UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
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)
Gemini Fund Services, LLC., 450 Wireless Blvd., Hauppauge, NY 11788
(Name and address of agent for service)
Registrant's telephone number, including area code:
1-800-846-7526
Date of fiscal year end:
9/30
Date of reporting period: 12/31/11
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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. Schedule of Investments.
Timothy Plan Aggressive Growth Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCK - 95.2 % |
|
|
|
| ADVERTISING - 1.3 % |
|
|
14,100 |
| MDC Partners, Inc. |
|
$ 190,632 |
|
|
|
|
|
|
| AEROSPACE/DEFENSE - 1.8 % |
|
|
675 |
| HEICO Corp. |
|
39,474 |
1,125 |
| HEICO Corp. - Class A |
|
44,269 |
1,875 |
| TransDigm Group, Inc. * |
|
179,400 |
|
|
|
|
263,143 |
|
| APPAREL - 0.5 % |
|
|
2,110 |
| Steven Madden Ltd. * |
|
72,795 |
|
|
|
|
|
|
| BANKS - 2.1 % |
|
|
10,190 |
| Cardinal Financial Corp. |
|
109,441 |
7,300 |
| First Midwest Bancorp, Inc./IL |
|
73,949 |
6,568 |
| Webster Financial Corp. |
|
133,922 |
|
|
|
|
317,312 |
|
| BEVERAGES - 0.2 % |
|
|
600 |
| Green Mountain Coffee Roasters, Inc. * |
|
26,910 |
|
|
|
|
|
|
| BIOTECHNOLOGY - 0.5 % |
|
|
5,050 |
| Human Genome Sciences, Inc. * |
|
37,319 |
6,325 |
| NPS Pharmaceuticals, Inc. * |
|
41,682 |
|
|
|
|
79,001 |
|
| CHEMICALS - 2.4 % |
|
|
4,540 |
| Airgas, Inc. |
|
354,483 |
|
|
|
|
|
|
| COMMERCIAL SERVICES - 7.3 % |
|
|
6,080 |
| Cardtronics, Inc. * |
|
164,525 |
8,236 |
| FleetCor Technologies, Inc. * |
|
246,009 |
1,962 |
| Gartner, Inc. * |
|
68,219 |
2,440 |
| K12, Inc. * |
|
43,774 |
9,850 |
| Kenexa Corp. * |
|
262,995 |
1,450 |
| PAREXEL International Corp. * |
|
30,073 |
8,910 |
| United Rentals, Inc. * |
|
263,291 |
|
|
|
|
1,078,886 |
|
| COMPUTERS - 3.6 % |
|
|
1,730 |
| Cognizant Technology Solutions Corp. - Cl. A * |
|
111,256 |
7,450 |
| Jack Henry & Associates, Inc. |
|
250,394 |
525 |
| Manhattan Associates, Inc. * |
|
21,252 |
925 |
| Super Micro Computer, Inc. * |
|
14,504 |
1,865 |
| Syntel, Inc. |
|
87,226 |
1,125 |
| Teradata Corp. * |
|
54,574 |
|
|
|
|
539,206 |
|
| DISTRIBUTION/WHOLESALE - 2.8 % |
|
|
2,900 |
| MWI Veterinary Supply, Inc. * |
|
192,676 |
4,150 |
| WESCO International, Inc. * |
|
219,992 |
|
|
|
|
412,668 |
|
| DIVERSIFIED FINANCIAL SERVICES - 3.3 % |
|
|
1,025 |
| Affiliated Managers Group, Inc. * |
|
98,349 |
4,179 |
| Discover Financial Services |
|
100,296 |
2,425 |
| IntercontinentalExchange, Inc. * |
|
292,334 |
|
|
|
|
490,979 |
|
| ELECTRICAL COMPONENTS & EQUIPMENT - 0.6 % |
| |
2,765 |
| Belden, Inc. |
|
92,019 |
|
|
|
|
|
|
| ENVIRONMENTAL CONTROL - 3.3 % |
|
|
7,085 |
| Clean Harbors, Inc. * |
|
451,527 |
1,150 |
| Waste Connections, Inc. |
|
38,111 |
|
|
|
|
489,638 |
|
| HEALTHCARE-PRODUCTS - 6.1 % |
|
|
3,150 |
| Bruker Corp. * |
|
39,123 |
980 |
| Cepheid, Inc. * |
|
33,722 |
4,950 |
| Cyberonics, Inc. * |
|
165,825 |
4,975 |
| Hill-Rom Holdings, Inc. |
|
167,608 |
1,675 |
| Insulet Corp. * |
|
31,540 |
300 |
| Intuitive Surgical, Inc. * |
|
138,903 |
9,300 |
| NxStage Medical, Inc. * |
|
165,354 |
2,182 |
| Sirona Dental Systems, Inc. * |
|
96,095 |
1,650 |
| Tornier NV * |
|
29,700 |
1,650 |
| Volcano Corp. * |
|
39,254 |
|
|
|
|
907,124 |
|
| HOME BUILDERS - 0.3 % |
|
|
3,850 |
| DR Horton, Inc. |
|
48,549 |
|
|
|
|
|
|
| INSURANCE - 0.8 % |
|
|
2,875 |
| Alterra Capital Holdings Ltd. |
|
67,936 |
2,650 |
| XL Group PLC |
|
52,391 |
|
|
|
|
120,327 |
|
| INTERNET - 2.4 % |
|
|
1,750 |
| AboveNet, Inc. * |
|
113,768 |
1,205 |
| comScore, Inc. * |
|
25,546 |
14,115 |
| KIT Digital, Inc. * |
|
119,272 |
4,125 |
| TIBCO Software, Inc. * |
|
98,629 |
|
|
|
|
357,215 |
|
| INVESTMENT COMPANIES - 0.4 % |
|
|
3,775 |
| Ares Capital Corp. |
|
58,324 |
|
|
|
|
|
|
| LEISURE TIME - 0.6 % |
|
|
4,870 |
| Brunswick Corp./DE |
|
87,952 |
|
|
|
|
|
|
| MACHINERY-DIVERSIFIED - 1.7 % |
|
|
1,118 |
| Gardner Denver, Inc. |
|
86,153 |
3,325 |
| Robbins & Myers, Inc. |
|
161,429 |
|
|
|
|
247,582 |
|
| METAL FABRICATE/HARDWARE - 1.6 % |
|
|
2,000 |
| RBC Bearings, Inc. * |
|
83,400 |
4,025 |
| Timken Co. |
|
155,808 |
|
|
|
|
239,208 |
|
| MISCELLANEOUS MANUFACTURING - 0.9 % |
| |
1,225 |
| Donaldson Co., Inc. |
|
83,398 |
2,975 |
| Trimas Corp. * |
|
53,401 |
|
|
|
|
136,799 |
|
| OIL & GAS - 6.0 % |
|
|
925 |
| Cabot Oil & Gas Corp. |
|
70,207 |
2,150 |
| Concho Resources, Inc. * |
|
201,562 |
2,625 |
| Gulfport Energy Corp. * |
|
77,306 |
33,575 |
| Kodiak Oil & Gas Corp. * |
|
318,962 |
7,894 |
| Rex Energy Corp. * |
|
116,515 |
2,322 |
| Whiting Petroleum Corp. * |
|
108,414 |
|
|
|
|
892,966 |
|
| OIL & GAS SERVICES - 3.5 % |
|
|
15,530 |
| Key Energy Services, Inc. * |
|
240,249 |
3,925 |
| Newpark Resources, Inc. * |
|
37,287 |
3,200 |
| Oil States International, Inc. * |
|
244,384 |
|
|
|
|
521,920 |
|
| PHARMACEUTICALS - 4.1 % |
|
|
17,040 |
| Akorn, Inc. * |
|
189,485 |
2,970 |
| AmerisourceBergen Corp. |
|
110,454 |
2,700 |
| Catalyst Health Solutions, Inc. * |
|
140,400 |
1,425 |
| Herbalife Ltd. |
|
73,630 |
1,455 |
| Mead Johnson Nutrition Co. - Cl. A |
|
100,002 |
|
|
|
|
613,971 |
|
| REAL ESTATE - 1.3 % |
|
|
18,800 |
| HFF, Inc. - Cl. A * |
|
194,204 |
|
|
|
|
|
|
| RETAIL - 18.4 % |
|
|
800 |
| AutoZone, Inc. * |
|
259,976 |
7,685 |
| Cheesecake Factory, Inc./The * |
|
225,555 |
2,965 |
| Domino's Pizza, Inc. * |
|
100,662 |
10,055 |
| Express, Inc. * |
|
200,497 |
1,075 |
| Family Dollar Stores, Inc. |
|
61,984 |
3,625 |
| Genesco, Inc. * |
|
223,807 |
6,440 |
| GNC Holdings, Inc. - Cl. A * |
|
186,438 |
4,235 |
| Group 1 Automotive, Inc. |
|
219,373 |
2,600 |
| Hibbett Sports, Inc. * |
|
117,468 |
2,700 |
| Nu Skin Enterprises, Inc. |
|
131,139 |
6,810 |
| Pier 1 Imports, Inc. * |
|
94,863 |
7,830 |
| Ross Stores, Inc. |
|
372,160 |
7,000 |
| Rush Enterprises, Inc. * |
|
146,440 |
10,895 |
| Sally Beauty Holdings, Inc. * |
|
230,211 |
2,260 |
| Tractor Supply Co. |
|
158,539 |
|
|
|
|
2,729,112 |
|
| SEMICONDUCTORS - 3.4 % |
|
|
5,200 |
| Altera Corp. |
|
192,920 |
3,660 |
| Avago Technologies Ltd. |
|
105,628 |
1,675 |
| Cavium, Inc. * |
|
47,620 |
5,743 |
| Cypress Semiconductor Corp. * |
|
96,999 |
2,550 |
| Volterra Semiconductor Corp. * |
|
65,306 |
|
|
|
|
508,473 |
|
| SOFTWARE - 9.2 % |
|
|
792 |
| Advent Software, Inc. * |
|
19,293 |
525 |
| ANSYS, Inc. * |
|
30,072 |
4,511 |
| Ariba, Inc. * |
|
126,669 |
4,225 |
| Aspen Technology, Inc. * |
|
73,304 |
820 |
| Cerner Corp. * |
|
50,225 |
1,275 |
| Citrix Systems, Inc. * |
|
77,418 |
6,375 |
| Fiserv, Inc. * |
|
374,467 |
1,425 |
| Informatica Corp. * |
|
52,625 |
7,350 |
| Interactive Intelligence Group, Inc. * |
|
168,462 |
9,145 |
| Parametric Technology Corp. * |
|
166,988 |
5,639 |
| Synchronoss Technologies, Inc. * |
|
170,354 |
1,655 |
| VeriFone Systems, Inc. * |
|
58,786 |
|
|
|
|
1,368,663 |
|
| TELECOMMUNICATIONS - 3.3 % |
|
|
3,575 |
| Finisar Corp. * |
|
59,863 |
3,325 |
| Ixia * |
|
34,946 |
2,735 |
| NICE Systems Ltd. - ADR * |
|
94,221 |
8,625 |
| Polycom, Inc. * |
|
140,587 |
5,325 |
| RF Micro Devices, Inc. * |
|
28,755 |
2,950 |
| SBA Communications Corp. - Cl. A * |
|
126,732 |
|
|
|
|
485,104 |
|
| TRANSPORTATION - 1.5 % |
|
|
2,200 |
| Genesee & Wyoming, Inc. * |
|
133,276 |
2,350 |
| Old Dominion Freight Line, Inc. * |
|
95,245 |
|
|
|
|
228,521 |
|
|
|
|
|
|
| TOTAL COMMON STOCK (Cost $13,354,311) |
|
14,153,686 |
|
|
|
|
|
|
| REITS - 0.4 % |
|
