnover rate

      11 %(D)       27 %       19 %       42 %       28 %       30 %

 

(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)

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.

(G)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [49]  


Timothy International Fund (Class I Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 9.10     $ 9.76     $ 9.89     $ 8.55     $ 8.49     $ 8.88
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (A)

      (0.03 )       0.11       0.17       0.07       0.02       0.15

Net realized and unrealized gain (loss) on investments

      (1.26 )       (0.64 )       (0.06 )       1.38       0.15 (B)       (0.54 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.29 )       (0.53 )       0.11       1.45       0.17       (0.39 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.11 )       (0.13 )       (0.24 )       (0.11 )       (0.11 )      
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.11 )       (0.13 )       (0.24 )       (0.11 )       (0.11 )      
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 7.70     $ 9.10     $ 9.76     $ 9.89     $ 8.55     $ 8.49
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)

      (14.46 )%(D)       (5.33 )%       1.04 %       17.18 %       2.08 %       (4.39 )%(E)

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 23,836     $ 28,542     $ 31,286     $ 13,083     $ 2,880     $ 1,581

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.51 %(F)       1.46 %       1.45 %       1.43 %       1.45 %       1.42 %

Expenses, net waiver and reimbursement (G)

      1.46 %(F)       1.42 %       1.41 %       1.38 %       1.39 %       1.37 %

Net investment income, before waiver and reimbursement

      (0.63 )%(F)       1.24 %       1.60 %       0.74 %       0.22 %       1.13 %

Net investment income, net waiver and reimbursement (G)

      (0.58 )%(F)       1.28 %       1.65 %       0.79 %       0.29 %       1.18 %

Portfolio turnover rate

      11 %(D)       27 %       19 %       42 %       28 %       30 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

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.

(G)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [50]  


Timothy Large/Mid Cap Growth Fund (Class A Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 8.70     $ 9.34     $ 8.59     $ 7.46     $ 7.75     $ 8.66
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment loss (A)

      (0.02 )       (0.03 )       (0.02 )       (0.01 )       (0.02 )       (0.01 )

Net realized and unrealized gain (loss) on investments

      (1.05 )       (0.19 )       0.99       1.23       0.51       0.03 (B)
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.07 )       (0.22 )       0.97       1.22       0.49       0.02
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net realized gains on investments

      (0.37 )       (0.42 )       (0.22 )       (0.09 )       (0.78 )       (0.93 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.37 )       (0.42 )       (0.22 )       (0.09 )       (0.78 )       (0.93 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 7.26     $ 8.70     $ 9.34     $ 8.59     $ 7.46     $ 7.75
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)(D)

      (13.11 )%(E)       (1.48 )%       11.49 %       16.53 %       6.65 %       (0.35 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 52,643     $ 64,150     $ 79,897     $ 68,291     $ 53,827     $ 52,682

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.54 %(F)       1.56 %       1.52 %       1.52 %       1.54 %       1.56 %

Expenses, net waiver and reimbursement (G)

      1.49 %(F)       1.52 %       1.47 %       1.47 %       1.49 %       1.51 %

Net investment loss, before waiver and reimbursement

      (0.42 )%(F)       (0.35 )%       (0.25 )%       (0.19 )%       (0.38 )%       (0.14 )%

Net investment loss, net waiver and reimbursement (G)

      (0.37 )%(F)       (0.31 )%       (0.20 )%       (0.14 )%       (0.33 )%       (0.09 )%

Portfolio turnover rate

      8 %(E)       44 %       57 %       76 %       71 %       73 %

 

(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.

(G)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [51]  


Timothy Large/Mid Cap Growth Fund (Class C Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 6.96     $ 7.63     $ 7.11     $ 6.24     $ 6.64     $ 7.60
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment loss (A)

      (0.04 )       (0.07 )       (0.07 )       (0.06 )       (0.07 )       (0.06 )

Net realized and unrealized gain (loss) on investments

      (0.82 )       (0.18 )       0.81       1.02       0.45       0.03 (B)
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (0.86 )       (0.25 )       0.74       0.96       0.38       (0.03 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net realized gains on investments

      (0.37 )       (0.42 )       (0.22 )       (0.09 )       (0.78 )       (0.93 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.37 )       (0.42 )       (0.22 )       (0.09 )       (0.78 )       (0.93 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 5.73     $ 6.96     $ 7.63     $ 7.11     $ 6.24     $ 6.64
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)(D)

      (13.38 )%(E)       (2.24 )%       10.63 %       15.58 %       6.04 %       (1.14 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 6,420     $ 7,950     $ 11,355     $ 9,909     $ 7,636     $ 6,490

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      2.29 %(F)       2.31 %       2.27 %       2.27 %       2.30 %       2.31 %

Expenses, net waiver and reimbursement (G)

      2.24 %(F)       2.27 %       2.22 %       2.22 %       2.24 %       2.26 %

Net investment loss, before waiver and reimbursement

      (1.17 )%(F)       (1.10 )%       (1.00 )%       (0.94 )%       (1.14 )%       (0.88 )%

Net investment loss, net waiver and reimbursement (G)

      (1.12 )%(F)       (1.06 )%       (0.95 )%       (0.89 )%       (1.08 )%       (0.84 )%

Portfolio turnover rate

      8 %(E)       44 %       57 %       76 %       71 %       73 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(C)

Total return calculation does not reflect redemption fee.

(D)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E)

For periods of less than one full year, total return and turnover are not annualized.

(F)

Annualized.

(G)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [52]  


Timothy Large/Mid Cap Growth Fund (Class I Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 8.86     $ 9.48     $ 8.70     $ 7.54     $ 7.80     $ 8.69
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      (0.01 )       (0.01 )       0.00 *       0.01       (0.01 )       0.02

Net realized and unrealized gain (loss) on investments

      (1.07 )       (0.19 )       1.00       1.24       0.53       0.02 (B)
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.08 )       (0.20 )       1.00       1.25       0.52       0.04
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net realized gains on investments

      (0.37 )       (0.42 )       (0.22 )       (0.09 )       (0.78 )       (0.93 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.37 )       (0.42 )       (0.22 )       (0.09 )       (0.78 )       (0.93 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 7.41     $ 8.86     $ 9.48     $ 8.70     $ 7.54     $ 7.80
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)

      (12.99 )%(D)       (1.24 )%       11.69 %       16.75 %       7.01 %       (0.10 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 8,373     $ 14,016     $ 10,551     $ 3,936     $ 1,088     $ 1,202

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.29 %(E)       1.31 %       1.27 %       1.26 %       1.29 %       1.31 %

Expenses, net waiver and reimbursement (F)

      1.24 %(E)       1.27 %       1.22 %       1.21 %       1.24 %       1.26 %

Net investment income (loss), before waiver and reimbursement

      (0.17 )%(E)       (0.09 )%       (0.03 )%       0.10 %       (0.12 )%       0.13 %

Net investment income (loss), net waiver and reimbursement (F)

      (0.12 )%(E)       (0.06 )%       0.02 %       0.15 %       (0.08 )%       0.16 %

Portfolio turnover rate

      8 %(D)       44 %       57 %       76 %       71 %       73 %

 

*

Amount is less than $0.005 per share.

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [53]  


Timothy Small Cap Value Fund (Class A Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 17.15     $ 20.67     $ 20.50     $ 17.09     $ 16.93     $ 19.79
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      0.06       0.06       0.00 *       0.03       (0.01 )       (0.07 )

Net realized and unrealized gain (loss) on investments

      (4.86 )       (1.28 )       1.96       3.63       1.65       0.64
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (4.80 )       (1.22 )       1.96       3.66       1.64       0.57
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.04 )             (0.00 )*                  

From net realized gains on investments

      (0.60 )       (2.30 )       (1.79 )       (0.25 )       (1.48 )       (3.43 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.64 )       (2.30 )       (1.79 )       (0.25 )       (1.48 )       (3.43 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 11.71     $ 17.15     $ 20.67     $ 20.50     $ 17.09     $ 16.93
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (29.20 )%(D)       (3.77 )%       10.11 %       21.55 %       10.67 %       1.90 %

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 63,588     $ 99,077     $ 114,985     $ 112,953     $ 94,871     $ 71,840

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.52 %(E)       1.52 %       1.50 %       1.46 %       1.48 %       1.53 %

Expenses, net waiver and reimbursement (F)

      1.42 %(E)       1.43 %       1.44 %       1.41 %       1.44 %       1.48 %

Net investment income (loss), before waiver and reimbursement

      0.61 %(E)       0.29 %       (0.08 )%       0.13 %       (0.09 )%       (0.45 )%

Net investment income (loss), net waiver and reimbursement (F)

      0.71 %(E)       0.38 %       (0.02 )%       0.18 %       (0.04 )%       (0.40 )%

Portfolio turnover rate

      43 %(D)       63 %       58 %       57 %       73 %       30 %

 

*

Amount is less than $0.005 per share.

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return calculation does not reflect sales load.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [54]  


Timothy Small Cap Value Fund (Class C Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 11.69     $ 15.09     $ 15.54     $ 13.10     $ 13.42     $ 16.45
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment loss (A)

      (0.00 )*       (0.05 )       (0.11 )       (0.08 )       (0.10 )       (0.17 )

Net realized and unrealized gain (loss) on investments

      (3.25 )       (1.05 )       1.45       2.77       1.26       0.57
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (3.25 )       (1.10 )       1.34       2.69       1.16       0.40
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net realized gains on investments

      (0.60 )       (2.30 )       (1.79 )       (0.25 )       (1.48 )       (3.43 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.60 )       (2.30 )       (1.79 )       (0.25 )       (1.48 )       (3.43 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 7.84     $ 11.69     $ 15.09     $ 15.54     $ 13.10     $ 13.42
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (29.49 )%(D)       (4.49 )%       9.24 %       20.70 %       9.81 %       1.14 %

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 5,576     $ 8,963     $ 14,603     $ 13,210     $ 10,257     $ 8,981

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      2.27 %(E)       2.27 %       2.25 %       2.21 %       2.23 %       2.28 %

Expenses, net waiver and reimbursement (F)

      2.17 %(E)       2.18 %       2.19 %       2.16 %       2.18 %       2.23 %

Net investment loss, before waiver and reimbursement

      (0.14 )%(E)       (0.50 )%       (0.82 )%       (0.62 )%       (0.84 )%       (1.19 )%

Net investment loss, net waiver and reimbursement (F)

      (0.04 )%(E)       (0.42 )%       (0.76 )%       (0.57 )%       (0.78 )%       (1.14 )%

Portfolio turnover rate

      43 %(D)       63 %       58 %       57 %       73 %       30 %

 

*

Amount is less than $0.005 per share.

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return calculation does not reflect redemption fee.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [55]  


Timothy Small Cap Value Fund (Class I Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 17.45     $ 20.93     $ 20.74     $ 17.24     $ 17.03     $ 19.84
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      0.08       0.11       0.06       0.08       0.04       (0.03 )

Net realized and unrealized gain (loss) on investments

      (4.94 )       (1.29 )       1.97       3.67       1.65       0.65
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (4.86 )       (1.18 )       2.03       3.75       1.69       0.62
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.09 )             (0.05 )                  

From net realized gains on investments

      (0.60 )       (2.30 )       (1.79 )       (0.25 )       (1.48 )       (3.43 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.69 )       (2.30 )       (1.84 )       (0.25 )       (1.48 )       (3.43 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 11.90     $ 17.45     $ 20.93     $ 20.74     $ 17.24     $ 17.03
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)

      (29.09 )%(C)       (3.51 )%       10.37 %       21.89 %       10.92 %       2.18 %

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 26,967     $ 36,993     $ 35,140     $ 19,103     $ 2,324     $ 870

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.27 %(D)       1.27 %       1.25 %       1.21 %       1.26 %       1.28 %

Expenses, net waiver and reimbursement (E)

      1.17 %(D)       1.18 %       1.19 %       1.16 %       1.20 %       1.23 %

Net investment income (loss), before waiver and reimbursement

      0.88 %(D)       0.56 %       0.21 %       0.38 %       0.18 %       (0.19 )%

Net investment income (loss), net waiver and reimbursement (E)

      0.98 %(D)       0.64 %       0.27 %       0.43 %       0.23 %       (0.14 )%

Portfolio turnover rate

      43 %(C)       63 %       58 %       57 %       73 %       30 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(C)

For periods of less than one full year, total return and turnover are not annualized.

(D)

Annualized.

(E)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [56]  


Timothy Large/Mid Cap Value Fund (Class A Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 18.86     $ 20.38     $ 19.16     $ 17.15     $ 18.20     $ 19.61
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      0.02       0.09       0.07       0.05       0.01       (0.01 )

Net realized and unrealized gain (loss) on investments (B)

      (2.98 )       0.12       2.45       2.18       1.04       0.38
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (2.96 )       0.21       2.52       2.23       1.05       0.37
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.08 )       (0.06 )       (0.03 )                  

From net realized gains on investments

      (2.10 )       (1.67 )       (1.27 )       (0.22 )       (2.10 )       (1.78 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (2.18 )       (1.73 )       (1.30 )       (0.22 )       (2.10 )       (1.78 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 13.72     $ 18.86     $ 20.38     $ 19.16     $ 17.15     $ 18.20
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)(D)

      (18.19 )%(E)       2.54 %       13.58 %       13.10 %       6.40 %       1.59 %

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 108,499     $ 142,420     $ 172,163     $ 167,056     $ 154,260     $ 135,091

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.51 %(F)       1.51 %       1.46 %       1.49 %       1.48 %       1.48 %

Expenses, net waiver and reimbursement (G)

      1.41 %(F)       1.41 %       1.35 %       1.41 %       1.43 %       1.43 %

Net investment income (loss), before waiver and reimbursement

      0.11 %(F)       0.42 %       0.27 %       0.18 %       (0.01 )%       (0.13 )%

Net investment income (loss), net waiver and reimbursement (G)

      0.21 %(F)       0.52 %       0.38 %       0.26 %       0.04 %       (0.08 )%

Portfolio turnover rate

      15 %(E)       51 %       24 %       39 %       45 %       11 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuations in share transactions.

(C)

Total return calculation does not reflect sales load.

(D)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E)

For periods of less than one full year, total return and turnover are not annualized.

(F)

Annualized.

