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: 12/31/2014
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.
Schedule of Investments |Aggressive Growth | ||||
As of December 31, 2014 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 94.0 % | ||||
APPAREL - 4.8 % | ||||
2,725 | Carter's, Inc. | $ 237,920 | ||
1,480 | Hanesbrands, Inc. | 165,198 | ||
17,945 | Steven Madden Ltd. * | 571,189 | ||
2,710 | VF Corp. | 202,979 | ||
1,177,286 | ||||
BANKS - 11.6 % | ||||
6,355 | Cardinal Financial Corp. | 126,020 | ||
126,445 | First BanCorp. * | 742,232 | ||
17,875 | First Horizon National Corp. | 242,742 | ||
3,670 | First NBC Bank Holding Co. * | 129,184 | ||
3,725 | Iberiabank Corp. | 241,566 | ||
2,625 | Opus Bank * | 74,471 | ||
2,555 | PacWest Bancorp | 116,150 | ||
8,465 | Popular, Inc. * | 288,233 | ||
32,079 | Synovus Financial Corp. | 869,020 | ||
2,829,618 | ||||
BIOTECHNOLOGY - 1.7 % | ||||
850 | BioMarin Pharmaceutical, Inc. * | 76,840 | ||
1,875 | Charles River Laboratories International, Inc. * | 119,325 | ||
1,880 | Incyte Corp. * | 137,447 | ||
1,525 | Isis Pharmaceuticals Inc. * | 94,153 | ||
427,765 | ||||
BUILDING MATERIALS - 0.6 % | ||||
3,250 | Apogee Enterprises, Inc. | 137,702 | ||
COMMERCIAL SERVICES - 10.4 % | ||||
2,505 | Capella Education Co. | 192,785 | ||
2,490 | Cardtronics, Inc. * | 96,064 | ||
1,655 | Corporate Executive Board Co. | 120,037 | ||
3,200 | DeVry Education Group, Inc. | 151,904 | ||
2,270 | Euronet Worldwide, Inc. * | 124,623 | ||
1,875 | ExamWorks Group, Inc. * | 77,981 | ||
554 | FleetCor Technologies, Inc. * | 82,385 | ||
4,825 | Grand Canyon Education, Inc. * | 225,134 | ||
2,695 | Heartland Payment Systems, Inc. | 145,395 | ||
2,970 | INC Research Holdings, Inc. - Cl. A * | 76,299 | ||
25,060 | Information Services Group, Inc. | 105,753 | ||
1,205 | Monro Muffler Brake, Inc. | 69,649 | ||
4,050 | On Assignment, Inc. * | 134,419 | ||
14,265 | SEI Investments Co. | 571,171 | ||
1,150 | Strayer Education, Inc. * | 85,422 | ||
1,150 | Team Health Holdings, Inc. * | 66,159 | ||
855 | United Rentals, Inc. * | 87,219 | ||
3,850 | Vantiv, Inc. - Cl. A * | 130,592 | ||
2,542,991 | ||||
COMPUTERS - 8.2 % | ||||
3,610 | Cognizant Technology Solutions Corp. - Cl. A * | 190,102 | ||
13,720 | Electronics For Imaging, Inc. * | 587,628 | ||
3,155 | iGATE Corp. * | 124,559 | ||
3,780 | Manhattan Associates, Inc. * | 153,922 | ||
3,645 | MAXIMUS, Inc. | 199,892 | ||
5,185 | VeriFone Systems, Inc. * | 192,882 | ||
27,570 | WNS Holdings Ltd. - ADR * | 569,596 | ||
2,018,581 | ||||
DISTRIBUTION/WHOLESALE - 1.3 % | ||||
9,145 | H&E Equipment Services, Inc. | 256,883 | ||
835 | WESCO International, Inc. * | 63,635 | ||
320,518 | ||||
DIVERSIFIED FINANCIAL SERVICES - 7.7 % | ||||
24,020 | Cowen Group, Inc. * | 115,296 | ||
8,835 | E*TRADE Financial Corp. * | 214,293 | ||
2,325 | Evercore Partners, Inc. - Cl. A | 121,760 | ||
2,980 | Intercontinental Exchange, Inc. | 653,484 | ||
10,880 | Invesco Ltd. | 429,978 | ||
3,675 | MarketAxess Holdings, Inc. | 263,534 | ||
1,420 | WageWorks, Inc. * | 91,689 | ||
1,890,034 | ||||
ELECTRICAL COMPONENTS & EQUIPMENT - 1.9 % | ||||
1,025 | Acuity Brands, Inc. | 143,572 | ||
3,950 | Belden, Inc. | 311,299 | ||
454,871 | ||||
ELECTRONICS - 1.6 % | ||||
430 | Mettler-Toledo International, Inc. * | 130,058 | ||
2,745 | Rogers Corp. * | 223,553 | ||
1,360 | Trimble Navigation Ltd. * | 36,094 | ||
389,705 | ||||
ENGINEERING & CONSTRUCTION - 1.9 % | ||||
4,315 | SBA Communications Corp. - Cl. A * | 477,929 | ||
ENVIRONMENTAL CONTROL - 2.2 % | ||||
2,310 | MSA Safety, Inc. | 122,638 | ||
9,235 | Waste Connections, Inc. | 406,248 | ||
528,886 | ||||
FOOD - 0.4 % | ||||
1,530 | Hain Celestial Group, Inc. * | 89,184 | ||
HEALTHCARE-PRODUCTS - 6.7 % | ||||
14,425 | Bruker Corp. * | 283,018 | ||
1,825 | Cyberonics, Inc. * | 101,616 | ||
3,350 | Globus Medical, Inc. - Cl. A * | 79,629 | ||
5,250 | LDR Holding Corp. * | 172,095 | ||
3,300 | Masimo Corp. * | 86,922 | ||
3,700 | NuVasive, Inc. * | 174,492 | ||
3,225 | NxStage Medical, Inc. * | 57,824 | ||
1,750 | Sirona Dental Systems, Inc. * | 152,898 | ||
5,475 | Spectranetics Corp. * | 189,326 | ||
8,965 | Tornier NV * | 228,608 | ||
3,770 | Wright Medical Group, Inc. * | 101,300 | ||
1,627,728 | ||||
HEALTHCARE-SERVICES - 0.6 % | ||||
2,025 | HCA Holdings, Inc. * | 148,615 | ||
HOME BUILDERS - 0.6 % | ||||
3,180 | Lennar Corp. | 142,496 | ||
HOME FURNISHINGS - 0.3 % | ||||
725 | Harman International Industries, Inc. | 77,365 | ||
INSURANCE - 2.7 % | ||||
12,475 | Assured Guaranty Ltd. | 324,225 | ||
19,613 | Radian Group, Inc. | 327,930 | ||
652,155 | ||||
INTERNET - 1.5 % | ||||
15,635 | 8x8, Inc. * | 143,217 | ||
3,950 | Endurance International Group Holdings, Inc. * | 72,798 | ||
4,925 | HomeAway, Inc. * | 146,667 | ||
362,682 | ||||
LEISURE TIME - 3.2 % | ||||
15,375 | Brunswick Corp. | 788,123 | ||
MACHINERY-DIVERSIFIED - 1.9 % | ||||
5,220 | Columbus McKinnon Corp. | 146,369 | ||
1,105 | Flowserve Corp. | 66,112 | ||
1,725 | Nordson Corp. | 134,481 | ||
1,625 | Zebra Technologies Corp. * | 125,791 | ||
472,753 | ||||
METAL FABRICATE/HARDWARE - 0.6 % | ||||
4,970 | Rexnord Corp. * | 140,204 | ||
OIL & GAS - 1.6 % | ||||
6,260 | Cabot Oil & Gas Corp. | 185,359 | ||
1,795 | Carrizo Oil & Gas, Inc. * | 74,672 | ||
2,050 | Diamondback Energy, Inc. * | 122,549 | ||
382,580 | ||||
OIL & GAS SERVICES - 0.2 % | ||||
30,850 | Key Energy Services, Inc. * | 51,520 | ||
PHARMACEUTICALS - 1.8 % | ||||
1,595 | Aerie Pharmaceuticals, Inc. * | 46,558 | ||
3,817 | Akorn, Inc. * | 138,176 | ||
2,515 | Catamaran Corp. * | 130,151 | ||
4,625 | Flamel Technologies SA - ADR * | 79,226 | ||
470 | Salix Pharmaceuticals Ltd. * | 54,022 | ||
448,133 | ||||
REAL ESTATE - 1.3 % | ||||
8,830 | HFF, Inc. - Cl. A | 317,174 | ||
RETAIL - 4.5 % | ||||
1,625 | Advance Auto Parts, Inc. | 258,830 | ||
1,975 | Cheesecake Factory, Inc. | 99,362 | ||
1,525 | Fiesta Restaurant Group, Inc. * | 92,720 | ||
1,170 | Habit Restaurants, Inc. - Cl. A * | 37,849 | ||
5,100 | MarineMax, Inc. * | 102,255 | ||
5,175 | Rush Enterprises, Inc. * | 165,859 | ||
5,485 | Sonic Corp. | 149,357 | ||
2,350 | Tractor Supply Co. | 185,227 | ||
1,091,459 | ||||
SEMICONDUCTORS - 3.1 % | ||||
1,650 | Avago Technologies Ltd. | 165,974 | ||
8,305 | Cypress Semiconductor Corp. | 118,595 | ||
1,675 | IPG Photonics Corp. * | 125,491 | ||
2,550 | NXP Semiconductor NV * | 194,820 | ||
5,565 | Semtech Corp. * | 153,427 | ||
758,307 | ||||
SOFTWARE - 6.0 % | ||||
4,360 | Aspen Technology, Inc. * | 152,687 | ||
6,650 | Informatica Corp. * | 253,598 | ||
5,220 | Proofpoint, Inc. * | 251,761 | ||
7,775 | PTC, Inc. * | 284,954 | ||
4,200 | SPS Commerce, Inc. * | 237,846 | ||
2,715 | SS&C Technologies Holdings, Inc. | 158,800 | ||
1,075 | Tyler Technologies, Inc. * | 117,648 | ||
1,457,294 | ||||
STORAGE/WAREHOUSING - 1.3 % | ||||
8,225 | Mobile Mini, Inc. | 333,195 | ||
TELECOMMUNICATIONS - 0.8 % | ||||
925 | Plantronics, Inc. | 49,044 | ||
10,950 | Polycom, Inc. * | 147,825 | ||
196,869 | ||||
TRANSPORTATION - 1.0 % | ||||
600 | Genesee & Wyoming, Inc. * | 53,952 | ||
6,735 | Swift Transportation Co. - Cl. A * | 192,823 | ||
246,775 | ||||
TOTAL COMMON STOCK (Cost $19,888,029) | 22,980,497 | |||
MASTER LIMITED PARTNERSHIPS - 1.8 % | ||||
8,925 | Lazard Ltd. - Cl. A (Cost $124,752) | 446,518 | ||
REITs - 0.5 % | ||||
10,875 | Lexington Realty Trust - REIT (Cost $406,753) | 119,408 | ||
MONEY MARKET FUND - 4.3 % | ||||
1,048,818 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.02% (A) | |||
(Cost $1,048,818) | 1,048,818 | |||
TOTAL INVESTMENTS - 100.6 % (Cost $21,468,352) (B) | $ 24,595,241 | |||
OTHER ASSETS LESS LIABILITIES - NET - (0.6) % | (137,776) | |||
NET ASSETS - 100.0 % | $ 24,457,465 |
* Non-income producing securities. | ||||
ADR - American Depository Receipt | ||||
REIT - Real Estate Investment Trust. | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2014. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $21,483,493 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 3,338,167 | |||
Unrealized depreciation | (226,419) | |||
Net unrealized appreciation | $ 3,111,748 |
Schedule of Investments | International | ||||
As of December 31, 2014 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 93.7 % | ||||
AIRLINES - 1.4 % | ||||
7,800 | Copa Holdings SA - Cl. A | $ 808,392 | ||
AUTO MANUFACTURERS - 1.2 % | ||||
88,000 | Porsche Automobil Holding SE (ADR) | 703,120 | ||
AUTO PARTS & EQUIPMENT - 10.0 % | ||||
30,500 | Continental AG (ADR) | 1,275,815 | ||
20,100 | Magna International, Inc. | 2,184,669 | ||
39,700 | Valeo SA (ADR) | 2,458,621 | ||
5,919,105 | ||||
BANKS - 11.4 % | ||||
30,000 | Bank Hapoalim BM (ADR) | 706,500 | ||
197,000 | Bank of East Asia Ltd. (ADR) | 778,150 | ||
28,439 | DBS Group Holdings Ltd. (ADR) | 1,769,759 | ||
100,500 | ICICI Bank Ltd. (ADR) | 1,160,775 | ||
49,100 | Intesa Sanpaolo SpA (ADR) | 850,412 | ||
118,200 | Sumitomo Mitsui Financial Group, Inc. (ADR) | 860,496 | ||
24,100 | Swedbank AB (ADR) | 600,261 | ||
6,726,353 | ||||
BUILDING MATERIALS - 1.0 % | ||||
33,000 | Lafarge SA (ADR) | 575,520 | ||
CHEMICALS - 0.6 % | ||||
4,000 | Agrium, Inc. | 378,880 | ||
DIVERSIFIED FINANCIAL SERVICES - 4.5 % | ||||
116,500 | Daiwa Securities Group, Inc. (ADR) | 922,680 | ||
27,900 | ORIX Corp. (ADR) | 1,744,587 | ||
2,667,267 | ||||
ELECTRIC - 4.4 % | ||||
45,700 | Cia Paranaense de Energia (ADR) | 601,869 | ||
26,100 | Huaneng Power International, Inc. (ADR) | 1,413,837 | ||
