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., 80 Arkay Drive, Suite 110, 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: 12/31/12
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, 2012 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCK - 92.8 % |
|
|
|
| AEROSPACE/DEFENSE - 0.9 % |
|
|
2,765 |
| BE Aerospace, Inc. * |
|
$ 136,591 |
|
|
|
|
|
|
| APPAREL - 3.0 % |
|
|
2,250 |
| Carter's, Inc. * |
|
125,212 |
750 |
| Michael Kors Holdings, Ltd. * |
|
38,272 |
2,175 |
| Oxford Industries, Inc. |
|
100,833 |
1,400 |
| Steven Madden, Ltd. * |
|
59,178 |
975 |
| V.F. Corporation |
|
147,196 |
|
|
|
|
470,691 |
|
| BANKS - 6.5 % |
|
|
465 |
| Bryn Mawr Bank Corp. |
|
10,355 |
8,205 |
| Cardinal Financial Corp. |
|
133,495 |
12,400 |
| Cathay General Bancorp. |
|
241,800 |
5,950 |
| CIT Group, Inc. * |
|
229,908 |
10,150 |
| First Horizon National Corp. |
|
100,586 |
2,425 |
| State Bank Financial Corp. |
|
38,509 |
6,125 |
| TCF Financial Corp. |
|
74,419 |
8,645 |
| Zions Bancorp. |
|
185,003 |
|
|
|
|
1,014,075 |
|
| BIOTECHNOLOGY - 0.4 % |
|
|
8,305 |
| Dynavax Technologies Corp. * |
|
23,752 |
2,430 |
| Incyte Corp., Ltd. * |
|
40,362 |
|
|
|
|
64,114 |
|
| CHEMICALS - 1.1 % |
|
|
2,200 |
| Ashland, Inc. |
|
176,902 |
|
|
|
|
|
|
| COMMERCIAL SERVICES - 5.4 % |
|
|
1,870 |
| Cardtronics, Inc. * |
|
44,394 |
4,394 |
| FleetCor Technologies, Inc. * |
|
235,738 |
3,420 |
| Monro Muffler Brake, Inc. |
|
119,597 |
4,575 |
| PHH Corp. * |
|
104,081 |
1,656 |
| Team, Inc. * |
|
62,994 |
2,885 |
| Verisk Analytics, Inc. * |
|
147,135 |
12,040 |
| WNS Holdings, Ltd. * |
|
125,577 |
|
|
|
|
839,516 |
|
| COMPUTERS - 3.7 % |
|
|
2,110 |
| Fortinet, Inc. * |
|
44,458 |
575 |
| HIS, Inc. * |
|
55,200 |
2,090 |
| Manhattan Associates, Inc. * |
|
126,111 |
5,780 |
| Mentor Graphics Corporation * |
|
98,376 |
2,025 |
| RiverBed Technology, Inc.* |
|
39,933 |
3,435 |
| Teradata Corp. * |
|
212,592 |
|
|
|
|
576,670 |
|
| DISTRIBUTION/WHOLESALE - 2.2 % |
|
|
545 |
| MWI Veterinary Supply, Inc. * |
|
59,950 |
4,260 |
| WESCO International, Inc. * |
|
287,252 |
|
|
|
|
347,202 |
|
| DIVERSIFIED FINANCIAL SERVICES - 4.0 % |
|
|
1,415 |
| Affiliated Managers Group, Inc. * |
|
184,162 |
5,094 |
| Discover Financial Services |
|
196,374 |
840 |
| IntercontinentalExchange, Inc. * |
|
104,000 |
4,120 |
| Ocwen Financial Corp. * |
|
142,511 |
|
|
|
|
627,047 |
|
|
ELECTRICAL COMPONENTS & EQUIPMENT - 1.5 % |
| |
1,105 |
| Hubbell, Inc. |
|
93,516 |
5,525 |
| Universal Display Corp. * |
|
141,550 |
|
|
|
|
235,066 |
|
| ELECTRONICS - 4.3 % |
|
|
2,775 |
| Amphenol Corp. |
|
179,543 |
455 |
| Mettler Toledo International * |
|
87,952 |
550 |
| OSI Systems, Inc. * |
|
35,222 |
2,755 |
| Trimble Navigation, Ltd. * |
|
164,694 |
2,350 |
| Waters Corp. * |
|
204,732 |
|
|
|
|
672,143 |
|
| ENGINEERING & CONSTRUCTION - 0.3 % |
|
|
1,965 |
| Dycom Industries, Inc. * |
|
38,907 |
|
|
|
|
|
|
| ENTERTAINMENT- 1.5 % |
|
|
3,695 |
| Six Flags Entertainment Corp. |
|
226,134 |
|
|
|
|
|
|
| ENVIRONMENTAL CONTROL - 0.5 % |
|
|
2,310 |
| Waste Connections, Inc. |
|
78,055 |
|
|
|
|
|
|
| FOOD - 1.2 % |
|
|
3,000 |
| Mccormick & Company, Inc. |
|
190,590 |
|
|
|
|
|
|
| HEALTHCARE-PRODUCTS - 4.8 % |
|
|
1,480 |
| Align Technology, Inc. * |
|
41,070 |
720 |
| Cyberonics, Inc. * |
|
37,822 |
3,025 |
| Hologic, Inc. * |
|
60,591 |
4,900 |
| Icon PLC - ADR * |
|
136,024 |
1,005 |
| IPC The Hospitalist Co. * |
|
39,909 |
2,970 |
| NxStage Medical, Inc. * |
|
33,412 |
852 |
| Sirona Dental Systems, Inc. * |
|
54,920 |
2,575 |
| Thoratec Corp. * |
|
96,614 |
2,570 |
| Tornier NV * |
|
43,150 |
4,225 |
| Trinity Biotech PLC |
|
60,924 |
2,800 |
| Volcano Corp. * |
|
66,108 |
1,590 |
| Wellcare Health Plans, Inc. * |
|
77,417 |
|
|
|
|
747,961 |
|
| HOUSEHOLD PRODUCTS - 0.4 % |
|
|
3,050 |
| Tumi Holdings, Inc. * |
|
63,592 |
|
|
|
|
|
|
| INSURANCE - 2.7 % |
|
|
2,075 |
| Brown & Brown, Inc. |
|
82,992 |
2,400 |
| Validus Holdings, Inc. |
|
52,830 |
11,320 |
| XL Group PLC |
|
283,679 |
|
|
|
|
419,501 |
|
| INTERNET - 1.9 % |
|
|
1,450 |
| Broadsoft, Inc. * |
|
52,679 |
3,694 |
| DealerTrack Holdings, Inc. * |
|
106,092 |
400 |
| F5 Networks, Inc. * |
|
38,860 |
4,185 |
| TIBCO Software, Inc. * |
|
92,112 |
|
|
|
|
289,743 |
|
| INVESTMENT COMPANIES - 0.3 % |
|
|
2,825 |
| OFS Capital Corp. |
|
38,674 |
|
|
|
|
|
|
| LEISURE TIME - 1.0 % |
|
|
5,485 |
| Brunswick Corp./DE |
|
159,559 |
|
|
|
|
|
|
| METAL FABRICATE/HARDWARE - 0.3 % |
|
|
930 |
| RBC Bearings, Inc. * |
|
46,565 |
|
|
|
|
|
|
|
MISCELLANEOUS MANUFACTURING - 3.4 % |
| |
3,275 |
| Actuant Corp. |
|
91,405 |
5,930 |
| Hexcel Corp. * |
|
159,873 |
10,010 |
| Trimas Corp. * |
|
279,880 |
|
|
|
|
531,158 |
|
| OIL & GAS - 4.6 % |
|
|
3,375 |
| Approach Resources, Inc. * |
|
84,409 |
2,565 |
| Cabot Oil & Gas Corp. |
|
127,583 |
1,425 |
| Concho Resources, Inc. * |
|
114,798 |
2,950 |
| Denbury Resources * |
|
47,790 |
2,050 |
| Gulfport Energy Corp. * |
|
78,351 |
13,100 |
| Kodiak Oil & Gas Corp. * |
|
115,935 |
10,649 |
| Rex Energy Corp. * |
|
138,650 |
|
|
|
|
707,516 |
|
| OIL & GAS SERVICES - 1.2 % |
|
|
1,495 |
| Oil States International, Inc. * |
|
106,952 |
3,300 |
| Thermon Group Holdings * |
|
74,349 |
|
|
|
|
181,301 |
|
| PHARMACEUTICALS - 2.2 % |
|
|
9,430 |
| Akorn, Inc. * |
|
125,985 |
1,456 |
| Catamaran Corp. * |
|
68,592 |
5,330 |
| Impax Labs, Inc. * |
|
109,212 |
2,000 |
| MAP Pharmaceuticals, Inc. * |
|
31,420 |
|
|
|
|
335,209 |
|
| REAL ESTATE - 1.1 % |
|
|
11,575 |
| HFF, Inc. - Cl. A * |
|
172,468 |
|
|
|
|
|
|
| RETAIL - 14.9 % |
|
|
11,490 |
| Sally Beauty Holdings, Inc. * |
|
270,819 |
13,855 |
| Bloomin' Brands, Inc. * |
|
216,692 |
5,005 |
| Casey's General Stores, Inc. |
|
265,766 |
2,315 |
| Cheesecake Factory, Inc. |
|
75,747 |
5,600 |
| Chico's FAS, Inc. * |
|
103,376 |
2,020 |
| Dick's Sporting Goods, Inc. |
|
91,890 |
2,060 |
| Dollar General Corp. * |
|
90,825 |
5,855 |
| Domino's Pizza |
|
254,985 |
4,280 |
| Group 1 Automotive, Inc. |
|
265,317 |
1,805 |
| Hibbett Sports, Inc. * |
|
95,124 |
5,870 |
| Krispy Kreme Doughnuts, Inc. * |
|
55,061 |
1,375 |
| PETsMART, Inc. |
|
93,967 |
5,970 |
| Pier One Imports, Inc. |
|
119,400 |
1,350 |
| Ross Stores |
|
73,102 |
8,000 |
| Rush Enterprises, Inc. * |
|
165,360 |
4,825 |
| Texas Roadhouse, Inc.-Class A |
|
81,060 |
|
|
|
|
2,318,491 |
|
| SEMICONDUCTORS - 4.6 % |
|
|
2,650 |
| Avago Technologies Ltd. |
|
83,899 |
1,975 |
| Cavium, Inc. * |
|
61,640 |
1,125 |
| Linear Technology Corp. |
|
38,588 |
11,325 |
| Semtech Corp. * |
|
327,859 |
5,485 |
| Ultratech Stepper, Inc. * |
|
204,590 |
|
|
|
|
716,576 |
|
| SOFTWARE - 6.0 % |
|
|
2,840 |
| Aspen Technology, Inc. * |
|
78,498 |
1,175 |
| Citrix Systems, Inc. * |
|
77,256 |
3,415 |
| Fair Isaac & Company, Inc. * |
|
143,532 |
2,720 |
| Fiserv, Inc. * |
|
214,962 |
2,850 |
| Informatica Corp. * |
|
86,412 |
1,860 |
| Interative Intelligence Group * |
|
62,384 |
5,015 |
| MedAssets, Inc. * |
|
84,102 |
6,000 |
| Parametric Technology Corp. * |
|
135,060 |
2,625 |
| Qlik Technologies, Inc. * |
|
57,015 |
|
|
|
|
939,221 |
|
| TELECOMMUNICATIONS - 2.4 % |
|
|
2,675 |
| Aruba Networks, Inc. * |
|
55,506 |
4,020 |
| Finisar Corp. * |
|
65,526 |
5,745 |
| Ixia * |
|
97,550 |
3,715 |
| NETGEAR, Inc. * |
|
146,445 |
|
|
|
|
365,027 |
|
| TRANSPORTATION - 4.5 % |
|
|
5,910 |
| Genesee & Wyoming, Inc. * |
|
449,633 |
7,240 |
| Old Dominion Freight Line, Inc. * |
|
248,187 |
|
|
|
|
697,820 |
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $13,166,433) |
14,424,085 | |
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS (REITs) - 2.5 % |
| |
5,875 |
| American Campus Communities |
|
271,014 |
3,475 |
| Tanger Factory Outlet Center |
|
118,845 |
|
| (Cost $385,417) |
|
389,859 |
|
|
|
|
|
|
| SHORT-TERM INVESTMENTS - 3.2 % |
|
|
501,859 |
|
Fidelity Institutional Money Market Portfolio, 0.09% (A) |
| |
|
| (Cost $501,859) |
|
501,859 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $14,053,709)(B) - 98.5 % |
$ 15,315,803 | |
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.50 % |
233,342 | |
|
| TOTAL NET ASSETS - 100.0% |
|
$ 15,549,145 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2012. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $14,132,818 | ||||