|
2,050 |
| Tanger Factory Outlet Centers |
|
|
|
| (Cost $56,262) |
|
60,106 |
|
|
|
|
|
|
| MONEY MARKET FUND - 3.5 % |
|
|
520,760 |
| Fidelity Institutional Money Market Portfolio, 0.15% (A) |
| |
|
| (Cost $520,760) |
|
520,760 |
|
|
|
|
|
|
| TOTAL INVESTMENTS (Cost $13,931,333)(B) - 99.1 % |
$ 14,734,552 | |
|
| ASSETS IN EXCESS OF OTHER LIABILITIES - 0.9 % |
132,183 | |
|
| TOTAL NET ASSETS - 100.0% |
|
$ 14,866,735 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2011. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially the | ||||
same and differs from market value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
| Unrealized appreciation: |
$ 1,433,296 | |
|
| Unrealized depreciation: |
(630,077) | |
|
| Net unrealized appreciation: |
$ 803,219 |
Timothy Plan International Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
|
COMMON STOCK - 87.6 % |
|
|
|
|
AEROSPACE/DEFENSE - 1.2 % |
|
|
22,000 |
|
BAE Systems PLC |
|
$ 388,520 |
|
|
|
|
|
|
|
AUTO MANUFACTURERS - 0.6 % |
|
|
41,000 |
|
Fiat SpA |
|
188,190 |
|
|
|
|
|
|
|
AUTO PARTS & EQUIPMENT - 1.3 % |
|
|
11,800 |
|
Magna International, Inc. |
|
393,058 |
|
|
|
|
|
|
|
BANKS - 8.4 % |
|
|
12,600 |
|
Banco Bradesco SA |
|
210,168 |
9,000 |
|
Bank Hapoalim BM |
|
146,700 |
13,000 |
|
BOC Hong Kong Holdings Ltd. |
|
613,080 |
30,639 |
|
DBS Group Holdings Ltd. |
|
1,085,233 |
57,000 |
|
Sberbank of Russia * |
|
566,580 |
|
|
|
|
2,621,761 |
|
|
BUILDING MATERIALS - 0.5 % |
|
|
89,000 |
|
Wienerberger AG |
|
159,755 |
|
|
|
|
|
|
|
CHEMICALS - 3.4 % |
|
|
9,000 |
|
Agrium, Inc. |
|
603,990 |
7,800 |
|
Syngenta AG * |
|
459,732 |
|
|
|
|
1,063,722 |
|
|
COMMERCIAL SERVICES - 0.6 % |
|
|
30,000 |
|
Anhui Expressway Co. * |
|
176,139 |
|
|
|
|
|
|
|
COSMETICS/PERSONAL CARE - 1.7 % |
|
|
29,000 |
|
Shiseido Co. Ltd. |
|
525,770 |
|
|
|
|
|
|
|
DISTRIBUTION/WHOLESALE - 2.1 % |
|
|
33,000 |
|
ITOCHU Corp. |
|
664,620 |
|
|
|
|
|
|
|
DIVERSIFIED FINANCIAL SERVICES - 2.1 % |
|
|
16,300 |
|
ORIX Corp. |
|
668,626 |
|
|
|
|
|
|
|
ELECTRIC - 3.8 % |
|
|
44,000 |
|
Enel SpA |
|
176,000 |
6,000 |
|
International Power PLC |
|
313,200 |
95,000 |
|
Power Assets Holdings Ltd. |
|
697,300 |
|
|
|
|
1,186,500 |
|
|
ELECTRICAL COMPONENTS & EQUIPMENT - 2.4 % |
| |
14,300 |
|
Hitachi Ltd. |
|
745,602 |
|
|
|
|
|
|
|
ENGINEERING & CONSTRUCTION - 3.7 % |
|
|
38,000 |
|
ABB Ltd. * |
|
715,540 |
40,000 |
|
Vinci SA |
|
434,400 |
|
|
|
|
1,149,940 |
|
|
FOOD - 5.8 % |
|
|
14,000 |
|
Kerry Group PLC |
|
506,100 |
20,000 |
|
Marine Harvest ASA |
|
170,200 |
45,000 |
|
WM Morrison Supermarkets PLC |
|
1,131,750 |
|
|
|
|
1,808,050 |
|
|
HEALTHCARE-PRODUCTS - 4.1 % |
|
|
26,500 |
|
Smith & Nephew PLC |
|
1,275,975 |
|
|
|
|
|
|
|
HEALTHCARE-SERVICES - 3.9 % |
|
|
18,000 |
|
Fresenius Medical Care AG & Co. KGaA |
|
1,223,640 |
|
|
|
|
|
|
|
HOUSEHOLD PRODUCTS/WARES - 5.2 % |
|
|
33,400 |
|
Henkel AG & Co. KGaA |
|
1,622,572 |
|
|
|
|
|
|
|
INSURANCE - 2.4 % |
|
|
33,000 |
|
Zurich Financial Services AG * |
|
748,440 |
|
|
|
|
|
|
|
IRON/STEEL - 1.0 % |
|
|
14,600 |
|
Vale SA |
|
300,760 |
|
|
|
|
|
|
|
MACHINERY-CONSTRUCTION & MINING - 1.5 % |
| |
25,000 |
|
Atlas Copco AB |
|
474,500 |
|
|
|
|
|
|
|
MINING - 3.1 % |
|
|
22,380 |
|
Anglo American PLC |
|
406,197 |
7,500 |
|
Barrick Gold Corp. |
|
339,375 |
3,800 |
|
BHP Billiton PLC |
|
221,882 |
|
|
|
|
967,454 |
|
|
MISCELLANEOUS MANUFACTURING - 2.6 % |
| |
35,000 |
|
Cookson Group PLC |
|
276,864 |
22,550 |
|
FUJIFILM Holdings Corp. |
|
524,513 |
|
|
|
|
801,377 |
|
|
OFFICE/BUSINESS EQUIPMENT - 2.3 % |
|
|
16,000 |
|
Canon Inc. |
|
704,640 |
|
|
|
|
|
|
|
OIL & GAS - 6.1 % |
|
|
62,000 |
|
Afren PLC * |
|
412,665 |
14,000 |
|
Lukoil OAO |
|
744,800 |
40,400 |
|
Precision Drilling Corp. * |
|
414,504 |
12,168 |
|
Statoil ASA - ADR |
|
311,623 |
|
|
|
|
1,883,592 |
|
|
OIL & GAS SERVICES - 1.0 % |
|
|
17,000 |
|
Subsea 7 SA * |
|
316,370 |
|
|
|
|
|
|
|
PHARMACEUTICALS - 2.7 % |
|
|
8,000 |
|
Shire PLC |
|
831,200 |
|
|
|
|
|
|
|
RETAIL - 2.7 % |
|
|
14,900 |
|
Arcos Dorados Holdings, Inc. - Cl. A |
|
305,897 |
20,000 |
|
Wal-Mart de Mexico SAB de CV |
|
547,800 |
|
|
|
|
853,697 |
|
|
TELECOMMUNICATIONS - 11.4 % |
|
|
18,400 |
|
America Movil SAB de CV |
|
415,840 |
21,000 |
|
Globe Telecom Inc. |
|
542,537 |
26,000 |
|
Nippon Telegraph & Telephone Corp. |
|
658,580 |
10,000 |
|
Philippine Long Distance Telephone Co. |
|
576,200 |
57,000 |
|
Singapore Telecommunications Ltd. |
|
1,361,730 |
|
|
|
|
3,554,887 |
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $27,589,584) |
|
27,299,357 |
|
|
|
|
|
|
|
MONEY MARKET FUND - 13.0 % |
|
|
4,058,714 |
|
Fidelity Institutional Money Market Portfolio, 0.15% (A) |
| |
|
|
(Cost $4,058,714) |
|
4,058,714 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $31,648,298)(B) - 100.6 % |
$ 31,358,071 | |
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6) % |
(233,442) | |
|
|
TOTAL NET ASSETS - 100.0% |
|
$ 31,124,629 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2011. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially the | ||||
same and differs from market value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
|
Unrealized appreciation: |
$ 2,925,791 | |
|
|
Unrealized depreciation: |
(3,216,018) | |
|
|
Net unrealized depreciation: |
$ (290,227) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFICATION OF ASSETS |
|
| ||
Country |
|
|
|
% of Net Assets |
Argentina |
|
|
|
1.0% |
Austria |
|
|
|
0.5% |
Brazil |
|
|
|
1.6% |
Canada |
|
|
|
5.6% |
China |
|
|
|
0.6% |
France |
|
|
|
1.4% |
Germany |
|
|
|
9.1% |
Hong Kong |
|
|
|
4.2% |
Ireland |
|
|
|
4.3% |
Israel |
|
|
|
0.5% |
Italy |
|
|
|
1.2% |
Japan |
|
|
|
14.4% |
Mexico |
|
|
|
3.1% |
Norway |
|
|
|
1.5% |
Phillipines |
|
|
|
3.6% |
Russia |
|
|
|
4.2% |
Singapore |
|
|
|
7.9% |
Sweden |
|
|
|
1.4% |
Switzerland |
|
|
|
6.2% |
United Kingdom |
|
|
|
15.2% |
Total |
|
|
|
87.6% |
Money Market Funds |
|
13.0% | ||
Liabilities in Excess of Other Assets |
|
-0.6% | ||
Grand Total |
|
|
|
100.00% |
Timothy Plan Large/Mid Cap Growth | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCK - 91.7 % |
|
|
|
| AEROSPACE/DEFENSE - 5.6 % |
|
|
11,565 |
| General Dynamics Corp. |
|
$ 768,032 |
10,600 |
| L-3 Communications Holdings, Inc. |
|
706,808 |
6,950 |
| TransDigm Group, Inc. * |
|
664,976 |
|
|
|
|
2,139,816 |
|
| AUTO PARTS & EQUIPMENT - 2.2 % |
|
|
27,600 |
| Johnson Controls, Inc. |
|
862,776 |
|
|
|
|
|
|
| BANKS - 1.0 % |
|
|
18,122 |
| Webster Financial Corp. |
|
369,508 |
|
|
|
|
|
|
| BEVERAGES - 0.2 % |
|
|
1,750 |
| Green Mountain Coffee Roasters, Inc. * |
|
78,487 |
|
|
|
|
|
|
| BIOTECHNOLOGY - 0.3 % |
|
|
15,770 |
| Human Genome Sciences, Inc. * |
|
116,540 |
|
|
|
|
|
|
| CHEMICALS - 2.7 % |
|
|
13,385 |
| Airgas, Inc. |
|
1,045,101 |
|
|
|
|
|
|
| COMMERCIAL SERVICES - 5.4 % |
|
|
19,130 |
| FleetCor Technologies, Inc. * |
|
571,413 |
25,320 |
| United Rentals, Inc. * |
|
748,206 |
41,500 |
| Western Union Co./The |
|
757,790 |
|
|
|
|
2,077,409 |
|
| COMPUTERS - 1.9 % |
|
|
6,345 |
| Cognizant Technology Solutions Corp. - Cl. A * |
|
408,047 |
6,275 |
| Teradata Corp. * |
|
304,400 |
|
|
|
|
712,447 |
|
| DISTRIBUTION/WHOLESALE - 2.0 % |
|
|
14,530 |
| WESCO International, Inc. * |
|
770,235 |
|
|
|
|
|
|
| DIVERSIFIED FINANCIAL SERVICES - 2.5 % |
|
|
2,425 |
| Affiliated Managers Group, Inc. * |
|
232,679 |
11,670 |
| Discover Financial Services |
|
280,080 |
3,645 |
| IntercontinentalExchange, Inc. * |