(G)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [57]  


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, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 14.82     $ 16.49     $ 15.82     $ 14.30     $ 15.62     $ 17.19
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment loss (A)

      (0.04 )       (0.03 )       (0.06 )       (0.07 )       (0.10 )       (0.14 )

Net realized and unrealized gain (loss) on investments (B)

      (2.24 )       0.03       2.00       1.81       0.88       0.35
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (2.28 )       0.00       1.94       1.74       0.78       0.21
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net realized gains on investments

      (2.10 )       (1.67 )       (1.27 )       (0.22 )       (2.10 )       (1.78 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (2.10 )       (1.67 )       (1.27 )       (0.22 )       (2.10 )       (1.78 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 10.44     $ 14.82     $ 16.49     $ 15.82     $ 14.30     $ 15.62
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)(D)

      (18.49 )%(E)       1.74 %       12.75 %       12.27 %       5.64 %       0.82 %

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 12,356     $ 16,627     $ 25,852     $ 23,803     $ 20,855     $ 18,458

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      2.26 %(F)       2.26 %       2.21 %       2.24 %       2.23 %       2.23 %

Expenses, net waiver and reimbursement (G)

      2.16 %(F)       2.16 %       2.10 %       2.16 %       2.18 %       2.18 %

Net investment loss, before waiver and reimbursement

      (0.64 )%(F)       (0.32 )%       (0.48 )%       (0.57 )%       (0.76 )%       (0.88 )%

Net investment loss, net waiver and reimbursement (G)

      (0.54 )%(F)       (0.22 )%       (0.37 )%       (0.49 )%       (0.70 )%       (0.83 )%

Portfolio turnover rate

      15 %(E)       51 %       24 %       39 %       45 %       11 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period.

(C)

Total return calculation does not reflect redemption fee.

(D)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E)

For periods of less than one full year, total return and turnover are not annualized.

(F)

Annualized.

(G)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [58]  


Timothy Large/Mid Cap Value Fund (Class I Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 19.05     $ 20.58     $ 19.34     $ 17.27     $ 18.26     $ 19.63
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (A)

      0.04       0.14       0.13       0.10       0.05       0.03

Net realized and unrealized gain (loss) on investments

      (3.00 )       0.11       2.45       2.19       1.06 (B)       0.38
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (2.96 )       0.25       2.58       2.29       1.11       0.41
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.13 )       (0.11 )       (0.07 )                  

From net realized gains on investments

      (2.10 )       (1.67 )       (1.27 )       (0.22 )       (2.10 )       (1.78 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (2.23 )       (1.78 )       (1.34 )       (0.22 )       (2.10 )       (1.78 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 13.86     $ 19.05     $ 20.58     $ 19.34     $ 17.27     $ 18.26
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)

      (18.05 )%(D)       2.78 %       13.83 %       13.36 %       6.74 %       1.81 %

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 39,877     $ 47,477     $ 35,573     $ 19,384     $ 5,382     $ 3,424

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.26 %(E)       1.26 %       1.21 %       1.23 %       1.25 %       1.23 %

Expenses, net waiver and reimbursement (F)

      1.16 %(E)       1.16 %       1.10 %       1.14 %       1.19 %       1.18 %

Net investment income, before waiver and reimbursement

      0.36 %(E)       0.66 %       0.54 %       0.46 %       0.24 %       0.12 %

Net investment income, net waiver and reimbursement (F)

      0.46 %(E)       0.77 %       0.65 %       0.55 %       0.30 %       0.18 %

Portfolio turnover rate

      15 %(D)       51 %       24 %       39 %       45 %       11 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [59]  


Timothy Fixed Income Fund (Class A Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 10.39     $ 9.81     $ 10.22     $ 10.47     $ 10.27     $ 10.43
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (A)

      0.07       0.16       0.16       0.13       0.14       0.15

Net realized and unrealized gain (loss) on investments

      0.20       0.60       (0.39 )       (0.22 )       0.21       (0.04 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      0.27       0.76       (0.23 )       (0.09 )       0.35       0.11
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.08 )       (0.18 )       (0.18 )       (0.16 )       (0.15 )       (0.25 )

From net realized gains on investments

                                    (0.02 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.08 )       (0.18 )       (0.18 )       (0.16 )       (0.15 )       (0.27 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 10.58     $ 10.39     $ 9.81     $ 10.22     $ 10.47     $ 10.27
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      2.64 %(D)       7.76 %       (2.31 )%       (0.81 )%       3.47 %       1.08 %

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 79,701     $ 85,375     $ 66,119     $ 75,858     $ 86,142     $ 66,107

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.29 %(E)       1.30 %       1.30 %       1.30 %       1.24 %       1.28 %

Expenses, net waiver and reimbursement (F)

      1.09 %(E)       1.13 %       1.10 %       1.10 %       1.04 %       1.11 %

Net investment income, before waiver and reimbursement

      1.17 %(E)       1.46 %       1.40 %       1.05 %       1.19 %       1.29 %

Net investment income, net waiver and reimbursement (F)

      1.37 %(E)       1.62 %       1.60 %       1.25 %       1.39 %       1.48 %

Portfolio turnover rate

      20 %(D)       53 %       30 %       43 %       40 %       28 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return calculation does not reflect sales load.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [60]  


Timothy Fixed Income Fund (Class C Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 9.99     $ 9.44     $ 9.85     $ 10.09     $ 9.89     $ 10.07
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (A)

      0.03       0.09       0.08       0.05       0.07       0.08

Net realized and unrealized gain (loss) on investments

      0.19       0.57       (0.39 )       (0.20 )       0.19       (0.04 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      0.22       0.66       (0.31 )       (0.15 )       0.26       0.04
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.04 )       (0.11 )       (0.10 )       (0.09 )       (0.06 )       (0.20 )

From net realized gains on investments

                                    (0.02 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.04 )       (0.11 )       (0.10 )       (0.09 )       (0.06 )       (0.22 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 10.17     $ 9.99     $ 9.44     $ 9.85     $ 10.09     $ 9.89
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      2.23 %(D)       7.06 %       (3.15 )%       (1.49 )%       2.66 %       0.36 %

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 8,933     $ 8,502     $ 9,653     $ 9,637     $ 9,660     $ 8,510

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      2.04 %(E)       2.05 %       2.05 %       2.06 %       1.99 %       2.03 %

Expenses, net waiver and reimbursement (F)

      1.84 %(E)       1.88 %       1.85 %       1.86 %       1.79 %       1.86 %

Net investment income, before waiver and reimbursement

      0.42 %(E)       0.72 %       0.65 %       0.30 %       0.46 %       0.56 %

Net investment income, net waiver and reimbursement (F)

      0.62 %(E)       0.89 %       0.85 %       0.50 %       0.65 %       0.73 %

Portfolio turnover rate

      20 %(D)       53 %       30 %       43 %       40 %       28 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return calculation does not reflect redemption fee.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [61]  


Timothy Fixed Income Fund (Class I Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 10.32     $ 9.74     $ 10.15     $ 10.41     $ 10.20     $ 10.36
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (A)

      0.08       0.19       0.18       0.16       0.17       0.18

Net realized and unrealized gain (loss) on investments

      0.21       0.59       (0.39 )       (0.23 )       0.22       (0.05 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      0.29       0.78       (0.21 )       (0.07 )       0.39       0.13
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.10 )       (0.20 )       (0.20 )       (0.19 )       (0.18 )       (0.27 )

From net realized gains on investments

                                    (0.02 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.10 )       (0.20 )       (0.20 )       (0.19 )       (0.18 )       (0.29 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 10.51     $ 10.32     $ 9.74     $ 10.15     $ 10.41     $ 10.20
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)

      2.80 %(C)       8.05 %       (2.06 )%       (0.64 )%       3.91 %       1.28 %

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 8,929     $ 8,095     $ 3,208     $ 2,134     $ 564     $ 483

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.04 %(D)       1.05 %       1.05 %       1.08 %       0.96 %       1.03 %

Expenses, net waiver and reimbursement (E)

      0.84 %(D)       0.88 %       0.85 %       0.88 %       0.78 %       0.87 %

Net investment income, before waiver and reimbursement

      1.42 %(D)       1.68 %       1.66 %       1.37 %       1.45 %       1.58 %

Net investment income, net waiver and reimbursement (E)

      1.62 %(D)       1.86 %       1.86 %       1.57 %       1.63 %       1.73 %

Portfolio turnover rate

      20 %(C)       53 %       30 %       43 %       40 %       28 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(C)

For periods of less than one full year, total return and turnover are not annualized.

(D)

Annualized.

(E)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [62]  


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, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 9.39     $ 9.02     $ 9.40     $ 9.11     $ 8.64     $ 9.49
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (A)

      0.21       0.39       0.34       0.34       0.36       0.40

Net realized and unrealized gain (loss) on investments

      (1.42 )       0.36       (0.36 )       0.28       0.46       (0.85 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.21 )       0.75       (0.02 )       0.62       0.82       (0.45 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.20 )       (0.38 )       (0.36 )       (0.33 )       (0.35 )       (0.40 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.20 )       (0.38 )       (0.36 )       (0.33 )       (0.35 )       (0.40 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 7.98     $ 9.39     $ 9.02     $ 9.40     $ 9.11     $ 8.64
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (13.10 )%(D)       8.50 %       (0.17 )%       6.94 %       9.80 %       (4.88 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 42,716     $ 39,777     $ 41,991     $ 52,950     $ 49,187     $ 36,279

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.28 %(E)       1.35 %       1.44 %       1.32 %       1.29 %       1.30 %

Expenses, net waiver and reimbursement (F)

      1.23 %(E)       1.31 %       1.39 %       1.27 %       1.24 %       1.25 %

Net investment income, before waiver and reimbursement

      4.43 %(E)       4.24 %       3.67 %       3.66 %       4.03 %       4.28 %

Net investment income, net waiver and reimbursement (F)

      4.48 %(E)       4.28 %       3.72 %       3.71 %       4.08 %       4.33 %

Portfolio turnover rate

      39 %(D)       75 %       12 %       45 %       27 %       39 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return calculation does not reflect sales load.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [63]  


Timothy High Yield Bond Fund (Class C Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 9.52     $ 9.14     $ 9.51     $ 9.22     $ 8.72     $ 9.57
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (A)

      0.18       0.32       0.28       0.28       0.30       0.33

Net realized and unrealized gain (loss) on investments

      (1.45 )       0.36       (0.36 )       0.27       0.47       (0.86 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.27 )       0.68       (0.08 )       0.55       0.77       (0.53 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.15 )       (0.30 )       (0.29 )       (0.26 )       (0.27 )       (0.32 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.15 )       (0.30 )       (0.29 )       (0.26 )       (0.27 )       (0.32 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 8.10     $ 9.52     $ 9.14     $ 9.51     $ 9.22     $ 8.72
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (13.43 )%(D)       7.63 %       (0.85 )%       6.04 %       9.04 %       (5.58 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 2,253     $ 2,660     $ 3,219     $ 3,539     $ 3,108     $ 2,714

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      2.03 %(E)       2.10 %       2.19 %       2.07 %       2.03 %       2.05 %

Expenses, net waiver and reimbursement (F)

      1.98 %(E)       2.06 %       2.14 %       2.02 %       1.98 %       2.00 %

Net investment income, before waiver and reimbursement

      3.67 %(E)       3.46 %       2.92 %       2.91 %       3.30 %       3.53 %

Net investment income, net waiver and reimbursement (F)

      3.72 %(E)       3.50 %       2.97 %       2.96 %       3.35 %       3.57 %

Portfolio turnover rate

      39 %(D)       75 %       12 %       45 %       27 %       39 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return calculation does not reflect redemption fee.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [64]  


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, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 9.39     $ 9.02     $ 9.41     $ 9.12     $ 8.65     $ 9.50
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (A)

      0.22       0.42       0.36       0.37       0.39       0.43

Net realized and unrealized gain (loss) on investments

      (1.42 )       0.35       (0.36 )       0.28       0.46       (0.86 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.20 )       0.77       0.00       0.65       0.85       (0.43 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.21 )       (0.40 )       (0.39 )       (0.36 )       (0.38 )       (0.42 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.21 )       (0.40 )       (0.39 )       (0.36 )       (0.38 )       (0.42 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 7.98     $ 9.39     $ 9.02     $ 9.41     $ 9.12     $ 8.65
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)

      (12.98 )%(C)       8.78 %       0.00 %       7.21 %       10.12 %       (4.62 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 21,163     $ 18,363     $ 11,578     $ 9,717     $ 1,560     $ 2,758

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.03 %(D)       1.10 %       1.19 %       1.06 %       0.96 %       1.06 %

Expenses, net waiver and reimbursement (E)

      0.98 %(D)       1.06 %       1.14 %       1.01 %       0.92 %       1.00 %

Net investment income, before waiver and reimbursement

      4.67 %(D)       4.52 %       3.92 %       3.89 %       4.38 %       4.55 %

Net investment income, net waiver and reimbursement (E)

      4.72 %(D)       4.56 %       3.97 %       3.94 %       4.42 %       4.58 %

Portfolio turnover rate

      39 %(C)       75 %       12 %       45 %       27 %       39 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(C)

For periods of less than one full year, total return and turnover are not annualized.

(D)

Annualized.

(E)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [65]  


Timothy Israel Common Values Fund (Class A Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 17.84     $ 15.74     $ 14.91     $ 12.45     $ 11.10     $ 12.31
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss)(A)

      (0.04 )       0.00 *       (0.04 )       0.07       (0.09 )       (0.10 )

Net realized and unrealized gain (loss) on investments

      (3.25 )       2.20       1.07       2.58       1.44       (1.11 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (3.29 )       2.20       1.03       2.65       1.35       (1.21 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.18 )             (0.14 )       (0.19 )            

From net realized gains on investments

            (0.10 )                        

Return of Capital

                  (0.06 )                  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.18 )       (0.10 )       (0.20 )       (0.19 )            
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 14.37     $ 17.84     $ 15.74     $ 14.91     $ 12.45     $ 11.10
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (18.68 )%(D)       14.12 %       7.00 %       21.62 %       12.16 %       (9.83 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 33,755     $ 49,123     $ 41,137     $ 34,958     $ 16,030     $ 11,756

Ratio of expenses to average net assets

      1.75 %(E)       1.76 %       1.84 %       1.80 %       1.96 %       1.93 %

Ratio of net investment income (loss) to average net assets

      (0.46 )%(E)       0.02 %       (0.27 )%       0.54 %       (0.82 )%       (0.83 )%

Portfolio turnover rate

      7 %(D)       23 %       9 %       10 %       38 %       24 %

 

*

Amount is less than $0.005 per share.