59,900 | Power Assets Holdings Ltd. (ADR) | 579,233 | ||
2,594,939 | ||||
ELECTRONICS - 1.0 % | ||||
38,000 | Orbotech Ltd. * | 562,400 | ||
ENGINEERING & CONSTRUCTION - 1.4 % | ||||
59,000 | Vinci SA (ADR) | 799,155 | ||
FOOD - 5.6 % | ||||
14,000 | Kerry Group PLC (ADR) | 981,960 | ||
81,800 | Marine Harvest ASA (ADR) | 1,117,388 | ||
66,200 | Seven & I Holdings Co. Ltd. (ADR) | 1,193,586 | ||
3,292,934 | ||||
HAND/MACHINE TOOLS - 2.8 % | ||||
103,100 | Techtronic Industries Co. (ADR) | 1,661,972 | ||
HEALTHCARE-PRODUCTS - 5.5 % | ||||
88,000 | Smith & Nephew PLC (ADR) | 3,233,120 | ||
HEALTHCARE-SERVICES - 3.8 % | ||||
59,800 | Fresenius Medical Care AG & Co. (ADR) | 2,220,972 | ||
HOME BUILDERS - 1.7 % | ||||
75,000 | Sekisui House Ltd. (ADR) | 988,500 | ||
INSURANCE - 8.8 % | ||||
224,000 | Aegon NV (ADR) | 1,680,000 | ||
49,900 | Ageas (ADR) | 1,769,704 | ||
40,700 | Muenchener Rueckversicherungs AG (ADR) | 807,488 | ||
28,900 | Zurich Insurance Group AG (ADR) | 901,680 | ||
5,158,872 | ||||
INTERNET - 1.8 % | ||||
73,000 | Tencent Holdings Ltd. (ADR) | 1,059,230 | ||
MACHINERY - 3.3 % | ||||
30,000 | Atlas Copco AB (ADR) | 764,100 | ||
16,100 | Hitachi Ltd. | 1,200,416 | ||
1,964,516 | ||||
METAL FABRICATE/HARDWARE - 0.9 % | ||||
20,000 | Assa Abloy AB (ADR) | 530,800 | ||
MINING - 1.0 % | ||||
13,000 | Rio Tinto PLC (ADR) | 598,780 | ||
MISCELLANEOUS MANUFACTURING - 2.3 % | ||||
44,538 | FUJIFILM Holdings Corp. (ADR) | 1,365,535 | ||
OIL & GAS - 3.2 % | ||||
189,000 | Gran Tierra Energy, Inc. * | 727,650 | ||
64,468 | Statoil ASA - (ADR) | 1,135,281 | ||
1,862,931 | ||||
PHARMACEUTICALS - 5.5 % | ||||
69,000 | Ipsen SA | 892,860 | ||
11,100 | Shire PLC (ADR) | 2,359,194 | ||
3,252,054 | ||||
RETAIL - 1.6 % | ||||
72,000 | Home Retail Group PLC (ADR) | 915,840 | ||
SEMICONDUCTORS - 1.5 % | ||||
12,000 | NXP Semiconductors NV * | 916,800 | ||
SOFTWARE - 1.4 % | ||||
14,000 | Open Text Corp. | 815,640 | ||
TELECOMMUNICATIONS - 4.2 % | ||||
15,000 | Globe Telecom, Inc. (ADR) | 575,925 | ||
43,000 | Nippon Telegraph & Telephone Corp. (ADR) | 1,101,230 | ||
12,500 | Philippine Long Distance Telephone Co. (ADR) | 791,125 | ||
2,468,280 | ||||
TRANSPORTATION - 1.9 % | ||||
5,900 | Canadian Pacific Railway Ltd. | 1,136,871 | ||
TOTAL COMMON STOCK (Cost $48,250,511) | 55,178,778 | |||
MONEY MARKET FUND - 6.4 % | ||||
3,782,369 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.02% (A) | 3,782,369 | ||
(Cost $3,782,369) | ||||
TOTAL INVESTMENTS - 100.1 % (Cost $52,032,880) (B) | $ 58,961,147 | |||
OTHER ASSETS LESS LIABILITIES - NET - (0.1) % | (78,941) | |||
NET ASSETS - 100.0 % | $ 58,882,206 |
*Non-income producing securities. | ||||
(ADR) American Depositary Receipt. | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2014. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $52,398,741 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ 9,139,737 | |||
Unrealized depreciation | (2,577,331) | |||
Net unrealized appreciation | $ 6,562,406 |
Schedule of Investments | Large/Mid Cap Growth | ||||
As of December 31, 2014 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 95.0 % | ||||
AEROSPACE/DEFENSE - 1.5 % | ||||
7,115 | General Dynamics Corp. | $ 979,166 | ||
APPAREL - 4.2 % | ||||
7,300 | Carter's, Inc. | 637,363 | ||
5,070 | Hanesbrands, Inc. | 565,913 | ||
21,375 | VF Corp. | 1,600,988 | ||
2,804,264 | ||||
BANKS - 7.4 % | ||||
38,110 | BB&T Corp. | 1,482,098 | ||
46,700 | First Horizon National Corp. | 634,186 | ||
12,675 | Iberiabank Corp. | 821,974 | ||
18,400 | Popular, Inc. * | 626,520 | ||
48,038 | Synovus Financial Corp. | 1,301,349 | ||
4,866,127 | ||||
BIOTECHNOLOGY - 3.8 % | ||||
4,750 | BioMarin Pharmaceutical, Inc. * | 429,400 | ||
13,785 | Celgene Corp. * | 1,541,990 | ||
4,425 | Charles River Laboratories International, Inc. * | 281,607 | ||
3,900 | Incyte Corp. * | 285,129 | ||
2,538,126 | ||||
CHEMICALS - 4.9 % | ||||
20,520 | LyondellBasell Industries NV | 1,629,083 | ||
12,335 | Praxair, Inc. | 1,598,122 | ||
3,227,205 | ||||
COMMERCIAL SERVICES - 3.7 % | ||||
7,725 | DeVry Education Group, Inc. | 366,706 | ||
1,167 | FleetCor Technologies, Inc. * | 173,545 | ||
35,675 | SEI Investments Co. | 1,428,427 | ||
1,680 | United Rentals, Inc. * | 171,377 | ||
8,670 | Vantiv, Inc. - Cl. A * | 294,086 | ||
2,434,141 | ||||
COMPUTERS - 2.3 % | ||||
7,120 | Cognizant Technology Solutions Corp. - Cl. A * | 374,939 | ||
15,585 | Electronics For Imaging, Inc. * | 667,506 | ||
12,990 | VeriFone Systems, Inc. * | 483,228 | ||
1,525,673 | ||||
DISTRIBUTION/WHOLESALE - 0.3 % | ||||
2,220 | Wesco International, Inc. * | 169,186 | ||
DIVERSIFIED FINANCIAL SERVICES - 3.5 % | ||||
22,635 | E*TRADE Financial Corp. * | 549,012 | ||
4,590 | IntercontinentalExchange, Inc. | 1,006,541 | ||
18,874 | Invesco, Ltd. | 745,901 | ||
2,301,454 | ||||
ELECTRICAL COMPONENTS & EQUIPMENT - 0.5 % | ||||
4,450 | Belden, Inc. | 350,705 | ||
ELECTRONICS - 3.4 % | ||||
33,980 | Amphenol Corp. | 1,828,464 | ||
1,080 | Mettler-Toledo International, Inc. * | 326,657 | ||
3,045 | Trimble Navigation, Ltd. * | 80,814 | ||
2,235,935 | ||||
ENGINEERING & CONSTRUCTION - 1.4 % | ||||
8,370 | SBA Communications Corp. * | 927,061 | ||
ENVIRONMENTAL CONTROL - 1.5 % | ||||
22,295 | Waste Connections, Inc. | 980,757 | ||
FOOD - 3.3 % | ||||
3,500 | Hain Celestial Group, Inc. * | 204,015 | ||
11,165 | JM Smucker Co. | 1,127,442 | ||
22,505 | Mondelez International, Inc. - Cl. A | 817,494 | ||
2,148,951 | ||||
HEALTHCARE PRODUCTS - 1.1 % | ||||
27,150 | Bruker Biosciences, Corp. * | 532,683 | ||
1,950 | Sirona Dental Systems, Inc. * | 170,372 | ||
703,055 | ||||
HEALTHCARE SERVICES - 0.5 % | ||||
4,775 | HCA Holdings, Inc. * | 350,437 | ||
HOME BUILDERS - 0.5 % | ||||
7,230 | Lennar Corp. | 323,976 | ||
HOME FURNISHINGS - 0.4 % | ||||
2,700 | Harman International Industries, Inc. | 288,117 | ||
INSURANCE - 4.0 % | ||||
19,455 | ACE, Ltd. | 2,234,990 | ||
14,825 | Assured Guaranty, Ltd. | 385,302 | ||
2,620,292 | ||||
LEISURE TIME - 1.6 % | ||||
20,225 | Brunswick Corp. | 1,036,734 | ||
MACHINERY-DIVERSIFIED - 1.2 % | ||||
3,095 | Flowserve Corp. | 185,174 | ||
4,150 | Nordson Corp. | 323,534 | ||
3,700 | Zebra Technologies Corp. * | 286,417 | ||
795,125 | ||||
OIL & GAS - 7.1 % | ||||
5,945 | Cabot Oil & Gas Corp. | 176,031 | ||
16,810 | ConocoPhillips | 1,160,899 | ||
14,110 | Exxon Mobil Corp. | 1,304,470 | ||
25,340 | Occidental Petroleum Corp. | 2,042,657 | ||
4,684,057 | ||||
PHARMACEUTICALS - 3.2 % | ||||
19,250 | AbbVie, Inc. | 1,259,720 | ||
14,125 | Catamaran Corp. * | 730,969 | ||
1,050 | Salix Pharmaceuticals, Ltd. * | 120,687 | ||
2,111,376 | ||||
RETAIL - 14.6 % | ||||
6,400 | Advance Auto Parts, Inc. | 1,019,392 | ||
4,150 | AutoZone, Inc. * | 2,569,307 | ||
4,700 | Cheesecake Factory, Inc. | 236,457 | ||
12,585 | Costco Wholesale Corp. | 1,783,924 | ||
26,630 | Kohl's Corp. | 1,625,495 | ||
27,645 | Lowe's Cos, Inc. | 1,901,976 | ||
5,775 | Tractor Supply Co. | 455,185 | ||
9,591,736 | ||||
SEMICONDUCTORS - 11.2 % | ||||
4,250 | Avago Technologies Ltd. | 427,507 | ||
3,800 | IPG Photonics Corp. * | 284,696 | ||
48,795 | Linear Technology Corp. | 2,225,052 | ||
36,980 | Maxim Integrated Products, Inc. | 1,178,553 | ||
82,025 | NVIDIA Corp. | 1,644,601 | ||
6,175 | NXP Semiconductor NV * | 471,770 | ||
25,830 | Xilinx, Inc. | 1,118,181 | ||
7,350,360 | ||||
SOFTWARE - 4.9 % | ||||
6,720 | Aspen Technology, Inc. - Cl. A * | 235,334 | ||
11,675 | Check Point Software Technologies Ltd. * | 917,305 | ||
11,230 | Informatica Corp. * | 428,256 | ||
12,560 | PTC, Inc. * | 460,324 | ||
14,185 | VMware, Inc. - Cl. A * | 1,170,546 | ||
3,211,765 | ||||
TRANSPORTATION - 3.0 % | ||||
1,405 | Genesee & Wyoming, Inc. - Cl. A * | 126,337 | ||
13,500 | Norfolk Southern Corp. | 1,479,735 | ||
14,090 | Swift Transportation Co. - Cl. A * | 403,397 | ||
2,009,469 | ||||
TOTAL COMMON STOCK (Cost $52,729,797) | 62,565,250 | |||
MASTER LIMITED PARTNERSHIPS - 1.6 % | ||||
21,380 | Lazard, Ltd. MLP - Cl. A (Cost $957,304) | 1,069,641 | ||
MONEY MARKET FUND - 5.0 % | ||||
3,300,468 | Fidelity Institutional Money Market Portfolio, Institutional Class, 0.02% (A) | 3,300,468 | ||
(Cost $3,300,468) | ||||
TOTAL INVESTMENTS - 101.6 % (Cost $56,987,569)(B) | $ 66,935,359 | |||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (1.6) % | (1,049,760) | |||
NET ASSETS - 100.0 % | $ 65,885,599 |
MLP - Master Limited Partnership | ||||
*Non-income producing securities. | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2014. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $57,026,453 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 10,302,832 | |||
Unrealized depreciation | (393,926) | |||
Net unrealized appreciation | $ 9,908,906 |
Schedule of Investments | Small Cap Value | ||||
As of December 31, 2014 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 75.0 % | ||||
AEROSPACE/DEFENSE - 1.9 % | ||||
44,422 | Kaman Corp. | $ 1,780,878 | ||
APPAREL - 1.8 % | ||||
56,500 | Wolverine World Wide, Inc. | 1,665,055 | ||
BANKS - 11.8 % | ||||
14,323 | BancFirst Corp. | 907,935 | ||
1 | BBCN Bancorp, Inc. | 14 | ||
62,047 | Chemical Financial Corp. | 1,901,120 | ||
61,308 | Columbia Banking System, Inc. | 1,692,714 | ||
63,800 | First Financial Bancorp | 1,186,042 | ||
28,575 | Opus Bank * | 810,673 | ||
61,657 | Pacific Continental Corp. | 874,296 | ||
49,830 | WesBanco, Inc. | 1,734,084 | ||
35,954 | Wintrust Financial Corp. | 1,681,209 | ||
10,788,087 | ||||
BUILDING MATERIALS - 7.4 % | ||||
31,111 | Apogee Enterprises, Inc. | 1,318,173 | ||