and differs from market value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
|
|
Unrealized appreciation: |
$ 1,683,637 |
|
|
|
Unrealized depreciation: |
(421,543) |
|
|
Net unrealized appreciation: |
$ 1,262,094 |
Timothy Plan International Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2012 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCK - 97.8 % |
|
|
|
| AEROSPACE/DEFENSE - 2.3 % |
|
|
32,000 |
| BAE Systems PLC |
|
$ 712,960 |
|
|
|
|
|
|
| AIRLINES - 1.9 % |
|
|
6,100 |
| Copa Holdings SA |
|
606,645 |
|
|
|
|
|
|
| AUTO MANUFACTURERS - 0.8 % |
|
|
51,000 |
| Fiat SpA * |
|
260,100 |
|
|
|
|
|
|
| AUTO PARTS & EQUIPMENT - 4.3 % |
|
|
11,800 |
| Magna International, Inc. |
|
590,236 |
30,000 |
| Valeo SA |
|
771,000 |
|
|
|
|
1,361,236 |
|
| BANKS - 10.8 % |
|
|
15,000 |
| Banco Bilbao Vizcaya Argentaria SA |
|
141,300 |
16,000 |
| Bank Hapoalim BM * |
|
349,120 |
11,000 |
| BOC Hong Kong Holdings Ltd. |
|
693,550 |
20,139 |
| DBS Group Holdings Ltd. |
|
988,019 |
57,000 |
| Sberbank of Russia |
|
715,920 |
27,100 |
| Swedbank AB |
|
536,580 |
|
|
|
|
3,424,489 |
|
| CHEMICALS - 4.9 % |
|
|
8,300 |
| Agrium, Inc. |
|
829,253 |
9,000 |
| Syngenta AG |
|
727,200 |
|
|
|
|
1,556,453 |
|
| COSMETICS/PERSONAL CARE - 1.9 % |
|
|
12,700 |
| Kao Corp. |
|
329,819 |
20,000 |
| Shiseido Co. Ltd. |
|
281,400 |
|
|
|
|
611,219 |
|
| DISTRIBUTION/WHOLESALE - 2.4 % |
|
|
35,000 |
| ITOCHU Corp. |
|
741,650 |
|
|
|
|
|
|
| DIVERSIFIED FINANCIAL SERVICES - 2.8 % |
|
|
15,700 |
| ORIX Corp. |
|
889,248 |
|
|
|
|
|
|
| ELECTRIC - 2.3 % |
|
|
85,000 |
| Power Assets Holdings Ltd. |
|
725,900 |
|
|
|
|
|
|
|
ELECTRICAL COMPONENTS & EQUIPMENT - 1.9 % |
| |
10,300 |
| Hitachi Ltd. |
|
606,979 |
|
|
|
|
|
|
| ENGINEERING & CONSTRUCTION - 1.5 % |
|
|
40,000 |
| Vinci SA |
|
480,000 |
|
|
|
|
|
|
| FOOD - 6.0 % |
|
|
14,000 |
| Kerry Group PLC |
|
758,660 |
16,000 |
| Marine Harvest ASA * |
|
292,800 |
40,000 |
| WM Morrison Supermarkets PLC |
|
855,200 |
|
|
|
|
1,906,660 |
|
| HEALTHCARE-PRODUCTS - 3.7 % |
|
|
21,000 |
| Smith & Nephew PLC |
|
1,163,400 |
|
|
|
|
|
|
| HEALTHCARE-SERVICES - 3.9 % |
|
|
36,000 |
| Fresenius Medical Care AG & Co. KGaA |
|
1,234,800 |
|
|
|
|
|
|
| HOUSEHOLD PRODUCTS/WARES - 4.8 % |
|
|
22,000 |
| Henkel AG & Co. KGaA |
|
1,512,500 |
|
|
|
|
|
|
| INSURANCE - 2.8 % |
|
|
33,000 |
| Zurich Financial Services AG |
|
884,400 |
|
|
|
|
|
|
| IRON/STEEL - 1.1 % |
|
|
16,600 |
| Vale SA |
|
336,814 |
|
|
|
|
|
|
| MACHINERY-DIVERSIFIED - 2.7 % |
|
|
27,000 |
| Atlas Copco AB |
|
668,790 |
4,500 |
| CNH Global NV |
|
181,305 |
|
|
|
|
850,095 |
|
| METAL FABRICATE/HARDWARE- 2.0 % |
|
|
34,000 |
| Assa Abloy AB |
|
629,340 |
|
|
|
|
|
|
| MINING - 3.6 % |
|
|
13,980 |
| Anglo American PLC |
|
218,228 |
8,000 |
| Barrick Gold Corp. |
|
280,080 |
9,000 |
| BHP Billiton PLC |
|
633,330 |
|
|
|
|
1,131,638 |
|
|
MISCELLANEOUS MANUFACTURING - 2.1 % |
| |
14,550 |
| FUJIFILM Holdings Corp. |
|
291,436 |
35,000 |
| Vesuvius PLC |
|
372,445 |
|
|
|
|
663,881 |
|
| OFFICE/BUSINESS EQUIPMENT - 1.2 % |
|
|
10,000 |
| Canon, Inc. |
|
392,100 |
|
|
|
|
|
|
| OIL & GAS - 8.3 % |
|
|
57,000 |
| Afren PLC * |
|
584,250 |
14,000 |
| Lukoil OAO |
|
945,000 |
27,168 |
| Statoil ASA - ADR |
|
680,287 |
9,000 |
| Transocean, Ltd. |
|
401,850 |
|
|
|
|
2,611,387 |
|
| OIL & GAS SERVICES - 2.0 % |
|
|
25,500 |
| Subsea 7 SA |
|
617,355 |
|
|
|
|
|
|
| PACKAGING & CONTAINERS - 1.0 % |
|
|
8,700 |
| Rexam PLC |
|
310,938 |
|
|
|
|
|
|
| PHARMACEUTICALS - 2.1 % |
|
|
7,200 |
| Shire PLC |
|
663,696 |
|
|
|
|
|
|
| RETAIL - 1.0 % |
|
|
5,400 |
| Seven & I Holdings Co., Ltd. |
|
304,290 |
|
|
|
|
|
|
| SOFTWARE - 0.5 % |
|
|
3,000 |
| Open Text Corp. * |
|
167,610 |
|
|
|
|
|
|
| TELECOMMUNICATIONS - 9.3 % |
|
|
18,000 |
| Globe Telecom Inc. |
|
478,685 |
24,000 |
| Nippon Telegraph & Telephone Corp. |
|
504,720 |
9,500 |
| Philippine Long Distance Telephone Co. |
|
582,445 |
50,500 |
| Singapore Telecommunications Ltd. |
|
1,375,620 |
|
|
|
|
2,941,470 |
|
| TRANSPORTATION - 1.9 % |
|
|
6,000 |
| Canadian Pacific Railway Ltd. |
|
609,720 |
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $26,628,567) |
30,908,973 | |
|
|
|
|
|
|
| MONEY MARKET FUND - 2.2 % |
|
|
705,701 |
|
Fidelity Institutional Money Market Portfolio, 0.09% (A) |
| |
|
| (Cost $705,701) |
|
705,701 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $27,334,268)(B) - 100.0 % |
$ 31,614,674 | |
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0) % |
(107) | |
|
| TOTAL NET ASSETS - 100.0% |
|
$ 31,614,567 |
|
|
|
|
|
* Non-income producing securities | ||||
(ADR) American Depositary Receipt | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2012. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $27,461,778 | ||||
and differs from market value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation: |
$ 5,299,516 | |||
Unrealized depreciation: |
(1,019,110) | |||
Net unrealized appreciation: |
$ 4,280,406 |
DIVERSIFICATION OF ASSETS | ||||
Country |
|
|
|
% of Net Assets |
Brazil |
|
|
|
1.1% |
Britain |
|
|
|
17.3% |
Canada |
|
|
|
7.8% |
France |
|
|
|
4.0% |
Germany |
|
|
|
8.7% |
Hong Kong |
|
|
|
4.5% |
Ireland |
|
|
|
4.5% |
Israel |
|
|
|
1.1% |
Italy |
|
|
|
0.8% |
Japan |
|
|
|
13.7% |
Netherlands |
|
|
|
0.6% |
Norway |
|
|
|
3.1% |
Panama |
|
|
|
1.9% |
Phillipines |
|
|
|
3.4% |
Russia |
|
|
|
5.3% |
Singapore |
|
|
|
7.5% |
Spain |
|
|
|
0.4% |
Sweden |
|
|
|
5.8% |
Switzerland |
|
|
|
6.4% |
Total |
|
|
|
97.8% |
Money Market Funds |
|
|
|
2.2% |
Liabilities in Excess of Other Assets |
|
|
|
0.0% |
Total |
|
|
|
100.00% |
Timothy Plan Large/Mid Cap Growth | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2012 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCK - 94.9 % |
|
|
|
| AEROSPACE/DEFENSE - 2.9 % |
|
|
8,925 |
| BE Aerospace, Inc. * |
|
$ 440,895 |
13,145 |
| General Dynamics Corp. |
|
910,554 |
|
|
|
|
1,351,449 |
|
| APPAREL - 1.9 % |
|
|
9,050 |
| Carter's Inc. * |
|
503,633 |
2,325 |
| Michael Kors Holdings, Ltd. * |
|
118,645 |
1,505 |
| VF Corp. |
|
227,210 |
|
|
|
|
849,488 |
|
| BANKS - 3.8 % |
|
|
22,585 |
| BB&T Corp. |
|
657,449 |
18,775 |
| CIT Group, Inc. * |
|
725,466 |
16,745 |
| Zions Bancorp. |
|
358,343 |
|
|
|
|
1,741,258 |
|
| CHEMICALS - 1.2 % |
|
|
6,880 |
| Ashland, Inc. |
|
553,221 |
|
|
|
|
|
|
| COMMERCIAL SERVICES - 2.7 % |
|
|
7,027 |
| FleetCor Technologies, Inc. * |
|
376,999 |
7,620 |
| Verisk Analytics, Inc. * |
|
388,620 |
33,310 |
| Western Union Co./The |
|
453,349 |
|
|
|
|
1,218,968 |
|
| COMPUTERS - 2.9 % |
|
|
24,170 |
| Fortinet, Inc. * |
|
509,262 |
2,675 |
| IHS, Inc. * |
|
256,800 |
6,525 |
| Riverbed Technology, Inc. * |
|
128,673 |
7,480 |
| Teradata Corp. * |
|
462,937 |
|
|
|
|
1,357,672 |
|
| DISTRIBUTION/WHOLESALE - 1.0 % |
|
|
7,115 |
| WESCO International, Inc. * |
|
479,764 |
|
|
|
|
|
|
| DIVERSIFIED FINANCIAL SERVICES - 5.0 % |
|
|
3,760 |
| Affiliated Managers Group, Inc. * |
|
489,364 |
4,155 |
| BlackRock, Inc. |
|
858,880 |
10,830 |
| Discover Financial Services |
|
417,497 |
4,415 |
| IntercontinentalExchange, Inc. * |
|
546,621 |
|
|
|
|
2,312,362 |
|
|
ELECTRICAL COMPONENTS & EQUIPMENT - 1.7 % |
| |
8,370 |
| Emerson Electric Co. |
|
443,275 |
4,130 |
| Hubbell, Inc. |
|
349,522 |
|
|
|
|
792,797 |
|
| ELECTRONICS - 9.0 % |
|
|
17,530 |
| Amphenol Corp. |
|
1,134,191 |
44,700 |
| Jabil Circuit, Inc. |
|
862,263 |
1,455 |
| Mettler-Toledo International, Inc. * |
|
281,252 |
14,770 |
| Thermo Fisher Scientific, Inc. |
|
942,030 |
8,360 |
| Trimble Navigation Ltd. * |
|
499,761 |
4,930 |
| Waters Corp. * |
|
429,502 |
|
|
|
|
4,148,999 |
|
| ENTERTAINMENT - 2.9 % |
|
|
22,245 |
| Cinemark Holdings, Inc. |
|
577,925 |
12,215 |
| Six Flags Entertainment Corp. |
|
747,558 |
|
|
|
|
1,325,483 |
|
| ENVIRONMENTAL CONTROL - 0.6 % |
|
|
7,595 |
| Waste Connections, Inc. |
|
256,635 |
|
|
|
|
|
|
| FOOD - 2.6 % |
|
|
9,950 |
| McCormick & Co., Inc./MD |
|
632,123 |
6,625 |
| JM Smucker Co. |
|
571,340 |
|
|
|
|
1,203,463 |
|
| HEALTHCARE-PRODUCTS - 4.3 % |
|
|
18,485 |
| Covidien PLC |
|
1,067,324 |
12,880 |
| Hologic, Inc. * |
|
257,986 |
9,825 |
| Sirona Dental Systems, Inc. * |
|
633,320 |
|
|
|
|
1,958,630 |
|
| HEALTHCARE-SERVICES - 0.5 % |