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return calculation does not reflect sales load.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

 

The accompanying notes are an integral part of these financial statements.

 

  [66]  


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, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 16.97     $ 15.09     $ 14.33     $ 12.01     $ 10.78     $ 12.05
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment loss (A)

      (0.10 )       (0.12 )       (0.15 )       (0.03 )       (0.18 )       (0.18 )

Net realized and unrealized gain (loss) on investments

      (3.11 )       2.10       1.03       2.48       1.41       (1.09 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (3.21 )       1.98       0.88       2.45       1.23       (1.27 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.06 )             (0.07 )       (0.13 )            

From net realized gains on investments

            (0.10 )                        

Return of Capital

                  (0.05 )                  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.06 )       (0.10 )       (0.12 )       (0.13 )            
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 13.70     $ 16.97     $ 15.09     $ 14.33     $ 12.01     $ 10.78
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (19.00 )%(D)       13.26 %       6.20 %       20.60 %       11.41 %       (10.54 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 7,939     $ 9,750     $ 9,220     $ 7,905     $ 4,144     $ 2,722

Ratio of expenses to average net assets

      2.50 %(E)       2.51 %       2.59 %       2.56 %       2.71 %       2.68 %

Ratio of net investment loss to average net assets

      (1.20 )%(E)       (0.75 )%       (1.01 )%       (0.21 )%       (1.57 )%       (1.59 )%

Portfolio turnover rate

      7 %(D)       23 %       9 %       10 %       38 %       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.

(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 I Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 17.97     $ 15.81     $ 14.97     $ 12.50     $ 11.11     $ 12.29
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      (0.02 )       0.06       0.01       0.12       (0.08 )       (0.03 )

Net realized and unrealized gain (loss) on investments

      (3.27 )       2.20       1.06 (B)       2.57 (B)       1.47 (B)       (1.15 )(B)
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (3.29 )       2.26       1.07       2.69       1.39       (1.18 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.22 )             (0.04 )       (0.22 )            

From net realized gains on investments

            (0.10 )                        

Return of Capital

                  (0.19 )                  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.22 )       (0.10 )       (0.23 )       (0.22 )            
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 14.46     $ 17.97     $ 15.81     $ 14.97     $ 12.50     $ 11.11
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)

      (18.58 )%(D)       14.44 %       7.22 %       21.87 %       12.51 %       (9.60 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 19,584     $ 21,533     $ 10,084     $ 2,189     $ 520     $ 236

Ratio of expenses to average net assets

      1.50 %(E)       1.51 %       1.69 %       1.56 %       1.72 %       1.68 %

Ratio of net investment income (loss) to average net assets

      (0.20 )%(E)       0.38 %       0.05 %       0.83 %       (0.58 )%       (0.58 )%

Portfolio turnover rate

      7 %(D)       23 %       9 %       10 %       38 %       24 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

 

The accompanying notes are an integral part of these financial statements.

 

  [68]  


Timothy Defensive Strategies Fund (Class A Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 11.69     $ 11.44     $ 11.37     $ 11.49     $ 10.54     $ 11.38
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (A)

      0.02       0.06       0.10       0.00 *       0.04       0.02

Net realized and unrealized gain (loss) on investments

      (1.22 )       0.48       (0.01 )       (0.08 )       0.91       (0.73 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.20 )       0.54       0.09       (0.08 )       0.95       (0.71 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.06 )       (0.11 )       (0.02 )       (0.04 )             (0.12 )

From net realized gains on investments

      (0.28 )       (0.18 )                         (0.01 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.34 )       (0.29 )       (0.02 )       (0.04 )             (0.13 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 10.15     $ 11.69     $ 11.44     $ 11.37     $ 11.49     $ 10.54
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (10.61 )%(D)       4.92 %       0.75 %       (0.72 )%       9.01 %       (6.30 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 27,337     $ 33,926     $ 40,573     $ 50,080     $ 68,706     $ 71,569

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.53 %(E)       1.45 %       1.41 %       1.44 %       1.35 %       1.26 %

Expenses, net waiver and reimbursement (F)

      1.48 %(E)       1.41 %       1.36 %       1.39 %       1.30 %       1.21 %

Net investment income, before waiver and reimbursement

      0.22 %(E)       0.52 %       0.86 %       (0.05 )%       0.35 %       0.11 %

Net investment income, net waiver and reimbursement (F)

      0.27 %(E)       0.56 %       0.91 %       0.00 %       0.40 %       0.16 %

Portfolio turnover rate

      37 %(D)       34 %       35 %       51 %       58 %       42 %

 

*

Amount is less than $0.005 per share.

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [69]  


Timothy Defensive Strategies Fund (Class C Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 11.13     $ 10.90     $ 10.90     $ 11.07     $ 10.22     $ 11.04
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      (0.03 )       (0.03 )       0.02       (0.08 )       (0.04 )       (0.07 )

Net realized and unrealized gain (loss) on investments

      (1.15 )       0.46       (0.02 )       (0.09 )       0.89 (B)       (0.71 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.18 )       0.43       0.00       (0.17 )       0.85       (0.78 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

            (0.02 )                         (0.03 )

From net realized gains on investments

      (0.28 )       (0.18 )                         (0.01 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.28 )       (0.20 )                         (0.04 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 9.67     $ 11.13     $ 10.90     $ 10.90     $ 11.07     $ 10.22
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)(D)

      (10.90 )%(E)       4.06 %       0.00 %       (1.54 )%       8.32 %       (7.06 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 2,383     $ 3,110     $ 5,432     $ 6,683     $ 9,630     $ 14,671

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      2.28 %(F)       2.20 %       2.16 %       2.21 %       2.07 %       2.01 %

Expenses, net waiver and reimbursement (G)

      2.23 %(F)       2.16 %       2.11 %       2.16 %       2.02 %       1.96 %

Net investment income (loss), before waiver and reimbursement

      (0.54 )%(F)       (0.31 )%       0.09 %       (0.79 )%       (0.46 )%       (0.67 )%

Net investment income (loss), net waiver and reimbursement (G)

      (0.49 )%(F)       (0.27 )%       0.14 %       (0.74 )%       (0.41 )%       (0.62 )%

Portfolio turnover rate

      37 %(E)       34 %       35 %       51 %       58 %       42 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(C)

Total return calculation does not reflect redemption fee. Total return represents aggregate total return based on Net Asset Value.

(D)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E)

For periods of less than one full year, total return and turnover are not annualized.

(F)

Annualized.

(G)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [70]  


Timothy Defensive Strategies Fund (Class I Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 11.69     $ 11.45     $ 11.38     $ 11.51     $ 10.52     $ 11.36
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (A)

      0.03       0.09       0.14       0.06       0.09       0.05

Net realized and unrealized gain (loss) on investments

      (1.22 )       0.47       (0.02 )       (0.12 )       0.90       (0.73 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.19 )       0.56       0.12       (0.06 )       0.99       (0.68 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.09 )       (0.14 )       (0.05 )       (0.07 )             (0.15 )

From net realized gains on investments

      (0.28 )       (0.18 )                         (0.01 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.37 )       (0.32 )       (0.05 )       (0.07 )             (0.16 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 10.13     $ 11.69     $ 11.45     $ 11.38     $ 11.51     $ 10.52
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (10.53 )%(D)       5.17 %       1.04 %       (0.54 )%       9.41 %       (6.09 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 4,696     $ 3,692     $ 3,071     $ 2,661     $ 398     $ 163

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.28 %(E)       1.20 %       1.16 %       1.14 %       1.18 %       1.01 %

Expenses, net waiver and reimbursement (F)

      1.23 %(E)       1.16 %       1.11 %       1.09 %       1.12 %       0.96 %

Net investment income, before waiver and reimbursement

      0.55 %(E)       0.78 %       1.14 %       0.44 %       0.73 %       0.42 %

Net investment income, net waiver and reimbursement (F)

      0.60 %(E)       0.82 %       1.19 %       0.49 %       0.79 %       0.47 %

Portfolio turnover rate

      37 %(D)       34 %       35 %       51 %       58 %       42 %

 

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return represents aggregate total return based on Net Asset Value.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [71]  


Timothy Strategic Growth Fund (Class A Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 9.64     $ 9.70     $ 9.48     $ 8.73     $ 8.42     $ 8.90
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      0.03       0.01       0.00 *       (0.04 )       (0.03 )       0.03

Net realized and unrealized gain (loss) on investments

      (1.30 )       (0.04 )       0.22       0.79       0.37       (0.40 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.27 )       (0.03 )       0.22       0.75       0.34       (0.37 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

                              (0.03 )       (0.11 )

From net realized gains on investments

      (0.36 )       (0.03 )                        
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.36 )       (0.03 )                   (0.03 )       (0.11 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 8.01     $ 9.64     $ 9.70     $ 9.48     $ 8.73     $ 8.42
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (13.79 )%(D)       (0.26 )%       2.32 %       8.59 %       4.03 %       (4.16 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 27,605     $ 32,318     $ 32,078     $ 32,767     $ 32,800     $ 33,071

Ratio of expenses to average net assets (E)

      1.12 %(F)       1.12 %       1.10 %       1.07 %       1.05 %       1.08 %

Ratio of net investment income (loss), to average net assets (E)(G)

      0.55 %(F)       0.16 %       0.00 %       (0.45 )%       (0.38 )%       0.37 %

Portfolio turnover rate

      41 %(D)       50 %       8 %       36 %       37 %       24 %

 

*

Amount is less than $0.005 per share.

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return calculation does not reflect sales load.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

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.

 

  [72]  


Timothy Strategic Growth Fund (Class C Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 8.58     $ 8.70     $ 8.57     $ 7.95     $ 7.70     $ 8.15
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      (0.01 )       0.03       (0.06 )       (0.10 )       (0.08 )       (0.02 )

Net realized and unrealized gain (loss) on investments

      (1.14 )       (0.12 )       0.19       0.72       0.33       (0.38 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.15 )       (0.09 )       0.13       0.62       0.25       (0.40 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

                                    (0.05 )

From net realized gains on investments

      (0.36 )       (0.03 )                        
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.36 )       (0.03 )                         (0.05 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 7.07     $ 8.58     $ 8.70     $ 8.57     $ 7.95     $ 7.70
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (14.10 )%(D)       (0.99 )%       1.52 %       7.80 %       3.25 %       (4.89 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 2,497     $ 3,247     $ 6,313     $ 6,966     $ 7,380     $ 7,713

Ratio of expenses to average net assets (E)

      1.87 %(F)       1.87 %       1.85 %       1.82 %       1.80 %       1.84 %

Ratio of net investment income (loss), to average net assets (E)(G)

      (0.19 )%(F)       0.35 %       (0.70 )%       (1.18 )%       (1.09 )%       (0.29 )%

Portfolio turnover rate

      41 %(D)       50 %       8 %       36 %       37 %       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.

(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.

 

  [73]  


Timothy Conservative Growth Fund (Class A Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 10.66     $ 10.75     $ 10.67     $ 10.06     $ 10.32     $ 11.01
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      0.03       0.05       0.02       (0.02 )       (0.03 )       0.06

Net realized and unrealized gain (loss) on investments

      (1.00 )       0.10       0.09       0.63       0.43       (0.32 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (0.97 )       0.15       0.11       0.61       0.40       (0.26 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

                              (0.05 )       (0.10 )

From net realized gains on investments

      (0.39 )       (0.24 )       (0.03 )             (0.61 )       (0.33 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.39 )       (0.24 )       (0.03 )             (0.66 )       (0.43 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 9.30     $ 10.66     $ 10.75     $ 10.67     $ 10.06     $ 10.32
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (9.57 )%(D)       1.61 %       1.06 %       6.06 %       4.22 %       (2.47 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 35,235     $ 40,590     $ 42,040     $ 45,110     $ 44,437     $ 44,706

Ratio of expenses to average net assets (E)

      1.09 %(F)       1.08 %       1.08 %       1.04 %       1.02 %       1.07 %

Ratio of net investment income (loss) to average net assets (E)(G)

      0.64 %(F)       0.44 %       0.14 %       (0.20 )%       (0.27 )%       0.53 %

Portfolio turnover rate

      30 %(D)       42 %       7 %       27 %       27 %       25 %

 

(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 Conservative Growth Fund (Class C Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 9.59     $ 9.76     $ 9.76     $ 9.27     $ 9.58     $ 10.22
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      (0.00 )*       0.01       (0.06 )       (0.09 )       (0.09 )       (0.01 )

Net realized and unrealized gain (loss) on investments

      (0.91 )       0.06       0.09 (B)       0.58 (B)       0.39 (B)       (0.30 )(B)
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (0.91 )       0.07       0.03       0.49       0.30       (0.31 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net realized gains on investments

      (0.39 )       (0.24 )       (0.03 )             (0.61 )       (0.33 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.39 )       (0.24 )       (0.03 )             (0.61 )       (0.33 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 8.29     $ 9.59     $ 9.76     $ 9.76     $ 9.27     $ 9.58
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)(D)

      (10.01 )%(E)       0.94 %       0.34 %       5.29 %       3.39 %       (3.19 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 4,713     $ 5,504     $ 9,218     $ 9,981     $ 10,697     $ 11,135

Ratio of expenses to average net assets (F)

      1.84 %(G)       1.83 %       1.83 %       1.79 %       1.77 %       1.82 %

Ratio of net investment income (loss), to average net assets (F)(H)

      (0.11 )%(G)       0.14 %       (0.63 )%       (0.96 )%       (1.01 )%       (0.14 )%

Portfolio turnover rate

      30 % (E)       42 %       7 %       27 %       27 %       25 %

 

*

Amount is less than $0.005 per share.

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period.

(C)

Total return calculation does not reflect redemption fees. Total return represents aggregate total return based on Net Asset Value.

(D)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.

(E)

For periods of less than one full year, total return and turnover are not annualized.

(F)

These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(G)

Annualized.