|
439,405 |
|
|
|
|
952,164 |
|
| ELECTRICAL COMPONENTS & EQUIPMENT - 1.9 % |
| |
15,730 |
| Emerson Electric Co. |
|
732,861 |
|
|
|
|
|
|
| ELECTRONICS - 4.1 % |
|
|
20,620 |
| Amphenol Corp. |
|
935,942 |
14,010 |
| Thermo Fisher Scientific, Inc. * |
|
630,030 |
|
|
|
|
1,565,972 |
|
| ENVIRONMENTAL CONTROL - 1.8 % |
|
|
9,755 |
| Clean Harbors, Inc. * |
|
621,686 |
1,750 |
| Waste Connections, Inc. |
|
57,995 |
|
|
|
|
679,681 |
|
| FOOD - 2.3 % |
|
|
17,270 |
| McCormick & Co., Inc./MD |
|
870,753 |
|
|
|
|
|
|
| HEALTHCARE-PRODUCTS - 7.5 % |
|
|
14,105 |
| Covidien PLC |
|
634,866 |
6,870 |
| CR Bard, Inc. |
|
587,385 |
600 |
| Intuitive Surgical, Inc. * |
|
277,806 |
19,570 |
| Sirona Dental Systems, Inc. * |
|
861,863 |
15,040 |
| St Jude Medical, Inc. |
|
515,872 |
|
|
|
|
2,877,792 |
|
| HOME BUILDERS - 0.9 % |
|
|
25,950 |
| DR Horton, Inc. |
|
327,230 |
|
|
|
|
|
|
| INSURANCE - 2.3 % |
|
|
11,460 |
| ACE Ltd. |
|
803,575 |
3,925 |
| XL Group Plc |
|
77,597 |
|
|
|
|
881,172 |
|
| INTERNET - 0.7 % |
|
|
11,675 |
| TIBCO Software, Inc. * |
|
279,149 |
|
|
|
|
|
|
| INVESTMENT COMPANIES - 0.6 % |
|
|
14,445 |
| Ares Capital Corp. |
|
223,175 |
|
|
|
|
|
|
| MACHINERY-DIVERSIFIED - 1.1 % |
|
|
5,660 |
| Gardner Denver, Inc. |
|
436,160 |
|
|
|
|
|
|
| METAL FABRICATE/HARDWARE - 1.2 % |
|
|
12,225 |
| Timken Co. |
|
473,230 |
|
|
|
|
|
|
| MISCELLANEOUS MANUFACTURING - 2.8 % |
| |
14,295 |
| Danaher Corp. |
|
672,437 |
5,850 |
| Donaldson Co., Inc. |
|
398,268 |
|
|
|
|
1,070,705 |
|
| OIL & GAS - 11.1 % |
|
|
3,325 |
| Cabot Oil & Gas Corp. |
|
252,367 |
3,925 |
| Concho Resources, Inc. * |
|
367,969 |
8,330 |
| Ensco PLC |
|
390,844 |
18,260 |
| Exxon Mobil Corp. |
|
1,547,718 |
14,910 |
| Occidental Petroleum Corp. |
|
1,397,067 |
6,930 |
| Whiting Petroleum Corp. * |
|
323,562 |
|
|
|
|
4,279,527 |
|
| OIL & GAS SERVICES - 2.5 % |
|
|
23,925 |
| Key Energy Services, Inc. * |
|
370,120 |
7,575 |
| Oil States International, Inc. * |
|
578,503 |
|
|
|
|
948,623 |
|
| PHARMACEUTICALS - 6.0 % |
|
|
34,805 |
| AmerisourceBergen Corp. |
|
1,294,398 |
5,410 |
| Catalyst Health Solutions, Inc. * |
|
281,320 |
9,800 |
| Herbalife Ltd. |
|
506,366 |
3,330 |
| Mead Johnson Nutrition Co. - Cl. A |
|
228,871 |
|
|
|
|
2,310,955 |
|
| RETAIL - 10.5 % |
|
|
3,235 |
| AutoZone, Inc. * |
|
1,051,278 |
7,850 |
| Family Dollar Stores, Inc. |
|
452,631 |
42,310 |
| GNC Holdings, Inc. - Cl. A * |
|
1,224,874 |
16,060 |
| Ross Stores, Inc. |
|
763,332 |
13,415 |
| Sally Beauty Holdings, Inc. * |
|
283,459 |
3,410 |
| Tractor Supply Co. |
|
239,212 |
|
|
|
|
4,014,786 |
|
| SEMICONDUCTORS - 2.3 % |
|
|
12,175 |
| Altera Corp. |
|
451,692 |
11,055 |
| Avago Technologies Ltd. |
|
319,047 |
6,925 |
| Cypress Semiconductor Corp. * |
|
116,963 |
|
|
|
|
887,702 |
|
| SOFTWARE - 5.8 % |
|
|
2,125 |
| ANSYS, Inc. * |
|
121,720 |
14,675 |
| Ariba, Inc. * |
|
412,074 |
2,730 |
| Cerner Corp. * |
|
167,212 |
4,700 |
| Citrix Systems, Inc. * |
|
285,384 |
16,375 |
| Fiserv, Inc. * |
|
961,867 |
3,596 |
| Informatica Corp. * |
|
132,800 |
3,975 |
| VeriFone Systems, Inc. * |
|
141,192 |
|
|
|
|
2,222,249 |
|
| TELECOMMUNICATIONS - 2.5 % |
|
|
27,875 |
| Polycom, Inc. * |
|
454,362 |
12,200 |
| SBA Communications Corp. - Cl. A * |
|
524,112 |
|
|
|
|
978,474 |
|
|
|
|
|
|
| TOTAL COMMON STOCK (Cost $34,567,719) |
|
35,184,679 |
|
|
|
|
|
|
| MONEY MARKET FUND - 7.2 % |
|
|
2,774,426 |
| Fidelity Institutional Money Market Portfolio, 0.15% (A) |
| |
|
| (Cost $2,774,426) |
|
2,774,426 |
|
|
|
|
|
|
| TOTAL INVESTMENTS (Cost $37,342,145)(B) - 98.9 % |
$ 37,959,105 | |
|
| ASSETS IN EXCESS OF OTHER LIABILITIES - 1.1 % |
446,759 | |
|
| TOTAL NET ASSETS - 100.0% |
|
$ 38,405,864 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2011. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially the | ||||
same and differs from market value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
| Unrealized appreciation: |
$ 2,440,846 | |
|
| Unrealized depreciation: |
(1,823,886) | |
|
| Net unrealized appreciation: |
$ 616,960 |
Timothy Plan Small Cap Value Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCK - 87.9 % |
|
|
|
| AEROSPACE/DEFENSE - 2.3 % |
|
|
24,400 |
| Moog, Inc. * |
|
$ 1,071,892 |
|
|
|
|
|
|
| APPAREL - 2.2 % |
|
|
29,400 |
| Wolverine World Wide, Inc. |
|
1,047,816 |
|
|
|
|
|
|
| BANKS - 15.8 % |
|
|
15,428 |
| Bancfirst Corp. |
|
579,167 |
77,201 |
| BBCN Bancorp, Inc. * |
|
729,549 |
49,503 |
| Chemical Financial Corp. |
|
1,055,404 |
55,108 |
| Columbia Banking System, Inc. |
|
1,061,931 |
5,989 |
| First Citizens BancShares, Inc./NC |
|
1,048,015 |
63,800 |
| First Financial Bancorp |
|
1,061,632 |
19,800 |
| SVB Financial Group * |
|
944,262 |
36,000 |
| Wintrust Financial Corp. |
|
1,009,800 |
|
|
|
|
7,489,760 |
|
| CHEMICALS - 2.0 % |
|
|
47,000 |
| Kraton Performance Polymers, Inc. * |
|
954,100 |
|
|
|
|
|
|
| COAL - 2.1 % |
|
|
52,000 |
| Cloud Peak Energy, Inc. * |
|
1,004,640 |
|
|
|
|
|
|
| COMMERCIAL SERVICES - 2.3 % |
|
|
29,500 |
| Rent-A-Center, Inc./TX |
|
1,091,500 |
|
|
|
|
|
|
| COMPUTERS - 2.3 % |
|
|
38,700 |
| j2 Global, Inc. |
|
1,089,018 |
|
|
|
|
|
|
| DIVERSIFIED FINANCIAL SERVICES - 4.1 % |
|
|
78,517 |
| Calamos Asset Management, Inc. - Cl. A |
|
982,248 |
81,100 |
| Knight Capital Group, Inc. - Cl. A * |
|
958,602 |
|
|
|
|
1,940,850 |
|
| ELECTRIC - 4.6 % |
|
|
22,400 |
| Avista Corp. |
|
576,800 |
14,600 |
| Cleco Corp. |
|
556,260 |
29,500 |
| NorthWestern Corp. |
|
1,055,805 |
|
|
|
|
2,188,865 |
|
| ELECTRICAL COMPONENTS & EQUIPMENT - 2.3 % |
| |
41,500 |
| EnerSys * |
|
1,077,755 |
|
|
|
|
|
|
| ENGINEERING & CONSTRUCTION - 1.9 % |
|
|
38,070 |
| Layne Christensen Co. * |
|
921,294 |
|
|
|
|
|
|
| FOOD - 2.5 % |
|
|
22,565 |
| J&J Snack Foods Corp. |
|
1,202,263 |
|
|
|
|
|
|
| HEALTHCARE-PRODUCTS - 4.6 % |
|
|
111,617 |
| Natus Medical, Inc. * |
|
1,052,548 |
31,680 |
| Orthofix International NV * |
|
1,116,086 |
|
|
|
|
2,168,634 |
|
| INSURANCE - 5.4 % |
|
|
41,123 |
| AMERISAFE, Inc. * |
|
956,110 |
31,500 |
| Employers Holdings, Inc. |
|
569,835 |
25,670 |
| Safety Insurance Group, Inc. |
|
1,039,122 |
|
|
|
|
2,565,067 |
|
| MACHINERY-DIVERSIFIED - 1.0 % |
|
|
22,505 |
| Hurco Cos., Inc. * |
|
472,605 |
|
|
|
|
|
|
| METAL FABRICATE/HARDWARE - 2.2 % |
|
|
34,900 |
| Kaydon Corp. |
|
1,064,450 |
|
|
|
|
|
|
| MISCELLANEOUS MANUFACTURING - 4.6 % |
| |
29,497 |
| AO Smith Corp. |
|
1,183,420 |
48,800 |
| Harsco Corp. |
|
1,004,304 |
|
|
|
|
2,187,724 |
|
| OIL & GAS - 5.8 % |
|
|
17,800 |
| Approach Resources, Inc. * |
|
523,498 |
173,626 |
| Gastar Exploration Ltd. * |
|
552,131 |
17,761 |
| GeoResources, Inc. * |
|
520,575 |
64,600 |
| Kodiak Oil & Gas Corp. * |
|
613,700 |
18,000 |
| Swift Energy Co. * |
|
534,960 |
|
|
|
|
2,744,864 |
|
| OIL & GAS SERVICES - 4.5 % |
|
|
25,954 |
| Basic Energy Services, Inc. * |
|
511,294 |
114,366 |
| Matrix Service Co. * |
|
1,079,615 |
56,500 |
| Pioneer Drilling Co. * |
|
546,920 |
|
|
|
|
2,137,829 |
|
| RETAIL - 2.1 % |
|
|
74,100 |
| Kirkland's, Inc. * |
|
985,530 |
|
|
|
|
|
|
| SEMICONDUCTORS - 0.9 % |
|
|
20,038 |
| Veeco Instruments, Inc. * |
|
416,790 |
|
|
|
|
|
|
| SOFTWARE - 3.3 % |
|
|
84,006 |
| Pervasive Software, Inc. * |
|
488,915 |
35,400 |
| SYNNEX Corp. * |
|
1,078,284 |
|
|
|
|
1,567,199 |
|
| TELECOMMUNICATIONS - 1.1 % |
|
|
133,100 |
| Tellabs Inc. |
|
537,724 |
|
|
|
|
|
|
| TRANSPORTATION - 5.7 % |
|
|
10,400 |