49,350 | Boise Cascade Co. * | 1,833,352 | ||
105,586 | Continental Building Products, Inc. * | 1,872,040 | ||
41,126 | Trex Co., Inc. * | 1,751,145 | ||
6,774,710 | ||||
CHEMICALS - 2.1 % | ||||
46,590 | A. Schulman, Inc. | 1,888,293 | ||
COMMERCIAL SERVICES - 1.8 % | ||||
96,200 | Kelly Services, Inc. - Cl. A | 1,637,324 | ||
DISTRIBUTION/WHOLESALE - 1.0 % | ||||
34,367 | Beacon Roofing Supply, Inc. * | 955,403 | ||
ELECTRIC - 3.9 % | ||||
32,100 | ALLETE, Inc. | 1,769,994 | ||
31,600 | NorthWestern Corp. | 1,787,928 | ||
3,557,922 | ||||
ELECTRICAL COMPONENTS & EQUIPMENT - 1.9 % | ||||
18,145 | Littelfuse, Inc. | 1,754,077 | ||
FOOD - 2.0 % | ||||
16,563 | J & J Snack Foods Corp. | 1,801,558 | ||
HEALTHCARE-PRODUCTS - 4.3 % | ||||
26,700 | Haemonetics Corp. * | 999,114 | ||
19,765 | Integra LifeSciences Holdings Corp. * | 1,071,856 | ||
106,758 | Merit Medical Systems, Inc. * | 1,850,116 | ||
3,921,086 | ||||
HOME FURNISHINGS - 1.9 % | ||||
56,628 | DTS, Inc. * | 1,741,311 | ||
INSURANCE - 4.1 % | ||||
20,645 | AMERISAFE, Inc. | 874,522 | ||
79,700 | Employers Holdings, Inc. | 1,873,747 | ||
15,097 | Safety Insurance Group, Inc. | 966,359 | ||
3,714,628 | ||||
INTERNET - 2.0 % | ||||
29,400 | J2 Global, Inc. | 1,822,800 | ||
MACHINERY - 3.8 % | ||||
18,762 | Alamo Group, Inc. | 908,831 | ||
53,193 | Gorman-Rupp Co. | 1,708,559 | ||
12,162 | Hyster-Yale Materials Handling, Inc. - CL. A | 890,258 | ||
3,507,648 | ||||
MEDIA - 1.0 % | ||||
17,200 | Meredith Corp. | 934,304 | ||
OFFICE FURNISHINGS - 1.1 % | ||||
48,215 | Knoll, Inc. | 1,020,712 | ||
OIL & GAS - 4.7 % | ||||
18,772 | Bonanza Creek Energy, Inc. * | 450,528 | ||
43,694 | Contango Oil & Gas Co. * | 1,277,612 | ||
32,800 | RSP Permian, Inc. * | 824,592 | ||
138,792 | Synergy Resources Corp. * | 1,740,452 | ||
4,293,184 | ||||
OIL & GAS SERVICES - 0.9 % | ||||
37,931 | Matrix Service Co. * | 846,620 | ||
PIPELINES - 0.8 % | ||||
31,200 | Primoris Services Corp. | 725,088 | ||
RETAIL - 3.7 % | ||||
20,600 | Lithia Motors, Inc. | 1,785,814 | ||
49,282 | Rush Enterprises, Inc. * | 1,579,488 | ||
3,365,302 | ||||
SEMICONDUCTORS - 1.9 % | ||||
64,183 | Semtech Corp. * | 1,769,525 | ||
SOFTWARE - 3.5 % | ||||
71,900 | AVG Technologies NV * | 1,419,306 | ||
54,621 | Omnicell, Inc. * | 1,809,048 | ||
3,228,354 | ||||
TRANSPORTATION - 3.9 % | ||||
69,015 | Heartland Express, Inc. | 1,864,095 | ||
71,900 | Roadrunner Transportation Systems, Inc. * | 1,678,865 | ||
3,542,960 | ||||
TRUCKING & LEASING - 1.8 % | ||||
38,896 | TAL International Group, Inc. | 1,694,699 | ||
TOTAL COMMON STOCK (Cost $57,876,907) | 68,731,528 | |||
MASTER LIMITED PARTNERSHIPS - 1.6 % | ||||
29,000 | Cone Midstream Partners LP * | 699,480 | ||
39,170 | World Point Terminals LP | 788,100 | ||
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $1,590,340) | 1,487,580 | |||
REITs - 8.6 % | ||||
67,093 | CyrusOne, Inc. | 1,848,412 | ||
73,100 | Inland Real Estate Corp. | 800,445 | ||
38,500 | Potlatch Corp. | 1,611,995 | ||
71,808 | STAG Industrial, Inc. | 1,759,296 | ||
145,597 | Summit Hotel Properties, Inc. | 1,811,227 | ||
TOTAL REITs (Cost $6,481,734) | 7,831,375 | |||
MONEY MARKET FUND - 14.9 % | ||||
13,607,059 | Fidelity Institutional Money Market Portfolio, Institutional Class, 0.02% (A) | 13,607,059 | ||
(Cost $13,607,059) | ||||
TOTAL INVESTMENTS - 100.1 % (Cost $79,556,040)(B) | $ 91,657,542 | |||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.1) % | (70,901) | |||
NET ASSETS - 100.0 % | $ 91,586,641 |
* Non-income producing securities. | ||||
LP - Limited Partnership | ||||
REIT - Real Estate Investment Trust. | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2014. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $79,768,140 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 13,462,803 | |||
Unrealized depreciation | (1,573,401) | |||
Net unrealized appreciation | $ 11,889,402 |
Schedule of Investments | Large/Mid Cap Value | ||||
As of December 31, 2014 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 80.7 % | ||||
AEROSPACE/DEFENSE - 1.6 % | ||||
33,550 | B/E Aerospace, Inc. * | $ 1,946,571 | ||
16,775 | KLX, Inc. * | 691,969 | ||
2,638,540 | ||||
AUTO - 1.9 % | ||||
57,300 | BorgWarner, Inc. | 3,148,635 | ||
BANKS - 6.0 % | ||||
66,400 | CIT Group, Inc. | 3,175,912 | ||
89,800 | East West Bancorp, Inc. | 3,476,158 | ||
29,786 | SVB Financial Group * | 3,457,261 | ||
10,109,331 | ||||
BEVERAGES - 2.0 % | ||||
45,800 | Dr. Pepper Snapple Group, Inc. | 3,282,944 | ||
CHEMICALS - 3.3 % | ||||
20,300 | Rockwood Holdings, Inc. | 1,599,640 | ||
14,850 | Sherwin-Williams Co. | 3,906,144 | ||
5,505,784 | ||||
COMPUTERS - 4.0 % | ||||
95,500 | Amdocs Ltd. | 4,455,553 | ||
19,900 | Western Digital Corp. | 2,202,930 | ||
6,658,483 | ||||
DISTRIBUTION/WHOLESALE - 1.6 % | ||||
34,600 | WESCO International, Inc. * | 2,636,866 | ||
DIVERSIFIED FINANCIAL SERVICES - 5.9 % | ||||
85,800 | Eaton Vance Corp. | 3,511,794 | ||
55,800 | Franklin Resources, Inc. | 3,089,646 | ||
84,000 | Invesco, Ltd. | 3,319,680 | ||
9,921,120 | ||||
ELECTRIC - 2.0 % | ||||
63,200 | Wisconsin Energy Corp. | 3,333,168 | ||
ELECTRONICS - 9.8 % | ||||
66,200 | Amphenol Corp. | 3,562,222 | ||
59,500 | Garmin Ltd. | 3,143,385 | ||
72,200 | PerkinElmer, Inc. | 3,157,306 | ||
52,200 | TE Connectivity, Ltd. | 3,301,650 | ||
65,900 | Woodward, Inc. | 3,244,257 | ||
16,408,820 | ||||
FOOD - 5.7 % | ||||
30,000 | JM Smucker Co. | 3,029,400 | ||
43,200 | McCormick & Co., Inc. | 3,209,760 | ||
83,750 | Sysco Corp. | 3,324,038 | ||
9,563,198 | ||||
GAS - 2.2 % | ||||
61,130 | New Jersey Resources Corp. | 3,741,156 | ||
HEALTHCARE - 4.1 % | ||||
19,900 | CR Bard, Inc. | 3,315,738 | ||
65,700 | DENTSPLY International, Inc. | 3,499,839 | ||
6,815,577 | ||||
INSURANCE - 2.6 % | ||||
59,000 | Axis Capital Holdings, Ltd. | 3,014,310 | ||
41,100 | Unumprovident Group | 1,433,568 | ||
4,447,878 | ||||
MACHINERY - 1.5 % | ||||
43,000 | Flowserve Corp. | 2,572,690 | ||
METAL FABRICATE/HARDWARE - 1.7 % | ||||
11,500 | Precision Castparts Corp. | 2,770,120 | ||
MISCELLANEOUS MANUFACTURING - 2.0 % | ||||
60,400 | AO Smith Corp. | 3,407,164 | ||
OIL & NATURAL GAS - 6.7 % | ||||
33,750 | EOG Resources, Inc. | 3,107,362 | ||
14,700 | EQT Corp. | 1,112,790 | ||
34,700 | Marathon Petroleum Corp. | 3,132,022 | ||
20,400 | National Oilwell Varco, Inc. | 1,336,812 | ||
32,500 | Occidental Petroleum Corp. | 2,619,825 | ||
11,308,811 | ||||
PHARMACEUTICALS - 2.2 % | ||||
44,200 | Express Scripts Holding Co. * | 3,742,414 | ||
1 | Mallinckrodt PLC * | 99 | ||
3,742,513 | ||||
RETAIL - 4.0 % | ||||
24,575 | Advance Auto Parts, Inc. | 3,914,306 | ||
33,725 | MSC Industrial Direct Co., Inc. | 2,740,156 | ||
6,654,462 | ||||
SEMICONDUCTORS - 5.5 % | ||||
37,600 | Avago Technologies, Ltd. | 3,782,184 | ||
32,000 | Microchip Technology, Inc. | 1,443,520 | ||
55,400 | Skyworks Solutions, Inc. | 4,028,134 | ||
9,253,838 | ||||
TEXTILES - 2.2 % | ||||
24,100 | Mohawk Industries, Inc. * | 3,744,176 | ||
TRANSPORTATION - 2.2 % | ||||
30,800 | Union Pacific Corp. | 3,669,204 | ||
TOTAL COMMON STOCK (Cost $97,330,159) | 135,334,478 | |||
MASTER LIMITED PATNERSHIPS - 1.8 % | ||||
60,600 | Lazard, Ltd. MLP - Cl. A (Cost $2,278,082) | 3,031,818 | ||
REITs - 2.9 % | ||||
26,600 | Regency Centers Corp. | 1,696,548 | ||
44,400 | Ventas, Inc. | 3,183,480 | ||
TOTAL REITs (Cost $4,571,617) | 4,880,028 | |||
MONEY MARKET FUND - 14.6 % | ||||
24,444,591 | Fidelity Institutional Money Market Portfolio, Institutional Class, 0.02% (A) | |||
(Cost $24,444,591) | 24,444,591 | |||
TOTAL INVESTMENTS - 100.0% (Cost $128,624,449)(B) | $ 167,690,915 | |||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.0 % ** | 8,604 | |||
NET ASSETS - 100.0 % | $ 167,699,519 |
* Non-income producing securities. | ||||
** Amount less than 0.05 | ||||
REIT - Real Estate Investment Trust | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2014. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $128,591,963 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 39,966,404 | |||
Unrealized depreciation | (867,452) | |||
Net unrealized appreciation | $ 39,098,952 |
Schedule of Investments | Fixed Income | ||||||
As of December 31, 2014 (Unaudited) | ||||||
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||
BONDS & NOTES - 89.7 % | ||||||
CORPORATE BONDS - 36.9 % | ||||||
$ 1,000,000 | ABB Finance USA, Inc. | 2.875 | 5/8/2022 | $ 1,006,654 | ||
1,000,000 | Altera Corp. | 1.750 | 5/15/2017 | 1,001,930 | ||
740,000 | Analog Devices, Inc. | 3.000 | 4/15/2016 | 757,222 | ||
1,000,000 | Boardwalk Pipelines LP | 5.750 | 9/15/2019 | 1,083,218 | ||
750,000 | Canadian National Railway Co. | 5.800 | 6/1/2016 | 801,684 | ||
1,000,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 2.125 | 10/13/2015 | 1,012,197 | ||
500,000 | Covidien International Finance SA | 2.800 | 6/15/2015 | 504,805 | ||
800,000 | DCP Midstream Operating LP | 2.700 | 4/1/2019 | 783,893 | ||
1,000,000 | Delphi Automotive Systems Corp. | 4.150 | 3/15/2024 | 1,035,615 | ||
325,000 | Eaton Corp. | 5.600 | 5/15/2018 | 361,147 | ||
1,200,000 | Enable Midstream Partners LP * | 3.900 | 5/15/2024 | 1,158,900 | ||
1,000,000 | Energy Transfer Partners LP | 6.700 | 7/1/2018 | 1,125,361 | ||
500,000 | Enterprise Products Operating, LLC | 6.125 | 10/15/2039 | 606,053 | ||
900,000 | ERP Operating LP | 5.125 | 3/15/2016 | 943,666 | ||
1,000,000 | Glencore Funding, LLC * | 4.125 | 5/30/2023 | 977,471 | ||
1,000,000 | Health Care REIT, Inc. | 3.750 | 3/15/2023 | 1,010,353 | ||