(H)

Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

The accompanying notes are an integral part of these financial statements.

 

  [75]  


Timothy Growth & Income Fund (Class A Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 10.60     $ 10.87     $ 11.28     $ 10.76     $ 10.53     $ 10.95
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (A)

      0.04       0.04       0.01       0.01       0.03       0.01

Net realized and unrealized gain (loss) on investments

      (1.50 )       (0.07 )       (0.14 )       0.52       0.22       (0.42 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.46 )       (0.03 )       (0.13 )       0.53       0.25       (0.41 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.05 )       (0.05 )       (0.01 )       (0.01 )       (0.02 )       (0.01 )

From net realized gains on investments

            (0.19 )       (0.27 )                  

Return of Capital

            (0.00 )*                        
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.05 )       (0.24 )       (0.28 )       (0.01 )       (0.02 )       (0.01 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 9.09     $ 10.60     $ 10.87     $ 11.28     $ 10.76     $ 10.53
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (13.75 )%(D)       (0.10 )%       (1.22 )%       4.91 %       2.36 %       (3.75 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 11,798     $ 14,500     $ 27,716     $ 30,426     $ 36,486     $ 26,378

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.91 %(E)       1.69 %       1.70 %       1.59 %       1.59 %       1.56 %

Expenses, net waiver and reimbursement (F)

      1.56 %(E)       1.65 %       1.65 %       1.54 %       1.54 %       1.51 %

Net investment income (loss), before waiver and reimbursement

      0.46 %(E)       0.37 %       0.08 %       0.03 %       0.20 %       0.08 %

Net investment income (loss), net waiver and reimbursement (F)

      0.81 %(E)       0.42 %       0.13 %       0.08 %       0.25 %       0.13 %

Portfolio turnover rate

      21 %(D)       167 %       56 %       118 %       45 %       75 %

 

*

Amount is less than $0.005 per share

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return calculation does not reflect sales load.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [76]  


Timothy Growth & Income Fund (Class C Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 10.21     $ 10.51     $ 10.99     $ 10.55     $ 10.39     $ 10.87
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (loss) (A)

      0.00 *       (0.03 )       (0.07 )       (0.07 )       (0.06 )       (0.06 )

Net realized and unrealized gain (loss) on investments

      (1.43 )       (0.07 )       (0.14 )       0.51       0.22 (B)       (0.42 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.43 )       (0.10 )       (0.21 )       0.44       0.16       (0.48 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.02 )       (0.01 )                        

From net realized gains on investments

            (0.19 )       (0.27 )                  

Return of Capital

            (0.00 )*                        
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.02 )       (0.20 )       (0.27 )                  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 8.76     $ 10.21     $ 10.51     $ 10.99     $ 10.55     $ 10.39
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (C)(D)

      (14.05 )%(E)       (0.82 )%       (1.97 )%       4.17 %       1.54 %       (4.42 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 2,004     $ 2,388     $ 3,176     $ 3,006     $ 3,028     $ 3,330

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      2.66 %(F)       2.44 %       2.45 %       2.34 %       2.32 %       2.30 %

Expenses, net waiver and reimbursement (G)

      2.31 %(F)       2.40 %       2.40 %       2.29 %       2.28 %       2.25 %

Net investment income (loss), before waiver and reimbursement

      (0.28 %)(F)       (0.34 %)       (0.67 %)       (0.73 %)       (0.61 %)       (0.60 %)

Net investment income (loss), net waiver and reimbursement (G)

      0.07 %(F)       (0.29 %)       (0.62 %)       (0.68 %)       (0.56 %)       (0.55 %)

Portfolio turnover rate

      21 %(E)       167 %       56 %       118 %       45 %       75 %

 

*

Amount is less than $0.005 per share

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(C)

Total return calculation does not reflect redemption fee.

(D)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(E)

For periods of less than one full year, total return and turnover are not annualized.

(F)

Annualized.

(G)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [77]  


Timothy Growth & Income Fund (Class I Shares)

 

Selected data based on a share outstanding throughout each period

 

    For the Six Months
Ended
March 31, 2020
(Unaudited)
  For the Year
Ended
September 30,
2019
  For the Year
Ended
September 30,
2018
  For the Year
Ended
September 30,
2017
  For the Year
Ended
September 30,
2016
  For the Year
Ended
September 30,
2015

Net asset value, beginning of period

    $ 10.67     $ 10.94     $ 11.34     $ 10.81     $ 10.56     $ 10.96
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Income (loss) from investment operations:

                       

Net investment income (A)

      0.06       0.08       0.04       0.03       0.05       0.04

Net realized and unrealized gain (loss) on investments

      (1.50 )       (0.09 )       (0.15 )       0.53       0.23       (0.42 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

      (1.44 )       (0.01 )       (0.11 )       0.56       0.28       (0.38 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Less Distributions:

                       

From net investment income

      (0.07 )       (0.07 )       (0.02 )       (0.03 )       (0.03 )       (0.02 )

From net realized gains on investments

            (0.19 )       (0.27 )                  

Return of Capital

            (0.00 )*                        
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (0.07 )       (0.26 )       (0.29 )       (0.03 )       (0.03 )       (0.02 )
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 9.16     $ 10.67     $ 10.94     $ 11.34     $ 10.81     $ 10.56
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total return (B)(C)

      (13.53 )%(D)       0.11 %       (0.96 )%       5.19 %       2.61 %       (3.50 )%

Ratios/supplemental data:

                       

Net assets, end of period (in 000’s)

    $ 2,040     $ 3,182     $ 3,012     $ 2,197     $ 1,593     $ 1,573

Ratios to average net assets

                       

Expenses, before waiver and reimbursement

      1.66 %(E)       1.44 %       1.45 %       1.34 %       1.32 %       1.31 %

Expenses, net waiver and reimbursement (F)

      1.31 %(E)       1.40 %       1.40 %       1.29 %       1.28 %       1.26 %

Net investment income, before waiver and reimbursement

      0.81 %(E)       0.70 %       0.33 %       0.27 %       0.41 %       0.32 %

Net investment income, net waiver and reimbursement (F)

      1.16 %(E)       0.75 %       0.38 %       0.32 %       0.46 %       0.38 %

Portfolio turnover rate

      21 %(D)       167 %       56 %       118 %       45 %       75 %

 

*

Amount is less than $0.005 per share

(A)

Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period.

(B)

Total return represents aggregate total return based on Net Asset Value.

(C)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped.

(D)

For periods of less than one full year, total return and turnover are not annualized.

(E)

Annualized.

(F)

This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

 

The accompanying notes are an integral part of these financial statements.

 

  [78]  


 

Notes to Financial Statements

March 31, 2020 (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, 2020, the Trust consisted of fourteen series. These financial statements include the following twelve series: Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Israel Common Values Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund and Timothy Plan Growth & Income Fund (the “Funds”). The Funds are diversified funds except for the Timothy Plan Defensive Strategy Fund which is a non-diversified fund.

The Timothy Plan Aggressive Growth Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks without regard to market capitalizations and investing in the securities of a limited number of companies which the Fund’s Advisor believes show a high probability for superior growth.

The Timothy Plan International Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in the common stock and similar securities of foreign companies through the purchase of American Depositary Receipts (“ADRs”) without regard to market capitalization, investing its assets in the ADRs of companies which the Fund’s Advisor believes show a high probability for superior growth, and allocating investments across countries and regions considering the size of the market in each country and region relative to the size of the international market as a whole. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

The Timothy Plan Large/Mid Cap Growth Fund’s investment objective is long-term growth of capital. Current income is not a significant investment consideration and any such income realized will be considered incidental to the Fund’s investment objective. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks with market capitalizations in excess of $2 billion.

The Timothy Plan Small Cap Value Fund’s primary objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing at least 80% of the Fund’s total assets in U.S. stocks with market capitalizations that fall within the range of companies included in the Russell 2000 Index.

The Timothy Plan Large/Mid Cap Value Fund’s investment objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing in U.S. common stocks. The Fund will invest at least 80% of its assets in the common stock of companies whose total market capitalization generally exceeds $2 billion.

The Timothy Plan Fixed Income Fund seeks to generate a high level of current income consistent with prudent investment risk. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities.

The Timothy Plan High Yield Bond Fund’s investment objective is to generate a high level of current income. To achieve its investment objective, the Fund normally invests in a diversified portfolio of high yield fixed income securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally purchase securities that are not investment-grade, meaning securities with a rating of “BBB” or lower as rated by Standard and Poor’s or a comparable rating by another nationally recognized rating agency. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

 

[79]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

The Timothy Plan Israel Common Values Fund seeks to provide long-term growth of capital. This Fund seeks to achieve its investment objectives by normally investing at least 80% of the Fund’s total assets in the common stock of companies domiciled and/or headquartered in Israel through the purchase of American Depositary Receipts (ADRs) and direct investments in such companies on foreign stock exchanges, without regard to market capitalizations.

The Timothy Plan Defensive Strategies Fund’s investment objective is the protection of principal through aggressive, proactive reactions to prevailing economic conditions. To achieve its investment objective, the Fund normally invests in Real Estate Investment Trusts (“REITs”), commodities based Exchange-Traded Funds (“ETFs”), Treasury Inflation Protected Securities (“TIPS”), and currently holds gold bullion.

The Timothy Plan Strategic Growth Fund seeks to generate medium to high levels of long-term capital growth. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust: approximately 0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 0-20% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 0-20% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 0-20% of its net assets in the Timothy Plan International Fund; approximately 0-10% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-20% of its net assets in the Timothy Fixed Income Fund; approximately 0-40% of its net assets in the Timothy Plan U.S. Large Cap Core ETF; approximately 0-20% of its net assets in the Timothy Plan High Dividend Stock ETF; approximately 0-30% of its net assets in the Timothy Plan International ETF; and approximately 0-20% of its net assets in the Timothy Plan Small Cap Core ETF.

The Timothy Plan Conservative Growth Fund seeks to generate moderate levels of long-term capital growth with a secondary objective of current income. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust: approximately 0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 0-15% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 0-15% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 0-5% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 0-20% of its net assets in the Timothy Plan International Fund; approximately 20%-40% of its net assets in the Timothy Plan Fixed Income Fund; approximately 5-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-30% of its net assets in the Timothy Plan U.S. Large Cap Core ETF; approximately 0-25% of its net assets in the Timothy Plan High Dividend Stock ETF; approximately 0-25% of its net assets in the Timothy Plan International ETF; and approximately 0-15% of its net assets in the Timothy Plan Small Cap Core ETF.

The Timothy Plan Growth & Income Fund commenced operations on October 1, 2013. The Fund’s investment objective is to provide total return through a combination of growth and income and preservation of capital in declining markets. To achieve its goals, the Fund primarily invests in equity securities of foreign and domestic companies that the Advisor believes are undervalued, and in fixed income securities. The Fund will normally hold both equity securities and fixed income securities, with at least 25% of its assets in equity securities and at least 25% of its assets in fixed income securities.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies. The Funds are an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” 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.

 

[80]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

B.

INVESTMENT INCOME AND SECURITIES TRANSACTIONS

Security transactions are accounted for on the date the securities are purchased or sold (trade date). The costing method for the Timothy Plan Funds is specific identification. Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Aggressive Growth Fund, Large/Mid Cap Value Fund, Israel Common Values Fund, Small Cap Value Fund, Defensive Strategies Fund and Growth & Income Fund have made certain investments in REITs. Dividend income from REITs is recognized on the ex-dividend date. It is common for distributions from REITs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in REITS are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the calendar year. Estimates are based on the most recent REIT distribution information available. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.

 

C.

FOREIGN TAXES

The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

 

D.

FOREIGN CURRENCY

Investment securities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

 

E.

GOLD RISK FACTORS

There is a risk that some or all of the Trust’s gold bars held by the custodian or any sub-custodian on behalf of the Trust could be lost, damaged or stolen. Access to the Trust’s gold bars could be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the fund shares.

Several factors may affect the price of gold, including but not limited to:

   

Global or regional political, economic or financial events and situations;

   

Investors’ expectations with respect to the rate of inflation;

   

Currency exchange rates;

   

Interest rates; and

   

Investment and trading activities of hedge funds and commodity funds.

 

[81]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

F.

NET ASSET VALUE PER SHARE

The Net Asset Value (“NAV”) per share of the capital stock of the Funds is determined daily as of the close of trading on the New York Stock Exchange by dividing the value of its net assets by the number of Fund shares outstanding. The NAV is calculated separately for each class of each Fund in the Trust. The net asset value of the classes may differ because of different fees and expenses charged to each class.

 

G.

EXPENSES

Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Fund’s relative net assets or another appropriate basis as determined by the Board of Trustees (the “Board”).

 

H.

CLASSES

There are three classes of shares currently offered by all Funds in the Trust, except Strategic Growth Fund and Conservative Growth Fund: Class A shares are offered with a front-end sales charge and ongoing service/distribution fees; Class C shares are offered with a contingent deferred sales charge (“CDSC”) that ends after the first year and ongoing service and distribution fees; Class I shares, which commenced operations on August 1, 2013, are offered without any sales charges or ongoing service distribution fees.

Class specific expenses are borne by each specific class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.

 

I.

USE OF ESTIMATES

In the preparation of financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the year ended. Actual results could differ from those estimates.

 

J.

FEDERAL INCOME TAXES

It is the policy of each Fund to continue to comply with all requirements under subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income or gains. Therefore, no federal income tax or excise provision is required.

As of March 31, 2020, 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, 2020, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially within the next twelve months.

 

K.

INDEMNIFICATION

The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

 

L.

DISTRIBUTIONS TO SHAREHOLDERS

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period

 

[82]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or Net Asset Values (NAVs) per share of the Funds.

Permanent book and tax differences, primarily attributable to the book/tax treatment of net operating losses, the expiration of capital loss carry forwards, adjustments for equalization debits, and the reclassification of Fund distributions resulted in reclassifications for the Funds for the fiscal year ended September 30, 2019 as follows:

 

Fund    Paid In
Capital
    Accumulated
Earnings
(Losses)
 

Aggressive Growth Fund

   $ (348,559   $ 348,559  
    

International Fund

     (844,129     844,129  
    

Large/Mid Cap Growth Fund

     (272,390     272,390  
    

Small Cap Value Fund

     -           -      
    

Large/Mid Cap Value Fund

     -           -      
    

Fixed Income Fund

     -           -      
    

High Yield Bond Fund

     -           -      
    

Israel Common Values Fund

     190,665       (190,665
    

Defensive Strategies Fund

     3,503       (3,503
    

Strategic Growth Fund

     -           -      
    

Conservative Growth Fund

     330       (330
    

Growth & Income Fund

     -           -      

 

M.