|
|
8,800 |
| ICON PLC * |
|
244,288 |
|
|
|
|
|
|
| INSURANCE - 4.2 % |
|
|
15,020 |
| ACE Ltd. |
|
1,198,596 |
9,400 |
| Brown & Brown, Inc. |
|
239,324 |
20,215 |
| XL Group Plc |
|
506,588 |
|
|
|
|
1,944,508 |
|
| INTERNET - 1.9 % |
|
|
5,035 |
| F5 Networks, Inc. * |
|
489,150 |
18,430 |
| TIBCO Software, Inc. * |
|
405,644 |
|
|
|
|
894,794 |
|
| MACHINERY-DIVERSIFIED - 1.3 % |
|
|
7,200 |
| Rockwell Automation, Inc. |
|
604,728 |
|
|
|
|
|
|
| MINING - 2.1 % |
|
|
28,030 |
| Freeport McMoRan Copper & Gold |
|
958,626 |
|
|
|
|
|
|
|
MISCELLANEOUS MANUFACTURING - 3.5 % |
| |
11,175 |
| Actuant Corp. |
|
311,894 |
18,735 |
| Danaher Corp. |
|
1,047,287 |
9,700 |
| Hexcel Corp. * |
|
261,512 |
|
|
|
|
1,620,693 |
|
| OIL & GAS - 10.0 % |
|
|
8,835 |
| Cabot Oil & Gas Corp. |
|
439,453 |
8,435 |
| Concho Resources, Inc. * |
|
679,524 |
17,000 |
| Denbury Resources, Inc. * |
|
275,400 |
23,930 |
| Exxon Mobil Corp. |
|
2,071,142 |
15,020 |
| Occidental Petroleum Corp. |
|
1,150,682 |
|
|
|
|
4,616,201 |
|
| OIL & GAS SERVICES - 0.8 % |
|
|
5,130 |
| Oil States International, Inc. * |
|
367,000 |
|
|
|
|
|
|
| PHARMACEUTICALS - 3.4 % |
|
|
23,475 |
| Akorn, Inc. * |
|
313,626 |
26,290 |
| AmerisourceBergen Corp. |
|
1,135,202 |
2,690 |
| Catamaran Corp. * |
|
126,726 |
|
|
|
|
1,575,554 |
|
| RETAIL - 9.8 % |
|
|
1,845 |
| AutoZone, Inc. * |
|
653,923 |
22,250 |
| Chico's FAS, Inc. |
|
410,735 |
9,465 |
| Dick's Sporting Goods, Inc. |
|
430,563 |
6,240 |
| Dollar General Corp. * |
|
275,122 |
10,155 |
| Domino's Pizza, Inc. |
|
442,250 |
9,700 |
| Group 1 Automotic, Inc. |
|
601,303 |
16,365 |
| Lowe's Cos, Inc. |
|
581,285 |
5,275 |
| PetSmart, Inc. |
|
360,494 |
4,345 |
| Ross Stores, Inc. |
|
235,282 |
21,620 |
| Sally Beauty Holdings, Inc. * |
|
509,583 |
|
|
|
|
4,500,540 |
|
| SEMICONDUCTORS - 8.3 % |
|
|
13,750 |
| Avago Technologies Ltd. |
|
435,325 |
16,295 |
| Broadcom Corp. |
|
541,157 |
35,390 |
| Linear Technology Corp. |
|
1,213,877 |
11,095 |
| Maxim Integrated Products, Inc. |
|
326,193 |
35,320 |
| NVIDIA Corp. |
|
434,083 |
18,075 |
| Semtech Corp. * |
|
523,271 |
9,055 |
| Xilinx, Inc. |
|
325,074 |
|
|
|
|
3,798,980 |
|
| SOFTWARE - 4.2 % |
|
|
7,500 |
| Citrix Systems, Inc. * |
|
493,125 |
4,825 |
| Fiserv, Inc. * |
|
381,320 |
16,780 |
| Informatica Corp. * |
|
508,769 |
23,735 |
| Parametric Technology Corp. * |
|
534,275 |
|
|
|
|
1,917,489 |
|
| TRANSPORTATION - 2.4 % |
|
|
9,530 |
| Genesee & Wyoming, Inc. * |
|
725,042 |
11,265 |
| Old Dominion Freight Line, Inc. * |
|
386,164 |
|
|
|
|
1,111,206 |
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $40,997,573) |
43,704,796 | |
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUST (REITs) - 2.3 % |
| |
22,325 |
| American Campus Communities, Inc. |
|
|
|
| (Cost $1,028,905) |
|
1,029,852 |
|
|
|
|
|
|
| MONEY MARKET FUND - 2.2 % |
|
|
1,023,483 |
|
Fidelity Institutional Money Market Portfolio, 0.09% (A) |
| |
|
| (Cost $1,023,483) |
|
1,023,483 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $43,049,961)(B) - 99.4 % |
$ 45,758,131 | |
|
|
ASSETS IN EXCESS OF OTHER LIABILITIES - 0.6 % |
282,214 | |
|
| TOTAL NET ASSETS - 100.0% |
|
$ 46,040,345 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2012. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $43,145,372 | ||||
and differs from market value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
|
|
Unrealized appreciation: |
$ 3,669,403 |
|
|
|
Unrealized depreciation: |
(961,233) |
|
|
Net unrealized appreciation: |
$ 2,708,170 |
Timothy Plan Small Cap Value Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2012 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCK - 88.0 % |
|
|
|
| AEROSPACE/DEFENSE - 2.2 % |
|
|
27,800 |
| Moog, Inc. * |
|
$ 1,140,634 |
|
|
|
|
|
|
| APPAREL - 2.0 % |
|
|
25,600 |
| Wolverine World Wide, Inc. |
|
1,049,088 |
|
|
|
|
|
|
| BANKS - 15.2 % |
|
|
12,228 |
| Bancfirst Corp. |
|
517,978 |
86,699 |
| BBCN Bancorp, Inc. |
|
1,003,107 |
44,503 |
| Chemical Financial Corp. |
|
1,057,391 |
55,108 |
| Columbia Banking System, Inc. |
|
988,638 |
63,800 |
| First Financial Bancorp |
|
932,756 |
62,407 |
| PrivateBancorp, Inc. |
|
956,075 |
62,954 |
| State Bank Financial Group |
|
999,710 |
18,700 |
| SVB Financial Group * |
|
1,046,639 |
13,800 |
| Wintrust Financial Corp. |
|
506,460 |
|
|
|
|
8,008,754 |
|
| BUILDING MATERIALS - 2.1 % |
|
|
29,200 |
| Trex Co., Inc. * |
|
1,087,116 |
|
|
|
|
|
|
| COMMERCIAL SERVICES - 2.2 % |
|
|
74,100 |
| Kelly Services, Inc. |
|
1,166,334 |
|
|
|
|
|
|
| COMPUTERS - 4.3 % |
|
|
21,134 |
| CACI International, Inc. * |
|
1,163,004 |
36,300 |
| J2 Global, Inc. |
|
1,110,054 |
|
|
|
|
2,273,058 |
|
| DISTRIBUTION/WHOLESALE - 2.2 % |
|
|
35,400 |
| Beacon Roofing Supply, Inc. * |
|
1,178,112 |
|
|
|
|
|
|
| ELECTRIC - 4.3 % |
|
|
27,200 |
| ALLETE, Inc. |
|
1,114,656 |
32,200 |
| NorthWestern Corp. |
|
1,118,306 |
|
|
|
|
2,232,962 |
|
|
ELECTRICAL COMPONENTS & EQUIPMENT - 2.3 % |
| |
16,812 |
| EnerSys, Inc. * |
|
632,636 |
9,545 |
| Littlefuse, Inc. |
|
589,022 |
|
|
|
|
1,221,658 |
|
| ELECTRONICS - 4.5 % |
|
|
23,127 |
| Coherent, Inc. |
|
1,170,973 |
27,700 |
| Watts Water Technologies, Inc. |
|
1,190,823 |
|
|
|
|
2,361,796 |
|
| ENGINEERING & CONSTRUCTION - 1.1 % |
|
|
24,600 |
| Foster Wheeler AG * |
|
598,272 |
|
|
|
|
|
|
| FOOD - 2.2 % |
|
|
18,024 |
| J&J Snack Foods Corp. |
|
1,152,455 |
|
|
|
|
|
|
| FOREST PRODUCTS - 2.2 % |
|
|
52,500 |
| KapStone Paper and Packaging |
|
1,164,975 |
|
|
|
|
|
|
| HEALTHCARE-PRODUCTS - 4.0 % |
|
|
89,117 |
| Natus Medical, Inc. * |
|
996,328 |
28,580 |
| Orthofix International NV * |
|
1,124,051 |
|
|
|
|
2,120,379 |
|
| HOLDING COMPANIES - 0.9 % |
|
|
25,800 |
| National Bank Holdings Corp. |
|
489,942 |
|
|
|
|
|
|
| HOME BUILDERS - 2.0 % |
|
|
27,700 |
| Thor Industries, Inc. |
|
1,036,811 |
|
|
|
|
|
|
| INSURANCE - 7.0 % |
|
|
40,446 |
| AMERISAFE, Inc. * |
|
1,102,154 |
52,300 |
| Employers Holdings, Inc. |
|
1,076,334 |
12,300 |
| Endurance Specialty Holdings, Ltd. |
|
488,187 |
22,370 |
| Safety Insurance Group, Inc. |
|
1,032,823 |
|
|
|
|
3,699,498 |
|
| LEISURE TIME - 1.1 % |
|
|
16,600 |
| Arctic Cat, Inc. * |
|
554,274 |
|
|
|
|
|
|
| MACHINERY-DIVERSIFIED - 3.2 % |
|
|
39,076 |
| Gorman-Rupp Co. |
|
1,165,637 |
23,405 |
| Hurco Cos., Inc. * |
|
538,315 |
|
|
|
|
1,703,952 |
|
| MINING - 2.3 % |
|
|
71,600 |
| US Silica Holdings, Inc. |
|
1,197,868 |
|
|
|
|
|
|
|
MISCELLANEOUS MANUFACTURING - 2.2 % |
| |
18,697 |
| AO Smith Corp. |
|
1,179,220 |
|
|
|
|
|
|
| OIL & GAS - 4.6 % |
|
|
18,000 |
| Berry Petroleum Co. |
|
603,900 |
20,786 |
| Bonanza Creek Energy, Inc. * |
|
577,643 |
18,400 |
| PDC Energy, Inc. * |
|
611,064 |
47,100 |
| Rex Energy Corp. * |
|
613,242 |
|
|
|
|
2,405,849 |
|
| OIL & GAS SERVICES - 2.2 % |
|
|
99,364 |
| Matrix Service Co. * |
|
1,142,686 |
|
|
|
|
|
|
| PIPELINES - 1.1 % |
|
|
18,721 |
| EQT Midstream Partners LP * |
|
583,159 |
|
|
|
|
|
|
| RETAIL - 2.1 % |
|
|
24,500 |
| Children's Place Retail Stores, Inc. * |
|
1,085,105 |
|
|
|
|
|
|
| SOFTWARE - 3.2 % |
|
|
63,301 |
| Pervasive Software, Inc. * |
|
564,012 |
32,900 |
| SYNNEX Corp. * |
|
1,131,102 |
|
|
|
|
1,695,114 |
|
| TRANSPORTATION - 3.2 % |
|
|
10,064 |
| Landstar System, Inc. |
|
527,957 |
64,600 |
| Roadrunner Transportation Systems, Inc. * |
|
1,171,844 |
|
|
|
|
1,699,801 |
|
| TRUCKING & LEASING - 2.1 % |
|
|
29,996 |
| TAL International Group, Inc. |
|
1,091,254 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $41,674,323) |
46,320,126 | |
|
|
|
|
|
|
| REITs - 9.5 % |
|
|
42,105 |
| Coresite Realty Corp. |
|
1,164,624 |
38,700 |
| CubeSmart |
|
563,859 |
28,300 |
| Potlatch Corp. |
|
1,109,077 |
17,200 |
| PS Business Parks, Inc. |
|
1,117,656 |
113,097 |
| Summit Hotel Properties, Inc. |
|
1,074,422 |
|
|
|
|
|
|
| TOTAL REITs (Cost $4,371,934) |
|
5,029,638 |
|
|
|
|
|
|
| MONEY MARKET FUND - 2.7 % |
|
|
1,421,008 |
|
Fidelity Institutional Money Market Portfolio, 0.09% (A) |
| |
|
| (Cost $1,421,008) |
|
1,421,008 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $47,467,265)(B) - 100.2 % |
$ 52,770,772 | |
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS- (0.2) % |
(124,019) | |
|
| TOTAL NET ASSETS - 100.0% |
|