| Genesee & Wyoming, Inc. * |
|
630,032 |
22,264 |
| Landstar System, Inc. |
|
1,066,891 |
80,863 |
| Saia, Inc. * |
|
1,009,170 |
|
|
|
|
2,706,093 |
|
| TRUCKING & LEASING - 2.3 % |
|
|
38,600 |
| TAL International Group, Inc. |
|
1,111,294 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCK (Cost $42,260,236) |
|
41,745,556 |
|
|
|
|
|
|
| REITs - 11.6 % |
|
|
60,365 |
| Coresite Realty Corp. |
|
1,075,704 |
234,700 |
| DCT Industrial Trust, Inc. |
|
1,201,664 |
112,457 |
| DiamondRock Hospitality Co. |
|
1,084,086 |
30,100 |
| Healthcare Realty Trust, Inc. |
|
559,559 |
35,400 |
| Potlatch Corp. |
|
1,101,294 |
18,600 |
| Washington Real Estate Investment Trust |
|
508,710 |
|
|
|
|
|
|
| TOTAL REITs (Cost $5,320,738) |
|
5,531,017 |
|
|
|
|
|
|
| MONEY MARKET FUND - 0.3 % |
|
|
158,441 |
| Fidelity Institutional Money Market Portfolio, 0.15% (A) |
| |
|
| (Cost $158,441) |
|
158,441 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS (Cost $47,739,415)(B) - 99.8 % |
$ 47,435,014 | |
|
| ASSETS IN EXCESS OF OTHER LIABILITIES - 0.2 % |
70,992 | |
|
| TOTAL NET ASSETS - 100.0% |
|
$ 47,506,006 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2011. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially the | ||||
same and differs from market value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
| Unrealized appreciation: |
$ 3,811,997 | |
|
| Unrealized depreciation: |
(4,116,398) | |
|
| Net unrealized depreciation: |
$ (304,401) |
Timothy Plan Large/Mid Cap Value Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCK - 89.9 % |
|
|
|
| AEROSPACE/DEFENSE - 3.0 % |
|
|
30,800 |
| General Dynamics Corp. |
|
$ 2,045,428 |
7,173 |
| Goodrich Corp. |
|
887,300 |
|
|
|
|
2,932,728 |
|
| AUTO PARTS & EQUIPMENT - 2.7 % |
|
|
28,500 |
| BorgWarner, Inc. * |
|
1,816,590 |
21,300 |
| Lear Corp. |
|
847,740 |
|
|
|
|
2,664,330 |
|
| BANKS - 1.9 % |
|
|
54,400 |
| CIT Group, Inc. * |
|
1,896,928 |
|
|
|
|
|
|
| BEVERAGES - 2.3 % |
|
|
56,900 |
| Dr Pepper Snapple Group, Inc. |
|
2,246,412 |
|
|
|
|
|
|
| CHEMICALS - 2.7 % |
|
|
29,300 |
| Sherwin-Williams Co./The |
|
2,615,611 |
|
|
|
|
|
|
| DIVERSIFIED FINANCIAL SERVICES - 5.6 % |
|
|
69,300 |
| Eaton Vance Corp. |
|
1,638,252 |
17,100 |
| Franklin Resources, Inc. |
|
1,642,626 |
112,600 |
| Invesco Ltd. |
|
2,262,134 |
|
|
|
|
5,543,012 |
|
| ELECTRIC - 7.0 % |
|
|
49,000 |
| American Electric Power Co., Inc. |
|
2,024,190 |
47,000 |
| Dominion Resources, Inc./VA |
|
2,494,760 |
53,300 |
| FirstEnergy Corp. |
|
2,361,190 |
|
|
|
|
6,880,140 |
|
|
ELECTRICAL COMPONENTS & EQUIPMENT - 2.4 % |
| |
51,500 |
| Emerson Electric Co. |
|
2,399,385 |
|
|
|
|
|
|
| ELECTRONICS - 2.0 % |
|
|
63,500 |
| TE Connectivity Ltd. |
|
1,956,435 |
|
|
|
|
|
|
| FOOD - 4.2 % |
|
|
26,100 |
| JM Smucker Co./The |
|
2,040,237 |
71,300 |
| Sysco Corp. |
|
2,091,229 |
|
|
|
|
4,131,466 |
|
| HEALTHCARE-PRODUCTS - 11.9 % |
|
|
79,700 |
| CareFusion Corp. * |
|
2,025,177 |
60,900 |
| Covidien PLC |
|
2,741,109 |
22,800 |
| CR Bard, Inc. |
|
1,949,400 |
28,800 |
| DENTSPLY International, Inc. |
|
1,007,712 |
117,000 |
| Hologic, Inc. * |
|
2,048,670 |
56,400 |
| St Jude Medical, Inc. |
|
1,934,520 |
|
|
|
|
11,706,588 |
|
| INSURANCE - 9.7 % |
|
|
37,700 |
| ACE Ltd. |
|
2,643,524 |
63,100 |
| Arch Capital Group Ltd. * |
|
2,349,213 |
67,700 |
| Axis Capital Holdings Ltd. |
|
2,163,692 |
60,100 |
| Willis Group Holdings PLC |
|
2,331,880 |
|
|
|
|
9,488,309 |
|
| MACHINERY-DIVERSIFIED - 2.2 % |
|
|
22,200 |
| Flowserve Corp. |
|
2,204,904 |
|
|
|
|
|
|
| METAL FABRICATE/HARDWARE - 2.4 % |
|
|
14,200 |
| Precision Castparts Corp. |
|
2,340,018 |
|
|
|
|
|
|
| OIL & GAS - 18.6 % |
|
|
28,300 |
| Anadarko Petroleum Corp. |
|
2,160,139 |
20,600 |
| Apache Corp. |
|
1,865,948 |
18,600 |
| ConocoPhillips |
|
1,355,382 |
45,200 |
| EQT Corp. |
|
2,476,508 |
41,000 |
| Exxon Mobil Corp. |
|
3,475,160 |
44,400 |
| Marathon Oil Corp. |
|
1,299,588 |
29,300 |
| Marathon Petroleum Corp. |
|
975,397 |
34,700 |
| Murphy Oil Corp. |
|
1,934,178 |
29,000 |
| Occidental Petroleum Corp. |
|
2,717,300 |
|
|
|
|
18,259,600 |
|
| OIL & GAS SERVICES - 2.3 % |
|
|
33,000 |
| National Oilwell Varco, Inc. |
|
2,243,670 |
|
|
|
|
|
|
| RETAIL - 2.7 % |
|
|
37,900 |
| Advance Auto Parts, Inc. |
|
2,638,977 |
|
|
|
|
|
|
| SEMICONDUCTORS - 1.0 % |
|
|
26,900 |
| Microchip Technology, Inc. |
|
985,347 |
|
|
|
|
|
|
| SOFTWARE - 2.5 % |
|
|
122,300 |
| CA, Inc. |
|
2,472,295 |
|
|
|
|
|
|
| TRANSPORTATION - 2.8 % |
|
|
26,400 |
| Union Pacific Corp. |
|
2,796,816 |
|
|
|
|
|
|
| TOTAL COMMON STOCK (Cost $74,858,694) |
|
88,402,971 |
|
|
|
|
|
|
| MASTER LIMITED PARTNERSHIPS - 2.1 % |
|
|
78,800 |
| Lazard Ltd. - Cl. A |
|
2,057,468 |
|
|
|
|
|
|
|
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $2,711,146) |
2,057,468 | |
|
|
|
|
|
|
| REITs - 4.8 % |
|
|
51,100 |
| HCP, Inc. |
|
2,117,073 |
19,700 |
| Public Storage |
|
2,648,862 |
|
|
|
|
|
|
| TOTAL REITs (Cost $3,033,852) |
|
4,765,935 |
|
|
|
|
|
|
| MONEY MARKET FUND - 3.1 % |
|
|
3,039,806 |
| Fidelity Institutional Money Portfolio, 0.15% (A) |
|
|
|
| (Cost $3,039,806) |
|
3,039,806 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $83,643,498)(B) - 99.9 % |
$ 98,266,180 | |
|
|
ASSETS IN EXCESS OF OTHER LIABILITIES - 0.1 % |
40,265 | |
|
| TOTAL NET ASSETS - 100.0% |
|
$ 98,306,445 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2011. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially the | ||||
same and differs from market value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
|
Unrealized appreciation: |
$ 18,932,398 | |
|
|
Unrealized depreciation: |
(4,309,716) | |
|
|
Net unrealized appreciation: |
$ 14,622,682 |
Timothy Plan Fixed Income Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
Par Value |
|
|
|
Value |
|
|
|
|
|
|
| BONDS AND NOTES - 94.1% |
|
|
|
| ASSET-BACKED SECURITIES - 0.2% |
|
|
$ 8,710 |
| John Deere Owner Trust, 2.59%, 10/15/2013 |
|
$ 8,720 |
145,000 |
| John Deere Owner Trust, 3.96%, 05/16/2016 |
|
146,679 |
|
| TOTAL ASSET-BACKED SECURITIES (Cost $153,906) |
|
155,399 |
|
|
|
|
|
|
| CORPORATE BONDS - 23.2% |
|
|
500,000 |
| America Movil SAB de C.V., 5.00%, 03/30/2020 |
|
554,886 |
1,000,000 |
| Cameron International Corp., 6.375%, 07/15/2018 |
|
1,185,895 |
750,000 |
| Canadian National Railway Co., 5.80%, 06/01/2016 |
|
872,664 |
750,000 |
| ConocoPhillips, 4.60%, 01/15/2015 |
|
830,089 |
500,000 |
| Covidien International Finance SA, 5.45%, 10/15/2012 |
|
517,549 |
950,000 |
| Dominion Resources, Inc., 5.00%, 03/15/2013 |
|
996,546 |
350,000 |
| Energy Transfer Partners LP, 6.70%, 07/01/2018 |
|
388,815 |
500,000 |
| Enterprise Products Operating, LLC, 6.125%, 10/15/2039 |
|
560,449 |
900,000 |
| ERP Operating LP, 5.125%, 03/15/2016 |
|
965,193 |
500,000 |
| Express Scripts, Inc., 5.25%, 06/15/2012 |
|
509,125 |
500,000 |
| Johnson Controls, Inc., 5.00%, 03/30/2020 |
|
557,115 |
750,000 |
| Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014 |
|
811,915 |
500,000 |
| L-3 Communications, Corp., 5.20%, 10/15/2019 |
|
508,016 |
750,000 |
| Marathon Oil Corp., 6.00%, 10/01/2017 |
|
873,715 |
750,000 |
| Nisource Finance Corp., 5.40%, 07/15/2014 |
|
814,221 |
500,000 |
| Oneok, Inc., 5.20%, 06/15/2015 |
|
546,825 |
750,000 |
| Simon Property Group LP, 5.75%, 12/01/2015 |
|
839,818 |
500,000 |
| Transocean, Inc., 6.00%, 03/15/2018 |
|
513,725 |
1,000,000 |
| Tyco Electronics Group SA, 6.00%, 10/01/2012 |
|
1,035,279 |