SUB-CUSTODIAN

Effective May 22, 2015, the Timothy Plan Family of Funds entered into a precious metals storage agreement with Brink’s Global Services U.S.A., Inc. to maintain the custody of the gold held in the Timothy Plan Defensive Strategies Fund.

Note 2 |Security Valuation and Fair Value Measurements

Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

 

[83]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

VALUATION

OF FUND OF FUNDS

A Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the Board of Trustees of the Underlying Funds.

Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

 

EXCHANGE

TRADED FUNDS

The Funds may invest in exchange traded funds (“ETFs”). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively traded or represent a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Each ETF is subject to specific risks, depending on the nature of the ETF. Additionally, ETFs have fees and expenses that reduce their value.

OPTIONS TRANSACTIONS – The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.

Each Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio.

When the Funds write a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds may purchase put and call options. Call options are purchased to hedge against an increase in the value of securities held in a Funds’ portfolio. If such an increase occurs, the call options will permit the Fund to purchase the securities underlying such options at the exercise price, not at the current market price. Put options are purchased to hedge against a decline in the value of securities held in a Fund’s portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty credit risk to the Funds since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

 

[84]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

There were no options held at March 31, 2020, and there were no options transactions for the six months ended March 31, 2020.

The Trust utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

•Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

•Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

•Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Each Fund generally determines the total value of each class of its shares by using market prices for the securities comprising its portfolio. Equity securities, including common stock, ADRs, REITs, LPs, LLCs, PLCs, GDRs and NVDRs are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. Securities including ETFs, that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Equity securities traded on inactive markets or valued by reference to similar instruments are categorized as a Level 2. When market quotations are not readily available, when the Advisor or Sub-Advisor determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review by the Board of Trustees (“Board”). These securities will generally be categorized as Level 3 securities. Foreign investments are not fair valued using fair value triggers.

Investments in alternative investments, such as gold bars, are valued at the spot rate at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

Fixed income securities such as corporate bonds, government mortgage-backed securities, U.S. government notes and bonds, U.S. government agency securities and treasury inflation protected securities, when valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the Advisor or Sub-Advisor decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.

 

[85]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity) may be valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

The Board has delegated to the Advisor and/or Sub-Advisors responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Advisor or Sub-Advisor will use its best efforts to arrive at the fair value of a security held by the Fund under all reasonably ascertainable facts and circumstances. The Advisor must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Board has adopted written policies and procedures to guide the Advisor and Sub-Advisors with respect to the circumstances under which, and the methods to be used, in fair valuing securities.

The following is a summary of the inputs used to value each Fund’s investments as of March 31, 2020:

Aggressive Growth Fund

 

Assets   Level 1     Level 2     Level 3     Total  

Common Stock

  $ 18,966,962     $ -     $ -     $ 18,966,962  

REITs

    949,446       -       -       949,446  

Money Market Fund

    1,926,263       -       -       1,926,263  

Total

  $ 21,842,671     $ -     $ -     $ 21,842,671  

International Fund

 

Assets   Level 1     Level 2     Level 3     Total  

Common Stock

  $ 65,849,884     $ -     $ -     $ 65,849,884  

Money Market Fund

    3,293,539       -       -       3,293,539  

Total

  $ 69,143,423     $ -     $ -     $ 69,143,423  

Large/Mid Cap Growth Fund

 

Assets   Level 1     Level 2     Level 3     Total  

Common Stock

  $ 47,766,581     $ -     $ -     $ 47,766,581  

Exchange Traded Fund

    14,925,600       -       -       14,925,600  

Money Market Fund

    4,864,732       -       -       4,864,732  

Total

  $ 67,556,913     $ -     $ -     $ 67,556,913  

Small Cap Value Fund

 

Assets   Level 1     Level 2     Level 3     Total  

Common Stock

  $ 74,237,363     $ -     $ -     $ 74,237,363  

Exchange Traded Fund

    9,950,596       -       -       9,950,596  

REITs

    7,286,986       -       -       7,286,986  

Money Market Fund

    4,176,924       -       -       4,176,924  

Total

  $ 95,651,869     $ -     $ -     $ 95,651,869  

Large/Mid Cap Value Fund

 

Assets   Level 1     Level 2     Level 3     Total  

Common Stock

  $ 109,375,360     $ -     $ -     $ 109,375,360  

Exchange Traded Funds

    36,625,200       -       -       36,625,200  

REITs

    6,856,221       -       -       6,856,221  

Money Market Fund

    8,110,939       -       -       8,110,939  

Total

  $ 160,967,720     $ -     $ -     $ 160,967,720  

 

[86]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

Fixed Income Fund

 

Assets   Level 1     Level 2     Level 3     Total  

Corporate Bonds

  $ -     $ 26,161,302     $ -     $ 26,161,302  

Government Mortgage-Backed Securities

    -       25,819,451       -       25,819,451  

Government Notes & Bonds

    -       42,348,659       -       42,348,659  

Money Market Fund

    2,835,972       -       -       2,835,972  

Total

  $ 2,835,972     $ 94,329,412     $ -     $ 97,165,384  

High Yield Bond Fund

 

Assets   Level 1     Level 2     Level 3     Total  

Corporate Bonds

  $ -     $ 60,871,121     $ -     $ 60,871,121  

Convertible Bond

    -       437,522       -       437,522  

Money Market Fund

    3,414,278       -       -       3,414,278  

Total

  $ 3,414,278     $ 61,308,643     $ -     $ 64,722,921  

Israel Common Values Fund

 

Assets   Level 1     Level 2     Level 3     Total  

Common Stock

  $ 57,745,073     $ -     $ -     $ 57,745,073  

REITs

    1,263,718       -       -       1,263,718  

Money Market Fund

    2,119,347       -       -       2,119,347  

Total

  $ 61,128,138     $ -     $ -     $ 61,128,138  

Defensive Strategies Fund

 

Assets   Level 1     Level 2     Level 3     Total  

Common Stock

  $ 7,188,731     $ -     $ -     $ 7,188,731  

REITs

    5,722,829       -       -       5,722,829  

Treasury Inflation Protected Securities (TIPS)

    -       9,543,219       -       9,543,219  

Alternative Investments

    9,689,408       -       -       9,689,408  

Money Market Fund

    2,207,649       -       -       2,207,649  

Total

  $ 24,808,617     $ 9,543,219     $ -     $ 34,351,836  

Strategic Growth Fund

 

Assets   Level 1     Level 2     Level 3     Total  

Exchange Traded Funds

  $ 17,370,018     $ -     $ -     $ 17,370,018  

Mutual Funds

    11,368,159       -       -       11,368,159  

Money Market Fund

    1,392,991       -       -       1,392,991  

Total

  $ 30,131,168     $ -     $ -     $ 30,131,168  

Conservative Growth Fund

 

Assets   Level 1     Level 2     Level 3     Total  

Exchange Traded Funds

  $ 16,720,146     $ -     $ -     $ 16,720,146  

Mutual Funds

    21,560,019       -       -       21,560,019  

Money Market Fund

    1,706,198       -       -       1,706,198  

Total

  $ 39,986,363     $ -     $ -     $ 39,986,363  

 

[87]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

Growth & Income Fund

 

Assets   Level 1     Level 2     Level 3     Total  

Corporate Bonds

  $ -     $ 3,202,606     $ -     $ 3,202,606  

Government Mortgage-Backed Securities

    -       2,180,698       -       2,180,698  

Government Notes, Bonds & Agencies

    -       2,555,299       -       2,555,299  

Exchange Traded Fund

    7,555,680       -       -       7,555,680  

Money Market Fund

    338,388       -       -       338,388  

Total

  $ 7,894,068     $ 7,938,603     $ -     $ 15,832,671  

Refer to the Schedules of Investments for industry classifications.

The Funds did not hold any Level 3 securities during the period presented.

Note 3 | Purchases and Sales of Securities

The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the six months ended March 31, 2020:

 

     Purchases     Sales  

Fund

  U.S. Gov’t
Obligations
    Other     U.S. Gov’t
Obligations
    Other  

Aggressive Growth

  $ -         $ 14,465,608     $ -         $ 16,355,736  

International

    -           9,158,241       -           19,101,586  

Large/Mid Cap Growth*

    -           6,596,466       -           15,850,009  

Small Cap Value*

    -           56,588,262       -           68,812,008  

Large/Mid Cap Value*

    -           29,979,060       -           44,306,489  

Fixed Income

    19,294,747       -           23,225,166       2,655,495  

High Yield Bond

    -           40,425,730       -           25,243,380  

Israel Common Values

    -           5,096,782       -           8,163,701  

Defensive Strategies

    -           13,277,001       -           13,847,041  

Strategic Growth*

    -           13,642,978       -           14,546,850  

Conservative Growth*

    -           12,944,273       -           13,916,759  

Growth & Income*

    4,133,359       -           3,987,250       1,752,441  

 

*

The security transactions are inclusive of purchases and sales of affiliated funds.

Note 4 | Investment Advisory Agreement and Transactions with Service Providers

Timothy Partners, Ltd., (“TPL”) is the investment advisor for the Funds pursuant to an investment advisory agreement (the “Agreement”) that was renewed by the Board on February 14, 2020. TPL supervises the investment of the assets of each Fund in accordance with the objectives, policies and restrictions of the Trust. Under the terms of the Agreement, as amended, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Timothy Plan International Fund and Timothy Plan Israel Common Values Fund; 0.85% of the average daily net assets of the Timothy Plan Aggressive Growth, the Timothy Plan Small Cap Value, the Timothy Plan Large/Mid Cap Growth, the Timothy Plan Growth & Income and the Timothy Plan Large/Mid Cap Value Funds; 0.60% of the average daily net assets of the Timothy Plan Fixed Income, the Timothy Plan High Yield Bond, and the Timothy Plan Defensive Strategies Funds; and 0.65% of the average daily net assets of the Timothy Plan Conservative Growth and the Timothy Plan Strategic Growth Funds. TPL has voluntarily agreed to reduce the fee it receives from the International Fund to 0.95%; from the Large/Mid Cap Growth Fund to 0.80%; from the Small

 

[88]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

Cap Value Fund, the Aggressive Growth Fund and the Large/Mid Cap Value Fund to 0.75%; from the High Yield Bond Fund and the Defensive Strategies Fund to 0.55%; from the Growth & Income Fund to 0.50%; and from the Fixed Income Fund to 0.40%. Such voluntary fee reductions/reimbursements may be authorized by TPL at any time, but such action shall not obligate TPL to waive any fees in the near future. Such voluntary fee reductions/reimbursements are not subject to future recoupment. An officer and trustees of the Funds is also an officer and owner of the Advisor.

For the six months ended March 31, 2020, TPL waived advisory fees for the Funds as follows:

 

Fund

   Six Months Ended
March 31, 2020
 

Aggressive Growth Fund

   $ 12,476  
  

International Fund

     21,090  
  

Large/Mid Cap Growth Fund

     22,228  
  

Small Cap Value Fund

     69,393  
  

Large/Mid Cap Value Fund

     103,169  
  

Fixed Income Fund

     102,199  
  

High Yield Bond Fund

     17,215  
  

Defensive Strategies Fund

     9,829  
  

Growth & Income Fund

     34,667  

Gemini Fund Services, LLC (“GFS”) provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Fees are billed monthly as follows:

Fund Accounting and Fund Administration Fees:

Fund Complex Base annual fee:

25 basis points (0.25%) on the first $200 million of net assets

15 basis points (0.15%) on the next $200 million of net assets;

8 basis points (0.08%) on the next $600 million of net assets; and

6 basis points (0.06%) on net assets greater than $1 billion.

Transfer agency fees for the Funds are combined with the Fund Accounting and Fund Administration fees under the Trust’s agreement with GFS. Therefore, there is no separate base annual fee per Fund or share class.

The Timothy Plan Aggressive Growth, Timothy Plan International, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, Timothy Plan High Yield Bond, Timothy Plan Defensive Strategies, Timothy Plan Israel Common Values and Timothy Plan Growth & Income Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Under the Class A Plan, the Funds will pay TPL a fee at an annual rate of 0.25%, payable monthly, of the average daily net assets attributable to such class of shares. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 1.00%, payable monthly, of which, 0.25% may be a service fee and 0.75% may be payable to outside broker/dealers, of the average daily net assets attributable to such class of shares. Class I shares are not subject to the shareholder services plan.

The Timothy Plan Conservative Growth and Timothy Plan Strategic Growth Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Class A shares of the Funds do not impose a service fee. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 0.75%, payable monthly to outside broker/dealers, of the average daily net assets attributable to such class of shares.

 

[89]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

For the six months ended March 31, 2020, the Funds paid TPL under the terms of the Plans as follows:

 

Fund    12b-1 Fees
      Six Months
Ended
March 31, 2020

Aggressive Growth

     $ 38,768

International

       82,209

Large/Mid Cap Growth

       122,061

Small Cap Value

       158,622

Large/Mid Cap Value

       255,393

Fixed Income

       150,736

High Yield Bond

       67,520

Israel Common Values

       105,653

Defensive Strategies

       55,089

Strategic Growth

       12,005

Conservative Growth

       20,317

Growth & Income

       29,541

TPL also serves as the principal underwriter of the Funds’ shares. An officer and trustees of the Funds are also officers of the principal underwriter. For the six months ended March 31, 2020, 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

     $ 4,112        $ 138

International

       7,075          192

Large/Mid Cap Growth

       15,758          345

Small Cap Value

       15,338          639

Large/Mid Cap Value

       23,914          639

Fixed Income

       10,627          5,705

High Yield Bond

       10,483          55

Israel Common Values

       17,831          996

Defensive Strategies

       4,793          190

Strategic Growth

       5,527          37

Conservative Growth

       7,814          137

Growth & Income

       6,732          39

Effective February 1, 2019, NorthStar Financial Services Group, LLC, the parent company of Gemini Fund Services, LLC (“GFS”) and its affiliated companies including Blu Giant, LLC (“Blu Giant”) (collectively, the “Gemini Companies”), sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus Fund Solutions, LLC (an independent mutual fund administration firm) and its affiliates (collectively, the “Ultimus Companies”). As a result of these separate transactions, the Gemini Companies and the Ultimus Companies are now indirectly owned through a common parent entity, The Ultimus Group, LLC.