$ 52,646,753 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2012. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $47,573,127 | ||||
and differs from market value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
|
|
|
|
|
|
|
Unrealized appreciation: |
$ 5,943,907 |
|
|
|
Unrealized depreciation: |
(640,400) |
|
|
Net unrealized appreciation: |
$ 5,303,507 |
Timothy Plan Large/Mid Cap Value Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2012 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCK - 90.0 % |
|
|
|
| AEROSPACE/DEFENSE - 2.0 % |
|
|
32,600 |
| General Dynamics Corp. |
|
$ 2,258,202 |
|
|
|
|
|
|
| AUTO PARTS & EQUIPMENT - 3.1 % |
|
|
30,500 |
| BorgWarner, Inc. * |
|
2,184,410 |
25,600 |
| Lear Corp. |
|
1,199,104 |
|
|
|
|
3,383,514 |
|
| BANKS - 2.0 % |
|
|
56,400 |
| CIT Group, Inc. * |
|
2,179,296 |
|
|
|
|
|
|
| BEVERAGES - 2.3 % |
|
|
56,900 |
| Dr Pepper Snapple Group, Inc. |
|
2,513,842 |
|
|
|
|
|
|
| CHEMICALS - 2.1 % |
|
|
14,400 |
| Sherwin-Williams Co./The |
|
2,215,008 |
|
|
|
|
|
|
| COMPUTERS - 2.3 % |
|
|
58,800 |
| Western Digital Corp. |
|
2,498,412 |
|
|
|
|
|
|
| DISTRIBUTION/WHOLESALE - 1.0 % |
|
|
17,100 |
| Genuine Parts Co. |
|
1,087,218 |
|
|
|
|
|
|
| DIVERSIFIED FINANCIAL SERVICES - 9.1 % |
|
|
80,800 |
| Eaton Vance Corp. |
|
2,573,480 |
17,100 |
| Franklin Resources, Inc. |
|
2,149,470 |
112,600 |
| Invesco Ltd. |
|
2,937,734 |
78,800 |
| Lazard Ltd. |
|
2,351,392 |
|
|
|
|
10,012,076 |
|
| ELECTRIC - 5.8 % |
|
|
49,000 |
| American Electric Power Co., Inc. |
|
2,091,320 |
39,900 |
| Dominion Resources, Inc./VA |
|
2,066,820 |
53,300 |
| FirstEnergy Corp. |
|
2,225,808 |
|
|
|
|
6,383,948 |
|
|
ELECTRICAL COMPONENTS & EQUIPMENT - 2.8 % |
| |
57,800 |
| Emerson Electric Co. |
|
3,061,088 |
|
|
|
|
|
|
| ELECTRONICS - 2.1 % |
|
|
63,500 |
| TE Connectivity Ltd. |
|
2,357,120 |
|
|
|
|
|
|
| FOOD - 2.0 % |
|
|
26,100 |
| JM Smucker Co./The |
|
2,250,864 |
|
|
|
|
|
|
| HEALTHCARE-PRODUCTS - 10.7 % |
|
|
82,300 |
| CareFusion Corp. * |
|
2,352,134 |
60,900 |
| Covidien PLC |
|
3,516,366 |
22,800 |
| CR Bard, Inc. |
|
2,228,472 |
28,800 |
| DENTSPLY International, Inc. |
|
1,140,768 |
127,800 |
| Hologic, Inc. * |
|
2,559,834 |
|
|
|
|
11,797,574 |
|
| INSURANCE - 8.5 % |
|
|
27,000 |
| ACE Ltd. |
|
2,154,600 |
63,100 |
| Arch Capital Group Ltd. * |
|
2,777,662 |
67,700 |
| Axis Capital Holdings Ltd. |
|
2,345,128 |
60,100 |
| Willis Group Holdings PLC |
|
2,015,153 |
|
|
|
|
9,292,543 |
|
| MACHINERY-DIVERSIFIED - 3.5 % |
|
|
19,300 |
| Flowserve Corp. |
|
2,833,240 |
39,900 |
| Xylem, Inc. |
|
1,081,290 |
|
|
|
|
3,914,530 |
|
| METAL FABRICATE/HARDWARE - 2.1 % |
|
|
12,300 |
| Precision Castparts Corp. |
|
2,329,866 |
|
|
|
|
|
|
| OIL & GAS - 18.2 % |
|
|
29,000 |
| Anadarko Petroleum Corp. |
|
2,154,990 |
20,600 |
| Apache Corp. |
|
1,617,100 |
18,600 |
| ConocoPhillips |
|
1,078,614 |
45,200 |
| EQT Corp. |
|
2,665,896 |
37,700 |
| Exxon Mobil Corp. |
|
3,262,935 |
44,400 |
| Marathon Oil Corp. |
|
1,361,304 |
29,300 |
| Marathon Petroleum Corp. |
|
1,845,900 |
34,700 |
| Murphy Oil Corp. |
|
2,066,385 |
29,000 |
| Occidental Petroleum Corp. |
|
2,221,690 |
32,400 |
| Phillips 66 * |
|
1,720,440 |
|
|
|
|
19,995,254 |
|
| OIL & GAS SERVICES - 1.9 % |
|
|
30,400 |
| National Oilwell Varco, Inc. |
|
2,077,840 |
|
|
|
|
|
|
| RETAIL - 2.5 % |
|
|
37,500 |
| Advance Auto Parts, Inc. |
|
2,713,125 |
|
|
|
|
|
|
| SEMICONDUCTORS - 1.0 % |
|
|
35,700 |
| Microchip Technology, Inc. |
|
1,163,463 |
|
|
|
|
|
|
| SOFTWARE - 2.0 % |
|
|
98,500 |
| CA, Inc. |
|
2,165,030 |
|
|
|
|
|
|
| TRANSPORTATION - 3.0 % |
|
|
26,400 |
| Union Pacific Corp. |
|
3,319,008 |
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $76,790,936) |
98,968,821 | |
|
|
|
|
|
|
| REITs - 6.6 % |
|
|
51,100 |
| HCP, Inc. |
|
2,308,698 |
19,700 |
| Public Storage |
|
2,855,712 |
45,300 |
| Regency Centers Corp. |
|
2,134,536 |
|
|
|
|
|
|
| TOTAL REITs (Cost $5,197,619) |
|
7,298,946 |
|
|
|
|
|
|
| MONEY MARKET FUND - 3.5 % |
|
|
3,872,573 |
|
Fidelity Institutional Money Market Portfolio, 0.09% (A) |
| |
|
| (Cost $3,872,573) |
|
3,872,573 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $85,861,128)(B) - 100.1 % |
$ 110,140,340 | |
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1) % |
(164,617) | |
|
| TOTAL NET ASSETS - 100.0% |
|
$ 109,975,723 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2012. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $85,901,099 | ||||
and differs from market value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
|
|
Unrealized appreciation: |
$ 26,349,181 |
|
|
|
Unrealized depreciation: |
(2,069,969) |
|
|
Net unrealized appreciation: |
$ 24,279,212 |
Timothy Plan Fixed Income Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2012 (Unaudited) | ||||
Par Value |
|
|
|
Value |
|
|
|
|
|
|
| BONDS AND NOTES - 95.8% |
|
|
|
| CORPORATE BONDS - 33.6% |
|
|
$ 1,000,000 |
| ABB Finance USA, Inc., 2.875%, 5/8/2022 |
|
$ 1,018,800 |
1,000,000 |
| Altera Corp., 1.75%, 5/15/2017 |
|
1,020,380 |
740,000 |
| Analog Devices, Inc., 3.00%, 4/15/2016 |
|
785,991 |
1,000,000 |
| Cameron International Corp., 6.375%, 7/15/2018 |
|
1,211,101 |
750,000 |
| Canadian National Railway Co., 5.80%, 06/01/2016 |
|
869,850 |
750,000 |
| Cliffs Natural Resources, Inc., 4.875%, 4/1/2021 |
|
743,468 |
1,000,000 |
|
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 2.125%, 10/13/2015 |
1,029,860 | |
500,000 |
| Covidien International Finance SA, 2.80%, 6/15/2015 |
|
523,266 |
325,000 |
| Eaton Corp., 5.60%, 5/15/2018 |
|
383,182 |
750,000 |
| Energy Transfer Partners LP, 6.70%, 7/1/2018 |
|
904,746 |
500,000 |
| Enterprise Products Operating, LLC, 6.125%, 10/15/2039 |
|
606,214 |
900,000 |
| ERP Operating LP, 5.125%, 3/15/2016 |
|
1,004,480 |
750,000 |
| Health Care REIT, Inc. 3.75%, 3/15/2023 |
|
751,875 |
750,000 |
| Husky Energy, Inc., 3.95%, 4/15/2022 |
|
802,755 |
993,490 |
| John Sevier Combined Cycle Generation LLC, 4.626%, 1/15/2042 |
|
1,141,827 |
750,000 |
| Johnson Controls, Inc., 5.00%, 3/30/2020 |
|
853,701 |
1,000,000 |
| Kennametal, Inc., 3.875%, 2/15/2022 |
|
1,043,470 |
750,000 |
| Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014 |
|
808,139 |
500,000 |
| L-3 Communications, Corp., 5.20%, 10/15/2019 |
|
570,959 |
750,000 |
| Marathon Oil Corp., 6.00%, 10/1/2017 |
|
902,418 |
750,000 |
| Nisource Finance Corp., 5.40%, 7/15/2014 |
|
799,540 |
500,000 |
| Oneok, Inc., 5.20%, 6/15/2015 |
|
541,650 |
500,000 |
| Oneok, Inc., 4.25%, 2/1/2022 |
|
540,825 |
750,000 |
| Petrobras International Finance Co., 3.50%, 2/6/2017 |
|
786,022 |
1,000,000 |
| Phillips 66, 2.95%, 5/1/2017 (A) |
|
1,060,916 |
1,000,000 |
| Plains All American Pipeline LP, 3.65%, 6/1/2022 |
|
1,054,180 |
750,000 |
| Rio Tinto Finance USA Ltd., 2.50%, 5/20/2016 |
|
781,740 |
1,000,000 |
| Simon Property Group LP, 6.125%, 5/30/2018 |
|
1,213,130 |
500,000 |
| Teck Cominco Ltd., 6.00%, 8/15/2040 |
|
565,180 |
500,000 |
| Transocean, Inc., 6.00%, 3/15/2018 |
|
582,075 |
750,000 |
| Tyco Electronics Group SA, 6.55%, 10/1/2017 |
|
898,792 |
500,000 |
| Valero Energy Corp., 6.625%, 6/15/2037 |
|
618,068 |
750,000 |
| Weatherford International, Ltd., 4.95%, 10/15/2013 |
|
771,933 |
750,000 |
| Willis North America, Inc., 6.20%, 3/28/2017 |
|
854,662 |
|
| TOTAL CORPORATE BONDS (Cost $26,193,803) |
|
28,045,195 |
|
|
|
|
|
|
| U.S. GOVERNMENT & AGENCY OBLIGATIONS - 62.2% |
|
|
|
| GOVERNMENT NOTES & BONDS - 26.9% |
|
|
1,500,000 |
| Federal Farm Credit Bank, 4.875%, 1/17/2017 |
|
1,758,549 |
2,500,000 |
| Federal Farm Credit Bank, 5.125%, 8/25/2016 |
|
2,916,573 |
1,000,000 |
| Federal Home Loan Bank, 5.00%, 11/17/2017 |
|
1,200,173 |
1,500,000 |
| Federal Home Loan Bank, 5.50%, 8/13/2014 |
|
1,629,081 |
3,000,000 |
| U.S. Treasury Bond, 4.50%, 2/15/2036 |
|
3,926,367 |
1,550,000 |
| U.S. Treasury Bond, 4.75%, 5/15/2014 |
|
1,645,482 |
5,000,000 |
| U.S. Treasury Note, 3.125%, 5/15/2021 |
|
5,662,891 |
2,000,000 |
| U.S. Treasury Note, 3.875%, 5/15/2018 |
|
2,324,532 |
1,000,000 |
| U.S. Treasury Note, 5.00%, 5/15/2037 |
|
1,411,094 |
|
|
TOTAL GOVERNMENT NOTES & BONDS (Cost $21,116,838) |
22,474,742 | |
|
|
|
|
|
|
|
GOVERNMENT MORTGAGE-BACKED SECURITIES - 31.0% |
| |
71,106 |
| GNMA Pool 3584, 6.00%, 7/20/2034 |
