Blu Giant, LLC

N-Q 1 timothynq.htm N-Q Blu Giant, 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: 12/31

Date of reporting period: 9/30/15

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
Conservative Growth Portfolio Variable Series (Unaudited)
As of September 30, 2015

Shares		Fair Value

	MUTUAL FUNDS (A)- 83.5%
34,760	Timothy Plan Aggressive Growth Fund	$ 277,387
593,990	Timothy Plan Defensive Strategies Fund	6,260,652
66,265	Timothy Plan Emerging Markets Fund	419,455
611,808	Timothy Plan Fixed Income Fund	6,283,272
190,247	Timothy Plan Growth & Income Fund	2,003,302
145,832	Timothy Plan High Yield Bond Fund	1,259,985
199,256	Timothy Plan International Fund *	1,687,697
49,220	Timothy Plan Israel Common Values Fund *	546,340
163,924	Timothy Plan Large/Mid Cap Growth Fund	1,270,415
77,822	Timothy Plan Large/Mid Cap Value Fund	1,416,356
50,182	Timothy Plan Small Cap Value Fund	849,589

	TOTAL MUTUAL FUNDS (Cost $23,383,359)	22,274,450

	MONEY MARKET FUND - 16.6%
4,424,064	Fidelity Institutional Money Market Portfolio - Institutional Class,
	0.08% (Cost $4,424,064)(B)	4,424,064

	TOTAL INVESTMENTS (Cost $27,807,423)(C) - 100.1%	$ 26,698,514
	LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%	(21,312)
	TOTAL NET ASSETS - 100.0%	$ 26,677,202

* Non-income producing securities.
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at September 30, 2015.
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $28,011,025 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

	Unrealized appreciation:	$ 177,302
	Unrealized depreciation:	(1,489,813)
	Net unrealized depreciation:	$ (1,312,511)

Timothy Plan Conservative Growth Portfolio Variable Series
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
September 30, 2015

	Security Valuation – The Fund’s securities are valued at the last sale price on the exchange in which such securities are primarily traded, as of the close of business on the day the securities are being valued. In the absence of a sale on the primary exchange, such securities shall be valued at the last bid on the primary exchange. NASDAQ traded securities are valued using the NASDAQ Official Closing Price (“NOCP”). Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term investments that mature in 60 days or less may be valued at amortized cost, provided such valuations represent fair value.

	The Fund may invest in portfolios of open-end or closed-end investment companies (the “underlying funds”). Underlying open-end funds are valued at their respective net asset values as reported by such investment companies. 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 by the methods established by the Boards of the underlying funds. 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.

	Securities for which current market quotations are not readily available or for which quotations are not deemed to be representative of market values are valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees (the “Board”) in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”). The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.

	The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

	Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.
	Level 2 – Observable inputs other than quoted prices included in Level 1 for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
	Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

	The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

	The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of September 30, 2015 for the Portfolio's investments measured at fair value:

	Assets	Level 1	Level 2	Level 3	Total
	Mutual Funds	$ 22,274,450	$ -	$ -	$22,274,450
	Money Market Fund	4,424,064	-	-	4,424,064
	Total	$ 26,698,514	$ -	$ -	$26,698,514

	There were no significant transfers into or out of Level 1 or Level 2 during the current period presented. It is the Fund's policy to record transfers between Level 1 and Level 2 at the end of the reporting period.

	The Fund did not hold any Level 3 securities during the period.

Schedule of Investments
Strategic Growth Portfolio Variable Series (Unaudited)
As of September 30, 2015

Shares		Fair Value

	MUTUAL FUNDS (A)- 85.7%
99,135	Timothy Plan Aggressive Growth Fund	$ 791,097
593,553	Timothy Plan Defensive Strategies Fund	6,256,054
126,458	Timothy Plan Emerging Markets Fund	800,476
215,117	Timothy Plan Growth & Income Fund	2,265,177
242,073	Timothy Plan High Yield Bond Fund	2,091,510
299,403	Timothy Plan International Fund *	2,535,945
59,570	Timothy Plan Israel Common Values Fund *	661,229
288,711	Timothy Plan Large/Mid Cap Growth Fund	2,237,509
123,277	Timothy Plan Large/Mid Cap Value Fund	2,243,644
51,520	Timothy Plan Small Cap Value Fund	872,241

	TOTAL MUTUAL FUNDS (Cost $22,234,738)	20,754,882

	MONEY MARKET FUND - 14.4%
3,480,748	Fidelity Institutional Money Market Portfolio - Institutional Class,
	0.08% (Cost $3,480,748)(B)	3,480,748


	TOTAL INVESTMENTS (Cost $25,715,486)(C) - 100.1%	$ 24,235,630
	LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%	(11,682)
	TOTAL NET ASSETS - 100.0%	$ 24,223,948

* Non-income producing securities.
(A) Affiliated Funds - Class A.
(B) Variable rate security; the rate shown represents the yield at September 30, 2015.
(C) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $26,353,549 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

	Unrealized appreciation:	$ 54,536
	Unrealized depreciation:	(2,172,455)
	Net unrealized depreciation	$ (2,117,919)

Timothy Plan Strategic Growth Portfolio Variable Series
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
September 30, 2015

	Security Valuation – The Fund’s securities are valued at the last sale price on the exchange in which such securities are primarily traded, as of the close of business on the day the securities are being valued. In the absence of a sale on the primary exchange, such securities shall be valued at the last bid on the primary exchange. NASDAQ traded securities are valued using the NASDAQ Official Closing Price (“NOCP”). Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term investments that mature in 60 days or less may be valued at amortized cost, provided such valuations represent fair value.

	The Fund may invest in portfolios of open-end or closed-end investment companies (the “underlying funds”). Underlying open-end funds are valued at their respective net asset values as reported by such investment companies. 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 by the methods established by the Boards of the underlying funds. 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.

	Securities for which current market quotations are not readily available or for which quotations are not deemed to be representative of market values are valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees (the “Board”) in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”). The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.

	The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

	Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.
	Level 2 – Observable inputs other than quoted prices included in Level 1 for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
	Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

	The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

	The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of September 30, 2015 for the Portfolio's investments measured at fair value:

	Assets	Level 1	Level 2	Level 3	Total
	Mutual Funds	$ 20,754,882	$ -	$ -	$ 20,754,882
	Money Market Fund	3,480,748	-	-	3,480,748
	Total	$ 24,235,630	$ -	$ -	$ 24,235,630

	There were no significant transfers into or out of Level 1 or Level 2 during the current period presented. It is the Fund's policy to record transfers between Level 1 and Level 2 at the end of the reporting period.

	The Fund 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

*/s/ Arthur D. Ally

Arthur D. Ally, President/ Principle Executive Officer

Date 11/20/15

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.

*/s/ Arthur D. Ally

Arthur D. Ally, President/Principle Executive Officer

Date 11/20/15