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, 2020, there were no shareholders with ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund.

 

[90]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

Certain Timothy Plan Funds own shares of other Timothy Plan Funds. U.S. Bank, N.A., custodian of the Timothy Plan Funds, holds these shares in omnibus accounts, some of which are controlled by National Financial Services, Inc. The following shows the percentage of each Timothy Plan Fund that is held by U.S. Bank, N.A., as custodian of the Timothy Plan Funds. These accounts can be considered affiliated to the Timothy Plan.

 

Fund - Class A    % of Fund Owned by Other
Timothy Plan  Funds

International

       13.09 %

Fixed Income

       34.77 %

High Yield Bond

       11.37 %

Defensive Strategies

       22.84 %

Note 6 | Underlying Investment in Other Investment Companies

The Conservative Growth Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan Fixed Income Fund (the “Security”). The Fund may redeem its investments from the Security at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of March 31, 2020, 37.8% of the Conservative Growth Fund’s net assets were invested in the Timothy Plan Fixed Income Fund.

The Growth & Income Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan High Dividend Stock ETF (the “ETF”). The Fund may redeem its investments from the ETF at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund will be directly affected by the performance of the ETF. The annual report of the ETF, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of March 31, 2020, 47.7% of the Growth & Income Fund’s net assets were invested in the Timothy Plan High Dividend Stock ETF.

Note 7 | Investments in Affiliated Companies

The Funds’ transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee fund’s investment advisor is under common control with the Fund’s investment advisor.

The Timothy Plan Large/Mid Cap Growth Fund, Small Cap Value Fund, Large/Mid Cap Value Fund, Strategic Growth Fund, Conservative Growth Fund and Growth & Income Fund had the following transactions during the six months ended March 31, 2020, with affiliates:

 

Large/Mid Cap Growth    Six Months Ended March 31, 2020
Fund    Balance
September 30,
2019
   Purchases    Sales    Dividends
Credited
to Income
   Amount of
Gain (Loss)
Realized
on Sale
of Shares
   Net Change in
Unrealized
Appreciation
(Depreciation)
  Fair Value
March 31,
2020

Timothy Plan U.S. Large Cap Core ETF

     $ 18,399,168      $         -      $         -      $ 87,861      $         -      $ (3,473,568 )     $ 14,925,600

 

[91]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

Small Cap Value    Six Months Ended March 31, 2020
Fund    Balance
September 30,
2019
   Purchases   Sales    Dividends
Credited
to Income
   Amount of
Gain (Loss)
Realized
on Sale
of Shares
   Net Change in
Unrealized
Appreciation
(Depreciation)
  Fair Value
March 31,
2020

Timothy Plan U.S. Small Cap Core ETF

     $         -          $ 14,834,080     $         -          $ 30,134      $         -          $ (4,883,484 )     $ 9,950,596

 

Large/Mid Cap Value    Six Months Ended March 31, 2020
Fund    Balance
September 30,
2019
   Purchases    Sales    Dividends
Credited
to Income
   Amount of
Gain (Loss)
Realized
on Sale
of Shares
   Net Change in
Unrealized
Appreciation
(Depreciation)
  Fair Value
March 31,
2020

Timothy Plan High Dividend Stock ETF

     $ 23,493,856      $         -          $         -          $ 281,526      $         -          $ (5,940,256 )     $ 17,553,600

Timothy Plan U.S. Large Cap Core ETF

       23,510,048        -            -            112,267        -            (4,438,448 )       19,071,600

Total

     $ 47,003,904                            $ 393,793      $ -          $ (10,378,704 )     $ 36,625,200

 

Strategic Growth    Six Months Ended March 31, 2020
Fund    Balance
September 30,
2019
   Purchases    Sales    Dividends
Credited
to Income
   Amount of
Gain (Loss)
Realized
on Sale
of Shares*
  Net Change in
Unrealized
Appreciation
(Depreciation)
  Fair Value
March 31,
2020

Aggressive Growth

     $ 1,041,884      $ 2,547      $ 1,138,573      $ -          $ 122,729     $ (28,587 )     $ -    

International

       6,871,920        169,809        4,682,114        20,149        376,162       (542,523 )       2,193,254

Small Cap Value

       1,437,598        -            1,493,123        -            (32,472 )       87,997       -    

Fixed Income

       6,915,517        398,886        1,880,682        52,534        79,056       68,779       5,581,556

High Yield Bond

       1,954,418        62,321        235,248        39,039        (17,919 )       (262,990 )       1,500,582

Israel Common Values

       1,824,888        -            1,888,157        -            587,426       (524,157 )       -    

Defensive Strategies

       2,823,419        107,037        508,638        73,189        33,086       (362,137 )       2,092,767

Emerging Markets

       2,503,301        -            2,569,116        -            50,750       15,065       -    

Timothy Plan High Dividend Stock ETF

       3,064,416        955,765        -            43,355        -           (976,291 )       3,043,890

Timothy Plan International ETF

       -            8,828,359        -            21,563        -           (1,639,357 )       7,189,002

Timothy Plan U.S. Large Cap Core ETF

       6,061,504        235,556        151,199        28,540        9,403       (1,128,882 )       5,026,382

Timothy Plan U.S. Small Cap Core ETF

       -            2,882,698        -            7,542        -           (771,954 )       2,110,744

Total

     $ 34,498,865                            $ 285,911      $ 1,208,221     $ (6,065,037 )     $ 28,738,177

 

*

Includes capital gain distributions from affiliated funds

 

[92]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

Conservative Growth    Six Months Ended March 31, 2020
Fund    Balance
September 30,
2019
  Purchases   Sales    Dividends
Credited
to Income
   Amount of
Gain (Loss)
Realized
on Sale
of Shares*
   Net Change in
Unrealized
Appreciation
(Depreciation)
  Fair Value
March 31, 2020

Aggressive Growth

     $ 898,620     $ -         $ 979,635      $ -          $ 118,867      $ (37,852 )     $ -    

International

       4,781,421       254,091       2,928,061        16,677        290,594        (468,223 )       1,929,822

Small Cap Value

       1,394,328       -           1,448,099        -            18,049        35,722       -    

Fixed Income

       17,867,223       680,941       3,803,608        135,926        45,719        324,842       15,115,117

High Yield Bond

       2,525,476       65,503       163,816        51,520        1,303        (370,624 )       2,057,842

Israel Common Values

       1,650,624       -           1,707,767        -            491,121        (433,978 )       -    

Defensive Strategies

       3,192,294       179,746       553,499        80,539        36,729        (398,032 )       2,457,238

Emerging Markets

       2,079,491       -           2,134,121        -            87,733        (33,103 )       -    

Timothy Plan High Dividend Stock ETF

       2,793,726       1,093,828       -            40,082        -            (906,075 )       2,981,479

Timothy Plan International ETF

       -           7,274,838       -            17,069        -            (1,280,197 )       5,994,641

Timothy Plan U.S. Large Cap Core ETF

       6,449,931       616,833       198,153        30,463        12,352        (1,204,654 )       5,676,309

Timothy Plan U.S. Small Cap Core ETF

       -           2,778,493       -            7,036        -            (710,776 )       2,067,717

Total

     $ 43,633,134                          $ 379,312      $ 1,102,467      $ (5,482,950 )     $ 38,280,165

 

*

Includes capital gain distributions from affiliated funds

 

Growth & Income    Six Months Ended March 31, 2020
Fund    Balance
September 30,
2019
   Purchases   Sales   Dividends
Credited
to Income
  Amount of
Gain (Loss)
Realized
on Sale
of Shares
 

Net Change in
Unrealized

Appreciation
(Depreciation)

  Fair Value
March 31,
2020

Timothy Plan High Dividend Stock ETF

     $ 12,155,517      $         -         $ 1,752,441     $ 139,618     $ (246,359 )     $ (2,601,037 )     $ 7,555,680

 

[93]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

Note 8 | Aggregate Unrealized Appreciation and Depreciation

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at March 31, 2020, were as follows:

 

Fund    Tax Cost   Gross
Unrealized
Appreciation
  Gross
Unrealized
Depreciation
  Net
Unrealized
Appreciation/
(Depreciation)

Aggressive Growth

     $ 21,390,194     $ 2,642,444     $ (2,189,967 )     $ 452,477

International

       73,508,187       5,802,132       (10,166,896 )       (4,364,764 )

Large/Mid Cap Growth

       66,784,690       8,760,105       (7,987,882 )       772,223

Small Cap Value

       135,871,764       1,437,084       (41,656,979 )       (40,219,895 )

Large/Mid Cap Value

       174,157,453       14,272,806       (27,462,539 )       (13,189,733 )

Fixed Income

       93,571,788       4,455,809       (862,213 )       3,593,596

High Yield Bond

       74,588,409       164,174       (10,029,662 )       (9,865,488 )

Israel Common Values

       56,659,615       11,934,610       (7,466,088 )       4,468,522

Defensive Strategies

       37,035,239       3,070,603       (5,754,006 )       (2,683,403 )

Strategic Growth

       35,090,122       192,111       (5,151,065 )       (4,958,954 )

Conservative Growth

       44,343,840       419,648       (4,777,125 )       (4,357,477 )

Growth & Income

       17,953,122       262,589       (2,383,040 )       (2,120,451 )

Note 9 | Distributions to Shareholders and Tax Components of Capital

The tax character of distributions paid during the fiscal year ended September 30, 2019 and the fiscal year ended September 30, 2018 were as follows:

 

    Aggressive Growth   International*   Large/Mid Cap Growth   Small Cap Value    

Year ended September 30, 2019

                   

Ordinary Income

    $ 43,474     $ 1,317,512     $ -         $ 4,515,051    

Long-term Capital Gains

      1,818,259       -           4,465,675       14,010,024    

Return of Capital

      424       -           -           -        
   

 

 

     
    $ 1,862,157     $ 1,317,512     $ 4,465,675     $ 18,525,075    
   

 

 

     

Year ended September 30, 2018

                   

Ordinary Income

    $ -         $ 2,275,886     $ -         $ 2,201,065    

Long-term Capital Gains

      -           -           2,294,405       10,506,372    
   

 

 

     
    $ -         $ 2,275,886     $ 2,294,405     $ 12,707,437    
   

 

 

     
                   
    Large/Mid Cap Value   Fixed Income   High Yield Bond   Israel Common Values*   Defensive Strategies

Year ended September 30, 2019

                   

Ordinary Income

    $ 1,656,902     $ 1,475,208     $ 2,290,049     $ 338,491     $ 655,005

Long-term Capital Gains

      17,999,454       -           -           362,645       451,837
   

 

 

 
    $ 19,656,356     $ 1,475,208     $ 2,290,049     $ 701,136     $ 1,106,842
   

 

 

 

Year ended September 30, 2018

                   

Ordinary Income

    $ 2,005,692     $ 1,374,685     $ 2,303,749     $ 651,092     $ 71,849

Long-term Capital Gains

      12,222,087       -           -           -           -    

Return of Capital

      -           -           -           190,665       -    
   

 

 

 
    $ 14,227,779     $ 1,374,685     $ 2,303,749     $ 841,757     $ 71,849
   

 

 

 
                   

 

[94]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

    Strategic Growth   Conservative Growth   Growth & Income Fund        

Year ended September 30, 2019

                   

Ordinary Income

    $ -         $ -         $ 328,500        

Long-term Capital Gains

      122,381       1,113,055       363,977        

Return of Capital

      -           -           7,989        
   

 

 

         
    $ 122,381     $ 1,113,055     $ 700,466        
   

 

 

         

Year ended September 30, 2018

                   

Ordinary Income

    $ -         $ -         $ 24,002        

Long-term Capital Gains

      -           168,976       861,134        
   

 

 

         
    $ -         $ 168,976     $ 885,136        
   

 

 

         

 

*

The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $329,510, and $216,896 for fiscal year ended September 30, 2019 for the Israel Common Values and International Funds, respectively, and $243,253, and $289,368 for the fiscal year ended September 30, 2018 for the Israel Common Values and International Funds, which have been passed through to the Funds’ underlying shareholders and are deemed dividends for tax purposes.

As of September 30, 2019, 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

     $ -         $ 719,040     $ -         $ 435,080

Long-Term Capital Gains

       -           -           3,702,331       5,092,154

Capital Loss Carry Forward

       (139,560 )       (883,643 )       -           -    

Post October and Other Losses

       (678,025 )       (4,181,929 )       (272,291 )       -    

Unrealized Appreciation (Depreciation)

       3,370,376       8,263,839       12,862,429       2,898,352
    

 

 

 
     $ 2,552,791     $ 3,917,307     $ 16,292,469     $ 8,425,586
    

 

 

 
                
     Large/Mid Cap
Value Fund
  Fixed Income
Fund
  High Yield Bond
Fund
  Israel Common
Values Fund

Undistributed Ordinary Income

     $ 964,884     $ 393,539     $ 72,174     $ 394,455

Long-Term Capital Gains

       23,465,492       -           -           -    

Capital Loss Carry Forward

       -           (1,510,987 )       (1,229,861 )       -    

Post October and Other Losses

       -           (102,089 )       (100,729 )       (529,025 )

Unrealized Appreciation (Depreciation)

       21,091,211       2,316,642       1,118,315       19,432,689
    

 

 

 
     $ 45,521,587     $ 1,097,105     $ (140,101 )     $ 19,298,119
    

 

 

 
                
     Defensive Strategies
Fund
  Strategic Growth
Fund
  Conservative Growth
Fund
  Growth & Income
Fund

Undistributed Ordinary Income

     $ 530,950     $ -         $ 96,081     $ -    

Long-Term Capital Gains

       593,316       1,336,145       1,589,423       -    

Capital Loss Carry Forward

       -           -           -           (308,394 )

Post October and Other Losses

       -           (75,597 )       -           (113,042 )

Unrealized Appreciation (Depreciation)

       934,521       1,106,083       1,125,473       454,053
    

 

 

 
     $ 2,058,787     $ 2,366,631     $ 2,810,977     $ 32,617
    

 

 

 

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 open forward currency contracts and passive foreign investment companies, and adjustments for C-Corporation return of capital distributions. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $331, $12, $(243) and $(31) for the Israel Common Values, International, Defensive Strategies and Growth & Income Funds, respectively.