|
81,274 |
168,831 |
| GNMA Pool 3612, 6.50%, 9/20/2034 |
|
193,524 |
523,166 |
| GNMA Pool 3625, 6.00%, 10/20/2034 |
|
588,610 |
209,803 |
| GNMA Pool 3637, 5.50%, 11/20/2034 |
|
233,393 |
332,321 |
| GNMA Pool 3665, 5.50%, 1/20/2035 |
|
369,687 |
174,448 |
| GNMA Pool 3679, 6.00%, 2/20/2035 |
|
199,759 |
413,535 |
| GNMA Pool 3711, 5.50%, 5/20/2035 |
|
460,035 |
354,120 |
| GNMA Pool 3865, 6.00%, 6/20/2036 |
|
396,205 |
253,584 |
| GNMA Pool 3910, 6.00%, 10/20/2036 |
|
283,721 |
438,779 |
| GNMA Pool 3939, 5.00%, 1/20/2037 |
|
482,264 |
546,034 |
| GNMA Pool 4058, 5.00%, 12/20/2037 |
|
600,149 |
589,685 |
| GNMA Pool 4072, 5.50%, 1/20/2038 |
|
647,389 |
1,720,618 |
| GNMA Pool 4520, 5.00%, 8/20/2039 |
|
1,899,683 |
1,078,129 |
| GNMA Pool 4541, 5.00%, 9/20/2039 |
|
1,196,432 |
1,896,773 |
| GNMA Pool 4947, 5.00%, 2/20/2041 |
|
2,102,487 |
805,267 |
| GMNA Pool 5176, 5.00%, 9/20/2041 |
|
884,232 |
775,729 |
| GNMA Pool 5204, 4.50%, 10/20/2041 |
|
851,829 |
22,910 |
| GNMA Pool 585163, 5.00%, 2/15/2018 |
|
25,109 |
21,536 |
| GNMA Pool 585180, 5.00%, 2/15/2018 |
|
23,603 |
14,105 |
| GNMA Pool 592492, 5.00%, 3/15/2018 |
|
15,458 |
17,520 |
| GNMA Pool 599821, 5.00%, 1/15/2018 |
|
18,796 |
311,347 |
| GNMA Pool 604182, 5.50%, 4/15/2033 |
|
344,052 |
203,850 |
| GNMA Pool 663776, 6.50%, 1/15/2037 |
|
235,517 |
2,618,324 |
| GNMA Pool 701961, 4.50%, 6/15/2039 |
|
2,882,597 |
1,013,165 |
| GNMA Pool 717072, 5.00%, 5/15/2039 |
|
1,109,301 |
714,610 |
| GNMA Pool 734437, 4.50%, 5/15/2041 |
|
782,751 |
73,647 |
| GNMA Pool 781694, 6.00%, 12/15/2031 |
|
82,955 |
1,610,215 |
| GMNA Platinum 30 Years Level Pay, 4.00%, 8/15/2040 |
|
1,771,831 |
3,476,154 |
| GMNA II Pool MA0155, 4.00%, 6/20/2042 |
|
3,788,366 |
3,025,700 |
| GMNA II Pool MA0220, 3.50%, 7/20/2042 |
|
3,294,231 |
|
|
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES |
| |
|
| (Cost $24,826,421) |
|
25,845,240 |
|
|
|
|
|
|
|
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 4.3% |
| |
1,250,000 |
| TIPS, 2.00%, 01/15/2014 |
|
1,615,599 |
1,500,000 |
| TIPS, 2.50%, 07/15/2016 |
|
1,974,623 |
|
|
TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) |
| |
|
| (Cost $3,301,407) |
|
3,590,222 |
|
|
|
|
|
|
|
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS |
| |
|
| (Cost $49,244,666) |
|
51,910,204 |
|
|
|
|
|
|
| TOTAL BONDS AND NOTES (Cost $75,438,469) |
|
79,955,399 |
|
|
|
|
|
Shares |
|
|
|
|
|
| MONEY MARKET FUND - 3.5% |
|
|
2,900,169 |
| Fidelity Institutional Money Market Portfolio, 0.09% (B) |
|
|
|
| (Cost $2,900,169) |
|
2,900,169 |
|
|
|
|
|
|
| TOTAL INVESTMENTS (Cost $78,338,638)(C) - 99.3% |
|
$ 82,855,568 |
|
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7% |
|
547,657 |
|
| TOTAL NET ASSETS - 100.00% |
|
$ 83,403,225 |
| ||||
(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, 2012. | ||||
(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 |
$ 4,678,728 | |
|
|
Unrealized depreciation |
(161,798) | |
|
|
Net unrealized appreciation |
$ 4,516,930 |
Timothy Plan High Yield Bond Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2012 (Unaudited) | ||||
Par Value |
|
|
|
Value |
|
|
|
|
|
|
| CORPORATE BONDS - 97.4% |
|
|
$ 500,000 |
| Actuant Corp., 5.625%, 6/15/2022 |
|
$ 516,875 |
500,000 |
| AmeriGas Partners LP, 7.00%, 5/20/2022 |
|
558,750 |
500,000 |
| Anixter, Inc., 5.625%, 5/01/2019 |
|
526,250 |
500,000 |
| ArcelorMittal, 6.25%, 2/25/2022 |
|
525,654 |
150,000 |
| Atlas Pipe Escrow, 6.625%, 10/1/2020 (A) |
|
153,750 |
100,000 |
| Atlas Pipeline Partners, 6.625%, 10/1/2020 (A) |
|
103,625 |
500,000 |
| Audatex North America, 6.75%, 6/15/2018 (A) |
|
539,375 |
500,000 |
| Basic Energy Services, Inc., 7.75%, 2/15/2019 |
|
498,750 |
450,000 |
| Biomet, Inc., 6.50%, 8/1/2020 (A) |
|
479,813 |
500,000 |
| Calfrac Holdings LP, 7.50%, 12/01/2020 (A) |
|
497,500 |
500,000 |
| Calumet Special, 9.375%, 5/01/2019 |
|
545,000 |
500,000 |
| Cemex Finance LLC, 9.50%, 12/14/2016 (A) |
|
546,250 |
500,000 |
| CIT Group, Inc. 4.25%, 8/15/2017 |
|
517,215 |
500,000 |
| Cliffs Natural Resources, Inc., 4.875%, 4/01/2021 |
|
501,425 |
500,000 |
| Cloud Peak Energy Resources LLC, 8.50%, 12/15/2019 |
|
551,250 |
500,000 |
| CommScope, Inc., 8.25%, 1/15/2019 (A) |
|
545,625 |
500,000 |
| Comstock Resources, Inc., 8.375%, 10/15/2017 |
|
527,500 |
500,000 |
| Copano Energy Finance Corp., 7.75%, 6/01/2018 |
|
529,375 |
500,000 |
| Crestwood Midsteam Partners LP, 7.75%, 4/1/2019 |
|
513,750 |
500,000 |
| Crosstex Energy LP, 8.875%, 2/15/2018 |
|
542,500 |
500,000 |
| Eldorado Gold Corp., 6.125%, 12/15/2020 (A) |
|
511,250 |
500,000 |
| Energy Transfer Equity LP, 7.50%, 10/15/2020 |
|
580,000 |
500,000 |
| EV Energy Partners LP, 8.00%, 4/15/2019 |
|
530,625 |
500,000 |
| FMG Resources August 2006 Pty Ltd., 7.00%, 11/01/2015 (A) |
|
527,500 |
500,000 |
| Forest Oil Corp., 7.25%, 6/15/2019 |
|
505,000 |
363,000 |
| Frac Tech Services LLC, 8.125%, 11/15/2018 (A) |
|
376,612 |
500,000 |
| FTI Consulting, Inc., 6.00%, 11/15/2022 (A) |
|
518,125 |
250,000 |
| General Cable Corp., 5.75%, 10/1/2022 (A) |
|
258,750 |
750,000 |
| Genesis Energy LP, 7.875%, 12/15/2018 |
|
804,375 |
289,000 |
| Helix Energy Solutions Group, Inc., 9.50%, 1/15/2016 (A) |
|
296,947 |
500,000 |
| Hologic, Inc., 6.25%, 8/1/2020 (A) |
|
541,250 |
500,000 |
| Hypermarcas SA, 6.50%, 4/20/2021 (A) |
|
546,250 |
250,000 |
| Inergy Midstream LP, 6.00%, 12/15/2020 (A) |
|
258,750 |
500,000 |
| Intergen NV, 9.00%, 6/30/2017 (A) |
|
450,000 |
500,000 |
| Iron Mountain, 7.75%, 10/1/2019 |
|
561,250 |
500,000 |
| Jabil Circuit, Inc. 4.70%, 9/15/2022 |
|
528,125 |
500,000 |
| Jaguar Land Rover PLC, 8.125%, 05/15/2021 (A) |
|
550,000 |
500,000 |
| Kindred Healthcare, 8.25%, 6/1/2019 |
|
491,250 |
500,000 |
| Land O' Lakes, Inc. 6.00%, 11/15/2022 (A) |
|
538,750 |
500,000 |
| LyondellBasell Industries NV, 5.75%, 04/15/2024 (A) |
|
590,000 |
500,000 |
| Macquarie Bank Ltd., 6.625%, 04/07/2021 (A) |
|
553,559 |
500,000 |
| MarkWest Energy Partners L.P., 6.75%, 11/01/2020 |
|
547,500 |
500,000 |
| Masco Corp., 5.95%, 03/15/2022 |
|
555,241 |
500,000 |
| Mcron Finance Sub LLC, 8.375%, 05/15/2019 (A) |
|
515,000 |
500,000 |
| MedAssets, Inc., 8.00%, 11/15/2018 |
|
545,000 |
500,000 |
| MPT Operating Partnership LP, 6.875%, 05/01/2021 |
|
545,000 |
500,000 |
| Navios Maritime Holdings, Inc., 8.875%, 11/01/2017 |
|
501,250 |
449,000 |
| Navistar International Corp., 8.25%, 11/01/2021 |
|
435,530 |
250,000 |
| MNC Corp., 5.00%, 7/15/2022 (A) |
|
254,063 |
500,000 |
| NRG Energy, Inc., 7.625%, 01/15/2018 |
|
557,500 |
500,000 |
| OGX Austria GMBH, 8.375%, 04/01/2022 (A) |
|
418,125 |
100,000 |
| Oil States International, Inc., 5.125%, 1/15/2023 |
|
101,000 |
500,000 |
| Omnicare, Inc., 7.75%, 06/01/2020 |
|
557,500 |
500,000 |
| Pacific Drilling V, Ltd., 7.25%, 12/1/2017 (A) |
|
513,125 |
500,000 |
| PolyOne Corp., 7.375%, 09/15/2020 |
|
548,750 |
250,000 |
| Polypore International, Inc., 7.50%, 11/15/2017 |
|
273,750 |
500,000 |
| QBE Cap Funding II LP, 7.25%, 05/24/2041 (A) |
|
518,311 |
250,000 |
| R R Donnelley & Sons Co., 7.25%, 05/15/2018 |
|
242,500 |
500,000 |
| Resolute Energy Corp., 8.50%, 05/01/2020 (A) |
|
505,000 |
500,000 |
| Reynolds Group Issuer, Inc., 9.00%, 04/15/2019 (A) |
|
522,500 |
500,000 |
| Sabra Health Care LP, 8.125%, 11/1/2018 |
|
535,625 |
500,000 |
| Samson Investment Co., 9.75%, 02/15/2020 (A) |
|
531,250 |
500,000 |
| Sanmina-SCI Corp., 7.00%, 05/15/2019 (A) |
|
512,500 |
500,000 |
| Schaeffler Finance BV, 8.50%, 02/15/2019 (A) |
|
567,500 |
200,000 |
| Sealed Air Corp., 6.50%, 12/1/2020 (A) |
|
214,000 |
500,000 |
| ServiceMaster Co., 8.00%, 02/15/2020 |
|
523,125 |
500,000 |
| SunCoke Energy, 7.625%, 08/01/2019 |
|
517,500 |
500,000 |
| Targa Resources Partners LP, 7.875%, 10/15/2018 |
|
550,000 |
250,000 |
| Tesoro Logistics LP, 5.875%, 10/1/2020 (A) |
|
260,625 |
500,000 |
| Tesoro Corp., 5.375%, 10/1/2022 |
|
532,500 |
500,000 |
| United Rentals North America, Inc., 9.25%, 12/15/2019 |
|
572,500 |
500,000 |
| United States Steel Corp., 7.50%, 03/15/2022 |
|
528,750 |
500,000 |
| USG Corp., 9.75%, 01/15/2018 |
|
568,750 |
500,000 |
| Vanguard Health Holding Co., LLC, 7.75%, 02/01/2019 |
|
520,000 |
|
|
|
|
|
|
| TOTAL CORPORATE BONDS (Cost $34,114,558) |