500,000 |
| Valero Energy Corp., 6.625%, 06/15/2037 |
|
537,819 |
750,000 |
| Weatherford International, Ltd., 4.95%, 10/15/2013 |
|
788,420 |
750,000 |
| Willis North America, Inc., 6.20%, 03/28/2017 |
|
825,563 |
|
| TOTAL CORPORATE BONDS (Cost $14,729,108) |
|
16,033,642 |
|
|
|
|
|
|
| U.S. GOVERNMENT & AGENCY OBLIGATIONS - 70.7% |
|
|
|
| GOVERNMENT NOTES & BONDS - 31.4% |
|
|
1,500,000 |
| Federal Farm Credit Bank, 4.875%, 01/17/2017 |
|
1,769,687 |
2,500,000 |
| Federal Farm Credit Bank, 5.125%, 08/25/2016 |
|
2,957,070 |
1,000,000 |
| Federal Home Loan Bank, 5.00%, 11/17/2017 |
|
1,201,661 |
1,500,000 |
| Federal Home Loan Bank, 5.50%, 08/13/2014 |
|
1,691,623 |
4,000,000 |
| U.S. Treasury Bond, 3.125%, 05/15/2019 |
|
4,485,624 |
1,500,000 |
| U.S. Treasury Bond, 4.375%, 05/15/2040 |
|
1,948,829 |
1,000,000 |
| U.S. Treasury Bond, 5.00%, 05/15/2037 |
|
1,407,188 |
2,000,000 |
| U.S. Treasury Note, 3.125%, 05/15/2021 |
|
2,233,672 |
2,000,000 |
| U.S. Treasury Note, 3.875%, 05/15/2018 |
|
2,333,126 |
1,550,000 |
| U.S. Treasury Note, 4.75%, 05/15/2014 |
|
1,712,205 |
|
|
TOTAL GOVERNMENT NOTES & BONDS (Cost $19,715,982) |
21,740,685 | |
|
|
|
|
|
|
|
GOVERNMENT MORTGAGE-BACKED SECURITIES - 34.2% |
| |
93,564 |
| GNMA Pool 3584, 6.00%, 07/20/2034 |
|
106,935 |
214,185 |
| GNMA Pool 3612, 6.50%, 09/20/2034 |
|
245,061 |
666,506 |
| GNMA Pool 3625, 6.00%, 10/20/2034 |
|
757,026 |
275,585 |
| GNMA Pool 3637, 5.50%, 11/20/2034 |
|
311,126 |
432,010 |
| GNMA Pool 3665, 5.50%, 01/20/2035 |
|
487,726 |
217,472 |
| GNMA Pool 3679, 6.00%, 02/20/2035 |
|
247,007 |
551,300 |
| GNMA Pool 3711, 5.50%, 05/20/2035 |
|
621,884 |
496,851 |
| GNMA Pool 3865, 6.00%, 06/20/2036 |
|
563,397 |
355,925 |
| GNMA Pool 3910, 6.00%, 10/20/2036 |
|
403,596 |
668,664 |
| GNMA Pool 3939, 5.00%, 01/20/2037 |
|
741,423 |
816,843 |
| GNMA Pool 4058, 5.00%, 12/20/2037 |
|
905,725 |
861,603 |
| GNMA Pool 4072, 5.50%, 01/20/2038 |
|
967,338 |
2,315,873 |
| GNMA Pool 4520, 5.00%, 08/20/2039 |
|
2,564,974 |
1,429,406 |
| GNMA Pool 4541, 5.00%, 09/20/2039 |
|
1,583,157 |
2,640,990 |
| GNMA Pool 4947, 5.00%, 02/20/2041 |
|
2,924,236 |
995,188 |
| GNMA Pool 5204, 4.50%, 10/20/2041 |
|
1,086,715 |
33,363 |
| GNMA Pool 585163, 5.00%, 02/15/2018 |
|
36,384 |
30,972 |
| GNMA Pool 585180, 5.00%, 02/15/2018 |
|
33,777 |
23,467 |
| GNMA Pool 592492, 5.00%, 03/15/2018 |
|
25,593 |
26,025 |
| GNMA Pool 599821, 5.00%, 01/15/2018 |
|
28,399 |
442,529 |
| GNMA Pool 604182, 5.50%, 04/15/2033 |
|
499,644 |
257,552 |
| GNMA Pool 663776, 6.50%, 01/15/2037 |
|
293,521 |
3,703,427 |
| GNMA Pool 701961, 4.50%, 06/15/2039 |
|
4,049,118 |
1,640,241 |
| GNMA Pool 717072, 5.00%, 05/15/2039 |
|
1,818,925 |
966,689 |
| GNMA Pool 734437, 4.50%, 05/15/2041 |
|
1,054,809 |
92,880 |
| GNMA Pool 781694, 6.00%, 12/15/2031 |
|
105,895 |
1,049,736 |
| GNMA Pool 782858, 6.00%, 11/15/2039 |
|
1,190,154 |
|
|
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES |
| |
|
| (Cost $22,141,079) |
|
23,653,545 |
|
|
|
|
|
|
|
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 5.1% |
| |
1,250,000 |
| TIPS, 2.00%, 01/15/2014 |
|
1,623,149 |
1,500,000 |
| TIPS, 2.50%, 07/15/2016 |
|
1,945,570 |
|
|
TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) |
| |
|
| (Cost $3,239,282) |
|
3,568,719 |
|
|
|
|
|
|
| TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS |
|
|
|
| (Cost $45,096,343) |
|
48,962,949 |
|
|
|
|
|
|
| TOTAL BONDS AND NOTES (Cost $59,979,357) |
|
65,151,990 |
|
|
|
|
|
Shares |
|
|
|
|
|
| MONEY MARKET FUND - 5.2% |
|
|
3,577,600 |
| Fidelity Institutional Money Market Portfolio, 0.15% (A) |
|
|
|
| (Cost $3,577,600) |
|
3,577,600 |
|
|
|
|
|
|
| TOTAL INVESTMENTS (Cost $63,556,957)(B) - 99.3% |
|
$ 68,729,590 |
|
| ASSETS IN EXCESS OF OTHER LIABILITIES - 0.7% |
|
487,373 |
|
| TOTAL NET ASSETS - 100.00% |
|
$ 69,216,963 |
| ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2011. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially the same and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
Unrealized appreciation |
$ 5,173,763 | ||
|
Unrealized depreciation |
(1,130) | ||
|
Net unrealized appreciation |
$ 5,172,633 |
Timothy Plan High Yield Bond Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
Par Value |
|
|
|
Value |
|
|
|
|
|
|
| CORPORATE BONDS - 89.6% |
|
|
$ 250,000 |
| Actuant Corp., 6.875%, 6/15/2017 |
|
$ 258,438 |
500,000 |
| AmeriGas Partners LP, 6.50%, 5/20/2021 |
|
493,750 |
500,000 |
| Basic Energy Services, Inc., 7.75%, 2/15/2019 |
|
501,250 |
500,000 |
| Berry Petroleum Co., 8.25%, 11/01/2016 |
|
518,750 |
500,000 |
| Calfrac Holdings LP, 7.50%, 12/01/2020 (A) |
|
490,000 |
500,000 |
| Calumet Special, 9.375%, 5/1/2019 (A) |
|
487,500 |
500,000 |
| Cemex Finance LLC, 9.50%, 12/14/2016 (A) |
|
441,250 |
500,000 |
| Cloud Peak Energy Resources LLC, 8.50%, 12/15/2019 |
|
540,000 |
500,000 |
| CommScope, Inc., 8.25%, 1/15/2019 (A) |
|
497,500 |
500,000 |
| Comstock Resources, Inc., 8.375%, 10/15/2017 |
|
483,750 |
250,000 |
| Continental Resources, Inc., 7.125%, 4/01/2021 |
|
272,500 |
500,000 |
| Copano Energy Finance Corp., 7.75%, 6/01/2018 |
|
522,500 |
500,000 |
| Covanta Holding Corp., 7.25%, 12/01/2020 |
|
528,080 |
500,000 |
| Crosstex Energy LP, 8.875%, 2/15/2018 |
|
548,750 |
500,000 |
| Energy Transfer Equity LP, 7.50%, 10/15/2020 |
|
548,750 |
500,000 |
| FMG Resources August 2006 Pty Ltd., 7.00%, 11/01/2015 (A) |
|
507,500 |
500,000 |
| Forest Oil Corp., 7.25%, 6/15/2019 |
|
512,500 |
500,000 |
| Frac Tech Services LLC, 7.125%, 11/15/2018 (A) |
|
526,250 |
750,000 |
| Genesis Energy LP, 7.875%, 12/15/2018 |
|
753,750 |
500,000 |
| Geo Group, Inc./The, 6.625%, 2/15/2011 |
|
505,000 |
329,000 |
| Goodyear Tire & Rubber Co., 10.50%, 5/15/2016 |
|
364,368 |
500,000 |
| Helix Energy Solutions Group, Inc., 9.50%, 1/15/2016 (A) |
|
518,125 |
500,000 |
| Hypermarcas SA, 6.50%, 4/20/2021 (A) |
|
448,750 |
500,000 |
| Intergen NV, 9.00%, 6/30/2017 (A) |
|
528,750 |
250,000 |
| Iron Mountain, 7.75%, 10/1/2019 |
|
262,500 |
500,000 |
| Kindred Healthcare, 8.25%, 6/1/2019 |
|
416,250 |
500,000 |
| MarkWest Energy Partners L.P., 6.75%, 11/01/2020 |
|
526,250 |
500,000 |
| MedAssets, Inc., 8.00%, 11/15/2018 |
|
487,500 |
500,000 |
| MEMC Electronic Materials, Inc., 7.75%, 4/01/2019 |
|
351,250 |
500,000 |
| MPT Operating Partnership LP, 6.875%, 5/1/2021 |
|
498,125 |
500,000 |
| Navios Maritime Holdings, Inc., 8.875%, 11/01/2017 |
|
478,750 |
449,000 |
| Navistar International Corp., 8.25%, 11/01/2021 |
|
479,867 |
500,000 |
| Nova Chemicals Corp., 8.625%, 11/01/2019 |
|
553,750 |
500,000 |
| NRG Energy, Inc., 7.375%, 1/15/2017 |
|
520,000 |
500,000 |
| OGX Petroleo, 8.50%, 6/1/2018 (A) |
|
490,000 |
500,000 |
| Omnicare, Inc., 7.75%, 6/01/2020 |
|
539,375 |
500,000 |
| PolyOne Corp., 7.375%, 9/15/2020 |
|
517,500 |
250,000 |
| Polypore International, Inc., 7.50%, 11/15/2017 |
|
257,813 |
500,000 |
| QBE Cap Funding II LP, 7.25%, 5/24/2041 (A) |
|
440,984 |
250,000 |
| R R Donnelley & Sons Co., 7.25%, 5/15/2018 |
|
243,750 |
500,000 |
| Reynolds Group Issuer, Inc., 9.00%, 4/15/2019 (A) |
|
471,250 |
500,000 |
| Sanmina-SCI Corp., 7.00%, 5/15/2019 (A) |
|
490,000 |
500,000 |
| Sealy Mattress Co., 8.25%, 6/15/2014 |
|
497,500 |
500,000 |
| Suncoke Energy, 7.625%, 8/1/2019 (A) |
|
502,500 |
500,000 |
| Swift Energy Co., 7.125%, 6/01/2017 |
|
493,750 |
500,000 |
| Targa Resources Partners LP, 7.875%, 10/15/2018 |
|
530,000 |
410,000 |
| Tesoro Corp., 9.75%, 6/01/2019 |