 

[95]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

Note 10 | Capital Loss Carryforwards, Post October and Other Losses

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:

 

Fund

   Late
Year Losses

Aggressive Growth Fund

     $ 165,024

Large/Mid Cap Growth Fund

       272,291

Strategic Growth Fund

       75,597

Growth & Income Fund

       73

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:

 

Fund

   Post October
Losses

Aggressive Growth Fund

     $ 513,001

International Fund

       4,181,929

Fixed Income Fund

       102,089

High Yield Bond Fund

       100,729

Israel Common Values Fund

       529,025

Growth & Income Fund

       112,969

At September 30, 2019, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, utilized and expired capital loss carryforwards as follows:

 

      Capital Loss Carry Forward
Fund    Expired    Non-Expiring
Short-Term
   Non-Expiring
Long-Term
   Non-Expiring
Total
   Utilized

Aggressive Growth Fund

     $ -          $ 139,560      $ -          $ 139,560      $ -    

International Fund

       844,129        883,643        -            883,643        -    

Fixed Income Fund

       -            832,168        678,819        1,510,987        -    

High Yield Bond Fund

       -            190,417        1,039,444        1,229,861        -    

Israel Common Values Fund

       -            -            -            -            702,224

Growth & Income Fund

       -            182,803        125,591        308,394        -    

To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount, which is offset, will not be distributed to shareholders.

Note 11 | NEW ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08 “Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”), which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Funds have adopted ASU 2017-08 on a modified retrospective basis as of October 1, 2019. The adoption of ASU 2017-08 did not have a significant impact on the

 

[96]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

amortized cost of investments as of October 1, 2019, and had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

In August 2018, FASB issued ASU No. 2018-13, which changed certain fair value measurement disclosure requirements. The ASU, in addition to other modifications and additions, removed the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the policy for the timing of transfers between levels. For investment companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is allowed and the Funds have adopted this amendment early.

Note 12 | SUBSEQUENT EVENTS

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial issues were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

Note 13 | TAX INFORMATION (Unaudited)

The Strategic Growth and Conservative Growth Funds designate the following for federal income tax purposes for the year ended September 30, 2019:

 

Strategic Growth Fund    Foreign Taxes
paid
  Foreign Source
Income

Timothy Israel Common Values Fund

     $ 7,453     $ 31,506

Timothy International Fund

       16,619       204,224
        
Conservative Growth Fund    Foreign Taxes
paid
  Foreign Source
Income

Timothy Israel Common Values Fund

     $ 6,742     $ 28,497

Timothy International Fund

       11,564       142,097

 

[97]


 

Notes to Financial Statements

March 31, 2020 (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 14, 2020. A description of the factors considered by the Board in renewing the IA Agreement are set forth below.

The Trustees, including the Independent Trustees, noted with approval the Advisor’s experience and consistency in incorporating and implementing the unique, biblically-based management style that is a stated objective of all the Funds, as set forth in the Funds’ prospectus.

The Board also received and reviewed a description of TPL’s business and any personnel changes, a description of the compensation received by TPL from the Funds, information relating to the Advisor’s compliance and operational policies and procedures, 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, 2019, and noted that updated financial statements were provided at each Board Meeting.

The Board also received a report from TPL relating to the fees charged by TPL, both as an aggregate and in relation to fees charged by other advisors to similar funds. The materials prepared by TPL were provided to the Board in advance of the meeting. The Board considered the fees charged by TPL in light of the services provided to the Funds by TPL, the unique nature of the Funds and their moral screening requirements, which are maintained by TPL, and TPL’s role as a manager of managers. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by TPL were fair and reasonable in light of the services provided to the Funds.

The Board also discussed the nature, extent and quality of TPL’s services to the Funds. In particular, the Board noted with approval TPL’s commitment to maintaining certain targeted expense ratios for the Funds, its efforts in providing comprehensive and consistent moral screens to the investment managers, its efforts in maintaining appropriate oversight of the investment managers to each Fund, and its efforts to maintain ongoing regulatory compliance for the Funds. The Board also discussed TPL’s current fee structure and whether such structure would allow the Funds to realize economies of scale as they grow. The Board next considered the investment performance of each Fund and the Advisor’s performance in monitoring the investment managers of the underlying funds. The Board generally approved of each Fund’s performance, noting that the Funds invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that the investment managers of each Fund did not succumb to “style drift” in their management of each Fund’s assets, and that each Fund was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval the Advisor’s ongoing efforts to maintain such consistent investment discipline. The Board also noted with approval that the Advisor’s business was devoted exclusively to serving the Funds, and that the Advisor did not realize any ancillary benefits or profits deriving from its relationship with the Funds. The Board further noted with approval the Advisor’s past activities on monitoring the performance of the underlying Funds’ various investment managers and the promptness and efficiency with which problems were brought to the Board’s attention and responsible remedies offered and executed. After careful discussion and consideration, the Board, including the separate concurrence of the independent Trustees, unanimously cast an affirmative vote, and determined that the renewal of the IA Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the IA Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the IA Agreement renewal.

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 14, 2020. 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

 

[98]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

of the services provided by Westwood. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Westwood and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Westwood. Next, the Board discussed the nature, extent and quality of Westwood’s services to each Fund, including the investment performance of the Funds under Westwood’s investment management. The Board generally approved of Westwood’s performance, noting that the Funds managed by Westwood invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Westwood did not succumb to “style drift” in its management of each Fund’s assets, and that Westwood was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Westwood’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Westwood’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Westwood Sub-Advisory Agreement because Westwood was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Westwood Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Westwood Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Westwood Sub-Advisory Agreement renewal.

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 14, 2020. The Board considered the following factors in arriving at its conclusions to renew the BHM&S Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by BHM&S in light of the services provided by BHM&S to other similar clients. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by BHM&S and paid out of the fees received by TPL were fair and reasonable in light of the services provided by BHM&S. In reaching that determination, the Board relied on reports describing the fees paid to BHM&S. Next, the Board discussed the nature, extent and quality of BHM&S’s services to each Fund, including the investment performance of the Funds under BHM&S’s investment management. The Board generally approved of BHM&S’s performance, noting that the Funds managed by BHM&S invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that BHM&S did not succumb to “style drift” in its management of each Fund’s assets, and that BHM&S was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval BHM&S’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether BHM&S’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the BHM&S Sub-Advisory Agreement because BHM&S was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the BHM&S Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the BHM&S Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the BHM&S Sub-Advisory Agreement renewal.

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 14, 2020. 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

 

[99]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

the services provided by Chartwell. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Chartwell and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Chartwell. Next, the Board discussed the nature, extent and quality of Chartwell’s services to each Fund, including the investment performance of the Funds under Chartwell’s investment management. The Board generally approved of Chartwell’s performance, noting that the Funds managed by Chartwell invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Chartwell did not succumb to “style drift” in its management of each Fund’s assets, and that Chartwell was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Chartwell’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Chartwell’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Chartwell Sub-Advisory Agreement because Chartwell was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Chartwell Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Chartwell Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Chartwell Sub-Advisory Agreement renewal.

Macquarie Investment Management; Sub-Advisor to the Defensive Strategies Fund REITs sleeve.

The Sub-Advisory Agreement between the Trust, TPL and Macquarie Investment Management (“MIM”), 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 14, 2020. The Board considered the following factors in arriving at its conclusions to renew the MIM Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by MIM in light of the services provided by MIM. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by MIM and paid out of the fees received by TPL were fair and reasonable in light of the services provided by MIM. Next, the Board discussed the nature, extent and quality of MIM’s services to the Fund, including the investment performance of the Fund under MIM’s investment management. The Board generally approved of MIM’s performance, noting that the Fund managed by MIM invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that MIM did not succumb to “style drift” in its management of the Fund’s assets, and that MIM 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 MIM’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether MIM’s current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the MIM Sub-Advisory Agreement because MIM 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 MIM Sub-Advisory Agreement for another one-year period would be in the best interests of the Fund’s shareholders. In approving the renewal of the MIM 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 MIM 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 14, 2020. The Board considered the following factors in arriving at its conclusions to renew the Core Sub-Advisory Agreement. First, the Board considered the fees charged by Core in light of the services provided by Core. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Core and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Core. Next, the Board discussed the nature, extent and quality of Core’s services to the Fund, including the investment performance of the Fund under

 

[100]


 

Notes to Financial Statements

March 31, 2020 (Unaudited) (Continued)

Timothy Plan Family of Funds

 

 

Core’s investment management. The Board generally approved of Core’s performance, noting that the Fund managed by Core invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Core did not succumb to “style drift” in its management of the Fund’s assets, and that Core was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Core’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Core’s current fee structure would allow the Fund to realize economies of scale as it grows. The Board decided that this particular factor was moot with respect to the Core Sub-Advisory Agreement because Core was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Core Sub-Advisory Agreement would be in the best interests of the Fund’s shareholders. In approving the renewal of the Core Sub-Advisory Agreement, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Core Sub-Advisory Agreement renewal.

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 14, 2020. The Board considered the following factors in arriving at its conclusions to renew the Eagle Sub-Advisory Agreement for an additional year. First, the Board considered the fees charged by Eagle in light of the services provided by Eagle. After full and careful consideration, the Board, with the independent trustees separately concurring, agreed that the fees charged by Eagle and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Eagle. Next, the Board discussed the nature, extent and quality of Eagle’s services to the Funds, including the investment performance of the Funds under Eagle’s investment management. The Board generally approved of Eagle’s performance, noting that the Funds managed by Eagle invested in a manner that did not rely exclusively on investment performance. Further, the Board noted with approval that Eagle did not succumb to “style drift” in its management of the Funds’ assets, and that Eagle was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Board noted with approval Eagle’s ongoing efforts to maintain such consistent investment discipline. Next, the Board considered whether Eagle’s current fee structure would allow the Funds to realize economies of scale as they grow. The Board decided that this particular factor was moot with respect to the Eagle Sub-Advisory Agreement because Eagle was paid out of the fees paid to TPL. After careful discussion and consideration, the Board, including the independent Trustees separately concurring, unanimously determined that the renewal of the Eagle Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds’ shareholders. In approving the renewal of the Eagle Sub-Advisory Agreement for an additional one year period, the Board did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Board had available and availed itself of the assistance of legal counsel at all times during its consideration of the Eagle Sub-Advisory Agreement renewal.

 

[101]


 

Expense Examples – (Unaudited)

March 31, 2020

 

 

 

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, 2019, through March 31, 2020.

Actual Expenses

The first line of the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the tables provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.

AGGRESSIVE GROWTH FUND

 

  Beginning Account
Value
         Ending Account
Value
         Expenses Paid
During Period
  10/1/2019   3/31/2020   10/1/2019 through
3/31/2020

Actual - Class A *

$1,000.00 $   918.70 $  7.72

Hypothetical - Class A **

$1,000.00 $1,016.95 $  8.12

Actual - Class C *

$1,000.00 $   916.40 $11.31

Hypothetical - Class C **

$1,000.00 $1,013.20 $11.88

Actual - Class I *

$1,000.00 $   920.20 $  6.53

Hypothetical - Class I **

$1,000.00 $1,018.20 $  6.86

 

*

Expenses are equal to the Fund’s annualized expense ratio of 1.61% for Class A, 2.36% for Class C and 1.36% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The Aggressive Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (8.13)% for Class A, (8.36)% for Class C and (7.98)% for Class I for the period of October 1, 2019, to March 31, 2020.

**

Assumes a 5% return before expenses.

 

[102]


 

Expense Examples – (Unaudited) (Continued)

March 31, 2020

 

 

 

INTERNATIONAL FUND

 

  Beginning Account
Value
         Ending Account
Value
         Expenses Paid
During Period
  10/1/2019   3/31/2020   10/1/2019 through
3/31/2020

Actual - Class A *

$1,000.00 $   853.80 $  7.92

Hypothetical - Class A **

$1,000.00 $1,016.45 $  8.62

Actual - Class C *

$1,000.00 $   851.10 $11.38

Hypothetical - Class C **

$1,000.00 $1,012.70 $12.38

Actual - Class I *

$1,000.00 $   855.40 $  6.77

Hypothetical - Class I **

$1,000.00 $1,017.70 $  7.36

 

*

Expenses are equal to the Fund’s annualized expense ratio of 1.71% for Class A, 2.46% for Class C and 1.46% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The International Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (14.62)% for Class A, (14.89)% for Class C, and (14.46)% for Class I for the period of October 1, 2019, to March 31, 2020..

**

Assumes a 5% return before expenses.

LARGE/MID CAP GROWTH FUND

 

  Beginning Account
Value
         Ending Account
Value
         Expenses Paid
During Period
  10/1/2019   3/31/2020   10/1/2019 through
3/31/2020

Actual - Class A *

$1,000.00 $   868.90 $  6.96

Hypothetical - Class A **

$1,000.00 $1,017.55 $  7.52

Actual - Class C *

$1,000.00 $   866.20 $10.45

Hypothetical - Class C **

$1,000.00 $1,013.80 $11.28

Actual - Class I *

$1,000.00 $   870.10 $  5.80

Hypothetical - Class I **

$1,000.00 $1,018.80 $  6.26

 

*

Expenses are equal to the Fund’s annualized expense ratio of 1.49% for Class A, 2.24% for Class C and 1.24% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The Large/Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (13.11)% for Class A, (13.38)% for Class C, and (12.99)% for Class I for the period of October 1, 2019, to March 31, 2020.

**

Assumes a 5% return before expenses.