|
35,829,870 |
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
| MONEY MARKET FUND - 1.3% |
|
|
463,797 |
| Fidelity Institutional Money Market Portfolio, 0.09% (B) |
|
|
|
| (Cost $463,797) |
|
463,797 |
|
|
|
|
|
|
| TOTAL INVESTMENTS (Cost $34,578,355)(C) - 98.7% |
|
$ 36,293,667 |
|
| OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3% |
|
498,537 |
|
| TOTAL NET ASSETS - 100.00% |
|
$ 36,792,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2012. | ||||
(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 |
$ 1,885,056 | |
|
|
Unrealized depreciation |
(169,744) | |
|
|
Net unrealized appreciation |
$ 1,715,312 |
Timothy Plan Israel Common Values Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2012 (Unaudited) | ||||
|
|
|
|
|
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCKS - 98.2% |
|
|
|
| AEROSPACE EQUIPMENT - 3.6% |
|
|
7,001 |
| Elbit Sytems Ltd. |
|
$ 280,390 |
|
|
|
|
|
|
| BANKS - 13.1% |
|
|
13,400 |
| Bank Hapoalim BM * |
|
292,388 |
55,000 |
| Bank Leumi Le-Israel BM * |
|
186,658 |
19,300 |
| First International Bank of Israel, Ltd. * |
|
281,696 |
90,000 |
| Israel Discount Bank, Ltd. * |
|
148,019 |
11,000 |
| Mizrahi Tefahot Bank, Ltd. * |
|
113,409 |
|
|
|
|
1,022,170 |
|
| CHEMICALS - 6.5% |
|
|
18,000 |
| Israel Chemicals Ltd. |
|
218,520 |
23,000 |
| Frutarom Industries Ltd. |
|
286,784 |
|
|
|
|
505,304 |
|
| COMMERCIAL SERVICES - 2.7% |
|
|
25,000 |
| Nitsba Holdings 1995, Ltd. * |
|
214,355 |
|
|
|
|
|
|
| ELECTRONICS- 2.1% |
|
|
12,296 |
| Ituran Location and Control Ltd. |
|
166,857 |
|
|
|
|
|
|
| ENERGY-ALTERNATE SOURCES - 3.6% |
|
|
47,300 |
| Ormant Industries * |
|
282,535 |
|
|
|
|
|
|
| FOOD - 6.6% |
|
|
13,000 |
| Osem Invesments Ltd. |
|
223,486 |
5,700 |
| Rami levi Chain Stores Hashikma Marketing 2006 Ltd. |
|
193,751 |
34,000 |
| Shufersal, Ltd. |
|
95,261 |
|
|
|
|
512,498 |
|
| HEALTHCARE - PRODUCTS - 4.5% |
|
|
13,000 |
| Given Imaging Ltd. * |
|
227,110 |
14,000 |
| Syneron Medical Ltd. * |
|
121,380 |
|
|
|
|
348,490 |
|
| HOME BUILDERS - 2.6% |
|
|
1,000 |
| Bayside Land Corp. |
|
203,279 |
|
|
|
|
|
|
| HOUSEHOLD PRODUCTS - 3.2% |
|
|
5,600 |
| SodaStream International Ltd. * |
|
251,384 |
|
|
|
|
|
|
| INTERNET - 1.8% |
|
|
7,600 |
| MagicJack VocalTec Ltd. * |
|
138,396 |
|
|
|
|
|
|
| INVESTMENT COMPANIES - 3.3% |
|
|
400 |
| Israel Corp. Ltd-The |
|
260,895 |
|
|
|
|
|
|
| OIL & GAS - 11.0% |
|
|
1,536,664 |
| Isramco - LP * |
|
249,024 |
2,200 |
| Noble Energy, Inc. |
|
223,828 |
1,900 |
| Paz Oil Co. Ltd. * |
|
284,392 |
190,000 |
| Oil Refineries, Ltd. * |
|
101,939 |
|
|
|
|
859,183 |
|
| PHARMACEUTICALS - 0.8% |
|
|
20,200 |
| Plutistem Therapeutics, Inc. * |
|
64,438 |
|
|
|
|
|
|
| REAL ESTATE - 15.7% |
|
|
20,000 |
| Alony Hetz Properties & Investment Ltd. |
|
125,894 |
86,000 |
| Amot Investments Ltd. |
|
218,288 |
4,500 |
| Azrieli Group |
|
115,559 |
17,000 |
| Gazit-Globe Ltd. |
|
220,850 |
120,000 |
| Industrial Building Corp. |
|
143,616 |
40,000 |
| Jerusalem Economy Ltd. * |
|
202,073 |
11,366 |
| Melisron Ltd. |
|
204,703 |
|
|
|
|
1,230,983 |
|
| SEMICONDUCTORS - 3.0% |
|
|
4,000 |
| Mellanox Technologies Ltd. * |
|
237,520 |
|
|
|
|
|
|
| SOFTWARE - 5.2% |
|
|
40,600 |
| Magic Software Enterprises Ltd. |
|
190,820 |
6,500 |
| Radware Ltd. * |
|
214,500 |
|
|
|
|
405,320 |
|
| TELECOMMUNICATIONS - 8.9% |
|
|
9,380 |
| Allot Communications Ltd. * |
|
167,152 |
25,080 |
| Gilat Satellite Networks Ltd. * |
|
132,673 |
6,500 |
| Nice-Systems Ltd. * |
|
217,620 |
29,500 |
| Partner Communications Co. Ltd. |
|
176,410 |
|
|
|
|
693,855 |
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $6,907,120) |
7,677,852 | |
|
|
|
|
|
|
| MONEY MARKET FUND - 1.8% |
|
|
138,046 |
|
Fidelity Institutional Money Market Portfolio, 0.09% (A) |
| |
|
| (Cost $138,046) |
|
138,046 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $7,045,166)(B) - 100.0% |
$ 7,815,898 | |
|
| ASSETS IN EXCESS OF OTHER LIABILITIES - 0.0% |
|
3,861 |
|
| TOTAL NET ASSETS - 100.00% |
|
$ 7,819,759 |
|
|
|
|
|
|
|
|
|
|
* Non-income producing securities. | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2012. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $7,082,500 | ||||
and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
|
Unrealized appreciation |
$ 948,944 | |
|
|
Unrealized depreciation |
(178,212) | |
|
|
Net unrealized appreciation |
$ 770,732 |
Timothy Plan Defensive Strategies Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2012 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCK - 32.0 % |
|
|
|
| AGRICULTURE - 0.0 % |
|
|
34 |
| Bunge, Ltd. |
|
$ 2,471 |
|
|
|
|
|
|
| CHEMICALS - 10.6 % |
|
|
9,975 |
| Agrium, Inc. |
|
996,602 |
4,203 |
| CF Industries Holdings, Inc. |
|
853,882 |
13,381 |
| K+S AG |
|
614,868 |
19,098 |
| Mosaic Co. |
|
1,081,520 |
41,426 |
| Potash Corp Saskatchewan, Inc. |
|
1,685,624 |
2,602 |
| Sociedad Quimica y Minera de Chile SA |
|
149,979 |
24,469 |
| Syngenta AG |
|
1,977,095 |
12,314 |
| Uralkali OJSC |
|
470,518 |
|
|
|
|
7,830,088 |
|
| COAL - 0.1 % |
|
|
1,387 |
| Peabody Energy Corp. |
|
36,908 |
|
|
|
|
|
|
| FOOD - 0.3 % |
|
|
3,850 |
| Ingredion, Inc. |
|
248,056 |
|
|
|
|
|
|
| IRON/STEEL - 1.4 % |
|
|
556 |
| Allegheny Technologies, Inc. |
|
16,880 |
6,164 |
| ArcelorMittal |
|
107,685 |
12,429 |
| Cia Siderurgica Nacional SA |
|
73,331 |
4,508 |
| Gerdau SA |
|
40,527 |
1 |
| JFE Holdings, Inc. |
|
19 |
15,736 |
| Mechel |
|
109,051 |
14,829 |
| Nippon Steel Corp. |
|
35,996 |
1,865 |
| POSCO |
|
153,210 |
2,358 |
| ThyssenKrupp AG* |
|
55,241 |
21,717 |
| Vale SA |
|
455,188 |
|
|
|
|
1,047,128 |
|
| MACHINERY-DIVERSIFIED - 0.3 % |
|
|
4,919 |
| AGCO Corp. * |
|
241,621 |
|
|
|
|
|
|
| MINING - 7.3 % |
|
|
63 |
| Agnico-Eagle Mines, Ltd. |
|
3,305 |
649 |
| Allied Nevada Gold Corp. * |
|
19,554 |
7,252 |
| Anglo American PLC |
|
223,157 |
4,822 |
| AngloGold Ashanti, Ltd. |
|
151,266 |
2,159 |
| Antofagasta PLC |
|
46,442 |
2,789 |
| Barrick Gold Corp. |
|
97,643 |
4,682 |
| BHP Billiton PLC |
|
329,472 |
568 |
| Cameco Corp. |
|
11,201 |
2,963 |
| Coeur d'Alene Mines Corp. * |
|
72,890 |
10,036 |
| Compania de Minas Buenaventura |
|
360,794 |
1,812 |
| Detour Gold Corp. * |
|
45,291 |
6,126 |
| Eldorado Gold Corp. |
|
78,903 |
15,345 |
| Freeport-McMoRan Copper & Gold, Inc. |
|
524,799 |
17,185 |
| Glencore International PLC |
|
98,085 |
8,126 |
| Gold Fields, Ltd. |
|
101,494 |
10,818 |
| Goldcorp, Inc. |
|
397,021 |
7,246 |
| Hecla Mining Co. |
|
42,244 |
17,346 |
| IAMGOLD Corp. |
|
198,959 |
216 |
| Inmet Mining Corp. |
|
16,199 |
12,876 |
| JSC MMC Norilsk Nickel - ADR |
|
243,872 |
549 |
| Kazakhmys PLC |
|
6,939 |
6,818 |
| Kinross Gold Corp. |
|
66,271 |
12,004 |
| New Gold, Inc. * |
|
132,404 |
3,538 |
| Newmont Mining Corp. |
|
164,305 |
6,126 |
| Pan American Silver Corp. |
|
114,740 |
415 |
| Randgold Resources, Ltd. ADR |
|
41,173 |
13,628 |
| Rio Tinto PLC |
|
791,651 |
171 |
| Royal Gold, Inc. |
|
13,904 |
8,093 |
| Silver Wheaton Corp. |
|
291,997 |
7,672 |
| Southern Copper Corp. |
|
290,462 |
2,071 |
| Sterlite Industries Industries India Ltd. |
|
17,831 |
6,071 |
| Turquoise Hill Resources, Ltd. * |
|
46,200 |
9,696 |
| Xstrata PLC |
|
166,825 |
9,606 |
| Yamana Gold, Inc. |
|
165,319 |
|
|
|
|
5,372,612 |
|
| OIL & GAS - 10.2 % |
|
|
2,436 |
| Apache Corp. |
|
191,226 |
23,465 |
| BG Group PLC |
|
386,001 |
2,363 |
| Canadian Natural Resources, Ltd. |
|
68,220 |
3,062 |
| Chesapeake Energy Corp. |
|
50,890 |
10,820 |
| ConocoPhillips |
|
627,452 |
2,839 |
| Devon Energy Corp. |
|
147,742 |
409 |
| Encana Corp. |
|
8,082 |
1,551 |
| Ensco International PLC |
|
91,943 |
1,126 |
| EOG Resources, Inc. |
|
136,010 |
26,509 |
| Exxon Mobil Corp. |
|
2,294,354 |
76 |
| Inpex Corp. |
|
401,919 |
9,497 |
| Lukoil OAO |
|
628,226 |
16,495 |
| Marathon Oil Corp. |
|
505,737 |
778 |
| NovaTek OAO |
|
93,204 |
1,001 |
| Occidental Petroleum Corp. |
|
76,687 |
13,894 |
| Petroleo Brasileiro SA |
|
270,516 |
1,057 |
| Pioneer Natural Resources Co. |
|
112,666 |
5,915 |
| Reliance Industries, Ltd. |
|
180,526 |
23,951 |
| Rosneft Oil Co. |
|
213,403 |
14,122 |
| Total SA |
|
726,691 |
1,885 |
| Transocean, Ltd/Switzerland |
|
84,165 |
7,064 |
| Valero Energy Corp. |
|
241,024 |
