0001580642-15-000988.txt : 20150302 0001580642-15-000988.hdr.sgml : 20150302 20150302151627 ACCESSION NUMBER: 0001580642-15-000988 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20141231 FILED AS OF DATE: 20150302 DATE AS OF CHANGE: 20150302 EFFECTIVENESS DATE: 20150302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIMOTHY PLAN CENTRAL INDEX KEY: 0000916490 IRS NUMBER: 597016828 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-08228 FILM NUMBER: 15664101 BUSINESS ADDRESS: STREET 1: 1055 MAITLAND CENTER COMMONS CITY: MAITLAND STATE: FL ZIP: 32759 BUSINESS PHONE: 4076441986 MAIL ADDRESS: STREET 1: 1055 MAITLAND CENTER COMMONS CITY: MAITLAND STATE: FL ZIP: 32759 0000916490 S000004479 Timothy Small-Cap Value Fund C000012330 Timothy Small-Cap Value Fund Class A TPLNX C000012332 Timothy Small-Cap Value Fund Class C TSVCX C000126993 Timothy Small-Cap Value Fund Class I TPVIX 0000916490 S000004480 Timothy Large/Mid-Cap Value Fund C000012333 Timothy Large/Mid-Cap Value Fund Class A TLVAX C000012335 Timothy Large/Mid-Cap Value Fund Class C TLVCX C000126994 Timothy Large/Mid-Cap Value Fund Class I TMVIX 0000916490 S000004481 Timothy Fixed Income Fund C000012336 Timothy Fixed Income Fund Class A TFIAX C000012338 Timothy Fixed Income Fund Class C TFICX C000126995 Timothy Fixed Income Fund Class I TPFIX 0000916490 S000004482 Timothy Aggressive Growth Fund C000012339 Timothy Aggressive Growth Fund Class A TAAGX C000012341 Timothy Aggressive Growth Fund Class C TCAGX C000126996 Timothy Aggressive Growth Fund Class I TIAGX 0000916490 S000004483 Timothy Large/Mip-Cap Growth Fund C000012342 Timothy Large/Mip-Cap Growth Fund Class A TLGAX C000012344 Timothy Large/Mip-Cap Growth Fund Class C TLGCX C000126997 Timothy Large/Mip-Cap Growth Fund Class I TPLIX 0000916490 S000004484 Timothy Strategic Growth Fund C000012345 Timothy Strategic Growth Fund Class A TSGAX C000012347 Timothy Strategic Growth Fund Class C TSGCX 0000916490 S000004485 Timothy Conservative Growth Fund C000012348 Timothy Conservative Growth Fund Class A TCGAX C000012350 Timothy Conservative Growth Fund Class C TCVCX 0000916490 S000017790 Timothy Plan International Fund C000049121 Timothy Plan International Fund Class A TPIAX C000065170 TIMOTHY PLAN INTERNATIONAL FUND CLASS C TPICX C000127000 Timothy Plan International Fund Class I TPIIX 0000916490 S000017791 Timothy Plan High Yield Bond Fund C000049122 Timothy Plan High Yield Bond Fund Class A TPHAX C000065171 TIMOTHY PLAN HIGH YIELD Bond FUND CLASS C TPHCX C000127001 Timothy Plan High Yield Bond Fund Class I TPHIX 0000916490 S000026812 Timothy Plan Defensive Strategies Fund C000080683 Class A TPDAX C000080684 Class C TPDCX C000127002 Timothy Plan Defensive Strategies Fund Class I TPDIX 0000916490 S000033751 Timothy Israel Common Values Fund C000104306 Class A TPAIX C000104307 Class C TPCIX C000127003 Timothy Israel Common Values Fund Class I TICIX 0000916490 S000038851 Timothy Plan Emerging Markets Fund C000119586 Class A TPEMX C000119587 Class C TPECX C000127004 Timothy Plan Emerging Markets Fund Class I TIEMX 0000916490 S000042201 Timothy Plan Growth & Income Fund C000130991 Class A TGIAX C000130992 Class C TGCIX C000130993 Class I TIGIX N-Q 1 timothynq.htm N-Q GemCom, LLC

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

 

 

 

 

 

 

 

 

 

 

 

EX-99.CERT 2 cert.htm GemCom, LLC

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