SMALL CAP VALUE FUND

 

  Beginning Account
Value
         Ending Account
Value
         Expenses Paid
During Period
  10/1/2019   3/31/2020   10/1/2019 through
3/31/2020

Actual - Class A *

$1,000.00 $   708.00 $  6.06

Hypothetical - Class A **

$1,000.00 $1,017.90 $  7.16

Actual - Class C *

$1,000.00 $   705.10 $  9.25

Hypothetical - Class C **

$1,000.00 $1,014.15 $10.93

Actual - Class I *

$1,000.00 $   709.10 $  5.00

Hypothetical - Class I **

$1,000.00 $1,019.15 $  5.91

 

*

Expenses are equal to the Fund’s annualized expense ratio of 1.42% for Class A, 2.17% for Class C and 1.17% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The Large/Mid Cap Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (29.20)% for Class A, (29.49)% for Class C, and (29.09)% for Class I for the period of October 1, 2019, to March 31, 2020.

**

Assumes a 5% return before expenses.

 

[103]


 

Expense Examples – (Unaudited) (Continued)

March 31, 2020

 

 

 

LARGE/MID CAP VALUE FUND

 

  Beginning Account
Value
         Ending Account
Value
         Expenses Paid
During Period
  10/1/2019   3/31/2020   10/1/2019 through
3/31/2020

Actual - Class A *

$1,000.00 $   818.10 $  6.41

Hypothetical - Class A **

$1,000.00 $1,017.95 $  7.11

Actual - Class C *

$1,000.00 $   815.10 $  9.80

Hypothetical - Class C **

$1,000.00 $1,014.20 $10.88

Actual - Class I *

$1,000.00 $   819.50 $  5.28

Hypothetical - Class I **

$1,000.00 $1,019.20 $  5.86

 

*

Expenses are equal to the Fund’s annualized expense ratio of 1.41% for Class A, 2.16% for Class C, and 1.16% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The Large/Mid Cap Value Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (18.19) % for Class A, (18.49)% for Class C, and (18.05)% for Class I for the period of October 1, 2019, to March 31, 2020.

**

Assumes a 5% return before expenses.

FIXED INCOME FUND

 

  Beginning Account
Value
         Ending Account
Value
         Expenses Paid
During Period
  10/1/2019   3/31/2020   10/1/2019 through
3/31/2020

Actual - Class A *

$1,000.00 $1,026.40 $5.52

Hypothetical - Class A **

$1,000.00 $1,019.55 $5.50

Actual - Class C *

$1,000.00 $1,022.30 $9.30

Hypothetical - Class C **

$1,000.00 $1,015.80 $9.27

Actual - Class I *

$1,000.00 $1,028.00 $4.26

Hypothetical - Class I **

$1,000.00 $1,020.80 $4.24

 

*

Expenses are equal to the Fund’s annualized expense ratio of 1.09% for Class A, 1.84% for Class C, and 0.84% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The Fixed Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of 2.64% for Class A, 2.23% for Class C, and 2.80% for Class I for the period of October 1, 2019, to March 31, 2020.

**

Assumes a 5% return before expenses.

HIGH YIELD BOND FUND

 

  Beginning Account
Value
         Ending Account
Value
         Expenses Paid
During Period
  10/1/2019   3/31/2020   10/1/2019 through
3/31/2020

Actual - Class A *

$1,000.00 $   869.00 $5.75

Hypothetical - Class A **

$1,000.00 $1,018.85 $6.21

Actual - Class C *

$1,000.00 $   865.70 $9.24

Hypothetical - Class C **

$1,000.00 $1,015.10 $9.97

Actual - Class I *

$1,000.00 $   870.20 $4.58

Hypothetical - Class I **

$1,000.00 $1,020.10 $4.95

 

**

Expenses are equal to the Fund’s annualized expense ratio of 1.23% for Class A, 1.98% for Class C, and 0.98% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The High Yield Bond Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (13.10)% for Class A, (13.43)% for Class C, and (12.98)% for Class I for the period of October 1, 2019, to March 31, 2020.

**

Assumes a 5% return before expenses.

 

[104]


 

Expense Examples – (Unaudited) (Continued)

March 31, 2020

 

 

 

DEFENSIVE STRATEGIES FUND

 

  Beginning Account
Value
         Ending Account
Value
         Expenses Paid
During Period
  10/1/2019   3/31/2020   10/1/2019 through
3/31/2020

Actual - Class A *

$1,000.00 $   893.90 $  7.01

Hypothetical - Class A **

$1,000.00 $1,017.60 $  7.47

Actual - Class C *

$1,000.00 $   891.00 $10.54

Hypothetical - Class C **

$1,000.00 $1,013.85 $11.23

Actual - Class I *

$1,000.00 $   894.70 $  5.83

Hypothetical - Class I **

$1,000.00 $1,018.85 $  6.21

 

*

Expenses are equal to the Fund’s annualized expense ratio of 1.48% for Class A, 2.23% for Class C and 1.23% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The Defensive Strategies Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (10.61)% for Class A, (10.90)% for Class C and (10.53)% for Class I for the period of October 1, 2019, to March 31, 2020.

**

Assumes a 5% return before expenses.

STRATEGIC GROWTH FUND

 

  Beginning Account
Value
         Ending Account
Value
         Expenses Paid
During Period
  10/1/2019   3/31/2020   10/1/2019 through
3/31/2020

Actual - Class A *

$1,000.00 $   862.10 $5.21

Hypothetical - Class A **

$1,000.00 $1,019.40 $5.65

Actual - Class C *

$1,000.00 $   859.00 $8.69

Hypothetical - Class C **

$1,000.00 $1,015.65 $9.42

 

*

Expenses are equal to the Fund’s annualized expense ratio of 1.12% for Class A and 1.87% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The Strategic Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (13.79)% for Class A and (14.10)% for Class C for the six-month period of October 1, 2019, to March 31, 2020.

**

Assumes a 5% return before expenses.

CONSERVATIVE GROWTH FUND

 

  Beginning Account
Value
         Ending Account
Value
         Expenses Paid
During Period
  10/1/2019   3/31/2020   10/1/2019 through
3/31/2020

Actual - Class A *

$1,000.00 $   904.30 $5.19

Hypothetical - Class A **

$1,000.00 $1,019.55 $5.50

Actual - Class C *

$1,000.00 $   899.90 $8.74

Hypothetical - Class C **

$1,000.00 $1,015.80 $9.27

 

*

Expenses are equal to the Fund’s 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 183 days/366 days (to reflect the partial year period). The Conservative Growth Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (9.57)% for Class A and (10.01)% for Class C for the six-month period of October 1, 2019, to March 31, 2020.

**

Assumes a 5% return before expenses.

 

[105]


 

Expense Examples – (Unaudited) (Continued)

March 31, 2020

 

 

 

ISRAEL COMMON VALUES FUND

 

  Beginning Account
Value
         Ending Account
Value
         Expenses Paid
During Period
  10/1/2019   3/31/2020   10/1/2019 through
3/31/2020

Actual - Class A *

$1,000.00 $   813.20 $  7.93

Hypothetical - Class A **

$1,000.00 $1,016.25 $  8.82

Actual - Class C *

$1,000.00 $   810.00 $11.31

Hypothetical - Class C **

$1,000.00 $1,012.50 $12.58

Actual - Class I *

$1,000.00 $   814.20 $  6.80

Hypothetical - Class I **

$1,000.00 $1,017.50 $  7.57

 

*

Expenses are equal to the Fund’s annualized expense ratio of 1.75% for Class A, 2.50% for Class C and 1.50% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The Israel Common Values Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (18.68)% for Class A, (19.00)% for Class C and (18.58)% for Class I for the period of October 1, 2019, to March 31, 2020.

**

Assumes a 5% return before expenses.

GROWTH & INCOME FUND

 

  Beginning Account
Value
         Ending Account
Value
         Expenses Paid
During Period
  10/1/2019   3/31/2020   10/1/2019 through
3/31/2020

Actual - Class A *

$1,000.00 $   862.50 $  7.26

Hypothetical - Class A **

$1,000.00 $1,017.20 $  7.87

Actual - Class C *

$1,000.00 $   859.50 $10.74

Hypothetical - Class C **

$1,000.00 $1,013.45 $11.63

Actual - Class I ***

$1,000.00 $   864.70 $  6.11

Hypothetical - Class I **

$1,000.00 $1,018.45 $  6.61

 

*

Expenses are equal to the Fund’s annualized expense ratio of 1.56% for Class A, 2.31% for Class C and 1.31% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 183 days/366 days (to reflect the partial year period). The Growth & Income Fund’s ending account value on the first line of each share class in the table is based on its actual total return of (13.75)% for Class A, (14.05)% for Class C and (13.53)% for Class I for the period of October 1, 2019, to March 31, 2020.

**

Assumes a 5% return before expenses.

 

[106]


 

Liquidity Risk Management Program (Unaudited)

March 31, 2020

Timothy Plan Family of Funds

 

 

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Trustees approved the appointment of a Liquidity Program Administrator (LPA) comprised of the Trust’s Liquidity Risk Management Program Committee, which includes representatives from the Funds’ investment adviser and liquidity consultant. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The LPA updated its assessment of each Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended November 30, 2019 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception on December 1, 2018 (the “Review Period”) in order to prepare a written report for the Board of Trustees (the “Report”) for consideration at its meeting held in February, 2020.

During the Review Period, none of the Funds experienced unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. None of the Funds had a significant amount of illiquid investments and none required a determination as to a highly liquid investment minimum. The Report concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

 

[107]


 

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-

  

Yes

 

  

No

 

Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.
     

For our marketing purposes-

  

No

 

  

We don’t share

 

to offer our products and services to you.

     

For joint marketing with other financial companies

   No    We don’t share
     

For our affiliates’ everyday business purposes-

  

Yes

 

  

No

 

information about your transactions and experiences.

     

For our affiliates’ everyday business purposes-

  

No

 

  

We don’t share

 

information about your creditworthiness

     

For non-affiliates to market to you

   No    We don’t share

 

 

Questions?

  

 

Call 800-662-0201

 

[108]


 

 

Page 2

   

Who we are

 

Who is providing this Notice?

 

Timothy Plan Family of Mutual Funds

Timothy Partners, Ltd.

What we do

 

 

How does The Timothy Plan protect your personal information?

 

 

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

 

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

 

How does The Timothy Plan collect your personal
information?

 

 

We collect your personal information, for example, when you

 

•    Open an account

•    Provide account information

•    Give us your contact information

•    Make deposits or withdrawals from your account

•    Make a wire transfer

•    Tell us where to send the money

•    Tell us who receives the money

•    Show your government-issued ID

•    Show your driver’s license

 

We also collect your personal information from other companies.

 

Why can’t I limit all sharing?

 

 

Federal law gives you the right to limit only:

 

•    Sharing for affiliates’ everyday business purposes- information about your creditworthiness.

•    Affiliates from using your information to market to you.

•    Sharing for non-affiliates to market to you

 

State laws and individual companies may give you additional rights to limit sharing.

Definitions

 

 

Affiliates

 

 

Companies related by common ownership or control. They can be financial and non- financial companies.

 

Timothy Partners, Ltd. is an affiliate of The Timothy Plan

 

Non-affiliates

 

 

Companies not related by common ownership or control. They can be financial and non-financial companies.

 

•    The Timothy Plan does not share with non-affiliates so they can market to you.

 

Joint marketing

 

 

A formal agreement between non-affiliated financial companies that together market financial products to you.

 

•    The Timothy Plan does not jointly market.

Customer Identification Program

The Board of Trustees of the Trust has approved procedures designed to prevent and detect attempts to launder money as required under the USA PATRIOT Act. The day-to-day responsibility for monitoring and reporting any such activities has been delegated to the transfer agent, subject to the oversight and supervision of the Board.

 

[109]


 

Disclosures

 

 

HOW TO OBTAIN PROXY VOTING INFORMATION

Information regarding how the Funds voted proxies relating to Fund securities during the period ended June 30 of well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling

1-800-732-0330 or by referring to the Security and Exchange Commission’s (“SEC”) website at http://www.sec.gov

HOW TO OBTAIN 1ST AND 3RD FISCAL QUARTER PORTFOLIO HOLDINGS

The Trust files a complete listing of the Fund’s portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-Q’s successor form, Form N-PORT. The filings are available free of charge, upon request, by calling the Trust toll-free at 1-800-662-0201. Furthermore, you may obtain a copy of these filings on the SEC’s website at www.sec.gov.

 

[110]


 

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

Terry Covert, Vice President

Cheryl Mumbert, Vice President

David D. Jones, Chief Compliance Officer

INVESTMENT ADVISOR

Timothy Partners, Ltd.

1055 Maitland Center Commons

Maitland, FL 32751

DISTRIBUTOR

Timothy Partners, Ltd.

1055 Maitland Center Commons

Maitland, FL 32751

TRANSFER AGENT

Ultimus Fund Solutions, LLC

4221 N. 203rd St, Suite 100

Elkhorn, NE 68022-3474

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

1350 Euclid Ave., Suite 800

Cleveland, OH 44115

LEGAL COUNSEL

David D Jones, Esq.

20770 Hwy 281 N., Suite 108-619

San Antonio, TX 78258

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.

 

 

 

LOGO

HEADQUARTERS

The Timothy Plan

1055 Maitland Center Commons

Maitland, Florida 32751

(800) 846-7526

www.timothyplan.com

invest@timothyplan.com

SHAREHOLDER SERVICES

Ultimus Fund Solutions, LLC

4221 N. 203rd St, Suite 100

Elkhorn, NE 68022-3474

(800) 662-0201

 


Item 2. Code of Ethics. NOT APPLICABLE – disclosed with annual report

Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report

Item 4. Principal Accountant Fees and Services. NOT APPLICABLE – disclosed with annual report

Item 5. Audit Committee of Listed Companies. NOT APPLICABLE – applies to listed companies only

Item 6. Schedule of Investments. NOT APPLICABLE – schedule filed with Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. NOT APPLICABLE – applies to closed-end funds only

Item 8. Portfolio Managers of Closed-End Management Investment Companies. NOT APPLICABLE – applies to closed-end funds only

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE – applies to closed-end funds only

Item 10. Submission of Matters to a Vote of Security Holders. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) Based on an evaluation of the registrant’s disclosure controls and procedures within 90 days, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

NOT APPLICABLE.

Item 13. Exhibits.

 

(a)(1)   Not Applicable – filed with annual report
(a)(2)   Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.
(a)(3)   Not Applicable
(b)   Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith

 

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)    The Timothy Plan

 

By   /s/Arthur D. Ally          
  Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer
Date   6/9/20                           

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   6/9/20                           

 

 

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