|
462,275 |
500,000 |
| United Rentals North America, Inc., 9.25%, 12/15/2019 |
|
526,250 |
500,000 |
| United States Steel Corp., 6.05%, 06/01/2017 |
|
480,000 |
500,000 |
| USG Corp., 9.75%, 01/15/2018 |
|
425,000 |
250,000 |
| Vanguard Health Holding Co., LLC, 7.75%, 02/01/2019 (A) |
|
241,250 |
|
|
|
|
|
|
| TOTAL CORPORATE BONDS (Cost $23,958,274) |
|
23,981,200 |
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
| MONEY MARKET FUND - 9.0% |
|
|
2,408,683 |
| Fidelity Institutional Money Market Portfolio, 0.15% (B) |
|
|
|
| (Cost $2,408,683) |
|
2,408,683 |
|
|
|
|
|
|
| TOTAL INVESTMENTS (Cost $26,366,957)(C) - 98.6% |
|
$ 26,389,883 |
|
| ASSETS IN EXCESS OF OTHER LIABILITIES - 1.4% |
|
380,473 |
|
| TOTAL NET ASSETS - 100.00% |
|
$ 26,770,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. | ||||
(B) Variable rate security; the rate shown represents the yield at December 31, 2011. | ||||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially the same and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
Unrealized appreciation |
$ 727,749 | ||
|
Unrealized depreciation |
(704,823) | ||
|
Net unrealized appreciation |
$ 22,926 |
Timothy Plan Money Market | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
Par Value |
|
|
|
Value |
|
|
|
|
|
|
| BONDS AND NOTES - 93.0% |
|
|
|
| ASSET-BACKED SECURITIES - 5.2% |
|
|
$ 600,000 |
| CNH Equipment Trust, 0.550%, 1/4/2013 |
|
|
|
| (Cost $600,000) |
|
$ 600,000 |
|
|
|
|
|
|
|
U.S. GOVERNMENT & GOVERNMENT AGENCIES (A) - 87.8% |
| |
850,000 |
| Federal Home Loan Bank, 0.030%, 1/4/2012 |
|
849,999 |
600,000 |
| Federal Home Loan Bank, 0.040%, 1/11/2012 |
|
599,995 |
350,000 |
| Federal Home Loan Bank, 0.010%, 1/18/2012 |
|
349,999 |
500,000 |
| Federal Home Loan Bank, 0.010%, 1/20/2012 |
|
499,998 |
695,000 |
| Federal Home Loan Bank, 0.030%, 1/27/2012 |
|
694,988 |
575,000 |
| Federal Home Loan Bank, 0.020%, 1/31/2012 |
|
574,991 |
525,000 |
| Federal Home Loan Bank, 0.020%, 2/6/2012 |
|
524,990 |
100,000 |
| Federal Home Loan Bank, 0.030%, 2/8/2012 |
|
99,997 |
575,000 |
| Federal Home Loan Bank, 0.030%, 2/10/2012 |
|
574,984 |
220,000 |
| Federal Home Loan Bank, 0.010%, 2/14/2012 |
|
219,997 |
200,000 |
| Federal Home Loan Bank, 0.020%, 2/22/2012 |
|
199,994 |
800,000 |
| Federal Home Loan Bank, 0.020%, 2/24/2012 |
|
799,977 |
100,000 |
| Federal Home Loan Bank, 0.020%, 3/5/2012 |
|
99,997 |
550,000 |
| Federal Home Loan Bank, 0.020%, 3/7/2012 |
|
549,985 |
700,000 |
| Federal Home Loan Bank, 0.020%, 3/16/2012 |
|
699,979 |
1,500,000 |
| Federal Home Loan Bank, 0.020%, 3/21/2012 |
|
1,499,935 |
800,000 |
| U.S. Treasury Bill, 0.020 %, 3/23/2012 |
|
799,973 |
600,000 |
| U.S. Treasury Bill, 0.020%, 3/28/2012 |
|
599,979 |
|
|
|
|
|
|
|
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCIES |
| |
|
| (Cost $10,239,757) |
|
10,239,757 |
|
|
|
|
|
|
| TOTAL BONDS AND NOTES (Cost $10,839,757) |
|
10,839,757 |
|
|
|
|
|
Shares |
|
|
|
|
|
| MONEY MARKET FUND - 7.0% |
|
|
815,064 |
| Fidelity Institutional Money Market Portfolio, 0.15% (B) |
|
|
|
| (Cost $815,064) |
|
815,064 |
|
|
|
|
|
|
| TOTAL INVESTMENTS (Cost $11,654,821)(C) - 100.0% |
|
$ 11,654,821 |
|
| ASSETS IN EXCESS OF OTHER LIABILITIES - 0.0% |
|
2,256 |
|
| TOTAL NET ASSETS - 100.00% |
|
$ 11,657,077 |
|
|
|
|
|
(A) Discount note; the rate shown represents the yield at December 31, 2011. | ||||
(B) Variable rate security; the rate shown represents the yield at December 31, 2011. | ||||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially the same. |
Timothy Plan Defensive Strategies Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
|
COMMON STOCK - 26.8 % |
|
|
|
|
CHEMICALS - 2.7 % |
|
|
12,994 |
|
Albemarle Corp. |
|
$ 669,321 |
11,515 |
|
Ashland, Inc. |
|
658,197 |
4,610 |
|
CF Industries Holdings, Inc. |
|
668,358 |
|
|
|
|
1,995,876 |
|
|
COAL - 3.5 % |
|
|
32,056 |
|
Alpha Natural Resources, Inc. * |
|
654,904 |
44,839 |
|
Arch Coal, Inc. |
|
650,614 |
73,508 |
|
Patriot Coal Corp. * |
|
622,613 |
19,413 |
|
Peabody Energy Corp. |
|
642,764 |
|
|
|
|
2,570,895 |
|
|
FOOD - 0.9 % |
|
|
31,780 |
|
Tyson Foods, Inc. |
|
655,939 |
|
|
|
|
|
|
|
FOREST PRODUCTS & PAPER - 0.9 % |
|
|
22,173 |
|
MeadWestvaco Corp. |
|
664,082 |
|
|
|
|
|
|
|
IRON/STEEL - 5.4 % |
|
|
13,809 |
|
Allegheny Technologies, Inc. |
|
660,070 |
36,213 |
|
ArcelorMittal |
|
658,715 |
16,428 |
|
Nucor Corp. |
|
650,056 |
13,336 |
|
Reliance Steel & Aluminum Co. |
|
649,330 |
49,776 |
|
Steel Dynamics, Inc. |
|
654,554 |
25,353 |
|
United States Steel Corp. |
|
670,840 |
|
|
|
|
3,943,565 |
|
|
MINING - 3.5 % |
|
|
75,171 |
|
Century Aluminum Co. * |
|
639,705 |
26,018 |
|
Coeur d'Alene Mines Corp. * |
|
628,075 |
55,608 |
|
Harmony Gold Mining Co. Ltd. |
|
647,277 |
121,483 |
|
Hecla Mining Co. |
|
635,356 |
|
|
|
|
2,550,413 |
|
|
OIL & GAS - 3.6 % |
|
|
11,277 |
|
Helmerich & Payne, Inc. |
|
658,126 |
22,742 |
|
Marathon Oil Corp. |
|
665,658 |
16,485 |
|
Transocean Ltd/Switzerland |
|
632,859 |
31,583 |
|
Valero Energy Corp. |
|
664,822 |
|
|
|
|
2,621,465 |
|
|
OIL & GAS SERVICES - 4.5 % |
|
|
13,320 |
|
Baker Hughes, Inc. |
|
647,885 |
20,403 |
|
Hornbeck Offshore Services, Inc. * |
|
632,901 |
9,705 |
|
National Oilwell Varco, Inc. |
|
659,843 |
7,288 |
|
SEACOR Holdings, Inc. * |
|
648,341 |
46,211 |
|
Weatherford International Ltd. * |
|
676,529 |
|
|
|
|
3,265,499 |
|
|
PACKAGING & CONTAINERS - 1.8 % |
|
|
18,585 |
|
Ball Corp. |
|
663,670 |
34,853 |
|
Owens-Illinois, Inc. * |
|
675,451 |
|
|
|
|
1,339,121 |
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $19,475,107) |
|
19,606,855 |
|
|
|
|
|
|
|
REITs - 14.1 % |
|
|
2,800 |
|
Acadia Realty Trust |
|
56,392 |
2,400 |
|
Alexandria Real Estate Equities Inc. |
|
165,528 |
2,200 |
|
Apartment Investment & Management Co. |
|
50,402 |
2,450 |
|
AvalonBay Communities Inc. |
|
319,970 |
4,800 |
|
Boston Properties Inc. |
|
478,080 |
5,900 |
|
Brandywine Realty Trust |
|
56,050 |
3,000 |
|
BRE Properties Inc. |
|
151,440 |
2,100 |
|
Camden Property Trust |
|
130,704 |
5,900 |
|
CBL & Associates Properties Inc. |
|
92,630 |
6,500 |
|
Colonial Properties Trust |
|
135,590 |
9,700 |
|
DCT Industrial Trust Inc. |
|
49,664 |
17,400 |
|
DDR Corp. |
|
211,758 |
22,200 |
|
DiamondRock Hospitality Co. |
|
214,008 |
2,390 |
|
Digital Realty Trust Inc. |
|
159,341 |
5,800 |
|
Douglas Emmett Inc. |
|
105,792 |
5,300 |
|
DuPont Fabros Technology Inc. |
|
128,366 |
9,300 |
|
Education Realty Trust Inc. |
|
95,139 |
1,300 |
|
Equity Lifestyle Properties Inc. |
|
86,697 |
9,100 |
|
Equity Residential |
|
518,973 |
1,750 |
|
Essex Property Trust Inc. |
|
245,893 |
4,300 |
|
Extra Space Storage Inc. |
|
104,189 |
1,400 |
|
Federal Realty Investment Trust |
|
127,050 |
5,600 |
|
FelCor Lodging Trust Inc. * |
|
17,080 |
9,426 |
|
General Growth Properties Inc. |
|
141,579 |
12,200 |
|
HCP Inc. |
|
505,446 |
6,700 |
|
Health Care REIT Inc. |
|
365,351 |
3,000 |
|
Highwoods Properties Inc. |
|
89,010 |
11,400 |
|
Hospitality Properties Trust |
|
261,972 |
3,800 |
|
Kilroy Realty Corp. |
|
144,666 |
15,100 |
|
Kimco Realty Corp. |
|
245,224 |
8,300 |
|
Lexington Realty Trust |
|
62,167 |
6,100 |
|
Liberty Property Trust |
|
188,368 |
6,463 |
|
Macerich Co./The |
|
327,028 |
3,800 |
|
National Retail Properties Inc. |
|
100,244 |
15,294 |
|
ProLogis Inc. |
|
437,255 |
2,200 |
|
PS Business Parks Inc. |
|
121,946 |
3,500 |
|
Public Storage |
|
470,610 |
2,300 |
|
Rayonier Inc. |