|
|
|
|
7,536,684 |
|
| OIL & GAS SERVICES - 1.3 % |
|
|
2,838 |
| Baker Hughes, Inc. |
|
115,904 |
3,257 |
| Cameron International Corp. * |
|
183,890 |
10,518 |
| Halliburton Co. |
|
364,869 |
4,121 |
| National Oilwell Varco, Inc. |
|
281,670 |
1,174 |
| Weatherford International, Ltd. * |
|
13,137 |
|
|
|
|
959,470 |
|
| PIPELINES - 0.5 % |
|
|
2,564 |
| Kinder Morgan, Inc. |
|
90,586 |
5,086 |
| TransCanada Corp. |
|
240,152 |
|
|
|
|
330,738 |
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $22,364,372) |
23,605,776 | |
|
|
|
|
|
|
| REITs - 14.5 % |
|
|
2,800 |
| Acadia Realty Trust |
|
70,224 |
2,200 |
| Apartment Investment & Management Co. |
|
59,532 |
2,450 |
| AvalonBay Communities Inc. |
|
332,196 |
4,800 |
| Boston Properties Inc. |
|
507,888 |
5,900 |
| Brandywine Realty Trust |
|
71,921 |
3,000 |
| BRE Properties Inc. |
|
152,490 |
2,100 |
| Camden Property Trust |
|
143,241 |
7,200 |
| CBL & Associates Properties Inc. |
|
152,712 |
6,500 |
| Colonial Properties Trust |
|
138,905 |
17,400 |
| DDR Corp. |
|
272,484 |
22,200 |
| DiamondRock Hospitality Co. |
|
199,800 |
2,390 |
| Digital Realty Trust Inc. |
|
162,257 |
5,800 |
| Douglas Emmett Inc. |
|
135,140 |
9,300 |
| Education Realty Trust Inc. |
|
98,952 |
1,300 |
| Equity Lifestyle Properties Inc. |
|
87,477 |
9,100 |
| Equity Residential |
|
515,697 |
1,750 |
| Essex Property Trust Inc. |
|
256,638 |
4,300 |
| Extra Space Storage Inc. |
|
156,477 |
1,400 |
| Federal Realty Investment Trust |
|
145,628 |
5,600 |
| FelCor Lodging Trust Inc. * |
|
26,152 |
9,800 |
| HCP Inc. |
|
442,764 |
4,900 |
| Health Care REIT Inc. |
|
300,321 |
3,000 |
| Highwoods Properties Inc. |
|
100,350 |
11,400 |
| Hospitality Properties Trust |
|
266,988 |
3,100 |
| Kilroy Realty Corp. |
|
146,847 |
15,100 |
| Kimco Realty Corp. |
|
291,732 |
8,300 |
| Lexington Realty Trust |
|
86,735 |
6,100 |
| Liberty Property Trust |
|
218,197 |
7,763 |
| Macerich Co./The |
|
452,583 |
3,800 |
| National Retail Properties Inc. |
|
118,560 |
11,994 |
| ProLogis Inc. |
|
437,661 |
2,200 |
| PS Business Parks Inc. |
|
142,956 |
3,500 |
| Public Storage |
|
507,360 |
2,300 |
| Rayonier Inc. |
|
119,209 |
2,000 |
| Regency Centers Corp. |
|
94,240 |
8,429 |
| Simon Property Group Inc. |
|
1,332,541 |
4,550 |
| SL Green Realty Corp. |
|
348,757 |
15,200 |
| Strategic Hotels & Resorts Inc. * |
|
97,280 |
4,100 |
| Summit Hotel Properties |
|
38,950 |
3,200 |
| Taubman Centers Inc. |
|
251,904 |
8,000 |
| UDR Inc. |
|
190,240 |
7,459 |
| Ventas Inc. |
|
482,746 |
4,716 |
| Vornado Realty Trust |
|
377,657 |
5,600 |
| Weingarten Realty Investors |
|
149,912 |
|
|
|
|
|
|
| TOTAL REITs (Cost $8,579,651) |
|
10,682,301 |
|
|
|
|
|
|
| EXCHANGE TRADED FUNDS - 16.5 % |
|
|
|
| COMMODITY FUND - 16.5 % |
|
|
48,000 |
| iShares Silver Trust * |
|
1,408,800 |
89,400 |
| PowerShares DB Agriculture Fund * |
|
2,498,730 |
59,300 |
| PowerShares DB Base Metals Fund * |
|
1,143,304 |
44,100 |
|
PowerShares DB Commodity Index Tracking Fund * |
1,225,098 | |
51,100 |
| PowerShares DB Energy Fund * |
|
1,426,201 |
27,750 |
| SPDR Gold Shares * |
|
4,495,778 |
|
|
|
|
|
|
|
TOTAL EXCHANGE TRADED FUNDS (Cost $12,110,392) |
12,197,911 | |
Par Value |
|
|
|
|
|
| BONDS & NOTES - 28.7 % |
|
|
|
|
GOVERNMENT MORTGAGE-BACKED SECURITIES - 2.2 % |
| |
717,369 |
| GNMA Pool 004947, 5.00%, 02/20/2041 |
|
795,171 |
775,730 |
| GNMA Pool 004947, 4.50%, 10/20/2041 |
|
851,829 |
|
|
|
|
|
|
|
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $1,600,524) |
1,647,000 | |
|
|
|
|
|
|
|
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 26.5 % |
| |
1,745,000 |
| TIPS, 2.00%, 01/15/2014 |
|
2,255,375 |
1,585,000 |
| TIPS, 1.75%, 01/15/2028 |
|
2,269,243 |
1,550,000 |
| TIPS, 2.125%, 01/15/2019 |
|
2,029,144 |
1,125,000 |
| TIPS, 2.125%, 02/15/2041 |
|
1,746,561 |
950,000 |
| TIPS, 2.375%, 01/15/2025 |
|
1,572,343 |
2,820,000 |
| TIPS, 1.125%, 01/15/2021 |
|
3,505,226 |
1,050,000 |
| TIPS, 2.375%, 01/15/2017 |
|
1,400,577 |
1,050,000 |
| TIPS, 2.50%, 01/15/2029 |
|
1,616,302 |
745,000 |
| TIPS, 2.00%, 01/15/2016 |
|
963,234 |
1,425,000 |
| TIPS, 1.625%, 01/15/2015 |
|
1,834,856 |
300,000 |
| TIPS, 1.625%, 01/15/2018 |
|
384,144 |
|
|
|
|
|
|
|
TOTAL TREASURY INFLATION PROTECTED SECURITIES (TIPS) (Cost $18,089,738) |
19,577,005 | |
|
|
|
|
|
|
| TOTAL BONDS & NOTES (Cost $19,690,262) |
|
21,224,005 |
|
|
|
|
|
|
| MONEY MARKET FUND - 1.5 % |
|
|
5,926,393 |
|
Fidelity Institutional Money Market Portfolio, 0.09% (A) |
| |
|
| (Cost $5,926,393) |
|
5,926,393 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $68,671,070)(B) - 99.7 % |
$ 73,636,386 | |
|
|
ASSETS IN EXCESS OF OTHER LIABILITIES - 0.3 % |
211,666 | |
|
| TOTAL NET ASSETS - 100.0% |
|
$ 73,848,052 |
|
|
|
|
|
* Non-income producing securities | ||||
(ADR) American Deposity Receipt | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2012. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $69,075,468 | ||||
and differs from market value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
|
Unrealized appreciation: |
$ 5,730,544 | |
|
|
Unrealized depreciation: |
(765,228) | |
|
|
Net unrealized appreciation: |
$ 4,965,316 |
Timothy Plan Strategic Growth | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2012 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| MUTUAL FUNDS (A) - 100.0% |
|
|
307,218 |
| Timothy Plan Aggressive Growth Fund* |
|
$ 2,199,684 |
525,497 |
| Timothy Plan Defensive Strategies Fund |
|
6,279,687 |
218,534 |
| Timothy Plan Emerging Markets Fund * |
|
2,250,901 |
500,639 |
| Timothy Plan High Yield Bond Fund |
|
4,811,141 |
761,180 |
| Timothy Plan International Fund |
|
5,762,130 |
172,963 |
| Timothy Plan Israel Common Vaules Fund* |
|
1,876,650 |
916,988 |
| Timothy Plan Large/Mid Cap Growth Fund |
|
6,336,389 |
406,724 |
| Timothy Plan Large/Mid Cap Value Fund |
|
6,121,198 |
157,681 |
| Timothy Plan Small Cap Value Fund |
|
2,374,670 |
|
|
|
|
|
|
|
TOTAL MUTUAL FUNDS (Cost $35,539,512) |
38,012,450 | |
|
|
|
|
|
|
| MONEY MARKET FUND - 0.3% |
|
|
99,835 |
|
Fidelity Institutional Money Market Portfolio, 0.09% (B) |
| |
|
| (Cost $99,835) |
|
99,835 |
|
|
|
|
|
|
| TOTAL INVESTMENTS (Cost $35,639,347)(C) - 100.3% |
|
$ 38,112,285 |
|
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% |
|
(94,280) |
|
| TOTAL NET ASSETS - 100.00% |
|
$ 38,018,005 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Affiliated Funds - Class A. | ||||
(B) Variable rate security; the rate shown represents the yield at December 31, 2012. | ||||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $38,402,282 | ||||
and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
|
Unrealized appreciation |
$ 2,550,648 | |
|
|
Unrealized depreciation |
(77,710) | |
|
|
Net unrealized appreciation |
$ 2,472,938 |
Timothy Plan Conservative Growth | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2012 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| MUTUAL FUNDS (A) - 100.0% |
|
|
155,049 |
| Timothy Plan Aggressive Growth Fund* |
|
$ 1,110,151 |
735,678 |
| Timothy Plan Defensive Strategies Fund |
|
8,791,355 |
142,006 |
| Timothy Emerging Markets Fund |
|
1,462,665 |
1,296,764 |
| Timothy Plan Fixed Income Fund |
|
14,056,926 |
429,575 |
| Timothy Plan High Yield Bond Fund |
|
4,128,220 |
323,888 |
| Timothy Plan International Fund |
|
2,451,834 |
180,040 |
| Timothy Plan Israel Common Values Fund* |
|
1,953,433 |
802,490 |
| Timothy Plan Large/Mid Cap Growth Fund |
|
5,545,208 |
450,062 |
| Timothy Plan Large/Mid Cap Value Fund |
|
6,773,428 |
172,353 |
| Timothy Plan Small Cap Value Fund |
|
2,595,633 |
|
|
|
|
|
|
| TOTAL MUTUAL FUNDS (Cost $45,078,260) |
|
48,868,853 |
|
|
|
|
|
|
| MONEY MARKET FUNDS - 0.5% |
|
|
276,959 |
|
Fidelity Institutional Money Market Portfolio, 0.09% (B) |
| |
|
| (Cost $276,959) |
|
276,959 |
|
|
|
|
|
|
| TOTAL INVESTMENTS (Cost $45,355,219)(C) - 100.5% |
|
$ 49,145,812 |
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)% |
(257,329) | |
|
| TOTAL NET ASSETS - 100.00% |
|
$ 48,888,483 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Affiliated Funds - Class A. | ||||
(B) Variable rate security; the rate shown represents the yield at December 31, 2012. | ||||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $47,052,990 | ||||