750,000 | Husky Energy, Inc. | 3.950 | 4/15/2022 | 753,793 | ||
966,973 | John Sevier Combined Cycle Generation LLC | 4.626 | 1/15/2042 | 1,102,548 | ||
750,000 | Johnson Controls, Inc. | 5.000 | 3/30/2020 | 824,048 | ||
1,000,000 | Kennametal, Inc. | 3.875 | 2/15/2022 | 1,027,154 | ||
1,200,000 | L-3 Comm Corp. | 3.950 | 5/28/2024 | 1,212,289 | ||
800,000 | LYB International Finance BV | 4.000 | 7/15/2023 | 819,826 | ||
500,000 | ONEOK, Inc. | 4.250 | 2/1/2022 | 458,309 | ||
1,000,000 | Petrobras International Finance Co. | 3.500 | 2/6/2017 | 957,410 | ||
1,000,000 | Phillips 66 | 2.950 | 5/1/2017 | 1,033,363 | ||
1,000,000 | Plains All American Pipeline LP | 3.650 | 6/1/2022 | 1,006,976 | ||
750,000 | Rio Tinto Finance USA, Ltd. | 2.500 | 5/20/2016 | 764,399 | ||
1,000,000 | Simon Property Group LP | 6.125 | 5/30/2018 | 1,138,979 | ||
1,200,000 | Sunoco Logistics Partners LP | 4.250 | 4/1/2024 | 1,215,755 | ||
750,000 | Trinity Acquisition PLC | 4.625 | 8/15/2023 | 778,352 | ||
750,000 | Tyco Electronics Group SA | 6.550 | 10/1/2017 | 844,759 | ||
1,200,000 | Venta Realty LP/CAP Corp. | 3.250 | 8/15/2022 | 1,186,151 | ||
TOTAL CORPORATE BONDS (Cost - $28,808,475) | 29,294,280 | |||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 52.8 % | ||||||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 26.4 % | ||||||
3,814,726 | GNMA Pool AD8801 | 3.500 | 3/15/2043 | 4,011,808 | ||
2,304,857 | GNMA Pool MA0220 | 3.500 | 7/20/2042 | 2,423,986 | ||
3,838,391 | GNMA Pool MA0155 | 4.000 | 6/20/2042 | 4,120,779 | ||
1,131,472 | GNMA Pool 783060 | 4.000 | 8/15/2040 | 1,216,445 | ||
458,971 | GNMA Pool 5204 | 4.500 | 10/20/2041 | 502,982 | ||
412,315 | GNMA Pool 734437 | 4.500 | 5/15/2041 | 451,788 | ||
1,107,777 | GNMA Pool 737556 | 4.500 | 10/15/2040 | 1,214,948 | ||
1,369,426 | GNMA Pool 701961 | 4.500 | 6/15/2039 | 1,497,912 | ||
1,088,200 | GNMA Pool 4947 | 5.000 | 2/20/2041 | 1,214,871 | ||
613,475 | GNMA Pool 4541 | 5.000 | 9/20/2039 | 684,630 | ||
979,179 | GNMA Pool 4520 | 5.000 | 8/20/2039 | 1,092,831 | ||
231,977 | GNMA Pool 4058 | 5.000 | 12/20/2037 | 254,376 | ||
5,575 | GNMA Pool 592492 | 5.000 | 3/15/2018 | 5,934 | ||
7,996 | GNMA Pool 585163 | 5.000 | 2/15/2018 | 8,480 | ||
8,222 | GNMA Pool 585180 | 5.000 | 2/15/2018 | 8,720 | ||
6,384 | GNMA Pool 599821 | 5.000 | 1/15/2018 | 6,771 | ||
255,339 | GNMA Pool 4072 | 5.500 | 1/20/2038 | 288,159 | ||
221,507 | GNMA Pool 3711 | 5.500 | 5/20/2035 | 250,163 | ||
198,187 | GNMA Pool 3665 | 5.500 | 1/20/2035 | 223,813 | ||
119,338 | GNMA Pool 3637 | 5.500 | 11/20/2034 | 134,731 | ||
161,677 | GNMA Pool 604182 | 5.500 | 4/15/2033 | 181,985 | ||
122,848 | GNMA Pool 3910 | 6.000 | 10/20/2036 | 140,135 | ||
176,926 | GNMA Pool 3865 | 6.000 | 6/20/2036 | 201,301 | ||
104,748 | GNMA Pool 3679 | 6.000 | 2/20/2035 | 120,538 | ||
308,568 | GNMA Pool 3625 | 6.000 | 10/20/2034 | 354,321 | ||
41,587 | GNMA Pool 3584 | 6.000 | 7/20/2034 | 47,839 | ||
44,411 | GNMA Pool 781694 | 6.000 | 12/15/2031 | 50,453 | ||
105,638 | GNMA Pool 663776 | 6.500 | 1/15/2037 | 126,249 | ||
104,598 | GNMA Pool 3612 | 6.500 | 9/20/2034 | 123,006 | ||
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $20,621,378) | 20,959,954 | |||||
GOVERNMENT NOTES & BONDS - 26.4 % | ||||||
2,500,000 | Federal Farm Credit Banks | 5.125 | 8/25/2016 | 2,685,685 | ||
1,000,000 | Federal Home Loan Banks | 5.000 | 11/17/2017 | 1,111,941 | ||
2,500,000 | United States Treasury Bond | 4.500 | 2/15/2036 | 3,335,353 | ||
2,000,000 | United States Treasury Note | 2.125 | 8/31/2020 | 2,035,624 | ||
9,000,000 | United States Treasury Note | 3.125 | 5/15/2021 | 9,658,827 | ||
2,000,000 | United States Treasury Note | 3.875 | 5/15/2018 | 2,174,532 | ||
TOTAL GOVERNMENT NOTES & BONDS (Cost $20,817,636) | 21,001,962 | |||||
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $41,439,014) | 41,961,916 | |||||
TOTAL BONDS AND NOTES (Cost $70,247,489) | 71,256,196 | |||||
Shares | ||||||
MONEY MARKET FUND - 9.8 % | ||||||
7,779,008 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.02% (A) | 7,779,008 | ||||
(Cost $7,779,008) | ||||||
TOTAL INVESTMENTS - 99.5 % (Cost $78,026,497)(B) | $ 79,035,204 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.5 % | 396,028 | |||||
NET ASSETS - 100.0 % | $ 79,431,232 |
LLC-Limited Liability Company | ||||||
LP-Limited Partnership | ||||||
PLC-Public Limited Company | ||||||
* 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 2.7% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. | ||||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2014. | ||||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $78,026,497 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||||
Unrealized appreciation | $ 1,610,840 | |||||
Unrealized depreciation | (602,133) | |||||
Net unrealized appreciation | $ 1,008,707 |
Schedule of Investments | High Yield Bond | ||||||
As of December 31, 2014 (Unaudited) | ||||||
Par Value | Coupon Rate (%) | Maturity | Fair Value | |||
BONDS & NOTES - 93.3 % | ||||||
$ 500,000 |
Access Midstream Partners LP | 5.875 | 4/15/2021 | $ 523,750 | ||
500,000 | Actuant Corp. | 5.625 | 6/15/2022 | 521,250 | ||
500,000 | AmeriGas Partners LP | 7.000 | 5/20/2022 | 520,000 | ||
500,000 | Amsted Industries, Inc. * | 5.000 | 3/15/2022 | 493,125 | ||
250,000 | Amsted Industries, Inc. * | 5.375 | 9/15/2024 | 244,375 | ||
500,000 | Anixter, Inc. | 5.625 | 5/1/2019 | 530,000 | ||
500,000 | Antero Resources Finance Corp. | 5.375 | 11/1/2021 | 485,625 | ||
500,000 | ArcelorMittal | 6.750 | 2/25/2022 | 536,250 | ||
500,000 | Atlas Pipeline Partners LP | 5.875 | 8/1/2023 | 497,500 | ||
450,000 | Biomet, Inc. | 6.500 | 8/1/2020 | 482,625 | ||
500,000 | Bombardier, Inc. * | 6.125 | 1/15/2023 | 511,250 | ||
500,000 | Braskem Finance, Ltd. | 6.450 | 2/3/2024 | 502,500 | ||
500,000 | Calfrac Holdings LP * | 7.500 | 12/1/2020 | 425,000 | ||
500,000 | California Resources Corp. * | 6.000 | 11/15/2024 | 425,000 | ||
500,000 | Calumet Specialty Product Partners * | 6.500 | 4/15/2021 | 448,750 | ||
500,000 | Cascades, Inc. * | 5.500 | 7/15/2022 | 499,375 | ||
415,000 | Catamaran Corp. | 4.750 | 3/15/2021 | 416,037 | ||
500,000 | Cemex Finance LLC * | 6.000 | 4/1/2024 | 488,750 | ||
500,000 | CGG Veritas | 6.500 | 6/1/2021 | 382,500 | ||
500,000 | Cloud Peak Energy Resources LLC | 8.500 | 12/15/2019 | 522,500 | ||
500,000 | CommScope, Inc. * | 5.000 | 6/15/2021 | 495,000 | ||
125,000 | Corrections Corp. of America | 4.125 | 4/1/2020 | 122,187 | ||
500,000 | Crestwood Midstream Partners LP | 6.000 | 12/15/2020 | 481,250 | ||
500,000 | Crestwood Midstream Partners LP | 7.750 | 4/1/2019 | 515,000 | ||
500,000 | DCP Midstream, LLC * | 5.850 | 5/21/2043 | 487,500 | ||
500,000 | Denbury Resources, Inc. | 5.500 | 5/1/2022 | 460,000 | ||
500,000 | Digicel, Ltd. * | 6.000 | 4/15/2021 | 468,750 | ||
500,000 | DuPont Fabros Technology LP | 5.875 | 9/15/2021 | 511,875 | ||
500,000 | Eldorado Gold Corp. * | 6.125 | 12/15/2020 | 487,500 | ||
500,000 | Energy Transfer Equity LP | 5.875 | 1/15/2024 | 510,000 | ||
500,000 | EV Energy Partners | 8.000 | 4/15/2019 | 427,500 | ||
500,000 | Ferrellgas LP | 6.750 | 1/15/2022 | 491,250 | ||
500,000 | FTI Consulting, Inc. | 6.000 | 11/15/2022 | 513,750 | ||
500,000 | General Cable Corp. | 5.750 | 10/1/2022 | 367,500 | ||
500,000 | Genesis Energy LP | 5.750 | 2/15/2021 | 467,500 | ||
500,000 | Geo Group, Inc. | 5.125 | 4/1/2023 | 493,750 | ||
500,000 | Gibraltar Industries, Inc. | 6.250 | 2/1/2021 | 510,000 | ||
500,000 | Global Part / GLP Finance * | 6.250 | 7/15/2022 | 487,500 | ||
500,000 | Group 1 Automotive, Inc. * | 5.000 | 6/1/2022 | 491,250 | ||
500,000 | Hiland Partners LP * | 5.500 | 5/15/2022 | 441,250 | ||
350,000 | Hiland Partners LP * | 7.250 | 10/1/2020 | 334,250 | ||
500,000 | HJ Heinz Co. | 4.250 | 10/15/2020 | 506,250 | ||
500,000 | Hologic, Inc. | 6.250 | 8/1/2020 | 522,500 | ||
750,000 | Iron Mountain | 6.000 | 8/15/2023 | 783,750 | ||
500,000 | Iron Mountain | 7.750 | 10/1/2019 | 537,500 | ||
500,000 | Jaguar Land Rover PLC * | 8.125 | 5/15/2021 | 550,000 | ||
500,000 | Kinder Morgan, Inc. * | 5.000 | 2/15/2021 | 520,851 | ||
500,000 | Kodiak Oil & Gas Corp. | 5.500 | 2/1/2022 | 503,750 | ||
500,000 | Land O' Lakes, Inc. * | 6.000 | 11/15/2022 | 537,500 | ||
125,000 | LKQ Corp. | 4.750 | 5/15/2023 | 120,625 | ||
500,000 | Martin Midstream Partners LP | 7.250 | 2/15/2021 | 472,500 | ||
400,000 | Mcron Finance Sub LLC / Mcron Finance Corp. * | 8.375 | 5/15/2019 | 426,000 | ||
500,000 | MedAssets, Inc. | 8.000 | 11/15/2018 | 522,500 | ||
500,000 | Millicom International Cellular SA * | 4.750 | 5/22/2020 | 473,750 | ||
500,000 | MPT Operating Partnership LP | 6.375 | 2/15/2022 | 533,750 | ||
250,000 | NGL Energy Partners LP * | 5.125 | 7/15/2019 | 240,313 | ||
500,000 | NGL Energy Partners LP * | 6.875 | 10/15/2021 | 495,000 | ||
500,000 | NuStar Logistics LP | 6.750 | 2/1/2021 | 530,067 | ||
500,000 | Oshkosh Corp. | 8.500 | 3/1/2020 | 526,250 | ||
500,000 | Pacific Drilling V, Ltd. * | 5.375 | 6/1/2020 | 412,500 | ||
250,000 | Parker Drilling Co. | 7.500 | 8/1/2020 | 202,500 | ||
250,000 | Parker Drilling Co. | 6.750 | 7/15/2022 | 190,000 | ||
500,000 | PolyOne Corp. | 7.375 | 9/15/2020 | 533,750 | ||
500,000 | Regency Energy Partners LP | 4.500 | 11/1/2023 | 461,250 | ||
500,000 | Reynolds Group Issuer, Inc. | 9.000 | 4/15/2019 | 520,000 | ||
500,000 | Rose Rock Midstream LP | 5.625 | 7/15/2022 | 470,000 | ||
1,000,000 | Rosetta Resources, Inc. | 5.875 | 6/1/2024 | 895,000 | ||