|
102,649 |
2,000 |
|
Regency Centers Corp. |
|
75,240 |
9,729 |
|
Simon Property Group Inc. |
|
1,254,457 |
4,550 |
|
SL Green Realty Corp. |
|
303,212 |
15,200 |
|
Strategic Hotels & Resorts Inc. * |
|
81,624 |
2,200 |
|
Taubman Centers Inc. |
|
136,620 |
8,000 |
|
UDR Inc. |
|
200,800 |
7,459 |
|
Ventas Inc. |
|
411,215 |
4,716 |
|
Vornado Realty Trust |
|
362,472 |
3,500 |
|
Washington Real Estate Investment Trust |
|
95,725 |
5,600 |
|
Weingarten Realty Investors |
|
122,192 |
|
|
|
|
|
|
|
TOTAL REITs (Cost $9,322,691) |
|
10,307,808 |
|
|
|
|
|
|
|
EXCHANGE TRADED FUNDS - 15.1 % |
|
|
|
|
COMMODITY FUND - 15.1 % |
|
|
26,400 |
|
iShares Silver Trust * |
|
711,216 |
79,000 |
|
PowerShares DB Agriculture Fund * |
|
2,281,520 |
39,200 |
|
PowerShares DB Base Metals Fund * |
|
731,080 |
54,600 |
|
PowerShares DB Commodity Index Tracking Fund * |
1,465,464 | |
52,700 |
|
PowerShares DB Energy Fund * |
|
1,455,574 |
28,900 |
|
SPDR Gold Shares * |
|
4,392,511 |
|
|
|
|
|
|
|
TOTAL EXCHANGE TRADED FUNDS (Cost $10,990,534) |
11,037,365 | |
Par Value |
|
|
|
|
|
|
BONDS & NOTES - 27.8 % |
|
|
|
|
GOVERNMENT MORTGAGE-BACKED SECURITIES - 3.0 % |
| |
998,836 |
|
GNMA Pool 004947, 5.00%, 02/20/2041 |
|
1,105,961 |
995,188 |
|
GNMA Pool 004947, 4.50%, 10/20/2041 |
|
1,086,715 |
|
|
|
|
|
|
|
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $2,140,615) |
2,192,676 | |
|
|
|
|
|
|
|
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 24.8 % |
| |
500,000 |
|
TIPS, 3.625%, 04/15/2028 |
|
1,041,688 |
300,000 |
|
TIPS, 3.875%, 04/15/2029 |
|
643,622 |
1,150,000 |
|
TIPS, 2.375%, 01/15/2025 |
|
1,757,423 |
1,735,000 |
|
TIPS, 1.75%, 01/15/2028 |
|
2,257,529 |
500,000 |
|
TIPS, 2.50%, 01/15/2029 |
|
704,686 |
500,000 |
|
TIPS, 3.00%, 07/15/2012 |
|
643,612 |
645,000 |
|
TIPS, 2.00%, 01/15/2014 |
|
837,545 |
550,000 |
|
TIPS, 2.00%, 07/15/2014 |
|
712,264 |
325,000 |
|
TIPS, 1.625%, 01/15/2015 |
|
415,909 |
1,045,000 |
|
TIPS, 2.00%, 01/15/2016 |
|
1,333,318 |
1,050,000 |
|
TIPS, 2.375%, 01/15/2017 |
|
1,369,277 |
1,600,000 |
|
TIPS, 2.00%, 04/15/2012 |
|
1,793,149 |
300,000 |
|
TIPS, 1.625%, 01/15/2018 |
|
369,325 |
1,250,000 |
|
TIPS, 2.125%, 01/15/2019 |
|
1,568,395 |
901,255 |
|
TIPS, 1.25%, 07/15/2020 |
|
1,059,314 |
1,440,000 |
|
TIPS, 1.125%, 01/15/2021 |
|
1,663,736 |
|
|
|
|
|
|
|
TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $16,565,427) |
18,170,792 | |
|
|
|
|
|
|
|
TOTAL BONDS & NOTES (Cost $18,706,042) |
|
20,363,468 |
|
|
|
|
|
|
|
MONEY MARKET FUND - 15.0 % |
|
|
11,006,472 |
|
Fidelity Institutional Money Market Portfolio, 0.15% (A) |
| |
|
|
(Cost $11,006,472) |
|
11,006,472 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $69,500,846)(B) - 98.8 % |
$ 72,321,968 | |
|
|
ASSETS IN EXCESS OF OTHER LIABILITIES - 1.2 % |
999,469 | |
|
|
TOTAL NET ASSETS - 100.0% |
|
$ 73,321,437 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2011. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially the | ||||
same and differs from market value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
|
Unrealized appreciation: |
$ 3,998,139 | |
|
|
Unrealized depreciation: |
(1,177,017) | |
|
|
Net unrealized appreciation: |
$ 2,821,122 |
Timothy Plan Strategic Growth | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| MUTUAL FUNDS (A) - 99.9% |
|
|
408,787 |
| Timothy Plan Aggressive Growth Fund* |
|
$ 2,603,976 |
748,902 |
| Timothy Plan Defensive Strategies Fund |
|
8,567,440 |
421,622 |
| Timothy Plan High Yield Bond Fund |
|
3,803,029 |
1,115,914 |
| Timothy Plan International Fund |
|
7,420,830 |
197,530 |
| Timothy Plan Israel Common Vaules Fund* |
|
1,951,597 |
1,029,197 |
| Timothy Plan Large/Mid Cap Growth Fund* |
|
6,586,859 |
482,007 |
| Timothy Plan Large/Mid Cap Value Fund |
|
6,429,975 |
200,286 |
| Timothy Plan Small Cap Value Fund* |
|
2,579,676 |
|
|
|
|
|
|
| TOTAL MUTUAL FUNDS (Cost $41,071,189) |
|
39,943,382 |
|
|
|
|
|
|
| MONEY MARKET FUND - 0.2% |
|
|
59,273 |
|
Fidelity Institutional Money Market Portfolio, 0.15% (B) |
| |
|
| (Cost $59,273) |
|
59,273 |
|
|
|
|
|
|
| TOTAL INVESTMENTS (Cost $41,130,462)(C) - 100.1% |
|
$ 40,002,655 |
|
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% |
|
(26,505) |
|
| TOTAL NET ASSETS - 100.00% |
|
$ 39,976,150 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Affiliated Funds - Class A. | ||||
(B) Variable rate security; the rate shown represents the yield at December 31, 2011. | ||||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially the | ||||
same and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
Unrealized appreciation |
$ 745,246 | ||
|
Unrealized depreciation |
(1,873,053) | ||
|
Net unrealized depreciation |
$ (1,127,807) |
Timothy Plan Conservative Growth | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| MUTUAL FUNDS (A) - 99.8% |
|
|
139,787 |
| Timothy Plan Aggressive Growth Fund* |
|
$ 890,446 |
1,035,863 |
| Timothy Plan Defensive Strategies Fund |
|
11,850,271 |
1,110,932 |
| Timothy Plan Fixed Income Fund |
|
11,953,623 |
373,871 |
| Timothy Plan High Yield Bond Fund |
|
3,372,318 |
556,710 |
| Timothy Plan International Fund |
|
3,702,122 |
134,961 |
| Timothy Plan Israel Common Values Fund* |
|
1,333,410 |
674,285 |
| Timothy Plan Large/Mid Cap Growth Fund* |
|
4,315,423 |
476,801 |
| Timothy Plan Large/Mid Cap Value Fund |
|
6,360,529 |
154,265 |
| Timothy Plan Small Cap Value Fund* |
|
1,986,930 |
|
|
|
|
|
|
| TOTAL MUTUAL FUNDS (Cost $42,848,690) |
|
45,765,072 |
|
|
|
|
|
|
| MONEY MARKET FUNDS - 0.3% |
|
|
142,968 |
|
Fidelity Institutional Money Market Portfolio, 0.15% (B) |
| |
|
| (Cost $142,968) |
|
142,968 |
|
|
|
|
|
|
| TOTAL INVESTMENTS (Cost $42,991,658)(C) - 100.1% |
|
$ 45,908,040 |
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% |
(16,920) | |
|
| TOTAL NET ASSETS - 100.00% |
|
$ 45,891,120 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Affiliated Funds - Class A. | ||||
(B) Variable rate security; the rate shown represents the yield at December 31, 2011. | ||||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially the | ||||
same and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
Unrealized appreciation |
$ 3,127,282 | ||
|
Unrealized depreciation |
(210,900) | ||
|
Net unrealized appreciation |
$ 2,916,382 |
Timothy Plan Israel Common Values Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
|
|
|
|
|
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCKS - 81.9% |
|
|
|
| AEROSPACE EQUIPMENT - 2.6% |
|
|
3,701 |
| Elbit Sytems Ltd. |
|
$ 150,446 |
|
|
|
|
|
|
| BANKS - 6.6% |
|
|
9,000 |
| Bank Hapoalim BM |
|
146,700 |
35,000 |
| Bank Leumi Le-Israel BM |
|
100,089 |
100,000 |
| Israel Discount Bank Ltd. * |
|
133,679 |
|
|
|
|
380,468 |
|
| CHEMICALS - 5.0% |
|
|
16,000 |
| Israel Chemicals Ltd. |
|
168,000 |
14,000 |
| Frutarom Industries Ltd. |
|
124,400 |
|
|
|
|
292,400 |
|
| ELECTRONICS- 5.1% |
|
|
14,700 |
| Ituran Location and Control Ltd. |
|
146,706 |
11,096 |
| Orbotech Ltd. * |
|
151,682 |
|
|
|
|
298,388 |
|
| ENERGY-ALTERNATE SOURCES - 2.5% |
|
|
30,300 |
| Ormant Industries |
|
143,752 |
|
|
|
|
|
|
| FOOD - 4.9% |
|
|
10,000 |
| Osem Invesments Ltd. |
|
145,973 |
4,600 |
| Rami levi Chain Stores Hashikma marketing 2006 Ltd. |
|
141,915 |
|
|
|
|
287,888 |
|
| HEALTHCARE - PRODUCTS - 5.5% |
|
|
8,900 |
| Given Imaging Ltd. * |
|
155,127 |
14,567 |
| Syneron Medical Ltd. * |
|
161,257 |
|
|
|
|
316,384 |
|
| HOME BUILDERS - 2.4% |
|
|
700 |