and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
|
|
Unrealized appreciation |
$ 3,790,593 | |
|
|
Unrealized depreciation |
- | |
|
|
Net unrealized appreciation |
$ 3,790,593 |
Timothy Plan Emerging Markets Fund | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2012 (Unaudited) | ||||
Shares |
|
|
|
Value |
|
|
|
|
|
|
| COMMON STOCK - 53.6 % |
|
|
|
| AEROSPACE/DEFENSE - 3.6 % |
|
|
8,100 |
| Embraer SA |
|
$ 230,931 |
|
|
|
|
|
|
| AUTO PARTS & EQUIPMENT - 0.6 % |
|
|
2,260 |
| China Yuchai International, Ltd. |
|
35,640 |
|
|
|
|
|
|
| BANKS - 12.4 % |
|
|
5,300 |
| Banco Latinoamericano de Comercio Exterior SA |
|
114,268 |
15,500 |
| Banco Santander Brasil SA |
|
112,685 |
6,000 |
| Erste Group Bank AG * |
|
190,148 |
2,200 |
| Itau Unibank Holding SA |
|
36,212 |
9,130 |
| Sberbank of Russia |
|
114,673 |
20,860 |
| Tukiye Garanti Bankasi AS |
|
108,251 |
40,800 |
| Turkiye Vakiflar Bankasi Tao |
|
105,407 |
|
|
|
|
781,644 |
|
| BUILDING MATERIALS - 3.4 % |
|
|
15,500 |
| Cemex SAB de CV * |
|
152,985 |
98,450 |
| Urbi Desarrollos Urbanos SAD de CV * |
|
61,481 |
|
|
|
|
214,466 |
|
| CHEMICALS - 2.9 % |
|
|
179,000 |
| Yingde Gases |
|
181,984 |
|
|
|
|
|
|
| DISTRIBUTION/WHOLESALE - 1.7 % |
|
|
20,700 |
| Aygaz AS |
|
109,509 |
|
|
|
|
|
|
| ELECTRIC - 2.3 % |
|
|
5,100 |
| Cia Paranaense de Energia |
|
78,285 |
28,900 |
| Federal Hydrogenerating Co., JSC |
|
67,944 |
|
|
|
|
146,229 |
|
| ELECTRONICS - 3.5 % |
|
|
36,010 |
| Flextronics International, Ltd. * |
|
223,622 |
|
|
|
|
|
|
| FOOD - 5.1 % |
|
|
172,000 |
| First Pacific Co, Ltd. |
|
188,848 |
150,000 |
| People's Food Holdings, Ltd. |
|
132,624 |
|
|
|
|
321,472 |
|
| HOLDING COMPANIES - 0.6 % |
|
|
6,600 |
| Haw Par Corp., Ltd. |
|
36,309 |
|
|
|
|
|
|
| INTERNET - 1.8 % |
|
|
10,430 |
| Asialnfo-Linkage, Inc. * |
|
113,165 |
|
|
|
|
|
|
| IRON/STEEL - 1.2 % |
|
|
3,130 |
| Ternium SA |
|
73,712 |
|
|
|
|
|
|
| OIL & GAS - 6.5 % |
|
|
2,720 |
| Lukoil OAO |
|
183,600 |
11,700 |
| Petroleo Brasileiro SA |
|
225,927 |
|
|
|
|
409,527 |
|
| PHARMACEUTICALS - 0.6 % |
|
|
30,900 |
| Selcuk Ecza Deposu Ticaret ve Sanayi A.S. |
|
35,846 |
|
|
|
|
|
|
| RETAIL - 1.1 % |
|
|
240,000 |
| Bosideng International Holdings, Ltd. |
|
71,218 |
|
|
|
|
|
|
| TELECOMMUNICATIONS - 6.3 % |
|
|
12,200 |
| Tim Participacoes SA |
|
241,804 |
6,420 |
| Telfonica Brasil SA |
|
154,465 |
|
|
|
|
396,269 |
|
|
|
|
|
|
| TOTAL COMMON STOCK (Cost $3,203,018) |
|
3,381,543 |
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS (REITs) - 1.3 % |
| |
26,700 |
| Fibra Uno Administracion SA de CV |
|
|
|
| (Cost $70,078) |
|
80,182 |
|
|
|
|
|
|
| MONEY MARKET FUND - 48.5 % |
|
|
3,062,519 |
|
Fidelity Institutional Money Market Portfolio, 0.09% (A) |
| |
|
| (Cost $3,062,519) |
|
3,062,519 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $6,335,615)(B) - 103.4 % |
$ 6,524,244 | |
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.4) % |
(213,767) | |
|
| TOTAL NET ASSETS - 100.0% |
|
$ 6,310,477 |
|
|
|
|
|
* Non-income producing securities | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2012. | ||||
(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: |
$ 191,161 | |
|
|
Unrealized depreciation: |
(2,532) | |
|
|
Net unrealized appreciation: |
$ 188,629 |
DIVERSIFICATION OF ASSETS | ||||
Country |
|
|
|
% of Net Assets |
Austria |
|
|
|
3.0% |
Brazil |
|
|
|
17.1% |
China |
|
|
|
3.9% |
Hong Kong |
|
|
|
7.0% |
Luxembourg |
|
|
|
1.2% |
Mexico |
|
|
|
4.7% |
Panama |
|
|
|
1.8% |
Russia |
|
|
|
5.8% |
Singapore |
|
|
|
4.7% |
Turkey |
|
|
|
5.7% |
Total |
|
|
|
54.9% |
Money Market Funds |
|
|
|
48.5% |
Liabilities in Excess of Other Assets |
|
|
|
-3.4% |
Total |
|
|
|
100.00% |
The Timothy Plan | ||||
PORTFOLIO OF INVESTMENTS | ||||
December 31, 2012 (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. | ||||
|
|
|
|
|
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, 2012 for the Portfolios assets and liabilities measured at fair value: | ||||
|
|
|
|
|
Aggressive Growth Fund |
|
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks |
$ 14,424,085 |
$ - |
$ - |
$ 14,424,085 |
REITs |
389,859 |
- |
- |
389,859 |
Money Market Fund |
501,859 |
- |
- |
501,859 |
Total |
$ 15,315,803 |
$ - |
$ - |
$ 15,315,803 |
|
|
|
|
|
International Fund |
|
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks |
$ 30,908,973 |
$ - |
$ - |
$ 30,908,973 |
Money Market Fund |
705,701 |
- |
- |
705,701 |
Total |
$ 31,614,674 |
$ - |
$ - |
$ 31,614,674 |
|
|
|
|
|
Large/Mid Cap Growth Fund |
|
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks |
$ 43,704,796 |
$ - |
$ - |
$ 43,704,796 |
REITs |
1,029,852 |
- |
- |
1,029,852 |
Money Market Fund |
1,023,483 |
- |
- |
1,023,483 |
Total |
$ 45,758,131 |
$ - |
$ - |
$ 45,758,131 |
|
|
|
|
|
Small Cap Value Fund |
|
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks |
$ 46,320,126 |
$ - |
$ - |
$ 46,320,126 |
REITs |
5,029,638 |
- |
- |
5,029,638 |
Money Market Fund |
1,421,008 |
- |
- |
1,421,008 |
Total |
$ 52,770,772 |
$ - |
$ - |
$ 52,770,772 |
|
|
|
|
|
Large/Mid Cap Value Fund |
|
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks |
$ 98,968,821 |
$ - |
$ - |
$ 98,968,821 |
REITs |
7,298,946 |
- |
- |
7,298,946 |
Money Market Fund |
3,872,573 |
- |
- |
3,872,573 |
Total |
$ 110,140,340 |
$ - |
$ - |
$ 110,140,340 |
|
|
|
|
|
Fixed Income Fund |
|
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Corporate Bonds |
$ - |
$ 28,045,195 |
$ - |
$ 28,045,195 |
U.S. Government Notes & Bonds |
- |
22,474,742 |
- |
22,474,742 |
Government Mortgage-Backed Securities |
- |
25,845,240 |
- |
25,845,240 |
Treasury Inflation Protected Securities |
- |
3,590,222 |
- |
3,590,222 |
Money Market Fund |
2,900,169 |
- |
- |
2,900,169 |
Total |
$ 2,900,169 |
$ 79,955,399 |
$ - |
$ 82,855,568 |
|
|
|
|
|
High Yield Bond Fund |
|
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Corporate Bonds |
$ - |
$ 35,829,870 |
$ - |
$ 35,829,870 |
Money Market Fund |
463,797 |
- |
- |
463,797 |
Total |
$ 463,797 |
$ 35,829,870 |
$ - |
$ 36,293,667 |
|
|
|
|
|
Defensive Strategies Fund |
|
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks |
$ 23,605,776 |
$ - |
$ - |
$ 23,605,776 |
REITs |
10,682,301 |
- |
- |
10,682,301 |
Exchange Traded Funds |
12,197,911 |
- |
- |
12,197,911 |
Government Mortgage-Backed Securities |
- |
1,647,000 |
- |
1,647,000 |
U.S. Treasury TIPS |
- |
19,577,005 |
- |
19,577,005 |
Money Market Fund |
5,926,393 |
- |
- |
5,926,393 |
Total |
$ 52,412,381 |
$ 21,224,005 |
$ - |
$ 73,636,386 |
|
|
|
|
|
Strategic Growth Fund |
|
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Mutual Funds |
$ 38,012,450 |
$ - |
$ - |
$ 38,012,450 |
Money Market Fund |
99,835 |
- |
- |
99,835 |
Total |
$ 38,112,285 |
$ - |
$ - |
$ 38,112,285 |
|
|
|
|
|
Conservative Growth Fund |
|
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Mutual Funds |
$ 48,868,853 |
$ - |
$ - |
$ 48,868,853 |
Money Market Fund |
276,959 |
- |
- |
276,959 |
Total |
$ 49,145,812 |
$ - |
$ - |
$ 49,145,812 |
|
|
|
|
|
Israel Common Values Fund |
|
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks |
$ 7,677,852 |
$ - |
$ - |
$ 7,677,852 |
Money Market Fund |
138,046 |
- |
- |
138,046 |
Total |
$ 7,815,898 |
$ - |
$ - |
$ 7,815,898 |
|
|
|
|
|
Emerging Markets Fund |
|
|
|
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks |
$ 3,381,543 |
$ - |
$ - |
$ 3,381,543 |
REITs |
80,182 |
- |
- |
80,182 |
Money Market Fund |
3,062,519 |
- |
- |
3,062,519 |
Total |
$ 6,524,244 |
$ - |
$ - |
$ 6,524,244 |
|
|
|
|
|
There were no transfers in to or out of Level 1 or Level 2 during the current period presented. It is the Trust's policy to record transfers between Level 1 and Level 2 at the end of the reporting period. | ||||
|
|
|
|
|
The Funds did not hold any Level 3 securities during the period. |
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
3/1/13
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
3/1/13
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 |
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| Arthur D. Ally, President / Principal Executive Officer, Treasurer / Principal Financial Officer | ||
Date: | 3/1/13 |
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