500,000 | Sealed Air Corp. * | 5.250 | 4/1/2023 | 512,500 | ||
200,000 | Sealed Air Corp. * | 6.500 | 12/1/2020 | 220,000 | ||
500,000 | SemGroup LP | 7.500 | 6/15/2021 | 502,500 | ||
500,000 | Steel Dynamics, Inc. | 5.250 | 4/15/2023 | 510,000 | ||
500,000 | Suburban Propane Partners LP | 5.500 | 6/1/2024 | 483,750 | ||
500,000 | Summit Midstream Holdings LLC | 7.500 | 7/1/2021 | 527,500 | ||
182,000 | Suncoke Energy | 7.625 | 8/1/2019 | 187,597 | ||
500,000 | Targa Resources Partners LP | 4.250 | 11/15/2023 | 457,500 | ||
500,000 | Tesoro Corp. | 5.375 | 10/1/2022 | 508,750 | ||
391,000 | Tesoro Logistics LP | 5.875 | 10/1/2020 | 393,933 | ||
500,000 | Tullow Oil PLC * | 6.000 | 11/1/2020 | 420,000 | ||
500,000 | Ultra Petroleum Corp. * | 6.125 | 10/1/2024 | 432,500 | ||
500,000 | United States Steel Corp. | 7.500 | 3/15/2022 | 526,250 | ||
500,000 | USG Corp. | 9.750 | 1/15/2018 | 572,500 | ||
100,000 | USG Corp. * | 5.875 | 11/1/2021 | 101,500 | ||
500,000 | VeriSign, Inc. | 4.625 | 5/1/2023 | 492,500 | ||
500,000 | VimpelCom Holdings BV * | 5.950 | 2/13/2023 | 384,750 | ||
500,000 | WhiteWave Foods Co. | 5.375 | 10/1/2022 | 516,250 | ||
500,000 | WPX Energy, Inc. | 5.250 | 9/15/2024 | 467,500 | ||
500,000 | WR Grace & Co.* | 5.125 | 10/1/2021 | 513,750 | ||
TOTAL BONDS & NOTES (Cost $41,298,559) | 40,240,110 | |||||
Shares | ||||||
MONEY MARKET FUND - 5.4 % | ||||||
Fidelity Institutional Money Market Portfolio, Institutional Class, 0.02% (A) | ||||||
2,339,083 | (Cost $2,339,083) | 2,339,083 | ||||
TOTAL INVESTMENTS - 98.7 % (Cost $43,637,642)(B) | $ 42,579,193 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 1.3 % | 559,989 | |||||
NET ASSETS - 100.0 % | $ 43,139,182 | |||||
LLC-Limited Liability Company | ||||||
LP-Limited Partnership | ||||||
PLC-Public Limited Company | ||||||
* 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 31.2% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. | ||||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2014. | ||||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $43,637,642 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||||
Unrealized appreciation | $ 655,239 | |||||
Unrealized depreciation | (1,713,688) | |||||
Net unrealized depreciation | $ (1,058,449) |
Schedule of Investments | Defensive Strategies Fund | |||||
As of December 31, 2014 (Unaudited) | |||||
Shares | Fair Value | ||||
COMMON STOCK - 25.6 % | |||||
CHEMICALS - 6.1 % | |||||
2,153 | Agrium, Inc. | $ 203,932 | |||
959 | American Vanguard Corp. | 11,144 | |||
4,448 | CF Industries Holdings, Inc. | 1,212,258 | |||
4,436 | FMC Corp. | 252,985 | |||
5,759 | Intrepid Potash, Inc. * | 79,935 | |||
20,876 | K+S AG | 579,023 | |||
17,392 | Mosaic Co. | 793,945 | |||
19,011 | Potash Corp. of Saskatchewan, Inc. | 671,468 | |||
768 | Rayonier Advanced Materials, Inc. | 17,126 | |||
8,356 | Sociedad Quimica y Minera de Chile SA (ADR) | 199,541 | |||
1,881 | Syngenta AG (ADR) | 120,836 | |||
5,904 | Uralkali OJSC (ADR) | 69,608 | |||
4,211,801 | |||||
COAL - 0.0 % + | |||||
1,103 | Peabody Energy Corp. | 8,537 | |||
FOOD - 1.1 % | |||||
3,171 | Darling Ingredients, Inc * | 57,585 | |||
2,468 | Ingredion, Inc. | 209,385 | |||
12,060 | Tyson Foods, Inc. | 483,485 | |||
750,455 | |||||
IRON/STEEL - 1.5 % | |||||
1,178 | Allegheny Technologies, Inc. | 40,959 | |||
6,888 | ArcelorMittal | 75,975 | |||
6,601 | JFE Holdings, Inc. | 148,463 | |||
55,828 | Nippon Steel & Sumitomo Metal Corp. | 140,141 | |||
979 | POSCO (ADR) | 62,470 | |||
502 | Reliance Steel & Aluminum Co. | 30,758 | |||
11,215 | Severstal OAO (ADR) | 102,057 | |||
49,261 | Vale SA (ADR) | 402,955 | |||
1,003,778 | |||||
MACHINERY - 0.8 % | |||||
9,305 | AGCO Corp. | 420,586 | |||
2,315 | CNH Industrial NV | 18,659 | |||
2,525 | Joy Global, Inc. | 117,463 | |||
556,708 | |||||
METAL FABRICATE/HARDWARE - 0.1 % | |||||
2,358 | ThyssenKrupp AG | 60,850 | |||
MINING - 6.7 % | |||||
4,028 | Agnico Eagle Mines Ltd. | 100,257 | |||
3,102 | Allied Nevada Gold Corp. * | 2,699 | |||
7,252 | Anglo American PLC | 135,753 | |||
35,839 | AngloGold Ashanti Ltd. (ADR) * | 311,799 | |||
2,159 | Antofagasta PLC | 25,333 | |||
16,787 | BHP Billiton Ltd. (ADR) | 794,361 | |||
234 | BHP Billiton PLC (ADR) | 10,062 | |||
451 | Cameco Corp. | 7,401 | |||
8,295 | Cia de Minas Buenaventura SA (ADR) | 79,300 | |||
1,877 | Coeur d'Alene Mines Corp. * | 9,591 | |||
9,400 | Detour Gold Corp. * | 77,048 | |||
856 | Eldorado Gold Corp. | 5,205 | |||
1,198 | First Quantum Minerals Ltd. | 17,083 | |||
3,802 | Franco-Nevada Corp. | 187,020 | |||
1,351 | Freeport-McMoRan Copper & Gold, Inc. | 31,559 | |||
47,005 | Glencore International PLC | 219,005 | |||
16,259 | Gold Fields Ltd. (ADR) | 73,653 | |||
8,495 | Goldcorp, Inc. | 157,327 | |||
7,047 | Harmony Gold Mining Co. Ltd. (ADR) * | 13,319 | |||
5,932 | Hecla Mining Co. | 16,550 | |||
6,495 | IAMGOLD Corp. * | 17,537 | |||
549 | KAZ Minerals PLC * | 2,207 | |||
75,075 | Kinross Gold Corp. * | 211,712 | |||
5,670 | MMC Norilsk Nickel OJSC (ADR) | 80,627 | |||
4,211 | New Gold, Inc. * | 18,107 | |||
4,098 | Newmont Mining Corp. | 77,452 | |||
9,176 | Pan American Silver Corp. | 84,419 | |||
117 | Randgold Resources Ltd. (ADR) | 7,887 | |||
18,972 | Rio Tinto PLC (ADR) | 873,850 | |||
710 | Royal Gold, Inc. | 44,517 | |||
987 | Sesa Sterlite Ltd. | 13,404 | |||
16,581 | Silver Wheaton Corp. | 337,092 | |||
11,748 | Southern Copper Corp. | 331,294 | |||
5,000 | Sumitomo Metal Mining Co. Ltd. | 75,499 | |||
3,943 | Teck Resources Ltd. | 54,081 | |||
17,317 | Turquoise Hill Resources Ltd. * | 53,683 | |||
7,265 | Yamana Gold, Inc. | 29,205 | |||
4,586,898 | |||||
OIL & NATURAL GAS - 7.5 % | |||||
492 | Anadarko Petroleum Corp. | 40,590 | |||
2,775 | Apache Corp. | 173,909 | |||
14,836 | BG Group PLC | 200,107 | |||
2,172 | California Resources Corp. * | 11,968 | |||
1,428 | Canadian Natural Resources Ltd. | 44,097 | |||
1,966 | Cenovus Energy, Inc. | 40,702 | |||
901 | Chesapeake Energy Corp. | 17,633 | |||
4,209 | ConocoPhillips | 290,674 | |||
2,644 | Devon Energy Corp. | 161,839 | |||
1,870 | Encana Corp. | 25,937 | |||
1,233 | Ensco PLC-Cl. A | 36,928 | |||
1,914 | EOG Resources, Inc. | 176,222 | |||
23,500 | Inpex Corp. | 263,780 | |||
26,247 | Lukoil OAO (ADR). | 1,044,631 | |||
14,378 | Marathon Oil Corp. | 406,754 | |||
647 | Noble Energy, Inc. | 30,687 | |||
901 | NOVATEK OAO (GDR) | 70,638 | |||
5,432 | Occidental Petroleum Corp. | 437,874 | |||
7,011 | Petroleo Brasileiro SA (ADR) | 51,180 | |||
244 | Pioneer Natural Resources Co. | 36,319 | |||
2,957 | Reliance Industries Ltd. (GDR) | 83,387 | |||
13,084 | Rosneft OAO (GDR) | 45,925 | |||
64 | Seventy Seven Energy, Inc. * | 346 | |||
2,812 | Southwestern Energy Co. * | 76,740 | |||
29,543 | Statoil ASA (ADR) | 520,252 | |||
14,122 | Total SA | 726,806 | |||
2,350 | Transocean Ltd. | 43,075 | |||
2,181 | Valero Energy Corp. | 107,959 | |||
5,166,959 | |||||
OIL & GAS SERVICES - 1.4 % | |||||
2,827 | Baker Hughes, Inc. | 158,510 | |||
1,449 | Cameron International Corp. * | 72,378 | |||
1,954 | FMC Technologies, Inc. * | 91,525 | |||
11,405 | Halliburton Co. | 448,559 | |||
2,210 | National Oilwell Varco, Inc. | 144,821 | |||
552 | NOW, Inc. * | 14,203 | |||
929,996 | |||||
PIPELINES - 0.3 % | |||||
3,591 | Kinder Morgan, Inc. | 151,935 | |||
1,592 | TransCanada Corp. | 78,514 | |||
230,449 | |||||
WATER - 0.1 % | |||||
10,864 | Cia de Saneamento Basico do Estado de Sao Paulo | 68,335 | |||
TOTAL COMMON STOCK (Cost $20,788,142) | 17,574,766 | ||||
REITs - 28.4 % | |||||
3,100 | Acadia Realty Trust | 99,293 | |||
4,000 | Apartment Investment & Management Co. | 148,600 | |||
4,350 | AvalonBay Communities, Inc. | 710,747 | |||
6,800 | Boston Properties, Inc. | 875,092 | |||
10,700 | Brandywine Realty Trust | 170,986 | |||
2,700 | Camden Property Trust | 199,368 | |||
31,100 | DDR Corp. | 570,996 | |||
39,700 | DiamondRock Hospitality Co. | 590,339 | |||
10,300 | Douglas Emmett, Inc. | 292,520 | |||
5,533 | Education Realty Trust, Inc. | 202,452 | |||
2,100 | Equity Lifestyle Properties, Inc. | 108,255 | |||
14,100 | Equity Residential | 1,012,944 | |||
4,154 | Essex Property Trust, Inc. | 858,216 | |||
7,800 | Extra Space Storage, Inc. | 457,392 | |||
1,400 | Federal Realty Investment Trust | 186,844 | |||
10,100 | FelCor Lodging Trust, Inc. | 109,282 | |||
18,800 | First Industrial Realty Trust, Inc. | 386,528 | |||
7,400 | First Potomac Realty Trust | 91,464 | |||
6,100 | HCP, Inc. | 268,583 | |||
8,700 | Health Care REIT, Inc. | 658,329 | |||
5,400 | Highwoods Properties, Inc. | 239,112 | |||
20,300 | Hospitality Properties Trust | 629,300 | |||
5,500 | Kilroy Realty Corp. | 379,885 | |||
27,000 | Kimco Realty Corp. | 678,780 | |||
15,700 | Lexington Realty Trust | 172,386 | |||
3,000 | Liberty Property Trust | 112,890 | |||
9,463 | Macerich Co. | 789,309 | |||
4,208 | Mid-America Apartment Communities, Inc. | 314,254 | |||
6,900 | National Retail Properties, Inc. | 271,653 | |||
1,183 | Plum Creek Timber Co., Inc. | 50,621 | |||
21,494 | Prologis, Inc. | 924,887 | |||
4,000 | PS Business Parks, Inc. | 318,160 | |||
5,700 | Public Storage | 1,053,645 | |||
9,417 | Rayonier, Inc. | 263,111 | |||
3,700 | Regency Centers Corp. | 235,986 | |||
11,029 | Simon Property Group, Inc. | 2,008,491 | |||
7,150 | SL Green Realty Corp. | 850,993 | |||
27,200 | Strategic Hotels & Resorts, Inc. * | 359,856 | |||
7,200 | Summit Hotel Properties, Inc. | 89,568 | |||
5,700 | Taubman Centers, Inc. | 435,594 | |||
14,200 | UDR, Inc. | 437,644 | |||