| Bayside Land Corp. |
|
140,877 |
|
|
|
|
|
|
| INTERNET - 5.4% |
|
|
16,557 |
| Clicksoftware Technologies Ltd. |
|
158,782 |
11,500 |
| MagicJack VocalTec Ltd. * |
|
157,090 |
|
|
|
|
315,872 |
|
| INVESTMENT COMPANIES - 2.2% |
|
|
200 |
| Israel Corp. Ltd-The |
|
124,767 |
|
|
|
|
|
|
| OIL & GAS - 4.1% |
|
|
620,000 |
| Isramo - LP * |
|
76,381 |
1,700 |
| Noble Energy, Inc. |
|
160,463 |
|
|
|
|
236,844 |
|
| REAL ESTATE- 11.4% |
|
|
34,000 |
| Alony hets Properties & Investment Ltd. |
|
150,434 |
40,000 |
| Amot Investments Ltd. |
|
97,025 |
22,000 |
| British Israel Investments Ltd. |
|
75,888 |
9,000 |
| Gasit-Globe Ltd. |
|
85,397 |
80,000 |
| Industrial Building Corp. |
|
123,929 |
21,000 |
| Jerusalem Economy Ltd. |
|
130,455 |
|
|
|
|
663,128 |
|
| SOFTWARE - 8.7% |
|
|
3,700 |
| Check Point Software Technologies Ltd. * |
|
194,398 |
29,100 |
| Magic Software Enterprises Ltd. * |
|
150,447 |
5,500 |
| Radware Ltd. * |
|
160,875 |
|
|
|
|
505,720 |
|
| TELECOMMUNICATIONS - 15.5% |
|
|
9,380 |
| Allot Communications Ltd. * |
|
142,576 |
40,000 |
| AudioCodes Ltd. * |
|
156,000 |
19,100 |
| Ceragon Networks Ltd. * |
|
147,070 |
5,200 |
| Ezchip Semiconductor Ltd. * |
|
147,316 |
38,280 |
| Gilat Satellite Networks Ltd. * |
|
151,206 |
4,500 |
| Nice-Systems Ltd. * |
|
155,025 |
|
|
|
|
899,193 |
|
|
|
|
|
|
| TOTAL COMMON STOCKS (Cost $4,820,955) |
|
4,756,127 |
|
|
|
|
|
|
| MONEY MARKET FUND - 17.5% |
|
|
1,014,110 |
|
Fidelity Institutional Money Market Portfolio, 0.15% (A) |
| |
|
| (Cost $1,014,110) |
|
1,014,110 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $5,835,065)(B) - 99.4% |
$ 5,770,237 | |
|
| ASSETS IN EXCESS OF OTHER LIABILITIES - 0.6% |
|
32,145 |
|
| TOTAL NET ASSETS - 100.00% |
|
$ 5,802,382 |
|
|
|
|
|
|
|
|
|
|
* Non-income producing securities. | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2011. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is substantially the | ||||
same and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
Unrealized appreciation |
$ 115,877 | ||
|
Unrealized depreciation |
(180,705) | ||
|
Net unrealized depreciation |
$ (64,828) |
The Timothy Plan | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2011 (Unaudited) | ||||
|
|
|
|
|
The Portfolios utilize various methods to measure the fair value of most 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 Portfolios have 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 on 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 Portfolios 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. | ||||
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|
|
|
|
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. | ||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2011 for the Portfolios assets and liabilities measured at fair value: | ||||
|
|
|
|
|
Aggressive Growth Fund |
|
|
|
|
Assets | Level 1 | Level 2 | Level 3 |
Total |
Common Stocks |
14,153,686 |
- |
- |
14,153,686 |
REITs |
60,106 |
- |
- |
60,106 |
Money Market Fund |
520,760 |
- |
- |
520,760 |
Total |
14,734,552 |
- |
- |
14,734,552 |
|
|
|
|
|
International Fund |
|
|
|
|
Assets | Level 1 | Level 2 | Level 3 |
Total |
Common Stocks |
27,299,357 |
- |
- |
27,299,357 |
Money Market Fund |
4,058,714 |
- |
- |
4,058,714 |
Total |
31,358,071 |
- |
- |
31,358,071 |
|
|
|
|
|
Large/Mid Cap Growth Fund |
|
|
|
|
Assets | Level 1 | Level 2 | Level 3 |
Total |
Common Stocks |
35,184,679 |
- |
- |
35,184,679 |
Money Market Fund |
2,774,426 |
- |
- |
2,774,426 |
Total |
37,959,105 |
- |
- |
37,959,105 |
|
|
|
|
|
Small Cap Value Fund |
|
|
|
|
Assets | Level 1 | Level 2 | Level 3 |
Total |
Common Stocks |
41,745,556 |
- |
- |
41,745,556 |
REITs |
5,531,017 |
- |
- |
5,531,017 |
Money Market Fund |
158,441 |
- |
- |
158,441 |
Total |
47,435,014 |
- |
- |
47,435,014 |
|
|
|
|
|
Large/Mid Cap Value Fund |
|
|
|
|
Assets | Level 1 | Level 2 | Level 3 |
Total |
Common Stocks |
88,402,971 |
- |
- |
88,402,971 |
Master Limited Partnerships |
2,057,468 |
- |
- |
2,057,468 |
REITs |
4,765,935 |
- |
- |
4,765,935 |
Money Market Fund |
3,039,806 |
- |
- |
3,039,806 |
Total |
98,266,180 |
- |
- |
98,266,180 |
|
|
|
|
|
Fixed Income Fund |
|
|
|
|
Assets | Level 1 | Level 2 | Level 3 |
Total |
Asset-Backed Securities |
- |
155,399 |
- |
155,399 |
Corporate Bonds |
- |
16,033,642 |
- |
16,033,642 |
U.S. Government Notes & Bonds |
- |
21,740,685 |
- |
21,740,685 |
Government Mortgage-Backed Securities |
- |
23,653,545 |
- |
23,653,545 |
Treasury Inflation Protected Securities |
- |
3,568,719 |
- |
3,568,719 |
Money Market Fund |
3,577,600 |
- |
- |
3,577,600 |
Total |
3,577,600 |
65,151,990 |
- |
68,729,590 |
|
|
|
|
|
High Yield Bond Fund |
|
|
|
|
Assets | Level 1 | Level 2 | Level 3 |
Total |
Corporate Bonds |
|
23,981,200 |
- |
23,981,200 |
Money Market Fund |
2,408,683 |
- |
- |
2,408,683 |
Total |
2,408,683 |
23,981,200 |
- |
26,389,883 |
|
|
|
|
|
Money Market Fund |
|
|
|
|
Assets | Level 1 | Level 2 | Level 3 |
Total |
Asset-Backed Securities |
- |
600,000 |
- |
600,000 |
U.S. Government & Government Agencies |
|
10,239,757 |
- |
10,239,757 |
Money Market Fund |
815,064 |
- |
- |
815,064 |
Total |
815,064 |
10,839,757 |
- |
11,654,821 |
|
|
|
|
|
Defensive Strategies Fund |
|
|
|
|
Assets | Level 1 | Level 2 | Level 3 |
Total |
Common Stocks |
19,606,855 |
- |
- |
19,606,855 |
REITs |
10,307,808 |
- |
- |
10,307,808 |
Exchange Traded Funds |
11,037,365 |
- |
- |
11,037,365 |
Government Mortgage-Backed Securities |
|
2,192,676 |
- |
2,192,676 |
U.S. Treasury TIPS |
|
18,170,792 |
- |
18,170,792 |
Money Market Fund |
11,006,472 |
- |
- |
11,006,472 |
Total |
51,958,500 |
20,363,468 |
- |
72,321,968 |
|
|
|
|
|
Strategic Growth Fund |
|
|
|
|
Assets | Level 1 | Level 2 | Level 3 |
Total |
Mutual Funds |
39,943,382 |
- |
- |
39,943,382 |
Money Market Fund |
59,273 |
- |
- |
59,273 |
Total |
40,002,655 |
- |
- |
40,002,655 |
|
|
|
|
|
Conservative Growth Fund |
|
|
|
|
Assets | Level 1 | Level 2 | Level 3 |
Total |
Mutual Funds |
45,765,072 |
- |
- |
45,765,072 |
Money Market Fund |
142,968 |
- |
- |
142,968 |
Total |
45,908,040 |
- |
- |
45,908,040 |
|
|
|
|
|
Israel Common Values Fund |
|
|
|
|
Assets | Level 1 | Level 2 | Level 3 |
Total |
Common Stocks |
4,756,127 |
- |
- |
4,756,127 |
Money Market Fund |
1,014,110 |
- |
- |
1,014,110 |
Total |
5,770,237 |
- |
- |
5,770,237 |
Item 2. Controls and Procedures.
(a)
The Registrants principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the Act) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the effectiveness of the Registrants disclosure controls and procedures as required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b)
There were no changes to the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting.
Item 3. Exhibits.
Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) are filed herewith.
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.
Timothy Plan Funds
By
*/s/ Arthur D. Ally
Arthur D. Ally, President / Principle Executive Officer
Date
2/29/12
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
Date
2/29/12
CERTIFICATIONS
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002: |
I, Arthur D. Ally, certify that:
1. I have reviewed this report on Form N-Q of The Timothy Plan;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By | /s/ Arthur D. Ally |
|
|
| Arthur D. Ally, President / Principal Executive Officer, Treasurer / Principal Financial Officer | ||
Date: | 2/29/12 |
|