6,059 | Ventas, Inc. | 434,430 | |||
6,514 | Washington Prime Group, Inc. | 112,171 | |||
10,100 | Weingarten Realty Investors | 352,692 | |||
TOTAL REITS (Cost $15,391,564) | 19,513,648 | ||||
EXCHANGE TRADED FUNDS - 7.5 % | |||||
19,000 | iShares Silver Trust * | 286,140 | |||
82,100 | PowerShares DB Agriculture Fund * | 2,043,469 | |||
69,700 | PowerShares DB Base Metals Fund * | 1,108,230 | |||
49,800 | PowerShares DB Commodity Index Tracking Fund * | 918,810 | |||
25,000 | PowerShares DB Energy Fund * | 436,750 | |||
2,900 | SPDR Gold Shares * | 329,382 | |||
TOTAL EXCHANGE TRADED FUNDS (Cost $6,464,282) | 5,122,781 | ||||
Par Value | Coupon Rate % | Maturity | |||
GOVERNMENT MORTGAGE-BACKED SECURITIES - 2.7 % | |||||
$ 837,361 | GNMA Pool MA0155 | 4.000 | 6/20/2042 | 898,965 | |
458,970 | GNMA Pool 5204 | 4.500 | 10/20/2041 | 502,982 | |
411,563 | GNMA Pool 4947 | 5.000 | 2/20/2041 | 459,470 | |
TOTAL GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $1,823,925) | 1,861,417 | ||||
COPORATE BONDS - 3.2 % | |||||
CHEMICALS - 0.6 % | |||||
400,000 | LYB International Finance BV | 4.000 | 7/15/2023 | 409,913 | |
OIL & GAS - 0.7 % | |||||
500,000 | Petrobras International Finance Co. SA | 3.500 | 2/6/2017 | 478,705 | |
PIPELINES - 1.2 % | |||||
400,000 | DCP Midstream Operating LP | 2.700 | 4/1/2019 | 391,946 | |
400,000 | Energy Transfer Partners LP | 6.700 | 7/1/2018 | 450,144 | |
842,090 | |||||
REITs - 0.7 % | |||||
500,000 | Health Care REIT, Inc. | 3.750 | 3/15/2023 | 505,177 | |
TOTAL CORPORATE BONDS (Cost $2,239,741) | 2,235,885 | ||||
TREASURY INFLATION PROTECTED SECURITIES (TIPS) - 25.0 % | |||||
2,575,000 | TIPS | 1.125 | 1/15/2021 | 2,906,919 | |
500,000 | TIPS | 1.250 | 7/15/2020 | 572,003 | |
1,650,000 | TIPS | 1.625 | 1/15/2018 | 1,958,708 | |
2,535,000 | TIPS | 1.750 | 1/15/2028 | 3,257,088 | |
850,000 | TIPS | 2.000 | 1/15/2026 | 1,166,812 | |
745,000 | TIPS | 2.000 | 1/15/2016 | 904,659 | |
1,450,000 | TIPS | 2.125 | 1/15/2019 | 1,725,043 | |
625,000 | TIPS | 2.125 | 2/15/1941 | 886,321 | |
395,000 | TIPS | 2.375 | 1/15/2025 | 584,927 | |
1,050,000 | TIPS | 2.375 | 1/15/2017 | 1,297,374 | |
1,350,000 | TIPS | 2.500 | 1/15/2029 | 1,856,025 | |
TOTAL TREASURY INFLATION PROTECTED SECURITES (TIPS) (Cost $17,440,945) | 17,115,879 | ||||
Shares | |||||
MONEY MARKET FUND - 7.1 % | |||||
4,833,588 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.02% (A) (Cost $4,833,588) | 4,833,588 | |||
TOTAL INVESTMENTS - 99.5 % (Cost $68,982,187) (B) | $ 68,257,964 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.5 % | 349,231 | ||||
NET ASSETS - 100.0 % | $ 68,607,195 |
* Non-income producing securities. | |||||
+ Less than 0.05%. | |||||
GNMA - Government National Mortgage Association | |||||
REIT - Real Estate Investment Trust. | |||||
(ADR) American Depositary Receipt. | |||||
(GDR) Global Depositary Receipt. | |||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2014. | |||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $68,971,896 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | |||||
Unrealized appreciation | $ 5,183,050 | ||||
Unrealized depreciation | (5,896,982) | ||||
Net unrealized depreciation | $ (713,932) |
Schedule of Investments | Strategic Growth | ||||
As of December 31, 2014 (Unaudited) | ||||
Shares | Fair Value | |||
MUTUAL FUNDS - 99.1 % (A) | ||||
303,762 | Timothy Plan Aggressive Growth Fund | $ 2,624,500 | ||
500,622 | Timothy Plan Defensive Strategies Fund | 5,611,965 | ||
301,456 | Timothy Plan Emerging Markets Fund | 2,556,349 | ||
411,296 | Timothy Plan Growth & Income Fund * | 4,528,368 | ||
618,270 | Timothy Plan High Yield Bond Fund | 5,595,341 | ||
783,722 | Timothy Plan International Fund * | 6,873,240 | ||
195,242 | Timothy Plan Israel Common Values Fund * | 2,194,524 | ||
770,837 | Timothy Plan Large/Mid Cap Growth Fund | 6,259,199 | ||
320,320 | Timothy Plan Large/Mid-Cap Value Fund | 6,006,007 | ||
160,683 | Timothy Plan Small-Cap Value Fund | 2,893,901 | ||
TOTAL MUTUAL FUNDS (Cost $41,656,812) | 45,143,394 | |||
MONEY MARKET FUND - 1.1 % | ||||
477,943 | Fidelity Institutional Money Market Portfolio Institutional Class, 0.02% (B) | |||
(Cost $477,943) | 477,943 | |||
TOTAL INVESTMENTS - 100.2 % (Cost $42,134,755) (C) | $ 45,621,337 | |||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (0.2) % | (71,212) | |||
NET ASSETS - 100.0 % | $ 45,550,125 |
* Non-income producing securities. | ||||
(A) Affiliated Funds - Class A. | ||||
(B) Variable rate security; the rate shown represents the yield at December 31, 2014. | ||||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $43,581,634 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 3,020,123 | |||
Unrealized depreciation | (980,420) | |||
Net unrealized appreciation | $ 2,039,703 |
Schedule of Investments | Conservative Growth | ||||
As of December 31, 2014 (Unaudited) | ||||
Shares | Fair Value | |||
MUTUAL FUNDS - 100.1 % (A) | ||||
157,554 | Timothy Plan Aggressive Growth Fund | $ 1,361,264 | ||
641,640 | Timothy Plan Defensive Strategies Fund | 7,192,789 | ||
196,109 | Timothy Plan Emerging Markets Fund | 1,663,007 | ||
1,678,214 | Timothy Plan Fixed Income Fund | 17,503,767 | ||
549,229 | Timothy Plan Growth & Income Fund * | 6,047,013 | ||
554,361 | Timothy Plan High Yield Bond Fund | 5,016,963 | ||
679,248 | Timothy Plan International Fund * | 5,957,007 | ||
207,824 | Timothy Plan Israel Common Values Fund * | 2,335,943 | ||
616,333 | Timothy Plan Large/Mid Cap Growth Fund | 5,004,628 | ||
251,676 | Timothy Plan Large/Mid-Cap Value Fund | 4,718,923 | ||
182,173 | Timothy Plan Small-Cap Value Fund | 3,280,929 | ||
TOTAL MUTUAL FUNDS (Cost - $58,721,829) | 60,082,233 | |||
MONEY MARKET FUND - 0.1 % | ||||
52,030 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.02% (B) | 52,030 | ||
(Cost - $52,030) | ||||
TOTAL INVESTMENTS - 100.2 % (Cost - $58,773,859) (C) | $ 60,134,263 | |||
OTHER ASSETS LESS LIABILITIES - NET - (0.2) % | (122,171) | |||
NET ASSETS - 100.0 % | $ 60,012,092 |
* Non-income producing securities. | ||||
(A) Affiliated Funds - Class A. | ||||
(B) Variable rate security; the rate shown represents the yield at December 31, 2014. | ||||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $59,342,418 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 1,810,116 | |||
Unrealized depreciation | (1,018,271) | |||
Net unrealized appreciation | $ 791,845 |
Schedule of Investments | Israel Common Values | ||||
As of December 31, 2014 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 92.7 % | ||||
AEROSPACE/DEFENSE - 2.8 % | ||||
7,001 | Elbit Systems Ltd. | $ 425,206 | ||
BANKS - 10.0 % | ||||
14,900 | Bank Hapoalim BM (ADR) | 350,895 | ||
92,000 | Bank Leumi Le-Israel BM * | 316,263 | ||
19,300 | First International Bank Of Israel BM. | 247,436 | ||
215,000 | Israel Discount Bank Ltd. * | 345,242 | ||
26,000 | Mizrahi Tefahot Bank Ltd. * | 273,213 | ||
1,533,049 | ||||
BUILDING MATERIALS - 2.5 % | ||||
6,500 | Caesar Stone Sdot-Yam Ltd. | 388,830 | ||
CHEMICALS - 5.2 % | ||||
17,000 | Frutarom Industries Ltd. | 526,309 | ||
37,400 | Israel Chemicals Ltd. (ADR) | 271,150 | ||
797,459 | ||||
COMMERCIAL SERVICES - 1.5 % | ||||
17,000 | Nitsba Holdings 1995 Ltd. * | 226,466 | ||
COMPUTERS - 0.7 % | ||||
24,210 | Matrix IT Ltd. | 109,288 | ||
ELECTRONICS - 4.4 % | ||||
14,896 | Ituran Location and Control Ltd. | 327,712 | ||
23,500 | Orbotech Ltd. * | 347,800 | ||
675,512 | ||||
ENERGY-ALTERNATE SOURCES - 2.0 % | ||||
43,300 | Ormat Industries | 298,701 | ||
FOOD - 2.9 % | ||||
13,000 | Osem Investments Ltd. | 231,463 | ||
5,700 | Rami Levi Chain Stores | 210,590 | ||
442,053 | ||||
HOME BUILDERS - 1.7 % | ||||
1,000 | Bayside Land Corp. | 263,861 | ||
HOUSEHOLD PRODUCTS/WARES - 1.0 % | ||||
7,500 | SodaStream International Ltd. * | 150,900 | ||
INTERNET - 0.8 % | ||||
26,773 | Perion Network Ltd. * | 117,801 | ||
INVESTMENT COMPANIES - 1.9 % | ||||
600 | Israel Corp. Ltd. | 286,111 | ||
OIL & NATURAL GAS - 9.1 % | ||||
338,000 | Avner Oil Exploration LLP | 236,206 | ||
61,000 | Delek Drilling - LP | 224,272 | ||
1,536,664 | Isramco Negev 2 LP * | 263,336 | ||
5,000 | Noble Energy, Inc. | 237,150 | ||
1,900 | Paz Oil Co. Ltd. | 246,323 | ||
2,100,000 | Ratio Oil Exploration LP * | 175,890 | ||
1,383,177 | ||||
PHARMACEUTICALS - 5.6 % | ||||
39,000 | OPKO Health, Inc. * | 389,610 | ||
3,100 | Taro Pharmaceutical Industries Ltd. * | 459,389 | ||
848,999 | ||||
REAL ESTATE - 10.5 % | ||||
105,000 | Amot Investments Ltd. | 313,473 | ||
7,500 | Azrieli Group | 247,225 | ||
27,000 | Gazit-Globe Ltd. | 320,349 | ||
162,000 | Industrial Buildings Corp. | 146,425 | ||
92,000 | Jerusalem Economy Ltd. | 264,262 | ||
11,366 | Melisron Ltd. | 315,368 | ||
1,607,102 | ||||
SEMICONDUCTORS - 8.0 % | ||||
8,000 | Mellanox Technologies Ltd. * | 341,840 | ||
33,533 | Nova Measuring Instruments Ltd. * | 348,408 | ||
40,100 | Tower Semiconductor Ltd. * | 534,533 | ||
1,224,781 | ||||
SOFTWARE - 10.0 % | ||||
5,100 | Check Point Software Technologies Ltd. * | 400,707 | ||
42,900 | Magic Software Enterprises Ltd. | 255,255 | ||
18,000 | RADWARE Ltd. * | 396,360 | ||
8,000 | Verint Systems, Inc. * | 466,240 | ||
1,518,562 | ||||
TELECOMMUNICATIONS - 10.2 % | ||||
15,400 | Allot Communications Ltd. * | 141,372 | ||
29,700 | Cellcom Israel, Ltd. * | 256,905 | ||
14,000 | EZchip Semiconductor Ltd. * | 267,960 | ||
8,700 | NICE Systems Ltd. (ADR) | 440,655 | ||
47,000 | Partner Communications Co. Ltd. (ADR) * | 237,820 | ||
6,200 | Silicom Ltd. | 218,178 | ||
1,562,890 | ||||
TEXTILES - 1.9 % | ||||
12,000 | Fox Wizel Ltd | 284,785 | ||
TOTAL COMMON STOCK (Cost $13,064,780) | 14,145,533 | |||
REITs - 1.9 % | ||||
45,000 | Alony Hetz Properties & Investments Ltd. (Cost $274,334) | 296,670 | ||
MONEY MARKET FUND - 5.8 % | ||||
880,384 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.02% (A) | 880,384 | ||
(Cost $880,384) | ||||
TOTAL INVESTMENTS - 100.4 % (Cost $14,219,498) (B) | $ 15,322,587 | |||
OTHER ASSETS LESS LIABILITIES - NET - (0.4) % | (60,242) | |||
NET ASSETS - 100.0 % | $ 15,262,345 |
*Non-income producing securities. | ||||
(ADR) American Depositary Receipt. | ||||
(A) Variable rate security; the rate shown represents the yield at December 31, 2014. | ||||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $15,021,246 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 1,586,674 | |||
Unrealized depreciation | (1,285,333) | |||
Net unrealized appreciation | $ 301,341 |
Schedule of Investments | Emerging Markets | ||||
As of December 31, 2014 (Unaudited) | ||||
Shares | Fair Value | |||
COMMON STOCK - 89.0 % | ||||
AEROSPACE/DEFENSE - 2.5 % | ||||
7,820 | Embraer SA (ADR) | $ 288,245 | ||
AGRICULTURE - 2.0 % | ||||
28,300 | Adecoagro SA * | 226,683 | ||
AIRLINES - 2.9 % | ||||
3,207 | Copa Holdings SA - Cl. A | 332,374 | ||
APPAREL - 0.9 % | ||||
29,000 | Yue Yuen Industrial Holdings Ltd. | 104,532 | ||
AUTO MANUFACTURERS - 4.6 % | ||||
4,270 | China Yuchai International Ltd. | 81,130 | ||
1,250 | Hyundai Mobis Co. Ltd. | 270,399 | ||
3,700 | Kia Motors Corp. | 177,373 | ||
528,902 | ||||
BANKS - 14.6 % | ||||
26,300 | Banco do Brasil SA | 235,196 | ||
25,600 | Banco Santander Brasil SA | 128,512 | ||
14,630 | Erste Group Bank AG | 340,616 | ||
31,760 | Sberbank of Russia (ADR) | 123,007 | ||
13,640 | Standard Chartered PLC | 204,819 | ||
13,440 | TCS Group Holding PLC - GDR * | 42,874 | ||
72,480 | Turkiye Garanti Bankasi AS | 292,403 | ||
144,200 | Turkiye Vakiflar Bankasi Tao | 301,369 | ||
1,668,796 | ||||
BUILDING MATERIALS - 1.6 % | ||||
16,774 | Cemex SAB de CV (ADR) * | 170,927 | ||
145,724 | Desarrolladora Homex SAB de CV * (A) | 9,594 | ||
373,450 | Urbi Desarrollos Urbanos SAB de CV * (A) | 6,332 | ||
186,853 | ||||
CHEMICALS - 1.4 % | ||||
226,000 | Yingde Gases | 158,845 | ||
COMMERCIAL SERVICES - 1.4 % | ||||
65,500 | ITE Group PLC | 163,415 | ||
DIVERSIFIED FINANCIAL SERVICES - 7.0 % | ||||
10,920 | Hana Financial Group, Inc. | 320,299 | ||
6,840 | KB Financial Group, Inc. | 226,646 | ||
6,100 | Shinhan Financial Group Co. Ltd. | 248,533 | ||
795,478 | ||||
ELECTRIC - 6.6 % | ||||
14,780 | APR Energy PLC | 42,866 | ||
55,830 | Centrais Eletricas Brasileiras SA (ADR) | 119,476 | ||
8,600 | Cia Paranaense de Energia | 80,257 | ||
10,480 | Cia Paranaense de Energia (ADR) | 138,022 | ||
13,570 | Reliance Infrastructure Ltd. (GDR) | 332,465 | ||
46,980 | RusHydro JSC (ADR) | 44,443 | ||
757,529 | ||||
ELECTRONICS - 1.5 % | ||||
15,040 | Flextronics International Ltd. * | 168,147 | ||
FOOD - 7.9 % | ||||
344,000 | First Pacific Co. Ltd. | 341,156 | ||
90 | Lotte Confectionery Co., Ltd. | 146,841 | ||
177,700 | Marfrig Alimentos SA * | 409,151 | ||
897,148 | ||||
GAS - 2.2 % | ||||
60,530 | Aygaz AS | 254,822 | ||
HOLDING COMPANIES-DIVERSIFIED - 0.6 % | ||||
10,260 | Haw Par Corp. Ltd. | 65,964 | ||
INVESTMENT COMPANIES - 0.8 % | ||||
8,670 | Grupo Aval Acciones y Valores | 90,081 | ||
IRON/STEEL - 5.6 % | ||||
1,460 | POSCO | 368,687 | ||
15,690 | Ternium SA (ADR) | 276,772 | ||
645,459 | ||||
OIL & GAS - 5.5 % | ||||
8,564 | Lukoil OAO (ADR) | 328,429 | ||
39,019 | Petroleo Brasileiro SA (ADR) | 295,764 | ||
624,193 | ||||
PHARMACEUTICALS - 0.7 % | ||||
89,780 | Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 83,051 | ||
RETAIL - 9.7 % | ||||
29,500 | Arcos Dorados Holdings, Inc. | 159,595 | ||
2,110,000 | Bosideng International Holdings Ltd. | 282,999 | ||
50,000 | Chow Tai Fook Jewellery Group Ltd. | 67,061 | ||
136,000 | Lifestyle International Holdings Ltd. (A) | 286,238 | ||
82,000 | Luk Fook Holdings International Ltd. | 308,263 | ||
1,104,156 | ||||
SEMICONDUCTORS - 3.4 % | ||||
317 | Samsung Electronics Co., Ltd. | 385,579 | ||
TELECOMMUNICATIONS - 0.6 % | ||||
160,700 | XL Axiata TBK PT | 63,110 | ||
TEXTILES - 0.8 % | ||||
164,000 | Weiqiao Textile Co. | 93,695 | ||
TRANSPORTATION - 1.4 % | ||||
31,757 | Globaltrans Investment PLC (GDR) | 160,373 | ||
WATER - 2.8 % | ||||
50,700 | Cia de Saneamento Basico do Estado de Sao Paulo | 324,457 | ||
TOTAL COMMON STOCK (Cost $12,241,903) | 10,171,887 | |||
PREFERRED STOCK - 6.0 % | ||||
10,100 | Banco Bradesco SA | 133,451 | ||
2,710 | Hyundai Mobis Co. Ltd. | 314,227 | ||
441,400 | Surgutneftegas OAO * | 232,991 | ||
TOTAL PREFERRED STOCK (Cost $659,659) | 680,669 | |||
REITs - 4.0 % | ||||
175,710 | Mexico Real Estate Management SA de CV | 301,140 | ||
76,862 | PLA Administradora Industrial S de RL de CV | 160,922 | ||
TOTAL REITs (Cost $459,488) | 462,062 | |||
MONEY MARKET FUND - 2.2 % | ||||
252,521 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.02% (B) | |||
(Cost $252,521) | 252,521 | |||
TOTAL INVESTMENTS - 101.2 % (Cost $13,613,571) (C) | $ 11,567,139 | |||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - (1.2) % | (141,124) | |||
NET ASSETS - 100.0 % | $ 11,426,015 |
* Non-income producing securities. | ||
ADR-American Depositary Receipt | ||
GDR-Global Depositary Receipt | ||
PLC-Public Limited Company | ||
(A) Illiquid security; the Advisor has determined the security to be illiquid. At December 31, 2014, the securities amounted to 2.6% of net assets. | ||
(B) Variable rate security; the rate shown represents the yield at December 31, 2014. | ||
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $13,653,171 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||
Unrealized appreciation | $ 460,205 | |
Unrealized depreciation | (2,546,237) | |
Net unrealized depreciation | $ (2,086,032) |
Schedule of Investments | Growth & Income | |||||
As of December 31, 2014 (Unaudited) | |||||
Shares | Fair Value | ||||
COMMON STOCK - 45.0 % | |||||
AEROSPACE/DEFENSE - 0.5 % | |||||
1,300 | Alliant Techsystems, Inc. | $ 151,125 | |||
AGRICULTURE - 0.7 % | |||||
4,000 | Andersons, Inc. | 212,560 | |||
AIRLINES - 0.3 % | |||||
7,200 | Republic Airways Holdings, Inc. * | 105,048 | |||
AUTO PARTS & EQUIPMENT - 2.2 % | |||||
3,300 | Goodyear Tire & Rubber Co. | 94,281 | |||
3,300 | Magna International, Inc. | 358,677 | |||
6,500 | Meritor, Inc. * | 98,475 | |||
4,000 | Standard Motor Products, Inc. | 152,480 | |||
703,913 | |||||
BANKS - 0.5 % | |||||
5,145 | Southside Bancshares, Inc. | 148,742 | |||
BEVERAGES - 1.1 % | |||||
5,000 | Dr Pepper Snapple Group, Inc. | 358,400 | |||
CHEMICALS - 3.6 % | |||||
3,500 | Celanese Corp. | 209,860 | |||
900 | CF Industries Holdings, Inc. | 245,286 | |||
1,200 | Eastman Chemical Co. | 91,032 | |||
10,000 | Huntsman Corp. | 227,800 | |||
5,000 | Olin Corp. | 113,850 | |||
4,000 | Westlake Chemical Corp. | 244,360 | |||
1,132,188 | |||||
COMMERCIAL SERVICES - 5.8 % | |||||
2,800 | Deluxe Corp. | 174,300 | |||
6,000 | DeVry Education Group, Inc. | 284,820 | |||
7,000 | H&R Block, Inc. | 235,760 | |||
6,000 | Multi-Color Corp. | 332,520 | |||
5,000 | Strayer Education, Inc. * | 371,400 | |||
3,900 | United Rentals, Inc. * | 397,839 | |||
1,796,639 | |||||
COMPUTERS - 1.9 % | |||||
6,000 | Insight Enterprises, Inc. * | 155,340 | |||
3,900 | Western Digital Corp. | 431,730 | |||
587,070 | |||||
DISTRIBUTION/WHOLESALE - 0.7 % | |||||
7,500 | Ingram Micro, Inc. * | 207,300 | |||
DIVERSIFIED FINANIANCIAL SERVICES - 0.9 % | |||||
5,000 | Piper Jaffray Cos * | 290,450 | |||
ELECTRIC - 3.2 % | |||||
450 | Avista Corp. | 15,908 | |||
12,000 | Empire District Electric Co. | 356,880 | |||
5,200 | IDACORP, Inc. | 344,188 | |||
7,000 | Westar Energy, Inc. | 288,680 | |||
1,005,656 | |||||
ELECTRONICS - 1.3 % | |||||
2,800 | Arrow Electronics, Inc. * | 162,092 | |||
5,600 | Avnet, Inc. | 240,912 | |||
403,004 | |||||
ENERGY-ALTERNATE SOURCES - 0.5 % | |||||
6,000 | Green Plains, Inc. | 148,680 | |||
FOOD - 0.8 % | |||||
3,000 | Sanderson Farms, Inc. | 252,075 | |||
GAS - 0.8 % | |||||
6,600 | UGI Corp. | 250,668 | |||
HOUSEHOLD PRODUCTS/WARES - 0.3 % | |||||
10,000 | ACCO Brands Corp. * | 90,100 | |||
INSURANCE - 5.0 % | |||||
4,000 | Allied World Assurance Co. Holdings AG | 151,680 | |||
4,000 | American Financial Group, Inc. | 242,880 | |||
9,000 | Montpelier Re Holdings Ltd. | 322,380 | |||
7,400 | Protective Life Corp. | 515,410 | |||
9,100 | Unum Group | 317,408 | |||
1,549,758 | |||||
INTERNET - 1.1 % | |||||
12,000 | VASCO Data Security International, Inc. * | 338,520 | |||
LEISURE TIME - 0.9 % | |||||
6,000 | Jarden Corp. * | 287,280 | |||
MISCELLANEOUS MANUFACTURING - 2.0 % | |||||
4,700 | American Railcar Industries, Inc. | 242,050 | |||
8,000 | Lydall, Inc. * | 262,560 | |||
4,000 | Trinity Industries, Inc. | 112,040 | |||
616,650 | |||||
OIL & GAS - 3.5 % | |||||
70,000 | Abraxas Petroleum Corp. * | 205,800 | |||
2,800 | Cimarex Energy Co. | 296,800 | |||
2,800 | ConocoPhillips | 193,368 | |||
2,000 | Tesoro Corp. | 148,700 | |||
5,000 | Valero Energy Corp. | 247,500 | |||
1,092,168 | |||||
OIL & GAS SERVICES - 1.3 % | |||||
3,000 | Baker Hughes, Inc. | 168,210 | |||
2,500 | Halliburton Co. | 98,325 | |||
4,000 | PHI, Inc. * | 149,600 | |||
416,135 | |||||
PHARMACEUTICALS - 1.5 % | |||||
4,300 | Omnicare, Inc. | 313,599 | |||
8,000 | PharMerica Corp. * | 165,680 | |||
479,279 | |||||
RETAIL - 2.6 % | |||||
2,200 | Asbury Automotive Group, Inc. * | 167,024 | |||
2,300 | Cato Corp. | 97,014 | |||
2,300 | Dillard's, Inc. | 287,914 | |||
4,400 | Foot Locker, Inc. | 247,192 | |||
799,144 | |||||
SEMICONDUCTORS - 0.3 % | |||||
7,500 | Tower Semiconductor Ltd. * | 99,975 | |||
TELECOMMUNICATIONS - 0.7 % | |||||
57,000 | Vonage Holdings Corp. * | 217,170 | |||
TRANSPORTATION - 0.9 % | |||||
3,200 | Ryder System, Inc. | 297,120 | |||
TOTAL COMMON STOCK (Cost $12,728,906) | 14,036,817 | ||||
REITs - 0.3 % | |||||
5,000 | CBL & Associates Properties, Inc. (Cost $99,290) | 97,100 | |||
Par Value | BONDS & NOTES - 50.5 % | Coupon Rate (%) | Maturity | ||
GOVERNMENT NOTES & BONDS - 50.5 % | |||||
$ 200,000 | Federal Home Loan Banks ** | 2.0000 | 8/22/2024 | 196,169 | |
250,000 | Federal Home Loan Mortgage Corp. ** | 1.5000 | 12/27/2018 | 250,601 | |
3,000,000 | United States Treasury Note/Bond | 0.2500 | 5/15/2016 | 2,993,907 | |
3,150,000 | United States Treasury Note/Bond | 0.3750 | 2/15/2016 | 3,151,477 | |
1,900,000 | United States Treasury Note/Bond | 1.0000 | 9/30/2016 | 1,914,102 | |
1,500,000 | United States Treasury Note/Bond | 1.0000 | 3/31/2017 | 1,506,446 | |
1,000,000 | United States Treasury Note/Bond | 1.6250 | 8/15/2022 | 972,734 | |
1,000,000 | United States Treasury Note/Bond | 1.7500 | 5/15/2023 | 973,750 | |
1,000,000 | United States Treasury Note/Bond | 2.7500 | 11/15/2023 | 1,052,812 | |
1,000,000 | United States Treasury Note/Bond | 3.8750 | 8/15/2040 | 1,220,938 | |
1,400,000 | United States Treasury Note/Bond | 4.6250 | 2/15/2017 | 1,514,734 | |
TOTAL BONDS & NOTES (Cost $15,456,423) | 15,747,670 | ||||
Shares | MONEY MARKET FUND - 4.0 % | ||||
1,255,257 | Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.02% (A) | 1,255,257 | |||
(Cost $1,255,257) | |||||
TOTAL INVESTMENTS - 99.8 % (Cost $29,539,876)(B) | $ 31,039,744 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES - NET - 0.2 % | 148,641 | ||||
NET ASSETS - 100.0 % | $ 31,188,385 |
* Non-income producing securities. | ||
** Step coupon security; interest rate shown reflects the rate currently in effect. | ||
REIT - Real Estate Investment Trust | ||
(A) Variable rate security; the rate shown represents the yield at December 31, 2014. | ||
(B) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $29,538,148 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||
Unrealized appreciation | $ 2,242,042 | |
Unrealized depreciation | (646,802) | |
Net unrealized appreciation | $ 1,595,240 |
The Timothy Plan | ||||
SCHEDULE OF INVESTMENTS (Unaudited) | ||||
December 31, 2014 | ||||
Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. | ||||
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. | ||||
VALUATION OF FUND OF FUNDS A Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the board of directors of the Underlying Funds. Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change. |
||||
The Trust utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are: | ||||
•Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access. •Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. •Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
||||
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Each Fund generally determines the total value of each class of its shares by using market prices for the securities comprising its portfolio. Equity securities, including common stock, ADRs, REITs, MLPs, ETFs and warrants are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. When market quotations are not readily available, when the Advisor or Sub-Advisor determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review by the Board. These securities will generally be categorized as Level 3 securities. |
||||
Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities. Fixed income securities such as corporate bonds, restricted corporate bonds, asset-backed securities, mortgage-backed securities, U.S. government securities, U.S. government agency securities and treasury inflation protected securities, when valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the Advisor or Sub-Advisor decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities. |
||||
Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity) may be valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities. The Board has delegated to the Advisor and/or Sub-Advisors responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Advisor or Sub-Advisor will use its best efforts to arrive at the fair value of a security held by the Fund under all reasonably ascertainable facts and circumstances. The Advisor must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Board has adopted written policies and procedures to guide the Advisor and Sub-Advisors with respect to the circumstances under which, and the methods to be used, in fair valuing securities. The following is a summary of the inputs used to value each Fund’s assets as of December 31, 2014: |
||||
Aggressive Growth Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 22,980,497 | $ - | $ - | $ 22,980,497 |
Master Limited Partnerships | 446,518 | - | - | 446,518 |
REITs | 119,408 | - | - | 119,408 |
Money Market Fund | 1,048,818 | - | - | 1,048,818 |
Total | $ 24,595,241 | $ - | $ - | $ 24,595,241 |
International Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 55,178,778 | $ - | $ - | $ 55,178,778 |
Money Market Fund | 3,782,369 | - | - | 3,782,369 |
Total | $ 58,961,147 | $ - | $ - | $ 58,961,147 |
Large/Mid Cap Growth Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 62,565,250 | $ - | $ - | $ 62,565,250 |
Master Limited Partnerships | 1,069,641 | - | - | 1,069,641 |
Money Market Fund | 3,300,468 | - | - | 3,300,468 |
Total | $ 66,935,359 | $ - | $ - | $ 66,935,359 |
Small Cap Value Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 68,731,528 | $ - | $ - | $ 68,731,528 |
Master Limited Partnerships | 1,487,580 | - | - | 1,487,580 |
REITs | 7,831,375 | - | - | 7,831,375 |
Money Market Fund | 13,607,059 | - | - | 13,607,059 |
Total | $ 91,657,542 | $ - | $ - | $ 91,657,542 |
Large/Mid Cap Value Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 135,334,478 | $ - | $ - | $ 135,334,478 |
Master Limited Partnerships | 3,031,818 | - | - | 3,031,818 |
REITs | 4,880,028 | - | - | 4,880,028 |
Money Market Fund | 24,444,591 | - | - | 24,444,591 |
Total | $ 167,690,915 | $ - | $ - | $ 167,690,915 |
Fixed Income Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ - | $ 29,294,280 | $ - | $ 29,294,280 |
U.S. Government & Agency Obligations | - | 20,959,954 | - | 20,959,954 |
Government Notes & Bonds | - | 21,001,962 | - | 21,001,962 |
Money Market Fund | 7,779,008 | - | - | 7,779,008 |
Total | $ 7,779,008 | $ 71,256,196 | $ - | $ 79,035,204 |
High Yield Bond Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Bonds & Notes | $ - | $ 40,240,110 | $ - | $ 40,240,110 |
Money Market Fund | 2,339,083 | - | 2,339,083 | |
Total | $ 2,339,083 | $ 40,240,110 | $ - | $ 42,579,193 |
Defensive Strategies Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 17,574,766 | $ - | $ - | $ 17,574,766 |
REITs | 19,513,648 | - | - | 19,513,648 |
Exchange Traded Funds | 5,122,781 | - | - | 5,122,781 |
Government Mortgage-Backed Securities | - | 1,861,417 | - | 1,861,417 |
Corporate Bonds | - | 2,235,885 | - | 2,235,885 |
Treasury Inflation Protected Securities (TIPS) | - | 17,115,879 | - | 17,115,879 |
Money Market Fund | 4,833,588 | - | - | 4,833,588 |
Total | $ 47,044,783 | $ 21,213,181 | $ - | $ 68,257,964 |
Strategic Growth Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Mutual Funds | $ 45,143,394 | $ - | $ - | $ 45,143,394 |
Money Market Fund | 477,943 | - | - | 477,943 |
Total | $ 45,621,337 | $ - | $ - | $ 45,621,337 |
Conservative Growth Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Mutual Funds | $ 60,082,233 | $ - | $ - | $ 60,082,233 |
Money Market Fund | 52,030 | - | - | 52,030 |
Total | $ 60,134,263 | $ - | $ - | $ 60,134,263 |
Israel Common Values Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 14,145,533 | $ - | $ - | $ 14,145,533 |
REITs | 296,670 | - | - | 296,670 |
Money Market Fund | 880,384 | - | - | 880,384 |
Total | $ 15,322,587 | $ - | $ - | $ 15,322,587 |
Emerging Markets Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 9,869,723 | $ 302,164 | $ - | $ 10,171,887 |
Preferred Stock | 680,669 | - | - | 680,669 |
REITs | 462,062 | - | - | 462,062 |
Money Market Fund | 252,521 | - | - | 252,521 |
Total | $ 11,264,975 | $ 302,164 | $ - | $ 11,567,139 |
Growth & Income Fund | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 14,036,817 | $ - | $ - | $ 14,036,817 |
REITs | 97,100 | - | - | 97,100 |
Bonds & Notes | - | 15,747,670 | - | 15,747,670 |
Money Market Fund | 1,255,257 | - | - | 1,255,257 |
Total | $ 15,389,174 | $ 15,747,670 | $ - | $ 31,136,844 |
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 Registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s 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 Registrant’s 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 Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s 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 2/27/15
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 2/27/15
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 registrant’s 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 registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting.
By | /s/ Arthur D. Ally | ||
Arthur D. Ally, President / Principal Executive Officer, Treasurer / Principal Financial Officer | |||
Date: |
2/27/15 |